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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended September 30, 2025


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

Commission File Number 814-01698

Overland Advantage

(Exact Name of Registrant as Specified in its Charter)


Delaware	92-6424189
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
375 Park Avenue 11th Floor New York, NY	10152-0002
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 672-5088

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

      Title of each class

      Trading
Symbol(s)

      Name of each exchange on which registered

      N/A

      N/A

      N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of September 30, 2025, the registrant had 26,248,778 shares of beneficial interest, $0.001 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	2

Item 1.	Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	2
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited)	4
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024 (Unaudited)	5
	Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)	6
	Consolidated Schedule of Investments as of December 31, 2024	11
	Notes to Consolidated Financial Statements (Unaudited)	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	47

PART II.	OTHER INFORMATION	48

Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
Signatures		50

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Overland Advantage

Consolidated Statements of Assets and Liabilities

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


	September 30, 2025			December 31, 2024
	(Unaudited)			(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $1,350,380 and $947,345, respectively)	$	1,347,655		$	947,637
Cash and cash equivalents		36,884			31,554
Interest receivable on investments		7,248			2,806
Deferred financing costs		2,198			3,732
Other assets		269			226
Prepaid insurance		83			287
Receivable for paydowns of investments		47			57
Deferred offering costs		—			1,657
Total Assets	$	1,394,384		$	987,956

Liabilities
Credit facilities	$	514,000		$	450,000
Term loan (net of unamortized deferred financing costs of $583 and $0, respectively)		199,417			—
Secured borrowings		—			18,000
Distribution payable		13,650			10,023
Interest payable		6,489			5,099
Payable to affiliates		3,851			4,412
Investment income incentive fee payable		2,385			592
Management fee payable		1,934			804
Payable for unsettled purchases		—			69,940
Accrued capital gains incentive fee		—			33
Total Liabilities	$	741,726		$	558,903

Commitments and contingencies (Note 8)

Net Assets
Common shares of beneficial interest, $0.001 par value, unlimited shares authorized, 26,248,778 and 17,122,713 shares issued and outstanding, respectively		26			17
Paid-in-capital in excess of par value		654,826			428,267
Distributable earnings (loss)		(2,194	)		769
Total Net Assets	$	652,658		$	429,053
Total Liabilities and Net Assets	$	1,394,384		$	987,956
Net asset value per share	$	24.86		$	25.06

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

Overland Advantage

Consolidated Statements of Operations (Unaudited)

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




	For the three months ended			For the three months ended			For the nine months ended			For the nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Investment income
From non-controlled/non-affiliated investments:
Interest income	$	31,323		$	9,058		$	75,523		$	12,451
Total investment income		31,323			9,058			75,523			12,451
Expenses
Interest and debt financing costs		11,047			4,006			28,600			4,785
Amortization of offering costs		—			1,192			1,657			1,905
Management fees		1,934			597			4,522			942
Investment income incentive fee		2,385			—			5,369			—
Capital gains incentive fee		—			—			(33	)		—
Organizational expenses		—			—			—			33
Other general and administrative expenses		2,700			3,639			6,809			6,536
Professional fees		758			550			2,543			1,454
Trustees' fees		163			163			488			488
Total expenses		18,987			10,147			49,955			16,143

Less advisor expense support (Note 4)		(1,180	)		(4,491	)		(4,887	)		(8,681	)
Net expenses		17,807			5,656			45,068			7,462
Net investment income (loss)		13,516			3,402			30,455			4,989

Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		12			4			(99	)		4
Net realized gains (losses)		12			4			(99	)		4
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		616			(382	)		(3,016	)		(2,547	)
Net change in unrealized appreciation (depreciation)		616			(382	)		(3,016	)		(2,547	)
Net realized and unrealized gain (loss)		628			(378	)		(3,115	)		(2,543	)
Net increase (decrease) in net assets from operations	$	14,144		$	3,024		$	27,340		$	2,446

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

Overland Advantage

Consolidated Statements of Changes in Net Assets (Unaudited)

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




	For the three months ended			For the three months ended			For the nine months ended			For the nine months ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net assets at beginning of period	$	649,899		$	193,422		$	429,053		$	10
Operations:
Net investment income (loss)		13,516			3,402			30,455			4,989
Net realized gains (losses)		12			4			(99	)		4
Net change in unrealized appreciation (depreciation)		616			(382	)		(3,016	)		(2,547	)
Net increase (decrease) in net assets from operations		14,144			3,024			27,340			2,446
Distributions to Shareholders:
Distributions from distributable earnings		(13,650	)		—			(30,303	)		—
Net increase (decrease) resulting from shareholder distributions		(13,650	)		—			(30,303	)		—
Capital share transactions:
Issuance of common shares		—			85,258			220,000			279,248
Reinvestment of shareholder distributions		2,265			—			6,568			—
Net increase (decrease) in net assets from capital transactions		2,265			85,258			226,568			279,248
Net increase (decrease) in net assets for the period		2,759			88,282			223,605			281,694
Net assets at end of period	$	652,658		$	281,704		$	652,658		$	281,704

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

Overland Advantage

Consolidated Statements of Cash Flows (Unaudited)

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


	For the nine months ended			For the nine months ended
	September 30, 2025			September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets from operations	$	27,340		$	2,446
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchase of investments		(1,145,887	)		(529,773	)
Proceeds from sales of investments and principal repayments		746,641			25,425
Payment-in-kind interest		(1,561	)		—
Net realized (gains) losses on investments		99			(4	)
Net change in unrealized (appreciation) depreciation		3,016			2,547
Net accretion of discount on investments		(2,326	)		(135	)
Amortization of deferred financing costs		2,151			685
Amortization of deferred offering costs		1,657			1,905
Changes in operating assets and liabilities:
(Increase) decrease in prepaid insurance		204			(369	)
(Increase) decrease in other assets		(43	)		(51	)
(Increase) decrease in interest receivable on investments		(4,442	)		(3,225	)
(Increase) decrease in receivable for paydowns of investments		10			(154	)
Increase (decrease) in investment income incentive fee payable		1,793			—
Increase (decrease) in accrued capital gains incentive fee		(33	)		—
Increase (decrease) in management fee payable		1,130			597
Increase (decrease) in payable to affiliates (1)		(561	)		(379	)
Increase (decrease) in payable for unsettled purchases		(69,940	)		17,216
Increase (decrease) in interest payable		1,390			3,400
Net cash provided by (used in) operating activities		(439,362	)		(479,869	)
Cash flows from financing activities:
Proceeds from issuance of common shares		220,000			279,248
Distributions paid		(20,108	)		—
Deferred financing costs paid		(1,200	)		(3,986	)
Borrowings on credit facilities		823,500			300,000
Paydown on credit facilities		(559,500	)		(75,000	)
Repayment of secured borrowings		(78,000	)		—
Proceeds from secured borrowings		60,000			—
Net cash provided by (used in) financing activities		444,692			500,262
Net increase (decrease) in cash and cash equivalents		5,330			20,393
Cash and cash equivalents, beginning of period		31,554			10
Cash and cash equivalents, end of period	$	36,884		$	20,403

Supplemental and Non-Cash Financing Activities
Accrued but unpaid deferred financing costs	$	—		$	300
Accrued but unpaid deferred offering costs	$	—		$	1,052
Cash paid during the period for interest	$	25,034		$	701
Distribution payable	$	13,650		$	—
Reinvestment of shareholder distributions	$	6,568		$	—
Reallocation of revolving credit facility	$	200,000		$	—

(1)

Increases in payable to affiliates is reduced by the accrued but unpaid deferred financing and offering costs.

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

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of September 30, 2025

(amounts in thousands)


				Principal/									Percentage
		Interest	Maturity	Par			Amortized						of Net
Company(1)	Investment	Rate	Date	Amount/Shares			Cost(2)			Fair Value(3)			Assets
Investments
Non-controlled/non-affiliated senior secured debt
Debt investments(4)(5)
Automobile Components
LS Group OpCo Acquisition LLC(7)(8)(14)	First lien senior secured term loan	SOFR + 2.50%	4/23/2031		$	6,930	$	6,964		$	6,900			1.06	%
Realtruck Group Inc(7)(14)	First lien senior secured term loan	SOFR + 3.75%	1/31/2028			7,876		7,893			7,107			1.09	%
								14,857			14,007			2.15	%
Building Products
Kodiak BP LLC(8)(14)	First lien senior secured term loan	SOFR + 3.75%	11/26/2031			4,533		4,559			4,506			0.69	%
LBM Acquisition LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	6/6/2031			6,435		6,403			6,269			0.96	%
								10,962			10,775			1.65	%
Commercial Services & Supplies
Advanced Technology Services Inc(6)(7)(14)	First lien senior secured term loan	SOFR + 5.00%	4/21/2031			66,218		65,267			65,225			9.99	%
Advanced Technology Services Inc(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.00%	4/21/2031			—		(122	)		(132	)		(0.02	)%
CI (MG) GROUP, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.50%	3/27/2030			47,314		46,641			46,735			7.16	%
CI (MG) GROUP, LLC(6)(8)(12)	First lien senior secured delayed draw term loan	SOFR + 5.50%	3/27/2030			2,886		2,712			2,781			0.43	%
CI (MG) GROUP, LLC(6)(8)(12)	First lien senior secured revolving loan	SOFR + 5.50%	3/27/2030			2,432		2,363			2,370			0.36	%
Continental Cafe LLC(6)(7)(14)	First lien senior secured term loan	SOFR + 5.00%	12/31/2029			60,527		59,874			59,850			9.17	%
Continental Cafe LLC(6)(7)(12)	First lien senior secured delayed draw term loan	SOFR + 5.00%	12/31/2029			12,727		12,511			12,431			1.90	%
CoreLogic Inc(7)(14)	First lien senior secured term loan	SOFR + 3.50%	6/2/2028			7,877		7,835			7,869			1.21	%
Power Services Group CR Acquisition, Inc.(6)(7)(14)	First lien senior secured term loan	SOFR + 5.00%	9/2/2030			29,925		29,495			29,476			4.52	%
								226,576			226,605			34.72	%
Communications Equipment
Delta Topco Inc(7)(8)(14)	First lien senior secured term loan	SOFR + 2.75%	11/30/2029			7,940		8,009			7,843			1.20	%
								8,009			7,843			1.20	%
Construction & Engineering
Oscar Acquisitionco LLC(8)(14)	First lien senior secured term loan	SOFR + 4.25%	4/29/2029			8,863		8,885			8,261			1.27	%
								8,885			8,261			1.27	%
Consumer Finance
Maxitransfers Blocker Corp(6)(7)(14)	Second lien senior secured term loan	SOFR + 7.00%	6/18/2030			49,625		48,739			49,085			7.52	%
								48,739			49,085			7.52	%

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of September 30, 2025

(amounts in thousands)


				Principal/								Percentage
		Interest	Maturity	Par		Amortized						of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)			Fair Value(3)			Assets
Consumer Staples Distribution & Retail
Hand Family Companies Holdings, LLC(6)(8)	Unsecured term loan	SOFR + 9.00%	11/30/2030		13,951		13,683			13,677			2.10	%
Hand Family Companies Holdings, LLC(6)(11)(12)	Unsecured delayed draw term loan	SOFR + 9.00%	11/30/2030		—		(263	)		(279	)		(0.04	)%
Hand Family Companies Holdings, LLC(6)(11)(12)	Unsecured delayed draw term loan	SOFR + 9.00%	11/30/2030		—		(96	)		(102	)		(0.02	)%
Sunset Distributing LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.75%	5/30/2030		52,735		51,724			51,684			7.92	%
Sunset Distributing LLC(6)(8)	First lien senior secured delayed draw term loan	SOFR + 5.75%	5/30/2030		10,108		9,912			10,007			1.53	%
Southern Crown Beverage Holdings, LLC(6)(7) (15)	Unsecured term loan	SOFR + 9.00%	5/2/2031		51,561		50,595			51,124			7.83	%
							125,555			126,111			19.32	%
Distributors
BCPE Empire Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	12/11/2030		7,940		8,014			7,924			1.21	%
							8,014			7,924			1.21	%
Diversified Consumer Services
Mavis Tire Express Services Topco Corp(8)(14)	First lien senior secured term loan	SOFR + 3.00%	5/4/2028		7,940		8,010			7,935			1.22	%
Wand NewCo 3 Inc(7)(14)	First lien senior secured term loan	SOFR + 2.50%	1/30/2031		4,754		4,794			4,735			0.73	%
							12,804			12,670			1.95	%
Diversified Financial Services
Boost Newco Borrower LLC(8)(14)	First lien senior secured term loan	SOFR + 2.00%	1/31/2031		5,955		5,999			5,958			0.91	%
							5,999			5,958			0.91	%
Electrical Utilities
WEC US Holdings Inc(7)(14)	First lien senior secured term loan	SOFR + 2.25%	1/27/2031		6,930		6,962			6,932			1.06	%
							6,962			6,932			1.06	%
Electronic Equipment
Emrld Borrower LP(8)(14)	First lien senior secured term loan	SOFR + 2.25%	5/31/2030		3,940		3,966			3,927			0.60	%
Madison IAQ LLC(9)(14)	First lien senior secured term loan	SOFR + 2.50%	6/21/2028		5,923		5,952			5,925			0.91	%
							9,918			9,852			1.51	%
Energy Equipment & Services
Jones Industrial Holdings Inc(6)(8)(14)	First lien senior secured term loan	SOFR + 5.25%	5/2/2030		80,595		79,398			79,600			12.20	%
Stark Tech Holdco, LLC(6)(7)(14)	First lien senior secured term loan	SOFR + 5.25%	5/13/2030		33,537		33,055			33,042			5.06	%
Stark Tech Holdco, LLC(6)(7)(12)	First lien senior secured delayed draw term loan	SOFR + 5.25%	5/13/2030		20,793		20,439			20,587			3.15	%
Stark Tech Holdco, LLC(6)(11)(12)	First lien senior secured delayed draw term loan	SOFR + 5.25%	5/13/2030		—		(90	)		(97	)		(0.01	)%
							132,802			133,132			20.40	%

Overland Advantage

Consolidated Schedule of Investments (Unaudited)

As of September 30, 2025

(amounts in thousands)


				Principal/						Percentage
		Interest	Maturity	Par		Amortized				of Net
Company(1)	Investment	Rate	Date	Amount/Shares		Cost(2)		Fair Value(3)		Assets
Health Care Equipment & Supplies
Medline Borrower LP(7)(14)	First lien senior secured term loan	SOFR + 2.00%	10/23/2030		4,925		4,950		4,922		0.75	%
							4,950		4,922		0.75	%
Health Care Providers & Services
Examworks Bidco Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	11/1/2028		6,929		6,958		6,941		1.06	%
FFF Enterprises Inc(6)(7)(14)	First lien senior secured term loan	SOFR + 6.25%	12/12/2028		79,400		78,099		77,984		11.95	%
Heartland Dental LLC(7)(14)	First lien senior secured term loan	SOFR + 3.75%	8/9/2032		8,865		8,908		8,845		1.36	%
SGA Dental Partners OPCO, LLC(6)(8)(14)	First lien senior secured term loan	SOFR + 5.50%	7/17/2029		78,289		77,056		77,372		11.85	%
SGA Dental Partners OPCO, LLC(6)(7)(8)	First lien senior secured delayed draw term loan	SOFR + 5.50%	7/17/2029		14,808		14,562		14,635		2.24	%
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 3.25%	11/26/2031		7,940		7,908		7,936		1.22	%
Zelis Payments Buyer Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	9/28/2029		960		966		957		0.15	%
							194,457		194,670		29.83	%
Health Care Technology
AthenaHealth Group Inc(7)(14)	First lien senior secured term loan	SOFR + 2.75%	2/15/2029		6,912		6,928		6,895		1.06	%
Project Ruby Ultimate Parent Corp(7)(14)	First lien senior secured term loan	SOFR + 2.75%	3/10/2028		7,960		8,026		7,961		1.22	%
Waystar Technologies Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.00%	10/22/2029		4,199		4,231		4,197		0.64	%
							19,185		19,053		2.92	%
Hotels, Restaurants & Leisure
Alterra Mountain Co(7)(14)	First lien senior secured term loan	SOFR + 2.50%	8/17/2028		3,994		4,038		3,993		0.61	%
Caesars Entertainment Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	2/6/2031		5,910		5,945		5,890		0.90	%
CV Borrower, LLC(6)(7)(10)(14)	First lien senior secured term loan	SOFR + 5.75%	8/30/2030		99,000		97,266		98,212		15.05	%
Fertitta Entertainment LLC/NV(7)(14)	First lien senior secured term loan	SOFR + 3.25%	1/29/2029		6,893		6,929		6,881		1.06	%
Light & Wonder International Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.25%	4/14/2029		4,938		4,973		4,941		0.76	%
							119,151		119,917		18.38	%
Household Durables
Restoration Hardware Inc(7)(13)(14)	First lien senior secured term loan	SOFR + 2.50%	10/20/2028		7,877		7,787

Overland Advantage 10-Q