UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2022
OR
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: 814-01175
BAIN CAPITAL SPECIALTY FINANCE, INC.
(Exact name of registrant as specified in its charter)
Delaware | 81-2878769 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
200 Clarendon Street, 37th Floor Boston, MA (Address of principal executive offices) |
02116 (Zip Code) |
(617) 516-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.001 per share | BCSF | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ¨ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller reporting company ¨ |
Emerging growth company ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of May 5, 2022 the registrant had 64,562,265.27 shares of common stock, $0.001 par value, outstanding.
TABLE OF CONTENTS
FORWARD-LOOKING STATEMENTS
Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2021 and in our filings with the Securities and Exchange Commission (the “SEC”).
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.
Item 1. Consolidated Financial Statements
Bain Capital Specialty Finance, Inc. |
Consolidated Statements of Assets and Liabilities |
(in thousands, except share and per share data) |
As of | As of | |||||||
March 31, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Investments at fair value: | ||||||||
Non-controlled/non-affiliate investments (amortized cost of $1,703,867 and $1,921,970, respectively) | $ | 1,677,843 | $ | 1,901,054 | ||||
Non-controlled/affiliate investment (amortized cost of $122,015 and $100,888, respectively) | 140,084 | 113,290 | ||||||
Controlled affiliate investment (amortized cost of $343,260 and $288,526, respectively) | 336,745 | 274,761 | ||||||
Cash and cash equivalents | 55,963 | 87,443 | ||||||
Foreign cash (cost of $25,588 and $30,877, respectively) | 24,844 | 29,979 | ||||||
Restricted cash and cash equivalents | 34,032 | 86,159 | ||||||
Collateral on forward currency exchange contracts | 584 | 2,815 | ||||||
Deferred financing costs | 2,070 | 2,178 | ||||||
Interest receivable on investments | 20,785 | 19,269 | ||||||
Receivable for sales and paydowns of investments | 4,212 | 30,334 | ||||||
Prepaid Insurance | 15 | 193 | ||||||
Unrealized appreciation on forward currency exchange contracts | 6,972 | 5,321 | ||||||
Dividend receivable | 6,479 | 18,397 | ||||||
Total Assets | $ | 2,310,628 | $ | 2,571,193 | ||||
Liabilities | ||||||||
Debt (net of unamortized debt issuance costs of $13,323 and $15,718, respectively) | $ | 1,090,677 | $ | 1,414,982 | ||||
Interest payable | 7,649 | 7,058 | ||||||
Payable for investments purchased | 64,589 | 7,594 | ||||||
Base management fee payable | 8,369 | 8,792 | ||||||
Incentive fee payable | 3,311 | 4,727 | ||||||
Accounts payable and accrued expenses | 2,346 | 6,083 | ||||||
Distributions payable | 21,951 | 21,951 | ||||||
Total Liabilities | 1,198,892 | 1,471,187 | ||||||
Commitments and Contingencies (See Note 10) | ||||||||
Net Assets | ||||||||
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,562,265 and 64,562,265 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 65 | 65 | ||||||
Paid in capital in excess of par value | 1,168,384 | 1,168,384 | ||||||
Total distributable earnings (loss) | (56,713 | ) | (68,443 | ) | ||||
Total Net Assets | 1,111,736 | 1,100,006 | ||||||
Total Liabilities and Total Net assets | $ | 2,310,628 | $ | 2,571,193 | ||||
Net asset value per share | $ | 17.22 | $ | 17.04 |
See Notes to Consolidated Financial Statements
2
Bain Capital Specialty Finance, Inc. |
Consolidated Statements of Operations |
(in thousands, except share and per share data) |
(Unaudited) |
For the Three Months Ended March 31 | For the Three Months Ended March 31 | |||||||
2022 | 2021 | |||||||
Income | ||||||||
Investment income from non-controlled/non-affiliate investments: | ||||||||
Interest from investments | $ | 34,287 | $ | 39,913 | ||||
Dividend income | 108 | - | ||||||
PIK income | 2,508 | 980 | ||||||
Other income | 465 | 3,456 | ||||||
Total investment income from non-controlled/non-affiliate investments | 37,368 | 44,349 | ||||||
Investment income from non-controlled/affiliate investments: | ||||||||
Interest from investments | 324 | 424 | ||||||
PIK income | 1,404 | 1,385 | ||||||
Total investment income from non-controlled/affiliate investments | 1,728 | 1,809 | ||||||
Investment income from controlled affiliate investments: | ||||||||
Interest from investments | 3,422 | 1,637 | ||||||
Dividend income | 3,493 | 2,036 | ||||||
Total investment income from controlled affiliate investments | 6,915 | 3,673 | ||||||
Total investment income | 46,011 | 49,831 | ||||||
Expenses | ||||||||
Interest and debt financing expenses | 10,643 | 11,833 | ||||||
Base management fee | 8,369 | 8,698 | ||||||
Incentive fee | 3,311 | 6,728 | ||||||
Professional fees | 390 | 959 | ||||||
Directors fees | 175 | 171 | ||||||
Other general and administrative expenses | 1,420 | 1,390 | ||||||
Total expenses before fee waivers | 24,308 | 29,779 | ||||||
Base management fee waiver | - | (2,113 | ) | |||||
Total expenses, net of fee waivers | 24,308 | 27,666 | ||||||
Net investment income | 21,703 | 22,165 | ||||||
Net realized and unrealized gains (losses) | ||||||||
Net realized gain on non-controlled/non-affiliate investments | 1,417 | 18,413 | ||||||
Net realized loss on controlled affiliate investments | - | (3,237 | ) | |||||
Net realized loss on foreign currency transactions | (488 | ) | (3,026 | ) | ||||
Net realized gain (loss) on forward currency exchange contracts | 1,243 | (3,292 | ) | |||||
Net change in unrealized appreciation on foreign currency translation | 346 | 386 | ||||||
Net change in unrealized appreciation on forward currency exchange contracts | 1,651 | 4,577 | ||||||
Net change in unrealized depreciation on non-controlled/non-affiliate investments | (5,108 | ) | (3,224 | ) | ||||
Net change in unrealized appreciation (depreciation) on non-controlled/affiliate investments | 5,667 | (372 | ) | |||||
Net change in unrealized appreciation (depreciation) on controlled affiliate investments | 7,250 | (637 | ) | |||||
Total net gains | 11,978 | 9,588 | ||||||
Net increase in net assets resulting from operations | $ | 33,681 | $ | 31,753 | ||||
Basic and diluted net investment income per common share | $ | 0.34 | $ | 0.34 | ||||
Basic and diluted increase in net assets resulting from operations per common share | $ | 0.52 | $ | 0.49 | ||||
Basic and diluted weighted average common shares outstanding | 64,562,265 | 64,562,265 |
See Notes to Consolidated Financial Statements |
3
Bain Capital Specialty Finance, Inc. |
Consolidated Statements of Changes in Net Assets |
(in thousands, except share and per share data) |
(Unaudited) |
For the Three Months Ended March 31 | For the Three Months Ended March 31 | |||||||
2022 | 2021 | |||||||
Operations: | ||||||||
Net investment income | $ | 21,703 | $ | 22,165 | ||||
Net realized gain | 2,172 | 8,858 | ||||||
Net change in unrealized appreciation | 9,806 | 730 | ||||||
Net increase in net assets resulting from operations | 33,681 | 31,753 | ||||||
Stockholder distributions: | ||||||||
Distributions from distributable earnings | (21,951 | ) | (21,951 | ) | ||||
Net decrease in net assets resulting from stockholder distributions | (21,951 | ) | (21,951 | ) | ||||
Total increase in net assets | 11,730 | 9,802 | ||||||
Net assets at beginning of period | 1,100,006 | 1,068,004 | ||||||
Net assets at end of period | $ | 1,111,736 | $ | 1,077,806 | ||||
Net asset value per common share | $ | 17.22 | $ | 16.69 | ||||
Common stock outstanding at end of period | 64,562,265 | 64,562,265 |
See Notes to Consolidated Financial Statements |
4
Bain Capital Specialty Finance, Inc. |
Consolidated Statements of Cash Flows |
(in thousands, except share and per share data) |
(Unaudited) |
For the Three Months Ended March 31 | For the Three Months Ended March 31 | |||||||
2022 | 2021 | |||||||
Cash flows from operating activities | ||||||||
Net increase in net assets resulting from operations | $ | 33,681 | 31,753 | |||||
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | ||||||||
Purchases of investments | (241,809 | ) | (262,104 | ) | ||||
Proceeds from principal payments and sales of investments | 111,524 | 415,738 | ||||||
Net realized gain from investments | (1,417 | ) | (15,176 | ) | ||||
Net realized loss on foreign currency transactions | 488 | 3,026 | ||||||
Net change in unrealized appreciation on forward currency exchange contracts | (1,651 | ) | (4,577 | ) | ||||
Net change in unrealized (appreciation) depreciation on investments | (7,809 | ) | 4,233 | |||||
Net change in unrealized appreciation on foreign currency translation | (346 | ) | (386 | ) | ||||
Increase in investments due to PIK | (3,912 | ) | (2,365 | ) | ||||
Accretion of discounts and amortization of premiums | (1,523 | ) | (1,698 | ) | ||||
Amortization of deferred financing costs and debt issuance costs | 1,009 | 2,600 | ||||||
Changes in operating assets and liabilities: | ||||||||
Collateral on forward currency exchange contracts | 2,231 | 1,582 | ||||||
Interest receivable on investments | (1,516 | ) | 608 | |||||
Prepaid Insurance | 178 | - | ||||||
Dividend receivable | 11,918 | (2,268 | ) | |||||
Interest payable | 591 | (118 | ) | |||||
Base management fee payable | (423 | ) | 295 | |||||
Incentive fee payable | (1,416 | ) | 2,929 | |||||
Accounts payable and accrued expenses | (1,550 | ) | 734 | |||||
Net cash provided by (used in) operating activities | (101,752 | ) | 174,806 | |||||
Cash flows from financing activities | ||||||||
Borrowings on debt | 55,000 | 375,500 | ||||||
Repayments on debt | (16,000 | ) | (486,774 | ) | ||||
Payments of financing costs | (2,186 | ) | - | |||||
Payments of debt issuance costs | - | (5,657 | ) | |||||
Stockholder distributions paid | (21,951 | ) | (21,951 | ) | ||||
Net cash (used in) provided by financing activities | 14,863 | (138,882 | ) | |||||
Net increase (decrease) in cash, foreign cash, restricted cash and cash equivalents | (86,889 | ) | 35,924 | |||||
Effect of foreign currency exchange rates | (1,853 | ) | (3,235 | ) | ||||
Cash, foreign cash, restricted cash and cash equivalents, beginning of period | 203,581 | 81,702 | ||||||
Cash, foreign cash, restricted cash and cash equivalents, end of period | $ | 114,839 | $ | 114,391 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Cash interest paid during the period | $ | 9,042 | $ | 10,886 | ||||
Supplemental disclosure of non-cash information: | ||||||||
Debt investment sold by the Company to ISLP | $ | - | $ | 317,077 | ||||
Company investment into ISLP in exchange for investments sold | $ | - | $ | 128,970 | ||||
Company investment into SLP | $ | 5,584 | $ | - | ||||
Deconsolidation of 2018-1 Issuer | ||||||||
Disposition of assets | $ | 470,616 | $ | - | ||||
Reduction of liabilities | $ | 390,448 | $ | - |
2022 | 2021 | |||||||
Cash | $ | 55,963 | $ | 36,248 | ||||
Restricted cash | 34,032 | 76,730 | ||||||
Foreign cash | 24,844 | 1,413 | ||||||
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows | $ | 114,839 | $ | 114,391 |
See Notes to Consolidated Financial Statements
5
Bain Capital Specialty Finance, Inc.
Consolidated Schedule of Investments
As of March 31, 2022
(In thousands)
(unaudited)
Control Type | Industry | Portfolio Company | Investment Type | Spread Above Index (1) | Interest Rate | Maturity Date | Principal/ Shares (9) | Cost | Market Value | % of NAV (4) | ||||||||||||||||||||||||
Non-Controlled/Non-Affiliate Investments | ||||||||||||||||||||||||||||||||||
Aerospace & Defense | Ansett Aviation Training (6)(18)(19) | First Lien Senior Secured Loan | BBSY+ 4.69% | 4.87 | % | 9/24/2031 | AUD | 21,215 | 15,931 | 15,931 | ||||||||||||||||||||||||
Ansett Aviation Training (6)(14)(19)(25) | Equity Interest | — | — | — | AUD | 15,357 | 11,531 | 11,531 | ||||||||||||||||||||||||||
Forming Machining Industries Holdings, LLC (18)(19) | Second Lien Senior Secured Loan | L+ 8.25% | 9.26 | % | 10/9/2026 | $ | 6,540 | 6,497 | 5,853 | |||||||||||||||||||||||||
Forming Machining Industries Holdings, LLC (18) | First Lien Senior Secured Loan | L+ 4.25% | 4.47 | % | 10/9/2025 | $ | 16,397 | 16,317 | 15,375 | |||||||||||||||||||||||||
GSP Holdings, LLC (15)(19)(26)(29) | First Lien Senior Secured Loan | L+ 5.75% (0.25% PIK) | 6.79 | % | 11/6/2025 | $ | 35,559 | 35,483 | 32,892 | |||||||||||||||||||||||||
GSP Holdings, LLC(3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | L+ 5.75% (0.25% PIK) | 6.79 | % | 11/6/2025 | $ | 2,736 | 2,720 | 2,531 | |||||||||||||||||||||||||
Kellstrom Aerospace Group, Inc (14)(19)(25) | Equity Interest | — | — | — | $ | 1 | 1,963 | 792 | ||||||||||||||||||||||||||
Kellstrom Commercial Aerospace, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR+ 6.00% | 7.00 | % | 7/1/2025 | $ | 3,305 | 3,252 | 3,017 | |||||||||||||||||||||||||
Kellstrom Commercial Aerospace, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR+ 6.00% | 7.00 | % | 7/1/2025 | $ | 30,407 | 30,046 | 28,583 | |||||||||||||||||||||||||
Mach Acquisition R/C (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 10/18/2026 | $ | — | (183 | ) | (176 | ) | ||||||||||||||||||||||||
Mach Acquisition T/L (15)(19) | First Lien Senior Secured Loan | L+ 7.50% | 8.50 | % | 10/18/2026 | $ | 32,558 | 31,961 | 31,989 | |||||||||||||||||||||||||
Precision Ultimate Holdings, LLC (14)(19)(25) | Equity Interest | — | — | — | $ | 1,417 | 1,417 | 1,245 | ||||||||||||||||||||||||||
WCI-HSG HOLDCO, LLC (14)(19)(25) | Preferred Equity | — | — | — | $ | 675 | 675 | 2,097 | ||||||||||||||||||||||||||
WCI-HSG Purchaser, Inc. (3)(15)(19)(29) | First Lien Senior Secured Loan - Revolver | L+ 4.75% | 5.75 | % | 2/22/2025 | $ | 309 | 305 | 309 | |||||||||||||||||||||||||
WCI-HSG Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 4.75% | 5.75 | % | 2/24/2025 | $ | 8,688 | 8,625 | 8,688 | |||||||||||||||||||||||||
Whitcraft LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 4/3/2023 | $ | — | (6 | ) | (59 | ) | ||||||||||||||||||||||||
Whitcraft LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 6.00% | 7.01 | % | 4/3/2023 | $ | 28,908 | 28,807 | 27,968 | |||||||||||||||||||||||||
WP CPP Holdings, LLC. (15) | Second Lien Senior Secured Loan | L+ 7.75% | 8.75 | % | 4/30/2026 | $ | 11,724 | 11,653 | 11,479 | |||||||||||||||||||||||||
Aerospace & Defense Total | $ | 206,994 | $ | 200,045 | 18.0 | % | ||||||||||||||||||||||||||||
Automotive | American Trailer Rental Group (19)(26) | Subordinated Debt | 9.00% (2.00% PIK) | 11.00 | % | 12/1/2027 | $ | 4,924 | 4,856 | 4,924 | ||||||||||||||||||||||||
American Trailer Rental Group (19)(26) | Subordinated Debt | 9.00% (2.00% PIK) | 11.00 | % | 12/1/2027 | $ | 15,192 | 14,885 | 15,193 | |||||||||||||||||||||||||
American Trailer Rental Group (19)(26) | Subordinated Debt | 9.00% (2.00% PIK) | 11.00 | % | 12/1/2027 | $ | 10,000 | 9,785 | 10,000 | |||||||||||||||||||||||||
American Trailer Rental Group (19)(26) | Subordinated Debt | 9.00% (2.00% PIK) | 11.00 | % | 12/1/2027 | $ | 9,000 | 8,799 | 9,000 | |||||||||||||||||||||||||
Cardo (6)(17)(19) | First Lien Senior Secured Loan | L+ 6.00% | 6.50 | % | 5/12/2028 | $ | 98 | 97 | 98 | |||||||||||||||||||||||||
CST Buyer Company (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 10/3/2025 | $ | — | (9 | ) | — | |||||||||||||||||||||||||
CST Buyer Company (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.55% | 6.50 | % | 10/3/2025 | $ | 13,638 | 13,573 | 13,638 | |||||||||||||||||||||||||
JHCC Holdings, LLC (15)(19)(28) | First Lien Senior Secured Loan - Delayed Draw | P+ 4.75% | 8.25 | % | 9/9/2025 | $ | 2,635 | 2,619 | 2,503 | |||||||||||||||||||||||||
JHCC Holdings, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.75% | 6.75 | % | 9/9/2025 | $ | 1,673 | 1,643 | 1,532 | |||||||||||||||||||||||||
JHCC Holdings, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.75% | 6.76 | % | 9/9/2025 | $ | 5,782 | 5,777 | 5,493 | |||||||||||||||||||||||||
JHCC Holdings, LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.75% | 6.76 | % | 9/9/2025 | $ | 21,428 | 21,236 | 20,357 | |||||||||||||||||||||||||
Automotive Total | $ | 83,261 | $ | 82,738 | 7.4 | % | ||||||||||||||||||||||||||||
Banking | Green Street Parent, LLC (3)(5)(19)(29) | First Lien Senior Secured Loan - Revolver | — | — | 8/27/2025 | $ | — | (27 | ) | — | ||||||||||||||||||||||||
Green Street Parent, LLC (16)(19)(29) | First Lien Senior Secured Loan | L+ 5.75% | 6.50 | % | 8/27/2026 | $ | 3,428 | 3,382 | 3,428 | |||||||||||||||||||||||||
Green Street Parent, LLC (16)(19)(29) | First Lien Senior Secured Loan | L+ 5.75% | 6.50 | % | 8/27/2026 | $ | 4,489 | 4,404 | 4,489 | |||||||||||||||||||||||||
Banking Total | $ | 7,759 | $ | 7,917 | 0.7 | % | ||||||||||||||||||||||||||||
Beverage, Food & Tobacco | NPC International, Inc. (14)(19)(25)(27) | Equity Interest | — | — | — | $ | 564 | 843 | 213 | |||||||||||||||||||||||||
Beverage, Food & Tobacco Total | $ | 843 | $ | 213 | 0.0 | % | ||||||||||||||||||||||||||||
Capital Equipment | ClockSpring (15)(19) | Second Lien Senior Secured Loan | SOFR+ 6.50% | 7.50 | % | 8/1/2025 | $ | 5,100 | 4,998 | 4,998 | ||||||||||||||||||||||||
East BCC Coinvest II, LLC (14)(19)(25) | Equity Interest | — | — | — | $ | 1,419 | 1,419 | 1,135 | ||||||||||||||||||||||||||
FCG Acquisitions, Inc. (14)(19)(25) | Preferred Equity | — | — | — | $ | 4 | — | — | ||||||||||||||||||||||||||
Jonathan Acquisition Company (15)(19) | Second Lien Senior Secured Loan | L+ 9.00% | 10.00 | % | 12/22/2027 | $ | 8,000 | 7,828 | 8,000 | |||||||||||||||||||||||||
TCFIII Owl Finance, LLC (19) | First Lien Senior Secured Loan | 12.00 | % | 12.00 | % | 1/30/2027 | $ | 4,420 | 4,356 | 4,354 | ||||||||||||||||||||||||
Capital Equipment Total | $ | 18,601 | $ | 18,487 | 1.7 | % | ||||||||||||||||||||||||||||
Chemicals, Plastics & Rubber | V Global Holdings LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR+ 5.25% | 6.00 | % | 12/22/2027 | $ | 14,391 | 14,069 | 14,391 | ||||||||||||||||||||||||
V Global Holdings LLC (3)(5)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR+ 5.25% | 6.00 | % | 12/22/2025 | $ | — | (147 | ) | — | ||||||||||||||||||||||||
Chemicals, Plastics & Rubber Total | $ | 13,922 | $ | 14,391 | 1.3 | % | ||||||||||||||||||||||||||||
Construction & Building | Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.50% PIK | 6.50 | % | 5/12/2025 | $ | 1,253 | 1,251 | 977 | ||||||||||||||||||||||||
Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan | L+ 5.50% PIK | 6.50 | % | 5/12/2025 | $ | 13,058 | 13,027 | 10,185 | |||||||||||||||||||||||||
Elk Parent Holdings, LP (14)(19)(25) | Equity Interest | — | — | — | $ | 1 | 12 | 568 | ||||||||||||||||||||||||||
Elk Parent Holdings, LP (14)(19)(25) | Preferred Equity | — | — | — | $ | 120 | 1,202 | 1,455 | ||||||||||||||||||||||||||
Regan Development Holdings Limited (6)(17)(19) | First Lien Senior Secured Loan | EURIBOR+ 6.50% | 7.00 | % | 4/18/2022 | € | 2,087 | 2,274 | 2,244 | |||||||||||||||||||||||||
Regan Development Holdings Limited (6)(17)(19) | First Lien Senior Secured Loan | EURIBOR+ 6.50% | 7.00 | % | 4/18/2022 | € | 677 | 768 | 727 | |||||||||||||||||||||||||
Regan Development Holdings Limited (6)(17)(19) | First Lien Senior Secured Loan | EURIBOR+ 6.50% | 7.00 | % | 4/18/2022 | € | 6,335 | 6,902 | 6,775 | |||||||||||||||||||||||||
ServiceMaster LP Interest Class B Preferred Units (14)(19)(25) | Equity Interest | — | — | — | $ | 327 | 327 | 341 | ||||||||||||||||||||||||||
Service Master Revolving Loan (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L+ 7.50% | 8.50 | % | 8/16/2027 | $ | 1,888 | 1,808 | 1,888 | |||||||||||||||||||||||||
Service Master Term Note (3)(15)(19) | First Lien Senior Secured Loan | L+ 7.50% | 8.50 | % | 8/16/2027 | $ | 936 | 919 | 936 | |||||||||||||||||||||||||
YLG Holdings, Inc. (19)(21) | First Lien Senior Secured Loan - Delayed Draw | L+ 6.00% | 6.25 | % | 10/31/2025 | $ | 5,047 | 5,042 | 5,047 | |||||||||||||||||||||||||
YLG Holdings, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 10/31/2025 | $ | — | (51 | ) | — | |||||||||||||||||||||||||
YLG Holdings, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.25% | 6.25 | % | 10/31/2025 | $ | 27,361 | 27,231 | 27,361 | |||||||||||||||||||||||||
Construction & Building Total | $ | 60,712 | $ | 58,504 | 5.3 | % | ||||||||||||||||||||||||||||
Consumer Goods: Durable | New Milani Group LLC (15)(19) | First Lien Senior Secured Loan | L+ 6.50% | 7.51 | % | 6/6/2024 | $ | 20,873 | 20,372 | 20,665 | ||||||||||||||||||||||||
Stanton Carpet T/L 2nd Lien (15)(19) | Second Lien Senior Secured Loan | L+ 9.00% | 10.00 | % | 4/1/2028 | $ | 14,664 | 14,387 | 14,445 | |||||||||||||||||||||||||
Tangent Technologies Acquisition, LLC (15)(19) | Second Lien Senior Secured Loan | SOFR+ 8.75% | 9.75 | % | 5/30/2028 | $ | 8,915 | 8,743 | 8,737 | |||||||||||||||||||||||||
TLC Holdco LP (14)(19)(25) | Equity Interest | — | — | — | $ | 1,188 | 1,186 | 446 | ||||||||||||||||||||||||||
TLC Purchaser, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 10/13/2025 | $ | — | (42 | ) | (854 | ) | ||||||||||||||||||||||||
TLC Purchaser, Inc. (3)(19) | First Lien Senior Secured Loan - Revolver | P+ 5.25% | 8.75 | % | 10/13/2025 | $ | 6,408 | 6,303 | 5,340 | |||||||||||||||||||||||||
TLC Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 6.25% | 7.25 | % | 10/13/2025 | $ | 31,371 | 30,978 | 27,607 | |||||||||||||||||||||||||
Consumer Goods: Durable Total | $ | 81,927 | $ | 76,386 | 6.9 | % | ||||||||||||||||||||||||||||
Consumer Goods: Non-Durable | Fineline Technologies, Inc. (14)(19)(25) | Equity Interest | — | — | — | $ | 939 | 939 | 1,300 | |||||||||||||||||||||||||
FL Hawk Intermediate Holdings, Inc. (15)(19) | Second Lien Senior Secured Loan | L+ 9.00% | 10.00 | % | 8/22/2028 | $ | 21,125 | 20,563 | 21,125 | |||||||||||||||||||||||||
RoC Opco LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 2/25/2025 | $ | — | (103 | ) | — | |||||||||||||||||||||||||
RoC Opco LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 8.50% | 9.50 | % | 2/25/2025 | $ | 31,157 | 30,733 | 31,157 | |||||||||||||||||||||||||
Solaray, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.50% | 6.50 | % | 9/9/2023 | $ | 14,276 | 14,276 | 14,276 | |||||||||||||||||||||||||
Solaray, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L+ 4.50% | 5.50 | % | 9/9/2022 | $ | 2,267 | 2,259 | 2,267 | |||||||||||||||||||||||||
Solaray, LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.50% | 6.50 | % | 9/11/2023 | $ | 30,926 | 30,926 | 30,926 | |||||||||||||||||||||||||
WU Holdco, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.50% | 5.72 | % | 3/26/2025 | $ | 563 | 532 | 563 | |||||||||||||||||||||||||
WU Holdco, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.50% | 6.50 | % | 3/26/2026 | $ | 37,895 | 37,409 | 37,895 | |||||||||||||||||||||||||
WU Holdco, Inc. (15)(19)(28) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.50% | 6.50 | % | 3/26/2026 | $ | 1,708 | 1,679 | 1,708 | |||||||||||||||||||||||||
Consumer Goods: Non-Durable Total | $ | 139,213 | $ | 141,217 | 12.7 | % |
6
Control Type | Industry | Portfolio Company | Investment Type | Spread Above Index (1) | Interest Rate | Maturity Date | Principal/ Shares (9) | Cost | Market Value | % of NAV (4) | ||||||||||||||||||||||||
Consumer Goods: Wholesale | WSP LP Interest (14)(19)(25) | Equity Interest | — | — | — | $ | 2,898 | 2,898 | 2,182 | |||||||||||||||||||||||||
WSP Initial Term Loan (15)(19)(29) | First Lien Senior Secured Loan | L+ 6.25% | 7.25 | % | 4/27/2027 | $ | 6,048 | 5,938 | 5,851 | |||||||||||||||||||||||||
WSP Initial Term Loan (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 4/27/2023 | $ | — | (28 | ) | (58 | ) | ||||||||||||||||||||||||
WSP Revolving Loan (3)(18)(19) | First Lien Senior Secured Loan - Revolver | L+ 6.25% | 6.25 | % | 4/27/2027 | $ | 47 | 39 | 33 | |||||||||||||||||||||||||
Consumer Goods: Wholesale Total | $ | 8,847 | $ | 8,008 | 0.7 | % | ||||||||||||||||||||||||||||
Containers, Packaging, & Glass | ASP-r-pac Acquisition Co LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/29/2027 | $ | — | (62 | ) | — | ||||||||||||||||||||||||
ASP-r-pac Acquisition Co LLC (16)(19)(29) | First Lien Senior Secured Loan | L+ 6.00% | 6.75 | % | 12/29/2027 | $ | 14,139 | 13,869 | 14,139 | |||||||||||||||||||||||||
Containers, Packaging, & Glass Total | $ | 13,807 | $ | 14,139 | 1.3 | % | ||||||||||||||||||||||||||||
Energy: Oil & Gas | Amspec Services, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.75% | 5.75 | % | 7/2/2024 | $ | 708 | 681 | 708 | ||||||||||||||||||||||||
Amspec Services, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.75% | 6.76 | % | 7/2/2024 | $ | 33,249 | 33,051 | 33,248 | |||||||||||||||||||||||||
Amspec Services, Inc. (15)(19) | First Lien Senior Secured Loan | L+ 5.75% | 6.75 | % | 7/2/2024 | $ | 2,791 | 2,765 | 2,791 | |||||||||||||||||||||||||
Energy: Oil & Gas Total | $ | 36,497 | $ | 36,747 | 3.3 | % | ||||||||||||||||||||||||||||
FIRE: Finance | Allworth Financial Group, L.P. (3)(15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR+ 4.75% | 5.75 | % | 12/23/2026 | $ | 2,522 | 2,472 | 2,522 | ||||||||||||||||||||||||
Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan | SOFR+ 4.75% | 5.75 | % | 12/23/2026 | $ | 8,618 | 8,520 | 8,618 | |||||||||||||||||||||||||
Allworth Financial Group, L.P. (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/23/2026 | $ | — | (14 | ) | — | |||||||||||||||||||||||||
TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.75% | 6.75 | % | 10/2/2025 | $ | 9,471 | 9,471 | 9,471 | |||||||||||||||||||||||||
TA/Weg Holdings (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.75% | 6.75 | % | 10/2/2025 | $ | 2,391 | 2,380 | 2,391 | |||||||||||||||||||||||||
FIRE: Finance Total | $ | 22,829 | $ | 23,002 | 2.1 | % | ||||||||||||||||||||||||||||
FIRE: Insurance | Margaux Acquisition Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.75% | 6.68 | % | 12/19/2024 | $ | 9,175 | 9,152 | 9,175 | ||||||||||||||||||||||||
Margaux Acquisition Inc. (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/19/2024 | $ | — | (26 | ) | — | |||||||||||||||||||||||||
Margaux Acquisition Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.75% | 6.68 | % | 12/19/2024 | $ | 17,728 | 17,535 | 17,728 | |||||||||||||||||||||||||
Margaux UK Finance Limited (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/19/2024 | £ | — | (5 | ) | (3 | ) | ||||||||||||||||||||||||
Margaux UK Finance Limited (6)(16)(19) | First Lien Senior Secured Loan | SONIA+ 5.75% | 6.50 | % | 12/19/2024 | £ | 7,551 | 9,747 | 9,871 | |||||||||||||||||||||||||
MRHT Facility A (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR+ 5.50% | 5.50 | % | 7/26/2028 | € | 216 | 249 | 239 | |||||||||||||||||||||||||
MRHT Acquisition Facility (3)(6)(18)(19) | First Lien Senior Secured Loan | EURIBOR+ 5.50% | 5.50 | % | 7/26/2028 | € | 267 | 297 | 296 | |||||||||||||||||||||||||
Paisley Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR+ 5.50% | 5.50 | % | 11/26/2028 | £ | 3,210 | 3,584 | 3,558 | |||||||||||||||||||||||||
Paisley Bidco Limited (3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 11/26/2028 | £ | — | (81 | ) | — | |||||||||||||||||||||||||
World Insurance (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.75% | 6.75 | % | 4/1/2026 | $ | 8,337 | 8,271 | 8,337 | |||||||||||||||||||||||||
World Insurance (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.75% | 6.75 | % | 4/1/2026 | $ | 70 | 55 | 70 | |||||||||||||||||||||||||
World Insurance (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.75% | 6.76 | % | 4/1/2026 | $ | 3,137 | 3,084 | 3,137 | |||||||||||||||||||||||||
FIRE: Insurance Total | $ | 51,862 | $ | 52,408 | 4.7 | % | ||||||||||||||||||||||||||||
Healthcare & Pharmaceuticals | CB Titan Holdings, Inc. (14)(19)(25) | Preferred Equity | — | — | $ | 1,953 | 1,953 | 1,053 | ||||||||||||||||||||||||||
CPS Group Holdings, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 3/3/2025 | $ | — | (49 | ) | — | |||||||||||||||||||||||||
CPS Group Holdings, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.25% | 6.00 | % | 3/3/2025 | $ | 44,902 | 44,654 | 44,902 | |||||||||||||||||||||||||
Datix Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan - Revolver | SONIA+ 4.50% | 4.96 | % | 10/28/2024 | £ | 10 | 13 | 13 | |||||||||||||||||||||||||
Datix Bidco Limited (6)(18)(19) | Second Lien Senior Secured Loan | L+ 7.75% | 8.21 | % | 4/27/2026 | £ | 121 | 164 | 160 | |||||||||||||||||||||||||
Datix Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | BBSW+ 4.00% | 4.25 | % | 4/28/2025 | £ | 42 | 32 | 32 | |||||||||||||||||||||||||
Great Expressions Dental Center PC (3)(13)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | L+ 4.25% (0.50% PIK) | 5.75 | % | 9/28/2022 | $ | 966 | 964 | 871 | |||||||||||||||||||||||||
Great Expressions Dental Center PC (15)(19)(26) | First Lien Senior Secured Loan | L+ 4.25% (0.50% PIK) | 5.75 | % | 9/28/2023 | $ | 7,841 | 7,860 | 7,214 | |||||||||||||||||||||||||
Mertus 522. GmbH (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR+ 6.25% | 6.25 | % | 5/28/2026 | € | 131 | 142 | 146 | |||||||||||||||||||||||||
Mertus 522. GmbH (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR+ 6.25% | 6.25 | % | 5/28/2026 | € | 225 | 247 | 249 | |||||||||||||||||||||||||
Premier Imaging, LLC (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | L+ 6.00% | 7.00 | % | 1/2/2025 | $ | 1,532 | 1,437 | 1,430 | |||||||||||||||||||||||||
Premier Imaging, LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 6.00% | 7.00 | % | 1/2/2025 | $ | 7,195 | 7,094 | 7,087 | |||||||||||||||||||||||||
SunMed Group Holdings, LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.75% | 6.50 | % | 6/16/2027 | $ | 197 | 178 | 197 | |||||||||||||||||||||||||
SunMed Group Holdings, LLC (16)(19)(29) | First Lien Senior Secured Loan | L+ 5.75% | 6.50 | % | 6/16/2028 | $ | 8,760 | 8,622 | 8,760 | |||||||||||||||||||||||||
TecoStar Holdings, Inc. (15)(19) | Second Lien Senior Secured Loan | L+ 8.50% | 9.50 | % | 11/1/2024 | $ | 9,472 | 9,362 | 8,880 | |||||||||||||||||||||||||
Healthcare & Pharmaceuticals Total | $ | 82,673 | $ | 80,994 | 7.3 | % | ||||||||||||||||||||||||||||
High Tech Industries | AMI US Holdings Inc. (6)(15)(19)(29) | First Lien Senior Secured Loan | L+ 5.25% | 6.25 | % | 4/1/2025 | $ | 11,886 | 11,754 | 11,886 | ||||||||||||||||||||||||
Appriss Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | L+ 7.25% | 8.25 | % | 5/6/2027 | $ | 11,292 | 11,092 | 11,095 | |||||||||||||||||||||||||
Appriss Holdings, Inc. (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 5/6/2027 | $ | — | (13 | ) | — | |||||||||||||||||||||||||
Appriss Holdings, Inc. (14)(19)(25) | Equity Interest | — | — | — | $ | 2,136 | 1,606 | 1,519 | ||||||||||||||||||||||||||
AQ Software Corporation (14)(18)(19)(25) | Preferred Equity | — | — | — | $ | 1 | 1,029 | 1,032 | ||||||||||||||||||||||||||
AQ Software Corporation (14)(18)(19)(25) | Preferred Equity | — | — | — | $ | 2 | 1,715 | 1,719 | ||||||||||||||||||||||||||
Armstrong Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA+ 5.25% | 6.06 | % | 4/30/2025 | £ | 56 | 78 | 74 | |||||||||||||||||||||||||
Armstrong Bidco Limited (3)(6)(18)(19) | First Lien Senior Secured Loan | SONIA+ 5.25% | 6.06 | % | 4/30/2025 | £ | 1,589 | 1,964 | 2,088 | |||||||||||||||||||||||||
CB Nike IntermediateCo Ltd (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 10/31/2025 | $ | — | (1 | ) | — | |||||||||||||||||||||||||
CB Nike IntermediateCo Ltd (6)(15)(19) | First Lien Senior Secured Loan | L+ 4.75% | 5.75 | % | 10/31/2025 | $ | 346 | 342 | 346 | |||||||||||||||||||||||||
Drilling Info Holdings, Inc (18) | First Lien Senior Secured Loan | L+ 4.25% | 4.71 | % | 7/30/2025 | $ | 11,236 | 11,216 | 11,117 | |||||||||||||||||||||||||
Eagle Rock Capital Corporation (14)(18)(19)(25) | Preferred Equity | — | — | — | $ | 3,345 | 3,345 | 3,345 | ||||||||||||||||||||||||||
Element Buyer, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.50% | 6.50 | % | 7/19/2025 | $ | 11,059 | 11,076 | 11,059 | |||||||||||||||||||||||||
Element Buyer, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.50% | 6.50 | % | 7/19/2024 | $ | 1,700 | 1,675 | 1,700 | |||||||||||||||||||||||||
Element Buyer, Inc. (15)(19) | First Lien Senior Secured Loan | L+ 5.50% | 6.50 | % | 7/18/2025 | $ | 36,912 | 37,100 | 36,912 | |||||||||||||||||||||||||
Gluware T/L (6)(19)(26) | First Lien Senior Secured Loan | 9.00% (3.50% PIK) | 12.50 | % | 10/15/2025 | $ | 18,898 | 18,271 | 18,301 | |||||||||||||||||||||||||
Gluware Warrant (6)(14)(19)(25) | Warrants | — | — | — | $ | 3,328 | 478 | 466 | ||||||||||||||||||||||||||
MRI Software LLC (15)(19)(28) | First Lien Senior Secured Loan | L+ 5.50% | 6.51 | % | 2/10/2026 | $ | 25,860 | 25,792 | 25,860 | |||||||||||||||||||||||||
MRI Software LLC (3)(19) | First Lien Senior Secured Loan - Revolver | — | — | 2/10/2026 | $ | — | 49 | — | ||||||||||||||||||||||||||
Revalize, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 4/15/2027 | $ | — | (127 | ) | (100 | ) | ||||||||||||||||||||||||
Revalize, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.75% | 5.75 | % | 4/15/2027 | $ | 838 | 825 | 827 | |||||||||||||||||||||||||
Revalize, Inc. (19)(29)(32) | First Lien Senior Secured Loan - Delayed Draw | L+ 5.25% | 6.76 | % | 4/15/2027 | $ | 5,117 | 5,070 | 5,079 | |||||||||||||||||||||||||
Superna Inc. (6)(15)(19)(29) | First Lien Senior Secured Loan | SOFR+ 6.25% | 7.25 | % | 3/6/2028 | $ | 26,033 | 25,507 | 25,773 | |||||||||||||||||||||||||
Superna Inc. (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 3/6/2028 | $ | — | (26 | ) | (26 | ) | ||||||||||||||||||||||||
Superna Inc. (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 3/6/2028 | $ | — | (26 | ) | (26 | ) | ||||||||||||||||||||||||
Superna Inc. (6)(19)(25) | Equity Interest | — | — | — | $ | 1,463 | 1,463 | 1,463 | ||||||||||||||||||||||||||
Swoogo LLC (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/9/2026 | $ | — | (23 | ) | (25 | ) | ||||||||||||||||||||||||
Swoogo LLC (15)(19) | First Lien Senior Secured Loan | L+ 8.00% | 9.00 | % | 12/9/2026 | $ | 2,330 | 2,286 | 2,283 | |||||||||||||||||||||||||
Utimaco, Inc. (6)(18)(19) | First Lien Senior Secured Loan | L+ 4.00% | 4.36 | % | 8/9/2027 | $ | 148 | 146 | 148 | |||||||||||||||||||||||||
Ventiv Holdco, Inc. (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 9/3/2025 | $ | — | (36 | ) | — | |||||||||||||||||||||||||
Ventiv Topco, Inc. (14)(19)(25) | Equity Interest | — | — | — | $ | 28 | 2,833 | 2,514 | ||||||||||||||||||||||||||
Ventiv Holdco, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L+ 5.50% | 6.50 | % | 9/3/2025 | $ | 13,883 | 13,754 | 13,883 | |||||||||||||||||||||||||
VPARK BIDCO AB (6)(16)(19) | First Lien Senior Secured Loan | CIBOR+ 4.00% | 4.75 | % | 3/10/2025 | DKK | 570 | 92 | 85 | |||||||||||||||||||||||||
VPARK BIDCO AB (6)(16)(19) | First Lien Senior Secured Loan | NIBOR+ 4.00% | 5.42 | % | 3/10/2025 | NOK | 740 | 93 | 84 | |||||||||||||||||||||||||
High Tech Industries Total | $ | 190,399 | $ | 190,481 | 17.1 | % | ||||||||||||||||||||||||||||
Hospitality Holdings | PPX Class A Units (14)(19)(25) | Preferred Equity | — | — | — | $ | 33 | — | 163 | |||||||||||||||||||||||||
PPX Class B Units (14)(19)(25) | Preferred Equity | — | — | — | $ | 33 | 5,000 | 5,424 | ||||||||||||||||||||||||||
Hospitality Holdings Total | $ | 5,000 | $ | 5,587 | 0.5 | % | ||||||||||||||||||||||||||||
Hotel, Gaming & Leisure | Aimbridge Acquisition Co., Inc. (18)(19) | Second Lien Senior Secured Loan | L+ 7.50% | 7.73 | % | 2/1/2027 | $ | 20,193 | 19,794 | 18,678 | ||||||||||||||||||||||||
Captain D's LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/15/2023 | $ | — | (5 | ) | — | |||||||||||||||||||||||||
Captain D's LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 4.50% | 5.50 | % | 12/15/2023 | $ | 6,830 | 6,828 | 6,830 |
7
Control Type | Industry | Portfolio Company | Investment Type | Spread Above Index (1) | Interest Rate | Maturity Date | Principal/ Shares (9) | Cost | Market Value | % of NAV (4) | ||||||||||||||||||||||||
Captain D's LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 4.50% | 5.50 | % | 12/15/2023 | $ | 2,315 | 2,293 | 2,315 | |||||||||||||||||||||||||
Concert Golf Partners Holdco T/L (18)(19)(29) | First Lien Senior Secured Loan | SOFR+ 5.75% | 6.59 | % | 3/30/2029 | $ | 27,664 | 27,111 | 27,111 | |||||||||||||||||||||||||
Concert Golf Partners Holdco DD T/L (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 3/30/2029 | $ | — | (84 | ) | (84 | ) | ||||||||||||||||||||||||
Concert Golf Partners Holdco R/C (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR+ 5.75% | 6.50 | % | 3/31/2028 | $ | 356 | 306 | 306 | |||||||||||||||||||||||||
Quidditch Acquisition, Inc. (15)(29) | First Lien Senior Secured Loan | L+ 7.00% | 8.00 | % | 3/21/2025 | $ | 9,151 | 9,214 | 8,923 | |||||||||||||||||||||||||
Hotel, Gaming & Leisure Total | $ | 65,457 | $ | 64,079 | 5.8 | % | ||||||||||||||||||||||||||||
Media: Advertising, Printing & Publishing | Ansira Holdings, Inc. (15)(19)(33) | First Lien Senior Secured Loan - Delayed Draw | L+ 6.50% | 7.50 | % | 12/20/2024 | $ | 5,068 | 5,070 | 3,801 | ||||||||||||||||||||||||
Ansira Holdings, Inc. (3)(15)(19)(23) | First Lien Senior Secured Loan - Revolver | P+ 5.75% | 6.75 | % | 12/20/2024 | $ | 5,383 | 5,383 | 3,613 | |||||||||||||||||||||||||
Ansira Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | L+ 6.50% | 7.51 | % | 12/20/2024 | $ | 40,780 | 40,759 | 30,584 | |||||||||||||||||||||||||
TGI Sport Bidco Pty Ltd (6)(17)(19) | First Lien Senior Secured Loan | BBSY+ 7.00% | 7.50 | % | 4/30/2026 | AUD | 97 | 75 | 69 | |||||||||||||||||||||||||
TGI Sport Bidco Pty Ltd (2)(3)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 4/30/2026 | AUD | - | — | (156 | ) | |||||||||||||||||||||||||
Media: Advertising, Printing & Publishing Total | $ | 51,287 | $ | 37,911 | 3.4 | % | ||||||||||||||||||||||||||||
Media: Broadcasting & Subscription | Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | L+ 5.75% | 6.50 | % | 7/14/2028 | $ | 1,443 | 1,406 | 1,406 | ||||||||||||||||||||||||
Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | L+ 5.75% | 6.50 | % | 7/14/2028 | € | 1,300 | 1,415 | 1,404 | |||||||||||||||||||||||||
Media: Broadcasting & Subscription Total | $ | 2,821 | $ | 2,810 | 0.3 | % | ||||||||||||||||||||||||||||
Media: Diversified & Production | 9 Story Media Group Inc. (3)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 4/30/2026 | CAD | - | — | — | |||||||||||||||||||||||||
9 Story Media Group Inc. (6)(16)(19) | First Lien Senior Secured Loan | CDOR+ 5.50% | 6.25 | % | 4/30/2026 | CAD | 69 | 52 | 55 | |||||||||||||||||||||||||
9 Story Media Group Inc. (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR+ 5.25% | 5.25 | % | 4/30/2026 | € | 37 | 43 | 41 | |||||||||||||||||||||||||
Aptus 1724 Gmbh (6)(19)(21) | First Lien Senior Secured Loan | L+ 6.25% | 6.50 | % | 2/23/2028 | $ | 9,971 | 9,971 | 9,971 | |||||||||||||||||||||||||
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L+ 5.25% | 6.25 | % | 6/15/2022 | $ | 1,275 | 1,275 | 1,275 | |||||||||||||||||||||||||
Efficient Collaborative Retail Marketing Company, LLC (15)(19) | First Lien Senior Secured Loan | L+ 6.75% | 7.76 | % | 6/15/2022 | $ | 15,095 | 15,104 | 14,189 | |||||||||||||||||||||||||
Efficient Collaborative Retail Marketing Company, LLC (15)(19) | First Lien Senior Secured Loan | L+ 6.75% | 7.76 | % | 6/15/2022 | $ | 9,788 | 9,795 | 9,201 | |||||||||||||||||||||||||
International Entertainment Investments Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA+ 4.75% | 5.06 | % | 5/31/2023 | £ | 87 | 107 | 114 | |||||||||||||||||||||||||
Music Creation Group Bidco GmbH (6)(19)(21) | First Lien Senior Secured Loan | L+ 6.25% | 6.50 | % | 2/23/2028 | € | 4,065 | 3,968 | 4,065 | |||||||||||||||||||||||||
Media: Diversified & Production Total | $ | 40,315 | $ | 38,911 | 3.5 | % | ||||||||||||||||||||||||||||
Retail | Batteries Plus Holding Corporation (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L+ 6.75% | 7.75 | % | 7/6/2022 | $ | 1,559 | 1,559 | 1,559 | ||||||||||||||||||||||||
Batteries Plus Holding Corporation (15)(19)(29) | First Lien Senior Secured Loan | L+ 6.75% | 7.75 | % | 7/6/2022 | $ | 18,172 | 18,172 | 18,172 | |||||||||||||||||||||||||
New Look Vision Group (3)(6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CDOR+ 5.25% | 6.43 | % | 5/26/2028 | CAD | 2,414 | 1,897 | 1,934 | |||||||||||||||||||||||||
New Look Vision Group (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | CDOR+ 5.25% | 6.25 | % | 5/26/2026 | CAD | 1,173 | 906 | 939 | |||||||||||||||||||||||||
New Look (Delaware) Corporation (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CDOR+ 5.25% | 6.25 | % | 5/26/2028 | $ | 321 | 310 | 321 | |||||||||||||||||||||||||
New Look (Delaware) Corporation (15)(19)(29) | First Lien Senior Secured Loan | CDOR+ 5.50% | 6.25 | % | 5/26/2028 | $ | 9,726 | 9,633 | 9,726 | |||||||||||||||||||||||||
Thrasio, LLC (15)(19)(29) | First Lien Senior Secured Loan | L+ 7.00% | 8.00 | % | 12/18/2026 | $ | 8,550 | 8,347 | 8,550 | |||||||||||||||||||||||||
Walker Edison Initial Term Loan (15)(19)(26)(29) | First Lien Senior Secured Loan | L+ 5.75% (3.00% PIK) | 9.75 | % | 8/5/2027 | $ | 20,692 | 20,505 | 19,709 | |||||||||||||||||||||||||
Retail Total | $ | 61,329 | $ | 60,910 | 5.5 | % | ||||||||||||||||||||||||||||
Services: Business | AMCP Clean Acquisition Company, LLC (18) | First Lien Senior Secured Loan - Delayed Draw | L+ 4.25% | 4.71 | % | 7/10/2025 | $ | 3,806 | 3,801 | 3,108 | ||||||||||||||||||||||||
AMCP Clean Acquisition Company, LLC (18) | First Lien Senior Secured Loan | L+ 4.25% | 4.71 | % | 7/10/2025 | $ | 15,727 | 15,710 | 12,844 | |||||||||||||||||||||||||
Avalon Acquiror, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR+ 6.25% | 7.25 | % | 3/10/2028 | $ | 48,722 | 48,237 | 48,235 | |||||||||||||||||||||||||
Avalon Acquiror, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR+ 6.25% | 7.25 | % | 3/10/2028 | $ | 1,050 | 862 | 861 | |||||||||||||||||||||||||
ACAMS (14)(19)(25) | Equity Interest | — | — | — | $ | 3,337 | 3,337 | 3,337 | ||||||||||||||||||||||||||
Brook Bidco Series A Preferred Units (6)(14)(19)(25) | Preferred Equity | — | — | — | £ | 5,675 | 7,783 | 8,367 | ||||||||||||||||||||||||||
Brook Bidco Facility B (6)(18)(19) | First Lien Senior Secured Loan | L+ 6.00% | 6.31 | % | 7/7/2028 | £ | 643 | 879 | 845 | |||||||||||||||||||||||||
Caribou Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA+ 6.00% | 6.20 | % |