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Dentex Corp Instrument 1st Lien Delayed Draw Term Loan Industry Healthcare Providers & Services Rate S+12.10%, 1.00% Floor (S+12.10% PIK) Interest Rate 15.74% Original Acquisition Date 10/29/2024 Maturity Date 7/31/20262026-06-300001646614ck0001646614:UnitrancheLastOutLoansMember2025-12-310001646614srt:MinimumMemberck0001646614:NonControlledMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Speedstar Holding LLC Instrument 1st Lien Delayed Draw Term Loan Industry Automobiles & Components Rate S+6.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 9.79% Original Acquisition Date 7/2/2024 Maturity Date 7/22/20272025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Iron Oak Energy Solutions LLC Instrument 1st Lien Term Loan Industry Energy Rate S+5.50%, 3.00% Floor Interest Rate 9.16% Original Acquisition Date 6/1/2026 Maturity Date 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8/31/20282025-01-012025-12-310001646614Fund's controlled investments Portfolio Company TH Liquidating Trust Type of Investment Trust Interest Two2024-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Revolver Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 3/27/2023 Maturity Date 3/27/20282025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Alpine Acquisition Corp II Instrument 1st Lien Term Loan Industry Transportation & Logistics Rate S+5.25%, 1.00% Floor Interest Rate 8.89% Original Acquisition Date 1/14/2026 Maturity Date 1/14/20312026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Xactus LLC Instrument 1st Lien Term Loan Industry Business Services Rate S+5.50%, 0.75% Floor Interest Rate 9.17% Original Acquisition Date 5/6/2025 Maturity Date 5/6/20322025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Health Catalyst Inc Instrument 1st Lien Term Loan Industry Healthcare Technology Rate S+6.50%, 1.00% Floor Interest Rate 10.39% Original Acquisition Date 7/16/2024 Maturity Date 7/16/20292025-12-310001646614us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Alpine Acquisition Corp II Instrument 1st Lien Revolver Industry Transportation & Logistics Rate S+4.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 1/14/2026 Maturity Date 1/14/20312026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Guava Buyer LLC (dba AVI-SPL) Instrument 1st Lien Revolver Industry Technology Hardware & Equipment 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America TH Liquidating Trust Instrument Trust Interest Industry Other Rate P+10.50%, 0.50% Floor (2.00% PIK) Interest Rate 17.25% Original Acquisition Date 12/7/2019 Maturity Date 12/6/20262026-01-012026-06-3000016466142025-01-012025-12-310001646614us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Hootsuite Inc. 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America Amerijet Holdings Inc Instrument 1st Lien Revolver Industry Transportation & Logistics Rate S+7.11%, 1.00% Floor (0.50% on unfunded) Interest Rate 10.83% Original Acquisition Date 12/28/2021 Maturity Date 6/30/20272025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America USA Debusk LLC Instrument 1st Lien Term Loan Industry Commercial Services Rate S+5.25%, 0.75% Floor Interest Rate 9.05% Original Acquisition Date 4/30/2024 Maturity Date 4/30/20312025-01-012025-12-310001646614ck0001646614:HealthcareTechnologyMember2025-12-310001646614US Interest Rate Swaps Floating Rate Receive Floating Rate Index SOFR Floating Payment Frequency Annual Fixed Pay Rate 3.348% Maturity Date 9/22/2027 Counterparty Goldman 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S+4.75%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 1/14/2026 Maturity Date 1/14/20312026-06-300001646614ck0001646614:TwoThousandFiftyFivePromissoryNotesMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America USA Debusk LLC Instrument 1st Lien Revolver Industry Commercial Services Rate S+5.25%, 0.75% Floor (0.50% on unfunded) Interest Rate 9.06% Original Acquisition Date 4/30/2024 Maturity Date 4/30/20302025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Radiate Holdco LLC Instrument 1st Lien Delayed Draw Term Loan Industry Telecommunication Rate S+4.00%, 1.00% Floor (1.50% on unfunded) Interest Rate 7.72% Original Acquisition Date 10/23/2025 Maturity Date 6/26/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America LVF Holdings Inc Instrument 1st Lien Term Loan Industry Food & 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(CHA Consulting) Instrument 1st Lien Delayed Draw Term Loan Industry Professional Services Rate S+5.00%, 0.75% Floor Interest Rate 8.87% Original Acquisition Date 1/19/2024 Maturity Date 1/20/2031 One2025-12-310001646614ck0001646614:O2026M4DividendsMember2026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Recorded Books Inc (RB Media) Instrument 1st Lien Delayed Draw Term Loan Industry Media: Diversified & Production Rate S+5.00%, 0.75% Floor (1.00% on unfunded) Interest Rate 1.00% Original Acquisition Date 8/15/2025 Maturity Date 9/3/20302026-06-300001646614ck0001646614:AdviserMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 10th Lien/Secured Loans United States of America Allentown LLC Instrument 1st Lien Revolver Industry Healthcare Equipment & Supplies Rate P+6.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 13.25% Original Acquisition Date 4/22/2022 Maturity Date 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Lien/Secured Loans Canada Hootsuite Inc. 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Original Acquisition Date 5/6/2025 Maturity Date 5/6/20302025-01-012025-12-310001646614ck0001646614:PIKPortionEightMember2025-12-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateMemberck0001646614:UnrealizedGainLossMember2025-04-012025-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Guava Buyer LLC (dba AVI-SPL) Instrument 1st Lien Delayed Draw Term Loan Industry Technology Hardware & Equipment Rate S+5.50%, 1.00% Floor (1.00% on unfunded) Interest Rate 9.16% Original Acquisition Date 8/12/2025 Maturity Date 8/12/20322026-01-012026-06-300001646614ck0001646614:NotesMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Aprimo Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+6.19%, 0.75% Floor Interest Rate 9.84% Original Acquisition Date 5/26/2022 Maturity Date 5/26/20282026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Amerijet Holdings Inc Instrument 1st Lien Term Loan Industry Transportation & Logistics Rate 11.50% (12.00% PIK) Interest Rate 11.50% Original Acquisition Date 12/19/2023 Maturity Date 6/30/20272026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America LA Specialty Produce Co LLC(dba Vesta Foodservice) Instrument 1st Lien Revolver Industry Food & Beverage Rate S+4.50%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 4/1/2026 Maturity Date 4/1/20332026-01-012026-06-300001646614Euro Interest Rate Swaps, Floating Rate Receive, Floating Rate Index EuroSTR, Floating Payment Frequency Annual, Fixed Pay Rate 2.150%, Maturity Date 12/1/2030, Counterparty Goldman Sachs2026-06-300001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Monomoy Capital Partners IV-Titan, L.P. 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Date 12/15/20262025-12-310001646614us-gaap:RetainedEarningsMember2025-06-300001646614us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Delayed Draw Term Loan Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 8.74% Original Acquisition Date 11/30/2023 Maturity Date 3/27/20282025-01-012025-12-310001646614ck0001646614:NotesMemberck0001646614:InterestRateSwapsInMay2023Member2026-06-300001646614us-gaap:FairValueInputsLevel3Memberck0001646614:SecuredLoansAndDebtMember2025-12-310001646614us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberck0001646614:TrustInterestMember2025-12-310001646614Fund's controlled investments Portfolio Company 1035 Mecklenburg Highway, Mooresville, North Carolina Type of Investment Real Estate Properties2025-01-012025-12-310001646614Non-Controlled/Affiliated Investments Equities United States of America Wesco Aircraft Holdings Inc Instrument Common Equities Industry Industrial Products & Services Original Acquisition Date 1/31/20252026-01-012026-06-300001646614us-gaap:FairValueInputsLevel2Memberus-gaap:CashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Gopher Resource LLC Instrument 1st Lien Term Loan Industry Environmental Solutions Rate S+7.00%, 1.00% Floor Interest Rate 10.67% Original Acquisition Date 10/4/2024 Maturity Date 10/4/20292025-01-012025-12-310001646614ck0001646614:ClassBNotesMember2025-01-012025-12-310001646614us-gaap:InvestmentUnaffiliatedIssuerMembercountry:USck0001646614:UnsecuredBondsMember2025-12-310001646614us-gaap:RetainedEarningsMember2025-04-012025-06-300001646614Fund's controlled investments Portfolio Company TH 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Lien/Secured Loans United States of America SBP Holdings LP Instrument 1st Lien Term Loan Industry Industrial Products & Services Rate S+5.00%, 1.00% Floor Interest Rate 8.64% Original Acquisition Date 3/27/2023 Maturity Date 3/27/20282026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Vensure Employer Services Inc Instrument 1st Lien Delayed Draw Term Loan Industry Business Services Rate S+5.00%, 0.50% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 3/4/2026 Maturity Date 9/29/20312026-01-012026-06-300001646614us-gaap:InvestmentUnaffiliatedIssuerMemberck0001646614:SeniorSecuredBondsMember2025-12-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:TrustInterestMember2026-01-012026-06-300001646614ck0001646614:FirstLienRevolverMemberck0001646614:AllentownLlcMember2025-12-310001646614us-gaap:SecuredDebtMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001646614us-gaap:CommonStockMember2026-03-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Bending Spoons US Inc Instrument 1st Lien Term Loan Industry Technology Rate S+5.88%, 1.00% Floor Interest Rate 9.49% Original Acquisition Date 2/19/2025 Maturity Date 3/7/20312026-06-300001646614ck0001646614:ShareIssuanceOnThirtyAprilTwoThousandTwentyFiveMember2025-06-300001646614us-gaap:FairValueInputsLevel3Memberck0001646614:SecuredLoansAndDebtMember2025-06-300001646614us-gaap:AdditionalPaidInCapitalMember2025-03-310001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Telestream 2 LLC Instrument Common Equities Industry Software & Services Original Acquisition Date 6/7/20252026-01-012026-06-300001646614us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Contractual Buyer, LLC (dba Kodiak Solutions) Instrument 1st Lien Revolver Industry Healthcare Technology Rate S+4.50%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.5% Original Acquisition Date 10/10/2023 Maturity Date 10/10/20292026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Storable Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+3.25% Interest Rate 6.97% Original Acquisition Date 5/6/2025 Maturity Date 4/16/20312025-01-012025-12-310001646614us-gaap:FairValueInputsLevel3Memberck0001646614:SecuredLoansAndDebtMembersrt:WeightedAverageMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputExpectedTermMember2025-12-310001646614Non-Controlled/Affiliated Investments Unsecured Debt Luxembourg Takko Fashion Sarl Instrument Subordinated Unsecured Debt Industry Specialty Retail Rate 15.00% (15.00% PIK) Interest Rate 15.00 Original Acquisition Date 8/8/2023 Maturity Date 10/15/20302026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada Hootsuite Inc. Instrument 1st Lien Term Loan Industry Software & Services Rate S+5.50%, 0.75% Floor Interest Rate 9.23% Original Acquisition Date 5/22/2024 Maturity Date 5/22/20302025-12-310001646614ck0001646614:FirstLienDelayedDrawTermLoanMemberck0001646614:FrVisionHoldingsIncChaConsultingMember2025-12-310001646614ck0001646614:FirstLienRevolverMemberck0001646614:SBPHoldingsLpMember2026-06-300001646614ck0001646614:DeclaredOnJanuaryTwentyNineTwoThousandTwentySixMember2026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America NetSPI Midco Corporation Instrument 1st Lien Term Loan Industry Professional Services Rate S+6.25%, 1.00% Floor Interest Rate 9.88% Original Acquisition Date 5/31/2024 Maturity Date 5/31/20292026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America LAC Acquisition LLC d/b/a Lighthouse Autism Center Instrument 1st Lien Term Loan Industry Healthcare Providers & Services Rate S+11.15%, 3.00% Floor (5.50% PIK) Interest Rate 14.82% Original Acquisition Date 7/23/2021 Maturity Date 7/23/20272026-06-300001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Igloo Group Parent Inc Instrument 1st Lien Term Loan Industry Technology Rate S+5.00%, 1.00% Floor Interest Rate 8.73% Original Acquisition Date 12/23/2025 Maturity Date 12/23/20312026-06-300001646614us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-06-300001646614us-gaap:FairValueInputsLevel3Member2025-04-012025-06-300001646614ck0001646614:O2026M1DividendsMember2026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments Senior Secured Bonds United States of America Amber Energy Inc. Instrument Senior Secured Bonds Industry Energy Rate 15.00% Interest Rate 15.00% Original Acquisition Date 11/26/2025 Maturity Date 12/1/20452026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Recorded Books Inc (RB Media) Instrument 1st Lien Revolver Industry Media: Diversified & Production Rate S+5.75%, 0.75% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 8/31/2023 Maturity Date 8/31/20282025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Resistance Holdings Inc Instrument 1st Lien Revolver Industry Pharmaceuticals & Life Sciences Rate S+5.00%, 1.00% Floor (1.00% on unfunded) Interest Rate 0.50% Original Acquisition Date 3/16/2026 Maturity Date 3/14/20312026-06-300001646614srt:MinimumMemberck0001646614:NonControlledMember2026-06-300001646614ck0001646614:AdviserMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America FR Vision Holdings, Inc. (CHA Consulting) Instrument 1st Lien Revolver Industry Professional Services Rate S+5.00%, 0.75% Floor (0.50% on unfunded) Interest Rate 8.67% Original Acquisition Date 1/19/2024 Maturity Date 1/20/20302026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America 175 3rd Street Instrument 1st Lien Term Loan Industry Real Estate Development & Management Rate S+5.50%, 3.75% Floor Interest Rate 9.37% Original Acquisition Date 4/30/2025 Maturity Date 5/1/20262025-12-310001646614Controlled Investments 1st Lien/Secured Loans United States of America SP-CREH 19 Highline LLC Instrument 1st Lien Revolver Industry Multi-Family Rate S+2.00%, 3.00% Floor, 5.00% Cap Interest Rate 5.84% Original Acquisition Date 6/28/2021 Maturity Date 7/1/20262025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Likewize Corp Instrument 1st Lien Term Loan Industry Insurance & Insurance Services Rate S+5.75%, 0.50% Floor Interest Rate 9.43% Original Acquisition Date 8/15/2024 Maturity Date 8/27/20292025-12-310001646614us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberck0001646614:TrustInterestMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America GC Bison Acquisition, LLC (Midland Industries) Instrument 1st Lien Revolver Industry Industrial Products & Services Rate S+6.00%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.5% Original Acquisition Date 9/1/2023 Maturity Date 9/4/20292026-06-300001646614us-gaap:FairValueInputsLevel3Memberck0001646614:SecuredLoansAndDebtMembersrt:WeightedAverageMemberck0001646614:MeasurementInputYieldMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Radiate Holdco LLC Instrument 1st Lien Term Loan Industry Telecommunication Rate S+4.00%, 1.00% Floor Interest Rate 7.72% Original Acquisition Date 10/23/2025 Maturity Date 6/26/20292025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America NetSPI Midco Corporation Instrument 1st Lien Revolver Industry Professional Services Rate S+6.25%, 1.00% Floor (0.50% on unfunded) Interest Rate 0.50% Original Acquisition Date 5/31/2024 Maturity Date 5/31/20292025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans Canada 1261229 BC LTD Instrument 1st Lien Term Loan Industry Healthcare Equipment & Supplies Rate S+6.25% Interest Rate 9.97% Original Acquisition Date 8/28/2025 Maturity Date 10/8/20302025-01-012025-12-310001646614country:CA2025-12-310001646614US Interest Rate Swaps Floating Rate Receive Floating Rate Index SOFR Floating Payment Frequency Annual Fixed Pay Rate 3.348% Maturity Date 9/22/2027 Counterparty Goldman Sachs2025-01-012025-12-310001646614ck0001646614:DeclaredOnDecemberTwentySevenTwoThousandTwentyFiveMember2026-01-012026-06-300001646614Foreign Currency Forward Contracts Derivative Counterparty Settlement Date 3/31/2026 Bank of America2025-12-310001646614Interest Rate Swaps, Non-Hedge Accounting2026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America LAC Acquisition LLC d/b/a Lighthouse Autism Center Instrument 1st Lien Revolver Industry Healthcare Providers & Services Rate S+11.15%, 3.00% Floor (0.50% on unfunded) Interest Rate 0.5% Original Acquisition Date 4/3/2024 Maturity Date 7/23/20272025-12-310001646614Fund's affiliated/non-controlled investments Portfolio Company Takko Fashion GmbH Type of Investment Secured Loans2025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Circle Graphics Inc Instrument 1st Lien Term Loan Industry E-Commerce Rate S+3.25%, 4.00% Floor Interest Rate 7.25% Original Acquisition Date 6/30/2025 Maturity Date 3/31/20292026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Inotiv Inc Instrument 1st Lien Term Loan Industry Pharmaceuticals & Life Sciences Rate P+7.50%, 1.00% Floor (0.25% PIK) Interest Rate 14.25% Original Acquisition Date 11/3/2021 Maturity Date 11/5/20262026-06-300001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America Kaseya Inc Instrument 1st Lien Term Loan Industry Software & Services Rate S+3.00% Interest Rate 6.72% Original Acquisition Date 5/5/2025 Maturity Date 3/22/20322025-12-310001646614ck0001646614:SeniorSecuredDebtMembercountry:USus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America i.PARK BROADWAY LLC (1050 N Broadway) Instrument 1st Lien Term Loan Industry Real Estate Development & Management Rate S+5.30%, 4.25% Floor Interest Rate 9.55% Original Acquisition Date 7/3/2025 Maturity Date 7/6/20272025-01-012025-12-310001646614us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2026-01-012026-06-300001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Peloton Interactive Inc Instrument 1st Lien Term Loan Industry Fitness & Leisure Rate S+5.50% Interest Rate 9.14% Original Acquisition Date 5/23/2024 Maturity Date 5/30/20292026-01-012026-06-300001646614ck0001646614:FirstLienSecuredLoansMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001646614us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001646614:RealEstatePropertiesMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001646614us-gaap:AdditionalPaidInCapitalMember2025-06-300001646614us-gaap:InvestmentUnaffiliatedIssuerMemberck0001646614:SeniorSecuredBondsMembercountry:US2025-12-310001646614Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans United States of America Smarsh Inc Instrument 1st Lien Delayed Draw Term Loan Industry Software & Services Rate S+4.75%, 0.75% Floor (1.00% on unfunded) Interest Rate 8.48% Original Acquisition Date 2/18/2022 Maturity Date 2/18/20292026-06-300001646614us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-06-300001646614Non-Controlled/Non-Affiliated Investments 31st Lien/Secured Loans United States of America IXS Holdings Inc Instrument 1st Lien Term Loan Industry Automobiles & Components Rate S+5.50%, 1.00% Floor Interest Rate 9.22% Original Acquisition Date 8/15/2025 Maturity Date 9/21/20292025-01-012025-12-310001646614Non-Controlled/Non-Affiliated Investments Equities United States of America Circle Graphics Parent, LP Instrument Preferred Equities Industry E-Commerce Original Acquisition Date 6/30/20252025-12-310001646614us-gaap:FairValueInputsLevel3Member2025-01-012025-06-300001646614ck0001646614:SecondLienSecuredLoansMemberus-gaap:InvestmentUnaffiliatedIssuerMembercountry:US2025-12-31iso4217:AUDiso4217:EURutr:Ratexbrli:purexbrli:sharesiso4217:GBPiso4217:USDiso4217:USDxbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

 

☒	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: 000-56533

SILVER POINT SPECIALTY LENDING FUND

(Exact Name of Registrant as Specified in its Charter)

Maryland	47-1577585
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
Two Greenwich Plaza, Suite 1 Greenwich, Connecticut	06830
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (203) 542-4200

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		Not applicable		Not applicable

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 6, 2026, the registrant had 23,562,024 shares of common stock, $0.001 par value per share, outstanding.Common stock outstanding excludes shares issued pursuant to the registrant's dividend reinvestment plan as of July 31, 2026 since the issuance price is not yet finalized at this time.

 

 

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Silver Point Specialty Lending Fund

Table of Contents

 

		Page
PART I	CONSOLIDATED FINANCIAL INFORMATION	1
Item 1	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of June 30, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)	5
	Consolidated Schedules of Investments as of June 30, 2026 (Unaudited) and December 31, 2025	6
	Notes to Consolidated Financial Statements (Unaudited)	28
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3	Quantitative and Qualitative Disclosures About Market Risk	66
Item 4	Controls and Procedures	67
PART II	OTHER INFORMATION	68
Item 1	Legal Proceedings	68
Item 1A	Risk Factors	68
Item 2	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	68
Item 3	Defaults Upon Senior Securities	68
Item 4	Mine Safety Disclosures	68
Item 5	Other Information	68
Item 6	Exhibits	69
Signatures		70

 

 

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PART I— CONSOLIDATED FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Silver Point Specialty Lending Fund

Consolidated Statements of Assets and Liabilities

		June 30, 2026				December 31, 2025
		(Unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (amortized cost of $1,141,245,940 and $1,157,779,432, respectively)		$	1,095,725,197			$	1,133,651,175
Non-controlled, affiliated investments (amortized cost of $24,294,677 and 23,603,860, respectively)			35,607,807				30,263,217
Controlled investments (amortized cost of $39,292,110 and $40,671,939, respectively)			17,045,497				19,832,346
Total investments, at fair value (amortized cost of $1,204,832,727 and $1,222,055,231, respectively)			1,148,378,501				1,183,746,738
Cash and cash equivalents (cash equivalents of $13,685,336 and $11,056,883, respectively)			33,998,281				14,006,888
Restricted cash and cash equivalents (restricted cash equivalents of $11,264,926 and $12,954,969, respectively)			16,797,399				17,888,102
Foreign cash held at banks (cost of $3,752,364 and $2,165,557, respectively)			3,698,740				2,163,174
Receivable for unsettled transactions			1,430,297				5,351,693
Interest receivable			8,821,215				8,223,819
Foreign currency forward contracts, at fair value			11,797				65,048
Interest rate swaps, at fair value			926,199				1,144,580
Due from broker			1,005,692				1,773,780
Deferred financing costs			1,449,006				1,785,354
Other assets			18,772				313,017
Total assets		$	1,216,535,899			$	1,236,462,193
Liabilities
Debt (Note 6) (net of unamortized debt issuance costs of $1,811,247 and $2,448,150, respectively)		$	554,247,288			$	599,743,222
Payable for unsettled transactions			6,220,566				21,204,629
Interest payable			5,133,423				5,352,673
Management fees payable to an affiliate (Note 3)			1,599,246				1,506,894
Income incentive fee payable to an affiliate (Note 3)			2,486,200				2,501,126
Interest rate swaps, at fair value			68,576				226,331
Foreign currency forward contracts, at fair value			266,417				177,236
Dividend payable			5,629,627				5,310,097
Other liabilities			1,532,613				4,734,054
Accrued expenses			1,980,890				1,870,812
Total liabilities			579,164,846				642,627,074
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, unlimited shares authorized; 23,456,779 and 21,240,388 shares issued and outstanding, respectively			23,457				21,240
Paid-in-capital in excess of par			715,905,539				654,483,442
Distributable earnings (losses)			(78,557,943	)			(60,669,563	)
Total net assets			637,371,053				593,835,119
Total liabilities and net assets		$	1,216,535,899			$	1,236,462,193
Net asset value per share		$	27.17			$	27.96

 

The accompanying notes are an integral part of these consolidated financial statements.

1

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Silver Point Specialty Lending Fund

Consolidated Statements of Operations

(Unaudited)

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2026				2025				2026				2025
Investment income:
Non-controlled/non-affiliated investments:
Interest income (excluding payment-in-kind (“PIK”) interest)		$	30,094,027			$	24,501,747			$	59,781,006			$	50,008,865
PIK interest income			949,964				1,354,905				1,711,679				2,511,006
Dividend income			80,165				—				80,165				—
Other income			14,820				11,251				683,910				30,094
Non-controlled/affiliated investments:
Interest income (excluding PIK interest)			37,730				98,814				71,756				284,789
PIK interest income			423,131				335,343				685,616				480,557
Controlled investments:
Interest income (excluding PIK interest)			87,044				122,249				185,994				320,853
PIK interest income			31,133				27,263				60,643				53,334
Total investment income			31,718,014				26,451,572				63,260,769				53,689,498
Expenses:
Interest and financing expenses			8,014,353				7,022,807				16,617,568				14,274,818
Management fee (Note 3)			1,999,058				1,466,705				3,925,173				2,496,375
Income incentive fee (Note 3)			2,486,200				2,133,102				4,904,063				4,719,363
Incentive compensation clawback (Note 3)			—				(741,019	)			—				(1,522,386	)
Professional fees			697,832				1,119,633				1,417,659				1,667,158
Administration fees			613,844				548,271				1,372,045				953,564
Trustee fees			65,625				88,699				131,250				175,000
Other general and administrative expenses			601,502				476,682				1,095,972				946,869
Total expenses			14,478,414				12,114,880				29,463,730				23,710,761
Management fee waiver (Note 3)			(399,812	)			(224,696	)			(785,035	)			(224,696	)
Net expenses			14,078,602				11,890,184				28,678,695				23,486,065
Net investment income			17,639,412				14,561,388				34,582,074				30,203,433
Net gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments			438,672				(9,642,346	)			(4,128,384	)			(11,450,247	)
Non-controlled/affiliated investments			—				123,087				—				213,739
Foreign currency transactions			(56,576	)			155,774				(80,225	)			173,619
Foreign currency forward contracts			1,785,810				(1,614,978	)			2,363,057				(2,183,731	)
Interest rate swaps			(222,240	)			5,057				(193,951	)			10,276
Total net realized gain (loss)			1,945,666				(10,973,406	)			(2,039,503	)			(13,236,344	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(10,260,024	)			3,160,710				(21,392,486	)			1,742,695
Non-controlled/affiliated investments			666,588				2,800,616				4,653,773				2,891,995
Controlled investments			(68,461	)			(2,071,518	)			(1,407,020	)			(3,394,184	)
Translation of assets and liabilities in foreign currencies			136,359				(8,040	)			94,337				78,401
Foreign currency forward contracts			(586,999	)			(546,035	)			(142,432	)			(932,058	)
Interest rate swaps			288,852				(51,633	)			394,364				(254,656	)
Total net change in unrealized appreciation (depreciation)			(9,823,685	)			3,284,100				(17,799,464	)			132,193
Net gain (loss)			(7,878,019	)			(7,689,306	)			(19,838,967	)			(13,104,151	)
Net increase (decrease) in net assets resulting from operations		$	9,761,393			$	6,872,082			$	14,743,107			$	17,099,282
Net investment income per share (Basic and Dilutive)		$	0.77			$	0.79			$	1.54			$	1.63
Earnings per share (Basic and Dilutive)		$	0.42			$	0.37			$	0.66			$	0.92
Weighted average shares outstanding			23,029,894				18,536,287				22,457,845				18,500,904

 

The accompanying notes are an integral part of these consolidated financial statements.

2

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Silver Point Specialty Lending Fund

Consolidated Statements of Changes in Net Assets

(Unaudited)

		Shares				Par Amount				Paid-in-Capital in Excess of Par				Distributable Earnings (Losses)				Total Net Assets
Balance at December 31, 2025:			21,240,388				21,240				654,483,442				(60,669,563	)			593,835,119
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)			—				—				—				16,942,662				16,942,662
Net realized gains (losses) on investments and foreign currency transactions			—				—				—				(3,985,169	)			(3,985,169	)
Net change in unrealized gains (losses) on investments and foreign currency translation			—				—				—				(7,975,779	)			(7,975,779	)
Increase (decrease) in net assets resulting from capital share transactions:
Issuance of common shares			1,074,758				1,075				29,998,925				—				30,000,000
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan			289,820				290				8,089,564				—				8,089,854
Dividends declared from distributable earnings			—				—				—				(15,947,981	)			(15,947,981	)
Balance at March 31, 2026:			22,604,966			$	22,605			$	692,571,931			$	(71,635,830	)		$	620,958,706
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)			—				—				—				17,639,412				17,639,412
Net realized gains (losses) on investments and foreign currency transactions			—				—				—				1,945,666				1,945,666
Net change in unrealized gains (losses) on investments and foreign currency translation			—				—				—				(9,823,685	)			(9,823,685	)
Increase (decrease) in net assets resulting from capital share transactions:
Issuance of common shares			547,581				548				14,999,452				—				15,000,000
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan			304,232				304				8,334,156				—				8,334,460
Dividends declared from distributable earnings			—				—				—				(16,683,506	)			(16,683,506	)
Balance at June 30, 2026:			23,456,779			$	23,457			$	715,905,539			$	(78,557,943	)		$	637,371,053

 

The accompanying notes are an integral part of these consolidated financial statements.

3

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Silver Point Specialty Lending Fund

Consolidated Statements of Changes in Net Assets

(Unaudited)

		Shares				Par Amount				Paid-in-Capital in Excess of Par				Distributable Earnings (Losses)				Total Net Assets
Balance at December 31, 2024:			18,453,726			$	18,454			$	553,593,317			$	(8,698,777	)		$	544,912,994
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)			—				—				—				15,642,045				15,642,045
Net realized gains (losses) on investments and foreign currency transactions			—				—				—				(2,262,938	)			(2,262,938	)
Net change in unrealized gains (losses) on investments and foreign currency translation			—				—				—				(3,151,907	)			(3,151,907	)
Increase (decrease) in net assets resulting from capital share transactions:
Issuance of common shares			—				—				—				—				—
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan			—				—				—				—				—
Dividends declared from distributable earnings			—				—				—				(12,917,608	)			(12,917,608	)
Balance at March 31, 2025:			18,453,726			$	18,454			$	553,593,317			$	(11,389,185	)		$	542,222,586
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)			—				—				—				14,561,388				14,561,388
Net realized gains (losses) on investments and foreign currency transactions			—				—				—				(10,973,406	)			(10,973,406	)
Net change in unrealized gains (losses) on investments and foreign currency translation			—				—				—				3,284,100				3,284,100
Increase (decrease) in net assets resulting from capital share transactions:
Issuance of common shares			329,746				330				9,509,701				—				9,510,031
Dividends to shareholders:
Shares issued in connection with dividend reinvestment plan			—				—				—				—				—
Dividends declared from distributable earnings			—				—				—				(17,346,502	)			(17,346,502	)
Balance at June 30, 2025:			18,783,472			$	18,784			$	563,103,018			$	(21,863,605	)		$	541,258,197

 

The accompanying notes are an integral part of these consolidated financial statements.

4

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Silver Point Specialty Lending Fund

Consolidated Statements of Cash Flows

(Unaudited)

		For the Six Months Ended June 30,
		2026				2025
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$	14,743,107			$	17,099,282
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Net amortization/accretion of premium/discount on investments			(5,122,683	)			(4,098,039	)
Amortization of deferred financing costs and debt issuance costs			973,252				828,071
Payments for purchase of investments			(170,356,029	)			(188,425,770	)
Proceeds from sales, paydowns and resolutions of investments			191,024,035				148,929,824
Interest paid-in-kind			(2,457,938	)			(3,044,897	)
Net realized (gain) loss from investments			4,128,384				11,236,508
Net change in unrealized (appreciation) depreciation from investments			18,145,733				(1,240,506	)
Net change in unrealized (appreciation) depreciation from foreign currency forward contracts			142,432				932,058
Net change in unrealized (appreciation) depreciation from interest rate swaps			(394,364	)			254,656
Net change in unrealized (appreciation) depreciation on effectively hedged interest rate swaps and debt			(15,856	)			(50,360	)
Net (increase) decrease in operating assets and increase (decrease) in operating liabilities
Receivable for unsettled transactions			3,921,396				10,683,112
Interest receivable			(590,661	)			248,447
Incentive compensation clawback			—				7,025,114
Due from broker			768,088				(2,127,644	)
Other assets			294,245				432,494
Due to broker			—				(1,920,000	)
Payable for unsettled transactions			(14,984,063	)			51,696,039
Interest payable			(219,250	)			(1,500,493	)
Management fees payable to an affiliate			92,352				212,339
Income incentive fee payable to an affiliate			(14,926	)			(721,688	)
Interest rate swaps accrual, net			(62,022	)			(61,925	)
Other liabilities			142,426				(126,268	)
Accrued expenses			110,840				465,601
Net cash provided by (used in) operating activities			40,268,498				46,725,955
Cash flows from financing activities
Proceeds from debt borrowings			71,900,000				26,292,625
Principal debt payments			(117,500,000	)			(11,974,938	)
Payment of deferred financing costs and debt issuance costs			—				(1,059,064	)
Issuance of common shares			45,000,000				9,510,031
Dividends paid in cash			(15,888,375	)			(30,264,110	)
Payments of other liabilities			(3,343,867	)			—
Net cash provided by (used in) financing activities			(19,832,242	)			(7,495,456	)
Net increase (decrease)			20,436,256				39,230,499
Beginning of period balance(1)			34,058,164				99,176,269
End of period balance(1) (Note 2)		$	54,494,420			$	138,406,768
(1) Including cash and cash equivalents, restricted cash and cash equivalents and foreign cash held at banks
Supplemental cash flow information
Cash paid during the period for interest		$	15,941,445			$	15,059,507
Reinvestment of dividends during the period		$	16,424,314			$	—
Dividends payable		$	5,629,627			$	—

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Non-Controlled/Non-Affiliated Investments
1st Lien/Secured Loans
United States of America
Accela Inc/US⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+4.75%, 0.75% Floor		8.39%		9/1/2023		9/2/2030		$	11,352,857		$11,220,099		$11,299,591		1.77%
Accela Inc/US⁽⁷⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+4.75%, 0.75% Floor		8.39		4/11/2025		9/2/2030			1,345,329		1,334,835		1,339,017		0.21
Accela Inc/US⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Software & Services		S+4.75%, 0.75% Floor (0.50% on unfunded)		0.50		9/1/2023		9/2/2030			2,242,023		(16,905)		(16,783)		(0.00)
Accurate Background LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+6.26%, 1.00% Floor		9.99		10/18/2021		3/26/2029			19,044,352		18,158,175		18,646,501		2.93
Allentown LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Healthcare Equipment & Supplies		S+7.15%, 1.00% Floor (1.00% PIK)		10.82		4/22/2022		4/22/2027			11,590,205		11,508,515		10,231,397		1.61
Allentown LLC⁽⁷⁾		1st Lien Delayed Draw Term Loan		Healthcare Equipment & Supplies		S+7.15%, 1.00% Floor (1.00% PIK)		10.82		4/22/2022		4/22/2027			1,728,086		1,730,837		1,525,490		0.24
Allentown LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Healthcare Equipment & Supplies		P+6.00%, 1.00% Floor (0.50% on unfunded) (1.00% PIK)		12.75		4/22/2022		4/22/2027			1,173,794		459,397		367,866		0.06
Allium Buyer LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+5.00%, 1.00% Floor		8.66		5/2/2023		5/2/2030			5,690,550		5,583,589		5,673,843		0.89
Allium Buyer LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Business Services		S+5.00%, 1.00% Floor (0.50% on unfunded)		0.50		5/2/2023		5/2/2029			573,673		(9,430)		(3,583)		(0.00)
Alpine Acquisition Corp II⁽⁷⁾⁽¹⁶⁾		1st Lien Term Loan		Transportation & Logistics		S+5.25%, 1.00% Floor		8.89		1/14/2026		1/14/2031			707,833		707,833		574,041		0.09
Alpine Acquisition Corp II⁽⁷⁾⁽¹⁶⁾		1st Lien Term Loan		Transportation & Logistics		S+5.00%, 1.00% Floor		8.64		1/14/2026		1/14/2031			530,587		530,587		483,819		0.08
Alpine Acquisition Corp II⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Delayed Draw Term Loan		Transportation & Logistics		S+4.75%, 1.00% Floor (0.50% on unfunded)		0.50		1/14/2026		1/14/2031			53,094		(481)		(1,204)		(0.00)
Alpine Acquisition Corp II⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Transportation & Logistics		S+4.75%, 1.00% Floor (0.50% on unfunded)		0.50		1/14/2026		1/14/2031			212,377		(9,642)		(4,923)		(0.00)
Amerijet Holdings Inc⁽⁷⁾		1st Lien Term Loan		Transportation & Logistics		11.50% (12.00% PIK)		11.50		12/19/2023		6/30/2027			7,116,344		7,108,381		11,160,562		1.75
Amerijet Holdings Inc⁽⁷⁾⁽¹⁶⁾		1st Lien Term Loan		Transportation & Logistics		S+7.26%, 1.00% Floor		10.93		12/28/2021		6/30/2027			12,775,842		12,676,537		12,028,720		1.89
Amerijet Holdings Inc⁽⁷⁾⁽¹⁶⁾		1st Lien Revolver		Transportation & Logistics		S+7.26%, 1.00% Floor (0.50% on unfunded)		10.93		12/28/2021		6/30/2027			2,536,322		2,522,543		2,386,359		0.37
Aprimo Inc⁽⁷⁾⁽⁸⁾⁽¹⁵⁾		1st Lien Term Loan		Software & Services		S+6.19%, 0.75% Floor		9.84		5/26/2022		5/26/2028			2,155,344		2,140,543		2,125,600		0.33
Artisan Bidco Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Technology		S+7.00%, 1.00% Floor		10.68		11/7/2023		11/7/2029			4,090,745		4,016,844		4,038,958		0.63
Artisan Bidco Inc⁽⁷⁾		1st Lien Term Loan		Technology		E+7.00%, 1.00% Floor		9.17		11/7/2023		11/7/2029		€	6,993,467		7,381,357		7,884,788		1.24
Artisan Bidco Inc⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Technology		S+7.00%, 1.00% Floor (0.50% on unfunded)		10.68		11/7/2023		11/7/2029			1,170,535		936,312		940,311		0.15
Atlas Sand Co LLC⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Oilfield Services		9.51%		9.51		3/5/2025		3/1/2032			5,843,516		5,795,809		5,779,237		0.91
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+6.00%, 0.75% Floor		9.64		3/19/2024		3/19/2031			2,114,211		2,089,952		2,026,202		0.32
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+6.00%, 0.75% Floor		9.64		3/19/2024		3/19/2031			4,805,026		4,753,676		4,605,504		0.72
Azurite Intermediate Holdings Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Software & Services		S+6.00%, 0.75% Floor (0.50% on unfunded)		0.50		3/19/2024		3/19/2031			770,731		(7,789)		(32,594)		(0.01)
BayMark Health Services Inc⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾		1st Lien Term Loan		Healthcare Providers & Services		S+5.26%, 1.00% Floor		8.99		6/10/2021		6/11/2027			4,149,394		4,115,469		3,746,903		0.59
BayMark Health Services Inc⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+5.26%, 1.00% Floor		8.99		11/19/2021		6/11/2027			2,587,437		2,567,425		2,336,455		0.37
BEL USA LLC⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾⁽¹⁶⁾		1st Lien Term Loan		E-Commerce		S+9.15%, 2.50% Floor		12.82		12/13/2018		6/2/2026			8,821,421		8,719,947		1,036,271		0.16
BEL USA LLC⁽⁷⁾		1st Lien Term Loan		E-Commerce		S+9.15%, 2.50% Floor		12.82		1/13/2026		6/2/2026			223,491		223,491		221,378		0.03

 

The accompanying notes are an integral part of these consolidated financial statements.

6

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Bending Spoons US Inc⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Technology		S+5.88%, 1.00% Floor		9.49%		2/19/2025		3/7/2031		$	15,026,377		$14,771,600		$14,753,527		2.31%
ChemCat AcquisitionCo LLC (Ketjen)		1st Lien Term Loan		Specialty Chemicals		S+4.75%		8.48		6/30/2026		3/2/2033			6,479,757		6,220,566		6,350,162		1.00
Circle Graphics Inc⁽⁷⁾		1st Lien Term Loan		E-Commerce		S+3.25%, 4.00% Floor		7.25		6/30/2025		3/31/2029			10,602,410		10,206,009		9,266,560		1.45
Circle Graphics Inc⁽⁷⁾⁽¹⁶⁾		1st Lien Term Loan		E-Commerce		S+3.75%, 4.00% Floor (S+3.75% PIK)		7.75		6/30/2025		3/31/2029			10,575,951		7,998,464		6,375,183		1.00
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Healthcare Technology		S+4.50%, 0.75% Floor		8.16		10/10/2023		10/10/2030			3,433,442		3,375,649		3,340,275		0.52
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾		1st Lien Delayed Draw Term Loan		Healthcare Technology		S+4.50%, 0.75% Floor		8.16		1/22/2026		10/10/2030			1,078,897		1,069,203		1,049,621		0.16
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Healthcare Technology		S+4.50%, 0.75% Floor (0.50% on unfunded)		0.50		10/10/2023		10/10/2029			401,425		(6,130)		(8,740)		(0.00)
Coupa Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+5.25%, 0.75% Floor		8.91		2/27/2023		2/27/2030			10,144,131		9,990,158		9,821,498		1.54
Coupa Holdings LLC⁽⁷⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+5.25%, 0.75% Floor (1.00% on unfunded)		8.90		2/27/2023		2/27/2030			924,210		908,705		894,816		0.14
Coupa Holdings LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Software & Services		S+5.25%, 0.75% Floor (0.50% on unfunded)		8.90		2/27/2023		2/27/2029			707,659		463,928		454,348		0.07
CP Atlas Buyer Inc (American Bath)⁽⁸⁾		1st Lien Term Loan		Building Products		S+5.25%		8.89		7/1/2025		7/8/2030			18,361,266		17,622,675		16,076,298		2.52
Crewline Buyer Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+6.75%, 1.00% Floor		10.41		11/8/2023		11/8/2030			9,501,470		9,340,657		9,251,937		1.45
Crewline Buyer Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Software & Services		S+6.75%, 1.00% Floor (0.50% on unfunded)		0.50		11/8/2023		11/8/2030			989,736		(15,015)		(26,057)		(0.00)
Databricks Inc⁽⁷⁾⁽⁸⁾⁽¹⁶⁾		1st Lien Term Loan		Software & Services		S+4.50%		8.11		12/19/2024		1/3/2031			2,193,577		2,185,490		2,195,770		0.34
Databricks Inc⁽⁶⁾⁽⁷⁾⁽¹⁶⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+4.50% (1.00% on unfunded)		1.00		12/19/2024		1/5/2032			13,716,358		—		13,716		0.00
Elessent Clean Technologies Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Specialty Chemicals		S+6.00%, 1.00% Floor		9.67		11/15/2024		11/15/2029			2,424,328		2,389,425		2,431,317		0.38
Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹³⁾		1st Lien Revolver		Specialty Chemicals		S+6.00%, 1.00% Floor (0.50% on unfunded)		0.50		11/15/2024		11/15/2029			241,448		(3,261)		696		0.00
FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Professional Services		S+5.00%, 0.75% Floor		8.67		1/19/2024		1/20/2031			2,495,525		2,460,268		2,450,903		0.38
FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾		1st Lien Delayed Draw Term Loan		Professional Services		S+5.00%, 0.75% Floor		8.67		1/19/2024		1/20/2031			732,974		721,812		719,868		0.11
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Professional Services		S+5.00%, 0.75% Floor (1.00% on unfunded)		8.67		9/26/2025		1/20/2031			557,029		66,932		59,669		0.01
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Professional Services		S+5.00%, 0.75% Floor (0.50% on unfunded)		8.67		1/19/2024		1/20/2030			185,747		16,196		15,952		0.00
G-3 Chickadee Purchaser, LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Specialty Chemicals		S+5.75%, 1.00% Floor		9.41		10/31/2025		10/31/2031			5,914,386		5,809,219		5,802,013		0.91
GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+6.00%, 1.00% Floor		9.67		9/1/2023		9/4/2029			7,785,708		7,694,113		7,644,845		1.20
GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾		1st Lien Delayed Draw Term Loan		Industrial Products & Services		S+6.00%, 1.00% Floor		9.73		2/27/2026		9/3/2029			275,805		270,743		270,815		0.04
GC Bison Acquisition, LLC (Midland Industries)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Industrial Products & Services		S+6.00%, 1.00% Floor (0.50% on unfunded)		0.50		9/1/2023		9/4/2029			1,063,447		(11,245)		(19,241)		(0.00)
GI Apple Midco LLC (Atlas Technical)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Professional Services		S+6.75%, 1.00% Floor		10.39		4/19/2023		4/19/2030			10,746,378		10,579,023		10,611,720		1.66
GI Apple Midco LLC (Atlas Technical)⁽⁷⁾		1st Lien Delayed Draw Term Loan		Professional Services		S+6.75%, 1.00% Floor		10.39		4/19/2023		4/19/2030			206,183		204,386		203,605		0.03
GI Apple Midco LLC (Atlas Technical)⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Professional Services		S+6.75%, 1.00% Floor (0.50% on unfunded)		10.39		4/19/2023		4/19/2029			1,345,718		875,100		880,695		0.14
Gibson Brands Inc⁽⁹⁾		1st Lien Term Loan		Consumer Brands		S+5.26%, 0.75% Floor		8.94		2/16/2024		8/11/2028			5,505,888		5,350,706		5,178,247		0.81
Gopher Resource LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Environmental Solutions		S+5.75%, 1.00% Floor (2.50% PIK)		9.48		10/4/2024		10/4/2029			17,229,372		16,894,887		17,101,934		2.68
Gopher Resource LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Environmental Solutions		S+5.75%, 1.00% Floor (0.50% on unfunded)		9.40		10/4/2024		10/4/2029			1,341,763		601,406		611,733		0.10

 

The accompanying notes are an integral part of these consolidated financial statements.

7

---

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Guava Buyer LLC (dba AVI-SPL)⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Technology Hardware & Equipment		S+5.50%, 1.00% Floor		9.14%		8/12/2025		8/12/2032		$	17,432,226		$17,119,640		$17,240,472		2.70%
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Technology Hardware & Equipment		S+5.50%, 1.00% Floor (1.00% on unfunded)		9.16		8/12/2025		8/12/2032			2,065,355		877,571		880,926		0.14
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Technology Hardware & Equipment		S+5.50%, 1.00% Floor (0.50% on unfunded)		9.15		8/12/2025		8/12/2030			2,074,483		131,808		133,804		0.02
Hammer IntermediateCo LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Automobiles & Components		S+5.50%, 1.00% Floor		9.23		10/1/2025		10/1/2031			6,171,761		6,089,336		6,187,191		0.97
Hammer IntermediateCo LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Automobiles & Components		S+5.50%, 1.00% Floor (0.50% on unfunded)		0.50		10/1/2025		10/1/2031			1,062,137		(13,947)		(7,966)		(0.00)
Hawk Parent Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Financial Services		S+5.50%, 1.00% Floor		9.16		6/11/2026		6/1/2032			22,660,930		22,040,094		22,037,754		3.46
Health Catalyst Inc⁽⁷⁾⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Healthcare Technology		S+6.50%, 1.00% Floor		10.18		7/16/2024		7/16/2029			10,327,300		10,122,262		10,508,028		1.65
Health Catalyst Inc⁽⁷⁾⁽¹⁰⁾		1st Lien Delayed Draw Term Loan		Healthcare Technology		S+6.50%, 1.00% Floor		10.17		7/16/2024		7/16/2029			3,122,639		3,062,058		3,177,285		0.50
Igloo Group Parent Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Technology		S+5.00%, 1.00% Floor		8.73		12/23/2025		12/23/2031			18,252,302		17,223,286		17,175,416		2.69
Industrial Service Solutions WC, Inc.⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Industrial Products & Services		S+4.50%, 0.75% Floor		8.14		2/6/2026		2/7/2033			10,760,234		10,662,404		10,652,632		1.67
Industrial Service Solutions WC, Inc.⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Industrial Products & Services		P+6.75%, 0.75% Floor (0.50% on unfunded)		9.08		2/6/2026		2/7/2033			1,871,345		387,805		377,388		0.06
INEOS US Petrochem LLC		1st Lien Term Loan		Specialty Chemicals		S+4.25%		7.99		5/5/2026		3/29/2029			10,329,773		9,647,208		9,075,996		1.42
Inotiv Inc⁽⁷⁾⁽⁸⁾⁽¹⁰⁾⁽¹¹⁾⁽¹⁴⁾		1st Lien Term Loan		Pharmaceuticals & Life Sciences		P+7.50%, 1.00% Floor (0.25% PIK)		14.25		11/3/2021		11/5/2026			17,196,458		15,989,916		9,712,622		1.52
Inotiv Inc⁽⁶⁾⁽⁷⁾		1st Lien DIP		Pharmaceuticals & Life Sciences		S+11.50%, 2.50% Floor (S+11.50% PIK)		15.23		5/14/2026		8/5/2026			4,272,079		4,012,206		4,193,559		0.66
i.PARK BROADWAY LLC (1050 N Broadway)⁽⁷⁾		1st Lien Term Loan		Real Estate Development & Management		S+5.30%, 4.25% Floor		9.55		7/3/2025		7/6/2027			9,192,144		9,097,331		9,158,133		1.44
Iron Oak Energy Solutions LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Energy		S+5.50%, 3.00% Floor		9.16		6/1/2026		5/26/2033			5,875,033		5,729,780		5,728,157		0.90
IXS Holdings Inc⁽⁸⁾		1st Lien Term Loan		Automobiles & Components		S+5.50%, 1.00% Floor		9.16		8/15/2025		9/5/2029			6,050,990		5,861,057		5,993,082		0.94
Jennmar Intermediate III LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Industrial Products & Services		S+5.00%		8.73		12/16/2025		12/16/2030			20,455,912		19,844,690		20,179,757		3.17
KORE Wireless Group Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Telecommunications		S+6.50%, 1.00% Floor		10.14		12/20/2023		11/9/2028			4,521,005		4,476,063		4,512,468		0.71
KORE Wireless Group Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Telecommunications		S+6.50%, 1.00% Floor (0.50% on unfunded)		0.50		12/20/2023		11/9/2028			626,612		(6,049)		(1,167)		(0.00)
LA Specialty Produce Co LLC(dba Vesta Foodservice)⁽⁷⁾		1st Lien Term Loan		Food & Beverage		S+4.50%, 0.75% Floor		8.19		4/1/2026		4/1/2033			6,949,729		6,882,491		6,880,232		1.08
LA Specialty Produce Co LLC(dba Vesta Foodservice)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Delayed Draw Term Loan		Food & Beverage		S+4.50%, 0.75% Floor (0.50% on unfunded)		0.50		4/1/2026		4/1/2033			1,737,432		(8,378)		(8,687)		(0.00)
LA Specialty Produce Co LLC(dba Vesta Foodservice)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Food & Beverage		S+4.50%, 0.75% Floor (0.50% on unfunded)		0.50		4/1/2026		4/1/2033			1,003,850		(9,681)		(10,039)		(0.00)
LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Healthcare Providers & Services		S+11.15%, 3.00% Floor (5.50% PIK)		14.82		7/23/2021		7/23/2027			20,156,429		20,092,556		17,635,297		2.77
LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁶⁾⁽⁷⁾⁽¹²⁾		1st Lien Revolver		Healthcare Providers & Services		S+11.15%, 3.00% Floor (0.50% on unfunded)		0.50		4/3/2024		7/23/2027			500,000		—		(62,539)		(0.01)
Learning Care Group US No 2		1st Lien Term Loan		Education		S+4.00%, 0.50% Floor		7.67		5/12/2025		8/11/2028			12,156,699		11,239,719		9,434,753		1.48
LeVecke Real Estate Holdings, LLC⁽⁶⁾⁽⁷⁾⁽⁸⁾		1st Lien Delayed Draw Term Loan		Real Estate Development & Management		S+7.75%, 3.75% Floor		11.75		12/1/2022		8/31/2026			4,568,481		4,497,836		4,463,573		0.70
Likewize Corp⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Insurance & Insurance Services		S+5.75%, 0.50% Floor		9.43		8/15/2024		8/27/2029			18,610,386		18,257,923		16,947,083		2.66
LVF Holdings Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Food & Beverage		S+5.50%		9.16		2/24/2025		2/24/2032			15,898,142		15,228,305		15,053,186		2.36
Mercury Bidco LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Technology		S+5.75%, 1.00% Floor		9.48		5/31/2023		5/31/2030			17,342,013		17,121,156		16,203,886		2.54
Mercury Bidco LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Technology		S+5.75%, 1.00% Floor (0.50% on unfunded)		0.50		5/31/2023		5/31/2029			1,981,556		(17,443)		(105,501)		(0.02)

 

The accompanying notes are an integral part of these consolidated financial statements.

8

---

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Meta Buyer LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Consumer Products		S+5.25%, 0.75% Floor		8.93%		12/22/2025		12/22/2031		$	3,639,529		$3,606,429		$3,606,066		0.57%
Meta Buyer LLC⁽⁷⁾		1st Lien Term Loan		Consumer Products		E+5.25%, 0.75% Floor		7.33		12/22/2025		12/22/2031		€	5,072,281		5,885,318		5,740,037		0.90
Meta Buyer LLC⁽⁷⁾		1st Lien Term Loan		Consumer Products		BBSY+5.25%, 0.75% Floor		9.62		12/22/2025		12/22/2031		AU$	3,838,731		2,514,034		2,631,384		0.41
Meta Buyer LLC⁽⁶⁾⁽⁷⁾⁽⁹⁾		1st Lien Delayed Draw Term Loan		Consumer Products		S+5.25%, 0.75% Floor (1.00% on unfunded)		8.93		12/22/2025		12/22/2031			3,387,719		1,589,917		1,581,881		0.25
Meta Buyer LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Consumer Products		S+5.25%, 0.75% Floor (0.50% on unfunded)		8.97		1/21/2026		12/22/2031			1,479,569		327,710		327,865		0.05
Metropolis Technologies Inc		1st Lien Term Loan		Consumer Services		S+5.25%		8.92		10/20/2025		11/3/2032			2,330,824		2,309,683		2,286,154		0.36
Michael Baker International LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Professional Services		S+4.50%, 0.75% Floor		8.23		12/30/2025		12/1/2028			18,084,150		17,549,079		17,541,626		2.75
MMS BidCo LLC⁽⁷⁾⁽⁹⁾⁽¹⁶⁾		1st Lien Term Loan		Healthcare Providers & Services		S+5.375%, 1.00% Floor		9.04		6/30/2022		6/30/2029			9,052,804		9,001,035		9,011,744		1.41
Mounty US Holdings⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Software & Services		S+6.00%, 1.00% Floor		9.64		5/17/2024		5/17/2030			6,830,685		6,739,456		6,571,119		1.03
Mounty US Holdings⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Software & Services		S+6.00%, 1.00% Floor (0.50% on unfunded)		0.50		5/17/2024		5/17/2030			995,726		(13,876)		(37,838)		(0.01)
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾⁽¹⁶⁾		1st Lien Term Loan		Healthcare Providers & Services		S+10.10%, 1.00% Floor (1.00% PIK)		13.74		10/26/2020		7/31/2026			13,418,115		11,554,228		4,049,615		0.64
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾⁽¹⁶⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+10.10%, 1.00% Floor (1.00% PIK)		13.74		10/26/2020		7/31/2026			6,753,755		5,813,679		2,038,297		0.32
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾⁽¹⁶⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+12.10%, 1.00% Floor (S+12.10% PIK)		15.74		10/29/2024		7/31/2026			3,264,094		580,738		985,110		0.15
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾⁽¹⁶⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+10.10%, 1.00% Floor (1.00% PIK)		13.74		4/4/2024		7/31/2026			1,073,985		898,936		324,131		0.05
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+11.10%, 1.00% Floor (1.00% on unfunded) (1.00% PIK)		14.74		9/24/2025		7/31/2026			1,855,919		1,747,123		1,855,919		0.29
National Dentex Corp⁽⁶⁾⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾		1st Lien Revolver		Healthcare Providers & Services		S+9.10%, 1.00% Floor (0.50% on unfunded) (1.00% PIK)		12.74		10/26/2020		7/31/2026			1,721,299		1,475,733		504,623		0.08
NetSPI Midco Corporation⁽⁷⁾		1st Lien Term Loan		Professional Services		S+6.25%, 1.00% Floor		9.88		5/31/2024		5/31/2029			6,911,607		6,822,064		6,718,082		1.05
NetSPI Midco Corporation⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Professional Services		P+5.25%, 1.00% Floor (0.50% on unfunded)		12.00		5/31/2024		5/31/2029			767,956		90,876		78,332		0.01
NP Gaming Acquisition LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Gaming & Entertainment		S+6.50%, 1.00% Floor		10.17		4/21/2026		4/21/2031			14,297,413		13,951,476		13,939,978		2.19
NP Gaming Acquisition LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Gaming & Entertainment		S+6.50%, 1.00% Floor (0.50% on unfunded)		0.50		4/21/2026		4/21/2031			742,723		(17,846)		(18,568)		(0.00)
PaperWorks Industries Holding Corp.⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Paper & Packaging		S+7.00%, 1.00% Floor		10.64		6/30/2023		6/30/2029			20,481,869		20,011,388		19,898,398		3.12
Pelican Power Borrower LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽²⁰⁾		1st Lien Term Loan		Power Generation		S+5.50%, 2.00% Floor		9.17		8/30/2024		8/29/2030			27,988,900		26,749,234		28,380,745		4.45
Peloton Interactive Inc⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Fitness & Leisure		S+5.50%		9.14		5/23/2024		5/30/2029			21,902,188		22,045,036		21,902,188		3.44
Quirch Foods Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Food & Beverage		S+6.50%, 1.00% Floor		10.19		11/24/2025		11/12/2030			11,660,233		11,535,389		11,502,820		1.80
Quirch Foods Holdings LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Delayed Draw Term Loan		Food & Beverage		S+6.50%, 1.00% Floor (1.00% on unfunded)		1.00		11/24/2025		11/12/2030			1,209,254		(6,703)		(16,325)		(0.00)
Radiate Holdco LLC		1st Lien Term Loan		Telecommunications		S+4.00%, 1.00% Floor		7.64		10/23/2025		6/26/2029			5,000,250		4,936,163		4,991,500		0.78
Radiate Holdco LLC		1st Lien Delayed Draw Term Loan		Telecommunications		S+4.00%, 1.00% Floor (1.50% on unfunded)		7.64		10/23/2025		6/26/2029			5,000,250		4,989,004		4,991,500		0.78
Rayonier AM Products Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Paper & Packaging		S+7.50%, 3.00% Floor		11.23		10/28/2024		10/29/2029			10,695,624		10,508,131		10,084,841		1.58
Recorded Books Inc (RB Media)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Media: Diversified & Production		S+5.00%, 0.75% Floor		8.67		8/31/2023		9/3/2030			8,652,215		8,540,942		8,539,725		1.34
Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Delayed Draw Term Loan		Media: Diversified & Production		S+5.00%, 0.75% Floor (1.00% on unfunded)		1.00		8/15/2025		9/3/2030			390,213		(6,481)		(5,073)		(0.00)
Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Media: Diversified & Production		S+5.00%, 0.75% Floor (0.50% on unfunded)		0.50		8/31/2023		8/31/2029			987,009		(10,652)		(10,196)		(0.00)

 

 

The accompanying notes are an integral part of these consolidated financial statements.

9

---

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

 

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Resistance Holdings Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Pharmaceuticals & Life Sciences		S+5.00%, 1.00% Floor		8.73%		3/16/2026		3/14/2031		$	14,729,605		$14,517,805		$14,479,202		2.27%
Resistance Holdings Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Pharmaceuticals & Life Sciences		S+5.00%, 1.00% Floor (0.50% on unfunded)		0.50		3/16/2026		3/14/2031			1,258,941		(17,776)		(23,290)		(0.00)
RKG Newco LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Consumer Products		S+5.50%, 1.00% Floor		9.16		2/2/2026		2/2/2033			18,189,277		17,852,316		17,847,368		2.80
RKG Newco LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Consumer Products		S+5.50%, 1.00% Floor (0.50% on unfunded)		9.15		2/2/2026		2/2/2033			1,417,346		256,774		256,773		0.04
SBP Holdings LP⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor		8.64		3/27/2023		3/27/2028			5,159,790		5,090,138		5,111,675		0.80
SBP Holdings LP⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor (1.00% on unfunded)		8.64		11/30/2023		3/27/2028			1,673,594		1,098,729		1,097,724		0.17
SBP Holdings LP⁽⁷⁾⁽⁹⁾		1st Lien Delayed Draw Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor		8.64		3/27/2023		3/27/2028			742,560		732,990		735,636		0.12
SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Delayed Draw Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor (1.00% on unfunded)		1.00		8/19/2024		3/27/2028			1,429,513		(3,452)		(13,332)		(0.00)
SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Industrial Products & Services		S+5.00%, 1.00% Floor (0.50% on unfunded)		0.50		3/27/2023		3/27/2028			838,328		(7,368)		(7,882)		(0.00)
Shrieve Chemical Co LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Specialty Chemicals		S+6.00%, 1.00% Floor		9.64		10/30/2024		10/30/2030			6,693,418		6,591,552		6,532,345		1.02
Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Specialty Chemicals		S+6.00%, 1.00% Floor (0.50% on unfunded)		9.65		10/30/2024		10/30/2030			539,828		249,095		244,282		0.04
Sintec Media NYC Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+7.00%, 1.00% Floor		10.73		6/21/2023		6/21/2029			11,660,040		11,457,763		11,322,890		1.78
Sintec Media NYC Inc⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Software & Services		S+7.00%, 1.00% Floor (0.50% on unfunded)		10.66		6/21/2023		6/21/2029			1,164,025		890,647		873,258		0.14
Smarsh Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+4.75%, 0.75% Floor		8.48		2/18/2022		2/18/2029			4,253,705		4,214,370		4,119,605		0.65
Smarsh Inc⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+4.75%, 0.75% Floor (1.00% on unfunded)		8.48		2/18/2022		2/18/2029			472,634		95,478		90,025		0.01
Smarsh Inc⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Software & Services		S+4.75%, 0.75% Floor (0.50% on unfunded)		8.39		2/18/2022		2/18/2029			236,317		133,326		128,038		0.02
Southeastern Grocers LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Staples Retail		S+7.50%, 1.00% Floor		11.23		9/19/2025		9/19/2030			12,640,223		12,306,249		12,408,569		1.95
SP PF Buyer LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Specialty Retail		S+7.00%, 1.00% Floor		10.66		10/15/2024		10/13/2029			17,826,040		17,443,613		17,440,898		2.74
Spectrum Group Buyer Inc (Pixelle)⁽⁸⁾		1st Lien Term Loan		Paper & Packaging		S+6.50%, 0.75% Floor		10.16		5/11/2022		5/19/2028			5,925,551		5,777,809		5,560,131		0.87
Speedstar Holding LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Automobiles & Components		S+6.00%, 1.00% Floor		9.67		7/2/2024		7/22/2027			14,445,289		14,352,412		12,874,250		2.02
Speedstar Holding LLC⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Automobiles & Components		S+6.00%, 1.00% Floor (1.00% on unfunded)		9.69		7/2/2024		7/22/2027			3,179,154		1,560,357		1,231,807		0.19
Stryten Energy Resources LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+5.50%, 1.00% Floor		9.15		12/18/2024		12/18/2029			11,074,225		10,915,445		10,971,023		1.72
Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Specialty Retail		S+5.75%, 0.75% Floor		9.43		8/5/2024		8/5/2030			16,418,587		16,122,827		16,106,634		2.53
Telestream 2 LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Software & Services		S+6.25%, 1.00% Floor		9.92		6/7/2025		6/7/2028			9,745,415		9,745,415		9,643,370		1.51
Telestream 2 LLC⁽⁶⁾⁽⁷⁾⁽¹³⁾		1st Lien Revolver		Software & Services		S+6.25%, 1.00% Floor (2.00% on unfunded)		2.00		6/7/2025		6/7/2028			425,843		(13,735)		—		—
TETRA Technologies Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Oilfield Services		S+5.85%, 1.00% Floor		9.49		1/12/2024		1/11/2030			15,161,402		14,913,659		14,918,344		2.34
Titan Purchaser, Inc. (Waupaca Foundry)⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+6.00%, 1.00% Floor		9.73		3/1/2024		3/1/2030			14,307,040		13,957,289		14,312,025		2.25
USA Debusk LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Commercial Services		S+5.25%, 0.75% Floor		8.92		4/30/2024		4/30/2031			17,417,317		17,245,900		17,382,482		2.73
USA Debusk LLC⁽⁷⁾		1st Lien Delayed Draw Term Loan		Commercial Services		S+5.25%, 0.75% Floor (1.00% on unfunded)		8.92		4/30/2024		4/30/2031			2,019,619		2,000,310		2,015,579		0.32
USA Debusk LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Commercial Services		S+5.25%, 0.75% Floor (0.50% on unfunded)		8.91		2/2/2026		4/30/2030			1,882,702		1,370,443		1,383,488		0.22
UserZoom Technologies Inc⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Technology		S+7.75%, 1.00% Floor (1.75% PIK)		11.40		1/12/2023		4/5/2029			12,181,730		11,964,804		10,968,904		1.72

 

The accompanying notes are an integral part of these consolidated financial statements.

10

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Vantage Specialty Chemicals Inc⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Specialty Chemicals		S+6.75%, 1.00% Floor (2.75% PIK)		10.48%		8/29/2025		8/29/2029		$	20,287,856		$19,879,950		$19,273,463		3.02%
Vantage Specialty Chemicals Inc⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Specialty Chemicals		S+6.25%, 1.00% Floor (0.50% on unfunded)		9.89		8/29/2025		2/28/2029			1,731,343		443,191		389,552		0.06
Vensure Employer Services Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+5.00%, 0.50% Floor		8.72		9/27/2024		9/27/2031			5,769,711		5,723,035		5,707,955		0.90
Vensure Employer Services Inc⁽⁶⁾⁽⁷⁾⁽¹²⁾		1st Lien Delayed Draw Term Loan		Business Services		S+5.00%, 0.50% Floor (0.50% on unfunded)		0.50		3/4/2026		9/29/2031			366,577		—		(3,924)		(0.00)
Wrangler Topco, LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+5.50%, 1.00% Floor		9.17		7/7/2023		9/20/2029			13,610,405		13,384,277		13,150,671		2.06
Wrangler Topco, LLC⁽⁷⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+5.50%, 1.00% Floor (1.00% on unfunded)		9.17		9/20/2024		9/20/2029			745,813		741,458		720,795		0.11
Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾⁽¹²⁾⁽¹³⁾		1st Lien Revolver		Software & Services		S+5.50%, 1.00% Floor (0.50% on unfunded)		0.50		7/7/2023		9/20/2029			1,502,990		(19,653)		(51,274)		(0.01)
Xactus LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+5.50%, 0.75% Floor		9.23		5/6/2025		5/6/2032			8,775,452		8,658,929		8,714,024		1.37
Xactus LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Business Services		S+5.50%, 0.75% Floor (0.50% on unfunded)		9.23		5/6/2025		5/6/2030			718,711		231,275		230,946		0.04
Total United States of America 1st Lien/Secured Loans																	973,503,467		935,659,901		146.77
Canada
1261229 BC LTD⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Healthcare Equipment & Supplies		S+6.25%		9.89		8/28/2025		10/8/2030			22,387,052		22,290,084		21,678,670		3.40
Arterra Wines Canada Inc⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Food & Beverage		S+3.76%, 0.75% Floor		7.49		10/31/2025		11/26/2027			15,188,185		15,037,069		15,051,726		2.36
Gateway Casinos & Entertainment Ltd⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Gaming & Entertainment		S+6.25%, 0.75% Floor		9.92		12/18/2024		12/18/2030			20,075,629		20,006,185		19,899,967		3.12
Hootsuite Inc.⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Software & Services		S+5.50%, 0.75% Floor		9.17		5/22/2024		5/22/2030			12,543,244		12,409,214		12,041,515		1.89
Hootsuite Inc.⁽⁶⁾⁽⁷⁾⁽¹⁰⁾		1st Lien Revolver		Software & Services		S+5.50%, 0.75% Floor (0.50% on unfunded)		9.14		5/22/2024		5/22/2030			1,422,136		156,821		113,771		0.02
Source Energy Services Ltd⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Oilfield Services		S+5.75%, 4.25% Floor		10.00		12/20/2024		12/20/2029			2,008,011		1,946,674		1,980,903		0.31
Total Canada 1st Lien/Secured Loans																	71,846,047		70,766,552		11.10
Luxembourg
Accelya Lux Finco Sarl⁽¹⁰⁾		1st Lien Term Loan		Software & Services		S+5.25%		8.98		9/29/2025		10/4/2032			7,482,389		7,345,869		6,631,267		1.04
Total Luxembourg 1st Lien/Secured Loans																	7,345,869		6,631,267		1.04
Netherlands
OLA Netherlands BV (aka Olacabs / ANI Tech)⁽⁷⁾⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Technology		S+6.35%, 0.75% Floor		9.99		12/3/2021		12/15/2026			3,959,044		3,950,626		3,667,589		0.58
WeTransfer BV⁽¹⁰⁾		1st Lien Term Loan		Technology		E+5.25%		7.54		7/18/2025		3/7/2031		€	7,203,573		8,318,746		8,080,271		1.27
WeTransfer BV⁽¹⁰⁾		1st Lien Term Loan		Technology		E+5.88%		8.17		1/2/2026		3/7/2031		€	997,111		1,127,291		1,121,339		0.18
Total Netherlands 1st Lien/Secured Loans																	13,396,663		12,869,199		2.03
United Kingdom
Inspired Entertainment Financing PLC⁽⁷⁾⁽¹⁰⁾		1st Lien Term Loan		Gaming & Entertainment		SONIA+6.00%, 3.00% Floor		9.73		6/11/2025		6/4/2030		£	8,557,880		11,451,577		11,291,762		1.77
Neon Finance Limited (fka TEN Entertainment Group PLC)⁽⁷⁾⁽¹⁰⁾		1st Lien Term Loan		Gaming & Entertainment		SONIA+7.50%, 2.50% Floor		11.23		1/26/2024		2/6/2030		£	3,931,436		4,910,044		5,170,980		0.81
Total United Kingdom 1st Lien/Secured Loans																	16,361,621		16,462,742		2.58
Total 1st Lien/Secured Loans																	1,082,453,667		1,042,389,661		163.52

 

The accompanying notes are an integral part of these consolidated financial statements.

11

---

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
2nd Lien/Secured Loans
United States of America
BayMark Health Services Inc⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾		2nd Lien Term Loan		Healthcare Providers & Services		S+10.76%, 1.00% Floor		14.49%		6/10/2021		6/11/2028		$	3,333,333		$3,307,639		$115,000		0.02%
BayMark Health Services Inc⁽⁷⁾⁽¹¹⁾⁽¹⁴⁾		2nd Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+10.76%, 1.00% Floor		14.48		11/19/2021		6/11/2028			2,572,287		2,552,151		88,744		0.01
Delos Living LLC⁽⁷⁾		2nd Lien Term Loan		Real Estate Development & Management		14.00% (7.00% PIK)		14.00		10/9/2025		7/11/2027			5,499,331		5,342,059		5,242,568		0.82
FourPoint Resources Intermediate Holdings, LLC⁽⁷⁾⁽⁹⁾		2nd Lien Term Loan		Energy		S+7.00%, 2.50% Floor		10.69		1/22/2025		1/22/2030			11,494,239		11,252,448		11,321,825		1.78
Total United States of America 2nd Lien Term Loan																	22,454,297		16,768,137		2.63
Total 2nd Lien/Secured Loans																	22,454,297		16,768,137		2.63
Equities
United States of America
Alpine Acquisition Corp II⁽⁷⁾⁽¹¹⁾		Preferred Equities		Transportation & Logistics		N/A		N/A		1/14/2026		N/A			35,396		1,504,334		1,616,748		0.25
Alpine Acquisition Corp II⁽⁷⁾⁽¹¹⁾		Common Equities		Transportation & Logistics		N/A		N/A		1/14/2026		N/A			35,396		122,423		—		—
Beauty Health Co⁽¹¹⁾		Common Equities		Consumer Services		N/A		N/A		7/7/2023		N/A			913,460		—		632,571		0.10
Circle Graphics Parent, LP⁽⁷⁾⁽¹¹⁾		Preferred Equities		E-Commerce		N/A		N/A		6/30/2025		N/A			3,574,384		—		—		—
Monomoy Capital Partners IV-Titan, L.P. (Waupaca Foundry)⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾		Partnership Interests		Industrial Products & Services		N/A		N/A		2/23/2024		N/A			469,126		217,037		372,955		0.06
RKG Group Partners LP⁽⁷⁾⁽¹¹⁾		Preferred Equities		Consumer Products		N/A		N/A		2/2/2026		N/A			956,421		956,421		1,123,794		0.18
Telestream 2 LLC⁽⁷⁾⁽¹¹⁾		Common Equities		Software & Services		N/A		N/A		6/7/2025		N/A			425,843		4,044,696		3,752,529		0.59
Total United States of America Equities																	6,844,911		7,498,597		1.18
Total Equities																	6,844,911		7,498,597		1.18
Senior Secured Bonds
United States of America
Amber Energy Inc.⁽⁷⁾		Senior Secured Bonds		Energy		15.00%		15.00		11/26/2025		12/1/2045			49,272		49,272		49,272		0.01
Service Properties Trust⁽¹⁰⁾		Senior Secured Bonds		Real Estate Development & Management		0.00%		0.00		9/15/2025		9/30/2027			8,929,000		8,144,613		8,285,378		1.30
Total United States of America Senior Secured Bonds																	8,193,885		8,334,650		1.31
Canada
Bausch Health Cos Inc (Valeant)⁽¹⁰⁾		Senior Secured Bonds		Healthcare Equipment & Supplies		4.88%		4.88		11/5/2025		6/1/2028			1,069,000		986,512		987,404		0.15
Total Canada Senior Secured Bonds																	986,512		987,404		0.15
Italy
LSF12 Rigel US Investments LLC⁽⁷⁾⁽⁸⁾⁽¹⁰⁾		Senior Secured Bonds		Specialty Chemicals		9.50%		9.50		4/30/2026		10/31/2031		€	18,002,000		20,201,420		19,739,409		3.10
Total Italy Senior Secured Bonds																	20,201,420		19,739,409		3.10
Total Senior Secured Bonds																	29,381,817		29,061,463		4.56

 

The accompanying notes are an integral part of these consolidated financial statements.

12

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Warrants
United States of America
Delos Living LLC⁽⁷⁾⁽¹¹⁾		Warrants		Real Estate Development & Management		N/A		N/A		10/9/2025		N/A			2		$111,248		$7,339		0.00%
Total Warrants																	111,248		7,339		0.00
Total Non-Controlled/Non-Affiliated Investments																	1,141,245,940		1,095,725,197		171.89%
Non-Controlled/Affiliated Investments
1st Lien/Secured Loans
Germany
Takko Fashion GmbH⁽⁷⁾⁽¹⁰⁾⁽¹⁸⁾		1st Lien Term Loan		Specialty Retail		9.13%		9.13		11/25/2025		4/15/2030		€	1,189,578		1,370,513		1,358,122		0.21
Total Germany 1st Lien/Secured Loans																	1,370,513		1,358,122		0.21
Total 1st Lien/Secured Loans																	1,370,513		1,358,122		0.21
Senior Secured Debt
United States of America
Wesco Aircraft Holdings Inc⁽¹⁸⁾		Senior Secured Debt		Industrial Products & Services		S+8.00% (S+8.00% PIK)		11.64		1/31/2025		1/31/2030			6,626,147		6,604,063		6,626,147		1.04
Total United States of America Senior Secured Debt																	6,604,063		6,626,147		1.04
Total Senior Secured Debt																	6,604,063		6,626,147		1.04
Unsecured Debt
United States of America
Wesco Aircraft Holdings Inc⁽⁷⁾⁽¹⁸⁾		Senior Unsecured Debt		Industrial Products & Services		6.00% (6.00% PIK)		6.00		1/31/2025		1/31/2033			4,520,717		6,732,068		7,287,396		1.14
Total United States of America Unsecured Debt																	6,732,068		7,287,396		1.14
Luxembourg
Takko Fashion Sarl⁽⁷⁾⁽¹⁰⁾⁽¹⁸⁾		Subordinated Unsecured Debt		Specialty Retail		15.00% (15.00% PIK)		15.00		8/8/2023		10/15/2030		€	1,987,782		2,128,464		12,435,276		1.95
Total Luxembourg Unsecured Debt																	2,128,464		12,435,276		1.95
Total Unsecured Debt																	8,860,532		19,722,672		3.09
Equities
United States of America
Wesco Aircraft Holdings Inc⁽⁷⁾⁽¹¹⁾⁽¹⁸⁾		Common Equities		Industrial Products & Services		N/A		N/A		1/31/2025		N/A			195,566		7,459,569		7,900,866		1.24
Total Equities																	7,459,569		7,900,866		1.24
Total Non-Controlled/Affiliated Investments																	24,294,677		35,607,807		5.58%

 

The accompanying notes are an integral part of these consolidated financial statements.

13

---

Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(17)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Controlled Investments
1st Lien/Secured Loans
United States of America
SP-CREH 19 Highline LLC⁽⁷⁾⁽¹⁹⁾		1st Lien Term Loan		Multi-Family		S+2.00%, 3.00% Floor, 5.00% Cap		5.62%		6/28/2021		7/1/2026		$	6,012,713		$6,012,713		$5,084,651		0.80%
Total 1st Lien/Secured Loans																	6,012,713		5,084,651		0.80
Equities
United States of America
SP-CREH 19 Highline LLC⁽⁷⁾⁽¹¹⁾⁽¹⁹⁾		Common Equities		Multi-Family		N/A		N/A		6/28/2021		N/A			70%		14,608,750		—		—
Total Equities																	14,608,750		—		—
Trust Interest
United States of America
TH Liquidating Trust⁽⁷⁾⁽¹¹⁾⁽¹⁹⁾		Trust Interest		Other		N/A		N/A		12/7/2019		12/6/2026			14%		3,153,474		969,500		0.15
TH Liquidating Trust⁽⁶⁾⁽⁷⁾⁽¹¹⁾⁽¹⁹⁾		Trust Interest		Other		N/A		N/A		10/9/2020		12/6/2026			14%		—		—		—
TH Liquidating Trust⁽⁷⁾⁽¹⁹⁾		Trust Interest		Other		P+10.50%, 0.50% Floor (2.00% PIK)		17.25		12/7/2019		12/6/2026			743,598		743,598		592,127		0.09
Total Trust Interest																	3,897,072		1,561,627		0.24
Real Estate Properties
United States of America
1035 Mecklenburg Highway, Mooresville, North Carolina⁽⁷⁾⁽¹⁰⁾⁽¹¹⁾⁽¹⁹⁾		Real Estate Properties		Industrial Real Estate		N/A		N/A		8/22/2023		N/A			100%		14,773,575		10,399,219		1.63
Total Real Estate Properties																	14,773,575		10,399,219		1.63
Total Controlled Investments																	39,292,110		17,045,497		2.67%
Total Investments, June 30, 2026																	$1,204,832,727		$1,148,378,501		180.14%
Cash Equivalents
JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class		Money Market Fund													13,685,336		13,685,336		13,685,336		2.15
Total Cash Equivalents																	13,685,336		13,685,336		2.15%
Restricted Cash Equivalents
JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class⁽⁸⁾⁽⁹⁾		Money Market Fund													11,264,926		11,264,926		11,264,926		1.77
Total Restricted Cash Equivalents																	11,264,926		11,264,926		1.77%
Total Cash Equivalents and Restricted Cash Equivalents, June 30, 2026																	$24,950,262		$24,950,262		3.92%

 

(1)

All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), unless otherwise noted.

(2)

Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate (“SOFR” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”), Prime Rate (“P”), Sterling Overnight Index Average (“SONIA”) or the Australian Dollar Bank Bill Swap Bid Rate (“BBSY”), which can generally include one-, three- or six-month tenor, at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on June 30, 2026.

(3)

Par amount includes unfunded commitments, accumulated payment-in-kind (“PIK”) interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments and investments in money market funds are recorded as number of shares owned or economic ownership percentage.

(4)

Cost represents amortized cost for debt investments, less principal payments, plus capitalized PIK, if any. As of June 30, 2026, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $24.4 million; the aggregate gross unrealized depreciation for all investments where there was an excess of tax cost over fair value was $82.1 million; the net unrealized depreciation was $57.7 million; the aggregate tax cost of securities for Federal income tax purposes was $1.2 billion.

(5)

Percentage is based on net assets of $637,371,053 as of June 30, 2026.

(6)

The investment has an unfunded commitment as of June 30, 2026 (see Note 8 in the accompanying notes to the consolidated financial statements).

(7)

Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the consolidated financial statements).

(8)

Some or all of these investments are pledged as collateral to the Revolving Credit Facility (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $360.0 million including restricted cash equivalents.

(9)

Some or all of these investments are pledged as collateral to the 2024 CLO (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $397.7 million including restricted cash equivalents.

The accompanying notes are an integral part of these consolidated financial statements.

14

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

(10)

These investments are treated as non-qualifying investments under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund’s total assets. As of June 30, 2026, qualifying assets totaled 74.8% of the Fund’s total assets.

(11)

Represents a non-income producing investment.

(12)

The negative fair value is the result of the original discount on the loan.

(13)

The negative amortized cost is the result of the original discount being greater than the principal amount outstanding on the loan.

(14)

Investment, representing 4.9% of cost and 2.3% of fair value, respectively, was on non-accrual status as of June 30, 2026, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund’s accounting policies).

(15)

Investment represents a unitranche/last out loan, with characteristics of a traditional first lien senior secured loan which, pursuant to an agreement among lenders, is divided into “first out” and “last out” tranches yielding different interest rates. In exchange for the greater risk of loss, the “last-out” tranche of the Fund’s unitranche loan investment earns a higher interest rate than the “first-out” portions. The “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The Fund’s investment is in the “last out” tranche.

(16)

Investment represents a first lien term loan that, under the terms of the applicable credit agreement, does not have first-out priority, whereby revolving facilities or other term loans referenced therein receive priority with respect to the payment of principal and interest.

(17)

Original acquisition date represents the first or original investment in a portfolio company and there may be subsequent follow-on investments after the original acquisition date.

(18)

Under the 1940 Act, the Fund is generally presumed a non-control “affiliated person” if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company’s outstanding voting securities and/or is under common control with the portfolio company. As of June 30, 2026, the Fund’s affiliated/non-controlled investments were as follows:

 

Portfolio Company		Type of Investment		Fair Value at December 31, 2025				Gross additions*				Gross reductions**				Net change in unrealized appreciation (depreciation)				Net realized gains (losses)				Fair Value at June 30, 2026				Interest income				Dividend income				Par Amount ($) / Number Of Shares / Ownership %
Takko Fashion GmbH		Secured Loans	†	$	1,397,278			$	—			$	—			$	(39,156	)		$	—			$	1,358,122			$	68,183			$	—		€		1,189,578
Takko Fashion Sarl		Unsecured Debt	†		8,436,923				165,039				—				3,833,314				—				12,435,276				171,773				—		€		1,987,782
Wesco Aircraft Holdings Inc		Secured Debt			6,236,045				393,148				—				(3,046	)			—				6,626,147				384,786				—				6,626,147
Wesco Aircraft Holdings Inc		Unsecured Debt			6,651,946				132,630				—				502,820				—				7,287,396				132,630				—				4,520,717
Wesco Aircraft Holdings Inc		Equities			7,541,025				—				—				359,841				—				7,900,866				—				—				195,566
Total				$	30,263,217			$	690,817			$	—			$	4,653,773			$	—			$	35,607,807			$	757,372			$	—

* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

† At June 30, 2026, the unsecured debt contained stapled equities of approximately 9.0 million shares which provided certain voting rights.

(19)

Under the 1940 Act, the Fund is presumed to “control” a portfolio company if the Fund owns more than 25% of a portfolio company’s voting securities and/or holds the power to exercise control over the management or policies of such portfolio company. As of June 30, 2026, the Fund’s controlled investments were as follows:

 

Portfolio Company		Type of Investment		Fair Value at December 31, 2025				Gross additions*				Gross reductions**				Net change in unrealized appreciation (depreciation)				Net realized gains (losses)				Fair Value at June 30, 2026				Interest income				Other income				Par Amount ($) / Number Of Units/ Ownership %
1035 Mecklenburg Highway, Mooresville, North Carolina		Real Estate Properties		$	11,386,450			$	(9,429	)		$	—			$	(977,802	)		$	—			$	10,399,219			$	—			$	—				100	%
SP-CREH 19 Highline LLC		Secured Loans			1,318,690				—				(1,318,756	)			66				—				—				11,546				—		$		—
SP-CREH 19 Highline LLC		Secured Loans			5,613,869				—				(112,287	)			(416,931	)			—				5,084,651				173,439				—		$		6,012,713
SP-CREH 19 Highline LLC		Equities			—				—				—				—				—				—				—				—				70	%
TH Liquidating Trust		Trust Interest			969,500				—				—				—				—				969,500				—				—				14	%
TH Liquidating Trust		Trust Interest			—				—				—				—				—				—				—				—				14	%
TH Liquidating Trust		Trust Interest			543,837				60,643				—				(12,353	)			—				592,127				61,652				—		$		743,598
Total				$	19,832,346			$	51,214			$	(1,431,043	)		$	(1,407,020	)		$	—			$	17,045,497			$	246,637			$	—

* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

 

(20)

The Fund sold a participating interest of approximately $1.5 million of the portfolio company’s first lien term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. GAAP, the Fund recorded a corresponding $1.5 million liability, at fair value, and the secured borrowing was included in other liabilities on the consolidated statements of assets and liabilities. The associated expenses are included in other general and administrative expenses on the consolidated statements of operations.

 

The accompanying notes are an integral part of these consolidated financial statements.

15

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

June 30, 2026 (Unaudited)

 

Additional Information

 

Interest Rate Swaps		Pay/Receive Floating Rate		Floating Rate Index		Floating Payment Frequency		Fixed Rate		Fixed Payment Frequency		Maturity Date		Counterparty			Notional Amount				Upfront Premiums Received / (Paid)				Unrealized appreciation/ (depreciation)
Interest Rate Swaps, Non-Hedge Accounting
Euro Interest Rate Swaps		Receive		EuroSTR		Annual		2.150%		Annual		12/1/2030		Goldman Sachs		€		11,900,000			$	(208,824	)		$	153,275
UK Interest Rate Swaps		Receive		SONIA		Annual		4.992%		Annual		9/28/2027		Goldman Sachs		£		2,300,000				—				(68,576	)
UK Interest Rate Swaps		Pay		SONIA		Annual		4.992%		Annual		9/28/2027		Goldman Sachs		£		(2,300,000	)			(133,945	)			68,568
US Interest Rate Swaps		Receive		SOFR		Annual		3.348%		Annual		9/22/2027		Goldman Sachs		$		9,600,000				(635	)			113,985
US Interest Rate Swaps		Receive		SOFR		Annual		3.780%		Annual		3/10/2030		Goldman Sachs		$		5,900,000				37,909				28,300
Total																										295,552
Interest Rate Swaps, Hedge Accounting(1)
US Interest Rate Swaps		Pay		SOFR		Annual		4.000%		Quarterly		11/4/2026		Goldman Sachs		$		(145,000,000	)			(367,503	)			562,071
Total																										562,071
Total Interest Rate Swaps																									$	857,623

(1)

Designated as hedging instruments in a fair value hedge, utilizing hedge accounting. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense (see Note 6 and Note 7).

 

Foreign Currency Forward Contracts		Settlement Date			Amount Purchased					Amount Sold				Fair Value
Derivative Counterparty
Bank of America, N.A.		9/30/2026		$		2,663,741			AU$		3,848,352			$	5,297
Bank of America, N.A.		9/30/2026		$		57,776,623			€		50,560,073				(190,336	)
Bank of America, N.A.		9/30/2026		$		296,392			€		255,227				3,775
Bank of America, N.A.		9/30/2026		$		17,251,526			£		13,065,454				(76,081	)
Bank of America, N.A.		9/30/2026		$		253,668			£		189,217				2,725
Total														$	(254,620	)

 

The accompanying notes are an integral part of these consolidated financial statements.

16

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Non-Controlled/Non-Affiliated Investments
1st Lien/Secured Loans
United States of America
175 3rd Street⁽⁷⁾		1st Lien Term Loan		Real Estate Development & Management		S+5.50%, 3.75% Floor		9.37%		4/30/2025		5/1/2026		$	8,969,922		$8,935,184		$8,960,287		1.51%
48Forty Solutions LLC⁽⁷⁾⁽²⁸⁾⁽³¹⁾		1st Lien Term Loan		Transportation & Logistics		S+6.15%, 1.00% Floor		9.94		4/8/2022		11/30/2029			6,649,272		6,568,627		2,865,619		0.48
Accela Inc/US⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+4.75%, 0.75% Floor		8.47		9/1/2023		9/3/2030			10,516,647		10,372,616		10,422,269		1.76
Accela Inc/US⁽⁷⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+4.75%, 0.75% Floor		8.47		4/11/2025		9/3/2030			1,352,140		1,340,058		1,340,006		0.23
Accela Inc/US⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Software & Services		S+4.75%, 0.75% Floor (0.50% on unfunded)		0.50		9/1/2023		9/3/2030			908,238		(12,105)		(9,220)		(0.00)
Accurate Background LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+6.26%, 1.00% Floor		9.93		10/18/2021		3/26/2029			19,145,481		18,107,848		18,939,476		3.19
Advanced Integration Technology LP⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Aerospace & Defense		S+6.60%, 1.00% Floor		10.32		5/24/2022		5/24/2027			13,103,363		12,975,708		13,071,181		2.20
Allentown LLC⁽⁷⁾⁽⁹⁾⁽¹¹⁾		1st Lien Term Loan		Healthcare Equipment & Supplies		S+7.15%, 1.00% Floor		10.98		4/22/2022		4/22/2027			11,590,340		11,453,301		11,275,731		1.90
Allentown LLC⁽⁷⁾⁽¹¹⁾		1st Lien Delayed Draw Term Loan		Healthcare Equipment & Supplies		S+7.15%, 1.00% Floor		10.97		4/22/2022		4/22/2027			1,728,031		1,720,893		1,681,125		0.28
Allentown LLC⁽⁶⁾⁽⁷⁾⁽¹¹⁾		1st Lien Revolver		Healthcare Equipment & Supplies		P+6.00%, 1.00% Floor (0.50% on unfunded)		13.25		4/22/2022		4/22/2027			1,172,037		105,356		84,405		0.01
Allium Buyer LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+5.00%, 1.00% Floor		8.84		5/2/2023		5/2/2030			5,719,807		5,598,249		5,722,909		0.96
Allium Buyer LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Business Services		S+5.00%, 1.00% Floor (0.50% on unfunded)		0.50		5/2/2023		5/2/2029			573,673		(10,648)		(2,089)		(0.00)
Amerijet Holdings Inc⁽⁷⁾⁽¹⁴⁾		1st Lien Term Loan		Transportation & Logistics		11.50%		11.50		12/19/2023		6/30/2027			6,907,617		6,895,666		12,202,306		2.05
Amerijet Holdings Inc⁽⁷⁾⁽³³⁾		1st Lien Term Loan		Transportation & Logistics		S+7.11%, 1.00% Floor		10.83		12/28/2021		6/30/2027			12,996,392		12,843,329		12,062,413		2.03
Amerijet Holdings Inc⁽⁷⁾⁽³³⁾		1st Lien Revolver		Transportation & Logistics		S+7.11%, 1.00% Floor (0.50% on unfunded)		10.83		12/28/2021		6/30/2027			2,536,322		2,515,691		2,352,266		0.40
Aprimo Inc⁽⁷⁾⁽⁸⁾⁽³²⁾		1st Lien Term Loan		Software & Services		S+6.44%, 0.75% Floor		10.16		5/26/2022		5/26/2028			2,166,369		2,146,434		2,148,405		0.36
Arctic Glacier Group Holdings⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁵⁾		1st Lien Term Loan		Food & Beverage		S+10.76%, 2.00% Floor		14.43		5/24/2023		5/24/2028			10,676,081		10,560,828		10,659,658		1.80
Arctic Glacier Group Holdings⁽⁶⁾⁽⁷⁾⁽¹⁵⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Food & Beverage		S+10.76%, 2.00% Floor (0.50% on unfunded)		0.50		5/24/2023		11/24/2027			838,563		(8,148)		(6,803)		(0.00)
Artisan Bidco Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Technology		S+7.00%, 1.00% Floor		10.94		11/7/2023		11/7/2029			4,111,713		4,026,318		4,053,062		0.68
Artisan Bidco Inc⁽⁷⁾		1st Lien Term Loan		Technology		E+7.00%, 1.00% Floor		9.03		11/7/2023		11/7/2029		€	7,029,331		7,399,353		8,136,332		1.37
Artisan Bidco Inc⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Technology		S+7.00%, 1.00% Floor (0.50% on unfunded)		10.95		11/7/2023		11/7/2029			1,170,535		855,377		860,254		0.14
Atlas Sand Co LLC⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Oilfield Services		9.51%		9.51		3/5/2025		3/1/2032			5,958,153		5,903,400		5,833,032		0.98
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+6.00%, 0.75% Floor		9.72		3/19/2024		3/19/2031			2,119,510		2,093,020		2,106,242		0.35
Azurite Intermediate Holdings Inc⁽⁷⁾⁽⁹⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+6.00%, 0.75% Floor		9.72		3/19/2024		3/19/2031			4,817,068		4,759,958		4,786,914		0.81
Azurite Intermediate Holdings Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Software & Services		S+6.00%, 0.75% Floor (0.50% on unfunded)		0.50		3/19/2024		3/19/2031			770,731		(8,607)		(7,124)		(0.00)
BayMark Health Services Inc⁽⁷⁾⁽²⁸⁾⁽³¹⁾		1st Lien Term Loan		Healthcare Providers & Services		S+5.26%, 1.00% Floor		8.93		6/10/2021		6/11/2027			4,149,399		4,115,469		3,717,239		0.63
BayMark Health Services Inc⁽⁷⁾⁽²⁸⁾⁽³¹⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+5.26%, 1.00% Floor		8.93		11/19/2021		6/11/2027			2,587,437		2,567,425		2,317,955		0.39
BEL USA LLC⁽⁷⁾⁽²⁸⁾⁽³¹⁾		1st Lien Term Loan		E-Commerce		S+9.15%, 2.50% Floor		12.99		12/13/2018		6/2/2026			8,821,421		8,719,947		2,424,430		0.41
Bending Spoons US Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Technology		S+5.25%, 1.00% Floor		9.03		2/19/2025		3/7/2031			13,774,317		13,557,182		13,388,637		2.25
Circle Graphics Inc⁽⁷⁾⁽¹⁶⁾		1st Lien Term Loan		E-Commerce		S+3.25%, 4.00% Floor		7.30		6/30/2025		3/31/2029			10,569,173		10,103,158		9,527,567		1.60
Circle Graphics Inc⁽⁷⁾⁽¹⁷⁾⁽³³⁾		1st Lien Term Loan		E-Commerce		S+3.76%, 4.00% Floor		7.81		6/30/2025		3/31/2029			10,289,260		7,321,190		5,592,727		0.94

 

The accompanying notes are an integral part of these consolidated financial statements.

17

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Conservice Midco LLC		1st Lien Term Loan		Utilities		S+2.75%		6.47%		5/6/2025		5/13/2030		$	4,975,000		$4,980,569		$4,980,448		0.84%
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Healthcare Technology		S+5.75%, 0.75% Floor		9.59		10/10/2023		10/10/2030			3,451,005		3,386,096		3,417,259		0.58
Contractual Buyer, LLC (dba Kodiak Solutions)⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Healthcare Technology		S+5.75%, 0.75% Floor (0.50% on unfunded)		0.50		10/10/2023		10/10/2029			401,425		(6,841)		(4,893)		(0.00)
Coupa Holdings LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+5.25%, 0.75% Floor		9.09		2/27/2023		2/27/2030			10,195,886		10,017,882		10,222,443		1.72
Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+5.25%, 0.75% Floor (1.00% on unfunded)		1.00		2/27/2023		2/27/2030			924,210		(9,879)		2,407		0.00
Coupa Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Software & Services		S+5.25%, 0.75% Floor (0.50% on unfunded)		0.50		2/27/2023		2/27/2029			707,659		(9,306)		(1,474)		(0.00)
CP Atlas Buyer Inc (American Bath)⁽⁸⁾		1st Lien Term Loan		Building Products		S+5.25%		8.97		7/1/2025		7/8/2030			18,453,766		17,634,472		17,807,884		3.00
Crewline Buyer Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+6.75%, 1.00% Floor		10.59		11/8/2023		11/8/2030			9,501,470		9,321,414		9,403,261		1.58
Crewline Buyer Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Software & Services		S+6.75%, 1.00% Floor (0.50% on unfunded)		0.50		11/8/2023		11/8/2030			989,736		(16,838)		(14,430)		(0.00)
Databricks Inc⁽⁷⁾⁽⁸⁾⁽³³⁾		1st Lien Term Loan		Software & Services		S+4.50%		8.27		12/19/2024		1/3/2031			8,679,743		8,645,400		8,723,142		1.47
Databricks Inc⁽⁶⁾⁽⁷⁾⁽³³⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+4.50%, (1.00% on unfunded)		1.00		12/19/2024		1/3/2031			1,859,945		—		—		—
DMT Solutions Global Corp (dba Bluecrest)⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Technology Hardware & Equipment		S+8.10%, 1.00% Floor		11.94		8/30/2023		8/30/2027			17,482,459		17,233,469		17,074,280		2.88
Elessent Clean Technologies Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Specialty Chemicals		S+6.00%, 1.00% Floor		9.73		11/15/2024		11/15/2029			2,485,946		2,445,716		2,477,693		0.42
Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Specialty Chemicals		S+6.00%, 1.00% Floor (0.50% on unfunded)		0.50		11/15/2024		11/15/2029			241,448		(3,739)		(802)		(0.00)
FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Professional Services		S+5.00%, 0.75% Floor		8.87		1/19/2024		1/20/2031			2,508,270		2,468,647		2,483,673		0.42
FR Vision Holdings, Inc. (CHA Consulting)⁽⁷⁾		1st Lien Delayed Draw Term Loan		Professional Services		S+5.00%, 0.75% Floor		8.87		1/19/2024		1/20/2031			736,688		724,039		729,464		0.12
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Professional Services		S+5.00%, 0.75% Floor (1.00% on unfunded)		8.87		9/26/2025		1/20/2031			557,241		27,648		24,998		(0.00)
FR Vision Holdings, Inc. (CHA Consulting)⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Professional Services		S+5.00%, 0.75% Floor (0.50% on unfunded)		0.50		1/19/2024		1/20/2030			185,747		(2,705)		(1,943)		(0.00)
G-3 Chickadee Purchaser, LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Specialty Chemicals		S+5.75%, 1.00% Floor		9.59		10/31/2025		10/31/2031			5,989,252		5,871,913		5,869,467		0.99
GC Bison Acquisition, LLC (Midland Industries)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+6.00%, 1.00% Floor		9.82		9/1/2023		9/4/2029			7,484,541		7,386,398		7,245,817		1.22
GC Bison Acquisition, LLC (Midland Industries)⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Industrial Products & Services		S+6.00%, 1.00% Floor (0.50% on unfunded)		9.72		9/1/2023		9/4/2029			1,063,447		539,993		518,882		0.09
GI Apple Midco LLC (Atlas Technical)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Professional Services		S+6.75%, 1.00% Floor		10.47		4/19/2023		4/19/2030			10,801,772		10,610,538		10,772,724		1.81
GI Apple Midco LLC (Atlas Technical)⁽⁷⁾		1st Lien Delayed Draw Term Loan		Professional Services		S+6.75%, 1.00% Floor		10.47		4/19/2023		4/19/2030			207,241		205,130		206,691		0.03
GI Apple Midco LLC (Atlas Technical)⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Professional Services		S+6.75%, 1.00% Floor (0.50% on unfunded)		10.47		4/19/2023		4/19/2029			1,345,718		583,398		603,918		0.10
Gibson Brands Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Consumer Brands		S+5.11%, 0.75% Floor		8.85		2/16/2024		8/11/2028			5,534,715		5,343,239		5,360,510		0.90
GOJO Industries Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁹⁾⁽³⁷⁾		1st Lien Term Loan		Consumer Products		S+8.75%, 2.50% Floor		12.57		10/26/2023		10/26/2028			18,141,008		17,840,027		18,736,058		3.16
Gopher Resource LLC⁽⁷⁾⁽⁹⁾⁽²⁰⁾		1st Lien Term Loan		Environmental Solutions		S+7.00%, 1.00% Floor		10.67		10/4/2024		10/4/2029			15,135,215		14,773,173		15,011,010		2.53
Gopher Resource LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Environmental Solutions		S+7.00%, 1.00% Floor (0.50% on unfunded)		10.75		10/4/2024		10/4/2029			1,199,019		612,450		625,164		0.11
Guava Buyer LLC (dba AVI-SPL)⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Technology Hardware & Equipment		S+5.50%, 1.00% Floor		9.34		8/12/2025		8/12/2032			17,520,046		17,178,180		17,169,645		2.89
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Technology Hardware & Equipment		S+5.50%, 1.00% Floor (1.00% on unfunded)		9.36		8/12/2025		8/12/2032			2,069,919		879,697		866,810		0.15
Guava Buyer LLC (dba AVI-SPL)⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Technology Hardware & Equipment		S+5.50%, 1.00% Floor (0.50% on unfunded)		9.34		8/12/2025		8/12/2030			2,074,483		680,891		677,664		0.11
Hammer IntermediateCo LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Automobiles & Components		S+5.50%, 1.00% Floor		9.49		10/1/2025		10/1/2031			6,465,389		6,370,515		6,368,409		1.07
Hammer IntermediateCo LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Automobiles & Components		S+5.50%, 1.00% Floor (0.50% on unfunded)		9.34		10/1/2025		10/1/2031			1,062,137		214,867		214,198		0.04

 

The accompanying notes are an integral part of these consolidated financial statements.

18

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Health Catalyst Inc⁽⁷⁾⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Healthcare Technology		S+6.50%, 1.00% Floor		10.39%		7/16/2024		7/16/2029		$	10,379,856		$10,140,991		$10,172,259		1.71%
Health Catalyst Inc⁽⁷⁾⁽¹⁰⁾		1st Lien Delayed Draw Term Loan		Healthcare Technology		S+6.50%, 1.00% Floor		10.34		7/16/2024		7/16/2029			3,138,490		3,067,886		3,075,720		0.52
Health Catalyst Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Healthcare Technology		S+6.50%, 1.00% Floor (2.50% on unfunded)		2.50		7/16/2024		7/16/2029			5,045,399		(107,663)		(100,908)		(0.02)
Igloo Group Parent Inc⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Technology		S+5.00%, 1.00% Floor		8.73		12/23/2025		12/23/2031			18,483,344		17,374,343		17,374,343		2.93
Inotiv Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾⁽²³⁾		1st Lien Term Loan		Pharmaceuticals & Life Sciences		S+6.86%, 1.00% Floor		10.75		11/3/2021		11/5/2026			15,717,919		15,577,563		13,364,582		2.25
Inotiv Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾		1st Lien Revolver		Pharmaceuticals & Life Sciences		P+8.50%, 1.00% Floor (0.50% on unfunded)		15.25		11/3/2021		11/5/2026			1,244,402		474,261		584,869		0.10
i.PARK BROADWAY LLC (1050 N Broadway)⁽⁷⁾		1st Lien Term Loan		Real Estate Development & Management		S+5.30%, 4.25% Floor		9.55		7/3/2025		7/6/2027			9,192,144		9,051,115		9,081,654		1.53
IXS Holdings Inc⁽⁸⁾		1st Lien Term Loan		Automobiles & Components		S+5.50%, 1.00% Floor		9.22		8/15/2025		9/21/2029			10,598,266		10,204,357		10,560,732		1.78
Javelin Buyer Inc		1st Lien Term Loan		Software & Services		S+2.75%		6.59		5/6/2025		12/8/2031			7,443,844		7,459,192		7,462,453		1.26
Jennmar Intermediate III LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Industrial Products & Services		S+5.00%		8.73		12/16/2025		12/16/2030			22,926,098		22,239,521		22,582,207		3.80
Kaseya Inc		1st Lien Term Loan		Software & Services		S+3.00%		6.72		5/5/2025		3/22/2032			3,722,497		3,704,609		3,722,757		0.63
KORE Wireless Group Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Telecommunications		S+6.50%, 1.00% Floor		10.38		12/20/2023		11/9/2028			4,544,190		4,487,938		4,534,499		0.76
KORE Wireless Group Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Telecommunications		S+6.50%, 1.00% Floor (0.50% on unfunded)		0.50		12/20/2023		11/9/2028			626,612		(7,319)		(1,336)		(0.00)
LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁷⁾⁽⁸⁾⁽²⁴⁾		1st Lien Term Loan		Healthcare Providers & Services		S+11.15%, 3.00% Floor		14.97		7/23/2021		7/23/2027			19,651,661		19,550,482		17,814,386		3.00
LAC Acquisition LLC d/b/a Lighthouse Autism Center⁽⁶⁾⁽⁷⁾⁽²⁹⁾		1st Lien Revolver		Healthcare Providers & Services		S+11.15%, 3.00% Floor (0.50% on unfunded)		0.50		4/3/2024		7/23/2027			500,000		—		(46,746)		(0.01)
Learning Care Group US No 2		1st Lien Term Loan		Education		S+4.00%, 0.50% Floor		7.86		5/12/2025		8/11/2028			7,443,182		7,461,099		6,131,321		1.03
LeVecke Real Estate Holdings, LLC⁽⁶⁾⁽⁷⁾⁽⁸⁾		1st Lien Delayed Draw Term Loan		Real Estate Development & Management		S+7.50%, 3.75% Floor		11.37		12/1/2022		5/29/2026			4,568,481		4,488,500		4,489,564		0.76
Likewize Corp⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Insurance & Insurance Services		S+5.75%, 0.50% Floor		9.66		8/15/2024		8/27/2029			19,106,663		18,684,967		18,342,396		3.09
Lummus Technology Holdings V LLC		1st Lien Term Loan		Industrial Products & Services		S+2.50%		6.22		5/6/2025		12/31/2029			4,962,501		4,973,544		4,964,635		0.84
LVF Holdings Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Food & Beverage		S+5.50%		9.32		2/24/2025		2/24/2032			15,978,435		15,255,930		15,235,502		2.57
LVF Holdings Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Food & Beverage		S+5.50%, (5.50% on unfunded)		5.50		2/24/2025		2/24/2032			2,408,809		(52,961)		(111,440)		(0.02)
Mad Engine Global, LLC		1st Lien Term Loan		Consumer Apparel		S+7.26%, 1.00% Floor		10.93		6/30/2021		7/15/2027			10,725,000		10,633,803		9,277,125		1.56
Mercury Bidco LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Technology		S+5.75%, 1.00% Floor		9.42		5/31/2023		5/31/2030			17,430,493		17,185,515		17,350,820		2.92
Mercury Bidco LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Technology		S+5.75%, 1.00% Floor (0.50% on unfunded)		0.50		5/31/2023		5/31/2029			1,981,556		(20,408)		(13,263)		(0.00)
Meta Buyer LLC⁽⁷⁾		1st Lien Term Loan		Consumer Products		S+5.25%, 0.75% Floor		8.94		12/22/2025		12/22/2031			3,657,818		3,621,482		3,621,240		0.61
Meta Buyer LLC⁽⁷⁾		1st Lien Term Loan		Consumer Products		E+5.25%, 0.75% Floor		7.29		12/22/2025		12/22/2031		€	5,084,993		5,895,350		5,913,105		1.00
Meta Buyer LLC⁽⁷⁾		1st Lien Term Loan		Consumer Products		BBSY+5.25%, 0.75% Floor		9.02		12/22/2025		12/22/2031		AU$	3,848,352		2,518,079		2,542,325		0.43
Meta Buyer LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Consumer Products		S+5.25%, 0.75% Floor (1.00% on unfunded)		1.00		12/22/2025		12/22/2031			3,391,761		(14,058)		(14,132)		(0.00)
Meta Buyer LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Consumer Products		S+5.25%, 0.75% Floor (0.50% on unfunded)		0.50		12/22/2025		12/22/2031			1,479,569		(12,179)		(12,235)		(0.00)
Metropolis Technologies Inc		1st Lien Term Loan		Consumer Services		S+5.25%		8.98		10/20/2025		10/20/2032			2,542,173		2,517,165		2,516,751		0.42
Michael Baker International LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Professional Services		S+4.50%, 1.00% Floor		8.19		12/30/2025		12/29/2028			23,376,259		22,558,710		22,558,090		3.80
MMS BidCo LLC⁽⁷⁾⁽⁹⁾⁽³³⁾		1st Lien Term Loan		Healthcare Providers & Services		S+5.375%, 1.00% Floor		9.07		6/30/2022		6/30/2029			9,097,514		9,023,067		9,085,344		1.53
Mounty US Holdings⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Software & Services		S+6.00%, 1.00% Floor		9.88		5/17/2024		5/17/2030			6,865,536		6,761,652		6,673,301		1.12
Mounty US Holdings⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Software & Services		S+6.00%, 1.00% Floor (0.25% on unfunded)		0.25		5/17/2024		5/17/2030			995,726		(15,287)		(27,880)		0.00

 

The accompanying notes are an integral part of these consolidated financial statements.

19

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽²⁸⁾⁽³¹⁾⁽³³⁾		1st Lien Term Loan		Healthcare Providers & Services		S+10.15%, 1.00% Floor		14.15%		10/26/2020		4/3/2026		$	12,528,293		$11,554,228		$4,680,062		0.79%
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽²⁸⁾⁽³¹⁾⁽³³⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+10.15%, 1.00% Floor		14.15		10/26/2020		4/3/2026			6,305,880		5,813,679		2,355,618		0.40
National Dentex Corp⁽⁷⁾⁽¹²⁾⁽²⁸⁾⁽³¹⁾⁽³³⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+12.15%, 1.00% Floor		16.15		10/29/2024		4/3/2026			3,017,963		580,738		1,127,389		0.19
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽²⁸⁾⁽³¹⁾⁽³³⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+10.15%, 1.00% Floor		14.45		4/4/2024		4/3/2026			1,002,763		898,936		374,591		0.06
National Dentex Corp⁽⁷⁾⁽¹¹⁾⁽²⁸⁾⁽³¹⁾		1st Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+10.15%, 1.00% Floor		13.90		9/24/2025		1/30/2026			1,016,512		1,003,655		1,016,512		0.17
National Dentex Corp⁽⁶⁾⁽⁷⁾⁽¹³⁾⁽²⁸⁾⁽³¹⁾		1st Lien Revolver		Healthcare Providers & Services		S+9.15%, 1.00% Floor (0.50% on unfunded)		12.95		10/26/2020		4/3/2026			1,593,577		1,475,732		580,424		0.10
NetSPI Midco Corporation⁽⁷⁾		1st Lien Term Loan		Professional Services		S+6.25%, 1.00% Floor		10.29		5/31/2024		5/31/2029			6,911,607		6,809,290		6,766,463		1.14
NetSPI Midco Corporation⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Professional Services		S+6.25%, 1.00% Floor (0.50% on unfunded)		0.50		5/31/2024		5/31/2029			767,956		(10,481)		(16,127)		(0.00)
PaperWorks Industries Holding Corp.⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Paper & Packaging		S+6.25%, 1.00% Floor		9.92		6/30/2023		6/30/2029			21,019,134		20,509,662		20,611,773		3.47
Pelican Power Borrower LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽³⁸⁾		1st Lien Term Loan		Power Generation		S+5.50%, 2.00% Floor		9.32		8/30/2024		8/29/2030			27,988,900		26,626,715		28,436,723		4.79
Peloton Interactive Inc⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Fitness & Leisure		S+5.50%		9.22		5/23/2024		5/30/2029			22,013,933		22,176,678		22,115,748		3.72
Pioneer AcquisitionCo LLC		1st Lien Term Loan		Commercial Services		S+3.25%		6.94		10/24/2025		10/27/2032			3,132,000		3,124,219		3,135,915		0.53
Quirch Foods Holdings LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Food & Beverage		S+6.50%, 1.00% Floor		10.34		11/24/2025		11/12/2030			11,689,457		11,546,087		11,543,339		1.94
Quirch Foods Holdings LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Food & Beverage		S+6.50%, 1.00% Floor (1.00% on unfunded)		1.00		11/24/2025		11/12/2030			1,209,254		(7,465)		(7,558)		(0.00)
Radiate Holdco LLC		1st Lien Term Loan		Telecommunications		S+4.00%, 1.00% Floor		7.72		10/23/2025		6/26/2029			5,000,250		4,926,464		4,962,748		0.84
Radiate Holdco LLC⁽⁶⁾		1st Lien Delayed Draw Term Loan		Telecommunications		S+4.00%, 1.00% Floor (1.50% on unfunded)		7.72		10/23/2025		6/26/2029			15,000,750		4,957,453		4,887,744		0.82
Rayonier AM Products Inc⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Paper & Packaging		S+7.50%, 3.00% Floor		11.17		10/28/2024		10/29/2029			10,749,917		10,534,717		10,292,428		1.73
Recorded Books Inc (RB Media)⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Media: Diversified & Production		S+5.75%, 0.75% Floor		9.57		8/31/2023		9/3/2030			8,696,562		8,572,758		8,613,228		1.45
Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Media: Diversified & Production		S+5.75%, 0.75% Floor (1.00% on unfunded)		1.00		8/15/2025		9/3/2030			390,213		(7,228)		(3,739)		(0.00)
Recorded Books Inc (RB Media)⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Media: Diversified & Production		S+5.75%, 0.75% Floor (0.50% on unfunded)		0.50		8/31/2023		8/31/2028			987,009		(13,087)		(6,512)		(0.00)
SBP Holdings LP⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor		8.72		3/27/2023		3/27/2028			5,186,456		5,097,645		5,125,564		0.86
SBP Holdings LP⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor (1.00% on unfunded)		8.74		11/30/2023		3/27/2028			1,678,837		1,015,964		1,014,183		0.17
SBP Holdings LP⁽⁷⁾⁽⁹⁾		1st Lien Delayed Draw Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor		8.74		3/27/2023		3/27/2028			746,369		733,970		737,607		0.12
SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Industrial Products & Services		S+5.00%, 1.00% Floor (1.00% on unfunded)		1.00		8/19/2024		3/27/2028			1,429,513		(4,437)		(16,785)		(0.00)
SBP Holdings LP⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Industrial Products & Services		S+5.00%, 1.00% Floor (0.50% on unfunded)		0.50		3/27/2023		3/27/2028			838,328		(9,352)		(9,948)		(0.00)
Shrieve Chemical Co LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Specialty Chemicals		S+6.00%, 1.00% Floor		9.72		10/30/2024		10/30/2030			6,727,382		6,615,462		6,611,602		1.11
Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Specialty Chemicals		S+6.00%, 1.00% Floor (0.50% on unfunded)		9.73		10/30/2024		10/30/2030			539,828		167,356		167,082		0.03
Sintec Media NYC Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+7.00%, 1.00% Floor		10.69		6/21/2023		6/21/2029			11,974,326		11,736,432		11,581,754		1.95
Sintec Media NYC Inc⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Software & Services		S+7.00%, 1.00% Floor (0.50% on unfunded)		10.70		6/21/2023		6/21/2029			1,164,025		724,798		705,217		0.12
Smarsh Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+4.75%, 0.75% Floor		8.42		2/18/2022		2/18/2029			4,253,705		4,205,917		4,211,526		0.71
Smarsh Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+4.75%, 0.75% Floor (1.00% on unfunded)		1.00		2/18/2022		2/18/2029			472,634		(10,865)		(4,687)		(0.00)
Smarsh Inc⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Software & Services		S+4.75%, 0.75% Floor (0.50% on unfunded)		8.43		2/18/2022		2/18/2029			236,317		88,807		89,033		0.01
SP PF Buyer LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Specialty Retail		S+7.00%, 1.00% Floor		10.86		10/15/2024		10/13/2029			17,916,528		17,480,990		17,479,349		2.94
Spectrum Group Buyer Inc (Pixelle)⁽⁸⁾		1st Lien Term Loan		Paper & Packaging		S+6.50%, 0.75% Floor		10.34		5/11/2022		5/19/2028			6,405,661		6,209,690		5,957,265		1.00

 

The accompanying notes are an integral part of these consolidated financial statements.

20

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

 

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Speedstar Holding LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Automobiles & Components		S+6.00%, 1.00% Floor		9.84%		7/2/2024		7/22/2027		$	14,518,802		$14,373,117		$14,070,897		2.37%
Speedstar Holding LLC⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Automobiles & Components		S+6.00%, 1.00% Floor (1.00% on unfunded)		9.79		7/2/2024		7/22/2027			3,187,162		1,559,800		1,487,249		0.25
Storable Inc		1st Lien Term Loan		Software & Services		S+3.25%		6.97		5/6/2025		4/16/2031			7,443,750		7,462,985		7,469,338		1.26
Stryten Energy Resources LLC⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+5.50%, 1.00% Floor		9.36		12/18/2024		12/18/2029			13,640,939		13,415,552		13,429,052		2.26
Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Specialty Retail		S+5.75%, 0.75% Floor		9.69		8/5/2024		8/5/2030			16,504,637		16,171,371		16,125,030		2.72
Telestream 2 LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Software & Services		S+6.25%, 1.00% Floor		10.19		6/7/2025		6/7/2028			9,794,387		9,794,387		9,668,515		1.63
Telestream 2 LLC⁽⁶⁾⁽⁷⁾⁽³⁰⁾		1st Lien Revolver		Software & Services		S+6.25%, 1.00% Floor (2.00% on unfunded)		2.00		6/7/2025		6/7/2028			425,843		(17,251)		—		—
TETRA Technologies Inc⁽⁷⁾⁽⁸⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Oilfield Services		S+5.85%, 1.00% Floor		9.57		1/12/2024		1/11/2030			15,161,402		14,882,001		14,888,136		2.51
TETRA Technologies Inc⁽⁶⁾⁽⁷⁾⁽¹⁰⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Oilfield Services		S+5.85%, 1.00% Floor (1.50% on unfunded)		1.50		1/12/2024		1/11/2030			5,984,764		(50,339)		(107,868)		(0.02)
Titan Purchaser, Inc. (Waupaca Foundry)⁽⁷⁾⁽⁸⁾⁽⁹⁾		1st Lien Term Loan		Industrial Products & Services		S+6.00%, 1.00% Floor		9.67		3/1/2024		3/1/2030			14,723,709		14,317,105		14,641,008		2.47
TransDigm Inc⁽¹⁰⁾		1st Lien Term Loan		Aerospace & Defense		S+2.25%		5.97		5/5/2025		3/22/2030			7,462,358		7,480,173		7,482,581		1.26
USA Debusk LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Commercial Services		S+5.25%, 0.75% Floor		9.05		4/30/2024		4/30/2031			8,513,032		8,408,015		8,449,184		1.42
USA Debusk LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Commercial Services		S+5.25%, 0.75% Floor		9.05		10/21/2025		4/30/2031			8,992,464		8,903,634		8,925,020		1.50
USA Debusk LLC⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Commercial Services		S+5.25%, 0.75% Floor (1.00% on unfunded)		9.12		4/30/2024		4/30/2031			3,165,515		488,319		486,173		0.08
USA Debusk LLC⁽⁶⁾⁽⁷⁾		1st Lien Revolver		Commercial Services		S+5.25%, 0.75% Floor (0.50% on unfunded)		9.06		4/30/2024		4/30/2030			1,783,612		1,152,738		1,146,962		0.19
UserZoom Technologies Inc⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Technology		S+7.50%, 1.00% Floor		11.63		1/12/2023		4/5/2029			11,192,878		10,982,579		10,914,790		1.84
Vensure Employer Services Inc⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+5.00%, 0.50% Floor		8.70		9/27/2024		9/27/2031			5,559,156		5,523,449		5,529,163		0.93
Vensure Employer Services Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Delayed Draw Term Loan		Business Services		S+5.00%, 0.50% Floor (0.50% on unfunded)		0.50		9/27/2024		9/27/2031			89,078		(11,425)		(481)		(0.00)
Southeastern Grocers LLC⁽⁷⁾⁽⁸⁾		1st Lien Term Loan		Staples Retail		S+7.50%, 1.00% Floor		11.17		9/19/2025		9/19/2030			13,106,471		12,727,688		12,843,425		2.16
Wrangler Topco, LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Software & Services		S+5.75%, 1.00% Floor		9.47		7/7/2023		9/20/2029			13,679,669		13,423,100		13,571,679		2.29
Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾		1st Lien Delayed Draw Term Loan		Software & Services		S+5.75%, 1.00% Floor (1.00% on unfunded)		9.62		9/20/2024		9/20/2029			1,113,231		741,745		740,802		0.12
Wrangler Topco, LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Software & Services		S+5.75%, 1.00% Floor (0.50% on unfunded)		0.50		7/7/2023		9/20/2029			1,502,990		(24,167)		(12,961)		(0.00)
Vantage Specialty Chemicals Inc⁽⁷⁾⁽⁸⁾⁽²⁷⁾		1st Lien Term Loan		Specialty Chemicals		S+6.75%, 1.00% Floor		10.42		8/29/2025		8/29/2029			20,109,297		19,639,513		19,616,619		3.30
Vantage Specialty Chemicals Inc⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Specialty Chemicals		S+6.75%, 1.00% Floor (0.50% on unfunded)		0.50		8/29/2025		2/28/2029			1,731,343		(39,053)		(42,418)		(0.01)
Xactus LLC⁽⁷⁾⁽⁹⁾		1st Lien Term Loan		Business Services		S+5.50%, 0.75% Floor		9.17		5/6/2025		5/6/2032			8,819,773		8,692,233		8,784,493		1.48
Xactus LLC⁽⁶⁾⁽⁷⁾⁽²⁹⁾⁽³⁰⁾		1st Lien Revolver		Business Services		S+5.50%, 0.75% Floor (0.50% on unfunded)		0.50		5/6/2025		5/6/2030			718,711		(9,364)		(6,828)		(0.00)
X Corp (as successor to Twitter)		1st Lien Term Loan		Technology		S+6.75%		10.45		9/12/2025		10/29/2029			11,369,963		11,195,301		11,158,823		1.88
Total United States of America 1st Lien/Secured Loans																	1,000,438,109		979,155,542		164.89
Australia
Ardonagh Group Finco Pty Ltd⁽¹⁰⁾		1st Lien Term Loan		Insurance & Insurance Services		S+2.75%		6.92		5/5/2025		2/18/2031			2,972,581		2,938,077		2,963,608		0.50
Total Australia 1st Lien/Secured Loans																	2,938,077		2,963,608		0.50
Canada
1261229 BC LTD⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Healthcare Equipment & Supplies		S+6.25%		9.97		8/28/2025		10/8/2030			22,500,118		22,388,390		21,927,828		3.69
Arterra Wines Canada Inc⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Food & Beverage		S+3.76%, 0.75% Floor		7.43		10/31/2025		11/26/2027			15,268,647		15,060,563		15,005,568		2.53
Gateway Casinos & Entertainment Ltd⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Gaming & Entertainment		S+6.25%, 0.75% Floor		9.95		12/18/2024		12/18/2030			20,177,278		20,100,979		20,168,904		3.40
Hootsuite Inc.⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Software & Services		S+5.50%, 0.75% Floor		9.23		5/22/2024		5/22/2030			12,607,241		12,455,319		12,317,274		2.07
Hootsuite Inc.⁽⁶⁾⁽⁷⁾⁽¹⁰⁾		1st Lien Revolver		Software & Services		S+5.50%, 0.75% Floor (0.50% on unfunded)		9.22		5/22/2024		5/22/2030			1,422,136		837,684		820,572		0.14
Source Energy Services Ltd⁽⁷⁾⁽⁹⁾⁽¹⁰⁾		1st Lien Term Loan		Oilfield Services		S+5.25%, 4.25% Floor		9.50		12/20/2024		12/20/2029			2,095,378		2,034,245		2,099,256		0.35
Total Canada 1st Lien/Secured Loans																	72,877,180		72,339,402		12.18

 

The accompanying notes are an integral part of these consolidated financial statements.

21

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Luxembourg
Accelya Lux Finco Sarl⁽¹⁰⁾		1st Lien Term Loan		Software & Services		S+5.25%		8.92%		9/29/2025		9/29/2032		$	7,519,989		$7,373,432		$7,458,889		1.26%
Total Luxembourg 1st Lien/Secured Loans																	7,373,432		7,458,889		1.26
Netherlands
OLA Netherlands BV (aka Olacabs / ANI Tech)⁽⁷⁾⁽⁸⁾⁽¹⁰⁾		1st Lien Term Loan		Technology		S+6.35%, 0.75% Floor		10.07		12/3/2021		12/15/2026			3,981,759		3,962,794		3,727,725		0.63
WeTransfer BV⁽¹⁰⁾		1st Lien Term Loan		Technology		E+5.25%		7.27		7/18/2025		3/7/2031		€	8,338,465		9,625,464		9,435,216		1.59
Total Netherlands 1st Lien/Secured Loans																	13,588,258		13,162,941		2.22
United Kingdom
Inspired Entertainment Financing PLC⁽⁷⁾⁽¹⁰⁾		1st Lien Term Loan		Gaming & Entertainment		SONIA+6.00%, 3.00% Floor		9.97		6/11/2025		6/4/2030		£	9,151,000		12,231,015		12,330,973		2.08
Neon Finance Limited (fka TEN Entertainment Group PLC)⁽⁷⁾⁽¹⁰⁾		1st Lien Term Loan		Gaming & Entertainment		SONIA+7.50%, 2.50% Floor		11.47		1/26/2024		2/6/2030		£	3,991,078		4,972,541		5,344,737		0.90
Total United Kingdom 1st Lien/Secured Loans																	17,203,556		17,675,710		2.98
Total 1st Lien/Secured Loans																	1,114,418,612		1,092,756,092		184.03
2nd Lien/Secured Loans
United States of America
BayMark Health Services Inc⁽⁷⁾⁽²⁸⁾⁽³¹⁾		2nd Lien Term Loan		Healthcare Providers & Services		S+8.76%, 1.00% Floor		12.43		6/10/2021		6/11/2028			3,333,333		3,307,639		1,069,866		0.18
BayMark Health Services Inc⁽⁷⁾⁽²⁸⁾⁽³¹⁾		2nd Lien Delayed Draw Term Loan		Healthcare Providers & Services		S+8.76%, 1.00% Floor		12.86		11/19/2021		6/11/2028			2,572,287		2,552,151		825,600		0.14
Delos Living LLC⁽⁷⁾⁽¹⁸⁾		2nd Lien Term Loan		Real Estate Development & Management		14.00%		14.00		10/9/2025		7/11/2027			5,319,149		5,077,022		5,041,383		0.85
FourPoint Resources Intermediate Holdings, LLC⁽⁷⁾⁽⁹⁾		2nd Lien Term Loan		Energy		S+7.00%, 2.50% Floor		10.99		1/22/2025		1/22/2030			11,494,239		11,232,718		11,126,423		1.87
Total United States of America 2nd Lien Term Loan																	22,169,530		18,063,272		3.04
Total 2nd Lien/Secured Loans																	22,169,530		18,063,272		3.04
Equities
United States of America
48Forty Solutions LLC⁽⁷⁾⁽²⁸⁾		Common Equities		Transportation & Logistics		N/A		N/A		11/11/2024		N/A			872		—		—		—
Beauty Health Co⁽²⁸⁾		Common Equities		Consumer Services		N/A		N/A		7/7/2023		N/A			913,460		—		1,269,709		0.21
Circle Graphics Parent, LP⁽⁷⁾⁽²⁸⁾		Preferred Equities		E-Commerce		N/A		N/A		6/30/2025		N/A			3,574,384		—		—		—
Monomoy Capital Partners IV-Titan, L.P. (Waupaca Foundry)⁽⁷⁾⁽¹⁰⁾⁽²⁸⁾		Partnership Interests		Industrial Products & Services		N/A		N/A		2/23/2024		N/A			313,577		217,037		284,885		0.05
Telestream 2 LLC⁽⁷⁾⁽²⁸⁾		Common Equities		Software & Services		N/A		N/A		6/7/2025		N/A			425,843		4,044,696		3,936,280		0.66
Total United States of America Equities																	4,261,733		5,490,874		0.92
Total Equities																	4,261,733		5,490,874		0.92
Senior Secured Bonds
United States of America
Amber Energy Inc.⁽⁷⁾		Senior Secured Bonds		Energy		15.00%		15.00		11/26/2025		12/1/2045			45,874		45,874		45,874		0.01
Service Properties Trust⁽¹⁰⁾		Senior Secured Bonds		Real Estate Development & Management		0.00%		0.00		9/15/2025		9/30/2027			8,929,000		7,852,574		8,066,633		1.36
Total United States of America Senior Secured Bonds																	7,898,448		8,112,507		1.37

 

The accompanying notes are an integral part of these consolidated financial statements.

22

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Canada
1261229 BC LTD⁽¹⁰⁾		Senior Secured Bonds		Healthcare Equipment & Supplies		10.00%		10.00%		12/26/2025		4/15/2032		$	1,888,000		$1,957,353		$1,962,819		0.33%
Bausch Health Cos Inc (Valeant)⁽¹⁰⁾		Senior Secured Bonds		Healthcare Equipment & Supplies		4.88%		4.88		11/5/2025		6/1/2028			1,069,000		967,371		957,771		0.16
Total Canada Senior Secured Bonds																	2,924,724		2,920,590		0.49
Total Senior Secured Bonds																	10,823,172		11,033,097		1.86
Unsecured Bonds
United States of America
Stonebriar ABF Issuer LLC⁽¹⁰⁾		Senior Unsecured Bonds		Financial Services		8.13%		8.13		11/14/2025		12/15/2030			6,000,000		6,000,000		6,169,541		1.04
Total United States of America Unsecured Bonds																	6,000,000		6,169,541		1.04
Total Unsecured Bonds																	6,000,000		6,169,541		1.04
Warrants
United States of America
Delos Living LLC⁽⁷⁾⁽²⁸⁾		Warrants		Real Estate Development & Management		N/A		N/A		10/9/2025		N/A			2		106,385		138,299		0.02
Total Warrants																	106,385		138,299		0.02
Total Non-Controlled/Non-Affiliated Investments																	1,157,779,432		1,133,651,175		190.91%
Non-Controlled/Affiliated Investments
1st Lien/Secured Loans
Germany
Takko Fashion GmbH⁽⁷⁾⁽¹⁰⁾⁽³⁵⁾		1st Lien Term Loan		Specialty Retail		9.13%		9.13		11/25/2025		4/15/2030		€	1,189,578		1,370,513		1,397,278		0.24
Total Germany 1st Lien/Secured Loans																	1,370,513		1,397,278		0.24
Total 1st Lien/Secured Loans																	1,370,513		1,397,278		0.24
Senior Secured Debt
United States of America
Wesco Aircraft Holdings Inc⁽²¹⁾⁽³⁵⁾		Senior Secured Debt		Industrial Products & Services		S+8.00%		12.27		1/31/2025		1/31/2030			6,236,045		6,210,914		6,236,045		1.05
Total United States of America Senior Secured Debt																	6,210,914		6,236,045		1.05
Total Senior Secured Debt																	6,210,914		6,236,045		1.05
Unsecured Debt
United States of America
Wesco Aircraft Holdings Inc⁽⁷⁾⁽²²⁾⁽³⁵⁾		Senior Unsecured Debt		Industrial Products & Services		6.00%		6.00		1/31/2025		1/31/2033			4,388,087		6,599,439		6,651,946		1.12
Total United States of America Unsecured Debt																	6,599,439		6,651,946		1.12
Luxembourg
Takko Fashion Sarl⁽¹⁰⁾⁽²⁵⁾⁽³⁵⁾		Subordinated Unsecured Debt		Specialty Retail		15.00%		15.00		8/8/2023		10/15/2030		€	1,847,667		1,963,425		8,436,923		1.42
Total Luxembourg Unsecured Debt																	1,963,425		8,436,923		1.42
Total Unsecured Debt																	8,562,864		15,088,869		2.54
Equities
United States of America
Wesco Aircraft Holdings Inc⁽⁷⁾⁽²⁸⁾⁽³⁵⁾		Common Equities		Industrial Products & Services		N/A		N/A		1/31/2025		N/A			195,566		7,459,569		7,541,025		1.27
Total Equities																	7,459,569		7,541,025		1.27
Total Non-Controlled/Affiliated Investments																	23,603,860		30,263,217		5.10%

 

The accompanying notes are an integral part of these consolidated financial statements.

23

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

Portfolio Company(1)		Instrument		Industry		Rate(2)		Interest Rate		Original Acquisition Date(34)		Maturity Date			Par Amount(3)		Cost / Amortized Cost(4)		Fair Value		% of Net Assets(5)
Controlled Investments
1st Lien/Secured Loans
United States of America
SP-CREH 19 Highline LLC⁽⁷⁾⁽³⁶⁾		1st Lien Term Loan		Multi-Family		S+2.00%, 3.00% Floor , 5.00% Cap		5.84		6/28/2021		7/1/2026		$	1,318,756		$1,318,756		$1,318,690		0.22%
SP-CREH 19 Highline LLC⁽⁷⁾⁽³⁶⁾		1st Lien Revolver		Multi-Family		S+2.00%, 3.00% Floor , 5.00% Cap		5.84		6/28/2021		7/1/2026			6,125,000		6,125,000		5,613,869		0.95
Total 1st Lien/Secured Loans																	7,443,756		6,932,559		1.17
Equities
United States of America
SP-CREH 19 Highline LLC⁽⁷⁾⁽²⁸⁾⁽³⁶⁾		Common Equities		Multi-Family		N/A		N/A		6/28/2021		N/A			70%		14,608,750		—		—
Total Equities																	14,608,750		—		—
Trust Interest
United States of America
TH Liquidating Trust⁽⁷⁾⁽²⁸⁾⁽³⁶⁾		Trust Interest		Other		N/A		N/A		12/7/2019		12/6/2026			14%		3,153,474		969,500		0.16
TH Liquidating Trust⁽⁶⁾⁽⁷⁾⁽²⁸⁾⁽³⁶⁾		Trust Interest		Other		N/A		N/A		10/9/2020		12/6/2026			14%		—		—		—
TH Liquidating Trust⁽⁷⁾⁽²⁶⁾⁽³⁶⁾		Trust Interest		Other		P+10.50%, 0.50% Floor		17.25		12/7/2019		12/6/2026			682,955		682,955		543,837		0.09
Total Trust Interest																	3,836,429		1,513,337		0.25
Real Estate Properties
United States of America
1035 Mecklenburg Highway, Mooresville, North Carolina⁽⁷⁾⁽¹⁰⁾⁽²⁸⁾⁽³⁶⁾		Real Estate Properties		Industrial Real Estate		N/A		N/A		8/22/2023		N/A			100%		14,783,004		11,386,450		1.92
Total Real Estate Properties																	14,783,004		11,386,450		1.92
Total Controlled Investments																	40,671,939		19,832,346		3.34%
Total Investments, December 31, 2025																	$1,222,055,231		$1,183,746,738		199.35%
Cash Equivalents
JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class		Money Market Fund													11,056,883		11,056,883		11,056,883		1.86
Total Cash Equivalents																	11,056,883		11,056,883		1.86%
Restricted Cash Equivalents
JPMorgan 100% US Treasury Securities Money Market Fund, Capital Class⁽⁸⁾⁽⁹⁾		Money Market Fund													12,954,969		12,954,969		12,954,969		2.18
Total Restricted Cash Equivalents																	12,954,969		12,954,969		2.18%
Total Cash Equivalents and Restricted Cash Equivalents, December 31, 2025																	$24,011,852		$24,011,852		4.04%

 

(1)

All of our investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted.

(2)

Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate (“SOFR” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”), Prime Rate (“P”), Sterling Overnight Index Average (“SONIA”) or the Australian Dollar Bank Bill Swap Bid Rate (“BBSY”), which can generally include one-, three- or six-month tenor, at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on December 31, 2025.

(3)

Par amount includes unfunded commitments, accumulated payment-in-kind (“PIK”) interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments are recorded as number of shares owned or economic ownership percentage.

(4)

Cost represents amortized cost for debt investments less principal payments, plus capitalized PIK, if any. As of December 31, 2025, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $21.9 million; the aggregate gross unrealized depreciation for all investments where there was an excess of tax cost over fair value was $71.6 million; the net unrealized depreciation was $49.7 million; the aggregate tax cost of securities for Federal income tax purposes was $1.2 billion.

(5)

Percentage is based on net assets of $593,835,119 as of December 31, 2025.

(6)

The investment has an unfunded commitment as of December 31, 2025 (see Note 8 in the accompanying notes to the consolidated financial statements).

(7)

Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the consolidated financial statements).

(8)

Some or all of these investments are pledged as collateral to the Revolving Credit Facility (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $341.2 million including restricted cash equivalents.

The accompanying notes are an integral part of these consolidated financial statements.

24

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(9)

Some or all of these investments are pledged as collateral to the 2024 CLO (see Note 6 in the accompanying notes to the consolidated financial statements), totaling $406.7 million including restricted cash equivalents.

(10)

These investments are treated as non-qualifying investments under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund’s total assets. As of December 31, 2025, qualifying assets totaled 77.4% of the Fund’s total assets.

(11)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 1.00%.

(12)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+12.15%.

(13)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+9.15%.

(14)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 12.00%.

(15)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 4.00%.

(16)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+3.25%.

(17)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+3.76%.

(18)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 7.00%.

(19)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 4.50%.

(20)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 2.50%.

(21)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is S+8.00%.

(22)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 6.00%.

(23)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 0.25%.

(24)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 5.50%.

(25)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 15.00%.

(26)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 2.00%.

(27)

The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make a portion of the interest payments with the issuance of additional investments. The PIK portion of the coupon is 2.75%.

(28)

Represents a non-income producing investment.

(29)

The negative fair value is the result of the original discount on the loan.

(30)

The negative amortized cost is the result of the original discount being greater than the principal amount outstanding on the loan.

(31)

Investment, representing 4.0% of cost and 2.0% of fair value, respectively, was on non-accrual status as of December 31, 2025, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund’s accounting policies).

(32)

Investment represents a unitranche/last out loan, with characteristics of a traditional first lien senior secured loan which, pursuant to an agreement among lenders, is divided into “first out” and “last out” tranches yielding different interest rates. In exchange for the greater risk of loss, the “last-out” tranche of the Fund’s unitranche loan investment earns a higher interest rate than the “first-out” portions. The “first-out” tranche will have priority as to the “last-out” tranche with respect to payments of principal, interest and any other amounts due thereunder. The Fund’s investment is in the “last out” tranche.

(33)

Investment represents a first lien last out loan pursuant to the respective credit agreement, with revolving facilities receiving priority with respect to payment of principal and interest.

(34)

Original acquisition date represents the first or original investment in a portfolio company and there may be subsequent follow-on investments after the original acquisition date.

The accompanying notes are an integral part of these consolidated financial statements.

25

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(35)

Under the 1940 Act, the Fund is generally presumed a non-control “affiliated person” if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company’s outstanding voting securities and/or is under common control with the portfolio company. As of December 31, 2025, the Fund’s affiliated/non-controlled investments were as follows:

 

Portfolio Company		Type of Investment		Fair Value at December 31, 2024				Gross additions*				Gross reductions**				Net change in unrealized appreciation (depreciation)				Net realized gains (losses)				Fair Value at December 31, 2025				Interest income				Dividend income				Par Amount ($) / Number Of Shares / Ownership %
Takko Fashion GmbH		Secured Debt		$	4,100,660			$	—			$	(4,336,478	)		$	22,079			$	213,739			$	—			$	79,861			$	—		€		—
Takko Fashion GmbH		Secured Loans	†		—				1,370,513				—				26,765				—				1,397,278				12,000				—		€		1,189,578
Takko Fashion Sarl		Unsecured Debt	†		8,036,760				553,221				(2,460,471	)			2,346,089				(38,676	)			8,436,923				629,814				—		€		1,847,667
Wesco Aircraft Holdings Inc		Secured Debt			—				6,210,913				—				25,132				—				6,236,045				705,215				—				6,236,045
Wesco Aircraft Holdings Inc		Unsecured Debt			—				6,599,439				—				52,507				—				6,651,946				193,063				—				4,388,087
Wesco Aircraft Holdings Inc		Equities			—				7,459,569				—				81,456				—				7,541,025				—				—				195,566
Total				$	12,137,420			$	22,193,655			$	(6,796,949	)		$	2,554,028			$	175,063			$	30,263,217			$	1,619,953			$	—

* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

† At December 31, 2025, the unsecured debt contained stapled equities of approximately 9.0 million shares which provided certain voting rights.

(36)

Under the 1940 Act, the Fund is presumed to “control” a portfolio company if the Fund owns more than 25% of a portfolio company’s voting securities and/or holds the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, the Fund’s controlled investments were as follows:

 

Portfolio Company		Type of Investment		Fair Value at December 31, 2024				Gross additions*				Gross reductions**				Net change in unrealized appreciation (depreciation)				Net realized gains (losses)				Fair Value at December 31, 2025				Interest income				Other income				Par Amount ($) / Number Of Units/ Ownership %
1035 Mecklenburg Highway, Mooresville, North Carolina		Real Estate Properties		$	12,808,845			$	372,864			$	—			$	(1,795,259	)		$	—			$	11,386,450			$	—			$	100,000				100	%
30 South Broadway, Irvington, New York***		Real Estate Properties			—				—				(19,934	)			—				19,934				—				—				—				0	%
SP-CREH 19 Highline LLC		Secured Loans			7,639,424				—				(6,321,814	)			1,080				—				1,318,690				169,213				—		$		7,640,570
SP-CREH 19 Highline LLC		Secured Loans			5,970,038				—				—				(356,169	)			—				5,613,869				389,403				—		$		6,125,000
SP-CREH 19 Highline LLC		Equities			1,564,654				—				—				(1,564,654	)			—				—				—				—				70	%
TH Liquidating Trust		Trust Interest			969,500				—				—				—				—				969,500				—				—				14	%
TH Liquidating Trust		Trust Interest			—				—				—				—				—				—				—				—				14	%
TH Liquidating Trust		Trust Interest			455,086				111,454				—				(22,703	)			—				543,837				112,619				—		$		571,501
Total				$	29,407,547			$	484,318			$	(6,341,748	)		$	(3,737,705	)		$	19,934			$	19,832,346			$	671,235			$	100,000

* Gross additions include increases in the cost basis of the investments resulting from new and follow-on portfolio investments, accretion of discounts, PIK interest, and the exchange of one or more existing securities for one or more new investments.

** Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments and sales.

*** Investment no longer held as of December 31, 2025.

(37)

The Fund sold a participating interest of approximately $3.1 million of the portfolio company’s first lien term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. GAAP, the Fund recorded a corresponding $3.1 million liability, at fair value, and the secured borrowing was included in other liabilities on the consolidated statements of assets and liabilities. The associated expenses are included in other general and administrative expenses on the consolidated statements of operations.

(38)

The Fund sold a participating interest of approximately $1.5 million of the portfolio company’s first lien term loan. As the transaction did not qualify as a “true sale” in accordance with U.S. GAAP, the Fund recorded a corresponding $1.5 million liability, at fair value, and the secured borrowing was included in other liabilities on the consolidated statements of assets and liabilities. The associated expenses are included in other general and administrative expenses on the consolidated statements of operations.

The accompanying notes are an integral part of these consolidated financial statements.

26

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Silver Point Specialty Lending Fund

Consolidated Schedule of Investments

December 31, 2025

Additional Information

 

Interest Rate Swaps		Pay/Receive Floating Rate		Floating Rate Index		Floating Payment Frequency		Fixed Rate		Fixed Payment Frequency		Maturity Date		Counterparty			Notional Amount				Upfront Premiums Received / (Paid)				Unrealized appreciation/ (depreciation)
Interest Rate Swaps, Non-Hedge Accounting
Euro Interest Rate Swaps		Receive		EuroSTR		Annual		2.150%		Annual		12/1/2030		Goldman Sachs		€		600,000			$	60			$	5,143
UK Interest Rate Swaps		Receive		SONIA		Annual		4.992%		Annual		9/28/2027		Goldman Sachs		£		2,300,000				—				(91,397	)
UK Interest Rate Swaps		Pay		SONIA		Annual		4.992%		Annual		9/28/2027		Goldman Sachs		£		(2,300,000	)			(133,945	)			91,397
US Interest Rate Swaps		Receive		SOFR		Annual		3.348%		Annual		9/22/2027		Goldman Sachs		$		9,600,000				(635	)			30,980
US Interest Rate Swaps		Receive		SOFR		Annual		3.780%		Annual		3/10/2030		Goldman Sachs		$		12,500,000				70,509				(134,934	)
Total																										(98,811	)
Interest Rate Swaps, Hedge Accounting(1)
US Interest Rate Swaps		Pay		SOFR		Annual		4.000%		Quarterly		11/4/2026		Goldman Sachs		$		(145,000,000	)			(367,503	)			1,017,060
Total																										1,017,060
Total Interest Rate Swaps																									$	918,249

(1)

Designated as hedging instruments in a fair value hedge, utilizing hedge accounting. The associated change in fair value is recorded along with the change in fair value of the hedged item within interest expense (see Note 6 and Note 7).

 

Foreign Currency Forward Contracts		Settlement Date			Amount Purchased					Amount Sold				Fair Value
Derivative Counterparty
Bank of America, N.A.		3/31/2026		$		2,544,637			AU$		3,848,352			$	(23,643	)
Bank of America, N.A.		3/31/2026		€		301,133			$		351,733				3,386
Bank of America, N.A.		3/31/2026		€		364,439			$		427,429				2,346
Bank of America, N.A.		3/31/2026		$		1,070,940			€		909,109				(1,153	)
Bank of America, N.A.		3/31/2026		$		12,039,603			€		10,219,999				(12,618	)
Bank of America, N.A.		3/31/2026		$		29,829,778			€		25,245,127				58,752
Bank of America, N.A.		3/31/2026		€		1,242,724			$		1,468,623				(3,105	)
Bank of America, N.A.		3/31/2026		€		5,073,863			$		5,999,639				(16,143	)
Bank of America, N.A.		3/31/2026		$		18,486,350			£		13,811,639				(120,574	)
Bank of America, N.A.		3/31/2026		$		267,030			£		197,794				564
Total														$	(112,188	)

 

The accompanying notes are an integral part of these consolidated financial statements.

27

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

1.

Organization and Business

Silver Point Specialty Lending Fund (the “Fund”) is an externally managed closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act and was originally formed on July 31, 2014. Effective November 15, 2021, the Fund changed its name to Silver Point Specialty Lending Fund and converted to a statutory trust organized under the laws of the State of Maryland. The Fund is an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For so long as the Fund remains an emerging growth company under the JOBS Act, it will be subject to reduced public company reporting requirements.

The Fund’s investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in U.S. middle market lending opportunities, and specialty asset based financings. The Fund may also, from time to time, invest in larger or smaller companies. In seeking to achieve its investment objective, the Fund may also invest across a broad range of industries. The Fund will invest primarily in first-lien debt, but may also invest in unitranche, second lien, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

Silver Point Specialty Credit Fund Management, LLC (the “Adviser”), a Delaware limited liability company, serves as the Fund’s investment adviser and administrator. Subject to the supervision of the Fund’s Board of Trustees (“Board of Trustees”, the “Board” or the “Trustees”), the Adviser manages the day-to-day operations and provides the Fund with investment advisory and management services. The Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to the Fund and to its portfolio companies as required.

In 2023, the Fund extended its investment period through June 30, 2025. Following the extension, the Fund was required to provide the holders of common shares of beneficial interests (the “shares”) of the Fund (the “Shareholders” or “Investors”) with the opportunity to sell their shares at a price not less than a net asset value per share prior to June 30, 2025 or the Fund would begin winding up its affairs. In 2025, the Board approved a liquidity event (the “Liquidity Event”), allowing Shareholders to sell some or all of their shares to new investors at the Fund’s net asset value per share as of April 30, 2025, via liquidity election forms. As a result, the Fund is able to continue its operations perpetually.

2.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), are presented in U.S. dollars and include the accounts of the Fund and its wholly owned subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies. All material intercompany balances and transactions have been eliminated. All references to the Fund include the accounts of its consolidated subsidiaries.

The consolidated interim financial statements are prepared in accordance with U.S. GAAP and pursuant to the requirements of Article 6 of Regulation S-X of the Securities Act of 1933, as amended (the “1933 Act”). The interim financial data as of June 30, 2026 and for each of the three and six months ended June 30, 2026 and 2025 is unaudited. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated interim financial statements for the periods presented have been included. These consolidated interim financial statements should be read in conjunction with the Fund’s audited consolidated financial statements, and notes related thereto, for the year ended December 31, 2025. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2026.

Basis of Consolidation

The Fund generally consolidates any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund’s investment operations and to facilitate the execution of the Fund’s investment strategy. Accordingly, the Fund has consolidated the results of its subsidiaries in its consolidated financial statements, including Silver Point SCF CLO I, Ltd., Silver Point SCF CLO I, LLC, Silver Point SCF CLO IV, Ltd., Silver Point SCF CLO IV, LLC, Specialty Credit Facility, LLC, Specialty Credit Holdings, LLC, Specialty Credit Fund Cayman, Ltd., Silver Point Specialty Credit Depositor, LLC, SCF West, LLC, SCF APEG Holdings, LLC, SCF CAL, L.P., SCF CAL GP, LLC, SCF I SPRE Holdings, LLC, SCF Property Holdings, LLC, Golden Holdings I, LLC and SLMD Holdings, Inc. As provided by ASC 946, the Fund will not consolidate portfolio companies in which it invests, unless the portfolio company is itself an investment company or is a controlled operating company whose business consists of providing services to the Fund. The Fund’s investments in the portfolio

28

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

companies (including its investments held by consolidated subsidiaries) are listed on the Fund’s consolidated statements of assets and liabilities, as investments at fair value.

Use of Estimates

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

Investment Classification

The Fund classifies its investments by level of control. Under the 1940 Act, the Fund is presumed to “control” a portfolio company if the Fund owns more than 25% of a portfolio company’s voting securities and/or holds the power to exercise control over the management or policies of such portfolio company; the Fund is generally presumed a non-controlling “affiliated person” if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company’s outstanding voting securities and/or is under common control with the portfolio company. Detailed information with respect to the Fund’s investment classification by level of control is disclosed in the accompanying consolidated financial statements, including the consolidated schedules of investments.

Cash, Restricted Cash, Cash Equivalents and Foreign Cash

Cash and restricted cash on deposit at a major financial institution are included in cash and restricted cash, respectively, in the consolidated statements of assets and liabilities. Cash equivalents and restricted cash equivalents consist of highly liquid assets, such as money market funds. At times, cash, restricted cash, and cash equivalents may exceed Federal Deposit Insurance Corporation insured limits. Management believes that the credit risk to these deposits is minimal. Cash equivalents are classified as Level 1 in the U.S. GAAP valuation hierarchy.

Restricted cash and cash equivalents are generally restricted to the purchase of investments, as well as payment of expenses and interest, in connection with the Fund’s credit facilities (Note 6). Certain restricted cash and cash equivalents may be available for monthly withdrawal subject to the terms of the underlying credit facilities.

Additionally, cash denominated in currencies other than U.S. dollars is recorded as foreign cash held at banks. At times, foreign cash held at banks may exceed Federal Deposit Insurance Corporation insured limits.

The table below comprises our cash, restricted cash, cash equivalents and foreign cash as of June 30, 2026 and December 31, 2025:

 

($ in millions)*		June 30, 2026				December 31, 2025
Cash		$	20.3			$	3.0
Cash equivalents			13.7				11.0
Restricted cash			5.5				4.9
Restricted cash equivalents			11.3				13.0
Foreign cash held at banks			3.7				2.2
Total cash and cash equivalents		$	54.5			$	34.1

(*) Totals may not foot due to rounding.

Interest income generated on cash and cash equivalents is included in interest income on the consolidated statements of operations. The following table presents interest income generated by cash, restricted cash, and cash equivalents for the three and six months ended June 30, 2026 and 2025:

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
($ in millions)		2026				2025				2026				2025
Interest income on cash, restricted cash, cash equivalents and foreign cash		$	0.4			$	0.9			$	0.7			$	1.7

 

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

Due from and Due to Broker

Due from and due to broker consist of cash and cash collateral related to foreign currency forward contracts and interest rate swaps (Note 7). As of June 30, 2026 and December 31, 2025, due from broker consists of approximately $1.0 million and $1.8 million, respectively, of cash collateral. As of June 30, 2026 and December 31, 2025, due to broker consists of approximately $0.0 million of cash collateral.

Investment Transactions and Related Income and Expense

Investments are carried at fair value, with resulting unrealized appreciation and depreciation reflected in the consolidated statements of operations. Purchases and sales of investments are recorded on a trade date basis. Net gains or losses on investments are included on the consolidated statements of operations. Realized gains and losses on investments are determined on the specific cost identification basis.

Loans including revolving credit agreements are generally recorded on the consolidated statements of assets and liabilities as a component of investments owned at fair value, net of the unfunded portion of the related credit agreement. Real estate properties represent direct ownership of underlying real property assets. The properties are recorded at fair value and generally do not produce rental income.

Interest income and expense are recognized on an accrual basis. Discounts and premiums to par value on investments are accreted and amortized into interest income over the required period of the respective investment using the effective interest method. Loan origination fees received in full at the inception of a loan or bond and fees earned in full upfront and to be paid at the termination of the loan are deferred and accreted into interest income, using the effective yield method as an enhancement to the related loan’s yield over the contractual life of the loan. The amortized cost of investments is adjusted for accretion of fees, if any. For the three months ended June 30, 2026 and 2025, non-cash interest income related to such accretion amounted to $2.6 million and $2.2 million, respectively. For the six months ended June 30, 2026 and 2025, non-cash interest income related to such accretion amounted to $5.1 million and $4.1 million, respectively. Upon the prepayment of a loan, prepayment premiums and any unamortized fees are recorded as interest income.

The Fund has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is generally recorded as interest income on an accrual basis. On the specified capitalization date, PIK interest is added to the principal balance and cost of the loan.

Generally, loans are placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income. Interest payments received on debt investments on non-accrual status may be recognized as interest income or treated as a reduction of cost basis of the debt investment based on management’s judgment of ultimate recovery and other considerations.

Distributions from Equity Investments

Distributions received from equity investments in limited liability companies (“LLCs”) and limited partnerships (“LPs”) are evaluated to determine if the distribution should be recorded as dividend income, return of capital or realized gain (loss). Generally, the Fund will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax basis earnings and profits in the LLCs or LPs prior to the distribution. Prior to the ex-dividend date, the value of a dividend may be reflected in the fair value of the equity investment. Distributions from equity investments that are classified as a return of capital are recorded as a reduction in the cost basis of such equity investments.

Other Income

From time to time, the Fund may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies. These fees are recognized when services are rendered and recorded as other income.

Foreign Currency Transactions

Net realized gain (loss) from foreign currency transactions as reported in the consolidated statements of operations arises from sales of foreign currencies; currency gains or losses realized between the trade and settlement dates on investment transactions; and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded in the Fund’s books and records, and U.S. dollars equivalent of the amounts actually received or paid. Net change in unrealized appreciation (depreciation)

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

from foreign currency translations as reported in the consolidated statements of operations arises from changes in the fair values of assets and liabilities, other than investments at fiscal period-end, resulting from changes in exchange rates.

Investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Fund does not isolate realized and unrealized gains and losses on investments and derivative contracts resulting from changes in foreign currency exchange rates on the consolidated statements of operations. Such fluctuations are reflected on the consolidated statements of operations together with net realized gain (loss) and net change in unrealized gain (loss) on investments and derivative contracts. The Fund generally attempts to hedge its foreign currency exposure through foreign currency forward contracts.

Derivatives and Hedging

In the normal course of business, the Fund has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. The Fund recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements, pursuant to ASC Topic 815 Derivatives and Hedging.

The Fund enters into interest swap transactions from time to time to manage interest rate exposure in certain fixed rate debt investments and such swaps are not designated as hedging instruments in accordance with hedge accounting. The Fund presents changes in the fair value as part of change in unrealized appreciation (depreciation) on the consolidated statements of operations and amounts received or paid related to derivative contracts are recognized on a net basis as realized gain (loss) and determined on the specific cost identification basis.

The Fund also uses certain interest rate swaps to hedge the Fund’s fixed rate debt and designates such interest rate swaps as hedging instruments in a fair value hedge, in accordance with hedge accounting; therefore, both the periodic payment and the change in fair value for the effective hedge, if applicable, are recognized as components of interest expense in the consolidated statements of operations (see Note 6 and Note 7 for more details).

The fair value of interest rate swap agreements are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the interest rate swaps does not take into account collateral posted which is recorded separately as due to or due from broker on the Fund’s consolidated statements of assets and liabilities, depending on the nature of the balance at period end. Upfront payments made or received upon entering a derivative contract are treated as a part of the cost basis of the derivative contract.

The Fund may also enter into foreign currency forward contracts, under which the Fund agrees to recover or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. The foreign currency forward contracts are recorded at fair value. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Fund does not utilize hedge accounting for these contracts and as such, realized and unrealized gains and losses on foreign currency forward contracts are presented on the consolidated statements of operations.

Derivative instruments are expressed in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Fund’s derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments, including market, credit, liquidity, and operational risks. The Fund manages these risks on an aggregate basis as part of its risk management process.

Deferred Financing and Debt Issuance Costs

Deferred financing costs represent fees and other direct costs incurred in connection with the Fund’s revolving credit facilities. These amounts are capitalized as an asset within the consolidated statements of assets and liabilities and are amortized using the straight-line methodology over the expected term of the borrowing which is generally expected to be at the end of the revolving period. The Fund 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.

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

Valuation of Investments and Derivative Contracts

Investments at fair value consist primarily of senior secured debt, real estate properties and equities. Derivative contracts consist primarily of foreign currency forward contracts and interest rate swaps.

The Board has designated the Adviser as the Fund’s valuation designee pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Accordingly, the Adviser has appointed its BDC Valuation Committee with the responsibility for fair value determinations pursuant to valuation procedures adopted for the Fund. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments and derivative contracts are valued in good faith by the Adviser, as the Fund’s valuation designee, at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable. The Fund conducts this valuation process on a quarterly basis.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative “bid” quotation if held long and the representative “ask” quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources. Derivative contracts not listed on an exchange are generally valued through industry-standard valuation models using inputs obtained from pricing vendors and from the relevant derivative contract.

Investments for which independent pricing sources or recent transaction activity are either not readily available or are not deemed reliable (“Non-Quoted Investments”) are fair valued as determined in good faith by the Adviser, as the Fund’s valuation designee. Non-Quoted Investments are valued in a multi-step process:

1.

The BDC valuation team within the Fund Accounting team of the Adviser (“Fund Accounting”) provides recent portfolio company financial statements and other reporting materials to independent valuation firm(s) approved by the BDC Valuation Committee.

2.

The independent valuation firm(s) evaluates this information along with relevant observable market data to conduct independent valuations each quarter, and their valuation recommendations are documented and discussed with the BDC Valuation Committee, Fund Accounting and the relevant investment professionals, as appropriate.

3.

The valuation recommendations for certain investments may be determined by the BDC Valuation Committee in good faith in accordance with the valuation policy for the Fund without the employment of an independent valuation firm, based on immateriality or other considerations as appropriate.

4.

The BDC Valuation Committee discusses the valuations and approves the fair value of the investments in good faith based on the input and advice provided by the independent valuation firm(s), the BDC valuation team and relevant investment professionals of the Adviser, as necessary.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). In accordance with U.S. GAAP, these inputs are summarized in the three broad levels listed below:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. An investment’s level 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 judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources

32

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser’s perceived risk of that instrument.

In determining an instrument’s placement within the hierarchy, the Adviser separates the Fund’s investment portfolio into two categories: investments and derivative contracts. Each of these categories can further be divided between assets and liabilities and further by investment type.

Investments whose values are based on the unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities are classified within Level 1. These include actively traded listed equities and cash equivalents as of June 30, 2026 and December 31, 2025. Cash equivalents primarily consist of money market funds valued at the net asset value per share.

Investments that are valued based on dealer quotations or alternative pricing sources supported by observable inputs are generally classified within level 2. These may include certain bonds or bank loans.

Derivative contracts can be exchange-traded or privately negotiated over-the-counter (“OTC”). OTC derivatives, including foreign currency forward contracts and interest rate swaps are generally valued using observable inputs. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the instrument as well as the availability and reliability of observable inputs. OTC derivatives are typically classified within level 2 of the fair value hierarchy depending on their liquidity or the observability of their inputs.

Investments classified within level 3 have significant unobservable inputs. Level 3 instruments may include certain bank loans, trust interests, private equity and real estate properties. When observable prices are not available for these investments, one or more valuation techniques (e.g., market approach or income approach) for which sufficient and reliable data is available may be used. Within level 3, the use of the market approach technique generally consists of using comparable market data, while the use of the income approach technique generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other factors. Quotations provided by independent pricing sources may also be considered, if available and deemed reliable, in determining the value of level 3 investments.

The inputs used in estimating the value of level 3 investments that are not valued using quotations provided by independent pricing sources may include but are not limited to the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, discount rates, durations and changes in financial ratios or cash flows. Comparable public companies may also be identified based on industry, size, strategy, etc. and a trading multiple or yield is determined for each comparable company. Additionally, level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s consolidated results of operations.

Income Taxes

Effective May 1, 2025, the Fund intends to be treated, and qualify annually, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986. As a RIC, the Fund generally does not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders. Any tax liability related to income earned and distributed by the Fund represents obligations of the shareholders.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of its investment company taxable income, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. As a RIC, the Fund is also subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner, for each taxable year, an amount at least equal to the sum of (1) 98% of its ordinary net income for the calendar year, (2) 98.2% of capital gains (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. To maintain its tax treatment as a RIC, the Fund intends, among other things, to make the requisite distributions to its shareholders, which generally relieves the Fund from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year. To the extent that the Fund determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Fund will be subject to a nondeductible 4% U.S. federal excise tax on estimated excess taxable income.

33

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

For the three and six months ended June 30, 2026 and 2025, there was no accrued U.S. federal excise tax.

Prior to May 1, 2025, the Fund was treated as a partnership for U.S. federal income tax purposes. As a partnership, the Fund was generally not subject to U.S. federal income taxes at the entity level. Instead each investor was individually responsible for income taxes, if any, on its share of the Fund’s net taxable income. During this period, the Fund may have incurred entity-level state taxes or withholding taxes based on specific investors or income sources. Such taxes, were either recorded as entity-level expenses or charged directly to respective investors. Non-U.S. sourced income, such as interest, dividends, or capital gains, could have been subject to withholding and other taxes levied by the jurisdiction where the income was sourced. Such withholding taxes are accrued when incurred as withholding taxes against the relevant income stream. For the three and six months ended June 30, 2026 and 2025, the Fund did not incur any non-U.S. tax expenses.

During the period when the Fund was treated as a partnership for U.S. federal income tax purposes, IRS audits and adjustments were conducted at the Fund level, with the Fund potentially responsible for taxes (and associated interest and penalties) resulting from such adjustments. In certain cases, the Fund could elect to have the tax assessed or collected at the investor level. In the event of an audit, partnership audit rules and elections could significantly affect the amount and timing of tax (and associated interest and penalties) that is required to be borne by the Fund and its investors (including former investors).

The Fund follows the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, and is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. For the three and six months ended June 30, 2026 and 2025, there were no liabilities related to accounting for uncertain tax positions.

The Fund files tax returns as required in the jurisdictions where it operates or invests and may be subject to examination for all open tax years, the earliest of which is 2023. The Fund recognizes interest and penalties, when known on the consolidated statements of operations. For the three and six months ended June 30, 2026 and 2025, there were no material interest and penalties.

Retroactive Adjustments for Reverse Share Split

The Fund’s Board approved a one for two reverse share split of the Fund’s common stock on December 15, 2025 which was effective as of close of business December 26, 2025 (the “Reverse Share Split”). All common share and per common share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to the reverse share split.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting, the Fund has determined that it has a single operating and reporting segment. Operating and reporting segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Fund’s chief operating decision maker ( the “CODM”) in deciding how to allocate resources and assess performance. The Fund’s CODM is its Chief Executive Officer and Chief Financial Officer. The key metrics, along with other various factors, the CODM utilizes to determine performance and make operating decisions are net investment income and net increase (decrease) in net assets resulting from operations, as reported on the consolidated statements of operations. The Fund’s CODM views the Fund’s operations and manages its business in one operating segment, which is to primarily invest in U.S. middle market lending opportunities to achieve the Fund’s investment objective.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

3.

Significant Agreements and Related Party Transactions

The Fund is party to a fourth amended and restated advisory agreement, entered into on April 30, 2025 (the “Advisory Agreement”) pursuant to which the Fund has agreed to pay the Adviser a fee for its investment advisory and management services consisting of a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”), which are ultimately borne by the Shareholders.

34

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

Management Fee

The Management Fee is calculated at an annual rate of 1.25% (0.3125% per quarter) of the Fund’s net assets on the last day of each calendar quarter, payable quarterly in arrears. The Adviser has agreed to waive 0.25% of the management fee rate from May 1, 2025 to May 1, 2027.

For the period from October 31, 2021 to April 30, 2025, the Management Fee was calculated at an annual rate of 0.75% (0.1875% per quarter) of the Shareholders’ aggregate net capital contributions on the last day of each calendar quarter.

At June 30, 2026 and December 31, 2025, management fees payable were $1.6 million and $1.5 million, respectively. For the three months ended June 30, 2026 and 2025, the Management Fees incurred were $2.0 million and $1.5 million, respectively. For the six months ended June 30, 2026 and 2025, the Management Fees incurred were $3.9 million and $2.5 million, respectively. For the three months ended June 30, 2026 and 2025, the Management Fees waived were $0.4 million and $0.2 million, respectively. For the six months ended June 30, 2026 and 2025, the Management Fees waived were $0.8 million and $0.2 million, respectively.

Incentive Fee

The Incentive Fee consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income (“Income Incentive Fee”), and a portion is based on capital gains (“Incentive Fee on Capital Gains”).

Income Incentive Fee

(i) Income Incentive Fee - Effective May 1, 2025

The Income Incentive Fee is calculated and payable to the Adviser quarterly in arrears based on the Pre-Incentive Fee Net Investment Income generated by the Fund. For this purpose, “Pre-Incentive Fee Net Investment Income” means dividends (including reinvested dividends), interest and fee income accrued by the Fund during the calendar quarter, minus the Fund’s accrued operating expenses for the quarter (including the Management Fee, expenses payable under any Administration Agreement, and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund may not have received in cash. Pre-Incentive Fee Net Investment Income also includes net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges and other expenses paid by the Fund to the derivative or swap counterparty). Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital appreciation or depreciation.

The Income Incentive Fee, if any, is calculated and paid quarterly in arrears based on a percentage of the amount by which Pre-Incentive Fee Net Investment Income in respect of the current calendar quarter and the eleven preceding calendar quarters (the “Trailing Twelve Quarters”) exceeds the Hurdle Rate Amount (as defined below) in respect of the Trailing Twelve Quarters. The “Hurdle Rate Amount” is determined on a quarterly basis, and is calculated by multiplying 1.50% (6.00% annualized) by the value of the Fund’s net assets (total assets less indebtedness) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The amount of Income Incentive Fee paid to the Adviser for a particular calendar quarter will equal the excess, if any, of the Income Incentive Fee so calculated less the aggregate Income Incentive Fee that was paid to the Adviser in the preceding eleven calendar quarters comprising the relevant Trailing Twelve Quarters. Income Incentive Fee for each calendar quarter is calculated as follows:

•

No amount in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Rate Amount;

•

100% of the Fund’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Rate Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 1.7143% (6.8571% annualized) and the value of the Fund’s net assets (total assets less indebtedness) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters; and

•

For any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, 12.5% of the amount of the Fund’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-Up Amount for such Trailing Twelve Quarters.

35

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

These calculations shall be appropriately adjusted for any share issuances or repurchases during the quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) and shall be appropriately prorated for any period of less than three months.

(ii) Income Incentive Compensation - October 31, 2021 to April 30, 2025

For the period from October 31, 2021 to April 30, 2025, the income Incentive Compensation was calculated and payable to the Adviser quarterly in arrears based on the amount by which Pre-Incentive Compensation Net Investment Income (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters (the “Trailing Twelve Quarters”) exceeds the Hurdle Rate Amount (as defined below). The amount of Income Incentive Compensation paid to the Adviser for a particular calendar quarter equals the excess, if any, of the Income Incentive Compensation so calculated less the aggregate Income Incentive Compensation that was paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. Income Incentive Compensation is calculated and paid as follows:

•

No amount in any calendar quarter in which the Fund’s Pre-Incentive Compensation Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Rate Amount.

•

100% of the Fund’s Pre-Incentive Compensation Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Rate Amount but is less than or equal to the Catch-up Amount (as defined below).

•

For any calendar quarter in which the Fund’s Pre-Incentive Compensation Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-up Amount, 15% of the excess will be paid.

The “Hurdle Rate Amount” was calculated on a quarterly basis by multiplying 1.75% (7.00% annualized) and the Fund’s net asset value (total assets less indebtedness) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The “Catch-up Amount” was calculated on a quarterly basis by multiplying 2.0588% (8.2353% annualized) and the Fund’s net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The above calculations were appropriately adjusted for distributions during the quarter. “Pre-Incentive Compensation Net Investment Income” means, with respect to any period, (a) interest income, dividend income and any other income accrued or earned by the Fund during such period minus (b) operating expenses for that period (including Management Fee, expenses payable under any advisory agreement or sub-administrative agreement, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding Incentive Compensation); provided that Pre-Incentive Compensation Net Investment Income also includes in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest and zero-coupon securities) accrued income that the Fund has not yet received in cash and net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges paid by the Fund to the derivative or swap counterparty); provided further that Pre-Incentive Compensation Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

At June 30, 2026 and December 31, 2025, Income Incentive Fee payable was $2.5 million and $2.5 million, respectively. For the three months ended June 30, 2026 and 2025, the Income Incentive Fee was $2.5 million and $2.1 million, respectively. For the six months ended June 30, 2026 and 2025, the Income Incentive Fee was $4.9 million and $4.7 million, respectively.

Incentive Fee on Capital Gains

(i) Incentive Fee on Capital Gains - Effective May 1, 2025

The Incentive Fee on Capital Gains is determined in arrears at the end of each fiscal year and is equal to 12.5% of the Fund’s cumulative net capital gains (without giving consideration to any unrealized gains) subsequent to the Liquidity Event through the end of such fiscal year, less amounts previously paid subsequent to the Liquidity Event.

(ii) Capital Gains Incentive Compensation - October 31, 2021 to April 30, 2025

For the period from October 31, 2021 to April 30, 2025, Capital Gains Incentive Compensation was determined in arrears at the end of each fiscal year and was equal to 15% of the Fund’s cumulative net capital gains (without giving consideration to any unrealized gains) since inception through the Liquidity Event, less the amount of any Capital Gains Incentive Compensation previously paid.

36

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

Under U.S. GAAP, the Fund is required to accrue any Incentive Fee on Capital Gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each reporting period. In calculating the accrual for the Incentive Fee on Capital Gains, the Fund considers the cumulative aggregate unrealized capital appreciation in the calculation, because the Incentive Fee on Capital Gains 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 Advisory Agreement. There can be no assurance that such unrealized capital appreciation will be realized in the future and therefore the corresponding accrued Incentive Fee on Capital Gains for U.S. GAAP purposes may be reversed accordingly.

At June 30, 2026 and December 31, 2025, there was no Incentive Fee on Capital Gains payable. For the three and six months ended June 30, 2026 and 2025, there was no Incentive Fee on Capital Gains.

Incentive Compensation Clawback - Through April 30, 2025

In accordance with U.S. GAAP, the Fund accrues an incentive fee based upon the cumulative net realized capital gains and losses and the cumulative net unrealized capital appreciation and depreciation on investments held at the end of each period. Actual amounts paid to the Adviser are consistent with the Advisory Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. Prior to the Liquidity Event, if the Fund was to wind down its affairs and complete final distributions to Shareholders or in connection with the Liquidity Event, the Adviser was obligated to pay the Fund an amount equal to (i) the cumulative Incentive Compensation received by the Adviser minus (ii) the product of 15% (adjusted for any waiver or reduction of Incentive Compensation paid) and the sum of the aggregate amount of cumulative net capital gains or losses and Pre-Incentive Compensation Net Investment Income generated since inception through the date of determination (the “Clawback Amount”). In connection with the Liquidity Event, the Adviser paid $8.5 million to the Fund to satisfy the Clawback Amount accrued as of the Liquidity Event, and will not be obligated to pay a Clawback Amount for any period after the Liquidity Event. For the three months ended June 30, 2026 and 2025, the change in Clawback Amount was $0.0 million and $(0.7) million, respectively. For the six months ended June 30, 2026 and 2025, the change in Clawback Amount was $0.0 million and $(1.5) million, respectively.

Other Related Party Transactions

Pursuant to the Advisory Agreement, the Adviser is responsible for providing various accounting and administrative services to the Fund and the Fund will reimburse the Adviser for all costs and expenses incurred in performing its administrative obligations, including the allocable portion of overhead (such as rent, office equipment and utilities) and the allocable portion of the compensation paid to the Fund’s General Counsel, Chief Compliance Officer and Chief Financial Officer and their respective staffs. At June 30, 2026 and December 31, 2025, the related party administration fee payables were $0.5 million and $0.7 million, respectively, and were included in accrued expenses in the consolidated statements of assets and liabilities. For the three months ended June 30, 2026 and 2025, the Fund incurred approximately $0.5 million and $0.4 million, respectively in related party administration fees. For the six months ended June 30, 2026 and 2025, the Fund incurred approximately $1.1 million and $0.7 million, respectively in related party administration fees.

The Adviser, or its affiliates, is authorized to pay expenses in the name of and on behalf of the Fund. To the extent that expenses borne by or reimbursements due to the Fund are paid by the Adviser, or an affiliate, the Fund will reimburse or seek reimbursement from such party. At June 30, 2026, the Fund owed less than $0.2 million to an affiliate. At December 31, 2025, the Fund owed less than $0.1 million to an affiliate.

37

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

4.

Investments

Investments consisted of the following at June 30, 2026 and December 31, 2025:

 

		June 30, 2026												December 31, 2025
		Amortized Cost				Fair Value				% of Fair Value				Amortized Cost				Fair Value				% of Fair Value
First lien debt		$	1,125,822,773			$	1,084,520,044				94.44	%		$	1,140,266,967			$	1,118,355,071				94.48	%
Second lien debt			22,454,297				16,768,137				1.46				22,169,530				18,063,272				1.53
Unsecured debt			8,860,532				19,722,672				1.72				14,562,864				21,258,410				1.80
Equities and warrants			29,024,478				15,406,802				1.34				26,436,437				13,170,198				1.11
Real estate properties			14,773,575				10,399,219				0.91				14,783,004				11,386,450				0.96
Trust interest			3,897,072				1,561,627				0.13				3,836,429				1,513,337				0.12
Total		$	1,204,832,727			$	1,148,378,501				100.00	%		$	1,222,055,231			$	1,183,746,738				100.00	%

The Fund invests primarily in first-lien debt which may include stand-alone first-lien loans, unitranche/last-out loans and first lien/last-out loans which generally bear greater risk in exchange for a higher interest rate, and senior secured corporate bonds with similar features to these categories of first-lien loans. At June 30, 2026, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 3.6% of the investment portfolio, respectively. At December 31, 2025, the unitranche/last-out loans and first lien/last-out loans, at fair value, were 0.2% and 3.9% of the investment portfolio, respectively.

38

---

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of June 30, 2026 and December 31, 2025 with corresponding percentages of total fair value:

 

		June 30, 2026												December 31, 2025
Industry Classification		Amortized Cost				Fair Value				% of Fair Value				Amortized Cost				Fair Value				% of Fair Value
Aerospace & Defense		$	—			$	—				—	%		$	20,455,881			$	20,553,762				1.74	%
Automobiles & Components			27,849,215				26,278,364				2.29				32,722,656				32,701,485				2.76
Building Products			17,622,675				16,076,298				1.40				17,634,472				17,807,884				1.50
Business Services			38,345,573				38,965,762				3.39				37,890,342				38,966,643				3.29
Commercial Services			20,616,653				20,781,549				1.81				22,076,925				22,143,254				1.87
Consumer Apparel			—				—				—				10,633,803				9,277,125				0.78
Consumer Brands			5,350,706				5,178,247				0.45				5,343,239				5,360,510				0.45
Consumer Products			32,988,919				33,115,168				2.88				29,848,701				30,786,361				2.60
Consumer Services			2,309,683				2,918,725				0.25				2,517,165				3,786,460				0.32
E-Commerce			27,147,911				16,899,392				1.47				26,144,295				17,544,724				1.48
Education			11,239,719				9,434,753				0.82				7,461,099				6,131,321				0.52
Energy			17,031,500				17,099,254				1.49				11,278,592				11,172,297				0.94
Environmental Solutions			17,496,293				17,713,667				1.54				15,385,623				15,636,174				1.32
Financial Services			22,040,094				22,037,754				1.92				6,000,000				6,169,541				0.52
Fitness & Leisure			22,045,036				21,902,188				1.91				22,176,678				22,115,748				1.87
Food & Beverage			48,658,492				48,452,913				4.22				52,354,834				52,318,266				4.42
Gaming & Entertainment			50,301,436				50,284,119				4.38				37,304,535				37,844,614				3.20
Healthcare Equipment & Supplies			36,975,345				34,790,827				3.03				38,592,664				37,889,679				3.20
Healthcare Providers & Services			63,706,712				42,629,299				3.71				62,443,201				44,918,240				3.79
Healthcare Technology			17,623,042				18,066,469				1.57				16,480,469				16,559,437				1.40
Industrial Products & Services			91,645,018				93,500,429				8.14				90,192,862				90,946,123				7.68
Industrial Real Estate			14,773,575				10,399,219				0.91				14,783,004				11,386,450				0.96
Insurance & Insurance Services			18,257,923				16,947,083				1.48				21,623,044				21,306,004				1.80
Media: Diversified & Production			8,523,809				8,524,456				0.74				8,552,443				8,602,977				0.73
Multi-Family			20,621,463				5,084,651				0.44				22,052,506				6,932,559				0.59
Oilfield Services			22,656,142				22,678,484				1.97				22,769,307				22,712,556				1.92
Paper & Packaging			36,297,328				35,543,370				3.10				37,254,069				36,861,466				3.11
Pharmaceuticals & Life Sciences			34,502,151				28,362,093				2.47				16,051,824				13,949,451				1.18
Power Generation			26,749,234				28,380,745				2.47				26,626,715				28,436,723				2.40
Professional Services			39,385,736				39,280,452				3.42				43,974,214				44,127,951				3.73
Real Estate Development & Management			27,193,087				27,156,991				2.36				35,510,780				35,777,820				3.02
Software & Services			115,699,860				113,022,306				9.84				139,387,232				139,506,703				11.79
Specialty Chemicals			71,428,365				69,839,235				6.08				34,697,168				34,699,243				2.93
Specialty Retail			37,065,417				47,340,930				4.12				36,986,299				43,438,580				3.67
Staples Retail			12,306,249				12,408,569				1.08				12,727,688				12,843,425				1.08
Technology			86,794,579				84,729,488				7.38				96,143,818				96,386,739				8.14
Technology Hardware & Equipment			18,129,019				18,255,202				1.59				35,972,237				35,788,399				3.02
Telecommunications			14,395,181				14,494,301				1.26				14,364,536				14,383,655				1.22
Transportation & Logistics			25,162,515				28,244,122				2.46				28,823,313				29,482,604				2.49
Utilities			—				—				—				4,980,569				4,980,448				0.42
Other			3,897,072				1,561,627				0.16				3,836,429				1,513,337				0.15
Total		$	1,204,832,727			$	1,148,378,501				100.00	%		$	1,222,055,231			$	1,183,746,738				100.00	%

 

39

---

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

The following table presents the composition of the investment portfolio by geographic dispersion at amortized cost and fair value as of June 30, 2026 and December 31, 2025 with corresponding percentages of total fair value:

 

		June 30, 2026												December 31, 2025
Geographic Dispersion(1)		Amortized Cost				Fair Value				% of Fair Value				Amortized Cost				Fair Value				% of Fair Value
Australia		$	—			$	—				—	%		$	2,938,077			$	2,963,608				0.25	%
Canada			72,832,559				71,753,956				6.25				75,801,904				75,259,992				6.36
Germany			1,370,513				1,358,122				0.12				1,370,513				1,397,278				0.12
Italy			20,201,420				19,739,409				1.72				—				—				—
Luxembourg			9,474,333				19,066,543				1.66				9,336,857				15,895,812				1.34
Netherlands			13,396,663				12,869,199				1.12				13,588,258				13,162,941				1.11
United Kingdom			16,361,621				16,462,742				1.43				17,203,556				17,675,710				1.49
United States of America			1,071,195,618				1,007,128,530				87.70				1,101,816,066				1,057,391,397				89.33
Total		$	1,204,832,727			$	1,148,378,501				100.00	%		$	1,222,055,231			$	1,183,746,738				100.00	%

(1)

Geographic dispersion represents the country of the issuer and may not represent the operating domicile.

5.

Fair Value Measurements

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of June 30, 2026:

 

		June 30, 2026
		Level 1				Level 2				Level 3				Total
Investments:
Secured loans		$	—			$	196,003,861			$	869,596,710			$	1,065,600,571
Secured debt			—				15,898,929				19,788,681				35,687,610
Unsecured debt			—				—				19,722,672				19,722,672
Equities and warrants			632,571				—				14,774,231				15,406,802
Trust interest			—				—				1,561,627				1,561,627
Real estate properties			—				—				10,399,219				10,399,219
Total investments		$	632,571			$	211,902,790			$	935,843,140			$	1,148,378,501
Cash-related Assets:
Cash equivalents and restricted cash equivalents		$	24,950,262			$	—			$	—			$	24,950,262
Total		$	24,950,262			$	—			$	—			$	24,950,262
Derivative Assets
Interest rate swaps		$	—			$	926,199			$	—			$	926,199
Foreign currency forward contracts			—				11,797				—				11,797
Total		$	—			$	937,996			$	—			$	937,996
Derivative Liabilities
Interest rate swaps		$	—			$	(68,576	)		$	—			$	(68,576	)
Foreign currency forward contracts			—				(266,417	)			—				(266,417	)
Total		$	—			$	(334,993	)		$	—			$	(334,993	)

 

40

---

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

The following table presents the investments carried on the consolidated statements of assets and liabilities by level within the fair value hierarchy as of December 31, 2025:

 

		December 31, 2025
		Level 1				Level 2				Level 3				Total
Investments:
Secured loans		$	—			$	229,896,677			$	889,252,524			$	1,119,149,201
Secured debt			—				17,223,268				45,874				17,269,142
Unsecured debt			—				14,606,464				6,651,946				21,258,410
Equities and warrants			1,269,709				—				11,900,489				13,170,198
Trust interest			—				—				1,513,337				1,513,337
Real estate properties			—				—				11,386,450				11,386,450
Total investments		$	1,269,709			$	261,726,409			$	920,750,620			$	1,183,746,738
Cash-related Assets:
Cash equivalents and restricted cash equivalents		$	24,011,852			$	—			$	—			$	24,011,852
Total		$	24,011,852			$	—			$	—			$	24,011,852
Derivative Assets
Interest rate swaps		$	—			$	1,144,580			$	—			$	1,144,580
Foreign currency forward contracts			—				65,048				—				65,048
Total		$	—			$	1,209,628			$	—			$	1,209,628
Derivative Liabilities
Interest rate swaps		$	—			$	(226,331	)		$	—			$	(226,331	)
Foreign currency forward contracts			—				(177,236	)			—				(177,236	)
Total		$	—			$	(403,567	)		$	—			$	(403,567	)

The following table includes a roll forward of the amounts for the three months ended June 30, 2026 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement.

 

		Fair Value Measurements of Level 3 Investments
		Secured Loans and Debt				Unsecured Debt				Equities and Warrants				Trust Interest				Real Estate Properties				Total
Balance at April 1, 2026		$	890,152,822			$	19,270,437			$	14,968,244			$	1,536,837			$	10,271,118			$	936,199,458
Transfer in(1)			—				—				—				—				—				—
Transfer out(1)			—				—				—				—				—				—
Accretion/amortization of discounts/premiums			2,014,232				4,588				—				—				—				2,018,820
Interest paid-in-kind			949,964				222,957				—				31,132				—				1,204,053
Purchases(2)			87,071,770				—				4,863				—				65,824				87,142,457
Sales, paydowns and resolutions(2)			(78,762,386	)			—				—				—				(125,000	)			(78,887,386	)
Net realized gain/(loss)			173,276				—				—				—				—				173,276
Net change in unrealized appreciation/(depreciation)			(12,214,287	)			224,690				(198,876	)			(6,342	)			187,277				(12,007,538	)
Balance at June 30, 2026		$	889,385,391			$	19,722,672			$	14,774,231			$	1,561,627			$	10,399,219			$	935,843,140
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2026		$	(10,938,668	)		$	224,690			$	(198,876	)		$	(6,342	)		$	187,277			$	(10,731,919	)

(1)

There was no investment transferred in to or out from level 3.

(2)

Includes the effects of reorganizations, if any.

41

---

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

The following table includes a roll forward of the amounts for the six months ended June 30, 2026 for investments classified within level 3:

 

		Fair Value Measurements of Level 3 Investments
		Secured Loans and Debt				Unsecured Debt				Equities and Warrants				Trust Interest				Real Estate Properties				Total
Balance at January 1, 2026		$	889,298,398			$	6,651,946			$	11,900,489			$	1,513,337			$	11,386,450			$	920,750,620
Transfer in(1)			—				8,436,924				—				—				—				8,436,924
Transfer out(2)			(18,749,147	)			—				—				—				—				(18,749,147	)
Accretion/amortization of discounts/premiums			3,928,261				8,889				—				—				—				3,937,150
Interest paid-in-kind			1,711,679				288,779				—				60,643				—				2,061,101
Purchases(3)			142,134,784				—				2,588,041				—				115,571				144,838,396
Sales, paydowns and resolutions(3)			(108,161,759	)			—				—				—				(125,000	)			(108,286,759	)
Net realized gain/(loss)			(3,499,690	)			—				—				—				—				(3,499,690	)
Net change in unrealized appreciation/(depreciation)			(17,277,135	)			4,336,134				285,701				(12,353	)			(977,802	)			(13,645,455	)
Balance at June 30, 2026		$	889,385,391			$	19,722,672			$	14,774,231			$	1,561,627			$	10,399,219			$	935,843,140
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2026		$	(20,021,291	)		$	4,336,134			$	285,701			$	(12,352	)		$	(977,802	)		$	(16,389,610	)

(1)

Investment was transferred in from level 2 to level 3 due to a lack of observable market data.

(2)

Investment was transferred out from level 3 due to changes in observability of valuation inputs.

(3)

Includes the effects of reorganizations, if any.

 

The following table includes a roll forward of the amounts for the three months ended June 30, 2025 for investments classified within level 3:

 

		Fair Value Measurements of Level 3 Investments
		Secured Loans and Debt				Unsecured Debt				Equities				Trust Interest				Real Estate Properties				Total
Balance at April 1, 2025		$	791,344,437			$	6,334,487			$	9,242,094			$	1,445,347			$	11,662,754			$	820,029,119
Transfer in(1)			5,526,488				—				—				—				—				5,526,488
Transfer out(2)			—				—				—				—				—				—
Accretion/amortization of discounts/premiums			1,873,440				—				—				—				—				1,873,440
Interest paid-in-kind			1,534,143								—				27,263				—				1,561,406
Purchases(3)			36,746,280				—				4,044,695				—				74,837				40,865,812
Sales, paydowns and resolutions(3)			(87,775,906	)			—				—				—				—				(87,775,906	)
Net realized gain/(loss)			(9,543,694	)			—				—				—				—				(9,543,694	)
Net change in unrealized appreciation/(depreciation)			(166,910	)			—				(863,343	)			(5,554	)			(1,620,778	)			(2,656,585	)
Balance at June 30, 2025		$	739,538,278			$	6,334,487			$	12,423,446			$	1,467,056			$	10,116,813			$	769,880,080
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2025		$	(4,586,861	)		$	—			$	(863,343	)		$	(5,554	)		$	(1,620,778	)		$	(7,076,536	)

(1)

Investment was transferred in from level 2 to level 3 due to a lack of observable market data.

(2)

There was no investment transferred out of level 3.

(3)

Includes the effects of reorganizations, if any.

 

The following table includes a roll forward of the amounts for the six months ended June 30, 2025 for investments classified within level 3:

 

		Fair Value Measurements of Level 3 Investments
		Secured Loans and Debt				Unsecured Debt				Equities				Trust Interest				Real Estate Properties				Total
Balance at January 1, 2025		$	780,905,839			$	—			$	1,975,126			$	1,424,586			$	12,808,845			$	797,114,396
Transfer in(1)			—				—				—				—				—				—
Transfer out(1)			—				—				—				—				—				—
Accretion/amortization of discounts/premiums			3,699,767				—				—				—				—				3,699,767
Interest paid-in-kind			2,365,367				—				—				53,334				—				2,418,701
Purchases(2)			95,464,438				6,406,376				11,504,264				—				184,402				113,559,480
Sales, paydowns and resolutions(2)			(131,263,963	)			—				—				—				—				(131,263,963	)
Net realized gain/(loss)			(9,569,645	)			—				—				—				—				(9,569,645	)
Net change in unrealized appreciation/(depreciation)			(2,063,525	)			(71,889	)			(1,055,944	)			(10,864	)			(2,876,434	)			(6,078,656	)
Balance at June 30, 2025		$	739,538,278			$	6,334,487			$	12,423,446			$	1,467,056			$	10,116,813			$	769,880,080
Change in net unrealized appreciation / (depreciation) on investments held as of June 30, 2025		$	(5,928,045	)		$	(71,889	)		$	(1,055,944	)		$	(10,864	)		$	(2,876,434	)		$	(9,943,176	)

(1)

There was no investment transferred in to or out from level 3.

(2)

Includes the effects of reorganizations, if any.

 

All realized gains (losses) and change in unrealized appreciation (depreciation) in the tables above are reflected in the accompanying consolidated statements of operations. Transfers between levels, if any, are recognized at the beginning of each reporting period.

42

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

The following tables provide quantitative information about the Fund’s level 3 fair value measurements for the Fund’s investments as of June 30, 2026 and December 31, 2025. In addition to the techniques and inputs noted in the tables below, the Fund may also use, in accordance with the valuation policy, other valuation techniques and methodologies when determining the Fund’s fair value measurements. The below tables are not intended to be inclusive of all unobservable inputs, but rather provide information on the significant level 3 inputs as they relate to the Fund’s fair value measurements.

 

Quantitative Information about Level 3 Value Investments

Investment Type

Fair Value at June 30, 2026

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Secured Loans and Debt

$

746,426,353

Income Approach

Yield

8.5% - 31.4% (11.6%)

Decrease

Expected Term(2)

0.2 yrs. - 2.2 yrs. (1.0 yrs.)

Decrease

68,337,509

Recent Transaction

N/A

N/A

Increase

74,621,529

Market Comparables

Market Multiple

0.2x - 8.2x (5.2.x)

Increase

Unsecured Debt

13,505,034

Market Comparables

Market Multiple

3.5x - 11.0x (6.3x)

Increase

6,217,638

Income Approach

Yield

15.8%

Decrease

Equities and Warrants

14,774,231

Market Comparables

Market Multiple

2.0x - 12.3x (9.8x)

Increase

Real Estate Property

10,399,219

Income Approach

Discount Rate

13.0%

Decrease

Expected Term(2)

1.4 yrs.

Decrease

Trust Interest

1,561,627

Asset Approach

Recovery Rate

0.8%

Increase

Total Level 3 Investments

$

935,843,140

(1)

This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)

Expected term is an unobservable input for debt or non-debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for Level 3 debt investments, including those valued to contractual maturity, was approximately 3.2 years as of June 30, 2026.

 

Quantitative Information about Level 3 Value Investments

Investment Type

Fair Value at December 31, 2025

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted Average)

Impact to Valuation from an Increase in Input(1)

Secured Loans and Debt

$

725,148,461

Income Approach

Yield

5.6% - 30.1% (11.4%)

Decrease

Expected Term(2)

0.1 yrs. - 1.8 yrs. (0.8 yrs.)

Decrease

105,037,332

Recent Transaction

N/A

N/A

N/A

46,781,632

Market Comparables

Market Multiple

0.2x - 11.0x (4.9.x)

Increase

12,330,973

Market Quotation

Market Quotation

N/A

N/A

Unsecured Debt

6,651,946

Market Comparables

Market Multiple

10.9x

Increase

Equities

11,762,190

Market Comparables

Market Multiple

3.8x - 10.9x (9.4x)

Increase

Warrants

138,299

Recent Transaction

N/A

N/A

N/A

Real Estate Property

11,386,450

Income Approach

Discount Rate

13.0%

Decrease

Expected Term(2)

0.5 yrs.

Decrease

Trust Interest

1,513,337

Asset Approach

Recovery Rate

0.8%

Increase

Total Level 3 Investments

$

920,750,620

(1)

This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(2)

Expected term is an unobservable input for debt or non-debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for Level 3 debt investments, including those valued to contractual maturity, was approximately 3.4 years as of December 31, 2025.

43

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

6.

Debt

In February 2025, the Board approved reducing the Fund’s asset coverage requirements from 200% to 150% and in April 2025, the Fund’s Shareholders approved the reduction at a special meeting of Shareholders. As a result, the reduction of the asset coverage requirements became effective for the Fund on May 1, 2025. Asset coverage ratio is equal to (i) total assets at the end of the period, less all liabilities and indebtedness not represented by senior securities, divided by (ii) total debt represented by senior securities at the end of the period. As of June 30, 2026 and December 31, 2025, the asset coverage ratio based on the aggregate amount outstanding of the Fund’s senior securities was 215% and 199%, respectively.

Revolving Credit Facility

The Fund is party to a secured revolving credit facility with Deutsche Bank AG (the “Revolving Credit Facility”) that allows the Fund to borrow an amount up to $250 million. The interest rate is 3-Month SOFR plus a margin of 170 basis points per annum on the drawn portion, as well as a commitment fee of 40 basis points per annum on any unused portion. The revolving period ends April 17, 2028 and the stated maturity is April 17, 2031. In connection with the Revolving Credit Facility, the Fund has pledged certain investments and cash as collateral and such pledged investments may accordingly be restricted as to resale. Certain specified revaluation events related to pledged assets may result in a decrease in the borrowing base, and could incent or require the Fund to pledge additional collateral.

As of June 30, 2026 and December 31, 2025, $105.5 million and approximately $151.1 million, respectively, of the Revolving Credit Facility was outstanding.

2021 Debt Securitization

On September 9, 2021, the Fund completed a $400 million term debt securitization (the “2021 Debt Securitization”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Fund. The debt offered in the 2021 Debt Securitization (the “2021 CLO”) was issued by Silver Point SCF CLO I, Ltd., a wholly owned subsidiary of the Fund, and was backed by a diversified portfolio of senior secured bonds and loans and second lien loans. The Fund owned $112 million of Class D and Subordinated Notes. All transactions and balances associated with these two classes of notes were eliminated in consolidation. The Class A-1 Loans and Class A-1a through Class D Notes were secured obligations; the Subordinated Notes were the unsecured obligations of the 2021 CLO. The indenture governing the 2021 CLO included customary covenants.

2024 Debt Securitization

On September 26, 2024, the Fund completed a $428 million term debt securitization (the “2024 Debt Securitization”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Fund. The 2024 Debt Securitization is commonly referred to as a “CLO Reset”, in which the 2021 CLO was reset with a new capital structure and reinvestment period. The debt offered in the 2024 Debt Securitization (the “2024 CLO”) was issued by Silver Point SCF CLO IV, Ltd., a wholly owned subsidiary of the Fund, and is backed by a diversified portfolio of senior secured bonds and loans and second lien loans. The Fund owns $124 million of Class D and Subordinated Notes. All transactions and balances associated with these two classes of notes have been eliminated in consolidation. The Class A-1 Loans and Class A-1a through Class D Notes are secured obligations; the Subordinated Notes are the unsecured obligations of the 2024 CLO. The indenture governing the 2024 CLO includes customary covenants. The stated maturity for the 2024 CLO is October 15, 2036.

44

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

The 2024 CLO consists of the following:

 

		June 30, 2026
2024 CLO		Total Principal Amount Committed				Principal Amount Outstanding				Carrying Value(1)				Fair Value				Coupon		Interest Rate
Class A-1 Loans		$	100,000,000			$	100,000,000			$	99,529,112			$	100,180,000			S+1.72%			5.39	%
Class A-1a Notes			115,500,000				115,500,000				114,956,124				115,707,900			S+1.72%			5.39	%
Class A-1b Notes			16,500,000				16,500,000				16,422,303				16,467,000			5.10%			5.10	%
Class A-2 Notes			16,000,000				16,000,000				15,924,658				16,027,200			S+1.95%			5.62	%
Class B Notes			24,000,000				24,000,000				23,886,987				23,988,000			S+2.10%			5.77	%
Class C Notes			32,000,000				32,000,000				31,849,316				32,137,600			S+2.70%			6.37	%
Total 2024 CLO		$	304,000,000			$	304,000,000			$	302,568,500			$	304,507,700						5.52	%

 

		December 31, 2025
2024 CLO		Total Principal Amount Committed				Principal Amount Outstanding				Carrying Value(1)				Fair Value				Coupon		Interest Rate
Class A-1 Loans		$	100,000,000			$	100,000,000			$	99,436,635			$	100,020,000			S+1.72%			5.62	%
Class A-1a Notes			115,500,000				115,500,000				114,849,313				115,523,100			S+1.72%			5.62	%
Class A-1b Notes			16,500,000				16,500,000				16,407,045				16,531,350			5.10%			5.10	%
Class A-2 Notes			16,000,000				16,000,000				15,909,862				16,046,400			S+1.95%			5.85	%
Class B Notes			24,000,000				24,000,000				23,864,792				24,072,000			S+2.10%			6.00	%
Class C Notes			32,000,000				32,000,000				31,819,723				32,112,000			S+2.70%			6.60	%
Total 2024 CLO		$	304,000,000			$	304,000,000			$	302,287,370			$	304,304,850						5.74	%

(1)

Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

2026 Notes

On November 4, 2021, the Fund placed $145 million in aggregate principal of unsecured notes that mature on November 4, 2026 (the “2026 Notes”). The 2026 Notes were issued in two tranches, with $100 million of tranche A notes funded on November 4, 2021 and $45 million of tranche B notes funded on January 21, 2022. The 2026 Notes bear contractual interest at a rate of 4.00% per year, payable semi-annually on November 4 and May 4, of each year, commencing on May 4, 2022. The 2026 Notes are subject to various repayment and redemption provisions. Additionally, in connection with the 2026 Notes, the Fund is required to maintain certain asset ratios.

In connection with the 2026 Notes, the Fund entered into two interest rate swaps in April and May 2023, respectively, to align the interest rates of its liabilities with the Fund’s investment portfolio which consists of predominately floating rate loans. The notional amount of the interest rate swaps were each $72.5 million, or $145 million in aggregate, with a maturity date of June 30, 2025. In October 2024, the Fund simultaneously closed out these swaps and entered into a succeeding $145 million interest rate swap with a maturity date of November 4, 2026. For all swaps entered into in connection with the 2026 Notes, the Fund received a fixed rate of interest at 4.00% and paid a variable rate of interest based on SOFR (see additional information to the consolidated schedules of investments and Note 7 for more details on these interest rate swaps).

These interest rate swaps were designated as hedging instruments for the 2026 Notes in a fair value hedge, in accordance with hedge accounting. The April and May 2023 interest rate swaps were discontinued as fair value hedges upon their closure. As a result, the Fund’s effective interest rate on the 2026 Notes is SOFR plus 13 basis points during the swaps’ outstanding period. The interest expense related to the 2026 Notes is equally offset by the proceeds received from the interest rate swaps. Income and expenses generated by the hedging swaps are included as a component of total interest expense on the Fund’s consolidated statements of operations. The change in fair value of the interest rate swaps is offset by the change in the interest rate component of the fair value of the 2026 Notes, with the remaining difference as a component of total interest expense on the consolidated statements of operations.

45

---

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

2055 Promissory Notes

On April 30, 2025, the Fund issued $1.5 million in aggregate principal of promissory notes (the “2055 Promissory Notes”). The Fund pays interest on the principal amount of the 2055 Promissory Notes at a rate of 12% per annum, payable annually in arrears. The 2055 Promissory Notes mature on April 30, 2055 and may be prepaid by the Fund at any time, in whole or in part, provided that (i) the Fund will pay on the date of such prepayment all accrued and unpaid interest due on such prepaid principal amount to and including the date of prepayment and (ii) if the prepayment occurs within twenty-four months after the issue date of the 2055 Promissory Notes, the Fund will pay a one-time premium.

The following tables present the details of the Fund’s borrowings as of June 30, 2026 and December 31, 2025:

 

		June 30, 2026
Facility		Total Principal Amount Committed				Principal Amount Outstanding				Carrying Value				Fair Value				Coupon		Interest Rate		Maturity Date
Revolving Credit Facility(1)		$	250,000,000			$	105,500,000			$	105,500,000			$	105,500,000			S+1.70%		5.43%		4/17/2031
2024 CLO(2)(3)			304,000,000				304,000,000				302,568,500				304,507,700			Various		5.52%		10/15/2036
2026 Notes(3)(4)			145,000,000				145,000,000				144,811,530				143,912,500			4.00%		4.00%		11/4/2026
2055 Promissory Notes(3)			1,500,000				1,500,000				1,367,258				1,492,500			12.00%		12.00%		4/30/2055
Total		$	700,500,000			$	556,000,000			$	554,247,288			$	555,412,700

 

		December 31, 2025
Facility		Total Principal Amount Committed				Principal Amount Outstanding				Carrying Value				Fair Value				Coupon		Interest Rate		Maturity Date
Revolving Credit Facility(1)		$	250,000,000			$	151,100,000			$	151,100,000			$	151,100,000			S+1.70%		5.37%		4/17/2031
2024 CLO(2)(3)			304,000,000				304,000,000				302,287,370				304,304,850			Various		5.74%		10/15/2036
2026 Notes(3)(4)			145,000,000				145,000,000				144,988,805				142,825,000			4.00%		4.00%		11/4/2026
2055 Promissory Notes(3)			1,500,000				1,500,000				1,367,047				1,492,625			12.00%		12.00%		4/30/2055
Total		$	700,500,000			$	601,600,000			$	599,743,222			$	599,722,475

(1)

Interest rate as of June 30, 2026 and December 31, 2025 was 3-Month SOFR+1.70%, respectively. The base interest rate is subject to monthly changes. Interest rate does not include the amortization of upfront fees, facility agent fee, unfunded fees and expenses that were incurred in connection with the Revolving Credit Facility.

(2)

Interest rates as of June 30, 2026 and December 31, 2025 were calculated using the weighted average interest rate based on the 2024 CLO. Interest rate does not include the amortization of upfront fees. Refer to 2024 CLO table above for the respective coupon rates.

(3)

Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.

(4)

Carrying value includes the change in fair value of effective hedges. As of June 30, 2026 and December 31, 2025, carrying value of the 2026 Notes includes the change in fair value of effective hedges of $0.1 million and $0.6 million, respectively..

The fair value of the Fund’s borrowings are categorized as Level 3 within the fair value hierarchy as of June 30, 2026 and December 31, 2025.

The components of the Fund’s interest and financing expenses for the three and six months ended June 30, 2026 and June 30, 2025 were as follows:

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2026				2025				2026				2025
Stated interest expense		$	7,388,520			$	6,481,474			$	15,288,365			$	13,159,049
Unfunded fees			140,564				163,158				371,807				338,058
Amortization of deferred financing costs and debt issuance costs			491,492				398,745				973,252				828,071
Net change in unrealized appreciation/(depreciation) on effectively hedged interest rate swaps and debt(1)			(6,223	)			(20,570	)			(15,856	)			(50,360	)
Total interest expense(2)		$	8,014,353			$	7,022,807			$	16,617,568			$	14,274,818
Weighted average interest rate(3)			5.63	%			6.12	%			5.65	%			6.32	%
Average borrowings		$	570,525,000			$	460,175,000			$	593,285,714			$	455,753,563

(1)

Refer to “2026 Notes” for details on designated hedge relationship with the interest rate swaps.

(2)

Interest expense includes the portion of the facility agent fee applicable to the drawn portion of the Revolving Credit Facility and the unfunded fee includes the portion of the facility agent fee applicable to the undrawn portion of the Revolving Credit Facility (see table above for details of the Fund’s borrowings).

(3)

Annualized.

46

---

Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

7.

Derivatives

The Fund may enter into derivative financial instruments in the normal course of business to achieve certain risk management objectives, including managing its interest rate, credit risk and foreign currency risk exposures. The Fund is a party to International Swap and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with certain counterparties that govern over-the-counter derivative contracts entered into from time to time. The Fund is also a party to agreements that govern derivatives cleared by a Central Counterparty Clearing House (“Cleared Derivative Agreements” and together with ISDA Master Agreements, “Derivative Agreements”). The Derivative Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral requirements under Derivative Agreements are determined based on the Fund’s net position with each counterparty. Collateral can be in the form of cash and U.S. government securities as agreed to by the Fund and the applicable counterparty. Collateral pledged by the Fund is segregated by the Fund’s custodians and may be restricted as to resale. Collateral posted to the Fund is held by the Fund’s custodians or the central counterparty clearing house and with respect to those amounts that can be sold or repledged, are presented in the Fund’s portfolio. As of June 30, 2026 and December 31, 2025, only cash was pledged and received by the Fund as collateral under the Derivative Agreements and was included in due from broker and due to broker on the consolidated statements of assets and liabilities.

The following table presents the details of the Fund’s average U.S. dollar notional exposure for the three and six months ended June 30, 2026 and June 30, 2025:

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
Average notional value(1)		2026				2025				2026				2025
Interest Rate Swaps(2), hedge accounting		$	145,000,000			$	145,000,000			$	145,000,000			$	145,000,000
Interest Rate Swaps(2), non-hedge accounting			24,589,907				5,811,900				22,435,543				4,401,877
Foreign Currency Forward Contracts(3)			71,780,156				28,216,302				64,129,792				26,535,580

(1)

For each contract type, calculated based on month end amounts during which the contract was held (see consolidated statements of operations for net realized and unrealized gain (loss) on each non-hedging contract type, consolidated schedule of investments for detailed terms of the contracts, Note 2 on the purpose of the derivative activities and Note 6 for a description of the hedge accounting relationship between certain interest rate swaps and the 2026 Notes).

(2)

Risk exposure is interest rate. Certain interest rate swaps were designated as hedging instruments in accordance with hedge accounting (see Note 6).

(3)

Risk exposure is foreign currency. No foreign currency forward contract was designated as a hedging instrument in accordance with hedge accounting.

 

The Fund’s net exposure to foreign currency forward contracts and interest rate swaps presented on the consolidated statements of assets and liabilities was as follows:

 

														Amounts Not Offset in Consolidated Statements of Assets and Liabilities
		Gross Amount of Assets				Gross Amount of Liabilities				Net Amount of Assets (Liabilities)				Collateral (Received) Pledged				Net Amounts
June 30, 2026
Interest Rate Swaps, hedge accounting(1)		$	562,071			$	—			$	562,071			$	—			$	562,071
Interest Rate Swaps, non-hedge accounting(2)			364,128				68,576				295,552				(295,552	)			—
Foreign Currency Forward Contracts(3)			11,797				266,417				(254,620	)			254,620				—
December 31, 2025
Interest Rate Swaps, hedge accounting(4)		$	1,017,060			$	—			$	1,017,060			$	—			$	1,017,060
Interest Rate Swaps, non-hedge accounting(5)			127,520				226,331				(98,811	)			—				(98,811	)
Foreign Currency Forward Contracts(6)			65,048				177,236				(112,188	)			112,188				—

(1)

Over collateralization of $1.2 million is excluded from Collateral (Received)/Pledged at June 30, 2026.

(2)

Over collateralization of $(0.7) million is excluded from Collateral (Received)/Pledged at June 30, 2026.

(3)

Over collateralization of $0.6 million is excluded from Collateral (Received)/Pledged at June 30, 2026.

(4)

Over collateralization of $1.7 million is excluded from Collateral (Received)/Pledged at December 31, 2025.

(5)

Over collateralization of $(1.2) million is excluded from Collateral (Received)/Pledged at December 31, 2025.

(6)

Over collateralization of $1.2 million is excluded from Collateral (Received)/Pledged at December 31, 2025.

47

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

The effect of transactions in derivative instruments not utilizing hedge accounting is presented in net gain (loss) on interest rate swaps and foreign currency forward contracts in the consolidated statements of operations as follows:

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2026				2025				2026				2025
Net realized gain (loss) on derivative contracts:
Foreign currency forward contracts		$	1,785,810			$	(1,614,978	)		$	2,363,057			$	(2,183,731	)
Interest rate swaps			(222,240	)			5,057				(193,951	)			10,276
Total net realized gain (loss) on derivative contracts		$	1,563,570			$	(1,609,921	)		$	2,169,106			$	(2,173,455	)
Net change in unrealized appreciation / (depreciation) on derivative contracts:
Foreign currency forward contracts		$	(586,999	)		$	(546,035	)		$	(142,432	)		$	(932,058	)
Interest rate swaps			288,852				(51,633	)			394,364				(254,656	)
Total net change in unrealized appreciation / (depreciation) on derivative contracts		$	(298,147	)		$	(597,668	)		$	251,932			$	(1,186,714	)

Refer to Note 6 for interest rate swaps designated as hedging instruments associated with the 2026 Notes.

8.

Commitments and Contingencies

From time to time, the Fund may enter into commitments to fund investments. Such commitments are incorporated into the Fund’s assessment of its liquidity position. The Fund’s senior secured revolver commitments are generally available on a borrower’s demand. The Fund’s senior secured delayed draw term loan commitments are generally available on a borrower’s demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

48

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

A summary of the composition of the Fund’s unfunded commitments as of June 30, 2026 and December 31, 2025 is shown in the table below:

 

Portfolio Company	Investment Type		June 30, 2026				December 31, 2025
Accela Inc/US	1st Lien Revolver		$	2,242,023			$	908,238
Allentown LLC	1st Lien Revolver			706,661				1,054,199
Allium Buyer LLC	1st Lien Revolver			573,673				573,673
Alpine Acquisition Corp II	1st Lien Delayed Draw Term Loan			53,094				—
Alpine Acquisition Corp II	1st Lien Revolver			212,377				—
Arctic Glacier Group Holdings	1st Lien Revolver			—				838,563
Artisan Bidco Inc	1st Lien Revolver			214,598				292,634
Azurite Intermediate Holdings Inc	1st Lien Revolver			770,731				770,731
Contractual Buyer, LLC (dba Kodiak Solutions)	1st Lien Revolver			401,425				401,425
Coupa Holdings LLC	1st Lien Delayed Draw Term Loan			—				924,210
Coupa Holdings LLC	1st Lien Revolver			235,886				707,659
Crewline Buyer Inc	1st Lien Revolver			989,736				989,736
Databricks Inc	1st Lien Delayed Draw Term Loan			13,716,358				1,859,945
Elessent Clean Technologies Inc	1st Lien Revolver			241,448				241,448
FR Vision Holdings, Inc. (CHA Consulting)	1st Lien Delayed Draw Term Loan			487,400				526,779
FR Vision Holdings, Inc. (CHA Consulting)	1st Lien Revolver			167,172				185,747
GC Bison Acquisition, LLC (Midland Industries)	1st Lien Revolver			1,063,447				510,455
GI Apple Midco LLC (Atlas Technical)	1st Lien Revolver			451,777				740,145
Gopher Resource LLC	1st Lien Revolver			715,607				559,542
Guava Buyer LLC (dba AVI-SPL)	1st Lien Delayed Draw Term Loan			1,161,710				1,161,710
Guava Buyer LLC (dba AVI-SPL)	1st Lien Revolver			1,908,521				1,355,329
Hammer IntermediateCo LLC	1st Lien Revolver			1,062,137				832,008
Health Catalyst Inc	1st Lien Delayed Draw Term Loan			—				5,045,399
Hootsuite Inc.	1st Lien Revolver			1,251,480				568,854
Industrial Service Solutions WC, Inc.	1st Lien Revolver			1,465,887				—
Inotiv Inc	1st Lien DIP			78,521				—
Inotiv Inc	1st Lien Revolver			—				746,641
KORE Wireless Group Inc	1st Lien Revolver			626,612				626,612
LA Specialty Produce Co LLC(dba Vesta Foodservice)	1st Lien Delayed Draw Term Loan			1,737,432				—
LA Specialty Produce Co LLC(dba Vesta Foodservice)	1st Lien Revolver			1,003,850				—
LAC Acquisition LLC d/b/a Lighthouse Autism Center	1st Lien Revolver			500,000				500,000
LeVecke Real Estate Holdings, LLC	1st Lien Delayed Draw Term Loan			70,645				70,645
LVF Holdings Inc	1st Lien Delayed Draw Term Loan			—				2,408,809
Mercury Bidco LLC	1st Lien Revolver			1,981,556				1,981,556
Meta Buyer LLC	1st Lien Delayed Draw Term Loan			1,774,740				3,391,761
Meta Buyer LLC	1st Lien Revolver			1,138,130				1,479,569
Mounty US Holdings	1st Lien Revolver			995,726				995,726
National Dentex Corp	1st Lien Revolver			14,869				14,872
NetSPI Midco Corporation	1st Lien Revolver			668,122				767,956
NP Gaming Acquisition LLC	1st Lien Revolver			742,723				—
Quirch Foods Holdings LLC	1st Lien Delayed Draw Term Loan			1,209,254				1,209,254
Radiate Holdco LLC	1st Lien Delayed Draw Term Loan			—				10,000,500
Recorded Books Inc (RB Media)	1st Lien Delayed Draw Term Loan			390,213				390,213
Recorded Books Inc (RB Media)	1st Lien Revolver			987,009				987,009
Resistance Holdings Inc	1st Lien Revolver			1,258,941				—
RKG Newco LLC	1st Lien Revolver			1,133,877				—
SBP Holdings LP	1st Lien Delayed Draw Term Loan			1,989,772				2,074,454
SBP Holdings LP	1st Lien Revolver			838,328				838,328
Shrieve Chemical Co LLC	1st Lien Revolver			282,510				363,484
Sintec Media NYC Inc	1st Lien Revolver			256,086				419,049
Smarsh Inc	1st Lien Delayed Draw Term Loan			367,709				472,634
Smarsh Inc	1st Lien Revolver			100,829				144,941
Speedstar Holding LLC	1st Lien Delayed Draw Term Loan			1,601,589				1,601,589
Telestream 2 LLC	1st Lien Revolver			425,843				425,843
TETRA Technologies Inc	1st Lien Delayed Draw Term Loan			—				5,984,764
TH Liquidating Trust	Trust Interest			285,563				285,563
USA Debusk LLC	1st Lien Delayed Draw Term Loan			—				2,655,600
USA Debusk LLC	1st Lien Revolver			495,448				614,355
Vantage Specialty Chemicals Inc	1st Lien Revolver			1,255,224				1,731,343
Vensure Employer Services Inc	1st Lien Delayed Draw Term Loan			366,577				89,078
Wrangler Topco, LLC	1st Lien Delayed Draw Term Loan			—				363,641
Wrangler Topco, LLC	1st Lien Revolver			1,502,990				1,502,990
Xactus LLC	1st Lien Revolver			479,141				718,711
Total			$	56,652,977			$	66,905,919

 

49

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

In the normal course of its operations, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund believes the risk of significant loss to be remote.

From time to time, the Fund and its affiliates are subject to litigation arising in the normal course of business, including with respect to our portfolio companies. The Fund and certain other funds managed by Silver Point and its affiliates were named as defendants in a lawsuit asserting tortious interference filed in a United States bankruptcy court. On February 19, 2025, the bankruptcy court issued a Report and Recommendation to the U.S. District Court for the Southern District of Texas recommending dismissal of the tortious interference claim. On December 8, 2025, the U.S. District Court entered an order dismissing the tortious interference claim. On January 6, 2026, the plaintiffs filed a notice of appeal of this order to the U.S. Court of Appeals for the Fifth Circuit. The appeal has been fully briefed and is currently pending with the Fifth Circuit. The Fund intends to vigorously defend these claims. At this time, the Fund cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome; however the Adviser does not expect the results of any potential outcome, even if unfavorable, to be material to the Fund’s consolidated financial statements.

9.

Net Assets

The Fund is authorized to issue an unlimited number of common shares of beneficial interest at $0.001 per share par value. The Fund has entered into subscription agreements with investors, including affiliates of the Adviser, providing for the private placement of the Fund’s common shares (collectively “Capital Commitments”). Under the terms of the Capital Commitments, investors are required to fund capital contributions to purchase the Fund’s common shares up to the amount of their respective Capital Commitment on an as-needed basis each time a drawdown notice is delivered to investors. Drawdown notices will be delivered at least 10 calendar days prior to the date on which contributions will be due and drawdown amounts will generally be made pro rata, in accordance with Capital Commitments of all investors that have unfunded Capital Commitments (limited to the extent of an investor’s unfunded Capital Commitment).

As of June 30, 2026, the Fund had $648.2 million of total commitments, of which $7.5 million was unfunded. Total commitments of $25.9 million represent entities affiliated with the Adviser.

As of December 31, 2025, the Fund had $622.2 million of total commitments, of which $26.5 million was unfunded. Of the unfunded commitments, $25.0 million was not available to be called until January 1, 2026. Total commitments of $25.9 million represent entities affiliated with the Adviser.

Shares issued and outstanding as of June 30, 2026 and December 31, 2025 were 23,456,779 and 21,240,388, respectively. The aggregate interests of Shareholders affiliated with the Adviser was approximately 4% of the Fund as of June 30, 2026 and 4% as of December 31, 2025.

The following table summarizes activity in the number of shares issued during the six months ended June 30, 2026:

 

Date		Shares Issued				Proceeds Received				Issuance Price per Share
January 2, 2026			357,654			$	10,000,000			$	27.96
February 2, 2026			358,038			$	10,000,000			$	27.93
March 2, 2026			359,066			$	10,000,000			$	27.85
April 1, 2026			182,017			$	5,000,000			$	27.47
May 1, 2026			182,749			$	5,000,000			$	27.36
June 1, 2026			182,815			$	5,000,000			$	27.35

The following table summarizes activity in the number of shares issued during the six months ended June 30, 2025:

 

Date		Shares Issued				Proceeds Received				Issuance Price per Share
April 30, 2025			250			$	7,375			$	29.50
June 1, 2025			329,496			$	9,502,656			$	28.84

 

50

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

Distributions

The Board may, in its discretion, authorize the Fund to distribute ratably among the Shareholders of any class or series of shares in the Fund in accordance with the number of outstanding full and fractional shares of such class or series as the Board may deem proper or as may otherwise be determined in accordance with the governing documents of the Fund. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Fund or any assets thereof) or shares of any class or series or any combination thereof. It is expected that the Board will authorize monthly distributions of the majority of the Fund’s net investment income. The Board may always retain such amount as it may deem necessary to pay the debts or expenses or meet other obligations of the Fund, or as it may otherwise deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. The following table summarizes the Fund’s dividends declared for the three and six months ended June 30, 2026:

 

Date Declared		Record Date		Payment Date		Type		Distribution per Share				Total Amount
January 29, 2026		January 31, 2026		February 27, 2026		Regular		$	0.24			$	5,207,028
February 27, 2026		February 28, 2026		March 30, 2026		Regular		$	0.24			$	5,315,761
March 25, 2026		March 31, 2026		April 30, 2026		Regular		$	0.24			$	5,425,192
April 28, 2026		April 30, 2026		May 28, 2026		Regular		$	0.24			$	5,492,834
May 26, 2026		May 29, 2026		June 25, 2026		Regular		$	0.24			$	5,561,045
June 23, 2026		June 30, 2026		July 28, 2026		Regular		$	0.24			$	5,629,627

The following table summarizes the Fund’s dividends declared for the three and six months ended June 30, 2025:

 

Date Declared		Record Date		Payment Date		Type		Distribution per Share				Total Amount
February 11, 2025		December 31, 2024		February 12, 2025		Regular		$	0.66			$	12,179,459
February 11, 2025		December 31, 2024		February 12, 2025		Supplemental		$	0.04			$	738,149
April 28, 2025		March 31, 2025		April 29, 2025		Regular		$	0.66			$	12,179,459
April 28, 2025		March 31, 2025		April 29, 2025		Supplemental		$	0.04			$	738,149
April 28, 2025		April 25, 2025		April 29, 2025		Regular		$	0.24			$	4,428,894

Distribution Reinvestment Plan

The Fund has adopted a distribution reinvestment plan pursuant to which the Fund will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares. Shareholders who receive distributions in the form of common shares will be subject to the same tax consequences as if the distributions were received in cash.

The table below summarizes the number of common shares issued to shareholders through the Fund’s distribution reinvestment plan for the six months ended June 30, 2026. There were no common shares issued to shareholders through the Fund’s distribution reinvestment plan for the six months ended June 30, 2025.

 

Declared Date		Record Date		Payment Date		Shares Issued
December 27, 2025		December 31, 2025		January 2, 2026			97,906
January 29, 2026		January 31, 2026		February 2, 2026			95,020
February 27, 2026		February 28, 2026		March 2, 2026			96,894
March 25, 2026		March 31, 2026		April 1, 2026			99,826
April 28, 2026		April 30, 2026		May 1, 2026			101,463
May 26, 2026		May 29, 2026		June 1, 2026			102,942

Share Repurchase Program

At the discretion of Board, the Fund intends to commence a share repurchase program following the second anniversary of the Liquidity Event in which it intends to repurchase up to 5% of the Fund’s common shares outstanding, either by number of common shares or aggregate NAV, as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program or conduct additional repurchases of common shares in an amount greater than 5% of common shares at any time if in its reasonable judgment it deems such action to be in the Fund’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act.

51

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Silver Point Specialty Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

 

To the extent the Fund offers to repurchase common shares in any particular quarter, the Fund expects to repurchase common shares pursuant to tender offers on or around the last business day of that quarter, using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter. In the event the amount of shares tendered exceeds the repurchase offer amount, common shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase plan.

There have been no repurchases under the share repurchase program.

10.

Financial Highlights

The following summarizes the financial highlights for the Fund:

 

	For the Six Months Ended June 30,
	2026			2025
Per Share Data*(1)
Net asset value, beginning of period	$	27.96		$	29.53
Net investment income		1.54			1.63
Net realized gain (loss) and net change in unrealized appreciation (depreciation)		(0.88	)		(0.70	)
Total from operations		0.66			0.93
Dividends declared from net investment income		(1.44	)		(1.64	)
Total increase (decrease) in net assets		(0.79	)		(0.71	)
Net asset value, end of period	$	27.17		$	28.82
Shares outstanding, end of period		23,456,779			18,783,471
Total Return, based on net asset value(2)(6)		2.38	%		3.21	%
Ratios to average net assets(3)(5)
Interest and financing related expenses		5.41	%		5.30	%
Other operating expenses(7)(9)		2.33	%		2.23	%
Incentive fee, net of clawback(6)		0.79	%		0.59	%
Total expenses(9)		8.53	%		8.12	%
Net investment income(3)(9)		12.07	%		11.82	%
Net assets, end of period	$	637,371,053		$	541,258,197
Portfolio turnover rate(4)		14.66	%		16.49	%
Weighted-average debt outstanding	$	593,285,714		$	455,753,563
Weighted-average interest rate on debt(8)		5.65	%		6.32	%
Weighted-average shares outstanding		22,457,845			18,500,904

(*) Totals may not foot due to rounding.

(1)

The per share data was derived by using the weighted average shares outstanding during the applicable period, except for net asset value and dividends declared which reflected the actual amount per share for the applicable period.

(2)

Total return is calculated as the change in net asset value during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan, divided by the beginning net asset value per share.

(3)

The net investment income ratio is presented after the effects of expenses (including interest and financing related expenses, the management fee and incentive fee, net of clawback).

(4)

Portfolio turnover is calculated as the lesser of (i) purchases of portfolio investments or (ii) the aggregate total of sales of portfolio investments plus any prepayments received, divided by average fair value of portfolio investments during the period.

(5)

Annualized, except for incentive fees.

(6)

Not annualized.

(7)

Other operating expenses exclude interest and financing related expenses and incentive fees.

(8)

Annualized.

(9)

Prior to any management fee waivers, the annualized other operating expenses, total expenses, and net investment income to average net assets for the period ended June 30, 2026, was 2.59%, 8.79%, and 11.81%, respectively. Prior to any management fee waivers, the annualized other operating expenses, total expenses, and net investment income to average net assets for the period ended June 30, 2025, was 2.32%, 8.21%, and 11.74%.

11.

Subsequent Events

Management has performed an evaluation of subsequent events and has determined that no additional items require adjustments to, or disclosure in, the consolidated financial statements other than those items described below.

On July 23, 2026, the Board declared a dividend of $0.24 per share, payable on or before August 31, 2026, for Shareholders of record on July 31, 2026.

52

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Some of the statements in this report (including in the following discussion) contain forward-looking statements that involve risks and uncertainties, which relate to future events or the future performance or financial condition of Silver Point Specialty Lending Fund (the “Fund,” “we,” “us,” or “our”). Our actual results could differ materially from those anticipated by such forward-looking information including statements concerning:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

changes in the economy, including those caused by tariffs and trade disputes with other countries, changes in inflation and risk of recession;

•

risk associated with possible disruptions in our operations or the economy generally;

•

the impact of global health epidemics on our and our portfolio companies’ business and the global economy;

•

the effect of investments that we expect to make;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with our Adviser and its affiliates;

•

the dependence of our future success on the general economy and its effect on the industries in which we invest, including as a result of inflation;

•

the ability of our portfolio companies to achieve their objectives;

•

the use of borrowed money to finance a portion of our investments, including the consequences of interest rate increases;

•

the adequacy of our financing sources and working capital;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•

the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•

the consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chain;

•

our ability to qualify and maintain our qualification as a BDC; and

•

the effect of changes in laws or regulations affecting our operations or to tax legislation and its tax position.

We use words such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology to identify forward-looking statements.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form 10, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

The Fund was originally formed on July 31, 2014 as a Delaware limited partnership and started operations on July 1, 2015. The Fund converted into a statutory trust organized under the laws of the State of Maryland on November 15, 2021. We have elected to be regulated as a BDC under the 1940 Act and intend to qualify as a RIC for U.S. federal income tax purposes. We are an “emerging growth company” under the JOBS Act. For so long as we remain an emerging growth company under the JOBS Act, we will be subject to reduced public company reporting requirements.

Investment Framework

We are a specialty finance company that is a closed-end management investment company. We have elected to be regulated as a BDC under the 1940 Act. Our investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in U.S. middle market lending opportunities, and specialty asset based financings. We define “middle market companies” to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) between $50 million and $200 million annually and/or enterprise value between $150 million and $2 billion at the time of investment. As of June 30, 2026, the portfolio median EBITDA for our portfolio companies was approximately $111.4 million. We may also, from time to time invest in larger or smaller companies. In seeking to achieve our investment objective, we may also invest across a broad range of industries. We will invest primarily in first-lien debt, but may also invest in second-lien debt, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

53

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We focus on U.S. middle market opportunities that have barriers to entry because they entail in-depth due diligence, valuation and collateral analyses; involve complexity; and require speed and certainty of execution and similar features that limit the participation of traditional financing sources. These opportunities are often less competitive and allow us to require more favorable structural and economic terms than available in broader public markets. In addition to investments in U.S. middle market companies, we may invest a portion of our capital in opportunistic investments, including, but not limited to, loans, debt securities (secured and unsecured) and equity. The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating.

Our Adviser believes the middle market lending environment is attractive throughout the credit cycle as a result of the following (i) growing demand for non-traditional lenders, (ii) trajectory of the middle market environment, (iii) dynamics of middle market lending conditions and (iv) the niches of the specialty lending market, on which we believe our Adviser has the credit expertise and sourcing relationships to capitalize. The reduced competition and barriers to entry within these deals may allow us to originate and purchase loans at premium economics and with better creditor protections than those available in the broader market.

If we are successful in achieving our investment objective, we believe that we will be able to provide our Shareholders with consistent dividend distributions and attractive risk-adjusted total returns, although there can be no assurances in this regard. Since we commenced investment operations on July 1, 2015, through June 30, 2026, we have invested approximately $4.4 billion in 314 portfolio companies, excluding any subsequent exits or repayments. As of June 30, 2026, the fair value of our portfolio was invested approximately 94.4% in first lien secured debt, 1.5% in second lien debt, 1.7% in unsecured debt, 1.3% in equity investments and 1.1% in other investments.

Relationship with our Adviser

Silver Point Specialty Credit Fund Management, LLC (the “Adviser”), a Delaware limited liability company and wholly owned subsidiary of Silver Point Capital, L.P. (“Silver Point”), serves as our investment adviser and administrator (see Note 3 to the consolidated financial statements for more details). Subject to the supervision of our Board of Trustees, our Adviser manages our day-to-day operations and provides us with investment advisory and management services. Our Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to us and to our portfolio companies as required. We believe our Adviser will be able to leverage Silver Point’s existing relationships across advisors, intermediaries, investment banks, financial sponsors, broker-dealers, lawyers, and investors to source attractive investment opportunities.

We seek to accomplish our investment objective through leveraging the Silver Point investment platform with $50.8 billion of investable assets (including leverage for applicable funds) and Silver Point’s significant credit investing expertise, which enables us to source and identify less competitive and/or mispriced market opportunities. We target secured, floating rate loans with stable income that are structured with significant downside protection, which we believe includes strong covenant packages and comprehensive collateral packages. We prioritize investments in first lien debt, which we believe offers more attractive risk-adjusted return characteristics.

We and our Adviser have obtained an exemptive order from the SEC to permit greater flexibility to negotiate the terms of co-investments if our Board of Trustees determines that it would be advantageous for us to co-invest with other affiliated funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Key Components of Our Results of Operations

Investments

We focus primarily on targeting direct lending opportunities to U.S. middle market companies throughout the business cycle. Our level of investment activity can and does 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 prevailing economic and market 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 must 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 U.S. 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.

Since formation, in excess of 70% of the Fund’s assets have been “qualifying assets” under Section 55(a) of the 1940 Act. As of June 30, 2026, the fair value of the Fund’s total assets was comprised of approximately 74.8% of “qualifying assets.”

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Revenues

We generate revenue primarily in the form of interest income on the investments we hold and, to a lesser extent, capital gains on the sales of loans and debt and equity securities and dividend income on direct equity investments. In addition, we generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees and prepayment fees.

Interest and dividend income are recorded on an accrual basis. Loan origination fees, original issue discount and market discounts or premiums are capitalized, and we accrete or amortize such amounts to income. We record contractual prepayment premiums and the acceleration of unamortized premiums or discounts on loans and debt securities as income, which can cause investment income to vary quarter by quarter.

Interest on debt investments is generally payable monthly or quarterly. Some of our investments provide for deferred interest payments or PIK interest. The principal amount of debt investments and any accrued but unpaid interest generally becomes due at the maturity date. Generally a small but varied number of portfolio companies may make voluntary prepayments in any quarter, meaning that changes in the amount of prepayment fees received can vary significantly between periods and can vary without regard to underlying credit trends. Repayments of our debt investments can reduce interest income from period to period.

We recognize realized gains or losses on sales of investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment at time of disposition, without regard to unrealized gains or losses previously recorded. We record changes in unrealized gain or loss on investments based on the current period changes in fair value of investments inclusive of the reversal of previously recorded unrealized gains or losses with respect to investments realized during the current period.

Expenses

Our primary operating expenses include interest and financing costs incurred from our credit facilities and the payment of fees to our Adviser under the Advisory Agreement. Additionally, we bear other costs and expenses of our operations, administration and transactions, including, but not limited to, the following:

•

investment advisory and management fees;

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expenses, including travel expenses, incurred by our Adviser, or members of our investment team, or payable to third parties, in respect of prospective or consummated investments;

•

amounts payable to third parties relating to, or associated with, making or holding investments, including legal, tax, consulting and other professional expenses;

•

commissions and other compensation payable to brokers or dealers;

•

transfer agent and custodial fees;

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certain taxes;

•

direct costs and expenses of administration, including audit, accounting, consulting and legal costs;

•

errors and omissions liability insurance for Trustees and officers and any other insurance premiums;

•

interest payable on debt incurred to finance our investments;

•

calculation of our net asset value (including the costs and expenses of any independent valuation firms);

•

Independent Trustee fees and expenses;

•

the costs of any reports, proxy statements or other notices to our Shareholders, the SEC and other regulatory authorities (including printing and mailing costs), the costs of any Shareholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; and

•

our fidelity bond.

We bear other costs and expenses of our operations and transactions in accordance with and as set forth in more detail in our Advisory Agreement (see Note 3 to the consolidated financial statements).

Use of Leverage

We are a party to debt financing arrangements that allow us to borrow money and lever our investment portfolio, subject to the limitations of the 1940 Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our Shareholders. The use of leverage involves significant risks. As a BDC, pursuant to the 1940 Act, our total borrowings are limited. We are allowed to borrow amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150% immediately after such borrowing. This means that we can borrow up to $2 for every $1 of investor equity. The amount of leverage that we employ will depend on our Adviser’s and our Board of Trustees’ assessment of market conditions and other factors at the time of any proposed borrowing.

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Market Opportunity

We believe the middle market lending environment, and in particular our focus area within middle market lending, is attractive throughout the credit cycle as a result of a combination of the following:

Size of the Middle Market Environment and Resulting Demand for Capital. The middle market is a critical portion of the U.S. economy and serves an outsized role in terms of GDP and revenues. According to the National Center for The Middle Market Year-End 2025 Middle Market Indicator, there are nearly 200,000 businesses in the U.S. middle market which represents one-third of private sector GDP and employment. Moreover, average year-over-year revenue growth in the middle market remained strong at 11.7%, with 84% of companies reporting top-line growth year-over-year. The Middle Market Indicator defines U.S. middle market companies as those with annual revenue between $10 million and $1 billion, significantly overlapping with our definition of U.S. middle market companies. The contribution from middle market companies to the economy has grown over time, and as the sector continues to expand, we believe there will be a similarly outsized need for capital. Historically, U.S. commercial and regional banks were traditional lenders to the middle market. However, regulatory and structural changes have taken place in the lending space that have resulted in less supply of capital for middle market companies from these traditional lenders. This has created an attractive lending opportunity for direct lenders to fill the void of traditional lenders.

Specialty Lending Market. We believe that middle market lending opportunities yield higher returns with better creditor protections when compared to broadly syndicated loan opportunities and that a unique opportunity exists for specialty lenders with differentiated sourcing channels and underwriting expertise to structure deals with more favorable terms than the broader market. We believe there persists a void in the market for deals where the borrower is in an industry or position that requires the lender to (i) conduct independent in-depth enterprise and collateral analysis and/or understand complexity, (ii) offer creative customized solutions and/or (iii) provide capital with speed and certainty of execution. We believe the reduced competition and barriers to entry within these deals allow us to originate loans at a risk-adjusted return premium to the broader market and to secure relatively stronger covenant packages, which provides our loans with significant downside protection.

Specialty Lending Expertise. Successfully lending within the middle market space requires a specialized skill set, particularly in assessing credit quality and risk, assessing business valuations, structuring and documentation, and asset management. Lenders in the middle market space have the ability to enhance value through intricate knowledge of capital structures and business dynamics, and through thoughtful structuring of financial covenants. Furthermore, lenders who engage in robust asset monitoring and management can successfully enhance returns throughout the business and credit cycle. We believe Silver Point is well-positioned to extract value from middle market opportunities given its platform, deep credit expertise, and experience managing portfolios of loans across cycles.

Attractive Opportunities to Invest in Senior Secured and Floating Rate Loans. We believe that opportunities to invest in senior secured loans are attractive because of the floating rate structure of most senior secured debt issuances and the defensive characteristics of these types of investments. We believe that floating rate debt investments can offer a superior return profile relative to fixed-rate investments, since floating rate structures are generally less susceptible to declines in value. In addition, senior secured debt possesses attractive defensive characteristics given its priority in payment relative to junior debt holders and equity holders.

Ability to invest throughout cycles including during periods of economic uncertainty. We believe that direct lending can offer attractive risk adjusted returns throughout cycles, as there is consistently a stream of borrowers that prioritize private credit for their capital needs. We have also found that times of increased volatility often results in a weakened capital base for new loan supply and an increase in lending opportunities that require private capital to be accretive solution providers. Given our capabilities and expertise in the direct lending market, having invested throughout cycles, including the Global Financial Crisis, we believe we have built an all-cycle business model and we are well positioned to take advantage of the opportunity set in any market environment.

Portfolio and Investment Activity

As of June 30, 2026 and December 31, 2025, we had investments in 103 and 109 portfolio companies, respectively, with an aggregate fair value of $1,148.4 million and $1,183.7 million, respectively. As of June 30, 2026 and December 31, 2025, our portfolio had an average portfolio company investment size of $11.1 million and $10.9 million based on fair value, respectively.

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The table below summarizes our investments as of June 30, 2026 and December 31, 2025:

 

		June 30, 2026												December 31, 2025
($ in millions)		Amortized Cost				Fair Value				Percentage of Total Fair Value				Amortized Cost				Fair Value				Percentage of Total Fair Value
First-lien debt		$	1,125.8			$	1,084.5				94.4	%		$	1,140.3			$	1,118.4				94.5	%
Second-lien debt			22.5				16.8				1.5	%			22.2				18.1				1.5	%
Unsecured debt			8.9				19.7				1.7	%			14.6				21.3				1.8	%
Equities and warrants			29.0				15.4				1.3	%			26.4				13.2				1.1	%
Other investments			18.6				12.0				1.1	%			18.6				12.7				1.1	%
Total		$	1,204.8			$	1,148.4				100.0	%		$	1,222.1			$	1,183.7				100.0	%

 

The following table summarizes the performing and non-accrual investments, based on fair value and amortized cost, as of June 30, 2026 and December 31, 2025:

 

		June 30, 2026																December 31, 2025
($ in millions)		Amortized Cost								Fair Value								Amortized Cost								Fair Value
Performing		$	1,145.5				95.1	%		$	1,121.6				97.7	%		$	1,172.9				96.0	%		$	1,160.3				98.0	%
Non-accrual(1)			59.3				4.9	%			26.8				2.3	%			49.2				4.0	%			23.4				2.0	%
Total		$	1,204.8				100.0	%		$	1,148.4				100.0	%		$	1,222.1				100.0	%		$	1,183.7				100.0	%

(1)

Loans are generally placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income (see Note 2 to the consolidated financial statements for more details).

For the three months ended June 30, 2026, we funded an aggregate principal amount of $103.0 million. We funded $85.0 million in 7 new portfolio companies and $18.0 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 5.6 years. For the same period, we received $(102.8) million of aggregate repayments, paydowns and sales.

For the three months ended June 30, 2025, we funded an aggregate principal amount of $134.2 million. We funded $114.7 million in 16 new portfolio companies and $19.5 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 4.9 years. For the same period, we received $(96.2) million of aggregate repayments, paydowns and sales.

Our investment activity for the three months ended June 30, 2026 and 2025 is presented below:

 

		For the Three Months Ended June 30,
($ in millions)		2026				2025
Investment funded:
New purchases		$	85.0			$	114.7
Follow-ons			18.0				19.5
Total		$	103.0			$	134.2
Investments funded(1):
First-lien debt		$	101.2			$	130.1
Second-lien debt			1.7				—
Unsecured debt			—				—
Equities and warrants			0.1				4.0
Other investments			—				0.1
Total		$	103.0			$	134.2
Investments sold or repaid(1):
First-lien debt		$	(94.7	)		$	(96.2	)
Second-lien debt			(1.7	)			—
Unsecured debt			(6.3	)			—
Equities and warrants			—				—
Other investments			(0.1	)			—
Total		$	(102.8	)		$	(96.2	)
Number of new investment commitments in new portfolio companies			7				16
Average new investment fundings in new portfolio companies		$	12.1			$	7.2
Weighted average term (years) for new investments in new portfolio companies			5.6				4.9
Percentage of new floating rate debt investments at fair value			76.4	%			88.5	%
Percentage of new fixed rate debt investments at fair value			23.6	%			11.5	%
Weighted average yield of new investments at fair value(2)			10.5	%			8.2	%

 

(1)

Excluding non-cash additions or disposals as a result of restructures, if any.

(2)

For the three months ended June 2025, the weighted average yield of new floating rate investments at fair value includes approximately $79.8 million of broadly syndicated loans purchased in connection with short-term liquidity management. Excluding these loans, the weighted average yield for new floating rate investments was 10.1% for the three months ended June 2025.

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The weighted average yields and interest rates of our debt investments at fair value, as of June 30, 2026 and December 31, 2025 were as follows:

 

		June 30, 2026				December 31, 2025
Weighted average yield of portfolio			10.4	%			9.6	%
Weighted average yield of performing debt investments			10.9	%			9.9	%
Weighted average interest rate of performing debt investments			9.8	%			9.7	%
Weighted average spread over SOFR of floating rate performing investments			5.9	%			5.9	%

Results of Operations

For the three and six months ended June 30, 2026 and 2025

Operating results for the three and six months ended June 30, 2026 and 2025 were as follows:

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
($ in millions)		2026				2025				2026				2025
Total investment income		$	31.7			$	26.5			$	63.3			$	53.7
Less: Net expenses			14.1				11.9				28.7				23.5
Net investment income			17.6				14.6				34.6				30.2
Net realized gain (loss)			1.9				(11.0	)			(2.0	)		$	(13.2	)
Net change in unrealized appreciation (depreciation)			(9.7	)			3.3				(17.9	)		$	0.1
Net increase (decrease) in net assets resulting from operations		$	9.8			$	6.9			$	14.7			$	17.1

Investment Income

Investment income for the three and six months ended June 30, 2026 and 2025 was as follows:

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
($ in millions)		2026				2025				2026				2025
Interest income, excluding PIK interest		$	30.2			$	24.8			$	60.0			$	50.7
PIK interest income			1.4				1.7				2.5				3.0
Dividend income			0.1				—				0.1				—
Other income			0.0				—				0.7				0.0
Total investment income		$	31.7			$	26.5			$	63.3			$	53.7

Our average investment portfolio size based on fair value was $1,150.9 million and $909.5 million for the three months ended June 30, 2026 and 2025, respectively. Our average investment portfolio size based on fair value was $1,161.8 million and $903.3 million for the six months ended June 30, 2026 and 2025, respectively.

For the three months ended June 30, 2026, total investment income of $31.7 million increased by approximately $5.2 million compared to $26.5 million for the three months ended June 30, 2025, primarily due to an increase in interest income (excluding PIK) of $5.4 million. The increase in interest income (excluding PIK) was primarily due to the increase in the average size of our portfolio.

For the six months ended June 30, 2026, total investment income of $63.3 million increased by approximately $9.6 million compared to $53.7 million for the six months ended June 30, 2025, primarily due to a increase in interest income (excluding PIK) of $9.3 million. The increase in interest income (excluding PIK) was primarily due to the increase in the average size of our portfolio.

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Expenses

Operating expenses for the three and six months ended June 30, 2026 and 2025 were as follows:

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
($ in millions)		2026				2025				2026				2025
Interest and financing expenses		$	8.0			$	7.0			$	16.6				14.3
Management fee (net of waiver)			1.6				1.3				3.1				2.3
Income incentive fee			2.5				2.1				4.9				4.7
Incentive compensation clawback			—				(0.7	)			—				(1.5	)
Professional fees			0.7				1.1				1.4				1.7
Administration fees			0.6				0.5				1.4				1.0
Trustee fees			0.1				0.1				0.1				0.2
Other general and administrative expenses			0.6				0.5				1.2				0.8
Net expenses		$	14.1			$	11.9			$	28.7			$	23.5

For the three months ended June 30, 2026, total expenses of $14.1 million increased by approximately $2.2 million compared to $11.9 million for the three months ended June 30, 2025. Interest and financing expenses for the three months ended June 30, 2026 increased $1.0 million over the same period in prior year, primarily due to the increase in average principal amount of our outstanding debt, which was partially offset by base rate declines contributing to the decrease in weighted average borrowing costs of approximately 49 basis points. Additionally, for the three months ended June 30, 2026, Management fee (net of waiver) increased by approximately $0.3 million and Income Incentive Fee increased by approximately $0.4 million, primarily as a result of the new advisory agreement that became effective May 1, 2025.

For the six months ended June 30, 2026, total expenses of $28.7 million increased by approximately $5.2 compared to $23.5 million for the six months ended June 30, 2025. Interest and financing expenses for the six months ended June 30, 2026 increased by $2.3 million over prior period, primarily due to the increase in average principal amount of our outstanding debt, which was partially offset by base rate declines contributing to the decrease in weighted average borrowing costs of approximately 67 basis points. Additionally, for the six months ended June 30, 2026, Management fee (net of waiver) increased by approximately $0.8 million and Income Incentive Fee increased by approximately $0.2 million, primarily as a result of the new advisory agreement that became effective May 1, 2025.

Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)

The following table summarizes the net realized gain (loss) and net change in unrealized appreciation (depreciation) for the three months ended June 30, 2026 and 2025:

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
($ in millions)		2026				2025				2026				2025
Net realized gain (loss):
Investments		$	0.4			$	(9.5	)		$	(4.1	)		$	(11.2	)
Foreign currency (“FX”) transactions and FX forward contracts			1.7				(1.5	)			2.3				(2.0	)
Interest rate swaps			(0.2	)			—				(0.2	)			0.0
Total net realized gain (loss)			1.9				(11.0	)		$	(2.0	)		$	(13.2	)
Net change in unrealized appreciation (depreciation):
Investments			(9.7	)			3.9			$	(18.1	)		$	1.2
Translation in FX and FX forward contracts			(0.4	)			(0.5	)			(0.1	)			(0.9	)
Interest rate swaps			0.3				(0.1	)			0.4				(0.2	)
Total net change in unrealized appreciation (depreciation)		$	(9.8	)		$	3.3			$	(17.8	)		$	0.1

Net Realized Gain (Loss)

For the three months ended June 30, 2026 and 2025, net realized gain (loss) on investments was $0.4 million and $(9.5), respectively. For the three months ended June 30, 2026, there was no realized gains or losses greater than $1.0 million. For the three months ended June 30, 2025, net realized gain (loss) on investments was primarily driven by two portfolio companies with respective losses greater than $(1.0) million.

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For the six months ended June 30, 2026 and 2025, net realized gain (loss) on investments was $(4.1) million and $(11.2), respectively. For the six months ended June 30, 2026, the net realized gain (loss) was primarily driven by one portfolio company with respective losses greater than ($1.0) million. For the six months ended June 30, 2025, the net realized gain (loss) was primarily driven by three portfolio companies with respective losses greater than ($1.0) million.

Net Change in Unrealized Appreciation (Depreciation)

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation. Upon exiting an investment, we reverse the previously recorded unrealized appreciation or depreciation and recognize realized gain or loss, if any.

For the three months ended June 30, 2026, net change in unrealized appreciation (depreciation) on investments was $(9.7) million, primarily driven by modest spread widening in the market. We had gross unrealized appreciation of $7.2 million, primarily driven by two portfolio companies with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(16.9) million, primarily driven by five portfolio companies with respective unrealized depreciation above $(1.0) million.

For the three months ended June 30, 2025, net change in unrealized appreciation (depreciation) on investments was $3.9 million. We had gross unrealized appreciation of $16.1 million, primarily driven by five portfolio companies with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(12.2) million, primarily driven by three portfolio companies with respective unrealized depreciation above $(1.0) million.

For the six months ended June 30, 2026, net change in unrealized appreciation (depreciation) on investments was $(18.1) million, primarily driven by general spread widening in the market. We had gross unrealized appreciation (including reversal of previously recognized unrealized depreciation associated with disposals) of $11.8 million, primarily driven by three portfolio companies with respective unrealized gains greater than $1.0 million; we had gross unrealized depreciation of $(29.9) million, primarily driven by nine portfolio companies with respective unrealized depreciation above $(1.0) million.

For the six months ended June 30, 2025, net change in unrealized appreciation (depreciation) on investments was $1.2 million. We had gross unrealized appreciation of $20.6 million, primarily driven by six portfolio companies with respective unrealized appreciation above $1.0 million; we had gross unrealized depreciation of $(19.3) million, primarily driven by five portfolio companies with respective unrealized depreciation above $(1.0) million.

Income Taxes, Including Excise Taxes

The Fund intends to be treated, and qualify annually, as a RIC, as defined under Subchapter M of the Code. To qualify for tax treatment as a RIC, the Fund must, among other requirements, distribute to its shareholders, in each taxable year, generally at least 90% of its investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its tax treatment as a RIC, the Fund intends, among other things, to make the requisite distributions to its shareholders, which generally relieve the Fund from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, the Fund may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Fund determines that its estimated current year taxable income will exceed its estimated current year dividend distributions, the Fund will accrue excise tax on the estimated excess taxable income.

Derivatives and Hedging

We have designated certain interest rate swaps to be in a hedge accounting relationship associated with our fixed rate debt and we also use interest rate swaps to reduce the interest rate risk exposure of certain fixed rate investments. We also entered into foreign currency forward contracts to manage the foreign currency exposure in our non-U.S. dollar denominated investments. See Note 2 and Note 7 to the consolidated financial statements for more details regarding the accounting policies and additional disclosure for derivative instruments. See Note 6 to the consolidated financial statements for additional disclosure regarding the carrying value of the hedged debt.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are derived primarily from proceeds from net investor capital contributions/equity issuances, advances from our credit facilities and cash flows from operations. The primary uses of our cash and cash equivalents are investments, costs of operations, debt service, repayment and other financing costs and distributions to investors.

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We may from time to time enter into additional credit facilities, increase the size of existing facilities or issue debt and convertible debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. As of June 30, 2026 and December 31, 2025, our asset coverage ratio was 215% and 199%, respectively. We have carefully considered our unfunded portfolio commitments for the purpose of planning our capital resources and liquidity including our financial leverage. As of June 30, 2026 and December 31, 2025, our unfunded portfolio commitments were approximately $56.7 million and $66.9 million, respectively. Further, we maintain sufficient cash, cash equivalents and borrowing capacity to cover any short term funding requirements.

Cash as of June 30, 2026, taken together with cash available from our credit facilities, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of June 30, 2026, we had approximately $144.5 million of availability on our third-party debt facilities, subject to asset coverage limitations.

As of June 30, 2026, we had $54.5 million in cash and cash equivalents, restricted cash and cash equivalents, and foreign cash held at banks. During the six months ended June 30, 2026, cash provided by operating activities was $40.3 million, primarily driven by payments for the purchase of investments of $(170.4) million offset by proceeds from sales, paydowns and resolutions of investments of $191.0 million, other operating activity of $20.1 million, net change in unsettled transactions of $(11.1) million and an increase in net assets resulting from operations of $14.7 million. Lastly, cash used in financing activities was $(19.8) million, primarily due to net proceeds from debt borrowings and principal repayments of $(45.6) million and new issuance of common shares of $45.0 million offset by dividends paid of $(15.9) million.

Contractual Obligations

As of June 30, 2026, our contractual payment obligations are as follows:

		Payments Due by Period
($ in millions)		Total				Less than 1 year				1-3 years				3-5 years				After 5 years
2024 CLO		$	304.0			$	—			$	—			$	—			$	304.0
2026 Notes			145.0				145.0				—				—				—
2055 Promissory Notes			1.5				—				—				—				1.5
Revolving Credit Facility			105.5				—				—				105.5				—
Total Contractual Obligations		$	556.0			$	145.0			$	—			$	105.5			$	305.5

2021 Debt Securitization

On September 9, 2021, the Fund completed a $400 million term debt securitization (the “2021 Debt Securitization”) and the Fund owned $112 million of Class D and Subordinated Notes. The debt offered in the 2021 Debt Securitization (the “2021 CLO”) was issued by Silver Point SCF CLO I, Ltd., a wholly-owned, consolidated subsidiary of the Fund, and was backed by a diversified portfolio of senior secured bonds and loans and second lien loans (see Note 6 to the consolidated financial statements for more details).

2024 Debt Securitization

On September 26, 2024, the Fund completed a $428 million term debt securitization (the “2024 Debt Securitization”) and the Fund owns $124 million of Class D and Subordinated Notes. The 2024 Debt Securitization is commonly referred to as a “CLO Reset”, in which the 2021 CLO was reset with a new capital structure and reinvestment period. The debt offered in the 2024 Debt Securitization (the “2024 CLO”) was issued by Silver Point SCF CLO IV, Ltd., a wholly-owned, consolidated subsidiary of the Fund, and was backed by a diversified portfolio of senior secured bonds and loans and second lien loans (see Note 6 to the consolidated financial statements for more details). The 2024 CLO consists of the following:

 

		June 30, 2026
($ in millions)		Total Principal Amount Committed				Principal Amount Outstanding				Coupon		Interest Rate
Class A-1 Loans		$	100.0			$	100.0			S+1.72%			5.39	%
Class A-1a Notes			115.5				115.5			S+1.72%			5.39	%
Class A-1b Notes			16.5				16.5			5.10%			5.10	%
Class A-2 Notes			16.0				16.0			S+1.95%			5.62	%
Class B Notes			24.0				24.0			S+2.10%			5.77	%
Class C Notes			32.0				32.0			S+2.70%			6.37	%
Total 2024 CLO		$	304.0			$	304.0						5.52	%

 

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2026 Notes

On November 4, 2021, the Fund placed $145 million aggregate principal amount of notes that mature on November 4, 2026 (the “2026 Notes”). The 2026 Notes were issued in two tranches, with $100 million of tranche A notes funded on November 4, 2021 and $45 million of tranche B notes funded on January 21, 2022. The 2026 Notes bear interest at a rate of 4.00% per year, payable semi-annually on November 4 and May 4, of each year, commencing on May 4, 2022. The 2026 Notes are governed by a purchase agreement, dated November 4, 2021, by and among the Fund and the purchasers. In connection with the 2026 Notes, the Fund entered into interest rate swaps and applied hedge accounting for the designated hedge relationship between the 2026 Notes and the swaps. As a result of these swaps, the Fund’s effective interest rate on the 2026 Notes is SOFR plus 13 basis points during the swaps’ outstanding period (see Note 6 to the consolidated financial statements for more details).

Revolving Credit Facility

On October 17, 2017 and amended on April 14, 2023, Specialty Credit Facility, LLC, a wholly-owned subsidiary of the Fund, entered into a secured revolving credit facility (the “Revolving Credit Facility”) with Deutsche Bank AG, as facility agent (the “Facility Agent”) and U.S. Bank National Association as collateral agent (the “Collateral Agent”).

As of June 30, 2026, the commitment under the Revolving Credit Facility was $250 million and amounts drawn under the Revolving Credit Facility bore interest at 3-month SOFR plus a margin of 1.70% per annum. We also pay a commitment fee of 0.40% per annum on any undrawn amount. Amounts borrowed under the Revolving Credit Facility are secured by the assets of the borrower (see Note 6 to the consolidated financial statements for more details).

2055 Promissory Notes

On April 30, 2025, the Fund issued $1.5 million in aggregate principal of promissory notes (the “2055 Promissory Notes”). The Fund pays interest on the principal amount of the 2055 Promissory Notes at a rate of 12% per annum, payable annually in arrears. The 2055 Promissory Notes mature on April 30, 2055 and may be prepaid by the Fund at any time, in whole or in part, provided that (i) the Fund will pay on the date of such prepayment all accrued and unpaid interest due on such prepaid principal amount to and including the date of prepayment and (ii) if the prepayment occurs within twenty-four months after the issue date of the 2055 Promissory Notes, the Fund will pay a one-time premium.

Unfunded Capital Commitments

We began accepting subscription agreements with investors, providing for the private placement of the Fund’s common shares (collectively “Capital Commitments”). Under the terms of the Capital Commitments, investors are required to fund capital contributions to purchase the Fund’s common shares up to the amount of their respective Capital Commitment on an as-needed basis each time a drawdown notice is delivered to investors.

As of June 30, 2026, the Fund had $7.5 million of unfunded capital commitments (see Note 9 to the consolidated financial statements for more details).

Distributions

We intend to pay monthly dividends to our Shareholders out of assets legally available for distribution. All dividends will be paid at the discretion of our Board of Trustees and will depend on our earnings, financial condition, compliance with applicable BDC regulations and such other factors as our Board of Trustees may deem relevant from time to time (see Note 9 to the consolidated financial statements for more details).

Unfunded Portfolio Commitments

From time to time, we may enter into commitments to fund investments. We incorporate these commitments into our assessment of our liquidity position. Our senior secured revolving loan commitments are generally available on a borrower’s demand and may remain outstanding until the maturity date of the applicable loan. Our senior secured term loan commitments generally require certain criteria to be met to be released, and, once drawn, generally have the same remaining term as the associated Revolving Credit Facility.

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As of June 30, 2026 and December 31, 2025, we had the following commitments to fund investments in current portfolio companies:

($ in millions)		June 30, 2026				December 31, 2025
First Lien Secured Debt		$	56.4			$	66.6
Other Investments			0.3				0.3
Total Portfolio Company Commitments		$	56.7			$	66.9

We seek to carefully consider our unfunded portfolio company commitments for the purpose of planning our ongoing financial leverage. Further, we consider any outstanding unfunded portfolio company commitments we are required to fund within the 150% asset coverage limitation. As of June 30, 2026, we believe we had adequate financial resources to satisfy the unfunded portfolio company commitments, with cash and cash equivalents on hand and availability under the Revolving Credit Facility.

Other Commitments and Contingencies

Contracts

We have entered into two contracts under which we have future commitments: the Advisory Agreement and the sub-administration agreement (see Note 3 to the consolidated financial statements). Payments under the Advisory Agreement are equal to (1) a percentage of the Fund’s net assets on the last day of each calendar quarter, (2) a two-part incentive fee and (3) reimbursements equal to an amount that the Administrator incurs for costs and expenses and the Fund’s allocable portion of overhead incurred by our Adviser in performing its obligations as Administrator under the Advisory Agreement. Either party may terminate the Advisory Agreement without penalty upon at least 60 days’ written notice to the other.

Financial Instruments

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business 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 in the balance sheet.

Critical Accounting Estimates

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

Valuation of Investments and Derivative Contracts

The Board of Trustees designated the Adviser as the Fund’s valuation designee pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Accordingly, the Adviser has appointed its BDC Valuation Committee with the responsibility for fair value determinations pursuant to valuation procedures adopted for the Fund. The Board of Trustees oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act.

Investments and derivative contracts are valued in good faith by the Adviser, as the Fund’s valuation designee, at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable. The Fund conducts this valuation process on a quarterly basis.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative “bid” quotation if held long and the representative “ask” quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources. Derivative contracts not listed on an exchange are generally valued through industry-standard valuation models using inputs obtained from pricing vendors and from the relevant derivative contract.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

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In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). In accordance with U.S. GAAP, these inputs are summarized in the three broad levels listed below:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. An investment’s level 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 judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser’s perceived risk of that instrument.

In determining an instrument’s placement within the hierarchy, the Adviser separates the Fund’s investment portfolio into two categories: investments and derivative contracts. Each of these categories can further be divided between assets and liabilities and further by investment type.

Investments whose values are based on the unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities are classified within Level 1.

Investments that are valued based on dealer quotations or alternative pricing sources supported by observable inputs are generally classified within level 2. These may include certain bonds or bank loans.

Derivative contracts can be exchange-traded or privately negotiated over-the-counter (“OTC”). OTC derivatives, including foreign currency forward contracts and interest rate swaps are generally valued using observable inputs. In instances where models are used, the value of an OTC derivative depends upon the contractual terms of, and specific risks inherent in the instrument as well as the availability and reliability of observable inputs. OTC derivatives are typically classified within level 2 of the fair value hierarchy depending on their liquidity or the observability of their inputs.

Investments classified within level 3 have significant unobservable inputs. Level 3 instruments may include certain bank loans, trust interests, private equity and real estate properties. When observable prices are not available for these investments, one or more valuation techniques (e.g., market approach or income approach) for which sufficient and reliable data is available may be used. Within level 3, the use of the market approach technique generally consists of using comparable market data, while the use of the income approach technique generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other factors. Quotations provided by independent pricing sources may also be considered, if available and deemed reliable, in determining the value of level 3 investments.

The inputs used in estimating the value of level 3 investments that are not valued using quotations provided by independent pricing sources may include but are not limited to the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, discount rates, durations and changes in financial ratios or cash flows. Comparable public companies may also be identified based on industry, size, strategy, etc. and a trading multiple or yield is determined for each comparable company. Additionally, level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s consolidated results of operations.

See Note 2 and Note 5 to the consolidated financial statements for more information on our valuation process, as well as key assumptions and inputs used in valuation of level 3 investments period over period.

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Recent Developments

On July 23, 2026, the Board declared a dividend of $0.24 per share, payable on or before August 31, 2026, for Shareholders of record on July 31, 2026.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including but not limited to changes in interest rates, foreign currency rates and the valuations of our investment portfolio.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

As of June 30, 2026, approximately 93.6% of our total debt investments at fair value (or 93.4% of our performing debt investments) bore floating interest rates. From time to time, the Fund seeks to mitigate interest rate risk associated with fixed rate investments by entering into interest rate swaps. With the impact of the interest rate swaps, approximately 96.0% of our performing debt investments based on fair value were effectively floating rate investments as of June 30, 2026. Our Revolving Credit Facility and a majority of the 2024 CLO also bear floating interest rates; in connection with our fixed-rate 2026 Notes, we entered into fixed-to-floating interest rate swaps under a designated hedge accounting relationship, in order to align the interest rates of our liabilities with our investment portfolio (see Note 6 to the consolidated financial statements for more details).

Assuming that our consolidated balance sheet 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 (considering interest rate caps and floors, if any, for floating rate instruments):

 

		June 30, 2026
Basis Point Change		Change in Interest Income				Change in Interest Expense(1)				Change in Net Investment Income(2)
($ in millions)
Up 300 basis points		$	33.6			$	(16.1	)		$	17.5
Up 200 basis points			22.4				(10.8	)			11.6
Up 100 basis points			11.2				(5.4	)			5.8
Up 50 basis points			5.6				(2.7	)			2.9
Down 50 basis points			(5.4	)			2.7				(2.7	)
Down 100 basis points			(10.7	)			5.4				(5.3	)
Down 200 basis points			(20.6	)			10.8				(9.8	)
Down 300 basis points			(28.1	)			16.1				(12.0	)

(1)

Includes the impact of effective hedge through interest rate swaps associated with the 2026 Notes.

(2)

Excludes the impact of income based incentive fees. See Note 3 to the consolidated financial statements for more details on fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net investment income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

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Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our Revolving Credit Facility. Instead of entering into a foreign exchange forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our Revolving Credit Facility, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

(b) Changes in Internal Control 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 the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

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 contracts with our portfolio companies. We and our Adviser are also subject to extensive regulation, which may result in regulatory proceedings or investigations against us or our Adviser, respectively. Except as described below, neither we nor the Adviser are currently subject to any material legal proceedings.

The Fund and certain other funds managed by Silver Point and its affiliates were named as defendants in a lawsuit asserting tortious interference filed in a United States bankruptcy court. On February 19, 2025, the bankruptcy court issued a Report and Recommendation to the U.S. District Court for the Southern District of Texas recommending dismissal of the tortious interference claim. On December 8, 2025, the U.S. District Court entered an order dismissing the tortious interference claim. On January 6, 2026, the plaintiffs filed a notice of appeal of this order to the U.S. Court of Appeals for the Fifth Circuit. The appeal has been fully briefed and is currently pending with the Fifth Circuit. The Fund intends to vigorously defend these claims. At this time, the Fund cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome; however the Adviser does not expect the results of any potential outcome, even if unfavorable, to be material to the Fund’s consolidated financial statements.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed below and contained in “Item 1A. Risk Factors” in our most recent annual report on Form 10-K, filed with the SEC on March 18, 2026 (our “Form 10-K”), each of which could materially affect our business, financial condition or future results. The risks described in our Form 10-K are not the only risks facing the Fund. Additional risks and uncertainties 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.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Except as described and as previously reported by the Fund on its current reports on Form 8-K, the Fund did not sell any securities during the quarter ended June 30, 2026 that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended June 30, 2026, no director or executive officer of the Fund adopted or terminated a “Rule 10b5–1 trading arrangement” or “non-Rule 10b5–1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

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Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit Number		Description
3.1(a)		Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund’s current report on Form 8K filed on May 6, 2025).
3.1(b)		Certificate of of Amendment to Second Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Fund’s current report on Form 8-K (File No. 000-5633) filed on January 2, 2026).
3.2		Second Amended and Restated By-Laws (incorporated by reference to Exhibit 3.2 to the Fund’s current report on Form 8K filed on May 6, 2025).
10.1		Fourth Amended and Restated Investment Advisory Agreement (incorporated by reference to Exhibit 10.2 to the Fund’s current report on Form 8K filed on May 6, 2025).
31.1		Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2		Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
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* Filed herewith.

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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.

		Silver Point Specialty Lending Fund
Date: August 6, 2026		By:	/s/ Anthony DiNello
			Anthony DiNello
			Chief Executive Officer (Principal Executive Officer)
Date: August 6, 2026		By:	/s/ Jesse Dorigo
			Jesse Dorigo
			Chief Financial Officer (Principal Financial Officer)

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