10-Q 1 gsbd_2022_q2_10-q.htm 10-Q 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 814-00998

 

 

Goldman Sachs BDC, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

46-2176593

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

200 West Street, New York, New York

10282

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (212) 902-0300

 

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

 

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

 

GSBD

 

The 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 ☒ 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 Act). YES ☐ NO ☒

As of August 4, 2022, there were 102,161,466 shares of the registrant’s common stock outstanding.

 


Table of Contents

 

 

GOLDMAN SACHS BDC, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2022

 

 

 

 

INDEX

PAGE

 

Cautionary Statement Regarding Forward-Looking Statements

3

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Financial Statements (Unaudited)

4

 

Consolidated Statements of Assets and Liabilities

4

 

Consolidated Statements of Operations

5

 

Consolidated Statements of Changes in Net Assets

6

 

Consolidated Statements of Cash Flows

7

 

Consolidated Schedules of Investments

8

 

Notes to the Consolidated Financial Statements

25

ITEM 2.

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

47

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

61

ITEM 4.

Controls and Procedures

61

 

 

 

PART II

OTHER INFORMATION

61

ITEM 1.

Legal Proceedings

61

ITEM 1A.

Risk Factors

61

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

ITEM 3.

Defaults Upon Senior Securities

66

ITEM 4.

Mine Safety Disclosures

66

ITEM 5.

Other Information

66

ITEM 6.

Exhibits

66

 

 

SIGNATURES

67

 

2

 

 


Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in this report and in our annual report on Form 10-K for the year ended December 31, 2021, and our quarterly report on Form 10-Q for the quarter ended March 31, 2022, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. 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.

The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

 

our future operating results;
the impact of the novel coronavirus (“COVID-19”) pandemic or any future pandemic or epidemic on our business and our portfolio companies, including our and their ability to access capital and liquidity;
changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of the COVID-19 pandemic or any future pandemic or epidemic;
uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, and the war between Russia and Ukraine;
our business prospects and the prospects of our portfolio companies;
the impact of investments that we expect to make;
the impact of increased competition;
our contractual arrangements and relationships with third parties;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
the ability of our current and prospective portfolio companies to achieve their objectives;
the relative and absolute performance of Goldman Sachs Asset Management, L.P., the investment adviser (the “Investment Adviser”) of the Company;
the use of borrowed money to finance a portion of our investments;
our ability to make distributions;
the adequacy of our cash resources and working capital;
changes in interest rates, including the decommissioning of London InterBank Offered Rate (“LIBOR”);
the timing of cash flows, if any, from the operations of our portfolio companies;
the impact of future acquisitions and divestitures;
the effect of changes in tax laws and regulations and interpretations thereof;
our ability to maintain our status as a BDC and a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”);
actual and potential conflicts of interest with the Investment Adviser and its affiliates;
general price and volume fluctuations in the stock market;
the ability of the Investment Adviser to attract and retain highly talented professionals;
the impact on our business from new or amended legislation or regulations;
the availability of credit and/or our ability to access the equity and capital markets;
currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
the ability to realize the anticipated benefits of the Merger (as defined below).
the impact of inflation on our portfolio companies;
the effect of global climate change on our portfolio companies;
the impact of interruptions in the supply chain on our portfolio companies; and
the increased public scrutiny of and regulation related to corporate social responsibility.

3

 

 


Table of Contents

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

Goldman Sachs BDC, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

 

 

June 30, 2022
(Unaudited)

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Investments, at fair value

 

 

 

 

 

 

Non-controlled/non-affiliated investments (cost of $3,567,341 and $3,416,195)

 

$

3,539,436

 

 

$

3,427,249

 

Non-controlled affiliated investments (cost of $58,163 and $58,221)

 

 

34,705

 

 

 

32,819

 

Controlled affiliated investments (cost of $33,795 and $33,374)

 

 

17,735

 

 

 

18,375

 

Total investments, at fair value (cost of $3,659,299 and $3,507,790)

 

$

3,591,876

 

 

$

3,478,443

 

Cash

 

 

44,774

 

 

 

33,764

 

Receivable for investments sold

 

 

352

 

 

 

89

 

Unrealized appreciation on foreign currency forward contracts

 

 

146

 

 

 

100

 

Interest and dividends receivable

 

 

21,852

 

 

 

23,278

 

Deferred financing costs

 

 

14,254

 

 

 

12,631

 

Other assets

 

 

5,121

 

 

 

2,686

 

Total assets

 

$

3,678,375

 

 

$

3,550,991

 

Liabilities

 

 

 

 

 

 

Debt (net of debt issuance costs of $10,401 and $12,296)

 

$

2,019,783

 

 

$

1,861,426

 

Interest and other debt expenses payable

 

 

13,492

 

 

 

14,936

 

Management fees payable

 

 

8,612

 

 

 

8,370

 

Incentive fees payable

 

 

 

 

 

760

 

Distribution payable

 

 

45,934

 

 

 

45,818

 

Accrued offering costs

 

 

314

 

 

 

 

Accrued expenses and other liabilities

 

 

4,568

 

 

 

5,281

 

Total liabilities

 

$

2,092,703

 

 

$

1,936,591

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

 

$

 

 

$

 

Common stock, par value $0.001 per share (200,000,000 shares authorized, 102,074,725 and 101,818,811 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)

 

 

102

 

 

 

102

 

Paid-in capital in excess of par

 

 

1,674,961

 

 

 

1,670,742

 

Distributable earnings

 

 

(87,970

)

 

 

(55,023

)

Allocated income tax expense

 

 

(1,421

)

 

 

(1,421

)

Total net assets

 

$

1,585,672

 

 

$

1,614,400

 

Total liabilities and net assets

 

$

3,678,375

 

 

$

3,550,991

 

Net asset value per share

 

$

15.53

 

 

$

15.86

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

4

 

 


Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

71,680

 

 

$

78,362

 

 

$

143,279

 

 

$

156,527

 

Payment-in-kind

 

 

4,366

 

 

 

4,275

 

 

 

9,112

 

 

 

6,411

 

Other income

 

 

949

 

 

 

621

 

 

 

2,166

 

 

 

1,616

 

From non-controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income

 

 

56

 

 

 

61

 

 

 

125

 

 

 

826

 

Interest income

 

 

190

 

 

 

87

 

 

 

349

 

 

 

163

 

Payment-in-kind

 

 

212

 

 

 

154

 

 

 

452

 

 

 

303

 

From controlled affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

Payment-in-kind

 

 

 

 

 

334

 

 

 

259

 

 

 

643

 

Interest income

 

 

 

 

 

23

 

 

 

16

 

 

 

46

 

Total investment income

 

$

77,453

 

 

$

83,917

 

 

$

155,758

 

 

$

166,535

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

$

16,177

 

 

$

14,538

 

 

$

31,844

 

 

$

29,504

 

Incentive fees

 

 

3,833

 

 

 

11,170

 

 

 

12,023

 

 

 

23,225

 

Management fees

 

 

8,959

 

 

 

8,079

 

 

 

17,776

 

 

 

16,279

 

Professional fees

 

 

867

 

 

 

808

 

 

 

1,745

 

 

 

1,533

 

Directors’ fees

 

 

204

 

 

 

232

 

 

 

407

 

 

 

464

 

Other general and administrative expenses

 

 

1,148

 

 

 

800

 

 

 

2,260

 

 

 

1,898

 

Total expenses

 

$

31,188

 

 

$

35,627

 

 

$

66,055

 

 

$

72,903

 

Fee waivers

 

$

(4,179

)

 

$

(10,196

)

 

$

(11,724

)

 

$

(22,751

)

Net expenses

 

$

27,009

 

 

$

25,431

 

 

$

54,331

 

 

$

50,152

 

Net investment income before taxes

 

$

50,444

 

 

$

58,486

 

 

$

101,427

 

 

$

116,383

 

Income tax expense, including excise tax

 

$

832

 

 

$

310

 

 

$

1,665

 

 

$

624

 

Net investment income after taxes

 

$

49,612

 

 

$

58,176

 

 

$

99,762

 

 

$

115,759

 

Net realized and unrealized gains (losses) on investment transactions:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

$

(4,431

)

 

$

(1,274

)

 

$

(5,054

)

 

$

6,234

 

Controlled affiliated investments

 

 

 

 

 

 

 

 

(2,035

)

 

 

 

Foreign currency forward contracts

 

 

51

 

 

 

(57

)

 

 

81

 

 

 

(171

)

Foreign currency and other transactions

 

 

(69

)

 

 

(24

)

 

 

(848

)

 

 

44

 

Net change in unrealized appreciation (depreciation) from:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

(27,585

)

 

 

4,844

 

 

 

(38,959

)

 

 

878

 

Non-controlled affiliated investments

 

 

(559

)

 

 

(4,783

)

 

 

1,944

 

 

 

(8,022

)

Controlled affiliated investments

 

 

(1,777

)

 

 

(798

)

 

 

(1,061

)

 

 

(2,175

)

Foreign currency forward contracts

 

 

22

 

 

 

27

 

 

 

46

 

 

 

274

 

Foreign currency translations and other transactions

 

 

3,299

 

 

 

(1,030

)

 

 

5,077

 

 

 

2,842

 

Net realized and unrealized gains (losses)

 

$

(31,049

)

 

$

(3,095

)

 

$

(40,809

)

 

$

(96

)

(Provision) benefit for taxes on realized gain/loss on investments

 

$

 

 

$

(53

)

 

$

 

 

$

(53

)

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

 

 

114

 

 

 

(56

)

 

 

(118

)

 

 

(170

)

Net increase in net assets from operations

 

$

18,677

 

 

$

54,972

 

 

$

58,835

 

 

$

115,440

 

Weighted average shares outstanding

 

 

101,970,098

 

 

 

101,649,214

 

 

 

101,918,422

 

 

 

101,617,022

 

Net investment income per share (basic and diluted)

 

$

0.49

 

 

$

0.57

 

 

$

0.98

 

 

$

1.14

 

Earnings per share (basic and diluted)

 

$

0.18

 

 

$

0.54

 

 

$

0.58

 

 

$

1.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

5

 

 


Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30,
2022

 

 

June 30,
2021

 

 

June 30,
2022

 

 

June 30,
2021

 

Net assets at beginning of period

 

$

1,609,951

 

 

$

1,625,945

 

 

$

1,614,400

 

 

$

1,615,141

 

Increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

49,612

 

 

$

58,176

 

 

$

99,762

 

 

$

115,759

 

Net realized gain (loss)

 

 

(4,449

)

 

 

(1,355

)

 

 

(7,856

)

 

 

6,107

 

Net change in unrealized appreciation (depreciation)

 

 

(26,600

)

 

 

(1,740

)

 

 

(32,953

)

 

 

(6,203

)

(Provision) benefit for taxes on realized gain/loss on investments

 

 

 

 

 

(53

)

 

 

 

 

 

(53

)

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

 

 

114

 

 

 

(56

)

 

 

(118

)

 

 

(170

)

Net increase in net assets from operations

 

$

18,677

 

 

$

54,972

 

 

$

58,835

 

 

$

115,440

 

Distributions to stockholders from:

 

 

 

 

 

 

 

 

 

 

 

 

Distributable earnings

 

$

(45,934

)

 

$

(50,838

)

 

$

(91,782

)

 

$

(101,637

)

Total distributions to stockholders

 

$

(45,934

)

 

$

(50,838

)

 

$

(91,782

)

 

$

(101,637

)

Capital transactions:

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock (net of offering and underwriting costs)

 

$

1,793

 

 

$

 

 

$

1,793

 

 

$

 

Reinvestment of stockholder distributions

 

 

1,185

 

 

 

1,446

 

 

 

2,426

 

 

 

2,581

 

Net increase in net assets from capital transactions

 

$

2,978

 

 

$

1,446

 

 

$

4,219

 

 

$

2,581

 

Total increase (decrease) in net assets

 

$

(24,279

)

 

$

5,580

 

 

$

(28,728

)

 

$

16,384

 

Net assets at end of period

 

$

1,585,672

 

 

$

1,631,525

 

 

$

1,585,672

 

 

$

1,631,525

 

Distributions per share

 

$

0.45

 

 

$

0.50

 

 

$

0.90

 

 

$

1.00

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

6

 

 


Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share amounts)

(Unaudited)

 

 

 

For the Six Months Ended

 

 

June 30,
2022

 

 

June 30,
2021

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net increase in net assets from operations:

 

$

58,835

 

 

$

115,440

 

 

Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:

 

 

 

 

 

 

 

Purchases of investments

 

 

(384,813

)

 

 

(417,844

)

 

Payment-in-kind interest capitalized

 

 

(9,931

)

 

 

(7,409

)

 

Proceeds from sales of investments and principal repayments

 

 

254,976

 

 

 

545,381

 

 

Net realized (gain) loss

 

 

7,106

 

 

 

(6,234

)

 

Net change in unrealized (appreciation) depreciation on investments

 

 

38,076

 

 

 

9,319

 

 

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions

 

 

(82

)

 

 

(183

)

 

Amortization of premium and accretion of discount, net

 

 

(18,847

)

 

 

(36,911

)

 

Amortization of deferred financing and debt issuance costs

 

 

3,150

 

 

 

3,639

 

 

Amortization of original issue discount on convertible notes

 

 

118

 

 

 

231

 

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

(Increase) decrease in receivable for investments sold

 

 

(263

)

 

 

2,561

 

 

(Increase) decrease in interest and dividends receivable

 

 

1,426

 

 

 

(42

)

 

(Increase) decrease in other assets

 

 

(2,435

)

 

 

(59

)

 

Increase (decrease) in interest and other debt expenses payable

 

 

(1,557

)

 

 

6,302

 

 

Increase (decrease) in management fees payable

 

 

242

 

 

 

2,134

 

 

Increase (decrease) in incentive fees payable

 

 

(760

)

 

 

(1,691

)

 

Increase (decrease) in investments purchased payable

 

 

 

 

 

19,115

 

 

Increase (decrease) in directors’ fees payable

 

 

 

 

 

232

 

 

Increase (decrease) in accrued expenses and other liabilities

 

 

(713

)

 

 

(816

)

 

Net cash provided by (used for) operating activities

 

$

(55,472

)

 

$

233,165

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from issuance of common stock (net of underwriting costs)

 

$

2,233

 

 

$

 

 

Offering costs paid

 

 

(127

)

 

 

 

 

Distributions paid

 

 

(89,240

)

 

 

(98,992

)

 

Deferred financing and debt issuance costs paid

 

 

(2,883

)

 

 

(484

)

 

Borrowings on debt

 

 

542,463

 

 

 

310,688

 

 

Repayments of debt

 

 

(386,000

)

 

 

(356,500

)

 

Net cash provided by (used for) financing activities

 

$

66,446

 

 

$

(145,288

)

 

Net increase (decrease) in cash

 

$

10,974

 

 

$

87,877

 

 

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

36

 

 

 

(91

)

 

Cash, beginning of period

 

 

33,764

 

 

 

32,137

 

 

Cash, end of period

 

$

44,774

 

 

$

119,923

 

 

Supplemental and non-cash activities

 

 

 

 

 

 

 

Interest expense paid

 

$

28,383

 

 

$

16,540

 

 

Accrued but unpaid excise tax expense

 

$

643

 

 

$

718

 

 

Accrued but unpaid offering costs

 

$

314

 

 

$

 

 

Accrued but unpaid distributions

 

$

45,934

 

 

$

45,754

 

 

Reinvestment of stockholder distributions

 

$

2,426

 

 

$

2,581

 

 

Exchange of investments

 

$

18,660

 

 

$

3,499

 

 

 

 

The accompanying notes are part of these unaudited consolidated financial statements.

7

 

 


Table of Contents

Goldman Sachs BDC, Inc.

Consolidated Schedule of Investments as of June 30, 2022

(in thousands, except share and per share amounts)

(Unaudited)

 

Investment *#

Industry

Interest
Rate (+)

Reference Rate
and Spread (+)

Floor
(+)

Maturity

 

Par
(++)

 

Cost

 

Fair
Value

 

Footnotes

1st Lien/Senior Secured Debt - 199.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

1272775 B.C. LTD. (dba Everest Clinical Research)

Professional Services

8.00%

L + 5.75%

1.00%

11/06/26

$

 

9,289

 

$

9,182

 

$

9,172

 

 (1) (2) (3)

1272775 B.C. LTD. (dba Everest Clinical Research)

Professional Services

9.50%

P + 4.75%

 

11/06/26

 

 

1,151

 

 

554

 

 

553

 

 (1) (2) (3) (4)

1272775 B.C. LTD. (dba Everest Clinical Research)

Professional Services

9.50%

P + 4.75%

 

11/06/26

CAD

 

139

 

 

109

 

 

106

 

 (1) (2) (3)

3SI Security Systems, Inc.

Commercial Services & Supplies

8.06%

L + 6.00%

1.00%

06/16/23

 

 

13,589

 

 

13,440

 

 

13,487

 

 (3)

3SI Security Systems, Inc.

Commercial Services & Supplies

8.06%

L + 6.00%

1.00%

06/16/23

 

 

2,069

 

 

1,997

 

 

2,053

 

 (3)

A Place For Mom, Inc.

Diversified Consumer Services

6.17%

L + 4.50%

1.00%

02/10/26

 

 

7,368

 

 

7,347

 

 

7,165

 

 

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

7.25%

L + 6.25%

1.00%

03/10/27

 

 

16,305

 

 

15,972

 

 

16,346

 

 (2) (3)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

7.25%

L + 6.25%

1.00%

03/10/27

 

 

3,046

 

 

1,676

 

 

1,713

 

 (2) (3) (4)

Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings)

Software

 

L + 6.25%

1.00%

03/10/27

 

 

1,220

 

 

(24

)

 

3

 

 (2) (3) (4)

Acquia, Inc.

Software

8.12%

L + 7.00%

1.00%

10/31/25

 

 

42,164

 

 

40,744

 

 

41,216

 

 (2) (3)

Acquia, Inc.

Software

9.07%

L + 7.00%

1.00%

10/31/25

 

 

3,268

 

 

332

 

 

319

 

 (2) (3) (4)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Diversified Financial Services

7.63%

S + 6.00%

0.75%

05/08/28

 

 

26,460

 

 

25,941

 

 

25,931

 

 (2)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Diversified Financial Services

 

S + 6.00%

0.75%

05/08/28

 

 

2,530

 

 

(49

)

 

(51

)

 (2) (4)

Admiral Buyer, Inc. (dba Fidelity Payment Services)

Diversified Financial Services

 

S + 6.00%

0.75%

05/08/28

 

 

7,120

 

 

(69

)

 

(71

)

 (2) (4)

Ansira Partners, Inc.

Professional Services

8.17%

L + 6.50% PIK

1.00%

12/20/24

 

 

5,325

 

 

5,311

 

 

3,115

 

 

Ansira Partners, Inc.

Professional Services

8.17%

L + 6.50% PIK

1.00%

12/20/24

 

 

327

 

 

326

 

 

191

 

 

Apptio, Inc.

IT Services

7.25%

L + 6.00%

1.00%

01/10/25

 

 

79,154