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 March 31, 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 incorporation or organization)	(I.R.S. Employer Identification No.)
Two Greenwich Plaza, Suite 1 Greenwich, Connecticut	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 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 May 13, 2025, the registrant had 36,907,951 shares of common stock, $0.001 par value per share, outstanding.

Silver Point Specialty Lending Fund

Table of Contents

		Page
PART I	CONSOLIDATED FINANCIAL INFORMATION	1
Item 1	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	5
	Notes to Consolidated Financial Statements (Unaudited)	23
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 3	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4	Controls and Procedures	60
PART II	OTHER INFORMATION	61
Item 1	Legal Proceedings	61
Item 1A	Risk Factors	61
Item 2	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	62
Item 3	Defaults Upon Senior Securities	62
Item 4	Mine Safety Disclosures	62
Item 5	Other Information	62
Item 6	Exhibits	62
Signatures		63

PART I— CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Silver Point Specialty Lending Fund

Consolidated Statements of Assets and Liabilities

	March 31, 2025			December 31, 2024
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $856,085,858 and $865,232,646, respectively)	$	838,935,887		$	849,500,690
Non-controlled, affiliated investments (amortized cost of $24,796,185 and 8,032,091, respectively)		28,992,893			12,137,420
Controlled investments (amortized cost of $41,752,513 and $46,509,435, respectively)		23,327,959			29,407,547
Total investments, at fair value (amortized cost of $922,634,556 and $919,774,172, respectively)		891,256,739			891,045,657
Cash and cash equivalents		53,840,854			50,837,455
Restricted cash and cash equivalents		38,695,597			48,317,750
Foreign cash held at banks (cost of $222,861 and $22,244, respectively)		282,694			21,064
Receivable for unsettled transactions		1,460,244			10,906,345
Interest receivable		7,837,288			7,850,936
Incentive compensation clawback (Note 3)		7,806,481			7,025,114
Foreign currency forward contracts, at fair value		16,802			401,535
Interest rate swaps, at fair value		854,305			267,763
Due from broker		2,605,052			2,077,052
Deferred financing costs		29,893			161,667
Other assets		1,213,169			998,922
Total assets	$	1,005,899,118		$	1,019,911,260
Liabilities
Debt (Note 6) (net of unamortized debt issuance costs of $3,257,197 and $3,554,749, respectively)	$	446,212,007		$	447,820,332
Payable for unsettled transactions		2,302,671			9,095,503
Due to broker		—			1,920,000
Interest payable		6,449,194			6,463,550
Management fees payable to an affiliate (Note 3)		1,029,670			1,029,670
Income incentive compensation payable to an affiliate (Note 3)		2,586,261			2,854,790
Interest rate swaps, at fair value		112,900			78,603
Foreign currency forward contracts, at fair value		1,290			—
Other liabilities		3,282,736			3,325,295
Accrued expenses		1,699,803			2,410,523
Total liabilities		463,676,532			474,998,266
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, unlimited shares authorized; 36,907,451 and 36,907,451 shares issued and outstanding, respectively		36,907			36,907
Paid-in-capital in excess of par		553,574,864			553,574,864
Distributable earnings (losses)		(11,389,185	)		(8,698,777	)
Total net assets		542,222,586			544,912,994
Total liabilities and net assets	$	1,005,899,118		$	1,019,911,260
Net asset value per share	$	14.69		$	14.76

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

1

Silver Point Specialty Lending Fund

Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Investment income:
Non-controlled/non-affiliated investments:
Interest income (excluding payment-in-kind ("PIK") interest)	$	25,507,118		$	28,024,346
PIK interest income		1,156,101			1,542,012
Other income		18,843			13,094
Non-controlled/affiliated investments:
Interest income (excluding PIK interest)		185,975			360,671
PIK interest income		145,214			138,938
Controlled investments:
Interest income (excluding PIK interest)		198,604			328,077
PIK interest income		26,071			22,777
Total investment income		27,237,926			30,429,915
Expenses:
Interest and financing expenses		7,252,011			8,919,095
Management fee (Note 3)		1,029,670			1,029,670
Income incentive compensation (Note 3)		2,586,261			2,836,117
Incentive compensation clawback (Note 3)		(781,367	)		111,626
Professional fees		547,525			609,281
Administration fees		405,293			558,437
Trustee fees		86,301			87,021
Other general and administrative expenses		470,187			630,258
Total expenses		11,595,881			14,781,505
Net investment income		15,642,045			15,648,410
Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments		(1,807,901	)		(1,385,079	)
Non-controlled/affiliated investments		90,652			—
Controlled investments		—			(202,407	)
Foreign currency transactions		17,845			(94,320	)
Foreign currency forward contracts		(568,753	)		(100,715	)
Interest rate swaps		5,219			352,189
Total net realized gain (loss)		(2,262,938	)		(1,430,332	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(1,418,015	)		3,311,192
Non-controlled/affiliated investments		91,379			(774,012	)
Controlled investments		(1,322,666	)		(1,014,381	)
Translation of assets and liabilities in foreign currencies		86,441			56,948
Foreign currency forward contracts		(386,023	)		972,089
Interest rate swaps		(203,023	)		(66,036	)
Total net change in unrealized appreciation (depreciation)		(3,151,907	)		2,485,800
Net gain (loss)		(5,414,845	)		1,055,468
Net increase (decrease) in net assets resulting from operations	$	10,227,200		$	16,703,878
Net investment income per share (Basic and Dilutive)	$	0.42		$	0.42
Earnings per share (Basic and Dilutive)	$	0.28		$	0.45
Weighted average shares outstanding		36,907,451			36,907,451

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

2

Silver Point Specialty Lending Fund

Consolidated Statements of Changes in Net Assets

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Net increase (decrease) in net assets resulting from operations:
Net investment income	$	15,642,045		$	15,648,410
Net realized gain (loss)		(2,262,938	)		(1,430,332	)
Net change in unrealized appreciation (depreciation)		(3,151,907	)		2,485,800
Net increase (decrease) in net assets resulting from operations		10,227,200			16,703,878
Distributions (Note 9)
Dividends		(12,917,608	)		(12,917,608	)
Net decrease in net assets resulting from distributions		(12,917,608	)		(12,917,608	)
Net increase (decrease) in net assets		(2,690,408	)		3,786,270
Net assets, beginning of period		544,912,994			540,425,212
Net assets, end of period	$	542,222,586		$	544,211,482

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

3

Silver Point Specialty Lending Fund

Consolidated Statements of Cash Flows

(Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	10,227,200		$	16,703,878
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Net amortization/accretion of premium/discount on investments		(1,939,820	)		(1,749,584	)
Amortization of deferred financing costs and debt issuance costs		429,326			576,771
Payments for purchase of investments		(54,213,697	)		(68,949,824	)
Proceeds from sales, paydowns and resolutions of investments		52,758,055			31,476,827
Interest paid-in-kind		(1,327,386	)		(1,703,727	)
Net realized (gain) loss from investments		1,717,249			1,587,486
Net change in unrealized (appreciation) depreciation from investments		2,649,302			(1,522,799	)
Net change in unrealized (appreciation) depreciation from foreign currency forward contracts		386,023			(972,089	)
Net change in unrealized (appreciation) depreciation from interest rate swaps		203,023			66,036
Net change in unrealized (appreciation) depreciation on effectively hedged interest rate swaps and debt		(29,790	)		7,392
Net (increase) decrease in operating assets and increase (decrease) in operating liabilities
Receivable for unsettled transactions		9,446,101			(480,241	)
Interest receivable		158,863			(1,522,614	)
Incentive compensation clawback		(781,367	)		111,626
Due from broker		(528,000	)		417,881
Other assets		(214,247	)		(73,808	)
Due to broker		(1,920,000	)		—
Payable for unsettled transactions		(6,792,832	)		(11,131,301	)
Interest payable		(14,356	)		1,486,240
Management fees payable to an affiliate		—			—
Income incentive compensation payable to an affiliate		(268,529	)		(320,632	)
Interest rate swaps accrual, net		(56,417	)		284,403
Payable to Trustees		—			4,521
Other liabilities		(42,559	)		85,073
Accrued expenses		(710,720	)		(768,973	)
Net cash provided by (used in) operating activities		9,135,422			(36,387,458	)
Cash flows from financing activities
Proceeds from debt borrowings		—			27,400,000
Principal debt payments		(2,574,938	)		(4,000,000	)
Dividends paid		(12,917,608	)		(12,917,608	)
Net cash provided by (used in) financing activities		(15,492,546	)		10,482,392
Net increase (decrease)		(6,357,124	)		(25,905,066	)
Beginning of period balance(1)		99,176,269			119,269,475
End of period balance(1)	$	92,819,145		$	93,364,409
(1) Including Cash and cash equivalents, foreign cash held at banks and restricted cash and cash equivalents
Supplemental cash flow information
Cash paid during the period for interest	$	6,923,248		$	6,564,289
Cash paid during the period for income taxes	$	35,554		$	55,032
	March 31,
	2025			2024
Cash and cash equivalents	$	53,840,854		$	48,903,292
Foreign cash held at banks		282,694			584,478
Restricted cash and cash equivalents		38,695,597			43,876,639
Total	$	92,819,145		$	93,364,409

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

4

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(32)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	10.42%	4/8/2022	11/30/2029	$	6,571,346	$6,486,225	$4,520,082	0.83%
Accela Inc/US⁽⁷⁾	1st Lien Term Loan	Government Services	S+6.00%, 0.75% Floor	10.32	9/1/2023	9/3/2030		10,596,118	10,436,483	10,507,653	1.94
Accela Inc/US⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Government Services	S+6.00%, 0.75% Floor (0.50% on unfunded)	0.50	9/1/2023	9/3/2030		908,238	(14,059)	(7,583)	(0.00)
Accurate Background LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+6.26%, 1.00% Floor	10.56	10/18/2021	3/26/2029		19,297,174	18,053,002	19,053,617	3.51
Advanced Integration Technology LP⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Aerospace & Defense	S+6.85%, 1.00% Floor	11.17	5/24/2022	5/24/2027		13,382,027	13,194,480	13,249,216	2.44
Allentown LLC⁽⁷⁾⁽⁹⁾⁽²⁵⁾	1st Lien Term Loan	Healthcare Equipment & Supplies	S+7.15%, 1.00% Floor	11.46	4/22/2022	4/22/2027		11,590,467	11,376,934	11,273,125	2.08
Allentown LLC⁽⁷⁾⁽²⁵⁾	1st Lien Delayed Draw Term Loan	Healthcare Equipment & Supplies	S+7.15%, 1.00% Floor	11.46	4/22/2022	4/22/2027		1,727,948	1,706,730	1,680,638	0.31
Allentown LLC⁽⁶⁾⁽⁷⁾⁽²⁵⁾	1st Lien Revolver	Healthcare Equipment & Supplies	P+6.00%, 1.00% Floor (0.50% on unfunded)	13.50	4/22/2022	4/22/2027		1,171,154	97,262	82,388	0.02
Allium Buyer LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+5.00%, 1.00% Floor	9.29	5/2/2023	5/2/2030		5,763,693	5,625,582	5,764,150	1.06
Allium Buyer LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Business Services	S+5.00%, 1.00% Floor (0.50% on unfunded)	0.50	5/2/2023	5/2/2029		573,673	(12,499)	(4,885)	(0.00)
Amerijet Holdings Inc⁽⁷⁾⁽²¹⁾	1st Lien Term Loan	Transportation & Logistics	12.00%	12.00	12/19/2023	12/28/2025		6,835,658	6,835,658	9,571,630	1.77
Amerijet Holdings Inc⁽⁷⁾⁽³¹⁾	1st Lien Term Loan	Transportation & Logistics	S+7.26%, 1.00% Floor	11.57	12/28/2021	12/28/2025		13,658,041	13,568,164	12,362,490	2.28
Amerijet Holdings Inc⁽⁷⁾⁽³¹⁾	1st Lien Revolver	Transportation & Logistics	S+7.26%, 1.00% Floor (0.50% on unfunded)	11.57	12/28/2021	12/28/2025		2,536,322	2,522,208	2,288,317	0.42
Aprimo Inc⁽⁷⁾⁽⁸⁾⁽³⁰⁾	1st Lien Term Loan	Technology	S+6.44%, 0.75% Floor	10.77	5/26/2022	5/26/2028		2,182,906	2,157,803	2,160,246	0.40
Arctic Glacier Group Holdings⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁸⁾	1st Lien Term Loan	Food & Beverage	S+10.76%, 2.00% Floor	15.06	5/24/2023	5/24/2028		10,428,671	10,287,690	10,088,305	1.86
Arctic Glacier Group Holdings⁽⁶⁾⁽⁷⁾⁽¹⁸⁾	1st Lien Revolver	Food & Beverage	S+10.76%, 2.00% Floor (0.50% on unfunded)	15.07	5/24/2023	11/24/2027		838,563	660,270	645,439	0.12
Artisan Bidco Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Technology	S+7.00%, 1.00% Floor	11.39	11/7/2023	11/7/2029		4,143,165	4,045,291	4,105,182	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	€	7,083,127	7,426,454	7,590,227	1.40
Artisan Bidco Inc⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Technology	S+7.00%, 1.00% Floor (0.50% on unfunded)	11.20	11/7/2023	11/7/2029		1,170,535	246,195	262,097	0.05
Atlas Sand Co LLC⁽⁷⁾⁽¹⁰⁾	1st Lien Term Loan	Oilfield Services	9.51%	9.51	3/5/2025	3/1/2032		6,121,208	6,059,996	6,059,996	1.12
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		6,623,459	6,615,834	6,621,088	1.22
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+6.50%, 0.75% Floor	10.82	3/19/2024	3/19/2031		2,119,510	2,091,086	2,081,809	0.38
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+6.50%, 0.75% Floor	10.82	3/19/2024	3/19/2031		4,817,068	4,754,185	4,731,383	0.87
Azurite Intermediate Holdings Inc⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Software & Services	S+6.50%, 0.75% Floor (0.50% on unfunded)	0.50	3/19/2024	3/19/2031		770,731	(9,851)	(13,754)	(0.00)
BayMark Health Services Inc⁽⁷⁾	1st Lien Term Loan	Healthcare Providers & Services	S+5.26%, 1.00% Floor	9.56	6/10/2021	6/11/2027		4,139,505	4,122,045	3,880,827	0.72
BayMark Health Services Inc⁽⁷⁾	1st Lien Delayed Draw Term Loan	Healthcare Providers & Services	S+5.26%, 1.00% Floor	9.56	11/19/2021	6/11/2027		2,581,221	2,570,947	2,419,920	0.45
BEL USA LLC⁽⁷⁾	1st Lien Term Loan	E-Commerce	S+7.15%, 2.50% Floor	11.46	12/13/2018	6/2/2026		8,821,421	8,692,473	5,363,514	0.99
Bending Spoons US Inc⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Technology	S+5.25%, 1.00% Floor	9.54	2/19/2025	3/7/2031		14,510,208	14,262,611	14,473,932	2.67
Circle Graphics Inc⁽⁷⁾	1st Lien Term Loan	E-Commerce	S+9.25%, 2.25% Floor	13.81	3/12/2025	6/11/2025		649,888	649,888	649,888	0.12
Circle Graphics Inc⁽⁷⁾⁽³¹⁾	1st Lien Term Loan	E-Commerce	S+7.51%, 2.25% Floor	11.83	2/17/2021	3/31/2027		22,822,369	22,490,359	18,359,464	3.39
Circle Graphics Inc⁽⁷⁾⁽³¹⁾	1st Lien Delayed Draw Term Loan	E-Commerce	S+7.51%, 2.25% Floor	11.83	7/12/2021	3/31/2027		533,038	522,419	428,803	0.08

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

5

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(32)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
Columbia Helicopters Inc.⁽⁷⁾⁽¹³⁾⁽³¹⁾	1st Lien Term Loan	Aerospace & Defense	S+11.36%, 1.50% Floor	15.69%	8/20/2019	9/4/2025	$	8,869,951	$8,693,906	$8,759,649	1.62%
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Healthcare Technology	S+6.00%, 0.75% Floor	10.29	10/10/2023	10/10/2030		3,477,348	3,404,362	3,402,550	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)	10.31	10/10/2023	10/10/2029		401,425	92,436	92,101	0.02
Coupa Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+5.25%, 0.75% Floor	9.54	2/27/2023	2/27/2030		10,273,520	10,067,738	10,276,473	1.90
Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁸⁾	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		924,210	(11,633)	266	0.00
Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Software & Services	S+5.25%, 0.75% Floor (0.50% on unfunded)	0.50	2/27/2023	2/27/2030		707,659	(11,525)	(23)	(0.00)
Crewline Buyer Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+6.75%, 1.00% Floor	11.07	11/8/2023	11/8/2030		9,501,470	9,303,760	9,295,479	1.71
Crewline Buyer Inc⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Software & Services	S+6.75%, 1.00% Floor (0.50% on unfunded)	0.50	11/8/2023	11/8/2030		989,736	(19,607)	(21,508)	(0.00)
Databricks Inc⁽⁷⁾⁽⁸⁾⁽³¹⁾	1st Lien Term Loan	Software & Services	S+4.50%	8.82	12/19/2024	1/3/2031		8,679,743	8,641,469	8,645,024	1.59
Databricks Inc⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽³¹⁾	1st Lien Delayed Draw Term Loan	Software & Services	S+4.50%, (1.00% on unfunded)	1.00	12/19/2024	1/3/2031		1,859,945	—	(7,440)	(0.00)
DMT Solutions Global Corp (dba Bluecrest)⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Technology Hardware & Equipment	S+8.10%, 1.00% Floor	12.39	8/30/2023	8/30/2027		18,418,695	18,054,612	17,926,501	3.31
Elessent Clean Technologies Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Chemicals	S+6.00%, 1.00% Floor	10.32	11/15/2024	11/15/2029		2,504,779	2,458,004	2,457,845	0.45
Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Specialty Chemicals	S+6.00%, 1.00% Floor (0.50% on unfunded)	0.50	11/15/2024	11/15/2029		241,448	(4,467)	(4,524)	(0.00)
FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Professional Services	S+5.00%, 0.75% Floor	9.29	1/19/2024	1/20/2031		2,280,231	2,238,474	2,263,804	0.42
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Professional Services	S+5.00%, 0.75% Floor (1.00% on unfunded)	9.29	1/19/2024	1/20/2031		740,449	301,674	306,061	0.06
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Professional Services	S+5.00%, 0.75% Floor (0.50% on unfunded)	0.50	1/19/2024	1/20/2030		185,747	(3,200)	(2,142)	(0.00)
GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+6.00%, 1.00% Floor	10.31	9/1/2023	9/4/2029		7,541,967	7,426,683	7,227,926	1.33
GC Bison Acquisition, LLC (Midland Industries)⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	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		2,126,895	(15,814)	(88,580)	(0.02)
GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾	1st Lien Revolver	Industrial Products & Services	S+6.00%, 1.00% Floor (0.50% on unfunded)	10.32	9/1/2023	9/4/2029		1,063,447	1,047,781	1,018,715	0.19
GI Apple Midco LLC (Atlas Technical)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Professional Services	S+6.75%, 1.00% Floor	11.07	4/19/2023	4/19/2030		9,827,512	9,620,639	9,841,350	1.82
GI Apple Midco LLC (Atlas Technical)⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Professional Services	S+6.75%, 1.00% Floor (1.50% on unfunded)	11.07	4/19/2023	4/19/2030		1,919,811	186,979	211,553	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)	11.07	4/19/2023	4/19/2029		1,345,718	741,742	771,578	0.14
Gibson Brands Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Consumer Brands	S+5.26%, 0.75% Floor	9.56	2/16/2024	8/11/2028		4,906,642	4,735,376	4,773,565	0.88
GOJO Industries Inc⁽⁷⁾⁽⁹⁾⁽¹⁹⁾⁽³⁵⁾	1st Lien Term Loan	Consumer Products	S+9.50%, 2.50% Floor	13.82	10/26/2023	10/26/2028		19,174,568	18,772,637	19,446,114	3.59
Gopher Resource LLC⁽⁷⁾⁽⁹⁾⁽¹¹⁾	1st Lien Term Loan	Environmental Solutions	S+7.00%, 1.00% Floor	11.30	10/4/2024	10/4/2029		15,114,813	14,701,662	14,836,158	2.74
Gopher Resource LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Environmental Solutions	S+7.00%, 1.00% Floor (0.50% on unfunded)	11.30	10/4/2024	10/4/2029		1,199,019	447,163	457,503	0.08
Health Catalyst Inc⁽⁷⁾⁽⁸⁾⁽¹⁰⁾	1st Lien Term Loan	Healthcare Technology	S+6.50%, 1.00% Floor	10.81	7/16/2024	7/16/2029		10,458,691	10,179,660	10,228,600	1.89
Health Catalyst Inc⁽⁷⁾⁽¹⁰⁾	1st Lien Delayed Draw Term Loan	Healthcare Technology	S+6.50%, 1.00% Floor	10.79	7/16/2024	7/16/2029		8,207,666	2,949,398	2,981,698	0.55
Heligear Acquisition Co⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Aerospace & Defense	S+7.75%, 2.00% Floor	12.05	9/6/2019	6/30/2025		23,461,269	23,402,941	23,404,049	4.32
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	11.27	10/17/2022	11/1/2025		14,736,727	14,680,211	14,166,719	2.61
Inotiv Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾⁽¹⁷⁾	1st Lien Term Loan	Pharmaceuticals & Life Sciences	S+6.86%, 1.00% Floor	11.19	11/3/2021	11/5/2026		15,980,604	15,705,081	13,106,438	2.42
Inotiv Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁸⁾	1st Lien Revolver	Pharmaceuticals & Life Sciences	S+6.86%, 1.00% Floor (0.50% on unfunded)	0.50	11/3/2021	11/5/2026		1,244,402	(44,670)	87,108	0.02
KORE Wireless Group Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Telecommunications	S+6.50%, 1.00% Floor	10.82	12/20/2023	11/9/2028		4,578,967	4,509,604	4,507,053	0.83
KORE Wireless Group Inc⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Telecommunications	S+6.50%, 1.00% Floor (0.50% on unfunded)	0.50	12/20/2023	11/9/2028		626,612	(9,248)	(9,788)	(0.00)

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

6

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(32)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	15.46%	7/23/2021	7/23/2027	$	18,900,523	$18,754,941	$17,617,965	3.25%
LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁶⁾⁽⁷⁾⁽²⁷⁾	1st Lien Revolver	Healthcare Providers & Services	S+11.15%, 3.00% Floor (0.50% on unfunded)	0.50	4/3/2024	7/23/2027		500,000	-	(33,929)	(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	11.82	12/1/2022	5/29/2026		4,568,481	4,418,882	4,449,765	0.82
Likewize Corp⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Insurance & Insurance Services	S+5.75%, 0.50% Floor	10.05	8/15/2024	8/27/2029		12,886,209	12,540,665	12,606,353	2.32
LVF Holdings Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Food & Beverage	S+5.50%	9.83	2/24/2025	2/24/2032		16,058,729	15,268,739	15,255,792	2.81
LVF Holdings Inc⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Delayed Draw Term Loan	Food & Beverage	S+5.50%	—	2/24/2025	2/24/2032		2,408,809	(59,361)	(57,234)	(0.01)
Mad Engine Global, LLC	1st Lien Term Loan	Consumer Apparel	S+7.26%, 1.00% Floor	11.56	6/30/2021	7/15/2027		10,950,000	10,822,447	9,512,813	1.75
Manchester Acquisition Sub LLC⁽⁹⁾	1st Lien Term Loan	Specialty Chemicals	S+5.90%, 0.75% Floor	10.22	11/16/2021	12/1/2026		1,727,025	1,691,968	1,621,892	0.30
Mercury Bidco LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Technology	S+5.75%, 1.00% Floor	10.05	5/31/2023	5/31/2030		17,563,212	17,288,178	17,473,529	3.22
Mercury Bidco LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Technology	S+5.75%, 1.00% Floor (0.50% on unfunded)	0.50	5/31/2023	5/31/2030		1,981,556	(24,912)	(15,526)	(0.00)
MIS Acquisition, LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+6.25%, 1.00% Floor	10.57	11/17/2023	11/17/2028		17,477,594	17,099,412	17,819,759	3.29
MIS Acquisition, LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Business Services	S+6.25%, 1.00% Floor (0.50% on unfunded)	0.50	11/17/2023	11/17/2028		1,098,221	(26,050)	(400)	(0.00)
MMS BidCo LLC⁽⁷⁾⁽⁹⁾⁽³¹⁾	1st Lien Term Loan	Healthcare Providers & Services	S+5.375%, 1.00% Floor	9.80	6/30/2022	6/30/2029		8,578,749	8,488,221	8,509,203	1.57
Mounty US Holdings⁽⁷⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Software & Services	S+6.00%, 1.00% Floor	10.32	5/17/2024	5/17/2030		6,917,811	6,794,946	6,883,222	1.27
Mounty US Holdings⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Software & Services	S+6.00%, 1.00% Floor (0.50% on unfunded)	0.50	5/17/2024	5/17/2030		995,726	(17,429)	(9,957)	(0.00)
National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁹⁾	1st Lien Term Loan	Healthcare Providers & Services	S+8.15%, 1.00% Floor	12.45	10/26/2020	4/3/2026		11,546,729	11,326,824	8,599,427	1.59
National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁹⁾	1st Lien Delayed Draw Term Loan	Healthcare Providers & Services	S+8.15%, 1.00% Floor	12.45	10/26/2020	4/3/2026		5,811,828	5,699,243	4,328,359	0.80
National Dentex Corp⁽⁷⁾⁽²⁹⁾	1st Lien Delayed Draw Term Loan	Healthcare Providers & Services	S+8.15%, 1.00% Floor	12.45	4/4/2024	4/3/2026		924,199	889,643	688,297	0.13
National Dentex Corp⁽⁷⁾⁽²³⁾⁽²⁹⁾	1st Lien Delayed Draw Term Loan	Healthcare Providers & Services	S+10.15%, 1.00% Floor	14.45	10/29/2024	4/3/2026		1,981,726	580,738	1,475,890	0.27
National Dentex Corp⁽⁶⁾⁽⁷⁾⁽²⁹⁾	1st Lien Revolver	Healthcare Providers & Services	S+7.15%, 1.00% Floor (0.50% on unfunded)	11.45	10/26/2020	4/3/2026		1,486,897	1,126,241	772,815	0.14
NetSPI Midco Corporation⁽⁷⁾	1st Lien Term Loan	Professional Services	S+6.25%, 1.00% Floor	10.50	5/31/2024	5/31/2029		6,911,607	6,792,862	6,814,845	1.26
NetSPI Midco Corporation⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Professional Services	S+6.25%, 1.00% Floor (0.50% on unfunded)	0.50	5/31/2024	5/31/2029		767,956	(12,794)	(13,055)	(0.00)
PaperWorks Industries Holding Corp.⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Paper & Packaging	S+8.40%, 1.00% Floor	12.69	6/30/2023	6/30/2027		18,859,109	18,632,995	18,833,713	3.47
Pelican Power Borrower LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Power Generation	S+6.00%, 1.00% Floor	10.31	8/30/2024	3/1/2027		16,927,331	16,531,102	16,673,421	3.08
Peloton Interactive Inc⁽¹⁰⁾	1st Lien Term Loan	Fitness & Leisure	S+5.50%	9.81	5/23/2024	5/30/2029		8,166,786	8,095,950	8,231,426	1.52
Pixelle Receivables SPE, LLC⁽⁷⁾	1st Lien Term Loan	Paper & Packaging	S+7.00%	11.32	6/11/2024	6/12/2025		1,020,636	1,016,601	1,009,409	0.19
Rayonier AM Products Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Paper & Packaging	S+7.00%, 3.00% Floor	11.30	10/28/2024	10/29/2029		10,831,356	10,585,189	10,673,001	1.97
Recorded Books Inc (RB Media)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Media: Diversified & Production	S+5.75%, 0.75% Floor	10.06	8/31/2023	9/3/2030		8,763,081	8,622,534	8,715,009	1.61
Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Media: Diversified & Production	S+5.75%, 0.75% Floor (0.50% on unfunded)	10.06	8/31/2023	8/31/2028		642,704	404,109	409,108	0.08
SBP Holdings LP⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+5.00%, 1.00% Floor	9.32	3/27/2023	3/27/2028		5,226,454	5,092,023	5,182,376	0.96
SBP Holdings LP⁽⁷⁾⁽⁹⁾	1st Lien Delayed Draw Term Loan	Industrial Products & Services	S+5.00%, 1.00% Floor	9.32	3/27/2023	3/27/2028		752,083	733,226	745,741	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)	9.32	11/30/2023	3/27/2028		1,686,487	931,375	940,942	0.17
SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	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		1,429,513	(5,922)	(12,225)	(0.00)
SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Industrial Products & Services	S+5.00%, 1.00% Floor (0.50% on unfunded)	0.50	3/27/2023	3/27/2028		838,328	(12,367)	(9,057)	(0.00)
Shrieve Chemical Co LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Chemicals	S+6.00%, 1.00% Floor	10.30	10/30/2024	10/30/2030		6,282,249	6,165,352	6,163,444	1.14
Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Specialty Chemicals	S+6.00%, 1.00% Floor (0.50% on unfunded)	10.30	10/30/2024	10/30/2030		539,828	79,821	79,760	0.01

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

7

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(32)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
Sintec Media NYC Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Media: Diversified & Production	S+7.00%, 1.00% Floor	11.30%	6/21/2023	6/21/2029	$	12,288,613	$12,006,420	$11,824,362	2.18%
Sintec Media NYC Inc⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Media: Diversified & Production	S+7.00%, 1.00% Floor (0.50% on unfunded)	11.30	6/21/2023	6/21/2029		1,164,025	720,415	699,031	0.13
Smarsh Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Software & Services	S+4.75%, 0.75% Floor	9.05	2/18/2022	2/18/2029		4,253,705	4,197,177	4,238,474	0.78
Smarsh Inc⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	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		472,634	(13,466)	(1,692)	(0.00)
Smarsh Inc⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Software & Services	S+4.75%, 0.75% Floor (0.50% on unfunded)	9.08	2/18/2022	2/18/2029		236,317	28,321	29,916	0.01
Solaris Oilfield Infrastructure Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Oilfield Services	S+6.00%, 1.00% Floor	10.30	9/11/2024	9/11/2029		13,400,803	13,160,579	13,199,791	2.43
SP PF Buyer LLC⁽⁷⁾⁽⁸⁾	1st Lien Term Loan	Specialty Retail	S+7.00%, 1.00% Floor	11.32	10/15/2024	10/13/2029		18,052,259	17,554,411	17,551,302	3.24
Spectrum Group Buyer Inc (Pixelle)⁽⁸⁾⁽¹⁶⁾	1st Lien Term Loan	Paper & Packaging	S+6.50%, 0.75% Floor	10.79	5/11/2022	5/19/2028		19,679,045	19,384,834	15,087,265	2.78
Speedstar Holding LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Automobiles & Components	S+6.00%, 1.00% Floor	10.31	7/2/2024	7/22/2027		14,629,071	14,404,176	14,500,775	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)	10.31	7/2/2024	7/22/2027		3,199,173	1,559,933	1,569,528	0.29
Stryten Energy Resources LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+5.50%, 1.00% Floor	9.82	12/18/2024	12/18/2029		13,903,265	13,641,840	13,642,016	2.52
Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Specialty Retail	S+5.75%, 0.75% Floor	10.04	8/5/2024	8/5/2030		16,629,988	16,257,278	16,164,349	2.98
TETRA Technologies Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Oilfield Services	S+5.85%, 1.00% Floor	10.17	1/12/2024	1/11/2030		15,161,402	14,847,768	14,913,898	2.75
TETRA Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁷⁾⁽²⁸⁾	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		5,984,764	(59,674)	(97,699)	(0.02)
Thunder Grandparent Inc. (dba Telestream, Inc)⁽⁷⁾⁽⁸⁾⁽¹⁵⁾⁽²⁹⁾	1st Lien Term Loan	Software & Services	S+9.85%, 1.00% Floor	14.17	10/15/2020	10/15/2025		16,252,711	15,168,892	14,126,021	2.61
Thunder Grandparent Inc. (dba Telestream, Inc)⁽⁶⁾⁽⁷⁾⁽¹⁵⁾⁽²⁹⁾	1st Lien Revolver	Software & Services	S+9.85%, 1.00% Floor (0.50% on unfunded)	14.17	10/15/2020	10/15/2025		1,364,452	1,051,553	950,342	0.18
Titan Purchaser, Inc. (Waupaca Foundry)⁽⁷⁾⁽⁸⁾⁽⁹⁾	1st Lien Term Loan	Industrial Products & Services	S+6.00%, 1.00% Floor	10.30	3/1/2024	3/1/2030		14,123,859	13,638,726	14,233,799	2.63
USA Debusk LLC⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Commercial Services	S+5.25%, 0.75% Floor	9.54	4/30/2024	4/30/2031		8,577,687	8,463,721	8,564,821	1.58
USA Debusk LLC⁽⁶⁾⁽⁷⁾	1st Lien Delayed Draw Term Loan	Commercial Services	S+5.25%, 0.75% Floor (1.00% on unfunded)	9.54	4/30/2024	4/30/2031		3,169,082	430,278	449,275	0.08
USA Debusk LLC⁽⁶⁾⁽⁷⁾	1st Lien Revolver	Commercial Services	S+5.25%, 0.75% Floor (0.50% on unfunded)	9.56	4/30/2024	4/30/2030		1,189,075	777,616	784,988	0.14
UserZoom Technologies Inc⁽⁷⁾	1st Lien Term Loan	Technology	S+7.50%, 1.00% Floor	11.80	1/12/2023	4/5/2029		11,192,878	10,949,331	10,909,892	2.01
Vensure Employer Services Inc⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Business Services	S+5.00%, 0.50% Floor	9.30	9/27/2024	9/27/2031		4,752,932	4,712,637	4,748,738	0.88
Vensure Employer Services Inc⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	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		935,601	(7,503)	(826)	(0.00)
Voyant Beauty⁽⁷⁾⁽⁹⁾	1st Lien Term Loan	Consumer Products	S+10.00%, 1.00% Floor	14.31	5/13/2022	5/13/2027		8,023,463	7,853,754	7,978,843	1.47
Wrangler Topco, LLC⁽⁷⁾	1st Lien Term Loan	Software & Services	S+6.00%, 1.00% Floor	10.30	7/7/2023	9/20/2029		13,783,565	13,491,874	13,659,192	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)	10.29	9/20/2024	9/20/2029		1,118,895	746,503	745,144	0.14
Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Software & Services	S+6.00%, 1.00% Floor (0.50% on unfunded)	0.50	7/7/2023	9/20/2029		1,502,990	(28,303)	(13,583)	(0.00)
Total United States of America 1st Lien/Secured Loans									801,020,176	783,000,934	144.49
Australia
Infrabuild Australia Pty Ltd⁽⁷⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Industrial Products & Services	S+14.00%, 3.50% Floor	18.30	5/26/2023	5/26/2026		6,438,514	6,280,041	6,438,573	1.19
Total Australia 1st Lien/Secured Loans									6,280,041	6,438,573	1.19

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

8

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(32)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value		% of Net Assets(5)
Canada
Gateway Casinos & Entertainment Ltd⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Gaming & Entertainment	S+6.25%, 0.75% Floor	10.55%	12/18/2024	12/18/2030	$	7,653,036	$7,583,982	$7,681,735		1.42%
Source Energy Services Ltd⁽⁷⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Oilfield Services	S+5.25%, 4.25% Floor	9.57	12/20/2024	12/20/2029		2,339,791	2,262,202	2,289,988		0.42
Source Energy Services Ltd⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁷⁾⁽²⁸⁾	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		442,137	(14,618)	(9,411)		(0.00)
Hootsuite Inc.⁽⁷⁾⁽⁹⁾⁽¹⁰⁾	1st Lien Term Loan	Software & Services	S+5.50%, 0.75% Floor	9.80	5/22/2024	5/22/2030		12,703,235	12,532,882	12,671,477		2.34
Hootsuite Inc.⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁷⁾⁽²⁸⁾	1st Lien Revolver	Software & Services	S+5.50%, 0.75% Floor (0.50% on unfunded)	0.50	5/22/2024	5/22/2030		1,422,136	(18,275)	(10,666)		(0.00)
Total Canada 1st Lien/Secured Loans									22,346,173	22,623,123		4.18
Netherlands
OLA Netherlands BV (aka Olacabs / ANI Tech)⁽⁷⁾⁽⁸⁾⁽¹⁰⁾	1st Lien Term Loan	Technology	S+6.35%, 0.75% Floor	10.67	12/3/2021	12/15/2026		4,015,831	3,984,632	3,926,842		0.72
Total Netherlands 1st Lien/Secured Loans									3,984,632	3,926,842		0.72
United Kingdom
Neon Finance Limited (fka TEN Entertainment Group PLC)⁽⁷⁾⁽¹⁰⁾	1st Lien Term Loan	Gaming & Entertainment	SONIA+7.50%, 2.50% Floor	12.26	1/26/2024	2/6/2030	£	4,082,241	5,069,345	5,148,182		0.95
Total United Kingdom 1st Lien/Secured Loans									5,069,345	5,148,182		0.95
Total 1st Lien/Secured Loans									838,700,367	821,137,654		151.53
2nd Lien/Secured Loans
United States of America
BayMark Health Services Inc⁽⁷⁾	2nd Lien Term Loan	Healthcare Providers & Services	S+8.76%, 1.00% Floor	13.06	6/10/2021	6/11/2028		3,333,333	3,306,302	2,810,737		0.52
BayMark Health Services Inc⁽⁷⁾	2nd Lien Delayed Draw Term Loan	Healthcare Providers & Services	S+8.76%, 1.00% Floor	13.06	11/19/2021	6/11/2028		2,572,287	2,551,085	2,169,006		0.40
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		11,494,239	11,214,527	11,211,106		2.07
Total United States of America 2nd Lien Term Loan									17,071,914	16,190,849	—	2.99
Total 2nd Lien/Secured Loans									17,071,914	16,190,849		2.99
Equities
United States of America
48Forty Solutions LLC⁽⁷⁾⁽²⁶⁾	Common Equities	Transportation & Logistics	N/A	N/A	11/11/2024	N/A		872	—	—		—
Beauty Health Co⁽²⁶⁾	Common Equities	Consumer Services	N/A	N/A	7/7/2023	N/A		913,460	—	1,224,036		0.23
Monomoy Capital Partners IV-Titan, L.P. (Waupaca Foundry)⁽⁷⁾⁽¹⁰⁾⁽²⁶⁾	Partnership Interests	Industrial Products & Services	N/A	N/A	2/23/2024	N/A		313,577	313,577	383,348		0.07
Total United States of America Equities									313,577	1,607,384		0.30
Total Equities									313,577	1,607,384		0.30
Total Non-Controlled/Non-Affiliated Investments									856,085,858	838,935,887		154.82%
Non-Controlled/Affiliated Investments
Senior Secured Debt
United States of America
Wesco Aircraft Holdings Inc⁽³⁴⁾	Senior Secured Debt	Industrial Products & Services	8.00%	8.00	1/31/2025	1/31/2030		5,668,193	5,638,509	5,526,488		1.02
Total United States of America Senior Secured Debt									5,638,509	5,526,488		1.02
Germany
Takko Fashion GmbH⁽¹⁰⁾⁽³³⁾	Senior Secured Debt	Specialty Retail	10.25%	10.25	10/30/2024	4/15/2030	€	1,271,000	1,374,968	1,465,409		0.27
Total Germany Senior Secured Debt									1,374,968	1,465,409		0.27
Total Senior Secured Debt									7,013,477	6,991,897		1.29

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

9

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(32)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
Unsecured Debt
United States of America
Wesco Aircraft Holdings Inc⁽⁷⁾⁽³⁴⁾	Unsecured Debt	Industrial Products & Services	6.00%	6.00%	1/31/2025	1/31/2033		4,195,024	$6,406,376	$6,334,487	1.17%
Total United States of America Unsecured Debt									6,406,376	6,334,487	1.17
Luxembourg
Takko Fashion Sarl⁽¹⁰⁾⁽²⁰⁾⁽³³⁾	Unsecured Debt	Specialty Retail	15.00%	15.00	8/8/2023	10/15/2030	€	3,576,263	3,916,763	8,270,203	1.53
Total Luxembourg Unsecured Debt									3,916,763	8,270,203	1.53
Total Unsecured Debt									10,323,139	14,604,690	2.70
Equities
United States of America
Wesco Aircraft Holdings Inc⁽⁷⁾⁽²⁶⁾⁽³⁴⁾	Common Equities	Industrial Products & Services	N/A	N/A	1/31/2025	N/A		195,566	7,459,569	7,396,306	1.36
Total Equities									7,459,569	7,396,306	1.36
Total Non-Controlled/Affiliated Investments									24,796,185	28,992,893	5.35%
Controlled Investments
1st Lien/Secured Loans
United States of America
SP-CREH 19 Highline LLC⁽⁷⁾⁽³⁴⁾	1st Lien Term Loan	Multi-Family	S+2.00%, 3.00% Floor , 5.00% Cap	6.38	6/28/2021	7/1/2025		2,748,011	2,748,011	2,747,874	0.51
SP-CREH 19 Highline LLC⁽⁷⁾⁽³⁴⁾	1st Lien Revolver	Multi-Family	S+2.00%, 3.00% Floor , 5.00% Cap	6.32	6/28/2021	7/1/2025		6,125,000	6,125,000	6,009,544	1.11
Total 1st Lien/Secured Loans									8,873,011	8,757,418	1.62
Equities
United States of America
SP-CREH 19 Highline LLC⁽⁷⁾⁽²⁶⁾⁽³⁴⁾	Common Equities	Multi-Family	N/A	N/A	6/28/2021	N/A		70%	14,608,750	1,462,440	0.27
Total Equities									14,608,750	1,462,440	0.27
Trust Interest
United States of America
TH Liquidating Trust⁽⁷⁾⁽²⁶⁾⁽³⁴⁾	Trust Interest	Other	N/A	N/A	12/7/2019	12/6/2026		14%	3,153,474	969,500	0.18
TH Liquidating Trust⁽⁶⁾⁽⁷⁾⁽²⁶⁾⁽³⁴⁾	Trust Interest	Other	N/A	N/A	10/9/2020	12/6/2026		14%	—	—	—
TH Liquidating Trust⁽⁷⁾⁽¹⁴⁾⁽³⁴⁾	Trust Interest	Other	P+10.50%, 0.50% Floor	18.00	12/7/2019	12/6/2026	$	597,573	597,573	475,847	0.09
Total Trust Interest									3,751,047	1,445,347	0.27
Real Estate Properties
United States of America
1035 Mecklenburg Highway, Mooresville, North Carolina⁽⁷⁾⁽¹⁰⁾⁽²⁶⁾⁽³⁴⁾	Real Estate Properties	Telecommunications	N/A	N/A	8/22/2023	N/A		100%	14,519,705	11,662,754	2.15
Total Real Estate Properties									14,519,705	11,662,754	2.15
Total Controlled Investments									41,752,513	23,327,959	4.31%
Total Investments, March 31, 2025									$922,634,556	$891,256,739	164.48%
Cash Equivalents and Restricted Cash Equivalents
JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class⁽⁸⁾⁽⁹⁾	Money Market Fund							78,134,546	78,134,546	78,134,546	14.41
Total Cash Equivalents and Restricted Cash Equivalents									$78,134,546	$78,134,546	14.41%

(1)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.

(2)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 March 31, 2025.

(3)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.

10

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

(4)Cost represents amortized cost for debt investments, less principal payments, plus capitalized PIK, if any. As of March 31, 2025, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $17.2 million; the aggregate gross unrealized depreciation for all investments where there was an excess of tax cost over fair value was $46.5 million; the net unrealized depreciation was $29.3 million; the aggregate tax cost of securities for Federal income tax purposes was $921.3 million.

(5)Percentage is based on net assets of $542,222,586 as of March 31, 2025.

(6)The investment has an unfunded commitment as of March 31, 2025 (see Note 8 in the accompanying notes to the consolidated financial statements).

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

(8)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 $119.8 million including restricted cash equivalents.

(9)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 $422.3 million including restricted cash equivalents.

(10)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 March 31, 2025, qualifying assets totaled 82.6% of the Fund’s total assets.

(11)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%.

(12)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%.

(13)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%.

(14)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%.

(15)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+9.85%.

(16)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%.

(17)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%.

(18)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%.

(19)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%.

(20)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%.

(21)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%.

(22)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%.

(23)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%.

(24)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+3.60%.

(25)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%.

(26)Represents a non-income producing investment.

(27)The negative fair value is the result of the original discount on the loan.

(28)The negative amortized cost is the result of the original discount being greater than the principal amount outstanding on the loan.

(29)Investment, representing 3.9% of cost and 3.5% of fair value, respectively, was on non-accrual status as of March 31, 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).

(30)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.

(31)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.

(32)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.

11

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 2025 (Unaudited)

(33)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 March 31, 2025, the Fund's affiliated/non-controlled investments were as follows:

Portfolio Company	Type of Investment		Fair Value at December 31, 2024		Gross additions*		Gross reductions**			Net change in unrealized appreciation (depreciation)			Net realized gains (losses)		Fair Value at March 31, 2025		Interest income		Dividend income			Par Amount ($) / Number Of Shares / Ownership %
Takko Fashion GmbH	Secured Debt		$	4,100,660	$	—	$	(2,838,424	)	$	112,521		$	90,652	$	1,465,409	$	60,138	$	—	€		1,271,000
Takko Fashion Sarl	Unsecured Debt	†		8,036,760		7,412		—			226,031			—		8,270,203		152,505		—	€		3,576,263
Wesco Aircraft Holdings Inc	Secured Debt			—		5,638,509		—			(112,021	)		—		5,526,488		76,596		—			5,668,193
Wesco Aircraft Holdings Inc	Unsecured Debt			—		6,406,376		—			(71,889	)		—		6,334,487		41,950		—			4,195,024
Wesco Aircraft Holdings Inc	Equities			—		7,459,569		—			(63,263	)		—		7,396,306		—		—			195,566
Total			$	12,137,420	$	19,511,866	$	(2,838,424	)	$	91,379		$	90,652	$	28,992,893	$	331,189	$	—

* 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 March 31, 2025, the unsecured debt contained stapled equities of approximately 9.0 million shares which provided certain voting rights.

(34)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 March 31, 2025, the Fund's controlled investments were as follows:

Portfolio Company	Type of Investment	Fair Value at December 31, 2024		Gross additions*		Gross reductions**			Net change in unrealized appreciation (depreciation)			Net realized gains (losses)		Fair Value at March 31, 2025		Interest income		Dividend income			Par Amount ($) / Number Of Units/ Ownership %
1035 Mecklenburg Highway, Mooresville, North Carolina	Real Estate Properties	$	12,808,845	$	109,565	$	—		$	(1,255,656	)	$	—	$	11,662,754	$	—	$	—			100	%
SP-CREH 19 Highline LLC	Secured Loans		7,639,424		—		(4,892,558	)		1,008			—		2,747,874		102,250		—	$		2,748,011
SP-CREH 19 Highline LLC	Secured Loans		5,970,038		—		—			39,506			—		6,009,544		96,354		—	$		6,125,000
SP-CREH 19 Highline LLC	Equities		1,564,654		—		—			(102,214	)		—		1,462,440		—		—			70	%
TH Liquidating Trust	Trust Interest		969,500		—		—			—			—		969,500		—		—			14	%
TH Liquidating Trust	Trust Interest		—		—		—			—			—		—		—		—			14	%
TH Liquidating Trust	Trust Interest		455,086		26,071		—			(5,310	)		—		475,847		26,071		—	$		597,573
Total		$	29,407,547	$	135,636	$	(4,892,558	)	$	(1,322,666	)	$	—	$	23,327,959	$	224,675	$	—

* 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.

(35)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.

12

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

March 31, 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			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	€		700,000		$	(3,333	)	$	2,488
Euro Interest Rate Swaps	Receive	EuroSTR	Annual	3.029%	Annual	5/22/2026	Goldman Sachs	€		100,000			(36,459	)		(2,355	)
Euro Interest Rate Swaps	Receive	EuroSTR	Annual	3.029%	Annual	5/22/2026	Goldman Sachs	€		100,000			—			(164	)
UK Interest Rate Swaps	Receive	SONIA	Annual	4.992%	Annual	9/28/2027	Goldman Sachs	£		2,300,000			—			(77,205	)
UK Interest Rate Swaps	Pay	SONIA	Annual	4.992%	Annual	9/28/2027	Goldman Sachs	£		(2,300,000	)		(133,945	)		77,200
US Interest Rate Swaps	Receive	SOFR	Annual	3.780%	Annual	3/10/2030	Goldman Sachs	$		5,900,000			(2,048	)		(33,176	)
US Interest Rate Swaps	Receive	SOFR	Annual	4.000%	Quarterly	6/30/2025	Goldman Sachs	$		72,500,000			(198,976	)		(1,231,401	)
US Interest Rate Swaps	Pay	SOFR	Annual	4.000%	Quarterly	6/30/2025	Goldman Sachs	$		(72,500,000	)		6,695			1,233,345
Total																(31,268	)
Interest Rate Swaps, Hedge Accounting(1)
US Interest Rate Swaps	Pay	SOFR	Annual	4.000%	Quarterly	11/4/2026	Goldman Sachs	$		(145,000,000	)		(367,503	)		772,673
Total																772,673
Total Interest Rate Swaps															$	741,405

(1)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 Sold		Fair Value
Derivative Counterparty
Bank of America	6/30/2025	C$		300,622	$		211,165		(1,290	)
Bank of America	6/30/2025	$		19,384,264	€		17,827,202		5,643
Bank of America	6/30/2025	$		5,184,074	£		4,004,888		11,159
Total								$	15,512

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

13

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(31)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	$	6,432,303	$6,341,202	$4,689,958	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		8,398,994	8,261,371	8,482,585	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		878,780	(12,705)	8,761	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		10,596,118	10,427,328	10,504,801	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		908,238	(14,698)	(7,827)	(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		19,347,739	18,030,040	19,092,126	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		13,416,340	13,200,253	13,270,301	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		11,596,730	11,354,924	11,361,399	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		1,728,742	1,702,371	1,693,661	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		1,170,045	394,993	390,414	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		5,778,322	5,632,529	5,777,165	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		573,673	(13,105)	(5,090)	(0.00)
Amerijet Holdings Inc⁽⁷⁾⁽²¹⁾	1st Lien Term Loan	Transportation & Logistics	12.00%	12.00	12/19/2023	12/28/2025		6,637,330	6,637,330	7,052,827	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		13,878,591	13,757,797	13,151,329	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		2,536,322	2,517,521	2,404,395	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		2,188,419	2,160,235	2,167,353	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		10,349,756	10,195,902	9,991,904	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		838,563	(11,408)	(27,326)	(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		4,153,650	4,049,945	4,114,321	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	€	7,101,059	7,433,391	7,280,591	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		1,170,535	(28,372)	(11,405)	(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		6,623,459	6,601,741	6,618,900	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		2,119,510	2,089,377	2,083,093	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		4,817,068	4,749,620	4,734,303	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		770,731	(10,258)	(13,277)	(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		15,512,169	15,123,116	15,235,311	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		4,150,255	4,129,706	3,993,556	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		2,587,877	2,576,407	2,490,168	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		8,849,149	8,692,127	5,789,707	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		22,822,369	22,468,352	19,374,943	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		533,038	521,414	452,520	0.08

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

14

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(31)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	$	8,743,853	$8,549,163	$8,613,969	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		3,486,129	3,410,121	3,445,930	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		401,425	192,439	194,521	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		10,299,398	10,081,560	10,301,300	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		924,210	(12,207)	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		707,659	(12,252)	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		9,501,470	9,293,218	9,290,000	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		989,736	(20,514)	(22,069)	(0.00)
Databricks Inc⁽⁷⁾⁽⁸⁾⁽³⁰⁾	1st Lien Term Loan	Software & Services	S+4.50%	8.83	12/19/2024	1/3/2031		8,679,743	8,636,344	8,636,344	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		1,859,945	-	(9,300)	(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		18,730,773	18,319,538	18,258,574	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		241,448	(4,705)	(4,787)	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		2,511,056	2,461,976	2,461,350	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		3,439,637	3,432,454	3,372,277	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		2,285,989	2,245,029	2,244,698	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		741,234	302,832	298,801	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		185,747	(3,125)	(3,254)	(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		7,561,109	7,438,113	7,434,413	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		2,126,895	(16,681)	(35,646)	(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		1,063,447	600,261	599,064	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		9,852,519	9,634,105	9,863,610	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		1,920,339	186,108	211,542	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		1,345,718	490,165	508,780	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		4,919,320	4,735,345	4,778,687	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		19,174,568	18,744,786	19,459,155	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		15,114,813	14,678,002	14,670,398	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		1,199,019	924,998	924,387	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		10,484,969	10,189,358	10,208,166	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		8,408,998	2,940,083	2,948,194	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		23,852,290	23,790,688	23,738,848	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		14,926,857	14,837,404	14,709,704	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		16,007,856	15,683,537	12,881,722	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		1,244,402	(51,636)	87,108	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		4,590,559	4,515,445	4,514,795	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		626,612	(9,880)	(10,297)	(0.00)

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

15

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(31)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	$	18,709,224	$18,545,119	$17,616,239	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		500,000	—	(29,210)	(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		4,568,481	4,418,775	4,438,021	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		12,967,768	12,601,730	12,646,297	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		11,025,000	10,879,328	9,460,828	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		1,762,560	1,721,118	1,662,870	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		17,607,452	17,316,003	17,514,939	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		1,981,556	(26,386)	(16,176)	(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		17,521,812	17,116,098	17,209,657	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		1,098,221	(27,096)	(18,138)	(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		8,600,746	8,498,542	8,528,103	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		6,935,237	6,806,043	6,865,884	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		995,726	(18,130)	(14,936)	(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		11,575,073	11,353,999	9,671,260	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		5,826,047	5,712,884	4,867,806	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		926,522	705,988	588,270	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		1,278,402	580,738	1,068,137	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		1,486,897	1,096,503	878,049	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		6,911,607	6,785,804	6,814,845	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		767,956	(13,551)	(13,055)	(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		19,150,688	18,890,080	19,058,644	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		17,162,432	16,711,504	16,784,859	3.08
Peloton Interactive Inc⁽¹⁰⁾	1st Lien Term Loan	Fitness & Leisure	S+6.00%	10.36	5/23/2024	5/30/2029		10,789,961	10,689,826	11,019,232	2.02
Pixelle Receivables SPE, LLC⁽⁷⁾	1st Lien Term Loan	Paper & Packaging	S+7.00%	11.55	6/11/2024	6/12/2025		1,020,636	1,011,602	1,010,430	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		10,858,502	10,596,417	10,591,131	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		8,785,255	8,636,605	8,735,984	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		642,704	(9,711)	(4,273)	(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		5,239,787	5,097,933	5,192,308	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		753,988	732,516	747,156	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		1,688,893	931,907	942,268	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		1,429,513	(6,416)	(13,150)	(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		838,328	(13,353)	(7,712)	(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		6,297,994	6,173,999	6,173,032	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		539,828	(10,530)	(10,661)	0.00

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

16

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(31)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	$	12,367,185	$12,065,101	$11,785,473	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		1,164,025	718,981	687,389	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		3,781,071	3,730,154	3,781,071	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		945,268	462,604	472,634	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		236,317	91,739	94,527	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		13,400,803	13,144,931	13,239,993	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		18,097,503	17,569,947	17,561,213	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		19,476,585	19,155,391	16,226,888	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		14,665,828	14,414,529	14,606,839	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		3,203,177	1,559,651	1,588,705	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		17,617,927	17,266,614	17,265,568	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		16,671,772	16,279,537	16,355,008	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		15,161,402	14,829,218	14,974,648	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		5,984,764	(62,773)	(73,719)	(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		15,722,940	15,201,636	13,887,240	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		1,325,356	1,051,555	935,048	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		14,309,699	13,790,412	14,446,716	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		5,062,500	5,044,082	5,023,214	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		8,599,239	8,478,464	8,573,442	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		3,170,866	332,463	347,210	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		1,189,075	340,889	343,048	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		11,192,878	10,933,748	10,988,101	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		4,720,305	4,677,771	4,675,811	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		980,141	(7,491)	(9,239)	(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		7,992,824	7,827,653	7,992,025	1.47
Wesco Aircraft Holdings Inc	1st Lien Term Loan	Industrial Products & Services	S+8.60%	13.15	6/2/2023	1/3/2025		4,349,159	4,349,159	4,349,159	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		13,818,197	13,510,510	13,689,427	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		1,118,895	(5,369)	(10,401)	(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		1,502,990	(29,660)	(13,988)	(0.00)
Total United States of America 1st Lien/Secured Loans									805,347,852	790,454,952	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		6,438,514	6,250,605	6,562,777	1.20
Total Australia 1st Lien/Secured Loans									6,250,605	6,562,777	1.20

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

17

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(31)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	$	7,653,036	$7,576,963	$7,737,946	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		2,387,542	2,304,304	2,303,978	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		442,137	(15,365)	(15,475)	(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		12,735,233	12,554,978	12,633,351	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		1,422,136	(19,151)	(19,910)	(0.00)
Total Canada 1st Lien/Secured Loans									22,401,729	22,639,890	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		4,027,187	3,989,999	3,960,091	0.73
Total Netherlands 1st Lien/Secured Loans									3,989,999	3,960,091	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	£	4,113,090	5,100,651	5,018,589	0.92
Total United Kingdom 1st Lien/Secured Loans									5,100,651	5,018,589	0.92
Total 1st Lien/Secured Loans									843,090,836	828,636,299	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		2,572,287	2,548,692	2,236,881	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		3,333,333	3,303,128	2,898,694	0.53
Total United States of America 2nd Lien Term Loan									5,851,820	5,135,575	0.94
Total 2nd Lien/Secured Loans									5,851,820	5,135,575	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		17,332,429	15,976,413	13,865,943	2.54
Total United States of America Senior Secured Bonds									15,976,413	13,865,943	2.54
Total Senior Secured Bonds									15,976,413	13,865,943	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		913,460	—	1,452,401	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		313,577	313,577	410,472	0.08
Total United States of America Equities									313,577	1,862,873	0.35
Total Equities									313,577	1,862,873	0.35
Total Non-Controlled/Non-Affiliated Investments									865,232,646	849,500,690	155.89%

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

18

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

Portfolio Company(1)	Instrument	Industry	Rate(2)	Interest Rate	Original Acquisition Date(31)	Maturity Date		Par Amount(3)	Cost / Amortized Cost(4)	Fair Value	% of Net Assets(5)
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	€	3,811,000	$4,122,740	$4,100,660	0.75%
Total Senior Secured Debt									4,122,740	4,100,660	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	€	3,576,263	3,909,351	8,036,760	1.47
Total Unsecured Debt									3,909,351	8,036,760	1.47
Total Non-Controlled/Affiliated Investments									8,032,091	12,137,420	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		7,640,570	7,640,570	7,639,424	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		6,125,000	6,125,000	5,970,038	1.10
Total 1st Lien/Secured Loans									13,765,570	13,609,462	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%	14,608,750	1,564,654	0.29
Total Equities									14,608,750	1,564,654	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%	3,153,474	969,500	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	$	571,501	571,501	455,086	0.08
Total Trust Interest									3,724,975	1,424,586	0.26
Real Estate Properties
United States of America
1035 Mecklenburg Highway, Mooresville, North Carolina⁽⁷⁾⁽¹⁰⁾⁽²⁵⁾⁽³³⁾	Real Estate Properties	Telecommunications	N/A	N/A	8/22/2023	N/A		100%	14,410,140	12,808,845	2.35
Total Real Estate Properties									14,410,140	12,808,845	2.35
Total Controlled Investments									46,509,435	29,407,547	5.40%
Total Investments, December 31, 2024									$919,774,172	$891,045,657	163.51%
Cash Equivalents and Restricted Cash Equivalents
JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class⁽⁸⁾⁽⁹⁾	Money Market Fund							82,522,423	82,522,423	82,522,423	15.14
Total Cash Equivalents and Restricted Cash Equivalents									$82,522,423	$82,522,423	15.14%

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

(2)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.

(3)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.

(4)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.

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

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

19

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

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

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

(8)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.

(9)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.

(10)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.

(11)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%.

(12)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%.

(13)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%.

(14)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%.

(15)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%.

(16)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%.

(17)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%.

(18)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%.

(19)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%.

(20)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%.

(21)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%.

(22)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%.

(23)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%.

(24)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%.

(25)Represents a non-income producing investment.

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

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

(28)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).

(29)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.

(30)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.

(31)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.

20

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(32)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 Company	Type of Investment		Fair Value at December 31, 2023		Gross additions*		Gross reductions**			Net change in unrealized appreciation (depreciation)			Net realized gains (losses)			Fair Value at December 31, 2024		Interest income		Dividend income			Par Amount ($) / Number Of Shares / Ownership %
Takko Fashion GmbH	Secured Loans		$	10,592,982	$	309,113	$	(10,958,679	)	$	240,229		$	(183,645	)	$	—	$	1,781,946	$	—	€		—
Takko Fashion GmbH	Secured Debt			—		4,122,739		—			(22,079	)		—			4,100,660		62,057		—	€		3,811,000
Takko Fashion Sarl	Unsecured Debt	†		3,722,501		711,507		(1,460,244	)		4,245,053			817,943			8,036,760		644,470		—	€		3,576,263
Total			$	14,315,483	$	5,143,359	$	(12,418,923	)	$	4,463,203		$	634,298		$	12,137,420	$	2,488,473	$	—

* 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.

(33)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 Company	Type of Investment	Fair Value at December 31, 2023		Gross additions*		Gross reductions**			Net change in unrealized appreciation (depreciation)			Net realized gains (losses)			Fair Value at December 31, 2024		Interest income		Dividend income			Par Amount ($) / Number Of Units/ Ownership %
1035 Mecklenburg Highway, Mooresville, North Carolina	Real Estate Properties	$	13,655,955	$	403,641	$	—		$	(1,250,751	)	$	—		$	12,808,845	$	—	$	—			100	%
30 South Broadway, Irvington, New York	Real Estate Properties		9,268,495		62,799		(9,890,407	)		761,520			(202,407	)		—		—		—			0	%
SP-CREH 19 Highline LLC	Secured Loans		14,004,900		—		(6,359,431	)		(6,045	)		—			7,639,424		763,952		—	$		7,640,570
SP-CREH 19 Highline LLC	Secured Loans		6,120,712		—		—			(150,674	)		—			5,970,038		434,488		—	$		6,125,000
SP-CREH 19 Highline LLC	Equities		7,613,410		—		—			(6,048,756	)		—			1,564,654		—		—			70	%
TH Liquidating Trust	Trust Interest		1,818,543		—		—			(849,043	)		—			969,500		—		—			14	%
TH Liquidating Trust	Trust Interest		—		—		—			—			—			—		—		—			14	%
TH Liquidating Trust	Trust Interest		466,903		97,736		—			(109,553	)		—			455,086		97,736		—	$		571,501
Total		$	52,948,918	$	564,176	$	(16,249,838	)	$	(7,653,302	)	$	(202,407	)	$	29,407,547	$	1,296,176	$	—

* 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.

(34)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.

21

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			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	€		2,200,000		$	(280	)	$	(10,074	)
Euro Interest Rate Swaps	Receive	EuroSTR	Annual	3.029%	Annual	5/22/2026	Goldman Sachs	€		100,000			(36,459	)		(2,182	)
Euro Interest Rate Swaps	Receive	EuroSTR	Annual	3.029%	Annual	5/22/2026	Goldman Sachs	€		100,000			—			(62	)
UK Interest Rate Swaps	Receive	SONIA	Annual	4.992%	Annual	9/28/2027	Goldman Sachs	£		2,300,000			—			(66,307	)
UK Interest Rate Swaps	Pay	SONIA	Annual	4.992%	Annual	9/28/2027	Goldman Sachs	£		(2,300,000	)		(133,945	)		66,305
US Interest Rate Swaps	Receive	SOFR	Annual	4.202%	Annual	12/22/2025	Goldman Sachs	$		300,000			49,003			184,052
US Interest Rate Swaps	Receive	SOFR	Annual	4.000%	Quarterly	6/30/2025	Goldman Sachs	$		72,500,000			(198,976	)		268,064
US Interest Rate Swaps	Pay	SOFR	Annual	4.000%	Quarterly	6/30/2025	Goldman Sachs	$		(72,500,000	)		6,695			(268,042	)
Total																171,754
Interest Rate Swaps, Hedge Accounting(1)
US Interest Rate Swaps	Pay	SOFR	Annual	4.000%	Quarterly	11/4/2026	Goldman Sachs	$		(145,000,000	)		(367,503	)		17,406
Total																17,406
Total Interest Rate Swaps															$	189,160

(1)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 Sold		Fair Value
Derivative Counterparty
Bank of America	3/31/2025	$		3,404,995	C$		4,859,118	$	15,539
Bank of America	3/31/2025	C$		4,967,960	$		3,459,086		6,292
Bank of America	3/31/2025	C$		191,780	$		133,532		243
Bank of America	3/31/2025	$		21,587,672	€		20,506,839		272,210
Bank of America	3/31/2025	£		2,074,860	$		2,592,473		2,595
Bank of America	3/31/2025	$		261,574	£		207,205		2,419
Bank of America	3/31/2025	$		7,428,380	£		5,857,543		102,237
Total								$	401,535

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

22

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.

As approved in 2023 by the Board and the holders of common shares of beneficial interests (the “shares”) of the Fund (the “Shareholders” or “Investors”), the Fund has extended its investment period through June 30, 2025. The Fund has agreed to provide Shareholders liquidity following the end of the Fund’s investment period (the “Liquidity Event”). In February 2025, the Board approved the Liquidity Event by arranging the sale of shares of the Fund, at a price not less than net asset value per share. If approved by the Fund’s Shareholders, the Liquidity Event would be completed by June 30, 2025 or the Fund would commence an orderly wind down at that time. The Fund will maintain the existing advisory fee structure up to the Liquidity Event, or through the extended investment period if the Liquidity Event is not approved by the Fund’s Shareholders. See "Note 11: Subsequent Events – “Liquidity Event" for a discussion of approval of the Liquidity Event by the Fund's Shareholders after March 31, 2025.

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 March 31, 2025 and for each of the three months ended March 31, 2025 and March 31, 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

23

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 and Cash Equivalents

Cash on deposit at a major financial institution is included in cash and cash equivalents in the consolidated statements of assets and liabilities. Cash equivalents consist of highly liquid assets, such as money market funds. As of March 31, 2025 and December 31, 2024, cash was $11.4 million and $10.7 million, respectively, and cash equivalents were $42.4 million and $40.1 million, respectively. For the three months ended March 31, 2025 and March 31, 2024, interest income generated by cash and cash equivalents and restricted cash and cash equivalents was approximately $0.7 million and $1.1 million, respectively, and is included in interest income on the consolidated statements of operations. At times, 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.

Foreign Cash Held at Banks

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.

Restricted Cash and Cash Equivalents

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). Restricted cash on deposit at a major financial institution is included in restricted cash and cash equivalents in the consolidated statements of assets and liabilities. Restricted cash equivalents consist of highly liquid investments, such as money market funds. As of March 31, 2025 and December 31, 2024, restricted cash was $3.0 million and $6.0 million, respectively, and restricted cash equivalents were $35.7 million and $42.4 million, respectively. Certain restricted cash and cash equivalents may be available for monthly withdrawal subject to the terms of the underlying credit facilities.

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 March 31, 2025 and December 31, 2024, due from broker consists of approximately $2.6 million and

24

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

$2.1 million, respectively, of cash collateral. As of March 31, 2025 and December 31, 2024, due to broker consists of approximately zero 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 March 31, 2025 and March 31, 2024, non-cash interest income related to such accretion amounts to $1.9 million and $1.7 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 fees for providing managerial assistance to our portfolio companies. These fees are recognized when services are rendered and recorded as other income.

25

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing costs represent fees and other direct costs incurred in connection with the Fund’s borrowings. For 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

26

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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:

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.

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.

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.

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.

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.

27

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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 March 31, 2025 and December 31, 2024. Cash equivalents primarily consist of money market funds valued at the 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.

Income Taxes

The Fund is treated as a partnership for U.S. federal income tax purposes. The Fund itself is not subject to U.S. federal income taxes; each investor is individually liable for income taxes, if any, on its share of the Fund’s net taxable income. The Fund may be subject to entity level taxes with respect to certain state sourced income, as well as other income allocable to underlying resident investors; such taxes may be treated as entity level expenses or, to the extent such taxes are determined based on the identity or jurisdiction of each investor, specially charged to investors based on their allocable share, if any, of such income. This state and local tax withholding paid by the Fund on behalf of these investors is recorded in other assets until the time at which it is netted against each relevant investor’s current distribution. Interest, dividends and other income realized by the Fund from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. Such withholding taxes are accrued when incurred and are shown on the consolidated statements of operations, where applicable, as withholding taxes. For the three months ended March 31, 2025 and March 31, 2024, the Fund did not incur such tax expenses. The Fund conducts its business to the maximum extent practicable so that the Fund’s activities do not create a taxable presence in any non-U.S. jurisdiction in which the Fund or the Adviser do not have offices.

28

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

The Fund is subject to partnership audit rules enacted as part of the Bipartisan Budget Act of 2015 (the “Centralized Partnership Audit Regime”). Under the Centralized Partnership Audit Regime, any IRS audit of the Fund would be conducted at the Fund level rather than in separate proceedings involving each investor. Adjustments to partnership items will generally be determined at the Fund level, and the Fund may be required to pay taxes (and associated interest and penalties) imposed as a result of such adjustments. In certain cases, the Fund may be able to elect to have the tax assessed or collected at the investor level. In the event of an audit, these new rules, and any elections thereunder, may 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, as well as the manner in which such amounts are allocated among 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 months ended March 31, 2025 and March 31, 2024, there were no liabilities related to accounting for uncertainty in tax positions.

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates and invests, if required. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. The Fund may be subject to examination by such jurisdictions for all open tax years, the earliest of which is 2021. The Fund recognizes interest and penalties, when known, related to realized tax positions on the consolidated statements of operations. For the three months ended March 31, 2025 and March 31, 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 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 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 an amended and restated advisory agreement, entered into on April 1, 2023 (the "Advisory Agreement") pursuant to which the Fund agrees 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 0.75% (0.1875% per quarter) of the Shareholders’ aggregate net capital contributions on the last day of each calendar quarter, payable quarterly in arrears. At March 31, 2025 and December 31, 2024, management fees payable were $1.0 million and $1.0 million, respectively. For the three months ended March 31, 2025 and March 31, 2024, the Management Fees incurred were $1.0 million and $1.0 million, respectively.

29

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Incentive Compensation

Incentive Compensation 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 Compensation is based on income (“Income Incentive Compensation”), and a portion is based on capital gains (“Capital Gains Incentive Compensation”).

Income Incentive Compensation

Income Incentive Compensation is 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:

•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.

•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).

•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” is 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” is 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 are 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 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 March 31, 2025 and December 31, 2024, Income Incentive Compensation payable was $2.6 million and $2.9 million, respectively. For the three months ended March 31, 2025 and March 31, 2024, the Income Incentive Compensation was $2.6 million and $2.8 million, respectively.

Capital Gains Incentive Compensation

Capital Gains Incentive Compensation is determined in arrears at the end of each Fiscal Year and is equal to 15% of the Fund’s cumulative capital gains (without giving consideration to any unrealized gains) since inception through the end of such Fiscal Year, less the amount of any Capital Gains Incentive Compensation previously paid.

Under U.S. GAAP, the Fund is required to accrue any Capital Gains Incentive Compensation 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 Capital Gains Incentive Compensation, the Fund considers the cumulative aggregate unrealized capital appreciation in the calculation, because Capital Gains Incentive Compensation 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 Capital Gains Incentive Compensation for U.S. GAAP purposes may be reversed accordingly.

30

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

For the three months ended March 31, 2025 and March 31, 2024, there was no Capital Gains Incentive Compensation.

Incentive Compensation Clawback

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. As applicable, following the completion of final distributions to Shareholders, the Adviser will pay to the Fund an aggregate amount equal to the “Clawback Amount” as of such date, subject to certain tax limitations as described in the governing Fund documents. The Clawback Amount is 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. On a hypothetical liquidation basis, assuming all unrealized gains and losses were realized as of the reporting date, the cumulative Clawback Amount was approximately $7.8 million and $7.0 million, respectively, at March 31, 2025 and December 31, 2024, and was included in incentive compensation clawback in the consolidated statements of assets and liabilities. For the three months ended March 31, 2025 and March 31, 2024, the change in Clawback Amount was $(0.8) million and $0.1 million, respectively.

See "Note 11: Subsequent Events - Amended Investment Advisory Agreement" for a discussion of approval of the amended investment advisory agreement by the Fund's Shareholders after March 31, 2025.

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 Chief Compliance Officer and Chief Financial Officer and their respective staffs. For the three months ended March 31, 2025 and March 31, 2024, the Fund incurred approximately $0.3 million and $0.5 million, respectively, in related party administration fees. As of March 31, 2025 and December 31, 2024, the related party administration fee payables were $0.2 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 March 31, 2025 the Fund owed less than $0.1 million from an affiliate. As of December 31, 2024, the fund was owed less than $0.1 million to an affiliate.

Additionally, the aggregate interests of Shareholders affiliated with the Adviser was approximately 18% of the Fund at both March 31, 2025 and December 31, 2024.

As of March 31, 2025 and December 31, 2024, the Fund had accrued fees payable to its Board of Trustees of $3,801 and zero, respectively, and were included in accrued expenses in the consolidated statements of assets and liabilities.

4.Investments

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

	March 31, 2025							December 31, 2024
	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
First lien debt	$	854,586,855	$	836,886,969		93.90	%	$	876,955,559	$	860,212,364		96.54	%
Second lien debt		17,071,914		16,190,849		1.82			5,851,820		5,135,575		0.58
Unsecured debt		10,323,139		14,604,690		1.64			3,909,351		8,036,760		0.90
Equities		22,381,896		10,466,130		1.17			14,922,327		3,427,527		0.38
Real estate properties		14,519,705		11,662,754		1.31			14,410,140		12,808,845		1.44
Trust interest		3,751,047		1,445,347		0.16			3,724,975		1,424,586		0.16
Total	$	922,634,556	$	891,256,739		100.00	%	$	919,774,172	$	891,045,657		100.00	%

31

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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 March 31, 2025, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 6.7% 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.

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

	March 31, 2025							December 31, 2024
Industry Classification	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Aerospace & Defense	$	45,291,327	$	45,412,914		5.10	%	$	45,540,104	$	45,623,118		5.12	%
Automobiles & Components		15,964,109		16,070,303		1.80			19,406,634		19,567,821		2.20
Business Services		45,444,581		47,380,153		5.32			45,408,746		46,722,292		5.24
Commercial Services		9,671,615		9,799,084		1.10			9,151,816		9,263,700		1.04
Consumer Apparel		10,822,447		9,512,813		1.07			10,879,328		9,460,828		1.06
Consumer Brands		4,735,376		4,773,565		0.54			4,735,345		4,778,687		0.54
Consumer Products		26,626,391		27,424,957		3.08			26,572,439		27,451,180		3.08
Consumer Services		—		1,224,036		0.14			—		1,452,401		0.16
E-Commerce		32,355,139		24,801,669		2.78			31,681,893		25,617,170		2.87
Energy		11,214,527		11,211,106		1.26			—		—		—
Environmental Solutions		15,148,825		15,293,661		1.72			15,603,000		15,594,785		1.75
Fitness & Leisure		8,095,950		8,231,426		0.92			10,689,826		11,019,232		1.24
Food & Beverage		26,157,338		25,932,302		2.91			10,184,494		9,964,578		1.12
Gaming & Entertainment		12,653,327		12,829,917		1.44			12,677,614		12,756,535		1.43
Government Services		10,422,424		10,500,070		1.18			10,412,630		10,496,974		1.18
Healthcare Equipment & Supplies		13,180,926		13,036,151		1.46			13,452,288		13,445,474		1.51
Healthcare Providers & Services		59,416,230		53,238,517		5.97			59,051,706		54,807,953		6.15
Healthcare Technology		16,625,856		16,704,949		1.87			16,732,001		16,796,811		1.89
Industrial Products & Services		68,575,623		68,960,855		7.74			72,711,060		71,759,336		8.05
Industrial Real Estate		—		—		—			5,044,082		5,023,214		0.56
Insurance & Insurance Services		12,540,665		12,606,353		1.41			12,601,730		12,646,297		1.42
Manufacturing		—		—		—			8,248,666		8,491,346		0.95
Media: Diversified & Production		21,753,478		21,647,510		2.43			21,410,976		21,204,573		2.38
Multi-Family		23,481,761		10,219,858		1.15			28,374,320		15,174,116		1.70
Oilfield Services		36,256,253		36,356,563		4.08			30,200,315		30,429,425		3.42
Paper & Packaging		49,619,619		45,603,388		5.12			49,653,490		46,887,093		5.26
Pharmaceuticals & Life Sciences		15,660,411		13,193,546		1.48			30,755,017		28,204,141		3.17
Power Generation		16,531,102		16,673,421		1.87			16,711,504		16,784,859		1.88
Professional Services		19,866,376		20,193,994		2.27			19,627,367		19,925,967		2.24
Real Estate Development & Management		25,714,927		25,237,572		2.83			25,857,920		25,766,625		2.89
Software & Services		88,740,297		88,255,599		9.90			88,131,797		87,300,854		9.80
Specialty Chemicals		10,390,678		10,318,417		1.16			10,341,858		10,281,804		1.15
Specialty Retail		39,103,420		43,451,263		4.88			41,881,575		46,053,641		5.17
Technology		60,335,583		60,886,421		6.83			45,828,563		45,997,815		5.16
Technology Hardware & Equipment		18,054,612		17,926,501		2.01			18,319,538		18,258,574		2.05
Telecommunications		19,020,061		16,160,019		1.81			18,915,705		17,313,343		1.94
Transportation & Logistics		29,412,255		28,742,519		3.22			29,253,850		27,298,509		3.06
Other		3,751,047		1,445,347		0.15			3,724,975		1,424,586		0.17
Total	$	922,634,556	$	891,256,739		100.00	%	$	919,774,172	$	891,045,657		100.00	%

32

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 March 31, 2025 and December 31, 2024 with corresponding percentages of total fair value:

	March 31, 2025							December 31, 2024
Geographic Dispersion(1)	Amortized Cost		Fair Value		% of Fair Value			Amortized Cost		Fair Value		% of Fair Value
Australia	$	6,280,041	$	6,438,573		0.72	%	$	6,250,605	$	6,562,777		0.74	%
Canada		22,346,173		22,623,123		2.54			22,401,729		22,639,890		2.54
Germany		1,374,968		1,465,409		0.16			4,122,740		4,100,660		0.46
Luxembourg		3,916,763		8,270,203		0.93			3,909,351		8,036,760		0.90
Netherlands		3,984,632		3,926,842		0.44			3,989,999		3,960,091		0.44
United Kingdom		5,069,345		5,148,182		0.58			5,100,651		5,018,589		0.56
United States of America		879,662,634		843,384,407		94.63			873,999,097		840,726,890		94.36
Total	$	922,634,556	$	891,256,739		100.00	%	$	919,774,172	$	891,045,657		100.00	%

(1)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 March 31, 2025.

	March 31, 2025
	Level 1		Level 2			Level 3		Total
Investments:
Secured loans	$	—	$	54,741,484		$	791,344,437	$	846,085,921
Secured debt		—		6,991,897			—		6,991,897
Unsecured debt		—		8,270,203			6,334,487		14,604,690
Equities		1,224,036		—			9,242,094		10,466,130
Trust interest		—		—			1,445,347		1,445,347
Real estate properties		—		—			11,662,754		11,662,754
Total investments	$	1,224,036	$	70,003,584		$	820,029,119	$	891,256,739
Cash-related Assets:
Cash equivalents and restricted cash equivalents	$	78,134,546	$	—		$	—	$	78,134,546
Total	$	78,134,546	$	—		$	—	$	78,134,546
Derivative Assets
Interest rate swaps	$	—	$	854,305		$	—	$	854,305
Foreign currency forward contracts		—		16,802			—		16,802
Total	$	—	$	871,107		$	—	$	871,107
Derivative Liabilities
Interest rate swaps	$	—	$	(112,900	)	$	—	$	(112,900	)
Foreign currency forward contracts		—		(1,290	)		—		(1,290	)
Total	$	—	$	(114,190	)	$	—	$	(114,190	)

33

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
	Level 1		Level 2			Level 3		Total
Investments:
Secured loans	$	—	$	66,475,497		$	780,905,839	$	847,381,336
Secured debt		—		17,966,603			—		17,966,603
Unsecured debt		—		8,036,760			—		8,036,760
Equities		1,452,401		—			1,975,126		3,427,527
Trust interest		—		—			1,424,586		1,424,586
Real estate properties		—		—			12,808,845		12,808,845
Total investments	$	1,452,401	$	92,478,860		$	797,114,396	$	891,045,657
Cash-related Assets:
Cash equivalents and restricted cash equivalents	$	82,522,423	$	—		$	—	$	82,522,423
Total	$	82,522,423	$	—		$	—	$	82,522,423
Derivative Assets
Interest rate swaps	$	—	$	267,763		$	—	$	267,763
Foreign currency forward contracts		—		401,535			—		401,535
Total	$	—	$	669,298		$	—	$	669,298
Derivative Liabilities
Interest rate swaps	$	—	$	(78,603	)	$	—	$	(78,603	)
Foreign currency forward contracts		—		—			—		—
Total	$	—	$	(78,603	)	$	—	$	(78,603	)

The following table includes a roll forward of the amounts for the three months ended March 31, 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
	Secured Loans			Unsecured Debt			Equities			Trust Interest			Real Estate Properties			Total
Balance at January 1, 2025	$	780,905,839		$	—		$	1,975,126		$	1,424,586		$	12,808,845		$	797,114,396
Transfer in(1)		—			—			—			—			—			—
Transfer out(1)		—			—			—			—			—			—
Accretion/amortization of discounts/premiums		1,825,308			—			—			—			—			1,825,308
Interest paid-in-kind		831,224			—			—			26,071			—			857,295
Purchases(2)		53,080,669			6,406,376			7,459,569			—			109,565			67,056,179
Sales, paydowns and resolutions(2)		(43,488,057	)		—			—			—			—			(43,488,057	)
Net realized gain/(loss)		(25,951	)		—			—			—			—			(25,951	)
Net change in unrealized appreciation/(depreciation)		(1,784,595	)		(71,889	)		(192,601	)		(5,310	)		(1,255,656	)		(3,310,051	)
Balance at March 31, 2025	$	791,344,437		$	6,334,487		$	9,242,094		$	1,445,347		$	11,662,754		$	820,029,119
Change in net unrealized appreciation / (depreciation) on investments held as of March 31, 2025	$	(1,450,587	)	$	(71,889	)	$	(192,601	)	$	(5,310	)	$	(1,255,656	)	$	(2,976,043	)

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

(2)Includes the effects of reorganizations, if any.

The following table includes a roll forward of the amounts for the three months ended March 31, 2024 for investments classified within level 3.

	Fair Value Measurements of Level 3 Investments
	Secured Loans			Unsecured Debt		Equities			Trust Interest			Real Estate Properties			Total
Balance at January 1, 2024	$	676,678,861		$	—	$	19,651,223		$	2,285,446		$	22,924,450		$	721,539,980
Transfer in(1)		—			—		—			—			—			—
Transfer out(2)		(6,140,311	)		—		(2,724,166	)		—			—			(8,864,477	)
Accretion/amortization of discounts/premiums		1,369,604			—		—			—			—			1,369,604
Interest paid-in-kind		2,047,208			—		—			22,777			—			2,069,985
Purchases(3)		53,536,401			—		474,538			—			62,799			54,073,738
Sales, paydowns and resolutions(3)		(18,439,140	)		—		—			—			(9,890,407	)		(28,329,547	)
Net realized gain/(loss)		(835,393	)		—		—			—			(202,407	)		(1,037,800	)
Net change in unrealized appreciation/(depreciation)		1,926,989			—		(1,709,043	)		(330	)		461,592			679,208
Balance at March 31, 2024	$	710,144,219		$	—	$	15,692,552		$	2,307,893		$	13,356,027		$	741,500,691
Change in net unrealized appreciation / (depreciation) on investments held as of March 31, 2024	$	1,298,061		$	—	$	(1,709,043	)	$	(330	)	$	(299,928	)	$	(711,240	)

34

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(1)There was no investment transferred in to level 3.

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

(3)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.

The following tables provide quantitative information about the Fund’s level 3 fair value measurements for the Fund’s investments as of March 31, 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
Investment Type	Fair Value at March 31, 2025		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from an Increase in Input(1)
Secured Loans	$	708,096,178	Income Approach	Yield	6.6% - 27.8% (12.9%)	Decrease
				Expected Term(2)	0.0 yrs. - 0.7 yrs. (0.1 yrs.)	Decrease
		46,943,594	Recent Transaction	N/A	N/A	N/A
		36,304,665	Market Comparables	Earnings Multiple	4.9x - 8.0x (6.8x)	Increase
Unsecured Debt		6,334,487	Market Comparables	Earnings Multiple	10.2x	Increase
Equities		1,462,440	Income Approach	Discount Rate	19.0%	Decrease
				Expected Term(2)	0.7 yrs.	Decrease
		7,779,654	Market Comparables	Earnings Multiple	4.3x - 10.2x (9.9x)	Increase
Real Estate Properties		11,662,754	Income Approach	Discount Rate	14.5%	Decrease
				Expected Term(2)	0.8 yrs.	Decrease
Trust Interest		1,445,347	Asset Approach	Recovery Rate	0.8%	Increase
Total Level 3 Investments	$	820,029,119

(1)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.

(2)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 March 31, 2025.

	Quantitative Information about Level 3 Value Investments
Investment Type	Fair Value at December 31, 2024		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from an Increase in Input(1)
Secured Loans	$	686,032,187	Income Approach	Yield	5.8% - 27.6% (13.3%)	Decrease
				Expected Term(2)	0.2 yrs. - 2.4 yrs. (1.3 yrs.)	Decrease
		80,547,179	Recent Transaction	N/A	N/A	N/A
		14,326,473	Market Comparables	Earnings Multiple	5.5x - 6.5x (6.2x)	Increase
Equities		1,564,654	Income Approach	Discount Rate	19.0%	Decrease
				Expected Term(2)	1.2 yrs.	Decrease
		410,472	Market Comparables	Earnings Multiple	4.3x	Increase
Real Estate Properties		12,808,845	Income Approach	Discount Rate	13.5%	Decrease
				Expected Term(2)	0.7 yrs.	Decrease
Trust Interest		1,424,586	Asset Approach	Recovery Rate	0.8%	Increase
Total Level 3 Investments	$	797,114,396

35

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(1)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.

(2)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

As of March 31, 2025, the Fund is only permitted to borrow amounts such that the asset coverage ratio is at least 200% after such borrowings, pursuant to the 1940 Act. As of March 31, 2025 and December 31, 2024, the asset coverage ratio based on the aggregate amount outstanding of the Fund's senior securities was 221% and 221%, respectively. 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 senior securities at the end of the period.

See "Note 11: Subsequent Events - Asset Coverage Requirements" for a discussion of approval to reduce the asset coverage requirement applicable to the Fund from 200% to 150% by the Fund's Shareholders after March 31, 2025.

Revolving Credit Facility

The Fund is party to a secured revolving credit facility with Deutsche Bank AG (the “Revolving Credit Facility”). Effective April 14, 2023, the Revolving Credit Facility allows the Fund to borrow an amount up to $100 million. The stated maturity for the Revolving Credit Facility is April 17, 2028. The interest rate is 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. As of March 31, 2025 and December 31, 2024, zero and approximately $2.6 million, respectively, of the Revolving Credit Facility was outstanding. 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 June 24, 2024, Specialty Credit Facility, LLC (the “Borrower”), a wholly-owned subsidiary of the Fund, entered into Amendment No. 19 to the Revolving Credit Facility (the “Credit Facility Amendment”) with Deutsche Bank AG and the various other parties thereto. The Credit Facility Amendment revised the interest rate applicable to any collateral obligation or advance denominated in Canadian dollars under the Revolving Credit Facility to be the sum of (i) the greater of (x) 0.25% and (y) the term Canadian Overnight Repo Rate Average for a tenor of three months on the day prescribed by the Revolving Credit Facility, and (ii) an adjustment of 0.32138%.

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.

36

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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:

	March 31, 2025
2024 CLO	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value(1)		Fair Value		Coupon	Interest Rate
Class A-1 Loans	$	100,000,000	$	100,000,000	$	99,301,926	$	100,270,000	S+1.72%		6.02	%
Class A-1a Notes		115,500,000		115,500,000		114,693,725		115,811,850	S+1.72%		6.02	%
Class A-1b Notes		16,500,000		16,500,000		16,384,818		16,262,400	5.10%		5.10	%
Class A-2 Notes		16,000,000		16,000,000		15,888,308		16,019,200	S+1.95%		6.25	%
Class B Notes		24,000,000		24,000,000		23,832,462		23,985,600	S+2.10%		6.40	%
Class C Notes		32,000,000		32,000,000		31,776,616		32,092,800	S+2.70%		7.00	%
Total 2024 CLO	$	304,000,000	$	304,000,000	$	301,877,855	$	304,441,850			6.12	%

	December 31, 2024
2024 CLO	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value(1)		Fair Value		Coupon	Interest Rate
Class A-1 Loans	$	100,000,000	$	100,000,000	$	99,259,304	$	100,830,000	S+1.72%		6.38	%
Class A-1a Notes		115,500,000		115,500,000		114,644,497		116,458,650	S+1.72%		6.38	%
Class A-1b Notes		16,500,000		16,500,000		16,377,785		16,564,350	5.10%		5.10	%
Class A-2 Notes		16,000,000		16,000,000		15,881,489		16,078,400	S+1.95%		6.61	%
Class B Notes		24,000,000		24,000,000		23,822,233		24,168,000	S+2.10%		6.76	%
Class C Notes		32,000,000		32,000,000		31,762,977		32,224,000	S+2.70%		7.36	%
Total 2024 CLO	$	304,000,000	$	304,000,000	$	301,748,285	$	306,323,400			6.45	%

(1)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 of 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

37

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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.

The following tables present the details of the Fund’s borrowings as of March 31, 2025 and December 31, 2024:

	March 31, 2025
Facility	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value		Fair Value		Coupon	Interest Rate	Maturity Date
Revolving Credit Facility(1)	$	100,000,000	$	—	$	—	$	—	S+2.85%	7.14%	4/17/2028
2024 CLO(2)(3)		304,000,000		304,000,000		301,877,855		304,441,850	Various	6.12%	10/15/2036
2026 Notes(3)(4)		145,000,000		145,000,000		144,334,152		139,852,500	4.00%	4.00%	11/4/2026
Total	$	549,000,000	$	449,000,000	$	446,212,007	$	444,294,350

	December 31, 2024
Facility	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value		Fair Value		Coupon	Interest Rate	Maturity Date
Revolving Credit Facility(1)	$	100,000,000	$	2,574,938	$	2,574,938	$	2,574,938	S+2.85%	7.35%	4/17/2028
2024 CLO(2)(3)		304,000,000		304,000,000		301,748,285		306,323,400	Various	6.45%	10/15/2036
2026 Notes(3)(4)		145,000,000		145,000,000		143,497,109		137,460,000	4.00%	4.00%	11/4/2026
Total	$	549,000,000	$	451,574,938	$	447,820,332	$	446,358,338

(1)Interest rate as of March 31, 2025 and December 31, 2024 was 3-Month SOFR+2.85%. 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.

(2)Interest rates as of March 31, 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.

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

(4)Carrying value includes the change in fair value of effective hedges.

The fair value of the Fund’s credit facilities are categorized as Level 3 within the fair value hierarchy as of March 31, 2025 and December 31, 2024.

The components of the Fund's interest and financing expenses for the three months ended March 31, 2025 and March 31, 2024 were as follows:

	For the Three Months Ended March 31,
	2025			2024
Stated interest expense	$	6,677,575		$	8,229,520
Unfunded fees		174,900			105,412
Amortization of deferred financing costs and debt issuance costs		429,326			576,771
Net change in unrealized appreciation/(depreciation) on effectively hedged interest rate swaps and debt(1)		(29,790	)		7,392
Total interest expense(2)	$	7,252,011		$	8,919,095
Weighted average interest rate(3)		6.54	%		7.65	%
Average borrowings	$	449,643,735		$	468,974,938

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

(2)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).

(3)Annualized.

38

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 March 31, 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 months ended March 31, 2025 and March 31, 2024:

	For the Three Months Ended March 31,
Average notional value(1)	2025		2024
Interest Rate Swaps(2), hedge accounting	$	145,000,000	$	145,000,000
Interest Rate Swaps(2), non-hedge accounting		2,991,853		21,078,337
Foreign Currency Forward Contracts(3)		24,854,858		40,317,747

(1)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, SOI 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).

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

(3)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
March 31, 2025
Interest Rate Swaps, hedge accounting(1)	$	772,673	$	—	$	772,673		$	—		$	772,673
Interest Rate Swaps, non-hedge accounting(2)		81,632		112,900		(31,268	)		—			(31,268	)
Foreign Currency Forward Contracts(3)		16,802		1,290		15,512			—			15,512
December 31, 2024
Interest Rate Swaps, hedge accounting(3)	$	17,406	$	—	$	17,406		$	—		$	17,406
Interest Rate Swaps, non-hedge accounting(4)		250,357		78,603		171,754			—			171,754
Foreign Currency Forward Contracts(5)		401,535		—		401,535			(401,535	)		—

(1)Over collateralization of $2.0 million is excluded from Collateral (Received)/Pledged at March 31, 2025.

(2)Over collateralization of $(0.7) million is excluded from Collateral (Received)/Pledged at March 31, 2025.

(3)Over collateralization of $1.3 million is excluded from Collateral (Received)/Pledged at March 31, 2025 and December 31, 2024.

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

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

39

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 March 31,
	2025			2024
Net realized gain (loss) on derivative contracts:
Foreign currency forward contracts	$	(568,753	)	$	(100,715	)
Interest rate swaps		5,219			352,189
Total net realized gain (loss) on derivative contracts	$	(563,534	)	$	251,474
Net change in unrealized appreciation / (depreciation) on derivative contracts:
Foreign currency forward contracts	$	(386,023	)	$	972,089
Interest rate swaps		(203,023	)		(66,036	)
Total net change in unrealized appreciation / (depreciation) on derivative contracts	$	(589,046	)	$	906,053

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

40

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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.

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

Portfolio Company	Investment Type	March 31, 2025		December 31, 2024
A Stucki TopCo Holdings LLC & Intermediate Holdings LLC	1st Lien Revolver	$	—	$	878,780
Accela Inc/US	1st Lien Revolver		908,238		908,238
Allentown LLC	1st Lien Revolver		1,054,199		752,999
Allium Buyer LLC	1st Lien Revolver		573,673		573,673
Arctic Glacier Group Holdings	1st Lien Revolver		167,713		838,563
Artisan Bidco Inc	1st Lien Revolver		897,410		1,170,535
Azurite Intermediate Holdings Inc	1st Lien Revolver		770,731		770,731
Contractual Buyer, LLC (dba Kodiak Solutions)	1st Lien Revolver		301,069		200,713
Coupa Holdings LLC	1st Lien Delayed Draw Term Loan		924,210		924,210
Coupa Holdings LLC	1st Lien Revolver		707,659		707,659
Crewline Buyer Inc	1st Lien Revolver		989,736		989,736
Databricks Inc	1st Lien Delayed Draw Term Loan		1,859,945		1,859,945
Elessent Clean Technologies Inc	1st Lien Revolver		241,448		241,448
FR Vision Holdings, Inc. (CHA Consulting)	1st Lien Delayed Draw Term Loan		429,076		429,076
FR Vision Holdings, Inc. (CHA Consulting)	1st Lien Revolver		185,747		185,747
GC Bison Acquisition, LLC (Midland Industries)	1st Lien Delayed Draw Term Loan		2,126,895		2,126,895
GC Bison Acquisition, LLC (Midland Industries)	1st Lien Revolver		—		446,648
GI Apple Midco LLC (Atlas Technical)	1st Lien Delayed Draw Term Loan		1,710,984		1,710,984
GI Apple Midco LLC (Atlas Technical)	1st Lien Revolver		576,736		826,655
Gopher Resource LLC	1st Lien Revolver		719,411		239,804
Health Catalyst Inc	1st Lien Delayed Draw Term Loan		5,045,399		5,238,806
HOA Finance Two, LLC / HOA II Finance Two, LLC	1st Lien Delayed Draw Term Loan		178,189		178,189
Hootsuite Inc.	1st Lien Revolver		1,422,136		1,422,136
Inotiv Inc	1st Lien Revolver		1,244,402		1,244,402
KORE Wireless Group Inc	1st Lien Revolver		626,612		626,612
LAC Acquisition LLC d/b/a Lighthouse Autism Center	1st Lien Revolver		500,000		500,000
LeVecke Real Estate Holdings, LLC	1st Lien Delayed Draw Term Loan		70,645		70,645
LVF Holdings Inc	1st Lien Delayed Draw Term Loan		2,408,809		—
Mercury Bidco LLC	1st Lien Revolver		1,981,556		1,981,556
MIS Acquisition, LLC	1st Lien Revolver		1,098,221		1,098,221
Mounty US Holdings	1st Lien Revolver		995,726		995,726
National Dentex Corp	1st Lien Delayed Draw Term Loan		—		185,862
National Dentex Corp	1st Lien Revolver		334,552		364,290
NetSPI Midco Corporation	1st Lien Revolver		767,956		767,956
Recorded Books Inc (RB Media)	1st Lien Revolver		229,537		642,704
SBP Holdings LP	1st Lien Delayed Draw Term Loan		2,160,831		2,160,831
SBP Holdings LP	1st Lien Revolver		838,328		838,328
Shrieve Chemical Co LLC	1st Lien Revolver		449,857		539,828
Sintec Media NYC Inc	1st Lien Revolver		419,049		419,049
Smarsh Inc	1st Lien Delayed Draw Term Loan		472,634		472,634
Smarsh Inc	1st Lien Revolver		204,808		141,790
Source Energy Services Ltd	1st Lien Delayed Draw Term Loan		442,137		442,137
Speedstar Holding LLC	1st Lien Delayed Draw Term Loan		1,601,589		1,601,589
TETRA Technologies Inc	1st Lien Delayed Draw Term Loan		5,984,764		5,984,764
Thunder Grandparent Inc. (dba Telestream, Inc)	1st Lien Revolver		235,570		235,569
TH Liquidating Trust	Trust Interest		285,563		285,563
USA Debusk LLC	1st Lien Delayed Draw Term Loan		2,715,054		2,814,143
USA Debusk LLC	1st Lien Revolver		396,358		832,352
Vensure Employer Services Inc	1st Lien Delayed Draw Term Loan		935,601		980,141
Wrangler Topco, LLC	1st Lien Delayed Draw Term Loan		363,641		1,118,895
Wrangler Topco, LLC	1st Lien Revolver		1,502,990		1,502,990
Total		$	51,057,394	$	52,470,747

41

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

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.

The following table summarizes the Fund's dividends declared for the three months ended March 31, 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	$12,179,459
February 11, 2025	December 31, 2024	February 12, 2025	Supplemental	$0.02	$738,149

The following table summarizes the Fund's dividends declared for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Type	Distribution per Share	Total Amount
February 2, 2024	December 31, 2023	February 12, 2024	Regular	$0.33	$12,179,459
February 2, 2024	December 31, 2023	February 12, 2024	Supplemental	$0.02	$738,149

Income and Expense Allocation

As a unitized trust, income and expenses are generally shared by all of the Shareholders pro rata in accordance with their number of shares; provided that if for legal, regulatory or tax reasons that could materially affect the Fund, the Fund may require a Shareholder to withdraw from the trust and to be admitted as a shareholder of a parallel investment entity and transfer such a proportionate share of the trust’s assets and liabilities, and the expenses of such transfer shall be borne by such Shareholder.

42

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 Three Months Ended March 31,
	2025			2024
Per Share Data*(1)
Net asset value, beginning of period	$	14.76		$	14.64
Net investment income		0.42			0.42
Net realized gain (loss) and net change in unrealized appreciation (depreciation)		(0.14	)		0.04
Total from operations		0.28			0.46
Dividends declared from net investment income		(0.35	)		(0.35	)
Dividends declared from realized gains		—			—
Total increase (decrease) in net assets		(0.07	)		0.11
Net asset value, end of period	$	14.69		$	14.75
Shares outstanding, end of period		36,907,451			36,907,451
Total Return, based on net asset value(2)(6)		1.87	%		3.11	%
Ratios to average net assets(3)(5)
Interest and financing related expenses		5.41	%		6.62	%
Other operating expenses(7)		1.89	%		2.16	%
Incentive compensation, net of clawback(6)		0.33	%		0.54	%
Total expenses		7.63	%		9.32	%
Net investment income		12.69	%		13.25	%
Net assets, end of period	$	542,222,586		$	544,211,482
Portfolio turnover rate(4)		5.92	%		3.51	%
Weighted-average debt outstanding	$	449,643,735		$	468,974,938
Weighted-average interest rate on debt(8)		6.54	%		7.65	%
Weighted-average shares outstanding		36,907,451			36,907,451

(*) Totals may not foot due to rounding.

(1)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.

(2)Total return is calculated as the change in net asset value during the respective periods, assuming dividends and distributions, if any, are reinvested, divided by the beginning net asset value per share.

(3)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).

(4)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.

(5)Annualized, except for incentive compensation.

(6)Not annualized.

(7)Other operating expenses exclude interest and financing related expenses and incentive compensation.

(8)Annualized.

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.

Dividends

On April 28, 2025, the Board declared a dividend of $0.33 per share and a supplemental dividend of $0.02 per share, payable on April 29, 2025, for Shareholders of record on March 31, 2025.

On April 28, 2025, the Board declared a dividend of $0.12 per share, payable on April 29, 2025, for Shareholders of record on April 25, 2025.

Dividend Reinvestment Plan

On April 14, 2025, the Board approved a dividend reinvestment plan (the “Reinvestment Plan”) for the Fund, pursuant to which the Fund reinvests all cash distributions declared by the Board on behalf of its Shareholders. Shareholders may elect to opt-out of the Reinvestment Plan anytime through an election form. The dividend reinvestment plan became effective for the Fund on May 1, 2025.

43

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

Revolving Credit Facility Amendment

On April 16, 2025, Specialty Credit Facility, LLC, a wholly-owned subsidiary of the Fund, entered into Amendment No. 20 (the "Amendment") to the Revolving Credit Facility with Deutsche Bank AG and the various other parties thereto. The Amendment, among other things, (i) reduces the applicable margin from 2.85% to 1.70%, (ii) extends the revolving period by three years and the Facility Termination Date to April 17, 2031 and (iii) includes adding a committed Optional Increased Facility Amount of $50,000,000.

Amended Investment Advisory Agreement

On April 30, 2025, the Fund convened a Special Meeting of Shareholders (the “Shareholder Meeting”). At the Shareholder Meeting, the Fund’s Shareholders voted and approved the Fourth Amended and Restated Investment Advisory Agreement (the “New Advisory Agreement”) between the Fund and the Adviser. Under the New Advisory Agreement, the management fee will be amended to 1.25% on the Fund’s net assets from 0.75% on the Fund’s aggregate net capital contributions. The income incentive compensation will be reduced to 12.50% from 15.00%, with the Hurdle Rate Amount reduced to 6.00%, annualized, from 7.00%, annualized. Further, the incentive fee on capital gains will also be reduced to 12.50% from 15.00%. The New Advisory Agreement became effective for the Fund on May 1, 2025.

Asset Coverage Requirements

At the Shareholder Meeting, the Fund’s Shareholders approved reducing the Fund’s asset coverage requirement from 200% to 150%. The reduction in the asset coverage ratio became effective for the Fund on May 1, 2025.

Liquidity Event

On April 30, 2025, the Fund entered into Liquidity Election Form agreements with each of its Shareholders (collectively the “Liquidity Election Forms”). The Liquidity Election Forms permitted each shareholder the ability to sell their respective amount of common shares of the Fund, in part or in whole, at the Fund’s net asset value as of April 30, 2025, to new investors (the “Liquidity Event”). Among the Shareholders signing Liquidity Election Forms were the Fund’s chief executive officer, president and a Trustee of the Fund. Due to the Liquidity Event, the Fund will not be required to begin winding up its affairs on June 30, 2025. It will be able to continue its operations perpetually and be offered on a continuous basis at a purchase price per share equal the Fund's net asset value as of the effective date of the share purchase.

Common Share Issuance

On April 30, 2025, the Fund issued 500 shares of common stock. The purchase price for all shares was $14.75 per share and the Fund received $7,375 of proceeds related to the issuance.

Notes Issuance

On April 30,2025, the Fund issued promissory notes, each with a principal amount of $3,000 (each a “Note” and collectively the “Notes”), to 500 individual investors, with the Fund receiving $1,492,500 of proceeds related to the notes issuance. The Fund will pay interest on the unpaid principal amount of the Notes at a rate of 12% per annum per Note payable annually in arrears. The Notes mature on April 30, 2055. Some or all of the Notes 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 Note, the Fund will pay on the date of such a one-time premium equal to $300 per Note.

Tax Election

On May 1, 2025, the Fund elected to be treated, and 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 will generally 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 would represent obligations of the investors.

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 investors, for each

44

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

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 will also be 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.

45

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:

•our future operating results;

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

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

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

•the impact of global health epidemics on our and our portfolio companies’ business and the global economy;

•the effect of investments that we expect to make;

•our contractual arrangements and relationships with third parties;

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

•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;

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

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

•the adequacy of our financing sources and working capital;

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

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

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

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

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

•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 partnership 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 March 31, 2025, the portfolio median EBITDA for our portfolio companies was approximately $88.1 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

46

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 March 31, 2025, we have invested approximately $3.7 billion in 263 portfolio companies, excluding any subsequent exits or repayments. As of March 31, 2025, the fair value of our portfolio was invested approximately 93.9% in first lien secured debt, 1.8% in second lien debt, 1.6% in unsecured debt, 1.2% in equity investments and 1.5% 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 $37.9 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 March 31, 2025, the fair value of the Fund’s total assets was comprised of approximately 82.6% of “qualifying assets.”

47

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:

•investment advisory and management fees;

•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;

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

•commissions and other compensation payable to brokers or dealers;

•custodial fees;

•certain taxes;

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

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

•interest payable on debt incurred to finance our investments;

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

•Independent Trustee fees and expenses;

•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

•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 200% immediately after such borrowing. This means that we can borrow up to $1 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 Year-End 2024 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 12.1%, with 85% of companies reporting top-like growth in 2024. 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 current macroeconomic backdrop represents an attractive opportunity as, in addition to the borrowers that were already prioritizing private credit for their capital needs, there may be significantly increased demand for private credit from the dislocated public markets. 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 this shift in the operating landscape.

Portfolio and Investment Activity

As of March 31, 2025 and December 31, 2024, we had investments in 83 and 83 portfolio companies, respectively, with an aggregate fair value of $891.3 million and $891.0 million, respectively; our portfolio had an average portfolio company investment size of $10.7 million and $10.7 million based on fair value, respectively.

Our average investment portfolio size based on fair value was $891.2 million and $896.9 million for the three months ended March 31, 2025 and 2024, respectively.

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

	March 31, 2025							December 31, 2024
($ in millions)	Amortized Cost		Fair Value		Percentage of Total Fair Value			Amortized Cost		Fair Value		Percentage of Total Fair Value
First-lien debt	$	854.6	$	836.9		93.9	%	$	877.0	$	860.3		96.5	%
Second-lien debt		17.1		16.2		1.8	%		5.9		5.1		0.6	%
Unsecured debt		10.3		14.6		1.6	%		3.9		8.0		0.9	%
Equities		22.4		10.5		1.2	%		14.9		3.4		0.4	%
Other investments		18.2		13.1		1.5	%		18.1		14.2		1.6	%
Total	$	922.6	$	891.3		100.0	%	$	919.8	$	891.0		100.0	%

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

	March 31, 2025								December 31, 2024
($ in millions)	Amortized Cost				Fair Value				Amortized Cost				Fair Value
Performing	$	886.8	96.1	%	$	860.4	96.5	%	$	868.1	94.4	%	$	845.2	94.9	%
Non-accrual(1)		35.8	3.9	%		30.9	3.5	%		51.7	5.6	%		45.8	5.1	%
Total	$	922.6	100.0	%	$	891.3	100.0	%	$	919.8	100.0	%	$	891.0	100.0	%

(1)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 March 31, 2025, we funded an aggregate principal amount of $54.2 million. We funded $46.7 million in 4 new portfolio companies and $7.5 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 6.2 years. For the same period, we received $(52.8) million of aggregate repayments, paydowns and sales.

For the three months ended March 31, 2024, we funded an aggregate principal amount of $69.0 million. We funded $58.6 million in 9 new portfolio company and $10.4 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 5.4 years. For the same period, we received $(31.5) million of aggregate repayments, paydowns and sales.

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Our investment activity for the three months ended March 31, 2025 and March 31, 2024 is presented below:

	For the Three Months Ended March 31,
($ in millions)	2025			2024
Investment funded:
New purchases	$	46.7		$	58.6
Follow-ons		7.5			10.4
Total	$	54.2		$	69.0
Investments funded(1):
First-lien debt	$	29.0		$	67.3
Second-lien debt		11.2			—
Unsecured debt		6.4			1.1
Equities		7.5			0.5
Other investments		0.1			0.1
Total	$	54.2		$	69.0
Investments sold or repaid(1):
First-lien debt	$	(52.8	)	$	(26.6	)
Second-lien debt		—			—
Unsecured debt		—			—
Equities		—			—
Other investments		—			(4.9	)
Total	$	(52.8	)	$	(31.5	)
Number of new investment commitments in new portfolio companies		4			9
Average new investment fundings in new portfolio companies	$	11.7		$	6.5
Weighted average term (years) for new investments in new portfolio companies		6.2			5.4
Percentage of new floating rate debt investments at fair value		87.1	%		100.0	%
Percentage of new fixed rate investments at fair value		12.9	%		—
Weighted average yield of new investments at fair value		10.6	%		11.1	%
Weighted average spread over SOFR of new floating rate investments at fair value		5.1	%		5.4	%

(1)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 March 31, 2025 and December 31, 2024 were as follows:

	March 31, 2025			December 31, 2024
Weighted average yield of portfolio		10.9	%		11.2	%
Weighted average yield of performing debt investments		11.7	%		12.0	%
Weighted average interest rate of performing debt investments		10.8	%		11.1	%
Weighted average spread over SOFR of floating rate performing investments		6.6	%		6.7	%

Results of Operations

Operating results for the three months ended March 31, 2025 and March 31, 2024 were as follows:

	For the Three Months Ended March 31,
($ in millions)	2025			2024
Total investment income	$	27.2		$	30.4
Less: Total expenses		11.6			14.8
Net investment income		15.6			15.6
Net realized gain (loss)		(2.3	)		(1.4	)
Net change in unrealized gain (loss)		(3.1	)		2.5
Net increase (decrease) in net assets resulting from operations	$	10.2		$	16.7

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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.

	For the Three Months Ended March 31,
($ in millions)	2025		2024
Interest income, excluding PIK interest	$	25.9	$	28.7
PIK interest income		1.3		1.7
Other income		0.0		0.0
Total investment income	$	27.2	$	30.4

For the three months ended March 31, 2025, total investment income of $27.2 million decreased by approximately $3.2 million from $30.4 million for the three months ended March 31, 2024, primarily due to a decrease in interest income (excluding PIK) of $2.8 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 109 basis points.

Expenses

Operating expenses for the three months ended March 31, 2025 and March 31, 2024 were as follows:

	For the Three Months Ended March 31,
($ in millions)	2025			2024
Interest and financing expenses	$	7.3		$	8.9
Management fee		1.0			1.0
Income incentive compensation		2.6			2.8
Incentive compensation clawback		(0.8	)		0.1
Professional fees		0.5			0.7
Administration fees		0.4			0.6
Trustee fees		0.1			0.1
Other general and administrative expenses		0.5			0.6
Total expenses	$	11.6		$	14.8

For the three months ended March 31, 2025, total expenses decreased $3.2 million to $11.6 million from $14.8 million for the three months ended March 31, 2024. Interest and financing expenses for the three months ended March 31, 2025 decreased $1.6 million over prior period, primarily due to a decline in base rates contributing to the decrease in annualized weighted average borrowing costs of approximately 111 basis points. Additionally, for the three months ended March 31, 2025, Income Incentive Compensation decreased approximately $0.2 million, in addition to the $(0.9) million change in the Incentive Compensation Clawback.

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 months ended March 31, 2025 and March 31, 2024:

	For the Three Months Ended March 31,
($ in millions)	2025			2024
Net realized gain (loss):
Investments	$	(1.7	)	$	(1.6	)
Foreign currency ("FX") transactions and FX forward contracts		(0.6	)		(0.2	)
Interest rate swaps		0.0			0.4
Total net realized gain (loss)	$	(2.3	)	$	(1.4	)
Net change in unrealized appreciation (depreciation):
Investments	$	(2.7	)	$	1.5
Translation in FX and FX forward contracts		(0.3	)		1.1
Interest rate swaps		(0.2	)		(0.1	)
Total net change in unrealized appreciation (depreciation)	$	(3.2	)	$	2.5

Net Realized Gain (Loss)

For the three months ended March 31, 2025 and March 31, 2024, net realized gain (loss) on investments was $(1.7) million and $(1.6) million, respectively, primarily driven by one portfolio company with respective losses greater than $1.0 million and exits in three portfolio companies, respectively.

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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 March 31, 2025 and March 31, 2024, net change in unrealized appreciation (depreciation) on investments was $(2.7) million and $1.5 million, respectively. For the three months ended March 31, 2025, we had gross unrealized appreciation of $8.7 million, primarily driven by two portfolio companies with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(11.3) million, primarily driven by four portfolio companies with respective unrealized depreciation above $(1.0) million. For the three months ended March 31, 2024, we had gross unrealized appreciation of $8.1 million, primarily driven by one portfolio company with respective unrealized gains greater than $1.0 million; we had gross unrealized depreciation of $(6.6) million, primarily driven by two portfolio companies with respective unrealized depreciation above $(1.0) million.

Federal Income Taxes

The Fund is treated as a partnership for U.S. federal income tax purposes. Therefore, we are generally not subject to U.S. federal income taxes as each investor is individually liable for income taxes, if any, on its share of net taxable income on a flow through basis. Interest, dividends, and other income realized from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. Such withholding taxes are accrued when incurred as withholding taxes against the relevant income stream.

Realized Gross Internal Rate of Return

Since commencement of our investment operations on July 1, 2015 through March 31, 2025, we have fully exited investments in 180 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 10.0% 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 March 31, 2025 and December 31, 2024, our asset coverage ratio was 221% 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 March 31, 2025 and December 31, 2024, our unfunded portfolio commitments were approximately $51.1 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 March 31, 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 March 31, 2025, we had approximately $100.0 million of availability on our third-party debt facilities, subject to asset coverage limitations.

As of March 31, 2025, we had $92.8 million in cash and cash equivalents, foreign cash held at banks and restricted cash and cash equivalents. During the three months ended March 31, 2025, cash provided by operating activities was $9.1 million, primarily driven by proceeds from sales, paydowns and resolutions of investments of $52.8 million, net change in unsettled transactions of $2.7 million, and an increase in net assets resulting from operations of $10.2 million, partially offset by payments for the

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purchase of investments of $(54.2) million and other operating activity of $(2.4) million . Lastly, cash used in financing activities was $(15.5) million, primarily due to dividends paid of $(12.9) million.

Contractual Obligations

As of March 31, 2025, our contractual payment obligations are as follows:

	Payments Due by Period
($ in millions)	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
2024 CLO	$	304.0	$	—	$	—	$	—	$	304.0
2026 Notes		145.0		—		145.0		—		—
Revolving Credit Facility		—		—		—		—		—
Total Contractual Obligations	$	449.0	$	—	$	145.0	$	—	$	304.0

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:

	March 31, 2025
($ in millions)	Total Principal Amount Committed		Principal Amount Outstanding		Coupon(1)	Interest Rate
Class A-1 Loans	$	100.0	$	100.0	S+1.72%		6.02	%
Class A-1a Notes		115.5		115.5	S+1.72%		6.02	%
Class A-1b Notes		16.5		16.5	5.10%		5.10	%
Class A-2 Notes		16.0		16.0	S+1.95%		6.25	%
Class B Notes		24.0		24.0	S+2.10%		6.40	%
Class C Notes		32.0		32.0	S+2.70%		7.00	%
Total 2024 CLO	$	304.0	$	304.0			6.12	%

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 March 31, 2025, the commitment under the Revolving Credit Facility was $100 million and amounts drawn under the Revolving Credit Facility bore interest at 3-month SOFR plus a margin of 2.85% per annum. We also pay a commitment fee of

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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).

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 March 31, 2025 and December 31, 2024, we had the following commitments to fund investments in current portfolio companies:

($ in millions)	March 31, 2025		December 31, 2024
First Lien Secured Debt	$	50.8	$	52.2
Other Investments		0.3		0.3
Total Portfolio Company Commitments	$	51.1	$	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 200% asset coverage limitation. As of March 31, 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.

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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

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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

Dividends

On April 28, 2025, the Board declared a dividend of $0.33 per share and a supplemental dividend of $0.02 per share, payable on April 29, 2025, for Shareholders of record on March 31, 2025.

On April 28, 2025, the Board declared a dividend of $0.12 per share, payable on April 29, 2025, for Shareholders of record on April 25, 2025.

Dividend Reinvestment Plan

On April 14, 2025, the Board approved a dividend reinvestment plan (the “Reinvestment Plan”) for the Fund, pursuant to which the Fund reinvests all cash distributions declared by the Board on behalf of its Shareholders. Shareholders may elect to opt-out of the Reinvestment Plan anytime through an election form. The dividend reinvestment plan became effective for the Fund on May 1, 2025.

Revolving Credit Facility Amendment

On April 16, 2025, Specialty Credit Facility, LLC, a wholly-owned subsidiary of the Fund, entered into Amendment No. 20 (the "Amendment") to the Revolving Credit Facility with Deutsche Bank AG and the various other parties thereto. The Amendment, among other things, (i) reduces the applicable margin from 2.85% to 1.70%, (ii) extends the revolving period by three years and the Facility Termination Date to April 17, 2031 and (iii) includes adding a committed Optional Increased Facility Amount of $50,000,000.

Amended Investment Advisory Agreement

On April 30, 2025, the Fund convened a Special Meeting of Shareholders (the “Shareholder Meeting”). At the Shareholder Meeting, the Fund’s Shareholders voted and approved the Fourth Amended and Restated Investment Advisory Agreement (the “New Advisory Agreement”) between the Fund and the Adviser. Under the New Advisory Agreement, the management fee will be amended to 1.25% on the Fund’s net assets from 0.75% on the Fund’s aggregate net capital contributions. The income incentive compensation will be reduced to 12.50% from 15.00%, with the Hurdle Rate Amount reduced to 6.00%, annualized, from 7.00%, annualized. Further, the incentive fee on capital gains will also be reduced to 12.50% from 15.00%. The New Advisory Agreement became effective for the Fund on May 1, 2025.

Asset Coverage Requirements

At the Shareholder Meeting, the Fund’s Shareholders approved reducing the Fund’s asset coverage requirement from 200% to 150%. The reduction in the asset coverage ratio became effective for the Fund on May 1, 2025.

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Liquidity Event

On April 30, 2025, the Fund entered into Liquidity Election Form agreements with each of its Shareholders (collectively the “Liquidity Election Forms”). The Liquidity Election Forms permitted each shareholder the ability to sell their respective amount of common shares of the Fund, in part or in whole, at the Fund’s net asset value as of April 30, 2025, to new investors (the “Liquidity Event”). Among the Shareholders signing Liquidity Election Forms were the Fund’s chief executive officer, president and a Trustee of the Fund. Due to the Liquidity Event, the Fund will not be required to begin winding up its affairs on June 30, 2025. It will be able to continue its operations perpetually and be offered on a continuous basis at a purchase price per share equal the Fund's net asset value as of the effective date of the share purchase.

Common Share Issuance

On April 30, 2025, the Fund issued 500 shares of common stock. The purchase price for all shares was $14.75 per share and the Fund received $7,375 of proceeds related to the issuance.

Notes Issuance

On April 30,2025, the Fund issued promissory notes, each with a principal amount of $3,000 (each a “Note” and collectively the “Notes”), to 500 individual investors, with the Fund receiving $1,492,500 of proceeds related to the notes issuance. The Fund will pay interest on the unpaid principal amount of the Notes at a rate of 12% per annum per Note payable annually in arrears. The Notes mature on April 30, 2055. Some or all of the Notes 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 Note, the Fund will pay on the date of such a one-time premium equal to $300 per Note.

Tax Election

On May 1, 2025, the Fund elected to be treated, and 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 will generally 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 would represent obligations of the investors.

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 investors, 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 will also be 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.

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 March 31, 2025, approximately 97.1% of our total debt investments at fair value (or 97.0% 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 98.0% of our performing debt investments based on fair value were effectively floating rate investments as of March 31, 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

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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 March 31, 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):

	March 31, 2025
Basis Point Change	Change in Interest Income			Change in Interest Expense(1)			Change in Net Investment Income(2)
($ in millions)
Up 300 basis points	$	25.9		$	(13.0	)	$	12.9
Up 200 basis points		17.3			(8.7	)		8.6
Up 100 basis points		8.6			(4.3	)		4.3
Up 50 basis points		4.3			(2.2	)		2.1
Down 50 basis points		(4.3	)		2.2			(2.1	)
Down 100 basis points		(8.5	)		4.3			(4.2	)
Down 200 basis points		(16.5	)		8.7			(7.8	)
Down 300 basis points		(23.5	)		13.0			(10.5	)

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

(2)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.

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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 March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

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 or 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.

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

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

•inability of the Fund to accurately or reliably value its portfolio;

•inability of the Fund to comply with certain asset coverage ratios that would prevent the Fund from paying dividends to shareholders and that could result breaches of covenants or events of default under our credit arrangements;

•inability of the Fund to pay any dividends and distributions or service its debt;

•declines in the value of our investments;

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

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

•limited availability of new investment opportunities;

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

•general threats to the Fund’s ability to continue investment operations and to operate successfully as a BDC.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended March 31, 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 Number	Description
3.1	Agreement and Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund’s registration statement on Form 10/A (File No. 000-56533) filed on May 12, 2023).
3.2	By-Laws (incorporated by reference to Exhibit 3.2 to the Fund’s registration statement on Form 10/A (File No. 000-56533) filed on May 12, 2023).
10.1	Third Amended and Restated Investment Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Fund’s registration statement on Form 10 (File No. 000-56533) filed on April 3, 2023).
31.1	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.*
31.2	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.*
32.1	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.*
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.

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SIGNATURES

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

	Silver Point Specialty Lending Fund
Date: May 13, 2025	By:	/s/ Edward Mulé
		Edward Mulé
		Chief Executive Officer
Date: May 13, 2025	By:	/s/ Jesse Dorigo
		Jesse Dorigo
		Chief Financial Officer

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