UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From ____ to ____

Commission File Number: 814-01378

BLACKROCK DIRECT LENDING CORP.

(Exact Name of Registrant as Specified in its Charter)

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

(310) 566-1094

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

The number of the Registrant's shares of common stock, $0.001 par value, outstanding as of May 8, 2025 was 27,081,900.

BLACKROCK DIRECT LENDING CORP.

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2025

TABLE OF CONTENTS

Part I.	Financial Information
Item 1.	Financial Statements
	Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	3
	Statements of Operations for the three months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited)	4
	Statements of Changes in Net Assets for the three months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited)	5
	Statements of Cash Flows for the three months ended March 31, 2025 (Unaudited) and March 31, 2024 (Unaudited)	6
	Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	7
	Notes to Financial Statements (Unaudited)	25
	Schedules of Restricted Securities of Unaffiliated Issuers as of March 31, 2025 (Unaudited) and December 31, 2024	40
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	52
Part II.	Other Information
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	53
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3.	Defaults upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	54

2

BlackRock Direct Lending Corp.

Statements of Assets and Liabilities

	March 31, 2025			December 31, 2024
Assets	(Unaudited)
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $240,111,262 and $248,984,601, respectively)	$	219,658,504		$	229,315,968
Total investments (cost of $240,111,262 and $248,984,601, respectively)		219,658,504			229,315,968
Cash and cash equivalents		43,149,073			28,380,210
Interest receivable		1,559,972			2,078,760
Deferred offering costs		17,841			17,841
Receivable for investments sold		—			1,546,546
Prepaid expenses and other assets		33,855			94,641
Total assets		264,419,245			261,433,966
Liabilities
Management fees payable		517,188			583,102
Incentive fees payable (Note 3)		398,079			883,149
Payable for investments purchased		149,043			99,494
Debt (net of deferred issuance costs of $13,951 and $14,085, respectively)		96,049			95,915
Reimbursements due to the Advisor		56,856			74,031
Interest and debt related payables		3,300			—
Accrued expenses and other liabilities		402,736			406,486
Total liabilities		1,623,251			2,142,177
Commitments and contingencies (Note 5)
Net assets	$	262,795,994		$	259,291,789
Composition of net assets applicable to common stockholders
Common stock, $0.001 par value; 300,000,000 shares authorized, 27,081,900 and 27,081,900 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	$	27,083		$	27,083
Paid-in capital in excess of par		280,361,562			280,361,562
Distributable earnings (loss)		(17,592,651	)		(21,096,856	)
Total net assets		262,795,994			259,291,789
Total liabilities and net assets	$	264,419,245		$	261,433,966
Net assets per share	$	9.70		$	9.57

See accompanying notes to the financial statements.

3

BlackRock Direct Lending Corp.

Statements of Operations (Unaudited)

	For the Three Months Ended March 31,
Investment income	2025			2024
Interest income (excluding PIK):
Non-controlled, non-affiliated investments	$	6,417,669		$	8,131,636
PIK income:
Non-controlled, non-affiliated investments		605,465			571,638
Other income:
Non-controlled, non-affiliated investments		—			1,422
Total investment income		7,023,134			8,704,696
Operating expenses
Management fees		517,188			575,358
Incentive fees earned		398,079			903,878
Professional fees		175,334			163,067
Administrative expenses		95,590			100,079
Director fees		44,500			30,968
Custody and transfer agent fees		12,965			19,860
Insurance expense		6,746			6,803
Interest and other debt expenses		3,433			480,937
Other operating expenses		50,169			96,602
Total operating expenses		1,304,004			2,377,552
Net investment income		5,719,130			6,327,144
Realized and unrealized gain (loss)
Net realized gain (loss):
Non-controlled, non-affiliated investments		(1,430,799	)		34,638
Change in net unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments		(784,126	)		(2,241,091	)
Net realized and unrealized gain (loss)		(2,214,925	)		(2,206,453	)
Net increase (decrease) in net assets from operations	$	3,504,205		$	4,120,691
Earnings per share (1)	$	0.13		$	0.18
Basic and diluted weighted average shares outstanding		27,081,900			23,753,110

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

See accompanying notes to the financial statements.

4

BlackRock Direct Lending Corp.

Statements of Changes in Net Assets (Unaudited)

	Common Stock				Paid in Capital in		Distributable			Total Net
	Shares		Par Amount		Excess of Par		Earnings (Loss)			Assets
Balance at December 31, 2024		27,081,900	$	27,083	$	280,361,562	$	(21,096,856	)	$	259,291,789
Net investment income		—		—		—		5,719,130			5,719,130
Net realized and unrealized gain (loss)		—		—		—		(2,214,925	)		(2,214,925	)
Balance at March 31, 2025		27,081,900	$	27,083	$	280,361,562	$	(17,592,651	)	$	262,795,994

	Common Stock				Paid in Capital in		Distributable			Total Net
	Shares		Par Amount		Excess of Par		Earnings (Loss)			Assets
Balance at December 31, 2023		23,753,110	$	23,754	$	245,279,448	$	(6,289,267	)	$	239,013,935
Net investment income	—		—		—			6,327,144			6,327,144
Net realized and unrealized gain (loss)	—		—		—			(2,206,453	)		(2,206,453	)
Balance at March 31, 2024		23,753,110	$	23,754	$	245,279,448	$	(2,168,576	)	$	243,134,626

See accompanying notes to the financial statements.

5

BlackRock Direct Lending Corp.

Statements of Cash Flows (Unaudited)

	For the Three Months Ended March 31,
	2025			2024
Operating activities
Net increase (decrease) in net assets resulting from operations	$	3,504,205		$	4,120,691
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss		1,430,799			(34,638	)
Change in net unrealized (appreciation)/depreciation of investments		784,126			2,241,091
Net amortization of investment discounts and premiums		(650,355	)		(285,767	)
Amortization of deferred debt issuance costs		133			42,330
Interest and dividend income paid in kind		(605,465	)		(571,638	)
Changes in assets and liabilities:
Purchases of investments		(11,158,796	)		(8,981,063	)
Proceeds from disposition of investments		20,034,731			1,717,010
Decrease (increase) in receivable for investments sold		1,546,546			(531,533	)
Decrease (increase) in interest receivable		341,213			(240,757	)
Decrease (increase) in prepaid expenses and other assets		60,786			20,431
Increase (decrease) in payable for investments purchased		49,549			(1,151,822	)
Increase (decrease) in reimbursements due to the Advisor		(17,175	)		(81,570	)
Increase (decrease) in incentive fees payable		(485,070	)		(16,051	)
Increase (decrease) in interest and debt related payables		3,300			(11,387	)
Increase (decrease) in management fees payable		(65,914	)		—
Increase (decrease) in accrued expenses and other liabilities		(3,750	)		20,073
Net cash provided by (used in) operating activities		14,768,863			(3,744,600	)
Financing activities
Draws on credit facilities		—			3,500,000
Payments of debt issuance costs		—			(24,948	)
Net cash provided by (used in) financing activities		—			3,475,052
Net increase (decrease) in cash and cash equivalents (including restricted cash)		14,768,863			(269,548	)
Cash and cash equivalents (including restricted cash) at beginning of year		28,380,210			4,371,938
Cash and cash equivalents (including restricted cash) at end of year	$	43,149,073		$	4,102,390
Supplemental cash flow information
Interest payments		—			438,169

See accompanying notes to the financial statements.

6

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited)

March 31, 2025

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (A)
Automobiles
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(M)		1.00	%		6.86	%		11.19	%	2/25/2026	$	791,184	$	788,378		$	788,020			0.30	%	F
ALCV Purchaser, Inc. (AutoLenders)	Sr Secured Revolver	SOFR(M)		1.00	%		6.86	%		11.19	%	2/25/2026	$	92,635		46,060			45,947			0.02	%	F
																834,438			833,967			0.32	%
Beverages
JP Intermediate B, LLC (Juice Plus)	First Lien Term Loan	Prime		1.00	%		6.50	%		14.00	%	11/20/2025	$	1,633,765		1,598,120			901,838			0.34	%	F/J
Building Products
Air Distribution Technologies Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.30	%	8/1/2030	$	798,163		783,489			793,374			0.30	%	F
Porcelain Acquisition Corporation (Paramount)	First Lien Term Loan	SOFR(Q)		1.00	%		6.10	%		10.40	%	4/30/2027	$	974,296		966,320			841,792			0.32	%	F
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.31	%	2/22/2030	$	81,250		79,625			80,641			0.03	%	F
																1,829,434			1,715,807			0.65	%
Capital Markets
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.55	%	1/31/2031	$	3,942,189		3,863,345			3,957,957			1.51	%	F
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.25	%		9.55	%	1/31/2031	$	564,581		(11,292	)		-			—		F
																3,852,053			3,957,957			1.51	%
Commercial Services & Supplies
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.30	%	12/26/2030	$	987,500		969,014			965,775			0.37	%	F
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)		0.75	%		4.75	%		9.05	%	8/23/2028	$	1,596,354		1,572,273			1,576,208			0.59	%	F
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		9.05	%	8/23/2028	$	1,107,284		1,089,698			1,093,310			0.42	%	F
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)		0.75	%		4.75	%		9.05	%	8/23/2027	$	265,353		(3,487	)		(2,898	)		—		E/F
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)		0.75	%		7.40	%		11.71	%	8/31/2029	$	1,076,305		1,066,389			1,076,305			0.41	%	F
																4,693,887			4,708,700			1.79	%
Construction & Engineering
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)		1.00	%		4.75	%		9.07	%	2/1/2030	$	746,488		730,769			746,488			0.28	%	F
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		4.75	%		9.07	%	2/1/2030	$	305,585		298,435			305,585			0.12	%	F
LJ Avalon Holdings, LLC (Ardurra)	Sr Secured Revolver	SOFR(Q)		1.00	%		4.75	%		9.07	%	2/1/2029	$	123,523		(2,391	)		-			—		F
Homerenew Buyer, Inc. (Renovo)	First Lien Delayed Draw Term Loan (2.0% Exit Fee)	SOFR(M)		1.00	%	8.60% PIK				12.92	%	11/23/2027	$	881,561		832,940			277,780			0.11	%	F/J
Homerenew Buyer, Inc. (Renovo)	First Lien Incremental Delayed Draw Term Loan 2 (2.0% Exit Fee)	SOFR(M)		1.00	%	8.60% PIK				12.92	%	11/23/2027	$	1,380,675		1,317,140			435,051			0.17	%	F/J
Homerenew Buyer, Inc. (Renovo)	First Lien Incremental Delayed Draw Term Loan 1 (2.0% Exit Fee)	SOFR(M)		1.00	%	8.60% PIK				12.92	%	11/23/2027	$	182,527		172,728			57,459			0.02	%	F/J
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan (2.0% Exit Fee)	SOFR(M)		1.00	%	8.60% PIK				12.92	%	11/23/2027	$	1,438,313		1,359,548			452,781			0.17	%	F/J
Homerenew Buyer, Inc. (Renovo)	Sr Secured Revolver (2.0% Exit Fee)	SOFR(M)		1.00	%	8.60% PIK				12.92	%	11/23/2027	$	544,664		516,278			171,406			0.07	%	F/J
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)		1.00	%	9.10% PIK				13.42	%	11/23/2027	$	208,824		205,024			208,824			0.08	%	F
Homerenew Buyer, Inc. (Renovo)	First Lien Priority Term Loan	SOFR(M)		2.50	%	9.10% PIK				13.42	%	4/14/2025	$	93,367		94,534			93,367			0.04	%	F
Homerenew Buyer, Inc. (Renovo)	First Lien Super Priority Team Loan	SOFR(M)		2.50	%	11.10% PIK				15.42	%	4/14/2025	$	257,335		256,977			257,335			0.10	%	F
Homerenew Buyer, Inc. (Renovo)	First Lien Super Priority Team Loan	SOFR(M)		2.50	%	11.10% PIK				15.42	%	4/14/2025	$	459,881		459,881			459,881			0.17	%	F
Homerenew Buyer, Inc. (Renovo)	First Lien Super Priority Team Loan	SOFR(M)		2.50	%		11.10	%		15.42	%	4/14/2025	$	591,556		523,257			591,556			0.23	%	F
PlayPower, Inc	Sr Secured Revolver	SOFR(Q)		0.75	%		5.00	%		9.30	%	8/28/2030	$	395,397		(5,361	)		(5,219	)		—		E/F
PlayPower, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	8/28/2030	$	382,100		378,373			380,190			0.14	%	F
PlayPower, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	8/28/2030	$	2,602,625		2,567,048			2,589,611			0.99	%	F
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.75	%		10.06	%	5/31/2030	$	139,535		(2,410	)		558			—		F
Titan Home Improvement, LLC (Renuity)	Sr Secured Revolver Loan	SOFR(Q)		1.00	%		5.75	%		10.06	%	5/30/2030	$	116,279		(2,326	)		-			—		F
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		10.06	%	5/30/2030	$	740,465		725,656			743,427			0.28	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	281,790		275,448			280,099			0.11	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	291,015		284,467			289,269			0.11	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	524,969		515,800			521,820			0.20	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	809,999		795,734			805,139			0.31	%	F
Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)		1.00	%		5.00	%		9.32	%	9/4/2029	$	193,490		15,831			17,923			0.01	%	F
																12,313,380			9,680,330			3.71	%

7

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Construction Materials
AHF Parent Holding, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		6.51	%		10.81	%	2/1/2028	$	1,019,855	$	990,743		$	982,885			0.37	%	D
AHF Parent Holding, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		6.51	%		10.81	%	2/1/2028	$	2,091,648		2,068,924			2,015,826			0.77	%	D
																3,059,667			2,998,711			1.14	%
Consumer Finance
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)		1.00	%		8.35	%		12.67	%	12/14/2027	$	877,548		866,880			873,160			0.33	%	F
Freedom Financial Network Funding, LLC	First Lien Term Loan	SOFR(S)		1.00	%		9.25	%		13.53	%	9/21/2027	$	2,871,745		2,824,622			2,799,952			1.06	%	F
Freedom Financial Network Funding, LLC	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		9.25	%		13.66	%	9/21/2027	$	957,248		942,476			933,317			0.36	%	F
																4,633,978			4,606,429			1.75	%
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	Second Lien Term Loan	SOFR(Q)		0.75	%		7.65	%		11.96	%	12/14/2029	$	1,807,299		1,780,258			1,319,328			0.50	%	F
Diversified Consumer Services
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		10.55	%	9/14/2029	$	4,081,816		4,016,033			4,014,956			1.53	%	F
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	Prime		0.75	%		5.25	%		12.75	%	9/15/2027	$	340,879		166,645			166,137			0.06	%	F
Razor Group Holdings II, Inc. (Germany)	First Lien A Term Loan	Fixed		—		2.50% Cash + 5.00% PIK				7.50	%	9/30/2028	$	4,624,850		4,456,961			1,109,964			0.42	%	B/F/J
Razor Group Holdings II, Inc. (Germany)	First Lien C Term Loan	Fixed		—		3.50% Cash + 3.50% PIK				7.00	%	9/30/2028	$	607,877		590,594			-			—		B/F/J
SellerX Germany GmbH (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		9.00	%		13.30	%	11/22/2029	$	211,266		211,266			211,266			0.08	%	B/F
SellerX Germany GmbH (Germany)	First Lien A1 Term Loan	SOFR(Q)		2.00	%	4.50% Cash + 4.50% PIK				13.49	%	5/23/2026	$	1,109,447		1,096,833			672,325			0.26	%	B/F/J
SellerX Germany GmbH (Germany)	First Lien A2 Term Loan	SOFR(Q)		2.00	%	4.50% Cash + 4.50% PIK				13.49	%	5/23/2026	$	3,205,160		3,168,720			1,942,327			0.74	%	B/F/J
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(S)		—			9.00	%		13.27	%	11/22/2029	$	211,266		211,266			211,266			0.08	%	B/F
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(Q)		—			5.00	%		9.30	%	10/28/2026	$	105,633		62,535			63,380			0.02	%	B/F
Razor Group Holdings II, Inc. (Germany)	First Out Delayed Draw Term Loan	Fixed		—			15.00	%		15.00	%	9/15/2027	$	98,787		98,787			146,797			0.06	%	B/F/J
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(M)		1.00	%		5.25	%		9.57	%	12/31/2030	$	807,500		792,130			790,543			0.30	%	F
																14,871,770			9,328,961			3.55	%
Diversified Financial Services
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		9.54	%	11/15/2031	$	682,738		106,042			106,507			0.04	%	F
Accordion Partners LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.25	%		9.54	%	11/15/2031	$	455,159		(2,099	)		(1,821	)		—		E/F
Accordion Partners LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.55	%	11/15/2031	$	4,096,428		4,077,435			4,080,042			1.55	%	F
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		5.25	%		9.53	%	3/15/2030	$	228,561		(1,528	)		914			—		F
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(S)		1.00	%		5.25	%		9.53	%	3/15/2030	$	271,241		269,737			272,325			0.10	%	F
Foreside Financial Group, LLC	Sr Secured Revolver	SOFR(Q)		1.00	%		5.35	%		9.70	%	9/1/2027	$	38,277		9,591			9,952			—		F
Foreside Financial Group, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		5.35	%		9.71	%	9/1/2027	$	679,073		672,739			679,073			0.26	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	8/21/2028	$	776,563		767,314			766,405			0.29	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	8/21/2028	$	876,712		857,559			865,245			0.33	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		9.30	%	8/21/2028	$	2,795,625		2,762,523			2,759,058			1.05	%	F
Wharf Street Rating Acquisition LLC (KBRA)	Sr Secured Revolver	SOFR(M)		0.75	%		5.00	%		9.42	%	12/10/2027	$	265,685		(2,396	)		-			—		F
Wharf Street Rating Acquisition LLC (KBRA)	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		9.42	%	12/10/2027	$	2,570,505		2,546,674			2,577,266			0.98	%	F
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)		1.00	%		8.62	%		12.94	%	7/5/2026	$	1,306,808		1,289,383			1,301,581			0.51	%	F
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)		1.00	%		8.62	%		12.94	%	7/5/2026	$	2,723,829		2,707,770			2,712,933			1.03	%	F
Rialto Management Group, LLC	Sr Secured Revolver	SOFR(M)		0.75	%		5.00	%		9.32	%	12/5/2030	$	17,241		(163	)		(241	)		—		C/E/F
Rialto Management Group, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		9.32	%	12/5/2030	$	488,966		484,388			482,120			0.18	%	C/F
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)		0.75	%		5.60	%		9.90	%	11/30/2027	$	674,873		671,498			679,597			0.26	%	F
SitusAMC Holdings Corporation	First Lien Term Loan B	SOFR(Q)		0.75	%		5.60	%		9.90	%	6/28/2025	$	412,900		412,531			415,790			0.16	%	F
																17,628,998			17,706,746			6.74	%

8

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Electrical Equipment
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		9.57	%	10/15/2031	$	224,138	$	(3,144	)	$	(2,466	)		—		E/F
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)		0.75	%		5.25	%		9.57	%	10/15/2031	$	112,069		-			(1,233	)		—		E/F
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.57	%	10/15/2031	$	558,944		550,966			552,796			0.21	%	F
																547,822			549,097			0.21	%
Health Care Providers & Services
CBI-Gator Acquisition, LLC	First Lien Term Loan	SOFR(Q)		1.00	%	5.90% Cash + 0.50% PIK				10.70	%	10/25/2027	$	1,778,817		1,761,446			1,688,097			0.64	%	F
CBI-Gator Acquisition, LLC	Sr Secured Revolver	SOFR(Q)		1.00	%	5.90% Cash + 0.50% PIK				10.70	%	10/25/2027	$	157,674		147,146			140,621			0.05	%	F
INH Buyer, Inc. (IMA Health)	First Lien Term Loan (1.5% Exit Fee)	SOFR(Q)		1.00	%		7.00	%		11.40	%	6/28/2028	$	4,156,856		3,650,225			1,459,056			0.56	%	F/J
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)		0.75	%		6.00	%		10.31	%	5/4/2028	$	1,474,116		1,457,785			1,447,995			0.55	%	F
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		6.00	%		10.31	%	5/4/2028	$	342,767		340,655			336,693			0.13	%	F
RecordXTechnologies, LLC (Ontellus)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		9.55	%	12/23/2027	$	990,000		980,100			990,000			0.38	%	F
																8,337,357			6,062,462			2.31	%
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(Q)		1.00	%		7.15	%		11.48	%	5/6/2027	$	1,111,327		1,103,011			1,111,327			0.42	%	F
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(Q)		1.00	%		7.15	%		11.48	%	5/6/2027	$	76,086		(539	)		-			—		F
Athos Merger, LLC (Aris)	First Lien Term Loan	SOFR(S)		1.00	%		5.26	%		9.58	%	7/30/2026	$	23,959		23,001			23,001			0.01	%	F
ESO Solutions, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		11.07	%	5/3/2027	$	3,325,794		3,294,490			3,302,513			1.26	%	F
ESO Solutions, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%		6.75	%		11.07	%	5/3/2027	$	244,561		183,966			184,155			0.07	%	F
Gainwell Acquisition Corp.	Second Lien Term Loan	SOFR(Q)		1.00	%		8.10	%		12.39	%	10/2/2028	$	800,332		798,605			688,285			0.26	%	F
																5,402,534			5,309,281			2.02	%
Household Durables
Bad Boy Mowers JV Acquisition, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.29	%	11/9/2029	$	2,064,038		2,024,948			2,082,098			0.79	%	F
Insurance
Alera Group, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.25	%		9.57	%	9/30/2028	$	654,502		646,432			654,502			0.25	%	F
Alera Group, Inc.	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		9.57	%	9/30/2028	$	326,268		322,134			326,268			0.12	%	F
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(S)		0.75	%		5.00	%		9.26	%	8/31/2029	$	2,677,707		2,634,580			2,677,707			1.02	%	F
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(S)		0.75	%		5.00	%		9.26	%	8/31/2028	$	273,736		(3,878	)		-			—		F
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.31	%	8/25/2028	$	1,969,954		1,953,558			1,977,834			0.75	%	F
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.00	%		9.31	%	8/25/2028	$	2,790,931		(94,839	)		-			—		F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.50	%		9.82	%	11/1/2027	$	576,868		572,961			575,137			0.22	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.50	%		9.82	%	11/1/2028	$	885,953		878,242			883,295			0.34	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Term Loan	SOFR(M)		0.75	%		5.50	%		9.82	%	11/1/2028	$	354,041		350,909			352,979			0.13	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.81	%	11/1/2028	$	2,076,724		2,060,764			2,070,494			0.79	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Term Loan	SOFR(Q)		0.75	%		6.50	%		10.81	%	7/19/2030	$	155,964		153,381			157,524			0.06	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	Sr Secured Revolver	SOFR(Q)		0.75	%		5.50	%		9.81	%	11/1/2027	$	99,374		(645	)		(298	)		—		E/F
																9,473,599			9,675,442			3.68	%
Internet Software & Services
Astra Acquisition Corp. (Anthology)	Second Lien Term Loan	SOFR(Q)		0.75	%		10.14	%		14.44	%	10/25/2029	$	2,853,861		2,598,911			34,246			0.01	%	F/J
Civic Plus, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.90	%		10.21	%	8/24/2027	$	455,319		450,587			455,319			0.17	%	F
Civic Plus, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.90	%		10.21	%	8/25/2027	$	538,492		533,468			538,492			0.20	%	F
Civic Plus, LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.90	%		10.21	%	8/25/2027	$	92,051		(803	)		-			—		F
Civic Plus, LLC	First Lien Delay Draw Term Loan	SOFR(Q)		0.75	%		5.90	%		10.21	%	8/25/2027	$	252,418		250,137			252,418			0.10	%	F
e-Discovery Acquireco, LLC (Reveal)	Sr Secured Revolver	SOFR(Q)		1.00	%		5.75	%		10.08	%	8/29/2029	$	563,129		103,918			112,626			0.04	%	F
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		10.06	%	8/29/2029	$	4,140,263		4,057,448			4,223,068			1.61	%	F

9

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%	3.25% Cash + 3.25% PIK				10.94	%	8/29/2029	$	2,276,685	$	2,254,531		$	2,297,176			0.87	%	F
Gympass US, LLC	First Lien Term Loan	SOFR(M)		1.00	%	3.25% Cash + 3.25% PIK				10.94	%	8/29/2029	$	837,043		832,810			844,576			0.32	%	F
InMoment, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%	5.00% Cash + 2.50% PIK				11.32	%	6/8/2028	$	4,726,107		4,646,527			2,893,795			1.10	%	F/J
InMoment, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%	7.00%				11.32	%	6/8/2028	$	483,947		119,536			(65,734	)		(0.03	)%	E/F/J
Magenta Buyer, LLC (McAfee)	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		10.54	%	7/27/2028	$	94,668		93,626			96,301			0.04	%
Magenta Buyer, LLC (McAfee)	First Lien First Out Term Loan	SOFR(Q)		0.75	%		7.01	%		11.30	%	7/27/2028	$	249,393		233,233			226,414			0.09	%
Magenta Buyer, LLC (McAfee)	Second Lien Second Out Term Loan	SOFR(Q)		0.75	%	1.76% Cash + 6.25% PIK				12.30	%	7/27/2028	$	612,214		577,814			317,739			0.12	%
Magenta Buyer, LLC (McAfee)	Second Lien Third Out Term Loan	SOFR(Q)		0.75	%	1.76% Cash + 5.50% PIK				11.55	%	7/27/2028	$	1,723,765		1,521,041			494,143			0.19	%	J
Oranje Holdco, Inc. (KnowBe4)	First Lien Term Loan	SOFR(Q)		1.00	%		7.75	%		12.04	%	2/1/2029	$	1,450,838		1,425,188			1,449,387			0.55	%	F
Oranje Holdco, Inc. (KnowBe4)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		7.25	%		11.54	%	2/1/2029	$	1,120,877		1,098,459			1,101,822			0.42	%	F
Oranje Holdco, Inc. (KnowBe4)	Sr Secured Revolver	SOFR(Q)		1.00	%		7.75	%		12.04	%	2/1/2029	$	181,355		(2,923	)		(181	)		—		E/F
Pluralsight, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	3.00% Cash + 1.50% PIK				8.83	%	8/22/2029	$	86,293		-			-			—		F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	3.00% Cash + 1.50% PIK				8.83	%	8/22/2029	$	122,810		121,006			122,810			0.05	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	3.00% Cash + 1.50% PIK				8.83	%	8/22/2029	$	69,571		69,571			69,571			0.03	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	7.50% PIK				11.83	%	8/22/2029	$	194,611		191,900			194,611			0.07	%	F
Sailpoint Technologies Holdings, Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		6.25	%		10.55	%	8/16/2028	$	132,507		(1,499	)		-			—		F
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)		1.00	%	6.20% Cash + 1.00% PIK				11.52	%	12/1/2027	$	1,585,475		1,570,837			1,081,294			0.40	%	F
Suited Connector, LLC	Sr Secured Revolver	SOFR(Q)		1.00	%	6.20% Cash + 1.00% PIK				11.52	%	12/1/2027	$	244,741		242,290			166,914			0.06	%	F
																22,987,613			16,906,807			6.41	%
IT Services
Crewline Buyer, Inc. (New Relic)	Sr Secured Revolver	SOFR(M)		1.00	%		6.75	%		11.07	%	11/8/2030	$	369,286		(7,433	)		(3,693	)		—		E/F
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(M)		1.00	%		6.75	%		11.07	%	11/8/2030	$	3,545,144		3,470,082			3,509,693			1.34	%	F
Idera, Inc.	Second Lien Term Loan	SOFR(Q)		0.75	%		6.75	%		11.19	%	2/4/2029	$	763,206		760,238			682,432			0.26	%
Intercept Bidco, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.00	%		10.32	%	6/3/2030	$	166,667		(1,667	)		(2,833	)		—		E/F
Intercept Bidco, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%		6.00	%		10.32	%	6/3/2030	$	111,111		(2,222	)		(1,889	)		—		E/F
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.32	%	6/3/2030	$	722,222		707,778			709,944			0.27	%	F
Serrano Parent, LLC (Sumo Logic)	Sr Secured Revolver	SOFR(S)		1.00	%		6.50	%		10.92	%	5/13/2030	$	388,509		(7,162	)		(9,324	)		—		E/F
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(S)		1.00	%		6.50	%		10.92	%	5/13/2030	$	3,885,090		3,804,236			3,791,848			1.43	%	F
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(M)		1.00	%	5.63% Cash + 1.47% PIK				11.42	%	12/29/2028	$	2,169,493		2,117,983			2,080,544			0.79	%	F
Madison Logic Holdings, Inc.	Sr Secured Revolver	SOFR(M)		1.00	%		7.00	%		11.32	%	12/30/2027	$	82,677		(1,374	)		(3,390	)		—		E/F
																10,840,459			10,753,332			4.09	%
Life Sciences Tools & Services
Alcami Corporation	First Lien Term Loan	SOFR(Q)		1.00	%		7.15	%		11.46	%	12/21/2028	$	940,762		918,408			950,170			0.36	%	F
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		7.10	%		11.42	%	12/21/2028	$	69,236		67,659			69,929			0.03	%	F
Alcami Corporation	Sr Secured Revolver	SOFR(M)		1.00	%		7.10	%		11.42	%	12/21/2028	$	128,322		6,804			9,624			—		F
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		3.00	%		5.25	%		9.57	%	12/20/2029	$	750,000		42,930			42,500			0.02	%	F
DNAnexus, Inc	First Lien Term Loan	SOFR(M)		3.00	%		5.25	%		9.57	%	12/20/2029	$	250,000		247,683			247,500			0.09	%	F
																1,283,484			1,319,723			0.50	%
Media
Kid Distro Holdings, LLC	Sr Secured Revolver	SOFR(Q)		1.00	%		4.90	%		9.19	%	10/1/2029	$	74,263		(688	)		-			—		F
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		4.90	%		9.19	%	10/1/2029	$	806,223		799,745			806,223			0.31	%	F
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		4.90	%		9.19	%	10/1/2029	$	671,230		656,806			671,485			0.26	%	F
NEP Group, Inc. et al	Second Lien Term Loan	SOFR(Q)		0.00	%		7.26	%		11.57	%	10/19/2026	$	130,856		127,344			100,432			0.04	%

10

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Streamland Media Midco LLC	Sr Secured Revolver	SOFR(Q)		0.00	%	1.00% Cash + 4.50% PIK				9.80	%	3/31/2029	$	189,908	$	-		$	-			—		F
Streamland Media Midco LLC	First Lien Rollup Term Loan	SOFR(Q)		1.00	%	1.00% Cash + 4.50% PIK				9.80	%	3/31/2029	$	44,312		44,312			44,312			0.02	%	F
Streamland Media Midco LLC	First Out Term Loan	SOFR(M)		1.00	%	1.00% Cash + 4.50% PIK				9.80	%	3/31/2029	$	1,278,754		1,278,754			1,278,754			0.48	%	F
Streamland Media Midco LLC	Last Out Term Loan	SOFR(M)		0.00	%	1.00% Cash + 5.50% PIK				10.80	%	3/31/2029	$	1,189,577		1,189,577			1,189,577			0.45	%	F
Terraboost Media Operating Company, LLC	First Lien Term Loan	Fixed		0.00	%	4.00% Cash +6.00% PIK				10.00	%	8/23/2026	$	1,402,159		1,392,702			1,374,116			0.52	%	F
																5,488,552			5,464,899			2.08	%
Oil, Gas & Consumable Fuels
Palmdale Oil Company, LLC	First Lien Term Loan	SOFR(M)		1.00	%		6.75	%		11.07	%	10/2/2029	$	1,030,892		1,005,469			1,031,923			0.39	%	F
Paper & Forest Products
Alpine Acquisition Corp II (48Forty)	Sr Secured Revolver	SOFR(M)		1.00	%	2.50% Cash + 3.50% PIK				10.42	%	11/30/2029	$	266,026		97,980			49,239			0.02	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(M)		1.00	%	2.50% Cash + 3.50% PIK				10.42	%	11/30/2029	$	189,183		183,764			152,309			0.06	%	F
Alpine Acquisition Corp II (48Forty)	First Lien 2nd Incremental Term Loan	SOFR(M)		1.00	%	2.50% Cash + 3.50% PIK				10.42	%	11/30/2029	$	234,624		230,492			188,893			0.07	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Participation Tranche 1 Term Loan	SOFR(M)		1.00	%	2.50% Cash + 3.50% PIK				10.42	%	11/30/2029	$	2,078,695		2,061,893			1,673,536			0.64	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(M)		1.00	%	2.50% Cash + 3.50% PIK				10.42	%	11/30/2029	$	593,215		588,249			477,592			0.18	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Incremental Term Loan	SOFR(M)		1.00	%	2.50% Cash + 3.50% PIK				10.42	%	11/30/2029	$	1,323,781		1,307,238			1,065,763			0.41	%	F
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.00	%		6.15	%		10.45	%	12/19/2025	$	1,206,615		1,206,615			1,206,566			0.46	%	F
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.25	%		6.65	%		10.94	%	12/23/2026	$	1,509,608		1,487,801			1,509,608			0.57	%	F
																7,164,032			6,323,506			2.41	%
Professional Services
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	12/20/2031	$	28,846		(172	)		(462	)		—		E/F
Lighthouse Parent Holdings, Inc (Aperture)	Sr Secured Revolver	SOFR(Q)		0.75	%		5.00	%		9.30	%	12/20/2031	$	11,538		(138	)		(185	)		—		E/F
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	12/20/2031	$	59,615		58,910			58,662			0.02	%	F
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)		1.50	%		6.00	%		10.30	%	10/24/2029	$	808,081		793,167			797,576			0.30	%	F
Applause App Quality, Inc.	Sr Secured Revolver	SOFR(Q)		1.50	%		6.00	%		10.29	%	10/24/2029	$	80,808		14,685			15,111			0.01	%	F
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.25	%		9.57	%	6/30/2028	$	412,340		359,493			360,609			0.14	%	F
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.25	%		9.57	%	6/30/2028	$	374,171		369,779			369,756			0.14	%	F
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		9.57	%	6/30/2028	$	316,801		312,210			313,063			0.12	%	F
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		9.57	%	6/30/2028	$	908,142		897,242			897,426			0.34	%	F
Cherry Bekaert Advisory, LLC	Sr Secured Revolver	SOFR(M)		0.75	%		5.25	%		9.57	%	6/30/2028	$	190,576		(2,135	)		(2,249	)		—		E/F
Huckabee Acquisition, LLC (MOREgroup)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.25	%		9.54	%	1/16/2030	$	161,290		(1,613	)		-			—		F
Huckabee Acquisition, LLC (MOREgroup)	Sr Secured Revolver	SOFR(Q)		1.00	%		5.25	%		9.54	%	1/16/2030	$	96,774		(1,935	)		-			—		F
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		9.54	%	1/16/2030	$	734,516		719,826			734,516			0.28	%	F
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.75	%		10.04	%	8/18/2028	$	4,724,035		4,675,946			4,600,501			1.75	%	F
ICIMS, Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		5.75	%		10.04	%	8/18/2028	$	418,208		41,795			35,067			0.01	%	F
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)		1.00	%	7.00% PIK				11.32	%	8/17/2025	$	725,159		724,660			705,580			0.26	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)		1.00	%	7.00% PIK				11.32	%	8/17/2025	$	322,293		322,213			313,591			0.12	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)		1.00	%	7.00% PIK				11.32	%	8/17/2025	$	644,586		643,732			627,182			0.24	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Incremental Term Loan (5.0% Exit Fee)	SOFR(M)		1.00	%	7.00% PIK				11.32	%	8/17/2025	$	499,538		498,990			486,050			0.18	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (3.0% Exit Fee)	SOFR(M)		1.00	%	7.00% PIK				11.32	%	8/17/2025	$	1,455,684		1,456,411			1,416,381			0.54	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (5.0% Exit Fee)	SOFR(M)		1.00	%	7.00% PIK				11.32	%	8/17/2025	$	2,175,476		2,172,275			2,116,739			0.81	%	B/F/I
Security Services Acquisition Sub Corp. (Protos)	First Lien Consolidated Term Loan	SOFR(M)		1.00	%		5.85	%		10.17	%	9/30/2027	$	1,420,206		1,413,781			1,410,790			0.54	%	F
																15,469,122			15,255,704			5.80	%
Real Estate Management & Development
Community Merger Sub Debt LLC (CINC Systems)	Sr Secured Revolver	SOFR(M)		0.75	%		5.25	%		9.57	%	1/18/2030	$	214,286		(4,286	)		(88	)		—		E/F
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		9.57	%	1/18/2030	$	785,714		770,000			785,392			0.30	%	F
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)		1.50	%		6.61	%		10.94	%	3/21/2027	$	1,847,720		1,829,199			1,837,983			0.70	%	F

11

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)		1.25	%		6.43	%		10.69	%	3/2/2026	$	2,800,000		2,800,000			2,791,600			1.06	%	C/F
																5,394,913			5,414,887			2.06	%
Road & Rail
Motive Technologies, Inc. (Keep Trucking)	First Lien Incremental Term Loan 2 (1.0% Exit Fee)	SOFR(M)		1.00	%		7.36	%		11.69	%	4/8/2027	$	516,650	$	514,191		$	512,517			0.20	%	F/I
Motive Technologies, Inc. (Keep Trucking)	First Lien Incremental Term Loan 1 (1.0% Exit Fee)	SOFR(M)		1.00	%		7.36	%		11.69	%	4/8/2027	$	1,000,000		996,987			992,000			0.38	%	F/I
Motive Technologies, Inc. (Keep Trucking)	First Lien Incremental Term Loan 3 (1.0% Exit Fee)	SOFR(M)		1.00	%		7.36	%		11.69	%	4/8/2027	$	483,350		480,862			479,483			0.18	%	F/I
Motive Technologies, Inc. (Keep Trucking)	First Lien Term Loan (1.0% Exit Fee)	SOFR(M)		1.00	%		7.36	%		11.69	%	4/8/2027	$	3,000,000		2,986,177			2,976,000			1.13	%	F/I
																4,978,217			4,960,000			1.89	%
Semiconductors & Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		6.35	%		10.67	%	12/29/2027	$	710,757		703,128			533,068			0.20	%	F
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	SOFR(M)		1.00	%		6.10	%		10.42	%	12/29/2026	$	268,108		197,900			135,341			0.05	%	F
																901,028			668,409			0.25	%
Software
AlphaSense, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		2.00	%		6.25	%		10.55	%	6/27/2029	$	538,525		(5,385	)		(4,766	)		—		E/F
AlphaSense, Inc.	First Lien Term Loan	SOFR(Q)		2.00	%		6.25	%		10.55	%	6/27/2029	$	2,692,633		2,669,716			2,668,798			1.02	%	F
Aras Corporation	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		10.55	%	4/13/2029	$	1,845,804		1,831,941			1,821,809			0.69	%	F
Aras Corporation	Sr Secured Revolver	SOFR(Q)		1.00	%		6.25	%		10.55	%	4/13/2029	$	121,888		45,603			45,139			0.02	%	F
Bluefin Holding, LLC (Allvue)	Sr Secured Revolver	SOFR(Q)		1.00	%		6.50	%		10.80	%	9/12/2029	$	405,340		(7,555	)		-			—		F
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		10.80	%	9/12/2029	$	4,111,310		4,029,819			4,144,200			1.57	%	F
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)		1.50	%		7.75	%		12.07	%	5/30/2029	$	1,000,000		990,000			989,000			0.38	%	F/I
Clever Devices Ltd.	Sr Secured Revolver	SOFR(M)		1.00	%		6.00	%		10.32	%	6/12/2030	$	294,118		31,863			39,216			0.01	%	F
Clever Devices Ltd.	First Lien Term Loan	SOFR(M)		1.00	%		6.00	%		10.32	%	6/12/2030	$	700,588		683,074			707,594			0.27	%	F
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.42	%	8/27/2030	$	50,963		13,616			12,902			—		F
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.42	%	8/27/2030	$	89,724		(608	)		(1,256	)		—		E/F
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.42	%	8/27/2030	$	412,728		407,134			406,950			0.15	%	F
Douglas Holdings, Inc (Docupace)	Sr Secured Revolver	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.42	%	8/27/2030	$	35,889		(486	)		(502	)		—		E/F
Disco Parent, Inc. (Duck Creek Technologies)	Sr Secured Revolver	SOFR(Q)		1.00	%		7.50	%		11.81	%	3/30/2029	$	224,240		(3,768	)		-			—		F
Disco Parent, Inc. (Duck Creek Technologies)	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		11.81	%	3/30/2029	$	2,679,455		2,629,476			2,682,135			1.02	%	F
FirstUp, Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		11.05	%	7/13/2027	$	221,360		219,203			219,146			0.08	%	F
FirstUp, Inc	Sr Secured Revolver	SOFR(Q)		1.00	%		6.75	%		11.05	%	7/13/2027	$	198,790		(1,899	)		(1,988	)		—		E/F
FirstUp, Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		11.05	%	7/13/2027	$	2,152,968		2,131,982			2,131,439			0.80	%	F
Fusion Risk Management, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%		6.00	%		10.33	%	5/22/2029	$	421,160		(5,903	)		(3,369	)		—		E/F
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.33	%	5/22/2029	$	3,714,737		3,659,222			3,685,019			1.40	%	F
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.29	%	3/10/2031	$	430,157		(6,391	)		(6,452	)		—		E/F
G-3 Apollo Acquisition Corp (Appriss Retail)	Sr Secured Revolver	SOFR(Q)		1.00	%		5.00	%		9.29	%	3/10/2031	$	430,157		39,431			39,431			0.02	%	F
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		9.29	%	3/10/2031	$	2,007,400		1,980,628			1,977,289			0.75	%	F
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	2.50% Cash + 4.125% PIK				10.92	%	7/9/2029	$	1,971,347		1,948,079			1,942,368			0.73	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%	2.50% Cash + 4.125% PIK				10.92	%	7/9/2029	$	1,324,792		1,298,646			1,305,318			0.50	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	2.50% Cash + 4.125% PIK				10.92	%	7/9/2029	$	1,524,729		1,515,795			1,502,315			0.57	%	F
GTY Technology Holdings Inc.	Sr Secured Revolver	Prime		1.00	%		5.00	%		12.50	%	7/9/2029	$	318,422		47,016			46,267			0.02	%	F
Honey Intermediate, Inc. (iLobby) (Canada)	Sr Secured Revolver	SOFR(M)		1.00	%	2.88% Cash + 3.38% PIK				10.57	%	9/26/2030	$	531,371		(7,298	)		(7,439	)		—		B/E/F
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)		1.00	%	2.88% Cash + 3.38% PIK				10.57	%	9/26/2030	$	4,053,763		3,998,211			3,997,011			1.52	%	B/F
Howlco, LLC, (Lone Wolf)	First Lien Term Loan	SOFR(Q)		1.00	%	3.15% Cash + 3.50% PIK				10.96	%	10/23/2027	$	768,484		765,362			750,256			0.29	%	F

12

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity/ Expiration	Principal/ Shares		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Software (Continued)
Integrate.com, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	4.65% Cash + 2.25% PIK				11.20	%	12/17/2027	$	192,711	$	193,207		$	185,700			0.07	%	F
Integrate.com, Inc.	First Lien Incremental Term Loan	SOFR(Q)		1.00	%	4.65% Cash + 2.25% PIK				11.20	%	12/17/2027	$	564,245		548,934			543,718			0.21	%	F
Integrate.com, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	4.65% Cash + 2.25% PIK				11.20	%	12/17/2027	$	3,031,575		3,001,411			2,921,286			1.11	%	F
Integrate.com, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%	4.65% Cash + 2.25% PIK				11.20	%	12/17/2027	$	256,556		246,672			239,695			0.09	%	F
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)		0.75	%		7.50	%		11.80	%	8/5/2028	$	2,796,125		2,750,379			2,741,545			1.04	%	F
Lightspeed Solutions, LLC	First Lien Term Loan	SOFR(M)		0.75	%	2.85% Cash + 3.65% PIK				10.83	%	3/1/2028	$	2,491,365		2,465,459			2,475,022			0.94	%	F
Lightspeed Solutions, LLC	First Lien Incremental Term Loan	SOFR(M)		0.75	%	2.85% Cash +3.65% PIK				10.83	%	3/1/2028	$	548,085		540,078			544,490			0.21	%	F
Lightspeed Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%	2.85% Cash + 3.65% PIK				10.83	%	3/1/2028	$	164,319		162,710			163,241			0.06	%	F
Logicmonitor, Inc	Sr Secured Revolver	SOFR(Q)		0.75	%		5.50	%		9.79	%	11/19/2031	$	101,496		(1,203	)		(1,227	)		—		E/F
Logicmonitor, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.79	%	11/19/2031	$	811,966		802,535			802,149			0.31	%	F
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		12.06	%	9/15/2026	$	746,251		744,142			737,564			0.28	%	F
Oak Purchaser, Inc. (DaySmart)	First Lien Term Loan (1.0% Exit Fee)	SOFR(S)		0.75	%		5.50	%		9.72	%	4/28/2028	$	650,015		643,515			653,265			0.25	%	F/I
Oak Purchaser, Inc. (DaySmart)	First Lien Delayed Draw Term Loan (1.0% Exit Fee)	SOFR(S)		0.75	%		5.50	%		9.72	%	4/28/2028	$	433,343		429,010			435,510			0.17	%	F/I
Oak Purchaser, Inc. (DaySmart)	Sr Secured Revolver (1.0% Exit Fee)	SOFR(S)		0.75	%		5.50	%		9.72	%	4/28/2028	$	86,669		(867	)		-			—		F/I
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	Sr Secured Revolver	SOFR(S)		1.00	%		5.50	%		9.93	%	3/31/2027	$	197,187		-			-			—		B/F
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	SOFR(S)		1.00	%		5.50	%		9.93	%	3/31/2027	$	162,541		161,358			162,541			0.06	%	B/F
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	SOFR(S)		1.00	%		5.50	%		9.93	%	3/31/2027	$	1,519,185		1,507,497			1,519,185			0.58	%	B/F
Smarsh, Inc.	Sr Secured Revolver	SOFR(Q)		0.00	%		4.75	%		9.08	%	2/18/2029	$	122,379		14,940			16,072			0.01	%	F
Smarsh, Inc.	First Lien Term Loan	SOFR(Q)		0.00	%		4.75	%		9.05	%	2/18/2029	$	2,202,814		2,176,878			2,198,408			0.84	%	F
Smarsh, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		4.75	%		9.05	%	2/18/2029	$	244,757		(2,342	)		(490	)		—		E/F
Thunder Purchaser, Inc. (Vector Solutions)	Sr Secured Revolver	SOFR(Q)		1.00	%		5.40	%		9.70	%	6/30/2027	$	204,439		(1,665	)		(1,419	)		—		E/F
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Term Loan	SOFR(Q)		1.00	%		5.40	%		9.70	%	6/30/2028	$	3,431,436		3,398,075			3,398,838			1.29	%	F
Trintech, Inc.	Sr Secured Revolver	SOFR(M)		1.00	%		5.50	%		9.82	%	7/25/2029	$	274,870		72,405			74,202			0.03	%	F
Trintech, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		5.50	%		9.82	%	7/25/2029	$	3,528,649		3,445,286			3,473,037			1.32	%	F
Zendesk Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	11/22/2028	$	735,838		(10,654	)		(8,830	)		—		E/F
Zendesk Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		5.00	%		9.30	%	11/22/2028	$	302,992		(4,408	)		(3,636	)		—		E/F
Zendesk Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.30	%	11/22/2028	$	3,005,307		2,960,812			2,969,243			1.13	%	F
Zilliant Incorporated	First Lien Term Loan (0.5% Exit Fee)	SOFR(M)		0.75	%	2.10% Cash + 5.00% PIK				11.42	%	12/21/2027	$	2,595,631		2,571,046			2,484,019			0.95	%	F/I
Zilliant Incorporated	First Lien Delayed Draw Term Loan (0.5% Exit Fee)	SOFR(M)		0.75	%	2.10% Cash + 5.00% PIK				11.42	%	12/21/2027	$	475,261		471,412			454,825			0.17	%	F/I
Zilliant Incorporated	Sr Secured Revolver (0.5% Exit Fee)	SOFR(M)		0.75	%	2.10% Cash + 5.00% PIK				11.42	%	12/21/2027	$	222,222		(2,026	)		(9,556	)		—		E/F/I
																60,181,120			60,256,227			22.93	%
Specialty Retail
Hanna Andersson, LLC	First Lien Term Loan	SOFR(M)		1.00	%		6.35	%		10.67	%	7/2/2026	$	2,573,530		2,559,654			2,573,530			0.98	%	F
Supergoop, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.85	%		10.17	%	12/28/2028	$	524,383		518,070			521,216			0.20	%	F
Supergoop, LLC	Sr Secured Revolver	SOFR(M)		0.75	%		5.85	%		10.17	%	12/28/2027	$	124,734		64,987			65,771			0.03	%	F
																3,142,711			3,160,517			1.21	%
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)		—			6.51	%		10.81	%	9/17/2026	$	4,596,375		4,558,666			4,570,084			1.74	%	B/F
Total Debt Investments - 82.77% of Net Assets																236,277,629			217,523,172			82.77	%

13

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

Issuer	Instrument	Spread			Total Coupon			Maturity/ Expiration		Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Diversified Consumer Services
SellerX Germany GMBH & Co. KG (Germany)	Warrants to Purchase Common Stock							7/25/2030			376		-		-		—		B/F/G/H
SellerX Germany GMBH & Co. KG (Germany)	Warrants to Purchase Preferred New Super Senior Shares							7/25/2030			1,249		-		-		—		B/F/G/H
Razor Group GmbH (Germany)	Warrants to Purchase Preferred Series A1 Shares							4/28/2028			61		-		-		—		B/F/G/H
Razor US LP	Class A Preferred Units		3.00	%		3.00	%		-		2,728,395		2,708,159		-		—		F/G/H
Razor Group GmbH (Germany)	Warrants to Purchase Series C Shares							12/23/2029			19		-		-		—		B/F/G/H
Razor US LP	Common Units								-		27,283		-		-		—		F/G/H
MXP Prime Platform GmbH (SellerX) (Germany)	Warrants to Purchase Common Stock							7/25/2030			422		-		-		—		B/F/G/H
													2,708,159		-		—
Diversified Financial Services
Worldremit Group Limited (United Kingdom)	Series X Shares								-		271		27,200		29,675		0.01	%	B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock							2/11/2031			2,394		-		5,108		—		B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series E Stock							8/17/2031			299		-		33		—		B/F/G/H
													27,200		34,816		0.01	%
Healthcare Providers and Services
INH Buyer, Inc. (IMA Health)	A1 Preferred Stock								-		1,988,983		-		-		—		F/G/H
INH Buyer, Inc. (IMA Health)	Preferred Stock								-		2		-		-		—		F/G/H
													-		-		0.00	%
Internet Software & Services
SuCo Investors, LP (Suited Connector)	Warrants to Purchase Class A Units							3/6/2033			12,349		-		-		—		F/G/H
Pluralsight, Inc.	Common Stock								-		60,932		170,000		55,448		0.02	%	F/G/H
													170,000		55,448		0.02	%
Media
Streamland Media Holdings LLC	Common Units								-		11,902		607,359		607,359		0.23	%	F/G
Paper and Forest Products
48forty Intermediate Holdings, Inc.	Common Stock								-		624		-		-		—		F/G/H
Professional Services
JobandTalent USA, Inc. (United Kingdom)	F3 Preferred Stock								-		1,702		-		82,688		0.03	%	B/F/G/H
JobandTalent USA, Inc. (United Kingdom)	F1 Preferred Stock								-		25,523		320,915		1,354,797		0.52	%	B/F/G/H
													320,915		1,437,485		0.55	%
Software
Grey Orange International Inc.	Warrants to Purchase Common Stock							5/6/2032			1,122		-		224		—		F/G/H
Total Equity Securities - 0.81% of Net Assets													3,833,633		2,135,332		0.81	%
Total Investments - 83.59% of Net Assets													240,111,262		219,658,504		83.58	%
Cash and Cash Equivalents - 16.42% of Net Assets															43,149,073		16.42	%
Total Cash and Investments - 100.00% of Net Assets															262,807,577		100.00	%

Notes to Schedule of Investments:

14

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

March 31, 2025

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

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

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

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

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

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

(G)Restricted security. (See Note 10)

(H)Non-income producing investment.

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

(J)Non-accruing debt investment

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $11,941,838 and $20,034,731 respectively, for the three months ended March 31, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of March 31, 2025 was $219,658,504 or 83.6% of total cash and investments of the Company. As of March 31, 2025, approximately 10.6% of the total assets of the Company were non-qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the financial statements.

15

BlackRock Direct Lending Corp.

Schedule of Investments

December 31, 2024

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (A)
Automobiles
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(Q)		1.00	%		7.01	%		11.34	%	2/25/2026	$	799,341	$	795,339		$	794,545			0.31	%	F
ALCV Purchaser, Inc. (AutoLenders)	Sr Secured Revolver	SOFR(Q)		1.00	%		7.01	%		11.34	%	2/25/2026	$	92,635		92,267			92,080			0.03	%	F
																887,606			886,625			0.34	%
Beverages
JP Intermediate B, LLC (Juice Plus)	First Lien Term Loan	Prime		1.00	%		6.50	%		14.50	%	11/20/2025	$	1,633,765		1,597,995			1,057,046			0.41	%	F
Building Products
Air Distribution Technologies Inc	First Lien Term Loan	SOFR(M)		1.00	%		6.00	%		10.55	%	8/1/2030	$	800,168		784,643			790,566			0.31	%	F
Porcelain Acquisition Corporation (Paramount)	First Lien Term Loan	SOFR(Q)		1.00	%		6.10	%		10.43	%	4/30/2027	$	976,824		967,414			870,350			0.33	%	F
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.59	%	2/22/2030	$	81,771		80,135			81,669			0.03	%	F
																1,832,192			1,742,585			0.67	%
Capital Markets
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.58	%	1/31/2031	$	3,942,189		3,897,350			3,950,073			1.53	%	F
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.25	%		9.58	%	1/31/2031	$	-		(11,292	)		-			—		E/F
																3,886,058			3,950,073			1.53	%
Commercial Services & Supplies
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.33	%	12/26/2030	$	1,000,000		980,012			980,000			0.38	%	F
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)		0.75	%		6.50	%		10.83	%	8/23/2028	$	1,600,447		1,574,005			1,579,785			0.60	%	F
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		6.50	%		10.83	%	8/23/2028	$	1,110,106		1,090,828			1,095,775			0.43	%	F
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)		0.75	%		6.50	%		10.83	%	8/23/2027	$	223,339		219,483			220,261			0.09	%	F
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)		0.75	%		7.40	%		11.91	%	8/31/2029	$	1,076,305		1,065,706			1,076,305			0.42	%	F
																4,930,034			4,952,126			1.92	%
Construction & Engineering
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)		1.00	%		5.00	%		9.53	%	2/1/2030	$	748,393		731,626			751,386			0.29	%	F
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.00	%		9.51	%	2/1/2030	$	306,358		298,778			307,583			0.12	%	F
LJ Avalon Holdings, LLC (Ardurra)	Sr Secured Revolver	SOFR(Q)		1.00	%		5.00	%		9.53	%	2/1/2029	$	-		(2,547	)		-			—		E/F
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)		1.00	%	8.60% PIK				12.96	%	11/23/2027	$	1,569,551		1,532,276			563,665			0.22	%	F/J
Homerenew Buyer, Inc. (Renovo)	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%	8.60% PIK				12.96	%	11/23/2027	$	2,190,346		2,150,080			786,373			0.31	%	F/J
Homerenew Buyer, Inc. (Renovo)	Sr Secured Revolver	SOFR(M)		1.00	%	8.60% PIK				12.94	%	11/23/2027	$	527,287		516,278			189,234			0.07	%	F/J
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)		1.00	%	9.10% PIK				13.44	%	11/23/2027	$	201,896		198,095			201,896			0.08	%	F
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)		2.50	%	9.10% PIK				13.54	%	3/13/2025	$	90,296		89,220			90,296			0.04	%	F
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)		2.50	%	11.10% PIK				15.46	%	3/13/2025	$	247,658		218,400			247,658			0.10	%	F
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)		2.50	%	11.10% PIK				15.44	%	3/13/2025	$	442,404		370,475			442,404			0.17	%	F
PlayPower, Inc	Sr Secured Revolver	SOFR(Q)		0.75	%		5.25	%		9.58	%	8/28/2030	$	-		(5,604	)		(5,219	)		—		E/F
PlayPower, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.58	%	8/28/2030	$	2,609,164		2,571,127			2,596,118			1.01	%	F
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.75	%		10.26	%	5/31/2030	$	-		(2,791	)		140			—		E/F
Titan Home Improvement, LLC (Renuity)	Sr Secured Revolver Loan	SOFR(Q)		1.00	%		5.75	%		10.26	%	5/31/2030	$	-		(2,326	)		-			—		E/F
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		10.26	%	5/31/2030	$	742,326		727,479			743,068			0.29	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.00	%		9.36	%	9/4/2029	$	1,103,806		1,082,022			1,092,768			0.42	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.00	%		9.36	%	9/4/2029	$	808,798		792,656			800,710			0.31	%	F
Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)		1.00	%		5.00	%		9.36	%	9/4/2029	$	19,084		15,647			17,149			0.01	%	F
																11,280,891			8,825,229			3.44	%
Construction Materials
AHF Parent Holding, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		6.51	%		10.84	%	2/1/2028	$	3,155,860		3,097,596			3,155,861			1.22	%	D

16

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Consumer Finance
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)		1.00	%		8.35	%		12.92	%	12/14/2027	$	883,082	$	871,118		$	874,251			0.34	%	F
Freedom Financial Network Funding, LLC	First Lien Term Loan	SOFR(S)		1.00	%		9.25	%		13.53	%	9/21/2027	$	2,909,041		2,860,642			2,836,315			1.09	%	F
Freedom Financial Network Funding, LLC	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		9.25	%		13.66	%	9/21/2027	$	969,680		953,563			945,438			0.37	%	F
																4,685,323			4,656,004			1.80	%
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	Second Lien Term Loan	SOFR(Q)		0.75	%		7.65	%		12.16	%	12/14/2029	$	1,807,299		1,778,912			1,548,855			0.60	%	F
Diversified Consumer Services
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		10.58	%	9/14/2029	$	4,092,256		4,023,964			4,022,565			1.56	%	F
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	SOFR(Q)		0.75	%		6.25	%		10.58	%	9/15/2027	$	-		(4,183	)		(4,656	)		—		E/F
Razor Group Holdings II, Inc. (Germany)	First Lien A Term Loan	Fixed		—		2.50% Cash + 5.00% PIK				7.50	%	9/30/2028	$	4,475,060		4,456,961			1,696,048			0.66	%	B/F/J
Razor Group Holdings II, Inc. (Germany)	First Lien C Term Loan	Fixed		—		3.50% Cash + 3.50% PIK				7.00	%	9/30/2028	$	590,594		590,594			-			—		B/F/J
SellerX Germany GmbH (Germany)	First Lien A1 Term Loan	SOFR(Q)		2.00	%	4.50% Cash + 4.50% PIK				14.33	%	5/23/2026	$	4,314,607		4,265,553			2,731,146			1.06	%	B/F/J
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(Q)		0.00	%		9.00	%		13.49	%	11/22/2029	$	105,633		105,633			105,633			0.04	%	B/F
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(Q)		—			5.00	%		9.57	%	10/28/2026	$	63,380		62,398			63,380			0.02	%	B/F
Razor Group Holdings II, Inc. (Germany)	First Out Delayed Draw Term Loan	Fixed		—			15.00	%		15.00	%	9/15/2027	$	98,787		98,787			147,390			0.06	%	B/F
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(M)		1.00	%		5.25	%		9.61	%	12/31/2030	$	809,524		793,336			793,333			0.31	%	F
																14,393,043			9,554,839			3.71	%
Diversified Financial Services
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		9.58	%	11/15/2031	$	-		(3,350	)		(3,414	)		—		E/F
Accordion Partners LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.25	%		9.58	%	11/15/2031	$	-		(2,234	)		(2,276	)		—		E/F
Accordion Partners LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.58	%	11/15/2031	$	4,096,428		4,075,945			4,075,945			1.57	%	F
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	SOFR (Q)		1.00	%		5.25	%		10.03	%	3/15/2030	$	-		(1,763	)		2,110			—		E/F
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(S)		1.00	%		5.25	%		10.03	%	3/15/2030	$	236,884		235,611			238,779			0.09	%	F
Foreside Financial Group, LLC	Sr Secured Revolver	SOFR(M)		1.00	%		5.35	%		9.71	%	9/1/2027	$	-		(397	)		-			—		E/F
Foreside Financial Group, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.35	%		9.71	%	9/1/2027	$	680,815		673,853			680,815			0.26	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.25	%		9.87	%	8/21/2028	$	778,534		768,255			767,782			0.30	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		5.25	%		9.87	%	8/21/2028	$	878,938		858,069			866,800			0.34	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		9.87	%	8/21/2028	$	2,802,721		2,765,922			2,764,015			1.07	%	F
Wharf Street Rating Acquisition LLC (KBRA)	Sr Secured Revolver	SOFR(M)		0.75	%		5.00	%		9.46	%	12/10/2027	$	-		(2,616	)		(949	)		—		E/F
Wharf Street Rating Acquisition LLC (KBRA)	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		9.46	%	12/10/2027	$	2,577,147		2,550,456			2,567,947			1.00	%	F
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)		1.00	%		8.62	%		12.97	%	7/5/2026	$	4,030,637		3,988,962			4,014,514			1.57	%	F
Rialto Management Group, LLC	Sr Secured Revolver	SOFR(M)		0.75	%		5.00	%		9.53	%	12/5/2030	$	-		(170	)		(172	)		—		C/E/F
Rialto Management Group, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		9.53	%	12/5/2030	$	500,000		495,000			495,000			0.19	%	C/F
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)		0.75	%		5.60	%		9.93	%	11/30/2027	$	674,873		671,498			680,272			0.26	%	F
SitusAMC Holdings Corporation	First Lien Term Loan B	SOFR(Q)		0.75	%		5.60	%		9.93	%	6/28/2025	$	318,548		317,664			321,097			0.12	%	F
																17,390,705			17,468,265			6.77	%
Electrical Equipment
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.25	%		9.77	%	10/15/2031	$	-		(3,264	)		(2,690	)		—		E/F
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)		0.75	%		5.25	%		9.77	%	10/15/2031	$	-		-			(1,345	)		—		E/F
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)		0.75	%		5.25	%		9.77	%	10/15/2031	$	560,345		552,044			553,621			0.21	%	F
																548,780			549,586			0.21	%

17

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Health Care Providers & Services
CBI-Gator Acquisition, LLC	First Lien Term Loan	SOFR(Q)		1.00	%	5.90% Cash + 0.50% PIK				10.73	%	10/25/2027	$	1,772,171	$	1,752,857		$	1,674,702			0.65	%	F
CBI-Gator Acquisition, LLC	Sr Secured Revolver	SOFR(M)		1.00	%	5.85% Cash + 0.50% PIK				10.69	%	10/25/2027	$	148,096		146,401			139,434			0.05	%	F
INH Buyer, Inc. (IMA Health)	First Lien Term Loan (1.5% Exit Fee)	SOFR(Q)		1.00	%		7.00	%		11.43	%	6/28/2028	$	4,156,856		3,650,225			1,799,918			0.69	%	F/J
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)		0.75	%		6.00	%		10.51	%	5/4/2028	$	1,477,906		1,459,759			1,445,081			0.56	%	F
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		6.00	%		10.51	%	5/4/2028	$	343,626		340,976			335,994			0.13	%	F
RecordXTechnologies, LLC (Ontellus)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		9.58	%	5/20/2030	$	992,500		982,575			997,463			0.39	%	F
																8,332,793			6,392,592			2.47	%
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(S)		1.00	%		7.25	%		12.08	%	5/6/2027	$	1,115,606		1,105,488			1,115,606			0.43	%	F
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(S)		1.00	%		7.25	%		12.08	%	5/6/2027	$	-		(603	)		-			—		E/F
ESO Solutions, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		11.27	%	5/3/2027	$	3,325,794		3,290,273			3,292,536			1.28	%	F
ESO Solutions, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%		6.75	%		11.28	%	5/3/2027	$	171,193		169,030			168,747			0.07	%	F
Gainwell Acquisition Corp.	Second Lien Term Loan	SOFR(Q)		1.00	%		8.10	%		12.68	%	10/2/2028	$	800,332		798,157			704,292			0.27	%	F
																5,362,345			5,281,181			2.05	%
Household Durables
Bad Boy Mowers JV Acquisition, LLC	First Lien Term Loan	SOFR(M)		1.00	%		6.00	%		10.45	%	11/9/2029	$	1,987,326		1,945,373			1,997,263			0.78	%	F
Insurance
Alera Group, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.25	%		9.61	%	9/30/2028	$	656,176		647,369			656,176			0.25	%	F
Alera Group, Inc.	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		9.61	%	9/30/2028	$	327,105		322,597			327,105			0.13	%	F
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(S)		0.75	%		5.00	%		9.70	%	8/31/2029	$	2,684,462		2,641,227			2,684,462			1.04	%	F
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(S)		0.75	%		5.00	%		9.70	%	8/31/2028	$	-		(3,878	)		-			—		E/F
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.51	%	8/25/2028	$	2,830,629		2,804,426			2,841,952			1.09	%	F
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.00	%		9.51	%	8/25/2028	$	-		(104,852	)		-			—		E/F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.50	%		9.83	%	11/1/2028	$	1,466,587		1,453,335			1,463,654			0.57	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.83	%	11/1/2028	$	2,437,042		2,415,515			2,432,167			0.94	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Term Loan	SOFR(M)		0.75	%		6.50	%		10.86	%	7/19/2030	$	156,360		153,687			157,924			0.06	%	F
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	Sr Secured Revolver	SOFR(S)		0.75	%		5.50	%		10.59	%	11/1/2027	$	-		(707	)		(199	)		—		E/F
																10,328,719			10,563,241			4.08	%

18

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Internet Software & Services
Astra Acquisition Corp. (Anthology)	Second Lien Term Loan	SOFR(Q)		0.75	%		9.14	%		13.47	%	10/25/2029	$	2,853,861	$	2,598,911		$	39,954			0.02	%	F/J
Civic Plus, LLC	First Lien Term Loan	SOFR(Q)		0.75	%		5.90	%		10.41	%	8/24/2027	$	993,811		982,934			993,811			0.39	%	F
Civic Plus, LLC	Sr Secured Revolver	SOFR(Q)		0.75	%		5.90	%		10.41	%	8/25/2027	$	-		(886	)		-			—		E/F
Civic Plus, LLC	First Lien Delay Draw Term Loan	SOFR(Q)		0.75	%		5.90	%		10.41	%	8/25/2027	$	252,418		249,864			252,418			0.10	%	F
e-Discovery Acquireco, LLC (Reveal)	Sr Secured Revolver	SOFR(Q)		1.00	%		6.25	%		10.76	%	8/29/2029	$	-		(9,197	)		-			—		E/F
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		10.76	%	8/29/2029	$	4,140,263		4,053,882			4,223,067			1.64	%	F
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%	3.25% Cash + 3.25% PIK				10.97	%	8/29/2029	$	2,258,287		2,236,133			2,262,804			0.88	%	F
Gympass US, LLC	First Lien Term Loan	SOFR(M)		1.00	%	3.25% Cash + 3.25% PIK				10.97	%	8/29/2029	$	830,278		825,473			831,939			0.32	%	F
InMoment, Inc.	First Lien Term Loan	SOFR(M)		0.75	%	5.00% Cash + 2.50% PIK				11.95	%	6/8/2028	$	4,806,988		4,736,945			3,121,178			1.21	%	F/J
Magenta Buyer, LLC (McAfee)	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		10.84	%	7/27/2028	$	94,668		93,522			96,591			0.04	%	—
Magenta Buyer, LLC (McAfee)	First Lien Term Loan	SOFR(Q)		0.75	%		7.01	%		11.60	%	7/27/2028	$	249,393		232,246			230,688			0.09	%	—
Magenta Buyer, LLC (McAfee)	Second Lien Second Out Term Loan	SOFR(Q)		0.75	%	1.76% Cash + 6.25% PIK				12.60	%	7/27/2028	$	602,590		565,976			362,557			0.14	%	—
Magenta Buyer, LLC (McAfee)	Second Lien Third Out Term Loan	SOFR(Q)		0.75	%	1.76% Cash + 5.50% PIK				11.85	%	7/27/2028	$	1,699,873		1,548,606			597,990			0.23	%	J
Oranje Holdco, Inc. (KnowBe4)	First Lien Term Loan	SOFR(Q)		1.00	%		7.75	%		12.32	%	2/1/2029	$	1,450,838		1,423,401			1,456,642			0.57	%	F
Oranje Holdco, Inc. (KnowBe4)	First Lien Incremental Term Loan	SOFR(Q)		1.00	%		7.25	%		11.82	%	2/1/2029	$	1,120,877		1,098,459			1,106,305			0.43	%	F
Oranje Holdco, Inc. (KnowBe4)	Sr Secured Revolver	SOFR(Q)		1.00	%		7.75	%		12.32	%	2/1/2029	$	-		(3,113	)		-			—		E/F
Pluralsight, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	3.00% Cash + 1.50% PIK				9.01	%	8/22/2029	$	-		-			-			—		F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	3.00% Cash + 1.50% PIK				9.01	%	8/22/2029	$	122,331		120,429			122,331			0.05	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	3.00% Cash + 1.50% PIK				9.01	%	8/22/2029	$	69,299		69,299			69,299			0.03	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	12.01% PIK				12.01	%	8/22/2029	$	188,692		185,831			188,692			0.07	%	F
Sailpoint Technologies Holdings, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		6.00	%		10.52	%	8/16/2029	$	1,067,788		1,051,764			1,067,788			0.41	%	F
Sailpoint Technologies Holdings, Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		6.00	%		10.52	%	8/16/2028	$	-		(1,609	)		-			—		E/F
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)		1.00	%	6.20% Cash + 2.00% PIK				12.72	%	12/1/2027	$	1,550,592		1,534,515			1,156,742			0.45	%	F
Suited Connector, LLC	Sr Secured Revolver	SOFR(Q)		1.00	%	6.20% Cash + 1.00% PIK				11.63	%	12/1/2027	$	239,400		236,707			178,593			0.07	%	F
																23,830,092			18,359,389			7.14	%
IT Services
Avalara, Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		6.25	%		10.58	%	10/19/2028	$	-		(7,256	)		-			—		E/F
Avalara, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		10.58	%	10/19/2028	$	4,548,580		4,467,057			4,582,693			1.78	%	F
Crewline Buyer, Inc. (New Relic)	Sr Secured Revolver	SOFR(Q)		1.00	%		6.75	%		11.35	%	11/8/2030	$	-		(7,761	)		-			—		E/F
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		11.35	%	11/8/2030	$	3,545,144		3,466,294			3,591,231			1.39	%	F
Idera, Inc.	Second Lien Term Loan	SOFR(Q)		0.75	%		6.75	%		11.47	%	2/4/2029	$	763,206		759,803			743,172			0.29	%	—
Intercept Bidco, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.00	%		10.47	%	6/3/2030	$	-		(1,667	)		(3,500	)		—		E/F
Intercept Bidco, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%		6.00	%		10.47	%	6/3/2030	$	-		(2,222	)		(2,333	)		—		E/F
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.47	%	6/3/2030	$	722,222		707,778			707,056			0.27	%	F
Serrano Parent, LLC (Sumo Logic)	Sr Secured Revolver	SOFR(S)		1.00	%		6.50	%		10.92	%	5/13/2030	$	-		(7,507	)		-			—		E/F
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(S)		1.00	%		6.50	%		10.92	%	5/13/2030	$	3,885,090		3,800,594			3,904,516			1.52	%	F
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(M)		1.00	%	7.00% Cash + 0.50% PIK				11.84	%	12/29/2028	$	2,162,189		2,106,855			2,077,863			0.81	%	F
Madison Logic Holdings, Inc.	Sr Secured Revolver	SOFR(M)		1.00	%	7.00% Cash + 0.50% PIK				11.84	%	12/30/2027	$	-		(1,496	)		(3,224	)		—		E/F
																15,280,472			15,597,474			6.06	%

19

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Life Sciences Tools & Services
Alcami Corporation	First Lien Term Loan	SOFR(Q)		1.00	%		7.15	%		11.66	%	12/21/2028	$	943,168	$	919,338		$	949,770			0.36	%	F
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		7.10	%		11.55	%	12/21/2028	$	69,411		67,708			69,897			0.03	%	F
Alcami Corporation	Sr Secured Revolver	SOFR(M)		1.00	%		7.10	%		11.44	%	12/21/2028	$	9,624		6,620			9,624			—		F
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)		3.00	%		5.25	%		9.62	%	12/20/2029	$	50,000		42,546			42,500			0.02	%	F
DNAnexus, Inc	First Lien Term Loan	SOFR(M)		3.00	%		5.25	%		9.62	%	12/20/2029	$	250,000		247,500			247,500			0.10	%	F
																1,283,712			1,319,291			0.51	%
Media
Kid Distro Holdings, LLC	Sr Secured Revolver	SOFR(Q)		1.00	%		4.90	%		9.49	%	10/1/2029	$	-		(727	)		-			—		E/F
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		4.90	%		9.49	%	10/1/2029	$	808,312		801,306			808,312			0.31	%	F
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		4.90	%		9.49	%	10/1/2029	$	672,892		657,582			673,154			0.26	%	F
NEP Group, Inc. et al	First Lien Term Loan (2.0% Exit Fee)	SOFR(M)		1.00	%	3.36% Cash + 1.50% PIK				9.22	%	8/19/2026	$	298,010		274,769			273,126			0.11	%	I
NEP Group, Inc. et al	Second Lien Term Loan	SOFR(M)		—			7.00	%		11.47	%	10/19/2026	$	130,856		126,829			106,507			0.04	%	—
Streamland Media Midco LLC	First Lien Term Loan	SOFR(Q)		1.00	%	14.09% PIK				14.09	%	3/31/2025	$	197,123		197,109			197,123			0.08	%	F
Streamland Media Midco LLC	First Lien Term Loan	SOFR(M)		1.00	%	14.09% PIK				14.09	%	3/31/2025	$	126,435		125,921			126,434			0.05	%	F
Streamland Media Midco LLC	First Lien Term Loan	SOFR(Q)		1.00	%	14.09% PIK				14.09	%	3/31/2025	$	3,358,311		3,358,311			2,018,345			0.77	%	F
Streamland Media Midco LLC	First Lien Term Loan	SOFR(Q)		1.00	%	14.09% PIK				14.09	%	3/31/2025	$	197,123		197,123			197,123			0.08	%	F
Terraboost Media Operating Company, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		6.65	%		10.98	%	8/23/2026	$	1,411,678		1,399,715			1,380,621			0.54	%	F
																7,137,938			5,780,745			2.24	%
Oil, Gas & Consumable Fuels
Palmdale Oil Company, LLC	First Lien Term Loan	SOFR(M)		1.00	%		6.75	%		11.23	%	10/2/2029	$	1,033,502		1,006,469			1,029,368			0.40	%	F
																						—
Paper & Forest Products
Alpine Acquisition Corp II (48Forty)	Sr Secured Revolver	SOFR(M)		1.00	%	1.00% Cash + 9.65% PIK				10.65	%	11/30/2026	$	114,391		110,778			79,763			0.03	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(M)		1.00	%	1.00% Cash + 9.65% PIK				10.65	%	11/30/2026	$	4,325,986		4,270,731			3,762,873			1.46	%	F
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.00	%		6.15	%		10.48	%	12/19/2025	$	1,209,807		1,209,807			1,209,746			0.47	%	F
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.25	%		6.65	%		11.33	%	12/23/2026	$	1,513,464		1,488,906			1,514,720			0.59	%	F
																7,080,222			6,567,102			2.55	%
Professional Services
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.00	%		9.37	%	12/20/2031	$	-		(359	)		(361	)		—		E/F
Lighthouse Parent Holdings, Inc (Aperture)	Sr Secured Revolver	SOFR(M)		0.75	%		5.00	%		9.37	%	12/20/2031	$	-		(144	)		(144	)		—		E/F
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(M)		0.75	%		5.00	%		9.37	%	12/20/2031	$	59,615		58,870			58,870			0.02	%	F
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)		1.50	%		6.00	%		10.33	%	10/24/2029	$	808,081		792,236			792,727			0.31	%	F
Applause App Quality, Inc.	Sr Secured Revolver	SOFR(Q)		1.50	%		6.00	%		10.33	%	10/24/2029	$	-		(1,557	)		(1,535	)		—		E/F
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		5.25	%		9.61	%	6/30/2028	$	741,515		730,175			731,668			0.28	%	F
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.25	%		9.61	%	6/30/2028	$	1,228,082		1,211,120			1,212,743			0.47	%	F
Cherry Bekaert Advisory, LLC	Sr Secured Revolver	SOFR(M)		0.75	%		5.25	%		9.61	%	6/30/2028	$	-		(2,301	)		(2,380	)		—		E/F
Huckabee Acquisition, LLC (MOREgroup)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		5.25	%		9.58	%	1/16/2030	$	-		(1,613	)		(645	)		—		E/F
Huckabee Acquisition, LLC (MOREgroup)	Sr Secured Revolver	SOFR(Q)		1.00	%		5.25	%		9.58	%	1/16/2030	$	-		(1,935	)		(387	)		—		E/F
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)		1.00	%		5.25	%		9.58	%	1/16/2030	$	736,371		721,644			733,425			0.28	%	F
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.75	%		10.38	%	8/18/2028	$	4,724,035		4,671,842			4,593,650			1.78	%	F
ICIMS, Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		5.75	%		10.34	%	8/18/2028	$	83,642		79,096			72,099			0.03	%	F
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (3.0% Exit Fee)	SOFR(M)		1.00	%		8.86	%		13.22	%	8/17/2025	$	3,953,435		3,946,147			3,850,646			1.49	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	SOFR(M)		1.00	%		8.86	%		13.22	%	8/17/2025	$	1,619,426		1,615,882			1,577,321			0.61	%	B/F/I
Security Services Acquisition Sub Corp. (Protos)	First Lien Consolidated Term Loan	SOFR(M)		1.00	%		5.85	%		10.19	%	9/30/2027	$	1,423,792		1,417,351			1,413,583			0.55	%	F
																15,236,454			15,031,280			5.82	%

20

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Real Estate Management & Development
Community Merger Sub Debt LLC (CINC Systems)	Sr Secured Revolver	SOFR(M)		0.75	%		5.75	%		10.11	%	1/18/2030	$	-	$	(4,286	)	$	(3,251	)		—		E/F
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(M)		0.75	%		5.75	%		10.11	%	1/18/2030	$	785,714		770,000			773,795			0.30	%	F
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)		1.50	%		6.61	%		10.97	%	3/21/2027	$	1,847,720		1,826,576			1,836,948			0.71	%	F
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)		1.25	%		6.43	%		11.57	%	3/2/2026	$	2,800,000		2,800,000			2,797,200			1.09	%	C/F
																5,392,290			5,404,692			2.10	%
Road & Rail
Motive Technologies, Inc. (Keep Trucking)	First Lien Incremental 3 Term Loan (1.0% Exit Fee)	SOFR(M)		1.00	%		7.36	%		11.72	%	4/8/2027	$	5,000,000		4,975,335			4,975,000			1.93	%	F/I
Semiconductors & Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		6.35	%		10.71	%	12/29/2027	$	715,560		707,024			572,448			0.22	%	F
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	SOFR(M)		1.00	%		6.10	%		10.44	%	12/29/2026	$	183,536		166,116			118,956			0.05	%	F
																873,140			691,404			0.27	%
Software
AlphaSense, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		2.00	%		6.25	%		10.58	%	6/27/2029	$	-		(5,385	)		(4,971	)		—		E/F
AlphaSense, Inc.	First Lien Term Loan	SOFR(Q)		2.00	%		6.25	%		10.58	%	6/27/2029	$	2,692,626		2,667,683			2,667,773			1.04	%	F
Aras Corporation	First Lien Term Loan	SOFR(M)		1.00	%		5.25	%		9.58	%	4/13/2029	$	1,850,454		1,835,255			1,846,753			0.72	%	F
Aras Corporation	Sr Secured Revolver	SOFR(M)		1.00	%		5.25	%		9.59	%	4/13/2029	$	46,724		45,522			46,480			0.02	%	F
Bluefin Holding, LLC (Allvue)	Sr Secured Revolver	SOFR(Q)		1.00	%		6.25	%		10.64	%	9/12/2029	$	-		(7,975	)		-			—		E/F
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		10.64	%	9/12/2029	$	4,111,310		4,025,013			4,115,420			1.60	%	F
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)		1.50	%		7.75	%		12.11	%	5/22/2029	$	1,000,000		990,000			988,000			0.38	%	F/I
Clever Devices Ltd.	Sr Secured Revolver	SOFR(M)		1.00	%		6.00	%		10.36	%	6/12/2030	$	117,647		110,294			117,647			0.05	%	F
Clever Devices Ltd.	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		10.66	%	6/12/2030	$	702,353		684,794			709,376			0.28	%	F
Bonterra LLC (fka CyberGrants Holdings, LLC)	First Lien Term Loan	SOFR(Q)		0.75	%		7.00	%		11.43	%	9/8/2027	$	229,618		226,536			227,528			0.09	%	F
Bonterra LLC (fka CyberGrants Holdings, LLC)	First Lien Term Loan	SOFR(Q)		0.75	%		7.00	%		11.33	%	9/8/2027	$	3,238,338		3,216,874			3,208,869			1.25	%	F
Bonterra LLC (fka CyberGrants Holdings, LLC)	First Lien Incremental Term Loan	SOFR(Q)		0.75	%		7.75	%		12.08	%	9/27/2027	$	1,079,937		1,069,919			1,082,636			0.42	%	F
Bonterra LLC (fka CyberGrants Holdings, LLC)	Sr Secured Revolver	SOFR(Q)		0.75	%		7.00	%		11.33	%	9/8/2027	$	160,592		158,861			158,309			0.06	%	F
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.45	%	8/27/2030	$	7,967		7,967			7,254			—		F
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan A	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.45	%	8/27/2030	$	-		(699	)		(1,382	)		—		E/F
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.45	%	8/27/2030	$	-		(636	)		(1,256	)		—		E/F
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.45	%	8/27/2030	$	412,728		406,728			406,950			0.16	%	F
Douglas Holdings, Inc (Docupace)	Sr Secured Revolver	SOFR(Q)		1.00	%	5.75% Cash + 0.38% PIK				10.45	%	8/27/2030	$	-		(508	)		(502	)		—		E/F
Disco Parent, Inc. (Duck Creek Technologies)	Sr Secured Revolver	SOFR(Q)		1.00	%		7.50	%		12.01	%	3/30/2029	$	-		(4,002	)		-			—		E/F
Disco Parent, Inc. (Duck Creek Technologies)	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		12.01	%	3/30/2029	$	2,679,455		2,626,515			2,690,173			1.04	%	F
Fusion Risk Management, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%	3.00% Cash + 3.25% PIK				11.08	%	5/22/2029	$	-		(6,255	)		(6,317	)		—		E/F
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	3.00% Cash + 3.25% PIK				11.08	%	5/22/2029	$	3,714,737		3,655,899			3,659,016			1.42	%	F
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	2.58% Cash + 4.30% PIK				11.21	%	7/9/2029	$	1,950,654		1,925,587			1,899,624			0.74	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%	2.67% Cash + 4.45% PIK				11.68	%	7/9/2029	$	392,123		375,258			369,637			0.14	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	2.58% Cash + 4.30% PIK				11.21	%	7/9/2029	$	1,508,724		1,498,994			1,469,255			0.57	%	F
GTY Technology Holdings Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%	2.58% Cash + 4.30% PIK				11.21	%	7/9/2029	$	-		(4,163	)		(8,330	)		—		E/F
Honey Intermediate, Inc. (iLobby) (Canada)	Sr Secured Revolver	SOFR(M)		1.00	%	2.88% Cash + 3.38% PIK				10.61	%	9/26/2030	$	-		(7,634	)		(6,908	)		—		B/E/F
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)		1.00	%	2.88% Cash + 3.38% PIK				10.61	%	9/26/2030	$	4,019,751		3,960,811			3,967,495			1.54	%	B/F
Howlco, LLC, (Lone Wolf)	First Lien Term Loan	SOFR(Q)		1.00	%	3.15% Cash + 3.50% PIK				11.03	%	10/23/2027	$	761,525		758,023			741,977			0.29	%	F

21

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity/ Expiration	Principal/ Shares		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Software (Continued)
Integrate.com, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%	4.65% Cash + 2.25% PIK				11.23	%	12/17/2027	$	192,101	$	192,598		$	185,900			0.07	%	F
Integrate.com, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%	4.65% Cash + 2.25% PIK				11.56	%	12/17/2027	$	3,583,951		3,533,243			3,468,261			1.35	%	F
Integrate.com, Inc.	Sr Secured Revolver	SOFR(Q)		1.00	%	4.65% Cash + 2.25% PIK				11.23	%	12/17/2027	$	247,635		244,999			239,399			0.09	%	F
JOBVITE, Inc. (Employ, Inc.)	First Lien Term Loan	SOFR(Q)		0.75	%		7.50	%		12.02	%	8/5/2028	$	2,796,125		2,747,098			2,752,003			1.07	%	F
Kaseya, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.50	%		10.09	%	6/25/2029	$	13,051		12,899			13,051			0.01	%	F
Kaseya, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.50	%		10.09	%	6/25/2029	$	41,102		38,893			41,102			0.02	%	F
Kaseya, Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		5.50	%		9.83	%	6/25/2029	$	53,260		51,141			53,260			0.02	%	F
Kaseya, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		10.09	%	6/25/2029	$	3,504,533		3,470,783			3,504,533			1.36	%	F
Kong Inc.	First Lien Term Loan	SOFR(M)		1.00	%	5.50% Cash + 3.25% PIK				13.42	%	11/1/2027	$	974,566		961,611			974,098			0.38	%	F
Kong Inc.	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%	5.50% Cash + 3.25% PIK				13.42	%	11/1/2027	$	517,099		507,057			516,851			0.20	%	F
Lightspeed Solutions, LLC	First Lien Term Loan	SOFR(M)		0.75	%		6.50	%		10.85	%	3/1/2028	$	2,469,007		2,440,289			2,445,231			0.95	%	F
Lightspeed Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		6.50	%		10.85	%	3/1/2028	$	162,845		161,059			161,277			0.06	%	F
Logicmonitor, Inc	Sr Secured Revolver	SOFR(Q)		0.75	%		5.50	%		9.99	%	11/19/2031	$	-		(1,248	)		(1,249	)		—		E/F
Logicmonitor, Inc	First Lien Term Loan	SOFR(Q)		0.75	%		5.50	%		9.99	%	11/19/2031	$	811,966		801,903			801,971			0.31	%	F
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(S)		1.00	%		7.50	%		12.50	%	9/15/2026	$	746,251		743,674			736,296			0.29	%	F
Oak Purchaser, Inc. (DaySmart)	First Lien Term Loan (1.0% Exit Fee)	SOFR(Q)		0.75	%		5.50	%		9.75	%	4/28/2028	$	650,015		643,515			653,915			0.25	%	F/I
Oak Purchaser, Inc. (DaySmart)	First Lien Delayed Draw Term Loan (1.0% Exit Fee)	SOFR(Q)		0.75	%		5.50	%		9.75	%	4/28/2028	$	433,343		429,010			435,944			0.17	%	F/I
Oak Purchaser, Inc. (DaySmart)	Sr Secured Revolver (1.0% Exit Fee)	SOFR(Q)		0.75	%		5.50	%		9.75	%	4/28/2028	$	-		(867	)		-			—		E/F/I
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	Sr Secured Revolver Loan	SOFR(S)		1.00	%		5.50	%		9.93	%	3/31/2027	$	-		-			(592	)		—		B/E/F
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	SOFR(S)		1.00	%		5.50	%		9.93	%	3/31/2027	$	1,681,726		1,666,990			1,676,682			0.65	%	B/F
Smarsh, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.75	%		10.08	%	2/18/2029	$	1,958,057		1,932,020			1,958,057			0.76	%	F
Smarsh, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.75	%		10.08	%	2/18/2029	$	244,757		241,831			244,757			0.09	%	F
Smarsh, Inc.	Sr Secured Revolver	SOFR(M)		0.75	%		5.75	%		10.11	%	2/18/2029	$	48,951		47,485			48,951			0.02	%	F
Thunder Purchaser, Inc. (Vector Solutions)	Sr Secured Revolver	SOFR(Q)		1.00	%		5.65	%		9.98	%	6/30/2027	$	-		(1,853	)		(2,551	)		—		E/F
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Term Loan	SOFR(Q)		1.00	%		5.65	%		9.98	%	6/30/2028	$	3,440,036		3,402,559			3,382,519			1.31	%	F
Trintech, Inc.	Sr Secured Revolver	SOFR(M)		1.00	%		5.50	%		9.86	%	7/25/2029	$	78,534		72,052			71,586			0.03	%	F
Trintech, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		5.50	%		9.86	%	7/25/2029	$	3,537,582		3,449,024			3,448,152			1.34	%	F
Zendesk Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		5.00	%		9.33	%	11/22/2028	$	-		(10,654	)		7,358			—		E/F
Zendesk Inc.	Sr Secured Revolver	SOFR(Q)		0.75	%		5.00	%		9.33	%	11/22/2028	$	-		(4,408	)		-			—		E/F
Zendesk Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		5.00	%		9.33	%	11/22/2028	$	3,012,665		2,968,061			3,042,792			1.18	%	F
Zilliant Incorporated	First Lien Term Loan (0.5% Exit Fee)	SOFR(M)		0.75	%	2.00% Cash + 5.00% PIK				11.36	%	12/21/2027	$	2,563,455		2,537,343			2,450,663			0.95	%	F/I
Zilliant Incorporated	First Lien Delayed Draw Term Loan (0.5% Exit Fee)	SOFR(M)		0.75	%	2.00% Cash + 5.00% PIK				11.36	%	12/21/2027	$	469,370		465,290			448,717			0.17	%	F/I
Zilliant Incorporated	Sr Secured Revolver (0.5% Exit Fee)	SOFR(M)		0.75	%	2.00% Cash + 5.00% PIK				11.36	%	12/21/2027	$	-		(2,211	)		(9,778	)		—		E/F/I
																63,950,462			64,099,662			24.91	%
Specialty Retail
Hanna Andersson, LLC	First Lien Term Loan	SOFR(M)		1.00	%		6.35	%		10.71	%	7/2/2026	$	2,592,509		2,575,059			2,561,398			0.99	%	F
Supergoop, LLC	First Lien Term Loan	SOFR(M)		0.75	%		5.85	%		10.21	%	12/28/2028	$	525,738		518,870			522,410			0.20	%	F
Supergoop, LLC	Sr Secured Revolver	SOFR(M)		0.75	%		5.85	%		10.21	%	12/28/2028	$	-		(1,681	)		(790	)		—		E/F
																3,092,248			3,083,018			1.19	%
Textiles, Apparel and Luxury Goods
WH Borrower, LLC	First Lien Term Loan	SOFR(Q)		0.50	%		5.50	%		10.15	%	2/15/2027	$	99,494		99,494			100,986			0.04	%	F
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)		—			6.51	%		10.84	%	9/17/2026	$	4,608,283		4,562,549			4,577,960			1.78	%	B/F
Total Debt Investments - 88.39% of Net Assets																246,079,242			229,198,742			88.94	%

22

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Issuer	Instrument				Maturity/ Expiration		Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Diversified Consumer Services
SellerX Germany GMBH & Co. KG (Germany)	Warrants to Purchase Common Stock				7/25/2030			376		-		-		—		F/G/H
SellerX Germany GMBH & Co. KG (Germany)	Warrants to Purchase Preferred New Super Senior Shares				7/25/2030			1,249		-		-		—		F/G/H
Razor Group GmbH (Germany)	Warrants to Purchase Preferred Series A1 Shares				4/28/2028			61		-		-		—		B/F/G/H
Razor US LP	Class A Preferred Units	3.00% PIK	3.00	%		-		2,728,395		2,708,159		-		—		F/G/H
Razor Group GmbH (Germany)	Warrants to Purchase Series C Shares				12/23/2029			19		-		-		—		B/F/G/H
Razor US LP	Common Units					-		27,283		-		-		—		F/G/H
MXP Prime Platform GmbH (SellerX) (Germany)	Warrants to Purchase Common Stock				7/25/2030			422		-		-		—		B/F/G/H
										2,708,159		-		—
Diversified Financial Services
Worldremit Group Limited (United Kingdom)	Series X Shares					-		271		27,200		28,823		0.01	%	B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock				2/11/2031			2,394		-		5,491		—		B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series E Stock				8/17/2031			299		-		34		—		B/F/G/H
										27,200		34,348		0.01	%
Healthcare Providers and Services
INH Buyer, Inc. (IMA Health)	Preferred Stock					-		1,988,983		-		-		—		F/G/H
Internet Software & Services
SuCo Investors, LP (Suited Connector)	Warrants to Purchase Class A Units				3/6/2033			12,349		-		-		—		F/G/H
Pluralsight, Inc.	Common Stock					-		60,932		170,000		82,654		0.04	%	F/G/H
										170,000		82,654		0.04	%
Paper and Forest Products
48forty Intermediate Holdings, Inc.	Common Stock					-		347		-		-		—		F/G/H
Software
Grey Orange International Inc.	Warrants to Purchase Common Stock				5/6/2032			1,122		-		224		—		F/G/H
Total Equity Securities - 0.05% of Net Assets										2,905,359		117,226		0.05	%
Total Investments - 88.44% of Net Assets										248,984,601		229,315,968		88.99	%
Cash and Cash Equivalents - 10.95% of Net Assets												28,380,210		11.01	%
Total Cash and Investments - 99.38% of Net Assets												257,696,178		100.00	%

23

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2024

Notes to Schedule of Investments:

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

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

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

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

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

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

(Q)Restricted security. (See Note 10)

(R)Non-income producing investment.

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

(T)Non-accruing debt investment

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

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

See accompanying notes to the financial statements..

24

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited)

March 31, 2025

1. Organization and Nature of Operations

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

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

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

2. Summary of Significant Accounting Policies

Basis of Presentation

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

Use of Estimates

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

Investment Valuation

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

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

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

25

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

2. Summary of Significant Accounting Policies (Continued)

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

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

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

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

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

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

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

At March 31, 2025, the Company’s investments were categorized as follows:

Level	Basis for Determining Fair Value	Bank Debt (1)		Equity Securities		Total
2	Other direct and indirect observable market inputs (2)	$	4,939,173	$	—		4,939,173
3	Independent third-party valuation sources that employ significant unobservable inputs		212,583,999		2,135,108		214,719,107
3	Advisor valuations with significant unobservable inputs		—		224		224
Total		$	217,523,172	$	2,135,332	$	219,658,504

(1)Includes senior secured loans

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

26

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

2. Summary of Significant Accounting Policies (Continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of March 31, 2025 included the following:

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	181,183,782	Income approach	Discount rate	8.7% - 22.0% (10.9%)
		12,697,161	Market comparable companies	Revenue multiples	0.3x - 1.4x (0.7x)
		10,217,284	Market quotations	Indicative bid/ask quotes	1(1)
		8,451,526	Market comparable companies	EBITDA multiples	4.0x - 8.3x (6.1x)
		34,246	Option Pricing Model	EBITDA/Revenue multiples	5.3x (5.3x)
				Implied volatility	35.0% (35.0%)
				Term	1.0 year (1.0 year)
Equity		2,100,292	Market comparable companies	Revenue multiples	0.3x - 1.4x (0.6x)
		—	Market comparable companies	EBITDA multiples	4.0x - 7.3x (4.8x)
		35,040	Option Pricing Model	EBITDA/Revenue multiples	3.1x - 7.3x (3.1x)
				Implied volatility	45.0% - 60.0% (45.1%)
				Term	1.0 year - 2.0 years (2.0 years)
	$	214,719,331

(1)Weighted by fair value

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

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

27

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

2. Summary of Significant Accounting Policies (Continued)

Changes in investments categorized as Level 3 during the three months ended March 31, 2025 were as follows:

	Independent Third-Party Valuation
	Bank Debt			Equity Securities		Total
Beginning balance	$	223,632,250		$	117,002	$	223,749,252
Net realized and unrealized gains (losses)		(2,980,215	)		1,089,832		(1,890,383	)
Acquisitions (1)		11,619,876			928,274		12,548,150
Dispositions		(19,687,912	)		—		(19,687,912	)
Ending balance	$	212,583,999		$	2,135,108	$	214,719,107
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(2,690,568	)	$	1,089,832	$	(1,600,736	)

__________________________

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

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

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

Level	Basis for Determining Fair Value	Bank Debt (1)		Equity Securities		Total
2	Other direct and indirect observable market inputs (2)	$	5,566,492	$	—	$	5,566,492
3	Independent third-party valuation sources that employ significant unobservable inputs		223,632,250		117,002		223,749,252
3	Advisor valuations with significant unobservable inputs		—		224		224
Total		$	229,198,742	$	117,226	$	229,315,968

(1)Includes senior secured loans

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

28

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

2. Summary of Significant Accounting Policies (Continued)

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

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	192,303,449	Income approach	Discount rate	9.1% - 19.1% (11.4%)
		9,948,265	Market quotations	Indicative bid/ask quotes	1-1 (1)
		13,540,741	Market comparable companies	Revenue Multiples	0.4x - 1.3x (0.7x)
		7,799,841	Market comparable companies	EBITDA multiples	4.0x - 7.5x (5.9x)
		39,954	Option Pricing Model	EBITDA/Revenue multiples	5.3x (5.3x)
Equity		—	Market comparable companies	Revenue Multiples	0.4x - 0.7x
		—	Market comparable companies	EBITDA multiples	4.0x - 4.0x
		117,002	Option Pricing Model	EBITDA/Revenue multiples	0.7x - 3.1x (2.0x)
				Implied volatility	60.0% - 60.0%
				Term	2.0 years - 2.0 years
	$	223,749,252

__________________________

(1)Weighted by fair value

Changes in investments categorized as Level 3 during the three months ended March 31, 2024 were as follows:

	Independent Third-Party Valuation
	Bank Debt			Equity Securities			Total
Beginning balance	$	244,121,603		$	354,947		$	244,476,550
Net realized and unrealized gains (losses)		(261,327	)		(1,556,852	)		(1,818,179	)
Acquisitions (1)		30,931,923			2,708,159			33,640,082
Dispositions		(24,723,869	)	—				(24,723,869	)
Transfers into Level 3 (2)		5,649,874		—				5,649,874
Transfers out of Level 3 (3)		(458,238	)	—				(458,238	)
Ending balance	$	255,259,966		$	1,506,254		$	256,766,220
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(1,402,162	)	$	(1,556,852	)	$	(2,959,014	)

__________________________

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

(2) Comprised of four investments that were transferred to Level 3 due to reduced number of market quotes

(3) Comprised of one investment that was transferred from Level 3 due to increased number of market quotes

29

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

2. Summary of Significant Accounting Policies (Continued)

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

Investment Transactions

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

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At March 31, 2025, included in cash and cash equivalents was $41.1 million (15.6% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.18%. At December 31, 2024, included in cash and cash equivalents was $20.6 million (7.9% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.35%. There was no restricted cash at March 31, 2025 or December 31, 2024.

Restricted Investments

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

Foreign Currency Investments

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

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

30

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

2. Summary of Significant Accounting Policies (Continued)

Organization and Offering Costs

Costs incurred to organize the Company are expensed as incurred. During the period from November 30, 2020 (inception) to December 31, 2024, the Company incurred $71,685 in organizational expenses. During the three months ended March 31, 2025, the Company did not incur any additional organizational expenses. From November 30, 2020 through March 31, 2025, the Company had incurred a total of $267,621 in offering costs, of which $249,780 has been charged to paid-in capital. Remaining offering costs will be charged to paid-in capital as additional capital commitments are called. The Company will not bear more than $1.0 million for organization and offering costs.

Deferred Debt Issuance Costs

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

Revenue Recognition

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

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

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

Income Taxes

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

The tax returns of the Company remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the

31

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

2. Summary of Significant Accounting Policies (Continued)

company as of March 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the financial statements.

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

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

	December 31, 2024
Tax Cost	$	249,395,686
Gross Unrealized Appreciation		1,112,351
Gross Unrealized Depreciation		(21,192,069	)
Net Unrealized Appreciation (Depreciation)	$	(20,079,718	)

Recent Accounting Pronouncements

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

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its financial statements. See Note 13 for more information on the adoption of ASU 2023-07.

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

32

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

3. Management Fees, Incentive Fees and Other Expenses

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

Incentive fee is only incurred to the extent the Company’s cumulative total return (after incentive fee) exceeds a 6% annual rate on daily weighted-average unreturned capital contributions. Subject to that limitation, incentive fee is calculated on net investment income (before incentive fee) and net realized gains (net of any unrealized depreciation) at a rate of 12.5%. Incentive fee is computed as the difference between incentive fee earned and incentive fee paid, subject to the total return hurdle, on a cumulative basis, and is payable quarterly in arrears. As of March 31, 2025, the Company’s cumulative performance exceeded the total return hurdle, and as such $0.4 million out of a potential $0.8 million incentive fees was earned. As of March 31, 2024, the Company's cumulative performance exceeded the total return hurdle, and as such the incentive fee for the three months ended March 31, 2024 was $0.9 million.

There were no incentive fees on capital gains accrued on a liquidation basis (but not payable) under GAAP for the three months ended March 31, 2025 and March 31, 2024. There can be no assurance that unrealized capital appreciation and depreciation will be realized in the future, or that any accrued capital gains incentive fee will become payable under the Investment Management Agreement. Incentive fee amounts on capital gains actually paid by the Company will specifically exclude consideration of unrealized capital appreciation, consistent with requirements under the Investment Advisers Act of 1940 (the “Advisers Act”) and the Investment Management Agreement.

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

4. Debt

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

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

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

33

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

4. Debt (Continued)

Total expenses related to debt included the following:

	Three Months Ended March 31,
	2025		2024
Interest expense	$	3,300	$	426,386
Amortization of deferred debt issuance costs		133		42,330
Commitment fees		—		12,221
Total	$	3,433	$	480,937

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

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

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

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

34

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

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

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

		Unfunded Balances
Issuer	Maturity	March 31, 2025		December 31, 2024
Accordion Partners LLC	11/15/2031	$	573,500	$	682,738
Accordion Partners LLC	11/15/2031		455,159		455,159
Accuserve Solutions, Inc.	3/15/2030		228,561		263,724
Alcami Corporation	12/21/2028		118,698		118,698
ALCV Purchaser, Inc. (AutoLenders)	2/25/2026		46,318		—
AlphaSense, Inc.	6/27/2029		538,525		538,525
Alpine Acquisition Corp II (48Forty)	11/30/2029		164,936		151,635
AmeriLife Holdings, LLC	8/31/2028		273,736		273,736
Applause App Quality, Inc.	12/20/2031		28,846		28,846
Appriss Health, LLC (PatientPing)	12/20/2031		11,538		11,538
Aras Corporation	10/24/2029		64,646		80,808
Avalara, Inc.	5/6/2027		76,086		76,086
Bluefin Holding, LLC (Allvue)	4/13/2029		75,165		75,165
Bonterra LLC (fka CyberGrants Holdings, LLC)	2/1/2029		123,523		123,523
CBI-Gator Acquisition, LLC	10/19/2028		—		454,858
Cherry Bekaert Advisory, LLC	9/12/2029		405,340		405,340
Cherry Bekaert Advisory, LLC	10/25/2027		9,011		9,405
Civic Plus, LLC	6/30/2028		46,865		46,865
Clever Devices Ltd.	6/30/2028		190,576		190,576
Community Merger Sub Debt LLC (CINC Systems)	8/25/2027		92,051		92,051
Crewline Buyer, Inc. (New Relic)	6/12/2030		254,902		176,471
Disco Parent, Inc. (Duck Creek Technologies)	1/18/2030		214,286		214,286
DNAnexus, Inc	11/8/2030		369,286		369,286
Douglas Holdings, Inc (Docupace)	9/8/2027		—		90,333
Douglas Holdings, Inc (Docupace)	12/20/2029		700,000		700,000
Douglas Holdings, Inc (Docupace)	8/27/2030		—		98,696
Douglas Holdings, Inc (Docupace)	8/27/2030		89,724		89,724
e-Discovery Acquireco, LLC (Reveal)	8/27/2030		37,347		42,996
Emerald Technologies (U.S.) AcquisitionCo, Inc.	8/27/2030		35,889		35,889
ESO Solutions, Inc.	3/30/2029		224,240		224,240
FirstUp, Inc	8/29/2029		450,503		563,129
Foreside Financial Group, LLC	12/29/2026		54,783		84,573
Fusion Holding Corp. (Finalsite)	5/3/2027		58,695		73,368
Fusion Risk Management, Inc.	9/15/2027		170,439		340,879
G-3 Apollo Acquisition Corp (Appriss Retail)	7/13/2027		198,790		—
G-3 Apollo Acquisition Corp (Appriss Retail)	9/1/2027		28,325		38,277
GTY Technology Holdings Inc.	5/22/2029		421,160		421,160
GTY Technology Holdings Inc.	3/10/2031		430,157		—
Honey Intermediate, Inc. (iLobby) (Canada)	3/10/2031		384,274		—
Huckabee Acquisition, LLC (MOREgroup)	7/9/2029		—		928,207
Huckabee Acquisition, LLC (MOREgroup)	7/9/2029		267,475		318,422
ICIMS, Inc.	1/16/2030		161,290		161,290
InMoment, Inc.	1/16/2030		96,774		96,774
Integrate.com, Inc. (Infinity Data, Inc.)	8/18/2028		372,205		334,567
Integrity Marketing Acquisition, LLC	9/26/2030		531,371		531,371
Intercept Bidco, Inc.	6/8/2028		362,055		—
Intercept Bidco, Inc.	12/17/2027		7,528		7,528
Kaseya, Inc.	8/25/2028		2,790,931		2,880,792
Kaseya, Inc.	6/3/2030		166,667		166,667
Kid Distro Holdings, LLC	6/3/2030		111,111		111,111
Lighthouse Parent Holdings, Inc (Aperture)	6/25/2029		—		156,818
Lighthouse Parent Holdings, Inc (Aperture)	6/25/2029		—		158,083
LJ Avalon Holdings, LLC (Ardurra)	10/1/2029		74,263		74,263
Logicmonitor, Inc	12/10/2027		265,685		265,685
Madison Logic Holdings, Inc.	11/19/2031		101,496		101,496
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)	12/30/2027		82,677		82,677
Oak Purchaser, Inc. (DaySmart)	4/28/2028		86,669		86,669
Oranje Holdco, Inc. (KnowBe4)	2/1/2029		181,355		181,355
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	11/1/2027		99,374		99,374
PlayPower, Inc	8/28/2030		395,397		395,397
Pluralsight, Inc.	8/22/2029		86,293		86,293
PMA Parent Holdings, LLC	1/31/2031		564,581		564,581
Rialto Management Group, LLC	8/23/2027		265,353		42,014
Sailpoint Technologies Holdings, Inc.	12/5/2030		17,241		17,241
Wharf Street Rating Acquisition LLC (KBRA)	8/16/2028		132,507		132,507

35

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

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

		Unfunded Balances
Issuer	Maturity	March 31, 2025		December 31, 2024
SellerX Germany GMBH & Co. KG (Germany)	11/22/2029		—		105,633
SellerX Germany GMBH & Co. KG (Germany)	10/28/2026		42,253		42,253
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	3/31/2027		197,187		197,187
Serrano Parent, LLC (Sumo Logic)	5/13/2030		388,509		388,509
Smarsh, Inc.	2/18/2029		106,061		—
Smarsh, Inc.	2/18/2029		244,757		244,757
Smarsh, Inc.	2/18/2029		—		73,427
Spark Buyer, LLC (Sparkstone)	10/15/2031		224,138		224,138
Spark Buyer, LLC (Sparkstone)	10/15/2031		112,069		112,069
Streamland Media Midco LLC	3/31/2029		189,908		—
Supergoop, LLC	12/28/2027		58,209		124,734
Titan Home Improvement, LLC (Renuity)	5/31/2030		139,535		139,535
Titan Home Improvement, LLC (Renuity)	5/30/2030		116,279		116,279
Trintech, Inc.	7/25/2029		196,336		196,336
Thunder Purchaser, Inc. (Vector Solutions)	6/30/2027		204,439		204,439
Vortex Companies, LLC	9/4/2029		174,407		174,407
Zendesk Inc.	11/22/2028		735,838		735,838
Zendesk Inc.	11/22/2028		302,992		302,992
Zilliant Incorporated	12/21/2027		222,222		222,222
Total Unfunded Balances		$	18,521,320	$	19,228,520

36

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

6. Other Related Party Transactions

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

Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the three months ended March 31, 2025 and 2024, $0.1 million and $0.1 million of such costs were allocated to the Company and subject to reimbursement pursuant to the Administration Agreement, respectively.

7. Stockholders’ Equity and Dividends

As of March 31, 2025, the Company had received $301.0 million of equity commitments to purchase shares of the Company's common stock. As of March 31, 2025, $280.9 million (93.3% of total commitments) had been called. No new shares were issued during the three months ended March 31, 2025.

Dividends and distributions to common stockholders are recorded on the ex-dividend date. Distributions are declared considering annual taxable income available for distribution to stockholders and the amount of taxable income carried over from the prior year for distribution in the current year. No dividends were declared or paid for the three months ended March 31, 2025 and 2024.

8. Subsequent Events

On May 8, 2025, the Company’s Board of Directors declared a second quarter dividend in the amount of $5,719,130, payable on June 30, 2025 to stockholders of record as of the close of business on June 16, 2025.

37

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

9. Financial Highlights

The financial highlights below show the Company's results of operations for the three months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31,
	2025			2024
Per Common Share
Per share NAV at beginning of period	$	9.57		$	10.06
Investment operations: (1)
Net investment income		0.21			0.27
Net realized and unrealized gain (loss)		(0.08	)		(0.09	)
Total from investment operations		0.13			0.18
Per share NAV at end of period	$	9.70		$	10.24
Total return based on net asset value: (2)		1.4	%		1.8	%
Shares outstanding at end of period		27,081,900			23,753,110
Ratios to average net asset value: (3)
Net investment income (4)		9.3	%		11.5	%
Expenses before incentive fee (5)		1.4	%		2.4	%
Expenses and incentive fee (6)		1.6	%		2.8	%
Ending net asset value	$	262,795,994		$	243,134,626
Portfolio turnover rate		5.2	%		0.7	%
Weighted-average debt outstanding	$	110,000		$	22,033,077
Weighted-average interest rate on debt		12.0	%		8.0	%
Weighted-average number of shares of common stock		27,081,900			23,753,110
Weighted-average debt per share	$	0.00		$	0.93

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

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

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

(4)Excludes incentive compensation and excise taxes.

(5)Includes interest and other debt costs.

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

38

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

March 31, 2025

10. Senior Securities

Information about the Company's senior securities is shown in the following table as of the end of each of the last four fiscal years and the period ended March 31, 2025.

Class and Year	Total Amount Outstanding (1)		Asset Coverage Per Unit (2)		Involuntary Liquidating Preference Per Unit (3)		Average Market Value Per Unit (4)
Unsecured Notes
As of March 31, 2025 (Unaudited)	$	110,000	$	2,390,056		—	N/A
Fiscal Year 2024		110,000		2,358,200		—	N/A
Fiscal Year 2023		110,000		13,133		—	N/A
Fiscal Year 2022		110,000		5,642		—	N/A
Fiscal Year 2021		110,000		4,904		—	N/A
Capital Call Facility
As of March 31, 2025 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2024	N/A		N/A			—	N/A
Fiscal Year 2023		19,500,000		13,207		—	N/A
Fiscal Year 2022		37,500,000		5,642		—	N/A
Fiscal Year 2021		22,000,000		4,928		—	N/A

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

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

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

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

11. Segment Reporting

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

39

BlackRock Direct Lending Corp.

Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

March 31, 2025

Investment	Acquisition Date
48forty Intermediate Holdings, Inc. (Alpine Acquisition), Common Stock	11/5/2024
Elevate Brands Holdco, Inc., Warrants to Purchase Common Shares	3/14/2022
Elevate Brands Holdco, Inc., Warrants to Purchase Preferred New Super Senior Shares	3/14/2022
Grey Orange International Inc., Warrants to Purchase Common Stock	5/6/2022
INH Buyer, Inc. (IMA Health), A1 Preferred Stock	12/16/2024
INH Buyer, Inc. (IMS Health), Preferred Stock	12/16/2024
JobandTalent USA, Inc. (United Kingdom), F3 Preferred Stock	2/11/2025
JobandTalent USA, Inc. (United Kingdom), F1 Preferred Stock	2/11/2025
Pluralsight, Inc., Common Stock	8/22/2024
Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares	2/28/2024
Razor US LP, Class A Preferred Units	2/28/2024
Razor US LP, Common Units	2/28/2024
Razor Group GmbH (Germany), Warrants to Purchase Series C Shares	12/23/2022
MXP Prime Platform GmbH (SellerX) (Germany), Warrants to Purchase Common Stock	11/23/2021
Streamland Media LLC., Common Units	3/31/2025
SuCo Investors, LP (Suited Connector), Warrants to Purchase Class A Units	3/6/2023
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock	2/11/2021
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock	8/27/2021
Worldremit Group Limited (United Kingdom), Series X Shares	6/24/2024

40

BlackRock Direct Lending Corp.

Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2024

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

41

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

The information contained in this section should be read in conjunction with our unaudited financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or the future performance or financial condition of BlackRock Direct Lending Corp. (the “Company,” “we,” “us” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•the return or impact of current and future investments;

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

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

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

•our contractual arrangements and relationships with third parties;

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

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

•our expected financings and investments;

•the adequacy of our financing resources and working capital;

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

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

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

•our ability to maintain our qualification as a RIC and as a business development company.

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

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

Overview

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

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

42

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

Investments

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

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934 Act, as amended, (the "Exchange Act"), public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. Government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of March 31, 2025, 89.4% of our total assets were invested in qualifying assets.

Revenues

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

Expenses

The Company is responsible for paying the compensation of the Advisor. In addition, the Company is generally responsible for all operating expenses of the Company, and shall pay, and shall reimburse the Advisor or the Administrator and their respective affiliates for, all fees, costs, expenses, liabilities and obligations of the Company relating or attributable to:

•our organization;

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

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

•the base management fee and any incentive fee;

•dividends and distributions on our shares of common stock;

•administration fees payable under the administration agreement;

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

•transfer agent and custodial fees;

•registration fees;

•taxes;

•director fees and expenses;

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

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

•our fidelity bond;

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

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•indemnification payments;

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

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

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

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

Critical accounting policies and estimates

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

Valuation of portfolio investments

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

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

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. However, short term debt investments with original maturities of generally three months or less are valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of our investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with our documented valuation policies and procedures reviewed and approved by the Valuation Committee. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a

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particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread.

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

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

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

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

•The Valuation Designee determines the fair value of the remainder of investments in our portfolio in good faith based on
the input of the Valuation Committee and the respective independent valuation firms.

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

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

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

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

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

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

As of March 31, 2025, none of our investments were categorized as Level 1, 2.2% were categorized as Level 2 and 97.8% were Level 3 investments valued based on valuations by independent third-party sources.

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

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

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Revenue recognition

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

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

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

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

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

Portfolio and investment activity

During the three months ended March 31, 2025, we invested approximately $11.9 million, comprised of investments in 3 new and 9 existing portfolio companies. Of these investments, $11.0 million, or 92.2% of total acquisitions, were in senior secured loans. The remaining $0.9 million, or 7.8% of total acquisitions, was comprised of one new equity investment. Additionally, we received approximately $20.0 million in proceeds from sales or repayments of investments during the three months ended March 31, 2025.

During the three months ended March 31, 2024, we invested approximately $9.0 million, comprised of investments in 5 new and 3 existing portfolio companies. Of these investments, $9.0 million, or 100.0% of total acquisitions, were in senior secured loans. Additionally, we received approximately $1.7 million in proceeds from sales or repayments of investments during the three months ended March 31, 2024.

At March 31, 2025, our investment portfolio of $219.7 million (at fair value) consisted of 110 portfolio companies and was invested 99.0% in senior secured loans and 1.0% in equity investments. Our average portfolio company investment at fair value was approximately $2.0 million. Our largest portfolio company investment by value was approximately 3.2% of our portfolio and our five largest portfolio company investments by value comprised approximately 13.0% of our portfolio at March 31, 2025.

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

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The industry composition of our portfolio at fair value at March 31, 2025 was as follows:

Industry	Percent of Total Investments
Software		27.4	%
Diversified Financial Services		8.1	%
Internet Software and Services		7.7	%
Professional Services		7.6	%
IT Services		4.9	%
Construction and Engineering		4.4	%
Insurance		4.4	%
Diversified Consumer Services		3.9	%
Media		3.1	%
Paper and Forest Products		2.9	%
Healthcare Providers and Services		2.8	%
Real Estate Management and Development		2.5	%
Health Care Technology		2.4	%
Road and Rail		2.3	%
Commercial Services and Supplies		2.1	%
Consumer Finance		2.1	%
Wireless Telecommunication Services		2.1	%
Capital Markets		1.8	%
Specialty Retail		1.4	%
Construction Materials		1.4	%
Other		4.7	%
Total		100.0	%

The weighted average effective yield of our debt portfolio based on fair value was 11.2% at March 31, 2025 and 11.6% at December 31, 2024, excluding non-accrual and non-income producing loans. The weighted average effective yield of our total portfolio based on fair value was 10.2% at March 31, 2025 and 11.0% at December 31, 2024. At March 31, 2025, 99.4% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 0.6% of debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 95.6% at March 31, 2025. Debt investments in 8 portfolio companies were on non-accrual status as of March 31, 2025, representing 4.9% of the portfolio at fair value and 12.6% at cost. At December 31, 2024, 99.3% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 0.7% of debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 97.1% at December 31, 2024. Debt investment in 7 portfolio companies were on non-accrual status as of December 31, 2024, representing 5.0% of the portfolio at fair value and 10.6% at cost.

Results of operations

Investment income

Investment income totaled $7.0 million and $8.7 million, respectively, for the three months ended March 31, 2025 and 2024, of which $7.0 million and $8.7 million were attributable to interest and fees on our debt investments, as well as PIK income. The decrease in investment income for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily reflects the decrease in portfolio size and lower SOFR rates during the three months ended March 31, 2025.

Expenses

Total operating expenses for the three months ended March 31, 2025 and 2024 were $1.3 million and $2.4 million, respectively, comprised of $0.5 million and $0.6 million in management fees, $0.4 million and $0.9 million in incentive fees earned, $0.2 million and $0.2 million in professional fees, $0.1 million and $0.1 million in administrative expenses, $0.0 million and $0.5 million in interest and other debt expenses, and $0.1 million and $0.2 million in other expenses, respectively. The decrease in expenses in the three months ended March 31, 2025 compared to the three months ended March 31, 2024 primarily reflects the decrease in debt related expenses due to the maturity of the Capital Call Facility during the three months ended March 31, 2025.

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Net investment income (loss)

Net investment income was $5.7 million and $6.3 million respectively, for the three months ended March 31, 2025 and 2024. The decrease in net investment income reflects lower investment income, offset by lower operating expenses during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Net realized and unrealized gain or loss

Net realized gain (loss) for the three months ended March 31, 2025 and 2024 was ($1.4) million and $0.0 million, respectively. Net realized losses for the three months ended March 31, 2025 was comprised primarily of $1.3 million in losses from reorganization of our investments in Streamland.

For the three months ended March 31, 2025 and 2024, the change in net unrealized appreciation (depreciation) was ($0.8) million and ($2.2) million, respectively. The change in net unrealized appreciation (depreciation) for the three months ended March 31, 2025 was primarily driven by a $0.5 million unrealized loss on our investment in Razor Group, a $0.3 million unrealized loss on our investment in INH Buyer, a $0.3 million unrealized loss on our investment in Alpine, a $0.3 million unrealized loss on our investment in InMoment, offset by a $1.3 million reversal of previously recognized unrealized losses from the reorganization of our investment in Streamland, and a $1.1 million unrealized gain on our investment in Job and Talent. The change in net unrealized appreciation (depreciation) for the three months ended March 31, 2024 was primarily driven by a $0.4 million in unrealized gains from our investment in Astra Acquisition Corp and $0.2 million in unrealized gains from our investment in SellerX as well as unrealized gains to the portfolio from tightening market spreads, offset by $0.5 million in unrealized losses from our investment in Magenta Buyer (McAfee).

Incentive compensation

Incentive fees for the three months ended March 31, 2025 and 2024 were $0.4 million and $0.9 million, respectively. As of March 31, 2025, the Company's cumulative performance exceeded the total return, and as such $0.4 million out of a potential $0.8 million incentive fee was incurred. For the three months ended March 31, 2024, incentive fees were payable due to our performance exceeding the cumulative total return threshold. In addition, we did not accrue any reserves for incentive fees on capital gains based on a hypothetical liquidation basis in accordance with GAAP for the three months ended March 31, 2025 and March 31, 2024.

Income tax expense, including excise tax

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

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is incurred at year end as such amounts are known. No excise tax was incurred nor paid in the three months ended March 31, 2025 and 2024.

Net increase (decrease) in net assets resulting from operations

The net increase in net assets applicable to common stockholders resulting from operations was $3.5 million and $4.1 million for the three months ended March 31, 2025 and 2024 respectively.

Liquidity and capital resources

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

No shares were issued in connection with the Company’s private placement for the three months ended March 31, 2025 and 2024.

On June 18, 2021, the Company entered into the Capital Call Facility with Sumitomo Mitsui Banking Corporation as administrative agent, lead arranger and as a lender, secured by the unfunded equity commitments of the Company’s investors. On June 15, 2023, the Capital Call Facility was amended to extend its maturity from June 16, 2023 to June 16, 2024 and to reduce the capacity from $75.0 million to $40.0 million. Prior to the amendment, interest on the Capital Call Facility accrued at a rate equal to LIBOR plus

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1.95% per annum, or, for short-term draws, a rate equal to the Prime Rate plus 0.95%, the Federal Funds Rate plus 1.45%, or one-month LIBOR plus 1.95%, whichever was highest. Effective June 16, 2023, interest on the Capital Call Facility accrues at a rate equal to SOFR plus 2.25% per annum, or, for short-term draws, a rate equal to the Prime Rate plus 1.25%, or the Federal Funds Rate plus 1.45%, or one-month SOFR plus 2.25%, whichever is highest. Commitment fees on the Capital Call Facility accrue at a rate of 0.25% per annum when the undrawn amount of the commitment is less than 50%, and 0.30% per annum when the unused portion is equal to or greater than 50%. The Capital Call Facility was fully paid off and terminated upon its maturity on June 16, 2024.

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

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act (“SBCAA”) was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. The reduced asset coverage requirement would permit a BDC to have a ratio of total outstanding indebtedness to common equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. The Company does not currently intend to seek approval for the modified asset coverage ratio election set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As of March 31, 2025, the Company’s asset coverage ratio was 239,006%.

Net cash provided by operating activities during the three months ended March 31, 2025 was $14.8 million, consisting primarily of net investment income (net of non-cash income and expenses) of approximately $4.3 million and the settlement of dispositions of investments (net of acquisitions) of $10.5 million.

At March 31, 2025 we had $43.1 million in cash and cash equivalents.

Contractual obligations

We have entered into several contracts under which we have future commitments. Pursuant to an investment management agreement, the Advisor manages our day-to-day operations and provides investment advisory services to us. Payments under the investment management agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive fee, plus reimbursement of certain expenses incurred by the Advisor. Under our administration agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the administration agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us, and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Advisor for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Advisor is not responsible for any of the foregoing expenses and such services are not investment advisory services under the 1940 Act. The Company may terminate each of the Investment Management Agreement and Administration Agreement without penalty upon not less than 60 days’ written notice to the other party and the Advisor and the Administrator may terminate the Investment Management Agreement or Administration Agreement, as applicable, without penalty upon not less than 120 days’ written notice to the other party.

Distributions

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

There were no dividends declared for the three months ended March 31, 2025 and 2024

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

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

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

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

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

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

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

Related Parties

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

•The Company has entered into an investment management agreement with the Advisor.

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

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

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

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Recent Developments

From April 1, 2025 through May 7, 2025, the Company has invested approximately $8.0 million primarily in two senior secured loans with a combined effective yield of approximately 10.1%.

On May 8, 2025, the Company’s Board of Directors declared a second quarter dividend in the amount of $5,719,130, payable on June 30, 2025 to stockholders of record as of the close of business on June 16, 2025.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At March 31, 2025, 99.4% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At March 31, 2025, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 95.6%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

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

Based on our Statement of Assets and Liabilities as of March 31, 2025, the following table shows the annual impact on net investment income (excluding the related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:

Basis Point Change	Net Investment Income			Net Investment Income Per Share
Up 300 basis points	$	6,889,878		$	0.25
Up 200 basis points		4,593,252			0.17
Up 100 basis points		2,296,626			0.08
Down 100 basis points		(2,296,626	)		(0.08	)
Down 200 basis points		(4,583,913	)		(0.17	)
Down 300 basis points		(6,824,871	)		(0.25	)

Item 4. Controls and Procedures

Disclosure Controls and Procedures

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

Internal Control over Financial Reporting

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

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Part II – Other Information

Item 1. Legal Proceedings

Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, as of March 31, 2025, we are currently not a party to any pending material legal proceedings.

Item 1A. Risk Factors

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

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

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

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended March 31, 2025, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5–1 trading arrangement” or “non-Rule 10b5–1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

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Item 6. Exhibits

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

Number	Description
3.1	Certificate of Incorporation(1)
3.2	Amended and Restated By-Laws(2)
4.1	Form of Subscription Agreement(3)
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

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

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

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

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SIGNATURES

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

BlackRock Direct Lending Corp.

Date: May 8, 2025	By:	/s/ Philip Tseng
	Name:	Philip Tseng
	Title:	Chief Executive Officer
Date: May 8, 2025	By:	/s/ Erik L. Cuellar
	Name:	Erik L. Cuellar
	Title:	Chief Financial Officer

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