00000000$1234ROC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ 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: 814-01538

VARAGON CAPITAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland	30-1206578
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
151 West 42nd Street, 53rd Floor New York, New York	10036
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 235-2600

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

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, 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 March 31, 2025, there was no established public market for the Registrant’s common stock.

As of May 14, 2025, the registrant had 41,527,752 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and March 31, 2024 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and March 31, 2024 (unaudited)	4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and March 31, 2024 (unaudited)	5
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024
	Notes to Consolidated Financial Statements (unaudited)	36
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	77
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	107
Item 4.	Controls and Procedures	109
PART II.	OTHER INFORMATION
Item1.	Legal Proceedings	109
Item 1A.	Risk Factors	111
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	112
Item 3.	Defaults Upon Senior Securities	113
Item 4.	Mine Safety Disclosures	114
Item 5.	Other Information	115
Item 6.	Exhibits	116
Signatures		117

1

PART I-FINANCIAL INFORMATION

Item 1. Financial Statements.

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollar amounts in thousands, except share and per share data)

		As of				As of
		March 31, 2025				December 31, 2024
ASSETS		(unaudited)
Investments, at fair value
Non-controlled/non-affiliated, at fair value (amortized cost of $672,231 and $639,235, respectively)	$		662,907		$		631,963
Controlled investments, at fair value (amortized cost of $179,510 and $183,982, respectively)			164,804				172,152
Total investments, at fair value (amortized cost of $851,741 and $823,217, respectively)			827,711				804,115
Cash			39,971				69,606
Interest receivable			11,648				11,530
Deferred financing costs			1,532				1,619
Prepaid expenses			654				884
Total assets	$		881,516		$		887,754
LIABILITIES
Revolving credit facility payable (Note 6)	$		41,000		$		50,000
Notes payable (net of debt issuance costs of $2,792, and $2,870, respectively) (Note 6)			424,566				424,009
Shareholder distributions payable			10,735				12,736
Interest and credit facility fees payable			9,952				2,794
Base management fees payable (Note 7)			3,062				1,513
Income incentive fees payable (Note 7)			1,058				206
Administrator expenses payable			197				553
Directors' fees and expenses payable (Note 9)			82				81
Due to affiliates			735				741
Accounts payable and accrued expenses			1,160				1,099
Other liabilities			422				732
Total liabilities			492,969				494,464
Commitments and contingencies (Note 8)
NET ASSETS
Common stock, $0.01 par value; 500,000,000 shares authorized; 41,527,752 shares issued and outstanding at March 31, 2025, and 500,000,000 shares authorized; 41,524,826 shares issued and outstanding at December 31, 2024			415				415
Paid-in capital in excess of par value			415,201				415,176
Total accumulated earnings (loss)			(27,069	)			(22,301	)
Total net assets	$		388,547		$		393,290
NET ASSETS PER SHARE	$		9.36		$		9.47

See accompanying notes to consolidated financial statements.

2

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF OPERATIONS

(dollar amounts in thousands, except share and per share data)

(unaudited)

		For the three months ended March 31,
		2025				2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$		17,241		$		16,063
Fee income			116				174
Total investment income from non-controlled/non-affiliated investments			17,357				16,237
From controlled investments:
Interest income			5,533				8,240
Total investment income from controlled investments			5,533				8,240
Total investment income			22,890				24,477
Expenses:
Base management fees (Note 7)	$		1,549		$		1,355
Income incentive fees (Note 7)			852				2,004
Professional fees			890				630
Administrator expenses			197				339
Interest expenses (Note 6)			7,974				6,450
Credit facility fees (Note 6)			301				368
Directors’ fees and expenses (Note 9)			85				85
Organizational expenses			—				91
Insurance expenses			4				94
Other general and administrative expenses			142				78
Total expenses			11,994				11,494
Net investment income (loss)			10,896				12,983
Realized and unrealized gain (loss):
Net realized gain (loss) on investments:
Non-controlled/non-affiliated investments			—				178
Net realized gain (loss) on investments			—				178
Net realized gain (loss) on derivatives			—				(116	)
Net realized gain (loss)			—				62
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments			(2,053	)			(170	)
Controlled investments			(2,876	)			1,063
Net change in unrealized appreciation (depreciation) on investments			(4,929	)			893
Net change in unrealized appreciation (depreciation) on derivatives			—				91
Net change in unrealized appreciation (depreciation)			(4,929	)			984
Net realized and unrealized gains (losses)			(4,929	)			1,046
Net increase (decrease) in net assets resulting from operations	$		5,967		$		14,029
Per Common Share Information:
Weighted average shares outstanding (basic and diluted)			41,527,232				41,510,596
Net investment income per share (basic and diluted)	$		0.26		$		0.31
Earnings per share (basic and diluted)	$		0.14		$		0.34

See accompanying notes to consolidated financial statements.

3

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(dollar amounts in thousands, except share data)

(unaudited)

	Common Stock				Paid in Capital in		Accumulated			Total
	Shares		Par Amount (1)		Excess of Par (1)		earnings (loss)			Net Assets
Balance at December 31, 2023		41,505,531	$	415	$	414,985	$	(12,250	)	$	403,150
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		12,983			12,983
Net realized gain (loss) on investments		—		—		—		178			178
Net realized gain (loss) on derivatives		—		—		—		(116	)		(116	)
Net change in unrealized appreciation (depreciation) on    investments		—		—		—		893			893
Net change in unrealized appreciation (depreciation) on  derivatives		—		—		—		91			91
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan		6,146		—		61		—			61
Distributions to shareholders		—		—		—		(11,224	)		(11,224	)
Tax reclassification of net assets		—		—		—		—			—
Total increase (decrease) for the three months ended March 31, 2024		6,146		—		61		2,805			2,866
Balance at March 31, 2024		41,511,677	$	415	$	415,046	$	(9,445	)	$	406,016
Balance at December 31, 2024		41,524,826	$	415	$	415,176	$	(22,301	)	$	393,290
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		—		—		—		10,896			10,896
Net change in unrealized appreciation (depreciation) on    investments		—		—		—		(4,929	)		(4,929	)
Capital transactions:
Issuance of common shares pursuant to distribution reinvestment plan(1)		2,926		—		25		—			25
Distributions to shareholders		—		—		—		(10,735	)		(10,735	)
Total increase (decrease) for the three months ended March 31, 2025		2,926		—		25		(4,768	)		(4,743	)
Balance at March 31, 2025		41,527,752	$	415	$	415,201	$	(27,069	)	$	388,547

(1) Par Amount was less than $1,000 for the periods shown above.

See accompanying notes to consolidated financial statements.

4

Varagon Capital Corporation

CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollar amounts in thousands)

(unaudited)

		For the three months ended March 31,
		2025				2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$		5,967		$		14,029
Adjustments to reconcile net increase (decrease) in net assets resulting from    operations to net cash provided by (used in) operating activities:
Purchases of investments			(53,118	)			(68,641	)
Payment-in-kind and other adjustments to cost			(593	)			(624	)
Repayments of investments			25,748				17,617
Net realized (gain) loss			—				(178	)
Net realized (gain) loss on derivatives			—				116
Net payment of settlement of derivatives			—				(116	)
Net change in unrealized (appreciation) depreciation on investments			4,929				(893	)
Net change in unrealized (appreciation) depreciation on derivatives			—				(91	)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes			479				(887	)
Net amortization (accretion) on investments			(561	)			(678	)
Amortization of deferred financing costs			165				206
Changes in operating assets:
Interest receivable			(118	)			(2,070	)
Prepaid expenses			230				160
Other assets			—				(11	)
Changes in operating liabilities:
Interest and credit facility fees payable			7,158				1,524
Base management fees payable			1,549				69
Income incentive fees payable			852				(203	)
Administrator expenses payable			(356	)			52
Directors' fees and expenses payable (Note 9)			1				—
Other liabilities			(310	)			915
Due to affiliates			(6	)			(83	)
Accounts payable and accrued expenses			61				(163	)
Net cash provided by (used in) operating activities			(7,923	)			(39,950	)
Cash flows from financing activities:
Borrowings on debts			11,000				78,200
Repayments of debts			(20,000	)			(24,780	)
Dividends paid			(12,712	)			(14,889	)
Net cash provided by (used in) financing activities			(21,712	)			38,531
Net increase (decrease) in cash			(29,635	)			(1,419	)
Cash, beginning of period			69,606				19,976
Cash, end of period	$		39,971		$		18,557
Supplemental cash information:
Cash paid during the period for interest	$		846		$		5,060
Supplemental non cash information:
Distributions reinvested	$		25		$		61

See accompanying notes to consolidated financial statements.

5

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

6

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal		Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Non-Controlled/Non-Affiliated Investments:
Senior Secured First Lien Loans
Aerospace & Defense
AIM Acquisition, LLC	Term Loan	SOFR	+	4.75%	(S)	9.28%	6/2/2022	12/2/2027		$	11,000	$	10,909		$	11,000					(1)(6)
Trident Maritime Systems, Inc.	Term Loan	SOFR	+	5.5% (2.00% PIK)	(Q)	11.90%	10/19/2023	2/26/2027			661		645			636					(6)(9)
													11,554			11,636			2.99	%
Air Freight & Logistics
Horizon Freight Holdings, Inc.	Revolver	SOFR	+	5.00%	(Q)	9.30%	8/22/2024	8/22/2030		$	271	$	257		$	259					(2)(6)(9)(10)
Horizon Freight Holdings, Inc.	Delayed Draw Term Loan	N/A					8/22/2024	8/22/2030			—		(10	)		(19	)				(2)(6)(9)
Horizon Freight Holdings, Inc.	Delayed Draw Term Loan	N/A					8/22/2024	8/22/2030			—		(10	)		(19	)				(2)(6)(9)
Horizon Freight Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.30%	8/22/2024	8/22/2030			6,524		6,434			6,443					(1)(6)
													6,671			6,664			1.72	%
Automobile Components
AAMP Global Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.65%	6/2/2022	11/5/2026		$	10,944	$	10,917		$	10,562					(1)(6)
AAMP Global Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.65%	6/2/2022	11/5/2026			3,606		3,598			3,480					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.5%(2.75 PIK)	(Q)	9.70%	6/2/2022	8/31/2028			2,295		2,276			1,676					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.5%(2.75 PIK)	(Q)	9.70%	6/2/2022	8/31/2028			20		19			14					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.5%(2.75 PIK)	(Q)	9.70%	6/2/2022	8/31/2028			2,636		2,613			1,924					(6)(9)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.5%(2.75 PIK)	(Q)	9.70%	6/2/2022	8/31/2028			214		212			156					(6)(9)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.5%(2.75 PIK)	(Q)	9.70%	6/2/2022	8/31/2028			1,099		1,089			802					(6)(9)
M&D MidCo, Inc.	Revolver	SOFR	+	5.00%	(Q)	9.47%	8/31/2022	8/31/2028			176		160			145					(2)(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.46%	8/31/2022	8/31/2028			12		12			12					(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.44%	8/31/2022	8/31/2028			11		10			10					(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	N/A					12/17/2024	8/31/2028			—		(16	)		(61	)				(2)(6)(9)
M&D MidCo, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.46%	8/31/2022	8/31/2028			64		63			63					(6)(9)
M&D MidCo, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.45%	12/17/2024	8/31/2028			4,950		4,904			4,864					(6)(9)
Race Winning Brands, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.94%	6/2/2022	11/16/2027			10,851		10,796			10,255					(1)(6)
USSC Holding Corp.	Revolver	N/A					7/23/2024	6/21/2030			—		(7	)		(6	)				(2)(6)(9)
USSC Holding Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.56%	7/23/2024	6/21/2030			894		881			882					(6)(9)
USSC Holding Corp.	Term Loan	SOFR	+	5.25%	(Q)	9.55%	7/23/2024	6/21/2030			2,686		2,650			2,653					(1)(6)
													40,177			37,431			9.63	%
Beverages
Cold Spring Brewing Company	Term Loan	SOFR	+	4.75%	(Q)	9.07%	12/23/2024	12/10/2030		$	10,697	$	10,594		$	10,590					(1)(6)
													10,594			10,590			2.73	%
Chemicals
Boulder Scientific Company, LLC	Revolver	N/A					1/7/2025	12/31/2027		$	—	$	(1	)	$	(1	)				(2)(6)(9)

7

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	12/31/2027		207		206			204			(1)(6)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.06%	6/2/2022	12/31/2027		1,020		1,015			1,005			(6)(9)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	12/31/2027		37		37			36			(6)(9)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	12/31/2027		74		74			73			(6)(9)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	12/31/2027		74		74			73			(6)(9)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	12/31/2027		414		412			408			(1)(6)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	12/31/2027		414		412			408			(1)(6)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.06%	6/2/2022	12/31/2027		5,702		5,674			5,616			(1)(6)
MDI Buyer, Inc.	Revolver	SOFR	+	5.00%	(Q)	9.31%	8/5/2022	7/25/2028		54		372			54			(2)(6)(9)
MDI Buyer, Inc.	Revolver	PRIME	+	4.00%	(Q)	11.50%	8/5/2022	7/25/2028		715		442			715			(6)(9)
MDI Buyer, Inc.	Revolver	SOFR	+	5.00%	(Q)	9.30%	8/5/2022	7/25/2028		173		107			173			(6)(9)
MDI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.31%	8/5/2022	7/25/2028		2,345		2,313			2,345			(1)(6)
MDI Buyer, Inc.	Delayed Draw Term Loan	N/A					1/16/2025	7/25/2028		—		(13	)		—			(2)(6)(9)
MDI Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.31%	8/5/2022	7/25/2028		6,498		6,409			6,498			(1)(6)
MDI Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.30%	1/16/2025	7/25/2028		1,282		1,263			1,282			(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(Q)	9.57%	9/1/2022	9/1/2028		3		2			2			(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.62%	9/1/2022	9/1/2028		1		1			1			(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.77%	9/1/2022	9/1/2028		2		2			2			(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.73%	9/1/2022	9/1/2028		1		1			1			(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.78%	9/1/2022	9/1/2028		2		2			2			(6)(9)
Techmer BB Bidco, LLC	Revolver	PRIME	+	4.25%	(Q)	11.75%	9/1/2022	9/1/2028		1		1			1			(6)(9)
Techmer BB Bidco, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(S)	9.61%	9/1/2022	9/1/2028		2		2			2			(2)(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.74%	9/1/2022	9/1/2028		—		—			—			(6)(8)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.80%	9/1/2022	9/1/2028		—		—			—			(6)(8)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.77%	9/1/2022	9/1/2028		1		1			1			(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.73%	9/1/2022	9/1/2028		53		53			46			(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.79%	9/1/2022	9/1/2028		1		1			1			(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.78%	9/1/2022	9/1/2028		1		1			—			(6)(9)
												18,863			18,948	4.88	%
Commercial Services & Supplies
3G Intermediate, Inc.	Revolver	SOFR	+	5.50%	(Q)	9.80%	9/30/2024	9/30/2030	$	167	$	155		$	156			(2)(6)(9)
3G Intermediate, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.80%	9/30/2024	9/30/2030		600		576			580			(2)(6)(9)
3G Intermediate, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.80%	9/30/2024	9/30/2030		3,317		3,254			3,267			(1)(6)
Advanced Web Technologies Holding Company	Revolver	N/A					7/2/2024	12/17/2027		—		(3	)		—			(2)(6)(9)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.00% (2.25% PIK)	(S)	10.44%	7/2/2024	12/17/2027		433		428			433			(1)(6)

8

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	4.00% (2.25% PIK)	(S)	10.44%	10/18/2022	12/17/2027	76	75		76	(1)(6)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	6.25%	(S)	10.44%	7/2/2024	12/17/2027	169	157		169	(2)(6)(9)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.00% (2.25% PIK)	(S)	10.44%	10/18/2022	12/17/2027	23	23		23	(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.00% (2.25% PIK)	(S)	10.44%	6/2/2023	12/17/2027	303	298		303	(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	4.00% (2.25% PIK)	(S)	10.44%	7/2/2024	12/17/2027	1,102	1,092		1,102	(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	6.25%	(S)	10.44%	7/2/2024	12/17/2027	509	502		509	(1)(6)
HLSG Intermediate, LLC	Revolver	SOFR	+	5.50%	(Q)	9.94%	3/14/2025	3/31/2029	7	6		7	(2)(6)(9)
HLSG Intermediate, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.94%	10/6/2023	3/31/2029	2,924	2,878		2,924	(1)(6)
HLSG Intermediate, LLC	Delayed Draw Term Loan	N/A					3/14/2025	3/31/2029	—	(2	)	—	(2)(6)(9)
HLSG Intermediate, LLC	Term Loan	SOFR	+	5.50%	(M)	9.94%	10/6/2023	3/31/2029	5,824	5,729		5,824	(1)(6)
HLSG Intermediate, LLC	Term Loan	SOFR	+	5.50%	(M)	9.94%	3/14/2025	3/31/2029	72	71		72	(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	6.25%	(Q)	10.70%	1/10/2023	10/31/2025	2,519	2,519		2,267	(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	0% (10.00% PIK)	(Q)	0.00%	3/31/2025	10/31/2025	122	110		110	(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	6.25%	(Q)	10.72%	3/30/2023	10/31/2025	10	10		9	(6)(9)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	6.25%	(Q)	10.72%	1/31/2025	10/31/2025	80	74		97	(6)(9)
Liquid Environmental Solutions Corporation	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.41%	6/2/2022	5/29/2026	2,829	2,815		2,773	(1)(6)
Liquid Environmental Solutions Corporation	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.41%	6/2/2022	5/29/2026	2,177	2,166		2,133	(6)(9)
Liquid Environmental Solutions Corporation	Term Loan	SOFR	+	5.00%	(Q)	9.41%	6/2/2022	5/31/2026	439	437		430	(1)(6)
Liquid Environmental Solutions Corporation	Term Loan	SOFR	+	5.00%	(Q)	9.40%	6/2/2022	5/31/2026	23	23		22	(6)(9)
Liquid Environmental Solutions Corporation	Term Loan	SOFR	+	5.00%	(Q)	9.41%	6/2/2022	5/31/2026	338	336		331	(6)(9)
Liquid Environmental Solutions Corporation	Term Loan	SOFR	+	5.00%	(Q)	9.40%	6/2/2022	5/31/2026	29	29		29	(1)(6)
Online Labels Group, LLC	Revolver	N/A					12/19/2023	12/19/2029	—	—		—	(2)(6)(8)(9)
Online Labels Group, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.55%	12/19/2023	12/19/2029	4	4		4	(2)(6)(9)
Online Labels Group, LLC	Delayed Draw Term Loan	N/A					12/19/2023	12/19/2029	—	—		—	(2)(6)(8)(9)
Online Labels Group, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.55%	12/19/2023	12/19/2029	71	70		71	(6)(9)
RFI Buyer, Inc.	Revolver	N/A					8/5/2022	8/5/2028	—	—		—	(2)(6)(8)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.14%	8/5/2022	8/5/2028	19	19		19	(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.14%	8/5/2022	8/5/2028	9	9		9	(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.14%	8/5/2022	8/5/2028	58	57		58	(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.17%	12/2/2024	8/5/2028	2,922	2,882		2,922	(6)(9)

9

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Source Holding Delaware, LLC	Revolver	N/A					2/7/2025	2/7/2031		—		(11	)		(11	)			(2)(6)(9)
Source Holding Delaware, LLC	Delayed Draw Term Loan	N/A					2/7/2025	2/7/2031		—		(11	)		(22	)			(2)(6)(9)
Source Holding Delaware, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	2/7/2025	2/7/2031		4,015		3,965			3,964				(6)(9)
Titan Group Holdco, LLC	Revolver	N/A					8/22/2024	8/13/2029		—		(7	)		—				(2)(6)(9)(11)
Titan Group Holdco, LLC	Delayed Draw Term Loan	N/A					8/22/2024	8/13/2029		—		(4	)		—				(2)(6)(9)
Titan Group Holdco, LLC	Delayed Draw Term Loan	N/A					8/22/2024	8/13/2029		—		(4	)		—				(2)(6)(9)
Titan Group Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	8/22/2024	8/13/2029		2,547		2,513			2,547				(1)(6)
VRC Companies, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.05%	6/2/2022	6/29/2027		10,943		10,867			10,861				(1)(6)
VRC Companies, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.05%	6/2/2022	6/29/2027		631		627			627				(6)(9)
												44,734			44,695		11.50	%
Construction & Engineering
HTI Intermediate, LLC	Revolver	SOFR	+	5.25%	(Q)	9.55%	3/1/2024	3/1/2030	$	36	$	81		$	28				(2)(6)(9)
HTI Intermediate, LLC	Revolver	PRIME	+	4.25%	(Q)	11.75%	3/1/2024	3/1/2030		71		20			69				(6)(9)
HTI Intermediate, LLC	Delayed Draw Term Loan	N/A					3/1/2024	3/1/2030		—		(4	)		(15	)			(2)(6)(9)
HTI Intermediate, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.57%	3/1/2024	3/1/2030		1,273		1,251			1,238				(6)(9)
												1,348			1,320		0.34	%
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Revolver	N/A					12/23/2024	12/23/2030	$	—	$	(1	)	$	(1	)			(2)(6)(9)(11)
FS Squared Holding Corp.	Delayed Draw Term Loan	N/A					12/23/2024	12/23/2030		—		(2	)		(4	)			(2)(6)(9)
FS Squared Holding Corp.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.07%	12/23/2024	12/23/2030		81		80			80				(2)(6)(9)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	9.07%	12/23/2024	12/23/2030		416		409			409				(6)(9)
KeyImpact Holdings, Inc.	Term Loan	SOFR	+	6.50%	(Q)	10.79%	1/31/2024	1/31/2029		6,983		6,843			6,983				(1)(6)
KeyImpact Holdings, Inc.	Term Loan	SOFR	+	6.50%	(Q)	10.79%	1/31/2024	1/31/2029		3,484		3,414			3,484				(6)(9)
												10,743			10,951		2.82	%
Containers & Packaging
Comar Holding Company, LLC	Delayed Draw Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	6/2/2022	6/18/2026	$	1,059	$	1,049		$	974				(1)(6)
Comar Holding Company, LLC	Delayed Draw Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	6/2/2022	6/18/2026		1,497		1,484			1,378				(6)(9)
Comar Holding Company, LLC	Delayed Draw Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	6/2/2022	6/18/2026		1,334		1,334			1,228				(1)(6)
Comar Holding Company, LLC	Delayed Draw Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	6/2/2022	6/18/2026		1,887		1,887			1,736				(6)(9)
Comar Holding Company, LLC	Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	6/2/2022	6/18/2026		91		91			84				(1)(6)
Comar Holding Company, LLC	Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	9/30/2024	6/18/2026		129		129			119				(6)(9)
Comar Holding Company, LLC	Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	9/30/2024	6/18/2026		3,882		3,834			3,572				(1)(6)

10

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Comar Holding Company, LLC	Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.05%	6/2/2022	6/18/2026		5,492		5,423		5,052				(6)(9)
Oliver Packaging, LLC	Revolver	SOFR	+	5.00%	(Q)	9.45%	7/6/2022	7/6/2028		175		168		129				(2)(6)(9)(10)
Oliver Packaging, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.45%	8/30/2024	7/6/2028		574		568		529				(6)(9)
Oliver Packaging, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.45%	7/6/2022	7/6/2028		3,936		3,891		3,631				(6)(9)
												19,858		18,432		4.74	%
Distributors
Graffiti Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.90%	4/29/2024	8/10/2027	$	360	$	349	$	324				(2)(6)(9)
Graffiti Buyer, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.91%	4/29/2024	8/10/2027		1,719		1,700		1,681				(1)(6)
Hub Pen Company, LLC	Revolver	SOFR	+	5.25%	(Q)	9.70%	9/30/2024	12/31/2027		157		147		147				(2)(6)(9)(10)
Hub Pen Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.67%	9/30/2024	12/31/2027		6,262		6,154		6,153				(1)(6)
POY Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.95%	11/22/2023	11/16/2027		1,203		1,187		1,203				(1)(6)
POY Holdings, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.95%	11/22/2023	11/16/2027		5,024		4,943		5,024				(1)(6)
United Scope LLC	Term Loan	SOFR	+	5.00%	(Q)	9.44%	6/2/2022	12/1/2025		6,142		6,135		5,727				(1)(6)
United Scope LLC	Term Loan	SOFR	+	5.00%	(Q)	9.44%	6/2/2022	12/1/2025		4,725		4,720		4,406				(6)(9)
												25,335		24,665		6.35	%
Diversified Consumer Services
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.70%	8/16/2022	8/16/2028	$	1	$	1	$	1				(2)(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.50%	8/16/2022	8/16/2028		1		1		1				(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(Q)	10.47%	8/16/2022	8/16/2028		2		1		1				(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(Q)	10.47%	8/16/2022	8/16/2028		2		2		2				(6)(9)
ADPD Holdings LLC	Delayed Draw Term Loan	N/A					8/16/2022	8/16/2028		—		—		—				(2)(6)(8)(9)
ADPD Holdings LLC	Delayed Draw Term Loan	N/A					8/16/2022	8/16/2028		—		—		(1	)			(2)(6)(9)
ADPD Holdings LLC	Term Loan	SOFR	+	6.00%	(Q)	10.47%	8/16/2022	8/16/2028		78		77		70				(6)(9)
Castleworks Home Services Company	Revolver	SOFR	+	4.5% (7.5% PIK)	(Q)	19.50%	6/29/2022	6/29/2028		831		824		638				(2)(6)(9)
Castleworks Home Services Company	Term Loan	PRIME	+	4.5% (7.5% PIK)	(Q)	19.50%	6/29/2022	6/29/2028		6,474		6,409		4,985				(6)(9)
Castleworks Home Services Company	Term Loan	SOFR	+	4.5% (7.5% PIK)	(Q)	19.50%	6/29/2022	6/29/2028		402		398		309				(6)(9)
Express Wash Acquisition Company, LLC	Revolver	SOFR	+	6.50%	(Q)	11.07%	7/2/2024	7/14/2028		141		138		139				(2)(6)(9)
Express Wash Acquisition Company, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	11.07%	7/14/2022	7/14/2028		630		622		624				(1)(6)
Express Wash Acquisition Company, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	11.07%	7/14/2022	7/14/2028		485		479		480				(6)(9)
Express Wash Acquisition Company, LLC	Term Loan	SOFR	+	6.50%	(Q)	11.07%	10/18/2022	7/14/2028		2,980		2,949		2,950				(1)(6)
Express Wash Acquisition Company, LLC	Term Loan	SOFR	+	6.50%	(Q)	11.07%	6/2/2023	7/14/2028		2,292		2,269		2,270				(6)(9)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		434		433		404				(1)(6)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		334		333		310				(6)(9)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		3,055		3,048		2,841				(1)(6)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		2,350		2,345		2,186				(6)(9)
TheKey, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		967		965		899				(1)(6)

11

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

TheKey, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		744		742			692				(6)(9)
TheKey, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		278		278			259				(1)(6)
TheKey, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		214		214			199				(6)(9)
												22,528			20,259		5.21	%
Diversified Telecommunication Services
MBS Holdings, Inc.	Term Loan	SOFR	+	6.25%	(S)	10.60%	7/2/2024	4/16/2027	$	311	$	306		$	311				(6)(9)
												306			311		0.08	%
Electronic Equipment, Instruments & Components
Alert SRC Newco LLC	Revolver	N/A					12/11/2024	12/11/2030	$	—	$	(9	)	$	(5	)			(2)(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.32%	12/11/2024	12/11/2030		40		26			25				(2)(6)(9)
Alert SRC Newco LLC	Term Loan	SOFR	+	5.00%	(Q)	9.29%	12/11/2024	12/11/2030		6,225		6,135			6,179				(1)(6)
BC Group Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.30%	6/2/2022	12/21/2026		7,269		7,269			7,270				(1)(6)
												13,421			13,469		3.47	%
Energy Equipment & Services
Energy Labs Holdings Corp.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.40%	6/2/2022	4/7/2028	$	721	$	719		$	721				(1)(6)
Energy Labs Holdings Corp.	Term Loan	SOFR	+	5.00%	(Q)	9.40%	6/2/2022	4/7/2028		7,584		7,519			7,584				(1)(6)
Velocity Buyer, Inc.	Revolver	N/A					1/24/2025	1/24/2031		—		(26	)		(13	)			(2)(6)(9)
Velocity Buyer, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.55%	1/24/2025	1/24/2031		5,344		5,265			5,304				(6)(9)
												13,477			13,596		3.50	%
Financial Services
RWA Wealth Partners, LLC	Revolver	N/A					11/15/2024	11/15/2030	$	—	$	(18	)	$	(19	)			(2)(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.05%	11/15/2024	11/15/2030		434		399			364				(2)(6)(9)
RWA Wealth Partners, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.07%	11/15/2024	11/15/2030		8,611		8,529			8,525				(1)(6)
												8,910			8,870		2.28	%
Food Products
Hissho Parent, LLC	Revolver	N/A					8/8/2024	5/18/2029	$	—	$	(5	)	$	—				(2)(6)(9)(11)
Hissho Parent, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.80%	8/8/2024	5/18/2029		3,475		3,444			3,475				(1)(6)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.69%	9/28/2022	5/14/2029		5		46			5				(2)(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.72%	9/28/2022	5/14/2029		18		11			18				(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.72%	9/28/2022	5/14/2029		32		19			32				(6)(9)
JTM Foods LLC	Revolver	PRIME	+	4.25%	(M)	11.75%	9/28/2022	5/14/2029		54		32			54				(6)(9)
JTM Foods LLC	Term Loan	SOFR	+	5.25%	(Q)	9.70%	9/28/2022	5/14/2027		69		68			69				(6)(9)
JTM Foods LLC	Term Loan	SOFR	+	5.25%	(Q)	9.72%	3/3/2025	5/14/2029		1,674		1,666			1,674				(6)(9)
KNPC Holdco, LLC	Term Loan	SOFR	+	5.75%	(S)	10.11%	6/2/2022	10/22/2029		7,980		7,907			7,920				(1)(6)
SHF Holdings, Inc.	Revolver	N/A					1/22/2025	1/22/2030		—		(2	)		(2	)			(2)(6)(9)
SHF Holdings, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.80%	1/22/2025	1/22/2030		1,508		1,486			1,485				(6)(9)
VG Target Holdings, LLC	Term Loan	SOFR	+	5.50% (3.50% PIK)	(Q)	13.55%	6/2/2022	8/2/2027		6,202		6,089			4,838				(6)(9)(12)
												20,761			19,568		5.04	%
Ground Transportation
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.21%	6/2/2022	8/3/2026	$	107	$	107		$	102				(6)(9)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.21%	6/2/2022	8/3/2026		4,906		4,899			4,661				(6)(9)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.21%	10/4/2024	8/3/2026		2		2			2				(6)(9)

12

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.21%	10/4/2024	8/3/2026		203		200			193				(6)(9)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.21%	6/2/2022	8/3/2026		20		20			19				(6)(9)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.21%	6/2/2022	8/3/2026		925		924			879				(6)(9)
Beacon Mobility Corp.	Delayed Draw Term Loan	SOFR	+	6.25%	(Q)	10.67%	6/2/2022	12/31/2025		8,693		8,658			8,693				(1)(6)
Beacon Mobility Corp.	Delayed Draw Term Loan	SOFR	+	6.25%	(Q)	10.67%	6/2/2022	12/31/2025		1,919		1,912			1,919				(1)(6)
												16,722			16,468		4.24	%
Health Care Equipment & Supplies
ACP Oak Buyer, Inc.	Revolver	N/A					12/27/2024	8/29/2026	$	—	$	(7	)	$	—				(2)(6)(9)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.17%	12/27/2024	8/29/2026		3,313		3,270			3,313				(6)(9)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.17%	6/2/2022	8/29/2026		5,815		5,794			5,815				(1)(6)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.17%	3/19/2024	8/29/2026		811		804			811				(1)(6)
BioCare Medical, LLC	Term Loan	SOFR	+	7.00%	(Q)	11.42%	11/18/2022	12/9/2027		1,303		1,279			1,303				(6)(9)
EPTAM Plastics, Ltd.	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.92%	6/2/2022	12/6/2027		1,281		1,278			1,243				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.92%	6/2/2022	12/6/2027		2,972		2,965			2,883				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.92%	6/2/2022	12/6/2027		347		346			337				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.92%	6/2/2022	12/6/2027		247		247			240				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	6.00%	(Q)	10.45%	9/16/2022	12/6/2027		10		10			10				(1)(6)
ORG USME Buyer, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.19%	6/21/2022	11/24/2026		7,294		7,231			7,130				(1)(6)
Pediatric Home Respiratory Services, LLC	Revolver	SOFR	+	5.50%	(S)	9.78%	12/23/2024	12/23/2030		200		188			194				(2)(6)(9)
Pediatric Home Respiratory Services, LLC	Delayed Draw Term Loan	N/A					6/2/2022	12/23/2030		—		(11	)		(11	)			(2)(6)(9)
Pediatric Home Respiratory Services, LLC	Term Loan	SOFR	+	5.50%	(S)	9.78%	12/23/2024	12/23/2030		11,000		10,894			10,945				(1)(6)
Pediatric Home Respiratory Services, LLC	Term Loan	SOFR	+	5.50%	(S)	9.78%	12/23/2024	12/23/2030		500		495			498				(6)(9)
SunMed Group Holdings, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.04%	11/22/2024	6/16/2028		1,762		1,750			1,749				(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.75%	(Q)	10.15%	7/22/2024	6/30/2028		138		135			135				(6)(9)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.15%	7/22/2024	6/30/2028		1,273		1,257			1,257				(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.14%	7/22/2024	6/30/2028		2,404		2,368			2,374				(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.15%	6/2/2022	6/30/2028		4,849		4,822			4,788				(1)(6)
												45,115			45,014		11.59	%
Health Care Providers & Services
ACP Vault Acquisition, Inc.	Revolver	SOFR	+	5.25%	(Q)	9.57%	9/3/2024	9/3/2029	$	259	$	236		$	237				(2)(6)(9)
ACP Vault Acquisition, Inc.	Delayed Draw Term Loan	N/A					9/3/2024	9/3/2029		—		(17	)		(34	)			(2)(6)(9)
ACP Vault Acquisition, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.55%	9/30/2024	9/3/2029		11,277		11,072			11,080				(1)(6)
Allergy & Clinical MidCo, LLC	Revolver	N/A					1/29/2025	1/29/2031		—		(9	)		(5	)			(2)(6)(9)
Allergy & Clinical MidCo, LLC	Delayed Draw Term Loan	N/A					1/29/2025	1/29/2031		—		(19	)		(19	)			(2)(6)(9)

13

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Allergy & Clinical MidCo, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.04%	1/29/2025	1/29/2031	1,286	1,267		1,276		(6)(9)
Apex Dental Partners, LLC	Revolver	SOFR	+	4.00%	(M)	11.50%	10/29/2024	10/29/2030	76	69		74		(2)(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.30%	10/29/2024	10/29/2030	1,182	1,402		1,174		(2)(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.32%	10/29/2024	10/29/2030	250	104		249		(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.33%	10/29/2024	10/29/2030	189	79		189		(6)(9)
Apex Dental Partners, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.29%	10/29/2024	10/29/2030	7,195	7,127		7,178		(1)(6)
Bebright MSO, LLC	Revolver	N/A					6/3/2024	6/3/2030	—	(21	)	—		(2)(6)(9)
Bebright MSO, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.05%	6/3/2024	6/3/2030	4,642	4,554		4,642		(2)(6)(9)
Bebright MSO, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.05%	6/3/2024	6/3/2030	6,139	6,029		6,139		(1)(6)
Eventus Buyer, LLC	Revolver	SOFR	+	5.50%	(Q)	9.80%	11/1/2024	11/1/2030	231	330		221		(2)(6)(9)
Eventus Buyer, LLC	Revolver	SOFR	+	5.50%	(Q)	9.82%	11/1/2024	11/1/2030	115	60		114		(6)(9)
Eventus Buyer, LLC	Revolver	SOFR	+	5.50%	(Q)	9.81%	11/1/2024	11/1/2030	115	60		114		(6)(9)
Eventus Buyer, LLC	Delayed Draw Term Loan	N/A					11/1/2024	11/1/2030	—	(12	)	(26	)	(2)(6)(9)
Eventus Buyer, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.80%	11/1/2024	11/1/2030	6,401	6,310		6,305		(1)(6)
Eye Health America, LLC	Revolver	N/A					7/26/2022	7/26/2028	—	(7	)	—		(2)(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(S)	9.22%	7/26/2022	7/26/2028	2,659	2,634		2,659		(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.07%	2/14/2025	7/26/2028	72	67		72		(2)(6)(9)
Eye Health America, LLC	Term Loan	SOFR	+	5.00%	(S)	9.22%	2/14/2025	7/26/2028	254	250		254		(6)(9)
Eye Health America, LLC	Term Loan	SOFR	+	5.00%	(S)	9.22%	7/26/2022	7/26/2028	4,095	4,051		4,095		(1)(6)
Gen4 Dental Partners OPCO, LLC	Revolver	N/A					5/13/2024	5/13/2030	—	(10	)	(12	)	(2)(6)(9)
Gen4 Dental Partners OPCO, LLC	Delayed Draw Term Loan	N/A					5/13/2024	5/13/2030	—	(25	)	(59	)	(2)(6)(9)
Gen4 Dental Partners OPCO, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.07%	5/13/2024	5/13/2030	8,716	8,561		8,542		(1)(6)
Heartland Veterinary Partners LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	12/10/2026	730	728		730		(1)(6)
Heartland Veterinary Partners LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	12/10/2026	562	560		562		(6)(9)
Heartland Veterinary Partners LLC	Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	12/10/2026	5,267	5,252		5,267		(1)(6)
Heartland Veterinary Partners LLC	Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	12/10/2026	4,052	4,041		4,052		(6)(9)
MWD Management, LLC	Revolver	SOFR	+	4.75%	(Q)	9.15%	6/15/2022	6/15/2027	200	195		200		(2)(6)(9)
MWD Management, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.15%	6/15/2022	6/15/2027	1,955	1,945		1,955		(1)(6)
MWD Management, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.15%	6/15/2022	6/15/2027	2,438	2,413		2,438		(1)(6)
NBPT Acquisition LLC	Delayed Draw Term Loan	N/A					3/3/2025	3/3/2030	—	(10	)	(10	)	(2)(6)(9)
NBPT Acquisition LLC	Revolver	N/A					3/3/2025	2/15/2030	—	(4	)	(2	)	(2)(6)(9)
NBPT Acquisition LLC	Term Loan	SOFR	+	5.00%	(M)	9.32%	3/3/2025	3/3/2030	5,195	5,143		5,169		(6)(9)
NJEye LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.20%	6/2/2022	6/14/2025	1,478	1,478		1,478		(1)(6)
NJEye LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	6/14/2025	601	601		601		(1)(6)
NJEye LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.21%	6/2/2022	6/14/2025	457	457		457		(1)(6)
NJEye LLC	Term Loan	SOFR	+	4.75%	(Q)	9.20%	6/2/2022	6/14/2025	6,158	6,158		6,158		(1)(6)
OIS Management Services, LLC	Revolver	N/A					11/16/2022	11/16/2028	—	(11	)	—		(2)(6)(9)

14

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	11/16/2028		1,891		1,853			1,891				(1)(6)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.05%	8/21/2024	11/16/2028		2,499		2,709			2,499				(2)(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.05%	8/21/2024	11/16/2028		352		215			352				(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.07%	8/21/2024	11/16/2028		279		171			279				(6)(9)
OIS Management Services, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.05%	11/16/2022	11/16/2028		4,900		4,800			4,900				(1)(6)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	10.56%	6/2/2022	3/31/2026		4,064		4,059			3,586				(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	10.56%	6/2/2022	3/31/2026		4,949		4,949			4,367				(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	10.56%	6/2/2022	3/31/2026		3,378		3,378			2,981				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.81%	7/17/2024	7/17/2029		280		752			271				(2)(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.80%	7/17/2024	7/17/2029		556		349			551				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(S)	9.95%	7/17/2024	7/17/2029		298		187			296				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.79%	7/17/2024	7/17/2029		103		64			102				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.81%	7/17/2024	7/17/2029		320		201			317				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.82%	7/17/2024	7/17/2029		103		64			102				(6)(9)
SGA Dental Partners Opco, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.81%	7/17/2024	7/17/2029		10,945		10,747			10,863				(1)(6)
SGA Dental Partners Opco, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.81%	7/17/2024	7/17/2029		2,680		2,631			2,659				(6)(9)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.04%	7/15/2022	7/15/2028		586		581			577				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.07%	7/15/2022	7/15/2028		374		371			368				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.05%	7/15/2022	7/15/2028		89		88			88				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.04%	7/15/2022	7/15/2028		848		840			835				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.05%	7/15/2022	7/15/2028		4,875		4,875			4,802				(1)(6)
US Health Partners Management, LLC	Revolver	SOFR	+	5.00%	(Q)	9.29%	1/12/2024	1/11/2030		3		5			3				(2)(6)(9)
US Health Partners Management, LLC	Revolver	SOFR	+	5.00%	(Q)	9.32%	1/12/2024	1/11/2030		3		2			3				(6)(9)
US Health Partners Management, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.30%	1/12/2024	1/11/2030		28		27			28				(2)(6)(9)
US Health Partners Management, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.30%	1/12/2024	1/11/2030		33		32			33				(6)(9)
USN Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.95%	6/9/2022	12/21/2026		1,173		1,167			1,173				(1)(6)
USN Opco, LLC	Delayed Draw Term Loan	N/A					11/15/2024	12/21/2026		—		(5	)		—				(2)(6)(9)
USN Opco, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.20%	3/26/2024	12/21/2026		2,434		2,402			2,434				(1)(6)
USN Opco, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.15%	11/15/2024	12/21/2026		277		272			277				(6)(9)
												130,874			130,151		33.50	%
Health Care Technology
BRG Acquisition Co., LLC	Revolver	N/A					7/26/2022	7/26/2028	$	—	$	(7	)	$	(12	)			(2)(6)(9)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	6.00%	(Q)	10.30%	12/27/2023	7/26/2028		2,963		2,917			2,963				(1)(6)

15

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

BRG Acquisition Co., LLC	Term Loan	SOFR	+	5.50%	(Q)	9.95%	7/26/2022	7/26/2028		6,728		6,644			6,593				(1)(6)
Healthfuse, LLC	Revolver	N/A					1/10/2025	1/10/2031		—		(21	)		(11	)			(2)(6)(9)
Healthfuse, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.29%	1/10/2025	1/10/2031		5,489		5,409			5,448				(1)(6)
Healthfuse, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.29%	1/10/2025	1/10/2031		1,000		985			993				(6)(9)
Lightspeed Buyer, Inc.	Revolver	N/A					12/2/2024	2/3/2027		—		(3	)		—				(2)(6)(9)
Lightspeed Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.08%	12/2/2024	2/3/2027		5,558		5,483			5,558				(2)(6)(9)
Lightspeed Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.05%	12/2/2024	2/3/2027		3,347		3,318			3,347				(6)(9)
Q-Centrix, LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	8.91%	6/2/2022	6/1/2026		5,712		5,709			5,712				(1)(6)
Q-Centrix, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.91%	6/2/2022	6/1/2026		3,815		3,814			3,815				(1)(6)
												34,248			34,406		8.86	%
Hotels, Restaurants & Leisure
Taymax Group, L.P.	Term Loan	SOFR	+	6.00%	(M)	10.42%	12/13/2022	7/31/2026	$	4,875	$	4,781		$	4,875				(1)(6)
												4,781			4,875		1.25	%
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.94%	6/2/2022	11/9/2027	$	9,314	$	9,288		$	9,220				(1)(6)
												9,288			9,220		2.37	%
Insurance
Turbo Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(Q)	10.45%	6/2/2022	12/2/2025	$	429	$	427		$	416				(1)(6)
Turbo Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(Q)	10.45%	6/2/2022	12/2/2025		66		65			64				(1)(6)
Turbo Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(Q)	10.45%	6/2/2022	12/2/2025		1,285		1,280			1,246				(1)(6)
Turbo Buyer, Inc.	Term Loan	SOFR	+	6.00%	(Q)	10.45%	6/2/2022	12/2/2025		1,219		1,214			1,182				(1)(6)
Turbo Buyer, Inc.	Term Loan	SOFR	+	6.00%	(Q)	10.45%	6/2/2022	12/2/2025		6,932		6,906			6,724				(1)(6)
												9,892			9,632		2.48	%
IT Services
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.30%	8/24/2022	12/21/2027	$	9,848	$	9,792		$	9,848				(1)(6)
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.30%	8/13/2024	12/21/2027		790		784			790				(1)(6)
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.30%	1/23/2025	12/21/2027		145		144			145				(6)(9)
Concord III, L.L.C.	Revolver	SOFR	+	6.00%	(M)	10.32%	12/20/2023	12/20/2028		157		153			157				(2)(6)(9)
Concord III, L.L.C.	Term Loan	SOFR	+	2.00% (4.75% PIK)	(M)	11.05%	12/20/2023	12/20/2028		4,333		4,253			4,333				(1)(6)
Distinct Holdings, Inc.	Revolver	SOFR	+	5.75%	(Q)	10.07%	7/18/2024	7/18/2029		398		381			374				(2)(6)(9)
Distinct Holdings, Inc.	Term Loan	SOFR	+	5.75%	(S)	9.97%	7/18/2024	7/18/2029		10,945		10,775			10,781				(1)(6)
Distinct Holdings, Inc.	Term Loan	SOFR	+	5.75%	(S)	9.97%	7/18/2024	7/18/2029		975		960			961				(6)(9)
TriMech Acquisition Corp.	Term Loan	SOFR	+	4.75%	(Q)	9.05%	6/2/2022	3/10/2028		8,424		8,352			8,424				(1)(6)
												35,594			35,813		9.22	%
Life Sciences Tools & Services
KL Charlie Acquisition Company	Revolver	N/A					9/5/2023	12/30/2026	$	—	$	(1	)	$	—				(2)(6)(9)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.92%	3/17/2023	12/30/2026		3		3			3				(1)(6)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.92%	6/2/2022	12/30/2026		2,590		2,568			2,571				(1)(6)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.92%	6/2/2022	12/30/2026		604		604			599				(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.50%	(M)	9.92%	3/17/2023	12/30/2026		2		2			2				(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.50%	(M)	9.92%	11/26/2024	12/30/2026		618		613			614				(1)(6)
Molecular Designs, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.82%	9/9/2024	10/4/2027		2,258		2,220			2,247				(1)(6)
												6,009			6,036		1.55	%
Personal Care Products

16

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Accupac, LLC	Revolver	SOFR	+	7.00%	(Q)	11.30%	12/31/2024	12/31/2029	$	217	$	192		$	204				(2)(6)(9)
Accupac, LLC	Term Loan	SOFR	+	7.00%	(Q)	11.30%	12/31/2024	12/31/2029		8,674		8,507			8,587				(6)(9)
BPC Holding III Corp.	Term Loan	SOFR	+	5.25%	(S)	9.57%	6/2/2022	7/28/2026		3,207		3,207			3,151				(1)(6)
BPC Holding III Corp.	Term Loan	SOFR	+	5.25%	(S)	9.57%	6/2/2022	7/28/2026		2,271		2,271			2,231				(1)(6)
KL Bronco Acquisition, Inc.	Revolver	SOFR	+	5.25%	(Q)	9.64%	6/30/2022	6/30/2028		339		332			332				(2)(6)(9)
KL Bronco Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.65%	6/30/2022	6/30/2028		530		517			512				(2)(6)(9)
KL Bronco Acquisition, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.64%	6/30/2022	6/30/2028		3,830		3,784			3,792				(1)(6)
												18,810			18,809		4.84	%
Pharmaceuticals
Advantage HCS LLC	Term Loan	SOFR	+	5.25%	(Q)	9.55%	11/8/2023	11/8/2029	$	11,000	$	10,728		$	11,000				(1)(6)
Advantage HCS LLC	Term Loan	SOFR	+	5.25%	(Q)	9.55%	11/8/2023	11/8/2029		1,469		1,432			1,469				(6)(9)
Leiters, Inc.	Revolver	SOFR	+	6.00%	(Q)	10.41%	9/29/2023	6/29/2028		11		57			1				(2)(6)(9)
Leiters, Inc.	Revolver	PRIME	+	5.00%	(Q)	12.50%	9/29/2023	6/29/2028		77		26			72				(6)(9)
Leiters, Inc.	Term Loan	SOFR	+	6.00%	(Q)	10.41%	9/29/2023	6/29/2028		150		147			140				(6)(9)
Leiters, Inc.	Term Loan	SOFR	+	6.00%	(Q)	10.41%	9/29/2023	6/29/2028		330		323			309				(6)(9)
												12,713			12,991		3.34	%
Professional Services
Basin Innovation Group, LLC	Revolver	N/A					12/6/2024	12/6/2030	$	—	$	(18	)	$	(9	)			(2)(6)(9)
Basin Innovation Group, LLC	Delayed Draw Term Loan	N/A					12/6/2024	12/6/2030		—		(13	)		(13	)			(2)(6)(9)
Basin Innovation Group, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.30%	12/6/2024	12/6/2030		10,973		10,815			10,890				(1)(6)
Basin Innovation Group, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.30%	12/6/2024	12/6/2030		698		688			693				(6)(9)
DRML Holdings LLC	Revolver	N/A					3/14/2025	3/14/2031		—		(22	)		(15	)			(2)(6)(9)
DRML Holdings LLC	Delayed Draw Term Loan	N/A					3/14/2025	3/14/2031		—		(30	)		(23	)			(2)(6)(9)
DRML Holdings LLC	Term Loan	SOFR	+	4.75%	(Q)	9.04%	3/14/2025	3/14/2031		10,000		9,851			9,925				(6)(9)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.40%	6/2/2022	10/29/2027		693		693			684				(1)(6)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.40%	6/2/2022	10/29/2027		2,827		2,822			2,791				(1)(6)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.40%	6/2/2022	10/29/2027		5,713		5,703			5,641				(1)(6)
UHY Advisors, Inc.	Revolver	SOFR	+	4.75%	(Q)	9.06%	11/22/2024	11/21/2031		390		373			372				(2)(6)(9)
UHY Advisors, Inc.	Delayed Draw Term Loan	N/A					11/22/2024	11/21/2031		—		(31	)		(66	)			(2)(6)(9)
UHY Advisors, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.06%	11/22/2024	11/21/2031		6,623		6,560			6,557				(1)(6)
												37,391			37,427		9.63	%
Software
Project Leopard Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.64%	8/12/2022	7/20/2029	$	98	$	93		$	84				(6)(7)(9)
QM Buyer, Inc.	Revolver	N/A					12/6/2024	12/6/2030		—		(16	)		(9	)			(2)(6)(9)
QM Buyer, Inc.	Delayed Draw Term Loan	N/A					12/6/2024	12/6/2030		—		(16	)		(17	)			(2)(6)(9)
QM Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.30%	12/6/2024	12/6/2030		6,901		6,802			6,850				(1)(6)
TCP Hawker Intermediate LLC	Term Loan	SOFR	+	5.00%	(Q)	9.30%	11/26/2024	8/30/2029		10,693		10,681			10,693				(1)(6)
												17,544			17,601		4.53	%
Textiles, Apparel & Luxury Goods
BPCP NSA Intermedco, Inc.	Revolver	N/A					5/17/2024	5/17/2030	$	—	$	(13	)	$	—				(2)(6)(9)
BPCP NSA Intermedco, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.05%	5/17/2024	5/17/2030		874		856			874				(2)(6)(9)
BPCP NSA Intermedco, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.05%	5/17/2024	5/17/2030		6,503		6,417			6,504				(1)(6)
												7,260			7,378		1.90	%
Trading Companies & Distributors

17

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

Easy Ice, LLC	Revolver	N/A					10/30/2024	10/30/2030		$	—	$	(10	)	$	(11	)			(2)(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.40%	(Q)	9.69%	10/30/2024	10/30/2030			90		258			70				(2)(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.40%	(Q)	9.72%	10/30/2024	10/30/2030			64		13			63				(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	SOFR	+	5.40%	(Q)	9.70%	10/30/2024	10/30/2030			163		33			161				(6)(9)
Easy Ice, LLC	Term Loan	SOFR	+	5.40%	(Q)	9.69%	10/30/2024	10/30/2030			6,722		6,626			6,621				(1)(6)
Krayden Holdings, Inc.	Revolver	SOFR	+	4.75%	(M)	9.07%	3/1/2023	3/1/2029			28		18			20				(2)(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	N/A					3/1/2023	3/1/2029			—		(8	)		(4	)			(2)(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	N/A					3/1/2023	3/1/2029			—		(8	)		(4	)			(2)(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	N/A					8/30/2024	3/1/2029			—		(5	)		(13	)			(2)(6)(9)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.07%	8/30/2024	3/1/2029			1,245		1,234			1,232				(1)(6)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.07%	3/1/2023	3/1/2029			2,029		1,983			2,009				(1)(6)
Municipal Emergency Services, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.45%	9/24/2024	10/1/2027			1,298		1,260			1,298				(2)(6)(9)
													11,394			11,442		2.94	%
Transportation Infrastructure
G2 Secure Staff, L.L.C.	Term Loan	SOFR	+	5.50%	(Q)	9.94%		7/2/2025		$	474	$	472		$	474				(6)(9)
													472			474		0.12	%
Total Senior Secured First Lien Loans													667,387			659,142		169.64	%
Equity
Automobile Components
M&D Parent Holdings, LLC	Class B Units								500,000				500			597				(3)(9)
													500			597		0.15	%
Chemicals
MDI Aggregator LP	Common Units								8,046				856			796				(3)(9)
Techmer BB Aggregator, LP	Limited Partnership Units								333				348			—				(3)(9)
													1,204			796		0.20	%
Commercial Services & Supplies
RFI Group Holdings, L.P.	Class A Units								3,000				300			392				(3)(9)
Chimney Rock 3G Co-Invest	Equity Co-Invest								1,250				126			123				(3)(9)
													426			515		0.13	%
Construction & Engineering
HT Investors, LLC	A1 Units								3,333				347			252				(3)(9)
													347			252		0.06	%
Containers & Packaging
Oliver Investors, LP	Class A Units								6,080				608			84				(3)(9)
													608			84		0.02	%
Diversified Consumer Services
FS NU Investors, LP	Class A Units								5,257				526			189				(3)(9)
													526			189		0.05	%
Health Care Technology
BRG Group Holdings, LLC	Class A Units								626,441				626			714				(3)(9)

18

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

											626		714	0.18	%
Personal Care Products
KLC Fund 1-C1 LP	Limited Partnership Units							605,769			607		618			(3)(9)
											607		618	0.16	%
Total Equity											4,844		3,765	0.97	%
Subtotal Non-Controlled/Non-Affiliated Investments											672,231		662,907	170.61	%
Controlled Investments:																(+)
Investment Funds and Vehicles
Senior Direct Lending Program, LLC	Limited Partnership Units	SOFR	+	8.00%	(Q)	Current Yield: 13.60%	12/31/36		183,116		179,510		164,804			(2)(4)(5)
										$	179,510	$	164,804	42.42	%
Subtotal Controlled Investments										$	179,510	$	164,804	42.42	%
Total Investments, March 31, 2025										$	851,741	$	827,711	213.03	%

Derivative Instruments

Description	Hedging Item	Company Receives			Company Pays	Counterparty	Maturity Date	Notional Amount		Fair Value		Upfront Payments / Receipts		Unrealized Appreciation / (Depreciation)		Footnotes
Interest rate swap	2026 Notes		8.10	%	USD-SOFR-Compound + 4.226%	CIBC Bank USA	12/21/2026	$	25,000	$	7	$	—	$	7	(7)
Interest rate swap	2028 Notes		8.20	%	USD-SOFR-Compound + 4.595%	CIBC Bank USA	12/21/2028		25,000		140		—		140	(7)
Total								$	50,000	$	147	$	—	$	147

# Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (See "Note 4. Fair Value Measurements").

+ All of the issuers of the investments held by the Company are domiciled in the United States. Certain investments also have international operations.

* Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q) or monthly (M). For each such loan, the Company has provided the interest rate in effect as of March 31, 2025.

^ Percentage is based on net assets of $388,547 as of March 31, 2025.

(+) Controlled Investments are defined by the Investment Company Act of 1940 Act, as amended (the "1940 Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(++) Negative cost, if applicable, results from unamortized fees on unfunded commitments, which are capitalized to the investment cost. The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

(1) The Company's investment or a portion thereof is held by VCC CLO 1, LLC, which serves as collateral for the 2024 Debt Securitization (See "Note 6. Borrowings").

(2) The investment has an unfunded commitment as of March 31, 2025 (See "Note 8. Commitments"). Fair value includes an analysis of the unfunded commitment.

(3) Security is non-income producing.

(4) The investment is not considered a "qualifying asset" under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2025, total qualifying assets at fair value represented 81.1% of the Company's total assets calculated in accordance with the 1940 Act.

19

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of March 31, 2025

(dollar amounts in thousands, except Shares/Units)

(unaudited)

(5) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(6) Loan includes interest rate floor feature.

(7) This investment represents a Level 2 security in the ASC 820 fair value hierarchy as of March 31, 2025 (See "Note 4. Fair Value Measurements").

(8) Par Amount, Amortized Cost, and Fair Value are less than $1,000.

(9) The investment or a portion thereof held by the Company or VCC Equity Holdings, LLC, a wholly owned subsidiary of the Company, is pledged as collateral under the SMBC Facility (See "Note 6. Borrowings").

(10) As of March 31, 2025, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit issued and outstanding through a financial intermediary under the loan. See Note 8. Commitments for further information on letters of credit commitments related to certain portfolio companies.

(11) As of March 31, 2025, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 8. Commitments for further information on letters of credit commitments related to certain portfolio companies.

(12) The investment was current on cash interest payments and was on non-accrual status with respect to the portion of the interest that is PIK interest only as of March 31, 2025. See "Note 2. Significant Accounting Policies" for more information.

See accompanying notes to consolidated financial statements.

20

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

21

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Company # +	Type of Investment	Reference Rate and Spread				Interest Rate *	Acquisition Date	Maturity	Shares / Units	Principal		Amortized Cost (++)			Fair Value			Percentage of Net Assets ^			Footnotes
Non-Controlled/Non-Affiliated Investments:
Senior Secured First Lien Loans
Aerospace & Defense
AIM Acquisition, LLC	Term Loan	SOFR	+	4.75%	(S)	9.28%	6/2/2022	12/2/2027		$	11,000	$	10,903		$	11,000					(1)(6)
SI Holdings, Inc.	Revolver	N/A					8/28/2024	12/31/2027			—		(5	)		—					(2)(6)(9)
SI Holdings, Inc.	Term Loan	SOFR	+	5.75%	(Q)	10.18%	12/8/2023	12/31/2027			675		662			675					(1)(6)
SI Holdings, Inc.	Term Loan	SOFR	+	5.75%	(Q)	10.18%	11/26/2024	12/31/2027			1,660		1,646			1,660					(1)(6)
Trident Maritime Systems, Inc.	Term Loan	SOFR	+	3.5%(2.0% PIK)	(Q)	10.20%	10/19/2023	2/26/2027			664		647			619					(6)(9)
													13,853			13,954			3.55	%
Air Freight & Logistics
Horizon Freight Holdings, Inc.	Revolver	SOFR	+	5.00%	(Q)	9.48%	8/22/2024	8/22/2030		$	18	$	17		$	18					(6)(9)(10)
Horizon Freight Holdings, Inc.	Revolver	SOFR	+	5.00%	(Q)	9.33%	8/22/2024	8/22/2030			253		240			238					(6)(9)(10)
Horizon Freight Holdings, Inc.	Delayed Draw Term Loan	N/A					8/22/2024	8/22/2030			—		(11	)		(23	)				(2)(6)(9)
Horizon Freight Holdings, Inc.	Delayed Draw Term Loan	N/A					8/22/2024	8/22/2030			—		(11	)		(23	)				(2)(6)(9)
Horizon Freight Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.33%	8/22/2024	8/22/2030			6,541		6,447			6,443					(1)(6)
													6,682			6,653			1.69	%
Automobile Components
AAMP Global Holdings, Inc.	Term Loan	SOFR	+	5.75%	(Q)	10.18%	6/2/2022	11/5/2025		$	14,588	$	14,537		$	14,332					(1)(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.5%(2.75% PIK)	(Q)	9.91%	6/2/2022	8/31/2028			2,612		2,587			1,985					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.5%(2.75% PIK)	(Q)	9.91%	6/2/2022	8/31/2028			2,274		2,253			1,728					(6)(9)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	2.5%(2.75% PIK)	(Q)	9.91%	6/2/2022	8/31/2028			19		19			15					(6)(9)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.5%(2.75% PIK)	(Q)	9.91%	6/2/2022	8/31/2028			1,089		1,078			827					(6)(9)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.5%(2.75% PIK)	(Q)	9.91%	6/2/2022	8/31/2028			212		210			161					(6)(9)
M&D MidCo, Inc.	Revolver	N/A					8/31/2022	8/31/2028			—		(18	)		(31	)				(2)(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.74%	8/31/2022	8/31/2028			11		10			10					(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.66%	8/31/2022	8/31/2028			12		12			12					(6)(9)
M&D MidCo, Inc.	Delayed Draw Term Loan	N/A					12/17/2024	8/31/2028			—		(17	)		(61	)				(2)(6)(9)
M&D MidCo, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.66%	8/31/2022	8/31/2028			64		63			63					(6)(9)
M&D MidCo, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.48%	12/17/2024	8/31/2028			4,963		4,913			4,876					(6)(9)
Race Winning Brands, Inc.	Term Loan	SOFR	+	5.50%	(Q)	10.24%	6/2/2022	11/16/2027			10,851		10,791			10,254					(1)(6)
USSC Holding Corp.	Revolver	N/A					7/23/2024	6/21/2030			—		(7	)		(8	)				(2)(6)(9)
USSC Holding Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.76%	7/23/2024	6/21/2030			896		883			882					(6)(9)

22

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

USSC Holding Corp.	Term Loan	SOFR	+	5.25%	(Q)	9.58%	7/23/2024	6/21/2030		2,693		2,655			2,653				(1)(6)
												39,969			37,698		9.59	%
Beverages
Cold Spring Brewing Company	Term Loan	SOFR	+	4.75%	(M)	9.23%	12/23/2024	12/10/2030	$	10,984	$	10,875		$	10,874				(6)(9)
												10,875			10,874		2.76	%
Chemicals
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(M)	9.49%	6/2/2022	12/28/2025	$	5,725	$	5,707		$	5,639				(1)(6)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.23%	6/2/2022	12/28/2025		414		413			408				(1)(6)
Boulder Scientific Company, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.23%	6/2/2022	12/28/2025		414		413			408				(1)(6)
MDI Buyer, Inc.	Revolver	SOFR	+	5.50%	(Q)	10.27%	8/5/2022	7/25/2028		261		257			261				(6)(9)
MDI Buyer, Inc.	Revolver	PRIME	+	4.50%	(Q)	12.00%	8/5/2022	7/25/2028		550		540			550				(6)(9)
MDI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.01%	8/5/2022	7/25/2028		2,351		2,316			2,351				(1)(6)
MDI Buyer, Inc.	Term Loan	SOFR	+	5.50%	(Q)	10.01%	8/5/2022	7/25/2028		6,515		6,420			6,515				(1)(6)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.60%	9/1/2022	9/1/2028		3		2			2				(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.62%	9/1/2022	9/1/2028		1		1			1				(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.77%	9/1/2022	9/1/2028		2		2			2				(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.73%	9/1/2022	9/1/2028		1		1			1				(6)(9)
Techmer BB Bidco, LLC	Revolver	SOFR	+	5.25%	(S)	9.78%	9/1/2022	9/1/2028		2		2			2				(6)(9)
Techmer BB Bidco, LLC	Revolver	PRIME	+	4.25%	(S)	11.75%	9/1/2022	9/1/2028		1		1			1				(6)(9)
Techmer BB Bidco, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(S)	9.61%	9/1/2022	9/1/2028		2		2			2				(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.80%	9/1/2022	9/1/2028		—		—			—				(6)(8)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.77%	9/1/2022	9/1/2028		1		1			1				(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.73%	9/1/2022	9/1/2028		53		53			47				(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.79%	9/1/2022	9/1/2028		1		1			1				(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.78%	9/1/2022	9/1/2028		1		1			—				(6)(9)
Techmer BB Bidco, LLC	Term Loan	SOFR	+	5.25%	(S)	9.74%	9/1/2022	9/1/2028		—		—			—				(6)(8)(9)
												16,339			16,396		4.17	%
Commercial Services & Supplies
3G Intermediate, Inc.	Revolver	N/A					9/30/2024	9/30/2030	$	—	$	(13	)	$	(7	)			(2)(6)(9)
3G Intermediate, Inc.	Delayed Draw Term Loan	N/A					9/30/2024	9/30/2030		—		(26	)		(13	)			(2)(6)(9)
3G Intermediate, Inc.	Term Loan	SOFR	+	5.50%	(Q)	9.83%	9/30/2024	9/30/2030		3,325		3,261			3,292				(1)(6)
Advanced Web Technologies Holding Company	Revolver	N/A					9/30/2024	12/17/2027		39		36			39				(2)(6)(9)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	5.75% (2.25% PIK)	(Q)	10.56%	7/2/2024	12/17/2027		432		426			432				(1)(6)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	SOFR	+	5.75% (2.25% PIK)	(Q)	10.56%	10/18/2022	12/17/2027		76		74			76				(1)(6)
Advanced Web Technologies Holding Company	Delayed Draw Term Loan	N/A					7/2/2024	12/17/2027		—		(13	)		—				(2)(6)(9)

23

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Advanced Web Technologies Holding Company	Term Loan	SOFR	+	5.75% (2.25% PIK)	(Q)	10.56%	7/2/2024	12/17/2027		1,098		1,088			1,098			(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	5.75% (2.25% PIK)	(Q)	10.56%	10/18/2022	12/17/2027		23		23			23			(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	5.75% (2.25% PIK)	(Q)	10.56%	6/2/2023	12/17/2027		302		297			302			(1)(6)
Advanced Web Technologies Holding Company	Term Loan	SOFR	+	5.75% (2.25% PIK)	(Q)	10.56%	7/2/2024	12/17/2027		507		499			507			(1)(6)
HLSG Intermediate, LLC	Delayed Draw Term Loan	SOFR	+	6.25%	(M)	10.72%	10/6/2023	3/31/2028		2,932		2,882			2,932			(1)(6)
HLSG Intermediate, LLC	Term Loan	SOFR	+	6.25%	(M)	10.72%	10/6/2023	3/31/2028		5,839		5,737			5,839			(1)(6)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	6.25%	(Q)	10.98%	3/30/2023	10/31/2025		10		10			10			(1)(6)
LAV Gear Holdings, Inc.	Term Loan	SOFR	+	6.25%	(Q)	10.93%	1/10/2023	10/31/2025		2,463		2,463			2,389			(1)(6)
Liquid Environmental Solutions Corporation	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	9.69%	6/2/2022	5/29/2026		2,182		2,169			2,128			(6)(9)
Liquid Environmental Solutions Corporation	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	9.69%	6/2/2022	5/29/2026		2,836		2,820			2,766			(1)(6)
Liquid Environmental Solutions Corporation	Term Loan	SOFR	+	5.00%	(M)	9.69%	6/2/2022	5/31/2026		361		359			352			(6)(9)
Liquid Environmental Solutions Corporation	Term Loan	SOFR	+	5.00%	(M)	9.69%	6/2/2022	5/31/2026		470		467			458			(1)(6)
Online Labels Group, LLC	Revolver	N/A					12/19/2023	12/19/2029		—		—			—			(2)(6)(8)(9)
Online Labels Group, LLC	Delayed Draw Term Loan	N/A					12/19/2023	12/19/2029		—		—			—			(2)(6)(8)(9)
Online Labels Group, LLC	Delayed Draw Term Loan	N/A					12/19/2023	12/19/2029		—		—			—			(2)(6)(8)(9)
Online Labels Group, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.58%	12/19/2023	12/19/2029		71		70			71			(6)(9)
RFI Buyer, Inc.	Revolver	SOFR	+	4.75%	(Q)	9.37%	8/5/2022	8/5/2028		1		1			1			(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.48%	8/5/2022	8/5/2028		10		9			10			(6)(9)
RFI Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.28%	8/5/2022	8/5/2028		19		19			19			(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.28%	8/5/2022	8/5/2028		58		57			58			(6)(9)
RFI Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.25%	12/2/2024	8/5/2028		2,922		2,879			2,922			(6)(9)
Titan Group Holdco, LLC	Revolver	N/A					8/22/2024	8/13/2029		—		(8	)		—			(2)(6)(9)(11)
Titan Group Holdco, LLC	Delayed Draw Term Loan	N/A					8/22/2024	8/13/2029		—		(4	)		—			(2)(6)(9)
Titan Group Holdco, LLC	Delayed Draw Term Loan	N/A					8/22/2024	8/13/2029		—		(4	)		—			(2)(6)(9)
Titan Group Holdco, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.33%	8/22/2024	8/13/2029		2,554		2,517			2,554			(1)(6)
VRC Companies, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.35%	6/2/2022	6/29/2027		633		628			627			(6)(9)
VRC Companies, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.35%	6/2/2022	6/29/2027		10,972		10,888			10,862			(1)(6)
												39,611			39,747	10.11	%
Construction & Engineering
HTI Intermediate, LLC	Revolver	SOFR	+	5.00%	(Q)	9.44%	3/1/2024	3/1/2030	$	36	$	30		$	32			(6)(9)

24

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

HTI Intermediate, LLC	Delayed Draw Term Loan	N/A					3/1/2024	3/1/2030		—		(5	)		(5	)			(2)(6)(9)
HTI Intermediate, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.47%	3/1/2024	3/1/2030		1,276		1,253			1,263				(6)(9)
Royal Holdco Corporation	Term Loan	SOFR	+	5.75%	(Q)	10.54%	3/8/2023	12/30/2027		672		661			672				(6)(9)
												1,939			1,962		0.50	%
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Revolver	SOFR	+	4.75%	(Q)	9.11%	12/23/2024	12/23/2030		13		12			12				(6)(9)(10)
FS Squared Holding Corp.	Delayed Draw Term Loan	N/A					12/23/2024	12/23/2030		—		(2	)		(4	)			(2)(6)(9)
FS Squared Holding Corp.	Delayed Draw Term Loan	N/A					12/23/2024	12/23/2030		—		(1	)		(2	)			(2)(6)(9)
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(Q)	9.11%	12/23/2024	12/23/2030		417		410			410				(6)(9)
KeyImpact Holdings, Inc.	Term Loan	SOFR	+	6.50%	(Q)	11.09%	1/31/2024	1/31/2029		10,854		10,621			10,854				(1)(6)(9)
												11,040			11,270		2.87	%
Containers & Packaging
Comar Holding Company, LLC	Delayed Draw Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.23%	6/2/2022	6/18/2026	$	3,184	$	3,184		$	2,921				(1)(6)(9)
Comar Holding Company, LLC	Delayed Draw Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.23%	6/2/2022	6/18/2026		2,526		2,499			2,318				(1)(6)(9)
Comar Holding Company, LLC	Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.23%	6/2/2022	6/18/2026		217		217			200				(1)(6)(9)
Comar Holding Company, LLC	Term Loan	SOFR	+	2.00% (4.75% PIK)	(Q)	11.23%	6/2/2022	6/18/2026		9,264		9,129			8,499				(1)(6)(9)
Oliver Packaging, LLC	Revolver	SOFR	+	5.00% (.50% PIK)	(Q)	9.98%	7/6/2022	7/6/2028		174		168			167				(6)(9)(10)
Oliver Packaging, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.48%	7/6/2022	7/6/2028		3,940		3,893			3,891				(6)(9)
Oliver Packaging, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.48%	8/30/2024	7/6/2028		716		709			707				(6)(9)
												19,799			18,703		4.76	%
Distributors
Graffiti Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.12%	4/29/2024	8/10/2027	$	360	$	349		$	329				(6)(9)
Graffiti Buyer, Inc.	Term Loan	SOFR	+	5.50%	(Q)	10.19%	4/29/2024	8/10/2027		1,724		1,703			1,689				(1)(6)
Hub Pen Company, LLC	Revolver	N/A					9/30/2024	12/31/2027		—		(12	)		(11	)			(2)(6)(9)(10)
Hub Pen Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.90%	9/30/2024	12/31/2027		6,278		6,161			6,168				(1)(6)
Polk Acquisition Corp.	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.71%	6/2/2022	3/31/2025		187		187			187				(6)(9)
Polk Acquisition Corp.	Delayed Draw Term Loan	SOFR	+	5.25% (2.25% PIK)	(M)	11.96%	6/2/2022	3/31/2025		215		215			215				(1)(6)
Polk Acquisition Corp.	Term Loan	SOFR	+	5.25%	(M)	9.71%	6/2/2022	3/31/2025		5,087		5,086			5,087				(6)(9)
Polk Acquisition Corp.	Term Loan	SOFR	+	5.25% (2.25% PIK)	(M)	11.96%	6/2/2022	3/31/2025		5,876		5,875			5,876				(1)(6)
POY Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.24%	11/22/2023	11/16/2027		580		572			580				(1)(6)
POY Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.98%	11/22/2023	11/16/2027		626		618			626				(1)(6)

25

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

POY Holdings, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.98%	11/22/2023	11/16/2027		5,037		4,949			5,037				(1)(6)
United Scope LLC	Term Loan	SOFR	+	5.00%	(Q)	9.74%	6/2/2022	12/1/2025		10,867		10,851			10,106				(1)(6)(9)
												36,554			35,889		9.13	%
Diversified Consumer Services
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	11.03%	8/16/2022	8/16/2028	$	2	$	2		$	2				(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	10.70%	8/16/2022	8/16/2028		1		1			1				(6)(9)
ADPD Holdings LLC	Revolver	SOFR	+	6.00%	(S)	11.39%	8/16/2022	8/16/2028		1		1			1				(6)(9)
ADPD Holdings LLC	Delayed Draw Term Loan	N/A					8/16/2022	8/16/2028		—		—			(1	)			(2)(6)(9)
ADPD Holdings LLC	Delayed Draw Term Loan	N/A					8/16/2022	8/16/2028		—		—			(1	)			(2)(6)(9)
ADPD Holdings LLC	Term Loan	SOFR	+	6.00%	(S)	11.03%	8/16/2022	8/16/2028		74		73			66				(6)(9)
Castleworks Home Services Company	Revolver	PRIME	+	4.5% (7.5% PIK)	(Q)	19.50%	6/29/2022	6/29/2028		795		785			578				(6)(9)
Castleworks Home Services Company	Term Loan	PRIME	+	4.5% (7.5% PIK)	(Q)	19.50%	6/29/2022	6/29/2028		6,581		6,509			4,805				(6)(9)
Express Wash Acquisition Company, LLC	Revolver	SOFR	+	6.50%	(Q)	11.35%	7/14/2022	7/14/2028		141		138			121				(6)(9)
Express Wash Acquisition Company, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	11.35%	7/14/2022	7/14/2028		1,118		1,104			1,031				(1)(6)(9)
Express Wash Acquisition Company, LLC	Term Loan	SOFR	+	6.50%	(Q)	11.35%	7/14/2022	7/14/2028		5,272		5,214			4,864				(1)(6)(9)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		770		768			737				(1)(6)(9)
TheKey, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		5,419		5,405			5,189				(1)(6)(9)
TheKey, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		1,716		1,711			1,642				(1)(6)(9)
TheKey, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.53%	6/2/2022	3/30/2027		494		492			473				(1)(6)(9)
												22,203			19,508		4.96	%
Diversified Financial Services
RWA Wealth Partners, LLC	Revolver	N/A					8/31/2022	11/15/2030	$	—	$	(19	)	$	(19	)			(2)(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.19%	8/31/2022	11/15/2030		278		255			275				(6)(9)
RWA Wealth Partners, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.10%	8/31/2022	11/15/2030		156		143			89				(6)(9)
RWA Wealth Partners, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.27%	8/31/2022	11/15/2030		8,611		8,526			8,525				(1)(6)
												8,905			8,870		2.26	%
Diversified Telecommunication Services
MBS Holdings, Inc.	Term Loan	SOFR	+	6.25%	(S)	11.09%	11/29/2023	4/16/2027	$	312	$	306		$	312				(6)(9)
												306			312		0.08	%
Electronic Equipment, Instruments & Components
Alert SRC Newco LLC	Revolver	N/A					12/11/2024	12/11/2030	$	—	$	(9	)	$	(5	)			(2)(6)(9)
Alert SRC Newco LLC	Delayed Draw Term Loan	N/A					12/11/2024	12/11/2030		—		(15	)		(15	)			(2)(6)(9)
Alert SRC Newco LLC	Term Loan	SOFR	+	5.00%	(M)	9.45%	12/11/2024	12/11/2030		6,241		6,148			6,194				(6)(9)
BC Group Holdings, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.33%	6/2/2022	12/21/2026		7,289		7,289			7,289				(1)(6)
												13,413			13,463		3.42	%

26

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Energy Equipment & Services
Energy Labs Holdings Corp.	Delayed Draw Term Loan	SOFR	+	5.00%	(M)	9.46%	6/2/2022	4/7/2028	$	723	$	720		$	723				(1)(6)
Energy Labs Holdings Corp.	Term Loan	SOFR	+	5.00%	(M)	9.46%	6/2/2022	4/7/2028		7,604		7,533			7,604				(1)(6)
												8,253			8,327		2.12	%
Food Products
Hissho Parent, LLC	Revolver	N/A					8/8/2024	5/18/2029	$	—	$	(6	)	$	—				(2)(6)(9)
Hissho Parent, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.27%	8/8/2024	5/18/2029		3,483		3,451			3,483				(1)(6)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	10.06%	9/28/2022	5/14/2027		2		2			2				(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	10.03%	9/28/2022	5/14/2027		2		2			2				(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.99%	9/28/2022	5/14/2027		5		5			5				(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.92%	9/28/2022	5/14/2027		4		4			4				(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.92%	9/28/2022	5/14/2027		2		2			2				(6)(9)
JTM Foods LLC	Revolver	SOFR	+	5.25%	(Q)	9.89%	9/28/2022	5/14/2027		5		5			5				(6)(9)
JTM Foods LLC	Revolver	PRIME	+	4.25%	(M)	11.75%	9/28/2022	5/14/2027		8		8			8				(6)(9)
JTM Foods LLC	Term Loan	SOFR	+	5.25%	(Q)	9.73%	9/28/2022	5/14/2027		69		68			69				(6)(9)
KNPC Holdco, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.99%	6/2/2022	10/22/2029		8,000		7,925			7,920				(1)(6)
VG Target Holdings, LLC	Term Loan	SOFR	+	5.50% (3.50% PIK)	(Q)	13.85%	6/2/2022	8/2/2027		6,057		5,992			5,209				(6)(9)
												17,458			16,709		4.25	%
Ground Transportation
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.49%	6/2/2022	8/3/2026	$	4,972	$	4,964		$	4,723				(6)(9)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.49%	6/2/2022	8/3/2026		937		936			890				(6)(9)
A&R Logistics Holdings, Inc.	Term Loan	SOFR	+	2.5% (4.25% PIK)	(Q)	11.49%	10/4/2024	8/3/2026		204		200			194				(6)(9)
Beacon Mobility Corp.	Delayed Draw Term Loan	SOFR	+	6.25%	(M)	10.79%	6/2/2022	12/31/2025		1,926		1,916			1,926				(1)(6)
Beacon Mobility Corp.	Delayed Draw Term Loan	SOFR	+	6.25%	(M)	10.79%	6/2/2022	12/31/2025		8,722		8,676			8,722				(1)(6)
												16,692			16,455		4.18	%
Health Care Equipment & Supplies
ACP Oak Buyer, Inc.	Revolver	N/A					12/27/2024	8/29/2026	$	—	$	(8	)	$	—				(2)(6)(9)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.23%	6/2/2022	8/29/2026		5,831		5,806			5,831				(1)(6)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.23%	3/19/2024	8/29/2026		814		805			814				(1)(6)
ACP Oak Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.23%	12/27/2024	8/29/2026		3,321		3,271			3,321				(6)(9)
BioCare Medical, LLC	Term Loan	SOFR	+	7.00%	(M)	11.44%	11/18/2022	12/9/2027		1,303		1,277			1,303				(6)(9)
EPTAM Plastics, Ltd.	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.96%	6/2/2022	12/6/2025		1,285		1,281			1,265				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.96%	6/2/2022	12/6/2025		348		347			343				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.96%	6/2/2022	12/6/2025		2,980		2,971			2,935				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	5.50%	(M)	9.96%	6/2/2022	12/6/2025		248		247			244				(1)(6)
EPTAM Plastics, Ltd.	Term Loan	SOFR	+	6.00%	(Q)	10.50%	9/16/2022	12/6/2025		10		10			10				(1)(6)
ORG USME Buyer, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.49%	6/21/2022	11/24/2026		7,313		7,241			7,130				(1)(6)
Pediatric Home Respiratory Services, LLC	Revolver	SOFR	+	5.50%	(S)	9.78%	12/23/2024	12/23/2030		200		188			194				(6)(9)
Pediatric Home Respiratory Services, LLC	Delayed Draw Term Loan	N/A					6/2/2022	12/23/2030		—		(11	)		(11	)			(2)(6)(9)

27

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Pediatric Home Respiratory Services, LLC	Term Loan	SOFR	+	5.50%	(S)	9.78%	6/2/2022	12/23/2030		11,500		11,396			11,443				(6)(9)
SunMed Group Holdings, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.26%	11/22/2024	6/16/2028		1,762		1,750			1,749				(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.50%	(Q)	9.95%	7/22/2024	6/30/2028		53		52			53				(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.50%	(Q)	9.93%	7/22/2024	6/30/2028		48		46			46				(6)(9)
Zavation Medical Products, LLC	Revolver	SOFR	+	5.50%	(Q)	9.93%	7/22/2024	6/30/2028		11		10			11				(6)(9)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.93%	6/2/2022	6/30/2028		4,861		4,832			4,825				(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.50%	(Q)	9.95%	7/22/2024	6/30/2028		1,276		1,259			1,267				(1)(6)
Zavation Medical Products, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.23%	7/22/2024	6/30/2028		2,410		2,371			2,392				(1)(6)
												45,141			45,165		11.48	%
Health Care Providers & Services
ACP Vault Acquisition, Inc.	Revolver	SOFR	+	5.25%	(M)	9.61%	9/3/2024	9/3/2029	$	259	$	235		$	233				(6)(9)
ACP Vault Acquisition, Inc.	Delayed Draw Term Loan	N/A					9/3/2024	9/3/2029		—		(18	)		(39	)			(2)(6)(9)
ACP Vault Acquisition, Inc.	Term Loan	SOFR	+	5.25%	(M)	9.61%	9/3/2024	9/3/2029		11,305		11,090			11,079				(1)(6)(9)
Apex Dental Partners, LLC	Revolver	N/A					10/29/2024	10/29/2030		—		(7	)		(2	)			(2)(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.77%	10/29/2024	10/29/2030		737		720			735				(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.77%	10/29/2024	10/29/2030		448		438			447				(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.72%	10/29/2024	10/29/2030		251		245			250				(6)(9)
Apex Dental Partners, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.64%	10/29/2024	10/29/2030		190		186			184				(6)(9)
Apex Dental Partners, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.85%	10/29/2024	10/29/2030		7,213		7,143			7,195				(1)(6)
Bebright MSO, LLC	Revolver	N/A					6/3/2024	6/3/2030		—		(22	)		—				(2)(6)(9)
Bebright MSO, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.34%	6/3/2024	6/3/2030		3,332		3,268			3,332				(6)(9)
Bebright MSO, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.14%	6/3/2024	6/3/2030		940		922			940				(6)(9)
Bebright MSO, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.08%	6/3/2024	6/3/2030		382		374			382				(6)(9)
Bebright MSO, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.26%	6/3/2024	6/3/2030		6,155		6,041			6,154				(1)(6)
Eventus Buyer, LLC	Revolver	SOFR	+	5.50%	(M)	10.03%	11/1/2024	11/1/2030		115		103			103				(6)(9)
Eventus Buyer, LLC	Delayed Draw Term Loan	N/A					11/1/2024	11/1/2030		—		(13	)		(26	)			(2)(6)(9)
Eventus Buyer, LLC	Term Loan	SOFR	+	5.50%	(M)	9.86%	11/1/2024	11/1/2030		6,401		6,308			6,304				(1)(6)
Eye Health America, LLC	Revolver	N/A					7/26/2022	7/26/2028		—		(7	)		—				(2)(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.17%	7/26/2022	7/26/2028		329		325			329				(6)(9)
Eye Health America, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.00%	7/26/2022	7/26/2028		1,860		1,838			1,860				(6)(9)

28

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Eye Health America, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.00%	7/26/2022	7/26/2028	4,106	4,059		4,105		(1)(6)
Gen4 Dental Partners OPCO, LLC	Revolver	N/A					5/13/2024	5/13/2030	—	(10	)	(7	)	(2)(6)(9)
Gen4 Dental Partners OPCO, LLC	Delayed Draw Term Loan	N/A					5/13/2024	5/13/2030	—	(26	)	(37	)	(2)(6)(9)
Gen4 Dental Partners OPCO, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.56%	5/13/2024	5/13/2030	8,738	8,577		8,629		(1)(6)
Heartland Veterinary Partners LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	12/10/2026	1,295	1,292		1,295		(1)(6)(9)
Heartland Veterinary Partners LLC	Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	12/10/2026	9,347	9,317		9,347		(1)(6)(9)
MWD Management, LLC	Revolver	SOFR	+	5.00%	(Q)	9.43%	6/15/2022	6/15/2027	200	195		200		(6)(9)
MWD Management, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.43%	6/15/2022	6/15/2027	1,960	1,949		1,960		(1)(6)
MWD Management, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.43%	6/15/2022	6/15/2027	2,444	2,417		2,444		(1)(6)
NJEye LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	10.25%	6/2/2022	3/14/2025	1,485	1,485		1,485		(1)(6)
NJEye LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	10.16%	6/2/2022	3/14/2025	457	457		457		(1)(6)
NJEye LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.47%	6/2/2022	3/14/2025	922	922		922		(1)(6)
NJEye LLC	Term Loan	SOFR	+	4.75%	(Q)	10.25%	6/2/2022	3/14/2025	6,956	6,956		6,956		(1)(6)
OIS Management Services, LLC	Revolver	N/A					11/16/2022	11/16/2028	—	(11	)	—		(2)(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.08%	6/2/2022	11/16/2028	1,896	1,856		1,896		(1)(6)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.30%	8/21/2024	11/16/2028	348	343		348		(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.27%	8/21/2024	11/16/2028	1,062	1,047		1,062		(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.07%	8/21/2024	11/16/2028	468	462		468		(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.08%	8/21/2024	11/16/2028	628	619		628		(6)(9)
OIS Management Services, LLC	Delayed Draw Term Loan	N/A					8/21/2024	11/16/2028	—	—		—		(2)(6)(9)
OIS Management Services, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.08%	11/16/2022	11/16/2028	4,913	4,808		4,912		(1)(6)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	10.59%	6/2/2022	3/31/2026	3,327	3,327		2,936		(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	10.59%	6/2/2022	3/31/2026	4,002	4,002		3,531		(6)(9)
Premier Imaging, LLC	Term Loan	SOFR	+	6.00%	(Q)	10.59%	6/2/2022	3/31/2026	4,873	4,873		4,301		(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(S)	10.58%	7/17/2024	7/17/2029	103	100		102		(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(S)	10.25%	7/17/2024	7/17/2029	103	100		102		(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(S)	10.25%	7/17/2024	7/17/2029	144	139		143		(6)(9)

29

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(S)	10.24%	7/17/2024	7/17/2029		136		132			135				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(S)	9.94%	7/17/2024	7/17/2029		303		294			300				(6)(9)
SGA Dental Partners Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(S)	9.95%	7/17/2024	7/17/2029		299		289			281				(6)(9)
SGA Dental Partners Opco, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.01%	7/17/2024	7/17/2029		13,659		13,399			13,522				(1)(6)(9)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.38%	7/15/2022	7/15/2028		850		842			848				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.32%	7/15/2022	7/15/2028		587		582			586				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.25%	7/15/2022	7/15/2028		375		371			374				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.09%	7/15/2022	7/15/2028		89		88			89				(1)(6)
United Musculoskeletal Partners Acquisition Holdings, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.40%	7/15/2022	7/15/2028		4,888		4,888			4,876				(1)(6)
US Health Partners Management, LLC	Revolver	N/A					1/12/2024	1/11/2030		—		—			—				(2)(6)(8)(9)
US Health Partners Management, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.32%	1/12/2024	1/11/2030		14		14			14				(6)(9)
US Health Partners Management, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.33%	1/12/2024	1/11/2030		13		13			13				(6)(9)
US Health Partners Management, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.33%	1/12/2024	1/11/2030		33		32			33				(6)(9)
USN Opco, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	9.98%	6/9/2022	12/21/2026		1,176		1,169			1,176				(1)(6)
USN Opco, LLC	Delayed Draw Term Loan	N/A					11/15/2024	12/21/2026		—		(5	)		—				(2)(6)(9)
USN Opco, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.23%	3/26/2024	12/21/2026		2,441		2,404			2,441				(1)(6)
USN Opco, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.27%	11/15/2024	12/21/2026		278		273			278				(6)(9)
												123,209			122,611		31.18	%
Health Care Technology
BRG Acquisition Co., LLC	Revolver	N/A					7/26/2022	7/26/2028	$	—	$	(7	)	$	(9	)			(2)(6)(9)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	5.50%	(Q)	9.98%	7/26/2022	7/26/2028		3,372		3,328			3,322				(1)(6)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	5.50%	(Q)	9.98%	7/26/2022	7/26/2028		3,372		3,328			3,322				(1)(6)
BRG Acquisition Co., LLC	Term Loan	SOFR	+	6.00%	(Q)	10.33%	12/27/2023	7/26/2028		2,970		2,921			2,970				(1)(6)
Lightspeed Buyer, Inc.	Revolver	N/A					12/2/2024	2/3/2027		—		(3	)		—				(2)(6)(9)
Lightspeed Buyer, Inc.	Delayed Draw Term Loan	N/A					12/2/2024	2/3/2027		—		(85	)		—				(2)(6)(9)
Lightspeed Buyer, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.08%	12/2/2024	2/3/2027		3,355		3,323			3,355				(6)(9)
Q-Centrix Holdings LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	9.11%	6/2/2022	6/1/2026		4,786		4,782			4,786				(1)(6)
Q-Centrix Holdings LLC	Delayed Draw Term Loan	SOFR	+	4.50%	(Q)	9.11%	6/2/2022	6/1/2026		941		941			941				(1)(6)

30

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Q-Centrix Holdings LLC	Term Loan	SOFR	+	4.50%	(Q)	9.11%	6/2/2022	6/1/2026		3,825		3,824			3,825				(1)(6)
												22,352			22,512		5.72	%
Hotels, Restaurants & Leisure
Taymax Group, L.P.	Term Loan	SOFR	+	6.00%	(M)	10.46%	12/13/2022	7/31/2026	$	4,888	$	4,777		$	4,888				(1)(6)
												4,777			4,888		1.24	%
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	6/2/2022	11/9/2027	$	9,314	$	9,286		$	9,220				(1)(6)
												9,286			9,220		2.34	%
Insurance
Turbo Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(Q)	10.48%	6/2/2022	12/2/2025	$	1,288	$	1,282		$	1,243				(1)(6)
Turbo Buyer, Inc.	Delayed Draw Term Loan	SOFR	+	6.00%	(Q)	10.48%	6/2/2022	12/2/2025		496		492			479				(1)(6)
Turbo Buyer, Inc.	Term Loan	SOFR	+	6.00%	(Q)	10.48%	6/2/2022	12/2/2025		1,222		1,216			1,179				(1)(6)
Turbo Buyer, Inc.	Term Loan	SOFR	+	6.00%	(Q)	10.48%	6/2/2022	12/2/2025		6,950		6,914			6,707				(1)(6)
												9,904			9,608		2.44	%
IT Services
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.33%	8/24/2022	12/21/2027	$	9,873	$	9,812		$	9,873				(1)(6)
Alta Buyer, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.33%	8/13/2024	12/21/2027		792		785			792				(1)(6)
Concord III, L.L.C.	Revolver	SOFR	+	6.25%	(M)	10.61%	12/20/2023	12/20/2028		105		101			105				(6)(9)
Concord III, L.L.C.	Term Loan	SOFR	+	6.25%	(M)	10.61%	12/20/2023	12/20/2028		4,344		4,260			4,330				(1)(6)
Distinct Holdings, Inc.	Revolver	N/A					7/18/2024	7/18/2029		—		(20	)		(24	)			(2)(6)(9)
Distinct Holdings, Inc.	Term Loan	SOFR	+	5.75%	(Q)	10.08%	7/18/2024	7/18/2029		11,951		11,756			11,771				(1)(6)(9)
TriMech Acquisition Corp.	Term Loan	SOFR	+	4.75%	(Q)	9.08%	6/2/2022	3/10/2028		8,445		8,368			8,445				(1)(6)
												35,062			35,292		8.97	%
Life Sciences Tools & Services
KL Charlie Acquisition Company	Revolver	N/A					9/5/2023	12/30/2026	$	—	$	(1	)	$	(1	)			(2)(6)(9)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.96%	6/2/2022	12/30/2026		605		605			599				(1)(6)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.96%	6/2/2022	12/30/2026		2,597		2,572			2,571				(1)(6)
KL Charlie Acquisition Company	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.96%	3/17/2023	12/30/2026		3		3			3				(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/26/2024	12/30/2026		620		614			614				(1)(6)
KL Charlie Acquisition Company	Term Loan	SOFR	+	5.50%	(M)	9.96%	3/17/2023	12/30/2026		2		2			2				(1)(6)
Molecular Designs, LLC	Term Loan	SOFR	+	4.50%	(M)	8.95%	9/9/2024	10/4/2027		2,264		2,223			2,252				(1)(6)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.43%	6/2/2022	10/29/2027		695		695			686				(1)(6)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.73%	6/2/2022	10/29/2027		5,727		5,717			5,656				(1)(6)
North Haven USHC Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.43%	6/2/2022	10/29/2027		2,834		2,829			2,799				(1)(6)
												15,259			15,181		3.86	%
Personal Care Products
Accupac, LLC	Revolver	N/A					12/31/2024	12/31/2029	$	—	$	(26	)	$	(13	)			(2)(6)(9)
Accupac, LLC	Term Loan	SOFR	+	7.00%	(Q)	11.33%	6/2/2022	12/31/2029		8,696		8,522			8,609				(6)(9)
BPC Holding III Corp.	Term Loan	SOFR	+	5.25%	(Q)	9.60%	6/2/2022	7/28/2026		5,478		5,478			5,409				(1)(6)

31

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

KL Bronco Acquisition, Inc.	Revolver	SOFR	+	5.25%	(Q)	9.94%	6/30/2022	6/30/2028		232		223			225				(6)(9)
KL Bronco Acquisition, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.70%	6/30/2022	6/30/2028		532		518			513				(6)(9)
KL Bronco Acquisition, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.94%	6/30/2022	6/30/2028		3,840		3,790			3,802				(1)(6)
												18,505			18,545		4.72	%
Pharmaceuticals
Advantage HCS LLC	Term Loan	SOFR	+	5.25%	(Q)	9.77%	11/8/2023	11/8/2029	$	12,469	$	12,148		$	12,469				(1)(6)(9)
Leiters, Inc.	Revolver	PRIME	+	5.00%	(Q)	12.50%	9/29/2023	6/29/2028		77		71			61				(6)(9)
Leiters, Inc.	Term Loan	SOFR	+	6.00%	(Q)	10.61%	9/29/2023	6/29/2028		482		470			451				(6)(9)
												12,689			12,981		3.30	%
Professional Services
Basin Innovation Group, LLC	Revolver	N/A					12/6/2024	12/6/2030	$	—	$	(19	)	$	(9	)			(2)(6)(9)
Basin Innovation Group, LLC	Delayed Draw Term Loan	N/A					12/6/2024	12/6/2030		—		(13	)		(13	)			(2)(6)(9)
Basin Innovation Group, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.51%	12/6/2024	12/6/2030		11,700		11,526			11,612				(6)(9)
UHY Advisors, Inc.	Revolver		+	0.50%	(Q)	0.50%	11/22/2024	11/21/2031		—		(17	)		(18	)			(2)(6)(9)
UHY Advisors, Inc.	Delayed Draw Term Loan		+	0.75%	(Q)	0.75%	11/22/2024	11/21/2031		—		(33	)		(66	)			(2)(6)(9)
UHY Advisors, Inc.	Term Loan	SOFR	+	4.75%	(Q)	9.26%	11/22/2024	11/21/2031		6,623		6,558			6,557				(1)(6)
												18,002			18,063		4.59	%
Software
Project Leopard Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.94%	8/12/2022	7/20/2029	$	98	$	93		$	87				(6)(9)
QM Buyer, Inc.	Revolver	N/A					12/6/2024	12/6/2030		—		(17	)		(9	)			(2)(6)(9)
QM Buyer, Inc.	Delayed Draw Term Loan	N/A					12/6/2024	12/6/2030		—		(17	)		(17	)			(2)(6)(9)
QM Buyer, Inc.	Term Loan	SOFR	+	5.00%	(Q)	9.44%	12/6/2024	12/6/2030		6,919		6,816			6,867				(6)(9)
												17,582			17,647		4.49	%
Textiles, Apparel & Luxury Goods
BPCP NSA Intermedco, Inc.	Revolver	N/A					5/17/2024	5/17/2030	$	—	$	(13	)	$	—				(2)(6)(9)
BPCP NSA Intermedco, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.12%	5/17/2024	5/17/2030		233		228			233				(6)(9)
BPCP NSA Intermedco, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.11%	5/17/2024	5/17/2030		341		334			341				(6)(9)
BPCP NSA Intermedco, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.11%	5/17/2024	5/17/2030		6,520		6,430			6,520				(1)(6)
												7,274			7,396		1.88	%
Trading Companies & Distributors
Easy Ice, LLC	Revolver	N/A					10/30/2024	10/30/2030	$	—	$	(11	)	$	(11	)			(2)(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	N/A					6/21/2024	12/31/2025		—		(11	)		(20	)			(2)(6)(9)
Easy Ice, LLC	Delayed Draw Term Loan	N/A					10/30/2024	10/30/2030		—		(11	)		(23	)			(2)(6)(9)
Easy Ice, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.99%	10/30/2024	10/30/2030		6,738		6,640			6,637				(1)(6)
Krayden Holdings, Inc.	Revolver	N/A					3/1/2023	3/1/2029		—		(12	)		(2	)			(2)(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	N/A					3/1/2023	3/1/2029		—		(9	)		(1	)			(2)(6)(9)
Krayden Holdings, Inc.	Delayed Draw Term Loan	N/A					3/1/2023	3/1/2029		—		(9	)		(1	)			(2)(6)(9)

32

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Krayden Holdings, Inc.	Delayed Draw Term Loan	N/A					8/30/2024	3/1/2029			—		(6	)		(3	)			(2)(6)(9)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.11%	3/1/2023	3/1/2029			2,034		1,985			2,029				(1)(6)
Krayden Holdings, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.11%	8/30/2024	3/1/2029			1,248		1,236			1,245				(1)(6)
Municipal Emergency Services, Inc.	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.48%	9/24/2024	10/1/2027			1,301		1,259			1,301				(6)(9)
													11,051			11,151		2.84	%
Transportation Infrastructure
G2 Secure Staff, L.L.C.	Term Loan	SOFR	+	5.50%	(Q)	10.24%		7/2/2025		$	476	$	471		$	476				(6)(9)
													471			476		0.12	%
Total Senior Secured First Lien Loans													634,455			627,526		159.56	%
Equity
Automobile Components
M&D Parent Holdings, LLC	Class B Units								500,000				500			590				(3)(9)
													500			590		0.15	%
Chemicals
MDI Aggregator LP	Common Units								8,046				807			790				(3)(9)
Techmer BB Aggregator, LP	Limited Partnership Units								333				348			207				(3)(9)
													1,155			997		0.25	%
Commercial Services & Supplies
RFI Group Holdings, L.P.	Class A Units								3,000				300			391				(3)(9)
Chimney Rock 3G Co-Invest	Equity Co-Invest								1,250				126			125				(3)(9)
													426			516		0.13	%
Construction & Engineering
HT Investors, LLC	A1 Units								3,333				332			333				(3)(9)
													332			333		0.08	%
Containers & Packaging
Oliver Investors, LP	Class A Units								6,080				608			476				(3)(9)
													608			476		0.12	%
Diversified Consumer Services
FS NU Investors, LP	Class A Units								5,257				526			217				(3)(9)
													526			217		0.06	%
Health Care Technology
BRG Group Holdings, LLC	Class A Units								626,441				626			702				(3)(9)
													626			702		0.18	%
Personal Care Products
KLC Fund 1-C1 LP	Limited Partnership Units								605,769				607			606				(3)(9)
													607			606		0.15	%
Total Equity													4,780			4,437		1.13	%

33

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

Subtotal Non-Controlled/Non-Affiliated Investments										639,235		631,963	160.69	%
Controlled Investments:															(+)
Investment Funds and Vehicles
Senior Direct Lending Program, LLC	Limited Partnership Units	SOFR	+	8.00%	(Q)	Current Yield: 13.50%	12/31/36	187,122		183,982		172,152			(2)(4)(5)
									$	183,982	$	172,152	43.77	%
Subtotal Controlled Investments									$	183,982	$	172,152	43.77	%
Total Investments, December 31, 2024									$	823,217	$	804,115	204.46	%

Derivative Instruments

Description	Company Receives			Company Pays	Counterparty	Maturity Date	Notional Amount		Fair Value		Upfront Payments / Receipts		Unrealized Appreciation / (Depreciation)		Footnotes
Interest rate swap		8.10	%	USD-SOFR-Compound + 4.202%	CIBC Bank USA	12/21/2026	$	25,000	$	146	$	—	$	146	(7)
Interest rate swap		8.20	%	USD-SOFR-Compound + 4.550%	CIBC Bank USA	12/21/2028		25,000		502		—		502	(7)
Total							$	50,000	$	648	$	—	$	648

# Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy (See "Note 4. Fair Value Measurements").

+ All of the issuers of the investments held by the Company are domiciled in the United States. Certain investments also have international operations.

* Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q) or monthly (M). For each such loan, the Company has provided the interest rate in effect as of December 31, 2024.

^ Percentage is based on net assets of $393,290 as of December 31, 2024.

(+) Controlled Investments are defined by the Investment Company Act of 1940 Act, as amended (the "1940 Act"), as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation.

(++) Negative cost, if applicable, results from unamortized fees on unfunded commitments, which are capitalized to the investment cost. The negative fair value, if applicable, results from the fair valuation of the unfunded commitment.

(1) The Company's investment or a portion thereof is held by VCC CLO 1, LLC, which serves as collateral for the 2024 Debt Securitization (See "Note 6. Borrowings").

(2) The investment has an unfunded commitment as of December 31, 2024 (See "Note 8. Commitments"). Fair value includes an analysis of the unfunded commitment.

(3) Security is non-income producing.

(4) The investment is not considered a "qualifying asset" under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, total qualifying assets at fair value represented 80.3% of the Company's total assets calculated in accordance with the 1940 Act.

(5) In addition to the interest earned based on the stated contractual interest rate of this security, the certificates entitle the holders thereof to receive a portion of the excess cash flow from the SDLP’s loan portfolio, after expenses, which may result in a return to the Company greater than the contractual stated interest rate.

(6) Loan includes interest rate floor feature.

(7) This investment is valued using observable inputs using a Level 2 measurement in the ASC 820 fair value hierarchy as of December 31, 2024 (See "Note 4. Fair Value Measurements").

(8) Par Amount, Amortized Cost, and Fair Value are less than $1,000.

(9) The investment or a portion thereof held by the Company or VCC Equity Holdings, LLC, a wholly owned subsidiary of the Company, is pledged as collateral under the SMBC Facility (See "Note 6. Borrowings").

(10) As of December 31, 2024, in addition to the amounts funded by the Company under this first lien senior secured revolving loan, there were also letters of credit

34

TABLE OF CONTENTS

Varagon Capital Corporation

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of December 31, 2024

(dollar amounts in thousands, except Shares/Units)

issued and outstanding through a financial intermediary under the loan. See Note 8. Commitments for further information on letters of credit commitments related to certain portfolio companies.

(11) As of December 31, 2024, no amounts were funded by the Company under this first lien senior secured revolving loan; however, there were letters of credit issued and outstanding through a financial intermediary under the loan. See Note 8, Commitments for further information on letters of credit commitments related to certain portfolio companies.

See accompanying notes to consolidated financial statements.

35

TABLE OF CONTENTS

VARAGON CAPITAL CORPORATION
Notes to Consolidated Financial Statements
March 31, 2025
(unaudited)
 

Note 1. Organization

Varagon Capital Corporation (the “Company”) was formed on July 31, 2019 as a corporation under the laws of Maryland. The Company is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company elected, and intends to qualify annually, to be treated as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company’s fiscal year end is December 31.

VCC Advisors, LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and is a subsidiary of Varagon Capital Partners, L.P. (“Varagon”), which is also registered with the SEC as an investment adviser under the Advisers Act. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operation of, and provides investment advisory and management services to, the Company.

The Company’s investment objective is to generate current income with a focus on capital preservation and, to a lesser extent, capital appreciation by investing primarily in directly originated leveraged loans to U.S. middle market companies.

The Company seeks to achieve its investment objective by investing primarily in senior secured loans to performing middle market companies controlled by private equity sponsors. The Company focuses on loans to middle market companies that have sustainable competitive advantages, experienced management teams, solid financial performance, stable and recurring cash flow and strong enterprise value. The Company expects that such companies and their sponsors will require financing from the Company for growth, acquisitions, recapitalizations, refinancings or leveraged buyouts, among other things. The Company generally intends to directly originate its investments as a lead lender to allow for deeper diligence, greater control over terms and structure, and superior economics.

VCC Equity Holdings, LLC (“VCCEH”), VCC Funding, LLC (“VCCF”), Varagon SDLP, LLC (“VSDLP”), and VCC CLO 1 Depositor, LLC ("VCC CLO Depositor") are wholly owned subsidiaries of the Company and are consolidated in the Company’s consolidated financial statements from June 2, 2022, the commencement of investment operations, or the date of their respective formation, in accordance with the Company’s consolidation policy. VCCEH is taxed as a corporation for U.S. federal income tax purposes and was formed to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The assets held by VCCEH guarantee the borrowings outstanding under the SMBC Facility (as defined below) (See "Note 6. Borrowings"). VCCF, a bankruptcy remote special purpose entity, whose assets were pledged as collateral supporting the amounts outstanding under the JPM Facility before its termination on November 26, 2024 (See Note 6. Borrowings"), held no collateral assets as of December 31, 2024. VSDLP holds the Company’s interest in the SDLP (as defined below). VCC CLO Depositor wholly owns VCC CLO 1, LLC ("VCC CLO"), which was formed for the purpose of issuing a term debt securitization.

Substantially concurrent with our initial closing on June 2, 2022 (the “Initial Closing”) and immediately prior to our election to be regulated as a BDC, Varagon Fund I, L.P. (“VF1”), a private fund exempt from registration pursuant to Section 3(c)(7) of the 1940 Act, merged with and into the Company, with the Company continuing in existence as the surviving entity in the merger (the “Merger”). As a result of the Merger, we acquired all of VF1’s assets and liabilities (the “Existing Portfolio”), including all VF1’s interests in the joint venture, Senior Direct Lending Program (“SDLP”), in exchange for shares of our common stock. In addition, immediately prior to our election to be regulated as a BDC, the Company purchased a portfolio of existing loans (the “Warehoused Portfolio” and together with the Existing Portfolio, the “Initial Portfolio”) from certain affiliates of the Adviser.

36

TABLE OF CONTENTS

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to Regulation S-X and include the accounts of the Company and its consolidated subsidiaries. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated in consolidation.

Cash

Cash consists of deposits held at a custodian bank and, at times, may exceed the insured limits under applicable law. As of March 31, 2025, the Company held approximately $40.0 million in cash. As of December 31, 2024, the Company held approximately $69.6 million in cash.

Organizational and Offering Expenses

Organizational and offering expenses consist of all costs and expenses, whether incurred before, on or after the date of the private placement memorandum relating to the Company’s private offering of shares of common stock (the “Offering”), pertaining to the organization and establishment of the Company (including any subsidiaries of the Company and the transactions contemplated by the Merger and the acquisition of the Initial Portfolio), including, without limitation, any related third-party legal, tax and accounting advisory fees and expenses, capital raising expenses, including printing expenses and other similar costs, fees and expenses, and regulatory, compliance, and administrative filings, and other organizational and offering expenses, but excluding the fees of any placement agent engaged on behalf of the Company.

For the three months ended March 31, 2025, the Company did not incur any organizational expenses. For the three months ended March 31, 2024, the Company incurred and expensed $0.1 million of organizational expenses.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.

Deferred Financing Costs

Deferred financing costs, incurred in connection with any revolving credit facility or term debt securitization are presented as an asset on the Company’s consolidated statements of assets and liabilities and are deferred and amortized over the life of the respective financing (See "Note 6. Borrowings”).

Indemnifications

In the normal course of its business, the Company may enter into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, management believes the risk of loss to be remote.

Revenue Recognition

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method and is adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company expects to collect such amount.

37

TABLE OF CONTENTS

Interest income from investments in the Subordinated Certificates (as defined below) of SDLP is recorded based on an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.

PIK Interest

The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income, and therefore affects the amount the Company would be required to distribute to its shareholders to maintain its tax treatment as a RIC for U.S. federal income tax purposes, even though the Company would have not yet collected the cash. For the three months ended March 31, 2025, the Company earned PIK interest of $0.7 million. For the three months ended March 31, 2024, the Company earned PIK interest of $0.3 million, which is reflected on the accompanying consolidated statements of operations as part of interest income.

When the Company does not expect the borrower will be able to repay future accruals of PIK interest, the Company will place the investment's PIK interest on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes. As of March 31, 2025, the Company had an investment in one portfolio company that was current on cash interest payments and was on non-accrual status with respect to its PIK interest only.

Fee Income

Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Some of the fees earned by the Company may be PIK fee income. For the three months ended March 31, 2025 and March 31, 2024, the Company did not earn any PIK fee income.

Non-accrual loans

A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of March 31, 2025 and December 31, 2024, there were no loans on non-accrual.

Investment Classification

The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company would be deemed to "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. The Company refers to such investments in portfolio companies that it "controls" as "Controlled Investments." Under the 1940 Act, the Company would be deemed to be an "Affiliated Person" of a portfolio company if it owned between 5% and 25% of the portfolio company's outstanding voting securities or the Company was under common control with such portfolio company. The Company refers to such investments in Affiliated Persons as "Affiliated Investments." Investments which are neither Control Investments nor Affiliated Investments are referred to as "Non-Controlled/Non-Affiliated investments."

Fair Value Measurements

The Company applies fair value accounting to all of its investments in accordance with the 1940 Act and ASC Topic 820, Fair Value Measurements (“ASC 820”), which defines fair value, sets a framework for measuring fair value, and requires certain disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. exit price). Investments are reflected on the consolidated statements of assets and liabilities at fair value, with the changes in unrealized gains and losses resulting from changes in fair value, if any, reflected on the accompanying consolidated statements of operations as a change in unrealized gain (loss) on investments.

38

TABLE OF CONTENTS

In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs applied to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices 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). Investments with readily available market quotations or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining the fair value. The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 – Valuations based on quoted prices in active markets for identical assets and liabilities that the Company can access as of the measurement date. Valuation utilizing Level 1 inputs do not require any degree of judgment. The type of investments generally included in Level 1 are publicly-traded securities.

Level 2 – Valuations based on (i) quoted prices for similar instruments in active markets; (ii) quoted prices for which identical or similar instruments in markets that are not active that are reflective of recent market transactions; or (iii) models in which all significant inputs are observable, either directly or indirectly. The types of investments generally included in Level 2 are restricted securities listed in active markets, corporate bonds, and certain loans.

Level 3 – Valuations based on indicative quotes that do not reflect recent market transactions and models or other valuation techniques in which the inputs are unobservable and significant to the fair value measurement, which includes situations where there is little, if any, market activity for the asset or liability. The inputs used in determination of fair value require significant judgment and estimation. The types of investments generally included in Level 3 are privately held debt and equity securities.

The Company has established policies and procedures to ensure that valuation methodologies for investments that are categorized within all levels of the fair value hierarchy are fair and consistent. Valuations of the investments are reviewed and approved quarterly by the Adviser’s Valuation Committee, which is responsible for establishing the valuation policies and procedures and evaluating the overall fairness and consistent application of those policies. The valuation process may include a review or analysis by an independent, third-party valuation firm. The Adviser then recommends the valuations of the Company’s investments to the Board, which is responsible for determining the fair value of the Company's investments on a quarterly basis. The Company is subject to the valuation policies and procedures of the Adviser.

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies.

Currently, the Company uses interest rate swaps to manage its interest rate risk with respect to its unsecured notes. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company's derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Rule 2a-5 under the 1940 Act (the "Rule 2a-5") establishes a regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform the fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”), provides the record keeping requirements associated with fair value determinations. While the Board has not designated the Adviser as the valuation designee, the Company has established policies and procedures in compliance with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Derivative Instruments

The Company follows the guidance in ASC Topic 815, Derivatives and Hedging, when accounting for derivative instruments. The Company designated certain interest rate swaps as hedging instruments in a qualifying fair value hedge accounting relationship and, as a result, the change in fair value of the hedging instruments and hedged items are recorded in interest expense and recognized as components of “Interest and credit facility fees payable” in the Company’s consolidated statements of operations. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the corresponding fixed rate debt. See "Note 5. Derivative Instruments" for more information.

39

TABLE OF CONTENTS

Segment Reporting

In accordance with ASC Topic 280, Segment Reporting ("ASC 280"), the Company is externally managed and has determined that it has a single operating and reporting segment, which derives investment income from its portfolio of investments. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 13 "Segment Reporting" for more information.

Company Investment Risk, Concentration of Credit Risk, and Liquidity Risk

The Company has broad discretion in making investments. Investments generally consist of debt instruments that may be affected by business, financial market or legal uncertainties. Prices of investments may be volatile, and a variety of factors that are inherently difficult to predict, such as economic conditions in the United States, may significantly affect the results of the Company’s activities and the value of its investments. In addition, the value of the Company’s portfolio may fluctuate as the general level of interest rates fluctuate.

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company's borrowers, and those for which market yields are observable increase materially.

The Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Recent Accounting Pronouncements

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

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024. Early adoption is permitted, however the Company has not elected to adopt this provision as of the date of the financial statements contained in this report. The Company is still assessing the impact of the new guidance.

40

Note 3. Investments

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of March 31, 2025 (dollars in thousands):

	As of March 31, 2025
	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Loans	$	667,387		78.3	%	$	659,142		79.6	%
Equity		4,844		0.6			3,765		0.5
Subordinated Certificates of the SDLP		179,510		21.1			164,804		19.9
Total Investments	$	851,741		100.0	%	$	827,711		100.0	%

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of December 31, 2024 (dollars in thousands):

	As of December 31, 2024
	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Loans	$	634,455		77.1	%	$	627,526		78.0	%
Equity		4,780		0.6			4,437		0.6
Subordinated Certificates of the SDLP		183,982		22.3			172,152		21.4
Total Investments	$	823,217		100.0	%	$	804,115		100.0	%

41

The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of March 31, 2025 (dollars in thousands):

	As of March 31, 2025
	Amortized Cost		Percentage			Fair Value		Percentage
Investment Funds and Vehicles (1)	$	179,510		21.1	%	$	164,804		19.9	%
Health Care Providers & Services		130,874		15.4			130,151		15.7
Commercial Services & Supplies		45,160		5.3			45,210		5.5
Health Care Equipment & Supplies		45,115		5.3			45,014		5.5
Automobile Components		40,677		4.8			38,028		4.6
Professional Services		37,391		4.4			37,427		4.5
IT Services		35,594		4.2			35,813		4.3
Health Care Technology		34,874		4.1			35,120		4.2
Distributors		25,335		3.0			24,665		3.0
Diversified Consumer Services		23,054		2.7			20,448		2.5
Food Products		20,761		2.4			19,568		2.4
Containers & Packaging		20,466		2.4			18,516		2.2
Chemicals		20,067		2.4			19,744		2.4
Personal Care Products		19,417		2.3			19,427		2.3
Software		17,544		2.1			17,601		2.1
Ground Transportation		16,722		2.0			16,468		2.0
Energy Equipment & Services		13,477		1.5			13,596		1.6
Electronic Equipment, Instruments & Components		13,421		1.5			13,469		1.6
Pharmaceuticals		12,713		1.4			12,991		1.6
Aerospace & Defense		11,554		1.4			11,636		1.4
Trading Companies & Distributors		11,394		1.3			11,442		1.4
Consumer Staples Distribution & Retail		10,743		1.3			10,951		1.3
Beverages		10,594		1.2			10,590		1.3
Insurance		9,892		1.2			9,632		1.2
Household Products		9,288		1.1			9,220		1.1
Financial Services		8,910		1.0			8,870		1.1
Textiles, Apparel & Luxury Goods		7,260		0.9			7,378		0.9
Air Freight & Logistics		6,671		0.8			6,664		0.8
Life Sciences Tools & Services		6,009		0.7			6,036		0.7
Hotels, Restaurants & Leisure		4,781		0.5			4,875		0.6
Construction & Engineering		1,695		0.2			1,572		0.2
Transportation Infrastructure		472		0.1			474		0.1
Diversified Telecommunication Services(2)		306	0.0				311	0.0
Total Investments	$	851,741		100.00	%	$	827,711		100.00	%

(1) The following industry is solely comprised of the Subordinated Certificates of the SDLP. The portfolio companies in SDLP represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Senior Direct Lending Program” below.

(2) Represents a percentage that is less than 0.1%.

42

The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of December 31, 2024 (dollars in thousands):

	As of December 31, 2024
	Amortized Cost		Percentage			Fair Value		Percentage
Investment Funds and Vehicles(1)	$	183,982		22.3	%	$	172,152		21.4	%
Health Care Providers & Services		123,209		15.0			122,611		15.2
Health Care Equipment & Supplies		45,141		5.5			45,165		5.6
Automobile Components		40,469		4.9			38,288		4.8
Commercial Services & Supplies		40,037		4.9			40,263		5.0
Distributors		36,554		4.5			35,889		4.5
IT Services		35,062		4.3			35,292		4.4
Professional Services		18,002		2.2			18,063		2.2
Health Care Technology		22,978		2.8			23,214		2.9
Diversified Consumer Services		22,729		2.8			19,725		2.5
Containers & Packaging		20,407		2.5			19,179		2.4
Personal Care Products		19,112		2.3			19,151		2.4
Software		17,582		2.1			17,647		2.2
Chemicals		17,494		2.1			17,393		2.2
Food Products		17,458		2.1			16,709		2.1
Ground Transportation		16,692		2.0			16,455		2.0
Life Sciences Tools & Services		15,259		1.9			15,181		1.9
Aerospace & Defense		13,853		1.7			13,954		1.7
Electronic Equipment, Instruments & Components		13,413		1.6			13,463		1.7
Pharmaceuticals		12,689		1.5			12,981		1.6
Consumer Staples Distribution & Retail		11,040		1.3			11,270		1.4
Trading Companies & Distributors		11,051		1.3			11,151		1.4
Beverages		10,875		1.3			10,874		1.4
Insurance		9,904		1.2			9,608		1.2
Household Products		9,286		1.1			9,220		1.1
Diversified Financial Services		8,905		1.1			8,870		1.1
Energy Equipment & Services		8,253		1.0			8,327		1.0
Textiles, Apparel & Luxury Goods		7,274		0.9			7,396		0.9
Air Freight & Logistics		6,682		0.8			6,653		0.8
Hotels, Restaurants & Leisure		4,777		0.6			4,888		0.6
Construction & Engineering		2,271		0.3			2,295		0.3
Transportation Infrastructure		471		0.1			476		0.1
Diversified Telecommunication Services(2)		306	0.0				312	0.0
Total Investments	$	823,217		100.0	%	$	804,115		100.0	%

(1) The following industry is solely comprised of the Subordinated Certificates of the SDLP. The portfolio companies in SDLP represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Senior Direct Lending Program” below.

(2) Represents a percentage that is less than 0.1%.

Transactions With Controlled/Affiliated Companies

During the three months ended March 31, 2025, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):

Controlled Investment	Type of Investment	Fair Value at December 31, 2024		Purchases of Investments		Payment-in-kind and other adjustments to cost			Principal repayments			Unrealized appreciation/ (depreciation)			Realized Gain/(Loss)		Fair Value at March 31, 2025		Income Earned
Senior Direct Lending Program	Subordinated Certificates of the SDLP	$	172,152	$	3,392	$	(466	)	$	(7,398	)	$	(2,876	)	$	—	$	164,804	$	5,533

43

During the three months ended March 31, 2024, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):

Controlled Investment	Type of Investment	Fair Value at December 31, 2023		Purchases of Investments		Payment-in-kind and other adjustments to cost			Principal repayments			Unrealized appreciation/ (depreciation)		Realized Gain/(Loss)		Fair Value at March 31, 2024		Income Earned
Senior Direct Lending Program	Subordinated Certificates of the SDLP	$	184,485	$	7,339	$	(5	)	$	(12,178	)	$	1,063	$	—	$	180,704	$	8,240

Senior Direct Lending Program

In 2015, VSDLP, a wholly owned subsidiary of the Company, and Ares Capital Corporation (“ARCC”) formed SDLP, a joint venture established for the purpose of providing senior stretch and unitranche loan financings to middle market borrowers. The Company received, indirectly through its membership interest in VSDLP, limited liability company membership interests and Subordinated Certificates (as defined below), in each case in SDLP, as a result of the Merger. The SDLP finances its investment activity through the issuance of securities (“SDLP Securities”) backed by its loan portfolio, including, in order of seniority, rated senior notes (the “Senior Note”), a rated intermediate funding note (the “IFN”), and capital provided by the Company and ARCC through subordinated certificates (the “Subordinated Certificates”). The Subordinated Certificates are the most junior securities issued by SDLP and collateralize the profits earned or losses incurred across the SDLP loan portfolio. As of March 31, 2025 and December 31, 2024, the Company and ARCC own 12.5% and 87.5%, respectively, of the outstanding Subordinated Certificates.

SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of SDLP must be approved by an investment committee of SDLP consisting of representatives of the Company (and/or VSDLP) and ARCC (the “SDLP Investment Committee”).

As of March 31, 2025 and December 31, 2024, the Company and ARCC had agreed to make capital available to the SDLP in the aggregate totaling $1.7 billion and $1.7 billion, respectively, of which $206.3 million and $206.3 million, respectively is to be made available from the Company. The Company and ARCC will continue to provide capital to the SDLP in the form of Subordinated Certificates. This capital will only be committed to the SDLP upon approval of transactions by the SDLP Investment Committee as discussed above. As of March 31, 2025 and December 31, 2024, the Company has funded $183.1 million and $187.1 million, respectively, of its commitment to the SDLP and had $23.2 million and $19.2 million in unfunded commitments remaining available to the SDLP, respectively.

The Subordinated Certificates pay a coupon equal to SOFR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the Subordinated Certificates that is greater than the stated coupon. The Subordinated Certificates are junior in right of payment to the Senior Notes and IFNs.

The amortized cost and fair value of the Subordinated Certificates held by the Company were $179.5 million and $164.8 million, respectively, as of March 31, 2025, and $184.0 million and $172.2 million, respectively, as of December 31, 2024. The Company’s yield on its investment in the Subordinated Certificates at amortized cost and fair value was 12.5% and 13.6%, respectively, as of March 31, 2025, and 13.5% and 14.4%, respectively, as of December 31, 2024. For the three months ended March 31, 2025, the Company earned interest income of $5.5 million from its investment in the Subordinated Certificates. For the three months ended March 31, 2024, the Company earned interest income of $8.2 million from its investment in the Subordinated Certificates. As of March 31, 2025 and December 31, 2024, $5.5 million and $8.2 million, respectively, was in Interest receivable on the consolidated statements of assets and liabilities.

As of March 31, 2025 and December 31, 2024, the SDLP’s portfolio was comprised entirely of first lien senior secured loans to U.S. middle-market companies and were in industries similar to the companies in the Company’s portfolio. As of March 31, 2025, there was an investment in one portfolio company on non-accrual status. As of December 31, 2024, loans in two portfolio companies were on non-accrual status. Below is a summary of the SDLP’s portfolio as of March 31, 2025 and December 31, 2024 (dollars in millions):

	As of March 31, 2025		As of December 31, 2024
Total first lien senior secured loans(1)	$	4,691	$	4,759
Largest loan to a single borrower(1)	$	399	$	400
Total of five largest loans to borrower(1)	$	1,702	$	1,692
Number of borrowers in the SDLP		20		20
Commitments to fund delayed draw loans (2)	$	463	$	489

(1) At principal amount.

(2) As discussed above, these commitments have been approved by the SDLP Investment Committee

44

Below is a listing of SDLP’s individual investments as of March 31, 2025 (dollars in thousands):

45

Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par		Amortized Cost		Fair Value			Footnotes
Senior Secured First Lien Loans
Automobile Components
Arrowhead Holdco Company	Term Loan	SOFR	+	4.75%	(M)	9.13%	8/31/2028		175,935		174,307		138,988		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	8/31/2028		36,292		35,956		28,670		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	8/31/2028		41,678		41,293		32,926		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	5.50%	(Q)	10.00%	8/31/2028		25,881		25,642		20,446		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.12%	8/31/2028		2,364		2,342		1,867		(2)
North Haven Falcon Buyer, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	5/19/2027		205,928		196,721		117,379		(2)(3)
North Haven Falcon Buyer, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	12.00%	5/19/2027		34,463		32,925		19,644		(2)(3)
											509,186		359,920
Chemicals
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.81%	7/26/2030		118,018		118,018		118,018		(2)
											118,018		118,018
Commercial Services & Supplies
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	6.00%	(S)	10.53%	8/20/2031		225,494		225,494		225,494		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.86%	8/20/2031		82,119		82,119		82,119		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.96%	8/20/2031		3,741		3,741		3,741		(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	4.75%	(M)	8.50%	10/13/2027		195,361		195,361		193,407		(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.61%	10/13/2027		46,710		46,710		46,243		(2)
											553,425		551,004
Construction & Engineering
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	11/21/2029		259,247		259,247		259,247		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	4.00%	(Q)	8.33%	11/21/2029		65,848		65,848		65,848		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.80%	1/2/2032		183,416		183,416		181,405		(2)
											508,511		506,500
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Term Loan	SOFR	+	5.25%	(Q)	10.33%	12/23/2030		299,175		299,175		294,002		(2)
											299,175		294,002
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/5/2031		240,949		240,949		238,623		(2)
											240,949		238,623
Financial Services
Tiger Holdco LLC	Term Loan	SOFR	+	4.25%	(M)	8.57%	3/11/2031		116,875		116,875		115,706		(2)
Tiger Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.25%	(M)	8.57%	3/11/2031		-		-		(159	)	(2)
											116,875		115,547
Food Products
Manna Pro Products, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.91%	12/10/2026		174,853		174,853		139,883		(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	12.00%	12/10/2026		28,918		28,918		23,135		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.30%	12/10/2026		13,791		13,791		11,033		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.25%	12/10/2026		46,531		46,531		37,225		(2)
											264,093		211,276
Health Care Equipment & Supplies
NMN Holdings III Corp	Term Loan	SOFR	+	5.75%	(Q)	10.42%	7/31/2031		228,361		228,361		228,361		(2)
											228,361		228,361
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/3/2031		112,500		112,500		111,375		(2)
											112,500		111,375
Hotels, Restaurants & Leisure
Concert Golf Partners Holdco LLC	Term Loan	SOFR	+	4.75%	(M)	9.13%	3/31/2031		230,482		230,482		230,482		(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.13%	3/31/2031		43,362		43,362		43,362		(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.74%	3/31/2031		14,721		14,721		14,721		(2)

46

HGC Holdings, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	6/8/2026	102,113		102,113		102,113	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	10.53%	6/8/2026	50,000		50,000		50,000	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	10.53%	6/8/2026	24,358		24,358		24,358	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(M)	10.21%	6/8/2026	73,980		73,980		73,980	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.11%	6/8/2026	148,909		148,909		148,909	(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.75%	(S)	10.28%	6/29/2029	167,025		167,025		167,025	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.28%	6/29/2029	59,550		59,550		59,550	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.42%	6/29/2029	20,746		20,746		20,746	(2)
										935,246		935,246
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	2.50%	(Q)	7.16%	11/9/2027	300,825		300,825		291,800	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(Q)	10.16%	11/9/2027	26,460		26,460		25,666	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.25%	11/9/2027	40,044		40,044		38,843	(2)
										367,329		356,309
Insurance
THG Acquisition, LLC	Term Loan	SOFR	+	5.50%	(M)	9.96%	10/31/2031	123,141		123,141		121,912	(2)
										123,141		121,912
Machinery
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.73%	10/26/2027	220,501		220,501		220,501	(2)
Harvey Tool Company, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	34,677		34,677		34,677
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.58%	10/26/2027	12,915		12,915		12,915
										268,093		268,093
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	12/14/2027	32,913		32,913		31,925	(2)
										32,913		31,925
Total Investments, March 31, 2025									$	4,677,815	$	4,448,111

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of March 31, 2025.

(2) Loan includes interest rate floor feature.

(3) The investment was on non-accrual status as of March 31, 2025.

47

Below is a listing of SDLP’s individual investments as of December 31, 2024 (dollars in thousands):

48

Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par		Amortized Cost		Fair Value		Footnotes
Senior Secured First Lien Loans
Aerospace & Defense
Qnnect, LLC and Connector TopCo, LP	Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/2/2029	$	272,375	$	272,375	$	272,375	(2)
Qnnect, LLC and Connector TopCo, LP	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/2/2029		3,146		3,146		3,146	(2)
											275,521		275,521
Automobile Components
Arrowhead Holdco Company	Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		174,307		174,307		146,418	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		35,956		35,956		30,203	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		41,293		41,293		34,686	(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50%	(Q)	7.16%	8/31/2028		25,642		25,642		21,539	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		2,342		2,342		1,967	(2)
North Haven Falcon Buyer, LLC	Term Loan	SOFR	+	8.00%	(Q)	12.51%	5/19/2027		203,274		200,709		132,128	(2)(3)
North Haven Falcon Buyer, LLC	Delayed Draw Term Loan	SOFR	+	8.00%	(Q)	12.33%	5/19/2027		34,034		33,192		22,122	(2)(3)
											513,441		389,063
Chemicals
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	7/26/2030		118,315		118,315		115,948	(2)
											118,315		115,948
Commercial Services & Supplies
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.13%	8/20/2031		226,072		226,072		226,072	(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	8/20/2031		82,329		82,329		82,329	(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.25%	8/20/2031		3,750		3,750		3,750	(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(S)	10.28%	10/13/2027		195,865		195,865		191,948	(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.28%	10/13/2027		46,831		46,831		46,362	(2)
											554,847		550,461
Construction & Engineering
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.42%	11/21/2029		259,905		259,905		259,905	(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.42%	11/21/2029		66,014		66,014		66,014	(2)
											325,919		325,919
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.50%	12/23/2030		250,833		250,833		246,444	(2)
											250,833		246,444
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.30%	11/5/2031		220,500		220,500		218,295	(2)
											220,500		218,295
Food Products
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		175,310		175,310		143,754	(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		28,993		28,993		23,775	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		13,827		13,827		11,338	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		46,651		46,651		38,254	(2)
											264,781		217,121
Health Care Providers and Services
Center for Autism and Related Disorders, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		7,307		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		132,765		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		19,452		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		4,820		—		—	(2)(3)
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.86%	7/31/2031		228,934		228,934		226,645	(2)

49

										228,934		226,645
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	4.00%	(Q)	8.33%	11/3/2031	112,500		112,500		111,375	(2)
										112,500		111,375
Hotels, Restaurants & Leisure
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.74%	6/29/2029	59,700		59,700		59,700	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.81%	6/29/2029	20,798		20,798		20,798	(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.58%	6/29/2029	167,450		167,450		167,450	(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	43,474		43,474		43,474	(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	11,664		11,664		11,664	(2)
Concert Golf Partners Holdco LLC	Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	231,075		231,075		231,075	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.00%	6/8/2026	50,000		50,000		50,000	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.12%	6/8/2026	24,420		24,420		24,420	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	6.25%	(Q)	10.50%	6/8/2026	74,168		74,168		74,168	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.25%	6/8/2026	149,181		149,181		149,181	(2)
HGC Holdings, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.16%	6/8/2026	102,375		102,375		102,375	(2)
										934,305		934,305
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	300,825		300,825		291,800	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	26,460		26,460		25,666	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	40,044		40,044		38,843	(2)
										367,329		356,309
Insurance
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	9.11%	10/31/2031	122,656		122,656		121,430	(2)
										122,656		121,430
Machinery
Harvey Tool Company, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.73%	10/26/2027	34,677		34,677		34,677	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	220,501		220,501		220,501	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	12,915		12,915		12,915	(2)
										268,093		268,093
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	5.75%	(M)	10.21%	12/14/2027	32,913		32,913		32,913	(2)
										32,913		32,913
Total Investments, December 31, 2024									$	4,590,887	$	4,389,842

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to LIBOR, SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of December 31, 2024.

(2) Loan includes interest rate floor feature.

(3) The investment was on non-accrual status as of December 31, 2024.

50

Below are the consolidated statements of assets and liabilities for SDLP (dollars in millions):

	As of March 31, 2025		As of December 31, 2024
Selected Consolidated Statements of Assets and Liabilities Information:
Investments in loans at fair value (cost of $4,678 and $4,591, respectively)	$	4,448	$	4,390
Restricted cash		128		425
Other Assets		18		24
Total assets	$	4,594	$	4,839
Senior notes	$	3,267	$	3,428
Intermediate funding notes		123		130
Interest payable		60		65
Other liabilities		57		59
Total liabilities		3,507		3,682
Members' capital		1,087		1,157
Total liabilities and members' capital	$	4,594	$	4,839

Below are the consolidated statements of operations for SDLP (dollars in millions):

	For the three months ended March 31,
	2025			2024
Selected Consolidated Statement of Operation Information:
Total revenues	$	107		$	150
Total expenses		64			82
Net unrealized appreciation/(depreciation)		(28	)		(1	)
Net realized gain/(loss)		—			—
Net income/(loss)	$	15		$	67

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if any of its portfolio companies is considered a “significant subsidiary.” Pursuant to the definition of “significant subsidiary” applicable to investment companies set forth in Rule 1-02(w) of Regulation S-X, a portfolio company will meet the definition of “significant subsidiary” if either the investment test or the income test is triggered. Rule 3-09 of Regulation S-X requires the Company to include separate audited financial statements of any unconsolidated majority-owned subsidiary (portfolio company in which the Company owns greater than 50% of the unconsolidated subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 20% of the Company’s total investments at fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment exceeds 20% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test). If the Company has an unconsolidated majority-owned subsidiary and does not satisfy any Rule 3-09 significant subsidiary conditions during a quarter end, the Company must include a summarized income statement within the notes to the quarterly financial statements.

Rule 4-08(g) of Regulation S-X requires the Company to include summarized financial information of any unconsolidated controlled subsidiary (portfolio company in which the Company owns greater than 25% of the voting securities of the unconsolidated subsidiary or otherwise controls the subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 10% of the Company’s total investments fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment income exceeds 10% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test).

After performing the investment analysis and income analysis for the three months ended March 31, 2025, the Company determined that the SDLP generated more than 10% of the Company's total income. Accordingly, the related summary financial information is presented in the "Senior Direct Lending Program" heading above.

51

Note 4. Fair Value Measurements

The following table presents the fair value measurements of the Company's investments, by major class according to the fair value hierarchy, as of March 31, 2025 (dollars in thousands):

	As of March 31, 2025
Investments	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Loans	$	—	$	84	$	659,058	$	659,142
Equity		—		—		3,765		3,765
Subordinated Certificates of the SDLP		—		—		164,804		164,804
Total investments at fair value	$	—	$	84	$	827,627	$	827,711
Interest rate swaps		—		147		—		147
Total interest rate swaps	$	—	$	147	$	—	$	147

The following table presents the fair value measurements of the Company's investments, by major class according to the fair value hierarchy, as of December 31, 2024 (dollars in thousands):

	As of December 31, 2024
Investments	Level 1		Level 2		Level 3		Total
Senior Secured First Lien Loans	$	—	$	87	$	627,439	$	627,526
Equity		—		—		4,437		4,437
Subordinated Certificates of the SDLP		—		—		172,152		172,152
Total investments at fair value	$	—	$	87	$	804,028	$	804,115
Interest rate swaps		—		648		—		648
Total interest rate swaps	$	—	$	648	$	—	$	648

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025 (dollars in thousands):

	Senior Secured First Lien Loans			Equity			Subordinated Certificates of the SDLP			Total
Balance as of December 31, 2024	$	627,439		$	4,437		$	172,152		$	804,028
Purchases		49,358			368			3,392			53,118
Payment-in-kind and other adjustments to cost		1,059			—			(466	)		593
Principal repayments		(18,041	)		(309	)		(7,398	)		(25,748	)
Net realized gains/(losses)		—			—			—			—
Net amortization of premium/discount		564			—			—			564
Net change unrealized gains/(losses)		(1,321	)		(731	)		(2,876	)		(4,928	)
Balance as of March 31, 2025	$	659,058		$	3,765		$	164,804		$	827,627
Net change unrealized appreciation/(depreciation) for    investments still held as of March 31, 2025	$	(8,247	)	$	(1,069	)	$	(14,706	)	$	(24,022	)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2024 (dollars in thousands):

52

	Senior Secured First Lien Loans			Equity			Subordinated Certificates of the SDLP			Total
Balance as of December 31, 2023	$	497,822		$	3,641		$	184,485		$	685,948
Purchases		302,125			792			30,113			333,030
Payment-in-kind and other adjustments to cost		3,581			—			(1,910	)		1,671
Principal repayments		(180,836	)		—			(32,693	)		(213,529	)
Net realized gains/(losses)		179			—			—			179
Net amortization of premium/discount		3,252			—			—			3,252
Net change unrealized gains/(losses)		1,316			4			(7,843	)		(6,523	)
Balance as of December 31, 2024	$	627,439		$	4,437		$	172,152		$	804,028
Net change unrealized appreciation/(depreciation) for    investments still held as of December 31, 2024	$	(6,925	)	$	(341	)	$	(11,830	)	$	(19,096	)

The Company conducts a review of the fair value hierarchy classifications on a quarterly basis. The Company monitors the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments from one fair value level to another. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the quarter in which the reclassifications occur. For the three months ended March 31, 2025, the Company had no investments transferred in/out of the Level 3 category. For the year ended December 31, 2024, there were no investments transferred in/out of the Level 3 category.

The Company generally employs the Income Based Approach (as described below) to estimate the fair value of its investments. Additionally, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company or any applicable collateral, in order to evaluate coverage of the Company’s investments.

Income Based Approach: The Company may use a discounted cash flow analysis to estimate the fair value of the investment, specifically the yield method. Projected cash flows represent the relevant investment’s contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment’s expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment as well as changes in company specific factors. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing cash flow (typically EBITDA or revenue, or the relevant industry metric) multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company multiples to the portfolio company’s latest twelve month EBITDA, revenue or other applicable metric to calculate the enterprise value of the portfolio company. The Company may also consider projected multiples in the assessment if applicable.

53

The following table presents the quantitative information about Level 3 fair value measurements of the Company's investments, as of March 31, 2025 (dollars in thousands):

	As of March 31, 2025
	Fair Value		Valuation Techniques	Significant Unobservable Inputs	Range of Significant Unobservable Inputs	Weighted Average (1)
Senior Secured First Lien Term Loans	$	607,802	Income Approach (DCF)	Discount Rate	6.9% - 23.4%	10.1%
Senior Secured First Lien Term Loans		33,431	Recent Transaction	Transaction Prices	98.5% - 99.3%	99.2%
Senior Secured First Lien Term Loans		17,825	Recovery	EV/EBITDA	6.1x - 11.3x	10.2x
Equity		1,262	Market Approach	Market Multiple	11.7x -29.0x	15.7x
Equity		2,503	Income Approach (DCF)	Long Term Growth Rate, Discount Rate	6.4% - 13.3%	7.7%
			Market Approach	EBITDA Multiple	7.3x - 20.6x	16.57x
Subordinated Certificates of the SDLP		164,804	Income Approach (DCF)	Discount Rate	7.9% - 7.9%	7.9%
Total	$	827,627

(1) Unobservable inputs were weighted by the fair value of the investments.

The following table presents the quantitative information about Level 3 fair value measurements of the Company's investments, as of December 31, 2024 (dollars in thousands):

	As of December 31, 2024
	Fair Value		Valuation Techniques	Significant Unobservable Inputs	Range of Significant Unobservable Inputs	Weighted Average (1)
Senior Secured First Lien Term Loans	$	509,227	Income Approach (DCF)	Discount Rate	6.9% - 20.4%	9.5%
Senior Secured First Lien Term Loans		102,903	Recent Transaction	Transaction Prices	98.2% - 99.8%	99.1%
Senior Secured First Lien Term Loans		15,309	Recovery	EV/EBITDA	8.6x - 11.4x	10.1x
Equity		2,280	Market Approach	Market Multiple	8.8x -28.5x	14.8x
Equity		125	Recent Transaction	Transaction Prices	100.0% - 100.0%	100.0%
Equity		2,032	Income Approach (DCF)	Long Term Growth Rate, Discount Rate	7.6% - 12.6%	10.1%
			Market Approach	EBITDA Multiple	15.5x - 19.6x	17.1x
Subordinated Certificates of the SDLP		172,152	Income Approach (DCF)	Discount Rate	9.4% - 9.4%	9.4%
Total	$	804,028

(1) Unobservable inputs were weighted by the fair value of the investments.

Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

54

Note 5. Derivative Instruments

The Company enters into derivative instruments from time to time to help mitigate interest rate risk exposures. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. On February 2, 2024, in connection with each of the 2026 Notes and the 2028 Notes (as defined in "Note 6. Borrowings"), the Company entered into an interest rate swap agreement with CIBC Bank USA ("CIBC"). As of March 31, 2025 and December 31, 2024, the Company had two outstanding interest rates swaps that were designated as hedges in qualifying hedging relationships (as detailed below). The counterparty to each interest rate swap contract was CIBC.

Certain information related to the Company's derivative instruments as of March 31, 2025 is presented in the consolidated statements of assets and liabilities as follows:

As of March 31, 2025
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Consolidated Statements of Assets and Liabilities Location
Interest rate swap	$	25,000	12/21/2026	$	7	$	—	Other Liabilities
Interest rate swap		25,000	12/21/2028		140		—	Other Liabilities
Total	$	50,000		$	147	$	—

Certain information related to the Company's derivative instruments as of December 31, 2024 is presented in the consolidated statements of assets and liabilities as follows:

As of December 31, 2024
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Consolidated Statements of Assets and Liabilities Location
Interest rate swap	$	25,000	12/21/2026	$	146	$	—	Other Liabilities
Interest rate swap		25,000	12/21/2028	$	502		—	Other Liabilities
Total	$	50,000		$	648	$	—

The Company records its derivatives on a net basis in the consolidated statements of assets and liabilities. The Company has a master netting agreement with its derivative counterparty which allows for the right to offset by counterparty. As of March 31, 2025 there have been no offsets.

Net unrealized appreciation (depreciation) on derivative instruments recognized by the Company for the three months ended March 31, 2025, is presented in the consolidated statements of operations as follows:

		For the three months ended March 31,
Derivative Instrument	Consolidated Statements of Operations Location	2025
Interest rate swaps	Net change in unrealized appreciation (depreciation) on derivatives	$	—
Total		$	—

Net unrealized appreciation (depreciation) on derivative instruments recognized by the Company for the three months ended March 31, 2024, is presented in the consolidated statements of operations as follows:

55

		For the three months ended March 31,
Derivative Instrument	Consolidated Statements of Operations Location	2024
Interest rate swaps	Net change in unrealized appreciation (depreciation) on derivatives	$	91
Total		$	91

Net realized gain (loss) on derivative instruments recognized by the Company for the three months ended March 31, 2025, is presented in the consolidated statements of operations as follows:

		For the three months ended March 31,
Derivative Instrument	Consolidated Statements of Operations Location	2025
Interest rate swaps	Net realized gain (loss) on derivatives	$	—
Total		$	—

Net realized gain (loss) on derivative instruments recognized by the Company for the three months ended March 31, 2024, is presented in the consolidated statements of operations as follows:

		For the three months ended March 31,
Derivative Instrument	Consolidated Statements of Operations Location	2024
Interest rate swaps	Net realized gain (loss) on derivatives	$	(116	)
Total		$	(116	)

Each of the interest rate swap agreements contain a provision whereby if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company also could be declared in default on its derivative obligations. As of March 31, 2025, the termination fair value of derivatives in a net liability position related to these agreements was $(0.2) million. As of March 31, 2025, the Company had not posted any collateral related to these agreements.

If the Company had breached any of these provisions at March 31, 2025, it could have been required to settle its obligations under the agreements at their termination fair value.

56

Note 6. Borrowings

The ratio of a BDC’s total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, must be at least 200% or 150%, if certain requirements are met. In connection with the Company’s organization and the Initial Closing, the Board and its initial shareholder authorized the Company to adopt the 150% asset coverage ratio. Additionally, investors both consented to the minimum asset coverage ratio of 150% and agreed not to seek to redeem their shares of common stock in connection therewith, in each case in the subscription agreement. As of March 31, 2025, the Company's asset coverage ratio was 181.98%.

The Company’s outstanding debt as of March 31, 2025 and December 31, 2024 was as follows (dollars in thousands):

	As of March 31, 2025								As of December 31, 2024
	Aggregate Principal Amount Available		Principal Amount Outstanding		Carrying Value		Fair Value		Aggregate Principal Amount Available		Principal Amount Outstanding		Carrying Value		Fair Value
SMBC Facility		195,000		41,000		41,000		41,000		195,000		50,000		50,000		50,000
2026 Notes(1)(2)		25,000		25,000		24,887		25,000		25,000		25,000		24,750		25,000
2028 Notes(1)(2)		25,000		25,000		24,730		25,000		25,000		25,000		24,364		25,000
VCC CLO(1)		377,500		377,500		374,949		377,500		377,500		377,500		374,895		377,500
Total borrowings outstanding	$	622,500	$	468,500	$	465,566	$	468,500	$	622,500	$	477,500	$	474,009	$	477,500

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

(2) The carrying values of the 2026 Notes and the 2028 Notes as of March 31, 2025 are presented inclusive of an incremental $(0.0) million and $(0.1) million, each resulting from a hedge accounting relationship.

JPM Facility

On June 2, 2022, the Company's wholly owned subsidiary, VCCF, entered into the Loan and Security Agreement (as amended on January 26, 2023 and November 20, 2023, the "Loan and Security Agreement" and the revolving credit facility thereunder, the "JPM Facility") with JPMorgan Chase Bank, National Association, as administrative agent ("JPMorgan").

The JPM Facility permitted VCCF to borrow up to $300 million, subject to certain leverage and borrowing base restrictions, and could have increased up to $600 million with the consent of the lenders. The reinvestment period and termination date of the JPM Facility was June 2, 2025 and June 2, 2027, respectively.

The JPM Facility bore interest at an annual rate of: (i) with respect to interest based reference rate other than a term SOFR, the reference rate plus a margin equal to 2.375% per annum; provided that, in the case of advances denominated in British Pounds, the margin was 2.494% per annum (ii) with respect to interest based on a term SOFR, the SOFR plus a margin equaled to 2.475% per annum and (iii) with respect to interest based on a Base Rate, the Base Rate plus a margin equaled to 2.475% per annum. JPMorgan determined the reference rate. The Company paid a fee of 0.50% per annum on the average daily committed but unused amounts under the JPM Facility during its ramp-up period (June 2, 2022 up to but not including March 2, 2023), and, beginning March 3, 2023 through its termination (as described below), paid a fee of 0.75% on annum.

On January 26, 2023, the Company entered into the First Amendment to the Loan and Security Agreement (the “First Amendment”). The First Amendment, among other things: (i) reduced the borrowings available under the JPM Facility from up to $500 million to up to $300 million, subject to certain leverage and borrowing base restrictions; and (ii) reduced the commitment increase, subject to lender consent, from up to $800 million to up to $600 million. The reduction was accounted for as a debt modification to a line-of-credit or revolving-debt arrangement in accordance with ASC 470-50, Modifications and Extinguishments, which attributed to an acceleration of debt financing costs in the amount of $1.4 million and was recorded on the consolidated statements of operations as a component of "Credit facility fees."

On November 20, 2023, the Company entered into the Second Amendment to the Loan and Security Agreement (the "Second Amendment"). The Second Amendment, among other things: (i) permitted the inclusion of revolving loans as collateral to the JPM Facility; (ii) decreased the minimum funding amount under the Loan and Agreement from 85% to 75% of the financing commitment which commenced on November 21, 2023; and (iii) increased the percentage of Collateral Principal Amount (as defined in the Second Amendment) that may consist of portfolio investments the obligors of which have a leverage ratio equal to or greater than 7.0x from 0.0% to 10.0%.

On November 26, 2024, the Company terminated in full (i) the JPM Facility, and (ii) the security interest over the collateral granted by VCCF to the collateral agent pursuant to the Loan and Security Agreement and the other loan documents relating to the JPM Facility. The JPM Facility terminated upon the satisfaction of all obligations and liabilities of the Company to secured parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the secured parties. The termination was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and

57

Extinguishments, which resulted in a realized loss of $4.2 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the JPM Facility for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	For the three months ended March 31,
	2025(1)		2024
JPM Facility interest	$	—	$	4,826
JPM Facility unused fees		—		113
Amortization of debt issuance costs		—		123
Total interest and financing expenses related to the JPM Facility	$	—	$	5,062
Weighted average outstanding debt balance of the JPM Facility	$	—	$	240,219
Weighted average interest rate of the JPM Facility (annualized)		—		8.1	%

(1) On November 26, 2024, the Company terminated the JPM Facility in full upon the satisfaction of all obligations and liabilities of the Company.

CIBC Facility

On January 31, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (the “CIBC Credit Agreement” and the senior secured credit facility thereunder, the “CIBC Facility”) among the Company, as borrower, the lenders party thereto from time to time, the issuing banks party thereto from time to time, and CIBC Bank USA ("CIBC"), as administrative agent and as sole lead arranger. The CIBC Facility was guaranteed by VCCEH, and could have been guaranteed by certain domestic subsidiaries of the Company that would have been formed or acquired by the Company in the future. Proceeds of the CIBC Facility were used for general corporate purposes, including the funding of portfolio investments. The initial maximum principal amount of the CIBC Facility was $75 million, subject to availability under the borrowing base, which was based on the Company’s and Guarantor’s portfolio investments and other outstanding indebtedness. The CIBC Facility was secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions. The CIBC Facility's commitment termination date was January 31, 2026 and had a final maturity date of January 31, 2028.

The CIBC Facility bore interest from January 1, 2023 to January 31, 2026 (the "Availability Period") at an annual rate of: (i) with respect to interest based on the greatest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 1/2 of 1% and (c) zero (the "ABR"), the ABR plus a margin equal to 1.500% per annum; and (ii) with respect to interest based on a term SOFR, the SOFR plus a margin equal to 2.500% per annum and after the Availability Period at an annual rate of: (i) with respect to interest based on the ABR, the ABR plus a margin equal to 1.750% per annum; and (ii) with respect to interest based on a term SOFR, the SOFR plus a margin equal to 2.750% per annum. CIBC, as the administrative agent, determines the reference rate. The Company paid a fee of 0.375% per annum on the average daily committed but unused amounts under the CIBC Facility during the first nine months of the CIBC Facility (January 31, 2023 up to but not including October 31, 2023), and thereafter, 0.375% if the average daily used amount of the commitment exceeds 25% of the total commitment or otherwise, 0.50%.

On August 9, 2024, the Company terminated in full (i) the CIBC Credit Agreement and the CIBC Facility, and (ii) the security interest over the collateral granted to CIBC as the lender pursuant to the CIBC Credit Agreement and the other loan documents relating to the CIBC Facility. The CIBC Facility terminated upon the satisfaction of all obligations and liabilities of the Company to CIBC as the lender thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to CIBC. The termination was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.8 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the CIBC Facility for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	For the three months ended March 31,
	2025(1)		2024
CIBC Facility interest	$	—	$	460
CIBC Facility unused fees		—		49
Amortization of debt issuance costs		—		59
Total interest and financing expenses related to the CIBC Facility	$	—	$	568
Weighted average outstanding debt balance of the CIBC Facility	$	—	$	23,239
Weighted average interest rate of the CIBC Facility (annualized)		—		8.0	%

(1) On August 9, 2024, the Company terminated the CIBC Facility in full upon the satisfaction of all obligations and liabilities of the Company.

58

SMBC Facility

On August 9, 2024, the Company entered into a Senior Secured Revolving Credit Agreement (the “SMBC Credit Agreement” and the senior secured credit facility thereunder, the “SMBC Facility”) by and among the Company, as borrower, the lenders party thereto from time to time, the issuing banks party thereto from time to time, and Sumitomo Mitsui Banking Corporation, as administrative agent, sole book runner and lead arranger.

The SMBC Facility is guaranteed by VCCEH, a wholly owned subsidiary of the Company, and will be guaranteed by certain subsidiary guarantors. Proceeds of the SMBC Facility may be used for general corporate purposes, including the funding of portfolio investments.

The initial maximum principal amount of the SMBC Facility was $170 million, subject to availability under the borrowing base, which is based on the Company’s and subsidiary guarantors’ portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $400 million through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The SMBC Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each subsidiary guarantor, subject to certain exceptions.

The availability period under the SMBC Facility will terminate on August 9, 2028 (the “SMBC Commitment Termination Date”) and the SMBC Facility will mature on August 9, 2029 (the “SMBC Maturity Date”). During the period from the SMBC Commitment Termination Date to the SMBC Maturity Date, the Company will be obligated to make mandatory prepayments under the SMBC Credit Agreement out of the proceeds of certain asset sales and other recovery events, equity and debt issuances and other returns of capital and extraordinary receipts.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Facility will bear interest at either term SOFR plus a 1.125% or 1.000% margin, or the alternate base rate plus a 2.125% or 2.000% margin depending on the ratio of the borrowing base compared to the outstanding debt of the SMBC Facility. The Company may elect either the term SOFR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. The Company also will pay a fee of 0.375% on average daily undrawn amounts under the SMBC Facility.

The SMBC Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default.

On August 28, 2024, the Company closed an additional $25 million of commitments under the accordion feature of the SMBC Credit Agreement, increasing the maximum principal amount available under the SMBC Facility from $170 million to $195 million.

At March 31, 2025 and December 31, 2024, the carrying amount of the Company's borrowings under the SMBC Facility approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings under the SMBC Facility would be deemed to be Level 3 investments.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the SMBC Facility for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	For the three months ended March 31,
	2025			2024
SMBC Facility interest	$	809		$	—
SMBC Facility unused fees		136			—
Amortization of debt issuance costs		87			—
Total interest and financing expenses related to the SMBC Facility	$	1,032		$	—
Weighted average outstanding debt balance of the SMBC Facility	$	49,333		$	—
Weighted average interest rate of the SMBC Facility (annualized)		6.7	%		—

VCC CLO 1, LLC

On November 26, 2024 (the “Closing Date”), the Company completed its $493.77 million term debt securitization (the “2024 Debt Securitization”), also known as a collateralized loan obligation, in connection with which a subsidiary of the Company issued the Debt (as defined below). The 2024 Debt Securitization is subject to the Company’s’ overall asset coverage requirement.

59

The debt offered in the 2024 Debt Securitization was issued and incurred by VCC CLO, an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A-1 Senior Secured Floating Rate Notes, Class A-2 Senior Secured Floating Rate Loans, Class B Senior Secured Floating Rate Notes, Class B Senior Secured Floating Rate Loans and the Class C Mezzanine Secured Deferrable Floating Rate Notes (collectively, the “Secured Debt”), and (ii) the subordinated notes (the “Subordinated Notes” and, together with the Secured Debt, the “Debt”), the terms of which are summarized in the table below (dollars in thousands):

Class	Par Size ($)		Ratings (S&P)	Ratings (Fitch)	Coupon
Class A-1 Notes	$	280,000	AAA(sf)	AAA(sf)	SOFR + 1.71%
Class A-2 Loans		30,000	AAA(sf)	N/A	SOFR + 1.85%
Class B Notes		7,000	AA (sf)	N/A	SOFR + 2.15%
Class B Loans		23,000	AA (sf)	N/A	SOFR + 2.15%
Class C Notes		37,500	A (sf)	N/A	SOFR + 2.65%
Subordinated Notes		116,270	N/A	N/A	N/A

VCC CLO Depositor, a direct, wholly owned subsidiary of the Company, retained all of the Subordinated Notes issued in the 2024 Debt Securitization and eliminated in consolidation.

The 2024 Debt Securitization is backed by a diversified portfolio of middle-market commercial loans and participation interests therein, which is managed by the Company pursuant to a collateral management agreement entered into with VCC CLO on the Closing Date (the “Collateral Management Agreement”). The Company has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the Collateral Management Agreement. The Debt is scheduled to mature on October 20, 2036; however, the Debt may be redeemed by VCC CLO, at the written direction of (i) a majority of the Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after November 26, 2026.

As part of the 2024 Debt Securitization, the Company, VCC CLO Depositor and VCC CLO entered into a loan sale and contribution agreement on the Closing Date (the “Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO Depositor and VCC CLO Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO the loans and participations therein securing the 2024 Debt Securitization for the purchase price and other consideration set forth in the Sale Agreement. Following this transfer, VCC CLO, and not VCC CLO Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the Sale Agreement.

The Secured Debt is a secured obligation of VCC CLO, the Subordinated Notes are the unsecured obligations of VCC CLO, and the indenture and security agreement governing the Debt includes customary covenants and events of default. The Debt has not been, and will not be, registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

At March 31, 2025 and December 31, 2024, the carrying amount of the Secured Debt of VCC CLO approximated its fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Secured Debt of VCC CLO would be deemed to be Level 3 investments.

The following table summarizes the interest expense and amortization of debt issuance costs incurred on VCC CLO for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	For the three months ended March 31,
	2025			2024
VCC CLO interest	$	5,965		$	—
Amortization of debt issuance costs		54			—
Total interest and financing expenses related to VCC CLO	$	6,019		$	—
Weighted average outstanding debt balance of VCC CLO	$	377,500		$	—
Weighted average interest rate of VCC CLO (annualized)		6.4	%		—

Unsecured Notes

60

On December 21, 2023, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due December 21, 2026, with a fixed interest rate of 8.10% per year (the “2026 Notes”), and $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due December 21, 2028 , with a fixed interest rate of 8.20% per year (the “2028 Notes” and, together with the 2026 Notes, the “Notes”), to qualified institutional investors in a private offering exempt from the registration requirements of the 1933 Act. The Notes are guaranteed by VCCEH, a wholly owned subsidiary of the Company. The interest rate of each Note is subject to an adjustment in the event of certain triggering events, including, an Asset Coverage Ratio Event, a Secured Debt Ratio Event, and a Below Investment Grade Event (each as defined in the Note Purchase Agreement). As of December 31, 2024, the Company's asset coverage ratio was below 200%, which triggered an Asset Coverage Ratio Event. Accordingly, effective January 1, 2025, the interest rates of the 2026 Notes and the 2028 Notes increased to 9.10% and 9.20% per year, respectively.

Interest on the Notes are payable semi-annually on June 21 and December 21 each year. The 2026 Notes and the 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to September 21, 2026 and September 21, 2028, respectively, at par plus accrued interest to the redemption date and a make-whole premium, and thereafter at par plus accrued interest to the redemption date. In addition, the Company is obligated to offer to prepay the Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

On February 2, 2024, in connection with each of the 2026 Notes and the 2028 Notes, the Company entered into an interest rate swap agreement for a total notional amount of $25,000,000 and $25,000,000 that matures on December 21, 2026 and December 21, 2028, respectively. Under the interest rate swap agreement for the 2026 Notes and the 2028 Notes, the Company receives a fixed interest rate of 8.10% and 8.20% and pays a floating interest rate of SOFR + 4.226% and SOFR + 4.595%, respectively. The Company designated these interest rate swaps, the 2026 Notes, and the 2028 Notes as a qualifying fair value hedge accounting relationship. For more information, see "Note 5. Derivative Instruments."

At March 31, 2025 and December 31, 2024, the carrying amount of the Notes approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Notes would be deemed to be Level 3 investments.

The following table summarizes the interest expenses and amortization of debt issuance costs incurred on the Notes for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):

	For the three months ended March 31,
	2025			2024
2026 Notes interest	$	569		$	506
2028 Notes interest		575		$	513
Amortization of debt issuance costs		24		$	24
Effect of interest rate swap		56		$	145
Total	$	1,224		$	1,188
Weighted average stated interest rate, net of effect of interest rate swaps (annualized)		9.7	%		8.2	%
Weighted average outstanding balance		50,000			50,000

61

Note 7. Related Party Transactions

Investment Advisory Agreement

On June 2, 2022, the Company entered into an investment advisory agreement with the Adviser. In connection with Varagon's merger with and into Man Group plc ("the Transaction"), the Company entered into a new investment agreement between the Company and the Adviser (the "Prior Investment Advisory Agreement"), which was materially identical to the investment advisory agreement, dated June 2, 2022, and became effective on September 6, 2023. At a meeting of the Company’s shareholders held on June 12, 2024, the Company’s shareholders voted to approve an amended investment advisory agreement by and between the Company and the Adviser (the “Investment Advisory Agreement”). Pursuant to the Investment Advisory Agreement, the Company pays the Adviser a fee for its investment advisory and management services consisting of two components—a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders.

The Investment Advisory Agreement amended the Prior Investment Advisory Agreement as follows:

(i)reduced the incentive fee payable by the Company to the Adviser following an initial public offering or a listing of the common stock on a national securities exchange (a "Public Listing") from 20% of all remaining Pre-Incentive Fee Net Investment Income (as defined below) above the “catch-up” to 17.5% of all remaining Pre-Incentive Fee Net Investment Income above the “catch-up”; and

(ii)more accurately reflects the original intent of the parties with respect to the “three-year look back” by revising the description of the calculation of the Income Incentive Fee (as defined below) to more explicitly account for the “three-year look back” and specifically referring to the “aggregate” Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters (as defined below) in the description of the calculation; therefore, the foregoing change is clarifying in nature and neither reflects a change in the actual calculation of the Income Incentive Fee nor would result in any change in the fees payable by the Adviser.

Other than the foregoing, no other material provisions of the Prior Investment Advisory Agreement changed.

Base Management Fee

Pursuant to the Amended Investment Advisory Agreement, prior to a Public Listing, the Company pays to the Adviser a fee (the “Management Fee”) for management services in an amount equal to an annual rate of 0.75% of the Company's "Adjusted Gross Assets". The Company's Adjusted Gross Assets is the average of the accreted or amortized cost basis of the Company's portfolio investments, excluding cash and cash equivalents and undrawn capital commitments at the end of the two most recently completed fiscal quarters (and, in the case of the first quarter-end following the Initial Closing, at the end of such fiscal quarter-end). The Management Fee is payable quarterly in arrears. Pursuant to the Investment Advisory Agreement, beginning with the first full calendar quarter following Public Listing, the Company will pay to the Adviser the Management Fee in an amount equal to an annual rate of 1.00% of the Adjusted Gross Assets payable quarterly in arrears (and, in the case of the first full calendar quarter-end following a Public Listing, at the end of such fiscal quarter-end).

For the three months ended March 31, 2025 and 2024, the Company incurred base management fees to the Adviser of $1.5 million and $1.4 million, respectively.

As of March 31, 2025 and December 31, 2024, $3.1 million and $1.5 million, respectively, was included in “base management fees payable” in the accompanying consolidated statements of assets and liabilities.

Income Incentive Fee and Capital Gain Incentive Fee Calculation

Pursuant to the Investment Advisory Agreement, the Company pays to the Adviser an incentive fee consisting of two components – an incentive fee based on a percentage of net investment income (the "Income Incentive Fee") and an incentive fee based on a percentage of capital gains(the "Capital Gains Incentive Fee"). The two components of the incentive fee are independent of each other and therefore, one component may be payable to the Adviser even if the other component is not payable to the Adviser.

Income Incentive Fee

The first part of the incentive fee, the Income Incentive Fee, is calculated and payable quarterly in arrears.

Prior to a Public Listing, under the Investment Advisory Agreement, the Income Incentive Fee will be calculated, subject to the Incentive Fee Cap (as defined below), and payable quarterly in arrears in respect of the Trailing Twelve Quarters as follows:

(i)no incentive fee in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters does not exceed the hurdle rate of 1.75% for such Trailing Twelve Quarters;

62

(ii)100% of the excess of the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until the Adviser has received a “catch-up” equal to 12.5% of the aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters; and

(iii)12.5% of the Company’s remaining aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters, if any, that exceeds the “catch-up”.

Beginning with the first full calendar quarter following a Public Listing, under the Investment Advisory Agreement, the Income Incentive Fee will be calculated, subject to the Incentive Fee Cap, and payable quarterly in arrears in respect of the Trailing Twelve Quarters as follows:

(i)no incentive fee in any calendar quarter in which the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters does not exceed the hurdle rate of 1.75% for such Trailing Twelve Quarters;

(ii)100% of the excess of the Company’s aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until the Adviser has received a “catch-up” equal to 17.5% of the aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters; and

(iii)17.5% of the Company’s remaining aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters, if any, that exceeds the “catch-up”.

“Pre-incentive fee net investment income” means interest income, dividend income, accrued interest on the Subordinated Certificates, and any other income including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies accrued during the relevant calendar quarter, minus its operating expenses during the relevant calendar quarters including the Management Fee, expenses payable under the Administration Agreement (as defined below), and any interest expense and any dividends paid on any issued and outstanding preferred stock, but excluding the Income Incentive Fee. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The Income Incentive Fee for a particular quarter is subject to a cap (the "Incentive Fee Cap”). Beginning with the first full calendar quarter following a Public Listing, the Incentive Fee Cap is equal to the difference between (x) 12.5% of the Cumulative Net Return (as defined below) from the calendar quarter then ending and the eleven preceding calendar quarters (such period the “Trailing Twelve Quarters”) and (y) the aggregate Income Incentive Fees that were paid to the Adviser by the Company in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters. Following a Public Listing, the Incentive Fee Cap will be equal to the difference between (x) 17.5% of the Cumulative Net Return during the relevant Trailing Twelve Quarters and (y) the aggregate Income Incentive Fees that were paid to the Adviser by the Company in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters. Cumulative Net Return is defined as the sum of (a) pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation in respect of the relevant Trailing Twelve Quarters.

For the three months ended March 31, 2025 and 2024, the Company incurred an Income Incentive Fee of $0.9 million and $2.0 million, respectively.

As of March 31, 2025 and December 31, 2024, $1.1 million and $0.2 million, respectively, was included in “Income-based incentive fee payable” in the accompanying consolidated statements of assets and liabilities.

Capital Gains Incentive Fee

The second part of the incentive fee, the capital gains incentive fee ("Capital Gains Incentive Fee"), is determined and payable in arrears as of the end of each fiscal year. Prior to a Public Listing, the amount of Capital Gains Incentive Fee is equal to 12.5% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. Beginning with the first full calendar quarter following a Public Listing, the Capital Gains Incentive Fee will be equal to 17.5% of

63

the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees.

For the three months ended March 31, 2025 and 2024, the Company did not incur a Capital Gains Incentive Fee.

In addition, the Adviser and its affiliates pay to the Company its allocable portion of any transaction, advisory or similar fees received in connection with the Company’s investment activities. The Adviser determines the Company’s allocable portion of such fees based on the Company’s ownership of the investment or securities related to the activity or investment, as applicable. The Adviser and its affiliates retain a portion of any transaction or transaction-related fee (including break-up fees, structuring fees, monitoring fees, commitment fees, or brokerage or underwriting compensation), advisory fees, or similar fees received in connection with the Company’s investment activities to the extent permitted by the 1940 Act, and may earn other transaction or transaction-related fees, advisory fees, or similar fees from the same transactions from sources other than the Company.

Administration Agreement

On June 2, 2022, the Company entered into an administration agreement with Varagon (in its capacity as the administrator, the "Administrator"). In connection with the Transaction, and in conjunction with entering into the Prior Investment Advisory Agreement, the Company entered into a new administration agreement between the Company and the Administrator (the "Administration Agreement"), which became effective on September 6, 2023. The Administration Agreement is materially identical to the prior administration agreement, dated June 2, 2022. Pursuant to the Administration Agreement, the Administrator (or one or more delegated service providers) furnishes the Company with office facilities, together with equipment and clerical, bookkeeping and recordkeeping services at such facilities. Under the Administration Agreement, the Administrator also performs, or oversees the performance of, the Company’s required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the SEC and otherwise assists with the Company’s compliance with the rules and regulations applicable to a BDC and RIC. In addition, the Administrator assists the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns and the printing and dissemination of reports to the Company’s shareholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Administrator will charge the Company only for the actual expenses it incurs on its behalf, or its allocable portion thereof, without any profit to the Administrator.

For the three months ended March 31, 2025 and 2024, the Company recorded administrator expenses of $0.2 million and $0.3 million, respectively.

As of March 31, 2025 and December 31, 2024, the Company had $0.2 million and $0.6 million, respectively, in "Administrator expenses payable" in the accompanying consolidated statements of assets and liabilities.

On June 2, 2022, the Administrator also entered into a sub-administration agreement with State Street Bank and Trust Company (the “Sub-Administrator”), under which the Sub-Administrator provides various accounting and administrative services to the Company, subject to the oversight of the Administrator, including preparing certain financial information, providing certain treasury services, and providing certain fund accounting services. The Company, on behalf of the Administrator, will pay the Sub-Administrator fees for its services as it determines are commercially reasonable in its sole discretion and for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions.

Expense Reimbursement Agreement

On June 2, 2022, the Company and the Adviser entered into an expense reimbursement agreement (the “Expense Reimbursement Agreement”) pursuant to which the Company reimburses the Adviser or Varagon, as applicable, for any organizational and offering expenses incurred by the Company and funded by the Adviser or Varagon. The Adviser elected to incur the organizational and offering expenses associated with the Company for the period from July 31, 2019 through March 29, 2022. Such organizational and offering expenses are not reimbursable by the Company (See "Note 2. Significant Accounting Policies").

Any such reimbursement will be made during the first four fiscal quarters following the 24-month period after the Initial Closing (the “Fundraising Period”). The Fundraising Period may be extended by up to an additional 18 months in the sole discretion of the Board (i.e., from 24 months to up to 42 months after the Initial Closing) which, on March 20, 2024, was extended to December 2, 2025 by the Board. For the avoidance of doubt the Company will reimburse the Adviser or, as applicable, Varagon, for the organizational and offering expenses incurred by the Company during the first four fiscal quarters following the extended Fundraising Period (i.e. beginning with the fiscal quarter ending March 31, 2026). The Company’s obligation to reimburse the Adviser or Varagon, as applicable, under the Expense Reimbursement Agreement automatically became a liability of the Company on June 2, 2022, when the Company elected to be regulated as a BDC under the 1940 Act. For the avoidance of doubt, reimbursements under the Expense Reimbursement Agreement are not conditioned on any performance threshold and are not considered a contingent liability for accounting purposes.

Fronting Letter Agreement

On December 15, 2022, the Company and Varagon entered into a Fronting Letter Agreement (the “Fronting Letter”). Pursuant to the Fronting Letter, for purposes of facilitating the Company’s funding obligations under or in connection with one or more of the

64

Company's portfolio investments, upon request by the Company or the Adviser, and the consent of Varagon, Varagon will advance up to an aggregate amount of $15.0 million to the Company (each advance, a "Fronted Amount"). No fees or interest is payable to Varagon by the Company with respect to any Fronted Amount. Each Fronted Amount will be reimbursed to Varagon by the Company within 90 days of receipt without any interest or fees.

As of March 31, 2025, and December 31, 2024, there were no Fronted Amounts advanced by the Company from Varagon.

Placement Agent Agreements

On September 6, 2023, the Adviser entered into an agreement with Man Investments Inc. on behalf of the Company, pursuant to which Man Investments Inc., assists the Company in conducting the Offering (the "Man Placement Agent Agreement"). On October 13, 2023, the Adviser entered into an agreement with Man Investments Inc. on behalf of the Company, pursuant to which Man Investments Inc. assists the Company in conducting the Offering in Canada (together with the Man Placement Agent Agreement, the "Placement Agent Agreements").

For avoidance of doubt, the Adviser or its affiliates are solely responsible for any placement or “finder’s” fees payable to any placement agents engaged by the Adviser on behalf of the Company in connection with the Offering.

65

Note 8. Commitments

Unfunded commitments

As of March 31, 2025 and December 31, 2024, the Company had commitments under loan and financing agreements to fund up to $118.1 million to 61 portfolio companies and $112.5 million to 53 portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, including underlying investments in the SDLP, and an analysis of their fair value is included in the Consolidated Schedule of Investments. The Company's commitment to fund commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of March 31, 2025 and December 31, 2024 are shown in the table below (dollars in thousands):

66

Issuer	As of March 31, 2025		As of December 31, 2024
3G Intermediate, Inc.		733		1,333
3G Intermediate, Inc.		500		667
Accupac, LLC		1,087		1,304
ACP Oak Buyer, Inc.		553		553
ACP Vault Acquisition, Inc.		1,036		1,036
ACP Vault Acquisition, Inc.		1,943		1,943
ADPD Holdings, LLC		1		6
ADPD Holdings, LLC		11		11
ADPD Holdings, LLC		2		2
Advanced Web Technologies Holding Company		274		235
Advanced Web Technologies Holding Company		676		845
Alert SRC Newco LLC		1,973		2,013
Alert SRC Newco LLC		604		604
Allergy & Clinical MidCo, LLC		2,571		—
Allergy & Clinical MidCo, LLC		643		—
Apex Dental Partners, LLC		683		759
Apex Dental Partners, LLC		2,172		2,172
Basin Innovation Group, LLC		1,773		1,773
Basin Innovation Group, LLC		1,266		1,266
Bebright MSO, LLC		285		285
Bebright MSO, LLC		1,237		1,237
Boulder Scientific Company, LLC		71		—
BPCP NSA Intermedco, Inc.		1,409		1,409
BPCP NSA Intermedco, Inc.		996		996
BRG Acquisition Co., LLC		600		600
Castleworks Home Services Company		7		7
Concord III, L.L.C.,		52		105
Distinct Holdings, Inc.		1,193		1,590
DRML Holdings LLC		3,000		—
DRML Holdings LLC		2,000		—
Easy Ice, LLC		1,183		1,352
Easy Ice, LLC		—		1,500
Easy Ice, LLC		750		750
Eventus Buyer, LLC		1,730		1,730
Eventus Buyer, LLC		404		750
Express Wash Acquisition Company, LLC		115		115
Eye Health America, LLC		277		475
Eye Health America, LLC		600		600
FS Squared Holding Corp.		203		203
FS Squared Holding Corp.		60		95
FS Squared Holding Corp.		14		46
Gen4 Dental Partners OPCO, LLC		585		585
Gen4 Dental Partners OPCO, LLC		2,927		2,927
Graffiti Buyer, Inc.		1,213		1,213
Healthfuse, LLC		1,442		—
Hissho Parent, LLC		635		635
HLSG Intermediate, LLC		30		—
HLSG Intermediate, LLC		144		—
Horizon Freight Holdings, Inc.		1,543		1,543
Horizon Freight Holdings, Inc.		1,543		1,543
Horizon Freight Holdings, Inc.		757		757
HTI Intermediate, LLC		536		536
HTI Intermediate, LLC		250		321
Hub Pen Company, LLC		472		629

67

JTM Foods LLC		72		2
KL Bronco Acquisition, Inc.		375		482
KL Bronco Acquisition, Inc.		1,250		1,250
KL Charlie Acquisition Company		52		52
Krayden Holdings, Inc.		1,251		1,251
Krayden Holdings, Inc.		809		837
Krayden Holdings, Inc.		386		386
Krayden Holdings, Inc.		386		386
Leiters, Inc.		156		167
Lightspeed Buyer, Inc.		318		318
Lightspeed Buyer, Inc.		3,284		8,843
M&D Midco, Inc.		3,503		3,503
M&D Midco, Inc.		1,587		1,763
MDI Buyer, Inc.		548		220
MDI Buyer, Inc.		1,837		—
Municipal Emergency Services, Inc.		2,472		2,472
MWD Management, LLC		300		300
NBPT Acquisition LLC		1,998		—
NBPT Acquisition LLC		444		—
OIS Management Services, LLC		1,931		2,563
OIS Management Services, LLC		577		577
Oliver Packaging, LLC		411		411
Online Labels Group, LLC		11		11
Online Labels Group, LLC		9		9
Online Labels Group, LLC		4		9
Pediatric Home Respiratory Services, LLC		2,250		2,250
Pediatric Home Respiratory Services, LLC		1,050		1,050
QM Buyer, Inc.		2,306		2,306
QM Buyer, Inc.		1,153		1,153
RFI Buyer, Inc.		12		11
RWA Wealth Partners, LLC		6,511		6,511
RWA Wealth Partners, LLC		1,944		1,944
Senior Direct Lending Program, LLC		15,795		17,005
SGA Dental Partners Opco, LLC		917		1,491
SHF Holdings, Inc.		144		—
SI Holdings, Inc.		—		522
Source Holding Delaware, LLC		865		—
Source Holding Delaware, LLC		1,730		—
Techmer BB Bidco, LLC		3		3
Titan Group Holdco, LLC		586		586
Titan Group Holdco, LLC		586		586
Titan Group Holdco, LLC		586		586
UHY Advisors, Inc.		1,364		1,753
UHY Advisors, Inc.		6,623		6,623
US Health Partners Management, LLC		22		22
US Health Partners Management, LLC		4		11
USN Opco, LLC		556		556
USSC Holding Corp.		518		518
Velocity Buyer, Inc.		1,781		—
Zavation Medical Products, LLC		74		101
Total Unfunded Commitments	$	118,115	$	112,456

The Company believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of March 31, 2025, the Company had cash of $40.0 million, available borrowings under the SMBC Facility of $154.0 million, subject to borrowing base limitations, and undrawn capital commitments of $73.5 million.

68

Also included within commitments, as of March 31, 2025 and December 31, 2024, were commitments to issue up to $0.2 million and $0.1 million, respectively, in letters of credit through a financial intermediary on behalf of certain portfolio companies. As of March 31, 2025, the Company had not issued any letters of credit. If the Company were to issue any letters of credit, it would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.

69

Note 9. Directors Fees

The Company’s business and affairs is managed under the direction of the Board. The Board consists of four (4) members, three (3) of whom are not “interested persons” (as defined in Section 2(a)(19) of the 1940 Act) of the Company (the “Independent Directors”).

The Independent Directors receive an annual fee of $80,000. The Independent Directors also will receive an additional fee of $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each regular meeting of the Board. In addition, the Independent Directors will receive an additional fee of $1,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each special Board meeting. The Independent Directors also will receive a fee of $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each committee meeting. The lead Independent Director will receive an additional annual fee of $7,500. The chair of the Board's audit committee will receive an additional annual fee of $15,000 in lieu of fees for attending audit committee meetings. The chair of the Board's nominating and corporate governance committee will receive an additional annual fee of $7,500 in lieu of fees for attending nominating and corporate governance committee meetings.

For the three months ended March 31, 2025 and 2024, the Company accrued $0.1 million and $0.1 million, respectively, for directors' fees. As of March 31, 2025 and December 31, 2024, the Company had $0.1 million and $0.1 million respectively, in "Directors' fees and expenses payable" in the accompanying consolidated statements of assets and liabilities.

70

Note 10. Share Data and Distributions

Earnings per share

The following table sets for the computation of basic and diluted earnings per share, for the three months ended March 31, 2025 and 2024 (dollars in thousands, except per share data):

	For the three months ended March 31,
	2025		2024
Net increase (decrease) in net assets resulting from operations	$	5,967	$	14,029
Weighted average shares outstanding		41,527,232		41,510,596
Earnings per share (basic and diluted)	$	0.14	$	0.34

Capital Activity

The Company is authorized to issue 500,000,000 shares of common stock at a par value of $0.01 per share. The Company intends to offer and sell its shares of common stock to “accredited investors” (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act) in a private placement in reliance on Regulation D and Regulation S, as applicable. The Fundraising Period commenced when the Company held the Initial Closing on June 2, 2022 and entered into subscription agreements in which investors made capital commitments to purchase shares of common stock (the “Subscription Agreements”), providing private placement of the Company’s shares of common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company's shares of common stock up to the amount of their respective capital commitment each time the Company delivers a drawdown notice for three (3) years following the date of the closing in which an investor's Capital Commitment was accepted (an investor's "Commitment Period"). The Company is authorized to continue to call for capital contributions under those circumstances as set forth in the Subscription Agreement post-termination of an investor's Commitment Period.

On March 29, 2022, in connection with its seed audit, the Company issued 100 shares of common stock for $10.00 to Varagon, which were subsequently redeemed on June 2, 2022, in connection with the Merger.

As of March 31, 2025, the Company had received capital commitments totaling $488.2 million ($73.5 million remaining undrawn), of which $7.2 million ($1.2 remaining undrawn) is from Varagon and current officers and directors of the Company. On June 2, 2022, the Company held the Initial Closing and entered into Subscription Agreements with a number of investors providing for the private placement of its shares of common stock.

The following table summarizes the total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements from inception through March 31, 2025 (dollars in thousands, except per share data):

Issuance Date	Shares Issued		Proceeds Received		Issuance Price per Share
June 2, 2022		36,130,510	$	361,305	$	10.00
July 12, 2022		2,994,012	$	30,000	$	10.02
September 7, 2022		2,362,205	$	24,000	$	10.16

Distributions and Distribution Reinvestments

Distributions to common shareholders are recorded on the ex-dividend date. The Company elected, and intends to qualify annually, to be treated as a RIC for U.S. federal income tax purposes under the Code. The Company will be required to distribute dividends each tax year as a RIC to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such net realized capital gains for investment.

The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”) for shareholders. As a result, if the Board authorizes, and the Company declares, a dividend or other distribution, each shareholder that has not “opted out” of the DRIP will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

71

The following table reflects the distributions per share that the Company has declared, including shares issued under the DRIP, on its common stock from inception through March 31, 2025 (dollars in thousands, except per share data):

Distribution	Date Declared	Record Date	Payment Dates	Amount per Share		Cash Distribution		DRIP Shares Issued		DRIP Shares Value
Quarterly	December 12, 2022	December 15, 2022	December 21, 2022	$	0.2635	$	10,892		3,915	$	40
Quarterly	December 19, 2022	December 23, 2022	January 27, 2023		0.2405		9,941		3,665		37
Quarterly	March 23, 2023	March 27, 2023	March 31, 2023		0.2222		9,185		3,619		35
Quarterly	May 10, 2023	July 1, 2023	July 15, 2023		0.2246		9,284		3,780		37
Quarterly	August 8, 2023	October 2, 2023	October 16, 2023		0.2271		9,387		3,825		38
Quarterly	November 7, 2023	December 27, 2023	January 17, 2024		0.2397		9,908		4,089		41
Special	December 18, 2023	December 27, 2023	January 17, 2024		0.1205		4,981		2,056		20
Quarterly	March 20, 2024	March 29, 2024	April 10, 2024		0.2371		9,809		3,461		34
Special	March 20, 2024	March 29, 2024	April 10, 2024		0.0333		1,378		486		5
Quarterly	May 9, 2024	June 28, 2024	July 17, 2024		0.2371		9,809		3,533		35
Special	May 9, 2024	June 28, 2024	July 17, 2024		0.0662		2,739		986		10
Quarterly	August 6, 2024	September 30, 2024	October 17, 2024		0.2397		9,916		3,699		36
Special	August 6, 2024	September 30, 2024	October 17, 2024		0.0638		2,639		985		10
Quarterly	November 6, 2024	December 31, 2024	January 17, 2025		0.2392		9,911		2,282		22
Special	November 6, 2024	December 31, 2024	January 17, 2025		0.0675		2,797		644		6
Quarterly	March 13, 2025	March 31, 2025	April 17, 2025		0.2400		9,944		2,429		23
Special	March 13, 2025	March 31, 2025	April 17, 2025		0.0185		766		187		2
Total						$	123,286		43,641	$	431

72

Note 11. Income Taxes

The Company has elected, and intends to qualify annually, to be treated as a RIC under subchapter M of the Code for U.S. federal income tax purposes. As a RIC, the Company generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it timely distributes to its shareholders as dividends. To qualify as a RIC, the Company must meet certain minimum distribution, source-of-income, and asset diversification requirements. The minimum distribution requirements applicable to RICs generally require the Company to distribute at least 90% of its investment company taxable income, as defined by the Code, each year.

The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

As of March 31, 2025, and December 31, 2024, the Company did not record a U.S. federal income tax expense/(benefit).

Taxable Subsidiaries

The Company uses the liability method to account for its taxable subsidiary's, VCCEH, income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences. For the three months ended March 31, 2025 and the year ended December 2024, the Company determined that no deferred tax asset or liability was necessary.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company had no uncertain tax positions as of and through March 31, 2025.

Federal Income Taxes

The Company is subject to the Code, U.S. federal income tax regulations, and other administrative guidance relating to U.S. federal income tax filing requirements. The Company is expected to have minimal or no income subject to tax and therefore no provision has been included for taxes due. The Company has elected, and intends to qualify annually, to be treated as a RIC under subchapter M of the Code. As a result, the Company generally does not expect to be subject to U.S. federal income taxes.

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740 as of March 31, 2025.

In the normal course of business, the Company is subject to examination by federal and certain state and local tax regulators. The Company's federal tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are filed.

73

Note 12. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024 (dollars in thousands, except per share data):

	For the Three Months ended March 31, 2025			For the Three Months ended March 31, 2024
Per Share Data: (1)
Net asset value, beginning of period	$	9.47		$	9.71
Net investment income (loss)		0.26			0.31
Net unrealized appreciation (depreciation) on investments		(0.12	)		0.02
Net realized gains (losses) on investments		—			0.01
Net realized gains (losses) on extinguishment of debt		—			—
Net increase (decrease) in net assets resulting from operations		0.14			0.34
Distributions of net investment income to shareholders (2)		(0.26	)		(0.27	)
Issuance of common stock		—			—
Net asset value per share, end of period(3)	$	9.36		$	9.78
Number of shares outstanding, end of period		41,527,752			41,511,677
Total return based on net asset value (4)(5)		1.49	%		3.51	%
Net assets attributable to shareholders, end of period	$	388,547		$	406,016
Ratio to average net assets attributable to shareholders:
Average net assets	$	390,918		$	404,583
Total expenses (6)		11.78	%		9.86	%
Total expenses (other than incentive fee) (6)		11.56	%		9.37	%
Net investment income (6)		11.97	%		14.47	%
Interest expense and credit facility fees (6)		8.59	%		6.78	%
Ratios/Supplemental Data:
Asset coverage, end of period (7)		181.98	%		217.30	%
Weighted average shares outstanding		41,527,232			41,510,596
Total capital commitments, end of period	$	488,208		$	488,208
Ratio of total contributed capital to total committed capital, end of period		84.95	%		84.95	%
Average debt outstanding (8)	$	476,833		$	313,457
Average debt outstanding per share	$	11.48		$	7.55
Portfolio turnover (5)		3.16	%		2.49	%
Year of formation	2019			2019

(1) The per share data was derived by using the weighted average shares outstanding.

(2) Distributions declared per common share was calculated as the sum of distributions on common stock declared during the year divided by the number of shares of common stock outstanding at each respective quarter-end date.

(3) Net asset value per share, end of period for the three months ended March 31, 2025 does not foot due to to rounding.

(4) Total return is based on the change in net asset value during the year divided by the beginning net asset value for the year, taking into account distributions declared, if any, reinvested in accordance with the Company’s DRIP.

(5) Not annualized.

(6) Annualized except in the case of non-recurring expenses (i.e. organizational expenses, and/or incentive fees).

(7) Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. Asset coverage ratio per unit does not include unfunded commitments. The inclusion of unfunded commitments in the calculation of the asset coverage ratio per unit would not cause the Company to be below the required amount of regulatory coverage.

(8) Based on daily weighted average balance of debt outstanding during the period.

74

Note 13. Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company’s Chief Executive Officer, Co-Presidents and Chief Financial Officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s consolidated net investment income ("NII") and net increase (decrease) in net assets resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes NII and net income as key metrics in determining the amount of dividends to be distributed to the Company’s shareholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.

75

Note 14. Subsequent Events

Management has evaluated subsequent events through May 14, 2025, the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Quarterly Report on Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2025 except as disclosed below:

Dividend Declaration

On May 7, 2025, the Board declared a dividend of $0.2400 per share and a special dividend of $0.0185 per share, both payable on July 17, 2025 to shareholders of record as of the close of business on June 30, 2025.

76

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

The following discussion and analysis should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q.

Except as otherwise specified, references to “we,” “us,” “our,” or the “Company,” refer to Varagon Capital Corporation. The term “Adviser” refers to VCC Advisors, LLC, our investment adviser; the term “Varagon” refers to Varagon Capital Partners, L.P.; the parent company of the Adviser; and the term “Administrator” refers to Varagon Capital Partners, L.P., when acting in its capacity as our administrator.

Forward-Looking Statements

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements, which relate to future events or our performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties, including statements as to:

•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•an economic downturn could disproportionately impact the companies which we target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•an economic downturn could impact availability and pricing of our financing;

•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•interest rate volatility could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

•the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy generally;

•the elevated levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

•the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

•the impact of geopolitical conditions, including the ongoing conflicts between Ukraine and Russia and ongoing conflict in the Middle East, and its impact on financial market volatility, global economic market, and various sectors, industries and markets for commodities globally;

•changes in the financial, capital, and lending markets;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•social, political, economic and other conditions and events (including natural disasters, epidemics, pandemics and terrorism) could adversely affect our results and the financial performance of our portfolio companies;

•our future operating results;

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

•the expected return or impact of our investments;

•our contractual arrangements and relationships with third parties;

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

•competition with other entities and our affiliates for investment opportunities;

•the speculative and illiquid nature of our investments;

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

•the adequacy of our financing sources and working capital;

•the loss of key personnel;

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

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

77

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

•the ability of the Adviser to adequately allocate investment opportunities among the Company and Varagon’s advisory clients;

•any conflicts of interest posed by the structure of the management fee and incentive fee to be paid to the Adviser;

•our ability to qualify and maintain our qualification, for U.S. federal income tax purposes, as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and our ability to operate as a business development company (“BDC”);

•the effect of legal, tax and regulatory changes; and

•other risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.

Overview

We were formed on July 31, 2019 as a corporation under the laws of Maryland. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected, and intends to qualify annually, to be treated as a RIC under the Code. The Company’s fiscal year end is December 31.

The Adviser serves as the Company’s investment adviser. The Adviser is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and is a subsidiary of Varagon, which is also registered with the SEC as an investment adviser under the Advisers Act. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operation of and provides investment advisory and management services to the Company.

The Company’s investment objective is to generate current income with a focus on capital preservation and, to a lesser extent, capital appreciation by investing primarily in directly originated leveraged loans to U.S. middle market companies.

The Company seeks to achieve its investment objective by investing primarily in senior secured loans to performing middle market companies controlled by private equity sponsors. The Company focuses on loans to middle market companies that have sustainable competitive advantages, experienced management teams, solid financial performance, stable and recurring cash flow and strong enterprise value. The Company expects that such companies and their sponsors will require financing from the Company for growth, acquisitions, recapitalizations, refinancings or leveraged buyouts, among other things. The Company generally expects to invest in companies with EBITDA between $10 million and $75 million annually, though we may invest in smaller or larger companies if an attractive opportunity presents itself. The Company also generally intends to directly originate its investments as a lead lender to allow for deeper diligence, greater control over terms and structure, and superior economics.

VCC Equity Holdings, LLC (“VCCEH”), VCC Funding, LLC (“VCCF”), Varagon SDLP, LLC (“VSDLP”), and VCC CLO 1 Depositor, LLC ("VCC CLO Depositor") are wholly owned subsidiaries of the Company and are consolidated in the Company’s consolidated financial statements from June 2, 2022, the commencement of investment operations, or the date of their respective formation, in accordance with the Company’s consolidation policy. VCCEH is taxed as a corporation for U.S. federal income tax purposes and was formed to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code. The assets held by VCCEH guarantee the borrowings outstanding under the SMBC Facility (as defined below) (See "Note 6. Borrowings" in our consolidated audited financial statements). VCCF, a bankruptcy remote special purpose entity, whose assets were pledged as collateral supporting the amounts outstanding under the JPM Facility before its termination on November 26, 2024 (See Note 6. Borrowings"), held no collateral assets as of December 31, 2024. VSDLP holds the Company's interest in the SDLP (as defined below). VCC CLO Depositor wholly owns VCC CLO 1, LLC ("VCC CLO"), which was formed for the purpose of issuing a term debt securitization.

Substantially concurrent with our initial closing on June 2, 2022 (the “Initial Closing”) and immediately prior to our election to be regulated as a BDC, Varagon Fund I, L.P. (“VF1”), a private fund exempt from registration pursuant to Section 3(c)(7) of the 1940 Act, merged with and into the Company, with the Company continuing in existence as the surviving entity in the merger (the “Merger”). As a result of the Merger, we acquired all of VF1’s assets and liabilities (the “Existing Portfolio”), including all VF1’s interests in the joint venture, Senior Direct Lending Program (“SDLP”), in exchange for shares of our common stock. In addition, immediately prior to our election to be regulated as a BDC, the Company purchased a portfolio of existing loans (the “Warehoused Portfolio” and together with the Existing Portfolio, the “Initial Portfolio”) from certain affiliates of the Adviser.

Key Components of Our Results of Operations

78

Investments

We focus primarily on the direct origination and syndication of loans to middle market companies domiciled in the United States.

Our level of investment activity (both the number of investments and the size of each investment) varies substantially from period to period depending on many factors, including the amount of debt and equity capital generally available to middle market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. Based on current market conditions, the pace of our investment activities, including originations and repayments, may vary. There have been headwinds in the financing and merger and acquisitions markets resulting from uncertainty associated with the imposition of tariffs and trade barriers, inflation, supply chain disruptions, labor and resource shortages, a shifting interest rate environment, geopolitical conditions (including the war in Ukraine, conflict in the Middle East, and U.S. and China relations), and the uncertain economic outlook for the United States and globally generally, which could include a recession. We are closely monitoring the effect that the current market and economic conditions may have on our portfolio companies and our investment activities, and we will continue to seek to invest in defensive businesses with low levels of cyclicality and strong levels of free cash flow generation.

As a BDC, we may not acquire any assets other than “qualifying assets” specified in Section 55(a) of 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 securities of private or thinly traded public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. Qualifying assets include investments in “eligible portfolio companies”, which, under the 1940 Act, includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million. In addition, we must be organized in the United States to qualify as a BDC.

Revenues

We plan to generate revenues in the form of interest income from the debt securities we hold and dividends and capital appreciation on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. The debt we invest in typically will not be rated by any rating agency, but if it were, it is likely that such debt would be below investment grade. Our investment bias will be toward adjustable-rate senior secured loans. We do not anticipate a secondary market to develop for our private investments. We expect most of our investments to be in corporations, partnerships, limited liability companies or other business entities, including in investment vehicles that issue certificates to us. We also may generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, repayment fees, and waiver and amendment fees associated with our portfolio investments based on our pro rata ownership of the applicable term loan investment or our interest in securities (including the subordinated certificates (the "Subordinated Certificates") issued by SDLP, a joint venture between the Company and Ares Capital Corporation ("ARCC")) related to an underlying investment, as applicable. Certain of these fees may be capitalized and amortized as additional interest income over the life of the related loan.

Expenses

All professionals of the Adviser, when and to the extent engaged in providing investment advisory and management services to us, and the compensation and routine overhead expenses of personnel allocable to these services to us, will be provided and paid for by the Adviser and not by us. Payments under the Administration Agreement are based upon our allocable portion of overhead and other expenses incurred by our administrator, Varagon (in its capacity as our administrator, the "Administrator"), in performing its obligations under the Administration Agreement, including a portion of the rent and the compensation of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. In accordance with the terms of the Administration Agreement, overhead and other administrative expenses are generally allocated between the Administrator and us by reference to the relative time spent by personnel in performing administrative and similar functions on our behalf as compared to performing administrative functions on behalf of the Administrator, its other clients or the Adviser. To the extent personnel retained by the Administrator perform administrative tasks for the Adviser, the fees incurred with respect to the actual time dedicated to such tasks will be reimbursed by the Adviser. We will bear all other out-of-pocket costs and expenses of our operations and transactions, including those relating to:

•organization and offering of the common stock, subject to the terms of the Expense Reimbursement Agreement;

•the Company’s fees and expenses related to any of the following: (i) an initial public offering (“IPO”) or a listing of the common stock on a national securities exchange (a “Public Listing”), (ii) a sale of all or substantially all of our assets to, or other liquidity event with, an entity for consideration of either cash and/or publicly listed securities of the acquirer, which potential acquirers may include entities affiliated with Varagon, or (iii) a permanent election by the Adviser not to make new investments and to distribute proceeds of investments to shareholders as they are received, or the wind down and/or liquidation and dissolution of the Company;

•calculating the Company’s net asset value ("NAV") (including the cost and expenses of any independent valuation firm);

79

•fees and expenses payable to third parties, including agents, consultants or other advisers, in connection with monitoring financial and legal affairs for the Company and in providing administrative services, monitoring the Company’s investments and performing due diligence on the Company’s prospective portfolio investments or otherwise relating to, or associated with, evaluating and making investments;

•fees and expenses incurred in connection with debt, if any, incurred to finance the Company’s investments or operations, and payment of interest and repayment of principal on such debt;

•fees and expenses related to sales and repurchases of the common stock and other securities;

•investment advisory and management fees;

•administration fees, if any, payable under the Administration Agreement;

•transfer agent, sub-administrator and custodial fees;

•expenses relating to the issue, repurchase and transfer of common stock to the extent not borne by the relevant transferring shareholders and/or assignees;

•federal and state registration fees;

•all costs associated with a Public Listing;

•federal, state and local taxes and other governmental charges assessed against the Company;

•independent directors’ fees and expenses and the costs associated with convening a meeting of the Board or any committee thereof;

•fees and expenses and the costs associated with convening a meeting of the shareholders or holders of any preferred stock, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing;

•costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators;

•costs of any reports, proxy statements or other notices to shareholders, including printing and mailing costs;

•costs and expenses related to the preparation of the Company’s financial statements and tax returns;

•the Company’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying;

•independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, “no-action” positions or other guidance sought from a regulator, pertaining to the Company;

•compensation of other third-party professionals to the extent they are devoted to preparing the Company’s financial statements or tax returns or providing similar “back office” financial services to the Company;

•Adviser costs and expenses (excluding travel) in connection with identifying and investigating investment opportunities for the Company, monitoring the investments of the Company and disposing of any such investments;

•portfolio risk management costs;

•commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees) and other assets;

•costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Company, including in each case services with respect to the proposed purchase or sale of securities by the Company that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated);

•costs of amending, restating or modifying the Company’s charter and the Company’s bylaws or the Investment Advisory Agreement, the Administration Agreement or related documents of the Company or related entities;

•fees, costs, and expenses incurred in connection with any restructuring, IPO or reorganization of the Company or related entities, the termination, liquidation or dissolution of the Company or related entities, or the required redemption of all or substantially all outstanding common stock (including the fees and expenses associated with any such transaction);

80

•the expense reimbursements set forth in the Administration Agreement; and

•all other properly and reasonably chargeable expenses incurred by the Company or the Administrator in connection with administering the Company’s business, including rent and the allocable portion of the cost of the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs; while certain of these expenses may not be ascertainable at any given time, any such expenses will be subject to the approval of the Board on a quarterly basis.

Leverage

The ratio of a BDC's total assets (less total liabilities other than indebtedness represented by senior securities) to its total indebtedness represented by senior securities plus preferred stock, if any, must be at least 200% or 150%, if certain requirements are met. In connection with the Company’s organization and the Initial Closing, the Board and its initial shareholder authorized us to adopt the 150% asset coverage ratio. Additionally, investors both consented to the minimum asset coverage ratio of 150% and agreed not to seek to redeem their shares of common stock in connection therewith, in each case in the subscription agreement. The Company therefore may be exposed, to a greater extent, to the risks of leverage, which may be considered a speculative investment technique. The use of leverage magnifies the potential for gain and loss on amounts invested and therefore increases the risks associated with investing in our securities. In any period, our interest expense will depend largely on the extent of our borrowing, and we expect interest expense will increase as we increase our debt outstanding. As of March 31, 2025, the Company's asset coverage ratio was 181.98%.

Portfolio and Investment Activity

As of March 31, 2025, our portfolio had a fair value of approximately $827.7 million. The following table summarizes our portfolio and investment activity during the three months ended March 31, 2025 (dollars in thousands):

	Three Months ended March 31,
	2025
Investments made in new portfolio companies	$	31,788
Investments made in existing portfolio companies		21,330
Aggregate amount in exits and repayments		(25,748	)
Net investment activity	$	27,370
Portfolio Companies, at beginning of period		99
Number of new portfolio companies		7
Number of exited portfolio companies		(3	)
Portfolio companies, at end of period		103

The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of March 31, 2025 (dollars in thousands):

	As of March 31, 2025
	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Loans	$	667,387		78.3	%	$	659,142		79.6	%
Equity		4,844		0.6			3,765		0.5
Subordinated Certificates of the SDLP		179,510		21.1			164,804		19.9
Total Investments	$	851,741		100.0	%	$	827,711		100.0	%

The following table presents the fair value measurements of the Company's investments, by major class according to the fair value hierarchy, as of December 31, 2024 (dollars in thousands):

	As of December 31, 2024
	Amortized Cost		Percentage			Fair Value		Percentage
Senior Secured First Lien Loans	$	634,455		77.1	%	$	627,526		78.0	%
Equity		4,780		0.6			4,437		0.6
Subordinated Certificates of the SDLP		183,982		22.3			172,152		21.4
Total Investments	$	823,217		100.0	%	$	804,115		100.0	%

81

The following table shows weighted average current yield to maturity based on the amortized cost and fair value as of March 31, 2025 and December 31, 2024:

	As of March 31, 2025						As of December 31, 2024
	Weighted Average Current Yield for Total Portfolio (Amortized Cost)			Weighted Average Current Yield for Total Portfolio (Fair Value)			Weighted Average Current Yield for Total Portfolio (Amortized Cost)			Weighted Average Current Yield for Total Portfolio (Fair Value)
Senior Secured First Lien Loans		10.2	%		11.0	%		10.5	%		11.2	%
Equity	N/A			N/A			N/A			N/A
Subordinated Certificates of the SDLP (1)		12.5	%		13.6	%		13.5	%		14.3	%
Total		10.7	%		11.5	%		11.2	%		11.9	%

(1) "Weighted average yields” of investments are computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount and market discount or premium earned on the relevant accruing investments, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders, but rather relates to our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status. There can be no assurance that the weighted average yield will remain at its current level.

Portfolio Asset Quality

Our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser grades the credit risk of all debt investments on a scale of 1 to 5 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio debt investment relative to the inherent risk at the time the original debt investment was made (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company's business, the collateral coverage of the investment and other relevant factors.

Loan Rating	Summary Description
1	Involves the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable.
2	Involves an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are generally neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2.
3	Involves a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition.
4	Involves a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due).
5	Involves a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

The weighted average risk rating of our investments based on fair value was 2.0 as of March 31, 2025 and 2.0 as of December 31, 2024.

Based on a generally uncertain economic outlook in the United States (which includes a possible recession), we are maintaining close communications with our portfolio companies to proactively assess and manage potential risks across our debt investment portfolio. We also have increased oversight and analysis of credits to assess vulnerable industries and ways to mitigate any decline in loan performance and reduce credit risk. While we are not seeing signs of an overall, broad deterioration in our operating results or those of our portfolio companies at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results.

82

The following table shows the distribution of our investments on the 1 to 5 investment performance rating scale at fair value as of March 31, 2025 and December 31, 2024 (dollars in thousands):

	As of March 31, 2025					As of December 31, 2024
Investment Performance Rating	Fair Value		Percentage			Fair Value		Percentage
1	$	26,441		3.2	%	$	20,996		2.6	%
2		758,309		91.6			743,105		92.4
3		42,961		5.2			40,014		5.0
4		—		—			—		—
5		—		—			—		—
Total	$	827,711		100.0	%	$	804,115		100.0	%

The following table shows the amortized cost of our performing and non-accrual debt investments as of March 31, 2025 and December 31, 2024 (dollars in thousands):

	As of March 31, 2025					As of December 31, 2024
	Amortized Cost		Percentage			Amortized Cost		Percentage
Performing(1)	$	846,897		100.0	%	$	818,437		100.0	%
Non-Accrual		—		—			—		—
Total	$	846,897		100.0	%	$	818,437		100.0	%

(1) As of March 31, 2025, the Company had an investment in one portfolio company that was current on cash interest payments and was on non-accrual status with respect to the portion of the interest that is PIK interest only.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Senior Direct Lending Program

In 2015, VSDLP, a wholly owned subsidiary of the Company, and ARCC formed SDLP, a joint venture established for the purpose of providing senior stretch and unitranche loan financings to middle market borrowers. The Company received, indirectly through its membership interest in VSDLP, limited liability company membership interests and Subordinated Certificates in each case in SDLP, as a result of the Merger. The SDLP finances its investment activity through the issuance of securities (“SDLP Securities”) backed by its loan portfolio, including, in order of seniority, rated senior notes (the “Senior Note”), a rated intermediate funding note (the “IFN”), and capital provided by the Company and ARCC through the Subordinated Certificates. The Subordinated Certificates are the most junior securities issued by SDLP and collateralize the profits earned or losses incurred across the SDLP loan portfolio. As of March 31, 2025 and December 31, 2024, the Company and ARCC own 12.5% and 87.5%, respectively, of the outstanding Subordinated Certificates.

SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of SDLP must be approved by an investment committee of SDLP consisting of representatives of the Company (and/or VSDLP) and ARCC (the “SDLP Investment Committee”).

As of March 31, 2025 and December 31, 2024, the Company and ARCC had agreed to make capital available to the SDLP in the aggregate totaling $1.7 billion and $1.7 billion, respectively, of which $206.3 million and $206.3 million, respectively, is to be made available from the Company. The Company and ARCC will continue to provide capital to the SDLP in the form of Subordinated Certificates. This capital will only be committed to the SDLP upon approval of transactions by the SDLP Investment Committee as discussed above. As of March 31, 2025 and December 31, 2024, the Company has funded $183.1 million and $187.1 million, respectively, of its commitment to the SDLP and had $23.2 million and $19.2 million in unfunded commitments remaining available to the SDLP, respectively.

The Subordinated Certificates pay a coupon equal to SOFR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the Subordinated Certificates that is greater than the stated coupon. The Subordinated Certificates are junior in right of payment to the Senior Notes and IFNs.

The amortized cost and fair value of the Subordinated Certificates held by the Company were $179.5 million and $164.8 million, respectively, as of March 31, 2025, and $184.0 million and $172.2 million, respectively, as of December 31, 2024. The Company’s yield on its investment in the Subordinated Certificates at amortized cost and fair value was 12.5% and 13.6%, respectively, as of March 31, 2025, and 13.5% and 14.4%, respectively, as of December 31, 2024. For the three months ended March 31, 2025, the

83

Company earned interest income of $5.5 million from its investment in the Subordinated Certificates. For the three months ended March 31, 2024, the Company earned interest income of $8.2 million from its investment in the Subordinated Certificates. As of March 31, 2025 and December 31, 2024, $5.5 million and $8.2 million, respectively, was in Interest receivable on the consolidated statements of assets and liabilities.

As of March 31, 2025 and December 31, 2024, the SDLP’s portfolio was comprised entirely of first lien senior secured loans to U.S. middle-market companies and were in industries similar to the companies in the Company’s portfolio. As of March 31, 2025, there was an investment in one portfolio company on non-accrual status. As of December 31, 2024, loans in two portfolio companies were on non-accrual status. Below is a summary of the SDLP’s portfolio as of March 31, 2025 and December 31, 2024 (dollars in millions):

	As of March 31, 2025		As of December 31, 2024
Total first lien senior secured loans(1)	$	4,691	$	4,759
Largest loan to a single borrower(1)	$	399	$	400
Total of five largest loans to borrower(1)	$	1,702	$	1,692
Number of borrowers in the SDLP		20		20
Commitments to fund delayed draw loans (2)	$	463	$	489

(1) At principal amount.

(2) As discussed above, these commitments have been approved by the SDLP Investment Committee.

84

Below is a listing of SDLP’s individual investments as of March 31, 2025 (dollars in thousands):

85

Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par		Amortized Cost		Fair Value			Footnotes
Senior Secured First Lien Loans
Automobile Components
Arrowhead Holdco Company	Term Loan	SOFR	+	4.75%	(M)	9.13%	8/31/2028		175,935		174,307		138,988		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	8/31/2028		36,292		35,956		28,670		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	8/31/2028		41,678		41,293		32,926		(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	5.50%	(Q)	10.00%	8/31/2028		25,881		25,642		20,446		(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.12%	8/31/2028		2,364		2,342		1,867		(2)
North Haven Falcon Buyer, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	5/19/2027		205,928		196,721		117,379		(2)(3)
North Haven Falcon Buyer, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	12.00%	5/19/2027		34,463		32,925		19,644		(2)(3)
											509,186		359,920
Chemicals
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.81%	7/26/2030		118,018		118,018		118,018		(2)
											118,018		118,018
Commercial Services & Supplies
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	6.00%	(S)	10.53%	8/20/2031		225,494		225,494		225,494		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.50%	(M)	8.86%	8/20/2031		82,119		82,119		82,119		(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	5.50%	(M)	9.96%	8/20/2031		3,741		3,741		3,741		(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	4.75%	(M)	8.50%	10/13/2027		195,361		195,361		193,407		(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.61%	10/13/2027		46,710		46,710		46,243		(2)
											553,425		551,004
Construction & Engineering
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	11/21/2029		259,247		259,247		259,247		(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	4.00%	(Q)	8.33%	11/21/2029		65,848		65,848		65,848		(2)
Ground Penetrating Radar Systems, LLC	Term Loan	SOFR	+	4.50%	(Q)	8.80%	1/2/2032		183,416		183,416		181,405		(2)
											508,511		506,500
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Term Loan	SOFR	+	5.25%	(Q)	10.33%	12/23/2030		299,175		299,175		294,002		(2)
											299,175		294,002
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/5/2031		240,949		240,949		238,623		(2)
											240,949		238,623
Financial Services
Tiger Holdco LLC	Term Loan	SOFR	+	4.25%	(M)	8.57%	3/11/2031		116,875		116,875		115,706		(2)
Tiger Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.25%	(M)	8.57%	3/11/2031		-		-		(159	)	(2)
											116,875		115,547
Food Products
Manna Pro Products, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.91%	12/10/2026		174,853		174,853		139,883		(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	12.00%	12/10/2026		28,918		28,918		23,135		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.30%	12/10/2026		13,791		13,791		11,033		(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	5.00%	(Q)	9.25%	12/10/2026		46,531		46,531		37,225		(2)
											264,093		211,276
Health Care Equipment & Supplies
NMN Holdings III Corp	Term Loan	SOFR	+	5.75%	(Q)	10.42%	7/31/2031		228,361		228,361		228,361		(2)
											228,361		228,361
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/3/2031		112,500		112,500		111,375		(2)
											112,500		111,375
Hotels, Restaurants & Leisure
Concert Golf Partners Holdco LLC	Term Loan	SOFR	+	4.75%	(M)	9.13%	3/31/2031		230,482		230,482		230,482		(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(Q)	9.13%	3/31/2031		43,362		43,362		43,362		(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.74%	3/31/2031		14,721		14,721		14,721		(2)

86

HGC Holdings, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	6/8/2026	102,113		102,113		102,113	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	10.53%	6/8/2026	50,000		50,000		50,000	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	10.53%	6/8/2026	24,358		24,358		24,358	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(M)	10.21%	6/8/2026	73,980		73,980		73,980	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.11%	6/8/2026	148,909		148,909		148,909	(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.75%	(S)	10.28%	6/29/2029	167,025		167,025		167,025	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.28%	6/29/2029	59,550		59,550		59,550	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.42%	6/29/2029	20,746		20,746		20,746	(2)
										935,246		935,246
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	2.50%	(Q)	7.16%	11/9/2027	300,825		300,825		291,800	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(Q)	10.16%	11/9/2027	26,460		26,460		25,666	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.25%	11/9/2027	40,044		40,044		38,843	(2)
										367,329		356,309
Insurance
THG Acquisition, LLC	Term Loan	SOFR	+	5.50%	(M)	9.96%	10/31/2031	123,141		123,141		121,912	(2)
										123,141		121,912
Machinery
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.73%	10/26/2027	220,501		220,501		220,501	(2)
Harvey Tool Company, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	34,677		34,677		34,677
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(Q)	9.58%	10/26/2027	12,915		12,915		12,915
										268,093		268,093
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	12/14/2027	32,913		32,913		31,925	(2)
										32,913		31,925
Total Investments, March 31, 2025									$	4,677,815	$	4,448,111

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q) or monthly (M). For each such loan, the interest rate provided was the rate in effect as of March 31, 2025.

(2) Loan includes interest rate floor feature.

(3) The investment was on non-accrual status as of March 31, 2025.

87

Below is a listing of SDLP’s individual investments as of December 31, 2024 (dollars in thousands):

88

Company	Type of Investment	Reference Rate and Spread (1)				Interest Rate	Maturity	Par		Amortized Cost		Fair Value		Footnotes
Senior Secured First Lien Loans
Aerospace & Defense
Qnnect, LLC and Connector TopCo, LP	Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/2/2029	$	272,375	$	272,375	$	272,375	(2)
Qnnect, LLC and Connector TopCo, LP	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	10.33%	11/2/2029		3,146		3,146		3,146	(2)
											275,521		275,521
Automobile Components
Arrowhead Holdco Company	Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		174,307		174,307		146,418	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		35,956		35,956		30,203	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		41,293		41,293		34,686	(2)
Arrowhead Holdco Company	Term Loan	SOFR	+	2.50%	(Q)	7.16%	8/31/2028		25,642		25,642		21,539	(2)
Arrowhead Holdco Company	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.91%	8/31/2028		2,342		2,342		1,967	(2)
North Haven Falcon Buyer, LLC	Term Loan	SOFR	+	8.00%	(Q)	12.51%	5/19/2027		203,274		200,709		132,128	(2)(3)
North Haven Falcon Buyer, LLC	Delayed Draw Term Loan	SOFR	+	8.00%	(Q)	12.33%	5/19/2027		34,034		33,192		22,122	(2)(3)
											513,441		389,063
Chemicals
SePRO Holdings, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	7/26/2030		118,315		118,315		115,948	(2)
											118,315		115,948
Commercial Services & Supplies
ISQ Hawkeye HoldCo, Inc.	Term Loan	SOFR	+	4.75%	(M)	9.13%	8/20/2031		226,072		226,072		226,072	(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	8/20/2031		82,329		82,329		82,329	(2)
ISQ Hawkeye HoldCo, Inc.	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.25%	8/20/2031		3,750		3,750		3,750	(2)
Pritchard Industries, LLC	Term Loan	SOFR	+	5.75%	(S)	10.28%	10/13/2027		195,865		195,865		191,948	(2)
Pritchard Industries, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.28%	10/13/2027		46,831		46,831		46,362	(2)
											554,847		550,461
Construction & Engineering
Valcourt Holdings II, LLC	Term Loan	SOFR	+	5.75%	(Q)	10.42%	11/21/2029		259,905		259,905		259,905	(2)
Valcourt Holdings II, LLC	Delayed Draw Term Loan	SOFR	+	5.75%	(Q)	10.42%	11/21/2029		66,014		66,014		66,014	(2)
											325,919		325,919
Consumer Staples Distribution & Retail
FS Squared Holding Corp.	Term Loan	SOFR	+	4.75%	(M)	8.50%	12/23/2030		250,833		250,833		246,444	(2)
											250,833		246,444
Electronic Equipment, Instruments & Components
EIS Legacy Holdco, LLC	Term Loan	SOFR	+	4.75%	(Q)	9.30%	11/5/2031		220,500		220,500		218,295	(2)
											220,500		218,295
Food Products
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		175,310		175,310		143,754	(2)
Manna Pro Products, LLC	Delayed Draw Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		28,993		28,993		23,775	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		13,827		13,827		11,338	(2)
Manna Pro Products, LLC	Term Loan	SOFR	+	6.00%	(S)	10.53%	12/10/2026		46,651		46,651		38,254	(2)
											264,781		217,121
Health Care Providers and Services
Center for Autism and Related Disorders, LLC	Delayed Draw Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		7,307		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		132,765		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		19,452		—		—	(2)(3)
Center for Autism and Related Disorders, LLC	Term Loan	SOFR	+	6.50%	(Q)	12.00%	11/21/2024		4,820		—		—	(2)(3)
NMN Holdings III Corp	Term Loan	SOFR	+	4.50%	(M)	8.86%	7/31/2031		228,934		228,934		226,645	(2)

89

										228,934		226,645
Health Care Technology
Surescripts, LLC	Term Loan	SOFR	+	4.00%	(Q)	8.33%	11/3/2031	112,500		112,500		111,375	(2)
										112,500		111,375
Hotels, Restaurants & Leisure
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.74%	6/29/2029	59,700		59,700		59,700	(2)
Triwizard Holdings, Inc.	Delayed Draw Term Loan	SOFR	+	5.25%	(Q)	9.81%	6/29/2029	20,798		20,798		20,798	(2)
Triwizard Holdings, Inc.	Term Loan	SOFR	+	5.25%	(Q)	9.58%	6/29/2029	167,450		167,450		167,450	(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	43,474		43,474		43,474	(2)
Concert Golf Partners Holdco LLC	Delayed Draw Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	11,664		11,664		11,664	(2)
Concert Golf Partners Holdco LLC	Term Loan	SOFR	+	4.75%	(M)	9.13%	4/1/2030	231,075		231,075		231,075	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.00%	6/8/2026	50,000		50,000		50,000	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.50%	(Q)	10.12%	6/8/2026	24,420		24,420		24,420	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	6.25%	(Q)	10.50%	6/8/2026	74,168		74,168		74,168	(2)
HGC Holdings, LLC	Delayed Draw Term Loan	SOFR	+	5.00%	(Q)	9.25%	6/8/2026	149,181		149,181		149,181	(2)
HGC Holdings, LLC	Term Loan	SOFR	+	5.50%	(Q)	10.16%	6/8/2026	102,375		102,375		102,375	(2)
										934,305		934,305
Household Products
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	300,825		300,825		291,800	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	26,460		26,460		25,666	(2)
Walnut Parent, Inc.	Term Loan	SOFR	+	5.50%	(M)	9.96%	11/9/2027	40,044		40,044		38,843	(2)
										367,329		356,309
Insurance
THG Acquisition, LLC	Term Loan	SOFR	+	4.75%	(M)	9.11%	10/31/2031	122,656		122,656		121,430	(2)
										122,656		121,430
Machinery
Harvey Tool Company, LLC	Delayed Draw Term Loan	SOFR	+	5.25%	(M)	9.73%	10/26/2027	34,677		34,677		34,677	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	220,501		220,501		220,501	(2)
Harvey Tool Company, LLC	Term Loan	SOFR	+	5.25%	(M)	9.61%	10/26/2027	12,915		12,915		12,915	(2)
										268,093		268,093
Trading Companies & Distributors
Penn Detroit Diesel Allison, LLC	Term Loan	SOFR	+	5.75%	(M)	10.21%	12/14/2027	32,913		32,913		32,913	(2)
										32,913		32,913
Total Investments, December 31, 2024									$	4,590,887	$	4,389,842

(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to LIBOR, SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of December 31, 2024.

(2) Loan includes interest rate floor feature.

(3) The investment was on non-accrual status as of December 31, 2024.

90

Below are the consolidated statements of assets and liabilities for SDLP (dollars in millions):

	As of March 31, 2025		As of December 31, 2024
Selected Consolidated Statements of Assets and Liabilities Information:
Investments in loans at fair value (cost of $4,678 and $4,591, respectively)	$	4,448	$	4,390
Restricted cash		128		425
Other Assets		18		24
Total assets	$	4,594	$	4,839
Senior notes	$	3,267	$	3,428
Intermediate funding notes		123		130
Interest payable		60		65
Other liabilities		57		59
Total liabilities		3,507		3,682
Members' capital		1,087		1,157
Total liabilities and members' capital	$	4,594	$	4,839

Below are the consolidated statements of operations for SDLP (dollars in millions):

	For the three months ended March 31,
	2025			2024
Selected Consolidated Statement of Operation Information:
Total revenues	$	107		$	150
Total expenses		64			82
Net unrealized appreciation/(depreciation)		(28	)		(1	)
Net realized gain/(loss)		—			—
Net income/(loss)	$	15		$	67

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if any of its portfolio companies is considered a “significant subsidiary.” Pursuant to the definition of “significant subsidiary” applicable to investment companies set forth in Rule 1-02(w) of Regulation S-X, a portfolio company will meet the definition of “significant subsidiary” if either the investment test or the income test is triggered. Rule 3-09 of Regulation S-X requires the Company to include separate audited financial statements of any unconsolidated majority-owned subsidiary (portfolio company in which the Company owns greater than 50% of the unconsolidated subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 20% of the Company’s total investments at fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment exceeds 20% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test). If the Company has an unconsolidated majority-owned subsidiary and does not satisfy any Rule 3-09 significant subsidiary conditions during a quarter end, the Company must include a summarized income statement within the notes to the quarterly financial statements.

Rule 4-08(g) of Regulation S-X requires the Company to include summarized financial information of any unconsolidated controlled subsidiary (portfolio company in which the Company owns greater than 25% of the voting securities of the unconsolidated subsidiary or otherwise controls the subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 10% of the Company’s total investments fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment income exceeds 10% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test).

After performing the investment analysis and income analysis for the three months ended March 31, 2025, the Company determined that the SDLP generated more than 10% of the Company's total income. Accordingly, the related summary financial information is presented in the "Senior Direct Lending Program" heading above.

91

Results of Operations

Set forth below is a comparison of our results of operations for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	For the three months ended March 31,
	2025			2024
Total investment income	$	22,890		$	24,477
Total expenses (including excise tax expense)		11,994			11,494
Net investment income		10,896			12,983
Net realized gain (loss)		—			62
Net change in unrealized appreciation (depreciation)		(4,929	)		984
Net increase in net assets resulting from operations	$	5,967		$	14,029
Net investment income per share - basic and diluted	$	0.26		$	0.31
Net increase in net assets resulting from operations per share - basic and diluted	$	0.14		$	0.34

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses, and changes in unrealized appreciation and depreciation on the investment portfolio.

Investment Income

We expect our portfolio to continue to grow as we raise and deploy capital through our private offering and our investment income to grow commensurately. The shifting environment in base interest rates may affect our investment income over the long term. Increases in interest rates, however, may adversely affect our existing borrowers.

Investment income decreased to $22.9 million for the three months ended March 31, 2025 compared to $24.5 million for the three months ended March 31, 2024, primarily as a decrease in the yield on the Subordinated Certificated as well as decrease in SOFR rates.

Operating Expenses

Expenses for the three months ended March 31, 2025 and 2024 were as follows (dollars in thousands):

	For the three months ended March 31,
	2025		2024
Base management fees	$	1,549	$	1,355
Income-based incentive fees		852		2,004
Professional fees		890		630
Administrator expenses		197		339
Interest expenses		7,974		6,450
Credit facility fees		301		368
Directors’ fees and expenses		85		85
Organizational expenses		—		91
Insurance expenses		4		94
Other general and administrative		142		78
Total expenses	$	11,994	$	11,494

Total expenses increased to $12 million for the three months ended March 31, 2025, from $11.5 million for the three months ended March 31, 2024.

Management and Incentive Fees

Management fees for the three months ended March 31, 2025 increased from the comparable period in the prior year primarily due to an increase in our invested balance. Incentive fees on income for the three months ended March 31, 2025 decreased from the comparable period in the prior year primarily due to unrealized losses during the period.

Interest Expenses and Credit Facility Fees

Interest expenses and credit facility fees increased to $8.3 million, for the three months ended March 31, 2025 from $6.8 million, for the three months ended March 31, 2024. The increase was primarily attributable to increased interest expenses related to the completion of our term debt securitization.

92

Net Realized Gains/Losses

We measure realized gains or losses by the difference between the net proceeds from the disposition and the amortized cost basis of an investment, without regard to unrealized gains or losses previously recognized.

For the three months ended March 31, 2025, we had no realized gains or losses on our portfolio investments.

For the three months ended March 31, 2024, we had $0.1 million of realized gains, due to an escrow payment from a previously realized investment partially offset by the wind-down of two interest rate swaps during the period.

Net Change in Unrealized Appreciation/Depreciation

For the three months ended March 31, 2025, we had $(4.9) million of unrealized depreciation on portfolio investments and derivatives, which was primarily due to the adjustment of our investment in the Subordinated Certificates.

For the three months ended March 31, 2024, we had $1.0 million of unrealized appreciation primarily due to the adjustment on our investment in the Subordinated Certificates during the period.

Net Increase in Net Assets Resulting from Operations

For the three months ended March 31, 2025, the net increase in net assets resulting from operations was $6.0 million or $0.14 per share. For the three months ended March 31, 2024, the net increase in net assets resulting from operations was $14.0 million or $0.34 per share.

Financial Condition, Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds from drawdowns of our capital commitments to purchase shares of our common stock pursuant to our private offering of our shares (the "Offering"), (ii) cash flows from our operations, (iii) proceeds from net borrowings from the SMBC Facility and CLO debt issuances (as described below), and (iv) any future offerings of our equity or debt securities. We may fund a portion of our investments through borrowings under the SMBC Facility and issuances of senior securities. Our primary use of cash will be for (i) investments in portfolio companies in accordance with our investment objective and investment strategies and to comply with certain portfolio diversification requirements, (ii) providing capital to the SDLP through the Subordinated Certificates, (iii) the cost of operations (including paying the Adviser), (iv) debt service and other financing costs of any borrowings, (v) any cash distributions to the holders of our common stock, and (vi) general working capital purposes. We will also pay operating expenses, including advisory and administrative fees and expenses, and may pay other expenses such as due diligence expenses of potential new investments, from the net proceeds of the Offering.

Equity

We are authorized to issue 500,000,000 shares of common stock at $0.01 par value per share.

On March 29, 2022, in connection with our seed audit, we issued 100 shares of common stock for $10.00 to Varagon, which were subsequently redeemed on June 2, 2022 in connection with the Merger.

As of March 31, 2025, we had received capital commitments totaling $488.2 million ($73.5 million remaining undrawn), of which $7.2 million ($1.2 remaining undrawn) is from Varagon and current officers and directors of the Company. On June 2, 2022, we held our Initial Closing and entered into Subscription Agreements with a number of investors providing for the private placement of our shares of common stock.

The following table summarizes the total shares issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements from inception through March 31, 2025 (dollars in thousands, except per share data):

Capital Drawdown Notice Date	Date of Issuance	Number of Shares Issued		Aggregate Offering Price		Issuance Price per Share
May 20, 2022	June 2, 2022		36,130,510	$	361,305	$	10.00
June 27, 2022	July 12, 2022		2,994,012	$	30,000	$	10.02
August 23, 2022	September 7, 2022		2,362,205	$	24,000	$	10.16

Distributions and Dividend Reinvestments

Distributions to common shareholders are recorded on the ex-dividend date. We have elected, and intend to qualify annually, to be treated as a RIC for U.S. federal income tax purposes under the Code. The Company will be required to distribute dividends each tax year as a RIC to its shareholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, are generally distributed, although the Company may decide to retain such net realized capital gains for investment.

93

With respect to distributions, we have adopted an “opt out” distribution reinvestment plan (“DRIP”) for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the DRIP will have their dividends or distributions automatically reinvested in additional shares of our common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table reflects the distributions per share that the Company has declared, including shares issued under the DRIP, on its common stock from inception through March 31, 2025 (dollars in thousands):

Distribution	Date Declared	Record Date	Payment Dates	Amount per Share		Cash Distribution		DRIP Shares Issued		DRIP Shares Value
Quarterly	December 12, 2022	December 15, 2022	December 21, 2022	$	0.2635	$	10,892		3,915	$	40
Quarterly	December 19, 2022	December 23, 2022	January 27, 2023		0.2405		9,941		3,665		37
Quarterly	March 23, 2023	March 27, 2023	March 31, 2023		0.2222		9,185		3,619		35
Quarterly	May 10, 2023	July 1, 2023	July 15, 2023		0.2246		9,284		3,780		37
Quarterly	August 8, 2023	October 2, 2023	October 16, 2023		0.2271		9,387		3,825		38
Quarterly	November 7, 2023	December 27, 2023	January 17, 2024		0.2397		9,908		4,089		41
Special	December 18, 2023	December 27, 2023	January 17, 2024		0.1205		4,981		2,056		20
Quarterly	March 20, 2024	March 29, 2024	April 10, 2024		0.2371		9,809		3,461		34
Special	March 20, 2024	March 29, 2024	April 10, 2024		0.0333		1,378		486		5
Quarterly	May 9, 2024	June 28, 2024	July 17, 2024		0.2371		9,809		3,533		35
Special	May 9, 2024	June 28, 2024	July 17, 2024		0.0662		2,739		986		10
Quarterly	August 6, 2024	September 30, 2024	October 17, 2024		0.2397		9,916		3,699		36
Special	August 6, 2024	September 30, 2024	October 17, 2024		0.0638		2,639		985		10
Quarterly	November 6, 2024	December 31, 2024	January 17, 2025		0.2392		9,911		2,282		22
Special	November 6, 2024	December 31, 2024	January 17, 2025		0.0675		2,797		644		6
Quarterly	March 13, 2025	March 31, 2025	April 17, 2025		0.2400		9,944		2,429		23
Special	March 13, 2025	March 31, 2025	April 17, 2025		0.0185		766		187		2
Total						$	123,286		43,641	$	431

Income Taxes

The Company has elected, and intends to qualify annually, to be treated as a RIC under subchapter M of the Code. As a RIC, the Company generally will not be subject to U.S. federal income tax on any ordinary income or capital gains that it timely distributes to its shareholders as dividends. To qualify as a RIC, the Company must meet certain minimum distribution, source-of-income, and asset diversification requirements. The minimum distribution requirements applicable to the RIC require the Company to distribute at least 90% of its investment company taxable income, as defined by the Code, each year.

The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) certain un-distributed amounts from the previous years on which we paid no U.S. federal income tax. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. As of March 31, 2025, the Company did not have any uncertain tax positions that met the recognition or measurement criteria, nor did the Company have any unrecognized tax benefits.

Our accounting policy on income taxes is critical because if we are unable to maintain our tax treatment as a RIC, we would be required to record a provision for U.S. federal income taxes, which may be significant to our financial results.

94

Federal Income Taxes

The Company is subject to the Code, U.S. federal income tax regulations, and other administrative guidance pertaining to U.S. federal income tax filing requirements. The Company is expected to have minimal or no income subject to tax and therefore no provision has been included for taxes due. The Company has elected, and intends to qualify annually, as a RIC under subchapter M of the Code. As a result, the Company generally does not expect to be subject to U.S. federal income taxes.

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740 as of March 31, 2025.

In the normal course of business, the Company is subject to examination by federal and certain state and local tax regulators. The Company adopted a tax year-end of December 31.

For U.S. federal income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof.

Credit Facilities

JPM Facility

On June 2, 2022, the Company's wholly owned subsidiary, VCCF, entered into the Loan and Security Agreement (as amended on January 26, 2023 and November 20, 2023, the “Loan and Security Agreement” and the revolving credit facility thereunder, the “JPM Facility”) with JPMorgan Chase Bank, National Association, as administrative agent (“JPMorgan”).

The JPM Facility permitted VCCF to borrow up to $300 million, subject to certain leverage and borrowing base restrictions, and could have increased up to $600 million with the consent of the lenders. The reinvestment period and termination date of the JPM Facility was June 2, 2025 and June 2, 2027, respectively.

The JPM Facility bore interest at an annual rate of: (i) with respect to interest based reference rate other than a term SOFR, the reference rate plus a margin equal to 2.375% per annum; provided that, in the case of advances denominated in British Pounds, the margin was 2.494% per annum (ii) with respect to interest based on a term SOFR, the SOFR plus a margin equaled to 2.475% per annum and (iii) with respect to interest based on a Base Rate, the Base Rate plus a margin equaled to 2.475% per annum. JPMorgan determined the reference rate. The Company paid a fee of 0.50% per annum on the average daily committed but unused amounts under the JPM Facility during its ramp-up period (June 2, 2022 up to but not including March 2, 2023), and, beginning March 3, 2023 through its termination (as described below), paid a fee of 0.75% on annum.

On January 26, 2023, the Company entered into the First Amendment to the Loan and Security Agreement (the “First Amendment”). The First Amendment, among other things: (i) reduced the borrowings available under the JPM Facility from up to $500 million to up to $300 million, subject to certain leverage and borrowing base restrictions; and (ii) reduced the commitment increase, subject to lender consent, from up to $800 million to up to $600 million. The reduction was accounted for as a debt modification to a line-of-credit or revolving-debt arrangement in accordance with ASC 470-50, Modifications and Extinguishments, which attributed to an acceleration of debt financing costs in the amount of $1.4 million and was recorded on the consolidated statements of operations as a component of "Credit facility fees."

On November 20, 2023, the Company entered into the Second Amendment to the Loan and Security Agreement (the "Second Amendment"). The Second Amendment, among other things: (i) permitted the inclusion of revolving loans as collateral to the JPM Facility; (ii) decreased the minimum funding amount under the Loan and Agreement from 85% to 75% of the financing commitment which commenced on November 21, 2023; and (iii) increased the percentage of Collateral Principal Amount (as defined in the Second Amendment) that may consist of portfolio investments the obligors of which have a leverage ratio equal to or greater than 7.0x from 0.0% to 10.0%.

On November 26, 2024, the Company terminated in full (i) the JPM Facility, and (ii) the security interest over the collateral granted by VCCF to the collateral agent pursuant to the Loan and Security Agreement and the other loan documents relating to the JPM Facility. The JPM Facility terminated upon the satisfaction of all obligations and liabilities of the Company to secured parties thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to the secured parties. The termination was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $4.2 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the JPM Facility for the three months ended March 31, 2025 and 2024 (dollars in thousands):

95

	For the three months ended March 31,
	2025(1)		2024
JPM Facility interest	$	—	$	4,826
JPM Facility unused fees		—		113
Amortization of debt issuance costs		—		123
Total interest and financing expenses related to the JPM Facility	$	—	$	5,062
Weighted average outstanding debt balance of the JPM Facility	$	—	$	240,219
Weighted average interest rate of the JPM Facility (annualized)		—		8.1	%

(1) On November 26, 2024, the Company terminated the JPM Facility in full upon the satisfaction of all obligations and liabilities of the Company.

CIBC Facility

On January 31, 2023, the Company entered into a Senior Secured Revolving Credit Agreement (the “CIBC Credit Agreement” and the senior secured credit facility thereunder, the “CIBC Facility”) among the Company, as borrower, the lenders party thereto from time to time, the issuing banks party thereto from time to time, and CIBC Bank USA ("CIBC"), as administrative agent and as sole lead arranger. The CIBC Facility was guaranteed by VCCEH, and could have been guaranteed by certain domestic subsidiaries of the Company that would have been formed or acquired by the Company in the future. Proceeds of the CIBC Facility were used for general corporate purposes, including the funding of portfolio investments. The initial maximum principal amount of the CIBC Facility was $75 million, subject to availability under the borrowing base, which was based on the Company’s and Guarantor’s portfolio investments and other outstanding indebtedness. The CIBC Facility was secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions. The CIBC Facility's commitment termination date was January 31, 2026 and had a final maturity date of January 31, 2028.

The CIBC Facility bore interest from January 1, 2023 to January 31, 2026 (the "Availability Period") at an annual rate of: (i) with respect to interest based on the greatest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 1/2 of 1% and (c) zero (the "ABR"), the ABR plus a margin equal to 1.500% per annum; and (ii) with respect to interest based on a term SOFR, the SOFR plus a margin equal to 2.500% per annum and after the Availability Period at an annual rate of: (i) with respect to interest based on the ABR, the ABR plus a margin equal to 1.750% per annum; and (ii) with respect to interest based on a term SOFR, the SOFR plus a margin equal to 2.750% per annum. CIBC, as the administrative agent determines the reference rate. The Company paid a fee of 0.375% per annum on the average daily committed but unused amounts under the CIBC Facility during the first nine months of the CIBC Facility (January 31, 2023 up to but not including October 31, 2023), and thereafter, 0.375% if the average daily used amount of the commitment exceeds 25% of the total commitment or otherwise, 0.50%.

On August 9, 2024, the Company terminated in full (i) the CIBC Credit Agreement and the CIBC Facility, and (ii) the security interest over the collateral granted to CIBC as the lender pursuant to the CIBC Credit Agreement and the other loan documents relating to the CIBC Facility. The CIBC Facility terminated upon the satisfaction of all obligations and liabilities of the Company to CIBC as the lender thereunder, including, without limitation, payments of principal and interest, other fees, breakage costs and other amounts owing to CIBC. The termination was accounted for as a debt extinguishment in accordance with ASC 470-50, Modifications and Extinguishments, which resulted in a realized loss of $0.8 million and was recorded on the Consolidated Statements of Operations as a loss on extinguishment of debt.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the CIBC Facility for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	For the three months ended March 31,
	2025(1)		2024
CIBC Facility interest	$	—	$	460
CIBC Facility unused fees		—		49
Amortization of debt issuance costs		—		59
Total interest and financing expenses related to the CIBC Facility	$	—	$	568
Weighted average outstanding debt balance of the CIBC Facility	$	—	$	23,239
Weighted average interest rate of the CIBC Facility (annualized)		—		8.0	%

(1) On August 9, 2024, the Company terminated the CIBC Facility in full upon the satisfaction of all obligations and liabilities of the Company.

96

SMBC Facility

On August 9, 2024, the Company entered into a Senior Secured Revolving Credit Agreement (the “SMBC Credit Agreement” and the senior secured credit facility thereunder, the “SMBC Facility”) by and among the Company, as borrower, the lenders party thereto from time to time, the issuing banks party thereto from time to time, and Sumitomo Mitsui Banking Corporation, as administrative agent, sole book runner and lead arranger.

The SMBC Facility is guaranteed by VCCEH, a wholly owned subsidiary of the Company, and will be guaranteed by certain subsidiary guarantors. Proceeds of the SMBC Facility may be used for general corporate purposes, including the funding of portfolio investments.

The initial maximum principal amount of the SMBC Facility was $170 million, subject to availability under the borrowing base, which is based on the Company’s and subsidiary guarantors’ portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Facility may be increased to $400 million through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The SMBC Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each subsidiary guarantor, subject to certain exceptions.

The availability period under the SMBC Facility will terminate on August 9, 2028 (the “SMBC Commitment Termination Date”) and the SMBC Facility will mature on August 9, 2029 (the “SMBC Maturity Date”). During the period from the SMBC Commitment Termination Date to the SMBC Maturity Date, the Company will be obligated to make mandatory prepayments under the SMBC Credit Agreement out of the proceeds of certain asset sales and other recovery events, equity and debt issuances and other returns of capital and extraordinary receipts.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Facility will bear interest at either term SOFR plus a 1.125% or 1.000% margin, or the alternate base rate plus a 2.125% or 2.000% margin depending on the ratio of the borrowing base compared to the outstanding debt of the SMBC Facility. The Company may elect either the term SOFR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. The Company also will pay a fee of 0.375% on average daily undrawn amounts under the SMBC Facility.

The SMBC Credit Agreement includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default.

On August 28, 2024, the Company closed an additional $25 million of commitments under the accordion feature of the SMBC Credit Agreement, increasing the maximum principal amount available under the SMBC Facility from $170 million to $195 million.

At March 31, 2025 and December 31, 2024, the carrying amount of the Company's borrowings under the SMBC Facility approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's borrowings under the SMBC Facility would be deemed to be Level 3 investments.

The following table summarizes the interest expense, unused fees and amortization of debt issuance costs incurred on the SMBC Facility for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):

	For the three months ended March 31,
	2025			2024
SMBC Facility interest	$	809		$	—
SMBC Facility unused fees		136			—
Amortization of debt issuance costs		87			—
Total interest and financing expenses related to the SMBC Facility	$	1,032		$	—
Weighted average outstanding debt balance of the SMBC Facility	$	49,333		$	—
Weighted average interest rate of the SMBC Facility (annualized)		6.7	%		—

VCC CLO 1, LLC

On November 26, 2024 (the “Closing Date”), the Company completed its $493.77 million term debt securitization (the “2024 Debt Securitization”), also known as a collateralized loan obligation, in connection with which a subsidiary of the Company issued the Debt (as defined below). The 2024 Debt Securitization is subject to the Company’s’ overall asset coverage requirement.

97

The debt offered in the 2024 Debt Securitization was issued and incurred by VCC CLO, an indirect, wholly-owned and consolidated subsidiary of the Company, and consists of (i) Class A-1 Senior Secured Floating Rate Notes, Class A-2 Senior Secured Floating Rate Loans, Class B Senior Secured Floating Rate Notes, Class B Senior Secured Floating Rate Loans and the Class C Mezzanine Secured Deferrable Floating Rate Notes (collectively, the “Secured Debt”), and (ii) the subordinated notes (the “Subordinated Notes” and, together with the Secured Debt, the “Debt”), the terms of which are summarized in the table below (dollars in thousands):

Class	Par Size ($)		Ratings (S&P)	Ratings (Fitch)	Coupon
Class A-1 Notes	$	280,000	AAA(sf)	AAA(sf)	SOFR + 1.71%
Class A-2 Loans		30,000	AAA(sf)	N/A	SOFR + 1.85%
Class B Notes		7,000	AA (sf)	N/A	SOFR + 2.15%
Class B Loans		23,000	AA (sf)	N/A	SOFR + 2.15%
Class C Notes		37,500	A (sf)	N/A	SOFR + 2.65%
Subordinated Notes		116,270	N/A	N/A	N/A

VCC CLO Depositor, a direct, wholly owned subsidiary of the Company, retained all of the Subordinated Notes issued in the 2024 Debt Securitization and eliminated in consolidation.

The 2024 Debt Securitization is backed by a diversified portfolio of middle-market commercial loans and participation interests therein, which is managed by the Company pursuant to a collateral management agreement entered into with VCC CLO on the Closing Date (the “Collateral Management Agreement”). The Company has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the Collateral Management Agreement. The Debt is scheduled to mature on October 20, 2036; however, the Debt may be redeemed by VCC CLO, at the written direction of (i) a majority of the Subordinated Notes with the consent of the Company or (ii) the Company, in each case, on any business day on or after November 26, 2026.

As part of the 2024 Debt Securitization, the Company, VCC CLO Depositor and VCC CLO entered into a loan sale and contribution agreement on the Closing Date (the “Sale Agreement”), pursuant to which the Company sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO Depositor and VCC CLO Depositor subsequently sold, transferred, assigned, contributed or otherwise conveyed to VCC CLO the loans and participations therein securing the 2024 Debt Securitization for the purchase price and other consideration set forth in the Sale Agreement. Following this transfer, VCC CLO, and not VCC CLO Depositor or the Company, holds all of the ownership interest in such loans and participations therein. The Company made customary representations, warranties and covenants in the Sale Agreement.

The Secured Debt is a secured obligation of VCC CLO, the Subordinated Notes are the unsecured obligations of VCC CLO, and the indenture and security agreement governing the Debt includes customary covenants and events of default. The Debt has not been, and will not be, registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.

At March 31, 2025 and December 31, 2024, the carrying amount of the Secured Debt of VCC CLO approximated its fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Secured Debt of VCC CLO would be deemed to be Level 3 investments.

The following table summarizes the interest expenses and amortization of debt issuance costs incurred on VCC CLO for the three months ended March 31, 2025 and 2024, respectively (dollars in thousands):

	For the three months ended March 31,
	2025			2024
VCC CLO interest	$	5,965		$	—
Amortization of debt issuance costs		54			—
Total interest and financing expenses related to VCC CLO	$	6,019		$	—
Weighted average outstanding debt balance of VCC CLO	$	377,500		$	—
Weighted average interest rate of VCC CLO (annualized)		6.4	%		—

Unsecured Notes

98

On December 21, 2023, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due December 21, 2026, with a fixed interest rate of 8.10% per year (the “2026 Notes”), and $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due December 21, 2028, with a fixed interest rate of 8.20% per year (the “2028 Notes” and, together with the 2026 Notes, the “Notes”), to qualified institutional investors in a private offering exempt from the registration requirements of the 1933 Act. The Notes are guaranteed by VCCEH, a wholly owned subsidiary of the Company. The interest rate of each Note is subject to an adjustment in the event of certain triggering events, including, an Asset Coverage Ratio Event, a Secured Debt Ratio Event, and a Below Investment Grade Event (each as defined in the Note Purchase Agreement). As of December 31, 2024, the Company's asset coverage ratio was below 200%, which triggered an Asset Coverage Ratio Event. Accordingly, effective January 1, 2025, the interest rates of the 2026 Notes and the 2028 Notes increased to 9.10% and 9.20% per year, respectively.

Interest on the Notes are payable semi-annually on June 21 and December 21 each year. The 2026 Notes and the 2028 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option prior to September 21, 2026 and September 21, 2028, respectively, at par plus accrued interest to the redemption date and a make-whole premium, and thereafter at par plus accrued interest to the redemption date. In addition, the Company is obligated to offer to prepay the Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

On February 2, 2024, in connection with each of the 2026 Notes and the 2028 Notes, the Company entered into an interest rate swap

agreement for a total notional amount of $25,000,000 and $25,000,000 that matures on December 21, 2026 and December 21, 2028,

respectively. Under the interest rate swap agreement for the 2026 Notes and the 2028 Notes, the Company receives a fixed interest rate of 8.10% and 8.20% and pays a floating interest rate of SOFR + 4.226% and SOFR + 4.595%, respectively. The Company designated these interest rate swaps, the 2026 Notes, and the 2028 Notes as a qualifying fair value hedge accounting relationship. For more information, see “Note 5. Derivative Instruments” to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

At March 31, 2025 and December 31, 2024, the carrying amount of the Notes approximated their fair value. The fair values of the Company's debt obligations are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Notes would be deemed to be Level 3 investments.

The following table summarizes the interest expenses and amortization of financing costs incurred on the Notes for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	For the three months ended March 31,
	2025			2024
2026 Notes interest	$	569		$	506
2028 Notes interest		575		$	513
Amortization of debt issuance costs		24		$	24
Effect of interest rate swap		56		$	145
Total	$	1,224		$	1,188
Weighted average stated interest rate, net of effect of interest rate swaps (annualized)		9.7	%		8.2	%
Weighted average outstanding balance		50,000			50,000

Contractual Obligations

The following table shows the contractual maturities of our debt obligations as of March 31, 2025 (dollars in thousands):

	Payments Due by Period
Contractual Obligations	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
SMBC Facility		41,000		—		—		41,000		—
2026 Notes		25,000		—		25,000		—		—
2028 Notes		25,000		—		—		25,000		—
VCC CLO		377,500		—		—		—		377,500
Total debt obligations	$	468,500	$	—	$	25,000	$	66,000	$	377,500

99

100

Related-Party Transactions

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

•the Investment Advisory Agreement;

•the Administration Agreement;

•the Expense Reimbursement Agreement;

•the Fronting Letter Agreement; and

•the Placement Agent Agreements.

For more information on the above agreements, see "Note 7. Related Party Transactions" to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

On December 22, 2022, the SEC granted an exemptive order (collectively, the “Order”) that permits us to participate in negotiated co-investment transactions with certain other funds and accounts managed and controlled by Varagon or an affiliate, subject to the satisfaction of certain conditions. Pursuant to the Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board's independent directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's shareholders and is consistent with its then-current investment objective and strategies. Neither we nor the affiliated funds are obligated to invest or co-invest when investment opportunities are referred to us or them.

101

Off-Balance Sheet Arrangements

Portfolio Company Commitments

As of March 31, 2025 and December 31, 2024, we had commitments under loan and financing agreements to fund up to $118.1 million to 61 portfolio companies and $112.5 million to 53 portfolio companies, respectively. These commitments are primarily composed of senior secured term loans and revolvers, including underlying investments in the SDLP, and an analysis of their fair value is included in the Consolidated Schedule of Investments. The commitments are generally subject to the borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. The terms of the borrowings and financings subject to commitment are comparable to the terms of other loan and equity securities in our portfolio. A summary of the composition of the unfunded commitments as of March 31, 2025 and December 31, 2024 are shown in the table below (dollars in thousands):

102

Issuer	As of March 31, 2025		As of December 31, 2024
3G Intermediate, Inc.		733		1,333
3G Intermediate, Inc.		500		667
Accupac, LLC		1,087		1,304
ACP Oak Buyer, Inc.		553		553
ACP Vault Acquisition, Inc.		1,036		1,036
ACP Vault Acquisition, Inc.		1,943		1,943
ADPD Holdings, LLC		1		6
ADPD Holdings, LLC		11		11
ADPD Holdings, LLC		2		2
Advanced Web Technologies Holding Company		274		235
Advanced Web Technologies Holding Company		676		845
Alert SRC Newco LLC		1,973		2,013
Alert SRC Newco LLC		604		604
Allergy & Clinical MidCo, LLC		2,571		—
Allergy & Clinical MidCo, LLC		643		—
Apex Dental Partners, LLC		683		759
Apex Dental Partners, LLC		2,172		2,172
Basin Innovation Group, LLC		1,773		1,773
Basin Innovation Group, LLC		1,266		1,266
Bebright MSO, LLC		285		285
Bebright MSO, LLC		1,237		1,237
Boulder Scientific Company, LLC		71		—
BPCP NSA Intermedco, Inc.		1,409		1,409
BPCP NSA Intermedco, Inc.		996		996
BRG Acquisition Co., LLC		600		600
Castleworks Home Services Company		7		7
Concord III, L.L.C.,		52		105
Distinct Holdings, Inc.		1,193		1,590
DRML Holdings LLC		3,000		—
DRML Holdings LLC		2,000		—
Easy Ice, LLC		1,183		1,352
Easy Ice, LLC		—		1,500
Easy Ice, LLC		750		750
Eventus Buyer, LLC		1,730		1,730
Eventus Buyer, LLC		404		750
Express Wash Acquisition Company, LLC		115		115
Eye Health America, LLC		277		475
Eye Health America, LLC		600		600
FS Squared Holding Corp.		203		203
FS Squared Holding Corp.		60		95
FS Squared Holding Corp.		14		46
Gen4 Dental Partners OPCO, LLC		585		585
Gen4 Dental Partners OPCO, LLC		2,927		2,927
Graffiti Buyer, Inc.		1,213		1,213
Healthfuse, LLC		1,442		—
Hissho Parent, LLC		635		635
HLSG Intermediate, LLC		30		—
HLSG Intermediate, LLC		144		—
Horizon Freight Holdings, Inc.		1,543		1,543
Horizon Freight Holdings, Inc.		1,543		1,543
Horizon Freight Holdings, Inc.		757		757
HTI Intermediate, LLC		536		536
HTI Intermediate, LLC		250		321
Hub Pen Company, LLC		472		629

103

JTM Foods LLC		72		2
KL Bronco Acquisition, Inc.		375		482
KL Bronco Acquisition, Inc.		1,250		1,250
KL Charlie Acquisition Company		52		52
Krayden Holdings, Inc.		1,251		1,251
Krayden Holdings, Inc.		809		837
Krayden Holdings, Inc.		386		386
Krayden Holdings, Inc.		386		386
Leiters, Inc.		156		167
Lightspeed Buyer, Inc.		318		318
Lightspeed Buyer, Inc.		3,284		8,843
M&D Midco, Inc.		3,503		3,503
M&D Midco, Inc.		1,587		1,763
MDI Buyer, Inc.		548		220
MDI Buyer, Inc.		1,837		—
Municipal Emergency Services, Inc.		2,472		2,472
MWD Management, LLC		300		300
NBPT Acquisition LLC		1,998		—
NBPT Acquisition LLC		444		—
OIS Management Services, LLC		1,931		2,563
OIS Management Services, LLC		577		577
Oliver Packaging, LLC		411		411
Online Labels Group, LLC		11		11
Online Labels Group, LLC		9		9
Online Labels Group, LLC		4		9
Pediatric Home Respiratory Services, LLC		2,250		2,250
Pediatric Home Respiratory Services, LLC		1,050		1,050
QM Buyer, Inc.		2,306		2,306
QM Buyer, Inc.		1,153		1,153
RFI Buyer, Inc.		12		11
RWA Wealth Partners, LLC		6,511		6,511
RWA Wealth Partners, LLC		1,944		1,944
Senior Direct Lending Program, LLC		15,795		17,005
SGA Dental Partners Opco, LLC		917		1,491
SHF Holdings, Inc.		144		—
SI Holdings, Inc.		—		522
Source Holding Delaware, LLC		865		—
Source Holding Delaware, LLC		1,730		—
Techmer BB Bidco, LLC		3		3
Titan Group Holdco, LLC		586		586
Titan Group Holdco, LLC		586		586
Titan Group Holdco, LLC		586		586
UHY Advisors, Inc.		1,364		1,753
UHY Advisors, Inc.		6,623		6,623
US Health Partners Management, LLC		22		22
US Health Partners Management, LLC		4		11
USN Opco, LLC		556		556
USSC Holding Corp.		518		518
Velocity Buyer, Inc.		1,781		—
Zavation Medical Products, LLC		74		101
Total Unfunded Commitments	$	118,115	$	112,456

Also included within commitments, as of December 31, 2024, were commitments to issue up to $0.1 million in letter of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 2024, the Company had not issued any letters of

104

credit. If the Company were to issue any letters of credit, it would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.

Critical Accounting Policies and Estimates

The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated statements of assets and liabilities. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods.

Valuation of Portfolio Securities.

Investments are valued at the end of each calendar quarter. Most of our investments may be in loans that do not have readily available market quotations. Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Board. In connection with that determination, portfolio company valuations will be prepared using sources, preliminary valuations obtained from independent valuation firms depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of the Adviser in the valuation process could result in a conflict of interest because the Adviser’s management fee is based in part on our gross assets.

Because fair values, and particularly fair values of private securities and private companies, are inherently uncertain, they may fluctuate over short periods of time, and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, our determinations of fair value may differ materially from the values that would have been determined if a ready market for these securities existed. This could make it more difficult for our shareholders to value accurately our portfolio investments and could lead to undervaluation or overvaluation of our interests. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility.

NAV as of a particular date may be materially greater than or less than the value that would be realized if assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in NAV.

For more information regarding the fair value hierarchies, our framework for determining fair value and the composition of our portfolio, see "Note 2. Significant Accounting Policies” to the consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Revenue Recognition

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Investment Income

Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are expected to be collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method and is adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company expects to collect such amount.

Interest income from investments in the Subordinated Certificates of SDLP is recorded based on an estimate of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC Topic 325-40, Beneficial Interests in Securitized Financial Assets. The Company monitors the expected cash flows from these investments, including the expected residual payments, and the effective yield is determined and updated periodically. Any difference between the cash distribution received and the amount calculated pursuant to the effective interest method is recorded as an adjustment to the cost basis of such investments.

PIK Interest

The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest may be deferred until the time of debt principal repayment.

105

PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income, and therefore affects the amount the Company would be required to distribute to its shareholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company had not yet collected the cash. For the three months ended March 31, 2025, the Company earned PIK interest of $0.7 million. For the three months ended March 31, 2024, the Company earned PIK interest of $0.3 million, reflected on the accompanying consolidated statements of operations as part of interest income.

When the Company does not expect the borrower will be able to repay future accrual of PIK interest, the Company will place the investment's PIK interest on non-accrual status and will generally cease recognizing PIK interest income on that loan for financial reporting purposes. As of March 31, 2025, the Company had an investment in one portfolio company that was current on cash interest payments and was on non-accrual status with respect to its PIK interest only.

Fee Income

Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, and are recorded as investment income when earned. Some of the fees earned by the Company may be PIK fee income. For the three months ended March 31, 2025 and 2024, the Company did not earn any PIK fee income.

Non-accrual loans

A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. There were no loans on non-accrual as of March 31, 2025 and December 31, 2024.

Recent Developments

Dividend Declaration

On May 7, 2025, the Board declared a dividend of $0.2400 per share and a special dividend of $0.0185 per share, both payable on July 17, 2025 to shareholders of record as of the close of business on June 30, 2025.

106

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including the valuation of our investment portfolio and changes in interest rates. The prices of securities held by us may decline in response to certain events, including those directly involving the companies in which we invest; conditions affecting the general economy, including inflationary pressures and the uncertainty with respect to new tariffs and trade policies; overall market changes, including an increase in market volatility and interest rate volatility; geopolitical conditions; legislative reform; and general political, social or economic instability.

Valuation Risk

We invest primarily in illiquid debt of private companies. We plan to invest primarily in senior secured loans but may also selectively invest in second lien and subordinated or mezzanine loans of, and equity and equity-related securities in, U.S. middle market companies. Most of our investments will not have a readily available market quotation, and we will value these investments at fair value as determined in good faith by the Board, based on, among other things, the input of the Adviser, our Audit Committee and independent third-party valuation firm(s) engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If, in the future, 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.

Interest Rate Risk

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we intend to fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

The Federal Reserve held interest rates steady in the first and second quarter of 2025, following three consecutive rate reductions in the third and fourth quarter of 2024. The Federal Reserve has indicated that there may be additional rate cuts in the future; however, future reductions to benchmark rates are not certain. In an elevated interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. It is possible that the Federal Reserve's tightening cycle could force the United States into a recession. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as SOFR, are not offset by corresponding increases in the spread over such base rate that we earn on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate associated with our borrowings. Furthermore, in a lower interest rate environment, we could face a situation where our outstanding debt obligations carry higher coupon payments than newly issued debt, resulting in an increase in relative borrowing costs unless we are able to refinance at more favorable terms.

We expect that our long-term investments will be financed primarily with equity and debt. In connection with each of the 2026 Notes and the 2028 Notes, we entered into an interest rate swap agreement in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

Generally, a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we may hold and lead to declines in the value of any fixed rate investments we may hold. However, for variable rate investments that have an interest rate floor, our interest income will not decrease below a threshold amount. To the extent that a substantial portion of our investments may be in variable rate investments, an increase in interest rates beyond this threshold would make it easier for us to meet or exceed the hurdle rate applicable to the upper level breakpoint of the pre-incentive fee net investment income incentive fee, and may result in a substantial increase in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our increased pre-incentive fee net investment income. Conversely, a decline in the general level of interest rates can be expected to lead to lower interest rates applicable to any variable rate investments we may hold and to increases in the value of any fixed rate investments we may hold. Such a decrease would make it more difficult for us to meet or exceed the hurdle rate applicable to the upper level breakpoint of the pre-incentive fee net investment income incentive fee, and may result in a substantial decrease in our net investment income and to the amount of incentive fees payable to the Adviser with respect to our decreased pre-incentive fee net investment income.

As of March 31, 2025, all income producing investments in our portfolio and the outstanding borrowings under our credit facilities were at floating rates indexed to SOFR. In addition, the Notes bear interest at fixed rates but have swapped from a fixed rate to a floating rate through interest rate swaps.

107

The following table shows the estimated annualized impact on net investment income based on hypothetical base rate changes in interest rates on our loan portfolio and outstanding debt as of March 31, 2025, assuming there are no changes in our investment and borrowing structure (dollars in thousands).

	Interest			Interest			Net
Basis Point Change	Income			Expense (1)			Investment Income
Up 300 basis points	$	24,900		$	14,100		$	10,800
Up 200 basis points		16,600			9,400			7,200
Up 100 basis points		8,300			4,700			3,600
Down 100 basis points		(8,300	)		(4,700	)		(3,600	)
Down 200 basis points		(16,600	)		(9,400	)		(7,200	)
Down 300 basis points		(24,800	)		(14,100	)		(10,700	)

(1) Includes the impact to interest expenses related to the interest rate swaps.

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 income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

108

Item 4. Controls and Procedures

Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) under 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 the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were (a) designed to ensure that the information we are required to disclose in our reports under the Exchange Act is recorded, processed, and reported in an accurate manner and on a timely basis and the information that we are required to disclose in our Exchange Act reports is accumulated and communicated to management to permit timely decisions with respect to required disclosure and (b) operating in an effective manner.

Change in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

109

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

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

110

Item 1A. Risk Factors

There have been no material changes from the risk factors previously disclosed under "Item. 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, filed with the SEC on March 21, 2025, which is accessible on the SEC’s website at sec.gov.

111

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

None.

112

Item 3. Defaults Upon Senior Securities

None.

113

Item 4. Mine Safety Disclosures

Not applicable.

114

Item 5. Other Information

a)None.

b)None

c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

115

Item 6. Exhibits

Exhibit Number	Description
3.1	Articles of Amendment and Restatement (2)
3.2	Amended and Restated Bylaws (1)
3.3	Articles of Merger of the Company (2)
4.1	Form of Subscription Agreement (3)
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Principal 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
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*	Filed here within.
(1)	Incorporated by reference to the Registrant’s Registration Statement on Form 10 filed on May 27, 2022.
(2)	Incorporated by reference to the Registrant’s Amendment No.1 to the Registration Statement on Form 10 filed on July 15, 2022.
(3)	Incorporated by reference to the Registrant’s Amendment No.2 to the Registration Statement on Form 10 filed on July 22, 2022.

116

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.

	VARAGON CAPITAL CORPORATION
	By:	/s/ Walter J. Owens
		Walter J. Owens
		Chief Executive Officer
Date: May 14, 2025	By:	/s/ Robert J. Bourgeois
		Robert J. Bourgeois
		Chief Financial Officer and Treasurer

117