BRIGHTWOOD CAPITAL CORPORATION I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 814-01563

BRIGHTWOOD CAPITAL CORPORATION I

(Exact Name of Registrant as Specified in its Charter)


Maryland	88-1977273
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)


810 Seventh Avenue, 26^th Floor
New York, NY	10019
(Address of Principal Executive Office)	(Zip Code)

(646) 957-9525

(Registrant’s Telephone Number, Including Area Code)

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



Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	N/A	N/A

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 11, 2026 the registrant had 41,013,061 shares of common stock outstanding.

Table of Contents

Brightwood Capital Corporation I

Quarterly Report on Form 10-Q

TABLE OF CONTENTS


PART I—FINANCIAL INFORMATION		1

Item 1.	Consolidated Financial Statements	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Controls and Procedures	50

PART II—OTHER INFORMATION		51

Item 1.	Legal Proceedings	51

Item 1A.	Risk Factors	51

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51

Item 3.	Defaults upon Senior Securities	51

Item 4.	Mine Safety Disclosures	51

Item 5.	Other Information	51

Item 6.	Exhibits	52

	SIGNATURES	53

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PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Brightwood Capital Corporation I

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(dollars in thousands, except share and per share data)


		June 30, 2026			December 31, 2025
		(Unaudited)
Assets
Investments,
Non-controlled, non-affiliate company investments, at fair value (amortized cost of $842,372 and $818,202, respectively)		$	820,489		$	800,100
Cash and cash equivalents			20,945			23,070
Interest and paydown receivable			7,926			7,664
Deferred financing costs			5,083			5,653
Total assets		$	854,443		$	836,487
Liabilities
Line of credit payable		$	428,960		$	412,060
Interest payable on line of credit			6,230			7,546
Due to affiliates			153			171
Management fees payable (See Note 3)			1,537			1,738
Distributions payable			—			12,599
Directors’ fees payable (See Note 3)			120			210
Accounts payable and accrued expenses			843			965
Total liabilities			437,843			435,289
Commitments and contingencies (See Note 7)
Net Assets: (See Note 8)
Common stock, par value $0.01 per share, 100,000,000 shares authorized; 41,013,061 and 40,642,890 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		$	410		$	406
Paid-in-capital in excess of par value			418,424			414,639
Total distributable earnings (loss)			(2,234)			(13,847)
Total net assets			416,600			401,198
Total liabilities and net assets		$	854,443		$	836,487
Net asset value per share (See Note 9)		$	10.16		$	9.87

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

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Brightwood Capital Corporation I

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(dollars in thousands, except share and per share data)


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Investment Income:
Non-controlled/non-affiliate company investments:
Interest income		$	19,413			22,981			39,700			45,761
Payment-in-kind (“PIK”) interest income			231			210			1,467			210
Other Income			147			190			616			440
Dividend income			291			637			1,076			637
Total investment income			20,082			24,018			42,859			47,048
Expenses:
Interest expense on line of credit		$	6,318		$	7,369		$	12,324		$	14,570
Management fees			1,537			1,702			3,255			3,356
Amortization of deferred financing costs			287			285			570			536
Professional fees			199			257			437			471
Other general and administrative expenses			189			275			492			552
Overhead expenses			153			160			309			359
Administration fees			147			152			292			295
Directors’ fees			75			75			150			150
Custody fees			50			22			99			56
Total expenses			8,955			10,297			17,928			20,345
Net expenses after management fee waiver			8,955			10,297			17,928			20,345
Net investment income (loss), before taxes			11,127			13,721			24,931			26,703
Income tax expense, including excise tax			1			—			82			1
Net investment income (loss), after taxes			11,126			13,721			24,849			26,702
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on non-controlled/non-affiliate company investments		$	—		$	—		$	3,202		$	—
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate company investments			(5,476)			(4,904)			(3,781)			(5,767)
Total net realized and unrealized gain (loss) on investments			(5,476)			(4,904)			(579)			(5,767)
Net increase (decrease) in net assets resulting from operations		$	5,650		$	8,817		$	24,270		$	20,935
Per share data:
Net increase (decrease) in net assets resulting from operations per share (Basic and Fully Diluted)		$	0.13		$	0.22		$	0.59		$	0.52
Weighted average common shares outstanding			40,921,166			40,174,233			40,828,407			40,073,538

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

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Brightwood Capital Corporation I

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(dollars in thousands, except share and per share data)


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Increase (decrease) in net assets resulting from operations:
Net investment income		$	11,126		$	13,721		$	24,849		$	26,702
Net realized gain (loss) on investments			—			—			3,202			—
Net change in unrealized appreciation (depreciation) on investments			(5,476)			(4,904)			(3,781)			(5,767)
Net increase in net assets resulting from operations			5,650			8,817			24,270			20,935
Shareholder distributions:
Distributions of investment income			(12,657)			(14,826)			(12,657)			(14,826)
Net increase (decrease) in net assets resulting from shareholder distributions			(12,657)			(14,826)			(12,657)			(14,826)
Capital share transactions:
Reinvestments of stockholder distributions			1,898			2,223			3,788			4,317
Net increase in net assets resulting from capital share transactions			1,898			2,223			3,788			4,317
Total increase (decrease) in net assets			(5,109)			(3,786)			15,402			10,426
Net assets, at beginning of period			421,709			425,961			401,198			411,749
Net assets, at end of period		$	416,600		$	422,175		$	416,600		$	422,175

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

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Brightwood Capital Corporation I

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(dollars in thousands, except share and per share data)


		Six Months Ended June 30,
		2026			2025
Cash flows from operating activities:
Net increase in net assets resulting from operations		$	24,270		$	20,935
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments and drawdowns			(104,683)			(86,838)
Proceeds from principal repayments of investments and sales of investments and paydowns			87,571			36,809
Amortization of premium/accretion of discount, net			(2,389)			(2,586)
Interest income paid in kind			(1,467)			(210)
Net realized (gain) loss on investments			(3,202)			—
Net change in unrealized (appreciation) depreciation on investments			3,781			5,767
Amortization of deferred financing costs			570			536
Changes in operating assets and liabilities:
(Increase) decrease in interest and paydown receivable			(262)			(1,181)
Increase (decrease) in payable to affiliates			(18)			(185)
Increase (decrease) in interest payable on line of credit			(1,316)			11
Increase (decrease) in management fees payable			(201)			111
Increase (decrease) in directors’ fees payable			(90)			(90)
Increase (decrease) in accounts payable and accrued expenses			(121)			(261)
Net cash provided by (used in) operating activities			2,443			(27,182)
Cash flows from financing activities:
Shareholder distributions			(21,468)			(24,464)
Proceeds from line of credit payable			124,500			70,785
Repayments on line of credit payable			(107,600)			(19,063)
Deferred financing costs paid			—			(785)
Net cash provided by (used in) financing activities			(4,568)			26,473

Net increase (decrease) in cash and cash equivalents			(2,125)			(709)
Cash and cash equivalents, beginning of period			23,070			21,391
Cash and cash equivalents, end of period		$	20,945		$	20,682
Supplemental disclosure of cash flow Information:
Cash paid during the period for interest expense on line of credit		$	13,641		$	14,560
Cash paid during the period for income taxes, including excise tax		$	186		$	75
Supplemental disclosure of non-cash financing activities:
Issuance of common shares pursuant to dividend reinvestment plan		$	3,788		$	4,317

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

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Brightwood Capital Corporation I

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2026

(dollars in thousands)


			Spread Above
			Reference					Interest		Maturity	Par Amount	Amortized				% of Net
Portfolio Company ^(1)(2)(3)	Footnotes	Investment	Rate ⁽⁴⁾					Rate ⁽⁴⁾		Date	($) /Shares	Cost		Fair Value		Assets ⁽⁵⁾
Investments

Debt Investments
Business Services
12 Interactive, LLC	(6) (8)	Senior Secured First Lien Term Loan		1M	S +	5.75	%	9.48	%	9/5/2030	9,643	$	9,611	$	9,643	2.3	%
12 Interactive, LLC	(6) (7)	Delayed Draw Term Loan		1M	S +	5.75	%	9.48	%	9/5/2030	4,191		4,186		4,191	1.0	%
12 Interactive, LLC	(6) (10)	Revolver		1M	S +	5.75	%	5.75	%	9/5/2030	—		—		—	0.0	%
AHF Parent Holding, Inc.	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	6.25	%	10.24	%	2/1/2028	8,750		8,615		8,313	2.0	%
Athlete Buyer, LLC	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	5.75	%	9.83	%	4/26/2029	6,790		6,710		5,753	1.4	%
Athlete Buyer, LLC	(6) (7)	Delayed Draw Term Loan		1M	S +	5.75	%	9.83	%	4/26/2029	15,881		15,681		13,456	3.2	%
Athlete Buyer, LLC	(6)	Revolver		1M	S +	5.75	%	9.83	%	4/26/2029	1,010		990		757	0.2	%
Creative Foam Corporation	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	6.25	%	10.67	%	6/27/2029	5,809		5,748		5,809	1.4	%
Creative Foam Corporation	(6) (9) (10)	Revolver		1M	S +	6.25	%	6.25	%	6/27/2029	—		(11)		—	0.0	%
Elevator Intermediate Holdings, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	6.50	%	9.88	%	8/25/2028	21,395		21,188		21,395	5.1	%
Elevator Intermediate Holdings, Inc.	(6) (9) (10)	Revolver		1M	S +	6.50	%	6.50	%	8/25/2028	—		(9)		—	0.0	%
GPI Acquisition Co., Inc.	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	5.75	%	9.58	%	3/30/2029	20,474		20,276		20,474	4.9	%
GPI Acquisition Co., Inc.	(6)	Revolver			P+	4.75	%	11.50	%	3/30/2029	100		95		100	0.0	%
Heritage HVAC Holdings, LLC	(8)	Senior Secured First Lien Term Loan		3M	S +	5.00	%	8.93	%	7/25/2030	4,500		4,433		4,433	1.1	%
Heritage HVAC Holdings, LLC	(9) (10)	Delayed Draw Term Loan		3M	S +	5.00	%	5.00	%	7/25/2030	—		(74)		(74)	0.0	%
Heritage HVAC Holdings, LLC		Revolver		3M	S +	5.00	%	8.99	%	7/25/2030	59		52		52	0.0	%
I Love Produce, LLC	(7)	Senior Secured First Lien Term Loan		3M	S+	6.00	%	9.83	%	3/24/2031	9,938		9,750		9,750	2.3	%
I Love Produce, LLC	(9) (10)	Delayed Draw Term Loan		3M	S+	6.00	%	6.00	%	3/24/2031	—		(9)		(9)	0.0	%
I Love Produce, LLC		Revolver		3M	S+	6.00	%	9.83	%	3/24/2031	56		47		47	0.0	%
KKSP Precision Machining LLC	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	7.00	%	10.68	%	6/23/2027	4,937		4,917		3,772	0.9	%
Legacy Restoration LLC	(6) (11) (14)	Senior Secured Term Loan		1M	S +	6.25	%	9.95	%	1/5/2029	2,737		2,737		2,737	0.7	%
Legacy Restoration LLC	(6) (11) (14)	Revolver		1M	S +	6.25	%	9.95	%	1/5/2029	706		706		706	0.2	%
Max US Bidco Inc.	(6) (8)	Senior Secured First Lien Term Loan		1M	S +	5.00	%	8.73	%	10/2/2030	7,331		7,028		6,635	1.6	%
Obra Capital, Inc.	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	7.50	%	11.25	%	6/21/2029	9,857		9,681		9,857	2.4	%
Obra Capital, Inc.	(6) (9) (10)	Revolver		1M	S +	7.50	%	7.50	%	12/21/2028	—		(8)		—	0.0	%
Prisma Graphic, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	6.50	%	10.01	%	7/29/2027	22,252		22,104		22,252	5.3	%
Prisma Graphic, LLC	(6)	Revolver		1M	S +	6.50	%	10.01	%	7/29/2027	310		301		310	0.1	%
TouchFuse, LLC	(6) (7)	Senior Secured Term Loan		1M	S +	6.25	%	8.62	%	11/23/2029	20,249		19,991		20,249	4.9	%
TouchFuse, LLC	(6) (9) (10)	Revolver		6M	S +	6.25	%	6.25	%	11/23/2029	—		(13)		—	0.0	%
Trulite Holding Corp.	(6) (8)	Senior Secured Term Loan		1M	S +	6.00	%	9.68	%	3/1/2030	4,688		4,630		4,688	1.1	%
W Services Group, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	5.25	%	8.98	%	9/24/2029	13,453		13,325		13,453	3.2	%
W Services Group, LLC	(6) (9) (10)	Delayed Draw Term Loan		1M	S +	5.25	%	5.25	%	9/24/2029	—		(3)		—	0.0	%
W Services Group, LLC	(6) (9) (10)	Revolver		1M	S +	5.25	%	5.25	%	9/24/2029	—		(6)		—	0.0	%
Total Business Services													192,670		188,749	45.3	%

Franchising
Brightstar Group Holdings, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan		6M	S+	4.75	%	8.38	%	3/1/2032	9,875		9,834		9,875	2.4	%
ESN Venture Holdings, LLC	(6) (8) (11)	Senior Secured First Lien Term Loan		1M	S +	5.75	%	6.57	%(3.38% PIK)	10/5/2029	13,637		13,480		13,637	3.3	%
ESN Venture Holdings, LLC	(6) (11)	Delayed Draw Term Loan		1M	S +	5.75	%	6.57%-6.59	%PIK	10/7/2029	5,512		5,512		5,512	1.3	%
ESN Venture Holdings, LLC	(6) (9) (10)	Revolver		1M	S +	5.75	%	5.75	%	10/5/2029	—		(6)		—	0.0	%
FGG Spa, LLC	(7)	Senior Secured First Lien Term Loan		3M	S +	6.00	%	9.73	%	6/30/2031	6,000		5,880		5,880	1.4	%
FGG Spa, LLC	(9) (10)	Delayed Draw Term Loan		3M	S +	6.00	%	6.00	%	6/30/2031	—		(10)		(10)	0.0	%
FGG Spa, LLC	(9) (10)	Revolver		3M	S +	6.00	%	6.00	%	6/30/2031	—		(5)		(5)	0.0	%
John C. Cassidy Air Conditioning, Inc.	(6) (7)	Senior Secured Term Loan		1M	S +	6.00	%	9.74	%	12/23/2026	4,922		4,917		4,922	1.2	%
Tavern Holdings, LLC	(6) (8)	Senior Secured First Lien Term Loan		1M	S +	5.75	%	8.84	%	1/10/2030	9,900		9,794		9,900	2.4	%
Total Franchising													49,396		49,711	12.0	%

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Brightwood Capital Corporation I

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

June 30, 2026

(dollars in thousands)


			Spread Above
			Reference					Interest		Maturity	Par Amount		Amortized				% of Net
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Rate ⁽⁴⁾					Rate ⁽⁴⁾		Date	($) /Shares		Cost		Fair Value		Assets ⁽⁵⁾
Healthcare
CNS Purchaser, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	5.50	%	9.23	%	12/30/2029		14,775	$	14,636	$	14,775	3.5	%
CNS Purchaser, LLC	(6)	Delayed Draw Term Loan		1M	S +	5.50	%	9.23	%	12/30/2029		499		496		499	0.1	%
CNS Purchaser, LLC	(6) (9) (10)	Revolver		1M	S +	5.50	%	5.50	%	12/30/2029		—		(5)		—	0.0	%
Everest AcquisitionCo, LLC	(6) (7)	Senior Secured Term Loan		1M	S +	6.00	%	9.14	%	5/12/2031		13,694		13,627		13,694	3.3	%
Everest AcquisitionCo, LLC	(6)	Delayed Draw Term Loan		1M	S +	6.00	%	9.14	%	5/12/2031		277		275		277	0.1	%
Everest AcquisitionCo, LLC	(6)	Revolver		1M	S +	6.00	%	9.14	%	5/12/2031		196		192		196	0.0	%
Honor HN Buyer, Inc	(6) (7)	Senior Secured Term Loan		3M	S+	5.75	%	9.63	%	10/15/2027		2,023		2,023		2,023	0.5	%
Honor HN Buyer, Inc	(6) (7)	Delayed Draw Term Loan		3M	S+	5.75	%	9.63	%	10/15/2027		2,963		2,963		2,963	0.7	%
Honor HN Buyer, Inc	(6)	Revolver		3M	S+	5.75	%	5.75	%	10/15/2027		244		—		—	0.0	%
Management Health Systems, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	6.25	%	9.89	%	12/31/2027		21,281		21,099		21,281	5.1	%
Medical Management Holdings, LLC	(6) (8)	Senior Secured First Lien Term Loan		3M	S +	6.50	%	10.16	%	8/1/2030		10,689		10,571		10,689	2.6	%
Medical Management Holdings, LLC	(6)	Delayed Draw Term Loan		3M	S +	6.50	%	10.16	%	8/1/2030		112		104		112	0.0	%
Medical Management Holdings, LLC	(6)	Revolver		3M	S +	6.50	%	10.16	%	8/1/2030		353		337		353	0.1	%
OPCO Borrower LLC	(6) (7)	Senior Secured First Lien Term Loan		3M	S +	6.00	%	8.86	%	5/8/2030		23,025		23,025		23,025	5.5	%
P3 Acquisition Holdings LLC	(6)	Senior Secured Term Loan		1M	S +	6.50	%	10.78	%	11/13/2029		13,275		13,081		12,213	2.9	%
P3 Acquisition Holdings LLC	(6)	Delayed Draw Term Loan		3M	S +	6.50	%	10.78	%	11/13/2029		129		127		119	0.0	%
P3 Acquisition Holdings LLC	(6)	Revolver		1M	S +	6.50	%	10.77	%	11/13/2029		464		457		423	0.1	%
P3 Acquisition Holdings LLC	(6)	Convertible Promissory Note				—		0.00	%	11/13/2029		102		102		43	0.0	%
Sandlot Buyer, LLC	(6) (7)	Senior Secured Term Loan		1M	S +	6.25	%	10.02	%	9/19/2028		22,000		21,713		20,104	4.8	%
Shiftkey, LLC	(6) (7) (11)	Senior Secured First Lien Term Loan		1M	S +	5.75	%	9.74	% (0.5% PIK)	6/21/2027		9,179		9,160		8,600	2.1	%
The Smilist DSO, LLC	(6) (8)	Senior Secured First Lien Term Loan		1M	S +	6.00	%	9.70	%	4/4/2029		6,482		6,428		6,482	1.6	%
The Smilist DSO, LLC	(6) (8)	Delayed Draw Term Loan		1M	S +	6.00	%	9.70	%	4/4/2029		2,150		2,131		2,150	0.5	%
The Smilist DSO, LLC	(6)	Revolver		1M	S +	6.00	%	9.70	%	4/4/2029		287		283		287	0.1	%
YNWA Finco LLC	(6) (11) (14)	Senior Secured Term Loan		1M	S +	3.25	%	7.53	% PIK	8/18/2027		9,550		9,550		7,118	1.7	%
Zavation Medical Products, LLC	(6) (8)	Senior Secured First Lien Term Loan		1M	S +	5.75	%	9.43	%	6/29/2029		12,872		12,755		12,872	3.1	%
Zavation Medical Products, LLC	(6)	Revolver		1M	S +	5.75	%	9.43	%	6/30/2028		216		212		216	0.1	%
Total Healthcare														165,342		160,514	38.5	%

Technology & Telecommunications
Adswerve, Inc.	(6)(8)	Senior Secured Term Loan		3M	S +	4.25	%	8.00	%	12/4/2028		3,991		3,979		3,991	1.0	%
Cartridge Technologies, LLC	(6) (8)	Senior Secured Term Loan		1M	S +	7.00	%	10.64	%	10/6/2028		21,589		21,394		21,589	5.2	%
Cartridge Technologies, LLC	(6)	Revolver			P +	6.75	%	12.75	%	10/6/2028		180		175		180	0.0	%
Essence Communications Inc.	(6)	Senior Secured First Lien Term Loan		1M	S +	6.75	%	10.71	%	11/26/2027		9,402		9,357		5,553	1.3	%
Essence Communications Inc.	(6)	Senior Secured First Lien Term Loan		1M	S +	6.75	%	10.45	%	12/31/2026		4,051		4,025		4,051	1.0	%
Essence Communications Inc.	(6)	Delayed Draw Term Loan		1M	S +	6.75	%	10.71	%	11/25/2027		1,519		1,502		1,519	0.4	%
Essence Communications Inc.	(6)	Revolver		1M	S +	6.75	%	12.71	%	11/25/2027		9,885		9,829		4,678	1.1	%
Excite Parent, Inc.	(6) (8)	Senior Secured First Lien Term Loan		1M	S +	4.25	%	7.70	%	10/31/2030		4,844		4,808		4,844	1.2	%
IMS Technology Services, LLC	(6) (8)	Senior Secured First Lien Term Loan		1M	S +	5.50	%	9.20	%	11/22/2029		9,850		9,749		9,850	2.4	%
IMS Technology Services, LLC	(6) (9) (10)	Revolver		1M	S +	5.50	%	5.50	%	11/22/2029		—		(5)		—	0.0	%
MAPS Buyer, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	6.25	%	9.33	%	2/18/2031		21,101		20,865		21,101	5.1	%
MAPS Buyer, Inc.	(6) (9) (10)	Delayed Draw Term Loan		3M	S +	6.25	%	6.25	%	2/18/2031		—		(3)		—	0.0	%
MAPS Buyer, Inc.	(6) (9) (10)	Revolver		1M	S +	6.25	%	6.25	%	9/6/2029		—		(8)		—	0.0	%
Mission Critical Group, LLC	(7)	Senior Secured First Lien Term Loan		3M	S +	5.25	%	8.93	%	10/1/2030		7,463		7,372		7,372	1.8	%
Mission Critical Group, LLC		Delayed Draw Term Loan		3M	S +	5.25	%	5.25	%	10/1/2030		833		—		—	0.0	%
Mission Critical Group, LLC		Revolver		1M	S +	5.25	%	5.25	%	10/1/2030		1,667		—		—	0.0	%
North Acquisition LLC	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	6.75	%	10.49	%	7/27/2027		19,918		19,847		18,811	4.5	%
Proficium Purchaser, LLC	(6) (7)	Senior Secured Term Loan		1M	S +	6.25	%	10.09	%	3/27/2029		18,612		18,485		18,612	4.5	%
Proficium Purchaser, LLC	(6) (9) (10)	Revolver		1M	S +	6.25	%	6.25	%	3/27/2029		—		(5)		—	0.0	%
The Teaching Company, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		3M	S +	5.50	%	9.17	%	2/11/2031		14,906		14,700		14,906	3.6	%
Veradata Holdings, LLC	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	6.25	%	9.39	%	11/1/2028		23,370		23,174		23,370	5.6	%
Veradata Holdings, LLC	(6) (7)	Delayed Draw Term Loan		1M	S +	6.25	%	9.39	%	11/1/2028		724		717		724	0.2	%
Veradata Holdings, LLC	(6) (9) (10)	Revolver		1M	S +	6.25	%	6.25	%	11/1/2028		—		(2)		—	0.0	%
Virtual Technologies Group, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	7.50	%	11.14	%	4/23/2029		7,280		7,179		7,280	1.7	%
Virtual Technologies Group, LLC	(6)	Revolver		1M	S +	7.50	%	11.14	%	4/23/2029		622		616		622	0.1	%
Total Technology &Telecommunications														177,750		169,053	40.7	%

Transportation & Logistics
Auto Transport Holdings, LLC	(6)(8)	Senior Secured First Lien Term Loan		1M	S +	7.25	%	10.92	%	11/4/2029		4,519		4,480		4,519	1.1	%
B2B Industrial Products, LLC	(6)(7)	Senior Secured Term Loan		1M	S +	6.75	%	10.63	%	10/7/2026		14,202		14,153		13,629	3.3	%
Contract Datascan, LP	(6)(7)(11)	Senior Secured First Lien Term Loan		1M	S +	7.50	%	7.77	% PIK	11/3/2028		24,742		24,347		23,316	5.6	%
Contract Datascan, LP	(6)	Revolver		1M	S +	7.50	%	7.77	%	11/3/2028		800		787		742	0.2	%
CSG Buyer, Inc.	(6)(7)(8)	Senior Secured First Lien Term Loan		1M	S +	6.00	%	9.91	%	7/29/2029		24,500		24,187		24,500	5.9	%
IAM Acquisition LLC	(6)(7)(8)	Senior Secured First Lien Term Loan		1M	S +	6.00	%	10.15	%	6/28/2029		22,198		22,114		22,198	5.2	%
LGC US Finco, LLC	(6)(7)(8)	Senior Secured First Lien Term Loan		1M	S +	7.00	%	10.91	%	8/14/2030		14,719		14,471		14,719	3.5	%
MB Precision Investment Holdings LLC	(6)	Senior Secured First Lien Term Loan		3M	S +	10.00	%	14.10% - 14.26	%	10/2/2028		7,788		7,647		7,010	1.7	%
MB Precision Investment Holdings LLC	(6)	Delayed Draw Term Loan		3M	S +	10.00	%	14.10% - 14.26	%	10/1/2028		1,986		1,959		1,787	0.4	%
MB Precision Investment Holdings LLC	(6)	Revolver		3M	S+	8.00	%/P+7.00%	12.26% - 13.75	%	10/1/2028		1,022		1,011		920	0.2	%
NSC Technologies, LLC	(6)(7)(8)	Senior Secured First Lien Term Loan		1M	S +	6.25	%	9.98	%	8/27/2030		18,858		18,544		18,858	4.5	%
Palmdale Oil Company, LLC	(6)(7)	Senior Secured Term Loan		3M	S +	4.75	%	8.48	%	12/12/2031		12,380		12,336		12,380	3.0	%
Palmdale Oil Company, LLC	(6)	Delayed Draw Term Loan		3M	S +	4.75	%	4.75	%	12/12/2031		—		—		—	0.0	%
SLI Golden Bridge Holdco, LLC	(6)(7)(8)	Senior Secured First Lien Term Loan		1M	S +	6.00	%	9.64	%	1/10/2030		9,850		9,711		9,850	2.3	%
Subsea Global Solutions, LLC	(6)(11)(14)	Senior Secured Term Loan		1M	S +	6.75	%	10.60	%	6/22/2026		23,321		23,029		18,249	4.4	%
Subsea Global Solutions, LLC	(6)(11)	Revolver		6M	S+	7.00	%	9.85% - 13.50	% PIK	3/29/2029		1,053		1,041		816	0.2	%
Vehicle Management Services LLC	(6)(7)	Senior Secured First Lien Term Loan		1M	S +	6.25	%	10.18	%	7/26/2028		21,947		21,932		21,947	5.3	%
VHL Logistics, Inc.	(6)(7)(8)	Senior Secured First Lien Term Loan		1M	S +	5.00	%	9.24% - 9.39	%	12/13/2029		25,000		24,749		25,000	6.0	%
Voice Comm, LLC	(6)(7)	Senior Secured First Lien Term Loan		1M	S +	6.75	%	9.89	%	12/19/2030		16,443		16,116		16,442	3.9	%
Total Transportation & Logistics														242,614		236,882	56.7	%

Total Debt Investments														827,771		804,909	193.2	%

Equity Investment

Business Services
Legacy Restoration LLC	(6) (12)	Class A Preferred Units										554,000		—		—	0.0	%
														—		—	0.0	%

Franchising
FGG Spa, LLC	(12)	Common Equity										500,000		500		500	0.1	%
														500		500	0.1	%
Healthcare
Derm Holdings LLC	(6)	Class A Preferred Units										527,145		3,500		4,014	1.0	%
P3 Acquisition Holdings LLC	(6) (12)	Series A Preferred equity										74,513		500		—	0.0	%
Zavation Medical Products, LLC	(6) (12)	Class A Membership Units										8,585		1,068		598	0.1	%
														5,068		4,612	1.1	%
Technology & Telecommunications
MAPS Buyer, Inc.	(6)	Common Units										505		505		1,547	0.4	%
Proficium Purchaser, LLC	(6)	Common Units										1,000,000		1,000		2,655	0.6	%
Veradata Holdings, LLC	(6)	Class A Units										250		250		457	0.1	%
Virtual Technologies Group, LLC	(6) (12)	Series A Preferred Units										1,000,000		1,000		700	0.2	%
Virtual Technologies Group, LLC	(6) (12)	Series B Preferred Units										1,050,922		1,051		1,135	0.3	%
Virtual Technologies Group, LLC	(6) (12)	Special Incentive Units										138,408		—		—	0.0	%
														3,806		6,494	1.6	%

Table of Contents

Brightwood Capital Corporation I

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) (CONTINUED)

June 30, 2026

(dollars in thousands)

Transportation & Logistics
CSG Parent, LLC	(6) (12)	Class A Preferred Equity				250	$	250	$	375	0.1	%
Coregistics TopCo LLC	(6)	Class A Units				500,000		500		462	0.1	%
Detroit Quality Staffing, LLC	(6) (12)	Preferred Equity				500,000		500		2,088	0.5	%
MB Precision Investment Holdings LLC	(6) (12)	Class E Preferred Units				3,500,000		3,500		648	0.2	%
								4,750		3,573	0.9	%

Total Equity Investment								14,124		15,179	3.6	%

Warrants
Franchising

Technology & Telecommunications
Essence Communications Inc.	(6) (12)	Warrant			6/16/2030	36		—		—	0.0	%
Virtual Technologies Group, LLC	(6) (12)	Warrant			12/31/2031	117,456		—		—	0.0	%

Transportation & Logistics
Contract Datascan, LP	(6) (12)	Series A Preferred Warrant			11/3/2033	51		15		48	0.0	%
Contract Datascan, LP	(6) (12)	Common Stock Warrant			11/3/2033	441		130		—	0.0	%
CSG Parent, LLC	(6) (12)	Warrant			7/23/2035	30		—		104	0.0	%
MB Precision Investment Holdings LLC	(6) (12)	Warrant			10/1/2028	3,500,000		—		—	0.0	%
Mobile Investors, LLC	(6) (12)	Class A Units Warrant			12/19/2030	330		332		249	0.1	%
								477		401	0.1	%

Total Warrants								477		401	0.1	%

Total Investments							$	842,372	$	820,489	196.9	%


Cash Equivalents
First American Government Obligations Fund, Class X	(13)	Money Market Fund	3.58	%				3,625		3,625	0.9	%
Total Cash Equivalents							$	3,625	$	3,625	0.9	%

Total Investments and cash equivalents							$	845,997	$	824,114	197.8	%

Liabilities in Excess of Other Assets										(407,513)	(97.8)	%

Net Assets									$	416,600	100.0	%

(1)

All investments are qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.

Table of Contents

(2)	The issuers of debt and equity held by the Company is domiciled in the United States.

(3)	Denominated in U.S. Dollars unless otherwise noted.

(4)

All of the investments bear interest at rates that may be determined by reference to Prime Rate (“P”), as well as Secured Overnight Financing Rate (“SOFR” or “S”), which reset monthly or quarterly. Certain investments are subject to an interest rate floor or cap. For each such investment, the Company has provided the spread over P and SOFR and the current contractual interest rate in effect at June 30, 2026. As of June 30, 2026, the P was 6.75%. As of June 30, 2026, the effective rates for 1M S and 3M S are 3.65%, and 3.73%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is the actual interest rate range in effect as of June 30, 2026. For fixed rate loans, a spread above a reference rate is not applicable.

(5)	Percentage is based on net assets of $416,600 as of June 30, 2026.

(6)	Investment valued using unobservable inputs (Level 3), see Note 5 “Fair Value of Financial Instruments”.

(7)	Investment or portion of the investment are held by the Company indirectly through BCCI SPV-1, LLC (“SPV-1”) and pledged as collateral for the credit facility held through SPV-1.

(8)	Investment or portion of the investment are held by the Company indirectly through BCCI SPV-2, LLC (“SPV-2”) and pledged as collateral for the credit facility held through SPV-2.

(9)	The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. See Note 7 “Commitments and Contingencies”.

(10)	Security is a fully unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(11)	Cost includes accrual of interest income paid in-kind (“PIK”). See Note 2 “Summary of Significant Accounting Policies.

(12)	Non-income producing.

(13)	Cash equivalents balance represents amounts held in an interest-bearing money market fund issued by U.S. Bank National Association.

(14)	The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.

Table of Contents

Brightwood Capital Corporation I

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(dollars in thousands)


			Spread Above
			Reference					Interest				Maturity	Par Amount		Amortized				% of Net
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Rate ⁽⁴⁾					Rate ⁽⁴⁾				Date	($) /Shares		Cost		Fair Value		Assets ⁽⁵⁾
Investments
Debt Investments
Business Services
12 Interactive, LLC	(6) (8)	Senior Secured First Lien Term Loan		3M	S +	5.75	%			9.42	%	9/5/2030		7,463	$	7,428	$	7,428	1.9	%
12 Interactive, LLC	(6) (7)	Delayed Draw Term Loan		3M	S +	5.75	%			9.42	%	9/5/2030		2,494		2,488		2,488	0.6	%
AHF Parent Holding, Inc.	(6) (7)	Senior Secured First Lien Term Loan		3M	S +	6.25	%			10.18	%	2/1/2028		9,000		8,818		8,505	2.1	%
Athlete Buyer, LLC	(6) (7)	Senior Secured First Lien Term Loan		3M	S +	6.00	%			9.77	%	4/26/2029		6,825		6,731		5,890	1.5	%
Athlete Buyer, LLC	(6) (7)	Delayed Draw Term Loan		3M	S +	6.00	%			9.77	%	4/26/2029		15,963		15,727		13,776	3.4	%
Athlete Buyer, LLC	(6)	Revolver		3M	S +	6.00	%			9.77	%	4/26/2029		1,010		987		783	0.2	%
Creative Foam Corporation	(6) (7)	Senior Secured First Lien Term Loan		3M	S +	6.75	%	10.44	%-	10.69	%	6/27/2029		5,814		5,742		5,814	1.4	%
Creative Foam Corporation	(6) (9) (10)	Revolver		3M	S +	6.75	%			6.75	%	6/27/2029		—		(12)		—	0.0	%
Elevator Intermediate Holdings, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan		3M	S +	6.00	%			9.82	%	8/25/2028		21,505		21,249		21,505	5.4	%
Elevator Intermediate Holdings, Inc.	(6) (9) (10)	Revolver		3M	S +	6.00	%			6.00	%	8/25/2028		—		(11)		—	0.0	%
GPI Acquisition Co., Inc.	(6) (7)	Senior Secured First Lien Term Loan		3M	S +	5.75	%			9.67	%	3/30/2029		20,638		20,403		20,638	5.1	%
GPI Acquisition Co., Inc.	(6) (9) (10)	Revolver		3M	S +	5.75	%			5.75	%	3/30/2029		—		(6)		—	0.0	%
KKSP Precision Machining LLC	(6) (7)	Senior Secured First Lien Term Loan		3M	S +	7.00	%			10.99	%	6/23/2027		4,825		4,794		4,755	1.2	%
Legacy Restoration LLC	(6) (11)	Senior Secured Term Loan		3M	S +	6.25	%			9.92	% PIK	1/5/2029		2,737		2,737		2,737	0.7	%
Legacy Restoration LLC	(6) (11)	Revolver		3M	S +	6.25	%			9.92	% PIK	1/5/2029		416		416		416	0.1	%
Max US Bidco Inc.	(6) (8)	Senior Secured First Lien Term Loan		3M	S +	5.00	%			8.67	%	10/2/2030		7,369		7,029		6,061	1.5	%
Obra Capital, Inc.	(6) (7)	Senior Secured First Lien Term Loan		1M	S +	7.36	%			11.09	%	6/21/2029		9,900		9,694		9,737	2.4	%
Obra Capital, Inc.	(6) (9) (10)	Revolver		1M	S +	7.36	%			7.36	%	12/21/2028		—		(10)		(8)	0.0	%
Prisma Graphic, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		1M	S +	6.25	%			10.08	%	7/29/2027		22,366		22,149		22,366	5.6	%
Prisma Graphic, LLC	(6)	Revolver		1M	S +	6.25	%			10.08	%	7/29/2027		724		710		724	0.2	%
TouchFuse, LLC	(6) (7)	Senior Secured Term Loan		6M	S +	5.00	%			9.04	%	11/23/2029		20,353		20,056		20,353	5.1	%
TouchFuse, LLC	(6)	Revolver		3M	S +	5.00	%			9.00	%	11/23/2029		160		145		160	0.0	%
Trulite Holding Corp.	(6) (8)	Senior Secured Term Loan		3M	S +	6.00	%			9.98	%	3/1/2030		4,781		4,715		4,781	1.2	%
W Services Group, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		3M	S +	5.25	%			8.92	%	9/24/2029		13,522		13,375		13,522	3.4	%
W Services Group, LLC	(6) (9) (10)	Delayed Draw Term Loan		3M	S +	5.25	%			5.25	%	9/24/2029		—		(4)		—	0.0	%
W Services Group, LLC	(6) (9) (10)	Revolver		3M	S +	5.25	%			5.25	%	9/24/2029		—		(7)		—	0.0	%
Total Business Services																175,343		172,431	43.0	%

Franchising
Brightstar Group Holdings, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan		6M	S +	4.75	%			8.48	%	3/1/2032		9,925		9,880		9,925	2.5	%
CDM Fitness Holdings, LLC	(6) (7) (11)	Senior Secured First Lien Term Loan		3M	S +	6.25	%			10.07	%	6/17/2026		24,628		24,547		24,517	6.1	%
ESN Venture Holdings, LLC	(6) (8) (11)	Senior Secured First Lien Term Loan		3M	S +	2.88	%	6.55	%	(3.38% PIK)		10/5/2029		13,477		13,296		13,477	3.4	%
ESN Venture Holdings, LLC	(6) (8) (11)	Delayed Draw Term Loan		3M	S +	2.88	%			6.55	% PIK	10/5/2029		5,260		5,260		5,260	1.3	%
ESN Venture Holdings, LLC	(6) (9) (10)	Revolver		3M	S +	2.88	%			2.88	%	10/5/2029		—		(7)		—	0.0	%
John C. Cassidy Air Conditioning, Inc.	(6) (7)	Senior Secured Term Loan		3M	S +	6.00	%			10.08	%	12/23/2026		4,947		4,938		4,921	1.2	%
Tavern Holdings, LLC	(6) (8)	Senior Secured First Lien Term Loan		6M	S +	5.25	%			9.46	%	1/10/2030		9,950		9,829		9,950	2.5	%
Team Car Care, LLC	(6) (8)	Senior Secured First Lien Term Loan		6M	S +	4.50	%	8.37	%-	8.54	%	6/28/2027		8,064		8,047		8,064	2.0	%
Total Franchising																75,790		76,114	19.0	%

Healthcare
CNS Purchaser, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan		3M	S +	5.00	%			8.67	%	12/30/2029		14,850	$	14,671	$	14,850	3.7	%
CNS Purchaser, LLC	(6) (9) (10)	Delayed Draw Term Loan		3M	S +	5.00	%			5.00	%	12/30/2029		—		(3)		—	0.0	%
CNS Purchaser, LLC	(6) (9) (10)	Revolver		3M	S +	5.00	%			5.00	%	12/30/2029		—		(6)		—	0.0	%

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Everest AcquisitionCo, LLC	(6) (7)	Senior Secured Term Loan	1M	S +	6.00	%			9.72	%	12/13/2028	4,900	4,828	4,900	1.2	%
Everest AcquisitionCo, LLC	(6) (7) (8)	Delayed Draw Term Loan	1M	S +	6.00	%			9.72	%	12/13/2028	7,150	7,081	7,150	1.8	%
Everest AcquisitionCo, LLC	(6) (9) (10)	Revolver	3M	S +	6.00	%			6.00	%	12/13/2028	—	(44)	—	0.0	%
Management Health Systems, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan	1M	S +	6.25	%			9.97	%	12/31/2027	22,388	22,132	22,388	5.6	%
Medical Management Holdings, LLC	(6) (8)	Senior Secured First Lien Term Loan	3M	S +	6.50	%			10.35	%	8/1/2030	10,743	10,610	10,743	2.7	%
Medical Management Holdings, LLC	(6)	Delayed Draw Term Loan	3M	S +	6.50	%			10.37	%	8/1/2030	92	82	92	0.0	%
Medical Management Holdings, LLC	(6) (9) (10)	Revolver	3M	S +	6.50	%			6.50	%	8/1/2030	—	(18)	—	0.0	%
OPCO Borrower LLC	(6) (7)	Senior Secured First Lien Term Loan	3M	S +	6.25	%			10.23	%	4/26/2029	23,025	23,025	23,025	5.7	%
P3 Acquisition Holdings LLC	(6)	Senior Secured Term Loan	3M	S +	7.00	%			11.10	%	11/13/2029	13,196	12,973	12,338	3.1	%
P3 Acquisition Holdings LLC	(6)	Delayed Draw Term Loan	3M	S +	7.00	%			11.13	%	11/13/2029	129	126	120	0.0	%
P3 Acquisition Holdings LLC	(6)	Revolver	3M	S +	7.00	%	10.83	%-	11.13	%	11/13/2029	458	450	426	0.1	%
P3 Acquisition Holdings LLC	(6) (12)	Convertible Promissory Note			—				—		5/15/2030	70	70	62	0.0	%
Sandlot Buyer, LLC	(6) (7)	Senior Secured Term Loan	3M	S +	6.25	%			10.25	%	9/19/2028	22,188	21,833	21,571	5.4	%
Shiftkey, LLC	(6) (7) (11)	Senior Secured First Lien Term Loan	3M	S +	5.75	%	9.68	%	(0.50% PIK)		6/21/2027	9,205	9,177	8,817	2.2	%
The Smilist DSO, LLC	(6) (8)	Senior Secured First Lien Term Loan	3M	S +	6.00	%			9.67	%	4/4/2029	6,515	6,451	6,515	1.6	%
The Smilist DSO, LLC	(6) (8)	Delayed Draw Term Loan	3M	S +	6.00	%			9.67	%	4/4/2029	2,161	2,139	2,161	0.5	%
The Smilist DSO, LLC	(6) (9) (10)	Revolver	3M	S +	6.00	%			6.00	%	4/4/2029	—	(4)	—	0.0	%
YNWA Finco LLC	(6) (11) (14)	Senior Secured Term Loan	1M	S +	8.60	%			7.53	% PIK	8/18/2027	9,693	9,693	6,785	1.7	%
Zavation Medical Products, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan	3M	S +	5.75	%	9.71	%-	9.73	%	6/30/2028	12,938	12,821	12,647	3.2	%
Zavation Medical Products, LLC	(6)	Revolver	3M	S +	5.75	%	9.52	%-	9.73	%	6/30/2028	866	861	846	0.2	%
Total Healthcare													158,948	155,436	38.7	%

Technology & Telecommunications
Adswerve, Inc.	(6) (8)	Senior Secured Term Loan	1M	S +	4.25	%			8.18	%	12/4/2028	4,179	4,164	4,179	1.0	%
BP Loenbro Holdings, Inc.	(6) (7)	Senior Secured First Lien Term Loan	3M	S +	5.75	%	9.75	%-	9.83	%	2/1/2029	19,319	19,132	19,319	4.8	%
BP Loenbro Holdings, Inc.	(6) (7)	Delayed Draw Term Loan	3M	S +	5.75	%			9.84	%	2/1/2029	1,827	1,805	1,827	0.5	%
BP Loenbro Holdings, Inc.	(6)	Revolver	1M	S +	5.75	%	9.72	%-	9.77	%	2/1/2029	1,211	1,175	1,211	0.3	%
Cartridge Technologies, LLC	(6) (8)	Senior Secured Term Loan	6M	S +	7.00	%			10.85	%	10/6/2028	22,054	21,811	22,054	5.5	%
Cartridge Technologies, LLC	(6) (9) (10)	Revolver	6M	S +	7.00	%			7.00	%	10/6/2028	—	(6)	—	0.0	%
Essence Communications Inc.	(6) (11)	Senior Secured First Lien Term Loan	3M	S +	6.75	%			10.68	% PIK	1/30/2026	4,027	4,027	4,027	1.0	%
Essence Communications Inc.	(6) (11)	Senior Secured First Lien Term Loan	3M	S +	6.75	%			10.68	% PIK	11/25/2027	7,283	7,221	1,245	0.3	%
Essence Communications Inc.	(6) (11)	Delayed Draw Term Loan	3M	S +	6.75	%			10.68	% PIK	1/30/2026	1,510	1,491	1,510	0.4	%
Essence Communications Inc.	(6) (11)	Revolver	3M	S +	8.75	%			12.87	%	1/30/2026	9,885	9,885	1,594	0.4	%
Excite Parent, Inc.	(6) (8)	Senior Secured First Lien Term Loan	3M	S +	4.00	%			7.67	%	10/31/2030	4,906	4,866	4,906	1.2	%
IMS Technology Services, LLC	(6) (8)	Senior Secured First Lien Term Loan	3M	S +	5.50	%			9.17	%	11/22/2029	9,900	9,783	9,900	2.5	%
IMS Technology Services, LLC	(6) (9) (10)	Revolver	3M	S +	5.50	%			5.50	%	11/22/2029	—	(6)	—	0.0	%
MAPS Buyer, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan	3M	S +	6.25	%			10.09	%	9/6/2029	5,639	5,548	5,639	1.4	%
MAPS Buyer, Inc.	(6) (9) (10)	Revolver	3M	S +	6.25	%			6.25	%	9/6/2029	—	(9)	—	0.0	%
North Acquisition LLC	(6) (7)	Senior Secured First Lien Term Loan	1M	S +	6.75	%			10.57	%	7/27/2027	20,533	20,427	20,028	5.0	%
Proficium Purchaser, LLC	(6) (7)	Senior Secured Term Loan	3M	S +	6.25	%			10.02	%	3/27/2029	19,119	18,964	19,119	4.8	%
Proficium Purchaser, LLC	(6) (9) (10)	Revolver	3M	S +	6.25	%			6.25	%	3/27/2029	—	(6)	—	0.0	%
Veradata Holdings, LLC	(6) (7)	Senior Secured First Lien Term Loan	1M	S +	6.00	%			9.73	%	11/1/2028	18,128	17,977	17,956	4.5	%
Veradata Holdings, LLC	(6) (7)	Delayed Draw Term Loan	1M	S +	6.00	%			9.72	%	11/1/2028	729	721	722	0.2	%
Veradata Holdings, LLC	(6) (9) (10)	Revolver	1M	S +	6.00	%			6.00	%	11/1/2028	—	(2)	(2)	0.0	%
Virtual Technologies Group, LLC	(6) (8)	Senior Secured First Lien Term Loan	3M	S +	7.50	%			11.17	%	4/23/2029	3,850	3,799	3,850	1.0	%
Virtual Technologies Group, LLC	(6)	Revolver	3M	S +	7.50	%	11.17	%-	11.43	%	4/23/2029	622	616	622	0.2	%
Total Technology &Telecommunications													153,383	139,706	35.0	%

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Transportation & Logistics
Auto Transport Holdings, LLC	(6) (8)	Senior Secured First Lien Term Loan				1M	S +	7.25	%			10.97	%	11/4/2029	4,865	$	4,817	$	4,804	1.2	%
B2B Industrial Products, LLC	(6) (7)	Senior Secured Term Loan				3M	S +	6.75	%			10.57	%	10/7/2026	14,277		14,136		14,067	3.5	%
Contract Datascan, LP	(6) (7) (11)	Senior Secured First Lien Term Loan				3M	S +	8.50	%			12.49	% PIK	11/3/2028	24,206		23,757		22,255	5.5	%
Contract Datascan, LP	(6)	Revolver				3M	S +	8.50	%	12.24	%-	12.49	%	11/3/2028	533		518		453	0.1	%
CSG Buyer, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan				3M	S +	6.25	%			10.09	%	7/29/2029	24,625		24,260		24,625	6.1	%
Detroit Quality Staffing, LLC	(6) (7) (8)	Senior Secured Term Loan				3M	S +	7.50	%			12.00	%	10/4/2029	6,738		6,632		6,738	1.7	%
IAM Acquisition LLC	(6) (7) (8)	Senior Secured First Lien Term Loan				3M	S +	6.50	%	10.32	%-	10.37	%	6/28/2029	22,313		22,214		22,313	5.6	%
LGC US Finco, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan				3M	S +	7.00	%			11.11	%	8/14/2030	14,906		14,625		14,906	3.7	%
MB Precision Investment Holdings LLC	(6)	Senior Secured First Lien Term Loan				3M	S+	8.00	%			12.26	%	10/1/2028	6,869		6,728		6,182	1.5	%
MB Precision Investment Holdings LLC	(6)	Delayed Draw Term Loan				3M	S +	10.00	%			14.26	%	10/1/2028	1,998		1,963		1,796	0.4	%
MB Precision Investment Holdings LLC	(6)	Revolver	3M	S +	8.00	%/	P +	7.00	%	12.26	%-	14.00	%	10/1/2028	1,022		1,009		919	0.2	%
NSC Technologies, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan				3M	S +	6.25	%			9.92	%	8/27/2030	18,953		18,600		18,953	4.7	%
Palmdale Oil Company, LLC	(6)	Senior Secured Term Loan				3M	S +	4.75	%			8.38	%	12/12/2031	9,565		9,518		9,565	2.4	%
Palmdale Oil Company, LLC	(6) (10)	Delayed Draw Term Loan				3M	S +	4.75	%			4.75	%	12/12/2031	—		—		—	0.0	%
SLI Golden Bridge Holdco, LLC	(6) (7) (8)	Senior Secured First Lien Term Loan				1M	S +	6.00	%			9.72	%	1/10/2030	9,900		9,741		9,900	2.4	%
Subsea Global Solutions, LLC	(6) (11)	Senior Secured Term Loan				6M	S +	7.00	%			10.60	% PIK	3/29/2029	22,614		22,269		21,653	5.4	%
Subsea Global Solutions, LLC	(6) (11)	Revolver	6M	S +	7.75	%/	P +	6.75	%	10.60	%-	13.50	% PIK	3/29/2029	1,011		995		967	0.2	%
Vehicle Management Services LLC	(6) (7)	Senior Secured First Lien Term Loan				1M	S +	6.25	%			10.08	%	7/26/2028	22,059		22,041		22,059	5.5	%
VHL Logistics, Inc.	(6) (7) (8)	Senior Secured First Lien Term Loan				6M	S +	5.50	%	9.39	%-	9.46	%	12/13/2029	20,837		20,549		20,837	5.2	%
Voice Comm, LLC	(6) (7)	Senior Secured First Lien Term Loan				1M	S +	6.25	%			9.97	%	12/19/2030	16,651		16,283		16,651	4.2	%
Total Transportation & Logistics																	240,655		239,643	59.5	%

Total Debt Investments																	804,119		783,330	195.2	%

Equity Investment

Business Services
Legacy Restoration LLC	(6) (12)	Class A Preferred Units													554,000		—		—	0.0	%
Healthcare
Derm Holdings LLC	(6)	Class A Preferred Units													527,145		3,500		3,500	0.9	%
P3 Acquisition Holdings LLC	(6) (12)	Series A Preferred equity													74,513		500		—	0.0	%
Zavation Medical Products, LLC	(6) (12)	Class A Membership Units													6,831		1,000		510	0.1	%
																	5,000		4,010	1.0	%
Technology & Telecommunications
BP I LM Holdings, LLC	(6) (12)	Series A Units													1,067,133		1,101		4,301	1.0	%
MAPS Buyer, Inc.	(6) (12)	Common Units													505		505		1,555	0.4	%
Proficium Purchaser, LLC	(6)	Common Units													1,000,000		1,000		1,565	0.4	%
Veradata Holdings, LLC	(6)	Class A Units													250		250		498	0.1	%
Virtual Technologies Group, LLC	(6) (12)	Series A Preferred Units													1,000,000		1,000		1,220	0.3	%
Virtual Technologies Group, LLC	(6) (12)	Special Incentive Units													138,408		—		83	0.0	%
																	3,856		9,222	2.2	%
Transportation & Logistics
Coregistics TopCo LLC	(6)	Class A Units													500,000		500		500	0.0	%
CSG Parent, LLC	(6) (12)	Class A Preferred Equity													250		250		263	0.1	%
Detroit Quality Staffing, LLC	(6) (12)	Preferred Equity													500,000		500		500	0.1	%
MB Precision Investment Holdings LLC	(6) (12)	Class E Preferred Units													3,500,000		3,500		1,811	0.5	%
																	4,750		3,074	0.7	%
Total Equity Investment
																	13,606		16,306	3.9	%
Warrants
Technology & Telecommunications
Essence Communications Inc.	(6) (12)	Warrant												6/16/2030	36		—		—	0.0	%

Transportation & Logistics
Contract Datascan, LP	(6) (12)	Series A Preferred Warrant												11/3/2033	51		15		79	0.0	%
Contract Datascan, LP	(6) (12)	Common Stock Warrant												11/3/2033	441		130		—	0.0	%
CSG Parent, LLC	(6) (12)	Warrant												7/23/2035	30		—		53	0.0	%
MB Precision Investment Holdings	(6) (12)	Warrant												10/1/2028	3,500,000		—		—	0.0	%
Mobile Investors, LLC	(6) (12)	Class A Units Warrant												12/19/2030	330		332		332	0.1	%
																	477		464	0.1	%
Total Warrants																	477		464	0.1	%

Total Investments																$	818,202	$	800,100	199.2	%

Cash Equivalents
First American Government Obligations Fund, Class X	(13)	Money Market Fund										3.67	%				1,374		1,374	0.3	%
Total Cash Equivalents																	1,374		1,374	0.3	%

Total Investments and cash equivalents																$	819,576	$	801,474	199.5	%

Liabilities in Excess of Other Assets																			(400,276)	(99.5)	%

Net Assets																		$	401,198	100.0	%

(1)

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(2)	The issuers of debt and equity held by the Company are domiciled in the United States.

(3)	Denominated in U.S. Dollars unless otherwise noted.

(4)

All of the investments bear interest at rates that may be determined by reference to Prime Rate (“P”), as well as Secured Overnight Financing Rate (“SOFR” or “S”), which reset monthly or quarterly. For each such investment, the Company has provided the spread over P and SOFR and the current contractual interest rate in effect at December 31, 2025. As of December 31, 2025, the P was 6.75%. As of December 31, 2025, the effective rates for 1M S and 3M S are 3.69%, and 3.65%, respectively. For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2025. For fixed rate loans, a spread above a reference rate is not applicable.

(5)	Percentage is based on net assets of $401,198 as of December 31, 2025.

(6)	Investment valued using unobservable inputs (Level 3), see Note 5 “Fair Value of Financial Instruments”.

(7)	Investment or portion of the investment are held by the Company indirectly through BCCI SPV-1, LLC (“SPV-1”) and pledged as collateral for the credit facility held through SPV-1.

(8)	Investment or portion of the investment are held by the Company indirectly through BCCI SPV-2, LLC (“SPV-2”) and pledged as collateral for the credit facility held through SPV-2.

(9)	The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. See Note 7 “Commitments and Contingencies”.

(10)	Security is a fully unfunded commitment. The stated rate reflects the spread disclosed at the time of commitment and may not indicate the actual rate received upon funding.

(11)	Cost includes accrual of interest income paid in-kind (“PIK”). See Note 2 “Summary of Significant Accounting Policies”.

(12)	Non-income producing.

(13)	Cash equivalents balance represents amounts held in an interest-bearing money market fund issued by U.S. Bank National Association.

(14)	The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”.

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Brightwood Capital Corporation I

Notes to Consolidated Financial Statements (Unaudited)

(in thousands, except share and per share information)

1.Principal Business and Organization

Brightwood Capital Corporation I (the “Company”) was formed as a Maryland corporation on November 15, 2021. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”). In addition, for US federal income tax purposes, the Company has elected to be treated, and to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. BCCI SPV-1, LLC (“SPV-1”) is a Delaware limited liability company that was formed on March 15, 2023. The Company has 100% ownership of SPV-1 and consolidates the results of SPV-1 in its consolidated financial statements. BCCI SPV-2, LLC (“SPV-2”) is a Delaware limited liability company that was formed on September 20, 2024. The Company has 100% ownership of SPV-2 and consolidates the results of SPV-2 in its consolidated financial statements.

The Company is managed by Brightwood Capital Advisors, LLC (the “Investment Adviser”), an investment adviser that is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. The Investment Adviser provides portfolio management services to the Company, pursuant to an investment advisory agreement, including investigating, analyzing, structuring, and negotiating potential investments, monitoring the performance of portfolio companies and determining when to dispose of the Company’s investments. A team of the Investment Adviser’s investment committee servicing the Company (the “Investment Committee”) will evaluate and approve all of the Company’s investments, subject to the oversight of the Board of Directors (the “Board”). The Board consists of four directors, three of whom are independent.

The Company’s investment objective is to achieve risk-adjusted returns via current income and, to a lesser extent, capital appreciation. The Company will focus on lending to middle market companies and will primarily invest in portfolio companies in the form of first lien senior secured loans (including any related warrants or other equity securities of such portfolio companies). These senior secured loans typically provide for cash interest and amortization payments throughout the life of the loan. Brightwood generally obtains security interests in the assets of its portfolio companies that serve as collateral in support of the repayment of these loans.

The Company conducts private offerings of its common stock, par value $0.01 per share (“Common Stock”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors.

2.Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company evaluates subsequent events through the date that these consolidated financial statements are issued.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, SPV-1 and SPV-2, which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

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Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation with no impact on total investments, net assets, or results of operations.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.

Cash and cash equivalents

Cash and cash equivalents consists of demand deposits held at U.S. Bank National Association, headquartered in Minneapolis, MN and City National Bank, headquartered in Los Angeles, CA. Some of these deposits invest in short-term investments, which consist of commercial paper, money market instruments and/or other short-term debt obligations. These balances are insured by the Federal Deposit Insurance Corporation up to $250. At times, these balances may exceed federally insured limits and this potentially subjects the Company to a concentration of credit risk. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk on its cash and cash equivalents. All cash and cash equivalents balances are maintained with high credit quality financial institutions.

Investment Valuation

The Company’s investments are valued at fair value. The Investment Adviser, designated by the Board as a valuation designee, will determine the fair value of the assets on at least a quarterly basis in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC 820. In accordance with Rule 2a-5 of the 1940 Act, the Company’s Board has designated the Investment Adviser as the Company’s “valuation designee.” The Company’s Board and the audit committee of the Board, which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee.

The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1: Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments in Level 1 include listed equities and listed derivatives. The Company does not adjust the quoted price for these investments, even in situations where the Company may hold a large position and a sale could reasonably impact the quoted price.

Level 2: Pricing inputs are other than quoted prices in active markets of comparable instruments, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Investments in this category generally include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives.

Level 3: Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation. Investments in this category generally include equity and debt positions in private companies.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Investment Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

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The Investment Adviser assesses the levels of the investments at each measurement date in accordance with the Company’s accounting policy. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for investments for the three and six months ended June 30, 2026 and 2025.

Investments for which prices are not observable are generally private investments in the equity and debt securities of operating companies. Fair value of private investments is based on Level 3 inputs and determined by reference to public market or private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. Enterprise values of the underlying portfolio companies are completed to compute the fair value for each class of security owned by the Company. Generally, these enterprise valuations are derived by multiplying a key performance metric of the investee company’s asset (e.g., EBITDA) by the relevant valuation multiple observed for comparable companies or transactions, adjusted by management for differences between the investment and the referenced comparable. If the enterprise value of private investments held cannot be valued by reference to observable valuation measures for comparable companies, then the primary analytical method used to estimate the fair value of such private investments is the discounted cash flow method. A sensitivity analysis is applied to the estimated future cash flows using various factors depending on investment, including assumed growth rate (in cash flows), capitalization rates (for determining terminal values) and appropriate discount rates to determine a range of reasonable values. The valuation based on the inputs determined to be the most probable is used as the fair value of the investment.

The fair value of the Company’s investments in debt securities is further estimated using recently executed transactions, market price quotations and traded yields of corporate transactions (all when observable). When observable data is not available, fair value is estimated based on analysis of the collateral, cash flow models with yield curve analysis, seniority of the debt, enterprise value relative to debt levels, projected financial condition and operating results, payment history and ability to generate sufficient cash flows to make payments when due, and prepayment penalties.

Investments in the equity and debt securities of portfolio companies may also be valued at cost for a period of time after acquisition as the best indicator of fair value.

The determination of fair value using these methodologies takes into account a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of judgment by the Investment Adviser.

Since the Company is under no compulsion to dispose of its investments, which are made with a view to a holding period of two years or more, the estimated values, as determined above, may not reflect amounts that could be realized upon immediate sale nor amounts that ultimately may be realized. As a result of the inherent uncertainty of the valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.

Organization and Offering Costs

The Company has agreed to repay the Investment Adviser for initial organization costs and offering costs incurred prior to the commencement of its operations. Organization costs include costs relating to the formation and organization of the Company. These costs are expensed as incurred in the Consolidated Statements of Operations. Costs associated with the Company’s private offering of shares are charged to paid-in-capital upon the sale of such shares. For the three and six months ended June 30, 2026 and 2025, no organization costs or offering costs were incurred.

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Revenue Recognition

Security transactions are accounted for on the trade date or close of transactions. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company does not accrue as a receivable interest on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. As of June 30, 2026 and December 31, 2025, YNWA Finco LLC was on non-accrual status, and accordingly the Company did not accrue interest income on this investment for the three and six months ended June 30, 2026 and during the year ended December 31, 2025. The Company continued to receive cash interest payments for the three and six months ended June 30, 2026 and during the year ended December 31, 2025. Cash receipts received while the investment was on non-accrual status were recognized as interest income given the Company’s assessment of collectability of remaining principal. For YNWA Finco LLC, the spread above the reference rate reflected in the Consolidated Schedule of Investments is the all in rate, while the interest rate column only represents the cash interest rate received during the period. As of June 30, 2026, Legacy Restoration LLC and Subsea Global Solutions, LLC senior secured term loan have been placed on non-accrual status by the Company and all of the Q1 2026 accrued interest was reversed for Legacy Restoration LLC.

Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring, amendment and other non-recurring upfront fees are recorded as other fee income when earned. The Company records prepayment premiums on loans and securities as other fee income when it earns such amounts. For the three and six months ended June 30, 2026, $147 and $280 amendment fee income and $0 and $315 prepayment premiums have been recorded, all of which are included in other income in the consolidated statements of operations. For the three and six months ended June 30, 2025, $59 and $119 amendment fee income and $131 and $321 prepayment premiums have been recorded, all of which are included in other income in the consolidated statements of operations.

Certain investments have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that are added to the loan principal of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest is generally reversed through interest income, respectively, when an investment is placed on non-accrual status. For the three and six months ended June 30, 2026, $231 and $1,467 PIK has been recorded. For the three and six months ended June 30, 2025, $210 PIK has been recorded.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

Gains or losses on the sale of investments are calculated by using the specific identification method. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Expenses

The Company is responsible for base management fees, investment expenses, legal expenses, auditing fees and other expenses related to the Company’s operations. The Company will pay Brightwood Capital Advisors, LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator (the “Administration Agreement”), including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer and their respective staffs. The Administrator will be reimbursed for certain expenses it incurs on the Company’s behalf.

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Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s line of credit. These costs are deferred and amortized over the life of the related debt instrument and are included in amortization of deferred financing costs on the Consolidated Statements of Operations. Unamortized deferred financing costs are presented on the Consolidated Statements of Assets and Liabilities as an asset.

Income Taxes

Following its election to be regulated as a BDC under the 1940 Act, the Company elected to be treated as a RIC and will file its tax return for the year ending December 31, 2025, as a RIC. So long as the Company maintains its status as a RIC, it generally will 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 as distributions. Rather, any tax liability related to income distributed by the Company represents obligations of the Company’s shareholders and will not be reflected on the Consolidated Statements of Assets and Liabilities of the Company.

To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the current year, (ii) 98.2% of its capital gains in excess of capital losses for the current year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.

A RIC is limited in its ability to deduct expenses in excess of its “investment company taxable income” (which is, generally, ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses). If our expenses in a given year exceed our investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years and such net operating losses do not pass through to its stockholders. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC’s investment company taxable income, but may carry forward such losses, and use them to offset capital gains, indefinitely. Due to these limits on the deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several years that we are required to distribute and that is taxable to its stockholders even if such income is greater than the aggregate net income we actually earned during those years.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company accounts for income taxes in conformity with ASC 740 — Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. There were no material uncertain tax positions for the year ended December 31, 2025. The 2023, 2024 and 2025 tax years remain subject to examination by U.S. federal and state tax authorities.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon the earnings estimated by the Investment Adviser. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.

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The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses”. This ASU requires additional disaggregation of certain expenses within the footnotes to the consolidated financial statements. This ASU is effective for the annual years beginning after December 15, 2026, and interim periods beginning after December 15, 2027 under a prospective approach. Early adoption and retrospective application are permitted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the form and content of interim financial statements, adds a comprehensive list of required interim disclosures, and provides a disclosure principle for condensed interim financial statements. The new guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and, on adoption, can be applied either prospectively or retrospectively to any or all periods presented in the financial statements. The Company has evaluated the impact of the new standard on the Company’s consolidated financial statements and related disclosures and concluded that it will not have a material impact on its consolidated financial statements or its disclosures.

3.Agreements and Related Party Transactions

Administration Agreement

The Company entered into an administration agreement (the “Administration Agreement”) with the Administrator on July 26, 2022. Pursuant to the Administration Agreement, the Company intends to reimburse the Administrator for certain expenses and the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Reimbursements under the Administration Agreement are expected to be made quarterly in arrears. For the three and six months ended June 30, 2026, the Company incurred expenses of $153 and $309, respectively, in overhead expenses, which are included in the consolidated statements of operations, for costs and expenses reimbursable to the Investment Adviser under the terms of the Administration Agreement. For the three and six months ended June 30, 2025, the Company incurred expenses of $160 and $359, respectively, in overhead expenses, which are included in the consolidated statements of operations, for costs and expenses reimbursable to the Investment Adviser under the terms of the Administration Agreement. In addition to overhead expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company. As of June 30, 2026 and December 31, 2025, $153 and $171, respectively, was payable to the Administrator and is included in due to affiliates on the consolidated statements of assets and liabilities.

Investment Advisory Agreement

The Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Investment Adviser on July 26, 2022. Pursuant to the Investment Advisory Agreement, the Company agrees to pay as compensation for the investment advisory and management services provided by the Investment Adviser a base management fee (“Base Management Fee”). The Base Management Fee is calculated as follows: (a) if the aggregate capital commitment of investors is less than or equal to $350,000, an annual rate equal to 0.80% of the fair value of the average gross assets of the Company associated with such capital commitment and (b) if the aggregate Investors’ capital commitment is greater than $350,000, an annual rate equal to 0.70% of the fair value of the average gross assets of the Company associated with such capital commitment in excess of $350,000. The Base Management Fee shall be payable quarterly in arrears. The Base Management Fee shall be calculated based on the fair value of the average value of the gross assets of the Company at the end of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. The Base Management Fee for any partial month or quarter shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month or quarter relative to the total number of days in such month or quarter). For the three and six months ended June 30, 2026, the Investment Adviser earned a base management fee of $1,537 and $3,255, respectively. For the three and six months ended June 30, 2025, the Investment Adviser earned a base management fee of $1,702 and

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$3,356, respectively. As of June 30, 2026 and December 31, 2025, base management fees of $1,537 and $1,738, respectively, were payable.

Further pursuant to the Investment Advisory Agreement, the Company intends to reimburse the Investment Adviser for the third party costs the Investment Adviser incurs on the Company’s behalf in connection with the formation and the initial closing of the private offering of the Company’s Common Stock.

On June 30, 2022, Sengal Selassie, the Chief Executive Officer and Chairman of the Board purchased 1,000 shares of Common Stock, for an aggregate purchase price of $10. On September 30, 2022, the Investment Adviser purchased 99,000 shares of Common Stock for an aggregate offering price of $990, pursuant to a capital drawdown notice. On November 10, 2022, the Investment Adviser purchased 50,000 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On January 30, 2023, the Investment Adviser purchased 50,505 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On September 26, 2023, the Investment Adviser purchased 48,077 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On November 7, 2023, the Investment Adviser purchased 48,077 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On January 2, 2024, the Investment Adviser purchased 47,619 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. Sengal Selassie, as an individual, and the Investment Adviser jointly made a capital commitment to the Company equal to one percent (1%) of the total capital commitments.

Directors’ Fees

Each of the Company’s Independent Directors will receive an annual retainer fee of $50 payable once per year. In addition, each of the Independent Directors will receive a fee of $10 for each regularly scheduled quarterly Board meeting in which they participate and $10 for each special Board meeting in which they participate. Independent Directors will also be reimbursed for all reasonable out-of-pocket expenses incurred in connection with participating in each Board meeting.

With respect to each Audit Committee meeting not held concurrently with a Board meeting, Independent Directors will be reimbursed for all reasonable out-of-pocket expenses incurred in connection with participating in such Audit Committee meeting. In addition, the chairman of the Audit Committee, the chairman of the Nominating and Corporate Governance Committee, and the chairman of the Valuation Committee will each receive annual retainers of $10.

For the three and six months ended June 30, 2026, the Company incurred directors’ fees of $75 and $150, respectively. For the three and six months ended June 30, 2025, the Company incurred directors’ fees of $75 and $150, respectively. As of June 30, 2026 and December 31, 2025, directors’ fees of $120 and $210, respectively, were payable.

Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated August 22, 2022, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its Investment Adviser.

The Company is currently investing contemporaneously with other investment vehicles managed by Brightwood (the “Other Investing Funds”). Accordingly, the Company and the Other Investing Funds are allocated investment opportunities in accordance with Brightwood’s Allocation of Investment Opportunities Policy, which requires investment opportunities to be allocated to the funds in a manner that is fair and equitable to all funds over time. Under such policy, Brightwood will generally determine the allocation of an investment opportunity by considering each fund’s purchasing capacity, whether the investment opportunity is eligible for the relevant fund(s), and the target investment size with respect to each fund based on a variety of factors, including, but not limited to, each fund’s EBITDA focus, industry diversification requirements, leverage considerations, and investment ratings of the investment.

For the three and six months ended June 30, 2026, the Company has allocable participation in co-investment based on exemptive order from the following investments: 12 Interactive, LLC, Adswerve, Inc., Athlete Buyer, LLC, Brightstar Group Holdings, Inc., Cartridge Technologies, LLC, Contract Datascan LP, Creative Foam Corporation, CSG Buyer, Inc., Elevator Intermediate Holdings, Inc., Everest AcquisitionCo, LLC, GPI Acquisition Co., Inc., Honor HN Buyer, Inc, I Love Produce, LLC, Legacy Restoration, LLC, LGC US Finco, LLC, Management Health Systems, LLC, MAPS Buyer, Inc., Medical Management Holdings, LLC, NSC Technologies, LLC, Obra Capital, Inc., Palmdale Oil Company, LLC, P3 Acquisition Holdings, Proficium Purchaser LLC, Sandlot Buyer, SLI Golden Bridge Holdco, LLC, Subsea Global Solutions, LLC, Synamedia Americas Holdings, Inc., Tavern Holdings, LLC, Team Car Care, LLC, The

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Smilist DSO, LLC, The Teaching Company, LLC, TouchFuse, LLC, Trulite Holding Corp., UFS, LLC, Veradata Holdings, LLC, Virtual Technologies Group, LLC, W Services Group, LLC and Zavation Medical Products, LLC.

Other

Brightwood Loan Services LLC is a wholly-owned subsidiary of Brightwood Capital Advisors LLC, the administrator of the Company (the “Administrator”). Under the Administration Agreement between the Company and the Administrator (the “Agreement”), the Administrator may arrange for others to furnish the administrative services, personnel and facilities provided for under the Agreement. The Company is responsible for any expenses incurred by the Administrator on behalf of the Company payable to Brightwood Loan Services LLC. For the six months ended June 30, 2026, Brightwood Loan Services LLC served as administrative agent for the following investments: Cartridge Technologies, LLC, Contract Datascan LP, CSG Buyer, Inc., Elevator Intermediate Holdings, Inc., Essence Communications Inc., Everest AcquisitionCo, LLC, GPI Acquisition Co., Inc., IAM Acquisition LLC, I Love Produce, LLC, LGC US Finco, LLC, MAPS Buyer, Inc., Medical Management Holdings, LLC, John C. Cassidy Air Conditioning, Inc., KKSP Precision Machining LLC, Management Health Systems, LLC, NSC Technologies, LLC, North Acquisition LLC, OPCO Borrower LLC, P3 Acquisition Holdings, LLC, Proficium Purchaser LLC, SLI Golden Bridge Holdco, LLC, Subsea Global Solutions, LLC, The Teaching Company, LLC, TouchFuse, LLC, UFS, LLC, Vehicle Management Services LLC, Veradata Holdings, LLC, VHL Logistics, Inc., Virtual Technologies Group, LLC, Voice Comm, LLC, W Services Group, LLC, and YNWA Finco LLC.

4.Investment Portfolio

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2026:


		As of June 30, 2026
		Amortized						Percentage
		Cost ⁽¹⁾			Fair Value			of Portfolio
Senior Secured First Lien Term Loan		$	589,422		$	584,052		71.1	%
Senior Secured Term Loan			185,645			176,198		21.5	%
Delayed Draw Term Loan			35,554			33,216		4.0	%
Revolver			17,048			11,400		1.4	%
Convertible Promissory Note			102			43		0.0	%
Common Units			3,823			6,219		0.8	%
Preferred Units			10,301			8,960		1.1	%
Warrants			477			401		0.1	%
Total		$	842,372		$	820,489		100.0	%

(1)	Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2025:


	As of December 31, 2025
	Amortized				Percentage
	Cost⁽¹⁾		Fair Value		of Portfolio
Senior Secured First Lien Term Loan	$	568,293	$	561,494	70.2	%
Senior Secured Term Loan		179,267		175,761	22.0	%
Delayed Draw Term Loan		38,876		36,902	4.6	%
Revolver		17,613		9,111	1.1	%
Convertible Promissory Note		70		62	0.0	%
Common Units		4,356		8,929	1.1	%
Preferred Units		9,250		7,377	0.9	%
Warrants		477		464	0.1	%
Total	$	818,202	$	800,100	100.0	%

(1)	Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.

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The Company does not “control” and is not an “affiliate” of any of its portfolio companies, each as defined in the 1940 Act. In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned 25% or more of its voting securities and would be an “affiliate” of a portfolio company if it owned 5% or more of its voting securities.

The Company’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments in such industries as of June 30, 2026:


	As of June 30, 2026
			Percentage
Industry Classification	Fair Value		of Portfolio
Transportation & Logistics	$	240,856	29.4	%
Business Services		188,749	23.0	%
Technology & Telecommunications		175,547	21.4	%
Healthcare		165,126	20.1	%
Franchising		50,211	6.1	%
Total	$	820,489	100.0	%

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments in such industries as of December 31, 2025:


		As of December 31, 2025
					Percentage
Industry Classification		Fair Value			of Portfolio
Transportation & Logistics		$	243,181		30.4	%
Business Services			172,431		21.6	%
Healthcare			159,446		19.9	%
Technology & Telecommunications			148,928		18.6	%
Franchising			76,114		9.5	%
Total		$	800,100		100.0	%

5.	Fair Value of Financial Instruments

Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Investment Adviser classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

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significant management judgment or estimation. Investments in this category generally include equity and debt positions in private companies.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

As of June 30, 2026, the Company’s investments were categorized as follows in the fair value hierarchy:


		As of June 30, 2026
		Fair Value			Level 1			Level 2			Level 3
Senior Secured First Lien Term Loan		$	584,052		$	—		$	—		$	584,052
Senior Secured Term Loan			176,198			—			—			176,198
Delayed Draw Term Loan			33,216			—			—			33,216
Revolver			11,400			—			—			11,400
Convertible Promissory Note			43			—			—			43
Common Units			6,219			—			—			6,219
Preferred Units			8,960			—			—			8,960
Warrants			401			—			—			401
Total Investments			820,489			—			—			820,489
Cash Equivalents			3,625			3,625			—			—
Total Investments and cash equivalents		$	824,114		$	3,625		$	—		$	820,489

As of December 31, 2025, the Company’s investments were categorized as follows in the fair value hierarchy:


		As of December 31, 2025
		Fair Value			Level 1			Level 2			Level 3
Senior Secured First Lien Term Loan		$	561,494		$	—		$	—		$	561,494
Senior Secured Term Loan			175,761			—			—			175,761
Delayed Draw Term Loan			36,902			—			—			36,902
Revolver			9,111			—			—			9,111
Convertible Promissory Note			62			—			—			62
Common Units			8,929			—			—			8,929
Preferred Units			7,377			—			—			7,377
Warrants			464			—			—			464
Total Investments			800,100			—			—			800,100
Cash Equivalents			1,374			1,374			—			—
Total Investments and cash equivalents		$	801,474		$	1,374		$	—		$	800,100

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The following is a reconciliation for the six months ended June 30, 2026, of investments for which significant unobservable inputs (Level 3) were used in determining fair value


	For the Six Months Ended June 30, 2026
	Senior			Senior
	Secured			Secured			Delayed														Convertible
	First Lien			Term			Draw						Common			Preferred					Promissory
	Term Loan			Loan			Term Loan			Revolver			Units			Units		Warrants			Note			Total
Fair value at beginning of year	$	561,494		$	175,761		$	36,902		$	9,111		$	8,929		$	7,377	$	464		$	62		$	800,100
Purchases		75,763			19,238			5,589			2,442			568			1,051		—			32			104,683
Accretion of discount (amortization of premium)		1,542			623			163			61			—			—		—			—			2,389
Sales and repayments		(57,228)			(13,625)			(9,299)			(3,115)			(4,304)			—		—			—			(87,571)
Unrealized gain (loss)		1,430			(5,943)			(363)			2,853			(2,176)			532		(63)			(51)			(3,781)
Paid in-kind interest		1,051			144			224			48			—			—		—			—			1,467
Net transfers in or out of Level 3		—			—			—			—			—			—		—			—			—
Realized gain (loss)		—			—			—			—			3,202			—		—			—			3,202
Fair value at end of year	$	584,052		$	176,198		$	33,216		$	11,400		$	6,219		$	8,960	$	401		$	43		$	820,489
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	$	1,430		$	(5,943)		$	(363)		$	2,853		$	(2,176)		$	532	$	(63)		$	(51)		$	(3,781)

There were no transfers of investments into or out of Level 1, 2, or 3 in the fair value hierarchy during the three and six months ended June 30, 2026.

The following is a reconciliation for the six months ended June 30, 2025, of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	For the Six Months Ended June 30, 2025
	Senior
	Secured	Senior
	First	Secured	Delayed					Convertible
	Lien Term	Term	Draw		Common	Preferred		Promissory
	Loan	Loan	Term Loan	Revolver	Units	Units	Warrants	Note	Total
Fair value at beginning of period	479,581	240,610	27,378	14,337	4,603	9,663	17	—	776,189
Purchases	73,444	—	7,535	5,717	100	—	—	42	86,838
Accretion of discount (amortization of premium)	1,389	930	165	102	—	—	—	—	2,586
Sales and repayments	(19,537)	(13,599)	(957)	(2,716)	—	—	—	—	(36,809)
Unrealized gain (loss)	(702)	(2,170)	(1,105)	(759)	(340)	(724)	33	—	(5,767)
Paid in-kind interest	210	—	—	—	—	—	—	—	210
Net transfers in or out of Level 3	—	—	—	—	—	—	—	—	—
Fair value at end of period	534,385	225,771	33,016	16,681	4,363	8,939	50	42	823,247
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	(702)	(2,170)	(1,105)	(759)	(340)	(724)	33	—	(5,767)

There were no transfers of investments into or out of Level 1, 2, or 3 in the fair value hierarchy during the three and six months ended June 30, 2025.

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The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of June 30, 2026, were as follows:


Type of Investment		Fair Value			Valuation Technique		Unobservable Inputs *		Range (Weighted Average) **
Debt investments		$	719,963		Discounted Cash Flows		Discount Rate		7.51%-25.65% (11.29%)
		$	42,562		Enterprise Value		Revenue Multiple		0.10x-10.00x (5.28x)
		$	14,948		Broker Quoted		Broker Quote		N/A
Equity investments		$	14,679		Enterprise Value		EBITDA Multiple		3.50x-12.75x (7.54x)
Warrants		$	401		Enterprise Value		EBITDA Multiple		0.10x-10.75x (7.75x)
Total		$	792,553

In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. EBITDA means Earnings Before Interest, Taxes, Depreciation and Amortization.

**	Unobservable inputs were weighted by the relative fair value of the instruments.

Certain of the Company’s Level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Company, including recent acquisitions, third-party transactions, or quotations. As a result, fair value assets of approximately $27,936 have been excluded from the preceding table.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of December 31, 2025, were as follows:


Type of Investment		Fair Value			Valuation Technique		Unobservable Inputs *		Range (Weighted Average) **
Debt investments		$	719,243		Discounted Cash Flows		Discount Rate		6.80% - 22.20% (10.39%)
		$	39,605		Enterprise Value		Revenue Multiple		0.13x – 13.00x (4.52x)
		$	14,566		Broker Quoted		Broker Quote		N/A
Equity investments		$	12,005		Enterprise Value		EBITDA Multiple		2.00x – 13.00x (7.38x)
Warrants		$	464		Enterprise Value		EBITDA Multiple		0.13x – 8.50x (7.02x)
Total		$	785,883

**	Unobservable inputs were weighted by the relative fair value of the instruments.

Certain of the Company’s Level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Company, including recent acquisitions, third-party transactions, or quotations. As a result, fair value assets of approximately $14,217 have been excluded from the preceding table.

6.Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150%. As of June 30, 2026 and December 31, 2025, the Company’s asset coverage was 197% and 197%, respectively. As of June 30, 2026 and December 31, 2025, the Company was in compliance with the terms and covenants of its borrowings.

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BCCI SPV-1 Credit Facility: On March 30, 2023, SPV-1, entered into a credit agreement, with the Investment Adviser as the Servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. SPV-1 is consolidated into the Company’s consolidated financial statements and no gain or loss is recognized from transfer of assets to and from SPV-1. This credit facility is secured by collateral consisting primarily of loans in the Company’s investment portfolio.

Initial facility amount committed is $100,000 and may be increased up to a total maximum facility amount of $350,000 until Commitment Terminal Date upon request, subject to availability under the borrowing base. Borrowings under the facility bear interest at SOFR plus 2.15% per annum, subject to certain provisions in the revolving credit agreement. The maturity date is 24 months after the last day of the Revolving Period. Revolving Period means the period commencing on the effective date and ending on Commitment Termination Date. Commitment Termination Date is the earliest of (a) March 30, 2026, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent).

On October 4, 2023, SPV-1, entered into a first amendment to credit agreement and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The total facility amount committed increased to $155,000 which is reallocated among KeyBank National Association, Live Oak Bank, First Foundation Bank and First - Citizens Bank & Trust Company.

On October 31, 2023, SPV-1, entered into a joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Optum Bank, Inc., is $20,000. This increased the total facility amount committed to $175,000.

On December 8, 2023, SPV-1 requested facility amount increase in accordance with the credit agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment of KeyBank National Association increased to $150,000 from $100,000. This increased the total facility amount committed to $225,000.

On January 23, 2024, SPV-1, entered into a second amendment to credit agreement and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Bank OZK, is $75,000, $50,000 of which was transferred from KeyBank National Association. This increased the total facility amount committed to $250,000.

On February 6, 2024, SPV-1, entered into a third amendment to credit agreement and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Fifth Third Bank, National Association, is $55,000. The commitment with respect to the existing lender KeyBank National Association increased by $5,000. This increased the total facility amount committed to $310,000.

On February 23, 2024, SPV-1, entered into an assignment and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Bank of Hope, is $15,000, $5,000 of which was transferred from KeyBank National Association. The commitment with respect to the new lender, Wilmington Savings Fund Society, FSB, is $10,000. This increased the total facility amount committed to $330,000.

On March 8, 2024, SPV-1, entered into a joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as

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the paying agent. The commitment with respect to the new lender, Mitsubishi HC Capital America, is $20,000. This increased the total facility amount committed to $350,000.

On August 29, 2024, SPV-1, entered into a fourth amendment to credit agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. Commitment Termination Date is updated to the earliest of (a) August 27, 2027, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent). Therefore, the maturity date is extended to August 27, 2029.

On December 18, 2025, SPV-1, entered into a fifth amendment to credit agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. Commitment Termination Date is updated to the earliest of (a) December 18, 2028, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent). Therefore, the maturity date is extended to December 18, 2030.

Costs incurred in connection with obtaining the BCCI SPV-1 Credit Facility have been recorded as deferred financing costs and are being amortized over the life of the facility. As of June 30, 2026 and December 31, 2025, the unamortized deferred financing costs related to the facility was $3,718 and $4,130, respectively, and was showing as an asset on the Consolidated Statements of Assets and Liabilities.

As of June 30, 2026 and December 31, 2025, there was $71,040 and $87,940 undrawn portion on the line of credit provided under this credit facility, respectively. As of June 30, 2026 and December 31, 2025, the total outstanding balance under the credit agreement was $278,960 and $262,060, respectively, and this carrying value approximates fair value.

BCCI SPV-2 Credit Facility: On October 11, 2024, SPV-2, entered into a loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. SPV-2 is consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of assets to and from SPV-2. This credit facility is secured by collateral consisting primarily of loans in the Company’s investment portfolio.

Initial facility amount committed is $75,000 and may be increased up to a total maximum facility amount of $200,000 until the commitment date is terminated upon request, subject to availability under the borrowing base. Borrowings under the facility bear interest at SOFR plus 2.15% per annum, subject to certain provisions in the loan and servicing agreement. The scheduled maturity date is October 11, 2030.

On March 10, 2025, SPV-2 entered into a first amendment to the loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. The commitment with Webster Bank, N.A. was upsized by $25,000. This increased the total facility amount committed to $100,000.

On March 28, 2025, SPV-2 entered into a second amendment to the loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. The commitment with Webster Bank, N.A. was upsized by $50,000. This increased the total facility amount committed to $150,000.

On December 10, 2025, SPV-2 entered into a third amendment to the loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. The applicable spread is updated to (i) 2.15%, plus (ii) following the occurrence and during the continuance of an event of default, 2.00%.

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Costs incurred in connection with obtaining the BCCI SPV-2 Credit Facility have been recorded as deferred financing costs and are being amortized over the life of the facility. As of June 30, 2026 and December 31, 2025, the unamortized deferred financing costs related to the facility was $1,365 and $1,523, respectively, and was showing as an asset on the Consolidated Statements of Assets and Liabilities.

As of June 30, 2026 and December 31, 2025, there was $0 and $0 undrawn portion on the line of credit provided under this credit facility, respectively. As of June 30, 2026 and December 31, 2025, the total outstanding balance under the credit agreement was $150,000 and $150,000, respectively, and this carrying value approximates fair value.

As of June 30, 2026 and December 31, 2025, the interest payable on line of credit related to BCCI SPV-1 Credit Facility and BCCI SPV-2 Credit Facility was $6,230 and $7,546, respectively.

The following table shows the expenses incurred related to BCCI SPV-1 Credit Facility and BCCI SPV-2 Credit Facility for the three and six months ended June 30, 2026 and 2025.


	For the Three Months Ended June 30,
	2026			2025
Interest expense on line of credit	$	6,318		$	7,369
Amortization of deferred financing costs	$	287		$	285
Weighted average interest rate		5.8	%		7.0	%
Weighted average outstanding balance	$	439,760		$	416,857


	For the Six Months Ended June 30,
	2026			2025
Interest expense on line of credit	$	12,324		$	14,570
Amortization of deferred financing costs	$	570		$	536
Weighted average interest rate		6.0	%		7.1	%
Weighted average outstanding balance	$	430,527		$	402,356

7.Commitments and Contingencies

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist, and accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statements of Assets and Liabilities. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any. The Company intends to use cash on hand, short term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise. For information on the companies to which the Company is committed to fund additional amounts as of June 30, 2026 and December 31, 2025, refer to the table below and the Consolidated Schedules of Investments.

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The following table details the Company’s unfunded commitments as of June 30, 2026:


As of June 30, 2026
Investments		Asset Classification		Unfunded Commitment
12 Interactive, LLC		Revolver		$	780
Athlete Buyer, LLC		Revolver			643
Cartridge Technologies, LLC		Revolver			320
CNS Purchaser, LLC		Revolver			500
Contract Datascan, LP		Revolver			200
Creative Foam Corporation		Revolver			1,000
Elevator Intermediate Holdings, Inc.		Revolver			1,000
ESN Venture Holdings, LLC		Delayed Draw Term Loan			221
ESN Venture Holdings, LLC		Revolver			722
Everest AcquisitionCo, LLC		Delayed Draw Term Loan			373
Everest AcquisitionCo, LLC		Revolver			804
Essence Communications Inc.		Revolver			115
FGG Spa, LLC		Delayed Draw Term Loan			500
FGG Spa, LLC		Revolver			500
GPI Acquisition Co., Inc.		Revolver			400
Heritage HVAC Holdings, LLC		Delayed Draw Term Loan			5,000
Heritage HVAC Holdings, LLC		Revolver			441
Honor HN Buyer, Inc		Delayed Draw Term Loan			971
Honor HN Buyer, Inc		Revolver			244
I Love Produce, LLC		Delayed Draw Term Loan			1,000
I Love Produce, LLC		Revolver			444
IMS Technology Services, LLC		Revolver			500
Legacy Restoration LLC		Revolver			145
MAPS Buyer, Inc.		Delayed Draw Term Loan			500
MAPS Buyer, Inc.		Revolver			1,000
MB Precision Investment Holdings LLC		Delayed Draw Term Loan			88
MB Precision Investment Holdings LLC		Revolver			3
Medical Management Holdings, LLC		Delayed Draw Term Loan			888
Medical Management Holdings, LLC		Revolver			647
Mission Critical Group, LLC		Delayed Draw Term Loan			833
Mission Critical Group, LLC		Revolver			1,667
Obra Capital, Inc.		Revolver			500
P3 Acquisition Holdings LLC		Revolver			42
Proficium Purchaser, LLC		Revolver			1,000
Palmdale Oil Company, LLC		Delayed Draw Term Loan			9,565
Prisma Graphic, LLC		Revolver			931
Subsea Global Solutions, LLC		Revolver			37
The Smilist DSO, LLC		Revolver			152
TouchFuse, LLC		Revolver			1,000
Veradata Holdings, LLC		Revolver			250
Virtual Technologies Group, LLC		Revolver			211
W Services Group, LLC		Delayed Draw Term Loan			500
W Services Group, LLC		Revolver			500
Zavation Medical Products, LLC		Revolver			649
Total Unfunded Commitments				$	37,785

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The following table details the Company’s unfunded commitments as of December 31, 2025:


As of December 31, 2025
Investments	Asset Classification	Unfunded Commitment
Athlete Buyer, LLC	Revolver	$	643
BP Loenbro Holdings, Inc.	Revolver		1,541
Cartridge Technologies, LLC	Revolver		500
CNS Purchaser, LLC	Delay Draw Term Loan		500
CNS Purchaser, LLC	Revolver		500
Contract Datascan, LP	Revolver		467
Creative Foam Corporation	Revolver		1,000
ESN Venture Holdings, LLC	Delay Draw Term Loan		422
ESN Venture Holdings, LLC	Revolver		722
Essence Communications Inc.	Revolver		115
Everest AcquisitionCo, LLC	Revolver		3,000
Everest AcquisitionCo, LLC	Delay Draw Term Loan		326
GPI Acquisition Co., Inc.	Revolver		500
IMS Technology Services, LLC	Revolver		500
Medical Management Holdings, LLC	Delay Draw Term Loan		908
Medical Management Holdings, LLC	Revolver		1,000
Legacy Restoration LLC	Revolver		266
MAPS Buyer, Inc.	Revolver		500
MB Precision Investment Holdings LLC	Delay Draw Term Loan		88
MB Precision Investment Holdings LLC	Revolver		3
Obra Capital, Inc.	Revolver		500
P3 Acquisition Holdings LLC	Revolver		42
Palmdale Oil Company, LLC	Delay Draw Term Loan		12,435
Prisma Graphic, LLC	Revolver		517
Proficium Purchaser, LLC	Revolver		1,000
Elevator Intermediate Holdings, Inc.	Revolver		1,000
Subsea Global Solutions, LLC	Revolver		37
The Smilist DSO, LLC	Revolver		439
TouchFuse, LLC	Revolver		840
Veradata Holdings, LLC	Revolver		250
Virtual Technologies Group, LLC	Revolver		211
W Services Group, LLC	Delay Draw Term Loan		500
W Services Group, LLC	Revolver		500
Total Unfunded Commitments		$	31,772

8.Net Assets

In connection with its formation, the Company has the authority to issue 100,000,000 shares of common stock, $0.01 par value per share (“Common Stock”).

On June 30, 2022, Sengal Selassie purchased 1,000 shares of Common Stock, for an aggregate purchase price of $10.

On September 16, 2022, the Company entered into subscription agreements with investors providing for the private placement of the Company’s Common Stock. Under the terms of the subscription agreements, the investors made a capital commitment in an aggregate amount equal to $353,500, $3,500 of which was from the Investment Adviser. The investors are required to fund drawdowns to purchase the Company’s Common Stock up to the amount of their respective capital commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors.

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On September 26, 2022, the Company issued and sold 10,000,000 shares of Common Stock for an aggregate offering price of $100,000, pursuant to a capital drawdown notice to its investors. On September 30, 2022, the Investment Adviser purchased 99,000 shares of Common Stock for an aggregate offering price of $990, pursuant to a capital drawdown notice. On November 10, 2022, the Company issued and sold 5,050,000 shares of Common Stock for an aggregate offering price of $50,500, pursuant to a capital drawdown notice to its investors, $500 of which was from the Investment Adviser. On January 30, 2023, the Company issued and sold 5,101,010 shares of Common Stock for an aggregate offering price of $50,500, pursuant to a capital drawdown notice to its investors, $500 of which was from the Investment Adviser. On September 26, 2023, the Company issued and sold 4,855,769 shares of Common Stock for an aggregate offering price of $50,500, pursuant to a capital drawdown notice to its investors, $500 of which was from the Investment Adviser. On November 7, 2023, the Company issued and sold 4,855,769 shares of Common Stock for an aggregate offering price of $50,500, pursuant to a capital drawdown notice to its investors, $500 of which was from the Investment Adviser. On January 2, 2024, the Company issued and sold 4,809,524 shares of Common Stock for an aggregate offering price of $50,500, pursuant to a capital drawdown notice to its investors, $500 of which was from the Investment Adviser. As of June 30, 2026 and December 31, 2025, the unfunded capital commitment from the investors was $0 and $0, of which $0 and $0, respectively, was from the Investment Adviser.

The following table summarizes the distributions declared on shares of the Company’s common stock since the initial funding on September 26, 2022. Stockholders of record as of each respective record date were entitled to receive the distribution:


Date Declared	Record Date	Payment Date	Amount per Share
12/30/2022	12/30/2022	1/27/2023	$	0.08
5/23/2023	5/26/2023	6/9/2023	$	0.21
8/28/2023	8/31/2023	9/14/2023	$	0.24
11/27/2023	11/30/2023	12/14/2023	$	0.22
12/27/2023	12/29/2023	1/12/2024	$	0.34
5/21/2024	5/24/2024	6/7/2024	$	0.29
9/9/2024	9/12/2024	9/26/2024	$	0.34
11/19/2024	11/20/2024	11/26/2024	$	0.26
12/31/2024	12/26/2024	1/14/2025	$	0.35
5/27/2025	5/30/2025	6/13/2025	$	0.37
8/25/2025	8/28/2025	9/12/2025	$	0.32
11/19/2025	11/21/2025	12/5/2025	$	0.30
12/26/2025	12/31/2025	1/14/2026	$	0.31
6/2/2026	6/4/2026	6/18/2026	$	0.31

9.Net Change in Net Assets Resulting from Operations per Share

In accordance with the provisions of ASC Topic 260 — Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the year. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following table sets forth the computation of the weighted average basic and diluted loss per common share from operations for the following period:


		For the Three Months Ended June 30,						For the Six Months Ended June 30,
		2026			2025			2026			2025
Net increase (decrease) in net assets resulting from operations		$	5,650		$	8,817		$	24,270		$	20,935
Weighted average shares of common stock outstanding—basic and diluted			40,921,166	⁽¹⁾		40,174,233	⁽²⁾		40,828,407	⁽³⁾		40,073,538	⁽⁴⁾
Net increase (decrease) in net assets resulting from operations per share		$	0.13		$	0.22		$	0.59		$	0.52

(1)	The weighted average shares outstanding for the three months ended June 30, 2026, are based on the average of outstanding shares as of March 31, 2026 and June 30, 2026.

(2)	The weighted average shares outstanding for the six months ended June 30, 2025, are based on the average of outstanding shares as of March 31, 2025 and June 30, 2025.

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(3)	The weighted average shares outstanding for the six months ended June 30, 2026, are based on the average of outstanding shares as of December 31, 2025, March 31, 2026 and June 30, 2026.

(4)	The weighted average shares outstanding for the six months ended June 30, 2025, are based on the average of outstanding shares as of December 31, 2024, March 31, 2025 and June 30, 2025.

10.Income Taxes

The Company elected to be treated as a RIC under Subchapter M of the Code. As a RIC, the Company will not be taxed on any investment company taxable income or capital gains which it distributes to stockholders. The Company intends to distribute all of its investment company taxable income and capital gains annually. Accordingly, no provision for federal income tax has been made in the consolidated financial statements.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts in accordance with U.S. GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-to-tax differences have no impact on net assets.

The tax character of distributions for the years ended December 31, 2025 and 2024 was as follows:


		For the Year Ended December 31,
		2025			2024
Distributions paid from:
Ordinary income (loss)		$	55,270		$	51,703
Deferred (accrued) income			(2,817)			(3,468)
Total distributions paid		$	52,453		$	48,235

The components of accumulated earnings (losses) on a tax basis for the years ended December 31, 2025 and 2024 were as follows:


		For the Year Ended December 31,
		2025			2024
Undistributed net investment income (loss)		$	5,737		$	2,920
Net unrealized investment appreciation (depreciation)			(18,102)			2,194
Total accumulated earnings		$	(12,365)		$	5,114

The Company’s aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes as of December 31, 2025 and 2024 were as follows:


		As of December 31,
		2025			2024
Tax cost of investments		$	818,202		$	773,995
Gross unrealized appreciation		$	11,249		$	9,916
Gross unrealized depreciation			(29,351)			(7,722)
Net unrealized investment appreciation (depreciation)		$	(18,102)		$	2,194

The following reconciles net increase in net assets resulting from operations to taxable income:


		For the Year Ended December 31,
		2025			2024
Net increase in net assets resulting from operations		$	33,831		$	49,853
Net change in unrealized (appreciation) depreciation on investments			20,296			1,850
Net realized (gain) loss on investments			1,094			—
Permanent book income and tax income differences			—			—
Temporary book income and tax income differences			49			(26)
Taxable income		$	55,270		$	51,677

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Note, taxable income is an estimate and is not fully determined until the Company’s tax return is filed.

Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

ASC Topic 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities.

11.Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2026 and 2025:


	For the Six Months Ended June 30,
	2026			2025
Per share data: ⁽¹⁾
Net asset value at beginning of period	$	9.87		$	10.33
Results of operations ⁽²⁾
Net investment income		0.61			0.67
Net realized gain (loss)		0.08			—
Net change in unrealized appreciation (depreciation)		(0.10)			(0.15)
Net increase (decrease) in net assets resulting from operations ⁽²⁾	$	0.59		$	0.52
Stockholder distributions from income		(0.31)			(0.37)
Reinvestment of stockholder distributions		0.01			0.00
Net asset value at end of period	$	10.16		$	10.48
Shares outstanding at end of period		41,013,061			40,278,836
Total return ⁽⁴⁾		9.27	%		4.98	%
Ratio/Supplemental data:
Net assets at end of period	$	416,600		$	422,175
Ratio of net investment income to average net assets ⁽⁵⁾		12.32	%		12.78	%
Ratio of net expenses to average net assets ⁽⁵⁾		8.87	%		9.59	%
Portfolio turnover ⁽⁶⁾		10.64	%		4.53	%
Asset coverage ratio ⁽⁷⁾		197	%		199	%

(1)	Per share data may be rounded in order to recompute the ending net asset value per share.

(2)	The per share data was derived by using the weighted average shares outstanding during the period.

(3)

The issuance of Common Stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Stock in the Company’s continuous offering. The issuance of Common Stock at a price that is higher/lower than the net asset value per share results in an increase/(decrease) in net asset value per share.

(4)	Total return was calculated as the change in NAV per share during the period, divided by the beginning NAV per share and assumes reinvestment of dividends at prices obtained by the Company’s dividend reinvestment plan during the period.

(5)	Average net assets are used for this calculation. Ratios for the period are annualized.

(6)	Portfolio turnover for the period is not annualized.

(7)	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

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12.Share Transactions

The following table summarizes the total shares issued for the three months ended June 30, 2026 and 2025.


		For the Three Months Ended June 30,
		2026					2025
		Shares		Amount			Shares		Amount
Balance at beginning of period		40,829,270		$	417,010		40,069,629		$	409,143
Issuance of common shares		—			—		—			—
Reinvestments of stockholder distributions		183,791			1,898		209,207			2,223
Balance at end of period		41,013,061		$	418,908		40,278,836		$	411,366

The following table summarizes the total shares issued for the six months ended June 30, 2026 and 2025.


	For the Six Months Ended June 30,
	2026			2025
	Shares	Amount		Shares	Amount
Balance at beginning of period	40,642,890	$	415,120	39,872,149	$	407,049
Issuance of common shares	—		—	—		—
Reinvestments of stockholder distributions	370,171		3,788	406,687		4,317
Balance at end of period	41,013,061	$	418,908	40,278,836	$	411,366

13.Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company’s chief executive officer, chief financial officer, chief operating officer and chief credit officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase in stockholders’ equity resulting from operations (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

14.Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required in the consolidated financial statements as of June 30, 2026 and for the six months ended June 30, 2026.

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

(dollars in thousands, except share and per share data)

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto included elsewhere in this quarterly report on Form 10-Q. Unless indicated otherwise, the “Company,” “we,” “us,” and “our” refer to Brightwood Capital Corporation I, and the “Investment Adviser” refers to Brightwood Capital Advisors, LLC, (together with the Investment Adviser and their other affiliates, collectively, “Brightwood”).

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Brightwood. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “project”, “seek”, “should”, “target”, “will”, “would” or variations of these words and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this report involve risks and uncertainties.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The following factors are among those that may cause actual results to differ materially from the Company’s forward-looking statements:

●	the Company’s future operating results;

●	possible disruptions in our operations or the economy generally, including disruptions from the impact of any public health crises;

●	lack of sufficient investment opportunities;

●	volatility of leveraged loan markets;

●	risk of borrower default;

●	the restricted nature of investment positions;

●	the illiquid nature of our portfolio;

●	interest rate volatility;

●	the Company’s business prospects and the prospects of the Company’s prospective portfolio companies;

●	the impact of increased competition;

●	the Company’s contractual arrangements and relationships with third parties;

●	the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests;

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●	the ability of the Company’s prospective portfolio companies to achieve their objectives;

●	the relative and absolute performance of the Investment Adviser;

●	the ability of the Investment Adviser and its affiliates to retain talented professionals;

●	the Company’s expected financings and investments;

●	the Company’s ability to pay dividends or make distributions;

●	the adequacy of the Company’s cash resources;

●	risks associated with possible disruptions due to terrorism in the Company’s operations or the economy generally;

●	the impact of future acquisitions and divestitures;

●	the Company’s regulatory structure and tax status as a business development company (“BDC”) and a regulated investment company (“RIC”); and

●	future changes in laws or regulations and conditions in the Company’s operating areas.

Overview

We were formed as a Maryland corporation on November 15, 2021. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940 Act, as amended (the “1940 Act”). In addition, for US federal income tax purposes, we have elected to be treated, and to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended.

We are managed by Brightwood Capital Advisors, LLC, an investment adviser (the “Investment Adviser”) that is registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended. The Investment Adviser will provide portfolio management services to us pursuant to an investment advisory agreement (the “Investment Advisory Agreement”), including investigating, analyzing, structuring, and negotiating potential investments, monitoring the performance of portfolio companies, and determining when to dispose of our investments. Our investment committee will evaluate and approve all of our investments, subject to the oversight of our Board of Directors (the “Board”). The Board consists of four directors, three of whom are independent.

Our investment objective is to achieve risk-adjusted returns via current income and, to a lesser extent, capital appreciation. We will focus on lending to middle market companies and will primarily invest in portfolio companies in the form of first lien senior secured loans (including any related warrants or other equity securities of such portfolio companies). These senior secured loans typically provide for cash interest and amortization payments throughout the life of the loan. We generally obtain security interests in the assets of the portfolio companies in which we invest that serve as collateral in support of the repayment of these loans. The Investment Adviser also serves as our administrator (in such capacity, the “Administrator”) pursuant to the terms of an administration agreement (the “Administration Agreement”). We conducted a private offering of our common stock, par value $0.01 per share (“Common Stock”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis each time we deliver a drawdown notice to them.

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Revenues

We generate revenues in the form of interest income from the debt securities we hold and dividends and capital appreciation on either direct equity investments or equity interests obtained in connection with originating loans, such as options, warrants or conversion rights. The debt we invest in is typically not rated by any rating agency, but if it were, it is likely that such debt would be below investment grade. In addition, we (but, for the avoidance of doubt, not our Investment Adviser or Administrator) may also generate revenue in the form of commitment, loan origination, structuring or diligence fees, fees for providing managerial assistance to our portfolio companies, and possibly consulting fees. Certain of these fees may be capitalized and amortized as additional interest income over the life of the related loan. It is not expected that our Investment Adviser will generate revenue from our participation in such activities. Our Investment Adviser, however, may generate revenue in respect of arrangements with other clients, if any.

Expenses

We currently do not have any employees and do not expect to have any employees. Services necessary for our business will be provided through the Administration Agreement and the Investment Advisory Agreement.

All investment professionals of the Investment Adviser and their respective staffs, when, and to the extent engaged in providing investment advisory and management services under the Investment Advisory Agreement, and the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Investment Adviser and not by us, other than as outlined below. We will pay Brightwood Capital Advisors, LLC (the “Administrator”) our allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer and their respective staffs. The Administrator will be reimbursed for certain expenses it incurs on our behalf.

We bear our own legal and other expenses incurred in connection with our formation and organization and the offering of our Common Stock, including external legal and accounting expenses, printing costs, travel and out-of-pocket expenses related to marketing efforts (other than any placement fees, which will be borne by the Investment Adviser directly or pursuant to waivers of the base management fee (the “Management Fee”).

In addition to Management Fees, except as noted above, we bear all other costs and expenses that are directly and specifically related to our operations, including without limitation:

(i)

all costs and expenses with respect to the actual or proposed acquisition, financing, holding, monitoring or disposition of our investments, whether such investments are ultimately consummated or not, including, origination fees, syndication fees, due diligence costs, broken deal expenses, bank service fees, fees and expenses of custodians, transfer agents, consultants, experts, travel expenses incurred for investment-related purposes, outside legal counsel, consultants and accountants, administrator’s fees of third party administrators (subject to clause (xxiii) below) and financing costs (including interest expenses);

(ii)

expenses for liability insurance, including officers and independent directors liability insurance, cyber insurance and other insurance (but excluding the cost of liability insurance covering the Investment Adviser and its officers to the extent that bearing such expenses would be prohibited by ERISA);

(iii)

extraordinary expenses incurred by the Company (including litigation);

(iv)

indemnification and contribution expenses provided, that we will not bear such fees, costs or expenses to the extent that the relevant conduct is not indemnifiable under applicable law, including ERISA, if applicable;

(v)

taxes and other governmental fees and charges;

(vi)

administering and servicing and special servicing fees paid to third parties for our benefit;

(vii)

the cost of Company-related operational and accounting software and related expenses;

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(viii)

cost of software (including the fees of third-party software developers) used by the Investment Adviser and its affiliates to track and monitor our investments (specifically, cost of software related to data warehousing, portfolio administration/reconciliation, loan pricing and trade settlement attributable to the Company);

(ix)

expenses related to the valuation or appraisal of our investments;

(x)

risk, research and market data-related expenses (including software) incurred for our investments;

(xi)

fees, costs and expenses (including legal fees and expenses) incurred to comply with any applicable law, rule or regulation (including regulatory filings such as financial statement filings, ownership filings (Section 16 or Section 13 filings), blue sky filings and registration statement filings, as applicable) to which we are subject or incurred in connection with any governmental inquiry, investigation or proceeding involving us; provided that we will not bear such fees, costs or expenses to the extent that the relevant conduct is not indemnifiable under applicable law, including ERISA, if applicable;

(xii)

costs associated with the wind-up, liquidation, dissolution and termination of the Company;

(xiii)

other legal, operating, accounting, tax return preparation and consulting, auditing and administrative expenses in accordance with the Investment Advisory Agreement and the Administration Agreement and fees for outside services provided to us or on our behalf; provided that we will not bear such fees, costs or expenses to the extent that the relevant conduct is not indemnifiable under applicable law, including ERISA, if applicable;

(xiv)

expenses of the Board (including the reasonable costs of legal counsel, accountants, financial advisors and/or such other advisors and consultants engaged by the Board, as well as travel and out-of-pocket expenses related to the attendance by directors at Board meetings), to the extent permitted under applicable law, including ERISA, if applicable;

(xv)

annual or special meetings of the Company’s stockholders;

(xvi)

the costs and expenses associated with preparing, filing and delivering to stockholders periodic and other reports and filings required under federal securities laws as a result of our status as a BDC;

(xvii)

ongoing Company offering expenses;

(xviii)

federal and state registration fees pertaining to the Company;

(xix)

costs of Company-related proxy statements, stockholders’ reports and notices;

(xx)

costs associated with obtaining fidelity bonds as required by the 1940 Act;

(xxi)

printing, mailing and all other similar direct expenses relating to us.

(xxii)

expenses incurred in preparation for, or in connection with, (or otherwise relating to) any initial public offering or other debt or equity offering conducted by us, including but not limited to external legal and accounting expenses, printing costs, travel and out-of-pocket expenses related to marketing efforts; and

(xxiii)

only to the extent (i) Benefit Plan Investors hold less than 25% of our shares, or (ii) we operate the Company as a “venture capital operating company”, our allocable portion of overhead, including office equipment and supplies, rent and our allocable portion of the compensation paid to accounting, compliance and administrative staff employed by the Investment Adviser or its affiliates who provide services to us necessary for our operation, including related taxes, health insurance and other benefits.

Investment-related expenses with respect to investments in which we invest together with one or more parallel funds (or co-investment vehicles) will generally be allocated among all such entities on the basis of capital invested by each such entity into the relevant investment; provided that if the Investment Adviser reasonably believes that such allocation method would produce an inequitable result to any such entity, the Investment Adviser may allocate such expenses among such entities in any other manner that the Investment Adviser believes in good faith to be fair and equitable.

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If our assets are treated as “plan assets” for purposes of ERISA, the Investment Adviser will bear responsibility for the fidelity bond required under Section 412 of ERISA.

We are permitted to enter into credit facilities. In connection with borrowings, our lenders may require us to pledge assets, capital commitments and/or the right to draw down on capital commitments. In this regard, the subscription agreement contractually obligates each of our investors to fund their respective capital commitments in order to pay amounts that may become due under any borrowings or other financings or similar obligations.

Financial Condition, Liquidity and Capital Resources

In connection with our formation, we have the authority to issue 100,000,000 shares of common stock, $0.01 par value per share.

On June 30, 2022, Sengal Selassie, our Chief Executive Officer and Chairman of the Board purchased 1,000 shares of Common Stock, for an aggregate purchase price of $10. On September 16, 2022, we entered into subscription agreements with investors to purchase shares of our Common Stock in a private placement. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase our Common Stock up to the amount of their respective capital commitment on an as-needed basis each time we deliver a drawdown notice. On September 26, 2022, we issued and sold 10,000,000 shares of Common Stock for an aggregate offering price of $100,000, pursuant to a capital drawdown notice to our investors. On September 30, 2022, the Investment Adviser purchased 99,000 shares of Common Stock for an aggregate offering price of $990, pursuant to a capital drawdown notice. On November 10, 2022, the Investment Adviser purchased 50,000 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On January 30, 2023, the Investment Adviser purchased 50,505 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On September 26, 2023, the Investment Adviser purchased 48,077 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On November 7, 2023, the Investment Adviser purchased 48,077 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On January 2, 2024, the Investment Adviser purchased 47,619 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. Sengal Selassie is the 100% indirect beneficial owner of the Investment Adviser.

We expect to generate cash from (1) drawing down capital in respect of shares of our Common Stock, (2) cash flows from investments and operations and (3) borrowings from banks or other lenders. We will seek to enter into any bank debt, credit facility or other financing arrangements on at least customary market terms; however, we cannot assure you we will be able to do so.

Our primary use of cash will be for (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including expenses, the Management Fee and, to the extent permitted under ERISA, if applicable, and the 1940 Act, any indemnification obligations), (3) debt service of any borrowings and (4) cash distributions to our stockholders.

Cash Flows

During the six months ended June 30, 2026, net cash provided by operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $2 million, and net cash used in financing activities was $5 million due primarily to the borrowings from the credit facilities, offset by repayments under the credit facilities and shareholder distributions. As of June 30, 2026, cash and cash equivalents was $21 million.

During the six months ended June 30, 2025, net cash used in operating activities, consisting primarily of purchases, sales and repayments of investments and the items described in “Results of Operations,” was $27 million, and net cash provided by financing activities was $26 million due primarily to the borrowings from the credit facilities and capital call proceeds from offering of common stock, offset by repayments under the credit facilities. As of June 30, 2025, cash and cash equivalents was $21 million.

We believe that our current cash and cash equivalents on hand, our available borrowing capacity under the credit facilities and our anticipated cash flows from operations, including contractual portfolio company payments and cash flows, prepayments, and the ability to liquidate investments, will be adequate to meet our cash needs for our daily operations, including to fund our unfunded commitment obligations.

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Borrowings

In accordance with the 1940 Act, with certain limitations, we are allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 150%. As of June 30, 2026 and December 31, 2025, our asset coverage was 197% and 197%, respectively. As of June 30, 2026 and December 31, 2025, we were in compliance with the terms and covenants of all the borrowings.

BCCI SPV-1 Credit Facility: On March 30, 2023, we entered into a credit agreement, with the Investment Adviser as the Servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. SPV-1 is consolidated into the Company’s consolidated financial statements and no gain or loss is recognized from transfer of assets to and from SPV-1. This credit facility is secured by collateral consisting primarily of loans in the Company’s investment portfolio.

Initial facility amount committed is $100,000 and may be increased up to a total maximum facility amount of $350,000 until Commitment Terminal Date upon request, subject to availability under the borrowing base. The maturity date is 24 months after the last day of the Revolving Period. Revolving Period means the period commencing on the effective date and ending on Commitment Termination Date. Commitment Termination Date is the earliest of (a) March 30, 2026, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent).

On October 4, 2023, we entered into a first amendment to credit agreement and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The total facility amount committed increased to $155,000 which is reallocated among KeyBank National Association, Live Oak Bank, First Foundation Bank and First - Citizens Bank & Trust Company.

On October 31, 2023, we entered into a joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Optum Bank, Inc., is $20,000. This increased the total facility amount committed to $175,000.

On December 8, 2023, we requested facility amount increase in accordance with the credit agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment of KeyBank National Association increased to $150,000 from $100,000. This increased the total facility amount committed to $225,000.

On January 23, 2024, we entered into a second amendment to credit agreement and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Bank OZK, is $75,000, $50,000 of which was transferred from KeyBank National Association. This increased the total facility amount committed to $250,000.

On February 6, 2024, we entered into a third amendment to credit agreement and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Fifth Third Bank, National Association, is $55,000. The commitment with respect to the existing lender KeyBank National Association increased by $5,000. This increased the total facility amount committed to $310,000.

On February 23, 2024, we entered into an assignment and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Bank of Hope, is $15,000, $5,000 of which was transferred from KeyBank National Association. The commitment with respect to the new lender, Wilmington Savings Fund Society, FSB, is $10,000. This increased the total facility amount committed to $330,000.

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On March 8, 2024, we entered into a joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Mitsubishi HC Capital America, is $20,000. This increased the total facility amount committed to $350,000.

On August 29, 2024, we entered into a fourth amendment to credit agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. Commitment Termination Date is updated to the earliest of (a) August 27, 2027, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent). Therefore, the maturity date is extended to August 27, 2029.

On December 18, 2025, we entered into a fifth amendment to credit agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. Commitment Termination Date is updated to the earliest of (a) December 18, 2028, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent). Therefore, the maturity date is extended to December 18, 2030.

Costs incurred in connection with obtaining the BCCI SPV-1 Credit Facility have been recorded as deferred financing costs and are being amortized over the life of the facility. As of June 30, 2026 and December 31, 2025, the unamortized deferred financing costs related to the facility was $3,718 and $4,130 respectively, and was showing as an asset on the Consolidated Statements of Assets and Liabilities.

BCCI SPV-2 Credit Facility: On October 11, 2024, we entered into a loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. SPV-2 is consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of assets to and from SPV-2. This credit facility is secured by collateral consisting primarily of loans in the Company’s investment portfolio.

Initial facility amount committed is $75,000 and may be increased up to a total maximum facility amount of $200,000 until the commitment date is terminated upon request, subject to availability under the borrowing base. Borrowings under the facility bear interest at SOFR plus 2.50% per annum, subject to certain provisions in the loan and servicing agreement. The scheduled maturity date is October 11, 2030.

On March 10, 2025, we entered into a first amendment to the loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. The commitment with Webster Bank, N.A. was upsized by $25,000. This increased the total facility amount committed to $100,000.

On March 28, 2025, we entered into a second amendment to the loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. The commitment with Webster Bank, N.A. was upsized by $50,000. This increased the total facility amount committed to $150,000.

On December 10, 2025, we entered into a third amendment to the loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company,

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National Association as the custodian. The applicable spread is updated to (i) 2.15%, plus (ii) following the occurrence and during the continuance of an event of default, 2.00%.

As of June 30, 2026 and December 31, 2025, the interest payable on line of credit related to BCCI SPV-1 Credit Facility and BCCI SPV-2 Credit Facility was $6,230 and $7,546, respectively.

The following table shows the expenses incurred related to BCCI SPV-1 Credit Facility and BCCI SPV-2 Credit Facility for the three and six months ended June 30, 2026 and 2025.


	For the Three Months Ended June 30,
	2026			2025
Interest expense on line of credit	$	6,318		$	7,369
Amortization of deferred financing costs	$	287		$	285
Weighted average interest rate		5.8	%		7.0	%
Weighted average outstanding balance	$	439,760		$	416,857


	For the Six Months Ended June 30,
	2026			2025
Interest expense on line of credit	$	12,324		$	14,570
Amortization of deferred financing costs	$	570		$	536
Weighted average interest rate		6.0	%		7.1	%
Weighted average outstanding balance	$	430,527		$	402,356

Portfolio and Investment Activity

As of June 30, 2026, we had investments in 60 portfolio companies with an aggregate fair value of $820,489. As of December 31, 2025, we had investments in 57 portfolio companies with an aggregate fair value of $800,100.

The following tables present certain selected information regarding our portfolio investment activity for the three and six months ended June 30, 2026 and 2025:


		Three Months Ended June 30,
Net Investment Activity		2026		2025
Purchases		$	40,591	$	47,881
Sales and Repayments			(42,091)		(22,076)
Net Portfolio Activity		$	1,500	$	25,805


		Six Months Ended June 30,
Net Investment Activity		2026			2025
Purchases		$	104,683		$	86,838
Sales and Repayments			(87,571)			(36,806)
Net Portfolio Activity		$	17,112		$	50,029

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	For the Three Months Ended June 30,
	2026				2025
Investment Activity by Asset Class	Purchases		Percentage		Purchases		Percentage
Senior Secured First Lien Term Loan	$	22,142	54.5	%	$	41,943	87.6	%
Senior Secured Term Loan		17,203	42.5	%		—	0.0	%
Delayed Draw Term Loan		(589)	-1.5	%		4,307	9.0	%
Revolver		1,303	3.2	%		1,589	3.3	%
Common Units		500	1.2	%		—	0.0	%
Preferred Units		—	—	%		—	0.0	%
Convertible Promissory Note		32	0.1	%		42	0.1	%
Total	$	40,591	100.0	%	$	47,881	100.0	%


		For the Six Months Ended June 30,
		2026					2025
Investment Activity by Asset Class		Purchases			Percentage		Purchases			Percentage
Senior Secured First Lien Term Loan		$	75,763		72.4	%	$	73,444		84.6	%
Senior Secured Term Loan			19,238		18.4	%		—		0.0	%
Delayed Draw Term Loan			5,589		5.3	%		7,535		8.7	%
Revolver			2,442		2.3	%		5,717		6.6	%
Common Units			568		0.5	%		100		0.1	%
Preferred Units			1,051		1.0	%		—		0.0	%
Convertible Promissory Note			32		0.1	%		42		0.0	%
Total		$	104,683		100.0	%	$	86,838		100.0	%

As of June 30, 2026, our investments consisted of the following:


		As of June 30, 2026
		Amortized Cost		Fair Value
Senior Secured First Lien Term Loan		$	589,422	$	584,052
Senior Secured Term Loan			185,645		176,198
Delayed Draw Term Loan			35,554		33,216
Revolver			17,048		11,400
Convertible Promissory Note			102		43
Common Units			3,823		6,219
Preferred Units			10,301		8,960
Warrants			477		401
Total		$	842,372	$	820,489

As of December 31, 2025, our investments consisted of the following:


		As of December 31, 2025
		Amortized Cost		Fair Value
Senior Secured First Lien Term Loan		$	568,293	$	561,494
Senior Secured Term Loan			179,267		175,761
Delayed Draw Term Loan			38,876		36,902
Revolver			17,613		9,111
Convertible Promissory Note			70		62
Common Units			4,356		8,929
Preferred Units			9,250		7,377
Warrants			477		464
Total		$	818,202	$	800,100

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The table below describes investments by industry composition based on fair value as of June 30, 2026:


		As of June 30, 2026
					Percentage of
Industry Classification		Fair Value			Portfolio
Transportation & Logistics		$	240,856		29.4	%
Business Services			188,749		23.0	%
Technology & Telecommunications			175,547		21.4	%
Healthcare			165,126		20.1	%
Franchising			50,211		6.1	%
Total		$	820,489		100.0	%

The table below describes investments by industry composition based on fair value as of December 31, 2025:


	As of December 31, 2025
			Percentage of
Industry Classification	Fair Value		Portfolio
Transportation & Logistics	$	243,181	30.4	%
Business Services		172,431	21.6	%
Healthcare		159,446	19.9	%
Technology & Telecommunications		148,928	18.6	%
Franchising		76,114	9.5	%
Total	$	800,100	100.0	%

Asset Quality

The Investment Adviser monitors our portfolio companies on an ongoing basis. The Investment Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Investment Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

●	assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

●	review of monthly and quarterly financial statements and financial projections for portfolio companies;

●	contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

●	comparisons to other companies in the industry; and

●	attendance and participation in board meetings.

As part of the monitoring process, the Investment Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 10. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to the ones used by our competitors. Our assessment is based on the following categories:

Performing - Superior: Borrower is performing significantly above Management Case.

Performing - High: Borrower is performing at or near the Management Case (i.e., in a range slightly below to slightly above).

Performing - Low Risk: Borrower is operating well ahead of the Brightwood Base Case to slightly below the Management Case.

Performing - Stable Risk: Borrower is operating at or near the Brightwood Base Case (i.e., in a range slightly below to slightly above). This is the initial rating assigned to all new borrowers.

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Performing - Management Notice: Borrower is operating below the Brightwood Base Case. Adverse trends in business conditions and/or industry outlook are viewed as temporary. There is no immediate risk of payment default and only a low to moderate risk of covenant default.

Performing - Low Maintenance: Borrower is operating below the Brightwood Base Case, with declining margin of protection. Adverse trends in business conditions and/or industry outlook are viewed as lasting for more than a year. Payment default is still considered unlikely, but there is a moderate to high risk of covenant default.

Watch List - Medium Maintenance: Borrower is operating well below the Brightwood Base Case, but has adequate liquidity. Adverse trends are more pronounced than in Internal Risk Rating of 6 and above. There is a high risk of covenant default, or it may have already occurred. Payments are current, although subject to greater uncertainty, and there is a moderate to high risk of payment default.

Watch List - High Maintenance: Borrower is operating well below the Brightwood Base Case. Liquidity may be strained. Covenant default is imminent or it may have already occurred. Payments are current, but there is high risk of payment default. Negotiations to restructure or refinance debt on normal terms may have begun. Further significant deterioration appears unlikely and no loss of principal is currently anticipated.

Watch List - Possible Loss: At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Liquidity is strained. Payment default is very likely in the short term unless creditors grant some relief. Loss of principal is possible.

10.

Watch List - Probable Loss: At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Liquidity is extremely limited. The prospects for improvement in the borrower’s situation are sufficiently negative, that loss of some or all principal is probable.

The following table shows the composition of our portfolio on the 1 to 10 investment performance rating scale. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company’s business or financial condition, market conditions or developments, and other factors.


		As of							As of
		June 30, 2026							December 31, 2025
					Percentage		Number					Percentage		Number
Investment Performance Rating		Fair Value			of Portfolio		of Investments		Fair Value			of Portfolio		of Investments
2		$	23,025		2.8	%	1		$	23,025		2.9	%	1
3			22,660		2.7	%	1			22,813		2.8	%	1
4			488,794		59.6	%	37			508,877		63.6	%	36
5			140,041		17.1	%	10			106,052		13.3	%	9
6			66,439		8.1	%	4			110,311		13.8	%	6
7			37,546		4.6	%	4			13,861		1.7	%	2
8			41,984		5.1	%	3			15,161		1.9	%	2
Total		$	820,489		100.0	%	60		$	800,100		100.0	%	57

Results of Operations

The following table represents the operating results for the three and six months ended June 30, 2026 and 2025:


		For the Three Months Ended June 30,
		2026			2025
Total investment income		$	20,082		$	24,018
Less: total expenses			(8,955)			(10,297)
Net investment income (loss), before taxes			11,127			13,721
Income tax expense, including excise tax			1			—
Net investment income (loss), after taxes			11,126			13,721
Total net realized and unrealized gain (loss) on investments			(5,476)			(4,904)
Net increase (decrease) in net assets resulting from operations		$	5,650		$	8,817

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	For the Six Months Ended June 30,
	2026		2025
Total investment income	$	42,859	$	47,048
Less: total expenses		(17,928)		(20,345)
Net investment income (loss), before taxes		24,931		26,703
Income tax expense, including excise tax		82		1
Net investment income (loss), after taxes		24,849		26,702
Total net realized and unrealized gain (loss) on investments		(579)		(5,767)
Net increase (decrease) in net assets resulting from operations	$	24,270	$	20,935

Investment Income

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


		Three Months Ended June 30,
		2026			2025
Interest income		$	19,644		$	23,191
Other income			147			190
Dividend income			291			637
Total investment income		$	20,082		$	24,018


		Six Months Ended June 30,
		2026			2025
Interest income		$	41,167		$	45,971
Other income			616			440
Dividend income			1,076			637
Total investment income		$	42,859		$	47,048

For the six months ended June 30, 2026, we generated investment income of $42,859, consisting primarily of interest income on investments in senior secured first lien term loan, senior secured term loan, delayed draw term loan, revolver and common stocks of 60 portfolio companies held during the period. For the six months ended June 30, 2025, we generated investment income of $47,048, consisting primarily of interest income on investments in senior secured first lien term loan, senior secured term loan, delayed draw term loan, revolver and common stocks of 57 portfolio companies held during the period. The decrease in investment income was primarily due to the reversal of accrued interest income for Legacy Restoration LLC and Subsea Global Solutions, LLC senior secured term loan as they were placed on non-accrual status as of June 30, 2026 and no interest income was accrued for the six months ended June 30, 2026.

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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,
		2026			2025
Interest expense on line of credit		$	6,318		$	7,369
Management fees			1,537			1,702
Amortization of deferred financing costs			287			275
Professional fees			199			257
Other general and administrative expenses			189			285
Overhead expenses			153			160
Administration fees			147			152
Directors’ fees			75			75
Custody fees			50			22
Total expenses		$	8,955		$	10,297


		For the Six Months Ended June 30,
		2026			2025
Interest expense on line of credit		$	12,324		$	14,570
Management fees			3,255			3,356
Amortization of deferred financing costs			570			536
Other general and administrative expenses			492			552
Professional fees			437			471
Overhead expenses			309			359
Administration fees			292			295
Directors’ fees			150			150
Custody fees			99			56
Total expenses		$	17,928		$	20,345

The decrease in interest expense during the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily the result of the lower spread on interest rate for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

For the six months ended June 30, 2026, we incurred management fees of $3,255. For the six months ended June 30, 2025, we incurred management fees of $3,356. The management fees were driven by the gross assets under management, which maintained flat for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Net Realized and Unrealized Gains and Losses

Net realized gains (losses) and net unrealized appreciation (depreciation) on our investment portfolio for the three and Six months ended June 30, 2026 and 2025, were as follows:


	For the Three Months Ended June 30,
		2026		2025
Net realized gain (loss) on non-controlled/non-affiliate company investments	$	—	$	—
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate company investments		(5,476)		(4,904)
Total net realized and unrealized gain (loss) on investments	$	(5,476)	$	(4,904)

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	For the Six Months Ended June 30,
	2026		2025
Net realized gain (loss) on non-controlled/non-affiliate company investments	$	3,202	$	—
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate company investments		(3,781)		(5,767)
Total net realized and unrealized gain (loss) on investments	$	(579)	$	(5,767)

We value our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation (depreciation) on investments. The net realized gain for the three and six months ended June 30, 2026 of $3,202 was primarily due to the equity proceeds from BP Loenbro Holdings, Inc. paydown. There were no realized gains (losses)for the six months ended June 30, 2025. The change in unrealized gain (loss) on investments was primarily due to the increased number of holdings during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The valuation mark down on a few portfolio holdings such as MB Precision Investment Holdings LLC and Subsea Global Solutions, LLC contributed to the unrealized loss during the six months ended June 30, 2026.

Off-Balance Sheet Arrangements

Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statements of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of June 30, 2026 and December 31, 2025, we had aggregate unfunded commitments totaling $37.8 million and $31.8 million, respectively.

RIC Tax Treatment and Distributions

Following our election to be regulated as a BDC under the 1940 Act, we elected to be treated as a RIC and will file our tax return for the year ending December 31, 2025, as a RIC. So long as we maintain our status as a RIC, we generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as distributions. Rather, any tax liability related to income distributed by us represents obligations of our shareholders and will not be reflected on our Consolidated Statement of Assets and Liabilities.

Dividends and distributions to stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon the earnings estimated by the Investment Adviser. Net realized capital gains, if any, are distributed at least annually, although we may decide to retain such capital gains for investment.

We have adopted a dividend reinvestment plan that provides for reinvestment of any distributions we declare in cash on behalf of our stockholders, unless a stockholder elects to receive cash. As a result, if our Board authorizes, and we declare, a cash distribution, then our stockholders who have not “opted out” of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the common stock, rather than receiving the cash distribution.

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Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in conformity with U.S. GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our consolidated financial statements. We describe our most significant accounting policies in Note 2 to our unaudited consolidated financial statements included herein. Critical accounting policies are those that require the application of management’s most difficult, subjective, or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition. As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below.

Investment Valuation

Our investments are valued at fair value. The Investment Adviser, designated by the Board as a valuation designee, will determine the fair value of the assets on at least a quarterly basis in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC 820. In accordance with Rule 2a-5 of the 1940 Act, the Company’s Board has designated the Investment Adviser as the Company’s “valuation designee.” The Company’s Board and the audit committee of the Board, which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee.

We define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

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The Company assesses the levels of the investments at each measurement date in accordance with the Company’s accounting policy.

Investments in the equity and debt securities of portfolio companies may also be valued at cost for a period of time after acquisition as the best indicator of fair value.

The determination of fair value using these methodologies takes into account consideration of a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of judgment by the Investment Adviser.

Because the Company is under no compulsion to dispose of its investments, which are made with a view to a holding period of two years or more, the estimated values, as determined above, may not reflect amounts that could be realized upon immediate sale nor amounts that ultimately may be realized. Because of the inherent uncertainty of the valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK (dollars in thousands, except share and per share data)

We are subject to financial market risks, including changes in interest rates. We have invested, and plan to continue to invest primarily in illiquid debt securities of private companies. As of June 30, 2026, our debt portfolio consisted of 100% variable-rate investments. The variable-rate loans are usually based on a Secured Overnight Financing Rate (“SOFR”) (or an alternative risk-free floating interest rate index) rate and typically have durations of three months, after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regard to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.

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Assuming that the most recent Consolidated Statements of Assets and Liabilities was to remain constant, and no actions were taken to alter the existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:


		Interest		Interest
Basis Point Change		Income		Expense		Net Income
-25 Basis Points		32,475		(532)		33,007
Base Interest Rate		32,665		—		32,665
+100 Basis Points		33,423		2,127		31,296
+200 Basis Points		34,182		4,254		29,928
+300 Basis Points		34,940		6,382		28,558

Most of our investments will not have a readily available market price, and we (or through an unaffiliated third-party firm, to the extent that our assets are treated as “plan assets” for purposes of ERISA) will value these investments at fair value as determined in good faith by the Board in accordance with our valuation policy. There is no single standard for determining fair value in good faith. 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. See footnote 2 to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the 1934 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). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, at the end of the period covered by this report, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Notwithstanding the foregoing, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that it will detect or uncover failures within the Company to disclose material information otherwise required to be set forth in the Company’s periodic reports.

Changes in Internal Control Over Financial Reporting

No change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the six months ended June 30, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II–OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our consolidated financial statements.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Item 1A.–Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 30, 2026 which could materially affect our business, financial condition and/or operating results. The risks described in the Annual Report are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. There have been no material changes during the six months ended June 30, 2026 to the risk factors discussed in Item 1A.–Risk Factors in the Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Previously disclosed by the Company on its current reports on Form 8-K.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

Exhibits required to be filed by Item 601 of Regulation S-K

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

3.1		Amended and Restated Certificate of Incorporation (1)
3.2		Bylaws (1)
31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended*
32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2		Certification of 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 Document*
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)*

(1)	Previously filed as an exhibit to Amendment No. 2 to the Company’s registration statement on Form 10 (File No. 000-56452) filed with the SEC on July 29, 2022.

*Filed herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.