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 September 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 November 10, 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 September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	6
	Consolidated Schedules of Investments as of September 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	126
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	147
Item 4.	Controls and Procedures	148
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	148
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
	September 30, 2025			December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,913,737 and $1,784,019, respectively)	$	1,934,475		$	1,773,742
Non-controlled/affiliate investments (amortized cost of $7,480 and $77,269, respectively)		15,158			75,733
Controlled affiliate investments (amortized cost of $603,520 and $585,702, respectively)		584,465			581,714
Cash and cash equivalents		40,874			51,562
Foreign cash (cost of $18,858 and $2,640, respectively)		19,730			1,963
Restricted cash and cash equivalents		26,168			45,541
Collateral on derivatives		11,110			9,755
Deferred financing costs		3,807			4,591
Interest receivable on investments		37,241			39,164
Interest rate swap		9,062			—
Receivable for sales and paydowns of investments		29,162			37,760
Prepaid insurance		727			197
Unrealized appreciation on forward currency exchange contracts		—			4,690
Dividend receivable		4,057			5,745
Total Assets	$	2,716,036		$	2,632,157
Liabilities
Debt (net of unamortized debt issuance costs of $11,205 and $4,929, respectively)	$	1,496,360		$	1,390,270
Interest payable		12,945			13,860
Payable for investments purchased		2,682			29,490
Collateral payable on derivatives		8,310			—
Unrealized depreciation on forward currency exchange contracts		10,619			1,185
Base management fee payable		9,430			9,160
Incentive fee payable		4,599			4,696
Accounts payable and accrued expenses		42,544			14,771
Distributions payable		—			29,053
Total Liabilities		1,587,489			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 September 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		(35,563	)		(19,886	)
Total Net Assets		1,128,547			1,139,672
Total Liabilities and Total Net Assets	$	2,716,036		$	2,632,157
Net asset value per share	$	17.40		$	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 September 30,								For the Nine Months Ended September 30,
		2025				2024				2025				2024
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments	$		43,677		$		45,135		$		129,641		$		134,193
Dividend income			600				826				5,265				1,261
PIK income			7,462				5,231				21,569				15,941
Other income			1,538				5,704				8,529				14,100
Total investment income from non-controlled/non-affiliate investments			53,277				56,896				165,004				165,495
Investment income from non-controlled/affiliate investments:
Interest from investments			—				120				135				2,980
Dividend income			—				85				—				906
PIK income			—				—				30				458
Other income			67				—				109				—
Total investment income from non-controlled/affiliate investments			67				205				274				4,344
Investment income from controlled affiliate investments:
Interest from investments			10,273				10,165				29,228				28,948
Dividend income			3,581				5,274				10,490				20,523
PIK income			2				—				8				—
Total investment income from controlled affiliate investments			13,856				15,439				39,726				49,471
Total investment income			67,200				72,540				205,004				219,310
Expenses
Interest and debt financing expenses			20,310				18,117				60,986				53,804
Base management fee			9,430				8,897				27,755				26,484
Incentive fee			4,599				7,020				12,267				24,176
Professional fees			713				870				2,141				2,700
Directors fees			182				173				538				521
Other general and administrative expenses			1,965				2,454				6,464				7,374
Total expenses, net of fee waivers			37,199				37,531				110,151				115,059
Net investment income before taxes			30,001				35,009				94,853				104,251
Income tax expense, including excise tax			801				1,025				2,953				3,200
Net investment income			29,200				33,984				91,900				101,051
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments			1,345				245				(14,780	)			(7,631	)
Net realized gain (loss) on non-controlled/affiliate investments			(11,081	)			3,008				(14,759	)			7,727
Net realized gain (loss) on foreign currency transactions			335				(465	)			667				(888	)
Net realized gain (loss) on forward currency exchange contracts			(1,016	)			20				(4,830	)			1,916
Net change in unrealized appreciation on foreign currency translation			(183	)			998				1,736				967
Net change in unrealized appreciation on forward currency exchange contracts			3,023				(5,693	)			(14,124	)			(4,289	)
Net change in unrealized appreciation on non-controlled/non-affiliate investments			(485	)			(2,135	)			31,015				16,925
Net change in unrealized appreciation on non-controlled/affiliate investments			12,459				2,534				9,214				(10,803	)
Net change in unrealized appreciation on controlled affiliate investments			(14,894	)			600				(15,067	)			(7,694	)
Total net loss			(10,497	)			(888	)			(20,928	)			(3,770	)
Net increase in net assets resulting from operations	$		18,703		$		33,096		$		70,972		$		97,281
Basic and diluted net investment income per share of common stock	$		0.45		$		0.53		$		1.42		$		1.57
Basic and diluted increase in net assets resulting from operations per share of common stock	$		0.29		$		0.51		$		1.10		$		1.51
Basic and diluted weighted average common stock outstanding			64,868,507				64,562,265				64,805,106				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 September 30,								For the Nine Months Ended September 30,
		2025				2024				2025				2024
Operations:
Net investment income	$		29,200		$		33,984		$		91,900		$		101,051
Net realized gain (loss)			(10,417	)			2,808				(33,702	)			1,124
Net change in unrealized appreciation			(80	)			(3,696	)			12,774				(4,894	)
Net increase in net assets resulting from operations			18,703				33,096				70,972				97,281
Stockholder distributions:
Distributions from distributable earnings			(29,191	)			(29,053	)			(87,573	)			(87,159	)
Net decrease in net assets resulting from stockholder distributions			(29,191	)			(29,053	)			(87,573	)			(87,159	)
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			(10,488	)			4,043				(11,125	)			10,122
Net assets at beginning of period			1,139,035				1,142,545				1,139,672				1,136,466
Net assets at end of period	$		1,128,547		$		1,146,588		$		1,128,547		$		1,146,588
Net asset value per share of common stock	$		17.40		$		17.76		$		17.40		$		17.76
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 Nine Months Ended September 30,
		2025				2024
Cash flows from operating activities
Net increase in net assets resulting from operations	$		70,972		$		97,281
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments			(1,150,381	)			(1,097,835	)
Proceeds from principal payments and sales of investments			1,052,024				1,001,530
Net realized (gain) loss from investments			29,539				(96	)
Net realized (gain) loss on foreign currency transactions			(667	)			888
Net change in unrealized appreciation on forward currency exchange contracts			14,124				4,289
Net change in unrealized appreciation on investments			(25,162	)			1,572
Net change in unrealized appreciation on foreign currency translation			(1,736	)			(967	)
Increase in investments due to PIK			(23,351	)			(18,723	)
Accretion of discounts and amortization of premiums			(3,788	)			(3,791	)
Amortization of deferred financing costs and debt issuance costs			3,844				3,095
Changes in operating assets and liabilities:
Collateral on derivatives			(1,355	)			(2,062	)
Interest receivable on investments			1,923				2,649
Interest rate swap			(112	)			—
Prepaid insurance			(530	)			(173	)
Dividend receivable			1,688				744
Interest payable			(915	)			(113	)
Collateral payable on derivatives			8,310				—
Base management fee payable			270				(32	)
Incentive fee payable			(97	)			(307	)
Accounts payable and accrued expenses			27,773				4,937
Net cash provided by (used in) operating activities			2,373				(7,114	)
Cash flows from financing activities
Borrowings on debt			1,164,615				565,000
Repayments on debt			(1,061,199	)			(522,301	)
Payments of financing costs			(9,336	)			(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			(116,626	)			(85,222	)
Net cash used in financing activities			(17,070	)			(45,696	)
Net decrease in cash, foreign cash, restricted cash and cash equivalents			(14,697	)			(52,810	)
Effect of foreign currency exchange rates			2,403				79
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	$		86,772		$		59,753
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$		58,057		$		50,822
Cash paid for excise taxes during the period	$		3,337		$		2,411

	As of September 30,
		2025			2024
Cash	$		40,874	$		25,336
Restricted cash			26,168			29,292
Foreign cash			19,730			5,125
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows	$		86,772	$		59,753

See Notes to Consolidated Financial Statements

6

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of September 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)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/12/2029	$	—		—			—
ATS (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		10.07	%	7/12/2029	$	4,950		4,901			4,950
BTX Precision (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.96	%	7/25/2030	$	5,943		5,886			5,943
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		9.06	%	7/25/2030	$	6,216		6,170			6,216
BTX Precision (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.75%		8.91	%	7/25/2030	$	8,960		8,890			8,960
BTX Precision (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/25/2030	$	—		(30	)		—
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	4.75%		8.91	%	7/25/2030	$	7,626		7,570			7,626
BTX Precision (14)(19)(25)	Equity Interest	—	—	—			—		2		2,199			3,216
Forward Slope (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.77	%	8/22/2029	$	84		84			84
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.60	%	8/22/2029	$	6,092		5,981			6,092
Forward Slope (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.60%		9.60	%	8/22/2029	$	13,282		13,041			13,282
Forward Slope (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		9.77	%	8/22/2029	$	4,146		4,002			4,146
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	5.60%		9.60	%	8/22/2029	$	5,575		5,515			5,575
Forward Slope (14)(19)(25)	Equity Interest	—	—	—			—		930		930			1,490
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)		10.20	%	11/5/2027	$	1,130		1,101			1,051
GSP Holdings, LLC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	2.95% (2.95% PIK)		9.90	%	11/6/2026	$	9,784		9,774			9,099
GSP Holdings, LLC (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.90%		10.20	%	11/5/2027	$	4,551		4,550			4,232
Heads Up Technologies, Inc. (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/23/2030	$	—		(8	)		(9	)
Heads Up Technologies, Inc. (16)(19)	First Lien Senior Secured Loan	SOFR	5.25%		9.57	%	7/23/2030	$	216		215			215
Heads Up Technologies, Inc. (16)(19)	Second Lien Senior Secured Loan	SOFR	8.25%		12.58	%	7/23/2031	$	9,720		9,671			9,671
Mach Acquisition R/C (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.15%		11.14	%	10/19/2026	$	7,532		7,490			7,532
Mach Acquisition T/L (15)(19)(26)(29)	First Lien Senior Secured Loan	SOFR	7.15% (2.00% PIK)		13.48	%	10/19/2026	$	18,311		18,232			18,311
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		620		781			1,073
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		1,417		1,417			289
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		13,195			13,281
Saturn Purchaser Corp. (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/22/2030	$	—		(54	)		—
Solairus (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/22/2030	$	—		(16	)		—
Whitcraft-Paradigm (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.50	%	2/15/2029	$	2,303		2,302			2,303
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		9.00	%	2/15/2029	$	2,668		2,643			2,668
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%		10.82	%	2/15/2029	$	10,184		10,124			10,184
Whitcraft-Paradigm (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/28/2029	$	—		(12	)		(12	)
Aerospace & Defense Total										$	147,051		$	150,019			13.3	%

7

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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	$	5,802		5,770			5,396
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	17,902		17,755			16,649
American Trailer Rental Group (19)(26)	Subordinated Debt	—	5.50% (8.75% PIK)		14.25	%	12/1/2027	$	22,355		22,186			20,790
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	$	—		(22	)		(76	)
Chilton (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.82	%	2/5/2031	$	696		671			667
Chilton (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		9.82	%	2/5/2031	$	6,468		6,425			6,419
Gills Point S (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.50%		9.66	%	5/17/2029	$	4,383		4,357			4,286
Gills Point S (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.64	%	5/17/2029	$	3,670		3,648			3,597
Gills Point S (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.67	%	5/17/2029	$	7,328		7,328			7,182
Gills Point S (15)(19)	First Lien Senior Secured Loan	SOFR	5.50%		9.66	%	5/17/2029	$	12,409		12,409			12,161
Gills Point S (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		9.68	%	5/17/2029	$	1,241		1,228			1,216
Gills Point S (14)(19)(25)	Equity Interest	—	—	—			—		2		215			181
Intoxalock (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.10%		9.26	%	11/1/2028	$	11,913		11,844			11,913
Intoxalock (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/1/2028	$	—		(18	)		—
JHCC Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.25	%	9/9/2027	$	11,832		11,744			11,832
JHCC Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	P	4.25%		11.50	%	9/9/2027	$	1,133		1,105			1,133
Automotive Total										$	106,742		$	103,444			9.2	%
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan	SOFR	6.35%		10.51	%	3/31/2029	$	6,106		5,982			6,106
AgroFresh Solutions (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.35%		10.51	%	3/31/2029	$	6,879		6,780			6,879
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.35%		10.51	%	3/31/2028	$	5,015		4,954			5,015
Arctic Glacier U.S.A., Inc. (3)(19)(26)(31)	First Lien Senior Secured Loan - Revolver	SOFR	6.76% (4.00% PIK)		15.05	%	5/24/2028	$	594		569			535
Arctic Glacier U.S.A., Inc. (19)(26)(31)	First Lien Senior Secured Loan	SOFR	6.76% (4.00% PIK)		14.76	%	5/24/2028	$	12,716		12,569			12,334
BCC Trillium Foods Investments 1, LLC (14)(19)(25)	Equity Interest	—	—	—			—		3		2,531			2,884
BCSF Project Aberdeen, LLC (14)(19)(25)	Equity Interest	—	—	—			—		2,217		2,217			2,423
Hellers (6)(15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BKBM	3.63% (1.88% PIK)		8.35	%	9/27/2030	NZ$	47		28			27
Hellers (6)(18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	BBSY	3.63% (1.88% PIK)		9.13	%	9/27/2030	AUD	51		35			33
Hellers (6)(19)(26)	Subordinated Debt	—	15.00% PIK		15.00	%	3/27/2031	NZ$	510		314			292
Hellers (2)(3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/27/2030	NZ$	—		(13	)		(5	)
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%		9.75	%	5/13/2030	$	2,518		2,479			2,392