ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 06-1798488 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) | |||||||
300 South Tryon Street, Suite 2500 Charlotte, North Carolina | 28202 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.001 per share | BBDC | The New York Stock Exchange |
Large accelerated filer | ¨ | Accelerated filer | ¨ | ||||||||
Non-accelerated filer | ý | Smaller reporting company | ¨ | ||||||||
Emerging growth company | ¨ | ||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Unaudited Consolidated Balance Sheet as of September 30, 2021 and Consolidated Balance Sheet as of December 31, 2020 | ||||||||
Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 | ||||||||
Unaudited Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2021 and 2020 | ||||||||
Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 | ||||||||
Unaudited Consolidated Schedule of Investments as of September 30, 2021 | ||||||||
Consolidated Schedule of Investments as of December 31, 2020 | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
Assets: | |||||||||||
Investments at fair value: | |||||||||||
Non-Control / Non-Affiliate investments (cost of $1,346,611,782 and $1,318,614,617 as of September 30, 2021 and December 31, 2020, respectively) | $ | 1,355,088,125 | $ | 1,325,783,281 | |||||||
Affiliate investments (cost of $211,274,188 and $76,055,873 as of September 30, 2021 and December 31, 2020, respectively) | 222,999,987 | 78,598,633 | |||||||||
Control investments (cost of $25,826,428 as of both September 30, 2021 and December 31, 2020) | 24,394,808 | 25,855,796 | |||||||||
Short-term investments (cost of $50,000,000 and $65,558,227 as of September 30, 2021 and December 31, 2020, respectively) | 50,000,000 | 65,558,227 | |||||||||
Total investments at fair value | 1,652,482,920 | 1,495,795,937 | |||||||||
Cash (restricted cash of $0 and $3,488,336 at September 30, 2021 and December 31, 2020, respectively) | 30,248,388 | 62,651,340 | |||||||||
Foreign currencies (cost of $11,311,582 and $29,555,465 as of September 30, 2021 and December 31, 2020, respectively) | 11,137,184 | 29,836,121 | |||||||||
Interest and fees receivable | 24,997,260 | 21,617,843 | |||||||||
Prepaid expenses and other assets | 1,785,731 | 2,014,558 | |||||||||
Credit support agreement (cost of $13,600,000 as of both September 30, 2021 and December 31, 2020) | 14,300,006 | 13,600,000 | |||||||||
Deferred financing fees | 3,144,557 | 4,110,564 | |||||||||
Receivable from unsettled transactions | 61,438,187 | 47,412,382 | |||||||||
Total assets | $ | 1,799,534,233 | $ | 1,677,038,745 | |||||||
Liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 2,710,698 | $ | 6,045,443 | |||||||
Interest payable | 4,318,110 | 2,219,274 | |||||||||
Administrative fees payable | 750,000 | 675,000 | |||||||||
Base management fees payable | 5,273,797 | 3,413,270 | |||||||||
Incentive management fees payable | 4,442,599 | — | |||||||||
Derivative liabilities | 228,700 | 1,336,283 | |||||||||
Payable from unsettled transactions | 59,063 | 1,548,578 | |||||||||
Borrowings under credit facilities | 662,664,367 | 719,660,707 | |||||||||
Notes payable (net of deferred financing fees) | 374,265,334 | 224,335,666 | |||||||||
Total liabilities | 1,054,712,668 | 959,234,221 | |||||||||
Commitments and contingencies (Note 7) | |||||||||||
Net Assets: | |||||||||||
Common stock, $0.001 par value per share (150,000,000 shares authorized and 65,316,085 shares issued and outstanding as of both September 30, 2021 and December 31, 2020) | 65,316 | 65,316 | |||||||||
Additional paid-in capital | 1,027,707,047 | 1,027,707,047 | |||||||||
Total distributable earnings (loss) | (282,950,798) | (309,967,839) | |||||||||
Total net assets | 744,821,565 | 717,804,524 | |||||||||
Total liabilities and net assets | $ | 1,799,534,233 | $ | 1,677,038,745 | |||||||
Net asset value per share | $ | 11.40 | $ | 10.99 |
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Investment income: | |||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | $ | 24,315,519 | $ | 15,205,310 | $ | 76,008,939 | $ | 47,850,786 | |||||||||||||||
Affiliate investments | 195,561 | — | 304,861 | — | |||||||||||||||||||
Control investments | 109,621 | — | 325,287 | — | |||||||||||||||||||
Short-term investments | 1,629 | 12,237 | 16,672 | 336,842 | |||||||||||||||||||
Total interest income | 24,622,330 | 15,217,547 | 76,655,759 | 48,187,628 | |||||||||||||||||||
Dividend income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 64,618 | — | 97,644 | 2,603 | |||||||||||||||||||
Affiliate investments | 2,802,050 | — | 3,235,423 | — | |||||||||||||||||||
Total dividend income | 2,866,668 | — | 3,333,067 | 2,603 | |||||||||||||||||||
Fee and other income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 4,309,939 | 769,126 | 8,694,852 | 2,380,552 | |||||||||||||||||||
Affiliate investments | 15,069 | — | 16,370 | — | |||||||||||||||||||
Control investments | 163,338 | — | 478,754 | — | |||||||||||||||||||
Total fee and other income | 4,488,346 | 769,126 | 9,189,976 | 2,380,552 | |||||||||||||||||||
Payment-in-kind interest income: | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 2,695,487 | 342,469 | 8,801,232 | 577,090 | |||||||||||||||||||
Affiliate investments | 310,994 | — | 749,920 | — | |||||||||||||||||||
Total payment-in-kind interest income | 3,006,481 | 342,469 | 9,551,152 | 577,090 | |||||||||||||||||||
Interest income from cash | — | — | 587 | 631 | |||||||||||||||||||
Total investment income | 34,983,825 | 16,329,142 | 98,730,541 | 51,148,504 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Interest and other financing fees | 8,103,044 | 3,738,991 | 23,382,201 | 14,367,855 | |||||||||||||||||||
Base management fee (Note 2) | 5,273,797 | 3,375,262 | 14,094,419 | 10,904,422 | |||||||||||||||||||
Incentive management fees (Note 2) | 4,442,607 | — | 10,674,693 | — | |||||||||||||||||||
Compensation expenses | — | — | — | 48,410 | |||||||||||||||||||
General and administrative expenses (Note 2) | 2,281,825 | 1,254,723 | 6,782,922 | 4,044,453 | |||||||||||||||||||
Total operating expenses | 20,101,273 | 8,368,976 | 54,934,235 | 29,365,140 | |||||||||||||||||||
Net investment income | 14,882,552 | 7,960,166 | 43,796,306 | 21,783,364 | |||||||||||||||||||
Income taxes, including excise tax provision | 25,533 | 7,561 | 7,495 | 7,561 | |||||||||||||||||||
Net investment income after taxes | 14,857,019 | 7,952,605 | 43,788,811 | 21,775,803 | |||||||||||||||||||
Barings BDC, Inc. Unaudited Consolidated Statements of Operations — (Continued) | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Realized and unrealized gains (losses) on investments, credit support agreement and foreign currency transactions: | |||||||||||||||||||||||
Net realized gains (losses): | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | 950,286 | (19,477,823) | 4,394,339 | (36,233,667) | |||||||||||||||||||
Affiliate investments | (24,300) | — | (100,931) | — | |||||||||||||||||||
Net realized gains (losses) on investments | 925,986 | (19,477,823) | 4,293,408 | (36,233,667) | |||||||||||||||||||
Foreign currency transactions | (4,687,686) | (1,028,262) | (5,872,868) | (1,089,787) | |||||||||||||||||||
Net realized losses | (3,761,700) | (20,506,085) | (1,579,460) | (37,323,454) | |||||||||||||||||||
Net unrealized appreciation (depreciation): | |||||||||||||||||||||||
Non-Control / Non-Affiliate investments | (8,353,775) | 56,467,202 | 1,307,673 | 2,522,789 | |||||||||||||||||||
Affiliate investments | (323,174) | 1,624,230 | 9,208,817 | 828,262 | |||||||||||||||||||
Control investments | 1,115,148 | — | (1,486,760) | — | |||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (7,561,801) | 58,091,432 | 9,029,730 | 3,351,051 | |||||||||||||||||||
Credit support agreement | — | — | 700,006 | — | |||||||||||||||||||
Foreign currency transactions | 10,876,864 | (2,144,050) | 14,268,895 | (1,756,412) | |||||||||||||||||||
Net unrealized appreciation | 3,315,063 | 55,947,382 | 23,998,631 | 1,594,639 | |||||||||||||||||||
Net realized gains (losses) and unrealized appreciation (depreciation) on investments, credit support agreement and foreign currency transactions | (446,637) | 35,441,297 | 22,419,171 | (35,728,815) | |||||||||||||||||||
Loss on extinguishment of debt | — | (216,474) | — | (660,066) | |||||||||||||||||||
Benefit from (provision for) taxes | — | 199 | (1,290) | 17,666 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 14,410,382 | $ | 43,177,627 | $ | 66,206,692 | $ | (14,595,412) | |||||||||||||||
Net investment income per share—basic and diluted | $ | 0.23 | $ | 0.17 | $ | 0.67 | $ | 0.45 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations per share—basic and diluted | $ | 0.22 | $ | 0.90 | $ | 1.01 | $ | (0.30) | |||||||||||||||
Dividends/distributions per share: | |||||||||||||||||||||||
Total dividends/distributions per share | $ | 0.21 | $ | 0.16 | $ | 0.60 | $ | 0.48 | |||||||||||||||
Weighted average shares outstanding—basic and diluted | 65,316,085 | 47,961,753 | 65,316,085 | 48,274,397 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, June 30, 2020 | 47,961,753 | $ | 47,962 | $ | 846,636,727 | $ | (356,211,495) | $ | 490,473,194 | ||||||||||||||||||||
Net investment income | — | — | — | 7,952,605 | 7,952,605 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (20,506,085) | (20,506,085) | ||||||||||||||||||||||||
Net unrealized appreciation of investments / foreign currency transactions | — | — | — | 55,947,382 | 55,947,382 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (216,474) | (216,474) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | 199 | 199 | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (7,673,880) | (7,673,880) | ||||||||||||||||||||||||
Balance, September 30, 2020 | 47,961,753 | $ | 47,962 | $ | 846,636,727 | $ | (320,707,748) | $ | 525,976,941 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, June 30, 2021 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (283,644,802) | $ | 744,127,561 | ||||||||||||||||||||
Net investment income | — | — | — | 14,857,019 | 14,857,019 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (3,761,700) | (3,761,700) | ||||||||||||||||||||||||
Net unrealized appreciation of investments / CSA / foreign currency transactions | — | — | — | 3,315,063 | 3,315,063 | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (13,716,378) | (13,716,378) | ||||||||||||||||||||||||
Balance, September 30, 2021 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (282,950,798) | $ | 744,821,565 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, December 31, 2019 | 48,950,803 | $ | 48,951 | $ | 853,766,370 | $ | (282,940,612) | $ | 570,874,709 | ||||||||||||||||||||
Net investment income | — | — | — | 21,775,803 | 21,775,803 | ||||||||||||||||||||||||
Net realized loss on investments / foreign currency transactions | — | — | — | (37,323,454) | (37,323,454) | ||||||||||||||||||||||||
Net unrealized appreciation of investments / foreign currency transactions | — | — | — | 1,594,639 | 1,594,639 | ||||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (660,066) | (660,066) | ||||||||||||||||||||||||
Income tax benefit | — | — | — | 17,666 | 17,666 | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (23,171,724) | (23,171,724) | ||||||||||||||||||||||||
Purchases of shares in repurchase plan | (989,050) | (989) | (7,129,643) | — | (7,130,632) | ||||||||||||||||||||||||
Balance, September 30, 2020 | 47,961,753 | $ | 47,962 | $ | 846,636,727 | $ | (320,707,748) | $ | 525,976,941 |
Common Stock | Additional Paid-In Capital | Total Distributable Earnings (Loss) | Total Net Assets | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Number of Shares | Par Value | |||||||||||||||||||||||||||
Balance, December 31, 2020 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (309,967,839) | $ | 717,804,524 | ||||||||||||||||||||
Net investment income | — | — | — | 43,788,811 | 43,788,811 | ||||||||||||||||||||||||
Net realized gain on investments / foreign currency transactions | — | — | — | (1,579,460) | (1,579,460) | ||||||||||||||||||||||||
Net unrealized appreciation of investments / CSA / foreign currency transactions | — | — | — | 23,998,631 | 23,998,631 | ||||||||||||||||||||||||
Provision for taxes | — | — | — | (1,290) | (1,290) | ||||||||||||||||||||||||
Dividends / distributions | — | — | — | (39,189,651) | (39,189,651) | ||||||||||||||||||||||||
Balance, September 30, 2021 | 65,316,085 | $ | 65,316 | $ | 1,027,707,047 | $ | (282,950,798) | $ | 744,821,565 |
Nine Months Ended | Nine Months Ended | ||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 66,206,692 | $ | (14,595,412) | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Purchases of portfolio investments | (816,807,296) | (316,723,958) | |||||||||
Repayments received / sales of portfolio investments | 648,320,213 | 416,989,098 | |||||||||
Purchases of short-term investments | (297,560,179) | (697,141,628) | |||||||||
Sales of short-term investments | 313,117,605 | 583,220,977 | |||||||||
Loan origination and other fees received | 13,694,096 | 6,075,019 | |||||||||
Net realized (gain) loss on investments | (4,293,408) | 36,233,667 | |||||||||
Net realized loss on foreign currency transactions | 5,872,868 | 1,089,787 | |||||||||
Net unrealized appreciation of investments | (9,029,730) | (3,351,051) | |||||||||
Net unrealized appreciation of CSA | (700,006) | — | |||||||||
Net unrealized appreciation of foreign currency transactions | (14,268,895) | 1,756,412 | |||||||||
Payment-in-kind interest | (9,350,318) | (577,090) | |||||||||
Amortization of deferred financing fees | 1,086,783 | 1,113,839 | |||||||||
Loss on extinguishment of debt | — | 660,066 | |||||||||
Accretion of loan origination and other fees | (6,586,842) | (1,676,063) | |||||||||
Amortization / accretion of purchased loan premium / discount | (4,249,981) | (1,138,000) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Interest and fees receivables | (5,699,271) | (2,699,114) | |||||||||
Prepaid expenses and other assets | 1,395,903 | (2,569,056) | |||||||||
Accounts payable and accrued liabilities | 872,180 | (118,876) | |||||||||
Interest payable | 2,106,843 | (1,724,576) | |||||||||
Net cash provided by (used in) operating activities | (115,872,743) | 4,824,041 | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings under credit facilities | 135,731,648 | 236,239,474 | |||||||||
Repayments of credit facilities | (181,580,035) | (127,523,364) | |||||||||
Repayment of debt securitization | — | (139,897,128) | |||||||||
Proceeds from notes | 150,000,000 | 50,000,000 | |||||||||
Financing fees paid | (191,108) | (544,874) | |||||||||
Purchases of shares in repurchase plan | — | (7,130,632) | |||||||||
Cash dividends / distributions paid | (39,189,651) | (23,171,724) | |||||||||
Net cash provided by (used in) financing activities | 64,770,854 | (12,028,248) | |||||||||
Net decrease in cash and foreign currencies | (51,101,889) | (7,204,207) | |||||||||
Cash and foreign currencies, beginning of period | 92,487,461 | 21,991,565 | |||||||||
Cash and foreign currencies, end of period | $ | 41,385,572 | $ | 14,787,358 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 19,659,852 | $ | 13,372,484 | |||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Non–Control / Non–Affiliate Investments: | ||||||||||||||||||||||||||||||||
1A Smart Start LLC (0.4%)*(7) (8) (11) | Technology Distributors | Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 06/21, Due 05/28) | $ | 3,001,138 | $ | 2,957,652 | $ | 2,961,043 | ||||||||||||||||||||||||
3,001,138 | 2,957,652 | 2,961,043 | ||||||||||||||||||||||||||||||
1WorldSync, Inc. (2.9%)*(7) (8) (12) | IT Consulting & Other Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 07/19, Due 07/25) | 21,475,851 | 21,142,710 | 21,475,851 | |||||||||||||||||||||||||||
21,475,851 | 21,142,710 | 21,475,851 | ||||||||||||||||||||||||||||||
Accelerate Learning, Inc. (1.0%)*(7) (8) (11) | Education Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24) | 7,567,965 | 7,479,458 | 7,416,606 | |||||||||||||||||||||||||||
7,567,965 | 7,479,458 | 7,416,606 | ||||||||||||||||||||||||||||||
Acclime Holdings HK Limited (0.5%)*(3) (7) (8) (11) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.0% Cash, Acquired 08/21, Due 07/27) | 3,750,000 | 3,537,413 | 3,532,500 | |||||||||||||||||||||||||||
3,750,000 | 3,537,413 | 3,532,500 | ||||||||||||||||||||||||||||||
Accurus Aerospace Corporation (2.8%)*(7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.50% PIK, Acquired 10/18, Due 10/24) | 24,779,746 | 24,574,939 | 20,889,326 | |||||||||||||||||||||||||||
24,779,746 | 24,574,939 | 20,889,326 | ||||||||||||||||||||||||||||||
ADB Safegate (0.7%)*(3) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.8% Cash, Acquired 08/21, Due 10/25) | 5,500,000 | 5,069,046 | 5,180,340 | |||||||||||||||||||||||||||
5,500,000 | 5,069,046 | 5,180,340 | ||||||||||||||||||||||||||||||
Advantage Software Company (The), LLC (2.7%)*(7) | Advertising, Printing & Publishing | First Lien Senior Secured Term Loan (LIBOR + 6.5%, 7.5% Cash, Acquired 01/21, Due 01/27)(8) (9) | 18,256,407 | 17,821,678 | 18,219,894 | |||||||||||||||||||||||||||
Class A Partnership Units (7,054.59 units, Acquired 01/21) | 705,459 | 728,880 | ||||||||||||||||||||||||||||||
Class B Partnership Units (3,496.31 units, Acquired 01/21) | 22,656 | 1,279,300 | ||||||||||||||||||||||||||||||
18,256,407 | 18,549,793 | 20,228,074 | ||||||||||||||||||||||||||||||
Aftermath Bidco Corporation (1.2%)* (7) (8) (11) | Professional Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25) | 9,425,284 | 9,289,989 | 9,279,485 | |||||||||||||||||||||||||||
9,425,284 | 9,289,989 | 9,279,485 | ||||||||||||||||||||||||||||||
Air Canada 2020-2 Class B Pass Through Trust (1.0%)* | Airlines | Structured Secured Note - Class B (9.0% Cash, Acquired 09/20, Due 10/25) | 6,835,161 | 6,835,161 | 7,646,572 | |||||||||||||||||||||||||||
6,835,161 | 6,835,161 | 7,646,572 | ||||||||||||||||||||||||||||||
Air Comm Corporation, LLC (0.1%)* (7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 06/21, Due 07/27) | 593,486 | 574,264 | 573,515 | |||||||||||||||||||||||||||
593,486 | 574,264 | 573,515 | ||||||||||||||||||||||||||||||
AIT Worldwide Logistics Holdings, Inc. (0.9%)*(7) | Transportation Services | Second Lien Senior Secured Term Loan (LIBOR + 7.75%, 8.5% Cash, Acquired 04/21, Due 04/28)(8) (11) | 6,460,345 | 6,321,255 | 6,434,504 | |||||||||||||||||||||||||||
Partnership Units (348.68 units, Acquired 04/21) | 348,678 | 509,477 | ||||||||||||||||||||||||||||||
6,460,345 | 6,669,933 | 6,943,981 | ||||||||||||||||||||||||||||||
Alpine US Bidco LLC (2.4%)*(7) (8) (12) | Agricultural Products | Second Lien Senior Secured Term Loan (LIBOR + 9.0%, 9.8% Cash, Acquired 05/21, Due 05/29) | 18,156,509 | 17,630,157 | 18,247,292 | |||||||||||||||||||||||||||
18,156,509 | 17,630,157 | 18,247,292 | ||||||||||||||||||||||||||||||
Anagram Holdings, LLC (2.2%)*(3) | Chemicals, Plastics, & Rubber | First Lien Senior Secured Note (10.0% Cash, 5.0% PIK, Acquired 08/20, Due 08/25) | 14,395,213 | 13,413,417 | 16,266,591 | |||||||||||||||||||||||||||
14,395,213 | 13,413,417 | 16,266,591 | ||||||||||||||||||||||||||||||
Anju Software, Inc. (1.8%)*(7) (8) (9) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.6% Cash, Acquired 02/19, Due 02/25) | 13,562,486 | 13,377,003 | 13,264,112 | |||||||||||||||||||||||||||
13,562,486 | 13,377,003 | 13,264,112 | ||||||||||||||||||||||||||||||
Apex Bidco Limited (0.3%)*(3) (7) | Business Equipment & Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.25%, 6.8% Cash, Acquired 01/20, Due 01/27)(8) (14) | 1,964,929 | 1,866,874 | 1,939,057 | |||||||||||||||||||||||||||
Subordinated Senior Unsecured Term Loan (8.0% PIK, Acquired 01/20, Due 07/27) | 271,022 | 258,329 | 267,454 | |||||||||||||||||||||||||||||
2,235,951 | 2,125,203 | 2,206,511 | ||||||||||||||||||||||||||||||
Aptus 1829. GmbH (0.6%)*(3) (7) | Chemicals, Plastics, & Rubber | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/27)(8) (16) | 4,745,043 | 4,713,323 | 4,626,417 | |||||||||||||||||||||||||||
Preferred Stock (13 shares, Acquired 09/21) | 119,828 | 113,509 | ||||||||||||||||||||||||||||||
Common Stock (48 shares, Acquired 09/21) | 11,983 | 11,653 | ||||||||||||||||||||||||||||||
4,745,043 | 4,845,134 | 4,751,579 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Apus Bidco Limited (0.5%)*(3) (7) (8) (15) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 02/21, Due 03/28) | $ | 3,884,134 | $ | 3,870,272 | $ | 3,796,407 | ||||||||||||||||||||||||
3,884,134 | 3,870,272 | 3,796,407 | ||||||||||||||||||||||||||||||
AQA Acquisition Holding, Inc. (2.6%)*(7) (8) (11) | High Tech Industries | Second Lien Senior Secured Term Loan (LIBOR + 7.5%, 8.0% Cash, Acquired 03/21, Due 03/29) | 20,000,000 | 19,497,248 | 19,562,960 | |||||||||||||||||||||||||||
20,000,000 | 19,497,248 | 19,562,960 | ||||||||||||||||||||||||||||||
Arch Global Precision LLC (1.2%)*(7) (8) (9) | Industrial Machinery | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 4.8% Cash, Acquired 04/19, Due 04/26) | 9,271,049 | 9,266,657 | 9,271,049 | |||||||||||||||||||||||||||
9,271,049 | 9,266,657 | 9,271,049 | ||||||||||||||||||||||||||||||
Archimede (1.8%)*(3) (7) (8) (17) | Consumer Services | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 10/20, Due 10/27) | 13,791,505 | 14,031,635 | 13,681,173 | |||||||||||||||||||||||||||
13,791,505 | 14,031,635 | 13,681,173 | ||||||||||||||||||||||||||||||
Argus Bidco Limited (0.4%)*(3) (7) (8) | High Tech Industries | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.8% Cash, Acquired 12/20, Due 12/27)(14) | 2,670,143 | 2,557,057 | 2,670,143 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 5.5%, 5.8% Cash, Acquired 05/21, Due 12/27)(11) | 671,922 | 652,746 | 671,922 | |||||||||||||||||||||||||||||
3,342,065 | 3,209,803 | 3,342,065 | ||||||||||||||||||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC ) (1.0%)*(7) (8) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 06/19, Due 06/24)(11) | 5,276,562 | 5,216,040 | 5,171,031 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 07/20, Due 06/24)(12) | 1,985,278 | 1,956,677 | 1,945,572 | |||||||||||||||||||||||||||||
7,261,840 | 7,172,717 | 7,116,603 | ||||||||||||||||||||||||||||||
ASPEQ Heating Group LLC (1.2%)* (7) (8) (9) | Building Products, Air & Heating | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 11/19, Due 11/25) | 8,631,440 | 8,537,756 | 8,631,440 | |||||||||||||||||||||||||||
8,631,440 | 8,537,756 | 8,631,440 | ||||||||||||||||||||||||||||||
Auxi International (0.3%)*(3) (7) (8) | Commercial Finance | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 12/19, Due 12/26)(17) | 1,622,530 | 1,519,223 | 1,534,913 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (SONIA + 6.25%, 6.3% Cash, Acquired 04/21, Due 12/26)(22) | 903,395 | 896,358 | 854,611 | |||||||||||||||||||||||||||||
2,525,925 | 2,415,581 | 2,389,524 | ||||||||||||||||||||||||||||||
AVSC Holding Corp. (1.5%)* | Advertising | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, 0.25% PIK, Acquired 08/18, Due 10/26)(8) (11) | 4,876,168 | 4,381,092 | 4,336,132 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, 1.0% PIK, Acquired 08/18, Due 03/25)(8) (11) | 748,251 | 690,105 | 689,191 | |||||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (5.0% Cash, 10.0% PIK, Acquired 11/20, Due 10/26) | 5,376,135 | 5,256,382 | 6,464,802 | |||||||||||||||||||||||||||||
11,000,554 | 10,327,579 | 11,490,125 | ||||||||||||||||||||||||||||||
BDP International, Inc. (f/k/a BDP Buyer, LLC) (2.0%)*(7) (8) (9) | Air Freight & Logistics | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 12/18, Due 12/24) | 14,913,061 | 14,689,930 | 14,913,061 | |||||||||||||||||||||||||||
14,913,061 | 14,689,930 | 14,913,061 | ||||||||||||||||||||||||||||||
Beacon Pointe Advisors, LLC (0.1%)*(7) (8) (11) | Asset Manager & Custody Bank | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/20, Due 03/26) | 989,250 | 971,944 | 968,847 | |||||||||||||||||||||||||||
989,250 | 971,944 | 968,847 | ||||||||||||||||||||||||||||||
Benify (Bennevis AB) (0.2%)*(3) (7) (8) (18) | High Tech Industries | First Lien Senior Secured Term Loan (STIBOR + 5.25%, 5.3% Cash, Acquired 07/19, Due 07/26) | 1,330,990 | 1,221,376 | 1,330,990 | |||||||||||||||||||||||||||
1,330,990 | 1,221,376 | 1,330,990 | ||||||||||||||||||||||||||||||
Bidwax (0.8%)*(3) (7) (8) (16) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 02/21, Due 02/28) | 6,142,435 | 6,141,227 | 6,010,836 | |||||||||||||||||||||||||||
6,142,435 | 6,141,227 | 6,010,836 | ||||||||||||||||||||||||||||||
BigHand UK Bidco Limited (0.1%)*(3) (7) (8) (15) | High Tech Industries | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 01/21, Due 01/28) | 904,698 | 878,496 | 879,072 | |||||||||||||||||||||||||||
904,698 | 878,496 | 879,072 | ||||||||||||||||||||||||||||||
Black Diamond Equipment Rentals LLC (1.4%)*(7) (25) | Equipment Rental | Second Lien Loan (12.5% Cash, Acquired 12/20, Due 06/22) | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||||||||||||||
Warrant (4.17 units, Acquired 12/20) | 1,010,000 | 623,862 | ||||||||||||||||||||||||||||||
10,000,000 | 11,010,000 | 10,623,862 | ||||||||||||||||||||||||||||||
Bounteous, Inc. (0.9%)*(7) (8) (11) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 08/21, Due 08/27) | 6,886,364 | 6,740,007 | 6,736,364 | |||||||||||||||||||||||||||
6,886,364 | 6,740,007 | 6,736,364 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Brightline Trains Florida LLC (0.7%)* | Transportation | Senior Secured Note (8.0% Cash, Acquired 08/21, Due 01/28) | $ | 5,000,000 | $ | 5,000,000 | $ | 4,941,125 | ||||||||||||||||||||||||
5,000,000 | 5,000,000 | 4,941,125 | ||||||||||||||||||||||||||||||
British Airways 2020-1 Class B Pass Through Trust (0.1%)* | Airlines | Structured Secured Note - Class B (8.4% Cash, Acquired 11/20, Due 11/28) | 836,486 | 836,486 | 979,265 | |||||||||||||||||||||||||||
836,486 | 836,486 | 979,265 | ||||||||||||||||||||||||||||||
British Engineering Services Holdco Limited (2.1%)*(3) (7) (8) (15) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (GBP LIBOR + 6.75%, 7.0% Cash, Acquired 12/20, Due 12/27) | 15,460,203 | 15,064,588 | 15,270,266 | |||||||||||||||||||||||||||
15,460,203 | 15,064,588 | 15,270,266 | ||||||||||||||||||||||||||||||
Brown Machine Group Holdings, LLC (0.9%)*(7) (8) (10) | Industrial Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 10/24) | 6,633,915 | 6,583,092 | 6,633,915 | |||||||||||||||||||||||||||
6,633,915 | 6,583,092 | 6,633,915 | ||||||||||||||||||||||||||||||
Cadent, LLC (f/k/a Cross MediaWorks) (0.9%)*(7) (8) (9) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 09/18, Due 09/23) | 6,913,258 | 6,884,704 | 6,913,258 | |||||||||||||||||||||||||||
6,913,258 | 6,884,704 | 6,913,258 | ||||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp.(0.2%)*(3) (7) (8) (21) | Healthcare | First Lien Senior Secured Term Loan (CDOR + 6.5%, 7.5% Cash, Acquired 06/21, Due 03/26) | 1,639,329 | 1,694,919 | 1,623,146 | |||||||||||||||||||||||||||
1,639,329 | 1,694,919 | 1,623,146 | ||||||||||||||||||||||||||||||
Carlson Travel, Inc (1.2%)* | Business Travel Management | First Lien Senior Secured Note (6.8% Cash, Acquired 09/20, Due 12/25) | 3,000,000 | 2,362,500 | 2,670,000 | |||||||||||||||||||||||||||
Super Senior Secured Term Loan (10.5% Cash, Acquired 12/20, Due 3/25) | 5,915,060 | 5,838,792 | 6,210,813 | |||||||||||||||||||||||||||||
Common Stock (1,962 units, Acquired 11/20)(7) | 88,290 | 1,962 | ||||||||||||||||||||||||||||||
8,915,060 | 8,289,582 | 8,882,775 | ||||||||||||||||||||||||||||||
Centralis Finco S.a.r.l. (0.1%)*(3) (7) (8) (16) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/20, Due 05/27) | 822,090 | 737,261 | 822,090 | |||||||||||||||||||||||||||
822,090 | 737,261 | 822,090 | ||||||||||||||||||||||||||||||
Cineworld Group PLC (1.5%)*(3) | Leisure Products | First Lien Senior Secured Term Loan (LIBOR + 2.5%, 3.5% Cash, 2.5% PIK, Acquired 04/20, Due 02/25)(8) (12) | 9,049,339 | 6,354,276 | 7,438,013 | |||||||||||||||||||||||||||
Super Senior Secured Term Loan (7.0% Cash, 8.3% PIK, Acquired 11/20, Due 05/24) | 1,749,570 | 1,544,114 | 2,157,079 | |||||||||||||||||||||||||||||
Super Senior Secured Term Loan (8.25% Cash, 9.3% Cash, Acquired 07/21, Due 05/24) | 993,503 | 957,944 | 1,060,565 | |||||||||||||||||||||||||||||
Warrants (553,375 units, Acquired 12/20) | 101,602 | 274,581 | ||||||||||||||||||||||||||||||
11,792,412 | 8,957,936 | 10,930,238 | ||||||||||||||||||||||||||||||
Classic Collision (Summit Buyer, LLC) (2.3%)*(7) (8) (11) | Auto Collision Repair Centers | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 01/20, Due 01/26) | 17,484,670 | 17,197,300 | 17,125,253 | |||||||||||||||||||||||||||
17,484,670 | 17,197,300 | 17,125,253 | ||||||||||||||||||||||||||||||
CM Acquisitions Holdings Inc. (2.6%)*(7) (8) (9) | Internet & Direct Marketing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 05/19, Due 05/25) | 19,154,411 | 18,913,478 | 19,154,412 | |||||||||||||||||||||||||||
19,154,411 | 18,913,478 | 19,154,412 | ||||||||||||||||||||||||||||||
CMT Opco Holding, LLC (Concept Machine) (0.6%)*(7) (8) | Distributors | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/20, Due 01/25)(11) | 4,144,368 | 4,086,284 | 4,044,903 | |||||||||||||||||||||||||||
LLC Units (8,782 units, Acquired 01/20) | 351,709 | 276,457 | ||||||||||||||||||||||||||||||
4,144,368 | 4,437,993 | 4,321,360 | ||||||||||||||||||||||||||||||
Command Alkon (Project Potter Buyer, LLC) (2.8%)*(7) (8) | Software | First Lien Senior Secured Term Loan (LIBOR + 8.25%, 9.3% Cash, Acquired 04/20, Due 04/27)(9) | 20,795,747 | 20,250,117 | 20,400,377 | |||||||||||||||||||||||||||
Class A Units (90.384 units, Acquired 04/20) | 90,384 | 100,961 | ||||||||||||||||||||||||||||||
Class B Units (33,324.69 units, Acquired 04/20) | — | 8,260 | ||||||||||||||||||||||||||||||
20,795,747 | 20,340,501 | 20,509,598 | ||||||||||||||||||||||||||||||
Contabo Finco S.À R.L (0.2%)*(3) (7) (8) (16) | Internet Software & Services | First Lien Senior Secured Term Loan (EURIBOR + 4.75%, 4.8% Cash, Acquired 10/19, Due 10/26) | 1,405,059 | 1,314,934 | 1,405,059 | |||||||||||||||||||||||||||
1,405,059 | 1,314,934 | 1,405,059 | ||||||||||||||||||||||||||||||
Coyo Uprising GmbH (1.2%)*(3) (7) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 6.5%, 6.5% Cash, Acquired 09/21, Due 09/28)(8) (16) | 8,195,509 | 8,050,115 | 7,956,473 | |||||||||||||||||||||||||||
Class A Units (440.0 units, Acquired 09/21) | 205,333 | 202,537 | ||||||||||||||||||||||||||||||
Class B Units (191.0 units, Acquired 09/21) | 445,883 | 439,388 | ||||||||||||||||||||||||||||||
8,195,509 | 8,701,331 | 8,598,398 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Crash Champions (0.7%)*(7) (8) (11) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 05/21, Due 08/25) | $ | 5,000,000 | $ | 4,908,699 | $ | 4,900,000 | ||||||||||||||||||||||||
5,000,000 | 4,908,699 | 4,900,000 | ||||||||||||||||||||||||||||||
CSL DualCom (0.2%)*(3) (7) (8) (15) | Tele-communications | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.5% Cash, Acquired 09/20, Due 09/27) | 1,335,409 | 1,200,892 | 1,289,220 | |||||||||||||||||||||||||||
1,335,409 | 1,200,892 | 1,289,220 | ||||||||||||||||||||||||||||||
Custom Alloy Corporation (4.8%)*(7) (25) | Manufacturer of Pipe Fittings & Forgings | Second Lien Loan (15.0% PIK, Acquired 12/20, Due 04/22) | 45,000,185 | 37,043,142 | 32,850,135 | |||||||||||||||||||||||||||
Revolver (15.0% PIK, Acquired 12/20, Due 04/22) | 4,255,152 | 3,737,652 | 3,106,261 | |||||||||||||||||||||||||||||
49,255,337 | 40,780,794 | 35,956,396 | ||||||||||||||||||||||||||||||
CW Group Holdings, LLC (0.4%)*(7) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 01/21, Due 01/27)(8) (11) | 2,826,882 | 2,769,209 | 2,826,882 | |||||||||||||||||||||||||||
LLC Units (161,290.32 units, Acquired 01/21) | 161,290 | 142,742 | ||||||||||||||||||||||||||||||
2,826,882 | 2,930,499 | 2,969,624 | ||||||||||||||||||||||||||||||
Dart Buyer, Inc. (1.6%)*(3) (7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 04/19, Due 04/25) | 12,217,301 | 12,035,364 | 12,012,230 | |||||||||||||||||||||||||||
12,217,301 | 12,035,364 | 12,012,230 | ||||||||||||||||||||||||||||||
Discovery Education, Inc. (2.5%)*(7) (8) (11) | Publishing | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 10/20, Due 10/26) | 18,845,063 | 18,558,807 | 18,845,063 | |||||||||||||||||||||||||||
18,845,063 | 18,558,807 | 18,845,063 | ||||||||||||||||||||||||||||||
Distinct Holdings, Inc. (0.9%)*(7) (8) (9) | Systems Software | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 04/19, Due 12/23) | 6,880,088 | 6,835,922 | 6,756,247 | |||||||||||||||||||||||||||
6,880,088 | 6,835,922 | 6,756,247 | ||||||||||||||||||||||||||||||
Dragon Bidco (0.4%)*(3) (7) (8) (17) | Technology | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 04/21, Due 04/28) | 2,781,480 | 2,806,726 | 2,721,795 | |||||||||||||||||||||||||||
2,781,480 | 2,806,726 | 2,721,795 | ||||||||||||||||||||||||||||||
DreamStart Bidco SAS (d/b/a SmartTrade) (0.3%)*(3) (7) (8) (17) | Diversified Financial Services | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/20, Due 03/27) | 2,150,323 | 1,984,101 | 2,109,444 | |||||||||||||||||||||||||||
2,150,323 | 1,984,101 | 2,109,444 | ||||||||||||||||||||||||||||||
Dune Group (0.5%)*(3) (7) (8) | Health Care Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(11) | 3,530,280 | 3,468,520 | 3,468,500 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 09/21, Due 09/28)(16) | (35,248) | (34,769) | ||||||||||||||||||||||||||||||
3,530,280 | 3,433,272 | 3,433,731 | ||||||||||||||||||||||||||||||
Dwyer Instruments, Inc. (1.1%)*(7) (8) (11) | Electric | First Lien Senior Secured Term Loan (LIBOR + 5.50%, 6.3% Cash, Acquired 07/21, Due 07/27) | 8,036,902 | 7,858,620 | 7,851,810 | |||||||||||||||||||||||||||
8,036,902 | 7,858,620 | 7,851,810 | ||||||||||||||||||||||||||||||
Ellkay, LLC (0.7%)*(7) (8) (11) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 09/21, Due 09/27) | 5,000,000 | 4,900,303 | 4,900,000 | |||||||||||||||||||||||||||
5,000,000 | 4,900,303 | 4,900,000 | ||||||||||||||||||||||||||||||
Entact Environmental Services, Inc. (0.8%)*(7) (8) (11) | Environmental Industries | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 02/21, Due 12/25) | 5,719,232 | 5,668,597 | 5,679,198 | |||||||||||||||||||||||||||
5,719,232 | 5,668,597 | 5,679,198 | ||||||||||||||||||||||||||||||
EPS NASS Parent, Inc. (0.8%)*(7) (8) (11) | Electrical Components & Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/28) | 5,827,510 | 5,687,300 | 5,718,409 | |||||||||||||||||||||||||||
5,827,510 | 5,687,300 | 5,718,409 | ||||||||||||||||||||||||||||||
F24 (Stairway BidCo Gmbh) (0.2%)*(3) (7) (8) (16) | Software Services | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 08/20, Due 08/27) | 1,651,516 | 1,645,146 | 1,651,516 | |||||||||||||||||||||||||||
1,651,516 | 1,645,146 | 1,651,516 | ||||||||||||||||||||||||||||||
Ferrellgas L.P. (0.4%)*(3) (7) | Oil & Gas Equipment & Services | OpCo Preferred Units (2,886 units, Acquired 03/21) | 2,799,420 | 2,972,580 | ||||||||||||||||||||||||||||
2,799,420 | 2,972,580 | |||||||||||||||||||||||||||||||
Fineline Technologies, Inc. (0.2%)*(7) (8) (11) | Consumer Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 02/21, Due 02/28) | 1,309,000 | 1,285,229 | 1,309,000 | |||||||||||||||||||||||||||
1,309,000 | 1,285,229 | 1,309,000 | ||||||||||||||||||||||||||||||
FitzMark Buyer, LLC (0.6%)*(7) (8) (11) | Cargo & Transportation | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.5% Cash, Acquired 12/20, Due 12/26) | 4,269,265 | 4,193,607 | 4,260,727 | |||||||||||||||||||||||||||
4,269,265 | 4,193,607 | 4,260,727 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Foundation Risk Partners, Corp. (1.6%)*(7) (8) (11) | Financial Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 09/20, Due 11/23) | $ | 10,255,784 | $ | 10,095,792 | $ | 10,255,784 | ||||||||||||||||||||||||
Second Lien Senior Secured Term Loan (LIBOR + 8.5%, 9.5% Cash, Acquired 09/20, Due 11/24) | 1,722,221 | 1,612,762 | 1,722,221 | |||||||||||||||||||||||||||||
11,978,005 | 11,708,554 | 11,978,005 | ||||||||||||||||||||||||||||||
FragilePak LLC (0.7%)*(7) | Transportation Services | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 05/21, Due 05/27)(8) (11) | 4,696,562 | 4,512,234 | 4,524,567 | |||||||||||||||||||||||||||
Partnership Units (937.5 units, Acquired 05/21) | 937,500 | 925,895 | ||||||||||||||||||||||||||||||
4,696,562 | 5,449,734 | 5,450,462 | ||||||||||||||||||||||||||||||
FSS Buyer LLC (1.3%)*(7) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.5% Cash, Acquired 08/21, Due 08/28)(8) (11) | 9,937,347 | 9,740,595 | 9,738,600 | |||||||||||||||||||||||||||
LP Interest (1,160.9 units, Acquired 08/21) | 11,609 | 11,609 | ||||||||||||||||||||||||||||||
LP Units (460,652.6 units, Acquired 08/21) | 51,043 | 51,043 | ||||||||||||||||||||||||||||||
9,937,347 | 9,803,247 | 9,801,252 | ||||||||||||||||||||||||||||||
GTM Intermediate Holdings, Inc. (2.1%)*(7) (25) | Medical Equipment Manufacturer | Second Lien Loan (11.0% Cash, 1.0% PIK, Acquired 12/20, Due 12/24) | 11,470,743 | 11,419,586 | 11,470,743 | |||||||||||||||||||||||||||
Series A Preferred Units (923,347.4 units) | 1,446,615 | 1,652,792 | ||||||||||||||||||||||||||||||
Series C Preferred Units (460,652.6 units) | 721,708 | 815,355 | ||||||||||||||||||||||||||||||
Common Stock (2 shares, Acquired 12/20) | 1,078,778 | 1,367,408 | ||||||||||||||||||||||||||||||
11,470,743 | 14,666,687 | 15,306,298 | ||||||||||||||||||||||||||||||
Gulf Finance, LLC (0.1%)*(8) (9) | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/18, Due 08/23) | 1,040,300 | 963,345 | 998,251 | |||||||||||||||||||||||||||
1,040,300 | 963,345 | 998,251 | ||||||||||||||||||||||||||||||
Halo Technology Bidco, Inc. (0.5%)*(7) (8) (11) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/27) | 3,491,250 | 3,440,704 | 3,443,245 | |||||||||||||||||||||||||||
3,491,250 | 3,440,704 | 3,443,245 | ||||||||||||||||||||||||||||||
Hawaiian Airlines 2020-1 Class B Pass Through Certificates (0.9%)* | Airlines | Structured Secured Note - Class B (11.3% Cash, Acquired 08/20, Due 09/25) | 6,092,593 | 6,092,593 | 6,969,067 | |||||||||||||||||||||||||||
6,092,593 | 6,092,593 | 6,969,067 | ||||||||||||||||||||||||||||||
Heartland, LLC (1.9%)*(7) (8) (11) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/19, Due 08/25) | 14,110,797 | 14,004,910 | 13,828,581 | |||||||||||||||||||||||||||
14,110,797 | 14,004,910 | 13,828,581 | ||||||||||||||||||||||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) (2.5%)*(3) (7) (8) (17) | Insurance | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 09/19, Due 09/26) | 19,213,820 | 18,820,387 | 18,785,948 | |||||||||||||||||||||||||||
19,213,820 | 18,820,387 | 18,785,948 | ||||||||||||||||||||||||||||||
Highpoint Global LLC (0.7%)*(7) (25) | Government Services | Second Lien Note (12.0% Cash, 2.0% PIK, Acquired 12/20, Due 09/22) | 5,388,708 | 5,367,477 | 5,388,708 | |||||||||||||||||||||||||||
5,388,708 | 5,367,477 | 5,388,708 | ||||||||||||||||||||||||||||||
Holley Performance Products (Holley Purchaser, Inc.) (2.3%)*(7) (8) (11) | Automotive Parts & Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 5.1% Cash, Acquired 10/18, Due 10/25) | 16,826,972 | 16,671,230 | 16,826,972 | |||||||||||||||||||||||||||
16,826,972 | 16,671,230 | 16,826,972 | ||||||||||||||||||||||||||||||
Home Care Assistance, LLC (0.5%)*(7) (8) (11) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 03/21, Due 03/27) | 3,657,138 | 3,586,189 | 3,593,290 | |||||||||||||||||||||||||||
3,657,138 | 3,586,189 | 3,593,290 | ||||||||||||||||||||||||||||||
HTI Technology & Industries (2.0%)* (7) (25) | Electronic Component Manufacturing | Second Lien Note (12.0% Cash, 4.8% PIK, Acquired 12/20, Due 09/24) | 15,080,025 | 14,575,226 | 14,739,945 | |||||||||||||||||||||||||||
15,080,025 | 14,575,226 | 14,739,945 | ||||||||||||||||||||||||||||||
HW Holdco, LLC (Hanley Wood LLC) (1.0%)*(7) (8) (10) | Advertising | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/18, Due 12/24) | 7,450,605 | 7,343,894 | 7,450,605 | |||||||||||||||||||||||||||
7,450,605 | 7,343,894 | 7,450,605 | ||||||||||||||||||||||||||||||
IGL Holdings III Corp. (1.3%)*(7) (8) (11) | Commercial Printing | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 11/20, Due 11/26) | 10,179,318 | 9,933,240 | 9,907,568 | |||||||||||||||||||||||||||
10,179,318 | 9,933,240 | 9,907,568 | ||||||||||||||||||||||||||||||
IM Analytics Holding, LLC (d/b/a NVT) (0.8%)*(7) (8) | Electronic Instruments & Components | First Lien Senior Secured Term Loan (LIBOR + 7.0%, 8.0% Cash, Acquired 11/19, Due 11/23)(11) | 8,147,000 | 8,100,534 | 6,256,896 | |||||||||||||||||||||||||||
Warrant (68,950 units, Acquired 11/19) | — | — | ||||||||||||||||||||||||||||||
8,147,000 | 8,100,534 | 6,256,896 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
IM Square (0.9%)*(3) (7) (8) (16) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 05/21, Due 05/28) | $ | 7,185,490 | $ | 7,214,070 | $ | 7,023,198 | ||||||||||||||||||||||||
7,185,490 | 7,214,070 | 7,023,198 | ||||||||||||||||||||||||||||||
IMIA Holdings, Inc. (2.0%)*(7) (8) (11) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 04/21, Due 04/27) | 14,925,000 | 14,645,916 | 14,835,450 | |||||||||||||||||||||||||||
14,925,000 | 14,645,916 | 14,835,450 | ||||||||||||||||||||||||||||||
Innovad Group II BV (0.8%)*(3) (7) (8) (16) | Beverage, Food & Tobacco | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 04/21, Due 04/28) | 6,375,256 | 6,314,463 | 6,203,703 | |||||||||||||||||||||||||||
6,375,256 | 6,314,463 | 6,203,703 | ||||||||||||||||||||||||||||||
INOS 19-090 GmbH (0.7%)*(3) (7) (8) (16) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 6.13%, 6.1% Cash, Acquired 12/20, Due 12/27) | 5,371,919 | 5,490,210 | 5,356,008 | |||||||||||||||||||||||||||
5,371,919 | 5,490,210 | 5,356,008 | ||||||||||||||||||||||||||||||
ISS#2, LLC (d/b/a Industrial Services Solutions) (0.9%)*(7) (8) (11) | Commercial Services & Supplies | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 02/20, Due 02/26) | 6,736,785 | 6,634,234 | 6,346,052 | |||||||||||||||||||||||||||
6,736,785 | 6,634,234 | 6,346,052 | ||||||||||||||||||||||||||||||
Jade Bidco Limited (Jane's) (1.1%)*(3) (7) (8) | Aerospace & Defense | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26)(12) | 7,241,738 | 7,093,269 | 7,167,612 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 11/19, Due 12/26)(17) | 1,338,894 | 1,252,089 | 1,325,189 | |||||||||||||||||||||||||||||
8,580,632 | 8,345,358 | 8,492,801 | ||||||||||||||||||||||||||||||
Jedson Engineering, Inc. (0.4%)*(7) (25) | Engineering & Construction Management | First Lien Loan (12.0% Cash, Acquired 12/20, Due 06/24) | 2,650,000 | 2,650,000 | 2,650,000 | |||||||||||||||||||||||||||
2,650,000 | 2,650,000 | 2,650,000 | ||||||||||||||||||||||||||||||
JetBlue 2019-1 Class B Pass Through Trust (0.7%)* | Airlines | Structured Secured Note - Class B (8.0% Cash, Acquired 08/20, Due 11/27) | 4,443,386 | 4,443,386 | 5,199,273 | |||||||||||||||||||||||||||
4,443,386 | 4,443,386 | 5,199,273 | ||||||||||||||||||||||||||||||
JF Acquisition, LLC (0.5%)*(7) (8) (11) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 05/21, Due 07/24) | 3,875,565 | 3,746,453 | 3,808,533 | |||||||||||||||||||||||||||
3,875,565 | 3,746,453 | 3,808,533 | ||||||||||||||||||||||||||||||
Kano Laboratories LLC (1.2%)*(7) | Chemicals, Plastics & Rubber | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 11/20, Due 09/26)(8) (11) | 8,779,520 | 8,548,054 | 8,779,520 | |||||||||||||||||||||||||||
Partnership Equity (203.2 units, Acquired 11/20) | 203,198 | 230,306 | ||||||||||||||||||||||||||||||
8,779,520 | 8,751,252 | 9,009,826 | ||||||||||||||||||||||||||||||
Kene Acquisition, Inc. (En Engineering) (1.0%)*(7) (8) (9) | Oil & Gas Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 08/19, Due 08/26) | 7,243,172 | 7,138,286 | 7,243,172 | |||||||||||||||||||||||||||
7,243,172 | 7,138,286 | 7,243,172 | ||||||||||||||||||||||||||||||
Kona Buyer, LLC (3.3%)*(7) (8) (11) | High Tech Industries | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.3% Cash, Acquired 12/20, Due 12/27) | 24,244,318 | 23,708,135 | 24,244,318 | |||||||||||||||||||||||||||
24,244,318 | 23,708,135 | 24,244,318 | ||||||||||||||||||||||||||||||
LAF International (0.2%)*(3) (7) (8) (17) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) | 1,506,635 | 1,542,469 | 1,470,291 | |||||||||||||||||||||||||||
1,506,635 | 1,542,469 | 1,470,291 | ||||||||||||||||||||||||||||||
Learfield Communications, LLC (1.1%)* | Broadcasting | First Lien Senior Secured Term Loan (LIBOR + 3.25%, 4.3% Cash, Acquired 08/20, Due 12/23)(8) (9) | 135,734 | 95,692 | 130,068 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 3.0%, 3.0% Cash, 10.2% PIK, Acquired 08/20, Due 12/23)(11) | 7,754,000 | 7,704,071 | 7,783,077 | |||||||||||||||||||||||||||||
7,889,734 | 7,799,763 | 7,913,145 | ||||||||||||||||||||||||||||||
Legal Solutions Holdings (1.5%)*(7) (24) (25) | Business Services | Senior Subordinated Loan (16.0% PIK, Acquired 12/20, Due 03/22) | 11,371,442 | 10,129,207 | 11,030,298 | |||||||||||||||||||||||||||
11,371,442 | 10,129,207 | 11,030,298 | ||||||||||||||||||||||||||||||
LivTech Purchaser, Inc. (0.1%)*(7) (8) (11) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 01/21, Due 12/25) | 918,023 | 907,182 | 905,523 | |||||||||||||||||||||||||||
918,023 | 907,182 | 905,523 | ||||||||||||||||||||||||||||||
MC Group Ventures Corporation (0.6%)*(7) | Business Services | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 07/21, Due 06/27)(8) (11) | 3,703,504 | 3,595,340 | 3,613,089 | |||||||||||||||||||||||||||
Partnership Units (746.66 Units, Acquired 06/21) | 746,662 | 746,660 | ||||||||||||||||||||||||||||||
3,703,504 | 4,342,002 | 4,359,749 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
Media Recovery, Inc. (SpotSee) (1.0%)*(7) (8) | Containers, Packaging & Glass | First Lien Senior Secured Term Loan (LIBOR + 6.0%, 7.0% Cash, Acquired 11/19, Due 11/25)(11) | $ | 2,947,860 | $ | 2,904,822 | $ | 2,947,860 | ||||||||||||||||||||||||
First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 7.0% Cash, Acquired 12/20, Due 12/26)(14) | 4,436,853 | 4,314,118 | 4,436,853 | |||||||||||||||||||||||||||||
7,384,713 | 7,218,940 | 7,384,713 | ||||||||||||||||||||||||||||||
MNS Buyer, Inc. (0.1%)*(7) | Construction & Building | First Lien Senior Secured Term Loan (LIBOR + 5.5%, 6.5% Cash, Acquired 08/21, Due 08/27)(8) (9) | 923,077 | 904,955 | 904,615 | |||||||||||||||||||||||||||
Partnership Units (76.92 Units, Acquired 08/21) | 76,923 | 76,920 | ||||||||||||||||||||||||||||||
923,077 | 981,878 | 981,535 | ||||||||||||||||||||||||||||||
Modern Star Holdings Bidco Pty Limited. (0.6%)*(3) (7) (8) (19) | Non-durable Consumer Goods | First Lien Senior Secured Term Loan (BBSY + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/26) | 4,431,728 | 4,467,468 | 4,431,728 | |||||||||||||||||||||||||||
4,431,728 | 4,467,468 | 4,431,728 | ||||||||||||||||||||||||||||||
MSG National Properties (0.3%)*(3) (7) (8) (11) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.0% Cash, Acquired 11/20, Due 11/25) | 2,443,296 | 2,380,896 | 2,498,270 | |||||||||||||||||||||||||||
2,443,296 | 2,380,896 | 2,498,270 | ||||||||||||||||||||||||||||||
Murphy Midco Limited (0.6%)*(3) (7) (8) (14) | Media, Diversified & Production | First Lien Senior Secured Term Loan (GBP LIBOR + 5.5%, 5.6% Cash, Acquired 11/20, Due 11/27) | 4,577,225 | 4,296,504 | 4,467,552 | |||||||||||||||||||||||||||
4,577,225 | 4,296,504 | 4,467,552 | ||||||||||||||||||||||||||||||
Music Reports, Inc. (0.7%)*(7) (8) (11) | Media & Entertainment | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 08/20, Due 08/26) | 5,537,042 | 5,419,770 | 5,537,042 | |||||||||||||||||||||||||||
5,537,042 | 5,419,770 | 5,537,042 | ||||||||||||||||||||||||||||||
Navia Benefit Solutions, Inc. (0.3%)* (7) (8) (11) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 02/21, Due 02/27) | 2,388,000 | 2,325,788 | 2,333,009 | |||||||||||||||||||||||||||
2,388,000 | 2,325,788 | 2,333,009 | ||||||||||||||||||||||||||||||
NGS US Finco, LLC (f/k/a Dresser Natural Gas Solutions) (1.6%)*(7) (8) (9) | Energy Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.25%, 5.3% Cash, Acquired 10/18, Due 10/25) | 11,795,227 | 11,758,918 | 11,571,118 | |||||||||||||||||||||||||||
11,795,227 | 11,758,918 | 11,571,118 | ||||||||||||||||||||||||||||||
Odeon Cinemas Group Limited (0.5%)*(3) (7) | Hotel, Gaming, & Leisure | First Lien Senior Secured Term Loan (10.8% Cash, Acquired 02/21, Due 08/23) | 3,995,750 | 4,042,293 | 4,075,665 | |||||||||||||||||||||||||||
3,995,750 | 4,042,293 | 4,075,665 | ||||||||||||||||||||||||||||||
OG III B.V. (0.4%)*(3) (7) (8) (16) | Containers & Glass Products | First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28) | 2,765,751 | 2,775,634 | 2,690,690 | |||||||||||||||||||||||||||
2,765,751 | 2,775,634 | 2,690,690 | ||||||||||||||||||||||||||||||
Omni Intermediate Holdings, LLC (1.9%)*(7) (8) (9) | Transportation | First Lien Senior Secured Term Loan (LIBOR + 5.0%, 6.0% Cash, Acquired 12/20, Due 12/26) | 13,930,000 | 13,594,798 | 13,930,000 | |||||||||||||||||||||||||||
13,930,000 | 13,594,798 | 13,930,000 | ||||||||||||||||||||||||||||||
Options Technology Ltd. (1.7%)*(3) (7) (8) (11) | Computer Services | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 12/19, Due 12/25) | 12,319,906 | 12,138,737 | 12,319,906 | |||||||||||||||||||||||||||
12,319,906 | 12,138,737 | 12,319,906 | ||||||||||||||||||||||||||||||
Oracle Vision Bidco Limited (0.4%)*(3) (7) (8) (22) | Healthcare | First Lien Senior Secured Term Loan (SONIA + 5.25%, 5.3% Cash, Acquired 06/21, Due 05/28) | 3,086,103 | 3,138,014 | 3,006,380 | |||||||||||||||||||||||||||
3,086,103 | 3,138,014 | 3,006,380 | ||||||||||||||||||||||||||||||
Origin Bidco Limited (0.1%)*(3) (7) (8) | Technology | First Lien Senior Secured Term Loan (LIBOR + 5.75%, 6.8% Cash, Acquired 06/21, Due 06/28)(11) | 597,094 | 581,261 | 582,346 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 5.75%, 5.8% Cash, Acquired 06/21, Due 06/28)(16) | 384,446 | 393,487 | 374,950 | |||||||||||||||||||||||||||||
981,540 | 974,748 | 957,296 | ||||||||||||||||||||||||||||||
Pacific Health Supplies Bidco Pty Limited (1.2%)*(3) (7) (8) (20) | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan (BBSY + 6.0%, 6.5% Cash, Acquired 12/20, Due 12/25) | 8,722,219 | 8,716,566 | 8,582,268 | |||||||||||||||||||||||||||
8,722,219 | 8,716,566 | 8,582,268 | ||||||||||||||||||||||||||||||
Pare SAS (SAS Maurice MARLE) (0.6%)*(3) (7) (8) (16) | Health Care Equipment | First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 12/19, Due 12/26) | 4,726,198 | 4,474,717 | 4,693,115 | |||||||||||||||||||||||||||
4,726,198 | 4,474,717 | 4,693,115 | ||||||||||||||||||||||||||||||
Patriot New Midco 1 Limited (Forensic Risk Alliance) (1.0%)*(3) (7) (8) | Diversified Financial Services | First Lien Senior Secured Term Loan (LIBOR + 6.75%, 7.8% Cash, Acquired 02/20, Due 02/27)(11) | 4,006,241 | 3,917,757 | 3,870,029 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.75%, 6.8% Cash, Acquired 02/20, Due 02/27)(16) | 3,488,293 | 3,206,723 | 3,369,691 | |||||||||||||||||||||||||||||
7,494,534 | 7,124,480 | 7,239,720 | ||||||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Type of Investment(1) (2) | Principal Amount | Cost | Fair Value | |||||||||||||||||||||||||||
PDQ.Com Corporation (0.6%)*(7) | Business Equipment & Services | First Lien Senior Secured Term Loan (LIBOR + 4.75%, 5.8% Cash, Acquired 08/21, Due 08/28)(8) (11) | $ | 4,694,533 | $ | 4,608,355 | $ | 4,607,315 | ||||||||||||||||||||||||
Class A-2 Partnership Units (26.32 units, Acquired 08/21) | 26,316 | 26,320 | ||||||||||||||||||||||||||||||
4,694,533 | 4,634,671 | 4,633,635 | ||||||||||||||||||||||||||||||
PerTronix, LLC (0.9%)*(7) (8) (9) | Automotive | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 10/20, Due 10/26) | 6,525,965 | 6,440,766 | 6,525,965 | |||||||||||||||||||||||||||
6,525,965 | 6,440,766 | 6,525,965 | ||||||||||||||||||||||||||||||
Premium Franchise Brands, LLC (2.0%)*(7) (8) (11) | Research & Consulting Services | First Lien Senior Secured Term Loan (LIBOR + 6.25%, 7.3% Cash, Acquired 12/20, Due 12/26) | 14,852,588 | 14,586,908 | 14,555,536 | |||||||||||||||||||||||||||
14,852,588 | 14,586,908 | 14,555,536 | ||||||||||||||||||||||||||||||
Premium Invest (0.3%)*(3) (7) (8) (16) | Brokerage, Asset Managers & Exchanges | First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 06/21, Due 06/28) | 2,732,804 | 2,674,511 | 2,583,119 | |||||||||||||||||||||||||||
2,732,804 | 2,674,511 | 2,583,119 | ||||||||||||||||||||||||||||||
Preqin MC Limited (0.9%)*(3) (7) (8) (23) | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan (SOFR + 5.5%, 5.5% Cash, Acquired 08/21, Due 07/28) | 6,789,005 | 6,589,000 | 6,585,335 | |||||||||||||||||||||||||||
6,789,005 | 6,589,000 | 6,585,335 | ||||||||||||||||||||||||||||||
Process Equipment, Inc. (ProcessBarron) (0.8%)*(7) (8) (11) | Industrial Air & Material Handling Equipment | First Lien Senior Secured Term Loan (LIBOR + 5.25%, 6.3% Cash, Acquired 03/19, Due 03/25) | 6,173,594 | 6,108,998 | 5,642,665 | |||||||||||||||||||||||||||
6,173,594 | 6,108,998 | 5,642,665 | ||||||||||||||||||||||||||||||
Professional Datasolutions, Inc. (PDI) (1.4%)*(7) (8) (12) | Application Software | First Lien Senior Secured Term Loan (LIBOR + 4.5%, 5.5% Cash, Acquired 03/19, Due 10/24) | 10,869,004 | 10,858,773 | 10,782,052 | |||||||||||||||||||||||||||
10,869,004 | 10,858,773 | 10,782,052 | ||||||||||||||||||||||||||||||
Protego Bidco B.V. (0.5%)*(3) (7) (8) (16) | Aerospace & Defense | First Lien Senior Secured Term Loan (EURIBOR + 5.25%, 5.3% Cash, Acquired 03/21, Due 03/27) | 2,270,096 | 2,308,328 | 2,270,096 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (EURIBOR + 6.0%, 6.0% Cash, Acquired 03/21, Due 03/28) | 1,577,424 | 1,558,533 | 1,517,358 | |||||||||||||||||||||||||||||
3,847,520 | 3,866,861 | 3,787,454 | ||||||||||||||||||||||||||||||
PSC UK Pty Ltd. (0.4%)*(3) (7) (8) (13) | Insurance Services | First Lien Senior Secured Term Loan (GBP LIBOR + 6.0%, 6.5% Cash, Acquired 11/19, Due 10/24) | 2,648,286 | 2,453,899 | 2,648,286 | |||||||||||||||||||||||||||
2,648,286 | 2,453,899 | 2,648,286 | ||||||||||||||||||||||||||||||
QPE7 SPV1 BidCo Pty Ltd (0.5%)*(3) (7) (8) (20) | Consumer Cyclical | First Lien Senior Secured Term Loan (BBSY + 5.5%, 6.0% Cash, Acquired 09/21, Due 09/26) | 4,149,193 | 4,022,028 | 4,075,972 | |||||||||||||||||||||||||||
4,149,193 | 4,022,028 | 4,075,972 | ||||||||||||||||||||||||||||||
Questel Unite (3.4%)*(3) (7) (8) | Business Services | First Lien Senior Secured Term Loan (EURIBOR + 6.25%, 6.3% Cash, Acquired 12/20, Due 12/27)(16) | 18,333,313 | 18,730,984 | 18,259,980 | |||||||||||||||||||||||||||
First Lien Senior Secured Term Loan (LIBOR + 6.25%, 6.8% Cash, Acquired 12/20, Due 12/27)(11) | 6,892,270 | 6,799,020 | 6,864,701 | |||||||||||||||||||||||||||||
25,225,583 | 25,530,004 | 25,124,681 | ||||||||||||||||||||||||||||||