false--12-31Q30001905824CAtrueAll investments are U.S. domiciled.The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.Interest rates on short-term investments are annualized.Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See Note 7. Commitments and Contingencies in the Notes to Unaudited Consolidated Financial Statements.The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 16.7% of the Company’s total net assets calculated in accordance with the 1940 Act.All or a portion of the interest on this position is paid-in-kind (PIK)Non-income producing security.All debt investments are income-producing, unless otherwise noted.The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 18.4% of the Company’s total net assets calculated in accordance with the 1940 Act.Purchases and Drawdowns may include securities received in corporate actions and restructurings.Sales and Paydowns may include securities delivered in corporate actions and restructuring of investments.Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR”) and/or the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the 1 Month LIBOR of 4.39%, 3 Month LIBOR of 4.77%, 6 Month LIBOR of 5.14%, 1 Month SOFR of 4.36%, 3 Month SOFR of 4.59% and 6 Month SOFR of 4.78%.Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR”), Synthetic LIBOR (“SYN LIBOR”), and/or the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. 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February Refinancing Term Loan | Brokerage | SOFR + 3.614% | 8.931% | 02/12/2027 2023-09-30 0001905824 Debt Investments | First Lien Senior Secured | AP Core Holdings II LLC Term B2 Loan | Entertainment | SOFR + 5.614% | 10.931% | 09/01/2027 2023-09-30 0001905824 Investments Non-Controlled Non Affiliated Investments | Debt Investments | First Lien Senior Secured | AP Core Holdings II LLC Term B1 Loan | Entertainment | SOFR + 5.614% | 10.931% | 09/01/2027 2023-09-30 0001905824 Debt Investments | First Lien Senior Secured | Alorica Inc Term Loan | IT Services | SOFR + 6.875% | 12.191% | 12/21/2027 2023-09-30 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.32% | 01/23/2024 2023-09-30 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.05% | 11/09/2023 2023-09-30 0001905824 Debt Investments | Senior Unsecured | GCOM | Technology | 17.000% | 02/16/2029 2023-09-30 0001905824 Debt Investments | Senior Unsecured | LEAF Home 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Senior Secured | AP Core Holdings II, LLC Term B-1 Loan | Entertainment | LIBOR + 5.500% | 9.884% | 09/01/2027 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | AP Core Holdings II, LLC Term B-2 Loan | Entertainment | LIBOR + 5.500% | 9.884% | 09/01/2027 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | AssuredPartners, Inc. 2020 February Refinancing Term Loan | Brokerage | LIBOR + 3.500% | 7.884% | 02/12/2027 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Caesars Resort Collection LLC Term B Loan | Gaming | LIBOR + 2.750% | 7.134% | 12/23/2024 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Clydesdale Acquisition Holdings Inc. Seven Year Term Loan | Packaging | SOFR + 4.275% | 8.598% | 04/13/2029 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Cornerstone Building Brands Inc. Tranche B Term Loan | Building Materials | LIBOR + 3.250% | 7.568% | 04/12/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Endurance International Group Holdings Inc. Initial Term Loan | Technology | LIBOR + 3.500% | 7.717% | 02/10/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Gainwell Acquisition Corp. Term B Loan | Pharmaceuticals | LIBOR + 4.000% | 8.730% | 10/01/2027 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | LBM Acquisition LLC Initial Term Loan | Retailers | LIBOR + 3.750% | 7.121% | 12/17/2027 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Mavenir Systems Inc. Initial Term Loan | Technology | LIBOR + 4.750% | 9.424% | 08/18/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | McAfee Corp. Term Loan | Technology | SOFR + 3.850% | 7.974% | 03/01/2029 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Peraton Corp. Term B Loan | Technology | LIBOR + 3.750% | 8.134% | 02/01/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | PetSmart LLC Initial Term Loan | Retailers | LIBOR + 3.750% | 8.130% | 02/11/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Planview Parent Inc. Closing Date Term Loan | Technology | LIBOR + 4.000% | 8.730% | 12/17/2027 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | PLNTF Holdings LLC Initial Term Loan | Entertainment | LIBOR + 8.000% | 12.753% | 03/22/2026 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Polaris Newco LLC Dollar Term Loan | Technology | LIBOR + 4.000% | 8.730% | 06/02/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Rising Tide Holdings, Inc. Initial Term Loan | Retailers | LIBOR + 4.750% | 9.485% | 06/01/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Sophia L.P. Term Loan B | Technology | LIBOR + 3.500% | 8.230% | 10/07/2027 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Team Health Holdings Inc. Non-Extended Term Loan | Healthcare | SOFR + 2.750% | 7.134% | 02/06/2024 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | U.S. Foods Inc. (aka U.S. Foodservice, Inc.) Incremental B-2019 Term Loan | Food and Beverage | LIBOR + 2.000% | 6.384% | 09/13/2026 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | U.S. Renal Care, Inc. Initial Term Loan | Healthcare | LIBOR + 5.000% | 9.438% | 06/26/2026 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Univision Communications Inc. Initial Term Loan | Broadcasting | LIBOR + 3.250% | 7.634% | 01/31/2029 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Victorias Secret & Co. Initial Term Loan | Retailers | LIBOR + 3.250% | 7.983% | 08/02/2028 2022-12-31 0001905824 Debt Investments | First Lien Senior Secured | Windstream Services LLC Incremental Term Loan | Wireless | SOFR + 4.100% | 8.423% | 02/28/2027 2022-12-31 0001905824 Debt Investments | Second Lien Senior Secured | Altar BidCo Inc. 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false--12-310001905824Q1trueCAAll investments are U.S. domiciled.Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Unaudited Consolidated Financial Statements for additional information.The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, total non-qualifying assets at fair value represented 13.2% of the Company’s total net assets calculated in accordance with the 1940 Act.Interest rates on short-term investments are annualized.Non-income producing security.Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Unaudited Consolidated Financial Statements.Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of March 31, 2024, the reference rates for the floating rate loans were the 1 Month SOFR of 5.33%, 3 Month SOFR of 5.30% and 6 Month SOFR of 5.22%.Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.All or a portion of the interest on this position is paid-in-kind (PIK).Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2023, the reference rates for the floating rate loans were the 1 Month SOFR of 5.35%, 3 Month SOFR of 5.33% and 6 Month SOFR of 5.16%.The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. 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Closing Date Term Loan | SOFR + 4.262% | 9.610 % | 12/17/2027 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | MH Sub I, LLC Term Loan | SOFR + 4.250% | 9.606 % | 05/03/2028 2023-12-31 0001905824 Corporate Bonds | Automotive | Rivian Holdings/Auto LLC 144A | SOFR + 5.625% | 11.493 % | 10/15/2026 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Entertainment | PLNTF Holdings, LLC Initial Term Loan | SOFR + 8.262% | 13.633 % | 03/22/2026 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-2 Loan | SOFR + 5.614% | 10.970 % | 09/01/2027 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-1 Loan | SOFR + 5.614% | 10.970 % | 09/01/2027 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Diversified Manufacturing | TK Elevator Midco GmbH Facility B1 Loan | SOFR + 3.928% | 9.381 % | 07/30/2027 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Consumer Services | BCPE Empire Holdings, Inc. Extended Term Loan | SOFR + 4.750% | 10.106 % | 12/11/2028 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Packaging | LABL, Inc. Initial Dollar Term Loan | SOFR + 5.100% | 10.456 % | 10/29/2028 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Packaging | Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan | SOFR + 4.275% | 9.631 % | 04/13/2029 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | IT Services | Alorica, Inc. Term Loan | SOFR + 6.875% | 12.231 % | 12/21/2027 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Incremental Term Loan | SOFR + 6.000% | 11.388 % | 08/27/2026 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Delayed Draw Term Loan | SOFR + 6.000% | 11.388 % | 08/27/2026 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Healthcare | U.S. Renal Care, Inc. Closing Date Term Loan | SOFR + 5.356% | 10.470 % | 06/20/2028 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Financial Other | Asurion, LLC B-8 Term Loan | SOFR + 3.364% | 8.720 % | 12/23/2026 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | McAfee Corp. Term Loan | SOFR + 3.850% | 9.193 % | 03/01/2029 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | Mavenir Systems, Inc. Initial Term Loan | SOFR + 5.012% | 10.390 % | 08/18/2028 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | Endurance International Group Holdings, Inc. Initial Term Loan | SOFR + 3.928% | 9.422% | 02/10/2028 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Retailers | Rising Tide Holdings, Inc. FILO Term Loan | SOFR + 9.000% | 14.356 % | 06/01/2026 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Retailers | LBM Acquisition, LLC Initial Term Loan | SOFR + 3.850% | 9.206 % | 12/17/2027 2023-12-31 0001905824 Debt Investments | First Lien Senior Secured | Pharmaceuticals | Gainwell Acquisition Corp. Term B Loan | SOFR + 4.100% | 9.448 % | 10/01/2027 2023-12-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.094 % | 02/20/2024 2023-12-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.137 % | 03/28/2024 2023-12-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 4.820 % | 01/23/2024 2023-12-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 0.000 % | 01/02/2024 2023-12-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.096 % | 03/14/2024 2023-12-31 0001905824 Debt Investments | Senior Unsecured | Consumer Services | LEAF Home Solutions Note | 12.000% | 02/26/2027 2023-12-31 0001905824 Debt Investments | Senior Unsecured | Technology | GCOM | 17.000% | 02/16/2029 2023-12-31 0001905824 Warrants | Technology | GCOM | 08/11/2033 2023-12-31 0001905824 Warrants | Retailers | West Marine/Rising Tide Holdings, Inc. | 09/08/2028 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Seven Year Term Loan | SOFR + 4.275% | 9.105% | 04/13/2029 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | IT Services | Alorica, Inc. Term Loan | SOFR + 6.875% | 12.205% | 12/21/2027 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Incremental Term Loan | SOFR + 6.000% | 11.343% | 08/27/2026 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Delayed Draw Term Loan | SOFR + 6.000% | 11.343% | 08/27/2026 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Healthcare | U.S. Renal Care, Inc. Closing Date Term Loan | SOFR + 5.356% | 10.442% | 06/20/2028 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Financial Other | Asurion, LLC B-8 Term Loan | SOFR + 3.364% | 8.692% | 12/23/2026 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | Mavenir Systems, Inc. Initial Term Loan | SOFR + 5.012% | 10.335% | 08/18/2028 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | Endurance International Group Holdings, Inc. Initial Term Loan | SOFR + 3.928% | 9.422% | 02/10/2028 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Retailers | Rising Tide Holdings, Inc. FILO Term Loan | SOFR + 9.000% | 14.327% | 06/01/2026 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Retailers | LBM Acquisition, LLC Initial Term Loan | SOFR + 3.850% | 9.177% | 12/17/2027 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Pharmaceuticals | Gainwell Acquisition Corp. Term B Loan | SOFR + 4.100% | 9.409% | 10/01/2027 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Packaging | LABL, Inc. Initial Dollar Term Loan | SOFR + 5.100% | 10.430% | 10/29/2028 2024-03-31 0001905824 Debt Investments | Second Lien Senior Secured | Technology | Altar BidCo, Inc. Initial Term Loan | SOFR + 5.600% | 10.399% | 02/01/2030 2024-03-31 0001905824 Corporate Bonds | Automotive | Rivian Holdings/Auto LLC 144 | SOFR + 5.625% | 11.493% | 10/15/2026 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Entertainment | PLNTF Holdings, LLC Initial Term Loan | SOFR + 8.262% | 13.590% | 03/22/2026 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-2 Loan | SOFR + 5.614% | 10.945% | 09/01/2027 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-1 Loan | SOFR + 5.614% | 10.945% | 09/01/2027 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Diversified Manufacturing | TK Elevator Midco GmbH Facility B2 Loan | SOFR + 3.500% | 9.081% | 04/30/2030 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Consumer Services | BCPE Empire Holdings, Inc. Term Loan | SOFR + 4.000% | 9.330 % | 12/11/2028 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Wireless | Windstream Services, LLC Incremental Term Loan | SOFR + 4.100% | 9.430% | 02/23/2027 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | TIBCO Software, Inc. Dollar Term Loan B | SOFR + 4.600% | 9.909% | 03/30/2029 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | Polaris Newco, LLC Dollar Term Loan | SOFR + 4.262% | 9.574% | 06/02/2028 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | Planview Parent, Inc. Closing Date Term Loan | SOFR + 4.262% | 9.564% | 12/17/2027 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | MH Sub I, LLC Term Loan | SOFR + 4.250% | 9.580% | 05/03/2028 2024-03-31 0001905824 Debt Investments | First Lien Senior Secured | Technology | McAfee Corp. Term Loan | SOFR + 3.850% | 9.176% | 03/01/2029 2024-03-31 0001905824 Debt Investments | Senior Unsecured | Consumer Services | LEAF Home Solutions Note | 12.000% | 02/26/2027 2024-03-31 0001905824 Debt Investments | Senior Unsecured | Technology | GCOM | 17.000% | 02/16/2029 2024-03-31 0001905824 Debt Investments | Second Lien Senior Secured | Chemicals | K2 Pure Solutions Nocal Holding Term Loan | 17.000% | 01/30/2029 2024-03-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.195% | 06/13/2024 2024-03-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.222% | 07/02/2024 2024-03-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.215% | 05/30/2024 2024-03-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.128% | 06/04/2024 2024-03-31 0001905824 Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.195% | 05/21/2024 2024-03-31 0001905824 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED ~~SEPTEMBER~~MARCH 3031, ~~2023~~2024

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

COMMISSION FILE NUMBER:

814-01549

PIMCO Capital Solutions BDC Corp.

(Exact name of registrant as specified in its charter)


Delaware		87-4705230
(State of incorporation)		(I.R.S. Employer Identification No.)

650 Newport Center Drive

Newport Beach~~, CA 92660~~

92660

(Address of principal executive offices)

(

949

)

720-6000

(Registrant’s telephone number, including area code)

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

Title of each class ~~TradingSymbol~~Trading Symbol(s) Name of each ~~exchangeon~~exchange on which registered — — —

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

Common Stock, par value $0.001 per share

(Title of Class)

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 definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

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 issuer had 21,602,602 shares of common stock, $0.001 par value per share, outstanding as of May 10, 2024.

PIMCO CAPITAL SOLUTIONS BDC CORP.

FORM 10-Q FOR THE QUARTER ENDED ~~SEPTEMBER~~MARCH 3031, ~~2023~~2024

Table of Contents

	INDEX	PAGENO.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements ~~(Unaudited)~~		1
	Consolidated Statements of Assets and Liabilities as of September 30, 2023 (Unaudited) and December 31, 2022		1
	Consolidated Statements of Assets and Liabilities as of March 31, 2024 (Unaudited) and December 31, 2023		1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and Three Months Ended September 30, 2022 and June 10, 2022 (date of inception) to September 30, 2022 (Unaudited)		2
	Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited)		2
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2023 and Three Months Ended September 30, 2022 and June 10, 2022 (date of inception) to September 30, 2022 (Unaudited)		3
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2024 and 2023 (Unaudited)		3
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and June 10, 2022 (date of inception) to September 30, 2022 (Unaudited)		4
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited)		4
	Consolidated Schedules of Investments as of September 30, 2023 (Unaudited) and December 31, 2022		5
	Consolidated Schedules of Investments as of March 31, 2024 (Unaudited) and December 31, 2023		5
	Notes to Unaudited Consolidated Financial Statements		810
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		2123
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		2931
Item 4.	Controls and Procedures		3032
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		3032
Item 1A.	Risk Factors		3032
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		3032
Item 3.	Defaults Upon Senior Securities		3032
Item 4.	Mine Safety Disclosures		3032
Item 5.	Other Information		3033
Item 6.	Exhibits		3134
SIGNATURES			32

http://fasb.org/us-gaap/2023#RelatedPartyMemberhttp://fasb.org/us-gaap/2023#RelatedPartyMember

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements ~~(Unaudited)~~

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share)

	September 30, 2023 (Unaudited)			December 31, 2022
	March 31, 2024
	(Unaudited)			December 31, 2023
Assets
Investments at fair value
Non-controlled, non-affiliated investments, at fair value (cost of $233,185 and $256,627, respectively)	$	230,604		$	230,202
Non-controlled, non-affiliated investments, at fair value (cost of $195,368 and $220,859, respectively)	$	191,906		$	215,975
Cash		~~418~~97			~~800~~2,306
Interest receivable		3,728			2,968
Restricted cash		1,172			1,009
Receivable for paydowns of investments		305			830
Interest receivable		2,096			2,428
Organizational costs paid by Advisor		703			1,004
Receivable for paydowns of investments		92			59
Deferred offering costs		—			10
Organizational costs paid by Advisor		107			194
Deferred financing fee		2,~~353~~216			—2,280
Due from affiliate		—			2
Total Assets	$	197,686		$	224,251
Total Assets	$	238,111		$	235,816
Liabilities
Due to affiliate		—			435
Interest payable		115			325
Accrued administration fee		9075			9487
Accrued organizational costs		1,153			1,153
Organizational costs payable to Advisor		1,152			1,153
Accrued offering costs		20			20
Offering costs payable to Advisor		20			20
Directors fee reimbursement to Advisor		~~131~~112			~~192~~152
Legal expenses payable		250			—
Accrued legal fee		216			153
Valuation expenses payable		114			—
Accrued commitment fee		205			171
Other payable		~~235~~234			~~127~~140
Other liabilities		185			—
Total Liabilities	$	2,129		$	2,201
Total Liabilities	$	2,178		$	2,021
Commitments & Contingencies (Note 7)
Net Assets
Common stock, $0.001 par value, 250,000,000 shares authorized, 25,387,884 and 25,387,884 shares issued and outstanding, respectively	$	25		$	25
Common stock, $0.001 par value, 250,000,000 shares authorized, 21,602,602 and 25,387,884 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	$	22		$	25
Paid-in-capital in excess of par		~~253~~220,~~854~~619			253,~~854~~745
Distributable earnings (loss)		(1725,~~946~~084	)		(2031,~~084~~720	)
Total Net Assets	$	~~235~~195,~~933~~557		$	~~233~~222,~~795~~050
Total Liabilities and Net Assets	$	~~238~~197,~~111~~686		$	~~235~~224,~~816~~251
Net asset value per share	$	9.2905		$	98.2175

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share)

(Unaudited)

	Three Months Ended						~~Nine Months Ended September 30, 2023~~			~~June 10, 2022 (date of inception) to September 30, 2022~~
	September 30, 2023			September 30, 2022
	March 31, 2024			March 31, 2023
Investment Income
From non-controlled, non-affiliated investments:
Interest income	$	43,~~003~~503		$	3,~~025~~640		$	~~14,053~~		$	~~3,161~~
Payment in-kind interest		2,~~952~~451			12,~~624~~514			~~6,327~~			~~1,633~~
Other income		4524			—			54			—
Total investment income	$	75,~~000~~978		$	46,~~649~~154		$	~~20,434~~		$	~~4,794~~
Expenses
Management fee	$	~~753~~649		$	~~798~~729		$	~~2,233~~		$	~~806~~
Directors fee		6143			~~131~~62			~~184~~			~~131~~
Administration fee		9075			9788			~~268~~			97
Interest expense		63219			—			70			—
Organizational costs		101			497			300			1,010
Offering costs		—			5
Tax expense		21			—			22			—
Legal expenses		63			—
Offering costs		—			5			10			5
Other expenses		126			32
Legal expenses		65			—			250			—
Recoupment of prior expenses paid by the Advisor		86			99
Other expenses		160			116			241			117
Total expenses	$	1,261		$	1,015
Total expenses	$	1,314		$	1,644		$	3,578		$	2,166
Less: Waivers (Note 3)		(649	)		(729	)
Less: Waivers (Note 3)		(753	)		(1,236	)		(2,233	)		(1,756	)
Net expenses		612			286
Net expenses		561			408			1,345			410
Net investment income (loss)	$	5,366		$	5,868
Net investment income (loss)	$	6,439		$	4,241		$	19,089		$	4,384
Net realized and unrealized gains (losses) on investment transactions:
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		(43	)		(17,751	)
Non-controlled/non-affiliated investments		(15,073	)		(22	)		(32,995	)		(22	)
Net change in unrealized appreciation (depreciation) from:
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		1,422			17,594
Non-controlled/non-affiliated investments		7,109			(3,835	)		23,844			(4,878	)
Net realized and unrealized gains (losses)		1,379			(157	)
Net realized and unrealized gains (losses)		(7,964	)		(3,857	)		(9,151	)		(4,900	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,745		$	5,711
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,525	)	$	384		$	9,938		$	(516	)
Weighted average shares outstanding (basic and diluted)		22,600,919			25,387,884
Weighted average shares outstanding		25,387,884			25,387,884			25,387,884			20,894,719
Net Investment income (loss) per share (basic and diluted)	$	0.24		$	0.23
Net Investment income (loss) per share (basic and diluted)	$	0.25		$	0.17		$	0.75		$	0.21
Earnings (loss) per share (basic and diluted)	$	0.30		$	0.22
Earnings (loss) per share (basic and diluted)	$	(0.06	)	$	0.02		$	0.39		$	(0.02	)

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share and per share)

(Unaudited)

	Three Months Ended						~~Nine Months Ended September 30, 2023~~			~~June 10, 2022 (date of inception) to September 30, 2022~~
	September 30, 2023			September 30, 2022
	March 31, 2024			March 31, 2023
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income	$	65,~~439~~366		$	45,~~241~~868		$	~~19,089~~		$	~~4,384~~
Net realized gain (loss)		(~~15,073~~43	)		(2217,751	)		~~(32,995~~	)		~~(22~~	)
Net change in unrealized appreciation (depreciation)		71,~~109~~422			(317,~~835~~594	)		~~23,844~~			~~(4,878~~	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(16,~~525~~745	)	$	~~384~~5,711		$	~~9,938~~		$	~~(516~~	)
Distributions to stockholders from:
Capital Share Transactions
Distributable earnings		(4,800	)		—			(7,800	)		—
Redemption of common shares	$	(33,238	)	$	—
Total distributions to stockholders		(4,800	)		—			(7,800	)		—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(33,238	)	$	—
Capital Share Transactions
Total Increase (Decrease) in Net Assets	$	(26,493	)	$	5,711
Issuance of common shares	$	—		$	—		$	—		$	253,879
Net Assets
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	—		$	—		$	—		$	253,879
Beginning of period	$	222,050		$	233,795
Total Increase (Decrease) in Net Assets	$	(6,325	)	$	384		$	2,138		$	253,363
End of period	$	195,557		$	239,506
Net Assets
Capital Share Activity
Beginning of period	$	242,258		$	252,979		$	233,795		$	—
Shares redeemed		(3,785,282	)		—
End of period	$	235,933		$	253,363		$	235,933		$	253,363
Net Increase (Decrease) in Shares Outstanding		(3,785,282	)		—
Capital Share Activity
Shares issued		—			—			—			25,387,884
Net Increase (Decrease) in Shares Outstanding		—			—			—			25,387,884

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Nine Months Ended			June 10, 2022 (date of inception) to
	Three Months Ended
	September 30, 2023			September 30, 2022
	March 31, 2024			March 31, 2023
Cash Flows From Operating Activities:
Net Increase (Decrease) in Net Assets from Operations	$	96,~~938~~745		$	~~(516~~5,711	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term securities		(354,~~907~~900	)		(612,~~790~~375	)
Proceeds from sales of long-term securities		2010,~~821~~605			~~380~~17,041
Sales (Purchases) of short-term portfolio investments, net		1422,~~586~~823			(~~104~~6,~~011~~498	)
Net change in unrealized (appreciation) depreciation on investments		(231,~~844~~422	)		4(17,~~878~~594	)
Net realized (gain) loss on investments		~~32,995~~43			2217,751
Payment in-kind interest		(62,~~327~~451	)		(12,~~633~~514	)
Net (accretion) on investments		(~~2,105~~619	)		(~~628~~611	)
Paydown (gain)		(9610	)		(1277	)
Amortization of deferred financing cost		7067			—
Amortization of deferred offering costs		10—			5
Increase/(decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable		~~(760~~332	)		~~(1,479~~84	)
(Increase) decrease in organizational costs paid by Advisor		301			(950	)
(Increase) decrease in paydown receivable		(33	)		—
(Increase) decrease in deferred offering costs		—			(20	)
(Increase) decrease in organizational costs paid by Advisor		87			99
(Increase) decrease in due from affiliate		2—			(2177	)
Increase (decrease) in due to affiliate		~~(435~~—	)		97(435	)
Increase (decrease) in accrued administration fee		(4	)		—
Increase (decrease) in interest payable		(210	)		—
Increase (decrease) in accrued organizational costs		—			1,010
Increase (decrease) in accrued administration fee		(12	)		(6	)
Increase (decrease) in accrued offering costs		—			20
Increase (decrease) in organizational costs payable to Advisor		(1	)		—
Increase (decrease) in directors fee reimbursement to Advisor		(6140	)		~~131~~62
Increase (decrease) in legal expenses payable		250			—
Increase (decrease) in accrued legal fee		63			—
Increase (decrease) in valuation expenses payable		114			—
Increase (decrease) in accrued commitment fee		34			—
Increase (decrease) in other payable		~~108~~94			~~116~~32
Increase (decrease) in other liabilities		185			—
Net cash provided by (used for) operating activities	$	31,195		$	498
Net cash provided by (used for) operating activities	$	9,841		$	(109,382	)
Cash Flows From Financing Activities:
Proceeds from issuance of common shares	$	—		$	110,015
Redemption of common shares	$	(33,238	)		—
Distributions paid		(7,800	)		—
Deferred financing fees paid		(3	)		—
Deferred financiang fees paid		(2,423	)		—
Net cash provided by (used for) financing activities	$	(33,241	)	$	—
Net cash provided by (used for) financing activities	$	(10,223	)	$	110,015
Net increase (decrease) in cash and restricted cash		(2,046	)		498
Net increase (decrease) in cash		(382	)		633
Cash and restricted cash, beginning of period		3,315			800
Cash, beginning of period		800			—
Cash and restricted cash, end of period	$	1,269		$	1,298
Cash, end of period	$	418		$	633
Supplemental and Cash Flow Information:
Tax expenses paid during the period	$	22		$	—
Interest paid during the period	$	362		$	—
Supplemental and Non-Cash Information:
Contributions of securities, at net fair value		—			143,864
Exchange of investments		12,900			—

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2023~~2024

(Amounts in thousands, except share amounts)

(Unaudited)

Investments (1) Non-Controlled, Non-Affiliated Investments	Industry	Reference Rate Spread (4)			Interest Rate (5)			Maturity Date		Par Amount/ Shares		Cost		Fair Value			Percentage of Net Assets
Investments (1)Non-Controlled, Non-Affiliated Investments	Reference RateSpread (4)	InterestRate			MaturityDate			Par Amount/Shares		Cost		Fair Value		Percentage ofNet Assets
Debt Investments
First Lien Senior Secured
Alorica, Inc. Term Loan (3)	IT Services		SOFR + 6.875%			12.191	%		12/21/2027		12,313	$	12,194	$	12,195			5.17	%
Consumer Services
AP Core Holdings II, LLC Term B-1 Loan	Entertainment		SOFR + 5.614%			10.931	%		09/01/2027		3,536		3,494		3,485			1.48	%
BCPE Empire Holdings, Inc. Term Loan (8)	SOFR + 4.000%		9.330	%		12/11/2028			2,494	$	2,496	$	2,499		1.28	%
AP Core Holdings II, LLC Term B-2 Loan	Entertainment		SOFR + 5.614%			10.931	%		09/01/2027		3,458		3,416		3,369			1.43	%
Total Consumer Services											2,496		2,499		1.28	%
AssuredPartners, Inc. 2020 February Refinancing Term Loan	Brokerage		SOFR + 3.614%			8.931	%		02/12/2027		6,910		6,637		6,901			2.92	%
Diversified Manufacturing
Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan	Packaging		SOFR + 4.275%			9.591	%		04/13/2029		6,913		6,642		6,828			2.89	%
TK Elevator Midco GmbH Facility B2 Loan (8)	SOFR + 3.500%		9.081	%		04/30/2030			2,488		2,487		2,498		1.28	%
Endurance International Group Holdings, Inc. Initial Term Loan	Technology		LIBOR + 3.500%			8.792	%		02/10/2028		6,912		6,596		6,733			2.85	%
Total Diversified Manufacturing											2,487		2,498		1.28	%
Gainwell Acquisition Corp. Term B Loan	Pharmaceuticals		SOFR + 4.100%			9.490	%		10/01/2027		4,863		4,824		4,756			2.02	%
Entertainment
Integrity Marketing Acquisition, LLC Delayed Draw Term Loan (3)(8)	Insurance Life		SOFR + 6.000%			11.337	%		08/27/2026		3,700		1,400		1,392			0.59	%
AP Core Holdings II, LLC Term B-1 Loan	SOFR + 5.614%		10.945	%		09/01/2027			2,134		2,112		2,097		1.07	%
Integrity Marketing Acquisition, LLC Incremental Term Loan (3)	Insurance Life		SOFR + 6.000%			11.422	%		08/27/2026		5,542		5,431		5,510			2.34	%
AP Core Holdings II, LLC Term B-2 Loan	SOFR + 5.614%		10.945	%		09/01/2027			2,231		2,207		2,189		1.12	%
LBM Acquisition, LLC Initial Term Loan	Retailers		SOFR + 3.850%			9.181	%		12/17/2027		4,688		4,654		4,586			1.94	%
PLNTF Holdings, LLC Initial Term Loan (8)	SOFR + 8.262%		13.590	%		03/22/2026			11,087		10,977		11,018		5.63	%
Mavenir Systems, Inc. Initial Term Loan (2)	Technology		SOFR + 5.012%			10.389	%		08/18/2028		9,850		9,768		7,858			3.33	%
Total Entertainment											15,296		15,304		7.82	%
McAfee Corp. Term Loan	Technology		SOFR + 3.850%			9.165	%		03/01/2029		6,913		6,577		6,763			2.87	%
Financial Other
PetSmart LLC Initial Term Loan	Retailers		SOFR + 3.850%			9.166	%		02/11/2028		6,929		6,672		6,919			2.93	%
Asurion, LLC B-8 Term Loan (8)	SOFR + 3.364%		8.692	%		12/23/2026			2,487		2,427		2,443		1.25	%
Planview Parent, Inc. Closing Date Term Loan	Technology		SOFR + 4.262%			9.652	%		12/17/2027		6,911		6,768		6,836			2.90	%
Total Financial Other											2,427		2,443		1.25	%
PLNTF Holdings, LLC Initial Term Loan (3)	Entertainment		SOFR + 8.263%			13.659	%		03/22/2026		11,144		10,999		10,699			4.53	%
Healthcare
Polaris Newco, LLC Dollar Term Loan	Technology		SOFR + 4.114%			9.431	%		06/02/2028		6,912		6,715		6,635			2.81	%
U.S. Renal Care, Inc. Closing Date Term Loan	SOFR + 5.356%		10.442	%		06/20/2028			1,587		993		1,383		0.71	%
Rising Tide Holdings, Inc. FILO Term Loan (3)	Retailers		SOFR + 9.000%			14.316	%		06/01/2026		4,570		4,419		4,413			1.87	%
Total Healthcare											993		1,383		0.71	%
Sophia, L.P. Term Loan B	Technology		SOFR + 3.600%			8.916	%		10/07/2027		6,912		6,713		6,905			2.93	%
Insurance Life
Team Health Holdings, Inc. Non-Extended Term Loan	Healthcare		SYN LIBOR + 2.750%			8.181	%		02/06/2024		6,908		6,761		6,764			2.87	%
Integrity Marketing Acquisition, LLC Delayed Draw Term Loan (3)	SOFR + 6.000%		11.343	%		08/27/2026			3,682		3,682		3,682		1.88	%
U.S. Renal Care, Inc. Closing Date Term Loan	Healthcare		SOFR + 5.262%			10.607	%		06/20/2028		1,595		963		1,069			0.45	%
Integrity Marketing Acquisition, LLC Incremental Term Loan (3)	SOFR + 6.000%		11.343	%		08/27/2026			5,514		5,404		5,514		2.82	%
Univision Communications Inc. Initial Term Loan	Broadcasting		SOFR + 3.364%			8.681	%		01/31/2029		6,912		6,743		6,847			2.90	%
Total Insurance Life											9,086		9,196		4.70	%
Victoria’s Secret & Co. Initial Term Loan (2)	Retailers		SOFR + 3.512%			8.903	%		08/02/2028		2,886		2,863		2,828			1.20	%
IT Services
Windstream Services, LLC Incremental Term Loan	Wireless		SOFR + 4.100%			9.416	%		02/23/2027		7,000		6,708		6,930			2.94	%
Alorica, Inc. Term Loan (3)	SOFR + 6.875%		12.205	%		12/21/2027			11,690		11,591		11,562		5.91	%
Total First Lien Secured													137,957		137,221			58.16	%
Total IT Services											11,591		11,562		5.91	%
Second Lien Senior Secured
Packaging
Altar BidCo, Inc. Initial Term Loan	Technology		SOFR + 5.600%			10.492	%		02/01/2030		2,900		2,875		2,831			1.20	%
Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan (8)	SOFR + 4.275%		9.105	%		04/13/2029			2,197		2,120		2,203		1.13	%
Total Second Lien Secured													2,875		2,831			1.20	%
LABL, Inc. Initial Dollar Term Loan	SOFR + 5.100%		10.430	%		10/29/2028			2,487		2,480		2,441		1.25	%
Senior Unsecured
Total Packaging											4,600		4,644		2.38	%
GCOM (3)(6)	Technology		N/A			17.000	%		02/16/2029		12,730		10,011		9,938			4.21	%
Pharmaceuticals
LEAF Home Solutions Note (3)(6)	Consumer Services		N/A			12.000	%		02/26/2027		32,235		32,073		29,850			12.65	%
Gainwell Acquisition Corp. Term B Loan (8)	SOFR + 4.100%		9.409	%		10/01/2027			2,232		2,217		2,139		1.09	%
Total Senior Unsecured													42,084		39,788			16.86	%
Total Pharmaceuticals											2,217		2,139		1.09	%
Total Debt Investments													182,916		179,840			76.22	%
Retailers
Corporate Bonds
LBM Acquisition, LLC Initial Term Loan (8)	SOFR + 3.850%		9.177	%		12/17/2027			2,216		2,202		2,215		1.13	%
Rivian Holdings/Auto LLC 144A (2)	Automotive		SOFR + 5.625%			11.490	%		10/15/2026		28,601		28,227		28,816			12.21	%
Rising Tide Holdings, Inc. FILO Term Loan (3)	SOFR + 9.000%		14.327	%		06/01/2026			4,570		4,436		4,429		2.27	%
Total Corporate Bonds													28,227		28,816			12.21	%
Total Retailers											6,638		6,644		3.40	%
Common Stocks
Technology
West Marine/Rising Tide Holdings, Inc. (3)(7)	Retailers		N/A			N/A			N/A		25,000		359		262			0.11	%
Endurance International Group Holdings, Inc. Initial Term Loan (8)	SOFR + 3.928%		9.422	%		02/10/2028			6,876		6,593		6,727		3.44	%
Total Common Stocks													359		262			0.11	%
Mavenir Systems, Inc. Initial Term Loan (2)	SOFR + 5.012%		10.335	%		08/18/2028			9,800		9,726		7,011		3.59	%
Warrants
McAfee Corp. Term Loan (8)	SOFR + 3.850%		9.176	%		03/01/2029			2,346		2,240		2,348		1.20	%
GCOM (3)(7)	Technology		N/A			N/A			8/11/2033		2,491,250		2,491		2,491			1.06	%
MH Sub I, LLC Term Loan (8)	SOFR + 4.250%		9.580	%		05/03/2028			2,487		2,403		2,476		1.27	%
West Marine/Rising Tide Holdings, Inc. (3)(7)	Retailers		N/A			N/A			9/8/2028		47,166		—		—			0.00	%
Planview Parent, Inc. Closing Date Term Loan (8)	SOFR + 4.262%		9.564	%		12/17/2027			6,876		6,747		6,868		3.51	%
Total Warrants													2,491		2,491			1.06	%
Polaris Newco, LLC Dollar Term Loan	SOFR + 4.262%		9.574	%		06/02/2028			2,394		2,328		2,373		1.21	%
TIBCO Software, Inc. Dollar Term Loan B (8)	SOFR + 4.600%		9.909	%		03/30/2029			2,487		2,387		2,479		1.27	%
Total Technology											32,424		30,282		15.49	%
Wireless
Windstream Services, LLC Incremental Term Loan	SOFR + 4.100%		9.430	%		02/23/2027			7,000		6,745		6,930		3.54	%
Total Wireless											6,745		6,930		3.54	%
Total First Lien Senior Secured											97,000		95,524		48.85	%

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of ~~September~~March 3031, ~~2023~~2024

(Amounts in thousands, except share amounts)

(Unaudited)


Investments (1) Non-Controlled, Non-Affiliated Investments	Reference Rate Spread (4)	Interest Rate (5)			Maturity Date	Par Amount/ Shares		Cost		Fair Value		Percentage of Net Assets
Debt Investments
Second Lien Senior Secured
Chemicals
K2 Pure Solutions Nocal Holding Term Loan (3)(6)	N/A		17.000	%	01/30/2029		5,057	$	4,645	$	4,631		2.37	%

Total Chemicals									4,645		4,631		2.37	%
Technology
Altar BidCo, Inc. Initial Term Loan	SOFR + 5.600%		10.399	%	02/01/2030		2,900		2,875		2,872		1.47	%

Total Technology									2,875		2,872		1.47	%

Total Second Lien Senior Secured									7,520		7,503		3.84	%

Senior Unsecured
Consumer Services
LEAF Home Solutions Note (3)(6)(8)	N/A		12.000	%	02/26/2027		34,170		33,927		32,208		16.47	%

Total Consumer Services									33,927		32,208		16.47	%
Technology
GCOM (3)(6)(9)	N/A		17.000	%	02/16/2029		13,848		11,262		10,980		5.61	%

Total Technology									11,262		10,980		5.61	%

Total Senior Unsecured									45,189		43,188		22.08	%

Total Debt Investments									149,709		146,215		74.77	%

Corporate Bonds
Automotive
Rivian Holdings/Auto LLC 144A (2)	SOFR + 5.625%		11.493	%	10/15/2026		18,601		18,394		18,800		9.61	%

Total Automotive									18,394		18,800		9.61	%

Total Corporate Bonds									18,394		18,800		9.61	%

Common Stocks
Chemicals
K2 Propco Class S Units (3)	N/A		N/A		N/A		897		285		285		0.15	%
K2 Pure Solutions Class S Units (3)	N/A		N/A		N/A		113		36		36		0.02	%

Total Chemicals									321		321		0.17	%
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A		N/A		25,000		359		263		0.13	%

Total Retailers									359		263		0.13	%

Total Common Stocks									680		584		0.30	%

Warrants
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A		09/08/2028		47,166		—		—		0.00	%

Total Retailers									—		—		0.00	%
Technology
GCOM (3)(7)(9)	N/A		N/A		08/11/2033		2,491,250		2,491		2,212		1.13	%

Total Technology									2,491		2,212		1.13	%

Total Warrants									2,491		2,212		1.13	%

Short-Term Investments
U.S. Treasury Bills
U.S. Treasury Bill	N/A		4.660	%	04/09/2024		1,124		1,123		1,123		0.57	%
U.S. Treasury Bill	N/A		5.133	%	05/02/2024		2,600		2,588		2,588		1.32	%
U.S. Treasury Bill	N/A		5.195	%	05/21/2024		1,700		1,688		1,688		0.86	%
U.S. Treasury Bill	N/A		5.215	%	05/30/2024		1,100		1,091		1,091		0.56	%
U.S. Treasury Bill	N/A		5.128	%	06/04/2024		5,200		5,152		5,152		2.64	%
U.S. Treasury Bill	N/A		5.195	%	06/13/2024		7,500		7,420		7,421		3.80	%
U.S. Treasury Bill	N/A		5.222	%	07/02/2024		5,100		5,032		5,032		2.57	%

Total U.S. Treasury Bills									24,094		24,095		12.32	%

Total Short-Term Investments									24,094		24,095		12.32	%

Total Non-Controlled, Non-Affiliated Investments								$	195,368	$	191,906		98.13	%

Total Investments								$	195,368	$	191,906		98.13	%

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of March 31, 2024

(Amounts in thousands)

(Unaudited)

Investments (1) Non-Controlled, Non-Affiliated Investments	Industry	Reference Rate Spread (4)		Interest Rate (5)			Maturity Date		Par Amount/ Shares		Cost		Fair Value		Percentage of Net Assets
Short-Term Investments
U.S. Treasury Bills
U.S. Treasury Bill			N/A		4.21	%		10/10/2023		3,400		3,396		3,396		1.44	%
U.S. Treasury Bill			N/A		4.99	%		11/02/2023		6,600		6,569		6,570		2.79	%
U.S. Treasury Bill			N/A		5.05	%		11/09/2023		7,600		7,556		7,557		3.20	%
U.S. Treasury Bill			N/A		5.32	%		01/23/2024		1,700		1,671		1,672		0.71	%
Total U.S. Treasury Bills												19,192		19,195		8.14	%
Total Short-Term Investments												19,192		19,195		8.14	%
Total Non-Controlled, Non-Affiliated Investments											$	233,185	$	230,604		97.74	%
Total Investments											$	233,185	$	230,604		97.74	%

(1)	All investments are U.S. domiciled.

(2) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of ~~September~~March 3031, ~~2023~~2024, total non-qualifying assets at fair value represented 1613.72% of the Company’s total net assets calculated in accordance with the 1940 Act.

(3)	The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.

(4) Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the ~~London Interbank Offered Rate (“LIBOR”), Synthetic LIBOR (“SYN LIBOR”), and/or the~~ Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of ~~September~~March 3031, ~~2023~~2024, the reference rates for the floating rate loans were the ~~3 Month LIBOR of 5.66%,~~ 1 Month SOFR of 5.3233%, 3 Month SOFR of 5.4030%, and 6 Month SOFR of 5.4722% ~~and SYN LIBOR of 5~~.~~43%.~~

(5)	Interest rates on short-term investments are annualized.

(6) All or a portion of the interest on this position is paid-in-kind (PIK).

(7)	Non-income producing security.

(8) ~~Position~~Pledged oras ~~portion~~collateral ~~thereof~~against ~~is an unfunded loan commitment, and no interest is being earned on~~ the ~~unfunded~~credit ~~portion~~facility. ~~The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated.~~ See Note 74. ~~Commitments~~Borrowings ~~and Contingencies~~ in the Notes to Unaudited Consolidated Financial Statements for additional information.

(9)	Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Unaudited Consolidated Financial Statements.

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of December 31, ~~2022~~2023

(Amounts in thousands)

Investments (1)(2) Non-Controlled, Non-Affiliated Investments	Industry				Reference Rate Spread (5)				Interest Rate (6)				Maturity Date				Par Amount				Cost				Fair Value		Percentage of Net Assets
Investments (1)Non-Controlled, Non-Affiliated Investments	Reference RateSpread (4)		InterestRate				MaturityDate				Par Amount/Shares				Cost				Fair Value				Percentage ofNet Assets
Debt Investments
First Lien Senior Secured
AP Core Holdings II, LLC Term B-1 Loan		Entertainment				LIBOR + 5.500%				9.884	%			09/01/2027			$	3,683			$	3,632			$	3,349		1.43	%
Consumer Services
AP Core Holdings II, LLC Term B-2 Loan		Entertainment				LIBOR + 5.500%				9.884	%			09/01/2027				3,458				3,409				3,128		1.34	%
BCPE Empire Holdings, Inc. Extended Term Loan	SOFR + 4.750%			10.106	%			12/11/2028				2,494			$	2,496			$	2,504				1.13	%
AssuredPartners, Inc. 2020 February Refinancing Term Loan		Brokerage				LIBOR + 3.500%				7.884	%			02/12/2027				6,964				6,637				6,780		2.90	%
Total Consumer Services																2,496				2,504				1.13	%
Caesars Resort Collection, LLC Term B Loan		Gaming				LIBOR + 2.750%				7.134	%			12/23/2024				4,452				4,382				4,448		1.90	%
Diversified Manufacturing
Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan		Packaging				SOFR + 4.275%				8.598	%			04/13/2029				6,965				6,665				6,651		2.84	%
TK Elevator Midco GmbH Facility B1 Loan	SOFR + 3.928%			9.381	%			07/30/2027				2,494				2,494				2,503				1.13	%
Cornerstone Building Brands, Inc. Tranche B Term Loan (3)		Building Materials				LIBOR + 3.250%				7.568	%			04/12/2028				4,835				4,778				4,361		1.87	%
Total Diversified Manufacturing																2,494				2,503				1.13	%
Endurance International Group Holdings, Inc. Initial Term Loan		Technology				LIBOR + 3.500%				7.717	%			02/10/2028				6,965				6,602				6,286		2.69	%
Entertainment
Gainwell Acquisition Corp. Term B Loan		Pharmaceuticals				LIBOR + 4.000%				8.730	%			10/01/2027				4,900				4,854				4,612		1.97	%
AP Core Holdings II, LLC Term B-1 Loan	SOFR + 5.614%			10.970	%			09/01/2027				2,165				2,140				2,124				0.96	%
LBM Acquisition, LLC Initial Term Loan		Retailers				LIBOR + 3.750%				7.121	%			12/17/2027				4,724				4,683				4,116		1.76	%
AP Core Holdings II, LLC Term B-2 Loan	SOFR + 5.614%			10.970	%			09/01/2027				2,231				2,205				2,184				0.98	%
Mavenir Systems, Inc. Initial Term Loan (3)		Technology				LIBOR + 4.750%				9.424	%			08/18/2028				9,925				9,833				8,101		3.47	%
PLNTF Holdings, LLC Initial Term Loan (8)	SOFR + 8.262%			13.633	%			03/22/2026				11,116				10,989				10,671				4.80	%
McAfee Corp. Term Loan		Technology				SOFR + 3.850%				7.974	%			03/01/2029				6,965				6,593				6,502		2.78	%
Total Entertainment																15,334				14,979				6.74	%
Peraton Corp. Term B Loan		Technology				LIBOR + 3.750%				8.134	%			02/01/2028				3,087				3,072				3,020		1.29	%
Financial Other
PetSmart LLC Initial Term Loan		Retailers				LIBOR + 3.750%				8.130	%			02/11/2028				6,982				6,686				6,854		2.93	%
Asurion, LLC B-8 Term Loan	SOFR + 3.364%			8.720	%			12/23/2026				2,494				2,428				2,492				1.12	%
Planview Parent, Inc. Closing Date Term Loan		Technology				LIBOR + 4.000%				8.730	%			12/17/2027				6,964				6,801				6,504		2.78	%
Total Financial Other																2,428				2,492				1.12	%
PLNTF Holdings, LLC Initial Term Loan (4)		Entertainment				LIBOR + 8.000%				12.753	%			03/22/2026				11,230				11,034				10,725		4.59	%
Healthcare
Polaris Newco, LLC Dollar Term Loan		Technology				LIBOR + 4.000%				8.730	%			06/02/2028				6,965				6,741				6,373		2.73	%
U.S. Renal Care, Inc. Closing Date Term Loan	SOFR + 5.356%			10.470	%			06/20/2028				1,591				977				1,213				0.55	%
Rising Tide Holdings, Inc. Initial Term Loan (4)		Retailers				LIBOR + 4.750%				9.485	%			06/01/2028				9,850				9,759				4,679		2.00	%
Total Healthcare																977				1,213				0.55	%
Sophia, L.P. Term Loan B		Technology				LIBOR + 3.500%				8.230	%			10/07/2027				6,965				6,733				6,738		2.88	%
Insurance Life
Team Health Holdings, Inc. Non-Extended Term Loan		Healthcare				SOFR + 2.750%				7.134	%			02/06/2024				6,963				6,513				5,988		2.56	%
Integrity Marketing Acquisition, LLC Delayed Draw Term Loan (3)	SOFR + 6.000%			11.388	%			08/27/2026				3,691				3,691				3,671				1.65	%
U.S. Foods, Inc. (aka U.S. Foodservice, Inc.) Incremental B-2019 Term Loan		Food and Beverage				LIBOR + 2.000%				6.384	%			09/13/2026				6,004				5,858				5,957		2.55	%
Integrity Marketing Acquisition, LLC Incremental Term Loan (3)	SOFR + 6.000%			11.388	%			08/27/2026				5,528				5,417				5,498				2.48	%
U.S. Renal Care, Inc. Initial Term Loan		Healthcare				LIBOR + 5.000%				9.438	%			06/26/2026				1,891				1,857				1,067		0.46	%
Total Insurance Life																9,108				9,169				4.13	%
Univision Communications Inc. Initial Term Loan		Broadcasting				LIBOR + 3.250%				7.634	%			01/31/2029				6,965				6,775				6,780		2.90	%
IT Services
Victoria’s Secret & Co. Initial Term Loan (3)		Retailers				LIBOR + 3.250%				7.983	%			08/02/2028				2,908				2,882				2,835		1.21	%
Alorica, Inc. Term Loan (3)	SOFR + 6.875%			12.231	%			12/21/2027				12,250				12,137				11,999				5.40	%
Windstream Services, LLC Incremental Term Loan (4)		Wireless				SOFR + 4.100%				8.423	%			02/28/2027				7,000				6,655				6,678		2.86	%
Total IT Services																12,137				11,999				5.40	%
Total First Lien Secured																						143,434				132,532		56.69	%
Packaging
Second Lien Senior Secured
Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan (8)	SOFR + 4.275%			9.631	%			04/13/2029				2,203				2,122				2,215				1.00	%
Altar BidCo, Inc. Initial Term Loan		Technology				SOFR + 5.619%				10.512	%			02/01/2030				2,900				2,872				2,489		1.06	%
LABL, Inc. Initial Dollar Term Loan	SOFR + 5.100%			10.456	%			10/29/2028				2,494				2,485				2,398				1.08	%
KKR Apple Bidco, LLC Initial Term Loan		Aviation Services				LIBOR + 5.750%				10.134	%			09/21/2029				1,200				1,194				1,164		0.50	%
Total Packaging																4,607				4,613				2.08	%
Rising Tide Holdings, Inc. Initial Term Loan (4)		Retailers				LIBOR + 8.250%				12.985	%			06/01/2029				21,500				19,839				8,062		3.45	%
Pharmaceuticals
Total Second Lien Secured																						23,905				11,715		5.01	%
Gainwell Acquisition Corp. Term B Loan (8)	SOFR + 4.100%			9.448	%			10/01/2027				2,238				2,221				2,182				0.98	%
Senior Unsecured
Total Pharmaceuticals																2,221				2,182				0.98	%
LEAF Home Solutions Note (4)(7)		Consumer Services				N/A				12.000	%			02/26/2027				28,689				28,502				25,562		10.93	%
Retailers
Total Senior Unsecured																						28,502				25,562		10.93	%
LBM Acquisition, LLC Initial Term Loan (8)	SOFR + 3.850%			9.206	%			12/17/2027				2,222				2,207				2,201				0.99	%
Total Debt Investments																						195,841				169,809		72.63	%
Rising Tide Holdings, Inc. FILO Term Loan (3)	SOFR + 9.000%			14.356	%			06/01/2026				4,570				4,426				4,406				1.98	%
Corporate Bonds
Total Retailers																6,633				6,607				2.97	%
Rivian Holdings/Auto LLC 144A (3)		Automotive				LIBOR + 5.625%				10.164	%			10/15/2026				28,601				28,146				27,743		11.87	%
Technology
Total Corporate Bonds																						28,146				27,743		11.87	%
Endurance International Group Holdings, Inc. Initial Term Loan	SOFR + 3.928%			9.422	%			02/10/2028				6,894				6,594				6,772				3.05	%
Short-Term Investments
Mavenir Systems, Inc. Initial Term Loan (2)	SOFR + 5.012%			10.390	%			08/18/2028				9,825				9,746				6,951				3.13	%
U.S. Treasury Bills
McAfee Corp. Term Loan (8)	SOFR + 3.850%			9.193	%			03/01/2029				2,352				2,241				2,348				1.06	%
U.S. Treasury Bill						N/A				3.44	%			01/26/2023				8,000				7,978				7,980		3.41	%
MH Sub I, LLC Term Loan	SOFR + 4.250%			9.606	%			05/03/2028				2,494				2,405				2,456				1.11	%
U.S. Treasury Bill						N/A				4.08	%			03/09/2023				9,200				9,128				9,130		3.91	%
Planview Parent, Inc. Closing Date Term Loan (8)	SOFR + 4.262%			9.610	%			12/17/2027				6,893				6,758				6,850				3.08	%
U.S. Treasury Bill						N/A				4.12	%			03/23/2023				600				594				594		0.25	%
Polaris Newco, LLC Dollar Term Loan	SOFR + 4.114%			9.470	%			06/02/2028				2,400				2,331				2,371				1.07	%
U.S. Treasury Bill						N/A				4.18	%			03/30/2023				15,100				14,940				14,946		6.39	%
TIBCO Software, Inc. Dollar Term Loan B	SOFR + 4.600%			9.948	%			03/30/2029				2,494				2,389				2,442				1.10	%
Total U.S. Treasury Bills																						32,640				32,650		13.96	%
Total Technology																32,464				30,190				13.60	%
Total Short-Term Investments																						32,640				32,650		13.96	%
Wireless
Total Non-Controlled, Non-Affiliated Investments																					$	256,627			$	230,202		98.46	%
Windstream Services, LLC Incremental Term Loan	SOFR + 4.100%			9.456	%			02/23/2027				7,000				6,725				6,930				3.12	%
Total Investments																					$	256,627			$	230,202		98.46	%
Total Wireless																6,725				6,930				3.12	%
Total First Lien Senior Secured																97,624				95,381				42.95	%
Second Lien Senior Secured
Technology
Altar BidCo, Inc. Initial Term Loan	SOFR + 5.600%			10.813	%			02/01/2030				2,900				2,875				2,878				1.30	%
Total Technology																2,875				2,878				1.30	%
Total Second Lien Senior Secured																2,875				2,878				1.30	%

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of December 31, 2023

(Amounts in thousands)


Investments (1) Non-Controlled, Non-Affiliated Investments	Reference Rate Spread (4)	Interest Rate (5)			Maturity Date		Par Amount/ Shares		Cost		Fair Value		Percentage of Net Assets
Senior Unsecured
Consumer Services
LEAF Home Solutions Note (3)(6)(8)	N/A		12.000	%		02/26/2027		32,235	$	32,090	$	29,526		13.30	%

Total Consumer Services										32,090		29,526		13.30	%
Technology
GCOM (3)(6)(9)	N/A		17.000	%		02/16/2029		13,277		10,622		10,535		4.74	%

Total Technology										10,622		10,535		4.74	%

Total Senior Unsecured										42,712		40,061		18.04	%

Total Debt Investments										143,211		138,320		62.29	%

Corporate Bonds
Automotive
Rivian Holdings/Auto LLC 144A (2)	SOFR + 5.625%		11.493	%		10/15/2026		28,601		28,255		28,658		12.91	%

Total Automotive										28,255		28,658		12.91	%

Total Corporate Bonds										28,255		28,658		12.91	%

Common Stocks
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A			N/A		25,000		359		263		0.12	%

Total Retailers										359		263		0.12	%

Total Common Stocks										359		263		0.12	%

Warrants
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A			09/08/2028		47,166		—		—		0.00	%

Total Retailers										—		—		0.00	%
Technology
GCOM (3)(7)(9)	N/A		N/A			08/11/2033		2,491,250		2,491		2,181		0.98	%

Total Technology										2,491		2,181		0.98	%

Total Warrants										2,491		2,181		0.98	%

Short-Term Investments
U.S. Treasury Bills
U.S. Treasury Bill	N/A		0.000	%		01/02/2024		8,000		7,999		8,000		3.61	%
U.S. Treasury Bill	N/A		4.820	%		01/23/2024		6,200		6,180		6,181		2.78	%
U.S. Treasury Bill	N/A		5.094	%		02/20/2024		4,300		4,268		4,269		1.92	%
U.S. Treasury Bill	N/A		5.096	%		03/14/2024		27,200		26,911		26,918		12.12	%
U.S. Treasury Bill	N/A		5.137	%		03/28/2024		1,200		1,185		1,185		0.53	%

Total U.S. Treasury Bills										46,543		46,553		20.96	%

Total Short-Term Investments										46,543		46,553		20.96	%

Total Non-Controlled, Non-Affiliated Investments									$	220,859	$	215,975		97.26	%

Total Investments									$	220,859	$	215,975		97.26	%

(1)	All investments are U.S. domiciled.

(2) ~~All~~The ~~debt~~investment ~~investments~~is ~~are~~treated ~~income~~as a non-~~producing~~qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, ~~otherwise~~at ~~noted~~the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 16.0% of the Company’s total net assets calculated in accordance with the 1940 Act.

(3) The ~~investment~~fair isvalue ~~treated as a non-qualifying asset under Section 55(a)~~ of the ~~Investment~~investment ~~Company~~was ~~Act~~valued ofusing ~~1940,~~significant asunobservable ~~amended (the “1940 Act’’)~~inputs. ~~Under~~See ~~the~~Note ~~1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets~~6. AsFair ofValue ~~December~~Measurements ~~31,~~in ~~2022, total non-qualifying assets at fair value represented 18.4% of~~ the ~~Company’s~~Notes ~~total~~to ~~net~~Unaudited ~~assets~~Consolidated ~~calculated~~Financial ~~in accordance with the 1940 Act~~Statements.

(4) Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The ~~fair~~applicable ~~value~~base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the ~~investment~~applicable ~~was~~margin ~~valued~~over ~~using~~the ~~significant~~reference ~~unobservable~~rate ~~inputs.~~based ~~See~~on ~~Note~~each 6respective credit agreement. ~~Fair~~As ~~Value~~of ~~Measurements~~December in31, 2023, the ~~Notes~~reference torates ~~Unaudited~~for ~~Consolidated~~the ~~Financial~~floating ~~Statements~~rate loans were the 1 Month SOFR of 5.35%, 3 Month SOFR of 5.33% and 6 Month SOFR of 5.16%.

(5) ~~Unless~~Interest ~~otherwise~~rates ~~indicated, the interest rate~~ on ~~the~~short-term ~~principal~~investments ~~balance~~are outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR”) and/or the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s optionannualized. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the 1 Month LIBOR of 4.39%, 3 Month LIBOR of 4.77%, 6 Month LIBOR of 5.14%, 1 Month SOFR of 4.36%, 3 Month SOFR of 4.59% and 6 Month SOFR of 4.78%.

(6) ~~Interest~~All ~~rates~~or a portion of the interest on ~~short-term~~this ~~investments~~position ~~are~~is ~~annualized~~paid-in-kind (PIK).

(7) ~~All or a portion of the interest on this position is paid~~Non-~~in-kind~~income ~~(PIK)~~producing security.

(8)	Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Unaudited Consolidated Financial Statements for additional information.

(9)	Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Unaudited Consolidated Financial Statements.

The accompanying notes are part of these unaudited consolidated financial statements.

Table of Contents

PIMCO Capital Solutions BDC Corp.

Notes to Unaudited Consolidated Financial Statements

~~September~~March 3031, ~~2023~~2024

1. Organization

PIMCO Capital Solutions BDC Corp. (collectively with its consolidated subsidiaries, the “Company,” “we,” “our,” and “us”), is an externally managed,

non-diversified,

closed-end

management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on July 11, 2022. The Company was incorporated under the laws of the state of Delaware on December 23, 2021. In addition, for U.S. federal income tax purposes, the Company has elected as of August 1, 2022 to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company invests primarily in privately negotiated loans and equity investments to middle market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of less than $50 million. Pacific Investment Management Company LLC (“PIMCO” or the “Advisor”) serves as the Company’s external investment advisor pursuant to an investment management agreement (the “Advisory Agreement”). PIMCO is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). PIMCO also serves as the Company’s administrator (in such capacity, the “Administrator”) pursuant to an administration agreement (the “Administration Agreement”). The Administrator may retain a

sub-administrator

to perform any or all of its obligations under the Administration Agreement.

The Company is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares (as defined below) pursuant to a subscription agreement (“Subscription Agreement”) entered into with the Company or PIMCO Capital Solutions US Feeder LP, a feeder fund established by the Advisor to invest in Shares of the Company (“Feeder Fund”). The Company is a perpetual-life investment vehicle, without a fixed termination date or commitment period. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an

as-needed

basis each time the Company delivers a capital draw-down notice to its investors. The Company entered into an initial subscription agreement on June 9, 2022, received capital contributions on June 10, 2022 (date of inception), and commenced investment operations on June 30, 2022.

The initial meeting of the Board of Directors (the “Board”) of the Company was held on June 22, 2022. There were no operations prior to June 10, 2022 (date of inception). Effective June 10, 2022, affiliated entities of the Advisor (the “PIMCO Entities”) indirectly contributed $15 (amount in thousands) of capital to the Company by investing in interests of the Feeder Fund. In exchange for this contribution, the PIMCO Entities, through their interest in the Feeder Fund, each indirectly received common stock of the Company, par value $0.001 (“Shares”). On June 29, 2022, the PIMCO Entities made an additional capital contribution and, pursuant to Transfer Agreements entered into on June 30, 2022, the PIMCO Entities contributed additional assets to the Company with a fair market value of $143,864 and unrealized loss of $6,588 (amounts in thousands). As a result of these foregoing transactions, the Company issued and sold a total of 25,387,884 Shares at an aggregate purchase price of $253,879 (amount in thousands).

On January 25, 2024, the Company repurchased 3,785,281.95 shares of common stock, par value $0.001 per share from PIMCO Capital Solutions US Feeder LP for $33,238 (amount in thousands) at $8.78 per share in accordance with its offer to repurchase (the “Tender Offer”) its own shares up to the amount of shares that could be repurchased with approximately $40,000 (amount in thousands).

As of March 31, 2024, the Company had total Capital Commitments of $216,026 (amount in thousands), of which 0% is unfunded. Capital Commitments may be drawn down by the Company on a pro rata basis, as needed (including

follow-on

investments), for paying the Company’s expenses, including fees under the Advisory Agreement and Administration Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

The Company’s fiscal year ends December 31.

2. Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The functional and reporting currency for the Company is the U.S. dollar.

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Table of Contents

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant

the requirements for reporting on Form

10-Q

and Articles 6, 10 and 12 of Regulation

S-X.

Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

As provided under ASC Topic 946 and Regulation

S-X,

the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, Emerald CS LLC, Ruby CS LLC, Amber CS LLC, Citrine CS LLC, Diamond CS LLC, Opal CS LLC, Quartz CS LLC, Jade CS LLC, Pearl CS LLC, Sapphire CS LLC, Topaz CS LLC, Garnet CS LLC, Turquoise CS LLC, Aquamarine CS LLC, Tanzanite CS LLC and Peridot CS LLC. All material intercompany transactions are eliminated in consolidation.

Fair Value of Investments

The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820— - Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Revenue Recognition

Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the

ex-dividend

date, except certain dividends from foreign securities where the

ex-dividend

date may have passed, which are recorded as soon as the Company is informed of the dividend. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statements of Operations. Paydown gains and losses on asset-backed securities are recorded as components of interest income on the Consolidated Statements of Operations.

Investments are placed on

non-accrual

status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on

non-accrual

investments may be recognized as income or applied to principal depending upon management’s judgement.

Non-accrual

investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgement, principal and interest or dividend payments are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received or applied to principal depending upon management’s judgement. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

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Paydown gains and losses on investments in debt instruments are reported in Interest income on the Consolidated Statements of Operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of Other income, if applicable, on the Consolidated Statements of Operations. Certain commitment fees are deferred and included in Other Liabilities on the Consolidated Statement of Assets and Liabilities. The commitment fees are amortized over the life of the investment as other income.

Deferred Financing Fees

Deferred financing fees represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, the Company had deferred financing costs of $2,~~353~~216 and $02,280, respectively (amount in thousands). These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the life of the borrowings.

Payment

In-Kind

Interest

The Company may have investments that contain

Payment-In-Kind

(“PIK”) provisions. PIK income, computed at the contractual rate specified in the Company investment agreement, is added to the principal balance of the investment and recorded as Payment

in-kind

interest on the Consolidated Statements of Operations. The Company prospectively ceases recognition of PIK income and the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For investments with PIK income, the Company calculates income accruals based on the principal balance including any PIK.

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Advisor may elect to pay certain organizational costs of the Company on the Company’s behalf and for which the Company reimburses the Advisor. If the Company is dissolved prior to the full reimbursement of the organizational costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Reimbursement Agreement”) with the Advisor pursuant to which the Advisor may elect to pay certain expenses on the Company’s behalf and the Company may be required to repay the Advisor from its excess operating funds until such time as all expenses made by the Advisor on behalf of the Company within three years have been reimbursed. These expenses consist primarily of legal fees and other costs of organizing the Company. As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, $~~703~~107 and $1194,~~004,~~ respectively (amounts in thousands), were recoverable by the Advisor for organizational expenses paid on the Company’s behalf and isare recorded as “Organizational costs paid by Advisor” on the Consolidated Statements of Assets and Liabilities. As of March 31, 2024 and December 31, 2023, $1,152 and $1,153, respectively (amounts in thousands), owed to the Advisor for organizational expenses paid on the Company’s behalf and are recorded as “Organizational costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs in connection with the offering of common stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Advisor may elect to pay certain offering costs of the Company on the Company’s behalf and for which the Company may reimburse the Advisor pursuant to the Expense Reimbursement Agreement between the Company and Advisor. If the Company is dissolved prior to the full reimbursement of the offering costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. As of ~~September~~both March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, there were $0 recoverable by the Advisor for offering costs paid on the Company’s behalf. As of both March 31, 2024 and ~~$10~~December 31, ~~respectively~~2023, there were $20 (~~amounts~~amount in thousands), ~~recoverable~~owed byto the Advisor for offering costs paid on the Company’s behalf, ~~and~~which were recorded as “~~Deferred~~Offering ~~offering~~ costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Other Expenses

All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of Other expenses on the Consolidated Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors’ out-of-pocket ~~expenses and other costs, are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.~~

expenses and other costs, are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.

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Legal Expense

Legal expenses are primarily for legal guidance related to investments, financing,

Legal expenses are related to ongoing reviews of and legal advice on filings, board materials and financing facility and regulatory matters of the Company. These expenses are included as Legal expenses on the Consolidated Statement of Operations and Legal expenses payable on the Consolidated Statement of Assets and Liabilities. co-investment

matters and Board Member advice. These expenses are included as Legal expenses on the Consolidated Statement of Operations and Legal expenses payable on the Consolidated Statement of Assets and Liabilities.

Cash and Foreign Currency

Cash is comprised of cash at the custodian bank. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. Restricted cash is subject to a contractual restriction by a third party, including restriction of withdrawal and use until transferred to the operating account of the Company. The restricted cash is held at an account controlled by the Credit Facility servicer as disclosed in

~~Cash~~Note ~~is comprised of cash at the custodian bank~~4. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. Borrowings

Cash and restricted cash consisted of the following as of March 31, 2024 and December 31, 2023.


	March 31, 2024		December 31, 2023
Cash	$	97	$	2,306
Restricted Cash		1,172		1,009

Total cash and restricted cash in the Consolidated Statement of Cash Flows	$	1,269	$	3,315

Income Taxes

The Company has elected, as of August 1, 2022, to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to stockholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).

The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. The tax treatment of certain of the Company’s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the ~~IRS~~Internal Revenue Service or a change in law might affect the Company’s ability to qualify or be eligible for such treatment.

If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to tax on its taxable income at corporate rates and, when such income is distributed, stockholders would be subject to further tax on such distributions to the extent of the Company’s current or accumulated earnings and profits.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are

“more-likely-than-not”

to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the

more-likely-than-not

threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2024. As of March 31, 2024, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are the years 2022-2023 (with limited exceptions), assuming tax filings have been made for the previous two years.

Distributions

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company’s financial statements presented under U.S. GAAP.

~~The~~13 Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless stockholders elect to “opt out” of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

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The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless stockholders elect to “opt out” of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

New Accounting Pronouncement

In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU

2020-04,

which provides guidance to account for certain

contract

modifications prospectively to ease the potential accounting burden associated with transitioning away from the LIBOR (as defined below) and other reference rates that are expected to be discontinued. ASU

2020-04

is effective upon release of the update on March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, the FASB issued ASU

2022-06,

which extends the sunset date established by ASU

2020-04

from December 31, 2022 to December 31, 2024 in order to capture the time period in which the aforementioned contract modifications may occur. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Company’s investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Company’s consolidated financial statements.

3. Related Party Transactions

Advisory Agreement

On June 30, 2022, the Company entered into an Advisory Agreement, pursuant to which the Company will pay the Advisor, quarterly in arrears, a base management fee calculated at an annual rate of 1.25%. The base management fee is calculated based on the average of the Company’s total net assets (including cash or cash equivalents but excluding assets purchased with borrowed amounts) as of the end of the two most recently completed calendar quarters. The base management fee for any partial month or quarter is appropriately prorated. The Advisor has agreed to waive all management fees payable pursuant to the Advisory Agreement for so long as the only stockholders of the Company are PIMCO Entities. The Advisory Agreement does not provide for the payment of incentive fees.

For the three month ~~period~~periods ended ~~September~~March 3031, ~~2023~~2024 and ~~September 30~~2023, ~~2022,~~ the Company incurred a management fee of $~~753~~649 and $~~798~~729, respectively (amounts in thousands), of which 100% was waived by the Advisor. For the nine month period ended September 30, 2023 and for the period from June 10, 2022 (date of inception) to September 30, 2022, the Company incurred a management fee of $2,233 and $806, respectively (amount in thousands), of which 100% was waived by the Advisor.

Administration Agreement

On June 30, 2022, the Company entered into an Administration Agreement with PIMCO in its capacity as Administrator. Under the Administration Agreement, the Administrator provides or causes to be furnished certain supervisory and administrative and other services reasonably necessary for the operation of the Company. Pursuant to the Administration Agreement, the Company pays the Administrator an annual fee calculated and payable quarterly in arrears on the last business day of calendar quarter in an amount equal to 0.15% of the Company’s total net assets.

For the three month ~~period~~periods ended ~~September~~March 3031, ~~2023~~2024 and ~~September 30~~2023, ~~2022,~~ the Company incurred an administration fee of $9075 and $9788, respectively (amounts in thousands). For the nine month period ended September 30, 2023 and the period from June 10, 2022 (date of inception) to September 30, 2022, the Company incurred an administration fee of $268 and $97, respectively (amount in thousands).

Expense Reimbursement Agreement

The Company has entered into an Expense Reimbursement Agreement with the Advisor. The Advisor may elect to make certain Expense Payments on the Company’s behalf, provided that no portion of the payment will be used to pay any of the Company’s interest expense. The Advisor has agreed to make Expense Payments on the Company’s behalf through June 30, 2025. During the ~~nine month~~ period ended ~~September~~March 3031, ~~2023~~2024 and ~~period~~the year ended December 31, ~~2022~~2023, the Advisor paid directors fees on behalf of the Company. As of ~~September~~March 3031, ~~2023~~2024 and ~~period~~the year ended December 31, ~~2022~~2023, $~~131~~112 and $~~192~~152, respectively (~~amount~~amounts in thousands), are reimbursable to the Advisor for directors fees and are recorded as “Directors fee reimbursement to Advisor” on the Consolidated Statements of Assets and Liabilities.

~~Following~~14 any calendar year in which Available Operating Funds (defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar year (the amount of such excess, “Excess Operating Funds”), the Company shall pay Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to or on behalf of the Company within three years prior to the last business day of such calendar year have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net “investment company taxable income”, as defined by the Code, which generally includes net ordinary income and net short-term taxable gains reduced by net long-term capital losses, (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) distributions and other distributions paid to the Company on account of investments in portfolio companies (to the extent

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Following any calendar year in which Available Operating Funds (defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar year (the amount of such excess, “Excess Operating Funds”), the Company shall pay Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to or on behalf of the Company within three years prior to the last business day of such calendar year have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net “investment company taxable income”, as defined by the Code, which generally includes net ordinary income and net short-term taxable gains reduced by net long-term capital losses, (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) distributions and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). No Reimbursement Payment for any calendar year will be made if the Company’s Operating Expense Ratio (defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the expense payment was made to which such Reimbursement Payment relates. The “Operating Expense Ratio” is calculated by dividing all of the Company’s operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies, less organizational and offering expenses, base management fees owed to the Advisor, and interest expense, by the Company’s average net assets.

The Expense Reimbursement Agreement may require the Company to repay the Advisor for previously waived reimbursement of Expense Payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver.

For the three month periods ended March 31, 2024 and 2023, the Company waived organization costs of $0 and $0

~~For the three month period ended September 30~~, ~~2023 and September 30, 2022, the Company waived organization costs of $0 and $438,~~ respectively ~~(amount in thousands)~~. For the nine month period ended September 30, 2023 and for the period from June 10, 2022 (date of inception) to September 30, 2022, the Company waived organization costs of $0 and $950, respectively (amount in thousands).

~~Due~~For ~~to/~~the three month periods ended March 31, 2024 and 2023, the Advisor recouped $86 and $99, respectively (amounts in thousands), from ~~Affiliate~~the Company for prior expenses paid and were recorded as “Recoupment of prior expenses paid by the Advisor” on the Consolidated Statement of Operations.

As of September 30, 2023 and December 31, 2022, the Company has $0 and $2, respectively (amounts in thousands), receivable from an affiliate and are included in “Due from affiliate” on the Consolidated Statements of Assets and Liabilities. As of September 30, 2023 and December 31, 2022, the Company has $0 and $435, respectively (amounts in thousands), payable to an affiliate and are included in “Due to affiliate” on the Consolidated Statements of Assets and Liabilities.

Directors Fee

The Company compensates each of its Independent Directors for their services. Their compensation is included in Directors fee on the Consolidated Statements of Operations. The Independent Directors also receive reimbursement of

reasonable out-of-pocket expenses

incurred in connection with attending each meeting, which are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.

Co-Investment

Relief

The Company has received exemptive relief from the SEC that, to the extent the Company relies on such relief, permits it to (among other things)

co-invest

with certain other persons, including certain affiliates of the Advisor and certain public or private funds managed by the Advisor and its affiliates, subject to certain terms and conditions. The exemptive relief from the SEC with respect to

co-investments

imposes extensive conditions on any

co-investments

made in reliance on such relief.

See

~~See~~ Note 1. Organization ~~for other related party transactions.~~

for other related party transactions.

4. Borrowings

The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, the Company did not have any borrowings outstanding and, therefore, the asset coverage ratio is not applicable.

Credit Facility

On June 19, 2023, Amber CS LLC (the “Subsidiary”), as borrower and portfolio asset servicer, a wholly-owned financing subsidiary of the Company, Topaz CS LLC, as equity holder of Subsidiary, and Opal CS LLC and Quartz CS LLC, as Subsidiary guarantors, entered into a loan servicing agreement (the “Credit Facility”) with Massachusetts Mutual Life Insurance Company, as initial lender, administrative agent, facility servicer, and collateral custodian, and MassMutual Ascend Life Insurance Company, as initial lender. Under the Credit Facility, the maximum aggregate committed borrowing amount is $150,000 (amount in thousands) (the “Maximum Facility Amount”) with a scheduled maturity date of June 19, 2032.

~~The~~15 facility bears interest at a rate of the applicable Benchmark plus (a) 2.85% for SOFR advances, and (b) 1.85% for an advance bearing interest at the alternate base rate which is a rate of interest per annum equal to the higher of (a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum. The facility bears an Unused Commitment Fee on the average daily unused amount in excess of the Minimum Usage Amount, if any, at a rate of .40% per annum. The Minimum Usage

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The facility bears interest at a rate of the applicable Benchmark plus (a) 2.85% for SOFR advances, and (b) 1.85% for an advance bearing interest at the alternate base rate which is a rate of interest per annum equal to the higher of (a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum (as such terms are defined in the Credit Facility). The facility bears an Unused Commitment Fee on the average daily unused amount in excess of the Minimum Usage Amount, if any, at a rate of .40% per annum (as such terms are defined in the Credit Facility). The Minimum Usage Amount is (a) zero prior to June 19, 2024, and (b) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after June 19, 2024. The Subsidiary also pays a Facility Servicer Fee in an aggregate amount equal to 0.03% per annum of the Maximum Facility Amount, an annual Collateral Custodian Fee (as such term is defined in the Credit Facility) of $5, an Agent Fee in an annual amount of $25, and a Rating fee of $175 for the initial rating and an annual fee of $45 thereafter (amounts in thousands).

The Credit Facility contains certain covenants including: (i) the Subsidiary acquiring a Debt Rating of

BBB-,

BBB (low) or Baa3 or higher and (ii) maintaining a loan to value less than minimums dictated by the number of assets in the portfolio. As of March 31, 2024, the Company is in compliance with these covenants.

InCertain ~~connection with the establishment of the loan facility~~investments, the Company paid upfront fees and incurred legal expenses of $2,423 (amount in thousands), which are being amortized into interest expense through the scheduled maturity date. The Company had $0 of outstanding borrowings as ~~of September 30, 2023. Interest expense related to the borrowings and amortization of deferred financing costs are~~ disclosed ~~as a component of interest expense~~ on the Consolidated ~~Statements~~Schedule of ~~Operations.~~Investments ~~For the three month period ended September 30, 2023~~ and ~~September 30,~~their ~~2022,~~related ~~the~~cash ~~Company had interest expense of $63 and $0~~flows, ~~respectively,~~are ~~inclusive~~pledged ofas ~~amortization~~collateral ~~expense~~ for ~~deferred financing fees of $63 and $0, respectively (amounts in thousands). For~~ the ~~nine~~Credit month period ended September 30, 2023 and for the period from June 10, 2022 (date of inception) to September 30, 2022, the Company had interest expense of $70 and $0, respectively, inclusive of amortization expense for deferred financing fees of $70 and $0, respectively (amounts in thousands)Facility.

In connection with the establishment of the loan facility, the Company paid upfront fees and incurred legal expenses of $2,427 (amount in thousands), which are being amortized into interest expense through the scheduled maturity date. The Company had $0 of outstanding borrowings as of March 31, 2024. Interest expense related to the borrowings and amortization of deferred financing costs are disclosed as a component of interest expense on the Consolidated Statements of Operations. For the three month periods ended March 31, 2024 and 2023, the Company had interest expense of $219 and $0, respectively, inclusive of amortization expense for deferred financing fees of $67 and $0, respectively, and unused commitment fee of $152 and $0, respectively (amounts in thousands).

5. Investments

Under the 1940 Act, the Company is required to separately identify

non-controlled

investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act,

“non-affiliated

investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s

non-controlled,

non-affiliated;

non-controlled,

affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the Consolidated Schedules of Investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are

non-controlled,

non-affiliated;

non-controlled,

affiliated; or controlled affiliated investments.

Investments at fair value and cost consisted of the following as of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023:

September 30, 2023

December 31, 2022

March 31, 2024

December 31, 2023

(Amounts in thousands)

Cost

Fair Value

Cost

Fair Value

First Lien Secured

~~137~~97,~~957~~000

~~137~~95,~~221~~524

~~143~~97,~~434~~624

~~132~~95,~~532~~381

Second Lien Secured

27,~~875~~520

27,~~831~~503

232,~~905~~875

112,~~715~~878

Senior Unsecured

4245,~~084~~189

3943,~~788~~188

2842,~~502~~712

2540,~~562~~061

Corporate Bonds

2818,~~227~~394

2818,~~816~~800

28,~~146~~255

2728,~~743~~658

Common Stocks

~~359~~680

~~262~~584

—359

—263

Warrants

2,491

2,~~491~~212

—2,491

—2,181

Short-Term Investments

1924,~~192~~094

1924,~~195~~095

3246,~~640~~543

3246,~~650~~553

Total investments

~~233~~195,~~185~~368

~~230~~191,~~604~~906

~~256~~220,~~627~~859

~~230~~215,~~202~~975

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The industry composition of investments as a percentage of total investments based on fair value as of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023 was as follows:

	September 30, 2023			December 31, 2022
	March 31, 2024			December 31, 2023
Automotive		129.58	%		1213.13	%
Aviation Services		—			0.5	%
Chemicals		2.6	%		—	%
Broadcasting		3.0	%		2.9	%
Consumer Services		18.1	%		14.8	%
Brokerage		3.0	%		2.9	%
Diversified Manufacturing		1.3	%		1.1	%
Building Materials		—			1.9	%
Entertainment		7.9	%		6.9	%
Consumer Service		12.9	%		11.1	%
Financial Other		1.3	%		1.2	%
Entertainment		7.6	%		7.5	%
Healthcare		0.7	%		0.6	%
Food and Beverage		—			2.6	%
Insurance Life		4.8	%		4.3	%
Gaming		—			1.9	%
Packaging		2.4	%		2.1	%
Healthcare		3.4	%		3.1	%
Pharmaceuticals		1.1	%		1.0	%
Insurance Life		3.0	%		—
Retailers		3.6	%		3.2	%
Packaging		3.0	%		2.9	%
Technology		24.2	%		21.2	%
Pharmaceuticals		2.1	%		2.0	%
Treasury Bills		12.6	%		21.5	%
Retailers		8.2	%		11.5	%
IT Services		6.0	%		5.6	%
Technology		24.7	%		20.0	%
Wireless		3.6	%		3.2	%
Treasury Bills		8.3	%		14.2	%
IT Services		5.3	%		—
Wireless		3.0	%		2.9	%
Total		100.0	%		100.0	%

As of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023, 100.0% of investments held were based in the United States.

6. Fair Value Measurement

In accordance with ASC Topic 820, fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

•

Level 1 – Quoted prices in active markets for identical investments.

•

Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments at the reporting date).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement may be a Level 2 or Level 3 measurement depending on the source of the base price. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

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Valuation of Investments

Investments are valued at fair value as determined in good faith by the Advisor, subject to the oversight of the Board, based on input from management and independent valuation firms that have been engaged to assist in the valuation of portfolio investments without readily available market quotations. This valuation process is conducted at the end of each fiscal quarter.

Common stocks, warrants and financial derivative instruments, such as futures contracts or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule

2a-5

under the 1940 Act and ASC Topic 820. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule

2a-5,

the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for the Company to perform the fair value determination relating to all Company investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Company investments. The Valuation Designee may value Company portfolio securities for which market quotations are not readily available and other Company assets utilizing inputs from pricing sources, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2 or Level 3. Loan investments priced using internal models with significant unobservable inputs are categorized as Level 3.

Short-term debt instruments (such as commercial paper) held by the Company having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Company may elect to obtain ~~Broker~~broker ~~Quotes~~quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced ~~Broker~~broker ~~Quote~~quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker ~~Quotes~~quotes are typically received from established market participants. Although independently received, the Company does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the ~~Broker~~broker ~~Quote~~quote would have direct and proportional changes in the fair value of the security.

Discounted cash flow valuation uses an internal analysis based on the Advisor’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a

pre-determined

security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The market approach generally involves multiplying a key performance metric of the company, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), by a valuation multiple observed in a range of comparable companies or transactions. The selection of a population of comparable companies requires judgment, including qualitative and quantitative analysis of the comparability of the companies. The Advisor may also adjust the valuation multiple for differences between the investment and the referenced comparable.

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A cost approach is generally used when a recent transaction price for a specific asset is indicative of fair value.

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Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

The following tables summarize the fair value of the Company’s investments as of ~~September~~March 3031, ~~2023~~2024 and December 31, ~~2022~~2023 (amounts in thousands):

	September 30, 2023
	March 31, 2024
Assets	Level 1		Level 2		Level 3		Total
First Lien Secured	$	—	$	103,012	$	34,209	$	137,221
First Lien Senior Secured	$	—	$	70,337	$	25,187	$	95,524
Second Lien Secured		—		2,831		—		2,831
Second Lien Senior Secured		—		2,872		4,631		7,503
Senior Unsecured		—		—		3943,~~788~~188		3943,~~788~~188
Corporate Bonds		—		2818,~~816~~800		—		2818,~~816~~800
Common Stocks		—		—		~~262~~584		~~262~~584
Warrants		—		—		2,~~491~~212		2,~~491~~212
Short-Term Investments		—		1924,~~195~~095		—		1924,~~195~~095
Total assets	$	—	$	~~153~~116,~~854~~104	$	7675,~~750~~802	$	~~230~~191,~~604~~906

	December 31, 2022
	December 31, 2023
Assets	Level 1		Level 2		Level 3		Total
First Lien Secured	$	—	$	110,450	$	22,082	$	132,532
First Lien Senior Secured	$	—	$	69,807	$	25,574	$	95,381
Second Lien Secured		—		3,653		8,062		11,715
Second Lien Senior Secured		—		2,878		—		2,878
Senior Unsecured		—		—		2540,~~562~~061		2540,~~562~~061
Corporate Bonds		—		2728,~~743~~658		—		2728,~~743~~658
Short-Term Investments		—		32,650		—		32,650
Common Stocks		—		—		263		263
Total assets	$	—	$	174,496	$	55,706	$	230,202
Warrants		—		—		2,181		2,181
Short-Term Investments		—		46,553		—		46,553
Total assets	$	—	$	147,896	$	68,079	$	215,975

Assets or liabilities categorized as Level 2 or Level 3 as of period end have been transferred between Level 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a ~~Broker~~broker ~~Quote~~quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the tables below.

The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands) for the ~~nine~~three months ended ~~September~~March 3031, ~~2023~~2024 and ~~the period June 10, 2022 (date of inception) to September 30, 2022~~2023:

			Net												Net Change in
	Beginning Balance at 12/31/2023		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)		Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3			Ending Balance at 3/31/24
	Beginning		Purchases				Net Sales			Accrued		Realized			Unrealized			Transfers		Transfers			Ending
Term Loans First Lien Secured	$	25,574	$	0	$	0	($	582	)	$	18	$	7		$	170		$	0	$	0		$	25,187
	Balance at		and		In-Kind		and			Discounts/		Gain/			Appreciation/			into		out of			Balance at
Term Loans Second Lien Secured		0		4,636		0		0			8		0			(13	)		0		0			4,631
	12/31/2022		Drawdowns(1)		Contributions		Paydowns(2)			(Premiums)		(Loss)			(Depreciation)			Level 3		Level 3			9/30/23
Term Loans Senior Unsecured		40,061		2,394		0		0			83		0			650			0		0			43,188
Term Loans First Lien Secured	$	22,082	$	18,195	$	0	($	849	)	$	115	($	3,758	)	$	5,354		$	0	($	6,930	)	$	34,209
Common Stocks		263		642		0		(321	)		0		0			0			0		0			584
Term Loans Second Lien Secured		8,062		0		0		(5,945	)		36		(13,930	)		11,777			0		0			0
Unlisted Warrants		2,181		0		0		0			0		0			31			0		0			2,212
Term Loans Senior Unsecured		25,562		13,535		0		0			47		0			644			0		0			39,788
Totals	$	68,079	$	7,672	$	0	($	903	)	$	109	$	7		$	838		$	0	$	0		$	75,802
Common Stocks		0		359		0		0			0		0			(97	)		0		0			262
Unlisted Warrants		0		2,491		0		0			0		0			0			0		0			2,491
Totals	$	55,706	$	34,580	$	0	($	6,794	)	$	198	($	17,688	)	$	17,678		$	0	($	6,930	)	$	76,750

~~(1)~~19 ~~Purchases and Drawdowns may include securities received in corporate actions and restructurings.~~

(2) Sales and Paydowns may include securities delivered in corporate actions and restructuring of investments.

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			Net													Net Change in
	Beginning Balance at 12/31/2022		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3			Ending Balance at 3/31/23
	Beginning		Purchases				Net Sales			Accrued			Realized			Unrealized			Transfers		Transfers			Ending
Term Loans First Lien Secured	$	22,082	$	12,470	$	0	($	109	)	$	36		($	3,747	)	$	5,067		$	6,285	($	6,060	)	$	36,024
	Balance at		and		In-Kind		and			Discounts/			Gain/			Appreciation/			into		out of			Balance at
Term Loans Second Lien Secured		8,062		698		0		0			(43	)		(13,850	)		11,272			0		0			6,139
	6/10/2022		Drawdowns		Contributions		Paydowns			(Premiums)			(Loss)			(Depreciation)			Level 3		Level 3			9/30/22
Term Loans Senior Unsecured		25,562		1,721		0		0			13			0			(382	)		0		0			26,914
Term Loans First Lien Secured	$	0	$	0	$	31,354	($	54	)	$	62		$	1		($	947	)	$	0	$	0		$	30,416
Totals	$	55,706	$	14,889	$	0	($	109	)	$	6		($	17,597	)	$	15,957		$	6,285	($	6,060	)	$	69,077
Term Loans Second Lien Secured		0		5,021		13,875		0			5			0			(1,916	)		0		0			16,985
Term Loans Senior Unsecured		0		1,624		26,981		0			37			0			(352	)		0		0			28,290
Totals	$	0	$	6,645	$	72,210	($	54	)	$	104		$	1		($	3,215	)	$	0	$	0		$	75,691

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be

all-inclusive

but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands).

Fair Value as of September 30, 2023

Valuation Techniques

Unobservable Input

Range

Weighted Average (3)

Fair Value as of March 31, 2024

Valuation Techniques

Unobservable Input

Range

Weighted Average (1)

Term Loans

5325,~~360~~187

Discounted Cash Flow

Discount Rate

~~Discount Rate~~

10.88% – 17.01%

1112.5349% ~~– 16.97%~~

~~14.05%~~

Term Loans

10,699

Third Party Vendor

Broker Quote

$96.00

4,631

Recent Transaction

Purchase Price

n/a

Senior Unsecured

943,~~938~~188

~~Recent~~Discounted ~~Transaction~~Cash Flow

Discount Rate

~~Purchase Price~~

14.66% – 23.62%

~~n/a~~17.04%

~~n/a~~

Common Stocks

~~262~~321

Comparable Multiple

EBITDA Multiple

~~Revenue Multiple~~

n/a

05.~~55x~~75x

~~0.55x~~

Warrants

2,491

Comparable Multiple

EBITDA Multiple

10.00x

263

Discounted Cash Flow/Comparable Multiple

Discount Rate/Revenue Multiple

n/a

19.25%/0.55x

Total Assets

76,750

Warrants

2,212

Comparable Multiple

EBITDA Multiple

n/a

10.25x

Total Assets

75,802

Fair Value as of December 31, 2022

Valuation Techniques

Unobservable Input

Range

Weighted Average (3)

Fair Value as of December 31, 2023

Valuation Techniques

Unobservable Input

Range

Weighted Average (3)

Term Loans

25,~~562~~574

Discounted Cash Flow

~~Discounted Cash Flow~~

Discount Rate

10.67% - 16.39%

~~Discount Rate~~

12.23%

~~n/a~~

~~15.41%~~

Term Loans

6,678

Proxy Pricing

Base Price

n/a

$95.29

Senior Unsecured

40,061

Discounted Cash Flow

Discount Rate

15.41% - 23.37%

17.50%

Term Loans

23,466

Third Party Vendor

Broker Quote

$37.50 – $95.50

$66.00

Common Stocks

263

Discounted Cash Flow/Comparable Multiple

Discount Rate/Revenue Multiple

n/a

17.25%/0.55x

Total Assets

55,706

Warrants

2,181

Comparable Multiple

EBITDA Multiple

n/a

10.00x

Total Assets

68,079

(31) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

7. Commitments & Contingencies

Commitments

The Company may enter into commitments to fund investments. As of ~~September~~March 3031, ~~2023~~2024, the Advisor believed that the Company had adequate financial resources to satisfy its unfunded commitments, if any. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s Consolidated Statements of Assets and Liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement.

As20 ~~of September 30, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands):~~

Portfolio Company	Investment Type	September 30, 2023
Integrity Marketing Acquisition, LLC	Revolver	$	709
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan	$	2,300

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As of March 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands):


Portfolio Company	Investment Type	March 31, 2024
Integrity Marketing Acquisition, LLC	Revolver	$	741

Contingencies

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

Litigation

As of the issuance date of this report, the Company is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

8. Net Assets

Equity Issuance

The Company’s authorized stock consists of 250,000,000 Shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share.

The Company did not hold a closing of the continuous Private Offering for the three month period ~~or nine month period~~ ended ~~September~~March 3031, ~~2023~~2024.

Distributions

For the ~~nine month period and~~ three month period ended ~~September~~March 3031, ~~2023~~2024, the Board ~~declared~~did ~~the~~not ~~following~~declare any distributions:.

On May 24, 2023, the Company paid a dividend of $0.12 per share to stockholders of record as of May 22, 2023.

On August 24, 2023, the Company paid a dividend of $0.19 per share to stockholders of record as of August 22, 2023.

Share Repurchase Program

At the discretion of the Board, the Company may repurchase Shares (either by number of Shares or aggregate net asset value) as of such quarter end pursuant to a quarterly share repurchase program. Repurchases of Shares will be made at the current net offering price per Share on the date of such repurchase.

In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the Share repurchase program, as applicable.

~~For~~On January 25, 2024, the ~~three~~Company ~~month~~repurchased ~~period~~3,785,281.95 shares of common stock, par value $0.001 per share from PIMCO Capital Solutions US Feeder LP for $33,238 (amount in thousands) at $8.78 per share in accordance with its offer to repurchase (the “Tender Offer”) its own shares up to the amount of shares that could be repurchased with approximately $40,000 (amount in thousands). The Tender Offer expired on January 25, 2024 and ~~nine~~$33,238 ~~month~~(amount ~~period~~in thousands) was paid to PIMCO Capital Solutions US Feeder LP on January 31, 2024. For the three months ended ~~September~~March 3031, 2023, no Share repurchase was offered or requested and no Shares were repurchased.

9. Earnings Per Share

The following tables set forth the computation of basic and diluted earnings (loss) per common share for the three month ~~period~~periods ended ~~September~~March 3031, ~~2023~~2024 and ~~September 30, 2022, nine month period ended September 30,~~ 2023 ~~and June 10, 2022 (date of inception) to September 30, 2022~~:

								June 10, 2022 (date of
	Three Months Ended
	Three Months Ended					Nine Months Ended		inception) to
	March 31, 2024			March 31, 2023
	September 30, 2023			September 30, 2022		September 30, 2023		September 30, 2022
Net increase (decrease) in net assets resulting from operations	$	6,745		$	5,711
Net increase (decrease) in net assets resulting from operations	$	(1,525	)	$	384	$	9,938	$	(516	)
Weighted average shares of common stock oustanding - basic and diluted		22,600,919			25,387,884
Weighted average shares of common stock outstanding - basic and diluted		25,387,884			25,387,884		25,387,884		20,894,719
Earnings (loss) per common share (basic and diluted)	$	0.30		$	0.22
Earnings (loss) per common share (basic and diluted)	$	(0.06	)	$	0.02	$	0.39	$	(0.02	)

1921

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10. Financial Highlights

				June 10, 2022 (date
	Three Months Ended
	Nine Months Ended			of inception) to
	March 31, 2024			March 31, 2023
	September 30, 2023			September 30, 2022
Per share data:
Net asset value, beginning of period	$	98.2175		$	—9.21
Net investment income (loss) (1)		0.7524			0.2123
Net realized and unrealized gain (loss) on investment transactions (2)		(0.3606	)		(0.2301	)
Net increase (decrease) in net assets from operations (1)		0.3930			(0.0222	)
Impact of issuance of common stock		—			10.00
Total increase (decrease) in net assets		0.30			0.22
Distributions declared (1)		(0.31	)		—
Net asset value, end of period	$	9.05		$	9.43
Total increase (decrease) in net assets		0.08			9.98
Shares Outstanding, end of period		21,602,602			25,387,884
Net asset value, end of period	$	9.29		$	9.98
Total Return (3)		3.57	%		2.44	%
Shares Outstanding, end of period		25,387,884			25,387,884
Total Return (3)		4.26	%		(0.20	)%
Ratios / supplemental data
Ratio of expenses to average net assets, gross of waivers (4)(5)		12.9742	%		21.2759	%
Ratio of expenses to average net assets, net of waivers (4)(5)		01.7210	%		0.5635	%
Ratio of net investment income (loss) to average net assets (4)(5)		1011.7403	%		610.8707	%
Net Assets, end of period	$	~~235~~195,~~933~~557		$	~~253~~239,~~363~~506
Weighted average shares outstanding		2522,~~387~~600,~~884~~919			2025,~~894~~387,~~719~~884
Total capital commitments, end of period	$	~~253~~216,~~879~~026		$	253,879
Portfolio turnover rate (6)		102.3091	%		06.3527	%

(1)	Per share amounts are calculated based on the weighted average shares outstanding during the period.

(2)

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to share transactions during the period.

(3)	Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized.

(4)	All expenses are annualized with the exception of organizational expenses.

(5)	Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6)	Not annualized.

11. Subsequent Events

Subsequent events after the Consolidated Statements of Assets and Liabilities date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements except as discussed below.

On ~~November~~May 73, ~~2023~~2024, the Company’s board of directors declared a dividend of $0.14 per share which is payable on ~~November~~May 2122, ~~2023~~2024 to stockholders of record as of ~~November~~May 1720, ~~2023~~2024.

2022

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Statements contained in this Form 10-Q (“Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company and PIMCO. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements.

The information contained in this section should be read in conjunction with “Item 1. Unaudited Consolidated Financial Statements.” Although the Company believes that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that the Company’s plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or the Company’s future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Item 1A of this Report and elsewhere in this Report. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

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

•

the Company’s future operating results;

• changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets~~, including with respect to changes from the impact of the coronavirus (“SARS-CoV-2”) and related respiratory disease (“COVID-19”) pandemic~~;

• interest rate volatility~~, including volatility associated with the decommissioning of the London Interbank Offered Rate (“LIBOR”) and the transition to new reference rates~~;

•

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

•

the impact of increased competition;

•

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

•

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

•

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

•

the relative and absolute performance of the Advisor;

•

the ability of the Advisor and its affiliates to retain talented professionals;

•

the Company’s expected financings and investments;

•

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

•

the adequacy of the Company’s cash resources;

•

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

•

the impact of future acquisitions and divestitures;

•

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

•

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

Investors are advised to consult any additional disclosures that the Company makes directly to investors or through reports that the Company has filed or will file with the SEC, including our registration statement on Form 10 and our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Investors should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports that the Company files under the Exchange Act.

Overview

The Company is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”), on July 11, 2022. The Company was incorporated under the laws of the state of Delaware on December 23, 2021. In addition, for U.S. federal income tax purposes, the Company has elected, as of August 1, 2022, to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objectives are to generate current income and to a lesser extent longer-term capital appreciation. The Company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to middle-market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of less than $50 million. To accomplish this, the Company plans to make direct investments in middle-market companies. The Company may make select investments in non-U.S. portfolio companies. The Company seeks to provide investors with access to:

•

a diversified portfolio of credit investments expected to provide stable income and high assurances of debt repayment;

•

current income distributions;

•

capital protection through defensive structures with affirmative, negative and financial maintenance covenants and active portfolio management;

•

assets of varying vintage, industry and geography through direct originations and acquisitions of loan portfolios; and

•

generally low volatility and low correlation to public market indices.

Without limiting the generality of the foregoing, the Company ~~intends to~~ primarily ~~invest~~invests in directly originated senior secured term loans including first lien senior secured term loans (including unitranche loans), second lien senior secured term loans, mezzanine debt, unsecured loans, other subordinated loans, and covenant-lite loans. The Company ~~intends~~invests to ~~invest to~~ a lesser degree in equity investments and other opportunistic asset purchases. The Company may engage in hedging transactions. The Company may also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than the Company’s private credit investments. Depending on various factors, including, without limitation, the Company’s cash flows, the state of the loan market, and the need to quickly ramp-up the Company’s portfolio, the Company expects that at times its liquid loan portfolio could represent a material portion of the Company’s portfolio.

The Company generates revenues primarily in the form of interest income from investments it holds. In addition, the Company generates income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity securities and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Key Components Of Our Results Of Operations

Investments

The Company’s level of investment activity can, does, and will vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments the Company makes.

Revenues

The Company generates revenue primarily in the form of interest income on debt investments it holds. In addition, the Company generates income from dividends or distributions on income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. The Company’s debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as ~~LIBOR or~~ SOFR. Interest on these debt investments is paid quarterly. In some instances, the Company receives payments on its debt investments based on scheduled amortization of the outstanding balances. In addition, the Company may receive repayments of some of its debt investments prior to their scheduled maturity date. The frequency or volume of these repayments is expected to fluctuate significantly from period to period. The Company’s portfolio activity also reflects the proceeds of sales of securities. The Company may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgement, principal and interest or dividend payments are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection.

Expenses

The Company’s primary operating expenses include the payment of: (i) investment advisory fees to the Advisor pursuant to the Advisory Agreement between the Company and the Advisor (unless waived); (ii) administrative fees payable to the Administrator in performing its administrative obligations under the Administration Agreement between the Company and the Administrator; and (iii) other operating expenses as detailed below:

•

salaries and other compensation or expenses, including travel expenses, of any of the Company’s executive officers, directors and employees, if any, who are not officers, directors, stockholders, members, partners or employees of PIMCO or its subsidiaries or affiliates;

•

taxes and governmental fees, if any, levied against the Company;

•

brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Company (including, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring loans and other investments made by the Company, and any costs associated with originating loans (such as third-party sourcing fees, due diligence expenses and travel, lodging and meal expenses related thereto), asset securitizations, alternative lending-related strategies and so-called “broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments));

•

expenses related to SPVs (including, without limitation, overhead expenses related thereto);

•

expenses of the Company’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement;

•

costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Company of reverse repurchase agreements, dollar rolls/buy backs, bank borrowings, credit facilities and tender option bonds;

2325

•

costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Company and other related requirements in the Company’s organizational documents) associated with the Company’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls/buy backs, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage;

•

fees and expenses of any underlying funds or other pooled vehicles in which the Company invests;

•

expenses of any third party valuation agent engaged to assist in valuing the Company’s assets;

•

dividend and interest expenses on short positions taken by the Company;

• extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Company to indemnify its ~~Directors~~directors, officers, employees, stockholders, distributors, and agents with respect thereto;

•

fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to stockholder meetings and proxy solicitations;

•

organizational and offering expenses of the Company, including registration (including Share registration fees), legal, marketing, printing, accounting and other expenses associated with organizing the Company in its state of jurisdiction and in connection with the initial election of the Company to be regulated under the 1940 Act and, as applicable, the initial registration of its Shares under the Securities Act and fees and expenses associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC;

•

expenses incurred in connection with a stockholder that defaults in respect of a Capital Commitment;

•

allocated costs incurred by PIMCO in providing managerial assistance to those companies in which the Company has invested who request it;

•

all other expenses incurred by the Company in connection with maintaining its status as a BDC;

•

expenses payable under any underwriting agreement, including associated fees, expenses and any indemnification obligations;

•

any expenses allocated or allocable to a specific class of Shares, including, as applicable, sub-transfer agency expenses and distribution and/or service fees paid pursuant to a Rule 12b-1 or similar plan adopted by the Board of the Company for a particular share class (if any);

•

the Company’s pro rata portion of the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums (including costs relating to directors’ and officers’ liability insurance and errors and omissions insurance);

•

all fees, costs, expenses, and liabilities relating to currency hedging and portfolio hedging transactions;

•

all fees, costs, expenses and liabilities of liquidating the Company;

•

all fees, costs, expenses and liabilities that are specific to the operations of the Company; and

•

all expenses of the Company that are capitalized in accordance with U.S. GAAP.

WeThe ~~reimburse~~Company reimburses the Administrator and Advisor or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement and Advisory Agreement or otherwise. WeThe ~~expect~~Company expects our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Portfolio, Investment Activity And Results Of Operations

As of ~~September~~March 3031, ~~2023~~2024, the Company had investments, excluding cash equivalents, in 2526 portfolio companies across 13 industries. Based on fair value as of ~~September~~March 3031, ~~2023~~2024, 8171% of the Company’s debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. Approximately 8171% of the Company’s debt portfolio at fair value had an interest rate floor denoted in ~~LIBOR, Synthectic LIBOR, or~~ SOFR. The weighted average interest rate floor across the Company’s floating-rate portfolio was approximately 0.87% as of ~~September~~March 3031, ~~2023~~2024. These floors allow the Company to mitigate (to a degree) any impact of spread widening on the valuation of the Company’s investments. As of ~~September~~March 3031, ~~2023~~2024, the Company’s estimated weighted average total yield of investments in debt securities was 1112.63%. Weighted average yields are based on interest rates as of ~~September~~March 3031, ~~2023~~2024.

As of December 31, ~~2022~~2023, the Company had investments, excluding cash equivalents, in 2725 portfolio companies across 1513 industries. Based on fair value as of December 31, ~~2022~~2023, 8776% of the Company’s debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. Approximately 8776% of the Company’s debt portfolio at fair value had an interest rate floor denoted in ~~LIBOR or~~ SOFR. The weighted average interest rate floor across the Company’s floating-rate portfolio was approximately 0.7% as of December 31, ~~2022~~2023. These floors allow the Company to mitigate (to a degree) any impact of spread widening on the valuation of the Company’s investments. As of December 31, ~~2022~~2023, the Company’s estimated weighted average total yield of investments in debt securities was 1211.59%. Weighted average yields are based on interest rates as of December 31, ~~2022~~2023.

2426

As part of the monitoring process, the Advisor has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. The Advisor has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. The Advisor’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Advisor’s Internal Risk Rating system:

Category 1 – In the opinion of the Advisor, investments in Category 1 involve the least amount of risk relative to the Company’s initial cost basis at the time of origination or acquisition. Category 1 investments performance is above the Company’s initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

Category 2 – In the opinion of the Advisor, investments in Category 2 involve a level of risk relative to the Company’s initial cost basis at the time of origination or acquisition. Category 2 investments are generally performing in line with the Company’s initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Category 2.

Category 3 – In the opinion of the Advisor, investments in Category 3 indicate that the risk to the Company’s ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Category 4 – In the opinion of the Advisor, investments in Category 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Category 4 investments, it is anticipated that the Company will not recoup the Company’s initial cost basis and may realize a substantial loss of the Company’s initial cost basis at the time of origination or acquisition upon exit.

The distribution of the Company’s portfolio, including cash equivalents, on the Advisor’s Internal Risk Rating System is as follows:

	September 30, 2023
	March 31, 2024
	Fair Value (amounts in thousands)		% of Portfolio			Number of Portfolio Companies
Risk rating 1	$	—		—	%		—
Risk rating 2		~~229~~188,~~535~~700		99.53			2526
Risk rating 3		1,~~069~~383		0.57			1
Risk rating 4		—		—			—
	$	~~230~~190,~~604~~083		100	%		2627

	December 31, 2022
	December 31, 2023
	Fair Value (amounts in thousands)		% of Portfolio			Number of Portfolio Companies
Risk rating 1	$	—		—	%		—
Risk rating 2		~~217~~214,~~461~~762		9499.54			2725
Risk rating 3		121,~~741~~213		50.56			1
Risk rating 4		—		—			—
	$	~~230~~215,~~202~~975		100	%		2826

2527

Consolidated Results Of Operations

The following table represents our operating results (amounts in thousands):

For the Three Months Ended

~~For the Nine MonthsEndedSeptember 30, 2023~~

~~June 10, 2022 (dateof inception) toSeptember 30, 2022~~

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

Total investment income

75,~~000~~978

46,~~649~~154

~~20,434~~

~~4,794~~

Less: Net expenses

~~561~~612

~~408~~286

~~1,345~~

~~410~~

Net investment income (loss)

65,~~439~~366

45,~~241~~868

~~19,089~~

~~4,384~~

Net realized gain (loss)

(~~15,073~~43

)

(2217,751

)

~~(32,995~~

)

~~(22~~

)

Net change in unrealized appreciation (depreciation)

71,~~109~~422

(317,~~835~~594

)

~~23,844~~

~~(4,878~~

)

Net increase (decrease) in Net Assets resulting from operations

(16,~~525~~745

)

~~384~~5,711

~~9,938~~

~~(516~~

)

Investment income was as follows (amounts in thousands):

For the Three Months Ended

~~For the Nine MonthsEndedSeptember 30, 2023~~

~~June 10, 2022 (dateof inception) toSeptember 30, 2022~~

September 30, 2023

September 30, 2022

March 31, 2024

March 31, 2023

Investment income:

Interest income

43,~~003~~503

3,~~025~~640

~~14,053~~

~~3,161~~

Payment in-kind interest

2,~~952~~451

12,~~624~~514

~~6,327~~

~~1,633~~

Other income

4524

—

Total Investment Income

75,~~000~~978

46,~~649~~154

~~20,434~~

~~4,794~~

For the three month ~~period~~periods ended ~~September~~March 3031, ~~2023~~2024 and ~~September 30, 2022, nine month period ended September 30,~~ 2023, ~~and the period June 10, 2022 (date of inception) to September 30, 2022,~~ total investment income was driven by the Company’s deployment of capital and invested balance of investments. The size of the Company’s investment portfolio at fair value was approximately $~~231~~190 million as of ~~September~~March 3031, ~~2023~~2024 and, as of such date, all of the Company’s debt investments were income producing.

Interest income on the Company’s debt investments is dependent on the composition and credit quality of the portfolio. Generally, the Company expects the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement.

2628

Expenses

Expenses were as follows (amounts in thousands):

	For the Three Months Ended						~~For the Nine MonthsEndedSeptember 30, 2023~~			~~June 10, 2022 (dateof inception) toSeptember 30, 2022~~
	September 30, 2023			September 30, 2022
	March 31, 2024			March 31, 2023
Expenses:
Management fee	$	~~753~~649		$	~~798~~729		$	~~2,233~~		$	~~806~~
Directors fees		6143			~~131~~62			~~184~~			~~131~~
Administration fee		9075			9788			~~268~~			97
Interest expense		63219			—			70			—
Organization costs		~~101~~—			~~497~~99			~~300~~			~~1,010~~
Tax expense		21			—			22			—
Offering costs		—			5
Offering cost		—			5			10			5
Legal expenses		63			—
Legal expenses		65			—			250			—
Other expenses		126			32
Other expenses		160			116			241			117
Recoupment of prior expenses paid by the Advisor		86			—
Total expenses	$	1,~~314~~261		$	1,~~644~~015		$	~~3,578~~		$	~~2,166~~
Waivers		(~~753~~649	)		(~~1,236~~729	)		~~(2,233~~	)		~~(1,756~~	)
Net expenses	$	~~561~~612		$	~~408~~286		$	~~1,345~~		$	~~410~~

Other expenses include valuation, insurance, filing, research, subscriptions and other costs. Organization and offering costs include expenses incurred in the Company’s initial formation and the Company’s offering of Shares.

Waivers include organizational costs and management fee waivers.

Income Taxes, Including Excise Taxes

The Company has elected, as of August 1, 2022, to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to the Company’s stockholders in each taxable year generally at least 90% of the sum of our Investment Company Taxable Income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain the Company’s tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its stockholders, which generally relieve the Company from corporate-level U.S. federal income taxes.

Financial Condition, Liquidity And Capital Resources

The Company generates cash from the net proceeds of offerings of its Shares, and from cash flows from interest and fees earned from its investments and principal repayments and proceeds from sales of its investments. The Company may also fund a portion of its investments through borrowings from banks and issuances of senior securities, including before the Company has fully invested the proceeds of any closing of the Company’s continuous private offering of its Shares. The Company’s primary use of cash will be investments in portfolio companies, payments of Company expenses and payment of cash distributions to stockholders.

Financing Transactions

The Company intends to utilize leverage (including through the establishment of wholly-owned financing subsidiaries) to finance its investments and operations. The amount of leverage that the Company employs will be subject to the restrictions of the 1940 Act and the supervision of the Board. At the time of any proposed borrowing, the amount of leverage the Company employs will also depend on the Advisor’s assessment of market and other factors. The Company may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

~~The~~29 Company is subject to limitations on leverage applicable to BDCs under the 1940 Act. As a BDC, with certain limited exceptions, the Company is only permitted to borrow amounts such that the Company’s asset coverage ratio, as defined in the 1940 Act, equals at least 150% after (and including) such borrowing. As of September 30, 2023, our asset coverage ratio, as defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, was not applicable because the Company did not have any borrowings outstanding as of that date.

The Company is subject to limitations on leverage applicable to BDCs under the 1940 Act. As a BDC, with certain limited exceptions, the Company is only permitted to borrow amounts such that the Company’s asset coverage ratio, as defined in the 1940 Act, equals at least 150% after (and including) such borrowing. As of March 31, 2024, our asset coverage ratio, as defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, was not applicable because the Company did not have any borrowings outstanding as of that date.

In determining whether to borrow money or issue debt on behalf of the Company, the Advisor will analyze, as applicable, the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to the Company’s investment outlook, among other factors. Any such leverage, if incurred, would increase the total capital available for investment by the Company.

On June 19, 2023, the Company, entered into the Credit Facility with Massachusetts Mutual Life Insurance Company under which the Company is permitted to borrow up to $150,000 (amount in thousands). See “Note 4. Borrowings” in “Item 1. Unaudited Consolidated Financial Statements” in this Report for more information.

As of ~~September~~March 3031, ~~2023~~2024, the Company did not have any outstanding borrowings.

The Company may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

Contractual Obligations

The Company has entered into an Advisory Agreement with the Advisor pursuant to the 1940 Act to provide the Company with investment advisory services and the Administration Agreement with the Administrator to provide the Company with administrative services. Payments for investment advisory services under the Advisory Agreement are described under Item 1. Consolidated Financial Statements – Notes to Unaudited Consolidated Financial Statements – Note 3. Related Party Transactions. Payments for administration services under the Administration Agreement are described under Item 1. Consolidated Financial Statements – Notes to Unaudited Consolidated Financial Statements – Note 3. Related Party Transactions.

Off-Balance Sheet Arrangements

The Company may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of its business to fund investments and to meet the financial needs of its portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities. As of ~~September~~March 3031, ~~2023~~2024, the Company believed it had adequate resources to satisfy its unfunded commitments. The unfunded commitments to provide funds to portfolio companies were as follows (amounts in thousands:

Unfunded Commitments		As of ~~September~~March 3031, ~~2023~~2024
First Lien Senior Secured		$	~~3,009~~741

Unregistered Sales of Equity Securities

For the three month ~~period~~periods ended ~~September~~March 3031, ~~2023~~2024 and ~~September 30, 2022, nine month period ended September 30,~~ 2023, ~~and~~ the ~~period June 10, 2022 (date of inception) to September 30, 2022, the~~ Company did not hold closings of our continuous private offering of Shares.

Distributions and Distribution Reinvestment

For the ~~nine month period and~~ three month period ended ~~September~~March 3031, ~~2023~~2024, the Board ~~declared~~did ~~the~~not ~~following~~declare any distributions:.

On30 ~~May 24, 2023, the Company paid a dividend of $0.12 per share to stockholders of record as of May 22, 2023.~~

On August 24, 2023, the Company paid a dividend of $0.19 per share to stockholders of record as of August 22, 2023.

Critical Accounting Estimates

The preparation of the Company’s financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. ~~The~~For ~~Company’s~~a description of our critical accounting policies, ~~including~~see ~~those~~Note ~~relating~~2 to“Significant ~~the~~Accounting ~~valuation~~Policies” ofto ~~its~~our ~~investment~~consolidated ~~portfolio,~~financial ~~should~~statements beincluded ~~read~~ in ~~connection~~this ~~with~~Report. We consider the ~~Company’s~~most ~~financial~~significant ~~statements~~accounting inpolicies ~~Part~~to I,be ~~Item~~those 1related ofto ~~this~~our ~~Report,~~Fair ~~“Risk~~Value ~~Factors”~~of inInvestments, ~~Part~~Revenue IIRecognition, ~~Item~~Deferred 1AFinancing ofFees, ~~this~~Distribution ~~Report~~Policy, and ~~“Risk~~Income ~~Factors”~~Taxes. inThere ~~Item~~have 1Abeen ofno ~~the~~material ~~Company’s~~changes ~~initial~~in ~~registration~~our ~~statement~~critical onaccounting ~~Form~~policies 10and ~~(“Form 10”)~~practices.

The Company’s critical accounting policies, including those relating to the valuation of its investment portfolio, should be read in connection with the Company’s financial statements in Part I, Item 1 of this Report, “Risk Factors” in Part II, Item 1A of this Report, and “Risk Factors” in Item 1A of the Company’s initial registration statement on Form 10 (“Form 10”) and most recent Form 10-K.

Related Party Transactions

WeThe ~~have~~Company has entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying unaudited consolidated financial statements if not defined herein):

•

the Advisory Agreement;

•

the Administration Agreement; and

•

the Expense Reimbursement Agreement.

See “Item 1. ~~Unaudited~~ Consolidated Financial Statements-Notes to the Unaudited Consolidated Financial Statements-Note 3. Related Party Transactions.”

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

The Company is subject to financial market risks, including changes in interest rates. To the extent that the Company borrows money to make investments, the Company’s net investment income is dependent upon the difference between the rate at which the Company borrows funds and the rate at which the Company invests these funds. In periods of rising interest rates, the Company’s cost of funds would increase, which may reduce the Company’s net investment income. Because the Company expects that most of its investments will bear interest at floating rates, the Company anticipates that an increase in interest rates would have a corresponding increase in the Company’s interest income that would likely offset any increase in the Company’s cost of funds and, thus, net investment income would not be reduced. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Company’s net investment income.

The Company will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because the Company expects that there will not be a readily available market for many of the investments in the Company’s portfolio, the Company expects to value many of its portfolio investments at fair value as determined in good faith by the Advisor using a documented valuation policy and a consistently applied valuation process, subject to Board oversight. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Assuming that the Consolidated Statement of Assets and Liabilities as of ~~September~~March 3031, ~~2023~~2024, were to remain constant and that the Company took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (amounts in thousands).

Change in Interest Rates

Increase (Decrease) inInterest Income

Increase (Decrease) inInterest Expense

Net Increase (Decrease) inNet Investment Income

Down 25 basis points

(~~439~~302

)

—

(~~439~~302

)

Up 100 basis points

1,~~758~~209

—

1,~~758~~209

Up 200 basis points

32,~~516~~417

—

32,~~516~~417

Up 300 basis points

53,~~273~~626

—

53,~~273~~626

In31 addition, although the Company does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Company will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

In addition, although the Company does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Company will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

The Company may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate the Company against adverse changes in interest rates, they may also limit the Company’s ability to participate in benefits of lower interest rates with respect to the Company’s portfolio of investments with fixed interest rates.

Item 4.

Controls and Procedures

Evaluation of disclosure controls and procedures

As of the end of the period covered by this Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s President and Treasurer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Company’s President and Treasurer have concluded that the Company’s current disclosure controls and procedures are effective in timely alerting them to material information relating to the Company that is required to be disclosed by the Company in the reports it files or submits under the Exchange Act.

Changes in internal control over financial reporting

There ~~were~~have been no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

The Company is not currently subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under ~~contracts~~loans ~~with~~to ~~its~~or ~~portfolio~~other ~~companies.~~contracts ~~The~~with the Company’s ~~business~~portfolio ~~is also subject to extensive regulation, which may result in regulatory proceedings against the Company~~companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon ~~its~~the Company’s financial condition or results of operations.

Item 1A.

Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Item 1A. Risk Factors” in the Company’s Form 10-K, which could materially affect the Company’s business, financial condition and/or operating results. The risks described in the Company’s Form 10-K are not the only risks the Company faces. Additional risks and uncertainties that are not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results. During the three months ended ~~September~~March 3031, ~~2023~~2024, there have been no material changes from the risk factors set forth in the Company’s most recent Form 10 ~~for the period ended~~-K.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Except as previously reported by the Company on its current reports on Form 8-K and on its Form 10, the Company did not sell any securities during the period covered by this Report that were not registered under the Securities Act.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosure

Not applicable.

Item 5.

Other Information

None.

3033

Item 6.

Exhibits

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

24.1*		Power of Attorney for John W. Lane.
24.2*		Power of Attorney for Crystal Porter.
24.3*		Power of Attorney for Richard R. LeBrun Jr.
24.5*		Power of Attorney for Debra W. Huddleston.
24.6*		Power of Attorney for Anne K. Kratky.
31.1*		Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
31.2*		Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*		Certification of Principal ~~Financial~~ Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*	Filed herewith

3134

SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

		PIMCO CAPITAL SOLUTIONS BDC CORP.	~~PIMCO CAPITAL SOLUTIONS BDC CORP.~~
Date: November 13, 2023		By:	/s/ John W. Lane *
Date: May 10, 2024	By:	/s/ John W. Lane *
		John W. Lane	~~John W. Lane~~
		President	~~President~~
		(Principal Executive Officer)	~~(Principal Executive Officer)~~
Date: November 13, 2023		By:	/s/ Crystal Porter *
Date: May 10, 2024	By:	/s/ Crystal Porter *
		Crystal Porter	~~Crystal Porter~~
		Treasurer	~~Treasurer~~
		(Principal Financial and Accounting Officer)	~~(Principal Financial and Accounting Officer)~~
Date: November 13, 2023		*By:	/s/ William J. Bielefeld
Date: May 10, 2024	By:	/s/ Rick LeBrun *
			William J. Bielefeld
		Rick LeBrun
			As attorney-in-fact
		Director
Date: May 10, 2024	By:	/s/ Debra W. Huddleston *
		Debra W. Huddleston
		Director
Date: May 10, 2024	By:	/s/ Anne K. Kratky *
		Anne K. Kratky
		Director
Date: May 10, 2024	*By:	/s/ William J. Bielefeld
		William J. Bielefeld
		As attorney-in-fact

^*	Pursuant to power of attorney filed herewith

Large accelerated filer

Accelerated filer

Non-accelerated
filer

Smaller reporting company

Emerging Growth Company

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