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• | file a registration statement (the “Exchange Offer Registration Statement”) with respect |
• | cause the Exchange Offer Registration Statement to become effective and continuously effective, supplemented and amended, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement becomes or is declared effective and (ii) the date on which a broker-dealer registered under the 1933 Act is no longer required to deliver a prospectus in connection with market-making or other trading activities; and |
• | cause the exchange offer to be consummated on the earliest practicable date after the Exchange Offer Registration Statement has become or been declared effective, but in no event later than 365 days after the initial issuance of the Restricted Notes (or if such 365th day is not a business day, the next succeeding business day). |
• | you cannot rely on the applicable interpretations of the staff of the SEC; |
• | you may not participate in the exchange offer; and |
• | you must, in the absence of an exemption therefrom, comply with the registration and prospectus delivery requirements of the 1933 Act in connection with any resale or other transfer of your Restricted Notes. |
• | you will retain Restricted Notes that are not registered under the 1933 Act and that will continue to be subject to restrictions on transfer that are described in the legend on the Restricted Notes; |
• | you will not be able, except in very limited instances, to require us to register your Restricted Notes under the 1933 Act; |
• | you will not be able to resell or transfer your Restricted Notes unless they are registered under the 1933 Act or unless you resell or transfer them pursuant to an exemption from registration under the 1933 Act; and |
• | the trading market for your Restricted Notes will become more limited to the extent that other holders of Restricted Notes participate in the exchange offer. |
• | issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Exchange Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Exchange Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Exchange Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Exchange Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC; |
• | pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including preferred stock or subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar SEC no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code; |
• | sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); |
• | enter into transactions with affiliates; |
• | create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; |
• | make investments; or |
• | create restrictions on the payment of dividends or other amounts to us from our subsidiaries. |
• | file the Exchange Offer Registration Statement with respect to a registered offer to exchange the Restricted Notes for the Exchange Notes having terms substantially identical to the Restricted Notes being exchanged, except that the transfer restrictions and registration rights relating to the Restricted Notes will not apply to the Exchange Notes, and the Exchange Notes will not provide for the payment of additional interest in the event of a registration default; |
• | cause the Exchange Offer Registration Statement to become effective and continuously effective, supplemented and amended, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement becomes or is declared effective and (ii) the date on which a broker-dealer registered under the 1933 Act is no longer required to deliver a prospectus in connection with market-making or other trading activities; and |
• | cause the exchange offer to be consummated on the earliest practicable date after the Exchange Offer Registration Statement has become or been declared effective, but in no event later than 365 days after the initial issuance of the Restricted Notes (or if such 365th day is not a business day, the next succeeding business day). |
• | you are acquiring the Exchange Notes in the ordinary course of your business; |
• | you are not engaging in and do not intend to engage in a distribution of the Exchange Notes; |
• | you do not have an arrangement or understanding with any person or entity to participate in the distribution of the Exchange Notes; |
• | you are not our “affiliate” as that term is defined in Rule 405 under the 1933 Act; |
• | you are not a broker-dealer tendering Restricted Notes acquired directly from us for your own account; and |
• | you are not acting on behalf of any person that could not truthfully make these representations. |
• | you will retain your Restricted Notes that are not registered under the 1933 Act and they will continue to be subject to restrictions on transfer that are described in the legend on the Restricted Notes; |
• | you will not be able to require us to register your Restricted Notes under the 1933 Act unless, as set forth above, you do not receive freely tradable Exchange Notes in the exchange offer or are not eligible to participate in the exchange offer, and we are obligated to file a shelf registration statement; |
• | you will not be able to resell or otherwise transfer your Restricted Notes unless they are registered under the 1933 Act or unless you offer to resell or transfer them pursuant to an exemption under the 1933 Act; and |
• | the trading market for your Restricted Notes will become more limited to the extent that other holders of Restricted Notes participate in the exchange offer. |
• | to accept tendered Restricted Notes upon the expiration of the exchange offer, and extend the exchange offer with respect to untendered Restricted Notes; |
• | to delay accepting any Restricted Notes or, if any of the conditions set forth under “—Conditions” have not been satisfied or waived, to terminate the exchange offer by giving oral (any such oral notice to be promptly confirmed in writing) or written notice of such delay or termination to the exchange agent; or |
• | to amend or waive the terms and conditions of the exchange offer in any manner by complying with Rule 14e-l(d) under the Exchange Act, to the extent that rule applies. To the extent we materially amend the terms of the exchange offer, we will extend the tender offer by an additional five business days. |
• | you invalidly tender your Restricted Notes; |
• | you have not cured any defects or irregularities in your tender; and |
• | we have not waived those defects, irregularities or invalid tender. |
• | purchase or make offers for, or offer Exchange Notes for, any Restricted Notes that remain outstanding subsequent to the expiration of the exchange offer; |
• | terminate the exchange offer; and |
• | to the extent permitted by applicable law, purchase Restricted Notes in the open market, in privately negotiated transactions or otherwise. |
• | specify the name and DTC account number of the DTC participant that tendered such Restricted Notes; |
• | specify the principal amount of Restricted Notes to be withdrawn; |
• | specify the name and account number of the DTC participant to which the withdrawn Restricted Notes should be credited; and |
• | contain a statement that the holder is withdrawing its election to have the Restricted Notes exchanged. |
• | any injunction, order or decree has been issued by any court or any governmental agency that would prohibit, prevent or otherwise materially impair our ability to complete the exchange offer; or |
• | the exchange offer violates any applicable law or any applicable interpretation of the staff of the SEC. |
• | 100% of the principal amount of the Notes to be redeemed, or |
• | the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the Notes to be redeemed (through the Par Call Date for the Notes) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 35 basis points. |
(1) | accept for payment all Notes or portions of Notes properly tendered pursuant to our offer; |
(2) | deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and |
(3) | deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by us. |
(1) | the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries will not be deemed to be any such sale, lease, transfer, conveyance or disposition; |
(2) | the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or |
(3) | the approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company. |
• | we are the surviving person, or the Surviving Person, or the Surviving Person (if other than us) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made will be a statutory trust, corporation or limited liability company organized and existing under the laws of the United States or any state or territory thereof; |
• | the Surviving Person (if other than us) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, |
• | immediately before and immediately after giving effect to such transaction or series of related transactions, no default or event of default will have occurred and be continuing; and |
• | we will deliver, or cause to be delivered, to the Trustee, an officers’ certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant and that all conditions precedent in the Indenture relating to such transaction have been complied with. |
• | We agree that for the period of time during which the Notes are outstanding, we will not violate, whether or not we are subject to, Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC. |
• | We agree that for the period of time during which the Notes are outstanding, we will not pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including preferred stock or subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would not cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar SEC no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code |
• | If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the Trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with GAAP, as applicable. |
(1) | default in the payment of any interest upon any Note when due and payable and the default continues for a period of 30 days; |
(2) | default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its maturity including upon any redemption date or required repurchase date; |
(3) | default by us in the performance, or breach, of any covenant or agreement in the Indenture or the Notes (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in the Indenture specifically dealt with or which has expressly been included in the Indenture solely for the benefit of a series of securities other than the Notes), and continuance of such default or breach for a period of 60 consecutive days after there has been given, by registered or certified mail, to us by the Trustee or to us and the Trustee by the holders of at least 25% in principal amount of the Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” under the Indenture; |
(4) | default by us or any of our significant subsidiaries, as defined in Article 1, Rule 1-02 of Regulation S-X promulgated under the Exchange Act (but excluding any subsidiary which is (a) a non-recourse or limited recourse subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company for purposes of GAAP), with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $50 million in the aggregate of us and/or any such significant subsidiary, whether such indebtedness now exists or will hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to us by the Trustee or to us and the Trustee by the holders of at least 25% in aggregate principal amount of the Notes then outstanding; |
(5) | pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the 1940 Act, on the last business day of each of 24 consecutive calendar months, any class of securities has an asset coverage (as such term is used in the 1940 Act and the rules and regulations promulgated thereunder) of less than 100% giving effect to any exemptive relief granted to us by the SEC; or |
(6) | certain events of bankruptcy, insolvency, or reorganization involving us occur and remain undischarged or unstayed for a period of 60 days. |
(i) | such holder has previously given written notice to the Trustee of a continuing event of default with respect to the Notes; |
(ii) | the holders of not less than 25% in principal amount of the outstanding Notes have made written request to the Trustee to institute proceedings in respect of such event of default; |
(iii) | such holder or holders have offered to the Trustee indemnity, security, or both, satisfactory to the Trustee, against the costs, expenses and liabilities to be incurred in compliance with such request; |
(iv) | the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and |
(v) | no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the holders of a majority in principal amount of the outstanding Notes. |
• | a limited purpose trust company organized under the laws of the State of New York; |
• | a “banking organization” within the meaning of the New York State Banking Law; |
• | a member of the Federal Reserve System; |
• | a “clearing corporation” within the meaning of the Uniform Commercial Code; and |
• | a “clearing agency” registered under Section 17A of the Exchange Act. |
• | will not be entitled to have Notes represented by the Global Note registered in their names; |
• | will not receive or be entitled to receive physical, certificated Notes; and |
• | will not be considered the owners or holders of the Notes under the Indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the Trustee under the Indenture. |
• | DTC notifies us at any time that it is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days; |
• | DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or |
• | an event of default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued in physical, certificated form. |
Per Share Data: ($ in thousands, except share and per share amounts) | | | For the Six Months Ended June 30, 2022 | | | For the Years Ended December 31, | |||||||||||||||||||||||||||
| 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |||||
Net asset value, at beginning of period | | | $11.36 | | | $10.99 | | | $11.66 | | | $10.98 | | | $13.43 | | | $15.13 | | | $15.23 | | | $16.11 | | | $16.10 | | | $15.30 | | | $14.68 |
Net investment income(1) | | | 0.52 | | | 0.90 | | | 0.64 | | | 0.61 | | | — | | | 1.55 | | | 1.62 | | | 2.16 | | | 2.08 | | | 2.23 | | | 2.16 |
Net realized gains (losses) from investments / foreign currency transactions(1) | | | (0.12) | | | (0.05) | | | (0.79) | | | (0.08) | | | (3.17) | | | (1.11) | | | 0.05 | | | (0.83) | | | 0.46 | | | 0.67 | | | 0.25 |
Net unrealized appreciation (depreciation) on investments / CSA/ foreign currency(1) | | | (0.43) | | | 0.34 | | | 0.38 | | | 0.64 | | | 1.08 | | | (1.04) | | | (0.72) | | | 0.17 | | | (1.48) | | | 0.08 | | | (0.11) |
Total increase (decrease) from investment operations(1) | | | (0.03) | | | 1.19 | | | 0.23 | | | 1.17 | | | (2.09) | | | (0.60) | | | 0.95 | | | 1.50 | | | 1.06 | | | 2.98 | | | 2.30 |
Dividends paid to stockholders from net investment income | | | (0.47) | | | (0.79) | | | (0.65) | | | (0.54) | | | (0.41) | | | (1.65) | | | (1.89) | | | (2.11) | | | (1.88) | | | (2.14) | | | (2.02) |
Dividends paid to stockholders from realized games | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (0.25) | | | (0.68) | | | (0.02) | | | — |
Tax return of capital to stockholders | | | — | | | (0.03) | | | — | | | — | | | (0.02) | | | — | | | — | | | — | | | — | | | — | | | — |
Total dividends paid | | | (0.47) | | | (0.82) | | | (0.65) | | | (0.54) | | | (0.43) | | | (1.65) | | | (1.89) | | | (2.36) | | | (2.56) | | | (2.16) | | | (2.02) |
Taxes paid on deemed distributions of long-term capital gains | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (0.09) |
Common stock offerings | | | — | | | — | | | (0.63) | | | — | | | — | | | 0.61 | | | 0.72 | | | — | | | 1.49 | | | — | | | 0.54 |
Deemed contribution – CSA | | | 0.40 | | | — | | | 0.28 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
Deemed contribution – Barings LLC | | | — | | | — | | | 0.07 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
Purchase of shares in tender offer | | | — | | | — | | | — | | | — | | | 0.13 | | | — | | | — | | | — | | | — | | | — | | | — |
Purchase of shares in share repurchase plan | | | 0.02 | | | — | | | 0.05 | | | 0.07 | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
Sierra Acquisition(7) | | | 0.10 | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
Stock-based compensation(1) | | | — | | | — | | | — | | | — | | | 0.17 | | | (0.01) | | | 0.09 | | | 0.01 | | | — | | | (0.03) | | | (0.08) |
Shares issued pursuant to Dividend Reinvestment Plan | | | — | | | — | | | — | | | — | | | — | | | 0.01 | | | 0.04 | | | 0.03 | | | 0.04 | | | 0.04 | | | 0.05 |
Loss on extinguishment of debt(1) | | | — | | | — | | | (0.06) | | | (0.01) | | | (0.21) | | | — | | | — | | | (0.04) | | | — | | | (0.01) | | | (0.03) |
Benefit from (provision for) taxes (1) | | | (0.02) | | | — | | | — | | | (0.01) | | | 0.02 | | | (0.02) | | | (0.01) | | | (0.01) | | | (0.10) | | | (0.02) | | | (0.02) |
Other(2) | | | 0.05 | | | — | | | 0.04 | | | — | | | (0.04) | | | (0.04) | | | — | | | (0.01) | | | 0.08 | | | — | | | (0.03) |
Net asset value, end of period | | | $11.41 | | | $11.36 | | | $10.99 | | | $11.66 | | | $10.98 | | | $13.43 | | | $15.13 | | | $15.23 | | | $16.11 | | | $16.10 | | | $15.30 |
Market value at end of period(3) | | | $9.31 | | | $11.02 | | | $9.20 | | | $10.28 | | | $9.01 | | | $9.49 | | | $18.34 | | | $19.11 | | | $20.29 | | | $27.65 | | | $25.49 |
Per Share Data: ($ in thousands, except share and per share amounts) | | | For the Six Months Ended June 30, 2022 | | | For the Years Ended December 31, | |||||||||||||||||||||||||||
| 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | | | 2013 | | | 2012 | |||||
Ratio/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | |||||||||||
Shares outstanding at end of period | | | 109,785,892 | | | 65,316,085 | | | 65,316,085 | | | 48,950,803 | | | 51,284,064 | | | 47,740,832 | | | 40,401,292 | | | 33,375,126 | | | 32,950,288 | | | 27,697,483 | | | 27,284,798 |
Net assets at end of period | | | $1,252,875 | | | $741,931 | | | $717,805 | | | $570,875 | | | $562,967 | | | $641,275 | | | $611,156 | | | $508,368 | | | $530,827 | | | $445,792 | | | $417,335 |
Average net assets | | | $1,121,688 | | | $739,250 | | | $517,740 | | | $579,199 | | | $628,155 | | | $667,188 | | | $556,549 | | | $524,580 | | | $482,679 | | | $434,926 | | | $406,870 |
Ratio of total expenses, prior to waiver of base management fee, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets(4) | | | 9.00% | | | 10.33% | | | 8.33% | | | 7.90% | | | 14.54% | | | 7.74% | | | 9.93% | | | 9.81% | | | 9.45% | | | 9.30% | | | 8.38% |
Ratio of total expenses, net of base management fee waived, including loss on extinguishment of debt and benefit from (provision for) taxes, to average net assets(4) | | | 9.00% | | | 10.33% | | | 8.33% | | | 7.90% | | | 14.31% | | | 7.74% | | | 9.93% | | | 9.81% | | | 9.45% | | | 9.30% | | | 8.38% |
Ratio of net investment income to average net assets | | | 9.05% | | | 7.98% | | | 5.99% | | | 5.27% | | | (0.01)% | | | 10.83% | | | 10.58% | | | 13.65% | | | 12.85% | | | 14.15% | | | 14.17% |
Portfolio turnover ratio (5) | | | 26.75% | | | 68.63% | | | 67.80% | | | 113.99% | | | 228.49% | | | 37.02% | | | 24.61% | | | 37.62% | | | 29.21% | | | 25.96% | | | 26.65% |
Total return(6) | | | (11.51)% | | | 29.34% | | | (2.17)% | | | 20.27% | | | 18.18% | | | (42.15)% | | | 5.86% | | | 5.82% | | | (17.36)% | | | 16.95% | | | 43.88% |
(1) | Based on weighted average number of common shares outstanding for the period. |
(2) | Represents the impact of the different share amounts used in calculating per share data as a result of calculating certain per share data based upon the weighted average basic shares outstanding during the period ad certain per share data based on the shares outstanding as of a period end or transaction date. |
(3) | Represents the closing price of the Company’s common stock on the last day of the period. |
(4) | Does not include expenses of underlying investment companies, including joint ventures and short-term investments. June 30, 2022 is annualized. |
(5) | Portfolio turnover ratio as of December 31, 2021 and 2020 excludes the impact of short-term investments. Portfolio turnover ratio as of December 31, 2020 excludes the impact of the Company's acquisition of MVC Capital, Inc. (“MVC”) (the “MVC Acquisition”). Portfolio ratio as of June 30, 2022 excludes the impact of the Company’s acquisition of Sierra on February 25, 2022 (the “Sierra Acquisition”). |
(6) | Total return is based on purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by the Company's dividend reinvestment plan during the period. |
(7) | Includes the impact of share issuance and deemed contribution from Barings LLC associated with the Sierra Acquisition. |
Class and Year(1) | | | Total Amount Outstanding Exclusive of Treasury Securities(2) | | | Asset Coverage per Unit(3) | | | Involuntary Liquidating Preference per Unit(4) | | | Average Market Value per Unit(5) |
2019 Notes | | | | | | | | | ||||
2012 | | | $69,000 | | | $1,580 | | | — | | | $25.92 |
2013 | | | 69,000 | | | 2,259 | | | — | | | 25.99 |
2014 | | | 69,000 | | | 2,215 | | | — | | | 25.74 |
December 2022 Notes | | | | | | | | | ||||
2012 | | | 80,500 | | | 1,580 | | | — | | | 25.03 |
2013 | | | 80,500 | | | 2,259 | | | — | | | 24.94 |
2014 | | | 80,500 | | | 2,215 | | | — | | | 25.05 |
2015 | | | 80,500 | | | 1,972 | | | — | | | 25.23 |
2016 | | | 80,500 | | | 2,124 | | | — | | | 25.15 |
2017 | | | 80,500 | | | 2,120 | | | — | | | 25.51 |
March 2022 Notes | | | | | | | | | ||||
2015 | | | 86,250 | | | 1,972 | | | — | | | 25.46 |
2016 | | | 86,250 | | | 2,124 | | | — | | | 25.58 |
2017 | | | 86,250 | | | 2,120 | | | — | | | 25.85 |
SBA-guaranteed debentures payable(6) | | | | | | | | | ||||
2012 | | | 213,605 | | | 1,580 | | | — | | | N/A |
2013 | | | 193,285 | | | 2,259 | | | — | | | N/A |
2014 | | | 224,780 | | | 2,215 | | | — | | | N/A |
2015 | | | 224,968 | | | 1,972 | | | — | | | N/A |
2016 | | | 250,000 | | | 2,124 | | | — | | | N/A |
2017 | | | 250,000 | | | 2,120 | | | — | | | N/A |
May 2011 Credit Facility | | | | | | | | | ||||
2012 | | | — | | | 1,580 | | | — | | | N/A |
2013 | | | 11,221 | | | 2,259 | | | — | | | N/A |
2014 | | | 62,620 | | | 2,215 | | | — | | | N/A |
2015 | | | 131,257 | | | 1,972 | | | — | | | N/A |
2016 | | | 127,011 | | | 2,124 | | | — | | | N/A |
2017 | | | 156,070 | | | 2,120 | | | — | | | N/A |
August 2018 Credit Facility(7) | | | | | | | | | ||||
2018 | | | 570,000 | | | 1,988 | | | — | | | N/A |
2019 | | | 107,200 | | | 1,851 | | | — | | | N/A |
February 2019 Credit Facility(8) | | | | | | | | | ||||
2019 | | | 245,288 | | | 1,851 | | | — | | | N/A |
2020 | | | 719,661 | | | 1,760 | | | — | | | N/A |
2021 | | | 655,189 | | | 1,538 | | | — | | | N/A |
June 30, 2022 (unaudited) | | | 814,380 | | | 1,814 | | | — | | | N/A |
Debt Securitization | | | | | | | | | ||||
2019 | | | 318,210 | | | 1,851 | | | — | | | N/A |
August 2025 Notes | | | | | | | | | ||||
2020 | | | 50,000 | | | 1,760 | | | — | | | N/A |
2021 | | | 50,000 | | | 1,538 | | | — | | | N/A |
June 30, 2022 (unaudited) | | | 50,000 | | | 1,814 | | | — | | | N/A |
Series B Notes | | | | | | | | | ||||
2020 | | | 62,500 | | | 1,760 | | | — | | | N/A |
2021 | | | 62,500 | | | 1,538 | | | — | | | N/A |
Class and Year(1) | | | Total Amount Outstanding Exclusive of Treasury Securities(2) | | | Asset Coverage per Unit(3) | | | Involuntary Liquidating Preference per Unit(4) | | | Average Market Value per Unit(5) |
June 30, 2022 (unaudited) | | | 62,500 | | | 1,814 | | | — | | | N/A |
Series C Notes | | | | | | | | | ||||
2020 | | | 112,500 | | | 1,760 | | | — | | | N/A |
2021 | | | 112,500 | | | 1,538 | | | — | | | N/A |
June 30, 2022 (unaudited) | | | 112,500 | | | 1,814 | | | — | | | N/A |
Series D Notes | | | | | | | | | ||||
2021 | | | 80,000 | | | 1,538 | | | — | | | N/A |
June 30, 2022 (unaudited) | | | 80,000 | | | 1,814 | | | — | | | N/A |
Series E Notes | | | | | | | | | ||||
2021 | | | 70,000 | | | 1,538 | | | — | | | N/A |
June 30, 2022 (unaudited) | | | 70,000 | | | 1,814 | | | — | | | N/A |
November 2026 Notes | | | | | | | | | ||||
2021 | | | 350,000 | | | 1,538 | | | — | | | N/A |
June 30, 2022 (unaudited) | | | 350,000 | | | 1,814 | | | — | | | N/A |
Total Senior Securities | | | | | | | | | ||||
2012 | | | 363,105 | | | 1,580 | | | — | | | N/A |
2013 | | | 354,006 | | | 2,259 | | | — | | | N/A |
2014 | | | 436,900 | | | 2,215 | | | — | | | N/A |
2015 | | | 522,975 | | | 1,972 | | | — | | | N/A |
2016 | | | 543,761 | | | 2,124 | | | — | | | N/A |
2017 | | | 572,820 | | | 2,120 | | | — | | | N/A |
2018 | | | 570,000 | | | 1,988 | | | — | | | N/A |
2019 | | | 670,698 | | | 1,851 | | | — | | | N/A |
2020 | | | 944,661 | | | 1,760 | | | — | | | N/A |
2021 | | | 1,380,189 | | | 1,538 | | | — | | | N/A |
June 30, 2022 (unaudited) | | | 1,539,380 | | | 1,814 | | | — | | | N/A |
(1) | The information in the senior securities tables for 2017 - 2019 and for years prior to 2016 is unaudited. An independent registered public accounting firm has performed agreed-upon procedures related to the accuracy of the total amount outstanding exclusive of treasury securities as of December 31, 2017, 2018 and 2019 and the asset coverage per unit as of December 31, 2017, 2018 and 2019. |
(2) | Total amount of each class of senior securities outstanding at the end of the period presented. |
(3) | Asset coverage per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. All prior period ratios have been conformed with this current presentation. |
(4) | The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. |
(5) | Average market value per unit for our unsecured notes issued in March 2012 due 2019 (the “2019 Notes”), our unsecured notes issued in October 2012 and November 2012 due 2022 (the “December 2022 Notes”) and our unsecured notes issued in February 2015 due 2022 (the “March 2022 Notes”) represent the average of the daily closing prices as reported on the NYSE for each security during 2012, 2013, 2014, 2015, 2016 and 2017, as applicable. Average market value per unit for our SBA-guaranteed debentures payable, our terminated credit facility initially entered into in May 2011 (the “May 2011 Credit Facility”), Barings BDC Senior Funding I, LLC's terminated credit facility initially entered into in August 2018 with Bank of America, N.A. (the “August 2018 Credit Facility”), the February 2019 Credit Facility, our $449.3 million term debt securitization in May 2019 (the “Debt Securitization”), the August 2025 Notes, the November Notes, the February Notes and the November 2026 Notes are not applicable because these senior securities are not registered for public trading. |
(6) | We have obtained exemptive relief from the SEC to permit us to exclude the SBA-guaranteed debentures payable from the 200% asset coverage test under the Investment Company Act. |
(7) | The August 2018 Credit Facility was terminated at our election in June 2020. |
(8) | The remaining notes issued in connection with the Debt Securitization were repaid in full in October 2020. |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Non–Control / Non–Affiliate Investments: | |||||||||||||||||||||||||||
1WorldSync, Inc. 300 South Riverside Plaza, Suite 1400, Chicago, IL 60606 | | | IT Consulting & Other Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 6.8% Cash | | | 7/19 | | | 7/25 | | | $16,338 | | | $16,121 | | | $16,335 | | | (7)(8)(10) |
| | | | | 16,338 | | | 16,121 | | | 16,335 | | | ||||||||||||||
Accelerant Holdings 1 Tollgate Business Park, Tollgate West, Colchester CO3 8AB | | | Banking, Finance, Insurance & Real Estate | | | Class A Convertible Preferred Equity (5,000 shares) | | | N/A | | | 1/22 | | | N/A | | | | | 5,000 | | | 5,202 | | | (7)(33) | |
| | | | | | | 5,000 | | | 5,202 | | | |||||||||||||||
Accelerate Learning, Inc. 5177 Richmond Avenue, Suite 1025 Houston, TX 77056 | | | Education Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.7% Cash | | | 12/18 | | | 12/24 | | | 7,568 | | | 7,498 | | | 7,454 | | | (7)(8)(9) |
| | | | | 7,568 | | | 7,498 | | | 7,454 | | | ||||||||||||||
Acclime Holdings HK Limited 17/F, United Centre 95 Queensway Admiralty, Hong Kong | | | Business services | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.50%, 7.0% Cash | | | 8/21 | | | 7/27 | | | 2,500 | | | 2,438 | | | 2,495 | | | (3)(7)(8)(11) |
| | | | | 2,500 | | | 2,438 | | | 2,495 | | | ||||||||||||||
Accurus Aerospace Corporation 12716 East Pine Street Tulsa, OK 74116 | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.7% Cash | | | 4/22 | | | 3/28 | | | 22,316 | | | 21,992 | | | 21,982 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.75%, 7.7% Cash | | | 4/22 | | | 3/28 | | | — | | | (33) | | | (35) | | | (7)(8)(10) | |||||
| Common Stock (437,623.30 shares) | | | N/A | | | 4/22 | | | N/A | | | | | 438 | | | 438 | | | (7)(33) | ||||||
| | | | | | | | | 22,316 | | | 22,397 | | | 22,385 | | | ||||||||||
Acogroup PLO 264, No. 14, Jalan Firma 3, Kawasan Perindustrian Tebrau 4, 81100 Johor Bahru | | | Business Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 7.50%, 7.5% Cash | | | 3/22 | | | 10/26 | | | 22,195 | | | 22,786 | | | 21,693 | | | (3)(7)(8)(14) |
| | | | | 22,195 | | | 22,786 | | | 21,693 | | | ||||||||||||||
ADB Safegate 977 Gahanna Pkwy, Gahanna, OH 43230 | | | Aerospace & Defense | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.75%, 9.4% Cash | | | 8/21 | | | 10/25 | | | 5,500 | | | 5,136 | | | 4,989 | | | (3)(8)(10) |
| | | | | 5,500 | | | 5,136 | | | 4,989 | | | ||||||||||||||
Advantage Software Company (The), LLC 19 Backstretch Lane Mooresville, NC 28117 | | | Advertising, Printing & Publishing | | | Class A1 Partnership Units (8,717.76 units) | | | N/A | | | 12/21 | | | N/A | | | | | 280 | | | 880 | | | (7)(33) | |
| | | Class A2 Partnership Units (2,248.46 units) | | | N/A | | | 12/21 | | | N/A | | | | | 72 | | | 227 | | | (7) | ||||
| | | Class B1 Partnership Units (8,717.76 units) | | | N/A | | | 12/21 | | | N/A | | | | | 9 | | | — | | | (7) | ||||
| | | Class B2 Partnership Units (2,248.46 units) | | | N/A | | | 12/21 | | | N/A | | | | | 2 | | | — | | | (7) | ||||
| | | | | | | | | | | | | 363 | | | 1,107 | | | |||||||||
Air Canada 2020-2 Class B Pass Through Trust 7373 Boulevard de la Côte-Vertu Ouest, Montreal, QC H4S 1Z3 | | | Airlines | | | Structured Secured Note - Class B | | | 9.0% Cash | | | 9/20 | | | 10/25 | | | 5,505 | | | 5,505 | | | 5,674 | | | |
| | | | | | | | | 5,505 | | | 5,505 | | | 5,674 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Air Comm Corporation, LLC 1575 W 124th Ave #210, Westminster, CO 80234 | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | SOFR + 5.75%, 8.6% Cash | | | 6/21 | | | 7/27 | | | $11,482 | | | $11,255 | | | $11,285 | | | (7)(8)(18) |
| | | | | | | | | | | 11,482 | | | 11,255 | | | 11,285 | | | ||||||||
AIT Worldwide Logistics Holdings, Inc. 701 N. Rohlwing Road Itasca, IL 60143 | | | Transportation Services | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.50%, 9.8% Cash | | | 4/21 | | | 4/29 | | | 6,460 | | | 6,332 | | | 6,202 | | | (7)(8)(10) |
| | | Partnership Units (348.68 units) | | | N/A | | | 4/21 | | | N/A | | | | | 349 | | | 621 | | | (7)(33) | ||||
| | | | | | | | | | | | 6,460 | | | 6,681 | | | 6,823 | | | |||||||
Alpine SG, LLC 1333 North California Blvd Suite 448 Walnut Creek, CA 94596 | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | SOFR + 5.50%, 7.0% Cash | | | 2/22 | | | 11/27 | | | 27,521 | | | 26,971 | | | 26,970 | | | (7)(8)(17) (32) |
| | | | | | | | | | | 27,521 | | | 26,971 | | | 26,970 | | | ||||||||
Alpine US Bidco LLC 350 N Orleans St, Chicago, Illinois | | | Agricultural Products | | | Second Lien Senior Secured Term Loan | | | LIBOR + 9.00%, 10.1% Cash | | | 5/21 | | | 5/29 | | | 18,157 | | | 17,666 | | | 16,522 | | | (7)(8)(9) |
| | | | | | | | | | | 18,157 | | | 17,666 | | | 16,522 | | | ||||||||
AMMC CLO 22, Limited Series 2018-22A PO Box 1093 Queensgate House Grand Cayman George Town KY1-1102 Cayman Islands | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 12.61% | | | 2/22 | | | 4/31 | | | 7,222 | | | 4,558 | | | 3,394 | | | (3)(32) |
| | | | | | | | | | | 7,222 | | | 4,558 | | | 3,394 | | | ||||||||
AMMC CLO 23, Ltd. Series 2020-23A PO Box 1093, Queensgate House Grand Cayman George Town KY1-1102 Cayman Islands | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 12.35% | | | 2/22 | | | 10/31 | | | 2,000 | | | 1,910 | | | 1,509 | | | (3)(32) |
| | | | | | | | | | | 2,000 | | | 1,910 | | | 1,509 | | | ||||||||
Amtech LLC 2333 Central Ave Lake Station, IN 46405 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 6.6% Cash | | | 11/21 | | | 11/27 | | | 2,279 | | | 2,211 | | | 2,220 | | | (7)(8)(9) |
| | | Revolver | | | LIBOR + 5.50%, 6.6% Cash | | | 11/21 | | | 11/27 | | | — | | | (12) | | | (11) | | | (7)(8)(10) | |||
| | | | | | | | | | | | 2,279 | | | 2,199 | | | 2,209 | | | |||||||
Anagram Holdings, LLC Anagram Drive Eden Prairie, MN 55344 | | | Chemicals, Plastics, & Rubber | | | First Lien Senior Secured Note | | | 10.0% Cash, 5.0% PIK | | | 8/20 | | | 8/25 | | | 14,755 | | | 13,917 | | | 15,382 | | | |
| | | | | | | | | 14,755 | | | 13,917 | | | 15,382 | | | ||||||||||
AnalytiChem Holding GmbH Frankfurter Str. 80-82, 65760 Eschborn, Germany | | | Chemicals | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.50%, 6.5% Cash | | | 11/21 | | | 11/28 | | | 7,558 | | | 7,777 | | | 7,369 | | | (3)(7)(8)(14) |
| | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.50%, 6.5% Cash | | | 11/21 | | | 12/28 | | | 723 | | | 789 | | | 705 | | | (3)(7)(8)(14) | |||
| | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.50%, 6.5% Cash | | | 4/22 | | | 10/28 | | | 5,626 | | | 5,711 | | | 5,463 | | | (3)(7)(8)(14) | |||
| | | First Lien Senior Secured Term Loan | | | LIBOR + 6.50%, 7.5% Cash | | | 6/22 | | | 10/28 | | | 1,019 | | | 1,019 | | | 993 | | | (3)(7)(8)(10) | |||
| | | Revolver | | | EURIBOR + 6.50%, 6.5% Cash | | | 4/22 | | | 10/23 | | | — | | | (8) | | | (9) | | | (3)(7)(8)(14) | |||
| | | | | | | | | | | 14,926 | | | 15,288 | | | 14,521 | | | ||||||||
Anju Software, Inc. 4500 S Lakeshore Drive #620 Tempe, AZ 85282 | | | Application Software | | | First Lien Senior Secured Term Loan | | | LIBOR + 7.25%, 8.9% Cash | | | 2/19 | | | 2/25 | | | 13,458 | | | 13,312 | | | 12,691 | | | (7)(8)(9) |
| | | | | | | | | | | 13,458 | | | 13,312 | | | 12,691 | | | ||||||||
Apex Bidco Limited 75 Executive Dr #200 Aurora, IL 60504 | | | Business Equipment & Services | | | First Lien Senior Secured Term Loan | | | GBP LIBOR + 6.25%, 7.4% Cash | | | 1/20 | | | 1/27 | | | 1,770 | | | 1,872 | | | 1,770 | | | (3)(7)(8)(12) |
| Subordinated Senior Unsecured Term Loan | | | 8.0% PIK | | | 1/20 | | | 7/27 | | | 259 | | | 275 | | | 259 | | | (3)(7) | |||||
| | | | | | | | | | 2,029 | | | 2,147 | | | 2,029 | | | |||||||||
Apidos CLO XXIV, Series 2016-24A PO Box 1093 Boundary Hall Cricket Square Grand Cayman, Cayman Islands | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 20.96% | | | 2/22 | | | 10/30 | | | 18,358 | | | 7,222 | | | 5,884 | | | (3)(32) |
| | | | | | | | | | | 18,358 | | | 7,222 | | | 5,884 | | | ||||||||
APOG Bidco Pty Ltd 68 Pitt Street Sydney New South Wales 2000, Australia | | | Healthcare | | | Second Lien Senior Secured Term Loan | | | BBSY + 7.25%, 8.4% Cash | | | 4/22 | | | 3/30 | | | 2,134 | | | 2,277 | | | 2,091 | | | (3)(7)(8)(22) |
| | | | | | | | | | | 2,134 | | | 2,277 | | | 2,091 | | | ||||||||
Aptus 1829. GmbH Wagner-Régeny-Straße 8, 12489 Berlin, Germany | | | Chemicals, Plastics, and Rubber | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.50%, 6.5% Cash | | | 9/21 | | | 9/27 | | | 4,981 | | | 5,459 | | | 4,871 | | | (3)(7)(8)(14) |
| Preferred Stock (13 shares) | | | N/A | | | 9/21 | | | N/A | | | | | 120 | | | 102 | | | (3)(7)(33) | ||||||
| | | Common Stock (48 shares) | | | N/A | | | 9/21 | | | N/A | | | | | 12 | | | 10 | | | (3)(7)(33) | ||||
| | | | | | | | | | | | 4,981 | | | 5,591 | | | 4,983 | | | |||||||
Apus Bidco Limited Hamilton House, Church Street, Altrincham, Greater Manchester, WA14 4DR, United Kingdom | | | Banking, Finance, Insurance & Real Estate | | | First Lien Senior Secured Term Loan | | | SONIA + 5.50%, 7.0% Cash | | | 2/21 | | | 3/28 | | | 3,498 | | | 3,880 | | | 3,432 | | | (3)(7)(8)(21) |
| | | | | | | | | 3,498 | | | 3,880 | | | 3,432 | | | ||||||||||
AQA Acquisition Holding, Inc. 450 Artisan Way 4th floor Somerville, MA 02145 | | | High Tech Industries | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.50%, 9.2% Cash | | | 3/21 | | | 3/29 | | | 20,000 | | | 19,536 | | | 19,688 | | | (7)(8)(9) |
| | | | | | | | | | | 20,000 | | | 19,536 | | | 19,688 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Aquavista Watersides 2 LTD Long Eaton, Nottingham NG10 3AE, United Kingdom | | | Transportation Services | | | First Lien Senior Secured Term Loan | | | SONIA + 6.00%, 6.9% Cash | | | 12/21 | | | 12/28 | | | $5,417 | | | $5,721 | | | $5,218 | | | (3)(7)(8)(21) |
| | | Revolver | | | SONIA + 6.00%, 6.9% Cash | | | 12/21 | | | 12/22 | | | — | | | (1) | | | (11) | | | (3)(7)(8)(20) | |||
| | | | Second Lien Senior Secured Term Loan | | | SONIA + 10.5% PIK | | | 12/21 | | | 12/28 | | | 1,429 | | | 1,526 | | | 1,395 | | | (3)(7)(8)(21) | ||
| | | | | | | | | | | | 6,846 | | | 7,246 | | | 6,602 | | | |||||||
Arch Global Precision LLC 2600 S Telegraph Rd Suite 180 Bloomfield Hills, MI 48302 | | | Industrial Machinery | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.0% Cash | | | 4/19 | | | 4/26 | | | 9,201 | | | 9,197 | | | 9,182 | | | (7)(8)(10) |
| | | | | | | | | | | 9,201 | | | 9,197 | | | 9,182 | | | ||||||||
Archimede 39, rue Bouret, 75019 Paris, France | | | Consumer Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.7% Cash | | | 10/20 | | | 10/27 | | | 6,168 | | | 6,440 | | | 6,014 | | | (3)(7)(8)(15) |
| | | | | | | | | | | 6,168 | | | 6,440 | | | 6,014 | | | ||||||||
Argus Bidco Limited 9 Millars Brook, Molly Millars Lane, Wokingham, Berkshire, RG41 2AD, United Kingdom | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 5.8% Cash | | | 5/21 | | | 12/27 | | | 672 | | | 655 | | | 672 | | | (3)(7)(8)(10) |
| | | First Lien Senior Secured Term Loan | | | SONIA + 5.50%, 6.2% Cash | | | 12/20 | | | 12/27 | | | 2,405 | | | 2,564 | | | 2,405 | | | (3)(7)(8)(20) | |||
| | | | | | | | | | | | 3,077 | | | 3,219 | | | 3,077 | | | |||||||
Armstrong Transport Group (Pele Buyer, LLC ) 8615 Cliff Cameron Dr #200 Charlotte, NC 28269 | | | Air Freight & Logistics | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 6.2% Cash | | | 6/19 | | | 6/24 | | | 4,000 | | | 3,952 | | | 3,939 | | | (7)(8)(9) |
| | | | | | | | | | | 4,000 | | | 3,952 | | | 3,939 | | | ||||||||
ASPEQ Heating Group LLC 425 Hanley Industrial Ct. St. Louis, MO 63144 | | | Building Products, Air & Heating | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 7.5% Cash | | | 11/19 | | | 11/25 | | | 8,412 | | | 8,336 | | | 8,412 | | | (7)(8)(10) |
| | | | | | | | | 8,412 | | | 8,336 | | | 8,412 | | | ||||||||||
Astra Bidco Limited Ability House, 21 Nuffield Way, Abingdon, Oxfordshire, England, OX14 1RL | | | Healthcare | | | First Lien Senior Secured Term Loan | | | SONIA + 5.75%, 7.2% Cash | | | 11/21 | | | 11/28 | | | 1,981 | | | 2,098 | | | 1,915 | | | (3)(7)(8)(20) |
| | | | | | | | | | | 1,981 | | | 2,098 | | | 1,915 | | | ||||||||
Auxi International 738 rue Yves Kermen 92100 Boulogne Billancourt, France | | | Commercial Finance | | | First Lien Senior Secured Term Loan | | | EURIBOR + 7.25%, 7.3% Cash | | | 12/19 | | | 12/26 | | | 1,464 | | | 1,523 | | | 1,320 | | | (3)(7)(8)(15) |
| | | First Lien Senior Secured Term Loan | | | SONIA + 7.25%, 7.9% Cash | | | 4/21 | | | 12/26 | | | 814 | | | 899 | | | 734 | | | (3)(7)(8)(21) | |||
| | | | | | | | | | | 2,278 | | | 2,422 | | | 2,054 | | | ||||||||
Avance Clinical Bidco Pty Ltd 2 Ann Nelson Drive Thebarton, Australia 5031 | | | Healthcare | | | First Lien Senior Secured Term Loan | | | BBSY + 5.50%, 6.0% Cash | | | 11/21 | | | 11/27 | | | 2,428 | | | 2,409 | | | 2,338 | | | (3)(7)(8)(23) |
| | | | | | | | | | | 2,428 | | | 2,409 | | | 2,338 | | | ||||||||
Aviation Technical Services, Inc. 3121 109th Street SW Everett, WA 98204 | | | Aerospace & Defense | | | Second Lien Senior Secured Term Loan | | | LIBOR + 2.00%, 3.7% Cash, 6.5% PIK | | | 02/22 | | | 3/25 | | | 27,391 | | | 26,049 | | | 26,487 | | | (7)(8)(9)(32) |
| | | | | | | | | | | | 27,391 | | | 26,049 | | | 26,487 | | | |||||||
AVSC Holding Corp. 5100 North River Road, Suite 300 Schiller Park, IL 60176 | | | Advertising | | | First Lien Senior Secured Term Loan | | | LIBOR + 3.25%, 5.1% Cash, 0.3% PIK | | | 08/18 | | | 3/25 | | | 4,848 | | | 4,454 | | | 4,155 | | | (8)(10) |
| | | First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 6.1% Cash, 1.0% PIK | | | 08/18 | | | 10/26 | | | 748 | | | 698 | | | 646 | | | (8)(10) | |||
| | | First Lien Senior Secured Term Loan | | | 5.0% Cash, 10.0% PIK | | | 11/20 | | | 10/26 | | | 5,794 | | | 5,691 | | | 6,113 | | | ||||
| | | | | | | | | | | 11,390 | | | 10,843 | | | 10,914 | | | ||||||||
Azalea Buyer, Inc. 801 Broad Street Augusta, GA 30901 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 6.8% Cash | | | 11/21 | | | 11/27 | | | 4,583 | | | 4,481 | | | 4,493 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 5.25%, 6.8% Cash | | | 11/21 | | | 11/27 | | | 58 | | | 49 | | | 50 | | | (7)(8)(10) | |||
| | | Subordinated Term Loan | | | 12.0% PIK | | | 11/21 | | | 5/28 | | | 1,310 | | | 1,286 | | | 1,288 | | | (7) | |||
| | | Common Stock (192,307.7 shares) | | | N/A | | | 11/21 | | | N/A | | | | | 192 | | | 156 | | | (7)(33) | ||||
| | | | | | | | | | | 5,951 | | | 6,008 | | | 5,987 | | | ||||||||
Bariacum S.A 15 Rue Montmartre 75001 Paris | | | Consumer Products | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 11/21 | | | 11/28 | | | 5,959 | | | 6,250 | | | 5,786 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 5,959 | | | 6,250 | | | 5,786 | | | ||||||||
Benify (Bennevis AB) Banérgatan 16 Box 24101 | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | STIBOR + 5.25%, 5.3% Cash | | | 7/19 | | | 7/26 | | | 1,136 | | | 1,223 | | | 1,136 | | | (3)(7)(8)(26) |
| | | | | | | | | | | 1,136 | | | 1,223 | | | 1,136 | | | ||||||||
Beyond Risk Management, Inc. 252 Sandstone Place, N.W. Calgary, Alberta T3K 2X6 Canada | | | Other Financial | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 6.8% Cash | | | 10/21 | | | 10/27 | | | 2,560 | | | 2,488 | | | 2,484 | | | (7)(8)(10) |
| | | | | | | | | | | 2,560 | | | 2,488 | | | 2,484 | | | ||||||||
Bidwax 16 rue Harald Stammbach, 59290 Wasquehal, France | | | Non-durable Consumer Goods | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.45%, 6.5% Cash | | | 2/21 | | | 2/28 | | | 7,318 | | | 8,076 | | | 7,150 | | | (3)(7)(8)(15) |
| | | | | | | | | 7,318 | | | 8,076 | | | 7,150 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
BigHand UK Bidco Limited 27 Union St, London SE1 1SD | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | SOFR +5.50%, 6.3% Cash | | | 1/21 | | | 1/28 | | | $2,156 | | | $2,095 | | | $2,115 | | | (3)(7)(8)(17) |
| | | First Lien Senior Secured Term Loan | | | SOFR +5.50%, 7.0% Cash | | | 1/21 | | | 1/28 | | | 377 | | | 377 | | | 370 | | | (3)(7)(8)(17) | |||
| | | First Lien Senior Secured Term Loan | | | SONIA + 5.50%, 6.7% Cash | | | 1/21 | | | 1/28 | | | 815 | | | 891 | | | 800 | | | (3)(7)(8)(20) | |||
| | | | | | | | | | | 3,348 | | | 3,363 | | | 3,285 | | | ||||||||
Bounteous, Inc. 4115 N. Ravenswood Avenue Chicago, IL 60613 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 7.2% Cash | | | 8/21 | | | 8/27 | | | 1,902 | | | 1,818 | | | 1,828 | | | (7)(8)(10) |
| | | | | | | | | | | 1,902 | | | 1,818 | | | 1,828 | | | ||||||||
Brightline Trains Florida LLC 161 NW 6th St STE 900 | | | Transportation | | | Senior Secured Note | | | 8.0% Cash | | | 8/21 | | | 1/28 | | | 5,000 | | | 5,000 | | | 4,737 | | | (7) |
| | | | | | | | | | | 5,000 | | | 5,000 | | | 4,737 | | | ||||||||
Brightpay Limited 3 Shortlands, Hammersmith, London, W6 8DA | | | Technology | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.25%, 5.3% Cash | | | 10/21 | | | 10/28 | | | 1,963 | | | 2,109 | | | 1,923 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 1,963 | | | 2,109 | | | 1,923 | | | ||||||||
BrightSign LLC 983 University Ave #A, Los Gatos, CA 95032 | | | Media & Entertainment | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 8.0% Cash | | | 10/21 | | | 10/27 | | | 6,777 | | | 6,716 | | | 6,601 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 5.75%, 8.0% Cash | | | 10/21 | | | 10/27 | | | — | | | (12) | | | (35) | | | (7)(8)(10) | |||
| | | LLC units (1,107,492.71 units) | | | N/A | | | 10/21 | | | N/A | | | | | 1,107 | | | 1,012 | | | (7)(33) | ||||
| | | | | | | | | | | 6,777 | | | 7,811 | | | 7,578 | | | ||||||||
British Airways 2020-1 Class B Pass Through Trust British Airways Plc. Waterside PO Box 365 Harmondsworth, UB7 0GB United Kingdom | | | Airlines | | | Structured Secured Note - Class B | | | 8.4% Cash | | | 11/20 | | | 11/28 | | | 756 | | | 756 | | | 813 | | | |
| | | | | | | | | | | 756 | | | 756 | | | 813 | | | ||||||||
British Engineering Services Holdco Limited Unit 718, Eddington Way, Birchwood Park, Warrington WA3 6BA, United Kingdom | | | Commercial Services & Supplies | | | First Lien Senior Secured Term Loan | | | SONIA + 7.0%, 9.3% Cash | | | 12/20 | | | 12/27 | | | 13,925 | | | 15,107 | | | 13,582 | | | (3)(7)(8)(21) |
| | | | | | | | | 13,925 | | | 15,107 | | | 13,582 | | | ||||||||||
| | | | | | | | | | | | | | | |||||||||||||
Brook & Whittle Holding Corp. 260 Branford Rd, Guilford, CT 06471 | | | Containers, Packaging & Glass | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.00%, 5.2% Cash | | | 2/22 | | | 12/28 | | | 2,839 | | | 2,819 | | | 2,658 | | | (8)(10)(32) |
| | | | | | | | | 2,839 | | | 2,819 | | | 2,658 | | | ||||||||||
Brown Machine Group Holdings, LLC 330 North Ross Street Beaverton, MI 48612 | | | Industrial Equipment | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 7.5% Cash | | | 10/18 | | | 10/24 | | | 6,281 | | | 6,244 | | | 6,281 | | | (7)(8)(10) |
| | | | | | | | | | | 6,281 | | | 6,244 | | | 6,281 | | | ||||||||
BVI Medical, Inc. 10 CityPoint, 500 Totten Pond Rd, Waltham, MA 02451 | | | Healthcare | | | Second Lien Senior Secured Term Loan | | | EURIBOR + 9.50%, 9.5% Cash | | | 6/22 | | | 6/26 | | | 9,699 | | | 9,365 | | | 9,311 | | | (7)(8)(14) |
| | | | | | | | | 9,699 | | | 9,365 | | | 9,311 | | | ||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) 1675 Broadway, 22nd Floor New York, NY 10019 | | | Media & Entertainment | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.7% Cash | | | 9/18 | | | 9/23 | | | 6,751 | | | 6,734 | | | 6,751 | | | (7)(8)(9) |
| | | | | | | | | | | 6,751 | | | 6,734 | | | 6,751 | | | ||||||||
CAi Software, LLC 36 Thurber Blvd, Smithfield, RI 02917 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 8.4% Cash | | | 12/21 | | | 12/28 | | | 9,034 | | | 8,865 | | | 8,854 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 6.25%, 8.4% Cash | | | 12/21 | | | 12/27 | | | — | | | (17) | | | (19) | | | (7)(8)(10) | |||
| | | | | | | | | | | 9,034 | | | 8,848 | | | 8,835 | | | ||||||||
Canadian Orthodontic Partners Corp. 401 The West Mall Suite 301, Etobicoke, ON M9C 5J5, Canada | | | Healthcare | | | First Lien Senior Secured Term Loan | | | CDOR + 6.50%, 9.7% Cash | | | 6/21 | | | 3/26 | | | 1,645 | | | 1,737 | | | 1,593 | | | (3)(7)(8)(25) |
| | | Class A Equity (500,000 units) | | | N/A | | | 5/22 | | | N/A | | | | | 389 | | | 388 | | | (3)(7)(33) | ||||
| | | Class C - Warrants (74,712.64 units) | | | N/A | | | 5/22 | | | N/A | | | | | — | | | — | | | (3)(7)(33) | ||||
| | | | | | | | | | | 1,645 | | | 2,126 | | | 1,981 | | | ||||||||
Cardenas Markets, LLC 2501 E Guasti Rd, Ontario, CA 91761 | | | Retail | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 7.3% Cash | | | 2/22 | | | 6/27 | | | 1,985 | | | 1,980 | | | 1,985 | | | (7)(8)(10) (32) |
| | | | | | | | | | | 1,985 | | | 1,980 | | | 1,985 | | | ||||||||
Caribou Holding Company, LLC 2255 Carling Ave., Suite 500 Ottawa, Ontario K2B 7Z5 | | | Technology | | | First Lien Senior Secured Term Loan | | | SOFR + 7.64%, 8.6% Cash | | | 4/22 | | | 4/27 | | | 4,318 | | | 4,256 | | | 4,253 | | | (3)(7)(8)(17) |
| | | LLC Units (681,818 units) | | | N/A | | | 4/22 | | | N/A | | | | | 682 | | | 682 | | | (3)(7)(33) | ||||
| | | | | | | | | | | | 4,318 | | | 4,938 | | | 4,935 | | | |||||||
Carlson Travel, Inc 701 Carlson Parkway Minnetonka, MN 55305 | | | Business Travel Management | | | First Lien Senior Secured Note | | | 8.5% Cash | | | 11/21 | | | 11/26 | | | 6,050 | | | 5,686 | | | 5,438 | | | |
| Common Stock (94,155 shares) | | | N/A | | | 11/21 | | | N/A | | | | | 4,194 | | | 4,171 | | | (33)* | ||||||
| | | | | | | | | | | 6,050 | | | 9,880 | | | 9,609 | | | ||||||||
Centralis Finco S.a.r.l. 8-10 Avenue de la Gare, 1610 Luxembourg | | | Diversified Financial Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.25%, 5.3% Cash | | | 5/20 | | | 5/27 | | | 742 | | | 741 | | | 732 | | | (3)(7)(8)(14) |
| | | | | | | | | 742 | | | 741 | | | 732 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Ceres Pharma NV Kortrijksesteenweg 1091 PB B 9051, Gent Belgium | | | Pharma- ceuticals | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 10/21 | | | 10/28 | | | $1,261 | | | $1,300 | | | $1,186 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 1,261 | | | 1,300 | | | 1,186 | | | ||||||||
CGI Parent, LLC 122 E. 42nd Street, 18th Fl. New York, NY 10168 | | | Business Equipment & Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 6.9% Cash | | | 2/22 | | | 2/28 | | | 17,751 | | | 17,415 | | | 17,441 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.50%, 6.9% Cash | | | 2/22 | | | 2/28 | | | — | | | (31) | | | (29) | | | (7)(8)(10) | |||||
| | | Preferred Stock (551 shares) | | | N/A | | | 2/22 | | | N/A | | | | | 551 | | | 806 | | | (7)(33) | ||||
| | | | | | | | | | | 17,751 | | | 17,935 | | | 18,218 | | | ||||||||
Cineworld Group PLC 770 Township Line Road Yardly, PA 19067 | | | Leisure Products | | | Super Senior Senior Secured Term Loan | | | 7.0% Cash, 8.3% PIK | | | 11/20 | | | 5/24 | | | 1,862 | | | 1,688 | | | 2,077 | | | (3) |
| | | Super Senior Senior Secured Term Loan | | | LIBOR + 8.25%, 10.1% Cash | | | 7/21 | | | 2/25 | | | 994 | | | 967 | | | 1,033 | | | (3)(7)(8)(11) | |||
| | | Warrants (553,375 units) | | | N/A | | | 12/20 | | | 11/25 | | | | | 102 | | | 57 | | | (3)(33) | ||||
| | | | | | | | | | | 2,856 | | | 2,757 | | | 3,167 | | | ||||||||
Classic Collision (Summit Buyer, LLC) 2329 John Glenn Dr Chamblee, Georgia, 30341 | | | Auto Collision Repair Centers | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 8.1% Cash | | | 1/20 | | | 1/26 | | | 6,305 | | | 6,210 | | | 6,212 | | | (7)(8)(11) |
| | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 8.1% Cash | | | 1/20 | | | 4/26 | | | 344 | | | 334 | | | 335 | | | (7)(8)(11) | |||
| | | | | | | | | | | 6,649 | | | 6,544 | | | 6,547 | | | ||||||||
CM Acquisitions Holdings Inc. 9 Lea Ave Nashville, TN 37210 | | | Internet & Direct Marketing | | | First Lien Senior Secured Term Loan | | | SOFR + 4.75%, 7.3% Cash | | | 5/19 | | | 5/25 | | | 19,018 | | | 18,838 | | | 18,771 | | | (7)(8)(17) |
| | | | | | | | | 19,018 | | | 18,838 | | | 18,771 | | | ||||||||||
CMT Opco Holding, LLC (Concept Machine) 15625 Medina Rd Minneapolis, MN 55447 | | | Distributors | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.8% Cash | | | 1/20 | | | 1/25 | | | 4,134 | | | 4,088 | | | 4,006 | | | (7)(8)(11) |
| | | LLC Units (8,782 units) | | | N/A | | | 1/20 | | | N/A | | | | | 352 | | | 175 | | | (7)(33) | ||||
| | | | | | | | | | | 4,134 | | | 4,440 | | | 4,181 | | | ||||||||
Coastal Marina Holdings, LLC 50 Immigration Street, Suite 200, Charleston, SC, 29403 | | | Other Financial | | | Subordinated Term Loan | | | 10.0% PIK | | | 11/21 | | | 11/31 | | | 5,023 | | | 4,601 | | | 4,561 | | | (7) |
| | | Subordinated Term Loan | | | 8.00% Cash | | | 11/21 | | | 11/31 | | | 13,044 | | | 11,893 | | | 11,830 | | | (7) | |||
| | | LLC Units (547,591.0 units) | | | N/A | | | 11/21 | | | N/A | | | | | 9,045 | | | 10,140 | | | (7)(33) | ||||
| | | | | | | | | | | 18,067 | | | 25,539 | | | 26,531 | | | ||||||||
Cobham Slip Rings SAS 3030 Horseshoe Dr S #300, Naples, FL 34104 | | | Diversified Manufacturing | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 8.5% Cash | | | 11/21 | | | 11/28 | | | 1,303 | | | 1,274 | | | 1,278 | | | (3)(7)(8)(10) |
| | | | | | | | | | | 1,303 | | | 1,274 | | | 1,278 | | | ||||||||
Command Alkon (Project Potter Buyer, LLC) 1800 International Park Drive Suite 400 Birmingham, AL 35243 | | | Software | | | First Lien Senior Secured Term Loan | | | LIBOR + 7.0%, 8.7% Cash | | | 4/20 | | | 4/26 | | | 1,622 | | | 1,583 | | | 1,596 | | | (7)(8)(9) |
| | | First Lien Senior Secured Term Loan | | | LIBOR + 7.0%, 8.7% Cash | | | 4/20 | | | 4/27 | | | 12,087 | | | 11,808 | | | 11,894 | | | (7)(8)(9) | |||
| | | Class B Partnership Units (33,324.69 units) | | | N/A | | | 4/20 | | | N/A | | | | | — | | | 237 | | | (7)(33) | ||||
| | | | | | | | | | | 13,709 | | | 13,391 | | | 13,727 | | | ||||||||
Compass Precision, LLC 4600 Westinghouse Blvd Charlotte, NC 28273 | | | Aerospace & Defense | | | Senior Subordinated Term Loan | | | 11.0% Cash, 1.0% PIK | | | 4/22 | | | 10/25 | | | 376 | | | 369 | | | 368 | | | (7) |
| | | LLC Units (46,085.6 units) | | | N/A | | | 4/22 | | | N/A | | | | | 125 | | | 127 | | | (7)(33) | ||||
| | | | | | | | | | | 376 | | | 494 | | | 495 | | | ||||||||
Comply365, LLC 655 3rd St Ste 365 Beloit, WI, 53511-6272 | | | Technology | | | First Lien Senior Secured Term Loan | | | SOFR + 5.50%, 6.5% Cash | | | 4/22 | | | 4/28 | | | 13,723 | | | 13,456 | | | 13,448 | | | (7)(8)(17) |
| | | Revolver | | | SOFR + 5.50%, 6.5% Cash | | | 4/22 | | | 4/28 | | | — | | | (21) | | | (22) | | | (7)(8)(17) | |||
| | | | | | | | | | | 13,723 | | | 13,435 | | | 13,426 | | | ||||||||
Contabo Finco S.À R.L Aschauer Straße 32a 81549 Munich Germany | | | Internet Software & Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.25%, 5.3% Cash | | | 11/21 | | | 10/26 | | | 5,469 | | | 5,804 | | | 5,457 | | | (3)(7)(8)(14) |
| | | | | | | | | 5,469 | | | 5,804 | | | 5,457 | | | ||||||||||
Core Scientific, Inc. 210 Barton Springs Road Suite 300. Austin, Texas 78704 | | | Technology | | | First Lien Senior Secured Term Loan | | | 9.8% Cash | | | 3/22 | | | 3/25 | | | 30,444 | | | 30,728 | | | 29,714 | | | (3)(7) |
| | | | | | | | | | | 30,444 | | | 30,728 | | | 29,714 | | | ||||||||
Coyo Uprising GmbH Gasstr 6a 22761 Hamburg, Germany | | | Technology | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.50%, 6.5% Cash, 3.5% PIK | | | 9/21 | | | 9/28 | | | 3,872 | | | 4,213 | | | 3,776 | | | (3)(7)(8)(14) |
| | | Class A Units (440.0 units) | | | N/A | | | 9/21 | | | N/A | | | | | 205 | | | 188 | | | (3)(7)(33) | ||||
| | | Class B Units (191.0 units) | | | N/A | | | 9/21 | | | N/A | | | | | 446 | | | 500 | | | (3)(7) | ||||
| | | | | | | | | | | 3,872 | | | 4,864 | | | 4,464 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
CPI International, Inc. 580 Skylane Blvd Santa Rosa, CA 95403 | | | Aerospace & Defense | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.25%, 8.5% Cash | | | 2/22 | | | 7/25 | | | $8,575 | | | $7,975 | | | $8,147 | | | (7)(8)(10) (32) |
| | | | | | | | | | | 8,575 | | | 7,975 | | | 8,147 | | | ||||||||
Crash Champions, LLC 601 Oakmont Lane, Westmont, IL 60559 | | | Automotive | | | First Lien Senior Secured Term Loan | | | SOFR + 5.00%, 7.2% Cash | | | 5/21 | | | 8/25 | | | 21,556 | | | 20,881 | | | 20,679 | | | (7)(8)(17) |
| | | | | | | | | | | 21,556 | | | 20,881 | | | 20,679 | | | ||||||||
CSL DualCom Salamander Quay West Park Lane Harefield, UB9 6NZ United Kingdom | | | Tele- communications | | | First Lien Senior Secured Term Loan | | | SONIA + 5.50%, 6.7% Cash | | | 09/20 | | | 9/27 | | | 1,203 | | | 1,208 | | | 1,177 | | | (3)(7)(8)(19) |
| | | | | | | | | | | 1,203 | | | 1,208 | | | 1,177 | | | ||||||||
CT Technologies Intermediate Holdings, Inc. 925 North Point Parkway, Suite 350 Alpharetta, GA, 30005-2204 | | | Healthcare | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.25%, 5.9% Cash | | | 2/22 | | | 12/25 | | | 4,962 | | | 4,955 | | | 4,627 | | | (8)(9)(32) |
| | | | | | | | | | | 4,962 | | | 4,955 | | | 4,627 | | | ||||||||
| | | | | | | | | | | | | | | | | |||||||||||
Custom Alloy Corporation 3 Washington Avenue High Bridge, NJ 08829 | | | Manufacturer of Pipe Fittings & Forgings | | | Revolver | | | 15.0% PIK | | | 12/20 | | | 4/23 | | | 5,125 | | | 4,222 | | | 487 | | | (7)(29)(30) |
| Second Lien Loan | | | 15.0% PIK | | | 12/20 | | | 4/23 | | | 54,203 | | | 42,162 | | | 5,154 | | | (7)(29)(30) | |||||
| | | | | | | | | | | 59,328 | | | 46,384 | | | 5,641 | | | ||||||||
CVL 3 ZA des Plattes 1 Chemin des Plattes Vourles, 69390 France | | | Capital Equipment | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 12/21 | | | 12/28 | | | 889 | | | 934 | | | 870 | | | (3)(7)(8)(14) |
| | | First Lien Senior Secured Term Loan | | | SOFR + 5.50%, 6.4% Cash | | | 12/21 | | | 12/28 | | | 1,142 | | | 1,115 | | | 1,119 | | | (3)(7)(8)(17) | |||
| | | | | | | | | | | | 2,031 | | | 2,049 | | | 1,989 | | | |||||||
CW Group Holdings, LLC 888 Boylston Street Boston, MA 02199 | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.7% Cash | | | 1/21 | | | 1/27 | | | 2,803 | | | 2,753 | | | 2,708 | | | (7)(8)(9) |
| | | LLC Units (161,290.32 units) | | | N/A | | | 1/21 | | | N/A | | | | | 161 | | | 108 | | | (7)(33) | ||||
| | | | | | | | | | | | 2,803 | | | 2,914 | | | 2,816 | | | |||||||
DataOnline Corp. 2501 E Guasti Road. New Providence, NJ 07974 | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 7.8% Cash | | | 2/22 | | | 11/25 | | | 14,625 | | | 14,625 | | | 14,333 | | | (7)(8)(10) (32) |
| | | Revolver | | | LIBOR + 6.25%, 8.5% Cash | | | 2/22 | | | 11/25 | | | 2,143 | | | 2,143 | | | 2,100 | | | (7)(8)(10) (32) | |||
| | | | | | | | | | | | 16,768 | | | 16,768 | | | 16,433 | | | |||||||
DecksDirect, LLC 5400 Nathan Ln N, Minneapolis | | | Building Materials | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.7% Cash | | | 12/21 | | | 12/26 | | | 709 | | | 696 | | | 689 | | | (7)(8)(9) |
| | | Revolver | | | LIBOR + 6.00%, 7.7% Cash | | | 12/21 | | | 12/26 | | | 65 | | | 62 | | | 59 | | | (7)(8)(9) | |||
| | | LLC Units (1,280.8 units) | | | N/A | | | 12/21 | | | N/A | | | | | 55 | | | 38 | | | (7)(33) | ||||
| | | | | | | | | | | 774 | | | 813 | | | 786 | | | ||||||||
Distinct Holdings, Inc. 37 Market St Kenilworth, NJ 07033 | | | Systems Software | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 5.8% Cash | | | 4/19 | | | 12/23 | | | 6,880 | | | 6,850 | | | 6,715 | | | (7)(8)(9) |
| | | | | | | | | | | 6,880 | | | 6,850 | | | 6,715 | | | ||||||||
Dragon Bidco Spaces Le Belvedere, 1-7 Cours Valmy, 92800 Puteaux, France | | | Technology | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.75%, 6.8% Cash | | | 4/21 | | | 4/28 | | | 3,659 | | | 3,968 | | | 3,577 | | | (3)(7)(8)(15) |
| | | | | | | | | | | 3,659 | | | 3,968 | | | 3,577 | | | ||||||||
DreamStart Bidco SAS (d/b/a SmartTrade) Immeuble Apogée, 13530, 500 Avenue Galilée 13290 Aix-en-Provence, France | | | Diversified Financial Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 3/20 | | | 3/27 | | | 2,223 | | | 2,300 | | | 2,206 | | | (3)(7)(8)(15) |
| | | | | | | | | | | 2,223 | | | 2,300 | | | 2,206 | | | ||||||||
Dryden 43 Senior Loan Fund, Series 2016-43A PO Box 1093. Queensgate House ; City, Grand Cayman | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 11% | | | 2/22 | | | 4/34 | | | 3,620 | | | 2,387 | | | 2,109 | | | (3)(32) |
| | | | | | | | | | | 3,620 | | | 2,387 | | | 2,109 | | | ||||||||
Dryden 49 Senior Loan Fund, Series 2017-49A PO Box 1093. Queensgate House ; City, Grand Cayman | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 12.5% | | | 2/22 | | | 7/30 | | | 17,233 | | | 7,370 | | | 5,084 | | | (3)(32) |
| | | | | | | | | | | | 17,233 | | | 7,370 | | | 5,084 | | | |||||||
Dune Group 158 Rue de l'Église - BP 15F-62180 Rang-du-Fliers, France | | | Health Care Equipment | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.75%, 5.8% Cash | | | 9/21 | | | 9/28 | | | 121 | | | 108 | | | 111 | | | (3)(7)(8)(14) |
| | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 5.8% Cash | | | 9/21 | | | 9/28 | | | 1,230 | | | 1,211 | | | 1,214 | | | (3)(7)(8)(10) | |||
| | | | | | | | | | | 1,351 | | | 1,319 | | | 1,325 | | | ||||||||
Dunlipharder B.V. Herikerbergweg 88, Amsterdam, 1101CM, NL | | | Technology | | | First Lien Senior Secured Term Loan | | | SOFR + 6.50%, 7.6% Cash | | | 6/22 | | | 6/28 | | | 1,000 | | | 985 | | | 985 | | | (3)(7)(8)(16) |
| | | | | | | | | | | 1,000 | | | 985 | | | 985 | | | ||||||||
Dwyer Instruments, Inc. 102 Indiana Hwy. 212 Michigan City, IN 46360 USA | | | Electric | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.0%, 8.3% Cash | | | 7/21 | | | 7/27 | | | 4,540 | | | 4,454 | | | 4,435 | | | (7)(8)(10) |
| | | | | | | | | | | 4,540 | | | 4,454 | | | 4,435 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Echo Global Logistics, Inc. 600 W Chicago Ave #725, Chicago, IL 60654 | | | Air Transportation | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.25%, 8.2% Cash | | | 11/21 | | | 11/29 | | | $14,469 | | | $14,230 | | | $14,267 | | | (7)(8)(9) |
| | | Partnership Equity (530.92 units) | | | N/A | | | 11/21 | | | N/A | | | | | 531 | | | 707 | | | (7)(33) | ||||
| | | | | | | | | | | 14,469 | | | 14,761 | | | 14,974 | | | ||||||||
Ellkay, LLC 200 Riverfront Blvd, Elmwood Park, NJ 07407 | | | Healthcare and Pharmaceuticals | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 6.9% Cash | | | 9/21 | | | 9/27 | | | 4,963 | | | 4,874 | | | 4,890 | | | (7)(8)(10) |
| | | | | | | | | | | 4,963 | | | 4,874 | | | 4,890 | | | ||||||||
EMI Porta Holdco LLC 250 Hamilton Rd, Arlington Heights, IL 60005 | | | Diversified Manufacturing | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.1% Cash | | | 12/21 | | | 12/27 | | | 11,548 | | | 11,143 | | | 11,174 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 5.50%, 7.1% Cash | | | 12/21 | | | 12/27 | | | 961 | | | 907 | | | 911 | | | (7)(8)(10) | |||
| | | | | | | | | | | | 12,509 | | | 12,050 | | | 12,085 | | | |||||||
Entact Environmental Services, Inc. 1 E. Oak Hill Drive, Suite 102, Westmont, IL 60559 | | | Environmental Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 8.0% Cash | | | 2/21 | | | 12/25 | | | 5,619 | | | 5,577 | | | 5,450 | | | (7)(8)(10) |
| | | | | | | | | | | 5,619 | | | 5,577 | | | 5,450 | | | ||||||||
EPS NASS Parent, Inc. 15 Millpark Ct. Maryland Heights, MO 63043 | | | Electrical Components & Equipment | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 8.0% Cash | | | 4/21 | | | 4/28 | | | 6,125 | | | 6,015 | | | 6,048 | | | (7)(8)(10) |
| | | | | | | | | 6,125 | | | 6,015 | | | 6,048 | | | ||||||||||
eShipping, LLC 10812 NW Highway 45 Parkville, MO 64152 | | | Transportation Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.4% Cash | | | 11/21 | | | 11/27 | | | 3,839 | | | 3,739 | | | 3,753 | | | (7)(8)(9) |
| | | Revolver | | | LIBOR + 5.75%, 7.4% Cash | | | 11/21 | | | 11/27 | | | — | | | (27) | | | (23) | | | (7)(8)(10) | |||
| | | | | | | | | | | 3,839 | | | 3,712 | | | 3,730 | | | ||||||||
Events Software BidCo Pty Ltd Melbourne, VIC 3000, Australia | | | Technology | | | First Lien Senior Secured Term Loan | | | BBSY + 5.50%, 7.4% Cash | | | 3/22 | | | 3/28 | | | 1,762 | | | 1,853 | | | 1,701 | | | (3)(7)(8)(23) |
| | | | | | | | | | | 1,762 | | | 1,853 | | | 1,701 | | | ||||||||
F24 (Stairway BidCo Gmbh) Hackenstrasse 7b Munich, 80331 Germany | | | Software Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.25%, 6.3% Cash | | | 8/20 | | | 8/27 | | | 1,588 | | | 1,751 | | | 1,588 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 1,588 | | | 1,751 | | | 1,588 | | | ||||||||
Ferrellgas L.P. One Liberty Plaza Liberty, MO 64068 | | | Oil & Gas Equipment & Services | | | Opco Preferred Units (2,886.0 units) | | | N/A | | | 3/21 | | | N/A | | | | | 2,799 | | | 2,655 | | | (3)(7)(33) | |
| | | | | | | | | | | 2,799 | | | 2,655 | | | |||||||||||
Fineline Technologies, Inc. 3145 Medlock Bridge Road, Norcross, GA 30071 | | | Consumer Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.0% Cash | | | 2/21 | | | 2/28 | | | 1,299 | | | 1,279 | | | 1,299 | | | (7)(8)(10) |
| | | | | | | | | | | 1,299 | | | 1,279 | | | 1,299 | | | ||||||||
Finexvet 5 rue parc en seine, Tourville-la-Rivière, France | | | Consumer Cyclical | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 3/22 | | | 3/29 | | | 2,122 | | | 2,162 | | | 2,063 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 2,122 | | | 2,162 | | | 2,063 | | | ||||||||
FinThrive Software Intermediate Holdings Inc. 200 North Point Center East Suite 400, Alpharetta, GA 30022 | | | Business Equipment & Services | | | Preferred Stock (6,582.7 shares) | | | 11.0% PIK | | | 3/22 | | | N/A | | | | | 7,263 | | | 7,695 | | | (7)(33) | |
| | | | | | | | | | | 7,263 | | | 7,695 | | | |||||||||||
FitzMark Buyer, LLC 950 Dorman St Indianapolis, IN 46202 | | | Cargo & Transportation | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 5.5% Cash | | | 12/20 | | | 12/26 | | | 4,237 | | | 4,171 | | | 4,165 | | | (7)(8)(10) |
| | | | | | | | | | | 4,237 | | | 4,171 | | | 4,165 | | | ||||||||
Five Star Holding LLC 9690 W Wingfoot Rd, Houston, TX 77041 | | | Packaging | | | Second Lien Senior Secured Term Loan | | | SOFR + 7.25%, 8.8% Cash | | | 5/22 | | | 5/30 | | | 13,692 | | | 13,422 | | | 13,418 | | | (7)(8)(16) |
| | | LLC Units (966.99 units) | | | N/A | | | 5/22 | | | N/A | | | | | 967 | | | 967 | | | (7)(33) | ||||
| | | | | | | | | | | | 13,692 | | | 14,389 | | | 14,385 | | | |||||||
Flexential Issuer, LLC 600 Forest Point Circle, Suite 100 Charlotte, NC 28273 | | | Information Technology | | | Structured Secured Note - Class C | | | 6.9% Cash | | | 11/21 | | | 11/51 | | | 16,000 | | | 14,828 | | | 14,806 | | | |
| | | | | | | | | | | 16,000 | | | 14,828 | | | 14,806 | | | ||||||||
Footco 40 Limited 100 Wood Street, London EC2V 7AN | | | Media & Entertainment | | | First Lien Senior Secured Term Loan | | | SONIA + 5.75%, 6.8% Cash | | | 4/22 | | | 4/29 | | | 1,504 | | | 1,556 | | | 1,441 | | | (3)(7)(8)(20) |
| | | | | | | | | | | 1,504 | | | 1,556 | | | 1,441 | | | ||||||||
FragilePak LLC 2270 Corporate Circle, Ste. 220 Henderson, NV 89074 | | | Transportation Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.4% Cash | | | 5/21 | | | 5/27 | | | 4,661 | | | 4,499 | | | 4,612 | | | (7)(8)(9) |
| | | Partnership Units (937.5 units) | | | N/A | | | 5/21 | | | N/A | | | | | 938 | | | 938 | | | (7)(33) | ||||
| | | | | | | | | | | 4,661 | | | 5,437 | | | 5,550 | | | ||||||||
Front Line Power Construction LLC 4202 Chance Ln, Rosharon, TX 77583 | | | Construction Machinery | | | First Lien Senior Secured Term Loan | | | LIBOR + 12.50%, 14.0% Cash | | | 11/21 | | | 11/28 | | | 3,990 | | | 3,786 | | | 3,890 | | | (7)(8)(10) |
| | | Common Stock (192,000 shares) | | | N/A | | | 11/21 | | | N/A | | | | | 219 | | | 121 | | | (33)* | ||||
| | | | | | | | | | | | 3,990 | | | 4,005 | | | 4,011 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
FSS Buyer LLC 1340 Ridgeview Drive McHenry, IL 60050 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 6.5% Cash | | | 8/21 | | | 8/28 | | | $6,878 | | | $6,754 | | | $6,779 | | | (7)(8)(9) |
| | | LP Interest (1,160.9 units) | | | N/A | | | 8/21 | | | N/A | | | | | 12 | | | 14 | | | (7)(33) | ||||
| | | LP Units (5,104.3 units) | | | N/A | | | 8/21 | | | N/A | | | | | 51 | | | 60 | | | (7) | ||||
| | | | | | | | | | | 6,878 | | | 6,817 | | | 6,853 | | | ||||||||
GC EOS Buyer, Inc. 29627 Renaissance Boulevard, Daphne, AL 36527 | | | Automotive | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 6.2% Cash | | | 2/22 | | | 8/25 | | | 2,474 | | | 2,473 | | | 2,451 | | | (8)(9)(32) |
| | | | | | | | | | | 2,474 | | | 2,473 | | | 2,451 | | | ||||||||
GPZN II GmbH Leopoldstraße 62, 80802 München, Germany | | | Healthcare | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 6/22 | | | 6/29 | | | 449 | | | 427 | | | 422 | | | (3)(7)(8)(13) |
| | | | | | | | | | | 449 | | | 427 | | | 422 | | | ||||||||
GTM Intermediate Holdings, Inc. 724 West Lancaster Avenue Suite 120 Wayne, PA 19087 | | | Medical Equipment Manufacturer | | | Second Lien Loan | | | 11.0% Cash, 1.0% PIK | | | 12/20 | | | 12/24 | | | 10,559 | | | 10,512 | | | 10,559 | | | (7)(30) |
| Series A Preferred Units (1,434,472.41 units) | | | N/A | | | 12/20 | | | N/A | | | | | 2,166 | | | 1,063 | | | (7)(30)(33) | ||||||
| | | Series C Preferred Units (715,649.59 units) | | | N/A | | | 12/20 | | | N/A | | | | | 1,081 | | | 1,482 | | | (7)(30)(33) | ||||
| | | | | | | | | | | 10,559 | | | 13,759 | | | 13,104 | | | ||||||||
Gulf Finance, LLC 200 Clarendon Street, 55th floor Boston, MA 02117 | | | Oil & Gas Exploration & Production | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.75%, 8.4% Cash | | | 11/21 | | | 8/26 | | | 827 | | | 798 | | | 609 | | | (8)(9) |
| | | | | | | | | 827 | | | 798 | | | 609 | | | ||||||||||
Heartland Veterinary Partners, LLC 10 South LaSalle, Suite 2120, Chicago, IL 60603 | | | Healthcare | | | Subordinated Term Loan | | | 11.0% PIK | | | 11/21 | | | 11/23 | | | 1,189 | | | 1,157 | | | 1,160 | | | (7) |
| | | Subordinated Term Loan | | | 11.0% PIK | | | 11/21 | | | 11/28 | | | 9,170 | | | 8,969 | | | 8,989 | | | (7) | |||
| | | | | | | | | | | | 10,359 | | | 10,126 | | | 10,149 | | | |||||||
Heartland, LLC 1200 Main St, 42nd Floor Kansas City, MO 64105 | | | Business Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.0% Cash | | | 8/19 | | | 8/25 | | | 14,004 | | | 13,919 | | | 13,803 | | | (7)(8)(10) |
| | | | | | | | | | | 14,004 | | | 13,919 | | | 13,803 | | | ||||||||
Heavy Construction Systems Specialists, LLC 13151 W Airport Blvd, Sugar Land, TX 77478 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 6.8% Cash | | | 11/21 | | | 11/27 | | | 7,368 | | | 7,234 | | | 7,251 | | | (7)(8)(9) |
| | | Revolver | | | LIBOR + 5.75%, 6.8% Cash | | | 11/21 | | | 11/27 | | | — | | | (47) | | | (42) | | | (7)(8)(9) | |||
| | | | | | | | | | | 7,368 | | | 7,187 | | | 7,209 | | | ||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.) Edisonstraat 92 7006 RE Doetinchem, Netherlands | | | Insurance | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.00%, 5.0% Cash | | | 09/19 | | | 9/26 | | | 3,166 | | | 3,676 | | | 3,116 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 3,166 | | | 3,676 | | | 3,116 | | | ||||||||
Highpoint Global LLC 8520 Allison Pointe Boulevard Suite 310 Indianapolis, IN 46250 | | | Government Services | | | Second Lien Note | | | 12.0% Cash, 2.0% PIK | | | 12/20 | | | 9/22 | | | 5,489 | | | 5,468 | | | 5,489 | | | (7)(30) |
| | | | | | | | | | | 5,489 | | | 5,468 | | | 5,489 | | | ||||||||
Holland Acquisition Corp. 309 W 7th St Ste 300 Fort Worth, TX 76102-6902 | | | Energy: Oil & Gas | | | First Lien Senior Secured Term Loan | | | LIBOR + 9.00%, 11.3% Cash | | | 2/22 | | | 11/22 | | | 3,754 | | | — | | | — | | | (7)(8)(11) (29)(32) |
| | | | | | | | | | | 3,754 | | | — | | | — | | | ||||||||
Home Care Assistance, LLC 2001 Van Ness Ave San Francisco, CA 94109 | | | Healthcare & Pharmaceuticals | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.0%, 6.7% Cash | | | 3/21 | | | 3/27 | | | 3,811 | | | 3,749 | | | 3,735 | | | (7)(8)(9) |
| | | | | | | | | | | 3,811 | | | 3,749 | | | 3,735 | | | ||||||||
Honour Lane Logistics Holdings Limited 8 Yeung Uk Rd, Tsuen Wan, China | | | Transportation Services | | | First Lien Senior Secured Term Loan | | | SOFR + 5.25%, 6.7% Cash | | | 4/22 | | | 11/28 | | | 20,000 | | | 19,413 | | | 19,400 | | | (3)(7)(8)(18) |
| | | | | | | | | | | 20,000 | | | 19,413 | | | 19,400 | | | ||||||||
HTI Technology & Industries 315 Tech Park Drive, Suite 100 LaVergne, TN 37086 | | | Electronic Component Manufacturing | | | Second Lien Note | | | 12.0% Cash, 4.0% PIK | | | 12/20 | | | 9/24 | | | 24,736 | | | 24,080 | | | 24,241 | | | (7)(30) |
| | | | | | | | | 24,736 | | | 24,080 | | | 24,241 | | | ||||||||||
HW Holdco, LLC (Hanley Wood LLC) 1152 15th St. NW, Suite 750 Washington, DC 20005 | | | Advertising | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.0% Cash | | | 12/18 | | | 12/24 | | | 11,012 | | | 10,838 | | | 10,816 | | | (7)(8)(10) |
| | | | | | | | | | | 11,012 | | | 10,838 | | | 10,816 | | | ||||||||
IM Analytics Holding, LLC (d/b/a NVT) 17 Mandeville Court Monterey, CA 93940 | | | Electronic Instruments & Components | | | First Lien Senior Secured Term Loan | | | LIBOR + 7.00%, 8.7% Cash | | | 11/19 | | | 11/23 | | | 8,085 | | | 8,054 | | | 6,581 | | | (7)(8)(9) |
| Warrants (68,950 units) | | | N/A | | | 11/19 | | | 11/26 | | | | | — | | | — | | | (7)(33) | ||||||
| | | | | | | | | | | 8,085 | | | 8,054 | | | 6,581 | | | ||||||||
IM Square 5 rue Royale 75008 Paris France | | | Banking, Finance, Insurance & Real Estate | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.25%, 5.5% Cash | | | 5/21 | | | 4/28 | | | 2,614 | | | 2,918 | | | 2,573 | | | (3)(7)(8)(15) |
| | | | | | | | | 2,614 | | | 2,918 | | | 2,573 | | | ||||||||||
Infoniqa Holdings GmbH Dragonerstraße 67 Wels, Oberösterreich, 4600 Austria | | | Technology | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.25%, 5.3% Cash | | | 11/21 | | | 11/28 | | | 2,747 | | | 2,897 | | | 2,687 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 2,747 | | | 2,897 | | | 2,687 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Innovad Group II BV Postbaan 69, 2910 Essen, Belgium | | | Beverage, Food & Tobacco | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.75%, 6.0% Cash | | | 4/21 | | | 4/28 | | | $6,193 | | | $6,779 | | | $5,673 | | | (3)(7)(8)(15) |
| | | | | | | | | 6,193 | | | 6,779 | | | 5,673 | | | ||||||||||
Innovative XCessories & Services, LLC 1862 Sparkman Drive Northwest Huntsville, AL 35816 | | | Automotive | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.25%, 5.9% Cash | | | 2/22 | | | 3/27 | | | 2,931 | | | 2,877 | | | 2,357 | | | (8)(9)(32) |
| | | | | | | | | | | 2,931 | | | 2,877 | | | 2,357 | | | ||||||||
INOS 19-090 GmbH Edelzeller Strasse 51, 36043 Fulda, Germany | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.4%, 5.4% Cash | | | 12/20 | | | 12/27 | | | 4,846 | | | 5,506 | | | 4,846 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 4,846 | | | 5,506 | | | 4,846 | | | ||||||||
Iqor US Inc. 200 Central Avenue Street 7th Floor St Petersburg, FL 33701 | | | Services: Business | | | First Lien Senior Secured Term Loan | | | LIBOR + 7.50%, 9.2% Cash | | | 2/22 | | | 11/24 | | | 2,696 | | | 2,725 | | | 2,676 | | | (8)(9)(32) |
| | | | | | | | | | | 2,696 | | | 2,725 | | | 2,676 | | | ||||||||
Isagenix International, LLC 155 E. Rivulon Blvd., Suite 104, Gilbert, AZ 85297 | | | Wholesale | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.9% Cash | | | 2/22 | | | 6/25 | | | 1,579 | | | 1,160 | | | 931 | | | (8)(10)(32) |
| | | | | | | | | | | 1,579 | | | 1,160 | | | 931 | | | ||||||||
ISS#2, LLC (d/b/a Industrial Services Solutions) 10070 Daniels Interstate Court Suite 140 Fort Myers, FL 33913 | | | Commercial Services & Supplies | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.8% Cash | | | 2/20 | | | 2/26 | | | 8,357 | | | 8,238 | | | 8,190 | | | (7)(8)(10) |
| | | | | | | | | 8,357 | | | 8,238 | | | 8,190 | | | ||||||||||
ITI Intermodal, Inc. 20012 W. South Arsenal Road, Wilmington, IL, 60481 | | | Transportation Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.4% Cash | | | 12/21 | | | 12/27 | | | 718 | | | 703 | | | 704 | | | (7)(8)(9) |
| | | Revolver | | | LIBOR + 4.75%, 6.4% Cash | | | 12/21 | | | 12/27 | | | — | | | (2) | | | (2) | | | (7)(8)(9) | |||
| | | Common Stock (1,433.37 shares) | | | N/A | | | 1/22 | | | N/A | | | | | 144 | | | 143 | | | (7)(33) | ||||
| | | | | | | | | | | 718 | | | 845 | | | 845 | | | ||||||||
Ivanti Software, Inc. 10377 S Jordan Gateway #110 South Jordan, UT 84095 | | | High Tech Industries | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.25%, 8.8% Cash | | | 2/22 | | | 12/28 | | | 6,000 | | | 5,989 | | | 5,460 | | | (8)(10)(32) |
| | | | | | | | | | | 6,000 | | | 5,989 | | | 5,460 | | | ||||||||
Jade Bidco Limited (Jane's) Sentinel House, 163 Brighton Road Coulsdon, Surrey, CR5 2YH, United Kingdom | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.25%, 6.3% Cash | | | 11/19 | | | 2/29 | | | 3,999 | | | 4,077 | | | 3,910 | | | (3)(7)(8)(14) |
| | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 8.0% Cash | | | 11/19 | | | 2/29 | | | 6,714 | | | 6,506 | | | 6,564 | | | (3)(7)(8)(11) | |||
| | | | | | | | | | | 10,713 | | | 10,583 | | | 10,474 | | | ||||||||
Jaguar Merger Sub Inc. 440 Polaris Parkway Suite 250 Westerville, OH 43082 | | | Other Financial | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 7.5% Cash | | | 12/21 | | | 9/24 | | | 3,780 | | | 3,734 | | | 3,733 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 5.25%, 7.5% Cash | | | 12/21 | | | 9/24 | | | — | | | (5) | | | (5) | | | (7)(8)(10) | |||
| | | | | | | | | | | 3,780 | | | 3,729 | | | 3,728 | | | ||||||||
Jedson Engineering, Inc. One Centennial Plaza 705 Central Avenue Cincinnati, OH 45202 | | | Engineering & Construction Management | | | First Lien Loan | | | 12.0% Cash | | | 12/20 | | | 6/24 | | | 2,650 | | | 2,650 | | | 2,650 | | | (7)(30) |
| | | | | | | | | 2,650 | | | 2,650 | | | 2,650 | | | ||||||||||
JetBlue 2019-1 Class B Pass Through Trust 27-01 Queens Plaza North Long Island City, NY 11101 | | | Airlines | | | Structured Secured Note - Class B | | | 8.0% Cash | | | 8/20 | | | 11/27 | | | 3,887 | | | 3,887 | | | 3,897 | | | |
| | | | | | | | | | | 3,887 | | | 3,887 | | | 3,897 | | | ||||||||
JF Acquisition, LLC 100 Perimeter Park Drive Suite H Morrisville, NC 27560 | | | Automotive | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.0%, 7.3% Cash | | | 5/21 | | | 7/24 | | | 3,846 | | | 3,755 | | | 3,635 | | | (7)(8)(10) |
| | | | | | | | | | | 3,846 | | | 3,755 | | | 3,635 | | | ||||||||
Jon Bidco Limited Level 34, 48 Shortland Street, Auckland 1010 NZ | | | Healthcare | | | First Lien Senior Secured Term Loan | | | BKBM + 5.50%, 7.1% Cash | | | 3/22 | | | 3/27 | | | 3,519 | | | 3,781 | | | 3,396 | | | (3)(7)(8)(27) |
| | | | | | | | | | | 3,519 | | | 3,781 | | | 3,396 | | | ||||||||
Jones Fish Hatcheries & Distributors LLC 3433 Church St. Cincinnati, OH 45244 | | | Consumer Products | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 6.8% Cash | | | 2/22 | | | 2/28 | | | 2,785 | | | 2,732 | | | 2,735 | | | (7)(8)(11) |
| | | Revolver | | | LIBOR + 5.75%, 6.8% Cash | | | 2/22 | | | 2/28 | | | — | | | (8) | | | (7) | | | (7)(8)(10) | |||
| | | LLC Units (974.68 units) | | | N/A | | | 2/22 | | | N/A | | | | | 97 | | | 97 | | | (7)(33) | ||||
| | | | | | | | | | | | 2,785 | | | 2,821 | | | 2,825 | | | |||||||
Kano Laboratories LLC 1000 E Thompson Ln Nashville, TN 37211 | | | Chemicals, Plastics & Rubber | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 7.0% Cash | | | 11/20 | | | 11/26 | | | 5,684 | | | 5,552 | | | 5,548 | | | (7)(8)(10) |
| Partnership Equity (203.2 units) | | | N/A | | | 11/20 | | | N/A | | | | | 203 | | | 203 | | | (7)(33) | ||||||
| | | | | | | | | | | 5,684 | | | 5,755 | | | 5,751 | | | ||||||||
Kene Acquisition, Inc. (En Engineering) 28100 Torch Parkway, Suite 400 Warrenville, Illinois 60555 | | | Oil & Gas Equipment & Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.25%, 6.5% Cash | | | 8/19 | | | 8/26 | | | 7,188 | | | 7,098 | | | 7,070 | | | (7)(8)(10) |
| | | | | | | | | 7,188 | | | 7,098 | | | 7,070 | | | ||||||||||
Kid Distro Holdings, LLC 34 3rd Ave Ste 183 New York, NY 10003 | | | Media & Entertainment | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 8.0% Cash | | | 10/21 | | | 10/27 | | | 9,279 | | | 9,113 | | | 9,140 | | | (7)(8)(10) |
| | | LLC Units (637,677.11 units) | | | N/A | | | 10/21 | | | N/A | | | | | 638 | | | 607 | | | (7)(33) | ||||
| | | | | | | | | | | 9,279 | | | 9,751 | | | 9,747 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Kona Buyer, LLC 201 W. Saint John St. Spartanburg, SC 29306 | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.8% Cash | | | 12/20 | | | 12/27 | | | $8,966 | | | $8,793 | | | $8,786 | | | (7)(8)(10) |
| | | | | | | | | | | 8,966 | | | 8,793 | | | 8,786 | | | ||||||||
LAF International 4 rue Brindejonc des Moulinais, 31500 Toulouse France | | | Healthcare & Pharmaceuticals | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.75%, 5.8% Cash | | | 3/21 | | | 3/28 | | | 1,505 | | | 1,697 | | | 1,505 | | | (3)(7)(8)(15) |
| | | | | | | | | | | 1,505 | | | 1,697 | | | 1,505 | | | ||||||||
Lambir Bidco Limited Unit 4 EXT Second Avenue, Cookstown Industrial Estate, Tallaght, Dublin 24, Ireland | | | Healthcare | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.00%, 6.0% Cash | | | 12/21 | | | 12/28 | | | 4,612 | | | 4,782 | | | 4,457 | | | (3)(7)(8)(14) |
| | | Second Lien Senior Secured Term Loan | | | 12.0% PIK | | | 12/21 | | | 6/29 | | | 1,382 | | | 1,445 | | | 1,348 | | | (3)(7) | |||
| | | | | | | | | | | 5,994 | | | 6,227 | | | 5,805 | | | ||||||||
Lattice Group Holdings Bidco Limited 76 Watling Street London, EC4M 9BJ United Kingdom | | | Technology | | | First Lien Senior Secured Term Loan | | | SOFR + 5.25%, 5.8% Cash | | | 5/22 | | | 5/29 | | | 610 | | | 587 | | | 586 | | | (3)(7)(8)(16) |
| | | Revolver | | | SOFR + 5.25%, 6.7% Cash | | | 5/22 | | | 11/28 | | | 35 | | | 35 | | | 35 | | | (3)(7)(8)(16) | |||
| | | | | | | | | | | 645 | | | 622 | | | 621 | | | ||||||||
LeadsOnline, LLC 15660 Dallas Pkwy # 800, Dallas, TX 75248 | | | Business Equipment & Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 7.3% Cash | | | 2/22 | | | 2/28 | | | 10,328 | | | 10,157 | | | 10,171 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.00%, 7.3% Cash | | | 2/22 | | | 2/28 | | | 347 | | | 305 | | | 308 | | | (7)(8)(10) | |||||
| | | LLC Units (52,493.44 units) | | | N/A | | | 2/22 | | | N/A | | | | | 52 | | | 52 | | | (7)(33) | ||||
| | | | | | | | | | | 10,675 | | | 10,514 | | | 10,531 | | | ||||||||
Learfield Communications, LLC 2400 Dallas Parkway, Suite 500 Plano, TX 75093 | | | Broadcasting | | | First Lien Senior Secured Term Loan | | | LIBOR + 3.25%, 4.9% Cash | | | 8/20 | | | 12/23 | | | 135 | | | 95 | | | 118 | | | (7)(8)(9) |
| | | First Lien Senior Secured Term Loan | | | 3.0% Cash, LIBOR + 10.0% PIK | | | 8/20 | | | 12/23 | | | 8,369 | | | 8,334 | | | 8,327 | | | (10) | |||
| | | | | | | | | | | 8,504 | | | 8,429 | | | 8,445 | | | ||||||||
Legal Solutions Holdings 955 Overland Ct Ste 200 San Dimas, CA, 91773-1747 | | | Business Services | | | Senior Subordinated Loan | | | 16.0% PIK | | | 12/20 | | | 3/23 | | | 12,319 | | | 10,129 | | | — | | | (7)(29)(30) |
| | | | | | | | | | | 12,319 | | | 10,129 | | | — | | | ||||||||
Liberty Steel Holdings USA Inc. 40 Grosvenor Place London SW1X 7GG United Kingdom | | | Industrial Other | | | Revolver | | | SOFR + 5.00%, 6.0% Cash | | | 4/22 | | | 4/25 | | | 20,000 | | | 19,814 | | | 19,800 | | | (7)(8)(16) |
| | | | | | | | | | | 20,000 | | | 19,814 | | | 19,800 | | | ||||||||
Lifestyle Intermediate II, LLC 6955 Mowry Ave, Newark, CA 94560 | | | Consumer Goods: Durable | | | First Lien Senior Secured Term Loan | | | LIBOR + 7.00%, 8.0% Cash | | | 2/22 | | | 1/26 | | | 3,154 | | | 3,154 | | | 3,091 | | | (7)(8)(10) (32) |
| Revolver | | | LIBOR + 7.00%, 8.0% Cash | | | 2/22 | | | 1/26 | | | 167 | | | 167 | | | 117 | | | (7)(8)(10) (32) | |||||
| | | | | | | | | | | 3,321 | | | 3,321 | | | 3,208 | | | ||||||||
LivTech Purchaser, Inc. 2035 Lakeside Centre Way, Suite 200 Knoxville, TN 37922 | | | Business Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.0% Cash | | | 1/21 | | | 12/25 | | | 862 | | | 854 | | | 854 | | | (7)(8)(10) |
| | | | | | | | | | | 862 | | | 854 | | | 854 | | | ||||||||
LogMeIn, Inc. 320 Summer St Boston, MA 02210 | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.3% Cash | | | 2/22 | | | 8/27 | | | 1,975 | | | 1,957 | | | 1,496 | | | (8)(9)(32) |
| | | | | | | | | | | 1,975 | | | 1,957 | | | 1,496 | | | ||||||||
Long Term Care Group, Inc. 11000 Prairie Lakes Dr Ste 600 Eden Prairie, MN, 55344-3887 | | | Healthcare | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.3% Cash | | | 4/22 | | | 9/27 | | | 8,082 | | | 7,925 | | | 7,920 | | | (7)(8)(9) |
| | | | | | | | | | | 8,082 | | | 7,925 | | | 7,920 | | | ||||||||
Magnetite XIX, Limited Queensgate House South Church Street George Town KY1-1104 Cayman Islands | | | Multi-Sector Holdings | | | Subordinated Notes | | | LIBOR + 8.77%, 9.8% Cash | | | 2/22 | | | 4/34 | | | 5,250 | | | 5,107 | | | 4,534 | | | (3)(32) |
| | | Subordinated Structured Notes | | | Residual Interest, current yield 12.38% | | | 2/22 | | | 4/34 | | | 13,730 | | | 9,332 | | | 7,595 | | | (3)(32) | |||
| | | | | | | | | | | 18,980 | | | 14,439 | | | 12,129 | | | ||||||||
Marmoutier Holding B.V. Schipholweg 66 5e etage 2316 XE, Leiden, Zuid-Holland Netherlands | | | Consumer Products | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.75%, 5.8% Cash | | | 12/21 | | | 12/28 | | | 1,788 | | | 1,877 | | | 1,739 | | | (3)(7)(8)(14) |
| | | Revolver | | | EURIBOR + 5.00%, 5.0% Cash | | | 12/21 | | | 6/27 | | | — | | | (4) | | | (3) | | | (3)(7)(8)(14) | |||
| | | | | | | | | | | 1,788 | | | 1,873 | | | 1,736 | | | ||||||||
Marshall Excelsior Co. 1506 George Brown Dr, Marshall, MI 49068 | | | Capital Goods | | | First Lien Senior Secured Term Loan | | | SOFR + 5.50%, 7.7% Cash | | | 2/22 | | | 2/28 | | | 10,973 | | | 10,800 | | | 10,781 | | | (7)(8)(17) |
| | | Revolver | | | SOFR + 5.50%, 7.7% Cash | | | 2/22 | | | 2/28 | | | 964 | | | 937 | | | 935 | | | (7)(8)(17) | |||
| | | | | | | | | | | | 11,937 | | | 11,737 | | | 11,716 | | | |||||||
MC Group Ventures Corporation 8959 Tyler Boulevard. Mentor, OH 44060 | | | Business Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 8.4% Cash | | | 7/21 | | | 6/27 | | | 3,669 | | | 3,587 | | | 3,610 | | | (7)(8)(10) |
| | | Partnership Units (746.66 Units) | | | N/A | | | 6/21 | | | N/A | | | | | 747 | | | 833 | | | (7)(33) | ||||
| | | | | | | | | | | 3,669 | | | 4,334 | | | 4,443 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Media Recovery, Inc. (SpotSee) 5501 Lyndon B Johnson Freeway, Suite 350 Dallas, TX 75240 | | | Containers, Packaging & Glass | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.8% Cash | | | 11/19 | | | 11/25 | | | $2,926 | | | $2,890 | | | $2,926 | | | (7)(8)(10) |
| First Lien Senior Secured Term Loan | | | SONIA + 6.00%, 7.2% Cash | | | 12/20 | | | 11/25 | | | 3,970 | | | 4,294 | | | 3,970 | | | (7)(8)(20) | |||||
| | | | | | | | | | | 6,896 | | | 7,184 | | | 6,896 | | | ||||||||
Median B.V. Franklinstr. 28-29 10587 Berlin, Germany | | | Healthcare | | | First Lien Senior Secured Term Loan | | | SONIA + 6.00%, 7.2% Cash | | | 2/22 | | | 10/27 | | | 9,048 | | | 9,773 | | | 8,166 | | | (3)(8)(20) |
| | | | | | | | | | | 9,048 | | | 9,773 | | | 8,166 | | | ||||||||
Medical Solutions Parent Holdings, Inc. 1010 N 102nd St Ste 300, Omaha, NE 68114 | | | Healthcare | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.00%, 9.9% Cash | | | 11/21 | | | 11/29 | | | 4,421 | | | 4,380 | | | 4,067 | | | (8)(10) |
| | | | | | | | | | | 4,421 | | | 4,380 | | | 4,067 | | | ||||||||
MNS Buyer, Inc. 201 N. Calle Cesar Chavez, Suite 300 Santa Barbara, CA 93103 | | | Construction and Building | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.2% Cash | | | 8/21 | | | 8/27 | | | 916 | | | 900 | | | 903 | | | (7)(8)(9) |
| | | Partnership Units (76.92 Units) | | | N/A | | | 8/21 | | | N/A | | | | | 77 | | | 64 | | | (7)(33) | ||||
| | | | | | | | | | | 916 | | | 977 | | | 967 | | | ||||||||
Modern Star Holdings Bidco Pty Limited. 122-126 Old Pittwater Road Level 1 Brookvale, NSW 2100 Australia | | | Non-durable Consumer Goods | | | First Lien Senior Secured Term Loan | | | BBSY + 6.0%, 7.1% Cash | | | 12/20 | | | 12/26 | | | 7,915 | | | 8,302 | | | 7,697 | | | (3)(7)(8)(22) |
| | | | | | | | | 7,915 | | | 8,302 | | | 7,697 | | | ||||||||||
Murphy Midco Limited 38-42 Brunswick Street West, Hove, England, BN3 1EL | | | Media, Diversified & Production | | | First Lien Senior Secured Term Loan | | | SONIA + 4.75%, 6.1% Cash | | | 11/20 | | | 11/27 | | | 993 | | | 1,051 | | | 971 | | | (3)(7)(8)(20) |
| | | | | | | | | 993 | | | 1,051 | | | 971 | | | ||||||||||
Music Reports, Inc. 21122 Erwin Street Woodland Hills, CA 91367 | | | Media & Entertainment | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.1% Cash | | | 08/20 | | | 8/26 | | | 7,424 | | | 7,289 | | | 7,279 | | | (7)(8)(9) |
| | | | | | | | | | | 7,424 | | | 7,289 | | | 7,279 | | | ||||||||
Napa Bidco Pty Ltd Waverton, NSW 2060, Australia | | | Healthcare | | | First Lien Senior Secured Term Loan | | | BBSY + 6.00%, 7.2% Cash | | | 03/22 | | | 3/28 | | | 19,133 | | | 19,484 | | | 18,583 | | | (3)(7)(8)(23) |
| | | | | | | | | | | 19,133 | | | 19,484 | | | 18,583 | | | ||||||||
Narda Acquisitionco., Inc. 435 Moreland Rd, Hauppauge, NY 11788 | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 7.5% Cash | | | 12/21 | | | 12/27 | | | 5,665 | | | 5,574 | | | 5,439 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 5.25%, 7.5% Cash | | | 12/21 | | | 12/27 | | | — | | | (21) | | | (52) | | | (7)(8)(10) | |||
| | | Class A Preferred Stock (4,587.38 shares) | | | N/A | | | 12/21 | | | N/A | | | | | 459 | | | 385 | | | (7)(33) | ||||
| | | Class B Common Stock (509.71 shares) | | | N/A | | | 12/21 | | | N/A | | | | | 51 | | | — | | | (7)(33) | ||||
| | | | | | | | | | | 5,665 | | | 6,063 | | | 5,772 | | | ||||||||
Navia Benefit Solutions, Inc. PO Box 53250 Bellevue WA 98015 | | | Healthcare & Pharmaceuticals | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 6.8% Cash | | | 02/21 | | | 2/27 | | | 2,708 | | | 2,655 | | | 2,670 | | | (7)(8)(9) |
| | | | | | | | | | | 2,708 | | | 2,655 | | | 2,670 | | | ||||||||
Nexus Underwriting Management Limited 150 Leadenhall St, London EC3V 4QT, UK | | | Other Financial | | | First Lien Senior Secured Term Loan | | | SONIA + 5.25%, 5.9% Cash | | | 10/21 | | | 10/28 | | | 1,555 | | | 1,681 | | | 1,513 | | | (3)(7)(8)(21) |
| | | Revolver | | | SONIA + 5.25%, 5.9% Cash | | | 10/21 | | | 4/23 | | | 186 | | | 202 | | | 186 | | | (3)(7)(8)(21) | |||
| | | | | | | | | | | 1,741 | | | 1,883 | | | 1,699 | | | ||||||||
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) 16240 Port NW Dr #100 Houston, TX 77041 | | | Energy Equipment & Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.25%, 5.9% Cash | | | 10/18 | | | 10/25 | | | 4,728 | | | 4,716 | | | 4,718 | | | (7)(8)(9) |
| | | | | | | | | | | 4,728 | | | 4,716 | | | 4,718 | | | ||||||||
Northstar Recycling, LLC 94 Maple Street · East Longmeadow, MA 01028 | | | Environmental Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.0% Cash | | | 10/21 | | | 9/27 | | | 2,488 | | | 2,443 | | | 2,450 | | | (7)(8)(10) |
| | | | | | | | | | | 2,488 | | | 2,443 | | | 2,450 | | | ||||||||
Novotech Aus Bidco Pty Ltd 235 Pyrmont Street. 2009. Sydney. AU-NSW | | | Healthcare | | | First Lien Senior Secured Term Loan | | | BBSY + 5.75%, 7.6% Cash | | | 1/22 | | | 1/28 | | | 3,539 | | | 3,661 | | | 3,472 | | | (3)(7)(8)(24) |
| | | First Lien Senior Secured Term Loan | | | SOFR + 5.25%, 7.6% Cash | | | 1/22 | | | 1/28 | | | 474 | | | 437 | | | 450 | | | (3)(7)(8)(18) | |||
| | | | | | | | | | | 4,013 | | | 4,098 | | | 3,922 | | | ||||||||
OA Buyer, Inc. 1300 SE Cardinal Court Suite 190 Vancouver, WA 98683 | | | Healthcare | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 8.3% Cash | | | 12/21 | | | 12/28 | | | 9,613 | | | 9,431 | | | 9,421 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 6.00%, 8.3% Cash | | | 12/21 | | | 12/28 | | | — | | | (25) | | | (27) | | | (7)(8)(10) | |||
| | | Partnership Units (210,920.11 units) | | | N/A | | | 12/21 | | | N/A | | | | | 211 | | | 211 | | | (7)(33) | ||||
| | | | | | | | | | | 9,613 | | | 9,617 | | | 9,605 | | | ||||||||
OAC Holdings I Corp 1401 Valley View Lane, Suite 100 Irving, TX 75061 | | | Automotive | | | First Lien Senior Secured Term Loan | | | SOFR + 5.00%, 7.8% Cash | | | 3/22 | | | 3/29 | | | 3,630 | | | 3,560 | | | 3,563 | | | (7)(8)(18) |
| | | Revolver | | | SOFR + 5.00%, 6.7% Cash | | | 3/22 | | | 3/28 | | | 1,076 | | | 1,050 | | | 1,051 | | | (7)(8)(16) | |||
| | | | | | | | | | | 4,706 | | | 4,610 | | | 4,614 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Odeon Cinemas Group Limited 100 Avebury Blvd Milton Keynes, MK9 1FH United Kingdom | | | Hotel, Gaming, & Leisure | | | First Lien Senior Secured Term Loan | | | 11.3% Cash | | | 2/21 | | | 8/23 | | | $3,602 | | | $4,079 | | | $3,422 | | | (3)(7) |
| | | | | | | | | | | 3,602 | | | 4,079 | | | 3,422 | | | ||||||||
Offen Inc. 5100 E 78th Avenue, Commerce City, CO, 80022 | | | Transportation: Cargo | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 7.9% Cash | | | 2/22 | | | 6/26 | | | 3,744 | | | 3,707 | | | 3,651 | | | (7)(11)(32) |
| | | | | | | | | | | 3,744 | | | 3,707 | | | 3,651 | | | ||||||||
OG III B.V. Toermalijnstraat 12c, 1812 RL Alkmaar, The Netherlands | | | Containers & Glass Products | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.75%, 5.8% Cash | | | 6/21 | | | 6/28 | | | 3,312 | | | 3,669 | | | 3,229 | | | (3)(7)(8)(14) |
| | | | | | | | | | | 3,312 | | | 3,669 | | | 3,229 | | | ||||||||
Omni Intermediate Holdings, LLC 3100 Olympus Blvd Suite 420, Coppell, TX 75019 | | | Transportation | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.0% Cash | | | 12/20 | | | 12/26 | | | 11,177 | | | 11,067 | | | 10,907 | | | (7)(8)(9) |
| | | | | | | | | | | 11,177 | | | 11,067 | | | 10,907 | | | ||||||||
Options Technology Ltd. 5th Floor, 50 Pall Mall St. James, London, SW1Y 5JH, United Kingdom | | | Computer Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.2% Cash | | | 12/19 | | | 12/25 | | | 2,302 | | | 2,274 | | | 2,266 | | | (3)(7)(8)(11) |
| | | | | | | | | | | 2,302 | | | 2,274 | | | 2,266 | | | ||||||||
Oracle Vision Bidco Limited 1-6 Star Building, Broughton Business Park, Fulwood, Preston, PR2 9WT | | | Healthcare | | | First Lien Senior Secured Term Loan | | | SONIA + 5.25%, 5.7% Cash | | | 6/21 | | | 5/28 | | | 2,780 | | | 3,146 | | | 2,729 | | | (3)(7)(8)(21) |
| | | | | | | | | | | 2,780 | | | 3,146 | | | 2,729 | | | ||||||||
Origin Bidco Limited 250 Fowler Avenue, Farnborough, Hampshire, GU14 7JP, United Kingdom | | | Technology | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 6/21 | | | 6/28 | | | 347 | | | 394 | | | 341 | | | (3)(7)(8)(14) |
| First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.2% Cash | | | 6/21 | | | 6/28 | | | 597 | | | 583 | | | 586 | | | (3)(7)(8)(10) | |||||
| | | | | | | | | 944 | | | 977 | | | 927 | | | ||||||||||
OSP Hamilton Purchaser, LLC 6950 W Morelos Pl Ste 1 Chandler, AZ, 85226-4218 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 7.5% Cash | | | 12/21 | | | 12/27 | | | 2,269 | | | 2,227 | | | 2,232 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.25%, 7.5% Cash | | | 12/21 | | | 12/27 | | | 56 | | | 53 | | | 53 | | | (7)(8)(10) | |||||
| | | | | | | | | 2,325 | | | 2,280 | | | 2,285 | | | ||||||||||
Pare SAS (SAS Maurice MARLE) BP 46, ZI rue Lavoisier F-52800 Nogent, France | | | Health Care Equipment | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.50%, 6.5% Cash | | | 12/19 | | | 12/26 | | | 4,263 | | | 4,483 | | | 4,250 | | | (3)(7)(8)(15) |
| | | | | | | | | | | | 4,263 | | | 4,483 | | | 4,250 | | | |||||||
Path Medical, LLC 2304 West Oakland Park Blvd Fort Lauderdale, FL 33311 | | | Healthcare & Pharmaceuticals | | | First Lien Senior Secured Term Loan | | | 13.0% PIK | | | 2/22 | | | 10/22 | | | 11,764 | | | — | | | — | | | (7)(29)(32) |
| First Lien Senior Secured Term Loan | | | 10.5% PIK | | | 2/22 | | | 10/22 | | | 8,465 | | | 4,571 | | | 4,732 | | | (7)(29)(32) | |||||
| Warrants (36,716 units) | | | N/A | | | 2/22 | | | N/A | | | | | — | | | — | | | (7)(29)(32) (33) | ||||||
| | | | | | | | | 20,229 | | | 4,571 | | | 4,732 | | | ||||||||||
Patriot New Midco 1 Limited (Forensic Risk Alliance) Audrey House, 16-20 Ely Pl, Holborn, London EC1N 6SN, United Kingdom | | | Diversified Financial Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.75%, 6.8% Cash | | | 2/20 | | | 2/27 | | | 2,780 | | | 2,844 | | | 2,638 | | | (3)(7)(8)(14) |
| First Lien Senior Secured Term Loan | | | LIBOR + 6.75%, 8.2% Cash | | | 2/20 | | | 2/27 | | | 3,539 | | | 3,473 | | | 3,359 | | | (3)(7)(8)(10) | |||||
| | | | | | | | | 6,319 | | | 6,317 | | | 5,997 | | | ||||||||||
PDQ.Com Corporation 2200 South Main STE 200 South Salt Lake, UT 84115 | | | Business equipment & services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 7.3% Cash | | | 8/21 | | | 8/27 | | | 7,508 | | | 7,259 | | | 7,285 | | | (7)(8)(10) |
| Class A-2 Partnership Units (28.8 units) | | | N/A | | | 8/21 | | | N/A | | | | | 29 | | | 39 | | | (7)(33) | ||||||
| | | | | | | | | 7,508 | | | 7,288 | | | 7,324 | | | ||||||||||
Perimeter Master Note Business Trust 3993 Howard Hughes Pkwy Ste 250, Las Vegas, 89169-6754 NV | | | Credit Card ABS | | | Structured Secured Note - Class A | | | 4.7% Cash | | | 5/22 | | | 5/27 | | | 109 | | | 109 | | | 106 | | | (3)(7) |
| Structured Secured Note - Class B | | | 5.4% Cash | | | 5/22 | | | 5/27 | | | 109 | | | 109 | | | 109 | | | (3)(7) | |||||
| Structured Secured Note - Class C | | | 5.9% Cash | | | 5/22 | | | 5/27 | | | 109 | | | 109 | | | 104 | | | (3)(7) | |||||
| Structured Secured Note - Class D | | | 8.5% Cash | | | 5/22 | | | 5/27 | | | 109 | | | 109 | | | 101 | | | (3)(7) | |||||
| Structured Secured Note - Class E | | | 11.4% Cash | | | 5/22 | | | 5/27 | | | 5,564 | | | 5,564 | | | 5,178 | | | (3)(7) | |||||
| | | | | | | | | 6,000 | | | 6,000 | | | 5,598 | | | ||||||||||
Permaconn BidCo Pty Ltd Parramatta, New South Wales, 2116, Australia | | | Tele- communications | | | First Lien Senior Secured Term Loan | | | BBSY + 6.50%, 7.8% Cash | | | 12/21 | | | 12/27 | | | 2,817 | | | 2,852 | | | 2,753 | | | (3)(7)(8)(23) |
| | | | | | | | | 2,817 | | | 2,852 | | | 2,753 | | | ||||||||||
Polara Enterprises, L.L.C. 1497 CR 2178 Greenville, TX 75402 | | | Capital Equipment | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 5.8% Cash | | | 12/21 | | | 12/27 | | | 1,236 | | | 1,214 | | | 1,212 | | | (7)(8)(10) |
| | | Revolver | | | LIBOR + 4.75%, 5.8% Cash | | | 12/21 | | | 12/27 | | | 71 | | | 61 | | | 60 | | | (7)(8)(10) | |||
| | | Partnership Units (7,409 units) | | | N/A | | | 12/21 | | | N/A | | | | | 741 | | | 741 | | | (7)(33) | ||||
| | | | | | | | | | | 1,307 | | | 2,016 | | | 2,013 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Policy Services Company, LLC 11575 Heron Bay Blvd Coral Springs, FL, 33076-3304 | | | Property & Casualty Insurance | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 8.8% Cash, 4.0% PIK | | | 12/21 | | | 6/26 | | | $48,699 | | | $47,381 | | | $47,238 | | | (7)(8)(10) |
| Warrants - Class A (25,582 units) | | | N/A | | | 12/21 | | | N/A | | | | | — | | | — | | | (7)(33) | ||||||
| Warrants - Class B (8,634 units) | | | N/A | | | 12/21 | | | N/A | | | | | — | | | — | | | (7)(33) | ||||||
| Warrants - Class C (888 units) | | | N/A | | | 12/21 | | | N/A | | | | | — | | | — | | | (7)(33) | ||||||
| Warrants - Class D (2,282 units) | | | N/A | | | 12/21 | | | N/A | | | | | — | | | — | | | (7)(33) | ||||||
| | | | | | | | | 48,699 | | | 47,381 | | | 47,238 | | | ||||||||||
Polymer Solutions Group Holdings, LLC 180 Burlington Road, Rome, GA | | | Chemicals, Plastics & Rubber | | | First Lien Senior Secured Term Loan | | | LIBOR + 7.00%, 8.7% Cash | | | 2/22 | | | 1/23 | | | 1,023 | | | 1,023 | | | 1,023 | | | (7)(8)(9)(32) |
| | | | | | | | | 1,023 | | | 1,023 | | | 1,023 | | | ||||||||||
Premium Franchise Brands, LLC Flemming Court, 11-14 Whistler Dr, Castleford WF10 5HW United Kingdom | | | Research & Consulting Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 8.5% Cash | | | 12/20 | | | 12/26 | | | 14,740 | | | 14,508 | | | 14,499 | | | (7)(8)(10) |
| | | | | | | | | 14,740 | | | 14,508 | | | 14,499 | | | ||||||||||
Premium Invest 2520 Northwinds Parkway, Suite 375, Alpharetta, GA 30009 | | | Brokerage, Asset Managers & Exchanges | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.00%, 6.2% Cash | | | 6/21 | | | 6/28 | | | 3,764 | | | 4,123 | | | 3,764 | | | (3)(7)(8)(15) |
| | | | | | | | | 3,764 | | | 4,123 | | | 3,764 | | | ||||||||||
Preqin MC Limited 1st Floor, Verde, 10 Bressenden Place, London, United Kingdom, SW1E 5DH | | | Banking, Finance, Insurance & Real Estate | | | First Lien Senior Secured Term Loan | | | SOFR + 5.25%, 5.5% Cash | | | 8/21 | | | 7/28 | | | 2,789 | | | 2,714 | | | 2,731 | | | (3)(7)(8)(18) |
| | | | | | | | | 2,789 | | | 2,714 | | | 2,731 | | | ||||||||||
Process Equipment, Inc. (ProcessBarron) 2770 Welborn St Pelham, AL 35124 | | | Industrial Air & Material Handling Equipment | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.25%, 6.6% Cash | | | 3/19 | | | 3/25 | | | 6,174 | | | 6,128 | | | 5,840 | | | (7)(8)(10) |
| | | | | | | | | 6,174 | | | 6,128 | | | 5,840 | | | ||||||||||
Professional Datasolutions, Inc. (PDI) 11675 Rainwater Drive, Suite 350, Alpharetta, GA 30009-8693 | | | Application Software | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 5.5% Cash | | | 3/19 | | | 10/24 | | | 1,827 | | | 1,826 | | | 1,805 | | | (7)(8)(10) |
| | | | | | | | | 1,827 | | | 1,826 | | | 1,805 | | | ||||||||||
ProfitOptics, LLC 4050 Innslake Dr #375, Glen Allen, VA 23060 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 6.5% Cash | | | 3/22 | | | 3/28 | | | 1,774 | | | 1,740 | | | 1,743 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.75%, 6.5% Cash | | | 3/22 | | | 3/28 | | | — | | | (9) | | | (9) | | | (7)(8)(10) | |||||
| Second Lien Senior Subordinated Term Loan | | | 8.0% Cash | | | 3/22 | | | 3/29 | | | 81 | | | 81 | | | 79 | | | (7) | |||||
| LLC Units (241,935.48 units | | | N/A | | | 3/22 | | | N/A | | | | | 161 | | | 166 | | | (7)(33) | ||||||
| | | | | | | | | 1,855 | | | 1,973 | | | 1,979 | | | ||||||||||
Proppants Holding, LLC 104 S Wayne Ave., Suite 8303 Wayne, PA 19087 | | | Energy: Oil & Gas | | | LLC Units (1,668,106 units) | | | N/A | | | 2/22 | | | N/A | | | | | | — | | | — | | | (7)(32)(33) |
| | | | | | | | | | | — | | | — | | | |||||||||||
Protego Bidco B.V. G. van der Muelenweg 3, 7443 RE Nijverdal, Netherlands | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.00%, 6.0% Cash | | | 3/21 | | | 3/28 | | | 1,423 | | | 1,565 | | | 1,385 | | | (3)(7)(8)(14) |
| Revolver | | | EURIBOR + 5.25%, 5.3% Cash | | | 3/21 | | | 3/27 | | | 2,048 | | | 2,272 | | | 2,013 | | | (3)(7)(8)(14) | |||||
| | | | | | | | | 3,471 | | | 3,837 | | | 3,398 | | | ||||||||||
PSP Intermediate 4, LLC Kaiserstrasse 117/17 1070 Vienna Austria | | | Technology | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.25%, 5.3% Cash | | | 5/22 | | | 5/29 | | | 854 | | | 822 | | | 811 | | | (3)(7)(8)(14) |
| First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 6.9% Cash | | | 5/22 | | | 5/29 | | | 866 | | | 842 | | | 842 | | | (3)(7)(8)(10) | |||||
| | | | | | | | | 1,720 | | | 1,664 | | | 1,653 | | | ||||||||||
QPE7 SPV1 BidCo Pty Ltd 14/100 Creek St, Brisbane City QLD 4000, Australia | | | Consumer Cyclical | | | First Lien Senior Secured Term Loan | | | BBSY + 5.50%, 6.0% Cash | | | 9/21 | | | 9/26 | | | 1,896 | | | 1,959 | | | 1,876 | | | (3)(7)(8)(23) |
| | | | | | | | | 1,896 | | | 1,959 | | | 1,876 | | | ||||||||||
Questel Unite 1 boulevard de la Madeleine, 75001 Paris, France | | | Business Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 7.3% Cash | | | 12/20 | | | 12/27 | | | 6,892 | | | 6,808 | | | 6,892 | | | (3)(7)(8)(10) |
| | | | | | | | | 6,892 | | | 6,808 | | | 6,892 | | | ||||||||||
RA Outdoors, LLC 717 N Harwood St Suite 2400 Dallas, TX 75201 | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.75%, 9.0% Cash | | | 2/22 | | | 4/26 | | | 12,917 | | | 12,658 | | | 12,658 | | | (7)(8)(10) (32) |
| Revolver | | | LIBOR + 6.75%, 9.0% Cash | | | 2/22 | | | 4/26 | | | — | | | — | | | (25) | | | (7)(8)(10) (32) | |||||
| | | | | | | | | 12,917 | | | 12,658 | | | 12,633 | | | ||||||||||
Recovery Point Systems, Inc. 75 W Watkins Mill Rd Gaithersburg, MD 20878 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.50%, 7.5% Cash | | | 8/20 | | | 7/26 | | | 11,589 | | | 11,420 | | | 11,589 | | | (7)(8)(10) |
| Partnership Equity (187,235 units | | | N/A | | | 3/21 | | | N/A | | | | | 187 | | | 127 | | | (7)(33) | ||||||
| | | | | | | | | 11,589 | | | 11,607 | | | 11,716 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Renovation Parent Holdings, LLC 217 N Seminary St, Florence, AL 35630 | | | Home furnishings | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.5% Cash | | | 11/21 | | | 11/27 | | | $4,830 | | | $4,720 | | | $4,735 | | | (7)(8)(10) |
| Partnership Equity (197,368.42 units) | | | N/A | | | 11/21 | | | N/A | | | | | 197 | | | 197 | | | (7)(33) | ||||||
| | | | | | | | | 4,830 | | | 4,917 | | | 4,932 | | | ||||||||||
REP SEKO MERGER SUB LLC 1100 Arlington Heights Road STE 600 Itasca, IL 60143 | | | Air Freight & Logistics | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.00%, 6.0% Cash | | | 6/22 | | | 12/26 | | | 9,409 | | | 9,274 | | | 9,220 | | | (7)(8)(15) |
| First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.7% Cash | | | 12/20 | | | 12/26 | | | 8,101 | | | 7,921 | | | 7,920 | | | (7)(8)(9) | |||||
| | | | | | | | | 17,510 | | | 17,195 | | | 17,140 | | | ||||||||||
Resolute Investment Managers, Inc. 220 E. Las Colinas Blvd., Suite 1200 Irving, Texas 75039 | | | Banking, Finance, Insurance & Real Estate | | | Second Lien Senior Secured Term Loan | | | LIBOR + 8.00%, 9.2% Cash | | | 2/22 | | | 4/25 | | | 5,081 | | | 5,107 | | | 4,802 | | | (7)(8)(10) (32) |
| | | | | | | | | 5,081 | | | 5,107 | | | 4,802 | | | ||||||||||
Resonetics, LLC 26 Whipple St. Nashua, NH 03060 | | | Health Care Equipment | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.00%, 8.6% Cash | | | 4/21 | | | 4/29 | | | 4,011 | | | 3,938 | | | 4,011 | | | (7)(8)(10) |
| | | | | | | | | 4,011 | | | 3,938 | | | 4,011 | | | ||||||||||
Reward Gateway (UK) Ltd 265 Tottenham Court Rd, London | | | Precious Metals & Minerals | | | First Lien Senior Secured Term Loan | | | SONIA + 6.75%, 7.4% Cash | | | 8/21 | | | 6/28 | | | 2,919 | | | 3,224 | | | 2,851 | | | (3)(7)(8)(20) |
| | | | | | | | | 2,919 | | | 3,224 | | | 2,851 | | | ||||||||||
Riedel Beheer B.V. Breloftpark 11 2201 TC, Noordwijk ZH, ZUID-HOLLAND Netherlands | | | Food & Beverage | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 12/21 | | | 12/28 | | | 1,746 | | | 1,838 | | | 1,703 | | | (3)(7)(8)(14) |
| | | | | | | | | 1,746 | | | 1,838 | | | 1,703 | | | ||||||||||
RPX Corporation 4 Embarcadero Center Suite 4000 San Francisco, CA 94111 | | | Research & Consulting Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.7% Cash | | | 10/20 | | | 10/25 | | | 7,436 | | | 7,299 | | | 7,311 | | | (7)(8)(9) |
| | | | | | | | | 7,436 | | | 7,299 | | | 7,311 | | | ||||||||||
RTIC Subsidiary Holdings, LLC 20702 Hempstead Road Houston, Texas, 77065 | | | Consumer Goods: Durable | | | First Lien Senior Secured Term Loan | | | LIBOR + 7.75%, 9.0% Cash | | | 2/22 | | | 9/25 | | | 10,434 | | | 10,434 | | | 10,288 | | | (7)(8)(10) (32) |
| Revolver | | | LIBOR + 7.75%, 9.0% Cash | | | 2/22 | | | 9/25 | | | 3,968 | | | 3,968 | | | 3,913 | | | (7)(8)(10) (32) | |||||
| Class A Preferred Stock (145.347 shares | | | N/A | | | 2/22 | | | N/A | | | | | 4 | | | 2 | | | (7)(32)(33) | ||||||
| Class B Preferred Stock (145.347 shares | | | N/A | | | 2/22 | | | N/A | | | | | — | | | — | | | (7)(32)(33) | ||||||
| Class C Preferred Stock (7,844.03 shares | | | N/A | | | 2/22 | | | N/A | | | | | 450 | | | 325 | | | (7)(32)(33) | ||||||
| Common Stock (153 shares) | | | N/A | | | 2/22 | | | N/A | | | | | — | | | — | | | (7)(32)(33) | ||||||
| | | | | | | | | 14,402 | | | 14,856 | | | 14,528 | | | ||||||||||
Ruffalo Noel Levitz, LLC 1025 Kirkwood Pkwy SW Cedar Rapids, IA 52404 | | | Media Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 8.3% Cash | | | 1/19 | | | 5/24 | | | 9,470 | | | 9,470 | | | 9,470 | | | (7)(8)(10) |
| | | | | | | | | 9,470 | | | 9,470 | | | 9,470 | | | ||||||||||
Safety Products Holdings, LLC 1897 Vanderhorn Dr. Memphis, TN 38134 | | | Non-durable Consumer Goods | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.6% Cash | | | 12/20 | | | 12/26 | | | 11,994 | | | 11,785 | | | 11,838 | | | (7)(8)(9) |
| Preferred Stock (372.1 shares) | | | N/A | | | 12/20 | | | N/A | | | | | 372 | | | 464 | | | (7)(33) | ||||||
| | | | | | | | | 11,994 | | | 12,157 | | | 12,302 | | | ||||||||||
Sanoptis S.A.R.L. 53, Boulevard Royal LU-2449 Luxembourg | | | Healthcare & Pharmaceuticals | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 6/22 | | | 7/29 | | | 9,381 | | | 8,918 | | | 8,918 | | | (3)(7)(8)(14) |
| First Lien Senior Secured Term Loan | | | SARON + 5.50%, 5.5% Cash | | | 6/22 | | | 7/29 | | | 3,240 | | | 3,151 | | | 3,151 | | | (3)(7)(8)(28) | |||||
| | | | | | | | | 12,621 | | | 12,069 | | | 12,069 | | | ||||||||||
Scaled Agile, Inc. 5400 Airport Blvd. Suite 300 Boulder, CO 8030 | | | Research & Consulting Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.8% Cash | | | 12/21 | | | 12/28 | | | 1,744 | | | 1,705 | | | 1,726 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.50%, 7.8% Cash | | | 12/21 | | | 12/28 | | | — | | | (6) | | | (3) | | | (7)(8)(10) | |||||
| | | | | | | | | 1,744 | | | 1,699 | | | 1,723 | | | ||||||||||
Scout Bidco B.V. Maidstone 56. Tilburg 5026 SK | | | Diversified Manufacturing | | | First Lien Senior Secured Term Loan | | | EURIBOR + 6.00%, 6.0% Cash | | | 5/22 | | | 3/29 | | | 6,353 | | | 6,273 | | | 6,138 | | | (3)(7)(8)(14) |
| Revolver | | | EURIBOR + 6.00%, 6.0% Cash | | | 5/22 | | | 3/29 | | | — | | | (25) | | | (25) | | | (3)(7)(8)(14) | |||||
| | | | | | | | | 6,353 | | | 6,248 | | | 6,113 | | | ||||||||||
Sereni Capital NV Jan van Gentstraat 7 PB 402 2000, Antwerpen Belgium | | | Consumer Cyclical | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.75%, 5.8% Cash | | | 5/22 | | | 11/28 | | | 81 | | | 69 | | | 68 | | | (3)(7)(8)(15) |
| First Lien Senior Secured Term Loan | | | EURIBOR + 5.75%, 5.8% Cash | | | 5/22 | | | 5/29 | | | 480 | | | 478 | | | 467 | | | (3)(7)(8)(15) | |||||
| Revolver | | | EURIBOR + 5.75%, 5.8% Cash | | | 5/22 | | | 11/22 | | | — | | | (1) | | | (1) | | | (3)(7)(8)(15) | |||||
| | | | | | | | | 561 | | | 546 | | | 534 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Serta Simmons Bedding LLC 1 Concourse Parkway, ste. 800 Atlanta, GA 30328 | | | Home Furnishings | | | Super Priority First Out | | | LIBOR + 7.50%, 9.0% Cash | | | 6/20 | | | 8/23 | | | $7,313 | | | $7,228 | | | $7,079 | | | (8)(9) |
| Super Priority Second Out | | | LIBOR + 7.50%, 9.0% Cash | | | 6/20 | | | 8/23 | | | 3,589 | | | 3,373 | | | 2,505 | | | (8)(9) | |||||
| | | | | | | | | 10,902 | | | 10,601 | | | 9,584 | | | ||||||||||
SISU ACQUISITIONCO., INC. 3060 SW 2nd Avenue, Fort Lauderdale, FL 33315 | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 7.5% Cash | | | 12/20 | | | 12/26 | | | 6,970 | | | 6,861 | | | 6,692 | | | (7)(8)(10) |
| | | | | | | | | 6,970 | | | 6,861 | | | 6,692 | | | ||||||||||
SMART Financial Operations, LLC 5728 Major Blvd Suite 100 Orlando, FL 32819 | | | Banking, Finance, Insurance & Real Estate | | | Preferred Stock (1,000,000 shares) | | | N/A | | | 2/22 | | | N/A | | | | | — | | | 130 | | | (7)(32)(33) | |
| | | | | | | | | | | — | | | 130 | | | |||||||||||
Smartling, Inc. 1375 Broadway 14th Floor New York, NY 10018 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.3% Cash | | | 11/21 | | | 10/27 | | | 13,776 | | | 13,490 | | | 13,530 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.75%, 7.3% Cash | | | 11/21 | | | 10/27 | | | — | | | (21) | | | (18) | | | (7)(8)(10) | |||||
| | | | | | | | | 13,776 | | | 13,469 | | | 13,512 | | | ||||||||||
Smile Brands Group Inc. 100 Spectrum Center Drive Suite 1500 Irvine, CA 92618 | | | Health Care Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 6.1% Cash | | | 10/18 | | | 10/25 | | | 4,559 | | | 4,540 | | | 4,527 | | | (7)(8)(11) |
| First Lien Senior Secured Term Loan | | | LIBOR + 4.50%, 6.1% Cash | | | 12/20 | | | 10/25 | | | 470 | | | 460 | | | 465 | | | (7)(8)(11) | |||||
| | | | | | | | | 5,029 | | | 5,000 | | | 4,992 | | | ||||||||||
SN BUYER, LLC 600 Superior Avenue East, Suite 1500, Cleveland, OH 44114 | | | Health Care Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.8% Cash | | | 12/20 | | | 12/26 | | | 18,129 | | | 17,846 | | | 18,129 | | | (7)(8)(10) |
| | | | | | | | | 18,129 | | | 17,846 | | | 18,129 | | | ||||||||||
Sound Point CLO XX, Ltd. C/O MaplesFS Limited PO Box 1093 Boundary Hall Cricket Square George Town KY1-1102 Cayman Islands | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 18.99% | | | 2/22 | | | 7/31 | | | 4,489 | | | 2,252 | | | 1,784 | | | (3)(32) |
| | | | | | | | | 4,489 | | | 2,252 | | | 1,784 | | | ||||||||||
Springbrook Software (SBRK Intermediate, Inc.) 1000 SW Broadway Suite 1900 Portland, OR 97205 | | | Enterprise Software & Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.8% Cash | | | 12/19 | | | 12/26 | | | 21,035 | | | 20,736 | | | 21,035 | | | (7)(8)(10) |
| | | | | | | | | 21,035 | | | 20,736 | | | 21,035 | | | ||||||||||
SPT Acquico Limited Melbourn Science Park, Melbourn, Hertfordshire, SG8 6HB, United Kingdom | | | High Tech Industries | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.0% Cash | | | 01/21 | | | 12/27 | | | 658 | | | 645 | | | 658 | | | (3)(7)(8)(10) |
| | | | | | | | | 658 | | | 645 | | | 658 | | | ||||||||||
SSCP Pegasus Midco Limited 654 The Crescent, Colchester, Essex, England, CO4 9YQ | | | Healthcare & Pharmaceuticals | | | First Lien Senior Secured Term Loan | | | SONIA + 6.75%, 7.7% Cash | | | 12/20 | | | 11/27 | | | 2,469 | | | 2,552 | | | 2,370 | | | (3)(7)(8)(20) |
| | | | | | | | | 2,469 | | | 2,552 | | | 2,370 | | | ||||||||||
Starnmeer B.V. 77 Robinson Road, # 13-00 Singapore 068896 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.40%, 6.9% Cash | | | 10/21 | | | 4/27 | | | 2,500 | | | 2,466 | | | 2,471 | | | (3)(7)(8)(10) |
| | | | | | | | | 2,500 | | | 2,466 | | | 2,471 | | | ||||||||||
Superjet Buyer, LLC 6453 Kaiser Drive Fremont, CA 94555 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 8.0% Cash | | | 12/21 | | | 12/27 | | | 13,142 | | | 12,897 | | | 12,923 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.75%, 8.0% Cash | | | 12/21 | | | 12/27 | | | — | | | (34) | | | (30) | | | (7)(8)(10) | |||||
| | | | | | | | | 13,142 | | | 12,863 | | | 12,893 | | | ||||||||||
Syniverse Holdings, Inc. 8125 Highwoods Palm Way Tampa, FL 33647 | | | Technology Distributors | | | First Lien Senior Secured Term Loan | | | SOFR + 7.00%, 8.3% Cash | | | 5/22 | | | 5/27 | | | 20,003 | | | 19,051 | | | 17,578 | | | (8)(17) |
| Series A Preferred Equity (7,575,758 units) | | | N/A | | | 5/22 | | | N/A | | | | | 7,424 | | | 7,424 | | | (7)(33) | ||||||
| | | | | | | | | 20,003 | | | 26,475 | | | 25,002 | | | ||||||||||
Syntax Systems Ltd 8000 Decarie Blvd Suite 300 Montreal, QC H4P 2S4 Canada | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 7.2% Cash | | | 11/21 | | | 10/28 | | | 2,040 | | | 2,009 | | | 2,009 | | | (3)(7)(8)(9) |
| Revolver | | | LIBOR + 5.75%, 7.2% Cash | | | 11/21 | | | 10/26 | | | 564 | | | 555 | | | 556 | | | (3)(7)(8)(9) | |||||
| | | | | | | | | 2,604 | | | 2,564 | | | 2,565 | | | ||||||||||
TA SL Cayman Aggregator Corp. 1730 Minor Avenue Suite 1400 Seattle, WA 98101 | | | Technology | | | Subordinated Term Loan | | | 7.8% PIK | | | 7/21 | | | 7/28 | | | 2,084 | | | 2,050 | | | 2,055 | | | (7) |
| Common Stock (1,227.79 shares) | | | N/A | | | 7/21 | | | N/A | | | | | 50 | | | 75 | | | (7)(33) | ||||||
| | | | | | | | | 2,084 | | | 2,100 | | | 2,130 | | | ||||||||||
Tank Holding Corp 4700 Fremont Street Lincoln, Nebraska, 68504 | | | Metal & Glass Containers | | | First Lien Senior Secured Term Loan | | | SOFR + 6.00%, 7.6% Cash | | | 3/22 | | | 3/28 | | | 19,127 | | | 18,712 | | | 18,733 | | | (7)(8)(16) |
| Revolver | | | SOFR + 6.00%, 7.6% Cash | | | 3/22 | | | 3/28 | | | 364 | | | 345 | | | 346 | | | (7)(8)(16) | |||||
| | | | | | | | | 19,491 | | | 19,057 | | | 19,079 | | | ||||||||||
Team Car Care, LLC 105 Decker Ct #900, Irving, TX 75062 | | | Automotive | | | First Lien Senior Secured Term Loan | | | LIBOR + 8.00%, 9.0% Cash | | | 2/22 | | | 6/24 | | | 12,492 | | | 12,492 | | | 12,317 | | | (7)(8)(10) (32) |
| | | | | | | | | | | | 12,492 | | | 12,492 | | | 12,317 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Team Services Group 3131 Camino del Rio North, Suite 650, San Diego, CA 92108 | | | Services: Consumer | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.7% Cash | | | 2/22 | | | 12/27 | | | $9,887 | | | $9,887 | | | $9,492 | | | (8)(9)(32) |
| Second Lien Senior Secured Term Loan | | | LIBOR + 9.00%, 10.7% Cash | | | 02/22 | | | 12/28 | | | 5,000 | | | 4,975 | | | 4,900 | | | (7)(8)(9)(32) | |||||
| | | | | | | | | 14,887 | | | 14,862 | | | 14,392 | | | ||||||||||
Techone B.V. Westblaak 100, Rotterdam, 3012KM, NL | | | Technology | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.5% Cash | | | 11/21 | | | 11/28 | | | 3,674 | | | 3,781 | | | 3,573 | | | (3)(7)(8)(14) |
| Revolver | | | EURIBOR + 5.50%, 5.5% Cash | | | 11/21 | | | 5/28 | | | 278 | | | 274 | | | 264 | | | (3)(7)(8)(14) | |||||
| | | | | | | | | 3,952 | | | 4,055 | | | 3,837 | | | ||||||||||
Tencarva Machinery Company, LLC 1115 Pleasant Ridge Road Greensboro, N.C. 27409 | | | Capital Equipment | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.5% Cash | | | 12/21 | | | 12/27 | | | 5,458 | | | 5,356 | | | 5,366 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.50%, 7.5% Cash | | | 12/21 | | | 12/27 | | | — | | | (18) | | | (16) | | | (7)(8)(10) | |||||
| | | | | | | | | 5,458 | | | 5,338 | | | 5,350 | | | ||||||||||
Terrybear, Inc. 946 W Pierce Butler Route #101, St Paul, MN 55 | | | Consumer Products | | | Subordinated Term Loan | | | 10.0% Cash, 4.0% PIK | | | 4/22 | | | 4/28 | | | 256 | | | 251 | | | 251 | | | (7) |
| Partnership Equity (24,358.97 units) | | | N/A | | | 4/22 | | | N/A | | | | | 239 | | | 244 | | | (7)(33) | ||||||
| | | | | | | | | 256 | | | 490 | | | 495 | | | ||||||||||
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) Idaho Street, Suite 200, Boise, ID, 83702 | | | Brokerage, Asset Managers & Exchanges | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.25%, 5.9% Cash | | | 10/21 | | | 12/27 | | | 843 | | | 778 | | | 798 | | | (7)(8)(9) |
| Revolver | | | LIBOR + 4.25%, 5.9% Cash | | | 10/21 | | | 12/27 | | | — | | | (13) | | | (10) | | | (7)(8)(9) | |||||
| Subordinated Term Loan | | | 9.00% Cash | | | 10/21 | | | 12/27 | | | 3,333 | | | 3,272 | | | 3,282 | | | (7) | |||||
| | | | | | | | | 4,176 | | | 4,037 | | | 4,070 | | | ||||||||||
The Hilb Group, LLC 6802 Paragon Place, Suite 200, Richmond, Virginia 23230 | | | Insurance Brokerage | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.8% Cash | | | 12/19 | | | 12/26 | | | 482 | | | 432 | | | 436 | | | (7)(8)(10) |
| First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 8.0% Cash | | | 12/19 | | | 12/25 | | | 5,680 | | | 5,574 | | | 5,565 | | | (7)(8)(10) | |||||
| First Lien Senior Secured Term Loan | | | LIBOR + 5.75%, 8.0% Cash | | | 12/19 | | | 12/26 | | | 14,486 | | | 14,230 | | | 14,190 | | | (7)(8)(10) | |||||
| | | | | | | | | 20,648 | | | 20,236 | | | 20,191 | | | ||||||||||
The Octave Music Group, Inc. 850 3rd Avenue Suite 15C New York, NY 10022 | | | Media: Diversified & Production | | | Second Lien Senior Secured Term Loan | | | SOFR + 7.75%, 8.2% Cash | | | 4/22 | | | 3/30 | | | 12,522 | | | 12,277 | | | 12,272 | | | (7)(8)(17) |
| Partnership Equity (676,880.98 units) | | | N/A | | | 4/22 | | | N/A | | | | | 677 | | | 677 | | | (7)(33) | ||||||
| | | | | | | | | 12,522 | | | 12,954 | | | 12,949 | | | ||||||||||
Total Safety U.S. Inc. 11111 Wilcrest Green Drive, ste. 300 Houston, TX 77042 | | | Diversified Support Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 7.0% Cash | | | 11/19 | | | 8/25 | | | 6,309 | | | 6,151 | | | 6,025 | | | (8)(11) |
| | | | | | | | | 6,309 | | | 6,151 | | | 6,025 | | | ||||||||||
TPC Group, Inc. 500 Dallas Street, Suite 2000 Houston, Texas 77002 | | | Chemicals | | | First Lien Senior Secured Term Loan | | | SOFR + 4.50%, 6.0% Cash | | | 06/22 | | | 12/23 | | | 40,678 | | | 40,141 | | | 40,116 | | | (7)(8)(17) |
| | | | | | | | | 40,678 | | | 40,141 | | | 40,116 | | | ||||||||||
Transit Technologies LLC 2035 Lakeside Centre Way Suite 125 Knoxville, TN 37922 | | | Software | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.2% Cash | | | 02/20 | | | 2/25 | | | 6,035 | | | 5,977 | | | 5,860 | | | (7)(8)(10) |
| | | | | | | | | 6,035 | | | 5,977 | | | 5,860 | | | ||||||||||
Transportation Insight, LLC 310 Main Avenue Way SE Hickory, NC 28602 | | | Air Freight & Logistics | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.25%, 5.9% Cash | | | 08/18 | | | 12/24 | | | 11,258 | | | 11,210 | | | 11,128 | | | (7)(8)(9) |
| | | | | | | | | 11,258 | | | 11,210 | | | 11,128 | | | ||||||||||
Trident Maritime Systems, Inc. 2011 Crystal Drive, Suite 1102, Arlington, VA 22202 | | | Aerospace & Defense | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.0% Cash | | | 02/21 | | | 2/27 | | | 14,850 | | | 14,652 | | | 14,590 | | | (7)(8)(10) |
| | | | | | | | | 14,850 | | | 14,652 | | | 14,590 | | | ||||||||||
Truck-Lite Co., LLC 310 East Elmwood Ave Falconer, NY 14733 | | | Automotive Parts & Equipment | | | First Lien Senior Secured Term Loan | | | SOFR + 6.25%, 8.5% Cash | | | 12/19 | | | 12/26 | | | 19,467 | | | 19,138 | | | 19,077 | | | (7)(8)(10) |
| | | | | | | | | 19,467 | | | 19,138 | | | 19,077 | | | ||||||||||
True Religion Apparel, Inc. 500 W 190th St. #300. Gardena, California 90248 | | | Retail | | | Preferred Unit (2.8 units) | | | N/A | | | 02/22 | | | N/A | | | | | — | | | — | | | (7)(32) | |
| Common Stock (2.71 shares) | | | N/A | | | 02/22 | | | N/A | | | | | | — | | | — | | | (7)(32)(33) | |||||
| | | | | | | | | | | — | | | — | | | |||||||||||
Trystar, LLC 15765 Acorn Trail Faribault, MN 55021 | | | Power Distribution Solutions | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.2% Cash | | | 09/18 | | | 9/23 | | | 6,952 | | | 6,882 | | | 6,799 | | | (7)(8)(10) |
| Class A LLC Units (440.97 units) | | | N/A | | | 09/18 | | | N/A | | | | | 481 | | | 317 | | | (7)(33) | ||||||
| | | | | | | | | 6,952 | | | 7,363 | | | 7,116 | | | ||||||||||
TSM II Luxco 10 SARL 2, rue Edward Steichen, 2540 Luxembourg, Luxembourg | | | Chemical & Plastics | | | Subordinated Term Loan | | | EURIBOR + 8.75%, 8.8% Cash | | | 03/22 | | | 3/27 | | | 10,454 | | | 10,676 | | | 10,036 | | | (3)(7)(8)(15) |
| | | | | | | | | 10,454 | | | 10,676 | | | 10,036 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Turbo Buyer, Inc. 25541 Commercentre Drive Suite 100 Lake Forest CA 92630 | | | Finance Companies | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.00%, 8.2% Cash | | | 11/21 | | | 12/25 | | | $7,592 | | | $7,424 | | | $7,456 | | | (7)(8)(10) |
| | | | | | | | | 7,592 | | | 7,424 | | | 7,456 | | | ||||||||||
Turf Products, LLC 157 Moody Road Enfield, CT 06083 | | | Landscaping & Irrigation Equipment Distributor | | | Senior Subordinated Debt | | | 10.0% Cash | | | 12/20 | | | 10/23 | | | 8,697 | | | 8,384 | | | 8,487 | | | (7)(30) |
| | | | | | | | | 8,697 | | | 8,384 | | | 8,487 | | | ||||||||||
Turnberry Solutions, Inc. 1777 Sentry Pkwy West Veva 14, Suite 401, Blue Bell, PA 19422 | | | Consumer Cyclical | | | First Lien Senior Secured Term Loan | | | SOFR + 6.00%, 7.1% Cash | | | 07/21 | | | 9/26 | | | 5,000 | | | 4,916 | | | 4,870 | | | (7)(8)(17) |
| | | | | | | | | 5,000 | | | 4,916 | | | 4,870 | | | ||||||||||
U.S. Gas & Electric, Inc. P.O. Box 660403 Dallas, TX 75266-0433 | | | Energy Services | | | Second Lien Loan | | | 9.5% Cash | | | 12/20 | | | 7/25 | | | 2,285 | | | 1,785 | | | 1,844 | | | (7)(30) |
| Second Lien Loan | | | 9.5% Cash | | | 12/20 | | | 7/25 | | | 2,485 | | | — | | | — | | | (7)(30)(31) | |||||
| | | | | | | | | 4,770 | | | 1,785 | | | 1,844 | | | ||||||||||
U.S. Silica Company 24275 Katy Freeway Katy, TX 77494 | | | Metal & Glass Containers | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.00%, 5.7% Cash | | | 08/18 | | | 5/25 | | | 1,464 | | | 1,466 | | | 1,406 | | | (3)(8)(9) |
| | | | | | | | | 1,464 | | | 1,466 | | | 1,406 | | | ||||||||||
UKFast Leaders Limited UKFast Campus, Birley Fields, Manchester, England, M15 5QJ | | | Technology | | | First Lien Senior Secured Term Loan | | | SONIA + 7.25%, 8.4% Cash | | | 09/20 | | | 9/27 | | | 11,039 | | | 11,421 | | | 10,824 | | | (3)(7)(8)(20) |
| | | | | | | | | 11,039 | | | 11,421 | | | 10,824 | | | ||||||||||
Union Bidco Limited Maybrook House Second Floor Queensway Halesowen B63 4AH | | | Healthcare | | | First Lien Senior Secured Term Loan | | | SONIA + 5.50%, 6.7% Cash | | | 06/22 | | | 6/29 | | | 818 | | | 797 | | | 798 | | | (3)(7)(8)(20) |
| | | | | | | | | 818 | | | 797 | | | 798 | | | ||||||||||
United Therapy Holding III GmbH Kennedyallee 78 60596, Frankfurt am Main, Hessen Germany | | | Healthcare | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.50%, 5.7% Cash | | | 4/22 | | | 3/29 | | | 764 | | | 729 | | | 700 | | | (3)(7)(8)(15) |
| | | | | | | | | 764 | | | 729 | | | 700 | | | ||||||||||
USLS Acquisition, Inc. (f/k/a US Legal Support, Inc.) 16825 Northchase Dr Ste 900, Houston, TX 77060 | | | Legal Services | | | First Lien Senior Secured Term Loan | | | SOFR + 5.50%, 7.7% Cash | | | 11/18 | | | 11/24 | | | 16,097 | | | 15,898 | | | 15,736 | | | (7)(8)(17) |
| | | | | | | | | 16,097 | | | 15,898 | | | 15,736 | | | ||||||||||
Utac Ceram Autodrome de Linas-Montlhéry Avenue Georges Boillot 91310 Linas, France | | | Business Services | | | First Lien Senior Secured Term Loan | | | EURIBOR + 5.25%, 5.3% Cash | | | 9/20 | | | 9/27 | | | 1,568 | | | 1,709 | | | 1,545 | | | (3)(7)(8)(14) |
| First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 7.5% Cash | | | 2/21 | | | 9/27 | | | 3,517 | | | 3,460 | | | 3,467 | | | (3)(7)(8)(10) | |||||
| | | | | | | | | 5,085 | | | 5,169 | | | 5,012 | | | ||||||||||
Validity, Inc. 200 Clarendon Street, 22nd floor Boston, MA 02116 | | | IT Consulting & Other Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.4% Cash | | | 7/19 | | | 5/25 | | | 4,783 | | | 4,700 | | | 4,783 | | | (7)(8)(9) |
| | | | | | | | | 4,783 | | | 4,700 | | | 4,783 | | | ||||||||||
Velocity Pooling Vehicle, LLC 13861 Rosecrans Avenue Santa Fe Springs, CA 90670 | | | Automotive | | | Common Stock (4,676 shares) | | | N/A | | | 2/22 | | | N/A | | | | | 60 | | | 29 | | | (7)(32) | |
| Warrants (5,591 units) | | | N/A | | | 2/22 | | | N/A | | | | | 72 | | | 35 | | | (7)(32)(33) | ||||||
| | | | | | | | | | | 132 | | | 64 | | | |||||||||||
Victoria Bidco Limited 47 Market Pl, Henley-on-Thames RG9 2AD, United Kingdom | | | Industrial Machinery | | | First Lien Senior Secured Term Loan | | | SONIA + 6.50%, 6.7% Cash | | | 3/22 | | | 1/29 | | | 3,363 | | | 3,621 | | | 3,262 | | | (3)(7)(8)(21) |
| | | | | | | | | 3,363 | | | 3,621 | | | 3,262 | | | ||||||||||
Vision Solutions Inc. 2 Blue Hill Plaza #1563 Pearl River, NY 10965 | | | Business equipment & services | | | Second Lien Senior Secured Term Loan | | | LIBOR + 7.25%, 8.4% Cash | | | 2/22 | | | 4/29 | | | 6,500 | | | 6,497 | | | 5,711 | | | (8)(9)(32) |
| | | | | | | | | 6,500 | | | 6,497 | | | 5,711 | | | ||||||||||
VistaJet Pass Through Trust 2021-1B 120 Wooster St, New York, NY 10012 | | | Airlines | | | Structured Secured Note - Class B | | | 6.3% Cash | | | 11/21 | | | 2/29 | | | 5,000 | | | 5,000 | | | 4,836 | | | (7) |
| | | | | | | | | 5,000 | | | 5,000 | | | 4,836 | | | ||||||||||
Vital Buyer, LLC 227 Fayetteville Street Suite 400 Raleigh, NC 27601 | | | Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.6% Cash | | | 6/21 | | | 6/28 | | | 7,723 | | | 7,588 | | | 7,716 | | | (7)(8)(10) |
| Partnership Units (16,442.9 units) | | | N/A | | | 6/21 | | | N/A | | | | | 164 | | | 289 | | | (7)(33) | ||||||
| | | | | | | | | 7,723 | | | 7,752 | | | 8,005 | | | ||||||||||
VOYA CLO 2015-2, LTD. P.O. Box 1093, Boundary Hall, Cricket Square, Grand Cayman, Cayman Islands | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 454.7% | | | 2/22 | | | 7/27 | | | 10,736 | | | 2,951 | | | 312 | | | (3)(32) |
| | | | | | | | | 10,736 | | | 2,951 | | | 312 | | | ||||||||||
VOYA CLO 2016-2, LTD. P.O. Box 1093, Boundary Hall, Cricket Square, Grand Cayman, Cayman Islands | | | Multi-Sector Holdings | | | Subordinated Structured Notes | | | Residual Interest, current yield 15.09% | | | 2/22 | | | 7/28 | | | 11,088 | | | 3,452 | | | 2,556 | | | (3)(32) |
| | | | | | | | | 11,088 | | | 3,452 | | | 2,556 | | | ||||||||||
W2O Holdings, Inc. 50 Francisco Street, Suite 400 San Francisco, CA 94133 | | | Healthcare Technology | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.1% Cash | | | 10/20 | | | 6/25 | | | 3,351 | | | 3,351 | | | 3,351 | | | (7)(11) |
| First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 7.6% Cash | | | 10/20 | | | 6/25 | | | — | | | (38) | | | — | | | (7)(8)(10) | |||||
| | | | | | | | | 3,351 | | | 3,313 | | | 3,351 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Walker Edison Furniture Company LLC 1553 West 9000 South West Jordan, Utah 84088 | | | Consumer Goods: Durable | | | Common Stock (2,819.53 shares) | | | N/A | | | 2/22 | | | N/A | | | | | $3,598 | | | $2,112 | | | (7)(32)(33) | |
| | | | | | | | | | | 3,598 | | | 2,112 | | | |||||||||||
Watermill-QMC Midco, Inc. 28101 Schoolcraft St, Livonia, MI 48150 | | | Automotive | | | Equity (1.62% Partnership Interest) | | | N/A | | | 2/22 | | | N/A | | | | | — | | | — | | | (7)(32)(33) | |
| | | | | | | | | | | — | | | — | | | |||||||||||
Wawona Delaware Holdings, LLC 7108 N Fresno St, Fresno, CA 93720 | | | Beverage & Food | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.0% Cash | | | 2/22 | | | 9/26 | | | $45 | | | 41 | | | 35 | | | (10)(32) |
| | | | | | | | | 45 | | | 41 | | | 35 | | | ||||||||||
Wok Holdings Inc. 375 Park Avenue, 12th Floor New York, NY 10022 | | | Retail | | | First Lien Senior Secured Term Loan | | | LIBOR + 6.25%, 7.8% Cash | | | 2/22 | | | 3/26 | | | 48 | | | 48 | | | 44 | | | (8)(10)(32) |
| | | | | | | | | 48 | | | 48 | | | 44 | | | ||||||||||
Woodland Foods, LLC 3751 Sunset Ave, Waukegan, IL 60087 | | | Food & Beverage | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.50%, 7.1% Cash | | | 12/21 | | | 12/27 | | | 8,470 | | | 8,314 | | | 8,333 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.50%, 7.1% Cash | | | 12/21 | | | 12/27 | | | 778 | | | 736 | | | 741 | | | (7)(8)(10) | |||||
| Common Stock (1,663.31 shares) | | | N/A | | | 12/21 | | | N/A | | | | | 1,663 | | | 1,663 | | | (7)(33) | ||||||
| | | | | | | | | 9,248 | | | 10,713 | | | 10,737 | | | ||||||||||
World 50, Inc. 3525 Piedmont Rd NE Atlanta, GA 30305 | | | Professional Services | | | First Lien Senior Secured Term Loan | | | LIBOR + 4.75%, 6.4% Cash | | | 9/20 | | | 1/26 | | | 8,963 | | | 8,822 | | | 8,836 | | | (7)(8)(9) |
| First Lien Senior Secured Term Loan | | | LIBOR + 5.25%, 6.9% Cash | | | 1/20 | | | 1/26 | | | 2,624 | | | 2,568 | | | 2,624 | | | (7)(8)(9) | |||||
| | | | | | | | | 11,587 | | | 11,390 | | | 11,460 | | | ||||||||||
Xeinadin Bidco Limited Becket House, 36 Old Jewry, Bank. London, EC2R 8DD | | | Financial Other | | | First Lien Senior Secured Term Loan | | | SONIA + 5.25%, 6.2% Cash | | | 5/22 | | | 5/29 | | | 13,541 | | | 13,313 | | | 13,004 | | | (3)(7)(8)(20) |
| Subordinated Term Loan | | | 11.0% PIK | | | 5/22 | | | 5/29 | | | 4,629 | | | 4,569 | | | 4,479 | | | (3)(7) | |||||
| Common Stock (442,851 shares) | | | N/A | | | 5/22 | | | N/A | | | | | 550 | | | 538 | | | (3)(7)(33) | ||||||
| | | | | | | | | 18,170 | | | 18,432 | | | 18,021 | | | ||||||||||
ZB Holdco LLC 5400 W. 35th St. Cicero, IL 60804 | | | Food & Beverage | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 7.6% Cash | | | 2/22 | | | 2/28 | | | 2,698 | | | 2,625 | | | 2,627 | | | (7)(8)(10) |
| Revolver | | | LIBOR + 5.00%, 7.6% Cash | | | 2/22 | | | 2/28 | | | — | | | (16) | | | (15) | | | (7)(8)(10) | |||||
| LLC Units (152.69 units | | | N/A | | | 2/22 | | | N/A | | | | | 153 | | | 188 | | | (7)(33) | ||||||
| | | | | | | | | 2,698 | | | 2,762 | | | 2,800 | | | ||||||||||
Zeppelin Bidco Limited 3 Benham Road Benham Campus University of, Chilworth, Southampton SO16 7QJ, United Kingdom | | | Services: Business | | | First Lien Senior Secured Term Loan | | | SONIA + 6.25%, 6.9% Cash | | | 3/22 | | | 3/29 | | | 5,876 | | | 6,126 | | | 5,670 | | | (3)(7)(8)(19) |
| Revolver | | | SONIA + 6.25%, 6.9% Cash | | | 3/22 | | | 5/22 | | | — | | | (2) | | | (13) | | | (3)(7)(8)(19) | |||||
| | | | | | | | | 5,876 | | | 6,124 | | | 5,657 | | | ||||||||||
Subtotal Non–Control / Non–Affiliate Investments | | | | | | | | | 2,066,303 | | | 2,025,944 | | | 1,928,010 | | | | |||||||||
Affiliate Investments:(4) | | | | | | | | | | | | | | | | | | | |||||||||
1888 Industrial Services, LLC 800 8th Ave Suite 301, Greeley, CO 80631 | | | Energy: Oil & Gas | | | First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 6.0% Cash | | | 2/22 | | | 5/23 | | | 4,264 | | | 419 | | | — | | | (7)(8)(10) (29)(32) |
| Revolver | | | LIBOR + 6.00%, 7.0% Cash | | | 2/22 | | | 5/23 | | | 1,433 | | | 1,310 | | | 1,376 | | | (7)(8)(10) (32) | |||||
| Warrants (7,546.76 units) | | | N/A | | | 2/22 | | | N/A | | | | | — | | | — | | | (7)(32)(33) | ||||||
| | | | | | | | | 5,697 | | | 1,729 | | | 1,376 | | | ||||||||||
Charming Charlie LLC 6001 Savoy Dr, Houston, TX 77036 | | | Retail | | | First Lien Senior Secured Term Loan | | | 20.0% Cash | | | 2/22 | | | 5/22 | | | 139 | | | — | | | — | | | (7)(29)(32) |
| First Lien Senior Secured Term Loan | | | 10.4% Cash | | | 2/22 | | | 11/22 | | | 770 | | | — | | | — | | | (29)(32) | |||||
| First Lien Senior Secured Term Loan | | | LIBOR + 12.00%, 14.3% Cash | | | 2/22 | | | 4/23 | | | 4,178 | | | — | | | — | | | (7)(8)(10) (29)(32) | |||||
| First Lien Senior Secured Term Loan | | | LIBOR + 5.00%, 7.3% Cash | | | 2/22 | | | 4/23 | | | 3,413 | | | — | | | — | | | (7)(8)(10) (29)(32) | |||||
| Common Stock (34,923,249 shares) | | | N/A | | | 2/22 | | | N/A | | | | | — | | | — | | | (7)(29)(32) (33) | ||||||
| | | | | | | | | 8,500 | | | — | | | — | | | ||||||||||
Eclipse Business Capital, LLC 123 North Wacker Drive, Suite 2400 Chicago, IL 60606 | | | Banking, Finance, Insurance & Real Estate | | | Revolver | | | LIBOR + 7.25% | | | 7/21 | | | 7/28 | | | 7,091 | | | 6,973 | | | 7,091 | | | (7)(9) |
| Second Lien Senior Secured Term Loan | | | 7.5% Cash | | | 7/21 | | | 7/28 | | | 4,545 | | | 4,505 | | | 4,545 | | | (7) | |||||
| LLC Units (89,447,396 units) | | | N/A | | | 7/21 | | | N/A | | | | | 89,850 | | | 115,894 | | | (7)(33) | ||||||
| | | | | | | | | 11,636 | | | 101,328 | | | 127,530 | | |
Portfolio Company(6) | | | Industry | | | Investment Type(1)(2) | | | Interest | | | Acq. Date | | | Maturity Date | | | Principal Amount | | | Cost | | | Fair Value | | | Notes |
Hylan Datacom & Electrical LLC 101 Crawfords Corner Road, Building 2, Suite 2308, Holmdel, NJ 07733, USA | | | Construction & Building | | | First Lien Senior Secured Term Loan | | | SOFR + 8.00%, 9.5% Cash | | | 2/22 | | | 3/26 | | | $3,917 | | | $3,633 | | | $3,839 | | | (7)(8)(17) |
| Second Lien Senior Secured Term Loan | | | SOFR + 10.00%, 11.0% Cash | | | 2/22 | | | 3/27 | | | 3,850 | | | 3,850 | | | 3,773 | | | (7)(8)(17) | |||||
| Common Stock (102,144 shares) | | | N/A | | | 2/22 | | | N/A | | | | | 5,219 | | | 5,219 | | | (7)(33) | ||||||
| | | | | | | | | 7,767 | | | 12,702 | | | 12,831 | | | ||||||||||
Jocassee Partners LLC 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 | | | Investment Funds & Vehicles | | | 9.1% Member Interest | | | N/A | | | 6/19 | | | N/A | | | | | 35,158 | | | 40,361 | | | (3)(33) | |
| | | | | | | | | | | 35,158 | | | 40,361 | | | |||||||||||
Kemmerer Operations, LLC 312 US-189, Kemmerer, WY 83101 | | | Metals & Mining | | | First Lien Senior Secured Term Loan | | | 15.0% PIK | | | 2/22 | | | 6/23 | | | 2,422 | | | 2,422 | | | 2,422 | | | (7)(32) |
| Common Stock (6.78 shares) | | | N/A | | | 2/22 | | | N/A | | | | | 1,589 | | | 1,839 | | | (7)(32)(33) | ||||||
| | | | | | | | | 2,422 | | | 4,011 | | | 4,261 | | | ||||||||||
Sierra Senior Loan Strategy JV I LLC 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 | | | Joint Venture | | | 89.01% Member Interest | | | N/A | | | 2/22 | | | N/A | | | | | 59,260 | | | 52,847 | | | (3)(32)(33) | |
| | | | | | | | | | | 59,260 | | | 52,847 | | | |||||||||||
Thompson Rivers LLC 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 | | | Investment Funds & Vehicles | | | 16.0% Member Interest | | | N/A | | | 6/20 | | | N/A | | | | | 70,624 | | | 61,389 | | | (3)(33) | |
| | | | | | | | | | | 70,624 | | | 61,389 | | | |||||||||||
Waccamaw River LLC 300 South Tryon Street, Suite 2500 Charlotte, NC 28202 | | | Investment Funds & Vehicles | | | 20% Member Interest | | | N/A | | | 2/21 | | | N/A | | | | | 22,520 | | | 21,726 | | | (3)(33) | |
| | | | | | | | | | | 22,520 | | | 21,726 | | | |||||||||||
Subtotal Affiliate Investments | | | | | | | 36,022 | | | 307,332 | | | 322,321 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | ||||||||||
Control Investments:(5) | | | | | | | | | | | | | | | | | | | |||||||||
Black Angus Steakhouses, LLC 4410 El Camino Real, Suite 201. Los Altos, CA 94022 | | | Hotel, Gaming & Leisure | | | First Lien Senior Secured Term Loan | | | LIBOR + 9.00%, 10.7% Cash | | | 2/22 | | | 1/24 | | | 5,647 | | | 5,647 | | | 5,647 | | | (7)(8)(9)(32) |
| First Lien Senior Secured Term Loan | | | 10.0% PIK | | | 2/22 | | | 1/24 | | | 24,071 | | | 9,628 | | | 9,628 | | | (7)(29)(32) | |||||
| Common Stock (44.60 shares) | | | N/A | | | 2/22 | | | N/A | | | | | — | | | — | | | (7)(32)(33) | ||||||
| | | | | | | | | 29,718 | | | 15,275 | | | 15,275 | | | ||||||||||
JSC Tekers Holdings Jauniela Street 15-3, Riga, Riga City 1050 | | | Real Estate Management | | | Preferred Stock (9,159,085 shares | | | N/A | | | 12/20 | | | N/A | | | | | 4,753 | | | 5,716 | | | (3)(7)(30) (33) | |
| Common Stock (35,571 shares) | | | N/A | | | 12/20 | | | N/A | | | | | — | | | — | | | (3)(7)(30) | ||||||
| | | | | | | | | | | 4,753 | | | 5,716 | | | |||||||||||
MVC Automotive Group Gmbh Bruennerstrasse 66 Vienna, 1210 Austria | | | Automotive | | | Bridge Loan (6.0% Cash | | | 6.0% Cash | | | 12/20 | | | 6/26 | | | 7,149 | | | 7,149 | | | 7,149 | | | (3)(7)(30) |
| Common Equity interest (18,000 shares) | | | N/A | | | 12/20 | | | N/A | | | | | 9,553 | | | 10,114 | | | (3)(7)(30) (33) | ||||||
| | | | | | | | | 7,149 | | | 16,702 | | | 17,263 | | | ||||||||||
MVC Private Equity Fund LP 287 Bowman Ave, 2nd Floor Purchase, NY 10577 | | | Investment Funds & Vehicles | | | General Partnership Interest (1,831.4 units) | | | N/A | | | 3/21 | | | N/A | | | | | 225 | | | 189 | | | (3)(30)(33) | |
| Limited Partnership Interest (71,790.4 units) | | | N/A | | | 3/21 | | | N/A | | | | | 8,899 | | | 7,452 | | | (3)(30) | ||||||
| | | | | | | | | | | 9,124 | | | 7,641 | | | |||||||||||
Security Holdings B.V. Strawinskylaan 411 Toren A, 4hg, Amsterdam, Noord-Holland, Netherlands | | | Electrical Engineering | | | Bridge Loan | | | 5.0% PIK | | | 12/20 | | | 5/24 | | | 5,871 | | | 5,871 | | | 5,871 | | | (3)(7)(30) |
| Senior Subordinated Term Loan | | | 3.1% PIK | | | 12/20 | | | 5/24 | | | 10,371 | | | 10,371 | | | 10,371 | | | (3)(7)(30) | |||||
| Senior Unsecured Term Loan | | | 6.0% Cash, 9.0% PIK | | | 4/21 | | | 4/25 | | | 7,021 | | | 7,943 | | | 7,021 | | | (3)(7)(30) | |||||
| Common Stock Series A (17,100 shares) | | | N/A | | | 2/22 | | | N/A | | | | | 560 | | | 737 | | | (3)(7)(30) (33) | ||||||
| Common Stock Series B (1,236 shares) | | | N/A | | | 12/20 | | | N/A | | | | | 35,192 | | | 68,850 | | | (3)(7)(30) (33) | ||||||
| | | | | | | | | 23,263 | | | 59,937 | | | 92,850 | | | ||||||||||
Subtotal Control Investments | | | | | | | 60,130 | | | 105,791 | | | 138,745 | | | ||||||||||||
| | | | | | | | | | | | | | | | | | ||||||||||
Total Investments, June 30, 2022 | | | | | | | $2,162,455 | | | $2,439,067 | | | $2,389,076 | | |
(1) | All debt investments are income producing, unless otherwise noted. Eclipse Business Capital, LLC, Ferrellgas L.P., Thompson Rivers LLC and Waccamaw River LLC equity investments are income producing. All other equity and any equity-linked investments are non-income producing. The Company's Board of Directors (the “Board”) determined in good faith that all investments were valued at fair value in accordance with the Company's valuation policies and procedures and the Investment Company Act of 1940, as amended (the “1940 Act”), based on, among other things, the input of the Company's external investment adviser, Barings, the Company’s Audit Committee and independent valuation firms that have been engaged to assist in the valuation of the Company's middle-market investments. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates |
(2) | All of the Company’s portfolio company investments (including joint venture investments), which as of June 30, 2022 represented 190.7% of the Company’s net assets, are subject to legal restrictions on sales. The acquisition date represents the date of the Company's initial investment in the relevant portfolio company. |
(3) | Investment is not a qualifying investment as defined under Section 55(a) of the 1940 Act. Non-qualifying assets represent 27.7% of total investments at fair value as of June 30, 2022. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets. If at any time qualifying assets do not represent at least 70% of the Company's total assets, the Company will be precluded from acquiring any additional non-qualifying asset until such time as it complies with the requirements of Section 55(a). |
(4) | As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns between 5% or more, up to 25% (inclusive), of the portfolio company's voting securities (“non-controlled affiliate”). |
(5) | As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” the portfolio company because it owns more than 25% of the portfolio company’s outstanding voting securities or it has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). |
(6) | Some or all of the investment is or will be encumbered as security for the Company's $1.1 billion senior secured credit facility with ING Capital LLC initially entered into in February 2019 (as amended, restated and otherwise modified from time to time, the “February 2019 Credit Facility”). |
(7) | The fair value of the investment was determined using significant unobservable inputs. |
(8) | Debt investment includes interest rate floor feature. |
(9) | The interest rate on these loans is subject to 1 Month LIBOR, which as of June 30, 2022 was 1.78671%. |
(10) | The interest rate on these loans is subject to 3 Month LIBOR, which as of June 30, 2022 was 2.28514%. |
(11) | The interest rate on these loans is subject to 6 Month LIBOR, which as of June 30, 2022 was 2.93514%. |
(12) | The interest rate on these loans is subject to 3 Month GBP LIBOR, which as of June 30, 2022 was 1.66920%. |
(13) | The interest rate on these loans is subject to 1 Month EURIBOR, which as of June 30, 2022 was -0.50800%. |
(14) | The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2022 was -0.19500%. |
(15) | The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2022 was 0.26300%. |
(16) | The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2022 was 1.68597%. |
(17) | The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2022 was 2.11654%. |
(18) | The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2022 was 2.63063%. |
(19) | The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2022 was 1.19310%. |
(20) | The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2022 was 1.54990%. |
(21) | The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2022 was 1.97950%. |
(22) | The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2022 was 1.14000%. |
(23) | The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2022 was 1.81320%. |
(24) | The interest rate on these loans is subject to 6 Month BBSY, which as of June 30, 2022 was 2.67220%. |
(25) | The interest rate on these loans is subject to 3 Month CDOR, which as of June 30, 2022 was 2.75500%. |
(26) | The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2022 was 0.00802%. |
(27) | The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2022 was 2.68000%. |
(28) | The interest rate on these loans is subject to 3 Month SARON, which as of June 30, 2022 was -0.62710%. |
(29) | Non-accrual investment. |
(30) | Investment was purchased as part of the MVC Acquisition and is part of the investments acquired by the Company from MVC in connection with the MVC Acquisition (collectively, the “MVC Reference Portfolio”) for purposes of the MVC Credit Support Agreement (as defined herein). In connection with the MVC Acquisition, on December 23, 2020, promptly following the closing of the Company’s merger with MVC, the Company entered into a Credit Support Agreement (the “MVC Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $23.0 million relating to the net cumulative realized and unrealized losses on the acquired MVC investment portfolio over a 10-year period. |
(31) | In 2017, MVC received $5.7 million of 9.5% second lien callable notes due in 2025, in lieu of an escrow to satisfy any indemnification claims associated with MVC’s sale of its equity investment in U.S. Gas & Electric (“U.S. Gas”). Effective January 1, 2018, the cost basis of the U.S. Gas second lien loan was decreased by approximately $3.0 million due to a working capital adjustment. This loan is still subject to indemnification adjustments. |
(32) | Investment was purchased as part of the Sierra Acquisition and is part of the investments acquired by the Company from Sierra in connection with the Sierra Acquisition (collectively, the “Sierra Reference Portfolio”) for purposes of the Sierra Credit Support Agreement (as defined herein). In connection with the Sierra Acquisition, on February 25, 2022, promptly following the closing of the Company’s merger with Sierra, the Company entered into a Credit Support Agreement (the “Sierra Credit Support Agreement”) with the Adviser, pursuant to which the Adviser has agreed to provide credit support to the Company in the amount of up to $100.0 million relating to the net cumulative realized and unrealized losses on the acquired Sierra investment portfolio over a 10-year period. |
(33) | Percentage of class held for equity investments are as follows: |
a. | Accelerant Holdings – 0.2% |
b. | Accurus Aerospace Corporation – 0.2% |
c. | Advantage Software Class A Partnership Units – 0.1% |
d. | Advantage Software Class B Partnership Units – 0.1% |
e. | AIT Worldwide Logistics Holdings, Inc. – 0.05% |
f. | Aptus 1829. GmbH Preferred Stock – 0.3% |
g. | Aptus 1829. GmbH Common Stock – 0.3% |
h. | Azalea Buyer, Inc. – 0.4% |
i. | BrightSign LLC – 0.5% |
j. | Canadian Orthodontic Partners Corp. Class A Units – 0.2% |
k. | Canadian Orthodontic Partners Corp. Class C Warrants – 0.0% |
l. | Caribou Holding Company, LLC – 0.8% |
m. | Carlson Travels Common Stock – 0.2% |
n. | CGI Parent, LLC – 0.33% |
o. | Cineworld Group PLC Warrants – 0.0% |
p. | CMT Opco Holding, LLC, LLC Units – 0.8% |
q. | Coastal Marina Holdings, LLC – 14.6% |
r. | Command Alkon (Project Potter Buyer, LLC) Class B Units – 0.05% |
s. | Compass Precision, LLC – 0.3% |
t. | Coyo Uprising GmbH Class A Units – 0.4% |
u. | Coyo Uprising GmbH Class A Units – 0.4% |
v. | CW Group Holdings LLC Units – 0.3% |
w. | DecksDirect, LLC – 0.1% |
x. | Echo Global Logistics, Inc. – 0.1% |
y. | Ferrellgas L.P. OpCo Preferred Units – 0.8% |
z. | FinThrive Software Intermediate Holdings Inc. – 1.3% |
aa. | Five Star Holding LLC – 0.2% |
bb. | FragilePak LLC Partnership Units – 0.8% |
cc. | FSS Buyer LLC LP Interest – 0.03% |
dd. | FSS Buyer LLC LP Units – 0.03% |
ee. | GTM Intermediate Holdings, Inc. Series A Preferred units – 4.0% |
ff. | GTM Intermediate Holdings, Inc. Series C Preferred units – 5.5% |
gg. | IM Analytics Holding, LLC, Warrants – 22.9% |
hh. | ITI Intermodal, Inc. – 0.1% |
ii. | Jones Fish Hatcheries & Distributors LLC – 0.5% |
jj. | Kano Laboratories LLC, Partnership Equity – 1.5% |
kk. | Kid Distro Holdings, LLC – 0.41% |
ll. | LeadsOnline, LLC – 0.0% |
mm. | MC Group Ventures Corporation Partnership Units – 0.1% |
nn. | MNS Buyer, Inc. LLC Units – 0.4% |
oo. | Narda Acquisitionco., Inc. Class A Preferred Units – 0.5% |
pp. | Narda Acquisitionco., Inc. Class B Common Units – 0.1% |
qq. | OA Buyer, Inc. – 0.1% |
rr. | Path Medical, LLC – 26.97% |
ss. | PDQ.Com Corporation LP Units – 0.05% |
tt. | Polara Enterprises, L.L.C. – 0.37% |
uu. | Policy Services Company, LLC Class A Warrants – 3.77% |
vv. | Policy Services Company, LLC Class B Warrants - 3.77% |
ww. | Policy Services Company, LLC Class C Warrants - 3.77% |
xx. | Policy Services Company, LLC Class D Warrants - 3.77% |
yy. | ProfitOptics, LLC – 0.9% |
zz. | Proppants Holding, LLC – 1.61% |
aaa. | Recovery Point Systems, Inc. Partnership Equity – 0.2% |
bbb. | Renovation Parent Holdings, LLC – 0.2% |
ccc. | RTIC Subsidiary Holdings, LLC Class A Preferred Units – 0.23% |
ddd. | RTIC Subsidiary Holdings, LLC Class B Preferred Units – 0.23% |
eee. | RTIC Subsidiary Holdings, LLC Class C Preferred Units – 0.23% |
fff. | RTIC Subsidiary Holdings, LLC Common Units – 0.23% |
ggg. | Safety Products Holdings, LLC Preferred Stock – 0.2% |
hhh. | SMART Financial Operations, LLC – 1.51% |
iii. | Syniverse Holdings, Inc. – 2.41% |
jjj. | TA SL Cayman Aggregator Corp. Common Stock – 0.01% |
kkk. | Terrybear, Inc. – 1.4% |
lll. | The Octave Music Group, Inc. – 0.3% |
mmm. | True Religion Apparel, Inc. Preferred Units – 0.28% |
nnn. | True Religion Apparel, Inc. Common Units – 0.27% |
ooo. | Trystar, LLC, LLC Units – 0.6% |
ppp. | Velocity Pooling Vehicle, LLC Common Units – 0.1% |
qqq. | Velocity Pooling Vehicle, LLC Warrants – 0.1% |
rrr. | Vital Buyer, LLC – 0.1% |
sss. | Eclipse Business Capital, LLC – 40.09% |
ttt. | Jocassee Partners LLC, Member Interest – 9.1% |
uuu. | Thompson Rivers LLC, Member Interest – 7.5% |
vvv. | Waccamaw River LLC – 20% |
www. | Walker Edison Furniture Company LLC – 1.31% |
xxx. | Watermill-QMC Midco, Inc. – 1.64% |
yyy. | Woodland Foods, LLC – 1.08% |
zzz. | Xeinadin Bidco Limited - 0.5% |
aaaa. | ZB Holdco LLC - 0.1% |
bbbb. | 1888 Industrial Services, LLC – 10.2% |
cccc. | Charming Charlie LLC – 11.64% |
dddd. | Hylan Datacom & Electrical LLC – 11.1% |
eeee. | JSC Tekers Holdings Preferred Stock – 100% |
ffff. | JSC Tekers Holdings Common Stock – 9.1% |
gggg. | Kemmerer Operations, LLC – 6.78% |
hhhh. | Sierra Senior Loan Strategy JV I LLC -89.01% |
iiii. | Black Angus Steakhouses, LLC – 44.6% |
jjjj. | MVC Automotive Group Gmbh Common Equity Interest – 100% |
kkkk. | MVC Private Equity Fund LP General Partnership Interest – 100% |
llll. | MVC Private Equity Fund LP Limited Partnership Interest – 19.4% |
mmmm. | Security Holdings B.V Common Stock – 98.5% (5% voting) |
Name | | | Dollar Range of Equity Securities in the Company |
Ian Fowler | | | — |
Adam Wheeler | | | — |
Terry Harris | | | — |
Mark Flessner | | | — |
Brian Baldwin | | | $50,001 - $100,000 |
Salman Mukhtar | | | $1 - $10,000 |
(1) | Dollar ranges are as follows: $1-$10,000; $10,001-$50,000; $50,001-$100,000; or over $100,000. |
Name of PTMN Portfolio Manager | | | Type of Accounts | | | Total No. of Other Accounts Managed | | | Total Other Assets (in millions)(1) | | | No. of Other Accounts where Advisory Fee is Based on Performance | | | Total Assets in Other Accounts where Advisory Fee is Based on Performance (in millions)(2) |
Ian Fowler | | | Registered Investment Companies | | | 3 | | | $4,288 | | | 3 | | | $4,288 |
| Other Pooled Investment Vehicles | | | 4 | | | $1,899 | | | 1 | | | $167 | ||
| Other Accounts | | | 3 | | | $104 | | | — | | | $— | ||
Adam Wheeler | | | Registered Investment Companies | | | — | | | $— | | | — | | | $— |
| Other Pooled Investment Vehicles | | | 18 | | | $3,746 | | | 3 | | | $156 | ||
| Other Accounts | | | 5 | | | $621 | | | — | | | $— | ||
Terry Harris | | | Registered Investment Companies | | | — | | | $— | | | — | | | $— |
| Other Pooled Investment Vehicles | | | 12 | | | $4,928 | | | 5 | | | $1,214 | ||
| Other Accounts | | | 5 | | | $3,271 | | | — | | | $— | ||
Mark Flessner | | | Registered Investment Companies | | | — | | | $— | | | — | | | $— |
| Other Pooled Investment Vehicles | | | 7 | | | $2,798 | | | 2 | | | $899 | ||
| Other Accounts | | | 4 | | | $976 | | | — | | | $— | ||
Brian Baldwin | | | Registered Investment Companies | | | — | | | $— | | | — | | | $— |
| Other Pooled Investment Vehicles | | | — | | | $— | | | — | | | $— | ||
| Other Accounts | | | — | | | $— | | | — | | | $— | ||
Salman Mukhtar | | | Registered Investment Companies | | | — | | | $— | | | — | | | $— |
| Other Pooled Investment Vehicles | | | — | | | $— | | | — | | | $— | ||
| Other Accounts | | | 5 | | | $8,655 | | | — | | | $— |
(1) | Total Other Assets as defined by Barings GPFG, which includes undrawn commitments. |
(2) | Represents the assets under management of the accounts managed that have the potential to generate fees in addition to management fees based on total assets. |
• | each person known to us to beneficially own more than 5% of the outstanding shares of our Common Stock; |
• | each of our directors and each named executive officer; and |
• | all of our directors and executive officers as a group. |
Name of Beneficial Owner | | | Number of Shares Beneficially Owned(1) | | | Percentage of Class(2) | | | Dollar Range of Equity Securities Beneficially Owned(3) |
Directors and Executive Officers: | | | | | | | |||
Interested Directors | | | | | | | |||
Eric Lloyd | | | 32,434 | | | * | | | over $100,000 |
David Mihalick | | | 20,000 | | | * | | | over $100,000 |
Dr. Bernard Harris, Jr. | | | — | | | — | | | None |
Non-Interested Directors | | | | | | | |||
Mark F. Mulhern | | | 14,855 | | | * | | | over $100,000 |
Thomas W. Okel | | | 10,036 | | | * | | | over $100,000 |
Jill Olmstead | | | 4,000 | | | * | | | $10,001 - $50,000 |
John A. Switzer | | | 6,000 | | | * | | | $50,001 - $100,000 |
Robert Knapp | | | 361,034 | | | * | | | over $100,000 |
Steve Byers | | | 18,121 | | | * | | | over $100,000 |
Valerie Lancaster-Beal | | | — | | | — | | | None |
Executive Officers Who Are Not Directors | | | | | | | |||
Jonathan Bock | | | 22,075 | | | * | | | over $100,000 |
Ian Fowler | | | — | | | — | | | None |
Jill Dinerman | | | — | | | — | | | None |
Michael Cowart | | | — | | | — | | | None |
Jonathan Landsberg | | | 8,000 | | | * | | | $50,001 - $100,000 |
Elizabeth Murray | | | 12,328 | | | * | | | over $100,000 |
All directors and executive officers as a group (15 persons) | | | 508,883 | | | * | | | over $100,000 |
Five-Percent Stockholders: | | | | | | | |||
Barings LLC | | | 13,639,681 | | | 12.5% | | | over $100,000 |
* | Less than 1.0% |
(1) | Beneficial ownership in this column has been determined in accordance with Rule 13d-3 of the Exchange Act. Except as otherwise noted, each beneficial owner of more than five percent of the Company's common stock and each director and executive officer has sole voting and/or investment power over the shares reported. |
(2) | Based on a total of 109,174,975 shares issued and outstanding as of August 31, 2022. |
(3) | Beneficial ownership in this column has been determined in accordance with Rule 16a-1(a)(2) of the Exchange Act. The dollar range of equity securities beneficially owned is based on a stock price of $9.97 per share as of August 31, 2022. Dollar ranges are as follows: None, $1 - $10,000, $10,001 - $50,000, $50,001 - $100,000, or over $100,000. |
• | one-tenth or more but less than one-third; |
• | one-third or more but less than a majority; or |
• | a majority or more of all voting power. |
• | any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock; or |
• | an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding stock of the corporation. |
• | 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and |
• | two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. |
• | our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 23, 2022; |
• | our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the SEC on May 5, 2022 and for the quarter ended June 30, 2022 filed with the SEC on August 9, 2022; |
• | our Current Reports on Form 8-K (other than information furnished rather than filed) filed on February 23, 2022, February 25, 2022, March 3, 2022, April 13, 2022, May 5, 2022, June 30, 2022, August 9, 2022 and September 7, 2022; and |
• | our Definitive Proxy on Schedule 14A filed on March 11, 2022. |
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• | Exercise professional judgment and maintain professional skepticism throughout the audit. |
• | Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. |
• | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed. |
• | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements. |
• | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. |
| | As of December 31, | ||||
| | 2021 | | | 2020 | |
ASSETS | | | | | ||
Investments at fair value | | | | | ||
Non-controlled/non-affiliated investments (amortized cost of $400,121,998 and $521,483,006, respectively) | | | $364,880,738 | | | $472,813,820 |
Controlled/affiliated investments (amortized cost of $152,039,596 and $179,520,933, respectively) | | | 107,903,061 | | | 131,172,660 |
Total investments at fair value | | | 472,783,799 | | | 603,986,480 |
Cash and cash equivalents | | | 124,283,782 | | | 65,301,216 |
Interest receivable from investments | | | 2,609,111 | | | 3,943,980 |
Unsettled trades receivable | | | 89,066 | | | 2,541,500 |
Prepaid expenses and other assets | | | 3,074,474 | | | 1,934,866 |
Total assets | | | $602,840,232 | | | $677,708,042 |
| | | | |||
LIABILITIES | | | | | ||
Revolving credit facilities payable (net of deferred financing costs of $0 and $659,266, respectively) (Note 6) | | | $44,600,645 | | | $144,340,734 |
Base management fees payable (Note 7) | | | 2,640,364 | | | 2,967,857 |
Deferred tax liability | | | 1,005,191 | | | 2,390,596 |
Accounts payable and accrued expenses | | | 3,534,000 | | | 1,406,175 |
Administrator fees payable (Note 7) | | | 372,534 | | | 401,260 |
Interest payable | | | 126,483 | | | 449,420 |
Unsettled trades payable | | | 224,400 | | | 11,061 |
Taxes payable | | | 4,643,272 | | | — |
Total liabilities | | | $57,146,889 | | | $151,967,103 |
| | | | |||
Commitments (Note 11) | | | | | ||
| | | | |||
NET ASSETS | | | | | ||
Common shares, par value $0.001 per share, 250,000,000 common shares authorized, 102,276,889 and 102,630,605 common shares issued outstanding, respectively | | | $102,277 | | | $102,631 |
Capital in excess of par value | | | 863,453,922 | | | 850,737,609 |
Total distributable earnings/(loss) | | | (317,862,856) | | | (325,099,301) |
Total net assets | | | 545,693,343 | | | 525,740,939 |
Total liabilities and net assets | | | $602,840,232 | | | $677,708,042 |
NET ASSET VALUE PER COMMON SHARE | | | $5.34 | | | $5.12 |
| | For the Years Ended December 31, | |||||||
| | 2021 | | | 2020 | | | 2019 | |
INVESTMENT INCOME | | | | | | | |||
Interest and dividend income from investments | | | | | | | |||
Non-controlled/non-affiliated investments: | | | | | | | |||
Cash | | | $35,823,026 | | | $36,500,331 | | | $56,950,129 |
Payment-in-kind | | | 1,940,338 | | | 1,953,472 | | | 2,384,461 |
Controlled/affiliated investments: | | | | | | | |||
Cash | | | 9,813,690 | | | 6,727,395 | | | 13,478,339 |
Payment-in-kind | | | 384,386 | | | 70,746 | | | 1,771,155 |
Total interest and dividend income | | | 47,961,440 | | | 45,251,944 | | | 74,584,084 |
Fee income (Note 12) | | | 1,363,697 | | | 1,236,934 | | | 4,039,866 |
Interest from cash and cash equivalents | | | 19,415 | | | 1,404,229 | | | 1,473,656 |
Total investment income | | | 49,344,552 | | | 47,893,107 | | | 80,097,606 |
| | | | | | ||||
EXPENSES | | | | | | | |||
Base management fees (Note 7) | | | 11,509,112 | | | 12,185,544 | | | 17,018,479 |
Interest and financing expenses | | | 4,307,793 | | | 11,835,466 | | | 20,489,217 |
Incentive fees (Note 7) | | | — | | | — | | | 176,061 |
General and administrative expenses | | | 10,305,994 | | | 12,363,215 | | | 5,885,448 |
Administrator expenses (Note 7) | | | 2,040,753 | | | 2,231,015 | | | 2,538,480 |
Offering costs | | | 45,633 | | | 38,846 | | | 43,987 |
Professional fees | | | 5,617,244 | | | 11,712,102 | | | 1,864,032 |
Total expenses | | | 33,826,529 | | | 50,366,188 | | | 48,015,704 |
Income tax expense | | | 3,943,831 | | | — | | | — |
Net investment income (loss) | | | $11,574,192 | | | $(2,473,081) | | | $32,081,902 |
| | | | | | ||||
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS | | | | | | | |||
Net realized gain/(loss) from non-controlled/non-affiliated investments | | | 6,279,654 | | | (64,961,724) | | | (9,305,439) |
Net realized gain/(loss) from controlled/affiliated investments | | | (881,915) | | | (8,704,949) | | | (9,094,658) |
Net realized gain/(loss) on total return swap (Note 5) | | | — | | | — | | | (9,323,512) |
Net change in unrealized appreciation/(depreciation) on non-controlled/non-affiliated investments | | | 13,425,118 | | | 35,320,531 | | | (23,432,733) |
Net change in unrealized appreciation/(depreciation) on controlled/affiliated investments | | | 4,211,737 | | | (9,930,012) | | | (16,790,432) |
Net change in unrealized appreciation/(depreciation) on total return swap | | | — | | | — | | | 6,524,904 |
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | | | (366,332) | | | (2,149,661) | | | (240,935) |
Loss on extinguishment of debt | | | — | | | (217,950) | | | — |
Net realized and unrealized gain/(loss) on investments | | | 22,668,262 | | | (50,643,765) | | | (61,662,805) |
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | $34,242,454 | | | $(53,116,846) | | | $(29,580,903) |
WEIGHTED AVERAGE - BASIC AND DILUTED EARNINGS/(LOSS) PER COMMON SHARE | | | 0.33 | | | (0.52) | | | (0.29) |
WEIGHTED AVERAGE - BASIC AND DILUTED NET INVESTMENT INCOME/(LOSS) PER COMMON SHARE | | | 0.11 | | | (0.02) | | | 0.32 |
WEIGHTED AVERAGE COMMON STOCK OUTSTANDING - BASIC AND DILUTED (NOTE 10) | | | 102,408,063 | | | 102,744,642 | | | 100,582,788 |
DISTRIBUTIONS DECLARED PER COMMON SHARE | | | 0.12 | | | 0.13 | | | 0.64 |
| | Common Stock | | | Paid in Capital in Excess of Par | | | Distributable Earnings (Loss) | | | Total Net Assets | ||||
| | Shares | | | Par Amount | | |||||||||
Balance at December 31, 2018 | | | 98,502,907 | | | $98,503 | | | $858,699,757 | | | $(196,718,061) | | | $662,080,199 |
Net increase/(decrease) in net assets resulting from operations: | | | | | | | | | | | |||||
Net investment income/(loss) | | | — | | | — | | | — | | | 32,081,902 | | | 32,081,902 |
Net realized gain/(loss) on investments | | | — | | | — | | | — | | | (18,400,097) | | | (18,400,097) |
Net realized gain/(loss) on total return swap | | | — | | | — | | | — | | | (9,323,512) | | | (9,323,512) |
Net change in unrealized appreciation/(depreciation) on investments | | | — | | | — | | | — | | | (40,223,165) | | | (40,223,165) |
Net change in unrealized appreciation/(depreciation) on total return swap | | | — | | | — | | | — | | | 6,524,904 | | | 6,524,904 |
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | | | — | | | — | | | — | | | (240,935) | | | (240,935) |
Shareholder distributions: | | | | | | | | | | | |||||
Issuance of common shares pursuant to distribution reinvestment plan | | | 4,028,163 | | | 4,028 | | | 24,270,566 | | | — | | | 24,274,594 |
Repurchase of common shares | | | (248,704) | | | (249) | | | (1,548,516) | | | — | | | (1,548,765) |
Distributions from earnings | | | — | | | — | | | — | | | (38,237,797) | | | (38,237,797) |
Distribution from tax return of capital | | | — | | | — | | | (25,924,607) | | | — | | | (25,924,607) |
Total increase/(decrease) for the year ended December 31, 2019 | | | 3,779,459 | | | $3,779 | | | $(3,202,557) | | | $(67,818,700) | | | $(71,017,478) |
Tax reclassification of stockholders’ equity in accordance with GAAP | | | — | | | — | | | 14,070,485 | | | (14,070,485) | | | — |
Balance at December 31, 2019 | | | 102,282,366 | | | $102,282 | | | $869,567,685 | | | $(278,607,246) | | | $591,062,721 |
Net increase/(decrease) in net assets resulting from operations: | | | | | | | | | | | |||||
Net investment income/(loss) | | | — | | | — | | | — | | | (2,473,081) | | | (2,473,081) |
Net realized gain/(loss) on investments | | | — | | | — | | | — | | | (73,666,673) | | | (73,666,673) |
Net loss on extinguishment of debt | | | — | | | — | | | — | | | (217,950) | | | (217,950) |
Net change in unrealized appreciation/(depreciation) on investments | | | — | | | — | | | — | | | 25,390,519 | | | 25,390,519 |
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | | | — | | | — | | | — | | | (2,149,661) | | | (2,149,661) |
Shareholder distributions: | | | | | | | | | | | |||||
Issuance of common shares pursuant to distribution reinvestment plan | | | 995,491 | | | 995 | | | 4,884,939 | | | — | | | 4,885,934 |
Repurchase of common shares | | | (647,252) | | | (646) | | | (3,252,190) | | | — | | | (3,252,836) |
Distribution from tax return of capital | | | — | | | — | | | (13,838,034) | | | — | | | (13,838,034) |
Total increase/(decrease) for the year ended December 31, 2020 | | | 348,239 | | | 349 | | | (12,205,285) | | | (53,116,846) | | | (65,321,782) |
Tax reclassification of stockholders’ equity in accordance with GAAP | | | — | | | — | | | (6,624,791) | | | 6,624,791 | | | — |
Balance at December 31, 2020 | | | 102,630,605 | | | 102,631 | | | 850,737,609 | | | (325,099,301) | | | 525,740,939 |
Net increase/(decrease) in net assets resulting from operations: | | | | | | | | | | | |||||
Net investment income/(loss) | | | — | | | — | | | — | | | 11,574,192 | | | 11,574,192 |
Net realized gain/(loss) on investments | | | — | | | — | | | — | | | 5,397,739 | | | 5,397,739 |
Net change in unrealized appreciation/(depreciation) on investments | | | — | | | — | | | — | | | 17,636,855 | | | 17,636,855 |
Change in provision for deferred taxes on unrealized appreciation/(depreciation) on investments | | | — | | | — | | | — | | | (366,332) | | | (366,332) |
Shareholder distributions: | | | | | | | | | | | |||||
Issuance of common shares pursuant to distribution reinvestment plan | | | 610,778 | | | 610 | | | 3,046,153 | | | — | | | 3,046,763 |
Repurchase of common shares | | | (964,494) | | | (964) | | | (5,048,098) | | | — | | | (5,049,062) |
Distributions from earnings | | | — | | | — | | | — | | | (12,287,751) | | | (12,287,751) |
Total increase/(decrease) for the year ended December 31, 2021 | | | (353,716) | | | (354) | | | (2,001,945) | | | 21,954,703 | | | 19,952,404 |
Tax reclassification of stockholders’ equity in accordance with GAAP | | | — | | | — | | | 14,718,258 | | | (14,718,258) | | | — |
Balance at December 31, 2021 | | | 102,276,889 | | | $102,277 | | | $863,453,922 | | | $(317,862,856) | | | $545,693,343 |
| | For the years ended December 21, | |||||||
| | 2021 | | | 2020 | | | 2019 | |
Cash flows from operating activities | | | | | | | |||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS: | | | $34,242,454 | | | $(53,116,846) | | | $(29,580,903) |
ADJUSTMENT TO RECONCILE NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | | | | | | | |||
Payment-in-kind interest income | | | (2,324,724) | | | (2,024,218) | | | (4,155,616) |
Net amortization of premium on investments | | | (525,402) | | | (757,180) | | | (1,644,734) |
Amortization of deferred financing costs | | | 659,266 | | | 2,245,823 | | | 1,931,634 |
Net realized (gain)/loss on investments | | | (5,397,739) | | | 73,666,673 | | | 18,400,097 |
Net change in unrealized (appreciation)/depreciation on investments | | | (17,636,855) | | | (25,390,519) | | | 40,223,131 |
Net change in unrealized (appreciation) on total return swap (Note 5) | | | — | | | — | | | (6,524,904) |
Purchases and originations | | | (145,098,398) | | | (143,185,043) | | | (281,525,752) |
Proceeds from sale of investments and principal repayments | | | 302,185,799 | | | 169,327,737 | | | 476,559,706 |
Loss on extinguishment of debt | | | — | | | 217,950 | | | — |
(Increase)/decrease in operating assets: | | | | | | | |||
Unsettled trades receivable | | | 2,452,434 | | | (2,521,019) | | | 2,319,066 |
Interest receivable from investments | | | 1,334,869 | | | 4,193,247 | | | 1,399,258 |
Receivable due on total return swap (Note 5) | | | — | | | — | | | 113,252 |
Deferred transaction costs | | | — | | | 14,993,778 | | | (7,941,087) |
Prepaid expenses and other assets | | | (1,139,608) | | | (143,883) | | | (1,163,565) |
Increase/(decrease) in operating liabilities: | | | | | | | |||
Taxes payable | | | 2,891,535 | | | — | | | — |
Unsettled trades payable | | | 213,339 | | | 11,061 | | | — |
Base management fee payable | | | (327,493) | | | (1,092,661) | | | (430,716) |
Transaction costs payable | | | — | | | (527,491) | | | 128,811 |
Accounts payable and accrued expenses | | | 2,127,825 | | | (725,590) | | | 58,596 |
Administrator fees payable | | | (28,726) | | | 19,337 | | | (307,788) |
Interest payable | | | (322,937) | | | (1,163,561) | | | (221,758) |
Deferred tax liability | | | 366,332 | | | 2,149,661 | | | 240,935 |
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES | | | 173,671,971 | | | 36,177,256 | | | 207,877,663 |
Cash flows from financing activities: | | | | | | | |||
Repayments of revolving credit facility | | | (100,399,355) | | | (183,100,000) | | | (26,900,000) |
Payment of cash distributions | | | (9,240,988) | | | (8,952,100) | | | (39,887,810) |
Financing costs paid | | | — | | | (887,760) | | | (705,927) |
Repurchase of common shares | | | (5,049,062) | | | (3,252,836) | | | (1,548,765) |
NET CASH USED IN FINANCING ACTIVITIES | | | (114,689,405) | | | (196,192,696) | | | (69,042,502) |
TOTAL INCREASE/(DECREASE) IN CASH | | | 58,982,566 | | | (160,015,440) | | | 138,835,161 |
CASH, CASH EQUIVALENTS AT BEGINNING OF YEAR | | | 65,301,216 | | | 225,316,656 | | | 86,481,495 |
CASH, CASH EQUIVALENTS AT END OF YEAR | | | $124,283,782 | | | $65,301,216 | | | $225,316,656 |
Supplemental information: | | | | | | | |||
Cash paid during the year for interest | | | $3,971,464 | | | $10,535,252 | | | $18,779,341 |
Supplemental non-cash information: | | | | | | | |||
Issuance of common shares in connection with distribution reinvestment plan | | | $3,046,763 | | | $4,885,934 | | | $24,274,594 |
Non-cash purchase of investments | | | $— | | | $54,915,833 | | | $15,700,771 |
Non-cash sale of investments | | | $— | | | $54,915,833 | | | $15,700,771 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Non–Control / Non–Affiliate Investments | | | | | | | | | ||||||||||
AAAHI Acquisition Corporation (1.2%)*(4)(5) | | | Transportation: Consumer | | | Senior Secured First Lien Term Loan (LIBOR + 8.250%, 1.000% Floor) | | | 12/10/2023 | | | $7,269,893 | | | $7,269,893 | | | $6,795,169 |
| | | | | | | | 7,269,893 | | | 7,269,893 | | | 6,795,169 | ||||
Alpine SG, LLC (4.8%)*(4)(5) | | | High Tech Industries | | | Senior Secured First Lien Term Loan (LIBOR + 5.500%, 1.000% Floor) | | | 11/5/2027 | | | 26,957,033 | | | 26,517,678 | | | 26,417,893 |
| | | | | | | | 26,957,033 | | | 26,517,678 | | | 26,417,893 | ||||
AMMC CLO 22, Limited Series 2018-22A (0.9%)*(6)(7)(8) | | | Multi-Sector Holdings | | | Subordinated Notes (13.180% effective yield) | | | 4/25/2031 | | | 7,222,000 | | | 4,974,916 | | | 4,859,684 |
| | | | | | | | 7,222,000 | | | 4,974,916 | | | 4,859,684 | ||||
AMMC CLO 23, Ltd. Series 2020-23A (0.3%)*(6) (7) (8) | | | Multi-Sector Holdings | | | Subordinated Notes (16.351% effective yield) | | | 10/17/2031 | | | 2,000,000 | | | 1,602,976 | | | 1,850,800 |
| | | | | | | | 2,000,000 | | | 1,602,976 | | | 1,850,800 | ||||
Apidos CLO XXIV, Series 2016-24A(1.4%)*(5)(6)(7)(8) | | | Multi-Sector Holdings | | | Subordinated Notes (15.069% effective yield) | | | 7/20/2027 | | | 18,357,647 | | | 8,888,304 | | | 7,526,635 |
| | | | | | | | 18,357,647 | | | 8,888,304 | | | 7,526,635 | ||||
Arrow International Inc.(2.7%)*(9) | | | Hotel, Gaming & Leisure | | | Senior Secured First Lien Term Loan (LIBOR + 7.250%, 1.250% Floor) | | | 12/21/2025 | | | 15,000,000 | | | 15,000,000 | | | 15,000,000 |
| | | | | | | | 15,000,000 | | | 15,000,000 | | | 15,000,000 | ||||
Aviation Technical Services, Inc. (4.8%)*(4)(5) | | | Aerospace & Defense | | | Senior Secured Second Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) | | | 3/31/2022 | | | 26,698,382 | | | 26,698,382 | | | 26,193,782 |
| | | | | | | | 26,698,382 | | | 26,698,382 | | | 26,193,782 | ||||
Brook & Whittle Holding Corp. (0.3%)*(4)(5) | | | Containers, Packaging & Glass | | | Senior Secured First Lien Term Loan (LIBOR + 4.000%, 0.500% Floor) | | | 12/14/2028 | | | 1,909,485 | | | 1,885,686 | | | 1,880,976 |
| | | | | 1,909,485 | | | 1,885,686 | | | 1,880,976 | |||||||
Cardenas Markets, LLC (0.4%)*(4) | | | Retail | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor) | | | 6/3/2027 | | | 1,990,000 | | | 1,970,100 | | | 1,961,145 |
| | | | | | | | 1,990,000 | | | 1,970,100 | | | 1,961,145 | ||||
CPI International, Inc. (1.4%)*(5) (10) | | | Aerospace & Defense | | | Senior Secured Second Lien Term Loan (LIBOR + 7.250%, 1.000% Floor) | | | 7/28/2025 | | | 8,575,302 | | | 8,562,346 | | | 7,889,278 |
| | | | | | | | 8,575,302 | | | 8,562,346 | | | 7,889,278 | ||||
CT Technologies Intermediate Holdings, Inc. (0.9%)*(5)(10) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor) | | | 12/16/2025 | | | 4,987,375 | | | 4,971,616 | | | 4,985,380 |
| | | | | 4,987,375 | | | 4,971,616 | | | 4,985,380 | |||||||
DataOnline Corp. (3.0%)*(4)(5) | | | High Tech Industries | | | Revolving Credit Facility (LIBOR + 6.250%, 1.000% Floor) | | | 11/13/2025 | | | 2,142,857 | | | 2,142,857 | | | 2,114,571 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor) | | | 11/13/2025 | | | 14,700,000 | | | 14,700,000 | | | 14,492,730 | ||
| | | | | | | | 16,842,857 | | | 16,842,857 | | | 16,607,301 | ||||
Dryden 43 Senior Loan Fund, Series 2016-43A (0.4%)*(5)(6)(7)(8) | | | Multi-Sector Holdings | | | Subordinated Notes (14.453% effective yield) | | | 7/20/2029 | | | 3,620,000 | | | 2,368,067 | | | 2,387,028 |
| | | | | 3,620,000 | | | 2,368,067 | | | 2,387,028 | |||||||
Dryden 49 Senior Loan Fund, Series 2017-49A (1.7%)*(5)(6)(7)(8) | | | Multi-Sector Holdings | | | Subordinated Notes (17.330% effective yield) | | | 7/18/2030 | | | 17,233,288 | | | 11,001,280 | | | 9,323,209 |
| | | | | 17,233,288 | | | 11,001,280 | | | 9,323,209 | |||||||
Envision Healthcare Corporation (0.0%)*(5)(10) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 3.750%) | | | 10/11/2025 | | | 48,500 | | | 35,543 | | | 38,931 |
| | | | | | | | 48,500 | | | 35,543 | | | 38,931 | ||||
GC EOS Buyer, Inc. (0.5%)*(5) (10) | | | Automotive | | | Senior Secured First Lien Term Loan (LIBOR + 4.500%) | | | 8/1/2025 | | | 2,487,147 | | | 2,476,064 | | | 2,479,188 |
| | | | | | | | 2,487,147 | | | 2,476,064 | | | 2,479,188 | ||||
Holland Acquisition Corp. (0.0%)*(4)(11)(12) | | | Energy: Oil & Gas | | | Senior Secured First Lien Term Loan (LIBOR + 9.000%, 1.000% Floor) | | | 5/29/2020 | | | 3,754,497 | | | 3,634,434 | | | — |
| | | | | | | | 3,754,497 | | | 3,634,434 | | | — |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Hylan Datacom & Electrical LLC (1.7%)*(5) | | | Construction & Building | | | Senior Secured First Lien Term Loan (LIBOR + 10.000%, 1.000% Floor)(4)(12) | | | 7/25/2022 | | | $15,780,651 | | | $15,605,161 | | | $8,679,358 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 10.000%, 1.000% Floor)(10) | | | 7/25/2022 | | | 354,887 | | | 342,466 | | | 354,887 | ||
| | | | | | | | 16,135,538 | | | 15,947,627 | | | 9,034,245 | ||||
Innovative XCessories & Services, LLC (0.5%)*(4)(5) | | | Automotive | | | Senior Secured First Lien Term Loan (LIBOR + 4.250%, 0.750% Floor) | | | 3/5/2027 | | | 2,946,176 | | | 2,924,206 | | | 2,889,904 |
| | | | | | | | 2,946,176 | | | 2,924,206 | | | 2,889,904 | ||||
Iqor US Inc. (0.5%)*(5)(10) | | | Services: Business | | | Senior Secured First Lien Term Loan (LIBOR + 7.500%, 1.000% Floor) | | | 11/19/2024 | | | 2,710,033 | | | 2,670,128 | | | 2,764,233 |
| | | | | | | | 2,710,033 | | | 2,670,128 | | | 2,764,233 | ||||
Isagenix International, LLC (0.2%)*(4)(5) | | | Wholesale | | | Senior Secured First Lien Term Loan (LIBOR + 5.750%, 1.000% Floor) | | | 6/14/2025 | | | 1,644,769 | | | 1,619,423 | | | 1,217,787 |
| | | | | | | | 1,644,769 | | | 1,619,423 | | | 1,217,787 | ||||
Isola USA Corp. (2.0%)* | | | High Tech Industries | | | Senior Secured Second Lien Term Loan (LIBOR + 9.500%, 1.000% Floor, PIK) (4)(12) | | | | | | | | | ||||
| 1/2/2023 | | | 12,463,144 | | | 7,254,063 | | | 10,967,567 | ||||||||
| | | | | | | ||||||||||||
| | | | Common Units (10,283,782 units)(13) | | | | | | | — | | | — | ||||
| | | | | | | | 12,463,144 | | | 7,254,063 | | | 10,967,567 | ||||
Ivanti Software, Inc. (1.1%)*(4) (5) | | | High Tech Industries | | | Senior Secured Second Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) | | | 12/1/2028 | | | 6,000,000 | | | 6,000,000 | | | 5,973,780 |
| | | | | | | | 6,000,000 | | | 6,000,000 | | | 5,973,780 | ||||
K&N Parent, Inc. (1.6%)*(4) | | | Automotive | | | Senior Secured First Lien Term Loan (LIBOR + 4.750%, 1.000% Floor) | | | 10/20/2023 | | | 7,943,788 | | | 7,626,037 | | | 7,242,352 |
| | | | Senior Secured Second Lien Term Loan (LIBOR + 8.750%, 1.000% Floor) | | | 10/21/2024 | | | 2,000,000 | | | 1,769,316 | | | 1,638,000 | ||
| | | | | | | | 9,943,788 | | | 9,395,353 | | | 8,880,352 | ||||
Keystone Acquisition Corp. (1.6%)*(4) (5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 5.250%, 1.000% Floor | | | 5/1/2024 | | | 1,765,690 | | | 1,732,120 | | | 1,748,033 |
| | | | Senior Secured Second Lien Term Loan (LIBOR + 9.250%, 1.000% Floor) | | | 5/1/2025 | | | 7,000,000 | | | 6,939,192 | | | 7,000,000 | ||
| | | | | | | | 8,765,690 | | | 8,671,312 | | | 8,748,033 | ||||
Lifestyle Intermediate II, LLC (0.8%)*(5) | | | Consumer Goods: Durable | | | Senior Secured First Lien Term Loan (LIBOR + 7.000%, 1.000% Floor)(14) | | | 1/26/2026 | | | 1,333,333 | | | 1,333,333 | | | 1,295,833 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 7.000%, 1.000% Floor) | | | 1/26/2026 | | | 3,194,079 | | | 3,194,079 | | | 3,146,168 | ||
| | | | | | | | 4,527,412 | | | 4,527,412 | | | 4,442,001 | ||||
LogMeIn, Inc. (0.4%)*(5)(7)(10) | | | High Tech Industries | | | Senior Secured First Lien Term Loan (LIBOR + 4.750%) | | | 8/31/2027 | | | 1,980,000 | | | 1,957,418 | | | 1,967,328 |
| | | | | | | | 1,980,000 | | | 1,957,418 | | | 1,967,328 | ||||
Magnetite XIX, Limited (2.6%)*(6) (7) (8) | | | Multi-Sector Holdings | | | Subordinated Notes ( LIBOR + 8.770%)(4) | | | 4/17/2034 | | | 5,250,000 | | | 5,093,782 | | | 5,250,000 |
| | | | Subordinated Notes (16.326% effective yield)(5) | | | 7/17/2030 | | | 13,730,209 | | | 8,138,548 | | | 9,118,232 | ||
| | | | | | | | 18,980,209 | | | 13,232,330 | | | 14,368,232 | ||||
Offen Inc. (0.7%)*(5)(10) | | | Transportation: Cargo | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%) | | | 6/21/2026 | | | 3,916,368 | | | 3,891,115 | | | 3,916,368 |
| | | | | | | | 3,916,368 | | | 3,891,115 | | | 3,916,368 | ||||
Path Medical, LLC (0.9%)*(5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (13.0% PIK)(10)(11)(12) | | | 10/11/2021 | | | 11,763,979 | | | 8,703,195 | | | 4,655,704 |
| | | | Senior Secured First Lien Term Loan (9.5% PIK)(10)(11)(12) | | | 10/11/2021 | | | 8,464,916 | | | 8,021,285 | | | — | ||
| | | | Warrants (36,716 warrants)(13) | | | 1/9/2027 | | | | | 669,709 | | | — | |||
| | | | | | | | 20,228,895 | | | 17,394,189 | | | 4,655,704 | ||||
PetroChoice Holdings, Inc. (1.5%)*(4)(5) | | | Chemicals, Plastics & Rubber | | | Senior Secured Second Lien Term Loan (LIBOR + 8.750%, 1.000% Floor) | | | 8/21/2023 | | | 9,000,000 | | | 9,000,000 | | | 7,947,000 |
| | | | | 9,000,000 | | | 9,000,000 | | | 7,947,000 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Polymer Solutions Group Holdings, LLC (0.2%)*(5)(10) | | | Chemicals, Plastics & Rubber | | | Senior Secured First Lien Term Loan (LIBOR + 7.000%, 1.000% Floor) | | | 1/1/2023 | | | $1,030,887 | | | $1,030,887 | | | $1,017,382 |
| | | | | 1,030,887 | | | 1,030,887 | | | 1,017,382 | |||||||
Proppants Holdings, LLC (0.0%)*(13) | | | Energy: Oil & Gas | | | Common Units (1,506,254 units) | | | | | | | 890,481 | | | 18,828 | ||
| Common Units (161,852 units) | | | | | | | 8,832 | | | — | |||||||
| | | | | | | | | | 899,313 | | | 18,828 | |||||
PT Network, LLC (1.7%)*(5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 5.500%, 1.000% Floor, 2.00% PIK)(9) | | | 11/30/2023 | | | 8,158,304 | | | 7,930,099 | | | 8,071,010 |
| | | | Membership Units (1.441 units)(13) | | | | | | | — | | | 1,268,080 | ||||
| | | | | | | | 8,158,304 | | | 7,930,099 | | | 9,339,090 | ||||
RA Outdoors, LLC (3.4%)*(5)(9)(14) | | | High Tech Industries | | | Senior Secured First Lien Term Loan (LIBOR + 6.750%, 1.000% Floor) | | | 4/8/2026 | | | 18,718,519 | | | 18,718,519 | | | 18,531,333 |
| | | | | | | | 18,718,519 | | | 18,718,519 | | | 18,531,333 | ||||
RateGain Technologies, Inc. (0.2%)*(5) (11) (13) | | | Hotel, Gaming & Leisure | | | Subordinated Notes (LIBOR + 3.500%, 1.000% Floor) | | | 9/30/2023 | | | 355,824 | | | 324,584 | | | 355,824 |
| | | | Subordinated Notes (LIBOR + 3.500%, 1.000% Floor) | | | 3/31/2024 | | | 440,476 | | | 436,895 | | | 440,476 | ||
| | | | | | | | 796,300 | | | 761,479 | | | 796,300 | ||||
Redwood Services Group, LLC (4.9%)*(5) | | | Services: Business | | | Senior Secured First Lien Term Loan (LIBOR + 6.000%, 1.000% Floor)(10) | | | 6/6/2023 | | | 22,378,742 | | | 22,378,742 | | | 22,217,616 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 8.500%, 1.000% Floor)(4) | | | 6/6/2023 | | | 3,960,000 | | | 3,960,000 | | | 3,956,040 | ||
| | | | Senior Secured First Lien Term Loan (LIBOR + 8.500%, 1.000% Floor)(10) | | | 6/6/2023 | | | 726,667 | | | 716,260 | | | 726,667 | ||
| | | | | | | | 27,065,409 | | | 27,055,002 | | | 26,900,323 | ||||
Resolute Investment Managers, Inc. (0.9%)*(4) (5) | | | Banking, Finance, Insurance & Real Estate | | | Senior Secured Second Lien Term Loan (LIBOR + 8.000%, 1.000% Floor) | | | 4/30/2025 | | | 5,081,120 | | | 5,061,927 | | | 5,125,834 |
| | | | | 5,081,120 | | | 5,061,927 | | | 5,125,834 | |||||||
Rhombus Cinema Holdings, LP (0.0%)*(5) (13) | | | Media: Diversified & Production | | | Preferred Equity (7,449 shares + 10.000% PIK)(12) | | | | | | | 4,584,207 | | | — | ||
| LLC Units (3,163 units) | | | | | | | 3,162,793 | | | — | |||||||
| | | | | | | | | | 7,747,000 | | | — | |||||
RTIC Subsidiary Holdings, LLC (2.1%)* | | | Consumer Goods: Durable | | | Senior Secured First Lien Term Loan (LIBOR + 7.750%, 1.250% Floor)(5)(10) | | | 9/1/2025 | | | 9,750,781 | | | 9,750,781 | | | 9,824,887 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 7.750%, 1.250% Floor)(5)(10)(14) | | | 9/1/2025 | | | 793,651 | | | 793,651 | | | 793,651 | ||
| | | | Revolving Credit Facility (LIBOR + 7.750%, 1.250% Floor)(5)(10) | | | 9/1/2025 | | | 783,730 | | | 783,730 | | | 775,893 | ||
| | | | Class A Partnership Units (145.347 units)(13) | | | | | | | 145,347 | | | 174,565 | ||||
| | | | Class B Partnership Units (145.347 units)(13) | | | | | | | 145,347 | | | 130,516 | ||||
| | | | Common Units (153 units)(13) | | | | | | | 15,300 | | | — | ||||
| | | | | | | | 11,328,162 | | | 11,634,156 | | | 11,699,512 | ||||
SMART Financial Operations, LLC (0.1%)*(5)(13) | | | Banking, Finance, Insurance & Real Estate | | | Preferred Equity (1,000,000 units) | | | | | | | 1,000,000 | | | 490,000 | ||
| | | | | | | 1,000,000 | | | 490,000 | ||||||||
Sound Point CLO XX, Ltd. (0.5%)*(5)(6)(7)(8) | | | Multi-Sector Holdings | | | Subordinated Notes (10.079% effective yield) | | | 7/26/2031 | | | 4,489,000 | | | 3,056,531 | | | 2,554,241 |
| | | | | | | | 4,489,000 | | | 3,056,531 | | | 2,554,241 | ||||
Team Car Care, LLC (2.3%)*(4)(5) | | | Automotive | | | Senior Secured First Lien Term Loan (LIBOR + 8.000%, 1.000% Floor) | | | 2/23/2023 | | | 12,881,055 | | | 12,881,055 | | | 12,832,107 |
| | | | | | | | 12,881,055 | | | 12,881,055 | | | 12,832,107 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Team Services Group (2.7%)*(5)(9) | | | Services: Consumer | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor) | | | 12/20/2027 | | | $9,937,437 | | | $9,748,976 | | | $9,964,268 |
| | | | Senior Secured Second Lien Term Loan (LIBOR + 9.000%, 1.000% Floor) | | | 12/18/2028 | | | 5,000,000 | | | 4,866,997 | | | 5,050,000 | ||
| | | | | | | | 14,937,437 | | | 14,615,973 | | | 15,014,268 | ||||
The Octave Music Group, Inc. (1.2%)*(5)(10) | | | Media: Diversified & Production | | | Senior Secured First Lien Term Loan (LIBOR + 5.250%, 1.000% Floor, 0.75% PIK) | | | 5/29/2025 | | | 6,666,422 | | | 6,622,489 | | | 6,658,423 |
| | | | | | | | 6,666,422 | | | 6,622,489 | | | 6,658,423 | ||||
Thermacell Repellents, Inc. (0.6%)*(5)(10) | | | Consumer Goods: Durable | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor) | | | 12/4/2026 | | | 2,780,150 | | | 2,756,614 | | | 2,752,349 |
| | | | Revolving Credit Facility (LIBOR + 6.250%, 1.000% Floor) (14) | | | 12/4/2026 | | | 660,000 | | | 641,375 | | | 638,000 | ||
| | | | | | | | 3,440,150 | | | 3,397,989 | | | 3,390,349 | ||||
True Religion Apparel, Inc. (0.0%)*(13) | | | Retail | | | Preferred Equity (2.818 units) | | | | | | | 12,094 | | | — | ||
| Common Stock (2.713 shares) | | | | | | | — | | | — | |||||||
| | | | | | | | | | 12,094 | | | — | |||||
Velocity Pooling Vehicle, LLC (0.0%)*(5)(13) | | | Automotive | | | Common Units (4,676 units) | | | | | | | 259,938 | | | 34,649 | ||
| Warrants (5,591 warrants) | | | | | | | 310,802 | | | 41,429 | |||||||
| | | | | | | | | | 570,740 | | | 76,078 | |||||
Vision Solutions, Inc. (1.2%)*(4) | | | High Tech Industries | | | Senior Secured Second Lien Term Loan (LIBOR + 7.250%, 0.750% Floor) | | | 4/23/2029 | | | 6,500,000 | | | 6,439,328 | | | 6,481,800 |
| | | | | | | | 6,500,000 | | | 6,439,328 | | | 6,481,800 | ||||
VOYA CLO 2015-2, LTD. (0.6%)*(5)(6)(7)(8) | | | Multi-Sector Holdings | | | Subordinated Notes (1.964% effective yield) | | | 7/19/2028 | | | 10,735,659 | | | 4,593,789 | | | 3,015,647 |
| | | | | | | | 10,735,659 | | | 4,593,789 | | | 3,015,647 | ||||
VOYA CLO 2016-2, LTD. (0.8%)*(5)(6)(7)(8) | | | Multi-Sector Holdings | | | Subordinated Notes (6.126% effective yield) | | | 7/19/2028 | | | 11,088,290 | | | 6,093,478 | | | 4,234,618 |
| | | | | | | | 11,088,290 | | | 6,093,478 | | | 4,234,618 | ||||
Walker Edison Furniture Company LLC (0.6%)*(5)(13) | | | Consumer Goods: Durable | | | LLC Units (2,458 units) | | | | | | | 458,021 | | | 3,230,923 | ||
| | | | | | | 458,021 | | | 3,230,923 | ||||||||
Watermill-QMC Midco, Inc. (0.0%)*(5)(13) | | | Automotive | | | Equity (1.62% partnership interest) | | | | | | | 902,277 | | | — | ||
| | | | | | | 902,277 | | | — | ||||||||
Wawona Delaware Holdings, LLC (0.0%)*(4)(5) | | | Beverage & Food | | | Senior Secured First Lien Term Loan (LIBOR + 4.750%) | | | 9/11/2026 | | | 45,050 | | | 43,152 | | | 42,775 |
| | | | | | | | 45,050 | | | 43,152 | | | 42,775 | ||||
West Dermatology, LLC (1.7%)*(5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan + LIBOR + 7.500%, 1.000% Floor(14) | | | 2/11/2025 | | | 1,018,960 | | | 1,018,960 | | | 1,034,373 |
| | | | Senior Secured First Lien Term Loan + LIBOR + 7.500%, 1.000% Floor(4)(14) | | | 2/11/2025 | | | 864,630 | | | 871,936 | | | 874,720 | ||
| | | | Revolving Credit Facility (LIBOR + 6.000%, 1.000% Floor, 0.75% PIK)(4)(14) | | | 2/11/2025 | | | 1,104,972 | | | 1,104,972 | | | 1,104,972 | ||
| | | | Senior Secured First Lien Term Loan (LIBOR + 6.000%, 1.000% Floor, 0.75% PIK)(4) | | | 2/11/2025 | | | 6,383,278 | | | 6,380,810 | | | 6,399,799 | ||
| | | | | | | | 9,371,840 | | | 9,376,678 | | | 9,413,864 | ||||
Wok Holdings Inc. (0.0%)*(5)(10) | | | Retail | | | Senior Secured First Lien Term Loan + LIBOR + 6.250% | | | 3/1/2026 | | | 48,625 | | | 35,304 | | | 48,110 |
| | | | | | | | 48,625 | | | 35,304 | | | 48,110 | ||||
Subtotal Non–Control / Non–Affiliate Investments (66.9%)* | | | | | $436,577,657 | | | $400,121,998 | | | $364,880,738 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value | | |||||
Control / Affiliate Investments(15) | | | | | | | | | | | | | ||||||||||||
1888 Industrial Services, LLC (0.2%)*(5) | | | Energy: Oil & Gas | | | Revolving Credit Facility (LIBOR + 5.000%, 1.000% Floor) (4) (11) (14) | | | 5/1/2023 | | | $1,243,924 | | | $1,243,924 | | | $1,081,846 | | |||||
| | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor, PIK) (4) (11) (12) | | | 5/1/2023 | | | 3,754,726 | | | 3,372,277 | | | — | | |||||||
| | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor, PIK) (10) (11) (12) | | | 5/1/2023 | | | 431,176 | | | 431,176 | | | — | | |||||||
| | | | Units (7,546.76 units) (7)(13) | | | | | | | — | | | — | | |||||||||
| | | | | | | | 5,429,826 | | | 5,047,377 | | | 1,081,846 | | |||||||||
Black Angus Steakhouses, LLC (3.0%)*(5) | | | Hotel, Gaming & Leisure | | | Senior Secured First Lien Term Loan (LIBOR + 9.000%, 1.000% Floor)(4) | | | 6/30/2022 | | | 1,897,321 | | | 1,897,321 | | | 1,897,321 | | |||||
| | | | Senior Secured First Lien Term Loan (LIBOR + 9.000%, 1.000% Floor)(10)(14) | | | | | 3,750,000 | | | 3,750,000 | | | 3,750,000 | | ||||||||
| | | | Senior Secured First Lien Term Loan (10.0% PIK)(4)(12) | | | | | 23,865,401 | | | 21,057,234 | | | 10,739,431 | | ||||||||
| | | | Equity (44.60% of outstanding equity)(7)(13) | | | | | | | — | | | — | | |||||||||
| | | | | | | | 29,512,722 | | | 26,704,555 | | | 16,386,752 | | |||||||||
Charming Charlie LLC (0.1%)* | | | Retail | | | Senior Secured First Lien Delayed Draw Term Loan (20.000%)(12) | | | 5/28/2022 | | | 769,967 | | | 769,967 | | | 396,225 | | |||||
| | | | Senior Secured First Lien Term Loan (20.000%)(12) | | | 5/15/2022 | | | 138,517 | | | 138,517 | | | 71,281 | | |||||||
| | | | Senior Secured First Lien Term Loan (LIBOR + 10.000%, 1.000% Floor)(4)(12) | | | 4/24/2023 | | | 4,178,224 | | | 2,737,658 | | | — | | |||||||
| | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor, 5.00% PIK)(4)(12) | | | 4/24/2023 | | | 3,412,549 | | | 3,121,470 | | | — | | |||||||
| | | | Common Stock (34,923,249 shares)(7)(13) | | | | | | | — | | | — | | |||||||||
| | | | | | | | 8,499,257 | | | 6,767,612 | | | 467,506 | | |||||||||
Kemmerer Operations, LLC (0.7%)*(5) | | | Metals & Mining | | | Senior Secured First Lien Term Loan (15.000% PIK) | | | 6/21/2023 | | | 2,473,295 | | | 2,473,295 | | | 2,473,295 | | |||||
| | | | Senior Secured First Lien Delayed Draw Term Loan (15.000% PIK)(14) | | | 6/21/2023 | | | 34,040 | | | 34,040 | | | 34,040 | | |||||||
| | | | Common Units (6.7797 units)(13) | | | | | | | 962,717 | | | 1,496,487 | | |||||||||
| | | | | | | | 2,507,335 | | | 3,470,052 | | | 4,003,822 | | |||||||||
Sierra Senior Loan Strategy JV I LLC (15.7%)*(7) (16) | | | Multi-Sector Holdings | | | Equity (89.01% ownership of SIC Senior Loan Strategy JV I LLC) | | | | | | | 110,050,000 | | | 85,963,135 | | |||||||
| | | | | | | | | | 110,050,000 | | | 85,963,135 | | ||||||||||
Subtotal Control/Affiliate Investments (19.8%)* | | | | | $45,949,140 | | | $152,039,596 | | | $107,903,061 | | ||||||||||||
Total Investments, December 31, 2021 | | | | | $482,526,797 | | | $552,161,594 | | | $472,783,799 | | ||||||||||||
Money Market Fund | | | | | | | | | | | | | | |||||||||||
Federated Institutional Prime Obligations Fund (6.9%)*(3) | | | | | Money Market (0.010%) | | | | | 37,644,366 | | | 37,644,366 | | | 37,644,366 | | |||||||
| | | 37,644,366 | | | 37,644,366 | | | 37,644,366 | | ||||||||||||||
State Street Institutional Liquid Reserves Fund (9.9%)*(3) | | | | | Money Market (0.050%) | | | | | 54,486,851 | | | 54,496,377 | | | 54,492,300 | | |||||||
| | | 54,486,851 | | | 54,496,377 | | | 54,492,300 | | ||||||||||||||
Total Money Market Fund, December 31, 2021 (16.9%)* | | | | | $92,131,217 | | | $92,140,743 | | | $92,136,666 | |
* | Fair value as a percentage of net assets. |
(1) | All of the Company's investments are domiciled in the United States except for AMMC CLO 22, Limited Series 2018-22A, AMMC CLO 23, Ltd. Series 2020-23A, Apidos CLO XXIV, Series 2016-24A, Dryden 43 Senior Loan Fund, Series 2016-43A, Dryden 49 Senior Loan Fund, 2017-49A, Magnetite XIX, Limited, Sound Point CLO XX, Ltd., VOYA CLO 2016-2, LTD., and VOYA CLO 2015-2, LTD., which are all domiciled in the Cayman Islands. All foreign investments were denominated in US Dollars. |
(2) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy. |
(3) | Represents securities in Level 1 of the valuation hierarchical levels. Money Market investments are deemed to be cash equivalents and are not included in the ASC 820 table (see Note 4). |
(4) | The interest rate on these loans is subject to a base rate plus 3 Month “3M” LIBOR, which at December 31, 2021 was 0.21%. The interest rate is subject to a minimum LIBOR floor. |
(5) | An affiliated fund that is managed by an affiliate of SIC Advisors LLC also holds an investment in this security. |
(6) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $50,120,094 or 9.2% of net assets, and a combined cost of $55,811,671 as of December 31, 2021 and are considered restricted securities1 subject to legal restrictions on sales. |
(7) | The investment is not a qualifying asset under Section 55 of the Investment Company Act of 1940 (the “1940 Act”). Non-qualifying assets represent 29.2% of the Company's portfolio at fair value as of December 31, 2021. |
(8) | This investment is in the equity class of a collateralized loan obligation (“CLO”). The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is based on the current projections of this excess cash flow taking into account assumptions that have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. |
(9) | The interest rate on these loans is subject to a base rate plus 6 Month “6M” LIBOR, which at December 31, 2021 was 0.34%. The interest rate is subject to a minimum LIBOR floor. |
(10) | The interest rate on these loans is subject to a base rate plus 1 Month “1M” LIBOR, which at December 31, 2021 was 0.10%. The interest rate is subject to a minimum LIBOR floor. |
(11) | The investment was past due as of December 31, 2021. |
(12) | The investment was on non-accrual status as of December 31, 2021. |
(13) | Security is non-income producing. |
(14) | The investment has an unfunded commitment as of December 31, 2021. For further details see Note 11. Fair value includes the unfunded commitment. |
(15) | Affiliate investments are defined by the 1940 Act as investments in companies in which the Company owns at least 5% but no more than 25% of the voting securities or we are under common control with such portfolio company. Control investments are defined by the 1940 Act as investments in companies in which the Company owns more than 25% of the voting securities or maintains power to exercise control over the management or policies of such portfolio company. |
(16) | As a practical expedient, the Company uses NAV to determine the fair value of this investment. |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Non–Control / Non–Affiliate Investments | | | | | | | | | | | ||||||||
AAAHI Acquisition Corporation (0.9%)*(4)(5)(13) | | | Transportation: Consumer | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor) | | | 12/10/2023 | | | $7,110,546 | | | $6,975,416 | | | $4,977,382 |
| | | | | | | | 7,110,546 | | | 6,975,416 | | | 4,977,382 | ||||
Alpine SG, LLC (4.0%)*(5)(6) | | | High Tech Industries | | | Senior Secured First Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) | | | 11/16/2022 | | | 1,262,051 | | | 1,230,864 | | | 1,298,524 |
| | | | Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.750%, 1.000% Floor) | | | 11/16/2022 | | | 6,165,725 | | | 6,165,633 | | | 6,102,218 | ||
| | | | Senior Secured First Lien Term Loan (LIBOR + 5.750%, 1.000% Floor) | | | 11/16/2022 | | | 12,529,258 | | | 12,517,772 | | | 12,400,207 | ||
| | | | Senior Secured First Lien Revolving Credit Facility (LIBOR + 5.750%, 1.000% Floor) | | | 11/16/2022 | | | 1,000,000 | | | 1,000,000 | | | 989,700 | ||
| | | | | | | | 20,957,034 | | | 20,914,269 | | | 20,790,649 | ||||
American Dental Partners, Inc. (0.9%)*(4)(5) | | | Healthcare & Pharmaceuticals | | | Senior Secured Second Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) | | | 9/25/2023 | | | 4,893,750 | | | 4,893,750 | | | 4,704,362 |
| | | | | 4,893,750 | | | 4,893,750 | | | 4,704,362 | |||||||
Amerijet Holdings, Inc. (0.6%)*(5)(6) | | | Transportation: Cargo | | | Senior Secured First Lien Term Loan (LIBOR + 8.000%, 1.000% Floor) | | | 7/15/2021 | | | 2,952,518 | | | 2,952,518 | | | 2,952,518 |
| | | | | | | | 2,952,518 | | | 2,952,518 | | | 2,952,518 | ||||
AMMC CLO 22, Limited Series 2018-22A (0.9%)*((7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (13.429% effective yield) | | | 4/25/2031 | | | 7,222,000 | | | 5,402,828 | | | 4,786,019 |
| | | | | 7,222,000 | | | 5,402,828 | | | 4,786,019 | |||||||
AMMC CLO 23, Ltd. Series 2020-23A (0.3%)*(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (19.100% effective yield) | | | 10/17/2031 | | | 2,000,000 | | | 1,688,071 | | | 1,688,000 |
| | | | | | 2,000,000 | | | 1,688,071 | | | 1,688,000 | ||||||
Answers Finance, LLC* (0.1%)(10) | | | High Tech Industries | | | Common Stock (388,533 units) | | | | | | | 5,076,376 | | | 493,437 | ||
| | | | | | | 5,076,376 | | | 493,437 | ||||||||
Apidos CLO XXIV, Series 2016-24A(1.6%)*(5) (7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (8.894% effective yield) | | | 7/20/2027 | | | 18,357,647 | | | 10,342,024 | | | 8,402,295 |
| | | | | | | | 18,357,647 | | | 10,342,024 | | | 8,402,295 | ||||
Arrow International Inc.(1.9%)*(6) | | | Hotel, Gaming & Leisure | | | Senior Secured First Lien Term Loan (LIBOR + 7.250%, 1.250% Floor) | | | 12/21/2025 | | | 10,000,000 | | | 10,000,000 | | | 10,000,000 |
| | | | | | | | 10,000,000 | | | 10,000,000 | | | 10,000,000 | ||||
Avantor, Inc. (0.1%)*(5)(8)(10)(11) | | | Wholesale | | | Common Stock (1,867,356 units) | | | | | | | 467,171 | | | 767,144 | ||
| | | | | | | 467,171 | | | 767,144 | ||||||||
Aviation Technical Services, Inc. (4.1%)*(4)(5) | | | Aerospace & Defense | | | Senior Secured Second Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) | | | 3/31/2022 | | | 25,000,000 | | | 25,000,000 | | | 21,795,000 |
| | | | | | | | 25,000,000 | | | 25,000,000 | | | 21,795,000 | ||||
BRG Sports, Inc. (0.7%)*(5)(6) | | | Consumer Goods: Durable | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor) | | | 6/15/2023 | | | 3,480,384 | | | 3,474,606 | | | 3,445,232 |
| | | | | | | | 3,480,384 | | | 3,474,606 | | | 3,445,232 | ||||
Brook & Whittle Holding Corp. (0.7%)*(4)(5) | | | Containers, Packaging & Glass | | | Senior Secured First Lien Delayed Draw Term Loan (LIBOR + 5.250%, 1.000% Floor) | | | 10/17/2024 | | | 699,967 | | | 697,464 | | | 682,888 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 5.250%, 1.000% Floor) | | | 10/17/2024 | | | 2,976,219 | | | 2,965,575 | | | 2,903,599 | ||
| | | | | | | | 3,676,186 | | | 3,663,039 | | | 3,586,487 | ||||
Callaway Golf Co. (0.0%)*(5)(6) | | | Consumer Goods: Durable | | | Senior Secured First Lien Term Loan (LIBOR + 4.500%, 1.000% Floor) | | | 01/04/2026 | | | 46,000 | | | 45,422 | | | 46,060 |
| | | | | | | | 46,000 | | | 45,422 | | | 46,060 | ||||
CM Finance SPV LLC (0.0%)*(5) | | | Banking, Finance, Insurance & Real Estate | | | Subordinated Notes (3.000%) | | | 06/24/2021 | | | 35,600 | | | 35,600 | | | 35,600 |
| | | | | 35,600 | | | 35,600 | | | 35,600 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
CPI International, Inc. (1.5%)*(5)(6) | | | Aerospace & Defense | | | Senior Secured Second Lien Term Loan (LIBOR + 7.250%, 1.000% Floor) | | | 7/28/2025 | | | $8,575,302 | | | $8,558,896 | | | $7,928,725 |
| | | | | | | | 8,575,302 | | | 8,558,896 | | | 7,928,725 | ||||
CT Technologies Intermediate Holdings, Inc. (1.3%)*(5)(6) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor) | | | 12/16/2025 | | | 7,000,000 | | | 6,965,245 | | | 6,965,000 |
| | | | | 7,000,000 | | | 6,965,245 | | | 6,965,000 | |||||||
DataOnline Corp. (3.1%)*(4)(5) | | | High Tech Industries | | | Revolving Credit Facility (LIBOR + 6.250%, 1.000% Floor) (12) | | | 11/13/2025 | | | 1,821,429 | | | 1,821,429 | | | 1,765,929 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor) | | | 11/13/2025 | | | 14,850,000 | | | 14,850,000 | | | 14,465,385 | ||
| | | | | | | | 16,671,429 | | | 16,671,429 | | | 16,231,314 | ||||
Delta Air Lines, Inc. (0.2%)*(5)(7) (8) | | | Transportation: Consumer | | | Senior Secured First Lien Notes (0.0475) | | | 10/20/2028 | | | 1,000,000 | | | 1,000,000 | | | 1,090,700 |
| | | | | 1,000,000 | | | 1,000,000 | | | 1,090,700 | |||||||
Dryden 38 Senior Loan Fund, Series 2015-38A (0.7%)*(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (11.373% effective yield) | | | 07/15/2027 | | | 7,000,000 | | | 4,308,139 | | | 3,598,000 |
| | | | | 7,000,000 | | | 4,308,139 | | | 3,598,000 | |||||||
Dryden 43 Senior Loan Fund, Series 2016-43A (0.4%)*(5)(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (9.262% effective yield) | | | 7/20/2029 | | | 3,620,000 | | | 2,513,635 | | | 1,901,586 |
| | | | | 3,620,000 | | | 2,513,635 | | | 1,901,586 | |||||||
Dryden 49 Senior Loan Fund, Series 2017-49A (1.8%)*(5)(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (9.989% effective yield) | | | 7/18/2030 | | | 17,233,288 | | | 12,375,842 | | | 9,498,988 |
| | | | | 17,233,288 | | | 12,375,842 | | | 9,498,988 | |||||||
Envision Healthcare Corporation (0.0%)*(5)(6) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 3.750%) | | | 10/10/2025 | | | 49,000 | | | 33,226 | | | 40,734 |
| | | | | | | | 49,000 | | | 33,226 | | | 40,734 | ||||
First Boston Construction Holdings, LLC (1.7%)*(5) | | | Banking, Finance, Insurance & Real Estate | | | Senior Secured First Lien Notes (12.000%) | | | 02/23/2023 | | | 7,473,750 | | | 7,473,750 | | | 7,458,055 |
| Preferred Equity - 2,304,406 units(10) | | | | | | | 1,868,437 | | | 1,307,906 | |||||||
| | | | | | | | 7,473,750 | | | 9,342,187 | | | 8,765,961 | ||||
Friedrich Holdings, Inc. (2.0%)*(5)(6) | | | Construction & Building | | | Senior Secured First Lien Term Loan (LIBOR + 6.000%, 1.000% Floor) | | | 02/07/2023 | | | 10,421,300 | | | 10,421,300 | | | 10,263,938 |
| | | | | | | | 10,421,300 | | | 10,421,300 | | | 10,263,938 | ||||
GK Holdings, Inc. (1.0%)*(4) (13) | | | Services: Business | | | Senior Secured Second Lien Term Loan (LIBOR + 10.250%, 1.000% Floor) | | | 1/20/2022 | | | 10,000,000 | | | 10,000,000 | | | 5,500,000 |
| | | | | | | | 10,000,000 | | | 10,000,000 | | | 5,500,000 | ||||
Glass Mountain Pipeline Holdings, LLC (0.0%)*(5)(6)(13) | | | Energy: Oil & Gas | | | Senior Secured First Lien Term Loan (LIBOR + 4.500%, 1.000% Floor) | | | 12/23/2024 | | | 48,625 | | | 23,389 | | | 24,434 |
| | | | | 48,625 | | | 23,389 | | | 24,434 | |||||||
Golden West Packaging Group LLC (0.3%)*(5)(6) | | | Forest Products & Paper | | | Senior Secured First Lien Term Loan (LIBOR + 5.250%, 1.000% Floor) | | | 6/20/2023 | | | 1,405,738 | | | 1,405,738 | | | 1,404,332 |
| | | | | | | | 1,405,738 | | | 1,405,738 | | | 1,404,332 | ||||
Holland Acquisition Corp. (0.0%)*(4)(13)(14) | | | Energy: Oil & Gas | | | Senior Secured First Lien Term Loan (LIBOR + 9.000%, 1.000% Floor) | | | 5/29/2020 | | | 3,857,305 | | | 3,733,979 | | | 108,310 |
| | | | | | | | 3,857,305 | | | 3,733,979 | | | 108,310 | ||||
Hylan Datacom & Electrical LLC (2.1%)*(4)(5) | | | Construction & Building | | | Senior Secured First Lien Term Loan (LIBOR + 10.000%, 1.000% Floor) | | | 7/25/2022 | | | 15,255,390 | | | 15,255,390 | | | 10,983,881 |
| | | | | | | | 15,255,390 | | | 15,255,390 | | | 10,983,881 | ||||
Impact Group, LLC (1.1%)*(4) (5) | | | Services: Business | | | Senior Secured First Lien Term Loan (LIBOR + 7.370%, 1.000% Floor) | | | 6/27/2023 | | | 5,734,462 | | | 5,734,462 | | | 5,548,092 |
| | | | | | | | 5,734,462 | | | 5,734,462 | | | 5,548,092 | ||||
Innovative XCessories & Services, LLC (0.6%)*(4)(5) | | | Automotive | | | Senior Secured First Lien Term Loan (LIBOR + 5.200%, 1.000% Floor) | | | 3/5/2027 | | | 2,976,933 | | | 2,950,524 | | | 2,979,016 |
| | | | | | | | 2,976,933 | | | 2,950,524 | | | 2,979,016 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Interflex Acquisition Company, LLC (2.2%)*(5)(6) | | | Containers, Packaging & Glass | | | Senior Secured First Lien Term Loan (LIBOR + 8.000%, 1.000% Floor) | | | 8/18/2022 | | | $11,553,578 | | | $11,543,801 | | | $11,533,937 |
| | | | | | | | 11,553,578 | | | 11,543,801 | | | 11,533,937 | ||||
Iqor US Inc. (2.7%)* | | | Services: Business | | | Senior Secured First Lien Term Loan (LIBOR + 7.500%, 1.000% Floor)(5)(6) | | | 11/19/2024 | | | 3,471,136 | | | 3,388,625 | | | 3,401,713 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 7.500%, 1.000% Floor)(5)(6) | | | 11/19/2025 | | | 7,734,435 | | | 7,734,435 | | | 7,734,435 | ||
| | | | Equity - 246,857 Shares | | | | | | | 2,962,285 | | | 3,085,713 | ||||
| | | | | | | | 11,205,571 | | | 14,085,345 | | | 14,221,861 | ||||
Isagenix International, LLC (0.2%)*(4) (5) | | | Wholesale | | | Senior Secured First Lien Term Loan (LIBOR + 5.750%, 1.000% Floor) | | | 6/16/2025 | | | 1,776,911 | | | 1,745,748 | | | 978,900 |
| | | | | | | | 1,776,911 | | | 1,745,748 | | | 978,900 | ||||
Isola USA Corp. (1.6%)* | | | High Tech Industries | | | Senior Secured Second Lien Term Loan (LIBOR + 9.500%, 1.000% Floor, PIK) (4) (12) (13) | | | 1/2/2023 | | | 11,331,641 | | | 7,016,631 | | | 8,498,730 |
| | | | Common Units - 10,283,782 units(10) | | | | | | | — | | | — | ||||
| | | | | | | | 11,331,641 | | | 7,016,631 | | | 8,498,730 | ||||
Ivanti Software, Inc. (1.1%)*(5)(6) | | | High Tech Industries | | | Senior Secured Second Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) | | | 12/1/2028 | | | 6,000,000 | | | 6,000,000 | | | 5,947,800 |
| | | | | | | | 6,000,000 | | | 6,000,000 | | | 5,947,800 | ||||
JFL-WCS Partners, LLC (0.1%)*(5) | | | Environmental Industries | | | Preferred units - 618,876 (6.000%, PIK) | | | | | | | 659,447 | | | 709,806 | ||
| Common Units - 68,764 units(10) | | | | | | | 98,052 | | | 5,069,664 | |||||||
| | | | | | | | | | 757,499 | | | 5,779,470 | |||||
Keystone Acquisition Corp. (0.3%)*(4) (5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan + LIBOR + 5.250%, 1.000% Floor | | | 5/1/2024 | | | 1,784,130 | | | 1,736,823 | | | 1,614,638 |
| | | | Senior Secured Second Lien Term Loan + LIBOR + 9.250%, 1.000% Floor | | | 5/1/2025 | | | 7,000,000 | | | 6,921,915 | | | 6,127,800 | ||
| | | | | | | | 8,784,130 | | | 8,658,738 | | | 7,742,438 | ||||
LogMeIn, Inc. (0.2%)*(5)(6)(8) | | | High Tech Industries | | | Senior Secured First Lien Term Loan (LIBOR + 7.750%) | | | 8/31/2027 | | | 1,000,000 | | | 980,865 | | | 995,300 |
| | | | | | | | 1,000,000 | | | 980,865 | | | 995,300 | ||||
Magnetite XIX, Limited (1.8%)*(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (LIBOR + 7.610%)(4) | | | 7/17/2030 | | | 2,000,000 | | | 1,893,387 | | | 1,745,800 |
| | | | Subordinated Notes (9.779% effective yield)(5) | | | 7/17/2030 | | | 13,730,209 | | | 9,451,985 | | | 7,493,948 | ||
| | | | | | | | 15,730,209 | | | 11,345,372 | | | 9,239,748 | ||||
Midwest Physician Administrative Services, LLC (0.4%)*(6) | | | Healthcare & Pharmaceuticals | | | Senior Secured Second Lien Term Loan (LIBOR + 7.000%, 0.750% Floor) | | | 8/15/2025 | | | 2,000,000 | | | 1,935,192 | | | 1,945,000 |
| | | | | 2,000,000 | | | 1,935,192 | | | 1,945,000 | |||||||
Novetta Solutions, LLC (2.3%)*(5)(6) | | | High Tech Industries | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor) | | | 10/17/2022 | | | 1,560,779 | | | 1,522,514 | | | 1,521,291 |
| | | | Senior Secured Second Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) | | | 10/16/2023 | | | 11,000,000 | | | 10,951,758 | | | 10,574,300 | ||
| | | | | | | | 12,560,779 | | | 12,474,272 | | | 12,095,591 | ||||
Offen Inc. (0.5%)*(5)(6) | | | Transportation: Cargo | | | Senior Secured First Lien Term Loan + LIBOR + 5.000% | | | 6/21/2026 | | | 2,893,982 | | | 2,871,192 | | | 2,793,272 |
| | | | Senior Secured First Lien Term Loan + LIBOR + 5.000% | | | 6/21/2026 | | | 1,061,947 | | | 1,053,584 | | | 1,024,991 | ||
| | | | | | | | 3,955,929 | | | 3,924,776 | | | 3,818,263 | ||||
Path Medical, LLC (1.7%)*(5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan + LIBOR + 13.000%, 1.000% Floor, PIK (4) (6) (13) | | | 10/11/2021 | | | 10,752,249 | | | 8,860,931 | | | 1,075,225 |
| | | | Senior Secured First Lien Term Loan + LIBOR + 9.500%, 1.000% Floor, PIK(4)(6) | | | 10/11/2021 | | | 7,943,176 | | | 7,943,176 | | | 7,943,176 | ||
| | | | Warrants (36,716 warrants)(10) | | | 1/9/2027 | | | | | 669,709 | | | — | |||
| | | | | | | | 18,695,425 | | | 17,473,816 | | | 9,018,401 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
PetroChoice Holdings, Inc. (1.5%)*(4)(5) | | | Chemicals, Plastics & Rubber | | | Senior Secured Second Lien Term Loan + LIBOR + 8.750%, 1.000% Floor | | | 8/21/2023 | | | $9,000,000 | | | $9,000,000 | | | $8,010,000 |
| | | | | | | | 9,000,000 | | | 9,000,000 | | | 8,010,000 | ||||
Polymer Solutions Group Holdings, LLC (0.2%)*(5)(6) | | | Chemicals, Plastics & Rubber | | | Senior Secured First Lien Term Loan (LIBOR + 7.000%, 1.000% Floor) | | | 6/30/2021 | | | 1,064,355 | | | 1,060,861 | | | 1,053,498 |
| | | | | | | | 1,064,355 | | | 1,060,861 | | | 1,053,498 | ||||
Project Silverback Holdings Corp. (0.9%)*(4) | | | High Tech Industries | | | Senior Secured First Lien Term Loan (LIBOR + 3.500%, 1.000% Floor) | | | 8/21/2024 | | | 4,837,500 | | | 4,403,234 | | | 4,819,601 |
| | | | | | | | 4,837,500 | | | 4,403,234 | | | 4,819,601 | ||||
Proppants Holdings, LLC (0.1%)*(10) | | | Energy: Oil & Gas | | | LLC Units (161,852 units) | | | | | | | 874,363 | | | 323,704 | ||
| | | | LLC Units (161,852 units) | | | | | | | 8,832 | | | — | ||||
| | | | | | | | | | 883,195 | | | 323,704 | |||||
PT Network, LLC (1.4%)*(5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 5.500%, 1.000% Floor, 2.00% PIK)(3) | | | 11/30/2023 | | | 8,072,834 | | | 7,729,742 | | | 7,427,007 |
| | | | Partnership Units (1.441 units) (10) | | | | | | | — | | | — | ||||
| | | | | | | | 8,072,834 | | | 7,729,742 | | | 7,427,007 | ||||
RateGain Technologies, Inc. (0.0%)*(5)(10) | | | Hotel, Gaming & Leisure | | | Subordinated Notes(14) | | | 7/31/2020 | | | 440,050 | | | 440,049 | | | — |
| Subordinated Notes | | | 7/31/2021 | | | 476,190 | | | 476,190 | | | — | |||||
| | | | | | | | 916,240 | | | 916,239 | | | — | ||||
Redwood Services Group, LLC (5.1%)*(5) | | | Services: Business | | | Senior Secured First Lien Term Loan (LIBOR + 8.500%, 1.000% Floor) (4) | | | 6/6/2023 | | | 4,000,000 | | | 4,000,000 | | | 4,000,000 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 6.000%, 1.000% Floor)(6) | | | 6/6/2023 | | | 12,611,712 | | | 12,611,712 | | | 12,267,412 | ||
| | | | Senior Secured First Lien Term Loan (LIBOR + 8.500%, 1.000% Floor)(6) | | | 6/6/2023 | | | 10,730,528 | | | 10,713,091 | | | 10,472,305 | ||
| | | | Revolving Credit Facility (LIBOR + 6.000%, 1.000% Floor)(6)(12) | | | 6/6/2023 | | | 287,500 | | | 287,500 | | | 208,725 | ||
| | | | | | | | 27,629,740 | | | 27,612,303 | | | 26,948,442 | ||||
Resolute Investment Managers, Inc. (1.1%)*(5)(6) | | | Banking, Finance, Insurance & Real Estate | | | Senior Secured Second Lien Term Loan (LIBOR + 8.000%, 1.000% Floor) | | | 4/30/2025 | | | 6,000,000 | | | 5,970,877 | | | 5,943,600 |
| | | | | 6,000,000 | | | 5,970,877 | | | 5,943,600 | |||||||
Rhombus Cinema Holdings, LP (0.0%)*(5)(10) | | | Media: Diversified & Production | | | Preferred Equity (7,449 shares, 10.000% PIK)(13) | | | | | | | 4,584,207 | | | — | ||
| Common Units (3,163 units)(7) | | | | | | | 2,864,831 | | | — | |||||||
| | | | Common Units (3,163 units)(7) | | | | | | | 297,962 | | | — | ||||
| | | | | | | | | | 7,747,000 | | | — | |||||
RTIC Subsidiary Holdings, LLC (2.0%)* | | | Consumer Goods: Durable | | | Senior Secured First Lien Term Loan (LIBOR + 7.750%, 1.250% Floor)(4)(5)(12) | | | 9/1/2025 | | | 10,000,000 | | | 10,000,000 | | | 10,000,000 |
| | | | Preferred Class A Units (142.50 units)(10) | | | | | | | 142,500 | | | 142,500 | ||||
| | | | Preferred Class B Units (142.50 units)(10) | | | | | | | 142,500 | | | 142,500 | ||||
| | | | Common Units (150 units)(10) | | | | | | | 15,000 | | | 15,000 | ||||
| | | | | | | | 10,000,000 | | | 10,300,000 | | | 10,300,000 | ||||
SavATree, LLC (0.8%)*(4)(5) | | | Environmental Industries | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor) | | | 6/2/2022 | | | 4,283,931 | | | 4,283,931 | | | 4,273,221 |
| | | | | | | | 4,283,931 | | | 4,283,931 | | | 4,273,221 | ||||
SFP Holding, Inc. (3.3%)*(5) | | | Construction & Building | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor)(4)(12) | | | 9/1/2022 | | | 16,560,532 | | | 16,540,362 | | | 16,560,532 |
| | | | Equity - 0.803% of outstanding equity(10) | | | | | | | 711,698 | | | 548,007 | ||||
| | | | | | | | 16,560,532 | | | 17,252,060 | | | 17,108,539 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Simplified Logistics, LLC (4.1%)*(4)(5) | | | Services: Business | | | Senior Secured First Lien Term Loan (LIBOR + 6.500%, 1.000% Floor) | | | 2/28/2022 | | | $17,323,831 | | | $17,323,831 | | | $17,058,776 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 6.500%, 1.000% Floor) | | | 2/28/2022 | | | 971,277 | | | 971,277 | | | 956,417 | ||
| | | | Revolving Credit Facility (LIBOR + 6.500%, 1.000% Floor) | | | 2/28/2022 | | | 3,533,333 | | | 3,533,333 | | | 3,482,807 | ||
| | | | | | | | 21,828,441 | | | 21,828,441 | | | 21,498,000 | ||||
SMART Financial Operations, LLC (0.1%)*(5)(10) | | | Banking, Finance, Insurance & Real Estate | | | Preferred Equity (1,000,000 units) | | | | | | | 1,000,000 | | | $490,000 | ||
| | | | | | | 1,000,000 | | | 490,000 | ||||||||
Smile Doctors, LLC (2.6%)*(4)(5) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan (LIBOR + 6.000%, 1.000% Floor) | | | 10/6/2022 | | | 13,805,148 | | | 13,786,625 | | | 13,587,027 |
| | | | | | | | 13,805,148 | | | 13,786,625 | | | 13,587,027 | ||||
Sound Point CLO XX, Ltd. (0.5%)*(5)(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (8.553% effective yield) | | | 7/26/2031 | | | 4,489,000 | | | 3,508,513 | | | $2,824,030 |
| | | | | | | | 4,489,000 | | | 3,508,513 | | | 2,824,030 | ||||
Starfish Holdco, LLC (0.4%)*(4) (5) | | | High Tech Industries | | | Senior Secured Second Lien Term Loan (LIBOR + 9.000%, 1.000% Floor) | | | 8/18/2025 | | | 2,000,000 | | | 1,982,268 | | | 1,919,600 |
| | | | | | | | 2,000,000 | | | 1,982,268 | | | 1,919,600 | ||||
Team Car Care, LLC (2.6%)*(4)(5) | | | Automotive | | | Senior Secured First Lien Term Loan (LIBOR + 8.000%, 1.000% Floor) | | | 2/23/2023 | | | 13,624,819 | | | 13,624,819 | | | 13,529,446 |
| | | | | | | | 13,624,819 | | | 13,624,819 | | | 13,529,446 | ||||
Team Services Group (1.8%)*(5)(6) | | | Services: Consumer | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor) | | | 12/20/2027 | | | 5,000,000 | | | 4,850,000 | | | 4,825,000 |
| | | | Senior Secured Second Lien Term Loan (LIBOR + 9.000%, 1.000% Floor) | | | 12/18/2028 | | | 5,000,000 | | | 4,850,000 | | | 4,900,000 | ||
| | | | | | | | 10,000,000 | | | 9,700,000 | | | 9,725,000 | ||||
The Octave Music Group, Inc. (1.3%)*(5)(6) | | | Media: Diversified & Production | | | Senior Secured First Lien Term Loan (LIBOR + 5.250%, 1.000% Floor, 0.75% PIK) | | | 5/29/2025 | | | 7,793,103 | | | 7,727,145 | | | 6,780,000 |
| | | | | | | | 7,793,103 | | | 7,727,145 | | | 6,780,000 | ||||
True Religion Apparel, Inc. (0.0%)* | | | Retail | | | Senior Secured First Lien Term Loan (10.000%)(13) | | | 10/27/2022 | | | 179,437 | | | 133,654 | | | 12,094 |
| | | | Common Stock - 2,448 shares(10) | | | | | | | — | | | — | ||||
| | | | Warrants - 1,122 warrants(10) | | | | | | | — | | | — | ||||
| | | | | | | | 179,437 | | | 133,654 | | | 12,094 | ||||
Velocity Pooling Vehicle, LLC (0.2%)*(5) | | | Automotive | | | Senior Secured First Lien Term Loan (LIBOR + 11.000%, 1.000% Floor, PIK)(4) | | | 4/28/2023 | | | 871,784 | | | 838,397 | | | 871,784 |
| | | | Common Units - 4,676 units(10) | | | | | | | 259,937 | | | 11,035 | ||||
| | | | Warrants - 5,591 warrants(10) | | | 3/30/2028 | | | | | 310,802 | | | 13,195 | |||
| | | | | | | | 871,784 | | | 1,409,136 | | | 896,014 | ||||
VOYA CLO 2015-2, LTD. (0.7%)*(5)(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (0.516% effective yield) | | | 7/19/2028 | | | 10,735,659 | | | 5,792,260 | | | 3,657,639 |
| | | | | | | | 10,735,659 | | | 5,792,260 | | | 3,657,639 | ||||
VOYA CLO 2016-2, LTD. (0.8%)*(5)(7)(8)(9) | | | Multi-Sector Holdings | | | Subordinated Notes (2.808% effective yield) | | | 7/19/2028 | | | 11,088,290 | | | 7,333,317 | | | 4,407,595 |
| | | | | | | | 11,088,290 | | | 7,333,317 | | | 4,407,595 | ||||
| | | | | | | | | | | | |||||||
Walker Edison Furniture Company LLC (5.2%)*(5) | | | Consumer Goods: Durable | | | Senior Secured First Lien Term Loan (LIBOR + 8.750%) (4) | | | 9/26/2024 | | | 1,975,000 | | | 1,975,000 | | | 1,975,000 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor)(4) | | | 9/26/2024 | | | 14,250,000 | | | 14,250,000 | | | 14,250,000 | ||
| | | | Common Units - 2,000 units (10) | | | | | | | 2,000,000 | | | 11,000,000 | ||||
| | | | | | | | 16,225,000 | | | 18,225,000 | | | 27,225,000 | ||||
Watermill-QMC Midco, Inc. (0.0%)*(5)(10) | | | Automotive | | | Equity (1.62% partnership interest) | | | | | | | 902,277 | | | — | ||
| | | | | | | 902,277 | | | — |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
Wawona Delaware Holdings, LLC (0.0%)*(4) (5) | | | Beverage & Food | | | Senior Secured First Lien Term Loan (LIBOR + 4.750%, 1.000% Floor) | | | 9/11/2026 | | | $49,375 | | | $46,869 | | | $48,141 |
| | | | | | | | 49,375 | | | 46,869 | | | 48,141 | ||||
West Dermatology, LLC (1.3%)*(5) (6) | | | Healthcare & Pharmaceuticals | | | Senior Secured First Lien Term Loan + LIBOR + 7.500%, 1.000% Floor(12) | | | 2/11/2025 | | | 726,672 | | | 726,672 | | | 613,498 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 6.000%, 1.000% Floor, 0.75% PIK) | | | 2/11/2025 | | | 1,657,459 | | | 1,657,459 | | | 1,614,033 | ||
| | | | Revolving Credit Facility (LIBOR + 6.000%, 1.000% Floor, 0.75% PIK) | | | 2/11/2025 | | | 4,739,503 | | | 4,739,503 | | | 4,617,698 | ||
| | | | | | | | 7,123,634 | | | 7,123,634 | | | 6,845,229 | ||||
Wok Holdings Inc. (0.0%)*(5)(6) | | | Retail | | | Senior Secured First Lien Term Loan (LIBOR + 6.250%, 1.000% Floor) | | | 3/31/2026 | | | 49,125 | | | 33,080 | | | 42,758 |
| | | | | | | | 49,125 | | | 33,080 | | | 42,758 | ||||
Subtotal Non–Control / Non–Affiliate Investments (89.9%) | | | | | $536,876,307 | | | $521,483,006 | | | $472,813,820 | |||||||
Control / Affiliate Investments(15) | | | | | | | | | ||||||||||
1888 Industrial Services, LLC (0.3%)*(5) | | | Energy: Oil & Gas | | | Revolving Credit Facility (LIBOR + 5.000%, 1.000% Floor)(4)(12) | | | 9/30/2021 | | | 1,243,924 | | | 1,243,924 | | | 1,243,924 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor)(4)(13) | | | 9/30/2021 | | | 431,176 | | | 403,717 | | | 431,176 | ||
| | | | Senior Secured First Lien Term Loan (LIBOR + 5.000%, 1.000% Floor, PIK)(4)(13) | | | 9/30/2021 | | | 3,534,740 | | | 3,315,574 | | | — | ||
| | | | Senior Secured First Lien Term Loan (LIBOR + 8.000%, 1.000% Floor, PIK) (4)(13) | | | 9/30/2021 | | | 9,286,929 | | | 6,816,029 | | | — | ||
| | | | Units (6,122.765 units)(10) | | | | | | | — | | | — | ||||
| | | | | | | | 14,496,769 | | | 11,779,244 | | | 1,675,100 | ||||
Black Angus Steakhouses, LLC (2.7%)* | | | Hotel, Gaming & Leisure | | | Senior Secured First Lien Term Loan + LIBOR + 9.000%, 1.000% Floor, PIK(4)(5)(13) | | | 6/30/2022 | | | 21,573,552 | | | 20,457,589 | | | 9,060,892 |
| | | | Senior Secured First Lien Term Loan + LIBOR + 9.000%, 1.000% Floor(4)(5) | | | 6/30/2022 | | | 1,897,321 | | | 1,897,321 | | | 1,897,321 | ||
| | | | Senior Secured First Lien Term Loan + LIBOR + 9.000%, 1.000% Floor(6)(12) | | | 6/30/2022 | | | 3,055,556 | | | 3,055,556 | | | 3,055,556 | ||
| | | | Equity (44.60% of outstanding equity)(5) | | | | | | | — | | | — | ||||
| | | | | | | | 26,526,429 | | | 25,410,466 | | | 14,013,769 | ||||
Caddo Investors Holdings 1 LLC (1.2%)*(5) (12) (16) | | | Forest Products & Paper | | | Equity - 12.250% LLC Interest | | | | | | | 5,072,149 | | | 6,366,372 | ||
| | | | | | | 5,072,149 | | | 6,366,372 | ||||||||
Charming Charlie LLC (0.1%)* | | | Retail | | | Senior Secured First Lien Delayed Draw Term Loan (20.000%)(13)(14) | | | 5/15/2020 | | | 769,967 | | | 769,967 | | | 396,225 |
| | | | Senior Secured First Lien Term Loan (LIBOR + 10.000%, 1.000% Floor)(4)(13) | | | 4/24/2023 | | | 7,590,773 | | | 5,859,128 | | | — | ||
| | | | Senior Secured First Lien Term Loan 20.000%(13)(14) | | | 5/15/2020 | | | 138,517 | | | 138,517 | | | 71,281 | ||
| | | | Common Stock (34,923,249 shares)(10) | | | | | | | — | | | — | ||||
| | | | | | | | 8,499,257 | | | 6,767,612 | | | 467,506 | ||||
Dynamic Energy Services International LLC (0.1%)*(5) | | | Energy: Oil & Gas | | | Senior Secured First Lien Term Loan (13.500% PIK) (4)(13) | | | 12/31/2021 | | | 7,049,577 | | | 4,449,025 | | | 493,470 |
| | | | Common Units - 6,500,000 shares(10) | | | | | | | — | | | — | ||||
| | | | | | | | 7,049,577 | | | 4,449,025 | | | 493,470 | ||||
Kemmerer Operations, LLC (0.7%)*(5) | | | Metals & Mining | | | Senior Secured First Lien Term Loan + 15.000% PIK | | | 6/21/2023 | | | 2,130,353 | | | 2,130,353 | | | 2,130,353 |
| | | | Senior Secured First Lien Delayed Draw Term Loan + 15.000% PIK(12) | | | 6/21/2023 | | | 399,366 | | | 399,366 | | | 399,366 | ||
| | | | LLC Units (6.7797 units)(10) | | | | | | | 962,717 | | | 962,760 | ||||
| | | | | | | | 2,529,719 | | | 3,492,436 | | | 3,492,479 | ||||
MCM 500 East Pratt Holdings, LLC (1.4%)*(8)(10) | | | Banking, Finance, Insurance & Real Estate | | | Equity - 5,000,000 units | | | | | | | 5,000,000 | | | 7,350,000 | ||
| | | | | | | 5,000,000 | | | 7,350,000 |
Company(1)(2) | | | Industry | | | Type of Investment | | | Maturity | | | Par Amount | | | Cost | | | Fair Value |
MCM Capital Office Park Holdings LLC (3.0%)*(8)(10) | | | Banking, Finance, Insurance & Real Estate | | | Equity - 7,500,000 units | | | | | | | $7,500,000 | | | $15,525,000 | ||
| | | | | | | 7,500,000 | | | 15,525,000 | ||||||||
Sierra Senior Loan Strategy JV I LLC (15.6%)*(8)(16) | | | Multi-Sector Holdings | | | Equity (89.01% ownership of SIC Senior Loan Strategy JV I LLC) | | | | | | | 110,050,000 | | | 81,788,964 | ||
| | | | | | | | | | 110,050,000 | | | 81,788,964 | |||||
Subtotal Control / Affiliate Investments (25.0%) | | | | | $59,101,751 | | | $179,520,932 | | | $131,172,660 | |||||||
Total Investments, December 31, 2020* | | | | | $595,978,058 | | | $701,003,938 | | | $603,986,480 | |||||||
Money Market Fund | | | | | | | | | | | ||||||||
Federated Institutional Prime Obligations Fund (4.8%)*(11) | | | | | Money Market (0.080%) | | | | | 25,401,625 | | | 25,401,625 | | | 25,401,625 | ||
| | | 25,401,625 | | | 25,401,625 | | | 25,401,625 | |||||||||
State Street Institutional Liquid Reserves Fund (2.4%)*(11) | | | | | Money Market (0.100%) | | | | | 12,683,935 | | | 12,686,471 | | | 12,685,203 | ||
| | | 12,683,935 | | | 12,686,471 | | | 12,685,203 | |||||||||
Total Money Market Fund, December 31, 2020 (7.2%) | | | | | $38,085,560 | | | $38,088,096 | | | $38,086,828 |
* | Fair value as a percentage of net assets. |
(1) | All of the Company's investments are domiciled in the United States except for AMMC CLO 22, Limited Series 2018-22A, AMMC CLO 23, Ltd. Series 2020-23A, Apidos CLO XXIV, Series 2016-24A, Dryden 43 Senior Loan Fund, Series 2016-43A, Dryden 49 Senior Loan Fund, 2017-49A, Magnetite XIX, Limited, Sound Point CLO XX, Ltd., VOYA CLO 2016-2, LTD., and VOYA CLO 2015-2, LTD., which are all domiciled in the Cayman Islands. All foreign investments were denominated in US Dollars. |
(2) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of ASC 820 fair value hierarchy. |
(3) | The interest rate on these loans is subject to a base rate plus 6 Month “6M” LIBOR, which at December 31, 2020 was 0.34%. The interest rate is subject to a minimum LIBOR floor. |
(4) | The interest rate on these loans is subject to a base rate plus 3 Month “3M” LIBOR, which at December 31, 2020 was 0.24%. The interest rate is subject to a minimum LIBOR floor. |
(5) | An affiliated fund that is managed by an affiliate of SIC Advisors LLC also holds an investment in this security. |
(6) | The interest rate on these loans is subject to a base rate plus 1 Month “1M” LIBOR, which at December 31, 2020 was 0.14%. The interest rate is subject to a minimum LIBOR floor. |
(7) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities represent a fair value of $51,094,601 or 9.7% of net assets as of December 31, 2020 and are considered restricted securities subject to legal restrictions on sales. |
(8) | The investment is not a qualifying asset under Section 55 of the Investment Company Act of 1940 (the “1940 Act”). Non-qualifying assets represent 30.0% of the Company's portfolio at fair value as of December 31, 2020. |
(9) | This investment is in the equity class of a collateralized loan obligation (“CLO”). The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is based on the current projections of this excess cash flow taking into account assumptions that have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. |
(10) | Security is non-income producing. |
(11) | Represents securities in Level 1 in the ASC 820 table (see Note 4). |
(12) | The investment has an unfunded commitment as of December 31, 2020. For further details see Note 11. Fair value includes an analysis of the unfunded commitment. |
(13) | The investment was on non-accrual status as of December 31, 2020. |
(14) | The investment is past due as of December 31, 2020. |
(15) | Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns at least 5% but no more than 25% of the voting securities or we are under common control with such portfolio company. Control Investments are defined by the 1940 Acts as investments in companies in which the Company owns more than 25% of the voting securities or maintains power to exercise control over the management or policies of such portfolio company. |
(16) | As a practical expedient, the Company uses NAV to determine the fair value of this investment. |
| | 2021 | | | 2020 | | | 2019 | |
Realized loss from non-controlled/non-affiliated investments | | | $ — | | | $(7,627,874) | | | $(6,990,377) |
Realized loss from controlled/affiliated investments | | | — | | | — | | | (16,060,644) |
Total | | | $— | | | $(7,627,874) | | | $(23,051,021) |
• | The “Market Approach” uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities, or a group of assets and liabilities, such as a business. |
• | The “Income Approach” converts future amounts (for example, cash flows or income and expenses) to a single current (that is, discounted) amount. When the Income Approach is used, the fair value measurement reflects current market expectations about those future amounts. |
• | valuations of comparable public companies (“Guideline Comparable Approach”); |
• | recent sales of private and public comparable companies (“Guideline Comparable Approach”); |
• | recent acquisition prices of the company, debt securities or equity securities (“Recent Arms-length Transaction”); |
• | external valuations of the portfolio company, offers from third parties to buy the company (“Estimated Sales Proceeds Approach”); |
• | subsequent sales made by the company of its investments (“Expected Sales Proceeds Approach”); and |
• | estimating the value to potential buyers. |
• | discounting the forecasted cash flows of the portfolio company or securities (“Discounted Cash Flow” or “DCF” Approach); and |
• | Black-Scholes model or simulation models or a combination thereof (Income Approach – Option Model) with respect to the valuation of warrants. |
• | the quarterly valuation process begins with each portfolio investment being initially valued by the Company's valuation professionals; |
• | preliminary valuation conclusions are then documented and discussed with senior management; and |
• | an independent valuation firm engaged by the Company’s board of directors prepares an independent valuation report for approximately one-third of the portfolio investments each quarter on a rotating quarterly basis on non-fiscal year-end quarters, such that each of these investments will be valued by an independent valuation firm at least twice per annum when combined with the fiscal year-end review of all the investments by independent valuation firms. |
• | management reviews preliminary valuations and its own independent assessment; |
• | the independent audit committee of the Company’s board of directors reviews the preliminary valuations of senior management and independent valuation firms; and |
• | the Company’s board of directors discusses valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the input of SIC Advisors, the respective independent valuation firms and the audit committee. |
| | As of December 31, | |||||||
| | 2021 | | | 2020 | | | 2019 | |
Capital in excess of par value | | | $14,718,259 | | | $(6,624,791) | | | $14,070,485 |
Total distributable earnings/(loss) | | | (14,718,259) | | | 6,624,791 | | | (14,070,485) |
| | 2021 | | | 2020 | | | 2019 | ||||||||||
Source of Distribution | | | Distribution Amount | | | Percentage | | | Distribution Amount | | | Percentage | | | Distribution Amount | | | Percentage |
Ordinary income | | | $12,287,751 | | | 100.0% | | | $— | | | —% | | | $38,237,797 | | | 59.6% |
Tax Return of Capital | | | — | | | —% | | | 13,838,034 | | | 100.0% | | | 25,924,607 | | | 40.4% |
Distributions on a tax basis: | | | $12,287,751 | | | 100.0% | | | $13,838,034 | | | 100.0% | | | $64,162,404 | | | 100.0% |
| | 2021 | | | 2020 | | | 2019 | |
Ordinary income | | | $2,395,129 | | | $— | | | $— |
Other temporary differences | | | — | | | — | | | — |
Short term capital loss carryover | | | (21,249,371) | | | (21,494,988) | | | (21,992,433) |
Long term capital loss carryover | | | (234,155,700) | | | (210,582,597) | | | (136,948,241) |
Unrealized appreciation (depreciation) | | | (64,852,915) | | | (93,021,716) | | | (119,666,572) |
Components of tax distributable earnings/(accumulated deficits) at year end | | | $(317,862,857) | | | $(325,099,301) | | | $(278,607,246) |
| | Amortized Cost | | | Percentage | | | Fair Value | | | Percentage | |
Senior secured first lien term loans | | | $289,419,028 | | | 52.4% | | | $244,751,752 | | | 51.8% |
Senior secured second lien term loans | | | 82,591,551 | | | 15.0% | | | 84,267,041 | | | 17.8% |
Subordinated notes | | | 56,573,150 | | | 10.2% | | | 50,916,394 | | | 10.8% |
Sierra Senior Loan Strategy JV I LLC | | | 110,050,000 | | | 19.9% | | | 85,963,135 | | | 18.2% |
Equity/warrants | | | 13,527,865 | | | 2.4% | | | 6,885,477 | | | 1.5% |
Total | | | $552,161,594 | | | 100.0% | | | $472,783,799 | | | 100.0% |
| | Amortized Cost | | | Percentage | | | Fair Value | | | Percentage | |
Senior secured first lien term loans | | | $369,385,810 | | | 52.7% | | | $315,490,601 | | | 52.2% |
Senior secured second lien term loans | | | 103,081,287 | | | 14.7% | | | 93,794,917 | | | 15.5% |
Senior secured first lien notes | | | 8,473,750 | | | 1.2% | | | 8,548,755 | | | 1.4% |
Subordinated notes | | | 65,561,840 | | | 9.4% | | | 50,039,500 | | | 8.3% |
Sierra Senior Loan Strategy JV I LLC | | | 110,050,000 | | | 15.7% | | | 81,788,964 | | | 13.5% |
Equity/warrants | | | 44,451,252 | | | 6.3% | | | 54,323,743 | | | 9.0% |
Total | | | $701,003,939 | | | 100.0% | | | $603,986,480 | | | 100.0% |
| | Amortized Cost | | | Percentage | | | Fair Value | | | Percentage | |
Multi-Sector Holdings | | | $165,861,671 | | | 30.0% | | | $136,083,229 | | | 28.8% |
High Tech Industries | | | 83,729,863 | | | 15.2% | | | 86,947,002 | | | 18.4% |
Services: Business | | | 29,725,130 | | | 5.4% | | | 29,664,556 | | | 6.3% |
Healthcare & Pharmaceuticals | | | 48,379,437 | | | 8.8% | | | 37,181,002 | | | 7.9% |
Construction & Building | | | 15,947,627 | | | 2.9% | | | 9,034,245 | | | 1.9% |
Banking, Finance, Insurance & Real Estate | | | 6,061,927 | | | 1.1% | | | 5,615,834 | | | 1.2% |
Consumer Goods: Durable | | | 20,017,578 | | | 3.6% | | | 22,762,785 | | | 4.8% |
Aerospace & Defense | | | 35,260,728 | | | 6.4% | | | 34,083,060 | | | 7.2% |
Hotel, Gaming & Leisure | | | 42,466,034 | | | 7.7% | | | 32,183,052 | | | 6.8% |
Automotive | | | 29,149,695 | | | 5.3% | | | 27,157,629 | | | 5.7% |
Containers, Packaging & Glass | | | 1,885,686 | | | 0.3% | | | 1,880,976 | | | 0.4% |
Services: Consumer | | | 14,615,973 | | | 2.6% | | | 15,014,268 | | | 3.2% |
Chemicals, Plastics & Rubber | | | 10,030,887 | | | 1.8% | | | 8,964,382 | | | 1.9% |
Media: Diversified & Production | | | 14,369,489 | | | 2.6% | | | 6,658,423 | | | 1.4% |
Transportation: Cargo | | | 3,891,115 | | | 0.7% | | | 3,916,368 | | | 0.8% |
Transportation: Consumer | | | 7,269,893 | | | 1.3% | | | 6,795,169 | | | 1.4% |
Metals & Mining | | | 3,470,052 | | | 0.6% | | | 4,003,822 | | | 0.8% |
Energy: Oil & Gas | | | 9,581,124 | | | 1.7% | | | 1,100,674 | | | 0.2% |
Wholesale | | | 1,619,423 | | | 0.3% | | | 1,217,787 | | | 0.3% |
Retail | | | 8,785,110 | | | 1.6% | | | 2,476,761 | | | 0.5% |
Beverage & Food | | | 43,152 | | | —% | | | 42,775 | | | —% |
Total | | | $552,161,594 | | | 100% | | | $472,783,799 | | | 100% |
| | Amortized Cost | | | Percentage | | | Fair Value | | | Percentage | |
Multi-Sector Holdings | | | $174,660,001 | | | 24.9% | | | $131,792,864 | | | 21.8% |
Services: Business | | | 79,260,551 | | | 11.3% | | | 73,716,395 | | | 12.2% |
High Tech Industries | | | 75,519,344 | | | 10.8% | | | 71,792,022 | | | 11.9% |
Healthcare & Pharmaceuticals | | | 68,599,968 | | | 9.8% | | | 58,275,198 | | | 9.6% |
Consumer Goods: Durable | | | 32,045,028 | | | 4.6% | | | 41,016,292 | | | 6.8% |
Construction & Building | | | 42,928,750 | | | 6.1% | | | 38,356,358 | | | 6.4% |
Banking, Finance, Insurance & Real Estate | | | 27,848,664 | | | 4.0% | | | 37,620,161 | | | 6.2% |
Aerospace & Defense | | | 33,558,896 | | | 4.8% | | | 29,723,725 | | | 4.9% |
Hotel, Gaming & Leisure | | | 36,326,705 | | | 5.2% | | | 24,013,769 | | | 4.0% |
Automotive | | | 18,886,756 | | | 2.7% | | | 17,404,476 | | | 2.9% |
Containers, Packaging & Glass | | | 15,206,840 | | | 2.2% | | | 15,120,424 | | | 2.5% |
Environmental Industries | | | 5,041,430 | | | 0.7% | | | 10,052,691 | | | 1.7% |
Services: Consumer | | | 9,700,000 | | | 1.4% | | | 9,725,000 | | | 1.6% |
Chemicals, Plastics & Rubber | | | 10,060,861 | | | 1.4% | | | 9,063,498 | | | 1.5% |
Forest Products & Paper | | | 6,477,887 | | | 0.9% | | | 7,770,704 | | | 1.3% |
Media: Diversified & Production | | | 15,474,145 | | | 2.2% | | | 6,780,000 | | | 1.1% |
Transportation: Cargo | | | 6,877,294 | | | 1.0% | | | 6,770,781 | | | 1.1% |
Transportation: Consumer | | | 7,975,416 | | | 1.1% | | | 6,068,082 | | | 1.0% |
Metals & Mining | | | 3,492,436 | | | 0.5% | | | 3,492,479 | | | 0.6% |
Energy: Oil & Gas | | | 20,868,832 | | | 3.0% | | | 2,625,018 | | | 0.4% |
Wholesale | | | 2,212,919 | | | 0.3% | | | 1,746,044 | | | 0.3% |
Retail | | | 7,934,347 | | | 1.1% | | | 1,012,358 | | | 0.2% |
Beverage & Food | | | 46,869 | | | —% | | | 48,141 | | | —% |
Total | | | $701,003,939 | | | 100% | | | $603,986,480 | | | 100% |
| | December 31, 2021 | | | December 31, 2020 | |||||||
Geography | | | Fair Value | | | Percentage | | | Fair Value | | | Percentage |
United States | | | $422,663,705 | | | 89% | | | $553,982,580 | | | 91.7% |
Cayman Islands | | | 50,120,094 | | | 11% | | | 50,003,900 | | | 8.3% |
Total | | | $472,783,799 | | | 100% | | | $603,986,480 | | | 100% |
December 31, 2021: | | | | | | | | | | | | | | | ||||||||||
Name of Investment(1) | | | Type of Investment | | | Fair Value at December 31, 2020 | | | Purchases/ (Sales) of Investments | | | Transfers In/(Out) of Investments | | | Net change in unrealized appreciation/ (depreciation) | | | Realized Gain/ (Loss) | | | Fair Value at December 31, 2021 | | | Income Earned |
1888 Industrial Services, LLC | | | Revolving Credit Facility | | | $1,243,924 | | | $— | | | $— | | | $(162,078) | | | $— | | | $1,081,846 | | | $77,585 |
| | Senior Secured First Lien Term Loan | | | 431,176 | | | (6,468) | | | — | | | (458,635) | | | 33,927 | | | — | | | — | |
| | Senior Secured First Lien Term Loan | | | — | | | 56,703 | | | — | | | (56,703) | | | — | | | — | | | — | |
| | Senior Secured First Lien Term Loan | | | — | | | — | | | — | | | 6,816,029 | | | (6,816,029) | | | — | | | 646,040 | |
| | Membership Units | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Access Media Holdings, LLC | | | Senior Secured First Lien Term Loan | | | — | | | (127,680) | | | — | | | — | | | 127,680 | | | — | | | — |
Caddo Investors Holdings 1 LLC | | | Equity | | | 6,366,372 | | | (7,168,287) | | | — | | | (1,294,223) | | | 2,096,138 | | | — | | | — |
Black Angus Steakhouses, LLC | | | Senior Secured First Lien Term Loan | | | 1,897,321 | | | — | | | — | | | — | | | — | | | 1,897,321 | | | — |
| | Senior Secured First Lien Term Loan | | | 9,060,892 | | | 599,645 | | | — | | | 1,078,894 | | | — | | | 10,739,431 | | | 227,367 | |
| | Senior Secured First Lien Term Loan | | | 3,055,556 | | | 694,444 | | | — | | | — | | | — | | | 3,750,000 | | | 373,441 | |
| | Equity | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Charming Charlie LLC | | | Senior Secured First Lien Term Loan | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
| | Senior Secured First Lien Term Loan | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | Senior Secured First Lien Term Loan | | | 71,281 | | | — | | | — | | | — | | | — | | | 71,281 | | | — | |
| | Senior Secured First Lien Delayed Draw | | | 396,225 | | | — | | | — | | | — | | | — | | | 396,225 | | | — | |
| | Common Stock | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Dynamic Energy Services International LLC | | | Senior Secured First Lien Term Loan | | | 493,470 | | | (2,614,347) | | | — | | | 3,955,555 | | | (1,834,678) | | | — | | | 1,019,886 |
| | Equity | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Kemmerer Operations, LLC | | | Senior Secured First Lien Term Loan | | | 2,130,353 | | | 342,942 | | | — | | | — | | | — | | | 2,473,295 | | | 343,084 |
| | Senior Secured First Lien Delayed Draw Term Loan | | | 399,366 | | | (365,326) | | | — | | | — | | | — | | | 34,040 | | | 41,302 | |
| | Equity | | | 962,760 | | | — | | | — | | | 533,727 | | | — | | | 1,496,487 | | | — | |
MCM 500 East Pratt Holdings, LLC | | | Equity | | | 7,350,000 | | | (5,497,276) | | | — | | | (2,350,000) | | | 497,276 | | | — | | | 1,204,090 |
MCM Capital Office Park Holdings LLC | | | Equity | | | 15,525,000 | | | (12,476,007) | | | — | | | (8,025,000) | | | 4,976,007 | | | — | | | 642,965 |
December 31, 2021: | | | | | | | | | | | | | | | ||||||||||
Name of Investment(1) | | | Type of Investment | | | Fair Value at December 31, 2020 | | | Purchases/ (Sales) of Investments | | | Transfers In/(Out) of Investments | | | Net change in unrealized appreciation/ (depreciation) | | | Realized Gain/ (Loss) | | | Fair Value at December 31, 2021 | | | Income Earned |
Sierra Senior Loan Strategy JV I LLC | | | Equity | | | 81,788,964 | | | — | | | — | | | 4,174,171 | | | — | | | 85,963,135 | | | 5,622,316 |
TwentyEighty, Inc. | | | Common Units | | | — | | | (37,764) | | | — | | | — | | | 37,764 | | | — | | | — |
| | | | | | | | | | | | | | | | |||||||||
Total | | | | | $131,172,660 | | | $(26,599,421) | | | $— | | | $4,211,737 | | | $(881,915) | | | $107,903,061 | | | $10,198,076 |
December 31, 2020: | | | | | | | | | | | | | | | ||||||||||
Name of Investment(1) | | | Type of Investment | | | Fair Value at December 31, 2019 | | | Purchases/ (Sales) of Investments | | | Transfers In/(Out) of Investments | | | Net change in unrealized appreciation/ (depreciation) | | | Realized Gain/ (Loss) | | | Fair Value at December 31, 2020 | | | Income Earned |
1888 Industrial Services, LLC | | | Revolving Credit Facility | | | $1,183,094 | | | $60,830 | | | — | | | — | | | — | | | $1,243,924 | | | $80,161 |
| | Senior Secured First Lien Term Loan | | | 3,315,574 | | | — | | | — | | | (3,315,574) | | | — | | | — | | | — | |
| | Senior Secured First Lien Term Loan | | | 2,113,617 | | | — | | | — | | | (2,113,617) | | | — | | | — | | | — | |
| | Senior Secured First Lien Term Loan | | | 416,940 | | | (13,223) | | | — | | | 27,459 | | | — | | | 431,176 | | | ||
| | Senior Secured First Lien Term Loan | | | 79,986 | | | (79,986) | | | — | | | — | | | — | | | — | | | 3,860 | |
| | Senior Secured First Lien Term Loan | | | 288,300 | | | (288,300) | | | — | | | — | | | — | | | — | | | 13,913 | |
| | Membership Units | | | — | | | (35,600) | | | — | | | — | | | — | | | — | | | — | |
Access Media Holdings, LLC | | | Senior Secured First Lien Term Loan | | | 2,251,418 | | | (1,045,943) | | | — | | | 5,206,924 | | | (6,412,399) | | | — | | | 524,710 |
| | Common Stock | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | Preferred Equity | | | — | | | — | | | — | | | 1,400,000 | | | (1,400,000) | | | — | | | — | |
| | Preferred Equity | | | — | | | — | | | — | | | 700,000 | | | (700,000) | | | — | | | — | |
| | Preferred Equity | | | (88,200) | | | — | | | — | | | 938,000 | | | (849,800) | | | — | | | — | |
Black Angus Steakhouses, LLC | | | Senior Secured First Lien Term Loan | | | — | | | 334,821 | | | 1,562,500 | | | — | | | — | | | 1,897,321 | | | 93,471 |
| | Senior Secured First Lien Term Loan | | | — | | | — | | | 20,457,589 | | | (11,396,697) | | | — | | | 9,060,892 | | | — | |
| | Senior Secured First Lien Term Loan | | | — | | | 3,055,556 | | | — | | | — | | | — | | | 3,055,556 | | | 36,510 | |
| | Equity | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Caddo Investors Holdings 1 LLC | | | Equity | | | 5,765,253 | | | 44,667 | | | — | | | 556,452 | | | — | | | 6,366,372 | | | — |
Charming Charlie LLC | | | Senior Secured First Lien Term Loan | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
| | Senior Secured First Lien Term Loan | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
| | Senior Secured First Lien Term Loan | | | 112,981 | | | (12,125) | | | — | | | (29,575) | | | — | | | 71,281 | | | ||
| | Senior Secured First Lien Term Loan | | | 628,025 | | | (67,399) | | | — | | | (164,401) | | | — | | | 396,225 | | | — | |
| | Common Stock | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Dynamic Energy Services International LLC | | | Revolving Credit Facility | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
December 31, 2020: | | | | | | | | | | | | | | | ||||||||||
Name of Investment(1) | | | Type of Investment | | | Fair Value at December 31, 2019 | | | Purchases/ (Sales) of Investments | | | Transfers In/(Out) of Investments | | | Net change in unrealized appreciation/ (depreciation) | | | Realized Gain/ (Loss) | | | Fair Value at December 31, 2020 | | | Income Earned |
| | Senior Secured First Lien Term Loan | | | 692,431 | | | — | | | — | | | (198,961) | | | — | | | 493,470 | | | (8,948) | |
| | Equity | | | — | | | — | | | — | | | — | | | — | | | — | | | — | |
Kemmerer Operations, LLC | | | Senior Secured First Lien Term Loan | | | 1,834,227 | | | 296,126 | | | — | | | — | | | — | | | 2,130,353 | | | 296,250 |
| | Senior Secured First Lien Delayed Draw Term Loan | | | 461,035 | | | (61,669) | | | — | | | — | | | — | | | 399,366 | | | 73,898 | |
| | Equity | | | 962,760 | | | — | | | — | | | — | | | — | | | 962,760 | | | — | |
MCM 500 East Pratt Holdings, LLC | | | Equity | | | 7,350,000 | | | — | | | — | | | — | | | — | | | 7,350,000 | | | 423,119 |
MCM Capital Office Park Holdings LLC | | | Equity | | | 11,775,000 | | | — | | | — | | | 3,750,000 | | | — | | | 15,525,000 | | | 879,369 |
Sierra Senior Loan Strategy JV I LLC | | | Equity | | | 68,434,389 | | | 18,000,000 | | | — | | | (4,645,425) | | | — | | | 81,788,964 | | | 4,381,828 |
TwentyEighty, Inc. | | | Common Units | | | 644,597 | | | (621,650) | | | — | | | (644,597) | | | 621,650 | | | — | | | — |
| | | | | | | | | | | | | | | | |||||||||
Total | | | | | $108,221,427 | | | $19,566,105 | | | $22,020,089 | | | $(9,930,012) | | | $(8,740,549) | | | $131,172,660 | | | $6,798,141 |
(1) | The par amount and additional detail are shown in the consolidated schedules of investments. |
| | December 31, 2021 | | | December 31, 2020 | |
Senior secured loans(1) | | | $173,810,870 | | | $210,175,007 |
Weighted average current interest rate on senior secured loans(2) | | | 5.50% | | | 6.05% |
Number of borrowers in the Sierra JV | | | 44 | | | 52 |
Investments at fair value | | | 169,916,689 | | | 196,605,878 |
Largest loan to a single borrower(1) | | | 10,364,573 | | | 10,595,716 |
Total of five largest loans to borrowers(1) | | | 36,485,857 | | | 38,163,663 |
(1) | At par value. |
(2) | Computed as the (a) annual stated interest rate on accruing senior secured loans, divided by (b) total senior secured loans at principal amount. |
| | December 31, 2021 | | | December 31, 2020 | |
Selected Consolidated Statement of Assets and Liabilities Information: | | | | | ||
Investments in loans at fair value (Amortized cost of $172,205,629 and $208,071,345, respectively) | | | $169,916,689 | | | $196,605,878 |
Cash and cash equivalents | | | 9,316,747 | | | 17,130,001 |
Other assets | | | 771,830 | | | 1,173,707 |
Total assets | | | $180,005,266 | | | $214,909,586 |
| | | | |||
Senior credit facility payable (net of deferred financing costs of $1,618,432 and $2,639,540, respectively) | | | $82,642,608 | | | $122,063,405 |
Other liabilities | | | 464,115 | | | 526,233 |
Interest payable | | | 321,359 | | | 432,351 |
Total liabilities | | | 83,428,082 | | | 123,021,989 |
Members’ capital | | | 96,577,184 | | | 91,887,597 |
Total liabilities and members' capital | | | $180,005,266 | | | $214,909,586 |
| | Year ended December 31, 2021 | | | Year ended December 31, 2020 | |
Selected Consolidated Statement of Operations Information: | | | | | ||
Total investment income | | | $12,609,925 | | | $14,629,790 |
Total expenses | | | 6,766,991 | | | 9,097,602 |
Net change in unrealized appreciation/(depreciation) of investments | | | 9,176,527 | | | 4,382,782 |
Net realized gain/(loss) on investments | | | (4,013,361) | | | (11,709,906) |
Net income/(loss) | | | $11,006,100 | | | $(1,794,936) |
• | Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities at the measurement date. |
• | Level 2 – Valuations based on inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable at the measurement date. This category includes quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in non-active markets including actionable bids from third parties for privately held assets or liabilities, and observable inputs other than quoted prices such as yield curves and forward currency rates that are entered directly into valuation models to determine the value of derivatives or other assets or liabilities. |
• | Level 3 – Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the Market or Income Approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates, beta and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. |
Type of Investment(1) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total |
Asset | | | | | | | | | ||||
Senior secured first lien term loans | | | $ — | | | $ — | | | $244,751,752 | | | $244,751,752 |
Senior secured second lien term loans | | | — | | | — | | | 84,267,041 | | | 84,267,041 |
Subordinated notes | | | — | | | — | | | 50,916,394 | | | 50,916,394 |
Equity/warrants | | | — | | | — | | | 6,885,477 | | | 6,885,477 |
Total | | | $— | | | $— | | | $386,820,664 | | | $386,820,664 |
Investments measured at net asset value | | | | | | | | | $85,963,135 | |||
Total Investments, at fair value | | | | | | | | | $472,783,799 |
(1) | Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities. |
Type of Investment(1) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total |
Asset | | | | | | | | | ||||
Senior secured first lien term loans | | | $— | | | $ — | | | $315,490,601 | | | $315,490,601 |
Senior secured first lien notes | | | — | | | — | | | 8,548,755 | | | 8,548,755 |
Senior secured second lien term loans | | | — | | | — | | | 93,794,917 | | | 93,794,917 |
Subordinated notes | | | — | | | — | | | 50,039,500 | | | 50,039,500 |
Equity/warrants | | | 767,144 | | | — | | | 47,190,227 | | | 47,957,371 |
Total | | | $767,144 | | | $— | | | $515,064,000 | | | $515,831,144 |
Investments measured at net asset value | | | | | | | | | $88,155,336 | |||
Total Investments, at fair value | | | | | | | | | $603,986,480 |
(1) | Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities. |
| | Senior Secured First Lien Term Loans | | | Senior Secured First Lien Notes | | | Senior Secured Second Lien Term Loans | | | Subordinated Notes | | | Equity/ Warrants | | | Total | |
Balance, December 31, 2020 | | | $315,490,601 | | | $8,548,755 | | | $93,794,917 | | | $50,039,500 | | | $47,190,227 | | | $515,064,000 |
Purchases | | | 110,183,973 | | | — | | | 16,328,558 | | | 5,092,501 | | | 601,501 | | | 132,206,533 |
Sales | | | (183,599,835) | | | (8,561,250) | | | (34,143,373) | | | (13,539,505) | | | (33,575,435) | | | (273,419,398) |
Transfers in | | | — | | | — | | | — | | | — | | | — | | | — |
Transfers out | | | — | | | — | | | — | | | — | | | — | | | — |
Amortization of discount/(premium) | | | 296,516 | | | — | | | 110,773 | | | — | | | — | | | 407,289 |
Paid-in-kind interest income | | | 1,669,646 | | | — | | | 655,078 | | | — | | | — | | | 2,324,724 |
Net realized gains (losses) | | | (8,531,631) | | | 87,500 | | | (3,440,773) | | | (541,688) | | | 7,577,771 | | | (4,848,821) |
Net change in unrealized appreciation/ (depreciation) | | | 9,242,482 | | | (75,005) | | | 10,961,861 | | | 9,865,586 | | | (14,908,587) | | | 15,086,337 |
Balance, December 31, 2021 | | | $244,751,752 | | | $— | | | $84,267,041 | | | $50,916,394 | | | $6,885,477 | | | $386,820,664 |
Change in net unrealized appreciation/ (depreciation) in investments held as of December 31, 2021(1) | | | $(2,315,631) | | | $— | | | $3,460,164 | | | $11,276,754 | | | $(2,991,941) | | | $9,429,346 |
(1) | Amount is included in the change in unrealized appreciation/(depreciation) account in Consolidated Statements of Operations. |
| | Senior Secured First Lien Term Loans | | | Senior Secured First Lien Notes | | | Senior Secured Second Lien Term Loans | | | Subordinated Notes | | | Equity/ Warrants | | | Total | |
Balance, December 31, 2019 | | | $328,816,197 | | | $14,354,825 | | | $122,817,885 | | | $63,021,420 | | | $38,521,450 | | | $567,531,777 |
Purchases | | | 85,861,584 | | | 1,000,000 | | | 18,050,833 | | | 1,723,670 | | | 474,802 | | | 107,110,889 |
Sales | | | (59,531,538) | | | (2,613,875) | | | (38,963,177) | | | (6,418,204) | | | (2,308,101) | | | (109,834,895) |
Transfers in | | | — | | | — | | | — | | | — | | | — | | | — |
Transfers out | | | — | | | — | | | — | | | — | | | — | | | — |
Amortization of discount/(premium) | | | 1,098,221 | | | — | | | (378,606) | | | — | | | — | | | 719,615 |
Paid-in-kind interest income | | | 2,024,218 | | | — | | | — | | | — | | | — | | | 2,024,218 |
Net realized gains (losses) | | | (39,684,646) | | | (5,130,000) | | | (33,422,085) | | | (166,476) | | | (4,567,133) | | | (82,970,340) |
Net change in unrealized appreciation/ (depreciation) | | | (3,093,435) | | | 937,805 | | | 25,690,067 | | | (8,120,910) | | | 15,069,209 | | | 30,482,736 |
Balance, December 31, 2020 | | | $315,490,601 | | | $8,548,755 | | | $93,794,917 | | | $50,039,500 | | | $47,190,227 | | | $515,064,000 |
Change in net unrealized appreciation/ (depreciation) in investments held as of December 31, 2020(1) | | | $(11,350,094) | | | $(15,695) | | | $(2,890,942) | | | $(7,191,950) | | | $9,386,338 | | | $(12,062,343) |
(1) | Amount is included in the change in unrealized appreciation/(depreciation) account in Consolidated Statements of Operations. |
Type of Investment(5) | | | Fair Value | | | Valuation techniques | | | Unobservable input(1) | | | Range (weighted average) |
Senior Secured First Lien Term Loans(2) | | | $197,777,790 | | | Income Approach (DCF) | | | Market Yield | | | 5.6% - 13.3% (8.15%) |
Senior Secured First Lien Term Loans | | | 17,279,130 | | | Market Approach | | | EBITDA Multiple, Revenue Multiple | | | 0.30x - 7.50x (4.62x) / $0.40x - 0.40x (0.40x) / |
Senior Secured First Lien Notes | | | 467,506 | | | Liquidation Value | | | Expected Proceeds | | | $0.0 - $51.46 ($51.46) |
Senior Secured Second Lien Term Loans(3) | | | 39,190,782 | | | Income Approach (DCF) | | | Market Yield | | | 10.0% - 18.1% (11.8%) |
Senior Secured Second Lien Term Loans(4) | | | 10,967,567 | | | Recent Transaction | | | Recent Transaction | | | 88.00% |
Subordinated Notes | | | 796,300 | | | Expected Transaction | | | Expected Proceeds | | | 796,300 |
Equity | | | 566,078 | | | Liquidation Value | | | Expected Proceeds | | | 566,078 |
Equity | | | 3,069,648 | | | Market Approach | | | EBITDA Multiple, Revenue Multiple | | | 0.30x - 8.50x (3.31x) 0.40x - 0.95x (0.95x) |
Equity | | | 3,249,751 | | | Recent Arms-Length Transaction | | | Recent Arms-Length Transaction | | | $0.01 - $207.03 ($205.83) |
Total | | | $273,364,552 | | | | | | |
(1) | Represents the method used when the Company has determined that market participants would use such inputs when measuring the fair value of these investments. |
(2) | Excludes investments with an aggregate fair value amounting to $29,227,326 which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. |
(3) | Excludes investments with an aggregate fair value amounting to $34,108,692 which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. |
(4) | On January 14, 2022, the company sold its full position for a price of 88.0%. |
(5) | Excludes CLO investments with an aggregate fair value amounting to $50,120,094, which the Company valued using unadjusted prices from independent pricing services and independent indicative broker quotes where pricing inputs are not readily available. |
Type of Investment | | | Fair Value | | | Valuation techniques | | | Unobservable input(1) | | | Range (weighted average) |
Senior Secured First Lien Term Loans | | | $209,276,266 | | | Income Approach (DCF) | | | Market Yield | | | 4.61% - 26.41% (7.93%) |
Senior Secured First Lien Term Loans | | | 84,351,515 | | | Market Approach (Guideline Comparable)/ Income Approach (DCF)/ Enterprise Value Analysis | | | EBITDA Multiple, Expected Proceeds, Revenue Multiple, Discount Rate | | | 2.00x - 9.50x (6.21x) / $48.00 - $115.00 ($69.29) / 0.80x - 1.00x (0.90x) / 16.9% - 18.9% (17.9%) |
Senior Secured First Lien Term Loans | | | 21,862,820 | | | Recent Arms-Length Transaction | | | Recent Arms-Length Transaction | | | N/A |
Senior Secured First Lien Notes | | | 8,548,755 | | | Income Approach (DCF) | | | Market Yield | | | 3.42% - 11.86% (10.78%) |
Senior Secured Second Lien Term Loans | | | 74,896,187 | | | Income Approach (DCF) | | | Market Yield | | | 7.53% - 21.50% (13.85%) |
Senior Secured Second Lien Term Loans | | | 13,998,730 | | | Market Approach (Guideline Comparable) | | | EBITDA Multiple, Expected Proceeds | | | 6.50x - 7.50x (7.00x) / $209.70 - $233.00 ($221.35) |
Senior Secured Second Lien Term Loans | | | 4,900,000 | | | Recent Arms-Length Transaction | | | Recent Arms-Length Transaction | | | N/A |
Subordinated Notes | | | 48,315,900 | | | Income Approach (DCF) | | | Discount Rate, Projected Default rates, Recovery Rates, Reinvestment Rates, Prepayment Rates | | | 11.02% - 21.00% (18.72%) / 2.00% - 2.00% (2.00%) / 65.00% - 65.00% (65.00%) / 98.00% - 98.00% (98.00%) / 20.00% - 25.00% (22.50%) |
Subordinated Notes | | | 1,723,600 | | | Recent Arms-Length Transaction | | | Recent Arms-Length Transaction | | | N/A |
Equity | | | 38,001,340 | | | Market Approach (Guideline Comparable)/ Income Approach (DCF)/ Enterprise Value Analysis | | | Book Value Multiple, EBITDA Multiple, Capitalization Rate, Revenue Multiple, Expected Proceeds | | | 0.75x - 1.00x (0.88x) / 2.00x - 9.50 (8.39x) / 7.50x - 9.30x (8.54%) / 0.50x - 1.00x (0.83x) / $0.10 - $66.20 ($2.60) |
Equity | | | 9,188,887 | | | Recent Arms-Length Transaction | | | Recent Arms-Length Transaction | | | N/A |
Total | | | $515,064,000 | | | | | | |
(1) | Represents the method used when the Company has determined that market participants would use such inputs when measuring the fair value of these investments. |
| | 2021 | | | 2020 | | | 2019 | |
Interest income and settlement from TRS | | | $ — | | | $ — | | | $309,388 |
Traded gains/(loss) on TRS loan sales | | | — | | | — | | | (9,632,900) |
Net realized gains/(loss) on TRS | | | $— | | | $— | | | $(9,323,512) |
| | | | | | ||||
Net change in unrealized appreciation/(depreciation) on TRS | | | $— | | | $— | | | $6,524,904 |
| | 2021 | | | 2020 | | | 2019 | |
Average notional par amount of contracts(1) | | | $ — | | | $ — | | | $18,016,329 |
(1) | Average notional amount is based on the average month end balances for the years ended December 31, 2021 and 2020, which is representative of the volume of notional contract amounts held during each year. |
| | December 31, 2021 | | | December 31, 2020 | |||||||||||||
| | Total Commitment | | | Balance Outstanding | | | Unused Commitment | | | Total Commitment | | | Balance Outstanding | | | Unused Commitment | |
Alpine Credit Facility | | | $180,000,000 | | | $44,600,645 | | | $135,399,355 | | | $180,000,000 | | | $145,000,000 | | | $35,000,000 |
Total before deferred financing costs | | | 180,000,000 | | | 44,600,645 | | | 135,399,355 | | | 180,000,000 | | | 145,000,000 | | | 35,000,000 |
Unamortized deferred financing costs | | | — | | | — | | | — | | | — | | | (659,266) | | | — |
Total borrowings outstanding, net deferred financing costs | | | $180,000,000 | | | $44,600,645 | | | $135,399,355 | | | $180,000,000 | | | $144,340,734 | | | $35,000,000 |
| | 2021 | | | 2020 | | | 2019 | |
Interest expense related to the ING Credit Facility | | | $— | | | $1,729,271 | | | $5,508,219 |
Financing expenses related to the ING Credit Facility | | | — | | | 1,238,677 | | | 961,380 |
Total interest and financing expenses related to the ING Credit Facility | | | $— | | | $2,967,948 | | | $6,469,599 |
| | | | | | ||||
Weighted average outstanding debt balance of the ING Credit Facility | | | $— | | | $36,873,586 | | | $93,406,301 |
Weighted average interest rate of the ING Credit Facility | | | N/A | | | 4.6% | | | 5.8% |
| | For the Year Ended December 31, | |||||||
| | 2021 | | | 2020 | | | 2019 | |
Interest expense related to the Alpine Credit Facility | | | $3,648,527 | | | $7,642,421 | | | $13,049,364 |
Financing expenses related to the Alpine Credit Facility | | | 659,266 | | | 1,225,097 | | | 970,254 |
Total interest and financing expenses related to the Alpine Credit Facility | | | $4,307,793 | | | $8,867,518 | | | $14,019,618 |
Weighted average outstanding debt balance of the Alpine Credit Facility | | | $108,098,133 | | | $182,841,530 | | | $240,000,000 |
Weighted average interest rate of the Alpine Credit Facility | | | 3.3% | | | 5.4% | | | 5.1% |
| | 2021 | | | 2020 | | | 2019 | |
Net increase/(decrease) in net assets from operations | | | $34,242,454 | | | $(53,116,846) | | | $(29,580,903) |
Weighted average common stock outstanding | | | 102,408,063 | | | 102,744,642 | | | 100,582,788 |
Weighted average basic and diluted earnings/(loss) per common share | | | $0.33 | | | $(0.52) | | | $(0.29) |
| | As of December 31, | ||||
| | 2021 | | | 2020 | |
1888 Industrial Services, LLC | | | $376,856 | | | $376,856 |
Black Angus Steakhouses, LLC | | | 416,667 | | | 1,111,111 |
Brook & Whittle Holding Corp. | | | 941,423 | | | — |
DataOnline Corp. | | | — | | | 321,429 |
Isola USA Corp. | | | 1,138,277 | | | 1,138,277 |
Kemmerer Operations LLC | | | 908,475 | | | 908,475 |
Lifestyle Intermediate II, LLC | | | 1,166,667 | | | — |
RA Outdoors, LLC | | | 1,234,568 | | | — |
Redwood Services Group, LLC | | | — | | | 2,587,500 |
RTIC Subsidiary Holdings, LLC | | | 2,380,952 | | | 3,174,603 |
SFP Holdings, Inc. | | | — | | | 3,081,900 |
Thermacell Repellents, Inc. | | | 1,540,000 | | | — |
West Dermatology, LLC | | | 4,081,509 | | | 4,693,218 |
Total Commitments | | | $14,185,394 | | | $17,393,369 |
| | 2021 | | | 2020 | | | 2019 | |
Origination fee | | | $489,707 | | | $799,838 | | | $467,783 |
Prepayment fee | | | 60,000 | | | — | | | 2,870,918 |
Amendment fee | | | 550,519 | | | 328,716 | | | 589,236 |
Administrative agent fee | | | 22,720 | | | 31,342 | | | 106,162 |
Other fees | | | 240,751 | | | 77,038 | | | 5,767 |
Total fee income | | | $1,363,697 | | | $1,236,934 | | | $4,039,866 |
Record Date | | | Payment Date | | | Amount per share |
January 25, 2019 | | | January 31, 2019 | | | 0.05334 |
February 11, 2019 | | | February 28, 2019 | | | 0.05334 |
March 11, 2019 | | | March 29, 2019 | | | 0.05334 |
April 29, 2019 | | | April 30, 2019 | | | 0.05334 |
May 30, 2019 | | | May 31, 2019 | | | 0.05334 |
June 27, 2019 | | | June 28, 2019 | | | 0.05334 |
July 30, 2019 | | | July 31, 2019 | | | 0.05334 |
August 29, 2019 | | | August 30, 2019 | | | 0.05334 |
September 27, 2019 | | | September 30, 2019 | | | 0.05334 |
October 30, 2019 | | | October 31, 2019 | | | 0.05334 |
November 28, 2019 | | | November 29, 2019 | | | 0.05334 |
December 30, 2019 | | | December 31, 2019 | | | 0.05334 |
January 30, 2020 | | | January 31, 2020 | | | 0.03500 |
February 27, 2020 | | | February 28, 2020 | | | 0.03500 |
March 30, 2020 | | | March 31, 2020 | | | 0.03500 |
October 29, 2020 | | | October 30, 2020 | | | 0.01000 |
November 27, 2020 | | | November 30, 2020 | | | 0.01000 |
December 30, 2020 | | | December 31, 2020 | | | 0.01000 |
January 28, 2021 | | | January 29, 2021 | | | 0.01000 |
February 25, 2021 | | | February 26, 2021 | | | 0.01000 |
March 30, 2021 | | | March 31, 2021 | | | 0.01000 |
April 29, 2021 | | | April 30, 2021 | | | 0.01000 |
May 28, 2021 | | | May 31, 2021 | | | 0.01000 |
June 29, 2021 | | | June 30, 2021 | | | 0.01000 |
July 29, 2021 | | | July 30, 2021 | | | 0.01000 |
August 30, 2021 | | | August 31, 2021 | | | 0.01000 |
September 29, 2021 | | | September 30, 2021 | | | 0.01000 |
November 15, 2021 | | | November 16, 2021 | | | 0.01000 |
November 29, 2021 | | | November 30, 2021 | | | 0.01000 |
December 30, 2021 | | | December 31, 2021 | | | 0.01000 |
| | For the years ended December 31, | |||||||||||||
| | 2021 | | | 2020 | | | 2019 | | | 2018 | | | 2017 | |
Per Share Data:(1) | | | | | | | | | | | |||||
Net asset value at beginning of period | | | $5.12 | | | $5.78 | | | $6.72 | | | $7.66 | | | $8.17 |
Net investment income/(loss) | | | 0.11 | | | (0.02) | | | 0.32 | | | 0.48 | | | 0.55 |
Net realized gains/(losses) on investments and total return swap | | | 0.06 | | | (0.72) | | | (0.28) | | | (0.59) | | | (0.27) |
Net unrealized appreciation/(depreciation) on investments and total return swap | | | 0.17 | | | 0.22 | | | (0.34) | | | (0.18) | | | (0.14) |
Net increase/(decrease) in net assets | | | 0.34 | | | (0.52) | | | (0.30) | | | (0.29) | | | 0.14 |
Distribution from tax return of capital(2) | | | (0.02) | | | (0.14) | | | (0.26) | | | — | | | — |
Distributions declared from net investment income(2) | | | (0.10) | | | — | | | (0.38) | | | (0.64) | | | (0.64) |
Total distributions to shareholders | | | (0.12) | | | (0.14) | | | (0.64) | | | (0.64) | | | (0.64) |
Issuance of common shares above net asset value(3) | | | — | | | — | | | — | | | (0.01) | | | (0.01) |
Net asset value at end of period | | | $5.34 | | | $5.12 | | | $5.78 | | | $6.72 | | | $7.66 |
Total return based on net asset value(4) | | | 6.69% | | | (9.04)% | | | (4.43)% | | | (4.04)% | | | 1.53% |
Portfolio turnover rate | | | 20.48% | | | 23.73% | | | 34.92% | | | 23.42% | | | 36.31% |
Shares outstanding at end of period | | | 102,276,889 | | | 102,630,605 | | | 102,282,366 | | | 98,502,907 | | | 96,620,231 |
Net assets at end of period | | | $545,693,343 | | | $525,740,939 | | | $591,062,721 | | | $662,080,199 | | | $739,986,569 |
Ratio/Supplemental Data: | | | | | | | | | | | |||||
Ratio of net investment income/(loss) to average net assets | | | 2.14% | | | (0.49)% | | | 5.05% | | | 6.62% | | | 6.84% |
Ratio of net expenses (including incentive fees) to average net assets | | | 7.00% | | | 10.07% | | | 7.54% | | | 7.15% | | | 7.13% |
Ratio of incentive fees to average net assets | | | —% | | | —% | | | 0.03% | | | —% | | | 0.61% |
Supplemental Data: | | | | | | | | | | | |||||
Asset coverage ratio per unit(5) | | | $13,174 | | | $4,626 | | | $2,801 | | | $2,656 | | | $2,330 |
Percentage of non-recurring fee income(6) | | | 2.72% | | | 2.52% | | | 4.91% | | | 3.63% | | | 6.79% |
Ratio of net expenses (excluding incentive fees) to average net assets | | | 7.00% | | | 10.07% | | | 7.52% | | | 7.15% | | | 6.52% |
Ratio of interest and financing related expenses to average net assets | | | 0.80% | | | 2.37% | | | 3.22% | | | 3.03% | | | 2.38% |
Total Debt Outstanding:(7)(8) | | | | | | | | | | | |||||
Revolving Credit Facility | | | $44,600,645 | | | $145,000,000 | | | $328,100,000 | | | $355,000,000 | | | $435,000,000 |
Total Return Swap(9) | | | — | | | — | | | — | | | 51,776,760 | | | 127,519,693 |
(1) | The per share data was derived by using the weighted average shares outstanding during the years ended December 31, 2021, 2020, 2019, 2018 and 2017 which were 102,408,063, 102,744,642, 100,582,788, 97,404,685 and 96,248,024, respectively. Table may not foot due to rounding. |
(2) | The per share data for distributions is the actual amount of paid distributions per share during the period. |
(3) | Shares issued under the DRIP (see Note 13) may cause on incremental increase/decrease in NAV per share due to the effect of issuing shares at amounts that differ from the prevailing NAV at each issuance. |
(4) | Total annual returns are historical and assume reinvestments of all dividends and distributions at prices obtained under the DRIP, and no sales charge. |
(5) | Asset coverage per unit is the ratio of the carrying value of the Company's total consolidated assets for regulatory purposes, which includes the underlying fair value of net TRS, less all liabilities and indebtedness not represented by senior securities to the aggregate amount of senior securities representing indebtedness and the implied leverage on the TRS. Asset coverage per unit is expressed in terms of dollars per $1,000 of indebtedness. For the years ended December 31, 2021, 2020, 2019, 2018 and 2017, the Company's Asset Coverage Per Unit including unfunded commitments was $10,069, $4,130, $2,547, $2,363 and $2,054, respectively. |
(6) | Represents the impact of non-recurring fees over total investment income. |
(7) | Total amount of each class of senior securities outstanding at the end of the period excluding debt issuance costs. |
(8) | Average market value per unit is not applicable as these classes of securities are not registered for public trading. |
(9) | The TRS amount is comprised of the outstanding notional amount of the TRS, less the initial amount of any cash collateral required to be posted by Arbor under the TRS. |
| | Quarter Ended | ||||||||||
| | December 31, 2021 | | | September 30, 2021 | | | June 30, 2021 | | | March 31, 2021 | |
Total investment income | | | $9,841,479 | | | $12,596,856 | | | $14,981,562 | | | $11,924,655 |
Total investment income per common share | | | 0.09 | | | 0.12 | | | 0.15 | | | 0.12 |
Net investment income | | | 2,045,089 | | | 1,477,875 | | | 5,112,469 | | | 2,938,759 |
Net investment income per common share | | | 0.02 | | | 0.01 | | | 0.05 | | | 0.03 |
Net realized and unrealized gain/(loss) | | | 2,674,777 | | | (9,206,385) | | | 13,300,382 | | | 15,899,488 |
Net realized and unrealized gain/(loss) per common share | | | 0.03 | | | (0.09) | | | 0.13 | | | 0.15 |
Net increase/(decrease) in net assets resulting from operations | | | 4,719,866 | | | (7,728,510) | | | 18,412,851 | | | 18,838,247 |
Basic and diluted earnings/(loss) per common share | | | 0.05 | | | (0.08) | | | 0.18 | | | 0.18 |
Net asset value per common share at end of quarter | | | 5.34 | | | 5.32 | | | 5.43 | | | 5.28 |
| | Quarter Ended | ||||||||||
| | December 31, 2020 | | | September 30, 2020 | | | June 30, 2020 | | | March 31, 2020 | |
Total investment income | | | $12,081,523 | | | $12,935,319 | | | $11,699,454 | | | $11,176,811 |
Total investment income per common share | | | 0.12 | | | 0.13 | | | 0.11 | | | 0.11 |
Net investment income | | | 5,389,550 | | | 6,081,232 | | | (14,767,663) | | | 823,800 |
Net investment income per common share | | | 0.05 | | | 0.06 | | | (0.14) | | | 0.01 |
Net realized and unrealized gain/(loss) | | | 19,937,287 | | | 26,039,189 | | | 23,444,565 | | | (120,064,806) |
Net realized and unrealized gain/(loss) per common share | | | 0.19 | | | 0.25 | | | 0.23 | | | (1.17) |
Net increase/(decrease) in net assets resulting from operations | | | 25,326,837 | | | 32,120,421 | | | 8,676,902 | | | (119,241,006) |
Basic and diluted earnings/(loss) per common share | | | 0.25 | | | 0.31 | | | 0.08 | | | (1.16) |
Net asset value per common share at end of quarter | | | 5.11 | | | 4.91 | | | 4.60 | | | 4.51 |
| | Quarter Ended | ||||||||||
| | December 31, 2019 | | | September 30, 2019 | | | June 30, 2019 | | | March 31, 2019 | |
Total investment income | | | $17,119,758 | | | $18,160,825 | | | $23,906,563 | | | $20,910,460 |
Total investment income per common share | | | 0.17 | | | 0.18 | | | 0.24 | | | 0.21 |
Net investment income | | | 5,670,095 | | | 5,757,586 | | | 11,859,528 | | | 8,794,693 |
Net investment income per common share | | | 0.06 | | | 0.06 | | | 0.12 | | | 0.09 |
Net realized and unrealized gain/(loss) | | | (14,297,904) | | | (24,569,974) | | | (28,913,606) | | | 6,118,679 |
Net realized and unrealized gain/(loss) per common share | | | (0.15) | | | (0.24) | | | (0.29) | | | 0.06 |
Net increase/(decrease) in net assets resulting from operations | | | (8,627,809) | | | (18,812,388) | | | (17,054,078) | | | 14,913,372 |
Basic and diluted earnings/(loss) per common share | | | (0.09) | | | (0.19) | | | (0.17) | | | 0.15 |
Net asset value per common share at end of quarter | | | 5.78 | | | 6.03 | | | 6.37 | | | 6.71 |
Record Date | | | Payment Date | | | Amount per share |
January 31, 2022 | | | February 15, 2022 | | | $0.010 |
February 17, 2022 | | | February 18, 2022 | | | $0.009 |
Item 15. | Indemnification. |
Item 16. | Exhibits. |
(2) Exhibits | |||
| | Form of Articles of Amendment and Restatement of the Registrant (Filed as Exhibit (a)(3) to the Registrant's Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File No. 333-138418) filed with the Securities and Exchange Commission on December 29, 2006 and incorporated herein by reference). | |
| | Articles of Amendment of the Registrant (Filed as Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference). | |
| | Articles Supplementary (Filed as Exhibit 3.2 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference). | |
| | Seventh Amended and Restated Bylaws of the Registrant (Filed as Exhibit 3.3 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference). | |
(3) | | | Not applicable |
(4) | | | Not applicable. |
| | Base Indenture between the Company and U.S. Bank National Association, dated as of November 23, 2021 (incorporated by reference to Exhibit 4.1 of the Current Report on Form 8-K filed on November 24, 2021). | |
| | First Supplemental Indenture, dated as of November 23, 2021, relating to the 3.300% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K, filed on November 24, 2021). | |
| | Form of 3.300% Notes due 2026 (previously filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K, filed on November 24, 2021 and herein incorporated by reference). | |
| | Registration Rights Agreement, dated as of November 23, 2021, by and among the Company and J.P. Morgan Securities LLC, ING Financial Markets LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC (previously filed as Exhibit 4.4 to the Company’s Current Report on Form 8-K filed on November 24, 2021 and herein incorporated by reference). | |
| | Second Amended and Restated Investment Advisory Agreement, dated February 25, 2022, by and between Barings BDC, Inc. and Barings LLC (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 3, 2022 and incorporated herein by reference). | |
| | Administration Agreement, dated August 2, 2018 by and between Triangle Capital Corporation and Barings LLC (Filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2018 and incorporated herein by reference). | |
(7) | | | Not applicable |
(8) | | | Not applicable |
| | Master Custodian Agreement, dated August 2, 2018, between the Company and State Street Bank and Trust Company (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 8, 2018 and incorporated herein by reference). | |
(10) | | | Not applicable |
| | Opinion of Dechert LLP.* | |
| | Senior Secured Revolving Credit Facility, dated as of February 21, 2019, by and among the Company, as borrower, the lenders party thereto, ING Capital LLC, as administrative agent, and the other parties signatory thereto (Filed as Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 filed with the Securities and Exchange Commission on May 9, 2019 and incorporated herein by reference). | |
| | Guarantee, Pledge and Security Agreement, dated as of February 21, 2019, by and among the Company, as borrower, the subsidiary guarantors party thereto, ING Capital LLC, as revolving administrative agent for the revolving lenders and collateral agent, and the other parties signatory thereto (Filed as Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 filed with the Securities and Exchange Commission on May 9, 2019 and incorporated herein by reference). |
| | Amendment No. 1 to the Senior Secured Revolving Credit Agreement dated as of December 3, 2019, by and among the Company, as borrower, the lenders party thereto, ING Capital LLC, as administrative agent, and the other parties signatory thereto (Filed as Exhibit 10.18 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission on February 27, 2020 and incorporated herein by reference). | |
| | Amendment No. 2 to the Senior Secured Revolving Credit Agreement dated as of December 29, 2021, by and among the Company, as borrower, the lenders party thereto, ING Capital LLC, as administrative agent, and the other parties signatory thereto. (Filed as Exhibit 10.17 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on February 23, 2022 and incorporated herein by reference). | |
| | Amendment No. 3 to Senior Secured Revolving Credit Agreement, dated as of February 25, 2022, by and among Barings BDC, Inc., the subsidiary guarantors party thereto, the lenders party thereto and ING Capital LLC, as administrative agent (Filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 3, 2022 and incorporated herein by reference). | |
| | Credit Support Agreement, dated December 23, 2020, by and between the Company and Barings LLC (Filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2020 and incorporated herein by reference). | |
| | Note Purchase Agreement by and between the Company and the purchasers party thereto, dated August 3, 2020 (Filed as Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2020 and incorporated herein by reference). | |
| | Amendment No. 1 to August 3, 2020 Note Purchase Agreement by and between the Company and the purchasers party thereto, dated November 4, 2020 (Filed as Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 4, 2020 and incorporated herein by reference). | |
| | Note Purchase Agreement by and between the Company and the purchasers party thereto, dated November 4, 2020 (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on November 4, 2020 and incorporated herein by reference). | |
| | Note Purchase Agreement by and between the Company and the purchasers party thereto, dated February 25, 2021 (Filed as Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2021 and incorporated herein by reference). | |
14(a) | | | Consent of KPMG LLP (Barings BDC, Inc.)* |
(14)(b) | | | Consent of Ernst & Young LLP (Barings BDC, Inc.)* |
| | Report of KPMG LLP regarding the senior securities table contained herein (Barings BDC, Inc.) (Filed as Exhibit 99.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 23, 2021 and incorporated herein by reference). | |
(14)(e) | | | Consent of Ernst & Young LLP (Sierra Income Corporation)* |
(15) | | | Not applicable |
| | Power of Attorney* | |
| | Statement of Eligibility of Trustee on Form T-1* | |
| | Form of Letter of Transmittal* | |
| | Filing Fees Table* |
* | Filed herewith. |
Item 17. | Undertakings. |
(1) | The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the 1933 Act, the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. |
(2) | The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment will be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time will be deemed to be the initial bona fide offering of them. |
| | BARINGS BDC, INC. | ||||
| | By: | | | /s/ Jonathan Bock | |
| | Name: | | | Jonathan Bock | |
| | Title: | | | Chief Executive Officer |
Signature | | | Title | | | Date |
/s/ Eric Lloyd | | | Executive Chairman of the Board | | | September 15, 2022 |
Eric Lloyd | | | ||||
| | | | |||
/s/ Jonathan Bock | | | Chief Executive Officer (Principal Executive Officer) | | | September 15, 2022 |
Jonathan Bock | | | ||||
| | | | |||
/s/ Jonathan Landsberg | | | Chief Financial Officer (Principal Financial Officer) | | | September 15, 2022 |
Jonathan Landsberg | | | ||||
| | | | |||
/s/ Elizabeth A. Murray | | | Chief Operating Officer and Chief Accounting Officer (Principal Accounting Officer) | | | September 15, 2022 |
Elizabeth A. Murray | | | ||||
| | | | |||
* | | | Director | | | September 15, 2022 |
Mark F. Mulhern | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
Robert Knapp | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
Dr. Bernard Harris, Jr. | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
Steve Byers | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
Valerie Lancaster-Beal | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
John A. Switzer | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
David Mihalick | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
Thomas W. Okel | | | | | ||
| | | | |||
* | | | Director | | | September 15, 2022 |
Jill Olmstead | | | | |
*By: | | | /s/ Elizabeth A. Murray | | | |
| | Name: Elizabeth A. Murray | | | ||
| | Title: Attorney-in-fact | | |