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
Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024
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
Legal Proceedings
Item 1A.
Risk Factors
149
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Default Upon Senior Securities
Mine Safety Disclosures
Item 5.
Other Information
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
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
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
Net asset value per share
17.40
17.65
See Notes to Consolidated Financial Statements
Consolidated Statements of Operations
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
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:
120
135
2,980
85
906
30
458
67
109
Total investment income from non-controlled/affiliate investments
205
274
4,344
Investment income from controlled affiliate investments:
10,273
10,165
29,228
28,948
3,581
5,274
10,490
20,523
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
8,897
27,755
26,484
Incentive fee
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
(15,067
(7,694
Total net loss
(10,497
(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
Consolidated Statements of Changes in Net Assets
Operations:
Net realized gain (loss)
(10,417
2,808
(33,702
1,124
Net change in unrealized appreciation
(80
(3,696
12,774
(4,894
Stockholder distributions:
Distributions from distributable earnings
(29,191
(29,053
(87,573
(87,159
Net decrease in net assets resulting from stockholder distributions
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
1,136,466
Net assets at end of period
1,146,588
Net asset value per share of common stock
17.76
Common stock outstanding at end of period
Consolidated Statements of Cash Flows
Cash flows from operating activities
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
14,124
4,289
Net change in unrealized appreciation on investments
(25,162
1,572
(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:
(1,355
(2,062
1,923
2,649
(112
(530
(173
1,688
744
(915
(113
270
(32
(97
(307
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)
Purchase of common shares issued in connection with dividend reinvestment plan
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,
Cash
25,336
Restricted cash
29,292
Foreign cash
5,125
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows
Consolidated Schedule of Investments
As of September 30, 2025
(In thousands)
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
%
4,950
4,901
BTX Precision (3)(15)(19)
First Lien Senior Secured Loan - Delayed Draw
4.75%
8.96
7/25/2030
5,943
5,886
BTX Precision (15)(19)(29)
9.06
6,216
6,170
BTX Precision (15)(19)
8.91
8,960
8,890
BTX Precision (3)(5)(18)(19)
(30
7,626
7,570
BTX Precision (14)(19)(25)
Equity Interest
2,199
3,216
Forward Slope (3)(15)(19)
5.60%
9.77
8/22/2029
84
Forward Slope (15)(19)
9.60
6,092
5,981
Forward Slope (15)(19)(29)
13,282
13,041
4,146
4,002
5,575
5,515
Forward Slope (14)(19)(25)
930
1,490
GSP Holdings, LLC (15)(19)(26)
2.95% (2.95% PIK)
10.20
11/5/2027
1,130
1,101
1,051
9.90
11/6/2026
9,784
9,774
9,099
GSP Holdings, LLC (15)(19)
5.90%
4,551
4,550
4,232
Heads Up Technologies, Inc. (2)(3)(5)(18)(19)
7/23/2030
(8
(9
Heads Up Technologies, Inc. (16)(19)
5.25%
9.57
216
215
Second Lien Senior Secured Loan
8.25%
12.58
7/23/2031
9,720
9,671
Mach Acquisition R/C (3)(15)(19)
7.15%
11.14
10/19/2026
7,532
7,490
Mach Acquisition T/L (15)(19)(26)(29)
7.15% (2.00% PIK)
13.48
18,311
18,232
Precision Ultimate Holdings, LLC (14)(19)(25)
620
781
1,073
1,417
289
Robinson Helicopter (14)(19)(25)
1,592
507
2,551
Saturn Purchaser Corp. (15)(19)(29)
4.85%
9.17
7/22/2030
13,281
13,195
Saturn Purchaser Corp. (3)(5)(18)(19)
(54
Solairus (3)(5)(18)(19)
(16
Whitcraft-Paradigm (15)(19)
5.50%
9.50
2/15/2029
2,303
2,302
Whitcraft-Paradigm (15)(19)(29)
5.00%
9.00
2,668
2,643
Whitcraft-Paradigm (3)(18)(19)
6.50%
10.82
10,184
10,124
Whitcraft-Paradigm (2)(3)(5)(18)(19)
2/28/2029
(12
Aerospace & Defense Total
147,051
150,019
13.3
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
17,902
17,755
16,649
22,355
22,186
20,790
Cardo (6)(18)(19)
9.54
5/12/2028
98
97
Chilton (2)(3)(5)(18)(19)
2/5/2031
(22
(76
Chilton (3)(15)(19)
9.82
696
671
Chilton (15)(19)(29)
6,468
6,425
6,419
Gills Point S (3)(15)(19)
9.66
5/17/2029
4,383
4,357
4,286
Gills Point S (15)(19)
9.64
3,670
3,648
3,597
9.67
7,328
7,182
12,409
12,161
9.68
1,241
1,228
1,216
Gills Point S (14)(19)(25)
181
Intoxalock (15)(19)(29)
5.10%
9.26
11/1/2028
11,913
11,844
Intoxalock (3)(5)(18)(19)
(18
JHCC Holdings, LLC (15)(19)(29)
9.25
9/9/2027
11,832
11,744
JHCC Holdings, LLC (3)(15)(19)
P
4.25%
11.50
1,133
1,105
Automotive Total
106,742
103,444
9.2
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)
6.35%
10.51
3/31/2029
6,106
5,982
AgroFresh Solutions (15)(19)(29)
6,879
6,780
3/31/2028
5,015
4,954
Arctic Glacier U.S.A., Inc. (3)(19)(26)(31)
6.76% (4.00% PIK)
15.05
5/24/2028
594
569
535
Arctic Glacier U.S.A., Inc. (19)(26)(31)
14.76
12,716
12,569
12,334
BCC Trillium Foods Investments 1, LLC (14)(19)(25)
2,531
2,884
BCSF Project Aberdeen, LLC (14)(19)(25)
2,217
2,423
Hellers (6)(15)(19)(26)
BKBM
3.63% (1.88% PIK)
8.35
9/27/2030
NZ$
28
27
Hellers (6)(18)(19)(26)
BBSY
9.13
AUD
51
35
33
Hellers (6)(19)(26)
15.00% PIK
15.00
3/27/2031
510
314
292
Hellers (2)(3)(5)(6)(18)(19)
(13
(5
PPX (14)(19)(25)
Preferred Equity
5,000
4,000
SauceCo HoldCo, LLC (3)(15)(19)
9.75
5/13/2030
2,518
2,479
2,392
SauceCo HoldCo, LLC (15)(19)(29)
71,539
69,243
70,466
Spindrift (19)(26)
13.75% PIK
13.75
2/19/2033
1,521
1,481
1,506
Spindrift (14)(19)(25)
1
500
526
Beverage, Food & Tobacco Total
114,669
115,413
10.2
Capital Equipment
AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19)
10.70
8/27/2030
17
16
AeriTek Global CAD Acquisition Inc. (6)(15)(19)
475
468
AXH Air Coolers (3)(15)(19)
9.81
10/31/2029
4,889
4,861
2,752
2,715
AXH Air Coolers (15)(19)(29)
9.63
7,400
7,346
3,308
3,286
AXH Air Coolers (14)(19)(25)
3,417
1,104
8,552
East BCC Coinvest II, LLC (14)(19)(25)
1,419
1,229
463
Engineered Products Co., LLC (2)(3)(5)(18)(19)
8/12/2031
(7
Engineered Products Co., LLC (15)(19)
8.81
3,262
3,229
Ergotron Acquisition LLC (16)(19)(29)
5.26%
9.42
7/6/2028
10,903
10,783
FCG Acquisitions, Inc. (14)(19)(25)
Goodfellow (6)(15)(19)
EURIBOR
7.25
2/10/2032
€
50
59
SONIA
9.22
£
64
PPT Group (3)(6)(18)(19)
9.48
2/28/2031
221
287
297
PPT Group (3)(5)(6)(18)(19)
(15
PPT Group (6)(18)(19)
9.53
6,146
7,675
8,272
PPT Group (6)(14)(19)(25)
376
382
TCFIII Owl Finance, LLC (19)(26)
12.00% PIK
12.00
1/30/2027
6,753
6,732
Capital Equipment Total
50,301
57,912
5.1
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (2)(3)(5)(18)(19)
8/10/2030
(4
AP Plastics Group, LLC (16)(19)
8.98
176
AP Plastics Group, LLC (16)(19)(29)
11,424
11,242
11,425
2,193
2,175
Duraco (2)(3)(5)(18)(19)
6/6/2029
(24
Duraco (19)(29)(32)
10.79
8,645
8,545
8,299
Plaskolite PPC Intermediate II LLC (3)(15)(19)
7.00%
11.22
2/7/2030
73
61
60
Plaskolite PPC Intermediate II LLC (15)(19)(26)
4.00% (4.00% PIK)
12.22
5/9/2030
7,163
7,027
V Global Holdings LLC (16)(19)
7.78
12/22/2027
101
10.14
15,604
15,230
14,980
V Global Holdings LLC (3)(16)(19)
5.85%
7,854
7,845
7,466
Chemicals, Plastics & Rubber Total
52,374
51,644
4.6
9
Construction & Building
AGS American Glass Services Acquisition, LLC (2)(3)(5)(18)(19)
7/24/2031
(1
AGS American Glass Services Acquisition, LLC (3)(15)(19)
52
AGS American Glass Services Acquisition, LLC (15)(19)
160
159
AGS American Services Investments, L.P. (14)(19)(25)
338
BCSF ServiceMaster Investments, LLC (14)(19)(25)
49
Chase Industries, Inc. (15)(19)(26)
5.65% (1.50% PIK)
11.45
11/11/2027
27,507
27,030
26,819
2,683
2,638
2,616
Chase Industries, Inc. (3)(15)(19)(26)
839
809
796
Elk (14)(19)(25)
765
72
722
1,152
G702 Buyer, Inc. (2)(3)(5)(18)(19)
7/2/2031
(11
G702 Buyer, Inc. (16)(19)
8.75
4,659
4,589
Service Master (15)(19)(26)
6.01% (1.00% PIK)
11.24
12/31/2029
3,908
130
5.86% (1.00% PIK)
11.00
8/16/2027
1,573
1,564
Service Master (14)(19)(25)
169
Service Master (18)(19)(26)
11.21
926
920
11.03
3,167
7,629
7,581
Service Master (3)(18)(19)(26)
6.76% (0.25% PIK)
9,362
9,328
Zeus Fire & Security (3)(15)(19)
12/11/2030
5,933
5,867
Zeus Fire & Security (2)(3)(5)(18)(19)
(17
(20
Zeus Fire & Security (15)(19)
9.32
13,353
13,263
13,253
Construction & Building Total
82,306
83,115
7.4
Consumer Goods: Durable
New Milani Group LLC (2)(3)(5)(18)(19)
6/26/2031
(2
New Milani Group LLC (15)(19)
10,611
10,507
10,505
Stanton Carpet (15)(19)
9.15%
13.44
11,434
11,311
11,435
Tangent Technologies Acquisition, LLC (15)(19)
9.00%
13.01
5/30/2028
8,915
8,824
TLC Holdco LP (14)(19)(25)
1,281
1,221
1,498
TLC Purchaser, Inc. (15)(19)
5.76%
9.76
10/11/2027
1,958
1,945
TLC Purchaser, Inc. (15)(19)(29)
9.78
13,069
12,860
TLC Purchaser, Inc. (3)(18)(19)
10.09
7,617
7,616
Consumer Goods: Durable Total
54,270
54,980
4.9
10
Consumer Goods: Non-Durable
Evriholder (19)(29)(32)
6.90%
11.06
1/24/2028
5,937
5,901
5,878
Fineline Technologies, Inc. (14)(19)(25)
939
1,288
Hempz (2)(3)(5)(18)(19)
10/25/2029
Hempz (15)(19)
230
228
229
RoC Skincare (15)(19)(29)
9.96
2/21/2031
9,850
9,734
RoC Skincare (3)(5)(18)(19)
2/21/2030
Solaray, LLC (15)(19)
6.85%
10.98
12/15/2025
13,043
13,027
12,521
28,283
27,151
Solaray, LLC (3)(18)(19)
9.73
12,052
12,050
Summer Fridays, LLC (2)(3)(5)(18)(19)
5/16/2031
Summer Fridays, LLC (15)(19)
484
477
WU Holdco, Inc. (2)(3)(5)(18)(19)
4/15/2032
(27
Consumer Goods: Non-Durable Total
70,562
69,379
6.1
Consumer Goods: Wholesale
WSP (7)(14)(15)(19)
1.25%
5.45
4/27/2028
3,259
3,015
1,728
WSP (7)(14)(19)(26)
8.00% PIK
8.00
2,169
1,995
WSP (14)(19)(25)
12
2,898
WSP (2)(3)(5)(7)(14)(18)(19)
(6
(117
Consumer Goods: Wholesale Total
8,130
1,611
0.1
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29)
6.26%
10.57
12/29/2027
5,739
5,651
ASP-r-pac Acquisition Co LLC (3)(16)(19)
6.11%
10.28
2,576
2,544
Precision Concepts Canada Corporation (6)(15)(19)
8.95
8/2/2032
806
798
Precision Concepts Parent Inc. (2)(3)(5)(18)(19)
Precision Concepts Parent Inc. (15)(19)
1,847
1,828
Containers, Packaging & Glass Total
10,813
10,933
1.0
Energy: Electricity
WCI Gigawatt Purchaser (15)(19)
11/19/2027
2,660
2,621
WCI Gigawatt Purchaser (15)(19)(29)
6.01%
10.21
1,401
1,389
WCI Gigawatt Purchaser (3)(15)(19)
5.86%
10.02
3,780
3,754
Energy: Electricity Total
7,764
7,841
0.7
Environmental Industries
Meteor UK Bidco Limited (3)(6)(18)(19)
11/14/2031
8.97
5/14/2032
2,429
3,247
3,253
Meteor UK Bidco Limited (6)(18)(19)
8,104
10,793
10,825
Reconomy (6)(18)(19)
10.47
68
83
91
6.25%
8.25
32
Reconomy (3)(6)(18)(19)
10.50
1,959
2,494
2,557
Titan Cloud Software, Inc (14)(19)(25)
3,532
4,573
Titan Cloud Software, Inc (18)(19)(26)
2.00% (4.60% PIK)
10.91
9/7/2029
27,580
27,432
Titan Cloud Software, Inc (3)(18)(19)(26)
9/7/2028
3,424
3,396
Titan Cloud Software, Inc (18)(19)
9.87
12,264
12,204
Environmental Industries Total
63,209
64,599
5.7
11
FIRE: Finance
Allworth Financial Group, L.P. (3)(15)(19)
12/23/2027
3,589
3,558
Allworth Financial Group, L.P. (15)(19)(29)
850
843
1,463
1,455
Allworth Financial Group, L.P. (3)(5)(18)(19)
Avalon Bidco Limited (2)(3)(5)(6)(18)(19)
4/16/2032
(31
(35
Avalon Bidco Limited (6)(15)(19)
10.32
66
Choreo (3)(15)(19)
9.16
2/18/2028
128
Insigneo Financial Group LLC (19)(26)
10.00% PIK
10.00
8/1/2027
1,913
1,926
Insigneo Financial Group LLC (15)(19)
6.60%
10.88
8/1/2028
267
262
Insigneo Financial Group LLC (14)(19)(25)
534
3,184
Lagerbox (6)(15)(19)
Euribor
3.50%
5.53
12/20/2028
750
779
882
Parmenion (6)(18)(19)
9.47
5/23/2029
295
370
397
PMA (3)(5)(18)(19)
1/31/2031
PMA (16)(19)
58
57
Sikich (19)(25)(26)
13.00% PIK
13.00
3,526
Sikich (14)(19)(25)
Warrants
151
527
TA/Weg Holdings (15)(19)(29)
4.50%
8.79
10/2/2028
2,307
2,304
9,137
Wealth Enhancement Group (WEG) (3)(15)(19)
8.49
10/4/2028
2,280
2,251
Wealth Enhancement Group (WEG) (3)(5)(18)(19)
(10
FIRE: Finance Total
27,133
30,687
2.7
FIRE: Insurance
McLarens Acquisition Inc. (2)(3)(5)(18)(19)
12/19/2027
McLarens Acquisition Inc. (3)(6)(16)(19)
8.85
44
45
McLarens Acquisition Inc. (16)(19)
4.90%
9.19
414
410
McLarens Acquisition Inc. (3)(5)(18)(19)
8.89
263
261
McLarens Acquisition Inc. (2)(3)(5)(6)(18)(19)
12/20/2027
(3
95
94
905
896
249
248
McLarens Acquisition Inc. (3)(16)(19)
4,881
4,879
MRHT (3)(6)(18)(19)
7.00
5/17/2032
522
611
614
MRHT (2)(3)(5)(6)(18)(19)
11/10/2031
(14
Simplicity (3)(16)(19)
12/31/2031
2,537
Simplicity (3)(5)(18)(19)
(39
Simplicity (16)(19)(29)
10,199
10,107
FIRE: Insurance Total
20,013
20,234
1.8
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (2)(3)(5)(18)(19)
8/20/2030
Accident Care Alliance Holdco LLC (15)(19)
13,262
13,196
13,197
AEG Vision (15)(19)
3/27/2027
41,881
41,470
41,882
AEG Vision (15)(19)(29)
16,227
16,156
17,698
17,621
17,699
2,043
2,034
AOM Infusion (2)(3)(5)(18)(19)
3/19/2032
Apollo Intelligence (16)(19)
9.98
5/31/2028
14,962
15,279
14,739
Apollo Intelligence (3)(16)(19)
9,790
9,758
9,639
Apollo Intelligence (14)(19)(25)
34
3,378
2,377
Beacon Specialized Living (3)(18)(19)
3/25/2028
Beacon Specialized Living (3)(15)(19)
2,431
2,330
Beacon Specialized Living (15)(19)(29)
4,938
4,896
Caregiver (19)(26)
16.50% PIK
16.50
1/1/2030
9,448
9,350
9,330
CB Titan Holdings, Inc. (14)(19)(25)
1,953
CRH Healthcare Purchaser, Inc. (2)(3)(5)(18)(19)
9/17/2031
CRH Healthcare Purchaser, Inc. (15)(19)(29)
9.27
10,043
9,993
EHE Health (3)(18)(19)
8/7/2030
EHE Health (15)(19)(29)
10,787
10,696
EHE Health (14)(19)(25)
2,178
2,320
Great Expressions Dental Center PC (15)(19)(26)
1.15% (3.00% PIK)
8.15
9/30/2026
9,944
9,963
9,148
HealthDrive (3)(18)(19)
8/20/2029
HealthDrive (14)(19)(25)
18
1,822
1,891
13
Masco (6)(18)(19)(26)
13.25
10/4/2032
5,328
5,722
6,202
Mertus 522. GmbH (6)(18)(19)(26)
6.25% (0.75% PIK)
9.04
5/28/2028
255
257
9.12
152
Nafinco (3)(6)(15)(19)
7.29
8/29/2031
1,465
1,512
1,710
Nafinco (6)(18)(19)
56
Nafinco (3)(6)(18)(19)
5/30/2031
107
123
Odyssey Behavioral Health (3)(5)(18)(19)
11/21/2030
(78
Odyssey Behavioral Health (15)(19)
9.46
5/21/2031
1,594
Odyssey Behavioral Health (14)(19)(25)
22
2,234
Pharmacy Partners (3)(5)(18)(19)
(47
Premier Imaging, LLC (15)(19)(26)(29)
4.22% (2.04% PIK)
10.26
3/31/2026
8,167
8,151
7,350
Premier Imaging, LLC (15)(19)(26)
2,196
2,191
1,977
Psychiatric Medical Care LLC (2)(3)(5)(18)(19)
7/1/2032
(25
Psychiatric Medical Care LLC (16)(19)
8.74
177
175
Red Nucleus (3)(16)(19)
10/17/2031
406
384
447
418
RedMed Operations (Collage Rehabilitation) (3)(5)(15)(19)
RedMed Operations (Collage Rehabilitation) (3)(15)(19)
945
936
RedMed Operations (Collage Rehabilitation) (15)(19)
361
359
SunMed Group Holdings, LLC (16)(19)(29)
9.91
6/16/2028
8,452
8,382
Sunmed Group Holdings, LLC (3)(5)(18)(19)
6/16/2027
USME Holdco LLC (19)(26)
17.00% PIK
17.00
5/26/2031
5,217
5,175
5,165
Healthcare & Pharmaceuticals Total
209,684
206,357
18.3
High Tech Industries
Access (6)(18)(19)
6/28/2029
80
99
108
Applitools (6)(14)(19)(25)
8,297
4,762
3,935
Applitools (2)(3)(5)(18)(19)
5/25/2028
(69
Applitools (6)(16)(19)(26)
6.25% PIK
10.25
5/25/2029
29,557
29,279
28,966
Appriss (3)(5)(18)(19)
3/10/2031
Appriss (3)(15)(19)
238
213
Appriss (15)(19)
9.07
11,086
11,005
11,087
Appriss Holdings, Inc. (15)(19)
9.02
5/6/2027
5,503
5,468
Appriss Holdings, Inc. (2)(3)(5)(18)(19)
5/6/2028
Appriss Holdings, Inc. (14)(19)(25)
2,136
1,606
2,054
AQ Software Corporation (19)(25)(26)
14.26
1,797
2,995
2,562
791
677
2,072
1,788
Chartbeat (19)(26)
16.00% PIK
16.00
10/4/2030
6,551
5,842
5,755
Chartbeat (14)(19)(25)
153
14
Cloud Technology Solutions (CTS) (6)(15)(19)(26)
2.45% (4.55% PIK)
2,086
2,658
Cloud Technology Solutions (CTS) (6)(14)(19)(25)
4,835
7,104
Eagle Rock Capital Corporation (14)(19)(25)
6,509
Eleven Software (18)(19)
8.00%
4/25/2027
7,439
7,410
8.10%
12.26
9/25/2026
1,488
1,485
Eleven Software (14)(19)(25)
134
1,314
Govineer Solutions (fka Black Mountain) (3)(5)(18)(19)
10/7/2030
Govineer Solutions (fka Black Mountain) (15)(19)(29)
4,400
4,372
HG Insights, Inc. (14)(19)(25)
505
777
HG Insights, Inc. (15)(19)
7.50%
11.64
6/16/2031
10,712
10,503
10,498
LogRhythm (2)(3)(5)(18)(19)
7/2/2029
LogRhythm, Inc. (15)(19)
11.66
3,978
3,863
3,858
NearMap (3)(5)(18)(19)
12/9/2028
NearMap (15)(19)(29)
9.33
12/9/2029
23,863
23,805
(53
New Gen Holding (6)(18)(19)(26)
3.25% (3.00% PIK)
8.37
5/28/2031
18,072
20,265
21,248
PayRange (14)(19)(25)
4,527
8,057
PayRange (3)(5)(18)(19)
10/31/2030
PlentyMarkets (6)(18)(19)
8.53
9/13/2031
1,511
1,758
1,763
PlentyMarkets (6)(18)(19)(26)
3.25% (3.70% PIK)
4/2/2032
54
RetailNext (3)(18)(19)
12/5/2030
621
590
RetailNext (15)(19)
11.15
17,007
16,854
16,837
Revalize, Inc. (15)(19)
4.89%
4/15/2027
5,238
5,221
4,819
8.90
1,808
Revalize, Inc. (3)(15)(19)
872
868
764
SAM (19)(26)
14.25% PIK
5/9/2028
41,192
41,043
SensorTower (14)(19)(25)
156
2,400
12,884
SensorTower (19)(29)(31)
11.52
3/15/2029
7,765
7,677
SensorTower (3)(5)(18)(19)
Superna Inc. (3)(5)(6)(18)(19)
3/6/2028
Superna Inc. (6)(14)(19)(25)
2,203
Superna Inc. (6)(15)(19)
31,332
31,307
Utimaco (6)(14)(19)(25)
2,223
2,862
Utimaco (6)(16)(19)
7.79
5/14/2029
10.01
93
9.88
192
191
Ventiv Holdco, Inc. (14)(19)(25)
529
2,833
909
High Tech Industries Total
279,959
299,423
26.5
15
Hotel, Gaming & Leisure
Awayday (2)(3)(5)(18)(19)
5/6/2032
Awayday (15)(19)
836
829
828
City BBQ (14)(19)(25)
1,271
1,413
City BBQ (2)(3)(5)(18)(19)
9/4/2030
(34
City BBQ (15)(19)(29)
5.35%
9,278
9,211
9,232
City BBQ (2)(3)(18)(19)
(66
Concert Golf Partners Holdco LLC (3)(16)(19)
8.50
4/1/2031
4,493
4,448
Concert Golf Partners Holdco LLC (16)(19)(29)
3/31/2031
6,641
6,560
Concert Golf Partners Holdco LLC (3)(5)(18)(19)
4/1/2030
(21
Le Berger SA (6)(15)(19)
3.75%
5.75
2/21/2028
588
Pollo Tropical (3)(5)(18)(19)
10/23/2029
Pollo Tropical (15)(19)
9.56
2,869
2,838
Pyramid Global Hospitality (19)(24)(29)
1/19/2028
9,750
9,601
Pyramid Global Hospitality (3)(5)(18)(19)
Hotel, Gaming & Leisure Total
35,164
35,704
3.2
Media: Advertising, Printing & Publishing
Facts Global Energy (6)(15)(19)
12/20/2031
Facts Global Energy (2)(3)(5)(6)(18)(19)
(28
(95
6/20/2031
OGH Bidco Limited (3)(6)(18)(19)
6/29/2029
2,624
2,548
OGH Bidco Limited (6)(18)(19)
139
165
TGI Sport Bidco Pty Ltd (6)(17)(19)
6.03%
6/24/2029
69
88
TGI Sport Bidco Pty Ltd (6)(18)(19)
10.59
4/30/2026
76
7.11%
11.47
106
Media: Advertising, Printing & Publishing Total
3,084
2,935
0.3
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19)
5.93%
10.13
8/31/2028
1,443
1,440
7.54
1,300
1,434
1,529
Media: Broadcasting & Subscription Total
2,874
2,972
Media: Diversified & Production
Aptus 1724 Gmbh (6)(7)(14)(19)(21)(26)
7.15% PIK
3/3/2028
5,309
5,146
2,124
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26)
7.01% (2.50% PIK)
13.51
12/31/2025
11,411
9,579
9,928
17,497
14,523
15,222
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19)
6.61%
10.93
1,252
1,244
Music Creation Group Bidco GmbH (6)(7)(14)(19)(21)(26)
4,343
4,106
1,737
Media: Diversified & Production Total
34,598
30,263
Metals & Mining
Elevation NewCo Intermediate, LLC (14)(19)(25)
112
Elevation NewCo, LLC (3)(18)(19)
8/1/2031
Elevation NewCo, LLC (2)(3)(5)(18)(19)
Elevation NewCo, LLC (15)(19)
10.05
2,396
2,372
Metals & Mining Total
2,367
0.2
Retail
Galeria (6)(19)(26)
4/9/2029
9,956
10,743
11,681
Galeria (6)(14)(19)(25)
24
New Look Vision Group (6)(15)(19)
CORRA
7.96
5/26/2028
CAD
26
New Look Vision Group (3)(6)(18)(19)
649
459
466
43
39
New Look Vision Group (6)(18)(19)
390
Thrasio, LLC (7)(14)(15)(19)(26)
10.26% PIK
14.58
6/18/2029
5,100
4,741
1,122
Thrasio, LLC (14)(19)(25)
70
6,997
1,662
1,546
Retail Total
25,744
15,404
1.4
Services: Business
ACAMS (14)(19)(25)
3,240
Advanced Aircrew (3)(18)(19)
7/26/2030
Advanced Aircrew (15)(19)
10.66
5,056
5,013
Advanced Aircrew (14)(19)(25)
592
642
Allbridge (3)(18)(19)
6/5/2030
Allbridge (3)(5)(18)(19)
Allbridge (15)(19)(29)
8,977
8,922
AMI (3)(5)(18)(19)
AMI (16)(19)(29)
9,227
9,167
Avalon Acquiror, Inc. (15)(19)(29)
6.00%
3/10/2028
14,170
Avalon Acquiror, Inc. (3)(15)(19)
10.19
5,882
5,805
Beneficium (2)(3)(6)(18)(19)
6/28/2031
(145
Beneficium (6)(15)(19)
9.72
7,497
9,397
9,938
Brook Bidco (6)(18)(19)(26)
1.87% (5.66% PIK)
11.49
7/10/2028
1,239
1,115
Brook Bidco (6)(16)(19)(26)
1.91% (5.93% PIK)
12.21
368
488
438
132
180
157
Brook Bidco (6)(14)(19)(25)
11,656
9,941
5,594
Cube (6)(18)(19)(26)
14.10
5/22/2032
2,040
2,798
2,746
Cube (6)(18)(19)
7.19%
5/20/2031
121
102
Cube (18)(19)(26)
3.00% (4.44% PIK)
Darcy Partners (18)(19)
7.75%
12.03
6/1/2028
1,484
1,476
Darcy Partners (3)(15)(19)
7.65%
11.88
140
Darcy Partners (14)(19)(25)
360
492
Datix Bidco Limited (3)(6)(18)(19)
10/30/2030
Datix Bidco Limited (3)(5)(18)(19)
4/30/2031
(23
Datix Bidco Limited (3)(5)(6)(18)(19)
Datix Bidco Limited (17)(19)
9.29
16,626
16,352
Discovery Senior Living (3)(15)(19)
3/18/2030
6,460
6,407
Discovery Senior Living (3)(5)(18)(19)
DTIQ (14)(19)(25)
1,985
681
1,640
DTIQ (2)(3)(5)(18)(19)
9/30/2029
(81
DTIQ (3)(13)(19)
11.67
269
208
DTIQ (13)(19)(29)
33,439
32,949
32,938
3,995
Easy Ice (3)(15)(19)
5.40%
9.40
2,475
2,408
9.71
351
Easy Ice (15)(19)(29)
7,940
7,837
Electronic Merchant Systems (3)(18)(19)
8/1/2030
Electronic Merchant Systems (16)(19)(29)
8.92
4,102
4,042
Electronic Merchant Systems (14)(19)(25)
1,596
2,418
Elevator Holdco Inc. (14)(19)(25)
2,448
3,410
E-Tech Group (2)(3)(5)(18)(19)
4/9/2030
Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(18)(19)
4/3/2032
(38
Fiduciaire Jean-Marc Faber (FJMF) (6)(15)(19)
7.58
55
Hollywood LP (6)(19)(25)(26)
12.50% PIK
12.50
1,812
2,353
2,390
iBanFirst (6)(18)(19)(26)
9.75% PIK
11.78
7/13/2028
3,893
4,577
11.77
4,031
4,228
4,739
119
4,250
4,416
4,997
iBanFirst Facility (6)(14)(19)(25)
7,112
8,136
28,558
ImageTrend (15)(19)
10.17
1/31/2029
2,500
2,478
10.31
17,000
16,826
ImageTrend (3)(5)(18)(19)
(33
LEP CP Co-Invest, L.P. (6)(14)(19)(25)
380
386
Mach 1 Bidco Limited (3)(6)(18)(19)(26)
7.44% PIK
111
masLabor (14)(19)(25)
masLabor (18)(19)
11.46
7/1/2027
8,255
8,159
Morrow Sodali (15)(19)
5.48%
4/25/2028
2,579
2,570
Morrow Sodali (3)(5)(18)(19)
Opus2 (6)(14)(19)(25)
2,272
2,900
3,980
Opus2 (6)(18)(19)
5.53%
9.49
5/5/2028
Orion (3)(15)(19)
9.43
3/19/2027
1,605
1,595
Orion (3)(5)(18)(19)
Orion (15)(19)
706
701
Orion (3)(18)(19)
310
300
PRGX (2)(3)(5)(18)(19)
12/20/2030
(55
PRGX (15)(19)
143
141
Pure Wafer (3)(15)(19)
9.51
11/12/2030
891
883
Pure Wafer (3)(5)(18)(19)
Pure Wafer (14)(19)(25)
1,236
1,355
Rydoo (6)(15)(19)
6.75%
9/26/2031
5,076
5,795
5,938
9/12/2031
1,556
1,723
1,820
Rydoo (6)(14)(19)(25)
655
767
1,790
1,940
SoftCo (6)(14)(19)(25)
537
705
SoftCo (6)(15)(19)
2/22/2031
2,000
2,148
2,351
Spring Finco BV (2)(3)(6)(18)(19)
7/15/2029
NOK
(44
TEI Holdings Inc. (17)(29)
4.00%
4/9/2031
2,627
2,617
2,623
TES Global (6)(18)(19)
9.03
1/27/2029
Webcentral (6)(18)(19)
10.62
12/18/2030
87
Webcentral (3)(6)(18)(19)
10.63
3,503
3,850
3,905
8.62
Services: Business Total
229,469
254,013
22.5
19
Services: Consumer
CorePower Yoga, LLC (3)(5)(18)(19)
CorePower Yoga, LLC (15)(19)(29)
7,980
Master ConcessionAir (3)(19)(33)
8.75%
6/21/2029
183
171
12.82
217
211
Master ConcessionAir (19)(33)
12.75
1,716
1,686
1,673
MZR Aggregator (14)(19)(25)
MZR Buyer, LLC (15)(19)(26)
6.75% (0.50% PIK)
11.51
12/22/2028
1,732
1,709
1,619
7.00% (0.50% PIK)
11.56
455
449
425
6.90% (0.50% PIK)
11.40
25,433
24,723
23,780
5,223
5,176
4,884
Owl Acquisition, LLC (3)(18)(19)
4/17/2032
200
199
196
Owl Acquisition, LLC (2)(3)(5)(18)(19)
Owl Acquisition, LLC (16)(19)
643
641
Spotless Brands (3)(15)(19)(29)
9.83
7/25/2028
9,986
9,934
Vasa Fitness Buyer, Inc. (15)(19)
10.67
8/15/2030
4,068
4,018
4,017
Vasa Fitness, LLC (3)(15)(19)
Vasa Fitness, LLC (2)(3)(5)(18)(19)
WhiteWater Express (19)(26)
14.00% PIK
14.00
8,848
8,778
Services: Consumer Total
66,503
64,616
Telecommunications
Meriplex Communications, Ltd. (16)(19)
7/17/2028
11,988
11,859
11,718
7,120
7,068
6,960
2,824
2,760
Substantial Holdco Limited (3)(6)(18)(19)
4/20/2030
Taoglas (15)(19)
7.25%
11.55
18,324
18,059
18,003
11.25
881
Taoglas (14)(19)(25)
2,259
1,901
9,902
9,833
9,729
Taoglas (3)(6)(15)(19)
11.32
1,284
1,260
Taoglas (6)(15)(19)
445
436
437
Telecommunications Total
54,512
53,666
4.8
Transportation: Cargo
A&R Logistics, Inc. (15)(19)(26)
2.65% (4.25% PIK)
11.19
2/3/2028
928
856
2,397
2,389
2,211
2,691
2,686
2,483
5,889
5,875
5,433
13,056
13,014
12,045
A&R Logistics, Inc. (3)(15)(19)(22)(26)
2.50% (4.25% PIK)
10.99
3,436
3,368
2,957
ARL Holdings, LLC (14)(19)(25)
Grammer Investment Holdings LLC (14)(19)(25)
122
1,011
1,019
1,095
1,160
Gulf Winds International (15)(19)
11.16
12/16/2028
1,072
1,064
1,018
Gulf Winds International (15)(19)(26)(29)
6.00% (1.00% PIK)
11,944
11,720
11,347
Gulf Winds International (3)(15)(19)
3,414
3,313
3,129
ICAT Logistics, Inc. (2)(3)(5)(18)(19)
3/1/2029
(41
ICAT Logistics, Inc. (15)(19)
10.42
9,183
9,045
REP Coinvest III- A Omni, L.P. (14)(19)(25)
1,377
739
RoadOne (15)(19)(29)
10.56
12/29/2028
11,686
RoadOne (3)(15)(19)
3,922
RoadOne (15)(19)
932
Transportation: Cargo Total
73,741
69,136
Transportation: Consumer
PrimeFlight (15)(19)
9.58
5/1/2029
9,358
9,274
PrimeFlight Acquisition LLC (15)(19)
4,024
3,977
PrimeFlight Acquisition LLC (15)(19)(29)
9.80
11,974
11,815
Transportation: Consumer Total
25,895
26,185
2.3
Utilities: Electric
KAMC Holdings, Inc. (3)(16)(19)
9.45
252
KAMC Holdings, Inc. (16)(19)(29)
9.55
7,857
7,769
7,768
Utilities: Electric Total
8,021
8,020
Utilities: Water
Vessco Water (3)(16)(19)
1,813
1,795
Vessco Water (3)(5)(18)(19)
Utilities: Water Total
1,786
21
Wholesale
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)
2.05% (4.60% PIK)
10.92
14,772
13,855
8,863
2,112
1,950
1,267
Chex Finer Foods, LLC (3)(5)(18)(19)
6/6/2031
Chex Finer Foods, LLC (15)(19)(29)
13,467
13,384
Fifty AU Bidco Pty Ltd (18)(19)
2,402
1,547
1,582
Fifty U.S. Bidco Inc (2)(3)(5)(18)(19)
Fifty U.S. Bidco Inc (3)(15)(19)
9.30
294
280
279
Fifty U.S. Bidco Inc (15)(19)
12,202
12,141
Hultec (14)(19)(25)
651
960
SureWerx (16)(19)
12/28/2029
934
SureWerx (3)(18)(19)
12/28/2028
SureWerx (2)(3)(5)(18)(19)
SureWerx (3)(16)(19)
316
302
Wholesale Total
44,999
39,790
3.4
Non-Controlled/Non-Affiliate Investments Total
1,913,737
171.4
Non-Controlled/Affiliate Investments
Ansett Aviation Training (6)(10)(14)(19)(25)
5,119
3,842
13,234
1.2
ADT Pizza, LLC (10)(14)(19)(25)
6,720
3,372
1,658
Walker Edison (3)(7)(10)(14)(19)
10.00%
2/2/2026
266
0.0
Non-Controlled/Affiliate Investments Total
7,480
1.3
Controlled Affiliate Investments
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(20)(25)
11,863
7,982
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25)
1,116
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)
8,013
8,012
4,851
Gale Aviation (Offshore) Co (6)(10)(11)(14)(19)(25)
72,247
68,575
57,664
89,566
70,497
6.2
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)
900
1,253
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25)
52,200
62,236
53,100
63,489
5.6
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19)
Subordinated Note Investment Vehicles
12/27/2033
169,995
157,925
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25)
Preferred Equity Interest Investment Vehicles
1,731
Equity Interest Investment Vehicles
6,794
International Senior Loan Program, LLC (6)(10)(11)(18)(19)
2/22/2028
190,729
International Senior Loan Program, LLC (6)(10)(11)(25)
63,587
60,615
41,041
Investment Vehicles Total
426,943
398,220
35.4
Parcel2Go (6)(10)(11)(18)(19)
10.97
11/26/2031
62
Parcel2Go (6)(10)(11)(14)(19)(25)
14,221
SG Global Midco Limited (6)(10)(11)(19)
6.00
12/31/2028
Surrey Bidco Limited (6)(7)(10)(11)(14)(18)(19)(26)
7.28% PIK
Voltaire Topco Limited (6)(10)(11)(14)(19)(25)
37
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25)
33,459
33,770
52,166
Controlled Affiliate Investments Total
603,520
51.8
Investments Total
2,524,737
2,534,098
224.5
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class
4.04
32,854
Goldman Sachs US Treasury Liquid Reserves Fund (30)
4.02
20,344
Cash Equivalents Total
53,198
Investments and Cash Equivalents Total
2,577,935
2,587,296
229.3
Interest Rate Swap
Description
Hedged Items
Company Receives
Company Pays
Counterparty
Settlement Date
Notional Amount
Upfront Payments/Receipts
Unrealized Appreciation
March 2030 Notes
5.95%
SOFR + 1.90%
Wells Fargo
3/15/2030
350,000
-
23
Forward Foreign Currency Exchange Contracts
Currency Purchased
Currency Sold
Unrealized Appreciation(8)
US DOLLARS 166
POUND STERLING 0
Bank of New York Mellon
10/8/2025
(166
US DOLLARS 814
EURO 0
(814
US DOLLARS 424
CANADIAN DOLLAR 600
12/19/2025
US DOLLARS 148
EURO 302
1/9/2026
(505
US DOLLARS 7,650
EURO 7,225
1/28/2026
(895
US DOLLARS 1,388
POUND STERLING 1,118
1/30/2026
US DOLLARS 1,922
POUND STERLING 1,480
3/20/2026
(70
US DOLLARS 16,492
EURO 14,990
3/27/2026
(1,287
US DOLLARS 9,445
EURO 8,610
BNP Paribas
3/30/2026
(767
US DOLLARS 1,034
4/10/2026
(1,041
US DOLLARS 3,130
POUND STERLING 2,410
US Bank
4/14/2026
US DOLLARS 19,307
EURO 16,810
5/12/2026
(671
US DOLLARS 13,483
POUND STERLING 10,160
5/14/2026
US DOLLARS 1,167
5/19/2026
(1,167
US DOLLARS 58
POUND STERLING 055
6/8/2026
US DOLLARS 819
EURO 700
US DOLLARS 5,137
EURO 4,400
6/9/2026
(99
US DOLLARS 2,760
EURO 2,360
6/10/2026
(48
US DOLLARS 290
NEW ZEALAND DOLLAR 725
6/15/2026
(135
US DOLLARS 3,959
POUND STERLING 2,915
6/17/2026
US DOLLARS 7,661
POUND STERLING 5,690
6/25/2026
US DOLLARS 2,451
POUND STERLING 1,810
AUSTRALIAN DOLLARS 3,739
7/16/2026
US DOLLARS 8,665
POUND STERLING 6,450
US DOLLARS 4,375
EURO 3,680
US DOLLARS 3,206
AUSTRALIAN DOLLARS 4,900
7/31/2026
(46
US DOLLARS 5,343
POUND STERLING 4,007
(42
US DOLLARS 11,061
EURO 9,445
(202
US DOLLARS 5,895
EURO 4,980
8/13/2026
US DOLLARS 3,248
AUSTRALIAN DOLLARS 5,195
8/20/2026
(199
US DOLLARS 27,515
EURO 24,000
(1,128
US DOLLARS 5,570
EURO 4,860
(230
US DOLLARS 380
CANADIAN DOLLAR 520
US DOLLARS 7,111
POUND STERLING 5,620
8/27/2026
(440
US DOLLARS 5,359
AUSTRALIAN DOLLARS 8,060
9/16/2026
US DOLLARS 7,171
POUND STERLING 5,316
9/24/2026
US DOLLARS 3,473
POUND STERLING 2,590
10/2/2026
US DOLLARS 16,837
EURO 14,100
US DOLLARS 1,083
POUND STERLING 800
10/26/2026
US DOLLARS 1,031
POUND STERLING 820
11/25/2026
US DOLLARS 2,278
EURO 2,000
10/28/2027
(144
(10,619
25
Investment
Acquisition Date
ACAMS
3/10/2022
ADT Pizza, LLC
10/29/2018
Advanced Aircrew
7/26/2024
AGS American Services Investments, L.P.
7/24/2025
Ansett Aviation Training
3/24/2022
Apollo Intelligence
6/1/2022
Applitools
7/18/2025
Appriss Holdings, Inc.
5/3/2021
AQ Software Corporation
12/10/2021
4/14/2022
12/29/2022
ARL Holdings, LLC
5/3/2019
AXH Air Coolers
10/31/2023
Bain Capital Senior Loan Program, LLC
12/27/2021
BCC Jetstream Holdings Aviation (Off I), LLC
6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC
BCC Trillium Foods Investments 1, LLC
5/13/2025
BCSF Project Aberdeen, LLC
7/3/2024
BCSF ServiceMaster Investments, LLC
8/8/2025
Brook Bidco
7/8/2021
BTX Precision
7/25/2024
CB Titan Holdings, Inc.
5/1/2017
Chartbeat
10/4/2024
City BBQ
9/4/2024
Cloud Technology Solutions (CTS)
12/15/2022
Darcy Partners
DTIQ
9/15/2025
9/30/2024
Eagle Rock Capital Corporation
12/9/2021
East BCC Coinvest II, LLC
7/23/2019
EHE Health
8/7/2024
Electronic Merchant Systems
7/12/2024
Elevation NewCo Intermediate, LLC
8/1/2025
Elevator Holdco Inc.
12/23/2019
Eleven Software
3/20/2024
4/25/2022
Elk
11/1/2019
FCG Acquisitions, Inc.
1/24/2019
Fineline Technologies, Inc.
2/22/2021
Forward Slope
3/15/2024
Gale Aviation (Offshore) Co
1/2/2019
Galeria
8/1/2024
Gills Point S
5/17/2023
Grammer Investment Holdings LLC
10/1/2018
HealthDrive
8/18/2023
HG Insights, Inc.
6/16/2025
Hollywood LP
4/16/2025
Hultec
3/31/2023
iBanFirst Facility
7/13/2021
Insigneo Financial Group LLC
8/1/2022
International Senior Loan Program, LLC
Legacy Corporate Lending HoldCo, LLC
4/21/2023
LEP CP Co-Invest, L.P.
Lightning Holdings B, LLC
1/2/2020
masLabor
7/1/2021
MZR Aggregator
9/17/2024
12/22/2020
Odyssey Behavioral Health
11/21/2024
Opus2
6/16/2021
Parcel2Go
11/26/2024
PayRange
10/31/2024
PPT Group
2/28/2025
PPX
7/29/2021
Precision Ultimate Holdings, LLC
10/7/2024
11/6/2019
Pure Wafer
11/12/2024
REP Coinvest III- A Omni, L.P.
2/5/2021
Robinson Helicopter
6/30/2022
Rydoo
9/26/2024
SensorTower
Service Master
7/15/2021
8/16/2021
Sikich
5/6/2024
SoftCo
3/1/2024
Spindrift
2/19/2025
Superna Inc.
3/8/2022
Taoglas
6/27/2024
2/28/2023
Thrasio, LLC
6/18/2024
Titan Cloud Software, Inc
11/4/2022
TLC Holdco LP
10/11/2019
Utimaco
6/28/2022
Ventiv Holdco, Inc.
9/3/2019
Voltaire Topco Limited
8/28/2025
WSP
5/20/2024
8/31/2021
As of December 31, 2024
Interest
Maturity
Principal/
Market
% of
Rate
Date
Shares
Value
NAV (4)
ATS (2)(3)(18)(19)
(36
7,101
7,016
7,012
9.36
7,301
7,223
4,352
4,326
14,234
14,114
2,248
Forming Machining Industries Holdings, LLC (7)(14)(18)(19)(26)
8.90% PIK
13.41
10/9/2026
7,453
6,874
Forming Machining Industries Holdings, LLC (18)(19)
4.40%
10/9/2025
15,985
15,968
12,388
1,438
11.18
6,139
6,008
18,409
18,020
3,554
3,382
3,553
8,618
8,507
GSP (14)(19)(25)
818
GSP (15)(19)(29)
5.65%
1,118
GSP Holdings, LLC (15)(19)(29)
11/6/2025
9,574
9,567
9,478
4,544
4,505
12.17
7,460
Mach Acquisition T/L (15)(19)(26)
6.65% (2.00% PIK)
13.27
34,518
34,255
1,777
3,851
Robinson Helicopter (15)(19)(29)
10.96
6/30/2028
10,872
10,707
10.49
7/23/2029
13,587
13,482
7/22/2029
2,740
2,738
10.83
11,792
11,704
Whitcraft-Paradigm (3)(18)(19)(23)
1,155
1,140
195,018
189,734
16.6
5,434
5,393
5,270
16,765
16,578
16,261
20,935
20,706
20,307
1,966
1,902
9.95
3,698
3,671
10.03
7,384
7,376
Gills Point S (15)(19)(29)
12,505
9.86
1,251
1,235
240
12,005
11,918
11,922
11,851
JHCC Holdings, LLC (3)(18)(19)
11.75
1,386
94,811
94,323
8.3
Banking, Finance, Insurance & Real Estate
Electronic Merchant Systems (2)(3)(18)(19)
14,633
14,388
14,377
1,603
Morrow Sodali (15)(19)(29)
5.73%
2,599
2,587
Morrow Sodali (3)(15)(19)
1,292
1,274
3,185
Banking, Finance, Insurance & Real Estate Total
23,045
23,650
2.1
10.71
14,942
14,698
AgroFresh Solutions (3)(15)(19)
4,764
6,153
6,016
15.09
12,425
12,240
11,865
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(26)(31)
282
3.50% (2.25% PIK)
10.65
1,781
1,068
3.94% (2.25% PIK)
10.40
3,962
2,413
2,149
NPC International, Inc. (14)(19)(25)(27)
49,166
48,350
4.2
29
AXH Air Coolers (3)(5)(18)(19)
(59
7,337
7,913
AXH Air Coolers (15)(19)
9.84
16,562
16,438
DiversiTech (17)
3.76%
8.09
9.61
10,994
10,845
Jonathan Acquisition Company (18)(19)
9.10%
13.43
8,000
7,892
6,167
6,134
53,347
57,500
5.0
8/10/2028
7,138
6,990
7,137
Aurora Plastics (16)(19)(29)
2,171
Duraco (3)(19)(32)
398
371
358
10.94
11,733
11,566
11,498
8.78
96
V Global Holdings LLC (16)(19)(29)
5,744
5,682
5,557
10.15
12/22/2025
5,661
5,615
5,346
32,497
32,185
2.8
11.48
5/12/2025
27,374
26,762
26,074
2,622
2,556
849
Elk Parent Holdings, LP (14)(19)(25)
1,761
1,202
1,811
1,574
1,562
921
913
7,589
7,523
11.34
16,288
16,206
Zeus Fire & Security (3)(18)(19)
32,954
32,707
32,706
93,674
95,483
8.4
New Milani Group LLC (15)(19)(29)
9.93
6/6/2026
11,209
10,999
13.74
11,284
8.90%
13.39
8,802
10.11
13,162
12,881
TLC Purchaser, Inc. (3)(5)(18)(19)
(40
45,147
46,323
4.1
11.23
6,055
6,006
6,025
6,816
6,757
6,756
10.52
9,925
9,791
13,135
13,124
12,807
Solaray, LLC (15)(19)(29)
28,521
27,808
9,219
9,209
WU Holdco, Inc. (15)(19)
3/26/2027
1,661
1,646
WU Holdco, Inc. (15)(19)(29)
36,897
36,719
WU Holdco, Inc. (3)(18)(19)
1,932
1,930
114,602
114,302
10.0
WSP (15)(19)(26)
1.15% (4.00% PIK)
9.74
3,162
3,156
2,538
2,044
235
WSP (2)(3)(5)(18)(19)
8,275
2,735
10.85
5,784
5,668
653
6,321
6,480
0.6
10.53
1,412
1,395
1,398
10.22
1,365
1,330
2,725
2,712
31
10.95
8.68
Reconomy (3)(5)(6)(18)(19)
5,184
26,640
26,460
1,866
1,831
11,960
11,887
43,745
45,763
4.0
Allworth (3)(15)(19)
161
848
1,474
1,464
Choreo (3)(18)(19)
Congress Wealth (3)(18)(19)(29)
6/30/2029
Congress Wealth (3)(15)(19)
317
Congress Wealth (3)(18)(19)
Congress Wealth (14)(19)(25)
323
2,020
2,035
2,419
11.02
Lagerbox (3)(6)(18)(19)
5/11/2029
369
PMA (2)(3)(5)(18)(19)
2,325
9.31
5,972
5,891
23,672
25,963
Margaux Acquisition Inc. (16)(19)(29)
11,919
11,874
Margaux Acquisition Inc. (16)(19)
2,872
2,870
Margaux UK Finance Limited (6)(18)(19)
499
657
625
12/16/2025
747
2/1/2029
5,765
6,121
5,966
MRHT (6)(15)(19)
956
1,020
990
PCF (3)(16)(19)
9,194
9,231
Simplicity (2)(3)(5)(18)(19)
(43
9.28
35,437
35,082
67,479
67,349
5.9
AEG Vision (3)(15)(19)
10.23
4,200
3,609
AEG Vision (18)(19)(29)
16,350
16,184
AEG Vision (3)(18)(19)(29)
10,545
10,367
2,059
2,037
3,191
Apollo Intelligence (16)(19)(29)
10.27
15,078
15,198
5,208
5,167
Apollo Intelligence (3)(5)(18)(19)
Beacon Specialized Living (3)(5)(18)(19)
8,610
8,530
EHE Health (2)(3)(18)(19)
10,869
10,764
10,760
8.48
9,814
9,828
8,637
HealthDrive (15)(19)
6.10%
10.46
1,908
271
HealthDrive (3)(15)(19)
607
1,860
5,350
5,097
9.69
5/28/2026
227
9.65
133
145
Nafinco (2)(3)(5)(6)(18)(19)
(50
7.97
53
8.02
220
210
Healthcare & Pharmaceuticals Continued
Odyssey Behavioral Health (2)(3)(5)(18)(19)
(89
(91
37,128
36,668
36,664
Pharmacy Partners (19)(32)
11.01
1,690
1,672
(57
Premier Imaging, LLC (15)(19)(29)
7,926
7,925
7,133
Premier Imaging, LLC (15)(19)
2,137
1,924
Red Nucleus (2)(3)(5)(18)(19)
385
Red Nucleus (16)(19)
4,414
4,359
8,518
8,430
163,253
159,887
14.0
100
(19
(51
10.58
19,490
19,382
19,197
12.08
11,038
Appriss Holdings, Inc. (3)(5)(18)(19)
AQ Software Corporation (14)(19)(25)
1,107
1,844
1,787
491
Black Mountain (2)(3)(5)(18)(19)
(52
Black Mountain (18)(19)
13,420
13,322
13,319
Chartbeat (19)(25)(26)
5,171
5,074
5,068
Cloud Technology Solutions (CTS) (6)(15)(19)
11.70
2,491
4,408
5,360
5,233
3,345
5,470
Element Buyer, Inc. (15)(19)(29)
7/19/2026
10,989
10,996
Element Buyer, Inc. (3)(5)(18)(19)
129
1,067
7,396
12.46
1,482
NearMap (3)(5)(6)(18)(19)
(64
High Tech Industries Continued
PayRange (2)(3)(5)(18)(19)
PayRange (15)(19)
7,150
7,080
7,079
RetailNext (2)(3)(5)(18)(19)
16,841
Revalize, Inc. (14)(19)(25)
1,431
Revalize, Inc. (15)(19)(29)
5,250
5,040
1,969
1,890
972
966
918
13.50% PIK
13.50
38,517
38,335
5,772
11.85
24,007
23,690
Superna Inc. (2)(3)(5)(6)(18)(19)
(26
1,747
2,706
2,674
2,679
2,064
Utimaco (6)(18)(19)
9.15
92
6.51%
11.08
127
260
259
200,037
203,801
17.9
Aimbridge Acquisition Co., Inc. (7)(18)(19)
7.76%
12.33
2/1/2027
14,193
13,868
1,420
Awayday (3)(15)(19)
9/6/2031
2,997
2,979
(45
(61
9/6/2030
493
485
Awayday (15)(19)(29)
19,290
19,107
19,194
City BBQ (3)(5)(18)(19)
5.45%
15,341
15,214
1,313
City BBQ (3)(18)(19)
Concert Golf Partners Holdco (16)(19)(29)
6,692
6,597
4/2/2029
5,299
5,279
9,825
9,628
Pollo Tropical (2)(3)(5)(18)(19)
6,181
6,104
6,103
80,366
68,578
6.0
AdThrive (18)
4.36%
8.72
3/23/2028
4,961
4,885
(67
Kpler (6)(15)(19)
11.12
3/3/2030
125
103
Kpler (6)(18)(19)
2,608
2,370
164
6.12%
11.36
4,187
2,866
10,858
10,657
0.9
5.68%
1,437
7.83
1,427
1,346
2,864
2,789
Aptus 1724 Gmbh (6)(19)(21)(26)
6.15% (1.50% PIK)
2/23/2028
5,043
7.76% (1.50% PIK)
13.59
11,186
9,336
9,061
17,215
14,328
13,944
6.76%
11.09
Music Creation Group Bidco GmbH (6)(18)(19)(26)
4,108
4,047
3,492
33,998
32,027
36
8,943
9,577
9,255
5.82%
8.99
New Look Vision Group (3)(6)(15)(19)
5/26/2026
548
560
38
New Look Vision Group (6)(18)(19)(26)
4.15% (2.00% PIK)
10.48
387
Thrasio, LLC (15)(19)(26)
14.89
4,561
4,575
4,014
2,593
1,487
24,440
18,664
1.6
2,070
Advanced Aircrew (2)(3)(18)(19)
10.86
5,094
5,045
5,069
610
10.08
14,140
14,042
AMI (3)(16)(19)
1,109
1,075
9,205
9,204
14,280
14,191
13,995
10.77
5,781
5,714
9,388
9,338
5,675
7,783
7,730
4.03% (3.50% PIK)
12.01
861
1,159
Chamber Bidco Limited (6)(18)(19)
10.12
6/2/2028
212
Cube (3)(18)(19)
2/20/2025
Cube (18)(19)
8,651
501
1,496
1,486
Darcy Partners (3)(18)(19)
105
Datix Bidco Limited (3)(6)(17)(19)
288
247
16,333
(62
(94
DTIQ (2)(3)(18)(19)
(71
11.86
16,735
16,449
16,442
Services: Business Continued
Easy Ice (2)(3)(5)(18)(19)
Easy Ice (15)(19)
9.99
37,563
37,008
36,999
3,374
12.59
3,541
3,633
3,665
3668
3,818
3,797
104
3,969
3,993
23,031
12.11
12.34
16,797
Learning Pool (6)(16)(19)(26)
4.18% (3.50% PIK)
12.51
345
452
162
433
11.81
8,319
8,186
3,223
168
154
Orion (2)(3)(5)(18)(19)
Orion (2)(3)(5)(15)(18)(19)
204
4,274
4,227
4,226
Pure Wafer (2)(3)(5)(18)(19)
Pure Wafer (15)(19)
10,916
10,809
10,807
1,722
223
520
Smartronix (15)(19)(29)
10.35
11/23/2028
12,381
12,228
Smartronix (3)(5)(18)(19)
11/23/2027
Smartronix (15)(19)
3,660
3,585
542
580
2,145
Spring Finco BV (3)(6)(18)(19)
8.43
2,647
2,635
2,665
TES Global (3)(6)(18)(19)
Webcentral (2)(3)(5)(6)(18)(19)
9.20
575
601
595
246,021
261,776
23.1
8.50%
12.94
13.16
224
219
12.84
1,785
1,784
420
MZR Buyer, LLC (15)(19)(29)
12/22/2026
11,780
11,684
11,427
MZR Buyer, LLC (15)(19)
11.28
5,210
5,053
Spotless Brands (3)(15)(19)
9,525
9,423
Surrey Bidco Limited (6)(7)(14)(18)(19)(26)
6.28% PIK
5/11/2026
77
29,209
28,515
2.5
Meriplex Communications, Ltd. (16)(19)(29)
12,075
11,914
11,894
7,193
7,128
7,085
2,791
2,782
2,082
Taoglas (15)(19)(29)
11.58
9,978
9,897
9,829
Taoglas (2)(3)(18)(19)
11.93
1,264
448
442
35,731
35,342
3.1
5.50% (1.25% PIK)
8/3/2026
2,374
2,279
2,661
2,555
5,853
5,843
5,619
A&R Logistics, Inc. (15)(19)(26)(29)
12,980
12,956
12,461
2.60% (4.25% PIK)
11.30
3,695
3,634
3,449
158
347
Grammer Investment Holdings LLC (19)(25)(26)
7.60%
11.96
1,077
1,042
Gulf Winds International (15)(19)(29)
11,737
11,615
3,704
3,600
969
10.84
RoadOne (3)(18)(19)
10.81
910
RoadOne (18)(19)
925
62,287
60,016
5.3
4,055
3,998
12,066
835
16,707
16,956
879
858
Vessco Water (16)(19)
9.11
6,187
6,127
6,975
7,066
Abracon Group Holding, LLC. (16)(19)(26)(29)
14,269
14,317
11,416
Abracon Group Holding, LLC. (16)(19)(26)
2,017
1,632
964
8.42
40
SureWerx (3)(5)(18)(19)
746
17,749
14,816
1,784,019
155.6
8,617
Ansett Aviation Training (6)(10)(18)(19)
4.69%
9/24/2031
7,072
5,308
4,374
9,150
12,991
1.1
8,429
Walker Edison (3)(7)(10)(14)(18)(19)(26)
6.90% PIK
278
Walker Edison (10)(14)(19)(25)
5,592
Walker Edison (7)(10)(14)(15)(19)(26)
3/31/2027
6,933
6,434
1,040
Walker Edison (10)(15)(19)
6.40%
3,182
873
137
Walker Edison (3)(7)(10)(14)(15)(19)(26)
1,941
18,300
4,875
0.4
DC Blox (10)(15)(19)
1.00%
5.37
6/20/2025
1,408
1,316
DC Blox (10)(19)(25)(26)
37,901
38,523
3,859
5,230
4,277
DC Blox (10)(14)(19)(25)
43,087
49,438
4.4
77,269
6.6
41
11,862
11,405
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25)
74,396
71,813
95,387
90,151
7.9
42
42,300
45,009
43,200
45,909
146,495
5,593
(4,849
60,614
55,408
403,441
387,793
34.1
43,309
43,620
57,807
585,702
51.1
2,446,990
2,431,189
213.3
4.39
63,795
4.40
39,787
103,582
9.1
2,550,572
2,534,771
222.4
Unrealized
Appreciation(8)
US DOLLARS 19,948
POUND STERLING 14,990
1/9/2025
(1,177
US DOLLARS 27,735
POUND STERLING 23,100
Citibank
(1,191
US DOLLARS 10,482
POUND STERLING 8,110
(327
US DOLLARS 129
US DOLLARS 71
NORWEGIAN KRONE 740
1/24/2025
US DOLLARS 2,743
AUSTRALIAN DOLLARS 4,180
2/12/2025
US DOLLARS 2,448
NEW ZEALAND DOLLAR 4,250
3/17/2025
US DOLLARS 6,849
POUND STERLING 5,610
4/23/2025
(170
US DOLLARS 81
5/15/2025
US DOLLARS 9,158
AUSTRALIAN DOLLARS 13,980
5/27/2025
498
US DOLLARS 29,225
EURO 26,190
1,909
US DOLLARS 2,949
EURO 2,670
US DOLLARS 313
CANADIAN DOLLAR 430
US DOLLARS 9
POUND STERLING 000
6/10/2025
US DOLLARS 358
EURO 310
US DOLLARS 4,792
EURO 4,380
6/12/2025
US DOLLARS 2,483
6/13/2025
US DOLLARS 9,890
POUND STERLING 7,710
6/23/2025
US DOLLARS 1
7/21/2025
US DOLLARS 8,321
7/23/2025
256
US DOLLARS 2,762
7/28/2025
US DOLLARS 5,159
EURO 4,680
US DOLLARS 1,029
7/29/2025
US DOLLARS 8,880
EURO 7,870
8/22/2025
630
US DOLLARS 2,442
EURO 2,190
9/10/2025
144
US DOLLARS 2,505
AUSTRALIAN DOLLARS 3,950
9/17/2025
US DOLLARS 4,938
POUND STERLING 3,780
214
US DOLLARS 15,164
EURO 13,610
3,505
Congress Wealth
6/30/2023
DC Blox
9/23/2024
Elk Parent Holdings, LP
GSP
NPC International, Inc.
4/1/2021
Revalize, Inc.
Walker Edison
3/1/2023
46
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) was formed on October 5, 2015 and commenced investment operations on October 13, 2016. The Company has elected to be treated and is regulated as a business development company (a “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 and intends to operate in a manner so as to continuously qualify as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by BCSF Advisors, LP (the “Advisor”), our investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Advisor also provides the administrative services necessary for the Company to operate (in such capacity, the “Administrator”).
On November 19, 2018, the Company closed its initial public offering (the “IPO”), which was a Qualified IPO, issuing 7,500,000 shares of common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.
The Company’s primary focus is capitalizing on opportunities within the Advisor’s Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to its stockholders by investing primarily in middle-market companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Company focuses on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. The Company generally seeks to retain voting control in respect of the loans or particular classes of securities in which the Company invests through maintaining affirmative voting positions or negotiating consent rights that allow the Company to retain a blocking position. The Company may also invest in mezzanine debt and other junior securities and in secondary purchases of assets or portfolios, as described below. Investments are likely to include, among other things, (i) senior first lien, stretch senior, senior second lien, unitranche, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. The Company may also invest, from time to time, in equity securities, distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.
Our operations are comprised of a single operating and reportable business segment, asset management. The Chief Operating Decision Maker (the “CODM”) consists of the Company’s Chief Executive Officer and Chief Financial Officer, as these are the individuals responsible for determining the Company’s investment strategy, capital allocation, expense structure, launch and dissolution and entering into significant contracts on behalf of the Company. The CODM uses key metrics to determine how to allocate resources and in determining the amount of dividends to be distributed to the Company's stockholders. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that are reported on the Consolidated Statements of Operations, Financial Highlights reported in Note 11, underlying investment cost and market value as disclosed on the consolidated schedule of investments and expected yield relative to the risk of the individual assets as disclosed in the composition of the investment portfolio and associated yield table. As the Company's operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.
The Company’s Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company’s Consolidated Financial Statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10‑Q and Regulation S-X. These Consolidated Financial Statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). The functional currency of the Company is U.S. dollars and these Consolidated Financial Statements have been prepared
in that currency. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.
The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.
The Company will generally consolidate any wholly, or substantially, owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Company’s investment operations and to facilitate the execution of the Company’s investment strategy. Accordingly, the Company consolidated the results of its subsidiaries BCSF I, BCSF II C, BCSF CFSH, LLC, BCSF CFS, LLC and BCC Middle Market CLO 2019‑1, LLC in its Consolidated Financial Statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Company is an investment company, portfolio investments held by the Company are not consolidated into the Consolidated Financial Statements. The portfolio investments held by the Company (including its investments held by consolidated subsidiaries) are included on the Consolidated Statements of Assets and Liabilities as investments at fair value.
The preparation of the Consolidated Financial Statements in conformity with US GAAP requires the Company 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 Consolidated Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.
The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Company's Board of Directors (the “Board”). The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.
Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value.
With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in its valuation. 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 differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:
48
In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their concluded ranges.
The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value in accordance with US GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:
A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.
Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment.
The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.
The Company records its investment transactions on a trade date basis. The Company measures realized gains or losses 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. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Commitment fees are recorded on an accrual basis and recognized as interest income. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Company’s investments in revolving bank loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative value until it is offset by the future amounts called and funded. Upon
prepayment of a loan or debt security, any prepayment premium, unamortized upfront loan origination fees and unamortized discount are recorded as interest income.
Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable.
Dividend income on preferred equity investments 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 investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. For the three months ended September 30, 2025 and 2024, the Company recorded $4.2 million and $6.2 million, respectively, of dividend income, of which, $0.5 million and $0.9 million, respectively, related to PIK dividends. For the nine months ended September 30, 2025 and 2024, the Company recorded $15.8 million and $22.7 million, respectively, of dividend income, of which, $3.5 million and $0.9 million, respectively, related to PIK dividends. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.
Certain structuring fees and amendment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered.
Expenses are recorded on an accrual basis.
Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of September 30, 2025, there were twelve loans from six issuers on non-accrual. As of December 31, 2024, there were eight loans from five issuers on non-accrual.
Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Advisor. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with US GAAP. The Company may pay distributions to its stockholders in a year in excess of its investment company taxable income and net capital gain for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess generally would be a tax-free return of capital in the period and generally would reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.
The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax and pay a 4% tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended September 30, 2025 and 2024, we recorded an expense of $0.8 million and $1.0 million, respectively for U.S. federal excise tax. For the nine months ended September 30, 2025 and 2024, we recorded an expense of $3.0 million and $3.1 million, respectively for U.S. federal excise tax.
The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.
The Company distributes net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.
The Company has adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Stockholders who do not “opt out” of the Company’s dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash dividends and distributions.
Offering costs consist primarily of fees and expenses incurred in connection with the offering of shares, legal, printing and other costs associated with the preparation and filing of applicable registration statements. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of paid-in-capital upon each such offering.
Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost or amortized cost, which approximates fair value. The Company may deposit its cash and cash equivalents in financial institutions and, at certain times, such balances may exceed the Federal Deposit Insurance Corporation insurance limits. Cash equivalents are presented separately on the consolidated schedules of investments. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Company’s financing transactions.
The accounting records of the Company are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and other assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each business day. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation on foreign currency translation on the Consolidated Statements of Operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statements of Operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is not separately disclosed, but is included in net realized gain (loss) on investments and net change in unrealized appreciation on investments, respectively, on the Consolidated Statements of Operations.
The Company may enter into forward currency exchange contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. A forward currency exchange contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The Company does not utilize hedge accounting for its forward currency exchange contracts and as such the Company recognizes the value of its derivatives at fair value on the Consolidated Statements of Assets and Liabilities with changes in the net unrealized appreciation on forward currency exchange contracts recorded on the Consolidated Statements of Operations. Forward currency exchange contracts are valued using the prevailing forward currency exchange rate of the underlying currencies. Unrealized appreciation on forward currency exchange contracts is recorded on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Cash collateral maintained in accounts held by counterparties is included in collateral on derivatives on the Consolidated Statements of Assets and Liabilities. Notional amounts and the gross fair value of forward currency exchange contracts assets and liabilities are presented separately on the consolidated schedules of investments.
Changes in net unrealized appreciation are recorded on the Consolidated Statements of Operations in net change in unrealized appreciation on forward currency exchange contracts. Net realized gains and losses are recorded on the Consolidated Statements of Operations in net realized gain (loss) on forward currency exchange contracts. Realized gains and losses on forward currency exchange contracts are determined using the difference between the fair market value of the forward currency exchange contract at the time it was opened and the fair market value at the time it was closed or covered. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.
The Company uses interest rate swaps to hedge some of the Company’s fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in collateral on derivatives and collateral payable on derivatives on the Company’s Consolidated Statements of Assets and Liabilities. Please see “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 5. Debt and Note 7. Derivatives” for additional detail.
The Company records costs related to issuance of revolving debt obligations as deferred financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligation. The Company records costs related to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the Consolidated Statements of Assets and Liabilities. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC Topic 470‑50, Modification and Extinguishments. For modifications to or exchanges of our revolving debt obligations, any unamortized deferred financing costs related to lenders who are not part of the new lending group are expensed. For extinguishments of our term debt obligations, any unamortized debt issuance costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.
The Company has elected to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually as dividends to its stockholders. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the Consolidated Financial Statements of the Company.
The Company intends to comply with the applicable provisions of the Code pertaining to RICs and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the Consolidated Financial Statements. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through September 30, 2025 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2025. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from US GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019‑1, LLC are disregarded entities for tax purposes and are consolidated with the tax return of the Company.
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 reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, 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. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of September 30, 2025, the tax years that remain subject to examination are from 2021 forward.
The Company’s management has evaluated recently issued accounting standards through November 10, 2025, the issuance date of the Consolidated Financial Statements, and noted that no recent accounting pronouncements will have a material impact on the Consolidated Financial Statements of the Company except for what is noted below:
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application are permitted. The Company is currently assessing the impact of this guidance.
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):
Amortized Cost
Percentage ofTotal Portfolio
Fair Value
1,658,324
65.6
1,639,387
64.6
29,806
30,021
95,482
3.8
93,324
3.7
110,144
146,490
5.8
204,038
8.1
225,825
8.9
831
Subordinated Notes in Investment Vehicles (1)
360,724
14.3
348,654
13.8
Preferred Equity Interest in Investment Vehicles (1)
Equity Interests in Investment Vehicles (1)
66,209
2.6
47,835
1.9
Total
100.0
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):
First Lien Senior Secured Loans
1,579,288
64.5
1,557,823
64.1
Second Lien Senior Secured Loans
48,720
2.0
30,104
54,443
2.2
53,350
142,046
170,876
7.0
Equity Interests
219,052
9.0
230,615
9.5
628
337,224
13.9
66,207
50,559
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):
USA
2,212,389
87.7
2,184,361
86.3
Cayman Islands
107,118
113,775
4.5
Belgium
31,525
54,115
United Kingdom
47,183
49,991
Canada
34,938
35,728
Luxembourg
23,862
25,570
France
0.8
Australia
5,538
14,954
Germany
16,866
12,779
0.5
Ireland
14,533
10,360
Italy
Jersey
Netherlands
1,677
1,850
Guernsey
404
428
New Zealand
364
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):
2,200,090
90.0
2,157,167
88.8
118,016
129,620
5.4
37,580
1.5
37,229
22,457
37,201
21,559
19,702
12,028
15,918
10,470
10,380
10,178
9,849
4,727
4,992
3,915
3,451
251
The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of September 30, 2025 (with corresponding percentage of total portfolio investments):
Investment Vehicles (2)
16.8
15.8
11.1
11.9
229,531
254,069
240,459
233,750
107,511
4.3
121,302
118,041
4.7
117,071
FIRE: Finance (1)
80,233
94,176
3.3
66,582
64,653
54,536
55,246
FIRE: Insurance (1)
Consumer goods: Wholesale
The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2024 (with corresponding percentage of total portfolio investments):
16.5
15.9
299,555
12.2
292,876
12.0
246,075
10.1
261,830
10.8
8.2
6.7
105,907
117,823
3.9
78,818
84,780
3.5
66,872
71,872
3.0
2.4
55,898
56,779
63,447
51,198
On February 9, 2021, the Company and Pantheon (“Pantheon”), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. On December 14, 2023, the Company and Pantheon entered into the second amendment to the amended and restated limited liability company agreement which, among other things, increased capital commitments and changed the proportionate share ownership. The Company and Pantheon agreed to contribute an additional $5.0 million and $45.3 million, respectively, which resulted in new ownership stakes of 64.0% and 36.0%, respectively. As of September 30, 2025, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $41.0 million. As of December 31, 2024, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $55.4 million.
As of September 30, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of September 30, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions.
As of December 31, 2024, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and had $0.0 million in unfunded capital contributions. As of December 31, 2024, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and had $0.0 million in unfunded capital contributions.
In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $1,171.2 million of its investments to ISLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.
The Company has determined that ISLP is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members. The Company measures the fair value of ISLP in accordance with ASC 820, using the net asset value (or its equivalent) as a practical expedient. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.
As of September 30, 2025, ISLP had $717.8 million in debt and equity investments, at fair value. As of December 31, 2024, ISLP had $655.8 million in debt and equity investments, at fair value.
Additionally, ISLP, through a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan (the “ISLP Credit Facility Tranche A”).
On February 4, 2022, ISLP entered into the second amended and restated credit agreement, which among other things formed an additional tranche (“ISLP Credit Facility Tranche B” and collectively with ISLP Credit Facility Tranche A, the “ISLP Credit Facilities”) with an initial financing limit of $50.0 million on May 31, 2022, and $200.0 million on August 31, 2022, bringing the total facility size to $500.0 million.
On June 30, 2023, ISLP entered into the third amendment and restated credit agreement, which among other things, replaced LIBOR with Term SOFR and consolidated Tranche A and Tranche B, with a size of $500.0 million.
On September 11, 2023, ISLP entered into the fourth amended and restated credit agreement, which among other things, extended the maturity to February 9, 2027, modified concentration limitations and changed the interest rate to SOFR (or an alternative risk-free interest rate index) plus 246 basis points.
On June 24, 2025, the ISLP Credit Facility Tranche A and ISLP Credit Facility Tranche B were terminated.
On June 24, 2025, ISLP, through a wholly-owned subsidiary, entered into a €375.0 million senior secured revolving credit facility which bears interest at SOFR (or an alternative risk-free interest rate index) plus 195 basis points with Deutsche Bank (the “ISLP Credit Facility”). The maturity date of the ISLP Credit Facility is June 24, 2030.
As of September 30, 2025, the ISLP Credit Facilities had $353.8 million of outstanding debt under the credit facility. As of December 31, 2024 the ISLP Credit Facilities had $297.6 million of outstanding debt under the credit facility. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 were 6.2% and 7.5%, respectively.
Below is a summary of ISLP’s portfolio at fair value:
Total investments
717,798
655,804
Weighted average yield on investments
9.9
10.6
Number of borrowers in ISLP
Largest portfolio company investment
52,063
51,142
Total of five largest portfolio company investments
192,192
196,173
Unfunded commitments
3,907
Below is a listing of ISLP’s individual investments as of September 30, 2025:
Principal /
% of Members
Shares (9)
Equity (4)
Australian Dollar
Ansett Aviation Training (14)(19)
10,238
7,115
25,552
41.8
TGI Sport Bidco Pty Ltd (18)(19)
9,730
7,125
6,441
TGI Sport Bidco Pty Ltd (17)(19)
7.11
4,081
2,568
2,701
9,693
9,142
15.0
Australian Dollar Total
16,808
34,694
56.8
British Pound
Goodfellow (15)(19)
5.25
2,120
2,083
Reconomy (18)(19)
6.50
6,050
7,045
8,143
6.25
6,578
8,094
8,803
8,450
8,503
23,589
25,449
41.7
Avalon Bidco Limited (15)(19)
12,058
16,233
16,026
Parmenion (18)(19)
5.50
29,070
35,408
39,125
51,641
55,151
90.3
Margaux UK Finance Limited (16)(19)
4.75
7,260
9,171
9,771
16.0
Access (18)(19)
7,880
9,129
10,606
5.00
9,764
13,141
Cloud Technology Solutions (CTS) (15)(19)(26)
2.47% (5.78% PIK)
1/3/2030
9,872
12,511
13,220
33,527
36,967
60.5
OGH Bidco Limited (18)(19)
9/2/2029
5,172
6,068
5,703
13,160
15,245
16,782
6.03
6,700
8,636
9,018
29,949
31,503
51.6
Beneficium (15)(19)
Brook Bidco (18)(19)(26)
28,318
38,059
34,303
Brook Bidco (16)(19)(26)
6,244
8,270
7,429
8,734
11,506
10,331
Datix Bidco Limited (18)(19)
8,160
10,502
10,982
Opus2 (18)(19)
12,151
16,557
16,354
Parcel2Go (18)(19)
4,722
5,948
5,402
Parcel2Go (14)(19)
1,407,911
TES Global (18)(19)
1,200
1,494
1,607
14,364
17,684
19,332
119,749
115,678
189.4
SG Global Midco Limited (19)
285
Surrey Bidco Limited (7)(14)(18)(19)(26)
7,594
8,406
3,781
Voltaire Topco Limited (14)(19)
8,691
4,070
British Pound Total
278,437
280,672
459.6
Canadian Dollar
New Look (Delaware) Corporation (15)(19)
17,919
14,689
12,871
New Look Vision Group (15)(19)
1,165
898
837
2,236
1,608
17,195
15,314
25.1
Canadian Dollar Total
European Currency
5,450
6,335
1,655
1,946
8,259
8,353
13.7
9,095
9,234
10,211
16.7
2,440
MRHT (18)(19)
13,809
16,073
26.3
Mertus 522. GmbH (18)(19)(26)
13,320
16,151
15,034
22,584
27,391
25,490
Nafinco (18)(19)
8,414
9,359
Pharmathen (18)(19)(26)
First Lien Senior Secured Loan- Revolver
8.68% PIK
10.75
1/19/2029
14,209
15,970
16,037
2,583
2,639
2,916
70,565
68,836
112.7
New Gen Holding (18)(19)(26)
8,600
9,939
10,035
Onventis (15)(19)
1/14/2030
13,919
15,103
16,364
PlentyMarkets (18)(19)(26)
15,183
17,504
17,716
Utimaco (16)(19)
6,005
6,093
7,060
48,639
51,175
83.8
Lightning Finco Limited (16)(19)
2,619
2,951
3,079
Aptus 1724. Gmbh (7)(14)(19)(21)(26)
7.00% PIK
36,230
42,816
17,038
27.9
Fiduciaire Jean-Marc Faber (FJMF) (15)(19)
7,904
9,100
9,200
iBanFirst (18)(19)(26)
15,520
17,457
18,246
Webcentral (18)(19)
3,423
3,783
3,323
3,462
3,906
33,802
35,376
58.0
European Currency Total
234,659
213,010
348.8
Norwegian Krone
Spring Finco BV (18)(19)
NIBOR
9.05
174,360
16,601
17,312
28.3
Norwegian Krone Total
U.S. Dollar
Cardo (18)(19)
9,653
9,615
2174
2,153
2,152
5.90
22,866
21,951
35.9
4,965
NearMap (15)(19)
23,167
23,023
12,043
11,978
6,260
6,225
41,226
67.9
Facts Global Energy (15)(19)
9,411
9,321
9,270
6,763
6,699
6,662
16,020
15,932
26.1
5.93
23,907
23,817
Media: Broadcasting and Subscription Total
39.1
Aptus 1724 Gmbh (7)(14)(19)(21)(26)
10,351
10,324
4,141
6.8
63
Avalon Acquiror, Inc. (15)(19)
11,610
11,561
9,176
5.40
8,436
8,324
29,061
29,222
48.0
U.S. Dollar Total
160,047
153,428
251.3
New Zealand Dollar
Hellers (15)(19)(26)
$NZ
5,924
3,447
5.5
New Zealand Dollar Total
727,194
1175.4
Settlement
AUSTRALIAN DOLLARS 3,634
EURO 2,047
Standard Chartered
10/09/2025
EURO 2,018
AUSTRALIAN DOLLARS 13,396
US DOLLARS 8,859
US DOLLARS 8,768
(109
EURO 1,794
BRITISH POUNDS 1,556
EURO 1,781
US DOLLARS 7,796
BRITISH POUNDS 5,734
Goldman
CANADIAN DOLLARS 843
EURO 516
EURO 525
CANADIAN DOLLARS 3,107
US DOLLARS 2,232
US DOLLARS 2,279
EURO 782
NORWEGIAN KRONE 9,294
EURO 4,969
US DOLLARS 5,860
EURO 793
EURO 4,992
EURO 22,110
US DOLLARS 25,959
US DOLLARS 26,052
NORWEGIAN KRONE 34,256
US DOLLARS 3,432
US DOLLARS 3,395
EURO 420
BRITISH POUNDS 365
10/21/2025
EURO 755
BRITISH POUNDS 682
Morgan Stanley
11/10/2025
(29
BRITISH POUNDS 550
EURO 628
US DOLLARS 1,071
BRITISH POUNDS 860
(86
US DOLLARS 677
EURO 640
(77
US DOLLARS 1,425
EURO 1,290
US DOLLARS 29,725
EURO 27,780
(2,993
BRITISH POUNDS 10,983
US DOLLARS 14,877
12/08/2025
US DOLLARS 14,852
US DOLLARS 13,352
(1,434
EURO 20,600
US DOLLARS 24,289
US DOLLARS 22,516
(1,781
EURO 18,912
US DOLLARS 20,060
01/09/2026
2,286
US DOLLARS 2,285
AUSTRALIAN DOLLARS 3,590
02/24/2026
US DOLLARS 2,713
BRITISH POUNDS 2,090
Goldman Sachs
(100
US DOLLARS 2,353
US DOLLARS 5,747
US DOLLARS 882
CANADIAN DOLLARS 1,243
US DOLLARS 5,168
(587
EURO 215
CANADIAN DOLLARS 337
02/26/2026
EURO 2,830
AUSTRALIAN DOLLARS 5,037
03/10/2026
EURO 1,706
AUSTRALIAN DOLLARS 3,040
EURO 2,223
BRITISH POUNDS 1,906
AUSTRALIAN DOLLARS 2,210
EURO 1,227
EURO 2,003
US DOLLARS 2,365
US DOLLARS 3,530
EURO 2,985
EURO 4,476
US DOLLARS 5,200
EURO 5,507
US DOLLARS 6,400
EURO 1,750
BRITISH POUNDS 1,545
04/02/2026
US DOLLARS 2,820
BRITISH POUNDS 2,117
05/08/2026
EURO 3,289
BRITISH POUNDS 2,835
06/02/2026
US DOLLARS 1,545
BRITISH POUNDS 1,145
EURO 1,950
US DOLLARS 2,318
US DOLLARS 3,443
EURO 2,960
US DOLLARS 1,889
NEW ZEALAND DOLLAR 3,146
06/25/2026
US DOLLARS 12,143
AUSTRALIAN DOLLARS 18,568
09/10/2026
(177
US DOLLARS 7,318
AUSTRALIAN DOLLARS 11,205
US DOLLARS 6,778
BRITISH POUNDS 5,010
AUSTRALIAN DOLLARS 8,042
US DOLLARS 5,279
BRITISH POUNDS 2,890
US DOLLARS 3,893
EURO 427
NEW ZEALAND DOLLAR 853
09/16/2026
EURO 2,178
AUSTRALIAN DOLLARS 3,931
10/02/2026
US DOLLARS 9,578
AUSTRALIAN DOLLARS 14,489
EURO 412
CANADIAN DOLLARS 677
US DOLLARS 1,813
CANADIAN DOLLARS 2,494
EURO 784
NORWEGIAN KRONE 9,370
EURO 4,925
US DOLLARS 5,890
US DOLLARS 28,295
EURO 23,720
(63
US DOLLARS 3,447
NORWEGIAN KRONE 34,539
(4,877
Below is a listing of ISLP’s individual investments as of December 31, 2024:
Ansett Aviation Training (18)(19)
4.69
14,144
9,831
8,747
17,234
16,946
25,981
31.1
6,018
7.2
24,031
31,999
38.3
7,574
7,888
Reconomy (3)(18)(19)
4,830
6,269
6,171
21,408
21,633
25.9
35,332
36,393
43.6
7,318
9,245
9,161
11.0
9,115
9,865
12,224
0.25% (8.00% PIK)
12.95
9,042
11,430
11,263
32,432
33,352
39.9
Kpler (15)(19)
4,312
5,495
5,398
10.74
5,728
15,221
15,610
6.12
8,388
35,420
35,124
42.0
9,718
26,495
35,591
32,838
10,476
10,215
Learning Pool (16)(19)(26)
5,849
7,728
7,654
8,138
10,751
10,650
16,497
15,212
4,290
5,379
5,371
TES Global (2)(3)(18)(19)
17,651
17,892
113,791
109,162
130.6
6,771
5,086
256,034
249,911
299.1
New Look (Delaware) Corporation (15)(19)(26)
4.32% (2.00% PIK)
17,959
14,711
12,481
5.82
1,174
816
2,254
1,618
1,566
14,863
17.8
Chemicals, Plastics, & Rubber
9,165
9,280
9,058
Chemicals, Plastics, & Rubber Total
2,525
MRHT (15)(19)
12,000
12,992
12,419
6.75
5,492
5,246
18,484
17,665
21.1
13,129
15,896
13,111
22,498
27,233
22,469
8,390
8,093
Pharmathen (18)(19)
5.68
8.26
10/25/2028
13,492
15,075
13,858
Pharmathen (3)(18)(19)
2,235
2,406
69,000
59,833
71.7
7.50
15,095
14,404
Utimaco (18)(19)
8,250
8,356
8,453
23,451
22,857
27.4
14,981
16,242
15,504
Kpler (18)(19)
3,246
3,519
3,359
19,761
18,863
22.6
2,710
Aptus 1724. Gmbh (19)(21)(26)
6.00% (1.50% PIK)
10.38
35,504
41,853
31,232
37.4
15,867
14,617
9.41
3,778
3,542
19,645
18,159
21.7
206,900
182,902
218.9
15,315
9,604
11.6
23,043
22,294
26.7
4,956
23,343
23,172
6.51
16,450
16,342
16,286
8,550
8,494
8,465
48,008
48,094
57.5
23,793
28.6
Aptus 1724 Gmbh (19)(21)(26)
10,144
10,108
8,622
10.3
71
11,700
11,636
11,466
Chamber Bidco Limited (18)(19)
21,081
20,973
6.10
10,697
10,617
43,226
43,244
51.7
162,738
160,814
192.4
683,538
784.8
AUSTRALIAN DOLLARS 480
EURO 292
06/10/2025
EURO 2,325
AUSTRALIAN DOLLARS 3,786
01/15/2025
EURO 3,061
AUSTRALIAN DOLLARS 4,980
110
EURO 2,199
AUSTRALIAN DOLLARS 3,690
US DOLLARS 9,408
AUSTRALIAN DOLLARS 13,954
US DOLLARS 679
AUSTRALIAN DOLLARS 1,035
03/20/2025
US DOLLARS 13,555
AUSTRALIAN DOLLARS 19,560
US DOLLARS 7,026
AUSTRALIAN DOLLARS 10,830
EURO 1,688
BRITISH POUNDS 1,419
EURO 230
BRITISH POUNDS 200
01/21/2025
EURO 3,118
BRITISH POUNDS 2,840
06/12/2025
(297
(56
EURO 231
US DOLLARS 6,840
BRITISH POUNDS 5,231
290
US DOLLARS 1,833
BRITISH POUNDS 1,447
US DOLLARS 2,734
BRITISH POUNDS 2,170
02/14/2025
US DOLLARS 751
BRITISH POUNDS 590
US DOLLARS 2,797
BRITISH POUNDS 2,220
05/13/2025
US DOLLARS 13,374
(363
US DOLLARS 1,000
BRITISH POUNDS 840
US DOLLARS 502
BRITISH POUNDS 402
EURO 450
CANADIAN DOLLARS 679
EURO 316
CANADIAN DOLLARS 471
03/21/2025
US DOLLARS 1,822
CANADIAN DOLLARS 2,501
82
US DOLLARS 1,356
CANADIAN DOLLARS 1,830
EURO 940
DANISH KRONE 7,008
US DOLLARS 3,803
DANISH KRONE 25,832
EURO 880
NORWEGIAN KRONE 10,354
EURO 1,614
US DOLLARS 1,790
01/09/2025
(118
EURO 16,565
US DOLLARS 18,170
(1,010
EURO 8,788
US DOLLARS 9,660
(554
EURO 666
US DOLLARS 740
06/18/2025
EURO 4,079
US DOLLARS 4,480
06/23/2025
(218
EURO 611
US DOLLARS 680
EURO 4,850
US DOLLARS 5,160
US DOLLARS 28,733
EURO 26,140
1,649
US DOLLARS 634
EURO 580
02/12/2025
US DOLLARS 4,795
EURO 4,371
02/28/2025
258
US DOLLARS 23,690
EURO 21,780
US DOLLARS 3,563
NORWEGIAN KRONE 38,166
203
4,237
74
Below is the financial information for ISLP:
ASSETS
Investments at fair value (amortized cost of $727,194 and $683,538, respectively)
13,347
7,610
Foreign cash (cost of $13,496 and $21,972, respectively)
13,871
21,243
Collateral on forward currency exchange contracts
Deferred financing costs (net of accumulated amortization of $3,717 and $3,042, respectively)
3,376
2,138
13,352
13,854
Other receivable
Total assets
764,453
704,900
LIABILITIES
Debt
353,755
297,634
Subordinated notes payable to members
305,782
297,240
Interest payable on debt
Interest payable on subordinated notes payable to members
9,613
20,204
26,068
4,877
Distributions payable to members
1,311
550
429
Total liabilities
703,386
621,336
MEMBERS' EQUITY
Total members’ equity
61,067
83,564
Total liabilities and members’ equity
75
For the Three Months Ended
For the Nine Months Ended
September 30, 2024
Investment income
Interest income
17,244
19,091
52,261
60,528
5,348
15,804
19,158
Interest expense on subordinated notes payable to members
9,605
10,274
28,034
30,116
Professional fees and other expenses
980
754
2,361
Total expenses
15,933
17,120
46,738
51,635
1,971
5,523
8,893
Net realized gain (loss) on investments
627
1,821
(7,702
Net realized loss on extinguishment of debt
(1,652
(90
(20,457
(1,468
(4,267
(3,423
3,522
(15,703
(13,177
(15,297
2,315
(613
(9,114
1,341
(21,068
22,136
18,337
803
Total net gain (loss)
(15,990
2,090
(24,154
(16,495
Net increase (decrease) in members’ equity from operations
(14,679
4,061
(18,631
(7,602
On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program, LLC (“SLP”). Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. Amberstone’s initial capital commitments to SLP were $179.0 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Through these capital contributions, SLP acquired 70% of the membership equity interests of the Company’s 2018‑1 portfolio (“2018‑1”). The Company retained 30% of the 2018‑1 membership equity interests as a non-controlling equity interest. As of September 30, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.7 million and equity interests of $6.8 million. As of December 31, 2024, the Company’s investment in SLP consisted of subordinated notes of $146.5 million, preferred equity interests of $10 thousand and equity interests of ($4.8) million.
In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP. The Company may also purchase certain investments or a participating interest in certain investments from SLP. Since inception, the Company has sold $2,285.2 million of its investments to SLP and purchased $102.5 million in investments from SLP. The purchase and sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a purchase and sale.
The Company has determined that SLP is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members. The Company measures the fair value of SLP in accordance with ASC 820, using the net asset value (or its equivalent) as a practical expedient. The Company and Amberstone each appointed two members to SLP’s four-person Member Designees’ Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.
On March 7, 2022, SLP acquired 70% of the Company’s membership interests in BCC Middle Market CLO 2018‑1 LLC (the “2018‑1 Issuer”). The Company received $56.1 million in proceeds resulting in a realized gain of $1.2 million, which is included in net realized gain in non-controlled/non-affiliate investments. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale. Through this acquisition, the 2018‑1 Issuer became a consolidated subsidiary of SLP and was deconsolidated from the Company’s Consolidated Financial Statements. The Company retained the remaining 30% of the 2018‑1 membership interests as a non-controlling equity interest.
On June 15, 2023, the 2018-1 Issuer entered into a First Supplemental Indenture (“2018-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2018-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term SOFR plus 0.26%, effective July 1, 2023.
On March 13, 2024, SLP refinanced the 2018-1 Issuer through a private placement of $500 million of senior secured and senior deferrable notes consisting of (i) $290.0 million of Class A-1-R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 2.25% per annum; (ii) $20.0 million of Class A‑J‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.70% per annum; (iii) $30.0 million of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.90% per annum; (iv) $40.0 million of Class B-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.90% per annum; (v) $30.0 million of Class C-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 5.90% per annum; and (vi) $30.0 million of Class D-R Junior Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 8.32% per annum (collectively, the “2018‑1 CLO Reset Notes”). The membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. The 2018‑1 CLO Reset Notes are scheduled to mature on April 20, 2036. The transaction resulted in a realized loss on the extinguishment of debt of $1.3 million from the acceleration of unamortized debt issuance costs. The obligations of the 2018-1 Issuer under the 2018-1 CLO Transaction are non-recourse to the Company.
As part of the refinancing transaction, SLP bought the Company's membership interests of the 2018-1 Issuer for $22.4 million, making SLP the sole owner of the membership interests.
Below is a table summary of the 2018‑1 CLO Reset Notes as of September 30, 2025:
Interest rate at
2018-1 Notes
Principal Amount
Spread above Index
Class A-1-R
290,000
2.25
% + 3 Month SOFR
6.58
Class A-J-R
20,000
2.70
7.03
Class A-2-R
30,000
2.90
7.23
Class B-R
40,000
3.90
8.23
Class C-R
Class D-R
8.32
12.65
Membership Interests
60,000
Non-interest bearing
Not applicable
Total 2018-1 Notes
500,000
On August 24, 2022, SLP, through a wholly-owned subsidiary, entered into a $225.0 million senior secured revolving credit facility which bore interest at SOFR plus 210 basis points with Wells Fargo, subject to leverage and borrowing base restrictions (the “MM_22_2 Credit Facility”). The maturity date of the MM_22_2 Credit Facility was August 24, 2025. On August 9, 2023, the MM_22_2 Credit Facility was terminated.
On August 9, 2023, (the “2023-1 Closing Date”), SLP, through BCC Middle Market CLO 2023‑1 LLC (the “2023‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $400.0 million term debt securitization (the “2023-1 CLO Transaction”). The Class A, B-1, B-2, C, D, and E 2023-1 notes issued in connection with the 2023-1 CLO Transaction (the “2023-1 Notes”) are secured by a diversified portfolio of the 2023-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2023-1 Portfolio”). At the 2023-1 Closing Date, the 2023-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2023-1 CLO Transaction.
On August 13, 2025, the 2023-1 Issuer refinanced the 2023‑1 CLO Transaction through a private placement of $331.6 million of senior secured and senior deferrable notes consisting of: (i) $188.5 million of Class A‑1‑R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.58% per annum; (ii) $9.8 million of Class A‑2‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.80% per annum; (iii) $22.8 million of Class B-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 1.90% per annum; (iv) $27.6 million of Class C-R Senior
Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 2.25% per annum; (v) $17.9 million of Class D-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.25% per annum; and (vi) $19.5 million of Class E-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 6.5% per annum (collectively, the “2023‑1 CLO Reset Notes”). The 2023‑1 CLO Reset Notes are scheduled to mature on July 1, 2037. The Company retained $27.6 million of the Class C-R Notes, $17.9 million of the Class D-R Notes, and $19.5 million of the Class E-R Notes. The retained notes by the Company are eliminated in consolidation. The obligations of the 2023-1 Issuer under the 2023-1 CLO Transaction are non-recourse to the Company.
The 2023‑1 Notes are scheduled to mature on July 20, 2035 and are included in SLP’s Consolidated Financial Statements. The membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2023-1 Notes as of September 30, 2025:
2023-1 Debt
Class A-1-R Notes
188,500
1.58
% + SOFR
5.81
Class A-2-R Notes
1.80
22,750
1.90
6.13
Total 2023-1 Notes
221,000
45,636
266,636
On September 27, 2023, SLP, through SLP MM CLO WH 2, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $140.0 million senior secured revolving credit facility which bore interest at SOFR plus 285 basis points with NatWest Markets PLC, subject to leverage and borrowing base restrictions (the "MM_23_3 Credit Facility"). The maturity date of the MM_23_3 Credit Facility was September 27, 2027. On July 10, 2024, the MM_23_3 Credit Facility was terminated.
On July 10, 2024 (the “2024-1 Closing Date”), SLP, through BCC Middle Market CLO 2024‑1 LLC (the “2024‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $450.4 million term debt securitization (the “2024-1 CLO Transaction”). The Class A-1, A-2, B, C, D, and E 2024-1 notes issued in connection with the 2024-1 CLO Transaction (the “2024-1 Notes”) are secured by a diversified portfolio of the 2024-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2024-1 Portfolio”). The Company retained $25.5 million of the Class E Notes. The retained notes by the Company are eliminated in consolidation. At the 2024-1 Closing Date, the 2024-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2024-1 CLO Transaction.
The 2024‑1 Notes are scheduled to mature on July 17, 2036 and are included in SLP’s Consolidated Financial Statements. The Company's membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2024-1 Notes as of September 30, 2025:
2024-1 Debt
Class A-1 Notes
250,750
1.75
6.07
Class A-2 Notes
12,750
1.95
6.27
Class B Notes
25,500
2.05
6.37
Class C Notes
34,000
2.75
7.07
Class D Notes
4.50
8.82
Total 2024-1 Notes(1)
348,500
76,395
424,895
(1)As of September 30, 2025, there were no Class E Notes outstanding.
On December 9, 2024, SLP, through SLP MM CLO WH 3, LLC, a Delaware limited liability company and a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at SOFR plus 200 basis points with Société Générale, subject to leverage and borrowing base restrictions (the “MM CLO WH 3 Credit Facility”). The maturity date of the MM CLO WH 3 Credit Facility was December 8, 2032. On July 8, 2025, the MM CLO WH 3 Credit Facility was terminated.
78
On July 8, 2025 (the “2025-1 Closing Date”), SLP, through BCC Middle Market CLO 2025‑1 LLC (the “2025‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $349.1 million term debt securitization (the “2025-1 CLO Transaction”). The Class A-1, A-2, B, C, D-1, and D-2 2025-1 notes issued in connection with the 2025-1 CLO Transaction (the “2025-1 Notes”) are secured by a diversified portfolio of the 2025-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2025-1 Portfolio”). At the 2025-1 Closing Date, the 2025-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2025-1 CLO Transaction.
The 2025‑1 Notes are scheduled to mature on July 17, 2037 and are included in SLP’s Consolidated Financial Statements. The Company's membership interests are eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2025-1 Notes as of September 30, 2025:
2025-1 Debt
147,000
1.62
5.73
Class A-1 Loans
56,000
Class A-2 Loans
14,000
1.77
5.88
21,000
6.06
29,750
2.50
6.61
Class D-1 Notes
19,250
3.50
7.61
Class D-2 Notes
8,750
Total 2025-1 Notes
295,750
Subordinated Notes
53,380
349,130
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding as of September 30, 2025 was 7.1%. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the year ended December 31, 2024 was 8.2%.
Below is a summary of SLP’s portfolio at fair value:
1,548,938
1,399,241
Number of borrowers in SLP
42,336
35,681
187,132
171,681
4,870
991
Below is a listing of SLP’s individual investments as of September 30, 2025:
Senior Loan Program, LLC
Principal (9)
U.S. Dollars
ATS (12)(15)(19)(35)(36)
20,165
19,983
BTX Precision (12)(15)(19)(34)(35)(36)
21,554
21,442
BTX Precision (15)(19)(36)
4,975
Forward Slope (12)(15)(19)(34)(35)
5.60
14,025
13,884
Forward Slope (15)(19)(34)(35)
18,374
Forward Slope (15)(19)(36)
9,937
GSP Holdings, LLC (12)(15)(19)(26)(34)(35)
25,631
25,571
23,836
Heads Up Technologies, Inc. (12)(16)(19)(34)(35)
16,500
16,418
Mach Acquisition T/L (12)(15)(19)(26)(36)
15,962
Saturn Purchaser Corp. (12)(15)(19)(34)(35)
4.85
29,633
29,576
Whitcraft-Paradigm (15)(19)(36)
4,513
Whitcraft-Paradigm (15)(19)(34)(36)
11,268
11,210
191,845
190,660
1668.2
Cardo (12)(18)(19)
10,800
Chilton (12)(15)(19)(34)(35)(36)
16,431
16,308
Gills Point S (12)(15)(19)(35)
9,775
9,580
Intoxalock (12)(15)(19)(34)
5.10
16,706
JHCC Holdings, LLC (15)(19)(34)(35)
8,103
8,061
JHCC Holdings, LLC (12)(15)(19)(34)
16,158
77,526
77,746
680.3
AgroFresh Solutions (12)(15)(19)(34)(35)(36)
6.35
24,016
23,884
210.1
AXH Air Coolers (12)(15)(19)(34)(35)(36)
27,189
27,092
13,130
40,222
40,319
352.8
Duraco (19)(32)(35)(36)
16,080
15,842
15,437
V Global Holdings LLC (12)(16)(19)(34)
9,853
9,459
25,670
24,896
217.8
AGS American Glass Services Acquisition, LLC (12)(15)(19)(34)(35)
Service Master (18)(19)(26)(34)(35)
18,839
Service Master (15)(19)(26)(36)
4,993
4,990
Zeus Fire & Security (12)(15)(19)(35)(36)
19,354
19,219
19,209
47,028
47,021
411.4
Stanton Carpet (12)(15)(19)
TLC Purchaser, Inc. (15)(19)(36)
5.76
1,975
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36)
35,431
34,752
35,436
41,681
42,431
371.3
Evriholder (12)(19)(32)(35)
6.90
15,622
15,523
15,466
Hempz (15)(19)(34)(35)(36)
13,832
13,730
13,763
Solaray, LLC (12)(15)(19)
6.85
9,780
9,291
Summer Fridays, LLC (12)(15)(19)(36)
10,723
10,567
10,562
RoC Skincare (12)(15)(19)(35)(36)
24,115
23,924
WU Holdco, Inc. (12)(16)(19)(34)(35)(36)
26,213
26,087
26,082
99,611
99,279
868.7
1.25
3,338
3,106
1,769
2,214
1,978
5,084
15.5
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35)
6.26
22,412
22,314
196.1
WCI Gigawatt Purchaser (12)(15)(19)(34)
6.01
20,096
19,968
WCI Gigawatt Purchaser (15)(19)(35)
4,663
4,617
3,333
27,918
28,092
245.8
81
Allworth Financial Group, L.P. (12)(15)(19)
2,095
2,079
8,194
Choreo (15)(19)(36)
2,463
Insigneo Financial Group LLC (12)(15)(19)
6.60
3,825
PMA (12)(16)(19)(34)(35)(36)
17,456
17,225
Wealth Enhancement Group (WEG) (15)(19)(35)(36)
11,755
52,930
53,172
465.2
Simplicity (12)(16)(19)(34)(35)(36)
25,061
24,820
219.3
AEG Vision (12)(15)(19)(34)(35)
AOM Infusion (16)(19)(36)
3,643
3,608
3,625
Apollo Intelligence (12)(16)(19)(35)
10,429
10,319
Beacon Specialized Living (12)(15)(19)(35)(36)
12,495
12,424
EHE Health (12)(15)(19)(34)(35)(36)
24,503
24,294
HealthDrive (12)(15)(19)(34)(35)(36)
20,269
HealthDrive (15)(19)(36)
HealthDrive (3)(15)(19)(36)
2,129
2,115
Odyssey Behavioral Health (12)(15)(19)(34)(35)(36)
35,239
34,855
Pharmacy Partners (12)(19)(32)(34)(35)(36)
23,347
23,155
Psychiatric Medical Care LLC (12)(16)(19)(34)(35)
10,250
Red Nucleus (16)(19)(34)(35)(36)
8.77
16,332
16,149
RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36)
22,818
22,572
SunMed Group Holdings, LLC (12)(16)(19)
190,779
191,971
1679.7
Appriss (12)(15)(19)(35)
10,973
10,891
Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36)
29,020
28,829
LogRhythm, Inc. (15)(19)(35)
3,885
NearMap (15)(19)(34)(35)(36)
16,084
NearMap (12)(15)(19)(35)(36)
14,963
14,909
PayRange (15)(19)(34)(35)(36)
18,340
18,193
Superna Inc. (15)(19)(36)
4,211
4,170
SensorTower (12)(19)(31)(34)(35)(36)
19,391
19,267
116,106
116,840
1022.3
Awayday (15)(19)(34)(36)
13,657
13,506
13,520
City BBQ (12)(15)(19)(34)(35)(36)
5.35
28,469
28,300
28,327
Concert Golf Partners Holdco LLC (12)(16)(19)(34)(35)
20,124
19,913
Concert Golf Partners Holdco LLC (16)(19)(36)
4,095
Pollo Tropical (12)(15)(19)(35)(36)
6,512
6,438
Pyramid Global Hospitality (19)(31)(36)
5,259
Pyramid Global Hospitality (12)(19)(24)(34)(35)
15,600
15,375
92,886
93,437
817.5
AdThrive (36)
4.36
4,923
4,853
42.9
New Look (Delaware) Corporation (12)(15)(19)
9,384
9,190
3,756
3,491
1,208
1,138
Thrasio, LLC (14)(19)
5,369
597
19,785
11,418
99.9
Allbridge (12)(15)(19)(35)(36)
22,360
22,256
AMI (12)(16)(19)(34)(35)
21,890
21,745
Avalon Acquiror, Inc. (12)(15)(19)(34)(35)
31,807
31,664
Datix Bidco Limited (17)(19)(35)
6,000
5,920
Dealer Service Network (12)(15)(19)(34)(35)
2/9/2027
8,684
8,630
Discovery Senior Living (12)(15)(19)(35)
16,745
16,625
Discovery Senior Living (15)(19)(36)
2,802
Easy Ice (12)(15)(19)(34)(35)(36)
31,308
30,888
Electronic Merchant Systems (12)(16)(19)(34)(35)(36)
20,843
20,557
E-Tech Group (12)(15)(19)(35)
7,899
7,801
Morrow Sodali (12)(18)(19)
2,179
2,164
Morrow Sodali (12)(15)(19)
5.48
7,700
7,649
Orion (15)(19)(34)(35)(36)
16,617
16,490
Pure Wafer (12)(15)(19)(35)(36)
10,834
10,752
PRGX (12)(15)(19)(34)(35)(36)
17,331
17,165
17,158
TEI Holdings Inc. (17)(35)
4.00
10,509
10,549
10,487
233,693
235,215
2057.9
CorePower Yoga, LLC (12)(15)(19)(34)(35)(36)
21,099
20,999
MZR Buyer, LLC (12)(15)(19)(26)(35)(36)
13,658
13,646
12,770
Owl Acquisition, LLC (12)(16)(19)(35)(36)
15,000
14,893
14,944
Spotless Brands (3)(15)(19)(36)
5,267
5,276
5,277
54,814
54,090
473.3
Meriplex Communications, Ltd. (12)(16)(19)(35)(36)
14,723
14,504
14,391
125.9
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35)
29,404
27,125
Gulf Winds International (12)(15)(19)(26)(34)
14,016
13,829
13,315
Gulf Winds International (12)(15)(19)(35)(36)
15,865
15,707
15,046
RoadOne (15)(19)(34)
6,846
6,731
1,052
66,722
63,384
554.6
PrimeFlight Acquisition LLC (12)(15)(19)
6,489
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35)
22,710
22,348
28,837
29,199
255.5
KAMC Holdings, Inc. (12)(16)(19)(35)
4,500
4,450
4,449
38.9
Vessco Water (16)(19)(34)(35)(36)
13,687
13,622
119.8
12,333
11,278
Blackbird Purchaser, Inc. (16)(19)(35)
12/19/2030
5,323
Chex Finer Foods, LLC (12)(15)(19)(35)
11,970
11,896
Hultec (12)(15)(19)(34)
5.65
6,273
6,149
SureWerx (16)(19)(34)(35)
8,157
8,030
8,116
42,676
39,082
342.0
1,564,260
13552.70
Below is a listing of SLP's individual investments as of December 31, 2024:
% ofMembers
18,204
17,983
17,977
BTX Precision (15)(19)(34)(35)(36)
15,167
15,037
Forward Slope (12)(15)(19)
11,132
10,963
18,515
4,987
GSP Holdings, LLC (12)(15)(19)(34)(35)
25,156
24,638
24,903
Robinson Helicopter (12)(15)(19)(34)(35)(36)
32,975
32,715
30,316
30,247
Whitcraft-Paradigm (15)(19)(34)
164,840
165,797
1241.0
Gills Point S (12)(15)(19)(34)
16,927
16,812
8,165
8,106
16,282
16,162
61,730
62,024
464.3
Electronic Merchant Systems (16)(19)(29)(34)(35)
10,500
10,320
10,316
Morrow Sodali Global LLC (12)(18)(19)
2,195
2,177
Morrow Sodali Global LLC (12)(15)(19)
7,760
7,694
20,191
20,271
151.7
AgroFresh Solutions (12)(15)(19)(34)(35)
11,202
11,095
16,045
16,202
121.3
27,075
DiversiTech (12)(17)
3.76
1,979
1,981
1,997
29,056
29,186
218.5
86
13,179
13,010
12,916
INEOS US Petrochem (12)(18)
3.85
8.21
3/14/2030
1,980
1,982
1,989
Prince\Ferro (12)(17)
4.25
4/23/2029
1,956
19,911
19,841
19,264
36,799
36,125
270.4
18,728
23,720
23,725
177.6
New Milani Group LLC (12)(15)(19)(35)
9,816
4,943
34,735
49,494
50,497
378.0
15,799
15,852
Hempz (15)(19)(34)(35)
8,179
8,178
24,298
24,080
9,862
WU Holdco, Inc. (12)(15)(19)
6,395
6,188
70,503
70,526
527.9
3,198
WSP (7)(14)(18)(19)(26)
2,081
239
2,826
21.2
22,586
22,455
Iris Holding, Inc. (12)(17)(34)
9.44
6/28/2028
10,557
10,205
10,201
32,660
32,787
245.4
20,252
20,079
20,050
4,699
4,637
4,652
10.78
3,348
28,098
28,050
210.0
8,258
2,481
Citadel (12)(18)
2.00
6.57
10/31/2031
1,990
1,996
1,998
Congress Wealth (15)(19)(34)
4,672
Hudson River Trading (12)(18)(35)
3.00
7.48
4,959
4,949
4,983
17,500
17,239
17,238
Wealth Enhancement Group (WEG) (3)(15)(19)(35)
2,509
2,502
55,412
55,454
415.1
Asurion LLC (12)(18)
7.36
11/6/2030
1,972
Asurion LLC (12)(18)(34)
4.10
8.46
8/19/2028
3,965
3,932
3,959
Margaux Acquisition Inc. (16)(19)(34)
8,918
Margaux Acquisition Inc. (12)(16)(19)(34)(35)
15,541
30,363
30,395
227.5
Forest Products & Paper
Multi-Color Corp (12)(17)(35)
10/29/2028
3,964
3,880
3,843
Forest Products & Paper Total
28.8
AEG Vision (12)(18)(19)(34)(35)
1,164
10,496
Beacon Specialized Living (12)(15)(19)(35)
8,955
8,871
EHE Health (12)(15)(19)(29)(34)(35)(36)
24,688
24,446
24,441
HealthDrive (12)(15)(19)(34)(35)
18,516
Pharmacy Partners (12)(19)(32)(34)(35)
21,835
21,599
Red Nucleus (16)(19)(34)(35)
11,850
9,435
WellSky (18)(34)
3.11
7.47
2,001
108,375
108,754
814.0
Applitools (16)(19)(26)
12,354
12,282
12,168
Black Mountain (12)(18)(19)(34)(35)
19,852
19,850
7,959
7,886
Gainwell Acquisition (12)(16)
4.20
8.70
10/1/2027
2,745
2,652
2,666
Element Buyer, Inc. (12)(15)(19)(35)(36)
5.85
24,871
Element Buyer, Inc. (12)(15)(19)(34)
10,738
Logrhythm (15)(19)(35)
7,955
7,734
7,717
16,119
PayRange (15)(19)(34)(35)
11,375
11,262
11,261
Proofpoint (12)(17)
1,984
1,992
SensorTower (12)(19)(31)(34)(35)
21,482
21,229
Superna Inc. (12)(15)(19)(34)(35)
33,114
32,847
32,782
169,456
169,613
1269.5
Aimbridge Acquisition Co., Inc. (7)(14)(12)(18)(19)
7.76
5,696
Awayday (12)(15)(19)(29)(34)(35)
24,938
24,691
24,813
City BBQ (12)(15)(19)(29)(34)(35)(36)
22,693
22,496
Concert Golf Partners Holdco (12)(16)(19)(34)(35)
20,280
20,022
4,127
Pollo Tropical (15)(19)(35)(36)
4,197
15,720
15,420
96,649
92,430
691.8
Internet Brands (12)(17)
5/3/2028
2,970
2,960
2,975
22.3
9,458
9,207
Petco (12)(16)
3.51
7.84
1,876
1,947
3,360
2,956
1,910
4,098
21,476
17,551
131.4
89
Allbridge (12)(15)(19)(35)
17,435
17,314
AMI (12)(16)(19)(29)(34)(35)
22,000
21,836
32,054
31,865
31,413
TEI Holdings Inc. (17)(29)(35)
10,589
10,634
10,655
5,910
10.34
8,665
8,706
16,873
16,732
Discovery Senior Living (15)(19)(36)(36)
2,823
DTIQ (12)(13)(19)(29)(34)(35)
16,958
16,665
16,661
Easy Ice (15)(19)(34)(35)
10,482
10,326
10,325
Smartronix (12)(15)(19)(34)
12,804
12,656
Smartronix (12)(15)(19)(36)
8,127
Smartronix (15)(19)(35)
8,663
8,491
12,500
12,360
12,359
184,404
184,679
1382.3
Eagle Parent Corp (12)(17)
8.58
3,276
3,269
3,224
MZR Buyer, LLC (12)(15)(19)(34)(35)
27,229
27,190
26,412
30,459
29,636
221.8
Inmarsat (12)(17)
8.86
9/27/2029
1,887
1,748
Meriplex Communications, Ltd. (12)(16)(19)(34)
14,830
14,688
14,607
Taoglas (12)(15)(19)(34)(35)
18,465
18,226
18,188
34,801
34,543
258.6
29,235
28,066
Gulf Winds International (12)(15)(19)(34)
7.60
14,088
13,630
15,914
15,749
15,395
6,899
RoadOne (18)(19)(34)
1,060
1,059
66,656
65,050
486.8
6,539
22,885
22,444
28,983
29,424
220.2
Vessco Water (16)(19)(34)(35)
7,500
7,427
56.1
Abracon Group Holding, LLC. (16)(19)(26)(34)
11,899
11,758
9,519
5,364
6,276
6,131
8,219
8,068
31,321
29,378
219.9
1,410,934
10473.4
90
Below is the financial information for SLP:
Investments at fair value (amortized cost of $1,564,260 and $1,410,934, respectively)
6,680
5,331
89,438
103,663
Prepaid expenses
3,892
4,245
Deferred financing costs (net of accumulated amortization of $0 and $11, respectively)
1,489
11,963
8,930
3,958
5,301
1,664,869
1,528,200
Debt (net of unamortized debt issuance costs of $10,269 and $7,369, respectively)
1,294,981
1,188,131
315,859
293,000
17,274
25,096
8,562
7,488
10,960
21,093
3,500
4,732
1,653,440
1,541,560
EQUITY
Members’ equity (deficit)
11,429
(13,360
Total Members' equity (deficit)
40,703
35,878
117,499
94,317
23,868
23,666
69,479
59,127
8,563
7,387
23,576
19,429
6,824
4,795
34,733
32,784
99,879
83,351
5,970
3,094
17,620
10,966
Net realized loss on investments
(1,100
(6,842
(1,139
Net change in unrealized appreciation on members subordinated notes
24,141
(1,785
(3,630
7,807
(1,706
13,669
(1,034
Net increase from operations
5,740
1,388
31,289
9,932
Less: net increase attributable to noncontrolling interests
Net increase in members' equity from operations
9,998
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of September 30, 2025, according to the fair value hierarchy:
Fair Value Measurements
Level 1
Level 2
Level 3
Measured at Net Asset Value (2)
Investments:
1,631,913
217,843
Subordinated Notes Investment Vehicles (1)
Preferred Equity Interests Investment Vehicles (1)
Equity Interests Investment Vehicles (1)
Total Investments
2,469,076
62,399
Cash equivalents
Forward currency exchange contracts (liability)
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2024, according to the fair value hierarchy:
Measured at
Net Asset
Value (2)
7,604
1,543,286
219,210
Subordinated Note Investment Vehicles (1)
Preferred Equity Interest Investment Vehicles (1)
Equity Interest Investment Vehicles (1)
2,354,678
68,907
Forward currency exchange contracts (asset)
(1,185
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 2025:
First Lien
Second Lien
Subordinated
Senior
Notes in
Secured
Preferred
Equity
Loans
Interests
Vehicles (1)
Investments
Balance as of January 1, 2025
Purchases of investments and other adjustments to cost
1,027,612
28,792
22,223
11,777
23,500
1,123,575
Paid-in-kind interest income
13,232
7,021
3,098
23,351
Net accretion of discounts (amortization of premiums)
3,572
3,774
Principal repayments and sales of investments
(947,522
(9,597
(63,223
(18,177
(1,038,519
4,685
18,830
(1,062
7,511
13,647
(12,070
31,744
(12,952
(19,038
11,071
(8,608
(29,527
Reclassifications
(5,068
Balance as of September 30, 2025
Change in unrealized appreciation attributable to investments still held at September 30, 2025
(6,591
(49
(1,156
14,176
4,152
Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the nine months ended September 30, 2025, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the nine months ended September 30, 2025, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2024:
Structured
Products
Balance as of January 1, 2024
1,442,988
68,439
45,877
22,618
104,428
221,355
511
306,724
2,212,940
1,433,627
5,984
67,221
38,156
30,500
1,575,488
Paid-in-kind interest
22,258
268
2,907
753
26,186
4,748
5,029
(1,354,691
(21,304
(22,414
(15,470
(22,711
(1,436,590
8,089
(17,306
(1,569
1,433
11,118
(3,008
(646
Net realized gains (losses) on investments
(9,134
(1,637
2,603
(1,531
(480
(10,166
Transfers out of Level 3
(6,619
(10,944
(17,563
(2,240
Balance as of December 31, 2024
Change in unrealized appreciation attributable to investments still held at December 31, 2024
(1,665
(17,046
14,699
732
629
(4,220
Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the year ended December 31, 2024, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the year ended December 31, 2024, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.
ASC 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner.
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of September 30, 2025 were as follows:
Significant
Fair Value of
Unobservable
Range of Significant
Level 3 Assets (1)
Valuation Technique
Inputs
Unobservable Inputs (3)
Weighted Average (2)
1,457,393
Discounted cash flows
Comparative Yields
5.2
21.9
10.6%
70,705
Comparable company multiple
EBITDA Multiple
7.5
x
9.7x
2,784
Revenue Multiple
0.4x
Collateral coverage
Recovery Rate
100.0%
20,350
12.9
13.2
13.0%
Subordinated Notes in Investment Vehicles
92.9
96.8%
11.7
19.5
17.5%
Discount Rate
13.4%
92,262
26.0
12.3x
12,512
34.5
11.1x
Book Value Multiple
1.0x
27,637
10.5x
50,052
10.7
8.1x
6,565
17.4%
3.5x
678
25.0%
2,310,776
The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of September 30, 2025. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The comparable company multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2024 were as follows:
1,223,142
24.2
11.5%
74,318
9.4x
18.1%
28,349
13.9%
1,755
6.5
7.2x
48,253
12.1
15.6%
13.4
18.1
15.0%
68,452
11.5x
10,329
14.5
73,174
15.3
42,873
4,752
14.0%
2,056,963
The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2024. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.
Fair value is estimated by using market quotations or discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:
Level
2019-1 Debt
150,744
352,500
March 2026 Notes
298,037
291,280
October 2026 Notes
293,685
285,940
352,327
Sumitomo Credit Facility
398,000
442,699
Total Debt
1,492,793
1,372,419
The Company entered into the first amended and restated investment advisory agreement as of November 14, 2018 (the “Prior Advisory Agreement”) with the Advisor, pursuant to which the Advisor manages the Company’s investment program and related activities. On November 28, 2018, the Board, including a majority of the Independent Directors, approved a second amended and restated advisory agreement (the “Amended Advisory Agreement”) between the Company and the Advisor. On February 1, 2019, stockholders approved the Amended Advisory Agreement which replaced the Prior Advisory Agreement.
The Company pays the Advisor a base management fee (the “Base Management Fee”), accrued and payable quarterly in arrears. The Base Management Fee is calculated at an annual rate of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. 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 issuance or repurchases by the Company during a calendar quarter. The Base Management Fee for any partial quarter will be appropriately prorated. Effective February 1, 2019, the base management fee has been revised to a tiered management fee structure so that the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio down to 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%.
For the three months ended September 30, 2025 and 2024, management fees were $9.4 million and $8.9 million, respectively. For the nine months ended September 30, 2025 and 2024, management fees were $27.8 million and $26.5 million, respectively.
As of September 30, 2025 and December 31, 2024, $9.4 million and $9.2 million, respectively, remained payable related to the base management fee accrued in base management fee payable on the Consolidated Statements of Assets and Liabilities.
The incentive fee consists of two parts that are determined independently of each other such that one component may be payable even if the other is not.
The first part, the Incentive Fee based on income is calculated and payable quarterly in arrears as detailed below.
The second part, the capital gains incentive fee, is determined and payable in arrears as detailed below.
Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any 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 market discount, original issue discount (“OID”), debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.
Pre-incentive fee net investment income does not include any realized or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the Hurdle rate for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses.
The incentive fee based on income is calculated and payable quarterly in arrears based on the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (the “Trailing Twelve Quarters”). This calculation is referred to as the “Three-Year Lookback.”
Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Amount” equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Amount will be calculated after making appropriate adjustments to our NAV at the beginning of each applicable calendar quarter for our subscriptions (which shall include all issuances by us of shares of our common stock, including issuances pursuant to the Company’s dividend reinvestment plan) and distributions during the applicable calendar quarter.
The quarterly incentive fee based on income is calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.” The incentive fee based on income that is paid to the Advisor in respect of a particular calendar quarter will equal the Excess Income Amount less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
The incentive fee based on income for each calendar quarter is determined as follows:
Incentive Fee Cap
The incentive fee based on income is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in respect of any calendar quarter is an amount equal to 17.5% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.
“Cumulative Net Return” during the relevant Trailing Twelve Quarters means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no incentive fee based on income to the Advisor in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in respect of such period and (ii) aggregate capital gains, whether realized or unrealized, in respect of such period.
For the three months ended September 30, 2025 and 2024, the Company incurred $4.6 million and $7.0 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.
For the nine months ended September 30, 2025 and 2024, the Company incurred $12.3 million and $24.2 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.
As of September 30, 2025 and December 31, 2024, there was $4.6 million and $4.7 million, respectively, related to the income incentive fee accrued in incentive fee payable on the Consolidated Statements of Assets and Liabilities.
The Amended Advisory Agreement approved by Stockholders on February 1, 2019 incorporates (i) a three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable three-year lookback period.
The second part of the incentive fee is a capital gains incentive fee that will be determined and payable in arrears in cash as of the end of each fiscal year (or upon termination of the Amended Advisory Agreement, as of the termination date), and equals to 17.5% of our realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to the Advisor, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since our inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the cost of such investment. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year will equal to 17.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of our portfolio in all prior years.
There were no capital gains incentive fee payable to the Advisor under the Amended Advisory Agreement as of September 30, 2025 and December 31, 2024.
US GAAP requires that the incentive fee accrual consider the cumulative aggregate unrealized capital appreciation of investments or other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Amended Advisory Agreement (“GAAP Incentive Fee”). There can be no assurance that such unrealized appreciation will be realized in the future. Accordingly, such fee, as calculated and accrued, would not necessarily be payable under the Amended Advisory Agreement, and may never be paid based upon the computation of incentive fees in subsequent period.
For the three months ended September 30, 2025 and 2024, the Company accrued $0.0 million and $0.0 million, respectively, of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the Consolidated Statements of Operations. For the nine months ended September 30, 2025 and 2024, the Company accrued $0.0 million and $0.0 million, respectively, of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, there was $0.0 million and $0.0 million related to the GAAP Incentive Fee accrued in incentive fee payable on the Consolidated Statements of Assets and Liabilities, respectively.
The Company has entered into an administration agreement (the “Administration Agreement”) with the advisor, pursuant to which the Administrator will provide the administrative services necessary for us to operate, and the Company will utilize the Administrator’s office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. The Company will reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board.
The Company incurred expenses related to the Administrator of $0.6 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the Administrator of $1.8 million and $1.8 million for the nine
months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. As of September 30, 2025 and December 31, 2024, respectively, there were $0.6 million and $0.8 million related to the Administrator that were payable and included in “accounts payable and accrued expenses” in the Consolidated Statements of Assets and Liabilities. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred expenses related to the sub-administrator of $0.2 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the sub-administrator of $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our stockholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.
As of September 30, 2025 and December 31, 2024, respectively, there were $29.2 million and $0.0 payable to the transfer agent, included in “accounts payable and accrued expenses” in the Consolidated Statements of Assets and Liabilities.
The Company’s investment activities are managed by the Advisor, an investment adviser that is registered with the SEC under the Advisers Act. The Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.
The Advisor has entered into a Resource Sharing Agreement (the “Resource Sharing Agreement”) with Bain Capital Credit, LP (“Bain Capital Credit”), pursuant to which Bain Capital Credit provides the Advisor with experienced investment professionals (including the members of the Advisor’s Credit Committee) and access to the resources of Bain Capital Credit so as to enable the Advisor to fulfill its obligations under the Amended Advisory Agreement. Through the Resource Sharing Agreement, the Advisor intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit’s investment professionals. There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource Sharing Agreement may be terminated by either party on 60 days’ notice, which if terminated may have a material adverse consequence on the Company’s operations.
The Company will invest alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order the Company received from the SEC initially on August 23, 2016, as amended on March 23, 2018 and December 22, 2021 (the “Order”). Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.
An affiliate of the Advisor is the investment manager to certain pooled investment vehicles which are investors in the Company. These investors held 11,822,432.66 and 11,822,432.66 shares of the Company at September 30, 2025 and December 31, 2024, respectively.
Transactions during the nine months ended September 30, 2025 in which the issuer was either an Affiliated Person, as defined in the 1940 Act, or an Affiliated Person that the Company is deemed to control are as follows:
Fair Valueas ofDecember 31,2024
GrossAdditions
GrossReductions
Change inUnrealizedAppreciation
RealizedGains(Losses)
Fair Valueas ofSeptember 30,2025
Dividend,Interest, andPIK Income
OtherIncome
Non-Controlled/affiliate investment
ADT Pizza, LLC Equity Interest (1)
(3,360
(3,411
Ansett Aviation Training First Lien Senior Secured Loan
(4,601
(707
Ansett Aviation Training Equity Interest (1)
Blackbrush Oil & Gas C/S Equity Interest (1)
3,208
(3,209
DC Blox Equity Interest (1)
DC Blox First Lien Senior Secured Loan
(1,384
(92
DC Blox Preferred Equity (1)
(37,794
(623
(106
(5,440
(1,371
1,581
(7,346
(4,265
7,334
Direct Travel, Inc First Lien Senior Secured Loan
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1)
656
(656
Walker Edison Equity Interest (1)
(5,592
Walker Edison First Lien Senior Secured Loan
Walker Edison First Lien Senior Secured Loan (1)
187
(6,620
Walker Edison First Lien Senior Secured Loan - Revolver (1)
(93
(3,089
(725
1,703
(2,045
736
(873
Total Non-Controlled/affiliate investment
4,988
(60,018
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles
11,787
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles
1,721
1,613
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles
11,643
2,125
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1)
(2,082
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1)
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1)
Gale Aviation (Offshore) Co Equity Interest (1)
(5,820
(8,329
2,200
International Senior Loan Program, LLC Equity Interest Investment Vehicles
(14,367
2,528
International Senior Loan Program, LLC Subordinated Note Investment Vehicles
17,441
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)
353
Legacy Corporate Lending HoldCo, LLC Preferred Equity
16,650
(6,750
7,327
2,025
Lightning Holdings B, LLC Equity Interest (1)
(10,000
4,209
Parcel2Go First Lien Senior Secured Loan
Parcel2Go Equity Interest (1)
Parcel2Go Preferred Equity (1)
SG Global Midco Limited First Lien Senior Secured Loan (1)
Surrey Bidco Limited First Lien Senior Secured Loan (1)
Voltaire Topco Limited Equity Interest (1)
Total Controlled affiliate investment
40,388
(22,570
657,447
45,376
(82,588
(5,853
599,623
39,891
(1)Non-income producing.
Transactions during the year ended December 31, 2024 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to control are as follows:
as of
Change in
Realized
Dividend,
December 31,
Gross
Gains
Interest, and
Other
2023
Additions
Reductions
Appreciation
(Losses)
PIK Income
12,801
(4,372
4,817
(443
378
7,516
BCC Middle Market CLO 2018-1, LLC Equity Interest
(22,415
(1,636
821
Blackbrush Oil & Gas, L.P. Equity Interest (1)
Blackbrush Oil & Gas, L.P. Preferred Equity (1)
3,498
(3,469
(2,392
2,363
DC Blox Preferred Equity
37,900
623
3,860
1,370
4,266
4,841
(4,841
138
Direct Travel, Inc First Lien Senior Secured Loan - Delayed Draw
(3,500
1,782
(1,782
59,944
(59,944
2,027
5,775
(5,775
202
Direct Travel, Inc Equity Interest (1)
10,280
(6,999
(10,281
7,000
421
(421
461
(5,393
Walker Edison First Lien Senior Secured Loan - Revolver
343
(1,703
(736
147,971
45,819
(108,927
(16,857
4,521
115,995
13,523
(1,793
1,803
2,332
(379
(4,470
6,609
6,619
10,944
Gale Aviation (Offshore) Co Equity Interest
88,419
(14,900
10,799
66,140
(10,732
25,622
810
Legacy Corporate Lending HoldCo, LLC Preferred Equity (1)
34,875
7,425
2,709
44,653
8,410
4,744
557,012
46,479
(6,877
64,941
704,983
92,298
(123,827
(23,734
69,462
In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, effective February 2, 2019, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. As of September 30, 2025 and December 31, 2024, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 174.9% and 181.7%, respectively.
The Company’s outstanding borrowings as of September 30, 2025 and December 31, 2024 were as follows:
Total Aggregate
Principal
Amount
Carrying
Committed
Outstanding
Value (1)
150,615
148,796
351,359
300,000
299,501
298,656
298,581
297,556
March 2030 Notes (2)
351,482
855,000
1,955,615
1,498,615
1,807,500
1,395,199
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 was 4.8% and 5.1%, respectively.
The combined weighted average borrowings outstanding for the nine months ended September 30, 2025 and year ended December 31, 2024 were $1.5 billion and $1.3 billion, respectively.
The following table shows the contractual maturities of our debt obligations as of September 30, 2025:
Payments Due by Period
Less than
More than
1 year
1 — 3 years
3 — 5 years
5 years
Total Debt Obligations
748,000
On August 28, 2019, the Company, through BCC Middle Market CLO 2019‑1 LLC (the “2019‑1 Issuer”), a Cayman Islands limited liability company and a wholly-owned and consolidated subsidiary of the Company, and BCC Middle Market CLO 2019‑1 Co-Issuer, LLC (the “Co-Issuer” and, together with the 2019-1 Issuer, the “Co-Issuers”), a Delaware limited liability company, completed its $501.0 million term debt securitization (the “2019‑1 CLO Transaction”). The notes issued in connection with the 2019‑1 CLO Transaction (the “2019‑1 Notes”) are secured by a diversified portfolio of the Co-Issuers consisting primarily of middle market loans, the majority of which are senior secured loans (the “2019‑1 Portfolio”). The Co-Issuers also issued Class A‑1L Loans (the “Loans” and, together with the 2019‑1 Notes, the “2019‑1 Debt”). The Loans are also secured by the 2019‑1 Portfolio. At the 2019‑1 Portfolio closing date, the 2019‑1 Portfolio was comprised of assets transferred from the Company and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2019‑1 CLO Transaction.
On November 30, 2021, the Co-Issuers refinanced the 2019‑1 CLO Transaction through a private placement of $410 million of senior secured and senior deferrable notes consisting of: (i) $282.5 million of Class A‑1‑R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.50% per annum; (ii) $55 million of Class A‑2‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.00% per annum; (iii) $47.5 million of Class B-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 2.60% per annum; and (iv) $25.0 million of Class C-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.75% per annum (collectively, the “2019‑1 CLO Reset Notes”). As part of the transactions, the 2019-1 Issuer was redomiciled from Cayman to Jersey. The 2019‑1 CLO Reset Notes are scheduled to mature on October 15, 2033 and the reinvestment period ends October 15, 2025. The Company retained $32.5 million of the Class B-R Notes and $25.0 million of the Class C-R Notes. The retained notes by the Company are eliminated in consolidation. The transaction resulted in a realized loss on the extinguishment of debt of $2.3 million from the acceleration of unamortized debt issuance costs. The obligations of the 2019-1 Issuer under the 2019-1 CLO Transaction are non-recourse to the Company.
On June 15, 2023, the Company entered into a Second Supplemental Indenture (“2019-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LTD, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2019-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term SOFR plus 0.26%, effective July 1, 2023.
On July 2, 2025, the Co-Issuers refinanced the 2019‑1 CLO Reset Notes through a $430.3 million term debt securitization in the form of a collateralized loan obligation (the “CLO Reset Transaction”). The CLO Reset Transaction was executed through the issuance by the Co-Issuers of the following classes of notes pursuant to that certain second amended and restated indenture: (i) $232.0 million of Class A-1-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.45%; (ii) $16.0 million of Class A-2-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.60%; (iii) $24.0 million of Class A-3-RR Senior Secured Floating Rate Notes, which bear interest at the three-month SOFR plus 1.85%; (iv) $32.0 million of Class B-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 2.35%; and (v) $24.0 million of Class C-RR Secured Deferrable Floating Rate Notes, which bear interest at the three-month SOFR plus 3.35% (collectively, the “2019-1 CLO Replacement Notes”). The 2019-1 CLO Replacement Notes will mature on July 15, 2036 and the reinvestment period ends April 15, 2027. The Company retained $83.4 million of the Class A-1-RR Notes, $16.0 million of the Class A-2-RR Notes, $24.0 million of the Class A-3-RR Notes, $32.0 million of the Class B-RR Notes and $24.0 million of the Class C-RR Notes The Company continues to retain 100% of the Interests. The retained notes by the Company are eliminated in consolidation. The obligations of the 2019-1 Issuer under the 2019-1 CLO Transaction are non-recourse to the Company.
The 2019‑1 CLO Replacement Notes was executed through a private placement of the following 2019‑1 Debt:
Class A-1-RR
1.45
5.72
Total 2019-1 Debt
102,250
252,865
The Company serves as portfolio manager of the 2019‑1 Issuer pursuant to a portfolio management agreement between the Company and the 2019‑1 Issuer. For so long as the Company serves as portfolio manager, the Company will not charge any management fee or subordinated interest to which it may be entitled.
During the reinvestment period, pursuant to the indenture and loan agreement governing the 2019‑1 Notes and Loans, respectively, all principal collections received on the underlying collateral may be used by the 2019‑1 Issuer to purchase new collateral under the direction of the Company in its capacity as portfolio manager of the 2019‑1 Issuer and in accordance with the 2019‑1 Issuer investment strategy and the terms of the indenture and loan agreement, as applicable.
The Company has agreed to hold on an ongoing basis the membership interests with an aggregate dollar purchase price at least equal to 5% of the aggregate amount of all obligations issued by the 2019‑1 Co-Issuers for so long as the 2019‑1 Debt remains outstanding.
The 2019‑1 Issuer pays ongoing administrative expenses to the trustee, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2019‑1 Issuer.
As of September 30, 2025, there were 49 first lien senior secured loans with a total fair value of approximately $387.1 million and cash of $20.4 million securing the 2019-1 Debt. As of December 31, 2024, there were 56 first lien and second lien senior secured loans with a total fair value of approximately $465.3 million and cash of $39.8 million securing the 2019-1 Debt. Assets that are pledged as collateral for the 2019-1 Debt are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the indenture and loan agreement governing the 2019-1 Debt. The creditors of the 2019-1 Co-Issuers have received security interests in such assets and such assets are not intended to be available to the creditors of the Company (or an affiliate of the Company). The 2019-1 Portfolio must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture and loan agreement governing the 2019-1 Debt. As of September 30, 2025, the Company was in compliance with its covenants related to the 2019-1 Debt.
Costs of the offering of $1.5 million and $0.8 million were incurred in connection with the 2019‑1 CLO Reset Notes and the 2019‑1 CLO Replacement Notes, respectively, which have been recorded as debt issuance costs and presented as a reduction to the outstanding principal amount of the 2019‑1 Debt on the Consolidated Statements of Assets and Liabilities and are being amortized over the life using the effective interest method. The balance of the unamortized debt issuance costs was $1.8 million and $1.1 million as of September 30, 2025 and December 31, 2024, respectively.
For the three months ended September 30, 2025 and 2024, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
Borrowing interest expense
2,257
6,478
Unused facility fee
Amortization of deferred financing costs and upfront commitment fees
Total interest and debt financing expenses
2,300
6,511
For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
13,245
19,333
19,430
On March 10, 2021, the Company and U.S. Bank National Association (the “Trustee”), entered into an Indenture (the “Base Indenture”) and First Supplemental Indenture (the “First Supplemental Indenture,” and together with the Base Indenture, the “Indenture”) between the Company and the Trustee. The First Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.95% notes due 2026 (the “March 2026 Notes”).
The March 2026 Notes will mature on March 10, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The March 2026 Notes bear interest at a rate of 2.95% per year payable semi-annually on March 10th and September 10th of each year, commencing on September 10, 2021. The March 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The net proceeds to the Company were approximately $294.3 million, after deducting the underwriting discounts and commissions of $4.4 million and offering expenses of $1.3 million.
As of September 30, 2025 and December 31, 2024, the components of the carrying value of the March 2026 Notes were as follows:
Principal amount of debt
Unamortized debt issuance cost
(286
(771
Original issue discount, net of accretion
(213
(573
Carrying value of March 2026 Notes
For the three months ended September 30, 2025 and 2024, the components of interest expense related to the March 2026 Notes were as follows:
2,213
2,212
Amortization of debt issuance cost
Accretion of original issue discount
2,498
2,497
For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the March 2026 Notes were as follows:
6,638
487
362
7,483
7,487
On October 13, 2021, the Company and the Trustee entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Indenture between the Company and the Trustee. The Second Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.55% notes due 2026 (the “October 2026 Notes,” and together with the March 2026 Notes, the “2026 Notes”).
The October 2026 Notes will mature on October 13, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The October 2026 Notes bear interest at a rate of 2.55% per year payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. The October 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the October 2026 Notes, rank pari passu with all existing and future
unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The net proceeds to the Company were approximately $293.1 million, after deducting the underwriting discounts and commissions of $6.2 million and offering expenses of $0.7 million.
As of September 30, 2025 and December 31, 2024, the components of the carrying value of the October 2026 Notes were as follows:
(756
(1,303
(663
(1,141
Carrying value of October 2026 Notes
For the three months ended September 30, 2025 and 2024, the components of interest expense related to the October 2026 Notes were as follows:
184
2,258
For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the October 2026 Notes were as follows:
5,738
547
478
481
6,767
On December 24, 2021, the Company entered into a senior secured revolving credit agreement (as amended to date, the “Sumitomo Credit Agreement” or the “Sumitomo Credit Facility”) as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. The Credit Agreement is effective as of December 24, 2021.
The facility amount under the Sumitomo Credit Agreement is $300.0 million with an accordion provision to permit increases to the total facility amount up to $1.0 billion. Proceeds of the loans under the Sumitomo Credit Agreement may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Sumitomo Credit Agreement. The maturity date is December 24, 2026.
On July 6, 2022, the Company entered into the First Amendment to the Sumitomo Credit Agreement. The First Amendment provides for an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $300.0 million to $385.0 million. The First Amendment also replaced the LIBOR benchmark provisions under the Sumitomo Credit Agreement with SOFR benchmark provisions, including applicable credit spread adjustments.
On July 22, 2022, the Company entered into the Increasing Lender/Joinder Lender Agreement (the “Joinder Agreement”), dated as of July 22, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $385.0 million to $485.0 million.
On August 24, 2022, the Company entered into the Second Amendment, which provides for, among other things, an upsize in the total commitments from lenders under the Sumitomo Credit Agreement from $485.0 million to $635.0 million.
On December 14, 2022, the Company entered into a second Increasing Lender/Joinder Lender Agreement (the “Second Joinder Agreement”), dated as of December 14, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Second Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $635.0 million to $665.0 million.
On May 20, 2024, the Company entered into the Third Amendment to the Sumitomo Credit Agreement (the “Third Amendment”). The Third Amendment provides for, among other things, (i) an extension of the revolver availability period from December 24, 2025 to May 19, 2028, (ii) an extension of the scheduled maturity date from December 24, 2026 to May 18, 2029, (iii) the conversion of a portion of the existing revolver availability into term loan availability, (iv) an upsize in the total facility amount from $665,000,000 to $855,000,000, (v) an increase in the accordion provision to permit increases to a total facility amount of up to $1,500,000,000, (vi) the reduction of the credit adjustment spread for term benchmark loans denominated in Dollars, from 0.10% for one-month tenor loans, 0.15% for three-month tenor loans and 0.25% for six-month tenor loans to 0.10% for all loan tenors, and (vii) the joinder of new lenders to the Sumitomo Credit Agreement.
Interest under the Sumitomo Credit Agreement for (i) loans for which the Company elects the base rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at an “alternate base rate” (which is the greater of zero and the highest of (a) the prime rate as published in the print edition of The Wall Street Journal, Money Rates Section, (b) the federal funds effective rate plus 0.5% and (c) the one-month Eurocurrency rate plus 1% per annum) plus 0.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, the alternate base rate plus 0.875% per annum; (ii) loans for which the Company elects the Eurocurrency option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.875% per annum; and (iii) loans for which the Company elects the risk-free-rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.8693% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.9943% per annum. The Company pays a used commitment fee of 37.5 basis points (0.375%) on the average daily unused amount of the dollar commitment.
The Sumitomo Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of September 30, 2025, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.
As of September 30, 2025 and December 31, 2024, there were $398.0 million and $442.7 million of borrowings under the Sumitomo Credit Facility.
For the three months ended September 30, 2025 and 2024, the components of interest expense related to the Sumitomo Credit Facility were as follows:
6,577
6,079
432
508
264
7,273
6,851
For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the Sumitomo Credit Facility were as follows:
15,837
17,738
1,501
1,262
784
1,120
18,122
20,120
On February 6, 2025, the Company and the Trustee entered into a Third Supplemental Indenture (the “Third Supplemental Indenture”) to the Indenture between the Company and the Trustee. The Third Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 5.95% notes due 2030 (the “March 2030 Notes”).
The March 2030 Notes will mature on March 15, 2030 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The March 2030 Notes bear interest at a rate of 5.95% per year payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2025. The March 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all the Company's existing and future indebtedness that is expressly subordinated in right of payment to the March 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
The net proceeds to the Company were approximately $341.4 million, after deducting the underwriting discounts and commissions of $7.5 million and offering expenses of $1.1 million.
In connection with the March 2030 Notes, the Company entered into an interest rate swap to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the March 2030 Notes, the Company receives a fixed interest rate of 5.95% per annum and pays a floating interest rate of SOFR + 1.90% per annum on $350 million of the March 2030 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship. Please see “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 7. Derivatives” for additional detail.
As of September 30, 2025 and December 31, 2024, the components of the carrying value of the March 2030 Notes were as follows:
(3,999
Effective interest rate swap hedge
8,950
Carrying value of March 2030 Notes
For the three months ended September 30, 2025 and 2024, the components of interest expense related to the March 2030 Notes were as follows:
5,206
226
Interest rate swaps
354
Hedged items
For the nine months ended September 30, 2025 and 2024, the components of interest expense related to the March 2030 Notes were as follows:
13,594
503
15,266
In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures. The fair value of derivative contracts open as of September 30, 2025 and December 31, 2024 is included on the consolidated schedules of investments by contract.
The Company presents derivatives on a net basis by counterparty on the Consolidated Statements of Assets and Liabilities. The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other arrangement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.
The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of September 30, 2025:
Net amount of
Gross amount of
assets or
(liabilities)
Account in the
assets on the
on the
presented on the
consolidated
statements of
Cash Collateral
assets
assets and
paid
Net
and liabilities
liabilities
(received) (1)
Amounts (2)
Bank of New York
Unrealized depreciation on forward currency contracts
(5,701
(5,640
5,640
(2,052
(1,018
(970
970
(1,966
(1,957
(8,310
752
The following table presents both gross and net information about derivative instruments eligible for offset in the Consolidated Statements of Assets and Liabilities as of December 31, 2024:
Unrealized appreciation on forward currency contracts
4,963
(1,429
3,534
1,483
1,156
For the three months ended September 30, 2025 and 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $221.1 million and $126.8 million, respectively, and the average notional exposure for interest rate swaps was $350.0 million and $0.0 million, respectively.
For the nine months ended September 30, 2025 and 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $183.7 million and $129.0 million, respectively, and the average notional exposure for interest rate swaps was $262.5 million and $0.0 million, respectively.
The effect of transactions in forward currency exchange contracts to the Consolidated Statements of Operations during the three months ended September 30, 2025 and 2024 was as follows:
Total net realized and unrealized gain (loss) on forward currency exchange contracts
2,007
(5,673
Included in total net gains (losses) on the Consolidated Statements of Operations are net gains (losses) of ($1.1) million and $5.6 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $2.0 million and ($5.7) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.9 million and ($0.1) million for the three months ended September 30, 2025 and 2024, respectively.
The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the nine months ended September 30, 2025 and 2024 was as follows:
(18,954
(2,373
Included in total net gains (losses) on the Consolidated Statements of Operations are net gains of $18.4 million and $3.3 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the nine months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of ($19.0) million and ($2.4) million, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is ($0.5) million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.
The Company's interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three and nine months ended September 30, 2025 and 2024, for the Company’s interest rate swap, are in the following locations in the Consolidated Statement of Operations:
Financial Statement Location
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2025:
Date Declared
Record Date
Payment Date
Per Share
Distributions
February 27, 2025
March 17, 2025
March 31, 2025
0.42
27,245
0.03
(1)
May 5, 2025
June 16, 2025
June 30, 2025
August 5, 2025
September 16, 2025
Total distributions declared
1.35
87,573
(1) Represents a special dividend.
The distributions declared during the nine months ended September 30, 2025 were derived from investment company taxable income and net capital gain, if any.
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2024:
February 27, 2024
March 28, 2024
April 30, 2024
27,116
1,937
May 6, 2024
June 28, 2024
July 29, 2024
August 6, 2024
October 31, 2024
87,159
113
The distributions declared during the nine months ended September 30, 2024 were derived from investment company taxable income and net capital gain, if any.
The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company’s investment company taxable income for the full fiscal year and distributions paid during the full year.
The Company has authorized 100,000,000,000 shares of common stock with a par value of $0.001 per share. The Company has authorized 10,000,000,000 shares of its preferred stock with a par value of $0.001 per share. Shares of preferred stock have not been issued.
Prior to the IPO, the Company had issued 43,982,137.46 shares in the private placement of the Company’s common stock (the “Private Offering”). Each investor had entered into a separate subscription agreement relating to the Company’s common stock (the “Subscription Agreements”). Each investor had made a capital commitment to purchase shares of the Company’s common stock pursuant to the Subscription Agreements. Investors were required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivered a drawdown notice, which were delivered at least 10 business days prior to the required funding date in an aggregate amount not to exceed their respective capital commitments. The number of shares to be issued to a stockholder was determined by dividing the total dollar amount of the contribution by a stockholder by the net asset value per share of the common stock as of the last day of the Company’s fiscal quarter or such other date and price per share as determined by the Board in accordance with the requirements of the 1940 Act. As of December 31, 2018, aggregate commitments relating to the Private Offering were $1.3 billion. All outstanding commitments related to these Subscription Agreements were cancelled due to the completion of the IPO on November 15, 2018. As of September 30, 2025 and December 31, 2024, the Advisor contributed in aggregate $8.9 million and $8.9 million to the Company and received 488,212.35 and 488,212.35 shares of the Company, respectively. At September 30, 2025 and December 31, 2024, the Advisor owned 0.00% and 0.00%, respectively, of the outstanding common stock of the Company.
On November 19, 2018, the Company closed its IPO issuing 7,500,000 shares of common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated proceeds, before expenses, of $147.3 million. All outstanding commitments were cancelled due to the completion of the initial public offering.
There have been no shares issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements, issuance of common stock, or shares issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2025 and 2024.
On May 7, 2019, the Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of September 30, 2025, there have been no repurchases of common stock.
On February 27, 2025, the Company entered into equity distribution agreements (each, an “Equity Distribution Agreement”), by and among the Company, the Advisor and, severally and not jointly, each of Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. (the “Sales Agents”) in connection with the sale of shares of the Company’s common stock by the Company, par value $0.001 per share of common stock, having an aggregate offering price of up to $250.0 million, in amounts and at times to be determined by the Company (the “Offering”). Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the common stock.
Each Equity Distribution Agreement provides that the Company may offer and sell the common stock from time to time through the Sales Agents, or to them. Sales of the common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of each Equity Distribution Agreement, each Sales Agent will receive a commission from the Company of up to 1.50% of the gross sales price of any common stock sold through the relevant Sales Agent under its Equity Distribution Agreement. Each Equity Distribution Agreement contains customary
114
representations, warranties and agreements of the Company, indemnification rights and other obligations of the parties and termination provisions.
The Company may from time to time issue and sell common stock through public or “at the market” offerings. In connection with the issuance of common stock, the Company issued and sold the following common stock during the nine months ended September 30, 2025:
Number of Shares of Common
Underwriting Fees/
Average Offering
Issuances of Common Stock
Stock Issued
Gross Proceeds
Offering Expenses
Net Proceeds
Price Per Share
“At the market” offerings
253.9
4,574.7
23.2
4,551.4
18.02
Commitments
The Company’s investment portfolio may contain debt investments that are in the form of lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.
As of September 30, 2025, the Company had $493.6 million of unfunded commitments under loan and financing agreements as follows:
115
Portfolio Company & Investment
Expiration Date(1)
Unfunded Commitments(2)
A&R Logistics, Inc. - Revolver
2,741
Accident Care Alliance Holdco LLC - Delayed Draw
Accident Care Alliance Holdco LLC - Revolver
Advanced Aircrew - Revolver
AeriTek Global CAD Acquisition Inc. - Revolver
AGS American Glass Services Acquisition, LLC - Delayed Draw
903
AGS American Glass Services Acquisition, LLC - Revolver
435
Allbridge - Delayed Draw
2,841
Allbridge - Revolver
Allworth Financial Group, L.P. - Delayed Draw
5,006
Allworth Financial Group, L.P. - Revolver
2,816
AMI - Revolver
4,563
AOM Infusion - Delayed Draw
570
AOM Infusion - Revolver
AP Plastics Group, LLC - Delayed Draw
794
Apollo Intelligence - Revolver
225
Applitools - Revolver
3,430
Appriss - Delayed Draw
3,566
Appriss - Revolver
3,328
Appriss Holdings, Inc. - Revolver
Arctic Glacier U.S.A., Inc. - Revolver
1,380
ASP-r-pac Acquisition Co LLC - Revolver
ATS - Revolver
Avalon Acquiror, Inc. - Revolver
2,521
Avalon Bidco Limited - Delayed Draw
5,555
Awayday - Delayed Draw
876
Awayday - Revolver
1,136
AXH Air Coolers - Delayed Draw
3,811
AXH Air Coolers - Revolver
Beacon Specialized Living - Delayed Draw
10,392
Beacon Specialized Living - Revolver
1,282
Beneficium - Delayed Draw
9,700
BTX Precision - Delayed Draw
6,977
BTX Precision - Revolver
Chase Industries, Inc. - Revolver
880
Chex Finer Foods, LLC - Delayed Draw
Chex Finer Foods, LLC - Revolver
2,902
116
Chilton - Delayed Draw
Chilton - Revolver
3,100
Choreo - Delayed Draw
7,872
City BBQ - Delayed Draw
13,267
City BBQ - Revolver
4,738
Concert Golf Partners Holdco LLC - Delayed Draw
Concert Golf Partners Holdco LLC - Revolver
2,492
CorePower Yoga, LLC - Delayed Draw
CorePower Yoga, LLC - Revolver
CRH Healthcare Purchaser, Inc. - Delayed Draw
CRH Healthcare Purchaser, Inc. - Revolver
792
Darcy Partners - Revolver
209
Datix Bidco Limited - Delayed Draw
2,861
Datix Bidco Limited - Revolver
2,163
Discovery Senior Living - Delayed Draw
5,336
Discovery Senior Living - Revolver
2,360
DTIQ - Delayed Draw
5,375
DTIQ - Revolver
3,763
Duraco - Revolver
1,991
Easy Ice - Delayed Draw
7,958
Easy Ice - Revolver
4,805
Efficient Collaborative Retail Marketing Company, LLC - Revolver
EHE Health - Revolver
Electronic Merchant Systems - Revolver
Elevation NewCo, LLC - Delayed Draw
1,827
Elevation NewCo, LLC - Revolver
Engineered Products Co., LLC - Revolver
684
E-Tech Group - Revolver
1,298
Facts Global Energy - Delayed Draw
6,308
Facts Global Energy - Revolver
1,577
Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw
3,761
Fifty U.S. Bidco Inc - Delayed Draw
2,940
Fifty U.S. Bidco Inc - Revolver
2,646
Forward Slope - Revolver
2,877
G702 Buyer, Inc. - Revolver
772
Gills Point S - Revolver
451
Govineer Solutions (fka Black Mountain) - Delayed Draw
7,879
Govineer Solutions (fka Black Mountain) - Revolver
5,251
Gulf Winds International - Revolver
2,276
Heads Up Technologies, Inc. - Revolver
1,768
HealthDrive - Revolver
2,754
Hellers - Delayed Draw
Hempz - Revolver
1,826
ICAT Logistics, Inc. - Delayed Draw
5,485
ICAT Logistics, Inc. - Revolver
ImageTrend - Revolver
Intoxalock - Revolver
117
JHCC Holdings, LLC - Revolver
1,700
KAMC Holdings, Inc. - Revolver
761
LogRhythm - Revolver
Mach 1 Bidco Limited - Delayed Draw
186
Mach Acquisition R/C - Revolver
2,511
Master ConcessionAir - Delayed Draw
Master ConcessionAir - Revolver
McLarens Acquisition Inc. - Delayed Draw
2,113
2,889
3,910
McLarens Acquisition Inc. - Revolver
319
886
170
Meteor UK Bidco Limited - Delayed Draw
Meteor UK Bidco Limited - Revolver
1,635
Morrow Sodali - Revolver
2,127
MRHT - Delayed Draw
4,800
MRHT - Revolver
1,598
Nafinco - Delayed Draw
Nafinco - Revolver
NearMap - Revolver
4,078
New Look Vision Group - Revolver
1,302
New Milani Group LLC - Delayed Draw
New Milani Group LLC - Revolver
1,275
Odyssey Behavioral Health - Revolver
7,280
OGH Bidco Limited - Delayed Draw
5,303
Orion - Delayed Draw
430
602
Orion - Revolver
1,097
Owl Acquisition, LLC - Delayed Draw
893
Owl Acquisition, LLC - Revolver
PayRange - Revolver
4,144
Pharmacy Partners - Revolver
5,491
Plaskolite PPC Intermediate II LLC - Revolver
596
PMA - Revolver
1,225
Pollo Tropical - Revolver
PPT Group - Delayed Draw
4,454
PPT Group - Revolver
Precision Concepts Parent Inc. - Delayed Draw
719
Precision Concepts Parent Inc. - Revolver
PRGX - Delayed Draw
5,464
Psychiatric Medical Care LLC - Revolver
2,004
Pure Wafer - Delayed Draw
1,090
Pure Wafer - Revolver
Pyramid Global Hospitality - Revolver
3,482
118
Reconomy - Delayed Draw
6,784
Red Nucleus - Delayed Draw
3,663
Red Nucleus - Revolver
2,237
RedMed Operations (Collage Rehabilitation) - Delayed Draw
RedMed Operations (Collage Rehabilitation) - Revolver
RetailNext - Revolver
Revalize, Inc. - Revolver
469
RoadOne - Revolver
464
RoC Skincare - Revolver
1,871
Saturn Purchaser Corp. - Revolver
6,716
SauceCo HoldCo, LLC - Revolver
5,876
SensorTower - Revolver
1,057
Service Master - Revolver
10,387
Simplicity - Delayed Draw
6,110
Simplicity - Revolver
4,348
Solairus - Delayed Draw
7,274
Solaray, LLC - Revolver
698
Spotless Brands - Delayed Draw
1,369
Spring Finco BV - Delayed Draw
Substantial Holdco Limited - Delayed Draw
952
Summer Fridays, LLC - Revolver
860
Sunmed Group Holdings, LLC - Revolver
Superna Inc. - Delayed Draw
2,631
Superna Inc. - Revolver
SureWerx - Delayed Draw
1,074
SureWerx - Revolver
824
Taoglas - Revolver
Titan Cloud Software, Inc - Revolver
TLC Purchaser, Inc. - Revolver
1,904
V Global Holdings LLC - Revolver
1,836
Vasa Fitness, LLC - Delayed Draw
1,467
Vasa Fitness, LLC - Revolver
Vessco Water - Delayed Draw
1,524
Vessco Water - Revolver
1,112
Walker Edison - Delayed Draw
WCI Gigawatt Purchaser - Revolver
1,340
Wealth Enhancement Group (WEG) - Delayed Draw
12,236
Wealth Enhancement Group (WEG) - Revolver
1,220
Webcentral - Delayed Draw
894
Whitcraft-Paradigm - Delayed Draw
Whitcraft-Paradigm - Revolver
2,194
WSP - Revolver
WU Holdco, Inc. - Delayed Draw
5,460
WU Holdco, Inc. - Revolver
3,531
Zeus Fire & Security - Delayed Draw
2,844
Zeus Fire & Security - Revolver
2,633
493,580
As of December 31, 2024, the Company had $560.9 million of unfunded commitments under loan and financing agreements as follows:
Expiration Date (1)
Unfunded Commitments (2)
2,445
AEG Vision - Delayed Draw
7,268
37,800
AgroFresh Solutions - Revolver
Allworth - Delayed Draw
8,451
3,454
Apollo Intelligence - Delayed Draw
9,611
4,807
2,785
12,242
1,150
7,339
8,710
5,504
12,836
9,022
Black Mountain - Delayed Draw
Black Mountain - Revolver
1,123
Congress Wealth - Delayed Draw
1,334
Congress Wealth - Revolver
1,102
Cube - Delayed Draw
Cube - First Lien Senior Secured Loan
244
11,806
4,032
1,593
10,444
1,141
Element Buyer, Inc. - Revolver
9,461
6,813
5,330
Gills Point S - Delayed Draw
6,580
2,868
1,588
HealthDrive - Delayed Draw
Lagerbox - First Lien Senior Secured Loan
776
411
6,250
13,075
2,222
333
1,151
4,933
509
1,407
PCF - Delayed Draw
2,278
8,763
2,266
3,104
3,388
4,883
3,329
8,697
Smartronix - Revolver
7,901
3,829
2,013
Taoglas - Delayed Draw
3,636
TES Global - Delayed Draw
3,848
9,521
4,029
2,458
2,347
14,517
4,413
2,947
1,038
3,703
8,779
560,925
Contingencies
In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company’s maximum exposure under these indemnities is unknown as it would involve future claims that may be made against the Company. Currently, the Company is not aware of any such claims and no such claims are expected to occur. As such, the Company does not consider it necessary to record a liability in this regard.
The following is a schedule of financial highlights for the nine months ended September 30, 2025 and 2024:
Per share data:
Net asset value at beginning of period
17.60
Net investment income (1)
Net realized gain (loss) (1)(7)
(0.52
0.02
Net change in unrealized appreciation (1)(2)(8)
0.20
(0.08
Net increase in net assets resulting from operations (9)(10)
Stockholder distributions from income (3)
(1.35
Net asset value at end of period
Shares outstanding at end of period
Per share market value at end of period
16.60
Total return based on market value (12)
(11.24
19.60
Total return based on net asset value (4)
6.36
Ratios:
Ratio of net investment income to average net assets (5)(11)(13)
12.64
Ratio of total expenses to average net assets (5)(11)(13)
12.80
13.04
Supplemental data:
Ratio of interest and debt financing expenses to average net assets (5)(13)
7.14
6.30
Ratio of expenses (without incentive fees) to average net assets (5)(11)(13)
11.72
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5)(11)(13)
4.32
5.22
Average principal debt outstanding
1,515,784
1,268,012
Portfolio turnover (6)
42.08
43.51
124
Note 12. Subsequent Events
The Company’s management has evaluated the events and transactions that have occurred through November 10, 2025, the issuance date of the Consolidated Financial Statements, and noted no items requiring disclosure in this Form 10-Q or adjustment of the Consolidated Financial Statements.
The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere in this report. Please see “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Forward-Looking Statements” appearing elsewhere in this report.
Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). We are managed by the Advisor, a subsidiary of Bain Capital Credit, LP (“Bain Capital Credit”). Our Advisor is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our “Administrator”). Since we commenced operations on October 13, 2016 through September 30, 2025, we have invested approximately $9,688.5 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. We seek to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last-out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds.
On November 19, 2018, we closed our initial public offering (the “IPO”) issuing 7,500,000 shares of our common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.
Our primary focus is capitalizing on opportunities within Bain Capital Credit's Senior Direct Lending Strategy, as defined below, which seeks to provide risk-adjusted returns and current income to investors by investing primarily in middle-market direct lending opportunities across North America, Europe and Australia and also in other geographic markets. We use the term "middle market" to refer to companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). However, we may, from time to time, invest in larger or smaller companies. We focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender (including "unitranche" loans, which are loans that combine both senior and mezzanine debt). We generally seek to retain effective voting control in respect of the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We may also invest in mezzanine debt and other junior securities, including common and preferred equity and in secondary purchases of assets or portfolios, on an opportunistic basis, but such investments are not the principal focus of our investment strategy. We may also invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities. Our debt investments may be fixed or floating interest rates, and our floating rate investments may utilize one or more reference rates, such as SOFR. Our investments are subject to a number of risks.
We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations.
Leverage may be utilized to help the Company meet its investment objective. Any such leverage would be expected to increase the total capital available for investment by the Company.
We may invest in debt securities which are either rated below investment grade or not rated by any rating agency but, if they were rated, would be rated below investment grade. Below investment grade 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. They may also be illiquid and difficult to value.
Our level of investment activity may vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the
level of investment and capital expenditures of such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.
As a BDC, we may not acquire any assets other than “qualifying assets” specified in the 1940 Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.
As a BDC, we may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies.
Revenues
We primarily generate revenue in the form of interest income on debt investments and distributions on equity investments and, to a lesser extent, capital gains, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into or against income over the life of the loan. We record contractual prepayment premiums on loans and debt securities as interest income.
Our debt investment portfolio consists of primarily floating rate loans. As of September 30, 2025 and December 31, 2024, 92.8% and 92.0%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.
Dividend income on preferred equity investments 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 investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.
Our primary operating expenses include the payment of fees to our Advisor under the Amended Advisory Agreement, our allocable portion of overhead expenses under the administration agreement (the “Administration Agreement”) and other operating costs, including those described below. The Base Management Fee and Incentive Fee compensate our Advisor for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:
To the extent that expenses to be borne by us are paid by the Administrator, we will generally reimburse the Administrator for such expenses. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator. We will also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by our Board. We incurred expenses related to the Administrator of $0.6 million and $0.7 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the Administrator of $1.8 million and $1.8 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.2 million and $0.1 million for the three months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the sub-administrator of $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. The Administrator will not be reimbursed to the extent that such reimbursements would cause
any distributions to our stockholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our stockholders.
We may borrow money from time to time. However, our ability to incur indebtedness (including by issuing preferred stock), is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150%. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. As of September 30, 2025, the Company’s asset coverage was 174.9%.
The Advisor’s investment process can be broken into five processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval, (4) Portfolio Construction and (5) Portfolio & Risk Management.
Sourcing and Idea Generation
The investment decision-making process begins with sourcing ideas. Bain Capital Credit’s Private Credit Group interacts with a broad and deep set of global sourcing contacts, enabling the group to generate a large set of middle-market investment opportunities. Further enhancing the sourcing capability of the core Private Credit Group are Bain Capital Credit’s industry groups, Trading Desk, and the Bain Capital Special Situations team. The team has extensive contacts with private equity firms. Relationships with banks, a variety of advisors and intermediaries and a handful of unique independent sponsors compose the remainder of the relationships. Through these sourcing efforts the Private Credit Group has built a sustainable deal funnel, which has generated hundreds of opportunities to review annually.
Investment Diligence & Recommendation
Our Advisor utilizes Bain Capital Credit’s bottom-up approach to investing, and it starts with the due diligence. The Private Credit Group works with the close support of Bain Capital Credit’s industry groups on performing due diligence. This process typically begins with a detailed review of the offering memorandum as well as Bain Capital Credit’s own independent diligence efforts, including in-house materials and expertise, third-party independent research and interviews, and hands-on field checks where appropriate. For deals that progress beyond an initial stage, the team will schedule one or more meetings with company management, facilities visits and also meetings with the sponsor in order to ask more detailed questions and to better understand the sponsor’s view of the business and plans for it going forward. The team’s diligence work is summarized in investment memorandums and accompanying credit packs. Work product also includes full models and covenant analysis. The approval process itself is iterative, involving multiple levels of discussion and approval.
Credit Committee Approval
Given Bain Capital Credit’s broad and diverse range of investment strategies, we tailor our investment decision-making process by strategy to provide a robust and comprehensive discussion of both individual investments and the applicable portfolio(s) under consideration. We believe that this flexible approach provides a rigorous investment decision-making process that allows us to be nimble across a variety of market environments while still maintaining high credit underwriting standards.
Our investments require approval from at least the Private Credit Investment Committee, which includes three Partners in the Private Credit Group as standing members: Michael Ewald, Mike Boyle, and Carolyn Hastings. Ad hoc members may also be included in the Private Credit Investment Committee for certain types of investments.
Portfolio Construction
Portfolio construction is largely the responsibility of the portfolio managers. The portfolio managers will construct the portfolio using a set of approved investments. While the decision to buy generally requires approval from at least the Private Credit Investment Committee, the decision to sell securities is at the sole discretion of the portfolio managers. For middle-market holdings, the path to exit an investment is discussed at credit committee meetings, including restructurings, acquisitions and sale to strategic buyers. Since most middle-market investments are illiquid, exits are driven primarily by a sale of the portfolio company or a refinancing of the portfolio company’s debt.
Portfolio & Risk Management
Our Advisor utilizes Bain Capital Credit’s Private Credit Group for the daily monitoring of its respective credits after an investment has been made. Our Advisor believes that the ongoing monitoring of financial performance and market developments of portfolio investments is critical to successful investment management. Accordingly, our Advisor is actively involved in an on-going portfolio review process and attends board meetings. To the extent a portfolio investment is not meeting our Advisor’s expectations, our Advisor takes corrective action when it deems appropriate, which may include raising interest rates, gaining a more influential role on its board, taking warrants and, where appropriate, restructuring the balance sheet to take control of the company. Our Advisor will utilize the Bain Capital Credit Risk and Oversight Committee. The Risk and Oversight Committee is responsible for monitoring and reviewing risk management, including portfolio risk, counterparty risk and firm-wide risk issues. In addition to the methods noted above, there are a number of proprietary methods and tools used through all levels of Bain Capital Credit to manage portfolio risk.
During the three months ended September 30, 2025, we invested $340.1 million, including PIK, in 101 portfolio companies, and had $296.1 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $44.0 million for the period. Of that $340.1 million invested during the three months ended September 30, 2025, $84.5 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the three months ended September 30, 2024, we invested $413.1 million, including PIK, in 83 portfolio companies, and had $248.0 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $165.1 million for the period. Of the $413.1 million invested during the three months ended September 30, 2024, $86.2 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the nine months ended September 30, 2025, we invested $1,146.9 million, including PIK, in 144 portfolio companies, and had $1,044.8 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $102.1 million for the period. Of the $1,146.9 million invested during the nine months ended September 30, 2025, $378.0 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the nine months ended September 30, 2024, we invested $1,122.9 million, including PIK, in 134 portfolio companies, and had $1,017.6 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $105.2 million for the period. Of the $1,122.9 million invested during the nine months ended September 30, 2024, $186.9 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
The following table shows the composition of the investment portfolio and associated yield data as of September 30, 2025 (dollars in thousands):
Weighted Average
Yield (1)(2)
at
Percentage of
Amortized
Total Portfolio
6.4
N/A
Subordinated Notes in Investment Vehicles (3)
Preferred Equity Interest in Investment Vehicles (3)
Equity Interests in Investment Vehicles (3)
12.4
17.1
11.2
The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2024 (dollars in thousands):
11.4
14.1
8.8
11.8
11.5
Preferred Equity Interests in Investment Vehicles (3)
18.6
24.3
The following table presents certain selected information regarding our investment portfolio as of September 30, 2025:
Number of portfolio companies
195
Percentage of debt bearing a floating rate (1)
92.8
Percentage of debt bearing a fixed rate (1)
The following table presents certain selected information regarding our investment portfolio as of December 31, 2024:
92.0
8.0
131
The following table shows the amortized cost and fair value of our performing and non-accrual investments as of September 30, 2025 (dollars in thousands):
Percentage atAmortized Cost
Percentage atFair Value
Performing
2,488,047
98.5
2,515,412
99.3
Non-accrual
36,690
18,686
The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2024 (dollars in thousands):
Percentage at
2,414,650
98.7
2,427,455
99.8
32,340
3,734
Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2025, there were twelve loans from six issuers placed on non-accrual in the Company’s portfolio. As of December 31, 2024, there were eight loans from five issuers placed on non-accrual in the Company’s portfolio.
The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of September 30, 2025 (dollars in thousands):
AmortizedCost
Percentageof Total
FairValue
63.6
62.5
3.6
7.8
8.6
18,858
2,610,637
2,620,870
The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2024 (dollars in thousands):
62.1
61.6
2,640
2,546,733
2,530,255
Our Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:
Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3 or 4, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.
The following table shows the composition of our portfolio on the 1 to 4 rating scale as of September 30, 2025 (dollars in thousands):
Investment Performance Rating
Number ofCompanies (1)
5,902
2,406,482
95.0
93.3
103,025
18,689
The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2024 (dollars in thousands):
Number of
Companies(1)
2,344,745
96.4
62,149
21,804
On February 9, 2021, the Company and Pantheon (“Pantheon”), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments.
As of September 30, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company has contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of September 30, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members.
As of September 30, 2025, ISLP had $717.8 million in debt and equity investments, at fair value. The following table is a summary of ISLP’s portfolio at fair value:
On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, Bain Capital Senior Loan Program, LLC (“SLP”). Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers.
As of September 30, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.7 million and equity interests of $6.8 million. As of December 31, 2024, the Company’s investment in SLP consisted of subordinated notes of $146.5 million, preferred equity interests of $10.0 thousand and equity interests of ($4.8) million. The Company and Amberstone each appointed two members to SLP’s four-person Member Designees’ Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members.
The following table is a summary of SLP’s portfolio at fair value:
September 30,
Less: Income taxes, including excise tax
Net realized (gain) loss
Net increase in net assets resulting from operations can vary from period to period as a result of various factors, including additional financing, new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Due to these factors, comparisons may not be meaningful.
Investment Income
The composition of our investment income for the three months ended September 30, 2025 and 2024 was as follows (dollars in thousands):
53,950
55,420
4,181
6,185
7,464
Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $54.0 million for the three months ended September 30, 2025 from $55.4 million for the three months ended September 30, 2024, primarily due to a decrease in yield of the investment portfolio. Dividend income decreased to $4.2 million for the three months ended September 30, 2025 from $6.2 million for the three months ended September 30, 2024, primarily due to a decrease in dividend income from the SLP and ISLP and certain equity investments. PIK income increased to approximately $7.5 million for the three months ended September 30, 2025 from $5.2 million for the three months ended September 30, 2024, primarily due to an increase in the number of investments earning PIK income. Other income decreased to approximately $1.6 million for the three months ended September 30, 2025 from $5.7 million for the three months ended September 30, 2024, primarily due to a decrease in structuring, closing and commitment fees earned on certain investments.
136
The composition of our investment income for the nine months ended September 30, 2025 and 2024 was as follows (dollars in thousands):
159,004
166,121
15,755
22,690
21,607
16,399
8,638
Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $159.0 million for the nine months ended September 30, 2025 from $166.1 million for the nine months ended September 30, 2024, primarily due to a decrease in yield of the investment portfolio. Dividend income decreased to $15.8 million for the nine months ended September 30, 2025 from $22.7 million for the nine months ended September 30, 2024, primarily due to a decrease in dividend income from the SLP and ISLP. PIK income increased to approximately $21.6 million for the nine months ended September 30, 2025 from $16.4 million for the nine months ended September 30, 2024, primarily due to an increase in the number of investments earning PIK income. Other income decreased to approximately $8.6 million for the nine months ended September 30, 2025 from $14.1 million for the nine months ended September 30, 2024, primarily due to a decrease in structuring, closing and commitment fees earned on certain investments. As of September 30, 2025, the weighted average yield of our investment portfolio decreased to 11.1% from 12.1% as of September 30, 2024, at amortized cost.
Operating Expenses
The composition of our operating expenses for the three months ended September 30, 2025 and 2024 were as follows (dollars in thousands):
The composition of our operating expenses for the nine months ended September 30, 2025 and 2024 were as follows (dollars in thousands):
Interest and Debt Financing Expenses
Interest and debt financing expenses on our borrowings totaled approximately $20.3 million and $18.1 million for the three months ended September 30, 2025 and 2024, respectively. Interest and debt financing expense for the three months ended
September 30, 2025 as compared to September 30, 2024 increased primarily due to an increase in debt outstanding. Interest and debt financing expenses on our borrowings totaled approximately $61.0 million and $53.8 million for the nine months ended September 30, 2025 and 2024, respectively. Interest and debt financing expense for the nine months ended September 30, 2025 as compared to September 30, 2024 increased primarily due to an increase in debt outstanding for the period. The weighted average principal debt balance outstanding for the three months ended September 30, 2025 was $1.5 billion compared to $1.3 billion for the three months ended September 30, 2024. The weighted average principal debt balance outstanding for the nine months ended September 30, 2025 was $1.5 billion compared to $1.3 billion for the nine months ended September 30, 2024.
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2025 and the year ended December 31, 2024 was 4.8% and 5.1%, respectively.
Management Fee
Management fee (net of waivers) increased to $9.4 million for the three months ended September 30, 2025 from $8.9 million for the three months ended September 30, 2024. Management fee (gross of waivers) increased to $9.4 million for the three months ended September 30, 2025 from $8.9 million for the three months ended September 30, 2024, primarily due to an increase in total assets throughout the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Management fee waived for the three months ended September 30, 2025 and 2024 was $0.0 million and $0.0 million, respectively.
Management fee (net of waivers) increased to $27.8 million for the nine months ended September 30, 2025 from $26.5 million for the nine months ended September 30, 2024. Management fee (gross of waivers) increased to $27.8 million for the nine months ended September 30, 2025 from $26.5 million for the nine months ended September 30, 2024, primarily due to an increase in total assets throughout the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Management fee waived for the nine months ended September 30, 2025 and 2024 was $0.0 million and $0.0 million, respectively.
Incentive Fee
Incentive fee (net of waivers) decreased to $4.6 million for the three months ended September 30, 2025 from $7.0 million for the three months ended September 30, 2024 primarily due to the incentive fee cap. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the three months ended September 30, 2025 and $0.0 million for the three months ended September 30, 2024. For the three months ended September 30, 2025, there were no incentive fees related to the GAAP Incentive Fee. Incentive fee (net of waivers) decreased to $12.3 million for the nine months ended September 30, 2025 from $24.2 million for the nine months ended September 30, 2024 primarily due to the incentive fee cap. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the nine months ended September 30, 2025 and $0.0 million for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, there were no incentive fees related to the GAAP Incentive Fee.
Professional Fees and Other General and Administrative Expenses
Professional fees and other general and administrative expenses decreased to $2.7 million for the three months ended September 30, 2025 from $3.3 million for the three months ended September 30, 2024, primarily due to a decrease in costs associated with servicing our investment portfolio.
Professional fees and other general and administrative expenses decreased to $8.6 million for the nine months ended September 30, 2025 from $10.1 million for the nine months ended September 30, 2024, primarily due to a decrease in costs associated with servicing our investment portfolio.
Net Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for the three months ended September 30, 2025 and 2024 (dollars in thousands):
Net realized gain on investments
10,681
(20,417
Net realized gain on foreign currency transactions
340
Net realized loss on foreign currency transactions
(474
Net realized gain on forward currency exchange contracts
Net realized loss on forward currency exchange contracts
(1,060
Change in unrealized appreciation on investments
41,558
30,838
Change in unrealized depreciation on investments
(44,478
(29,839
(2,920
999
Unrealized appreciation on foreign currency translation
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts
2,840
(4,695
For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on investments of ($9.7) million and $3.3 million, respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.3 million and ($0.5) million, respectively, primarily as a result of fluctuations in the EUR and GBP exchange rates. For the three months ended September 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of $(1.0) million and $0.0 million, respectively, primarily as a result of settling AUD, EUR and GBP forward contracts.
For the three months ended September 30, 2025, we had $41.6 million in unrealized appreciation on 53 portfolio company investments, which was offset by $44.5 million in unrealized depreciation on 141 portfolio company investments. Unrealized appreciation for the three months ended September 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended September 30, 2025 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.
For the three months ended September 30, 2024, we had $30.8 million in unrealized appreciation on 83 portfolio company investments, which was offset by $29.8 million in unrealized depreciation on 78 portfolio company investments. Unrealized appreciation for the three months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended September 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.
For the three months ended September 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of $3.0 million and ($5.7) million, respectively. For the three months ended September 30, 2025, unrealized depreciation on forward currency exchange contracts was primarily due to EUR and GBP forward contracts.
The following table summarizes our net realized and unrealized gains (losses) for the nine months ended September 30, 2025 and 2024 (dollars in thousands):
17,542
(47,081
(13,772
1,949
(5,255
102,322
63,458
(77,160
(65,030
25,162
(1,572
(12,388
(3,322
For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on investments of ($29.5) million and $0.1 million, respectively, which were primarily driven by full or partial sales or paydowns of our investments. For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on foreign currency transactions of $0.7 million and ($0.9) million, respectively, primarily as a result of fluctuations in the EUR, GBP, AUD, and NZD exchange rates. For the nine months ended September 30, 2025 and 2024, we had net realized gains (losses) on forward currency contracts of ($4.8) million and $1.9 million, respectively, primarily as a result of settling AUD, EUR and GBP forward contracts.
For the nine months ended September 30, 2025, we had $102.3 million in unrealized appreciation on 92 portfolio company investments, which was offset by $77.2 million in unrealized depreciation on 113 portfolio company investments. Unrealized appreciation for the nine months ended September 30, 2025 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the nine months ended September 30, 2025 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.
For the nine months ended September 30, 2024, we had $63.5 million in unrealized appreciation on 92 portfolio company investments, which was offset by $65.0 million in unrealized depreciation on 76 portfolio company investments. Unrealized appreciation for the nine months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the nine months ended September 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.
For the nine months ended September 30, 2025 and 2024, we had unrealized appreciation on forward currency exchange contracts of ($14.1) million and ($4.3) million, respectively. For the nine months ended September 30, 2025, unrealized depreciation on forward currency exchange contracts was primarily due to AUD, EUR and NZD forward contracts.
The following table summarizes the impact of foreign currency for the three months ended September 30, 2025 and 2024 (dollars in thousands):
Net change in unrealized appreciation on investments due to foreign currency
(2,149
4,034
Net realized gain on investments due to foreign currency
933
1,014
Foreign currency impact to net increase (decrease) in net assets resulting from operations
943
Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of ($1.1) million and $5.6 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $2.0 million and ($5.7) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is $0.9 million and ($0.1) million for the three months ended September 30, 2025 and 2024, respectively.
The following table summarizes the impact of foreign currency for the nine months ended September 30, 2025 and 2024 (dollars in thousands):
12,622
3,409
832
(520
889
Included in total net gains (losses) on the Consolidated Statements of Operations were gains of $18.4 million and $3.3 million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the nine months ended September 30, 2025 and 2024, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of ($19.0) million and ($2.4) million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the Consolidated Statements of Operations is ($0.5) million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.
Interest Rate Swaps
We use interest rate swaps to mitigate interest rate risk associated with our fixed rate liabilities, and have designated certain interest rate swaps to be in a hedge accounting relationship. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Summary of Significant Accounting Policies” and “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 7. Derivatives” for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship, and our consolidated schedule of investments for additional disclosure regarding these derivative instruments. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt” for additional disclosure regarding the carrying value of our debt.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended September 30, 2025 and 2024, the increase in net assets resulting from operations was $18.7 million and $33.1 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $0.29 and $0.51, respectively.
For the nine months ended September 30, 2025 and 2024, the increase in net assets resulting from operations was $71.0 million and $97.3 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2025 and 2024, our per share net increase in net assets resulting from operations was $1.10 and $1.51, respectively.
Financial Condition, Liquidity and Capital Resources
Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities, 2019‑1 Debt, March 2026 Notes, October 2026 Notes, March 2030 Notes, the Sumitomo Credit Facility and cash flows from operations. The primary uses of our cash are for (1) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements; (2) debt service, repayment, and other financing costs; (3) cash distributions to the holders of our common stock; and (4) the cost of operations (including payments to the Advisor under the Investment Advisory and Administration Agreements).
We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time raise additional equity or debt capital through registered offerings, enter into additional debt facilities, or increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of September 30, 2025 and December 31, 2024, our asset coverage ratio was 174.9% and 181.7%, respectively.
At September 30, 2025 and December 31, 2024, we had $86.8 million and $99.1 million in cash, foreign cash, restricted cash and cash equivalents, respectively.
At September 30, 2025, we had approximately $457.0 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2024 we had approximately $412.3 million of availability on our Sumitomo Credit Facility subject to existing terms and regulatory requirements.
For the nine months ended September 30, 2025, cash, foreign cash, restricted cash, and cash equivalents decreased by $12.3 million. During the nine months ended September 30, 2025, we provided $2.4 million in cash for operating activities. The increase in cash provided by operating activities was primarily related to proceeds from principal payments and sales of investments of $1,052.0 million and a net increase in assets resulting from operations of $71.0 million, which was offset by purchases of investments of $1,150.4 million. During the nine months ended September 30, 2025, we used $17.1 million for financing activities, primarily on repayments of $1,061.2 million and distributions paid during the period of $116.6 million, partially offset by the issuance of the March 2030 Notes for $350.0 million, the execution of the 2019‑1 CLO Replacement Notes for $150.6M and borrowings under our Sumitomo Credit Facility of $664.0 million.
For the nine months ended September 30, 2024, cash, foreign cash, restricted cash, and cash equivalents decreased by $52.7 million. During the nine months ended September 30, 2024, we used $7.1 million in cash for operating activities. The increase in cash used in operating activities was primarily related to purchases of investments of $1,097.8 million, which was offset by proceeds from principal payments and sales of investments of $1,001.5 million and a net increase in assets resulting from operations of $97.3 million. During the nine months ended September 30, 2024, we used $45.7 million for financing activities, primarily on repayments of our Sumitomo Credit Facility of $522.3 million and distributions paid during the period of $85.2 million, partially offset by borrowings of $565.0 million.
On November 19, 2018, we closed our IPO issuing 7,500,000 shares of common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated net proceeds, after expenses, of $145.4 million. All outstanding capital commitments from the Company’s Private Offering were cancelled as of the completion of the IPO.
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On May 7, 2019, the Company’s Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of September 30, 2025, there have been no repurchases of common stock.
On February 27, 2025, the Company entered into equity distribution agreements (each, an “Equity Distribution Agreement”), by and among the Company, the Advisor and, severally and not jointly, each of Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. (the “Sales Agents”) in connection with the sale of shares of the Company's common stock by the Company, par value $0.001 per share of common stock, having an aggregate offering price of up to $250.0 million, in amounts and at times to be determined by the Company (the “Offering”). Actual sales, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions and the market price of the common stock.
Each Equity Distribution Agreement provides that the Company may offer and sell the common stock from time to time through the Sales Agents, or to them. Sales of the common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange or any similar securities exchange or sales made to or through a market maker other than on a securities exchange, at prices related to the prevailing market prices or at negotiated prices. Pursuant to the terms of each Equity Distribution Agreement, each Sales Agent will receive a commission from the Company of up to 1.50% of the gross sales price of any common stock sold through the relevant Sales Agent under its Equity Distribution Agreement. Each Equity Distribution Agreement contains customary representations, warranties and agreements of the Company, indemnification rights and other obligations of the parties and termination provisions.
The Company may from time to time issue and sell common stock through public or “at the market” offerings. In connection with the issuance of common stock, the Company issued and sold common stock during the nine months ended September 30, 2025:
For additional information on our debt obligations see “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt”.
Distribution Policy
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2025 (dollars in thousands, except per share):
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2024 (dollars in thousands, except per share):
Distributions to common stockholders are recorded on the record date. To the extent that we have income available, we intend to distribute quarterly distributions to our stockholders. Our quarterly distributions, if any, will be determined by the Board. Any distributions to our stockholders will be declared out of assets legally available for distribution.
We have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with our taxable year ended December 31, 2016. To qualify for and maintain RIC tax treatment, among other things, we must distribute dividends to our stockholders in respect of each taxable year of an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses. In order to avoid the imposition of certain excise taxes imposed on RICs, we must distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses, adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no federal income tax.
We intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain all or a portion of our net capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to our stockholders.
We have adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Prior to the IPO, stockholders who “opted in” to our dividend reinvestment plan had their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Subsequent to the IPO, stockholders who do not “opt out” of our dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Stockholders could elect to “opt in” or “opt out” of our dividend reinvestment plan in their subscription agreements, through the private offering. The elections of stockholders prior to the IPO shall remain effective after the IPO.
The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.
Commitments and Off-Balance Sheet Arrangements
We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the statements of assets and liabilities.
We have entered into a number of business relationships with affiliated or related parties, including the Amended Advisory Agreement and the Administration Agreement.
In addition to the aforementioned agreements, we, our Advisor and Bain Capital Credit have been granted exemptive relief from the SEC to permit greater flexibility to negotiate the terms of co-investments if the Board determines that it would be advantageous for us to co-invest with other Bain Capital Credit Clients in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent Bain Capital Credit Clients funds, accounts and investment vehicles managed by Bain Capital Credit may afford us additional investment opportunities and an ability to achieve greater diversification. Accordingly, our exemptive order permits us to invest with Bain Capital Credit Clients in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. Our exemptive relief permitting co-investment transactions generally applies only if our Independent Directors and Directors who have no financial interest in such transaction review and approve in advance each co-investment transaction. The exemptive relief imposes other conditions with which we must comply to engage in co-investment transactions.
Recent Developments
See “Item 1. Financial Statements - Notes to Consolidated Financial Statements - Note 12. Subsequent Events” for a summary of recent developments.
Basis of Presentation
The Company’s unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("US GAAP"). The Company’s Consolidated Financial Statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10‑Q and Articles 1, 6, 10 and 12 of Regulation S-X. These Consolidated Financial Statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. We have determined we meet the definition of an investment company and follow the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). Our financial currency is U.S. dollars and these Consolidated Financial Statements have been prepared in that currency.
Use of Estimates
The preparation of the Consolidated Financial Statements in conformity with US GAAP requires us 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 Consolidated Financial Statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.
Revenue Recognition
We record our investment transactions on a trade date basis. We record realized gains and losses based on the specific identification method. We record interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discount or
premium are capitalized and amortized into or against interest income using the effective interest method or straight-line method, as applicable. We record any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts received upon prepayment of a loan or debt security as interest income.
Dividend income on preferred equity investments 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 investments is recorded on the record date for such distributions in the case of private portfolio companies, and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.
Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. We record PIK as interest or dividend income, as applicable. If at any point we believe PIK may not be realized, we place the investment generating PIK on non-accrual status.
Certain structuring fees and amendment fees are recorded as other income when earned. We record administrative agent fees received as other income when the services are rendered.
Valuation of Portfolio Investments
The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Board. The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.
With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. 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 differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases
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where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their concluded ranges.
We have entered into the Amended Advisory Agreement with our Advisor (which supersedes the Prior Investment Advisory Agreement dated November 14, 2018 we had previously entered into). Our Advisor has agreed to serve as our investment adviser in accordance with the terms of the Amended Advisory Agreement. Under the Amended Advisory Agreement, we have agreed to pay an annual base management fee as well as an incentive fee based on our investment performance.
On November 28, 2018, our Board, including a majority of our Independent Directors, approved the Amended Advisory Agreement. On February 1, 2019 the Company’s stockholders approved the Amended Advisory Agreement. Pursuant to this Agreement, effective February 1, 2019, the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio of 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%. The Amended Advisory Agreement incorporates (i) a three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable three-year lookback period.
We have entered into an Administration Agreement with the Administrator pursuant to which the Administrator will furnish us with administrative services necessary to conduct our day-to-day operations. We reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment.
If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Amended Advisory Agreement and Administration Agreement.
The following table shows the contractual maturities of our debt obligations as of September 30, 2025 (dollars in thousands):
We are subject to financial market risks, including changes in interest rates. We will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. 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 differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. There have been no material quantitative changes in reported market risk exposures in comparison to the information reported in the prior period.
Assuming that the statement of financial condition as of September 30, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes
in interest rates (dollars in thousands). Net increase (decrease) in net investment income (as shown in the table below) includes the impact of incentive fees.
Net Increase
Increase
(Decrease) in Net
(Decrease) in
Change in Interest Rates
Interest Income
Interest Expense
Down 100 Basis Points
(17,961
(8,986
(7,404
Down 200 Basis Points
(35,594
(17,972
(14,538
Down 300 Basis Points
(52,257
(26,864
(20,949
Up 100 Basis Points
18,140
8,986
7,552
Up 200 Basis Points
36,280
17,972
15,104
Up 300 Basis Points
54,420
26,958
22,656
From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates.
Evaluation of Disclosure Controls and Procedures
As of September 30, 2025 (the end of the period covered by this report), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15 and 15d‑15(e) under the Exchange Act). Based on that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting, as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.
In addition to the other information set forth in this report, you should carefully consider the factors described below and discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the fiscal quarter ended September 30, 2025, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024 except for the following:
Changes to U.S. tariff and import or export regulations may negatively impact our business.
The U.S. has recently enacted and proposed to enact significant new tariffs. Additionally, the new Presidential Administration has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact our business.
Not applicable.
The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the nine months ended September 30, 2025 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).
ExhibitNumber
Description of Document
Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
Dividend Reinvestment Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
Second Amended and Restated Investment Advisory Agreement, dated November 28, 2018, by and between the Company and the Advisor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on February 1, 2019).
Administration Agreement, dated October 6, 2016, by and between the Company and the Administrator (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
Form of Advisory Fee Waiver Agreement by and between the Company and the Advisor (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.4
Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.5
Portfolio Management Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
Loan Sale Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
Collateral Administration Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
Master Participation Agreement, dated as of September 28, 2018, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2018‑1, LLC, as issuer (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.9
Amended and Restated Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LLC, as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).
10.10
First Supplemental Indenture, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, and Bain Capital Specialty Finance, in its capacity as Portfolio Manager under the Agreement on behalf of the Issuer, and together with its successors in such capacity, the “Portfolio Manager” (incorporated by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
Amended and Restated Portfolio Management Agreement, dated as of November 30, 2021, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager. (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).
First Amendment to Amended and Restated Portfolio Management Agreement, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as Co-Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
Loan Sale Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
Collateral Administration Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.19 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
Master Participation Agreement, dated as of August 28, 2019, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.20 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.16
Master Participation Agreement, dated as of August 28, 2019, by and between BCSF II-C, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.21 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
Revolving Loan Agreement, dated March 27, 2020, by and between the Company, as Borrower, and BCSF Advisors, LP, as Lender (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on May 4, 2020).
10.18
Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 24, 2021).
Underwriting Agreement, dated March 3, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP and Goldman Sachs & Co. LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 5, 2021).
Indenture, dated as of March 10, 2021, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
First Supplemental Indenture, dated as of March 10, 2021, relating to the 2.950% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
Form of 2.950% Notes due 2026 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
Underwriting Agreement, dated October 5, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP, and Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc., as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 6, 2021).
10.24
Second Supplemental Indenture, dated as of October 13, 2021, relating to the 2.550% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
Form of 2.550% Notes due 2026 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers (incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
First Amendment dated as of July 6, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
Increasing Lender/Joinder Lender Agreement, dated as of December 14, 2022, between the Company, the Lenders and Issuing Banks from time to time party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent (in such capacity, the “Administrative Agent”); and (b) the Notice of Commitment Increase Request, dated as of December 14, 2022, provided by the Company to the Administrative Agent (the “Notice”) (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.29
Increasing Lender/Joinder Lender Agreement dated as of July 22, 2022, pursuant to Section 2.08(e) of the Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (Incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10 Q (File No. 814 01175), filed on August 3, 2022).
10.30
Second Amendment dated as of August 24, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
Third Amendment dated as of May 20, 2024 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.32 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 6, 2024).
Amended and Restated Limited Liability Company Agreement, dated December 27, 2021, of Bain Capital Senior Loan Program, LLC. (incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
10.33
First Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.33 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
Second Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2019-1, Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.34 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
Amendment dated September 11, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp. (incorporated by reference to Exhibit 10.35 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 6, 2023).
10.36
Second Amendment dated December 14, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, as amended on September 8, 2021 of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp, Solutio Premium Private Debt II Master SCSp, Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (EUR) and Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (GBP) (incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
10.37
International Senior Loan Program, LLC Consolidated Financial Statements for year ending December 31, 2024. (incorporated by reference to Exhibit 10.37 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
Third Supplemental Indenture, dated as of February 6, 2025, relating to the 5.950% Notes due 2030, by and between theCompany and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to theCompany’s Current Report on Form 8-K (File No. 814-01175) filed on February 6, 2025).
10.39
Underwriting Agreement, dated January 30, 2025, by and among Bain Capital Specialty Finance, Inc.,BCSF Advisors, LP, and SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas SecuritiesCorp. and Santander US Capital Markets LLC, as the representative of the underwriters (incorporated by reference toExhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175) filed on February 3, 2025).
Form of Equity Distribution Agreement (incorporated by reference to Exhibit 1.1 to the Company’s Current Report onForm 8-K (File No. 814-01175), filed on March 4, 2025).
10.41
Second Amended and Restated Indenture, dated as of July 2, 2025, by and among BCC Middle Market CLO 2019-1, Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).
Second Amended and Restated Portfolio Management Agreement, dated as of July 2, 2025, by and between BCC Middle Market CLO 2019-1, Ltd., as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager(incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on July 7, 2025).
10.43
Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on May 2, 2025).
10.44
Document Custody Agreement, dated April 28, 2025, by and between Bain Capital Specialty Finance, Inc. and U.S. Bank Trust Company (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on May 2, 2025).
Consent of Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 23.1 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2025).
24.1
Powers of Attorney (incorporated by reference to Exhibit 24.1 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2025).
31.1*
Certification of Chief Executive Officer pursuant to Rule 13a‑14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.
31.2*
Certification of Chief Financial Officer pursuant to Rule 13a‑14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.
32*
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
101.INS*
XBRL Instance Document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
* Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: November 10, 2025
By:
/s/ Michael A. Ewald
Name:
Michael A. Ewald
Title:
Chief Executive Officer
/s/ Amit Joshi
Amit Joshi
Chief Financial Officer