UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026
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)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001 per share
BCSF
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
Large accelerated filer ☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒
As of August 10, 2026, 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 June 30, 2026 (unaudited) and December 31, 2025
Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)
4
Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (unaudited)
5
Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)
6
Consolidated Schedules of Investments as of June 30, 2026 (unaudited) and December 31, 2025
7
Notes to Consolidated Financial Statements (unaudited)
52
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
131
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
153
Item 4.
Controls and Procedures
PART II
OTHER INFORMATION
Legal Proceedings
154
Item 1A.
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Default Upon Senior Securities
Mine Safety Disclosures
Item 5.
Other Information
Item 6.
Exhibits
155
Signatures
156
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 Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”), 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, 2025 and in our filings with the Securities and Exchange Commission (the “SEC”). Except as otherwise specified in this Quarterly Report, the terms“we”, “us”, “our”, and the “Company” refer to Bain Capital Specialty Finance, Inc.
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. 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
June 30, 2026
December 31, 2025
(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,796,413 and $1,891,513, respectively)
$
1,789,082
1,905,297
Non-controlled/affiliate investments (amortized cost of $21,128 and $7,504, respectively)
31,761
18,674
Controlled affiliate investments (amortized cost of $557,704 and $603,650, respectively)
542,733
584,470
Cash and cash equivalents
97,187
23,092
Foreign cash (cost of $14,632 and $2,477, respectively)
14,957
3,151
Restricted cash and cash equivalents
18,467
32,667
Collateral on derivatives
11,020
10,993
Deferred financing costs
3,023
3,543
Interest receivable on investments
33,882
38,023
Interest rate swap
890
7,976
Receivable for sales and paydowns of investments
70,645
28,856
Prepaid insurance
92
489
Unrealized appreciation on forward currency exchange contracts
1,804
—
Dividend receivable
4,539
5,354
Total Assets
2,620,082
2,662,585
Liabilities
Debt (net of unamortized debt issuance costs of $15,936 and $10,110, respectively)
1,501,129
1,470,796
4,621
Interest payable
8,597
12,376
Payable for investments purchased
1,286
2,110
Collateral payable on derivatives
12,907
Unrealized depreciation on forward currency exchange contracts
1,105
9,061
Base management fee payable
8,992
9,408
Incentive fee payable
801
5,877
Accounts payable and accrued expenses
13,186
12,910
Distributions payable
9,730
Total Liabilities
1,539,717
1,545,175
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 64,868,507 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
65
Paid in capital in excess of par value
1,161,110
Total distributable loss
(80,810
)
(43,765
Total Net Assets
1,080,365
1,117,410
Total Liabilities and Total Net Assets
Net asset value per share
16.65
17.23
See Notes to Consolidated Financial Statements
Consolidated Statements of Operations
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2026
2025
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments
37,795
44,292
77,128
85,964
Dividend income
654
2,940
1,273
4,665
PIK income
7,531
7,501
16,236
14,107
Other income
1,767
4,158
3,243
6,991
Total investment income from non-controlled/non-affiliate investments
47,747
58,891
97,880
111,727
Investment income from non-controlled/affiliate investments:
36
127
38
135
13
30
44
42
Total investment income from non-controlled/affiliate investments
80
140
103
207
Investment income from controlled affiliate investments:
7,336
9,807
17,369
18,955
7,185
2,123
13,168
6,909
2
Total investment income from controlled affiliate investments
14,521
11,934
30,539
25,870
Total investment income
62,348
70,965
128,522
137,804
Expenses
Interest and debt financing expenses
20,664
21,772
40,916
40,676
Base management fee
8,993
9,257
18,078
18,325
Incentive fee
5,446
6,419
7,668
Professional fees
612
714
1,312
1,428
Directors fees
180
182
360
356
Other general and administrative expenses
1,761
1,928
3,830
4,499
Total expenses, net of fee waivers
33,011
39,299
70,915
72,952
Net investment income before taxes
29,337
31,666
57,607
64,852
Income tax expense, including excise tax
732
1,076
1,638
2,152
Net investment income
28,605
30,590
55,969
62,700
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments
(7,228
4,861
(3,408
(16,125
Net realized gain (loss) on non-controlled/affiliate investments
(6,598
(711
(3,678
Net realized gain (loss) on controlled affiliate investments
(77
(13,525
Net realized gain (loss) on foreign currency transactions
(889
581
(823
332
Net realized gain (loss) on forward currency exchange contracts
(3,136
(1,409
(6,125
(3,814
Net change in unrealized appreciation on foreign currency translation
(227
1,484
(362
1,919
Net change in unrealized appreciation on forward currency exchange contracts
3,214
(15,074
9,760
(17,147
Net change in unrealized appreciation on non-controlled/non-affiliate investments
(7,353
7,507
(30,547
31,500
Net change in unrealized appreciation on non-controlled/affiliate investments
8,405
(1,379
8,895
(3,245
Net change in unrealized appreciation on controlled affiliate investments
(661
(2,728
4,209
(173
Total net loss
(14,550
(6,868
(38,524
(10,431
Net increase in net assets resulting from operations
14,055
23,722
17,445
52,269
Basic and diluted net investment income per share of common stock
0.44
0.47
0.86
0.97
Basic and diluted increase in net assets resulting from operations per share of common stock
0.22
0.37
0.27
0.81
Basic and diluted weighted average common stock outstanding
64,868,507
64,772,881
Consolidated Statements of Changes in Net Assets
Operations:
Net realized gain (loss)
(17,928
3,322
(30,479
(23,285
Net change in unrealized appreciation
3,378
(10,190
(8,045
12,854
Stockholder distributions:
Distributions from distributable earnings
(27,245
(29,191
(54,490
(58,382
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 decrease in net assets
(13,190
(5,469
(37,045
(637
Net assets at beginning of period
1,093,555
1,144,504
1,139,672
Net assets at end of period
1,139,035
Net asset value per share of common stock
17.56
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
(406,440
(814,488
Proceeds from principal payments and sales of investments
488,991
751,100
Net realized (gain) loss from investments
23,531
19,803
Net realized (gain) loss on foreign currency transactions
823
(332
(9,760
17,147
Net change in unrealized appreciation on investments
17,443
(28,082
362
(1,919
Increase in investments due to PIK
(19,439
(17,368
Accretion of discounts and amortization of premiums
(1,834
(2,840
Amortization of deferred financing costs and debt issuance costs
3,009
2,485
Changes in operating assets and liabilities:
(27
547
4,141
1,651
(133
(111
397
(659
815
2,092
(3,779
(215
(12,907
12,490
(416
97
(5,076
750
276
(1,040
Net cash provided by (used in) operating activities
97,422
(6,623
Cash flows from financing activities
Borrowings on debt
727,000
759,000
Repayments on debt
(679,000
(588,699
Payments of financing costs
(8,316
(8,551
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
(64,220
(87,435
Net cash provided by (used in) financing activities
(24,536
79,791
Net increase in cash, foreign cash, restricted cash and cash equivalents
72,886
73,168
Effect of foreign currency exchange rates
(1,185
2,251
Cash, foreign cash, restricted cash and cash equivalents, beginning of period
58,910
99,066
Cash, foreign cash, restricted cash and cash equivalents, end of period
130,611
174,485
Supplemental disclosure of cash flow information:
Cash interest paid during the period
41,686
38,406
Cash paid for excise taxes during the period
3,363
3,337
As of June 30,
Cash
27,843
Restricted cash
136,908
Foreign cash
9,734
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows
Consolidated Schedule of Investments
As of June 30, 2026
(In thousands)
Portfolio Company (1)
Investment Type
Index (2)
Floor (2)
Spread (2)
Interest Rate
Maturity Date
Principal/Shares (3)
Cost
Market Value
% of Net Assets
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (4)(12)
First Lien Senior Secured Loan
SOFR
1.00
%
5.75
9.42
7/12/2029
4,913
4,873
ATS (4)(5)
First Lien Senior Secured Loan - Revolver
BCC ESI Investments 1, LLC (4)(6)(11)
Equity Interest
130
Bridger Aerospace Group Holdings, Inc. (4)(12)
6.00
9.64
10/28/2030
5,074
5,028
5,023
Bridger Aerospace Group Holdings, Inc. (4)(5)
First Lien Senior Secured Loan - Delayed Draw
677
665
649
391
384
383
BTX Precision (4)(12)
5.00
8.64
7/25/2030
7,568
7,520
4.75
8.41
1,432
1,423
BTX Precision (4)
8.68
12,875
12,828
5,915
5,873
BTX Precision (4)(5)
(25
Forward Slope (4)
5.60
9.33
8/22/2029
6,045
5,954
5,533
5,483
Forward Slope (4)(12)
13,181
12,983
Forward Slope (4)(5)
(116
Forward Slope (4)(6)(11)
930
1,545
GSP Holdings, LLC (4)
2.28% (3.62% PIK)
9.63
11/6/2026
9,982
10,075
9,483
78
74
11/5/2027
1,165
1,161
1,107
4,868
4,887
4,625
Heads Up Technologies, Inc. (4)
0.75
5.25
8.98
7/23/2030
202
201
Heads Up Technologies, Inc. (4)(5)
(7
Second Lien Senior Secured Loan
8.25
11.98
7/23/2031
9,720
9,679
Mach Acquisition, LLC (4)(12)
7.15
10.81
4/19/2027
13,204
13,190
Mach Acquisition, LLC (4)(5)
10.79
7,532
Precision Ultimate Holdings, LLC (4)(6)(11)
1,417
546
620
781
1,334
Robinson Helicopter (4)(6)(11)
1,592
507
2,551
Saturn Purchaser Corp. (4)(12)
4.85
8.52
7/22/2030
13,281
13,167
Saturn Purchaser Corp. (4)(5)
(50
Solairus (4)(5)
(13
Varo ESI Buyer, LLC (4)
5.50
9.15
5/10/2032
2,592
2,579
Varo ESI Buyer, LLC (4)(5)
(3
Whitcraft-Paradigm (4)(12)
8.73
2/15/2029
10,106
10,060
2,648
2,629
Whitcraft-Paradigm (4)
2,291
256
Whitcraft-Paradigm (4)(5)
834
824
Aerospace & Defense Total
145,162
147,562
13.7
Automotive
American Trailer Rental Group (4)
Subordinated Debt
14.25% PIK
14.25
12/1/2028
19,375
19,278
17,244
24,195
24,112
21,533
6,280
6,249
5,589
Cardo (4)(7)
5/30/2028
98
Chilton (4)(12)
9.16
2/5/2031
6,384
6,290
Chilton (4)(5)
(19
(202
1,835
1,813
1,759
Gills Point S (4)
3.90% (1.50% PIK)
9.05
5/17/2029
12,403
12,092
4.00% (1.50% PIK)
3,999
3,974
3,899
3,651
3,634
3,560
7,296
7,113
1,235
1,224
1,204
4,834
4,813
4,713
Gills Point S (4)(6)(11)
215
49
Preferred Equity
20
39
Intoxalock (4)(12)
5.10
8.74
11/1/2028
11,821
11,770
Intoxalock (4)(5)
Automotive Total
103,250
96,801
9.0
Beverage, Food & Tobacco
AgroFresh Solutions (4)(12)
9.24
4/1/2030
6,821
6,738
6,736
AgroFresh Solutions (4)
6,058
5,945
5,982
AgroFresh Solutions (4)(5)
4/2/2029
2,267
2,219
2,205
BCC CPK investments 1, LLC (4)(6)(11)
370
BCC Trillium Foods Investments 1, LLC (4)(6)(11)
2,531
3,851
BCSF Project Aberdeen, LLC (4)(6)(11)
2,217
1,967
CPK IPCO Buyer LLC (4)
12.00
12/22/2031
604
596
595
Hellers (4)(7)
BBSY
4.00% (1.88% PIK)
10.39
9/30/2030
AUD
51
35
8
BKBM
1.00%
8.64%
NZ$
47
28
26
Hellers (4)(5)(7)
(12)
(2)
15.00% PIK
15.00%
3/27/2031
570
349
321
INW Manufacturing, LLC (4)(12)
5.75%
9.42%
1/23/2031
20,795
20,610
20,483
Orchard Park BidCo, Inc. (4)(5)
4/21/2033
(3)
(4)
(7)
(8)
SauceCo HoldCo, LLC (4)(12)
9.48%
5/13/2030
71,001
69,034
SauceCo HoldCo, LLC (4)(5)
9.39%
5,036
5,004
Shennong Buyer, Inc. (4)
5.00%
8.73%
5/6/2033
14,805
14,732
14,731
Shennong Buyer, Inc. (4)(5)
1,294
1,277
1,276
Spindrift (4)
13.75% PIK
13.75%
2/19/2033
1,686
1,649
Spindrift (4)(6)(11)
1
500
558
Beverage, Food & Tobacco Total
$133,812
$136,845
12.7%
Capital Equipment
Accelevation LLC (4)
0.75%
5.25%
8.90%
1/2/2031
18,461
18,185
18,184
Accelevation LLC (4)(5)
(13)
AeriTek Global CAD Acquisition Inc. (4)(7)
6.50%
10.17%
8/27/2030
472
466
465
AeriTek Global CAD Acquisition Inc. (4)(5)(7)
6.75%
10.41%
14
AXH Air Coolers (4)(12)
5.50%
9.17%
10/31/2029
7,400
7,356
3,283
3,266
AXH Air Coolers (4)
9.23%
8,653
8,632
AXH Air Coolers (4)(5)
9.25%
AXH Air Coolers (4)(6)(11)
3,417
1,104
14,397
East BCC Coinvest II, LLC (4)(6)(11)
1,419
1,229
Engineered Products Co., LLC (4)(5)
4.50%
8.18%
8/12/2031
188
Ergotron Acquisition LLC (4)(12)
8.89%
7/6/2028
10,811
10,723
EXT Acquisitions, Inc. (4)(5)
12/19/2031
P
2.00%
4.25%
11.00%
165
163
FCG Acquisitions, Inc. (4)(6)(11)
Goodfellow (4)(7)
8.98%
2/10/2032
50
EURIBOR
7.54%
€
57
SONIA
£
66
PPT Group (4)(7)
2/28/2031
6,105
7,630
8,002
PPT Group (4)(5)(7)
219
286
232
220
263
PPT Group (4)(6)(7)(11)
376
294
Capital Equipment Total
$61,896
$74,396
6.9%
9
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (4)(12)
8.47
8/12/2030
13,514
13,344
AP Plastics Group, LLC (4)
8/10/2030
174
AP Plastics Group, LLC (4)(5)
Duraco (4)(12)
1.50
6.50
10.19
6/6/2029
7,287
7,207
6,922
Duraco (4)(5)
10.24
996
974
896
Plaskolite PPC Intermediate II LLC (4)
4.00% (4.00% PIK)
11.65
5/9/2030
7,312
7,197
7,166
Plaskolite PPC Intermediate II LLC (4)(5)
7.00
10.65
2/7/2030
171
161
158
V Global Holdings LLC (4)
5.90
9.55
12/22/2027
15,666
15,332
14,726
7.99
104
V Global Holdings LLC (4)(5)
5.85
9.49
1/2/2029
4,578
4,586
3,996
Chemicals, Plastics & Rubber Total
49,075
47,656
4.4
Construction & Building
AGS American Glass Services Acquisition, LLC (4)
7/24/2031
145
144
AGS American Glass Services Acquisition, LLC (4)(5)
(1
(5
(2
AGS American Services Investments, L.P. (4)(6)(11)
338
324
BCSF ServiceMaster Investments, LLC (4)(6)(11)
Elk (4)(6)(11)
72
722
1,222
695
G702 Buyer, Inc. (4)
8.42
7/2/2031
G702 Buyer, Inc. (4)(5)
(10
Service Master (4)(8)
6.86% PIK
10.48
8/16/2027
7,812
7,572
5,957
10.51
3,259
3,174
10.52
1,623
1,572
1,238
6.01% (1.00% PIK)
928
708
12/31/2029
4,032
3,922
3,074
Service Master (4)(5)(8)
7.01
10.74
18,511
18,324
13,879
(382
Service Master (4)(6)(11)
169
TL Sapphire Parent, Inc. (4)(12)
8.66
1/24/2033
4,988
4,967
4,938
TL Sapphire Parent, Inc. (4)(5)
966
963
952
10
(17)
Zeus Fire & Security (4)(12)
8.65%
12/11/2030
4,816
4,789
Zeus Fire & Security (4)
8,718
Zeus Fire & Security (4)(5)
8.61%
351
336
Construction & Building Total
$56,971
$49,396
4.6%
Consumer Goods: Durable
New Milani Group LLC (4)
4.75%
8.39%
6/26/2031
830
New Milani Group LLC (4)(5)
(11)
Stanton Carpet (4)
9.15%
12.82%
4/1/2028
11,434
11,343
Tangent Technologies Acquisition, LLC (4)
12.55%
8,915
8,849
TLC Holdco LP (4)(6)(11)
1,281
1,221
334
TLC Purchaser, Inc. (4)(12)
5.76%
9.43%
10/11/2027
12,977
12,916
12,425
TLC Purchaser, Inc. (4)
9.49%
1,943
1,933
1,861
TLC Purchaser, Inc. (4)(5)
9,140
9,157
8,736
Consumer Goods: Durable Total
$46,229
$44,535
4.1%
Consumer Goods: Non-Durable
Evriholder (4)(12)
1.50%
7.00%
10.85%
1/24/2028
5,669
5,647
5,640
Fineline Technologies, Inc. (4)(6)(11)
939
1,288
Hempz (4)
10/25/2029
217
Hempz (4)(5)
(27)
Kids2, LLC (4)(12)
6.00%
9.67%
4/14/2031
8,824
8,739
Kids2, LLC (4)(5)
168
152
151
RoC Skincare (4)(12)
2/21/2031
9,775
9,677
RoC Skincare (4)(5)
2/21/2030
(19)
Solaray, LLC (4)
4.85% (2.00% PIK)
10.51%
3/27/2029
29,293
26,656
13,491
13,487
12,277
Solaray, LLC (4)(5)
5.60%
9.26%
10,635
10,618
SRP Parent Inc. (4)(6)(11)
Summer Fridays, LLC (4)
5/16/2031
459
453
455
Summer Fridays, LLC (4)(5)
(10)
(9)
WU Holdco, Inc. (4)(5)
4/19/2032
4/15/2032
(15)
Consumer Goods: Non-Durable Total
$79,158
$75,794
7.0%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (4)(12)
12/31/2030
4,668
4,613
ASP-r-pac Acquisition Co LLC (4)(5)
Precision Concepts Parent Inc. (4)
8.41%
8/2/2032
711
706
11
Precision Concepts Parent Inc. (4)(5)
68
Containers, Packaging & Glass Total
5,389
5,439
0.5
Environmental Industries
BCC HGS Investments 1, LLC (4)(6)(11)
1,241
1,071
FC DOLMANS B.V. (4)(7)
7.54
3/4/2033
2,437
2,807
2,766
FC DOLMANS B.V. (4)(5)(7)
361
414
402
Humic Acquisition Holdings, LLC (4)
9.40
10/21/2031
14,446
14,387
14,229
9.37
7,278
7,275
7,169
Humic Acquisition Holdings, LLC (4)(5)
9.39
2,747
2,703
Meteor UK Bidco Limited (4)(7)
5/14/2032
8,104
10,797
10,757
4,858
6,461
6,448
Meteor UK Bidco Limited (4)(5)(7)
11/14/2031
Reconomy (4)(7)
10.23
83
90
6.25
8.54
27
31
Reconomy (4)(5)(7)
6,063
8,016
8,015
STAX Engineering, LLC (4)
10.17
6/20/2033
13,025
12,895
STAX Engineering, LLC (4)(5)
(36
(33
(34
STAX Holding, Inc. (4)(6)(11)
1,739
Titan Cloud Software, Inc (4)
9.51
9/7/2029
27,578
27,501
9.52
12,264
12,220
Titan Cloud Software, Inc (4)(5)
9/7/2028
Titan Cloud Software, Inc (4)(6)(11)
3,532
4,697
Environmental Industries Total
112,055
112,785
10.4
FIRE: Finance
Allworth Financial Group, L.P. (4)(5)
12/23/2027
Avalon Bidco Limited (4)(7)
9.99
4/16/2032
4,127
5,434
5,409
BCSF LI, LLC (4)
0.50
4.25
7.91
10/29/2032
33
7.89
BCSF LI, LLC (4)(5)
Choreo (4)(5)
2/18/2028
5,771
Congress Wealth (4)(6)(11)
16
19
Daintree Bidco Pty Ltd (4)(7)
9.35
11/25/2032
1,113
710
759
Endurance Holdco Limited (4)(7)(11)
12.50% PIK
12.50
3,242
4,197
4,217
Insigneo Financial Group LLC (4)
10.00% PIK
10.00
8/1/2027
1,991
6.60
10.31
8/1/2028
267
Insigneo Financial Group LLC (4)(6)(11)
534
535
3,545
12
LEP SAL Co-Invest, L.P. (4)(6)(7)(11)
1,000
1,317
1,327
Parmenion (4)(7)
5/23/2029
295
392
PMA (4)
8.48
1/31/2031
58
PMA (4)(5)
(14
Sikich (4)(11)
13.00% PIK
13.00
4,906
Sikich (4)(6)(11)
Warrants
541
FIRE: Finance Total
25,636
29,491
2.7
FIRE: Insurance
Comet BidCo Limited (4)(7)
1/30/2032
757
754
Comet BidCo Limited (4)(5)(7)
(4
McLarens Acquisition Inc. (4)
4.90
8.59
12/20/2027
247
246
94
12/19/2027
411
408
McLarens Acquisition Inc. (4)(5)(7)
8.46
337
McLarens Acquisition Inc. (4)(5)
MRHT (4)(5)(7)
5/17/2032
2,558
2,981
2,820
11/10/2031
(12
(31
Simplicity (4)(5)
12/31/2031
(42
FIRE: Insurance Total
4,729
0.4
FIRE: Real Estate
Lagerbox (4)(7)
3.50
5.72
12/20/2028
779
858
FIRE: Real Estate Total
0.1
Healthcare & Pharmaceuticals
Accident Care Alliance Holdco LLC (4)(5)
8.67
8/20/2030
1,049
1,046
1,139
1,128
AEG Vision (4)(12)
3/27/2027
441
456
AEG Vision (4)
41,430
41,220
10,120
10,173
8,337
8,409
Alldent Holding GmbH (4)(7)
7.95
11/29/2032
1,600
1,838
1,821
Alldent Holding GmbH (4)(5)(7)
AOM Infusion (4)(5)
8.70
3/19/2032
340
335
Apollo Intelligence (4)
6/1/2028
14,846
14,893
14,698
Apollo Intelligence (4)(5)
9,790
9,767
9,690
Apollo Intelligence (4)(6)(11)
34
2,647
Athena Parent Holdings, L.P. (4)(6)(11)
403
427
Beacon Specialized Living (4)(12)
9.23
3/27/2028
4,900
4,865
Beacon Specialized Living (4)(5)
3/25/2028
4,810
4,724
Caregiver (4)
16.50% PIK
16.50
1/1/2030
10,680
10,599
10,546
CB Titan Holdings, Inc. (4)(6)(11)
1,953
CRH Healthcare Purchaser, Inc. (4)(12)
8.99
9/17/2031
7,299
7,268
7,263
CRH Healthcare Purchaser, Inc. (4)(5)
EHE Health (4)(12)
8/7/2030
10,705
10,629
10,597
EHE Health (4)(5)
EHE Health (4)(6)(11)
2,178
1,850
Great Expressions Dental Center PC (4)
1.15% (3.00% PIK)
7.88
9/30/2026
10,028
10,053
8,524
HealthDrive (4)(5)
8/20/2029
1,102
HealthDrive (4)(6)(11)
18
1,822
2,542
Lightspeed Buyer, Inc. (4)(12)
2/6/2032
8,315
8,264
8,232
Lightspeed Buyer, Inc. (4)(5)
(20
(58
8.40
619
606
600
Mertus 522. GmbH (4)(7)
4.00% (2.75% PIK)
5/28/2028
236
262
9.36
137
149
Nafinco (4)(7)
7.85
8/29/2031
56
59
Nafinco (4)(5)(7)
7.37
1,573
1,641
1,769
Odyssey Behavioral Health (4)
8.89
5/21/2031
1,599
1,584
Odyssey Behavioral Health (4)(5)
11/21/2030
(67
Odyssey Behavioral Health (4)(6)(11)
22
2,234
2,124
Pharmacy Partners (4)(5)
2/28/2029
(37
Pharmathen (5)(7)
12/31/2026
Premier Imaging, LLC (4)(12)
4.50% (1.76% PIK)
10/31/2027
7,797
7,759
6,394
Premier Imaging, LLC (4)
2,093
2,082
1,716
Psychiatric Medical Care LLC (4)
8.43
7/1/2032
176
Psychiatric Medical Care LLC (4)(5)
(21
QPE Alpha 4 Pty Ltd (4)(7)
2/5/2032
1,612
1,110
1,095
QPE Alpha 4 Pty Ltd (4)(5)(7)
Red Nucleus (4)(5)
10/17/2031
1,177
1,158
1,157
9.06
1,014
989
1,001
RedMed Operations (Collage Rehabilitation) (4)
358
RedMed Operations (Collage Rehabilitation) (4)(5)
8.63
210
Sunmed Group Holdings, LLC (4)(12)
9.26
6/16/2028
8,386
Sunmed Group Holdings, LLC (4)(5)
6/16/2027
USME Holdco LLC (4)
17.00% PIK
17.00
5/26/2031
5,939
5,895
5,835
Vatica Health, Inc. (4)(5)
(9
WSHP Cottonwood Buyer, LLC (4)
12/20/2032
5,836
5,810
5,807
WSHP Cottonwood Buyer, LLC (4)(5)
(15
Healthcare & Pharmaceuticals Total
196,704
190,996
17.7
High Tech Industries
Access (4)(7)
6/28/2029
99
106
Applitools (4)(7)
6.25% PIK
9.98
5/25/2029
31,917
31,692
26,650
Applitools (4)(5)
9.43
5/25/2028
1,029
1,018
463
Applitools (4)(6)(7)(11)
8,297
4,762
166
Appriss (4)(5)
3/10/2031
(11
594
573
Appriss Holdings, Inc. (4)
8.49
5/6/2027
5,503
5,484
Appriss Holdings, Inc. (4)(5)
5/6/2028
Appriss Holdings, Inc. (4)(6)(11)
2,136
1,606
1,823
AQ Software Corporation (4)(11)
13.85
3,442
2,958
2,385
2,065
2,066
1,775
909
782
Chartbeat (4)
16.00% PIK
16.00
10/4/2030
7,366
7,291
7,145
6,566
6,490
6,369
Chartbeat (4)(6)(11)
Cloud Technology Solutions (CTS) (4)(7)
2.68% (5.57% PIK)
2,247
2,879
2,952
Cloud Technology Solutions (CTS) (4)(6)(7)(11)
4,835
5,937
6,593
Eagle Rock Capital Corporation (4)(6)(11)
2,429
6,509
Eleven Software (4)
5/14/2029
7,439
7,401
Eleven Software (4)(5)
Eleven Software (4)(6)(11)
1,382
109
183
G-3 Frax Acquisition LLC (4)
9.66
919
912
903
G-3 Frax Acquisition LLC (4)(5)
Harbor IT, LLC (4)
1.25
3/13/2031
532
530
Harbor IT, LLC (4)(5)
32
HG Insights, Inc. (4)
7.50
11.15
6/16/2031
10,604
10,419
10,445
HG Insights, Inc. (4)(6)(11)
505
777
788
LogRhythm, Inc. (4)
11.16
7/2/2029
4,011
3,916
3,650
LogRhythm, Inc. (4)(5)
(8
(75
NearMap (4)(12)
12/10/2029
19,217
19,182
15
NearMap (4)(5)
12/9/2028
(30
New Gen Holding (4)(7)
3.00% (4.25% PIK)
5/28/2031
3,072
3,448
3,487
PayRange (4)(5)
10/31/2030
PayRange (4)(6)(11)
4,527
6,067
PlentyMarkets (4)(7)
2.80% (3.70% PIK)
8.71
4/2/2032
1,595
1,852
Pricelabs Revenue Inc. (4)
3/17/2033
55
54
Pricelabs Revenue Inc. (4)(5)
(6
RetailNext (4)
12/5/2030
17,007
16,874
16,837
RetailNext (4)(5)
2,949
2,926
2,918
Revalize, Inc. (4)
4.75% (1.75% PIK)
10.38
4/15/2027
5,308
5,299
4,910
4.90% (1.75% PIK)
4/16/2029
1,988
1,842
Revalize, Inc. (4)(5)
5.90% (0.50% PIK)
10.13
571
SensorTower (4)(12)
2.00
11.17
3/15/2029
2,741
2,716
SensorTower (4)(5)
SensorTower (4)(6)(11)
2,400
14,861
Superna Inc. (4)(7)
10.16
3/6/2028
19,619
19,601
Superna Inc. (4)(5)(7)
Superna Inc. (4)(6)(7)(11)
1,463
3,859
Utimaco (4)(7)
5.93
9.54
192
191
93
8.20
67
77
Utimaco (4)(6)(7)(11)
2,158
2,742
Ventiv Holdco, Inc. (4)(6)(11)
529
2,833
Wasabi Technologies LLC (4)
10.18
4/8/2031
9,455
9,273
9,266
Wasabi Technologies LLC (4)(5)
(41
(43
High Tech Industries Total
203,568
212,346
19.7
Hotel, Gaming & Leisure
Awayday (4)
5/6/2032
8,611
8,536
Awayday (4)(5)
City BBQ (4)(12)
5.35
9/4/2030
9,208
9,151
9,116
City BBQ (4)(5)
3,781
3,649
(29
(47
City BBQ (4)(6)(11)
1,271
1,522
Le Berger SA (4)(7)
3.75
6.04
2/21/2028
522
572
Pyramid Global Hospitality (4)(12)
8.92
1/19/2028
9,453
9,355
Pyramid Global Hospitality (4)(5)
Hotel, Gaming & Leisure Total
32,563
32,876
3.0
Media: Advertising, Printing & Publishing
Facts Global Energy (4)(5)(7)
9.18
12/20/2031
1,577
1,540
1,340
Facts Global Energy (4)(7)
9.20
OGH Bidco Limited (4)(7)
6/29/2029
139
172
OGH Bidco Limited (4)(5)(7)
2,637
2,370
TGI Sport Bidco Pty Ltd (4)(7)
10.11
4/28/2028
76
5.86
73
5.78
70
89
Media: Advertising, Printing & Publishing Total
4,680
4,213
Media: Broadcasting & Subscription
Lightning Finco Limited (4)(7)
6.61
10.22
8/31/2028
1,443
1,436
8.35
1,300
1,438
1,480
Media: Broadcasting & Subscription Total
2,881
2,916
0.3
Media: Diversified & Production
Efficient Collaborative Retail Marketing Company, LLC (4)
8.76% PIK
12.46
18,301
15,326
15,739
8.26% PIK
11.99
11,916
10,101
10,248
Efficient Collaborative Retail Marketing Company, LLC (4)(5)
6.61% PIK
1,252
1,244
Owl Acquisition, LLC (4)
4/17/2032
639
637
610
Owl Acquisition, LLC (4)(5)
448
199
197
150
Media: Diversified & Production Total
27,953
28,348
2.6
Metals & Mining
BCC High Divide 1, LLC (High Divide) (4)(6)(11)
Elevation NewCo Intermediate, LLC (4)(6)(11)
112
48
Elevation NewCo, LLC (4)(5)
9.48
8/1/2031
981
269
265
Lindstrom, LLC (4)(5)
12/30/2032
Metals & Mining Total
1,227
1,291
17
Retail
Galeria (4)(7)(11)
1,167
1,378
621
681
709
Galeria (4)(6)(7)(11)
101
New Look Vision Group (4)(7)
5/26/2028
385
CORRA
CAD
53
43
New Look Vision Group (4)(5)(7)
613
420
432
Thrasio, LLC (4)
10.26
14.01
6/18/2029
1,230
1,074
Thrasio, LLC (4)(6)(11)
6,997
Retail Total
11,803
4,148
Services: Business
ACAMS (4)(12)
12/30/2031
5,178
5,131
5,152
ACAMS (4)(5)
226
211
218
ACAMS (4)(6)(11)
3,668
Advanced Aircrew (4)
10.14
7/26/2030
5,018
4,981
Advanced Aircrew (4)(5)
46
Advanced Aircrew (4)(6)(11)
592
551
Allbridge (4)(12)
6/5/2030
8,909
8,862
Allbridge (4)(5)
Alogent Holdings, Inc. (4)(12)
1/21/2032
1,508
1,494
1,478
Alogent Holdings, Inc. (4)(5)
(112
(32
AMI (4)(12)
9,158
9,106
AMI (4)(5)
Beneficium (4)(7)
6/28/2031
7,497
9,406
9,752
Beneficium (4)(5)(7)
(191
BLI Buyer, Inc. (4)
10/31/2031
1,126
1,121
1,120
BLI Buyer, Inc. (4)(5)
(16
8.65
482
471
Brook Bidco (4)(7)
2.06% (6.20% PIK)
11.93
7/7/2028
2,537
2,299
2,308
1.80% (5.48% PIK)
11.01
7/10/2028
960
1,159
1.98% (6.13% PIK)
11.77
386
510
464
1.98% (6.12% PIK)
11.76
138
Brook Bidco (4)(6)(7)(11)
11,656
9,941
5,415
Cube (4)(7)
3.00% (4.13% PIK)
10.88
293
3.00% (4.12% PIK)
10.86
Cube (4)
10.85
13.73
5/22/2032
2,334
3,190
3,098
Darcy Partners (4)
7.75
11.46
1,473
1,467
1,469
Darcy Partners (4)(5)
7.65
11.30
69
Darcy Partners (4)(6)(11)
359
Datix Bidco Limited (4)
4/30/2031
5,126
5,051
Datix Bidco Limited (4)(5)
Datix Bidco Limited (4)(5)(7)
10/30/2030
(28
Discovery Senior Living (4)(5)
3/18/2030
5,620
5,611
(18
DTIQ (4)(12)
11.14
9/30/2029
33,186
32,774
32,522
DTIQ (4)
3,951
DTIQ (4)(6)(11)
3,995
1,985
1,645
E-Tech Group (4)(5)
4.50
11.25
4/9/2030
208
Easy Ice (4)(12)
5.40
7,880
7,792
Easy Ice (4)(5)
9.13
5,502
5,445
1,068
1,012
Electronic Merchant Systems (4)(12)
8.15
8/1/2030
4,071
4,020
Electronic Merchant Systems (4)(5)
Electronic Merchant Systems (4)(6)(11)
148
1,042
2,287
Elevator Holdco Inc. (4)(6)(11)
2,448
3,285
Fiduciaire Jean-Marc Faber (FJMF) (4)(5)(7)
4/5/2032
2,409
2,374
Fiduciaire Jean-Marc Faber (FJMF) (4)(7)
HLSG Intermediate, LLC (4)
8.37
2/2/2033
904
HLSG Intermediate, LLC (4)(5)
162
Hollywood LP (4)(7)(11)
1,986
2,590
iBanFirst (4)(7)
9.75% PIK
11.83
7/13/2028
4,627
4,870
5,291
4,408
4,676
5,041
128
146
12.06
4,239
4,452
4,848
iBanFirst (4)(6)(7)(11)
7,112
8,136
27,559
ImageTrend (4)
1/31/2029
16,950
16,803
2,494
2,475
ImageTrend (4)(5)
(26
LEP CP Co-Invest, L.P. (4)(6)(7)(11)
287
380
372
masLabor (4)
9.12
1,197
1,191
masLabor (4)(5)
masLabor (4)(6)(11)
173
Monarch Collective Holdings, LLC (4)(12)
3/17/2032
4,963
Monarch Collective Holdings, LLC (4)(5)
133
Morrow Sodali (4)
15,002
14,928
5.48
9.10
4/25/2028
2,559
2,553
Morrow Sodali (4)(5)
(22
Opus2 (4)(7)
5/8/2028
123
Opus2 (4)(6)(7)(11)
2,272
2,526
3,926
ORBCOMM Inc. (4)
4/27/2032
778
770
772
ORBCOMM Inc. (4)(5)
25
PRGX (4)
9.19
12/20/2030
142
141
PRGX (4)(5)
(123
Pure Wafer (4)(5)
11/12/2030
792
Pure Wafer (4)(6)(11)
1,236
1,755
Rydoo (4)(7)
6.75
9.25
9/26/2031
5,076
5,803
5,805
1,556
1,725
1,779
Rydoo (4)(6)(7)(11)
1,529
1,790
1,927
655
767
888
SoftCo (4)(7)
2/22/2031
2,000
2,150
2,276
SoftCo (4)(6)(7)(11)
496
537
491
Spring Finco BV (4)(5)(7)
7/15/2029
NOK
TES Global (4)(7)
1/27/2029
Webcentral (4)(5)(7)
9.89
12/18/2030
213
230
229
Webcentral (4)(7)
87
Services: Business Total
225,146
247,531
22.9
Services: Consumer
CorePower Yoga, LLC (4)(12)
7,920
7,886
CorePower Yoga, LLC (4)(5)
Master ConcessionAir (4)
3.00
8.50
12.23
6/21/2029
1,688
1,664
1,621
12.15
179
Master ConcessionAir (4)(5)
12.16
214
MZR Aggregator (4)(6)(11)
798
0
MZR Buyer, LLC (4)
6.90% (0.50% PIK)
11.13
12/22/2028
25,555
24,926
21,978
11.05
457
452
393
11.04
5,242
5,208
4,508
1,738
1,721
1,495
Spotless Brands (4)(12)
9.17
7/25/2028
11,273
11,237
Vasa Fitness Buyer, Inc. (4)
6.35
8/15/2030
Vasa Fitness, LLC (4)
8/14/2030
1,543
1,536
1,526
Vasa Fitness, LLC (4)(5)
WhiteWater Express (4)
14.00% PIK
14.00
3/31/2031
9,821
9,771
Services: Consumer Total
65,646
60,918
5.6
Telecommunications
Meriplex Communications, Ltd. (4)
7/17/2028
11,905
11,808
11,697
1,093
1,080
7,065
7,027
6,942
2,824
2,805
2,775
Substantial Holdco Limited (4)(5)(7)
8.00% (4.00% PIK)
4/20/2030
661
652
Taoglas (4)
18,230
18,019
9,779
9,725
9,778
Taoglas (4)(7)
442
434
Taoglas (4)(5)(7)
1,284
Taoglas (4)(6)(11)
2,259
1,973
323
313
Telecommunications Total
56,315
56,050
5.2
Transportation: Cargo
A&R Logistics, Inc. (4)(8)
2.60% (4.25% PIK)
10.53
2/3/2028
13,455
13,440
8,578
2.65% (4.25% PIK)
10.58
6,068
5,994
3,868
2,759
2,757
2,435
2,432
1,553
949
946
605
21
A&R Logistics, Inc. (4)(5)(8)
2.50% (4.25% PIK)
10.40
5,922
5,864
3,621
6.75% PIK
13.50
2,301
2,154
ARL Holdings, LLC. (4)(6)(11)
445
Grammer Investment Holdings LLC (4)(6)(11)
1,011
1,019
122
Gulf Winds International (4)(12)
6.00% (1.00% PIK)
10.64
12/16/2028
11,982
11,806
11,112
Gulf Winds International (4)
1,072
1,066
1,016
Gulf Winds International (4)(5)
4,779
4,679
4,367
ICAT Logistics, Inc. (4)
3/1/2029
181
ICAT Logistics, Inc. (4)(5)
3,006
2,971
2,951
(65
(90
REP Coinvest III-A Omni, L.P. (4)(6)(11)
1,377
333
RoadOne (4)(12)
10.41
12/29/2028
11,643
11,703
RoadOne (4)
925
916
RoadOne (4)(5)
10.46
3,867
3,878
Transportation: Cargo Total
74,583
58,652
5.5
Transportation: Consumer
PrimeFlight Acquisition LLC (4)(12)
5/1/2029
11,883
11,757
PrimeFlight Acquisition LLC (4)
9,287
9,214
9,286
5,782
5,734
3,994
3,956
822
Transportation: Consumer Total
31,483
31,767
2.9
Utilities: Electric
KAMC Holdings, Inc. (4)(12)
8.91
7,817
7,741
7,681
KAMC Holdings, Inc. (4)(5)
254
Utilities: Electric Total
7,995
7,927
0.7
Utilities: Water
Vessco Water (4)(5)
1.75
10.25
Utilities: Water Total
-
0.0
Wholesale
Chex Finer Foods, LLC (4)(12)
6/6/2031
8,900
8,852
Chex Finer Foods, LLC (4)(5)
5,552
5,540
Fifty AU Bidco Pty Ltd (4)
2,384
Fifty U.S. Bidco Inc (4)
696
693
Fifty U.S. Bidco Inc (4)(5)
187
184
1,906
1,896
Hultec (4)
3/31/2029
597
Hultec (4)(6)(11)
651
SureWerx (4)
12/28/2029
1,464
1,459
SureWerx (4)(5)
12/28/2028
WSP (4)(8)
1.15% (4.00% PIK)
8.81
4/27/2028
3,371
2,924
8.00% PIK
8.00
2,303
1,995
WSP (4)(5)(8)
8.80
249
243
12.00% PIK
WSP (4)(6)(11)
2,898
216
Wholesale Total
29,733
22,920
2.2
Non-Controlled/Non-Affiliate Investments Total
1,796,413
165.7
Non-Controlled/Affiliate Investments (9)
Ansett Aviation Training (4)(6)(7)(11)
5,122
3,842
19,105
1.9
ADT Pizza, LLC (4)(6)(11)
6,720
3,372
PPX (4)(6)(11)
533
746
5,000
2,825
8,905
3,571
Walker Edison (4)(8)
23
Non-Controlled/Affiliate Investments
Abracon Borrower, LLC. (4)
5.65
9.38
6/10/2030
5,923
Abracon Borrower, LLC. (4)(5)
Abracon TopCo, LLC (4)(6)(11)
1,892
2,596
7,859
8,563
Non-Controlled/Affiliate Investments Total
21,128
Controlled Affiliate Investments (10)
BCC Jetstream Holdings Aviation (Off I), LLC (6)(7)(11)
11,863
8,116
BCC Jetstream Holdings Aviation (On II), LLC (6)
8,013
4,933
BCC Jetstream Holdings Aviation (On II), LLC (6)(11)
1,116
20,992
13,049
1.2
Legacy Corporate Lending HoldCo, LLC (4)(11)
79
72,450
84,004
Legacy Corporate Lending HoldCo, LLC (4)(6)(11)
4,133
900
1,391
73,350
89,528
8.3
Investment Vehicles
Bain Capital Senior Loan Program, LLC (4)(7)
Subordinated Note Investment Vehicles
12/27/2033
178,980
163,805
Bain Capital Senior Loan Program, LLC (7)(11)
Preferred Equity Interest Investment Vehicles
1,836
Equity Interest Investment Vehicles
5,594
International Senior Loan Program, LLC (4)(7)(13)
11.70
2/22/2028
190,729
International Senior Loan Program, LLC (6)(7)(11)
63,587
60,615
30,734
Investment Vehicles Total
435,928
387,104
35.8
Parcel2Go (4)(7)
7.00% PIK
10.75
11/26/2031
63
Parcel2Go (4)(6)(7)(11)
14,221
Lightning Holdings B, LLC (4)(6)(7)(11)
27,059
27,371
52,995
4.9
Controlled Affiliate Investments Total
557,704
50.2
Investments Total
2,375,245
2,363,576
218.8
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class
3.54
39,546
Goldman Sachs US Treasury Liquid Reserves Fund
12,531
Cash Equivalents Total
52,077
4.8
Investments and Cash Equivalents Total
2,427,322
2,415,653
223.6
Interest Rate Swap
24
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
March 2031 Notes
SOFR + 2.28%
BNP Paribas
3/3/2031
(4,621
Forward Foreign Currency Exchange Contracts
Currency Purchased
Currency Sold
Unrealized Appreciation / (Depreciation)
US DOLLARS 2,451
AUSTRALIAN DOLLARS 3,739
Bank of New York
7/16/2026
(138
US DOLLARS 4,375
EURO 3,680
US DOLLARS 8,665
POUND STERLING 6,450
105
US DOLLARS 3,206
AUSTRALIAN DOLLARS 4,900
US Bank
7/31/2026
(186
US DOLLARS 11,061
EURO 9,445
US DOLLARS 5,343
POUND STERLING 4,007
US DOLLARS 5,895
EURO 4,980
8/13/2026
US DOLLARS 3,248
AUSTRALIAN DOLLARS 5,195
8/20/2026
(347
US DOLLARS 999
EURO 0
(999
US DOLLARS 5,570
EURO 4,860
US DOLLARS 952
CANADIAN DOLLAR 1,310
US DOLLARS 7,111
POUND STERLING 5,620
8/27/2026
US DOLLARS 5,359
AUSTRALIAN DOLLARS 8,060
9/16/2026
(217
US DOLLARS 7,171
POUND STERLING 5,316
9/24/2026
116
US DOLLARS 3,170
EURO 2,700
10/2/2026
71
US DOLLARS 16,837
EURO 14,100
US DOLLARS 3,473
POUND STERLING 2,590
US DOLLARS 5,503
POUND STERLING 4,100
10/22/2026
62
US DOLLARS 1,083
POUND STERLING 800
10/26/2026
US DOLLARS 489
POUND STERLING 370
11/10/2026
US DOLLARS 7,259
POUND STERLING 5,480
US DOLLARS 1,648
EURO 1,400
11/20/2026
US DOLLARS 4,355
POUND STERLING 3,350
11/25/2026
(91
US DOLLARS 983
EURO 830
12/7/2026
US DOLLARS 2,620
EURO 2,230
1/7/2027
US DOLLARS 996
EURO 840
US DOLLARS 786
AUSTRALIAN DOLLARS 1,093
1/22/2027
US DOLLARS 209
AUSTRALIAN DOLLARS 300
Citibank
US DOLLARS 6,664
AUSTRALIAN DOLLARS 9,900
(171
US DOLLARS 4,166
EURO 3,510
118
US DOLLARS 956
EURO 820
US DOLLARS 3,227
POUND STERLING 2,410
4/12/2027
US DOLLARS 17,232
POUND STERLING 12,700
5/7/2027
US DOLLARS 873
EURO 740
5/27/2027
US DOLLARS 13,897
POUND STERLING 10,420
US DOLLARS 2,401
POUND STERLING 1,800
US DOLLARS 521
NEW ZEALAND DOLLAR 890
6/2/2027
US DOLLARS 8,110
EURO 6,880
6/3/2027
US DOLLARS 10,101
EURO 8,610
10/28/2027
US DOLLARS 4,399
EURO 3,800
(39
US DOLLARS 21,034
EURO 17,540
554
699
Investment
Acquisition Date
Abracon TopCo, LLC
6/8/2026
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
Athena Parent Holdings, L.P.
1/28/2026
AXH Air Coolers
10/31/2023
Bain Capital Senior Loan Program, LLC
12/27/2021
BCC CPK investments 1, LLC
12/8/2025
BCC ESI Investments 1, LLC
5/8/2026
BCC HGS Investments 1, LLC
10/21/2025
BCC High Divide 1, LLC (High Divide)
6/10/2026
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
CB Titan Holdings, Inc.
5/1/2017
Chartbeat
10/4/2024
City BBQ
9/4/2024
Cloud Technology Solutions (CTS)
12/15/2022
Congress Wealth
6/30/2023
Darcy Partners
DTIQ
9/30/2024
9/15/2025
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
Endurance Holdco Limited
11/14/2025
FCG Acquisitions, Inc.
1/24/2019
Fineline Technologies, Inc.
2/22/2021
Forward Slope
3/15/2024
Galeria
8/1/2024
Gills Point S
12/18/2025
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
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.
LEP SAL Co-Invest, L.P.
Lightning Holdings B, LLC
1/2/2020
masLabor
7/1/2021
MZR Aggregator
12/22/2020
9/17/2024
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
4/8/2026
Precision Ultimate Holdings, LLC
11/6/2019
10/7/2024
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
8/16/2021
7/15/2021
Sikich
5/6/2024
SoftCo
3/1/2024
Spindrift
2/19/2025
SRP Parent Inc.
3/27/2026
STAX Holding, Inc.
6/18/2026
Superna Inc.
3/8/2022
Taoglas
2/28/2023
6/27/2024
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
WSP
8/31/2021
5/20/2024
29
As of December 31, 2025
Interest
Maturity
Principal/
Market
% of
Portfolio Company
Index (1)
Spread (1)
Rate
Date
Shares
Value
NAV (4)
ATS (15)(19)(29)
9.65
4,890
ATS (3)(19)
Bridger Aerospace Group Holdings, Inc. (3)(15)(19)
9.70
273
Bridger Aerospace Group Holdings, Inc. (2)(3)(5)(19)
Bridger Aerospace Group Holdings, Inc. (15)(19)
9.72
5,099
5,049
5,048
BTX Precision (15)(19)(29)
8.77
7,607
7,553
BTX Precision (3)(5)(19)
BTX Precision (15)(19)
5,898
BTX Precision (3)(15)(19)
8.60
5,928
1,439
BTX Precision (14)(19)(25)
2,199
3,361
Forward Slope (15)(19)
9.27
6,076
5,970
Forward Slope (15)(19)(29)
13,248
13,018
Forward Slope (3)(15)(19)
9.32
8,588
8,453
5,561
Forward Slope (14)(19)(25)
GSP Holdings, LLC (15)(19)
5.90%
9.57
4,689
4,704
4,360
GSP Holdings, LLC (15)(19)(26)
2.95% (2.95% PIK)
1,047
9,811
9,905
9,124
Heads Up Technologies, Inc. (16)(19)
8.25%
11.92
9,671
Heads Up Technologies, Inc. (2)(3)(5)(19)
Mach Acquisition R/C (3)(15)(19)
7.15%
10.99
10/19/2026
7,500
Mach Acquisition T/L (15)(19)(29)
13,268
13,221
Precision Ultimate Holdings, LLC (14)(19)(25)
345
1,145
Robinson Helicopter (14)(19)(25)
Saturn Purchaser Corp. (15)(19)(29)
4.85%
8.72
13,198
Saturn Purchaser Corp. (3)(5)(19)
(53
Solairus (3)(5)(19)
Whitcraft-Paradigm (2)(3)(5)(19)
Whitcraft-Paradigm (15)(19)(29)
10,158
10,100
Whitcraft-Paradigm (3)(19)
Whitcraft-Paradigm (15)(19)
2,297
2,661
2,638
146,045
149,043
13.3
American Trailer Rental Group (19)(26)
5.50% (8.75% PIK)
12/1/2027
5,932
5,904
5,339
18,302
18,173
16,471
22,855
22,712
20,568
Cardo (6)(18)(19)
5/12/2028
Chilton (15)(19)(29)
6,451
6,410
6,403
Chilton (2)(3)(5)(19)
(76
Chilton (3)(15)(19)
886
862
857
Gills Point S (14)(19)(25)
Gills Point S (15)(19)(26)
9.22
12,378
12,068
1,225
1,207
7,310
7,127
3,661
3,640
3,570
Gills Point S (3)(15)(19)(26)
9.34
2,900
2,876
2,779
3,989
3,959
3,889
Intoxalock (15)(19)(29)
5.10%
8.82
11,817
Intoxalock (3)(5)(19)
JHCC Holdings, LLC (15)(19)(29)
9/9/2027
11,801
11,726
JHCC Holdings, LLC (3)(15)(19)
11.00
1,814
111,100
105,969
9.5
AgroFresh Solutions (3)(15)(19)
1,866
1,809
AgroFresh Solutions (15)(19)(29)
3/31/2030
6,860
6,765
AgroFresh Solutions (15)(19)
6,090
5,968
Arctic Glacier U.S.A., Inc. (19)(26)(31)
6.76% (4.00% PIK)
14.43
5/24/2028
12,816
12,678
12,591
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)
BCC CPK investments 1, LLC (14)(19)(25)
BCC Trillium Foods Investments 1, LLC (14)(19)(25)
3,183
BCSF Project Aberdeen, LLC (14)(19)(25)
2,390
CPK IPCO Buyer LLC (19)
12.00%
601
Hellers (6)(19)(26)
15.00
314
289
Hellers (2)(3)(5)(6)(19)
9/27/2030
Hellers (6)(18)(19)(26)
3.63% (1.88%PIK)
9.29
Hellers (6)(15)(19)(26)
8.07
PPX (14)(19)(25)
3,750
SauceCo HoldCo, LLC (3)(15)(19)
9.44
3,637
3,601
SauceCo HoldCo, LLC (15)(19)(29)
71,359
69,154
Spindrift (19)(26)
13.75
1,574
1,534
Spindrift (14)(19)(25)
113,082
115,105
10.3
AeriTek Global CAD Acquisition Inc. (6)(15)(19)
10.32
474
467
AeriTek Global CAD Acquisition Inc. (3)(6)(15)(19)
AXH Air Coolers (15)(19)(29)
7,347
AXH Air Coolers (3)(5)(19)
(35
3,299
3,278
AXH Air Coolers (3)(15)(19)
4,877
4,849
AXH Air Coolers (14)(19)(25)
8,675
East BCC Coinvest II, LLC (14)(19)(25)
Engineered Products Co., LLC (3)(15)(19)
85
Ergotron Acquisition LLC (16)(19)(29)
8.97
10,872
10,761
EXT Acquisitions, Inc. (3)(19)
EXT Acquisitions, Inc. (2)(3)(5)(19)
EXT Acquisitions, Inc. (15)(19)
8.95
4,787
4,811
FCG Acquisitions, Inc. (14)(19)(25)
Goodfellow (6)(15)(19)
7.27
64
PPT Group (6)(18)(19)
9.45
6,131
7,658
8,185
PPT Group (3)(6)(18)(19)
260
132
178
PPT Group (6)(14)(19)(25)
TCFIII Owl Finance, LLC (19)(26)
1/30/2027
6,965
6,947
49,524
56,654
5.1
AP Plastics Group, LLC (16)(19)(29)
13,582
13,391
AP Plastics Group, LLC (16)(19)
175
AP Plastics Group, LLC (2)(3)(5)(19)
Duraco (19)(29)(32)
8,533
8,439
8,106
Duraco (3)(19)(32)
398
375
299
Plaskolite PPC Intermediate II LLC (15)(19)(26)
11.86
7,224
7,070
7,080
Plaskolite PPC Intermediate II LLC (3)(15)(19)
60
V Global Holdings LLC (3)(16)(19)
5.85%
9.62
4,042
4,033
3,557
V Global Holdings LLC (16)(19)
7.76
107
9.77
15,583
15,252
14,804
48,895
47,767
4.3
AGS American Glass Services Acquisition, LLC (15)(19)
159
AGS American Glass Services Acquisition, LLC (2)(3)(5)(19)
AGS American Services Investments, L.P. (14)(19)(25)
BCSF ServiceMaster Investments, LLC (14)(19)(25)
Chase Industries, Inc. (15)(19)(26)
5.65% (1.50% PIK)
10.82
11/11/2027
27,479
27,077
26,929
2,689
2,642
2,635
Chase Industries, Inc. (3)(15)(19)(26)
525
509
490
Elk (14)(19)(25)
742
1,175
G702 Buyer, Inc. (16)(19)
G702 Buyer, Inc. (2)(3)(5)(18)(19)
Service Master (18)(19)(26)
10.89
929
923
Service Master (3)(18)(19)
7.01%
10.66
14,222
14,204
Service Master (15)(19)(26)
5.86% (1.00% PIK)
10.60
1,581
7,648
7,606
3,918
3,167
Service Master (14)(19)(25)
Zeus Fire & Security (15)(19)
8,762
8,740
Zeus Fire & Security (15)(19)(29)
8.85
4,841
4,809
4,828
Zeus Fire & Security (2)(3)(5)(19)
76,871
77,815
7.0
New Milani Group LLC (15)(19)
8.44
10,584
10,485
10,532
New Milani Group LLC (2)(3)(5)(19)
Stanton Carpet (15)(19)
13.09
3/31/2028
11,317
Tangent Technologies Acquisition, LLC (15)(19)
9.00%
13.01
8,831
TLC Holdco LP (14)(19)(25)
TLC Purchaser, Inc. (3)(15)(19)
9.47
6,093
6,092
5,522
TLC Purchaser, Inc. (15)(19)(29)
13,038
12,933
12,256
TLC Purchaser, Inc. (15)(19)
52,808
50,969
4.6
Evriholder (19)(29)(32)
6.90%
10.57
5,866
5,839
Fineline Technologies, Inc. (14)(19)(25)
Hempz (15)(19)
Hempz (2)(3)(5)(19)
RoC Skincare (15)(19)(29)
9,825
9,713
RoC Skincare (3)(5)(19)
Solaray, LLC (3)(18)(19)
6/15/2028
12,052
Solaray, LLC (15)(19)
6.85%
10.69
28,283
25,737
13,026
13,011
11,853
Summer Fridays, LLC (15)(19)
483
476
Summer Fridays, LLC (2)(3)(5)(19)
WU Holdco, Inc. (3)(5)(19)
WU Holdco, Inc. (3)(18)(19)
303
70,788
67,550
6.0
Consumer Goods: Wholesale
WSP (2)(3)(5)(7)(14)(19)
(153
WSP (14)(19)(25)
WSP (7)(14)(15)(19)
1.25%
5.45
3,282
2,969
1,256
WSP (7)(14)(19)(26)
2,213
Consumer Goods: Wholesale Total
8,084
1,103
ASP-r-pac Acquisition Co LLC (16)(19)(29)
6.26%
10.10
12/29/2027
5,724
5,646
ASP-r-pac Acquisition Co LLC (3)(16)(19)
6.11%
9.83
2,687
Precision Concepts Parent Inc. (3)(15)(19)
Precision Concepts Parent Inc. (15)(19)
717
9,079
9,182
0.8
BCC HGS Investments 1, LLC (14)(19)(25)
1,065
Humic Acquisition Holdings, LLC (2)(3)(5)(19)
Humic Acquisition Holdings, LLC (3)(15)(19)
936
915
Humic Acquisition Holdings, LLC (15)(19)
14,519
14,448
Meteor UK Bidco Limited (6)(18)(19)
10,793
10,820
6,460
6,486
Meteor UK Bidco Limited (3)(6)(19)
Reconomy (6)(18)(19)
91
Reconomy (3)(6)(18)(19)(34)
4,182
5,471
5,526
6.25%
8.27
Titan Cloud Software, Inc (18)(19)
9.69
27,580
27,446
Titan Cloud Software, Inc (15)(19)
12,210
Titan Cloud Software, Inc (3)(18)(19)
3,424
3,399
Titan Cloud Software, Inc (14)(19)(25)
4,851
85,843
87,491
7.8
Allworth Financial Group, L.P. (15)(19)(29)
848
842
Allworth Financial Group, L.P. (3)(5)(19)
Allworth Financial Group, L.P. (3)(15)(19)
5,012
4,984
1,452
Avalon Bidco Limited (6)(15)(19)
Avalon Bidco Limited (3)(6)(15)(19)
2,556
3,318
3,369
Choreo (3)(15)(19)
Endurance Holdco Limited (6)(19)(25)(26)
3,031
3,915
Insigneo Financial Group LLC (19)(26)
1,945
1,958
Insigneo Financial Group LLC (15)(19)
6.60%
10.30
Insigneo Financial Group LLC (14)(19)(25)
Lagerbox (6)(15)(19)
3.50%
5.55
880
LEP SAL Co-Invest, L.P. (6)(14)(19)(25)
1,345
Monarch Finco, LLC (3)(17)(19)
8.09
Monarch Finco, LLC (3)(19)
Monarch Finco, LLC (17)(19)
Parmenion (6)(18)(19)
9.46
PMA (16)(19)
PMA (3)(5)(19)
Sikich (14)(19)(25)
545
Sikich (19)(25)(26)
3,644
TA/Weg Holdings (15)(19)(29)
8.16
10/2/2028
9,113
Wealth Enhancement Group (WEG) (3)(5)(19)
Wealth Enhancement Group (WEG) (3)(15)(19)
10/4/2028
5,901
41,057
44,859
4.0
McLarens Acquisition Inc. (16)(19)
4.90%
8.56
902
895
413
410
95
6,983
6,982
McLarens Acquisition Inc. (3)(16)(19)
8.61
3,902
3,886
McLarens Acquisition Inc. (3)(6)(16)(19)
4.87%
948
1,248
McLarens Acquisition Inc. (3)(19)
McLarens Acquisition Inc. (2)(3)(5)(6)(19)
McLarens Acquisition Inc. (2)(3)(5)(19)
MRHT (2)(3)(5)(6)(19)
MRHT (3)(6)(18)(19)
7.02
2,145
2,498
2,463
Simplicity (16)(19)(29)
10,083
Simplicity (3)(5)(19)
Simplicity (3)(16)(19)
4,140
4,102
30,653
30,829
2.8
Accident Care Alliance Holdco LLC (15)(19)
1,259
1,253
Accident Care Alliance Holdco LLC (2)(3)(5)(19)
Accident Care Alliance Holdco LLC (3)(15)(19)
368
367
AEG Vision (15)(19)(29)
2,038
2,033
16,186
16,149
17,653
17,614
AEG Vision (15)(19)
41,731
41,386
Alldent Holding GmbH (3)(6)(19)
11/15/2032
Alldent Holding GmbH (6)(18)(19)
7.62
1,859
AOM Infusion (2)(3)(5)(19)
Apollo Intelligence (16)(19)
9.50
5/31/2028
14,924
15,314
14,625
Apollo Intelligence (3)(16)(19)
9,039
9,010
8,837
Apollo Intelligence (14)(19)(25)
2,288
Beacon Specialized Living (15)(19)(29)
4,925
4,886
Beacon Specialized Living (3)(15)(19)
4,738
Beacon Specialized Living (3)(19)
Caregiver (19)(26)
9,846
9,750
9,699
CB Titan Holdings, Inc. (14)(19)(25)
CRH Healthcare Purchaser, Inc. (15)(19)(29)
7,301
CRH Healthcare Purchaser, Inc. (2)(3)(5)(19)
EHE Health (15)(19)(29)
10,760
10,671
EHE Health (3)(19)
EHE Health (14)(19)(25)
2,383
Great Expressions Dental Center PC (15)(19)(26)
7.82
9,970
9,995
8,874
HealthDrive (3)(19)
HealthDrive (14)(19)(25)
2,198
Masco (6)(18)(19)(26)
9.25% (0.75% PIK)
10/4/2032
5,665
6,112
6,715
Mertus 522. GmbH (6)(18)(19)(26)
4.00% (3.00% PIK)
261
Nafinco (6)(15)(19)
61
Nafinco (3)(6)(15)(19)
1,465
1,513
1,707
7.29
5/30/2031
Odyssey Behavioral Health (15)(19)
1,607
1,590
Odyssey Behavioral Health (3)(5)(19)
(74
Odyssey Behavioral Health (14)(19)(25)
Pharmacy Partners (3)(5)(19)
Premier Imaging, LLC (15)(19)(26)
4.31% (1.95% PIK)
9.93
3/31/2026
2,207
2,204
1,954
Premier Imaging, LLC (15)(19)(26)(29)
8,228
8,218
7,282
Psychiatric Medical Care LLC (16)(19)
177
Psychiatric Medical Care LLC (2)(3)(5)(19)
(23
Red Nucleus (3)(16)(19)
405
298
270
RedMed Operations (Collage Rehabilitation) (15)(19)
RedMed Operations (Collage Rehabilitation) (3)(5)(19)
RedMed Operations (Collage Rehabilitation) (3)(15)(19)
SunMed Group Holdings, LLC (16)(19)(29)
8,430
8,368
Sunmed Group Holdings, LLC (3)(5)(19)
USME Holdco LLC (19)(26)
5,462
5,412
Vatica Health, Inc. (2)(3)(5)(19)
10/31/2032
Vatica Health, Inc. (16)(19)
8.45
9,089
9,000
8,998
WSHP Cottonwood Buyer, LLC (2)(3)(5)(19)
12/18/2032
WSHP Cottonwood Buyer, LLC (15)(19)
5,851
5,822
213,870
210,063
18.8
Access (6)(18)(19)
108
Applitools (6)(16)(19)(26)
9.92
30,357
30,089
29,142
Applitools (2)(3)(5)(19)
(137
Applitools (6)(14)(19)(25)
3,365
Appriss (3)(5)(19)
37
Appriss (3)(15)(19)
8.69
357
Appriss Holdings, Inc. (14)(19)(25)
2,073
Appriss Holdings, Inc. (15)(19)
8.57
5,472
Appriss Holdings, Inc. (2)(3)(5)(19)
AQ Software Corporation (19)(25)(26)
13.60
1,648
3,212
2,746
849
726
2,224
1,917
Chartbeat (19)(26)
6,815
6,730
Chartbeat (14)(19)(25)
344
6,075
5,989
Cloud Technology Solutions (CTS) (6)(15)(19)(26)
2.52% (5.48% PIK)
11.90
2,161
2,761
2,907
Cloud Technology Solutions (CTS) (6)(14)(19)(25)
7,422
Eagle Rock Capital Corporation (14)(19)(25)
Eleven Software (18)(19)
8.00%
11.67
4/25/2027
7,413
8.10%
11.82
9/25/2026
1,488
1,486
Eleven Software (14)(19)(25)
1,096
Govineer Solutions (fka Black Mountain) (15)(19)(29)
10/7/2030
4,389
4,361
Govineer Solutions (fka Black Mountain) (3)(5)(19)
HG Insights, Inc. (15)(19)
7.50%
11.23
10,712
10,509
10,605
HG Insights, Inc. (14)(19)(25)
861
LogRhythm (2)(3)(5)(19)
LogRhythm, Inc. (15)(19)
11.34
3,978
3,869
3,818
NearMap (3)(5)(19)
NearMap (15)(19)(29)
12/9/2029
19,314
19,272
NearMap (2)(3)(5)(19)
New Gen Holding (6)(18)(19)(26)
2.00% (4.25% PIK)
3,375
3,802
3,932
PayRange (3)(5)(19)
PayRange (14)(19)(25)
7,682
PlentyMarkets (6)(18)(19)(26)
3.25% (3.70% PIK)
8.53
1,576
1,830
RetailNext (15)(19)
10.76
16,863
RetailNext (3)(18)(19)
1,862
1,837
1,831
Revalize, Inc. (15)(19)
5,261
5,247
Revalize, Inc. (3)(15)(19)
935
831
1,971
1,965
SAM (19)(26)
13.50% PIK
5/9/2028
43,969
43,837
SensorTower (19)(29)(31)
11.20
4,347
4,302
SensorTower (3)(5)(19)
SensorTower (14)(19)(25)
14,911
Superna Inc. (6)(15)(19)
31,251
31,228
Superna Inc. (3)(5)(6)(19)
Superna Inc. (6)(14)(19)(25)
Utimaco (6)(16)(19)
5.93%
9.73
Utimaco (6)(14)(19)(25)
3,235
Ventiv Holdco, Inc. (14)(19)(25)
250,660
271,004
24.3
Awayday (3)(5)(19)
Awayday (15)(19)
1,343
1,332
City BBQ (15)(19)(29)
5.35%
9,255
9,189
9,207
City BBQ (2)(3)(19)
(66
City BBQ (2)(3)(5)(19)
(24
City BBQ (14)(19)(25)
1,449
Le Berger SA (6)(15)(19)
3.75%
5.77
587
Pollo Tropical (15)(19)
9.07
10/23/2029
2,709
2,681
Pollo Tropical (3)(5)(19)
Pyramid Global Hospitality (19)(24)(29)
9.11
9,503
9,370
Pyramid Global Hospitality (3)(5)(19)
24,284
24,708
Facts Global Energy (6)(15)(19)
Facts Global Energy (2)(3)(5)(6)(19)
(158
6/20/2031
OGH Bidco Limited (6)(18)(19)
OGH Bidco Limited (3)(6)(18)(19)
2,628
2,547
TGI Sport Bidco Pty Ltd (6)(18)(19)
4/30/2026
TGI Sport Bidco Pty Ltd (6)(17)(19)
7.11%
10.83
6.03%
9.76
6/24/2029
88
3,090
2,857
Lightning Finco Limited (6)(16)(19)
9.59
1,441
1,435
1,518
2,954
Aptus 1724 Gmbh (6)(7)(14)(19)(21)(26)
7.15% PIK
3/3/2028
5,455
5,146
1,637
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26)
7.01% (2.50% PIK)
13.18
11,433
9,614
9,947
17,564
14,604
15,281
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19)
6.61%
10.33
Music Creation Group Bidco GmbH (6)(7)(14)(19)(21)(26)
7.15%PIK
4,481
4,106
1,344
Soundwide, GmbH (3)(6)(7)(14)(19)
2/23/2026
34,714
29,461
Elevation NewCo Intermediate, LLC (14)(19)(25)
Elevation NewCo, LLC (2)(3)(19)
Elevation NewCo, LLC (2)(3)(5)(19)
Lindstrom, LLC (3)(16)(19)
495
475
478
Lindstrom, LLC (16)(19)
8,813
8,714
8,703
9,184
Galeria (6)(19)(26)
4/9/2029
10,294
11,172
12,081
Galeria (6)(14)(19)(25)
New Look Vision Group (6)(15)(19)
7.51
New Look Vision Group (3)(6)(18)(19)
828
599
New Look Vision Group (6)(18)(19)
Thrasio, LLC (7)(14)(15)(19)(26)
10.11% PIK
13.84
5,419
4,741
Thrasio, LLC (14)(19)(25)
1,745
1,546
26,314
17,613
1.6
ACAMS (14)(19)(25)
3,865
ACAMS (3)(5)(19)
(17
ACAMS (15)(19)(29)
13,704
13,566
Advanced Aircrew (15)(19)
5,043
5,002
Advanced Aircrew (3)(19)
Advanced Aircrew (14)(19)(25)
644
Allbridge (15)(19)(29)
8,955
8,902
Allbridge (3)(19)
Allbridge (3)(5)(19)
AMI (16)(19)(29)
8.90
9,204
9,144
AMI (3)(5)(19)
Beneficium (6)(15)(19)
9,401
9,883
Beneficium (2)(3)(6)(19)
(194
40
BLI Buyer, Inc. (3)(19)
BLI Buyer, Inc. (2)(3)(5)(19)
BLI Buyer, Inc. (15)(19)
8.84
9,629
9,581
Brook Bidco (6)(18)(19)(26)
1.87% (5.66% PIK)
920
1,240
1,114
Brook Bidco (6)(16)(19)(26)
1.91% (5.93% PIK)
11.52
487
437
157
Brook Bidco (6)(14)(19)(25)
5,591
Cube (18)(19)(26)
2.00% (4.50% PIK)
5/20/2031
Cube (6)(18)(19)(26)
3.00% (4.40% PIK)
11.08
121
2,185
2,992
2,939
Darcy Partners (18)(19)
7.75%
11.45
1,474
Darcy Partners (3)(15)(19)
7.65%
11.50
Darcy Partners (14)(19)(25)
440
Datix Bidco Limited (17)(19)
16,626
16,361
Datix Bidco Limited (3)(5)(19)
Datix Bidco Limited (3)(5)(6)(19)
Datix Bidco Limited (3)(6)(19)
Discovery Senior Living (3)(15)(19)
5,530
5,506
Discovery Senior Living (3)(5)(19)
DTIQ (13)(19)(29)
11.22
33,355
32,881
32,854
DTIQ (2)(3)(5)(19)
(81
DTIQ (3)(13)(19)
806
DTIQ (14)(19)(25)
1,559
Easy Ice (15)(19)(29)
5.40%
7,821
Easy Ice (3)(15)(19)
3,161
9.09
1,776
1,713
Electronic Merchant Systems (16)(19)(29)
4,092
4,034
Electronic Merchant Systems (3)(19)
Electronic Merchant Systems (19)(25)
Elevator Holdco Inc. (14)(19)(25)
3,026
E-Tech Group (2)(3)(5)(19)
Fiduciaire Jean-Marc Faber (FJMF) (2)(3)(5)(6)(19)
4/3/2032
(38
Fiduciaire Jean-Marc Faber (FJMF) (6)(15)(19)
7.58
Hollywood LP (6)(19)(25)(26)
1,869
2,428
2,464
iBanFirst (6)(18)(19)(26)
4,152
4,372
4,872
120
129
4,363
4,554
5,121
4,009
4,181
4,705
iBanFirst Facility (6)(14)(19)(25)
28,523
ImageTrend (15)(19)
9.84
17,000
16,831
41
ImageTrend (3)(5)(19)
2,500
2,479
LEP CP Co-Invest, L.P. (6)(14)(19)(25)
Mach 1 Bidco Limited (3)(6)(18)(19)(26)
11.07
masLabor (18)(19)
7/1/2027
8,233
8,148
masLabor (14)(19)(25)
642
Morrow Sodali (3)(5)(19)
Morrow Sodali (15)(19)
5.48%
2,573
2,564
Opus2 (6)(18)(19)
5.28%
9.00
5/5/2028
Opus2 (6)(14)(19)(25)
4,189
PRGX (15)(19)
PRGX (2)(3)(5)(19)
(82
Pure Wafer (3)(15)(19)
1,384
1,376
Pure Wafer (3)(5)(19)
Pure Wafer (19)(25)
1,381
Rydoo (6)(15)(19)
8.87
9/12/2031
1,724
1,826
5,796
Rydoo (6)(14)(19)(25)
2,378
SoftCo (6)(15)(19)
2,148
2,347
SoftCo (6)(14)(19)(25)
734
Spring Finco BV (2)(3)(6)(19)
TEI Holdings Inc. (17)(29)
4.00%
7.67
4/9/2031
2,621
2,610
TES Global (6)(18)(19)
9.01
Webcentral (6)(18)(19)
8.62
Webcentral (3)(6)(18)(19)
238
242
228,774
253,898
22.7
CorePower Yoga, LLC (15)(19)(29)
7,960
CorePower Yoga, LLC (3)(5)(19)
Master ConcessionAir (19)(33)
8.75%
12.44
1,706
1,678
Master ConcessionAir (3)(19)(33)
12.64
12.49
205
MZR Aggregator (14)(19)(25)
75
MZR Buyer, LLC (15)(19)(26)
11.06
5,229
5,186
4,889
7.00% (0.50% PIK)
11.56
450
1,732
1,711
1,619
25,491
24,919
23,834
Owl Acquisition, LLC (16)(19)
629
Owl Acquisition, LLC (2)(3)(5)(19)
Owl Acquisition, LLC (3)(18)(19)
200
198
Spotless Brands (15)(19)(29)
11,330
11,281
Vasa Fitness Buyer, Inc. (15)(19)
6.35%
10.07
Vasa Fitness, LLC (3)(15)(19)
10.08
580
561
Vasa Fitness, LLC (2)(3)(5)(19)
WhiteWater Express (19)(26)
9,164
9,094
64,901
62,704
Meriplex Communications, Ltd. (16)(19)
11,966
11,846
7,102
7,053
6,978
2,800
Substantial Holdco Limited (3)(6)(18)(19)(26)
253
Taoglas (15)(19)
7.25%
10.92
9,877
9,813
9,704
Taoglas (3)(6)(15)(19)
1,260
Taoglas (6)(15)(19)
444
436
Taoglas (14)(19)(25)
1,901
894
18,277
18,025
17,957
54,768
54,019
A&R Logistics, Inc. (15)(19)(26)
10.56
13,161
13,128
11,581
A&R Logistics, Inc. (3)(15)(19)(22)(26)
4,624
4,561
3,877
2,398
2,391
926
2,693
5,925
5,224
ARL Holdings, LLC (14)(19)(25)
Grammer Investment Holdings LLC (14)(19)(25)
Gulf Winds International (15)(19)(26)(29)
10.72
11,954
11,744
11,356
Gulf Winds International (3)(15)(19)
4,096
3,812
Gulf Winds International (15)(19)(26)
ICAT Logistics, Inc. (15)(19)
9.97
ICAT Logistics, Inc. (3)(15)(19)
1,371
1,289
ICAT Logistics, Inc. (2)(3)(5)(19)
REP Coinvest III- A Omni, L.P. (14)(19)(25)
728
RoadOne (15)(19)(29)
9.95
11,670
RoadOne (15)(19)
RoadOne (3)(15)(19)
10.03
3,856
68,310
61,081
PrimeFlight (15)(19)
9,334
9,252
PrimeFlight Acquisition LLC (15)(19)(29)
11,944
11,792
PrimeFlight Acquisition LLC (15)(19)
826
4,014
3,969
25,839
26,118
2.3
KAMC Holdings, Inc. (16)(19)(29)
7,857
7,770
7,768
KAMC Holdings, Inc. (3)(16)(19)
252
8,023
8,020
Vessco Water (3)(16)(19)
8.22
2,758
2,740
Vessco Water (3)(5)(19)
2,731
0.2
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)
2.05% (4.60% PIK)
10.54
14,939
13,613
8,964
2,112
1,916
1,267
Chex Finer Foods, LLC (15)(19)(29)
9.74
8,945
8,892
Chex Finer Foods, LLC (3)(5)(19)
Fifty AU Bidco Pty Ltd (18)(19)
8.79
2,396
1,591
Fifty U.S. Bidco Inc (15)(19)
700
Fifty U.S. Bidco Inc (2)(3)(5)(19)
Fifty U.S. Bidco Inc (3)(15)(19)
1,171
1,163
Hultec (14)(19)(25)
SureWerx (16)(19)
932
927
SureWerx (2)(3)(5)(19)
SureWerx (3)(19)
29,346
24,546
1,891,513
170.5
Ansett Aviation Training (6)(10)(14)(19)(25)
5,119
18,384
ADT Pizza, LLC (10)(14)(19)(25)
Walker Edison (3)(7)(10)(14)(19)
2/2/2026
290
7,504
1.7
45
Principal/Shares (9)
% of NAV (4)
Controlled Affiliate Investments
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(20)(25)
7,539
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)
4,583
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25)
Gale Aviation (Offshore) Co (6)(10)(11)(14)(19)(25)
72,247
66,754
55,758
87,746
67,880
6.1
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)
1,287
Legacy Corporate Lending HoldCo, LLC (10)(11)(19)(25)
59,400
68,748
60,300
70,035
6.3
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19)
10.00%
169,995
157,925
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25)
5,007
International Senior Loan Program, LLC (6)(10)(11)(18)(19)
11.69
International Senior Loan Program, LLC (6)(10)(11)(25)
60,614
43,554
426,942
399,051
35.7
Parcel2Go (6)(10)(11)(14)(19)(25)
Parcel2Go (6)(10)(11)(18)(19)
10.97
SG Global Midco Limited (6)(10)(11)(19)
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)
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25)
28,209
28,520
47,423
4.2
603,650
52.3
2,502,667
2,508,441
224.5
3.69
12,002
Goldman Sachs US Treasury Liquid Reserves Fund (30)
3.70
26,812
38,814
3.5
2,541,481
2,547,255
228.0
Unrealized
Appreciation(8)
US DOLLARS 148
1/9/2026
(503
US DOLLARS 7,650
EURO 7,225
Bank of New York Mellon
(847
US DOLLARS 1,388
POUND STERLING 1,118
1/30/2026
US DOLLARS 1,922
POUND STERLING 1,480
3/20/2026
(69
US DOLLARS 1,060
EURO 1,820
(1,086
US DOLLARS 9,445
3/30/2026
(710
US DOLLARS 1,034
POUND STERLING 0
4/10/2026
(1,038
US DOLLARS 3,130
4/14/2026
US DOLLARS 19,307
EURO 16,810
5/12/2026
(556
US DOLLARS 13,483
POUND STERLING 10,160
5/14/2026
(179
US DOLLARS 1,167
5/19/2026
(1,168
US DOLLARS 58
POUND STERLING 55
US DOLLARS 819
EURO 700
US DOLLARS 5,137
EURO 4,400
6/9/2026
US DOLLARS 2,760
EURO 2,360
US DOLLARS 290
NEW ZEALAND DOLLAR 725
6/15/2026
(129
US DOLLARS 3,959
POUND STERLING 2,915
6/17/2026
US DOLLARS 7,661
POUND STERLING 5,690
6/25/2026
POUND STERLING 1,810
(40
(57
(136
(210
(195
(443
84
US DOLLARS 5,756
POUND STERLING 4,380
(145
US DOLLARS 2,278
EURO 2,000
(127
(9,061
ARL Holdings, LLC
BTX Precision
7/25/2024
Gale Aviation (Offshore) Co
1/2/2019
iBanFirst Facility
REP Coinvest III- A Omni, L.P.
Voltaire Topco Limited
8/28/2025
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 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 completed its initial public offering (the “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 Bain Capital Credit’s Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to its investors 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 may, from time to time, invest in larger or smaller companies. The Company focuses 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). The Company generally seeks to retain effective 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, 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 the Company’s investment strategy. The Company 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.
The Company’s 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 Financial Statements 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 (“U.S. 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 (“FASB”) 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 Statements or the consolidated results of operations as previously reported.
The information included in this Quarterly Report on Form 10-Q (“Quarterly Report”) should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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 U.S. 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 has designated 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:
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 U.S. 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. 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.
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 June 30, 2026 and 2025, the Company recorded $7.8 and $5.1 million, respectively, of dividend income, of which, $0.7 million and $2.9 million, respectively, related to PIK dividends. For the six months ended June 30, 2026 and 2025, the Company recorded $14.4 million and $11.6 million, respectively, of dividend income, of which, $1.3 million and $3.0 million, respectively, related to PIK dividends.
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 June 30, 2026, there were twenty-one loans from four issuers on non-accrual. As of December 31, 2025, there were twelve loans from six 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 U.S. 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 June 30, 2026 and 2025, the Company recorded an expense of $0.7 million and $1.1 million, respectively for U.S. federal excise tax. For the six months ended June 30, 2026 and 2025, the Company recorded an expense of $1.6 million and $2.2 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 (net of applicable withholding tax) 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 Financial Statements. 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 Company has obtained directors and officers liability insurance. These costs are recognized as a deferred charge and will be amortized using the straight-line method over the term of the insurance policies, beginning on the date the Company enters into each insurance policy agreement. Deferred costs related to the insurance policies are presented separately on the Company’s Consolidated Statements of Assets and Liabilities.
The Company is responsible for investment expenses, legal expenses, auditing fees, and other expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Advisor may be reimbursed by the Company.
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 Financial Statements.
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 6. 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.
ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the Consolidated Financial Statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.
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 U.S. federal income taxes. Accordingly, no provision for U.S. federal income taxes is required in the Consolidated Financial Statements. For U.S. federal 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 June 30, 2026 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, 2026. The character of income and gains that the Company distributes is determined in accordance with U.S. federal income tax regulations that may differ from U.S. GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019‑1, LLC are disregarded entities for U.S. federal income 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 June 30, 2026, the tax years that remain subject to examination are from 2023 forward.
Recent Accounting Pronouncements
The Company’s management has evaluated recently issued accounting standards through August 10, 2026, 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.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), Narrow-Scope Improvements (“ASU 2025-11”), which improves the navigability of required interim disclosures and clarifies when that guidance is applicable. Additionally, ASU 2025-11 provides additional guidance on what disclosures should be provided in interim reporting periods. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the impact of this guidance; however, the Company does not expect a material impact on its Consolidated Financial Statements.
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of June 30, 2026 (with corresponding percentage of total portfolio investments):
Amortized Cost
Percentage ofTotal Portfolio
Fair Value
1,544,042
64.9
1,499,617
63.4
29,871
1.3
30,069
92,268
3.9
86,634
3.7
142,023
182,668
7.7
131,113
176,788
7.5
Subordinated Notes in Investment Vehicles (1)
369,709
15.6
354,534
15.0
Preferred Equity Interest in Investment Vehicles (1)
Equity Interests in Investment Vehicles (1)
66,209
Total
100.0
The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):
First Lien Senior Secured Loans
1,625,569
1,598,731
63.8
Second Lien Senior Secured Loans
29,819
30,020
99,272
95,687
3.8
121,965
157,244
Equity Interests
199,100
8.0
226,663
1,045
360,724
14.4
348,654
13.9
66,208
48,561
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of June 30, 2026 (with corresponding percentage of total portfolio investments):
USA
2,156,115
90.8
2,086,307
88.4
United Kingdom
58,512
2.5
60,238
Belgium
32,879
1.4
53,856
Cayman Islands
32,144
53,161
Canada
23,236
1.0
25,667
1.1
Australia
7,314
22,748
Luxembourg
14,206
0.6
14,430
Germany
11,743
12,638
Ireland
16,922
12,279
Jersey
6,787
6,854
Guernsey
5,869
5,867
Netherlands
4,918
4,919
France
Bermuda
752
745
New Zealand
400
The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):
2,196,416
87.8
2,159,520
86.0
100,047
106,554
4.1
55,273
58,396
31,971
54,971
35,522
36,714
1.5
20,836
22,312
0.9
5,534
20,114
20,482
16,371
14,534
10,380
Italy
6,343
3,753
3,832
364
The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of June 30, 2026 (with corresponding percentage of total portfolio investments):
Investment Vehicles (2)
18.3
16.5
225,209
9.4
247,588
10.5
8.6
8.1
169,996
7.2
179,716
7.6
Beverage, Food, & Tobacco
142,717
140,416
5.9
FIRE: Finance (1)
98,986
119,019
5.0
4.7
101,954
111,647
79,158
3.3
75,794
3.2
61,896
74,396
3.1
2.4
56,971
49,396
2.1
Chemicals, Plastics, & Rubber
2.0
46,751
45,057
Hotel, Gaming, & Leisure
37,592
Containers, Packaging, & Glass
FIRE: Insurance (1)
FIRE: Real Estate (1)
The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2025 (with corresponding percentage of total portfolio investments):
17.1
15.9
10.0
10.8
228,836
9.1
253,954
10.1
237,633
235,307
8.5
8.4
116,454
101,357
114,894
96,830
108,504
3.4
64,981
62,729
53,098
51,259
Consumer goods: Wholesale
The following unconsolidated subsidiaries are considered significant subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) and Regulation S-X Rule 4-08(g) as of June 30, 2026. Accordingly, summarized, comparative financial information is presented below for the unconsolidated significant subsidiaries: the International Senior Loan Program, LLC (“ISLP”) and Bain Capital Senior Loan Program, LLC (“SLP”).
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 June 30, 2026, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $30.7 million. As of December 31, 2025, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $43.6 million.
As of June 30, 2026 and December 31, 2025, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. As of June 30, 2026 and December 31, 2025, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. As of December 30, 2022, the Company and Pantheon have fully funded their commitments to ISLP and there is no remaining unfunded commitment.
In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. For the three months ended June 30, 2026, there were no sales of investments from the Company to ISLP. For the six months ended June 30, 2026, there were no sales of investments from the Company to ISLP. The Company purchased no investments from ISLP during the three and six months ended June 30, 2026. Since inception, the Company has sold $1,192.7 million of its investments to ISLP and purchased no investments from 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 June 30, 2026, ISLP had $705.7 million in debt and equity investments, at fair value. As of December 31, 2025, ISLP had $733.1 million in debt and equity investments, at fair value.
Additionally, on February 9, 2021, 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 June 30, 2026, the ISLP Credit Facility had $372.5 million of outstanding debt under the credit facility. As of December 31, 2025 the ISLP Credit Facility had $381.4 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 six months ended June 30, 2026 and year ended December 31, 2025 were 5.1% and 5.8%, respectively.
Below is a summary of ISLP’s portfolio at fair value:
Total investments
705,688
733,104
Weighted average yield on investments
9.7
9.6
Number of borrowers in ISLP
Largest portfolio company investment
54,461
52,026
Total of five largest portfolio company investments
203,566
200,518
Unfunded commitments
Below is a listing of ISLP’s individual investments as of June 30, 2026:
Principal /
% of Members
Portfolio Company (7)
Floor (1)
Shares (2)
Equity
Ansett Aviation Training(4)(6)(8)
10,238
7,115
38,185
88.1
Cardo(4)
9,653
9,625
22.3
Hellers(4)
6,002
3,508
3,398
Goodfellow(4)
1,564
2,121
2,060
5,450
6,335
6,186
1,655
1,924
1,878
2,174
2,156
12,536
12,282
28.3
V Global Holdings LLC(4)
9,197
9,379
9,781
22,958
21,580
32,337
31,361
72.4
Stanton Carpet(4)
12.82
4,974
11.5
Reconomy(4)
6,050
7,045
8,031
Reconomy(4)(5)
6,578
8,094
8,601
First Lien Senior Secured Loan- Revolver
7,589
8,450
8,452
2,440
2,790
26,064
27,874
64.3
Avalon Bidco Limited(4)
12,058
16,255
15,805
Parmenion(4)
29,070
35,466
38,588
51,721
54,393
125.6
Margaux UK Finance Limited(4)
7,201
9,098
9,559
MRHT(4)
7.16
13,809
15,936
15,476
25,034
25,035
57.8
Mertus 522. GmbH(4)
13,573
16,418
15,057
23,361
28,252
25,914
Nafinco(4)
8,000
8,436
9,057
Pharmathen(3)(4)
7.18% PIK
9.30
1/19/2029
15,539
16,721
11,107
2,696
72,475
63,062
145.6
Access(4)
10,460
9,764
11,887
12,961
NearMap(4)
22,992
22,874
New Gen Holding(4)
23,600
27,729
26,787
PlentyMarkets(4)
15,710
18,138
17,427
Cloud Technology Solutions (CTS)(4)
1/3/2030
10,267
13,043
13,492
Utimaco(4)
6,005
6,100
6,867
12,043
11,991
6,260
6,232
Onventis(4)
1/14/2030
13,919
15,109
15,917
142,243
145,206
335.2
Facts Global Energy(4)
9,411
9,332
9,129
6,763
6,706
6,560
OGH Bidco Limited(4)
10.15
9/2/2029
5,587
13,160
15,264
16,246
TGI Sport Bidco Pty Ltd(4)
6,734
8,681
8,938
7,138
6,776
2,582
2,842
55,771
56,078
129.4
Lightning Finco Limited(4)
2,619
2,980
23,907
23,841
23,787
26,792
26,767
61.8
New Look (Delaware) Corporation(4)
17,783
14,595
12,537
New Look Vision Group(4)
817
1,598
17,087
14,918
34.4
Beneficium(4)
9,740
Brook Bidco(4)
29,530
39,746
35,670
6,543
8,644
7,862
Brook Bidco(4)(5)
9,100
12,022
10,929
TES Global(4)
2/1/2029
14,364
17,715
19,067
Cube(4)
9,762
Datix Bidco Limited(4)
8,160
10,526
10,831
Easy Ice(4)
8,372
8,277
Fiduciaire Jean-Marc Faber (FJMF)(4)
7,904
9,110
8,994
Webcentral(4)
3,423
3,787
3,914
iBanFirst(4)
16,971
19,178
19,408
Opus2(4)
12,151
16,599
16,130
Parcel2Go(4)
4,969
6,276
5,607
Parcel2Go(4)(6)(8)
1,407,911
Spring Finco BV(4)
NIBOR
9.61
174,360
16,601
17,317
TES Global(4)(5)
1,194
Webcentral(4)(5)
3,247
3,486
3,477
3,323
3,462
3,800
196,425
192,476
444.4
683,707
1628.9
Goldman Sachs Financial Square Government Fund Institutional Shares
5,260
Goldman Sachs US $ Treasury Liquid Reserves Fund Institutional Shares
3.52
5,696
13.1
689,403
711,384
1642.0
Settlement
US DOLLARS 3,563
AUSTRALIAN DOLLARS 5,490
7/30/2026
(238
US DOLLARS 12,143
AUSTRALIAN DOLLARS 18,568
Morgan Stanley
9/10/2026
(701
US DOLLARS 6,778
BRITISH POUNDS 5,010
AUSTRALIAN DOLLARS 8,042
US DOLLARS 5,279
284
BRITISH POUNDS 2,890
US DOLLARS 3,893
US DOLLARS 7,318
AUSTRALIAN DOLLARS 11,205
Standard Chartered
(434
EURO 427
NEW ZEALAND DOLLARS 853
US DOLLARS 1,440
NEW ZEALAND DOLLARS 2,461
US DOLLARS 9,578
AUSTRALIAN DOLLARS 14,489
(442
US DOLLARS 1,813
CANADIAN DOLLARS 2,494
EURO 784
NORWEGIAN KRONE 9,370
(46
EURO 2,178
AUSTRALIAN DOLLARS 3,931
(219
EURO 412
CANADIAN DOLLARS 677
EURO 4,925
US DOLLARS 5,890
(237
US DOLLARS 28,295
EURO 23,720
US DOLLARS 3,447
NORWEGIAN KRONE 34,539
EURO 10,100
US DOLLARS 12,162
(571
NORWEGIAN KRONE 3,780
US DOLLARS 406
US DOLLARS 8,851
AUSTRALIAN DOLLARS 13,286
(337
EURO 552
BRITISH POUNDS 490
EURO 843
AUSTRALIAN DOLLARS 1,517
10/30/2026
(80
EURO 2,039
AUSTRALIAN DOLLARS 3,605
(149
US DOLLARS 2,347
EURO 268
BRITISH POUNDS 240
US DOLLARS 2,230
BRITISH POUNDS 1,700
US DOLLARS 27,514
EURO 23,460
549
EURO 16,651
US DOLLARS 19,758
(564
US DOLLARS 6,060
BRITISH POUNDS 4,500
Goldman Sachs
2/22/2027
86
EURO 233
CANADIAN DOLLARS 376
US DOLLARS 1,025
CANADIAN DOLLARS 1,384
US DOLLARS 1,631
BRITISH POUNDS 1,243
3/8/2027
EURO 3,443
AUSTRALIAN DOLLARS 5,820
EURO 2,157
BRITISH POUNDS 1,900
EURO 907
BRITISH POUNDS 803
EURO 5,430
US DOLLARS 6,400
(124
EURO 2,466
US DOLLARS 2,900
BRITISH POUNDS 3,978
4/22/2027
US DOLLARS 13,844
BRITISH POUNDS 10,324
US DOLLARS 24,811
EURO 21,050
435
EURO 3,458
BRITISH POUNDS 3,041
US DOLLARS 1,719
EURO 1,460
(1,550
Below is a listing of ISLP’s individual investments as of December 31, 2025:
Shares (9)
Equity (4)
Ansett Aviation Training (5)(14)(19)
36,769
57.0
Cardo (18)(19)
9,618
Hellers (3)(18)(19)(26)
BBKM
3.63% (1.88% PIK)
$NZ
5,949
3,467
3,389
5.4
Goodfellow (15)(19)
6,396
1,942
12,534
12,572
19.4
9,082
9,230
10,046
22,835
21,694
32,065
31,740
49.3
4,968
Reconomy (18)(19)
8,138
8,093
8,791
8,501
2,864
26,063
28,294
43.9
Avalon Bidco Limited (15)(19)
16,240
16,017
Parmenion (18)(19)
35,429
39,105
51,669
55,122
85.5
Margaux UK Finance Limited (16)(19)
7,240
9,147
MRHT (18)(19)
7.11
15,925
16,044
25,072
25,784
40.0
Access (18)(19)
9,134
10,600
13,135
Cloud Technology Solutions (CTS) (15)(19)(26)
2.53% (5.47% PIK)
11.73
9,872
12,510
13,280
New Gen Holding (18)(19)(26)
23,985
28,173
27,937
NearMap (15)(19)
23,109
22,974
Onventis (15)(19)
7.25
15,106
16,335
PlentyMarkets (18)(19)(26)
17,678
17,852
Utimaco (16)(19)
6,095
7,047
6,228
141,767
147,598
229.0
Mertus 522. GmbH (18)(19)(26)
13,320
16,158
15,007
22,963
25,871
Nafinco (15)(19)
8,422
9,342
Pharmathen (18)(19)(26)
14,825
16,709
16,529
2,646
3,005
71,778
69,754
108.3
Facts Global Energy (15)(19)
9,325
9,176
6,701
6,594
OGH Bidco Limited (18)(19)
10.61
5,172
5,703
16,773
TGI Sport Bidco Pty Ltd (18)(19)
7,137
6,492
TGI Sport Bidco Pty Ltd (17)(19)
4,081
2,568
2,723
6,700
8,636
9,013
55,687
56,474
87.7
Lightning Finco Limited (16)(19)
3,058
23,825
26,776
26,845
41.5
Aptus 1724. Gmbh (7)(14)(19)(21)(26)
36,230
42,816
12,756
Aptus 1724 Gmbh (7)(14)(19)(21)(26)
10,636
10,324
3,191
53,140
15,947
24.8
New Look (Delaware) Corporation (15)(19)
17,874
14,661
13,027
New Look Vision Group (15)(19)
1,162
847
2,231
1,605
1,626
17,162
15,500
24.0
Beneficium (15)(19)
9,733
Brook Bidco (18)(19)(26)
28,318
38,068
34,284
Brook Bidco (16)(19)(26)
6,244
8,250
7,410
8,734
11,506
10,332
9,374
10,510
10,976
Easy Ice (15)(19)
8,415
8,308
Fiduciaire Jean-Marc Faber (FJMF) (15)(19)
9,103
9,183
iBanFirst (18)(19)(26)
15,984
18,015
18,759
Opus2 (18)(19)
16,572
16,346
Parcel2Go (18)(19)
5,938
5,390
Parcel2Go (5)(14)(19)
Spring Finco BV (18)(19)
8.88
17,031
TES Global (18)(19)
1,200
17,695
19,322
Webcentral (18)(19)
3,784
4,017
3,123
3,582
3,593
191,995
189,820
294.5
SG Global Midco Limited (19)
285
Surrey Bidco Limited (7)(14)(18)(19)(26)
7,594
8,406
2,554
Voltaire Topco Limited (5)(14)(19)
8,691
2,843
739,567
1137.5
Goldman Sachs Financial Square Government Fund Institutional Shares (27)
14,078
Goldman Sachs US $ Treasury Liquid Reserves Fund Institutional Shares (27)
318
14,396
753,963
747,500
1159.8
EURO 18,912
US DOLLARS 20,060
01/09/2026
2,162
US DOLLARS 2,285
AUSTRALIAN DOLLARS 3,590
02/24/2026
(109
US DOLLARS 2,713
BRITISH POUNDS 2,090
(98
US DOLLARS 2,353
US DOLLARS 5,747
US DOLLARS 882
CANADIAN DOLLARS 1,243
US DOLLARS 5,168
(554
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
EURO 1,750
BRITISH POUNDS 1,545
04/02/2026
US DOLLARS 7,640
BRITISH POUNDS 5,695
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 12,381
BRITISH POUNDS 10,280
06/08/2026
(1,441
US DOLLARS 22,672
EURO 20,600
06/10/2026
(1,696
US DOLLARS 1,889
NEW ZEALAND DOLLAR 3,146
06/25/2026
07/30/2026
(93
09/10/2026
(212
NEW ZEALAND DOLLAR 853
09/16/2026
10/02/2026
(59
11/06/2026
(393
(54
(2,323
Below is the financial information for ISLP:
ASSETS
Investments at fair value (amortized cost of $683,707 and $739,567, respectively)
6,562
15,565
Foreign cash (cost of $6,989 and $10,095, respectively)
7,067
9,607
Collateral on forward currency exchange contracts
Deferred financing costs (net of accumulated amortization of $4,073 and $3,897, respectively)
3,196
14,322
14,831
Other receivable
237
Total assets
736,623
776,558
LIABILITIES
Debt
372,472
381,361
Subordinated notes payable to members
303,835
305,655
Interest payable on debt
854
942
Interest payable on subordinated notes payable to members
13,371
18,984
1,617
2,338
Distributions payable to members
1,712
1,151
1,115
Total liabilities
693,300
712,107
MEMBERS' EQUITY
Total members’ equity
43,323
64,451
Total liabilities and members’ equity
For the Three Months Ended
For the Six Months Ended
June 30, 2025
Investment income
Interest income
16,641
17,914
32,860
35,017
4,982
9,976
10,456
Interest expense on subordinated notes payable to members
4,479
9,686
13,374
18,429
Professional fees and other expenses
987
945
1,980
1,920
Total expenses
10,448
15,258
25,330
30,805
6,193
2,656
7,530
4,212
Net realized gain (loss) on investments
(62,430
1,407
Net realized loss on extinguishment of debt
(1,652
(19,873
(704
(20,752
(2,785
(1,170
(1,758
Net change in unrealized gain (loss) on debt
602
7,990
(70
(4,322
363
(16,699
2,107
(6,104
775
(11,429
Net change in unrealized appreciation on foreign currency translation of the Subordinated Notes
54,694
25,397
28,445
39,405
Total net gain (loss)
(7,913
(6,495
(27,319
(8,164
Net increase (decrease) in members’ equity from operations
(1,720
(3,839
(19,789
(3,952
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 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 and the Company’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 June 30, 2026, the Company’s investment in SLP consisted of subordinated notes of $163.8 million, preferred equity interests of $1.8 million and equity interests of $0.0 million. As of December 31, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.8 million and equity interests of $5.0 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. For the three months ended June 30, 2026, the Company has sold $65.2 million of its investments to SLP. For the six months ended June 30, 2026, the Company has sold $167.8 million of its investments to SLP. The Company purchased no investments from SLP during the three and six months ended June 30, 2026. Since inception, the Company has sold $2,551.2 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 (the “2018-1 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 transaction resulted in a realized loss on the extinguishment of debt of $1.3 million from the acceleration of unamortized debt issuance costs.
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 2018-1 Membership Interests.
On April 6, 2026, SLP refinanced the 2018-1 Issuer through a private placement of $446.0 million of senior secured and senior deferrable notes consisting of (i) $150.0 million of Class A-1-L Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.67% per annum; (ii) $140.0 million of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.67% per annum; (iii) $13.0 million of Class A-2-FR Senior Secured Fixed Rate Notes, which bear interest at 5.81% per annum; (iv) $17.0 million of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.05% per annum; (v) $20.0 million of Class A-J-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.90% per annum; (vi) $5.0 million of Class B-F-R Mezzanine Secured Deferrable Fixed Rate Notes, which bear interest at 6.78% per annum; (vii) $35.0 million of Class B-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 3.00% per annum; (viii) $30.0 million of Class C-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 4.71% per annum; (ix) $30.0 million of Class D-R Junior Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 7.70% per annum; (x) $6.0 million of Class X-R-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 1.10% per annum of the obligations of the 2018-1 Issuer under the 2018-1 CLO Transaction are non-recourse to the Company. The 2018‑1 CLO Reset Notes are scheduled to mature on April 20, 2038.
As part of the refinancing transaction, SLP contributed incrementally to the Company's membership interests of the 2018-1 Issuer, bringing the total to $87.7 million. The 2018-1 Membership Interests are eliminated in consolidation on SLP’s Consolidated Financial Statements.
Below is a table summary of the 2018‑1 CLO Reset Notes as of June 30, 2026:
2018-1 Notes
Principal Amount
Spread above Index
Interest rate
Class A-1-L Notes
150,000
1.67
% + 3 Month SOFR
Class A-1-R Notes
140,000
Class A-2-FR Notes
13,000
5.81
Class A-2-R Notes
2.05
5.73
Class A-J-R Notes
20,000
1.90
5.58
Class B-F-R Notes
6.78
Class B-R Notes
35,000
6.68
Class C-R Notes
30,000
4.71
8.39
Class D-R Notes
7.70
11.38
Class X-RR Notes
6,000
1.10
4.78
Total 2018-1 Notes
446,000
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 $19.6 million of the Class C-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. Additionally, SLP holds $45.6 million in membership interests in the 2023-1 Issuer (“2023-1 Membership Interests”). 100% of the 2023-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2023-1 Notes as of June 30, 2026:
2023-1 Debt
188,500
1.58
% + SOFR
5.26
1.80
22,750
2.25
17,875
3.25
6.93
Total 2023-1 Notes
246,875
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. Additionally, SLP holds $76.4 million in membership interests in the 2024-1 Issuer (“2024-1 Membership Interests”). 100% of the 2024-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2024-1 Notes as of June 30, 2026:
2024-1 Debt
Class A-1 Notes
250,750
5.43
Class A-2 Notes
12,750
1.95
5.63
Class B Notes
25,500
Class C Notes
34,000
2.75
6.43
Class D Notes
8.18
Total 2024-1 Notes(1)
348,500
(1)As of June 30, 2026, 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.
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. Additionally, SLP holds $53.4 million in membership interests in the 2025-1 Issuer (“2025-1 Membership Interests”). 100% of the 2025-1 Membership Interests are retained by SLP and eliminated in consolidation on SLP’s Consolidated Financial Statements. Below is a table summary of the 2025-1 Notes as of June 30, 2026:
2025-1 Debt
147,000
1.62
5.30
Class A-1 Loans
56,000
Class A-2 Loans
14,000
1.77
21,000
29,750
2.50
6.18
Class D-1 Notes
19,250
7.18
Class D-2 Notes
8,750
Total 2025-1 Notes
295,750
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding as of June 30, 2026 was 5.9%. 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, 2025 was 6.9%.
81
Below is a summary of SLP’s portfolio at fair value:
1,587,833
1,536,252
9.3
Number of borrowers in SLP
42,011
42,227
188,063
188,219
1,210
4,109
82
Below is a listing of SLP’s individual investments as of June 30, 2026:
Senior Loan Program, LLC
Principal (2)
ATS (4)
20,013
19,868
21,390
21,297
7,915
13,917
13,805
18,233
9,861
26,237
26,307
24,925
16,376
16,308
Mach Acquisition, LLC (4)
20,824
Saturn Purchaser Corp. (4)
29,633
29,587
11,181
11,136
204,487
203,608
11095.8
Cardo (4)
10,800
Chilton (4)
16,138
15,981
9,770
9,674
9,525
Intoxalock (4)
16,668
53,211
52,974
2886.9
23,814
23,706
23,517
INW Manufacturing, LLC (4)
24,080
23,851
23,719
Orchard Park BidCo, Inc. (4)
3,068
3,053
50,610
50,289
2740.5
27,189
27,110
13,031
Engineered Products Co., LLC (4)
8.13
3,245
3,216
EXT Acquisitions, Inc. (4)
8.93
4,788
48,145
48,252
2629.5
Duraco (4)
13,554
13,373
12,876
9,893
9,876
9,299
23,249
22,175
1208.4
3,641
3,625
3,623
4,466
4,405
Service Master (3)(4)(7)
19,290
18,784
14,708
5,143
4,986
TL Sapphire Parent, Inc. (4)
6,958
6,924
6,888
27,643
27,473
66,197
61,250
3337.9
9,701
9,656
4,966
5.76
1,964
35,180
34,750
33,685
51,336
50,282
2740.2
Evriholder (4)
14,915
14,852
14,841
13,239
13,159
13,041
RoC Skincare (4)
23,931
23,768
10,129
9,217
10,166
10,038
10,064
WU Holdco, Inc. (4)
26,016
25,906
97,852
97,110
5292.1
ASP-r-pac Acquisition Co LLC (4)
18,236
18,180
Precision Concepts Canada Corporation (4)
800
793
1,833
1,816
1,815
20,789
20,843
1135.9
Choreo (4)
2,444
10.21
2,869
17,456
17,257
29,970
30,169
1644.1
Simplicity (4)
24,872
24,661
1355.4
Accident Care Alliance Holdco LLC (4)
13,163
13,104
2,733
9,227
5,985
AOM Infusion (4)
3,615
3,585
10,395
10,361
10,291
Beacon Specialized Living (4)
12,401
12,341
CRH Healthcare Purchaser, Inc. (4)
2,668
2,655
EHE Health (4)
24,317
24,142
24,074
HealthDrive (4)
268
6,248
6,220
Lightspeed Buyer, Inc. (4)
8,500
34,972
34,642
Pharmacy Partners (4)
23,169
23,020
23,053
10,199
10,086
10,071
Red Nucleus (4)
9.08
16,209
16,050
16,128
22,646
22,436
Sunmed Group Holdings, LLC (4)
9,289
Vatica Health, Inc. (4)
7.98
9,066
8,979
243,674
244,414
13319.6
Appriss (4)
21,893
21,823
3,937
NearMap (4)
15,963
15,863
19,316
PayRange (4)
18,247
18,122
1,975
SensorTower (4)
10,665
10,617
Superna Inc. (4)
15,649
15,621
107,235
107,358
5850.6
13,545
13,411
City BBQ (4)
28,253
28,110
27,970
Pyramid Global Hospitality (4)
5,233
15,124
14,977
61,731
61,872
3371.8
AdThrive
4.36
8.01
3/23/2028
4,884
4,836
256.0
14,888
14,793
14,218
774.8
Elevation NewCo, LLC (4)
2,357
Lindstrom, LLC (4)
8,696
8,747
11,053
11,125
606.3
New Look (Delaware) Corporation (4)
9,311
9,173
Thrasio, LLC (4)(7)
906
762
Thrasio, LLC (4)(6)(7)
5,369
15,901
10,217
556.8
ACAMS (4)
8,458
8,378
Allbridge (4)
22,191
22,104
Alogent Holdings, Inc. (4)
16,056
15,885
AMI (4)
21,725
21,599
8,479
8,440
17,500
17,431
Dealer Services Network (4)
2/9/2027
8,619
8,594
Discovery Senior Living (4)
16,618
16,519
16,534
2,780
3,483
3,461
Easy Ice (4)
31,071
30,716
Electronic Merchant Systems (4)
20,685
20,445
9,975
9,901
9,875
2,141
2,133
2,118
E-Tech Group (4)
7,839
7,788
7,800
2,167
2,157
7,661
7,625
Pure Wafer (4)
10,752
10,683
17,201
17,059
16,814
1,968
TEI Holdings Inc.
4.00
7.73
10,394
10,428
10,259
246,287
246,702
13444.3
CorePower Yoga, LLC (4)
20,941
20,855
MZR Buyer, LLC (4)(7)
13,722
13,706
Spotless Brands (4)
5,946
5,941
3,970
3,923
3,930
44,425
42,618
2322.5
Meriplex Communications, Ltd. (4)(7)
14,621
14,462
14,365
782.8
A&R Logistics, Inc. (3)(4)(7)
30,304
19,319
14,049
13,906
13,030
15,839
15,738
14,691
8,933
8,843
6,793
6,725
1,044
1,043
1,034
76,510
63,642
3468.2
6,440
22,536
22,252
28,692
28,976
1579.1
KAMC Holdings, Inc. (4)
4,478
4,434
4,399
239.7
Vessco Water (4)
8.14
13,687
13,631
3,281
16,912
16,968
924.7
Abracon Borrower, LLC. (4)(7)
4,321
Abracon TopCo, LLC (4)(6)(7)
1,894
Blackbird Purchaser, Inc. (4)
12/19/2030
5,283
Chex Finer Foods, LLC (4)
16,313
11,414
11,363
6,238
6,123
8,095
7,992
WSP (3)(4)(7)
3,440
3,013
2,351
1,978
57,767
54,438
2966.5
1,619,219
86530.4
64,844
24,408
89,252
4863.9
1,708,471
1,677,085
91394.3
Below is a listing of SLP's individual investments as of December 31, 2025:
Principal (9)
ATS (12)(15)(19)(35)(36)
19,945
BTX Precision (12)(15)(19)(34)(35)(36)
21,499
21,393
BTX Precision (15)(19)(34)(35)(36)
7,955
BTX Precision (12)(15)(19)
Forward Slope (12)(15)(19)(34)(35)
13,989
13,858
Forward Slope (15)(19)(34)(35)
18,327
Forward Slope (15)(19)(36)
9,911
GSP Holdings, LLC (12)(15)(19)(26)(34)(35)
25,778
25,723
23,974
Heads Up Technologies, Inc. (12)(16)(19)(34)(35)
16,459
16,381
Mach Acquisition T/L (12)(15)(19)(35)(36)
20,924
Saturn Purchaser Corp. (12)(15)(19)(34)(35)
29,580
Whitcraft-Paradigm (15)(19)(36)
4,501
Whitcraft-Paradigm (15)(19)(34)(36)
11,239
11,186
204,446
203,204
2515.5
Cardo (12)(18)(19)
Chilton (12)(15)(19)(34)(35)(36)
16,390
16,202
16,267
Gills Point S (12)(15)(19)(26)(35)
9,637
9,506
Intoxalock (12)(15)(19)(34)
16,754
16,670
JHCC Holdings, LLC (15)(19)(34)(35)
8,082
8,046
JHCC Holdings, LLC (12)(15)(19)(34)
16,117
16,043
77,398
77,526
959.7
AgroFresh Solutions (12)(15)(19)(34)(35)(36)
23,949
296.5
AXH Air Coolers (12)(15)(19)(34)(35)(36)
27,097
13,097
Engineered Products Co., LLC (12)(15)(19)(35)
3,262
3,230
3,229
43,424
43,515
538.7
Duraco (19)(32)(35)(36)
15,871
15,642
15,078
V Global Holdings LLC (12)(16)(19)(34)
9,840
9,817
9,348
25,459
24,426
302.4
AGS American Glass Services Acquisition, LLC (12)(15)(19)(34)(35)
3,990
3,971
G702 Buyer, Inc. (12)(16)(19)(34)(36)
4,489
4,421
Service Master (18)(19)(26)(34)(35)
18,887
Service Master (15)(19)(26)(36)
5,020
5,016
Zeus Fire & Security (12)(15)(19)(34)(35)(36)
27,784
27,594
27,714
59,889
60,012
742.9
Stanton Carpet (12)(15)(19)
4,958
TLC Purchaser, Inc. (15)(19)(36)
1,990
1,970
1,871
TLC Purchaser, Inc. (12)(15)(19)(34)(35)(36)
35,347
34,748
33,227
41,676
40,098
496.4
Evriholder (12)(19)(32)(35)
6.90
15,519
15,431
15,363
Hempz (15)(19)(34)(35)(36)
13,148
Solaray, LLC (12)(15)(19)
6.85
9,780
8,899
Summer Fridays, LLC (12)(15)(19)(36)
10,696
10,547
10,536
RoC Skincare (12)(15)(19)(35)(36)
24,054
23,872
WU Holdco, Inc. (12)(16)(19)(34)(35)(36)
26,147
26,027
98,805
98,040
1213.7
3,338
3,060
5,038
15.8
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35)
6.26
22,354
22,267
Precision Concepts Canada Corporation (12)(15)(19)
804
796
Precision Concepts Parent Inc. (12)(15)(19)
1,847
1,828
24,891
24,978
309.2
Allworth Financial Group, L.P. (12)(15)(19)
2,095
2,074
8,172
Choreo (15)(19)(36)
2,456
Insigneo Financial Group LLC (12)(15)(19)
3,825
PMA (12)(16)(19)(34)(35)(36)
17,236
Wealth Enhancement Group (WEG) (15)(19)(35)(36)
11,715
52,878
53,109
657.5
Simplicity (12)(16)(19)(34)(35)(36)
24,998
24,767
309.5
Accident Care Alliance Holdco LLC (12)(15)(19)(34)(35)(36)
11,970
11,911
11,910
AEG Vision (12)(15)(19)(34)(35)
1,152
AOM Infusion (16)(19)(36)
3,600
Apollo Intelligence (12)(16)(19)(35)
10,449
10,406
10,240
Beacon Specialized Living (12)(15)(19)(35)(36)
12,464
12,396
CRH Healthcare Purchaser, Inc. (12)(15)(19)(34)
2,682
2,669
EHE Health (12)(15)(19)(34)(35)(36)
24,441
24,244
HealthDrive (12)(15)(19)(34)(35)(36)
6.10
9.82
20,217
HealthDrive (15)(19)(36)
HealthDrive (3)(15)(19)(36)
3,215
Odyssey Behavioral Health (12)(15)(19)(34)(35)(36)
35,150
34,784
Pharmacy Partners (12)(19)(32)(34)(35)(36)
23,288
23,110
Psychiatric Medical Care LLC (12)(16)(19)(34)(35)
10,250
10,127
10,122
Red Nucleus (16)(19)(34)(35)(36)
9.02
16,291
16,116
RedMed Operations (Collage Rehabilitation) (12)(15)(19)(34)(35)(36)
22,761
22,527
SunMed Group Holdings, LLC (12)(16)(19)
9,338
206,081
207,169
2564.6
Appriss (12)(15)(19)(34)(35)(36)
22,003
21,926
Govineer Solutions (fka Black Mountain) (12)(15)(19)(34)(35)(36)
28,947
28,767
LogRhythm, Inc. (15)(19)(35)
3,892
NearMap (15)(19)(34)(35)(36)
15,929
NearMap (12)(15)(19)(35)(36)
19,414
19,363
PayRange (15)(19)(34)(35)(36)
18,340
18,200
Superna Inc. (15)(19)(36)
4,201
4,164
SensorTower (12)(19)(31)(34)(35)(36)
16,916
16,826
129,067
129,683
1605.4
Awayday (15)(19)(34)(36)
13,606
13,460
City BBQ (12)(15)(19)(34)(35)(36)
28,397
28,237
28,255
Pollo Tropical (12)(15)(19)(35)(36)
6,148
6,083
Pyramid Global Hospitality (19)(31)(36)
5,246
Pyramid Global Hospitality (12)(19)(24)(34)(35)
15,204
15,009
68,035
68,459
847.5
AdThrive (36)
8.08
4,855
60.1
Elevation NewCo, LLC (15)(19)(35)
9.60
2,367
2,366
29.3
New Look (Delaware) Corporation (12)(15)(19)
9,360
9,185
3,991
3,491
1,996
1,285
1,138
Thrasio, LLC (14)(19)
19,780
12,641
156.5
Allbridge (12)(15)(19)(35)(36)
22,304
22,205
AMI (12)(16)(19)(34)(35)
21,835
21,696
Datix Bidco Limited (17)(19)(35)
5,924
Dealer Service Network (12)(15)(19)(34)(35)
8,663
8,618
Discovery Senior Living (12)(15)(19)(35)
16,703
16,590
Discovery Senior Living (15)(19)(36)
2,794
Discovery Senior Living (3)(15)(19)(34)
3,411
Easy Ice (12)(15)(19)(34)(35)(36)
31,229
30,831
TEI Holdings Inc. (17)(35)
10,483
10,521
10,440
Pure Wafer (12)(15)(19)(35)(36)
10,807
10,729
PRGX (12)(15)(19)(34)(35)(36)
17,288
17,130
17,029
Electronic Merchant Systems (12)(16)(19)(34)(35)(36)
20,790
20,520
Morrow Sodali (12)(18)(19)
2,173
2,160
Morrow Sodali (12)(15)(19)
7,680
7,634
E-Tech Group (12)(15)(19)(35)
7,879
7,781
188,584
189,639
2347.6
CorePower Yoga, LLC (12)(15)(19)(34)(35)(36)
21,047
20,951
MZR Buyer, LLC (12)(15)(19)(26)(35)(36)
13,678
12,798
Owl Acquisition, LLC (12)(16)(19)(35)(36)
14,963
14,860
14,663
Spotless Brands (15)(19)(36)
5,976
5,971
Vasa Fitness Buyer, Inc. (12)(15)(19)(34)(35)(36)
3,940
58,424
723.2
Meriplex Communications, Ltd. (12)(16)(19)(35)(36)
14,696
14,497
14,439
178.7
A&R Logistics, Inc. (12)(15)(19)(26)(34)(35)
29,641
26,084
Gulf Winds International (12)(15)(19)(26)(34)
14,016
13,844
13,315
Gulf Winds International (12)(15)(19)(26)(35)(36)
15,718
15,047
ICAT Logistics, Inc. (12)(15)(19)(34)(35)
8,978
RoadOne (15)(19)(34)
6,828
6,723
1,048
75,817
71,166
881.0
PrimeFlight Acquisition LLC (12)(15)(19)
6,473
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35)
22,652
22,317
28,790
29,125
360.5
KAMC Holdings, Inc. (12)(16)(19)(35)
4,500
4,449
55.1
Vessco Water (16)(19)(34)(35)(36)
13,625
169.4
Abracon Group Holding, LLC. (7)(14)(16)(19)(26)(34)
12,471
11,077
7,483
Blackbird Purchaser, Inc. (16)(19)(35)
5,310
Chex Finer Foods, LLC (12)(15)(19)(34)(35)
16,389
Fifty U.S. Bidco Inc (12)(15)(19)(34)(35)(36)
11,471
11,415
Hultec (12)(15)(19)(34)
6,257
6,140
SureWerx (16)(19)(34)(35)
8,017
58,348
55,018
681.0
1,556,187
19017.7
Goldman Sachs Financial Square Government Fund Institutional Share Class (30)
64,766
57,524
122,290
1513.9
1,678,477
1,658,542
20531.6
Below is the financial information for SLP:
Investments at fair value (amortized cost of $1,619,219 and $1,556,187, respectively)
12,897
80,679
125,753
Prepaid expenses
3,539
3,773
13,213
12,658
17,990
3,976
1,716,151
1,684,376
Debt (net of unamortized debt issuance costs of $12,032 and $10,022, respectively)
1,325,093
1,295,228
324,082
315,859
16,502
21,951
9,049
8,690
27,214
25,455
7,396
6,785
4,980
2,330
1,714,316
1,676,298
EQUITY
Members’ equity
8,078
Total Members' equity
36,359
38,684
74,111
76,796
19,454
23,026
39,447
45,611
9,050
17,960
15,013
2,346
2,319
4,742
4,522
30,850
33,027
62,149
65,146
5,509
5,657
11,962
11,650
(4,572
(1,225
(4,311
(5,742
Net change in unrealized appreciation (depreciation) on investments
(8,640
(2,501
(11,446
(4,500
Net change in unrealized appreciation on members subordinated notes
9,748
24,141
(3,464
(3,715
(6,009
13,899
Net increase from operations
2,045
5,953
25,549
Net increase in members' equity from operations
96
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of June 30, 2026, according to the fair value hierarchy:
Fair Value Measurements
Level 1
Level 2
Level 3
Measured at Net Asset Value (2)
Investments:
1,494,684
168,672
Subordinated Notes Investment Vehicles (1)
Preferred Equity Interests Investment Vehicles (1)
Equity Interests Investment Vehicles (1)
Total Investments
2,317,957
45,619
Cash equivalents
Forward currency exchange contracts (asset)
Forward currency exchange contracts (liability)
(1,105
Interest rate swap (asset)
Interest rate swap (liability)
The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2025, according to the fair value hierarchy:
Measured at
Net Asset
Value (2)
1,591,538
219,124
2,443,312
62,519
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2026:
First Lien
Second Lien
Subordinated
Senior
Notes in
Secured
Preferred
Loans
Interests
Vehicles (1)
Investments
Balance as of January 1, 2026
Purchases of investments and other adjustments to cost
377,503
18,783
2,402
8,985
407,676
Paid-in-kind interest income
12,115
6,052
1,272
19,439
Net accretion of discounts (amortization of premiums)
1,631
147
1,834
Principal repayments and sales of investments
(454,837
(13,733
(1,065
(59,984
(529,619
(17,963
(2,047
5,378
17,544
(349
(3,105
(544
(15,303
1,051
(10,414
(24,141
Balance as of June 30, 2026
Change in unrealized appreciation attributable to investments still held at June 30, 2026
(27,987
(1,427
7,710
(19,782
Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the six months ended June 30, 2026, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the six months ended June 30, 2026, 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, 2025:
Balance as of January 1, 2025
1,543,286
30,104
53,350
170,876
219,210
628
337,224
2,354,678
1,170,550
9,670
29,393
33,316
14,528
23,500
1,280,957
Paid-in-kind interest
19,831
10,159
3,891
33,881
4,875
203
5,139
(1,132,193
(9,597
(63,294
(26,091
(1,231,175
(2,937
18,817
(2,486
6,442
19,865
417
(12,070
28,048
(11,874
(19,038
11,078
(8,382
(28,216
Reclassifications
5,068
(5,068
Balance as of December 31, 2025
Change in unrealized appreciation attributable to investments still held at December 31, 2025
(14,211
(62
(2,581
13,107
15,856
Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the year ended December 31, 2025, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the year ended December 31, 2025, 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 June 30, 2026 were as follows:
Significant
Fair Value of
Unobservable
Range of Significant
Level 3 Assets (1)
Valuation Technique
Inputs
Unobservable Inputs (3)
Weighted Average (2)
1,326,333
Discounted cash flows
Comparative Yield
32.4
11.5%
85,555
Comparable company multiple
EBITDA Multiple
x
9.2x
Revenue Multiple
0.7x
Collateral Coverage
Recovery Rate
100.0%
12.8
14.1
13.6%
91.0
95.8%
13.2
19.2
18.4%
Discount Rate
13.4%
101,972
4.5
34.5
12.8x
6,790
6.4x
5,524
Book Value Multiple
1.3x
Preferred equity
29,650
23.0
10.7x
48,529
7.2x
11,797
Discounted Cash Flows
13.6
18.7
16.9%
13.0%
25.0%
2,241,853
The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of June 30, 2026. 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.
100
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2025 were as follows:
1,425,578
Comparative Yields
5.3
19.5
10.7%
74,416
9.6x
4,454
Collateral coverage
12.9
Subordinated Notes in Investment Vehicles
92.9
96.8%
95,086
21.5
18.3%
97,564
26.0
12,675
33.0
11.0x
1.0x
27,328
10.8x
50,135
10.9
7.9x
7,037
3.8x
701
2,303,502
The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 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.
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
271,440
272,182
March 2026 Notes
298,926
October 2026 Notes
298,292
295,222
341,167
350,538
338,581
Sumitomo Credit Facility
249,000
251,000
Total Debt
1,498,480
1,467,868
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 June 30, 2026 and 2025, management fees were $9.0 million and $9.3 million, respectively. For the six months ended June 30, 2026 and 2025, management fees were $18.1 million and $18.3 million, respectively.
As of June 30, 2026 and December 31, 2025, $9.0 million and $9.4 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.
102
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 June 30, 2026 and 2025, the Company incurred $0.8 million and $5.4 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.
For the six months ended June 30, 2026 and 2025, the Company incurred $6.4 million and $7.7 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the Consolidated Statements of Operations.
As of June 30, 2026 and December 31, 2025, there was $0.8 million and $5.9 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 June 30, 2026 and December 31, 2025.
U.S. 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 and sixth months ended June 30, 2026 and 2025, the Company accrued no GAAP Incentive Fee. As of June 30, 2026 and December 31, 2025, there was no capital gains incentive fee payable under the Amended Advisory Agreement.
The Company has entered into an administration agreement (the “Administration Agreement”) with the BCSF Advisors, LP (in such capacity, the “Administrator”), as of October 6, 2016, pursuant to which the Administrator provides the administrative services
necessary for us to operate, and the Company utilizes 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 may 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 Act of 2002, as amended, (“Sarbanes-Oxley Act”) internal control assessment. Our allocable portion of overhead is determined by the Administrator, which uses 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 $0.5 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the Administrator of $1.1 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025, respectively, there were $0.5 million and $0.6 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 $0.1 million and $0.1 million for the three months ended June 30, 2026 and 2025, respectively, which are included in other general and administrative expenses on the Consolidated Statements of Operations. The Company incurred expenses related to the sub-administrator of $0.3 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively, which are 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.
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 invests alongside its 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 on December 23, 2025 (the “Order”). Under the terms of the Order, a majority of the Independent Directors must reach certain conclusions in connection with certain of the co-investment transactions permitted under the Order (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that: (i) the terms of the proposed transaction are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned; and (ii) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objectives and strategies. 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 June 30, 2026 and December 31, 2025, respectively.
Transactions during the six months ended June 30, 2026 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 31,2025
GrossAdditions (2)
GrossReductions
Change inUnrealizedAppreciation
RealizedGains(Losses)
Fair Valueas ofJune 30,2026
Dividend,Interest, andPIK Income
OtherIncome
Non-Controlled/affiliate investment
Abracon Borrower, LLC. First Lien Senior Secured Loan - Revolver
983
(1,178
944
(705
Abracon Borrower, LLC. First Lien Senior Secured Loan
6,651
(860
6,737
(6,605
Abracon TopCo, LLC Equity Interest (1)
1,908
704
ADT Pizza, LLC Equity Interest (1)
Ansett Aviation Training Equity Interest (1)
721
Blackbrush Oil & Gas, L.P. Preferred Equity (1)
DC Blox Equity Interest (1)
DC Blox Preferred Equity (1)
(464
PPX Preferred Equity (1)
3,250
(425
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1)
Total Non-Controlled/affiliate investment
13,586
(2,796
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles
1,829
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles
(5,007
5,183
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1)
350
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1)
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest (1)
577
Gale Aviation (Offshore) Co Equity Interest (1)
(53,307
10,997
(13,448
International Senior Loan Program, LLC Equity Interest Investment Vehicles (1)
(12,820
International Senior Loan Program, LLC Subordinated Note Investment Vehicles
8,390
Legacy Corporate Lending HoldCo, LLC Equity Interest (1)
Legacy Corporate Lending HoldCo, LLC Preferred Equity
2,700
Lightning Holdings B, LLC Equity Interest (1)
(1,150
6,722
2,600
Parcel2Go First Lien Senior Secured Loan
Parcel2Go Equity Interest (1)
Parcel2Go Preferred Equity (1)
SG Global Midco Limited First Lien Senior Secured Loan
Surrey Bidco Limited First Lien Senior Secured Loan (1)
Voltaire Topco Limited Equity Interest (1)
Total Controlled affiliate investment
22,038
(54,459
603,144
35,624
(57,255
(20,123
574,494
30,577
(1)Non-income producing.
(2)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Transactions during the year ended December 31, 2025 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
2024
Additions
Reductions
Appreciation
(Losses)
PIK Income
8,429
(3,361
Ansett Aviation Training First Lien Senior Secured Loan
4,374
(4,601
934
(707
8,617
Blackbrush Oil & Gas C/S Equity Interest (1)
3,209
(3,209
DC Blox First Lien Senior Secured Loan
1,408
(1,384
(92
38,523
(37,794
(623
(106
5,230
(5,440
(1,371
4,277
(7,346
(4,265
7,334
Direct Travel, Inc First Lien Senior Secured Loan
656
(656
Walker Edison Equity Interest (1)
5,592
(5,592
Walker Edison First Lien Senior Secured Loan (1)
(52
1,040
5,393
(6,620
Walker Edison First Lien Senior Secured Loan - Revolver (1)
3,182
(3,089
(61
278
447
(725
1,703
(2,045
736
(873
266
(266
75,733
5,279
(60,285
12,706
(14,759
146,495
16,131
2,631
(4,849
9,856
5,009
6,933
(2,350
11,405
(3,866
71,813
(7,640
(8,415
2,200
International Senior Loan Program, LLC Equity Interest Investment Vehicles
55,408
(11,854
23,289
387
45,009
23,850
(6,750
6,639
57,807
(15,249
4,715
SG Global Midco Limited First Lien Senior Secured Loan (1)
581,714
47,587
(29,639
(15,192
55,593
657,447
52,866
(89,924
In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, 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). The Company's sole initial shareholder adopted this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act on February 1, 2019; previously the threshold was 200%. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 171.0% and 175.9%, respectively.
The Company’s outstanding borrowings as of June 30, 2026 and December 31, 2025 were as follows:
Total Aggregate
Principal
Amount
Carrying
Committed
Outstanding
Value (1)
272,000
270,306
270,224
300,000
299,786
299,606
March 2030 Notes (2)
344,564
350,860
March 2031 Notes (2)
337,653
855,000
2,127,000
1,521,000
2,077,000
1,473,000
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2026 and year ended December 31, 2025 was 4.8% and 4.8%, respectively.
The combined weighted average borrowings outstanding for the six months ended June 30, 2026 and year ended December 31, 2025 were $1.5 billion and $1.5 billion, respectively.
The following table shows the contractual maturities of our debt obligations as of June 30, 2026:
Payments Due by Period
Less than
More than
1 year
1 — 3 years
3 — 5 years
5 years
Total Debt Obligations
700,000
On August 28, 2019, the 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 notes retained 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, BCC Middle Market CLO 2019-1, LTD 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” or the “2019-1 Debt”). The 2019-1 CLO Replacement Notes will mature on July 15, 2036 and the reinvestment period ends April 15, 2027. As of June 30, 2026, the Company retained $32.0 million of the Class B-RR Notes and $24.0 million of the Class C-RR Notes. The notes retained by the Company are eliminated in consolidation. Additionally, the Company holds $102.3 million in membership interests in the 2019-1 Issuer (“Membership Interests”). 100% of the Membership Interests are retained by the Company and eliminated in consolidation. The obligations of the Issuer under the 2019-1 CLO Reset Transaction are non-recourse to the Company.
The following table presents information on the 2019-1 Debt as of June 30, 2026:
Class A-1-RR Notes
232,000
1.45
5.12
Class A-2-RR Notes
16,000
1.60
5.27
Class A-3-RR Notes
24,000
1.85
5.52
Total 2019-1 Debt
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 June 30, 2026, there were 50 first lien senior secured loans with a total fair value of approximately $383.2 million and cash of $12.5 million securing the 2019-1 Debt. As of December 31, 2025, there were 48 first lien senior secured loans with a total fair value of approximately $380.6 million and cash of $26.8 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 June 30, 2026, the Company was in compliance with its covenants related to the 2019-1 Debt.
Costs incurred in connection with the offering of the 2019‑1 CLO Reset Notes and the 2019‑1 CLO Replacement Notes 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 $1.7 million and $1.8 million as of June 30, 2026 and December 31, 2025, respectively.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
Borrowing interest expense
3,552
5,479
Unused facility fee
Amortization of deferred financing costs and upfront commitment fees
Total interest and debt financing expenses
5,511
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:
7,108
10,988
7,190
11,052
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”).
110
The March 2026 Notes matured on March 10, 2026. The March 2026 Notes bore 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 were general unsecured obligations of the Company that ranked senior in right of payment to all of the Company’s then existing and future indebtedness that was expressly subordinated in right of payment to the March 2026 Notes, ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secured) to the extent of the value of the assets securing such indebtedness, and ranked 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 in connection with the issuance of the March 2026 Notes 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 June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2026 Notes were as follows:
Principal amount of debt
Unamortized debt issuance cost
(122
Original issue discount, net of accretion
Carrying value of March 2026 Notes
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2026 Notes were as follows:
2,212
Amortization of debt issuance cost
Accretion of original issue discount
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2026 Notes were as follows:
1,696
4,425
239
1,910
4,985
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”).
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
111
(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 June 30, 2026 and December 31, 2025, the components of the carrying value of the October 2026 Notes were as follows:
(572
(184
(502
Carrying value of October 2026 Notes
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the October 2026 Notes were as follows:
1,913
1,912
160
2,255
2,254
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the October 2026 Notes were as follows:
3,826
317
4,506
4,505
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 original facility amount under the Sumitomo Credit Agreement was $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 original maturity date was 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 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 June 30, 2026, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.
As of June 30, 2026 and December 31, 2025, there were $249.0 million and $251.0 million of borrowings under the Sumitomo Credit Facility.
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the Sumitomo Credit Facility were as follows:
2,943
4,804
618
3,823
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the Sumitomo Credit Facility were as follows:
113
5,427
9,260
1,069
521
520
7,208
10,849
See Note 12. Subsequent Events for a subsequent event related to the Sumitomo Credit Facility.
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 receivable semiannually on March 15 and September 15 of each year, and pays a floating interest rate of SOFR + 1.90% per annum payable quarterly on March 15, June 15, September 15, and December 15 of each year, 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 June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2030 Notes were as follows:
(3,327
(3,773
(2,887
(3,273
Effective interest rate swap hedge
7,906
Carrying value of March 2030 Notes
114
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2030 Notes were as follows:
5,207
5,264
225
224
194
Interest rate swaps
(278
Hedged items
5,353
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2030 Notes were as follows:
10,413
8,388
446
354
307
(542
347
10,663
9,285
On January 29, 2026, the Company and the Trustee entered into a Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”) to the Base Indenture (the Base Indenture together with the Fourth Supplemental Indenture, the “New Indenture”). The Fourth Supplemental Indenture relates to the Company’s issuance of $350.0 million aggregate principal amount of its 5.95% notes due 2031 (the “March 2031 Notes”).
The March 2031 Notes will mature on March 1, 2031 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 New Indenture. The March 2031 Notes bear interest at a rate of 5.95% per year payable semi-annually on March 1 and September 1 of each year, commencing on September 1, 2026. The March 2031 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 2031 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 $341.7 million, after deducting the underwriting discounts and commissions of $7.2 million and offering expenses of $1.1 million.
In connection with the March 2031 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 2031 Notes, the Company receives a fixed interest rate of 5.95% per annum receivable semiannually on March 1 and September 1 of each year, and pays a floating interest rate of SOFR + 2.28% per annum payable quarterly on March 1, June 1, September 1, and December 1 of each year, on $350 million of the March 2031 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.
115
As of June 30, 2026 and December 31, 2025, the components of the carrying value of the March 2031 Notes were as follows:
(4,211
(3,422
(4,714
Carrying value of March 2031 Notes
For the three months ended June 30, 2026 and 2025, the components of interest expense related to the March 2031 Notes were as follows:
5,206
For the six months ended June 30, 2026 and 2025, the components of interest expense related to the March 2031 Notes were as follows:
8,793
305
9,439
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 June 30, 2026 and December 31, 2025 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 June 30, 2026:
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)
Unrealized depreciation on forward currency contracts
1,075
(2,180
Unrealized appreciation on forward currency contracts
1,304
(201
378
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, 2025:
134
(4,353
(4,219
4,219
(1,927
(1,082
(1,037
1,037
(1,901
(1,878
(7,976
For the three months ended June 30, 2026 and 2025, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $207.2 million and $194.5 million, respectively, and the average notional exposure for interest rate swaps was $700.0 million and $350.0 million, respectively.
For the six months ended June 30, 2026 and 2025, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts was $203.6 million and $169.7 million, respectively, and the average notional exposure for interest rate swaps was $583.3 million and $233.3 million, respectively.
117
The effect of transactions in forward currency exchange contracts to the Consolidated Statements of Operations during the three months ended June 30, 2026 and 2025 was as follows:
Total net realized and unrealized gain (loss) on forward currency exchange contracts
(16,483
Included in total net gains (losses) on the Consolidated Statements of Operations were net gains (losses) of $(1.2) million and $15.2 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 June 30, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $0.1 million and ($16.5) 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 $(1.1) million and ($1.3) million for the three months ended June 30, 2026 and 2025, respectively.
The effect of transactions in derivative instruments to the Consolidated Statements of Operations during the six months ended June 30, 2026 and 2025 was as follows:
3,635
(20,961
Included in total net gains (losses) on the Consolidated Statements of Operations were net gains (losses) of ($4.0) million and $19.5 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 six months ended June 30, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $3.6 million and ($21.0) 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 ($0.4) million and ($1.5) million for the six months ended June 30, 2026 and 2025, 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 six months ended June 30, 2026 and 2025, for the Company’s interest rate swaps, are in the following locations in the Consolidated Statement of Operations:
Financial Statement Location
(221
(483
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2026:
Date Declared
Record Date
Payment Date
Per Share
Distributions
February 26, 2026
March 16, 2026
March 30, 2026
0.42
27,245
May 11, 2026
June 15, 2026
June 29, 2026
Total distributions declared
0.84
54,490
The distributions declared during the six months ended June 30, 2026 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 six months ended June 30, 2025:
February 27, 2025
March 17, 2025
March 31, 2025
0.03
1,946
(1)
May 5, 2025
June 16, 2025
0.90
58,382
(1) Represents a special dividend.
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 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 June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025, the Advisor owned no outstanding common stock of the Company.
119
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. There have been 0 shares and 52,336 shares, respectively, issued pursuant to the dividend reinvestment plan during the six months ended June 30, 2026 and 2025.
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 June 30, 2026, 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. No common stock was issued and sold through public or “at the market” offerings during the six months ended June 30, 2026. In connection with the issuance of common stock, the Company issued and sold common stock during the six months ended June 30, 2025 as follows:
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 June 30, 2026, the Company had $438.0 million of unfunded commitments under loan and financing agreements as follows:
Portfolio Company & Investment
Expiration Date(1)
Unfunded Commitments(2)
A&R Logistics, Inc. - Revolver
Abracon Borrower, LLC. - Revolver
ACAMS - Revolver
1,470
Accelevation LLC - Delayed Draw
1,774
Accident Care Alliance Holdco LLC - Delayed Draw
1,481
Accident Care Alliance Holdco LLC - Revolver
1,392
Advanced Aircrew - Revolver
650
AeriTek Global CAD Acquisition Inc. - Revolver
AgroFresh Solutions - Revolver
AGS American Glass Services Acquisition, LLC - Delayed Draw
AGS American Glass Services Acquisition, LLC - Revolver
Allbridge - Revolver
Alldent Holding GmbH - Delayed Draw
Allworth Financial Group, L.P. - Revolver
2,816
Alogent Holdings, Inc. - Delayed Draw
Alogent Holdings, Inc. - Revolver
1,602
AMI - Revolver
4,563
AOM Infusion - Delayed Draw
228
AOM Infusion - Revolver
AP Plastics Group, LLC - Delayed Draw
794
Apollo Intelligence - Revolver
Applitools - Revolver
2,401
Appriss - Delayed Draw
3,566
Appriss - Revolver
2,972
Appriss Holdings, Inc. - Revolver
753
ASP-r-pac Acquisition Co LLC - Revolver
3,481
ATS - Revolver
2,872
Awayday - Revolver
1,136
AXH Air Coolers - Revolver
3,670
Beacon Specialized Living - Delayed Draw
7,983
Beacon Specialized Living - Revolver
1,282
Beneficium - Delayed Draw
9,566
BLI Buyer, Inc. - Delayed Draw
3,211
BLI Buyer, Inc. - Revolver
1,659
Bridger Aerospace Group Holdings, Inc. - Delayed Draw
Bridger Aerospace Group Holdings, Inc. - Revolver
BTX Precision - Revolver
4,211
Chex Finer Foods, LLC - Delayed Draw
2,858
Chex Finer Foods, LLC - Revolver
2,902
Chilton - Delayed Draw
Chilton - Revolver
1,961
Choreo - Delayed Draw
2,222
City BBQ - Delayed Draw
9,476
City BBQ - Revolver
Comet BidCo Limited - Delayed Draw
Comet BidCo Limited - Revolver
CorePower Yoga, LLC - Delayed Draw
1,890
CorePower Yoga, LLC - Revolver
CRH Healthcare Purchaser, Inc. - Delayed Draw
CRH Healthcare Purchaser, Inc. - Revolver
Darcy Partners - Revolver
279
Datix Bidco Limited - Delayed Draw
2,861
Datix Bidco Limited - Revolver
2,283
Discovery Senior Living - Delayed Draw
Discovery Senior Living - Revolver
2,360
Duraco - Revolver
Easy Ice - Delayed Draw
Easy Ice - Revolver
4,155
Efficient Collaborative Retail Marketing Company, LLC - Revolver
1,133
EHE Health - Revolver
3,447
Electronic Merchant Systems - Revolver
1,959
Elevation NewCo, LLC - Delayed Draw
845
Elevation NewCo, LLC - Revolver
Eleven Software - Revolver
Engineered Products Co., LLC - Revolver
E-Tech Group - Revolver
1,090
EXT Acquisitions, Inc. - Delayed Draw
EXT Acquisitions, Inc. - Revolver
Facts Global Energy - Delayed Draw
6,308
FC DOLMANS B.V. - Delayed Draw
694
Fiduciaire Jean-Marc Faber (FJMF) - Delayed Draw
1,266
Fifty U.S. Bidco Inc - Delayed Draw
2,752
Fifty U.S. Bidco Inc - Revolver
1,033
Forward Slope - Revolver
11,845
G-3 Frax Acquisition LLC - Revolver
G702 Buyer, Inc. - Revolver
Gulf Winds International - Revolver
910
Harbor IT, LLC - Delayed Draw
Harbor IT, LLC - Revolver
Heads Up Technologies, Inc. - Revolver
1,768
HealthDrive - Delayed Draw
4,120
HealthDrive - Revolver
1,652
Hellers - Delayed Draw
469
Hempz - Revolver
HLSG Intermediate, LLC - Delayed Draw
HLSG Intermediate, LLC - Revolver
995
Humic Acquisition Holdings, LLC - Revolver
1,393
ICAT Logistics, Inc. - Delayed Draw
8,968
2,468
ICAT Logistics, Inc. - Revolver
843
ImageTrend - Revolver
4,000
Intoxalock - Revolver
3,430
KAMC Holdings, Inc. - Revolver
761
Kids2, LLC - Revolver
1,514
Lightspeed Buyer, Inc. - Delayed Draw
5,806
Lightspeed Buyer, Inc. - Revolver
1,316
Lindstrom, LLC - Revolver
1,351
LogRhythm, Inc. - Revolver
835
Mach Acquisition, LLC - Revolver
2,511
masLabor - Delayed Draw
masLabor - Revolver
Master ConcessionAir - Revolver
McLarens Acquisition Inc. - Revolver
719
Meteor UK Bidco Limited - Revolver
1,613
Monarch Collective Holdings, LLC - Delayed Draw
3,313
Monarch Collective Holdings, LLC - Revolver
BCSF LI, LLC - Revolver
Morrow Sodali - Delayed Draw
4,396
Morrow Sodali - Revolver
4,453
2,127
MRHT - Delayed Draw
2,342
MRHT - Revolver
1,555
Nafinco - Delayed Draw
1,148
NearMap - Revolver
4,078
1,628
3,024
New Look Vision Group - Revolver
1,303
New Milani Group LLC - Delayed Draw
425
New Milani Group LLC - Revolver
1,275
Odyssey Behavioral Health - Revolver
7,280
OGH Bidco Limited - Delayed Draw
ORBCOMM Inc. - Delayed Draw
ORBCOMM Inc. - Revolver
Orchard Park BidCo, Inc. - Delayed Draw
2,875
Orchard Park BidCo, Inc. - Revolver
1,532
Owl Acquisition, LLC - Delayed Draw
893
Owl Acquisition, LLC - Revolver
1,915
PayRange - Revolver
4,144
Pharmacy Partners - Revolver
5,491
Pharmathen - Revolver
1,355
Plaskolite PPC Intermediate II LLC - Revolver
498
PMA - Revolver
PPT Group - Delayed Draw
4,393
PPT Group - Revolver
2,048
Precision Concepts Parent Inc. - Revolver
302
PRGX - Delayed Draw
5,464
Pricelabs Revenue Inc. - Delayed Draw
Pricelabs Revenue Inc. - Revolver
Psychiatric Medical Care LLC - Revolver
2,004
Pure Wafer - Revolver
1,189
Pyramid Global Hospitality - Revolver
3,482
QPE Alpha 4 Pty Ltd - Delayed Draw
Reconomy - Delayed Draw
Red Nucleus - Delayed Draw
2,885
Red Nucleus - Revolver
1,670
RedMed Operations (Collage Rehabilitation) - Delayed Draw
5,251
RedMed Operations (Collage Rehabilitation) - Revolver
1,891
RetailNext - Revolver
Revalize, Inc. - Revolver
RoadOne - Revolver
RoC Skincare - Revolver
Saturn Purchaser Corp. - Revolver
6,716
SauceCo HoldCo, LLC - Revolver
3,358
SensorTower - Revolver
1,057
Service Master - Revolver
1,609
Shennong Buyer, Inc. - Revolver
2,203
Simplicity - Delayed Draw
7,588
Simplicity - Revolver
4,348
Solairus - Delayed Draw
7,274
Solaray, LLC - Revolver
2,115
Spring Finco BV - Delayed Draw
4,407
STAX Engineering, LLC - Delayed Draw
7,143
STAX Engineering, LLC - Revolver
Substantial Holdco Limited - Delayed Draw
297
Summer Fridays, LLC - Revolver
860
Sunmed Group Holdings, LLC - Revolver
Superna Inc. - Delayed Draw
Superna Inc. - Revolver
SureWerx - Delayed Draw
SureWerx - Revolver
Taoglas - Revolver
Titan Cloud Software, Inc - Revolver
5,812
TL Sapphire Parent, Inc. - Delayed Draw
415
TL Sapphire Parent, Inc. - Revolver
1,662
TLC Purchaser, Inc. - Revolver
381
V Global Holdings LLC - Revolver
5,124
Varo ESI Buyer, LLC - Revolver
517
Vasa Fitness, LLC - Revolver
Vatica Health, Inc. - Revolver
947
Vessco Water - Revolver
1,112
Wasabi Technologies LLC - Delayed Draw
4,297
Wasabi Technologies LLC - Revolver
623
Webcentral - Delayed Draw
Whitcraft-Paradigm - Revolver
1,360
WSHP Cottonwood Buyer, LLC - Delayed Draw
3,900
WSHP Cottonwood Buyer, LLC - Revolver
WSP - Revolver
WU Holdco, Inc. - Delayed Draw
5,460
WU Holdco, Inc. - Revolver
3,531
Zeus Fire & Security - Revolver
2,282
438,041
124
As of December 31, 2025, the Company had $464.8 million of unfunded commitments under loan and financing agreements as follows:
Expiration Date (1)
Unfunded Commitments (2)
1,604
2,151
3,149
Allbridge - Delayed Draw
2,841
Allworth Financial Group, L.P. - Delayed Draw
976
Arctic Glacier U.S.A., Inc. - Revolver
1,966
766
Avalon Bidco Limited - Delayed Draw
2,113
Awayday - Delayed Draw
AXH Air Coolers - Delayed Draw
3,811
5,504
9,695
2,516
841
BTX Precision - Delayed Draw
6,977
Chase Industries, Inc. - Revolver
1,195
8,410
125
2,910
7,872
13,267
2,163
1,753
DTIQ - Delayed Draw
5,375
DTIQ - Revolver
3,226
1,593
7,265
1,827
598
1,298
Facts Global Energy - Revolver
3,754
296
1,100
Gills Point S - Revolver
Govineer Solutions (fka Black Mountain) - Delayed Draw
Govineer Solutions (fka Black Mountain) - Revolver
2,754
Humic Acquisition Holdings, LLC - Delayed Draw
126
3,223
4,114
JHCC Holdings, LLC - Revolver
992
856
LogRhythm - Revolver
Mach 1 Bidco Limited - Delayed Draw
143
Mach Acquisition R/C - Revolver
Master ConcessionAir - Delayed Draw
McLarens Acquisition Inc. - Delayed Draw
170
1,634
Monarch Finco, LLC - Delayed Draw
Monarch Finco, LLC - Revolver
2,887
Nafinco - Revolver
504
4,652
5,301
Pollo Tropical - Revolver
972
2,194
Pure Wafer - Delayed Draw
1,981
3,791
3,663
2,386
1,242
4,757
5,512
4,538
698
Soundwide, GmbH - Delayed Draw
959
4,323
611
1,140
2,389
3,428
5,660
Vasa Fitness, LLC - Delayed Draw
Vessco Water - Delayed Draw
578
Walker Edison - Delayed Draw
Wealth Enhancement Group (WEG) - Delayed Draw
8,612
Wealth Enhancement Group (WEG) - Revolver
1,220
Whitcraft-Paradigm - Delayed Draw
248
2,633
464,818
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 six months ended June 30, 2026 and 2025:
Per share data:
Net asset value at beginning of period
17.65
Net investment income (1)
Net realized loss (1)(7)
(0.48
(0.36
Net change in unrealized appreciation (1)(2)(8)
(0.12
0.20
Net increase in net assets resulting from operations (1)(9)(10)
0.26
Stockholder distributions from income (3)
(0.84
(0.90
Net asset value at end of period
Shares outstanding at end of period
Per share market value at end of period
12.52
15.04
Total return based on market value (11)
(3.82
(9.19
Total return based on net asset value (4)
1.59
4.64
Ratios:
Ratio of net investment income to average net assets (5)(12)
10.96
Ratio of total expenses to average net assets (5)(12)
12.38
Supplemental data:
Ratio of interest and debt financing expenses to average net assets (5) (12)
7.47
Ratio of expenses (without incentive fees) to average net assets (5) (12)
11.71
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5) (12)
3.88
3.90
Average principal debt outstanding
1,516,762
1,520,689
Portfolio turnover (6)
16.57
30.36
Note 12. Subsequent Events
The Company’s management has evaluated the events and transactions that have occurred through August 10, 2026, the issuance date of the Consolidated Financial Statements, and noted no items requiring disclosure in this Quarterly Report or adjustment of the Consolidated Financial Statements, except as discussed below.
Sumitomo Credit Agreement Amendment
On July 28, 2026, the Company entered into the Fourth Amendment to the Sumitomo Credit Agreement (the “Fourth Amendment”). The Fourth Amendment provides for, among other things, (i) an extension of the revolver availability period for extending lenders from May 19, 2028 to July 26, 2030, (ii) an extension of the scheduled maturity date for extending lenders from May 18, 2029 to July 28, 2031, (iii) an upsize in the total facility amount from $855,000,000 to $905,000,000, (iv) the removal of the credit adjustment spread for Term SOFR Loans (as defined in the Sumitomo Credit Agreement), and (v) the joinder of new lenders to the Sumitomo Credit Agreement. The other terms of the Sumitomo Credit Agreement remained materially unchanged. Extending lenders represent $805,000,000 of commitments under the Sumitomo Credit Agreement, as amended.
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 June 30, 2026, we have invested approximately $10,129.6 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 is utilized to help the Company meet its investment objective. Any such leverage, if incurred, is expected to increase the total capital available for investment by the Company. 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.
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 June 30, 2026 and December 31, 2025, 94.5% and 92.2%, 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 $0.5 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, which is included in other general and administrative expenses on the Consolidated Statements of Operations. We incurred expenses related to the Administrator of $1.1 million and $1.2 million for the six months ended June 30, 2026 and 2025, 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 $0.1 million and $0.1 million for the three months ended June 30, 2026 and 2025, 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 $0.3 million and $0.3 million for the six months ended June 30, 2026 and 2025, 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%. The Company's sole initial shareholder adopted this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act on February 1, 2019; previously the threshold was 200%. 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 June 30, 2026, the Company’s asset coverage was 171.0%.
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.
A focus on technology disruption, geopolitical conflict, and shifts in monetary policy continued to drive global financial markets through the second quarter of 2026. While uncertainty and risk remain, we believe underlying company fundamentals remain supportive of stable economic growth. As part of our standard portfolio management process, we take proactive steps to evaluate the impact of these and other events on our business and on the companies that we lend to. We continue to monitor the economic environment and believe our experience investing through multiple cycles, disciplined investment approach and focus on the core middle market positions us well to navigate this market landscape.
During the three months ended June 30, 2026, we invested $182.0 million, including PIK, in 99 portfolio companies, and had $277.2 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $95.2 million for the period. Of the $182.0 million invested during the three months ended June 30, 2026, $67.1 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the three months ended June 30, 2025, we invested $529.6 million, including PIK, in 94 portfolio companies, and had $502.3 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $27.3 million for the period. Of the $529.6 million invested during the three months ended June 30, 2025, $169.7 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the six months ended June 30, 2026, we invested $425.2 million, including PIK, in 134 portfolio companies, and had $532.6 million in aggregate amount of principal repayments and sales, resulting in a net decrease in investments of $107.4 million for the period. Of the $425.2 million invested during the six months ended June 30, 2026, $150.8 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.
During the six months ended June 30, 2025, we invested $806.8 million, including PIK, in 119 portfolio companies, and had $748.7 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $58.1 million for the period. Of the $806.8 million invested during the six months ended June 30, 2025, $293.5 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 June 30, 2026 (dollars in thousands):
Weighted Average
Yield (1)(2)
at
Percentage of
Amortized
Total Portfolio
9.9
15.1
15.2
7.1
6.8
Investment Vehicles (3)
18.4
16.4
14.2
12.0
The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2025 (dollars in thousands):
14.9
6.2
N/A
Subordinated Notes in Investment Vehicles (3)
Preferred Equity Interests in Investment Vehicles (3)
Equity Interests in Investment Vehicles (3)
16.7
136
The following table presents certain selected information regarding our investment portfolio as of June 30, 2026:
Number of portfolio companies
Percentage of debt bearing a floating rate (1)
94.5
Percentage of debt bearing a fixed rate (1)
The following table presents certain selected information regarding our investment portfolio as of December 31, 2025:
92.2
The following table shows the amortized cost and fair value of our performing and non-accrual investments as of June 30, 2026 (dollars in thousands):
Percentage atAmortized Cost
Percentage atFair Value
Performing
2,300,320
96.8
2,312,753
97.8
Non-accrual
74,925
50,823
The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2025 (dollars in thousands):
Percentage at
2,466,274
98.5
2,489,360
99.2
36,393
19,081
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 June 30, 2026, there were twenty-one loans from four issuers placed on non-accrual in the Company’s portfolio. As of December 31, 2025, there were twelve loans from six 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 June 30, 2026 (dollars in thousands):
AmortizedCost
Percentageof Total
FairValue
61.6
60.2
5.7
7.3
14.8
14,632
2,505,531
2,494,187
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, 2025 (dollars in thousands):
62.3
8.8
14.0
2,477
2,560,903
2,567,351
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 June 30, 2026 (dollars in thousands):
Investment Performance Rating
Number ofCompanies (1)
2,226,541
94.2
94.4
86,203
3.6
50,832
The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2025 (dollars in thousands):
Number of
Companies(1)
7,319
2,378,872
94.8
190
93.5
103,166
19,084
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 June 30, 2026, 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 no unfunded capital commitments. As of June 30, 2026, 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 no unfunded capital commitments. 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 June 30, 2026, ISLP had $705.7 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 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 June 30, 2026, the Company’s investment in SLP consisted of subordinated notes of $163.8 million, preferred equity interests of $1.8 million and equity interests of $0.0 million. As of December 31, 2025, the Company’s investment in SLP consisted of subordinated notes of $157.9 million, preferred equity interests of $1.8 million and equity interests of $5.0 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:
Less: Income taxes, including excise tax
Net realized 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 June 30, 2026 and 2025 was as follows (dollars in thousands):
45,167
54,226
5,063
7,518
1,811
Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $45.2 million for the three months ended June 30, 2026 from $54.2 million for the three months ended June 30, 2025, primarily due to a decrease in yield of the investment portfolio.
Dividend income increased to $7.8 million for the three months ended June 30, 2026 from $5.1 million for the three months ended June 30, 2025, primarily due to an increase in dividend income from SLP and certain equity investments.
PIK income remained at approximately $7.5 million for the three months ended June 30, 2026 from the three months ended June 30, 2025, primarily due to an increase in the number of investments earning PIK income, including new investments underwritten with PIK income and amendments to existing investments, partially offset by certain PIK investments being placed on non-accrual status.
Other income decreased to approximately $1.8 million for the three months ended June 30, 2026 from $4.2 million for the three months ended June 30, 2025, primarily due to a decrease in structuring, closing and commitment fees earned on certain investments.
The composition of our investment income for the six months ended June 30, 2026 and 2025 was as follows (dollars in thousands):
94,535
105,054
14,441
11,574
16,238
14,143
3,308
7,033
Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $94.5 million for the six months ended June 30, 2026 from $105.1 million for the six months ended June 30, 2025, primarily due to a decrease in yield of the investment portfolio.
Dividend income increased to $14.4 million for the six months ended June 30, 2026 from $11.6 million for the six months ended June 30, 2025, primarily due to an increase in dividend income from SLP and certain equity investments.
PIK income increased to approximately $16.2 million for the six months ended June 30, 2026 from $14.1 million for the six months ended June 30, 2025, primarily due to an increase in the number of investments earning PIK income, including new investments underwritten with PIK income and amendments to existing investments.
Other income decreased to approximately $3.3 million for the six months ended June 30, 2026 from $7.0 million for the six months ended June 30, 2025, primarily due to a decrease in commitment and upfront fees earned on certain investments.
As of June 30, 2026, the weighted average yield of our investment portfolio decreased to 10.8% from 11.4% as of June 30, 2025, at amortized cost.
Operating Expenses
The composition of our operating expenses for the three months ended June 30, 2026 and 2025 were as follows (dollars in thousands):
The composition of our operating expenses for the six months ended June 30, 2026 and 2025 were as follows (dollars in thousands):
Interest and Debt Financing Expenses
Interest and debt financing expenses on our borrowings decreased to $20.7 million from $21.8 million for the three months ended June 30, 2026 and 2025, respectively. This decrease was primarily due to a decrease in average debt outstanding. Interest and debt financing expenses on our borrowings increased to $40.9 million from $40.7 million for the six months ended June 30, 2026 and 2025, respectively. This increase was primarily due to fluctuations in base rates. The weighted average principal debt balance outstanding for the three months ended June 30, 2026 was $1.5 billion compared to $ 1.6 billion for the three months ended June 30, 2025. The weighted average principal debt balance outstanding for the six months ended June 30, 2026 was $1.5 billion compared to $1.5 billion for the six months ended June 30, 2025.
The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the six months ended June 30, 2026 and the year ended December 31, 2025 was 4.8% and 4.8%, respectively.
Management Fee
Management fee (net of waivers) decreased to $9.0 million for the three months ended June 30, 2026 from $9.3 million for the three months ended June 30, 2025. Management fee (gross of waivers) decreased to $9.0 million for the three months ended June 30, 2026 from $9.3 million for the three months ended June 30, 2025, primarily due to a decrease in total assets throughout the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Management fee waived for the three months ended June 30, 2026 and 2025 was $0.0 million and $0.0 million, respectively.
Management fee (net of waivers) was $18.1 million for the six months ended June 30, 2026 and $18.3 million for the six months ended June 30, 2025. Management fee (gross of waivers) was $18.1 million for the six months ended June 30, 2026 and $18.3 million for the six months ended June 30, 2025. Management fee waived for the three and six months ended June 30, 2026 and 2025 was $0.0 million and $0.0 million, respectively.
Incentive Fee
Incentive fee (net of waivers) decreased to $0.8 million for the three months ended June 30, 2026 from $5.4 million for the three months ended June 30, 2025. The following table summarizes the incentive fee for the three months ended June 30, 2026 and 2025 (dollars in thousands):
Trailing twelve quarter pre-incentive fee net investment income
446,562
467,469
Trailing twelve quarter Net Capital Loss
(82,140
(43,534
Cumulative Net Return
364,422
423,935
Incentive fee rate on Cumulative Net Return
17.5
63,774
74,188
Prior eleven quarter payments
(62,973
(68,742
Total incentive fee
For the three months ended June 30, 2026, there were no incentive fees related to the GAAP Incentive Fee.
Incentive fee (net of waivers) decreased to $6.4 million for the six months ended June 30, 2026 from $7.7 million for the six months ended June 30, 2025, primarily due to the incentive fee cap.
For the six months ended June 30, 2026, 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 $2.4 million for the three months ended June 30, 2026 from $2.6 million for the three months ended June 30, 2025, primarily due to a decrease in costs associated with servicing our investment portfolio.
Professional fees and other general and administrative expenses decreased to $5.1 million for the six months ended June 30, 2026 from $5.9 million for the six months ended June 30, 2025, primarily due to a decrease in costs associated with servicing our investment portfolio.
Realized and Unrealized Gains and Losses
The following table summarizes our net realized and unrealized gains (losses) for the three months ended June 30, 2026 and 2025 (dollars in thousands):
Gross realized gain on investments
5,515
Gross realized loss on investments
(16,657
(1,365
Gross realized gain on foreign currency transactions
Gross realized loss on foreign currency transactions
Gross realized gain on forward currency exchange contracts
Gross realized loss on forward currency exchange contracts
(1,629
Change in unrealized appreciation on investments
38,601
31,311
Change in unrealized depreciation on investments
(38,210
(27,911
3,400
Unrealized appreciation on foreign currency translation
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts
2,987
(13,590
For the three months ended June 30, 2026, realized gains were primarily driven by the sale of the Company’s equity interest in FCG Acquisitions, Inc. For the three months ended June 30, 2026, realized losses were primarily driven by the exit of the Company’s debt investments in Aptus 1724 Gmbh and Music Creation Group Bidco GmbH as well as a restructuring of the Company's investment in Abracon Group Holding, LLC.
For the three months ended June 30, 2025, realized gains were primarily driven by the sale of the Company's equity interest in Eagle Rock Capital Corporation. For the three months ended June 30, 2025, realized losses were primarily driven by the sale of the Company's debt investment in Ansett Aviation Training.
For the three months ended June 30, 2026, we had $38.6 million in unrealized appreciation on 61 portfolio company investments, which was offset by $38.2 million in unrealized depreciation on 150 portfolio company investments. For the three months ended June 30, 2026, unrealized appreciation was primarily driven by the reversal of unrealized depreciation resulting from the exit of Aptus 1724 Gmbh and Music Creation Group Bidco GmbH and the restructuring of Abracon Group Holdings, LLC. and company specific valuation adjustments on equity investments in AXH Air Coolers and on debt investments in American Trailer Rental Group. For the three months ended June 30, 2026, the unrealized depreciation was primarily driven by decreases in the fair value of the Company's investment in SLP and certain portfolio company investments including Service Master, A&R Logistics, Inc, and MZR Buyer, LLC, reflecting a combination of company specific valuation adjustments and market driven factors including widening of credit spreads.
For the three months ended June 30, 2025, we had $31.3 million in unrealized appreciation on 77 portfolio company investments, which was offset by $27.9 million in unrealized depreciation on 102 portfolio company investments. For the three months ended June 30, 2025, unrealized appreciation was primarily driven by an increase in the fair value of the Company's investment in SLP and company specific valuation adjustments on equity investments in iBanFirst, and Lightning Holdings B, LLC. For the three months ended June 30, 2025, unrealized depreciation was primarily due to a decrease in fair value of the Company's investment in ISLP, widening of credit spreads and company specific valuation adjustments on Walker Edison.
The following table summarizes our net realized and unrealized gains (losses) for the six months ended June 30, 2026 and 2025 (dollars in thousands):
6,565
6,834
(30,096
(26,637
(4,195
56,129
75,347
(73,572
(47,265
(17,443
28,082
9,398
(15,228
For the six months ended June 30, 2026, realized gains were primarily driven by the sale of the Company’s equity interest in BTX Precision and FCG Acquisitions, Inc. For the six months ended June 30, 2026, realized losses were primarily driven by the sale of the Company’s equity interest in Gale Aviation (Offshore) Co, the exit of Aptus 1724 GmbH, and Music Creation Group Bidco GmbH and the restructuring of the Company's investment in Abracon Group Holdings, LLC.
For the six months ended June 30, 2025, realized gains were primarily driven by the sale of the Company’s equity interest in Eagle Rock Capital Corporation and debt investments in Goodfellow. For the six months ended June 30, 2025, realized losses were primarily driven by the sale of the Company’s investment in Aimbridge Acquisition Co., Inc. and Forming Machining Industries Holdings, LLC.
For the six months ended June 30, 2026, we had $56.1 million in unrealized appreciation on 57 portfolio company investments, which was offset by $73.6 million in unrealized depreciation on 163 portfolio company investments. For the six months ended June 30, 2026, the unrealized appreciation was primarily driven by the reversal of unrealized depreciation resulting from the sale of Gale Aviation (Offshore) Co., Aptus 1724 GmbH, and Music Creation Group Bidco GmbH. The unrealized appreciation was further driven by company specific valuation adjustments on equity investments in Legacy Corporate Lending HoldCo, LLC and AXH Air Coolers. For the six months ended June 30, 2026, the unrealized depreciation was primarily driven by decreases in the fair value of the Company’s investment in ISLP and SLP and certain portfolio company investments including Service Master, Applitools, A&R Logistics, Inc, and MZR Buyer, LLC.
For the six months ended June 30, 2025, we had $75.3 million in unrealized appreciation on 90 portfolio company investments, which was offset by $47.3 million in unrealized depreciation on 100 portfolio company investments. For the six months ended June 30, 2025 unrealized appreciation was primarily driven by the reversal of prior unrealized depreciation resulting from the sale of Aimbridge Hospitality and Forming Machining Industries Holdings, LLC and company specific valuation adjustments on iBanFirst, Eagle Rock Capital Corporation, Legacy Corporate Lending HoldCo, LLC and Lightning Holdings B, LLC. For the six months ended June 30, 2025, unrealized depreciation was primarily due to a decrease in fair value of the Company's investment in ISLP, widening of credit spreads and company specific valuation adjustments on Walker Edison and Thrasio.
The following table summarizes the impact of foreign currency for the three months ended June 30, 2026 and 2025 (dollars in thousands):
Net change in unrealized appreciation on investments due to foreign currency
(519
10,592
Net realized gain on investments due to foreign currency
461
Net realized loss on forward currency exchange contracts
Foreign currency impact to net decrease in net assets resulting from operations
(1,096
(1,289
Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of $(1.2) million and $15.2 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 June 30, 2026 and 2025, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of $0.1 million and ($16.5) 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 $(1.1) million and ($1.3) million for the three months ended June 30, 2026 and 2025, respectively.
The following table summarizes the impact of foreign currency for the six months ended June 30, 2026 and 2025 (dollars in thousands):
(3,648
14,771
2,476
(400
(1,463
Included in total net gains (losses) on the Consolidated Statements of Operations were gains (losses) of ($4.0) million, and $19.5 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 six months ended June 30, 2026 and 2025, respectively. Including the total net realized and unrealized losses on forward currency exchange contracts of $3.6 million and ($21.0) 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 ($0.4) million and ($1.5) million for the six months ended June 30, 2026 and 2025, 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 June 30, 2026 and 2025, the increase in net assets resulting from operations was $14.1 million and $23.7 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2026 and 2025, our per share net increase in net assets resulting from operations was $0.22 and $0.37, respectively.
For the six months ended June 30, 2026 and 2025, the increase in net assets resulting from operations was $17.4 million and $52.3 million, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2026 and 2025, our per share net increase in net assets resulting from operations was $0.27 and $0.81, 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, October 2026 Notes, March 2030 Notes, March 2031 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 June 30, 2026 and December 31, 2025, our asset coverage ratio was 171.0% and 175.9%, respectively.
At June 30, 2026 and December 31, 2025, we had $130.6 million and $58.9 million in cash, foreign cash, restricted cash and cash equivalents, respectively.
At June 30, 2026, we had approximately $606.0 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2025 we had approximately $604.0 million of availability on our Sumitomo Credit Facility subject to existing terms and regulatory requirements.
For the six months ended June 30, 2026, cash, foreign cash, restricted cash, and cash equivalents increased by $71.7 million. During the six months ended June 30, 2026, we provided $97.4 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 $489.0 million and a net increase in assets resulting from operations of $17.4 million, which was offset by purchases of investments of $406.4 million. During the six months ended June 30, 2026, we used $24.5 million for financing activities, primarily on repayments of $679.0 million and distributions paid during the period of $64.2 million, partially offset by the issuance of the March 2031 Notes for $350.0 million, and borrowings under our Sumitomo Credit Facility of $377.0 million.
For the six months ended June 30, 2025, cash, foreign cash, restricted cash, and cash equivalents increased by $75.4 million. During the six months ended June 30, 2025, we used $6.6 million in cash for operating activities. The decrease in cash used for operating activities was primarily related to purchases of investments of $814.5 million, which was offset by proceeds from principal payments and sales of investments of $751.1 million and a net increase in assets resulting from operations of $52.3 million. During the six months ended June 30, 2025, we provided $79.8 million for financing activities, primarily on the issuance of the March 2030 Notes for $350.0 million and borrowings under our Sumitomo Credit Facility of $409.0 million, partially offset by repayments of $588.7 million and distributions paid during the period of $87.4 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.
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 June 30, 2026, 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.
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 six months ended June 30, 2026 (dollars in thousands, except per share):
The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the six months ended June 30, 2025 (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 U.S. 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 (net of applicable withholding tax) 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 (net of applicable withholding tax) 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. Under the terms of the exemptive order, a majority of our Independent Directors must reach certain conclusions in connections with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that (i) the terms of the proposed transaction are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s then-current investment objectives and strategies. The exemptive relief imposes other conditions with which we must comply to engage in co-investment transactions.
Recent Developments
See “Item 1. Consolidated 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 U.S. 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 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 U.S. 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.
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 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 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 conclusion.
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. The Administration Agreement was approved by our Board on October 6, 2016. 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 Act 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 June 30, 2026 (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.
If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.
We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, the fluctuations in global interest rates, the ongoing war between Russia and Ukraine, continued conflicts and political unrest in the Middle East and South America and concerns over future increases in inflation or adverse investor sentiment generally, introduced significant volatility in the financial markets, and the effects of this volatility have materially impacted and could continue to materially impact our market risks, including those listed below. For more information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—General Risk Factors—Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results" and "Risk Factors—General Risk Factors—Inflation and actions by central banks or monetary authorities, including the U.S. Federal Reserve, to address inflation may adversely affect the business, results of operations and financial condition of our portfolio companies" in our Annual Report.
Assuming that the statement of financial condition as of June 30, 2026 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
(16,676
(12,210
(3,684
Down 200 Basis Points
(33,139
(24,420
(7,193
Down 300 Basis Points
(45,982
(35,963
(8,266
Up 100 Basis Points
3,952
Up 200 Basis Points
24,420
Up 300 Basis Points
51,001
36,630
11,856
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 investors 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 June 30, 2026 (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 June 30, 2026 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 discussed in Part I, “Item 1A. Risk Factors” in our Annual Report, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report 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 June 30, 2026, there have been no material changes to the risk factors set forth in our Annual Report.
Not applicable.
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).
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: August 10, 2026
By:
/s/ Michael A. Ewald
Name:
Michael A. Ewald
Title:
Chief Executive Officer (Principal Executive Officer)
/s/ Amit Joshi
Amit Joshi
Chief Financial Officer (Principal Financial Officer) and Principal Accounting Officer