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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: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	81-2878769
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

200 Clarendon Street, 37th Floor
Boston, MA	02116
(Address of Principal Executive Office)	(Zip Code)

(617) 516‑2000

(Registrant’s Telephone Number, Including Area Code)

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	BCSF	New York Stock Exchange

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

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

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

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

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

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

As of May 5, 2025, the registrant had 64,868,507 shares of common stock outstanding.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and December 31, 2024	7
	Notes to Consolidated Financial Statements (unaudited)	45
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	121
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	140
Item 4.	Controls and Procedures	140
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	141
Item 1A.	Risk Factors	141
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	141
Item 3.	Default Upon Senior Securities	141
Item 4.	Mine Safety Disclosures	141
Item 5.	Other Information	141
Item 6.	Exhibits, Consolidated Financial Statement Schedules	142
Signatures		147

i

FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such 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 are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2024 and in our filings with the Securities and Exchange Commission (the “SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report 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 Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.

ii

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	As of			As of
	March 31, 2025			December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,799,763 and $1,784,019, respectively)	$	1,813,479		$	1,773,742
Non-controlled/affiliate investments (amortized cost of $74,926 and $77,269, respectively)		71,524			75,733
Controlled affiliate investments (amortized cost of $581,375 and $585,702, respectively)		579,942			581,714
Cash and cash equivalents		10,168			51,562
Foreign cash (cost of $28,476 and $2,640, respectively)		28,188			1,963
Restricted cash and cash equivalents		55,609			45,541
Collateral on derivatives		2,900			9,755
Deferred financing costs		4,333			4,591
Interest receivable on investments		31,061			39,164
Interest rate swap		5,371			—
Receivable for sales and paydowns of investments		32,186			37,760
Prepaid insurance		—			197
Unrealized appreciation on forward currency exchange contracts		1,471			4,690
Dividend receivable		6,083			5,745
Total Assets	$	2,642,315		$	2,632,157
Liabilities
Debt (net of unamortized debt issuance costs of $12,588 and $4,929, respectively)	$	1,451,204		$	1,390,270
Interest payable		11,610			13,860
Payable for investments purchased		1,917			29,490
Collateral payable on derivatives		6,000			—
Unrealized depreciation on forward currency exchange contracts		39			1,185
Base management fee payable		9,068			9,160
Incentive fee payable		2,222			4,696
Accounts payable and accrued expenses		15,751			14,771
Distributions payable		—			29,053
Total Liabilities		1,497,811			1,492,485
Commitments and Contingencies (See Note 10)
Net Assets
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,562,265 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		65			65
Paid in capital in excess of par value		1,164,045			1,159,493
Total distributable loss		(19,606	)		(19,886	)
Total Net Assets		1,144,504			1,139,672
Total Liabilities and Total Net Assets	$	2,642,315		$	2,632,157
Net asset value per share	$	17.64		$	17.65

See Notes to Consolidated Financial Statements

3

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

	For the Three Months Ended March 31,
		2025				2024
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments	$		41,672		$		43,849
Dividend income			1,725				—
PIK income			6,606				5,067
Other income			2,833				5,255
Total investment income from non-controlled/non-affiliate investments			52,836				54,171
Investment income from non-controlled/affiliate investments:
Interest from investments			8				2,581
Dividend income			—				821
PIK income			17				315
Other income			42				—
Total investment income from non-controlled/affiliate investments			67				3,717
Investment income from controlled affiliate investments:
Interest from investments			9,148				9,165
Dividend income			4,786				7,446
PIK income			2				—
Total investment income from controlled affiliate investments			13,936				16,611
Total investment income			66,839				74,499
Expenses
Interest and debt financing expenses			18,904				18,056
Base management fee			9,068				8,818
Incentive fee			2,222				9,232
Professional fees			714				801
Directors fees			174				174
Other general and administrative expenses			2,571				2,443
Total expenses, net of fee waivers			33,653				39,524
Net investment income before taxes			33,186				34,975
Income tax expense, including excise tax			1,076				1,025
Net investment income			32,110				33,950
Net realized and unrealized gains (losses)
Net realized loss on non-controlled/non-affiliate investments			(20,986	)			(2,536	)
Net realized gain (loss) on non-controlled/affiliate investments			(2,967	)			4,719
Net realized gain (loss) on foreign currency transactions			(249	)			23
Net realized gain (loss) on forward currency exchange contracts			(2,405	)			1,727
Net change in unrealized appreciation on foreign currency translation			435				(208	)
Net change in unrealized appreciation on forward currency exchange contracts			(2,073	)			1,241
Net change in unrealized appreciation on non-controlled/non-affiliate investments			23,993				10,558
Net change in unrealized appreciation on non-controlled/affiliate investments			(1,866	)			(13,358	)
Net change in unrealized appreciation on controlled affiliate investments			2,555				(1,021	)
Total net gain (loss)			(3,563	)			1,145
Net increase in net assets resulting from operations	$		28,547		$		35,095
Basic and diluted net investment income per share of common stock	$		0.50		$		0.53
Basic and diluted increase in net assets resulting from operations per share of common stock	$		0.44		$		0.55
Basic and diluted weighted average common stock outstanding			64,676,192				64,562,265

See Notes to Consolidated Financial Statements

4

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

	For the Three Months Ended March 31,
		2025				2024
Operations:
Net investment income	$		32,110		$		33,950
Net realized gain (loss)			(26,607	)			3,933
Net change in unrealized appreciation			23,044				(2,788	)
Net increase in net assets resulting from operations			28,547				35,095
Stockholder distributions:
Distributions from distributable earnings			(29,191	)			(29,053	)
Net decrease in net assets resulting from stockholder distributions			(29,191	)			(29,053	)
Capital share transactions:
Issuances of common stock (net of offering and underwriting costs)			4,552				—
Shares issued in connection with dividend reinvestment plan			924				—
Net increase in net assets resulting from capital share transactions			5,476				—
Total increase in net assets			4,832				6,042
Net assets at beginning of period			1,139,672				1,136,466
Net assets at end of period	$		1,144,504		$		1,142,508
Net asset value per share of common stock	$		17.64		$		17.70
Common stock outstanding at end of period			64,868,507				64,562,265

See Notes to Consolidated Financial Statements

5

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

	For the Three Months Ended March 31,
		2025				2024
Cash flows from operating activities
Net increase in net assets resulting from operations	$		28,547		$		35,095
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments			(299,374	)			(400,920	)
Proceeds from principal payments and sales of investments			251,317				296,739
Net realized (gain) loss from investments			23,953				(2,183	)
Net realized (gain) loss on foreign currency transactions			249				(23	)
Net change in unrealized appreciation on forward currency exchange contracts			2,073				(1,241	)
Net change in unrealized appreciation on investments			(24,682	)			3,821
Net change in unrealized appreciation on foreign currency translation			(435	)			208
Increase in investments due to PIK			(5,415	)			(4,296	)
Accretion of discounts and amortization of premiums			(1,554	)			(1,466	)
Amortization of deferred financing costs and debt issuance costs			1,149				890
Changes in operating assets and liabilities:
Collateral on derivatives			6,855				(440	)
Interest receivable on investments			8,103				7,089
Interest rate swap			(78	)			—
Prepaid insurance			197				(544	)
Dividend receivable			(338	)			2,507
Interest payable			(2,250	)			(396	)
Collateral payable on derivatives			6,000				—
Base management fee payable			(92	)			(111	)
Incentive fee payable			(2,474	)			1,905
Accounts payable and accrued expenses			980				(322	)
Net cash used in operating activities			(7,269	)			(63,688	)
Cash flows from financing activities
Borrowings on debt			459,000				198,000
Repayments on debt			(395,699	)			(97,000	)
Payments of financing costs			(8,551	)			—
Proceeds from issuances of common stock (net of offering and underwriting costs)			4,552				—
Purchase of common shares issued in connection with dividend reinvestment plan			924				—
Stockholder distributions paid			(58,244	)			(27,116	)
Net cash provided by financing activities			1,982				73,884
Net (increase) decrease in cash, foreign cash, restricted cash and cash equivalents			(5,287	)			10,196
Effect of foreign currency exchange rates			186				(185	)
Cash, foreign cash, restricted cash and cash equivalents, beginning of period			99,066				112,484
Cash, foreign cash, restricted cash and cash equivalents, end of period	$		93,965		$		122,495
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$		20,005		$		17,562
Cash paid for excise taxes during the period	$		3,337		$		2,248

	As of March 31,
		2025			2024
Cash	$		10,168	$		46,708
Restricted cash			55,609			73,553
Foreign cash			28,188			2,234
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows	$		93,965	$		122,495

See Notes to Consolidated Financial Statements

6

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of March 31, 2025

(In thousands)

(Unaudited)

Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares		Cost			Market Value		% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		10.07	%	7/12/2029	$	1,149		1,149			1,149
ATS (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		10.05	%	7/12/2029	$	7,083		7,003			7,083
BTX Precision (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/25/2030	$	—		(62	)		—
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		9.31	%	7/25/2030	$	6,248		6,196			6,248
BTX Precision (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		9.32	%	7/25/2030	$	14,005		13,910			14,005
BTX Precision (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/25/2030	$	—		(33	)		—
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		9.32	%	7/25/2030	$	7,665		7,605			7,665
BTX Precision (14)(19)(25)	Equity Interest	—	—	—			—		2		2,199			2,792
Forward Slope (14)(19)(25)	Equity Interest	—	—	—			—		930		930			1,497
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.90	%	8/22/2029	$	6,123		6,000			6,123
Forward Slope (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.60%		9.90	%	8/22/2029	$	18,363		17,996			18,363
Forward Slope (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.92	%	8/22/2029	$	2,961		2,799			2,961
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.90	%	8/22/2029	$	5,604		5,537			5,604
GSP Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%		10.20	%	11/5/2027	$	1,127		1,109			1,048
GSP Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%		10.20	%	11/5/2027	$	9,549		9,552			8,880
GSP Holdings, LLC (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.90%		10.20	%	11/5/2027	$	4,551		4,546			4,232
Mach Acquisition R/C (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.40%		11.68	%	10/19/2026	$	8,537		8,474			8,537
Mach Acquisition T/L (15)(19)	First Lien Senior Secured Loan	SOFR	7.65%		11.94	%	10/19/2026	$	34,436		34,219			34,436
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		620		781			858
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		1,417		1,417			975
Robinson Helicopter (14)(19)(25)	Equity Interest	—	—	—			—		1,592		507			2,551
Saturn Purchaser Corp. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.85%		9.17	%	7/22/2030	$	13,281		13,186			13,281
Saturn Purchaser Corp. (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/22/2030	$	—		(57	)		—
Solairus (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/22/2030	$	—		(17	)		—
Whitcraft-Paradigm (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.80	%	2/15/2029	$	4,547		4,546			4,547
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.50%		10.80	%	2/15/2029	$	11,762		11,682			11,762
Whitcraft-Paradigm (3)(18)(19)(23)	First Lien Senior Secured Loan - Revolver	P	5.50%		13.00	%	2/28/2029	$	1,460		1,445			1,460
Aerospace & Defense Total										$	162,619		$	166,057		14.5	%

7

Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares		Cost			Market Value			% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Automotive
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	5,557		5,519			5,222
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	17,144		16,975			16,115
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	21,408		21,204			20,124
Cardo (6)(18)(19)	First Lien Senior Secured Loan	SOFR	5.25%		9.67	%	5/12/2028	$	98		97			98
Chilton (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/5/2031	$	—		(24	)		(25	)
Chilton (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.80	%	2/5/2031	$	569		542			541
Chilton (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.80	%	2/5/2031	$	23,014		22,853			22,841
Gills Point S (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.82	%	5/17/2029	$	3,577		3,516			3,577
Gills Point S (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.82	%	5/17/2029	$	3,689		3,665			3,689
Gills Point S (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.82	%	5/17/2029	$	7,365		7,365			7,365
Gills Point S (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.82	%	5/17/2029	$	12,473		12,473			12,473
Gills Point S (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.82	%	5/17/2029	$	1,247		1,233			1,247
Gills Point S (14)(19)(25)	Equity Interest	—	—	—			—		2		215			231
Intoxalock (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.10%		9.42	%	11/1/2028	$	11,974		11,897			11,974
Intoxalock (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/1/2028	$	—		(20	)		—
JHCC Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.55	%	9/9/2027	$	11,892		11,830			11,892
JHCC Holdings, LLC (3)(18)(19)	First Lien Senior Secured Loan - Revolver	P	4.25%		11.75	%	9/9/2027	$	1,133		1,103			1,133
Automotive Total										$	120,443		$	118,497			10.4	%
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan	SOFR	6.35%		10.67	%	3/31/2029	$	6,153		6,021			6,153
AgroFresh Solutions (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.35%		10.67	%	3/31/2029	$	10,914		10,747			10,914
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.35%		10.67	%	3/31/2028	$	5,015		4,945			5,015
Arctic Glacier U.S.A., Inc. (3)(19)(26)(31)	First Lien Senior Secured Loan - Revolver	SOFR	6.76% (4.00% PIK)		15.04	%	5/24/2028	$	1,543		1,513			1,465
Arctic Glacier U.S.A., Inc. (19)(26)(31)	First Lien Senior Secured Loan	SOFR	6.76% (4.00% PIK)		15.06	%	5/24/2028	$	12,519		12,350			12,019
BCSF Project Aberdeen, LLC (14)(19)(25)	Equity Interest	—	—	—			—		2,217		2,217			2,358
Hellers (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BKBM	3.56% (2.19% PIK)		9.41	%	9/27/2030	NZ$	3,979		2,423			2,188
Hellers (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BBSY	3.56% (2.19% PIK)		9.93	%	9/27/2030	AUD	1,789		1,240			1,083
Hellers (6)(19)(26)	Subordinated Debt	—	15.00% PIK		15.00	%	3/27/2031	NZ$	474		292			261
Hellers (2)(3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/27/2030	NZ$	—		(14	)		(14	)
NPC International, Inc. (14)(19)(25)(27)	Equity Interest	—	—	—			—		274		410			34
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		—			—
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		5,000			4,000
Spindrift (19)(26)	Subordinated Debt	—	13.75% PIK		13.75	%	2/19/2033	$	1,421		1,380			1,379
Spindrift (14)(19)(25)	Equity Interest	—	—	—			—		1		500			501
Beverage, Food & Tobacco Total										$	49,024		$	47,356			4.1	%

8

Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares		Cost			Market Value			% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Capital Equipment
AXH Air Coolers (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.82	%	10/31/2029	$	871		840			871
AXH Air Coolers (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.82	%	10/31/2029	$	1,835		1,793			1,835
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.93	%	10/31/2029	$	7,400		7,342			7,400
AXH Air Coolers (14)(19)(25)	Preferred Equity	—	—	—			—		3,417		1,104			6,917
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.82	%	10/31/2029	$	7,045		6,997			7,045
DiversiTech (17)	First Lien Senior Secured Loan	SOFR	3.76%		8.06	%	12/22/2028	$	1		1			1
East BCC Coinvest II, LLC (14)(19)(25)	Equity Interest	—	—	—			—		1,419		1,229			463
Ergotron Acquisition LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.58	%	7/6/2028	$	10,964		10,828			10,964
FCG Acquisitions, Inc. (14)(19)(25)	Preferred Equity	—	—	—			—		4		—			—
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan	SONIA	5.25%		10.55	%	2/6/2032	£	1,059		1,301			1,354
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.78	%	2/10/2032	€	5,500		5,627			5,946
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%		7.78	%	2/10/2032	€	1,705		1,744			1,843
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan	SOFR	5.25%		9.55	%	2/10/2032	$	2,224		2,203			2,202
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.25%		9.71	%	2/10/2032	£	1,614		2,080			2,072
Goodfellow (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/10/2032	£	—		—			—
PPT Group (2)(3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/28/2031	£	—		(11	)		(11	)
PPT Group (2)(3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/28/2031	£	—		(16	)		(17	)
PPT Group (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.50%		9.96	%	2/28/2031	£	6,177		7,711			7,913
PPT Group (6)(14)(19)(25)	Equity Interest	—	—	—			—		376		376			376
TCFIII Owl Finance, LLC (19)(26)	Subordinated Debt	—	12.00% PIK		12.00	%	1/30/2027	$	6,354		6,327			6,354
Capital Equipment Total										$	57,476		$	63,528			5.6	%
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		9.60	%	8/10/2028	$	176		176			176
AP Plastics Group, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.85%		9.17	%	8/10/2028	$	8,117		7,981			8,117
AP Plastics Group, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.85%		9.17	%	8/10/2028	$	2,149		2,129			2,149
Duraco (3)(19)(32)	First Lien Senior Secured Loan - Revolver	SOFR	6.50%		10.80	%	6/6/2029	$	199		173			139
Duraco (19)(29)(32)	First Lien Senior Secured Loan	SOFR	6.50%		10.80	%	6/6/2029	$	11,704		11,546			11,353
V Global Holdings LLC (16)(19)	First Lien Senior Secured Loan	EURIBOR	5.75%		8.28	%	12/22/2027	€	97		101			101
V Global Holdings LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%		10.20	%	12/22/2027	$	5,729		5,673			5,557
V Global Holdings LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.85%		10.17	%	12/22/2027	$	7,089		7,055			6,798
Chemicals, Plastics & Rubber Total										$	34,834		$	34,390			3.0	%

9

Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares		Cost			Market Value			% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Construction & Building
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.65% (1.50% PIK)		11.45	%	11/11/2027	$	27,399		26,791			26,372
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.65% (1.50% PIK)		11.45	%	11/11/2027	$	2,686		2,626			2,585
Chase Industries, Inc. (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	5.65% (1.50% PIK)		11.45	%	11/11/2027	$	1,084		1,024			1,020
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		11.19	%	8/16/2027	$	1,573		1,563			1,573
Service Master (14)(19)(25)	Equity Interest	—	—	—			—		—		—			—
Service Master (14)(19)(25)	Preferred Equity	—	—	—			—		—		169			112
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	6.01% (1.00% PIK)		11.33	%	8/16/2027	$	921		914			921
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		11.19	%	8/16/2027	$	3,167		3,167			3,167
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		11.19	%	8/16/2027	$	7,589		7,533			7,589
Service Master (3)(18)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	6.01% (1.00% PIK)		11.31	%	8/16/2027	$	17,303		17,237			17,303
Elk (14)(19)(25)	Equity Interest	—	—	—			—		1		7			810
Elk (14)(19)(25)	Preferred Equity	—	—	—			—		72		722			1,107
Zeus Fire & Security (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		9.32	%	12/11/2030	$	176		176			110
Zeus Fire & Security (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/11/2030	$	—		(19	)		(20	)
Zeus Fire & Security (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		9.29	%	12/11/2030	$	13,420		13,325			13,319
Construction & Building Total										$	75,235		$	75,968			6.6	%
Consumer Goods: Durable
New Milani Group LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.93	%	6/6/2026	$	11,179		11,006			11,179
Stanton Carpet (15)(19)	Second Lien Senior Secured Loan	SOFR	9.15%		13.44	%	3/31/2028	$	11,434		11,297			11,435
Tangent Technologies Acquisition, LLC (15)(19)	Second Lien Senior Secured Loan	SOFR	9.00%		13.32	%	5/30/2028	$	8,915		8,812			8,915
TLC Holdco LP (14)(19)(25)	Equity Interest	—	—	—			—		1,281		1,221			1,540
TLC Purchaser, Inc. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.76%		10.06	%	10/11/2027	$