VISTA CREDIT STRATEGIC LENDING CORP.

Private creditNon-traded BDC

Peers (…)All funds

Compared against all funds.

1Y return

+10.0%

66th pctile · ahead of most peersas of 2026-03-11

Since inception

not stated in filings

Distribution rate

not stated in filings

Net assets

$922.8M

as of 2026-03-11

Net expenses

8.4%

71th pctile · pricier than median

Repurchase

5% quarterly

23 of 293 peers match

Level 3

81.5%

51th pctile · more model-priced than peers

Last offer

Filled

6 offers on record · prorated 1 time

What owning this fund costs per year

Hold period3 yrs

Net expense ratio (includes the 1.25% management fee)8.40%

Minus interest on borrowings, the cost of portfolio leverage5.26%

Minus incentive fees accrued this period, which vary with returns1.10%

Ongoing cost, determined from the filings2.04%

Ongoing cost is about 2.0% a year: a 1.25% management fee plus roughly 0.8% of administration, professional, offering and other operating costs. Interest of 5.3% and performance fees of 1.1% are excluded. Cost has fallen from about 2.3% across 2025 as assets doubled. Class S shares pay an extra 0.85% servicing fee, taking their cost near 2.9%.

Sales loadnone

Total drag per year2.04%

This is the cost for class I.

Based on Class I ratios for the six months ended June 30, 2026, doubled to annualize (the interim report states its ratios are not annualized). Full year 2025 .

This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.

Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Investment Income Incentive Fee: quarterly, hurdle of 1.25% per quarter (5.00% annualized), 100% catch-up between the hurdle and 1.43% (5.72% annualized), then 12.5% of pre-incentive fee net investment income above 1.43%. Capital Gains Incentive Fee: 12.5% of cumulative realized capital gains net of) apply only to returns earned. How this is calculated

Against all funds

Total drag

52th pctile · pricier than most

1Y return

66th pctile · ahead of most

Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.

Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Class I ratios for the six months ended June 30, 2026, doubled to annualize (the interim report states its ratios are not annualized). Full year 2025 implied 2.30% on average net assets of about 522 million; the figure fell because the asset base roughly doubled and the adviser's voluntary administration fee waiver no longer applies..

Open the filing on sec.gov (0001193125-26-101986)

Size and leverage

Net assets$922.8M?

Borrowings$959.4M?

Leveragedebt to equity1.04x?

Asset coverage196.20%?

Investments held136?

Started2022-03-15?

What the manager charges

Management feeof net assets1.25%?

Performance feeInvestment Income Incentive Fee: none below a 1.25% quarterly hurdle (5.00% annualized); 100% catch-up on pre-incentive fee net investment income between the hurdle and 1.43% quarterly (5.72% annualized); 12.5% of pre-incentive fee net investment income above 1.43%. Capital Gains Incentive Fee: 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation, less previously paid capital gains fees.?

Hurdle5.00%?

High water markNo?

Adviser is subsidising costsYes?

Getting your money back

Repurchase offersquarterly?

Share of the fund offered5.00%?

Early repurchase fee2.00%?

Where distributions come from

Paid out of income100.00%?

Return of your own capital0.00%?

Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.

What it holds

Largest position10.60%?

Floating rate100.00%?

Not paying interestloans on non-accrual0.00%?

Priced by the managerno market price available81.50%?

MostlyEnterprise software, data and technology-enabled businesses; largest single industry is IT Services & IT Systems Management (Ex-Security) at 12.5% of fair value?

Who is involved

AdviserVista Credit BDC Management, L.P.?

AuditorErnst & Young LLP?

Valuedno less frequently than quarterly?

Independent valuation agentYes?

Deals with affiliatesYes?

Share classes

Class	Ongoing fee	Entry charge	Expense ratio	Minimum
Class I	0.00%	0.00%	8.40%	-
Class S	0.85%	3.50%	9.28%	-
Class D	0.25%	1.50%	-	-

Also worth knowing

The April 2026 tender was filled at exactly 5.00% of shares outstanding, 2,437,463.588 shares for $46.1 million, the maximum permitted in a quarter.
Class I net asset value per share fell from $19.75 to $19.13 in the six months ended June 30, 2026, with $30.5 million of net unrealized depreciation recorded, attributed to widening credit spreads and scrutiny of artificial intelligence disruption to software borrowers.
A $517.2 million asset-backed securitization (ABS V) closed February 26, 2026; total debt rose to $959.4 million and asset coverage fell to 196.2% from 273.8% at December 31, 2025.
Distributions declared in the first half of 2026 of $45.2 million exceeded net investment income of $43.9 million, and the monthly Class I distribution was cut from $0.16 to $0.15 per share effective May 2026.
Unfunded commitments versus liquidity: 323,855 USD thousands (Unfunded delayed draw, revolver and equity commitments are 35% of net assets and far exceed cash of $23.4 million, so future funding depends on facility availability and new subscriptions.)
Borrowing base headroom on DB Credit Facility: 6,754 USD thousands available (Only $6.8 million of the $84.5 million undrawn commitment is actually available under the borrowing base, so headroom is much smaller than the facility size suggests.)
Interest rate swap position and posted collateral: 400,891 USD thousands notional (Fixed rate notes and securitization tranches are swapped to floating to match the loan book, but the swaps show $6.3 million of unrealized depreciation and require $7.1 million of pledged cash.)
Largest single markdown: Perforce Software: 22,583 fair value on 37,219 amortized cost USD thousands (A 39% discount to cost on a syndicated position is the biggest driver of the net asset value decline and shows how spread widening is hitting marks.)
Payment-in-kind interest income: 3,068 USD thousands for six months (PIK is accrued income not received in cash and is included in the base for the income incentive fee, so it flatters distributable earnings.)
April 2026 repurchase filled at the quarterly cap: 2,437,463.588 shares, 5.00% of shares outstanding, $46,128 USD thousands paid (Hitting the 5% ceiling exactly indicates demand for liquidity at or above the maximum the fund will meet in a quarter.)
Adviser-funded bonus share program: 1,099,405.491 shares transferred February 2, 2026 shares (Bonus shares supplied by an adviser affiliate effectively subsidize early investors' returns and will not repeat after December 31, 2025.)
Nonqualifying assets versus the 30% BDC limit: 10.8 % of total assets (Non-U.S. and other nonqualifying holdings have grown from 8.4% to 10.8% of assets and are capped at 30% for a business development company.)

Fees

Management fee1.25%

Incentive feechanged · Mar 2026

Investment Income Incentive Fee: quarterly, hurdle of 1.25% per quarter (5.00% annualized), 100% catch-up between the hurdle and 1.43% (5.72% annualized), then 12.5% of pre-incentive fee net investment income above 1.43%. Capital Gains Incentive Fee: 12.5% of cumulative realized capital gains net of

Incentive hurdleunchanged, 2 filings5%

Sales load0%

Interest on borrowings5.26%

Incentive fees accrued1.1%

Total annual expenses, gross8.4%

Liquidity terms

Repurchase frequencyquarterly

Repurchase percentage of shares outstandingunchanged, 3 filings5%

Early repurchase feeunchanged, 2 filings2%

Notice period, days60

Valuation

Fair value determined byunchanged, 4 filingsAdviser as valuation designee

Independent valuation firmunchanged, 4 filingsEngaged, name in filing

Structure

Legal structurechanged · Mar 2026

Maryland corporation, business development company electing regulated investment company tax treatment

Share classeschanged from Common Stock · Mar 2026

Class I (no upfront load, no servicing fee), Class S (up to 3.5% upfront load cap, 0.85% servicing/distribution fee), Class D (up to 1.5% upfront load cap, 0.25% servicing/distribution fee)

Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.

Request the six-factor report on VISTA CREDIT STRATEGIC LENDING CORP.

A dated report covering performance, fees, liquidity, valuation, benchmarks, and complexity, with every value sourced to the filing it came from and the fund placed against its category. Built for the evaluation file an advisor keeps. Tell us what it is for and we will follow up with timing.

Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.