Company Quick10K Filing
Quick10K
Bain Capital Specialty Finance
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
8-K 2019-11-06 Earnings, Other Events, Exhibits
8-K 2019-10-03 Earnings, Exhibits
8-K 2019-08-28 Enter Agreement, Leave Agreement, Off-BS Arrangement
8-K 2019-08-13 Other Events
8-K 2019-08-07 Earnings, Other Events, Exhibits
8-K 2019-07-17 Officers, Exhibits
8-K 2019-07-08 Earnings, Exhibits
8-K 2019-05-30 Shareholder Vote
8-K 2019-05-08 Earnings, Other Events, Exhibits
8-K 2019-05-06 Enter Agreement, Off-BS Arrangement, Other Events
8-K 2019-04-09 Earnings, Exhibits
8-K 2019-02-28 Earnings, Other Events, Exhibits
8-K 2019-02-19 Enter Agreement, Off-BS Arrangement
8-K 2019-02-01 Earnings, Enter Agreement, Shareholder Vote, Other Events, Exhibits
8-K 2018-09-28 Enter Agreement, Off-BS Arrangement
8-K 2018-06-01 Officers
8-K 2018-05-15 Enter Agreement, Exhibits
8-K 2018-05-10 Earnings, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-01 Officers
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-04-17 Sale of Shares
8-K 2018-03-16 Earnings, Exhibits
8-K 2018-03-12 Earnings, Exhibits
8-K 2018-02-12 Officers
8-K 2018-01-17 Sale of Shares
WSC Willscot 1,137
CIK Pinnacle Foods 373
SRET Sterling Real Estate Trust 132
ARCT Arcturus Therapeutics 120
IFRX Inflarx 72
DFP Delphi Financial Group 0
MVC MVC Capital 0
GAIN Gladstone Investment Corporation 0
ABDC Alcentra Capital 0
SCA Syncora Holdings 0
BCSF 2019-09-30
Part I. Financial Information
Item 1. Consolidated Financial Statements
Note 1. Organization
Note 2. Summary of Significant Accounting Policies
Note 3. Investments
Note 4. Fair Value Measurements
Note 5. Related Party Transactions
Note 6. Debt
Note 7. Derivatives
Note 8. Distributions
Note 9. Common Stock/Capital
Note 10. Commitments and Contingencies
Note 11. Financial Highlights
Note 12. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits, Financial Statement Schedules
EX-10.16 a19-17620_1ex10d16.htm
EX-10.17 a19-17620_1ex10d17.htm
EX-10.18 a19-17620_1ex10d18.htm
EX-10.19 a19-17620_1ex10d19.htm
EX-10.20 a19-17620_1ex10d20.htm
EX-10.21 a19-17620_1ex10d21.htm
EX-31.1 a19-17620_1ex31d1.htm
EX-31.2 a19-17620_1ex31d2.htm
EX-32 a19-17620_1ex32.htm

Bain Capital Specialty Finance Earnings 2019-09-30

BCSF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 a19-17620_110q.htm 10-Q

Table of Contents

 

 

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 September 30, 2019

 

OR

 

o         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 o

 

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 o No o

 

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 o

Accelerated filer o

Non-accelerated filer x

Smaller reporting companyo

 

Emerging growth company x

 

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.x

 

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

 

As of November 6, 2019, the registrant had 51,649,812.27 shares of common stock, $0.001 par value, outstanding.

 

 

 


Table of Contents

 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I

FINANCIAL INFORMATION

4

 

 

 

Item 1.

Consolidated Financial Statements

4

 

 

 

 

Consolidated Statements of Assets and Liabilities as of September 30, 2019 (unaudited) and December 31, 2018

4

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (unaudited)

5

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2019 and 2018 (unaudited)

6

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (unaudited)

7

 

 

 

 

Consolidated Schedules of Investments as of September 30, 2019 (unaudited) and December 31, 2018

8

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

17

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

51

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

79

 

 

 

Item 4.

Controls and Procedures

80

 

 

 

PART II

OTHER INFORMATION

81

 

 

 

Item 1.

Legal Proceedings

81

 

 

 

Item 1A.

Risk Factors

81

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

81

 

 

 

Item 3.

Defaults Upon Senior Securities

81

 

 

 

Item 4.

Mine Safety Disclosures

81

 

 

 

Item 5.

Other Information

81

 

 

 

Item 6.

Exhibits

82

 

 

 

Signatures

83

 

2


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, 2018 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, 2018. 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.

 

3


Table of Contents

 

PART I. FINANCIAL INFORMATION

 

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

 

 

 

September 30, 2019

 

December 31, 2018

 

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

Non-controlled/non-affiliate investments (amortized cost of $2,456,038 and $1,449,749, respectively)

 

$

2,431,395

 

$

1,422,837

 

Non-controlled/affiliate investment (amortized cost of $6,720 and $6,720, respectively)

 

6,720

 

6,720

 

Controlled affiliate investment (amortized cost of $66,298 and $296,648, respectively)

 

68,619

 

298,249

 

Cash and cash equivalents

 

70,637

 

14,693

 

Foreign cash (cost of $1,066 and $589, respectively)

 

992

 

591

 

Restricted cash

 

86,402

 

17,987

 

Collateral on forward currency exchange contracts

 

64

 

4

 

Deferred financing costs

 

3,471

 

4,018

 

Interest receivable on investments

 

18,600

 

6,249

 

Prepaid insurance

 

 

1

 

Receivable for sales and paydowns of investments

 

28,070

 

1,634

 

Other assets

 

2,147

 

 

Unrealized appreciation on forward currency exchange contracts

 

9,308

 

9,322

 

Dividend receivable

 

1,037

 

8,709

 

Total Assets

 

$

2,727,462

 

$

1,791,014

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Debt (net of unamortized debt issuance costs of $4,685 and $2,040, respectively)

 

$

1,657,578

 

$

634,925

 

Offering costs payable

 

1,731

 

1,820

 

Interest payable

 

12,381

 

4,835

 

Payable for investments purchased

 

3,033

 

119,166

 

Base management fee payable

 

6,328

 

2,950

 

Incentive fee payable

 

3,567

 

3,300

 

Accounts payable and accrued expenses

 

3,443

 

1,281

 

Distributions payable

 

21,176

 

21,108

 

Total Liabilities

 

1,709,237

 

789,385

 

 

 

 

 

 

 

Commitments and Contingencies (See Note 10)

 

 

 

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

Preferred stock, $0.001 par value per share, 10,000,000,000 shares authorized, none issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

 

$

 

$

 

Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 51,649,812 and 51,482,137 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively

 

52

 

51

 

Paid in capital in excess of par value

 

1,037,577

 

1,034,255

 

Total distributable earnings (loss)

 

(19,404

)

(32,677

)

Total Net Assets

 

1,018,225

 

1,001,629

 

Total Liabilities and Total Net assets

 

$

2,727,462

 

$

1,791,014

 

 

 

 

 

 

 

Net asset value per share

 

$

19.71

 

$

19.46

 

 

See Notes to Consolidated Financial Statements

 

4


Table of Contents

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

 

 

For the Three
Months Ended
September 30,

 

For the Nine
Months Ended
September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

Income

 

 

 

 

 

 

 

 

 

Investment income from non-controlled/non-affiliate investments:

 

 

 

 

 

 

 

 

 

Interest from investments

 

$

50,710

 

$

20,271

 

$

126,037

 

$

48,707

 

Dividend income

 

46

 

 

62

 

 

Other income

 

236

 

92

 

627

 

300

 

Total investment income from non-controlled/non-affiliate investments

 

50,992

 

20,363

 

126,726

 

49,007

 

Investment income from controlled affiliate investments:

 

 

 

 

 

 

 

 

 

Interest from investments

 

781

 

96

 

1,023

 

195

 

Dividend income

 

915

 

6,204

 

15,425

 

16,345

 

Other income

 

 

 

4

 

 

Total investment income from controlled affiliate investments

 

1,696

 

6,300

 

16,452

 

16,540

 

Total investment income

 

52,688

 

26,663

 

143,178

 

65,547

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

Interest and debt financing expenses

 

19,427

 

6,524

 

46,592

 

16,138

 

Base management fee

 

8,910

 

4,639

 

23,644

 

11,643

 

Incentive fee

 

4,330

 

3,242

 

12,905

 

6,158

 

Professional fees

 

789

 

900

 

1,615

 

1,740

 

Directors fees

 

159

 

68

 

370

 

203

 

Other general and administrative expenses

 

1,243

 

330

 

3,672

 

954

 

Total expenses before fee waivers

 

34,858

 

15,703

 

88,798

 

36,836

 

Base management fee waiver

 

(2,582

)

(2,319

)

(6,450

)

(5,821

)

Incentive fee waiver

 

(763

)

(620

)

(2,745

)

(1,624

)

Total expenses, net of fee waivers

 

31,513

 

12,764

 

79,603

 

29,391

 

Net investment income

 

21,175

 

13,899

 

63,575

 

36,156

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on non-controlled/non-affiliate investments

 

27

 

(3,175

)

(1,394

)

(5,021

)

Net realized gain on controlled affiliate investments

 

 

 

265

 

 

Net realized gain (loss) on foreign currency transactions

 

122

 

(103

)

(190

)

(367

)

Net realized gain (loss) on forward currency exchange contracts

 

346

 

177

 

11,042

 

(2,696

)

Net change in unrealized appreciation (depreciation) on foreign currency translation

 

162

 

(17

)

461

 

(43

)

Net change in unrealized appreciation (depreciation) on forward currency exchange contracts

 

9,135

 

1,529

 

(14

)

9,123

 

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments

 

(12,373

)

7,124

 

2,269

 

(2,197

)

Net change in unrealized appreciation (depreciation) on controlled affiliate investments

 

(395

)

(443

)

720

 

1,562

 

Total net gains (losses)

 

(2,976

)

5,092

 

13,159

 

361

 

 

 

 

 

 

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

18,199

 

$

18,991

 

$

76,734

 

$

36,517

 

 

 

 

 

 

 

 

 

 

 

Per Common Share Data

 

 

 

 

 

 

 

 

 

Basic and diluted net investment income per common share

 

$

0.41

 

$

0.33

 

$

1.23

 

$

1.02

 

Basic and diluted increase in net assets resulting from operations per common share

 

$

0.35

 

$

0.46

 

$

1.49

 

$

1.03

 

Basic and diluted weighted average common shares outstanding

 

51,649,812

 

41,733,013

 

51,587,779

 

35,461,497

 

 

See Notes to Consolidated Financial Statements

 

5


Table of Contents

 

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
September 30,

 

For the Nine
Months Ended
September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

Operations:

 

 

 

 

 

 

 

 

 

Net investment income

 

$

21,175

 

$

13,899

 

$

63,575

 

$

36,156

 

Net realized gain (loss)

 

495

 

(3,101

)

9,723

 

(8,084

)

Net change in unrealized appreciation (depreciation)

 

(3,471

)

8,193

 

3,436

 

8,445

 

Net increase in net assets resulting from operations

 

18,199

 

18,991

 

76,734

 

36,517

 

Stockholder distributions:

 

 

 

 

 

 

 

 

 

Distributions from distributable earnings

 

(21,176

)

(17,967

)

(63,460

)

(42,061

)

Net decrease in net assets resulting from stockholder distributions

 

(21,176

)

(17,967

)

(63,460

)

(42,061

)

Capital share transactions:

 

 

 

 

 

 

 

 

 

Issuance of common stock, net

 

 

125,973

 

 

376,948

 

Reinvestment of stockholder distributions

 

 

2,408

 

3,322

 

5,594

 

Net increase in net assets resulting from capital share transactions

 

 

128,381

 

3,322

 

382,542

 

 

 

 

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

(2,977

)

129,405

 

16,596

 

376,998

 

Net assets at beginning of period

 

1,021,202

 

754,556

 

1,001,629

 

506,963

 

Net assets at end of period

 

$

1,018,225

 

$

883,961

 

$

1,018,225

 

$

883,961

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share

 

$

19.71

 

$

20.17

 

$

19.71

 

$

20.17

 

Common stock outstanding at end of period

 

51,649,812

 

43,821,596

 

51,649,812

 

43,821,596

 

 

See Notes to Consolidated Financial Statements

 

6


Table of Contents

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

 

 

For the Nine Months
Ended September 30,

 

 

 

2019

 

2018

 

Cash flows from operating activities

 

 

 

 

 

Net increase in net assets resulting from operations

 

$

76,734

 

$

36,517

 

Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:

 

 

 

 

 

Purchases of investments

 

(1,068,880

)

(675,407

)

Proceeds from principal payments and sales of investments

 

730,260

 

195,036

 

Net realized loss from investments

 

1,129

 

5,021

 

Net realized loss on foreign currency transactions

 

190

 

367

 

Net change in unrealized (appreciation) depreciation on forward currency exchange contracts

 

14

 

(9,123

)

Net change in unrealized (appreciation) depreciation on investments

 

(2,989

)

635

 

Net change in unrealized (appreciation) depreciation on foreign currency translation

 

(461

)

43

 

Increase in investments due to PIK

 

(35

)

 

Accretion of discounts and amortization of premiums

 

(2,884

)

(1,256

)

Amortization of deferred financing costs and debt issuance costs

 

1,106

 

1,074

 

Changes in operating assets and liabilities:

 

 

 

 

 

Collateral on forward currency exchange contracts

 

(60

)

3,598

 

Interest receivable on investments

 

(12,351

)

(1,593

)

Prepaid insurance

 

1

 

135

 

Distribution receivable

 

 

(61

)

Dividend receivable

 

7,672

 

(6,084

)

Other assets

 

(2,147

)

 

Interest payable

 

7,546

 

(217

)

Base management fee payable

 

3,378

 

1,075

 

Incentive fee payable

 

267

 

1,913

 

Accounts payable and accrued expenses

 

2,162

 

909

 

Excise tax payable

 

 

(5

)

Net cash used in operating activities

 

(259,348

)

(447,423

)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Borrowings on debt

 

1,149,248

 

635,700

 

Repayments on debt

 

(700,929

)

(487,361

)

Payments of financing costs

 

(409

)

 

Payments of offering costs

 

(89

)

 

Payments of debt issuance costs

 

(2,795

)

(1,683

)

Proceeds from issuance of common stock

 

 

376,948

 

Stockholder distributions paid

 

(60,070

)

(26,242

)

Net cash provided by financing activities

 

384,956

 

497,362

 

 

 

 

 

 

 

Net increase in cash, foreign cash, restricted cash and cash equivalents

 

125,608

 

49,939

 

Effect of foreign currency exchange rates

 

(848

)

(385

)

Cash, foreign cash, restricted cash and cash equivalents, beginning of period

 

33,271

 

140,918

 

Cash, foreign cash, restricted cash and cash equivalents, end of period

 

$

158,031

 

$

190,472

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

Cash interest paid during the period

 

$

37,940

 

$

15,281

 

Cash paid for excise taxes during the period

 

$

 

$

5

 

Supplemental disclosure of non-cash information:

 

 

 

 

 

Reinvestment of stockholder distributions

 

$

3,322

 

$

5,594

 

Distribution to owner from ABCS JV

 

$

346,329

 

$

 

 

 

 

 

 

 

 

 

 

As of September 30,

 

 

 

2019

 

2018

 

Cash

 

$

70,637

 

$

151,070

 

Restricted cash

 

86,402

 

37,736

 

Foreign cash

 

992

 

1,666

 

Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows

 

$

158,031

 

$

190,472

 

 

See Notes to Consolidated Financial Statements

 

7


Table of Contents

 

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of September 30, 2019

(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

 

Forming & Machining Industries Inc. (18) (19) (21)

 

Second Lien Senior Secured Loan

 

L+ 8.25%

 

10.35

%

10/9/2026

 

$

6,540

 

6,479

 

6,278

 

 

 

 

 

 

 

Forming & Machining Industries Inc. (12) (18) (19) (29)

 

First Lien Senior Secured Loan

 

L+ 4.00%

 

6.10

%

10/9/2025

 

$

16,820

 

16,688

 

16,274

 

 

 

 

 

 

 

Kellstrom Aerospace Group, Inc (14) (19) (25)

 

Equity Interest

 

 

 

 

1

 

1,963

 

1,963

 

 

 

 

 

 

 

Kellstrom Commercial Aerospace, Inc. (2) (3) (5) (18) (19)

 

First Lien Senior Secured Loan - Delayed Draw

 

 

 

7/1/2025

 

$

 

(37

)

(38

)

 

 

 

 

 

 

Kellstrom Commercial Aerospace, Inc. (3) (18) (19) (26)

 

First Lien Senior Secured Loan - Revolver

 

L+ 5.00%

 

8.24

%

7/1/2025

 

$

2,964

 

2,840

 

2,836

 

 

 

 

 

 

 

Kellstrom Commercial Aerospace, Inc. (12) (18) (19) (21) (29)

 

First Lien Senior Secured Loan

 

L+ 5.00%

 

7.32

%

7/1/2025

 

$

34,035

 

33,369

 

33,354

 

 

 

 

 

 

 

MRO Holdings, Inc. (6) (18) (29)

 

First Lien Senior Secured Loan

 

L+ 5.00%

 

7.10

%

6/4/2026

 

$

3,243

 

3,227

 

3,202

 

 

 

 

 

 

 

Novetta, LLC (12) (15) (29)

 

First Lien Senior Secured Loan

 

L+ 5.00%

 

7.05

%

10/17/2022

 

$

6,598

 

6,507

 

6,477

 

 

 

 

 

 

 

Salient CRGT, Inc. (12) (15) (19) (29)

 

First Lien Senior Secured Loan

 

L+ 6.00%

 

8.05

%

2/28/2022

 

$

12,814

 

12,864

 

12,173

 

 

 

 

 

 

 

TCFI Aevex LLC (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

L+ 6.25%

 

8.36

%

5/13/2025

 

$

2,488

 

2,430

 

2,440

 

 

 

 

 

 

 

TCFI Aevex LLC (12) (15) (19) (21) (29)

 

First Lien Senior Secured Loan

 

L+ 6.25%

 

8.55

%

5/13/2025

 

$

38,612

 

37,931

 

37,936

 

 

 

 

 

 

 

TECT Power Holdings, LLC (15) (19) (21)

 

Second Lien Senior Secured Loan

 

L+ 8.50%

 

10.54

%

12/27/2021

 

$

14,758

 

14,596

 

14,758

 

 

 

 

 

 

 

WCI-HSG HOLDCO, LLC (14) (19) (25)

 

Preferred equity

 

 

 

 

675

 

675

 

756

 

 

 

 

 

 

 

WCI-HSG Purchaser, Inc. (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

L+ 4.50%

 

6.54

%

2/24/2025

 

$

672

 

636

 

652

 

 

 

 

 

 

 

WCI-HSG Purchaser, Inc. (12) (15) (19) (21)

 

First Lien Senior Secured Loan

 

L+ 4.50%

 

6.54

%

2/24/2025

 

$

17,824

 

17,586

 

17,690

 

 

 

 

 

 

 

WP CPP Holdings, LLC. (12) (15) (21) (29)

 

Second Lien Senior Secured Loan

 

L+ 7.75%

 

10.01

%

4/30/2026

 

$

11,724

 

11,618

 

11,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense Total

 

$

169,372

 

$

168,426

 

16.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive

 

CST Buyer Company (3) (5) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

3/1/2023

 

$

 

(8

)

 

 

 

 

 

 

 

CST Buyer Company (12) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 5.00%

 

7.04

%

3/1/2023

 

$

9,162

 

9,072

 

9,162

 

 

 

 

 

 

 

JHCC Holdings, LLC (2) (3) (5) (18) (19) (28)

 

First Lien Senior Secured Loan - Delayed Draw

 

 

 

9/9/2025

 

$

 

(42

)

(85

)

 

 

 

 

 

 

JHCC Holdings, LLC (3) (18) (19)

 

First Lien Senior Secured Loan - Revolver

 

L+ 5.50%

 

7.54

%

9/9/2025

 

$

283

 

241

 

255

 

 

 

 

 

 

 

JHCC Holdings, LLC (7) (18) (19)

 

First Lien Senior Secured Loan

 

L+ 5.50%

 

7.60

%

9/9/2025

 

$

29,751

 

29,320

 

29,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automotive Total

 

$

38,583

 

$

38,785

 

3.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking

 

Green Street Parent, LLC (2) (3) (5) (18) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

8/27/2025

 

$

 

(48

)

(48

)

 

 

 

 

 

 

Green Street Parent, LLC (12) (18) (19) (29)

 

First Lien Senior Secured Loan

 

L+ 5.25%

 

7.29

%

8/27/2026

 

$

14,516

 

14,229

 

14,226

 

 

 

 

 

 

 

Transaction Network Services, Inc. (12) (15) (21) (29)

 

First Lien Senior Secured Loan

 

L+ 4.00%

 

6.26

%

8/15/2022

 

$

18,365

 

18,152

 

18,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking Total

 

$

32,333

 

$

32,350

 

3.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, Food & Tobacco

 

Hearthside Food Solutions, LLC

 

Corporate Bond

 

 

8.50

%

6/1/2026

 

$

10,000

 

9,809

 

7,525

 

 

 

 

 

 

 

NPC International, Inc. (12) (15) (21)

 

Second Lien Senior Secured Loan

 

L+ 7.50%

 

9.54

%

4/18/2025

 

$

9,159

 

9,189

 

2,828

 

 

 

 

 

 

 

NPC International, Inc. (15)

 

First Lien Senior Secured Loan

 

L+ 3.50%

 

5.54

%

4/19/2024

 

$

4,949

 

4,977

 

3,141

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beverage, Food & Tobacco Total

 

$

23,975

 

$

13,494

 

1.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment

 

Dorner Manufacturing Corp. (3) (5) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

3/15/2022

 

$

 

(14

)

 

 

 

 

 

 

 

Dorner Manufacturing Corp. (12) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 5.75%

 

7.79

%

3/15/2023

 

$

7,890

 

7,757

 

7,890

 

 

 

 

 

 

 

DXP Enterprises, Inc. (6) (15) (29)

 

First Lien Senior Secured Loan

 

L+ 4.75%

 

6.79

%

8/29/2023

 

$

5,139

 

5,100

 

5,162

 

 

 

 

 

 

 

East BCC Coinvest II,LLC (14) (19) (25)

 

Equity Interest

 

 

 

 

1,419

 

1,419

 

1,419

 

 

 

 

 

 

 

Electronics For Imaging, Inc. (18) (19) (21)

 

Second Lien Senior Secured Loan

 

L+ 9.00%

 

11.10

%

7/23/2027

 

$

13,070

 

12,239

 

12,090

 

 

 

 

 

 

 

EXC Holdings III Corp. (12) (15) (21) (29)

 

Second Lien Senior Secured Loan

 

L+ 7.50%

 

9.83

%

12/1/2025

 

$

8,241

 

8,252

 

8,269

 

 

 

 

 

 

 

FCG Acquisitions, Inc. (14) (19) (25)

 

Preferred equity

 

 

 

 

4

 

4,251

 

5,029

 

 

 

 

 

 

 

FFI Holdings I Corp (2) (3) (5) (15) (19) (28)

 

First Lien Senior Secured Loan - Delayed Draw

 

 

 

1/24/2025

 

$

 

(73

)

(43

)

 

 

 

 

 

 

FFI Holdings I Corp (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

L+ 5.75%

 

7.94

%

1/24/2025

 

$

1,876

 

1,804

 

1,835

 

 

 

 

 

 

 

FFI Holdings I Corp (7) (12) (15) (19) (30)

 

First Lien Senior Secured Loan

 

L+ 5.75%

 

8.18

%

1/24/2025

 

$

63,572

 

63,023

 

63,095

 

 

 

 

 

 

 

Tidel Engineering, L.P. (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

3/1/2023

 

$

 

 

 

 

 

 

 

 

 

Tidel Engineering, L.P. (7) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 6.25%

 

8.35

%

3/1/2024

 

$

38,302

 

38,302

 

38,302

 

 

 

 

 

 

 

Velvet Acquisition B.V. (6) (18) (19) (21)

 

Second Lien Senior Secured Loan

 

EURIBOR+ 8.00%

 

8.00

%

4/17/2026

 

6,013

 

7,322

 

6,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment Total

 

$

149,382

 

$

149,604

 

14.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

AP Plastics Group, LLC (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

8/2/2021

 

$

 

 

 

 

 

 

 

 

 

AP Plastics Group, LLC (7) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 5.25%

 

7.35

%

8/1/2022

 

$

21,237

 

20,904

 

21,025

 

 

 

 

 

 

 

Niacet b.v. (6) (15) (19) (21)

 

First Lien Senior Secured Loan

 

EURIBOR+ 4.50%

 

5.50

%

2/1/2024

 

3,687

 

3,950

 

4,010

 

 

 

 

 

 

 

Niacet Corporation (12) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 4.50%

 

6.54

%

2/1/2024

 

$

2,121

 

2,106

 

2,116

 

 

 

 

 

 

 

Plaskolite, Inc. (15) (29)

 

First Lien Senior Secured Loan

 

L+ 4.25%

 

6.31

%

12/15/2025

 

$

8,955

 

8,790

 

8,507

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber Total

 

$

35,750

 

$

35,658

 

3.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Building

 

Chase Industries, Inc. (3) (15) (19) (21)

 

First Lien Senior Secured Loan - Delayed Draw

 

L+ 4.00%

 

6.10

%

5/12/2025

 

$

1,118

 

1,103

 

1,099

 

 

 

 

 

 

 

Chase Industries, Inc. (12) (15) (19) (29)

 

First Lien Senior Secured Loan

 

L+ 4.00%

 

6.10

%

5/12/2025

 

$

11,831

 

11,781

 

11,772

 

 

 

 

 

 

 

Crown Subsea (12) (18) (29)

 

First Lien Senior Secured Loan

 

L+ 6.00%

 

8.10

%

11/3/2025

 

$

13,065

 

12,886

 

13,114

 

 

 

 

 

 

 

PP Ultimate Holdings B, LLC (14) (19) (25)

 

Equity Interest

 

 

 

 

1

 

1,352

 

1,508

 

 

 

 

 

 

 

Profile Products LLC (2) (3) (5) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

12/20/2024

 

$

 

(67

)

(10

)

 

 

 

 

 

 

Profile Products LLC (7) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 5.75%

 

7.85

%

12/20/2024

 

$

35,091

 

34,428

 

35,003

 

 

 

 

 

 

 

Regan Development Holdings Limited (6) (17) (19)

 

First Lien Senior Secured Loan

 

EURIBOR+ 6.50%

 

7.00

%

4/18/2022

 

2,051

 

2,235

 

2,242

 

 

 

 

 

 

 

Regan Development Holdings Limited (6) (17) (19)

 

First Lien Senior Secured Loan

 

EURIBOR+ 6.50%

 

7.00

%

4/18/2022

 

665

 

755

 

727

 

 

 

 

 

 

 

Regan Development Holdings Limited (6) (17) (19)

 

First Lien Senior Secured Loan

 

EURIBOR+ 6.50%

 

7.00

%

4/18/2022

 

6,226

 

6,700

 

6,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Building Total

 

$

71,173

 

$

72,261

 

7.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Goods: Durable

 

New Milani Group LLC (12) (15) (19) (29)

 

First Lien Senior Secured Loan

 

L+ 4.25%

 

6.35

%

6/6/2024

 

$

17,143

 

17,004

 

16,800

 

 

 

 

 

 

 

Stanton Carpet Corp. (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

11/21/2022

 

$

 

 

 

 

 

 

 

 

 

Stanton Carpet Corp.(7) (15) (19) (23)

 

First Lien Senior Secured Loan

 

L+ 5.50%

 

7.63

%

11/21/2022

 

$

22,503

 

22,503

 

22,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Goods: Durable Total

 

$

39,507

 

$

39,303

 

3.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Goods: Non-Durable

 

FineLine Technologies, Inc. (2) (3) (5) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

11/4/2022

 

$

 

(25

)

(13

)

 

 

 

 

 

 

FineLine Technologies, Inc. (12) (15) (19) (21) (29)

 

First Lien Senior Secured Loan

 

L+ 4.25%

 

6.35

%

11/4/2022

 

$

31,464

 

31,294

 

31,307

 

 

 

 

 

 

 

Kronos Acquisition Holdings Inc. (18) (19) (21)

 

First Lien Senior Secured Loan

 

L+ 7.00%

 

9.26

%

5/15/2023

 

$

2,653

 

2,609

 

2,647

 

 

 

 

 

 

 

Kronos Acquisition Holdings Inc.

 

Corporate Bond

 

 

9.00

%

8/15/2023

 

$

10,000

 

9,441

 

8,850

 

 

 

 

 

 

 

Kronos Acquisition Holdings Inc. (12) (15) (29)

 

First Lien Senior Secured Loan

 

L+ 4.00%

 

6.26

%

5/15/2023

 

$

13,181

 

13,142

 

12,539

 

 

 

 

 

 

 

MND Holdings III Corp (15) (19) (21)

 

First Lien Senior Secured Loan

 

L+ 3.50%

 

5.60

%

6/19/2024

 

$

11,672

 

11,698

 

11,395

 

 

 

 

 

 

 

RoC Opco LLC (3) (5) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

2/25/2025

 

$

 

(185

)

 

 

 

 

 

 

 

RoC Opco LLC (12) (15) (19) (21) (29)

 

First Lien Senior Secured Loan

 

L+ 7.25%

 

9.35

%

2/25/2025

 

$

40,793

 

39,861

 

40,793

 

 

 

 

 

 

 

Solaray, LLC (7) (3) (15) (19)

 

First Lien Senior Secured Loan - Delayed Draw

 

L+ 6.00%

 

7.95

%

9/11/2023

 

$

13,811

 

13,811

 

13,811

 

 

 

 

 

 

 

Solaray, LLC (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

L+ 4.50%

 

6.73

%

9/9/2022

 

$

9,690

 

9,641

 

9,690

 

 

 

 

 

 

 

Solaray, LLC (7) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 6.00%

 

8.12

%

9/11/2023

 

$

42,720

 

42,720

 

42,720

 

 

 

 

 

 

 

WU Holdco, Inc. (3) (7) (15) (19)

 

First Lien Senior Secured Loan - Delayed Draw

 

L+ 5.50%

 

7.62

%

3/26/2026

 

$

834

 

778

 

834

 

 

 

 

 

 

 

WU Holdco, Inc. (3) (5) (18) (19)

 

First Lien Senior Secured Loan - Revolver

 

 

 

3/26/2025

 

$

 

(58

)

 

 

 

 

 

 

 

WU Holdco, Inc. (7) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 5.50%

 

7.60

%

3/26/2026

 

$

39,805

 

38,998

 

39,805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Goods: Non-Durable Total

 

$

213,725

 

$

214,378

 

21.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers, Packaging, & Glass

 

Automate Intermediate Holdings II S.à r.l. (6) (18) (19) (21)

 

Second Lien Senior Secured Loan

 

L+ 7.75%

 

9.79

%

7/22/2027

 

$

11,870

 

11,634

 

11,633

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers, Packaging, & Glass Total

 

$

11,634

 

$

11,633

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy: Electricity

 

Infinite Electronics International Inc. (12) (18) (19) (21) (29)

 

First Lien Senior Secured Loan

 

L+ 4.00%

 

6.04

%

7/2/2025

 

$

19,803

 

19,789

 

19,704

 

 

 

 

 

 

 

Infinite Electronics International Inc. (18) (19) (21)

 

Second Lien Senior Secured Loan

 

L+ 8.00%

 

10.04

%

7/2/2026

 

$

2,480

 

2,433

 

2,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy: Electricity Total

 

$

22,222

 

$

22,184

 

2.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy: Oil & Gas

 

Amspec Services, Inc. (3) (15) (19)

 

First Lien Senior Secured Loan - Revolver

 

P+ 3.75%

 

8.62

%

7/2/2024

 

$

425

 

369

 

425

 

 

 

 

 

 

 

Amspec Services, Inc. (7) (15) (19)

 

First Lien Senior Secured Loan

 

L+ 6.25%

 

8.35

%

7/2/2024

 

$

44,211

 

43,695

 

44,211

 

 

 

 

 

 

 

Blackbrush Oil & Gas, L.P. (12) (15) (19) (21) (29)

 

First Lien Senior Secured Loan

 

L+ 8.00%

 

10.46

%

2/9/2024

 

$

32,075

 

31,570

 

31,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy: Oil & Gas Total

 

$

75,634

 

$

76,390

 

7.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental Industries

 

Adler & Allan Group Limited (6) (17) (19) (21) (22)

 

First Lien Last Out

 

GBP LIBOR+ 8.25% (2% PIK)

 

8.96

%

9/30/2022

 

£

13,012

 

16,467

 

15,992

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental Industries Total

 

$

16,467

 

$

15,992

 

1.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIRE: Insurance

 

Ivy Finco Limited (6) (18) (19) (21)

 

First Lien Senior Secured Loan

 

GBP LIBOR+ 5.00%

 

5.71

%

5/19/2025

 

£

7,217

 

8,940

 

8,626

 

 

 

 

 

 

 

Ivy Finco Limited (3)(6) (18) (19)

 

First Lien Senior Secured Loan

 

GBP LIBOR+ 5.00%

 

5.97

%

5/19/2025

 

£

1,822

 

2,038

 

2,000

 

 

 

 

 

 

 

Margaux Acquisition Inc. (7) (3) (15) (19)

 

First Lien Senior Secured Loan - Delayed Draw

 

L+ 6.00%

 

8.32

%

12/19/2024