n

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 June 30, 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 August 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 June 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024	7
	Notes to Consolidated Financial Statements (unaudited)	47
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	125
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	148
Item 4.	Controls and Procedures	148
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	149
Item 1A.	Risk Factors	149
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	149
Item 3.	Default Upon Senior Securities	149
Item 4.	Mine Safety Disclosures	149
Item 5.	Other Information	149
Item 6.	Exhibits, Consolidated Financial Statement Schedules	150
Signatures		155

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
	June 30, 2025			December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,826,043 and $1,784,019, respectively)	$	1,847,266		$	1,773,742
Non-controlled/affiliate investments (amortized cost of $68,516 and $77,269, respectively)		63,735			75,733
Controlled affiliate investments (amortized cost of $594,957 and $585,702, respectively)		590,796			581,714
Cash and cash equivalents		27,843			51,562
Foreign cash (cost of $8,618 and $2,640, respectively)		9,734			1,963
Restricted cash and cash equivalents		136,908			45,541
Collateral on derivatives		9,208			9,755
Deferred financing costs		4,071			4,591
Interest receivable on investments		37,513			39,164
Interest rate swap		8,704			—
Receivable for sales and paydowns of investments		34,019			37,760
Prepaid insurance		856			197
Unrealized appreciation on forward currency exchange contracts		—			4,690
Dividend receivable		3,653			5,745
Total Assets	$	2,774,306		$	2,632,157
Liabilities
Debt (net of unamortized debt issuance costs of $11,515 and $4,929, respectively)	$	1,562,578		$	1,390,270
Interest payable		13,645			13,860
Payable for investments purchased		4,482			29,490
Collateral payable on derivatives		12,490			—
Unrealized depreciation on forward currency exchange contracts		13,642			1,185
Base management fee payable		9,257			9,160
Incentive fee payable		5,446			4,696
Accounts payable and accrued expenses		13,731			14,771
Distributions payable		—			29,053
Total Liabilities		1,635,271			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 June 30, 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		(25,075	)		(19,886	)
Total Net Assets		1,139,035			1,139,672
Total Liabilities and Total Net Assets	$	2,774,306		$	2,632,157
Net asset value per share	$	17.56		$	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 June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments	$		44,292		$		45,209		$		85,964		$		89,058
Dividend income			2,940				435				4,665				435
PIK income			7,501				5,643				14,107				10,710
Other income			4,158				3,141				6,991				8,396
Total investment income from non-controlled/non-affiliate investments			58,891				54,428				111,727				108,599
Investment income from non-controlled/affiliate investments:
Interest from investments			127				279				135				2,860
Dividend income			—				—				—				821
PIK income			13				143				30				458
Other income			—				—				42				—
Total investment income from non-controlled/affiliate investments			140				422				207				4,139
Investment income from controlled affiliate investments:
Interest from investments			9,807				9,618				18,955				18,783
Dividend income			2,123				7,803				6,909				15,249
PIK income			4				—				6				—
Total investment income from controlled affiliate investments			11,934				17,421				25,870				34,032
Total investment income			70,965				72,271				137,804				146,770
Expenses
Interest and debt financing expenses			21,772				17,631				40,676				35,687
Base management fee			9,257				8,769				18,325				17,587
Incentive fee			5,446				7,924				7,668				17,156
Professional fees			714				1,029				1,428				1,830
Directors fees			182				174				356				348
Other general and administrative expenses			1,928				2,477				4,499				4,920
Total expenses, net of fee waivers			39,299				38,004				72,952				77,528
Net investment income before taxes			31,666				34,267				64,852				69,242
Income tax expense, including excise tax			1,076				1,150				2,152				2,175
Net investment income			30,590				33,117				62,700				67,067
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments			4,861				(5,340	)			(16,125	)			(7,876	)
Net realized gain (loss) on non-controlled/affiliate investments			(711	)			—				(3,678	)			4,719
Net realized gain (loss) on foreign currency transactions			581				(446	)			332				(423	)
Net realized gain (loss) on forward currency exchange contracts			(1,409	)			169				(3,814	)			1,896
Net change in unrealized appreciation on foreign currency translation			1,484				177				1,919				(31	)
Net change in unrealized appreciation on forward currency exchange contracts			(15,074	)			163				(17,147	)			1,404
Net change in unrealized appreciation on non-controlled/non-affiliate investments			7,507				8,502				31,500				19,060
Net change in unrealized appreciation on non-controlled/affiliate investments			(1,379	)			21				(3,245	)			(13,337	)
Net change in unrealized appreciation on controlled affiliate investments			(2,728	)			(7,273	)			(173	)			(8,294	)
Total net loss			(6,868	)			(4,027	)			(10,431	)			(2,882	)
Net increase in net assets resulting from operations	$		23,722		$		29,090		$		52,269		$		64,185
Basic and diluted net investment income per share of common stock	$		0.47		$		0.51		$		0.97		$		1.04
Basic and diluted increase in net assets resulting from operations per share of common stock	$		0.37		$		0.45		$		0.81		$		1.00
Basic and diluted weighted average common stock outstanding			64,868,507				64,562,265				64,772,881				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 June 30,								For the Six Months Ended June 30,
		2025				2024				2025				2024
Operations:
Net investment income	$		30,590		$		33,117		$		62,700		$		67,067
Net realized gain (loss)			3,322				(5,617	)			(23,285	)			(1,684	)
Net change in unrealized appreciation			(10,190	)			1,590				12,854				(1,198	)
Net increase in net assets resulting from operations			23,722				29,090				52,269				64,185
Stockholder distributions:
Distributions from distributable earnings			(29,191	)			(29,053	)			(58,382	)			(58,106	)
Net decrease in net assets resulting from stockholder distributions			(29,191	)			(29,053	)			(58,382	)			(58,106	)
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 (decrease) in net assets			(5,469	)			37				(637	)			6,079
Net assets at beginning of period			1,144,504				1,142,508				1,139,672				1,136,466
Net assets at end of period	$		1,139,035		$		1,142,545		$		1,139,035		$		1,142,545
Net asset value per share of common stock	$		17.56		$		17.70		$		17.56		$		17.70
Common stock outstanding at end of period			64,868,507				64,562,265				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 Six Months Ended June 30,
		2025				2024
Cash flows from operating activities
Net increase in net assets resulting from operations	$		52,269		$		64,185
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments			(814,488	)			(682,236	)
Proceeds from principal payments and sales of investments			751,100				747,376
Net realized loss from investments			19,803				3,157
Net realized (gain) loss on foreign currency transactions			(332	)			423
Net change in unrealized appreciation on forward currency exchange contracts			17,147				(1,404	)
Net change in unrealized appreciation on investments			(28,082	)			2,571
Net change in unrealized appreciation on foreign currency translation			(1,919	)			31
Increase in investments due to PIK			(17,368	)			(11,168	)
Accretion of discounts and amortization of premiums			(2,840	)			(2,838	)
Amortization of deferred financing costs and debt issuance costs			2,485				2,168
Changes in operating assets and liabilities:
Collateral on derivatives			547				547
Interest receivable on investments			1,651				2,800
Interest rate swap			(111	)			—
Prepaid insurance			(659	)			(360	)
Dividend receivable			2,092				2,141
Interest payable			(215	)			(1,728	)
Collateral payable on derivatives			12,490				—
Base management fee payable			97				(161	)
Incentive fee payable			750				597
Accounts payable and accrued expenses			(1,040	)			2,638
Net cash provided by (used in) operating activities			(6,623	)			128,739
Cash flows from financing activities
Borrowings on debt			759,000				297,000
Repayments on debt			(588,699	)			(380,301	)
Payments of financing costs			(8,551	)			(3,173	)
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			(87,435	)			(56,169	)
Net cash provided by (used in) financing activities			79,791				(142,643	)
Net (increase) decrease in cash, foreign cash, restricted cash and cash equivalents			73,168				(13,904	)
Effect of foreign currency exchange rates			2,251				(454	)
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	$		174,485		$		98,126
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$		38,406		$		35,247
Cash paid for excise taxes during the period	$		3,337		$		2,248

	As of June 30,
		2025			2024
Cash	$		27,843	$		18,417
Restricted cash			136,908			66,993
Foreign cash			9,734			12,716
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows	$		174,485	$		98,126

See Notes to Consolidated Financial Statements

6

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of June 30, 2025

(In thousands)

(Unaudited)

Portfolio Company	Investment Type	Index (1)	Spread (1)			Interest Rate			Maturity Date	Principal/Shares (9)		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%				10.06	%	7/12/2029	$	862		862			862
ATS (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%				10.01	%	7/12/2029	$	4,963		4,911			4,963
BTX Precision (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			7/25/2030	$	—		(59	)		—
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%				9.28	%	7/25/2030	$	6,232		6,183			6,232
BTX Precision (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR		4.75	%		9.07	%	7/25/2030	$	8,982		8,910			8,982
BTX Precision (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—			—			7/25/2030	$	—		(31	)		—
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR		4.75	%		9.08	%	7/25/2030	$	7,645		7,588			7,645
BTX Precision (14)(19)(25)	Equity Interest	—	—			—			—		2		2,199			3,147
Forward Slope (14)(19)(25)	Equity Interest	—	—			—			—		930		930			1,525
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%				9.90	%	8/22/2029	$	6,107		5,991			6,107
Forward Slope (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.60%				9.90	%	8/22/2029	$	18,316		17,970			18,316
Forward Slope (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%				9.93	%	8/22/2029	$	5,034		4,881			5,034
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%				9.90	%	8/22/2029	$	5,590		5,527			5,590
GSP Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%				10.20	%	11/5/2027	$	1,127		1,112			1,048
GSP Holdings, LLC (15)(19)	First Lien Senior Secured Loan	SOFR	5.90%				10.20	%	11/6/2026	$	9,524		9,539			8,857
GSP Holdings, LLC (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.90%				10.20	%	11/5/2027	$	4,551		4,548			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		8,484			8,537
Mach Acquisition T/L (15)(19)(26)(29)	First Lien Senior Secured Loan	SOFR	7.40% (2.00% PIK)				13.67	%	10/19/2026	$	34,355		34,176			34,355
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—			—			—		620		781			913
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—			—			—		1,417		1,417			451
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%				9.13	%	7/22/2030	$	13,281		13,192			13,281
Saturn Purchaser Corp. (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—			—			7/22/2030	$	—		(56	)		—
Solairus (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			7/22/2030	$	—		(17	)		—
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%				9.30	%	2/15/2029	$	2,674		2,649			2,674
Whitcraft-Paradigm (3)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—			—			2/15/2029	$	—		—			—
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.50%				10.83	%	2/15/2029	$	11,732		11,659			11,732
Whitcraft-Paradigm (3)(18)(19)(23)	First Lien Senior Secured Loan - Revolver	P	5.50%				13.00	%	2/28/2029	$	410		396			396
Aerospace & Defense Total												$	154,249		$	157,430		13.8	%

7

Portfolio Company	Investment Type	Index (1)	Spread (1)	Interest Rate			Maturity Date	Principal/Shares (9)		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	$	5,677		5,642			5,336
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	17,514		17,357			16,464
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	21,871		21,684			20,559
Cardo (6)(18)(19)	First Lien Senior Secured Loan	SOFR	5.25%		9.54	%	5/12/2028	$	98		97			98
Chilton (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/5/2031	$	—		(23	)		(76	)
Chilton (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.76	%	2/5/2031	$	569		543			541
Chilton (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.76	%	2/5/2031	$	6,484		6,441			6,435
Gills Point S (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.82	%	5/17/2029	$	2,932		2,873			2,848
Gills Point S (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.81	%	5/17/2029	$	3,680		3,657			3,615
Gills Point S (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.82	%	5/17/2029	$	7,347		7,346			7,218
Gills Point S (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.82	%	5/17/2029	$	12,441		12,441			12,223
Gills Point S (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.81	%	5/17/2029	$	1,244		1,230			1,222
Gills Point S (14)(19)(25)	Equity Interest	—	—	—			—		2		215			191
Intoxalock (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.10%		9.43	%	11/1/2028	$	11,944		11,871			11,944
Intoxalock (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/1/2028	$	—		(19	)		—
JHCC Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.55	%	9/9/2027	$	11,862		11,804			11,862
JHCC Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	P	4.25%		11.75	%	9/9/2027	$	850		821			850
Automotive Total										$	103,980		$	101,330			8.9	%
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan	SOFR	6.35%		10.68	%	3/31/2029	$	6,122		5,995			6,122
AgroFresh Solutions (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.35%		10.68	%	3/31/2029	$	6,897		6,795			6,897
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.35%		10.68	%	3/31/2028	$	5,015		4,949			5,015
Arctic Glacier U.S.A., Inc. (3)(19)(26)(31)	First Lien Senior Secured Loan - Revolver	SOFR	6.76% (4.00% PIK)		15.09	%	5/24/2028	$	1,941		1,914			1,882
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	$	12,616		12,461			12,238
BCC Trillium Foods Investments 1, LLC (14)(19)(25)	Equity Interest	—	—	—			—		3		2,531			2,531
BCSF Project Aberdeen, LLC (14)(19)(25)	Equity Interest	—	—	—			—		2,217		2,217			2,433
Hellers (6)(15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BKBM	3.31% (2.19% PIK)		8.84	%	9/27/2030	NZ$	47		28			28
Hellers (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BBSY	3.31% (2.19% PIK)		9.15	%	9/27/2030	AUD	51		35			33
Hellers (6)(19)(26)	Subordinated Debt	—	15.00% PIK		15.00	%	3/27/2031	NZ$	492		303			294
Hellers (2)(3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/27/2030	NZ$	—		(14	)		(10	)
NPC International, Inc. (14)(19)(25)(27)	Equity Interest	—	—	—			—		240		358			—
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		—			—
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		5,000			4,000
SauceCo HoldCo, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		10.05	%	5/13/2030	$	1,399		1,358			1,357
SauceCo HoldCo, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		10.06	%	5/13/2030	$	71,718		69,336			69,298
Spindrift (19)(26)	Subordinated Debt	—	13.75% PIK		13.75	%	2/19/2033	$	1,470		1,430			1,441
Spindrift (14)(19)(25)	Equity Interest	—	—	—			—		1		500			516
Beverage, Food & Tobacco Total										$	115,196		$	114,075			10.0	%

8

Portfolio Company	Investment Type	Index (1)	Spread (1)			Interest Rate			Maturity Date	Principal/Shares (9)		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	$	3,264		3,235		3,264
AXH Air Coolers (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%				9.63	%	10/31/2029	$	1,835		1,795		1,835
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%				9.63	%	10/31/2029	$	7,400		7,345		7,400
AXH Air Coolers (14)(19)(25)	Preferred Equity	—	—			—			—		3,417		1,104		6,914
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%				9.63	%	10/31/2029	$	3,316		3,294		3,316
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		5.00	%		9.33	%	7/6/2028	$	10,933		10,806		10,933
FCG Acquisitions, Inc. (14)(19)(25)	Preferred Equity	—	—			—			—		4		—		—
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%				7.39	%	2/10/2032	€	50		51		59
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	EURIBOR	5.25%				7.39	%	2/10/2032	€	50		51		59
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan	SOFR	5.25%				9.55	%	2/10/2032	$	50		50		50
Goodfellow (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SONIA	5.25%				9.47	%	2/10/2032	£	50		64		68
PPT Group (3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—