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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/12/24 Oaktree Strategic Credit Fund 486APOS 11:11M Donnelley … Solutions/FA |
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486APOS |
THE SECURITIES ACT OF 1933 |
i ☒ | |||
Pre-Effective Amendment No. |
☐ | |||
Post-Effective Amendment No. i 5 |
i ☒ |
i ☐ | Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. |
i ☒ | Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan. |
i ☐ | Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. |
i ☐ | Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. |
i ☐ | Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |
i ☐ | when declared effective pursuant to Section 8(c) of the Securities Act. |
i ☐ | immediately upon filing pursuant to paragraph (b) of Rule 486. |
i ☐ | on (date) pursuant to paragraph (b) of Rule 486. |
i ☒ | 60 days after filing pursuant to paragraph (a) of Rule 486. |
i ☐ | on (date) pursuant to paragraph (a) of Rule 486. |
i ☐ | This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement]. |
i ☐ | This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: |
i ☐ | This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: |
i ☐ | This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:. |
i ☐ | Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)). |
i ☒ | Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). |
i ☐ | Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). |
i ☐ | A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). |
i ☐ | Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). |
i ☒ | Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”). |
i ☒ | If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
i ☐ | New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). |
• |
We have a limited operating history and there is no assurance that we will achieve our investment objective. |
• |
This is a “blind pool” offering and thus you will not have the opportunity to evaluate our investments before we make them. |
• |
You should not expect to be able to sell your shares regardless of how we perform. |
• |
You should consider that you may not have access to the money you invest for an extended period of time. |
• |
We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing. |
• |
Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn. |
• |
We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions. |
• |
An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program.” |
• |
We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have not established any limits on the amounts we may pay from such sources. |
• |
Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. |
• |
We use and expect to continue to use leverage, which will magnify the potential for loss on amounts invested in us. See “Risk Factors—Investment- Related Risks—Both our portfolio companies and the Fund may be leveraged.” |
• |
We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act, which means that we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors. |
Price to the Public (1) |
Proceeds to Us, Before Expenses (2) |
|||||||
Maximum Offering(3) |
$ | 5,000,000,000 | $ | 5,000,000,000 | ||||
Class T Shares, per Share |
$ | $ | 1,250,000,000 | |||||
Class S Shares, per Share. |
$ | $ | 1,250,000,000 | |||||
Class D Shares, per Share |
$ | $ | 1,250,000,000 | |||||
Class I Shares, per Share. |
$ | $ | 1,250,000,000 |
(1) | Class S shares, Class D shares and Class I shares were initially offered at $25.00 per share, and are currently being offered on a monthly basis at a price per share equal to the NAV per share for such class. Class T shares are currently being offered on a monthly basis at a price per share equal to the NAV per share for such class. The table reflects the NAV per share of each class as of , 2024. |
(2) | No upfront sales load will be paid to us or our distribution manager with respect to Class T shares, Class S shares, Class D shares or Class I shares, however, if you buy Class T shares, Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and a 3.5% cap on NAV for Class T shares and Class S shares. For Class T shares, the 3.5% includes a maximum of 3.0% for upfront selling commissions and a maximum of 0.50% for the dealer fee, for a total maximum upfront placement fee of 3.5%. Selling agents will not charge such fees on Class I shares. We will also pay the following shareholder servicing and/or distribution fees to the distribution manager, subject to Financial Industry Regulatory
Authority, Inc. (“FINRA”) limitations on underwriting compensation: (a) for Class T shares and Class S shares, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class T shares and Class S shares, respectively, and (b) for Class D shares only, a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable monthly. No shareholder servicing or distribution fees will be paid with respect to the Class I shares. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments. We will also pay or reimburse certain organization and offering expenses, including,
subject to FINRA limitations on underwriting compensation, certain wholesaling expenses. See “Plan of Distribution” and “Use of Proceeds.” The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from this offering. Proceeds are calculated before deducting shareholder servicing and/or distribution fees or organization and offering expenses payable by us, which are paid over time. |
(3) | The table assumes that all shares are sold in the primary offering, with 1/4 of the gross offering proceeds from the sale of Class T shares, Class S shares, Class D shares, and Class I shares, respectively. The number of shares of each class sold and the relative proportions in which the classes of shares are sold are uncertain and may differ significantly from this assumption. |
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F-1 |
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A-1 |
• | a gross annual income of at least $70,000 and a net worth of at least $70,000, or |
• | a net worth of at least $250,000. |
• | meets the minimum income and net worth standards established in the investor’s state; |
• | can reasonably benefit from an investment in our Common Shares based on the investor’s overall investment objectives and portfolio structure; |
• | is able to bear the economic risk of the investment based on the investor’s overall financial situation, including the risk that the investor may lose its entire investment; and |
• | has an apparent understanding of the following: |
• | the fundamental risks of the investment; |
• | the lack of liquidity of our shares; |
• | the background and qualification of our Adviser; and |
• | the tax consequences of the investment. |
Q: |
What is Oaktree Strategic Credit Fund? |
A: |
We are a Delaware statutory trust formed on November 24, 2021. We are a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We are externally managed by our adviser, Oaktree Fund Advisors, LLC (the “Adviser” and, collectively with its affiliates, “Oaktree”). The Fund is part of Oaktree’s Private Credit strategy. |
Q: |
Who is Oaktree? |
Q: |
What is your investment objective? |
A: |
Our investment objective is to generate stable current income and long-term capital appreciation. |
Q: |
What is your investment strategy? |
A: |
We seek to meet our investment objective by primarily investing in private debt opportunities and by: |
• | utilizing the experience and expertise of the management team of the Adviser in areas ranging from performing credit to distressed debt, over multiple market cycles, along with the broader resources of Oaktree, in sourcing, evaluating and structuring transactions, and Oaktree’s long-standing relationships with sponsors, management teams, capital raising advisors and issuers; |
• | employing a disciplined credit underwriting process centered on risk control and focused on principal loss avoidance, primarily investing in private debt of medium-sized companies, in loans with asset coverage ratios that the Adviser believes provide appropriate credit protection, and also seeking financial protections, including linking additional funding to achievement of credit de-risking milestones where the Adviser believes necessary; |
• | curating a diversified portfolio of private debt across industries and transaction types such as leveraged buyout (“LBO”)-related financings and bespoke, highly negotiated loans, with opportunistic investments in discounted, high-quality public investments to enhance total return in times of significant market dislocation; and |
• | maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio. |
Q: |
What types of investments do you intend to make? |
A: |
Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in credit investments of varying maturities. “Credit investments” for this purpose includes the investments listed below other than investments in preferred stock, publicly traded or privately placed equity securities, warrants and options with respect to equity securities, money market mutual funds, cash and cash equivalents and equity of special purpose entities, which investments will not, in the aggregate, exceed 20% of our total assets under normal circumstances. For purposes of our 80% policy, we value any credit investments that are derivative instruments based on their market value. |
• | loans made directly to non-U.S. and U.S. borrowers, which may be long-term or short-term, secured or unsecured, “covenant-lite” (that is, lacking financial maintenance covenants), and may or may not have an equity component attached; |
• | all types of publicly traded or privately placed debt securities and other obligations such as bank loans and participations, equipment trust certificates, mortgages, mezzanine debt or deeds of trust on real property and trade credit; |
• | preferred stock; |
• | publicly traded or privately placed equity securities, including common stock and preferred stock (including convertible preferred stock), as well as warrants with respect to such equity securities; |
• | bridge financings to portfolio companies to facilitate buy-outs or acquisitions; |
• | investments in the “when-issued” trading market, a market for conditional trades in securities that have been authorized but not yet issued; |
• | follow-on, mutually reinforcing investments intended to result in a more successful business entity; |
• | collateralized loan obligation vehicles (“CLOs”), commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”) and other structured products, including investments in junior and/or equity tranches of such products; |
• | securities or obligations of non-U.S. entities; |
• | debt and equity securities acquired through tender offers; |
• | options and warrants; |
• | short sale transactions for hedging purposes; |
• | temporary investments in one or more unaffiliated money market mutual funds or directly in certificates of deposit, commercial paper, interest-bearing government securities, repurchase contracts and other short-term instruments; |
• | cash, cash equivalents and other liquid investments held in reserve; |
• | all or a substantial portion of the equity of one or more special purpose entities formed for the purpose of purchasing the assets of a company directly, including in connection with sales under section 363 of the U.S. Bankruptcy Code; and |
• | other investment techniques the Adviser believes will help achieve our investment objective. |
Q: |
What is an originated loan? |
A: |
An originated loan is a loan where we lend directly to the borrower and hold the loan on our own or only with other Oaktree affiliates or sometimes with a small number of other unaffiliated direct lenders. This is distinct from a syndicated loan, which is generally originated by a bank and then syndicated, or sold to other investors. Originated loans are generally held until maturity or until they are refinanced by the borrower. Syndicated loans often have liquid markets and can be traded by investors. |
Q: |
What competitive strengths does the Adviser offer? |
A: |
Oaktree has a long-standing global presence, with three decades of experience investing in credit products in periods of both market strength and distress. Oaktree has an integrated investment approach and a disciplined credit underwriting process centered on risk control. |
Q: |
What is the market opportunity? |
A: |
We believe that there are and will continue to be significant investment opportunities in the asset classes discussed above. |
• | Stressed Sector/Rescue Lending . issuer-by-issuer, debtor-in-possession |
• | Situational Lending little-to-no debt-to-EBITDA |
• | Sponsor-Related Financings. Financing for private equity firms is one of the most active areas of opportunity given the abundance of dry powder, including those opportunities related to LBOs and refinancings. The Investment Professionals have many longstanding relationships with blue-chip |
sponsors, and generally favor those that view their portfolio companies as long-term partners and those that specialize in certain industries where they have subject matter expertise. In addition, the Investment Professionals have historically favored sponsors that have demonstrated a willingness to invest large amounts of equity, which provides enhanced downside protection. Examples of these opportunities may include financings for software-or healthcare-focused private equity firms. |
• | Secondary Private Loans and Loan Portfolios |
• | Macro Factors |
• | Industry Headwinds |
• | Company Characteristics |
Q: |
Why do you intend to invest in liquid credit investments in addition to originated loans? |
A: |
We believe that our liquid credit investments will help maintain liquidity to satisfy any share repurchases we choose to make and manage cash before investing subscription proceeds into originated loans while also seeking attractive investment returns. We expect these investments to enhance our risk/return profile and serve as a source of liquidity for the Fund. |
Q: |
How will you identify investments? |
A: | The Adviser has several resources for originating new opportunities that grant the Investment Professionals a comprehensive view of the actionable investment universe. From this universe, the Adviser can then select the most attractive opportunities for the Fund. In addition to its dedicated group of sourcing professionals, the Adviser will also leverage its global market presence and relationships with affiliates, |
advisers, sponsors, banks, management teams, capital-raising advisers, trading desks and other sources to gain access to opportunities. The Adviser is a trusted partner to financial sponsors and management teams based on its market reputation, relationship-based approach, long-term investment orientation and focus on lending across economic cycles. We believe this will give the Fund access to proprietary deal flow and “first looks” at investment opportunities and that the Fund is well-positioned for difficult and complex transactions. |
Q: |
Will you use leverage? |
A: |
Yes. To seek to enhance our returns, we use and expect to continue to use leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the Investment Company Act, which currently allows us to borrow up to a 2:1 debt-to-equity position-by-position little-to-no . |
Q: |
How will the Fund be allocated investment opportunities? |
A: |
Oaktree, including the Adviser, provides investment management services to other BDCs, investment funds, client accounts and proprietary accounts that Oaktree may establish (“Other Oaktree Funds”). |
Q: |
How is an investment in shares of your Common Shares different from an investment in shares of listed BDCs? |
A: |
An investment in our common shares of beneficial interest (“Common Shares”) generally differs from an investment in shares of listed BDCs in a number of ways, including: |
• | Shares of listed BDCs are priced by the trading market, which is influenced generally by numerous factors, not all of which are related to the underlying value of the entity’s assets and liabilities. Our Board of Trustees, rather than the “market,” determined the initial offering price of our shares in its sole discretion after considering the initial public offering prices per share of other blind pool non-traded BDCs. The estimated value of our assets and liabilities is used to determine our net asset value (“NAV”). The NAV of non-traded BDCs may be subject to volatility related to the values of their underlying loans as opposed to other conditions that may impact public markets. |
• | An investment in our shares has limited or no liquidity outside of our share repurchase program and our share repurchase program may be modified, suspended or terminated. In contrast, an investment in a listed BDC is a liquid investment, as shares can be sold on an exchange at any time the exchange is open. |
• | Some listed BDCs are self-managed, whereas our investment operations are managed by the Adviser, which is part of Oaktree. |
• | Unlike the offering of a listed BDC, this offering is registered in every state in which we are offering and selling shares. As a result, we include certain limits in our governing documents that are not typically provided for in the charter of a listed BDC. For example, our Declaration of Trust limits the fees we may pay to the Adviser. A listed BDC does not typically provide for these restrictions within its charter. A listed BDC is, however, subject to the governance requirements of the exchange on which its shares are traded, including requirements relating to its board of directors, audit committee, independent director oversight of executive compensation and the director nomination process, code of conduct, shareholder meetings, related party transactions, shareholder approvals and voting rights. |
Q: |
For whom may an investment in your Common Shares be appropriate? |
A: |
An investment in our Common Shares may be appropriate for you if you: |
• | meet the minimum suitability standards described above under “Suitability Standards;” |
• | seek to allocate a portion of your investment portfolio to a direct investment vehicle with an income- oriented portfolio of primarily U.S. credit investments; |
• | seek to receive current income through regular distribution payments; |
• | wish to obtain the potential benefit of long-term capital appreciation; and |
• | are able to hold your shares as a long-term investment and do not need liquidity from your investment quickly or in the near future. |
Q: |
Are there any risks involved in buying your Common Shares? |
A: |
Investing in our Common Shares involves a high degree of risk. If we are unable to effectively manage the impact of these risks, we may not meet our investment objective and, therefore, you should purchase our shares only if you can afford a complete loss of your investment. An investment in our Common Shares involves significant risks and is intended only for investors with a long-term investment horizon and who do not require immediate liquidity or guaranteed income. Some of the more significant risks relating to an investment in our Common Shares include those listed below: |
• | We have a limited operating history and there is no assurance that we will achieve our investment objective. |
• | This is a “blind pool” offering and thus you will not have the opportunity to evaluate our investments before we make them. |
• | You should not expect to be able to sell your shares regardless of how we perform. |
• | You should consider that you may not have access to the money you invest for an extended period of time. |
• | We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing. |
• | Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn. |
• | We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions. |
• | An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program.” |
• | We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have not established any limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. |
• | Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. |
• | We use and expect to continue to use leverage, which will magnify the potential for loss on amounts invested in us. See “Risk Factors—Investment-Related Risks—both our portfolio companies and Fund may be leveraged” for additional information. |
• | We qualify as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”), which means that we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors. |
• | We invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value. |
Q: |
Do you currently own any investments? |
A: |
Yes. Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Portfolio Companies,” the financial statements included elsewhere in this prospectus and our periodic reports under the Exchange Act and www.osc.brookfieldoaktree.com for information on our investments. |
Q: |
What is the role of your Board of Trustees? |
A: |
We operate under the direction of our Board of Trustees, the members of which are accountable to us and our shareholders as fiduciaries. We have 5 Trustees, 4 of whom have been determined to be independent of us, the Adviser, Oaktree and its affiliates (“independent Trustees”). Our independent Trustees are responsible for reviewing the performance of the Adviser and approving the compensation paid to the Adviser and its affiliates. The names and biographical information of our Trustees are provided under “Management of the Fund—Trustees and Executive Officers.” |
Q: |
What is the difference between the Class T, Class S, Class D and Class I Common Shares being offered? |
A: |
We are offering to the public four classes of Common Shares: Class T, Class S shares, Class D shares and Class I shares. The differences among the share classes relate to ongoing shareholder servicing and/or distribution fees, which are similar to sales commissions. In addition, although no upfront sales loads are charged by us or Brookfield Oaktree Wealth Solutions LLC (the “Distribution Manager”) with respect to Class T shares, Class S shares, Class D shares or Class I shares, if you buy Class T shares, Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other |
fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and a 3.5% cap on NAV for Class T shares and Class S shares. For Class T shares, the 3.5% includes a maximum of 3.0% for upfront selling commissions and a maximum of 0.50% for the dealer fee, for a total maximum upfront placement fee of 3.5%. Selling agents will not charge such fees on Class I shares. See “Description of Our Shares” and “Plan of Distribution” for a discussion of the differences between our Class T, Class S, Class D and Class I shares. |
Annual Shareholder Servicing and/or Distribution Fees |
Total Over Five Years |
|||||||
Class T |
$ | 85 | $ | 425 | ||||
Class S |
$ | 85 | $ | 425 | ||||
Class D |
$ | 25 | $ | 125 | ||||
Class I |
$ | 0 | $ | 0 |
Q: |
What is the per share purchase price? |
A: |
Shares are sold at the then-current NAV per share, as described below. |
Q: |
How will your NAV per share be calculated? |
A: |
Our NAV will be determined based on the value of our assets less our liabilities, including accrued fees and expenses, as of any date of determination. |
Q: |
Is there any minimum investment required? |
A: |
The minimum initial investment in our Class T, Class S and Class D shares is $2,500, and the minimum investment in our Class I shares is $1,000,000. The minimum subsequent investment in each class of our Common Shares is $500 per transaction, except the minimum subsequent investment amount does not apply to purchases made under our distribution reinvestment plan. In addition, the Distribution Manager, an SEC registered broker-dealer and a subsidiary of Brookfield, an affiliate of the Adviser, may elect to accept smaller investments in its discretion. |
Q: |
What is a “best efforts” offering? |
A: |
This is our initial public offering of our Common Shares, and they are being offered on a “best efforts” basis. A “best efforts” offering means the Distribution Manager and the participating brokers are only required to use their best efforts to sell the shares. When shares are offered to the public on a “best efforts” basis, no underwriter, broker or other person has a firm commitment or obligation to purchase any of the shares. Therefore, we cannot guarantee that any minimum number of shares will be sold. |
Q: |
What is the expected term of this offering? |
A: |
We have registered $5,000,000,000 in Common Shares. It is our intent, however, to conduct a continuous offering for an extended period of time, by filing for additional offerings of our Common Shares, subject to regulatory approval and continued compliance with the rules and regulations of the SEC and applicable state laws. |
Q: |
When may I make purchases of shares and at what price? |
A: |
Subscriptions to purchase our Common Shares may be made on an ongoing basis, but investors may only purchase our Common Shares pursuant to accepted subscription request effective as of the first day of each month (based on the NAV per share as determined as of the previous day, being the last day of the preceding month), and to be accepted, a subscription request including the full subscription amount must be received, together with a completed subscription agreement with appropriate responses, at least five business days prior to the first day of the month (unless waived by the Distribution Manager). |
Q: |
When will the NAV per share be available? |
A: |
We will report our NAV per share as of the last day of each month on our website, https:// www.osc.brookfieldoaktree.com, generally within 20 business days of the last day of each month. Because subscriptions must be submitted at least five business days prior to the first day of each month, you will not know the NAV per share at which you will be subscribing at the time you subscribe. If a subscription request is received less than five business days prior to the first day of the month, unless waived by the Distribution Manager, the subscription request will be executed in the next month’s closing at the transaction price applicable to that month. As a result of this process,
the price per share at which your subscription request is executed may be different from the price per share at the time at which you submit your subscription request. For additional information regarding the procedures relating to the purchases of our Common Shares, see “How to Subscribe—Purchase Price”. |
Q: |
May I withdraw my subscription request once I have made it? |
A: |
Yes. Subscribers are not committed to purchase shares at the time their subscription requests are submitted and any subscription may be canceled at any time before it has been accepted, which will not be earlier than two business days before the first calendar day of the next month. You may cancel your subscription request by notifying the transfer agent, through your financial intermediary or by notifying Oaktree Strategic Credit Fund directly on our toll-free, automated telephone line, (855) 777-8001. |
Q: |
When will my subscription be accepted? |
A: |
Completed subscription requests will not be accepted by us any earlier than two business days before the first day of each month. |
Q: |
Will I receive distributions and how often? |
A: |
We have declared distributions each month beginning in July 2022 through the date of this prospectus and expect to continue to pay regular monthly distributions. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital and liquidity needs and general financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time. |
Q: |
Will the distributions I receive be taxable as ordinary income? |
A: |
Generally, distributions that you receive, including cash distributions that are reinvested pursuant to our distribution reinvestment plan, will be taxed as ordinary income to the extent they are paid from our current or accumulated earnings and profits. Dividends received will generally not be eligible to be taxed at the lower U.S. federal income tax rates applicable to individuals for “qualified dividends.” |
Q: |
May I reinvest my cash distributions in additional shares? |
A: |
Yes. We have adopted a distribution reinvestment plan whereby shareholders (other than Alabama, Arkansas, California, Idaho, Kansas, Kentucky, Maine, Maryland, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Texas, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan) will have their cash distributions automatically reinvested in additional Common Shares unless they elect to receive their distributions in cash. Alabama, Arkansas, California, Idaho, Kansas, Kentucky, Maine, Maryland, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Texas, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in
additional Common Shares. If you participate in our distribution reinvestment plan, the cash distributions attributable to the class of shares that you own will be automatically invested in additional Common Shares. The purchase price for shares purchased under our distribution reinvestment plan will be equal to the most recent NAV per share for such shares as of the first calendar day of the month (the “Purchase Date”) following the record date of the distribution. Shareholders will not pay upfront selling commissions when purchasing shares under our distribution reinvestment plan; however, all shares, including those purchased under our distribution reinvestment plan, will be subject to ongoing shareholder servicing and/or distribution fees. |
Q: |
Can I request that my shares be repurchased? |
A: |
Yes, subject to limitations. We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. For example, in accordance with our Board of Trustees’ fiduciary duty to the Fund and shareholders, it may amend or suspend the share repurchase program during periods of market dislocation where selling assets to fund a repurchase could have a materially negative impact on remaining shareholders. As a result, share repurchases may not be available each quarter. Following any such suspension, the Board of Trustees will consider on at least a quarterly basis whether the continued
suspension of the share repurchase program is in the best interest of the Fund and shareholders, and will reinstate the share repurchase program when and if appropriate and subject to its fiduciary duty to the Fund and shareholders. |
Q: |
What is a business development company, or BDC? |
A: |
A BDC is a closed-end investment company that has made an election with the SEC to be subject to certain restrictions applicable to investment companies under the Investment Company Act. As a BDC, at least 70% of our assets must be the type of “qualifying” assets listed in Section 55(a) of the Investment Company Act, as described in this prospectus, which are generally privately-offered securities issued by U.S. private or thinly-traded companies. We may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies. See “Investment Objective and Strategies—Regulation as a BDC.” |
Q: |
What is a regulated investment company, or RIC? |
A: |
We have elected to be treated for federal income tax purposes, and intend to qualify annually, as a regulated investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). |
• | is a BDC or registered investment company that combines the capital of many investors to acquire securities; |
• | offers the benefits of a securities portfolio under professional management; |
• | satisfies various requirements of the Code, including an asset diversification requirement; and |
• | is generally not subject to U.S. federal corporate income taxes on its net taxable income that it currently distributes to its shareholders, which substantially eliminates the “double taxation” (i.e., taxation at both the corporate and shareholder levels) that generally results from investments in a C corporation. |
Q: |
What is a non-exchange traded, perpetual-life BDC? |
A: |
A non-exchange traded BDC is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration, whose Common Shares are intended to be sold by the BDC monthly on a continuous basis at a price generally equal to the BDC’s monthly NAV per share. In our perpetual-life structure, we may offer investors an opportunity to repurchase their shares on a quarterly basis, but we are not obligated to offer to repurchase any in any particular quarter in our discretion. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Fund being a forced seller of assets in market downturns compared to non-perpetual BDCs. While we may consider
a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our Declaration of Trust or otherwise to effect a liquidity event at any time. A liquidity event includes, but is not limited to, the receipt by shareholders of non-listed equity securities. |
Q: |
Will I be notified of how my investment is doing? |
• | three quarterly financial reports and investor statements; |
• | an annual report; |
• | in the case of certain U.S. shareholders, an annual Internal Revenue Service (“IRS”) Form 1099-DIV or IRS Form 1099-B, if required, and, in the case of non-U.S. shareholders, an annual IRS Form 1042-S; |
• | confirmation statements (after transactions affecting your balance, except reinvestment of distributions in us and certain transactions through minimum account investment or withdrawal programs); and |
• | a quarterly statement providing material information regarding your participation in the distribution reinvestment plan and an annual statement providing tax information with respect to income earned on shares under the distribution reinvestment plan for the calendar year. |
Q: |
What fees do you pay to the Adviser? |
A: |
We have entered into an investment advisory agreement with the Adviser (as amended and restated, the “Investment Advisory Agreement”). We pay the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. |
• | The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. The Adviser waived its management fee through November 2022. Substantial additional fees and expenses may also be charged by the Administrator (as defined below) to the Fund, which is an affiliate of the Adviser. |
• | The incentive fee consists of two components as follows: |
• | The first part of the incentive fee is based on income, whereby we will pay the Adviser quarterly in arrears 12.5% of our Pre-Incentive Fee Net Investment Income (as defined below) for each calendar quarter subject to a 5.0% annualized hurdle rate, with a catch-up that, if achieved, is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income as if the hurdle rate did not apply. The Adviser waived the incentive fee based on income through November 2022. |
• | The second part of the incentive fee is based on realized capital gains, whereby we will pay the Adviser at the end of each fiscal year in arrears 12.5% of cumulative realized capital gains from inception through the end of such fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains. |
Q: |
Who administers the Fund? |
A: |
Oaktree Fund Administration, LLC, as our administrator (the “Administrator”), provides, or oversees the performance of, administrative and compliance services. We reimburse the Administrator for its costs, expenses and the Fund’s allocable portion of compensation of the Administrator’s personnel and the Administrator’s overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the administration agreement (as amended and restated, the “Administration Agreement”). See “Investment Advisory Agreement, Administration Agreement and Expense Support Agreement—Administration Agreement.” |
Q: |
What are the offering and servicing costs? |
A: |
No upfront sales load will be paid to us or the Distribution Manager with respect to Class T shares, Class S shares, Class D shares or Class I shares, however, if you buy Class T shares, Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and a 3.5% cap on NAV for Class T shares and Class S shares. For Class T shares, the 3.5% includes a maximum of 3.0% for upfront selling commissions and a maximum of 0.50% for the dealer fee, for a total maximum upfront placement fee of 3.5%. Selling agents will not charge such fees on Class I shares. Please consult your selling agent for additional information. |
Q: |
What are your operating expenses? |
A: |
We incur operating expenses in the form of our management and incentive fees, shareholder servicing and/ or distribution fees, interest expense on our borrowings and other expenses, including the expenses we pay to our Administrator. See “Fees and Expenses.” |
Q: |
What are your policies related to conflicts of interest with Oaktree and its affiliates? |
A: |
The Adviser and its affiliates will be subject to certain conflicts of interest with respect to the services the Adviser and the Administrator provide for us. These conflicts will arise primarily from the involvement of Oaktree in other activities that may conflict with our activities. You should be aware that individual conflicts will not necessarily be resolved in favor of our interest. |
• | Conflicting Activities . co-investment order from the SEC. Subject to the limitations of the Investment Company Act, the Fund may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt or equity is owned by other Oaktree funds. |
• | Fund Co-Investment Opportunities. co-investments and joint transactions with affiliates, which likely will in certain circumstances limit the Fund’s ability to make investments or enter into other transactions alongside the Other Oaktree Funds. There can be no assurance that such regulatory restrictions will not adversely affect the Fund’s ability to capitalize on attractive investment opportunities. However, subject to the Investment Company Act and any applicable co-investment order issued by the SEC, the Fund may co-invest with Other Oaktree Funds |
(including co-investment or other vehicles in which Oaktree or its personnel invest and that co-invest with such Other Oaktree Funds) in investments that are suitable for the Fund and one or more of such Other Oaktree Funds. Even if the Fund and any such Other Oaktree Funds and/or co-investment or other vehicles invest in the same securities, conflicts of interest may still arise. |
• | Other Affiliate Transactions and Investments in Different Levels of Capital Structure . |
• | Other Oaktree Funds; Allocation of Investment Opportunities. sub-advisory services to the Fund and Other Oaktree Funds. Oaktree will share any investment and sale opportunities with such Other Oaktree Funds and the Fund in accordance with the Advisers Act, and Oaktree’s allocation policies, which generally provide for sharing pro rata based on investments held by the respective funds and the amount of capital available for such investment in the respective funds. Notwithstanding the foregoing, Oaktree may also consider a number of factors in making any allocation determinations, and such factors may result in a different allocation of investment and/or sale opportunities. See “Investment Objective and Strategies—Allocation
of Investment Opportunities” for a discussion of the factors Oaktree will consider in determining prudent or equitable allocations of investment opportunities. |
Q: |
What is the impact of being an “emerging growth company”? |
A: |
We are an “emerging growth company,” as defined by the JOBS Act. As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies. For so long as we remain an emerging growth company, we will not be required to: |
• | have an auditor attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley Act”); |
• | submit certain executive compensation matters to shareholder advisory votes pursuant to the “say on frequency” and “say on pay” provisions (requiring a non-binding shareholder vote to approve compensation of certain executive officers) and the “say on golden parachute” provisions (requiring a non-binding shareholder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; or |
• | disclose certain executive compensation related items, such as the correlation between executive compensation and performance and comparisons of the chief executive officer’s compensation to median employee compensation. |
Q: |
When will I get my detailed tax information? |
A: |
In the case of certain U.S. shareholders, we expect your IRS Form 1099-DIV tax information, if required, to be mailed by January 31 of each year. |
Q: |
Who can help answer my questions? |
A: |
If you have more questions about this offering or if you would like additional copies of this prospectus, you should contact your financial adviser or our transfer agent: SS&C GIDS, Inc. |
Class T Shares |
Class S Shares |
Class D Shares |
Class I Shares |
|||||||||||||
Shareholder transaction expenses ( i fees paid directly from your investment) |
||||||||||||||||
Maximum sales load(1) |
i 3.5 | % | i 3.5 | % | i 1.5 | % | i — | % | ||||||||
Maximum Early Repurchase Deduction(2) |
i 2.0 | % | i 2.0 | % | i 2.0 | % | i 2.0 | % |
Class T Shares |
Class S Shares |
Class D Shares |
Class I Shares |
|||||||||||||
Annual expenses ( i as a percentage of net assets attributable to our Common Shares) |
||||||||||||||||
Base management fees(4) |
i 1.25 | % | i 1.25 | % | i 1.25 | % | i 1.25 | % | ||||||||
Incentive fees(5) |
i 1.15 | % | i 1.15 | % | i 1.15 | % | i 1.15 | % | ||||||||
Shareholder servicing and/or distribution fees(6) |
i 0.85 | % | i 0.85 | % | i 0.25 | % | i — | % | ||||||||
Interest payment on borrowed funds(7) |
i 4.33 | % | i 4.33 | % | i 4.33 | % | i 4.33 | % | ||||||||
Other expenses(8) |
i 0.41 | % | i 0.41 | % | i 0.41 | % | i 0.41 | % | ||||||||
Total annual expenses |
i 7.99 | % | i 7.99 | % | i 7.39 | % | i 7.14 | % |
(1) | No upfront sales load will be paid to the Fund or the Distribution Manager with respect to Class T shares, Class S shares, Class D shares or Class I shares, however, if you buy Class T shares, Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and a 3.5% cap on NAV for Class T shares and Class S shares. For Class T shares, the 3.5% includes a maximum of 3.0% for upfront selling commissions and a maximum of 0.50% for the dealer fee, for a total maximum upfront placement fee of 3.5%. Selling agents will not charge such fees on Class I shares. Please consult your selling agent for additional information. |
(2) | Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter pursuant to a tender offer, we expect to repurchase shares pursuant to tender offers on or around the last business day of that quarter at a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”), except that shares that a prospective repurchase date that is within the one-year period following the original issue date of the shares will be subject to an Early Repurchase Deduction. The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the applicable Valuation Date, which subscription closing date the Fund deems the prospective repurchase date for the applicable offer. The Early Repurchase
Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. |
(3) | Total net assets as of December 31, 2023 employed as the denominator for expense ratio computation is approximately $2,005.2 million. |
(4) | i The base management fee paid to our Adviser is calculated each month at an annual rate of 1.25% on of the value of our net assets as of the beginning of the first calendar day of the applicable month. |
(5) | We may have capital gains and investment income that could result in the payment of an incentive fee. The incentive fees, if any, are divided into two parts: |
• | The first part of the incentive fee is based on income, whereby we will pay the Adviser quarterly in arrears 12.5% of our Pre-Incentive Fee Net Investment Income (as defined below) for each calendar quarter subject to a 5.0% annualized hurdle rate, with a catch-up that, if achieved, is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income as if the hurdle rate did not apply. Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind |
coupon securities), accrued income that we have not yet received in cash, and excludes the incentive fee and any shareholder servicing and/or distribution fees payable by the Class T shares, Class S Shares and the Class D Shares. As a result, for any calendar quarter, the incentive fee attributable to Pre-Incentive Fee Net Investment Income that is paid to the Adviser may be calculated on the basis of an amount that is greater than the amount of net investment income actually received by the Fund for such calendar quarter. |
• | The second part of the incentive fee is based on realized capital gains, whereby we will pay the Adviser at the end of each fiscal year in arrears 12.5% of cumulative realized capital gains from inception through the end of such fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains. The payment obligation with respect to incentive fees based on realized capital gains will be allocated in the same manner across the Class T shares, Class S shares, Class D shares and Class I shares. |
(6) | Subject to FINRA limitations on underwriting compensation, we will also pay the following shareholder servicing and/or distribution fees, which are similar to sales commissions, to the Distribution Manager: (a) for Class T shares and Class S shares, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class T shares and Class S shares, respectively, and (b) for Class D shares only, a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable monthly. The shareholder servicing and/or distribution fees are similar to sales commissions. The distribution and servicing expenses borne by participating brokers may be different from and substantially less than the amount of shareholder servicing and/or
distribution fees charged. The Distribution Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Fund may also pay for the sub-transfer agency, sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. No shareholder servicing or distribution fees will be paid with respect to the Class I shares. The total amount
that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments. We will cease paying the shareholder servicing and/or distribution fee on the Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with exemptive relief allowing us to offer multiple
classes of shares, at the end of the month in which the Distribution Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Distribution Manager or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on the Class T shares, Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. We may modify this requirement in a manner that is consistent with applicable
exemptive relief. At the end of such month, the applicable Class T shares, Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares |
(including any fractional shares), with an equivalent aggregate NAV as such Class T, Class S or Class D shares. See “Plan of Distribution” and “Use of Proceeds.” The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from this offering. |
(7) | We may borrow funds to make investments, including before we have fully invested the proceeds of this continuous offering. To the extent that we determine it is appropriate to borrow funds to make investments, the costs associated with such borrowing will be indirectly borne by shareholders. The figure in the table assumes that we borrow for investment purposes an amount equal to 46% of our net assets, which was our leverage ratio as of December 31, 2023. Interest payment on borrowed funds is calculated as (1) the weighted average interest rate in effect as of December 31, 2023 multiplied by the actual debt outstanding as of December 31, 2023 of $920.0 million plus (2) unused fees and the expected amortization of deferred financing costs. The weighted average interest rate for our borrowings
as of December 31, 2023 was 8.42% (exclusive of deferred financing costs and unused fees). Our ability to incur leverage depends, in large part, on the amount of money we are able to raise through the sale of shares registered in this offering and the availability of financing in the market. Our actual leverage is expected to increase over time, subject to regulatory limits, and may fluctuate based on our sales of our Common Shares, repurchases of our Common Shares, market conditions and access to financing. |
(8) | i “Other expenses” include accounting, legal and auditing fees, reimbursement of expenses to our Administrator, organization and offering expenses and fees payable to our Trustees, as discussed in “Investment Advisory Agreement, Administration Agreement and Expense Support Agreement— Expenses.” The amount presented in the table estimates the amounts we expect to pay during the 2024 fiscal year. |
Return Assumption |
1 Year |
3 Years |
5 Years |
10 Years |
||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income: |
$ | i 66 | $ | i 195 | $ | i 321 | $ | i 623 | ||||||||
You would pay the following expenses on an $1,000 investment, assuming a $5.0% annual return from net investment income and payment of the maximum upfront selling commission: |
$ | i 101 | $ | i 230 | $ | i 356 | $ | i 658 | ||||||||
Total expenses assuming a 5.0% annual return solely from net realized capital gains: |
$ | i 72 | $ | i 212 | $ | i 347 | $ | i 665 |
Return Assumption |
1 Year |
3 Years |
5 Years |
10 Years |
||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income: |
$ | i 66 | $ | i 195 | $ | i 321 | $ | i 623 | ||||||||
You would pay the following expenses on an $1,000 investment, assuming a $5.0% annual return from net investment income andpayment of the maximum upfront selling commission: |
$ | i 101 | $ | i 230 | $ | i 356 | $ | i 658 | ||||||||
Total expenses assuming a 5.0% annual return solely from net realized capital gains: |
$ | i 72 | $ | i 212 | $ | i 347 | $ | i 665 |
Return Assumption |
1 Year |
3 Years |
5 Years |
10 Years |
||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income: |
$ | i 60 | $ | i 179 | $ | i 296 | $ | i 580 | ||||||||
You would pay the following expenses on an $1,000 investment, assuming a $5.0% annual return from net investment income and payment of the maximum upfront selling commission: |
$ | i 75 | $ | i 194 | $ | i 311 | $ | i 595 | ||||||||
Total expenses assuming a 5.0% annual return solely from net realized capital gains: |
$ | i 66 | $ | i 196 | $ | i 322 | $ | i 624 |
Return Assumption |
1 Year |
3 Years |
5 Years |
10 Years |
||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from net investment income: |
$ | i 58 | $ | i 172 | $ | i 285 | $ | i 561 | ||||||||
Total expenses assuming a 5.0% annual return solely from net realized capital gains: |
$ | i 64 | $ | i 189 | $ | i 312 | $ | i 606 |
(Share amounts in thousands) | Three months ended |
Three months ended |
||||||||||||||||||
Class I | Class S | Class D | Class I | Class S | ||||||||||||||||
Net asset value at beginning of period |
$ | 23.56 | $ | 23.56 | $ | 23.56 | $ | 23.47 | $ | 23.47 | ||||||||||
Net investment income (1) |
0.47 | 0.42 | 0.46 | 0.54 | 0.49 | |||||||||||||||
Net unrealized appreciation (depreciation) (1)(2) |
0.19 | 0.19 | 0.19 | (0.15 | ) | (0.15 | ) | |||||||||||||
Net realized gains (losses) (1) |
0.01 | 0.01 | 0.01 | (0.03 | ) | (0.03 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations |
0.67 | 0.62 | 0.66 | 0.36 | 0.31 | |||||||||||||||
Distributions of net investment income to shareholders |
(0.47 | ) | (0.42 | ) | (0.46 | ) | (0.60 | ) | (0.55 | ) | ||||||||||
Distributions in excess of net investment income |
(0.14 | ) | (0.14 | ) | (0.14 | ) | — | — | ||||||||||||
Net asset value at end of period |
$ |
23.62 |
$ |
23.62 |
$ |
23.62 |
$ |
23.23 |
$ |
23.23 |
||||||||||
Total return (3) |
2.88 | % | 2.66 | % | 2.82 | % | 1.55 | % | 1.33 | % | ||||||||||
Common shares outstanding at beginning of the period or the commencement date |
44,103 | 20,787 | 6 | 13,040 | 2,588 | |||||||||||||||
Common shares outstanding at end of period |
57,111 | 27,765 | 22 | 16,690 | 4,552 | |||||||||||||||
Net assets at the beginning of the period or the commencement date |
$ | 1,039,238 | $ | 489,821 | $ | 146 | $ | 305,989 | $ | 60,738 | ||||||||||
Net assets at end of period |
$ | 1,348,877 | $ | 655,764 | $ | 530 | $ | 387,720 | $ | 105,735 | ||||||||||
Average net assets (4) |
$ | 1,244,421 | $ | 605,418 | $ | 348 | $ | 354,128 | $ | 93,901 | ||||||||||
Ratio of net investment income to average net assets (5) |
2.01 | % | 1.80 | % | 1.95 | % | 2.30 | % | 2.08 | % | ||||||||||
Ratio of total expenses to average net assets (5)(7) |
1.79 | % | 2.00 | % | 1.85 | % | 1.58 | % | 1.79 | % | ||||||||||
Ratio of net expenses to average net assets (5) |
1.84 | % | 2.06 | % | 1.91 | % | 1.02 | % | 1.24 | % | ||||||||||
Ratio of portfolio turnover to average investments at fair value (5) |
3.74 | % | 3.74 | % | 3.74 | % | 7.24 | % | 7.24 | % | ||||||||||
Weighted average outstanding debt |
$ | 734,946 | $ | 734,946 | $ | 734,946 | $ | 155,109 | $ | 155,109 | ||||||||||
Average debt per share (1) |
$ | 9.37 | $ | 9.37 | $ | 9.37 | $ | 8.13 | $ | 8.13 | ||||||||||
Asset coverage ratio (6) |
317.80 | % | 317.80 | % | 317.80 | % | 389.47 | % | 389.47 | % |
(1) | Calculated based upon weighted average shares outstanding for the period. |
(2) | The amount shown may not correspond with the net unrealized appreciation on investments for the three months ended December 31, 2023 and 2022 as it includes the effect of the timing of equity issuances. |
(3) | Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. |
(4) | Calculated based upon the weighted average net assets for the period. |
(5) | Financial results for the three months ended December 31, 2023 and 2022 have not been annualized for purposes of this ratio. |
(6) | Based on outstanding senior securities of $922.8 million and $170.5 million as of December 31, 2023 and 2022. |
(7) | Total expenses to average net assets is prior to management fee waivers and expense support/reimbursements provided by the Adviser. |
For the fiscal year ended September 30, 2023 |
||||||||||||
(Share amounts in thousands) | Class I |
Class S |
Class D |
|||||||||
Net asset value at beginning of period |
$ | 23.47 | $ | 23.47 | $ | — | ||||||
Capital Contribution |
— | — | 23.23 | |||||||||
Net investment income(1) |
1.98 | 1.78 | 0.64 | |||||||||
Net unrealized appreciation (depreciation)(1)(2) |
0.55 | 0.55 | 0.43 | |||||||||
Net realized gains (losses)(1) |
(0.13 | ) | (0.13 | ) | — | |||||||
(Provision) benefit for taxes on realized and unrealized gains (losses)(1) |
— | — | — | |||||||||
Net increase (decrease) in net assets resulting from operations |
2.40 | 2.20 | 1.07 | |||||||||
Distributions of net investment income to shareholders |
(2.10 | ) | (1.79 | ) | (0.63 | ) | ||||||
Distributions in excess of net investment income |
(0.21 | ) | (0.32 | ) | (0.11 | ) | ||||||
Net asset value at end of period |
$ |
23.56 |
$ |
23.56 |
$ |
23.56 |
||||||
Total return(3) |
10.73 | % | 9.80 | % | 4.65 | % | ||||||
Common shares outstanding at beginning of the period or the commencement date |
13,040 | 2,588 | — | |||||||||
Common shares outstanding at end of period |
44,103 | 20,787 | 6 | |||||||||
Net assets at the beginning of the period or the commencement date |
$ | 305,989 | $ | 60,738 | $ | — | ||||||
Net assets at end of period |
$ | 1,039,238 | $ | 489,821 | $ | 146 | ||||||
Average net assets(4) |
$ | 606,222 | $ | 239,563 | $ | 101 | ||||||
Ratio of net investment income to average net assets(5) |
8.31 | % | 7.45 | % | 2.63 | % | ||||||
Ratio of total expenses to average net assets(5)(7) |
5.93 | % | 6.74 | % | 2.06 | % | ||||||
Ratio of net expenses to average net assets(5) |
5.77 | % | 6.71 | % | 2.16 | % | ||||||
Ratio of portfolio turnover to average investments at fair value(5) |
23.61 | % | 23.61 | % | 23.61 | % | ||||||
Weighted average outstanding debt |
$ | 230,288 | $ | 230,288 | $ | 230,288 | ||||||
Average debt per share(1) |
$ | 6.42 | $ | 6.42 | $ | 6.42 | ||||||
Asset coverage ratio(6) |
443.64 | % | 443.64 | % | 443.64 | % |
(1) | Calculated based upon weighted average shares outstanding for the period. |
(2) | The amount shown does not correspond with the net unrealized appreciation on investments for the fiscal year ended September 30, 2023 as it includes the effect of the timing of equity issuances. |
(3) | Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. |
(4) | Calculated based upon the weighted average net assets for the period. |
(5) | Financial results for the fiscal year ended September 30, 2023 have not been annualized for purposes of this ratio. |
(6) | Based on outstanding senior securities of $445.0 million as of September 30, 2023. |
(7) | Total expenses to average net assets is prior to management fee waivers and expense support provided by the Adviser. |
Assumed Return on Portfolio (Net of Expenses) . |
- 10 | % | - 5 | % | 0 | % | 5 | % | 10 | % | ||||||||||
Corresponding net return to common shareholder |
- i 18.50 | - i 11.19 | - i 3.87 | i 3.44 | i 10.75 |
• | OID and PIK instruments may have higher yields, which reflect the payment deferral and credit risk associated with these instruments; |
• | OID and PIK accruals may create uncertainty about the source of our distributions to shareholders; |
• | OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of the collateral; and |
• | OID and PIK instruments may represent a higher credit risk than coupon loans. |
Maximum Offering of $1,250,000 in Class T Shares |
||||||||
Gross Proceeds (1) |
$ | 1,250,000,000 | 100 | % | ||||
Upfront Sales Load (2) |
$ | — | — | % | ||||
Offering Expenses (3) |
$ | 1,625,000 | 0.13 | % | ||||
Net Proceeds Available for Investment |
$ | 1,248,375,000 | 99.87 | % |
Maximum Offering of $1,250,000,000 in Class S Shares |
||||||||
Gross Proceeds (1) |
$ | 1,250,000,000 | 100 | % | ||||
Upfront Sales Load (2) |
$ | — | — | % | ||||
Offering Expenses (3) |
$ | 1,625,000 | 0.13 | % | ||||
Net Proceeds Available for Investment |
$ | 1,248,375,000 | 99.87 | % |
Maximum Offering of $1,250,000,000 in Class D Shares |
||||||||
Gross Proceeds (1) |
$ | 1,250,000,000 | 100 | % | ||||
Upfront Sales Load (2) |
$ | — | — | % | ||||
Offering Expenses (3) |
$ | 1,625,000 | 0.13 | % | ||||
Net Proceeds Available for Investment |
$ | 1,248,375,000 | 99.87 | % |
Maximum Offering of $1,250,000,000 in Class I Shares |
||||||||
Gross Proceeds (1) |
$ | 1,250,000,000 | 100 | % | ||||
Upfront Sales Load (2) |
$ | — | — | % | ||||
Offering Expenses (3) |
$ | 1,625,000 | 0.13 | % | ||||
Net Proceeds Available for Investment |
$ | 1,248,375,000 | 99.87 | % |
(1) | We intend to conduct a continuous offering of an unlimited number of Common Shares over an unlimited time period by filing a new registration statement prior to the end of the three-year period described in Rule 415 under the Securities Act; however, in certain states this offering is subject to annual extensions. |
(2) | No upfront sales load will be paid to the Company or the Distribution Manager with respect to Class T shares, Class S shares, Class D shares or Class I shares, however, if you buy Class T shares, Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and a 3.5% cap on NAV for Class T shares and Class S shares. For Class T shares, the 3.5% includes a maximum of 3.0% for upfront selling commissions and a maximum of 0.50% for the dealer fee, for a total maximum upfront placement fee of 3.5%. Selling agents will not charge such fees on Class I shares. We will pay the following shareholder servicing
and/or distribution fees to the Distribution Manager, subject to FINRA limitations on underwriting compensation: (a) for Class T shares and Class S shares only, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class T shares and Class S shares, respectively, and (b) for Class D shares only, a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly. |
The shareholder servicing and/or distribution fees are similar to sales commissions. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged. The Distribution Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Fund also may pay for these sub-transfer agency, sub-accounting
and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. The total amount that will be paid over time for shareholder servicing and/or distribution fees depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments, and is not expected to be paid from sources other than cash flow from operating activities. We will cease paying the shareholder servicing and/or distribution fee on the Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the aggregate, underwriting compensation from all sources
in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with the exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Distribution Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Distribution Manager or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on the Class T shares, Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect
to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. We may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the applicable Class T shares, Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class T shares, Class S or Class D shares. See “Plan of Distribution.” |
(3) | The offering expense numbers shown above represent our estimates of expenses to be incurred by us in connection with this offering and include estimated wholesaling expenses reimbursable by us. See “Plan of Distribution” for examples of the types of organization and offering expenses we may incur. |
• | Level 1—Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. |
• | Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
• | Level 3—Unobservable inputs that reflect the Adviser’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
Cost: |
||||||||
Senior Secured Debt |
93.20 | % | 94.39 | % | ||||
Subordinated Debt |
6.25 | % | 5.12 | % | ||||
Preferred Equity |
0.43 | % | 0.31 | % | ||||
Common Equity and Warrants |
0.12 | % | 0.18 | % | ||||
Total |
100.00 |
% |
100.00 |
% | ||||
Fair Value: |
||||||||
Senior Secured Debt |
93.06 | % | 94.32 | % | ||||
Subordinated Debt |
6.34 | % | 5.07 | % | ||||
Preferred Equity |
0.42 | % | 0.30 | % | ||||
Common Equity and Warrants |
0.18 | % | 0.31 | % | ||||
Total |
100.00 |
% |
100.00 |
% | ||||
Fair Value: |
||||||||
Application Software |
12.53 | % | 13.67 | % | ||||
Diversified Support Services |
5.56 | % | 2.10 | % | ||||
Health Care Technology |
5.47 | % | 3.74 | % | ||||
Health Care Services |
4.92 | % | 3.00 | % | ||||
Other Specialty Retail |
4.57 | % | 5.44 | % | ||||
Systems Software |
4.35 | % | 3.64 | % | ||||
Aerospace & Defense |
4.28 | % | 3.92 | % | ||||
Interactive Media & Services |
4.09 | % | 1.25 | % | ||||
Industrial Machinery & Supplies & Components |
3.60 | % | 1.58 | % | ||||
Property & Casualty Insurance |
2.68 | % | 2.17 | % | ||||
Environmental & Facilities Services |
2.66 | % | 3.93 | % | ||||
Education Services |
2.66 | % | 3.20 | % | ||||
Electrical Components & Equipment |
2.65 | % | 3.94 | % | ||||
Diversified Metals & Mining |
2.63 | % | 4.95 | % | ||||
Pharmaceuticals |
2.54 | % | 3.28 | % | ||||
Health Care Supplies |
2.37 | % | 1.93 | % | ||||
Specialized Finance |
2.28 | % | 2.53 | % | ||||
Multi-Sector Holdings |
2.27 | % | 1.50 | % | ||||
Distributors |
1.65 | % | 2.69 | % | ||||
Metal, Glass & Plastic Containers |
1.60 | % | 1.34 | % | ||||
Diversified Financial Services |
1.59 | % | 1.65 | % | ||||
Cable & Satellite |
1.55 | % | 1.26 | % | ||||
Life Sciences Tools & Services |
1.49 | % | 1.42 | % | ||||
Health Care Equipment |
1.43 | % | 2.07 | % | ||||
Integrated Telecommunication Services |
1.42 | % | 2.05 | % | ||||
Diversified Chemicals |
1.41 | % | — | % | ||||
Health Care Distributors |
1.40 | % | 1.72 | % | ||||
Personal Care Products |
1.34 | % | 2.30 | % | ||||
Auto Parts & Equipment |
1.15 | % | 1.72 | % | ||||
Health Care Facilities |
1.07 | % | 1.07 | % | ||||
Research & Consulting Services |
0.99 | % | 1.10 | % | ||||
Office Services & Supplies |
0.98 | % | 1.12 | % | ||||
Gold |
0.97 | % | 1.43 | % | ||||
Biotechnology |
0.95 | % | 1.86 | % | ||||
Alternative Carriers |
0.78 | % | — | % | ||||
Trading Companies & Distributors |
0.68 | % | 1.33 | % | ||||
Restaurants |
0.67 | % | 0.99 | % | ||||
Passenger Airlines |
0.67 | % | 0.65 | % | ||||
Hotels, Resorts & Cruise Lines |
0.60 | % | 0.88 | % | ||||
Real Estate Development |
0.56 | % | 0.82 | % | ||||
Internet Services & Infrastructure |
0.52 | % | 0.76 | % | ||||
Insurance Brokers |
0.50 | % | 0.72 | % | ||||
Advertising |
0.41 | % | 0.59 | % | ||||
Leisure Facilities |
0.34 | % | 0.47 | % | ||||
Food Distributors |
0.23 | % | 0.32 | % | ||||
Paper & Plastic Packaging Products & Materials |
0.22 | % | 0.24 | % | ||||
Oil & Gas Refining & Marketing |
0.21 | % | — | % | ||||
Diversified Real Estate Activities |
0.17 | % | 0.24 | % | ||||
Leisure Products |
0.15 | % | 0.21 | % | ||||
Other Specialized REITs |
0.11 | % | 0.15 | % | ||||
Construction Materials |
0.08 | % | 0.10 | % | ||||
Air Freight & Logistics |
— | % | 0.35 | % | ||||
Consumer Finance |
— | % | 0.32 | % | ||||
Soft Drinks & Non-alcoholic Beverages |
— | % | 0.29 | % | ||||
Total |
100.00 |
% |
100.00 |
% | ||||
United States |
90.27 | % | 87.07 | % | ||||
United Kingdom |
2.84 | % | 2.34 | % | ||||
Canada |
1.80 | % | 2.94 | % | ||||
Luxembourg |
1.47 | % | 2.13 | % | ||||
India |
1.38 | % | 2.04 | % | ||||
France |
0.59 | % | 0.71 | % | ||||
Costa Rica |
0.43 | % | 0.64 | % | ||||
Chile |
0.43 | % | 0.65 | % | ||||
Cayman Islands |
0.37 | % | 0.68 | % | ||||
Switzerland |
0.35 | % | 0.51 | % | ||||
Australia |
0.07 | % | — | % | ||||
Netherlands |
— | % | 0.29 | % | ||||
Total |
100.00 |
% |
100.00 |
% | ||||
Expenses: |
||||||||
Base management fee |
$ | 5,756 | $ | 1,396 | ||||
Investment income incentive fee |
5,754 | 1,240 | ||||||
Capital gains incentive fee |
2,141 | — | ||||||
Professional fees |
835 | 398 | ||||||
Class S and Class D distribution and shareholder servicing fees |
1,281 | 199 | ||||||
Board of trustees fees |
91 | 66 | ||||||
Organization expenses |
— | 4 | ||||||
Amortization of continuous offering costs |
222 | 848 | ||||||
Interest expense |
17,740 | 2,806 | ||||||
Administrator expense |
302 | 144 | ||||||
General and administrative expenses |
624 | 178 | ||||||
Total expenses |
$ |
34,746 |
$ |
7,279 |
||||
Management and incentive fees waived |
— | (1,642 | ) | |||||
Expense reimbursements (support) |
1,045 | (852 | ) | |||||
Net expenses |
$ |
35,791 |
$ |
4,785 |
||||
For the fiscal year ended September 30, 2023 |
||||||||
Expenses: |
||||||||
Base management fee |
$ | 10,518 | $ | 1,359 | ||||
Investment income incentive fee |
10,042 | 763 | ||||||
Capital gains incentive fee |
278 | — | ||||||
Professional fees |
2,076 | 732 | ||||||
Class S and Class D distribution and shareholder servicing fees |
2,024 | 92 | ||||||
Board of trustees fees |
289 | 216 | ||||||
Organization expenses |
4 | 550 | ||||||
Amortization of continuous offering costs |
2,737 | 1,036 | ||||||
Interest expense |
21,814 | 2,541 | ||||||
Administrator expense |
939 | 207 | ||||||
General and administrative expenses |
1,402 | 348 | ||||||
Total expenses |
$ |
52,123 |
$ |
7,844 |
||||
Management and incentive fees waived |
(1,642 | ) | (2,122 | ) | ||||
Expense reimbursements (support) |
541 | (1,586 | ) | |||||
Net expenses |
$ |
51,022 |
$ |
4,136 |
||||
Debt Outstanding as of September 30, 2023 |
Debt Outstanding as of December 31, 2023 |
Weighted average debt outstanding for the three months ended |
Maximum debt outstanding for the three months ended |
|||||||||||||
ING Credit Agreement |
$ | 320,000 | $ | 420,000 | $ | 406,957 | $ | 420,000 | ||||||||
JPM SPV Facility |
125,000 | 150,000 | 145,380 | 150,000 | ||||||||||||
2028 Notes |
— | 350,000 | 182,609 | 350,000 | ||||||||||||
Total debt |
$ |
445,000 |
$ |
920,000 |
$ |
734,946 |
||||||||||
Payments due by period as of December 31, 2023 |
||||||||||||||||
Total |
< 1 year |
1-3 years |
3-5 years |
|||||||||||||
ING Credit Agreement |
$ | 420,000 | $ | — | $ | — | $ | 420,000 | ||||||||
Interest due on ING Credit Agreement |
143,732 | 31,970 | 63,940 | 47,822 | ||||||||||||
JPM Loan and Security Agreement |
150,000 | — | — | 150,000 | ||||||||||||
Interest due on JPM Loan and Security Agreement |
51,990 | 12,517 | 25,034 | 14,439 | ||||||||||||
2028 Notes |
350,000 | — | — | 350,000 | ||||||||||||
Interest due on 2028 Notes |
160,753 | 32,963 | 65,926 | 61,864 | ||||||||||||
Total |
$ |
1,276,475 |
$ |
77,450 |
$ |
154,900 |
$ |
1,044,125 |
||||||||
Debt Outstanding as of |
Debt Outstanding as of |
Weighted average debt outstanding for the fiscal year ended |
Maximum debt outstanding for the fiscal year ended |
|||||||||||||
ING Credit Agreement |
$ | 75,000 | $ | 320,000 | $ | 197,055 | $ | 325,000 | ||||||||
JPM SPV Facility |
— | 125,000 | 33,233 | 125,000 | ||||||||||||
Total debt |
$ | 75,000 | $ | 445,000 | $ | 230,288 | ||||||||||
Payments due by period as of September 30, 2023 |
||||||||||||||||
Total |
< 1 year |
1-3 years |
3-5 years |
|||||||||||||
ING Credit Agreement |
$ | 320,000 | $ | — | $ | — | $ | 320,000 | ||||||||
Interest due on ING Credit Agreement |
115,030 | 24,227 | 48,454 | 42,349 | ||||||||||||
JPM Loan and Security Agreement |
125,000 | — | — | 125,000 | ||||||||||||
Interest due on JPM Loan and Security Agreement |
45,580 | 10,346 | 20,692 | 14,542 | ||||||||||||
Total |
$ |
605,610 |
$ |
34,573 |
$ |
69,146 |
$ |
501,891 |
||||||||
Shares |
Amount |
|||||||
Class I |
||||||||
Issuance of Common Shares in public offering |
13,159,301 | $ | 309,178 | |||||
Issuance of Common Shares under dividend reinvestment plan |
218,653 | 5,139 | ||||||
Share repurchases, net of early repurchase deduction |
(369,913 | ) | (8,729 | ) | ||||
Net increase (decrease) |
13,008,041 |
$ |
305,588 |
|||||
Class S |
||||||||
Issuance of Common Shares in public offering |
6,777,146 | $ | 159,230 | |||||
Issuance of Common Shares under dividend reinvestment plan |
277,026 | 6,506 | ||||||
Share repurchases, net of early repurchase deduction |
(76,176 | ) | (1,797 | ) | ||||
Net increase (decrease) |
6,977,996 |
$ |
163,939 |
|||||
Class D |
||||||||
Issuance of Common Shares in public offering |
16,137 | $ | 379 | |||||
Issuance of Common Shares under dividend reinvestment plan |
100 | 2 | ||||||
Share repurchases, net of early repurchase deduction |
— | — | ||||||
Net increase (decrease) |
16,237 |
$ |
381 |
|||||
Total net increase (decrease) |
20,002,274 |
$ |
469,908 |
|||||
Shares |
Amount |
|||||||
Class I |
||||||||
Issuance of Common Shares in public offering |
30,975,834 | $ | 726,878 | |||||
Issuance of Common Shares under dividend reinvestment plan |
312,297 | 7,328 | ||||||
Share repurchases, net of early repurchase deduction |
(225,337 | ) | (5,309 | ) | ||||
Net increase (decrease) |
31,062,794 |
$ |
728,897 |
|||||
Class S |
||||||||
Issuance of Common Shares in public offering |
17,839,100 | $ | 418,677 | |||||
Issuance of Common Shares under dividend reinvestment plan |
362,467 | 8,500 | ||||||
Share repurchases, net of early repurchase deduction |
(2,830 | ) | (67 | ) | ||||
Net increase (decrease) |
18,198,737 |
$ |
427,110 |
|||||
Class D |
||||||||
Issuance of Common Shares in public offering |
6,177 | $ | 145 | |||||
Issuance of Common Shares under dividend reinvestment plan |
17 | — | ||||||
Share repurchases, net of early repurchase deduction |
— | — | ||||||
Net increase (decrease) |
6,194 | $ | 145 | |||||
Total net increase (decrease) |
49,267,725 |
$ |
1,156,152 |
|||||
Class I Shares |
Class S Shares |
Class D Shares |
||||||||||
$ | 24.32 | — | — | |||||||||
$ | 23.71 | — | — | |||||||||
$ | 23.98 | $ | 23.98 | — | ||||||||
$ | 24.03 | $ | 24.03 | — | ||||||||
$ | 23.47 | $ | 23.47 | — | ||||||||
$ | 23.33 | $ | 23.33 | — | ||||||||
$ | 23.46 | $ | 23.46 | — | ||||||||
$ | 23.23 | $ | 23.23 | — | ||||||||
$ | 23.64 | $ | 23.64 | — | ||||||||
$ | 23.56 | $ | 23.56 | — | ||||||||
$ | 23.42 | $ | 23.42 | — | ||||||||
$ | 23.40 | $ | 23.40 | — | ||||||||
$ | 23.23 | $ | 23.23 | — | ||||||||
$ | 23.48 | $ | 23.48 | $ | 23.48 | |||||||
$ | 23.54 | $ | 23.54 | $ | 23.54 | |||||||
$ | 23.60 | $ | 23.60 | $ | 23.60 | |||||||
$ | 23.56 | $ | 23.56 | $ | 23.56 | |||||||
$ | 23.39 | $ | 23.39 | $ | 23.39 | |||||||
$ | 23.51 | $ | 23.51 | $ | 23.51 | |||||||
$ | 23.62 | $ | 23.62 | $ | 23.62 | |||||||
$ | 23.60 | $ | 23.60 | $ | 23.60 | |||||||
$ | $ | $ |
Class I |
||||||||||||
Date Declared |
Record Date |
Payment Date |
Net Distribution Per Share |
Distribution Amount |
||||||||
October 31, 2022 | November 28, 2022 | $ | 0.1800 | $ | 2,470 | |||||||
November 30, 2022 | December 28, 2022 | 0.1900 | 2,818 | |||||||||
December 31, 2022 | January 30, 2023 | 0.1900 | 3,171 | |||||||||
December 31, 2022 | January 30, 2023 | 0.0400 | 668 | |||||||||
January 31, 2023 | February 24, 2023 | 0.1900 | 3,351 | |||||||||
February 28, 2023 | March 29, 2023 | 0.1900 | 3,834 | |||||||||
March 31, 2023 | April 27, 2023 | 0.1900 | 4,252 | |||||||||
April 30, 2023 | May 26, 2023 | 0.1900 | 4,568 | |||||||||
May 31, 2023 | June 28, 2023 | 0.1900 | 5,068 | |||||||||
June 30, 2023 | July 27, 2023 | 0.1900 | 5,605 | |||||||||
July 24,2023 |
July 31, 2023 | August 29, 2023 | 0.1900 | 7,094 |
0.1900 | 7,710 | |||||||||||
0.1900 | 8,423 | |||||||||||
0.1900 | 9,259 | |||||||||||
0.1900 | 9,916 | |||||||||||
0.0400 | 2,296 | |||||||||||
0.1900 | 10,921 | |||||||||||
0.1900 | ||||||||||||
0.2000 | ||||||||||||
|
|
|
|
|||||||||
$ | 3.3100 | $ | ||||||||||
|
|
|
|
Class S |
||||||||||||
Date Declared |
Record Date |
Payment Date |
Net Distribution Per Share |
Distribution Amount |
||||||||
October 31, 2022 | November 28, 2022 | $ | 0.1634 | $ | 574 | |||||||
November 30, 2022 | December 28, 2022 | 0.1735 | 684 | |||||||||
December 31, 2022 | January 30, 2023 | 0.1734 | 789 | |||||||||
December 31, 2022 | January 30, 2023 | 0.0400 | 182 | |||||||||
January 31, 2023 | February 24, 2023 | 0.1735 | 916 | |||||||||
February 28, 2023 | March 29, 2023 | 0.1733 | 1,024 | |||||||||
March 31, 2023 | April 27, 2023 | 0.1733 | 1,486 | |||||||||
April 30, 2023 | May 26, 2023 | 0.1734 | 1,764 | |||||||||
May 31, 2023 | June 28, 2023 | 0.1734 | 2,036 | |||||||||
June 30, 2023 | July 27, 2023 | 0.1735 | 2,381 | |||||||||
July 24,2023 |
July 31, 2023 | August 29, 2023 | 0.1734 | 2,749 | ||||||||
August 31, 2023 | September 27, 2023 | 0.1733 | 3,071 | |||||||||
September 30, 2023 | October 27, 2023 | 0.1733 | 3,603 | |||||||||
October 31, 2023 | November 28, 2023 | 0.1733 | 4,105 | |||||||||
November 30, 2023 | December 27, 2023 | 0.1734 | 4,436 | |||||||||
December 15, 2023 | December 27, 2023 | 0.0400 | 1,109 | |||||||||
December 31, 2023 | February 1, 2023 | 0.1733 | 4,825 | |||||||||
January 31, 2024 | February 27, 2024 | 0.1733 | ||||||||||
February 29, 2024 | March 27, 2024 | 0.1833 | ||||||||||
$ | 3.0273 | $ | ||||||||||
Class D |
||||||||||||
Date Declared |
Record Date |
Payment Date |
Net Distribution Per Share |
Distribution Amount |
||||||||
June 30, 2023 | July 27, 2023 | $ | 0.1852 | $ | — | |||||||
July 31, 2023 | August 29, 2023 | 0.1851 | 1 | |||||||||
August 31, 2023 | September 27, 2023 | 0.1851 | 1 | |||||||||
September 30, 2023 | October 27, 2023 | 0.1851 | 1 | |||||||||
October 31, 2023 | November 28, 2023 | 0.1851 | 1 | |||||||||
November 30, 2023 | December 27, 2023 | 0.1851 | 3 | |||||||||
December 15, 2023 | December 27, 2023 | 0.0400 | 1 | |||||||||
December 31, 2023 | February 1, 2023 | 0.1851 | 4 | |||||||||
January 31, 2024 | February 27, 2024 | 0.1851 | ||||||||||
February 29, 2024 | March 27, 2024 | 0.1951 | ||||||||||
$ | 1.7160 | $ | ||||||||||
Repurchase Pricing Date |
Total Number of Shares Repurchased (all classes) |
Percentage of Outstanding Shares Repurchased (1) |
Price Paid Per Share |
Amount Repurchased (all classes) (2) |
||||||||||||
446,089 | 0.69 | % | $ | 23.62 | $ | 10,526 |
Repurchase Pricing Date |
Total Number of Shares Repurchased (all classes) |
Percentage of Outstanding Shares Repurchased (1) |
Price Paid Per Share |
Amount Repurchased (all classes) (2) |
||||||||||||
1,692 | 0.01 | % | $ | 23.48 | $ | 39 | ||||||||||
226,475 | 0.52 | % | $ | 23.56 | $ | 5,336 |
(1) | Percentage is based on total shares as of the close of the previous calendar quarter. |
(2) | Amounts shown net of Early Repurchase Deduction, where applicable. |
($ in millions) | ||||
Principal |
$ | 350.0 | ||
Unamortized financing costs |
(4.2 | ) | ||
Unaccreted discount |
(1.7 | ) | ||
Interest rate swap fair value adjustment |
10.6 | |||
Net carrying value |
$ |
354.7 |
||
Fair Value |
$ |
369.2 |
($ in millions) | ||||
Coupon interest |
$ | 3.8 | ||
Amortization of financing costs and discount |
0.1 | |||
Effect of interest rate swap |
0.6 | |||
Total interest expense |
$ |
4.5 |
||
Coupon interest rate (net of effect of interest rate swaps) |
9.450 | % |
Gross Distribution |
Shareholder Servicing and/or Distribution Fee |
Net Distribution |
||||||||||
Class I shares |
$ | $ | $ | |||||||||
Class S shares |
$ | $ | $ | |||||||||
Class D shares |
$ | $ | $ |
Gross Distribution |
Shareholder Servicing and/or Distribution Fee |
Net Distribution |
||||||||||
Class I shares |
$ | $ | $ | |||||||||
Class S shares |
$ | $ | $ | |||||||||
Class D shares |
$ | $ | $ |
($ in thousands) |
Fair Value |
% of Floating Rate Portfolio |
Fair Value |
% of Floating Rate Portfolio |
||||||||||||
0% |
$ | 561,626 | 22.33 | % | $ | 248,903 | 14.50 | % | ||||||||
>0% and <1% |
963,175 | 38.29 | 603,477 | 35.15 | ||||||||||||
1% |
797,985 | 31.72 | 681,256 | 39.68 | ||||||||||||
>1% |
192,639 | 7.66 | 183,272 | 10.67 | ||||||||||||
Total |
$ |
2,515,425 |
100.00 |
% |
$ |
1,716,908 |
100.00 |
% | ||||||||
Basis point increase ($ in thousands) |
Increase in Interest Income |
(Increase) in Interest Expense |
Net increase in net assets resulting from operations |
|||||||||
250 |
$ | 63,630 | $ | (23,000 | ) | $ | 40,630 | |||||
200 |
50,904 | (18,400 | ) | 32,504 | ||||||||
150 |
38,178 | (13,800 | ) | 24,378 | ||||||||
100 |
25,452 | (9,200 | ) | 16,252 | ||||||||
50 |
12,726 | (4,600 | ) | 8,126 |
Basis point decrease ($ in thousands) |
(Decrease) in Interest Income |
Decrease in Interest Expense |
Net (decrease) in net assets resulting from operations |
|||||||||
50 |
$ | (12,726 | ) | $ | 4,600 | $ | (8,126 | ) | ||||
100 |
(25,452 | ) | 9,200 | (16,252 | ) | |||||||
150 |
(38,178 | ) | 13,800 | (24,378 | ) | |||||||
200 |
(50,904 | ) | 18,400 | (32,504 | ) | |||||||
250 |
(63,630 | ) | 23,000 | (40,630 | ) |
Basic point increase ($ in thousands) |
Increase in Interest Income |
(Increase) in Interest Expense |
Net increase in net assets resulting from operations |
|||||||||
250 |
$ | 43,674 | $ | (11,125 | ) | $ | 32,549 | |||||
200 |
34,939 | (8,900 | ) | 26,039 | ||||||||
150 |
26,204 | (6,675 | ) | 19,529 | ||||||||
100 |
17,469 | (4,450 | ) | 13,019 | ||||||||
50 |
8,735 | (2,225 | ) | 6,510 |
Basic point decrease ($ in thousands) |
(Decrease) in Interest Income |
Decrease in Interest Expense |
Net (decrease) in net assets resulting from operations |
|||||||||
50 |
$ | (8,735 | ) | $ | 2,225 | $ | (6,510 | ) | ||||
100 |
(17,469 | ) | 4,450 | (13,019 | ) | |||||||
150 |
(26,204 | ) | 6,675 | (19,529 | ) | |||||||
200 |
(34,939 | ) | 8,900 | (26,039 | ) | |||||||
250 |
(43,674 | ) | 11,125 | (32,549 | ) |
($ in thousands) |
Debt Investments |
Borrowings |
Debt Investments |
Borrowings |
||||||||||||
Prime rate |
$ | 842 | $ | — | $ | — | $ | — | ||||||||
LIBOR |
||||||||||||||||
90 day |
3,093 | — | 8,940 | — | ||||||||||||
EURIBOR |
||||||||||||||||
30 day |
€ | 21,000 | — | € | 21,000 | — | ||||||||||
90 day |
24,380 | — | 16,530 | — | ||||||||||||
180 day |
9,600 | — | 15,266 | — | ||||||||||||
SOFR |
||||||||||||||||
30 day |
$ | 1,203,279 | 420,000 | $ | 761,709 | 320,000 | ||||||||||
90 day (a) |
1,227,164 | 500,000 | 877,157 | 125,000 | ||||||||||||
180 day |
28,320 | — | 30,006 | — | ||||||||||||
SONIA |
||||||||||||||||
90 day |
— | — | £ | 21,086 | — | |||||||||||
180 day |
£ | 39,188 | — | 5,470 | — | |||||||||||
Fixed rate |
$ | 340,535 | — | $ | 216,996 | — |
(a) | Borrowings include the 2028 Notes, which effectively pay interest at a floating rate under the terms of the interest rate swap. |
Class and Year |
Total Amount Outstanding Exclusive of Treasury Securities (1) |
Asset Coverage Per Unit(2) |
Involuntary Liquidating Preference Per Unit(3) |
Average Market Value Per Unit(4) |
||||||||||||
ING Credit Agreement |
||||||||||||||||
For the period from December 10, 2021 (commencement of operations) to September 30, 2022 |
$ | i 75,000 | i 5,890 | i — | N/A | |||||||||||
Fiscal 2023 |
i 320,000 | i 4,436 | i — | N/A | ||||||||||||
i 420,000 | i 3,178 | i — | N/A | |||||||||||||
JPM SPV Facility |
||||||||||||||||
Fiscal 2023 |
$ | i 125,000 | i 4,436 | i — | N/A | |||||||||||
i 150,000 | i 3,178 | i — | N/A | |||||||||||||
SMBC SPV Facility |
||||||||||||||||
Fiscal 2023 |
$ | i — | i 4,436 | i — | N/A | |||||||||||
i — | i 3,178 | i — | N/A | |||||||||||||
CIBC SPV Facility |
||||||||||||||||
i — | i 3,178 | i — | N/A | |||||||||||||
2028 Unsecured Notes |
||||||||||||||||
$ | i 350,000 | i 3,178 | i — | N/A | ||||||||||||
Total Senior Securities |
||||||||||||||||
For the period from December 10, 2021 (commencement of operations) to September 30, 2022 |
$ | i 75,000 | i 5,890 | i — | ||||||||||||
Fiscal 2023 |
i 445,000 | i 4,436 | i — | |||||||||||||
i 920,000 | i 3,178 | i — |
(1) | Total amount of each class of senior securities outstanding at the end of the period, presented in thousands. |
(2) | The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company’s consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit.” |
(3) | The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information that the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities. |
(4) | Calculated on a daily average basis. |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Non-Control/Non-Affiliate |
||||||||||||||||||||||||||||
37 Capital CLO 4 Maples FS Limited P.O Box 1093, Boundary Hall, Cricket Square, Grand Cayman KY1-1102, Cayman Islands |
Multi-Sector Holdings |
CLO Notes | 10.87 | % | 5,000 | 5,000 | 5,018 | (5)(10) | ||||||||||||||||||||
107-109 Beech OAK22 LLC175 Broadway Floor 1 |
Real Estate Development |
First Lien Revolver | 11.00 | % | 11,883 | 11,770 | 11,614 | (8)(9) | ||||||||||||||||||||
107 Fair Street LLC 175 Broadway Floor 1 |
Real Estate Development |
First Lien Term Loan |
12.50 | % | 1,031 | 1,016 | 998 | (8)(9)(11) | ||||||||||||||||||||
112-126 Van Houten Real22 LLC175 Broadway Floor 1 |
Real Estate Development |
First Lien Term Loan |
12.00 | % | 3,451 | 3,437 | 3,400 | (8)(9)(11) | ||||||||||||||||||||
AB BSL CLO 4 501 Commerce Street |
Multi-Sector Holdings |
CLO Notes | 10.92 | % | 3,800 | 3,800 | 3,835 | (5)(10) | ||||||||||||||||||||
Access CIG, LLC 6818 A Patterson Pass Road |
Diversified Support Services |
First Lien Term Loan |
10.39 | % | 30,424 | 29,909 | 30,512 | (5) | ||||||||||||||||||||
ACP Falcon Buyer Inc 2141 Rosecrans Avenue, Suite 2050 |
Systems Software | First Lien Term Loan |
11.85 | % | 34,667 | 33,700 | 33,866 | (5)(8) | ||||||||||||||||||||
ACP Falcon Buyer Inc 2141 Rosecrans Avenue, Suite 2050 |
Systems Software | First Lien Revolver | — | (149 | ) | (123 | ) | |
(5)(8)(9) |
| ||||||||||||||||||
ADC Therap eutics SA Biopôle route de la Corniche 3B 1066 Epalinges Switzerland |
Biotechnology | First Lien Term Loan |
13.00 | % | 10,406 | 9,977 | 9,912 | (5)(8)(10) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
ADC Therapeutics SA Biopôle route de la Corniche 3B 1066 Epalinges Switzerland |
Biotechnology | First Lien Term Loan |
— | (60 | ) | (60 | ) | (5)(8)(9)(10) | ||||||||||||||||||||
ADC Therapeutics SA Biopôle route de la Corniche 3B 1066 Epalinges Switzerland |
Biotechnology | Warrants | — | 275 | 21 | (8)(10) | ||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. 5 Rue des Capucins L-1313, Luxembourg |
Pharmaceuticals | First Lien Term Loan |
8.84 | % | 21,000 | 23,002 | 23,279 | (5)(10) | ||||||||||||||||||||
AIP RD Buyer Corp. 8280 Montgomery Road, Suite 101 |
Distributors | Second Lien Term Loan |
0.11 | % | 13.21 | % | 4,093 | 4,032 | 4,019 | (5)(8) | ||||||||||||||||||
AIP RD Buyer Corp. 8280 Montgomery Road, Suite 101 |
Distributors | Common Stock | 0.11 | % | — | 428 | 636 | (8) | ||||||||||||||||||||
Altice France S.A. 16 Rue Du General Alain De Boissieu Paris, Île-de-France, 75015 France |
Integrated Telecommunication Services |
First Lien Term Loan |
9.64 | % | 3,093 | 3,028 | 2,892 | (5)(10) | ||||||||||||||||||||
Altice France S.A. 16 Rue Du General Alain De Boissieu Paris, Île-de-France, 75015 France |
Integrated Telecommunication Services |
Fixed Rate Bond | 5.50 | % | 7,200 | 6,046 | 5,655 | (10) | ||||||||||||||||||||
Alto Pharmacy Holdings, Inc. 1400 Tennessee St, Unit 2 |
Health Care Technology |
First Lien Term Loan |
5.00 | % | 13,703 | 12,846 | 12,606 | (5)(8) | ||||||||||||||||||||
Alto Pharmacy Holdings, Inc. 1400 Tennessee St, Unit 2 |
Health Care Technology |
Warrants | — | 943 | 2,293 | (8) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
American Airlines Group Inc. 1 Skyview Drive |
Passenger Airlines | Fixed Rate Bond | 8.50 | % | 6,534 | 6,534 | 6,904 | (10) | ||||||||||||||||||||
American Auto Auction Group, LLC 10333 N. Meridian Street, Suite 200 |
Diversified Support Services |
Second Lien Term Loan |
14.25 | % | 6,901 | 6,801 | 6,452 | (5)(8) | ||||||||||||||||||||
American Rock Salt Company LLC 5520 New York-63, Mount Morris, NY |
Diversified Metals & Mining |
First Lien Term Loan |
9.47 | % | 27,357 | 26,010 | 25,938 | (5) | ||||||||||||||||||||
American Tire Distributors, Inc. 12200 Herbert Wayne Ct, Suite 150 |
Distributors | First Lien Term Loan |
11.91 | % | 17,627 | 15,784 | 14,838 | (5) | ||||||||||||||||||||
AmSpec Parent LLC |
Diversified Support Services |
First Lien Term Loan |
11.10 | % | 70,424 | 68,683 | 68,664 | (5)(8) | ||||||||||||||||||||
AmSpec Parent LLC 1249 S River Rd Ste 204, |
Diversified Support Services |
First Lien Term Loan |
— | (127 | ) | (127 | ) | (5)(8)(9) | ||||||||||||||||||||
AmSpec Parent LLC 1249 S River Rd Ste 204, |
Diversified Support Services |
First Lien Revolver |
— | (235 | ) | (238 | ) | (5)(8)(9) | ||||||||||||||||||||
Amynta Agency Borrower Inc. 59 Maiden Lane |
Property & Casualty Insurance |
First Lien Term Loan |
10.45 | % | 11,970 | 11,669 | 12,000 | (5) | ||||||||||||||||||||
Amynta Agency Borrower Inc. 59 Maiden Lane |
Property & Casualty Insurance |
First Lien Term Loan |
9.61 | % | 27,930 | 27,930 | 28,000 | (5) | ||||||||||||||||||||
Anastasia Parent, LLC |
Personal Care Products |
First Lien Term Loan |
9.36 | % | 6,822 | 5,727 | 4,173 | (5) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Arches Buyer Inc. 1300 West Traverse Parkway |
Interactive Media & Services |
First Lien Term Loan |
10.86 | % | 94,203 | 92,794 | 92,790 | (5)(8) | ||||||||||||||||||||
Ardonagh Midco 3 PLC 1 Minster Court Mincing Lane London, EC3R 7AA United Kingdom |
Insurance Brokers | First Lien Term Loan |
10.70 | % | 9,600 | 9,650 | 10,711 | (5)(8)(10) | ||||||||||||||||||||
Ardonagh Midco 3 PLC 1 Minster Court Mincing Lane London, EC3R 7AA United Kingdom |
Insurance Brokers | First Lien Term Loan |
12.57 | % | 3,520 | 3,368 | 3,591 | (5)(8)(9)(10) | ||||||||||||||||||||
ARES LXIV CLO 2000 Avenue of the Stars, 12th Floor |
Multi-Sector Holdings |
CLO Notes | 9.14 | % | 2,200 | 2,053 | 2,212 | (5)(10) | ||||||||||||||||||||
ARES LXVIII CLO 2000 Avenue of the Stars, 12th Floor |
Multi-Sector Holdings |
CLO Notes | 11.13 | % | 5,000 | 5,000 | 5,121 | (5)(10) | ||||||||||||||||||||
Arsenal AIC Parent LLC 201 Isabella Street |
Diversified Metals & Mining |
First Lien Term Loan |
9.86 | % | 9,975 | 9,875 | 10,031 | (5) | ||||||||||||||||||||
ASP-R-PAC 132 W 36th Street |
Paper & Plastic Packaging Products & Materials |
First Lien Term Loan |
11.64 | % | 4,849 | 4,785 | 4,558 | (5)(8)(10) | ||||||||||||||||||||
ASP-R-PAC 132 W 36th Street |
Paper & Plastic Packaging Products & Materials |
First Lien Revolver |
— | (8 | ) | (35 | ) | (5)(8)(9)(10) | ||||||||||||||||||||
Astra Acquisition Corp. 5201 Congress Avenue |
Application Software |
First Lien Term Loan |
10.86 | % | 10,405 | 8,425 | 6,785 | (5) | ||||||||||||||||||||
Asurion, LLC 1101 Church St, |
Property & Casualty Insurance |
First Lien Term Loan |
9.46 | % | 11,920 | 11,507 | 11,886 | (5) | ||||||||||||||||||||
Asurion, LLC 1101 Church St, |
Property & Casualty Insurance |
First Lien Term Loan |
9.71 | % | 24,882 | 24,025 | 24,829 | (5) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
athenahealth Group Inc. 311 Arsenal Street |
Health Care Technology | First Lien Term Loan |
8.61 | % | 33,156 | 31,885 | 33,056 | (5) | ||||||||||||||||||||
athenahealth Group Inc. 311 Arsenal Street |
Health Care Technology | Fixed Rate Bond |
6.50 | % | 15,040 | 13,097 | 13,664 | |||||||||||||||||||||
athenahealth Group Inc. 311 Arsenal Street |
Health Care Technology | Preferred Equity | – | 5,693 | 5,544 | (8) | ||||||||||||||||||||||
Avalara, Inc. 255 South King Street, Suite 1200 |
Application Software | First Lien Term Loan |
12.60 | % | 19,029 | 18,649 | 18,791 | (5)(8) | ||||||||||||||||||||
Avalara, Inc. 255 South King Street, Suite 1200 |
Application Software | First Lien Revolver |
– | (38 | ) | (24 | ) | (5)(8)(9) | ||||||||||||||||||||
Bain Capital Credit CLO 2022-3 Maples Fiduciary Services (Jersey) Limited, 2nd Floor, Sir Walter Raleigh House, 48-50 Esplanade, St. Helier, JE2 3QB, Jersey |
Multi-Sector Holdings | CLO Notes | 9.10 | % | 3,500 | 3,370 | 3,515 | (5) | ||||||||||||||||||||
Bamboo US Bidco LLC One Baxter Parkway |
Health Care Equipment | First Lien Term Loan |
11.38 | % | 24,960 | 24,239 | 24,211 | (5)(8) | ||||||||||||||||||||
Bamboo US Bidco LLC One Baxter Parkway |
Health Care Equipment | First Lien Term Loan |
9.95 | % | 15,530 | 15,968 | 16,640 | (5)(8) | ||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment | First Lien Term Loan |
11.36 | % | 268 | 205 | 209 | (5)(8)(9) | ||||||||||||||||||||
Bamboo US Bidco LLC One Baxter Parkway |
Health Care Equipment | First Lien Revolver |
— | (149 | ) | (156 | ) | (5)(8)(9) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Bausch + Lomb Corporation 400 Somerset Corporate Blvd. |
Health Care Supplies |
First Lien Term Loan |
8.71 | % | 23,116 | 22,609 | 22,929 | (5)(10) | ||||||||||||||||||||
Bausch + Lomb Corporation 400 Somerset Corporate Blvd. |
Health Care Supplies |
Fixed Rate Bond |
8.38 | % | 9,000 | 8,982 | 9,506 | (10) | ||||||||||||||||||||
BioXcel Therapeutics, Inc. 555 Long Wharf Drive 12th Floor |
Pharmaceuticals | First Lien Term Loan |
— | — | — | (5)(8)(9)(10) | ||||||||||||||||||||||
BioXcel Therapeutics, Inc. 555 Long Wharf Drive 12th Floor |
Pharmaceuticals | First Lien Term Loan |
12.89 | % | 1,346 | 1,346 | 1,255 | (5)(8)(10) | ||||||||||||||||||||
BioXcel Therapeutics, Inc. 555 Long Wharf Drive 12th Floor |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | — | — | — | (8)(9)(10) | ||||||||||||||||||||
BioXcel Therapeutics, Inc. 555 Long Wharf Drive 12th Floor |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | — | — | — | (8)(9)(10) | ||||||||||||||||||||
BioXcel Therapeutics, Inc. 555 Long Wharf Drive 12th Floor |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | 3,234 | 3,143 | 3,015 | (8)(10) | ||||||||||||||||||||
BioXcel Therapeutics, Inc. 555 Long Wharf Drive 12th Floor |
Pharmaceuticals | Warrants | — | 74 | 22 | (8)(10) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Carlyle Euro CLO 2021-2 3rd Floor, Kilmore House Park Lane, Spencer Dock Dublin 1, Ireland |
Multi-Sector Holdings |
CLO Notes | 7.27 | % | 1,400 | 1,376 | 1,428 | (5)(10) | ||||||||||||||||||||
CCO Holdings LLC 12405 Powerscourt Drive |
Cable & Satellite | Fixed Rate Bond | 4.50 | % | 18,281 | 14,765 | 15,681 | (10) | ||||||||||||||||||||
CD&R Firefly Bidco Limited 10 Bricket Road, St Albans, Hertfordshire, United Kingdom, AL1 3JX |
Other Specialty Retail | First Lien Term Loan |
11.29 | % | 30,197 | 36,491 | 37,839 | (5)(10) | ||||||||||||||||||||
Clear Channel Outdoor Holdings Inc. 4830 North Loop 1604W, Suite 111 |
Advertising | First Lien Term Loan |
9.14 | % | 6,915 | 6,558 | 6,856 | (5)(10) | ||||||||||||||||||||
Clear Channel Outdoor Holdings Inc. 4830 North Loop 1604W, Suite 111 |
Advertising | Fixed Rate Bond | 5.13 | % | 726 | 649 | 694 | (10) | ||||||||||||||||||||
Clear Channel Outdoor Holdings Inc. 4830 North Loop 1604W, Suite 111 |
Advertising | Fixed Rate Bond | 9.00 | % | 4,000 | 4,000 | 4,177 | (10) | ||||||||||||||||||||
Cloud Software Group, Inc. 851 West Cypress Creek Road, |
Application Software | First Lien Term Loan |
9.95 | % | 38,657 | 36,637 | 37,858 | (5) | ||||||||||||||||||||
Cloud Software Group, Inc. 851 West Cypress Creek Road, |
Application Software | Fixed Rate Bond | 6.50 | % | 10,740 | 9,699 | 10,238 |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Colony Holding Corporation 8954 Hill Dr |
Distributors | First Lien Term Loan |
11.98 | % | 12,087 | 11,824 | 11,869 | (5)(8) | ||||||||||||||||||||
Colony Holding Corporation 8954 Hill Dr |
Distributors | First Lien Term Loan |
11.99 | % | 3,930 | 3,869 | 3,859 | (5)(8) | ||||||||||||||||||||
Condor Merger Sub Inc. 6220 America Center Drive |
Systems Software |
Fixed Rate Bond | 7.38 | % | 9,277 | 8,670 | 8,485 | |||||||||||||||||||||
Connect U.S. Finco LLC 50 Finsbury Square London EC2A 1HD United Kingdom |
Alternative Carriers |
Fixed Rate Bond | 6.75 | % | 22,510 | 21,327 | 22,395 | (10) | ||||||||||||||||||||
Coupa Holdings, LLC 1855 South Grant Street |
Application Software |
First Lien Term Loan |
12.86 | % | 13,464 | 13,167 | 13,184 | (5)(8) | ||||||||||||||||||||
Coupa Holdings, LLC 1855 South Grant Street |
Application Software |
First Lien Term Loan |
— | (15 | ) | (11 | ) | (5)(8)(9) | ||||||||||||||||||||
Coupa Holdings, LLC 1855 South Grant Street |
Application Software |
First Lien Revolver |
— | (20 | ) | (19 | ) | (5)(8)(9) | ||||||||||||||||||||
Covetrus, Inc. 7 Custom House Street |
Health Care Distributors |
First Lien Term Loan |
10.35 | % | 30,879 | 29,591 | 30,903 | (5) | ||||||||||||||||||||
Crewline Buyer, Inc. |
Systems Software |
First Lien Term Loan |
12.10 | % | 43,911 | 42,837 | 42,857 | (5)(8) | ||||||||||||||||||||
Crewline Buyer, Inc. |
Systems Software |
First Lien Revolver |
— | (112 | ) | (110 | ) | (5)(8)(9) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Curium Bidco S.à.r.l. 13, Rue Aldringen Luxembourg City 118 Luxembourg |
Pharmaceuticals | First Lien Term Loan |
9.85 | % | 8,425 | 8,299 | 8,430 | (5)(10) | ||||||||||||||||||||
CVAUSA Management, LLC 610 Sycamore Street, Suite 220 |
Health Care Services | First Lien Term Loan |
11.87 | % | 19,915 | 19,547 | 19,373 | (5)(8) | ||||||||||||||||||||
CVAUSA Management, LLC 610 Sycamore Street, Suite 220 |
Health Care Services | First Lien Term Loan |
11.74 | % | 1,343 | 1,205 | 1,094 | (5)(8)(9) | ||||||||||||||||||||
CVAUSA Management, LLC 610 Sycamore Street, Suite 220 |
Health Care Services | First Lien Term Loan |
11.74 | % | 562 | 446 | 458 | (5)(8)(9) | ||||||||||||||||||||
CVAUSA Management, LLC 610 Sycamore Street, Suite 220 |
Health Care Services | First Lien Revolver |
— | (69 | ) | (69 | ) | (5)(8)(9) | ||||||||||||||||||||
Dealer Tire, LLC 7012 Euclid Ave |
Distributors | First Lien Term Loan |
9.86 | % | 11,095 | 11,020 | 11,147 | (5) | ||||||||||||||||||||
Dealer Tire, LLC 7012 Euclid Ave |
Distributors | Fixed Rate Bond | 8.00 | % | 920 | 884 | 912 | |||||||||||||||||||||
Delta Leasing SPV II LLC 15500 Roosevelt Boulevard, Suite 301 |
Specialized Finance | Subordinated Debt Term Loan |
3.00 | % | 25,352 | 25,352 | 25,352 | (8)(10) | ||||||||||||||||||||
Delta Leasing SPV II LLC 15500 Roosevelt Boulevard, Suite 301 |
Specialized Finance | Preferred Equity | — | 330 | 330 | (8)(10) | ||||||||||||||||||||||
Delta Leasing SPV II LLC 15500 Roosevelt Boulevard, Suite 301 |
Specialized Finance | Common Stock | 1.65 | % | — | 2 | 2 | (8)(10) | ||||||||||||||||||||
Delta Leasing SPV II LLC 15500 Roosevelt Boulevard, Suite 301 |
Specialized Finance | Warrants | — | — | — | (8)(10) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
DirecTV Financing, LLC 2230 East Imperial Highway |
Cable & Satellite | First Lien Term Loan |
10.65 | % | 22,978 | 22,509 | 23,019 | (5) | ||||||||||||||||||||
DirecTV Financing, LLC 2230 East Imperial Highway |
Cable & Satellite | Fixed Rate Bond | 5.88 | % | 6,070 | 5,383 | 5,708 | |||||||||||||||||||||
DTI Holdco, Inc. 1125 17th Street NW, 6th Floor |
Research & Consulting Services |
First Lien Term Loan |
10.13 | % | 28,651 | 27,453 | 28,390 | (5) | ||||||||||||||||||||
Dukes Root Control Inc. 400 Airport Rd., Ste E |
Environmental & Facilities Services |
First Lien Term Loan |
12.14 | % | 11,775 | 11,557 | 11,627 | (5)(8) | ||||||||||||||||||||
Dukes Root Control Inc. 400 Airport Rd., Ste E |
Environmental & Facilities Services |
First Lien Term Loan |
12.04 | % | 1,057 | 1,020 | 1,021 | (5)(8)(9) | ||||||||||||||||||||
Dukes Root Control Inc. 400 Airport Rd., Ste E |
Environmental & Facilities Services |
First Lien Revolver |
12.22 | % | 754 | 727 | 736 | (5)(8)(9) | ||||||||||||||||||||
Eagle Parent Corp. 2250 Pilot Knob Road Suite 100 |
Diversified Support Services |
First Lien Term Loan |
9.60 | % | 14,908 | 14,795 | 14,803 | (5) | ||||||||||||||||||||
Entrata, Inc. 4205 N Chapel Ridge Rd Lehi, UT, 84043-4171 |
Application Software | First Lien Term Loan |
11.36 | % | 45,603 | 44,541 | 44,417 | (5)(8) | ||||||||||||||||||||
Entrata, Inc. 4205 N Chapel Ridge Rd Lehi, UT, 84043-4171 |
Application Software | First Lien Revolver |
— | (118 | ) | (135 | ) | (5)(8)(9) | ||||||||||||||||||||
Enverus Holdings, Inc. 2901 Via Fortuna #100, |
Application Software | First Lien Term Loan |
10.84 | % | 54,170 | 53,357 | 53,357 | (5)(8) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Enverus Holdings, Inc. 2901 Via Fortuna #100, |
Application Software | First Lien Term Loan |
— | (41 | ) | (41 | ) | (5)(8)(9) | ||||||||||||||||||||
Enverus Holdings, Inc. 2901 Via Fortuna #100, |
Application Software | First Lien Revolver | — | (62 | ) | (62 | ) | (5)(8)(9) | ||||||||||||||||||||
Establishment Labs Holdings Inc. 4th Street, Coyol Free Zone Provincia de Alajuela, Alajuela, 20102 Costa Rica |
Health Care Technology | First Lien Term Loan |
3.00 | % | 11,216 | 11,112 | 10,711 | (8)(10) | ||||||||||||||||||||
Establishment Labs Holdings Inc. 4th Street, Coyol Free Zone Provincia de Alajuela, Alajuela, 20102 Costa Rica |
Health Care Technology | First Lien Term Loan |
3.00 | % | 1,796 | 1,774 | 1,715 | (8)(10) | ||||||||||||||||||||
Establishment Labs Holdings Inc. 4th Street, Coyol Free Zone Provincia de Alajuela, Alajuela, 20102 Costa Rica |
Health Care Technology | First Lien Term Loan |
3.00 | % | — | 1 | — | (8)(9)(10) | ||||||||||||||||||||
Establishment Labs Holdings Inc. 4th Street, Coyol Free Zone Provincia de Alajuela, Alajuela, 20102 Costa Rica |
Health Care Technology | First Lien Term Loan |
3.00 | % | — | 1 | — | (8)(9)(10) | ||||||||||||||||||||
Evergreen IX Borrower 2023, LLC 10900-A Stonelake Blvd.Quarry Oaks 1, Ste. 350 |
Application Software | First Lien Term Loan |
11.35 | % | 36,306 | 35,432 | 35,464 | (5)(8) | ||||||||||||||||||||
Evergreen IX Borrower 2023, LLC 10900-A Stonelake Blvd.Quarry Oaks 1, Ste. 350 |
Application Software | First Lien Revolver | — | (95 | ) | (92 | ) | (5)(8)(9) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Finastra USA, Inc. 744 Primera Blvd, Suite 2000 Lake Mary, FL, 32746 |
Application Software | First Lien Term Loan |
12.71 | % | 43,732 | 42,901 | 42,971 | (5)(8)(10) | ||||||||||||||||||||
Finastra USA, Inc. 744 Primera Blvd, Suite 2000 Lake Mary, FL, 32746 |
Application Software | First Lien Revolver | 12.61 | % | 1,201 | 1,115 | 1,122 | (5)(8)(9)(10) | ||||||||||||||||||||
Fortress Credit BSL XIV P.O. Box 1093 Boundary Hall Cricket Square Grand Cayman, KY1-1102, Cayman Islands |
Multi-Sector Holdings | CLO Notes | 13.06 | % | 2,300 | 2,074 | 2,093 | (5)(10) | ||||||||||||||||||||
Frontier Communications Holdings, LLC 401 Merritt 7 |
Integrated Telecommunication Services |
First Lien Term Loan |
9.22 | % | 25,786 | 25,209 | 25,690 | (5)(10) | ||||||||||||||||||||
Frontier Communications Holdings, LLC 401 Merritt 7 |
Integrated Telecommunication Services |
Fixed Rate Bond | 6.00 | % | 7,517 | 6,346 | 6,421 | (10) | ||||||||||||||||||||
Galileo Parent, Inc. 1300 W 120th Avenue |
Aerospace & Defense | First Lien Term Loan |
12.60 | % | 20,226 | 19,687 | 19,878 | (5)(8) | ||||||||||||||||||||
Galileo Parent, Inc. 1300 W 120th Avenue |
Aerospace & Defense | First Lien Revolver | 12.60 | % | 1,036 | 952 | 982 | (5)(8)(9) | ||||||||||||||||||||
Gallatin CLO X 2023-1 40 10th Avenue |
Multi-Sector Holdings | CLO Notes | 10.74 | % | 5,000 | 4,913 | 4,912 | (5)(10) | ||||||||||||||||||||
Gibson Brands, Inc. 209 10th Ave South, Suite 460 |
Leisure Products | First Lien Term Loan |
10.66 | % | 4,905 | 4,767 | 4,398 | (5)(8) | ||||||||||||||||||||
GoldenTree Loan Management EUR CLO 2 DAC 300 Park Avenue, 21st Floor |
Multi-Sector Holdings |
CLO Notes | 6.84 | % | 1,000 | 880 | 1,033 | (5)(10) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Greenway Health, LLC 4301 W. Boy Scout Blvd., Suite 800 |
Health Care Technology |
First Lien Term Loan |
11.93 | % | 25,000 | 24,255 | 24,255 | (5)(8) | ||||||||||||||||||||
Grove Hotel Parcel Owner, LLC 14501 Grove Resort Avenue |
Hotels, Resorts & Cruise Lines |
First Lien Term Loan |
13.46 | % | 17,463 | 17,221 | 17,173 | (5)(8) | ||||||||||||||||||||
Grove Hotel Parcel Owner, LLC 14501 Grove Resort Avenue |
Hotels, Resorts & Cruise Lines |
First Lien Term Loan |
— | (49 | ) | (59 | ) | (5)(8)(9) | ||||||||||||||||||||
Grove Hotel Parcel Owner, LLC 14501 Grove Resort Avenue |
Hotels, Resorts & Cruise Lines |
First Lien Revolver |
— | (25 | ) | (29 | ) | (5)(8)(9) | ||||||||||||||||||||
Harbor Purchaser Inc. 125 High Street |
Education Services |
First Lien Term Loan |
10.71 | % | 6,217 | 5,984 | 6,114 | (5) | ||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
12.00 | % | 9,319 | 9,150 | 9,203 | (5)(8)(10) | ||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
12.00 | % | 1,792 | 1,755 | 1,770 | (5)(8)(10) | ||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
— | (91 | ) | (63 | ) | (5)(8)(9)(10) | ||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance |
CLO Notes |
5.16 | % | 7,500 | 6,540 | 6,675 | (10) | ||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance |
CLO Notes |
6.78 | % | 17,377 | 15,888 | 16,195 | (10) | ||||||||||||||||||||
Horizon Aircraft Finance I Ltd. 5323 120th Avenue E |
Specialized Finance |
CLO Notes |
4.46 | % | 12,168 | 10,287 | 10,549 | (10) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Horizon Aircraft Finance II Ltd. 5323 120th Avenue E |
Specialized Finance | CLO Notes | 3.72 | % | 2,133 | 1,829 | 1,885 | (10) | ||||||||||||||||||||
HUB Pen Company, LLC 1525 Washington St #1 |
Other Specialty Retail |
First Lien Term Loan |
11.94 | % | 27,267 | 26,627 | 26,596 | (5)(8) | ||||||||||||||||||||
HUB Pen Company, LLC |
Other Specialty Retail |
First Lien Revolver | 11.94 | % | 108 | 30 | 26 | (5)(8)(9) | ||||||||||||||||||||
IAMGOLD Corporation 401 Bay Street, Suite 3200 Toronto ON M5H 2Y4 |
Gold | Second Lien Term Loan |
13.63 | % | 28,394 | 27,650 | 27,855 | (5)(8)(10) | ||||||||||||||||||||
iCIMs, Inc. 101 Crawfords Corner Road Suite 3-100, Fifth Floor |
Application Software | First Lien Term Loan |
12.62 | % | 15,621 | 15,424 | 15,048 | (5)(8) | ||||||||||||||||||||
iCIMs, Inc. 101 Crawfords Corner Road Suite 3-100, Fifth Floor |
Application Software | First Lien Term Loan |
12.62 | % | 2,325 | 2,293 | 2,262 | (5)(8) | ||||||||||||||||||||
iCIMs, Inc. 101 Crawfords Corner Road Suite 3-100, Fifth Floor |
Application Software | First Lien Term Loan |
— | — | — | (5)(8)(9) | ||||||||||||||||||||||
iCIMs, Inc. 101 Crawfords Corner Road Suite 3-100, Fifth Floor |
Application Software | First Lien Revolver | 12.10 | % | 241 | 222 | 176 | (5)(8)(9) | ||||||||||||||||||||
Impel Neuropharma, Inc. 201 Elliott Avenue West, Suite 260 |
Health Care Technology |
First Lien Term Loan |
10,187 | 9,687 | 5,389 | (5)(8)(12) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Impel Neuropharma, Inc. 201 Elliott Avenue West, Suite 260 |
Health Care Technology | First Lien Term Loan |
305 | 285 | 242 | (5)(8)(12) | ||||||||||||||||||||||
Impel Neuropharma, Inc. 201 Elliott Avenue West, Suite 260 |
Health Care Technology | First Lien Term Loan |
812 | 787 | 643 | (5)(8)(12) | ||||||||||||||||||||||
Impel Neuropharma, Inc. 201 Elliott Avenue West, Suite 260 |
Health Care Technology | First Lien Term Loan |
364 | 358 | 288 | (5)(8)(12) | ||||||||||||||||||||||
Impel Neuropharma, Inc. 201 Elliott Avenue West, Suite 260 |
Health Care Technology | Warrants | — | — | — | |||||||||||||||||||||||
Innocoll Pharmaceuticals Limited 210 Carnegie Center Drive, Suite 103 |
Health Care Technology | Warrants | — | 85 | — | (8)(10) | ||||||||||||||||||||||
Inventus Power, Inc. Woodridge IL, 60517 USA |
Electrical Components & Equipment |
First Lien Term Loan |
12.97 | % | 43,655 | 42,679 | 42,669 | (5)(8) | ||||||||||||||||||||
Inventus Power, Inc. 1200 Internationale Parkway Woodridge IL, 60517 USA |
Electrical Components & Equipment |
First Lien Revolver | — | (111 | ) | (112 | ) | (5)(8)(9) | ||||||||||||||||||||
IW Buyer LLC 12 Masonic Avenue |
Electrical Components & Equipment |
First Lien Term Loan |
12.21 | % | 34,288 | 33,348 | 33,345 | (5)(8) | ||||||||||||||||||||
IW Buyer LLC 12 Masonic Avenue |
Electrical Components & Equipment |
First Lien Revolver | — | (176 | ) | (177 | ) | (5)(8)(9) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
KDC/ONE Development Corp Inc 375 Blvd. Roland-Therrien, Suite 210 Longueuil, Quebec J4H 4A6 Canada |
Personal Care Products |
First Lien Term Loan |
10.36 | % | 23,750 | 23,088 | 23,590 | (5)(10) | ||||||||||||||||||||
Kindercare Learning Centers Kindercare Portfolio 650 Holladay Street Suite 1400 |
Diversified Real Estate Activities |
CLO Notes | 7.78 | % | 4,964 | 4,622 | 4,717 | (5)(10) | ||||||||||||||||||||
Kings Buyer, LLC 4 High Ridge Park, Suite 202 |
Environmental & Facilities Services |
First Lien Term Loan |
11.84 | % | 4,803 | 4,755 | 4,731 | (5)(8) | ||||||||||||||||||||
Kings Buyer, LLC 4 High Ridge Park, Suite 202 |
Environmental & Facilities Services |
First Lien Term Loan |
11.99 | % | 58,992 | 58,165 | 58,107 | (5)(8) | ||||||||||||||||||||
Kings Buyer, LLC 4 High Ridge Park, Suite 202 |
Environmental & Facilities Services |
First Lien Revolver | — | (7 | ) | (10 | ) | (5)(8)(9) | ||||||||||||||||||||
Kings Buyer, LLC 4 High Ridge Park, |
Environmental & Facilities Services |
First Lien Revolver | — | (68 | ) | (73 | ) | (5)(8)(9) | ||||||||||||||||||||
LABL Inc 2571 S Hemlock Rd Green Bay, WI, 54229-9508 |
Office Services & Supplies |
First Lien Term Loan |
10.46 | % | 21,572 | 21,128 | 20,748 | (5) | ||||||||||||||||||||
Latam Airlines Group S.A. Pdte. Riesco 5711, 20th floor Las Condes Santiago, Chile |
Passenger Airlines |
First Lien Term Loan |
15.08 | % | 12,002 | 11,216 | 12,370 | (5)(10) | ||||||||||||||||||||
LSL Holdco, LLC 3100 Olympus Boulevard, Suite 100 |
Health Care Distributors |
First Lien Term Loan |
11.46 | % | 8,974 | 8,852 | 8,301 | (5)(8) | ||||||||||||||||||||
LSL Holdco, LLC 3100 Olympus Boulevard, Suite 100 |
Health Care Distributors |
First Lien Term Loan |
11.46 | % | 1,045 | 987 | 967 | (5)(8) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
LSL Holdco, LLC 3100 Olympus Boulevard, Suite 100 |
Health Care Distributors |
First Lien Revolver | — | (14 | ) | (76 | ) | (5)(8)(9) | ||||||||||||||||||||
Madison Park Funding LXIII Corporate Communications Americas Eleven Madison Avenue |
Multi-Sector Holdings |
CLO Notes | 10.91 | % | 5,000 | 5,000 | 5,099 | (5)(10) | ||||||||||||||||||||
Madison Park Euro Funding XIV 3rd Floor, Kilmore House, Park Lane, Spencer Dock, Dublin 1, Ireland |
Multi-Sector Holdings | CLO Notes | 7.57 | % | 6,450 | 6,762 | 6,915 | (5)(10) | ||||||||||||||||||||
Mauser Packaging Solutions Holding Company 1515 W. 22nd St., Suite 1100 |
Metal, Glass & Plastic Containers |
First Lien Term Loan |
9.34 | % | 15,940 | 15,845 | 16,021 | (5) | ||||||||||||||||||||
Mauser Packaging Solutions Holding Company 1515 W. 22nd St., Suite 1100 |
Metal, Glass & Plastic Containers |
Fixed Rate Bond | 7.88 | % | 12,500 | 12,348 | 12,732 | |||||||||||||||||||||
McAfee Corp. 6220 America Center Drive |
Systems Software | First Lien Term Loan |
9.19 | % | 23,797 | 23,007 | 23,762 | (5) | ||||||||||||||||||||
Medline Borrower, LP 3 Lakes Drive |
Health Care Supplies | First Lien Term Loan |
8.47 | % | 26,818 | 26,332 | 26,984 | (5) | ||||||||||||||||||||
Mesoblast, Inc. 55 Collins Street, Level 38 Melbourne 3000 Australia |
Biotechnology | First Lien Term Loan |
8.00 | % | 2,331 | 2,206 | 2,080 | (8)(10) | ||||||||||||||||||||
Mesoblast, Inc. 55 Collins Street, Level 38 Melbourne 3000 Australia |
Biotechnology | Warrants | — | 152 | 17 | (8)(10) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||||
Mesoblast, Inc. 55 Collins Street, Level 38 Melbourne 3000 Australia |
Biotechnology | Warrants | — | — | 7 | (8)(10) | ||||||||||||||||||||||
MHE Intermediate Holdings, LLC 3201 Levis Commons Boulevard, Suite 323 |
Diversified Support Services |
First Lien Term Loan |
11.78 | % | 1,659 | 1,623 | 1,646 | (5)(8) | ||||||||||||||||||||
MHE Intermediate Holdings, LLC 3201 Levis Commons Boulevard, |
Diversified Support Services |
First Lien Term Loan |
11.53 | % | 5,286 | 5,180 | 5,207 | (5)(8) | ||||||||||||||||||||
Mitchell International, Inc. 6220 Greenwich Dr. |
Application Software | First Lien Term Loan |
9.40 | % | 32,309 | 31,544 | 32,342 | (5) | ||||||||||||||||||||
Mitchell International, Inc. 6220 Greenwich Dr. |
Application Software | Second Lien Term Loan |
12.15 | % | 170 | 163 | 167 | (5) | ||||||||||||||||||||
MND Holdings III Corp 141 Danbury Rd |
Other Specialty Retail |
First Lien Term Loan |
12.89 | % | 41,483 | 40,840 | 41,897 | (5)(8) | ||||||||||||||||||||
MND Holdings III Corp 141 Danbury Rd |
Other Specialty Retail |
First Lien Revolver |
12.86 | % | 8,498 | 8,256 | 8,498 | (5)(8)(9) | ||||||||||||||||||||
MRI Software LLC 28925 Fountain Parkway |
Application Software | First Lien Term Loan |
10.95 | % | 4,585 | 4,450 | 4,539 | (5)(8) | ||||||||||||||||||||
MRI Software LLC 28925 Fountain Parkway |
Application Software | First Lien Term Loan |
10.95 | % | 7,185 | 7,178 | 7,113 | (5)(8) | ||||||||||||||||||||
MRI Software LLC 28925 Fountain Parkway |
Application Software | First Lien Term Loan |
— | (136 | ) | — | (5)(8)(9) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
MRI Software LLC 28925 Fountain Parkway |
Application Software | First Lien Revolver | — | — | (23 | ) | (5)(8)(9) | |||||||||||||||||||
New Enterprise Stone & Lime Co Inc 3912 Brumbaugh Road |
Construction Materials | Fixed Rate Bond | 5.25 | % | 2,250 | 2,088 | 2,149 | |||||||||||||||||||
Next Holdco, LLC |
Health Care Technology | First Lien Term Loan | 11.37 | % | 46,624 | 45,925 | 46,055 | (5)(8) | ||||||||||||||||||
Next Holdco, LLC |
Health Care Technology | First Lien Term Loan | — | (90 | ) | (90 | ) | (5)(8)(9) | ||||||||||||||||||
Next Holdco, LLC |
Health Care Technology | First Lien Revolver | — | (67 | ) | (55 | ) | (5)(8)(9) | ||||||||||||||||||
NFM & J, L.P. 217 N Howard Ave Suite 200 |
Diversified Support Services | First Lien Term Loan | 11.22 | % | 22,321 | 21,874 | 22,109 | (5)(8) | ||||||||||||||||||
NFM & J, L.P. 217 N Howard Ave Suite 200 |
Diversified Support Services | First Lien Term Loan | — | (124 | ) | — | (5)(8)(9) | |||||||||||||||||||
NFM & J, L.P. 217 N Howard Ave Suite 200 |
Diversified Support Services | First Lien Revolver | — | (99 | ) | (47 | ) | (5)(8)(9) | ||||||||||||||||||
NFP Corp. 340 Madison Avenue, 20th Floor |
Diversified Financial Services | Fixed Rate Bond | 4.88 | % | 19,550 | 17,576 | 19,365 | |||||||||||||||||||
NFP Corp. 340 Madison Avenue, 20th Floor |
Diversified Financial Services | Fixed Rate Bond | 6.88 | % | 3,784 | 3,486 | 3,850 | |||||||||||||||||||
NFP Corp. 340 Madison Avenue, |
Diversified Financial Services | Fixed Rate Bond | 8.50 | % | 5,000 | 5,000 | 5,423 | |||||||||||||||||||
NFP Corp. 340 Madison Avenue, 20th Floor |
Diversified Financial Services | Fixed Rate Bond | 7.50 | % | 841 | 822 | 896 |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services | First Lien Term Loan | 11.10 | % | 36,533 | 35,884 | 35,861 | (5)(8) | ||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services | First Lien Term Loan | — | (33 | ) | (31 | ) | (5)(8)(9) | ||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services | First Lien Revolver | — | (78 | ) | (81 | ) | (5)(8)(9) | ||||||||||||||||||
Ocean Trails CLO VIII One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands |
Multi-Sector Holdings | CLO Notes | 9.41 | % | 5,000 | 4,658 | 4,854 | (5)(10) | ||||||||||||||||||
Ocean Trails CLO XIV Maples Fiduciary Services (Jersey) Limited 2nd Floor Sir Walter Raleigh House, 48-50 Esplanade, St. Helier, JE2 3QB, Jersey |
Multi-Sector Holdings |
CLO Notes | 11.24 | % | 1,000 | 1,000 | 1,007 | (5) | ||||||||||||||||||
Octagon 66 MaplesFS Limited, P.O. Box 1093, Boundary Hall, Cricket Square, Grand Cayman KY1-1102, Cayman Islands |
Multi-Sector Holdings | CLO Notes | 10.48 | % | 3,000 | 2,970 | 3,035 | (5)(10) | ||||||||||||||||||
OEConnection LLC 4205 Highlander Parkway |
Application Software | Second Lien Term Loan | 12.46 | % | 5,355 | 5,286 | 5,275 | (5)(8) | ||||||||||||||||||
OneOncology, LLC 424 Church Street |
Health Care Services | First Lien Term Loan | 11.60 | % | 22,828 | 22,303 | 22,298 | (5)(8) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
OneOncology, LLC 424 Church Street |
Health Care Services | First Lien Term Loan | — | (107 | ) | (100 | ) | (5)(8)(9) | ||||||||||||||||||
OneOncology, LLC 424 Church Street |
Health Care Services | First Lien Revolver | — | (104 | ) | (106 | ) | (5)(8)(9) | ||||||||||||||||||
Oranje Holdco, Inc. 33 N Garden Ave, Ste 1200 |
Systems Software | First Lien Term Loan | 13.13 | % | 15,746 | 15,413 | 15,510 | (5)(8) | ||||||||||||||||||
Oranje Holdco, Inc. 33 N Garden Ave, Ste 1200 |
Systems Software | First Lien Revolver | — | (42 | ) | (30 | ) | (5)(8)(9) | ||||||||||||||||||
Park Place Technologies, LLC 5910 Landerbrook Drive |
Internet Services & Infrastructure | First Lien Term Loan | 10.46 | % | 14,880 | 14,541 | 14,848 | (5) | ||||||||||||||||||
Peraton Corp. 1875 Explorer Street |
Aerospace & Defense | First Lien Term Loan | 9.21 | % | 23,828 | 23,717 | 23,917 | (5) | ||||||||||||||||||
PetSmart LLC |
Other Specialty Retail | First Lien Term Loan | 9.21 | % | 15,874 | 15,619 | 15,723 | (5) | ||||||||||||||||||
PetVet Care Centers, LLC One Gorham Island Rd |
Health Care Services | First Lien Term Loan | 11.36 | % | 73,647 | 72,202 | 72,218 | (5)(8) | ||||||||||||||||||
PetVet Care Centers, LLC One Gorham Island Rd |
Health Care Services | First Lien Term Loan | — | (96 | ) | (96 | ) | (5)(8)(9) | ||||||||||||||||||
PetVet Care Centers, LLC |
Health Care Services | First Lien Revolver | — | (188 | ) | (186 | ) | (5)(8)(9) | ||||||||||||||||||
PetVet Care Centers, LLC One Gorham Island Rd |
Health Care Services | Preferred Equity | — | 6,211 | 6,217 | (8) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
Pluralsight, LLC 42 Future Way |
Application Software | First Lien Term Loan | 13.56 | % | 26,144 | 22,740 | 25,150 | (5)(8) | ||||||||||||||||||
Pluralsight, LLC 42 Future Way |
Application Software | First Lien Revolver | 13.56 | % | 1,274 | 1,060 | 1,211 | (5)(8)(9) | ||||||||||||||||||
PPW Aero Buyer, Inc. 200 Adams Street |
Aerospace & Defense | First Lien Term Loan | 12.36 | % | 26,690 | 25,779 | 25,711 | (5)(8) | ||||||||||||||||||
PPW Aero Buyer, Inc. 200 Adams Street |
Aerospace & Defense | First Lien Revolver | 12.35 | % | 240 | 117 | 108 | (5)(8)(9) | ||||||||||||||||||
Profrac Holdings II, LLC |
Industrial Machinery & Supplies & Components | First Lien Floating Rate Bond | 12.60 | % | 71,316 | 70,603 | 70,603 | (5)(8)(10) | ||||||||||||||||||
Quantum Bidco Limited Granville House 9 Wells Place Redhill, RH1 3AS |
Food Distributors | First Lien Term Loan | 10.96 | % | 5,470 | 6,123 | 6,555 | (5)(8)(10) | ||||||||||||||||||
Renaissance Holding Corp. |
Education Services | First Lien Term Loan | 10.11 | % | 33,915 | 33,393 | 34,080 | (5) | ||||||||||||||||||
Resistance Acquisition, Inc. 75 Arlington St, Suite 500 |
Pharmaceuticals | First Lien Term Loan | 13.10 | % | 18,387 | 17,953 | 17,973 | (5)(8) | ||||||||||||||||||
RR 24 Walkers Corporate (Bermuda) Limited, Park Place, 55 Par-La-Ville |
Multi-Sector Holdings | CLO Notes | 13.65 | % | 2,750 | 2,750 | 2,766 | (5)(10) | ||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services | First Lien Term Loan | 15.36 | % | 15,553 | 15,117 | 15,125 | (5)(8) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
Salus Workers’ Compensation, LLC 1805 21st Ave. S., Suite 200 |
Diversified Financial Services | First Lien Revolver | — | (53 | ) | (52 | ) | (5)(8)(9) | ||||||||||||||||||
Salus Workers’ Compensation, LLC 1805 21st Ave. S., Suite 200 |
Diversified Financial Services | Warrants | — | 200 | 940 | (8) | ||||||||||||||||||||
SCIH Salt Holdings Inc. 10955 Lowell Avenue, Suite 500 |
Diversified Chemicals | First Lien Term Loan | 9.47 | % | 26,820 | 26,537 | 26,897 | (5) | ||||||||||||||||||
SCIH Salt Holdings Inc. 10955 Lowell Avenue, Suite 500 |
Diversified Chemicals | Fixed Rate Bond | 4.88 | % | 14,450 | 13,010 | 13,533 | |||||||||||||||||||
SCP Eye Care Services, LLC 5775 Glenridge Drive, Building B, Suite 500 |
Health Care Services | Second Lien Term Loan | 14.21 | % | 5,881 | 5,732 | 5,710 | (5)(8) | ||||||||||||||||||
SCP Eye Care Services, LLC 5775 Glenridge Drive, Building B, Suite 500 |
Health Care Services | Second Lien Term Loan | 14.20 | % | 727 | 691 | 676 | (5)(8)(9) | ||||||||||||||||||
SCP Eye Care Services, LLC 5775 Glenridge Drive, Building B, Suite 500 |
Health Care Services | Common Stock | 0.15% | — | 761 | 752 | (8) | |||||||||||||||||||
scPharmaceuticals Inc. 25 Mall Road, Suite 203 |
Pharmaceuticals | First Lien Term Loan | 11.75 | % | 7,654 | 7,343 | 7,405 | (5)(8) | ||||||||||||||||||
scPharmaceuticals Inc. 25 Mall Road, Suite 203 |
Pharmaceuticals | First Lien Term Loan | — | — | — | (5)(8)(9) | ||||||||||||||||||||
scPharmaceuticals Inc. 25 Mall Road, Suite 203 |
Pharmaceuticals | First Lien Term Loan | — | — | — | (5)(8)(9) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
scPharmaceuticals Inc. 25 Mall Road, Suite 203 |
Pharmaceuticals | Warrants | — | 258 | 312 | (8) | ||||||||||||||||||||
Secure Acquisition Inc. 3500 West Tacoma, |
Paper & Plastic Packaging Products & Materials | First Lien Term Loan | 10.50 | % | 1,754 | 1,751 | 1,756 | (5) | ||||||||||||||||||
SEI Holdings Corporation 1 Freedom Valley Drive |
Trading Companies & Distributors | First Lien Term Loan | 12.10 | % | 17,376 | 16,935 | 17,289 | (5)(8) | ||||||||||||||||||
SEI Holdings Corporation 1 Freedom Valley Drive |
Trading Companies & Distributors | First Lien Term Loan | 12.13 | % | 2,282 | 2,232 | 2,270 | (5)(8)(9) | ||||||||||||||||||
SEI Holdings Corporation 1 Freedom Valley Drive |
Trading Companies & Distributors | First Lien Term Loan | — | (53 | ) | (54 | ) | (5)(8)(9) | ||||||||||||||||||
SEI Holdings Corporation 1 Freedom Valley Drive |
Trading Companies & Distributors | First Lien Revolver | — | (38 | ) | (8 | ) | (5)(8)(9) | ||||||||||||||||||
Seres Therapeutics, Inc. 200 Sidney Street |
Biotechnology | First Lien Term Loan | 12.88 | % | 11,547 | 11,154 | 11,048 | (5)(8)(10) | ||||||||||||||||||
Seres Therapeutics, Inc. 200 Sidney Street |
Biotechnology | First Lien Term Loan | 12.88 | % | 4,330 | 4,183 | 4,143 | (5)(8)(10) | ||||||||||||||||||
Seres Therapeutics, Inc. 200 Sidney Street |
Biotechnology | First Lien Term Loan | — | — | — | (5)(8)(9)(10) | ||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology |
First Lien Term Loan |
– | – | – | (5 | )(8)(9)(10) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
Seres Therapeutics, Inc. 200 Sidney Street |
Biotechnology | Warrants | – | 293 | 70 | (8)(10) | ||||||||||||||||||||
SM Wellness Holdings, Inc. 15601 Dallas Parkway, Suite 300 |
Health Care Services | First Lien Term Loan | 10.39 | % | 12,786 | 11,995 | 12,402 | (5)(8) | ||||||||||||||||||
Southern Veterinary Partners, LLC 2204 Lakeshore Dr, Suite 325, |
Health Care Facilities | First Lien Term Loan | 9.47 | % | 30,587 | 30,342 | 30,529 | (5) | ||||||||||||||||||
SPX Flow, Inc. 13320 Ballantyne Corporate Place |
Industrial Machinery & Supplies & Components | First Lien Term Loan | 9.96 | % | 29,496 | 28,712 | 29,631 | (5) | ||||||||||||||||||
SPX Flow, Inc. 13320 Ballantyne Corporate Place |
Industrial Machinery & Supplies & Components | Fixed Rate Bond | 8.75 | % | 2,580 | 2,482 | 2,583 | |||||||||||||||||||
Staples, Inc. 500 Staples Drive |
Office Services & Supplies | Fixed Rate Bond | 7.50 | % | 7,870 | 6,973 | 7,329 | |||||||||||||||||||
Star Parent, Inc. 1030 Sync Street Morrisville, North Carolina, USA 27560 |
Life Sciences Tools & Services | First Lien Term Loan | 9.35 | % | 43,025 | 42,123 | 42,625 | (5) | ||||||||||||||||||
Sunshine Luxembourg VII Sarl 26A, Boulevard Royal L-2449, Luxembourg |
Personal Care Products | First Lien Term Loan | 8.95 | % | 10,333 | 10,103 | 10,401 | (5)(10) | ||||||||||||||||||
Superior Industries International, Inc. 26600 Telegraph Road Suite #400 |
Auto Parts & Equipment | First Lien Term Loan | 13.36 | % | 33,227 | 32,404 | 32,895 | (5)(8) | ||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC 320 Yonkers Avenue |
Leisure Facilities | First Lien Term Loan | 12.66 | % | 8,175 | 8,078 | 7,776 | (5)(8) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC 320 Yonkers Avenue |
Leisure Facilities | First Lien Term Loan | 12.66 | % | 700 | 692 | 666 | (5)(8) | ||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC 320 Yonkers Avenue |
Leisure Facilities | First Lien Term Loan | 14.50 | % | 842 | 811 | 801 | (5)(8) | ||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC 320 Yonkers Avenue |
Leisure Facilities | First Lien Revolver | 12.66 | % | 396 | 392 | 377 | (5)(8) | ||||||||||||||||||
Tacala, LLC 3750 Corporate Woods Drive |
Restaurants | First Lien Term Loan | 9.47 | % | 11,913 | 11,689 | 11,977 | (5) | ||||||||||||||||||
Tacala, LLC 3750 Corporate Woods Drive |
Restaurants | Second Lien Term Loan | 13.47 | % | 7,310 | 7,140 | 7,312 | (5)(8) | ||||||||||||||||||
Ten-X LLC1 Mauchly |
Interactive Media & Services | First Lien Term Loan | 11.36 | % | 24,868 | 23,767 | 24,013 | (5)(8) | ||||||||||||||||||
THL Zinc Ventures Ltd 75, Nehru Road, Vile Parle - East, Mumbai- 400 099 |
Diversified Metals & Mining | First Lien Term Loan | 13.00 | % | 39,751 | 39,340 | 39,318 | (8)(10) | ||||||||||||||||||
Touchstone Acquisition, Inc. 5949 Commerce Boulevard Morristown, TN |
Health Care Supplies | First Lien Term Loan | 11.48 | % | 8,463 | 8,342 | 8,231 | (5)(8) | ||||||||||||||||||
Transit Buyer LLC 333 Shops Blvd, Suite 301 |
Diversified Support Services | First Lien Term Loan | 11.70 | % | 8,405 | 8,263 | 8,296 | (5)(8) | ||||||||||||||||||
Transit Buyer LLC 333 Shops Blvd, Suite 301 |
Diversified Support Services | First Lien Term Loan | 11.63 | % | 1,636 | 1,571 | 1,586 | (5)(8)(9) |
Name and Address of Portfolio Company (1)(2)(3)(4) |
Principal Business |
Title of Securities Held by the Fund |
Percentage of Ownership Interest* |
Cash Interest Rate(5) |
Principal ($ in thousands unless otherwise indicated) (6) |
Cost ($ in thousands) |
Fair Value ($ in thousands) |
Notes |
||||||||||||||||||
Trident TPI Holdings, Inc. 460 East Swedesford Road Suite 3000 |
Metal, Glass & Plastic Containers | First Lien Term Loan | 9.61 | % | 8,965 | 8,955 | 8,952 | (5) | ||||||||||||||||||
Trident TPI Holdings, Inc. 460 East Swedesford Road Suite 3000 |
Metal, Glass & Plastic Containers | First Lien Term Loan | 10.60 | % | 7,847 | 7,691 | 7,884 | (5) | ||||||||||||||||||
Trinitas CLO XII 200 Crescent Court, Suite 1175 |
Multi-Sector Holdings | CLO Notes | 9.64 | % | 4,500 | 4,396 | 4,522 | (5)(10) | ||||||||||||||||||
Trinitas CLO XV DAC 200 Crescent Court, Suite 1175 |
Multi-Sector Holdings | CLO Notes | 13.12 | % | 6,500 | 5,807 | 6,047 | (5)(10) | ||||||||||||||||||
Uniti Group LP 10802 Executive Center Drive Benton Building, Suite 300 |
Other Specialized REITs | Fixed Rate Bond | 6.50 | % | 1,750 | 1,635 | 1,265 | (10) | ||||||||||||||||||
Uniti Group LP 10802 Executive Center Drive Benton Building, Suite 300 |
Other Specialized REITs | Fixed Rate Bond | 4.75 | % | 2,200 | 1,957 | 1,898 | (10) | ||||||||||||||||||
Venture Global LNG Inc. 1001 19th Street North Suite 1500 |
Oil & Gas Refining & Marketing | Fixed Rate Bond | 9.50 | % | 5,620 | 5,620 | 5,950 | |||||||||||||||||||
WAVE 2019-1 4695 MacArthur Court, Suite 1400 |
Specialized Finance | CLO Notes | 3.60 | % | 5,102 | 4,221 | 4,300 | |||||||||||||||||||
Wellfleet CLO 2022-2, Ltd.8 Sound Shore Dr, |
Multi-Sector Holdings | CLO Notes | 13.96 | % | 1,500 | 1,445 | 1,518 | (5)(10) | ||||||||||||||||||
WP CPP Holdings, LLC 1621 Euclid Avenue, Suite 1850 |
Aerospace & Defense | First Lien Term Loan | 12.06 | % | 53,163 | 51,858 | 51,837 | (5)(8) | ||||||||||||||||||
WP CPP Holdings, LLC 1621 Euclid Avenue, Suite 1850 |
Aerospace & Defense | First Lien Revolver |
— | (144 | ) | (146 | ) | (5)(8)(9) |
* | Percentage of class held refers only to equity held, if any. Calculated on a fully diluted basis. |
(1) | All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. |
(2) | See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. |
(3) | Each of the Company’s investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. |
(4) | Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. |
(5) | The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate (“SOFR”), the London Interbank Offered Rate (“LIBOR” or “L”), the euro interbank offered rate (“EURIBOR” or “E”), the sterling overnight index average (“SONIA”) and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of December 31,
2023, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 5.36%, the 90-day SOFR at 5.35%, the 180-day SOFR at 5.18%, the 90-day LIBOR at 5.64%, the PRIME at 8.50%, the SONIA at 5.19%, the 30-day EURIBOR at 3.80%, the 90-day EURIBOR at 3.96% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. |
(6) | Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. “€” signifies the investment is denominated in Euros. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars. |
(7) | Non-Control/Non-Affiliate |
(8) | As of December 31, 2023, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures |
(9) | Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. |
(10) | Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, qualifying assets represented 78.9% of the Company’s total assets and non-qualifying assets represented 21.1% of the Company’s total assets. |
(11) | This investment represents a participation interest in the underlying securities shown. |
(12) | This investment was on non-accrual status as of December 31, 2023. |
• | utilizing the experience and expertise of the management team of the Adviser in areas ranging from performing credit to distressed debt, over multiple market cycles, along with the broader resources of Oaktree, in sourcing, evaluating and structuring transactions, and Oaktree’s long-standing relationships with sponsors, management teams, capital raising advisors and issuers, subject to Oaktree’s policies and procedures regarding the management of conflicts of interest; |
• | employing a disciplined credit underwriting process centered on risk control and focused on principal loss avoidance primarily investing in private debt of medium-sized companies, in loans with asset coverage ratios that the Adviser believes provide credit protection, and also seeking financial protections, including linking additional funding to achievement of credit de-risking milestones where the Adviser believes necessary, one or more financial maintenance covenants; |
• | curating a diversified portfolio of private debt across industries and transaction types such as LBO-related financings and bespoke, highly negotiated loans, with opportunistic investments in discounted, high-quality public investments to enhance total return in times of significant market dislocation; and |
• | maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio. |
• | loans made directly to non-U.S. and U.S. borrowers, which may be long-term or short-term, secured or unsecured, “covenant-lite” (that is, lacking financial maintenance covenants), and may or may not have an equity component attached; |
• | all types of publicly traded or privately placed debt securities and other obligations such as bank loans and participations, equipment trust certificates, mortgages, mezzanine debt or deeds of trust on real property and trade credit; |
• | preferred stock; |
• | publicly traded or privately placed equity securities, including common stock and preferred stock (including convertible preferred stock), as well as warrants with respect to such equity securities; |
• | bridge financings to portfolio companies to facilitate buy-outs or acquisitions; |
• | investments in the “when-issued” trading market, a market for conditional trades in securities that have been authorized but not yet issued; |
• | follow-on, mutually reinforcing investments intended to result in a more successful business entity; |
• | CLOs, CMBS, RMBS and other structured products, including investments in junior and/or equity tranches of such products; |
• | securities or obligations of non-U.S. entities; |
• | debt and equity securities acquired through tender offers; |
• | options and warrants; |
• | short sale transactions for hedging purposes; |
• | temporary investments in one or more unaffiliated money market mutual funds or directly in certificates of deposit, commercial paper, interest-bearing government securities, repurchase contracts and other short-term instruments; |
• | cash, cash equivalents and other liquid investments held in reserve; |
• | all or a substantial portion of the equity of one or more special purpose entities formed for the purpose of purchasing the assets of a company directly, including in connection with sales under section 363 of the U.S. Bankruptcy Code; and |
• | other investment techniques the Adviser believes will help achieve our investment objective. |
• | Stressed Sector/Rescue Lending . issuer-by-issuer, debtor-in-possession |
• | Situational Lending little-to-no debt-to-EBITDA |
• | Sponsor-Related Financings |
• | Secondary Private Loans and Loan Portfolios |
• | Macro Factors |
• | Industry Headwinds |
• | Company Characteristics |
• | Covenant Protections |
• | Sustainable Cash Flow de-lever. Typically, we will not invest in start-up companies or companies having speculative business plans or structures that could impair capital over the long-term although we may target certain earlier stage companies that have yet to reach profitability. |
• | Experienced Management Team |
• | Strong Relative Position in Its Market |
• | Exit Strategy |
• | Geography non-U.S. companies, we intend to do so only in jurisdictions with established legal frameworks and a history of respecting creditor rights. |
• | the size, nature and type of investment or sale opportunity; |
• | principles of diversification of assets; |
• | the investment guidelines and limitations governing any of such funds or accounts, including client instructions with respect to a specific investment and compressed ramp-up periods that are characteristic of certain investment vehicles; |
• | liquidity considerations of the funds or accounts, including redemption/withdrawal requests received by a fund or account, proximity of a fund or account to the end of its specified term and cash availability (including cash that becomes available through leverage); |
• | the magnitude of the investment; |
• | the risk profile or the need to resize risk in a fund’s or account’s portfolio (including the potential for the proposed investment to create an industry, sector, issuer, geographic or currency imbalance in the relevant portfolio); |
• | a determination by Oaktree that the investment or sale opportunity is inappropriate, in whole or in part, for one or more funds or accounts; |
• | applicable transfer or assignment provisions; |
• | the management of any actual or potential conflicts of interest; |
• | the investment focus of the funds or accounts (including the target return profile or targeted hold period of the funds or accounts); |
• | applicable contractual or legal obligations (including any priority rights granted to any Other Oaktree Fund under its governing documents); |
• | tax considerations; |
• | applicable regulatory obligations, including any requirements to offer investment opportunities to an Other Oaktree Fund pursuant to an SEC exemptive relief order; |
• | Oaktree’s investment team responsible for sourcing of the transaction; |
• | avoiding a de minimis |
• | such other factors as Oaktree may reasonably deem relevant, including the amount of leverage, if any, appropriate for such investment and any co-investments alongside an Other Oaktree Fund). |
• | have an auditor attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; |
• | submit certain executive compensation matters to shareholder advisory votes pursuant to the “say on frequency” and “say on pay” provisions (requiring a non-binding shareholder vote to approve compensation of certain executive officers) and the “say on golden parachute” provisions (requiring a non-binding shareholder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; or |
• | disclose certain executive compensation related items, such as the correlation between executive compensation and performance and comparisons of the chief executive officer’s compensation to median employee compensation. |
Name |
Year of Birth |
Position |
Length of Time Served |
Principal Occupation During Past 5 Years |
Number of Portfolio Companies in Fund Complex Overseen by Director (1) |
Other Directorships Held by Director | ||||||
Independent Trustees |
||||||||||||
Jay Ferguson | 1966 | Trustee | Since 2021 | Co-Founder and Managing Partner at Vicente Capital Partners since 2009. |
2 | Director, Motorcar Parts of America, Inc. (2016- present); Director, OLPG (2023- Present) | ||||||
Deborah Gero | 1960 | Trustee | Since 2021 | Until 2018, various positions with American International Group, Inc. and its affiliates (collectively, “AIG”), including as a Senior Managing Director and Deputy Chief Investment Officer of AIG Asset Management from 2012 to 2018 and Chief Risk Officer for the Life and Retirement division from 2009 to 2012. | 2 | Director, OCSL (2019- present) | ||||||
Allison Keller | 1964 | Trustee | Since 2021 | Since 2007, Executive Director and Chief Financial Officer of W.M. Keck Foundation; from 2007 through 2016, Ms. Keller was also the President of Oakmont Corporation, a private investment firm and family office assisting multi-generational, high net worth extended families and related private foundations. | 2 | Director, OLPG (2023- Present) |
Name |
Year of Birth |
Position |
Length of Time Served |
Principal Occupation During Past 5 Years |
Number of Portfolio Companies in Fund Complex Overseen by Director (1) |
Other Directorships Held by Director | ||||||
Stephen Mosko | 1956 | Trustee | Since 2021 | Chief Executive Officer of Village Roadshow Entertainment Group since October 2018; from 2015 to 2016, Mr. Mosko served as Chair of Sony Pictures Television for which he remains a consultant. Mr. Mosko also served as the President of Sony Pictures’ U.S. Television operation, Executive Vice President of Sales for Sony Pictures Television and Vice President of the Western Region for Columbia TriStar Television Distribution. | 2 | OLPG (2023-Present) | ||||||
Interested Trustees |
||||||||||||
Armen Panossian | 1976 | Chief Executive Officer and Chief Investment Officer | Since 2021 | Chairman, Chief Executive Officer and Chief Investment Officer of the Fund; Chief Executive Officer and Chief Investment Officer of OCSL since 2019; Chairman, Chief Executive Officer and Chief Investment Officer of OLPG since 2023; Chairman, Chief Executive Officer and Chief Investment Officer of Oaktree Strategic Income II, Inc. (“OSI II”) from September 2019 to January 2023; Chief Executive Officer and Chief Investment Officer of Oaktree Strategic Income Corporation (“OCSI”) from September 2019 to March 2021; Co-Chief Executive Officer and Head of Performing Credit of OCM; as well as a portfolio manager for OCM’s Global Private Debt and Global Credit strategies. |
2 | Director, OLPG (2023-Present) |
(1) | The “Fund Complex” consists of the Fund, OCSL and OLPG. |
Name |
Age |
Position | ||
Mathew Pendo | 60 | President | ||
Matthew Stewart | 39 | Chief Operating Officer | ||
Christopher McKown | 42 | Chief Financial Officer and Treasurer | ||
Ashley Pak | 46 | Chief Compliance Officer |
Annual Cash Retainer |
Board Meeting Fee |
Annual Audit Committee Chair Cash Retainer |
Committee Meeting Fee |
|||||||||
$50,000 (NAV up to $1 billion) |
$ | 2,500 | $ | 7,500 | $ | 1,000 | ||||||
$75,000 (NAV $1 billion to $2 billion) |
$ | 2,500 | $ | 7,500 | $ | 1,000 | ||||||
$100,000 (NAV greater than $2 billion) |
$ | 2,500 | $ | 7,500 | $ | 1,000 |
Interested Trustees |
||||||||
$ | — | $ | — | |||||
Independent Trustees |
||||||||
$ | 70,250 | $ | 164,000 | |||||
$ | 77,250 | $ | 268,306 | |||||
$ | 70,250 | $ | 196,736 | |||||
Steven Mosko |
$ | 70,250 | $ | 179,556 |
(1) | The “Fund Complex” for purposes of this table consists of the Fund, OCSL and OLPG. |
Type of Account |
Number of Accounts |
Assets of Accounts (in billions) |
Number of Accounts Subject to a performance Fee |
Assets Subject to a performance Fee (in billions) |
||||||||||||
Registered investment companies |
3 | $ | 4.4 | 2 | $ | 4.3 | ||||||||||
Other pooled investment vehicles: |
6 | $ | 3.7 | 5 | $ | 3.6 | ||||||||||
Other accounts |
20 | $ | 5.8 | 13 | $ | 2.6 |
• | determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes |
• | identify, evaluate and negotiate the structure of the investments made by the Fund |
• | execute, close, monitor and service the Fund’s investments |
• | determine the securities and other assets that the Fund will purchase, retain or sell |
• | perform due diligence on prospective portfolio companies, and |
• | provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds. |
• | No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized); |
• | 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and |
• | 12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser. |
• | 12.5% of cumulative realized capital gains from inception through the end of such fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. |
• | Year 1: $20 million investment made in Company A (“Investment A”), and $30 million investment made in Company B (“Investment B”). |
• | Year 2: Investment A sold for $50 million and fair market value (“FMV”) of Investment B determined to be $32 million. |
• | Year 3: FMV of Investment B determined to be $25 million. |
• | Year 4: Investment B sold for $31 million. |
• | Year 1: $20 million investment made in Company A (“Investment A”), $30 million investment made in Company B (“Investment B”) and $25 million investment made in Company C (“Investment C”). |
• | Year 2: Investment A sold for $50 million, FMV of Investment B determined to be $25 million and FMV of Investment C determined to be $25 million. |
• | Year 3: FMV of Investment B determined to be $27 million and Investment C sold for $30 million. |
• | Year 4: FMV of Investment B determined to be $35 million. |
• | Year 5: Investment B sold for $20 million. |
• | Year 1: None. |
• | Year 2: $3.125 million Capital Gains Incentive Fee, calculated as follows: 12.5% multiplied by $25 million ($30 million realized capital gains on sale of Investment A less $5 million unrealized capital depreciation on Investment B). |
• | Year 3: $875,000 Capital Gains Incentive Fee, calculated as follows: $4 million cumulative fee (12.5% multiplied by $32 million ($35 million cumulative realized capital gains less $3 million cumulative unrealized capital depreciation)) less $3.125 million (previous capital gains fee paid in Year 2). |
• | Year 4: $375,000 capital gains incentive fee, calculated as follows: $4.375 million cumulative fee (12.5% multiplied by $35 million cumulative realized capital gains) less $4 million (previous cumulative capital gains fee paid in Year 2 and Year 3). |
• | Year 5: None. $3.125 million cumulative fee (12.5% multiplied by $25 million ($35 million cumulative realized capital gains less $10 million realized capital losses)) less $4.375 million (previous cumulative capital gains fee paid in Years 2, 3 and 4). |
1. | The hypothetical amount of Pre-Incentive Fee Net Investment Income shown is expressed as a rate of return as of the beginning and the end of the immediately preceding calendar quarter. Solely for purposes of these illustrative examples, it has been assumed that the Company has not incurred any leverage. However, the Company expects to use leverage to partially finance its investments. |
2. | Represents 5.0% annualized Hurdle Rate. |
3. | Represents 1.25% annualized Management Fee. |
4. | Hypothetical other expenses. Excludes organizational and offering expenses. |
5. | The “catch-up” provision is intended to provide the Adviser with an Incentive Fee of approximately 12.5% on all of the Pre-Incentive Fee Net Investment Income as if a Hurdle Rate did not apply when the net investment income exceeds 1.43% in any calendar quarter. |
• | the nature, extent and quality of the services to be provided under the Investment Advisory Agreement; |
• | the Adviser’s investment capabilities; |
• | the competitiveness of the advisory fee; |
• | the costs of services to be provided and profits to be realized under the Investment Advisory Agreement to the Adviser; |
• | the extent to which economies of scale would be realized to the extent we grow; |
• | whether the fee arrangements reflect any potential economies of scale; and |
• | information concerning expected portfolio transaction allocations and portfolio turnover. |
1) | all costs, fees, expenses and liabilities incurred in connection with the formation and organization of the Fund and the offering and sale of the Common Shares, including expenses of registering or qualifying securities held by the Fund for sale and blue sky filing fees, costs associated with technology integration between the Fund’s systems and those of participating intermediaries, reasonable bona fide due diligence expenses of participating intermediaries supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Fund’s escrow agent and transfer agent, fees to attend retail seminars sponsored by participating intermediaries and costs, expenses and reimbursements for travel, meals, accommodations, entertainment
and other similar expenses related to meetings or events with prospective investors, intermediaries, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fees; |
2) | diligence and monitoring of the Fund’s financial, regulatory and legal affairs, and, if necessary, enforcing rights in respect of investments (to the extent an investment opportunity is being considered for the Fund and any other funds or accounts managed by the Adviser or its affiliates, the Adviser’s out-of-pocket pro rata |
3) | the cost of calculating the Fund’s NAV (including the cost of any third-party valuation firms); |
4) | the cost of effecting sales and repurchases of the Common Shares and other securities; |
5) | Management and Incentive Fees payable pursuant to the Investment Advisory Agreement; |
6) | fees and expenses payable under any distribution manager and selected intermediary agreements, if any; |
7) | costs and expenses of any sub-administration agreements entered into by the Administrator; |
8) | fees payable to third parties relating to, or associated with, making investments and valuing investments (including third-party valuation firms); |
9) | retainer, finder’s, placement, adviser, consultant, custodian, sub-custodian, depository (including a depositary appointed pursuant to directive 2011/61/EU of the European Parliament and of the Council dated June 8, 2011 on Alternative Investment Fund Managers, together with Commission Delegated Regulation (EU) No 231/2013 supplementing Directive 2011/61/EU, as well as any similar or supplementary law, rule or regulation including any equivalent or similar law, rule or regulation implemented in the United Kingdom as a result of its withdrawal from the European Union, or subordinate legislation thereto, as implemented in any relevant jurisdiction (together, the “AIFM Directive”) or pursuant to any national private placement regime in any jurisdiction, a Swiss representative and paying agent appointed pursuant to the Swiss representative and paying agent appointed
pursuant to the Swiss Collective Investment Schemes Act and the implementation thereof), transfer agent, trustee, disbursal, brokerage, registration, legal and other similar fees, commissions and expenses attributable to making or holding investments; |
10) | the reporting, filing and other compliance requirements (including expenses associated with the initial registrations, filings and compliance) contemplated by the AIFM Directive or any national private placement regime in any jurisdiction (including any reporting required in connection with Annex IV of the AIFM Directive); |
11) | fees and expenses associated with marketing efforts (including travel and attendance at investment conferences and similar events); |
12) | allocable out-of-pocket |
13) | fees, interest and other costs payable on or in connection with any indebtedness; |
14) | federal and state registration fees and other governmental charges; |
15) | any exchange listing fees; |
16) | federal, state and local taxes; |
17) | independent Trustee’s fees and expenses; |
18) | brokerage commissions; |
19) | costs of proxy statements, shareholders’ reports and notices and any other regulatory reporting expenses; |
20) | costs of preparing government filings, including periodic and current reports with the SEC; |
21) | fidelity bond, liability insurance and other insurance premiums; |
22) | printing, mailing, independent accountants and outside legal costs; |
23) | costs of winding up and liquidation; |
24) | litigation, indemnification and other extraordinary or non-recurring expenses; |
25) | dues, fees and charges of any trade association of which the Fund is a member; |
26) | research and software expenses, quotation equipment and services and other expenses incurred in connection with data services, including subscription costs, providing real-time price feeds, real-time news feeds, securities and company information, and company fundamental data attributable to such investments; |
27) | costs and expenses relating to investor reporting and communications; |
28) | costs of preparing financial statements and maintaining books and records, costs of Sarbanes-Oxley Act of 2002 compliance and attestation and costs of preparing and filing reports or other documents with the SEC, FINRA, CFTC and other regulatory bodies and other reporting and compliance costs, including registration and exchange listing and the costs associated with reporting and compliance obligations under the Investment Company Act and any other applicable federal and state securities laws, and the compensation of professionals responsible for the foregoing; |
29) | all other out-of-pocket |
30) | accounting expenses, including expenses associated with the preparation of the financial statements and tax information reporting returns of the Fund and the filing of various tax withholding forms and treaty forms by the Fund; |
31) | the allocable portion of the compensation of the Fund’s Chief Financial Officer and Chief Compliance Officer and their respective staffs; and |
32) | all other expenses incurred by the Administrator, an affiliate of the Administrator or the Fund in connection with administering the Fund’s business, including payments under the Administration Agreement to the Administrator or such affiliate in an amount equal to the Fund’s allocable portion of overhead and other expenses incurred by the Administrator or such affiliate in performing its obligations and services under the Administration Agreement, such as rent and the Fund’s allocable portion of the cost of personnel attributable to performing such obligations and services, including, but not limited to, marketing, legal and other services performed by the Administrator or such affiliate for the Fund. |
• | We may not purchase or lease assets in which a Trustee, the Adviser or any of its affiliates has an interest unless (i) we disclosed the terms of the transaction to our shareholders, the terms are reasonable to us and the price does not exceed the lesser of cost or fair market value, as determined by an independent expert or (ii) in the case of a purchase of assets, such purchase is consistent with the Investment Company Act or an exemptive order under the Investment Company Act issued to us by the SEC; |
• | We may not invest in general partnerships or joint ventures with affiliates and non-affiliates unless certain conditions are met; |
• | A Trustee, the Adviser or any of its affiliates may not acquire assets from us unless (i) approved by our shareholders entitled to cast a majority of the votes entitled to be cast on the matter or (ii) such acquisition is consistent with the Investment Company Act or an exemptive order under the Investment Company Act issued to us by the SEC; |
• | We may not lease assets to a Trustee, the Adviser or any of its affiliates unless the transaction occurred on or prior to February 3, 2022 (the commencement of this offering), we disclosed the terms of the transaction to our shareholders and such terms are fair and reasonable to us; |
• | We may not make any loans, credit facilities, credit agreements or otherwise to the Adviser or its affiliates except for the advancement of funds as permitted by our Declaration of Trust; |
• | We may not acquire assets in exchange for our Common Shares; |
• | We may not pay a commission or fee, either directly or indirectly to the Adviser or its affiliates, except as otherwise permitted by our Declaration of Trust, in connection with the reinvestment of cash flows from operations and available reserves or of the proceeds of the resale, exchange or refinancing of our assets; |
• | The Adviser and its affiliates may not charge duplicate fees to us; and |
• | The Adviser may not provide financing to us with a term in excess of 12 months. |
• | the “Distressed Debt Funds,” which are organized to invest in debt or other obligations of distressed companies and other “stressed” companies; |
• | the “High Yield Bond Funds and Accounts,” which are organized to invest in high yield fixed income securities and/or debt; |
• | “Multi-Strategy Fund and Accounts,” which are organized to invest in a diversified portfolio of global investments across Oaktree’s liquid and less liquid credit platform; |
• | the “European Principal Funds,” which are organized primarily to make control and significant influence investments outside the United States, primarily in Europe; |
• | the “European Capital Solutions Funds,” which are organized to provide debt financing solutions primarily for European companies in sectors where bank financing is scarce; |
• | the “Power Opportunities Funds,” which are organized to make control and significant influence investments primarily in companies in the power industry and related areas that focus largely on providing equipment, software and services used in the marketing, distribution, transmission, trading or consumption of power and similar services; but which can also invest in securities that fall into the “distressed” category; |
• | the “Infrastructure Funds,” which are organized to make investments in infrastructure opportunities, focused primarily on the energy, transportation and environmental services sectors in North America; |
• | the “Special Situations Funds,” which are organized primarily to obtain control or significant influence over companies that are believed to be undervalued, with a bias for investments which are distressed in nature; |
• | the “Emerging Markets Equity Funds and Accounts,” which are organized to focus primarily on publicly traded securities in emerging markets worldwide and in developed markets in Asia and the Pacific region; |
• | the “Emerging Markets Opportunities Funds and Accounts,” which are organized to invest opportunistically in stressed, distressed and other value oriented investments in the emerging markets; |
• | the “Emerging Markets Debt Total Return Fund and Accounts,” which are organized to invest on a global basis in emerging market instruments that offer the potential for substantial total return, with a focus on credit oriented investments that Oaktree believes have a low likelihood of default; |
• | the “Real Estate Opportunities Funds,” which are organized to invest in real estate, real estate related debt and corporate securities, distressed mortgages and properties and other real estate related investments; |
• | the “Real Estate Debt Funds and Accounts,” which are organized to invest in performing real-estate related debt, including commercial mortgage-backed securities; |
• | the “Real Estate Income Funds and Accounts,” which are organized primarily to invest in the equity of well-located, high-quality commercial real estate that generates strong current cash flows and offers the potential for appreciation through moderate leasing and repositioning strategies; |
• | the “Mezzanine Funds and Accounts,” which are organized to invest primarily in mezzanine debt and equity investments, as well as in second lien and senior secured bank loans; |
• | the “SBIC Funds” which pursue an investment strategy similar to that of the Mezzanine Funds, but with a focus on investments in companies that qualify as “small businesses” as defined by the Small Business Administration; |
• | the “Middle-Market Direct Lending Funds,” which are organized primarily to invest in directly originated senior secured first lien and unitranche loans to middle-market companies in North America; |
• | the “Middle Market Senior Loan Fund,” which is organized to invest primarily in middle market senior loans on a leveraged basis; |
• | the “Value Equity Fund,” which is organized to invest with a long bias on an unleveraged basis in a concentrated portfolio of stressed, post-reorganization and value equities in developed markets; |
• | the “Value Opportunities Fund,” which is organized primarily to invest in readily tradable distressed debt securities, distressed debt and other value-oriented investments, but which has the ability to make real estate related investments; |
• | the “Global Credit Fund and Accounts,” which is organized to invest in a diversified portfolio of global investments across Oaktree’s liquid credit platform, including high yield bonds, senior loans, convertibles, real estate debt securities, structured credit and emerging markets debt; |
• | the “Global Opportunities Funds,” which are organized to invest in opportunistic credit; |
• | the “Senior Loan Funds and Accounts,” which are organized to invest primarily in bank loans and other senior debt obligations of companies; |
• | the “Enhanced Income Funds,” which are organized primarily to make investment in bank loans and other senior debt obligations of companies on a leveraged basis; |
• | the “Structured Credit Funds and Accounts,” which are organized to invest in the debt and equity tranches of collateralized loan obligations and other structured products; |
• | the “Oaktree Absolute Return Income Fund,” which is organized primarily to provide total return through both income and capital preservation of liquid, low-duration fixed-income investments; |
• | the “Convertible Funds and Accounts,” which are organized to invest in convertibles consisting of bonds, debentures, notes, preferred stock or other securities convertible or exchangeable into common stock or other equity securities; and |
• | the “Life Sciences Funds and Accounts” (as described above). |
(a) | perform accounting, administrative, corporate secretarial support and other functions for non-U.S. holding entities organized by the Fund or Other Oaktree Funds in the jurisdictions where the Fund Affiliate Offices are located, |
(b) | conduct certain aspects of the Fund’s and certain Other Oaktree Funds’ investment activities, |
(c) | act as service providers to the Fund or Other Oaktree Funds in relation to the Fund Affiliate Office, and/or |
(d) | otherwise facilitate the activities of platform investments affiliated with the Fund or Other Oaktree Funds. |
• | each person known to us to own 5% or more of the outstanding Common Shares; |
• | each of our Trustees and each of our executive officers; and |
• | all of our Trustees and executive officers as a group. |
Name and Address |
Type of Ownership |
Number |
Percentage Owned |
|||||||||
Interested Trustees (1) |
||||||||||||
Independent Trustees (1) |
||||||||||||
Executive Officers who are not Trustees (1) |
||||||||||||
Mathew Pendo |
||||||||||||
Matthew Stewart |
||||||||||||
Ashley Pak |
||||||||||||
Other |
||||||||||||
Oaktree Fund GP I, L.P. (2) |
||||||||||||
Oaktree Strategic Credit iCapital Access Fund SPC (3) |
||||||||||||
Oaktree Strategic Credit Trust (Canadian Feeder) (4) |
||||||||||||
All officers and Trustees as a group (9 persons) |
* | Less than 0.1%. |
(1) | The address of each of our Trustees and executive officers listed in the table above is Oaktree Strategic Credit Fund, c/o Oaktree Capital Management, L.P., 333 South Grand Avenue 28th Floor, Los Angeles, CA 90071. |
(2) | Ownership consists solely of Class I shares. The address of Oaktree Fund GP I., L.P. is c/o Oaktree Capital Management, L.P., 333 South Grand Avenue 28th Floor, Los Angeles, CA 90071. |
(3) |
(4) | Ownership consists solely of Class I shares. The address of Oaktree Strategic Credit Trust (Canadian Feeder) is c/o Brookfield Public Securities Group LLC, 250 Vesey Street, 15th Floor, New York, NY, U.S.A. 10281. |
(5) | The holder of these shares has agreed to vote the shares of the Fund that it holds in excess of 3% of the Fund’s outstanding Common Shares in the same proportion as the vote of all other holders of the Fund’s Common Shares. |
Name and Address |
Dollar Range of Equity Securities in the Fund (1)(2)(3) |
Aggregate Dollar Range of Equity Securities in the Fund Complex (1)(3) |
||||||
Interested Trustees |
||||||||
None | over $ | 100,000 | ||||||
Independent Trustees(1) |
||||||||
None | None | |||||||
None | over $ | 100,000 | ||||||
None | None | |||||||
None | None |
(1) | Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) of the Exchange Act. |
(2) | The dollar range of equities securities expected to be beneficially owned by our Trustees is based on our NAV as of September 30, 2023. |
(3) | The dollar range of equity securities beneficially owned are: none, $1—$10,000, $10,001—$50,000, $50,001—$100,000 or over $100,000. |
Title of Class |
Authorized Amount |
Amount Held by Fund for its Account |
Amount Outstanding as of , 2024 |
|||||||||
i Class T |
Unlimited | i — | ||||||||||
i Class S |
Unlimited | i — | ||||||||||
i Class D |
Unlimited | i — | ||||||||||
i Class I |
Unlimited | i — |
• | modify the Declaration of Trust; |
• | remove the Adviser or appoint a new investment adviser; |
• | dissolve the Fund; |
• | sell all or substantially all of our assets other than in the ordinary course of business; or |
• | remove any Trustee with or without cause (provided the aggregate number of Trustees after such removal shall not be less than the minimum required by the Declaration of Trust). |
• | the Adviser of the Board to amend the “Declaration of Trust” except for amendments that would not adversely affect the rights of our shareholders; |
• | the Adviser, except as otherwise permitted under the Investment Advisory Agreement, voluntarily withdraw as our investment adviser unless such withdrawal would not affect our tax status and would not materially adversely affect our shareholders; |
• | the Adviser of the Board to appoint a new investment adviser (other than a sub-adviser pursuant to the terms of the Investment Advisory Agreement and applicable law); |
• | the Adviser of the Board to sell all or substantially all of our assets other than in the ordinary course of business or as otherwise permitted by applicable law; or |
• | the Adviser to cause the merger or similar reorganization of the Fund. |
• | accepting the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction offered in the proposed roll-up transaction; or |
• | one of the following: |
• | remaining as shareholders and preserving their interests in us on the same terms and conditions as existed previously; or |
• | receiving cash in an amount equal to their pro rata share of the appraised value of our net assets. |
• | which would result in shareholders having voting rights in the entity that would be created or would survive after the successful completion of the roll-up transaction that are less than those provided in the charter, including rights with respect to the election and removal of directors, annual and special meetings, amendments to the charter and our dissolution; |
• | which includes provisions that would operate as a material impediment to, or frustration of, the accumulation of Common Shares by any purchaser of the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction, except to the minimum extent necessary to preserve the tax status of such entity, or which would limit the ability of an investor to exercise the voting rights of its securities of the entity that would be created or would survive after the successful completion of the roll-up transaction on the basis of the number of shares held by that investor; |
• | in which shareholders’ rights to access to records of the entity that would be created or would survive after the successful completion of the roll-up transaction will be less than those provided in the Declaration of Trust; |
• | in which we would bear any of the costs of the roll-up transaction if the shareholders reject the roll-up transaction; or |
• | unless the organizational documents of the entity that would survive the roll-up transaction provide that neither its adviser nor its intermediary-manager may vote or consent on matters submitted to its shareholders regarding the removal of its adviser or any transaction between it and its adviser or any of its affiliates. |
• | Level 1—Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. |
• | Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
• | Level 3—Unobservable inputs that reflect the Adviser’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
• | The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser’s valuation team; |
• | Preliminary valuations are then reviewed and discussed with management of the Adviser; |
• | Separately, independent valuation firms prepare valuations of the our investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to us and provide such reports to the Adviser; |
• | The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee; |
• | The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and |
• | The Adviser, as valuation designee, determines the fair value of each investment in our portfolio. |
(a) | the net asset value per share of each class of our Common Shares as disclosed in our most recent periodic report filed with the SEC; |
(b) | our Adviser’s assessment of whether any material change in net asset value per share has occurred (including through any realization of net gains from the sale of a portfolio investment), or any material change in the fair value of portfolio investments has occurred, in each case, from the period beginning on the date of the most recently disclosed net asset value per share to the period ending as of the date of the monthly subscription closing; |
(c) | the values that our Adviser has determined reflects the current (as of the last day of the prior month) net asset value per share of each class of our Common Shares (which is based upon the net asset value per share of each class of our shares as disclosed in the most recent periodic report that we filed with the SEC, as adjusted to reflect our Adviser’s assessment of any material change in the net asset value per share of each class of our shares since the date of the most recently disclosed net asset value per share of each class of our Common Shares); and |
(d) | the magnitude of the difference between (i) the values described in clause (c) above, and (ii) the offering price per share of each class of our Common Shares as of the date of the monthly subscription closing. |
• | Board oversight of the valuation designee; |
• | Periodic and prompt reporting to the board; and; |
• | Clear specification of the titles and functions of the persons responsible for fair value determinations, and reasonable segregation of duties among the designee’s personnel. |
Shareholder Servicing and/or Distribution Fee as a % of NAV |
||||
Class T shares |
0.85 | % | ||
Class S shares |
0.85 | % | ||
Class D shares |
0.25 | % | ||
Class I shares |
— | % |
(a) | to any legal entity which is a “qualified investor” as defined in the Prospectus Regulation; or |
(b) | in any other circumstances falling within Article 3(2) of the Prospectus Regulation, |
(a) | to any legal entity which is a “qualified investor” as defined under Article 2 of the UK Prospectus Regulation; |
(b) | to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of the Distribution Manager for any such offer; or |
(c) | in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 (the “FSMA”), provided that no such offer of the shares shall require the Fund or any Distribution Manager to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. |
(a) | a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or |
(b) | a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except: |
i. | to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA; |
ii. | where no consideration is or will be given for the transfer; |
iii. | where the transfer is by operation of law; |
iv. | as specified in Section 276(7) of the SFA; or |
v. | as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore. |
(a) | an “Exempt Offer” in accordance with the Markets Rules (MKT) module of the DFSA; and |
(b) | made only to persons who meet the Professional Client criteria set out in Rule 2.3.2 of the DFSA Conduct of Business Module This documents must not, therefore, be delivered to, or relied on by, any other type of person. |
• | Read this entire prospectus and any appendices and supplements accompanying this prospectus. |
• | Complete the execution copy of the subscription agreement. A specimen copy of the subscription agreement, including instructions for completing it, is included in this prospectus as Appendix A. Subscription agreements may be executed manually or by electronic signature except where the use of such electronic signature has not been approved by the Distribution Manager. Should you execute the subscription agreement electronically, your electronic signature, whether digital or encrypted, included in the subscription agreement is intended to authenticate the subscription agreement and to have the same force and effect as a manual signature. |
• | Deliver a check, submit a wire transfer, instruct your broker to make payment from your brokerage account or otherwise deliver funds for the full purchase price of the Common Shares being subscribed for along with the completed subscription agreement to the participating broker. Checks should be made payable, or wire transfers directed, to “Oaktree Strategic Credit Fund.” For Class T, Class S and Class D shares, after you have satisfied the applicable minimum purchase requirement of $2,500, additional purchases must be in increments of $500. For Class I shares, after you have satisfied the applicable minimum purchase requirement of $1,000,000, additional purchases must be in increments of $500, unless such minimums are waived by the Distribution Manager. The minimum subsequent investment does not apply to purchases made under our distribution reinvestment plan. |
• | By executing the subscription agreement and paying the total purchase price for the Common Shares subscribed for, each investor attests that he or she meets the suitability standards as stated in the subscription agreement and agrees to be bound by all of its terms. Certain participating brokers may require additional documentation. |
• | On each business day, our transfer agent will collect subscription requests. Notwithstanding the submission of an initial subscription request, we can reject subscription requests for any reason, even if a prospective investor meets the minimum suitability requirements outlined in our prospectus. Investors may only purchase our Common Shares pursuant to accepted subscription requests as of the first day of each month (based on the NAV per share as determined as of the previous day, being the last day of the preceding month), and to be accepted, a subscription request must be made with a completed and executed subscription agreement with appropriate responses and payment of the full purchase price of our Common Shares being subscribed at least five business days prior to the first day of the month. If a subscription request is received less than five business days prior to the first day of the month, unless waived by the Distribution Manager,
the subscription request will be executed in the next month’s closing at the transaction price applicable to that month. As a result of this process, the price per share at which your subscription request is executed may be different than the price per share for the month in which you submitted your subscription request. |
• | Generally, within 20 business days after the first calendar day of each month, we will determine our NAV per share for each share class as of the last calendar day of the immediately preceding month, which will be the purchase price for shares purchased with that effective date. |
• | Completed subscription requests will not be accepted by us before two business days before the first calendar day of each month. |
• | Subscribers are not committed to purchase shares at the time their subscription requests are submitted and any subscription may be canceled at any time before it has been accepted, which will not be earlier than two business days before the first calendar day of the next month. You may cancel your subscription request by notifying the transfer agent, through your financial intermediary or by notifying Oaktree Strategic Credit Fund directly on our toll-free, automated telephone line, (855) 777-8001. |
• | You will receive a confirmation statement of each new transaction in your account as soon as practicable but generally not later than seven business days after the shareholder transactions are settled when the applicable NAV per share is determined. The confirmation statement will include information on how to obtain information we have filed with the SEC and made publicly available on our website, https://www.osc.brookfieldoaktree.com, including supplements to the prospectus. |
(1) | Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an Eligible Portfolio Company, or from any other person, subject to such rules as may be prescribed by the SEC. For more information regarding “Eligible Portfolio Companies”, see “Investment Objective and Strategies—Regulation as BDC.” |
(2) | Securities of any Eligible Portfolio Company controlled by the Fund. |
(3) | Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements. |
(4) | Securities of an Eligible Portfolio Company purchased from any person in a private transaction if there is no ready market for such securities and the Fund already owns 60% of the outstanding equity of the Eligible Portfolio Company. |
(5) | Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities. |
(6) | Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. |
• | qualifies as a RIC; and |
• | satisfies the Annual Distribution Requirement; then it will not be subject to federal income tax on the portion of its investment company taxable income and net capital gain (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) the Fund timely distributes to shareholders. The Fund will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to its shareholders. |
• | at all times during each taxable year, have in effect an election to be treated as a BDC under the Investment Company Act; |
• | derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities (including loans), gains from the sale of stock or other securities or currencies, or other income derived with respect to its business of investing in such stock, securities or currencies and (b) net income derived from an interest in a “qualified publicly traded partnership;” and |
• | diversify the Fund’s holdings so that at the end of each quarter of the taxable year: |
• | at least 50% of the value of its assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of its assets or more than 10% of the outstanding voting securities of the issuer; and |
• | no more than 25% of the value of its assets is invested in ( a b c |
• | maintaining the register of limited partners and participants in the Funds, including accurate and up-to-date |
• | processing subscriptions, redemptions and transfers of interests in the Funds; |
• | processing distributions of income or capital from the Funds; |
• | complying with applicable anti-money laundering, anti-corruption and bribery, terrorism financing rules, sanctions, and the prevention and detection of crime or other applicable laws or regulations of jurisdictions in which Oaktree conducts business; |
• | filing information with legal or regulatory authorities in various jurisdictions; |
• | handling and resolving complaints or dealing with other client and investor inquiries; |
• | marketing investment management services as well as interests in the Funds and future Funds; |
• | exchanging mail correspondence or documentation which may involve providing your contact details to couriers and service providers in charge of the delivery service; |
• | contacting you to set up meetings and/or phone calls between you and your Oaktree business contact(s); |
• | providing appropriate management of the client and investor relationship and developing new investment products and services; or |
• | organizing, operating and investing separately managed accounts and Funds including carrying out all customary operational, risk management and supervisory functions. |
• | processing distributions of income or capital from the Funds; |
• | complying with applicable anti-money laundering, anti-corruption and bribery, terrorism financing rules, sanctions, and the prevention and detection of crime or other applicable laws or regulations of jurisdictions in which Oaktree conducts business; or |
• | filing information with legal or regulatory authorities in various jurisdictions. |
• | managing our business; |
• | managing and administering our investment in your company and/or business and/or asset and/or any loan we have made to you in this respect (including your ability to repay the loan and to determine the appropriate strategy) and any related guarantee(s) or security including the collection of the debt owed by you; |
• | managing the properties owned or investments made by our Funds under management; and |
• | establishing the value of our assets and investments. |
• | third parties acting on your behalf such as consultants, accountants, custodians, legal advisors and other service providers or agents; |
• | co-general partners of the Funds who provide investment management advice; |
• | custodian banks, prime brokers, administrators and other service providers who provide services to Oaktree or the Funds in order to fulfill the operations of its investment management services, operational, risk management and other supervisory functions and other services; |
• | lenders who provide loans to the Funds to facilitate the making of investments; |
• | counterparties to investment transactions engaged in by the Funds; |
• | consultants engaged to enhance and maintain portfolio management, accounting, and client relationship management systems, and to create and process client and investor reporting; |
• | vendors engaged to assist in the due diligence, validation and reporting in connection with tax and other regulatory reporting forms; |
• | third party service providers engaged to assist in know your customer and identity verification and anti- money laundering and terrorism screening; |
• | vendors engaged to assist in arranging Oaktree conferences, facilitating the distribution of legal documents and other Fund-related materials and marketing communications; |
• | combined marketing efforts, which could include, sending marketing communications on our behalf, sending their own marketing communications and facilitating joint marketing activities; |
• | advisors who provide audit, financial, tax and legal advice to Oaktree, the Funds and other third party experts (such as notaries); |
• | courier services or other package delivery services; |
• | governmental bodies, public registers and regulatory and tax authorities in various jurisdictions to comply with reporting and notification requirements; |
• | other parties to a merger, acquisition, reorganization, funding/investment round or similar transaction or proceeding involving Oaktree, or steps in contemplation of such activities; |
• | our consultants, agents, delegates (including special service providers and sub-service providers), operating partners, property or asset managers; and |
• | third-party financiers connected with a particular investment or property, other parties to a merger, acquisition, reorganization, funding/investment round or similar transaction or proceeding involving Oaktree, or steps in contemplation of such activities. |
• | third party service providers engaged to assist in know your customer and identity verification and anti- money laundering and terrorism screening; and |
• | governmental bodies, public registers as well as regulatory and tax authorities in various jurisdictions to comply with reporting and notification requirements. |
Oaktree Capital Management, L.P. |
OCM Investments, LLC |
Oaktree Fund Advisors, LLC |
Oaktree Capital Management (UK) LLP United Kingdom Tel: +44 20 7201-4600 | |||
Oaktree Capital Management (Europe) LLP Verde, 10 Bressenden Place London, SW1E 5DH United Kingdom Tel: +44 20 7201-4600 |
Oaktree Capital Management (International) Limited United Kingdom Tel: +44 20 7201-4600 |
LFE European Asset Management S.à.r.l. 26A, boulevard Royal, 7th Floor L-2449 Luxembourg Tel: +352 26 63 25 47 24 |
Oaktree Luxembourg CoopSA 26A, boulevard Royal, 7th Floor L-2449 Luxembourg Tel: +352 26 63 25 47 24 | |||
Oaktree Capital Management (Dubai) Limited Dubai International Financial Centre, Office 5, The Gate Building, Level 15, PO Box 121208 Dubai, United Arab Emirates Tel: +1 971 440-19877 |
OCM Netherlands Opportunities Cooperatief U.A. and OCM Netherlands Global Opportunities Cooperatief U.A 201 1083 HN Amsterdam The Netherlands Tel: +31 20 579-2128 |
Oaktree Capital Management (Ireland) Limited 2nd Floor 27 Merrion Square Dublin 2 Ireland Tel: +353 1 662 1301 |
Oaktree France S.A.S Paris, 75008 France Tel: +33 1 42 99 15 15 | |||
Oaktree Capital Management (Lux.) S.à r.l., French Branch Paris, 75008 France Tel: +33 1 42 99 15 15 |
Oaktree GMBH Tel: +49 69 244 339-3000 |
Oaktree Capital Management (Lux.) S.à r.l., German Branch of LFE European Asset Management S.à r.l, Tel: +49 69 244 339-3000 |
Helsinki – LFE European Asset Management, S.à r.l., Suomen sivuliike Life Science Centre—Keilaranta 16 02150 Espoo Finland Tel: +358 201277660 | |||
Oaktree Capital (Hong Kong) Limited Suite 2001, 20/F Champion Tower 3 Garden Road Central, Hong Kong Tel: +852 3655-6800 |
Oaktree Capital (Beijing) Ltd. Suite 8, 14th Floor China World Office 1, No. 1 Jianguomenwai Ave. Chaoyang District Beijing 100004, China Tel: +86 10 6535-0208 |
Oaktree (Beijing) Investment Management Co., Ltd. Room 67, Level 14 China World Office 1, No. 1 Jianguomenwai Ave. Chaoyang District Beijing 100004, China Tel: +86 10 6535 0278 |
Oaktree Overseas Investment Fund Management (Shanghai) Co., Ltd. Suite 833, Level 8 Shanghai International Finance Centre, Tower 2 No 8 Century Avenue, Pudong, Shanghai, PRC, 200120 Tel: +86 21 60627389 | |||
Oaktree Japan, Inc. Atago Green Hills Mori Tower 37th Floor 2-5-1 Minato-ku, Tokyo Japan 105-6237 Tel: +81 3 5776-6760 |
Oaktree Capital (Australia) Pty Limited ACN 625 802 593 / AFSL 511218 Suite 4, Level 27 Governor Macquarie Tower 1 Farrer Place Sydney, NSW 2000 Australia Tel: +612 8278 9248 |
Oaktree Capital Management Pte. Ltd. 80 Raffles Place #51-03 UOB Plaza 1 Singapore 048624 Tel: +65 6305-6550 |
Oaktree Capital (Seoul) Limited Suite 2203, 22/F Trade Tower 511 Yeongdong-daero, Gangnam-gu, Seoul 06164 Republic of Korea Tel: +82 2 2191-8000 |
• | For information related to the regulated status of Oaktree offices, please refer to |
Americas |
Europe and Middle East |
Asia Pacific | ||
csus@oaktreecapital.com | cslondon@oaktreecapital.com | csasia@oaktreecapital.com |
F-2 |
||||
F-4 |
||||
F-5 |
||||
F-6 |
||||
F-8 |
||||
F-18 |
||||
F-26 |
F-70 |
||||
F-71 |
||||
F-73 |
||||
F-74 |
||||
F-75 |
||||
F-77 |
||||
F-85 |
||||
F-90 |
December 31, 2023 (unaudited) |
||||||||
ASSETS |
||||||||
Assets: |
||||||||
Investments – Non-control/Non-affiliate, |
$ | 2,857,808 | $ | 1,927,237 | ||||
Cash and cash equivalents |
93,049 | 145,499 | ||||||
Restricted cash |
8,268 | 5,637 | ||||||
Due from affiliates |
— | 861 | ||||||
Interest receivable |
21,297 | 12,591 | ||||||
Receivables from unsettled transactions |
30,950 | 11,579 | ||||||
Due from broker |
2,360 | — | ||||||
Deferred financing costs |
13,981 | 13,887 | ||||||
Deferred offering costs |
307 | 270 | ||||||
Derivative asset at fair value |
10,566 | 2,041 | ||||||
Other assets |
377 | 533 | ||||||
Total assets |
$ |
3,038,963 |
$ |
2,120,135 |
||||
LIABILITIES AND NET ASSETS |
||||||||
Liabilities: |
||||||||
Accounts payable, accrued expenses and other liabilities |
$ | 2,881 | $ | 2,291 | ||||
Dividends payable |
15,750 | 12,026 | ||||||
Base management fee and incentive fee payable |
10,263 | 7,543 | ||||||
Payable for share repurchases |
10,526 | 5,336 | ||||||
Due to affiliates |
2,154 | 8,175 | ||||||
Interest payable |
10,324 | 4,676 | ||||||
Payables from unsettled transactions |
54,389 | 105,883 | ||||||
Derivative liabilities at fair value |
2,817 | — | ||||||
Credit facilities payable |
570,000 | 445,000 | ||||||
Unsecured notes payable (net of $4,159 of unamortized financing costs as of December 31, 2023) |
354,688 | — | ||||||
Total liabilities |
1,033,792 |
590,930 |
||||||
Commitments and contingencies (Note 11) |
||||||||
Net assets: |
||||||||
Common shares, $0.01 par value per share; unlimited shares authorized, 84,898 and 64,896 shares issued and outstanding as of December 31, 2023 and September 30, 2023, respectively |
849 | 649 | ||||||
Additional paid-in-capital |
2,006,013 | 1,536,305 | ||||||
Accumulated distributable earnings (loss) |
(1,691 | ) | (7,749 | ) | ||||
Total net assets (equivalent to $23.62 and $23.56 per common share as of December 31, 2023 and September 30, 2023, respectively) (Note 10) |
2,005,171 |
1,529,205 |
||||||
Total liabilities and net assets |
$ |
3,038,963 |
$ |
2,120,135 |
||||
NET ASSET VALUE PER SHARE |
December 31, 2023 (unaudited) |
|||||||
Class I Shares: |
||||||||
Net assets |
$ | 1,348,877 | $ | 1,039,238 | ||||
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
57,111 | 44,103 | ||||||
Net asset value per share |
$ | 23.62 | $ | 23.56 | ||||
Class S Shares: |
||||||||
Net assets |
$ | 655,764 | $ | 489,821 | ||||
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
27,765 | 20,787 | ||||||
Net asset value per share |
$ | 23.62 | $ | 23.56 | ||||
Class D Shares: |
||||||||
Net assets |
$ | 530 | $ | 146 | ||||
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
22 | 6 | ||||||
Net asset value per share |
$ | 23.62 | $ | 23.56 |
Three months ended December 31, 2023 |
Three months ended December 31, 2022 |
|||||||
Interest income: |
||||||||
Non-control/Non-affiliate |
$ | 67,737 | $ | 14,095 | ||||
Interest on cash and cash equivalents |
2,835 | 173 | ||||||
Total interest income |
70,572 |
14,268 |
||||||
PIK interest income: |
||||||||
Non-control/Non-affiliate |
621 | 527 | ||||||
Total PIK interest income |
621 |
527 |
||||||
Fee income: |
||||||||
Non-control/Non-affiliate |
401 | 87 | ||||||
Total fee income |
401 |
87 |
||||||
Total investment income |
71,594 |
14,882 |
||||||
Expenses: |
||||||||
Base management fee |
5,756 | 1,396 | ||||||
Investment income incentive fee |
5,754 | 1,240 | ||||||
Capital gains incentive fee |
2,141 | — | ||||||
Professional fees |
835 | 398 | ||||||
Class S and Class D distribution and shareholder servicing fees |
1,281 | 199 | ||||||
Board of trustees fees |
91 | 66 | ||||||
Organization expenses |
— | 4 | ||||||
Amortization of continuous offering costs |
222 | 848 | ||||||
Interest expense |
17,740 | 2,806 | ||||||
Administrator expense |
302 | 144 | ||||||
General and administrative expenses |
624 | 178 | ||||||
Total expenses |
34,746 |
7,279 |
||||||
Management and incentive fees waived (Note 9) |
— | (1,642 | ) | |||||
Expense reimbursements (support) (Note 9) |
1,045 | (852 | ) | |||||
Net expenses |
35,791 |
4,785 |
||||||
Net investment income |
35,803 |
10,097 |
||||||
Unrealized appreciation (depreciation): |
||||||||
Non-control/Non-affiliate |
21,777 | (2,361 | ) | |||||
Foreign currency forward contracts |
(4,858 | ) | (481 | ) | ||||
Net unrealized appreciation (depreciation) |
16,919 |
(2,842 |
) | |||||
Realized gains (losses): |
||||||||
Non-control/Non-affiliate |
(1,078 | ) | (637 | ) | ||||
Foreign currency forward contracts |
1,531 | (23 | ) | |||||
Net realized gains (losses) |
453 |
(660 |
) | |||||
Provision for income tax (expense) benefit |
(241 |
) |
(51 |
) | ||||
Net realized and unrealized gains (losses), net of taxes |
17,131 |
(3,553 |
) | |||||
Net increase (decrease) in net assets resulting from operations |
$ |
52,934 |
$ |
6,544 |
||||
Three months ended December 31, 2023 |
Three months ended December 31, 2022 |
|||||||
Operations: |
||||||||
Net investment income |
$ | 35,803 | $ | 10,097 | ||||
Net unrealized appreciation (depreciation) |
16,919 | (2,842 | ) | |||||
Net realized gains (losses) |
453 | (660 | ) | |||||
Provision for income tax (expense) benefit |
(241 | ) | (51 | ) | ||||
Net increase (decrease) in net assets resulting from operations |
52,934 |
6,544 |
||||||
Distributions to common shareholders: |
||||||||
Class I |
(32,392 | ) | (9,127 | ) | ||||
Class S |
(14,475 | ) | (2,229 | ) | ||||
Class D |
(9 | ) | — |
|||||
Net decrease in net assets resulting from distributions |
(46,876 |
) |
(11,356 |
) | ||||
Share transactions: |
||||||||
Class I: |
||||||||
Issuance of Common shares in public offering |
309,178 | 84,482 | ||||||
Issuance of Common shares under dividend reinvestment plan |
5,139 | 1,045 | ||||||
Repurchased shares, net of early repurchase deduction |
(8,729 | ) | — | |||||
Net increase from share transactions |
305,588 |
85,527 |
||||||
Class S: |
||||||||
Issuance of Common shares in public offering |
159,230 | 45,226 | ||||||
Issuance of Common shares under dividend reinvestment plan |
6,506 | 787 | ||||||
Repurchased shares, net of early repurchase deduction |
(1,797 | ) | — | |||||
Net increase from share transactions |
163,939 |
46,013 |
||||||
Class D: |
||||||||
Issuance of Common shares in public offering |
379 | — | ||||||
Issuance of Common shares under dividend reinvestment plan |
2 | — | ||||||
Net increase from share transactions |
381 |
— |
||||||
Total increase (decrease) in net assets |
475,966 |
126,728 |
||||||
Net assets at beginning of period |
1,529,205 | 366,727 | ||||||
Net assets at end of period |
$ |
2,005,171 |
$ |
493,455 |
||||
Net asset value per common share |
$ |
23.62 |
$ |
23.23 |
||||
Common shares outstanding at end of period |
84,898 | 21,242 |
Three months ended December 31, 2023 |
Three months ended December 31, 2022 |
|||||||
Operating activities: |
||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 52,934 | $ | 6,544 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |
||||||||
Net unrealized (appreciation) depreciation |
(16,919 | ) | 2,842 | |||||
Net realized (gains) losses |
(453 | ) | 660 | |||||
PIK interest income |
(621 | ) | (527 | ) | ||||
Accretion of original issue discount on investments |
(4,944 | ) | (1,391 | ) | ||||
Accretion of original issue discount on unsecured notes payable |
45 | — | ||||||
Amortization of deferred financing costs |
933 | 199 | ||||||
Amortization of deferred offering costs |
222 | 848 | ||||||
Deferred taxes |
— | (4 | ) | |||||
Purchases of investments |
(988,824 | ) | (273,488 | ) | ||||
Proceeds from the sales and repayments of investments |
86,390 | 39,501 | ||||||
Changes in operating assets and liabilities: |
||||||||
(Increase) decrease in due from affiliates |
861 | (852 | ) | |||||
(Increase) decrease in interest receivable |
(8,706 | ) | (741 | ) | ||||
(Increase) decrease in receivables from unsettled transactions |
(19,371 | ) | (7,096 | ) | ||||
(Increase) decrease in due from broker |
(2,360 | ) | — | |||||
(Increase) decrease in other assets |
156 | 184 | ||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities |
(361 | ) | 179 | |||||
Increase (decrease) in base management fee and incentive fees payable |
2,720 | 994 | ||||||
Increase (decrease) in due to affiliates |
(6,093 | ) | 632 | |||||
Increase (decrease) in interest payable |
5,648 | 374 | ||||||
Increase (decrease) in payables from unsettled transactions |
(51,494 | ) | (6,334 | ) | ||||
Net cash used in operating activities |
(950,237 |
) |
(237,476 |
) | ||||
Financing activities: |
||||||||
Distributions paid in cash |
(31,504 | ) | (8,368 | ) | ||||
Borrowings under credit facilities |
125,000 | 175,000 | ||||||
Repayments of borrowings under credit facilities |
— | (80,000 | ) | |||||
Issuance of unsecured notes |
348,236 | — | ||||||
Proceeds from issuance of common shares |
468,787 | 129,707 | ||||||
Deferred financing costs paid |
(4,248 | ) | (215 | ) | ||||
Deferred offering costs paid |
(175 | ) | (50 | ) | ||||
Share repurchases paid |
(5,336 | ) | — | |||||
Net cash provided by financing activities |
900,760 |
216,074 |
||||||
Effect of exchange rate changes on foreign currency |
(342 | ) | (743 | ) | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash |
(49,819 |
) |
(22,145 |
) | ||||
Cash and cash equivalents and restricted cash, beginning of period |
151,136 | 58,443 | ||||||
Cash and cash equivalents and restricted cash, end of period |
$ |
101,317 |
$ |
36,298 |
||||
Supplemental information: |
||||||||
Cash paid for interest |
$ | 11,113 | $ | 2,233 | ||||
Non-cash financing activities: |
||||||||
Deferred financing costs incurred |
$ | 939 | $ | — | ||||
Deferred offering costs incurred |
84 | 293 | ||||||
Distribution payable |
15,750 | 4,810 | ||||||
Reinvestment of dividends during the period |
11,647 | 1,832 | ||||||
Shares repurchases accrued but not yet paid |
10,526 | — |
Reconciliation to the Statement of Assets and Liabilities |
||||||||
Cash and cash equivalents |
$ | 93,049 | $ | 145,499 | ||||
Restricted cash |
8,268 | 5,637 | ||||||
Total cash and cash equivalents and restricted cash |
$ | 101,317 | $ | 151,136 | ||||
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments |
(7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
37 Capital CLO 4 |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 5.50 | % | 10.87 | % | 1/15/2034 | $ | 5,000 | $ | 5,000 | $ | 5,018 | (5 | )(10) | ||||||||||||||||||||||||||||||
107-109 Beech OAK22 LLC |
|
Real Estate Development |
|
|
First Lien Revolver |
|
11.00 | % | 2/27/2026 | 11,883 | 11,770 | 11,614 | (8 | )(9) | ||||||||||||||||||||||||||||||||||
107 Fair Street LLC |
|
Real Estate Development |
|
|
First Lien Term Loan |
|
12.50 | % | 5/31/2024 | 1,031 | 1,016 | 998 | (8 | )(9)(11) | ||||||||||||||||||||||||||||||||||
112-126 Van Houten Real22 LLC |
|
Real Estate Development |
|
|
First Lien Term Loan |
|
12.00 | % | 5/4/2024 | 3,451 | 3,437 | 3,400 | (8 | )(9)(11) | ||||||||||||||||||||||||||||||||||
AB BSL CLO 4 |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 5.50 | % | 10.92 | % | 4/20/2036 | 3,800 | 3,800 | 3,835 | (5 | )(10) | |||||||||||||||||||||||||||||||||
Access CIG, LLC |
|
Diversified Support Services |
|
|
First Lien Term Loan |
|
SOFR+ | 5.00 | % | 10.39 | % | 8/18/2028 | 30,424 | 29,909 | 30,512 | (5 | ) | |||||||||||||||||||||||||||||||
ACP Falcon Buyer Inc |
Systems Software | |
First Lien Term Loan |
|
SOFR+ | 6.50 | % | 11.85 | % | 8/1/2029 | 34,667 | 33,700 | 33,866 | (5 | )(8) | |||||||||||||||||||||||||||||||||
ACP Falcon Buyer Inc |
Systems Software | |
First Lien Revolver |
|
SOFR+ | 6.50 | % | 8/1/2029 | — | (149 | ) | (123 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | |
First Lien Term Loan |
|
SOFR+ | 7.50 | % | 13.00 | % | 8/15/2029 | 10,406 | 9,977 | 9,912 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | |
First Lien Term Loan |
|
SOFR+ | 7.50 | % | 8/15/2029 | — | (60 | ) | (60 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | Warrants | 45,727 | 275 | 21 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. |
Pharmaceuticals | |
First Lien Term Loan |
|
E+ | 5.00 | % | 8.84 | % | 9/30/2028 | € | 21,000 | 23,002 | 23,279 | (5 | )(10) | ||||||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | |
Second Lien Term Loan |
|
SOFR+ | 7.75 | % | 13.21 | % | 12/21/2029 | $ | 4,093 | 4,032 | 4,019 | (5 | )(8) | ||||||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | |
Common Stock |
|
4,560 | 428 | 636 | (8 | ) | |||||||||||||||||||||||||||||||||||||||
Altice France S.A. |
|
Integrated Telecommunication Services |
|
|
First Lien Term Loan |
|
L+ | 4.00 | % | 9.64 | % | 8/14/2026 | 3,093 | 3,028 | 2,892 | (5 | )(10) | |||||||||||||||||||||||||||||||
Altice France S.A. |
|
Integrated Telecommunication Services |
|
|
Fixed Rate Bond |
|
5.50 | % | 10/15/2029 | 7,200 | 6,046 | 5,655 | (10 | ) | ||||||||||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. |
|
Health Care Technology |
|
|
First Lien Term Loan |
|
SOFR+ | 11.50 | % | 5.00 | % | 11.95 | % | 10/14/2027 | 13,703 | 12,846 | 12,606 | (5 | )(8) | |||||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. |
|
Health Care Technology |
|
Warrants | 878,545 | 943 | 2,293 | (8 | ) | |||||||||||||||||||||||||||||||||||||||
American Airlines Group Inc. |
Passenger Airlines | |
Fixed Rate Bond |
|
8.50 | % | 5/15/2029 | 6,534 | 6,534 | 6,904 | (10 | ) | ||||||||||||||||||||||||||||||||||||
American Auto Auction Group, LLC |
|
Diversified Support Services |
|
|
Second Lien Term Loan |
|
SOFR+ | 8.75 | % | 14.25 | % | 1/2/2029 | 6,901 | 6,801 | 6,452 | (5 | )(8) | |||||||||||||||||||||||||||||||
American Rock Salt Company LLC |
|
Diversified Metals & Mining |
|
|
First Lien Term Loan |
|
SOFR+ | 4.00 | % | 9.47 | % | 6/9/2028 | 27,357 | 26,010 | 25,938 | (5 | ) | |||||||||||||||||||||||||||||||
American Tire Distributors, Inc. |
Distributors | |
First Lien Term Loan |
|
SOFR+ | 6.25 | % | 11.91 | % | 10/20/2028 | 17,627 | 15,784 | 14,838 | (5 | ) | |||||||||||||||||||||||||||||||||
AmSpec Parent LLC |
|
Diversified Support Services |
|
|
First Lien Term Loan |
|
SOFR+ | 5.75 | % | 11.10 | % | 12/5/2030 | 70,424 | 68,683 | 68,664 | (5 | )(8) | |||||||||||||||||||||||||||||||
AmSpec Parent LLC |
|
Diversified Support Services |
|
|
First Lien Term Loan |
|
SOFR+ | 5.75 | % | 12/5/2030 | — | (127 | ) | (127 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
AmSpec Parent LLC |
|
Diversified Support Services |
|
|
First Lien Revolver |
|
SOFR+ | 5.75 | % | 12/5/2029 | — | (235 | ) | (238 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Amynta Agency Borrower Inc. |
|
Property & Casualty Insurance |
|
|
First Lien Term Loan |
|
SOFR+ | 5.00 | % | 10.45 | % | 2/28/2028 | 11,970 | 11,669 | 12,000 | (5 | ) | |||||||||||||||||||||||||||||||
Amynta Agency Borrower Inc. |
|
Property & Casualty Insurance |
|
|
First Lien Term Loan |
|
SOFR+ | 4.25 | % | 9.61 | % | 2/28/2028 | 27,930 | 27,930 | 28,000 | (5 | ) | |||||||||||||||||||||||||||||||
Anastasia Parent, LLC |
|
Personal Care Products |
|
|
First Lien Term Loan |
|
SOFR+ | 3.75 | % | 9.36 | % | 8/11/2025 | 6,822 | 5,727 | 4,173 | (5 | ) | |||||||||||||||||||||||||||||||
Arches Buyer Inc. |
|
Interactive Media & Services |
|
|
First Lien Term Loan |
|
SOFR+ | 5.50 | % | 10.86 | % | 12/6/2027 | 94,203 | 92,794 | 92,790 | (5 | )(8) | |||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC |
Insurance Brokers | |
First Lien Term Loan |
|
E+ | 6.75 | % | 10.70 | % | 7/14/2026 | € | 9,600 | 9,650 | 10,711 | (5 | )(8)(10) | ||||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC |
Insurance Brokers | |
First Lien Term Loan |
|
SOFR+ | 6.75 | % | 12.57 | % | 7/14/2026 | $ | 3,520 | 3,368 | 3,591 | (5 | )(8)(9)(10) | ||||||||||||||||||||||||||||||||
ARES LXIV CLO |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 3.75 | % | 9.14 | % | 4/15/2035 | 2,200 | 2,053 | 2,212 | (5 | )(10) | |||||||||||||||||||||||||||||||||
ARES LXVIII CLO |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 5.75 | % | 11.13 | % | 4/25/2035 | 5,000 | 5,000 | 5,121 | (5 | )(10) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Arsenal AIC Parent LLC |
Diversified Metals & Mining |
First Lien Term Loan |
SOFR+ | 4.50 | % | 9.86 | % | 8/18/2030 | $ | 9,975 | $ | 9,875 | $ | 10,031 | (5 | ) | ||||||||||||||||||||||||||||
ASP-R-PAC |
Paper & Plastic Packaging Products & Materials |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.64 | % | 12/29/2027 | 4,849 | 4,785 | 4,558 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
ASP-R-PAC |
Paper & Plastic Packaging Products & Materials |
First Lien Revolver | SOFR+ | 6.00 | % | 12/29/2027 | — | (8 | ) | (35 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Astra Acquisition Corp. |
Application Software |
First Lien Term Loan |
SOFR+ | 5.25 | % | 10.86 | % | 10/25/2028 | 10,405 | 8,425 | 6,785 | (5 | ) | |||||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.46 | % | 8/19/2028 | 11,920 | 11,507 | 11,886 | (5 | ) | |||||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance |
First Lien Term Loan |
SOFR+ | 4.25 | % | 9.71 | % | 8/19/2028 | 24,882 | 24,025 | 24,829 | (5 | ) | |||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 3.25 | % | 8.61 | % | 2/15/2029 | 33,156 | 31,885 | 33,056 | (5 | ) | |||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology |
Fixed Rate Bond | 6.50 | % | 2/15/2030 | 15,040 | 13,097 | 13,664 | ||||||||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology |
Preferred Equity | 5,809 | 5,693 | 5,544 | (8 | ) | |||||||||||||||||||||||||||||||||||||
Avalara, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.60 | % | 10/19/2028 | 19,029 | 18,649 | 18,791 | (5 | )(8) | |||||||||||||||||||||||||||||||
Avalara, Inc. |
Application Software |
First Lien Revolver | SOFR+ | 7.25 | % | 10/19/2028 | — | (38 | ) | (24 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Bain Capital Credit CLO 2022-3 |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 3.70 | % | 9.10 | % | 7/17/2035 | 3,500 | 3,370 | 3,515 | (5 | ) | |||||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.38 | % | 9/30/2030 | 24,960 | 24,239 | 24,211 | (5 | )(8) | |||||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Term Loan |
E+ | 6.00 | % | 9.95 | % | 9/30/2030 | € | 15,530 | 15,968 | 16,640 | (5 | )(8) | ||||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.36 | % | 9/30/2030 | $ | 268 | 205 | 209 | (5 | )(8)(9) | ||||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Revolver | SOFR+ | 6.00 | % | 10/1/2029 | — | (149 | ) | (156 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Bausch + Lomb Corporation |
Health Care Supplies |
First Lien Term Loan |
SOFR+ | 3.25 | % | 8.71 | % | 5/10/2027 | 23,116 | 22,609 | 22,929 | (5 | )(10) | |||||||||||||||||||||||||||||||
Bausch + Lomb Corporation |
Health Care Supplies |
Fixed Rate Bond | 8.38 | % | 10/1/2028 | 9,000 | 8,982 | 9,506 | (10 | ) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 7.50 | % | 4/19/2027 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 7.50 | % | 12.89 | % | 4/19/2027 | 1,346 | 1,346 | 1,255 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | 2.25 | % | 4/19/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | 2.25 | % | 4/19/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | 2.25 | % | 4/19/2027 | 3,234 | 3,143 | 3,015 | (8 | )(10) | ||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | Warrants | 15,566 | 74 | 22 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
Carlyle Euro CLO 2021-2 |
Multi-Sector Holdings |
CLO Notes | E+ | 3.30 | % | 7.27 | % | 10/15/2035 | € | 1,400 | 1,376 | 1,428 | (5 | )(10) | ||||||||||||||||||||||||||||||
CCO Holdings LLC |
Cable & Satellite |
Fixed Rate Bond | 4.50 | % | 5/1/2032 | $ | 18,281 | 14,765 | 15,681 | (10 | ) | |||||||||||||||||||||||||||||||||
CD&R Firefly Bidco Limited |
Other Specialty Retail |
First Lien Term Loan |
SONIA+ | 6.00 | % | 11.29 | % | 6/21/2028 | £ | 30,197 | 36,491 | 37,839 | (5 | )(10) | ||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | First Lien Term Loan |
SOFR+ | 3.50 | % | 9.14 | % | 8/21/2026 | $ | 6,915 | 6,558 | 6,856 | (5 | )(10) | ||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond | 5.13 | % | 8/15/2027 | 726 | 649 | 694 | (10 | ) | ||||||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond | 9.00 | % | 9/15/2028 | 4,000 | 4,000 | 4,177 | (10 | ) | ||||||||||||||||||||||||||||||||||
Cloud Software Group, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 4.50 | % | 9.95 | % | 3/30/2029 | 38,657 | 36,637 | 37,858 | (5 | ) | |||||||||||||||||||||||||||||||
Cloud Software Group, Inc. |
Application Software |
Fixed Rate Bond | 6.50 | % | 3/31/2029 | 10,740 | 9,699 | 10,238 | ||||||||||||||||||||||||||||||||||||
Colony Holding Corporation |
Distributors | First Lien Term Loan |
SOFR+ | 6.50 | % | 11.98 | % | 5/13/2026 | 12,087 | 11,824 | 11,869 | (5 | )(8) | |||||||||||||||||||||||||||||||
Colony Holding Corporation |
Distributors | First Lien Term Loan |
SOFR+ | 6.50 | % | 11.99 | % | 5/13/2026 | 3,930 | 3,869 | 3,859 | (5 | )(8) | |||||||||||||||||||||||||||||||
Condor Merger Sub Inc. |
Systems Software |
Fixed Rate Bond | 7.38 | % | 2/15/2030 | 9,277 | 8,670 | 8,485 |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Connect U.S. Finco LLC |
Alternative Carriers |
Fixed Rate Bond |
6.75 | % | 10/1/2026 | 22,510 | 21,327 | 22,395 | (10 | ) | ||||||||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 7.50 | % | 12.86 | % | 2/27/2030 | 13,464 | 13,167 | 13,184 | (5 | )(8) | |||||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 7.50 | % | 2/27/2030 | — | (15 | ) | (11 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software |
First Lien Revolver |
SOFR+ | 7.50 | % | 2/27/2029 | $ | — | $ | (20) | $ | (19) | (5 | )(8)(9) | ||||||||||||||||||||||||||||||
Covetrus, Inc. |
Health Care Distributors |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.35 | % | 10/13/2029 | 30,879 | 29,591 | 30,903 | (5 | ) | |||||||||||||||||||||||||||||||
Crewline Buyer, Inc. |
Systems Software |
First Lien Term Loan |
SOFR+ | 6.75 | % | 12.10 | % | 11/8/2030 | 43,911 | 42,837 | 42,857 | (5 | )(8) | |||||||||||||||||||||||||||||||
Crewline Buyer, Inc. |
Systems Software |
First Lien Revolver |
SOFR+ | 6.75 | % | 11/8/2030 | — | (112 | ) | (110 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 4.50 | % | 9.85 | % | 7/31/2029 | 8,425 | 8,299 | 8,430 | (5 | )(10) | |||||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.87 | % | 5/22/2029 | 19,915 | 19,547 | 19,373 | (5 | )(8) | |||||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.74 | % | 5/22/2029 | 1,343 | 1,205 | 1,094 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.74 | % | 5/22/2029 | 562 | 446 | 458 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 5/22/2029 | — | (69 | ) | (69 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Dealer Tire Financial, LLC |
Distributors | First Lien Term Loan |
SOFR+ | 4.50 | % | 9.86 | % | 12/14/2027 | 11,095 | 11,020 | 11,147 | (5 | ) | |||||||||||||||||||||||||||||||
Dealer Tire Financial, LLC |
Distributors | Fixed Rate Bond |
8.00 | % | 2/1/2028 | 920 | 884 | 912 | ||||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Subordinated Debt Term Loan |
3.00 | % | 7.00 | % | 8/31/2029 | 25,352 | 25,352 | 25,352 | (8 | )(10) | ||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Preferred Equity |
330 | 330 | 330 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Common Stock | 2 | 2 | 2 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Warrants | 25 | — | — | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | First Lien Term Loan |
SOFR+ | 5.00 | % | 10.65 | % | 8/2/2027 | 22,978 | 22,509 | 23,019 | (5 | ) | |||||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | Fixed Rate Bond |
5.88 | % | 8/15/2027 | 6,070 | 5,383 | 5,708 | ||||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. |
Research & Consulting Services |
First Lien Term Loan |
SOFR+ | 4.75 | % | 10.13 | % | 4/26/2029 | 28,651 | 27,453 | 28,390 | (5 | ) | |||||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 12.14 | % | 12/8/2028 | 11,775 | 11,557 | 11,627 | (5 | )(8) | |||||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 12.04 | % | 12/8/2028 | 1,057 | 1,020 | 1,021 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 12.22 | % | 12/8/2028 | 754 | 727 | 736 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Eagle Parent Corp. |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 4.25 | % | 9.60 | % | 4/2/2029 | 14,908 | 14,795 | 14,803 | (5 | ) | |||||||||||||||||||||||||||||||
Entrata, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.36 | % | 7/10/2030 | 45,603 | 44,541 | 44,417 | (5 | )(8) | |||||||||||||||||||||||||||||||
Entrata, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 6.00 | % | 7/10/2028 | — | (118 | ) | (135 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Enverus Holdings, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 5.50 | % | 10.84 | % | 12/24/2029 | 54,170 | 53,357 | 53,357 | (5 | )(8) | |||||||||||||||||||||||||||||||
Enverus Holdings, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 5.50 | % | 12/24/2029 | — | (41 | ) | (41 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Enverus Holdings, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 5.50 | % | 12/24/2029 | — | (62 | ) | (62 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | 11,216 | 11,112 | 10,711 | (8 | )(10) | ||||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | 1,796 | 1,774 | 1,715 | (8 | )(10) | ||||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | — | 1 | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | — | 1 | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||
Evergreen IX Borrower 2023, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.35 | % | 9/29/2030 | 36,306 | 35,432 | 35,464 | (5 | )(8) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Evergreen IX Borrower 2023, LLC |
Application Software |
First Lien Revolver |
SOFR+ | 6.00 | % | 9/29/2029 | — | (95 | ) | (92 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Finastra USA, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.71 | % | 9/13/2029 | 43,732 | 42,901 | 42,971 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
Finastra USA, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 7.25 | % | 12.61 | % | 9/13/2029 | 1,201 | 1,115 | 1,122 | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Fortress Credit BSL XIV |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 7.65 | % | 13.06 | % | 10/23/2034 | 2,300 | 2,074 | 2,093 | (5 | )(10) | |||||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.22 | % | 10/8/2027 | $ | 25,786 | $ | 25,209 | $ | 25,690 | (5 | )(10) | ||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services |
Fixed Rate Bond |
6.00 | % | 1/15/2030 | 7,517 | 6,346 | 6,421 | (10 | ) | ||||||||||||||||||||||||||||||||||
Galileo Parent, Inc. |
Aerospace & Defense |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.60 | % | 5/3/2029 | 20,226 | 19,687 | 19,878 | (5 | )(8) | |||||||||||||||||||||||||||||||
Galileo Parent, Inc. |
Aerospace & Defense |
First Lien Revolver |
SOFR+ | 7.25 | % | 12.60 | % | 5/3/2029 | 1,036 | 952 | 982 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Gallatin CLO X 2023-1 |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 5.41 | % | 10.74 | % | 10/14/2035 | 5,000 | 4,913 | 4,912 | (5 | )(10) | |||||||||||||||||||||||||||||||
Gibson Brands, Inc. |
Leisure Products | First Lien Term Loan |
SOFR+ | 5.00 | % | 10.66 | % | 8/11/2028 | 4,905 | 4,767 | 4,398 | (5 | )(8) | |||||||||||||||||||||||||||||||
GoldenTree Loan Management EUR CLO 2 DAC |
Multi-Sector Holdings |
CLO Notes | E+ | 2.85 | % | 6.84 | % | 1/20/2032 | € | 1,000 | 880 | 1,033 | (5 | )(10) | ||||||||||||||||||||||||||||||
Greenway Health, LLC |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 6.75 | % | 11.93 | % | 4/1/2029 | $ | 25,000 | 24,255 | 24,255 | (5 | )(8) | ||||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines |
First Lien Term Loan |
SOFR+ | 8.00 | % | 13.46 | % | 6/21/2027 | 17,463 | 17,221 | 17,173 | (5 | )(8) | |||||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines |
First Lien Term Loan |
SOFR+ | 8.00 | % | 6/21/2027 | — | (49 | ) | (59 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines |
First Lien Revolver |
SOFR+ | 8.00 | % | 6/21/2027 | — | (25 | ) | (29 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Harbor Purchaser Inc. |
Education Services | First Lien Term Loan |
SOFR+ | 5.25 | % | 10.71 | % | 4/9/2029 | 6,217 | 5,984 | 6,114 | (5 | ) | |||||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 6.50 | % | 12.00 | % | 1/19/2026 | 9,319 | 9,150 | 9,203 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 6.50 | % | 12.00 | % | 1/19/2026 | 1,792 | 1,755 | 1,770 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 6.50 | % | 1/19/2026 | — | (91 | ) | (63 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance |
CLO Notes | 5.16 | % | 6/26/2028 | 7,500 | 6,540 | 6,675 | (10 | ) | ||||||||||||||||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance |
CLO Notes | 6.78 | % | 9/25/2028 | 17,377 | 15,888 | 16,195 | (10 | ) | ||||||||||||||||||||||||||||||||||
Horizon Aircraft Finance I Ltd. |
Specialized Finance |
CLO Notes | 4.46 | % | 12/15/2038 | 12,168 | 10,287 | 10,549 | (10 | ) | ||||||||||||||||||||||||||||||||||
Horizon Aircraft Finance II Ltd. |
Specialized Finance |
CLO Notes | 3.72 | % | 7/15/2039 | 2,133 | 1,829 | 1,885 | (10 | ) | ||||||||||||||||||||||||||||||||||
HUB Pen Company, LLC |
Other Specialty Retail |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.94 | % | 12/31/2027 | 27,267 | 26,627 | 26,596 | (5 | )(8) | |||||||||||||||||||||||||||||||
HUB Pen Company, LLC |
Other Specialty Retail |
First Lien Revolver |
SOFR+ | 6.50 | % | 11.94 | % | 12/31/2027 | 108 | 30 | 26 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
IAMGOLD Corporation |
Gold | Second Lien Term Loan |
SOFR+ | 8.25 | % | 13.63 | % | 5/16/2028 | 28,394 | 27,650 | 27,855 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.62 | % | 8/18/2028 | 15,621 | 15,424 | 15,048 | (5 | )(8) | |||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.62 | % | 8/18/2028 | 2,325 | 2,293 | 2,262 | (5 | )(8) | |||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 8/18/2028 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 6.75 | % | 12.10 | % | 8/18/2028 | 241 | 222 | 176 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 10.75 | % | 3/17/2027 | 10,187 | 9,687 | 5,389 | (5 | )(8)(12) | |||||||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 10.75 | % | 3/17/2027 | 305 | 285 | 242 | (5 | )(8)(12) | |||||||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 10.75 | % | 3/17/2027 | 812 | 787 | 643 | (5 | )(8)(12) | |||||||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 10.75 | % | 3/17/2027 | 364 | 358 | 288 | (5 | )(8)(12) | |||||||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
Warrants | 127,376 | — | — |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology |
Warrants | 36,087 | 85 | — | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Inventus Power, Inc. |
Electrical Components & Equipment |
First Lien Term Loan |
SOFR+ | 7.50 | % | 12.97 | % | 6/30/2025 | 43,655 | 42,679 | 42,669 | (5 | )(8) | |||||||||||||||||||||||||||||
Inventus Power, Inc. |
Electrical Components & Equipment |
First Lien Revolver |
SOFR+ | 7.50 | % | 6/30/2025 | — | (111 | ) | (112 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
IW Buyer LLC |
Electrical Components & Equipment |
First Lien Term Loan |
SOFR+ | 6.75 | % | 12.21 | % | 6/28/2029 | 34,288 | 33,348 | 33,345 | (5 | )(8) | |||||||||||||||||||||||||||||
IW Buyer LLC |
Electrical Components & Equipment |
First Lien Revolver |
SOFR+ | 6.75 | % | 6/28/2029 | — | (176 | ) | (177 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
KDC/ONE Development Corp Inc |
Personal Care Products |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.36 | % | 8/15/2028 | $ | 23,750 | $ | 23,088 | $ | 23,590 | (5 | )(10) | ||||||||||||||||||||||||||
Kindercare Learning Centers Kindercare Portfolio |
Diversified Real Estate Activities |
CLO Notes |
SOFR+ | 2.41 | % | 7.78 | % | 8/15/2038 | 4,964 | 4,622 | 4,717 | (5 | )(10) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.84 | % | 10/29/2027 | 4,803 | 4,755 | 4,731 | (5 | )(8) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.99 | % | 10/29/2027 | 58,992 | 58,165 | 58,107 | (5 | )(8) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 10/29/2027 | — | (7 | ) | (10 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 10/29/2027 | — | (68 | ) | (73 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
LABL, Inc. |
Office Services & Supplies |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.46 | % | 10/29/2028 | 21,572 | 21,128 | 20,748 | (5 | ) | |||||||||||||||||||||||||||||
Latam Airlines Group S.A. |
Passenger Airlines | First Lien Term Loan |
SOFR+ | 9.50 | % | 15.08 | % | 10/12/2027 | 12,002 | 11,216 | 12,370 | (5 | )(10) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.46 | % | 1/31/2028 | 8,974 | 8,852 | 8,301 | (5 | )(8) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.46 | % | 1/31/2028 | 1,045 | 987 | 967 | (5 | )(8) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors |
First Lien Revolver |
SOFR+ | 6.00 | % | 1/31/2028 | — | (14 | ) | (76 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Madison Park Funding LXIII |
Multi-Sector Holdings |
CLO Notes |
SOFR+ | 5.50 | % | 10.91 | % | 4/21/2035 | 5,000 | 5,000 | 5,099 | (5 | )(10) | |||||||||||||||||||||||||||||
Madison Park Euro Funding XIV |
Multi-Sector Holdings |
CLO Notes |
E+ | 3.60 | % | 7.57 | % | 7/15/2032 | € | 6,450 | 6,762 | 6,915 | (5 | )(10) | ||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company |
Metal, Glass & Plastic Containers |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.34 | % | 8/14/2026 | $ | 15,940 | 15,845 | 16,021 | (5 | ) | ||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company |
Metal, Glass & Plastic Containers |
Fixed Rate Bond |
7.88 | % | 8/15/2026 | 12,500 | 12,348 | 12,732 | ||||||||||||||||||||||||||||||||||
McAfee Corp. |
Systems Software | First Lien Term Loan |
SOFR+ | 3.75 | % | 9.19 | % | 3/1/2029 | 23,797 | 23,007 | 23,762 | (5 | ) | |||||||||||||||||||||||||||||
Medline Borrower, LP |
Health Care Supplies | First Lien Term Loan |
SOFR+ | 3.00 | % | 8.47 | % | 10/23/2028 | 26,818 | 26,332 | 26,984 | (5 | ) | |||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | First Lien Term Loan |
8.00 | % | 1.75 | % | 11/19/2026 | 2,331 | 2,206 | 2,080 | (8 | )(10) | ||||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | Warrants | 66,347 | 152 | 17 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | Warrants | 17,058 | — | 7 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 6.25 | % | 11.78 | % | 7/21/2027 | 1,659 | 1,623 | 1,646 | (5 | )(8) | |||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.53 | % | 7/21/2027 | 5,286 | 5,180 | 5,207 | (5 | )(8) | |||||||||||||||||||||||||||||
Mitchell International, Inc. |
Application Software | First Lien Term Loan |
SOFR+ | 3.75 | % | 9.40 | % | 10/15/2028 | 32,309 | 31,544 | 32,342 | (5 | ) | |||||||||||||||||||||||||||||
Mitchell International, Inc. |
Application Software | Second Lien Term Loan |
SOFR+ | 6.50 | % | 12.15 | % | 10/15/2029 | 170 | 163 | 167 | (5 | ) | |||||||||||||||||||||||||||||
MND Holdings III Corp |
Other Specialty Retail |
First Lien Term Loan |
SOFR+ | 7.50 | % | 12.89 | % | 5/9/2028 | 41,483 | 40,840 | 41,897 | (5 | )(8) | |||||||||||||||||||||||||||||
MND Holdings III Corp |
Other Specialty Retail |
First Lien Revolver |
SOFR+ | 7.50 | % | 12.86 | % | 5/9/2028 | 8,498 | 8,256 | 8,498 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
MRI Software LLC |
Application Software | First Lien Term Loan |
SOFR+ | 5.50 | % | 10.95 | % | 2/10/2027 | 4,585 | 4,450 | 4,539 | (5 | )(8) | |||||||||||||||||||||||||||||
MRI Software LLC |
Application Software | First Lien Term Loan |
SOFR+ | 5.50 | % | 10.95 | % | 2/10/2027 | 7,185 | 7,178 | 7,113 | (5 | )(8) | |||||||||||||||||||||||||||||
MRI Software LLC |
Application Software | First Lien Term Loan |
SOFR+ | 5.50 | % | 2/10/2027 | — | (136 | ) | — | (5 | )(8)(9) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
MRI Software LLC |
Application Software |
First Lien Revolver |
SOFR+ | 5.50 | % | 2/10/2027 | — | — | (23 | ) | (5 | )(8)(9) | ||||||||||||||||||||||||||||||
New Enterprise Stone & Lime Co Inc |
Construction Materials |
Fixed Rate Bond |
5.25 | % | 7/15/2028 | 2,250 | 2,088 | 2,149 | ||||||||||||||||||||||||||||||||||
Next Holdco, LLC |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.37 | % | 11/12/2030 | 46,624 | 45,925 | 46,055 | (5 | )(8) | |||||||||||||||||||||||||||||
Next Holdco, LLC |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11/12/2030 | — | (90 | ) | (90 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Next Holdco, LLC |
Health Care Technology |
First Lien Revolver |
SOFR+ | 6.00 | % | 11/9/2029 | — | (67 | ) | (55 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
NFM & J, L.P. |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 5.75 | % | 11.22 | % | 11/10/2029 | $ | 22,321 | $ | 21,874 | $ | 22,109 | (5 | )(8) | ||||||||||||||||||||||||||
NFM & J, L.P. |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 5.75 | % | 11/10/2029 | — | (124 | ) | — | (5 | )(8)(9) | ||||||||||||||||||||||||||||||
NFM & J, L.P. |
Diversified Support Services |
First Lien Revolver |
SOFR+ | 5.75 | % | 11/10/2029 | — | (99 | ) | (47 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services |
Fixed Rate Bond |
4.88 | % | 8/15/2028 | 19,550 | 17,576 | 19,365 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services |
Fixed Rate Bond |
6.88 | % | 8/15/2028 | 3,784 | 3,486 | 3,850 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services |
Fixed Rate Bond |
8.50 | % | 10/1/2031 | 5,000 | 5,000 | 5,423 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services |
Fixed Rate Bond |
7.50 | % | 10/1/2030 | 841 | 822 | 896 | ||||||||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services |
First Lien Term Loan |
SOFR+ | 5.75 | % | 11.10 | % | 5/3/2029 | 36,533 | 35,884 | 35,861 | (5 | )(8) | |||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services |
First Lien Term Loan |
SOFR+ | 5.75 | % | 5/3/2029 | — | (33 | ) | (31 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services |
First Lien Revolver |
SOFR+ | 5.75 | % | 5/3/2029 | — | (78 | ) | (81 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Ocean Trails CLO VIII |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 4.01 | % | 9.41 | % | 7/15/2034 | 5,000 | 4,658 | 4,854 | (5 | )(10) | |||||||||||||||||||||||||||||
Ocean Trails CLO XIV |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 5.82 | % | 11.24 | % | 1/20/2035 | 1,000 | 1,000 | 1,007 | (5 | ) | |||||||||||||||||||||||||||||
Octagon 66 |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 5.09 | % | 10.48 | % | 11/16/2036 | 3,000 | 2,970 | 3,035 | (5 | )(10) | |||||||||||||||||||||||||||||
OEConnection LLC |
Application Software |
Second Lien Term Loan |
SOFR+ | 7.00 | % | 12.46 | % | 9/25/2027 | 5,355 | 5,286 | 5,275 | (5 | )(8) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.25 | % | 11.60 | % | 6/9/2030 | 22,828 | 22,303 | 22,298 | (5 | )(8) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.25 | % | 6/9/2030 | — | (107 | ) | (100 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services |
First Lien Revolver |
SOFR+ | 6.25 | % | 6/9/2030 | — | (104 | ) | (106 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Oranje Holdco, Inc. |
Systems Software |
First Lien Term Loan |
SOFR+ | 7.75 | % | 13.13 | % | 2/1/2029 | 15,746 | 15,413 | 15,510 | (5 | )(8) | |||||||||||||||||||||||||||||
Oranje Holdco, Inc. |
Systems Software |
First Lien Revolver |
SOFR+ | 7.75 | % | 2/1/2029 | — | (42 | ) | (30 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Park Place Technologies, LLC |
Internet Services & Infrastructure |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.46 | % | 11/10/2027 | 14,880 | 14,541 | 14,848 | (5 | ) | |||||||||||||||||||||||||||||
Peraton Corp. |
Aerospace & Defense |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.21 | % | 2/1/2028 | 23,828 | 23,717 | 23,917 | (5 | ) | |||||||||||||||||||||||||||||
PetSmart LLC |
Other Specialty Retail |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.21 | % | 2/11/2028 | 15,874 | 15,619 | 15,723 | (5 | ) | |||||||||||||||||||||||||||||
PetVet Care Centers, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.36 | % | 11/15/2030 | 73,647 | 72,202 | 72,218 | (5 | )(8) | |||||||||||||||||||||||||||||
PetVet Care Centers, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11/15/2030 | — | (96 | ) | (96 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
PetVet Care Centers, LLC |
Health Care Services |
First Lien Revolver |
SOFR+ | 6.00 | % | 11/15/2029 | — | (188 | ) | (186 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
PetVet Care Centers, LLC |
Health Care Services |
Preferred Equity |
6,338,000 | 6,211 | 6,217 | (8 | ) | |||||||||||||||||||||||||||||||||||
Pluralsight, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 8.00 | % | 13.56 | % | 4/6/2027 | 26,144 | 22,740 | 25,150 | (5 | )(8) | |||||||||||||||||||||||||||||
Pluralsight, LLC |
Application Software |
First Lien Revolver |
SOFR+ | 8.00 | % | 13.56 | % | 4/6/2027 | 1,274 | 1,060 | 1,211 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. |
Aerospace & Defense |
First Lien Term Loan |
SOFR+ | 7.00 | % | 12.36 | % | 2/15/2029 | 26,690 | 25,779 | 25,711 | (5 | )(8) | |||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. |
Aerospace & Defense |
First Lien Revolver |
SOFR+ | 7.00 | % | 12.35 | % | 2/15/2029 | 240 | 117 | 108 | (5 | )(8)(9) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Profrac Holdings II, LLC |
Industrial Machinery & Supplies & Components |
First Lien Floating Rate Bond |
SOFR+ | 7.25 | % | 12.60 | % | 1/23/2029 | 71,316 | 70,603 | 70,603 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Quantum Bidco Limited |
Food Distributors |
First Lien Term Loan |
SONIA+ | 5.50 | % | 10.96 | % | 1/31/2028 | £ | 5,470 | 6,123 | 6,555 | (5 | )(8)(10) | ||||||||||||||||||||||||||||
Renaissance Holding Corp. |
Education Services |
First Lien Term Loan |
SOFR+ | 4.75 | % | 10.11 | % | 4/7/2030 | $ | 33,915 | 33,393 | 34,080 | (5 | ) | ||||||||||||||||||||||||||||
Resistance Acquisition, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 7.75 | % | 13.10 | % | 9/21/2028 | 18,387 | 17,953 | 17,973 | (5 | )(8) | |||||||||||||||||||||||||||||
RR 24 |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 8.30 | % | 13.65 | % | 1/15/2036 | 2,750 | 2,750 | 2,766 | (5 | )(10) | |||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services |
First Lien Term Loan |
SOFR+ | 10.00 | % | 15.36 | % | 10/7/2026 | 15,553 | 15,117 | 15,125 | (5 | )(8) | |||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services |
First Lien Revolver |
SOFR+ | 10.00 | % | 10/7/2026 | — | (53 | ) | (52 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services |
Warrants | 606,357 | 200 | 940 | (8 | ) | |||||||||||||||||||||||||||||||||||
SCIH Salt Holdings Inc. |
Diversified Chemicals |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.47 | % | 3/16/2027 | $ | 26,820 | $ | 26,537 | $ | 26,897 | (5 | ) | ||||||||||||||||||||||||||
SCIH Salt Holdings Inc. |
Diversified Chemicals |
Fixed Rate Bond |
4.88 | % | 5/1/2028 | 14,450 | 13,010 | 13,533 | ||||||||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services |
Second Lien Term Loan |
SOFR+ | 8.75 | % | 14.21 | % | 10/7/2030 | 5,881 | 5,732 | 5,710 | (5 | )(8) | |||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services |
Second Lien Term Loan |
SOFR+ | 8.75 | % | 14.20 | % | 10/7/2030 | 727 | 691 | 676 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services |
Common Stock |
761 | 761 | 752 | (8 | ) | |||||||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 8.75 | % | 11.75 | % | 10/13/2027 | 7,654 | 7,343 | 7,405 | (5 | )(8) | |||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 8.75 | % | 10/13/2027 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 8.75 | % | 10/13/2027 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | Warrants | 79,075 | 258 | 312 | (8 | ) | |||||||||||||||||||||||||||||||||||
Secure Acquisition Inc. |
Paper & Plastic Packaging Products & Materials |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.50 | % | 12/16/2028 | 1,754 | 1,751 | 1,756 | (5 | ) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors |
First Lien Term Loan |
SOFR+ | 6.75 | % | 12.10 | % | 3/27/2028 | 17,376 | 16,935 | 17,289 | (5 | )(8) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors |
First Lien Term Loan |
SOFR+ | 6.75 | % | 12.13 | % | 3/27/2028 | 2,282 | 2,232 | 2,270 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors |
First Lien Term Loan |
SOFR+ | 6.25 | % | 3/27/2028 | — | (53 | ) | (54 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors |
First Lien Revolver |
SOFR+ | 6.75 | % | 3/27/2028 | — | (38 | ) | (8 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 12.88 | % | 4/27/2029 | 11,547 | 11,154 | 11,048 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 12.88 | % | 4/27/2029 | 4,330 | 4,183 | 4,143 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 4/27/2029 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 4/27/2029 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | Warrants | 93,470 | 293 | 70 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
SM Wellness Holdings, Inc. |
Health Care Services |
First Lien Term Loan |
SOFR+ | 4.75 | % | 10.39 | % | 4/17/2028 | 12,786 | 11,995 | 12,402 | (5 | )(8) | |||||||||||||||||||||||||||||
Southern Veterinary Partners, LLC |
Health Care Facilities |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.47 | % | 10/5/2027 | 30,587 | 30,342 | 30,529 | (5 | ) | |||||||||||||||||||||||||||||
SPX Flow, Inc. |
Industrial Machinery & Supplies & Components |
First Lien Term Loan |
SOFR+ | 4.50 | % | 9.96 | % | 4/5/2029 | 29,496 | 28,712 | 29,631 | (5 | ) | |||||||||||||||||||||||||||||
SPX Flow, Inc. |
Industrial Machinery & Supplies & Components |
Fixed Rate Bond |
8.75 | % | 4/1/2030 | 2,580 | 2,482 | 2,583 | ||||||||||||||||||||||||||||||||||
Staples, Inc. |
Office Services & Supplies |
Fixed Rate Bond |
7.50 | % | 4/15/2026 | 7,870 | 6,973 | 7,329 | ||||||||||||||||||||||||||||||||||
Star Parent, Inc. |
Life Sciences Tools & Services |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.35 | % | 9/28/2030 | 43,025 | 42,123 | 42,625 | (5 | ) | |||||||||||||||||||||||||||||
Sunshine Luxembourg VII Sarl |
Personal Care Products |
First Lien Term Loan |
SOFR+ | 3.50 | % | 8.95 | % | 10/1/2026 | 10,333 | 10,103 | 10,401 | (5 | )(10) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||||||
Superior Industries International, Inc. |
|
Auto Parts & Equipment |
|
|
First Lien Term Loan |
|
SOFR+ | 8.00 | % | 13.36 | % | 12/16/2028 | 33,227 | 32,404 | 32,895 | (5 | )(8) | |||||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | |
First Lien Term Loan |
|
SOFR+ | 7.00 | % | 12.66 | % | 12/31/2026 | 8,175 | 8,078 | 7,776 | (5 | )(8) | |||||||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | |
First Lien Term Loan |
|
SOFR+ | 7.00 | % | 12.66 | % | 12/31/2026 | 700 | 692 | 666 | (5 | )(8) | |||||||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | |
First Lien Term Loan |
|
PRIME+ | 6.00 | % | 14.50 | % | 12/31/2026 | 842 | 811 | 801 | (5 | )(8) | |||||||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | |
First Lien Revolver |
|
SOFR+ | 7.00 | % | 12.66 | % | 12/31/2026 | 396 | 392 | 377 | (5 | )(8) | |||||||||||||||||||||||||||||||||
Tacala, LLC |
Restaurants | |
First Lien Term Loan |
|
SOFR+ | 4.00 | % | 9.47 | % | 2/5/2027 | 11,913 | 11,689 | 11,977 | (5 | ) | |||||||||||||||||||||||||||||||||
Tacala, LLC |
Restaurants | |
Second Lien Term Loan |
|
SOFR+ | 8.00 | % | 13.47 | % | 2/4/2028 | 7,310 | 7,140 | 7,312 | (5 | )(8) | |||||||||||||||||||||||||||||||||
Ten-X LLC |
|
Interactive Media & Services |
|
|
First Lien Term Loan |
|
SOFR+ | 6.00 | % | 11.36 | % | 5/26/2028 | 24,868 | 23,767 | 24,013 | (5 | )(8) | |||||||||||||||||||||||||||||||
THL Zinc Ventures Ltd |
|
Diversified Metals & Mining |
|
|
First Lien Term Loan |
|
13.00 | % | 5/23/2026 | 39,751 | 39,340 | 39,318 | (8 | )(10) | ||||||||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. |
|
Health Care Supplies |
|
|
First Lien Term Loan |
|
SOFR+ | 6.00 | % | 11.48 | % | 12/29/2028 | 8,463 | 8,342 | 8,231 | (5 | )(8) | |||||||||||||||||||||||||||||||
Transit Buyer LLC |
|
Diversified Support Services |
|
|
First Lien Term Loan |
|
SOFR+ | 6.25 | % | 11.70 | % | 1/31/2029 | $ | 8,405 | $ | 8,263 | $ | 8,296 | (5 | )(8) | ||||||||||||||||||||||||||||
Transit Buyer LLC |
|
Diversified Support Services |
|
|
First Lien Term Loan |
|
SOFR+ | 6.25 | % | 11.63 | % | 1/31/2029 | 1,636 | 1,571 | 1,586 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Trident TPI Holdings, Inc. |
|
Metal, Glass & Plastic Containers |
|
|
First Lien Term Loan |
|
SOFR+ | 4.00 | % | 9.61 | % | 9/15/2028 | 8,965 | 8,955 | 8,952 | (5 | ) | |||||||||||||||||||||||||||||||
Trident TPI Holdings, Inc. |
|
Metal, Glass & Plastic Containers |
|
|
First Lien Term Loan |
|
SOFR+ | 5.25 | % | 10.60 | % | 9/15/2028 | 7,847 | 7,691 | 7,884 | (5 | ) | |||||||||||||||||||||||||||||||
Trinitas CLO XII |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 4.26 | % | 9.64 | % | 4/25/2033 | 4,500 | 4,396 | 4,522 | (5 | )(10) | |||||||||||||||||||||||||||||||||
Trinitas CLO XV DAC |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 7.71 | % | 13.12 | % | 4/22/2034 | 6,500 | 5,807 | 6,047 | (5 | )(10) | |||||||||||||||||||||||||||||||||
Uniti Group LP |
|
Other Specialized REITs |
|
|
Fixed Rate Bond |
|
6.50 | % | 2/15/2029 | 1,750 | 1,635 | 1,265 | (10 | ) | ||||||||||||||||||||||||||||||||||
Uniti Group LP |
|
Other Specialized REITs |
|
|
Fixed Rate Bond |
|
4.75 | % | 4/15/2028 | 2,200 | 1,957 | 1,898 | (10 | ) | ||||||||||||||||||||||||||||||||||
Venture Global LNG, Inc. |
|
Oil & Gas Refining & Marketing |
|
|
Fixed Rate Bond |
|
9.50 | % | 2/1/2029 | 5,620 | 5,620 | 5,950 | ||||||||||||||||||||||||||||||||||||
WAVE 2019-1 |
|
Specialized Finance |
|
CLO Notes | 3.60 | % | 9/15/2044 | 5,102 | 4,221 | 4,300 | ||||||||||||||||||||||||||||||||||||||
Wellfleet CLO 2022-2, Ltd. |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 8.56 | % | 13.96 | % | 10/18/2035 | 1,500 | 1,445 | 1,518 | (5 | )(10) | |||||||||||||||||||||||||||||||||
WP CPP Holdings, LLC |
|
Aerospace & Defense |
|
|
First Lien Term Loan |
|
SOFR+ | 6.75 | % | 12.06 | % | 11/28/2029 | 53,163 | 51,858 | 51,837 | (5 | )(8) | |||||||||||||||||||||||||||||||
WP CPP Holdings, LLC |
|
Aerospace & Defense |
|
|
First Lien Revolver |
|
SOFR+ | 6.75 | % | 11/28/2029 | — | (144 | ) | (146 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Total Non-Control/Non- |
$ |
2,831,026 |
$ |
2,857,808 |
||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash (5.1% of net assets) |
$ |
101,317 |
$ |
101,317 |
||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (147.6% of net assets) |
$ |
2,932,343 |
$ |
2,959,125 |
||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument |
Notional Amount to be Purchased |
Notional Amount to be Sold |
Maturity Date |
Counterparty |
Cumulative Unrealized Appreciation /(Depreciation) |
|||||||||||||||
Foreign currency forward contract |
$ | 65,890 | € | 61,387 | 2/8/2024 | Bank of New York Mellon | $ | (2,019 | ) | |||||||||||
Foreign currency forward contract |
$ | 35,600 | £ | 28,547 | 2/8/2024 | Bank of New York Mellon | (798 | ) | ||||||||||||
$ |
(2,817 |
) | ||||||||||||||||||
Derivative Instrument |
Company Receives |
Company Pays |
Counterparty |
Maturity Date |
Notional Amount |
Fair Value |
||||||||||||||||||
Interest rate swap |
Fixed 8.4% | |
Floating 3-month SOFR +4.0405% |
|
BNP Paribas | 11/14/2028 | $ | 350,000 | $ | 10,566 | ||||||||||||||
$ |
10,566 |
|||||||||||||||||||||||
(2) | All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. |
(3) | See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. |
(4) | Each of the Company’s investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. |
(5) | Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. |
(6) | The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate (“SOFR”), the London Interbank Offered Rate (“LIBOR” or “L”), the euro interbank offered rate (“EURIBOR” or “E”), the sterling overnight index average (“SONIA”) and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of December 31,
2023, the reference rates for the Company’s variable rate loans were the 30-day SOFR at 5.36%, the 90-day SOFR at 5.35%, the 180-day SOFR at 5.18%, the 90-day LIBOR at 5.64%, the PRIME at 8.50%, the SONIA at 5.19%, the 30-day EURIBOR at 3.80%, the 90-day EURIBOR at 3.96% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. |
(7) | Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. “€” signifies the investment is denominated in Euros. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars. |
(8) | Non-Control/Non-Affiliate |
(9) | As of December 31, 2023, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures |
(10) | Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. |
(11) | Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, qualifying assets represented 78.9% of the Company’s total assets and non-qualifying assets represented 21.1% of the Company’s total assets. |
(13) | This investment represents a participation interest in the underlying securities shown. |
(12) | This investment was on non-accrual status as of December 31, 2023. |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate Investments |
(7 | ) | ||||||||||||||||||||||||||||||||||||||||
107-109 Beech OAK22 LLC |
Real Estate Development |
First Lien Revolver |
11.00 | % | 2/27/2026 | $ | 11,883 | $ | 11,768 | $ | 11,614 | (8 | )(9) | |||||||||||||||||||||||||||||
107 Fair Street LLC |
Real Estate Development |
First Lien Term Loan |
12.50 | % | 5/31/2024 | 1,031 | 1,007 | 987 | (8 | )(9)(11) | ||||||||||||||||||||||||||||||||
112-126 Van Houten Real22 LLC |
Real Estate Development |
First Lien Term Loan |
12.00 | % | 5/4/2024 | 3,287 | 3,261 | 3,248 | (8 | )(9)(11) | ||||||||||||||||||||||||||||||||
AB BSL CLO 4 |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 5.50 | % | 10.46 | % | 4/20/2036 | 3,800 | 3,800 | 3,815 | (5 | )(10) | |||||||||||||||||||||||||||||
Access CIG, LLC |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.32 | % | 8/18/2028 | 24,500 | 23,956 | 24,224 | (5 | ) | |||||||||||||||||||||||||||||
ACP Falcon Buyer Inc |
Systems Software | First Lien Term Loan |
SOFR+ | 6.50 | % | 11.80 | % | 8/1/2029 | 34,667 | 33,656 | 33,696 | (5 | )(8) | |||||||||||||||||||||||||||||
ACP Falcon Buyer Inc |
Systems Software | First Lien Revolver |
SOFR+ | 6.50 | % | 8/1/2029 | — | (156 | ) | (149 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.50 | % | 13.04 | % | 8/15/2029 | 10,406 | 9,957 | 9,912 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.50 | % | 8/15/2029 | — | (60 | ) | (60 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | Warrants | 45,727 | 275 | 9 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. |
Pharmaceuticals | First Lien Term Loan |
E+ | 5.00 | % | 8.86 | % | 9/30/2028 | € | 21,000 | 23,002 | 22,242 | (5 | )(10) | ||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | Second Lien Term Loan |
SOFR+ | 7.75 | % | 13.17 | % | 12/21/2029 | $ | 4,563 | 4,492 | 4,516 | (5 | )(8) | ||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | Common Stock |
4,560 | 428 | 721 | (8 | ) | |||||||||||||||||||||||||||||||||||
Altice France S.A. |
Integrated Telecommunication Services |
First Lien Term Loan |
L+ | 4.00 | % | 9.63 | % | 8/14/2026 | 8,940 | 8,728 | 8,459 | (5 | )(10) | |||||||||||||||||||||||||||||
Altice France S.A. |
Integrated Telecommunication Services |
Fixed Rate Bond |
5.50 | % | 10/15/2029 | 7,200 | 6,007 | 5,188 | (10 | ) | ||||||||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 11.50 | % | 5.00 | % | 11.99 | % | 10/14/2027 | 13,299 | 12,386 | 12,236 | (5 | )(8) | |||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. |
Health Care Technology |
Warrants | 878,545 | 943 | 2,811 | (8 | ) | |||||||||||||||||||||||||||||||||||
American Auto Auction Group, LLC |
Consumer Finance | Second Lien Term Loan |
SOFR+ | 8.75 | % | 14.14 | % | 1/2/2029 | 6,901 | 6,796 | 6,107 | (5 | )(8) | |||||||||||||||||||||||||||||
American Rock Salt Company LLC |
Diversified Metals & Mining |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.43 | % | 6/9/2028 | 20,324 | 19,504 | 18,918 | (5 | ) | |||||||||||||||||||||||||||||
American Tire Distributors, Inc. |
Distributors | First Lien Term Loan |
SOFR+ | 6.25 | % | 11.81 | % | 10/20/2028 | 22,602 | 20,490 | 19,863 | (5 | ) | |||||||||||||||||||||||||||||
Amynta Agency Borrower Inc. |
Property & Casualty Insurance |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.42 | % | 2/28/2028 | 11,970 | 11,651 | 11,989 | (5 | ) | |||||||||||||||||||||||||||||
Anastasia Parent, LLC |
Personal Care Products |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.40 | % | 8/11/2025 | 6,840 | 5,742 | 4,934 | (5 | ) | |||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC |
Insurance Brokers | First Lien Term Loan |
E+ | 6.50 | % | 10.45 | % | 7/14/2026 | € | 9,600 | 9,626 | 10,266 | (5 | )(8)(10) | ||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC |
Insurance Brokers | First Lien Term Loan |
SOFR+ | 6.75 | % | 12.57 | % | 7/14/2026 | $ | 3,520 | 3,353 | 3,591 | (5 | )(8)(9)(10) | ||||||||||||||||||||||||||||
ARES LXIV CLO |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 3.75 | % | 9.06 | % | 4/15/2035 | 2,200 | 2,051 | 2,128 | (5 | )(10) | |||||||||||||||||||||||||||||
ARES LXVIII CLO |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 5.75 | % | 10.83 | % | 4/25/2035 | 5,000 | 5,000 | 5,112 | (5 | )(10) | |||||||||||||||||||||||||||||
Arsenal AIC Parent LLC |
Diversified Metals & Mining |
First Lien Term Loan |
SOFR+ | 4.50 | % | 9.88 | % | 8/18/2030 | 10,000 | 9,900 | 9,994 | (5 | ) | |||||||||||||||||||||||||||||
ASP-R-PAC |
Paper & Plastic Packaging Products & Materials |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.63 | % | 12/29/2027 | 4,862 | 4,793 | 4,577 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
ASP-R-PAC |
Paper & Plastic Packaging Products & Materials |
First Lien Revolver |
SOFR+ | 6.00 | % | 12/29/2027 | — | (8 | ) | (34 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||
Astra Acquisition Corp. |
Application Software |
First Lien Term Loan |
SOFR+ | 5.25 | % | 10.90 | % | 10/25/2028 | 4,848 | 4,620 | 3,663 | (5 | ) | |||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.42 | % | 8/19/2028 | 7,950 | 7,673 | 7,724 | (5 | ) | |||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance |
First Lien Term Loan |
SOFR+ | 4.25 | % | 9.67 | % | 8/19/2028 | 15,945 | 15,192 | 15,518 | (5 | ) | |||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance |
Second Lien Term Loan |
SOFR+ | 5.25 | % | 10.68 | % | 1/20/2029 | 7,500 | 6,883 | 6,680 | (5 | ) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 3.25 | % | 8.57 | % | 2/15/2029 | $ | 24,240 | $ | 23,056 | $ | 23,854 | (5 | ) | ||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology |
Fixed Rate Bond |
6.50 | % | 2/15/2030 | 3,000 | 2,597 | 2,513 | ||||||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology |
Preferred Equity |
5,809 | 5,693 | 5,418 | (8 | ) | |||||||||||||||||||||||||||||||||||
Avalara, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.64 | % | 10/19/2028 | 19,029 | 18,629 | 18,734 | (5 | )(8) | |||||||||||||||||||||||||||||
Avalara, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 7.25 | % | 10/19/2028 | — | (40 | ) | (29 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.32 | % | 9/30/2030 | 24,960 | 24,212 | 24,211 | (5 | )(8) | |||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Term Loan |
E+ | 6.00 | % | 9.97 | % | 9/30/2030 | € |
15,530 |
|
15,949 | 15,949 | (5 | )(8) | |||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Term Loan |
SOFR+ | 6.00 | % | 9/30/2030 | $ | — | (59 | ) | (59 | ) | (5 | )(8)(9) | ||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment |
First Lien Revolver |
SOFR+ | 6.00 | % | 10/1/2029 | — | (156 | ) | (156 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Bausch + Lomb Corp |
Health Care Supplies |
Fixed Rate Bond |
8.38 | % | 10/1/2028 | 6,000 | 6,000 | 6,025 | (10 | ) | ||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | 2.25 | % | 4/19/2027 | 3,220 | 3,123 | 2,967 | (8 | )(10) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
9/30/2032 | 1,580 | 1,580 | 1,510 | (8 | )(9)(10)(12) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | 2.25 | % | 4/19/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
9/30/2032 | — | — | — | (8 | )(9)(10)(12) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
8.00 | % | 2.25 | % | 4/19/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan |
9/30/2032 | — | — | — | (8 | )(9)(10)(12) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | Warrants | 12,453 | 74 | 1 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
CCO Holdings LLC |
Cable & Satellite |
Fixed Rate Bond |
4.50 | % | 5/1/2032 | 12,281 | 10,034 | 9,651 | (10 | ) | ||||||||||||||||||||||||||||||||
CD&R Firefly Bidco Limited |
Other Specialty Retail |
First Lien Term Loan |
SONIA+ | 6.00 | % | 11.29 | % | 6/21/2028 | £ | 21,086 | 25,375 | 25,215 | (5 | )(10) | ||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | First Lien Term Loan |
SOFR+ | 3.50 | % | 9.13 | % | 8/21/2026 | $ | 6,915 | 6,523 | 6,732 | (5 | )(10) | ||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond |
5.13 | % | 8/15/2027 | 726 | 644 | 645 | (10 | ) | ||||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond |
9.00 | % | 9/15/2028 | 4,000 | 4,000 | 3,966 | (10 | ) | ||||||||||||||||||||||||||||||||
Colony Holding Corporation |
Distributors | First Lien Term Loan |
SOFR+ | 6.50 | % | 11.97 | % | 5/13/2026 | 12,117 | 11,825 | 11,834 | (5 | )(8) | |||||||||||||||||||||||||||||
Colony Holding Corporation |
Distributors | First Lien Term Loan |
SOFR+ | 6.50 | % | 11.97 | % | 5/13/2026 | 3,940 | 3,872 | 3,848 | (5 | )(8) | |||||||||||||||||||||||||||||
Condor Merger Sub Inc. |
Systems Software |
Fixed Rate Bond |
7.38 | % | 2/15/2030 | 4,527 | 4,505 | 3,795 | ||||||||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 7.50 | % | 12.82 | % | 2/27/2030 | 13,464 | 13,155 | 13,158 | (5 | )(8) | |||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 7.50 | % | 2/27/2030 | — | (15 | ) | (13 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software |
First Lien Revolver |
SOFR+ | 7.50 | % | 2/27/2029 | — | (21 | ) | (21 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Covetrus, Inc. |
Health Care Distributors |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.39 | % | 10/13/2029 | 23,976 | 22,737 | 23,758 | (5 | ) | |||||||||||||||||||||||||||||
Cuppa Bidco BV |
Soft Drinks & Non-alcoholic Beverages |
First Lien Term Loan |
E+ | 4.75 | % | 8.68 | % | 7/30/2029 | € | 5,666 | 4,958 | 5,542 | (5 | )(10) | ||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. |
Biotechnology | First Lien Term Loan |
SOFR+ | 4.50 | % | 9.89 | % | 7/31/2029 | $ | 8,446 | 8,316 | 8,446 | (5 | )(10) | ||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.93 | % | 5/22/2029 | 18,059 | 17,673 | 17,562 | (5 | )(8) | |||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 5/22/2029 | — | (149 | ) | (152 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 5/22/2029 | — | (117 | ) | (63 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 5/22/2029 | — | (72 | ) | (70 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Dealer Tire Financial, LLC |
Distributors | First Lien Term Loan |
SOFR+ | 4.50 | % | 9.82 | % | 12/14/2027 | 11,123 | 11,048 | 11,157 | (5 | ) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Subordinated Debt Term Loan |
3.00 | % | 7.00 | % | 8/31/2029 | $ | 13,792 | $ | 13,792 | $ | 13,792 | (8 | )(9)(10) | |||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Preferred Equity |
330 | 330 | 330 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Common Stock | 2 | 2 | 2 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance |
Warrants | 25 | — | — | (8 | )(10) | |||||||||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | First Lien Term Loan |
SOFR+ | 5.00 | % | 10.43 | % | 8/2/2027 | 13,433 | 13,051 | 13,159 | (5 | ) | |||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | Fixed Rate Bond |
5.88 | % | 8/15/2027 | 1,750 | 1,593 | 1,550 | ||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. |
Research & Consulting Services |
First Lien Term Loan |
SOFR+ | 4.75 | % | 10.12 | % | 4/26/2029 | 21,702 | 20,717 | 21,180 | (5 | ) | |||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 12.04 | % | 12/8/2028 | 11,804 | 11,575 | 11,705 | (5 | )(8) | |||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 12.04 | % | 12/8/2028 | 666 | 633 | 641 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 12.00 | % | 12/8/2028 | 580 | 552 | 568 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Entrata, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.33 | % | 7/10/2030 | 45,603 | 44,500 | 44,463 | (5 | )(8) | |||||||||||||||||||||||||||||
Entrata, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 6.00 | % | 7/10/2028 | — | (124 | ) | (130 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | 11,048 | 10,937 | 10,662 | (8 | )(10) | ||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | 1,769 | 1,745 | 1,707 | (8 | )(10) | ||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | — | 1 | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology |
First Lien Term Loan |
3.00 | % | 6.00 | % | 4/21/2027 | — | 1 | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
Evergreen IX Borrower 2023, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.32 | % | 9/29/2030 | 36,306 | 35,399 | 35,398 | (5 | )(8) | |||||||||||||||||||||||||||||
Evergreen IX Borrower 2023, LLC |
Application Software |
First Lien Revolver |
SOFR+ | 6.00 | % | 9/29/2029 | — | (100 | ) | (100 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Finastra USA, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.55 | % | 9/13/2029 | 43,732 | 42,864 | 42,870 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Finastra USA, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 7.25 | % | 12.55 | % | 9/13/2029 | 961 | 871 | 871 | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.18 | % | 10/8/2027 | 20,853 | 20,306 | 20,326 | (5 | )(10) | |||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services |
Fixed Rate Bond |
6.00 | % | 1/15/2030 | 7,517 | 6,311 | 5,508 | (10 | ) | ||||||||||||||||||||||||||||||||
Galileo Parent, Inc. |
Aerospace & Defense |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.64 | % | 5/3/2029 | 20,277 | 19,711 | 19,711 | (5 | )(8) | |||||||||||||||||||||||||||||
Galileo Parent, Inc. |
Aerospace & Defense |
First Lien Revolver |
SOFR+ | 7.25 | % | 12.64 | % | 5/3/2029 | 1,397 | 1,309 | 1,309 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Gallatin CLO X 2023-1 |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 5.41 | % | 10.74 | % | 10/14/2035 | 5,000 | 4,913 | 4,932 | (5 | )(10) | |||||||||||||||||||||||||||||
Gibson Brands, Inc. |
Leisure Products | First Lien Term Loan |
SOFR+ | 5.00 | % | 10.57 | % | 8/11/2028 | 4,917 | 4,772 | 4,131 | (5 | )(8) | |||||||||||||||||||||||||||||
Global Aircraft Leasing Co Ltd |
Trading Companies & Distributors |
Fixed Rate Bond |
6.50 | % | 9/15/2024 | 7,645 | 7,088 | 7,294 | (10 | ) | ||||||||||||||||||||||||||||||||
GoldenTree Loan Management EUR CLO 2 DAC |
Multi-Sector Holdings |
CLO Notes | E+ | 2.85 | % | 6.56 | % | 1/20/2032 | € | 1,000 | 875 | 963 | (5 | )(10) | ||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines |
First Lien Term Loan |
SOFR+ | 8.00 | % | 13.42 | % | 6/21/2027 | $ | 17,507 | 17,246 | 17,157 | (5 | )(8) | ||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines |
First Lien Term Loan |
SOFR+ | 8.00 | % | 6/21/2027 | — | (53 | ) | (71 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines |
First Lien Revolver |
SOFR+ | 8.00 | % | 6/21/2027 | — | (26 | ) | (35 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Harbor Purchaser Inc. |
Education Services | First Lien Term Loan |
SOFR+ | 5.25 | % | 10.67 | % | 4/9/2029 | 10,445 | 10,057 | 9,914 | (5 | ) | |||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 6.50 | % | 11.89 | % | 1/19/2026 | 9,319 | 9,129 | 9,135 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 6.50 | % | 12.04 | % | 1/19/2026 | 1,792 | 1,750 | 1,757 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 6.50 | % | 1/19/2026 | — | (103 | ) | (99 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance |
CLO Notes | 5.16 | % | 6/26/2028 | 7,500 | 6,496 | 6,583 | (10 | ) | ||||||||||||||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance |
CLO Notes | 6.78 | % | 9/25/2028 | 17,377 | 15,825 | 16,035 | (10 | ) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Horizon Aircraft Finance I Ltd. |
Specialized Finance |
CLO Notes | 4.46 | % | 12/15/2038 | 6,770 | 5,658 | 5,841 | (10 | ) | ||||||||||||||||||||||||||||||||
Horizon Aircraft Finance II Ltd. |
Specialized Finance |
CLO Notes | 3.72 | % | 7/15/2039 | $ | 2,300 | $ | 1,969 | $ | 1,981 | (10 | ) | |||||||||||||||||||||||||||||
HUB Pen Company, LLC |
Other Specialty Retail |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.93 | % | 12/31/2027 | 27,335 | 26,653 | 26,663 | (5 | )(8) | |||||||||||||||||||||||||||||
HUB Pen Company, LLC |
Other Specialty Retail |
First Lien Revolver |
SOFR+ | 6.50 | % | 6.50 | % | 12/31/2027 | 108 | 25 | 26 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
IAMGOLD Corporation |
Gold | Second Lien Term Loan |
SOFR+ | 8.25 | % | 13.62 | % | 5/16/2028 | 28,394 | 27,607 | 27,627 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.63 | % | 8/18/2028 | 15,621 | 15,411 | 15,059 | (5 | )(8) | |||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.63 | % | 8/18/2028 | 2,325 | 2,291 | 2,286 | (5 | )(8) | |||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 7.25 | % | 8/18/2028 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software |
First Lien Revolver |
SOFR+ | 6.75 | % | 12.14 | % | 8/18/2028 | 241 | 221 | 189 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 10.75 | % | 16.06 | % | 3/17/2027 | 9,679 | 9,613 | 8,904 | (5 | )(8) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 10.75 | % | 16.05 | % | 3/17/2027 | 286 | 281 | 286 | (5 | )(8) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 10.75 | % | 16.06 | % | 3/17/2027 | 250 | 250 | 250 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology |
Warrants | 127,376 | — | 53 | |||||||||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 5.75 | % | 11.14 | % | 2.75 | % | 1/26/2027 | 3,665 | 3,557 | 3,354 | (5 | )(8)(10) | |||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 5.75 | % | 1/26/2027 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology |
First Lien Term Loan |
SOFR+ | 5.75 | % | 1/26/2027 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology |
Warrants | 36,087 | 85 | 54 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Inventus Power, Inc. |
Electrical Components & Equipment |
First Lien Term Loan |
SOFR+ | 7.50 | % | 12.93 | % | 6/30/2025 | 43,765 | 42,619 | 42,776 | (5 | )(8) | |||||||||||||||||||||||||||||
Inventus Power, Inc. |
Electrical Components & Equipment |
First Lien Revolver |
SOFR+ | 7.50 | % | 6/30/2025 | — | (130 | ) | (112 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
IW Buyer LLC |
Electrical Components & Equipment |
First Lien Term Loan |
SOFR+ | 6.75 | % | 12.17 | % | 6/28/2029 | 34,375 | 33,388 | 33,429 | (5 | )(8) | |||||||||||||||||||||||||||||
IW Buyer LLC |
Electrical Components & Equipment |
First Lien Revolver |
SOFR+ | 6.75 | % | 6/28/2029 | — | (185 | ) | (177 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
KDC/ONE Development Corp Inc |
Personal Care Products |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.32 | % | 8/15/2028 | 30,000 | 29,118 | 28,995 | (5 | )(10) | |||||||||||||||||||||||||||||
Kindercare Learning Centers Kindercare Portfolio |
Diversified Real Estate Activities |
CLO Notes | SOFR+ | 2.41 | % | 7.75 | % | 8/15/2038 | 4,964 | 4,619 | 4,696 | (5 | )(10) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.84 | % | 10/29/2027 | 4,811 | 4,763 | 4,739 | (5 | )(8) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Term Loan |
SOFR+ | 6.50 | % | 11.80 | % | 10/29/2027 | 58,992 | 58,110 | 58,107 | (5 | )(8) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 11.84 | % | 10/29/2027 | 78 | 72 | 68 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services |
First Lien Revolver |
SOFR+ | 6.50 | % | 10/29/2027 | — | (73 | ) | (73 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
LABL, Inc. |
Office Services & Supplies |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.42 | % | 10/29/2028 | 21,627 | 21,160 | 21,588 | (5 | ) | |||||||||||||||||||||||||||||
Latam Airlines Group S.A. |
Passenger Airlines |
First Lien Term Loan |
SOFR+ | 9.50 | % | 14.95 | % | 10/12/2027 | 12,032 | 11,191 | 12,529 | (5 | )(10) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.42 | % | 1/31/2028 | 8,997 | 8,867 | 8,412 | (5 | )(8) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.42 | % | 1/31/2028 | 1,048 | 986 | 979 | (5 | )(8) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors |
First Lien Revolver |
SOFR+ | 6.00 | % | 1/31/2028 | — | (15 | ) | (66 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Madison Park Funding LXIII |
Multi-Sector Holdings |
CLO Notes | SOFR+ | 5.50 | % | 10.58 | % | 4/21/2035 | 5,000 | 5,000 | 5,099 | (5 | )(10) | |||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company |
Metal, Glass & Plastic Containers |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.33 | % | 8/14/2026 | 15,980 | 15,876 | 15,992 | (5 | ) | |||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company |
Metal, Glass & Plastic Containers |
Fixed Rate Bond |
7.88 | % | 8/15/2026 | 5,000 | 4,971 | 4,829 | ||||||||||||||||||||||||||||||||||
McAfee Corp. |
Systems Software |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.18 | % | 3/1/2029 | 17,857 | 17,074 | 17,472 | (5 | ) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Medline Borrower, LP |
Health Care Supplies |
First Lien Term Loan |
SOFR+ | 3.25 | % | 8.68 | % | 10/23/2028 | 22,886 | 22,388 | 22,851 | (5 | ) | |||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | First Lien Term Loan |
8.00 | % | 1.75 | % | 11/19/2026 | $ | 2,325 | $ | 2,189 | $ | 2,046 | (8 | )(10) | |||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | Warrants | 66,347 | 152 | 20 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | Warrants | 17,058 | — | 9 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 6.25 | % | 11.77 | % | 7/21/2027 | 2,829 | 2,763 | 2,807 | (5 | )(8) | |||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC |
Diversified Support Services |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.52 | % | 7/21/2027 | 5,286 | 5,180 | 5,207 | (5 | )(8) | |||||||||||||||||||||||||||||
Mitchell International, Inc. |
Application Software |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.18 | % | 10/15/2028 | 23,392 | 22,759 | 23,048 | (5 | ) | |||||||||||||||||||||||||||||
Mitchell International, Inc. |
Application Software |
Second Lien Term Loan |
SOFR+ | 6.50 | % | 11.93 | % | 10/15/2029 | 4,000 | 3,816 | 3,696 | (5 | ) | |||||||||||||||||||||||||||||
MND Holdings III Corp |
Other Specialty Retail |
First Lien Term Loan |
SOFR+ | 7.50 | % | 12.89 | % | 5/9/2028 | 41,483 | 40,802 | 40,761 | (5 | )(8) | |||||||||||||||||||||||||||||
MND Holdings III Corp |
Other Specialty Retail |
First Lien Revolver |
SOFR+ | 7.50 | % | 12.83 | % | 5/9/2028 | 1,500 | 1,243 | 1,311 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
MRI Software LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 5.50 | % | 10.99 | % | 2/10/2026 | 4,597 | 4,462 | 4,502 | (5 | )(8) | |||||||||||||||||||||||||||||
MRI Software LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 5.50 | % | 10.99 | % | 2/10/2026 | 7,204 | 7,197 | 7,055 | (5 | )(8) | |||||||||||||||||||||||||||||
New Enterprise Stone & Lime Co Inc |
Construction Materials |
Fixed Rate Bond |
5.25 | % | 7/15/2028 | 2,250 | 2,080 | 2,022 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services |
Fixed Rate Bond |
4.88 | % | 8/15/2028 | 8,550 | 7,672 | 7,537 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services |
Fixed Rate Bond |
6.88 | % | 8/15/2028 | 3,784 | 3,473 | 3,246 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services |
Fixed Rate Bond |
8.50 | % | 10/1/2031 | 5,000 | 5,000 | 5,013 | ||||||||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.39 | % | 5/3/2029 | 36,625 | 35,943 | 35,951 | (5 | )(8) | |||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services |
First Lien Term Loan |
SOFR+ | 6.00 | % | 5/3/2029 | — | (33 | ) | (31 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services |
First Lien Revolver |
SOFR+ | 6.00 | % | 5/3/2029 | — | (82 | ) | (81 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
OEConnection LLC |
Application Software |
Second Lien Term Loan |
SOFR+ | 7.00 | % | 12.49 | % | 9/25/2027 | 5,355 | 5,281 | 5,275 | (5 | )(8) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.25 | % | 11.64 | % | 6/9/2030 | 22,885 | 22,338 | 22,354 | (5 | )(8) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services |
First Lien Term Loan |
SOFR+ | 6.25 | % | 6/9/2030 | — | (107 | ) | (100 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services |
First Lien Revolver |
SOFR+ | 6.25 | % | 6/9/2030 | — | (108 | ) | (106 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Oranje Holdco, Inc. |
Systems Software |
First Lien Term Loan |
SOFR+ | 7.75 | % | 13.12 | % | 2/1/2029 | 15,746 | 15,396 | 15,450 | (5 | )(8) | |||||||||||||||||||||||||||||
Oranje Holdco, Inc. |
Systems Software |
First Lien Revolver |
SOFR+ | 7.75 | % | 2/1/2029 | — | (44 | ) | (37 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Park Place Technologies, LLC |
Internet Services & Infrastructure |
First Lien Term Loan |
SOFR+ | 5.00 | % | 10.42 | % | 11/10/2027 | 14,919 | 14,556 | 14,726 | (5 | ) | |||||||||||||||||||||||||||||
Peraton Corp. |
Aerospace & Defense |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.17 | % | 2/1/2028 | 19,890 | 19,794 | 19,874 | (5 | ) | |||||||||||||||||||||||||||||
PetSmart LLC |
Other Specialty Retail |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.17 | % | 2/11/2028 | 10,901 | 10,689 | 10,885 | (5 | ) | |||||||||||||||||||||||||||||
Pluralsight, LLC |
Application Software |
First Lien Term Loan |
SOFR+ | 8.00 | % | 13.45 | % | 4/6/2027 | 26,144 | 22,474 | 25,041 | (5 | )(8) | |||||||||||||||||||||||||||||
Pluralsight, LLC |
Application Software |
First Lien Revolver |
SOFR+ | 8.00 | % | 13.45 | % | 4/6/2027 | 1,028 | 798 | 959 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. |
Aerospace & Defense |
First Lien Term Loan |
SOFR+ | 7.00 | % | 12.32 | % | 2/15/2029 | 26,758 | 25,799 | 25,776 | (5 | )(8) | |||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. |
Aerospace & Defense |
First Lien Revolver |
SOFR+ | 7.00 | % | 2/15/2029 | — | (129 | ) | (132 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Profrac Holdings II, LLC |
Industrial Machinery & Supplies & Components |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.78 | % | 3/4/2025 | 5,449 | 5,372 | 5,355 | (5 | )(8) | |||||||||||||||||||||||||||||
Profrac Holdings II, LLC |
Industrial Machinery & Supplies & Components |
First Lien Term Loan |
SOFR+ | 7.25 | % | 12.78 | % | 3/4/2025 | 627 | 620 | 616 | (5 | )(8) | |||||||||||||||||||||||||||||
Quantum Bidco Limited |
Food Distributors | First Lien Term Loan |
SONIA+ | 5.75 | % | 11.21 | % | 1/31/2028 | £ | 5,470 | $ | 6,111 | $ | 6,109 | (5 | )(8)(10) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Renaissance Holding Corp. |
Education Services |
First Lien Term Loan |
SOFR+ | 4.75 | % | 10.07 | % | 4/7/2030 | $ | 16,000 | 15,552 | 15,900 | (5 | ) | ||||||||||||||||||||||||||||
Resistance Acquisition, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 7.75 | % | 13.06 | % | 9/21/2028 | 18,387 | 17,930 | 17,927 | (5 | )(8) | |||||||||||||||||||||||||||||
Resistance Acquisition, Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 7.75 | % | 9/21/2028 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services |
First Lien Term Loan |
SOFR+ | 10.00 | % | 15.24 | % | 10/7/2026 | 15,595 | 15,118 | 15,127 | (5 | )(8) | |||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services |
First Lien Revolver |
SOFR+ | 10.00 | % | 10/7/2026 | — | (58 | ) | (57 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services |
Warrants | 606,357 | 200 | 994 | (8 | ) | |||||||||||||||||||||||||||||||||||
SCIH Salt Holdings Inc. |
Diversified Metals & Mining |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.63 | % | 3/16/2027 | 22,904 | 22,626 | 22,801 | (5 | ) | |||||||||||||||||||||||||||||
SCIH Salt Holdings Inc. |
Diversified Metals & Mining |
Fixed Rate Bond |
4.88 | % | 5/1/2028 | 5,000 | 4,516 | 4,418 | ||||||||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services |
Second Lien Term Loan |
SOFR+ | 8.75 | % | 14.18 | % | 10/7/2030 | 5,881 | 5,726 | 5,710 | (5 | )(8) | |||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services |
Second Lien Term Loan |
SOFR+ | 8.75 | % | 10/7/2030 | — | (26 | ) | (50 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services |
Common Stock | 761 | 761 | 698 | (8 | ) | |||||||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 8.75 | % | 11.75 | % | 10/13/2027 | 7,654 | 7,323 | 7,329 | (5 | )(8) | |||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 8.75 | % | 10/13/2027 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan |
SOFR+ | 8.75 | % | 10/13/2027 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | Warrants | 79,075 | 258 | 380 | (8 | ) | |||||||||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors |
First Lien Term Loan |
SOFR+ | 6.75 | % | 12.14 | % | 3/27/2028 | 17,420 | 16,951 | 16,949 | (5 | )(8) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors |
First Lien Term Loan |
SOFR+ | 6.75 | % | 12.15 | % | 3/27/2028 | 1,368 | 1,329 | 1,334 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors |
First Lien Revolver |
SOFR+ | 6.75 | % | 3/27/2028 | — | (40 | ) | (41 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 12.88 | % | 4/27/2029 | 11,547 | 11,135 | 11,139 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 12.88 | % | 4/27/2029 | 4,330 | 4,176 | 4,177 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 4/27/2029 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan |
SOFR+ | 7.88 | % | 4/27/2029 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | Warrants | 93,470 | 293 | 140 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
SM Wellness Holdings, Inc. |
Health Care Services |
First Lien Term Loan |
SOFR+ | 4.75 | % | 10.38 | % | 4/17/2028 | 12,818 | 11,979 | 12,049 | (5 | )(8) | |||||||||||||||||||||||||||||
Southern Veterinary Partners, LLC |
Health Care Facilities |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.43 | % | 10/5/2027 | 20,664 | 20,456 | 20,564 | (5 | ) | |||||||||||||||||||||||||||||
SPX Flow, Inc. |
Industrial Machinery & Supplies & Components |
First Lien Term Loan |
SOFR+ | 4.50 | % | 9.92 | % | 4/5/2029 | 24,496 | 23,683 | 24,477 | (5 | ) | |||||||||||||||||||||||||||||
Star Parent, Inc. |
Life Sciences Tools & Services |
First Lien Term Loan |
SOFR+ | 4.00 | % | 9.33 | % | 9/28/2030 | 28,000 | 27,580 | 27,419 | (5 | ) | |||||||||||||||||||||||||||||
Sunshine Luxembourg VII Sarl |
Personal Care Products |
First Lien Term Loan |
SOFR+ | 3.75 | % | 9.24 | % | 10/1/2026 | 10,360 | 10,108 | 10,355 | (5 | )(10) | |||||||||||||||||||||||||||||
Superior Industries International, Inc. |
Auto Parts & Equipment |
First Lien Term Loan |
SOFR+ | 8.00 | % | 13.32 | % | 12/16/2028 | 33,311 | 32,444 | 33,061 | (5 | )(8) | |||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities |
First Lien Term Loan |
SOFR+ | 7.00 | % | 12.51 | % | 12/31/2026 | 8,196 | 8,090 | 7,807 | (5 | )(8) | |||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities |
First Lien Term Loan |
SOFR+ | 7.00 | % | 12.51 | % | 12/31/2026 | 702 | 693 | 668 | (5 | )(8) | |||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities |
First Lien Term Loan |
SOFR+ | 7.00 | % | 12.51 | % | 12/31/2026 | 281 | 271 | 241 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities |
First Lien Revolver |
SOFR+ | 7.00 | % | 12.44 | % | 12/31/2026 | 396 | 391 | 377 | (5 | )(8) | |||||||||||||||||||||||||||||
Tacala, LLC |
Restaurants | First Lien Term Loan |
SOFR+ | 3.50 | % | 9.43 | % | 2/5/2027 | 11,945 | 11,703 | 11,919 | (5 | ) | |||||||||||||||||||||||||||||
Tacala, LLC |
Restaurants | Second Lien Term Loan |
SOFR+ | 8.00 | % | 13.43 | % | 2/4/2028 | 7,310 | 7,129 | 7,094 | (5 | ) | |||||||||||||||||||||||||||||
Ten-X LLC |
Interactive Media & Services |
First Lien Term Loan |
SOFR+ | 6.00 | % | 11.32 | % | 5/26/2028 | 24,934 | 23,766 | 23,999 | (5 | )(8) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||||||
THL Zinc Ventures Ltd |
|
Diversified Metals & Mining |
|
|
First Lien Term Loan |
|
13.00 | % | 5/23/2026 | $ |
39,751 |
|
$ | 39,296 | $ | 39,318 | (8 | )(10) | ||||||||||||||||||||||||||||||
TIBCO Software Inc. |
|
Application Software |
|
|
First Lien Term Loan |
|
SOFR+ | 4.50 | % | 9.99 | % | 3/30/2029 | 17,755 | 16,613 | 17,103 | (5 | ) | |||||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. |
|
Health Care Supplies |
|
|
First Lien Term Loan |
|
SOFR+ | 6.00 | % | 11.42 | % | 12/29/2028 | 8,485 | 8,357 | 8,261 | (5 | )(8) | |||||||||||||||||||||||||||||||
Transit Buyer LLC |
|
Diversified Support Services |
|
|
First Lien Term Loan |
|
SOFR+ | 6.25 | % | 11.70 | % | 1/31/2029 | 8,427 | 8,277 | 8,309 | (5 | )(8) | |||||||||||||||||||||||||||||||
Transit Buyer LLC |
|
Diversified Support Services |
|
|
First Lien Term Loan |
|
SOFR+ | 6.25 | % | 1/31/2029 | — | (69 | ) | (54 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Trident TPI Holdings, Inc. |
|
Metal, Glass & Plastic Containers |
|
|
First Lien Term Loan |
|
SOFR+ | 4.00 | % | 9.65 | % | 9/15/2028 | 4,987 | 4,987 | 4,978 | (5 | ) | |||||||||||||||||||||||||||||||
Trinitas CLO XII |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 4.26 | % | 9.61 | % | 4/25/2033 | 4,500 | 4,394 | 4,403 | (5 | )(10) | |||||||||||||||||||||||||||||||||
Trinitas CLO XV DAC |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 7.71 | % | 13.06 | % | 4/22/2034 | 1,000 | 816 | 917 | (5 | )(10) | |||||||||||||||||||||||||||||||||
Uniti Group LP |
|
Other Specialized REITs |
|
|
Fixed Rate Bond |
|
6.50 | % | 2/15/2029 | 1,750 | 1,630 | 1,148 | (10 | ) | ||||||||||||||||||||||||||||||||||
Uniti Group LP |
|
Other Specialized REITs |
|
|
Fixed Rate Bond |
|
4.75 | % | 4/15/2028 | 2,200 | 1,944 | 1,799 | (10 | ) | ||||||||||||||||||||||||||||||||||
WAVE 2019-1 |
|
Specialized Finance |
|
CLO Notes | 3.60 | % | 9/15/2044 | 5,183 | 4,282 | 4,251 | ||||||||||||||||||||||||||||||||||||||
Wellfleet CLO 2022-2, Ltd. |
|
Multi-Sector Holdings |
|
CLO Notes | SOFR+ | 8.56 | % | 13.87 | % | 10/18/2035 | 1,500 | 1,444 | 1,494 | (5 | )(10) | |||||||||||||||||||||||||||||||||
WP CPP Holdings, LLC |
|
Aerospace & Defense |
|
|
First Lien Term Loan |
|
SOFR+ | 3.75 | % | 9.27 | % | 4/30/2025 | 9,633 | 9,108 | 9,090 | (5 | ) | |||||||||||||||||||||||||||||||
WWEX Uni Topco Holdings, LLC |
|
Air Freight & Logistics |
|
|
First Lien Term Loan |
|
SOFR+ | 4.00 | % | 9.65 | % | 7/26/2028 | 6,895 | 6,590 | 6,800 | (5 | ) | |||||||||||||||||||||||||||||||
Total Non-Control/Non- |
$ |
1,922,218 |
$ |
1,927,237 |
||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash (9.9% of net assets) |
$ |
151,136 |
$ |
151,136 |
||||||||||||||||||||||||||||||||||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (135.9% of net assets) |
$ |
2,073,354 |
$ |
2,078,373 |
||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument |
Notional Amount to be Purchased |
Notional Amount to be Sold |
Maturity Date |
Counterparty |
Cumulative Unrealized Appreciation /(Depreciation) |
|||||||||||||||
Foreign currency forward contract |
$ | 47,642 | € | 43,834 | 11/9/2023 | Bank of New York Mellon | $ | 1,164 | ||||||||||||
Foreign currency forward contract |
$ | 20,888 | £ | 16,392 | 11/9/2023 | Bank of New York Mellon | 877 | |||||||||||||
$ |
2,041 |
|||||||||||||||||||
(1) | All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. |
(2) | See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. |
(3) | Each of the Company’s investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. |
(4) | Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. |
(5) | The interest rate on the principal balance outstanding for most floating rate loans is indexed to SOFR, LIBOR or “L”, SONIA and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2023, the reference rates for the Company’s variable rate loans were the 30-day
SOFR at 5.32%, the 90-day SOFR at 5.39%, the 180-day SOFR at 5.47%, the 90-day LIBOR at 5.65%, the SONIA at 5.19%, the 30-day EURIBOR at 3.42%, the 90-day EURIBOR at 3.82% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. |
(6) | Principal includes accumulated PIK interest and is net of repayments, if any. “€” signifies the investment is denominated in Euros. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars. |
(7) | Non-Control/Non-Affiliate |
(8) | As of September 30, 2023, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs. |
(9) | Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. |
(10) | Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, qualifying assets represented 78.1% of the Company’s total assets and non-qualifying assets represented 21.9% of the Company’s total assets. |
(11) | This investment represents a participation interest in the underlying securities shown. |
(12) | This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan. |
• | Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. |
• | Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
• | Level 3 — Unobservable inputs that reflect the Adviser’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
• | The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser’s valuation team; |
• | Preliminary valuations are then reviewed and discussed with management of the Adviser; |
• | Separately, independent valuation firms prepare valuations of the Company’s investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to the Adviser; |
• | The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee; |
• | The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and |
• | The Adviser, as valuation designee, determines the fair value of each investment in the Company’s portfolio. |
Cost: |
% of Total Investments |
% of Total Investments |
||||||||||||||
Senior Secured Debt |
$ | 2,638,309 | 93.20 | % | $ | 1,814,372 | 94.39 | % | ||||||||
Subordinated Debt |
177,012 | 6.25 | % | 98,352 | 5.12 | % | ||||||||||
Preferred Equity |
12,234 | 0.43 | % | 6,023 | 0.31 | % | ||||||||||
Common Equity and Warrants |
3,471 | 0.12 | % | 3,471 | 0.18 | % | ||||||||||
Total |
$ |
2,831,026 |
100.00 |
% |
$ |
1,922,218 |
100.00 |
% | ||||||||
Fair Value: |
% of Total Investments |
% of Net Assets |
% of Total Investments |
% of Net Assets |
||||||||||||||||||||
Senior Secured Debt |
$ | 2,659,602 | 93.06 | % | 132.64 | % | $ | 1,817,981 | 94.32 | % | 118.88 | % | ||||||||||||
Subordinated Debt |
181,043 | 6.34 | % | 9.03 | % | 97,616 | 5.07 | % | 6.38 | % | ||||||||||||||
Preferred Equity |
12,091 | 0.42 | % | 0.60 | % | 5,748 | 0.30 | % | 0.38 | % | ||||||||||||||
Common Equity and Warrants |
5,072 | 0.18 | % | 0.25 | % | 5,892 | 0.31 | % | 0.39 | % | ||||||||||||||
Total |
$ |
2,857,808 |
100.00 |
% |
142.52 |
% |
$ |
1,927,237 |
100.00 |
% |
126.03 |
% | ||||||||||||
Fair Value |
% of Debt Investments |
Fair Value |
% of Debt Investments |
|||||||||||||
Floating rate |
$ | 2,515,425 | 88.55 | % | $ | 1,716,908 | 89.63 | % | ||||||||
Fixed rate |
325,220 | 11.45 | % | 198,689 | 10.37 | % | ||||||||||
Total |
$ |
2,840,645 |
100.00 |
% |
$ |
1,915,597 |
100.00 |
% | ||||||||
Cost: |
% of Total Investments |
% of Total Investments |
||||||||||||||
United States |
$ | 2,558,432 | 90.37 | % | $ | 1,673,820 | 87.08 | % | ||||||||
United Kingdom |
76,959 | 2.72 | % | 44,465 | 2.31 | % | ||||||||||
Canada |
50,738 | 1.79 | % | 56,725 | 2.95 | % | ||||||||||
Luxembourg |
41,404 | 1.46 | % | 41,426 | 2.16 | % | ||||||||||
India |
39,340 | 1.39 | % | 39,296 | 2.04 | % | ||||||||||
France |
17,212 | 0.61 | % | 14,735 | 0.77 | % | ||||||||||
Costa Rica |
12,888 | 0.46 | % | 12,684 | 0.66 | % | ||||||||||
Chile |
11,216 | 0.40 | % | 11,191 | 0.58 | % | ||||||||||
Cayman Islands |
10,287 | 0.36 | % | 12,746 | 0.66 | % | ||||||||||
Switzerland |
10,192 | 0.36 | % | 10,172 | 0.53 | % | ||||||||||
Australia |
2,358 | 0.08 | % | — | — | % | ||||||||||
Netherlands |
— | — | % | 4,958 | 0.26 | % | ||||||||||
Total |
$ |
2,831,026 |
100.00 |
% |
$ |
1,922,218 |
100.00 |
% | ||||||||
Fair Value: |
% of Total Investments |
% of Net Assets |
% of Total Investments |
% of Net Assets |
||||||||||||||||||||
United States |
$ | 2,579,632 | 90.27 | % | 128.65 | % | $ | 1,677,990 | 87.07 | % | 109.75 | % | ||||||||||||
United Kingdom |
81,091 | 2.84 | % | 4.04 | % | 45,181 | 2.34 | % | 2.95 | % | ||||||||||||||
Canada |
51,445 | 1.80 | % | 2.57 | % | 56,622 | 2.94 | % | 3.70 | % | ||||||||||||||
Luxembourg |
42,110 | 1.47 | % | 2.10 | % | 41,043 | 2.13 | % | 2.68 | % | ||||||||||||||
India |
39,318 | 1.38 | % | 1.96 | % | 39,318 | 2.04 | % | 2.57 | % | ||||||||||||||
France |
16,890 | 0.59 | % | 0.84 | % | 13,647 | 0.71 | % | 0.89 | % | ||||||||||||||
Costa Rica |
12,426 | 0.43 | % | 0.62 | % | 12,369 | 0.64 | % | 0.81 | % | ||||||||||||||
Chile |
12,370 | 0.43 | % | 0.62 | % | 12,529 | 0.65 | % | 0.82 | % | ||||||||||||||
Cayman Islands |
10,549 | 0.37 | % | 0.53 | % | 13,135 | 0.68 | % | 0.86 | % | ||||||||||||||
Switzerland |
9,873 | 0.35 | % | 0.49 | % | 9,861 | 0.51 | % | 0.64 | % | ||||||||||||||
Australia |
2,104 | 0.07 | % | 0.10 | % | — | — | % | — | % | ||||||||||||||
Netherlands |
— | — | % | — | % | 5,542 | 0.29 | % | 0.36 | % | ||||||||||||||
Total |
$ |
2,857,808 |
100.00 |
% |
142.52 |
% |
$ |
1,927,237 |
100.00 |
% |
126.03 |
% | ||||||||||||
Cost: |
% of Total Investments |
% of Total Investments |
||||||||||||||
Application Software |
$ | 353,758 | 12.48 | % | $ | 261,061 | 13.60 | % | ||||||||
Health Care Technology |
158,577 | 5.60 | % | 71,145 | 3.70 | % | ||||||||||
Diversified Support Services |
158,114 | 5.59 | % | 40,107 | 2.09 | % | ||||||||||
Health Care Services |
140,529 | 4.96 | % | 57,898 | 3.01 | % | ||||||||||
Other Specialty Retail |
127,863 | 4.52 | % | 104,787 | 5.45 | % | ||||||||||
Systems Software |
123,324 | 4.36 | % | 70,431 | 3.66 | % | ||||||||||
Aerospace & Defense |
121,966 | 4.31 | % | 75,592 | 3.93 | % | ||||||||||
Interactive Media & Services |
116,561 | 4.12 | % | 23,766 | 1.24 | % | ||||||||||
Industrial Machinery & Supplies & Components |
101,797 | 3.60 | % | 29,675 | 1.54 | % | ||||||||||
Environmental & Facilities Services |
76,149 | 2.69 | % | 75,632 | 3.93 | % | ||||||||||
Electrical Components & Equipment |
75,740 | 2.68 | % | 75,692 | 3.94 | % | ||||||||||
Diversified Metals & Mining |
75,225 | 2.66 | % | 95,842 | 4.99 | % | ||||||||||
Education Services |
75,150 | 2.65 | % | 61,437 | 3.20 | % | ||||||||||
Property & Casualty Insurance |
75,131 | 2.65 | % | 41,399 | 2.15 | % | ||||||||||
Pharmaceuticals |
72,232 | 2.55 | % | 64,066 | 3.33 | % | ||||||||||
Health Care Supplies |
66,265 | 2.34 | % | 36,745 | 1.91 | % | ||||||||||
Specialized Finance |
64,449 | 2.28 | % | 48,354 | 2.52 | % | ||||||||||
Multi-Sector Holdings |
63,254 | 2.23 | % | 28,293 | 1.47 | % | ||||||||||
Distributors |
47,841 | 1.69 | % | 52,155 | 2.71 | % | ||||||||||
Metal, Glass & Plastic Containers |
44,839 | 1.58 | % | 25,834 | 1.34 | % | ||||||||||
Cable & Satellite |
42,657 | 1.51 | % | 24,678 | 1.28 | % | ||||||||||
Diversified Financial Services |
42,148 | 1.49 | % | 31,405 | 1.63 | % | ||||||||||
Life Sciences Tools & Services |
42,123 | 1.49 | % | 27,580 | 1.43 | % | ||||||||||
Integrated Telecommunication Services |
40,629 | 1.44 | % | 41,352 | 2.15 | % | ||||||||||
Health Care Equipment |
40,263 | 1.42 | % | 39,946 | 2.08 | % | ||||||||||
Diversified Chemicals |
39,547 | 1.40 | % | — | — | % | ||||||||||
Health Care Distributors |
39,416 | 1.39 | % | 32,575 | 1.69 | % | ||||||||||
Personal Care Products |
38,918 | 1.37 | % | 44,968 | 2.34 | % | ||||||||||
Auto Parts & Equipment |
32,404 | 1.14 | % | 32,444 | 1.69 | % | ||||||||||
Health Care Facilities |
30,342 | 1.07 | % | 20,456 | 1.06 | % | ||||||||||
Biotechnology |
28,180 | 1.00 | % | 36,433 | 1.90 | % | ||||||||||
Office Services & Supplies |
28,101 | 0.99 | % | 21,160 | 1.10 | % | ||||||||||
Gold |
27,650 | 0.98 | % | 27,607 | 1.44 | % | ||||||||||
Research & Consulting Services |
27,453 | 0.97 | % | 20,717 | 1.08 | % | ||||||||||
Alternative Carriers |
21,327 | 0.75 | % | — | — | % | ||||||||||
Trading Companies & Distributors |
19,076 | 0.67 | % | 25,328 | 1.32 | % | ||||||||||
Restaurants |
18,829 | 0.67 | % | 18,832 | 0.98 | % | ||||||||||
Passenger Airlines |
17,750 | 0.63 | % | 11,191 | 0.58 | % | ||||||||||
Hotels, Resorts & Cruise Lines |
17,147 | 0.61 | % | 17,167 | 0.89 | % | ||||||||||
Real Estate Development |
16,223 | 0.57 | % | 16,036 | 0.83 | % | ||||||||||
Internet Services & Infrastructure |
14,541 | 0.51 | % | 14,556 | 0.76 | % | ||||||||||
Insurance Brokers |
13,018 | 0.46 | % | 12,979 | 0.68 | % | ||||||||||
Advertising |
11,207 | 0.40 | % | 11,167 | 0.58 | % | ||||||||||
Leisure Facilities |
9,973 | 0.35 | % | 9,445 | 0.49 | % | ||||||||||
Paper & Plastic Packaging Products & Materials |
6,528 | 0.23 | % | 4,785 | 0.25 | % | ||||||||||
Food Distributors |
6,123 | 0.22 | % | 6,111 | 0.32 | % | ||||||||||
Oil & Gas Refining & Marketing |
5,620 | 0.20 | % | — | — | % | ||||||||||
Leisure Products |
4,767 | 0.17 | % | 4,772 | 0.25 | % | ||||||||||
Diversified Real Estate Activities |
4,622 | 0.16 | % | 4,619 | 0.24 | % | ||||||||||
Other Specialized REITs |
3,592 | 0.13 | % | 3,574 | 0.19 | % | ||||||||||
Construction Materials |
2,088 | 0.07 | % | 2,080 | 0.11 | % |
Cost: |
% of Total Investments |
% of Total Investments |
||||||||||||||
Consumer Finance |
— | — | % | 6,796 | 0.35 | % | ||||||||||
Air Freight & Logistics |
— | — | % | 6,590 | 0.34 | % | ||||||||||
Soft Drinks & Non-alcoholic Beverages |
— | — | % | 4,958 | 0.26 | % | ||||||||||
Total |
$ |
2,831,026 |
100.00 |
% |
$ |
1,922,218 |
100.00 |
% | ||||||||
Fair Value: |
% of Total Investments |
% of Net Assets |
% of Total Investments |
% of Net Assets |
||||||||||||||||||||
Application Software |
$ | 357,063 | 12.53 | % | 17.79 | % | $ | 263,077 | 13.67 | % | 17.23 | % | ||||||||||||
Diversified Support Services |
158,863 | 5.56 | % | 7.92 | % | 40,493 | 2.10 | % | 2.65 | % | ||||||||||||||
Health Care Technology |
156,316 | 5.47 | % | 7.80 | % | 72,102 | 3.74 | % | 4.71 | % | ||||||||||||||
Health Care Services |
140,641 | 4.92 | % | 7.01 | % | 57,832 | 3.00 | % | 3.78 | % | ||||||||||||||
Other Specialty Retail |
130,579 | 4.57 | % | 6.51 | % | 104,861 | 5.44 | % | 6.86 | % | ||||||||||||||
Systems Software |
124,217 | 4.35 | % | 6.19 | % | 70,227 | 3.64 | % | 4.59 | % | ||||||||||||||
Aerospace & Defense |
122,287 | 4.28 | % | 6.10 | % | 75,628 | 3.92 | % | 4.95 | % | ||||||||||||||
Interactive Media & Services |
116,803 | 4.09 | % | 5.83 | % | 23,999 | 1.25 | % | 1.57 | % | ||||||||||||||
Industrial Machinery & Supplies & Components |
102,817 | 3.60 | % | 5.13 | % | 30,448 | 1.58 | % | 1.99 | % | ||||||||||||||
Property & Casualty Insurance |
76,715 | 2.68 | % | 3.83 | % | 41,911 | 2.17 | % | 2.74 | % | ||||||||||||||
Environmental & Facilities Services |
76,139 | 2.66 | % | 3.80 | % | 75,755 | 3.93 | % | 4.95 | % | ||||||||||||||
Education Services |
75,943 | 2.66 | % | 3.79 | % | 61,653 | 3.20 | % | 4.03 | % | ||||||||||||||
Electrical Components & Equipment |
75,725 | 2.65 | % | 3.78 | % | 75,916 | 3.94 | % | 4.96 | % | ||||||||||||||
Diversified Metals & Mining |
75,287 | 2.63 | % | 3.75 | % | 95,449 | 4.95 | % | 6.24 | % | ||||||||||||||
Pharmaceuticals |
72,601 | 2.54 | % | 3.62 | % | 63,149 | 3.28 | % | 4.13 | % | ||||||||||||||
Health Care Supplies |
67,650 | 2.37 | % | 3.37 | % | 37,137 | 1.93 | % | 2.43 | % | ||||||||||||||
Specialized Finance |
65,288 | 2.28 | % | 3.26 | % | 48,815 | 2.53 | % | 3.19 | % | ||||||||||||||
Multi-Sector Holdings |
64,930 | 2.27 | % | 3.24 | % | 28,863 | 1.50 | % | 1.89 | % | ||||||||||||||
Distributors |
47,280 | 1.65 | % | 2.36 | % | 51,939 | 2.69 | % | 3.40 | % | ||||||||||||||
Metal, Glass & Plastic Containers |
45,589 | 1.60 | % | 2.27 | % | 25,799 | 1.34 | % | 1.69 | % | ||||||||||||||
Diversified Financial Services |
45,547 | 1.59 | % | 2.27 | % | 31,860 | 1.65 | % | 2.08 | % | ||||||||||||||
Cable & Satellite |
44,408 | 1.55 | % | 2.21 | % | 24,360 | 1.26 | % | 1.59 | % | ||||||||||||||
Life Sciences Tools & Services |
42,625 | 1.49 | % | 2.13 | % | 27,419 | 1.42 | % | 1.79 | % | ||||||||||||||
Health Care Equipment |
40,904 | 1.43 | % | 2.04 | % | 39,945 | 2.07 | % | 2.61 | % | ||||||||||||||
Integrated Telecommunication Services |
40,658 | 1.42 | % | 2.03 | % | 39,481 | 2.05 | % | 2.58 | % | ||||||||||||||
Diversified Chemicals |
40,430 | 1.41 | % | 2.02 | % | — | — | % | — | % | ||||||||||||||
Health Care Distributors |
40,095 | 1.40 | % | 2.00 | % | 33,083 | 1.72 | % | 2.16 | % | ||||||||||||||
Personal Care Products |
38,164 | 1.34 | % | 1.90 | % | 44,284 | 2.30 | % | 2.90 | % | ||||||||||||||
Auto Parts & Equipment |
32,895 | 1.15 | % | 1.64 | % | 33,061 | 1.72 | % | 2.16 | % | ||||||||||||||
Health Care Facilities |
30,529 | 1.07 | % | 1.52 | % | 20,564 | 1.07 | % | 1.34 | % | ||||||||||||||
Research & Consulting Services |
28,390 | 0.99 | % | 1.42 | % | 21,180 | 1.10 | % | 1.39 | % | ||||||||||||||
Office Services & Supplies |
28,077 | 0.98 | % | 1.40 | % | 21,588 | 1.12 | % | 1.41 | % | ||||||||||||||
Gold |
27,855 | 0.97 | % | 1.39 | % | 27,627 | 1.43 | % | 1.81 | % | ||||||||||||||
Biotechnology |
27,238 | 0.95 | % | 1.36 | % | 35,838 | 1.86 | % | 2.34 | % | ||||||||||||||
Alternative Carriers |
22,395 | 0.78 | % | 1.12 | % | — | — | % | — | % | ||||||||||||||
Trading Companies & Distributors |
19,497 | 0.68 | % | 0.97 | % | 25,536 | 1.33 | % | 1.67 | % | ||||||||||||||
Restaurants |
19,289 | 0.67 | % | 0.96 | % | 19,013 | 0.99 | % | 1.24 | % | ||||||||||||||
Passenger Airlines |
19,274 | 0.67 | % | 0.96 | % | 12,529 | 0.65 | % | 0.82 | % | ||||||||||||||
Hotels, Resorts & Cruise Lines |
17,085 | 0.60 | % | 0.85 | % | 17,051 | 0.88 | % | 1.12 | % | ||||||||||||||
Real Estate Development |
16,012 | 0.56 | % | 0.80 | % | 15,849 | 0.82 | % | 1.04 | % | ||||||||||||||
Internet Services & Infrastructure |
14,848 | 0.52 | % | 0.74 | % | 14,726 | 0.76 | % | 0.96 | % | ||||||||||||||
Insurance Brokers |
14,302 | 0.50 | % | 0.71 | % | 13,857 | 0.72 | % | 0.91 | % | ||||||||||||||
Advertising |
11,727 | 0.41 | % | 0.58 | % | 11,343 | 0.59 | % | 0.74 | % | ||||||||||||||
Leisure Facilities |
9,620 | 0.34 | % | 0.48 | % | 9,093 | 0.47 | % | 0.59 | % | ||||||||||||||
Food Distributors |
6,555 | 0.23 | % | 0.33 | % | 6,109 | 0.32 | % | 0.40 | % | ||||||||||||||
Paper & Plastic Packaging Products & Materials |
6,279 | 0.22 | % | 0.31 | % | 4,543 | 0.24 | % | 0.30 | % | ||||||||||||||
Oil & Gas Refining & Marketing |
5,950 | 0.21 | % | 0.30 | % | — | — | % | — | % | ||||||||||||||
Diversified Real Estate Activities |
4,717 | 0.17 | % | 0.24 | % | 4,696 | 0.24 | % | 0.31 | % | ||||||||||||||
Leisure Products |
4,398 | 0.15 | % | 0.22 | % | 4,131 | 0.21 | % | 0.27 | % | ||||||||||||||
Other Specialized REITs |
3,163 | 0.11 | % | 0.16 | % | 2,947 | 0.15 | % | 0.19 | % | ||||||||||||||
Construction Materials |
2,149 | 0.08 | % | 0.11 | % | 2,022 | 0.10 | % | 0.13 | % | ||||||||||||||
Air Freight & Logistics |
— | — | % | — | % | 6,800 | 0.35 | % | 0.44 | % | ||||||||||||||
Consumer Finance |
— | — | % | — | % | 6,107 | 0.32 | % | 0.40 | % | ||||||||||||||
Soft Drinks & Non-alcoholic Beverages |
— | — | % | — | % | 5,542 | 0.29 | % | 0.36 | % | ||||||||||||||
Total |
$ |
2,857,808 |
100.00 |
% |
142.52 |
% |
$ |
1,927,237 |
100.00 |
% |
126.03 |
% | ||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Senior secured debt |
$ | — | $ | 1,038,374 | $ | 1,621,228 | $ | 2,659,602 | ||||||||
Subordinated debt (including CLO Notes) |
— | 155,691 | 25,352 | 181,043 | ||||||||||||
Preferred equity |
— | — | 12,091 | 12,091 | ||||||||||||
Common equity and warrants |
— | — | 5,072 | 5,072 | ||||||||||||
Total investments at fair value |
— |
1,194,065 |
1,663,743 |
2,857,808 |
||||||||||||
Derivative asset |
— | 10,566 | — | 10,566 | ||||||||||||
Total assets at fair value |
$ |
— |
$ |
1,204,631 |
$ |
1,663,743 |
$ |
2,868,374 |
||||||||
Derivative liabilities |
$ | — | $ | 2,817 | $ | — | $ | 2,817 | ||||||||
Total liabilities at fair value |
$ |
— |
$ |
2,817 |
$ |
— |
$ |
2,817 |
||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Senior secured debt |
$ | — | $ | 754,220 | $ | 1,063,761 | $ | 1,817,981 | ||||||||
Subordinated debt (including CLO Notes) |
— | 83,824 | 13,792 | 97,616 | ||||||||||||
Common equity and warrants |
— | 53 | 5,839 | 5,892 | ||||||||||||
Preferred equity |
— | — | 5,748 | 5,748 | ||||||||||||
Total investments at fair value |
— |
838,097 |
1,089,140 |
1,927,237 |
||||||||||||
Derivative asset |
— | 2,041 | — | 2,041 | ||||||||||||
Total assets at fair value |
$ |
— |
$ |
840,138 |
$ |
1,089,140 |
$ |
1,929,278 |
||||||||
Senior Secured Debt |
Subordinated Debt (including CLO Notes) |
Preferred Equity |
Common Equity and Warrants |
Total |
||||||||||||||||
Fair value as of September 30, 2023 |
$ | 1,063,761 | $ | 13,792 | $ | 5,748 | $ | 5,839 | $ | 1,089,140 | ||||||||||
Purchases |
566,371 | 11,560 | 6,211 | — | 584,142 | |||||||||||||||
Sales and repayments |
(19,401 | ) | — | — | — | (19,401 | ) | |||||||||||||
Transfers in (a) |
7,094 | — | — | — | 7,094 | |||||||||||||||
Capitalized PIK interest income |
621 | — | — | — | 621 | |||||||||||||||
Accretion of OID |
2,353 | — | — | — | 2,353 | |||||||||||||||
Net unrealized appreciation (depreciation) |
666 | — | 132 | (767 | ) | 31 | ||||||||||||||
Net realized gains (losses) |
(237 | ) | — | — | — | (237 | ) | |||||||||||||
Fair value as of December 31, 2023 |
$ |
1,621,228 |
$ |
25,352 |
$ |
12,091 |
$ |
5,072 |
$ |
1,663,743 |
||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2023 |
$ | 373 | $ | — | $ | 132 | $ | (768 | ) | $ | (263 | ) |
(a) | There were transfers into Level 3 from Level 2 for certain investments during the three months ended December 31, 2023 as a result of a change in the number of market quotes available and/or a change in market liquidity. |
Senior Secured Debt |
Subordinated Debt (including CLO Notes) |
Preferred Equity |
Common Equity and Warrants |
Total |
||||||||||||||||
Fair value as of September 30, 2022 |
$ | 153,069 | $ | 3,303 | $ | 5,497 | $ | 1,023 | $ | 162,892 | ||||||||||
Purchases |
132,635 | 3,303 | — | 2,162 | 138,100 | |||||||||||||||
Sales and repayments |
(444 | ) | — | — | — | (444 | ) | |||||||||||||
Transfers in (a) |
3,815 | — | — | — | 3,815 | |||||||||||||||
Capitalized PIK interest income |
527 | — | — | — | 527 | |||||||||||||||
Accretion of OID |
390 | — | — | — | 390 | |||||||||||||||
Net unrealized appreciation (depreciation) |
(4,289 | ) | — | (302 | ) | 372 | (4,219 | ) | ||||||||||||
Fair value as of December 31, 2022 |
$ |
285,703 |
$ |
6,606 |
$ |
5,195 |
$ |
3,557 |
$ |
301,061 |
||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at December 31, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the three months ended December 31, 2022 |
$ | (4,291 | ) | $ | — | $ | (302 | ) | $ | 372 | $ | (4,221 | ) |
(a) | There were transfers into Level 3 from Level 2 for certain investments during the three months ended December 31, 2022 as a result of a change in the number of market quotes available and/or a change in market liquidity. |
Asset |
Fair Value |
Valuation Technique |
Unobservable Input |
Range |
Weighted Average (a) | |||||||||||||
Senior secured debt |
$ | 1,312,632 | Market Yield | Market Yield | (b) |
10.0% | — | 21.0% | 12.5% | |||||||||
6,562 | Enterprise Value | Revenue Multiple | (e) |
0.2x | — | 0.4x | 0.3x | |||||||||||
240,902 | Transaction Precedent | Transaction Price | (c) |
N/A | — | N/A | N/A | |||||||||||
61,132 | Broker Quotations | Broker Quoted Price | (d) |
N/A | — | N/A | N/A | |||||||||||
Subordinated debt |
25,352 | Market Yield | Market Yield | (b) |
9.0% | — | 11.0% | 10.0% | ||||||||||
Common equity and warrants & preferred equity |
2,742 | Enterprise Value | Revenue Multiple | (e) |
0.7x | — | 3.2x | 0.7x | ||||||||||
7,872 | Enterprise Value | EBITDA Multiple | (e) |
6.0x | — | 15.1x | 13.0x | |||||||||||
6,549 | Transaction Precedent | Transaction Price | (c) |
N/A | — | N/A | N/A | |||||||||||
Total |
$ |
1,663,743 |
||||||||||||||||
(a) | Weighted averages are calculated based on fair value of investments. |
(b) | Used when a market participant would take into account market yield when pricing the investment. |
(c) | Used when there is an observable transaction or pending event for the investment. |
(d) | The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. |
(e) | Used when a market participant would use such multiple when pricing the investment. |
Asset |
Fair Value |
Valuation Technique |
Unobservable Input |
Range |
Weighted Average (a) | |||||||||||||
Senior secured debt |
$ | 906,639 | Market Yield | Market Yield | (b) |
10.0% | — | 32.0% | 13.3% | |||||||||
93,170 | Transaction Precedent | NA | (c) |
N/A | — | N/A | N/A | |||||||||||
63,952 | Broker Quotations | Broker Quoted Price | (d) |
N/A | — | N/A | N/A | |||||||||||
Subordinated debt |
13,792 | Market Yield | Market Yield | (b) |
9.0% | — | 11.0% | 10.0% | ||||||||||
Common equity and warrants & preferred equity |
3,424 | Enterprise Value | Revenue Multiple | (e) |
0.7x | — | 3.2x | 0.7x | ||||||||||
7,831 | Enterprise Value | EBITDA Multiple | (e) |
6.0x | — | 15.1x | 12.9x | |||||||||||
332 | Transaction Precedent | Transaction Price | (c) |
N/A | — | N/A | N/A | |||||||||||
Total |
$ |
1,089,140 |
||||||||||||||||
(a) | Weighted averages are calculated based on fair value of investments. |
(b) | Used when a market participant would take into account market yield when pricing the investment. |
(c) | Used when there is an observable transaction or pending event for the investment. |
(d) | The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. |
(e) | Used when a market participant would use such multiple when pricing the investment. |
Common Shares |
||||||||||||||||||||
(Share amounts in thousands) |
Shares |
Par Value |
Additional Paid-in- Capital |
Accumulated Distributable Earnings (Loss) |
Total Net Assets |
|||||||||||||||
Balance at September 30, 2023 |
64,896 | $ | 649 | $ | 1,536,305 | $ | (7,749 | ) | $ | 1,529,205 | ||||||||||
Issuance of Common Shares in public offering |
19,952 | 199 | 468,588 | — | 468,787 | |||||||||||||||
Issuance of Common Shares under dividend reinvestment plan |
496 | 5 | 11,642 | — | 11,647 | |||||||||||||||
Shares repurchased, net of early repurchase deduction |
(446 | ) | (4 | ) | (10,522 | ) | — | (10,526 | ) | |||||||||||
Net investment income |
— | — | — | 35,803 | 35,803 | |||||||||||||||
Net unrealized appreciation (depreciation) |
— | — | — | 16,919 | 16,919 | |||||||||||||||
Net realized gains (losses) |
— | — | — | 453 | 453 | |||||||||||||||
Provision for income tax (expense) benefit |
— | — | — | (241 | ) | (241 | ) | |||||||||||||
Distributions to shareholders |
— | — | — | (46,876 | ) | (46,876 | ) | |||||||||||||
Balance at December 31, 2023 |
84,898 |
$ |
849 |
$ |
2,006,013 |
$ |
(1,691 |
) |
$ |
2,005,171 |
||||||||||
Common Shares |
||||||||||||||||||||
(Share amounts in thousands) |
Shares |
Par Value |
Additional Paid-in- Capital |
Accumulated Distributable Earnings (Loss) |
Total Net Assets |
|||||||||||||||
Balance at September 30, 2022 |
15,628 | $ | 156 | $ | 380,646 | $ | (14,075 | ) | $ | 366,727 | ||||||||||
Issuance of Common Shares |
5,536 | 55 | 129,653 | — | 129,708 | |||||||||||||||
Issuance of Common Shares under dividend reinvestment plan |
78 | 1 | 1,831 | — | 1,832 | |||||||||||||||
Net investment income |
— | — | — | 10,097 | 10,097 | |||||||||||||||
Net unrealized appreciation (depreciation) |
— | — | — | (2,842 | ) | (2,842 | ) | |||||||||||||
Net realized gains (losses) |
— | — | — | (660 | ) | (660 | ) | |||||||||||||
Provision for income tax (expense) benefit |
— | — | — | (51 | ) | (51 | ) | |||||||||||||
Distributions to shareholders |
(11,356 | ) | (11,356 | ) | ||||||||||||||||
Balance at December 31, 2022 |
21,242 |
$ |
212 |
$ |
512,130 |
$ |
(18,887 |
) |
$ |
493,455 |
||||||||||
Shares |
Amount |
|||||||
Class I |
||||||||
Issuance of Common Shares in public offering |
13,159,301 | $ | 309,178 | |||||
Issuance of Common Shares under dividend reinvestment plan |
218,653 | 5,139 | ||||||
Share repurchases, net of early repurchase deduction |
(369,913 | ) | (8,729 | ) | ||||
Net increase (decrease) |
13,008,041 |
$ |
305,588 |
|||||
Class S |
||||||||
Issuance of Common Shares in public offering |
6,777,146 | $ | 159,230 | |||||
Issuance of Common Shares under dividend reinvestment plan |
277,026 | 6,506 | ||||||
Share repurchases, net of early repurchase deduction |
(76,176 | ) | (1,797 | ) | ||||
Net increase (decrease) |
6,977,996 |
$ |
163,939 |
|||||
Class D |
||||||||
Issuance of Common Shares in public offering |
16,137 | $ | 379 | |||||
Issuance of Common Shares under dividend reinvestment plan |
100 | 2 | ||||||
Share repurchases, net of early repurchase deduction |
— | — | ||||||
Net increase (decrease) |
16,237 |
$ |
381 |
|||||
Total net increase (decrease) |
20,002,274 |
$ |
469,908 |
|||||
Shares |
Amount |
|||||||
Class I |
||||||||
Issuance of Common Shares in public offering |
3,605,882 | $ | 84,482 | |||||
Issuance of Common Shares under dividend reinvestment plan |
44,634 | 1,045 | ||||||
Share repurchases, net of early repurchase deduction |
— | — | ||||||
Net increase (decrease) |
3,650,516 |
$ |
85,527 |
|||||
Class S |
||||||||
Issuance of Common Shares in public offering |
1,929,704 | $ | 45,226 | |||||
Issuance of Common Shares under dividend reinvestment plan |
33,618 | 787 | ||||||
Share repurchases, net of early repurchase deduction |
— | — | ||||||
Net increase (decrease) |
1,963,322 |
$ |
46,013 |
|||||
Total net increase (decrease) |
5,613,838 |
$ |
131,540 |
|||||
Class I Shares |
Class S Shares |
Class D Shares |
||||||||||
$ | 23.39 | $ | 23.39 | $ | 23.39 | |||||||
$ | 23.51 | $ | 23.51 | $ | 23.51 | |||||||
$ | 23.62 | $ | 23.62 | $ | 23.62 |
Class I Shares |
Class S Shares |
Class D Shares |
||||||||||
$ | 23.33 | $ | 23.33 | — | ||||||||
$ | 23.46 | $ | 23.46 | — | ||||||||
$ | 23.23 | $ | 23.23 | — |
Class I |
||||||||||||||
Distribution |
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
|||||||||
Monthly |
October 25, 2023 | October 31, 2023 | November 28, 2023 | $ | 0.1900 | $ | 9,259 | |||||||
Monthly |
November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1900 | 9,916 | |||||||||
Special |
December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 2,296 | |||||||||
Monthly |
December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1900 | 10,921 | |||||||||
$ |
0.6100 |
$ |
32,392 |
|||||||||||
Class S |
||||||||||||||
Distribution |
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
|||||||||
Monthly |
October 25, 2023 | October 31, 2023 | November 28, 2023 | $ | 0.1733 | $ | 4,105 | |||||||
Monthly |
November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1734 | 4,436 | |||||||||
Special |
December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 1,109 | |||||||||
Monthly |
December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1733 | 4,825 | |||||||||
$ |
0.5600 |
$ |
14,475 |
|||||||||||
Class D |
||||||||||||||
Distribution |
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
|||||||||
Monthly |
October 25, 2023 | October 31, 2023 | November 28, 2023 | $ | 0.1851 | $ | 1 | |||||||
Monthly |
November 27, 2023 | November 30, 2023 | December 27, 2023 | 0.1851 | 3 | |||||||||
Special |
December 14, 2023 | December 15, 2023 | December 27, 2023 | 0.0400 | 1 | |||||||||
Monthly |
December 20, 2023 | December 31, 2023 | February 1, 2024 | 0.1851 | 4 | |||||||||
$ |
0.5953 |
$ |
9 |
|||||||||||
Class I |
||||||||||||||
Distribution |
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
|||||||||
Monthly |
October 26, 2022 | October 31, 2022 | November 28, 2022 | $ | 0.1800 | $ | 2,470 | |||||||
Monthly |
November 21, 2022 | November 30, 2022 | December 28, 2022 | 0.1900 | 2,818 | |||||||||
Monthly |
December 21, 2022 | December 31, 2022 | January 30, 2023 | 0.1900 | 3,171 | |||||||||
Special |
December 21, 2022 | December 31, 2022 | January 30, 2023 | 0.0400 | 668 | |||||||||
$ |
0.6000 |
$ |
9,127 |
|||||||||||
Class S |
||||||||||||||
Distribution |
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
|||||||||
Monthly |
October 26, 2022 | October 31, 2022 | November 28, 2022 | $ | 0.1634 | $ | 574 | |||||||
Monthly |
November 21, 2022 | November 30, 2022 | December 28, 2022 | 0.1735 | 684 | |||||||||
Monthly |
December 21, 2022 | December 31, 2022 | January 30, 2023 | 0.1734 | 789 | |||||||||
Special |
December 21, 2022 | December 31, 2022 | January 30, 2023 | 0.0400 | 182 | |||||||||
$ |
0.5503 |
$ |
2,229 |
|||||||||||
Class I |
Class S |
Class D |
||||||||||||||||||||||
Source of Distribution |
Per Share |
Amount |
Per Share |
Amount |
Per Share |
Amount |
||||||||||||||||||
Net investment income |
$ | 0.4726 | $ | 24,939 | $ | 0.4230 | $ | 10,857 | $ | 0.4590 | $ | 7 | ||||||||||||
Distributions in excess of net investment income |
0.1374 | 7,453 | 0.1370 | 3,618 | 0.1363 | 2 | ||||||||||||||||||
Total |
$ | 0.6100 | $ | 32,392 | $ | 0.5600 | $ | 14,475 | $ | 0.5953 | $ | 9 | ||||||||||||
Class I |
Class S |
|||||||||||||||
Source of Distribution |
Per Share |
Amount |
Per Share |
Amount |
||||||||||||
Net investment income |
$ | 0.6000 | $ | 9,127 | $ | 0.5503 | $ | 2,229 | ||||||||
Net realized gains |
— | — | — | — | ||||||||||||
Total |
$ | 0.6000 | $ | 9,127 | $ | 0.5503 | $ | 2,229 | ||||||||
Repurchase Pricing Date |
Total Number of Shares Repurchased (all classes) |
Percentage of Outstanding Shares Repurchased (1) |
Price Paid Per Share |
Amount Repurchased (all classes) (2) |
||||||||||||
446,089 | 0.69 | % | $ | 23.62 | $ | 10,526 |
(1) | Percentage is based on total shares as of the close of the previous calendar quarter. |
(2) | Amounts shown net of Early Repurchase Deduction, where applicable. |
($ in millions) | ||||
Principal |
$ | 350.0 | ||
Unamortized financing costs |
(4.2 | ) | ||
Unaccreted discount |
(1.7 | ) | ||
Interest rate swap fair value adjustment |
10.6 | |||
Net carrying value |
$ |
354.7 |
||
Fair Value |
$ |
369.2 |
($ in millions) | ||||
Coupon interest |
$ | 3.8 | ||
Amortization of financing costs and discount |
0.1 | |||
Effect of interest rate swap |
0.6 | |||
Total interest expense |
$ |
4.5 |
||
Coupon interest rate (net of effect of interest rate swaps) |
9.450 | % |
Three months ended December 31, 2023 |
Three months ended December 31, 2022 |
|||||||
Net increase (decrease) in net assets resulting from operations |
$ | 52,934 | $ | 6,544 | ||||
Net unrealized (appreciation) depreciation |
(16,919 | ) | 2,842 | |||||
Book/tax difference due to capital gains incentive fees |
2,141 | — | ||||||
Other book/tax differences |
(4,535 | ) | (422 | ) | ||||
Taxable income (1) |
$ |
33,621 |
$ |
8,964 |
||||
(1) | The Company’s taxable income for the three months ended December 31, 2023 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2024. The final taxable income may be different than the estimate. |
Undistributed ordinary income, net |
$ | (7,672 | ) | |
Net realized capital losses |
(2,585 | ) | ||
Unrealized gains, net |
2,508 | |||
Accumulated overdistributed earnings |
$ |
(7,749 |
) | |
• | Hurdle Rate Return: Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; |
• | Catch-Up: Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than a 1.4286% (5.714% annualized) rate of return in any such calendar quarter (the “Catch-Up”), which is intended to provide the Adviser with approximately 12.5% of the Pre-Incentive Fee Net Investment Income as if the Hurdle Rate did not apply, if the Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate in any calendar quarter; and |
• | 87.5/12.5 Split: Pre-Incentive Fee Net Investment Income, if any, that exceeds a 1.4286% (5.714% annualized) rate of return in such calendar quarter so that once the Hurdle Rate is reached and the Catch-Up is achieved, 12.5% of the Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser. |
Shareholder Servicing and/or Distribution Fee as a % of NAV |
||||
Class I shares |
— | % | ||
Class S shares |
0.85 | % | ||
Class D shares |
0.25 | % |
(Share amounts in thousands) | Three months ended |
Three months ended |
||||||||||||||||||
Class I | Class S | Class D | Class I | Class S | ||||||||||||||||
Net asset value at beginning of period |
$ | 23.56 | $ | 23.56 | $ | 23.56 | $ | 23.47 | $ | 23.47 | ||||||||||
Net investment income (1) |
0.47 | 0.42 | 0.46 | 0.54 | 0.49 | |||||||||||||||
Net unrealized appreciation (depreciation) (1)(2) |
0.19 | 0.19 | 0.19 | (0.15 | ) | (0.15 | ) | |||||||||||||
Net realized gains (losses) (1) |
0.01 | 0.01 | 0.01 | (0.03 | ) | (0.03 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations |
0.67 | 0.62 | 0.66 | 0.36 | 0.31 | |||||||||||||||
Distributions of net investment income to shareholders |
(0.47 | ) | (0.42 | ) | (0.46 | ) | (0.60 | ) | (0.55 | ) | ||||||||||
Distributions in excess of net investment income |
(0.14 | ) | (0.14 | ) | (0.14 | ) | — | — | ||||||||||||
Net asset value at end of period |
$ |
23.62 |
$ |
23.62 |
$ |
23.62 |
$ |
23.23 |
$ |
23.23 |
||||||||||
Total return (3) |
2.88 | % | 2.66 | % | 2.82 | % | 1.55 | % | 1.33 | % | ||||||||||
Common shares outstanding at beginning of the period or the commencement date |
44,103 | 20,787 | 6 | 13,040 | 2,588 | |||||||||||||||
Common shares outstanding at end of period |
57,111 | 27,765 | 22 | 16,690 | 4,552 | |||||||||||||||
Net assets at the beginning of the period or the commencement date |
$ | 1,039,238 | $ | 489,821 | $ | 146 | $ | 305,989 | $ | 60,738 | ||||||||||
Net assets at end of period |
$ | 1,348,877 | $ | 655,764 | $ | 530 | $ | 387,720 | $ | 105,735 | ||||||||||
Average net assets (4) |
$ | 1,244,421 | $ | 605,418 | $ | 348 | $ | 354,128 | $ | 93,901 | ||||||||||
Ratio of net investment income to average net assets (5) |
2.01 | % | 1.80 | % | 1.95 | % | 2.30 | % | 2.08 | % | ||||||||||
Ratio of total expenses to average net assets (5)(7) |
1.79 | % | 2.00 | % | 1.85 | % | 1.58 | % | 1.79 | % | ||||||||||
Ratio of net expenses to average net assets (5) |
1.84 | % | 2.06 | % | 1.91 | % | 1.02 | % | 1.24 | % | ||||||||||
Ratio of portfolio turnover to average investments at fair value (5) |
3.74 | % | 3.74 | % | 3.74 | % | 7.24 | % | 7.24 | % | ||||||||||
Weighted average outstanding debt |
$ | 734,946 | $ | 734,946 | $ | 734,946 | $ | 155,109 | $ | 155,109 | ||||||||||
Average debt per share (1) |
$ | 9.37 | $ | 9.37 | $ | 9.37 | $ | 8.13 | $ | 8.13 | ||||||||||
Asset coverage ratio (6) |
317.80 | % | 317.80 | % | 317.80 | % | 389.47 | % | 389.47 | % |
(1) | Calculated based upon weighted average shares outstanding for the period. |
(2) | The amount shown may not correspond with the net unrealized appreciation on investments for the three months ended December 31, 2023 and 2022 as it includes the effect of the timing of equity issuances. |
(3) | Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. |
(4) | Calculated based upon the weighted average net assets for the period. |
(5) | Financial results for the three months ended December 31, 2023 and 2022 have not been annualized for purposes of this ratio. |
(6) | Based on outstanding senior securities of $922.8 million and $170.5 million as of December 31, 2023 and 2022. |
(7) | Total expenses to average net assets is prior to management fee waivers and expense support/reimbursements provided by the Adviser. |
MRI Software LLC |
$ | 25,000 | $ | — | ||||
AmSpec Parent LLC |
19,666 | — | ||||||
PetVet Care Centers, LLC |
19,210 | — | ||||||
NFM & J, L.P. |
17,360 | — | ||||||
107-109 Beech OAK22 LLC |
16,983 | 16,983 | ||||||
Next Holdco, LLC |
16,443 | — | ||||||
CVAUSA Management, LLC |
13,657 | 17,469 | ||||||
OneOncology, LLC |
13,159 | 13,159 | ||||||
Seres Therapeutics, Inc. |
12,990 | 12,990 | ||||||
Bamboo US Bidco LLC |
8,832 | 9,100 | ||||||
North Star Acquisitionco, LLC |
7,732 | 7,732 | ||||||
scPharmaceuticals Inc. |
7,654 | 7,654 | ||||||
SEI Holding I Corporation |
7,163 | 2,633 | ||||||
Enverus Holdings, Inc. |
6,830 | — | ||||||
IW Buyer LLC |
6,432 | 6,432 | ||||||
WP CPP Holdings, LLC |
5,831 | — | ||||||
Kings Buyer, LLC |
5,549 | 5,471 | ||||||
ACP Falcon Buyer Inc |
5,333 | 5,333 | ||||||
Grove Hotel Parcel Owner, LLC |
5,305 | 5,305 | ||||||
Entrata, Inc. |
5,211 | 5,211 | ||||||
Harrow, Inc. |
5,018 | 5,018 | ||||||
Inventus Power, Inc. |
4,967 | 4,967 | ||||||
ADC Therapeutics SA |
4,770 | 4,770 | ||||||
Crewline Buyer, Inc. |
4,573 | — | ||||||
BioXcel Therapeutics, Inc. |
4,471 | 6,932 | ||||||
iCIMs, Inc. |
4,428 | 4,774 | ||||||
Evergreen IX Borrower 2023, LLC |
4,006 | 4,006 | ||||||
Ardonagh Midco 3 PLC |
3,520 | 3,520 | ||||||
107 Fair Street LLC |
3,434 | 3,434 | ||||||
Establishment Labs Holdings Inc. |
3,378 | 3,378 | ||||||
PPW Aero Buyer, Inc. |
3,363 | 3,603 | ||||||
Finastra USA, Inc. |
3,336 | 3,577 | ||||||
HUB Pen Company, LLC |
3,213 | 3,213 | ||||||
Dukes Root Control Inc. |
2,535 | 3,104 |
MND Holdings III Corp |
2,333 | 9,331 | ||||||
Transit Buyer LLC |
2,214 | 3,850 | ||||||
Coupa Holdings, LLC |
2,122 | 2,122 | ||||||
Galileo Parent, Inc. |
2,118 | 1,757 | ||||||
Oranje Holdco, Inc. |
1,968 | 1,968 | ||||||
Avalara, Inc. |
1,903 | 1,903 | ||||||
Salus Workers’ Compensation, LLC |
1,898 | 1,898 | ||||||
112-126 Van Houten Real22 LLC |
1,728 | 1,892 | ||||||
LSL Holdco, LLC |
1,015 | 1,015 | ||||||
SCP Eye Care Services, LLC |
1,003 | 1,730 | ||||||
ASP-R-PAC |
588 | 588 | ||||||
Pluralsight, LLC |
366 | 611 | ||||||
Delta Leasing SPV II LLC |
— | 11,560 | ||||||
Resistance Acquisition, Inc. |
— | 10,507 | ||||||
Innocoll Pharmaceuticals Limited |
— | 2,656 | ||||||
Impel Pharmaceuticals Inc. |
— | 894 | ||||||
Supreme Fitness Group NY Holdings, LLC |
— | 561 | ||||||
$ |
300,608 |
$ |
224,611 |
|||||
Gross Distribution |
Shareholder Servicing and/ or Distribution Fee |
Net Distribution |
||||||||||
Class I shares |
$ | 0.1900 | $ | — | $ | 0.1900 | ||||||
Class S shares |
$ | 0.1900 | $ | 0.0167 | $ | 0.1733 | ||||||
Class D shares |
$ | 0.1900 | $ | 0.0049 | $ | 0.1851 |
ASSETS |
||||||||
Assets: |
||||||||
Investments – Non-control/Non-affiliate, |
$ | 1,927,237 | $ | 428,556 | ||||
Cash and cash equivalents |
145,499 | 58,443 | ||||||
Restricted cash |
5,637 | — | ||||||
Due from affiliates |
861 | 1,402 | ||||||
Interest receivable |
12,591 | 3,297 | ||||||
Receivables from unsettled transactions |
11,579 | 3,920 | ||||||
Deferred financing costs |
13,887 | 3,295 | ||||||
Deferred offering costs |
270 | 2,132 | ||||||
Derivative asset at fair value |
2,041 | 13 | ||||||
Other assets |
533 | 438 | ||||||
Total assets |
$ |
2,120,135 |
$ |
501,496 |
||||
LIABILITIES AND NET ASSETS |
||||||||
Liabilities: |
||||||||
Accounts payable, accrued expenses and other liabilities |
$ | 2,291 | $ | 1,107 | ||||
Dividends payable |
12,026 | 3,657 | ||||||
Base management fee and incentive fee payable |
7,543 | — | ||||||
Payable for share repurchases |
5,336 | — | ||||||
Due to affiliates |
8,175 | 2,926 | ||||||
Interest payable |
4,676 | 469 | ||||||
Payables from unsettled transactions |
105,883 | 51,566 | ||||||
Deferred tax liability |
— | 44 | ||||||
Credit facilities payable |
445,000 | 75,000 | ||||||
Total liabilities |
590,930 |
134,769 |
||||||
Commitments and contingencies (Note 11) |
||||||||
Net assets: |
||||||||
Common shares, $0.01 par value per share; unlimited shares authorized, 64,896 and 15,628 shares issued and outstanding as of September 30, 2023 and September 30, 2022, respectively |
649 | 156 | ||||||
Additional paid-in-capital |
1,536,305 | 380,646 | ||||||
Accumulated distributable earnings (loss) |
(7,749 | ) | (14,075 | ) | ||||
Total net assets (equivalent to $23.56 and $23.47 per common share as of September 30, 2023 and September 30, 2022, respectively) (Note 10) |
1,529,205 |
366,727 |
||||||
Total liabilities and net assets |
$ |
2,120,135 |
$ |
501,496 |
||||
NET ASSET VALUE PER SHARE |
||||||||
Class I Shares: |
||||||||
Net assets |
$ | 1,039,238 | $ | 305,989 | ||||
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
44,103 | 13,040 | ||||||
Net asset value per share |
$ | 23.56 | $ | 23.47 | ||||
Class S Shares: |
||||||||
Net assets |
$ | 489,821 | $ | 60,738 | ||||
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
20,787 | 2,588 | ||||||
Net asset value per share |
$ | 23.56 | $ | 23.47 | ||||
Class D Shares: |
||||||||
Net assets |
$ | 146 | $ | — | ||||
Common shares outstanding ($0.01 par value, unlimited shares authorized) |
6 | — | ||||||
Net asset value per share |
$ | 23.56 | $ | — |
Fiscal year ended |
||||||||
Interest income: |
||||||||
Non-control/Non-affiliate |
$ | 111,926 | $ | 13,179 | ||||
Interest on cash and cash equivalents |
3,058 | 173 | ||||||
Total interest income |
114,984 |
13,352 |
||||||
PIK interest income: |
||||||||
Non-control/Non-affiliate |
3,178 | 591 | ||||||
Total PIK interest income |
3,178 |
591 |
||||||
Fee income: |
||||||||
Non-control/Non-affiliate |
1,072 | 178 | ||||||
Total fee income |
1,072 |
178 |
||||||
Total investment income |
119,234 |
14,121 |
||||||
Expenses: |
||||||||
Base management fee |
10,518 | 1,359 | ||||||
Investment income incentive fee |
10,042 | 763 | ||||||
Capital gains incentive fee |
278 | — | ||||||
Professional fees |
2,076 | 732 | ||||||
Class S and Class D distribution and shareholder servicing fees |
2,024 | 92 | ||||||
Board of trustees fees |
289 | 216 | ||||||
Organization expenses |
4 | 550 | ||||||
Amortization of continuous offering costs |
2,737 | 1,036 | ||||||
Interest expense |
21,814 | 2,541 | ||||||
Administrator expense |
939 | 207 | ||||||
General and administrative expenses |
1,402 | 348 | ||||||
Total expenses |
52,123 |
7,844 |
||||||
Management and incentive fees waived (Note 9) |
(1,642 | ) | (2,122 | ) | ||||
Expense reimbursements (support) (Note 9) |
541 | (1,586 | ) | |||||
Net expenses |
51,022 |
4,136 |
||||||
Net investment income |
68,212 |
9,985 |
||||||
Unrealized appreciation (depreciation): |
||||||||
Non-control/Non-affiliate |
20,657 | (16,168 | ) | |||||
Foreign currency forward contracts |
2,028 | 13 | ||||||
Net unrealized appreciation (depreciation) |
22,685 |
(16,155 |
) | |||||
Realized gains (losses): |
||||||||
Non-control/Non-affiliate |
(3,087 | ) | 90 | |||||
Foreign currency forward contracts |
(963 | ) | — | |||||
Net realized gains (losses) |
(4,050 |
) |
90 |
|||||
Provision for income tax (expense) benefit |
(227 |
) |
(123 |
) | ||||
Net realized and unrealized gains (losses), net of taxes |
18,408 |
(16,188 |
) | |||||
Net increase (decrease) in net assets resulting from operations |
$ |
86,620 |
$ |
(6,203 |
) | |||
Fiscal year ended |
||||||||
Operations: |
||||||||
Net investment income |
$ | 68,212 | $ | 9,985 | ||||
Net unrealized appreciation (depreciation) |
22,685 | (16,155 | ) | |||||
Net realized gains (losses) |
(4,050 | ) | 90 | |||||
Provision for income tax (expense) benefit |
(227 | ) | (123 | ) | ||||
Net increase (decrease) in net assets resulting from operations |
86,620 |
(6,203 |
) | |||||
Distributions to common shareholders: |
||||||||
Class I |
(59,032 | ) | (7,053 | ) | ||||
Class S |
(21,259 | ) | (819 | ) | ||||
Class D |
(3 | ) | — |
|||||
Net decrease in net assets resulting from distributions |
(80,294 |
) |
(7,872 |
) | ||||
Share transactions: |
||||||||
Class I: |
||||||||
Issuance of Common shares in public offering |
726,878 | 318,578 | ||||||
Issuance of Common shares under dividend reinvestment plan |
7,328 | 393 | ||||||
Repurchased shares, net of early repurchase deduction |
(5,309 | ) | — | |||||
Net increase from share transactions |
728,897 |
318,971 |
||||||
Class S: |
||||||||
Issuance of Common shares in public offering |
418,677 | 61,629 | ||||||
Issuance of Common shares under dividend reinvestment plan |
8,500 | 202 | ||||||
Repurchased shares, net of early repurchase deduction |
(67 | ) | — | |||||
Net increase from share transactions |
427,110 |
61,831 |
||||||
Class D: |
||||||||
Issuance of Common shares in public offering |
145 | — | ||||||
Net increase from share transactions |
145 |
— |
||||||
Total increase (decrease) in net assets |
1,162,478 |
366,727 |
||||||
Net assets at beginning of period |
366,727 | — | ||||||
Net assets at end of period |
$ |
1,529,205 |
$ |
366,727 |
||||
Net asset value per common share |
$ |
23.56 |
$ |
23.47 |
||||
Common shares outstanding at end of period |
64,896 | 15,628 |
Fiscal year ended |
||||||||
Operating activities: |
||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 86,620 | $ | (6,203 | ) | |||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |
||||||||
Net unrealized (appreciation) depreciation |
(22,685 | ) | 16,155 | |||||
Net realized (gains) losses |
4,050 | (90 | ) | |||||
PIK interest income |
(3,178 | ) | (591 | ) | ||||
Accretion of original issue discount on investments |
(9,507 | ) | (1,272 | ) | ||||
Amortization of deferred financing costs |
1,492 | 362 | ||||||
Amortization of deferred offering costs |
2,737 | 1,036 | ||||||
Deferred taxes |
(44 | ) | 44 | |||||
Purchases of investments |
(1,703,474 | ) | (480,031 | ) | ||||
Proceeds from the sales and repayments of investments |
234,750 | 37,380 | ||||||
Changes in operating assets and liabilities: |
||||||||
(Increase) decrease in due from affiliates |
541 | (1,402 | ) | |||||
(Increase) decrease in interest receivable |
(9,173 | ) | (3,407 | ) | ||||
(Increase) decrease in receivables from unsettled transactions |
(7,659 | ) | (3,920 | ) | ||||
(Increase) decrease in other assets |
(95 | ) | (438 | ) | ||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities |
684 | 393 | ||||||
Increase (decrease) in base management fee and incentive fees payable |
7,543 | — | ||||||
Increase (decrease) in due to affiliates |
4,517 | 1,574 | ||||||
Increase (decrease) in interest payable |
4,207 | 469 | ||||||
Increase (decrease) in payables from unsettled transactions |
54,317 | 51,566 | ||||||
Net cash used in operating activities |
(1,354,357 |
) |
(388,375 |
) | ||||
Financing activities: |
||||||||
Distributions paid in cash |
(56,093 | ) | (3,619 | ) | ||||
Borrowings under credit facilities |
625,000 | 105,000 | ||||||
Repayments of borrowings under credit facilities |
(255,000 | ) | (30,000 | ) | ||||
Borrowings of secured borrowings |
— | 44,588 | ||||||
Proceeds from secured borrowings |
— | (44,588 | ) | |||||
Proceeds from issuance of common shares |
1,145,700 | 380,207 | ||||||
Deferred financing costs paid |
(11,586 | ) | (3,658 | ) | ||||
Deferred offering costs paid |
(143 | ) | (1,102 | ) | ||||
Repurchased shares |
(40 | ) | — | |||||
Net cash provided by financing activities |
1,447,838 |
446,828 |
||||||
Effect of exchange rate changes on foreign currency |
(788 | ) | (10 | ) | ||||
Net increase (decrease) in cash and cash equivalents and restricted cash |
92,693 |
58,443 |
||||||
Cash and cash equivalents and restricted cash, beginning of period |
58,443 | — | ||||||
Cash and cash equivalents and restricted cash, end of period |
$ |
151,136 |
$ |
58,443 |
||||
Supplemental information: |
||||||||
Cash paid for interest |
$ | 16,115 | $ | 1,710 | ||||
Non-cash financing activities: |
||||||||
Deferred financing costs incurred |
$ | 497 | $ | — | ||||
Deferred offering costs incurred |
732 | 2,066 | ||||||
Distribution payable |
12,026 | 3,657 | ||||||
Reinvestment of dividends during the period |
15,828 | 595 | ||||||
Shares repurchases accrued but not yet paid |
5,336 | — |
Reconciliation to the Statement of Assets and Liabilities |
||||||||
Cash and cash equivalents |
$ | 145,499 | $ | 58,443 | ||||
Restricted cash |
5,637 | — | ||||||
Total cash and cash equivalents and restricted cash |
$ | 151,136 | $ | 58,443 |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate |
(7 | ) | ||||||||||||||||||||||||||||||||||||||||||
107-109 Beech OAK22 LLC |
Real Estate Development | First Lien Revolver | 11.00 | % | 2/27/2026 | $ | 11,883 | $ | 11,768 | $ | 11,614 | (8 | )(9) | |||||||||||||||||||||||||||||||
107 Fair Street LLC |
Real Estate Development | First Lien Term Loan | 12.50 | % | 5/31/2024 | 1,031 | 1,007 | 987 | (8 | )(9)(11) | ||||||||||||||||||||||||||||||||||
112-126 Van Houten Real22 LLC |
Real Estate Development | First Lien Term Loan | 12.00 | % | 5/4/2024 | 3,287 | 3,261 | 3,248 | (8 | )(9)(11) | ||||||||||||||||||||||||||||||||||
AB BSL CLO 4 |
Multi-Sector Holdings | CLO Notes | SOFR+ | 5.50 | % | 10.46 | % | 4/20/2036 | 3,800 | 3,800 | 3,815 | (5 | )(10) | |||||||||||||||||||||||||||||||
Access CIG, LLC |
Diversified Support Services | First Lien Term Loan | SOFR+ | 5.00 | % | 10.32 | % | 8/18/2028 | 24,500 | 23,956 | 24,224 | (5 | ) | |||||||||||||||||||||||||||||||
ACP Falcon Buyer Inc |
Systems Software | First Lien Term Loan | SOFR+ | 6.50 | % | 11.80 | % | 8/1/2029 | 34,667 | 33,656 | 33,696 | (5 | )(8) | |||||||||||||||||||||||||||||||
ACP Falcon Buyer Inc |
Systems Software | First Lien Revolver | SOFR+ | 6.50 | % | 8/1/2029 | — | (156 | ) | (149 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | First Lien Term Loan | SOFR+ | 7.50 | % | 13.04 | % | 8/15/2029 | 10,406 | 9,957 | 9,912 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | First Lien Term Loan | SOFR+ | 7.50 | % | 8/15/2029 | — | (60 | ) | (60 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | Warrants | 45,727 | 275 | 9 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
AI Sirona (Luxembourg) Acquisition S.a.r.l. |
Pharmaceuticals | First Lien Term Loan | E+ | 5.00 | % | 8.86 | % | 9/30/2028 | € | 21,000 | 23,002 | 22,242 | (5 | )(10) | ||||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | Second Lien Term Loan | SOFR+ | 7.75 | % | 13.17 | % | 12/21/2029 | $ | 4,563 | 4,492 | 4,516 | (5 | )(8) | ||||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | Common Stock | 4,560 | 428 | 721 | (8 | ) | |||||||||||||||||||||||||||||||||||||
Altice France S.A. |
Integrated Telecommunication Services | First Lien Term Loan | L+ | 4.00 | % | 9.63 | % | 8/14/2026 | 8,940 | 8,728 | 8,459 | (5 | )(10) | |||||||||||||||||||||||||||||||
Altice France S.A. |
Integrated Telecommunication Services | Fixed Rate Bond | 5.50 | % | 10/15/2029 | 7,200 | 6,007 | 5,188 | (10 | ) | ||||||||||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. |
Health Care Technology | First Lien Term Loan | SOFR+ | 11.50 | % | 5.00 | % | 11.99 | % | 10/14/2027 | 13,299 | 12,386 | 12,236 | (5 | )(8) | |||||||||||||||||||||||||||||
Alto Pharmacy Holdings, Inc. |
Health Care Technology | Warrants | 878,545 | 943 | 2,811 | (8 | ) | |||||||||||||||||||||||||||||||||||||
American Auto Auction Group, LLC |
Consumer Finance | Second Lien Term Loan | SOFR+ | 8.75 | % | 14.14 | % | 1/2/2029 | 6,901 | 6,796 | 6,107 | (5 | )(8) | |||||||||||||||||||||||||||||||
American Rock Salt Company LLC |
Diversified Metals & Mining | First Lien Term Loan | SOFR+ | 4.00 | % | 9.43 | % | 6/9/2028 | 20,324 | 19,504 | 18,918 | (5 | ) | |||||||||||||||||||||||||||||||
American Tire Distributors, Inc. |
Distributors | First Lien Term Loan | SOFR+ | 6.25 | % | 11.81 | % | 10/20/2028 | 22,602 | 20,490 | 19,863 | (5 | ) | |||||||||||||||||||||||||||||||
Amynta Agency Borrower Inc. |
Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 5.00 | % | 10.42 | % | 2/28/2028 | 11,970 | 11,651 | 11,989 | (5 | ) | |||||||||||||||||||||||||||||||
Anastasia Parent, LLC |
Personal Care Products | First Lien Term Loan | SOFR+ | 3.75 | % | 9.40 | % | 8/11/2025 | 6,840 | 5,742 | 4,934 | (5 | ) | |||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC |
Insurance Brokers | First Lien Term Loan | E+ | 6.50 | % | 10.45 | % | 7/14/2026 | € | 9,600 | 9,626 | 10,266 | (5 | )(8)(10) | ||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC |
Insurance Brokers | First Lien Term Loan | SOFR+ | 6.75 | % | 12.57 | % | 7/14/2026 | $ | 3,520 | 3,353 | 3,591 | (5 | )(8)(9)(10) | ||||||||||||||||||||||||||||||
ARES LXIV CLO |
Multi-Sector Holdings | CLO Notes | SOFR+ | 3.75 | % | 9.06 | % | 4/15/2035 | 2,200 | 2,051 | 2,128 | (5 | )(10) | |||||||||||||||||||||||||||||||
ARES LXVIII CLO |
Multi-Sector Holdings | CLO Notes | SOFR+ | 5.75 | % | 10.83 | % | 4/25/2035 | 5,000 | 5,000 | 5,112 | (5 | )(10) | |||||||||||||||||||||||||||||||
Arsenal AIC Parent LLC |
Diversified Metals & Mining | First Lien Term Loan | SOFR+ | 4.50 | % | 9.88 | % | 8/18/2030 | 10,000 | 9,900 | 9,994 | (5 | ) | |||||||||||||||||||||||||||||||
ASP-R-PAC |
Paper & Plastic Packaging Products & Materials | First Lien Term Loan | SOFR+ | 6.00 | % | 11.63 | % | 12/29/2027 | 4,862 | 4,793 | 4,577 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
ASP-R-PAC |
Paper & Plastic Packaging Products & Materials | First Lien Revolver | SOFR+ | 6.00 | % | 12/29/2027 | — | (8 | ) | (34 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Astra Acquisition Corp. |
Application Software | First Lien Term Loan | SOFR+ | 5.25 | % | 10.90 | % | 10/25/2028 | 4,848 | 4,620 | 3,663 | (5 | ) | |||||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00 | % | 9.42 | % | 8/19/2028 | 7,950 | 7,673 | 7,724 | (5 | ) | |||||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.25 | % | 9.67 | % | 8/19/2028 | 15,945 | 15,192 | 15,518 | (5 | ) | |||||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance | Second Lien Term Loan | SOFR+ | 5.25 | % | 10.68 | % | 1/20/2029 | 7,500 | 6,883 | 6,680 | (5 | ) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology | First Lien Term Loan | SOFR+ | 3.25 | % | 8.57 | % | 2/15/2029 | $ | 24,240 | $ | 23,056 | $ | 23,854 | (5 | ) | ||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology | Fixed Rate Bond | 6.50 | % | 2/15/2030 | 3,000 | 2,597 | 2,513 | ||||||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology | Preferred Equity | 5,809 | 5,693 | 5,418 | (8 | ) | |||||||||||||||||||||||||||||||||||
Avalara, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 7.25 | % | 12.64 | % | 10/19/2028 | 19,029 | 18,629 | 18,734 | (5 | )(8) | |||||||||||||||||||||||||||||
Avalara, Inc. |
Application Software | First Lien Revolver | SOFR+ | 7.25 | % | 10/19/2028 | — | (40 | ) | (29 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment | First Lien Term Loan | SOFR+ | 6.00 | % | 11.32 | % | 9/30/2030 | 24,960 | 24,212 | 24,211 | (5 | )(8) | |||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment | First Lien Term Loan | E+ | 6.00 | % | 9.97 | % | 9/30/2030 | € |
15,530 |
|
15,949 | 15,949 | (5 | )(8) | |||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment | First Lien Term Loan | SOFR+ | 6.00 | % | 9/30/2030 | $ | — | (59 | ) | (59 | ) | (5 | )(8)(9) | ||||||||||||||||||||||||||||
Bamboo US Bidco LLC |
Health Care Equipment | First Lien Revolver | SOFR+ | 6.00 | % | 10/1/2029 | — | (156 | ) | (156 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Bausch + Lomb Corp |
Health Care Supplies | Fixed Rate Bond | 8.38 | % | 10/1/2028 | 6,000 | 6,000 | 6,025 | (10 | ) | ||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 8.00 | % | 2.25 | % | 4/19/2027 | 3,220 | 3,123 | 2,967 | (8 | )(10) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 9/30/2032 | 1,580 | 1,580 | 1,510 | (8 | )(9)(10)(12) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 8.00 | % | 2.25 | % | 4/19/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 9/30/2032 | — | — | — | (8 | )(9)(10)(12) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 8.00 | % | 2.25 | % | 4/19/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 9/30/2032 | — | — | — | (8 | )(9)(10)(12) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | Warrants | 12,453 | 74 | 1 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
CCO Holdings LLC |
Cable & Satellite | Fixed Rate Bond | 4.50 | % | 5/1/2032 | 12,281 | 10,034 | 9,651 | (10 | ) | ||||||||||||||||||||||||||||||||
CD&R Firefly Bidco Limited |
Other Specialty Retail | First Lien Term Loan | SONIA+ | 6.00 | % | 11.29 | % | 6/21/2028 | £ | 21,086 | 25,375 | 25,215 | (5 | )(10) | ||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | First Lien Term Loan | SOFR+ | 3.50 | % | 9.13 | % | 8/21/2026 | $ | 6,915 | 6,523 | 6,732 | (5 | )(10) | ||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond | 5.13 | % | 8/15/2027 | 726 | 644 | 645 | (10 | ) | ||||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond | 9.00 | % | 9/15/2028 | 4,000 | 4,000 | 3,966 | (10 | ) | ||||||||||||||||||||||||||||||||
Colony Holding Corporation |
Distributors | First Lien Term Loan | SOFR+ | 6.50 | % | 11.97 | % | 5/13/2026 | 12,117 | 11,825 | 11,834 | (5 | )(8) | |||||||||||||||||||||||||||||
Colony Holding Corporation |
Distributors | First Lien Term Loan | SOFR+ | 6.50 | % | 11.97 | % | 5/13/2026 | 3,940 | 3,872 | 3,848 | (5 | )(8) | |||||||||||||||||||||||||||||
Condor Merger Sub Inc. |
Systems Software | Fixed Rate Bond | 7.38 | % | 2/15/2030 | 4,527 | 4,505 | 3,795 | ||||||||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software | First Lien Term Loan | SOFR+ | 7.50 | % | 12.82 | % | 2/27/2030 | 13,464 | 13,155 | 13,158 | (5 | )(8) | |||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software | First Lien Term Loan | SOFR+ | 7.50 | % | 2/27/2030 | — | (15 | ) | (13 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Coupa Holdings, LLC |
Application Software | First Lien Revolver | SOFR+ | 7.50 | % | 2/27/2029 | — | (21 | ) | (21 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Covetrus, Inc. |
Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00 | % | 10.39 | % | 10/13/2029 | 23,976 | 22,737 | 23,758 | (5 | ) | |||||||||||||||||||||||||||||
Cuppa Bidco BV |
Soft Drinks & Non-alcoholic Beverages |
First Lien Term Loan | E+ | 4.75 | % | 8.68 | % | 7/30/2029 | € | 5,666 | 4,958 | 5,542 | (5 | )(10) | ||||||||||||||||||||||||||||
Curium Bidco S.à.r.l. |
Biotechnology | First Lien Term Loan | SOFR+ | 4.50 | % | 9.89 | % | 7/31/2029 | $ | 8,446 | 8,316 | 8,446 | (5 | )(10) | ||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services | First Lien Term Loan | SOFR+ | 6.50 | % | 11.93 | % | 5/22/2029 | 18,059 | 17,673 | 17,562 | (5 | )(8) | |||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services | First Lien Term Loan | SOFR+ | 6.50 | % | 5/22/2029 | — | (149 | ) | (152 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services | First Lien Term Loan | SOFR+ | 6.50 | % | 5/22/2029 | — | (117 | ) | (63 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
CVAUSA Management, LLC |
Health Care Services | First Lien Revolver | SOFR+ | 6.50 | % | 5/22/2029 | — | (72 | ) | (70 | ) | (5 | )(8)(9) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Dealer Tire Financial, LLC |
Distributors | First Lien Term Loan | SOFR+ | 4.50 | % | 9.82 | % | 12/14/2027 | 11,123 | 11,048 | 11,157 | (5 | ) | |||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Subordinated Debt Term Loan | 3.00 | % | 7.00 | % | 8/31/2029 | $ | 13,792 | $ | 13,792 | $ | 13,792 | (8 | )(9)(10) | |||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Preferred Equity | 330 | 330 | 330 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Common Stock | 2 | 2 | 2 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Warrants | 25 | — | — | (8 | )(10) | |||||||||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | First Lien Term Loan | SOFR+ | 5.00 | % | 10.43 | % | 8/2/2027 | 13,433 | 13,051 | 13,159 | (5 | ) | |||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | Fixed Rate Bond | 5.88 | % | 8/15/2027 | 1,750 | 1,593 | 1,550 | ||||||||||||||||||||||||||||||||||
DTI Holdco, Inc. |
Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75 | % | 10.12 | % | 4/26/2029 | 21,702 | 20,717 | 21,180 | (5 | ) | |||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50 | % | 12.04 | % | 12/8/2028 | 11,804 | 11,575 | 11,705 | (5 | )(8) | |||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50 | % | 12.04 | % | 12/8/2028 | 666 | 633 | 641 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Dukes Root Control Inc. |
Environmental & Facilities Services | First Lien Revolver | SOFR+ | 6.50 | % | 12.00 | % | 12/8/2028 | 580 | 552 | 568 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Entrata, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 6.00 | % | 11.33 | % | 7/10/2030 | 45,603 | 44,500 | 44,463 | (5 | )(8) | |||||||||||||||||||||||||||||
Entrata, Inc. |
Application Software | First Lien Revolver | SOFR+ | 6.00 | % | 7/10/2028 | — | (124 | ) | (130 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology | First Lien Term Loan | 3.00 | % | 6.00 | % | 4/21/2027 | 11,048 | 10,937 | 10,662 | (8 | )(10) | ||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology | First Lien Term Loan | 3.00 | % | 6.00 | % | 4/21/2027 | 1,769 | 1,745 | 1,707 | (8 | )(10) | ||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology | First Lien Term Loan | 3.00 | % | 6.00 | % | 4/21/2027 | — | 1 | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology | First Lien Term Loan | 3.00 | % | 6.00 | % | 4/21/2027 | — | 1 | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||
Evergreen IX Borrower 2023, LLC |
Application Software | First Lien Term Loan | SOFR+ | 6.00 | % | 11.32 | % | 9/29/2030 | 36,306 | 35,399 | 35,398 | (5 | )(8) | |||||||||||||||||||||||||||||
Evergreen IX Borrower 2023, LLC |
Application Software | First Lien Revolver | SOFR+ | 6.00 | % | 9/29/2029 | — | (100 | ) | (100 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Finastra USA, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 7.25 | % | 12.55 | % | 9/13/2029 | 43,732 | 42,864 | 42,870 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Finastra USA, Inc. |
Application Software | First Lien Revolver | SOFR+ | 7.25 | % | 12.55 | % | 9/13/2029 | 961 | 871 | 871 | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services | First Lien Term Loan | SOFR+ | 3.75 | % | 9.18 | % | 10/8/2027 | 20,853 | 20,306 | 20,326 | (5 | )(10) | |||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services | Fixed Rate Bond | 6.00 | % | 1/15/2030 | 7,517 | 6,311 | 5,508 | (10 | ) | ||||||||||||||||||||||||||||||||
Galileo Parent, Inc. |
Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.25 | % | 12.64 | % | 5/3/2029 | 20,277 | 19,711 | 19,711 | (5 | )(8) | |||||||||||||||||||||||||||||
Galileo Parent, Inc. |
Aerospace & Defense | First Lien Revolver | SOFR+ | 7.25 | % | 12.64 | % | 5/3/2029 | 1,397 | 1,309 | 1,309 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Gallatin CLO X 2023-1 |
Multi-Sector Holdings | CLO Notes | SOFR+ | 5.41 | % | 10.74 | % | 10/14/2035 | 5,000 | 4,913 | 4,932 | (5 | )(10) | |||||||||||||||||||||||||||||
Gibson Brands, Inc. |
Leisure Products | First Lien Term Loan | SOFR+ | 5.00 | % | 10.57 | % | 8/11/2028 | 4,917 | 4,772 | 4,131 | (5 | )(8) | |||||||||||||||||||||||||||||
Global Aircraft Leasing Co Ltd |
Trading Companies & Distributors | Fixed Rate Bond | 6.50 | % | 9/15/2024 | 7,645 | 7,088 | 7,294 | (10 | ) | ||||||||||||||||||||||||||||||||
GoldenTree Loan Management EUR CLO 2 DAC |
Multi-Sector Holdings | CLO Notes | E+ | 2.85 | % | 6.56 | % | 1/20/2032 | € | 1,000 | 875 | 963 | (5 | )(10) | ||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00 | % | 13.42 | % | 6/21/2027 | $ | 17,507 | 17,246 | 17,157 | (5 | )(8) | ||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00 | % | 6/21/2027 | — | (53 | ) | (71 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines | First Lien Revolver | SOFR+ | 8.00 | % | 6/21/2027 | — | (26 | ) | (35 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Harbor Purchaser Inc. |
Education Services | First Lien Term Loan | SOFR+ | 5.25 | % | 10.67 | % | 4/9/2029 | 10,445 | 10,057 | 9,914 | (5 | ) | |||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50 | % | 11.89 | % | 1/19/2026 | 9,319 | 9,129 | 9,135 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50 | % | 12.04 | % | 1/19/2026 | 1,792 | 1,750 | 1,757 | (5 | )(8)(10) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Harrow, Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 6.50 | % | 1/19/2026 | — | (103 | ) | (99 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance | CLO Notes | 5.16 | % | 6/26/2028 | 7,500 | 6,496 | 6,583 | (10 | ) | ||||||||||||||||||||||||||||||||
Hertz Vehicle Financing III |
Specialized Finance | CLO Notes | 6.78 | % | 9/25/2028 | 17,377 | 15,825 | 16,035 | (10 | ) | ||||||||||||||||||||||||||||||||
Horizon Aircraft Finance I Ltd. |
Specialized Finance | CLO Notes | 4.46 | % | 12/15/2038 | 6,770 | 5,658 | 5,841 | (10 | ) | ||||||||||||||||||||||||||||||||
Horizon Aircraft Finance II Ltd. |
Specialized Finance | CLO Notes | 3.72 | % | 7/15/2039 | $ | 2,300 | $ | 1,969 | $ | 1,981 | (10 | ) | |||||||||||||||||||||||||||||
HUB Pen Company, LLC |
Other Specialty Retail | First Lien Term Loan | SOFR+ | 6.50 | % | 11.93 | % | 12/31/2027 | 27,335 | 26,653 | 26,663 | (5 | )(8) | |||||||||||||||||||||||||||||
HUB Pen Company, LLC |
Other Specialty Retail | First Lien Revolver | SOFR+ | 6.50 | % | 6.50 | % | 12/31/2027 | 108 | 25 | 26 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
IAMGOLD Corporation |
Gold | Second Lien Term Loan | SOFR+ | 8.25 | % | 13.62 | % | 5/16/2028 | 28,394 | 27,607 | 27,627 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 7.25 | % | 12.63 | % | 8/18/2028 | 15,621 | 15,411 | 15,059 | (5 | )(8) | |||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 7.25 | % | 12.63 | % | 8/18/2028 | 2,325 | 2,291 | 2,286 | (5 | )(8) | |||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 7.25 | % | 8/18/2028 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software | First Lien Revolver | SOFR+ | 6.75 | % | 12.14 | % | 8/18/2028 | 241 | 221 | 189 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology | First Lien Term Loan | SOFR+ | 10.75 | % | 16.06 | % | 3/17/2027 | 9,679 | 9,613 | 8,904 | (5 | )(8) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology | First Lien Term Loan | SOFR+ | 10.75 | % | 16.05 | % | 3/17/2027 | 286 | 281 | 286 | (5 | )(8) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology | First Lien Term Loan | SOFR+ | 10.75 | % | 16.06 | % | 3/17/2027 | 250 | 250 | 250 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Impel Pharmaceuticals Inc. |
Health Care Technology | Warrants | 127,376 | — | 53 | |||||||||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology | First Lien Term Loan | SOFR+ | 5.75 | % | 11.14 | % | 2.75 | % | 1/26/2027 | 3,665 | 3,557 | 3,354 | (5 | )(8)(10) | |||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology | First Lien Term Loan | SOFR+ | 5.75 | % | 1/26/2027 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology | First Lien Term Loan | SOFR+ | 5.75 | % | 1/26/2027 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology | Warrants | 36,087 | 85 | 54 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Inventus Power, Inc. |
Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 7.50 | % | 12.93 | % | 6/30/2025 | 43,765 | 42,619 | 42,776 | (5 | )(8) | |||||||||||||||||||||||||||||
Inventus Power, Inc. |
Electrical Components & Equipment | First Lien Revolver | SOFR+ | 7.50 | % | 6/30/2025 | — | (130 | ) | (112 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
IW Buyer LLC |
Electrical Components & Equipment | First Lien Term Loan | SOFR+ | 6.75 | % | 12.17 | % | 6/28/2029 | 34,375 | 33,388 | 33,429 | (5 | )(8) | |||||||||||||||||||||||||||||
IW Buyer LLC |
Electrical Components & Equipment | First Lien Revolver | SOFR+ | 6.75 | % | 6/28/2029 | — | (185 | ) | (177 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
KDC/ONE Development Corp Inc |
Personal Care Products | First Lien Term Loan | SOFR+ | 5.00 | % | 10.32 | % | 8/15/2028 | 30,000 | 29,118 | 28,995 | (5 | )(10) | |||||||||||||||||||||||||||||
Kindercare Learning Centers Kindercare Portfolio |
Diversified Real Estate Activities | CLO Notes | SOFR+ | 2.41 | % | 7.75 | % | 8/15/2038 | 4,964 | 4,619 | 4,696 | (5 | )(10) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50 | % | 11.84 | % | 10/29/2027 | 4,811 | 4,763 | 4,739 | (5 | )(8) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services | First Lien Term Loan | SOFR+ | 6.50 | % | 11.80 | % | 10/29/2027 | 58,992 | 58,110 | 58,107 | (5 | )(8) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services | First Lien Revolver | SOFR+ | 6.50 | % | 11.84 | % | 10/29/2027 | 78 | 72 | 68 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services | First Lien Revolver | SOFR+ | 6.50 | % | 10/29/2027 | — | (73 | ) | (73 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
LABL, Inc. |
Office Services & Supplies | First Lien Term Loan | SOFR+ | 5.00 | % | 10.42 | % | 10/29/2028 | 21,627 | 21,160 | 21,588 | (5 | ) | |||||||||||||||||||||||||||||
Latam Airlines Group S.A. |
Passenger Airlines | First Lien Term Loan | SOFR+ | 9.50 | % | 14.95 | % | 10/12/2027 | 12,032 | 11,191 | 12,529 | (5 | )(10) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00 | % | 11.42 | % | 1/31/2028 | 8,997 | 8,867 | 8,412 | (5 | )(8) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors | First Lien Term Loan | SOFR+ | 6.00 | % | 11.42 | % | 1/31/2028 | 1,048 | 986 | 979 | (5 | )(8) | |||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors | First Lien Revolver | SOFR+ | 6.00 | % | 1/31/2028 | — | (15 | ) | (66 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Madison Park Funding LXIII |
Multi-Sector Holdings | CLO Notes | SOFR+ | 5.50 | % | 10.58 | % | 4/21/2035 | 5,000 | 5,000 | 5,099 | (5 | )(10) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company |
Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 4.00 | % | 9.33 | % | 8/14/2026 | 15,980 | 15,876 | 15,992 | (5 | ) | |||||||||||||||||||||||||||||
Mauser Packaging Solutions Holding Company |
Metal, Glass & Plastic Containers | Fixed Rate Bond | 7.88 | % | 8/15/2026 | 5,000 | 4,971 | 4,829 | ||||||||||||||||||||||||||||||||||
McAfee Corp. |
Systems Software | First Lien Term Loan | SOFR+ | 3.75 | % | 9.18 | % | 3/1/2029 | 17,857 | 17,074 | 17,472 | (5 | ) | |||||||||||||||||||||||||||||
Medline Borrower, LP |
Health Care Supplies | First Lien Term Loan | SOFR+ | 3.25 | % | 8.68 | % | 10/23/2028 | 22,886 | 22,388 | 22,851 | (5 | ) | |||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | First Lien Term Loan | 8.00 | % | 1.75 | % | 11/19/2026 | $ | 2,325 | $ | 2,189 | $ | 2,046 | (8 | )(10) | |||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | Warrants | 66,347 | 152 | 20 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | Warrants | 17,058 | — | 9 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC |
Diversified Support Services | First Lien Term Loan | SOFR+ | 6.25 | % | 11.77 | % | 7/21/2027 | 2,829 | 2,763 | 2,807 | (5 | )(8) | |||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC |
Diversified Support Services | First Lien Term Loan | SOFR+ | 6.00 | % | 11.52 | % | 7/21/2027 | 5,286 | 5,180 | 5,207 | (5 | )(8) | |||||||||||||||||||||||||||||
Mitchell International, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 3.75 | % | 9.18 | % | 10/15/2028 | 23,392 | 22,759 | 23,048 | (5 | ) | |||||||||||||||||||||||||||||
Mitchell International, Inc. |
Application Software | Second Lien Term Loan | SOFR+ | 6.50 | % | 11.93 | % | 10/15/2029 | 4,000 | 3,816 | 3,696 | (5 | ) | |||||||||||||||||||||||||||||
MND Holdings III Corp |
Other Specialty Retail | First Lien Term Loan | SOFR+ | 7.50 | % | 12.89 | % | 5/9/2028 | 41,483 | 40,802 | 40,761 | (5 | )(8) | |||||||||||||||||||||||||||||
MND Holdings III Corp |
Other Specialty Retail | First Lien Revolver | SOFR+ | 7.50 | % | 12.83 | % | 5/9/2028 | 1,500 | 1,243 | 1,311 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
MRI Software LLC |
Application Software | First Lien Term Loan | SOFR+ | 5.50 | % | 10.99 | % | 2/10/2026 | 4,597 | 4,462 | 4,502 | (5 | )(8) | |||||||||||||||||||||||||||||
MRI Software LLC |
Application Software | First Lien Term Loan | SOFR+ | 5.50 | % | 10.99 | % | 2/10/2026 | 7,204 | 7,197 | 7,055 | (5 | )(8) | |||||||||||||||||||||||||||||
New Enterprise Stone & Lime Co Inc |
Construction Materials | Fixed Rate Bond | 5.25 | % | 7/15/2028 | 2,250 | 2,080 | 2,022 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services | Fixed Rate Bond | 4.88 | % | 8/15/2028 | 8,550 | 7,672 | 7,537 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services | Fixed Rate Bond | 6.88 | % | 8/15/2028 | 3,784 | 3,473 | 3,246 | ||||||||||||||||||||||||||||||||||
NFP Corp. |
Diversified Financial Services | Fixed Rate Bond | 8.50 | % | 10/1/2031 | 5,000 | 5,000 | 5,013 | ||||||||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services | First Lien Term Loan | SOFR+ | 6.00 | % | 11.39 | % | 5/3/2029 | 36,625 | 35,943 | 35,951 | (5 | )(8) | |||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services | First Lien Term Loan | SOFR+ | 6.00 | % | 5/3/2029 | — | (33 | ) | (31 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
North Star Acquisitionco, LLC |
Education Services | First Lien Revolver | SOFR+ | 6.00 | % | 5/3/2029 | — | (82 | ) | (81 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
OEConnection LLC |
Application Software | Second Lien Term Loan | SOFR+ | 7.00 | % | 12.49 | % | 9/25/2027 | 5,355 | 5,281 | 5,275 | (5 | )(8) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services | First Lien Term Loan | SOFR+ | 6.25 | % | 11.64 | % | 6/9/2030 | 22,885 | 22,338 | 22,354 | (5 | )(8) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services | First Lien Term Loan | SOFR+ | 6.25 | % | 6/9/2030 | — | (107 | ) | (100 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
OneOncology, LLC |
Health Care Services | First Lien Revolver | SOFR+ | 6.25 | % | 6/9/2030 | — | (108 | ) | (106 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Oranje Holdco, Inc. |
Systems Software | First Lien Term Loan | SOFR+ | 7.75 | % | 13.12 | % | 2/1/2029 | 15,746 | 15,396 | 15,450 | (5 | )(8) | |||||||||||||||||||||||||||||
Oranje Holdco, Inc. |
Systems Software | First Lien Revolver | SOFR+ | 7.75 | % | 2/1/2029 | — | (44 | ) | (37 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Park Place Technologies, LLC |
Internet Services & Infrastructure | First Lien Term Loan | SOFR+ | 5.00 | % | 10.42 | % | 11/10/2027 | 14,919 | 14,556 | 14,726 | (5 | ) | |||||||||||||||||||||||||||||
Peraton Corp. |
Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75 | % | 9.17 | % | 2/1/2028 | 19,890 | 19,794 | 19,874 | (5 | ) | |||||||||||||||||||||||||||||
PetSmart LLC |
Other Specialty Retail | First Lien Term Loan | SOFR+ | 3.75 | % | 9.17 | % | 2/11/2028 | 10,901 | 10,689 | 10,885 | (5 | ) | |||||||||||||||||||||||||||||
Pluralsight, LLC |
Application Software | First Lien Term Loan | SOFR+ | 8.00 | % | 13.45 | % | 4/6/2027 | 26,144 | 22,474 | 25,041 | (5 | )(8) | |||||||||||||||||||||||||||||
Pluralsight, LLC |
Application Software | First Lien Revolver | SOFR+ | 8.00 | % | 13.45 | % | 4/6/2027 | 1,028 | 798 | 959 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. |
Aerospace & Defense | First Lien Term Loan | SOFR+ | 7.00 | % | 12.32 | % | 2/15/2029 | 26,758 | 25,799 | 25,776 | (5 | )(8) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||
PPW Aero Buyer, Inc. |
Aerospace & Defense | First Lien Revolver | SOFR+ | 7.00 | % | 2/15/2029 | — | (129 | ) | (132 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Profrac Holdings II, LLC |
Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 7.25 | % | 12.78 | % | 3/4/2025 | 5,449 | 5,372 | 5,355 | (5 | )(8) | |||||||||||||||||||||||||||||
Profrac Holdings II, LLC |
Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 7.25 | % | 12.78 | % | 3/4/2025 | 627 | 620 | 616 | (5 | )(8) | |||||||||||||||||||||||||||||
Quantum Bidco Limited |
Food Distributors | First Lien Term Loan | SONIA+ | 5.75 | % | 11.21 | % | 1/31/2028 | £ | 5,470 | $ | 6,111 | $ | 6,109 | (5 | )(8)(10) | ||||||||||||||||||||||||||
Renaissance Holding Corp. |
Education Services | First Lien Term Loan | SOFR+ | 4.75 | % | 10.07 | % | 4/7/2030 | $ |
16,000 |
|
15,552 | 15,900 | (5 | ) | |||||||||||||||||||||||||||
Resistance Acquisition, Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.75 | % | 13.06 | % | 9/21/2028 | 18,387 | 17,930 | 17,927 | (5 | )(8) | |||||||||||||||||||||||||||||
Resistance Acquisition, Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 7.75 | % | 9/21/2028 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services | First Lien Term Loan | SOFR+ | 10.00 | % | 15.24 | % | 10/7/2026 | 15,595 | 15,118 | 15,127 | (5 | )(8) | |||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services | First Lien Revolver | SOFR+ | 10.00 | % | 10/7/2026 | — | (58 | ) | (57 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Salus Workers’ Compensation, LLC |
Diversified Financial Services | Warrants | 606,357 | 200 | 994 | (8 | ) | |||||||||||||||||||||||||||||||||||
SCIH Salt Holdings Inc. |
Diversified Metals & Mining | First Lien Term Loan | SOFR+ | 4.00 | % | 9.63 | % | 3/16/2027 | 22,904 | 22,626 | 22,801 | (5 | ) | |||||||||||||||||||||||||||||
SCIH Salt Holdings Inc. |
Diversified Metals & Mining | Fixed Rate Bond | 4.88 | % | 5/1/2028 | 5,000 | 4,516 | 4,418 | ||||||||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services | Second Lien Term Loan | SOFR+ | 8.75 | % | 14.18 | % | 10/7/2030 | 5,881 | 5,726 | 5,710 | (5 | )(8) | |||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services | Second Lien Term Loan | SOFR+ | 8.75 | % | 10/7/2030 | — | (26 | ) | (50 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
SCP Eye Care Services, LLC |
Health Care Services | Common Stock | 761 | 761 | 698 | (8 | ) | |||||||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 8.75 | % | 11.75 | % | 10/13/2027 | 7,654 | 7,323 | 7,329 | (5 | )(8) | |||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 8.75 | % | 10/13/2027 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | First Lien Term Loan | SOFR+ | 8.75 | % | 10/13/2027 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
scPharmaceuticals Inc. |
Pharmaceuticals | Warrants | 79,075 | 258 | 380 | (8 | ) | |||||||||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 6.75 | % | 12.14 | % | 3/27/2028 | 17,420 | 16,951 | 16,949 | (5 | )(8) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors | First Lien Term Loan | SOFR+ | 6.75 | % | 12.15 | % | 3/27/2028 | 1,368 | 1,329 | 1,334 | (5 | )(8)(9) | |||||||||||||||||||||||||||||
SEI Holding I Corporation |
Trading Companies & Distributors | First Lien Revolver | SOFR+ | 6.75 | % | 3/27/2028 | — | (40 | ) | (41 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan | SOFR+ | 7.88 | % | 12.88 | % | 4/27/2029 | 11,547 | 11,135 | 11,139 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan | SOFR+ | 7.88 | % | 12.88 | % | 4/27/2029 | 4,330 | 4,176 | 4,177 | (5 | )(8)(10) | |||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan | SOFR+ | 7.88 | % | 4/27/2029 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | First Lien Term Loan | SOFR+ | 7.88 | % | 4/27/2029 | — | — | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Seres Therapeutics, Inc. |
Biotechnology | Warrants | 93,470 | 293 | 140 | (8 | )(10) | |||||||||||||||||||||||||||||||||||
SM Wellness Holdings, Inc. |
Health Care Services | First Lien Term Loan | SOFR+ | 4.75 | % | 10.38 | % | 4/17/2028 | 12,818 | 11,979 | 12,049 | (5 | )(8) | |||||||||||||||||||||||||||||
Southern Veterinary Partners, LLC |
Health Care Facilities | First Lien Term Loan | SOFR+ | 4.00 | % | 9.43 | % | 10/5/2027 | 20,664 | 20,456 | 20,564 | (5 | ) | |||||||||||||||||||||||||||||
SPX Flow, Inc. |
Industrial Machinery & Supplies & Components | First Lien Term Loan | SOFR+ | 4.50 | % | 9.92 | % | 4/5/2029 | 24,496 | 23,683 | 24,477 | (5 | ) | |||||||||||||||||||||||||||||
Star Parent, Inc. |
Life Sciences Tools & Services | First Lien Term Loan | SOFR+ | 4.00 | % | 9.33 | % | 9/28/2030 | 28,000 | 27,580 | 27,419 | (5 | ) | |||||||||||||||||||||||||||||
Sunshine Luxembourg VII Sarl |
Personal Care Products | First Lien Term Loan | SOFR+ | 3.75 | % | 9.24 | % | 10/1/2026 | 10,360 | 10,108 | 10,355 | (5 | )(10) | |||||||||||||||||||||||||||||
Superior Industries International, Inc. |
Auto Parts & Equipment | First Lien Term Loan | SOFR+ | 8.00 | % | 13.32 | % | 12/16/2028 | 33,311 | 32,444 | 33,061 | (5 | )(8) | |||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00 | % | 12.51 | % | 12/31/2026 | 8,196 | 8,090 | 7,807 | (5 | )(8)(13) | |||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00 | % | 12.51 | % | 12/31/2026 | 702 | 693 | 668 | (5 | )(8)(13) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | First Lien Term Loan | SOFR+ | 7.00 | % | 12.51 | % | 12/31/2026 | 281 | 271 | 241 | (5 | )(8)(9)(13) | |||||||||||||||||||||||||||||||
Supreme Fitness Group NY Holdings, LLC |
Leisure Facilities | First Lien Revolver | SOFR+ | 7.00 | % | 12.44 | % | 12/31/2026 | 396 | 391 | 377 | (5 | )(8)(13) | |||||||||||||||||||||||||||||||
Tacala, LLC |
Restaurants | First Lien Term Loan | SOFR+ | 3.50 | % | 9.43 | % | 2/5/2027 | 11,945 | 11,703 | 11,919 | (5 | ) | |||||||||||||||||||||||||||||||
Tacala, LLC |
Restaurants | Second Lien Term Loan | SOFR+ | 8.00 | % | 13.43 | % | 2/4/2028 | 7,310 | 7,129 | 7,094 | (5 | ) | |||||||||||||||||||||||||||||||
Ten-X LLC |
Interactive Media & Services | First Lien Term Loan | SOFR+ | 6.00 | % | 11.32 | % | 5/26/2028 | $ |
24,934 |
|
$ | 23,766 | $ | 23,999 | (5 | )(8) | |||||||||||||||||||||||||||
THL Zinc Ventures Ltd |
Diversified Metals & Mining | First Lien Term Loan | 13.00 | % | 5/23/2026 | 39,751 | 39,296 | 39,318 | (8 | )(10) | ||||||||||||||||||||||||||||||||||
TIBCO Software Inc. |
Application Software | First Lien Term Loan | SOFR+ | 4.50 | % | 9.99 | % | 3/30/2029 | 17,755 | 16,613 | 17,103 | (5 | ) | |||||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. |
Health Care Supplies | First Lien Term Loan | SOFR+ | 6.00 | % | 11.42 | % | 12/29/2028 | 8,485 | 8,357 | 8,261 | (5 | )(8) | |||||||||||||||||||||||||||||||
Transit Buyer LLC |
Diversified Support Services | First Lien Term Loan | SOFR+ | 6.25 | % | 11.70 | % | 1/31/2029 | 8,427 | 8,277 | 8,309 | (5 | )(8) | |||||||||||||||||||||||||||||||
Transit Buyer LLC |
Diversified Support Services | First Lien Term Loan | SOFR+ | 6.25 | % | 1/31/2029 | — | (69 | ) | (54 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Trident TPI Holdings, Inc. |
Metal, Glass & Plastic Containers | First Lien Term Loan | SOFR+ | 4.00 | % | 9.65 | % | 9/15/2028 | 4,987 | 4,987 | 4,978 | (5 | ) | |||||||||||||||||||||||||||||||
Trinitas CLO XII |
Multi-Sector Holdings | CLO Notes | SOFR+ | 4.26 | % | 9.61 | % | 4/25/2033 | 4,500 | 4,394 | 4,403 | (5 | )(10) | |||||||||||||||||||||||||||||||
Trinitas CLO XV DAC |
Multi-Sector Holdings | CLO Notes | SOFR+ | 7.71 | % | 13.06 | % | 4/22/2034 | 1,000 | 816 | 917 | (5 | )(10) | |||||||||||||||||||||||||||||||
Uniti Group LP |
Other Specialized REITs | Fixed Rate Bond | 6.50 | % | 2/15/2029 | 1,750 | 1,630 | 1,148 | (10 | ) | ||||||||||||||||||||||||||||||||||
Uniti Group LP |
Other Specialized REITs | Fixed Rate Bond | 4.75 | % | 4/15/2028 | 2,200 | 1,944 | 1,799 | (10 | ) | ||||||||||||||||||||||||||||||||||
WAVE 2019-1 |
Specialized Finance | CLO Notes | 3.60 | % | 9/15/2044 | 5,183 | 4,282 | 4,251 | ||||||||||||||||||||||||||||||||||||
Wellfleet CLO 2022-2, Ltd. |
Multi-Sector Holdings | CLO Notes | SOFR+ | 8.56 | % | 13.87 | % | 10/18/2035 | 1,500 | 1,444 | 1,494 | (5 | )(10) | |||||||||||||||||||||||||||||||
WP CPP Holdings, LLC |
Aerospace & Defense | First Lien Term Loan | SOFR+ | 3.75 | % | 9.27 | % | 4/30/2025 | 9,633 | 9,108 | 9,090 | (5 | ) | |||||||||||||||||||||||||||||||
WWEX Uni Topco Holdings, LLC |
Air Freight & Logistics | First Lien Term Loan | SOFR+ | 4.00 | % | 9.65 | % | 7/26/2028 | 6,895 | 6,590 | 6,800 | (5 | ) | |||||||||||||||||||||||||||||||
Total Non-Control/Non-Affiliate |
$ |
1,922,218 |
$ |
1,927,237 |
||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash (9.9% of net assets) |
$ |
151,136 |
$ |
151,136 |
||||||||||||||||||||||||||||||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents and Restricted Cash (135.9% of net assets) |
$ |
2,073,354 |
$ |
2,078,373 |
||||||||||||||||||||||||||||||||||||||||
Derivative Instrument |
Notional Amount to be Purchased |
Notional Amount to be Sold |
Maturity Date |
Counterparty |
Cumulative Unrealized Appreciation / (Depreciation) |
|||||||||||||
Foreign currency forward contract |
$ | 47,642 | € | 43,834 | 11/9/2023 | Bank of New York Mellon | $ | 1,164 | ||||||||||
Foreign currency forward contract |
$ | 20,888 | £ | 16,392 | 11/9/2023 | Bank of New York Mellon | 877 | |||||||||||
$ |
2,041 |
|||||||||||||||||
(1) | All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. |
(2) | See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. |
(3) | Each of the Company’s investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. |
(4) | Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. |
(5) | The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate (“SOFR”), the London Interbank Offered Rate (“LIBOR” or “L”), the sterling overnight index average (“SONIA”) and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2023, the reference rates for
the Company’s variable rate loans were the 30-day SOFR at 5.32%, the 90-day SOFR at 5.39%, the 180-day SOFR at 5.47%, the 90-day LIBOR at 5.65%, the SONIA at 5.19%, the 30-day EURIBOR at 3.42%, the 90-day EURIBOR at 3.82% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. |
(6) | Principal includes accumulated payment in kind (“PIK”) interest and is net of repayments, if any. “€” signifies the investment is denominated in Euros. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars. |
(7) | Non-Control/Non-Affiliate |
(8) | As of September 30, 2023, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures |
(9) | Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. |
(10) | Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, qualifying assets represented 78.1% of the Company’s total assets and non-qualifying assets represented 21.9% of the Company’s total assets. |
(11) | This investment represents a participation interest in the underlying securities shown. |
(12) | This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan. |
(13) | This investment was renamed during the three months ended March 31, 2023. For periods prior to March 31, 2023, this investment was referenced as PFNY Holdings, LLC. |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4)(5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Non-Control/Non-Affiliate |
(7 | ) | ||||||||||||||||||||||||||||||||||||||||||
Access CIG, LLC |
Diversified Support Services | First Lien Term Loan | L+ | 3.75 | % | 6.82 | % | 2/27/2025 | $ | 3,984 | $ | 3,870 | $ | 3,826 | (5 | ) | ||||||||||||||||||||||||||||
Access CIG, LLC |
Diversified Support Services | Second Lien Term Loan | L+ | 7.75 | % | 10.82 | % | 2/27/2026 | 4,000 | 3,982 | 3,815 | (5 | ) | |||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | First Lien Term Loan | SOFR+ | 7.50 | % | 11.20 | % | 8/15/2029 | 10,406 | 9,881 | 9,890 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | First Lien Term Loan | SOFR+ | 7.50 | % | 8/15/2029 | — | (60 | ) | (58 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
ADC Therapeutics SA |
Biotechnology | Warrants | 45,727 | 275 | 115 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | Second Lien Term Loan | SOFR+ | 7.75 | % | 10.88 | % | 12/23/2029 | 4,563 | 4,481 | 4,403 | (5 | )(8) | |||||||||||||||||||||||||||||||
AIP RD Buyer Corp. |
Distributors | Common Stock | 4,560 | 428 | 409 | (8 | ) | |||||||||||||||||||||||||||||||||||||
Altice France S.A. |
Integrated Telecommunication Services | First Lien Term Loan | L+ | 4.00 | % | 6.91 | % | 8/14/2026 | 1,995 | 1,905 | 1,815 | (5 | )(10) | |||||||||||||||||||||||||||||||
Altice France S.A. |
Integrated Telecommunication Services | Fixed Rate Bond | 5.50 | % | 10/15/2029 | 3,200 | 2,685 | 2,416 | (10 | ) | ||||||||||||||||||||||||||||||||||
American Auto Auction Group, LLC |
Consumer Finance | Second Lien Term Loan | SOFR+ | 8.75 | % | 12.30 | % | 1/2/2029 | 6,901 | 6,776 | 6,211 | (5 | )(8) | |||||||||||||||||||||||||||||||
American Rock Salt Company LLC |
Diversified Metals & Mining | First Lien Term Loan | L+ | 4.00 | % | 7.12 | % | 6/9/2028 | 3,990 | 3,817 | 3,706 | (5 | ) | |||||||||||||||||||||||||||||||
American Tire Distributors, Inc. |
Distributors | First Lien Term Loan | L+ | 6.25 | % | 9.03 | % | 10/20/2028 | 3,980 | 3,960 | 3,738 | (5 | ) | |||||||||||||||||||||||||||||||
Anastasia Parent, LLC |
Personal Products | First Lien Term Loan | L+ | 3.75 | % | 7.42 | % | 8/11/2025 | 6,912 | 5,802 | 5,530 | (5 | ) | |||||||||||||||||||||||||||||||
Apex Group Treasury LLC |
Other Diversified Financial Services | First Lien Term Loan | SOFR+ | 5.00 | % | 9.13 | % | 7/27/2028 | 6,000 | 5,610 | 5,865 | (5 | )(10) | |||||||||||||||||||||||||||||||
APX Group Inc. |
Electrical Components & Equipment | First Lien Term Loan | L+ | 3.50 | % | 6.24 | % | 7/10/2028 | 1,995 | 1,881 | 1,891 | (5 | )(10) | |||||||||||||||||||||||||||||||
APX Group Inc. |
Electrical Components & Equipment | Fixed Rate Bond | 5.75 | % | 7/15/2029 | 275 | 229 | 218 | (10 | ) | ||||||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC |
Insurance Brokers | First Lien Term Loan | E+ | 6.50 | % | 7/14/2026 | € | — | (280 | ) | — | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
ASP Unifrax Holdings, Inc. |
Trading Companies & Distributors | First Lien Term Loan | L+ | 3.75 | % | 7.42 | % | 12/12/2025 | $ | 4,098 | 3,951 | 3,797 | (5 | ) | ||||||||||||||||||||||||||||||
ASP Unifrax Holdings, Inc. |
Trading Companies & Distributors | Fixed Rate Bond | 7.50 | % | 9/30/2029 | 1,200 | 1,158 | 794 | ||||||||||||||||||||||||||||||||||||
ASP Unifrax Holdings, Inc. |
Trading Companies & Distributors | Fixed Rate Bond | 5.25 | % | 9/30/2028 | 250 | 222 | 193 | ||||||||||||||||||||||||||||||||||||
ASP-R-PAC |
Paper Packaging | First Lien Term Loan | L+ | 6.00 | % | 9.67 | % | 12/29/2027 | 4,911 | 4,825 | 4,798 | (5 | )(8)(10) | |||||||||||||||||||||||||||||||
ASP-R-PAC |
Paper Packaging | First Lien Revolver | L+ | 6.00 | % | 12/29/2027 | — | (10 | ) | (14 | ) | (5 | )(8)(9)(10) | |||||||||||||||||||||||||||||||
Astra Acquisition Corp. |
Application Software | First Lien Term Loan | L+ | 5.25 | % | 8.37 | % | 10/25/2028 | 4,848 | 4,577 | 4,145 | (5 | ) | |||||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance | First Lien Term Loan | SOFR+ | 4.00 | % | 7.65 | % | 8/19/2028 | 4,000 | 3,803 | 3,423 | (5 | ) | |||||||||||||||||||||||||||||||
Asurion, LLC |
Property & Casualty Insurance | Second Lien Term Loan | L+ | 5.25 | % | 8.37 | % | 1/20/2029 | 8,500 | 7,628 | 6,545 | (5 | ) | |||||||||||||||||||||||||||||||
athenahealth Group Inc. |
Health Care Technology | Preferred Equity | 5,809 | 5,693 | 5,167 | (8 | ) | |||||||||||||||||||||||||||||||||||||
Battery Park CLO II Ltd |
Multi-Sector Holdings | CLO Notes | SOFR+ | 8.36 | % | 12.41 | % | 10/20/2035 | 1,500 | 1,326 | 1,326 | (5 | )(10) | |||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 10.25 | % | 4/19/2027 | 3,130 | 3,005 | 3,007 | (8 | )(10) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 10.25 | % | 4/19/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 9/30/2032 | 1,384 | 1,384 | 1,384 | (8 | )(10)(11) | ||||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | First Lien Term Loan | 9/30/2032 | — | — | — | (8 | )(9)(10)(11) | ||||||||||||||||||||||||||||||||||||
BioXcel Therapeutics, Inc. |
Pharmaceuticals | Warrants | 12,453 | 74 | 58 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc. |
Data Processing & Outsourced Services | First Lien Term Loan | L+ | 3.00 | % | 6.03 | % | 6/15/2025 | 7,020 | 6,780 | 6,581 | (5 | ) | |||||||||||||||||||||||||||||||
Boxer Parent Company Inc. |
Systems Software | First Lien Term Loan | L+ | 3.75 | % | 6.87 | % | 10/2/2025 | 7,965 | 7,644 | 7,570 | (5 | ) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Boxer Parent Company Inc. |
Systems Software | Fixed Rate Bond | 7.13 | % | 10/2/2025 | 500 | 483 | 491 | ||||||||||||||||||||||||||||||||||||
BYJU’s Alpha, Inc. |
Application Software | First Lien Term Loan | L+ | 6.00 | % | 8.98 | % | 11/24/2026 | $ | 4,975 | $ | 4,925 | $ | 3,646 | (5 | )(10) | ||||||||||||||||||||||||||||
Carvana Co. |
Automotive Retail | Fixed Rate Bond | 5.63 | % | 10/1/2025 | 800 | 696 | 564 | (10 | ) | ||||||||||||||||||||||||||||||||||
CCO Holdings LLC |
Cable & Satellite | Fixed Rate Bond | 4.50 | % | 5/1/2032 | 1,281 | 1,064 | 979 | (10 | ) | ||||||||||||||||||||||||||||||||||
Cengage Learning, Inc. |
Education Services | First Lien Term Loan | L+ | 4.75 | % | 7.81 | % | 7/14/2026 | 7,592 | 7,265 | 6,893 | (5 | ) | |||||||||||||||||||||||||||||||
CITGO Petroleum Corp. |
Oil & Gas Refining & Marketing | First Lien Term Loan | L+ | 6.25 | % | 9.37 | % | 3/28/2024 | 3,979 | 3,950 | 3,990 | (5 | ) | |||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | First Lien Term Loan | L+ | 3.50 | % | 6.31 | % | 8/21/2026 | 6,969 | 6,438 | 6,246 | (5 | )(10) | |||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond | 5.13 | % | 8/15/2027 | 726 | 627 | 614 | (10 | ) | ||||||||||||||||||||||||||||||||||
Clear Channel Outdoor Holdings, Inc. |
Advertising | Fixed Rate Bond | 7.75 | % | 4/15/2028 | 174 | 167 | 132 | (10 | ) | ||||||||||||||||||||||||||||||||||
Condor Merger Sub Inc. |
Systems Software | Fixed Rate Bond | 7.38 | % | 2/15/2030 | 4,527 | 4,502 | 3,710 | ||||||||||||||||||||||||||||||||||||
Convergeone Holdings, Inc. |
IT Consulting & Other Services | First Lien Term Loan | L+ | 5.00 | % | 8.12 | % | 1/4/2026 | 4,974 | 4,534 | 3,589 | (5 | ) | |||||||||||||||||||||||||||||||
Covetrus, Inc. |
Health Care Distributors | First Lien Term Loan | SOFR+ | 5.00 | % | 7.65 | % | 9/20/2029 | 7,589 | 7,134 | 7,108 | (5 | ) | |||||||||||||||||||||||||||||||
Dealer Tire, LLC |
Distributors | First Lien Term Loan | L+ | 4.25 | % | 7.37 | % | 12/12/2025 | 3,985 | 3,833 | 3,893 | (5 | ) | |||||||||||||||||||||||||||||||
Delivery Hero FinCo LLC |
Internet & Direct Marketing Retail | First Lien Term Loan | SOFR+ | 5.75 | % | 8.49 | % | 8/12/2027 | 4,988 | 4,890 | 4,757 | (5 | )(10) | |||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Subordinated Debt Term Loan | 10.00 | % | 8/31/2029 | 3,303 | 3,303 | 3,303 | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Preferred Equity | 330 | 330 | 330 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Common Stock | 2 | 2 | 2 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
Delta Leasing SPV II LLC |
Specialized Finance | Warrants | 25 | — | — | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | First Lien Term Loan | L+ | 5.00 | % | 8.12 | % | 8/2/2027 | 7,623 | 7,321 | 7,120 | (5 | ) | |||||||||||||||||||||||||||||||
DirecTV Financing, LLC |
Cable & Satellite | Fixed Rate Bond | 5.88 | % | 8/15/2027 | 750 | 670 | 648 | ||||||||||||||||||||||||||||||||||||
Domtar Corp |
Paper Products | First Lien Term Loan | L+ | 5.50 | % | 8.26 | % | 11/30/2028 | 2,977 | 2,953 | 2,847 | (5 | ) | |||||||||||||||||||||||||||||||
DTI Holdco, Inc. |
Research & Consulting Services | First Lien Term Loan | SOFR+ | 4.75 | % | 7.33 | % | 4/26/2029 | 8,000 | 7,739 | 7,616 | (5 | ) | |||||||||||||||||||||||||||||||
Eagle Parent Corp. |
Industrial Machinery | First Lien Term Loan | SOFR+ | 4.25 | % | 7.80 | % | 4/1/2029 | 2,985 | 2,916 | 2,912 | (5 | ) | |||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology | First Lien Term Loan | 3.00 | % | 6.00 | % | 4/21/2027 | 10,403 | 10,260 | 10,216 | (8 | )(10) | ||||||||||||||||||||||||||||||||
Establishment Labs Holdings Inc. |
Health Care Technology | First Lien Term Loan | 3.00 | % | 6.00 | % | 4/21/2027 | — | 3 | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services | First Lien Term Loan | L+ | 3.75 | % | 7.44 | % | 10/8/2027 | 1,995 | 1,953 | 1,864 | (5 | )(10) | |||||||||||||||||||||||||||||||
Frontier Communications Holdings, LLC |
Integrated Telecommunication Services | Fixed Rate Bond | 6.00 | % | 1/15/2030 | 4,017 | 3,493 | 3,164 | (10 | ) | ||||||||||||||||||||||||||||||||||
Gibson Brands, Inc. |
Leisure Products | First Lien Term Loan | L+ | 5.00 | % | 7.94 | % | 8/11/2028 | 4,967 | 4,793 | 4,024 | (5 | )(8) | |||||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00 | % | 11.04 | % | 6/21/2027 | 17,684 | 17,350 | 17,374 | (5 | )(8) | |||||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines | First Lien Term Loan | SOFR+ | 8.00 | % | 6/21/2027 | — | (67 | ) | (62 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Grove Hotel Parcel Owner, LLC |
Hotels, Resorts & Cruise Lines | First Lien Revolver | SOFR+ | 8.00 | % | 6/21/2027 | — | (33 | ) | (31 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Harbor Purchaser Inc. |
Education Services | First Lien Term Loan | SOFR+ | 5.25 | % | 8.38 | % | 4/9/2029 | 8,550 | 8,197 | 7,813 | (5 | ) | |||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 6.75 | % | 9.49 | % | 8/18/2028 | 15,164 | 14,904 | 14,899 | (5 | )(8) | |||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software | First Lien Term Loan | SOFR+ | 6.75 | % | 8/18/2028 | — | — | — | (5 | )(8)(9) | |||||||||||||||||||||||||||||||||
iCIMs, Inc. |
Application Software | First Lien Revolver | SOFR+ | 6.75 | % | 8/18/2028 | — | (25 | ) | (25 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Impel Neuropharma, Inc. |
Health Care Technology | First Lien Term Loan | 2/15/2031 | 5,129 | 5,129 | 5,129 | (8 | )(11) | ||||||||||||||||||||||||||||||||||||
Impel Neuropharma, Inc. |
Health Care Technology | First Lien Term Loan | SOFR+ | 8.75 | % | 12.45 | % | 3/17/2027 | 4,768 | 4,682 | 4,682 | (5 | )(8) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology | First Lien Term Loan | 11.00 | % | 1/26/2027 | $ | 4,316 | $ | 4,149 | $ | 4,057 | (8 | )(10) | |||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology | First Lien Term Loan | 11.00 | % | 1/26/2027 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||||
Innocoll Pharmaceuticals Limited |
Health Care Technology | Warrants | 36,087 | 85 | 385 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
Iris Holding, Inc. |
Metal & Glass Containers | First Lien Term Loan | SOFR+ | 4.75 | % | 7.89 | % | 6/28/2028 | 8,000 | 7,478 | 7,376 | (5 | )(10) | |||||||||||||||||||||||||||||||
Jamestown CLO XII Ltd. |
Multi-Sector Holdings | CLO Notes | L+ | 7.00 | % | 9.71 | % | 4/20/2032 | 500 | 389 | 410 | (5 | )(10) | |||||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services | First Lien Term Loan | L+ | 6.50 | % | 10.17 | % | 10/29/2027 | 4,852 | 4,803 | 4,755 | (5 | )(8) | |||||||||||||||||||||||||||||||
Kings Buyer, LLC |
Environmental & Facilities Services | First Lien Revolver | L+ | 6.50 | % | 10.17 | % | 10/29/2027 | 117 | 111 | 104 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
KKR Apple Bidco, LLC |
Airport Services | First Lien Term Loan | SOFR+ | 4.00 | % | 7.06 | % | 9/22/2028 | 3,000 | 2,970 | 2,949 | (5 | ) | |||||||||||||||||||||||||||||||
LABL Inc |
Office Services & Supplies | First Lien Term Loan | L+ | 5.00 | % | 8.12 | % | 10/29/2028 | 8,786 | 8,366 | 7,971 | (5 | ) | |||||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors | First Lien Term Loan | L+ | 6.00 | % | 9.12 | % | 1/31/2028 | 9,134 | 8,972 | 8,883 | (5 | )(8) | |||||||||||||||||||||||||||||||
LSL Holdco, LLC |
Health Care Distributors | First Lien Revolver | L+ | 6.00 | % | 9.12 | % | 1/31/2028 | 812 | 794 | 784 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
LTI Holdings, Inc. |
Electronic Components | First Lien Term Loan | L+ | 3.25 | % | 6.37 | % | 9/6/2025 | 6,964 | 6,650 | 6,462 | (5 | ) | |||||||||||||||||||||||||||||||
McAfee Corp. |
Systems Software | First Lien Term Loan | SOFR+ | 3.75 | % | 6.36 | % | 3/1/2029 | 6,983 | 6,561 | 6,388 | (5 | ) | |||||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | First Lien Term Loan | 8.00 | % | 1.75 | % | 11/19/2026 | 2,284 | 2,105 | 2,039 | (8 | )(10) | ||||||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | First Lien Term Loan | 8.00 | % | 1.75 | % | 11/19/2026 | — | — | — | (8 | )(9)(10) | ||||||||||||||||||||||||||||||||
Mesoblast, Inc. |
Biotechnology | Warrants | 66,347 | 152 | 54 | (8 | )(10) | |||||||||||||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC |
Diversified Support Services | First Lien Term Loan | SOFR+ | 6.25 | % | 9.75 | % | 7/21/2027 | 8,197 | 8,006 | 7,911 | (5 | )(8) | |||||||||||||||||||||||||||||||
Mitchell International, Inc. |
Application Software | Second Lien Term Loan | L+ | 6.50 | % | 9.57 | % | 10/15/2029 | 4,000 | 3,786 | 3,690 | (5 | ) | |||||||||||||||||||||||||||||||
MRI Software LLC |
Application Software | First Lien Term Loan | L+ | 5.50 | % | 9.17 | % | 2/10/2026 | 4,149 | 4,076 | 4,033 | (5 | )(8) | |||||||||||||||||||||||||||||||
MRI Software LLC |
Application Software | First Lien Term Loan | L+ | 5.50 | % | 2/10/2026 | — | (13 | ) | (134 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
NFP Corp. |
Other Diversified Financial Services | Fixed Rate Bond | 6.88 | % | 8/15/2028 | 2,284 | 2,155 | 1,785 | ||||||||||||||||||||||||||||||||||||
Nidda BondCo GmbH |
Health Care Services | Fixed Rate Bond | 3.50 | % | 9/30/2024 | € | 500 | 462 | 446 | (10 | ) | |||||||||||||||||||||||||||||||||
OEConnection LLC |
Application Software | Second Lien Term Loan | L+ | 7.00 | % | 10.05 | % | 9/25/2027 | $ |
5,355 |
|
5,263 | 5,154 | (5 | )(8) | |||||||||||||||||||||||||||||
OFSI BSL CLO XI, Ltd. |
Multi-Sector Holdings | CLO Notes | SOFR+ | 7.60 | % | 9.12 | % | 7/18/2031 | 2,500 | 2,156 | 2,265 | (5 | )(10) | |||||||||||||||||||||||||||||||
Park Place Technologies, LLC |
Internet Services & Infrastructure | First Lien Term Loan | SOFR+ | 5.00 | % | 8.13 | % | 11/10/2027 | 1,995 | 1,936 | 1,899 | (5 | ) | |||||||||||||||||||||||||||||||
Peloton Interactive, Inc. |
Leisure Products | First Lien Term Loan | SOFR+ | 6.50 | % | 8.35 | % | 5/25/2027 | 7,980 | 7,674 | 7,813 | (5 | )(10) | |||||||||||||||||||||||||||||||
PetSmart LLC |
Specialty Stores | First Lien Term Loan | L+ | 3.75 | % | 6.87 | % | 2/11/2028 | 1,995 | 1,875 | 1,895 | (5 | ) | |||||||||||||||||||||||||||||||
PFNY Holdings, LLC |
Leisure Facilities | First Lien Term Loan | L+ | 7.00 | % | 9.28 | % | 12/31/2026 | 8,279 | 8,139 | 8,196 | (5 | )(8) | |||||||||||||||||||||||||||||||
PFNY Holdings, LLC |
Leisure Facilities | First Lien Term Loan | L+ | 7.00 | % | 9.25 | % | 12/31/2026 | 705 | 692 | 697 | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
PFNY Holdings, LLC |
Leisure Facilities | First Lien Revolver | L+ | 7.00 | % | 12/31/2026 | — | (7 | ) | (4 | ) | (5 | )(8)(9) | |||||||||||||||||||||||||||||||
Profrac Holdings II, LLC |
Industrial Machinery | First Lien Term Loan | SOFR+ | 8.50 | % | 10.01 | % | 3/4/2025 | 6,387 | 6,235 | 6,259 | (5 | )(8) | |||||||||||||||||||||||||||||||
Radiology Partners Inc. |
Health Care Distributors | First Lien Term Loan | L+ | 4.25 | % | 7.33 | % | 7/9/2025 | 6,253 | 5,873 | 5,297 | (5 | ) | |||||||||||||||||||||||||||||||
Radiology Partners Inc. |
Health Care Distributors | Fixed Rate Bond | 9.25 | % | 2/1/2028 | 1,950 | 1,938 | 1,275 | ||||||||||||||||||||||||||||||||||||
Renaissance Holding Corp. |
Diversified Banks | First Lien Term Loan | L+ | 3.25 | % | 6.37 | % | 5/30/2025 | 2,238 | 2,134 | 2,135 | (5 | ) | |||||||||||||||||||||||||||||||
RP Escrow Issuer LLC |
Health Care Distributors | Fixed Rate Bond | 5.25 | % | 12/15/2025 | 333 | 306 | 276 | ||||||||||||||||||||||||||||||||||||
SM Wellness Holdings, Inc. |
Health Care Services | First Lien Term Loan | L+ | 4.75 | % | 7.49 | % | 4/17/2028 | 6,430 | 6,223 | 6,108 | (5 | )(8) |
Portfolio Company |
Industry |
Type of Investment (1)(2)(3) |
Index |
Spread |
Cash Interest Rate (4) (5) |
PIK |
Maturity Date |
Shares |
Principal (6) |
Cost |
Fair Value |
Notes |
||||||||||||||||||||||||||||||||
Southern Veterinary Partners, LLC |
Health Care Facilities | First Lien Term Loan | L+ | 4.00 | % | 7.12 | % | 10/5/2027 | $ |
3,242 |
|
$ | 3,096 | $ | 3,076 | (5 | ) | |||||||||||||||||||||||||||
SPX Flow, Inc. |
Industrial Machinery | First Lien Term Loan | SOFR+ | 4.50 | % | 7.63 | % | 4/5/2029 | 9,500 | 9,105 | 8,823 | (5 | ) | |||||||||||||||||||||||||||||||
Surgery Center Holdings, Inc. |
Health Care Facilities | First Lien Term Loan | L+ | 3.75 | % | 6.51 | % | 8/31/2026 | 6,977 | 6,724 | 6,639 | (5 | ) | |||||||||||||||||||||||||||||||
Tacala, LLC |
Restaurants | Second Lien Term Loan | L+ | 7.50 | % | 10.62 | % | 2/4/2028 | 7,310 | 7,090 | 6,725 | (5 | ) | |||||||||||||||||||||||||||||||
TIBCO Software Inc. |
Application Software | First Lien Term Loan | SOFR+ | 4.50 | % | 8.15 | % | 3/30/2029 | 8,834 | 8,039 | 7,949 | (5 | ) | |||||||||||||||||||||||||||||||
Touchstone Acquisition, Inc. |
Health Care Supplies | First Lien Term Loan | L+ | 6.00 | % | 9.12 | % | 12/29/2028 | 8,571 | 8,417 | 8,400 | (5 | )(8) | |||||||||||||||||||||||||||||||
Uniti Group LP |
Specialized REITs | Fixed Rate Bond | 6.50 | % | 2/15/2029 | 1,750 | 1,613 | 1,177 | (10 | ) | ||||||||||||||||||||||||||||||||||
Uniti Group LP |
Specialized REITs | Fixed Rate Bond | 4.75 | % | 4/15/2028 | 2,200 | 1,899 | 1,743 | (10 | ) | ||||||||||||||||||||||||||||||||||
Vertiv Group Corporation |
Electrical Components & Equipment | Fixed Rate Bond | 4.13 | % | 11/15/2028 | 1,500 | 1,258 | 1,210 | (10 | ) | ||||||||||||||||||||||||||||||||||
Wellfleet CLO 2022-2, Ltd. |
Multi-Sector Holdings | CLO Notes | SOFR+ | 8.56 | % | 12.17 | % | 10/18/2035 | 1,500 | 1,440 | 1,440 | (5 | )(10) | |||||||||||||||||||||||||||||||
WP CPP Holdings, LLC |
Aerospace & Defense | First Lien Term Loan | L+ | 3.75 | % | 6.56 | % | 4/30/2025 | 5,730 | 5,388 | 5,147 | (5 | ) | |||||||||||||||||||||||||||||||
WWEX Uni Topco Holdings, LLC |
Air Freight & Logistics | First Lien Term Loan | L+ | 4.00 | % | 7.67 | % | 7/26/2028 | 6,965 | 6,585 | 6,363 | (5 | ) | |||||||||||||||||||||||||||||||
Zayo Group Holdings, Inc. |
Alternative Carriers | First Lien Term Loan | L+ | 3.00 | % | 6.12 | % | 3/9/2027 | 7,000 | 6,467 | 5,882 | (5 | ) | |||||||||||||||||||||||||||||||
Zayo Group Holdings, Inc. |
Alternative Carriers | Fixed Rate Bond | 4.00 | % | 3/1/2027 | 1,700 | 1,427 | 1,368 | ||||||||||||||||||||||||||||||||||||
Total Non-Control/Non- |
$ |
444,725 |
$ |
428,556 |
||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (15.9% of net assets) |
$ |
58,443 |
$ |
58,443 |
||||||||||||||||||||||||||||||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents (132.8% of net assets) |
$ |
503,168 |
$ |
486,999 |
||||||||||||||||||||||||||||||||||||||||
Derivative Instrument |
Notional Amount to be Purchased |
Notional Amount to be Sold |
Maturity Date |
Counterparty |
Cumulative Unrealized Appreciation / (Depreciation) |
|||||||||||||
Foreign currency forward contract |
$ | 187 | € | 178 | 11/10/2022 | Bank of New York Mellon | $ | 13 | ||||||||||
$ |
13 |
|||||||||||||||||
(1) | All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. |
(2) | See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. |
(3) | Each of the Company’s investments is pledged as collateral under the Company’s senior secured credit facility. |
(4) | Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. |
(5) | The interest rate on the principal balance outstanding for most floating rate loans is indexed to LIBOR, SOFR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2022, the reference rates for the Company’s variable rate loans were the 30-day LIBOR at 3.12%,
the 90-day LIBOR at 3.67%, the 180-day LIBOR at 4.17%, the 360-day LIBOR at 4.78%, the 30-day SOFR at 3.03%, the 90-day SOFR at 3.55% and the 180-day SOFR at 3.98%. Most loans include an interest floor, which generally ranges from 0% to 1%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. |
(6) | Principal includes accumulated PIK interest and is net of repayments, if any. |
(7) | Non-Control/Non-Affiliate |
(8) | As of September 30, 2022, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs. |
(9) | Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. |
(10) | Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2022, qualifying assets represented 80.0% of the Company’s total assets and non-qualifying assets represented 20.0% of the Company’s total assets. |
(11) | This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan. |
• | Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. |
• | Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. |
• | Level 3 — Unobservable inputs that reflect the Adviser’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
• | The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser’s valuation team; |
• | Preliminary valuations are then reviewed and discussed with management of the Adviser; |
• | Separately, independent valuation firms prepare valuations of the Company’s investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to the Adviser; |
• | The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee; |
• | The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and |
• | The Adviser, as valuation designee, determines the fair value of each investment in the Company’s portfolio. |
Cost: |
% of Total Investments |
% of Total Investments |
||||||||||||||
Senior Secured Debt |
$ | 1,814,372 | 94.39 | % | $ | 415,550 | 93.44 | % | ||||||||
Subordinated Debt |
98,352 | 5.12 | % | 22,136 | 4.98 | % | ||||||||||
Preferred Equity |
6,023 | 0.31 | % | 6,023 | 1.35 | % | ||||||||||
Common Equity and Warrants |
3,471 | 0.18 | % | 1,016 | 0.23 | % | ||||||||||
Total |
$ |
1,922,218 |
100.00 |
% |
$ |
444,725 |
100.00 |
% | ||||||||
Fair Value: |
% of Total Investments |
% of Net Assets |
% of Total Investments |
% of Net Assets |
||||||||||||||||||||
Senior Secured Debt |
$ | 1,817,981 | 94.32 | % | 118.88 | % | $ | 402,658 | 93.96 | % | 109.80 | % | ||||||||||||
Subordinated Debt |
97,616 | 5.07 | % | 6.38 | % | 19,378 | 4.52 | % | 5.28 | % | ||||||||||||||
Common Equity and Warrants |
5,892 | 0.31 | % | 0.39 | % | 1,023 | 0.24 | % | 0.28 | % | ||||||||||||||
Preferred Equity |
5,748 | 0.30 | % | 0.38 | % | 5,497 | 1.28 | % | 1.50 | % | ||||||||||||||
Total |
$ |
1,927,237 |
100.00 |
% |
126.03 |
% |
$ |
428,556 |
100.00 |
% |
116.86 |
% | ||||||||||||
Fair Value |
% of Debt Investments |
Fair Value |
% of Debt Investments |
|||||||||||||
Floating rate |
$ | 1,716,908 | 89.63 | % | $ | 369,698 | 87.60 | % | ||||||||
Fixed rate |
198,689 | 10.37 | % | 52,338 | 12.40 | % | ||||||||||
Total |
$ |
1,915,597 |
100.00 |
% |
$ |
422,036 |
100.00 |
% | ||||||||
Cost: |
% of Total Investments |
% of Total Investments |
||||||||||||||
United States |
$ | 1,673,820 | 87.08 | % | $ | 404,169 | 90.88 | % | ||||||||
Canada |
56,725 | 2.95 | % | — | — | % | ||||||||||
United Kingdom |
44,465 | 2.31 | % | (280 | ) | (0.06 | )% | |||||||||
Luxembourg |
41,426 | 2.16 | % | — | — | % | ||||||||||
India |
39,296 | 2.04 | % | 4,925 | 1.11 | % | ||||||||||
France |
14,735 | 0.77 | % | 4,590 | 1.03 | % | ||||||||||
Cayman Islands |
12,746 | 0.66 | % | — | — | % | ||||||||||
Costa Rica |
12,684 | 0.66 | % | 10,263 | 2.31 | % | ||||||||||
Chile |
11,191 | 0.58 | % | — | — | % | ||||||||||
Switzerland |
10,172 | 0.53 | % | 10,096 | 2.27 | % | ||||||||||
Netherlands |
4,958 | 0.26 | % | — | — | % | ||||||||||
Germany |
— |
— | % | 5,352 | 1.20 | % | ||||||||||
Ireland |
— |
— | % | 5,610 | 1.26 | % | ||||||||||
Total |
$ |
1,922,218 |
100.00 |
% |
$ |
444,725 |
100.00 |
% | ||||||||
Fair Value: |
% of Total Investments |
% of Net Assets |
% of Total Investments |
% of Net Assets |
||||||||||||||||||||
United States |
$ | 1,677,990 | 87.07 | % | 109.75 | % | $ | 389,448 | 90.88 | % | 106.20 | % | ||||||||||||
Canada |
56,622 | 2.94 | % | 3.70 | % | — | — | % | — | % | ||||||||||||||
United Kingdom |
45,181 | 2.34 | % | 2.95 | % | — | — | % | — | % | ||||||||||||||
Luxembourg |
41,043 | 2.13 | % | 2.68 | % | — | — | % | — | % | ||||||||||||||
India |
39,318 | 2.04 | % | 2.57 | % | 3,646 | 0.85 | % | 0.99 | % | ||||||||||||||
France |
13,647 | 0.71 | % | 0.89 | % | 4,231 | 0.99 | % | 1.15 | % | ||||||||||||||
Cayman Islands |
13,135 | 0.68 | % | 0.86 | % | — | — | % | — | % | ||||||||||||||
Chile |
12,529 | 0.65 | % | 0.82 | % | — | — | % | — | % | ||||||||||||||
Costa Rica |
12,369 | 0.64 | % | 0.81 | % | 10,216 | 2.38 | % | 2.79 | % | ||||||||||||||
Switzerland |
9,861 | 0.51 | % | 0.64 | % | 9,947 | 2.32 | % | 2.71 | % | ||||||||||||||
Netherlands |
5,542 | 0.29 | % | 0.36 | % | — | — | % | — | % | ||||||||||||||
Germany |
— |
— | % | — | % | 5,203 | 1.21 | % | 1.42 | % | ||||||||||||||
Ireland |
— |
— | % | — | % | 5,865 | 1.37 | % | 1.60 | % | ||||||||||||||
Total |
$ |
1,927,237 |
100.00 |
% |
126.03 |
% |
$ |
428,556 |
100.00 |
% |
116.86 |
% | ||||||||||||
Cost: |
% of Total Investments |
% of Total Investments |
||||||||||||||
Application Software |
$ | 261,061 | 13.60 | % | $ | 45,532 | 10.21 | % | ||||||||
Other Specialty Retail |
104,787 | 5.45 | % | 1,875 | 0.42 | % | ||||||||||
Diversified Metals & Mining |
95,842 | 4.99 | % | 3,817 | 0.86 | % | ||||||||||
Electrical Components & Equipment |
75,692 | 3.94 | % | 3,368 | 0.76 | % | ||||||||||
Environmental & Facilities Services |
75,632 | 3.93 | % | 4,914 | 1.10 | % | ||||||||||
Aerospace & Defense |
75,592 | 3.93 | % | 5,388 | 1.21 | % | ||||||||||
Health Care Technology |
71,145 | 3.70 | % | 30,001 | 6.75 | % | ||||||||||
Systems Software |
70,431 | 3.66 | % | 19,190 | 4.32 | % | ||||||||||
Pharmaceuticals |
64,066 | 3.33 | % | 4,463 | 1.00 | % | ||||||||||
Education Services |
61,437 | 3.20 | % | 15,462 | 3.48 | % | ||||||||||
Health Care Services |
57,898 | 3.01 | % | 6,685 | 1.50 | % | ||||||||||
Distributors |
52,155 | 2.71 | % | 12,702 | 2.86 | % | ||||||||||
Specialized Finance |
48,354 | 2.52 | % | 3,635 | 0.82 | % | ||||||||||
Personal Care Products |
44,968 | 2.34 | % | 5,802 | 1.30 | % | ||||||||||
Property & Casualty Insurance |
41,399 | 2.15 | % | 11,431 | 2.57 | % | ||||||||||
Integrated Telecommunication Services |
41,352 | 2.15 | % | 10,036 | 2.26 | % | ||||||||||
Diversified Support Services |
40,107 | 2.09 | % | 15,858 | 3.57 | % | ||||||||||
Health Care Equipment |
39,946 | 2.08 | % | — | — | % | ||||||||||
Health Care Supplies |
36,745 | 1.91 | % | 8,417 | 1.89 | % | ||||||||||
Biotechnology |
36,433 | 1.90 | % | 12,353 | 2.78 | % | ||||||||||
Health Care Distributors |
32,575 | 1.69 | % | 25,017 | 5.63 | % | ||||||||||
Auto Parts & Equipment |
32,444 | 1.69 | % | — | — | % | ||||||||||
Diversified Financial Services |
31,405 | 1.63 | % | 7,765 | 1.75 | % | ||||||||||
Industrial Machinery & Supplies & Components |
29,675 | 1.54 | % | 18,256 | 4.11 | % | ||||||||||
Multi-Sector Holdings |
28,293 | 1.47 | % | 5,311 | 1.19 | % | ||||||||||
Gold |
27,607 | 1.44 | % | — | — | % | ||||||||||
Life Sciences Tools & Services |
27,580 | 1.43 | % | — | — | % | ||||||||||
Metal, Glass & Plastic Containers |
25,834 | 1.34 | % | 7,478 | 1.68 | % | ||||||||||
Trading Companies & Distributors |
25,328 | 1.32 | % | 5,331 | 1.20 | % | ||||||||||
Cable & Satellite |
24,678 | 1.28 | % | 9,055 | 2.04 | % | ||||||||||
Interactive Media & Services |
23,766 | 1.24 | % | — | — | % | ||||||||||
Office Services & Supplies |
21,160 | 1.10 | % | 8,366 | 1.88 | % | ||||||||||
Research & Consulting Services |
20,717 | 1.08 | % | 7,739 | 1.74 | % | ||||||||||
Health Care Facilities |
20,456 | 1.06 | % | 9,820 | 2.21 | % | ||||||||||
Restaurants |
18,832 | 0.98 | % | 7,090 | 1.59 | % | ||||||||||
Hotels, Resorts & Cruise Lines |
17,167 | 0.89 | % | 17,250 | 3.88 | % | ||||||||||
Real Estate Development |
16,036 | 0.83 | % | — | — | % | ||||||||||
Internet Services & Infrastructure |
14,556 | 0.76 | % | 1,936 | 0.44 | % | ||||||||||
Insurance Brokers |
12,979 | 0.68 | % | (280 | ) | (0.06 | )% | |||||||||
Passenger Airlines |
11,191 | 0.58 | % | — | — | % | ||||||||||
Advertising |
11,167 | 0.58 | % | 7,232 | 1.63 | % | ||||||||||
Leisure Facilities |
9,445 | 0.49 | % | 8,824 | 1.98 | % | ||||||||||
Consumer Finance |
6,796 | 0.35 | % | 6,776 | 1.52 | % | ||||||||||
Air Freight & Logistics |
6,590 | 0.34 | % | 6,585 | 1.48 | % | ||||||||||
Food Distributors |
6,111 | 0.32 | % | — | — | % | ||||||||||
Soft Drinks & Non-alcoholic Beverages |
4,958 | 0.26 | % | — | — | % | ||||||||||
Paper & Plastic Packaging Products & Materials |
4,785 | 0.25 | % | 4,815 | 1.08 | % | ||||||||||
Leisure Products |
4,772 | 0.25 | % | 12,467 | 2.80 | % | ||||||||||
Diversified Real Estate Activities |
4,619 | 0.24 | % | — | — | % | ||||||||||
Other Specialized REITs |
3,574 | 0.19 | % | 3,512 | 0.79 | % | ||||||||||
Construction Materials |
2,080 | 0.11 | % | — | — | % | ||||||||||
Alternative Carriers |
— | — | % | 7,894 | 1.78 | % | ||||||||||
Data Processing & Outsourced Services |
— | — | % | 6,780 | 1.52 | % | ||||||||||
Electronic Components |
— | — | % | 6,650 | 1.50 | % | ||||||||||
Internet & Direct Marketing Retail |
— | — | % | 4,890 | 1.10 | % | ||||||||||
IT Consulting & Other Services |
— | — | % | 4,534 | 1.02 | % | ||||||||||
Oil & Gas Refining & Marketing |
— | — | % | 3,950 | 0.89 | % | ||||||||||
Airport Services |
— | — | % | 2,970 | 0.67 | % | ||||||||||
Paper Products |
— | — | % | 2,953 | 0.66 | % | ||||||||||
Diversified Banks |
— | — | % | 2,134 | 0.48 | % | ||||||||||
Automotive Retail |
— | — | % | 696 | 0.16 | % | ||||||||||
Total |
$ |
1,922,218 |
100.00 |
% |
$ |
444,725 |
100.00 |
% | ||||||||
Fair Value: |
% of Total Investments |
% of Net Assets |
% of Total Investments |
% of Net Assets |
||||||||||||||||||||
Application Software |
$ | 263,077 | 13.67 | % | 17.23 | % | $ | 43,357 | 10.12 | % | 11.84 | % | ||||||||||||
Other Specialty Retail |
104,861 | 5.44 | % | 6.86 | % | 1,895 | 0.44 | % | 0.52 | % | ||||||||||||||
Diversified Metals & Mining |
95,449 | 4.95 | % | 6.24 | % | 3,706 | 0.86 | % | 1.01 | % | ||||||||||||||
Electrical Components & Equipment |
75,916 | 3.94 | % | 4.96 | % | 3,319 | 0.77 | % | 0.91 | % | ||||||||||||||
Environmental & Facilities Services |
75,755 | 3.93 | % | 4.95 | % | 4,859 | 1.13 | % | 1.32 | % | ||||||||||||||
Aerospace & Defense |
75,628 | 3.92 | % | 4.95 | % | 5,147 | 1.20 | % | 1.40 | % | ||||||||||||||
Health Care Technology |
72,102 | 3.74 | % | 4.71 | % | 29,636 | 6.92 | % | 8.08 | % | ||||||||||||||
Systems Software |
70,227 | 3.64 | % | 4.59 | % | 18,159 | 4.24 | % | 4.95 | % | ||||||||||||||
Pharmaceuticals |
63,149 | 3.28 | % | 4.13 | % | 4,449 | 1.04 | % | 1.21 | % | ||||||||||||||
Education Services |
61,653 | 3.20 | % | 4.03 | % | 14,706 | 3.43 | % | 4.01 | % | ||||||||||||||
Health Care Services |
57,832 | 3.00 | % | 3.78 | % | 6,554 | 1.53 | % | 1.79 | % | ||||||||||||||
Distributors |
51,939 | 2.69 | % | 3.40 | % | 12,443 | 2.90 | % | 3.39 | % | ||||||||||||||
Specialized Finance |
48,815 | 2.53 | % | 3.19 | % | 3,635 | 0.85 | % | 0.99 | % | ||||||||||||||
Personal Care Products |
44,284 | 2.30 | % | 2.90 | % | 5,530 | 1.29 | % | 1.51 | % | ||||||||||||||
Property & Casualty Insurance |
41,911 | 2.17 | % | 2.74 | % | 9,968 | 2.33 | % | 2.72 | % | ||||||||||||||
Diversified Support Services |
40,493 | 2.10 | % | 2.65 | % | 15,552 | 3.63 | % | 4.24 | % | ||||||||||||||
Health Care Equipment |
39,945 | 2.07 | % | 2.61 | % | — | — | % | — | % | ||||||||||||||
Integrated Telecommunication Services |
39,481 | 2.05 | % | 2.58 | % | 9,259 | 2.16 | % | 2.52 | % | ||||||||||||||
Health Care Supplies |
37,137 | 1.93 | % | 2.43 | % | 8,400 | 1.96 | % | 2.29 | % | ||||||||||||||
Biotechnology |
35,838 | 1.86 | % | 2.34 | % | 12,040 | 2.81 | % | 3.28 | % | ||||||||||||||
Health Care Distributors |
33,083 | 1.72 | % | 2.16 | % | 23,623 | 5.51 | % | 6.44 | % | ||||||||||||||
Auto Parts & Equipment |
33,061 | 1.72 | % | 2.16 | % | — | — | % | — | % | ||||||||||||||
Diversified Financial Services |
31,860 | 1.65 | % | 2.08 | % | 7,650 | 1.79 | % | 2.09 | % | ||||||||||||||
Industrial Machinery & Supplies & Components |
30,448 | 1.58 | % | 1.99 | % | 17,994 | 4.20 | % | 4.91 | % | ||||||||||||||
Multi-Sector Holdings |
28,863 | 1.50 | % | 1.89 | % | 5,441 | 1.27 | % | 1.48 | % | ||||||||||||||
Gold |
27,627 | 1.43 | % | 1.81 | % | — | — | % | — | % | ||||||||||||||
Life Sciences Tools & Services |
27,419 | 1.42 | % | 1.79 | % | — | — | % | — | % | ||||||||||||||
Metal, Glass & Plastic Containers |
25,799 | 1.34 | % | 1.69 | % | 7,376 | 1.72 | % | 2.01 | % | ||||||||||||||
Trading Companies & Distributors |
25,536 | 1.33 | % | 1.67 | % | 4,784 | 1.12 | % | 1.30 | % | ||||||||||||||
Cable & Satellite |
24,360 | 1.26 | % | 1.59 | % | 8,747 | 2.04 | % | 2.39 | % | ||||||||||||||
Interactive Media & Services |
23,999 | 1.25 | % | 1.57 | % | — | — | % | — | % | ||||||||||||||
Office Services & Supplies |
21,588 | 1.12 | % | 1.41 | % | 7,971 | 1.86 | % | 2.17 | % | ||||||||||||||
Research & Consulting Services |
21,180 | 1.10 | % | 1.39 | % | 7,616 | 1.78 | % | 2.08 | % | ||||||||||||||
Health Care Facilities |
20,564 | 1.07 | % | 1.34 | % | 9,715 | 2.27 | % | 2.65 | % | ||||||||||||||
Restaurants |
19,013 | 0.99 | % | 1.24 | % | 6,725 | 1.57 | % | 1.83 | % | ||||||||||||||
Hotels, Resorts & Cruise Lines |
17,051 | 0.88 | % | 1.12 | % | 17,281 | 4.03 | % | 4.71 | % | ||||||||||||||
Real Estate Development |
15,849 | 0.82 | % | 1.04 | % | — | — | % | — | % | ||||||||||||||
Internet Services & Infrastructure |
14,726 | 0.76 | % | 0.96 | % | 1,899 | 0.44 | % | 0.52 | % | ||||||||||||||
Insurance Brokers |
13,857 | 0.72 | % | 0.91 | % | — | — | % | — | % | ||||||||||||||
Passenger Airlines |
12,529 | 0.65 | % | 0.82 | % | — | — | % | — | % | ||||||||||||||
Advertising |
11,343 | 0.59 | % | 0.74 | % | 6,992 | 1.63 | % | 1.91 | % | ||||||||||||||
Leisure Facilities |
9,093 | 0.47 | % | 0.59 | % | 8,889 | 2.07 | % | 2.42 | % | ||||||||||||||
Air Freight & Logistics |
6,800 | 0.35 | % | 0.44 | % | 6,363 | 1.48 | % | 1.74 | % | ||||||||||||||
Food Distributors |
6,109 | 0.32 | % | 0.40 | % | — | — | % | — | % | ||||||||||||||
Consumer Finance |
6,107 | 0.32 | % | 0.40 | % | 6,211 | 1.45 | % | 1.69 | % | ||||||||||||||
Soft Drinks & Non-alcoholic Beverages |
5,542 | 0.29 | % | 0.36 | % | — | — | % | — | % | ||||||||||||||
Diversified Real Estate Activities |
4,696 | 0.24 | % | 0.31 | % | — | — | % | — | % | ||||||||||||||
Paper & Plastic Packaging Products & Materials |
4,543 | 0.24 | % | 0.30 | % | 4,784 | 1.12 | % | 1.30 | % | ||||||||||||||
Leisure Products |
4,131 | 0.21 | % | 0.27 | % | 11,837 | 2.76 | % | 3.23 | % | ||||||||||||||
Other Specialized REITs |
2,947 | 0.15 | % | 0.19 | % | 2,920 | 0.68 | % | 0.80 | % | ||||||||||||||
Construction Materials |
2,022 | 0.10 | % | 0.13 | % | — | — | % | — | % | ||||||||||||||
Alternative Carriers |
— | — | % | — | % | 7,250 | 1.69 | % | 1.98 | % | ||||||||||||||
Data Processing & Outsourced Services |
— | — | % | — | % | 6,581 | 1.54 | % | 1.79 | % | ||||||||||||||
Electronic Components |
— | — | % | — | % | 6,462 | 1.51 | % | 1.76 | % |
Fair Value: |
% of Total Investments |
% of Net Assets |
% of Total Investments |
% of Net Assets |
||||||||||||||||||||
Internet & Direct Marketing Retail |
— | — | % | — | % | 4,757 | 1.11 | % | 1.30 | % | ||||||||||||||
Oil & Gas Refining & Marketing |
— | — | % | — | % | 3,990 | 0.93 | % | 1.09 | % | ||||||||||||||
IT Consulting & Other Services |
— | — | % | — | % | 3,589 | 0.84 | % | 0.98 | % | ||||||||||||||
Airport Services |
— | — | % | — | % | 2,949 | 0.69 | % | 0.80 | % | ||||||||||||||
Paper Products |
$ | — | — | % | — | % | $ | 2,847 | 0.66 | % | 0.78 | % | ||||||||||||
Diversified Banks |
— | — | % | — | % | 2,135 | 0.50 | % | 0.58 | % | ||||||||||||||
Automotive Retail |
— | — | % | — | % | 564 | 0.13 | % | 0.15 | % | ||||||||||||||
Total |
$ |
1,927,237 |
100.00 |
% |
126.03 |
% |
$ |
428,556 |
100.00 |
% |
116.86 |
% | ||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Senior secured debt |
$ | — | $ | 754,220 | $ | 1,063,761 | $ | 1,817,981 | ||||||||
Subordinated debt |
— | 83,824 | 13,792 | 97,616 | ||||||||||||
Common equity and warrants |
— | 53 | 5,839 | 5,892 | ||||||||||||
Preferred equity |
— | — | 5,748 | 5,748 | ||||||||||||
Total investments at fair value |
$ |
— |
$ |
838,097 |
$ |
1,089,140 |
$ |
1,927,237 |
||||||||
Derivative assets |
$ | — | $ | 2,041 | $ | — | $ | 2,041 | ||||||||
Total assets at fair value |
$ |
— |
$ |
840,138 |
$ |
1,089,140 |
$ |
1,929,278 |
||||||||
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||
Senior secured debt |
$ | — | $ | 249,589 | $ | 153,069 | $ | 402,658 | ||||||||
Subordinated debt |
— | 16,075 | 3,303 | 19,378 | ||||||||||||
Common equity and warrants |
— | — | 1,023 | 1,023 | ||||||||||||
Preferred equity |
— | — | 5,497 | 5,497 | ||||||||||||
Total investments at fair value |
$ |
— |
$ |
265,664 |
$ |
162,892 |
$ |
428,556 |
||||||||
Derivative assets |
$ | — | $ | 13 | $ | — | $ | 13 | ||||||||
Total assets at fair value |
$ |
— |
$ |
265,677 |
$ |
162,892 |
$ |
428,569 |
||||||||
Senior Secured Debt |
Subordinated Debt |
Preferred Equity |
Common Equity and Warrants |
Total |
||||||||||||||||
Fair value as of September 30, 2022 |
$ | 153,069 | $ | 3,303 | $ | 5,497 | $ | 1,023 | $ | 162,892 | ||||||||||
Purchases |
913,877 | 9,909 | — | 2,454 | 926,240 | |||||||||||||||
Sales and repayments |
(14,717 | ) | — | — | — | (14,717 | ) | |||||||||||||
Transfers in (a) |
3,815 | — | — | — | 3,815 | |||||||||||||||
Capitalized PIK interest income |
2,477 | 580 | — | — | 3,057 | |||||||||||||||
Accretion of OID |
3,793 | — | — | — | 3,793 | |||||||||||||||
Net unrealized appreciation (depreciation) |
2,144 | — | 251 | 2,362 | 4,757 | |||||||||||||||
Net realized gains (losses) |
(697 | ) | — | — | — | (697 | ) | |||||||||||||
Fair value as of September 30, 2023 |
$ |
1,063,761 |
$ |
13,792 |
$ |
5,748 |
$ |
5,839 |
$ |
1,089,140 |
||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at September 30, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2023 |
$ | 1,854 | $ | — | $ | 251 | $ | 2,362 | $ | 4,467 |
(a) | There were transfers into Level 3 from Level 2 for certain investments during the fiscal year ended September 30, 2023 as a result of a change in the number of market quotes available and/or a change in market liquidity. |
Senior Secured Debt |
Subordinated Debt |
Preferred Equity |
Common Equity |
Total |
||||||||||||||||
Purchases |
$ | 168,491 | $ | 3,303 | $ | 6,024 | $ | 1,045 | $ | 178,863 | ||||||||||
Sales and repayments |
(14,701 | ) | — | — | (28 | ) | (14,729 | ) | ||||||||||||
Capitalized PIK interest income |
701 | — | — | — | 701 | |||||||||||||||
Accretion of OID |
471 | — | — | — | 471 | |||||||||||||||
Net unrealized appreciation (depreciation) |
(1,893 | ) | — | (527 | ) | 6 | (2,414 | ) | ||||||||||||
Fair value as of September 30, 2022 |
$ |
153,069 |
$ |
3,303 |
$ |
5,497 |
$ |
1,023 |
$ |
162,892 |
||||||||||
Net unrealized appreciation (depreciation) relating to Level 3 assets still held at September 30, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the period from December 10, 2021 (commencement of operations) to September 30, 2022 |
$ | (1,893 | ) | $ | — | $ | (527 | ) | $ | 6 | $ | (2,414 | ) |
Asset |
Fair Value |
Valuation Technique |
Unobservable Input |
Range |
Weighted Average (a) |
|||||||||||||||||||||||
Senior secured debt |
$ | 906,639 | Market Yield | Market Yield | (b |
) |
10.0 | % | — | 32.0 | % | 13.3 | % | |||||||||||||||
93,170 | Transaction Precedent |
NA | (c |
) |
N/A | — | N/A | N/A | ||||||||||||||||||||
63,952 | Broker Quotations | Broker Quoted Price | (d |
) |
N/A | — | N/A | N/A | ||||||||||||||||||||
Subordinated debt |
13,792 | Market Yield | Market Yield | (b |
) |
9.0 | % | — | 11.0 | % | 10.0 | % | ||||||||||||||||
Common equity and warrants & preferred equity |
3,424 | Enterprise Value | Revenue Multiple | (e |
) |
0.7x | — | 3.2x | 0.7x | |||||||||||||||||||
7,831 | Enterprise Value | EBITDA Multiple | (e |
) |
6.0x | — | 15.1x | 12.9x | ||||||||||||||||||||
332 | Transaction Precedent |
Transaction Price | (c |
) |
N/A | — | N/A | N/A | ||||||||||||||||||||
Total |
$ |
1,089,140 |
||||||||||||||||||||||||||
(a) | Weighted averages are calculated based on fair value of investments. |
(b) | Used when a market participant would take into account market yield when pricing the investment. |
(c) | Used when there is an observable transaction or pending event for the investment. |
(d) | The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. |
(e) | Used when a market participant would use such multiple when pricing the investment. |
Asset |
Fair Value |
Valuation Technique |
Unobservable Input |
Range |
Weighted Average (a) |
|||||||||||||||||||||||
Senior secured debt |
$ | 132,827 | Market Yield | Market Yield | (b |
) |
11.0 | % | — | 16.0 | % | 12.5 | % | |||||||||||||||
20,242 | Broker Quotations | Broker Quoted Price | (d |
) |
N/A | — | N/A | N/A | ||||||||||||||||||||
Subordinated debt |
3,303 | Market Yield | Market Yield | (b |
) |
9.0 | % | — | 11.0 | % | 10.0 | % | ||||||||||||||||
Common equity and warrants & preferred equity |
612 | Enterprise Value | Revenue Multiple | (e |
) |
7.6x | — | 10.1x | 8.1x | |||||||||||||||||||
5,576 | Enterprise Value | EBITDA Multiple | (e |
) |
9.8x | — | 15.5x | 15.1x | ||||||||||||||||||||
332 | Transaction Precedent |
Transaction Price | (c |
) |
N/A | — | N/A | N/A | ||||||||||||||||||||
Total |
$ |
162,892 |
||||||||||||||||||||||||||
(a) | Weighted averages are calculated based on fair value of investments. |
(b) | Used when a market participant would take into account market yield when pricing the investment. |
(c) | Used when there is an observable transaction or pending event for the investment. |
(d) | The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. |
(e) | Used when a market participant would use such multiple when pricing the investment. |
Common Shares |
||||||||||||||||||||
(Share amounts in thousands) |
Shares |
Par Value |
Additional Paid-in-Capital |
Accumulated Distributable Earnings (Loss) |
Total Net Assets |
|||||||||||||||
Balance at September 30, 2022 |
15,628 | $ | 156 | $ | 380,646 | $ | (14,075 | ) | $ | 366,727 | ||||||||||
Issuance of Common Shares in public offering |
48,821 | 488 | 1,145,212 | — | 1,145,700 | |||||||||||||||
Issuance of Common Shares under dividend reinvestment plan |
675 | 7 | 15,821 | — | 15,828 | |||||||||||||||
Shares repurchased, net of early repurchase deduction |
(228 | ) | (2 | ) | (5,374 | ) | — | (5,376 | ) | |||||||||||
Net investment income |
— | — | — | 68,212 | 68,212 | |||||||||||||||
Net unrealized appreciation (depreciation) |
— | — | — | 22,685 | 22,685 | |||||||||||||||
Net realized gains (losses) |
— | — | — | (4,050 | ) | (4,050 | ) | |||||||||||||
Provision for income tax (expense) benefit |
— | — | — | (227 | ) | (227 | ) | |||||||||||||
Distributions to shareholders |
— | — | — | (80,294 | ) | (80,294 | ) | |||||||||||||
Balance at September 30, 2023 |
64,896 |
$ |
649 |
$ |
1,536,305 |
$ |
(7,749 |
) |
$ |
1,529,205 |
||||||||||
Common Shares |
||||||||||||||||||||
(Share amounts in thousands) |
Shares |
Par Value |
Additional Paid-in-Capital |
Accumulated Distributable Earnings (Loss) |
Total Net Assets |
|||||||||||||||
Issuance of Common Shares in public and private offerings |
15,598 | $ | 156 | $ | 380,051 | $ | — | $ | 380,207 | |||||||||||
Issuance of Common Shares under dividend reinvestment plan |
30 | — | 595 | — | 595 | |||||||||||||||
Net investment income |
— | — | — | 9,985 | 9,985 | |||||||||||||||
Net unrealized appreciation (depreciation) |
— | — | — | (16,155 | ) | (16,155 | ) | |||||||||||||
Net realized gains (losses) |
— | — | — | 90 | 90 | |||||||||||||||
Provision for income tax (expense) benefit |
— | — | — | (123 | ) | (123 | ) | |||||||||||||
Distributions to shareholders |
(7,872 | ) | (7,872 | ) | ||||||||||||||||
Balance at September 30, 2022 |
15,628 |
$ |
156 |
$ |
380,646 |
$ |
(14,075 |
) |
$ |
366,727 |
||||||||||
Shares |
Amount |
|||||||
Class I |
||||||||
Issuance of Common Shares in public offering |
30,975,834 | $ | 726,878 | |||||
Issuance of Common Shares under dividend reinvestment plan |
312,297 | 7,328 | ||||||
Share repurchases, net of early repurchase deduction |
(225,337 | ) | (5,309 | ) | ||||
Net increase (decrease) |
31,062,794 |
$ |
728,897 |
|||||
Class S |
||||||||
Issuance of Common Shares in public offering |
17,839,100 | $ | 418,677 | |||||
Issuance of Common Shares under dividend reinvestment plan |
362,467 | 8,500 | ||||||
Share repurchases, net of early repurchase deduction |
(2,830 | ) | (67 | ) | ||||
Net increase (decrease) |
18,198,737 |
$ |
427,110 |
|||||
Class D |
||||||||
Issuance of Common Shares in public offering |
6,177 | $ | 145 | |||||
Issuance of Common Shares under dividend reinvestment plan |
17 | — | ||||||
Share repurchases, net of early repurchase deduction |
— | — | ||||||
Net increase (decrease) |
6,194 |
$ |
145 |
|||||
Total net increase (decrease) |
49,267,725 |
$ |
1,156,152 |
|||||
Shares |
Amount |
|||||||
Class I |
||||||||
Issuance of Common Shares in public and private offerings |
13,018,689 | $ | 318,578 | |||||
Issuance of Common Shares under dividend reinvestment plan |
21,337 | 393 | ||||||
Net increase (decrease) |
13,040,026 |
$ |
318,971 |
|||||
Class S |
||||||||
Issuance of Common Shares in public offering |
2,579,984 | $ | 61,629 | |||||
Issuance of Common Shares under dividend reinvestment plan |
8,418 | 202 | ||||||
Net increase (decrease) |
2,588,402 |
$ |
61,831 |
|||||
Total net increase (decrease) |
15,628,428 |
$ |
380,802 |
|||||
Class I Shares |
Class S Shares |
Class D Shares |
||||||||||
$ | 24.32 | — | — | |||||||||
$ | 23.71 | — | — | |||||||||
$ | 23.98 | $ | 23.98 | — | ||||||||
$ | 24.03 | $ | 24.03 | — | ||||||||
$ | 23.47 | $ | 23.47 | — | ||||||||
$ | 23.33 | $ | 23.33 | — | ||||||||
$ | 23.46 | $ | 23.46 | — | ||||||||
$ | 23.23 | $ | 23.23 | — | ||||||||
$ | 23.64 | $ | 23.64 | — | ||||||||
$ | 23.56 | $ | 23.56 | — | ||||||||
$ | 23.42 | $ | 23.42 | — | ||||||||
$ | 23.40 | $ | 23.40 | — | ||||||||
$ | 23.23 | $ | 23.23 | — | ||||||||
$ | 23.48 | $ | 23.48 | $ | 23.48 | |||||||
$ | 23.54 | $ | 23.54 | $ | 23.54 | |||||||
$ | 23.60 | $ | 23.60 | $ | 23.60 | |||||||
$ | 23.56 | $ | 23.56 | $ | 23.56 |
Class I |
||||||||||||
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
||||||||
October 31, 2022 | November 28, 2022 | $ | 0.1800 | $ | 2,470 | |||||||
November 30, 2022 | December 28, 2022 | 0.1900 | 2,818 | |||||||||
December 31, 2022 | January 30, 2023 | 0.1900 | 3,171 | |||||||||
December 31, 2022 | January 30, 2023 | 0.0400 | 668 | |||||||||
January 31, 2023 | February 24, 2023 | 0.1900 | 3,351 | |||||||||
February 28, 2023 | March 29, 2023 | 0.1900 | 3,834 | |||||||||
March 31, 2023 | April 27, 2023 | 0.1900 | 4,252 | |||||||||
April 30, 2023 | May 26, 2023 | 0.1900 | 4,568 | |||||||||
May 31, 2023 | June 28, 2023 | 0.1900 | 5,068 | |||||||||
June 30, 2023 | July 27, 2023 | 0.1900 | 5,605 | |||||||||
July 24,2023 |
July 31, 2023 | August 29, 2023 | 0.1900 | 7,094 | ||||||||
August 31, 2023 | September 27,2023 | 0.1900 | 7,710 | |||||||||
September 30, 2023 | October 27, 2023 | 0.1900 | 8,423 | |||||||||
$ |
2.3100 |
$ |
59,032 |
|||||||||
Class S |
||||||||||||
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
||||||||
October 31, 2022 | November 28, 2022 | $ | 0.1634 | $ | 574 | |||||||
November 30, 2022 | December 28, 2022 | 0.1735 | 684 | |||||||||
December 31, 2022 | January 30, 2023 | 0.1734 | 789 | |||||||||
December 31, 2022 | January 30, 2023 | 0.0400 | 182 | |||||||||
January 31, 2023 | February 24, 2023 | 0.1735 | 916 | |||||||||
February 28, 2023 | March 29, 2023 | 0.1733 | 1,024 | |||||||||
March 31, 2023 | April 27, 2023 | 0.1733 | 1,486 | |||||||||
April 30, 2023 | May 26, 2023 | 0.1734 | 1,764 | |||||||||
May 31, 2023 | June 28, 2023 | 0.1734 | 2,036 | |||||||||
June 30, 2023 | July 27, 2023 | 0.1735 | 2,381 | |||||||||
July 24,2023 |
July 31, 2023 | August 29, 2023 | 0.1734 | 2,749 | ||||||||
August 31, 2023 | September 27, 2023 | 0.1733 | 3,071 | |||||||||
September 30, 2023 | October 27, 2023 | 0.1733 | 3,603 | |||||||||
$ |
2.1107 |
$ |
21,259 |
|||||||||
Class D |
||||||||||||
Date Declared |
Record Date |
Payment Date |
Distribution Per Share |
Distribution Amount |
||||||||
June 30, 2023 | July 27, 2023 | $ | 0.1852 | $ | — | |||||||
July 24,2023 |
July 31, 2023 | August 29, 2023 | 0.1851 | 1 | ||||||||
August 31, 2023 | September 27, 2023 | 0.1851 | 1 | |||||||||
September 30, 2023 | October 27, 2023 | 0.1851 | 1 | |||||||||
$ |
0.7405 |
$ |
3 |
|||||||||
Class I |
Class S |
Class D |
||||||||||||||||||||||
Source of Distribution |
Per Share |
Amount |
Per Share |
Amount |
Per Share |
Amount |
||||||||||||||||||
Net investment income |
$ | 2.1005 | $ | 52,482 | $ | 1.7872 | $ | 17,826 | $ | 0.6325 | $ | 2 | ||||||||||||
Distributions in excess of net investment income |
0.2095 | 6,550 | 0.3235 | 3,433 | 0.1080 | 1 | ||||||||||||||||||
Total |
$ | 2.3100 | $ | 59,032 | $ | 2.1107 | $ | 21,259 | $ | 0.7405 | $ | 3 | ||||||||||||
Repurchase Pricing Date |
Total Number of Shares Repurchased (all classes) |
Percentage of Outstanding Shares Repurchased (1) |
Price Paid Per Share |
Amount Repurchased (all classes) (2) |
||||||||||||
1,692 | 0.01 | % | $ | 23.48 | $ | 39 | ||||||||||
226,475 | 0.52 | % | $ | 23.56 | $ | 5,336 |
(1) | Percentage is based on total shares as of the close of the previous calendar quarter. |
(2) | Amounts shown net of Early Repurchase Deduction, where applicable. |
Year ended |
||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 86,620 | $ | (6,203 | ) | |||
Net unrealized (appreciation) depreciation |
(22,685 | ) | 16,155 | |||||
Book/tax difference due to capital gains incentive fees |
278 | — | ||||||
Other book/tax differences |
7,115 | (219 | ) | |||||
Taxable income (1) |
$ |
71,328 |
$ |
9,733 |
||||
(1) | The Company’s taxable income for the year ended September 30, 2023 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2023. The final taxable income may be different than the estimate. |
Undistributed ordinary income, net |
$ | (7,672 | ) | |
Net realized capital losses |
(2,585 | ) | ||
Unrealized gains, net |
2,508 | |||
Accumulated overdistributed earnings |
$ |
(7,749 |
) | |
• | Hurdle Rate Return: Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; |
• | Catch-Up: Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than a 1.4286% (5.714% annualized) rate of return in any such calendar quarter (the “Catch-Up”), which is intended to provide the Adviser with approximately 12.5% of the Pre-Incentive Fee Net Investment Income as if the Hurdle Rate did not apply, if the Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate in any calendar quarter; and |
• | 87.5/12.5 Split: Pre-Incentive Fee Net Investment Income, if any, that exceeds a 1.4286% (5.714% annualized) rate of return in such calendar quarter so that once the Hurdle Rate is reached and the Catch-Up is achieved, 12.5% of the Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser. |
Shareholder Servicing and/or Distribution Fee as a % of NAV |
||||
Class I shares |
— | % | ||
Class S shares |
0.85 | % | ||
Class D shares |
0.25 | % |
(Share amounts in thousands) | For the fiscal year ended |
|||||||||||||||||||
Class I |
Class S |
Class D |
Class I |
Class S |
||||||||||||||||
Net asset value at beginning of period |
$ | 23.47 | $ | 23.47 | $ | — | $ | — | $ | — | ||||||||||
Capital Contribution |
— | — | 23.23 | 25.00 | 23.71 | |||||||||||||||
Net investment income (1) |
1.98 | 1.78 | 0.64 | 1.37 | 0.46 | |||||||||||||||
Net unrealized appreciation (depreciation) (1)(2) |
0.55 | 0.55 | 0.43 | (2.07 | ) | (0.25 | ) | |||||||||||||
Net realized gains (losses) (1) |
(0.13 | ) | (0.13 | ) | — | 0.01 | 0.01 | |||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) (1) |
— | — | — | (0.02 | ) | (0.01 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations |
2.40 | 2.20 | 1.07 | (0.71 | ) | 0.21 | ||||||||||||||
Distributions of net investment income to shareholders |
(2.10 | ) | (1.79 | ) | (0.63 | ) | (0.82 | ) | (0.45 | ) | ||||||||||
Distributions in excess of net investment income |
(0.21 | ) | (0.32 | ) | (0.11 | ) | — | — | ||||||||||||
Net asset value at end of period |
$ |
23.56 |
$ |
23.56 |
$ |
23.56 |
$ |
23.47 |
$ |
23.47 |
||||||||||
Total return (3) |
10.73 | % | 9.80 | % | 4.65 | % | (2.91 | )% | 0.87 | % | ||||||||||
Common shares outstanding at beginning of the period or the commencement date |
13,040 | 2,588 | — | 1,000 | — | |||||||||||||||
Common shares outstanding at end of period |
44,103 | 20,787 | 6 | 13,040 | 2,588 | |||||||||||||||
Net assets at the beginning of the period or the commencement date |
$ | 305,989 | $ | 60,738 | $ | — | $ | 25,000 | $ | — | ||||||||||
Net assets at end of period |
$ | 1,039,238 | $ | 489,821 | $ | 146 | $ | 305,989 | $ | 60,738 | ||||||||||
Average net assets (4) |
$ | 606,222 | $ | 239,563 | $ | 101 | $ | 160,162 | $ | 42,587 | ||||||||||
Ratio of net investment income to average net assets (5) |
8.31 | % | 7.45 | % | 2.63 | % | 5.72 | % | 1.93 | % | ||||||||||
Ratio of total expenses to average net assets (5)(7) |
5.93 | % | 6.74 | % | 2.06 | % | 4.47 | % | 1.61 | % | ||||||||||
Ratio of net expenses to average net assets (5) |
5.77 | % | 6.71 | % | 2.16 | % | 2.37 | % | 0.80 | % | ||||||||||
Ratio of portfolio turnover to average investments at fair value (5) |
23.61 | % | 23.61 | % | 23.61 | % | 20.48 | % | 20.48 | % | ||||||||||
Weighted average outstanding debt |
$ | 230,288 | $ | 230,288 | $ | 230,288 | $ | 53,565 | $ | 53,565 | ||||||||||
Average debt per share (1) |
$ | 6.42 | $ | 6.42 | $ | 6.42 | $ | 7.39 | $ | 7.39 | ||||||||||
Asset coverage ratio (6) |
443.64 | % | 443.64 | % | 443.64 | % | 588.97 | % | 588.97 | % |
(1) | Calculated based upon weighted average shares outstanding for the period. |
(2) | The amount shown may not correspond with the net unrealized appreciation on investments for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 as it includes the effect of the timing of equity issuances. |
(3) | Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. |
(4) | Calculated based upon the weighted average net assets for the period. |
(5) | Financial results for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 have not been annualized for purposes of this ratio. |
(6) | Based on outstanding senior securities of $445.0 million and $75.0 million as of September 30, 2023 and 2022. |
(7) | Total expenses to average net assets is prior to management fee waivers and expense support/reimbursements provided by the Adviser. |
Class and Year |
Total Amount Outstanding Exclusive of Treasury Securities (1) |
Asset Coverage Per Unit(2) |
Involuntary Liquidating Preference Per Unit(3) |
Average Market Value Per Unit(4) |
||||||||||||
ING Credit Agreement |
||||||||||||||||
For the period from December 10, 2021 (commencement of operations) to September 30, 2022 |
$ | 75,000 | 5,890 | — | N/A | |||||||||||
Fiscal 2023 |
320,000 | 4,436 | — | N/A | ||||||||||||
JPM SPV Facility |
||||||||||||||||
Fiscal 2023 |
$ | 125,000 | 4,436 | — | N/A | |||||||||||
SMBC SPV Facility |
||||||||||||||||
Fiscal 2023 |
$ | — | 4,436 | — | N/A | |||||||||||
Total Senior Securities |
||||||||||||||||
For the period from December 10, 2021 (commencement of operations) to September 30, 2022 |
$ | 75,000 | 5,890 | — | ||||||||||||
Fiscal 2023 |
445,000 | 4,436 | — |
(1) | Total amount of each class of senior securities outstanding at the end of the period, presented in thousands. |
(2) | The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company’s consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit.” |
(3) | The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information that the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities. |
(4) | Calculated on a daily average basis. |
CVAUSA Management, LLC |
$ | 17,469 | $ | — | ||||
107-109 Beech OAK22 LLC |
16,983 | — | ||||||
OneOncology, LLC |
13,159 | — | ||||||
Seres Therapeutics, Inc. |
12,990 | — | ||||||
Delta Leasing SPV II LLC |
11,560 | 21,469 | ||||||
Resistance Acquisition, Inc. |
10,507 | — | ||||||
MND Holdings III Corp |
9,331 | — | ||||||
Bamboo US Bidco LLC |
9,100 | — | ||||||
North Star Acquisitionco, LLC |
7,732 | — | ||||||
scPharmaceuticals Inc. |
7,654 | — | ||||||
BioXcel Therapeutics, Inc. |
6,932 | 6,930 | ||||||
IW Buyer LLC |
6,432 | — | ||||||
Kings Buyer, LLC |
5,471 | 547 | ||||||
ACP Falcon Buyer Inc. |
5,333 | — | ||||||
Grove Hotel Parcel Owner, LLC |
5,305 | 5,305 | ||||||
Entrata, Inc. |
5,211 | — | ||||||
Harrow, Inc. |
5,018 | — | ||||||
Inventus Power, Inc. |
4,967 | — | ||||||
iCIMs, Inc. |
4,774 | 5,472 | ||||||
ADC Therapeutics SA |
4,770 | 4,770 | ||||||
Evergreen IX Borrower 2023, LLC |
4,006 | — | ||||||
Transit Buyer LLC |
3,850 | — | ||||||
PPW Aero Buyer, Inc. |
3,603 | — | ||||||
Finastra USA, Inc. |
3,577 | — | ||||||
Ardonagh Midco 3 PLC |
3,520 | 9,592 | ||||||
107 Fair Street LLC |
3,434 | — | ||||||
Establishment Labs Holdings Inc. |
3,378 | 5,068 | ||||||
HUB Pen Company, LLC |
3,213 | — | ||||||
Dukes Root Control Inc. |
3,104 | — | ||||||
Innocoll Pharmaceuticals Limited |
2,656 | 2,656 | ||||||
SEI Holding I Corporation |
2,633 | — | ||||||
Coupa Holdings, LLC |
2,122 | — | ||||||
Oranje Holdco, Inc. |
1,968 | — | ||||||
Avalara, Inc. |
1,903 | — |
Salus Workers’ Compensation, LLC |
1,898 | — | ||||||
112-126 Van Houten Real22 LLC |
1,892 | — | ||||||
Galileo Parent, Inc. |
1,757 | — | ||||||
SCP Eye Care Services, LLC |
1,730 | — | ||||||
LSL Holdco, LLC |
1,015 | 203 | ||||||
Impel Pharmaceuticals Inc. |
894 | — | ||||||
Pluralsight, LLC |
611 | — | ||||||
ASP-R-PAC |
588 | 588 | ||||||
Supreme Fitness Group NY Holdings, LLC |
561 | — | ||||||
MRI Software LLC |
— | 4,754 | ||||||
Mesoblast, Inc. |
— | 1,125 | ||||||
PFNY Holdings, LLC |
— | 483 | ||||||
$ | 224,611 | $ | 68,962 | |||||
Gross Distribution |
Shareholder Servicing and/or Distribution Fee |
Net Distribution |
||||||||||
Class I shares |
$ | 0.1900 | $ | — | $ | 0.1900 | ||||||
Class S shares |
$ | 0.1900 | $ | 0.0167 | $ | 0.1733 | ||||||
Class D shares |
$ | 0.1900 | $ | 0.0049 | $ | 0.1851 |
Gross Distribution |
Shareholder Servicing and/or Distribution Fee |
Net Distribution |
||||||||||
Class I shares |
$ | 0.1900 | $ | — | $ | 0.1900 | ||||||
Class S shares |
$ | 0.1900 | $ | 0.0166 | $ | 0.1734 | ||||||
Class D shares |
$ | 0.1900 | $ | 0.0049 | $ | 0.1851 |
1. |
Your Investment |
A. |
Investment Information |
B. |
Investment Type |
☐ | Initial Investment |
☐ | Additional Investment |
C. |
Investment Method |
☐ | By mail: Please make checks payable to “Oaktree Strategic Credit Fund” and attach to this agreement.* |
☐ | By wire: Please wire funds according to the instructions below. |
☐ | Broker / Financial advisor will make payment on your behalf |
* | Cash, cashier’s checks/official bank checks, temporary checks, foreign checks, money orders, third party checks, or travelers checks are not accepted. |
D. |
Share Class Selection |
☐ Share Class T | Share Class S | ‘ Share Class D ** | ‘ Share Class I ** | |||
(The minimum investment is $2,500; minimum subsequent investment is $500) | (The minimum investment is $2,500; minimum subsequent investment is $500) | (The minimum investment is $2,500; minimum subsequent investment is $500) | (The minimum investment is $1,000,000 (unless waived); minimum subsequent investment is $500) |
** | Available for certain fee-based wrap accounts and other eligible investors as disclosed in the prospectus, as amended and supplemented. |
2. |
Ownership Type (Select only one) |
A. Taxable Accounts |
B. Non-Taxable Accounts | |
Brokerage Account Number |
Custodian Account Number | |
☐ Individual or Joint Tenant With Rights of Survivorship |
☐ IRA ( Custodian Signature Required | |
☐ Transfer on Death ( Optional Designation. Not Available for Louisiana Residents. See Section 3C.) |
☐ Roth IRA ( Custodian Signature Required | |
☐ Tenants in Common |
☐ SEP IRA ( Custodian Signature Required | |
☐ Community Property |
☐ Rollover IRA ( Custodian Signature Required | |
☐ Uniform Gift/Transfer to Minors State of Date of Birth |
☐ Inherited IRA | |
☐ Trust (Include Certification of Investment Powers Form or 1st and Last page of Trust Documents) |
☐ Pension Plan ( Include Certification of Investment Powers Form | |
☐ Other | ||
☐ Trust ( Include Certification of Investment Powers Form or 1st and Last page of Trust Documents |
C. Custodian Information ( To Be Completed By Custodian ) | |
☐ C Corporation |
Custodian Name | |
☐ S Corporation |
Custodian Tax ID # | |
☐ Profit-Sharing Plan |
Custodian Phone # | |
☐ Non-Profit Organization |
Custodian Stamp Here | |
☐ Limited Liability Corporation | ||
☐ Corporation/Partnership/Other (Corporate Resolution or Partnership Agreement Required) |
D. |
Entity Name – Retirement Plan / Trust / Corporation / Partnership / Other |
Entity Name |
Tax ID Number |
Date of Formation |
Exemptions | |||
( See Form W-9 instructions at |
Entity Address ( Legal Address. Required |
Entity Type ( Select one Required |
||
☐ Retirement Plan ‘ Trust ‘ S-Corp ‘ C-Corp ‘ LLC ‘ Partnership Exempt payee code (if any) | ||
☐ Other |
Jurisdiction (if Non-U.S.) ( Attach a completed applicable Form W-8 | |
Exemption from FATCA reporting code ( if any |
E. |
Certification of Beneficial Owners |
3. |
Investor Information |
A. |
Investor Name (Investor / Trustee / Executor / Authorized Signatory Information) |
First Name (MI) |
Last Name |
Gender | ||||
Social Security Number/ Tax ID |
Date of Birth (MM/DD/YYYY) |
Daytime Phone Number |
||||
Residential Street Address |
City |
State |
Zip Code |
Email Address |
If you are a non-U.S. citizen, please specify your country of citizenship (required) | ||
☐ Resident Alien ‘ Non-Resident Alien (Attach a completed Form W-8BEN) |
||
Country of Citizenship |
☐ | Oaktree Officer or Director ‘ Immediate Family Member of Oaktree Officer or Director ‘ Oaktree Affiliate |
☐ | Not Applicable |
B. |
Co-Investor Name (Co-Investor / Co-Trustee / Co-Authorized Signatory Information, if applicable) |
First Name (MI) |
Last Name |
Gender | ||||
Social Security Number/ Tax ID |
Date of Birth (MM/DD/YYYY) |
Daytime Phone Number |
||||
Residential Street Address |
City |
State |
Zip Code | |||
Email Address |
If you are a non-U.S. citizen, please specify your country of citizenship (required) | ||
☐ Resident Alien ‘ Non-Resident Alien (Attach a completed Form W-8BEN) |
||
Country of Citizenship |
☐ | Oaktree Officer or Director ‘ Immediate Family Member of Oaktree Officer or Director ‘ Oaktree Affiliate |
☐ | Not Applicable |
C. |
Transfer on Death Beneficiary Information (Individual or Joint Account with rights of survivorship only. Not available for Louisiana residents. Beneficiary date of birth required. Whole percentages only; must equal 100%.) |
First Name | (MI) | Last Name | SSN | Date of Birth | ‘ Primary | |||||
(MM/DD/YYYY) | ☐ Secondary | |||||||||
‘ Primary | ||||||||||
First Name | (MI) | Last Name | SSN | Date of Birth | ☐ Secondary | |||||
(MM/DD/YYYY) | ||||||||||
‘ Primary | ||||||||||
First Name | (MI) | Last Name | SSN | Date of Birth | ☐ Secondary | |||||
(MM/DD/YYYY) | ||||||||||
‘ Primary | ||||||||||
First Name | (MI) | Last Name | SSN | Date of Birth | ☐ Secondary | |||||
(MM/DD/YYYY) |
D. |
ERISA Plan Asset Regulations |
4. |
Contact Information (If different than provided in Section 3A) |
Mailing Address | City | State | Zip Code |
5. |
Select How You Want to Receive Your Distributions (Please Read Entire Section and Select only one) |
A. |
‘ Check mailed to street address in 3A (only available for non-custodial investors). |
B. |
‘ Check mailed to secondary address in 3B (only available for non-custodial investors). |
C. |
‘ Direct Deposit by ACH (only available for non-custodial investors). PLEASE ATTACH A PRE-VOIDED CHECK. |
D. |
‘ Check mailed to Third party Financial Institution (complete section below). |
Financial Institution Name | Mailing Address | City | State | Zip Code |
Your Bank’s ABA Routing Number | Your Bank Account Number |
6. |
Broker / Financial Advisor Information (Required Information. All fields must be completed.) |
Briker | Financial Advisor Name |
Advisor Mailing Address | ||||
City | State | Zip Code | ||
Financial Advisor Number | Branch Number | Telephone Number | ||
E-mail Address |
Fax Number | |||
Operations Contact Name | Operations Contact Email Address |
X | X | |||||||||||||
Financial Advisor Signature |
Date | Branch Manager Signature (if required by Broker) |
Date |
7. |
Electronic Delivery Form (Optional) |
8. |
Subscriber Signatures |
8.a. |
Please Note: All Items in this section 8.a. must be read and initialed |
Primary Investor Initials |
Co-Investor Initials | |||||
(i) I have received the prospectus (as amended or supplemented) for Oaktree Strategic Credit Fund at least five business days prior to the date hereof. |
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Initials |
Initials | |||||
(ii) I have (A) a minimum net worth (not including home, home furnishings and personal automobiles) of at least $250,000, or (B) a minimum net worth (as previously described) of at least $70,000 and a minimum annual gross income of at least $70,000. |
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Initials |
Initials | |||||
(iii) In addition to the minimum income and net worth standards described above, I have reviewed the higher suitability requirements, if any, imposed by my state of primary residence as set forth in the prospectus under “SUITABILITY STANDARDS” and have acknowledged that I meet such higher suitability requirements, if any, by including my initials where indicated in Appendix A to this Subscription Agreement. |
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Initials |
Initials | |||||
(iv) If I am an entity that was formed for the purpose of purchasing shares, each individual that owns an interest in such entity meets the minimum income and net worth standards described above. |
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Initials |
Initials | |||||
(v) I acknowledge that there is no public market for the shares, shares of this offering are not liquid and appropriate only as a long-term investment. |
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Initials |
Initials | |||||
(vi) I acknowledge that the shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the prospectus. |
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Initials |
Initials |
(vii) I am purchasing the shares for my own account, or if I am purchasing shares on behalf of a trust or other entity of which I am a trustee or authorized agent, I have due authority to execute this subscription agreement and do hereby legally bind the trust or other entity of which I am trustee or authorized agent. |
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Initials |
Initials | |||||
(viii)I have received notice that Oaktree Strategic Credit Fund may enter into transactions with Oaktree affiliates that involve conflicts of interest as described in the prospectus. |
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Initials |
Initials | |||||
(ix) I acknowledge that subscriptions must be submitted at least five business days prior to the first day of each month and that my investment will be effective as of the first day of the applicable month at the NAV per share as of the preceding day. I acknowledge that I will not know the NAV per share at which my investment will be effective at the time I subscribe and that the NAV per share as of the last day of each month will be made available at https://www.osc.brookfieldoaktree.com generally within 20 business days of the last day of each month. |
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Initials |
Initials | |||||
(x) I acknowledge that if my subscription request is received less than five business days prior to the first day of the month, unless waived, my investment will be effective as of the first day of the next month at the NAV per share as of the preceding day. |
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Initials |
Initials | |||||
(xi) I acknowledge that my subscription request will not be accepted any earlier than two business days before the first calendar day of each month. |
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Initials |
Initials | |||||
(xii) I acknowledge that I am not committed to purchase shares at the time my subscription request is submitted and before it has been accepted, and I may cancel my subscription at any time before it has been accepted, which will not be earlier than two business days before the first calendar day of the next month. I understand that I may cancel my subscription request by notifying the transfer agent, through my financial intermediary or by notifying Oaktree Strategic Credit Fund directly on Oaktree Strategic Credit Fund’s toll-free, automated telephone line, (855) 777-8001. |
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Initials |
Initials |
8.b. |
If you live in any of the following states, please complete Appendix A to Oaktree Strategic Credit Fund Subscription Agreement: Alabama, California, Idaho, Iowa, Kansas, Kentucky, Maine, Massachusetts, Missouri, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Puerto Rico, Tennessee and Vermont |
(1) | The number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and |
(2) | I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and |
(3) | I am a U.S. citizen or other U.S. person (including a resident alien) (defined in IRS Form W-9); and |
(4) | The FATCA code(s) entered on this Subscription Agreement (if any) indicating that I am exempt from FATCA reporting is correct. |
X | X | |||||||||||||
Signature of Investor |
Date |
Signature of Co-Investor or Custodian (If applicable) |
Date |
9. |
Miscellaneous |
Primary Investor Initials |
Co-Investor Initials | |||||
If I am an Alabama |
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Initials |
Initials | |||||
If I am a California |
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Initials |
Initials | |||||
If I am an Idaho |
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Initials |
Initials | |||||
If I am an Iowa non-traded business development companies to 10% of my liquid net worth (liquid net worth should be determined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities). |
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Initials |
Initials | |||||
If I am a Kansas non-traded business development companies to not more than 10% of my liquid net worth. For these purposes, liquid net worth shall be defined as that portion of total net worth (total assets minus total liabilities) that is comprised of cash, cash equivalents and readily marketable securities. |
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Initials |
Initials | |||||
If I am a Kentucky |
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Initials |
Initials |
If I am a Maine |
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Initials |
Initials | |||||
If I am a Massachusetts |
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Initials |
Initials | |||||
If I am a Missouri |
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Initials |
Initials | |||||
If I am a Nebraska |
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Initials |
Initials | |||||
If I am a New Jersey non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of my liquid net worth. |
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Initials |
Initials | |||||
If I am a New Mexico non-traded business development companies. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents and readily marketable securities. |
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Initials |
Initials | |||||
If I am a North Dakota |
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Initials |
Initials | |||||
If I am an Ohio non-traded business development company. “Liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus, total liabilities) comprised of cash, cash equivalents and readily marketable securities. |
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Initials |
Initials |
If I am an Oklahoma |
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Initials |
Initials | |||||
If I am an Oregon |
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Initials |
Initials | |||||
If I am a Puerto Rico non-traded business development companies. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus total liabilities) consisting of cash, cash equivalents and readily marketable securities. |
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Initials |
Initials | |||||
If I am a Tennessee |
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Initials |
Initials | |||||
If I am a Vermont non-accredited Vermont investor, I may not purchase an amount in this offering that exceeds 10% of my liquid net worth. For these purposes, “liquid net worth” is defined as an investor’s total assets (not including home, home furnishings or automobiles) minus total liabilities. |
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Initials |
Initials |
2 |
Plan Asset Regulations Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA, as the same may be amended from time to time. |
3 |
The term “ benefit plan investor |
a. |
b. |
Name |
Date of Birth |
Address (Residential or Business Street Address) |
For U.S. Persons: Number |
For Non-U.S. Persons Security Number, Passport Number and Country of Issuance, or other similar identification number 4 |
(i) | An executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or |
(ii) | Any other individual who regularly performs similar functions. |
Name |
Date of Birth |
Address (Residential or Business Street Address) |
For U.S. Persons: Number |
For Non-U.S. Persons Security Number, Passport Number and Country of Issuance, or other similar identification number |
Signature: | Date: |
Legal Entity Identifier | (Optional) |
4 |
In lieu of a passport number, Non-U.S. Persons may also provide a Social Security Number, an alien identification card number, or number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard. |
Oaktree Strategic Credit Fund
Maximum Offering of $5,000,000,000 in Common Shares
PROSPECTUS
You should rely only on the information contained in this prospectus. No intermediary, salesperson or other person is authorized to make any representations other than those contained in this prospectus and supplemental literature authorized by Oaktree Strategic Credit Fund and referred to in this prospectus, and, if given or made, such information and representations must not be relied upon. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of these securities. You should not assume that the delivery of this prospectus or that any sale made pursuant to this prospectus implies that the information contained in this prospectus will remain fully accurate and correct as of any time subsequent to the date of this prospectus.
, 2024
OAKTREE STRATEGIC CREDIT FUND
PART C
Other Information
Item 25. Financial Statements and Exhibits
(1) Financial Statements
The following report and financial statements of Oaktree Strategic Credit Fund are provided in Part A of this Registration Statement:
INDEX TO FINANCIAL STATEMENTS
Interim Financial Statements (Unaudited)
F-2 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
Consolidated Schedule of Investments (unaudited) as of December 31, 2023 |
F-8 | |||
Consolidated Schedule of Investments as of September 30, 2023 |
F-18 | |||
F-26 |
Year-End Financial Statements (Audited)
(2) | Exhibits |
C-1
C-2
C-3
* |
† | To be filed in a subsequent filing or amendment. |
+ | Certain schedules (or similar attachments) have been omitted pursuant to General Instruction 4 to Item 25 of Form N-2. The Fund agrees to furnish supplementally a copy of any such omitted schedule or other attachment to the SEC upon its request. |
Item 26. Marketing Arrangements
The information contained under the heading “Plan of Distribution” on this Registration Statement is incorporated herein by reference.
Item 27. Other Expenses of Issuance and Distribution*
SEC registration fee |
$ | 463,500 | ||
FINRA filing fee |
$ | 225,500 | ||
Legal |
$ | 2,968,000 | ||
Printing |
$ | 713,000 | ||
Accounting |
$ | 70,000 | ||
Blue Sky Expenses |
$ | 192,815 | ||
Advertising and Sales Literature |
$ | 706,000 | ||
Due Diligence |
$ | 318,000 | ||
Miscellaneous fees and expenses |
$ | 877,685 | ||
Total |
$ | 6,534,500 |
* | The aggregate offering price of securities being offered pursuant to this Registration Statement remains unchanged since its most recent Post-Effective Amendment. All amounts previously reported. |
C-4
Item 28. Persons Controlled by or Under Common Control
The following list sets forth each of our subsidiaries, the state or country under whose laws the subsidiary is organized, and the percentage of voting securities or membership interests owned by us in such subsidiary:
OSCF Blocker Holdings, Inc. (Delaware)* |
100 | % | ||
OSCF Lending SPV, LLC (Delaware)* |
100 | % | ||
OSCF Lending II SPV, LLC (Delaware)* |
100 | % | ||
OSCF Lending III SPV, LLC (Delaware)* |
100 | % | ||
OSCF Lending IV SPV, LLC (Delaware)* |
100 | % | ||
OSCF Lending V SPV, LLC (Delaware)* |
100 | % |
* | Included in the Fund’s consolidated financial statements. |
The information contained under the heading “Management of the Fund,” “Investment Advisory Agreement, Administration Agreement and Expense Support Agreement” and “Control Persons and Principal Shareholders” in this Registration Statement is incorporated herein by reference.
Item 29. Number of Holders of Securities
The following table sets forth the approximate number of record holders of our Common Shares as of February 29, 2024.
Title of Class |
Number of Record Holders |
|||
Class T |
— | |||
Class S |
4,314 | |||
Class D |
17 | |||
Class I |
1,374 | |||
Total |
5,705 |
Item 30. Indemnification
The information contained under the heading “Description of our Shares,” “Investment Advisory Agreement, Administration Agreement and Expense Support Agreement” and “Plan of Distribution—Indemnification” in this Registration Statement is incorporated herein by reference.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person in the successful defense of an action suit or proceeding) is asserted by a Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is again public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
The Registrant has obtained liability insurance for the benefit of its Trustees and officers (other than with respect to claims resulting from the willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office) on a claims-made basis.
Item 31. Business and Other Connections of Investment Advisor
A description of any other business, profession, vocation or employment of a substantial nature in which Oaktree Fund Advisors, LLC, and each managing director, director or executive officer of Oaktree Fund Advisors, LLC, is or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the section entitled “Management of the Fund.” Additional information regarding Oaktree Fund Advisors, LLC and its officers and directors is set forth in its Form ADV, as filed with the SEC (File No. 801-112570), and is incorporated herein by reference.
C-5
Item 32. Location of Accounts and Records
All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act, and the rules thereunder are maintained at the offices of:
(1) |
(2) | the Transfer Agent; |
(3) | the Custodian; |
(4) | the Adviser; and |
(5) | the Administrator. |
Item 33. Management Services
Not Applicable.
Item 34. Undertakings
We hereby undertake:
(1) | to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
(i) | to include any prospectus required by Section 10(a)(3) of the Securities Act; |
(ii) | to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
(iii) | to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement. |
(2) | that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment will be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time will be deemed to be the initial bona fide offering thereof; |
(3) | to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering; |
(4) | that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; |
C-6
(5) | that, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities, the undersigned Registrant undertakes that in an offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: |
(i) | any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act; |
(ii) | free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants; |
(iii) | the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and (iv) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. |
(6) | that, for the purpose of determining any liability under the Securities Act: |
(i) | the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and |
(ii) | each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof; and |
(7) | to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information. |
C-7
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the “Securities Act”), the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California on March 12, 2024.
OAKTREE STRATEGIC CREDIT FUND | ||||
By: | /s/ Armen Panossian | |||
Name: | Armen Panossian | |||
Title: | Chairperson, Chief Executive Officer and Trustee |
OAKTREE STRATEGIC CREDIT FUND | ||||
By: | ||||
Name: | Christopher McKown | |||
Title: | Chief Financial Officer and Treasurer |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 5 to the Registration Statement on Form N-2 has been signed by the following persons in the capacities and on the dates indicated.
Signature |
Title |
Date | ||
/s/ Armen Panossian |
Chairperson, Chief Executive Officer and Trustee (Principal Executive Officer) | March 12, 2024 | ||
Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | March 12, 2024 | |||
/s/ Jay Ferguson* |
Trustee | March 12, 2024 | ||
/s/ Deborah Gero* |
Trustee | March 12, 2024 | ||
/s/ Allison Keller* |
Trustee | March 12, 2024 | ||
/s/ Stephen Mosko* |
Trustee | March 12, 2024 | ||
*By:/s/ Armen Panossian |
Attorney-in-Fact | March 12, 2024 |
* | Executed pursuant to a power of attorney previously filed as an exhibit to this Registration Statement on December 20, 2021. |
This ‘486APOS’ Filing | Date | Other Filings | ||
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11/14/28 | ||||
1/1/26 | ||||
9/30/24 | ||||
5/14/24 | ||||
5/1/24 | ||||
4/30/24 | ||||
4/1/24 | ||||
3/31/24 | ||||
3/27/24 | ||||
Filed on: | 3/12/24 | |||
2/29/24 | ||||
2/27/24 | 8-K | |||
2/23/24 | 8-K | |||
2/15/24 | 424B3, 8-K, SC TO-I | |||
2/1/24 | SC TO-I/A | |||
1/31/24 | 486BPOS | |||
1/24/24 | 8-K | |||
1/1/24 | ||||
12/31/23 | 10-Q | |||
12/27/23 | ||||
12/22/23 | ||||
12/20/23 | 8-K | |||
12/18/23 | 10-K | |||
12/15/23 | ||||
12/14/23 | ||||
11/30/23 | 4 | |||
11/28/23 | ||||
11/27/23 | 8-K | |||
11/21/23 | 8-K | |||
11/14/23 | 424B3, 8-K | |||
11/1/23 | ||||
10/31/23 | ||||
10/27/23 | ||||
10/25/23 | 8-K | |||
10/1/23 | ||||
9/30/23 | 10-K | |||
9/29/23 | 8-K | |||
9/27/23 | 8-K | |||
8/31/23 | ||||
8/29/23 | ||||
8/22/23 | 8-K | |||
8/15/23 | SC TO-I | |||
7/31/23 | ||||
7/27/23 | ||||
7/24/23 | 8-K | |||
7/5/23 | 8-K | |||
6/30/23 | 10-Q | |||
6/28/23 | 8-K | |||
6/26/23 | 8-K | |||
5/31/23 | ||||
5/26/23 | ||||
5/22/23 | 8-K | |||
4/30/23 | ||||
4/27/23 | ||||
4/25/23 | 8-K | |||
4/7/23 | ||||
3/31/23 | 10-Q | |||
3/29/23 | ||||
3/22/23 | 8-K | |||
2/28/23 | ||||
2/24/23 | 8-K | |||
2/22/23 | 424B3, 8-K | |||
2/1/23 | ||||
1/31/23 | ||||
1/30/23 | ||||
1/24/23 | 8-K | |||
1/23/23 | ||||
12/31/22 | 10-Q | |||
12/28/22 | ||||
12/21/22 | 8-K | |||
11/30/22 | ||||
11/28/22 | ||||
11/21/22 | 8-K | |||
10/31/22 | ||||
10/26/22 | 8-K | |||
10/6/22 | ||||
9/30/22 | 10-K | |||
9/12/22 | ||||
9/8/22 | ||||
8/31/22 | ||||
7/31/22 | ||||
6/30/22 | 10-Q | |||
6/1/22 | ||||
5/31/22 | 8-K | |||
5/25/22 | 8-K | |||
3/31/22 | 10-Q, 8-K | |||
3/25/22 | 8-K | |||
2/3/22 | 3, 8-A12G, EFFECT, N-54A | |||
12/20/21 | DRS, DRS/A, N-2, N-6F | |||
12/17/21 | ||||
12/10/21 | ||||
11/24/21 | ||||
3/19/21 | ||||
3/23/18 | ||||
1/3/18 | ||||
12/31/17 | ||||
8/31/16 | ||||
6/8/11 | ||||
5/7/07 | ||||
3/29/92 | ||||
List all Filings |