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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/23/22 Bain Cap Specialty Finance, Inc. 10-K 12/31/21 7:9.4M Toppan Merrill/FA |
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(Mark One)
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2021
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OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission file number: 814-01175
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Delaware
(State or Other Jurisdiction of Incorporation or Organization) |
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81-2878769
(I.R.S. Employer Identification No.) |
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200 Clarendon Street, 37th Floor
Boston, MA (Address of Principal Executive Office) |
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02116
(Zip Code) |
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.001 per share
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BCSF
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New York Stock Exchange
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| Large accelerated filer ☒ | | |
Accelerated filer ☐
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| Non-accelerated filer ☐ | | |
Smaller reporting company ☐
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Emerging growth company ☐
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Page
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Signatures | | | |
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As of December 31, 2021
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Amortized Cost
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Percentage of
Total Portfolio |
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Fair Value
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Percentage of
Total Portfolio |
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First Lien Senior Secured Loans | | | | $ | 1,807,805 | | | | | | 78.2% | | | | | $ | 1,774,675 | | | | | | 77.5% | | |
Equity Interest | | | | | 156,399 | | | | | | 6.8 | | | | | | 151,844 | | | | | | 6.6 | | |
Subordinated Note Investment Vehicles(1) | | | | | 125,437 | | | | | | 5.5 | | | | | | 125,437 | | | | | | 5.5 | | |
Second Lien Senior Secured Loans | | | | | 120,058 | | | | | | 5.2 | | | | | | 118,561 | | | | | | 5.2 | | |
Preferred Equity | | | | | 42,452 | | | | | | 1.8 | | | | | | 53,991 | | | | | | 2.4 | | |
Equity Interest Investment Vehicles(1) | | | | | 39,596 | | | | | | 1.7 | | | | | | 44,444 | | | | | | 1.9 | | |
Subordinated Debt | | | | | 19,635 | | | | | | 0.8 | | | | | | 20,027 | | | | | | 0.9 | | |
Warrants | | | | | 2 | | | | | | 0.0 | | | | | | 126 | | | | | | 0.0 | | |
Total | | | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | |
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As of December 31, 2020
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Amortized Cost
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Percentage of
Total Portfolio |
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Fair Value
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Percentage of
Total Portfolio |
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First Lien Senior Secured Loans | | | | $ | 2,193,827 | | | | | | 87.0% | | | | | $ | 2,164,910 | | | | | | 87.1% | | |
Second Lien Senior Secured Loans | | | | | 167,698 | | | | | | 6.6 | | | | | | 161,960 | | | | | | 6.6 | | |
Equity Interests | | | | | 131,491 | | | | | | 5.2 | | | | | | 119,905 | | | | | | 4.8 | | |
Preferred Equity | | | | | 29,723 | | | | | | 1.2 | | | | | | 37,713 | | | | | | 1.5 | | |
Warrants | | | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | |
Total | | | | $ | 2,522,739 | | | | | | 100.0% | | | | | $ | 2,484,488 | | | | | | 100.0% | | |
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As of December 31, 2021
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Investment Performance Rating
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Fair
Value |
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Percentage of
Total |
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Number of
Companies(1) |
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Percentage of
Total |
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1
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| | | $ | 42,233 | | | | | | 1.9% | | | | | | 4 | | | | | | 3.8% | | |
2
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| | | | 2,017,059 | | | | | | 88.1 | | | | | | 95 | | | | | | 89.6 | | |
3
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| | | | 229,813 | | | | | | 10.0 | | | | | | 7 | | | | | | 6.6 | | |
4
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| | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | |
Total | | | | $ | 2,289,105 | | | | | | 100.0% | | | | | | 106 | | | | | | 100.0% | | |
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As of December 31, 2020
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Investment Performance Rating
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Fair
Value |
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Percentage of
Total |
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Number of
Companies |
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Percentage of
Total |
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1
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| | | $ | 42,942 | | | | | | 1.7% | | | | | | 3 | | | | | | 2.9% | | |
2
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| | | | 2,121,057 | | | | | | 85.4 | | | | | | 87 | | | | | | 82.8 | | |
3
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| | | | 315,383 | | | | | | 12.7 | | | | | | 14 | | | | | | 13.3 | | |
4
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| | | | 5,106 | | | | | | 0.2 | | | | | | 1 | | | | | | 1.0 | | |
Total | | | | $ | 2,484,488 | | | | | | 100.0% | | | | | | 105 | | | | | | 100.0% | | |
Assumed Return on our Portfolio (Net of Expenses)
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(10.00%)
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(5.00%)
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0.00%
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5.00%
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10.00%
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Corresponding return to common stockholder
assuming actual asset coverage as of December 31, 2021 (177%) (1) |
| | | | (27.34%) | | | | | | (15.66%) | | | | | | (3.97%) | | | | | | 7.72% | | | | | | 19.40% | | |
Corresponding return to common stockholder
assuming 150% asset coverage (2) |
| | | | (36.47%) | | | | | | (21.29%) | | | | | | (6.10%) | | | | | | 9.08% | | | | | | 24.26% | | |
Class and Year/Period
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Total Amount
Outstanding Exclusive of Treasury Securities (1) ($ in millions) |
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Asset Coverage
Per Unit (2) |
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Involuntary
Liquidating Preference Per Unit (3) |
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Average
Market Value Per Unit (4) |
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Facilities | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | | | |
$
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—
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$
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—
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| | | | | — | | | | | | N/A | | |
December 31, 2020 | | | | $ | 551.0 | | | | | $ | 4,598.0 | | | | | | — | | | | | | N/A | | |
December 31, 2019 | | | | $ | 814.8 | | | | | $ | 3,188.0 | | | | | | — | | | | | | N/A | | |
December 31, 2018 | | | | $ | 271.3 | | | | | $ | 6,039.8 | | | | | | — | | | | | | N/A | | |
December 31, 2017 | | | | $ | 451.0 | | | | | $ | 2,124.1 | | | | | | — | | | | | | N/A | | |
December 31, 2016 | | | | $ | 59.1 | | | | | $ | 2,867.1 | | | | | | — | | | | | | N/A | | |
2018-1 Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | | | | $ | 365.7 | | | | | $ | 6,920.2 | | | | | | — | | | | | | N/A | | |
December 31, 2020 | | | | $ | 365.7 | | | | | $ | 6,927.8 | | | | | | — | | | | | | N/A | | |
December 31, 2019 | | | | $ | 365.7 | | | | | $ | 7,103.1 | | | | | | — | | | | | | N/A | | |
December 31, 2018 | | | | $ | 365.7 | | | | | $ | 4,480.7 | | | | | | — | | | | | | N/A | | |
2019-1 Debt | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | | | | $ | 352.5 | | | | | $ | 7,179.3 | | | | | | — | | | | | | N/A | | |
December 31, 2020 | | | | $ | 398.8 | | | | | $ | 6,352.8 | | | | | | — | | | | | | N/A | | |
December 31, 2019 | | | | $ | 398.8 | | | | | $ | 6,513.6 | | | | | | — | | | | | | N/A | | |
2023 Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | | | | $ | 112.5 | | | | | $ | 22,495.2 | | | | | | — | | | | | | N/A | | |
December 31, 2020 | | | | $ | 150.0 | | | | | $ | 16,890.1 | | | | | | — | | | | | | N/A | | |
March 2026 Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | | | | $ | 300.0 | | | | | $ | 8,435.7 | | | | | | — | | | | | | N/A | | |
October 2026 Notes | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | | | | $ | 300.0 | | | | | $ | 8,435.7 | | | | | | — | | | | | | N/A | | |
Total Senior Securities | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | | | | $ | 1,430.7 | | | | | $ | 1,768.9 | | | | | | — | | | | | | N/A | | |
December 31, 2020 | | | | $ | 1,465.5 | | | | | $ | 1,728.8 | | | | | | — | | | | | | N/A | | |
December 31, 2019 | | | | $ | 1,579.3 | | | | | $ | 1,644.8 | | | | | | — | | | | | | N/A | | |
December 31, 2018 | | | | $ | 637.0 | | | | | $ | 2,572.4 | | | | | | — | | | | | | N/A | | |
December 31, 2017 | | | | $ | 451.0 | | | | | $ | 2,124.1 | | | | | | — | | | | | | N/A | | |
December 31, 2016 | | | | $ | 59.1 | | | | | $ | 2,867.1 | | | | | | — | | | | | | N/A | | |
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Consolidated Statements of operations data:
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Total investment income | | | | $ | 197,394 | | | | | $ | 194,460 | | | | | $ | 197,945 | | | | | $ | 99,294 | | | | | $ | 24,605 | | |
Total expenses, net of waivers | | | | | 109,522 | | | | | | 108,397 | | | | | | 113,078 | | | | | | 43,364 | | | | | | 10,396 | | |
Net investment income (loss) before taxes
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| | | | 87,872 | | | | | | 86,063 | | | | | | 84,867 | | | | | | 55,930 | | | | | | 14,209 | | |
Excise tax expense | | | | | 134 | | | | | | 232 | | | | | | — | | | | | | — | | | | | | 5 | | |
Net investment income (loss) after
taxes |
| | | | 87,738 | | | | | | 85,831 | | | | | | 84,867 | | | | | | 55,930 | | | | | | 14,204 | | |
Net realized and unrealized gain (loss)
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| | | | 32,069 | | | | | | (77,553) | | | | | | 13,218 | | | | | | (29,285) | | | | | | 5,096 | | |
Net increase in net assets resulting
from operations |
| | | $ | 119,807 | | | | | $ | 8,278 | | | | | $ | 98,085 | | | | | $ | 26,645 | | | | | $ | 19,300 | | |
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 1.36 | | | | | $ | 1.46 | | | | | $ | 1.64 | | | | | $ | 1.45 | | | | | $ | 0.73 | | |
Net increase in net assets resulting
from operations |
| | | $ | 1.86 | | | | | $ | 0.14 | | | | | $ | 1.90 | | | | | $ | 0.69 | | | | | $ | 0.99 | | |
Distributions declared(1) | | | | $ | 1.36 | | | | | $ | 1.43 | | | | | $ | 1.64 | | | | | $ | 1.52 | | | | | $ | 0.70 | | |
Consolidated Statements of assets
and liabilities data (at period end): |
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Total assets | | | | $ | 2,571,193 | | | | | $ | 2,603,492 | | | | | $ | 2,645,554 | | | | | $ | 1,791,014 | | | | | $ | 988,251 | | |
Total investments, at fair value | | | | | 2,289,105 | | | | | | 2,484,488 | | | | | | 2,527,055 | | | | | | 1,727,806 | | | | | | 831,578 | | |
Total liabilities | | | | | 1,471,187 | | | | | | 1,535,488 | | | | | | 1,627,154 | | | | | | 789,385 | | | | | | 481,288 | | |
Total debt, net of unamortized debt issuance costs
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| | | | 1,414,982 | | | | | | 1,458,360 | | | | | | 1,574,635 | | | | | | 634,925 | | | | | | 451,000 | | |
Total net assets | | | | | 1,100,006 | | | | | | 1,068,004 | | | | | | 1,018,400 | | | | | | 1,001,629 | | | | | | 506,963 | | |
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As of December 31, 2021
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Percentage of
Total Portfolio |
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Percentage of
Total Portfolio |
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Weighted Average Yield (1) at
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Amortized
Cost |
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Fair Value
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Amortized
Cost |
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Market
Value |
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First Lien Senior Secured Loans
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| | | $ | 1,807,805 | | | | | | 78.2% | | | | | $ | 1,774,675 | | | | | | 77.5% | | | | | | 7.3% | | | | | | 7.4% | | |
Equity Interest | | | | | 156,399 | | | | | | 6.8 | | | | | | 151,844 | | | | | | 6.6 | | | | | | 7.9 | | | | | | 9.7 | | |
Subordinated Note
Investment Vehicles (2) |
| | | | 125,437 | | | | | | 5.5 | | | | | | 125,437 | | | | | | 5.5 | | | | | | 9.0 | | | | | | 9.0 | | |
Second Lien Senior Secured Loans
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| | | | 120,058 | | | | | | 5.2 | | | | | | 118,561 | | | | | | 5.2 | | | | | | 9.8 | | | | | | 9.9 | | |
Preferred Equity | | | | | 42,452 | | | | | | 1.8 | | | | | | 53,991 | | | | | | 2.4 | | | | | | 10.0 | | | | | | 9.5 | | |
Equity Interest in
Investment Vehicles (2) |
| | | | 39,596 | | | | | | 1.7 | | | | | | 44,444 | | | | | | 1.9 | | | | | | 8.4 | | | | | | 7.5 | | |
Subordinated Debt | | | | | 19,635 | | | | | | 0.8 | | | | | | 20,027 | | | | | | 0.9 | | | | | | 11.4 | | | | | | 11.2 | | |
Warrants | | | | | 2 | | | | | | 0.0 | | | | | | 126 | | | | | | 0.0 | | | | | | N/A | | | | | | N/A | | |
Total
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| | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | | | | | 7.6% | | | | | | 7.8% | | |
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As of December 31, 2020
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Percentage of
Total Portfolio |
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Percentage of
Total Portfolio |
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Weighted Average Yield (1)
at |
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Amortized
Cost |
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Fair Value
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Amortized
Cost |
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Market
Value |
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First Lien Senior Secured Loans
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| | | $ | 2,193,827 | | | | | | 87.0% | | | | | $ | 2,164,910 | | | | | | 87.1% | | | | | | 7.1% | | | | | | 7.2% | | |
Second Lien Senior Secured Loans
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| | | | 167,698 | | | | | | 6.6 | | | | | | 161,960 | | | | | | 6.6 | | | | | | 9.0 | | | | | | 9.3 | | |
Equity Interests | | | | | 131,491 | | | | | | 5.2 | | | | | | 119,905 | | | | | | 4.8 | | | | | | 8.8 | | | | | | 10.7 | | |
Preferred Equity | | | | | 29,723 | | | | | | 1.2 | | | | | | 37,713 | | | | | | 1.5 | | | | | | 15.0 | | | | | | 15.0 | | |
Warrants | | | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | | | | | N/A | | | | | | N/A | | |
Total | | | | $ | 2,522,739 | | | | | | 100.0% | | | | | $ | 2,484,488 | | | | | | 100.0% | | | | | | 7.3% | | | | | | 7.5% | | |
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As of
December 31, 2021 |
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Number of portfolio companies | | |
106
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Percentage of debt bearing a floating rate (1) | | |
97.8%
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Percentage of debt bearing a fixed rate (1) | | |
2.2%
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As of
December 31, 2020 |
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Number of portfolio companies | | |
105
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Percentage of debt bearing a floating rate (1) | | |
99.2%
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Percentage of debt bearing a fixed rate (1) | | |
0.8%
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As of December 31, 2021
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Amortized Cost
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Percentage at
Amortized Cost |
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Fair Value
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Percentage at
Fair Value |
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Performing | | | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | |
Total | | | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | |
| | |
As of December 31, 2020
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| | |
Amortized Cost
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Percentage at
Amortized Cost |
| |
Fair Value
|
| |
Percentage at
Fair Value |
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Performing | | | | $ | 2,517,782 | | | | | | 99.8% | | | | | $ | 2,479,794 | | | | | | 99.8% | | |
Non-accrual | | | | | 4,957 | | | | | | 0.2 | | | | | | 4,694 | | | | | | 0.2 | | |
Total | | | | $ | 2,522,739 | | | | | | 100.0% | | | | | $ | 2,484,488 | | | | | | 100.0% | | |
| | |
As of December 31, 2021
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| | |
Amortized Cost
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| |
Percentage of
Total |
| |
Fair Value
|
| |
Percentage of
Total |
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Cash and cash equivalents | | | | $ | 87,443 | | | | | | 3.5% | | | | | $ | 87,443 | | | | | | 3.5% | | |
Foreign cash | | | | | 30,877 | | | | | | 1.2 | | | | | | 29,979 | | | | | | 1.2 | | |
Restricted cash and cash equivalents | | | | | 86,159 | | | | | | 3.4 | | | | | | 86,159 | | | | | | 3.5 | | |
First Lien Senior Secured Loans | | | | | 1,807,805 | | | | | | 71.9 | | | | | | 1,774,675 | | | | | | 71.2 | | |
Equity Interest | | | | | 156,399 | | | | | | 6.1 | | | | | | 151,844 | | | | | | 6.1 | | |
Subordinated Note Investment
Vehicles (1) |
| | | | 125,437 | | | | | | 5.0 | | | | | | 125,437 | | | | | | 5.0 | | |
Second Lien Senior Secured Loans | | | | | 120,058 | | | | | | 4.8 | | | | | | 118,561 | | | | | | 4.7 | | |
Preferred Equity | | | | | 42,452 | | | | | | 1.7 | | | | | | 53,991 | | | | | | 2.2 | | |
Equity Interest Investment Vehicles (1) | | | | | 39,596 | | | | | | 1.6 | | | | | | 44,444 | | | | | | 1.8 | | |
Subordinated Debt | | | | | 19,635 | | | | | | 0.8 | | | | | | 20,027 | | | | | | 0.8 | | |
Warrants | | | | | 2 | | | | | | 0.0 | | | | | | 126 | | | | | | 0.0 | | |
Total | | | | $ | 2,515,863 | | | | | | 100.0% | | | | | $ | 2,492,686 | | | | | | 100.0% | | |
| | |
As of December 31, 2020
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| | |
Amortized Cost
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| |
Percentage of
Total |
| |
Fair Value
|
| |
Percentage of
Total |
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Cash and cash equivalents | | | | $ | 53,704 | | | | | | 2.2% | | | | | $ | 53,704 | | | | | | 2.1% | | |
Foreign cash | | | | | 976 | | | | | | 0.0 | | | | | | 972 | | | | | | 0.0 | | |
Restricted cash and cash equivalents | | | | | 27,026 | | | | | | 1.0 | | | | | | 27,026 | | | | | | 1.1 | | |
First Lien Senior Secured Loans | | | | | 2,193,827 | | | | | | 84.3 | | | | | | 2,164,910 | | | | | | 84.3 | | |
Second Lien Senior Secured Loans | | | | | 167,698 | | | | | | 6.4 | | | | | | 161,960 | | | | | | 6.3 | | |
Equity Interests | | | | | 131,491 | | | | | | 5.0 | | | | | | 119,905 | | | | | | 4.7 | | |
Preferred Equity | | | | | 29,723 | | | | | | 1.1 | | | | | | 37,713 | | | | | | 1.5 | | |
Warrants | | | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | |
Total | | | | $ | 2,604,445 | | | | | | 100.0% | | | | | $ | 2,566,190 | | | | | | 100.0% | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
Aerospace & Defense | | | | $ | 309,458 | | | | | | 13.4% | | | | | $ | 282,598 | | | | | | 12.3% | | |
Services: Business | | | | | 226,035 | | | | | | 9.8 | | | | | | 225,437 | | | | | | 9.8 | | |
High Tech Industries | | | | | 182,811 | | | | | | 7.9 | | | | | | 183,069 | | | | | | 8.0 | | |
Consumer Goods: Non-Durable | | | | | 179,733 | | | | | | 7.8 | | | | | | 182,063 | | | | | | 8.0 | | |
Investment Vehicles (2) | | | | | 165,033 | | | | | | 7.1 | | | | | | 169,881 | | | | | | 7.4 | | |
Transportation: Cargo | | | | | 103,012 | | | | | | 4.5 | | | | | | 106,458 | | | | | | 4.7 | | |
Healthcare & Pharmaceuticals | | | | | 102,116 | | | | | | 4.4 | | | | | | 100,771 | | | | | | 4.4 | | |
Automotive | | | | | 87,597 | | | | | | 3.8 | | | | | | 88,555 | | | | | | 3.9 | | |
Retail | | | | | 83,036 | | | | | | 3.6 | | | | | | 83,064 | | | | | | 3.6 | | |
Wholesale | | | | | 77,737 | | | | | | 3.4 | | | | | | 80,070 | | | | | | 3.5 | | |
Energy: Oil & Gas | | | | | 69,588 | | | | | | 3.0 | | | | | | 79,548 | | | | | | 3.5 | | |
Consumer Goods: Durable | | | | | 83,903 | | | | | | 3.6 | | | | | | 76,575 | | | | | | 3.3 | | |
Transportation: Consumer | | | | | 80,027 | | | | | | 3.5 | | | | | | 69,040 | | | | | | 3.0 | | |
Construction & Building | | | | | 70,256 | | | | | | 3.0 | | | | | | 68,570 | | | | | | 3.0 | | |
Capital Equipment | | | | | 65,129 | | | | | | 2.8 | | | | | | 64,841 | | | | | | 2.8 | | |
FIRE: Insurance | | | | | 62,165 | | | | | | 2.7 | | | | | | 63,123 | | | | | | 2.8 | | |
Hotel, Gaming & Leisure | | | | | 53,232 | | | | | | 2.3 | | | | | | 51,956 | | | | | | 2.3 | | |
Media: Diversified & Production | | | | | 46,420 | | | | | | 2.0 | | | | | | 44,835 | | | | | | 2.0 | | |
Telecommunications | | | | | 40,938 | | | | | | 1.8 | | | | | | 41,570 | | | | | | 1.8 | | |
Services: Consumer | | | | | 40,467 | | | | | | 1.8 | | | | | | 41,236 | | | | | | 1.8 | | |
Media: Advertising, Printing & Publishing
|
| | | | 50,389 | | | | | | 2.2 | | | | | | 39,459 | | | | | | 1.7 | | |
Containers, Packaging, & Glass | | | | | 27,379 | | | | | | 1.2 | | | | | | 27,378 | | | | | | 1.2 | | |
Chemicals, Plastics & Rubber | | | | | 26,135 | | | | | | 1.1 | | | | | | 26,863 | | | | | | 1.2 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
FIRE: Finance (1) | | | | | 24,245 | | | | | | 1.0 | | | | | | 24,452 | | | | | | 1.1 | | |
Beverage, Food & Tobacco | | | | | 7,563 | | | | | | 0.3 | | | | | | 19,755 | | | | | | 0.9 | | |
Banking | | | | | 18,370 | | | | | | 0.8 | | | | | | 18,690 | | | | | | 0.8 | | |
Consumer: Wholesale | | | | | 14,870 | | | | | | 0.6 | | | | | | 14,827 | | | | | | 0.6 | | |
Media: Broadcasting and Subscription
|
| | | | 8,740 | | | | | | 0.4 | | | | | | 8,979 | | | | | | 0.4 | | |
Hospitality Holdings | | | | | 5,000 | | | | | | 0.2 | | | | | | 5,442 | | | | | | 0.2 | | |
Total | | | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | |
|
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
Aerospace & Defense | | | | $ | 331,174 | | | | | | 13.1% | | | | | $ | 296,553 | | | | | | 11.9% | | |
High Tech Industries | | | | | 294,046 | | | | | | 11.7 | | | | | | 295,486 | | | | | | 11.9 | | |
Healthcare & Pharmaceuticals | | | | | 219,147 | | | | | | 8.7 | | | | | | 221,605 | | | | | | 8.9 | | |
Capital Equipment | | | | | 188,123 | | | | | | 7.5 | | | | | | 193,287 | | | | | | 7.8 | | |
Consumer Goods: Non-Durable | | | | | 190,216 | | | | | | 7.5 | | | | | | 189,229 | | | | | | 7.5 | | |
Services: Business | | | | | 181,037 | | | | | | 7.1 | | | | | | 175,560 | | | | | | 7.1 | | |
Transportation: Cargo | | | | | 118,320 | | | | | | 4.7 | | | | | | 118,352 | | | | | | 4.8 | | |
Construction & Building | | | | | 105,567 | | | | | | 4.2 | | | | | | 104,999 | | | | | | 4.2 | | |
Services: Consumer | | | | | 76,341 | | | | | | 3.0 | | | | | | 78,697 | | | | | | 3.2 | | |
Wholesale | | | | | 78,248 | | | | | | 3.1 | | | | | | 78,042 | | | | | | 3.1 | | |
Chemicals, Plastics & Rubber | | | | | 75,808 | | | | | | 3.0 | | | | | | 76,463 | | | | | | 3.1 | | |
Energy: Oil & Gas | | | | | 68,198 | | | | | | 2.7 | | | | | | 68,807 | | | | | | 2.7 | | |
FIRE: Insurance (1) | | | | | 65,017 | | | | | | 2.6 | | | | | | 67,125 | | | | | | 2.7 | | |
Automotive | | | | | 66,470 | | | | | | 2.6 | | | | | | 66,100 | | | | | | 2.7 | | |
Transportation: Consumer | | | | | 71,750 | | | | | | 2.8 | | | | | | 61,243 | | | | | | 2.5 | | |
Consumer Goods: Durable | | | | | 59,399 | | | | | | 2.3 | | | | | | 58,065 | | | | | | 2.3 | | |
Hotel, Gaming & Leisure | | | | | 52,389 | | | | | | 2.1 | | | | | | 49,893 | | | | | | 2.0 | | |
Media: Diversified & Production | | | | | 47,810 | | | | | | 1.9 | | | | | | 48,470 | | | | | | 2.0 | | |
Media: Broadcasting & Subscription | | | | | 43,299 | | | | | | 1.7 | | | | | | 45,036 | | | | | | 1.8 | | |
Media: Advertising, Printing & Publishing
|
| | | | 47,143 | | | | | | 1.9 | | | | | | 41,140 | | | | | | 1.7 | | |
Retail | | | | | 39,050 | | | | | | 1.5 | | | | | | 39,050 | | | | | | 1.6 | | |
Telecommunications | | | | | 21,680 | | | | | | 0.9 | | | | | | 21,543 | | | | | | 0.9 | | |
Energy: Electricity | | | | | 21,979 | | | | | | 0.9 | | | | | | 21,249 | | | | | | 0.9 | | |
Beverage, Food & Tobacco | | | | | 12,087 | | | | | | 0.5 | | | | | | 21,024 | | | | | | 0.8 | | |
Banking | | | | | 14,058 | | | | | | 0.6 | | | | | | 13,622 | | | | | | 0.5 | | |
Containers, Packaging, & Glass | | | | | 11,659 | | | | | | 0.5 | | | | | | 11,781 | | | | | | 0.5 | | |
FIRE: Finance (1) | | | | | 11,830 | | | | | | 0.5 | | | | | | 11,778 | | | | | | 0.5 | | |
FIRE: Real Estate (1) | | | | | 10,894 | | | | | | 0.4 | | | | | | 10,289 | | | | | | 0.4 | | |
Total | | | | $ | 2,522,739 | | | | | | 100.0% | | | | | $ | 2,484,488 | | | | | | 100.0% | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
Investment Performance Rating
|
| |
Fair
Value |
| |
Percentage of
Total |
| |
Number of
Companies (1) |
| |
Percentage of
Total |
| ||||||||||||
1
|
| | | $ | 42,233 | | | | | | 1.9% | | | | | | 4 | | | | | | 3.8% | | |
2
|
| | | | 2,017,059 | | | | | | 88.1 | | | | | | 95 | | | | | | 89.6 | | |
3
|
| | | | 229,813 | | | | | | 10.0 | | | | | | 7 | | | | | | 6.6 | | |
4
|
| | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
Investment Performance Rating
|
| |
Fair
Value |
| |
Percentage of
Total |
| |
Number of
Companies (1) |
| |
Percentage of
Total |
| ||||||||||||
Total | | | | $ | 2,289,105 | | | | | | 100.0% | | | | | | 106 | | | | | | 100.0% | | |
|
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
Investment Performance Rating
|
| |
Fair
Value |
| |
Percentage of
Total |
| |
Number of
Companies (1) |
| |
Percentage of
Total |
| ||||||||||||
1
|
| | | $ | 42,942 | | | | | | 1.7% | | | | | | 3 | | | | | | 2.9% | | |
2
|
| | | | 2,121,057 | | | | | | 85.4 | | | | | | 87 | | | | | | 82.8 | | |
3
|
| | | | 315,383 | | | | | | 12.7 | | | | | | 14 | | | | | | 13.3 | | |
4
|
| | | | 5,106 | | | | | | 0.2 | | | | | | 1 | | | | | | 1.0 | | |
Total | | | | $ | 2,484,488 | | | | | | 100.0% | | | | | | 105 | | | | | | 100.0% | | |
| | |
For the Year
Ended 2019 (1) |
| |||
| | |
December 31,
|
| |||
Interest income | | | | $ | 53,494 | | |
Fee income | | | | | 217 | | |
Total revenues | | | | | 53,711 | | |
Credit facility expenses | | | | | 22,008 | | |
Other fees and expenses | | | | | 6,661 | | |
Total expenses | | | | | 28,669 | | |
Net investment income | | | | | 25,042 | | |
Net realized gains | | | | | — | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | — | | |
Net increase in members’ capital from operations | | | | $ | 25,042 | | |
| | |
As of
|
| |||
| | | | ||||
Total investments | | | | $ | 501,545 | | |
Weighted average yield on investments | | |
6.5%
|
| |||
Number of borrowers in ISLP | | | | | 27 | | |
Largest portfolio company investment | | | | $ | 40,071 | | |
Total of five largest portfolio company investments | | | | $ | 171,291 | | |
Unfunded commitments | | | | $ | 105 | | |
Currency
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above
Index(1) |
| |
Interest
Rate |
| |
Maturity
Date |
| |
Currency
|
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of Members’
Equity |
| ||||||||||||||||||
Australian Dollar | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Healthcare & Pharmaceuticals | | | Datix Bidco Limited | | | First Lien Senior Secured Loan | | |
BBSW+ 4.00%
|
| | | | 4.25% | | | | | | 4/28/2025 | | | |
AUD
|
| | | | 4,169 | | | | | | 3,289 | | | | | | 3,028 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 3,289 | | | | | | 3,028 | | | | | | 4.9% | | | |||
| | |
Information Technology Services
|
| |
LEAP Legal Software PTY Ltd
|
| | First Lien Senior Secured Loan | | |
BBSY+ 5.75%
|
| | | | 6.75% | | | | | | 3/12/2025 | | | |
AUD
|
| | | | 30,093 | | | | | | 22,867 | | | | | | 21,856 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Information Technology Services
Total |
| | | | 22,867 | | | | | | 21,856 | | | | | | 35.1% | | | |||
| | |
Media: Advertising, Printing &
Publishing |
| | TGI Sport Bidco Pty Ltd | | | First Lien Senior Secured Loan | | |
BBSY+ 7.00%
|
| | | | 7.50% | | | | | | 4/30/2026 | | | |
AUD
|
| | | | 9,610 | | | | | | 6,886 | | | | | | 6,631 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing &
Publishing Total |
| | | | 6,886 | | | | | | 6,631 | | | | | | 10.6% | | | |||
| | | Services: Consumer | | | Zeppelin BidCo Pty Limited | | | First Lien Senior Secured Loan | | |
BBSY+ 6.00%
|
| | | | 5.12% | | | | | | 6/28/2024 | | | |
AUD
|
| | | | 20,415 | | | | | | 16,045 | | | | | | 14,827 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Consumer Total | | | | | 16,045 | | | | | | 14,827 | | | | | | 23.8% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Australian Dollar Total | | | | | 49,087 | | | | | | 46,342 | | | | | | 74.4% | | | |||
British Pounds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Healthcare & Pharmaceuticals | | | Datix Bidco Limited | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.75%
|
| | | | 8.21% | | | | | | 4/27/2026 | | | |
£
|
| | | | 963 | | | | | | 1,323 | | | | | | 1,303 | | | | | | | | |
| | | | | | Datix Bidco Limited | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 4.96% | | | | | | 10/28/2024 | | | |
£
|
| | | | 12,013 | | | | | | 16,916 | | | | | | 16,255 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 18,239 | | | | | | 17,558 | | | | | | 28.2% | | | |||
| | | High Tech Industries | | | Armstrong Bidco Limited | | | First Lien Senior Secured Loan | | |
SONIA+ 4.75%
|
| | | | 5.00% | | | | | | 4/30/2025 | | | |
£
|
| | | | 5,602 | | | | | | 7,711 | | | | | | 7,581 | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 7,711 | | | | | | 7,581 | | | | | | 12.2% | | | |||
| | |
Media: Diversified & Production
|
| |
International Entertainment
Investments Limited |
| | First Lien Senior Secured Loan | | |
GBP LIBOR+ 4.75%
|
| | | | 5.06% | | | | | | 5/31/2023 | | | |
£
|
| | | | 8,734 | | | | | | 12,255 | | | | | | 11,782 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production
Total |
| | | | 12,255 | | | | | | 11,782 | | | | | | 18.9% | | | |||
| | | Services: Business | | | Comet Bidco Limited | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.25%
|
| | | | 5.42% | | | | | | 9/27/2024 | | | |
£
|
| | | | 7,362 | | | | | | 9,460 | | | | | | 9,249 | | | | | | | | |
| | | | | | Learning Pool Facility B | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.09% | | | | | | 7/7/2028 | | | |
£
|
| | | | 21,000 | | | | | | 28,584 | | | | | | 28,417 | | | | | | | | |
| | | | | | Opus2 | | | First Lien Senior Secured Loan | | |
SONIA+ 5.50%
|
| | | | 5.55% | | | | | | 5/5/2028 | | | |
£
|
| | | | 12,151 | | | | | | 16,326 | | | | | | 16,443 | | | | | | | | |
| | | | | | Parcel2Go Facility B | | | First Lien Senior Secured Loan | | |
SONIA+ 5.75%
|
| | | | 5.80% | | | | | | 7/15/2028 | | | |
£
|
| | | | 12,395 | | | | | | 16,619 | | | | | | 16,689 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Business Total | | | | | 70,989 | | | | | | 70,798 | | | | | | 113.7% | | | |||
| | | Services: Consumer | | | Surrey Bidco Limited | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 7.00%
|
| | | | 7.50% | | | | | | 5/11/2026 | | | |
£
|
| | | | 4,979 | | | | | | 6,732 | | | | | | 5,929 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Consumer Total | | | | | 6,732 | | | | | | 5,929 | | | | | | 9.5% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | British Pounds Total | | | | | 115,926 | | | | | | 113,648 | | | | | | 182.5% | | | |||
Canadian Dollar | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Media: Diversified & Production
|
| | 9 Story Media Group Inc. | | |
First Lien Senior Secured Loan—
Revolver |
| |
CDOR+ 5.50%
|
| | | | 6.25% | | | | | | 4/30/2026 | | | |
CAD
|
| | | | 16 | | | | | | 13 | | | | | | 13 | | | | | | | | |
| | | | | | 9 Story Media Group Inc. | | | First Lien Senior Secured Loan | | |
CDOR+ 5.50%
|
| | | | 6.25% | | | | | | 4/30/2026 | | | |
CAD
|
| | | | 7,164 | | | | | | 5,688 | | | | | | 5,669 | | | | | | | | |
Currency
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above
Index(1) |
| |
Interest
Rate |
| |
Maturity
Date |
| |
Currency
|
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of Members’
Equity |
| ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production
Total |
| | | | 5,701 | | | | | | 5,682 | | | | | | 9.1% | | | |||
| | | Retail | | | New Look Vision Group | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
CDOR+ 5.25%
|
| | | | 6.25% | | | | | | 5/26/2028 | | | |
CAD
|
| | | | 18,056 | | | | | | 14,752 | | | | | | 14,288 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Retail Total | | | | | 14,752 | | | | | | 14,288 | | | | | | 22.9% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Canadian Dollar Total | | | | | 20,453 | | | | | | 19,970 | | | | | | 32.0% | | | |||
Danish Krone | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Tech Industries | | | VPARK BIDCO AB | | | First Lien Senior Secured Loan | | |
CIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | |
DKK
|
| | | | 56,429 | | | | | | 9,231 | | | | | | 8,628 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 9,231 | | | | | | 8,628 | | | | | | 13.9% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Danish Krone Total | | | | | 9,231 | | | | | | 8,628 | | | | | | 13.9% | | | |||
European Currency | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | FIRE: Insurance | | | MRHT Facility A | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.50%
|
| | | | 5.50% | | | | | | 7/26/2028 | | | |
€
|
| | | | 21,335 | | | | | | 24,521 | | | | | | 24,257 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRE: Insurance Total | | | | | 24,521 | | | | | | 24,257 | | | | | | 39.0% | | | |||
| | | Healthcare & Pharmaceuticals | | | Mertus 522. GmbH | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
EURIBOR+ 6.25%
|
| | | | 6.25% | | | | | | 5/28/2026 | | | |
€
|
| | | | 12,999 | | | | | | 15,680 | | | | | | 14,780 | | | | | | | | |
| | | | | | Mertus 522. GmbH | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.25%
|
| | | | 6.25% | | | | | | 5/28/2026 | | | |
€
|
| | | | 22,244 | | | | | | 26,830 | | | | | | 25,291 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 42,510 | | | | | | 40,071 | | | | | | 64.4% | | | |||
| | |
Media: Diversified & Production
|
| | 9 Story Media Group Inc. | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.25%
|
| | | | 5.25% | | | | | | 4/30/2026 | | | |
€
|
| | | | 3,859 | | | | | | 4,694 | | | | | | 4,388 | | | | | | | | |
| | | | | | Aptus 1724 Gmbh | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.00%
|
| | | | 6.25% | | | | | | 2/23/2028 | | | |
€
|
| | | | 35,000 | | | | | | 40,944 | | | | | | 39,795 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production
Total |
| | | | 45,638 | | | | | | 44,183 | | | | | | 71.0% | | | |||
| | | Services:Business | | | iBanFirst Facility B | | | First Lien Senior Secured Loan | | |
EURIBOR+ 8.50%
|
| | | | 10.00% | | | | | | 7/13/2028 | | | |
€
|
| | | | 10,058 | | | | | | 11,387 | | | | | | 11,437 | | | | | | | | |
| | | | | |
SumUp Holdings Luxembourg S.à.r.l.
|
| | First Lien Senior Secured Loan | | |
EURIBOR+ 8.50%
|
| | | | 10.00% | | | | | | 2/17/2026 | | | |
€
|
| | | | 21,000 | | | | | | 25,038 | | | | | | 23,877 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business Total
|
| | |
|
36,425
|
| | | |
|
35,314
|
| | | |
|
56.7%
|
| | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | European Currency Total | | | | | 149,094 | | | | | | 143,825 | | | | | | 231.1% | | | |||
Norwegian Krone | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Tech Industries | | | VPARK BIDCO AB | | | First Lien Senior Secured Loan | | |
NIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | |
NOK
|
| | | | 73,280 | | | | | | 8,651 | | | | | | 8,310 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 8,651 | | | | | | 8,310 | | | | | | 13.3% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Norwegian Krone Total | | | | | 8,651 | | | | | | 8,310 | | | | | | 13.3% | | | |||
U.S. Dollars | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Automotive | | | CST Buyer Company | | | First Lien Senior Secured Loan | | |
L+ 5.55%
|
| | | | 6.50% | | | | | | 10/3/2025 | | | |
$
|
| | | | 14,927 | | | | | | 14,927 | | | | | | 14,927 | | | | | | | | |
| | | | | | Cardo | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.50% | | | | | | 5/12/2028 | | | |
$
|
| | | | 9,653 | | | | | | 9,560 | | | | | | 9,653 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Automotive Total | | | | | 24,487 | | | | | | 24,580 | | | | | | 39.5% | | | |||
| | | Chemicals, Plastics & Rubber | | | V Global Holdings LLC | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 12/22/2027 | | | |
$
|
| | | | 23,634 | | | | | | 23,634 | | | | | | 23,634 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics & Rubber
Total |
| | | | 23,634 | | | | | | 23,634 | | | | | | 38.0% | | | |||
| | | Healthcare & Pharmaceuticals | | | Golden State Buyer, Inc. | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.50% | | | | | | 6/22/2026 | | | |
$
|
| | | | 14,779 | | | | | | 14,709 | | | | | | 14,733 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 14,709 | | | | | | 14,733 | | | | | | 23.7% | | | |||
| | | High Tech Industries | | | CB Nike IntermediateCo Ltd | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.75%
|
| | | | 5.75% | | | | | | 10/31/2025 | | | |
$
|
| | | | 4,384 | | | | | | 4,384 | | | | | | 4,384 | | | | | | | | |
| | | | | | CB Nike IntermediateCo Ltd | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 10/31/2025 | | | |
$
|
| | | | 34,367 | | | | | | 34,367 | | | | | | 34,367 | | | | | | | | |
Currency
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above
Index(1) |
| |
Interest
Rate |
| |
Maturity
Date |
| |
Currency
|
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of Members’
Equity |
| ||||||||||||||||||
| | | | | | Utimaco, Inc. | | | First Lien Senior Secured Loan | | |
L+ 4.00%
|
| | | | 4.10% | | | | | | 8/9/2027 | | | |
$
|
| | | | 14,701 | | | | | | 14,701 | | | | | | 14,701 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 53,452 | | | | | | 53,452 | | | | | | 85.8% | | | |||
| | |
Media: Broadcasting and Subscription Industry
|
| | Lightning Finco Limited | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.50% | | | | | | 7/14/2028 | | | |
$
|
| | | | 21,000 | | | | | | 20,790 | | | | | | 21,000 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Broadcasting and
Subscription Total |
| | | | 20,790 | | | | | | 21,000 | | | | | | 33.7% | | | |||
| | | Services: Business | | | Chamber Bidco Limited | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.50% | | | | | | 6/7/2028 | | | |
$
|
| | | | 23,423 | | | | | | 23,198 | | | | | | 23,423 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Business Total | | | | | 23,198 | | | | | | 23,423 | | | | | | 37.6% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Dollars Total | | | | | 160,270 | | | | | | 160,822 | | | | | | 258.3% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | | | | 512,712 | | | | | | 501,545 | | | | | | 805.5% | | | |||
|
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement Date
|
| |
Unrealized
Appreciation (Depreciation)(8) |
| ||||||
| AUSTRALIAN DOLLARS 189 | | | EURO 121 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | — | | |
| AUSTRALIAN DOLLARS 731 | | | US DOLLARS 532 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | — | | |
| EURO 2,038 | | | AUSTRALIAN DOLLARS 3,166 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | 16 | | |
| EURO 683 | | | CANADIAN DOLLARS 982 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | (2) | | |
| EURO 892 | | | DANISH KRONE 6,643 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | (1) | | |
| EURO 8,236 | | | BRITISH POUNDS 6959 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | (57) | | |
| EURO 884 | | | NORWEGIAN KRONE 8,626 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 27 | | |
| EURO 15,594 | | | US DOLLARS 18,205 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | (477) | | |
| EURO 5,379 | | | US DOLLARS 6,110 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 5 | | |
| US DOLLARS 9,207 | | | AUSTRALIAN DOLLARS 12,254 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | 299 | | |
| US DOLLARS 3,087 | | | CANADIAN DOLLARS 3,803 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 75 | | |
| US DOLLARS 4,033 | | | DANISH KRONE 25,714 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 102 | | |
| US DOLLARS 33,462 | | | EURO 28,674 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | 863 | | |
| US DOLLARS 5,022 | | | EURO 4,420 | | | Goldman Sachs | | | | | 1/21/2022 | | | | | | (3) | | |
| US DOLLARS 948 | | | EURO 840 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | (7) | | |
| US DOLLARS 609 | | | EURO 540 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | (5) | | |
| US DOLLARS 37,224 | | | BRITISH POUNDS 26,939 | | | Goldman Sachs | | | | | 1/21/2022 | | | | | | 756 | | |
| US DOLLARS 3,993 | | | NORWEGIAN KRONE 33,392 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 209 | | |
| | | | | | | | | | | | | | | | | | 1,800 | | |
| | |
As of
|
| |||
| | | | ||||
Investments at fair value (cost - $512,712) | | | | $ | 501,545 | | |
Cash | | | | | 6,830 | | |
Foreign cash | | | | | 3,937 | | |
Deferred financing costs | | | | | 1,981 | | |
Other assets | | | | | 7,347 | | |
Total assets
|
| | | $ | 521,640 | | |
Debt | | | | $ | 272,133 | | |
Subordinated notes payable to members | | | | | 176,336 | | |
Dividend payable | | | | | 1,150 | | |
Unrealized depreciation on forward currency exchange contracts | | | | | 61 | | |
Other payables | | | | | 9,693 | | |
Total liabilities
|
| | | $ | 459,373 | | |
Members’ equity
|
| | | | 62,267 | | |
Total liabilities and members’ equity
|
| | | $ | 521,640 | | |
| | | | ||||
| | | | ||||
Investment Income | | | | | | | |
Interest Income | | | | $ | 21,970 | | |
Other | | | | | — | | |
Total investment income
|
| | | | 21,970 | | |
Expenses | | | | | | | |
Interest and debt financing expenses | | | | | 4,926 | | |
Interest expense on members subordinated notes | | | | | 11,467 | | |
General and administrative expenses | | | | | 1,724 | | |
Total expenses
|
| | | | 18,117 | | |
Net investment income
|
| | | | 3,853 | | |
Net realized and unrealized gain (losses) | | | | | | | |
Net realized gain (loss) on investments | | | | | (1,655) | | |
Net realized gain (loss) on foreign currency transactions | | | | | 3,898 | | |
Net realized gain (loss) on foreign currency of debt | | | | | 2,466 | | |
Net realized gain (loss) on forward contracts | | | | | 1,344 | | |
Net change in unrealized appreciation on foreign currency | | | | | (240) | | |
Net change in unrealized appreciation from foreign currency translation of debt | | | | | 6,481 | | |
Net change in unrealized appreciation from foreign currency translation of Subordinated Notes
|
| | | | 2,050 | | |
| | | | ||||
| | | | ||||
Net change in unrealized appreciation (depreciation) on forward contracts | | | | | 1,800 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | (11,167) | | |
Net gain (loss) on investments
|
| | | | 4,977 | | |
Net increase (decrease) in members’ equity resulting from operations
|
| | | $ | 8,830 | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Total investment income | | | | $ | 197,394 | | | | | $ | 194,460 | | | | | $ | 197,945 | | |
Total expenses, net of fee waivers | | | | | 109,522 | | | | | | 108,397 | | | | | | 113,078 | | |
Net investment income before taxes | | | | | 87,872 | | | | | | 86,063 | | | | | | 84,867 | | |
Less Income taxes, including excise tax | | | | | 134 | | | | | | 232 | | | | | | — | | |
Net investment income | | | | | 87,738 | | | | | | 85,831 | | | | | | 84,867 | | |
Net realized gain (loss) | | | | | (10,902) | | | | | | (27,222) | | | | | | 7,785 | | |
Net unrealized appreciation (depreciation) | | | | | 42,971 | | | | | | (50,331) | | | | | | 5,433 | | |
Net increase in net assets resulting from operations
|
| | | $ | 119,807 | | | | | $ | 8,278 | | | | | $ | 98,085 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Interest income | | | | $ | 167,343 | | | | | $ | 174,197 | | | | | $ | 179,917 | | |
Dividend income | | | | | 13,115 | | | | | | 9,324 | | | | | | 16,741 | | |
PIK income | | | | | 10,763 | | | | | | 8,778 | | | | | | 478 | | |
Other income | | | | | 6,173 | | | | | | 2,161 | | | | | | 809 | | |
Total investment income
|
| | | $ | 197,394 | | | | | $ | 194,460 | | | | | $ | 197,945 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Interest and debt financing expenses | | | | $ | 51,345 | | | | | $ | 63,309 | | | | | $ | 66,330 | | |
Base management fee | | | | | 34,888 | | | | | | 35,215 | | | | | | 32,702 | | |
Incentive fee | | | | | 24,028 | | | | | | 4,473 | | | | | | 17,418 | | |
Professional fees | | | | | 2,854 | | | | | | 2,626 | | | | | | 2,297 | | |
Directors fees | | | | | 725 | | | | | | 726 | | | | | | 546 | | |
Other general and administrative expenses | | | | | 5,038 | | | | | | 5,398 | | | | | | 4,772 | | |
Total expenses, before fee waivers
|
| | | $ | 118,878 | | | | | $ | 111,747 | | | | | $ | 124,065 | | |
Base management fee waiver | | | | | (4,837) | | | | | | (2,676) | | | | | | (8,242) | | |
Incentive fee waiver | | | | | (4,519) | | | | | | (674) | | | | | | (2,745) | | |
Total expenses, net of fee waivers
|
| | | $ | 109,522 | | | | | $ | 108,397 | | | | | $ | 113,078 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Net realized gains on investments | | | | $ | 31,274 | | | | | $ | 1,518 | | | | | $ | 2,682 | | |
Net realized losses on investments | | | | | (10,048) | | | | | | (35,342) | | | | | | (5,904) | | |
Net realized gains on foreign currency transactions | | | | | 632 | | | | | | 647 | | | | | | 119 | | |
Net realized losses on foreign currency transactions | | | | | (4,128) | | | | | | (517) | | | | | | (155) | | |
Net realized gains on forward currency exchange contracts | | | | | 40 | | | | | | 6,545 | | | | | | 11,043 | | |
Net realized losses on forward currency exchange contracts | | | | | (23,813) | | | | | | (73) | | | | | | — | | |
Net realized loss on extinguishment of debt | | | | | (4,859) | | | | | | — | | | | | | — | | |
Net realized gains (losses) | | | | $ | (10,902) | | | | | $ | (27,222) | | | | | $ | 7,785 | | |
Net change in unrealized gains on investments | | | | $ | 65,152 | | | | | $ | 54,050 | | | | | $ | 47,990 | | |
Net change in unrealized losses on investments | | | | | (49,180) | | | | | | (82,093) | | | | | | (32,887) | | |
Net change in unrealized gains (losses) on investments | | | | | 15,972 | | | | | | (28,043) | | | | | | 15,103 | | |
Unrealized appreciation (depreciation) on foreign currency translation
|
| | | | (936) | | | | | | 108 | | | | | | (130) | | |
Unrealized appreciation (depreciation) on forward currency exchange contracts
|
| | | | 27,935 | | | | | | (22,396) | | | | | | (9,540) | | |
Net change in unrealized gains (losses) on foreign currency and forward currency exchange contracts
|
| | | | 26,999 | | | | | | (22,288) | | | | | | (9,670) | | |
Net change in unrealized gains (losses) | | | | $ | 42,971 | | | | | $ | (50,331) | | | | | $ | 5,433 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Net change in unrealized appreciation (depreciation) on investments due to foreign currency
|
| | | $ | (16,764) | | | | | $ | 16,926 | | | | | $ | 2,760 | | |
Net realized gain on investments due to foreign currency | | | | | 13,945 | | | | | | 1,053 | | | | | | 91 | | |
Net change in unrealized appreciation (depreciation) on foreign currency translation
|
| | | | (936) | | | | | | 108 | | | | | | (130) | | |
Net realized gain (loss) on foreign currency transactions | | | | | (3,496) | | | | | | 130 | | | | | | (36) | | |
Net change in unrealized appreciation (depreciation) on forward
currency exchange contracts |
| | | | 27,935 | | | | | | (22,396) | | | | | | (9,540) | | |
Net realized gain (loss) on forward currency exchange contracts | | | | | (23,773) | | | | | | 6,472 | | | | | | 11,043 | | |
Foreign currency impact to net increase in net assets resulting from operations
|
| | | $ | (3,089) | | | | | $ | 2,293 | | | | | $ | 4,188 | | |
| | |
As of December 31, 2021
|
| |
As of December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Total
Aggregate Principal Amount Committed |
| |
Principal
Amount Outstanding |
| |
Carrying
Value (1) |
| |
Total
Aggregate Principal Amount Committed |
| |
Principal
Amount Outstanding |
| |
Carrying
Value (1) |
| ||||||||||||||||||
BCSF Revolving Credit
Facility |
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 425,000 | | | | | $ | 257,774 | | | | | $ | 257,774 | | |
2018-1 Notes | | | | | 365,700 | | | | | | 365,700 | | | | | | 364,178 | | | | | | 365,700 | | | | | | 365,700 | | | | | | 364,006 | | |
JPM Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | 450,000 | | | | | | 293,283 | | | | | | 293,283 | | |
2019-1 Debt | | | | | 352,500 | | | | | | 352,500 | | | | | | 350,969 | | | | | | 398,750 | | | | | | 398,750 | | | | | | 396,265 | | |
Revolving Advisor Loan
|
| | | | 50,000 | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | |
2023 Notes | | | | | 150,000 | | | | | | 112,500 | | | | | | 111,133 | | | | | | 150,000 | | | | | | 150,000 | | | | | | 147,032 | | |
March 2026 Notes | | | | | 300,000 | | | | | | 300,000 | | | | | | 295,260 | | | | | | — | | | | | | — | | | | | | — | | |
October 2026 Notes | | | | | 300,000 | | | | | | 300,000 | | | | | | 293,442 | | | | | | — | | | | | | — | | | | | | — | | |
Sumitomo Credit Facility
|
| | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Debt | | | | $ | 1,818,200 | | | | | $ | 1,430,700 | | | | | $ | 1,414,982 | | | | | $ | 1,839,450 | | | | | $ | 1,465,507 | | | | | $ | 1,458,360 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 510 | | | | | $ | 14,929 | | | | | $ | 17,566 | | |
Unused facility fee | | | | | 118 | | | | | | 365 | | | | | | 456 | | |
Amortization of deferred financing costs and upfront commitment fees
|
| | | | — | | | | | | 1,127 | | | | | | 1,067 | | |
Total interest and debt financing expenses
|
| | | $ | 628 | | | | | $ | 16,421 | | | | | $ | 19,089 | | |
2018-1 Notes
|
| |
Principal Amount
|
| |
Spread above Index
|
| |
Interest rate at
December 31, 2021 |
| |||
Class A-1 A | | | | $ | 205,900 | | | | 1.55% + 3 Month LIBOR | | |
1.68%
|
|
Class A-1 B | | | | | 45,000 | | | | 1.50% + 3 Month LIBOR (first 24 months) | | |
1.93%
|
|
| | | | | | | | | 1.80% + 3 Month LIBOR (thereafter) | | | | |
Class A-2 | | | | | 55,100 | | | | 2.15% + 3 Month LIBOR | | |
2.28%
|
|
Class B | | | | | 29,300 | | | | 3.00% + 3 Month LIBOR | | |
3.13%
|
|
Class C | | | | | 30,400 | | | | 4.00% + 3 Month LIBOR | | |
4.13%
|
|
Total 2018-1 Notes | | | | | 365,700 | | | | | | | | |
Membership Interests | | | | | 85,450 | | | | Non-interest bearing | | |
Not applicable
|
|
Total | | | | $ | 451,150 | | | | | | | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 8,026 | | | | | $ | 10,820 | | | | | $ | 16,226 | | |
Amortization of debt issuance costs and upfront commitment fees
|
| | | | 174 | | | | | | 174 | | | | | | 174 | | |
Total interest and debt financing expenses | | | | $ | 8,200 | | | | | $ | 10,994 | | | | | $ | 16,400 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | — | | | | | $ | — | | | | | $ | 4,104 | | |
Unused facility fee | | | | | — | | | | | | — | | | | | | 357 | | |
Amortization of deferred financing costs and upfront commitment fees
|
| | | | — | | | | | | — | | | | | | 124 | | |
Total interest and debt financing expenses
|
| | | $ | — | | | | | $ | — | | | | | $ | 4,585 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 4,290 | | | | | $ | 13,961 | | | | | $ | 19,679 | | |
Unused facility fee | | | | | 5,097 | | | | | | 310 | | | | | | 464 | | |
Amortization of deferred financing costs and upfront commitment fees
|
| | | | 1,058 | | | | | | 467 | | | | | | 53 | | |
Total interest and debt financing expenses
|
| | | $ | 10,445 | | | | | $ | 14,738 | | | | | $ | 20,196 | | |
2019-1 Debt
|
| |
Principal Amount
|
| |
Spread above Index
|
| |
Interest rate at December 31, 2021
|
| |||
Class A-1-R | | | | $ | 282,500 | | | | 1.50% + 3 Month LIBOR | | |
1.62%
|
|
Class A-2-R | | | | | 55,000 | | | | 2.00% + 3 Month LIBOR | | |
2.12%
|
|
Class B-R | | | | | 15,000 | | | | 2.60% + 3 Month LIBOR | | |
2.72%
|
|
2019-1 Debt
|
| |
Principal Amount
|
| |
Spread above Index
|
| |
Interest rate at December 31, 2021
|
| |||
Total 2019-1 Debt | | | | | 352,500 | | | | | | | | |
Membership Interests | | | | | 102,250 | | | | Non-interest bearing | | |
Not applicable
|
|
Total | | | | $ | 454,750 | | | | | | | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 9,663 | | | | | $ | 13,071 | | | | | $ | 5,981 | | |
Amortization of debt issuance costs and upfront commitment fees
|
| | | | 183 | | | | | | 230 | | | | | | 79 | | |
Total interest and debt financing expenses
|
| | | $ | 9,846 | | | | | $ | 13,301 | | | | | $ | 6,060 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | — | | | | | $ | 58 | | | | | $ | — | | |
Total interest and debt financing expenses
|
| | | $ | — | | | | | $ | 58 | | | | | $ | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Principal amount of debt | | | | $ | 112,500 | | | | | $ | 150,000 | | | | | $ | — | | |
Unamortized debt issuance cost | | | | | (822) | | | | | | (1,785) | | | | | | — | | |
Original issue discount, net of accretion | | | | | (545) | | | | | | (1,183) | | | | | | — | | |
Carrying value of 2023 Notes
|
| | | $ | 111,133 | | | | | $ | 147,032 | | | | | $ | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 11,146 | | | | | $ | 7,120 | | | | | $ | — | | |
Amortization of debt issuance cost | | | | | 615 | | | | | | 406 | | | | | | — | | |
Accretion of original issue discount | | | | | 408 | | | | | | 271 | | | | | | — | | |
Total interest and debt financing expenses
|
| | | $ | 12,169 | | | | | $ | 7,797 | | | | | $ | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Principal amount of debt | | | | $ | 300,000 | | | | | $ | — | | | | | $ | — | | |
Unamortized debt issuance cost | | | | | (2,719) | | | | | | — | | | | | | — | | |
Original issue discount, net of accretion | | | | | (2,021) | | | | | | — | | | | | | — | | |
Carrying value of March 2026 Notes
|
| | | $ | 295,260 | | | | | $ | — | | | | | $ | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 7,154 | | | | | $ | — | | | | | $ | — | | |
Amortization of debt issuance cost | | | | | 525 | | | | | | — | | | | | | — | | |
Accretion of original issue discount | | | | | 391 | | | | | | — | | | | | | — | | |
Total interest and debt financing expenses
|
| | | $ | 8,070 | | | | | $ | — | | | | | $ | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Principal amount of debt | | | | $ | 300,000 | | | | | $ | — | | | | | $ | — | | |
Unamortized debt issuance cost | | | | | (3,495) | | | | | | — | | | | | | — | | |
Original issue discount, net of accretion | | | | | (3,063) | | | | | | — | | | | | | — | | |
Carrying value of October 2026 Notes
|
| | | $ | 293,442 | | | | | $ | — | | | | | $ | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 1,658 | | | | | $ | — | | | | | $ | — | | |
Amortization of debt issuance cost | | | | | 158 | | | | | | — | | | | | | — | | |
Accretion of original issue discount | | | | | 138 | | | | | | — | | | | | | — | | |
Total interest and debt financing expenses
|
| | | $ | 1,954 | | | | | $ | — | | | | | $ | — | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Unused facility fee | | | | | 25 | | | | | | — | | | | | | — | | |
Amortization of deferred financing costs and upfront commitment fees
|
| | | | 8 | | | | | | — | | | | | | — | | |
Total interest and debt financing expenses
|
| | | $ | 33 | | | | | $ | — | | | | | $ | — | | |
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Amount Per
Share |
| |
Total
Distributions |
| ||||||
February 21, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,108 | | | ||
May 7, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
August 1, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
October 31, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
February 20, 2020 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
May 4, 2020 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
July 30, 2020 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
October 28, 2020 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
February 18, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
April 27, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
July 29, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
October 28, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
Total distributions declared | | | | | | | | | | $ | 4.43 | | | | | $ | 259,469 | | |
| | |
Expiration Date (1)
|
| |
Unfunded Commitments (2)
|
| |||
Portfolio Company & Investment | | | | | | | | | | |
9 Story Media Group Inc. - Revolver | | |
4/30/2026
|
| | | $ | 1 | | |
A&R Logistics, Inc. - Revolver | | |
5/5/2025
|
| | | | 3,281 | | |
Abracon Group Holding, LLC. - Revolver | | |
7/18/2024
|
| | | | 2,833 | | |
Allworth Financial Group, L.P. - Delayed Draw | | |
12/23/2026
|
| | | | 507 | | |
Allworth Financial Group, L.P. - Revolver | | |
12/23/2026
|
| | | | 2,440 | | |
AMI US Holdings Inc. - Revolver | | |
4/1/2024
|
| | | | 1,047 | | |
Amspec Services, Inc. - Revolver | | |
7/2/2024
|
| | | | 4,179 | | |
Ansira Holdings, Inc. - Revolver | | |
12/20/2022
|
| | | | 1,700 | | |
Appriss Holdings, Inc. - Revolver | | |
5/6/2027
|
| | | | 753 | | |
Aramsco, Inc. - Revolver | | |
8/28/2024
|
| | | | 3,387 | | |
Armstrong Bidco T/L - First Lien Senior Secured Loan | | |
4/30/2025
|
| | | | 6,542 | | |
ASP-r-pac Acquisition Co LLC - Revolver | | |
12/29/2027
|
| | | | 2,603 | | |
Batteries Plus Holding Corporation - Revolver | | |
6/30/2023
|
| | | | 3,433 | | |
Captain D’s LLC - Revolver | | |
12/15/2023
|
| | | | 1,862 | | |
CPS Group Holdings, Inc. - Revolver | | |
3/3/2025
|
| | | | 4,933 | | |
CST Buyer Company - Revolver | | |
10/3/2025
|
| | | | 2,190 | | |
| | |
Expiration Date (1)
|
| |
Unfunded Commitments (2)
|
| |||
DC Blox Inc. - First Lien Senior Secured Loan | | |
3/22/2026
|
| | | | 12,781 | | |
Direct Travel, Inc. - Delayed Draw | | |
10/2/2023
|
| | | | 2,625 | | |
Efficient Collaborative Retail Marketing Company, LLC - Revolver
|
| |
6/15/2022
|
| | | | 2,267 | | |
Element Buyer, Inc. - Revolver | | |
7/19/2024
|
| | | | 2,550 | | |
Grammer Purchaser, Inc. - Revolver | | |
9/30/2024
|
| | | | 1,050 | | |
Great Expressions Dental Center PC - Revolver | | |
9/28/2022
|
| | | | 215 | | |
Green Street Parent, LLC - Revolver | | |
8/27/2025
|
| | | | 2,419 | | |
GSP Holdings, LLC - Revolver | | |
11/6/2025
|
| | | | 2,947 | | |
JHCC Holdings, LLC - Revolver | | |
9/9/2025
|
| | | | 1,939 | | |
Kellstrom Commercial Aerospace, Inc. - Revolver | | |
7/1/2025
|
| | | | 3,092 | | |
Mach Acquisition R/C - Revolver | | |
10/18/2026
|
| | | | 10,043 | | |
Margaux Acquisition Inc. - Revolver | | |
12/19/2024
|
| | | | 2,872 | | |
Margaux UK Finance Limited - Revolver | | |
12/19/2024
|
| | | | 675 | | |
masLabor Revolver - Revolver | | |
7/1/2027
|
| | | | 1,034 | | |
MRHT Acquisition Facility - First Lien Senior Secured Loan | | |
7/26/2028
|
| | | | 569 | | |
MRI Software LLC - Revolver | | |
2/10/2026
|
| | | | 1,782 | | |
MZR Buyer, LLC - Revolver | | |
12/22/2026
|
| | | | 5,210 | | |
New Look (Delaware) Corporation - Delayed Draw | | |
5/26/2028
|
| | | | 2,005 | | |
New Look Vision Group - Delayed Draw | | |
5/26/2028
|
| | | | 3,803 | | |
New Look Vision Group - Revolver | | |
5/26/2026
|
| | | | 1,700 | | |
Omni Intermediate R/C - Revolver | | |
11/30/2026
|
| | | | 549 | | |
Omni Intermediate DD T/L 2 - First Lien Senior Secured Loan | | |
11/30/2027
|
| | | | 870 | | |
Opus2 - Delayed Draw | | |
5/5/2028
|
| | | | 7,382 | | |
Paisley Bidco Limited - Delayed Draw | | |
11/24/2028
|
| | | | 8,624 | | |
Parcel2Go Acquisition Facility - Subordinated Debt | | |
7/17/2028
|
| | | | 3,731 | | |
Refine Intermediate, Inc. - Revolver | | |
9/3/2026
|
| | | | 5,340 | | |
Revalize, Inc. - Delayed Draw | | |
4/15/2027
|
| | | | 13,395 | | |
Revalize, Inc. - Revolver | | |
4/15/2027
|
| | | | 1,340 | | |
RoC Opco LLC - Revolver | | |
2/25/2025
|
| | | | 10,241 | | |
Service Master Revolving Loan - Revolver | | |
8/16/2027
|
| | | | 3,240 | | |
Smartronix RC - Revolver | | |
11/23/2028
|
| | | | 6,321 | | |
Solaray, LLC - Revolver | | |
9/9/2022
|
| | | | 11,844 | | |
SunMed Group Holdings, LLC - Revolver | | |
6/16/2027
|
| | | | 1,032 | | |
Swoogo LLC - Revolver | | |
12/9/2026
|
| | | | 1,243 | | |
TEI Holdings Inc. - Revolver | | |
12/23/2025
|
| | | | 4,070 | | |
TGI Sport Bidco Pty Ltd - Revolver | | |
4/30/2027
|
| | | | 3,026 | | |
Tidel Engineering, L.P. - Revolver | | |
3/1/2023
|
| | | | 4,250 | | |
TLC Purchaser, Inc. - Delayed Draw | | |
10/10/2025
|
| | | | 7,119 | | |
TLC Purchaser, Inc. - Revolver | | |
10/13/2025
|
| | | | 2,492 | | |
V Global Holdings LLC - Revolver | | |
12/22/2025
|
| | | | 5,835 | | |
Ventiv Holdco, Inc. - Revolver | | |
9/3/2025
|
| | | | 3,407 | | |
WCI Gigawatt Purchaser DD T/L - Delayed Draw | | |
11/19/2027
|
| | | | 1,646 | | |
| | |
Expiration Date (1)
|
| |
Unfunded Commitments (2)
|
| |||
WCI Gigawatt Purchaser R/C - Revolver | | |
11/19/2027
|
| | | | 3,218 | | |
WCI-HSG Purchaser, Inc. - Revolver | | |
2/24/2025
|
| | | | 1,478 | | |
Whitcraft LLC - Revolver | | |
4/3/2023
|
| | | | 1,812 | | |
World Insurance - Revolver | | |
4/1/2026
|
| | | | 861 | | |
WSP Initial Term Loan - First Lien Senior Secured Loan | | |
4/27/2023
|
| | | | 1,797 | | |
WSP Revolving Loan - Revolver | | |
4/27/2027
|
| | | | 402 | | |
WU Holdco, Inc. - First Lien Senior Secured Loan | | |
3/26/2026
|
| | | | 1,708 | | |
WU Holdco, Inc. - Revolver | | |
3/26/2025
|
| | | | 3,944 | | |
YLG Holdings, Inc. - Revolver | | |
10/31/2025
|
| | | | 8,545 | | |
Total First Lien Senior Secured Loans
|
| | | | | | $ | 234,031 | | |
|
| | |
Expiration Date (1)
|
| |
Unfunded Commitments (2)
|
| ||||||
First Lien Senior Secured Loans | | | | | | | | | | | | | |
9 Story Media Group Inc. - Revolver | | | | | 4/30/2026 | | | | | $ | 74 | | |
A&R Logistics, Inc. - Revolver | | | | | 5/5/2025 | | | | | | 6,096 | | |
Abracon Group Holding, LLC. - Revolver | | | | | 7/18/2024 | | | | | | 2,833 | | |
Allworth Financial Group, L.P. - Delayed Draw | | | | | 12/23/2026 | | | | | | 3,042 | | |
Allworth Financial Group, L.P. - Revolver | | | | | 12/23/2026 | | | | | | 2,440 | | |
AMI US Holdings Inc. - Revolver | | | | | 4/1/2024 | | | | | | 488 | | |
Amspec Services, Inc. - Revolver | | | | | 7/2/2024 | | | | | | 5,667 | | |
Ansira Holdings, Inc. - Revolver | | | | | 12/20/2024 | | | | | | 1,700 | | |
AP Plastics Group, LLC - Revolver | | | | | 8/2/2021 | | | | | | 5,667 | | |
Appriss Holdings, Inc. - Revolver | | | | | 5/30/2025 | | | | | | 4,711 | | |
Aramsco, Inc. - Revolver | | | | | 8/28/2024 | | | | | | 3,387 | | |
Batteries Plus Holding Corporation - Revolver | | | | | 7/6/2022 | | | | | | 4,250 | | |
Captain D’s LLC - Revolver | | | | | 12/15/2023 | | | | | | 490 | | |
CB Nike IntermediateCo Ltd - Revolver | | | | | 10/31/2025 | | | | | | 4,428 | | |
CMI Marketing Inc - Revolver | | | | | 5/24/2023 | | | | | | 2,112 | | |
CPS Group Holdings, Inc. - Revolver | | | | | 3/3/2025 | | | | | | 4,933 | | |
CST Buyer Company - Revolver | | | | | 10/3/2025 | | | | | | 2,190 | | |
Datix Bidco Limited - Revolver | | | | | 10/28/2024 | | | | | | 1,328 | | |
Direct Travel, Inc. - Delayed Draw | | | | | 10/2/2023 | | | | | | 4,800 | | |
Dorner Manufacturing Corp - Revolver | | | | | 3/15/2022 | | | | | | 1,099 | | |
Efficient Collaborative Retail Marketing Company, LLC - Revolver
|
| | | | 6/15/2022 | | | | | | 1,275 | | |
Element Buyer, Inc. - Revolver | | | | | 7/19/2024 | | | | | | 3,967 | | |
| | |
Expiration Date (1)
|
| |
Unfunded Commitments (2)
|
| ||||||
FFI Holdings I Corp - Delayed Draw | | | | | 1/24/2025 | | | | | | 3,156 | | |
FFI Holdings I Corp - Revolver | | | | | 1/24/2025 | | | | | | 3,938 | | |
Fineline Technologies, Inc. - Revolver | | | | | 11/4/2022 | | | | | | 2,633 | | |
Grammer Purchaser, Inc. - Revolver | | | | | 9/30/2024 | | | | | | 1,050 | | |
Great Expressions Dental Center PC - Revolver | | | | | 9/28/2022 | | | | | | 513 | | |
Green Street Parent, LLC - Revolver | | | | | 8/27/2025 | | | | | | 2,419 | | |
GSP Holdings, LLC - Revolver | | | | | 11/6/2025 | | | | | | 3,400 | | |
JHCC Holdings, LLC - Delayed Draw | | | | | 9/9/2025 | | | | | | 6,262 | | |
JHCC Holdings, LLC - Revolver | | | | | 9/9/2025 | | | | | | 1,272 | | |
Kellstrom Commercial Aerospace, Inc. - Revolver | | | | | 7/1/2025 | | | | | | 1,066 | | |
Margaux Acquisition Inc. - Revolver | | | | | 12/19/2024 | | | | | | 2,872 | | |
Margaux UK Finance Limited - Revolver | | | | | 12/19/2024 | | | | | | 681 | | |
MRI Software LLC - Delayed Draw | | | | | 2/10/2026 | | | | | | 731 | | |
MRI Software LLC - Revolver | | | | | 2/10/2026 | | | | | | 1,782 | | |
Profile Products LLC - Revolver | | | | | 12/20/2024 | | | | | | 3,003 | | |
Refine Intermediate, Inc. - Revolver | | | | | 9/3/2026 | | | | | | 5,340 | | |
RoC Opco LLC - Revolver | | | | | 2/25/2025 | | | | | | 10,241 | | |
Solaray, LLC - Revolver | | | | | 9/9/2022 | | | | | | 5,327 | | |
TA/WEG Holdings - Delayed Draw | | | | | 10/2/2025 | | | | | | 7,538 | | |
TEI Holdings Inc. - Revolver | | | | | 12/23/2025 | | | | | | 1,055 | | |
Thrasio - Delayed Draw | | | | | 12/18/2026 | | | | | | 12,522 | | |
Tidel Engineering, L.P. - Revolver | | | | | 3/1/2023 | | | | | | 4,250 | | |
TLC Purchaser, Inc. - Delayed Draw | | | | | 10/13/2025 | | | | | | 7,119 | | |
TLC Purchaser, Inc. - Revolver | | | | | 10/13/2025 | | | | | | 8,900 | | |
V Global - Revolver | | | | | 12/22/2025 | | | | | | 7,885 | | |
Ventiv Holdco, Inc. - Revolver | | | | | 9/3/2025 | | | | | | 2,981 | | |
WCI-HSG Purchaser, Inc. - Revolver | | | | | 2/24/2025 | | | | | | 1,612 | | |
Whitcraft LLC - Revolver | | | | | 4/3/2023 | | | | | | 1,812 | | |
WU Holdco, Inc. - Revolver | | | | | 3/26/2025 | | | | | | 3,043 | | |
YLG Holdings, Inc. - Revolver | | | | | 10/31/2025 | | | | | | 8,545 | | |
Total First Lien Senior Secured Loans
|
| | | | | | | | | $ | 189,925 | | |
|
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1—3 years
|
| |
3—5 years
|
| |
More than
5 years |
| |||||||||||||||
2018-1 Notes | | | | $ | 365,700 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 365,700 | | |
2019-1 Debt | | | | | 352,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 352,500 | | |
2023 Notes | | | | | 112,500 | | | | | | — | | | | | | 112,500 | | | | | | — | | | | | | — | | |
March 2026 Notes | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | 300,000 | | | | | | — | | |
October 2026 Notes | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | 300,000 | | | | | | — | | |
Sumitomo Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Debt Obligations | | | | $ | 1,430,700 | | | | | $ | — | | | | | $ | 112,500 | | | | | $ | 600,000 | | | | | $ | 718,200 | | |
Change in Interest Rates
|
| |
Increase (Decrease)
in Interest Income |
| |
Increase (Decrease)
in Interest Expense |
| |
Net Increase
(Decrease) in Net Investment Income |
| |||||||||
Down 25 basis points | | | | $ | (729) | | | | | $ | (1,502) | | | | | $ | 773 | | |
Up 100 basis points | | | | | 7,556 | | | | | | 7,182 | | | | | | 374 | | |
Up 200 basis points | | | | | 28,935 | | | | | | 14,364 | | | | | | 14,571 | | |
Up 300 basis points | | | | | 50,477 | | | | | | 21,546 | | | | | | 28,931 | | |
| | |
Page
|
|
| | | ||
Consolidated Financial Statements: | | | | |
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | |
| | |
As of December 31,
|
| |||||||||
| | | | |
2020
|
| |||||||
Assets | | | | | | | | | | | | | |
Investments at fair value:
|
| | | | | | | | | | | | |
Non-controlled/non-affiliate investments (amortized cost of $1,921,970 and $2,281,809, respectively)
|
| | | $ | 1,901,054 | | | | | $ | 2,261,461 | | |
Non-controlled/affiliate investment (amortized cost of $100,888 and
$93,089, respectively) |
| | | | 113,290 | | | | | | 92,915 | | |
Controlled affiliate investment (amortized cost of $288,526 and $147,841, respectively)
|
| | | | 274,761 | | | | | | 130,112 | | |
Cash and cash equivalents
|
| | | | 87,443 | | | | | | 53,704 | | |
Foreign cash (cost of $30,877 and $976, respectively)
|
| | | | 29,979 | | | | | | 972 | | |
Restricted cash and cash equivalents
|
| | | | 86,159 | | | | | | 27,026 | | |
Collateral on forward currency exchange contracts
|
| | | | 2,815 | | | | | | 4,934 | | |
Deferred financing costs
|
| | | | 2,178 | | | | | | 3,131 | | |
Interest receivable on investments
|
| | | | 19,269 | | | | | | 15,720 | | |
Receivable for sales and paydowns of investments and other investment
transactions |
| | | | 30,334 | | | | | | 5,928 | | |
Prepaid Insurance
|
| | | | 193 | | | | | | — | | |
Unrealized appreciation on forward currency exchange contracts
|
| | | | 5,321 | | | | | | — | | |
Dividend receivable
|
| | | | 18,397 | | | | | | 7,589 | | |
Total Assets
|
| | | $ | 2,571,193 | | | | | $ | 2,603,492 | | |
Liabilities | | | | | | | | | | | | | |
Debt (net of unamortized debt issuance costs of $15,718 and $7,147, respectively)
|
| | | $ | 1,414,982 | | | | | $ | 1,458,360 | | |
Interest payable
|
| | | | 7,058 | | | | | | 8,223 | | |
Payable for investments purchased
|
| | | | 7,594 | | | | | | 10,991 | | |
Unrealized depreciation on forward currency exchange contracts
|
| | | | — | | | | | | 22,614 | | |
Base management fee payable
|
| | | | 8,792 | | | | | | 6,289 | | |
Incentive fee payable
|
| | | | 4,727 | | | | | | 3,799 | | |
Accounts payable and accrued expenses
|
| | | | 6,083 | | | | | | 3,261 | | |
Distributions payable
|
| | | | 21,951 | | | | | | 21,951 | | |
Total Liabilities
|
| | | | 1,471,187 | | | | | | 1,535,488 | | |
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, 64,562,265 and 64,562,265 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively
|
| | | | 65 | | | | | | 65 | | |
Paid in capital in excess of par value
|
| | | | 1,168,384 | | | | | | 1,166,453 | | |
Total distributable earnings (loss)
|
| | | | (68,443) | | | | | | (98,514) | | |
Total Net Assets
|
| | | | 1,100,006 | | | | | | 1,068,004 | | |
Total Liabilities and Total Net assets
|
| | | $ | 2,571,193 | | | | | $ | 2,603,492 | | |
Net asset value per share | | | | $ | 17.04 | | | | | $ | 16.54 | | |
| | |
For the Year Ended December 31
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Income | | | | | | | | | | | | | | | | | | | |
Investment income from non-controlled/non-affiliate investments:
|
| | | | | | | | | | | | | | | | | | |
Interest from investments
|
| | | $ | 153,703 | | | | | $ | 170,914 | | | | | $ | 178,122 | | |
Dividend income
|
| | | | 514 | | | | | | 787 | | | | | | 62 | | |
PIK income
|
| | | | 4,475 | | | | | | 7,272 | | | | | | 464 | | |
Other income
|
| | | | 6,173 | | | | | | 1,955 | | | | | | 805 | | |
Total investment income from non-controlled/non-affiliate investments
|
| | | | 164,865 | | | | | | 180,928 | | | | | | 179,453 | | |
Investment income from non-controlled/affiliate investments:
|
| | | | | | | | | | | | | | | | | | |
Interest from investments
|
| | | | 1,818 | | | | | | 639 | | | | | | — | | |
PIK income
|
| | | | 5,622 | | | | | | 1,227 | | | | | | — | | |
Other income
|
| | | | — | | | | | | 202 | | | | | | — | | |
Total investment income from non-controlled/affiliate investments
|
| | | | 7,440 | | | | | | 2,068 | | | | | | — | | |
Investment income from controlled affiliate investments:
|
| | | | | | | | | | | | | | | | | | |
Interest from investments
|
| | | | 11,822 | | | | | | 2,644 | | | | | | 1,795 | | |
Dividend income
|
| | | | 12,601 | | | | | | 8,537 | | | | | | 16,679 | | |
PIK income
|
| | | | 666 | | | | | | 279 | | | | | | 14 | | |
Other income
|
| | | | — | | | | | | 4 | | | | | | 4 | | |
Total investment income from controlled affiliate investments
|
| | | | 25,089 | | | | | | 11,464 | | | | | | 18,492 | | |
Total investment income
|
| | | | 197,394 | | | | | | 194,460 | | | | | | 197,945 | | |
Expenses | | | | | | | | | | | | | | | | | | | |
Interest and debt financing expenses
|
| | | | 51,345 | | | | | | 63,309 | | | | | | 66,330 | | |
Base management fee
|
| | | | 34,888 | | | | | | 35,215 | | | | | | 32,702 | | |
Incentive fee
|
| | | | 24,028 | | | | | | 4,473 | | | | | | 17,418 | | |
Professional fees
|
| | | | 2,854 | | | | | | 2,626 | | | | | | 2,297 | | |
Directors fees
|
| | | | 725 | | | | | | 726 | | | | | | 546 | | |
Other general and administrative expenses
|
| | | | 5,038 | | | | | | 5,398 | | | | | | 4,772 | | |
Total expenses before fee waivers
|
| | | | 118,878 | | | | | | 111,747 | | | | | | 124,065 | | |
Base management fee waiver
|
| | | | (4,837) | | | | | | (2,676) | | | | | | (8,242) | | |
Incentive fee waiver
|
| | | | (4,519) | | | | | | (674) | | | | | | (2,745) | | |
Total expenses, net of fee waivers
|
| | | | 109,522 | | | | | | 108,397 | | | | | | 113,078 | | |
Net investment income before taxes
|
| | | | 87,872 | | | | | | 86,063 | | | | | | 84,867 | | |
Excise tax expense
|
| | | | 134 | | | | | | 232 | | | | | | — | | |
Net investment income
|
| | | | 87,738 | | | | | | 85,831 | | | | | | 84,867 | | |
Net realized and unrealized gains (losses) | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on non-controlled/non-affiliate investments
|
| | | | 25,084 | | | | | | (33,824) | | | | | | (3,487) | | |
Net realized gain (loss) on controlled affiliate investments
|
| | | | (3,858) | | | | | | — | | | | | | 265 | | |
Net realized gain (loss) on foreign currency transactions
|
| | | | (3,496) | | | | | | 130 | | | | | | (36) | | |
Net realized gain (loss) on forward currency exchange contracts
|
| | | | (23,773) | | | | | | 6,472 | | | | | | 11,043 | | |
Net realized loss on extinguishment of debt
|
| | | | (4,859) | | | | | | — | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on foreign currency translation
|
| | | | (936) | | | | | | 108 | | | | | | (130) | | |
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts
|
| | | | 27,935 | | | | | | (22,396) | | | | | | (9,540) | | |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments
|
| | | | (568) | | | | | | (6,744) | | | | | | 13,308 | | |
Net change in unrealized appreciation (depreciation) on non-controlled/affiliate investments
|
| | | | 12,576 | | | | | | (174) | | | | | | — | | |
Net change in unrealized appreciation (depreciation) on controlled affiliate investments
|
| | | | 3,964 | | | | | | (21,125) | | | | | | 1,795 | | |
Total net gains (losses)
|
| | | | 32,069 | | | | | | (77,553) | | | | | | 13,218 | | |
Net increase in net assets resulting from operations
|
| | | $ | 119,807 | | | | | $ | 8,278 | | | | | $ | 98,085 | | |
Basic and diluted net investment income per common share | | | | $ | 1.36 | | | | | $ | 1.46 | | | | | $ | 1.64 | | |
Basic and diluted increase in net assets resulting from operations per common share | | | | $ | 1.86 | | | | | $ | 0.14 | | | | | $ | 1.90 | | |
Basic and diluted weighted average common shares outstanding | | | | | 64,562,265 | | | | | | 58,670,518 | | | | | | 51,603,415 | | |
| | |
For the Year Ended December 31
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 87,738 | | | | | $ | 85,831 | | | | | $ | 84,867 | | |
Net realized gain (loss)
|
| | | | (10,902) | | | | | | (27,222) | | | | | | 7,785 | | |
Net change in unrealized appreciation (depreciation)
|
| | | | 42,971 | | | | | | (50,331) | | | | | | 5,433 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | | 119,807 | | | | | | 8,278 | | | | | | 98,085 | | |
Stockholder distributions: | | | | | | | | | | | | | | | | | | | |
Distributions from distributable earnings
|
| | | | (87,805) | | | | | | (87,029) | | | | | | (84,636) | | |
Net decrease in net assets resulting from stockholder distributions
|
| | | | (87,805) | | | | | | (87,029) | | | | | | (84,636) | | |
Capital share transactions: | | | | | | | | | | | | | | | | | | | |
Issuance of common stock, net
|
| | | | — | | | | | | 128,355 | | | | | | — | | |
Reinvestment of stockholder distributions
|
| | | | — | | | | | | — | | | | | | 3,322 | | |
Net increase in net assets resulting from capital share transactions
|
| | | | — | | | | | | 128,355 | | | | | | 3,322 | | |
Total increase in net assets
|
| | | | 32,002 | | | | | | 49,604 | | | | | | 16,771 | | |
Net assets at beginning of year
|
| | | | 1,068,004 | | | | | | 1,018,400 | | | | | | 1,001,629 | | |
Net assets at end of year
|
| | | $ | 1,100,006 | | | | | $ | 1,068,004 | | | | | $ | 1,018,400 | | |
Net asset value per common share | | | | $ | 17.04 | | | | | $ | 16.54 | | | | | $ | 19.72 | | |
Common stock outstanding at end of period | | | | | 64,562,265 | | | | | | 64,562,265 | | | | | | 51,649,812 | | |
| | |
For the Year Ended December 31
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | | | $ | 119,807 | | | | | | 8,278 | | | | | | 98,085 | | |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
|
| | | | | | | | | | | | | | | | | | |
Purchases of investments
|
| | | | (1,177,339) | | | | | | (516,234) | | | | | | (1,413,662) | | |
Proceeds from principal payments and sales of investments
|
| | | | 1,399,163 | | | | | | 538,494 | | | | | | 1,069,492 | | |
Net realized (gain) loss from investments
|
| | | | (21,226) | | | | | | 33,824 | | | | | | 3,222 | | |
Net realized loss on foreign currency transactions
|
| | | | 3,496 | | | | | | (130) | | | | | | 36 | | |
Net realized loss on extinguishment of debt
|
| | | | 4,859 | | | | | | — | | | | | | — | | |
Net change in unrealized (appreciation) depreciation on forward currency exchange contracts
|
| | | | (27,935) | | | | | | 22,396 | | | | | | 9,540 | | |
Net change in unrealized (appreciation) depreciation on investments
|
| | | | (15,972) | | | | | | 28,043 | | | | | | (15,103) | | |
Net change in unrealized (appreciation) depreciation on foreign currency translation
|
| | | | 936 | | | | | | (108) | | | | | | 130 | | |
Increase in investments due to PIK
|
| | | | (10,763) | | | | | | (8,779) | | | | | | (479) | | |
Accretion of discounts and amortization of premiums
|
| | | | (5,674) | | | | | | (5,905) | | | | | | (4,476) | | |
Amortization of deferred financing costs and debt issuance costs
|
| | | | 5,731 | | | | | | 2,675 | | | | | | 1,497 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Collateral on forward currency exchange contracts
|
| | | | 2,119 | | | | | | (4,934) | | | | | | 4 | | |
Interest receivable on investments
|
| | | | (3,549) | | | | | | 6,762 | | | | | | (16,233) | | |
Prepaid Insurance
|
| | | | (193) | | | | | | — | | | | | | 1 | | |
Dividend receivable
|
| | | | (10,808) | | | | | | (6,628) | | | | | | 7,748 | | |
Interest payable
|
| | | | (1,165) | | | | | | (7,311) | | | | | | 10,699 | | |
Collateral payable on forward currency exchange contracts
|
| | | | — | | | | | | (331) | | | | | | 331 | | |
Base management fee payable
|
| | | | 2,503 | | | | | | (976) | | | | | | 4,315 | | |
Incentive fee payable
|
| | | | 928 | | | | | | (714) | | | | | | 1,213 | | |
Accounts payable and accrued expenses
|
| | | | 636 | | | | | | 996 | | | | | | 874 | | |
Net cash provided by (used in) operating activities
|
| | | | 265,554 | | | | | | 89,418 | | | | | | (242,766) | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | |
Borrowings on debt
|
| | | | 1,425,050 | | | | | | 597,262 | | | | | | 1,249,048 | | |
Repayments on debt
|
| | | | (1,461,826) | | | | | | (710,802) | | | | | | (884,529) | | |
Payments of financing costs
|
| | | | — | | | | | | (1,447) | | | | | | (409) | | |
Payments of offering costs
|
| | | | — | | | | | | (3,545) | | | | | | (1,820) | | |
Payments of debt issuance costs
|
| | | | (14,053) | | | | | | (3,648) | | | | | | (2,795) | | |
Proceeds from issuance of common stock
|
| | | | — | | | | | | 131,917 | | | | | | — | | |
Stockholder distributions paid
|
| | | | (87,805) | | | | | | (86,254) | | | | | | (81,246) | | |
Net cash (used in) provided by financing activities
|
| | | | (138,634) | | | | | | (76,517) | | | | | | 278,249 | | |
Net increase in cash, foreign cash, restricted cash and cash equivalents
|
| | | | 126,920 | | | | | | 12,901 | | | | | | 35,483 | | |
Effect of foreign currency exchange rates
|
| | | | (5,041) | | | | | | (45) | | | | | | 92 | | |
Cash, foreign cash, restricted cash and cash equivalents, beginning of year
|
| | | | 81,702 | | | | | | 68,846 | | | | | | 33,271 | | |
Cash, foreign cash, restricted cash and cash equivalents, end of year
|
| | | $ | 203,581 | | | | | $ | 81,702 | | | | | $ | 68,846 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash interest paid during the year | | | | $ | 46,780 | | | | | $ | 67,945 | | | | | $ | 54,134 | | |
Cash paid for excise taxes during the year | | | | $ | 237 | | | | | $ | — | | | | | $ | — | | |
Supplemental disclosure of non-cash information: | | | | | | | | | | | | | | | | | | | |
Debt investment sold by the Company to ISLP | | | | $ | 317,077 | | | | | $ | — | | | | | $ | — | | |
Company investment into ISLP in exchange for investments sold | | | | $ | 128,970 | | | | | $ | — | | | | | $ | — | | |
Reinvestment of stockholder distributions | | | | $ | — | | | | | $ | — | | | | | $ | 3,322 | | |
Distribution to owner from ABCS JV | | | | $ | — | | | | | $ | — | | | | | $ | 346,329 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cash | | | | $ | 87,443 | | | | | $ | 53,704 | | | | | $ | 36,531 | | |
Restricted cash | | | | | 86,159 | | | | | | 27,026 | | | | | | 31,505 | | |
Foreign cash | | | | | 29,979 | | | | | | 972 | | | | | | 810 | | |
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows
|
| | | $ | 203,581 | | | | | $ | 81,702 | | | | | $ | 68,846 | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
Non-Controlled/Non-Affiliate Investments | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Aerospace & Defense | | | Forming & Machining Industries Inc.(18)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 8.25%
|
| | | | 8.47% | | | | | | 10/9/2026 | | | | | $ | 6,540 | | | | | | 6,494 | | | | | | 5,821 | | | | | | | | |
| | | | | | Forming & Machining Industries Inc.(12)(18) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 4.47% | | | | | | 10/9/2025 | | | | | $ | 16,439 | | | | | | 16,352 | | | | | | 15,288 | | | | | | | | |
| | | | | | GSP Holdings, LLC(12)(15)(19)(26)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75% (0.25% PIK)
|
| | | | 6.75% | | | | | | 11/6/2024 | | | | | $ | 35,622 | | | | | | 35,516 | | | | | | 32,951 | | | | | | | | |
| | | | | | GSP Holdings, LLC(15)(19)(26) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.75% (0.25% PIK)
|
| | | | 6.75% | | | | | | 11/6/2025 | | | | | $ | 1,602 | | | | | | 1,573 | | | | | | 1,261 | | | | | | | | |
| | | | | | Kellstrom Aerospace Group, Inc(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 1,963 | | | | | | 913 | | | | | | | | |
| | | | | | Kellstrom Commercial Aerospace, Inc.(18)(19)(24) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 7/1/2025 | | | | | $ | 2,239 | | | | | | 2,176 | | | | | | 1,919 | | | | | | | | |
| | | | | | Kellstrom Commercial Aerospace, Inc.(12)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 7/1/2025 | | | | | $ | 32,855 | | | | | | 32,430 | | | | | | 30,884 | | | | | | | | |
| | | | | | Mach Acquisition R/C(2)(5)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/18/2026 | | | | | $ | — | | | | | | (193) | | | | | | (201) | | | | | | | | |
| | | | | | Mach Acquisition T/L(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 7.50%
|
| | | | 8.50% | | | | | | 10/18/2026 | | | | | $ | 32,640 | | | | | | 32,006 | | | | | | 31,987 | | | | | | | | |
| | | | | | Precision Ultimate Holdings, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,417 | | | | | | 1,417 | | | | | | 1,204 | | | | | | | | |
| | | | | | WCI-HSG HOLDCO, LLC(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 675 | | | | | | 675 | | | | | | 1,993 | | | | | | | | |
| | | | | | WCI-HSG Purchaser, Inc.(12)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.75%
|
| | | | 5.75% | | | | | | 2/24/2025 | | | | | $ | 1,209 | | | | | | 1,190 | | | | | | 1,209 | | | | | | | | |
| | | | | | WCI-HSG Purchaser, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 2/24/2025 | | | | | $ | 17,422 | | | | | | 17,285 | | | | | | 17,422 | | | | | | | | |
| | | | | | Whitcraft LLC(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 4/3/2023 | | | | | $ | — | | | | | | (7) | | | | | | (59) | | | | | | | | |
| | | | | | Whitcraft LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 4/3/2023 | | | | | $ | 39,775 | | | | | | 39,594 | | | | | | 38,482 | | | | | | | | |
| | | | | | WP CPP Holdings, LLC.(12)(15) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.75%
|
| | | | 8.75% | | | | | | 4/30/2026 | | | | | $ | 11,724 | | | | | | 11,646 | | | | | | 11,495 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Aerospace & Defense Total | | | | $ | 200,117 | | | | | $ | 192,569 | | | | | | 17.5% | | | |||
| | | Automotive | | | American Trailer Rental Group(19)(26) | | | Subordinated Debt | | |
9.00% (2.00% PIK)
|
| | | | 11.00% | | | | | | 12/1/2027 | | | | | $ | 4,913 | | | | | | 4,842 | | | | | | 4,913 | | | | | | | | |
| | | | | | American Trailer Rental Group(19)(26) | | | Subordinated Debt | | |
9.00% (2.00% PIK)
|
| | | | 11.00% | | | | | | 12/1/2027 | | | | | $ | 15,114 | | | | | | 14,793 | | | | | | 15,114 | | | | | | | | |
| | | | | | Cardo(6)(12)(17)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.50% | | | | | | 5/12/2028 | | | | | $ | 10,898 | | | | | | 10,795 | | | | | | 10,898 | | | | | | | | |
| | | | | | CST Buyer Company(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/3/2025 | | | | | $ | — | | | | | | (11) | | | | | | — | | | | | | | | |
| | | | | | CST Buyer Company(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.55%
|
| | | | 6.50% | | | | | | 10/3/2025 | | | | | $ | 19,238 | | | | | | 19,122 | | | | | | 19,238 | | | | | | | | |
| | | | | | JHCC Holdings, LLC(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
P+ 4.50%
|
| | | | 7.75% | | | | | | 9/9/2025 | | | | | $ | 2,635 | | | | | | 2,618 | | | | | | 2,635 | | | | | | | | |
| | | | | | JHCC Holdings, LLC(19)(31) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 5.75%
|
| | | | 6.75% | | | | | | 9/9/2025 | | | | | $ | 894 | | | | | | 863 | | | | | | 894 | | | | | | | | |
| | | | | | JHCC Holdings, LLC(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 9/9/2025 | | | | | $ | 5,782 | | | | | | 5,776 | | | | | | 5,782 | | | | | | | | |
| | | | | | JHCC Holdings, LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 9/9/2025 | | | | | $ | 29,081 | | | | | | 28,799 | | | | | | 29,081 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Automotive Total | | | | $ | 87,597 | | | | | $ | 88,555 | | | | | | 8.1% | | | |||
| | | Banking | | | Green Street Parent, LLC(3)(5)(17)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 8/27/2025 | | | | | $ | — | | | | | | (29) | | | | | | — | | | | | | | | |
| | | | | | Green Street Parent, LLC(12)(17)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 5.50% | | | | | | 8/27/2026 | | | | | $ | 14,190 | | | | | | 13,988 | | | | | | 14,190 | | | | | | | | |
| | | | | | Green Street Parent, LLC(17)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 5.50% | | | | | | 8/27/2026 | | | | | $ | 4,500 | | | | | | 4,411 | | | | | | 4,500 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Banking Total | | | | $ | 18,370 | | | | | $ | 18,690 | | | | | | 1.7% | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | Beverage, Food & Tobacco | | | NPC International, Inc.(19)(25)(27) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 564 | | | | | | 843 | | | | | | 228 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco Total
|
| | | $ | 843 | | | | | $ | 228 | | | | | | 0.0% | | | |||
| | | Capital Equipment | | | East BCC Coinvest II, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,419 | | | | | | 1,419 | | | | | | 1,065 | | | | | | | | |
| | | | | | Electronics For Imaging, Inc.(12)(18)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 9.10% | | | | | | 7/23/2027 | | | | | $ | 12,070 | | | | | | 11,460 | | | | | | 11,285 | | | | | | | | |
| | | | | | FCG Acquisitions, Inc.(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Jonathan Acquisition Company(19)(15) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 10.00% | | | | | | 12/22/2027 | | | | | $ | 8,000 | | | | | | 7,821 | | | | | | 8,000 | | | | | | | | |
| | | | | | Tidel Engineering, L.P.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 3/1/2024 | | | | | $ | 38,155 | | | | | | 38,155 | | | | | | 38,155 | | | | | | | | |
| | | | | | Tidel Engineering, L.P.(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 3/1/2024 | | | | | $ | 6,337 | | | | | | 6,274 | | | | | | 6,336 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Capital Equipment Total | | | | $ | 65,129 | | | | | $ | 64,841 | | | | | | 5.9% | | | |||
| | | Chemicals, Plastics & Rubber | | | V Global Holdings LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 12/22/2027 | | | | | $ | 24,813 | | | | | | 24,242 | | | | | | 24,813 | | | | | | | | |
| | | | | | V Global Holdings LLC(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 5.00%
|
| | | | 8.25% | | | | | | 12/22/2025 | | | | | $ | 2,050 | | | | | | 1,893 | | | | | | 2,050 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics & Rubber Total
|
| | | $ | 26,135 | | | | | $ | 26,863 | | | | | | 2.4% | | | |||
| | | Construction & Building | | | Chase Industries, Inc.(15)(19)(26) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.50% (1.5% PIK)
|
| | | | 6.50% | | | | | | 5/12/2025 | | | | | $ | 1,197 | | | | | | 1,195 | | | | | | 946 | | | | | | | | |
| | | | | | Chase Industries, Inc.(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 5.50% (1.5% PIK)
|
| | | | 6.50% | | | | | | 5/12/2025 | | | | | $ | 12,622 | | | | | | 12,586 | | | | | | 9,971 | | | | | | | | |
| | | | | | Elk Parent Holdings, LP(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 12 | | | | | | 407 | | | | | | | | |
| | | | | | Elk Parent Holdings, LP(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 120 | | | | | | 1,202 | | | | | | 1,427 | | | | | | | | |
| | | | | | Regan Development Holdings Limited(6)(17)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.50%
|
| | | | 7.00% | | | | | | 4/18/2022 | | | | | € | 2,087 | | | | | | 2,274 | | | | | | 2,326 | | | | | | | | |
| | | | | | Regan Development Holdings Limited(6)(17)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.50%
|
| | | | 7.00% | | | | | | 4/18/2022 | | | | | € | 677 | | | | | | 768 | | | | | | 754 | | | | | | | | |
| | | | | | Regan Development Holdings Limited(6)(17)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.50%
|
| | | | 7.00% | | | | | | 4/18/2022 | | | | | € | 6,335 | | | | | | 6,895 | | | | | | 7,041 | | | | | | | | |
| | | | | |
ServiceMaster LP Interest Class B Preferred Units(14) (19)(25)
|
| | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | 327 | | | | | | 353 | | | | | | | | |
| | | | | | Service Master Revolving Loan(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 7.50%
|
| | | | 8.50% | | | | | | 8/16/2027 | | | | | $ | 1,260 | | | | | | 1,176 | | | | | | 1,260 | | | | | | | | |
| | | | | | Service Master Term Note(17)(19) | | | First Lien Senior Secured Loan | | |
L+ 7.50%
|
| | | | 8.50% | | | | | | 8/16/2027 | | | | | $ | 939 | | | | | | 921 | | | | | | 939 | | | | | | | | |
| | | | | | YLG Holdings, Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/31/2025 | | | | | $ | 5,060 | | | | | | 5,055 | | | | | | 5,060 | | | | | | | | |
| | | | | | YLG Holdings, Inc.(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/31/2025 | | | | | $ | — | | | | | | (55) | | | | | | — | | | | | | | | |
| | | | | | YLG Holdings, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 6.25% | | | | | | 10/31/2025 | | | | | $ | 38,086 | | | | | | 37,900 | | | | | | 38,086 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Construction & Building Total | | | | $ | 70,256 | | | | | $ | 68,570 | | | | | | 6.2% | | | |||
| | | Consumer Goods: Durable | | | New Milani Group LLC(12)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 6/6/2024 | | | | | $ | 16,752 | | | | | | 16,678 | | | | | | 16,250 | | | | | | | | |
| | | | | | Stanton Carpet T/L 2nd Lien(15)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 10.00% | | | | | | 4/1/2028 | | | | | $ | 19,664 | | | | | | 19,277 | | | | | | 19,271 | | | | | | | | |
| | | | | | TLC Holdco LP(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,188 | | | | | | 1,186 | | | | | | 431 | | | | | | | | |
| | | | | | TLC Purchaser, Inc.(2)(3)(5)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 10/13/2025 | | | | | $ | — | | | | | | (45) | | | | | | (854) | | | | | | | | |
| | | | | | TLC Purchaser, Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.25%
|
| | | | 8.50% | | | | | | 10/13/2025 | | | | | $ | 6,408 | | | | | | 6,296 | | | | | | 5,340 | | | | | | | | |
| | | | | | TLC Purchaser, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.25%
|
| | | | 7.25% | | | | | | 10/13/2025 | | | | | $ | 41,066 | | | | | | 40,511 | | | | | | 36,137 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable Total
|
| | | $ | 83,903 | | | | | $ | 76,575 | | | | | | 7.0% | | | |||
| | |
Consumer Goods: Non-Durable
|
| | Fineline Parent Holdings(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 939 | | | | | | 939 | | | | | | 1,241 | | | | | | | | |
| | | | | | FL Hawk Intermediate Holdings, Inc.(15)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 10.00% | | | | | | 8/22/2028 | | | | | $ | 21,125 | | | | | | 20,543 | | | | | | 21,125 | | | | | | | | |
| | | | | | New Era Cap Co., Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 9/10/2023 | | | | | $ | 9,970 | | | | | | 9,970 | | | | | | 9,970 | | | | | | | | |
| | | | | |
RoC Opco LLC(3)(5)(15)(19)
|
| |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 2/25/2025 | | | | | $ | — | | | | | | (111) | | | | | | — | | | | | | | | |
| | | | | | RoC Opco LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 8.50%
|
| | | | 9.50% | | | | | | 2/25/2025 | | | | | $ | 40,079 | | | | | | 39,486 | | | | | | 40,079 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | Solaray, LLC(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 9/9/2023 | | | | | $ | 14,276 | | | | | | 14,276 | | | | | | 14,276 | | | | | | | | |
| | | | | | Solaray, LLC(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 5.50% | | | | | | 9/9/2022 | | | | | $ | 907 | | | | | | 895 | | | | | | 907 | | | | | | | | |
| | | | | | Solaray, LLC(12)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 9/11/2023 | | | | | $ | 41,729 | | | | | | 41,729 | | | | | | 41,729 | | | | | | | | |
| | | | | | WU Holdco, Inc.(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.50%
|
| | | | 5.72% | | | | | | 3/26/2025 | | | | | $ | 1,690 | | | | | | 1,656 | | | | | | 1,690 | | | | | | | | |
| | | | | | WU Holdco, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 3/26/2026 | | | | | $ | 44,452 | | | | | | 43,847 | | | | | | 44,452 | | | | | | | | |
| | | | | | WU Holdco, Inc.(12)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 3/26/2026 | | | | | $ | 6,594 | | | | | | 6,534 | | | | | | 6,594 | | | | | | | | |
| | | | | | WU Holdco, Inc.(3)(5)(15)(19) | | | First Lien Senior Secured Loan | | |
—
|
| | | | — | | | | | | 3/26/2026 | | | | | $ | — | | | | | | (31) | | | | | | — | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Non-Durable
Total |
| | | $ | 179,733 | | | | | $ | 182,063 | | | | | | 16.6% | | | |||
| | | Consumer Goods: Wholesale | | | WSP LP Interest(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 2,898 | | | | | | 2,898 | | | | | | 2,829 | | | | | | | | |
| | | | | | WSP Initial Term Loan(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.25%
|
| | | | 7.25% | | | | | | 4/27/2027 | | | | | $ | 12,251 | | | | | | 12,017 | | | | | | 12,037 | | | | | | | | |
| | | | | | WSP Initial Term Loan(2)(3)(5)(15)(19) | | | First Lien Senior Secured Loan | | |
—
|
| | | | — | | | | | | 4/27/2023 | | | | | $ | — | | | | | | (36) | | | | | | (31) | | | | | | | | |
| | | | | | WSP Revolving Loan(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 4/27/2027 | | | | | $ | — | | | | | | (9) | | | | | | (8) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Wholesale Total
|
| | | $ | 14,870 | | | | | $ | 14,827 | | | | | | 1.3% | | | |||
| | |
Containers, Packaging, & Glass
|
| | ASP-r-pac Acquisition Co LLC(16)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 6.00%
|
| | | | 6.75% | | | | | | 12/29/2027 | | | | | $ | 651 | | | | | | 586 | | | | | | 586 | | | | | | | | |
| | | | | | ASP-r-pac Acquisition Co LLC(12)(16)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.75% | | | | | | 12/29/2027 | | | | | $ | 27,339 | | | | | | 26,793 | | | | | | 26,792 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Containers, Packaging, & Glass
Total |
| | | $ | 27,379 | | | | | $ | 27,378 | | | | | | 2.5% | | | |||
| | | Energy: Oil & Gas | | | Amspec Services, Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 7/2/2024 | | | | | $ | 1,488 | | | | | | 1,457 | | | | | | 1,487 | | | | | | | | |
| | | | | | Amspec Services, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 7/2/2024 | | | | | $ | 43,207 | | | | | | 42,923 | | | | | | 43,207 | | | | | | | | |
| | | | | | Amspec Services, Inc.(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 7/2/2024 | | | | | $ | 2,798 | | | | | | 2,768 | | | | | | 2,798 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Energy: Oil & Gas Total | | | | $ | 47,148 | | | | | $ | 47,492 | | | | | | 4.3% | | | |||
| | | FIRE: Finance | | | Allworth Financial Group, L.P.(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.00%
|
| | | | 6.00% | | | | | | 12/23/2026 | | | | | $ | 2,528 | | | | | | 2,476 | | | | | | 2,528 | | | | | | | | |
| | | | | | Allworth Financial Group, L.P.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 12/23/2026 | | | | | $ | 10,037 | | | | | | 9,908 | | | | | | 10,037 | | | | | | | | |
| | | | | | Allworth Financial Group, L.P.(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/23/2026 | | | | | $ | — | | | | | | (15) | | | | | | — | | | | | | | | |
| | | | | | TA/Weg Holdings(15)(19)(29) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 10/2/2027 | | | | | $ | 9,495 | | | | | | 9,495 | | | | | | 9,495 | | | | | | | | |
| | | | | | TA/Weg Holdings(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 10/2/2027 | | | | | $ | 2,392 | | | | | | 2,381 | | | | | | 2,392 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | FIRE: Finance Total | | | | $ | 24,245 | | | | | $ | 24,452 | | | | | | 2.2% | | | |||
| | | FIRE: Insurance | | | Margaux Acquisition Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 12/19/2024 | | | | | $ | 9,198 | | | | | | 9,173 | | | | | | 9,198 | | | | | | | | |
| | | | | | Margaux Acquisition, Inc.(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/19/2024 | | | | | $ | — | | | | | | (28) | | | | | | — | | | | | | | | |
| | | | | | Margaux Acquisition Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 12/19/2024 | | | | | $ | 28,334 | | | | | | 28,000 | | | | | | 28,334 | | | | | | | | |
| | | | | | Margaux UK Finance Limited(3)(6)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
GBP LIBOR+ 5.50%
|
| | | | 6.50% | | | | | | 12/19/2024 | | | | | £ | 89 | | | | | | 112 | | | | | | 120 | | | | | | | | |
| | | | | | Margaux UK Finance Limited(6)(15)(19) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.50%
|
| | | | 6.50% | | | | | | 12/19/2024 | | | | | £ | 7,551 | | | | | | 9,740 | | | | | | 10,218 | | | | | | | | |
| | | | | | MRHT Facility A(6)(18)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.50%
|
| | | | 5.50% | | | | | | 7/26/2028 | | | | | € | 216 | | | | | | 248 | | | | | | 245 | | | | | | | | |
| | | | | | MRHT Acquisition Facility(3)(5)(6)(19) | | | First Lien Senior Secured Loan | | |
—
|
| | | | — | | | | | | 7/26/2028 | | | | | € | — | | | | | | (6) | | | | | | — | | | | | | | | |
| | | | | | Paisley Bidco Limited(6)(18)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.50%
|
| | | | 5.50% | | | | | | 11/24/2028 | | | | | £ | 3,210 | | | | | | 3,583 | | | | | | 3,614 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | |
Paisley Bidco Limited(2)(3)(5)(6)(18)(19)
|
| |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 11/24/2028 | | | | | £ | — | | | | | | (84) | | | | | | (86) | | | | | | | | |
| | | | | | World Insurance(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 4/1/2026 | | | | | $ | 8,358 | | | | | | 8,285 | | | | | | 8,296 | | | | | | | | |
| | | | | | World Insurance(3)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 4/1/2026 | | | | | $ | 70 | | | | | | 54 | | | | | | 63 | | | | | | | | |
| | | | | | World Insurance(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 4/1/2026 | | | | | $ | 3,144 | | | | | | 3,088 | | | | | | 3,121 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | FIRE: Insurance Total | | | | $ | 62,165 | | | | | $ | 63,123 | | | | | | 5.7% | | | |||
| | | Healthcare & Pharmaceuticals | | | CB Titan Holdings, Inc.(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | | | | | | | 1,953 | | | | | | 1,953 | | | | | | 1,153 | | | | | | | | |
| | | | | | CPS Group Holdings, Inc.(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 3/3/2025 | | | | | $ | — | | | | | | (52) | | | | | | — | | | | | | | | |
| | | | | | CPS Group Holdings, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 6.25% | | | | | | 3/3/2025 | | | | | $ | 54,843 | | | | | | 54,517 | | | | | | 54,843 | | | | | | | | |
| | | | | | Datix Bidco Limited(6)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 4.96% | | | | | | 10/28/2024 | | | | | £ | 10 | | | | | | 13 | | | | | | 13 | | | | | | | | |
| | | | | | Datix Bidco Limited(6)(18)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.75%
|
| | | | 8.21% | | | | | | 4/27/2026 | | | | | £ | 121 | | | | | | 164 | | | | | | 164 | | | | | | | | |
| | | | | | Datix Bidco Limited(6)(18)(19) | | | First Lien Senior Secured Loan | | |
BBSW+ 4.00%
|
| | | | 4.25% | | | | | | 4/28/2025 | | | | | | AUD 42 | | | | | | 32 | | | | | | 31 | | | | | | | | |
| | | | | | Great Expressions Dental Centers PC(13)(15)(19)(26) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.75% (0.5% PIK)
|
| | | | 5.75% | | | | | | 9/28/2022 | | | | | $ | 1,027 | | | | | | 1,025 | | | | | | 929 | | | | | | | | |
| | | | | | Great Expressions Dental Centers PC(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 4.75% (0.5% PIK)
|
| | | | 5.75% | | | | | | 9/28/2023 | | | | | $ | 7,831 | | | | | | 7,844 | | | | | | 7,205 | | | | | | | | |
| | | | | | Island Medical Management Holdings, LLC(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 9/1/2023 | | | | | $ | 8,520 | | | | | | 8,496 | | | | | | 8,371 | | | | | | | | |
| | | | | | Mertus 522. GmbH(6)(18)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
EURIBOR+ 6.25%
|
| | | | 6.25% | | | | | | 5/28/2026 | | | | | € | 131 | | | | | | 142 | | | | | | 149 | | | | | | | | |
| | | | | | Mertus 522. GmbH(6)(18)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.25%
|
| | | | 6.25% | | | | | | 5/28/2026 | | | | | € | 225 | | | | | | 247 | | | | | | 255 | | | | | | | | |
| | | | | | SunMed Group Holdings, LLC(16)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.75%
|
| | | | 6.50% | | | | | | 6/16/2027 | | | | | $ | 197 | | | | | | 177 | | | | | | 197 | | | | | | | | |
| | | | | | SunMed Group Holdings, LLC(12)(16)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.50% | | | | | | 6/16/2028 | | | | | $ | 18,510 | | | | | | 18,204 | | | | | | 18,510 | | | | | | | | |
| | | | | | TecoStar Holdings, Inc.(12)(15)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 8.50%
|
| | | | 9.50% | | | | | | 11/1/2024 | | | | | $ | 9,472 | | | | | | 9,354 | | | | | | 8,951 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals Total
|
| | | $ | 102,116 | | | | | $ | 100,771 | | | | | | 9.2% | | | |||
| | | High Tech Industries | | | AMI US Holdings Inc.(3)(6)(12)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.25%
|
| | | | 5.35% | | | | | | 4/1/2024 | | | | | $ | 698 | | | | | | 682 | | | | | | 698 | | | | | | | | |
| | | | | | AMI US Holdings Inc.(6)(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 4/1/2025 | | | | | $ | 12,892 | | | | | | 12,735 | | | | | | 12,892 | | | | | | | | |
| | | | | | Appriss Holdings, Inc.(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 7.25%
|
| | | | 8.25% | | | | | | 5/6/2027 | | | | | $ | 11,292 | | | | | | 11,081 | | | | | | 11,179 | | | | | | | | |
| | | | | | Appriss Holdings, Inc.(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 5/6/2027 | | | | | $ | — | | | | | | (13) | | | | | | (8) | | | | | | | | |
| | | | | | Appriss Holdings, Inc.(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 2,136 | | | | | | 1,606 | | | | | | 1,552 | | | | | | | | |
| | | | | | AQ Software Corporation(19) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 1,029 | | | | | | 1,029 | | | | | | | | |
| | | | | | AQ Software Corporation(19) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | 1,715 | | | | | | 1,715 | | | | | | | | |
| | | | | | Armstrong Bidco Limited(3)(6)(19)(21) | | | First Lien Senior Secured Loan | | |
SONIA+ 4.75%
|
| | | | 5.00% | | | | | | 4/30/2025 | | | | | £ | 56 | | | | | | 78 | | | | | | 76 | | | | | | | | |
| | | | | | Armstrong Bidco T/L(6) (19) | | | First Lien Senior Secured Loan | | |
SONIA+ 4.75%
|
| | | | 5.06% | | | | | | 4/30/2025 | | | | | £ | 705 | | | | | | 763 | | | | | | 954 | | | | | | | | |
| | | | | | CB Nike IntermediateCo Ltd(6)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.75%
|
| | | | 5.75% | | | | | | 10/31/2025 | | | | | $ | 44 | | | | | | 44 | | | | | | 44 | | | | | | | | |
| | | | | | CB Nike IntermediateCo Ltd(6)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 10/31/2025 | | | | | $ | 347 | | | | | | 342 | | | | | | 347 | | | | | | | | |
| | | | | | Drilling Info Holdings, Inc(12)(18) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 4.35% | | | | | | 7/30/2025 | | | | | $ | 22,152 | | | | | | 22,101 | | | | | | 21,930 | | | | | | | | |
| | | | | | Eagle Rock Capital Corporation(19) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 2,354 | | | | | | 2,354 | | | | | | 2,354 | | | | | | | | |
| | | | | | Element Buyer, Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 7/18/2025 | | | | | $ | 11,078 | | | | | | 11,097 | | | | | | 11,078 | | | | | | | | |
| | | | | | Element Buyer, Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 7/19/2024 | | | | | $ | 1,700 | | | | | | 1,672 | | | | | | 1,700 | | | | | | | | |
| | | | | | Element Buyer, Inc.(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 7/18/2025 | | | | | $ | 37,007 | | | | | | 37,199 | | | | | | 37,007 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | Gluware T/L(6)(19) | | | First Lien Senior Secured Loan | | |
Fixed+ 12.50%
|
| | | | 9.00% | | | | | | 10/15/2025 | | | | | $ | 18,898 | | | | | | 18,534 | | | | | | 18,520 | | | | | | | | |
| | | | | | Gluware Warrant(6)(19) | | | Warrants | | |
—
|
| | | | — | | | | | | — | | | | | | 3,328 | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | MRI Software LLC(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 2/10/2026 | | | | | $ | 25,926 | | | | | | 25,850 | | | | | | 25,926 | | | | | | | | |
| | | | | | MRI Software LLC(3)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 2/10/2026 | | | | | $ | — | | | | | | 48 | | | | | | — | | | | | | | | |
| | | | | |
Revalize, Inc.(2)(3)(5)(19)
|
| |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 4/15/2027 | | | | | $ | — | | | | | | (133) | | | | | | (134) | | | | | | | | |
| | | | | |
Revalize, Inc.(2)(3)(5)(18)(19)
|
| |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 4/15/2027 | | | | | $ | — | | | | | | (13) | | | | | | (13) | | | | | | | | |
| | | | | | Revalize, Inc.(15)(19)(29) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.25%
|
| | | | 6.25% | | | | | | 4/15/2027 | | | | | $ | 5,130 | | | | | | 5,079 | | | | | | 5,079 | | | | | | | | |
| | | | | |
Swoogo LLC(2)(3)(5)(18)(19)
|
| |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/9/2026 | | | | | $ | — | | | | | | (25) | | | | | | (25) | | | | | | | | |
| | | | | | Swoogo LLC(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 8.00%
|
| | | | 9.00% | | | | | | 12/9/2026 | | | | | $ | 2,330 | | | | | | 2,284 | | | | | | 2,283 | | | | | | | | |
| | | | | | Utimaco, Inc.(6)(18)(19) | | | First Lien Senior Secured Loan | | |
L+ 4.00%
|
| | | | 4.10% | | | | | | 8/9/2027 | | | | | $ | 148 | | | | | | 146 | | | | | | 148 | | | | | | | | |
| | | | | | Ventiv Topco, Inc.(3)(5)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 9/3/2025 | | | | | $ | — | | | | | | (38) | | | | | | — | | | | | | | | |
| | | | | | Ventiv Topco, Inc.(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 28 | | | | | | 2,833 | | | | | | 2,755 | | | | | | | | |
| | | | | | Ventiv Holdco, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 9/3/2025 | | | | | $ | 23,812 | | | | | | 23,576 | | | | | | 23,812 | | | | | | | | |
| | | | | | VPARK BIDCO AB(6)(16)(19) | | | First Lien Senior Secured Loan | | |
CIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | | | | DKK 570 | | | | | | 92 | | | | | | 87 | | | | | | | | |
| | | | | | VPARK BIDCO AB(6)(16)(19) | | | First Lien Senior Secured Loan | | |
NIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | | | | NOK 740 | | | | | | 93 | | | | | | 84 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | $ | 182,811 | | | | | $ | 183,069 | | | | | | 16.6% | | | |||
| | | Hospitality Holdings | | | PPX Class A Units(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 33 | | | | | | — | | | | | | 163 | | | | | | | | |
| | | | | | PPX Class B Units(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 33 | | | | | | 5,000 | | | | | | 5,279 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Hospitality Holdings Total | | | | $ | 5,000 | | | | | $ | 5,442 | | | | | | 0.5% | | | |||
| | | Hotel, Gaming & Leisure | | | Aimbridge Acquisition Co., Inc.(12)(18)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.50%
|
| | | | 7.59% | | | | | | 2/1/2027 | | | | | $ | 20,193 | | | | | | 19,772 | | | | | | 18,679 | | | | | | | | |
| | | | | | Captain D’s LLC(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/15/2023 | | | | | $ | — | | | | | | (6) | | | | | | — | | | | | | | | |
| | | | | | Captain D’s LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 5.50% | | | | | | 12/15/2023 | | | | | $ | 12,559 | | | | | | 12,539 | | | | | | 12,559 | | | | | | | | |
| | | | | | Captain D’s LLC(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 5.50% | | | | | | 12/15/2023 | | | | | $ | 2,326 | | | | | | 2,301 | | | | | | 2,326 | | | | | | | | |
| | | | | | Quidditch Acquisition, Inc.(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 7.00%
|
| | | | 8.00% | | | | | | 3/21/2025 | | | | | $ | 18,636 | | | | | | 18,626 | | | | | | 18,392 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Hotel, Gaming & Leisure Total | | | | $ | 53,232 | | | | | $ | 51,956 | | | | | | 4.7% | | | |||
| | |
Media: Advertising, Printing &
Publishing |
| | Ansira Holdings, Inc.(15)(19)(26)(33) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 6.50%
|
| | | | 7.50% | | | | | | 12/20/2024 | | | | | $ | 4,873 | | | | | | 4,874 | | | | | | 3,862 | | | | | | | | |
| | | | | | Ansira Holdings, Inc.(19)(23)(31) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 5.75%
|
| | | | 7.41% | | | | | | 12/20/2024 | | | | | $ | 5,383 | | | | | | 5,383 | | | | | | 3,913 | | | | | | | | |
| | | | | | Ansira Holdings, Inc.(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 6.50% PIK
|
| | | | 7.50% | | | | | | 12/20/2024 | | | | | $ | 40,086 | | | | | | 40,057 | | | | | | 31,768 | | | | | | | | |
| | | | | | TGI Sport Bidco Pty Ltd(6)(17)(19) | | | First Lien Senior Secured Loan | | |
BBSW+ 7.00%
|
| | | | 7.50% | | | | | | 4/30/2026 | | | | | | AUD 97 | | | | | | 75 | | | | | | 67 | | | | | | | | |
| | | | | | TGI Sport Bidco Pty Ltd(2)(3)(6)(17)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 4/30/2027 | | | | | | AUD — | | | | | | — | | | | | | (151) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing Total
|
| | | $ | 50,389 | | | | | $ | 39,459 | | | | | | 3.6% | | | |||
| | |
Media: Broadcasting &
Subscription |
| | Lightning Finco Limited(6)(16)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.50% | | | | | | 7/14/2028 | | | | | $ | 4,350 | | | | | | 4,234 | | | | | | 4,350 | | | | | | | | |
| | | | | | Lightning Finco Limited(6)(16)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.50% | | | | | | 7/14/2028 | | | | | $ | 4,629 | | | | | | 4,506 | | | | | | 4,629 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Broadcasting & Subscription Total
|
| | | $ | 8,740 | | | | | $ | 8,979 | | | | | | 0.8% | | | |||
| | |
Media: Diversified & Production
|
| | 9 Story Media Group Inc.(3)(6)(16)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 4/30/2026 | | | | | | CAD — | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | 9 Story Media Group Inc.(6)(16)(19) | | | First Lien Senior Secured Loan | | |
CDOR+ 5.50%
|
| | | | 6.25% | | | | | | 4/30/2026 | | | | | | CAD 72 | | | | | | 54 | | | | | | 57 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | 9 Story Media Group Inc.(6)(18)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.25%
|
| | | | 5.25% | | | | | | 4/30/2026 | | | | | € | 39 | | | | | | 45 | | | | | | 44 | | | | | | | | |
| | | | | | Aptus 1724 Gmbh(6)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.00%
|
| | | | 6.25% | | | | | | 2/23/2028 | | | | | € | 4,162 | | | | | | 5,055 | | | | | | 4,732 | | | | | | | | |
| | | | | | Aptus 1724 Gmbh(6)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 6.25%
|
| | | | 6.50% | | | | | | 2/23/2028 | | | | | $ | 14,971 | | | | | | 14,971 | | | | | | 14,971 | | | | | | | | |
| | | | | | Efficient Collaborative Retail Marketing Company, LLC(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.25%
|
| | | | 6.25% | | | | | | 6/15/2022 | | | | | $ | 1,275 | | | | | | 1,275 | | | | | | 1,275 | | | | | | | | |
| | | | | | Efficient Collaborative Retail Marketing Company, LLC(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 6/15/2022 | | | | | $ | 15,095 | | | | | | 15,114 | | | | | | 14,340 | | | | | | | | |
| | | | | | Efficient Collaborative Retail Marketing Company, LLC(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 6/15/2022 | | | | | $ | 9,788 | | | | | | 9,800 | | | | | | 9,298 | | | | | | | | |
| | | | | |
International Entertainment Investments Limited(6) (18)(19)
|
| | First Lien Senior Secured Loan | | |
GBP LIBOR+ 4.75%
|
| | | | 5.06% | | | | | | 5/31/2023 | | | | | £ | 87 | | | | | | 106 | | | | | | 118 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production
Total |
| | | $ | 46,420 | | | | | $ | 44,835 | | | | | | 4.1% | | | |||
| | | Retail | | | Batteries Plus Holding Corporation(19)(31) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 5.75%
|
| | | | 8.44% | | | | | | 6/30/2023 | | | | | $ | 817 | | | | | | 817 | | | | | | 817 | | | | | | | | |
| | | | | | Batteries Plus Holding Corporation(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 6/30/2023 | | | | | $ | 28,672 | | | | | | 28,671 | | | | | | 28,671 | | | | | | | | |
| | | | | | New Look Vision Group(6)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
CDOR+ 5.25%
|
| | | | 6.25% | | | | | | 5/26/2028 | | | | | | CAD 2,380 | | | | | | 1,868 | | | | | | 1,883 | | | | | | | | |
| | | | | | New Look Vision Group(6)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
CDOR+ 5.25%
|
| | | | 6.25% | | | | | | 5/26/2026 | | | | | | CAD 313 | | | | | | 228 | | | | | | 248 | | | | | | | | |
| | | | | | New Look Vision Group(16)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
CDOR+ 5.50%
|
| | | | 6.25% | | | | | | 5/26/2028 | | | | | | CAD 322 | | | | | | 310 | | | | | | 322 | | | | | | | | |
| | | | | | New Look Vision Group(16)(19)(29) | | | First Lien Senior Secured Loan | | |
CDOR+ 5.50%
|
| | | | 6.25% | | | | | | 5/26/2028 | | | | | | CAD 9,750 | | | | | | 9,653 | | | | | | 9,750 | | | | | | | | |
| | | | | | Thrasio, LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 7.00%
|
| | | | 8.00% | | | | | | 12/18/2026 | | | | | $ | 21,746 | | | | | | 21,241 | | | | | | 21,746 | | | | | | | | |
| | | | | | Walker Edison Initial Term Loan(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 9.75% | | | | | | 8/5/2027 | | | | | $ | 20,447 | | | | | | 20,248 | | | | | | 19,627 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Retail Total | | | | $ | 83,036 | | | | | $ | 83,064 | | | | | | 7.6% | | | |||
| | | Services: Business | | | AMCP Clean Acquisition Company, LLC(12)(18) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 4.25%
|
| | | | 4.35% | | | | | | 7/10/2025 | | | | | $ | 3,816 | | | | | | 3,810 | | | | | | 3,189 | | | | | | | | |
| | | | | | AMCP Clean Acquisition Company, LLC(12)(18) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 4.35% | | | | | | 7/10/2025 | | | | | $ | 15,767 | | | | | | 15,747 | | | | | | 13,176 | | | | | | | | |
| | | | | | Brook Bidco I Limited(6)(16)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
GBP LIBOR+ 6.00%
|
| | | | 6.75% | | | | | | 7/7/2028 | | | | | £ | 5,385 | | | | | | 7,047 | | | | | | 7,287 | | | | | | | | |
| | | | | | Brook Bidco I Limited(6)(16)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
GBP LIBOR+ 6.00%
|
| | | | 6.75% | | | | | | 7/7/2028 | | | | | £ | 7,180 | | | | | | 9,396 | | | | | | 9,716 | | | | | | | | |
| | | | | | Brook Bidco Series A Preferred Units(6)(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 5,675 | | | | | | 7,783 | | | | | | 7,908 | | | | | | | | |
| | | | | | Brook Bidco Facility B(6)(18)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.09% | | | | | | 7/7/2028 | | | | | £ | 684 | | | | | | 935 | | | | | | 926 | | | | | | | | |
| | | | | | Chamber Bidco Limited(6)(17)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.50% | | | | | | 6/7/2028 | | | | | $ | 237 | | | | | | 234 | | | | | | 237 | | | | | | | | |
| | | | | | Elevator Holdco Inc.(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | 2,448 | | | | | | 2,550 | | | | | | | | |
| | | | | |
iBanFirst Facility Series A Preferred Units(6)(14)(19) (25)
|
| | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 5,080 | | | | | | 5,996 | | | | | | 6,290 | | | | | | | | |
| | | | | | iBanFirst Facility B(6)(18)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 8.50%
|
| | | | 10.00% | | | | | | 7/13/2028 | | | | | € | 102 | | | | | | 128 | | | | | | 116 | | | | | | | | |
| | | | | | iBanFirst Revolving Facility(6)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
EURIBOR+ 8.50%
|
| | | | 8.50% | | | | | | 7/13/2028 | | | | | € | 2,030 | | | | | | 2,244 | | | | | | 2,308 | | | | | | | | |
| | | | | | masLabor Equity(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 345 | | | | | | 345 | | | | | | 372 | | | | | | | | |
| | | | | | masLabor Revolver (3)(5)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 7/1/2027 | | | | | $ | — | | | | | | (21) | | | | | | — | | | | | | | | |
| | | | | | masLabor Term Loan Note(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 7.50%
|
| | | | 8.50% | | | | | | 7/1/2027 | | | | | $ | 8,578 | | | | | | 8,324 | | | | | | 8,578 | | | | | | | | |
| | | | | | Opus2(6)(18)(19) | | | First Lien Senior Secured Loan | | |
SONIA+ 5.50%
|
| | | | 5.55% | | | | | | 5/5/2028 | | | | | £ | 123 | | | | | | 167 | | | | | | 166 | | | | | | | | |
| | | | | | Opus2(3)(5)(6)(18)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 5/5/2028 | | | | | £ | — | | | | | | (173) | | | | | | — | | | | | | | | |
| | | | | | Opus2(6)(25)(19) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,460 | | | | | | 1,769 | | | | | | 2,373 | | | | | | | | |
| | | | | | Parcel2Go Acquisition Facility(3)(6)(19) | | | First Lien Senior Secured Loan | | |
SONIA+ 5.75%
|
| | | | 5.92% | | | | | | 7/15/2028 | | | | | £ | 3,863 | | | | | | 4,982 | | | | | | 5,183 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | Parcel2Go Facility B(6)(18)(19) | | | First Lien Senior Secured Loan | | |
SONIA+ 5.75%
|
| | | | 5.80% | | | | | | 7/15/2028 | | | | | £ | 125 | | | | | | 169 | | | | | | 169 | | | | | | | | |
| | | | | | Parcel2Go Shares(6)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 2,881 | | | | | | 3,983 | | | | | | 3,899 | | | | | | | | |
| | | | | | Refine Intermediate, Inc.(3)(5)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 9/3/2026 | | | | | $ | — | | | | | | (96) | | | | | | — | | | | | | | | |
| | | | | | Refine Intermediate, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 5.50% | | | | | | 3/3/2027 | | | | | $ | 21,894 | | | | | | 21,467 | | | | | | 21,894 | | | | | | | | |
| | | | | |
Smartronix RC(2)(3)(5)(18)(19)
|
| |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 11/23/2028 | | | | | $ | — | | | | | | (124) | | | | | | (126) | | | | | | | | |
| | | | | | Smartronix T/L(12)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 11/23/2028 | | | | | $ | 36,991 | | | | | | 36,260 | | | | | | 36,251 | | | | | | | | |
| | | | | | SumUp Holdings Luxembourg S.à.r.l.(6)(19)(32) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 8.50%
|
| | | | 10.00% | | | | | | 2/17/2026 | | | | | € | 6,650 | | | | | | 7,939 | | | | | | 7,561 | | | | | | | | |
| | | | | | SumUp Holdings Luxembourg S.à.r.l.(6)(19)(32) | | | First Lien Senior Secured Loan | | |
L+ 8.50%
|
| | | | 10.00% | | | | | | 2/17/2026 | | | | | £ | 10,055 | | | | | | 11,700 | | | | | | 11,432 | | | | | | | | |
| | | | | | TEI Holdings Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+6.00%
|
| | | | 7.00% | | | | | | 12/23/2025 | | | | | $ | 458 | | | | | | 412 | | | | | | 458 | | | | | | | | |
| | | | | | TEI Holdings Inc.(12)(15)(19)(26)(29) | | | First Lien Senior Secured Loan | | |
L+ 7.00% (1.25% PIK)
|
| | | | 8.25% | | | | | | 12/23/2026 | | | | | $ | 48,720 | | | | | | 48,350 | | | | | | 48,720 | | | | | | | | |
| | | | | | WCI Gigawatt Purchaser DD T/L(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 11/19/2027 | | | | | $ | 3,182 | | | | | | 3,076 | | | | | | 3,074 | | | | | | | | |
| | | | | | WCI Gigawatt Purchaser R/C(2)(3)(5)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 11/19/2027 | | | | | $ | — | | | | | | (71) | | | | | | (72) | | | | | | | | |
| | | | | | WCI Gigawatt Purchaser T/L(12)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 11/19/2027 | | | | | $ | 22,304 | | | | | | 21,809 | | | | | | 21,802 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Business Total | | | | $ | 226,035 | | | | | $ | 225,437 | | | | | | 20.5% | | | |||
| | | Services: Consumer | | | MZR Aggregator(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 798 | | | | | | 798 | | | | | | | | |
| | | | | | MZR Buyer, LLC(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/21/2026 | | | | | $ | — | | | | | | (86) | | | | | | — | | | | | | | | |
| | | | | | MZR Buyer, LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 12/21/2026 | | | | | $ | 40,228 | | | | | | 39,551 | | | | | | 40,228 | | | | | | | | |
| | | | | | Surrey Bidco Limited(6)(17)(19) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 7.00%
|
| | | | 7.50% | | | | | | 5/11/2026 | | | | | £ | 50 | | | | | | 62 | | | | | | 60 | | | | | | | | |
| | | | | | Zeppelin BidCo Pty Limited(6)(18)(19) | | | First Lien Senior Secured Loan | | |
BBSY+ 6.00%
|
| | | | 5.12% | | | | | | 6/28/2024 | | | | | | AUD 206 | | | | | | 142 | | | | | | 150 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Consumer Total | | | | $ | 40,467 | | | | | $ | 41,236 | | | | | | 3.7% | | | |||
| | | Telecommunications | | | ACM dcBLOX LLC(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 3,822 | | | | | | 3,851 | | | | | | 4,130 | | | | | | | | |
| | | | | | Conterra Ultra Broadband Holdings, Inc.(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 4/30/2026 | | | | | $ | 6,321 | | | | | | 6,300 | | | | | | 6,332 | | | | | | | | |
| | | | | | DC Blox Inc.(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 8.00% (6.00% PIK)
|
| | | | 9.00% | | | | | | 3/22/2026 | | | | | $ | 16,998 | | | | | | 16,738 | | | | | | 16,998 | | | | | | | | |
| | | | | | DC Blox Inc.(14)(19)(25) | | | Warrants | | |
—
|
| | | | — | | | | | | — | | | | | | 177 | | | | | | 2 | | | | | | — | | | | | | | | |
| | | | | | Horizon Telcom, Inc.(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.00%
|
| | | | 6.00% | | | | | | 6/15/2023 | | | | | $ | 116 | | | | | | 114 | | | | | | 116 | | | | | | | | |
| | | | | | Horizon Telcom, Inc.(12)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.00%
|
| | | | 6.00% | | | | | | 6/15/2023 | | | | | $ | 890 | | | | | | 888 | | | | | | 890 | | | | | | | | |
| | | | | | Horizon Telcom, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 6/15/2023 | | | | | $ | 13,104 | | | | | | 13,045 | | | | | | 13,104 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Telecommunications Total | | | | $ | 40,938 | | | | | $ | 41,570 | | | | | | 3.8% | | | |||
| | | Transportation: Cargo | | | A&R Logistics, Inc.(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 5/5/2025 | | | | | $ | 2,815 | | | | | | 2,748 | | | | | | 2,815 | | | | | | | | |
| | | | | | A&R Logistics, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 5/5/2025 | | | | | $ | 43,092 | | | | | | 42,527 | | | | | | 43,092 | | | | | | | | |
| | | | | | A&R Logistics, Inc.(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 5/5/2025 | | | | | $ | 2,423 | | | | | | 2,391 | | | | | | 2,423 | | | | | | | | |
| | | | | | A&R Logistics, Inc.(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 5/5/2025 | | | | | $ | 5,974 | | | | | | 5,916 | | | | | | 5,974 | | | | | | | | |
| | | | | | A&R Logistics, Inc.(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 5/5/2025 | | | | | $ | 2,716 | | | | | | 2,695 | | | | | | 2,716 | | | | | | | | |
| | | | | | ARL Holdings, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 445 | | | | | | 445 | | | | | | 575 | | | | | | | | |
| | | | | | ARL Holdings, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 9 | | | | | | 9 | | | | | | 81 | | | | | | | | |
| | | | | | Grammer Investment Holdings LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,011 | | | | | | 1,011 | | | | | | 1,056 | | | | | | | | |
| | | | | | Grammer Investment Holdings LLC(19)(25)(26) | | | Preferred Equity | | |
10% PIK
|
| | | | 10.00% | | | | | | — | | | | | | 8 | | | | | | 790 | | | | | | 830 | | | | | | | | |
| | | | | | Grammer Investment Holdings LLC(14)(19)(25) | | | Warrants | | |
—
|
| | | | — | | | | | | — | | | | | | 122 | | | | | | — | | | | | | 126 | | | | | | | | |
| | | | | | Grammer Purchaser, Inc.(12)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 5.50% | | | | | | 9/30/2024 | | | | | $ | 7,319 | | | | | | 7,202 | | | | | | 7,319 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | Omni Logistics, LLC(15)(19) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 10.00% | | | | | | 12/30/2027 | | | | | $ | 13,770 | | | | | | 13,527 | | | | | | 13,770 | | | | | | | | |
| | | | | | Omni Intermediate DD T/L 1(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 11/23/2026 | | | | | $ | 776 | | | | | | 769 | | | | | | 768 | | | | | | | | |
| | | | | | Omni Intermediate DD T/L 2(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 11/23/2026 | | | | | $ | 46 | | | | | | 37 | | | | | | 37 | | | | | | | | |
| | | | | |
Omni Intermediate Holdings Closing Date Term Loan
(15)(19)
|
| | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 11/23/2026 | | | | | $ | 7,306 | | | | | | 7,233 | | | | | | 7,233 | | | | | | | | |
| | | | | | Omni Intermediate R/C(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.00%
|
| | | | 6.00% | | | | | | 11/23/2025 | | | | | $ | 183 | | | | | | 183 | | | | | | 176 | | | | | | | | |
| | | | | | REP Coinvest III- A Omni, L.P.(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,377 | | | | | | 1,377 | | | | | | 2,616 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Transportation: Cargo Total | | | | $ | 88,860 | | | | | $ | 91,607 | | | | | | 8.3% | | | |||
| | | Transportation: Consumer | | | Toro Private Investments II, L.P.(6)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 3,090 | | | | | | 3,090 | | | | | | 1,353 | | | | | | | | |
| | | | | | Toro Private Investments II, L.P.(6)(12)(18)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 6.90% | | | | | | 5/29/2026 | | | | | $ | 6,706 | | | | | | 4,846 | | | | | | 5,603 | | | | | | | | |
| | | | | | Toro Private Investments II, L.P.(6)(15)(26) | | | First Lien Senior Secured Loan | | |
L+ 1.50% (7.25% PIK)
|
| | | | 9.75% | | | | | | 2/28/2025 | | | | | $ | 366 | | | | | | 363 | | | | | | 377 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Consumer Total
|
| | | $ | 8,299 | | | | | $ | 7,333 | | | | | | 0.7% | | | |||
| | | Wholesale | | | Abracon Group Holding, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | 1,833 | | | | | | 3,282 | | | | | | | | |
| | | | | | Abracon Group Holding, LLC(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 7/18/2024 | | | | | $ | — | | | | | | (18) | | | | | | — | | | | | | | | |
| | | | | | Abracon Group Holding, LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 6.25% | | | | | | 7/18/2024 | | | | | $ | 35,363 | | | | | | 35,270 | | | | | | 35,363 | | | | | | | | |
| | | | | |
Aramsco, Inc.(3)(5)(18)(19)
|
| |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 8/28/2024 | | | | | $ | — | | | | | | (30) | | | | | | — | | | | | | | | |
| | | | | | Aramsco, Inc.(12)(18)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 5.35% | | | | | | 8/28/2024 | | | | | $ | 23,796 | | | | | | 23,537 | | | | | | 23,796 | | | | | | | | |
| | | | | | Armor Group, LP(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 10 | | | | | | 1,012 | | | | | | 2,131 | | | | | | | | |
| | | | | | PetroChoice Holdings, Inc.(12)(15) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 8/19/2022 | | | | | $ | 9,740 | | | | | | 9,721 | | | | | | 9,327 | | | | | | | | |
| | | | | | PetroChoice Holdings, Inc.(12)(15) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 8/19/2022 | | | | | $ | 6,445 | | | | | | 6,412 | | | | | | 6,171 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Wholesale Total | | | | $ | 77,737 | | | | | $ | 80,070 | | | | | | 7.3% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Controlled/Non-Affiliate Investments Total
|
| | | $ | 1,921,970 | | | | | $ | 1,901,054 | | | | | | 172.8% | | | |||
Non-Controlled/Affiliate Investments | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Beverage, Food & Tobacco | | | ADT Pizza, LLC(10)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 6,720 | | | | | | 6,720 | | | | | | 19,527 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco Total
|
| | | $ | 6,720 | | | | | $ | 19,527 | | | | | | 1.8% | | | |||
| | | Energy: Oil & Gas | | | Blackbrush Oil & Gas, L.P.(10)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,123 | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Blackbrush Oil & Gas, L.P.(10)(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 36,084 | | | | | | 10,104 | | | | | | 19,720 | | | | | | | | |
| | | | | | Blackbrush Oil & Gas, L.P.(10)(12)(15)(19)(26)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00% (2% PIK)
|
| | | | 8.00% | | | | | | 9/3/2025 | | | | | $ | 12,336 | | | | | | 12,336 | | | | | | 12,336 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Energy: Oil & Gas Total | | | | $ | 22,440 | | | | | $ | 32,056 | | | | | | 2.9% | | | |||
| | | Transportation: Consumer | | | Direct Travel, Inc.(10)(18)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 1.00% (6.30% PIK)
|
| | | | 7.50% | | | | | | 10/2/2023 | | | | | $ | 4,766 | | | | | | 4,766 | | | | | | 4,766 | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 68 | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(15)(19)(26) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 1.00% (8.28% PIK)
|
| | | | 9.50% | | | | | | 10/2/2023 | | | | | $ | 3,370 | | | | | | 3,370 | | | | | | 2,831 | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(15)(19)(26) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 1.00% (8.28% PIK)
|
| | | | 9.50% | | | | | | 10/2/2023 | | | | | $ | 1,710 | | | | | | 1,710 | | | | | | 1,436 | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 1.00% (8.28% PIK)
|
| | | | 9.50% | | | | | | 10/2/2023 | | | | | $ | 57,555 | | | | | | 57,555 | | | | | | 48,347 | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/2/2023 | | | | | $ | 4,125 | | | | | | 4,125 | | | | | | 4,125 | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(18)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/2/2023 | | | | | $ | 202 | | | | | | 202 | | | | | | 202 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Consumer Total
|
| | | $ | 71,728 | | | | | $ | 61,707 | | | | | | 5.6% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Controlled/Affiliate Investments Total
|
| | | $ | 100,888 | | | | | $ | 113,290 | | | | | | 10.3% | | | |||
|
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| | ||||||||||||||||||||
Controlled Affiliate Investments | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Aerospace & Defense | | |
BCC Jetstream Holdings Aviation (Off I),
LLC(6)(10)(11)(19)(20)(25) |
| | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 11,863 | | | | | | 11,863 | | | | | | 10,563 | | | | | | | | | | ||
| | | | | |
BCC Jetstream Holdings Aviation (On II),
LLC(10)(11)(19)(20)(25) |
| | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,116 | | | | | | 1,116 | | | | | | — | | | | | | | | | | ||
| | | | | |
BCC Jetstream Holdings Aviation (On II),
LLC(10)(11)(18)(19)(20)(26) |
| | First Lien Senior Secured Loan | | |
L+ 10.00%
|
| | | | 10.00% | | | | | | 6/2/2022 | | | | | $ | 7,377 | | | | | | 7,377 | | | | | | 6,627 | | | | | | | | | | ||
| | | | | | Gale Aviation (Offshore) Co(6)(10)(11)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 88,985 | | | | | | 88,985 | | | | | | 72,839 | | | | | | | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | Aerospace & Defense Total | | | | $ | 109,341 | | | | | $ | 90,029 | | | | | | 8.2% | | | | |||||
| | | Investment Vehicles | | |
International Senior Loan Program,
LLC(6)(10)(11)(25) |
| |
Equity Interest Investment
Vehicles |
| |
—
|
| | | | — | | | | | | — | | | | | | 41,823 | | | | | | 39,596 | | | | | | 44,444 | | | | | | | | | | ||
| | | | | |
International Senior Loan Program,
LLC(6)(10)(11)(15) (19) |
| |
Subordinated Note Investment Vehicles
|
| |
L+ 8.00%
|
| | | | 9.00% | | | | | | 2/22/2028 | | | | | $ | 125,437 | | | | | | 125,437 | | | | | | 125,437 | | | | | | | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | Investment Vehicles Total | | | | $ | 165,033 | | | | | $ | 169,881 | | | | | | 15.4% | | | | |||||
| | | Transportation: Cargo | | | Lightning Holdings B, LLC(6)(10)(11)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 13,843 | | | | | | 14,152 | | | | | | 14,851 | | | | | | | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | Transportation: Cargo Total | | | | $ | 14,152 | | | | | $ | 14,851 | | | | | | 1.4% | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Controlled Affiliate Investments
Total |
| | | $ | 288,526 | | | | | $ | 274,761 | | | | | | 25.0% | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | Investments Total | | | | $ | 2,311,384 | | | | | $ | 2,289,105 | | | | | | 208.1% | | | | |||||
Cash Equivalents | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Cash Equivalents | | |
Goldman Sachs Financial Square Government
Fund Institutional Share Class(30) |
| | Cash Equivalents | | |
—
|
| | | | 0.03% | | | | | | — | | | | | $ | 177,554 | | | | | $ | 177,554 | | | | | $ | 177,554 | | | | | | | | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | Cash Equivalents Total | | | | $ | 177,554 | | | | | $ | 177,554 | | | | | | 16.1% | | | | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments and Cash
Equivalents Total |
| | | $ | 2,488,938 | | | | | $ | 2,466,659 | | | | | | 224.2% | | | | |||||
|
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement Date
|
| |
Unrealized
Appreciation (Depreciation)(8) |
| ||||||
| US DOLLARS 1,458 | | | POUND STERLING 1,100 | | | Bank of New York Mellon | | | | | 2/18/2022 | | | | | $ | (31) | | |
| US DOLLARS 481 | | | AUSTRALIAN DOLLARS 410 | | | Bank of New York Mellon | | | | | 3/2/2022 | | | | | | 183 | | |
| US DOLLARS 29,087 | | | POUND STERLING 20,990 | | | Bank of New York Mellon | | | | | 9/2/2022 | | | | | | 721 | | |
| US DOLLARS 75,862 | | | EURO 63,360 | | | Bank of New York Mellon | | | | | 9/2/2022 | | | | | | 3,390 | | |
| US DOLLARS 27,411 | | | POUND STERLING 20,700 | | | Bank of New York Mellon | | | | | 9/6/2022 | | | | | | 563 | | |
| US DOLLARS 14,330 | | | EURO 12,550 | | | Bank of New York Mellon | | | | | 9/6/2022 | | | | | | 25 | | |
| US DOLLARS 35,821 | | | POUND STERLING 25,700 | | | Citibank | | | | | 2/18/2022 | | | | | | 1,035 | | |
| US DOLLARS 6,954 | | | POUND STERLING 5,260 | | | Citibank | | | | | 2/23/2022 | | | | | | 166 | | |
| US DOLLARS 12,327 | | | EURO 10,510 | | | Citibank | | | | | 9/2/2022 | | | | | | 305 | | |
| US DOLLARS 4,754 | | | EURO 3,251 | | | Citibank | | | | | 9/6/2022 | | | | | | (1,036) | | |
| | | | | | | | | | | | | | | | | $ | 5,321 | | |
Investment
|
| |
Acquisition Date
|
| |||
Abracon Group Holding, LLC | | | | | 7/18/2018 | | |
ACM dcBLOX LLC | | | | | 3/22/2021 | | |
ADT Pizza, LLC | | | | | 10/29/2018 | | |
Appriss Holdings, Inc. | | | | | 5/3/2021 | | |
AQ Software Corporation | | | | | 12/10/2021 | | |
AQ Software Corporation | | | | | 12/10/2021 | | |
ARL Holdings, LLC | | | | | 5/3/2019 | | |
ARL Holdings, LLC | | | | | 5/3/2019 | | |
Armor Group, LP | | | | | 8/28/2018 | | |
BCC Jetstream Holdings Aviation (Off I), LLC | | | | | 6/1/2017 | | |
BCC Jetstream Holdings Aviation (On II), LLC | | | | | 6/1/2017 | | |
Blackbrush Oil & Gas, L.P. | | | | | 9/3/2020 | | |
Blackbrush Oil & Gas, L.P. | | | | | 9/3/2020 | | |
CB Titan Holdings, Inc. | | | | | 5/1/2017 | | |
DC Blox Inc. | | | | | 3/23/2021 | | |
Direct Travel, Inc. | | | | | 10/2/2020 | | |
Eagle Rock Capital Corporation | | | | | 12/9/2021 | | |
East BCC Coinvest II, LLC | | | | | 7/23/2019 | | |
Elevator Holdco Inc. | | | | | 12/23/2019 | | |
Elk Parent Holdings, LP | | | | | 11/1/2019 | | |
Elk Parent Holdings, LP | | | | | 11/1/2019 | | |
FCG Acquisitions, Inc. | | | | | 1/24/2019 | | |
Fineline Technologies, Inc. | | | | | 2/22/2021 | | |
Gale Aviation (Offshore) Co | | | | | 1/2/2019 | | |
Gluware Warrant | | | | | 10/15/2021 | | |
Grammer Investment Holdings LLC | | | | | 10/1/2018 | | |
Grammer Investment Holdings LLC | | | | | 10/1/2018 | | |
Grammer Investment Holdings LLC | | | | | 10/1/2018 | | |
iBanFirst Facility Series A Preferred Units | | | | | 7/13/2021 | | |
Brook Bidco Series A Preferred Units | | | | | 7/8/2021 | | |
International Senior Loan Program, LLC | | | | | 2/22/2021 | | |
Kellstrom Aerospace Group, Inc | | | | | 7/1/2019 | | |
Lightning Holdings B, LLC | | | | | 1/2/2020 | | |
masLabor Equity | | | | | 7/1/2021 | | |
MZR Aggregator | | | | | 12/22/2020 | | |
NPC International, Inc. | | | | | 4/1/2021 | | |
Opus2 | | | | | 6/16/2021 | | |
Parcel2Go Shares | | | | | 7/15/2021 | | |
PPX Class A Units | | | | | 7/29/2021 | | |
PPX Class B Units | | | | | 7/29/2021 | | |
Precision Ultimate Holdings, LLC | | | | | 11/6/2019 | | |
REP Coinvest III- A Omni, L.P. | | | | | 2/5/2021 | | |
ServiceMaster LP Interest Class B Preferred Units | | | | | 8/16/2021 | | |
TLC Holdco LP | | | | | 10/11/2019 | | |
Toro Private Investments II, L.P. | | | | | 4/2/2019 | | |
Ventiv Topco, Inc. | | | | | 9/3/2019 | | |
WCI-HSG HOLDCO, LLC | | | | | 2/22/2019 | | |
WSP LP Interest | | | | | 8/31/2021 | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
Non-Controlled/Non-Affiliate Investments | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Aerospace & Defense | | | Forming & Machining Industries Inc.(18)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
L+ 8.25%
|
| | | | 8.50% | | | | | | 10/9/2026 | | | | | $ | 6,540 | | | | | | 6,486 | | | | | | 5,036 | | | | | | | | |
| | | | | | Forming & Machining Industries Inc.(12)(18)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 4.50% | | | | | | 10/9/2025 | | | | | $ | 16,608 | | | | | | 16,498 | | | | | | 13,301 | | | | | | | | |
| | | | | | GSP Holdings, LLC(7)(12)(15)(19)(21)(26)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75% (0.25% PIK)
|
| | | | 7.00% | | | | | | 11/6/2025 | | | | | $ | 35,917 | | | | | | 35,686 | | | | | | 31,607 | | | | | | | | |
| | | | | | GSP Holdings, LLC(3)(7)(15)(19)(26) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.50% (0.25% PIK)
|
| | | | 6.75% | | | | | | 11/6/2025 | | | | | $ | 1,134 | | | | | | 1,097 | | | | | | 590 | | | | | | | | |
| | | | | | Kellstrom Aerospace Group, Inc(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 1,963 | | | | | | 753 | | | | | | | | |
| | | | | |
Kellstrom Commercial Aerospace, Inc.(3)(18)(19)(21)(24)
|
| |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.50%
|
| | | | 6.88% | | | | | | 7/1/2025 | | | | | $ | 5,331 | | | | | | 5,234 | | | | | | 4,755 | | | | | | | | |
| | | | | |
Kellstrom Commercial Aerospace, Inc.(12)(15)(19)(21)(29)
|
| | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 7/1/2025 | | | | | $ | 33,608 | | | | | | 33,067 | | | | | | 30,583 | | | | | | | | |
| | | | | | Novetta, LLC(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 10/17/2022 | | | | | $ | 6,513 | | | | | | 6,457 | | | | | | 6,499 | | | | | | | | |
| | | | | | Precision Ultimate Holdings, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,417 | | | | | | 1,417 | | | | | | 952 | | | | | | | | |
| | | | | | Salient CRGT, Inc.(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 2/28/2022 | | | | | $ | 12,087 | | | | | | 12,109 | | | | | | 11,634 | | | | | | | | |
| | | | | | WCI-HSG HOLDCO, LLC(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 675 | | | | | | 675 | | | | | | 1,550 | | | | | | | | |
| | | | | | WCI-HSG Purchaser, Inc.(3)(12)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 5.50% | | | | | | 2/24/2025 | | | | | $ | 1,075 | | | | | | 1,047 | | | | | | 1,048 | | | | | | | | |
| | | | | | WCI-HSG Purchaser, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 5.50% | | | | | | 2/24/2025 | | | | | $ | 17,600 | | | | | | 17,416 | | | | | | 17,424 | | | | | | | | |
| | | | | | Whitcraft LLC(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 4/3/2023 | | | | | $ | — | | | | | | (13) | | | | | | (91) | | | | | | | | |
| | | | | | Whitcraft LLC(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 4/3/2023 | | | | | $ | 40,182 | | | | | | 39,870 | | | | | | 38,172 | | | | | | | | |
| | | | | | WP CPP Holdings, LLC. (12)(15)(21)(29) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.75%
|
| | | | 8.75% | | | | | | 4/30/2026 | | | | | $ | 11,724 | | | | | | 11,632 | | | | | | 9,936 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Aerospace & Defense Total | | | | $ | 190,641 | | | | | $ | 173,749 | | | | | | 16.3% | | | |||
| | | Automotive | | | CST Buyer Company(3)(5)(15)(19)(21) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/3/2025 | | | | | $ | — | | | | | | (21) | | | | | | — | | | | | | | | |
| | | | | | CST Buyer Company(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/3/2025 | | | | | $ | 34,166 | | | | | | 33,764 | | | | | | 34,166 | | | | | | | | |
| | | | | | JHCC Holdings, LLC(2)(3)(5)(15)(19)(28) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 9/9/2025 | | | | | $ | — | | | | | | (33) | | | | | | (188) | | | | | | | | |
| | | | | | JHCC Holdings, LLC(3)(7)(15)(19)(22)(31) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 4.50%
|
| | | | 7.10% | | | | | | 9/9/2025 | | | | | $ | 1,561 | | | | | | 1,519 | | | | | | 1,470 | | | | | | | | |
| | | | | | JHCC Holdings, LLC(7)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.50%
|
| | | | 6.50% | | | | | | 9/9/2025 | | | | | $ | 2,222 | | | | | | 2,214 | | | | | | 2,155 | | | | | | | | |
| | | | | | JHCC Holdings, LLC(7)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 9/9/2025 | | | | | $ | 29,379 | | | | | | 29,027 | | | | | | 28,497 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Automotive Total | | | | $ | 66,470 | | | | | $ | 66,100 | | | | | | 6.2% | | | |||
| | | Banking | | | Green Street Parent, LLC(2)(3)(5)(18)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 8/27/2025 | | | | | $ | — | | | | | | (38) | | | | | | (103) | | | | | | | | |
| | | | | | Green Street Parent, LLC(12)(18)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 5.52% | | | | | | 8/27/2026 | | | | | $ | 14,335 | | | | | | 14,096 | | | | | | 13,725 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Banking Total | | | | $ | 14,058 | | | | | $ | 13,622 | | | | | | 1.3% | | | |||
| | | Beverage, Food & Tobacco | | | NPC International, Inc.(15)(27)(31) | | | First Lien Senior Secured Loan | | |
P+ 4.50%
|
| | | | 7.75% | | | | | | 4/19/2024 | | | | | $ | 4,937 | | | | | | 4,957 | | | | | | 4,694 | | | | | | | | |
| | | | | | NPC International, Inc.(32) | | | First Lien Senior Secured Loan | | |
L+ 15.50%
|
| | | | 17.00% | | | | | | 1/21/2021 | | | | | $ | 412 | | | | | | 410 | | | | | | 412 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco
Total |
| | | $ | 5,367 | | | | | $ | 5,106 | | | | | | 0.5% | | | |||
| | | Capital Equipment | | | Dorner Manufacturing Corp.(3)(5)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 3/15/2022 | | | | | $ | — | | | | | | (7) | | | | | | — | | | | | | | | |
| | | | | | Dorner Manufacturing Corp.(12)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 3/15/2023 | | | | | $ | 6,799 | | | | | | 6,721 | | | | | | 6,799 | | | | | | | | |
| | | | | | East BCC Coinvest II, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,419 | | | | | | 1,419 | | | | | | 754 | | | | | | | | |
| | | | | | Electronics For Imaging, Inc.(12)(18)(19)(29) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 9.15% | | | | | | 7/23/2027 | | | | | $ | 13,070 | | | | | | 12,327 | | | | | | 10,717 | | | | | | | | |
| | | | | |
Engineered Controls International,
LLC(12)(19)(21)(29)(32) |
| | First Lien Senior Secured Loan | | |
L+ 7.00%
|
| | | | 8.50% | | | | | | 11/5/2024 | | | | | $ | 32,759 | | | | | | 32,174 | | | | | | 32,759 | | | | | | | | |
| | | | | | EXC Holdings III Corp.(12)(15)(21)(29) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.50%
|
| | | | 8.50% | | | | | | 12/1/2025 | | | | | $ | 8,240 | | | | | | 8,251 | | | | | | 8,274 | | | | | | | | |
| | | | | | FCG Acquisitions, Inc.(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 4 | | | | | | 4,251 | | | | | | 10,398 | | | | | | | | |
| | | | | | FFI Holdings I Corp(3)(19)(30)(31) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 4.75%
|
| | | | 8.00% | | | | | | 1/24/2025 | | | | | $ | 1,494 | | | | | | 1,437 | | | | | | 1,494 | | | | | | | | |
| | | | | | FFI Holdings I Corp(7)(12)(13)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 1/24/2025 | | | | | $ | 68,317 | | | | | | 67,850 | | | | | | 68,317 | | | | | | | | |
| | | | | | FFI Holdings I Corp(3)(5)(15)(19)(28) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 1/24/2025 | | | | | $ | — | | | | | | (63) | | | | | | — | | | | | | | | |
| | | | | | FFI Holdings I Corp(7)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.25%
|
| | | | 7.25% | | | | | | 1/24/2025 | | | | | $ | 789 | | | | | | 781 | | | | | | 789 | | | | | | | | |
| | | | | | Jonathan Acquisition Company(15)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 10.00% | | | | | | 12/22/2027 | | | | | $ | 8,000 | | | | | | 7,801 | | | | | | 7,800 | | | | | | | | |
| | | | | | Tidel Engineering, L.P.(3)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 3/1/2023 | | | | | $ | — | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Tidel Engineering, L.P.(7)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.25%
|
| | | | 7.25% | | | | | | 3/1/2024 | | | | | $ | 37,835 | | | | | | 37,835 | | | | | | 37,835 | | | | | | | | |
| | | | | | Velvet Acquisition B.V.(6)(18)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
EURIBOR+ 8.00%
|
| | | | 8.00% | | | | | | 4/17/2026 | | | | | € | 6,013 | | | | | | 7,346 | | | | | | 7,351 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Capital Equipment Total | | | | $ | 188,123 | | | | | $ | 193,287 | | | | | | 18.1% | | | |||
| | | Chemicals, Plastics & Rubber | | | AP Plastics Group, LLC(3)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.00%
|
| | | | 5.00% | | | | | | 8/2/2021 | | | | | $ | 2,833 | | | | | | 2,833 | | | | | | 2,833 | | | | | | | | |
| | | | | | AP Plastics Group, LLC(7)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 6.25% | | | | | | 8/1/2022 | | | | | $ | 19,856 | | | | | | 19,671 | | | | | | 19,856 | | | | | | | | |
| | | | | | Niacet b.v.(15)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 4.50%
|
| | | | 5.50% | | | | | | 2/1/2024 | | | | | € | 3,437 | | | | | | 3,690 | | | | | | 4,128 | | | | | | | | |
| | | | | | Plaskolite, Inc.(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 5.25% | | | | | | 12/15/2025 | | | | | $ | 2,253 | | | | | | 2,218 | | | | | | 2,250 | | | | | | | | |
| | | | | | V Global Holdings LLC(7)(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 12/22/2027 | | | | | $ | 48,813 | | | | | | 47,593 | | | | | | 47,593 | | | | | | | | |
| | | | | | V Global Holdings LLC(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/22/2025 | | | | | $ | — | | | | | | (197) | | | | | | (197) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics &
Rubber Total |
| | | $ | 75,808 | | | | | $ | 76,463 | | | | | | 7.2% | | | |||
| | | Construction & Building | | | Chase Industries, Inc.(15)(19)(26) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.50% (1.5% PIK)
|
| | | | 8.00% | | | | | | 5/12/2025 | | | | | $ | 1,166 | | | | | | 1,162 | | | | | | 947 | | | | |||||
| | | | | | Chase Industries, Inc.(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 5.50% (1.5% PIK)
|
| | | | 8.00% | | | | | | 5/12/2025 | | | | | $ | 12,333 | | | | | | 12,290 | | | | | | 10,021 | | | | | | | | |
| | | | | | Elk Parent Holdings, LP(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 12 | | | | | | 145 | | | | | | | | |
| | | | | | Elk Parent Holdings, LP(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 120 | | | | | | 1,202 | | | | | | 1,319 | | | | | | | | |
| | | | | | PP Ultimate Holdings B, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 1,352 | | | | | | 1,675 | | | | | | | | |
| | | | | | Profile Products LLC(3)(7)(19)(31) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 5.00%
|
| | | | 8.25% | | | | | | 12/20/2024 | | | | | $ | 831 | | | | | | 779 | | | | | | 783 | | | | | | | | |
| | | | | | Profile Products LLC(7)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 12/20/2024 | | | | | $ | 36,168 | | | | | | 35,635 | | | | | | 35,716 | | | | | | | | |
| | | | | | Regan Development Holdings Limited(6)(17)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.50%
|
| | | | 7.00% | | | | | | 4/18/2022 | | | | | € | 2,087 | | | | | | 2,274 | | | | | | 2,488 | | | | | | | | |
| | | | | | Regan Development Holdings Limited(6)(17)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.50%
|
| | | | 7.00% | | | | | | 4/18/2022 | | | | | € | 677 | | | | | | 768 | | | | | | 807 | | | | | | | | |
| | | | | |
Regan Development Holdings
Limited (6)(17)(19) |
| | First Lien Senior Secured Loan | | |
EURIBOR+ 6.50%
|
| | | | 7.00% | | | | | | 4/18/2022 | | | | | € | 6,335 | | | | | | 6,869 | | | | | | 7,513 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | YLG Holdings, Inc.(7)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 6.25%
|
| | | | 7.25% | | | | | | 10/31/2025 | | | | | $ | 5,111 | | | | | | 5,104 | | | | | | 5,111 | | | | | | | | |
| | | | | | YLG Holdings, Inc.(3)(5)(7)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/31/2025 | | | | | $ | — | | | | | | (69) | | | | | | — | | | | | | | | |
| | | | | | YLG Holdings, Inc.(7)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.25%
|
| | | | 7.25% | | | | | | 10/31/2025 | | | | | $ | 38,474 | | | | | | 38,189 | | | | | | 38,474 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Building
Total |
| | | $ | 105,567 | | | | | $ | 104,999 | | | | | | 9.8% | | | |||
| | | Consumer Goods: Durable | | | New Milani Group LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 6/6/2024 | | | | | $ | 16,926 | | | | | | 16,822 | | | | | | 15,403 | | | | | | | | |
| | | | | | TLC Holdco LP(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,188 | | | | | | 1,186 | | | | | | 1,096 | | | | | | | | |
| | | | | | TLC Purchaser, Inc.(2)(3)(5)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 10/13/2025 | | | | | $ | — | | | | | | (57) | | | | | | (89) | | | | | | | | |
| | | | | | TLC Purchaser, Inc.(2)(3)(5)(19)(21) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/13/2025 | | | | | $ | — | | | | | | (142) | | | | | | (111) | | | | | | | | |
| | | | | | TLC Purchaser, Inc.(12)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 10/13/2025 | | | | | $ | 42,294 | | | | | | 41,590 | | | | | | 41,766 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable
Total |
| | | $ | 59,399 | | | | | $ | 58,065 | | | | | | 5.4% | | | |||
| | |
Consumer Goods: Non-Durable
|
| | FineLine Technologies, Inc.(2)(3)(5)(15)(19)(21) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 11/4/2022 | | | | | $ | — | | | | | | (9) | | | | | | (72) | | | | | | | | |
| | | | | | FineLine Technologies, Inc.(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 5.25% | | | | | | 11/4/2022 | | | | | $ | 31,066 | | | | | | 30,974 | | | | | | 30,212 | | | | | | | | |
| | | | | | MND Holdings III Corp(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 3.50%
|
| | | | 4.50% | | | | | | 6/19/2024 | | | | | $ | 10,614 | | | | | | 10,627 | | | | | | 9,907 | | | | | | | | |
| | | | | | RoC Opco LLC(3)(5)(15)(19)(21) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 2/25/2025 | | | | | $ | — | | | | | | (145) | | | | | | — | | | | | | | | |
| | | | | | RoC Opco LLC(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 7.75%
|
| | | | 8.75% | | | | | | 2/25/2025 | | | | | $ | 40,487 | | | | | | 39,737 | | | | | | 40,487 | | | | | | | | |
| | | | | | Solaray, LLC(7)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 9/11/2023 | | | | | $ | 14,425 | | | | | | 14,425 | | | | | | 14,136 | | | | | | | | |
| | | | | | Solaray, LLC(3)(7)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 5.50% | | | | | | 9/9/2022 | | | | | $ | 7,424 | | | | | | 7,395 | | | | | | 7,424 | | | | | | | | |
| | | | | | Solaray, LLC(7)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 9/11/2023 | | | | | $ | 42,170 | | | | | | 42,170 | | | | | | 41,326 | | | | | | | | |
| | | | | | WU Holdco, Inc.(7)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.25%
|
| | | | 6.25% | | | | | | 3/26/2026 | | | | | $ | 5,588 | | | | | | 5,536 | | | | | | 5,588 | | | | | | | | |
| | | | | | WU Holdco, Inc.(3)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.25%
|
| | | | 5.50% | | | | | | 3/26/2025 | | | | | $ | 902 | | | | | | 857 | | | | | | 902 | | | | | | | | |
| | | | | | WU Holdco, Inc.(7)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 6.25% | | | | | | 3/26/2026 | | | | | $ | 39,319 | | | | | | 38,649 | | | | | | 39,319 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods:
Non-Durable Total |
| | | $ | 190,216 | | | | | $ | 189,229 | | | | | | 17.7% | | | |||
| | |
Containers, Packaging, & Glass
|
| |
Automate Intermediate Holdings II S.à r.l.(6)(18)(19)(21)
|
| |
Second Lien Senior Secured Loan
|
| |
L+ 7.75%
|
| | | | 7.90% | | | | | | 7/22/2027 | | | | | $ | 11,870 | | | | | | 11,659 | | | | | | 11,781 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Containers, Packaging, &
Glass Total |
| | | $ | 11,659 | | | | | $ | 11,781 | | | | | | 1.1% | | | |||
| | | Energy: Electricity | | | Infinite Electronics International Inc.(12)(18)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.00%
|
| | | | 4.15% | | | | | | 7/2/2025 | | | | | $ | 19,552 | | | | | | 19,541 | | | | | | 18,868 | | | | | | | | |
| | | | | | Infinite Electronics International Inc.(18)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
L+ 8.00%
|
| | | | 8.15% | | | | | | 7/2/2026 | | | | | $ | 2,480 | | | | | | 2,438 | | | | | | 2,381 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Energy: Electricity Total | | | | $ | 21,979 | | | | | $ | 21,249 | | | | | | 2.0% | | | |||
| | | Energy: Oil & Gas | | | Amspec Services, Inc.(3)(5)(7)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 7/2/2024 | | | | | $ | — | | | | | | (42) | | | | | | — | | | | | | | | |
| | | | | | Amspec Services, Inc.(7)(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 7/2/2024 | | | | | $ | 43,653 | | | | | | 43,261 | | | | | | 43,653 | | | | | | | | |
| | | | | | Amspec Services, Inc.(7)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 7/2/2024 | | | | | $ | 2,826 | | | | | | 2,786 | | | | | | 2,826 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Energy: Oil & Gas Total | | | | $ | 46,005 | | | | | $ | 46,479 | | | | | | 4.4% | | | |||
|
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | FIRE: Finance | | | Allworth Financial Group, L.P.(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 12/23/2026 | | | | | $ | — | | | | | | (61) | | | | | | (61) | | | | | | | | |
| | | | | | Allworth Financial Group, L.P.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 12/23/2026 | | | | | $ | 10,138 | | | | | | 9,987 | | | | | | 9,936 | | | | | | | | |
| | | | | | Allworth Financial Group, L.P.(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/23/2026 | | | | | $ | — | | | | | | (18) | | | | | | (18) | | | | | | | | |
| | | | | | TA/Weg Holdings(3)(18)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 10/2/2025 | | | | | $ | 1,992 | | | | | | 1,922 | | | | | | 1,921 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | FIRE: Finance Total | | | | $ | 11,830 | | | | | $ | 11,778 | | | | | | 1.1% | | | |||
| | | FIRE: Insurance | | | Ivy Finco Limited(6)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.75%
|
| | | | 5.83% | | | | | | 5/19/2025 | | | | | £ | 7,217 | | | | | | 8,992 | | | | | | 9,704 | | | | | | | | |
| | | | | | Ivy Finco Limited(6)(18)(19) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.75%
|
| | | | 5.83% | | | | | | 5/19/2025 | | | | | £ | 7,077 | | | | | | 8,827 | | | | | | 9,502 | | | | | | | | |
| | | | | | Margaux Acquisition Inc.(7)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.75%
|
| | | | 6.75% | | | | | | 12/19/2024 | | | | | $ | 9,288 | | | | | | 9,256 | | | | | | 9,195 | | | | | | | | |
| | | | | | Margaux Acquisition, Inc.(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/19/2024 | | | | | $ | — | | | | | | (50) | | | | | | (29) | | | | | | | | |
| | | | | | Margaux Acquisition Inc.(7)(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 12/19/2024 | | | | | $ | 28,625 | | | | | | 28,196 | | | | | | 28,339 | | | | | | | | |
| | | | | | Margaux UK Finance Limited(3)(5)(6)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 12/19/2024 | | | | | £ | — | | | | | | (8) | | | | | | — | | | | | | | | |
| | | | | | Margaux UK Finance Limited(6)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.75%
|
| | | | 6.75% | | | | | | 12/19/2024 | | | | | £ | 7,629 | | | | | | 9,804 | | | | | | 10,414 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | FIRE: Insurance Total | | | | $ | 65,017 | | | | | $ | 67,125 | | | | | | 6.3% | | | |||
| | | FIRE: Real Estate | | | Spectre (Carrisbrook House) Limited(6)(15)(19) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 9.50%
|
| | | | 10.50% | | | | | | 8/9/2021 | | | | | € | 9,300 | | | | | | 10,894 | | | | | | 10,289 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | FIRE: Real Estate Total | | | | $ | 10,894 | | | | | $ | 10,289 | | | | | | 1.0% | | | |||
| | | Healthcare & Pharmaceuticals | | | CB Titan Holdings, Inc.(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 1,953 | | | | | | 1,953 | | | | | | 2,625 | | | | | | | | |
| | | | | | CPS Group Holdings, Inc.(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 3/3/2025 | | | | | $ | — | | | | | | (64) | | | | | | — | | | | | | | | |
| | | | | | CPS Group Holdings, Inc.(7)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 3/3/2025 | | | | | $ | 55,347 | | | | | | 54,925 | | | | | | 55,347 | | | | | | | | |
| | | | | | Datix Bidco Limited(2)(3)(5)(6)(18)(19)(21) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/28/2024 | | | | | £ | — | | | | | | (17) | | | | | | (7) | | | | | | | | |
| | | | | | Datix Bidco Limited(6)(18)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
GBP LIBOR+ 7.75%
|
| | | | 7.81% | | | | | | 4/27/2026 | | | | | £ | 12,134 | | | | | | 16,369 | | | | | | 16,564 | | | | | | | | |
| | | | | | Datix Bidco Limited(6)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
BBSW+ 4.50%
|
| | | | 4.62% | | | | | | 4/28/2025 | | | | | | AUD 4,212 | | | | | | 3,215 | | | | | | 3,224 | | | | | | | | |
| | | | | | Golden State Buyer, Inc.(12)(16)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.50% | | | | | | 6/22/2026 | | | | | $ | 15,077 | | | | | | 14,952 | | | | | | 14,992 | | | | | | | | |
| | | | | | Great Expressions Dental Centers PC(3)(15)(19)(26) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.75% (0.5% PIK)
|
| | | | 6.25% | | | | | | 9/28/2022 | | | | | $ | 661 | | | | | | 655 | | | | | | 454 | | | | | | | | |
| | | | | | Great Expressions Dental Centers PC(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 4.75% (0.5% PIK)
|
| | | | 6.25% | | | | | | 9/28/2023 | | | | | $ | 7,802 | | | | | | 7,789 | | | | | | 6,437 | | | | | | | | |
| | | | | |
Island Medical Management Holdings, LLC(15)(19)(29)
|
| | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 9/1/2023 | | | | | $ | 8,627 | | | | | | 8,570 | | | | | | 7,764 | | | | | | | | |
| | | | | | Medical Depot Holdings, Inc.(12)(15)(26) | | | First Lien Senior Secured Loan | | |
L+ 5.50% (2% PIK)
|
| | | | 8.50% | | | | | | 1/3/2023 | | | | | $ | 16,520 | | | | | | 15,638 | | | | | | 14,084 | | | | | | | | |
| | | | | | Mendel Bidco, Inc.(18)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 4.50%
|
| | | | 4.50% | | | | | | 6/17/2027 | | | | | € | 10,033 | | | | | | 11,169 | | | | | | 12,204 | | | | | | | | |
| | | | | | Mendel Bidco, Inc.(18)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 4.73% | | | | | | 6/17/2027 | | | | | $ | 19,966 | | | | | | 19,541 | | | | | | 19,667 | | | | | | | | |
| | | | | | Mertus 522. GmbH(6)(18)(19)(21) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
EURIBOR+ 6.00%
|
| | | | 6.00% | | | | | | 5/28/2026 | | | | | € | 13,131 | | | | | | 14,138 | | | | | | 15,892 | | | | | | | | |
| | | | | | Mertus 522. GmbH(6)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.00%
|
| | | | 6.00% | | | | | | 5/28/2026 | | | | | € | 22,468 | | | | | | 24,635 | | | | | | 27,193 | | | | | | | | |
| | | | | | TecoStar Holdings, Inc.(12)(15)(19)(21)(29) | | |
Second Lien Senior Secured Loan
|
| |
L+ 8.50%
|
| | | | 9.50% | | | | | | 11/1/2024 | | | | | $ | 9,472 | | | | | | 9,315 | | | | | | 9,306 | | | | | | | | |
| | | | | | U.S. Anesthesia Partners, Inc.(12)(15)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.25%
|
| | | | 7.49% | | | | | | 6/23/2025 | | | | | $ | 16,520 | | | | | | 16,364 | | | | | | 15,859 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare &
Pharmaceuticals Total |
| | | $ | 219,147 | | | | | $ | 221,605 | | | | | | 20.7% | | | |||
|
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | High Tech Industries | | | AMI US Holdings Inc.(3)(12)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.50%
|
| | | | 5.65% | | | | | | 4/1/2024 | | | | | $ | 1,256 | | | | | | 1,232 | | | | | | 1,256 | | | | | | | | |
| | | | | | AMI US Holdings Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 4/1/2025 | | | | | $ | 13,025 | | | | | | 12,825 | | | | | | 13,025 | | | | | | | | |
| | | | | | Appriss Holdings, Inc.(2)(3)(5)(7)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 5/30/2025 | | | | | $ | — | | | | | | (46) | | | | | | (47) | | | | | | | | |
| | | | | | Appriss Holdings, Inc.(7)(12)(18)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 5.50% | | | | | | 5/29/2026 | | | | | $ | 48,386 | | | | | | 47,879 | | | | | | 47,902 | | | | | | | | |
| | | | | | Appriss Holdings, Inc.(7)(18)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.25% | | | | | | 5/29/2026 | | | | | $ | 4,988 | | | | | | 4,843 | | | | | | 4,988 | | | | | | | | |
| | | | | | CB Nike IntermediateCo Ltd(3)(5)(6)(15)(19)(21) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 10/31/2025 | | | | | $ | — | | | | | | (71) | | | | | | — | | | | | | | | |
| | | | | | CB Nike IntermediateCo Ltd(6)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 10/31/2025 | | | | | $ | 35,068 | | | | | | 34,485 | | | | | | 35,068 | | | | | | | | |
| | | | | | CMI Marketing Inc(3)(5)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 5/24/2023 | | | | | $ | — | | | | | | (10) | | | | | | — | | | | | | | | |
| | | | | | CMI Marketing Inc(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 5.50% | | | | | | 5/24/2024 | | | | | $ | 15,101 | | | | | | 15,008 | | | | | | 15,101 | | | | | | | | |
| | | | | | Drilling Info Holdings, Inc(12)(18)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 4.40% | | | | | | 7/30/2025 | | | | | $ | 22,380 | | | | | | 22,317 | | | | | | 21,728 | | | | | | | | |
| | | | | | Element Buyer, Inc.(7)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.25%
|
| | | | 6.25% | | | | | | 7/18/2025 | | | | | $ | 11,192 | | | | | | 11,216 | | | | | | 11,192 | | | | | | | | |
| | | | | | Element Buyer, Inc.(3)(7)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.25%
|
| | | | 6.25% | | | | | | 7/19/2024 | | | | | $ | 283 | | | | | | 244 | | | | | | 283 | | | | | | | | |
| | | | | | Element Buyer, Inc.(7)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 6.25% | | | | | | 7/18/2025 | | | | | $ | 37,390 | | | | | | 37,660 | | | | | | 37,390 | | | | | | | | |
| | | | | | Everest Bidco(6)(15)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
GBP LIBOR+ 7.50%
|
| | | | 8.50% | | | | | | 7/3/2026 | | | | | £ | 10,216 | | | | | | 13,142 | | | | | | 13,946 | | | | | | | | |
| | | | | | MRI Software LLC(7)(15)(28) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 2/10/2026 | | | | | $ | 25,454 | | | | | | 25,359 | | | | | | 25,390 | | | | | | | | |
| | | | | | MRI Software LLC(2)(3)(5)(15)(28) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 2/10/2026 | | | | | $ | — | | | | | | (7) | | | | | | (2) | | | | | | | | |
| | | | | | MRI Software LLC(2)(3)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 2/10/2026 | | | | | $ | — | | | | | | 44 | | | | | | (45) | | | | | | | | |
| | | | | | nThrive, Inc.(15)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.75%
|
| | | | 10.75% | | | | | | 4/20/2023 | | | | | $ | 8,000 | | | | | | 7,988 | | | | | | 8,000 | | | | | | | | |
| | | | | | Utimaco, Inc.(6)(18)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 4.91% | | | | | | 8/9/2027 | | | | | $ | 14,849 | | | | | | 14,535 | | | | | | 14,849 | | | | | | | | |
| | | | | | Ventiv Topco, Inc.(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 28 | | | | | | 2,833 | | | | | | 3,065 | | | | | | | | |
| | | | | | Ventiv Holdco, Inc.(3)(7)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.50%
|
| | | | 5.68% | | | | | | 9/3/2025 | | | | | $ | 426 | | | | | | 382 | | | | | | 417 | | | | | | | | |
| | | | | | Ventiv Holdco, Inc.(7)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 5.50%
|
| | | | 6.50% | | | | | | 9/3/2025 | | | | | $ | 24,056 | | | | | | 23,760 | | | | | | 23,996 | | | | | | | | |
| | | | | | VPARK BIDCO AB(6)(16)(19)(21) | | | First Lien Senior Secured Loan | | |
CIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | | | | DKK 56,999 | | | | | | 9,198 | | | | | | 9,364 | | | | | | | | |
| | | | | | VPARK BIDCO AB(6)(16)(19)(21) | | | First Lien Senior Secured Loan | | |
NIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | | | | NOK 74,020 | | | | | | 9,230 | | | | | | 8,620 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
High Tech Industries
Total |
| | | $ | 294,046 | | | | | $ | 295,486 | | | | | | 27.7% | | | |||
| | | Hotel, Gaming & Leisure | | | Aimbridge Acquisition Co., Inc.(12)(18)(19)(21)(29) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.50%
|
| | | | 7.65% | | | | | | 2/1/2027 | | | | | $ | 20,193 | | | | | | 19,707 | | | | | | 18,174 | | | | | | | | |
| | | | | | Captain D’s LLC(3)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 5.50% | | | | | | 12/15/2023 | | | | | $ | 1,382 | | | | | | 1,373 | | | | | | 1,382 | | | | | | | | |
| | | | | | Captain D’s LLC(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 5.50% | | | | | | 12/15/2023 | | | | | $ | 12,559 | | | | | | 12,489 | | | | | | 12,559 | | | | | | | | |
| | | | | | Quidditch Acquisition, Inc.(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 9.00%
|
| | | | 10.00% | | | | | | 3/21/2025 | | | | | $ | 18,829 | | | | | | 18,820 | | | | | | 17,778 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Hotel, Gaming & Leisure
Total |
| | | $ | 52,389 | | | | | $ | 49,893 | | | | | | 4.7% | | | |||
| | |
Media: Advertising, Printing &
Publishing |
| | Ansira Holdings, Inc.(15)(19)(26)(33) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 6.50% PIK
|
| | | | 7.50% | | | | | | 12/20/2024 | | | | | $ | 4,613 | | | | | | 4,610 | | | | | | 3,944 | | | | | | | | |
| | | | | | Ansira Holdings, Inc.(3)(19)(23)(31) | | |
First Lien Senior Secured Loan—
Revolver |
| |
P+ 4.75%
|
| | | | 7.77% | | | | | | 12/20/2024 | | | | | $ | 5,383 | | | | | | 5,383 | | | | | | 5,383 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | Ansira Holdings, Inc.(15)(19)(26) | | | First Lien Senior Secured Loan | | |
L+ 6.50% PIK
|
| | | | 7.50% | | | | | | 12/20/2024 | | | | | $ | 37,208 | | | | | | 37,150 | | | | | | 31,813 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising,
Printing & Publishing Total |
| | | $ | 47,143 | | | | | $ | 41,140 | | | | | | 3.9% | | | |||
| | |
Media: Broadcasting &
Subscription |
| | Vital Holdco Limited(6)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 5/29/2026 | | | | | $ | 35,357 | | | | | | 34,654 | | | | | | 35,357 | | | | | | | | |
| | | | | | Vital Holdco Limited(6)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 4.75%
|
| | | | 4.75% | | | | | | 5/29/2026 | | | | | € | 7,917 | | | | | | 8,645 | | | | | | 9,679 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Broadcasting &
Subscription Total |
| | | $ | 43,299 | | | | | $ | 45,036 | | | | | | 4.2% | | | |||
| | |
Media: Diversified & Production
|
| | 9 Story Media Group Inc.(3)(6)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
CDOR+ 5.50%
|
| | | | 6.50% | | | | | | 4/30/2026 | | | | | | CAD 56 | | | | | | 40 | | | | | | 44 | | | | | | | | |
| | | | | | 9 Story Media Group Inc.(6)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
CDOR+ 5.50%
|
| | | | 6.50% | | | | | | 4/30/2026 | | | | | | CAD 7,310 | | | | | | 5,363 | | | | | | 5,725 | | | | | | | | |
| | | | | | 9 Story Media Group Inc.(6)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.50%
|
| | | | 5.50% | | | | | | 4/30/2026 | | | | | € | 3,938 | | | | | | 4,507 | | | | | | 4,814 | | | | | | | | |
| | | | | |
Efficient Collaborative Retail Marketing Company, LLC(3)(15)(19)
|
| |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.25%
|
| | | | 6.25% | | | | | | 6/15/2022 | | | | | $ | 2,267 | | | | | | 2,267 | | | | | | 2,267 | | | | | | | | |
| | | | | |
Efficient Collaborative Retail Marketing Company,
LLC(7)(15)(19)(21) |
| | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 6/15/2022 | | | | | $ | 15,095 | | | | | | 15,151 | | | | | | 14,416 | | | | | | | | |
| | | | | |
Efficient Collaborative Retail Marketing Company,
LLC(7)(15)(19) |
| | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 6/15/2022 | | | | | $ | 9,788 | | | | | | 9,825 | | | | | | 9,347 | | | | | | | | |
| | | | | |
International Entertainment Investments
Limited(6)(18)(19)(21) |
| | First Lien Senior Secured Loan | | |
GBP LIBOR+ 4.75%
|
| | | | 4.82% | | | | | | 5/31/2023 | | | | | £ | 8,686 | | | | | | 10,657 | | | | | | 11,857 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified &
Production Total |
| | | $ | 47,810 | | | | | $ | 48,470 | | | | | | 4.5% | | | |||
| | | Retail | | | Batteries Plus Holding Corporation(3)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 7/6/2022 | | | | | $ | — | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Batteries Plus Holding Corporation(7)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 7/6/2022 | | | | | $ | 28,672 | | | | | | 28,672 | | | | | | 28,672 | | | | | | | | |
| | | | | | Thrasio, LLC(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
—
|
| | | | — | | | | | | 12/18/2026 | | | | | $ | — | | | | | | (313) | | | | | | (313) | | | | | | | | |
| | | | | | Thrasio, LLC(15)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 7.00%
|
| | | | 8.00% | | | | | | 12/18/2026 | | | | | $ | 10,965 | | | | | | 10,691 | | | | | | 10,691 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Retail Total | | | | $ | 39,050 | | | | | $ | 39,050 | | | | | | 3.7% | | | |||
| | | Services: Business | | | AMCP Clean Acquisition Company, LLC(12)(18)(29) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 4.25%
|
| | | | 4.40% | | | | | | 7/10/2025 | | | | | $ | 3,855 | | | | | | 3,848 | | | | | | 2,660 | | | | | | | | |
| | | | | | AMCP Clean Acquisition Company, LLC(12)(18)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.25%
|
| | | | 4.40% | | | | | | 7/10/2025 | | | | | $ | 15,930 | | | | | | 15,904 | | | | | | 10,992 | | | | | | | | |
| | | | | | Comet Bidco Limited(6)(18)(21) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.25%
|
| | | | 5.34% | | | | | | 9/30/2024 | | | | | £ | 7,362 | | | | | | 9,523 | | | | | | 8,911 | | | | | | | | |
| | | | | | Elevator Holdco Inc.(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | 2,448 | | | | | | 1,605 | | | | | | | | |
| | | | | | Hightower Holding, LLC(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 1/31/2025 | | | | | $ | 40,850 | | | | | | 40,708 | | | | | | 40,850 | | | | | | | | |
| | | | | | Refine Intermediate, Inc.(3)(5)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 9/3/2026 | | | | | $ | — | | | | | | (117) | | | | | | — | | | | | | | | |
| | | | | | Refine Intermediate, Inc.(15)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 3/3/2027 | | | | | $ | 21,894 | | | | | | 21,396 | | | | | | 21,894 | | | | | | | | |
| | | | | | SumUp Holdings Luxembourg S.à.r.l.(6)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 8.00%
|
| | | | 9.00% | | | | | | 8/1/2024 | | | | | € | 15,715 | | | | | | 17,453 | | | | | | 19,212 | | | | | | | | |
| | | | | | SumUp Holdings Luxembourg S.à.r.l.(6)(15)(19)(21) | | | First Lien Senior Secured Loan | | |
EURIBOR+ 8.00%
|
| | | | 9.00% | | | | | | 8/1/2024 | | | | | € | 16,697 | | | | | | 18,244 | | | | | | 20,412 | | | | | | | | |
| | | | | | TEI Holdings Inc.(3)(7)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 7.25%
|
| | | | 8.25% | | | | | | 12/23/2025 | | | | | $ | 3,471 | | | | | | 3,426 | | | | | | 3,200 | | | | | | | | |
| | | | | | TEI Holdings Inc.(7)(12)(15)(19)(21)(26)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00% (1.25% PIK)
|
| | | | 8.25% | | | | | | 12/23/2026 | | | | | $ | 48,749 | | | | | | 48,204 | | | | | | 45,824 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Business Total | | | | $ | 181,037 | | | | | $ | 175,560 | | | | | | 16.3% | | | |||
| | | Services: Consumer | | | MZR Aggregator(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1 | | | | | | 798 | | | | | | 798 | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | MZR Buyer, LLC(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 6.75%
|
| | | | 7.75% | | | | | | 12/21/2026 | | | | | $ | 5,210 | | | | | | 5,106 | | | | | | 5,105 | | | | | | | | |
| | | | | | MZR Buyer, LLC(7)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.75%
|
| | | | 7.75% | | | | | | 12/21/2026 | | | | | $ | 40,634 | | | | | | 39,828 | | | | | | 39,822 | | | | | | | | |
| | | | | | Pearl Intermediate Parent LLC(18)(29) | | |
Second Lien Senior Secured Loan
|
| |
L+ 6.25%
|
| | | | 6.40% | | | | | | 2/13/2026 | | | | | $ | 2,571 | | | | | | 2,584 | | | | | | 2,558 | | | | | | | | |
| | | | | | Surrey Bidco Limited(6)(17)(19)(21) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 6.00%
|
| | | | 6.50% | | | | | | 5/11/2026 | | | | | £ | 5,000 | | | | | | 6,163 | | | | | | 6,501 | | | | | | | | |
| | | | | | Trafalgar Bidco Limited(6)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.00%
|
| | | | 5.02% | | | | | | 9/11/2024 | | | | | £ | 6,011 | | | | | | 7,763 | | | | | | 8,206 | | | | | | | | |
| | | | | | Zeppelin BidCo Pty Limited(6)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
BBSY+ 6.00%
|
| | | | 6.23% | | | | | | 6/28/2024 | | | | | | AUD 20,621 | | | | | | 14,099 | | | | | | 15,707 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Consumer
Total |
| | | $ | 76,341 | | | | | $ | 78,697 | | | | | | 7.4% | | | |||
| | | Telecommunications | | | Conterra Ultra Broadband Holdings, Inc.(18)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.50%
|
| | | | 4.65% | | | | | | 4/30/2026 | | | | | $ | 6,386 | | | | | | 6,360 | | | | | | 6,373 | | | | | | | | |
| | | | | | Horizon Telcom, Inc.(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 5.00%
|
| | | | 6.00% | | | | | | 6/15/2023 | | | | | $ | 116 | | | | | | 113 | | | | | | 114 | | | | | | | | |
| | | | | | Horizon Telcom, Inc.(12)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 5.00%
|
| | | | 6.00% | | | | | | 6/15/2023 | | | | | $ | 919 | | | | | | 914 | | | | | | 903 | | | | | | | | |
| | | | | | Horizon Telcom, Inc.(12)(15)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 6/15/2023 | | | | | $ | 13,538 | | | | | | 13,431 | | | | | | 13,302 | | | | | | | | |
| | | | | | Masergy Holdings, Inc.(15)(29) | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.50%
|
| | | | 8.50% | | | | | | 12/16/2024 | | | | | $ | 857 | | | | | | 862 | | | | | | 851 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecommunications
Total |
| | | $ | 21,680 | | | | | $ | 21,543 | | | | | | 2.0% | | | |||
| | | Transportation: Cargo | | | A&R Logistics, Inc.(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 5/5/2025 | | | | | $ | — | | | | | | (90) | | | | | | (46) | | | | | | | | |
| | | | | | A&R Logistics, Inc.(7)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 5/5/2025 | | | | | $ | 43,534 | | | | | | 42,827 | | | | | | 43,207 | | | | | | | | |
| | | | | | A&R Logistics, Inc.(7)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 5/5/2025 | | | | | $ | 2,448 | | | | | | 2,408 | | | | | | 2,430 | | | | | | | | |
| | | | | | A&R Logistics, Inc.(7)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 5/5/2025 | | | | | $ | 6,035 | | | | | | 5,961 | | | | | | 5,989 | | | | | | | | |
| | | | | | A&R Logistics, Inc.(7)(15)(19) | | | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 5/5/2025 | | | | | $ | 2,743 | | | | | | 2,717 | | | | | | 2,743 | | | | | | | | |
| | | | | | ARL Holdings, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | — | | | | | | 445 | | | | | | 522 | | | | | | | | |
| | | | | | ARL Holdings, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 9 | | | | | | 9 | | | | | | 16 | | | | | | | | |
| | | | | | ENC Holding Corporation(12)(18)(19)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.00%
|
| | | | 4.25% | | | | | | 5/30/2025 | | | | | $ | 10,173 | | | | | | 10,163 | | | | | | 10,072 | | | | | | | | |
| | | | | | Grammer Investment Holdings LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,011 | | | | | | 1,011 | | | | | | 805 | | | | | | | | |
| | | | | | Grammer Investment Holdings LLC(19)(25)(26) | | | Preferred Equity | | |
10% PIK
|
| | | | 10.00% | | | | | | — | | | | | | 7 | | | | | | 714 | | | | | | 754 | | | | | | | | |
| | | | | | Grammer Investment Holdings LLC(14)(19)(25) | | | Warrants | | |
—
|
| | | | — | | | | | | — | | | | | | 122 | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Grammer Purchaser, Inc.(3)(12)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 9/30/2024 | | | | | $ | — | | | | | | 6 | | | | | | — | | | | | | | | |
| | | | | | Grammer Purchaser, Inc.(12)(15)(19)(29) | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.75%
|
| | | | 5.75% | | | | | | 9/30/2024 | | | | | $ | 9,277 | | | | | | 9,128 | | | | | | 9,277 | | | | | | | | |
| | | | | | Omni Logistics, LLC(15)(19)(21) | | |
Second Lien Senior Secured Loan
|
| |
L+ 9.00%
|
| | | | 10.00% | | | | | | 12/30/2027 | | | | | $ | 13,770 | | | | | | 13,427 | | | | | | 13,426 | | | | | | | | |
| | | | | | PS HoldCo, LLC(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 3/13/2025 | | | | | $ | 22,295 | | | | | | 22,286 | | | | | | 21,849 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Cargo
Total |
| | | $ | 111,012 | | | | | $ | 111,044 | | | | | | 10.3% | | | |||
| | | Transportation: Consumer | | | Toro Private Investments II, L.P.(6)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 3,090 | | | | | | 3,090 | | | | | | 1,969 | | | | | | | | |
| | | | | | Toro Private Investments II, L.P.(6)(12)(18)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 5.25% | | | | | | 5/29/2026 | | | | | $ | 6,715 | | | | | | 4,484 | | | | | | 4,605 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Consumer
Total |
| | | $ | 7,574 | | | | | $ | 6,574 | | | | | | 0.6% | | | |||
| | | Wholesale | | | Abracon Group Holding, LLC(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 2 | | | | | | 1,833 | | | | | | 1,618 | | | | | | | | |
| | | | | | Abracon Group Holding, LLC(2)(3)(5)(15)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 7/18/2024 | | | | | $ | — | | | | | | (25) | | | | | | (50) | | | | | | | | |
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | Abracon Group Holding, LLC(7)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.75% | | | | | | 7/18/2024 | | | | | $ | 35,639 | | | | | | 35,511 | | | | | | 35,015 | | | | | | | | |
| | | | | | Aramsco, Inc.(2)(3)(5)(7)(18)(19) | | |
First Lien Senior Secured Loan—
Revolver |
| |
—
|
| | | | — | | | | | | 8/28/2024 | | | | | $ | — | | | | | | (36) | | | | | | (51) | | | | | | | | |
| | | | | | Aramsco, Inc.(7)(12)(18)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.25%
|
| | | | 5.40% | | | | | | 8/28/2024 | | | | | $ | 24,042 | | | | | | 23,729 | | | | | | 23,681 | | | | | | | | |
| | | | | | Armor Group, LP(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 10 | | | | | | 1,012 | | | | | | 2,126 | | | | | | | | |
| | | | | | PetroChoice Holdings, Inc.(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 8/19/2022 | | | | | $ | 9,844 | | | | | | 9,794 | | | | | | 9,450 | | | | | | | | |
| | | | | | PetroChoice Holdings, Inc.(12)(15)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00%
|
| | | | 6.00% | | | | | | 8/19/2022 | | | | | $ | 6,514 | | | | | | 6,430 | | | | | | 6,253 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Wholesale Total | | | | $ | 78,248 | | | | | $ | 78,042 | | | | | | 7.3% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Controlled/
Non-Affiliate Investments Total |
| | | $ | 2,281,809 | | | | | $ | 2,261,461 | | | | | | 211.7% | | | |||
Non-Controlled/Affiliate Investments | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Beverage, Food & Tobacco | | | ADT Pizza, LLC(10)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 6,720 | | | | | | 6,720 | | | | | | 15,918 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food &
Tobacco Total |
| | | $ | 6,720 | | | | | $ | 15,918 | | | | | | 1.5% | | | |||
| | | Energy: Oil & Gas | | | Blackbrush Oil & Gas, L.P.(10)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,123 | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Blackbrush Oil & Gas, L.P.(10)(14)(19)(25) | | | Preferred Equity | | |
—
|
| | | | — | | | | | | — | | | | | | 36 | | | | | | 10,104 | | | | | | 10,239 | | | | | | | | |
| | | | | | Blackbrush Oil & Gas, L.P.(10)(12)(15)(19)(26)(29) | | | First Lien Senior Secured Loan | | |
L+ 5.00% (2% PIK)
|
| | | | 8.00% | | | | | | 9/3/2025 | | | | | $ | 12,089 | | | | | | 12,089 | | | | | | 12,089 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Energy: Oil & Gas | | | | $ | 22,193 | | | | | $ | 22,328 | | | | | | 2.1% | | | |||
| | | Transportation: Consumer | | | Direct Travel, Inc.(10)(18)(19)(21) | | | First Lien Senior Secured Loan | | |
L+ 1.00%
|
| | | | 1.25% | | | | | | 10/2/2023 | | | | | $ | 4,404 | | | | | | 4,404 | | | | | | 4,404 | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(14)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 68 | | | | | | — | | | | | | — | | | | | | | | |
| | | | | | Direct Travel, Inc.(7)(10)(15)(19)(26) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 1.00% (8.25% PIK)
|
| | | | 9.50% | | | | | | 10/2/2023 | | | | | $ | 3,100 | | | | | | 3,100 | | | | | | 2,588 | | | | | | | | |
| | | | | | Direct Travel, Inc.(7)(10)(15)(19)(26) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 1.00% (8.25% PIK)
|
| | | | 9.50% | | | | | | 10/2/2023 | | | | | $ | 1,572 | | | | | | 1,572 | | | | | | 1,313 | | | | | | | | |
| | | | | | Direct Travel, Inc.(7)(10)(15)(19)(21)(26) | | | First Lien Senior Secured Loan | | |
L+ 1.00% (8.27% PIK)
|
| | | | 9.50% | | | | | | 10/2/2023 | | | | | $ | 52,948 | | | | | | 52,948 | | | | | | 44,212 | | | | | | | | |
| | | | | | Direct Travel, Inc.(3)(10)(15)(19)(28) | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/2/2023 | | | | | $ | 1,950 | | | | | | 1,950 | | | | | | 1,950 | | | | | | | | |
| | | | | | Direct Travel, Inc.(10)(18)(19)(28) | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 10/2/2023 | | | | | $ | 202 | | | | | | 202 | | | | | | 202 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Transportation: Consumer | | | | $ | 64,176 | | | | | $ | 54,669 | | | | | | 5.1% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Controlled/Affiliate
Investments Total |
| | | $ | 93,089 | | | | | $ | 92,915 | | | | | | 8.7% | | | |||
Controlled Affiliate Investments | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Aerospace & Defense | | | ACC Holdco, LLC(10)(11)(19)(25) | | | Preferred Equity | | |
—
|
| | | | 16.00% | | | | | | — | | | | | | 10,828 | | | | | | 10,824 | | | | | | 10,828 | | | | | | | | |
| | | | | | Air Comm Corporation LLC(10)(11)(12)(15)(19)(21)(29) | | | First Lien Senior Secured Loan | | |
L+ 6.50%
|
| | | | 7.50% | | | | | | 6/30/2025 | | | | | $ | 27,023 | | | | | | 26,362 | | | | | | 26,484 | | | | | | | | |
| | | | | |
BCC Jetstream Holdings Aviation (Off I),
LLC(3)(6)(10)(11)(19)(20)(25) |
| | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 11,863 | | | | | | 11,863 | | | | | | 11,703 | | | | | | | | |
| | | | | |
BCC Jetstream Holdings Aviation (On II),
LLC(10)(11)(19)(20)(25) |
| | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 1,116 | | | | | | 1,116 | | | | | | 629 | | | | | | | | |
| | | | | |
BCC Jetstream Holdings Aviation (On II),
LLC(3)(10)(11)(19)(20)(26) |
| | First Lien Senior Secured Loan | | |
—
|
| | | |
10.00% PIK |
| | | | | 6/2/2022 | | | | | $ | 6,712 | | | | | | 6,712 | | | | | | 6,712 | | | | | | | | |
| | | | | | Gale Aviation (Offshore) Co(6)(10)(11)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 84 | | | | | | 83,656 | | | | | | 66,448 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Aerospace & Defense Total | | | | $ | 140,533 | | | | | $ | 122,804 | | | | | | 11.5% | | | |||
| | | Transportation: Cargo | | | Lightning Holdings B, LLC(6)(10)(11)(19)(25) | | | Equity Interest | | |
—
|
| | | | — | | | | | | — | | | | | | 7,308 | | | | | | 7,308 | | | | | | 7,308 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 7,308 | | | | | $ | 7,308 | | | | | | 0.7% | | |
|
Control Type
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above Index(1)
|
| |
Interest
Rate |
| |
Maturity
Date |
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of
NAV(4) |
| ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Controlled Affiliate
Investments Total |
| | | $ | 147,841 | | | | | $ | 130,112 | | | | | | 12.2% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | Investments Total | | | | $ | 2,522,739 | | | | | $ | 2,484,488 | | | | | | 232.6% | | | |||
Cash Equivalents | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | Cash Equivalents | | |
Goldman Sachs Financial Square Government
Fund Institutional Share Class |
| | Cash Equivalents | | |
—
|
| | | | 0.03% | | | | | | — | | | | | $ | 1,846 | | | | | | 1,846 | | | | | | 1,846 | | | | | | | | |
| | | Cash Equivalents | | |
Goldman Sachs US Treasury Liquid Reserves
Fund(30) |
| | Cash Equivalents | | |
—
|
| | | | 0.01% | | | | | | — | | | | | $ | 53,106 | | | | | | 53,106 | | | | | | 53,106 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Cash Equivalents Total | | | | $ | 54,952 | | | | | $ | 54,952 | | | | | | 5.2% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments and Cash
Equivalents Total |
| | | $ | 2,577,691 | | | | | $ | 2,539,440 | | | | | | 237.8% | | | |||
|
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement Date
|
| |
Unrealized
Appreciation (Depreciation)(8) |
| ||||||
| US DOLLARS 183 | | | CANADIAN DOLLAR 256 | | | Bank of New York Mellon | | | | | 4/14/2021 | | | | | $ | (18) | | |
| US DOLLARS 088 | | | CANADIAN DOLLAR 122 | | | Bank of New York Mellon | | | | | 4/15/2021 | | | | | | (7) | | |
| US DOLLARS 141 | | | EURO 129 | | | Bank of New York Mellon | | | | | 4/15/2021 | | | | | | (17) | | |
| POUND STERLING 6,460 | | | US DOLLARS 8,406 | | | Bank of New York Mellon | | | | | 9/10/2021 | | | | | | (440) | | |
| US DOLLARS 7,609 | | | EURO 6,840 | | | Citibank | | | | | 3/26/2021 | | | | | | (776) | | |
| US DOLLARS 5,616 | | | CANADIAN DOLLAR 7,662 | | | Citibank | | | | | 4/15/2021 | | | | | | (400) | | |
| US DOLLARS 4,217 | | | EURO 3,731 | | | Citibank | | | | | 4/15/2021 | | | | | | (359) | | |
| US DOLLARS 12,756 | | | EURO 11,200 | | | Citibank | | | | | 5/21/2021 | | | | | | (990) | | |
| US DOLLARS 31,103 | | | EURO 27,540 | | | Goldman Sachs | | | | | 3/9/2021 | | | | | | (2,644) | | |
| US DOLLARS 82,431 | | | EURO 72,370 | | | Goldman Sachs | | | | | 5/21/2021 | | | | | | (6,395) | | |
| US DOLLARS 16,734 | | | AUSTRALIAN DOLLARS 23,870 | | | Goldman Sachs | | | | | 6/7/2021 | | | | | | (1,630) | | |
| US DOLLARS 19,442 | | | POUND STERLING 14,522 | | | Goldman Sachs | | | | | 6/7/2021 | | | | | | 434 | | |
| US DOLLARS 97,874 | | | POUND STERLING 77,470 | | | Goldman Sachs | | | | | 6/7/2021 | | | | | | (8,159) | | |
| US DOLLARS 8,606 | | | DANISH KRONE 56,290 | | | Goldman Sachs | | | | | 6/7/2021 | | | | | | (642) | | |
| US DOLLARS 2,794 | | | CANADIAN DOLLAR 3,713 | | | Goldman Sachs | | | | | 9/10/2021 | | | | | | (121) | | |
| US DOLLARS 8,187 | | | NORWEGIAN KRONE 74,020 | | | Goldman Sachs | | | | | 9/10/2021 | | | | | | (450) | | |
| | | | | | | | | | | | | | | | | $ | (22,614) | | |
Investment
|
| |
Acquisition Date
|
| |||
BCC Jetstream Holdings Aviation (On II), LLC—Equity Interest | | | | | 6/1/2017 | | |
BCC Jetstream Holdings Aviation (Off I), LLC—Equity Interest | | | | | 6/1/2017 | | |
CB Titan Holdings, Inc.—Preferred Equity | | | | | 11/14/2017 | | |
Abracon Group Holding, LLC.—Equity Interest | | | | | 7/18/2018 | | |
Armor Group, LP—Equity Interest | | | | | 8/28/2018 | | |
Grammer Investment Holdings LLC—Warrants | | | | | 10/1/2018 | | |
Grammer Investment Holdings LLC—Equity Interest | | | | | 10/1/2018 | | |
Grammer Investment Holdings LLC—Preferred Equity | | | | | 10/1/2018 | | |
ADT Pizza, LLC—Equity Interest | | | | | 10/29/2018 | | |
PP Ultimate Holdings B, LLC—Equity Interest | | | | | 12/20/2018 | | |
FCG Acquisitions, Inc.—Preferred Equity | | | | | 1/24/2019 | | |
WCI-HSG HOLDCO, LLC—Preferred Equity | | | | | 2/22/2019 | | |
Toro Private Investments II, L.P.—Equity Interest | | | | | 3/19/2019 | | |
ARL Holdings, LLC.—Equity Interest | | | | | 5/3/2019 | | |
ARL Holdings, LLC.—Equity Interest | | | | | 5/3/2019 | | |
ACC Holdco, LLC.—Equity Interest | | | | | 6/28/2019 | | |
Kellstrom Aerospace Group, Inc—Equity Interest | | | | | 7/1/2019 | | |
East BCC Coinvest II,LLC—Equity Interest | | | | | 7/23/2019 | | |
Gale Aviation (Offshore) Co—Equity Interest | | | | | 8/2/2019 | | |
Ventiv Topco, Inc.—Equity Interest | | | | | 9/3/2019 | | |
TLC Holdco LP—Equity Interest | | | | | 10/11/2019 | | |
Elk Parent Holdings, LP—Equity Interest | | | | | 11/1/2019 | | |
Elk Parent Holdings, LP—Preferred Equity | | | | | 11/1/2019 | | |
Precision Ultimate Holdings, LLC—Equity Interest | | | | | 11/6/2019 | | |
Elevator Holdco Inc.—Equity Interest | | | | | 12/23/2019 | | |
Blackbrush Oil & Gas, L.P.—Equity Interest | | | | | 9/3/2020 | | |
Blackbrush Oil & Gas, L.P.—Preferred Equity | | | | | 9/3/2020 | | |
Direct Travel, Inc.—Equity Interest | | | | | 10/2/2020 | | |
Lightning Holdings—Equity Interest | | | | | 11/5/2020 | | |
MZR Aggregator—Equity Interest | | | | | 12/22/2020 | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
First Lien Senior Secured Loans | | | | $ | 1,807,805 | | | | | | 78.2% | | | | | $ | 1,774,675 | | | | | | 77.5% | | |
Equity Interest | | | | | 156,399 | | | | | | 6.8 | | | | | | 151,844 | | | | | | 6.6 | | |
Subordinated Note Investment Vehicles (1)
|
| | | | 125,437 | | | | | | 5.5 | | | | | | 125,437 | | | | | | 5.5 | | |
Second Lien Senior Secured Loans | | | | | 120,058 | | | | | | 5.2 | | | | | | 118,561 | | | | | | 5.2 | | |
Preferred Equity | | | | | 42,452 | | | | | | 1.8 | | | | | | 53,991 | | | | | | 2.4 | | |
Equity Interest Investment Vehicles (1) | | | | | 39,596 | | | | | | 1.7 | | | | | | 44,444 | | | | | | 1.9 | | |
Subordinated Debt | | | | | 19,635 | | | | | | 0.8 | | | | | | 20,027 | | | | | | 0.9 | | |
Warrants | | | | | 2 | | | | | | 0.0 | | | | | | 126 | | | | | | 0.0 | | |
Total | | | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
First Lien Senior Secured Loans | | | | $ | 2,193,827 | | | | | | 87.0% | | | | | $ | 2,164,910 | | | | | | 87.1% | | |
Second Lien Senior Secured Loans | | | | | 167,698 | | | | | | 6.6 | | | | | | 161,960 | | | | | | 6.6 | | |
Equity Interests | | | | | 131,491 | | | | | | 5.2 | | | | | | 119,905 | | | | | | 4.8 | | |
Preferred Equity | | | | | 29,723 | | | | | | 1.2 | | | | | | 37,713 | | | | | | 1.5 | | |
Warrants | | | | | — | | | | | | 0.0 | | | | | | — | | | | | | 0.0 | | |
Total | | | | $ | 2,522,739 | | | | | | 100.0% | | | | | $ | 2,484,488 | | | | | | 100.0% | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
United States | | | | $ | 2,071,058 | | | | | | 89.5% | | | | | $ | 2,061,372 | | | | | | 90.0% | | |
Cayman Islands | | | | | 116,916 | | | | | | 5.1 | | | | | | 101,888 | | | | | | 4.5 | | |
United Kingdom | | | | | 41,736 | | | | | | 1.8 | | | | | | 43,658 | | | | | | 1.9 | | |
Ireland | | | | | 27,315 | | | | | | 1.2 | | | | | | 28,050 | | | | | | 1.2 | | |
Luxembourg | | | | | 24,848 | | | | | | 1.1 | | | | | | 24,973 | | | | | | 1.1 | | |
Germany | | | | | 20,657 | | | | | | 0.9 | | | | | | 20,352 | | | | | | 0.9 | | |
Guernsey | | | | | 3,499 | | | | | | 0.2 | | | | | | 3,528 | | | | | | 0.2 | | |
Belgium | | | | | 2,372 | | | | | | 0.1 | | | | | | 2,424 | | | | | | 0.1 | | |
Canada | | | | | 2,195 | | | | | | 0.1 | | | | | | 2,232 | | | | | | 0.1 | | |
Israel | | | | | 386 | | | | | | 0.0 | | | | | | 391 | | | | | | 0.0 | | |
Sweden | | | | | 185 | | | | | | 0.0 | | | | | | 171 | | | | | | 0.0 | | |
Australia | | | | | 217 | | | | | | 0.0 | | | | | | 66 | | | | | | 0.0 | | |
Total | | | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
United States | | | | $ | 2,094,741 | | | | | | 83.0% | | | | | $ | 2,055,861 | | | | | | 82.7% | | |
United Kingdom | | | | | 106,768 | | | | | | 4.2 | | | | | | 110,706 | | | | | | 4.5 | | |
Cayman Islands | | | | | 90,964 | | | | | | 3.7 | | | | | | 73,756 | | | | | | 3.0 | | |
Luxembourg | | | | | 51,840 | | | | | | 2.1 | | | | | | 56,010 | | | | | | 2.3 | | |
Germany | | | | | 38,773 | | | | | | 1.5 | | | | | | 43,085 | | | | | | 1.7 | | |
Israel | | | | | 34,414 | | | | | | 1.4 | | | | | | 35,068 | | | | | | 1.4 | | |
Ireland | | | | | 20,805 | | | | | | 0.8 | | | | | | 21,097 | | | | | | 0.8 | | |
Jersey | | | | | 17,819 | | | | | | 0.7 | | | | | | 19,206 | | | | | | 0.8 | | |
Sweden | | | | | 18,428 | | | | | | 0.7 | | | | | | 17,984 | | | | | | 0.7 | | |
Australia | | | | | 14,099 | | | | | | 0.6 | | | | | | 15,707 | | | | | | 0.6 | | |
France | | | | | 13,142 | | | | | | 0.5 | | | | | | 13,946 | | | | | | 0.6 | | |
Netherlands | | | | | 11,036 | | | | | | 0.4 | | | | | | 11,479 | | | | | | 0.5 | | |
Canada | | | | | 9,910 | | | | | | 0.4 | | | | | | 10,583 | | | | | | 0.4 | | |
Total | | | | $ | 2,522,739 | | | | | | 100.0% | | | | | $ | 2,484,488 | | | | | | 100.0% | | |
| | |
As of December 31, 2021
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
Aerospace & Defense | | | | $ | 309,458 | | | | | | 13.4% | | | | | $ | 282,598 | | | | | | 12.3% | | |
Services: Business | | | | | 226,035 | | | | | | 9.8 | | | | | | 225,437 | | | | | | 9.8 | | |
High Tech Industries | | | | | 182,811 | | | | | | 7.9 | | | | | | 183,069 | | | | | | 8.0 | | |
Consumer Goods: Non-Durable | | | | | 179,733 | | | | | | 7.8 | | | | | | 182,063 | | | | | | 8.0 | | |
Investment Vehicles (2) | | | | | 165,033 | | | | | | 7.1 | | | | | | 169,881 | | | | | | 7.4 | | |
Transportation: Cargo | | | | | 103,012 | | | | | | 4.5 | | | | | | 106,458 | | | | | | 4.7 | | |
Healthcare & Pharmaceuticals | | | | | 102,116 | | | | | | 4.4 | | | | | | 100,771 | | | | | | 4.4 | | |
Automotive | | | | | 87,597 | | | | | | 3.8 | | | | | | 88,555 | | | | | | 3.9 | | |
Retail | | | | | 83,036 | | | | | | 3.6 | | | | | | 83,064 | | | | | | 3.6 | | |
Wholesale | | | | | 77,737 | | | | | | 3.4 | | | | | | 80,070 | | | | | | 3.5 | | |
Energy: Oil & Gas | | | | | 69,588 | | | | | | 3.0 | | | | | | 79,548 | | | | | | 3.5 | | |
Consumer Goods: Durable | | | | | 83,903 | | | | | | 3.6 | | | | | | 76,575 | | | | | | 3.3 | | |
Transportation: Consumer | | | | | 80,027 | | | | | | 3.5 | | | | | | 69,040 | | | | | | 3.0 | | |
Construction & Building | | | | | 70,256 | | | | | | 3.0 | | | | | | 68,570 | | | | | | 3.0 | | |
Capital Equipment | | | | | 65,129 | | | | | | 2.8 | | | | | | 64,841 | | | | | | 2.8 | | |
FIRE: Insurance | | | | | 62,165 | | | | | | 2.7 | | | | | | 63,123 | | | | | | 2.8 | | |
Hotel, Gaming & Leisure | | | | | 53,232 | | | | | | 2.3 | | | | | | 51,956 | | | | | | 2.3 | | |
Media: Diversified & Production | | | | | 46,420 | | | | | | 2.0 | | | | | | 44,835 | | | | | | 2.0 | | |
Telecommunications | | | | | 40,938 | | | | | | 1.8 | | | | | | 41,570 | | | | | | 1.8 | | |
Services: Consumer | | | | | 40,467 | | | | | | 1.8 | | | | | | 41,236 | | | | | | 1.8 | | |
Media: Advertising, Printing & Publishing
|
| | | | 50,389 | | | | | | 2.2 | | | | | | 39,459 | | | | | | 1.7 | | |
Containers, Packaging, & Glass | | | | | 27,379 | | | | | | 1.2 | | | | | | 27,378 | | | | | | 1.2 | | |
Chemicals, Plastics & Rubber | | | | | 26,135 | | | | | | 1.1 | | | | | | 26,863 | | | | | | 1.2 | | |
FIRE: Finance (1) | | | | | 24,245 | | | | | | 1.0 | | | | | | 24,452 | | | | | | 1.1 | | |
Beverage, Food & Tobacco | | | | | 7,563 | | | | | | 0.3 | | | | | | 19,755 | | | | | | 0.9 | | |
Banking | | | | | 18,370 | | | | | | 0.8 | | | | | | 18,690 | | | | | | 0.8 | | |
Consumer Goods: Wholesale | | | | | 14,870 | | | | | | 0.6 | | | | | | 14,827 | | | | | | 0.6 | | |
Media: Broadcasting and Subscription
|
| | | | 8,740 | | | | | | 0.4 | | | | | | 8,979 | | | | | | 0.4 | | |
Hospitality Holdings | | | | | 5,000 | | | | | | 0.2 | | | | | | 5,442 | | | | | | 0.2 | | |
Total | | | | $ | 2,311,384 | | | | | | 100.0% | | | | | $ | 2,289,105 | | | | | | 100.0% | | |
| | |
As of December 31, 2020
|
| |||||||||||||||||||||
| | |
Amortized Cost
|
| |
Percentage of
Total Portfolio |
| |
Fair Value
|
| |
Percentage of
Total Portfolio |
| ||||||||||||
Aerospace & Defense | | | | $ | 331,174 | | | | | | 13.1% | | | | | $ | 296,553 | | | | | | 11.9% | | |
High Tech Industries | | | | | 294,046 | | | | | | 11.7 | | | | | | 295,486 | | | | | | 11.9 | | |
Healthcare & Pharmaceuticals | | | | | 219,147 | | | | | | 8.7 | | | | | | 221,605 | | | | | | 8.9 | | |
Capital Equipment | | | | | 188,123 | | | | | | 7.5 | | | | | | 193,287 | | | | | | 7.8 | | |
Consumer Goods: Non-Durable | | | | | 190,216 | | | | | | 7.5 | | | | | | 189,229 | | | | | | 7.5 | | |
Services: Business | | | | | 181,037 | | | | | | 7.1 | | | | | | 175,560 | | | | | | 7.1 | | |
Transportation: Cargo | | | | | 118,320 | | | | | | 4.7 | | | | | | 118,352 | | | | | | 4.8 | | |
Construction & Building | | | | | 105,567 | | | | | | 4.2 | | | | | | 104,999 | | | | | | 4.2 | | |
Services: Consumer | | | | | 76,341 | | | | | | 3.0 | | | | | | 78,697 | | | | | | 3.2 | | |
Wholesale | | | | | 78,248 | | | | | | 3.1 | | | | | | 78,042 | | | | | | 3.1 | | |
Chemicals, Plastics & Rubber | | | | | 75,808 | | | | | | 3.0 | | | | | | 76,463 | | | | | | 3.1 | | |
Energy: Oil & Gas | | | | | 68,198 | | | | | | 2.7 | | | | | | 68,807 | | | | | | 2.7 | | |
FIRE: Insurance (1) | | | | | 65,017 | | | | | | 2.6 | | | | | | 67,125 | | | | | | 2.7 | | |
Automotive | | | | | 66,470 | | | | | | 2.6 | | | | | | 66,100 | | | | | | 2.7 | | |
Transportation: Consumer | | | | | 71,750 | | | | | | 2.8 | | | | | | 61,243 | | | | | | 2.5 | | |
Consumer Goods: Durable | | | | | 59,399 | | | | | | 2.3 | | | | | | 58,065 | | | | | | 2.3 | | |
Hotel, Gaming & Leisure | | | | | 52,389 | | | | | | 2.1 | | | | | | 49,893 | | | | | | 2.0 | | |
Media: Diversified & Production | | | | | 47,810 | | | | | | 1.9 | | | | | | 48,470 | | | | | | 2.0 | | |
Media: Broadcasting & Subscription | | | | | 43,299 | | | | | | 1.7 | | | | | | 45,036 | | | | | | 1.8 | | |
Media: Advertising, Printing & Publishing
|
| | | | 47,143 | | | | | | 1.9 | | | | | | 41,140 | | | | | | 1.7 | | |
Retail | | | | | 39,050 | | | | | | 1.5 | | | | | | 39,050 | | | | | | 1.6 | | |
Telecommunications | | | | | 21,680 | | | | | | 0.9 | | | | | | 21,543 | | | | | | 0.9 | | |
Energy: Electricity | | | | | 21,979 | | | | | | 0.9 | | | | | | 21,249 | | | | | | 0.9 | | |
Beverage, Food & Tobacco | | | | | 12,087 | | | | | | 0.5 | | | | | | 21,024 | | | | | | 0.8 | | |
Banking | | | | | 14,058 | | | | | | 0.6 | | | | | | 13,622 | | | | | | 0.5 | | |
Containers, Packaging, & Glass | | | | | 11,659 | | | | | | 0.5 | | | | | | 11,781 | | | | | | 0.5 | | |
FIRE: Finance (1) | | | | | 11,830 | | | | | | 0.5 | | | | | | 11,778 | | | | | | 0.5 | | |
FIRE: Real Estate (1) | | | | | 10,894 | | | | | | 0.4 | | | | | | 10,289 | | | | | | 0.4 | | |
| | | | $ | 2,522,739 | | | | | | 100.0% | | | | | $ | 2,484,488 | | | | | | 100.0% | | |
| | |
For the Year Ended
|
|
| | | | |
Interest income | | |
$53,494
|
|
Fee income | | |
217
|
|
Total revenues | | |
53,711
|
|
Credit facility expenses | | |
22,008
|
|
Other fees and expenses | | |
6,661
|
|
Total expenses | | |
28,669
|
|
Net investment income | | |
25,042
|
|
Net realized gains | | |
—
|
|
Net change in unrealized appreciation (depreciation) on investments | | |
—
|
|
Net increase in members’ capital from operations | | |
$25,042
|
|
| | |
As of
|
|
| | | | |
Total investments | | |
$501,545
|
|
Weighted average yield on investments | | |
6.5%
|
|
Number of borrowers in ISLP | | |
27
|
|
Largest portfolio company investment | | |
$40,071
|
|
Total of five largest portfolio company investments | | |
$171,291
|
|
Unfunded commitments | | |
$105
|
|
Currency
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above
Index(1) |
| |
Interest
Rate |
| |
Maturity
Date |
| |
Currency
|
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of Members’
Equity |
| ||||||||||||||||||
Australian Dollar | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Healthcare & Pharmaceuticals | | | Datix Bidco Limited | | | First Lien Senior Secured Loan | | |
BBSW+ 4.00%
|
| | | | 4.25% | | | | | | 4/28/2025 | | | |
AUD
|
| | | | 4,169 | | | | | | 3,289 | | | | | | 3,028 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 3,289 | | | | | | 3,028 | | | | | | 4.9% | | | |||
| | |
Information Technology Services
|
| |
LEAP Legal Software PTY Ltd
|
| | First Lien Senior Secured Loan | | |
BBSY+ 5.75%
|
| | | | 6.75% | | | | | | 3/12/2025 | | | |
AUD
|
| | | | 30,093 | | | | | | 22,867 | | | | | | 21,856 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Information Technology Services
Total |
| | | | 22,867 | | | | | | 21,856 | | | | | | 35.1% | | | |||
| | |
Media: Advertising, Printing &
Publishing |
| | TGI Sport Bidco Pty Ltd | | | First Lien Senior Secured Loan | | |
BBSY+ 7.00%
|
| | | | 7.50% | | | | | | 4/30/2026 | | | |
AUD
|
| | | | 9,610 | | | | | | 6,886 | | | | | | 6,631 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing &
Publishing Total |
| | | | 6,886 | | | | | | 6,631 | | | | | | 10.6% | | | |||
| | | Services: Consumer | | | Zeppelin BidCo Pty Limited | | | First Lien Senior Secured Loan | | |
BBSY+ 6.00%
|
| | | | 5.12% | | | | | | 6/28/2024 | | | |
AUD
|
| | | | 20,415 | | | | | | 16,045 | | | | | | 14,827 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Consumer Total | | | | | 16,045 | | | | | | 14,827 | | | | | | 23.8% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Australian Dollar Total | | | | | 49,087 | | | | | | 46,342 | | | | | | 74.4% | | | |||
British Pounds | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Healthcare & Pharmaceuticals | | | Datix Bidco Limited | | |
Second Lien Senior Secured Loan
|
| |
L+ 7.75%
|
| | | | 8.21% | | | | | | 4/27/2026 | | | |
£
|
| | | | 963 | | | | | | 1,323 | | | | | | 1,303 | | | | | | | | |
| | | | | | Datix Bidco Limited | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.50%
|
| | | | 4.96% | | | | | | 10/28/2024 | | | |
£
|
| | | | 12,013 | | | | | | 16,916 | | | | | | 16,255 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 18,239 | | | | | | 17,558 | | | | | | 28.2% | | | |||
| | | High Tech Industries | | | Armstrong Bidco Limited | | | First Lien Senior Secured Loan | | |
SONIA+ 4.75%
|
| | | | 5.00% | | | | | | 4/30/2025 | | | |
£
|
| | | | 5,602 | | | | | | 7,711 | | | | | | 7,581 | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 7,711 | | | | | | 7,581 | | | | | | 12.2% | | | |||
| | |
Media: Diversified & Production
|
| |
International Entertainment
Investments Limited |
| | First Lien Senior Secured Loan | | |
GBP LIBOR+ 4.75%
|
| | | | 5.06% | | | | | | 5/31/2023 | | | |
£
|
| | | | 8,734 | | | | | | 12,255 | | | | | | 11,782 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production
Total |
| | | | 12,255 | | | | | | 11,782 | | | | | | 18.9% | | | |||
| | | Services: Business | | | Comet Bidco Limited | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 5.25%
|
| | | | 5.42% | | | | | | 9/27/2024 | | | |
£
|
| | | | 7,362 | | | | | | 9,460 | | | | | | 9,249 | | | | | | | | |
| | | | | | Learning Pool Facility B | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.09% | | | | | | 7/7/2028 | | | |
£
|
| | | | 21,000 | | | | | | 28,584 | | | | | | 28,417 | | | | | | | | |
| | | | | | Opus2 | | | First Lien Senior Secured Loan | | |
SONIA+ 5.50%
|
| | | | 5.55% | | | | | | 5/5/2028 | | | |
£
|
| | | | 12,151 | | | | | | 16,326 | | | | | | 16,443 | | | | | | | | |
| | | | | | Parcel2Go Facility B | | | First Lien Senior Secured Loan | | |
SONIA+ 5.75%
|
| | | | 5.80% | | | | | | 7/15/2028 | | | |
£
|
| | | | 12,395 | | | | | | 16,619 | | | | | | 16,689 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Business Total | | | | | 70,989 | | | | | | 70,798 | | | | | | 113.7% | | | |||
| | | Services: Consumer | | | Surrey Bidco Limited | | | First Lien Senior Secured Loan | | |
GBP LIBOR+ 7.00%
|
| | | | 7.50% | | | | | | 5/11/2026 | | | |
£
|
| | | | 4,979 | | | | | | 6,732 | | | | | | 5,929 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Consumer Total | | | | | 6,732 | | | | | | 5,929 | | | | | | 9.5% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | British Pounds Total | | | | | 115,926 | | | | | | 113,648 | | | | | | 182.5% | | | |||
Canadian Dollar | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Media: Diversified & Production
|
| | 9 Story Media Group Inc. | | |
First Lien Senior Secured Loan—
Revolver |
| |
CDOR+ 5.50%
|
| | | | 6.25% | | | | | | 4/30/2026 | | | |
CAD
|
| | | | 16 | | | | | | 13 | | | | | | 13 | | | | | | | | |
| | | | | | 9 Story Media Group Inc. | | | First Lien Senior Secured Loan | | |
CDOR+ 5.50%
|
| | | | 6.25% | | | | | | 4/30/2026 | | | |
CAD
|
| | | | 7,164 | | | | | | 5,688 | | | | | | 5,669 | | | | | | | | |
Currency
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above
Index(1) |
| |
Interest
Rate |
| |
Maturity
Date |
| |
Currency
|
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of Members’
Equity |
| ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production
Total |
| | | | 5,701 | | | | | | 5,682 | | | | | | 9.1% | | | |||
| | | Retail | | | New Look Vision Group | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
CDOR+ 5.25%
|
| | | | 6.25% | | | | | | 5/26/2028 | | | |
CAD
|
| | | | 18,056 | | | | | | 14,752 | | | | | | 14,288 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Retail Total | | | | | 14,752 | | | | | | 14,288 | | | | | | 22.9% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Canadian Dollar Total | | | | | 20,453 | | | | | | 19,970 | | | | | | 32.0% | | | |||
Danish Krone | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Tech Industries | | | VPARK BIDCO AB | | | First Lien Senior Secured Loan | | |
CIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | |
DKK
|
| | | | 56,429 | | | | | | 9,231 | | | | | | 8,628 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 9,231 | | | | | | 8,628 | | | | | | 13.9% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Danish Krone Total | | | | | 9,231 | | | | | | 8,628 | | | | | | 13.9% | | | |||
European Currency | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | FIRE: Insurance | | | MRHT Facility A | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.50%
|
| | | | 5.50% | | | | | | 7/26/2028 | | | |
€
|
| | | | 21,335 | | | | | | 24,521 | | | | | | 24,257 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRE: Insurance Total | | | | | 24,521 | | | | | | 24,257 | | | | | | 39.0% | | | |||
| | | Healthcare & Pharmaceuticals | | | Mertus 522. GmbH | | |
First Lien Senior Secured Loan—
Delayed Draw |
| |
EURIBOR+ 6.25%
|
| | | | 6.25% | | | | | | 5/28/2026 | | | |
€
|
| | | | 12,999 | | | | | | 15,680 | | | | | | 14,780 | | | | | | | | |
| | | | | | Mertus 522. GmbH | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.25%
|
| | | | 6.25% | | | | | | 5/28/2026 | | | |
€
|
| | | | 22,244 | | | | | | 26,830 | | | | | | 25,291 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 42,510 | | | | | | 40,071 | | | | | | 64.4% | | | |||
| | |
Media: Diversified & Production
|
| | 9 Story Media Group Inc. | | | First Lien Senior Secured Loan | | |
EURIBOR+ 5.25%
|
| | | | 5.25% | | | | | | 4/30/2026 | | | |
€
|
| | | | 3,859 | | | | | | 4,694 | | | | | | 4,388 | | | | | | | | |
| | | | | | Aptus 1724 Gmbh | | | First Lien Senior Secured Loan | | |
EURIBOR+ 6.00%
|
| | | | 6.25% | | | | | | 2/23/2028 | | | |
€
|
| | | | 35,000 | | | | | | 40,944 | | | | | | 39,795 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production
Total |
| | | | 45,638 | | | | | | 44,183 | | | | | | 71.0% | | | |||
| | | Services: Business | | | iBanFirst Facility B | | | First Lien Senior Secured Loan | | |
EURIBOR+ 8.50%
|
| | | | 10.00% | | | | | | 7/13/2028 | | | |
€
|
| | | | 10,058 | | | | | | 11,387 | | | | | | 11,437 | | | | | | | | |
| | | | | |
SumUp Holdings Luxembourg S.à.r.l.
|
| | First Lien Senior Secured Loan | | |
EURIBOR+ 8.50%
|
| | | | 10.00% | | | | | | 2/17/2026 | | | |
€
|
| | | | 21,000 | | | | | | 25,038 | | | | | | 23,877 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business Total
|
| | |
|
36,425
|
| | | |
|
35,314
|
| | | |
|
56.7%
|
| | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | European Currency Total | | | | | 149,094 | | | | | | 143,825 | | | | | | 231.1% | | | |||
Norwegian Krone | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Tech Industries | | | VPARK BIDCO AB | | | First Lien Senior Secured Loan | | |
NIBOR+ 4.00%
|
| | | | 4.75% | | | | | | 3/10/2025 | | | |
NOK
|
| | | | 73,280 | | | | | | 8,651 | | | | | | 8,310 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 8,651 | | | | | | 8,310 | | | | | | 13.3% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Norwegian Krone Total | | | | | 8,651 | | | | | | 8,310 | | | | | | 13.3% | | | |||
U.S. Dollars | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Automotive | | | CST Buyer Company | | | First Lien Senior Secured Loan | | |
L+ 5.55%
|
| | | | 6.50% | | | | | | 10/3/2025 | | | |
$
|
| | | | 14,927 | | | | | | 14,927 | | | | | | 14,927 | | | | | | | | |
| | | | | | Cardo | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.50% | | | | | | 5/12/2028 | | | |
$
|
| | | | 9,653 | | | | | | 9,560 | | | | | | 9,653 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Automotive Total | | | | | 24,487 | | | | | | 24,580 | | | | | | 39.5% | | | |||
| | | Chemicals, Plastics & Rubber | | | V Global Holdings LLC | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 7.00% | | | | | | 12/22/2027 | | | |
$
|
| | | | 23,634 | | | | | | 23,634 | | | | | | 23,634 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics & Rubber
Total |
| | | | 23,634 | | | | | | 23,634 | | | | | | 38.0% | | | |||
| | | Healthcare & Pharmaceuticals | | | Golden State Buyer, Inc. | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.50% | | | | | | 6/22/2026 | | | |
$
|
| | | | 14,779 | | | | | | 14,709 | | | | | | 14,733 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals
Total |
| | | | 14,709 | | | | | | 14,733 | | | | | | 23.7% | | | |||
| | | High Tech Industries | | | CB Nike IntermediateCo Ltd | | |
First Lien Senior Secured Loan—
Revolver |
| |
L+ 4.75%
|
| | | | 5.75% | | | | | | 10/31/2025 | | | |
$
|
| | | | 4,384 | | | | | | 4,384 | | | | | | 4,384 | | | | | | | | |
| | | | | | CB Nike IntermediateCo Ltd | | | First Lien Senior Secured Loan | | |
L+ 4.75%
|
| | | | 5.75% | | | | | | 10/31/2025 | | | |
$
|
| | | | 34,367 | | | | | | 34,367 | | | | | | 34,367 | | | | | | | | |
Currency
|
| |
Industry
|
| |
Portfolio Company
|
| |
Investment Type
|
| |
Spread Above
Index(1) |
| |
Interest
Rate |
| |
Maturity
Date |
| |
Currency
|
| |
Principal/Shares(9)
|
| |
Cost
|
| |
Market
Value |
| |
% of Members’
Equity |
| ||||||||||||||||||
| | | | | | Utimaco, Inc. | | | First Lien Senior Secured Loan | | |
L+ 4.00%
|
| | | | 4.10% | | | | | | 8/9/2027 | | | |
$
|
| | | | 14,701 | | | | | | 14,701 | | | | | | 14,701 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | High Tech Industries Total | | | | | 53,452 | | | | | | 53,452 | | | | | | 85.8% | | | |||
| | |
Media: Broadcasting and Subscription Industry
|
| | Lightning Finco Limited | | | First Lien Senior Secured Loan | | |
L+ 5.75%
|
| | | | 6.50% | | | | | | 7/14/2028 | | | |
$
|
| | | | 21,000 | | | | | | 20,790 | | | | | | 21,000 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Broadcasting and
Subscription Total |
| | | | 20,790 | | | | | | 21,000 | | | | | | 33.7% | | | |||
| | | Services: Business | | | Chamber Bidco Limited | | | First Lien Senior Secured Loan | | |
L+ 6.00%
|
| | | | 6.50% | | | | | | 6/7/2028 | | | |
$
|
| | | | 23,423 | | | | | | 23,198 | | | | | | 23,423 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Services: Business Total | | | | | 23,198 | | | | | | 23,423 | | | | | | 37.6% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. Dollars Total | | | | | 160,270 | | | | | | 160,822 | | | | | | 258.3% | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | | | | 512,712 | | | | | | 501,545 | | | | | | 805.5% | | | |||
|
|
Currency Purchased
|
| |
Currency Sold
|
| |
Counterparty
|
| |
Settlement Date
|
| |
Unrealized
Appreciation (Depreciation)(8) |
| ||||||
| AUSTRALIAN DOLLARS 189 | | | EURO 121 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | — | | |
| AUSTRALIAN DOLLARS 731 | | | US DOLLARS 532 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | — | | |
| EURO 2,038 | | | AUSTRALIAN DOLLARS 3,166 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | 16 | | |
| EURO 683 | | | CANADIAN DOLLARS 982 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | (2) | | |
| EURO 892 | | | DANISH KRONE 6,643 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | (1) | | |
| EURO 8,236 | | | BRITISH POUNDS 6959 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | (57) | | |
| EURO 884 | | | NORWEGIAN KRONE 8,626 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 27 | | |
| EURO 15,594 | | | US DOLLARS 18,205 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | (477) | | |
| EURO 5,379 | | | US DOLLARS 6,110 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 5 | | |
| US DOLLARS 9,207 | | | AUSTRALIAN DOLLARS 12,254 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | 299 | | |
| US DOLLARS 3,087 | | | CANADIAN DOLLARS 3,803 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 75 | | |
| US DOLLARS 4,033 | | | DANISH KRONE 25,714 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 102 | | |
| US DOLLARS 33,462 | | | EURO 28,674 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | 863 | | |
| US DOLLARS 5,022 | | | EURO 4,420 | | | Goldman Sachs | | | | | 1/21/2022 | | | | | | (3) | | |
| US DOLLARS 948 | | | EURO 840 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | (7) | | |
| US DOLLARS 609 | | | EURO 540 | | | Morgan Stanley | | | | | 1/21/2022 | | | | | | (5) | | |
| US DOLLARS 37,224 | | | BRITISH POUNDS 26,939 | | | Goldman Sachs | | | | | 1/21/2022 | | | | | | 756 | | |
| US DOLLARS 3,993 | | | NORWEGIAN KRONE 33,392 | | | Standard Chartered Bank | | | | | 1/21/2022 | | | | | | 209 | | |
| | | | | | | | | | | | | | | | | | 1,800 | | |
| | |
As of
|
| |||
| | | | ||||
Investments at fair value (cost—$512,712) | | | | $ | 501,545 | | |
Cash | | | | | 6,830 | | |
Foreign cash | | | | | 3,937 | | |
Deferred financing costs | | | | | 1,981 | | |
Other assets | | | | | 7,347 | | |
Total assets
|
| | | $ | 521,640 | | |
Debt | | | | $ | 272,133 | | |
Subordinated notes payable to members | | | | | 176,336 | | |
Dividend payable | | | | | 1,150 | | |
Unrealized depreciation on forward currency exchange contracts | | | | | 61 | | |
Other payables | | | | | 9,693 | | |
Total liabilities
|
| | | $ | 459,373 | | |
Members’ equity
|
| | | | 62,267 | | |
Total liabilities and members’ equity
|
| | | $ | 521,640 | | |
| | |
For the Year
Ended December 31, |
| |||
| | | | ||||
Investment Income | | | | | | | |
Interest Income | | | | $ | 21,970 | | |
Other | | | | | — | | |
Total investment income
|
| | | | 21,970 | | |
Expenses | | | | | | | |
Interest and debt financing expenses | | | | | 4,926 | | |
Interest expense on members subordinated notes | | | | | 11,467 | | |
General and administrative expenses | | | | | 1,724 | | |
Total expenses
|
| | | | 18,117 | | |
Net investment income
|
| | | | 3,853 | | |
Net realized and unrealized gain (losses) | | | | | | | |
Net realized gain (loss) on investments | | | | | (1,655) | | |
Net realized gain (loss) on foreign currency transactions | | | | | 3,898 | | |
Net realized gain (loss) on foreign currency of debt | | | | | 2,466 | | |
Net realized gain (loss) on forward contracts | | | | | 1,344 | | |
Net change in unrealized appreciation on foreign currency | | | | | (240) | | |
Net change in unrealized appreciation from foreign currency translation of debt | | | | | 6,481 | | |
Net change in unrealized appreciation from foreign currency translation of Subordinated Notes
|
| | | | 2,050 | | |
Net change in unrealized appreciation (depreciation) on forward contracts | | | | | 1,800 | | |
Net change in unrealized appreciation (depreciation) on investments | | | | | (11,167) | | |
Net gain (loss) on investments
|
| | | | 4,977 | | |
Net increase (decrease) in members’ equity resulting from operations
|
| | | $ | 8,830 | | |
| | |
Fair Value Measurements
|
| |||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Measured at
Net Asset Value (2) |
| |
Total
|
| |||||||||||||||
Investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Senior Secured Loans | | | | $ | — | | | | | $ | 99,785 | | | | | $ | 1,674,890 | | | | | $ | — | | | | | $ | 1,774,675 | | |
Second Lien Senior Secured Loans | | | | | — | | | | | | 11,495 | | | | | | 107,066 | | | | | | — | | | | | | 118,561 | | |
Subordinated Note in Investment Vehicles (1)
|
| | | | — | | | | | | — | | | | | | 125,437 | | | | | | — | | | | | | 125,437 | | |
Subordinated Debt | | | | | — | | | | | | — | | | | | | 20,027 | | | | | | — | | | | | | 20,027 | | |
Equity Interest in Investment Vehicles (1)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 44,444 | | | | | | 44,444 | | |
Equity Interests | | | | | — | | | | | | — | | | | | | 151,844 | | | | | | — | | | | | | 151,844 | | |
Preferred Equity | | | | | — | | | | | | — | | | | | | 53,991 | | | | | | — | | | | | | 53,991 | | |
Warrants | | | | | — | | | | | | — | | | | | | 126 | | | | | | — | | | | | | 126 | | |
Total Investments | | | | $ | — | | | | | $ | 111,280 | | | | | $ | 2,133,381 | | | | | $ | 44,444 | | | | | $ | 2,289,105 | | |
Cash equivalents | | | | $ | 177,554 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 177,554 | | |
Forward currency exchange contracts (asset)
|
| | | $ | — | | | | | $ | 5,321 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,321 | | |
| | |
Fair Value Measurements
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Investments: | | | | | | | | | | | | | | | | | | | | | | | | | |
First Lien Senior Secured Loans | | | | $ | — | | | | | $ | 213,760 | | | | | $ | 1,951,150 | | | | | $ | 2,164,910 | | |
Second Lien Senior Secured Loans | | | | | — | | | | | | 21,619 | | | | | | 140,341 | | | | | | 161,960 | | |
Equity Interests | | | | | — | | | | | | — | | | | | | 119,905 | | | | | | 119,905 | | |
Preferred Equity | | | | | — | | | | | | — | | | | | | 37,713 | | | | | | 37,713 | | |
Warrants | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Investments
|
| | | $ | — | | | | | $ | 235,379 | | | | | $ | 2,249,109 | | | | | $ | 2,484,488 | | |
Cash equivalents | | | | $ | 54,952 | | | | | $ | — | | | | | $ | — | | | | | $ | 54,952 | | |
Forward currency exchange contracts (liability) | | | | $ | — | | | | | $ | 22,614 | | | | | $ | — | | | | | $ | 22,614 | | |
| | |
First Lien
Senior Secured Loans |
| |
Equity
Interests |
| |
Second Lien
Senior Secured Loans |
| |
Subordinated
Note in Investment Vehicles (2) |
| |
Preferred
Equity |
| |
Subordinated
Debt |
| |
Warrants
|
| |
Total
Investments |
| ||||||||||||||||||||||||
Balance as of January 1, 2021 | | | | $ | 1,951,150 | | | | | $ | 119,905 | | | | | $ | 140,341 | | | | | $ | — | | | | | $ | 37,713 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,249,109 | | |
Purchases of investments and other adjustments to cost (1)
|
| | | | 868,537 | | | | | | 26,487 | | | | | | 64,012 | | | | | | 125,437 | | | | | | 27,805 | | | | | | 19,497 | | | | | | 2 | | | | | | 1,131,777 | | |
Paid-in-kind interest | | | | | 10,588 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 115 | | | | | | — | | | | | | 10,703 | | |
Net accretion of discounts (amortization of premiums)
|
| | | | 4,649 | | | | | | — | | | | | | 439 | | | | | | — | | | | | | — | | | | | | 23 | | | | | | — | | | | | | 5,111 | | |
Proceeds from principal repayments and sales of investments (1)
|
| | | | (1,185,875) | | | | | | (3,998) | | | | | | (102,254) | | | | | | — | | | | | | (22,096) | | | | | | — | | | | | | — | | | | | | (1,314,223) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | (14,981) | | | | | | 7,032 | | | | | | 2,682 | | | | | | — | | | | | | 3,548 | | | | | | 392 | | | | | | 124 | | | | | | (1,203) | | |
Net realized gains (losses) on investments
|
| | | | 15,434 | | | | | | 2,418 | | | | | | 1,846 | | | | | | — | | | | | | 7,021 | | | | | | — | | | | | | — | | | | | | 26,719 | | |
Transfers to Level 3 | | | | | 25,388 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,388 | | |
Balance as of December 31, 2021
|
| | | $ | 1,674,890 | | | | | $ | 151,844 | | | | | $ | 107,066 | | | | | $ | 125,437 | | | | | $ | 53,991 | | | | | $ | 20,027 | | | | | $ | 126 | | | | | $ | 2,133,381 | | |
Change in unrealized appreciation (depreciation) attributable to investments still held at December 31, 2021
|
| | | $ | (6,094) | | | | | $ | 7,355 | | | | | $ | 3,062 | | | | | $ | — | | | | | $ | 9,699 | | | | | $ | 392 | | | | | $ | 124 | | | | | $ | 14,538 | | |
| | |
First Lien
Senior Secured Loans |
| |
First Lien
Last Out Loans |
| |
Second Lien
Senior Secured Loans |
| |
Subordinated
Debt |
| |
Equity
Interests |
| |
Preferred
Equity |
| |
Warrants
|
| |
Total
Investments |
| ||||||||||||||||||||||||
Balance as of January 1, 2020 | | | | $ | 1,989,621 | | | | | $ | 29,300 | | | | | $ | 124,027 | | | | | $ | 15,000 | | | | | $ | 99,293 | | | | | $ | 24,318 | | | | | $ | 122 | | | | | $ | 2,281,681 | | |
Purchases of investments and other adjustments to cost (1)
|
| | | | 422,917 | | | | | | 2,561 | | | | | | 21,226 | | | | | | — | | | | | | 34,753 | | | | | | 10,104 | | | | | | — | | | | | | 491,561 | | |
Paid-in-kind interest | | | | | 7,978 | | | | | | 402 | | | | | | — | | | | | | — | | | | | | — | | | | | | 68 | | | | | | — | | | | | | 8,448 | | |
Net accretion of discounts (amortization of premiums)
|
| | | | 4,636 | | | | | | 70 | | | | | | 382 | | | | | | 49 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,137 | | |
Proceeds from principal repayments and sales of investments (1)
|
| | | | (386,350) | | | | | | (32,089) | | | | | | (4,420) | | | | | | (14,801) | | | | | | — | | | | | | — | | | | | | — | | | | | | (437,660) | | |
Net change in unrealized appreciation (depreciation) on investments
|
| | | | (20,650) | | | | | | (984) | | | | | | (1,628) | | | | | | (248) | | | | | | (14,141) | | | | | | 3,223 | | | | | | (122) | | | | | | (34,550) | | |
Net realized gains (losses) on investments
|
| | | | 62 | | | | | | 740 | | | | | | (4,115) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,313) | | |
Transfers out of Level 3 | | | | | (77,105) | | | | | | — | | | | | | (2,735) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (79,840) | | |
Transfers to Level 3 | | | | | 10,041 | | | | | | — | | | | | | 7,604 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 17,645 | | |
Balance as of December 31, 2020
|
| | | $ | 1,951,150 | | | | | $ | — | | | | | $ | 140,341 | | | | | $ | — | | | | | $ | 119,905 | | | | | $ | 37,713 | | | | | $ | — | | | | | $ | 2,249,109 | | |
Change in unrealized appreciation (depreciation) attributable to investments still held at December 31, 2020
|
| | | $ | (18,223) | | | | | $ | — | | | | | $ | (2,528) | | | | | $ | — | | | | | $ | (14,141) | | | | | $ | 3,223 | | | | | $ | (122) | | | | | $ | (31,791) | | |
| | |
As of December 31, 2021
|
| ||||||||||||
| | |
Fair Value of
Level 3 Assets (1) |
| |
Valuation Technique
|
| |
Significant
Unobservable Inputs |
| |
Range of Significant
Unobservable Inputs (Weighted Average (2)) |
| |||
First Lien Senior Secured Loans | | | | $ | 1,376,465 | | | |
Discounted Cash Flows
|
| |
Comparative Yields
|
| |
4.9%-19.4% (8.1)%
|
|
First Lien Senior Secured Loans | | | | | 68,877 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
1.0x-9.8x (7.5x)
|
|
First Lien Senior Secured Loans | | | | | 61,707 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
7.3x
|
|
| | | | | | | | | | | |
Probability weighting
of alternative outcomes |
| |
33.3%-66.7%
|
|
First Lien Senior Secured Loans | | | | | 6,627 | | | |
Discounted Cash Flows
|
| |
Discount Rate
|
| |
10.0%
|
|
First Lien Senior Secured Loans | | | | | 3,669 | | | |
Collateral Analysis
|
| |
Recovery Rate
|
| |
100%
|
|
Second Lien Senior Secured Loans | | | | | 87,795 | | | |
Discounted Cash Flows
|
| |
Comparative Yields
|
| |
9.6%-13.5% (11.6)%
|
|
Subordinated Note Investment Vehicles | | | | | 125,437 | | | |
Collateral Analysis
|
| |
Recovery Rate
|
| |
100%
|
|
Subordinated Debt | | | | | 20,027 | | | |
Discounted Cash Flows
|
| |
Comparative Yields
|
| |
11.2%
|
|
Equity Interests | | | | | 53,363 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
5.5x-24.5x (12.0x)
|
|
Equity Interests | | | | | 92,420 | | | |
Discounted Cash Flows
|
| |
Discount Rate
|
| |
10.0%-16.4% (15.2)%
|
|
Preferred Equity | | | | | 43,451 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
4.6x-13.5x (6.7x)
|
|
Preferred Equity | | | | | 5,442 | | | |
Discounted Cash Flows
|
| |
Discount Rate
|
| |
18.0%
|
|
Warrants | | | | | 126 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
5.5x-8.3x (8.3x)
|
|
Total investments | | | | $ | 1,945,406 | | | | | | | | | | | |
| | |
As of December 31, 2020
|
| ||||||||||||
| | |
Fair Value of
Level 3 Assets (1) |
| |
Valuation Technique
|
| |
Significant
Unobservable Inputs |
| |
Range of Significant
Unobservable Inputs (Weighted Average (2)) |
| |||
First Lien Senior Secured Loans | | | | $ | 1,730,334 | | | |
Discounted Cash Flows
|
| |
Comparative Yields
|
| |
4.7%-15.2% (7.7)%
|
|
First Lien Senior Secured Loans | | | | | 54,669 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
7.5x-7.5x (7.5x)
|
|
| | | | | | | | | | | |
Probability weighting of
alternative outcomes |
| |
33.3%-66.7%
|
|
First Lien Senior Secured Loans | | | | | 18,801 | | | |
Discounted Cash Flows
|
| |
Discount Rate
|
| |
10.0%-10.0% (10.0)%
|
|
First Lien Senior Secured Loans | | | | | 17,907 | | | |
Collateral Analysis
|
| |
Recovery Rate
|
| |
100%
|
|
Second Lien Senior Secured Loans | | | | | 103,764 | | | |
Discounted Cash Flows
|
| |
Comparative Yields
|
| |
8.3%-15.7% (10.5)%
|
|
Equity Interests | | | | | 33,019 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
7.0x-17.0x (10.0x)
|
|
Equity Interests | | | | | 78,780 | | | |
Discounted Cash Flows
|
| |
Discount Rate
|
| |
10.0%-16.4% (15.4)%
|
|
Preferred Equity | | | | | 27,474 | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
7.8x-13.3x (11.5x)
|
|
Preferred Equity | | | | | 10,239 | | | |
Discounted Cash Flows
|
| |
Discount Rate
|
| |
10.0%
|
|
Warrants | | | | | — | | | |
Comparable Company Multiple
|
| |
EBITDA Multiple
|
| |
7.8x
|
|
Total investments | | | | $ | 2,074,987 | | | | | | | | | | | |
Portfolio Company
|
| | | |
Gross
Additions |
| |
Gross
Reductions |
| |
Change in
Unrealized Gains (Losses) |
| |
Realized
Gains (Losses) |
| | | |
Dividend,
Interest, and PIK Income |
| |
Other
Income |
| ||||||||||||||||||||||||||
Non-Controlled/affiliate investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ADT Pizza, LLC, Equity Interest (1) | | | | $ | 15,918 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,609 | | | | | $ | — | | | | | $ | 19,527 | | | | | $ | — | | | | | $ | — | | |
Blackbrush Oil & Gas, L.P. Equity Interest (1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Blackbrush Oil & Gas, L.P. Preferred Equity (1) | | | | | 10,239 | | | | | | — | | | | | | — | | | | | | 9,481 | | | | | | — | | | | | | 19,720 | | | | | | 989 | | | | | | — | | |
Blackbrush Oil & Gas, L.P. First Lien Senior Secured Loan
|
| | | | 12,089 | | | | | | 247 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,336 | | | | | | — | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan | | | | | 4,404 | | | | | | 362 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,766 | | | | | | 418 | | | | | | — | | |
Direct Travel, Inc. Equity Interest (1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw
|
| | | | 2,588 | | | | | | 271 | | | | | | — | | | | | | (28) | | | | | | — | | | | | | 2,831 | | | | | | 308 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw
|
| | | | 1,313 | | | | | | 137 | | | | | | — | | | | | | (14) | | | | | | — | | | | | | 1,436 | | | | | | 156 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan | | | | | 44,212 | | | | | | 4,607 | | | | | | — | | | | | | (472) | | | | | | — | | | | | | 48,347 | | | | | | 5,276 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed Draw
|
| | | | 1,950 | | | | | | 2,175 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,125 | | | | | | 279 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan | | | | | 202 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 202 | | | | | | 14 | | | | | | — | | |
Total Non-Controlled/affiliate investment | | | | $ | 92,915 | | | | | $ | 7,799 | | | | | $ | — | | | | | $ | 12,576 | | | | | $ | — | | | | | $ | 113,290 | | | | | $ | 7,440 | | | | | $ | — | | |
Controlled affiliate investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ACC Holdco, LLC, Preferred Equity | | | | $ | 10,828 | | | | |
$
|
—
|
| | | | $ | (10,828) | | | | |
$
|
(3)
|
| | | | $ | 3 | | | | | $ | — | | | | | $ | 2,306 | | | | |
$
|
—
|
| |
Air Comm Corporation LLC, First Lien Senior Secured Loan
|
| | | | 26,484 | | | | | | 661 | | | | | | (27,023) | | | | | | (122) | | | | | | — | | | | | | — | | | | | | 1,948 | | | | | | — | | |
BCC Jetstream Holdings Aviation (On II), LLC, Equity Interest
|
| | | | 629 | | | | |
|
—
|
| | | | | — | | | | | | (629) | | | | | | — | | | | | | — | | | | | | 100 | | | | | | — | | |
BCC Jetstream Holdings Aviation (On II), LLC, First Lien
Senior Secured Loan |
| | | | 6,712 | | | | | | 665 | | | | | | — | | | | | | (750) | | | | | | — | | | | | | 6,627 | | | | | | 873 | | | | | | — | | |
BCC Jetstream Holdings Aviation (Off I), LLC, Equity Interest
|
| | | | 11,703 | | | | | | — | | | | | | — | | | | | | (1,140) | | | | | | — | | | | | | 10,563 | | | | | | 1,068 | | | | | | — | | |
Gale Aviation (Offshore) Co, Equity Interest | | | | | 66,448 | | | | | | 5,329 | | | | | | — | | | | | | 1,062 | | | | | | — | | | | | | 72,839 | | | | | | 8,100 | | | | |
|
—
|
| |
International Senior Loan Program, LLC, Equity Interest Investment Vehicle
|
| | | | — | | | | | | 43,457 | | | | | | — | | | | | | 4,848 | | | | | | (3,861) | | | | | | 44,444 | | | | | | 2,636 | | | | | | — | | |
International Senior Loan Program, LLC, Subordinated Note Investment Vehicle
|
| | | | — | | | | | | 125,437 | | | | | | — | | | | | | — | | | | | | — | | | | | | 125,437 | | | | | | 8,058 | | | | | | — | | |
Lightning Holdings B, LLC- Equity Interest | | | | | 7,308 | | | | | | 6,845 | | | | | | — | | | | | | 698 | | | | | | — | | | | | | 14,851 | | | | | | — | | | | |
|
—
|
| |
Total Controlled affiliate investment | | | | $ | 130,112 | | | | | $ | 182,394 | | | | | $ | (37,851) | | | | | $ | 3,964 | | | | | $ | (3,858) | | | | | $ | 274,761 | | | | | $ | 25,089 | | | | | $ | — | | |
Total | | | | $ | 223,027 | | | | | $ | 190,193 | | | | | $ | (37,851) | | | | | $ | 16,540 | | | | | $ | (3,858) | | | | | $ | 388,051 | | | | | $ | 32,529 | | | | | $ | — | | |
Portfolio Company
|
| | | |
Gross
Additions |
| |
Gross
Reductions |
| |
Change in
Unrealized Gains (Losses) |
| |
Realized
Gains (Losses) |
| | | |
Dividend
and Interest Income |
| |
Other
Income |
| ||||||||||||||||||||||||||
Non-Controlled/affiliate investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ADT Pizza, LLC, Equity Interest (1) | | | | $ | 6,720 | | | | | $ | — | | | | | $ | — | | | | | $ | 9,198 | | | | | $ | — | | | | | $ | 15,918 | | | | | $ | — | | | | | $ | — | | |
Blackbrush Oil & Gas, L.P. Equity Interest (1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Blackbrush Oil & Gas, L.P. Preferred Equity (1) | | | | | — | | | | | | 10,104 | | | | | | — | | | | | | 135 | | | | | | — | | | | | | 10,239 | | | | | | — | | | | | | — | | |
Blackbrush Oil & Gas, L.P. First Lien Senior Secured Loan | | | | | — | | | | | | 12,089 | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,089 | | | | | | 321 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan | | | | | — | | | | | | 4,404 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,404 | | | | | | 14 | | | | | | — | | |
Direct Travel, Inc. Equity Interest (1) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed
Draw |
| | | | — | | | | | | 3,100 | | | | | | — | | | | | | (512) | | | | | | — | | | | | | 2,588 | | | | | | 73 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed
Draw |
| | | | — | | | | | | 1,572 | | | | | | — | | | | | | (259) | | | | | | — | | | | | | 1,313 | | | | | | 37 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan | | | | | — | | | | | | 52,948 | | | | | | — | | | | | | (8,736) | | | | | | — | | | | | | 44,212 | | | | | | 1,236 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan – Delayed
Draw |
| | | | — | | | | | | 1,950 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,950 | | | | | | 28 | | | | | | — | | |
Direct Travel, Inc. First Lien Senior Secured Loan | | | | | — | | | | | | 202 | | | | | | — | | | | | | — | | | | | | — | | | | | | 202 | | | | | | 157 | | | | | | 202 | | |
Total Non-Controlled/affiliate investment | | | | $ | 6,720 | | | | | $ | 86,369 | | | | | $ | — | | | | | $ | (174) | | | | | $ | — | | | | | $ | 92,915 | | | | | $ | 1,866 | | | | | $ | 202 | | |
Controlled affiliate investment | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ACC Holdco, LLC, Preferred Equity | | | | $ | 10,828 | | | | |
$
|
—
|
| | | | $ | — | | | | |
$
|
—
|
| | | | $ | — | | | | | $ | 10,828 | | | | | $ | 868 | | | | |
$
|
—
|
| |
Air Comm Corporation LLC, First Lien Senior Secured Loan
|
| | | | 27,161 | | | | | | 121 | | | | | | (274) | | | | | | (524) | | | | | | — | | | | | | 26,484 | | | | | | 2,290 | | | | | | 4 | | |
BCC Jetstream Holdings Aviation (On II), LLC, Equity Interest
|
| | | | 1,869 | | | | |
|
—
|
| | | | | — | | | | | | (1,240) | | | | | | — | | | | | | 629 | | | | | | 100 | | | | | | — | | |
BCC Jetstream Holdings Aviation (On II), LLC, First Lien Senior Secured Loan
|
| | | | 6,363 | | | | | | 349 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,712 | | | | | | 634 | | | | | | — | | |
BCC Jetstream Holdings Aviation (Off I), LLC, Equity Interest
|
| | | | 13,091 | | | | | | — | | | | | | — | | | | | | (1,388) | | | | | | — | | | | | | 11,703 | | | | | | 1,068 | | | | | | — | | |
Gale Aviation (Offshore) Co, Equity Interest | | | | | 57,773 | | | | | | 26,648 | | | | | | — | | | | | | (17,973) | | | | | | — | | | | | | 66,448 | | | | | | 6,500 | | | | |
|
—
|
| |
Lightning Holdings B, LLC- Equity Interest | | | |
|
—
|
| | | | | 7,308 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,308 | | | | | | — | | | | |
|
—
|
| |
Total Controlled affiliate investment | | | | $ | 117,085 | | | | | $ | 34,426 | | | | | $ | (274) | | | | | $ | (21,125) | | | | |
$
|
—
|
| | | | $ | 130,112 | | | | | $ | 11,460 | | | | | $ | 4 | | |
Total | | | | $ | 123,805 | | | | | $ | 120,795 | | | | | $ | (274) | | | | | $ | (21,299) | | | | |
$
|
—
|
| | | | $ | 223,027 | | | | | $ | 13,326 | | | | | $ | 206 | | |
| | |
As of December 31, 2021
|
| |
As of December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Total Aggregate
Principal Amount Committed |
| |
Principal
Amount Outstanding |
| |
Carrying
Value (1) |
| |
Total Aggregate
Principal Amount Committed |
| |
Principal
Amount Outstanding |
| |
Carrying
Value (1) |
| ||||||||||||||||||
BCSF Revolving Credit Facility
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 425,000 | | | | | $ | 257,774 | | | | | $ | 257,774 | | |
2018-1 Notes | | | | | 365,700 | | | | | | 365,700 | | | | | | 364,178 | | | | | | 365,700 | | | | | | 365,700 | | | | | | 364,006 | | |
JPM Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | 450,000 | | | | | | 293,283 | | | | | | 293,283 | | |
2019-1 Debt | | | | | 352,500 | | | | | | 352,500 | | | | | | 350,969 | | | | | | 398,750 | | | | | | 398,750 | | | | | | 396,265 | | |
Revolving Advisor Loan | | | | | 50,000 | | | | | | — | | | | | | — | | | | | | 50,000 | | | | | | — | | | | | | — | | |
2023 Notes | | | | | 150,000 | | | | | | 112,500 | | | | | | 111,133 | | | | | | 150,000 | | | | | | 150,000 | | | | | | 147,032 | | |
March 2026 Notes | | | | | 300,000 | | | | | | 300,000 | | | | | | 295,260 | | | | | | — | | | | | | — | | | | | | — | | |
October 2026 Notes | | | | | 300,000 | | | | | | 300,000 | | | | | | 293,442 | | | | | | — | | | | | | — | | | | | | — | | |
Sumitomo Credit Facility | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Debt | | | | $ | 1,818,200 | | | | | $ | 1,430,700 | | | | | $ | 1,414,982 | | | | | $ | 1,839,450 | | | | | $ | 1,465,507 | | | | | $ | 1,458,360 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1 — 3 years
|
| |
3 — 5 years
|
| |
More than
5 years |
| |||||||||||||||
2018-1 Notes | | | | $ | 365,700 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 365,700 | | |
2019-1 Debt | | | | | 352,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 352,500 | | |
2023 Notes | | | | | 112,500 | | | | | | — | | | | | | 112,500 | | | | | | — | | | | | | — | | |
March 2026 Notes | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | 300,000 | | | | | | — | | |
October 2026 Notes | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | 300,000 | | | | | | — | | |
Sumitomo Credit Facility | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Debt Obligations | | | | $ | 1,430,700 | | | | | $ | — | | | | | $ | 112,500 | | | | | $ | 600,000 | | | | | $ | 718,200 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||
Borrowing interest expense | | | | $ | 510 | | | | | $ | 14,929 | | | | | $ | 17,566 | | |
Unused facility fee | | | | | 118 | | | | | | 365 | | | | | | 456 | | |
Amortization of deferred financing costs and upfront commitment fees
|
| | | | — | | | | | | 1,127 | | | | | | 1,067 | | |
Total interest and debt financing expenses
|
| | | $ | 628 | | | | | $ | 16,421 | | | | | $ | 19,089 | | |
2018-1 Notes
|
| |
Principal Amount
|
| |
Spread above Index
|
| |
Interest rate at
December 31, 2021 |
|
Class A-1 A | | |
$ 205,900
|
| | 1.55% + 3 Month LIBOR | | |
1.68%
|
|
Class A-1 B | | |
45,000
|
| |
1.50% + 3 Month LIBOR (first 24 months)
|
| |
1.93%
|
|
| | | | | | 1.80% + 3 Month LIBOR (thereafter) | | | | |
Class A-2 | | |
55,100
|
| | 2.15% + 3 Month LIBOR | | |
2.28%
|
|
Class B | | |
29,300
|
| | 3.00% + 3 Month LIBOR | | |
3.13%
|
|
Class C | | |
30,400
|
| | 4.00% + 3 Month LIBOR | | |
4.13%
|
|
Total 2018-1 Notes | | |
365,700
|
| | | | | | |
Membership Interests | | |
85,450
|
| | Non-interest bearing | | |
Not applicable
|
|
Total | | |
$ 451,150
|
| | | | | | |
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$8,026
|
| |
$10,820
|
| |
$16,226
|
|
Amortization of debt issuance costs and upfront commitment fees
|
| |
174
|
| |
174
|
| |
174
|
|
Total interest and debt financing expenses | | |
$8,200
|
| |
$10,994
|
| |
$16,400
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$—
|
| |
$—
|
| |
$4,104
|
|
Unused facility fee | | |
—
|
| |
—
|
| |
357
|
|
Amortization of deferred financing costs and upfront commitment fees
|
| |
—
|
| |
—
|
| |
124
|
|
Total interest and debt financing expenses
|
| |
$—
|
| |
$—
|
| |
$4,585
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$4,290
|
| |
$13,961
|
| |
$19,679
|
|
Unused facility fee | | |
5,097
|
| |
310
|
| |
464
|
|
Amortization of deferred financing costs and upfront commitment fees
|
| |
1,058
|
| |
467
|
| |
53
|
|
Total interest and debt financing expenses
|
| |
$10,445
|
| |
$14,738
|
| |
$20,196
|
|
2019-1 Debt
|
| |
Principal Amount
|
| |
Spread above Index
|
| |
Interest rate at December 31, 2021
|
|
Class A-1-R | | |
$ 282,500
|
| |
1.50% + 3 Month LIBOR
|
| |
1.62%
|
|
Class A-2-R | | |
55,000
|
| |
2.00% + 3 Month LIBOR
|
| |
2.12%
|
|
Class B-R | | |
15,000
|
| |
2.60% + 3 Month LIBOR
|
| |
2.72%
|
|
Total 2019-1 Debt | | |
352,500
|
| | | | | | |
Membership Interests | | |
102,250
|
| | Non-interest bearing | | |
Not applicable
|
|
Total | | |
$ 454,750
|
| | | | | | |
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$9,663
|
| |
$13,071
|
| |
$5,981
|
|
Amortization of debt issuance costs and upfront commitment fees
|
| |
183
|
| |
230
|
| |
79
|
|
Total interest and debt financing expenses
|
| |
$9,846
|
| |
$13,301
|
| |
$6,060
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$—
|
| |
$58
|
| |
$—
|
|
Total interest and debt financing expenses
|
| |
$—
|
| |
$58
|
| |
$—
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Principal amount of debt | | |
$112,500
|
| |
$150,000
|
| |
$—
|
|
Unamortized debt issuance cost | | |
(822)
|
| |
(1,785)
|
| |
—
|
|
Original issue discount, net of accretion | | |
(545)
|
| |
(1,183)
|
| |
—
|
|
Carrying value of 2023 Notes
|
| |
$111,133
|
| |
$147,032
|
| |
$—
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$11,146
|
| |
$7,120
|
| |
$—
|
|
Amortization of debt issuance cost | | |
615
|
| |
406
|
| |
—
|
|
Accretion of original issue discount | | |
408
|
| |
271
|
| |
—
|
|
Total interest and debt financing expenses
|
| |
$12,169
|
| |
$7,797
|
| |
$—
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Principal amount of debt | | |
$300,000
|
| |
$—
|
| |
$—
|
|
Unamortized debt issuance cost | | |
(2,719)
|
| |
—
|
| |
—
|
|
Original issue discount, net of accretion | | |
(2,021)
|
| |
—
|
| |
—
|
|
Carrying value of March 2026 Notes
|
| |
$295,260
|
| |
$—
|
| |
$—
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$7,154
|
| |
$—
|
| |
$—
|
|
Amortization of debt issuance cost | | |
525
|
| |
—
|
| |
—
|
|
Accretion of original issue discount | | |
391
|
| |
—
|
| |
—
|
|
Total interest and debt financing expenses
|
| |
$8,070
|
| |
$—
|
| |
$—
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Principal amount of debt | | |
$300,000
|
| |
$—
|
| |
$—
|
|
Unamortized debt issuance cost | | |
(3,495)
|
| |
—
|
| |
—
|
|
Original issue discount, net of accretion | | |
(3,063)
|
| |
—
|
| |
—
|
|
Carrying value of October 2026 Notes
|
| |
$293,442
|
| |
$—
|
| |
$—
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$1,658
|
| |
$—
|
| |
$—
|
|
Amortization of debt issuance cost | | |
158
|
| |
—
|
| |
—
|
|
Accretion of original issue discount | | |
138
|
| |
—
|
| |
—
|
|
Total interest and debt financing expenses
|
| |
$1,954
|
| |
$—
|
| |
$—
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Borrowing interest expense | | |
$—
|
| |
$—
|
| |
$—
|
|
Unused facility fee | | |
25
|
| |
—
|
| |
—
|
|
Amortization of deferred financing costs and upfront commitment fees
|
| |
8
|
| |
—
|
| |
—
|
|
Total interest and debt financing expenses
|
| |
$33
|
| |
$—
|
| |
$—
|
|
Counterparty
|
| |
Account in the
consolidated statements of assets and liabilities |
| |
Gross amount of
assets on the consolidated statements of assets and liabilities |
| |
Gross amount of
(liabilities) on the consolidated statements of assets and liabilities |
| |
Net amount of assets or
(liabilities) presented on the consolidated statements of assets and liabilities |
| |
Cash Collateral
paid (received)(1) |
| |
Net
Amounts(2) |
| |||||||||||||||
Bank of New York
|
| | | | | $ | 4,882 | | | | | $ | (31) | | | | | $ | 4,851 | | | | | $ | 0 | | | | | $ | 4,851 | | | |
Citibank | | | | | | $ | 1,767 | | | | | $ | (1,297) | | | | | $ | 470 | | | | | $ | 0 | | | | | $ | 470 | | |
Counterparty
|
| |
Account in the
consolidated statements of assets and liabilities |
| |
Gross amount of
assets on the consolidated statements of assets and liabilities |
| |
Gross amount of
(liabilities) on the consolidated statements of assets and liabilities |
| |
Net amount of assets or
(liabilities) presented on the consolidated statements of assets and liabilities |
| |
Cash Collateral
paid (received)(1) |
| |
Net
Amounts(2) |
| |||||||||||||||
Bank of New York
|
| | | | | $ | — | | | | | $ | (482) | | | | | $ | (482) | | | | | $ | 482 | | | | | $ | — | | | |
Citibank | | | | | | $ | — | | | | | $ | (2,525) | | | | | $ | (2,525) | | | | | $ | 2,525 | | | | | $ | — | | | |
Goldman Sachs | | | | | | $ | — | | | | | $ | (19,607) | | | | | $ | (19,607) | | | | | $ | — | | | | | $ | (19,607) | | |
| | |
For the Years Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Net realized gain (loss) on forward currency exchange contracts
|
| |
$(23,773)
|
| |
$6,472
|
| |
$11,043
|
|
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts
|
| |
27,935
|
| |
(22,396)
|
| |
(9,540)
|
|
Total net realized and unrealized gain (losses) on forward currency exchange contracts
|
| |
$4,162
|
| |
$(15,924)
|
| |
$1,503
|
|
Date Declared
|
| |
Record Date
|
| |
Payment Date
|
| |
Amount Per
Share |
| |
Total
Distributions |
| ||||||
February 21, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,108 | | | ||
May 7, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
August 1, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
October 31, 2019 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
February 20, 2020 | | | | | | | | $ | 0.41 | | | | | $ | 21,176 | | | ||
May 4, 2020 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
July 30, 2020 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
October 28, 2020 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
February 18, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
April 27, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
July 29, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
October 28, 2021 | | | | | | | | $ | 0.34 | | | | | $ | 21,951 | | | ||
Total distributions declared | | | | | | | | | | $ | 4.43 | | | | | $ | 259,469 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||||||||||||||
| | | | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||
Total capital drawdowns | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Issuance of common stock, net | | | | | — | | | | | | — | | | | | | 12,912,453.00 | | | | | | 128,372 | | | | | | — | | | | | | — | | |
Dividend reinvestment | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 167,674.81 | | | | | | 3,322 | | |
Total capital drawdowns and dividend reinvestment
|
| | | | — | | | | | $ | — | | | | | | 12,912,453.00 | | | | | $ | 128,372 | | | | | | 167,674.81 | | | | | $ | 3,322 | | |
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Distributions paid from: | | | | | | | | | | |
Ordinary Income | | |
$87,805
|
| |
$87,029
|
| |
$84,636
|
|
Net Long-Term Capital Gains | | |
—
|
| |
—
|
| |
—
|
|
Total Taxable Distributions | | |
$87,805
|
| |
$87,029
|
| |
$84,636
|
|
| | |
For the Year Ended December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Net increase in net assets resulting from operations | | |
$119,807
|
| |
$8,278
|
| |
$98,085
|
|
Net change in unrealized (appreciation) depreciation | | |
(42,971)
|
| |
50,331
|
| |
(5,433)
|
|
Expenses not currently deductible | | |
793
|
| |
232
|
| |
—
|
|
Income for tax but not book | | |
(28,036)
|
| |
(553)
|
| |
(26,327)
|
|
Taxable/Distributable Income (1) | | |
$49,593
|
| |
$58,288
|
| |
$66,325
|
|
| | |
As of December 31,
|
| ||||||
| | | | |
2020
|
| |
2019
|
| |
Tax cost | | |
$2,318,919
|
| |
$2,527,163
|
| |
$2,536,466
|
|
Gross unrealized appreciation | | |
74,350
|
| |
47,890
|
| |
35,500
|
|
Gross unrealized depreciation | | |
(104,165)
|
| |
(104,331)
|
| |
(45,494)
|
|
Net unrealized appreciation (depreciation) on investments and forward currency exchange contracts
|
| |
$(29,815)
|
| |
$(56,441)
|
| |
$(9,994)
|
|
| | |
Expiration
Date (1) |
| |
Unfunded
Commitments (2) |
| ||||||
Portfolio Company & Investment | | | | | | | | | | | | | |
9 Story Media Group Inc. – Revolver | | | | | 4/30/2026 | | | | | $ | 1 | | |
A&R Logistics, Inc. – Revolver | | | | | 5/5/2025 | | | | | | 3,281 | | |
Abracon Group Holding, LLC. – Revolver | | | | | 7/18/2024 | | | | | | 2,833 | | |
Allworth Financial Group, L.P. – Delayed Draw | | | | | 12/23/2026 | | | | | | 507 | | |
Allworth Financial Group, L.P. – Revolver | | | | | 12/23/2026 | | | | | | 2,440 | | |
AMI US Holdings Inc. – Revolver | | | | | 4/1/2024 | | | | | | 1,047 | | |
Amspec Services, Inc. – Revolver | | | | | 7/2/2024 | | | | | | 4,179 | | |
Ansira Holdings, Inc. – Revolver | | | | | 12/20/2022 | | | | | | 1,700 | | |
Appriss Holdings, Inc. – Revolver | | | | | 5/6/2027 | | | | | | 753 | | |
Aramsco, Inc. – Revolver | | | | | 8/28/2024 | | | | | | 3,387 | | |
Armstrong Bidco T/L – First Lien Senior Secured Loan | | | | | 4/30/2025 | | | | | | 6,542 | | |
ASP-r-pac Acquisition Co LLC – Revolver | | | | | 12/29/2027 | | | | | | 2,603 | | |
Batteries Plus Holding Corporation – Revolver | | | | | 6/30/2023 | | | | | | 3,433 | | |
Captain D’s LLC – Revolver | | | | | 12/15/2023 | | | | | | 1,862 | | |
| | |
Expiration
Date (1) |
| |
Unfunded
Commitments (2) |
| ||||||
CPS Group Holdings, Inc. – Revolver | | | | | 3/3/2025 | | | | | | 4,933 | | |
CST Buyer Company – Revolver | | | | | 10/3/2025 | | | | | | 2,190 | | |
DC Blox Inc. – First Lien Senior Secured Loan | | | | | 3/22/2026 | | | | | | 12,781 | | |
Direct Travel, Inc. – Delayed Draw | | | | | 10/2/2023 | | | | | | 2,625 | | |
Efficient Collaborative Retail Marketing Company, LLC – Revolver | | | | | 6/15/2022 | | | | | | 2,267 | | |
Element Buyer, Inc. – Revolver | | | | | 7/19/2024 | | | | | | 2,550 | | |
Grammer Purchaser, Inc. – Revolver | | | | | 9/30/2024 | | | | | | 1,050 | | |
Great Expressions Dental Center PC – Revolver | | | | | 9/28/2022 | | | | | | 215 | | |
Green Street Parent, LLC – Revolver | | | | | 8/27/2025 | | | | | | 2,419 | | |
GSP Holdings, LLC – Revolver | | | | | 11/6/2025 | | | | | | 2,947 | | |
JHCC Holdings, LLC – Revolver | | | | | 9/9/2025 | | | | | | 1,939 | | |
Kellstrom Commercial Aerospace, Inc. – Revolver | | | | | 7/1/2025 | | | | | | 3,092 | | |
Mach Acquisition R/C – Revolver | | | | | 10/18/2026 | | | | | | 10,043 | | |
Margaux Acquisition Inc. – Revolver | | | | | 12/19/2024 | | | | | | 2,872 | | |
Margaux UK Finance Limited – Revolver | | | | | 12/19/2024 | | | | | | 675 | | |
masLabor Revolver – Revolver | | | | | 7/1/2027 | | | | | | 1,034 | | |
MRHT Acquisition Facility – First Lien Senior Secured Loan | | | | | 7/26/2028 | | | | | | 569 | | |
MRI Software LLC – Revolver | | | | | 2/10/2026 | | | | | | 1,782 | | |
MZR Buyer, LLC – Revolver | | | | | 12/22/2026 | | | | | | 5,210 | | |
New Look (Delaware) Corporation – Delayed Draw | | | | | 5/26/2028 | | | | | | 2,005 | | |
New Look Vision Group – Delayed Draw | | | | | 5/26/2028 | | | | | | 3,803 | | |
New Look Vision Group – Revolver | | | | | 5/26/2026 | | | | | | 1,700 | | |
Omni Intermediate DD T/L 2 – First Lien Senior Secured Loan | | | | | 11/30/2027 | | | | | | 870 | | |
Omni Intermediate R/C – Revolver | | | | | 11/30/2026 | | | | | | 549 | | |
Opus2 – Delayed Draw | | | | | 5/5/2028 | | | | | | 7,382 | | |
Paisley Bidco Limited – Delayed Draw | | | | | 11/24/2028 | | | | | | 8,624 | | |
Parcel2Go Acquisition Facility – Subordinated Debt | | | | | 7/17/2028 | | | | | | 3,731 | | |
Refine Intermediate, Inc. – Revolver | | | | | 9/3/2026 | | | | | | 5,340 | | |
Revalize, Inc. – Delayed Draw | | | | | 4/15/2027 | | | | | | 13,395 | | |
Revalize, Inc. – Revolver | | | | | 4/15/2027 | | | | | | 1,340 | | |
RoC Opco LLC – Revolver | | | | | 2/25/2025 | | | | | | 10,241 | | |
Service Master Revolving Loan – Revolver | | | | | 8/16/2027 | | | | | | 3,240 | | |
Smartronix RC – Revolver | | | | | 11/23/2028 | | | | | | 6,321 | | |
Solaray, LLC – Revolver | | | | | 9/9/2022 | | | | | | 11,844 | | |
SunMed Group Holdings, LLC – Revolver | | | | | 6/16/2027 | | | | | | 1,032 | | |
Swoogo LLC – Revolver | | | | | 12/9/2026 | | | | | | 1,243 | | |
TEI Holdings Inc. – Revolver | | | | | 12/23/2025 | | | | | | 4,070 | | |
TGI Sport Bidco Pty Ltd – Revolver | | | | | 4/30/2027 | | | | | | 3,026 | | |
Tidel Engineering, L.P. – Revolver | | | | | 3/1/2023 | | | | | | 4,250 | | |
TLC Purchaser, Inc. – Delayed Draw | | | | | 10/10/2025 | | | | | | 7,119 | | |
TLC Purchaser, Inc. – Revolver | | | | | 10/13/2025 | | | | | | 2,492 | | |
V Global Holdings LLC – Revolver | | | | | 12/22/2025 | | | | | | 5,835 | | |
| | |
Expiration
Date (1) |
| |
Unfunded
Commitments (2) |
| ||||||
Ventiv Holdco, Inc. – Revolver | | | | | 9/3/2025 | | | | | | 3,407 | | |
WCI Gigawatt Purchaser DD T/L – Delayed Draw | | | | | 11/19/2027 | | | | | | 1,646 | | |
WCI Gigawatt Purchaser R/C – Revolver | | | | | 11/19/2027 | | | | | | 3,218 | | |
WCI-HSG Purchaser, Inc. – Revolver | | | | | 2/24/2025 | | | | | | 1,478 | | |
Whitcraft LLC – Revolver | | | | | 4/3/2023 | | | | | | 1,812 | | |
World Insurance – Revolver | | | | | 4/1/2026 | | | | | | 861 | | |
WSP Initial Term Loan – First Lien Senior Secured Loan | | | | | 4/27/2023 | | | | | | 1,797 | | |
WSP Revolving Loan – Revolver | | | | | 4/27/2027 | | | | | | 402 | | |
WU Holdco, Inc. – First Lien Senior Secured Loan | | | | | 3/26/2026 | | | | | | 1,708 | | |
WU Holdco, Inc. – Revolver | | | | | 3/26/2025 | | | | | | 3,944 | | |
YLG Holdings, Inc. – Revolver | | | | | 10/31/2025 | | | | | | 8,545 | | |
Total First Lien Senior Secured Loans
|
| | | | | | | | | $ | 234,031 | | |
|
| | |
Expiration
Date (1) |
| |
Unfunded
Commitments (2) |
| ||||||
First Lien Senior Secured Loans | | | | | | | | | | | | | |
9 Story Media Group Inc. – Revolver | | | | | 4/30/2026 | | | | | $ | 74 | | |
A&R Logistics, Inc. – Revolver | | | | | 5/5/2025 | | | | | | 6,096 | | |
Abracon Group Holding, LLC. – Revolver | | | | | 7/18/2024 | | | | | | 2,833 | | |
Allworth Financial Group, L.P. – Delayed Draw | | | | | 12/23/2026 | | | | | | 3,042 | | |
Allworth Financial Group, L.P. – Revolver | | | | | 12/23/2026 | | | | | | 2,440 | | |
AMI US Holdings Inc. – Revolver | | | | | 4/1/2024 | | | | | | 488 | | |
Amspec Services, Inc. – Revolver | | | | | 7/2/2024 | | | | | | 5,667 | | |
Ansira Holdings, Inc. – Revolver | | | | | 12/20/2024 | | | | | | 1,700 | | |
AP Plastics Group, LLC – Revolver | | | | | 8/2/2021 | | | | | | 5,667 | | |
Appriss Holdings, Inc. – Revolver | | | | | 5/30/2025 | | | | | | 4,711 | | |
Aramsco, Inc. – Revolver | | | | | 8/28/2024 | | | | | | 3,387 | | |
Batteries Plus Holding Corporation – Revolver | | | | | 7/6/2022 | | | | | | 4,250 | | |
Captain D’s LLC – Revolver | | | | | 12/15/2023 | | | | | | 490 | | |
CB Nike IntermediateCo Ltd – Revolver | | | | | 10/31/2025 | | | | | | 4,428 | | |
CMI Marketing Inc – Revolver | | | | | 5/24/2023 | | | | | | 2,112 | | |
CPS Group Holdings, Inc. – Revolver | | | | | 3/3/2025 | | | | | | 4,933 | | |
CST Buyer Company – Revolver | | | | | 10/3/2025 | | | | | | 2,190 | | |
Datix Bidco Limited – Revolver | | | | | 10/28/2024 | | | | | | 1,328 | | |
Direct Travel, Inc. – Delayed Draw | | | | | 10/2/2023 | | | | | | 4,800 | | |
Dorner Manufacturing Corp – Revolver | | | | | 3/15/2022 | | | | | | 1,099 | | |
| | |
Expiration
Date (1) |
| |
Unfunded
Commitments (2) |
| ||||||
Efficient Collaborative Retail Marketing Company, LLC – Revolver | | | | | 6/15/2022 | | | | | | 1,275 | | |
Element Buyer, Inc. – Revolver | | | | | 7/19/2024 | | | | | | 3,967 | | |
FFI Holdings I Corp – Delayed Draw | | | | | 1/24/2025 | | | | | | 3,156 | | |
FFI Holdings I Corp – Revolver | | | | | 1/24/2025 | | | | | | 3,938 | | |
Fineline Technologies, Inc. – Revolver | | | | | 11/4/2022 | | | | | | 2,633 | | |
Grammer Purchaser, Inc. – Revolver | | | | | 9/30/2024 | | | | | | 1,050 | | |
Great Expressions Dental Center PC – Revolver | | | | | 9/28/2022 | | | | | | 513 | | |
Green Street Parent, LLC – Revolver | | | | | 8/27/2025 | | | | | | 2,419 | | |
GSP Holdings, LLC – Revolver | | | | | 11/6/2025 | | | | | | 3,400 | | |
JHCC Holdings, LLC – Delayed Draw | | | | | 9/9/2025 | | | | | | 6,262 | | |
JHCC Holdings, LLC – Revolver | | | | | 9/9/2025 | | | | | | 1,272 | | |
Kellstrom Commercial Aerospace, Inc. – Revolver | | | | | 7/1/2025 | | | | | | 1,066 | | |
Margaux Acquisition Inc. – Revolver | | | | | 12/19/2024 | | | | | | 2,872 | | |
Margaux UK Finance Limited – Revolver | | | | | 12/19/2024 | | | | | | 681 | | |
MRI Software LLC – Delayed Draw | | | | | 2/10/2026 | | | | | | 731 | | |
MRI Software LLC – Revolver | | | | | 2/10/2026 | | | | | | 1,782 | | |
Profile Products LLC – Revolver | | | | | 12/20/2024 | | | | | | 3,003 | | |
Refine Intermediate, Inc. – Revolver | | | | | 9/3/2026 | | | | | | 5,340 | | |
RoC Opco LLC – Revolver | | | | | 2/25/2025 | | | | | | 10,241 | | |
Solaray, LLC – Revolver | | | | | 9/9/2022 | | | | | | 5,327 | | |
TA/WEG Holdings – Delayed Draw | | | | | 10/2/2025 | | | | | | 7,538 | | |
TEI Holdings Inc. – Revolver | | | | | 12/23/2025 | | | | | | 1,055 | | |
Thrasio – Delayed Draw | | | | | 12/18/2026 | | | | | | 12,522 | | |
Tidel Engineering, L.P. – Revolver | | | | | 3/1/2023 | | | | | | 4,250 | | |
TLC Purchaser, Inc. – Delayed Draw | | | | | 10/13/2025 | | | | | | 7,119 | | |
TLC Purchaser, Inc. – Revolver | | | | | 10/13/2025 | | | | | | 8,900 | | |
V Global – Revolver | | | | | 12/22/2025 | | | | | | 7,885 | | |
Ventiv Holdco, Inc. – Revolver | | | | | 9/3/2025 | | | | | | 2,981 | | |
WCI-HSG Purchaser, Inc. – Revolver | | | | | 2/24/2025 | | | | | | 1,612 | | |
Whitcraft LLC – Revolver | | | | | 4/3/2023 | | | | | | 1,812 | | |
WU Holdco, Inc. – Revolver | | | | | 3/26/2025 | | | | | | 3,043 | | |
YLG Holdings, Inc. – Revolver | | | | | 10/31/2025 | | | | | | 8,545 | | |
Total First Lien Senior Secured Loans
|
| | | | | | | | | $ | 189,925 | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||||||||
| | | | |
2020
|
| |
2019
|
| |
2018
|
| |
2017
|
| ||||||||||||||||
Per share data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net asset value at beginning of year | | | | $ | 16.54 | | | | | $ | 19.72 | | | | | $ | 19.46 | | | | | $ | 20.30 | | | | | $ | 20.10 | | |
Net investment income (loss) (1) | | | | | 1.36 | | | | | | 1.46 | | | | | | 1.64 | | | | | | 1.45 | | | | | | 0.73 | | |
Net realized gain (loss)(1)(7) | | | | | (0.17) | | | | | | (0.46) | | | | | | 0.15 | | | | | | (0.17) | | | | | | 0.00 | | |
Net change in unrealized appreciation (depreciation) (1)(2)(8)
|
| | | | 0.67 | | | | | | (0.86) | | | | | | 0.11 | | | | | | (0.60) | | | | | | 0.17 | | |
Net increase in net assets resulting from operations
(1)(9)(10)
|
| | | | 1.86 | | | | | | 0.14 | | | | | | 1.90 | | | | | | 0.68 | | | | | | 0.90 | | |
Stockholder distributions from income (3) | | | | | (1.36) | | | | | | (1.43) | | | | | | (1.64) | | | | | | (1.52) | | | | | | (0.70) | | |
Issuance / (dilution due to issuance) of common stock
|
| | | | — | | | | | | (1.89) | | | | | | — | | | | | | — | | | | | | — | | |
Net asset value at end of year | | | | $ | 17.04 | | | | | $ | 16.54 | | | | | $ | 19.72 | | | | | $ | 19.46 | | | | | | 20.30 | | |
Net assets at end of year | | | | $ | 1,100,006 | | | | | $ | 1,068,004 | | | | | $ | 1,018,400 | | | | | $ | 1,001,629 | | | | | $ | 506,963 | | |
Shares outstanding at end of year | | | | | 64,562,265.27 | | | | | | 64,562,265.27 | | | | | | 51,649,812.27 | | | | | | 51,482,137.46 | | | | | | 24,975,812.40 | | |
Per share market value at end of year | | | | $ | 15.21 | | | | | $ | 12.13 | | | | | $ | 19.76 | | | | | | 16.77 | | | | | | N/A | | |
Total return based on market value (12) | | | | | 37.13% | | | | | | (29.82)% | | | | | | 28.18% | | | | | | (15.16)% | | | | | | N/A | | |
Total return based on net asset value (4) | | | | | 11.55% | | | | | | (8.62)% | | | | | | 10.02% | | | | | | 3.36% | | | | | | 4.52% | | |
Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of net investment income (loss) to average net assets (5)(11)
|
| | | | 8.08% | | | | | | 8.58% | | | | | | 8.36% | | | | | | 7.19% | | | | | | 3.51% | | |
Ratio of total expenses to average net assets (5)(11) | | | | | 10.10% | | | | | | 10.85% | | | | | | 11.14% | | | | | | 5.57% | | | | | | 2.57% | | |
Supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ratio of interest and debt financing expenses to average net assets (5)
|
| | | | 4.73% | | | | | | 6.33% | | | | | | 6.53% | | | | | | 3.09% | | | | | | 0.89% | | |
Ratio of expenses (without incentive fees) to average net assets (5)(11)
|
| | | | 8.30% | | | | | | 10.47% | | | | | | 9.69% | | | | | | 4.71% | | | | | | 2.38% | | |
Ratio of incentive fees and management fees, net
of contractual and voluntary waivers, to average net assets (5)(11) |
| | | | 4.56% | | | | | | 3.63% | | | | | | 3.85% | | | | | | 2.00% | | | | | | 0.19% | | |
Average principal debt outstanding | | | | $ | 1,414,069 | | | | | $ | 1,572,195 | | | | | $ | 1,339,072 | | | | | $ | 490,468 | | | | | $ | 67,253 | | |
Portfolio turnover (6) | | | | | 49.83% | | | | | | 21.15% | | | | | | 49.37% | | | | | | 19.95% | | | | | | 18.57% | | |
Total committed capital, end of year | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | $ | N/A | | | | | $ | 1,255,119 | | |
Ratio of total contributed capital to total committed capital, end of year
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 40.04% | | |
| | | | | | | | | | ||||||||||||||||
Total investment income | | | | $ | 51,528 | | | | | $ | 49,545 | | | | | $ | 46,490 | | | | | $ | 49,831 | | |
Net investment income before taxes | | | | $ | 22,022 | | | | | $ | 21,761 | | | | | $ | 21,924 | | | | | $ | 22,165 | | |
Excise tax expense | | | | $ | 134 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net investment income after taxes | | | | $ | 21,888 | | | | | $ | 21,761 | | | | | $ | 21,924 | | | | | $ | 22,165 | | |
Net realized and unrealized gain (loss) | | | | $ | 391 | | | | | $ | 1,581 | | | | | $ | 20,509 | | | | | $ | 9,588 | | |
Net increase in net assets resulting from operations | | | | $ | 22,279 | | | | | $ | 23,342 | | | | | $ | 42,433 | | | | | $ | 31,753 | | |
Net realized and unrealized gain (loss) per share — basic
and diluted |
| | | $ | 0.01 | | | | | $ | 0.02 | | | | | $ | 0.32 | | | | | $ | .15 | | |
Net increase in net assets resulting from operations per share — basic and diluted
|
| | | $ | 0.35 | | | | | $ | 0.36 | | | | | $ | 0.66 | | | | | $ | 0.49 | | |
Net asset value per share at period end | | | | $ | 17.04 | | | | | $ | 17.03 | | | | | $ | 17.01 | | | | | $ | 16.69 | | |
| | | | | | | | | | ||||||||||||||||
Total investment income | | | | $ | 48,276 | | | | | $ | 46,817 | | | | | $ | 47,871 | | | | | $ | 51,496 | | |
Net investment income before taxes | | | | $ | 22,085 | | | | | $ | 21,456 | | | | | $ | 20,022 | | | | | $ | 22,500 | | |
Excise tax expense | | | | $ | 232 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net investment income after taxes | | | | $ | 21,853 | | | | | $ | 21,456 | | | | | $ | 20,022 | | | | | $ | 22,500 | | |
Net realized and unrealized gain (loss) | | | | $ | 17,643 | | | | | $ | 30,001 | | | | | $ | 1,750 | | | | | $ | (126,947) | | |
Net increase in net assets resulting from operations | | | | $ | 39,496 | | | | | $ | 51,457 | | | | | $ | 21,772 | | | | | $ | (104,447) | | |
Net realized and unrealized gain (loss) per share — basic
and diluted |
| | | $ | 0.27 | | | | | $ | 0.46 | | | | | $ | 0.03 | | | | | $ | (2.46) | | |
Net increase in net assets resulting from operations per share — basic and diluted
|
| | | $ | 0.61 | | | | | $ | 0.80 | | | | | $ | 0.40 | | | | | $ | (2.02) | | |
Net asset value per share at period end | | | | $ | 16.54 | | | | | $ | 16.27 | | | | | $ | 15.81 | | | | | $ | 17.29 | | |
| | | | | | | | | | ||||||||||||||||
Total investment income | | | | $ | 54,767 | | | | | $ | 52,688 | | | | | $ | 50,598 | | | | | $ | 39,892 | | |
Net investment income before taxes | | | | $ | 21,292 | | | | | $ | 21,175 | | | | | $ | 21,155 | | | | | $ | 21,245 | | |
Excise tax expense | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net investment income after taxes | | | | $ | 21,292 | | | | | $ | 21,175 | | | | | $ | 21,155 | | | | | $ | 21,245 | | |
Net realized and unrealized gain (loss) | | | | $ | 59 | | | | | $ | (2,976) | | | | | $ | (1,933) | | | | | $ | 18,068 | | |
Net increase (decrease) in net assets resulting from operations
|
| | | $ | 21,351 | | | | | $ | 18,199 | | | | | $ | 19,222 | | | | | $ | 39,313 | | |
Net realized and unrealized gain (loss) per share — basic
and diluted |
| | | $ | 0.00 | | | | | $ | (0.06) | | | | | $ | (0.04) | | | | | $ | 0.35 | | |
Net increase (decrease) in net assets resulting from operations per share — basic and diluted
|
| | | $ | 0.41 | | | | | $ | 0.35 | | | | | $ | 0.37 | | | | | $ | 0.76 | | |
Net asset value per share at period end | | | | $ | 19.72 | | | | | $ | 19.71 | | | | | $ | 19.77 | | | | | $ | 19.81 | | |
|
Exhibit
Number |
| |
Description of Document
|
|
| 10.42* | | | Amended and Restated Limited Liability Company Agreement, dated December 27, 2021, of Bain Capital Senior Loan Program, LLC. | |
| 14.1 | | | | |
| 23.1* | | | | |
| 24.1 | | | | |
| 31.1* | | | Certification of Chief Executive Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended. | |
| 31.2* | | | Certification of Chief Financial Officer pursuant to Rule 13a-14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended. | |
| 32* | | | |
| | | | Bain Specialty Capital Finance, Inc. | |
| Date: February 23, 2022 | | |
By:
/s/ Michael A. Ewald
|
|
| | | |
Name:
|
|
| | | |
Title:
Chief Executive Officer
|
|
| Date: February 23, 2022 | | |
By:
/s/ Sally F. Dornaus
|
|
| | | |
Name:
|
|
| | | |
Title:
Chief Financial Officer
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ MICHAEL A. EWALD
|
| | Director & Chief Executive Officer | | | | |
|
/s/ SALLY F. DORNAUS
|
| | Chief Financial Officer | | | | |
|
|
| | Director & Chairman | | | | |
|
/s/ AMY BUTTE
|
| | Director | | | | |
|
/s/ DAVID G. FUBINI
|
| | Director | | | | |
|
/s/ THOMAS A. HOUGH
|
| | Director | | | | |
|
/s/ JAY MARGOLIS
|
| | Director | | | | |
|
/s/ CLARE RICHER
|
| | Director | | | |
This ‘10-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
10/15/33 | ||||
10/20/30 | ||||
12/24/26 | ||||
10/13/26 | ||||
3/10/26 | ||||
2/9/26 | ||||
10/15/25 | ||||
1/29/25 | ||||
10/15/23 | ||||
6/30/23 | ||||
6/10/23 | ||||
3/27/23 | ||||
1/29/23 | ||||
12/31/22 | ||||
11/29/22 | ||||
10/20/22 | ||||
4/13/22 | ||||
Filed on: | 2/23/22 | 8-K | ||
2/19/22 | ||||
2/11/22 | ||||
2/9/22 | 8-K | |||
1/28/22 | ||||
For Period end: | 12/31/21 | |||
12/30/21 | 8-K | |||
12/27/21 | ||||
12/24/21 | 8-K | |||
11/30/21 | ||||
10/29/21 | ||||
10/28/21 | ||||
10/13/21 | 8-K | |||
9/30/21 | 10-Q | |||
9/10/21 | ||||
7/30/21 | 40-APP/A | |||
7/29/21 | ||||
7/16/21 | ||||
6/30/21 | 10-Q | |||
4/30/21 | ||||
4/27/21 | ||||
3/31/21 | 10-Q | |||
3/11/21 | 8-K | |||
3/10/21 | 8-K | |||
3/8/21 | ||||
3/5/21 | 8-K | |||
2/18/21 | ||||
2/9/21 | 8-K, CORRESP, N-2/A | |||
1/29/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K | |||
12/10/20 | ||||
11/30/20 | DEL AM | |||
10/30/20 | ||||
10/28/20 | ||||
9/30/20 | 10-Q | |||
8/14/20 | 8-K | |||
7/30/20 | ||||
7/29/20 | ||||
7/2/20 | ||||
6/30/20 | 10-Q | |||
6/22/20 | ||||
6/18/20 | 4, CORRESP | |||
6/16/20 | 4 | |||
6/10/20 | 8-K | |||
6/5/20 | 4, 4/A, 8-K | |||
5/27/20 | 8-K | |||
5/13/20 | ||||
5/4/20 | 10-Q, 8-K | |||
4/30/20 | ||||
3/31/20 | 10-Q | |||
3/27/20 | 8-K, CORRESP, PRE 14A | |||
3/20/20 | 8-K | |||
2/20/20 | ||||
2/19/20 | ||||
1/31/20 | ||||
1/30/20 | ||||
1/29/20 | 8-K | |||
1/8/20 | 8-K | |||
1/1/20 | ||||
12/31/19 | 10-K | |||
10/31/19 | ||||
10/30/19 | ||||
9/30/19 | 10-Q | |||
8/28/19 | 4, 8-K | |||
8/1/19 | ||||
7/29/19 | ||||
6/30/19 | 10-Q | |||
6/28/19 | ||||
5/7/19 | ||||
4/30/19 | DEF 14A | |||
4/12/19 | ||||
3/31/19 | 10-Q | |||
3/29/19 | CORRESP | |||
2/28/19 | 10-K, 8-K | |||
2/21/19 | 4 | |||
2/19/19 | 4, 8-K | |||
2/2/19 | ||||
2/1/19 | 8-K, DEF 14A, PRE 14A | |||
1/1/19 | ||||
12/31/18 | 10-K | |||
11/28/18 | 8-K | |||
11/19/18 | 4, SC 13D/A | |||
11/15/18 | 8-K, EFFECT | |||
11/14/18 | 497AD, 8-A12B, 8-K, CERT, EFFECT | |||
9/28/18 | 8-K | |||
5/15/18 | 8-K | |||
3/23/18 | APP ORDR | |||
12/31/17 | 10-K | |||
11/29/17 | 8-K | |||
10/4/17 | 40-APP/A, 8-K | |||
9/27/17 | ||||
12/31/16 | 10-K | |||
10/13/16 | ||||
10/6/16 | 10-12G/A, 3, 8-K, N-54A | |||
8/23/16 | APP ORDR | |||
10/5/15 | ||||
9/30/11 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/27/24 Bain Cap Specialty Finance, Inc. 10-K 12/31/23 117:71M Donnelley … Solutions/FA 11/06/23 Bain Cap Specialty Finance, Inc. 10-Q 9/30/23 103:115M Donnelley … Solutions/FA 8/08/23 Bain Cap Specialty Finance, Inc. 10-Q 6/30/23 104:122M Donnelley … Solutions/FA 5/09/23 Bain Cap Specialty Finance, Inc. 10-Q 3/31/23 95:83M Toppan Merrill Bridge/FA 2/28/23 Bain Cap Specialty Finance, Inc. 10-K 12/31/22 114:83M Toppan Merrill Bridge/FA 11/09/22 Bain Cap Specialty Finance, Inc. 10-Q 9/30/22 101:76M Toppan Merrill Bridge/FA 8/03/22 Bain Cap Specialty Finance, Inc. 10-Q 6/30/22 15:11M Toppan Merrill/FA 7/01/22 Bain Cap Specialty Finance, Inc. N-2ASR 7/01/22 4:2.3M Toppan Merrill/FA 5/05/22 Bain Cap Specialty Finance, Inc. 10-Q 3/31/22 6:8.4M Toppan Merrill/FA |