Management Change/Compensation (Form 8-K)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On March 23, 2026, each of Jeffrey Youle, President and Chief Executive Officer of Muzinich BDC, Inc. (the "Company"), and Paul Fehre, Chief Financial Officer and Treasurer of the Company, informed the Board of Directors (the "Board") of the Company that they were stepping down as President and Chief Executive Officer and Chief Financial Officer and Treasurer of the Company, respectively, effective April 1, 2026. Neither Mr. Youle nor Mr. Fehre expressed any disagreement on any matter relating to the Company's operations, policies or practices. Both of Messrs. Youle and Fehre will continue to serve as members of the Board and as a Senior Adviser and Chief Operating Officer of Muzinich & Co., Inc. ("Muzinich"), respectively, and Mr. Fehre will continue to serve as Chairperson of the Board.

Also, on March 23, 2026, the Board approved resolutions effectuating a leadership transition plan for the Company. The Board appointed Cheryl Rivkin, the Secretary of the Company, to succeed Mr. Youle as Chief Executive Officer of the Company, effective April 1, 2026. In connection with the foregoing, Ms. Rivkin resigned from her position as Secretary of the Company, effective April 1, 2026. In addition, the Board appointed Jens Ernberg, Co-Head of U.S. Private Debt at Muzinich, to succeed Mr. Youle as President of the Company; Rocco DelGuercio, Director of Finance for Private Debt at Muzinich, to succeed Mr. Fehre as Chief Financial Officer and Treasurer of the Company; and Susan Cohen, a Manager on the Client Services Team at Muzinich, to succeed Ms. Rivkin as Secretary of the Company, each effective April 1, 2026.

There is no arrangement or understanding between any of Ms. Rivkin, Mr. Ernberg, Mr. DelGuercio, or Ms. Cohen and the Company and any other person or entity. There are no current or proposed transactions between the Company and any of Ms. Rivkin, Mr. Ernberg, Mr. DelGuercio, or Ms. Cohen, or any of their respective immediate family members, that would require disclosure under Item 404(a) of Regulation S-K.

Ms. Rivkin, 56, currently serves on the Board of Directors of Muzinich, and also as its Chief Administrative Officer. In addition to serving as the Secretary of the Company beginning in August 2019, she also serves as the Secretary of Muzinich Corporate Lending Income Fund, Inc. Prior to joining Muzinich in 2003, Ms. Rivkin was a Vice President at GSC Partners, a U.S. and UK-based investment adviser specializing in corporate debt including distressed and mezzanine debt, as well as structured products. Previously, she served as a Director for distressed debt and equity hedge fund investment adviser, Morgens, Waterfall, Vintiadis & Co., Inc. Ms. Rivkin earned a B.A., magna cum laude and Phi Beta Kappa, from Mount Holyoke College, where she was a Sarah Williston Scholar, and an M. Phil. in Modern Middle Eastern Studies from Oxford University, where she was a Marshall Scholar focusing on development economics and oil policy.

Mr. Ernberg, 56, currently serves as Co-Head of Muzinich's U.S. Private Debt business. Prior to joining Muzinich in 2025, Mr. Ernberg served as a Senior Managing Director and Co-Head of Private Credit at Capital Dynamics, as well as a member of the Private Credit Investment Committee, the firm's global Executive Committee, and the Responsible Investment Committee. Prior to that, Mr. Ernberg was a portfolio manager and Co-Chief Investment Officer of Credit Suisse Park View BDC and served in various capacities at Credit Suisse, including Managing Director, Co-Head of Credit Special Situations and Director, Senior Research Analyst, on the distressed loan sales & trading desk. Mr. Ernberg was a founding member of Legacy Partners Group, a middle-market M&A advisory firm, where he served as a Senior Vice President, and spent several years as an M&A investment banker with Credit Suisse and Donaldson Lufkin & Jenrette. Mr. Ernberg graduated with a master's degree in mechanical engineering from the Royal Institute of Technology, Stockholm, Sweden and holds an MBA from the Wharton School of Business at the University of Pennsylvania.