UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

OR

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

For the transition period from to

Commission File Number 000-56562

VISTA CREDIT STRATEGIC LENDING CORP.

(Exact name of Registrant as specified in its Charter)

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

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

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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 x No ☐

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

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

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

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

As of May 7, 2025, the registrant had 16,606,502.285 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents

		Page
PART I	CONSOLIDATED FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	5
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	6
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (unaudited)	7
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	8
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	10
	Notes to the Consolidated Financial Statements (unaudited)	18
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49
Item 4.	Controls and Procedures	50
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	51
Item 1A.	Risk Factors	51
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51
Item 3.	Defaults upon Senior Securities	51
Item 4.	Mine Safety Disclosures	51
Item 5.	Other Information	51
Item 6.	Exhibits	52
	Signatures

2

FORWARD-LOOKING STATEMENTS

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

•fluctuations in our operating results;

•our ability to source investment opportunities;

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

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

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

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

•the impact of changes in interest rates;

•the impact of competition for investment opportunities;

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

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

•actual and potential conflicts of interest with our Adviser;

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

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

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

•our ability to qualify and maintain our qualification as a regulated investment company (a “RIC”) and as a business development company;

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

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

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

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

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

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

•changes in laws or regulations governing our operations.

3

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

4

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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

	March 31, 2025		December 31, 2024
	(unaudited)
Assets
Investments – non-controlled/non-affiliated, at fair value (amortized cost of $597,969 and $504,119, respectively)	$	598,463	$	506,574
Cash and cash equivalents		7,106		22,417
Restricted cash and cash equivalents		47,806		10,918
Receivable for interest, other income, and investments sold		7,899		3,516
Deferred offering costs		242		96
Prepaid expenses and other assets		2,524		2,978
Expense support reimbursement (Note 4)		3,000		3,000
Total assets	$	667,040	$	549,499
Liabilities
Secured borrowings (Note 5)	$	295,150	$	227,150
Payable for investments purchased		35,418		43,024
Interest and credit facility fees payable (Note 5)		1,816		1,483
Administrative service fees payable (Note 4)		485		275
Management and incentive fees payable (Note 4)		1,707		1,517
Due to Adviser (Note 4)		4,078		3,332
Distribution payable		2,251		1,663
Accrued expenses and other liabilities		1,008		1,530
Common stock proceeds received in advance		10,631		3,701
Total liabilities		352,544		283,675
Commitments and contingencies (Note 6)
Net Assets (Note 8)
Common stock, $0.01 par value, 500,000,000.000 shares authorized, 16,052,310.855 and 13,426,673.156 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		160		134
Paid-in-capital in excess of par value		314,108		262,626
Total distributable earnings		228		3,064
Total net assets		314,496		265,824
Total liabilities and net assets	$	667,040	$	549,499
Net asset value per share	$	19.59	$	19.80

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

5

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

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

	Three Months Ended March 31,
	2025			2024
Investment income:
From non-controlled/non-affiliated investments
Interest income	$	13,483		$	3,378
Dividend income		191			-
Other income		288			142
Total investment income from non-controlled/non-affiliated investments		13,962			3,520
Total investment income		13,962			3,520
Expenses:
Interest expense and credit facility fees (Note 5)		5,305			1,525
Offering costs		21			629
Professional fees		456			439
Administrative service fees (Note 4)		319			404
Management fees (Note 4)		854			240
Other general and administrative expenses		522			363
Incentive fees (Note 4)		547			28
Directors fees		66			68
Insurance costs		56			61
Total expenses before expense support and waivers		8,146			3,757
Expense support and waivers (Note 4)		(109	)		(313	)
Net expenses after expense support and waivers		8,037			3,444
Net investment income		5,925			76
Net realized gain (loss) and change in unrealized appreciation (depreciation):
Net realized gain (loss) on investments
Non-controlled/non-affiliated investments		(136	)		-
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments		(1,962	)		225
Net realized and unrealized gain (loss) on investments		(2,098	)		225
Net increase (decrease) in net assets resulting from operations	$	3,827		$	301
Per common share data:
Basic and diluted earnings per share (Note 9)	$	0.27		$	0.08
Basic and diluted weighted average shares outstanding (Note 9)		13,990,345.513			3,921,709.266

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

6

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (unaudited)

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

	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par		Distributable Earnings (Loss)			Total Net Assets
Balance at December 31, 2024		13,426,673.156	$	134	$	262,626	$	3,064		$	265,824
Net investment income (loss)		-		-		-		5,925			5,925
Net realized and unrealized gain (loss) on investments		-		-		-		(2,098	)		(2,098	)
Net increase (decrease) in net assets resulting from operations		-		-		-		3,827			3,827
Shareholder distributions
Distributions declared from net investment income		-		-		-		(6,663	)		(6,663	)
Net increase (decrease) in net assets from shareholder distributions		-		-		-		(6,663	)		(6,663	)
Capital share transactions:
Issuance of common stock		2,604,259.886		26		51,060		-			51,086
Reinvestment of shareholder distributions, net		21,377.813		-		422		-			422
Net increase (decrease) in net assets resulting from capital share transactions		2,625,637.699		26		51,482		-			51,508
Total increase (decrease) for the three months ended		2,625,637.699		26		51,482		(2,836	)		48,672
Balance at March 31, 2025		16,052,310.855	$	160	$	314,108	$	228		$	314,496
Balance at Decemeber 31, 2023		3,809,576.503	$	38	$	74,472	$	167		$	74,677
Net investment income (loss)		-		-		-		76			76
Net realized and unrealized gain (loss) on investments		-		-		-		225			225
Net increase (decrease) in net assets resulting from operations		-		-		-		301			301
Capital share transactions:
Issuance of common stock		2,040,816.328		21		39,979		-			40,000
Net increase (decrease) in net assets resulting from capital share transactions		2,040,816.328		21		39,979		-			40,000
Total increase (decrease) for the three months ended		2,040,816.328		21		39,979		301			40,301
Balance at March 31, 2024		5,850,392.831	$	59	$	114,451	$	468		$	114,978

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

7

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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

	Three Months Ended March 31,
	2025			2024
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	3,827		$	301
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Amortization of deferred offering costs		21			629
Amortization of deferred financing costs		397			218
Net accretion of discount on investments		(356	)		(202	)
Net change in unrealized (appreciation) depreciation on investments		1,962			(225	)
Net realized loss on investments		136			-
Cost of investments purchased		(126,314	)		(67,638	)
Proceeds from repayments of investments		25,128			13,509
Payment-in-kind interest capitalized		(51	)		(2	)
Change in operating assets and liabilities:
Deferred offering costs		(167	)		(409	)
Prepaid expenses and other assets		57			117
Receivable for interest, other income, and investments sold		(4,383	)		(590	)
Due to Adviser		746			(1,885	)
Management and incentive fees payable		190			174
Administrative service fee payable		210			14
Interest and credit facility fees payable		333			410
Accrued expenses and other liabilities		(522	)		46
Net cash used in operating activities		(98,786	)		(55,533	)
Cash flows from financing activities
Proceeds from issuance of common stock		51,086			40,000
Shareholder distributions paid		(5,653	)		-
Borrowings on debt		106,000			55,000
Repayments on debt		(38,000	)		(48,000	)
Common stock proceeds received in advance		6,930			-
Net cash provided by (used in) financing activities		120,363			47,000
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents		21,577			(8,533	)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period		33,335			61,943
Cash and cash equivalents and restricted cash and cash equivalents, end of period	$	54,912		$	53,410
Supplemental disclosures
Interest, including credit facility fees, paid during the period	$	4,972		$	1,115
Reinvestment of shareholder distributions		422			-

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

8

VISTA CREDIT STRATEGIC LENDING CORP.

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

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

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

	As of
	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	7,106	$	22,417
Restricted cash and cash equivalents		47,806		10,918
Total cash and cash equivalents and restricted cash and cash equivalents	$	54,912	$	33,335

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

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

9

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited)

March 31, 2025

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

Investments(1)(16)(22)	Footnotes	Reference Rate and Spread	Interest Rate(2) (14)			Maturity Date	Par Amount/ Units(1)		Amortized Cost(3)		Fair Value		% of Net Assets
Investments – non-controlled/non-affiliated
First-Lien Debt
Automobiles & Automobile Parts
Central Parent, Inc.	(7) (20)	SOFR + 3.25%		7.55	%	7/6/2029		9,950	$	9,971	$	8,758		2.8	%
OEConnection LLC	(9) (20) (21)	SOFR + 5.00%		9.32	%	4/22/2031		22,729		22,499		22,796		7.2
										32,470		31,554		10.0
Data & Analytics
Azurite Intermediate Holdings, Inc.	(4) (9) (20) (21)	SOFR + 6.50%		10.82	%	3/19/2031		17,578		17,318		17,529		5.6
CData Software, Inc.	(4) (9) (20) (21)	SOFR + 5.75%		10.05	%	7/18/2030		23,163		22,759		22,973		7.3
Databricks, Inc.	(7) (14) (21)	SOFR + 4.50%		8.82	%	12/31/2030		20,000		19,903		20,184		6.4
Inmar, Inc.	(8) (20)	SOFR + 5.00%		9.31	%	10/30/2031		9,950		9,902		9,956		3.2
										69,882		70,642		22.5
Diversified Business Services
CB Buyer Inc.	(4) (9) (20) (21)	SOFR + 5.00%		9.30	%	7/1/2031		15,181		15,013		15,061		4.8
Diversified Consumer Services
Blackhawk Network Holdings, Inc.	(10) (14) (20)	SOFR + 4.00%		—		3/12/2029		7,000		7,013		6,975		2.2
Diversified Financial Institutions & Services
Dragon Buyer Inc	(7) (20)	SOFR + 3.00%		7.30	%	9/30/2031		1,995		1,986		1,978		0.6
SumUp Holdings Midco S.à r.l	(4) (5) (12) (18) (20) (21)	SOFR + 6.50%		10.83	%	5/23/2031		10,127		10,034		10,063		3.2
Rapyd Netherlands B.V.	(4) (13) (19) (20)	SOFR + 11.00%		15.18	%	9/13/2030		30,742		27,515		27,496		8.7
										39,535		39,537		12.5
Diversified Software
ASG III, LLC	(4) (10) (20) (21)	SOFR + 6.50%		10.79	%	10/31/2029		13,261		12,943		13,090		4.2
Rocket Software, Inc.	(8) (20)	SOFR + 4.25%		8.57	%	11/28/2028		19,788		19,710		19,763		6.3
										32,653		32,853		10.5
Education
McKissock Investment Holdings	(9) (20)	SOFR + 5.00%		9.31	%	3/12/2029		13,208		13,176		13,166		4.2
Government & Public Service
Aptean, Inc.	(9) (20) (21)	SOFR + 5.25%		9.56	%	1/30/2031		29,120		28,881		28,972		9.2
Government, Risk & Compliance
Diligent Corporation	(9) (20) (21)	SOFR + 5.00%		9.31	%	8/2/2030		14,961		14,829		14,920		4.7
Healthcare IT & Technology
Athenahealth Group, Inc.	(8) (20)	SOFR + 3.00%		7.32	%	2/15/2029		9,886		9,832		9,787		3.1
Zelis Healthcare Corporation	(7) (20)	SOFR + 3.25%		7.57	%	11/26/2031		4,988		4,963		4,866		1.5
										14,795		14,653		4.6

10

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - (continued)

March 31, 2025

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

Investments(1)(16)(22)	Footnotes	Reference Rate and Spread	Interest Rate(2) (14)			Maturity Date	Par Amount/ Units(1)		Amortized Cost(3)		Fair Value		% of Net Assets
Hotels, Restaurants & Leisure
Mews Systems B.V.	(4) (5) (10) (19) (20) (21)	SOFR + 9.00%		13.30	%	9/14/2029		16,686	$	15,478	$	16,012		5.1	%
Infrastructure Software & DevOps
Perforce Software, Inc.	(8) (20)	SOFR + 4.75%		9.07	%	3/21/2031		19,900		19,712		18,851		6.0
Insurance
Integrity Marketing Acquisition, LLC	(4) (9) (20) (21)	SOFR + 5.00%		9.31	%	8/25/2028		2,026		2,012		2,013		0.6
Zinnia Corporate Holdings, LLC	(4) (13) (20) (21)	SOFR + 8.00%		12.30	%	8/30/2029		26,471		25,984		26,201		8.3
										27,996		28,214		8.9
IT Security
Noynim, LLC	(4) (11) (20) (21)	SOFR + 6.00%		10.32	%	11/12/2029		18,026		17,773		17,720		5.6
Solarwinds Holdings, Inc.	(7) (14) (20)	SOFR + 4.00%		—		3/12/2032		17,500		17,000		16,991		5.4
										34,773		34,711		11.0
IT Services & IT Systems Management (Ex-Security)
Acronis International	(4) (5) (6) (10) (17) (20)	SOFR + 6.85% (1.00% PIK)		11.27	%	4/1/2027		20,206		19,979		20,206		6.4
Flash Charm, Inc.	(9) (20)	SOFR + 3.50%		7.79	%	3/2/2028		9,980		9,371		9,269		2.9
Redwood Services Group, LLC	(4) (6) (9) (20) (21)	SOFR + 5.25%		9.55	%	6/15/2029		26,563		26,165		26,196		8.3
SMR Holdings, LLC	(4) (10) (20) (21)	SOFR + 5.75%		10.05	%	12/24/2029		41,000		40,334		40,387		12.8
										95,849		96,058		30.4
Media, Entertainment & Publishing
MH Sub I, LLC	(8) (20)	SOFR + 4.25%		8.57	%	12/31/2031		17,840		17,609		16,769		5.3
Real Estate
InhabitIq, Inc.	(4) (9) (20) (21)	SOFR + 4.50%		8.82	%	1/12/2032		20,671		20,539		20,521		6.5
MRI Software, LLC	(10) (20) (21)	SOFR + 4.75%		9.05	%	2/10/2027		23,482		23,364		23,267		7.4
										43,903		43,788		13.9
Telecom Services & IT Hardware
Ark Data Centers, LLC	(4) (9) (20) (21)	SOFR + 4.75%		9.05	%	11/27/2030		21,625		21,029		20,950		6.7
Transportation, Logistics & Supply Chain
Metropolis Technologies, Inc.	(4) (6) (7) (20)	SOFR + 6.00%		10.42	%	5/16/2031		15,774		15,486		16,247		5.2
Softeon, Inc.	(4) (9) (20) (21)	SOFR + 5.75%		10.05	%	11/20/2030		12,375		12,109		12,201		3.9
										27,595		28,448		9.1
Utilities & Utility Equipment and Services
Enverus Holdings, Inc.	(9) (20) (21)	SOFR + 5.50%		9.82	%	12/24/2029		17,000		16,775		16,962		5.4
Total First-Lien Debt										588,967		589,096		187.0

11

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - (continued)

March 31, 2025

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

Investments(1)(16)(22)	Footnotes	Reference Rate and Spread	Interest Rate(2) (14)			Maturity Date	Par Amount/ Units(1)		Amortized Cost(3)		Fair Value		% of Net Assets
Preferred Equity
Transportation, Logistics & Supply Chain
Metropolis Technologies, Inc.	(4)	N/A		16.00	%	5/16/2034		4,320	$	4,276	$	4,320		1.4	%
Metropolis Technologies, Inc.	(4)	N/A		17.50	%	5/16/2034		480		456		480		0.2
Total Preferred Equity										4,732		4,800		1.6
Other Equity
Diversified Financial Institutions & Services
Rapyd Financial Network, Ltd.	(4) (15) (19)					9/13/2030		80,991		2,938		2,938		0.9
Transportation, Logistics & Supply Chain
Metropolis Technologies, Inc.	(4) (15)					5/16/2034		280		20		285		0.1
Hotels, Restaurants & Leisure
Mews Systems B.V.	(4) (5) (15) (19)					9/14/2029		19,200		1,312		1,344		0.4
Total Other Equity										4,270		4,567		1.4
Total Investments - non-controlled/non-affiliated										597,969		598,463		190.0
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents										54,912		54,912		17.5
Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents									$	652,881	$	653,375		207.5	%

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

2.Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. Variable rate loans typically include an interest reference rate floor feature.

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

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

5.The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, nonqualifying assets represented 11.4% of total assets as calculated in accordance with regulatory requirements.

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

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

8.The interest rate floor on these investments as of March 31, 2025 was 0.50%.

9.The interest rate floor on these investments as of March 31, 2025 was 0.75%.

10.The interest rate floor on these investments as of March 31, 2025 was 1.00%.

11.The interest rate floor on these investments as of March 31, 2025 was 1.25%.

12.The interest rate floor on these investments as of March 31, 2025 was 1.50%.

13.The interest rate floor on these investments as of March 31, 2025 was 2.00%.

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

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

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

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

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

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

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

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

12

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - (continued)

March 31, 2025

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

Investments – non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Aptean, Inc.	Delayed Draw	1/30/2031	$	10,640	$	-
Aptean, Inc.	Delayed Draw	1/30/2031		9,460		-
Aptean, Inc.	Revolver	1/30/2031		2,969		(74	)
Aptean, Inc.	Delayed Draw	1/30/2031		861		(2	)
Ark Data Centers, LLC	Delayed Draw	11/27/2030		12,125		(218	)
Ark Data Centers, LLC	Revolver	11/27/2030		3,750		(68	)
ASG III, LLC	Delayed Draw	10/31/2029		4,388		(55	)
ASG III, LLC	Revolver	10/31/2029		1,325		(10	)
Azurite Intermediate Hold, Inc.	Revolver	3/19/2031		1,953		(5	)
CB Buyer Inc.	Delayed Draw	7/1/2031		3,168		(19	)
CB Buyer Inc.	Revolver	7/1/2031		1,579		(9	)
Cdata Software, Inc.	Delayed Draw	7/18/2030		2,041		(13	)
Cdata Software, Inc.	Delayed Draw	7/18/2030		1,735		(11	)
Cdata Software, Inc.	Revolver	7/18/2030		2,449		(16	)
Databricks, Inc.	Delayed Draw	12/31/2030		4,500		34
Diligent Corporation	Delayed Draw	8/2/2030		3,400		-
Diligent Corporation	Revolver	8/2/2030		1,657		(41	)
Enverus Holdings, Inc.	Delayed Draw	12/24/2029		316		-
Enverus Holdings, Inc.	Revolver	12/24/2029		1,267		(38	)
InhabitIQ, Inc.	Delayed Draw	1/12/2032		5,742		(29	)
InhabitIQ, Inc.	Revolver	1/12/2032		3,589		(18	)
Integrity Marketing Acquisition, LLC	Delayed Draw	8/25/2028		2,958		(7	)
Mews Systems B.V.	Delayed Draw	9/14/2029		377		(15	)
MRI Software, LLC	Revolver	2/10/2027		1,378		(38	)
Noynim, LLC	Delayed Draw	11/12/2029		14,019		(126	)
Noynim, LLC	Revolver	11/12/2029		1,986		(18	)
OEConnection LLC	Delayed Draw	4/22/2031		1,693		4
OEConnection LLC	Revolver	4/22/2031		2,116		5
Redwood Services Group, LLC	Delayed Draw	6/15/2029		9,961		(100	)
Redwood Services Group, LLC	Delayed Draw	6/15/2029		215		(2	)
SMR Holdings, LLC	Revolver	12/24/2029		2,750		(39	)
Softeon, Inc.	Delayed Draw	11/20/2030		3,333		(33	)
Softeon, Inc.	Delayed Draw	11/20/2030		1,667		-
Softeon, Inc.	Revolver	11/20/2030		1,667		(17	)
SumUp Holdings Midco S.à r.l	Delayed Draw	5/23/2031		2,532		(13	)
Zinnia Corporate Holdings, LLC	Delayed Draw	8/30/2029		3,529		(32	)
Total unfunded commitments			$	129,095	$	(1,023	)

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

	As of March 31, 2025
Geography - % of Fair Value	Amortized Cost				Fair Value
United States	$	520,712	87.1	%	$	520,404	86.9	%
Luxembourg		10,034	1.7			10,063	1.7
Netherlands		47,244	7.9			47,790	8.0
Switzerland		19,979	3.3			20,206	3.4
Total	$	597,969	100.0	%	$	598,463	100.0	%

13

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

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

Investments(1)(16)(22)	Footnotes	Reference Rate and Spread	Interest Rate(2) (14)			Maturity Date	Par Amount/ Units(1)		Amortized Cost(3)		Fair Value		% of Net Assets
Investments – non-controlled/non-affiliated
First-Lien Debt
Automobiles & Automobile Parts
Central Parent, Inc.	(7) (20)	SOFR + 3.25%		7.58	%	7/6/2029		9,975	$	9,997	$	9,856		3.7	%
OEConnection LLC	(9) (20) (21)	SOFR + 5.00%		9.36	%	4/22/2031		19,402		19,178		19,352		7.3
										29,175		29,208		11.0
Data & Analytics
Azurite Intermediate Holdings, Inc.	(4) (9) (20) (21)	SOFR + 6.50%		10.86	%	3/19/2031		17,578		17,310		17,480		6.6
CData Software, Inc.	(4) (9) (20) (21)	SOFR + 6.25%		10.57	%	7/18/2030		23,163		22,743		22,796		8.6
Databricks, Inc.	(7) (14)	SOFR + 4.50%		-	%	12/31/2030		20,000		19,878		20,061		7.5
Inmar, Inc.	(8) (20)	SOFR + 5.00%		9.33	%	10/30/2031		9,975		9,926		10,020		3.8
										69,857		70,357		26.5
Diversified Business Services
CB Buyer Inc.	(4) (9) (20) (21)	SOFR + 5.25%		9.61	%	7/1/2031		14,336		14,166		14,216		5.3
Diversified Financial Institutions & Services
Dragon Buyer Inc	(7) (20)	SOFR + 3.25%		7.58	%	9/30/2031		7,000		6,966		7,023		2.6
SumUp Holdings Midco S.à r.l	(4) (5) (12) (18) (20) (21)	SOFR + 6.50%		11.01	%	5/23/2031		10,127		10,031		10,032		3.8
										16,997		17,055		6.4
Diversified Software
ASG III, LLC	(4) (10) (20) (21)	SOFR + 6.50%		11.09	%	10/31/2029		13,261		12,929		13,042		4.9
Rocket Software, Inc.	(8) (20)	SOFR + 4.25%		8.61	%	11/28/2028		19,887		19,804		20,060		7.5
										32,733		33,102		12.4
Government & Public Service
Aptean, Inc.	(9) (20) (21)	SOFR + 5.00%		9.33	%	1/30/2031		22,087		21,869		22,085		8.3
Government, Risk & Compliance
Diligent Corporation	(9) (20) (21)	SOFR + 5.00%		10.09	%	8/2/2030		14,961		14,824		14,914		5.6
Healthcare IT & Technology
Athenahealth Group, Inc.	(8) (20)	SOFR + 3.25%		7.61	%	2/15/2029		9,886		9,829		9,930		3.7
Zelis Healthcare Corporation	(7) (20)	SOFR + 3.25%		7.61	%	11/26/2031		5,000		4,975		5,014		1.9
										14,804		14,944		5.6
Hotels, Restaurants & Leisure
Mews Systems B.V.	(4) (5) (10) (19) (20) (21)	SOFR + 9.00%		13.36	%	9/14/2029		16,153		14,897		15,069		5.7
Infrastructure Software & DevOps
Perforce Software, Inc.	(8) (20)	SOFR + 4.75%		9.11	%	3/21/2031		19,950		19,754		19,734		7.4

14

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2024

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

Investments(1)(16)(22)	Footnotes			Reference Rate and Spread	Interest Rate(2) (14)			Maturity Date	Par Amount/ Units(1)		Amortized Cost(3)		Fair Value		% of Net Assets
Insurance
Integrity Marketing Acquisition, LLC	(4) (9) (20) (21)			SOFR + 5.00%		9.51	%	8/25/2028		2,031	$	2,016	$	2,006		0.8	%
Zinnia Corporate Holdings, LLC	(4) (13) (20) (21)			SOFR + 8.00%		12.34	%	8/30/2029		26,471		25,964		26,021		9.8
												27,980		28,027		10.6
IT Security
Noynim, LLC	(4) (11) (20) (21)			SOFR + 6.00%		10.45	%	11/12/2029		17,132		16,868		16,791		6.3
IT Services & IT Systems Management (Ex-Security)
Acronis International	(4) (5) (6) (10) (17) (20)			SOFR + 6.85% 1.00% PIK		11.50	%	4/1/2027		20,156		19,904		20,156		7.6
Banff Merger Sub, Inc.	(7) (20)			SOFR + 3.75%		8.34	%	7/30/2031		6,498		6,476		6,559		2.5
Redwood Services Group, LLC	(4) (6) (9) (20) (21)			SOFR + 6.25%		10.68	%	6/15/2029		18,788		18,498		18,788		7.1
SMR Holdings, LLC	(4) (10) (20) (21)			SOFR + 5.75%		10.09	%	12/24/2029		41,000		40,305		40,345		15.2
												85,183		85,848		32.4
Media, Entertainment & Publishing
MH Sub I, LLC	(8) (20)			SOFR + 4.25%		8.61	%	5/3/2028		17,912		17,727		17,942		6.7
Real Estate
MRI Software, LLC	(10) (20) (21)			SOFR + 4.75%		9.08	%	2/10/2027		23,544		23,411		23,559		8.9
Telecom Services & IT Hardware
Ark Data Centers, LLC	(4) (9) (20) (21)			SOFR + 4.75%		9.08	%	11/27/2030		21,250		20,633		20,500		7.7
GoTo Group, Inc.	(7) (20)			SOFR + 4.75%		9.30	%	4/28/2028		14,077		13,197		12,863		4.8
												33,830		33,363		12.5
Transportation, Logistics & Supply Chain
Metropolis Technologies, Inc.	(4) (6) (7) (20)			SOFR + 6.00%		10.46	%	5/16/2031		15,814		15,517		15,616		5.9
Softeon, Inc.	(4) (9) (20) (21)			SOFR + 5.75%		10.08	%	11/20/2030		12,406		12,130		12,232		4.6
												27,647		27,848		10.5
Utilities & Utility Equipment and Services
Enverus Holdings, Inc.	(9) (20) (21)			SOFR + 5.50%		9.86	%	12/24/2029		16,563		16,331		16,525		6.2
Total First-Lien Debt												498,055		500,587		188.4
Preferred Equity
Transportation, Logistics & Supply Chain
Metropolis Technologies, Inc.		(4	)	N/A		16.00	%	5/16/2034		4,320		4,277		4,281		1.6
Metropolis Technologies, Inc.		(4	)	N/A		17.50	%	5/16/2034		480		456		459		0.2
Total Preferred Equity												4,732		4,740		1.8

15

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2024

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

Investments(1)(16)(22)	Footnotes	Reference Rate and Spread	Interest Rate(2) (14)	Maturity Date	Par Amount/ Units(1)		Amortized Cost(3)		Fair Value		% of Net Assets
Other Equity
Transportation, Logistics & Supply Chain
Metropolis Technologies, Inc.	(4) (15)			5/16/2034		280	$	20	$	20		0.0	%
Hotels, Restaurants & Leisure
Mews Systems B.V.	(4) (5) (15)  (19)			9/14/2029		192		1,312		1,227		0.5
Total Other Equity								1,332		1,247		0.5
Total Investments - non-controlled/non-affiliated								504,119		506,574		190.7
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents								33,335		33,335		12.5
Total Investments, Cash and Cash Equivalents and Restricted Cash and Cash Equivalents							$	537,454	$	539,909		203.2	%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

16

VISTA CREDIT STRATEGIC LENDING CORP.

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2024

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

Investments – non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Aptean, Inc.	Delayed Draw	1/30/2031	$	993	$	2
Aptean, Inc.	Revolver	1/30/2031		1,820		(46	)
Ark Data Centers, LLC	Delayed Draw	11/27/2030		12,500		(250	)
Ark Data Centers, LLC	Revolver	11/27/2030		3,750		(75	)
ASG III, LLC	Delayed Draw	10/31/2029		4,388		(66	)
ASG III, LLC	Revolver	10/31/2029		1,325		(13	)
Azurite Intermediate Hold, Inc.	Revolver	3/19/2031		1,953		(10	)
CB Buyer Inc.	Delayed Draw	7/1/2031		4,049		(24	)
CB Buyer Inc.	Revolver	7/1/2031		1,579		(9	)
Cdata Software, Inc.	Delayed Draw	7/18/2030		2,041		(26	)
Cdata Software, Inc.	Delayed Draw	7/18/2030		1,734		(22	)
Cdata Software, Inc.	Revolver	7/18/2030		2,449		(31	)
Databricks, Inc.	Delayed Draw	1/3/2031		4,500		11
Diligent Corporation	Delayed Draw	8/2/2030		3,400		-
Diligent Corporation	Revolver	8/2/2030		1,657		(41	)
Enverus Holdings, Inc.	Delayed Draw	12/24/2029		832		-
Enverus Holdings, Inc.	Revolver	12/24/2029		1,229		(37	)
Integrity Marketing Acquisition, LLC	Delayed Draw	8/25/2028		2,958		(15	)
Mews Systems B.V.	Delayed Draw	9/14/2029		911		(58	)
MRI Software, LLC	Revolver	2/10/2027		1,378		(41	)
Noynim, LLC	Delayed Draw	11/12/2029		14,019		(140	)
Noynim, LLC	Revolver	11/12/2029		2,921		(29	)
OEConnection LLC	Delayed Draw	4/22/2031		3,385		(6	)
OEConnection LLC	Delayed Draw	4/22/2031		1,693		(3	)
OEConnection LLC	Revolver	4/22/2031		2,116		(4	)
Redwood Services Group, LLC	Delayed Draw	6/15/2029		215		-
SMR Holdings, LLC	Revolver	12/24/2029		2,750		(41	)
Softeon, Inc.	Delayed Draw	11/20/2030		3,333		(33	)
Softeon, Inc.	Delayed Draw	11/20/2030		1,667		(17	)
Softeon, Inc.	Revolver	11/20/2030		1,667		-
SumUp Holdings Midco S.à r.l	Delayed Draw	5/23/2031		2,532		(19	)
Zinnia Corporate Holdings, LLC	Delayed Draw	8/30/2029		3,529		(53	)
Total unfunded commitments			$	95,273	$	(1,096	)

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

	As of December 31, 2024
Geography - % of Fair Value	Amortized Cost				Fair Value
United States	$	457,975	90.8	%	$	460,090	90.8	%
Luxembourg		10,031	2.0			10,032	2.0
Netherlands		16,209	3.2			16,296	3.2
Switzerland		19,904	3.9			20,156	4.0
Total	$	504,119	100.0	%	$	506,574	100.0	%

17

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

1.ORGANIZATION

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

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

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

2.SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

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

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

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VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

Use of Estimates

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Actual results could differ from those estimates.

Consolidation

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

Investments

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

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

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

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

Revenue Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates, is accrued, recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. As of March 31, 2025 and 2024, there were one and one loans in the portfolio, respectively, that earned PIK income. For the three months ended March 31, 2025 and 2024, the Company earned $51 and $19 of PIK interest income, respectively.

Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, are

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VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on non-accrual status as of March 31, 2025 or December 31, 2024.

Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three months ended March 31, 2025 and 2024, the Company earned $288 and $142, respectively, in other income, primarily from unused fees.

Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rates, are accrued, recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity. For the three months ended March 31, 2025 and 2024, the Company earned $191 and $0, respectively, in dividend income.

Offering Costs

Offering costs will be borne by the Company and have been advanced from the Adviser subject to recoupment. Costs associated with the Private Offering of the Company are capitalized as deferred offering costs on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the commencement of operations. These costs consist primarily of legal fees and other fees incurred in connection with the Private Offering.

For the three months ended March 31, 2025, the Company incurred $242 of offering costs, and amortized $21 of offering costs. For the three months ended March 31, 2024, the Company incurred $96 of offering costs, and amortized $629 of offering costs. Refer to Note 4. Related Party Transactions for further details on the Expense Support Agreement (as defined below).

Deferred Financing Costs, Interest Expense, and Credit Facility Fees

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

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

As of March 31, 2025 and December 31, 2024, the Company had $2,470 and $2,867 of deferred financing costs, respectively. Amortization expense for deferred financing costs for the three months ended March 31, 2025 and 2024 were $397 and $218, respectively.

Expenses

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

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VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

Income Taxes

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

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

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

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

Functional Currency

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

Earnings per Common Share

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

Segment Reporting

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

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VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

3.FAIR VALUE MEASUREMENTS

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

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

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

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

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three months ended March 31, 2025 and 2024, there were no transfers from level 3 to level 2 that was a result of changes in the observability of significant inputs for these portfolio companies.

22

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

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

	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
First-lien debt	$	-	$	264,230	$	324,866	$	589,096
Preferred equity		-		-		4,800		4,800
Other equity		-		-		4,567		4,567
Total	$	-	$	264,230	$	334,233	$	598,463

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
First-lien debt	$	-	$	235,497	$	265,090	$	500,587
Preferred equity		-		-		4,740		4,740
Other equity		-		-		1,247		1,247
Total	$	-	$	235,497	$	271,077	$	506,574

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

	Financial Assets For the Three Months Ended March 31, 2025
	First-Lien Debt			Preferred Equity and Other Equity		Total
Balance, beginning of period	$	265,090		$	5,987	$	271,077
Purchases		58,455			2,939		61,393
Paydowns		(208	)		-		(208	)
Accretion of discount		260			-		260
PIK interest		51			-		51
Net change in unrealized appreciation		1,218			441		1,659
Transfers out of Level 3		-			-		-
Balance, end of period	$	324,866		$	9,367	$	334,233
Net change in unrealized appreciation included in earnings related to investments that continue to be held at the reporting date included in net change in unrealized appreciation on investments on the Consolidated Statements of Operations		1,218			441		1,659

23

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

	Financial Assets For the Three Months Ended March 31, 2024
	First-Lien Debt		Total
Balance, beginning of period	$	57,510	$	57,510
Purchases		50,779		50,779
Paydowns		-		-
Accretion of discount		59		59
PIK interest		2		2
Net change in unrealized appreciation		325		325
Balance, end of period	$	108,675	$	108,675
Net change in unrealized appreciation included in earnings related to investments that continue to be held at the reporting date included in net change in unrealized appreciation on investments on the Consolidated Statements of Operations		325		325

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

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

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

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

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

24

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of March 31, 2025:

					Range
	Fair Value as of March 31, 2025		Valuation Techniques	Significant Unobservable Inputs	Low			High			Weighted Average
First-lien debt	$	276,849	Yield Analysis	Discount Rate		9.30	%		15.75	%		11.24	%
		48,017	Recent Transactions	Transaction Price		98.50			99.00			98.79
Preferred equity		4,800	Yield Analysis	Discount Rate		116.93	%		116.93	%		116.93	%
Other equity		285	Market Approach	EBITDA Multiple	18.7x			18.7x			18.7x
		4,282	Market Approach	Revenue Multiple	7.4x			10.0x			8.2x
Total investments	$	334,233

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

					Range
	Fair Value as of December 31, 2024		Valuation Techniques	Significant Unobservable Inputs	Low			High			Weighted Average
First-lien debt	$	187,455	Yield Analysis	Discount Rate		9.70	%		15.80	%		12.20	%
		77,635	Recent Transactions	Transaction Price		98.00			99.00			98.48
Preferred equity		4,740	Yield Analysis	Discount Rate		17.00	%		19.70	%		17.26	%
Other equity		20	Market Approach	EBITDA Multiple	16.8x			16.8x			16.8x
		1,227	Market Approach	Revenue Multiple	8.25x			10.25x			9.25x
Total first-lien debt	$	271,077

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

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

Financial Instruments Disclosed but Not Carried at Fair Value

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

	As of March 31, 2025				As of December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured borrowings	$	295,150	$	295,150	$	227,150	$	227,150
Total borrowings	$	295,150	$	295,150	$	227,150	$	227,150

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

25

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

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

4.RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

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

The Management Fee is payable quarterly in arrears at an annual rate of 1.25% of the Company’s net asset value as of the last day of the immediately preceding quarter. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. In addition, the Management Fee for any partial quarter shall be appropriately prorated. For the purposes of the Investment Advisory Agreement, “net assets” means the Company’s total assets less indebtedness and before taking into account any incentive fees payable during the period. The Management Fee incurred for the three months ended March 31, 2025 and 2024 was $854 and $240, respectively. The $854 remains payable as of March 31, 2025.

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

(i)Investment Income Incentive Fee

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

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

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

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

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

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

For the three months ended March 31, 2025 and 2024, the Company incurred an Investment Income Incentive Fee of $809 and $0, respectively. The $809 remains payable as of March 31, 2025.

26

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

(ii)Capital Gains Incentive Fee

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

The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to aggregate unrealized appreciation on investments because a Capital Gains Incentive Fee would be owed to the Adviser if the Company were to sell the relevant investments and realize a capital gain. If the Capital Gain Incentive Fee base, adjusted to include unrealized capital appreciation, is positive at the end of a period, then the Company will accrue a capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual in a given period may result in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the three months ended March 31, 2025, the Company had a reversal in the Capital Gains Incentive Fee of $(262), and as of March 31, 2025 there was a $45 Capital Gain Incentive Fee payable, none of which is contractually payable under the terms of the Investment Advisory Agreement. For the three months ended March 31, 2024, the Company incurred a Capital Gains Incentive Fee of $28, none of which was contractually payable under the terms of the Investment Advisory Agreement.

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

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period. For the three months ended March 31, 2025 and 2024, $1,401 and $268 of management and incentive fees were incurred, respectively, and $1,707 and $1,517 remain payable as of March 31, 2025 and December 31, 2024, respectively.

Administration Agreement

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

27

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

who are employed by any of the Adviser’s affiliates that provide services to the Company, and who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company. The Company shall reimburse the Adviser (or its affiliate(s)) for an allocable portion of the compensation (including benefits) and overhead paid by the Adviser (or its affiliate(s)) to such individuals. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party.

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

For the three months ended March 31, 2025 and 2024, the Company incurred $319 and $404, respectively, in administrative service fees under the Administration Agreement, of which $109 and $0, respectively, were waived by the Adviser. As of March 31, 2025 and December 31, 2024, $485 and $275, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities.

Expense Support and Conditional Reimbursement Agreement

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

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to, or on behalf of, the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” Reimbursement Payments are conditioned on (i) a distribution level (exclusive of return of capital and declared special dividends or special distributions, if any) equal to, or greater than, the rate at the time of the reimbursement, (ii) an operating expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) that is lower than the expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) at the time of the expense reimbursement and (iii) a distribution level (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The Company has not made any Reimbursement Payments to the Adviser. As of March 31, 2025 and December 31, 2024, $3,000 and $3,000, respectively, of the Company’s expenses are subject to the Expense Support Agreement and $1,078 and $332 respectively, of the Company’s expenses that are not subject to the Expense Support Agreement are presented as Due to Adviser on the Company’s Consolidated Statements of Assets and Liabilities.

Board of Directors

The Board currently consists of five members, three of whom are independent directors. The Board has established a Nominating and Corporate Governance Committee and an Audit Committee of the Board, and may establish additional committees in the future. For the three months ended March 31, 2025 and 2024, the Company incurred $66 and $68, respectively, in fees and expenses associated with its independent directors’ services on the Board and its committees. These fees are included in directors fees in the accompanying Consolidated Statements of Operations. As of March 31,

28

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

2025 and December 31, 2024, $3 and $71, respectively, was unpaid and included in accrued expenses and other liabilities in the accompanying Consolidated Statements of Assets and Liabilities.

Capital Commitments

Total capital commitments as of March 31, 2025 and December 31, 2024, include a $50,000 capital commitment from VHG Capital, L.P., an entity affiliated with the Company and the Adviser. During the three months ended March 31, 2025 and 2024, VHG Capital, L.P. purchased 138,423.924 and 218,684.510 shares of common stock, respectively, for a total purchase price of $2,712 and $4,286, respectively.

5.BORROWINGS

In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2025 and December 31, 2024, asset coverage was 206.6% and 217.0%, respectively.

SMBC Credit Facility

On November 14, 2023, the Company entered into a senior secured revolving credit facility with Sumitomo Mitsui Banking Corporation (as amended, the “SMBC Credit Facility”). Effective October 4, 2024, the Company decreased the maximum borrowing capacity under the SMBC Credit Facility from $200,000 to $100,000. The SMBC Credit Facility has a stated maturity date of November 14, 2025. Borrowings under the SMBC Credit Facility may be base rate loans, eurocurrency loans or RFR loans (i.e., loans bearing interest based on SOFR or SONIA). For any base rate loan, the applicable margin will be 1.60% plus the highest of (a) the federal funds rate plus 50 basis points (0.50%); (b) the prime rate; or (c) except during any period during which the applicable SOFR rate is unavailable, the applicable SOFR rate in effect on such day plus 105 basis points (1.05%). Eurocurrency rate loans, daily simple SOFR loans, daily simple SONIA loans and term SOFR loans will accrue interest at a rate equal to one-month EURIBOR, SOFR, or SONIA or one-month term SOFR, respectively, plus, in each case, 2.60%. The Company will pay to SMBC an unused commitment fee, payable quarterly, equal to 0.35% per annum of the average unused portion of available borrowings under the SMBC Credit Facility.

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

DB Credit Facility

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

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

29

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

During the Revolving Period, borrowings under the DB Credit Facility will bear interest at a floating rate equal to the base rate plus 2.40% per annum. Following expiration of the Revolving Period, the interest rate on outstanding borrowings under the DB Credit Facility will equal the base rate plus 2.90% per annum for the remaining term of the DB Credit Facility. The base rate under the DB Credit Facility is the three-month secured overnight funding rate (“Term SOFR”). A facility agent fee is payable to the facility agent each quarter and is calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day.

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

The Company’s debt obligations consisted of the following as of March 31, 2025 and December 31, 2024:

	As of March 31, 2025
	Total Facility		Borrowings Outstanding		Unused Portion(1)		Amount Available(2)
SMBC Credit Facility	$	100,000	$	61,250	$	38,750	$	38,750
DB Credit Facility		275,000		233,900		41,100		15,538

	As of December 31, 2024
	Total Facility		Borrowings Outstanding		Unused Portion(1)		Amount Available(2)
SMBC Credit Facility	$	100,000	$	60,250	$	39,750	$	39,750
DB Credit Facility		275,000		166,900		108,100		75,543

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

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

For the three months ended March 31, 2025 and 2024, the components of interest expense and credit facility fees were as follows:

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Interest expense	$	4,623		$	1,182
Facility unused commitment fee		285			125
Amortization of deferred financing costs		397			218
Total interest expense and credit facility fees	$	5,305		$	1,525
Cash paid for interest expense and credit facility fees	$	4,972		$	1,115
Weighted average contractual interest rate (1)		6.84	%		7.94	%
Average principal debt outstanding	$	273,328		$	58,734

(1)Weighted average contractual interest rate for the three months ended March 31, 2025 and 2024 is calculated as interest expense (excludes unused commitment fees and amortization of deferred financing costs) divided by weighted average debt outstanding.

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

	As of
	March 31, 2025		December 31, 2024
Interest expense payable	$	1,707	$	1,376
Unused commitment fee payable		109		107
Total interest expense and credit facility fees payable	$	1,816	$	1,483

30

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

6.COMMITMENTS AND CONTINGENCIES

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

A summary of significant contractual payment obligations was as follows as of March 31, 2025:

	Payments Due by Period As of March 31, 2025
(in thousands)	Total		Less Than 1 Year		1 to 3 Years		3 to 5 Years		More Than 5 Years
SMBC Credit Facility	$	61,250	$	-	$	61,250	$	-	$	-
DB Credit Facility		233,900		-		-		233,900		-

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

	Par Value as of
	March 31, 2025		December 31, 2024
Delayed draw loan commitments	$	98,661	$	68,679
Revolving loan commitments		30,434		26,594
Total unfunded commitments	$	129,095	$	95,273

31

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

7.FINANCIAL HIGHLIGHTS

The following is a schedule of consolidated financial highlights for the three months ended March 31, 2025 and 2024.

	For the Three Months Ended March 31, 2025			For The Three Months Ended March 31, 2024
Per Share Data:
Net asset value per share, beginning of period	$	19.80		$	19.60
Net investment income (loss) (1)		0.42			0.02
Net realized gains (loss) and change in unrealized appreciation (depreciation) on investments (2)		(0.15	)		0.03
Net increase (decrease) in net assets resulting in operations		0.27			0.05
Shareholder distributions from net investment income (3)		(0.48	)		—
Net asset value per share, end of period	$	19.59		$	19.65
Number of shares outstanding, end of period		16,052,310.855			5,850,392.831
Total return based on net asset value (4)		1.35	%		0.26	%
Net assets, end of period	$	314,496		$	114,978
Ratio to average net assets (5):
Expenses before incentive fees and waivers and reimbursements of expenses		2.62	%		3.93	%
Expenses before incentive fees, after waivers and reimbursements of expenses		2.58	%		3.60	%
Expenses after incentive fees, before waivers and reimbursements of expenses		2.81	%		3.96	%
Expenses after incentive fees and waivers and reimbursements of expenses		2.77	%		3.63	%
Net investment income (loss)		2.04	%		0.08	%
Interest expense and credit facility fees		1.83	%		1.61	%
Ratio/Supplemental Data:
Asset coverage, end of period		206.55	%		236.47	%
Portfolio turnover		4.54	%		9.47	%
Total committed capital, end of period	$	554,226		$	466,637
Ratio of total contributed capital to total committed capital, end of period		57.08	%		24.90	%
Weighted-average shares outstanding		13,990,345.513			3,921,709.266

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

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

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

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

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

8.NET ASSETS

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

As of March 31, 2025 and December 31, 2024, the Company had $247,876 and $277,876, respectively, of uncalled capital commitments from Stockholders, $10,000 and $15,000, respectively, of which is contingent on the Company receiving additional capital commitments, ensuring that at all times, the aggregate commitments of an individual investor does not exceed 24.99% of the Company’s aggregate commitments, and $23,365 and $26,077, respectively, of which is from entities affiliated with or related to the Adviser.

32

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

Shares issued and outstanding as of March 31, 2025 and December 31, 2024 were 16,052,310.855 and 13,426,673.156, respectively. The following table summarizes activity in the number of shares issued during the three months ended March 31, 2025 and 2024:

Date	Shares Issued		Proceeds Received		Issuance Price per Share
Three Months Ended March 31, 2024:
3/26/2024		2,040,816.328	$	40,000	$	19.60
Three Months Ended March 31, 2025:
1/6/2025		213,131.313		4,220		19.80
1/8/2025		6,383.522		126		19.79
2/3/2025		273,654.822		5,391		19.70
2/6/2025		6,937.876		137		19.80
3/3/2025		586,080.184		11,475		19.58
3/6/2025		8,056.415		159		19.70
3/31/2025		1,531,393.567		30,000		19.59

The following table summarizes the Company's distributions declared during the three months ended March 31, 2025 (there were no distributions declared during the three months ended March 31, 2024):

Declared Date	Record Date	Payment Date	Dividends per Share
1/30/2025	1/31/2025	2/6/2025	$	0.16
2/28/2025	2/28/2025	3/6/2025		0.16
3/28/2025	3/28/2025	4/7/2025		0.16

The following table reflects the shares issued pursuant to the dividend reinvestment program during the three months ended March 31, 2025 (there were no distributions reinvested during the three months ended March 31, 2024):

Declared Date	Record Date	Payment Date	Shares Issued
1/30/2025	1/31/2025	2/6/2025		6,937.876
2/28/2025	2/28/2025	3/6/2025		8,056.415

9.EARNINGS PER SHARE

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

	For the Three Months Ended March 31, 2025		For the Three Months Ended March 31, 2024
Net increase (decrease) in net assets resulting from operations	$	3,827	$	301
Weighted average shares outstanding		13,990,345.513		3,921,709.266
Basic and diluted earnings (loss) per share	$	0.27	$	0.08

10.SEGMENT REPORTING

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The chief operating decision maker(“CODM”) is comprised of the Company’s chief executive officer and chief financial officer. The CODM assesses the performance of the Company and makes operating decisions on a consolidated basis, primarily based on the Company’s net increase in net assets resulting from operations (“net income”). In addition to numerous other factors and

33

VISTA CREDIT STRATEGIC LENDING CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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

metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as Total Assets and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

11.SUBSEQUENT EVENTS

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

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

On April 28, 2025 the Company redeemed 19,735.281 shares for total proceeds of $386,614 subject to a tender offer document filed with the SEC on March 24, 2025.

On April 30, 2025 the Company declared a distribution for our common stock of $0.16 per share, payable on May 8, 2025 to shareholders of record as of April 30, 2025.

As of May 1, 2025, the Company sold shares of our common stock with the final number of shares being determined within 20 business days.

34

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

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

Overview

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

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

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

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

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

35

On September 8, 2023 and September 22, 2023, we held our initial closings and entered into subscription agreements with investors providing for the private placement of our shares of common stock. As of March 31, 2025, we had received capital commitments totaling $564.2 million, $10 million of which is contingent on receiving additional capital commitments, ensuring that at all times, the aggregate commitments of an individual investor does not exceed 24.99% of our aggregate commitments. As of March 31, 2025, we have issued 16,052,310.855 shares of our common stock, for gross proceeds of $317.0 million.

Total capital commitments as of March 31, 2025, include a $50.0 million capital commitment from VHG Capital, L.P., an entity affiliated with us and the Adviser. As of March 31, 2025, VHG Capital, L.P. had purchased 1,346,958.815 shares of common stock for a total purchase price of $26.6 million.

Investments

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

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

Revenues

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

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

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

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

Expenses

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

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

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

Portfolio and Investment Activity

Portfolio Composition

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

	As of March 31, 2025			As of December 31, 2024
Number of investments		86			72
Number of portfolio companies		35			31
Weighted average loan-to-value (“LTV”)(1)		35.7	%		36.5	%
Weighted average gross margin(2)		64.1	%		68.0	%
Weighted average EBITDA margin(3)		36.5	%		34.9	%
Weighted average yield to maturity (“YTM”)(4)		10.7	%		10.5	%
Percentage of total investments at fair value
First-lien debt		98.4	%		98.8	%
Preferred and Other Equity		1.6	%		1.2	%
Percentage of debt investments at fair value
Floating rate(5)		100.0	%		100.0	%
Fixed interest rate		0.0	%		0.0	%

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

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

(3)EBITDA margin is calculated as EBITDA divided by total revenue of the portfolio company. Excludes five portfolio company investments where EBITDA margin may not be the appropriate measure of credit risk as the investments were underwritten and covenanted based on recurring revenue as opposed to EBITDA.

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

(5)Primarily subject to interest rate floors.

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Our investment activity for the three months ended March 31, 2025 and 2024 is presented below (information presented herein is at amortized cost unless otherwise indicated):

(In thousands)	For the Three Months Ended March 31, 2025			For the Three Months Ended March 31, 2024
Investments:
Total investments at amortized cost, beginning of period	$	504,119		$	104,685
New investments purchased		118,571			88,698
Net accretion of discount on investments		356			202
PIK interest capitalized		51			2
Investments sold or repaid		(25,128	)		(13,509	)
Total investments at amortized cost, end of period	$	597,969		$	180,078

The industry(1) compositions of the portfolio at amortized cost and fair value as of March 31, 2025 and December 31, 2024 were as follows:

	As of March 31, 2025						As of December 31, 2024
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Automobiles & Automobile Parts		5.4	%		5.3	%		5.8	%		5.8	%
Data & Analytics		11.7			11.8			13.9			13.9
Diversified Business Services		2.5			2.5			2.8			2.8
Diversified Consumer Services		1.2			1.2
Diversified Financial Institutions & Services		7.1			7.1			3.4			3.4
Diversified Software		5.5			5.5			6.5			6.5
Education		2.2			2.2			-			-
Government & Public Service		4.8			4.8			4.3			4.4
Government, Risk & Compliance		2.5			2.5			2.9			2.9
Healthcare IT & Technology		2.5			2.4			2.9			3.0
Hotels, Restaurants & Leisure		2.8			2.9			3.2			3.2
Infrastructure Software & DevOps		3.3			3.1			3.9			3.9
Insurance		4.7			4.7			5.6			5.5
IT Security		5.8			5.8			3.3			3.3
IT Services & IT Systems Management (Ex-Security)		16.1			16.2			16.9			16.9
Media, Entertainment & Publishing		2.9			2.8			3.5			3.5
Real Estate		7.3			7.3			4.6			4.7
Telecom Services & IT Hardware		3.5			3.5			6.7			6.6
Transportation, Logistics & Supply Chain		5.4			5.6			6.4			6.4
Utilities & Utility Equipment and Services		2.8			2.8			3.2			3.3
Total		100.0	%		100.0	%		100.0	%		100.0	%

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

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

	As of March 31, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First-Lien Term Loans	$	588,967	$	589,096	$	498,055	$	500,587
Preferred Equity		4,732		4,800		4,732		4,740
Other Equity		4,270		4,567		1,332		1,247
Total	$	597,969	$	598,463	$	504,119	$	506,574

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

	For the Three Months Ended March 31, 2025						For the Year Ended December 31, 2024
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
First-Lien debt		10.3	%		10.3	%		11.0	%		11.0	%

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

As of March 31, 2025, all of our first-lien debt investments were performing and current on their interest payments.

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

Internal Risk Ratings Definitions

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

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

	As of March 31, 2025					As of December 31, 2024
(In thousands)	Fair Value		% of Fair Value			Fair Value		% of Fair Value
Internal Risk Rating 1	$	45,733		7.6	%	$	47,953		9.5	%
Internal Risk Rating 2		552,730		92.4			458,621		90.5
Internal Risk Rating 3 (1)		-		-			-		-
Internal Risk Rating 4		-		-			-		-
Total	$	598,463		100.0	%	$	506,574		100.0	%

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

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

Consolidated Results of Operations

For the three months ended March 31, 2025 and 2024

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

Investment Income

Investment income for the three months ended March 31, 2025 and 2024:

(In thousands)	For the Three Months Ended March 31, 2025		For the Three Months Ended March 31, 2024
First-lien debt	$	13,771	$	3,520
Preferred stock dividends		191		-
Total Investment Income	$	13,962	$	3,520

Interest income on our debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2025, there were no debt investments on non-accrual status.

Total investment income increased from $3.5 million for the three months ended March 31, 2024 to $14.0 million for the three months ended March 31, 2025 due to the increase in our investment portfolio from $180.1 at March 31, 2024 to $598.5 million at March 31, 2025. Our weighted average investment income yield on total investments at amortized cost and fair value was 10.3% and 10.3%, respectively, as of March 31, 2025, and 11.0% and 11.0%, respectively, as of December 31, 2024. The decrease in the weighted average yield on total investments was primarily due to a decline in the underlying Secured Overnight Financing Rate that is utilized to set the interest rate our variable rate loans.

Net investment income after giving effect to any expenses support and waivers of expenses for the three months ended March 31, 2025 and 2024 was as follows:

(In thousands)	For the Three Months Ended March 31, 2025			For the Three Months Ended March 31, 2024
Total investment income	$	13,962		$	3,520
Total expenses		8,146			3,757
Expense support and waivers		(109	)		(313	)
Net expenses after expense support and waivers		8,037			3,444
Net investment income	$	5,925		$	76

Waiver of expenses for the three months ended March 31, 2025 are due to voluntarily waived costs and expenses due to the Advisor under the Administration Agreement. Waivers and reimbursement of expenses for the three months ended March 31, 2024 represents the amounts reimbursed by the Adviser pursuant to the Expense Support Agreement. See Note 4, Related-Party Transactions, to the consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q for more information on the expense waivers and reimbursement of expenses.

Expenses

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Expenses for the three months ended March 31, 2025 and 2024:

(In thousands)	For the Three Months Ended March 31, 2025			For the Three Months Ended March 31, 2024
Expenses:
Interest expense and credit facility fees	$	5,305		$	1,525
Offering costs		21			629
Professional fees		456			439
Administrative service fees		319			404
Other general and administrative expenses		522			363
Management fees		854			240
Directors fees		66			68
Insurance costs		56			61
Incentive fees		547			28
Total expenses before expense support and waivers		8,146			3,757
Expense support and waivers		(109	)		(313	)
Net expenses after expense support and waivers	$	8,037		$	3,444

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

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

As of (In thousands)	Expense Payments Incurred by Adviser		Reimbursement Payments to Adviser		Unreimbursed Expense Payments
March 31, 2025	$	3,000	$	-	$	3,000
December 31, 2024		3,000	-			3,000

For the Three Months Ended March 31, 2025 and 2024

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

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

During the three months ended March 31, 2025, we recorded a realized loss on one investment totaling approximately $(136) thousand. During the three months ended March 31, 2025 and 2024, we recorded unrealized appreciation on 51 and 15 investments totaling approximately $4.3 million and $272 thousand, respectively, and unrealized depreciation on 34 and 16 investments of approximately $(3.8) million and $(47) thousand, respectively.

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Net realized gain (loss) and net change in unrealized appreciation (depreciation) for the three months ended March 31, 2025 and 2024 were as follows:

(In thousands)	For the Three Months Ended March 31, 2025			For the Three Months Ended March 31, 2024
Net realized gain (loss) on investments	$	(136	)	$	-
Net change in unrealized appreciation (depreciation) on investments		(1,962	)		225
Net realized and unrealized gain (loss) on investments	$	(2,098	)	$	225

Income Taxes, Including Excise Taxes

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

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

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

Liquidity and Capital Resources

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

As of March 31, 2025 and December 31, 2024, we had $54.9 million and $33.3 million, respectively, in cash, cash equivalents and restricted cash. For the three months ended March 31, 2025, our cash and cash equivalents balance increased by $21.6 million. During that period, $(98.8) million was used in operating activities, primarily due to investment purchases of $(126.3) million, offset by $25.1 million in repayments of investments in portfolio companies. During the same period, $120.4 million was provided by financing activities, consisting primarily of proceeds from issuance of shares of common stock of $51.1 million and net proceeds from secured borrowings of $68.0 million.

We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to the Common Stock if our asset coverage, as defined in the 1940 Act, would be at least equal to 200% immediately after each such issuance. However, recent legislation has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. On June 16, 2023, our Stockholders approved a proposal that allows us to reduce our asset coverage ratio to 150%, which proposal was effective as of June 17, 2023. This means that generally, we can

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borrow up to $2 for every $1 of investor equity. Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. As of March 31, 2025, asset coverage was 206.6% and the asset coverage per unit was $2,066.

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

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

On June 26, 2024 (the “Effective Date”) we entered into a loan financing and servicing agreement (as amended, the “DB Credit Facility”) with Deutsche Bank AG through our wholly owned and consolidated subsidiary, VCSL Funding 1 LLC (“VCSL Funding 1”). As of March 31, 2025 and December 31, 2024, the maximum commitment was $275.0 million. The period during which VCSL Funding 1 may request drawdowns under the DB Credit Facility (the “Revolving Period”) commenced on the Effective Date and will continue through June 26, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on the earliest of (i) two years from the last day of the Revolving Period, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default. During the Revolving Period, borrowings under the DB Credit Facility will bear interest at a floating rate equal to the base rate plus 2.40% per annum. Following expiration of the Revolving Period, the interest rate on outstanding borrowings under the DB Credit Facility will equal the base rate plus 2.90% per annum for the remaining term of the DB Credit Facility. The base rate under the DB Credit Facility is three-month SOFR. A facility agent fee is payable to the facility agent each quarter and is calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day.

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

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

As of March 31, 2025, we were in compliance in all material respects with the terms of our Credit Facilities. For more information on the Credit Facilities, see Note 5. Borrowings, to the consolidated financial statements in Part I, Item 1, of this Quarterly Report on Form 10-Q.

The Credit Facilities consisted of the following as of March 31, 2025:

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	As of March 31, 2025
(In thousands)	Total Facility		Borrowings Outstanding		Unused Portion(1)		Amount Available(2)
SMBC Credit Facility	$	100,000	$	61,250	$	38,750	$	38,750
DB Facility		275,000		233,900		41,100		15,538

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

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

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

	As of December 31, 2024
(In thousands)	Total Facility		Borrowings Outstanding		Unused Portion(1)		Amount Available(2)
SMBC Credit Facility	$	100,000	$	60,250	$	39,750	$	39,750
DB Facility		275,000		166,900		108,100		75,543

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

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

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Equity

As of March 31, 2025, we had $247.9 million of uncalled capital commitments from stockholders, $10.0 million of which is contingent on us receiving additional capital commitments, ensuring that at all times, the aggregate commitments of an individual investor does not exceed 24.99% of our aggregate commitments, including $23.4 million from entities affiliate with or related to our Adviser.

	As of March 31, 2025								As of December 31, 2024
(In thousands)	Capital Commitments			Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments			Unfunded Capital Commitments		% of Capital Commitments Funded
Common Stock	$	554,226	(1)	$	237,876		57.1	%	$	528,140	(1)	$	262,876		50.2	%

(1)Excludes $10.0 million as of March 31, 2025 and $15.0 million as of December 31, 2024, of capital commitments that are contingent on us receiving additional capital commitments, ensuring that at all times, the aggregate commitments of an individual investor do not exceed 24.99% of our aggregate commitments.

Subscriptions and Drawdowns

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

Shares issued as of March 31, 2025 were 16,052,310.855. The following table summarizes activity in the number of shares outstanding during the three months ended March 31, 2025:

Date	Shares Issued		Proceeds Received (In thousands)		Issuance Price per Share
1/6/2025		213,131.313	$	4,220	$	19.80
1/8/2025		6,383.522		126		19.79
2/3/2025		273,654.822		5,391		19.70
2/6/2025		6,937.876		137		19.80
3/3/2025		586,080.184		11,475		19.58
3/6/2025		8,056.415		159		19.70
3/31/2025		1,531,393.567		30,000		19.59

Dividends and Distributions

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

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

The following table summarizes the Company’s distributions declared during the three months ended March 31, 2025:

Declared Date	Record Date	Payment Date	Dividends per Share
1/30/2025	1/31/2025	2/6/2025	$	0.16
2/28/2025	2/28/2025	3/6/2025		0.16
3/28/2025	3/28/2025	4/7/2025		0.16

The following table reflects the shares issued pursuant to the dividend reinvestment during the three months ended March 31, 2025:

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Declared Date	Record Date	Payment Date	Shares Issued
1/30/2025	1/31/2025	2/6/2025		6,937.876
2/28/2025	2/28/2025	3/6/2025		8,056.415
3/28/2025	3/28/2025	4/7/2025		10,809.051

Contractual Obligations

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

The following tables show the contractual maturities of our Credit Facilities as of March 31, 2025:

	Payments Due by Period As of March 31, 2025
(in thousands)	Total		Less Than 1 Year		1 to 3 Years		3 to 5 Years		More Than 5 Years
SMBC Credit Facility	$	61,250	$	-	$	61,250	$	-	$	-
DB Credit Facility		233,900		-		-		233,900		-

Off-Balance Sheet Arrangements

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

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

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

	Par Value as of
(In thousands)	March 31, 2025		December 31, 2024
Unfunded delayed draw commitments	$	98,661	$	68,679
Unfunded revolving commitments		30,434		26,594
Total unfunded commitments	$	129,095	$	95,273

Related-Party Transactions

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

•the Investment Advisory Agreement;

•the Administration Agreement;

•the Expense Support Agreement; and

•the License Agreement.

In addition to the aforementioned agreements, we rely on exemptive relief that has been granted to us and certain of our affiliates to permit us to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Finally, the Adviser is sponsoring a program whereby investors who purchase shares of Common Stock from the Company between November 4, 2024 and June 30, 2025 will be granted additional shares of Common Stock. See Note 4. Related Party Transactions, to the consolidated financial statements included in Part I, Item 1, of this Quarterly Report on Form 10-Q.

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Critical Accounting Policies

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

Fair Value Measurements

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

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

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

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

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

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

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Revenue Recognition

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

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

Investment Transactions

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

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

Income Taxes

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

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

Recent Developments

On April 30, 2025, the Company declared a dividend for our common stock of $0.16 per share, payable on May 8, 2025 to stockholders of record as of April 30, 2025.

On April 28, 2025, the Company redeemed 19,735.281 shares for total proceeds of $386,614 subject to a tender offer filed with the SEC on March 24, 2025.

On April 7, 2025, we amended the DB Credit Facility to allow us to increase the maximum commitment from $275 million up to $350 million upon two business day’s written notice. Additionally, the DB Credit Facility was amended to provide that borrowings under the DB Credit Facility will bear interest at a floating rate equal to the base rate plus (i)

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2.15% per annum (reduced from 2.40% per annum) during the Revolving Period, and (ii) 2.30% per annum (reduced from 2.90% per annum) following expiration of the Revolving Period for the remaining term of the DB Credit Facility.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Valuation Risk

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

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we borrow money to make investments, our net investment income will depend in part upon the difference between the rate at which we borrow funds and the rate at which we invest these funds as well as our level of leverage. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income or net assets.

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

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

The following table estimates the potential changes of the net cash flow generated from interest income and expenses (in thousands), should interest rates increase or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2025. Interest expense is calculated based on the terms of the Credit Facilities, using the outstanding balance as of March 31, 2025. Interest expense on the Credit Facilities is calculated using the interest rate as of March 31, 2025, adjusted for the impact of hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2025, and are only adjusted for assumed changes in the underlying base interest rates. Actual results could differ significantly from those estimated in the table (dollar amounts in thousands).

Based on our March 31, 2025 consolidated statements of assets and liabilities, the following table shows the annualized net interest income, in thousands, of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

Changes in Interest Rates	Interest Income			Interest Expense			Net Interest Income
-100 Basis Points	$	(5,659	)	$	(2,952	)	$	(2,707	)
-200 Basis Points		(11,317	)		(5,903	)		(5,414	)
-300 Basis Points		(16,976	)		(8,855	)		(8,121	)
+100 Basis Points		5,659			2,952			2,707
+200 Basis Points		11,317			5,903			5,414
+300 Basis Points		16,976			8,855			8,121

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Item 4. Controls and Procedures.

(a)Evaluation of Disclosure Controls and Procedures

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

(b)Changes in Internal Controls Over Financial Reporting

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

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

As of March 31, 2025, we, our consolidated subsidiaries and the Adviser are not subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we, our consolidated subsidiaries and/or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is subject to extensive regulation, which may result in regulatory proceedings against us.

Item 1A. Risk Factors

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

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

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

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Insider Trading Arrangements

None.

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Item 6. Exhibits

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

3.1	Articles of Amendment and Restatement of Vista Credit Strategic Lending Corp. (incorporated by reference to Exhibit 3.1 to the Company’s Form 10 filed on June 15, 2023)
3.2	Amended and Restated Bylaws of Vista Credit Strategic Lending Corp. (incorporated by reference to Exhibit 3.2 to the Company’s Form 10 filed on June 15, 2023)
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
104*	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Furnished herewith

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SIGNATURES

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

	Vista Credit Strategic Lending Corp.
Date: May 8, 2025	By:	/s/ Greg Galligan
		Greg Galligan
	Chief Executive Officer and President
	Vista Credit Strategic Lending Corp.
Date: May 8, 2025	By:	/s/ Ross Teune
		Ross Teune
	Chief Financial Officer and Treasurer

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