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Ardian and iCapital Expand Distribution of Ardian Access Evergreen Strategies Through Leading Global Fund Platforms

Ardian

Long-standing partnership supports broader, low-friction access to Ardian’s private markets strategies for the global wealth channel.

Ardian, a global private investment firm, and iCapital1, the global fintech company shaping the future of investing, today announced the continued expansion of their partnership with the broader availability of the Ardian Access SICAV suite of evergreen2 private markets strategies3 through leading global fund platforms, including Allfunds, Clearstream and Euroclear Fundsplace.

Building on a partnership that began in 2022, Ardian and iCapital have worked closely to design, structure, service and distribute evergreen investment solutions that support long‑term portfolio construction for wealth investors. The latest expansion further reflects a shared ambition to expand access to private markets while maintaining operational efficiency, scalability and enhanced investor experience across distribution channels.

Through availability on Allfunds, Clearstream and Euroclear Fundsplace, the Ardian Access strategies can now be accessed via established platform workflows and custody environments already used by wealth managers and advisors globally. This approach allows Ardian and iCapital to meet growing demand from the wealth channel while reducing operational friction and integration complexity for distributors and end investors.

Launched in partnership with iCapital, Ardian Access provides evergreen exposure to Ardian’s private equity and infrastructure capabilities. iCapital structures and services the strategies and provides end to end lifecycle support, leveraging its integrated technology and operating capabilities to streamline onboarding, administration and the ongoing investor experience for wealth managers and advisors.

“We are delighted to expand our partnership with iCapital, a leading player in making private asset investment more accessible. This enhanced collaboration enables us to offer Ardian strategies to a broader audience of private investors, while supporting transparency, operational simplicity, and service quality. By leveraging leading platforms, we are pursuing our goal to expand access to private markets while meeting investors’ high standards for information, governance, and experience throughout the entire investment cycle.” Erwan Paugam, Head of Private Wealth Solutions and Senior Managing Director at Ardian.

“This expanded partnership underscores the strength of our long standing relationship with Ardian and our shared focus on accessibility and investor experience. By combining Ardian’s investment expertise with iCapital’s advanced technology, structuring, servicing and distribution capabilities, including connectivity to leading fund platforms, we are creating a more efficient and scalable way for the wealth channel to access private markets solutions, supporting both sustainable growth and a better overall experience for advisors and their clients.” Marco Bizzozero, Head of International at iCapital.

IMPORTANT INFORMATION

This material has been provided to you for informational purposes only by iCapital, Inc. and/or one of its affiliates including Institutional Capital Network, Inc. (collectively, “iCapital”). This material is the property of iCapital. This is not intended as, and may not be relied on in any manner as, legal, tax or investment advice, a recommendation to employ a specific investment strategy, or as an offer to sell, a solicitation of an offer to purchase, or a recommendation of any interest in any fund or security. Securities products and services are offered through iCapital Markets LLC (a registered broker/dealer, member FINRA and SIPC), Institutional CN (Europe) – Empresa de Investimento, S.A. (registered with CMVM),  iCapital UK Services Limited (authorised and regulated by the Financial Conduct Authority), iCapital Hong Kong Limited (licensed by SFC) and iCapital SG Pte. Ltd (licensed by MAS), iCapital Network Canada Ltd. is registered as an investment fund manager, portfolio manager and exempt market dealer where required in the applicable Provinces and Territories of Canada, all affiliates of iCapital. Registrations and memberships in no way imply that FINRA, SIPC, CMVM, FCA, SFC or MAS have endorsed any of the entities, products or services discussed herein. Financial products made available by iCapital Markets LLC, Institutional CN (Europe) – Empresa de Investimento, S.A., iCapital UK Services Limited, iCapital Hong Kong Limited, iCapital SG Pte. Ltd. and iCapital Network Canada Ltd, may be complex and/or speculative and are not suitable for all investors. iCapital Advisors, LLC is an investment adviser registered with the Securities and Exchange Commission and acts as an adviser to certain privately offered investment funds. “iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

© 2026 Institutional Capital Network, Inc. All Rights Reserved.

For investors in the European Union. Access to such investments may be subject to investor eligibility requirements. Investments may involve a risk of loss of capital. Investors should refer to the relevant offering documents before making any investment decision.

1 iCapital, Inc., together with its affiliates “iCapital”.
2 With a term of 99 years.
3 Ardian may act as manager or as a delegated portfolio manager.

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

ardian.com

ABOUT ICAPITAL

iCapital is a global leader, shaping the future of global investing for financial advisors, wealth managers, asset managers, insurance carriers, and other industry participants. iCapital offers a diverse and complete range of non-traditional investment products on iCapital Marketplace, Enterprise Solutions, and both Technology and Data Services, designed to help drive better outcomes* for all participants in the ecosystem.
With strategic investment from leading alternative asset managers, wealth managers, and service providers globally, iCapital provides broad access, data connectivity, education, and research programs to advisors and their clients. Leveraging AI and machine learning for digital identity (KYC/AML), iCapital supports compliant and secure investment lifecycle processes.

iCapital’s end-to-end platform manages the lifecycle of non-traditional investment products, making it easier to learn about, buy, manage, and integrate alternative assets, structured investments, and annuities and insurance products into portfolios, driving growth, scale, and efficiency. Our solution(s) can be customized and offers specific modules as needed.

iCapital has nearly $1.2 trillion** of assets serviced globally on its platform, including over $311 billion in alternative platform assets, $288 billion in structured investments and annuities outstanding, and $554 billion in client assets reported on, and serves over 3,400 wealth management firms and 130,000 active financial professionals.

Headquartered in New York and Greenwich, CT, iCapital operates globally with 19 offices, including major hubs in Zurich, London, Hong Kong, Singapore, Tokyo, Sydney, Abu Dhabi, and Toronto, and an industry-leading R&D center in Lisbon. iCapital is recognized for its innovation and leadership, with accolades from Euromoney (World’s Best Technology Provider for Wealth Management), CNBC (World’s Top Fintech Companies), and Forbes Fintech 50.

For more information, visit https://icapital.com | X (Twitter): @icapitalnetwork | LinkedIn: https://www.linkedin.com/company/icapital-network-inc

* iCapital delivers better outcomes by streamlining financial operations, enhancing technology infrastructure, and empowering smarter decision-making through reporting and analytics
** as of March 2026

icapital.com

Media Contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com 

ICAPITAL

media@icapital.coma 

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Apollo Funds Acquire Majority Stake in Noble Environmental, Inc.

Apollo logo

Investment Supports Vertically Integrated Regional Waste Management Platform Serving the Northeast, Mid-Atlantic and Midwest United States

NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (“Apollo Funds”) have acquired a majority interest in Noble Environmental, Inc. (“Noble Environmental” or the “Company”), a vertically integrated waste management platform headquartered in Pittsburgh, Pennsylvania.

Founded in 2016, Noble Environmental is a regional leader in waste management across the Northeast, Mid-Atlantic and Midwest United States, providing integrated services spanning solid waste collection, hauling, transfer and disposal to municipalities and commercial customers, alongside a growing RNG business that captures and converts landfill gas into pipeline-quality fuel. The Company’s portfolio of landfills, transfer stations and hauling operations represent long-life hard assets that provide essential services to the communities served by Noble Environmental.

Scott Browning and Brad Fierstein, Partners at Apollo, said, “Noble Environmental has built a differentiated platform in one of the most attractive waste markets in the country. The combination of scarce, permitted landfill assets, a fully integrated service offering and a growing RNG business creates a compelling foundation for long-term value creation. Apollo has a long history of investing in essential service businesses, and we look forward to partnering with the Company’s management team to expand Noble Environmental’s platform and build on its strong foundation.”

David Florance, President and Chief Operating Officer of Noble Environmental, said, “Since inception, Noble Environmental’s goal has been to build a leading waste management business that delivers for the communities we serve while creating lasting value through disciplined operations and strategic growth. Apollo shares that vision, and their experience and resources will be invaluable as we continue to execute on our vision to grow the business.”

Latham & Watkins LLP served as legal counsel to the Apollo Funds.

Guggenheim Securities, LLC served as financial advisor to the Strategic Alternatives Committee of the Board of Directors of Noble Environmental (the “Noble Strategic Alternatives Committee”), and Vinson & Elkins LLP served as legal counsel to the Noble Strategic Alternatives Committee.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Noble Environmental

Noble Environmental, headquartered in Pittsburgh, Pennsylvania, is a vertically integrated waste management company providing waste collection, transportation and disposal services through its platform of solid waste landfills and transfer stations located throughout the Northeast, Mid-Atlantic and Midwest. Noble Environmental also operates a portfolio of renewable natural gas facilities at its landfill gas generating solid waste disposal locations. To learn more, please visit www.nobleenviro.com.

Contacts

Apollo

Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

Noble Environmental

Nikolas Mermigas
Executive Vice President
nmermigas@nobleenviro.com

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4impact leads €1.4M seed round in Regulate to bring breathwork to the workplace

4Impact

Regulate, the science-backed breathwork platform built for the demands of the modern workday, closes a €1.4M seed round led by 4impact capital.

Munich, 12 May 2026

Regulate, the science-backed breathwork platform built for the demands of the modern workday, today announced the closing of its €1.4M seed round. The round is led by 4impact capital and backed by an angel syndicate which includes Hanno Renner (Co-Founder & CEO, Personio), Mike Wax (Co-Founder, Forto), Marlena Hien (Co-Founder, Bears with Benefits), and Felix Haas (10x Group, IDnow, Bits & Pretzels).

Regulate will use the fresh capital to accelerate growth, deepen product capabilities, expand its live format offering, and grow its team.

Science-backed tool for sustainable peak performance

As productivity tools multiply and expectations accelerate, the human nervous system, which allows people to think clearly, decide well, and lead under pressure, has not changed. The result is a widening gap between what is being demanded of organisations and what humans can sustain.

Regulate was founded on the conviction that breathwork is the most direct, science-backed lever for addressing this gap. Used by elite athletes such as Novak Djokovic and LeBron James, CEOs and military units for its measurable effects on focus, stress response and resilience, breathwork has been validated by research from Harvard Medical School, Stanford Medicine, and Frontiers in Psychology.

Peter van Woerkum, Co-Founder & CEO of Regulate, says:
‍“Breathwork is a proven way to shift from stress to clarity in real time. It’s accessible and it builds resilience that compounds over time. As pressures mount and AI raises the bar for what organizations can produce, expectations on professionals have never been higher. We’re building Regulate to help people meet these demands sustainably by embedding it into the way teams already work, not adding another source of stress.”

Founded in 2024 by Peter van Woerkum, a certified breathwork coach and executive coach with over a decade of C-level advisory experience, and Paul Laechelin, former Product Lead for the BMW App, Regulate has rapidly built enterprise traction. In under a year the platform has completed over 50,000 sessions across organisations and is used by companies including Raiffeisen Bank International, Personio, Vattenfall and globally leading strategy consultant firms and enterprises.

Victor Straatman, Partner at 4impact.vc, adds:
“We back companies where business model and positive impact align. Regulate improves how people perform and how they feel, allowing them to thrive in a fast changing work environment. The data shows that at scale, this is a very compelling combination and solution for overall wellbeing.”

Direct measurable impact during the workday

Regulate brings breathwork into the everyday flow of work via an intelligent app, with a library of over 60 science-backed sessions, ranging from 90 seconds to 60 minutes. Rather than offering generic mindfulness sessions that sit unused in corporate benefits portals, the platform surfaces the right intervention at the right moment: a focus protocol before a high-stakes meeting, a breathing exercise after an intense discussion, or a team session before a workshop.

This contextual intelligence is powered by wearables and workday systems. By reading physiological signals from connected devices and understanding the structure of the user’s workday, Regulate can recommend personalised sessions aligned to the user’s current state and the demands of the workday, making it the first breathwork platform that functions as an on-demand performance tool.

European Investment Fund logo

The investment in Regulate benefits from support from the European Union under the InvestEU Fund.

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KKR Announces Sale of Danish Residential Portfolio to Pears Global Real Estate Denmark

KKR

Copenhagen, 11 May 2026 – KKR, a leading global investment firm, and Fokus Nordic, a local asset manager and minority owner, today announced the sale of a portfolio of Danish residential units in Central and Greater Copenhagen to Pears Global Real Estate Denmark, a leading international real estate investment advisor. The details of the transaction were not disclosed.

The portfolio comprises 213 residential units located across attractive submarkets within Copenhagen and its catchment area, municipalities that are home to approximately 15% of Denmark’s population and with connectivity to the city centre. KKR acquired the portfolio in 2021 through KKR Real Estate Partners Europe II (“REPE II”), a fund dedicated to value-add and opportunistic real estate investments in Western Europe.

The transaction reflects KKR’s disciplined approach to portfolio management and value creation in the Nordic residential sector. KKR’s European real estate strategy has established a significant presence across the Nordic region, with recent investments spanning Denmark, Finland, and Sweden across sectors including residential, student accommodation, and logistics.

Alexander Thams, Director and Head of Nordics Real Estate for KKR said: “We are pleased to have completed this transaction with Pears Global Real Estate. We remain firmly committed to the Nordic real estate sector and continue to view the region as a key growth market with attractive structural characteristics. Denmark’s residential market continues to demonstrate resilience and we look forward to pursuing further opportunities in the Danish market and beyond in the coming years as we continue to build our presence in this important region.”

Emil Holmboe Christiansen, Investment Executive at Pears Global Real Estate Denmark, commented: “First and foremost, we would like to thank the seller for a constructive dialogue throughout the process. We have followed the portfolio with great interest for some time and are very pleased to have successfully completed the acquisition. The investment naturally aligns with our existing Danish activities and supports our ambition of maintaining a long-term presence in the Danish market. The collaboration between our Finance, Asset Management and Investment teams was instrumental to the success of the deal, and I would like to extend my thanks to them.”

In connection with the transaction, Accura and EY acted as advisors to Pears Global Real Estate Denmark. KKR and Fokus were advised by CBRE and Gorrissen Federspiel.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investmentClassification: Limited returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com.

Media Contact
KKR
Brunswick Group
KKR-comms-Nordics@brunswickgroup.com

Pears Global Real Estate Denmark
Emil Holmboe Christiansen
Emil.christiansen@pearsglobal.dk
+45 4076 3000

 

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Apiary announces significant promotions across its investment team

Apiary Capital

New Partners: (From L-R). Chris Heawood, Jess French and Thomas Alldred

New Partners: (From L-R). Chris Heawood, Jess French and Thomas Alldred

We are delighted to announce five promotions which reflect outstanding contributions to Apiary’s continued success.

 

Thomas Alldred, Jess French and Chris Heawood have all been promoted to Partner and join the senior leadership team with immediate effect. All three joined after the firm’s inaugural £200m fund was raised in 2018 and have made significant contributions to Apiary’s development and success since then.

 

Thomas leads the firm’s technology services investment strategy and is involved with Apiary’s investments in Connect, Radiant, and Carbon. Jess is responsible for Apiary’s education and healthcare investments and manages the firm’s portfolio companies Access, First Intuition, Positive Support Group and performance.io. Chris is focussed on the business services sector and has played a crucial role in Apiary’s investments in Shaw Gibbs, mediasense, Roar and Thrive.

 

In addition, Adam Boyle has been promoted to Origination Manager, having made a considerable contribution to Apiary’s research-led direct origination efforts across the UK lower mid-market over the past four years and Jess Rooney, who joined Apiary in 2023, has been promoted to Financial Controller.

 

Mark Salter, Managing Partner at Apiary Capital commented: “We are thrilled to announce these well-deserved promotions, which recognise the substantial contribution each of them has made to Apiary’s development and success since our founding in 2018, and to welcome Thomas, Jess and Chris to the partnership. I am extremely proud of the team we have built at Apiary and have no doubt that these promotions will further strengthen our business as we look to build on the successes we have achieved to date.”

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Verdane closes €635 million continuation vehicle anchored by Arrive Group, alongside Talentech and Pet Media Group, with Coller as sole lead investor

Verdane Capital

Verdane, the European specialist growth buyout investment firm, today announces the successful closing of a €635 million multi-asset continuation vehicle (CV).

The fund enables the extension of Verdane’s investment horizon and capital availability for Arrive Group, the largest asset in the CV, alongside Talentech and Pet Media Group.

Coller Capital is the sole lead investor in the CV. StepStone acted as co-underwriter.

Bjarne Kveim Lie, Founder and Managing Partner at Verdane, said: “Arrive Group, Talentech and Pet Media Group are companies that we know well, and that have already generated strong returns for our investors. Our partnership with Arrive alone already spans more than a decade, and we are as excited about the road ahead as we have ever been. This new fund gives us the time and capital to help these businesses reach their full potential.”

Carl Nauckhoff, Partner and Chief Commercial Officer at Verdane, said: “This transaction is a strong endorsement of the quality of the three assets and of Verdane’s approach to active ownership. Coller’s deep expertise in the secondary market and their long-term perspective made them the ideal partner for a transaction of this nature. We are grateful for the strong interest received from high-quality institutional investors, which resulted in significant oversubscription. The CV allows us to continue investing behind businesses we know deeply, while providing existing investors with a meaningful liquidity option.”

Martin Fleischer, Partner at Coller Capital, said: “This is exactly the opportunity Coller looks to back. We are proud to lead a portfolio anchored by Arrive Group, an asset that has been a clear winner for Verdane over more than a decade and continues to compound, alongside two further high-quality assets in Talentech and Pet Media Group. The flexibility of our mandate allowed us to underwrite the full multi-asset portfolio as sole lead, reinforcing Coller’s track record of partnering with blue-chip Nordic managers on their best assets.”

Lazard acted as financial adviser, Simpson Thacher & Bartlett and Andulf Advokat acted as legal advisers to Verdane. Akin Gump acted as legal adviser to Coller Capital.

About Arrive Group

Verdane first invested in EasyPark in 2012 when it was a Nordic champion in mobile parking payments. Over the following decade, the company grew into a leading European consolidator in digital parking before completing a transformational merger with Flowbird in 2025 to create Arrive Group, a global digital parking and smart mobility provider with direct access to consumers and municipalities at scale. The business now operates in more than 20,000 cities in more than 90 countries.

For more information, visit www.arrive.com

About Talentech

Talentech is a Nordic HR software platform serving public sector and upper SME clients across the full recruitment lifecycle. Talentech recently agreed to merge with Grade, a complementary Nordic HR platform, significantly broadening the combined group’s product offering and creating a Nordic end-to-end HR solution.

For more information, visit www.talentech.com

About Pet Media Group

Verdane invested in Pet Media Group in 2019. The company has since grown into the leading operator of vertical pet classified sites globally. Every year, the company helps over 1.7 million pets to find new homes through its partnerships with trusted and vetted breeders and shelters. The new fund will support PMG’s next phase of growth, including US expansion, payments penetration and further bolt-on acquisitions.

For more information, visit www.petmediagroup.com

About Verdane

Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. The flexible mandates of Verdane funds allow it to invest as a majority or minority control investor, replacement or growth capital, in single companies or in portfolios of companies.

Verdane has raised €10 billion in capital and its funds have made more than 200 investments in fast-growing businesses since 2003. Verdane’s team of more than 180 professionals and operating experts is based out of Berlin, Copenhagen, London, Helsinki, Munich, Oslo and Stockholm and combines deep sector expertise with long-standing local networks and presence in core European markets.

Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.

Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.

For more information, visit www.verdane.com

About Coller Capital

Coller Capital is a global leader in the secondary market for private assets, renowned for being a pioneer and innovator in the asset class. Founded in 1990, Coller provides investment and liquidity solutions to private market investors worldwide, and currently manages $54 billion* in private equity, private credit, and other private market vehicles. With headquarters in London and offices across North America, Europe, and Asia-Pacific, our multinational team offers a global reach.

Coller has exclusively focused on secondary investing since inception and today boasts one of the largest dedicated investment teams in the asset class.

Coller’s Private Wealth Secondaries Solutions (PWSS) business offers perpetual funds to eligible private wealth investors globally.

For more information, visit www.collercapital.com

*As at 31/12/2025.

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VoltaGrid Announces $1 Billion Strategic Equity Investment from Blackstone and Halliburton to Fund Growth and Aquisition of Propell

Blackstone

Investment to Accelerate Buildout of Behind-the-Meter Power Generation Platform for AI Data Centers

HOUSTON – VoltaGrid today announced that it has signed agreements for a $1.0 billion strategic equity investment from funds managed by Blackstone Tactical Opportunities (“Blackstone” or “Tac Opps”) and Halliburton Company. The investment is composed of a $775 million primary capital raise and a $225 million secondary purchase from existing investors.

Proceeds of the capital raise will be used to accelerate deployment of VoltaGrid’s behind-the-meter power generation solutions for data centers, microgrids, and industrial applications.

In addition to the investment, VoltaGrid has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliates (collectively, “Propell”), a key VoltaGrid supplier.

Both transactions are subject to customary closing conditions and are expected to close in mid-2026.

Strategic Benefits of Propell Acquisition

The acquisition of Propell represents a transformative step in VoltaGrid’s evolution into a fully integrated power generation platform and offers several strategic benefits:

  • VoltaGrid and Propell have historically worked hand-in-hand on technology development. Propell is a key partner in the manufacturing of the proprietary high-inertia QPac system developed specifically for AI data centers. We expect the combined platform will accelerate our ability to bring new technologies to market and develop customized technical solutions for demanding and evolving AI data center power
  • The transaction is expected to materially reduce execution risk across VoltaGrid’s ~7.5 GW order book between now and 2030 by strengthening supply chain access and control.
  • Founded in 1978, Propell has spent decades developing a talented and innovative workforce and manufacturing capacity across multiple power systems, including reciprocating engines and turbine technologies.
  • Propell has approximately 1,000 employees in the USA and Canada that VoltaGrid will leverage to bring integrated R&D, manufacturing, integration services and turnkey after-sales service. This includes OEM-direct service, a dedicated field team, and a meaningful parts distribution function

Together, these benefits are expected to further enhance VoltaGrid’s leading product development, drive continued on-time and on-budget delivery and improve the Company’s full cycle return on capital.

As part of the transaction, VoltaGrid will immediately invest in expanding Propell’s existing facilities in Granbury, Texas by building two additional next-generation automated manufacturing plants. This is expected to grow its capabilities to ~300 MW per month of capacity through a combination of reciprocating engines and turbines.

Management and Investor Commentary

Nathan Ough, Founder and Chief Executive Officer of VoltaGrid, said: “This partnership with Blackstone is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era. Blackstone’s scale and sector expertise make them an ideal partner as we accelerate the deployment of our behind-the-meter power solutions to meet unprecedented customer demand. The acquisition of Propell adds proven engineering and integration capabilities that will further extend our technology and operational leadership as we continue to scale.”

William Nicholson, Managing Director at Blackstone, said: “VoltaGrid is a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes. We are excited to partner with VoltaGrid and its existing shareholders as the Company expands its platform to meet significant customer demand.”

Jeff Miller, President and CEO at Halliburton, said: “This investment reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

Advisors
Goldman Sachs & Co. LLC acted as financial advisor to VoltaGrid. Kirkland & Ellis LLP and Sidley Austin LLP are serving as legal advisors to VoltaGrid. Morgan Stanley acted as lead financial advisor to Blackstone and Lazard also advised Blackstone. Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone. Deloitte Corporate Finance acted as financial advisor and Mogan Daniels Slager LLP as legal advisors to Propell.

About VoltaGrid
VoltaGrid is an advanced energy management and generation company delivering firm, off-grid power solutions for some of the world’s most demanding applications. Founded in 2020 and headquartered in Houston, Texas, VoltaGrid provides behind-the-meter generation, portable power, CNG fuel supply, infrastructure, and energy management services to data centers, AI infrastructure, utilities, and industrial customers across North America and beyond.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Halliburton
Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company, Blackstone and Halliburton’s current views with respect to, among other things, the Company’s operations and financial performance, and the benefits of the strategic equity investment and acquisition referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. These statements are not guarantees of future performance and involve a number of assumptions, risks, and uncertainties that could cause actual results to differ materially from expected results. These statements speak only as of the date of this release, and the Company, Blackstone and Halliburton undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The important factors that could cause results to differ include but are not limited to those described under the section entitled “Risk Factors” in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in its subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Blackstone’s other subsequent filings.

Media Contacts

For VoltaGrid
Krasen Chervenkov – Krasen.Chervenkov@voltagrid.com

For Blackstone
Hallie Dewey – Halliedewey@blackstone.com

For Halliburton
For Investors: David Coleman – investors@halliburton.com – 281-871-2688
For Media Relations: Alexandra Franceschi – PR@halliburton.com – 281-871-3602

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Blackstone Real Estate Debt Strategies Launches Homebuilder Lending Platform

Blackstone

Expects to Support Construction of over 50,000 New Homes Annually

New York – May 11, 2026 – Blackstone (NYSE: BX) today announced that Blackstone Real Estate Debt Strategies (“BREDS”) has launched a lending platform that will provide much needed capital and flexibility to homebuilders, and expects to enable the construction of over 50,000 for-sale homes across the United States annually.

This lending platform is supported by BREDS portfolio company, Brio Homebuilder Solutions, as well as partnerships with third parties. This commitment comes at a time when the U.S. is facing a critical housing shortage. Fewer homes are being built today than in 1960, despite the U.S. population nearly doubling.

Tim Johnson, Global Head of Blackstone Real Estate Debt Strategies, said: “America needs more homes, and we are proud to be part of the solution. Our homebuilder lending platform will help deliver thousands of new homes across the United States, directly addressing the critical housing supply gap in communities where people want to live.”

This platform builds on Blackstone Real Estate’s longstanding commitment to providing high-quality, affordable housing. Tricon Residential, a Blackstone Real Estate portfolio company, has developed or is developing ~64,000 single-family homes and home sites. Blackstone Real Estate’s affordable housing portfolio company, April Housing, is on track to be the largest preserver of affordable housing in 2026. Together with Blackstone, April Housing has already preserved the affordability of over 3,000 apartments and invested over $300 million to improve its communities through its newly launched resyndication program.

About Blackstone Real Estate Debt Strategies
Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative asset manager of real estate credit with $78 billion of investor capital under management. Serving institutional, insurance, and individual investors, BREDS originates loans and makes debt investments across global private and public real estate credit markets and across the capital structure and risk spectrum. BREDS also manages Blackstone Mortgage Trust (NYSE: BXMT), a publicly-traded commercial mortgage REIT, and is a fully integrated part of the Blackstone Real Estate platform, the largest owner of commercial real estate globally.

Contacts

Blackstone
Claire Keyte
Claire.Keyte@Blackstone.com

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Blackstone to Acquire Skroutz, Greece’s Leading Online Marketplace, from CVC

Blackstone

Investment to support continued growth and European expansion

LONDON, UK & ATHENS, GREECE – 11 May 2026 – Blackstone (NYSE: BX), the world’s largest alternative asset manager, announced today that funds managed by its private equity business have entered into a definitive agreement to acquire a majority stake in Skroutz (the “Company”), the leading online marketplace in Greece, from CVC Capital Partners Fund VII.

Skroutz is the leading e-commerce platform in Greece, offering more than 12 million products from approximately 9,000 merchants to around 2.5 million active users. Founded in 2005, the Company operates a vertically integrated platform that combines its marketplace with proprietary last-mile logistics, fulfilment services, a licensed fintech offering, and a growing retail media business.

Skroutz’s founders will sell a portion of their shareholding as part of the transaction but retain a stake and continue to lead the business. George Chatzigeorgiou will remain CEO.

Over recent years Skroutz has expanded beyond its core Greek market, establishing a presence in Cyprus and more recently expanding into Romania and Bulgaria, as it looks to broaden its footprint across Southeast Europe. Greece has been one of the fastest-growing European economies in recent years, with real GDP per capita growth consistently above the eurozone average. E-commerce penetration in Greece and Southeast Europe remains lower than across Western Europe, which the firm believes creates meaningful room for growth as those markets develop.

Alexander Walsh, Senior Managing Director at Blackstone, said: “This investment builds on our conviction in digital consumer platforms, where we believe e-commerce penetration across Europe will continue to drive meaningful growth. George and the Skroutz team have built a standout platform with a powerful brand, which we believe is well placed to capture this growth opportunity across Greece and Southeastern Europe. We look forward to partnering with them to work towards scaling the business further.”

Alex Fotakidis, a Managing Partner and Head of CVC Greece, said: “We are proud of all that Skroutz has achieved during our productive partnership. Together with the Founders and management team, we have made significant investments in infrastructure, merchant capabilities and customer experience, and successfully evolved from a price-comparison platform into Greece’s leading e-commerce marketplace. We believe Skroutz is well-positioned to continue its growth journey with Blackstone.”

George Chatzigeorgiou, President and CEO of Skroutz, said: “This marks a significant new chapter for Skroutz. Since its launch in 2005, the company has undergone a substantial journey of transformational growth. I would like to express my sincere gratitude to CVC for its invaluable support over the past six years. During this period, Skroutz successfully evolved into a pure, verticalised online marketplace, further solidifying its leadership position. We are equally pleased to partner with Blackstone, whose strong investing experience in online marketplaces and digital platforms makes it an excellent fit for our future. As we build on the foundation we have created, Blackstone will help accelerate our next stage of innovation and growth. I would like to thank my co-founders, the entire Skroutz team, and our partners and users for the confidence they have placed in us.”

Blackstone has a proven track record investing in digital consumer and marketplace businesses, including Adevinta, the world’s largest online classifieds platforms, and Property Finder, a leading property portal in the Middle East and North Africa. These investments reflect the firm’s conviction in technology-enabled platforms with leading market positions that benefit from long-term secular tailwinds.

The transaction is expected to close in H2 2026, subject to regulatory approvals.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Blackstone Contact
Matt Thomas
Matthew.Thomas@blackstone.com
+44 7350 445003

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Bain Capital Specialty Finance, Inc. Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Dividend of $0.42 per Share

BainCapital

BOSTON–Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the first quarter ended March 31, 2026, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the second quarter of 2026.

“BCSF’s credit fundamentals remained sound across our portfolio with stable, low non-accruals and attractive net investment income that continued to cover our dividend,” said Michael Ewald, Chief Executive Officer of BCSF. “Despite market volatility and a challenging macroeconomic backdrop, we maintained a disciplined and selective approach to new investment activity, continuing to focus on structures that provide strong lender controls. Given Bain Capital’s longstanding presence and expertise in the core middle market, we believe BCSF remains well-positioned to navigate the current market environment through its predominantly first lien portfolio, broad diversification across industries, and durable balance sheet.”

Quarterly Highlights

  • Net investment income (NII) per share was $0.42, equating to an annualized NII yield on book value of 10.0%(1);
  • Net income per share was $0.05, equating to an annualized return on book value of 1.2%(1);
  • Net asset value per share as of March 31, 2026 was $16.86, as compared to $17.23 as of December 31, 2025;
  • Gross and net investment fundings were $243.2 million and $(12.2) million, respectively; ending net debt-to-equity was 1.28x, as compared to 1.24x as of December 31, 2025(2);
  • Investments on non-accrual represented 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of March 31, 2026, down from 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2025;
  • During the quarter, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2031 (the “March 2031 Notes”). In connection with these notes, the Company entered into an interest rate swap agreement to receive a fixed interest rate of 5.950% per annum and pay a floating interest rate of SOFR plus 2.28% per annum; and
  • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the second quarter of 2026 payable to stockholders of record as of June 15, 2026(3).

Selected Financial Highlights

($ in millions, unless otherwise noted)

Q1 2026

Q4 2025

Net investment income per share

$

0.42

$

0.46

Net investment income

$

27.4

$

29.7

Earnings per share

$

0.05

$

0.43

Regular dividends per share declared and payable

$

0.42

$

0.42

Special dividends per share declared and payable

$

–

$

0.18

($ in millions, unless otherwise noted)

As of


March 31, 2026

As of


December 31, 2025

Total fair value of investments

$

2,470.8

$

2,508.4

Total assets

$

2,601.7

$

2,662.6

Total net assets

$

1,093.6

$

1,117.4

Net asset value per share

$

16.86

$

17.23

Portfolio and Investment Activity

For the three months ended March 31, 2026, the Company invested $243.2 million in 107 portfolio companies, including $123.6 million in 13 new companies, $110.6 million in 93 existing companies and $9.0 million in SLP. The Company had $255.4 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(12.2) million.

Investment Activity for the Quarter Ended March 31, 2026:

($ in millions)

Q1 2026

Q4 2025

Investment Fundings

$

243.2

$

167.9

Sales and Repayments

$

255.4

$

193.2

Net Investment Activity

$

(12.2

)

$

(25.3

)

As of March 31, 2026, the Company’s investment portfolio had a fair value of $2,470.8 million, comprised of investments in 212 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of March 31, 2026:

Investment Type

$ in Millions

% of Total

First Lien Senior Secured Loan

$

1,631.1

66.0

%

Second Lien Senior Secured Loan

30.1

1.2

Subordinated Debt

81.7

3.3

Preferred Equity

165.1

6.7

Equity Interest

167.3

6.8

Warrants

0.8

0.0

Investment Vehicles

394.7

16.0

Subordinated Note in ISLP

190.7

7.7

Equity Interest in ISLP

31.6

1.3

Subordinated Note in SLP

166.9

6.8

Preferred and Equity Interest in SLP

5.5

0.2

Total

$

2,470.8

100.0

%

As of March 31, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%, respectively, as compared to 10.8% and 10.9%, respectively, as of December 31, 2025(4)(5). 92.6% of the Company’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, six portfolio companies were on non-accrual status, representing 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively.

As of March 31, 2026, ISLP’s investment portfolio had an aggregate fair value of $711.9 million, comprised of investments in 40 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 94.0% first lien senior secured loans, 0.7% second lien senior secured loans and 5.3% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, SLP’s investment portfolio had an aggregate fair value of $1,599.1 million, comprised of investments in 106 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.7% first lien senior secured loans and 0.3% second lien senior secured loans. 100.0% of SLP’s debt investments at fair value were in floating rate securities.

Results of Operations

For the three months ended March 31, 2026 and December 31, 2025, total investment income was $66.2 million and $68.2 million, respectively.

Total expenses (before taxes) for the three months ended March 31, 2026 and December 31, 2025 were $37.9 million and $37.7 million, respectively.

Net investment income for the three months ended March 31, 2026 and December 31, 2025 was $27.4 million or $0.42 per share and $29.7 million or $0.46 per share, respectively.

During the three months ended March 31, 2026, the Company had net realized and unrealized losses of $24.0 million.

Net increase in net assets resulting from operations for the three months ended March 31, 2026 was $3.4 million, or $0.05 per share.

Capital and Liquidity

As of March 31, 2026, the Company had total principal debt outstanding of $1,467.0 million, including $195.0 million outstanding in the Company’s Sumitomo Credit Facility, $272.0 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company’s senior unsecured notes due October 2026, $350.0 million outstanding in the Company’s senior unsecured notes due March 2030, and $350.0 million outstanding in the Company’s senior unsecured notes due March 2031.

For the three months ended March 31, 2026, the weighted average interest rate on debt outstanding was 4.6%, as compared to 4.6% for the three months ended December 31, 2025.

As of March 31, 2026, the Company had cash and cash equivalents (including foreign cash) of $16.6 million, restricted cash and cash equivalents of $17.6 million, $34.6 million of unsettled trades, net of receivables and payables of investments, and $660.0 million of capacity under its Sumitomo Credit Facility. As of March 31, 2026, the Company had $442.6 million of undrawn investment commitments.

As of March 31, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.34x and 1.28x, respectively, as compared to 1.32x and 1.24x, respectively, as of December 31, 2025(3).

Endnotes

(1)

Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown.
(2)

Net debt-to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments.
(3)

The second quarter dividend is payable on June 29, 2026 to stockholders of record as of June 15, 2026.
(4)

The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at amortized cost or fair value. The weighted average yield does not represent the total return to our stockholders.
(5)

For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

Conference Call Information

A conference call to discuss the Company’s financial results will be held live at 8:30 a.m. Eastern Time on May 12, 2026. Please visit BCSF’s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF’s website at http://www.baincapitalspecialtyfinance.com for a slide presentation that complements the Earnings Conference Call.

  • Participants are also invited to access the conference call by dialing one of the following numbers:
  • Domestic: 1-800-245-3047
  • International: 1-203-518-9765
  • Conference ID: BAIN

All participants will need to reference “Bain Capital Specialty Finance – First Quarter Ended March 31, 2026 Earnings Conference Call” once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.

Replay Information:

An archived replay will be available approximately three hours after the conference call concludes through May 26, 2026 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below:

  • Domestic: 1-844-512-2921
  • International: 1-412-317-6671
  • Conference ID: 11161743

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

As of

As of

March 31, 2026

December 31, 2025

(Unaudited)

Assets

Investments at fair value:

Non-controlled/non-affiliate investments (amortized cost of $1,925,871 and $1,891,513, respectively)

$

1,916,461

$

1,905,297

Non-controlled/affiliate investments (amortized cost of $7,504 and $7,504, respectively)

19,164

18,674

Controlled affiliate investments (amortized cost of $549,483 and $603,650, respectively)

535,173

584,470

Cash and cash equivalents

12,973

23,092

Foreign cash (cost of $3,026 and $2,477, respectively)

3,622

3,151

Restricted cash and cash equivalents

17,593

32,667

Collateral on derivatives

9,813

10,993

Deferred financing costs

3,285

3,543

Interest receivable on investments

35,091

38,023

Interest rate swap

4,979

7,976

Receivable for sales and paydowns of investments

38,101

28,856

Prepaid insurance

277

489

Unrealized appreciation on forward currency exchange contracts

224

—

Dividend receivable

4,920

5,354

Total Assets

$

2,601,676

$

2,662,585

Liabilities

Debt (net of unamortized debt issuance costs of $17,144 and $10,110, respectively)

$

1,454,657

$

1,470,796

Interest payable

10,910

12,376

Payable for investments purchased

3,527

2,110

Collateral payable on derivatives

4,760

12,907

Unrealized depreciation on forward currency exchange contracts

2,739

9,061

Base management fee payable

9,085

9,408

Incentive fee payable

5,618

5,877

Accounts payable and accrued expenses

16,825

12,910

Distributions payable

—

9,730

Total Liabilities

1,508,121

1,545,175

Commitments and Contingencies (See Note 10)

Net Assets

Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,868,507 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

65

65

Paid in capital in excess of par value

1,161,110

1,161,110

Total distributable loss

(67,620

)

(43,765

)

Total Net Assets

1,093,555

1,117,410

Total Liabilities and Total Net Assets

$

2,601,676

$

2,662,585

Net asset value per share

$

16.86

$

17.23

See Notes to Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

For the Three Months Ended March 31,

2026

2025

Income

Investment income from non-controlled/non-affiliate investments:

Interest from investments

$

39,333

$

41,672

Dividend income

619

1,725

PIK income

8,705

6,606

Other income

1,476

2,833

Total investment income from non-controlled/non-affiliate investments

50,133

52,836

Investment income from non-controlled/affiliate investments:

Interest from investments

2

8

PIK income

—

17

Other income

21

42

Total investment income from non-controlled/affiliate investments

23

67

Investment income from controlled affiliate investments:

Interest from investments

10,033

9,148

Dividend income

5,983

4,786

PIK income

2

2

Total investment income from controlled affiliate investments

16,018

13,936

Total investment income

66,174

66,839

Expenses

Interest and debt financing expenses

20,252

18,904

Base management fee

9,085

9,068

Incentive fee

5,618

2,222

Professional fees

700

714

Directors fees

180

174

Other general and administrative expenses

2,069

2,571

Total expenses, net of fee waivers

37,904

33,653

Net investment income before taxes

28,270

33,186

Income tax expense, including excise tax

906

1,076

Net investment income

27,364

32,110

Net realized and unrealized gains (losses)

Net realized gain (loss) on non-controlled/non-affiliate investments

3,820

(20,986

)

Net realized loss on non-controlled/affiliate investments

—

(2,967

)

Net realized loss on controlled affiliate investments

(13,448

)

—

Net realized gain (loss) on foreign currency transactions

66

(249

)

Net realized loss on forward currency exchange contracts

(2,989

)

(2,405

)

Net change in unrealized appreciation on foreign currency translation

(135

)

435

Net change in unrealized appreciation on forward currency exchange contracts

6,546

(2,073

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

(23,194

)

23,993

Net change in unrealized appreciation on non-controlled/affiliate investments

490

(1,866

)

Net change in unrealized appreciation on controlled affiliate investments

4,870

2,555

Total net loss

(23,974

)

(3,563

)

Net increase in net assets resulting from operations

$

3,390

$

28,547

Basic and diluted net investment income per share of common stock

$

0.42

$

0.50

Basic and diluted increase in net assets resulting from operations per share of common stock

$

0.05

$

0.44

Basic and diluted weighted average common stock outstanding

64,868,507

64,676,192

See Notes to Consolidated Financial Statements

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through March 31, 2026, BCSF has invested approximately $9,975.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

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