10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2026


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From ____ to ____

Commission File Number: 814-01378

BLACKROCK DIRECT LENDING CORP.

(Exact Name of Registrant as Specified in its Charter)


Delaware	85-3439073
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)

2951 28th Street, Suite 1000
Santa Monica, California	90405
(Address of Principal Executive Offices)	(Zip Code)

(310) 566-1094

(Registrant’s telephone number, including area code)

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


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

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 ☒

The number of the Registrant's shares of common stock, $0.001 par value, outstanding as of November 5, 2026 was 29,173,775.

BLACKROCK DIRECT LENDING CORP.

FORM 10-Q

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026

TABLE OF CONTENTS


Part I.	Financial Information

Item 1.	Financial Statements

	Statements of Assets and Liabilities as of September 30, 2026 (Unaudited) and December 31, 2025	2

	Statements of Operations for the three and nine months ended September 30, 2026 (Unaudited) and September 30, 2025 (Unaudited)	3

	Statements of Changes in Net Assets for the three and nine months ended September 30, 2026 (Unaudited) and September 30, 2025 (Unaudited)	4

	Statements of Cash Flows for the nine months ended September 30, 2026 (Unaudited) and September 30, 2025 (Unaudited)	5

	Schedules of Investments as of September 30, 2026 (Unaudited) and December 31, 2025	6

	Notes to Financial Statements (Unaudited)	21

	Schedules of Restricted Securities of Unaffiliated Issuers as of September 30, 2026 (Unaudited) and December 31, 2025	36

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	49

Item 4.	Controls and Procedures	49

Part II.	Other Information

Item 1.	Legal Proceedings	50

Item 1A.	Risk Factors	50

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50

Item 3.	Defaults upon Senior Securities	50

Item 4.	Mine Safety Disclosures	50

Item 5.	Other Information	50

Item 6.	Exhibits	51

BlackRock Direct Lending Corp.

Statements of Assets and Liabilities (Unaudited)


	September 30, 2026			December 31, 2025
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $189,798,222 and $222,558,514, respectively)	$	170,175,267		$	210,055,893
Total investments (cost of $189,798,222 and $222,558,514, respectively)		170,175,267			210,055,893

Cash and cash equivalents		44,591,985			47,184,002
Interest receivable		1,199,088			2,037,974
Receivable for investments sold		—			2,789,621
Prepaid expenses and other assets		2,789,904			56,815
Total assets		218,756,244			262,124,305

Liabilities
Management fees payable		437,895			527,482
Reimbursements due to the Advisor		130,764			59,187
Debt (net of deferred issuance costs of $13,138 and $13,543, respectively)		96,862			96,457
Interest and debt related payables		3,300			—
Accrued expenses and other liabilities		735,434			495,946
Total liabilities		1,404,255			1,179,072

Commitments and contingencies (Note 5)

Net assets	$	217,351,989		$	260,945,233

Composition of net assets applicable to common stockholders
Common stock, $0.001 par value; 300,000,000 shares authorized, 29,173,775 and 29,173,775 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	$	29,175		$	29,175
Paid-in capital in excess of par		271,132,706			300,408,295
Distributable earnings (loss)		(53,809,892	)		(39,492,237	)
Total net assets		217,351,989			260,945,233
Total liabilities and net assets	$	218,756,244		$	262,124,305

Net assets per share	$	7.45		$	8.94

See accompanying notes to the financial statements.

BlackRock Direct Lending Corp.

Statements of Operations (Unaudited)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Investment income	2026			2025			2026			2025
Interest income (excluding PIK):
Non-controlled, non-affiliated investments	$	4,791,506		$	6,508,387		$	15,090,457		$	19,100,393
PIK income:
Non-controlled, non-affiliated investments		398,941			517,440			1,113,472			1,681,390
Total investment income		5,190,447			7,025,827			16,203,929			20,781,783

Operating expenses
Management fees		437,895			554,351			1,371,780			1,568,033
Professional fees		123,872			111,173			385,238			402,400
Administrative expenses		90,239			97,589			253,286			273,388
Director fees		32,500			31,000			91,500			115,456
Custody and transfer agent fees		11,083			13,948			35,424			40,052
Insurance expense		8,167			9,690			16,522			23,258
Interest and other debt expenses		3,437			3,437			10,305			10,305
Incentive fees earned		—			—			—			398,079
Other operating expenses		101,675			168,986			366,285			309,839
Total operating expenses		808,868			990,174			2,530,340			3,140,810

Net investment income		4,381,579			6,035,653			13,673,589			17,640,973

Realized and unrealized gain (loss)
Net realized gain (loss):
Non-controlled, non-affiliated investments		(424,376	)		(9,946,534	)		(5,854,489	)		(18,997,630	)
Change in net unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments		(3,812,363	)		8,528,293			(7,120,334	)		11,310,099
Net realized and unrealized gain (loss)		(4,236,739	)		(1,418,241	)		(12,974,823	)		(7,687,531	)

Net increase (decrease) in net assets from operations	$	144,840		$	4,617,412		$	698,766		$	9,953,442

Earnings per share (1)	$	0.00		$	0.16		$	0.02		$	0.35

Basic and diluted weighted average shares outstanding		29,173,775			29,173,775			29,173,775			27,871,142

(1)

Computed based on the actual number of shares outstanding and capital activity during the time periods such earnings occurred.

See accompanying notes to the financial statements.

BlackRock Direct Lending Corp.

Statements of Changes in Net Assets (Unaudited)


	Common Stock				Paid in Capital in			Distributable			Total Net
	Shares		Par Amount		Excess of Par			Earnings (Loss)			Assets
Balance at December 31, 2025		29,173,775	$	29,175	$	300,408,295		$	(39,492,237	)	$	260,945,233
Net investment income		—		—		—			4,840,497			4,840,497
Net realized and unrealized gain (loss)		—		—		—			(4,916,899	)		(4,916,899	)
Distributions to common shareholders (1)		—		—		(29,275,589	)		(5,724,411	)		(35,000,000	)
Balance at March 31, 2026		29,173,775	$	29,175	$	271,132,706		$	(45,293,050	)	$	225,868,831
.
Net investment income		—		—		—			4,451,513			4,451,513
Net realized and unrealized gain (loss)		—		—		—			(3,821,185	)		(3,821,185	)
Dividends paid to common shareholders		—		—		—			(4,840,497	)		(4,840,497	)
Balance at June 30, 2026		29,173,775	$	29,175	$	271,132,706		$	(49,503,219	)	$	221,658,662

Net investment income		—		—		—			4,381,579			4,381,579
Net realized and unrealized gain (loss)		—		—		—			(4,236,739	)		(4,236,739	)
Dividends paid to common shareholders		—		—		—			(4,451,513	)		(4,451,513	)
Balance at September 30, 2026		29,173,775	$	29,175	$	271,132,706		$	(53,809,892	)	$	217,351,989

(1) On March 31, 2026, the Company made distributions totaling $35.0 million to shareholders, of which approximately $29.3 million were return of capital.


	Common Stock				Paid in Capital in			Distributable			Total Net
	Shares		Par Amount		Excess of Par			Earnings (Loss)			Assets
Balance at December 31, 2024		27,081,900	$	27,083	$	280,361,562		$	(21,096,856	)	$	259,291,789
Net investment income		—		—		—			5,719,130			5,719,130
Net realized and unrealized gain (loss)		—		—		—			(2,214,925	)		(2,214,925	)
Balance at March 31, 2025		27,081,900	$	27,083	$	280,361,562		$	(17,592,651	)	$	262,795,994

Issuance of common stock		2,091,875		2,092		20,064,574			—			20,066,666
Offering costs charged to paid-in capital		—		—		(17,841	)		—			(17,841	)
Net investment income		—		—		—			5,886,190			5,886,190
Net realized and unrealized gain (loss)		—		—		—			(4,054,364	)		(4,054,364	)
Dividends paid to common shareholders		—		—		—			(5,719,130	)		(5,719,130	)
Balance at June 30, 2025		29,173,775	$	29,175	$	300,408,295		$	(21,479,955	)	$	278,957,515

Net investment income		—		—		—			6,035,653			6,035,653
Net realized and unrealized gain (loss)		—		—		—			(1,418,241	)		(1,418,241	)
Dividends paid to common shareholders		—		—		—			(5,886,188	)		(5,886,188	)
Balance at September 30, 2025		29,173,775	$	29,175	$	300,408,295		$	(22,748,731	)	$	277,688,739

See accompanying notes to the financial statements.

BlackRock Direct Lending Corp.

Statements of Cash Flows (Unaudited)


	For the Nine Months Ended September 30,
	2026			2025
Operating activities
Net increase (decrease) in net assets resulting from operations	$	698,766		$	9,953,442
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss		5,854,489			18,997,630
Change in net unrealized (appreciation)/depreciation of investments		7,120,334			(11,310,099	)
Net amortization of investment discounts and premiums		(678,735	)		(1,309,055	)
Amortization of deferred debt issuance costs		405			405
Interest and dividend income paid in kind		(1,113,472	)		(1,681,390	)
Changes in assets and liabilities:
Purchases of investments		(8,752,561	)		(52,954,050	)
Proceeds from disposition of investments		37,429,957			47,281,664
Decrease (increase) in interest receivable		859,500			(123,354	)
Decrease (increase) in receivable for investments sold		2,789,621			1,546,546
Decrease (increase) in prepaid expenses and other assets		(2,733,089	)		62,616
Increase (decrease) in management fees payable		(89,587	)		(28,750	)
Increase (decrease) in reimbursements due to the Advisor		71,577			45,670
Increase (decrease) in interest and debt related payables		3,300			3,300
Increase (decrease) in payable for investments purchased		—			(99,494	)
Increase (decrease) in incentive fees payable		—			(883,149	)
Increase (decrease) in accrued expenses and other liabilities		239,488			168,224
Net cash provided by (used in) operating activities		41,699,993			9,670,156

Financing activities
Proceeds from shares of common stock sold		—			20,066,666
Distributions to shareholders		(44,292,010	)		(11,605,318	)
Net cash provided by (used in) financing activities		(44,292,010	)		8,461,348

Net increase (decrease) in cash and cash equivalents (including restricted cash)		(2,592,017	)		18,131,503
Cash and cash equivalents (including restricted cash) at beginning of period		47,184,002			28,380,210
Cash and cash equivalents (including restricted cash) at end of period	$	44,591,985		$	46,511,713

Supplemental cash flow information
Interest payments		6,600			6,600

See accompanying notes to the financial statements.

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited)

September 30, 2026


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (A)
Automobiles
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(M)	1.00%	6.86%	10.77%	4/15/2028	$	272,565	$	272,220		$	272,565			0.13	%	F

Beverages
JP Intermediate B, LLC (Juice Plus)	First Lien Second Out Term Loan	SOFR(Q)	1.00%	5.50%	9.57%	3/31/2031	$	654,495		592,934			343,610			0.16	%	F/J
JP Intermediate B, LLC (Juice Plus)	First Lien Term Loan	SOFR(Q)	1.00%	7.00%	11.07%	9/30/2030	$	181,088		162,978			181,088			0.08	%	F
										755,912			524,698			0.24	%
Building Products
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.73%	3/1/2030	$	77,083		75,542			70,113			0.03	%

Capital Markets
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.82%	1/31/2031	$	3,932,333		3,853,686			3,865,483			1.80	%	F
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.82%	1/31/2031	$	—		(11,292	)		(9,598	)		—		E/F
SRS Acquiom Holdings LLC	Sr Secured Revolver	SOFR(M)	0.75%	4.50%	8.40%	1/14/2032	$	—		(2,859	)		(1,944	)		—		E/F
SRS Acquiom Holdings LLC	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.40%	1/14/2032	$	1,885,395		1,868,253			1,874,082			0.87	%	F
										5,707,788			5,728,023			2.67	%
Commercial Services & Supplies
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	8/23/2028	$	1,571,794		1,557,313			1,553,977			0.72	%	F
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	8/23/2028	$	1,090,346		1,079,778			1,077,987			0.50	%	F
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	5/23/2028	$	—		(1,330	)		(1,665	)		—		E/F
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)	0.75%	7.40%	11.16%	8/31/2029	$	1,076,305		1,069,011			1,076,305			0.50	%	F
										3,704,772			3,706,604			1.72	%
Construction & Engineering
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)	1.00%	4.75%	8.50%	2/1/2030	$	735,062		723,346			733,592			0.34	%	F
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.75%	8.58%	2/1/2030	$	300,953		295,805			300,351			0.14	%	F
LJ Avalon Holdings, LLC (Ardurra)	Sr Secured Revolver	SOFR(Q)	1.00%	4.75%	8.58%	2/1/2029	$	—		(1,472	)		(247	)		—		E/F
Brown & Settle, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.50%	10.26%	5/16/2030	$	220,325		214,729			214,743			0.10	%	F
Brown & Settle, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	10.33%	5/16/2030	$	2,513,534		2,464,739			2,465,777			1.15	%	F
JF Acquisition, LLC (JF Petroleum)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.75%	9.64%	6/18/2030	$	—		(3,591	)		(4,084	)		—		E/F
JF Acquisition, LLC (JF Petroleum)	Sr Secured Revolver	SOFR(M)	1.00%	5.75%	9.64%	6/18/2030	$	—		(5,676	)		(3,770	)		—		E/F
JF Acquisition, LLC (JF Petroleum)	First Lien Term Loan	SOFR(M)	1.00%	5.75%	9.64%	6/18/2030	$	3,440,122		3,386,011			3,405,721			1.59	%	F
Titan Home Improvement, LLC (Renuity)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.81%	5/31/2030	$	20,930		18,605			20,000			0.01	%	F
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.76%	5/31/2030	$	729,302		714,716			723,468			0.34	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	459,324		454,044			452,894			0.21	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	760,047		751,833			749,406			0.35	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	277,539		271,293			273,654			0.13	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	286,594		280,146			282,582			0.13	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	516,988		510,602			509,750			0.24	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	797,664		787,729			786,497			0.37	%	F
Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	127,518		125,313			124,809			0.06	%	F
										10,988,172			11,035,143			5.16	%
Construction Materials
AHF Parent Holding, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	6.51%	10.59%	2/1/2028	$	938,266		924,461			809,062			0.38	%
AHF Parent Holding, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	6.51%	10.59%	2/1/2028	$	1,907,091		1,896,375			1,644,475			0.77	%
										2,820,836			2,453,537			1.15	%
Consumer Finance
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)	1.00%	8.35%	12.25%	12/14/2027	$	792,441		787,556			711,612			0.33	%	F

Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	First Lien Term Loan	SOFR(Q)	1.00%	9.25% PIK	12.99%	3/14/2029	$	2,110,156		1,780,804			—			—		F/J

Diversified Consumer Services
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(M)	0.75%	4.25% Cash + 2.00% PIK	10.32%	9/15/2029	$	4,108,583		4,055,671			3,764,762			1.75	%	F
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	SOFR(M)	0.75%	6.25%	10.32%	9/15/2028	$	852		852			(26,637	)		(0.01	)%	E/F
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(M)	0.75%	6.25%	10.32%	7/15/2033	$	138,030		136,650			126,813			0.06	%	F
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2B Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	115,143		102,858			—			—		F/J
Infinite Commerce Holdings LLC (Razor)	2nd Lien 3B Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	1,741,331		1,150,810			—			—		F/J
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2A Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	256,024		228,616			—			—		F/J
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	0.51% Cash + 8.49% PIK	13.07%	12/31/2028	$	342,372		342,372			223,569			0.10	%	B/F/J
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	0.51% Cash + 8.49% PIK	13.07%	12/31/2028	$	989,104		989,104			645,885			0.30	%	B/F/J
SellerX Germany GMBH & Co. KG (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	9.07%	6/18/2029	$	987,486		1,001,720			987,486			0.46	%	B/F

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

September 30, 2026


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Express Wash Acquisition Company, LLC (Whistle)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.01%	4/10/2031	$	—	$	(1,269	)	$	(9,702	)		—		E/F
Express Wash Acquisition Company, LLC (Whistle)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.01%	4/10/2031	$	2,808,274		2,784,247			2,645,394			1.23	%	F
										10,791,631			8,357,570			3.89	%
Diversified Financial Services
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(M)	1.00%	2.63% Cash + 3.38% PIK	9.82%	3/15/2030	$	274,124		272,647			236,295			0.11	%	F
Beekeeper Buyer Inc. (Archway)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	6/30/2031	$	—		(2,392	)		(4,810	)		—		E/F
Beekeeper Buyer Inc. (Archway)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	6/30/2031	$	1,202,595		1,192,313			1,183,353			0.55	%	F
Foreside Financial Group, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	5.40%	9.47%	9/30/2029	$	—		(166	)		(306	)		—		E/F
Foreside Financial Group, LLC	First Lien Incremental Term Loan	SOFR(Q)	1.00%	5.40%	9.47%	9/30/2029	$	316,519		315,146			313,986			0.15	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.74%	8/21/2028	$	764,737		759,634			757,163			0.35	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	5.00%	8.74%	8/21/2028	$	863,362		852,472			854,811			0.40	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.74%	8/21/2028	$	2,753,052		2,734,554			2,725,788			1.27	%	F
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.57%	5/14/2031	$	4,127,886		4,112,031			4,127,886			1.92	%	F
										10,236,239			10,194,166			4.75	%
Electrical Equipment
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	10/15/2031	$	66,121		66,121			45,500			0.02	%	F
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	8.97%	10/15/2031	$	550,539		544,146			449,240			0.21	%	F
Griffon Bidco Inc. (Layerzero)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	9.07%	7/31/2031	$	—		(1,626	)		4,015			—		E/F
Griffon Bidco Inc. (Layerzero)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.07%	7/31/2031	$	—		(3,246	)		—			—		E/F
Griffon Bidco Inc. (Layerzero)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.07%	7/31/2031	$	2,191,579		2,172,819			2,213,495			1.03	%	F
										2,778,214			2,712,250			1.26	%
Health Care Providers & Services
CBI-Gator Acquisition, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.90% Cash + 0.75% PIK	10.41%	10/25/2027	$	1,766,775		1,758,606			1,719,072			0.80	%	F
CBI-Gator Acquisition, LLC	Sr Secured Revolver	SOFR(M)	1.00%	5.85% Cash + 0.75% PIK	10.50%	10/25/2027	$	159,692		158,974			155,381			0.07	%	F
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	9.76%	5/4/2028	$	1,455,169		1,445,815			1,435,593			0.67	%	F
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	6.00%	9.76%	5/4/2028	$	338,504		338,756			333,950			0.16	%	F
										3,702,151			3,643,996			1.70	%
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(M)	1.00%	4.85%	8.75%	5/6/2030	$	554,139		552,196			559,681			0.26	%	F
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(M)	1.00%	4.85%	8.75%	5/6/2030	$	—		(201	)		—			—		E/F
Gainwell Acquisition Corp.	First Lien Term Loan	SOFR(Q)	1.00%	8.00% Cash + 0.50% PIK	12.22%	11/19/2031	$	759,190		743,049			749,321			0.35	%	F
MRO Parent Corporation	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.40%	6/9/2032	$	223,044		218,636			221,706			0.10	%	F
MRO Parent Corporation	Sr Secured Revolver	SOFR(M)	0.75%	4.50%	8.40%	6/9/2032	$	—		(2,734	)		(1,338	)		—		E/F
MRO Parent Corporation	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.40%	6/9/2032	$	2,539,361		2,506,775			2,524,125			1.18	%	F
										4,017,721			4,053,495			1.89	%
Hotels, Restaurants & Leisure
Stonebridge Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.75%	8.65%	5/16/2031	$	—		(4,338	)		2,969			—		E/F
Stonebridge Companies, LLC	Sr Secured Revolver	SOFR(M)	0.75%	4.75%	8.65%	5/16/2030	$	—		(2,709	)		—			—		E/F
Stonebridge Companies, LLC	First Lien Term Loan	SOFR(M)	0.75%	4.75%	8.65%	5/16/2031	$	1,285,962		1,272,061			1,296,249			0.60	%	F
										1,265,014			1,299,218			0.60	%
Insurance
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.80%	8/31/2029	$	2,637,176		2,594,702			2,623,990			1.22	%	F
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.80%	8/31/2028	$	68,434		64,556			67,065			0.03	%	F
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.76%	8/25/2028	$	1,133,870		1,128,109			1,132,736			0.53	%	F
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.76%	8/25/2028	$	—		(53,550	)		(2,791	)		—		E/F
EBS Parent Holdings Inc. (The Difference Card)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	8.59%	7/1/2032	$	81,615		79,763			81,616			0.04	%	F
EBS Parent Holdings Inc. (The Difference Card)	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.82%	7/1/2032	$	—		(963	)		—			—		E/F
EBS Parent Holdings Inc. (The Difference Card)	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.82%	7/1/2032	$	1,392,112		1,379,869			1,392,112			0.65	%	F
										5,192,486			5,294,728			2.47	%
Internet and Catalog Retail
Syndigo, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.76%	9/2/2032	$	57,082		54,039			42,098			0.02	%	F
Syndigo, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.76%	9/2/2032	$	2,634,427		2,613,131			2,523,781			1.18	%	F
										2,667,170			2,565,879			1.20	%
Internet Software & Services
Civicplus LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	3.13% Cash + 2.75% PIK	9.64%	8/24/2030	$	674,275		663,023			664,740			0.31	%	F
Civicplus LLC	Sr Secured Revolver	SOFR(Q)	0.75%	3.13% Cash + 2.75% PIK	9.64%	8/23/2030	$	—		(1,459	)		(1,835	)		—		E/F

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

September 30, 2026


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Civicplus LLC	First Lien Term Loan	SOFR(Q)	0.75%	3.13% Cash + 2.75% PIK	9.64%	8/24/2030	$	3,245,297	$	3,227,459		$	3,218,003			1.50	%	F
e-Discovery Acquireco, LLC (Reveal)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.01%	8/23/2029	$	412,961		406,903			345,831			0.16	%	F
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.01%	8/23/2029	$	4,109,211		4,049,500			3,619,352			1.69	%	F
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.50%	3.25% Cash + 3.25% PIK	10.52%	8/29/2029	$	2,391,988		2,369,834			2,391,988			1.11	%	F
Gympass US, LLC	First Lien Term Loan	SOFR(M)	1.00%	3.25% Cash + 3.25% PIK	10.52%	8/29/2029	$	879,435		876,694			879,435			0.41	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(M)	1.00%	3.00% Cash + 1.50% PIK	8.40%	8/22/2029	$	124,291		123,059			97,817			0.05	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(M)	1.00%	3.00% Cash + 1.50% PIK	8.40%	8/22/2029	$	70,409		70,409			55,412			0.03	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(M)	1.00%	7.50% PIK	11.40%	8/22/2029	$	233,910		210,386			—			—		F/J
Pluralsight, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	3.00% Cash + 1.50% PIK	8.40%	8/22/2029	$	—		—			(18,381	)		(0.01	)%	E/F
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.00% PIK	9.73%	3/31/2030	$	566,552		566,552			566,552			0.26	%	F
										12,562,360			11,818,914			5.51	%
IT Services
Crewline Buyer, Inc. (New Relic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.57%	11/8/2030	$	—		(5,478	)		(22,157	)		(0.01	)%	E/F
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.57%	11/8/2030	$	3,545,144		3,487,682			3,332,436			1.55	%	F
Intercept Bidco, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.58%	6/3/2030	$	—		(2,222	)		(1,778	)		—		E/F
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.58%	6/3/2030	$	716,806		702,469			705,337			0.33	%	F
Serrano Parent, LLC (Sumo Logic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.50%	10.25%	5/12/2030	$	170,944		165,797			127,819			0.06	%	F
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	10.25%	5/12/2030	$	3,895,774		3,831,745			3,463,343			1.61	%	F
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.00%	10.76%	12/29/2028	$	2,207,937		2,174,416			1,675,825			0.78	%	F
Madison Logic Holdings, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	7.00%	10.76%	12/30/2027	$	—		(331	)		(19,925	)		(0.01	)%	E/F
										10,354,078			9,260,900			4.31	%
Life Sciences Tools & Services
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.65%	9.72%	12/21/2029	$	68,187		67,136			67,642			0.03	%	F
Alcami Corporation	Sr Secured Revolver	SOFR(Q)	0.00%	5.65%	9.41%	12/21/2029	$	—		(1,804	)		(1,027	)		—		E/F
Alcami Corporation	First Lien Term Loan	SOFR(Q)	1.00%	5.65%	9.47%	12/21/2029	$	926,326		911,879			918,915			0.43	%	F
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)	3.00%	5.25%	9.15%	12/18/2029	$	50,000		49,640			49,700			0.02	%	F
DNAnexus, Inc	First Lien Term Loan	SOFR(M)	3.00%	5.25%	9.15%	12/20/2029	$	250,000		248,152			248,500			0.12	%	F
										1,275,003			1,283,730			0.60	%
Media
Streamland Media Midco LLC	Sr Secured Revolver	SOFR(Q)	0.00%	5.76% PIK	9.84%	3/31/2029	$	211,826		207,326			17,158			0.01	%	F/J
Streamland Media Midco LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	1.00% Cash + 4.76% PIK	9.84%	3/31/2029	$	420,363		420,363			403,549			0.19	%	F
Streamland Media Midco LLC	First Lien First Out Term Loan	SOFR(Q)	0.00%	5.76% PIK	9.84%	3/31/2029	$	1,500,901		1,469,014			121,573			0.06	%	F/J
Streamland Media Midco LLC	First Lien Last Out Term Loan	SOFR(Q)	1.00%	6.76% PIK	10.84%	3/31/2029	$	1,376,264		1,209,975			—			—		F/J
Terraboost Media Operating Company, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	11.02%	2/23/2027	$	1,354,324		1,352,218			818,012			0.38	%	F/J
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(M)	1.00%	5.25%	9.15%	12/31/2030	$	795,357		783,655			792,176			0.37	%	F
										5,442,551			2,152,468			1.01	%
Paper & Forest Products
Alpine Acquisition Corp II (48Forty)	First Lien Second Out Term Loan	SOFR(M)	1.00%	5.00%	8.90%	1/14/2031	$	382,496		382,496			380,813			0.18	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Third Out Term Loan	SOFR(M)	1.00%	5.25%	9.15%	1/14/2031	$	510,548		510,548			506,004			0.24	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Second Out Term Loan	SOFR(M)	1.00%	5.00%	8.90%	1/14/2031	$	11,275		11,275			11,225			0.01	%	F
Alpine Acquisition Corp II (48Forty)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.25%	9.15%	1/14/2031	$	—		—			(2	)		—		E/F
Alpine Acquisition Corp II (48Forty)	Sr Secured Revolver	SOFR(M)	1.00%	5.25%	9.15%	1/14/2031	$	—		—			(8	)		—		E/F
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)	1.25%	6.40%	10.45%	12/23/2026	$	987,496		987,496			966,539			0.45	%	F
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)	1.25%	6.90%	10.66%	12/23/2026	$	1,236,222		1,233,546			1,210,510			0.56	%	F
										3,125,361			3,075,081			1.44	%
Professional Services
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.98%	12/20/2031	$	28,316		28,050			28,202			0.01	%	F
Lighthouse Parent Holdings, Inc (Aperture)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.98%	12/20/2031	$	—		(108	)		(46	)		—		E/F
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.75%	12/20/2031	$	58,721		58,196			58,486			0.03	%	F
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)	1.50%	6.00%	10.08%	10/24/2029	$	808,081		797,230			712,727			0.33	%	F
Applause App Quality, Inc.	Sr Secured Revolver	SOFR(Q)	1.50%	6.00%	9.74%	10/24/2029	$	8,081		7,074			(1,456	)		—		E/F
Chronicle Parent LLC (Lexitas)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.75%	4/15/2031	$	276,858		270,679			266,449			0.12	%	F
Chronicle Parent LLC (Lexitas)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.75%	4/15/2031	$	—		(3,299	)		(3,470	)		—		E/F
Chronicle Parent LLC (Lexitas)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.75%	4/15/2031	$	4,068,625		4,036,039			4,036,076			1.88	%	F
Huckabee Acquisition, LLC (MOREgroup)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.82%	1/16/2030	$	48,387		46,452			44,903			0.02	%	F
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.82%	1/16/2030	$	723,387		708,919			697,345			0.32	%	F
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.75%	9.57%	8/18/2028	$	4,724,035		4,695,405			4,011,704			1.87	%	F
ICIMS, Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.75%	9.57%	8/18/2028	$	188,193		185,838			125,133			0.06	%	F
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	784,929		829,844			627,158			0.29	%	B/F/I

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

September 30, 2026


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	348,857	$	366,667		$	278,737			0.13	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	697,715		740,216			557,474			0.26	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Incremental Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	540,712		571,658			432,029			0.20	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	1.00% Cash + 9.00% PIK	13.90%	10/15/2028	$	509,424		509,424			1,213,494			0.57	%	B/F
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (3.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	1,575,667		1,666,069			1,258,958			0.59	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (5.0% Exit Fee)	SOFR(M)	0.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	2,354,788		2,551,855			1,881,475			0.88	%	B/F/I
Security Services Acquisition Sub Corp. (Protos)	First Lien Consolidated Term Loan	SOFR(M)	1.00%	5.85%	9.75%	9/30/2027	$	1,158,286		1,153,046			1,152,215			0.54	%	F
										19,219,254			17,377,593			8.10	%
Real Estate Management & Development
Community Merger Sub Debt LLC (CINC Systems)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	1/18/2030	$	42,857		38,571			41,903			0.02	%	F
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	1/18/2030	$	785,714		770,000			782,217			0.36	%	F
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)	1.25%	6.61%	10.52%	3/21/2027	$	1,847,720		1,842,248			1,839,893			0.86	%	F
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)	1.25%	6.43%	10.33%	3/2/2027	$	2,800,000		2,800,000			2,718,800			1.27	%	C/F
										5,450,819			5,382,813			2.51	%
Semiconductors & Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.40% PIK	10.13%	12/31/2029	$	727,880		658,479			564,107			0.26	%	F/J
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.15%	10.22%	10/1/2029	$	267,753		234,437			196,472			0.09	%	J
										892,916			760,579			0.35	%
Software
Aras Corporation	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	9.07%	4/13/2029	$	1,817,908		1,808,638			1,805,183			0.84	%	F
Aras Corporation	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	9.07%	4/13/2029	$	36,566		35,851			35,713			0.02	%	F
Bluefin Holding, LLC (Allvue)	Sr Secured Revolver	SOFR(Q)	1.00%	4.25%	8.11%	9/12/2029	$	—		(5,049	)		—			—		E/F
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)	1.00%	4.25%	8.11%	9/12/2029	$	4,111,310		4,051,926			4,115,421			1.92	%	F
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	74,111		74,111			70,332			0.03	%	F
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	89,724		88,685			85,148			0.04	%	F
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	412,728		408,246			391,679			0.18	%	F
Douglas Holdings, Inc (Docupace)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	—		(353	)		(1,830	)		—		E/F
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.82%	7/13/2027	$	219,239		218,460			180,653			0.08	%	F
FirstUp, Inc	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.82%	7/13/2027	$	198,790		198,135			163,803			0.08	%	F
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.82%	7/13/2027	$	2,133,752		2,126,171			1,758,212			0.82	%	F
Flexport Capital, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	2.00%	5.50%	9.32%	6/30/2029	$	—		—			(18,267	)		(0.01	)%	E/F
Flexport Capital, LLC	First Lien Term Loan	SOFR(M)	2.00%	5.50%	9.32%	6/30/2029	$	2,388,806		2,370,609			2,364,918			1.10	%	F
Fusion Risk Management, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.00%	9.90%	5/22/2029	$	168,464		164,496			166,780			0.08	%	F
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.76%	5/22/2029	$	3,714,737		3,676,429			3,699,878			1.72	%	F
G-3 Apollo Acquisition Corp (Appriss Retail)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.84%	3/10/2031	$	—		(6,452	)		—			—		E/F
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.84%	3/10/2031	$	1,982,308		1,960,941			2,002,131			0.93	%	F
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)	1.00%	2.50% Cash + 4.13% PIK	10.70%	7/9/2029	$	2,098,415		2,080,786			2,038,610			0.95	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	2.50% Cash + 4.13% PIK	10.45%	7/9/2029	$	988,150		969,887			959,987			0.45	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	2.50% Cash + 4.13% PIK	10.38%	7/9/2029	$	422,151		416,209			410,120			0.19	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	2.50% Cash + 4.13% PIK	10.70%	7/9/2029	$	1,371,835		1,366,509			1,332,737			0.62	%	F
GTY Technology Holdings Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	10.07%	7/9/2029	$	76,421		73,887			67,346			0.03	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	2.50% Cash + 4.13% PIK	10.70%	7/9/2029	$	251,176		250,079			244,018			0.11	%	F
Honey Intermediate, Inc. (iLobby) (Canada)	Sr Secured Revolver	SOFR(M)	1.00%	2.88% Cash + 3.38% PIK	10.15%	9/30/2030	$	—		(5,332	)		(11,690	)		(0.01	)%	B/E/F
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)	1.00%	2.88% Cash + 3.38% PIK	10.15%	9/30/2030	$	4,267,155		4,222,837			4,173,278			1.94	%	B/F
Howlco, LLC, (Lone Wolf)	First Lien Term Loan	SOFR(Q)	1.00%	3.15% Cash + 3.50% PIK	10.49%	10/23/2027	$	810,269		808,879			703,452			0.33	%	F
Integrate.com, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.97%	6/18/2029	$	197,014		197,504			173,512			0.08	%	F
Integrate.com, Inc.	First Lien Incremental Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.64%	6/18/2029	$	576,987		569,724			508,159			0.24	%	F

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

September 30, 2026


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity/ Expiration	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Integrate.com, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.97%	6/18/2029	$	3,100,844	$	3,085,788		$	2,730,953			1.27	%	F
Integrate.com, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.97%	6/18/2029	$	265,435		264,252			233,772			0.11	%	F
IQN Holding Corporation (Beeline)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	5/2/2029	$	2,681,355		2,663,328			2,647,901			1.23	%	F
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)	0.75%	7.50%	11.26%	8/5/2028	$	2,796,125		2,768,242			2,157,619			1.00	%	F
Lightspeed Solutions, LLC	First Lien Term Loan	SOFR(M)	0.75%	5.75%	9.66%	3/1/2028	$	2,514,169		2,496,853			2,491,241			1.16	%	F
Lightspeed Solutions, LLC	First Lien Incremental Term Loan	SOFR(M)	0.75%	5.75%	9.66%	3/1/2028	$	553,102		548,748			548,058			0.26	%	F
Lightspeed Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	5.75%	9.66%	3/1/2028	$	165,823		164,951			164,311			0.08	%	F
Logicmonitor Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.50%	9.32%	11/19/2031	$	—		(935	)		(2,537	)		—		E/F
Logicmonitor Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.32%	11/19/2031	$	811,966		804,858			791,667			0.37	%	F
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(S)	1.00%	7.50%	11.54%	7/1/2028	$	724,605		724,885			635,455			0.30	%	F
Oak Purchaser, Inc. (DaySmart)	First Lien Term Loan (1.0% Exit Fee)	SOFR(Q)	0.75%	5.50%	9.76%	5/31/2028	$	650,015		643,515			644,165			0.30	%	F/I
Oak Purchaser, Inc. (DaySmart)	First Lien Delayed Draw Term Loan (1.0% Exit Fee)	SOFR(Q)	0.75%	5.50%	9.76%	5/31/2028	$	433,343		429,010			429,443			0.20	%	F/I
Oak Purchaser, Inc. (DaySmart)	Sr Secured Revolver (1.0% Exit Fee)	SOFR(S)	0.75%	5.50%	9.76%	5/31/2028	$	17,334		16,467			16,467			0.01	%	F/I
Smarsh, Inc.	Sr Secured Revolver	SOFR(M)	0.00%	5.00%	8.90%	2/16/2029	$	60,374		59,530			52,786			0.02	%	F
Smarsh, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.07%	2/16/2029	$	2,202,814		2,185,713			2,066,240			0.96	%	F
Smarsh, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	9.07%	2/16/2029	$	54,336		52,733			39,161			0.02	%	F
Thunder Purchaser, Inc. (Vector Solutions)	Sr Secured Revolver	SOFR(Q)	1.00%	5.40%	9.47%	6/30/2028	$	—		(702	)		(873	)		—		E/F
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Term Loan	SOFR(Q)	1.00%	5.40%	9.47%	6/30/2028	$	3,379,836		3,362,108			3,347,956			1.56	%	F
Zendesk Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	9.03%	11/22/2028	$	477,386		463,977			469,748			0.22	%	F
Zendesk Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.03%	11/22/2028	$	—		(4,408	)		(4,848	)		—		E/F
Zendesk Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.03%	11/22/2028	$	2,961,156		2,917,315			2,913,778			1.36	%	F
Zendesk Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	9.03%	11/21/2031	$	250,570		250,570			246,561			0.11	%	F
Zilliant Incorporated	First Lien Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	8.10%	12.00%	12/21/2027	$	2,684,167		2,669,873			322,100			0.15	%	F/I/J
Zilliant Incorporated	First Lien Delayed Draw Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	8.10%	12.00%	12/21/2027	$	491,472		489,513			58,977			0.03	%	F/I/J
Zilliant Incorporated	Sr Secured Revolver (0.5% Exit Fee)	SOFR(M)	0.75%	8.10%	12.00%	12/21/2027	$	222,222		220,842			26,667			0.01	%	F/I/J
										55,398,839			50,446,051			23.49	%
Specialty Retail
Supergoop, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.60%	9.42%	12/29/2028	$	516,253		512,290			479,652			0.22	%	F
Supergoop, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.60%	9.33%	12/29/2027	$	122,156		121,435			113,313			0.05	%	F
										633,725			592,965			0.27	%
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	6/11/2029	$	4,527,429		4,489,930			4,478,533			2.09	%	B/F

Total Debt Investments - 77.87% of Net Assets										186,389,064			169,253,224			78.81	%

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

September 30, 2026


Issuer	Instrument	Ref	Total Coupon	Maturity/ Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Beverages
New JuicePlus Parent, LLC (Juice Plus)	Common Stock					6,546	$	12,307	$	—		—		F/G/H

Diversified Consumer Services
SellerX Germany GMBH & Co. KG (Germany)	Class A Common Stock					13,793		160		—		—		B/F/G/H
SellerX Germany GMBH & Co. KG (Germany)	Class B Common Stock					13,793		160		—		—		B/F/G/H
SellerX Germany GMBH & Co. KG (Germany)	Class C Common Stock					13,793		160		—		—		B/F/G/H
SellerX Germany GMBH & Co. KG (Germany)	Class D Common Stock					13,793		160		—		—		B/F/G/H
Vingil Holdings 2 S.a r.l (Germany)	Preferred Units					3,794,992		1,180,243		38		—		B/F/G/H
Infinite Commerce Holdings LLC (Razor)	Series A-3 Preferred Units					3,127,928		—		31		—		F/G/H
Infinite Commerce Holdings LLC (Razor)	Common Shares					20,401		—		—		—		F/G/H
Infinite Commerce Holdings LLC (Razor)	Series A Preferred Units					742,790		—		7		—		F/G/H
								1,180,883		76		0.00	%
Diversified Financial Services
Worldremit Group Limited (United Kingdom)	Series X Shares					271		27,200		33,311		0.02	%	B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock			2/11/2031		2,394		—		2,790		—		B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series E Stock			8/17/2031		299		—		15		—		B/F/G/H
								27,200		36,116		0.02	%
Internet Software & Services
Igloo Parent Holdings LLC (InMoment)	Common Units					23		—		3,310		—		C/F/G/H
Suited Connector, LLC	Common Units					1,858,482		19		19		—		F/G/H
Suited Connector, LLC	Preferred Units					1,443,057		39,784		45,327		0.02	%	F/G/H
Pluralsight, Inc.	Common Stock					60,932		170,000		1		—		F/G/H
								209,803		48,657		0.02	%
Media
Streamland Media Holdings LLC	Common Units					11,902		607,359		—		—		F/G/H

Paper and Forest Products
48forty Intermediate Holdings, Inc.	Class A-1 Common Units					255		—		—		—		F/G/H
48forty Intermediate Holdings, Inc.	Preferred Units					255		975,691		776,027		0.36	%	F/G/H
								975,691		776,027		0.36	%
Professional Services
JobandTalent USA, Inc. (United Kingdom)	F3 Preferred Stock					1,702		—		—		—		B/F/G/H
JobandTalent USA, Inc. (United Kingdom)	F1 Preferred Stock					25,523		320,915		—		—		B/F/G/H
								320,915		—		0.00	%
Road & Rail
Motive Technologies, Inc. (Keep Truckin)	Warrants to Purchase Common Stock			11/27/2034		75,000		75,000		60,943		0.03	%	F/G/H

Software
Grey Orange International Inc.	Warrants to Purchase Common Stock			5/6/2032		1,122		—		224		—		F/G/H

Total Equity Securities - 0.42% of Net Assets								3,409,158		922,043		0.43	%

Total Investments - 78.29% of Net Assets							$	189,798,222	$	170,175,267		79.24	%

Cash and Cash Equivalents - 20.52% of Net Assets									$	44,591,985		20.76	%

Total Cash and Investments - 98.81% of Net Assets									$	214,767,252		100.00	%

BlackRock Direct Lending Corp.

Schedule of Investments (Unaudited) (Continued)

September 30, 2026

Notes to Schedule of Investments:

(A)

Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)

Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, the Company may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(C)

Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any nonqualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(D)

Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(E)

Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(F)

Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(G)

Restricted security. (See Note 10)

(H)

Non-income producing investment.

(I)

In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(J)

Non-accruing debt investment.

SOFR resets monthly (M), quarterly (Q) or semiannually (S).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $9,845,419 and $37,429,957 respectively, for the nine months ended September 30, 2026. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of September 30, 2026 was $170,175,267 or 79.2% of total cash and investments of the Company. As of September 30, 2026, approximately 9.1% of the total assets of the Company were non-qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the financial statements.

BlackRock Direct Lending Corp.

Schedule of Investments

December 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (A)
Automobiles
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(Q)	1.00%	7.01%	10.68%	3/31/2026	$	766,715	$	766,197		$	765,181			0.30	%	F
ALCV Purchaser, Inc. (AutoLenders)	Sr Secured Revolver	SOFR(Q)	1.00%	7.01%	10.68%	2/25/2026	$	46,317		46,261			46,132			0.02	%	F
										812,458			811,313			0.32	%
Beverages
JP Intermediate B, LLC (Juice Plus)	Second Out Term Loan	SOFR(Q)	1.00%	5.50%	9.17%	3/31/2031	$	654,495		651,223			434,585			0.17	%	F/J
JP Intermediate B, LLC (Juice Plus)	First Lien Term Loan	SOFR(Q)	1.00%	10.67%	10.67%	9/30/2030	$	182,460		161,648			182,460			0.07	%	F
										812,871			617,045			0.24	%
Building Products
TL Alpine Holding Corp.	First Lien Term Loan	SOFR(M)	1.00%	6.00%	9.72%	8/1/2030	$	792,147		778,838			795,315			0.31	%	F
Porcelain Acquisition Corporation (Paramount)	First Lien Term Loan	SOFR(M)	1.00%	6.10%	10.02%	12/31/2028	$	991,742		986,432			561,326			0.22	%	F/J
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.98%	3/1/2030	$	79,688		78,094			77,297			0.03	%	F
										1,843,364			1,433,938			0.56	%
Capital Markets
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.42%	1/31/2031	$	3,932,333		3,853,686			3,899,849			1.52	%	F
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.42%	1/31/2031	$	—		(11,292	)		(4,664	)		—		E/F
										3,842,394			3,895,185			1.52	%
Commercial Services & Supplies
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.42%	12/26/2030	$	950,000		933,994			942,400			0.37	%	F
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	8.92%	8/23/2028	$	1,584,074		1,564,178			1,563,358			0.61	%	F
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	8.92%	8/23/2028	$	1,098,815		1,084,306			1,084,445			0.42	%	F
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	8.92%	8/23/2027	$	—		(2,421	)		(2,560	)		—		F/E
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)	0.75%	7.40%	11.22%	8/31/2029	$	1,076,305		1,067,576			1,076,305			0.42	%	F
										4,647,633			4,663,948			1.82	%
Construction & Engineering
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)	1.00%	4.50%	8.46%	2/1/2030	$	740,775		726,609			740,775			0.29	%	F
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.50%	8.27%	2/1/2030	$	303,269		297,038			303,269			0.12	%	F
LJ Avalon Holdings, LLC (Ardurra)	Sr Secured Revolver	SOFR(Q)	1.00%	4.50%	8.29%	2/1/2029	$	—		(1,932	)	—				—		E/F
Brown & Settle, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.25%	10.12%	5/16/2030	$	220,325		213,765			220,324			0.09	%	F
Brown & Settle, Inc.	First Lien Term Loan	SOFR(M)	1.00%	6.25%	10.26%	5/16/2030	$	2,635,814		2,575,178			2,656,901			1.03	%	F
JF Acquisition, LLC (JF Petroleum)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.75%	9.48%	6/18/2030	$	—		(8,154	)		(6,095	)		—		E/F
JF Acquisition, LLC (JF Petroleum)	Sr Secured Revolver	SOFR(M)	1.00%	5.75%	9.48%	6/18/2030	$	—		(6,792	)		(3,770	)		—		E/F
JF Acquisition, LLC (JF Petroleum)	First Lien Term Loan	SOFR(M)	1.00%	5.75%	9.48%	6/18/2030	$	3,262,562		3,206,632			3,229,936			1.26	%	F
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.75%	8.57%	5/31/2030	$	—		(2,072	)		1,395			—		E/F
Titan Home Improvement, LLC (Renuity)	Sr Secured Revolver	SOFR(Q)	1.00%	4.75%	8.57%	5/31/2030	$	—		(2,326	)	—				—		E/F
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)	1.00%	4.75%	8.57%	5/31/2030	$	734,884		720,186			742,233			0.29	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	70,196		66,718			72,510			0.03	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	765,834		755,570			769,663			0.30	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	279,665		273,371			281,063			0.11	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	288,804		282,306			290,248			0.11	%	F
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	520,979		513,021			523,584			0.20	%	F
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	803,831		791,454			807,850			0.31	%	F
Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	85,423		82,673			85,423			0.03	%	F
										10,483,245			10,715,309			4.17	%
Construction Materials
AHF Parent Holding, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	6.51%	10.18%	2/1/2028	$	979,061		957,226			922,353			0.36	%
AHF Parent Holding, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	6.51%	10.18%	2/1/2028	$	1,999,370		1,981,978			1,883,566			0.73	%
										2,939,204			2,805,919			1.09	%
Consumer Finance
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)	1.00%	8.35%	12.27%	12/14/2027	$	849,879		841,718			815,884			0.32	%	F

Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	First Lien Term Loan	SOFR(Q)	1.00%	9.25%	13.09%	3/14/2029	$	1,915,659		1,780,804			256,698			0.10	%	F/J

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Diversified Consumer Services
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)	0.75%	6.25%	9.92%	9/29/2028	$	4,050,498	$	3,997,098		$	3,755,129			1.46	%	F
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	Prime	0.75%	5.25%	12.00%	9/15/2027	$	187,484		184,797			173,919			0.07	%	F
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2B Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	102,794		102,858		—				—		F/J
Infinite Commerce Holdings LLC (Razor)	2nd Lien 3B Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	1,554,574		1,150,810		—				—		F/J
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2A Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	233,571		233,686		—				—		F/J
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	3.00%	12.69%	12/31/2028	$	321,213		321,213			221,637			0.09	%	B/F
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	3.00%	12.69%	12/31/2028	$	927,975		927,975			640,303			0.25	%	B/F
SellerX Germany GMBH & Co. KG (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	8.69%	6/18/2029	$	987,486		1,005,238			987,486			0.38	%	B/F
SellerX Germany GMBH & Co. KG (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	8.90%	11/5/2026	$	105,633		105,163			105,633			0.04	%	B/F
Express Wash Acquisition Company, LLC (Whistle)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.18%	4/10/2031	$	—		(1,477	)		(11,040	)		—		E/F
Express Wash Acquisition Company, LLC (Whistle)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.18%	4/10/2031	$	2,829,603		2,803,066			2,642,849			1.03	%	F
										10,830,427			8,515,916			3.32	%
Diversified Financial Services
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	9.09%	3/15/2030	$	268,772		267,282			237,863			0.09	%	F
Beekeeper Buyer Inc. (Archway)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	8.92%	6/30/2031	$	—		(2,765	)	—				—		E/F
Beekeeper Buyer Inc. (Archway)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	8.92%	6/30/2031	$	1,202,595		1,191,124			1,203,797			0.47	%	F
Foreside Financial Group, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	5.40%	9.22%	9/1/2027	$	—		(251	)	—				—		E/F
Foreside Financial Group, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.40%	9.22%	9/1/2027	$	673,847		669,451			673,847			0.26	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(S)	1.00%	5.00%	9.22%	8/21/2028	$	770,650		763,258			764,689			0.30	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Incremental Term Loan	SOFR(S)	1.00%	5.00%	9.22%	8/21/2028	$	870,037		854,711			863,307			0.34	%	F
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(S)	1.00%	5.00%	9.22%	8/21/2028	$	2,774,339		2,747,545			2,752,879			1.07	%	F
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)	1.00%	8.62%	12.33%	9/7/2028	$	1,134,929		1,134,772			1,146,278			0.45	%	F
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.17%	5/14/2031	$	4,159,158		4,140,542			4,188,272			1.63	%	F
										11,765,669			11,830,932			4.61	%
Electrical Equipment
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	8.94%	10/15/2031	$	—		(2,793	)		(41,690	)		(0.02	)%	E/F
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	8.94%	10/15/2031	$	38,103		38,103			17,259			0.01	%	F
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.13%	10/15/2031	$	554,741		547,459			451,559			0.18	%	F
Griffon Bidco Inc. (Layerzero)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.67%	7/31/2031	$	—		(1,867	)	—				—		E/F
Griffon Bidco Inc. (Layerzero)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.67%	7/31/2031	$	—		(3,745	)	—				—		E/F
Griffon Bidco Inc. (Layerzero)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.67%	7/31/2031	$	2,208,140		2,186,540			2,208,140			0.86	%	F
										2,763,697			2,635,268			1.03	%
Health Care Providers & Services
CBI-Gator Acquisition, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.90%	10.47%	10/25/2027	$	1,787,801		1,774,643			1,694,835			0.66	%	F
CBI-Gator Acquisition, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	5.90%	10.47%	10/25/2027	$	149,426		148,278			141,167			0.05	%	F
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	9.82%	5/4/2028	$	1,462,748		1,448,980			1,434,663			0.56	%	F
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	6.00%	9.82%	5/4/2028	$	340,203		339,054			333,671			0.13	%	F
										3,710,955			3,604,336			1.40	%
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(M)	1.00%	4.85%	8.57%	5/6/2027	$	556,225		552,957			561,231			0.22	%	F
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(M)	1.00%	4.85%	8.57%	5/6/2027	$	—		(349	)	—				—		E/F
ESO Solutions, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.58%	5/3/2027	$	3,325,794		3,303,186			3,315,817			1.29	%	F
ESO Solutions, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.58%	5/3/2027	$	220,105		218,790			219,371			0.09	%	F
Gainwell Acquisition Corp.	Second Lien Term Loan	SOFR(Q)	1.00%	8.10%	12.04%	10/2/2028	$	800,332		798,803			780,529			0.30	%	F
MRO Parent Corporation	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/9/2032	$	—		(3,088	)		(1,338	)		—		E/F
MRO Parent Corporation	Sr Secured Revolver	SOFR(M)	0.75%	4.50%	8.22%	6/9/2032	$	—		(3,083	)		(1,338	)		—		E/F
MRO Parent Corporation	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/9/2032	$	2,558,599		2,523,607			2,543,247			0.99	%	F
										7,390,823			7,417,519			2.89	%
Hotels, Restaurants & Leisure
Stonebridge Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	5.00%	8.72%	5/16/2031	$	—		(5,024	)		1,485			—		E/F
Stonebridge Companies, LLC	Sr Secured Revolver	SOFR(M)	0.75%	5.00%	8.72%	5/16/2030	$	—		(3,262	)	—				—		E/F
Stonebridge Companies, LLC	First Lien Term Loan	SOFR(M)	0.75%	5.00%	8.72%	5/16/2031	$	1,298,951		1,283,003			1,304,147			0.51	%	F
										1,274,717			1,305,632			0.51	%

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Insurance
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.79%	8/31/2029	$	2,657,441	$	2,614,641		$	2,657,441			1.03	%	F
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.79%	8/31/2028	$	45,622		41,745			45,623			0.02	%	F
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.82%	8/25/2028	$	1,253,197		1,244,248			1,243,478			0.48	%	F
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.82%	8/25/2028	$	—		(74,303	)		(21,644	)		(0.01	)%	E/F
EBS Parent Holdings Inc. (The Difference Card)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.67%	7/1/2032	$	—		(1,630	)		(3,507	)		—		E/F
EBS Parent Holdings Inc. (The Difference Card)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.67%	7/1/2032	$	—		(1,087	)		(1,169	)		—		E/F
EBS Parent Holdings Inc. (The Difference Card)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.67%	7/1/2032	$	1,402,632		1,388,904			1,388,605			0.54	%	F
										5,212,518			5,308,827			2.06	%
Internet and Catalog Retail
Syndigo, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.82%	9/2/2032	$	—		(3,402	)		(3,924	)		—		E/F
Syndigo, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.82%	9/2/2032	$	2,654,335		2,628,630			2,625,137			1.02	%	F
										2,625,228			2,621,213			1.02	%
Internet Software & Services
Civicplus LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.50%	9.20%	8/24/2030	$	661,210		647,990			653,101			0.25	%	F
Civicplus LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.50%	9.20%	8/24/2030	$	—		(1,738	)		(1,592	)		—		E/F
Civicplus LLC	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	9.82%	8/24/2030	$	3,177,826		3,155,284			3,154,638			1.23	%	F
e-Discovery Acquireco, LLC (Reveal)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.07%	8/23/2029	$	300,335		292,828			300,336			0.12	%	F
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.07%	8/23/2029	$	4,140,263		4,067,253			4,181,665			1.63	%	F
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	3.25%	10.34%	8/29/2029	$	2,333,415		2,311,260			2,356,749			0.92	%	F
Gympass US, LLC	First Lien Term Loan	SOFR(M)	1.00%	3.25%	10.34%	8/29/2029	$	857,900		854,366			866,479			0.34	%	F
Magenta Buyer, LLC (McAfee)	First Lien Term Loan	SOFR(Q)	0.75%	6.25%	10.09%	7/27/2028	$	94,668		93,814			95,023			0.04	%
Magenta Buyer, LLC (McAfee)	First Lien First Out Term Loan	SOFR(Q)	0.75%	7.01%	10.85%	7/27/2028	$	249,393		236,161			190,162			0.07	%
Magenta Buyer, LLC (McAfee)	Second Lien Second Out Term Loan	SOFR(Q)	0.75%	7.26%	11.10%	7/27/2028	$	613,383		585,239			269,889			0.10	%
Magenta Buyer, LLC (McAfee)	Second Lien Third Out Term Loan	SOFR(Q)	0.75%	6.51%	10.35%	7/27/2028	$	1,774,468		1,421,644			417,000			0.16	%	J
Pluralsight, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	3.00%	8.32%	8/22/2029	$	—		—		—				—		F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	3.00%	8.32%	8/22/2029	$	123,623		122,080			123,623			0.05	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	3.00%	8.32%	8/22/2029	$	70,031		70,031			70,031			0.03	%	F
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	0.00%	11.32%	8/22/2029	$	212,797		210,343			94,137			0.04	%	F/J
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)	1.00%	0.00%	10.94%	12/1/2027	$	1,693,576		1,681,673			535,170			0.21	%	F/J
Suited Connector, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	0.00%	10.94%	12/1/2027	$	260,420		258,036			82,293			0.03	%	F/J
										16,006,264			13,388,704			5.22	%
IT Services
Crewline Buyer, Inc. (New Relic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.59%	11/8/2030	$	—		(6,462	)		(1,477	)		—		E/F
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.59%	11/8/2030	$	3,545,144		3,476,728			3,530,964			1.37	%	F
Intercept Bidco, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	6.00%	9.77%	6/3/2030	$	—		(1,667	)		(2,000	)		—		E/F
Intercept Bidco, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	9.77%	6/3/2030	$	—		(2,222	)		(1,333	)		—		E/F
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.77%	6/3/2030	$	722,222		707,778			713,556			0.28	%	F
Serrano Parent, LLC (Sumo Logic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.50%	10.36%	5/12/2030	$	—		(6,135	)		(23,699	)		(0.01	)%	E/F
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	10.36%	5/12/2030	$	3,885,090		3,811,678			3,648,100			1.42	%	F
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(M)	1.00%	7.00%	10.72%	12/29/2028	$	2,191,476		2,148,204			1,904,392			0.74	%	F
Madison Logic Holdings, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	7.00%	10.72%	12/30/2027	$	—		(1,002	)		(10,831	)		—		E/F
										10,126,900			9,757,672			3.80	%
Life Sciences Tools & Services
Alcami Corporation	First Lien Term Loan	SOFR(Q)	1.00%	7.15%	10.97%	12/21/2028	$	933,544		915,444			933,544			0.36	%	F
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	7.10%	10.83%	12/21/2028	$	68,712		67,388			68,712			0.03	%	F
Alcami Corporation	Sr Secured Revolver	SOFR(M)	1.00%	7.10%	10.83%	12/21/2028	$	27,268		25,004			27,268			0.01	%	F
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)	3.00%	5.25%	8.98%	12/18/2029	$	50,000		44,027			48,500			0.02	%	F
DNAnexus, Inc	First Lien Term Loan	SOFR(M)	3.00%	5.25%	8.98%	12/20/2029	$	250,000		247,921			249,500			0.10	%	F
										1,299,784			1,327,524			0.52	%

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Media
Kid Distro Holdings, LLC	Sr Secured Revolver	SOFR(S)	1.00%	5.00%	9.20%	10/1/2029	$	—	$	(576	)	$	(683	)		—		E/F
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(S)	1.00%	5.00%	9.20%	10/1/2029	$	799,957		793,988			792,597			0.31	%	F
Kid Distro Holdings, LLC	First Lien Term Loan	SOFR(S)	1.00%	5.00%	9.20%	10/1/2029	$	666,244		653,446			660,114			0.26	%	F
Streamland Media Midco LLC	Sr Secured Revolver	SOFR(Q)	0.00%	0.00%	10.43%	3/31/2029	$	198,793		198,793			198,793			0.08	%	F
Streamland Media Midco LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	0.00%	10.43%	3/31/2029	$	113,109		113,109			113,109			0.04	%	F
Streamland Media Midco LLC	First Out Term Loan	SOFR(M)	1.00%	0.00%	10.43%	3/31/2029	$	1,408,554		1,408,554			1,408,554			0.55	%	F
Streamland Media Midco LLC	Last Out Term Loan	SOFR(M)	0.00%	0.00%	10.43%	3/31/2029	$	1,282,044		1,216,296			933,328			0.36	%	F/J
Terraboost Media Operating Company, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.98%	10.32%	8/23/2026	$	1,368,739		1,364,070			1,341,364			0.52	%	F
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	9.09%	12/31/2030	$	801,429		787,610			790,209			0.31	%	F
										6,535,290			6,237,385			2.43	%
Paper & Forest Products
Alpine Acquisition Corp II (48Forty)	Sr Secured Revolver	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	212,422		204,755			60,734			0.02	%	F/J
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	191,384		185,979			82,257			0.03	%	F/J
Alpine Acquisition Corp II (48Forty)	First Lien 2nd Incremental Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	237,707		233,668			102,167			0.04	%	F/J
Alpine Acquisition Corp II (48Forty)	First Lien Participation Tranche 1 Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	2,102,878		2,086,533			903,817			0.35	%	F/J
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	600,117		595,199			257,930			0.10	%	F/J
Alpine Acquisition Corp II (48Forty)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	1,339,479		1,323,397			575,708			0.22	%	F/J
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)	1.00%	6.40%	10.09%	12/23/2026	$	1,126,167		1,126,167			1,120,917			0.44	%	F
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)	1.25%	6.75%	10.83%	12/23/2026	$	1,409,366		1,397,739			1,400,199			0.54	%	F
										7,153,437			4,503,729			1.74	%
Professional Services
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	8.51%	12/20/2031	$	10,715		10,499			10,543			—		F
Lighthouse Parent Holdings, Inc (Aperture)	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.51%	12/20/2031	$	—		(123	)		(69	)		—		E/F
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.65%	12/20/2031	$	59,168		58,548			58,820			0.02	%	F
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)	1.50%	5.75%	9.43%	10/24/2029	$	808,081		794,945			804,040			0.31	%	F
Applause App Quality, Inc.	Sr Secured Revolver	SOFR(Q)	1.50%	5.75%	9.69%	10/24/2029	$	16,162		14,912			15,758			0.01	%	F
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/28/2030	$	409,356		404,090			405,424			0.16	%	F
Cherry Bekaert Advisory, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/28/2030	$	371,312		367,668			367,746			0.14	%	F
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/28/2030	$	314,389		310,598			311,369			0.12	%	F
Cherry Bekaert Advisory, LLC	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/28/2030	$	901,138		892,098			892,483			0.35	%	F
Cherry Bekaert Advisory, LLC	Sr Secured Revolver	SOFR(M)	0.75%	4.50%	8.22%	6/28/2030	$	—		(1,697	)		(1,830	)		—		F/E
Chronicle Parent LLC (Lexitas)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.87%	4/15/2031	$	106,690		100,416			107,991			0.04	%	F
Chronicle Parent LLC (Lexitas)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.87%	4/15/2031	$	—		(3,838	)	—				—		E/F
Chronicle Parent LLC (Lexitas)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.90%	4/15/2031	$	4,099,526		4,061,279			4,103,625			1.60	%	F
Huckabee Acquisition, LLC (MOREgroup)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.25%	8.94%	1/16/2030	$	—		(1,613	)	—				—		E/F
Huckabee Acquisition, LLC (MOREgroup)	Sr Secured Revolver	SOFR(Q)	1.00%	5.25%	8.94%	1/16/2030	$	—		(1,935	)	—				—		E/F
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	8.94%	1/16/2030	$	728,952		714,373			728,952			0.28	%	F
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.75%	9.61%	8/18/2028	$	4,724,035		4,684,261			4,516,966			1.76	%	F
ICIMS, Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.75%	9.59%	8/18/2028	$	117,098		113,755			98,767			0.04	%	F
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50%	10.47%	10/13/2028	$	764,465		764,595			738,633			0.29	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50%	10.47%	10/13/2028	$	339,762		339,755			328,281			0.13	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50%	10.47%	10/13/2028	$	679,524		679,569			656,562			0.26	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Incremental Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50%	10.47%	10/13/2028	$	526,614		526,713			508,819			0.20	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (3.0% Exit Fee)	SOFR(M)	1.00%	3.50%	10.47%	10/13/2028	$	1,534,587		1,535,123			1,482,731			0.58	%	B/F/I
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50%	10.47%	10/13/2028	$	2,293,394		2,293,812			2,215,898			0.86	%	B/F/I
Security Services Acquisition Sub Corp. (Protos)	First Lien Consolidated Term Loan	SOFR(M)	1.00%	5.85%	9.57%	9/30/2027	$	1,167,150		1,161,870			1,156,811			0.45	%	F
										19,819,673			19,508,320			7.60	%

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Real Estate Management & Development
Community Merger Sub Debt LLC (CINC Systems)	Sr Secured Revolver	SOFR(M)	0.75%	5.25%	8.97%	1/18/2030	$	—	$	(4,286	)	—				—		E/F
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(M)	0.75%	5.25%	8.97%	1/18/2030	$	785,714		770,000			787,128			0.31	%	F
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)	1.50%	6.61%	10.33%	3/21/2027	$	1,847,720		1,834,820			1,833,551			0.71	%	F
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)	1.25%	6.43%	10.63%	3/2/2026	$	2,800,000		2,800,000			2,741,200			1.07	%	C/F
										5,400,534			5,361,879			2.09	%
Road & Rail
Motive Technologies, Inc. (Keep Truckin)	First Lien Incremental Term Loan 2 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	516,650		514,989			515,617			0.20	%	F
Motive Technologies, Inc. (Keep Truckin)	First Lien Incremental Term Loan 1 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	1,000,000		997,404			998,000			0.39	%	F/I
Motive Technologies, Inc. (Keep Truckin)	First Lien Incremental Term Loan 3 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	483,350		481,673			482,383			0.19	%	F/I
Motive Technologies, Inc. (Keep Truckin)	First Lien Term Loan (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	3,000,000		2,990,653			2,994,000			1.16	%	F/I
										4,984,719			4,990,000			1.94	%
Semiconductors & Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.40%	10.22%	12/29/2027	$	696,350		687,940			438,701			0.17	%	F/J
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	Prime	1.00%	5.00%	11.75%	12/29/2026	$	267,753		256,048			166,543			0.06	%	F/J
										943,988			605,244			0.23	%
Software
AlphaSense, Inc.	First Lien Term Loan	SOFR(Q)	2.00%	6.25%	9.94%	6/27/2029	$	2,692,626		2,666,913			2,681,014			1.04	%	F
Aras Corporation	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	8.92%	4/13/2029	$	1,831,856		1,819,796			1,839,184			0.71	%	F
Aras Corporation	Sr Secured Revolver	SOFR(Q)	1.00%	5.25%	8.92%	4/13/2029	$	42,660		41,736			42,661			0.02	%	F
Bluefin Holding, LLC (Allvue)	Sr Secured Revolver	SOFR(Q)	1.00%	4.25%	7.98%	9/12/2029	$	—		(6,303	)	—				—		E/F
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)	1.00%	4.25%	7.98%	9/12/2029	$	4,111,310		4,040,197			4,135,977			1.61	%	F
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)	1.50%	7.75%	11.47%	5/30/2029	$	489,730		485,255			482,384			0.19	%	F/I
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)	1.50%	7.75%	11.47%	5/30/2029	$	1,000,000		990,000			981,000			0.38	%	F/I
Clever Devices Ltd.	Sr Secured Revolver	SOFR(M)	1.00%	6.00%	9.72%	6/12/2030	$	156,863		149,510			152,745			0.06	%	F
Clever Devices Ltd.	First Lien Term Loan	SOFR(M)	1.00%	6.00%	9.72%	6/12/2030	$	695,294		677,912			685,560			0.27	%	F
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	37,368		37,368			36,654			0.01	%	F
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	10,767		10,167			9,511			—		F
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	412,728		407,529			406,950			0.16	%	F
Douglas Holdings, Inc (Docupace)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	—		(420	)		(502	)		—		E/F
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.25%	8.85%	6/30/2030	$	—		(13,548	)		(15,056	)		(0.01	)%	E/F
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.25%	8.85%	6/30/2030	$	—		—			(5,528	)		—		E/F
Dragos, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	8.85%	6/30/2030	$	2,258,325		2,237,564			2,235,742			0.87	%	F
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	9.92%	7/13/2027	$	220,830		219,324			219,505			0.09	%	F
FirstUp, Inc	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	9.92%	7/13/2027	$	—		(1,279	)		(1,193	)		—		E/F
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	9.92%	7/13/2027	$	2,148,164		2,133,522			2,135,275			0.83	%	F
Flexport Capital, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	2.00%	5.50%	9.25%	6/30/2029	$	—		—			(12,787	)		—		E/F
Flexport Capital, LLC	First Lien Term Loan	SOFR(M)	2.00%	5.50%	9.25%	6/30/2029	$	2,388,806		2,366,197			2,372,084			0.92	%	F
Fusion Risk Management, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.00%	9.72%	5/22/2029	$	112,309		107,375			112,309			0.04	%	F
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.82%	5/22/2029	$	3,714,737		3,666,895			3,729,596			1.45	%	F
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.69%	3/10/2031	$	—		(5,611	)		(430	)		—		E/F
G-3 Apollo Acquisition Corp (Appriss Retail)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.69%	3/10/2031	$	43,016		36,563			42,586			0.02	%	F
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.74%	3/10/2031	$	1,997,363		1,973,022			1,995,366			0.78	%	F
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)	1.00%	2.50%	10.30%	7/9/2029	$	2,034,120		2,013,722			2,008,840			0.78	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	2.50%	10.30%	7/9/2029	$	1,366,980		1,340,834			1,349,992			0.52	%	F
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	2.50%	10.30%	7/9/2029	$	1,329,802		1,323,034			1,313,275			0.51	%	F
GTY Technology Holdings Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	2.50%	10.30%	7/9/2029	$	—		(3,309	)		(3,957	)		—		F/E
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	2.50%	10.30%	7/7/2029	$	242,238		242,238			242,238			0.09	%	F

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity/ Expiration	Principal/ Shares		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (Continued)
Software (Continued)
Honey Intermediate, Inc. (iLobby) (Canada)	Sr Secured Revolver	SOFR(M)	1.00%	2.88%	9.97%	9/26/2030	$	—	$	(6,324	)	$	(8,502	)		—		B/E/F
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)	1.00%	2.88%	9.97%	9/30/2030	$	4,159,480		4,107,728			4,092,928			1.59	%	B/F
Howlco, LLC, (Lone Wolf)	First Lien Term Loan	SOFR(Q)	1.00%	3.15%	10.51%	10/23/2027	$	789,138		786,670			775,456			0.30	%	F
Integrate.com, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.65%	10.57%	12/17/2027	$	194,623		195,115			184,252			0.07	%	F
Integrate.com, Inc.	First Lien Incremental Term Loan	SOFR(Q)	1.00%	4.65%	10.57%	12/17/2027	$	569,911		558,632			539,541			0.21	%	F
Integrate.com, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	4.65%	10.57%	12/17/2027	$	3,062,591		3,039,429			2,899,392			1.13	%	F
Integrate.com, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	4.65%	10.59%	12/17/2027	$	253,333		251,509			239,432			0.09	%	F
IQN Holding Corporation (Beeline)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	2.63%	9.42%	5/2/2029	$	2,646,784		2,623,991			2,623,758			1.02	%	F
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)	0.75%	7.50%	11.37%	8/5/2028	$	2,796,125		2,758,536			2,608,702			1.01	%	F
Lightspeed Solutions, LLC	First Lien Term Loan	SOFR(M)	0.75%	6.00%	9.72%	10/2/2028	$	2,514,169		2,493,294			2,496,839			0.97	%	F
Lightspeed Solutions, LLC	First Lien Incremental Term Loan	SOFR(M)	0.75%	6.00%	9.72%	3/1/2028	$	553,102		546,708			549,290			0.21	%	F
Lightspeed Solutions, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	6.00%	9.72%	3/1/2028	$	165,823		164,519			164,680			0.06	%	F
Logicmonitor, Inc	Sr Secured Revolver	SOFR(Q)	0.75%	5.50%	9.34%	11/19/2031	$	—		(1,070	)		(1,218	)		—		E/F
Logicmonitor, Inc	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.34%	11/19/2031	$	811,966		803,510			802,222			0.31	%	F
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(S)	1.00%	7.50%	11.78%	9/15/2026	$	725,729		725,986			704,610			0.27	%	F
Oak Purchaser, Inc. (DaySmart)	First Lien Term Loan (1.0% Exit Fee)	SOFR(S)	0.75%	5.50%	9.37%	5/31/2028	$	650,015		643,515			650,665			0.25	%	F/I
Oak Purchaser, Inc. (DaySmart)	First Lien Delayed Draw Term Loan (1.0% Exit Fee)	SOFR(S)	0.75%	5.50%	9.37%	5/31/2028	$	433,343		429,010			433,777			0.17	%	F/I
Oak Purchaser, Inc. (DaySmart)	Sr Secured Revolver (1.0% Exit Fee)	Prime	0.75%	4.50%	11.25%	5/31/2028	$	5,778		4,911			5,778			—		F/I
Smarsh, Inc.	Sr Secured Revolver	SOFR(Q)	0.00%	4.75%	8.42%	2/18/2029	$	47,320		46,201			45,763			0.02	%	F
Smarsh, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.42%	2/18/2029	$	2,202,814		2,180,489			2,174,791			0.85	%	F
Smarsh, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	8.42%	2/18/2029	$	—		(1,900	)		(3,114	)		—		E/F
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Term Loan	SOFR(Q)	1.00%	5.40%	9.07%	6/30/2027	$	—		(1,117	)		(981	)		—		E/F
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Term Loan	SOFR(Q)	1.00%	5.40%	9.07%	6/30/2028	$	3,405,636		3,379,466			3,379,675			1.31	%	F
Trintech, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	5.50%	9.22%	7/25/2029	$	78,534		73,369			78,426			0.03	%	F
Trintech, Inc.	First Lien Term Loan	SOFR(M)	1.00%	5.50%	9.22%	7/25/2029	$	3,501,849		3,429,796			3,500,470			1.36	%	F
Zendesk Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.69%	11/22/2028	$	481,011		467,501			481,011			0.19	%	F
Zendesk Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.69%	11/22/2028	$	—		(4,408	)	—				—		E/F
Zendesk Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.69%	11/22/2028	$	2,983,231		2,939,063			2,983,231			1.16	%	F
Zendesk Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.69%	11/21/2031	$	—		—		—				—		F
Zilliant Incorporated	First Lien Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	6.10%	9.82%	12/21/2027	$	2,684,167		2,664,275			2,021,178			0.79	%	F/I
Zilliant Incorporated	First Lien Delayed Draw Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	6.10%	9.82%	12/21/2027	$	491,472		488,323			370,078			0.14	%	F/I
Zilliant Incorporated	Sr Secured Revolver (0.5% Exit Fee)	SOFR(M)	0.75%	6.10%	9.82%	12/21/2027	$	122,222		120,749			67,333			0.03	%	F/I
										64,863,679			64,030,458			24.88	%
Specialty Retail
Hanna Andersson, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.35%	10.19%	7/2/2026	$	2,516,593		2,509,935			2,441,095			0.95	%	F
Supergoop, LLC	First Lien Term Loan	SOFR(M)	0.75%	5.85%	9.57%	12/29/2028	$	520,318		514,904			496,454			0.19	%	F
Supergoop, LLC	Sr Secured Revolver	SOFR(M)	0.75%	5.85%	9.57%	12/24/2027	$	95,629		94,482			89,909			0.03	%	F
										3,119,321			3,027,458			1.17	%
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.17%	6/11/2029	$	4,561,902		4,512,614			4,516,950			1.76	%	B/F

Total Debt Investments - 79.14% of Net Assets										218,343,928			206,510,205			80.28	%

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2025


Issuer	Instrument	Ref	Total Coupon	Maturity/ Expiration		Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Beverages
New JuicePlus Parent, LLC (Juice Plus)	Common Stock				-		6,546	$	—	$	—		—		F/G/H

Diversified Consumer Services
SellerX Germany GMBH & Co. KG (Germany)	Common Shares				-		55,170		640		1		—		B/F/G/H
Vingil Holdings 2 S.a r.l (Germany)	Preferred Units				-		3,794,992		1,180,243		38		—		B/F/G/H
Infinite Commerce Holdings LLC (Razor)	Series A-3 Preferred Units				-		3,127,928		—		31		—		F/G/H
Infinite Commerce Holdings LLC (Razor)	Common Shares				-		20,401		—	—			—		F/G/H
Infinite Commerce Holdings LLC (Razor)	Series A Preferred Units				-		742,790		—		7		—		F/G/H
									1,180,883		77		0.00	%
Diversified Financial Services
Worldremit Group Limited (United Kingdom)	Series X Shares				-		271		27,200		31,950		0.01	%	B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock			2/11/2031			2,394		—		2,142		—		B/F/G/H
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series E Stock			8/17/2031			299		—		10		—		B/F/G/H
									27,200		34,102		0.01	%
Internet Software & Services
Igloo Parent Holdings LLC (InMoment)	Common Units						23		1,833,229		1,971,791		0.77	%	C/F/G/H
SuCo Investors, LP (Suited Connector)	Warrants to Purchase Class A Units			3/6/2033			12,349		—	—			—		F/G/H
Pluralsight, Inc.	Common Stock				-		60,932		170,000		1		—		F/G/H
									2,003,229		1,971,792		0.77	%
Media
Streamland Media Holdings LLC	Common Units				-		11,902		607,359	—			—		F/G/H

Paper and Forest Products
48forty Intermediate Holdings, Inc.	Common Stock				-		347		—	—			—		F/G/H
Alpine Acquisition Corp II (48Forty)	Common Stock				-		276		—	—			—		F/G/H
									—	—			0.00	%
Professional Services
JobandTalent USA, Inc. (United Kingdom)	F3 Preferred Stock				-		1,702		—		90,077		0.04	%	B/F/G/H
JobandTalent USA, Inc. (United Kingdom)	F1 Preferred Stock				-		25,523		320,915		1,376,219		0.53	%	B/F/G/H
									320,915		1,466,296		0.57	%
Road & Rail
Motive Technologies, Inc. (Keep Truckin)	Warrants to Purchase Common Stock			11/27/2034			75,000		75,000		73,197		0.03	%	F/G/H

Software
Grey Orange International Inc.	Warrants to Purchase Common Stock			5/6/2032			1,122		—		224		—		F/G/H

Total Equity Securities - 1.36% of Net Assets									4,214,586		3,545,688		1.38	%

Total Investments - 80.50% of Net Assets									222,558,514		210,055,893		81.66	%

Cash and Cash Equivalents - 18.08% of Net Assets											47,184,002		18.34	%

Total Cash and Investments - 98.58% of Net Assets											257,239,895		100.00	%

BlackRock Direct Lending Corp.

Schedule of Investments (Continued)

December 31, 2025

Notes to Schedule of Investments:

(A)

(B)

(C)

(D)

(E)

Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(F)

Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(G)

Restricted security. (See Note 10)

(H)

Non-income producing investment.

(I)

In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(J)

Non-accruing debt investment

SOFR resets monthly (M), quarterly (Q) or semiannually (S).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $57,616,679 and $60,564,846 respectively, for the year ended December 31, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 2025 was $210,055,893 or 81.7% of total cash and investments of the Company. As of December 31, 2025 approximately 8.7% of the total assets of the Company were non-qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the financial statements.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited)

September 30, 2026

1. Organization and Nature of Operations

BlackRock Direct Lending Corp. (the “Company”) is a Delaware corporation formed on October 12, 2020 as an externally managed, closed-end, non-diversified management investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to achieve high risk-adjusted returns produced from current income generated by investing primarily in senior secured corporate debt instruments. The Company invests primarily in middle-market companies headquartered in North America. The Company commenced operations on November 30, 2020.

The Company has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

BlackRock Capital Investment Advisors, LLC, an indirect subsidiary of BlackRock, Inc., serves as the advisor of the Company (the “Advisor”). BlackRock Financial Management, Inc. serves as the administrator of the Company (the “Administrator”), and is affiliated with the Advisor. Company management consists of the Advisor and the Company’s board of directors (the “Board of Directors”). The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the Board of Directors, which sets the broad policies of the Company. The Board of Directors of the Company has delegated investment management of the Company’s assets to the Advisor. The Board of Directors consists of four persons, three of whom are independent.

2. Summary of Significant Accounting Policies

Basis of Presentation

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The following is a summary of the significant accounting policies of the Company.

Use of Estimates

The preparation of the financial statements in conformity with 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 financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

Investment Valuation

Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Board of Directors designated the Advisor as the Company's valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.

Investments are recorded at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the policies adopted by the Valuation Designee and approved by the Board of Directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the capitalization of the Company. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)

Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Company, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the “Valuation Committee”).

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events and conditions that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

In following these approaches, the types of factors that may be taken into account also include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values, among other factors.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

At September 30, 2026, the Company’s investments were categorized as follows:


Level	Basis for Determining Fair Value	Bank Debt (1)		Equity Securities		Total
2	Other direct and indirect observable market inputs (2)	$	2,720,122	$	—	$	2,720,122
3	Independent third-party valuation sources that employ significant unobservable inputs		166,533,102		918,509		167,451,611
3	Advisor valuations with significant unobservable inputs		—		3,534		3,534
Total		$	169,253,224	$	922,043	$	170,175,267

(1)

Includes senior secured loans

(2)

For example, quoted prices in inactive markets or quotes for comparable investments

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2026 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	144,294,809	Income approach	Discount rate	8.7% - 32.0% (12.3%)
		11,499,189	Market comparable companies	Revenue multiples	0.3x - 5.0x (2.0x)
		6,777,130	Market comparable companies	EBITDA multiples	2.8x - 8.0x (5.7x)
		3,961,974	Market quotations	Indicative bid/ask quotes	1 (1)
Equity		779,413	Market comparable companies	EBITDA multiples	2.8x - 9.5x (9.5x)
		106,290	Market comparable companies	Revenue multiples	0.3x - 9.5x (5.6x)
		36,340	Option Pricing Model	EBITDA/Revenue multiples	3.0x - 7.3x (3.0x)
				Implied volatility	45.0% - 60.0% (45.1%)
				Term	1.0 year - 2.0 years (2.0 years)
	$	167,455,145

(1)

Weighted by fair value

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:


Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount rate	Decrease	Increase
Revenue multiples	Increase	Decrease
EBITDA multiples	Increase	Decrease
Book value multiples	Increase	Decrease
Implied volatility	Increase	Decrease
Term	Increase	Decrease
Yield	Increase	Decrease

During the nine months ended September 30, 2026, five senior debt positions with an aggregate fair value of $10.0 million transitioned from an income approach to an expected recovery valuation model and four senior debt positions with an aggregate fair value of $1.6 million transitioned from an expected recovery valuation model to an income approach. The change in approach was driven by considerations given to the financial performance of the portfolio company.

Changes in investments categorized as Level 3 during the three months ended September 30, 2026 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Equity Securities			Total
Beginning balance	$	186,891,702		$	1,499,602		$	188,391,304
Net realized and unrealized gains (losses)		(3,914,383	)		(581,093	)		(4,495,476	)
Acquisitions (1)		2,189,805			—			2,189,805
Dispositions		(18,634,022	)		—			(18,634,022	)
Ending balance	$	166,533,102		$	918,509		$	167,451,611
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(4,101,324	)	$	(581,093	)	$	(4,682,417	)

__________________________

(1)

Includes payments received in kind and accretion of original issue and market discounts

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)


	Valuation Designee Valuation
	Bank Debt		Equity Securities		Total
Beginning balance	$	—	$	224	$	224
Net realized and unrealized gains (losses)		—		3,310		3,310
Ending balance	$	—	$	3,534	$	3,534
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	3,310	$	3,310

Changes in investments categorized as Level 3 during the nine months ended September 30, 2026 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Equity Securities			Total
Beginning balance	$	202,732,212		$	3,545,464		$	206,277,676
Net realized and unrealized gains (losses)		(11,080,050	)		(1,682,964	)		(12,763,014	)
Acquisitions (1)		9,519,692			1,027,800			10,547,492
Dispositions		(34,394,912	)		—			(34,394,912	)
Transfers out of Level 3 (2)		(243,840	)		(1,971,791	)		(2,215,631	)
Ending balance	$	166,533,102		$	918,509		$	167,451,611
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(11,061,614	)	$	(1,683,603	)	$	(12,745,217	)

__________________________

(1)

Includes payments received in kind and accretion of original issue and market discounts

(2)

Comprised of two investments that were transferred to Level 2 due to increased observable market activity and one investment transferred to Valuation Designee Valuation.


	Valuation Designee Valuation
	Bank Debt		Equity Securities			Total
Beginning balance	$	—	$	224		$	224
Net realized and unrealized gains (losses)		—		3,675			3,675
Dispositions		—		(1,972,156	)		(1,972,156	)
Transfers into Level 3 (1)		—		1,971,791			1,971,791
Ending balance	$	—	$	3,534		$	3,534
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	(135,252	)	$	(135,252	)

__________________________

(1)

Comprised of one investment that was transferred from Independent Third-Party Valuation.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)

At December 31, 2025, the Company’s investments were categorized as follows:


Level	Basis for Determining Fair Value	Bank Debt (1)		Equity Securities		Total
2	Other direct and indirect observable market inputs (2)	$	3,777,993	$	—	$	3,777,993
3	Independent third-party valuation sources that employ significant unobservable inputs		202,732,212		3,545,464		206,277,676
3	Advisor valuations with significant unobservable inputs		—		224		224
Total		$	206,510,205	$	3,545,688	$	210,055,893

(1)

Includes senior secured loans

(2)

For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	189,897,821	Income approach	Discount rate	7.7% - 28.3% (10.6%)
		5,408,464	Market comparable companies	Revenue multiples	0.4x - 3.3x (1.7x)
		3,902,612	Market quotations	Indicative bid/ask quotes	1(1)
		3,523,315	Market comparable companies	EBITDA multiples	6.5x - 10.0x (8.8x)
Equity		1,971,829	Market comparable companies	EBITDA multiples	7.0x - 19.3x (19.3x)
		1,466,336	Market comparable companies	Revenue multiples	0.4x - 3.3x (0.5x)
		73,197	Income approach	Discount rate	15.0% (15.0%)
		34,326	Option Pricing Model	EBITDA/Revenue multiples	3.1x - 7.3x (3.1x)
				Implied volatility	45.0% - 60.0% (45.1%)
				Term	1.0 year - 2.0 years (2.0 years)
	$	206,277,900

__________________________

(1)

Weighted by fair value

Changes in investments categorized as Level 3 during the three months ended September 30, 2025 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Equity Securities			Total
Beginning balance	$	232,516,925		$	5,455,054		$	237,971,979
Net realized and unrealized gains (losses)		292,746			(667,044	)		(374,298	)
Acquisitions (1)		7,461,694			—			7,461,694
Dispositions		(19,001,722	)		—			(19,001,722	)
Transfers into Level 3 (2)		748,008		—				748,008
Ending balance	$	222,017,651		$	4,788,010		$	226,805,661
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(2,155,505	)	$	(667,044	)	$	(2,822,548	)

__________________________

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)


	Valuation Designee Valuation
	Bank Debt		Equity Securities		Total
Beginning balance	$	—	$	224	$	224
Ending balance	$	—	$	224	$	224
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	—	$	—

Changes in investments categorized as Level 3 during the nine months ended September 30, 2025 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Equity Securities			Total
Beginning balance	$	223,632,250		$	117,002		$	223,749,252
Net realized and unrealized gains (losses)		(6,296,327	)		112,792			(6,183,535	)
Acquisitions (1)		49,766,816			4,723,376			54,490,192
Dispositions		(45,934,767	)		(165,160	)		(46,099,927	)
Transfers into Level 3 (2)		849,679		—				849,679
Ending balance	$	222,017,651		$	4,788,010		$	226,805,661
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(3,557,071	)	$	112,792		$	(3,444,279	)

__________________________

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes


	Valuation Designee Valuation
	Bank Debt		Equity Securities		Total
Beginning balance	$	—	$	224	$	224
Ending balance	$	—	$	224	$	224
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	—	$	—

Investment Transactions

Investment transactions are recorded on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At September 30, 2026, included in cash and cash equivalents was $42.9 million (19.7% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 3.73%. At December 31, 2025, included in cash and cash equivalents was $45.4 million (17.4% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 3.63%. There was no restricted cash at September 30, 2026 or December 31, 2025.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)

Restricted Investments

The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities

are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Schedules of Investments.

Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

Foreign Currency Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Such positions are converted at the respective closing foreign exchange rates in effect at September 30, 2026 and December 31, 2025 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. The Company did not hold any investments denominated in foreign currency at September 30, 2026 and December 31, 2025.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government.

Organization and Offering Costs

Costs incurred to organize the Company are expensed as incurred. During the period from November 30, 2020 (inception) to December 31, 2025, the Company incurred $71,685 in organizational expenses. During the nine months ended September 30, 2026, the Company did not incur any additional organizational expenses. From November 30, 2020 through September 30, 2026, the Company had incurred a total of $267,621 in offering costs, all of which has been charged to paid-in capital. The Company will not bear more than $1.0 million for organization and offering costs

Deferred Debt Issuance Costs

Certain costs incurred in connection with the issuance of debt of the Company were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company.

Revenue Recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company’s judgement, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

Income Taxes

The Company intends to comply with the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the financial statements. In accordance with ASC Topic 740 - Income Taxes, the Company recognizes in its financial statements the effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination.

The tax returns of the Company remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the company as of September 30, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the financial statements.

The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to stockholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2025, the Company had non-expiring capital loss carryforwards of $16,027,213 available to offset future realized capital gains.

As of December 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


	December 31, 2025
Tax Cost	$	234,150,097

Gross Unrealized Appreciation		2,759,649
Gross Unrealized Depreciation		(26,853,853	)
Net Unrealized Appreciation (Depreciation)	$	(24,094,204	)

Segment Reporting

The Company’s chief executive officer and chief financial officer act as the Company’s chief operating decision maker (the “CODM”). The CODM is responsible for assessing performance, allocating resources and making operating decisions of the Company based on the net increase (decrease) in net assets resulting from operations (“net income”) of the Company in addition to other factors and metrics. The CODM has concluded that 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. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric to make dividend recommendations to the Board of Directors. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Statements of Operations.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

2. Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and permits early adoption. The Company adopted the ASU 2023-09 for the annual reporting period beginning on January 1, 2025 and concluded that the application of this guidance did not have any material impact on its financial statements.

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

3. Management Fees, Incentive Fees and Other Expenses

On November 30, 2020, the Company entered into an investment management agreement with the Advisor (the “Investment Management Agreement”). Under the Investment Management Agreement, the Advisor, for its service to the Company, is entitled to receive a management fee from the Company and an incentive fee. The management fee is calculated at an annual rate of 0.90% of the Company’s total assets (excluding cash and cash equivalents) and payable quarterly in arrears. For the period from the date the Company first issued shares of common stock to one or more investors (other than the Advisor and its affiliates) through the end of the first calendar quarter, no management fee was payable. Subsequently, the management fee is calculated based on the value of the Company’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. The management fees for any partial quarter are appropriately prorated.

The incentive fee is only incurred to the extent the Company’s cumulative total return (after the incentive fee) exceeds a 6% annual rate on daily weighted-average unreturned capital contributions. Subject to that limitation, the incentive fee is calculated on net investment income (before incentive fee) and net realized gains (net of any unrealized depreciation) at a rate of 12.5%. The incentive fee is computed as the difference between the incentive fee earned and incentive fee paid, subject to the total return hurdle, on a cumulative basis, and is payable quarterly in arrears. As of September 30, 2026, the Company’s cumulative performance did not exceed the total return hurdle and, as a result, no incentive compensation was accrued for the three and nine months ended September 30, 2026. As of September 30, 2025 the Company’s cumulative performance did not exceed the total return hurdle, and as such, no incentive compensation was accrued for the three months ended September 30, 2025. For the nine months ended September 30, 2025, $0.4 million out of the potential $2.3 million incentive fees was earned.

There were no incentive fees on capital gains accrued on a hypothetical liquidation basis (but not payable) under GAAP for the nine months ended September 30, 2026 and 2025. There can be no assurance that unrealized capital appreciation and depreciation will be realized in the future, or that any accrued capital gains incentive fee will become payable under the Investment Management Agreement. Incentive fee amounts on capital gains actually paid by the Company will specifically exclude consideration of unrealized capital appreciation, consistent with requirements under the Investment Advisers Act of 1940 (the “Advisers Act”) and the Investment Management Agreement.

The Company bears all expenses incurred in connection with its business, including fees and expenses of outside contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

4. Debt

Debt is comprised of unsecured promissory notes with a principal amount of $110,000 maturing on December 31, 2050. Prior to being repaid and terminated on June 14, 2024, debt included a $75.0 million Capital Call Facility. Outstanding debt is carried at amortized cost in the Statements of Assets and Liabilities. As of September 30, 2026 and December 31, 2025, the estimated fair value of the outstanding debt approximated its carrying value.

On December 11, 2020, the Company issued to each of 110 separate investors an unsecured promissory note with a principal amount of $1,000, at par. The Company pays interest on the unpaid principal amount of the notes at a rate of 12.00% per annum payable semi-annually in arrears. The notes mature on December 31, 2050.

Total expenses related to debt included the following:


	Nine Months Ended September 30,
	2026		2025
Interest expense	$	9,900	$	9,900
Amortization of deferred debt issuance costs		405		405
Total	$	10,305	$	10,305

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk

The Company conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk (Continued)

The Schedule of Investments includes certain revolving loan facilities and other commitments with unfunded balances at September 30, 2026 and December 31, 2025 as follows:


		Unfunded Balances
Issuer	Maturity	September 30, 2026		December 31, 2025
Alcami Corporation	12/21/2029	$	128,322	$	101,054
ALCV Purchaser, Inc. (AutoLenders)	2/25/2026	NA			46,318
Alpine Acquisition Corp II (48Forty)	1/14/2031		39,810	NA
Alpine Acquisition Corp II (48Forty)	1/14/2031		159,240	NA
Alpine Acquisition Corp II (48Forty)	11/30/2029	NA			53,604
AmeriLife Holdings, LLC	8/31/2028		205,302		228,114
Applause App Quality, Inc.	10/24/2029		72,727		64,646
Appriss Health, LLC (PatientPing)	5/6/2030		76,086		76,086
Aras Corporation	4/13/2029		85,322		79,228
Beekeeper Buyer Inc. (Archway)	6/30/2031		300,649		300,649
Bluefin Holding, LLC (Allvue)	9/12/2029		405,340		405,340
Brown & Settle, Inc.	5/16/2030		73,441		73,441
CBI-Gator Acquisition, LLC	10/25/2027	NA			9,405
Cherry Bekaert Advisory, LLC	6/30/2030	NA			190,576
Chronicle Parent LLC (Lexitas)	4/15/2031		1,024,235		1,194,403
Chronicle Parent LLC (Lexitas)	4/15/2031		433,698		433,698
Civicplus LLC	8/24/2030		459,485		459,485
Civicplus LLC	8/23/2030		218,129		218,129
Clever Devices Ltd.	6/12/2030	NA			137,255
Community Merger Sub Debt LLC (CINC Systems)	1/18/2030		171,429		214,286
Crewline Buyer, Inc. (New Relic)	11/8/2030		369,286		369,286
DNAnexus, Inc	12/18/2029	NA			700,000
Douglas Holdings, Inc (Docupace)	8/27/2030	NA			78,957
Douglas Holdings, Inc (Docupace)	8/27/2030	NA			13,595
Douglas Holdings, Inc (Docupace)	8/27/2030		35,889		35,889
Dragos, Inc.	6/30/2030	NA			1,505,550
Dragos, Inc.	6/30/2030	NA			552,770
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		268,838		350,658
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		116,886		116,886
e-Discovery Acquireco, LLC (Reveal)	8/23/2029		150,168		262,794
Emerald Technologies (U.S.) AcquisitionCo, Inc.	10/1/2029		355		355
ESO Solutions, Inc.	5/3/2027	NA			24,456
Express Wash Acquisition Company, LLC (Whistle)	4/10/2031		167,278		167,278
FirstUp, Inc	7/13/2027	NA			198,790
Flexport Capital, LLC	6/30/2029		1,826,734		1,826,734
Foreside Financial Group, LLC	9/30/2029		38,277		38,277
Fusion Holding Corp. (Finalsite)	9/15/2028		340,879		153,395
Fusion Risk Management, Inc.	5/22/2029		252,696		308,851
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031	NA			430,157
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031		430,157		387,141
Griffon Bidco Inc. (Layerzero)	7/31/2031		401,480		401,480
Griffon Bidco Inc. (Layerzero)	7/31/2031		401,480		401,480
GTY Technology Holdings Inc.	7/9/2029		242,001		318,422
Honey Intermediate, Inc. (iLobby) (Canada)	9/30/2030		531,371		531,371
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030	NA			161,290
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030		48,387		96,774
ICIMS, Inc.	8/18/2028		230,015		301,110
Integrate.com, Inc.	12/17/2027	NA			7,528
Integrity Marketing Acquisition, LLC	8/25/2028		2,790,931		2,790,931
Intercept Bidco, Inc.	6/3/2030	NA			166,667
Intercept Bidco, Inc.	6/3/2030		111,111		111,111

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk (Continued)


		Unfunded Balances
Issuer	Maturity	September 30, 2026		December 31, 2025
JF Acquisition, LLC (JF Petroleum)	6/18/2030	$	408,401	$	609,461
JF Acquisition, LLC (JF Petroleum)	6/18/2030		376,986		376,986
Kid Distro Holdings, LLC	10/1/2029	NA			74,263
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		299		18,077
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		11,538		11,538
LJ Avalon Holdings, LLC (Ardurra)	2/1/2029		123,523		123,523
Logicmonitor Inc.	11/19/2031		101,496		101,496
Madison Logic Holdings, Inc.	12/30/2027		82,677		82,677
Modigent, LLC (Pueblo)	5/23/2028		265,353		265,353
MRO Parent Corporation	6/9/2032	NA			223,044
MRO Parent Corporation	6/9/2032		223,044		223,044
Oak Purchaser, Inc. (DaySmart)	5/31/2028		69,335		80,891
Pluralsight, Inc.	8/22/2029		86,293		86,293
PMA Parent Holdings, LLC	1/31/2031		564,581		564,581
Serrano Parent, LLC (Sumo Logic)	5/12/2030		217,565		388,509
Smarsh, Inc.	2/16/2029		62,005		75,059
Smarsh, Inc.	2/18/2029		190,421		244,757
Spark Buyer, LLC (Sparkstone)	10/15/2031	NA			224,138
Spark Buyer, LLC (Sparkstone)	10/15/2031		45,948		73,966
SRS Acquiom Holdings LLC	1/14/2032		324,021	NA
Stonebridge Companies, LLC	5/16/2031		371,129		371,129
Stonebridge Companies, LLC	5/16/2030		247,419		247,419
Streamland Media Midco LLC	3/31/2029	NA			55,062
Suited Connector, LLC	3/29/2030		252,265	NA
Supergoop, LLC	12/29/2027		2,578		29,105
Syndigo, LLC	9/2/2032		299,683		356,765
Thunder Purchaser, Inc. (Vector Solutions)	6/30/2028		204,439		204,439
Titan Home Improvement, LLC (Renuity)	5/31/2030	NA			139,535
Titan Home Improvement, LLC (Renuity)	5/31/2030		95,349		116,279
Trintech, Inc.	7/25/2029	NA			196,336
Vortex Companies, LLC	9/4/2029	NA			392,601
Vortex Companies, LLC	9/4/2029		65,972		108,067
Zendesk Inc.	11/21/2031	NA			252,463
Zendesk Inc.	11/22/2028		302,992		302,992
Zilliant Incorporated	12/21/2027	NA			100,000
Total Unfunded Balances		$	17,602,746	$	23,815,548

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

6. Other Related Party Transactions

The Company, the Advisor and affiliates may be considered related parties. From time to time, the Advisor advances payments to third parties on behalf of the Company and receives reimbursement from the Company. At September 30, 2026 and December 31, 2025, amounts reimbursable to the Advisor totaled $0.1 million and $0.1 million respectively, as reflected in the Statements of Assets and Liabilities.

Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the nine months ended September 30, 2026 and 2025, $0.3 million and $0.3 million of such costs were allocated to the Company and subject to reimbursement pursuant to the Administration Agreement, respectively.

7. Stockholders’ Equity and Dividends

As of September 30, 2026, the Company had received $301.0 million of equity commitments to purchase shares of the Company's common stock. As of September 30, 2026, $301.0 million (100.0% of total commitments) had been called. No new shares were issued during the nine months ended September 30, 2026.

Dividends and distributions to common stockholders are recorded on the ex-dividend date. Distributions are declared considering annual taxable income available for distribution to stockholders and the amount of taxable income carried over from the prior year for distribution in the current year. The following table summarizes the Company's dividends declared and paid for the nine months ended September 30, 2026 and 2025.


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
March 30, 2026	March 30, 2026	March 31, 2026	Return of Capital	$	1.00	$	29,275,589
March 30, 2026	March 30, 2026	March 31, 2026	Regular	$	0.20	$	5,724,411
May 7, 2026	June 16, 2026	June 30, 2026	Regular	$	0.17	$	4,840,497
August 6, 2026	September 16, 2026	September 30, 2026	Regular	$	0.15	$	4,451,513
				$	1.52	$	44,292,010


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
May 8, 2025	June 16, 2025	June 30, 2025	Regular	$	0.20	$	5,719,130
August 7, 2025	September 16, 2025	September 30, 2025	Regular	$	0.20	$	5,886,188
				$	0.40	$	11,605,318

8. Subsequent Events

On November 5, 2026, the Company’s Board of Directors declared a fourth quarter dividend in the amount of $4,381,579, payable on December 31, 2026 to stockholders of record as of the close of business on December 17, 2026.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

9. Financial Highlights

The financial highlights below show the Company's results of operations for the nine months ended September 30, 2026 and 2025.


	For the Nine Months Ended September 30,
	2026			2025
Per Common Share
Per share net asset value (“NAV”) at beginning of period	$	8.94		$	9.57

Investment operations: (1)
Net investment income		0.47			0.63
Net realized and unrealized gain (loss)		(0.44	)		(0.28	)
Total from investment operations		0.03			0.35

Ordinary income dividends		(0.52	)		(0.40	)
Tax basis returns of capital		(1.00	)		—
Distributions to common shareholders		(1.52	)		(0.40	)

Per share NAV at end of period	$	7.45		$	9.52

Total return based on net asset value: (2)		0.3	%		3.7	%

Shares outstanding at end of period		29,173,775			29,173,775
Ratios to average net asset value: (3)
Net investment income (4)		7.8	%		8.8	%
Expenses, before incentive fee		1.4	%		1.4	%
Expenses, net of incentive fee		1.4	%		1.5	%

Ending net asset value	$	217,351,989		$	277,688,739
Portfolio turnover rate		5.0	%		20.4	%
Weighted-average debt outstanding	$	110,000		$	110,000
Weighted-average interest rate on debt		12.0	%		12.0	%
Weighted-average number of shares of common stock		29,173,775			27,871,142
Weighted-average debt per share	$	0.00		$	0.00

(1)

Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.

(2)

Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.

(3)

Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses.

(4)

Excludes incentive fees and excise taxes, if any.

BlackRock Direct Lending Corp.

Notes to Financial Statements (Unaudited) (Continued)

September 30, 2026

10. Senior Securities

Information about the Company's senior securities is shown in the following table as of the end of each of the last seven fiscal years and the period ended September 30, 2026.


Class and Year	Total Amount Outstanding (1)		Asset Coverage Per Unit (2)		Involuntary Liquidating Preference Per Unit (3)		Average Market Value Per Unit (4)
Unsecured Notes
As of September 30, 2026 (Unaudited)	$	110,000	$	1,919,377		—	N/A
Fiscal Year 2025		110,000		2,373,231		—	N/A
Fiscal Year 2024		110,000		2,358,200		—	N/A
Fiscal Year 2023		110,000		13,133		—	N/A
Fiscal Year 2022		110,000		5,642		—	N/A
Fiscal Year 2021		110,000		4,904		—	N/A
Fiscal Year 2020		110,000		272,472		—	N/A
Capital Call Facility
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	N/A		N/A			—	N/A
Fiscal Year 2024	N/A		N/A			—	N/A
Fiscal Year 2023		19,500,000		13,207		—	N/A
Fiscal Year 2022		37,500,000		5,642		—	N/A
Fiscal Year 2021		22,000,000		4,928		—	N/A
Fiscal Year 2020		—		—		—	N/A

(1)

Total amount of each class of senior securities outstanding at the end of the period presented.

(2)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.

(3)

The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)

The Company's senior securities are not registered for public trading.

BlackRock Direct Lending Corp.

Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

September 30, 2026


Investment		Acquisition Date
48forty Intermediate Holdings, Inc., Class A-1 Common Units		1/14/2026
48forty Intermediate Holdings, Inc., Preferred Units		1/14/2026
Grey Orange International Inc., Warrants to Purchase, Common Stock		5/6/2022
Igloo Parent Holdings LLC (InMoment), Common Units		5/9/2025
Infinite Commerce Holdings LLC (Razor), Common Units		8/27/2025
Infinite Commerce Holdings LLC (Razor), Series A Prime, Preferred Units		8/27/2025
Infinite Commerce Holdings LLC (Razor), Series A-3, Preferred Units		8/27/2025
JobandTalent USA, Inc. (United Kingdom), F1 Preferred Stock		2/11/2025
JobandTalent USA, Inc. (United Kingdom), F3 Preferred Stock		2/11/2025
Motive Technologies, Inc., Warrants to Purchase Common Stock		11/27/2024
New JuicePlus Parent LLC, Common Stock		9/30/2025
Pluralsight, Inc., Common Stock		8/22/2024
SellerX Germany GMBH & Co. KG (Germany), Class A Common Stock		6/25/2025
SellerX Germany GMBH & Co. KG (Germany), Class B Common Stock		6/25/2025
SellerX Germany GMBH & Co. KG (Germany), Class C Common Stock		6/25/2025
SellerX Germany GMBH & Co. KG (Germany), Class D Common Stock		6/25/2025
Streamland Media LLC., Common Units		3/31/2025
Suited Connector, LLC, Common Units		3/31/2026
Suited Connector, LLC, Preferred Units		3/31/2026
Vingil Holdings 2 S.a r.l (Germany) (SellerX), Preferred Units		6/25/2025
Worldremit Group Limited (United Kingdom), Series X Shares		2/11/2021
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock		8/27/2021
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock		6/24/2024

BlackRock Direct Lending Corp.

Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2025


Investment		Acquisition Date
48forty Intermediate Holdings, Inc. (Alpine Acquisition), Common Stock		11/5/2024
48forty Intermediate Holdings, Inc. (Alpine Acquisition), Common Stock – KKR Participation		12/1/2025
Grey Orange International Inc., Warrants to Purchase, Common Stock		5/6/2022
Igloo Parent Holdings LLC (InMoment), Common Units		5/9/2025
Infinite Commerce Holdings LLC (Razor), Common Units		8/27/2025
Infinite Commerce Holdings LLC (Razor), Series A Prime, Preferred Units		8/27/2025
Infinite Commerce Holdings LLC (Razor), Series A-3, Preferred Units		8/27/2025
JobandTalent USA, Inc. (United Kingdom), F1 Preferred Stock		2/11/2025
JobandTalent USA, Inc. (United Kingdom), F3 Preferred Stock		2/11/2025
New JuicePlus Parent LLC, Common Stock		9/30/2025
Motive Technologies, Inc., Warrants to Purchase Common Stock		11/27/2024
Pluralsight, Inc., Common Stock		8/22/2024
SellerX Germany GMBH & Co. KG (Germany), Common Shares		6/25/2025
Vingil Holdings 2 S.a r.l (SellerX Germany), Preferred Units		6/25/2025
Streamland Media LLC., Common Units		3/31/2025
SuCo Investors, LP (Suited Connector), Warrants to Purchase Class A Units		3/6/2023
Worldremit Group Limited (United Kingdom), Series X Shares		2/11/2021
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock		8/27/2021
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock		6/24/2024

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

The information contained in this section should be read in conjunction with our unaudited financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of BlackRock Direct Lending Corp. (the “Company,” “we,” “us” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•

our, or our portfolio companies’, future business, operations, operating results or prospects;

•

the return or impact of current and future investments;

•

the impact of a protracted decline in the liquidity of credit markets on our business;

•

the impact of fluctuations in interest rates on our business;

•

the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

the general economy and its impact on the industries in which we invest;

•

political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of
trade policy;

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;

•

the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;

•

our expected financings and investments;

•

the adequacy of our financing resources and working capital;

•

the ability of BlackRock Capital Investment Advisors, LLC, our investment advisor (the “Advisor”) to locate suitable investments for us and to monitor and administer our investments;

•

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

•

the timing, form and amount of any dividend distributions;

•

our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”); and

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks.

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward-looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in this report.

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

Overview

The Company is a Delaware corporation formed on October 12, 2020 and is an externally managed, closed-end, non-diversified management investment company. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to achieve high risk-adjusted returns produced primarily from current income generated by investing primarily in senior secured corporate debt instruments. We seek to achieve our investment objective through investments in privately-originated, performing senior secured debt primarily in North America-based companies with target enterprise values between $100 million and $1.5 billion. Performing debt is debt that at the time of investment is not defaulted or, in the view of the

Advisor, distressed. The Company targets positions in first lien, second lien and unitranche debt, with a preference for floating-rate debt, which the Advisor believes provides flexibility to adapt to changing market conditions. The Company may invest in securities of any maturity and credit quality. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies.

The Company has elected to be treated, and intends to qualify annually, as a RIC for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Internal Revenue Code of 1986, as amended (the “Code”), for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. Government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of September 30, 2026, 90.9% of our total assets were invested in qualifying assets.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or payment-in-kind (“PIK”). Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

The Company is responsible for paying the compensation of the Advisor. In addition, the Company is generally responsible for all operating expenses of the Company, and shall pay, and shall reimburse the Advisor or BlackRock Financial Management, Inc., our administrator (the “Administrator”) and their respective affiliates for, all fees, costs, expenses, liabilities and obligations of the Company relating or attributable to:

•

our organization;

•

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

•

interest payable on debt, if any, incurred to finance our investments;

•

the base management fee and any incentive fee;

•

dividends and distributions on our shares of common stock;

•

administration fees payable under the administration agreement with the Administrator (the “Administration Agreement”);

•

fees payable to third parties relating to, or associated with, making investments;

•

transfer agent and custodial fees;

•

registration fees;

•

taxes;

•

director fees and expenses;

•

costs of preparing and filing reports or other documents with the SEC;

•

costs of any reports, proxy statements or other notices to our stockholders, including printing costs;

•

our fidelity bond;

•

directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•

indemnification payments;

•

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

•

all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

The investment management agreement with the Advisor (the “Investment Management Agreement”) provides that the base management fee be calculated at an annual rate of 0.90% of our total assets (excluding cash and cash equivalents) on the last day of each preceding calendar quarter and is payable quarterly in arrears. For purposes of calculating the base management fee, “total assets” is determined without deduction for any borrowings or other liabilities. No base management fee is payable for the period from the date of the initial drawdown purchase through the end of the first calendar quarter after the initial drawdown purchase. Subsequently, the base management fee is calculated based on the value of our total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. The base management fee for any partial quarter is appropriately prorated.

Additionally, the Investment Management Agreement provides that the Advisor or its affiliates may be entitled to an incentive fee under certain circumstances. According to the terms of such agreement, the incentive fee equals the sum of (i) 12.5% of all net investment income and (ii) 12.5% of all net realized capital gains (net of any net unrealized capital depreciation) less net investment income incentive fee and capital gains incentive fee previously paid. However, incentive fee will only be paid to the extent the cumulative total return of the Company after incentive fee and including such payment would equal or exceed a 6% annual return on daily weighted-average contributed common equity. The determination of incentive fee is subject to limitations under the 1940 Act and the Advisers Act.

Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Management considers the following critical accounting policies important to understanding the financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our financial statements.

Valuation of portfolio investments

Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Company’s board of directors (the “Board of Directors”) designated the Advisor as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies and procedures reviewed and approved by a committee established by the Valuation Designee (the “Valuation Committee”) and approved by the Board of Directors. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. However, short term debt investments with original maturities of generally three months or less are valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of our investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with our documented valuation policies and procedures reviewed and approved by the Valuation Committee. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread.

The valuation process approved by the Valuation Designee with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

•

The investment professionals of the Valuation Designee provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by the Valuation Committee.

•

Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Valuation Designee.

•

The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Valuation Designee in good faith in accordance with our valuation policy without the employment of an independent valuation firm.

•

The Valuation Designee determines the fair value of the remainder of investments in our portfolio in good faith based on
the input of the Valuation Committee and the respective independent valuation firms.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing one or more methodologies, including the market approach, the income approach, or in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, 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 us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Our investments may be categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

Level 1 — Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 — Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 — Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

As of September 30, 2026, none of our investments were categorized as Level 1, 1.6% were categorized as Level 2 and 98.4% were Level 3 investments valued based on valuations by independent third-party sources.

As of December 31, 2025, none of our investments were categorized as Level 1, 1.8% were categorized as Level 2 and 98.2% were Level 3 investments valued based on valuations by independent third-party sources.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the financial statements.

Revenue recognition

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Net realized gains or losses and net change in unrealized appreciation or depreciation

We measure 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. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Portfolio and investment activity

During the three months ended September 30, 2026, we invested approximately $2.0 million across existing portfolio companies, including PIK received on prior investments. Of these investments, $2.0 million, or 100.0% of total acquisitions, were in senior secured loans. Additionally, we received approximately $18.8 million in proceeds from sales or repayments of investments during the three months ended September 30, 2026.

During the three months ended September 30, 2025, we invested approximately $8.1 million, comprised of investments in 2 new and 2 existing portfolio companies. Of these investments, $8.1 million, or 100.0% of total acquisitions, were in senior secured loans. Additionally, we received approximately $19.1 million in proceeds from sales or repayments of investments during the three months ended September 30, 2025.

During the nine months ended September 30, 2026, we invested approximately $9.8 million, comprised of new investments in 1 new and 4 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of

these investments, $9.8 million, or 100.0% of total acquisitions, were in senior secured loans. Additionally, we received approximately $37.4 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2026.

During the nine months ended September 30, 2025, we invested approximately $54.9 million, comprised of investments in 16 new and 14 existing portfolio companies. Of these investments, $53.9 million, or 98.2% of total acquisitions, were in senior secured loans. The remaining $1.0 million, or 1.8% of total acquisitions, was comprised of two new equity investments. Additionally, we received approximately $47.3 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2025.

At September 30, 2026, our investment portfolio of $170.2 million (at fair value) consisted of 91 portfolio companies and was invested 99.5% in senior secured loans and 0.5% in equity investments. Our average portfolio company investment at fair value was approximately $1.9 million. Our largest portfolio company investment by value was approximately 3.7% of our portfolio and our five largest portfolio company investments by value comprised approximately 14.3% of our portfolio at September 30, 2026.

At December 31, 2025, our investment portfolio of $210.1 million (at fair value) consisted of 104 portfolio companies and was invested 98.3% in senior secured loans and 1.7% in equity investments. Our average portfolio company investment at fair value was approximately $2.0 million. Our largest portfolio company investment by value was approximately 3.5% of our portfolio and our five largest portfolio company investments by value comprised approximately 12.6% of our portfolio at December 31, 2025.

The industry composition of our portfolio at fair value at September 30, 2026 was as follows:


Industry	Percent of Total Investments
Software		29.6	%
Professional Services		10.2	%
Internet Software and Services		7.0	%
Construction and Engineering		6.5	%
Diversified Financial Services		6.0	%
IT Services		5.4	%
Diversified Consumer Services		4.9	%
Capital Markets		3.4	%
Real Estate Management and Development		3.2	%
Insurance		3.1	%
Wireless Telecommunication Services		2.6	%
Health Care Technology		2.4	%
Paper and Forest Products		2.3	%
Commercial Services and Supplies		2.2	%
Healthcare Providers and Services		2.1	%
Electrical Equipment		1.6	%
Internet and Catalog Retail		1.5	%
Construction Materials		1.4	%
Media		1.3	%
Other		3.3	%
Total		100.0	%

The weighted average effective yield of our debt portfolio based on fair value was 10.5% at September 30, 2026 and 10.2% at December 31, 2025, excluding non-accrual and non-income producing loans. The weighted average effective yield of our total portfolio based on fair value was 10.3% at September 30, 2026 and 9.5% at December 31, 2025. At September 30, 2026, 100.0% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, Euro Interbank Offered Rate (“EURIBOR”), the Federal Funds Rate or the Prime Rate, and 0.0% of debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 97.1% at September 30, 2026. Debt investments in 9 portfolio companies were on non-accrual status as of September 30, 2026, representing 2.0% of the portfolio at fair value and 7.3% at cost. At December 31, 2025, 99.4% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 0.6% of debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 98.4% at December 31, 2025. Debt investments in 10 portfolio companies were on non-accrual status as of December 31, 2025, representing 2.8% of the portfolio at fair value and 6.9% at cost.

Results of operations

Investment income

Investment income totaled $5.2 million and $7.0 million, respectively, for the three months ended September 30, 2026 and 2025, of which $4.8 million and $6.5 million were attributable to interest and fees on our debt investments, as well as PIK income of $0.4 million and $0.5 million, respectively. The decrease in investment income in the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily reflects the decrease in portfolio size and decrease in interest income due to lower SOFR rates.

Investment income totaled $16.2 million and $20.8 million, respectively, for the nine months ended September 30, 2026 and 2025, of which $15.1 million and $19.1 million were attributable to interest and fees on our debt investments, as well as PIK income of $1.1 million and $1.7 million, respectively. The decrease in investment income in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily reflects the decrease in portfolio size and decrease in interest income due to lower SOFR rates.

Expenses

Total operating expenses for the three months ended September 30, 2026 and 2025 were $0.8 million and $1.0 million, respectively, comprised of $0.4 million and $0.6 million in management fees, $0.1 million and $0.1 million in professional fees, $0.1 million and $0.1 million in administrative expenses, $0.0 million and $0.0 million in interest and other debt expenses and $0.2 million and $0.2 million in other expenses, respectively. The decrease in expenses in the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily reflects the impact of management fees.

Total operating expenses for the nine months ended September 30, 2026 and 2025 were $2.5 million and $3.1 million, respectively, comprised of $1.4 million and $1.6 million in management fees, $0.4 million and $0.4 million in professional fees, $0.3 million and $0.3 million in administrative expenses, $0.0 million and $0.0 million in interest and other debt expenses, $0.0 million and $0.4 million in incentive fees earned, and $0.4 million and $0.4 million in other expenses, respectively. The decrease in expenses in the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily reflects the lower management fees and the absence of incentive fees in the nine months ended September 30, 2026.

Net investment income (loss)

Net investment income was $4.4 million and $6.0 million respectively, for the three months ended September 30, 2026 and 2025. The decrease in net investment income reflects lower investment income, offset by lower operating expenses during the three months ended September 30, 2026 compared to the three months ended September 30, 2025.

Net investment income was $13.7 million and $17.6 million respectively, for the nine months ended September 30, 2026 and 2025. The decrease in net investment income reflects lower investment income, offset by lower operating expenses during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Net realized and unrealized gain or loss

Net realized gain (loss) for the three months ended September 30, 2026 and 2025 was ($0.4) million and ($9.9) million, respectively. Net realized losses for the three months ended September 30, 2026 were comprised primarily of $0.4 million in losses from the restructuring of our investment in Paramount. Net realized losses for the three months ended September 30, 2025 was comprised primarily of a $6.6 million loss from the restructuring of our investment in Razor, $1.0 million loss from the restructuring of our investment in Juice Plus and $2.3 million in losses from the disposition of our investment in INH Buyer.

Net realized gain (loss) for the nine months ended September 30, 2026 and 2025 was ($5.9) million and ($19.0) million, respectively. Net realized losses for the nine months ended September 30, 2026 were comprised primarily of $2.8 million, $1.4 million, $1.4 million, and $0.4 million in losses from the restructuring of our investments in Alpine, Suited Connector, McAfee, and Paramount, respectively. Net realized losses for the nine months ended September 30, 2025 was comprised primarily of $6.6 million, $3.0 million, $2.9 million, $1.9 million, $1.3 million and $1.0 million in losses from the restructuring of our investments in Razor, Homerenew Buyer, InMoment, SellerX, Streamland and Juice Plus, respectively, along with $2.3 million in losses from the disposition of our investment in INH Buyer.

For the three months ended September 30, 2026 and 2025, the change in net unrealized appreciation (depreciation) was ($3.8) million and $8.5 million, respectively. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2026 primarily reflects a $1.6 million unrealized loss on our investment in Streamland, a $1.4 million unrealized loss on our investment in Job and Talent, and a $0.4 million unrealized loss on our investment in Terraboost, partially offset by $0.6 million

reversals of previously recognized unrealized losses from the restructuring of our investment in Paramount. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2025 primarily reflects $6.7 million reversals of previously recognized unrealized losses from the restructuring of our investment in Razor, $2.8 million in reversals of previously recognized unrealized losses from the disposition of our investment in INH Buyer and $0.9 million in reversals of previously recognized unrealized losses from the restructuring of our investment in Juice Plus, partially offset by a $1.0 million unrealized loss on our investment in Alpine and a $0.7 million unrealized loss on our investment in Streamland.

For the nine months ended September 30, 2026 and 2025, the change in net unrealized appreciation (depreciation) was ($7.1) million and $11.3 million, respectively. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2026 primarily reflects a $2.5 million unrealized loss on our investment in Streamland, a $2.2 million unrealized loss on our investment in Job and Talent, a $2.2 million unrealized loss on our investment in Zilliant, a $0.6 million unrealized loss on our investment in E-Discovery, a $0.6 million unrealized loss on our investment in iCIMS, and a $0.5 million unrealized loss on our investment in Terraboost, partially offset by $2.4 million, $1.4 million, and $1.3 million reversals of previously recognized unrealized losses from the restructuring of our investments in Alpine, McAfee and Suited Connector, respectively. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2025 primarily reflects $6.0 million, $2.4 million, $1.6 million, $1.4 million, $0.6 million and $0.6 million reversals of previously recognized unrealized losses from the restructuring of our investments in Razor, Homerenew Buyer, InMoment, SellerX, Streamland, and Juice Plus, respectively, $1.9 million reversals of previously recognized unrealized losses from the disposition of our investment in INH Buyer, $1.1 million in gains on our investment in Job and Talent, partially offset by a $1.9 million unrealized loss on our investment in Alpine and a $0.8 million unrealized loss on our investment in Brook & Whittle.

Incentive compensation

Incentive fees for the three months ended September 30, 2026 and 2025 were $0.0 million and $0.0 million, respectively. As of September 30, 2026, the Company’s cumulative performance did not exceed the total return hurdle and, as a result, no incentive compensation was accrued for the three months ended September 30, 2026. In addition, we did not accrue any reserves for incentive fees on capital gains based on a hypothetical liquidation basis in accordance with GAAP for the three months ended September 30, 2026 and 2025.

Incentive fees for the nine months ended September 30, 2026 and 2025 were $0.0 million and $0.4 million, respectively. For the nine months ended September 30, 2025, $0.4 million out of the potential $2.3 million incentive fees was earned due to the Company’s cumulative performance not fully exceeding the total return threshold. In addition, we did not accrue any reserves for incentive fees on capital gains based on a hypothetical liquidation basis in accordance with GAAP for the nine months ended September 30, 2026 and 2025.

Income tax expense, including excise tax

The Company has elected to be treated, and intends to qualify annually, as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, timely distribute to its stockholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its stockholders which will generally relieve the Company from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is incurred at year end as such amounts are known. No excise tax was incurred nor paid in the three and nine months ended September 30, 2026 and 2025.

Net increase (decrease) in net assets resulting from operations

The net increase (decrease) in net assets applicable to common stockholders resulting from operations was $0.1 million and $4.6 million, respectively, for the three months ended September 30, 2026 and 2025.

The net increase (decrease) in net assets applicable to common stockholders resulting from operations was $0.7 million and $10.0 million respectively, for the nine months ended September 30, 2026 and 2025.

Liquidity and capital resources

Our liquidity and capital resources are expected to be generated primarily through the initial private placement of shares of the Company's common stock and cash flows from operations, including investments sales and repayments and income earned from

investments and cash equivalents. The primary uses of cash have been investments in portfolio companies, payments to service our debt and other general corporate purposes.

The following table summarizes the total shares issued and proceeds received in connection with the Company’s private placement for the nine months ended September 30, 2026 and 2025.


	Nine Months Ended September 30,
	2026	2025
Shares Issued	N/A		2,091,875
Average Price Per Share	N/A	$	9.58
Proceeds (1)	N/A	$	20,048,825

(1)

Net of offering costs of $17,841, for the nine months ended September 30, 2025.

Total debt outstanding as of September 30, 2026 included unsecured promissory notes with a principal amount of $110,000, at a rate of 12% per annum, and a maturity date of December 31, 2050.

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act (“SBCAA”) was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. The reduced asset coverage requirement would permit a BDC to have a ratio of total outstanding indebtedness to common equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement. The Company does not currently intend to seek approval for the modified asset coverage ratio election set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As of September 30, 2026, the Company’s asset coverage ratio was 191,938%.

Net cash provided by operating activities during the nine months ended September 30, 2026 was $41.7 million, consisting primarily of settlement of acquisitions of investments (net of dispositions) of $31.5 million and net investment income (net of non-cash income and expenses) of approximately $10.2 million.

Net cash used in financing activities during the nine months ended September 30, 2026 was $44.3 million, consisting of $29.3 million in return of capital distribution to shareholders and $15.0 million of dividends paid to shareholders.

At September 30, 2026 we had $44.6 million in cash and cash equivalents.

Contractual obligations

We have entered into several contracts under which we have future commitments. Pursuant to the Investment Management Agreement, the Advisor manages our day-to-day operations and provides investment advisory services to us. Payments under the Investment Management Agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive fee, plus reimbursement of certain expenses incurred by the Advisor. Under our Administration Agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the Administration Agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us, and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Advisor for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Advisor is not responsible for any of the foregoing expenses and such services are not investment advisory services under the 1940 Act. The Company may terminate each of the Investment Management Agreement and Administration Agreement without penalty upon not less than 60 days’ written notice to the other party and the Advisor and the Administrator may terminate the Investment Management Agreement or Administration Agreement, as applicable, without penalty upon not less than 120 days’ written notice to the other party.

Distributions

Our quarterly dividends and distributions to common stockholders are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to stockholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

The following tables summarize dividends declared for the nine months ended September 30, 2026 and 2025. Tax characteristics of any distributions are reported to stockholders on Form 1099-DIV or Form 1042-S after the end of the calendar year.


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
March 30, 2026	March 30, 2026	March 31, 2026	Return of Capital	$	1.00	$	29,275,589
March 30, 2026	March 30, 2026	March 31, 2026	Regular	$	0.20	$	5,724,411
May 7, 2026	June 16, 2026	June 30, 2026	Regular	$	0.17	$	4,840,497
August 6, 2026	September 16, 2026	September 30, 2026	Regular	$	0.15	$	4,451,513
				$	1.52	$	44,292,010


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
May 8, 2025	June 16, 2025	June 30, 2025	Regular	$	0.20	$	5,719,130
August 7, 2025	September 16, 2025	September 30, 2025	Regular	$	0.20	$	5,886,188
				$	0.40	$	11,605,318

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

•

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

•

98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

•

certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our stockholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to pay a large portion of a dividend in shares of our common stock instead of in cash. As long as a sufficient portion of such dividend is paid in cash (which portion can generally be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•

The Company has entered into an Investment Management Agreement with the Advisor.

•

The Company has entered into the Administration Agreement with the Administrator.

•

The Company has entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name “BlackRock”.

The Advisor and its affiliates, employees and associates currently do, and in the future may, manage other funds and accounts. The Advisor and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds or accounts. Accordingly, conflicts may arise regarding the allocation of investments or opportunities among us and those accounts. In general, the Advisor will allocate investment opportunities pro rata among us and the other funds and accounts (assuming the investment satisfies the objectives of each) based on the amount of committed capital each then has available. The allocation of certain investment opportunities in private placements is subject to independent director approval pursuant to the terms of the co-investment exemptive order applicable to us. In certain cases, investment opportunities may be made other than on a pro rata basis. For example, we may desire to retain an asset at the same time that one or more other funds or accounts desire to sell it or we may not have additional capital to invest at a time the other funds or accounts do. If the Advisor is unable to manage our investments effectively, we may be unable to achieve our investment objective. In addition, the Advisor may face conflicts in allocating investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflict of interests and investments made pursuant to the exemptive order conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.

Recent Developments

See “Note 8 – Subsequent Events” to the financial statements for a summary of recent developments.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At September 30, 2026, 100.0% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At September 30, 2026, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 97.1%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our Statement of Assets and Liabilities as of September 30, 2026, the following table shows the annual impact on net investment income (excluding the related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:


Basis Point Change	Net Investment Income			Net Investment Income Per Share
Up 300 basis points	$	5,743,691		$	0.20
Up 200 basis points		3,829,128			0.13
Up 100 basis points		1,914,564			0.07
Down 100 basis points		(1,914,301	)		(0.07	)
Down 200 basis points		(3,822,177	)		(0.13	)
Down 300 basis points		(5,643,036	)		(0.19	)

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Internal Control over Financial Reporting

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

Part II – Other Information

Item 1. Legal Proceedings

Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, we are currently not a party to any pending material legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors discussed in our Annual Report on Form 10-K for the year ended
December 31, 2025 (the “Annual Report”). In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in our Annual Report, which could materially affect our business, financial condition and/or operating results. 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.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the three months ended September 30, 2026, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5–1 trading arrangement” or “non-Rule 10b5–1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Malaysia Airports Holdings Berhad, in which certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest.

Item 6. Exhibits

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


Number		Description
3.1		Certificate of Incorporation(1)
3.2		Amended and Restated By-Laws(2)
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)*
99.1		Disclosure Pursuant to Section 13(r) of the Exchange Act*
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 with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

(1)

Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56231) filed on December 10, 2020 and incorporated herein by reference.

(2)

Incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K (File No. 814-01378) filed on August 2, 2024 and incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Direct Lending Corp.


Date: November 5, 2026	By:	/s/ Jason Mehring
	Name:	Jason Mehring
	Title:	Chief Executive Officer
		(Principal Executive Officer)

Date: November 5, 2026	By:	/s/ Erik L. Cuellar
	Name:	Erik L. Cuellar
	Title:	Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)