
Per Note | Total | |||||
Public offering price | % | $ | ||||
Underwriting discount (sales load) | % | $ | ||||
Proceeds to Barings BDC, Inc. (before estimated expenses of $ ) | % | $ | ||||
Joint Book-Running Managers | |||||||||
J.P. Morgan | ING | MUFG | SMBC Nikko | ||||||
Prospectus [Rule 424(b)(2)]
September 8, 2025
Published on September 8, 2025
Per Note | Total | |||||
Public offering price | % | $ | ||||
Underwriting discount (sales load) | % | $ | ||||
Proceeds to Barings BDC, Inc. (before estimated expenses of $ ) | % | $ | ||||
Joint Book-Running Managers | |||||||||
J.P. Morgan | ING | MUFG | SMBC Nikko | ||||||
• | “we,” “us,” “our” and the “Company” refer to Barings BDC, Inc., a Maryland corporation; |
• | “Barings” refers to Barings LLC, a Delaware limited liability company and our investment adviser and administrator; and |
• | the “Adviser” and the “Administrator” refer to Barings, in its respective capacities as our investment adviser or our administrator. |
• | Leveraging Barings GPFG’s Origination and Portfolio Management Resources. As of June 30, 2025, Barings GPFG has over 110 investment professionals located in seven different offices in the United States, Europe, Australia/New Zealand and Asia. These regional investment teams have been working together in their respective regions for a number of years and have extensive experience advising, investing in and lending to companies across changing market cycles. In addition, the individual members of these teams have diverse investment backgrounds, with prior experience at investment banks, commercial banks, and privately and publicly held companies. We believe this diverse experience provides an in-depth understanding of the strategic, financial and operational challenges and opportunities of middle-market companies. |
• | Utilizing Long-Standing Relationships to Source Investments. Barings GPFG has worked diligently over decades to build strategic relationships with private equity firms globally. Based on Barings GPFG’s long history of providing consistent, predictable capital to middle-market sponsors, even in periods of market dislocation, Barings believes it has a reputation as a reliable partner. Barings also maintains extensive personal relationships with entrepreneurs, financial sponsors, attorneys, accountants, investment bankers, commercial bankers and other non-bank providers of capital who refer prospective portfolio companies to us. These relationships historically have generated significant investment opportunities. We believe that this network of relationships will continue to produce attractive investment opportunities. |
• | Focusing on the Middle-Market. We primarily invest in middle-market companies. These companies tend to be privately owned, often by a private equity sponsor, and are companies that typically generate annual earnings before interest, taxes, depreciation and amortization, as adjusted, or Adjusted EBITDA, of $15.0 million to $75.0 million. |
• | Providing One-Stop Customized Financing Solutions. Barings believes that Barings GPFG’s ability to commit to and originate larger hold positions (in excess of $200 million) in a given transaction is a differentiator to middle-market private equity sponsors. In today’s market, it has become increasingly important to have the ability to underwrite an entire transaction, providing financial sponsors with certainty of close. Barings GPFG offers a variety of financing structures and has the flexibility to structure investments to meet the needs of our portfolio companies. |
• | Applying Consistent Underwriting Policies and Active Portfolio Management. We believe robust due diligence on each investment is paramount due to the illiquid nature of a significant portion of our assets. With limited ability to liquidate holdings, private credit investors must take a longer-term, “originate-to-hold” investment approach. Barings has implemented underwriting policies and procedures that are followed for each potential transaction. This consistent and proven fundamental underwriting process includes a thorough analysis of each potential portfolio company’s competitive position, financial performance, management team operating discipline, growth potential and industry attractiveness, which Barings believes allows it to better assess the company’s prospects. After closing, Barings maintains ongoing access to both the sponsor and portfolio company management in order to closely monitor investments and suggest or require remedial actions as needed to avoid a default. |
• | Maintaining Portfolio Diversification. While we focus our investments in middle-market companies, we seek to invest across various industries and in both United States-based and foreign-based companies. Barings monitors our investment portfolio to ensure we have acceptable industry balance, using industry and market metrics as key indicators. By monitoring our investment portfolio for industry balance, we seek to reduce the effects of economic downturns associated with any particular industry or market sector. Notwithstanding our intent to invest across a variety of industries, we may from time to time hold securities of a single portfolio company that comprise more than 5.0% of our total assets and/or more than 10.0% of the outstanding voting securities of the portfolio company. For that reason, we are classified as a non-diversified management investment company under the 1940 Act. |
• | Other Investments. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities, high yield investments and/or mortgage securities. Our special situation investments generally comprise of investments in stressed and distressed corporate debt instruments which are expected to include (but which are not limited to) senior secured loans (including assignments and participations), second lien loans and subordinated debt (including mezzanine and payment-in-kind, or PIK, securities), secured floating rate notes and secured fixed rated notes, unsecured loans, unsecured senior and subordinated corporate bonds, debentures, notes, commercial paper, convertible debt obligations, equity investments (including preferred stock and common equity instruments), hedging arrangements, other forms of subordinated debt, structured credit (e.g., asset-backed securities) and equity instruments. |
• | Established Companies With Positive Cash Flow. We seek to invest in later-stage or mature companies with a proven history of generating positive cash flows. We typically focus on companies with a history of profitability and trailing twelve-month Adjusted EBITDA ranging from $15.0 million to $75.0 million. |
• | Experienced Management Teams. Based on our prior investment experience, we believe that a management team with significant experience with a portfolio company or relevant industry experience is essential to the long-term success of the portfolio company. We believe management teams with these attributes are more likely to manage the companies in a manner that protects our debt investment. |
• | Strong Competitive Position. We seek to invest in companies that have developed strong positions within their respective markets, are well positioned to capitalize on growth opportunities and compete in industries with barriers to entry. We also seek to invest in companies that exhibit a competitive advantage, which may help to protect their market position and profitability. |
• | Varied Customer and Supplier Bases. We prefer to invest in companies that have varied customer and supplier bases. Companies with varied customer and supplier bases are generally better able to endure economic downturns, industry consolidation and shifting customer preferences. |
• | Significant Invested Capital. We believe the existence of significant underlying equity value provides important support to investments. We seek to identify portfolio companies that we believe have well-structured capital beyond the layer of the capital structure in which we invest. |
• | 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. |
• | 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 |
• | making it more difficult for us to meet our payment and other obligations under the Notes and our other outstanding debt; |
• | resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our financing arrangements, which event of default could result in substantially all of our debt becoming immediately due and payable; |
• | reducing the availability of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes; |
• | subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under our financing arrangements; and |
• | limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy. |
• | 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 Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness or other obligations of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations (including trade payables) issued or incurred by our subsidiaries, financing vehicles or similar facilities that would be senior to our equity interests in those entities subsidiaries and therefore rank structurally senior to the 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; |
• | 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. |
• | on an actual basis as of June 30, 2025; and |
• | on an as-adjusted basis giving effect to the sale of $ million aggregate principal amount of Notes in this offering, less estimated underwriting discounts and offering expenses payable by us, and the application of the proceeds thereof. |
As of June 30, 2025 | ||||||
Actual | As adjusted for this Offering | |||||
(Unaudited) (in thousands, except shares) | ||||||
Assets: | ||||||
Investments at fair value: | ||||||
Non-Control Affiliate investments (cost of $2,156,305 as of June 30, 2025) | $2,128,553 | $ | ||||
Affiliate investments (cost of $397,878 as of June 30, 2025) | 409,706 | |||||
Control investments (cost of $81,647 as of June 30, 2025) | 85,623 | |||||
Total investments at fair value | 2,623,882 | |||||
Cash (restricted cash of $4,714 as of June 30, 2025) | 39,963 | |||||
Foreign currencies (cost of $9,294 as of June 30, 2025) | 9,298 | |||||
Interest and fees receivable | 41,811 | |||||
Prepaid expenses and other assets | 463 | |||||
Credit support agreement (cost of $44,400 as of June 30, 2025) | 51,200 | |||||
Derivative assets | 3,361 | |||||
Deferred financing fees | 7,807 | |||||
Receivable from unsettled transactions | 15,522 | |||||
Total assets | $2,793,307 | $ | ||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | $3,943 | $ | ||||
Interest payable | 15,430 | |||||
Administrative fees payable | 356 | |||||
Base management fees payable | 8,193 | |||||
Incentive management fees payable | 11,117 | |||||
Derivative liabilities | 5,863 | |||||
Payable from unsettled transactions | 4,189 | |||||
Borrowings under credit facility(1) | 547,313 | |||||
Notes payable (net of deferred financing fees) | 1,021,059 | |||||
Notes offered hereby | ― | |||||
Offered issuance costs―Notes offered hereby | ― | |||||
Total liabilities | $1,617,463 | $ | ||||
Net Assets: | ||||||
Common stock, $0.001 par value per share (150,000,000 shares authorized; 105,158,938 shares issued and outstanding as of June 30, 2025) | 105 | |||||
Additional paid-in capital | 1,844,638 | |||||
Total undistributed earnings (loss) | (668,899) | |||||
Total net assets | 1,175,844 | |||||
Total liabilities and net assets | $2,793,307 | $ | ||||
(1) | The above table reflects the principal amount of indebtedness outstanding as of June 30, 2025. As of September 3, 2025, we had approximately $564.3 million outstanding under our February 2019 Credit Facility. This table has not been adjusted to reflect the changes in our outstanding borrowings under the February 2019 Credit Facility subsequent to June 30, 2025. The net proceeds from this offering are expected to be used to pay down outstanding indebtedness under the February 2019 Credit Facility. We may reborrow under these credit facilities for general corporate purposes, which include investing in portfolio companies in accordance with our investment objective. See “Use of Proceeds.” |
Total Amount Outstanding Exclusive of Treasury Securities(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit(3) | Average Market Value per Unit(4) | |||||||||
(dollars in thousands) | ||||||||||||
February 2019 Credit Facility | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $547,313 | $1,752 | — | N/A | ||||||||
August 2025 Notes | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $50,000 | $1,752 | — | N/A | ||||||||
Series B Notes | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $62,500 | $1,752 | — | N/A | ||||||||
Series C Notes | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $112,500 | $1,752 | — | N/A | ||||||||
Series D Notes | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $80,000 | $1,752 | — | N/A | ||||||||
Series E Notes | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $70,000 | $1,752 | — | N/A | ||||||||
November 2026 Notes | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $350,000 | $1,752 | — | N/A | ||||||||
February 2029 Notes | ||||||||||||
2025 (as of June 30, 2025, unaudited) | $300,000 | $1,752 | — | N/A | ||||||||
(1) | Total amount of each class of senior securities outstanding at the end of the period presented. |
(2) | 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. |
(3) | 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. |
(4) | Average market value per unit for all senior securities included in the table is not applicable because these are not registered for public trading. |
• | will be our general unsecured, senior obligations; |
• | will initially be issued in an aggregate principal amount of $ ; |
• | will mature on , 20 , unless earlier redeemed or repurchased, as discussed below; |
• | will bear cash interest from , 2025, at an annual rate of % payable semiannually in arrears on and of each year, beginning on , 2026; |
• | will be subject to redemption at our option as described in this prospectus supplement under the caption “-Optional Redemption;” |
• | will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined in this prospectus supplement under the caption “—Offer to Repurchase Upon a Change of Control Repurchase Event”), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase; |
• | will be issued in minimum denominations of $2,000 and integral multiples of $1,000 thereof; and |
• | will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See “—Book-Entry, Settlement and Clearance” in this prospectus supplement. |
(1) | (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus basis points less (b) interest accrued to the date of redemption, and |
(2) | 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. |
(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 Barings BDC, Inc. 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 Barings BDC, Inc. 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 Barings BDC, Inc., measured by voting power rather than number of shares; or |
(3) | the approval by Barings BDC, Inc.’s stockholders of any plan or proposal relating to the liquidation or dissolution of Barings BDC, Inc. |
(1) | one or both of Fitch and Moody’s; and |
(2) | if both Fitch and Moody’s cease to rate the Notes or fail to make a rating of the Notes publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by us as a replacement agency for either of Fitch or Moody’s, as the case may be. |
• | 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, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by us; |
• | 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. |
• | 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 Barings BDC, Inc. 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 must have 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 and/or security 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. |
• | upon deposit of a Global Note with DTC, Euroclear or Clearstream’s custodian, DTC, Euroclear or Clearstream will credit portions of the principal amount of the Global Note to the accounts of the DTC, Euroclear or Clearstream participants designated by the underwriters; and |
• | ownership of beneficial interests in a Global Note will be shown on, and transfer of ownership of those interests will be effected only through, records maintained by DTC (with respect to interests of DTC, Euroclear or Clearstream participants) and the records of DTC, Euroclear or Clearstream participants (with respect to other owners of beneficial interests in the Global Note). |
• | 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, Euroclear or Clearstream 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. |
• | banks, insurance companies and other financial institutions; |
• | individual retirement accounts and other tax-deferred accounts; |
• | regulated investment companies and real estate investment trusts; |
• | U.S. expatriates and certain former citizens or long-term residents of the United States; |
• | holders subject to the alternative minimum tax; |
• | dealers in securities or currencies; |
• | traders in securities; |
• | partnerships, S corporations or other pass-through entities; |
• | U.S. holders (as defined below) whose functional currency is not the U.S. dollar; |
• | controlled foreign corporations; |
• | tax-exempt organizations; |
• | passive foreign investment companies; |
• | persons holding the Notes as part of a “straddle,” “hedge,” “conversion transaction” or other risk reduction transaction; and |
• | persons deemed to sell the Notes under the constructive sale provisions of the Code. |
• | an individual who is a citizen or resident of the United States, including an alien individual who is a lawful permanent resident of the United States or meets the “substantial presence” test under Section 7701(b) of the Code; |
• | a corporation or other entity taxable as a corporation created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; |
• | an estate, the income of which is subject to U.S. federal income tax regardless of its source; or |
• | a trust, if a U.S. court can exercise primary supervision over the administration of the trust and one or more “United States persons” within the meaning of Section 7701(a)(30) of the Code can control all substantial trust decisions, or, if the trust was in existence on August 20, 1996, and it has elected to continue to be treated as a United States person. |
• | fails to furnish the U.S. holder’s taxpayer identification number, or TIN, which, for an individual, ordinarily is his or her social security number; |
• | furnishes an incorrect TIN; |
• | is notified by the IRS that the U.S. holder has failed properly to report payments of interest or dividends; or |
• | fails to certify, under penalties of perjury, on an IRS Form W-9 (Request for Taxpayer Identification Number and Certification) or a suitable substitute form (or other applicable certificate), that the U.S. holder has furnished a correct TIN and that the IRS has not notified the U.S. holder that the U.S. holder is subject to backup withholding. |
• | such Non-U.S. holder does not directly or indirectly (actually or constructively) own 10% or more of the total combined voting power of all classes of our voting stock; |
• | such Non-U.S. holder is not a controlled foreign corporation that is related to us through actual or constructive stock ownership and is not a bank that received such Note on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business; and |
• | either (1) the Non-U.S. holder certifies in a statement provided to us or the paying agent generally on IRS Form W-8BEN, or IRS Form W-8BEN-E, under penalties of perjury, that it is the beneficial owner of the Notes and not a “United States person” within the meaning of the Code and provides its name and address, (2) a securities clearing organization, bank or other financial institution that holds customers’ securities in the ordinary course of its trade or business and holds the Note on behalf of the Non-U.S. holder certifies to us or the paying agent under penalties of perjury that it, or the financial institution between it and the Non-U.S. holder, has received from the Non-U.S. holder a statement generally on IRS Form W-8BEN, or IRS Form W-8BEN-E, under penalties of perjury, that such Non-U.S. holder is the beneficial owner of the Notes and is not a United States person and provides us or the paying agent with a copy of such statement or (3) the Non-U.S. holder holds its Note directly through a “qualified intermediary” and certain conditions are satisfied. |
• | the gain is effectively connected with the Non-U.S. holder’s conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, the Non-U.S. holder maintains a U.S. permanent establishment to which such gain is attributable); or |
• | the Non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of sale, exchange or other disposition, and certain conditions are met. |
Name | Aggregate Principal Amount of the Notes to be Purchased | ||
J.P. Morgan Securities LLC | $ | ||
ING Financial Markets LLC | |||
MUFG Securities Americas Inc. | |||
SMBC Nikko Securities America, Inc. | |||
Total | $ | ||
Per Note | Notes Total | |||||
Public offering price | % | $ | ||||
Underwriting discounts | % | $ | ||||
Proceeds to us, before expenses | % | $ | ||||
(a) | the expression “retail investor” means a person who is one (or more) of the following: |
(i) | a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU, as amended, MiFID II; or |
(ii) | a customer within the meaning of Directive (EU) 2016/97, as amended, the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or |
(iii) | not a qualified investor as defined in Regulation (EU) 2017/1129, as amended, the Prospectus Regulation; and |
(b) | the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. |
(a) | the expression “retail investor” means a person who is one (or more) of the following: |
(i) | a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, or EUWA; or |
(ii) | a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the “FSMA”) of the United Kingdom and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or |
(iii) | not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA, the UK Prospectus Regulation; and |
(b) | the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes. |
• | has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and |
• | has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom. |
• | our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 20, 2025; |
• | our Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025 and June 30, 2025, filed with the SEC on May 8, 2025 and August 7, 2025, respectively; |
• | those portions of our Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 11, 2025, that are incorporated by reference in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024; and |
• | our Current Report on Form 8-K (other than information furnished rather than filed) filed with the SEC on May 8, 2025. |
• | “we,” “us,” “our” and the “Company” refer to Barings BDC, Inc., a Maryland corporation; |
• | “Barings” refers to Barings LLC, a Delaware limited liability company and our investment adviser and administrator; and |
• | the “Adviser” and the “Administrator” refer to Barings, in its respective capacities as our investment adviser or our administrator. |
• | Leveraging Barings GPFG’s Origination and Portfolio Management Resources. As of June 30, 2024 Barings GPFG has over 90 investment professionals located in seven different offices in the U.S., Europe, Australia/New Zealand and Asia. These regional investment teams have been working together in their respective regions for a number of years and have extensive experience advising, investing in and lending to companies across changing market cycles. In addition, the individual members of these teams have diverse investment backgrounds, with prior experience at investment banks, commercial banks, and privately and publicly held companies. We believe this diverse experience provides an in-depth understanding of the strategic, financial and operational challenges and opportunities of middle-market companies. |
• | Utilizing Long-Standing Relationships to Source Investments. Barings GPFG has worked diligently over decades to build strategic relationships with private equity firms globally. Based on Barings GPFG’s long history of providing consistent, predictable capital to middle-market sponsors, even in periods of market dislocation, Barings believes it has a reputation as a reliable partner. Barings also maintains extensive personal relationships with entrepreneurs, financial sponsors, attorneys, accountants, investment bankers, commercial bankers and other non-bank providers of capital who refer prospective portfolio companies to us. These relationships historically have generated significant investment opportunities. We believe that this network of relationships will continue to produce attractive investment opportunities. |
• | Providing One-Stop Customized Financing Solutions. Barings believes that Barings GPFG’s ability to commit to and originate larger hold positions (in excess of $200 million) in a given transaction is a differentiator to middle-market private equity sponsors. In today’s market, it has become increasingly important to have the ability to underwrite an entire transaction, providing financial sponsors with certainty of close. Barings GPFG offers a variety of financing structures and has the flexibility to structure investments to meet the needs of our portfolio companies. |
• | Applying Consistent Underwriting Policies and Active Portfolio Management. We believe robust due diligence on each investment is paramount due to the illiquid nature of a significant portion of our assets. With limited ability to liquidate holdings, private credit investors must take a longer-term, “originate-to-hold” investment approach. Barings has implemented underwriting policies and procedures that are followed for each potential transaction. This consistent and proven fundamental underwriting process includes a thorough analysis of each potential portfolio company’s competitive position, financial performance, management team operating discipline, growth potential and industry attractiveness, which Barings believes allows it to better assess the company’s prospects. After closing, Barings maintains ongoing access to both the sponsor and portfolio company management in order to closely monitor investments and suggest or require remedial actions as needed to avoid a default. |
• | Maintaining Portfolio Diversification. While we focus our investments in middle-market companies, we seek to invest across various industries and in both United States-based and foreign-based companies. Barings monitors our investment portfolio to ensure we have acceptable industry balance, using industry and market metrics as key indicators. By monitoring our investment portfolio for industry balance, we seek |
• | Other Investments. To a lesser extent, we will invest opportunistically in assets such as, without limitation, equity, special situations, structured credit (e.g., private asset-backed securities), syndicated loan opportunities, high yield investments and/or mortgage securities. Our special situation investments generally comprise of investments in stressed and distressed corporate debt instruments which are expected to include (but which are not limited to) senior secured loans (including assignments and participations), second lien loans and subordinated debt (including mezzanine and payment-in-kind (“PIK”) securities), secured floating rate notes and secured fixed rated notes, unsecured loans, unsecured senior and subordinated corporate bonds, debentures, notes, commercial paper, convertible debt obligations, equity investments (including preferred stock and common equity instruments), hedging arrangements, other forms of subordinated debt, structured credit (e.g., asset-backed securities) and equity instruments. |
• | Established Companies With Positive Cash Flow. We seek to invest in later-stage or mature companies with a proven history of generating positive cash flows. We typically focus on companies with a history of profitability and trailing twelve-month Adjusted EBITDA ranging from $10.0 million to $75.0 million. |
• | Experienced Management Teams. Based on our prior investment experience, we believe that a management team with significant experience with a portfolio company or relevant industry experience is essential to the long-term success of the portfolio company. We believe management teams with these attributes are more likely to manage the companies in a manner that protects our debt investment. |
• | Strong Competitive Position. We seek to invest in companies that have developed strong positions within their respective markets, are well positioned to capitalize on growth opportunities and compete in industries with barriers to entry. We also seek to invest in companies that exhibit a competitive advantage, which may help to protect their market position and profitability. |
• | Varied Customer and Supplier Bases. We prefer to invest in companies that have varied customer and supplier bases. Companies with varied customer and supplier bases are generally better able to endure economic downturns, industry consolidation and shifting customer preferences. |
• | Significant Invested Capital. We believe the existence of significant underlying equity value provides important support to investments. We seek to identify portfolio companies that we believe have well-structured capital beyond the layer of the capital structure in which we invest. |
• | We are dependent upon Barings’ access to its investment professionals for our success. |
• | Our investment portfolio is and will continue to be recorded at fair value as determined in accordance with the Adviser’s valuation policies and procedures and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments. |
• | We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. |
• | There are potential conflicts of interest, including the management of other investment funds and accounts by Barings, which could impact our investment returns. |
• | The fee structure under our third amended and restated investment advisory agreement (the “Advisory Agreement”) with Barings may induce Barings to pursue speculative investments and incur leverage, which may not be in the best interests of our stockholders. |
• | Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital. |
• | Our financing agreements contain various covenants, which, if not complied with, could accelerate our repayment obligations thereunder, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions. |
• | We are exposed to risks associated with changes in interest rates. |
• | Inflation could adversely affect the business, results of operations, and financial conditions of our portfolio companies. |
• | Incurring additional leverage may magnify our exposure to risks associated with changes in leverage, including fluctuations in interest rates that could adversely affect our profitability. |
• | Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. |
• | Our investments in portfolio companies may be risky, and we could lose all or part of our investment. |
• | Shares of closed-end investment companies, including BDCs, frequently trade at a discount to their net asset value, and may trade at premiums that may prove to be unsustainable. |
Stockholder transaction expenses (as a percentage of offering price): | |||
Sales load | —(1) | ||
Offering expenses | —(2) | ||
Dividend reinvestment plan expenses | None(3) | ||
Total stockholder transaction expenses | —% | ||
Annual expenses (as a percentage of net assets attributable to common stock):(4) | |||
Base management fee | 2.7%(5) | ||
Incentive fees payable under the Advisory Agreement | 1.5%(6) | ||
Interest payments on borrowed funds | 6.3%(7) | ||
Other expenses | 0.8%(8) | ||
Acquired fund fees and expenses | 1.9%(9) | ||
Total annual expenses | 13.2% | ||
(1) | In the event that the securities to which this prospectus relates are sold to or through underwriters or agents, a corresponding prospectus supplement will disclose the applicable sales load. |
(2) | The prospectus supplement corresponding to each offering will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price. |
(3) | The estimated expenses associated with the administration of the dividend reinvestment plan are included in “Other expenses.” For additional information, see “Dividend Reinvestment Plan.” |
(4) | Net assets attributable to common stock equals net assets as of June 30, 2024. |
(5) | Pursuant to the Advisory Agreement, the base management fee is 1.25% of our average gross assets, including our credit support agreements and assets purchased with borrowed funds or other forms of leverage, but excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters prior to the quarter for which such fees are being calculated. The fee table above shows the base management fee as a percentage of net assets as required by the SEC. See“Management Agreements.” |
(6) | Our incentive fee consists of two parts: (1) a portion based on our pre-incentive fee net investment income (the “Income-Based Fee”) and (2) a portion based on the net capital gains received on our portfolio of securities on a cumulative basis for each calendar year, net of all realized capital losses and all unrealized capital depreciation for that same calendar year (the “Capital Gains Fee”). |
i. | The Income-Based Fee is determined and paid quarterly in arrears based on the amount by which (x) the aggregate “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters. The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that we have not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued during the calendar quarter (including, without limitation, the base management fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income-Based Fee and the Capital Gains Fee). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. |
A. | No Income-Based Fee will be payable to Barings in any calendar quarter in which our aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Hurdle Amount; |
B. | 100% of our aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by the aggregate of our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide Barings with an incentive fee of 20% on all of our Pre-Incentive Fee Net Investment Income when our Pre-Incentive Fee Net Investment Income reaches the Catch-Up Amount for the Trailing Twelve Quarters; and |
C. | For any quarter in which our aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of our aggregate Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved. |
ii. | The Capital Gains Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement), commencing with the calendar year ended on December 31, 2018, and is calculated at the end of each applicable year by subtracting (A) the sum of our cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (B) our cumulative aggregate realized capital gains, in each case calculated from August 2, 2018. If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018. If such amount is negative, then there is no Capital Gains Fee payable for such year. If the Advisory Agreement is terminated as of a date that is not a calendar year end, the termination date will be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee. |
(7) | Interest payments on borrowed funds represents an estimate of our annualized interest expense based on our total borrowings as of June 30, 2024. At June 30, 2024, the weighted average effective interest rate for total outstanding debt was 5.55%. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue preferred stock, subject to our compliance with applicable requirements under the 1940 Act. |
(8) | “Other expenses” include expenses incurred under the Administration Agreement between us and Barings, Board fees, directors’ and officers’ insurance costs, as well as legal and accounting expenses. The percentage presented in the table reflects actual amounts incurred during the six months ended June 30, 2024 on an annualized basis. See“Management Agreements.” |
(9) | Our stockholders indirectly bear the expenses of underlying funds or other investment vehicles in which we invest that (1) are investment companies or (2) would be investment companies under section 3(a) of the 1940 Act but for the exceptions to that definition provided for in sections 3(c)(1) and 3(c)(7) of the 1940 Act (“Acquired Funds”). This amount includes the estimated annual fees and expenses of Jocassee Partners LLC, our joint venture with South Carolina Retirement Systems Group Trust, Waccamaw River LLC, a limited liability company to which we have fully funded a capital commitment of $25.0 million, and Sierra Senior Loan Strategy JV I LLC, our joint venture with MassMutual Ascend Life Insurance Company, which are our Acquired Funds as of June 30, 2024. |
1 year | 3 years | 5 years | 10 years | |||||||||
You would pay the following expenses on a $1,000 common stock investment, assuming a 5% annual return (assumes no return from net realized capital gains or net unrealized capital appreciation) | $118 | $332 | $518 | $895 | ||||||||
1 year | 3 years | 5 years | 10 years | |||||||||
You would pay the following expenses on a $1,000 common stock investment, assuming a 5% annual return resulting entirely from net realized capital gains (and thus subject to the Capital Gains Fee) | $128 | $356 | $549 | $913 | ||||||||
Per Share Data: ($ in thousands, except share and per share amounts) | For the Six Months Ended June 30, 2024 | For the Years Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Net asset value, at beginning of period | $11.28 | $11.05 | $11.36 | $10.99 | $11.66 | $10.98 | $13.43 | $15.13 | $15.23 | $16.11 | $16.10 | ||||||||||||||||||||||
Net investment income(1) | 0.67 | 1.19 | 1.12 | 0.90 | 0.64 | 0.61 | — | 1.55 | 1.62 | 2.16 | 2.08 | ||||||||||||||||||||||
Net realized gains (losses) from investments/ foreign currency transactions/ forward currency contracts(1) | (0.12) | (0.59) | 0.16 | (0.05) | (0.79) | (0.08) | (3.17) | (1.11) | 0.05 | (0.83) | 0.46 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments/CSA/ foreign currency transactions/ forward currency contracts(1) | 0.05 | 0.59 | (1.20) | 0.34 | 0.38 | 0.64 | 1.08 | (1.04) | (0.72) | 0.17 | (1.48) | ||||||||||||||||||||||
Total increase (decrease) from investment operations(1) | 0.60 | 1.19 | 0.08 | 1.19 | 0.23 | 1.17 | (2.09) | (0.60) | 0.95 | 1.50 | 1.06 | ||||||||||||||||||||||
Dividends/distributions paid to stockholders from net investment income | (0.52) | (1.02) | (0.95) | (0.79) | (0.65) | (0.54) | (0.41) | (1.65) | (1.89) | (2.11) | (1.88) | ||||||||||||||||||||||
Dividends paid to stockholders from realized gains | — | — | — | — | — | — | — | — | — | (0.25) | (0.68) | ||||||||||||||||||||||
Tax return of capital to stockholders | — | — | — | (0.03) | — | — | (0.02) | — | — | — | — | ||||||||||||||||||||||
Total dividends and distributions paid | (0.52) | (1.02) | (0.95) | (0.82) | (0.65) | (0.54) | (0.43) | (1.65) | (1.89) | (2.36) | (2.56) | ||||||||||||||||||||||
Common stock offerings | — | — | — | — | (0.63) | — | — | 0.61 | 0.72 | — | 1.49 | ||||||||||||||||||||||
Deemed contribution - CSAs | — | — | 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 | — | 0.06 | 0.06 | — | 0.05 | 0.07 | — | — | — | — | — | ||||||||||||||||||||||
Sierra Merger(7) | — | — | 0.10 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Stock-based compensation(1) | — | — | — | — | — | — | 0.17 | (0.01) | 0.09 | 0.01 | — | ||||||||||||||||||||||
Shares issued pursuant to Dividend Reinvestment Plan | — | — | — | — | — | — | — | 0.01 | 0.04 | 0.03 | 0.04 | ||||||||||||||||||||||
Loss on extinguishment of debt(1) | — | — | — | — | (0.06) | (0.01) | (0.21) | — | — | (0.04) | — | ||||||||||||||||||||||
Benefit from (provision for) taxes(1) | — | — | — | — | — | (0.01) | 0.02 | (0.02) | (0.01) | (0.01) | (0.10) | ||||||||||||||||||||||
Other(2) | — | — | — | — | 0.04 | — | (0.04) | (0.04) | — | (0.01) | 0.08 | ||||||||||||||||||||||
Net asset value, end of period | $11.36 | $11.28 | $11.05 | $11.36 | $10.99 | $11.66 | $10.98 | $13.43 | $15.13 | $15.23 | $16.11 | ||||||||||||||||||||||
Market value at end of period(3) | $9.73 | $8.58 | $8.15 | $11.02 | $9.20 | $10.28 | $9.01 | $9.49 | $18.34 | $19.11 | $20.29 | ||||||||||||||||||||||
Ratio/Supplemental Data: | |||||||||||||||||||||||||||||||||
Shares outstanding at end of period | 105,757,992 | 106,067,070 | 107,916,166 | 65,316,085 | 65,316,085 | 48,950,803 | 51,284,064 | 47,740,832 | 40,401,292 | 33,375,126 | 32,950,288 | ||||||||||||||||||||||
Net assets at end of period | $1,201,876 | $1,196,559 | $1,192,329 | $741,931 | $717,805 | $570,875 | $562,967 | $641,275 | $611,156 | $508,368 | $530,827 | ||||||||||||||||||||||
Per Share Data: ($ in thousands, except share and per share amounts) | For the Six Months Ended June 30, 2024 | For the Years Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Average net assets | $1,216,343 | $1,211,289 | $1,184,591 | $739,250 | $517,740 | $579,199 | $628,155 | $667,188 | $556,549 | $524,580 | $482,679 | ||||||||||||||||||||||
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) | 12.04% | 13.30% | 8.80% | 10.33% | 8.33% | 7.90% | 14.54% | 7.74% | 9.93% | 9.81% | 9.45% | ||||||||||||||||||||||
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) | 12.04% | 13.30% | 8.80% | 10.33% | 8.33% | 7.90% | 14.31% | 7.74% | 9.93% | 9.81% | 9.45% | ||||||||||||||||||||||
Ratio of net investment income to average net assets | 11.76% | 10.55% | 9.76% | 7.98% | 5.99% | 5.27% | (0.01)% | 10.83% | 10.58% | 13.65% | 12.85% | ||||||||||||||||||||||
Portfolio turnover ratio(5) | 8.64% | 22.93% | 43.07% | 68.63% | 67.80% | 113.99% | 228.49% | 37.02% | 24.61% | 37.62% | 29.21% | ||||||||||||||||||||||
Total return(6) | 19.72% | 18.83% | (18.35)% | 29.34% | (2.17)% | 20.27% | 18.18% | (42.15)% | 5.86% | 5.82% | (17.36)% | ||||||||||||||||||||||
(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 and 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, 2024 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, 2022 excludes the impact of the Company’s acquisition of Sierra Income Corporation in February 2022 (the “Sierra Acquisition”). Portfolio turnover ratio as of December 31, 2020 excludes the impact of the Company’s acquisition of MVC Capital, Inc. (“MVC”) (the “MVC 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. |
• | our future operating results, dividend projections and frequency of dividends; |
• | our business prospects and the prospects of our portfolio companies; |
• | the impact of the investments that we expect to make; |
• | the ability of our portfolio companies to achieve their objectives; |
• | our expected financings and investments and our ability to raise capital; |
• | the adequacy of our cash resources and working capital; and |
• | the timing of cash flows, if any, from the operations of our portfolio companies. |
• | changes in political, economic or industry conditions, including the risks of a slowing economy, rising inflation and risk of recession, and volatility in the financial services sector, including bank failures; |
• | the interest rate environment or conditions affecting the financial and capital markets; |
• | the impact of global health crises, on our or our portfolio companies’ business and the U.S. and global economies; |
• | our, or our portfolio companies’, future business, operations, operating results or prospects; |
• | risks associated with possible disruption due to terrorism in our operations or the economy generally; and |
• | future changes in laws or regulations and conditions in our or our portfolio companies’ operating areas. |
Net Asset Value(1) | Closing Sales Price(2) | Premium (Discount) of High Closing Sales Price to NAV(3) | Premium (Discount) of Low Closing Sales Price to NAV(3) | ||||||||||||
High | Low | ||||||||||||||
Year ended December 31, 2022 | |||||||||||||||
First Quarter | $11.86 | $11.20 | $10.07 | (5.6)% | (15.1)% | ||||||||||
Second Quarter | $11.41 | $10.90 | $9.24 | (4.5)% | (19.0)% | ||||||||||
Third Quarter | $11.28 | $10.41 | $8.32 | (7.7)% | (26.2)% | ||||||||||
Fourth Quarter | $11.05 | $9.26 | $8.06 | (16.2)% | (27.1)% | ||||||||||
Year ended December 31, 2023 | |||||||||||||||
First Quarter | $11.17 | $8.95 | $7.47 | (19.9)% | (33.1)% | ||||||||||
Second Quarter | $11.34 | $8.01 | $7.19 | (29.4)% | (36.6)% | ||||||||||
Third Quarter | $11.25 | $9.34 | $7.65 | (17.0)% | (32.0)% | ||||||||||
Fourth Quarter | $11.28 | $9.39 | $8.58 | (16.8)% | (23.9)% | ||||||||||
Year ending December 31, 2024 | |||||||||||||||
First Quarter | $11.44 | $9.88 | $8.70 | (13.6)% | (24.0)% | ||||||||||
Second Quarter | $11.36 | $10.18 | $9.13 | (10.4)% | (19.6)% | ||||||||||
Third Quarter (through September 18, 2024) | $* | $10.19 | $9.28 | * | * | ||||||||||
* | NAV has not yet been calculated for this period. |
(1) | NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices. The NAV per share shown is based on outstanding shares at the end of the period. |
(2) | Closing sales price as provided by the NYSE. |
(3) | Calculated as of the respective high or low closing sales price divided by the quarter-end NAV and subtracting 1. |
• | stockholders must have approved a sale below NAV per share within the one-year period immediately prior to any such sale; |
• | a majority of our directors who have no financial interest in the issuance and sale and a majority of our directors who are not interested persons of the Company must have determined that any such sale would be in the best interests of the Company and its stockholders; and |
• | a majority of our directors who have no financial interest in the issuance and sale, and a majority of our directors who are not interested persons of the Company, in consultation with the underwriter or underwriters of the offering if it is to be underwritten, and as of a time immediately prior to the first solicitation by or on behalf of the Company of firm commitments to purchase such securities or immediately prior to the issuance of such securities, must have determined in good faith that the price at which such securities are to be issued and sold is not less than a price which closely approximates the market value of those securities, less any distributing commission or discount. |
• | The effect that an offering below NAV per share would have on our stockholders, including the potential dilution they would experience as a result of the offering; |
• | The amount per share by which the offering price per share and the net proceeds per share are less than the most recently determined NAV per share; |
• | The relationship of recent market prices of our common stock to NAV per share and the potential impact of the offering on the market price per share of our common stock; |
• | Whether the proposed offering price would closely approximate the market value of our shares; |
• | The potential market impact of being able to raise capital in the current financial market; |
• | The nature of any new investors anticipated to acquire shares in the offering; |
• | The anticipated rate of return on and quality, type and availability of investments; |
• | The leverage available to us, both before and after the offering and other borrowing terms; and |
• | The potential investment opportunities available relative to the potential dilutive effect of additional capital at the time of the offering. |
• | existing stockholders who do not purchase any shares in the offering; |
• | existing stockholders who purchase a relatively small amount of shares in the offering or a relatively large amount of shares in the offering; and |
• | new investors who become stockholders by purchasing shares in the offering. |
Prior to Sale Below NAV | Example 1 5% Offering at 5% Discount | Example 2 10% Offering at 10% Discount | Example 3 25% Offering at 25% Discount | ||||||||||||||||||
Following Sale | % Change | Following Sale | % Change | Following Sale | % Change | ||||||||||||||||
Offering Price | |||||||||||||||||||||
Price per share to public | — | $10.00 | — | $9.47 | — | $7.89 | — | ||||||||||||||
Net offering proceeds per share to issuer | — | $9.50 | — | $9.00 | — | $7.50 | — | ||||||||||||||
Decrease to NAV | |||||||||||||||||||||
Total shares outstanding | 1,000,000 | 1,050,000 | 5.00% | 1,100,000 | 10.00% | 1,250,000 | 25.00% | ||||||||||||||
NAV per share | $10.00 | $9.98 | (0.20)% | $9.91 | (0.90)% | $9.50 | (5.00)% | ||||||||||||||
Dilution to Stockholder A | |||||||||||||||||||||
Shares held by stockholder A | 10,000 | 10,000 | — | 10,000 | — | 10,000 | — | ||||||||||||||
Percentage held by stockholder A | 1.00% | 0.95% | (5.00)% | 0.91% | (10.00)% | 0.80% | (25.00)% | ||||||||||||||
Prior to Sale Below NAV | Example 1 5% Offering at 5% Discount | Example 2 10% Offering at 10% Discount | Example 3 25% Offering at 25% Discount | ||||||||||||||||||
Following Sale | % Change | Following Sale | % Change | Following Sale | % Change | ||||||||||||||||
Total Asset Values | |||||||||||||||||||||
Total NAV held by stockholder A | $100,000 | $99,800 | (0.20)% | $99,100 | (0.90)% | $95,000 | (5.00)% | ||||||||||||||
Total investment by stockholder A (assumed to be $10.00 per share) | $100,000 | $100,000 | — | $100,000 | — | $100,000 | — | ||||||||||||||
Total dilution to stockholder A (total NAV less total investment) | — | $(200) | — | $(900) | — | $(5,000) | — | ||||||||||||||
Per Share Amounts | |||||||||||||||||||||
NAV per share held by stockholder A | — | $9.98 | — | $9.91 | — | $9.50 | — | ||||||||||||||
Investment per share held by stockholder A (assumed to be $10.00 per share on shares held prior to sale) | $10.00 | $10.00 | — | $10.00 | — | $10.00 | — | ||||||||||||||
Dilution per share held by stockholder A (NAV per share less investment per share) | — | $(0.02) | — | $(0.09) | — | $(0.50) | — | ||||||||||||||
Percentage dilution to stockholder A (dilution per share divided by investment per share) | — | — | (0.20)% | — | (0.90)% | — | (5.00)% | ||||||||||||||
Prior to Sale Below NAV | 50% Participation | 150% Participation | |||||||||||||
Following Sale | % Change | Following Sale | % Change | ||||||||||||
Offering Price | |||||||||||||||
Price per share to public | — | $7.89 | — | $7.89 | — | ||||||||||
Net proceeds per share to issuer | — | $7.50 | — | $7.50 | — | ||||||||||
Increases in Shares and Decrease to NAV | |||||||||||||||
Total shares outstanding | 1,000,000 | 1,250,000 | 25.00% | 1,250,000 | 25.00% | ||||||||||
NAV per share | $10.00 | $9.50 | (5.00)% | $9.50 | (5.00)% | ||||||||||
(Dilution)/Accretion to Participating Stockholder A | |||||||||||||||
Shares held by stockholder A | 10,000 | 11,250 | 12.50% | 13,750 | 37.50% | ||||||||||
Percentage held by stockholder A | 1.00% | 0.90% | (11.11)% | 1.10% | 9.09% | ||||||||||
Total Asset Values | |||||||||||||||
Total NAV held by stockholder A | $100,000 | $106,875 | 6.88% | $130,625 | 30.63% | ||||||||||
Total investment by stockholder A (assumed to be $10.00 per share on shares held prior to sale) | $100,000 | $109,863 | 9.86% | $129,588 | 29.59% | ||||||||||
Total (dilution)/accretion to stockholder A (total NAV less total investment) | — | $(2,988) | — | $1,037 | — | ||||||||||
Per Share Amounts | |||||||||||||||
NAV per share held by stockholder A | — | $9.50 | — | $9.50 | — | ||||||||||
Investment per share held by stockholder A (assumed to be $10.00 per share on shares held prior to sale) | $10.00 | $9.77 | (2.30)% | $9.42 | (5.80)% | ||||||||||
(Dilution)/accretion per share held by stockholder A (NAV per share less investment per share) | — | $(0.27) | — | $0.08 | — | ||||||||||
Percentage (dilution)/accretion to stockholder A ((dilution)/accretion per share divided by investment per share) | — | — | (2.76)% | — | 0.85% | ||||||||||
Prior to Sale Below NAV | Example 1 5% Offering at 5% Discount | Example 2 10% Offering at 10% Discount | Example 3 25% Offering at 25% Discount | ||||||||||||||||||
Following Sale | % Change | Following Sale | % Change | Following Sale | % Change | ||||||||||||||||
Offering Price | |||||||||||||||||||||
Price per share to public | — | $10.00 | — | $9.47 | — | $7.89 | — | ||||||||||||||
Net offering proceeds per share to issuer | — | $9.50 | — | $9.00 | — | $7.50 | — | ||||||||||||||
Decrease to NAV | |||||||||||||||||||||
Total shares outstanding | 1,000,000 | 1,050,000 | 5.00% | 1,100,000 | 10.00% | 1,250,000 | 25.00% | ||||||||||||||
NAV per share | $10.00 | $9.98 | (0.20)% | $9.91 | (0.90)% | $9.50 | (5.00)% | ||||||||||||||
Dilution to Stockholder A | |||||||||||||||||||||
Shares held by stockholder A | — | 500 | — | 1,000 | — | 2,500 | — | ||||||||||||||
Percentage held by stockholder A | — | 0.05% | — | 0.09% | — | 0.20% | — | ||||||||||||||
Total Asset Values | |||||||||||||||||||||
Total NAV held by stockholder A | — | $4,990 | — | $9,910 | — | $23,750 | — | ||||||||||||||
Total investment by stockholder A (assumed to be $10.00 per share) | — | $5,000 | — | $9,470 | — | $19,725 | — | ||||||||||||||
Total (dilution)/accretion to stockholder A (total NAV less total investment) | — | $(10) | — | $440 | — | $4,025 | — | ||||||||||||||
Per Share Amounts | |||||||||||||||||||||
NAV per share held by stockholder A | — | $9.98 | — | $9.91 | — | $9.50 | — | ||||||||||||||
Investment per share held by stockholder A (assumed to be $10.00 per share) | — | $10.00 | — | $9.47 | — | $7.89 | — | ||||||||||||||
(Dilution)/accretion per share held by stockholder A (NAV per share less investment per share) | — | $(0.02) | — | $0.44 | — | $1.61 | — | ||||||||||||||
Percentage (dilution)/accretion to stockholder A ((dilution)/accretion per share divided by investment per share) | — | — | (0.20)% | — | 4.65% | — | 20.41% | ||||||||||||||
Class and Year | Total Amount Outstanding Exclusive of Treasury Securities(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit(3) | Average Market Value per Unit(4) | ||||||||
February 2019 Credit Facility | ||||||||||||
June 30, 2024 (unaudited) | $350,823 | 1,874 | — | N/A | ||||||||
August 2025 Notes | ||||||||||||
June 30, 2024 (unaudited) | $50,000 | 1,874 | — | N/A | ||||||||
Series B Notes | ||||||||||||
June 30, 2024 (unaudited) | $62,500 | 1,874 | — | N/A | ||||||||
Series C Notes | ||||||||||||
June 30, 2024 (unaudited) | $112,500 | 1,874 | — | N/A | ||||||||
Series D Notes | ||||||||||||
June 30, 2024 (unaudited) | $80,000 | 1,874 | — | N/A | ||||||||
Series E Notes | ||||||||||||
June 30, 2024 (unaudited) | $70,000 | 1,874 | — | N/A | ||||||||
November 2026 Notes | ||||||||||||
June 30, 2024 (unaudited) | $350,000 | 1,874 | — | N/A | ||||||||
February 2029 Notes | ||||||||||||
June 30, 2024 (unaudited) | $300,000 | 1,874 | — | N/A | ||||||||
Total Senior Securities | ||||||||||||
June 30, 2024 (unaudited) | $1,375,823 | 1,874 | — | N/A | ||||||||
(1) | Total amount of each class of senior securities outstanding at the end of the period presented. |
(2) | 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. |
(3) | 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. |
(4) | The Series A senior unsecured notes due August 4, 2025 (the “August 2025 Notes”), the Series B senior unsecured notes due November 4, 2025 (the “Series B Notes”), the Series C senior unsecured notes due November 4, 2027 (the “Series C Notes”), the Series D senior unsecured notes due February 26, 2026 (the “Series D Notes”), the Series E senior unsecured notes due February 26, 2028 (the “Series E Notes”), the 3.300% notes due November 23, 2026 (the “November 2026 Notes”) and the 7.000% notes due February 15, 2029 (the “February 2029 Notes”) are not applicable because these senior securities are not registered for public trading. |
Dollar Range of Equity Securities in the Company(1)(2) | |||
Bryan High | — | ||
Stuart Mathieson | — | ||
Terry Harris | $10,001 - $50,000 | ||
Brianne Ptacek | — | ||
Bob Shettle | — | ||
(1) | Dollar ranges are as follows: none, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000, or over $1,000,000. |
(2) | The dollar range of equity securities beneficially owned in us is based on the closing price for our common stock of $9.73 per share on June 28, 2024 on the NYSE. |
Name of Company Portfolio Manager | Type of Accounts | Total No. of Other Accounts Managed | Total Assets of Accounts (in millions)(1) | Number of Accounts Subject to a Performance Fee | Assets Subject to a Performance Fee (in millions)(2) | ||||||||||
Bryan High | Registered Investment Companies | 2 | $3,971 | 2 | $3,971 | ||||||||||
Other Pooled Investment Vehicles | 6 | $722 | 5 | $722 | |||||||||||
Other Accounts | 9 | $671 | 3 | $189 | |||||||||||
Stuart Mathieson | Registered Investment Companies | 0 | N/A | 0 | N/A | ||||||||||
Other Pooled Investment Vehicles | 11 | $3,005 | 9 | $2,708 | |||||||||||
Other Accounts | 5 | $430 | 2 | $145 | |||||||||||
Name of Company Portfolio Manager | Type of Accounts | Total No. of Other Accounts Managed | Total Assets of Accounts (in millions)(1) | Number of Accounts Subject to a Performance Fee | Assets Subject to a Performance Fee (in millions)(2) | ||||||||||
Terry Harris | Registered Investment Companies | 0 | N/A | 0 | N/A | ||||||||||
Other Pooled Investment Vehicles | 15 | $5,022 | 6 | $4,792 | |||||||||||
Other Accounts | 9 | $5,514 | 1 | $313 | |||||||||||
Brianne Ptacek | Registered Investment Companies | 0 | N/A | 0 | N/A | ||||||||||
Other Pooled Investment Vehicles | 0 | N/A | 0 | N/A | |||||||||||
Other Accounts | 0 | N/A | 0 | N/A | |||||||||||
Bob Shettle | Registered Investment Companies | 0 | N/A | 0 | N/A | ||||||||||
Other Pooled Investment Vehicles | 0 | N/A | 0 | N/A | |||||||||||
Other Accounts | 0 | N/A | 0 | N/A | |||||||||||
(1) | Total 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 Barings BDC’s 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 | 37,816 | * | over $100,000 | ||||||
David Mihalick | 20,000 | * | over $100,000 | ||||||
Non-Interested Directors | |||||||||
Mark F. Mulhern | 14,855 | * | over $100,000 | ||||||
Thomas W. Okel | 20,037 | * | 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 | 24,875 | * | over $100,000 | ||||||
Valerie Lancaster-Beal | — | * | None | ||||||
Executive Officers Who Are Not Directors | |||||||||
Matthew Freund | 13,124 | * | over $100,000 | ||||||
Elizabeth Murray | 18,805 | * | over $100,000 | ||||||
Ashlee Steinnerd | — | * | None | ||||||
All directors and executive officers as a group (12 persons) | 520,546 | * | over $100,000 | ||||||
Five-Percent Stockholders: | |||||||||
Barings LLC | 13,639,681 | 12.9% | 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 105,558,938 shares issued and outstanding as of September 18, 2024. |
(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 $9.88 per share as of September 18, 2024. Dollar ranges are as follows: None, $1 — $10,000, $10,001 — $50,000, $50,001 — $100,000, or over $100,000. |
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 | SOFR + 4.75%, 10.2% Cash | 7/19 | 7/25 | $7,086 | $7,051 | $7,086 | (7)(8)(14) | ||||||||||||||||||
7,086 | 7,051 | 7,086 | |||||||||||||||||||||||||
A.T. Holdings II LTD Route de la Corniche 3 1066 Epalinges, Switzerland | Other Financial | First Lien Senior Secured Term Loan | 14.3% Cash | 11/22 | 9/29 | 12,500 | 12,500 | 9,763 | (3)(7) | ||||||||||||||||||
12,500 | 12,500 | 9,763 | |||||||||||||||||||||||||
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 | 6,098 | (7)(30)(32) | |||||||||||||||||||
Class B Convertible Preferred Equity (1,651 shares) | N/A | 12/22 | N/A | 1,667 | 2,111 | (7)(30)(32) | |||||||||||||||||||||
6,667 | 8,209 | ||||||||||||||||||||||||||
Acclime Holdings HK Limited 17/F, United Centre 95 Queensway Admiralty, Hong Kong | Business Services | First Lien Senior Secured Term Loan | SOFR + 6.75%, 11.6% Cash | 8/21 | 8/27 | 2,500 | 2,462 | 2,438 | (3)(7)(8)(14) | ||||||||||||||||||
2,500 | 2,462 | 2,438 | |||||||||||||||||||||||||
Accurus Aerospace Corporation 12716 East Pine Street Tulsa, OK 74116 | Aerospace & Defense | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 4/22 | 4/28 | 12,070 | 11,946 | 11,817 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 4/22 | 4/28 | 1,844 | 1,822 | 1,795 | (7)(8)(13)(31) | ||||||||||||||||||||
Common Stock (437,623.30 shares) | N/A | 4/22 | N/A | 438 | 319 | (7)(30)(32) | |||||||||||||||||||||
13,914 | 14,206 | 13,931 | |||||||||||||||||||||||||
Acogroup PLO 264, No. 14, Jalan Firma 3, Kawasan Perindustrian Tebrau 4, 81100 Johor Bahru | Business Services | First Lien Senior Secured Term Loan | 4.0% Cash, EURIBOR + 2.9% PIK, 6.6% PIK | 3/22 | 10/26 | 7,906 | 8,002 | 6,981 | (3)(7)(8)(11) | ||||||||||||||||||
7,906 | 8,002 | 6,981 | |||||||||||||||||||||||||
AD Bidco, Inc. 150 W. 30th Street, 16th floor New York, NY 10001 | Technology | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 3/24 | 3/30 | 10,150 | 9,905 | 9,921 | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 3/24 | 9/26 | — | (84) | (79) | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 6.25%, 11.6% Cash | 3/24 | 3/30 | — | (31) | (29) | (7)(8)(13)(31) | ||||||||||||||||||||
10,150 | 9,790 | 9,813 | |||||||||||||||||||||||||
ADB Safegate 977 Gahanna Pkwy, Gahanna, OH 43230 | Aerospace & Defense | Second Lien Senior Secured Term Loan | SOFR + 9.25%, 14.6% Cash | 8/21 | 10/27 | 6,820 | 6,662 | 6,070 | (3)(7)(8)(13) | ||||||||||||||||||
6,820 | 6,662 | 6,070 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Adhefin International 3 Boulevard de Sebastopol 75001 Paris France | Industrial Other | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.0% Cash | 5/23 | 5/30 | $1,776 | $1,764 | $1,770 | (3)(7)(8)(10)(31) | ||||||||||||||||||
Subordinated Term Loan | EURIBOR + 10.5% PIK, 14.4% PIK | 5/23 | 11/30 | 342 | 341 | 336 | (3)(7)(8)(10) | ||||||||||||||||||||
2,118 | 2,105 | 2,106 | |||||||||||||||||||||||||
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 | 679 | (7)(30)(32) | |||||||||||||||||||
Class A2 Partnership Units (2,248.46 units) | N/A | 12/21 | N/A | 72 | 175 | (7)(30)(32) | |||||||||||||||||||||
Class B1 Partnership Units (8,717.76 units) | N/A | 12/21 | N/A | 9 | — | (7)(30)(32) | |||||||||||||||||||||
Class B2 Partnership Units (2,248.46 units) | N/A | 12/21 | N/A | 2 | — | (7)(30)(32) | |||||||||||||||||||||
363 | 854 | ||||||||||||||||||||||||||
Air Canada 2020-2 Class B Pass Through Trust 7373 Boulevard de la Côte-Vertu Ouest, Montreal, QC H4S 1Z3 | Structured Products | Structured Secured Note - Class B | 9.0% Cash | 9/20 | 10/25 | 2,940 | 2,940 | 3,014 | |||||||||||||||||||
2,940 | 2,940 | 3,014 | |||||||||||||||||||||||||
Air Comm Corporation, LLC 1575 W 124th Ave #210, Westminster, CO 80234 | Aerospace & Defense | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.3% Cash | 6/21 | 7/27 | 7,718 | 7,635 | 7,619 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 6/21 | 7/27 | 1,286 | 1,257 | 1,286 | (7)(8)(13) | ||||||||||||||||||||
9,004 | 8,892 | 8,905 | |||||||||||||||||||||||||
AirX Climate Solutions, Inc.4308 Grant Blvd Suite 1D Yukon, OK 73099 | Diversified Manufacturing | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.5% Cash | 11/23 | 11/29 | 3,323 | 3,220 | 3,296 | (7)(8)(14)(31) | ||||||||||||||||||
Revolver | SOFR + 6.25%, 11.5% Cash | 11/23 | 11/29 | 206 | 195 | 203 | (7)(8)(14)(31) | ||||||||||||||||||||
3,529 | 3,415 | 3,499 | |||||||||||||||||||||||||
AIT Worldwide Logistics Holdings, Inc. 701 N. Rohlwing Road Itasca, IL 60143 | Transportation Services | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 12.9% Cash | 4/21 | 4/29 | 6,460 | 6,363 | 6,460 | (7)(8)(12) | ||||||||||||||||||
Partnership Units (348.68 units) | N/A | 4/21 | N/A | 349 | 551 | (7)(30)(32) | |||||||||||||||||||||
6,460 | 6,712 | 7,011 | |||||||||||||||||||||||||
AlliA Insurance Brokers NV Kwadestraat 157 bus 51 8800 Roeselare Belgium | Insurance | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.7% Cash | 3/24 | 3/30 | 3,837 | 3,697 | 3,837 | (3)(7)(8)(10)(31) | ||||||||||||||||||
3,837 | 3,697 | 3,837 | |||||||||||||||||||||||||
Alpine SG, LLC 350 N Orleans St Chicago, Illinois 60654 | High Tech Industries | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.3% Cash | 2/22 | 11/27 | 23,139 | 22,680 | 22,792 | (7)(8)(12)(29) | ||||||||||||||||||
23,139 | 22,680 | 22,792 | |||||||||||||||||||||||||
Amalfi Midco 5th Floor Metropolitan House 3 Darkes Lane Potters Bar Hertfordshire EN6 1AG | Healthcare | Subordinated Loan Notes | 2.0% Cash, 9.0% PIK | 9/22 | 9/28 | 5,740 | 5,149 | 5,206 | (3)(7) | ||||||||||||||||||
Class B Common Stock (93,165,208 shares) | N/A | 9/22 | N/A | 1,040 | 1,178 | (3)(7)(30)(32) | |||||||||||||||||||||
Warrants (380,385 units) | N/A | 9/22 | N/A | 4 | 750 | (3)(7)(30)(32) | |||||||||||||||||||||
5,740 | 6,193 | 7,134 | |||||||||||||||||||||||||
Americo Chemical Products, LLC 1765 Holmes Rd Elgin, IL 60123 | Chemicals | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 4/23 | 4/29 | 1,773 | 1,736 | 1,773 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 4/23 | 4/29 | — | (10) | — | (7)(8)(12)(31) | ||||||||||||||||||||
Common Stock (88,110 shares) | N/A | 4/23 | N/A | 88 | 100 | (7)(30)(32) | |||||||||||||||||||||
1,773 | 1,814 | 1,873 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
AMMC CLO 22, Limited Series 2018-22A PO Box 1093, Queensgate House George Town KY1-1104 Cayman Islands | Multi-Sector Holdings | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 2/22 | 4/31 | $7,222 | $3,584 | $2,640 | (3)(29) | ||||||||||||||||||
7,222 | 3,584 | 2,640 | |||||||||||||||||||||||||
AMMC CLO 23, Ltd. Series 2020-23A PO Box 1093, Queensgate House George Town KY1-1104 Cayman Islands | Multi-Sector Holdings | Subordinated Structured Notes | Residual Interest, current yield 12.96% | 2/22 | 4/35 | 2,000 | 1,539 | 1,421 | (3)(29) | ||||||||||||||||||
2,000 | 1,539 | 1,421 | |||||||||||||||||||||||||
AnalytiChem Holding GmbH Frankfurter Str. 80-82,65760 Eschborn, Germany | Chemicals | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.8% Cash | 11/21 | 10/28 | 3,131 | 3,186 | 3,092 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.2% Cash | 4/22 | 10/28 | 945 | 945 | 933 | (3)(7)(8)(10) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 10.9% Cash | 1/23 | 10/28 | 1,644 | 1,588 | 1,644 | (3)(7)(8)(10) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.6% Cash | 6/22 | 10/28 | 1,019 | 1,019 | 1,006 | (3)(7)(8)(13) | ||||||||||||||||||||
6,739 | 6,738 | 6,675 | |||||||||||||||||||||||||
Anju Software, Inc. 4500 S Lakeshore Drive #620 Tempe, AZ 85282 | Application Software | First Lien Senior Secured Term Loan | 9.0% PIK | 2/19 | 6/25 | 13,320 | 13,283 | 892 | (7)(8)(27) | ||||||||||||||||||
Super Senior Secured Term Loan | 10.0% PIK | 10/23 | 6/25 | 948 | 910 | 889 | (7)(8)(31) | ||||||||||||||||||||
14,268 | 14,193 | 1,781 | |||||||||||||||||||||||||
APC1 Holding 12 rue Jean Jullien-Davin 26000 Valence France | Diversified Manufacturing | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 8.9% Cash | 7/22 | 7/29 | 2,465 | 2,319 | 2,441 | (3)(7)(8)(10) | ||||||||||||||||||
2,465 | 2,319 | 2,441 | |||||||||||||||||||||||||
Apex Bidco Limited 75 Executive Dr #200 Aurora, IL 60504 | Business Equipment & Services | First Lien Senior Secured Term Loan | SONIA + 6.25%, 11.6% Cash | 1/20 | 1/27 | 1,842 | 1,888 | 1,842 | (3)(7)(8)(16) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 6.75%, 12.1% Cash | 10/23 | 1/27 | 1,388 | 1,306 | 1,388 | (3)(7)(8)(16) | ||||||||||||||||||||
Subordinated Senior Unsecured Term Loan | 8.0% PIK | 1/20 | 7/27 | 316 | 321 | 296 | (3)(7) | ||||||||||||||||||||
3,546 | 3,515 | 3,526 | |||||||||||||||||||||||||
Apidos CLO XXIV, Series 2016-24A 712 5th Avenue, 42nd Floor New York, New York 10019 | Multi-Sector Holdings | Subordinated Structured Notes | Residual Interest, current yield 45.39% | 2/22 | 10/30 | 18,358 | 4,257 | 4,854 | (3)(29) | ||||||||||||||||||
18,358 | 4,257 | 4,854 | |||||||||||||||||||||||||
APOG Bidco Pty Ltd 68 Pitt Street Sydney NSW 2000, Australia | Healthcare | Second Lien Senior Secured Term Loan | BBSY + 7.25%, 11.9% Cash | 4/22 | 3/30 | 2,072 | 2,287 | 2,062 | (3)(7)(8)(20) | ||||||||||||||||||
2,072 | 2,287 | 2,062 | |||||||||||||||||||||||||
Aptus 1829. GmbH Wagner-Régeny-Straße 8 12489 Berlin, Germany | Chemicals, Plastics, and Rubber | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 8.4% Cash, 1.5% PIK | 9/21 | 9/27 | 2,306 | 2,480 | 2,041 | (3)(7)(8)(11) | ||||||||||||||||||
Preferred Stock (13 shares) | N/A | 9/21 | N/A | 120 | 10 | (3)(7)(30)(32) | |||||||||||||||||||||
Common Stock (48 shares) | N/A | 9/21 | N/A | 12 | — | (3)(7)(30)(32) | |||||||||||||||||||||
2,306 | 2,612 | 2,051 | |||||||||||||||||||||||||
Apus Bidco Limited Hamilton House, Church Street, Altrincham, Greater Manchester, WA14 4DR, UK | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan | SONIA + 5.50%, 10.9% Cash | 2/21 | 3/28 | 3,641 | 3,906 | 3,641 | (3)(7)(8)(17) | ||||||||||||||||||
3,641 | 3,906 | 3,641 | |||||||||||||||||||||||||
AQA Acquisition Holding, Inc. 450 Artisan Way 4th floor Somerville, MA 02145 | High Tech Industries | Second Lien Senior Secured Term Loan | SOFR + 7.50%, 12.9% Cash | 3/21 | 3/29 | 20,000 | 19,653 | 20,000 | (7)(8)(13) | ||||||||||||||||||
20,000 | 19,653 | 20,000 | |||||||||||||||||||||||||
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%, 11.2% Cash | 12/21 | 12/28 | $6,373 | $6,516 | $6,021 | (3)(7)(8)(17)(31) | ||||||||||||||||||
Second Lien Senior Secured Term Loan | SONIA + 10.5% PIK, 15.6% PIK | 12/21 | 12/28 | 1,977 | 2,021 | 1,896 | (3)(7)(8)(17) | ||||||||||||||||||||
8,350 | 8,537 | 7,917 | |||||||||||||||||||||||||
Arc Education 61/63 rue Pierre Charron 75008 Paris France | Consumer Cyclical | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.4% Cash | 7/22 | 7/29 | 3,741 | 3,479 | 3,698 | (3)(7)(8)(10)(31) | ||||||||||||||||||
3,741 | 3,479 | 3,698 | |||||||||||||||||||||||||
Arch Global Precision LLC 2600 S Telegraph Rd Suite 180 Bloomfield Hills, MI 48302 | Industrial Machinery | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.2% Cash | 4/19 | 4/26 | 9,013 | 9,012 | 8,788 | (7)(8)(13) | ||||||||||||||||||
9,013 | 9,012 | 8,788 | |||||||||||||||||||||||||
Archimede 39, rue Bouret 75019 Paris France | Consumer Services | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.2% Cash | 10/20 | 10/27 | 6,323 | 6,486 | 6,089 | (3)(7)(8)(10) | ||||||||||||||||||
6,323 | 6,486 | 6,089 | |||||||||||||||||||||||||
Argus Bidco Limited 9 Millars Brook, Molly Millars Lane, Wokingham, Berkshire, RG41 2AD, United Kingdom | High Tech Industries | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 7.7% Cash, 3.4% PIK | 7/22 | 7/29 | 1,616 | 1,551 | 1,551 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 7.7% Cash, 3.4% PIK | 7/22 | 7/29 | 314 | 290 | 301 | (3)(7)(8)(10) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.00%, 9.3% Cash, 3.4% PIK | 7/22 | 7/29 | 134 | 131 | 128 | (3)(7)(8)(13) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 4.00%, 9.1% Cash, 3.4% PIK | 7/22 | 7/29 | 1,707 | 1,562 | 1,624 | (3)(7)(8)(16)(31) | ||||||||||||||||||||
Second Lien Senior Secured Term Loan | 10.5% PIK | 7/22 | 7/29 | 814 | 768 | 769 | (3)(7) | ||||||||||||||||||||
Preferred Stock (41,560 shares) | 10.0% PIK | 7/22 | N/A | 60 | 44 | (3)(7)(32) | |||||||||||||||||||||
Equity Loan Notes (41,560 units) | 10.0% PIK | 7/22 | N/A | 60 | 44 | (3)(7)(32) | |||||||||||||||||||||
Common Stock (464 shares) | N/A | 7/22 | N/A | 1 | — | (3)(7)(30)(32) | |||||||||||||||||||||
4,585 | 4,423 | 4,461 | |||||||||||||||||||||||||
Armstrong Transport Group (Pele Buyer, LLC) 8615 Cliff Cameron Dr #200 Charlotte, NC 28269 | Air Freight & Logistics | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 6/19 | 12/26 | 2,647 | 2,625 | 2,538 | (7)(8)(14) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 10/22 | 12/26 | 3,298 | 3,298 | 3,163 | (7)(8)(14) | ||||||||||||||||||||
5,945 | 5,923 | 5,701 | |||||||||||||||||||||||||
ASC Communications, LLC 17 North State Street Chicago, IL 60602 | Media & Entertainment | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.2% Cash | 7/22 | 7/27 | 8,088 | 8,002 | 8,088 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 4.75%, 10.2% Cash | 7/22 | 7/27 | — | (11) | — | (7)(8)(12)(31) | ||||||||||||||||||||
Class A Units (25,718.20 units) | N/A | 7/22 | N/A | 539 | 785 | (7)(32) | |||||||||||||||||||||
8,088 | 8,530 | 8,873 | |||||||||||||||||||||||||
Astra Bidco Limited Ability House, 21 Nuffield Way, Abingdon, Oxfordshire, England, OX14 1RL | Healthcare | First Lien Senior Secured Term Loan | SONIA + 5.25%, 10.5% Cash | 11/21 | 11/28 | 2,385 | 2,444 | 2,358 | (3)(7)(8)(16)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.1% Cash | 11/21 | 11/28 | 312 | 314 | 309 | (3)(7)(8)(10) | ||||||||||||||||||||
2,697 | 2,758 | 2,667 | |||||||||||||||||||||||||
ATL II MRO Holdings Inc. 15351 South West 29th Street Miramar, FL 33027 | Transportation | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 11/22 | 11/28 | 8,291 | 8,123 | 8,209 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 11/22 | 11/28 | — | (32) | (17) | (7)(8)(13)(31) | ||||||||||||||||||||
8,291 | 8,091 | 8,192 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Auxi International 738 rue Yves Kermen 92100 Boulogne Billancourt France | Commercial Finance | First Lien Senior Secured Term Loan | EURIBOR + 7.25%, 11.1% Cash | 12/19 | 12/26 | $1,500 | $1,535 | $1,401 | (3)(7)(8)(11) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.8% Cash | 4/21 | 12/26 | 847 | 907 | 791 | (3)(7)(8)(17) | ||||||||||||||||||||
2,347 | 2,442 | 2,192 | |||||||||||||||||||||||||
Avance Clinical Bidco Pty Ltd 2 Ann Nelson Drive Thebarton SA 5031, Australia | Healthcare | First Lien Senior Secured Term Loan | BBSY + 4.50%, 8.9% Cash | 11/21 | 11/27 | 2,240 | 2,319 | 2,180 | (3)(7)(8)(19)(31) | ||||||||||||||||||
2,240 | 2,319 | 2,180 | |||||||||||||||||||||||||
Aviation Technical Services, Inc. 3121 109th Street SW Everett, WA 98204 | Aerospace & Defense | Second Lien Senior Secured Term Loan | SOFR + 8.50%, 14.0% Cash | 2/22 | 3/25 | 29,304 | 27,969 | 28,102 | (7)(8)(12)(29) | ||||||||||||||||||
29,304 | 27,969 | 28,102 | |||||||||||||||||||||||||
AVSC Holding Corp. 5100 North River Road, Suite 300 Schiller Park, IL 60176 | Advertising | First Lien Senior Secured Term Loan | 5.0% Cash, 10.0% PIK | 11/20 | 10/26 | 6,724 | 6,669 | 6,944 | |||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 3.25%, 8.6% Cash, 0.3% PIK | 11/20 | 3/25 | 10 | 8 | 10 | (8)(13) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash, 1.0% PIK | 11/20 | 10/26 | 1 | 1 | 1 | (8)(13) | ||||||||||||||||||||
6,735 | 6,678 | 6,955 | |||||||||||||||||||||||||
Azalea Buyer, Inc. 801 Broad Street Augusta, GA 30901 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.7% Cash | 11/21 | 11/27 | 4,808 | 4,742 | 4,808 | (7)(8)(12)(31) | ||||||||||||||||||
Revolver | SOFR + 5.25%, 10.7% Cash | 11/21 | 11/27 | — | (6) | — | (7)(8)(12)(31) | ||||||||||||||||||||
Subordinated Term Loan | 12.0% PIK | 11/21 | 5/28 | 1,708 | 1,691 | 1,693 | (7) | ||||||||||||||||||||
Common Stock (192,307.7 shares) | N/A | 11/21 | N/A | 192 | 273 | (7)(30)(32) | |||||||||||||||||||||
6,516 | 6,619 | 6,774 | |||||||||||||||||||||||||
Bariacum S.A 15 Rue Montmartre 75001 Paris France | Consumer Products | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 8.4% Cash | 11/21 | 11/28 | 3,215 | 3,254 | 3,209 | (3)(7)(8)(11) | ||||||||||||||||||
3,215 | 3,254 | 3,209 | |||||||||||||||||||||||||
Benify (Bennevis AB) Banérgatan 16 Box 24101 | High Tech Industries | First Lien Senior Secured Term Loan | STIBOR + 5.25%, 9.0% Cash | 7/19 | 7/26 | 891 | 995 | 891 | (3)(7)(8)(23) | ||||||||||||||||||
891 | 995 | 891 | |||||||||||||||||||||||||
Beyond Risk Management, Inc. 252 Sandstone Place, N.W. Calgary, Alberta T3K 2X6 Canada | Other Financial | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.9% Cash | 10/21 | 10/27 | 5,349 | 5,241 | 5,150 | (7)(8)(13)(31) | ||||||||||||||||||
5,349 | 5,241 | 5,150 | |||||||||||||||||||||||||
Bidwax 16 rue Harald Stammbach 59290 Wasquehal France | Non-durable Consumer Goods | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.2% Cash | 2/21 | 2/28 | 7,502 | 8,132 | 7,397 | (3)(7)(8)(11) | ||||||||||||||||||
7,502 | 8,132 | 7,397 | |||||||||||||||||||||||||
Biolam Group 7 rue Lamarck 80000 Amiens France | Consumer Non-cyclical | First Lien Senior Secured Term Loan | EURIBOR + 4.25%, 5.5% Cash, 2.8% PIK | 12/22 | 12/29 | 2,396 | 2,418 | 1,943 | (3)(7)(8)(11)(31) | ||||||||||||||||||
2,396 | 2,418 | 1,943 | |||||||||||||||||||||||||
BNI Global, LLC 3430 Toringdon Way Suite 300, Charlotte, NC 28277 | Other Industrial | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.4% Cash | 2/24 | 5/27 | 9,811 | 9,706 | 9,615 | (7)(8)(9) | ||||||||||||||||||
9,811 | 9,706 | 9,615 | |||||||||||||||||||||||||
Bounteous, Inc. 4115 N. Ravenswood Avenue Chicago, IL 60613 | Technology | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.2% Cash | 8/21 | 8/27 | 4,127 | 4,081 | 4,085 | (7)(8)(13) | ||||||||||||||||||
4,127 | 4,081 | 4,085 | |||||||||||||||||||||||||
BPG Holdings IV Corp 730 Plymouth Avenue North East Grand Rapids, MI 49505 | Diversified Manufacturing | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.3% Cash | 3/23 | 7/29 | 14,184 | 13,457 | 13,011 | (7)(8)(13) | ||||||||||||||||||
14,184 | 13,457 | 13,011 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Bridger Aerospace Group Holdings, LLC 90 Aviation Ln Belgrade, MT 59714 | Environmental Industries | Municipal Revenue Bond | 11.5% Cash | 7/22 | 9/27 | $27,200 | $27,200 | $27,953 | |||||||||||||||||||
Preferred Stock- Series C (14,618 shares) | 7.0% PIK | 7/22 | N/A | 16,125 | 14,706 | (7)(32) | |||||||||||||||||||||
27,200 | 43,325 | 42,659 | |||||||||||||||||||||||||
Brightpay Limited 3 Shortlands, Hammersmith, London, W6 8DA | Technology | First Lien Senior Secured Term Loan | EURIBOR + 5.00%, 8.9% Cash | 10/21 | 10/28 | 2,215 | 2,307 | 2,156 | (3)(7)(8)(10)(31) | ||||||||||||||||||
2,215 | 2,307 | 2,156 | |||||||||||||||||||||||||
BrightSign LLC 983 University Ave #A Los Gatos, CA 95032 | Media & Entertainment | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 10/21 | 10/27 | 4,681 | 4,653 | 4,681 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 10/21 | 10/27 | 1,063 | 1,056 | 1,063 | (7)(8)(13)(31) | ||||||||||||||||||||
LLC units (1,107,492.71 units) | N/A | 10/21 | N/A | 1,107 | 1,141 | (7)(32) | |||||||||||||||||||||
5,744 | 6,816 | 6,885 | |||||||||||||||||||||||||
British Airways 2020-1 Class B Pass Through Trust British Airways Plc. Waterside PO Box 365 Harmondsworth, UB7 0GB United Kingdom | Structured Products | First Lien Senior Secured Bond | 8.4% Cash | 11/20 | 11/28 | 542 | 542 | 565 | |||||||||||||||||||
542 | 542 | 565 | |||||||||||||||||||||||||
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 + 7.00%, 12.2% Cash | 12/20 | 12/27 | 14,494 | 15,218 | 14,494 | (3)(7)(8)(17) | ||||||||||||||||||
14,494 | 15,218 | 14,494 | |||||||||||||||||||||||||
Brook & Whittle Holding Corp. 260 Branford Rd North Branford, CT 06471 | Containers, Packaging & Glass | First Lien Senior Secured Term Loan | SOFR + 4.00%, 9.5% Cash | 2/22 | 12/28 | 2,784 | 2,765 | 2,544 | (8)(13)(29) | ||||||||||||||||||
2,784 | 2,765 | 2,544 | |||||||||||||||||||||||||
Brown Machine Group Holdings, LLC 330 North Ross Street Beaverton, MI 48612 | Industrial Equipment | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.5% Cash | 10/18 | 10/25 | 6,088 | 6,083 | 5,929 | (7)(8)(12) | ||||||||||||||||||
6,088 | 6,083 | 5,929 | |||||||||||||||||||||||||
Burgess Point Purchaser Corporation 330 North Ross Street Beaverton, MI 48612 | Auto Parts & Equipment | Second Lien Senior Secured Term Loan | SOFR + 9.00%, 14.4% Cash | 7/22 | 7/30 | 4,545 | 4,396 | 4,545 | (7)(8)(12) | ||||||||||||||||||
LP Units (455 units) | N/A | 7/22 | N/A | 455 | 433 | (7)(30)(32) | |||||||||||||||||||||
4,545 | 4,851 | 4,978 | |||||||||||||||||||||||||
BVI Medical, Inc. 10 CityPoint, 500 Totten Pond Rd Waltham, MA 02451 | Healthcare | Second Lien Senior Secured Term Loan | EURIBOR + 9.50%, 13.2% Cash | 6/22 | 6/26 | 9,943 | 9,542 | 9,734 | (7)(8)(10) | ||||||||||||||||||
9,943 | 9,542 | 9,734 | |||||||||||||||||||||||||
CAi Software, LLC 36 Thurber Blvd Smithfield, RI 02917 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.6% Cash | 12/21 | 12/28 | 11,253 | 11,066 | 11,056 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.6% Cash | 7/22 | 12/28 | 1,356 | 1,339 | 1,333 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 5.00%, 10.6% Cash | 12/21 | 12/28 | — | (41) | (44) | (7)(8)(13)(31) | ||||||||||||||||||||
12,609 | 12,364 | 12,345 | |||||||||||||||||||||||||
Canadian Orthodontic Partners Corp. 401 The West Mall Suite 301, Etobicoke, ON M9C 5J5, Canada | Healthcare | First Lien Senior Secured Term Loan | 3.5% Cash, CORRA + 3.5% PIK, 9.0% PIK | 6/21 | 3/26 | 1,666 | 1,860 | 451 | (3)(7)(8)(22)(27) | ||||||||||||||||||
Super Senior Secured Term Loan | 15.0% PIK | 4/24 | 3/26 | 20 | 14 | 28 | (3)(7)(31) | ||||||||||||||||||||
Class A Equity (500,000 units) | N/A | 5/22 | N/A | 389 | — | (3)(7)(30)(32) | |||||||||||||||||||||
Class C - Warrants (74,712.64 units) | N/A | 5/22 | N/A | — | — | (3)(7)(30)(32) | |||||||||||||||||||||
Class X Equity (45,604 units) | N/A | 5/22 | N/A | 35 | — | (3)(7)(30)(32) | |||||||||||||||||||||
1,686 | 2,298 | 479 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Caribou Holding Company, LLC 2255 Carling Ave., Suite 500 Ottawa, Ontario K2B 7Z5 | Technology | First Lien Senior Secured Term Loan | SOFR + 7.64%, 13.0% Cash | 4/22 | 4/27 | $4,318 | $4,279 | $4,271 | (3)(7)(8)(13) | ||||||||||||||||||
LLC Units (681,818 units) | N/A | 4/22 | N/A | 682 | 948 | (3)(7)(30)(32) | |||||||||||||||||||||
4,318 | 4,961 | 5,219 | |||||||||||||||||||||||||
Cascade Residential Services LLC 400 N Ashley Dr, Suite 900 Tampa, FL 33602 | Electric | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 10/23 | 10/29 | 3,266 | 3,162 | 3,187 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 10/23 | 10/29 | 66 | 59 | 61 | (7)(8)(13)(31) | ||||||||||||||||||||
3,332 | 3,221 | 3,248 | |||||||||||||||||||||||||
Catawba River Limited 55 Old Broad Street London EC2M 1RX England, United Kingdom | Finance Companies | Structured - Junior Note | N/A | 10/22 | 10/28 | 4,930 | 4,442 | 3,353 | (3)(7) | ||||||||||||||||||
4,930 | 4,442 | 3,353 | |||||||||||||||||||||||||
CCFF Buyer, LLC 15800 Tapia Street Irwindale, CA 91706 | Food & Beverage | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.0% Cash | 2/24 | 2/30 | 3,840 | 3,700 | 3,710 | (7)(8)(14)(31) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.0% Cash | 2/24 | 2/30 | — | (20) | (19) | (7)(8)(14)(31) | ||||||||||||||||||||
LLC Units (233 units) | N/A | 2/24 | N/A | 233 | 233 | (7)(30)(32) | |||||||||||||||||||||
3,840 | 3,913 | 3,924 | |||||||||||||||||||||||||
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%, 9.1% Cash | 5/20 | 4/27 | 760 | 757 | 751 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.2% Cash | 5/20 | 4/27 | 2,340 | 2,175 | 2,312 | (3)(7)(8)(10) | ||||||||||||||||||||
3,100 | 2,932 | 3,063 | |||||||||||||||||||||||||
Ceres Pharma NV Kortrijksesteenweg 1091 PB B 9051, Gent Belgium | Pharmaceuticals | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.8% Cash | 10/21 | 10/28 | 3,318 | 3,285 | 3,236 | (3)(7)(8)(11) | ||||||||||||||||||
3,318 | 3,285 | 3,236 | |||||||||||||||||||||||||
CGI Parent, LLC 122 E. 42nd Street, 18th Fl. New York, NY 10168 | Business Equipment & Services | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.7% Cash | 2/22 | 2/28 | 12,993 | 12,756 | 12,993 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.7% Cash | 12/22 | 2/28 | 1,364 | 1,334 | 1,364 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 5.25%, 10.7% Cash | 2/22 | 2/28 | — | (21) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Preferred Stock (657 shares) | N/A | 2/22 | N/A | 722 | 1,378 | (7)(30)(32) | |||||||||||||||||||||
14,357 | 14,791 | 15,735 | |||||||||||||||||||||||||
CM Acquisitions Holdings Inc. 9 Lea Ave Nashville, TN 37210 | Internet & Direct Marketing | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 5/19 | 5/25 | 13,693 | 13,651 | 13,131 | (7)(8)(13) | ||||||||||||||||||
13,693 | 13,651 | 13,131 | |||||||||||||||||||||||||
CMT Opco Holding, LLC (Concept Machine) 15625 Medina Rd Minneapolis, MN 55447 | Distributors | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.0% Cash, 0.3% PIK | 1/20 | 1/25 | 4,096 | 4,085 | 3,551 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.0% Cash, 0.3% PIK | 1/20 | 1/27 | 667 | 656 | 578 | (7)(8)(13) | ||||||||||||||||||||
Incremental Equity (3,853 units) | N/A | 9/23 | N/A | 154 | — | (7)(30)(32) | |||||||||||||||||||||
LLC Units (8,782 units) | N/A | 1/20 | N/A | 352 | — | (7)(30)(32) | |||||||||||||||||||||
4,763 | 5,247 | 4,129 | |||||||||||||||||||||||||
Cobham Slip Rings SAS 3030 Horseshoe Dr S #300, Naples, FL 34104 | Diversified Manufacturing | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 11/21 | 11/28 | 1,303 | 1,284 | 1,303 | (3)(7)(8)(13) | ||||||||||||||||||
1,303 | 1,284 | 1,303 | |||||||||||||||||||||||||
Coherus Biosciences, Inc. 333 Twin Dolphin Drive Suite 600 Redwood City, CA 94065 | Biotechnology | First Lien Senior Secured Term Loan | SOFR + 8.00%, 13.3% Cash | 5/24 | 5/29 | 3,991 | 3,874 | 3,871 | (7)(8)(13) | ||||||||||||||||||
Royalty Rights | N/A | 5/24 | N/A | 3,871 | 3,871 | (7) | |||||||||||||||||||||
3,991 | 7,745 | 7,742 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Command Alkon (Project Potter Buyer, LLC) 1800 International Park Drive Suite 400 Birmingham, AL 35243 | Software | Class B Partnership Units (33,324.69 units) | N/A | 4/20 | N/A | $ | $— | $178 | (7)(30)(32) | ||||||||||||||||||
— | 178 | ||||||||||||||||||||||||||
Compass Precision, LLC 4600 Westinghouse Blvd Charlotte, NC 28273 | Aerospace & Defense | Senior Subordinated Term Loan | 11.0% Cash, 1.0% PIK | 4/22 | 4/28 | 645 | 636 | 623 | (7) | ||||||||||||||||||
LLC Units (46,085.6 units) | N/A | 4/22 | N/A | 125 | 148 | (7)(30)(32) | |||||||||||||||||||||
645 | 761 | 771 | |||||||||||||||||||||||||
Comply365, LLC 655 3rd St Ste 365 Beloit, WI, 53511-6272 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 4/22 | 12/29 | 5,595 | 5,491 | 5,562 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 4/22 | 4/28 | 13,163 | 12,983 | 13,084 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 5.00%, 10.4% Cash | 4/22 | 12/29 | — | (14) | (7) | (7)(8)(13)(31) | ||||||||||||||||||||
18,758 | 18,460 | 18,639 | |||||||||||||||||||||||||
Contabo Finco S.À.R.L. Straße 32a 81549 Munich Germany | Internet Software & Services | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.1% Cash | 10/22 | 10/29 | 4,990 | 4,547 | 4,990 | (3)(7)(8)(10) | ||||||||||||||||||
4,990 | 4,547 | 4,990 | |||||||||||||||||||||||||
Coyo Uprising GmbH Gasstr 6a 22761 Hamburg, Germany | Technology | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 6.7% Cash, 3.5% PIK | 9/21 | 9/28 | 4,794 | 5,070 | 4,615 | (3)(7)(8)(10)(31) | ||||||||||||||||||
Class A Units (440 units) | N/A | 9/21 | N/A | 205 | 209 | (3)(7)(30)(32) | |||||||||||||||||||||
Class B Units (191 units) | N/A | 9/21 | N/A | 446 | 382 | (3)(7)(30)(32) | |||||||||||||||||||||
4,794 | 5,721 | 5,206 | |||||||||||||||||||||||||
CSL DualCom Salamander Quay West Park Lane Harefield, UB9 6NZ United Kingdom | Tele- communications | First Lien Senior Secured Term Loan | SONIA + 5.25%, 10.2% Cash | 9/20 | 9/27 | 2,034 | 1,918 | 2,034 | (3)(7)(8)(15)(31) | ||||||||||||||||||
2,034 | 1,918 | 2,034 | |||||||||||||||||||||||||
CTI Foods Holdings Co., LLC 2106 E. State Hwy 114, Suite 400 Southlake, TX 76092 | Food & Beverage | 2024 First Out Term Loan | SOFR + 10.00%, 15.3% PIK | 2/24 | 5/26 | 1,920 | 1,837 | 1,920 | (7)(8)(13) | ||||||||||||||||||
First Out Term Loan | SOFR + 10.00%, 15.3% PIK | 2/24 | 5/26 | 737 | 737 | 737 | (7)(8)(13) | ||||||||||||||||||||
2024 LIFO Term Loan | SOFR + 10.00%, 15.3% PIK | 2/24 | 5/26 | 3,896 | 3,726 | 3,896 | (7)(8)(13) | ||||||||||||||||||||
Second Out Term Loan | SOFR + 12.00%, 17.3% PIK | 2/24 | 5/26 | 555 | 555 | 555 | (7)(8)(13) | ||||||||||||||||||||
Common Stock (19,376 shares) | N/A | 2/24 | N/A | — | 579 | (7)(30)(32) | |||||||||||||||||||||
7,108 | 6,855 | 7,687 | |||||||||||||||||||||||||
CW Group Holdings, LLC 888 Boylston Street Boston, MA 02199 | High Tech Industries | First Lien Senior Secured Term Loan | SOFR + 5.50%, 11.0% Cash | 1/21 | 1/27 | 2,746 | 2,717 | 2,746 | (7)(8)(13) | ||||||||||||||||||
LLC Units (161,290.32 units) | N/A | 1/21 | N/A | 161 | 300 | (7)(32) | |||||||||||||||||||||
2,746 | 2,878 | 3,046 | |||||||||||||||||||||||||
DataServ Integrations, LLC 31280 Viking Parkway Westlake, OH 44145 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.50%, 11.0% Cash | 11/22 | 11/28 | 1,876 | 1,843 | 1,876 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 11.0% Cash | 11/22 | 11/28 | — | (7) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Partnership Units (96,153.85 units) | N/A | 11/22 | N/A | 96 | 103 | (7)(30)(32) | |||||||||||||||||||||
1,876 | 1,932 | 1,979 | |||||||||||||||||||||||||
David Wood Baking UK Ltd 1 Calverley Road Oulton, Leeds, West Yorkshire, LS26 8JD | Food Products | Second Lien Senior Secured Term Loan | SONIA + 4.00%, 9.1% Cash, 7.0% PIK | 4/24 | 4/29 | 1,331 | 1,251 | 1,264 | (3)(7)(8)(16) | ||||||||||||||||||
1,331 | 1,251 | 1,264 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
DecksDirect, LLC 5400 Nathan Ln N Plymouth, MN 55442 | Building Materials | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 12/21 | 12/26 | $1,617 | $1,591 | $1,587 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 6.25%, 11.7% Cash | 12/21 | 12/26 | 347 | 342 | 340 | (7)(8)(12)(31) | ||||||||||||||||||||
Class A Units (1,016.1 units) | N/A | 4/24 | N/A | — | 47 | 29 | (7)(30)(32) | ||||||||||||||||||||
Common Stock (1,280.8 shares) | N/A | 12/21 | N/A | 55 | 37 | (7)(30)(32) | |||||||||||||||||||||
1,964 | 2,035 | 1,993 | |||||||||||||||||||||||||
DISA Holdings Corp. 10900 Corporate Centre Drive Suite 250 Houston, TX 77041 | Other Industrial | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.3% Cash | 11/22 | 9/28 | 6,986 | 6,826 | 6,888 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 5.00%, 10.3% Cash | 11/22 | 9/28 | — | (10) | (6) | (7)(8)(12)(31) | ||||||||||||||||||||
6,986 | 6,816 | 6,882 | |||||||||||||||||||||||||
Distinct Holdings, Inc. 37 Market St Kenilworth, NJ 07033 | Systems Software | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 4/19 | 3/26 | 6,540 | 6,540 | 6,540 | (7)(8)(13) | ||||||||||||||||||
6,540 | 6,540 | 6,540 | |||||||||||||||||||||||||
Diversified Packaging Holdings LLC 2101 Innerbelt Business Center Drive St. Louis, MO 63114-4765 | Containers, Packaging & Glass | Second Lien Senior Secured Term Loan | 11.00% Cash, 1.5% PIK | 6/24 | 6/29 | 723 | 709 | 709 | (7) | ||||||||||||||||||
LLC Units (2,769.00 units) | N/A | 6/24 | N/A | 277 | 277 | (7)(30)(32) | |||||||||||||||||||||
723 | 986 | 986 | |||||||||||||||||||||||||
Dragon Bidco Spaces Le Belvedere, 1-7 Cours Valmy 92800 Puteaux France | Technology | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.4% Cash | 4/21 | 4/28 | 2,679 | 2,833 | 2,679 | (3)(7)(8)(11) | ||||||||||||||||||
2,679 | 2,833 | 2,679 | |||||||||||||||||||||||||
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 + 5.25%, 9.0% Cash | 3/20 | 3/27 | 2,279 | 2,328 | 2,279 | (3)(7)(8)(10) | ||||||||||||||||||
2,279 | 2,328 | 2,279 | |||||||||||||||||||||||||
Dryden 43 Senior Loan Fund, Series 2016-43A PO Box 1093, Queensgate House George Town KY1-1104 Cayman Islands | Multi-Sector Holdings | Subordinated Structured Notes | Residual Interest, current yield 5.18% | 2/22 | 4/34 | 3,620 | 1,880 | 1,451 | (3)(29) | ||||||||||||||||||
3,620 | 1,880 | 1,451 | |||||||||||||||||||||||||
Dryden 49 Senior Loan Fund, Series 2017-49A PO Box 1093, Queensgate House George Town KY1-1104 Cayman Islands | Multi-Sector Holdings | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 2/22 | 7/30 | 17,233 | 3,557 | 1,149 | (3)(29)(30) | ||||||||||||||||||
17,233 | 3,557 | 1,149 | |||||||||||||||||||||||||
Dune Group 158 Rue de l'Église - BP 15F-62180 Rang-du-Fliers, France | Health Care Equipment | First Lien Senior Secured Term Loan | EURIBOR + 4.00%, 7.7% Cash | 9/21 | 9/28 | 124 | 116 | 103 | (3)(7)(8)(10)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.00%, 9.3% Cash | 9/21 | 9/28 | 1,434 | 1,420 | 1,380 | (3)(7)(8)(13) | ||||||||||||||||||||
1,558 | 1,536 | 1,483 | |||||||||||||||||||||||||
Dunlipharder B.V. Herikerbergweg 88 Amsterdam, 1101CM, NL | Technology | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.3% Cash | 6/22 | 6/28 | 1,000 | 989 | 995 | (3)(7)(8)(12) | ||||||||||||||||||
1,000 | 989 | 995 | |||||||||||||||||||||||||
Dwyer Instruments, Inc. 102 Indiana Hwy. 212 Michigan City, IN 46360 | Electric | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 7/21 | 7/27 | 14,702 | 14,522 | 14,702 | (7)(8)(13) | ||||||||||||||||||
14,702 | 14,522 | 14,702 | |||||||||||||||||||||||||
Echo Global Logistics, Inc. 600 W Chicago Ave #725, Chicago, IL 60654 | Air Transportation | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 12.4% Cash | 11/21 | 11/29 | 9,469 | 9,345 | 9,308 | (7)(8)(13) | ||||||||||||||||||
Partnership Equity (530.92 units) | N/A | 11/21 | N/A | 531 | 379 | (7)(30)(32) | |||||||||||||||||||||
9,469 | 9,876 | 9,687 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
EFC International 1940 Craigshire Saint Louis, MO 63146-4008 | Automotive | Senior Unsecured Term Loan | 11.0% Cash, 2.5% PIK | 3/24 | 5/28 | $791 | $770 | $778 | (7) | ||||||||||||||||||
Common Stock (163.83 shares) | N/A | 3/24 | N/A | 231 | 373 | (7)(30)(32) | |||||||||||||||||||||
791 | 1,001 | 1,151 | |||||||||||||||||||||||||
Electrical Components International, Inc. 1 City Place Drive, Suite 450 St. Louis, MO 63141 | Electrical Equipment | First Lien Senior Secured Term Loan | SOFR + 6.50%, 11.8% Cash | 5/24 | 5/29 | 10,665 | 10,445 | 10,440 | (7)(8)(12)(31) | ||||||||||||||||||
10,665 | 10,445 | 10,440 | |||||||||||||||||||||||||
Ellkay, LLC 200 Riverfront Blvd Elmwood Park, NJ 07407 | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan | SOFR + 5.50%, 11.0% Cash, 2.0% PIK | 9/21 | 9/27 | 4,886 | 4,829 | 4,246 | (7)(8)(13) | ||||||||||||||||||
4,886 | 4,829 | 4,246 | |||||||||||||||||||||||||
EMI Porta Holdco LLC 250 Hamilton Rd, Arlington Heights, IL 60005 | Diversified Manufacturing | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 12/21 | 12/27 | 12,449 | 12,292 | 11,789 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 12/21 | 12/27 | 237 | 203 | 80 | (7)(8)(13)(31) | ||||||||||||||||||||
12,686 | 12,495 | 11,869 | |||||||||||||||||||||||||
Entact Environmental Services, Inc. 1 E. Oak Hill Drive, Suite 102,Westmont, IL 60559 | Environmental Industries | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 2/21 | 1/27 | 6,799 | 6,759 | 6,750 | (7)(8)(13) | ||||||||||||||||||
6,799 | 6,759 | 6,750 | |||||||||||||||||||||||||
eShipping, LLC 10812 NW Highway 45 Parkville, MO 64152 | Transportation Services | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 11/21 | 11/27 | 3,469 | 3,427 | 3,469 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 5.00%, 10.4% Cash | 11/21 | 11/27 | — | (17) | — | (7)(8)(12)(31) | ||||||||||||||||||||
3,469 | 3,410 | 3,469 | |||||||||||||||||||||||||
Eurofins Digital Testing International LUX Holding SARL Corda Campus Kempische Steenweg 303 3500 Hasselt Belgium | Technology | First Lien Senior Secured Term Loan | EURIBOR + 4.50%, 8.4% Cash, 2.8% PIK | 12/22 | 12/29 | 1,554 | 1,497 | 953 | (3)(7)(8)(10)(27) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 7.00%, 10.9% Cash | 12/22 | 12/29 | — | (56) | (1,025) | (3)(7)(8)(10)(27)(31) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.8% Cash, 2.8% PIK | 12/22 | 12/29 | 799 | 781 | 490 | (3)(7)(8)(13)(27) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 4.50%, 9.7% Cash, 2.8% PIK | 12/22 | 12/29 | 2,373 | 2,258 | 1,454 | (3)(7)(8)(16)(27) | ||||||||||||||||||||
Senior Subordinated Term Loan | 11.5% PIK | 12/22 | 12/30 | 662 | 642 | — | (3)(7)(27) | ||||||||||||||||||||
5,388 | 5,122 | 1,872 | |||||||||||||||||||||||||
Events Software BidCo Pty Ltd Melbourne, VIC 3000, Australia | Technology | First Lien Senior Secured Term Loan | BBSY + 6.50%, 10.9% Cash | 3/22 | 3/28 | 1,665 | 1,818 | 1,537 | (3)(7)(8)(20)(31) | ||||||||||||||||||
1,665 | 1,818 | 1,537 | |||||||||||||||||||||||||
Express Wash Acquisition Company, LLC 5821 Fairview Road Charlotte, North Carolina 28209 | Consumer Cyclical | First Lien Senior Secured Term Loan | SOFR + 6.50%, 12.1% Cash | 7/22 | 7/28 | 6,396 | 6,303 | 6,306 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 6.50%, 12.1% Cash | 7/22 | 7/28 | 141 | 138 | 137 | (7)(8)(13)(31) | ||||||||||||||||||||
6,537 | 6,441 | 6,443 | |||||||||||||||||||||||||
F24 (Stairway BidCo Gmbh) Hackenstrasse 7b 80331 Munich Germany | Software Services | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.6% Cash | 8/20 | 8/27 | 1,909 | 2,075 | 1,909 | (3)(7)(8)(10) | ||||||||||||||||||
1,909 | 2,075 | 1,909 | |||||||||||||||||||||||||
Faraday 19 avenue de l'Opéra 75001 Paris France | Healthcare | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.7% Cash | 1/23 | 1/30 | 1,632 | 1,596 | 1,595 | (3)(7)(8)(10)(31) | ||||||||||||||||||
1,632 | 1,596 | 1,595 | |||||||||||||||||||||||||
Ferrellgas L.P. One Liberty Plaza Liberty, MO 64068 | Oil & Gas Equipment & Services | Opco Preferred Units (2,886 units) | N/A | 3/21 | N/A | 2,799 | 2,742 | (7)(32) | |||||||||||||||||||
2,799 | 2,742 | ||||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Finaxy Holding 74-78, rue Anatole-France 92300 Levallois-Perret France | Banking | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.2% Cash | 11/23 | 11/30 | $4,409 | $4,293 | $4,327 | (3)(7)(8)(10) | ||||||||||||||||||
Subordinated Term Loan | 10.3% PIK | 11/23 | 5/31 | 1,989 | 1,945 | 1,959 | (3)(7) | ||||||||||||||||||||
6,398 | 6,238 | 6,286 | |||||||||||||||||||||||||
Fineline Technologies, Inc. 3145 Medlock Bridge Road, Norcross, GA 30071 | Consumer Services | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 2/21 | 2/28 | 1,263 | 1,252 | 1,263 | (7)(8)(13) | ||||||||||||||||||
1,263 | 1,252 | 1,263 | |||||||||||||||||||||||||
Finexvet 5 rue parc en seine 76410 Tourville-la-Rivière France | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.2% Cash | 3/22 | 3/29 | 4,849 | 4,862 | 4,733 | (3)(7)(8)(11) | ||||||||||||||||||
4,849 | 4,862 | 4,733 | |||||||||||||||||||||||||
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 | 9,306 | 5,705 | (7)(32) | |||||||||||||||||||
9,306 | 5,705 | ||||||||||||||||||||||||||
FitzMark Buyer, LLC 950 Dorman St Indianapolis, IN 46202 | Cargo & Transportation | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.2% Cash | 12/20 | 12/26 | 4,151 | 4,114 | 4,085 | (7)(8)(12) | ||||||||||||||||||
4,151 | 4,114 | 4,085 | |||||||||||||||||||||||||
Five Star Holding LLC 9690 W Wingfoot Rd Houston, TX 77041 | Packaging | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 12.6% Cash | 5/22 | 5/30 | 13,692 | 13,475 | 12,364 | (7)(8)(13) | ||||||||||||||||||
LLC Units (966.99 units) | N/A | 5/22 | N/A | 967 | 502 | (7)(30)(32) | |||||||||||||||||||||
13,692 | 14,442 | 12,866 | |||||||||||||||||||||||||
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 | 14,873 | 14,661 | |||||||||||||||||||
16,000 | 14,873 | 14,661 | |||||||||||||||||||||||||
Flywheel Re Segregated Portfolio 2022-4 123 West Nye Lane Suite 455 Carson City, NV 89706 | Investment Funds | Preferred Stock (2,828,286 shares) | N/A | 8/22 | N/A | 2,828 | 3,535 | (3)(7)(30)(32) | |||||||||||||||||||
2,828 | 3,535 | ||||||||||||||||||||||||||
Footco 40 Limited 100 Wood Street, London EC2V 7AN | Media & Entertainment | First Lien Senior Secured Term Loan | SONIA + 6.50%, 10.2% Cash | 4/22 | 4/29 | 226 | 223 | 221 | (3)(7)(8)(16)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.7% Cash | 4/22 | 4/29 | 1,614 | 1,632 | 1,572 | (3)(7)(8)(16)(31) | ||||||||||||||||||||
1,840 | 1,855 | 1,793 | |||||||||||||||||||||||||
Forest Buyer, LLC 300 North LaSalle St, Suite 5600 Chicago, IL 60654 | Healthcare | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 3/24 | 3/26 | — | (12) | (11) | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 3/24 | 3/30 | 1,587 | 1,549 | 1,551 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 5.75%, 11.1% Cash | 3/24 | 3/30 | — | (7) | (7) | (7)(8)(13)(31) | ||||||||||||||||||||
Class A LLC Units (146 units) | N/A | 3/24 | N/A | 146 | 149 | (7)(30)(32) | |||||||||||||||||||||
Class B LLC Units (146 units) | N/A | 3/24 | N/A | — | 33 | (7)(30)(32) | |||||||||||||||||||||
1,587 | 1,676 | 1,715 | |||||||||||||||||||||||||
Fortis Payment Systems, LLC 43155 Main Street Suite 2310-C Novi, MI 48375 | Other Financial | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 10/22 | 2/26 | 8,686 | 8,550 | 8,525 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 10/22 | 2/26 | — | (10) | (11) | (7)(8)(13)(31) | ||||||||||||||||||||
8,686 | 8,540 | 8,514 | |||||||||||||||||||||||||
FragilePak LLC 2270 Corporate Circle, Ste. 220 Henderson, NV 89074 | Transportation Services | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 5/21 | 5/27 | 4,567 | 4,500 | 4,416 | (7)(8)(13) | ||||||||||||||||||
Partnership Units (937.5 units) | N/A | 5/21 | N/A | 938 | 575 | (7)(30)(32) | |||||||||||||||||||||
4,567 | 5,438 | 4,991 | |||||||||||||||||||||||||
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 | SOFR + 5.00%, 10.3% Cash | 8/21 | 8/28 | $4,765 | $4,703 | $4,765 | (7)(8)(13) | ||||||||||||||||||
LP Interest (1,160.9 units) | N/A | 8/21 | N/A | 12 | 15 | (7)(30)(32) | |||||||||||||||||||||
LP Units (5,104.3 units) | N/A | 8/21 | N/A | 51 | 68 | (7)(30)(32) | |||||||||||||||||||||
4,765 | 4,766 | 4,848 | |||||||||||||||||||||||||
GB Eagle Buyer, Inc. PO Box 6189 Stockton, CA 95206 | Capital Goods | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 12/22 | 12/28 | 10,610 | 10,355 | 10,610 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 6.25%, 11.6% Cash | 12/22 | 12/28 | — | (57) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Partnership Units (687 units) | N/A | 12/22 | N/A | 687 | 1,338 | (7)(30)(32) | |||||||||||||||||||||
10,610 | 10,985 | 11,948 | |||||||||||||||||||||||||
Global Academic Group Limited 100 Symonds St Grafton, Auckland 1010 New Zealand | Industrial Other | First Lien Senior Secured Term Loan | BBSY + 6.00%, 10.4% Cash | 7/22 | 7/27 | 2,464 | 2,522 | 2,437 | (3)(7)(8)(19) | ||||||||||||||||||
First Lien Senior Secured Term Loan | BKBM + 5.50%, 11.1% Cash | 7/22 | 7/27 | 4,206 | 4,242 | 4,157 | (3)(7)(8)(24)(31) | ||||||||||||||||||||
6,670 | 6,764 | 6,594 | |||||||||||||||||||||||||
Gojo Industries, Inc. 1 Gojo Plz Suite 500 Akron, OH 44311 | Industrial Other | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash, 4.5% PIK | 10/23 | 10/28 | 13,075 | 12,735 | 12,737 | (7)(8)(13) | ||||||||||||||||||
13,075 | 12,735 | 12,737 | |||||||||||||||||||||||||
GPNZ II GmbH Leopoldstraße 62 80802 München Germany | Healthcare | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.9% Cash | 6/22 | 6/29 | 461 | 447 | 132 | (3)(7)(8)(9)(27)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | 10.0% PIK | 6/22 | 6/29 | 212 | 215 | 212 | (3)(7)(8)(9)(31) | ||||||||||||||||||||
Common Stock (5,785 shares) | N/A | 10/23 | N/A | — | — | (3)(7)(30)(32) | |||||||||||||||||||||
673 | 662 | 344 | |||||||||||||||||||||||||
Graphpad Software, LLC 225 Franklin Street. Fl. 26 Boston, MA 02110 | Internet Software & Services | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 6/24 | 6/31 | 9,302 | 9,244 | 9,244 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 4.75% 10.1% Cash | 6/24 | 6/31 | — | (4) | (4) | (7)(8)(13)(31) | ||||||||||||||||||||
9,302 | 9,240 | 9,240 | |||||||||||||||||||||||||
Greenhill II BV 78 Evolis Kortrijk, Flanders, 8500 Belgium | Technology | First Lien Senior Secured Term Loan | EURIBOR + 5.10%, 9.0% Cash | 7/22 | 7/29 | 945 | 880 | 936 | (3)(7)(8)(10)(31) | ||||||||||||||||||
945 | 880 | 936 | |||||||||||||||||||||||||
Groupe Guemas 60, rue de Londres 75008 Paris France | Brokerage, Asset Managers & Exchanges | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 9.9% Cash | 10/23 | 9/30 | 4,995 | 4,813 | 4,895 | (3)(7)(8)(11) | ||||||||||||||||||
4,995 | 4,813 | 4,895 | |||||||||||||||||||||||||
Groupe Product Life 40 Boulevard Henri Sellier 92150 Suresnes France | Consumer Non-cyclical | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.0% Cash | 10/22 | 10/29 | 807 | 755 | 782 | (3)(7)(8)(10)(31) | ||||||||||||||||||
807 | 755 | 782 | |||||||||||||||||||||||||
Gulf Finance, LLC 200 Clarendon Street, 55th floor Boston, MA 02117 | Oil & Gas Exploration & Production | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 11/21 | 8/26 | 370 | 360 | 372 | (8)(13) | ||||||||||||||||||
370 | 360 | 372 | |||||||||||||||||||||||||
Gusto Aus BidCo Pty Ltd. Level 10 12 Help Street Chatswood, NSW 2067 Australia | Consumer Non-Cyclical | First Lien Senior Secured Term Loan | BBSY + 6.50%, 10.9% Cash | 10/22 | 10/28 | 2,231 | 2,088 | 2,169 | (3)(7)(8)(19)(31) | ||||||||||||||||||
2,231 | 2,088 | 2,169 | |||||||||||||||||||||||||
HeartHealth Bidco Pty Ltd OptiHeart, Level 2, 50 New Street Ringwood, VIC 3134 Australia | Healthcare | First Lien Senior Secured Term Loan | BBSY + 5.25%, 9.7% Cash | 9/22 | 9/28 | 695 | 651 | 647 | (3)(7)(8)(19)(31) | ||||||||||||||||||
695 | 651 | 647 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Heartland Veterinary Partners, LLC 10 South LaSalle, Suite 2120, Chicago, IL 60603 | Healthcare | Subordinated Term Loan | 11.0% PIK | 11/21 | 12/28 | $12,891 | $12,724 | $11,667 | (7) | ||||||||||||||||||
12,891 | 12,724 | 11,667 | |||||||||||||||||||||||||
Heavy Construction Systems Specialists, LLC 13151 W Airport Blvd, Sugar Land, TX 77478 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 11/21 | 11/27 | 7,258 | 7,169 | 7,243 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 11/21 | 11/27 | — | (30) | (5) | (7)(8)(12)(31) | ||||||||||||||||||||
7,258 | 7,139 | 7,238 | |||||||||||||||||||||||||
Heilbron (f/k/a Sucsez (Bolt Bidco B.V.)) PO Box 99 7000 AB Doetinchem Netherlands | Insurance | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 9.1% Cash | 9/19 | 9/26 | 3,246 | 3,676 | 3,139 | (3)(7)(8)(9) | ||||||||||||||||||
3,246 | 3,676 | 3,139 | |||||||||||||||||||||||||
HEKA Invest 46 rue du Ressort Cedex 9 63967 Clermont Ferrand France | Technology | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.2% Cash | 10/22 | 10/29 | 5,020 | 4,487 | 5,020 | (3)(7)(8)(10)(31) | ||||||||||||||||||
5,020 | 4,487 | 5,020 | |||||||||||||||||||||||||
HemaSource, Inc. 485 5700 W Salt Lake City, UT 84104 | Healthcare | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.3% Cash | 8/23 | 8/29 | 7,267 | 7,104 | 7,238 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 6.00%, 11.3% Cash | 8/23 | 8/29 | — | (39) | (7) | (7)(8)(13)(31) | ||||||||||||||||||||
Common Stock (101,080 shares) | N/A | 8/23 | N/A | 101 | 110 | (7)(30)(32) | |||||||||||||||||||||
7,267 | 7,166 | 7,341 | |||||||||||||||||||||||||
Herbalife Ltd. P.O. Box 80210 Los Angeles, CA 90080-0210 | Food Products | First Lien Senior Secured Term Loan | SOFR + 6.75%, 12.1% Cash | 4/24 | 4/29 | 3,419 | 3,185 | 3,270 | (3)(8)(12) | ||||||||||||||||||
3,419 | 3,185 | 3,270 | |||||||||||||||||||||||||
Home Care Assistance, LLC 2001 Van Ness Ave San Francisco, CA 94109 | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 3/21 | 3/27 | 3,734 | 3,697 | 3,507 | (7)(8)(13) | ||||||||||||||||||
3,734 | 3,697 | 3,507 | |||||||||||||||||||||||||
HomeX Services Group LLC 1 Wellington Road Lincoln, Rhode Island 02865 | Home Construction | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 11/23 | 11/29 | 1,370 | 1,330 | 1,370 | (7)(8)(12)(31) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 11/23 | 11/29 | — | (6) | — | (7)(8)(12)(31) | ||||||||||||||||||||
1,370 | 1,324 | 1,370 | |||||||||||||||||||||||||
Honour Lane Logistics Holdings Limited 8 Yeung Uk Rd, Tsuen Wan, Tsuen Wan, China | Transportation Services | First Lien Senior Secured Term Loan | SOFR + 5.10%, 10.3% Cash | 4/22 | 11/28 | 6,667 | 6,527 | 6,500 | (3)(7)(8)(12) | ||||||||||||||||||
6,667 | 6,527 | 6,500 | |||||||||||||||||||||||||
HTI Technology & Industries 315 Tech Park Drive, Suite 100 LaVergne, TN 37086 | Electronic Component Manufacturing | First Lien Senior Secured Term Loan | SOFR + 8.50%, 13.9% Cash | 7/22 | 7/25 | 11,091 | 11,016 | 10,526 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 8.50%, 13.9% Cash | 7/22 | 7/25 | — | (7) | (59) | (7)(8)(13)(31) | ||||||||||||||||||||
11,091 | 11,009 | 10,467 | |||||||||||||||||||||||||
HW Holdco, LLC (Hanley Wood LLC) 1152 15th St. NW, Suite 750 Washington, DC 20005 | Advertising | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 12/18 | 5/26 | 11,139 | 11,110 | 11,072 | (7)(8)(13) | ||||||||||||||||||
11,139 | 11,110 | 11,072 | |||||||||||||||||||||||||
Hygie 31 Holding 8 rue Saint Augustin 75002 Paris France | Pharmaceuticals | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.7% Cash | 9/22 | 9/29 | 1,565 | 1,375 | 1,558 | (3)(7)(8)(11) | ||||||||||||||||||
1,565 | 1,375 | 1,558 | |||||||||||||||||||||||||
Ice House America, L.L.C. 278 US Highway 319 South, Moultrie, GA 31768 | Consumer Products | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 1/24 | 1/30 | 4,114 | 4,034 | 4,055 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 1/24 | 1/30 | 239 | 230 | 232 | (7)(8)(13)(31) | ||||||||||||||||||||
LLC Units (2,703 units) | N/A | 1/24 | N/A | 270 | 305 | (7)(30)(32) | |||||||||||||||||||||
4,353 | 4,534 | 4,592 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
IM Square 5 rue Royale 75008 Paris France | Banking, Finance, Insurance & Real Estate | First Lien Senior Secured Term Loan | EURIBOR + 5.55%, 9.2% Cash | 5/21 | 4/28 | $2,679 | $2,953 | $2,606 | (3)(7)(8)(10) | ||||||||||||||||||
2,679 | 2,953 | 2,606 | |||||||||||||||||||||||||
Infoniqa Holdings GmbH Dragonerstraße 67 4600 Wels, Oberösterreich Austria | Technology | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 8.5% Cash | 11/21 | 11/28 | 2,817 | 2,917 | 2,817 | (3)(7)(8)(11) | ||||||||||||||||||
2,817 | 2,917 | 2,817 | |||||||||||||||||||||||||
Innovad Group II BV Postbaan 69 2910 Essen Belgium | Beverage, Food & Tobacco | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 8.9% Cash | 4/21 | 4/28 | 6,606 | 7,104 | 6,441 | (3)(7)(8)(11)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SARON + 5.25%, 6.7% Cash | 5/23 | 4/28 | 1,020 | 1,019 | 995 | (3)(7)(8)(25) | ||||||||||||||||||||
7,626 | 8,123 | 7,436 | |||||||||||||||||||||||||
Innovative XCessories & Services, LLC 1862 Sparkman Drive Northwest Huntsville, AL 35816 | Automotive | First Lien Senior Secured Term Loan | SOFR + 4.25%, 9.7% Cash | 2/22 | 3/27 | 2,877 | 2,824 | 2,790 | (8)(14)(29) | ||||||||||||||||||
2,877 | 2,824 | 2,790 | |||||||||||||||||||||||||
INOS 19-090 GmbH Edelzeller Strasse 51 36043 Fulda Germany | Aerospace & Defense | First Lien Senior Secured Term Loan | EURIBOR + 5.37%, 9.1% Cash | 12/20 | 12/27 | 4,968 | 5,566 | 4,968 | (3)(7)(8)(10) | ||||||||||||||||||
4,968 | 5,566 | 4,968 | |||||||||||||||||||||||||
Interstellar Group B.V. Hullenbergweg 250 1101 BV Amsterdam, Netherlands | Technology | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.0% Cash | 8/22 | 2/29 | 64 | 62 | 63 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.0% Cash | 8/22 | 8/29 | 1,581 | 1,529 | 1,537 | (3)(7)(8)(10)(31) | ||||||||||||||||||||
1,645 | 1,591 | 1,600 | |||||||||||||||||||||||||
InvoCare Limited Level 5, 40 Mount Street North Sydney NSW 2060 Australia | Consumer Cyclical Services | First Lien Senior Secured Term Loan | BBSY + 6.25%, 10.6% Cash | 11/23 | 11/29 | 2,081 | 1,978 | 2,022 | (3)(7)(8)(19)(31) | ||||||||||||||||||
2,081 | 1,978 | 2,022 | |||||||||||||||||||||||||
Isagenix International, LLC 155 E. Rivulon Blvd., Suite 104, Gilbert, AZ 85297 | Wholesale | First Lien Senior Secured Term Loan | SOFR + 6.50%, 8.9% Cash, 3.0% PIK | 4/23 | 4/28 | 871 | 601 | 749 | (7)(8)(13)(29) | ||||||||||||||||||
Common Stock (58,538 shares) | N/A | 4/23 | N/A | — | — | (7)(30)(32) | |||||||||||||||||||||
871 | 601 | 749 | |||||||||||||||||||||||||
Isolstar Holding NV (IPCOM) Brusselsesteenweg 94 - bus 201 B-9090 Melle Belgium | Trading Companies & Distributors | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.4% Cash | 10/22 | 10/29 | 5,179 | 4,654 | 5,116 | (3)(7)(8)(10)(31) | ||||||||||||||||||
5,179 | 4,654 | 5,116 | |||||||||||||||||||||||||
ISTO Technologies II, LLC 45 South Street Hopkinton, MA 01748 | Healthcare | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 10/23 | 10/28 | 6,769 | 6,618 | 6,769 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 6.25%, 11.6% Cash | 10/23 | 10/28 | — | (15) | — | (7)(8)(13)(31) | ||||||||||||||||||||
6,769 | 6,603 | 6,769 | |||||||||||||||||||||||||
ITI Intermodal, Inc. 20012 W. South Arsenal Road, Wilmington, IL, 60481 | Transportation Services | First Lien Senior Secured Term Loan | SOFR + 7.00%, 12.4% Cash | 12/21 | 12/27 | 805 | 795 | 783 | (7)(8)(12) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 7.25%, 12.7% Cash | 12/21 | 12/27 | 12,140 | 11,859 | 11,885 | (7)(8)(12) | ||||||||||||||||||||
Revolver | SOFR + 7.25%, 12.7% Cash | 12/21 | 12/27 | 226 | 200 | 191 | (7)(8)(12)(31) | ||||||||||||||||||||
Common Stock (7,500.4 shares) | N/A | 1/22 | N/A | 750 | 583 | (7)(30)(32) | |||||||||||||||||||||
13,171 | 13,604 | 13,442 | |||||||||||||||||||||||||
Ivanti Software, Inc. 10377 S Jordan Gateway #110 South Jordan, UT 84095 | High Tech Industries | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 12.8% Cash | 2/22 | 12/28 | 6,000 | 5,989 | 3,818 | (8)(13)(29) | ||||||||||||||||||
6,000 | 5,989 | 3,818 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
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 + 5.25%, 9.0% Cash | 11/19 | 2/29 | $1,152 | $1,153 | $1,152 | (3)(7)(8)(11) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 11/19 | 2/29 | 6,714 | 6,610 | 6,714 | (3)(7)(8)(14) | ||||||||||||||||||||
7,866 | 7,763 | 7,866 | |||||||||||||||||||||||||
JetBlue 2019-1 Class B Pass Through Trust 27-01 Queens Plaza North Long Island City, NY 11101 | Structured Products | Structured Secured Note - Class B | 8.0% Cash | 8/20 | 11/27 | 2,774 | 2,774 | 2,808 | |||||||||||||||||||
2,774 | 2,774 | 2,808 | |||||||||||||||||||||||||
JF Acquisition, LLC 100 Perimeter Park Drive Suite H Morrisville, NC 27560 | Automotive | First Lien Senior Secured Term Loan | SOFR + 5.95%, 10.9% Cash | 5/21 | 7/26 | 3,769 | 3,723 | 3,633 | (7)(8)(13) | ||||||||||||||||||
3,769 | 3,723 | 3,633 | |||||||||||||||||||||||||
Jon Bidco Limited Level 34, 48 Shortland Street, 1010 Auckland NZ | Healthcare | First Lien Senior Secured Term Loan | BKBM + 4.50%, 10.2% Cash | 3/22 | 3/27 | 3,754 | 4,146 | 3,754 | (3)(7)(8)(24)(31) | ||||||||||||||||||
3,754 | 4,146 | 3,754 | |||||||||||||||||||||||||
Jones Fish Hatcheries & Distributors LLC 3433 Church St. Cincinnati, OH 45244 | Consumer Products | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 2/22 | 2/28 | 2,785 | 2,749 | 2,733 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 3/23 | 2/28 | 696 | 679 | 683 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 2/22 | 2/28 | — | (5) | (8) | (7)(8)(13)(31) | ||||||||||||||||||||
LLC Units (1,018 units) | N/A | 2/22 | N/A | 107 | 234 | (7)(32) | |||||||||||||||||||||
3,481 | 3,530 | 3,642 | |||||||||||||||||||||||||
Kano Laboratories LLC 1000 E Thompson Ln Nashville, TN 37211 | Chemicals, Plastics & Rubber | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 11/20 | 11/26 | 8,540 | 8,468 | 8,520 | (7)(8)(13) | ||||||||||||||||||
Partnership Equity (203.2 units) | N/A | 11/20 | N/A | 203 | 207 | (7)(30)(32) | |||||||||||||||||||||
8,540 | 8,671 | 8,727 | |||||||||||||||||||||||||
Kid Distro Holdings, LLC 34 3rd Ave Ste 183 New York, NY 10003 | Media & Entertainment | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 10/21 | 10/27 | 9,092 | 8,984 | 9,074 | (7)(8)(13) | ||||||||||||||||||
LLC Units (637,677.11 units) | N/A | 10/21 | N/A | 638 | 644 | (7)(30)(32) | |||||||||||||||||||||
9,092 | 9,622 | 9,718 | |||||||||||||||||||||||||
Kona Buyer, LLC 201 W. Saint John St. Spartanburg, SC 29306 | High Tech Industries | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 12/20 | 12/27 | 8,367 | 8,275 | 8,300 | (7)(8)(13) | ||||||||||||||||||
8,367 | 8,275 | 8,300 | |||||||||||||||||||||||||
Lambir Bidco Limited Unit 4 EXT Second Avenue, Cookstown Industrial Estate 24 Tallaght, Dublin Ireland | Healthcare | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 9.9% Cash | 12/21 | 12/28 | 1,928 | 1,966 | 1,837 | (3)(7)(8)(11)(31) | ||||||||||||||||||
Second Lien Senior Secured Term Loan | 12.0% PIK | 12/21 | 6/29 | 1,795 | 1,836 | 1,666 | (3)(7) | ||||||||||||||||||||
3,723 | 3,802 | 3,503 | |||||||||||||||||||||||||
Lattice Group Holdings Bidco Limited 76 Watling Street London, EC4M 9BJ United Kingdom | Technology | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 5/22 | 5/29 | 727 | 710 | 699 | (3)(7)(8)(14)(31) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.1% Cash | 5/22 | 11/28 | 35 | 35 | 34 | (3)(7)(8)(14)(31) | ||||||||||||||||||||
762 | 745 | 733 | |||||||||||||||||||||||||
LeadsOnline, LLC 15660 Dallas Pkwy # 800 Dallas, TX 75248 | Business Equipment & Services | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 2/22 | 2/28 | 10,121 | 10,006 | 10,070 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 6.00%, 11.3% Cash | 2/22 | 2/28 | — | (27) | (17) | (7)(8)(13)(31) | ||||||||||||||||||||
LLC Units (81,664 units) | N/A | 2/22 | N/A | 85 | 189 | (7)(32) | |||||||||||||||||||||
10,121 | 10,064 | 10,242 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Learfield Communications, LLC 2400 Dallas Parkway, Suite 500 Plano, TX 75093 | Broadcasting | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 8/20 | 6/28 | $5,490 | $5,490 | $5,505 | (8)(12) | ||||||||||||||||||
Common Stock (94,441 shares) | N/A | 8/20 | N/A | 3,105 | 6,139 | (7)(30)(32) | |||||||||||||||||||||
5,490 | 8,595 | 11,644 | |||||||||||||||||||||||||
Legal Solutions Holdings 955 Overland Ct Ste 200 San Dimas, CA, 91773-1747 | Business Services | Senior Subordinated Loan | 16.0% PIK | 12/20 | 3/25 | 12,319 | 10,129 | — | (7)(27)(28) | ||||||||||||||||||
12,319 | 10,129 | — | |||||||||||||||||||||||||
Lifestyle Intermediate II, LLC 6955 Mowry Ave Newark, CA 94560 | Consumer Goods: Durable | First Lien Senior Secured Term Loan | SOFR + 7.00%, 12.6% Cash | 2/22 | 1/26 | 3,006 | 3,006 | 2,705 | (7)(8)(13)(29) | ||||||||||||||||||
3,006 | 3,006 | 2,705 | |||||||||||||||||||||||||
LivTech Purchaser, Inc. 2035 Lakeside Centre Way, Suite 200 Knoxville, TN 37922 | Business Services | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.7% Cash | 1/21 | 12/25 | 862 | 859 | 862 | (7)(8)(14) | ||||||||||||||||||
862 | 859 | 862 | |||||||||||||||||||||||||
Long Term Care Group, Inc.11000 Prairie Lakes Dr Ste 600 Eden Prairie, MN, 55344-3887 | Healthcare | First Lien Senior Secured Term Loan | SOFR + 1.00%, 6.3% Cash, 6.0% PIK | 4/22 | 9/27 | 8,505 | 8,399 | 7,646 | (7)(8)(12) | ||||||||||||||||||
8,505 | 8,399 | 7,646 | |||||||||||||||||||||||||
Magnetite XIX, Limited PO Box 1093, Queensgate House George Town KY1-1104 Cayman Islands | Multi-Sector Holdings | Subordinated Notes | SOFR + 9.03%, 14.3% Cash | 2/22 | 4/34 | 5,250 | 5,107 | 5,230 | (3)(13)(29) | ||||||||||||||||||
Subordinated Structured Notes | Residual Interest, current yield 12.07% | 2/22 | 4/34 | 13,730 | 8,507 | 7,844 | (3)(29) | ||||||||||||||||||||
18,980 | 13,614 | 13,074 | |||||||||||||||||||||||||
Marmoutier Holding B.V. Schipholweg 66 5e etage 2316 XE, Leiden, Zuid-Holland Netherlands | Consumer Products | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 3.7% Cash, 6.8% PIK | 12/21 | 12/24 | 397 | 375 | 158 | (3)(7)(8)(10)(27) (31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 3.7% Cash, 6.8% PIK | 12/21 | 12/28 | 2,101 | 2,171 | 908 | (3)(7)(8)(10)(27) | ||||||||||||||||||||
Super Senior Secured Term Loan | 6.0% PIK | 3/24 | 3/25 | 182 | 184 | 182 | (3)(7)(8)(10)(27) | ||||||||||||||||||||
Revolver | EURIBOR+ 6.75%, 3.7% Cash, 6.8% PIK | 12/21 | 6/27 | 49 | 47 | (39) | (3)(7)(8)(10)(27) (31) | ||||||||||||||||||||
2,729 | 2,777 | 1,209 | |||||||||||||||||||||||||
Marshall Excelsior Co. 1506 George Brown Dr, Marshall, MI 49068 | Capital Goods | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 2/22 | 2/28 | 10,752 | 10,638 | 10,752 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 5.25%, 10.6% Cash | 2/22 | 2/28 | 2,150 | 2,121 | 2,150 | (7)(8)(13)(31) | ||||||||||||||||||||
12,902 | 12,759 | 12,902 | |||||||||||||||||||||||||
MB Purchaser, LLC 4685 MacArthur Court Newport Beach, CA 92660 | Technology | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 1/24 | 1/30 | 2,009 | 1,946 | 1,952 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 4.75%, 10.1% Cash | 1/24 | 1/30 | — | (6) | (5) | (7)(8)(13)(31) | ||||||||||||||||||||
LLC Units (66 units) | N/A | 1/24 | N/A | 68 | 63 | (7)(30)(32) | |||||||||||||||||||||
2,009 | 2,008 | 2,010 | |||||||||||||||||||||||||
MC Group Ventures Corporation 8959 Tyler Boulevard. Mentor, OH 44060 | Business Services | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 7/21 | 6/27 | 5,144 | 5,021 | 5,019 | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 6/24 | 6/27 | 4,127 | 4,075 | 4,096 | (7)(8)(13)(31) | ||||||||||||||||||||
Partnership Units (746.66 units) | N/A | 6/21 | N/A | 747 | 939 | (7)(30)(32) | |||||||||||||||||||||
9,271 | 9,843 | 10,054 | |||||||||||||||||||||||||
Media Recovery, Inc. (SpotSee) 5501 Lyndon B Johnson Freeway, Suite 350 Dallas, TX 75240 | Containers, Packaging & Glass | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.6% Cash | 11/19 | 11/25 | 2,859 | 2,843 | 2,779 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 6.00%, 11.3% Cash | 12/20 | 11/25 | 4,024 | 4,203 | 3,911 | (7)(8)(16) | ||||||||||||||||||||
6,883 | 7,046 | 6,690 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Median B.V. Franklinstr. 28-29 10587 Berlin, Germany | Healthcare | First Lien Senior Secured Term Loan | SONIA + 5.93%, 11.1% Cash | 2/22 | 10/27 | $9,418 | $9,877 | $8,833 | (3)(8)(17) | ||||||||||||||||||
9,418 | 9,877 | 8,833 | |||||||||||||||||||||||||
Medical Solutions Parent Holdings, Inc. 1010 N 102nd St Ste 300, Omaha, NE 68114 | Healthcare | Second Lien Senior Secured Term Loan | SOFR + 7.00%, 12.4% Cash | 11/21 | 11/29 | 4,421 | 4,389 | 2,999 | (8)(13) | ||||||||||||||||||
4,421 | 4,389 | 2,999 | |||||||||||||||||||||||||
Megawatt Acquisitionco, Inc. 6060 Phyllis Dr Cypress, CA 90630 | Aerospace & Defense | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 3/24 | 3/30 | 4,191 | 4,111 | 4,117 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.25%, 10.6% Cash | 3/24 | 3/30 | 140 | 127 | 128 | (7)(8)(13)(31) | ||||||||||||||||||||
Preferred Stock (1,842 shares) | N/A | 3/24 | N/A | 184 | 173 | (7)(30)(32) | |||||||||||||||||||||
Common Stock (205 shares) | N/A | 3/24 | N/A | 21 | — | (7)(30)(32) | |||||||||||||||||||||
4,331 | 4,443 | 4,418 | |||||||||||||||||||||||||
Mercell Holding AS Askekroken 11 0277 Oslo, Norway | Technology | First Lien Senior Secured Term Loan | NIBOR + 5.50%, 10.2% Cash | 8/22 | 8/29 | 2,949 | 3,144 | 2,917 | (3)(7)(8)(26)(31) | ||||||||||||||||||
Class A Units (114.4 units) | 9.0% PIK | 8/22 | N/A | 111 | 127 | (3)(7)(30)(32) | |||||||||||||||||||||
Class B Units (28,943.8 units) | N/A | 8/22 | N/A | — | 42 | (3)(7)(30)(32) | |||||||||||||||||||||
2,949 | 3,255 | 3,086 | |||||||||||||||||||||||||
MNS Buyer, Inc. 201 N. Calle Cesar Chavez, Suite 300 Santa Barbara, CA 93103 | Construction and Building | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 8/21 | 8/27 | 898 | 887 | 898 | (7)(8)(12) | ||||||||||||||||||
Partnership Units (76,923 units) | N/A | 8/21 | N/A | 77 | 102 | (7)(30)(32) | |||||||||||||||||||||
898 | 964 | 1,000 | |||||||||||||||||||||||||
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 + 5.75%, 10.5% Cash | 12/20 | 12/26 | 7,687 | 8,389 | 7,687 | (3)(7)(8)(20)(31) | ||||||||||||||||||
7,687 | 8,389 | 7,687 | |||||||||||||||||||||||||
Moonlight Bidco Limited 6th Floor One Priory Square, Priory Street, Hastings, East Sussex, England, TN34 1EA | Healthcare | First Lien Senior Secured Term Loan | SONIA + 6.25%, 11.5% Cash | 7/23 | 7/30 | 1,878 | 1,880 | 1,844 | (3)(7)(8)(16)(31) | ||||||||||||||||||
Common Stock (10,590 shares) | N/A | 7/23 | N/A | 138 | 176 | (3)(7)(30)(32) | |||||||||||||||||||||
1,878 | 2,018 | 2,020 | |||||||||||||||||||||||||
Murphy Midco Limited 38-42 Brunswick Street West, Hove, England, BN3 1EL | Media, Diversified & Production | First Lien Senior Secured Term Loan | SONIA + 5.50%, 10.7% Cash | 11/20 | 11/27 | 778 | 806 | 778 | (3)(7)(8)(17) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 5.50%, 10.8% Cash | 11/20 | 11/27 | 878 | 906 | 878 | (3)(7)(8)(17) | ||||||||||||||||||||
1,656 | 1,712 | 1,656 | |||||||||||||||||||||||||
Music Reports, Inc. 21122 Erwin Street Woodland Hills, CA 91367 | Media & Entertainment | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 8/20 | 8/26 | 6,923 | 6,853 | 6,500 | (7)(8)(14) | ||||||||||||||||||
6,923 | 6,853 | 6,500 | |||||||||||||||||||||||||
Napa Bidco Pty Ltd Waverton, NSW 2060, Australia | Healthcare | First Lien Senior Secured Term Loan | BBSY + 5.00%, 9.4% Cash | 3/22 | 3/28 | 18,582 | 19,662 | 18,450 | (3)(7)(8)(19) | ||||||||||||||||||
18,582 | 19,662 | 18,450 | |||||||||||||||||||||||||
Narda Acquisitionco., Inc. 435 Moreland Rd Hauppauge, NY 11788 | Aerospace & Defense | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 12/21 | 12/27 | 5,113 | 5,058 | 5,113 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.00%, 10.4% Cash | 12/21 | 12/27 | — | (13) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Class A Preferred Stock (4,587.38 shares) | N/A | 12/21 | N/A | 459 | 556 | (7)(30)(32) | |||||||||||||||||||||
Class B Common Stock (509.71 shares) | N/A | 12/21 | N/A | 51 | 186 | (7)(30)(32) | |||||||||||||||||||||
5,113 | 5,555 | 5,855 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Navia Benefit Solutions, Inc. PO Box 53250 Bellevue WA 98015 | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan | SOFR + 1.50%, 6.9% Cash, 3.0% PIK | 11/22 | 2/27 | $2,933 | $2,884 | $2,930 | (7)(8)(12) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.8% Cash | 2/21 | 2/27 | 2,310 | 2,296 | 2,310 | (7)(8)(12) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.00%, 9.9% Cash | 2/21 | 2/27 | 329 | 327 | 329 | (7)(8)(12) | ||||||||||||||||||||
5,572 | 5,507 | 5,569 | |||||||||||||||||||||||||
NAW Buyer LLC 575 8th Ave New York, NY 10018 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 9/23 | 9/29 | 11,763 | 11,369 | 11,622 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.1% Cash | 9/23 | 9/29 | — | (41) | (15) | (7)(8)(13)(31) | ||||||||||||||||||||
LLC Units (472,512 units) | N/A | 9/23 | N/A | 473 | 397 | (7)(30)(32) | |||||||||||||||||||||
11,763 | 11,801 | 12,004 | |||||||||||||||||||||||||
NeoxCo 46 rue Notre-Dame des Victoires 75002 Paris France | Internet Software & Services | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.4% Cash | 1/23 | 1/30 | 2,081 | 2,046 | 2,081 | (3)(7)(8)(11)(31) | ||||||||||||||||||
2,081 | 2,046 | 2,081 | |||||||||||||||||||||||||
Next Holdco, LLC 18111 Von Karman Avenue Suite 600 Irvine, CA 92612 | Technology | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.3% Cash | 11/23 | 11/30 | 7,357 | 7,228 | 7,357 | (7)(8)(12)(31) | ||||||||||||||||||
Revolver | SOFR + 6.00%, 11.3% Cash | 11/23 | 11/29 | — | (10) | — | (7)(8)(12)(31) | ||||||||||||||||||||
7,357 | 7,218 | 7,357 | |||||||||||||||||||||||||
NF Holdco, LLC 1750 Elm Street 9th Floor Manchester, NH 03104 | Technology | First Lien Senior Secured Term Loan | SOFR + 6.50%, 11.8% Cash | 3/23 | 3/29 | 6,315 | 6,155 | 6,239 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 6.50%, 11.8% Cash | 3/23 | 3/29 | 442 | 416 | 429 | (7)(8)(12)(31) | ||||||||||||||||||||
LP Units (639,510 units) | N/A | 3/23 | N/A | 659 | 646 | (7)(30)(32) | |||||||||||||||||||||
6,757 | 7,230 | 7,314 | |||||||||||||||||||||||||
Northstar Recycling, LLC 94 Maple Street East Longmeadow, MA 01028 | Environmental Industries | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 10/21 | 9/27 | 2,438 | 2,409 | 2,438 | (7)(8)(13) | ||||||||||||||||||
2,438 | 2,409 | 2,438 | |||||||||||||||||||||||||
Novotech Aus Bidco Pty Ltd 235 Pyrmont Street Sydney,. NSW 2009, Australia | Healthcare | First Lien Senior Secured Term Loan | SOFR + 5.25%, 11.1% Cash | 1/22 | 1/28 | — | (11) | (10) | (3)(7)(8)(14) | ||||||||||||||||||
— | (11) | (10) | |||||||||||||||||||||||||
NPM Investments 28 B.V. Breitnerstraat 1 1077 BL Amsterdam The Netherlands | Healthcare | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.0% Cash | 9/22 | 10/29 | 2,153 | 1,917 | 2,122 | (3)(7)(8)(10)(31) | ||||||||||||||||||
2,153 | 1,917 | 2,122 | |||||||||||||||||||||||||
OA Buyer, Inc. 1300 SE Cardinal Court Suite 190 Vancouver, WA 98683 | Healthcare | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 12/21 | 12/28 | 8,336 | 8,245 | 8,295 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 12/21 | 12/28 | 111 | 94 | 104 | (7)(8)(12)(31) | ||||||||||||||||||||
Partnership Units (210,920.11 units) | N/A | 12/21 | N/A | 211 | 491 | (7)(32) | |||||||||||||||||||||
8,447 | 8,550 | 8,890 | |||||||||||||||||||||||||
OAC Holdings I Corp 1401 Valley View Lane, Suite 100 Irving, TX 75061 | Automotive | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.5% Cash | 3/22 | 3/29 | 3,566 | 3,519 | 3,549 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.00%, 10.5% Cash | 3/22 | 3/28 | 313 | 296 | 306 | (7)(8)(13)(31) | ||||||||||||||||||||
3,879 | 3,815 | 3,855 | |||||||||||||||||||||||||
Ocelot Holdco LLC 4202 Chance Ln Rosharon, TX 77583 | Construction Machinery | Super Senior Takeback Loan | 10.0% Cash | 10/23 | 10/27 | 549 | 549 | 549 | (7)(8) | ||||||||||||||||||
Takeback Term Loan | 10.0% Cash | 10/23 | 10/27 | 2,933 | 2,933 | 2,933 | (7)(8) | ||||||||||||||||||||
Preferred Stock (8,550.57 shares) | 15.0% PIK | 10/23 | N/A | 1,562 | 2,179 | (7)(32) | |||||||||||||||||||||
Common Stock (186.67 shares) | N/A | 10/23 | N/A | — | — | (7)(30)(32) | |||||||||||||||||||||
3,482 | 5,044 | 5,661 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Ocular Therapeutix, Inc. 15 Crosby Drive Bedford, MA 01730 | Pharmaceuticals | First Lien Senior Secured Term Loan | SOFR + 6.75%, 12.1% Cash | 8/23 | 7/29 | $3,930 | $3,825 | $4,802 | (3)(7)(8)(12) | ||||||||||||||||||
3,930 | 3,825 | 4,802 | |||||||||||||||||||||||||
Offen Inc. 5100 E 78th Avenue Commerce City, CO, 80022 | Transportation: Cargo | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.5% Cash | 2/22 | 6/26 | 3,723 | 3,686 | 3,704 | (7)(14)(29) | ||||||||||||||||||
3,723 | 3,686 | 3,704 | |||||||||||||||||||||||||
OG III B.V. Toermalijnstraat 12c 1812 RL Alkmaar, The Netherlands | Containers & Glass Products | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.4% Cash | 6/21 | 6/28 | 3,394 | 3,689 | 3,326 | (3)(7)(8)(10) | ||||||||||||||||||
3,394 | 3,689 | 3,326 | |||||||||||||||||||||||||
Options Technology Ltd. 5th Floor, 50 Pall Mall St. James, London, SW1Y 5JH, United Kingdom | Computer Services | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.2% Cash | 12/19 | 12/25 | 2,255 | 2,243 | 2,251 | (3)(7)(8)(14) | ||||||||||||||||||
2,255 | 2,243 | 2,251 | |||||||||||||||||||||||||
Oracle Vision Bidco Limited 1-6 Star Building, Broughton Business Park, Fulwood, Preston, PR2 9WT | Healthcare | First Lien Senior Secured Term Loan | SONIA + 4.75%, 10.0% Cash | 6/21 | 5/28 | 2,893 | 3,168 | 2,893 | (3)(7)(8)(17) | ||||||||||||||||||
2,893 | 3,168 | 2,893 | |||||||||||||||||||||||||
Origin Bidco Limited 250 Fowler Avenue, Farnborough, Hampshire, GU14 7JP, United Kingdom | Technology | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.0% Cash | 6/21 | 6/28 | 317 | 354 | 317 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.7% Cash | 6/21 | 6/28 | 533 | 524 | 533 | (3)(7)(8)(13) | ||||||||||||||||||||
850 | 878 | 850 | |||||||||||||||||||||||||
ORTEC INTERNATIONAL NEWCO B.V. Houtsingel 5 2719 EA, Zoetermeer, The Netherlands | Technology | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.7% Cash | 12/23 | 12/30 | 980 | 974 | 960 | (3)(7)(8)(10) | ||||||||||||||||||
980 | 974 | 960 | |||||||||||||||||||||||||
OSP Hamilton Purchaser, LLC 6950 W Morelos Pl Ste 1 Chandler, AZ, 85226-4218 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 12/21 | 12/29 | 13,132 | 12,933 | 12,924 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.4% Cash | 3/23 | 12/29 | 919 | 823 | 835 | (7)(8)(13)(31) | ||||||||||||||||||||
Revolver | SOFR + 5.00%, 10.4% Cash | 12/21 | 12/29 | — | (20) | (18) | (7)(8)(13)(31) | ||||||||||||||||||||
LP Units (173,749 units) | N/A | 7/22 | N/A | 174 | 162 | (7)(32) | |||||||||||||||||||||
14,051 | 13,910 | 13,903 | |||||||||||||||||||||||||
Panoche Energy Center LLC 3883 West Panoche Road Firebaugh, CA 93622 | Electric | First Lien Senior Secured Bond | 6.9% Cash | 7/22 | 7/29 | 4,044 | 3,712 | 3,907 | |||||||||||||||||||
4,044 | 3,712 | 3,907 | |||||||||||||||||||||||||
Pare SAS (SAS Maurice MARLE) BP 46, ZI rue Lavoisier F-52800 Nogent France | Health Care Equipment | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.0% Cash, 0.8% PIK | 12/19 | 12/26 | 2,772 | 2,859 | 2,772 | (3)(7)(8)(11) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 11/22 | 10/26 | 1,500 | 1,500 | 1,500 | (3)(7)(8)(13) | ||||||||||||||||||||
4,272 | 4,359 | 4,272 | |||||||||||||||||||||||||
Parkview Dental Holdings LLC 7442 N Tamiami Trail Sarasota, FL 34243 | Healthcare | First Lien Senior Secured Term Loan | SOFR + 8.30%, 13.6% Cash | 10/23 | 10/29 | 624 | 607 | 610 | (7)(8)(13) | ||||||||||||||||||
LLC Units (29,762 units) | N/A | 10/23 | N/A | — | 298 | 243 | (7)(30)(32) | ||||||||||||||||||||
624 | 905 | 853 | |||||||||||||||||||||||||
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%, 10.6% Cash | 2/20 | 2/26 | 2,116 | 2,134 | 2,082 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.75%, 12.3% Cash | 2/20 | 2/26 | 2,628 | 2,606 | 2,586 | (3)(7)(8)(13) | ||||||||||||||||||||
4,744 | 4,740 | 4,668 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
PDQ.Com Corporation 2200 South Main STE 200 South Salt Lake, UT 84115 | Business Equipment & Services | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.0% Cash | 10/23 | 10/25 | $— | $(32) | $— | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.0% Cash | 10/23 | 8/27 | 3,015 | 2,964 | 3,015 | (7)(8)(13) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 8/21 | 12/24 | 4,457 | 4,358 | 4,457 | (7)(8)(12) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 8/21 | 8/27 | 7,357 | 7,268 | 7,357 | (7)(8)(12)(31) | ||||||||||||||||||||
Class A-2 Partnership Units (28.8 units) | N/A | 8/21 | N/A | 29 | 47 | (7)(32) | |||||||||||||||||||||
14,829 | 14,587 | 14,876 | |||||||||||||||||||||||||
Perimeter Master Note Business Trust 3993 Howard Hughes Pkwy Ste 250 Las Vegas, NV 89169-6754 | Credit Card ABS | Structured Secured Note - Class A | 4.7% Cash | 5/22 | 11/28 | 182 | 182 | 177 | (3)(7) | ||||||||||||||||||
Structured Secured Note - Class B | 5.4% Cash | 5/22 | 11/28 | 182 | 182 | 178 | (3)(7) | ||||||||||||||||||||
Structured Secured Note - Class C | 5.9% Cash | 5/22 | 11/28 | 182 | 182 | 177 | (3)(7) | ||||||||||||||||||||
Structured Secured Note - Class D | 8.5% Cash | 5/22 | 11/28 | 182 | 182 | 176 | (3)(7) | ||||||||||||||||||||
Structured Secured Note - Class E | 11.4% Cash | 5/22 | 11/28 | 9,274 | 9,274 | 8,980 | (3)(7) | ||||||||||||||||||||
10,002 | 10,002 | 9,688 | |||||||||||||||||||||||||
Permaconn BidCo Pty Ltd Parramatta, NSW 2116 Australia | Tele-communications | First Lien Senior Secured Term Loan | BBSY + 6.25%, 10.7% Cash | 12/21 | 7/29 | 2,736 | 2,705 | 2,654 | (3)(7)(8)(19) | ||||||||||||||||||
2,736 | 2,705 | 2,654 | |||||||||||||||||||||||||
Polara Enterprises, L.L.C. 1497 CR 2178 Greenville, TX 75402 | Capital Equipment | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.2% Cash | 12/21 | 12/27 | 1,038 | 1,024 | 1,038 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 4.75%, 10.2% Cash | 12/21 | 12/27 | — | (6) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Partnership Units (7,409 units) | N/A | 12/21 | N/A | 741 | 1,225 | (7)(32) | |||||||||||||||||||||
1,038 | 1,759 | 2,263 | |||||||||||||||||||||||||
Policy Services Company, LLC 11575 Heron Bay Blvd Coral Springs, FL, 33076-3304 | Property & Casualty Insurance | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.3% Cash, 4.0% PIK | 12/21 | 6/26 | 52,394 | 51,702 | 51,703 | (7)(8)(13) | ||||||||||||||||||
Warrants - Class A (2.55830 units) | N/A | 12/21 | N/A | — | 1,304 | (7)(30)(32) | |||||||||||||||||||||
Warrants - Class B (0.86340 units) | N/A | 12/21 | N/A | — | 440 | (7)(30)(32) | |||||||||||||||||||||
Warrants - Class CC (0.08870 units) | N/A | 12/21 | N/A | — | — | (7)(30)(32) | |||||||||||||||||||||
Warrants - Class D (0.24710 units) | N/A | 12/21 | N/A | — | 126 | (7)(30)(32) | |||||||||||||||||||||
52,394 | 51,702 | 53,573 | |||||||||||||||||||||||||
Polymer Solutions Group Holdings, LLC 180 Burlington Road, Rome, GA 30161 | Chemicals, Plastics & Rubber | First Lien Senior Secured Term Loan | SOFR + 7.00%, 12.4% Cash | 2/22 | 8/24 | 993 | 993 | 794 | (7)(8)(12)(29) | ||||||||||||||||||
Common Stock (74 shares) | N/A | 2/22 | N/A | — | — | (7)(30)(32) | |||||||||||||||||||||
993 | 993 | 794 | |||||||||||||||||||||||||
Premium Franchise Brands, LLC Flemming Court, 11-14 Whistler Dr, Castleford WF10 5HW United Kingdom | Research & Consulting Services | First Lien Senior Secured Term Loan | SOFR + 6.25%, 12.1% Cash | 12/20 | 12/26 | 10,271 | 10,119 | 9,945 | (7)(8)(13) | ||||||||||||||||||
10,271 | 10,119 | 9,945 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Premium Invest 2520 Northwinds Parkway, Suite 375, Alpharetta, GA 30009 | Brokerage, Asset Managers & Exchanges | First Lien Senior Secured Term Loan | EURIBOR + 6.50%, 10.2% Cash | 6/21 | 12/30 | $9,056 | $8,861 | $8,885 | (3)(7)(8)(11)(31) | ||||||||||||||||||
9,056 | 8,861 | 8,885 | |||||||||||||||||||||||||
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 + 5.67%, 11.0% Cash | 8/21 | 7/28 | 2,789 | 2,735 | 2,772 | (3)(7)(8)(14) | ||||||||||||||||||
2,789 | 2,735 | 2,772 | |||||||||||||||||||||||||
Process Equipment, Inc. (ProcessBarron) 2770 Welborn St Pelham, AL 35124 | Industrial Air & Material Handling Equipment | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.7% Cash | 3/19 | 9/26 | 5,389 | 5,376 | 5,260 | (7)(8)(13) | ||||||||||||||||||
5,389 | 5,376 | 5,260 | |||||||||||||||||||||||||
Process Insights Acquisition, Inc. 14400 Hollister Street Suite 800B Houston, TX 77066 | Electronics | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 7/23 | 7/25 | — | (12) | — | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 7/23 | 7/29 | 5,304 | 5,187 | 5,304 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 6.25%, 11.6% Cash | 7/23 | 7/29 | 304 | 283 | 304 | (7)(8)(13)(31) | ||||||||||||||||||||
Common Stock (281 shares) | N/A | 7/23 | N/A | 281 | 300 | (7)(30)(32) | |||||||||||||||||||||
5,608 | 5,739 | 5,908 | |||||||||||||||||||||||||
ProfitOptics, LLC 4050 Innslake Dr #375, Glen Allen, VA 23060 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 3/22 | 3/28 | 1,621 | 1,600 | 1,621 | (7)(8)(14) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 3/22 | 3/28 | 363 | 357 | 363 | (7)(8)(14)(31) | ||||||||||||||||||||
Senior Subordinated Term Loan | 8.0% Cash | 3/22 | 3/29 | 81 | 81 | 73 | (7) | ||||||||||||||||||||
LLC Units (241,935.48 units) | N/A | 3/22 | N/A | 161 | 194 | (7)(30)(32) | |||||||||||||||||||||
2,065 | 2,199 | 2,251 | |||||||||||||||||||||||||
Proppants Holding, LLC 100 W Matsonford Rd Ste 101 Radnor, PA, 19087-4558 | Energy: Oil & Gas | LLC Units (1,506,254 units) | N/A | 2/22 | N/A | — | — | (7)(29)(32) | |||||||||||||||||||
— | — | ||||||||||||||||||||||||||
Protego Bidco B.V. G. van der Muelenweg 3, 7443 RE Nijverdal, Netherlands | Aerospace & Defense | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 10.7% Cash | 3/21 | 3/28 | 1,751 | 1,878 | 1,751 | (3)(7)(8)(11)(31) | ||||||||||||||||||
Revolver | EURIBOR + 6.50%, 10.4% Cash | 3/21 | 3/27 | 2,099 | 2,286 | 2,099 | (3)(7)(8)(11) | ||||||||||||||||||||
3,850 | 4,164 | 3,850 | |||||||||||||||||||||||||
PSP Intermediate 4, LLC Kaiserstrasse 117/17 1070 Vienna Austria | Technology | First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.6% Cash | 5/22 | 5/29 | 876 | 844 | 851 | (3)(7)(8)(10)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 5/22 | 5/29 | 1,411 | 1,393 | 1,378 | (3)(7)(8)(13) | ||||||||||||||||||||
2,287 | 2,237 | 2,229 | |||||||||||||||||||||||||
QPE7 SPV1 BidCo Pty Ltd 14/100 Creek St Brisbane City, QLD 4000 Australia | Consumer Cyclical | First Lien Senior Secured Term Loan | BBSY + 3.75%, 8.1% Cash | 9/21 | 9/26 | 1,842 | 1,973 | 1,826 | (3)(7)(8)(18) | ||||||||||||||||||
1,842 | 1,973 | 1,826 | |||||||||||||||||||||||||
Qualified Industries, LLC 165 Madison Avenue Suite 601 New York, NY 10016 | Consumer Cyclical | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 3/23 | 3/29 | 598 | 583 | 597 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 3/23 | 3/29 | — | (6) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Preferred Stock (148 shares) | 10.0% PIK | 3/23 | N/A | 144 | 167 | (7)(30)(32) | |||||||||||||||||||||
Common Stock (303,030 shares) | N/A | 3/23 | N/A | 3 | 91 | (7)(30)(32) | |||||||||||||||||||||
598 | 724 | 855 | |||||||||||||||||||||||||
Questel Unite 1 boulevard de la Madeleine, 75001 Paris France | Business Services | First Lien Senior Secured Term Loan | SOFR + 4.00%, 9.3% Cash | 12/20 | 12/27 | 7,059 | 7,002 | 7,051 | (3)(7)(8)(13) | ||||||||||||||||||
7,059 | 7,002 | 7,051 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
R1 Holdings, LLC 1 Kellaway Drive Randolph, MA 02368 | Transportation | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 12/22 | 12/28 | $6,142 | $5,935 | $6,126 | (7)(8)(14)(31) | ||||||||||||||||||
Revolver | SOFR + 6.25%, 11.6% Cash | 12/22 | 12/28 | 126 | 70 | 122 | (7)(8)(14)(31) | ||||||||||||||||||||
6,268 | 6,005 | 6,248 | |||||||||||||||||||||||||
RA Outdoors, LLC 717 N Harwood St Suite 2400 Dallas, TX 75201 | High Tech Industries | First Lien Senior Secured Term Loan | SOFR + 6.75%, 12.1% Cash | 2/22 | 4/26 | 12,917 | 12,658 | 12,723 | (7)(8)(12)(29) | ||||||||||||||||||
Revolver | SOFR + 6.75%, 10.2% Cash | 2/22 | 4/26 | 1,235 | 1,235 | 1,216 | (7)(8)(12)(29) | ||||||||||||||||||||
14,152 | 13,893 | 13,939 | |||||||||||||||||||||||||
Randys Holdings, Inc. 10411 Airport Road Suite 200 Everett, WA 98204 | Automobile Manufacturers | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.5% Cash | 11/22 | 11/25 | 627 | 610 | 627 | (7)(8)(14)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.5% Cash | 11/22 | 11/28 | 10,061 | 9,824 | 10,061 | (7)(8)(14) | ||||||||||||||||||||
Revolver | SOFR + 6.25%, 11.5% Cash | 11/22 | 11/28 | 350 | 309 | 350 | (7)(8)(13)(31) | ||||||||||||||||||||
Partnership Units (5,333 units) | N/A | 11/22 | N/A | 533 | 549 | (7)(30)(32) | |||||||||||||||||||||
11,038 | 11,276 | 11,587 | |||||||||||||||||||||||||
Recovery Point Systems, Inc. 75 W Watkins Mill Rd Gaithersburg, MD 20878 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 8/20 | 7/26 | 11,353 | 11,262 | 11,353 | (7)(8)(13) | ||||||||||||||||||
Partnership Equity (187,235 units) | N/A | 3/21 | N/A | 187 | 90 | (7)(30)(32) | |||||||||||||||||||||
11,353 | 11,449 | 11,443 | |||||||||||||||||||||||||
Renovation Parent Holdings, LLC 217 N Seminary St Florence, AL 35630 | Home Furnishings | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 11/21 | 11/27 | 4,733 | 4,662 | 4,250 | (7)(8)(13) | ||||||||||||||||||
Partnership Equity (197,368.42 units) | N/A | 11/21 | N/A | 197 | 65 | (7)(30)(32) | |||||||||||||||||||||
4,733 | 4,859 | 4,315 | |||||||||||||||||||||||||
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%, 8.7% Cash | 6/22 | 12/26 | 9,477 | 9,189 | 6,690 | (7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.5% Cash | 12/20 | 12/26 | 1,995 | 1,973 | 1,408 | (7)(8)(13) | ||||||||||||||||||||
First-Out Revolver | SOFR + 8.00%, 13.6% Cash | 6/24 | 12/26 | — | (4) | (4) | (7)(8)(13)(31) | ||||||||||||||||||||
11,472 | 11,158 | 8,094 | |||||||||||||||||||||||||
Resolute Investment Managers, Inc. 220 E. Las Colinas Blvd., Suite 1200 Irving, TX 75039 | Banking, Finance, Insurance & Real Estate | Common Stock (38,571 shares) | N/A | 3/24 | N/A | — | — | (7)(29)(30)(32) | |||||||||||||||||||
— | — | ||||||||||||||||||||||||||
Rhondda Financing No. 1 DAC 71 Queen Victoria Street London EC4V 4AY England, United Kingdom | Finance Companies | Structured - Junior Note | N/A | 1/24 | 1/33 | 28,396 | 27,950 | 28,944 | (3)(7)(31) | ||||||||||||||||||
28,396 | 27,950 | 28,944 | |||||||||||||||||||||||||
Riedel Beheer B.V. Breloftpark 11 2201 TC, Noordwijk ZH, ZUID-Holland Netherlands | Food & Beverage | First Lien Senior Secured Term Loan | EURIBOR + 6.25%, 10.0% Cash | 12/21 | 12/28 | 2,223 | 2,260 | 2,011 | (3)(7)(8)(10) | ||||||||||||||||||
2,223 | 2,260 | 2,011 | |||||||||||||||||||||||||
Rock Labor LLC 34 E Butler Avenue, 3rd Floor, Ambler, PA 19002 | Media: Diversified & Production | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 9/23 | 9/29 | 6,571 | 6,392 | 6,505 | (7)(8)(14) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 9/23 | 9/29 | — | (29) | (11) | (7)(8)(14)(31) | ||||||||||||||||||||
LLC Units (233,871 units) | N/A | 9/23 | N/A | 1,252 | 1,408 | (7)(30)(32) | |||||||||||||||||||||
6,571 | 7,615 | 7,902 | |||||||||||||||||||||||||
Royal Buyer, LLC 751 Canyon Dr., Ste. 100 Coppell, TX 75019 | Industrial Other | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.3% Cash | 8/22 | 8/28 | 7,828 | 7,708 | 7,730 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 6.00%, 11.3% Cash | 8/22 | 8/28 | — | (26) | (21) | (7)(8)(13)(31) | ||||||||||||||||||||
7,828 | 7,682 | 7,709 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
RPX Corporation 4 Embarcadero Center Suite 4000 San Francisco, CA 94111 | Research & Consulting Services | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 10/20 | 10/25 | $4,394 | $4,360 | $4,394 | (7)(8)(13) | ||||||||||||||||||
4,394 | 4,360 | 4,394 | |||||||||||||||||||||||||
RTIC Subsidiary Holdings, LLC 3900 Peek Rd Katy, TX 77449 | Consumer Goods: Durable | Class A Preferred Stock (145.347 shares | N/A | 2/22 | N/A | 4 | — | (7)(29)(30)(32) | |||||||||||||||||||
Class B Preferred Stock (145.347 shares | N/A | 2/22 | N/A | — | — | (7)(29)(30)(32) | |||||||||||||||||||||
Class C Preferred Stock 7,844.03 shares | N/A | 2/22 | N/A | 450 | 66 | (7)(29)(30)(32) | |||||||||||||||||||||
Common Stock (153 shares) | N/A | 2/22 | N/A | — | — | (7)(29)(30)(32) | |||||||||||||||||||||
454 | 66 | ||||||||||||||||||||||||||
Ruffalo Noel Levitz, LLC 1025 Kirkwood Pkwy SW Cedar Rapids, IA 52404 | Media Services | First Lien Senior Secured Term Loan | SOFR + 2.25%, 7.2% Cash, 0.5% PIK | 1/19 | 12/26 | 9,665 | 9,665 | 8,660 | (7)(8)(13) | ||||||||||||||||||
9,665 | 9,665 | 8,660 | |||||||||||||||||||||||||
Russell Investments US Institutional Holdco, Inc. 1301 Second Avenue 18th Floor Seattle, WA 98101 | Capital Markets | First Lien Senior Secured Term Loan | SOFR + 5.00%, 8.8% Cash, 1.5% PIK | 4/24 | 5/27 | 520 | 486 | 504 | (7)(8)(13) | ||||||||||||||||||
520 | 486 | 504 | |||||||||||||||||||||||||
Safety Products Holdings, LLC 1897 Vanderhorn Dr. Memphis, TN 38134 | Non-durable Consumer Goods | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.5% Cash | 12/20 | 12/26 | 11,705 | 11,585 | 11,693 | (7)(8)(13) | ||||||||||||||||||
Preferred Stock (378.7 shares) | N/A | 12/20 | N/A | 380 | 488 | (7)(30)(32) | |||||||||||||||||||||
11,705 | 11,965 | 12,181 | |||||||||||||||||||||||||
Sanoptis S.A.R.L. 53, Boulevard Royal LU-2449 Luxembourg | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan | SARON + 5.75%, 7.2% Cash | 6/22 | 7/29 | 1,806 | 1,648 | 1,759 | (3)(7)(8)(25) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.5% Cash | 6/22 | 7/29 | 1,944 | 1,784 | 1,894 | (3)(7)(8)(10)(31) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 5.75%, 9.6% Cash | 6/22 | 7/29 | 507 | 482 | 494 | (3)(7)(8)(10) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 10.5% Cash | 6/22 | 7/29 | 1,527 | 1,502 | 1,487 | (3)(7)(8)(10) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SARON + 5.75%, 7.2% Cash | 6/22 | 7/29 | 242 | 253 | 236 | (3)(7)(8)(25) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SARON + 6.75%, 8.2% Cash | 6/22 | 7/29 | 547 | 539 | 544 | (3)(7)(8)(25) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SARON + 6.75%, 8.4% Cash | 6/22 | 7/29 | 48 | 49 | 47 | (3)(7)(8)(25) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SARON + 6.75%, 8.5% Cash | 6/22 | 7/29 | 287 | 288 | 285 | (3)(7)(8)(25) | ||||||||||||||||||||
6,908 | 6,545 | 6,746 | |||||||||||||||||||||||||
SBP Holdings LP 10704 Composite Drrive Dallas, TX 75220 | Industrial Other | First Lien Senior Secured Term Loan | SOFR + 6.75%, 12.1% Cash | 3/23 | 3/28 | 13,773 | 13,394 | 13,773 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 6.75%, 12.1% Cash | 3/23 | 3/28 | 284 | 254 | 284 | (7)(8)(13)(31) | ||||||||||||||||||||
14,057 | 13,648 | 14,057 | |||||||||||||||||||||||||
Scaled Agile, Inc. 5400 Airport Blvd. Suite 300 Boulder, CO 80301 | Research & Consulting Services | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 12/21 | 12/28 | 1,793 | 1,771 | 1,639 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.9% Cash | 12/21 | 12/28 | 157 | 153 | 128 | (7)(8)(13)(31) | ||||||||||||||||||||
1,950 | 1,924 | 1,767 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Scout Bidco B.V. Maidstone 56. Tilburg 5026 SK | Diversified Manufacturing | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 9.3% Cash | 5/22 | 5/29 | $3,424 | $3,356 | $3,362 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 8/23 | 5/29 | 443 | 443 | 435 | (3)(7)(8)(13) | ||||||||||||||||||||
Revolver | EURIBOR + 5.50%, 9.3% Cash | 5/22 | 5/29 | 414 | 405 | 395 | (3)(7)(8)(10)(31) | ||||||||||||||||||||
4,281 | 4,204 | 4,192 | |||||||||||||||||||||||||
Sereni Capital NV Jan van Gentstraat 7 PB 402 2000, Antwerpen Belgium | Consumer Cyclical | First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.8% Cash | 5/22 | 5/29 | 492 | 482 | 481 | (3)(7)(8)(11) | ||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 6.00%, 9.9% Cash | 5/22 | 5/29 | 469 | 443 | 458 | (3)(7)(8)(11) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 10.5% Cash | 5/22 | 5/29 | 1,577 | 1,561 | 1,574 | (3)(7)(8)(11) | ||||||||||||||||||||
2,538 | 2,486 | 2,513 | |||||||||||||||||||||||||
Serta Simmons Bedding LLC 1 Concourse Parkway, ste. 800 Atlanta, GA 30328 | Home Furnishings | Common Stock (109,127 shares) | SOFR + , Cash | 45466 | N/A | 1,630 | 709 | (30)(32) | |||||||||||||||||||
1,630 | 709 | ||||||||||||||||||||||||||
Shelf Bidco Ltd. Waterloo House Pembroke Bermuda | Other Financial | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.7% Cash | 12/22 | 1/30 | 34,539 | 33,631 | 35,230 | (3)(7)(8)(13) | ||||||||||||||||||
Common Stock (1,200,000 shares) | N/A | 12/22 | N/A | 1,200 | 2,952 | (3)(7)(30)(32) | |||||||||||||||||||||
34,539 | 34,831 | 38,182 | |||||||||||||||||||||||||
Sinari Invest 4 A Av. des Peupliers 35510 Cesson-Sévigné France | Technology | First Lien Senior Secured Term Loan | EURIBOR + 5.50%, 9.2% Cash | 7/23 | 7/30 | 1,824 | 1,808 | 1,778 | (3)(7)(8)(10)(31) | ||||||||||||||||||
1,824 | 1,808 | 1,778 | |||||||||||||||||||||||||
SISU ACQUISITIONCO., INC. 3060 SW 2nd Avenue, Fort Lauderdale, FL 33315 | Aerospace & Defense | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 12/20 | 12/26 | 7,334 | 7,257 | 6,889 | (7)(8)(12)(31) | ||||||||||||||||||
7,334 | 7,257 | 6,889 | |||||||||||||||||||||||||
Smartling, Inc. 1375 Broadway 14th Floor New York, NY 10018 | Technology | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.9% Cash | 11/21 | 11/27 | 10,491 | 10,364 | 10,491 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 4.50%, 9.9% Cash | 11/21 | 11/27 | — | (13) | — | (7)(8)(12)(31) | ||||||||||||||||||||
10,491 | 10,351 | 10,491 | |||||||||||||||||||||||||
SmartShift Group, Inc. 745 Atlantic Ave Boston, MA 02111 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 9/23 | 9/29 | 9,561 | 9,304 | 9,561 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.1% Cash | 9/23 | 9/29 | — | (36) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Common Stock (275 shares) | N/A | 9/23 | N/A | 275 | 409 | (7)(30)(32) | |||||||||||||||||||||
9,561 | 9,543 | 9,970 | |||||||||||||||||||||||||
Smile Brands Group Inc. 100 Spectrum Center Drive Suite 1500 Irvine, CA 92618 | Health Care Services | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.9% Cash, 1.0% PIK | 10/18 | 10/27 | 4,478 | 4,476 | 4,075 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.9% Cash, 1.0% PIK | 12/20 | 10/27 | 609 | 608 | 554 | (7)(8)(13) | ||||||||||||||||||||
5,087 | 5,084 | 4,629 | |||||||||||||||||||||||||
Solo Buyer, L.P. 2700 Camino Ramon Suite 400 San Ramon, CA 94583 | Technology | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.6% Cash | 12/22 | 12/29 | 15,411 | 15,089 | 15,319 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 6.25%, 11.6% Cash | 12/22 | 12/28 | 399 | 362 | 387 | (7)(8)(13)(31) | ||||||||||||||||||||
Partnership Units (516,399 units) | N/A | 12/22 | N/A | 516 | 516 | (7)(30)(32) | |||||||||||||||||||||
15,810 | 15,967 | 16,222 | |||||||||||||||||||||||||
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 0.00% | 2/22 | 7/31 | 4,489 | 1,389 | 238 | (3)(29)(30) | ||||||||||||||||||
4,489 | 1,389 | 238 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Sparus Holdings, LLC (f/k/a Sparus Holdings, Inc.) 192 Technology Parkway Suite 500 Peachtree Corners, GA 30092 | Other Utility | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 11/22 | 3/27 | $1,649 | $1,624 | $1,612 | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 11/22 | 5/25 | 430 | 420 | 415 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 5.25%, 10.6% Cash | 11/22 | 3/27 | — | (2) | (3) | (7)(8)(13)(31) | ||||||||||||||||||||
2,079 | 2,042 | 2,024 | |||||||||||||||||||||||||
Spatial Business Systems LLC 1890 West Littleton Boulevard Littleton, CO 80120 | Electric | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 10/22 | 10/28 | 11,600 | 11,351 | 11,459 | (7)(8)(12)(31) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 10/22 | 10/28 | — | (25) | (15) | (7)(8)(12)(31) | ||||||||||||||||||||
11,600 | 11,326 | 11,444 | |||||||||||||||||||||||||
SSCP Pegasus Midco Limited 654 The Crescent, Colchester, Essex, England, CO4 9YQ | Healthcare & Pharmaceuticals | First Lien Senior Secured Term Loan | SONIA + 6.00%, 11.3% Cash | 12/20 | 11/27 | 4,041 | 4,104 | 4,041 | (3)(7)(8)(16)(31) | ||||||||||||||||||
4,041 | 4,104 | 4,041 | |||||||||||||||||||||||||
SSCP Spring Bidco 3 Limited Atria, Spa Road, Bolton, United Kingdom, BL1 4AG | Healthcare | First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.7% Cash | 11/23 | 11/30 | 968 | 933 | 945 | (3)(7)(8)(17) | ||||||||||||||||||
968 | 933 | 945 | |||||||||||||||||||||||||
Starnmeer B.V. 77 Robinson Road, # 13-00 Singapore 068896 | Technology | First Lien Senior Secured Term Loan | SOFR + 6.00%, 10.7% Cash | 10/21 | 10/28 | 2,500 | 2,479 | 2,500 | (3)(7)(8)(14) | ||||||||||||||||||
2,500 | 2,479 | 2,500 | |||||||||||||||||||||||||
Superjet Buyer, LLC 6453 Kaiser Drive Fremont, CA 94555 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 12/21 | 12/27 | 17,507 | 17,159 | 17,062 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.9% Cash | 12/21 | 12/27 | — | (33) | (49) | (7)(8)(12)(31) | ||||||||||||||||||||
17,507 | 17,126 | 17,013 | |||||||||||||||||||||||||
SVI International LLC 155 Harvestore Dr DeKalb, IL 60115 | Automotive | First Lien Senior Secured Term Loan | SOFR + 6.75%, 12.1% Cash | 3/24 | 3/30 | 644 | 630 | 631 | (7)(8)(12)(31) | ||||||||||||||||||
Revolver | SOFR + 6.75%, 12.1% Cash | 3/24 | 3/30 | — | (1) | (1) | (7)(8)(12)(31) | ||||||||||||||||||||
LLC Units (207,921 units) | N/A | 3/24 | N/A | 208 | 200 | (7)(30)(32) | |||||||||||||||||||||
644 | 837 | 830 | |||||||||||||||||||||||||
Syniverse Holdings, Inc. 8125 Highwoods Palm Way Tampa, FL 33647 | Technology Distributors | Series A Preferred Equity (7,575,758 units) | 12.5% PIK | 5/22 | N/A | 9,560 | 9,318 | (7)(32) | |||||||||||||||||||
9,560 | 9,318 | ||||||||||||||||||||||||||
TA SL Cayman Aggregator Corp. 1730 Minor Avenue Suite 1400 Seattle, WA 98101 | Technology | Subordinated Term Loan | 7.8% PIK | 7/21 | 7/28 | 2,613 | 2,589 | 2,569 | (7) | ||||||||||||||||||
Common Stock (1,589 shares) | N/A | 7/21 | N/A | 50 | 77 | (7)(30)(32) | |||||||||||||||||||||
2,613 | 2,639 | 2,646 | |||||||||||||||||||||||||
Tank Holding Corp 4700 Fremont Street Lincoln, Nebraska, 68504 | Metal & Glass Containers | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 3/22 | 3/28 | 7,943 | 7,819 | 7,830 | (7)(8)(12) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.4% Cash | 5/23 | 3/28 | 2,551 | 2,477 | 2,533 | (7)(8)(12)(31) | ||||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 3/22 | 3/28 | — | (12) | (12) | (7)(8)(12)(31) | ||||||||||||||||||||
10,494 | 10,284 | 10,351 | |||||||||||||||||||||||||
Tanqueray Bidco Limited Sentinel House, Harvest Crescent Ancells Business Park Fleet GU51 2UZ England, United Kingdom | Technology | First Lien Senior Secured Term Loan | SONIA + 5.50%, 10.7% Cash | 11/22 | 11/25 | — | (12) | — | (3)(7)(8)(16)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 5.50%, 10.7% Cash | 11/22 | 11/29 | 1,715 | 1,521 | 1,715 | (3)(7)(8)(16) | ||||||||||||||||||||
1,715 | 1,509 | 1,715 | |||||||||||||||||||||||||
Team Air Distributing, LLC 1473 Amherst Rd Knoxville, TN 37909 | Consumer Cyclical | Subordinated Term Loan | 12.0% Cash | 5/23 | 5/28 | 600 | 589 | 593 | (7) | ||||||||||||||||||
Partnership Equity (400,000 units) | N/A | 5/23 | N/A | 400 | 416 | (7)(30)(32) | |||||||||||||||||||||
600 | 989 | 1,009 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Technology Service Stream BidCo Pty Ltd Level 4, 357 Collins Street Melbourne VIC 3000 Australia | Technology | First Lien Senior Secured Term Loan | BBSY + 5.50% 10.0% Cash | 6/24 | 1/30 | $— | $(7) | $(7) | (3)(7)(8)(20)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | BBSY + 5.50% 10.0% Cash | 6/24 | 7/30 | 753 | 730 | 732 | (3)(7)(8)(20)(31) | ||||||||||||||||||||
753 | 723 | 725 | |||||||||||||||||||||||||
Techone B.V. Westblaak 100, Rotterdam, 3012KM, NL | Technology | First Lien Senior Secured Term Loan | EURIBOR + 5.40%, 9.1% Cash | 11/21 | 11/28 | 3,766 | 3,809 | 3,709 | (3)(7)(8)(10) | ||||||||||||||||||
Revolver | EURIBOR + 5.40%, 9.1% Cash | 11/21 | 5/28 | — | (25) | (8) | (3)(7)(8)(10)(31) | ||||||||||||||||||||
3,766 | 3,784 | 3,701 | |||||||||||||||||||||||||
Tencarva Machinery Company, LLC 1115 Pleasant Ridge Road Greensboro, N.C. 27409 | Capital Equipment | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.5% Cash | 12/21 | 12/27 | $8,514 | $8,402 | $8,344 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.00%, 10.5% Cash | 12/21 | 12/27 | — | (18) | (29) | (7)(8)(13)(31) | ||||||||||||||||||||
8,514 | 8,384 | 8,315 | |||||||||||||||||||||||||
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 | 280 | 276 | 262 | (7) | ||||||||||||||||||
Partnership Equity (24,358.97 units) | N/A | 4/22 | N/A | 239 | 139 | (7)(30)(32) | |||||||||||||||||||||
280 | 515 | 401 | |||||||||||||||||||||||||
The Caprock Group, Inc. (aka TA/TCG Holdings, LLC) 800 West Main Street, Suite 1150 Boise, ID 83702 | Brokerage, Asset Managers & Exchanges | First Lien Senior Secured Term Loan | SOFR + 4.25%, 9.6% Cash | 10/21 | 12/27 | 1,825 | 1,804 | 1,825 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 4.25%, 9.7% Cash | 10/21 | 12/27 | 826 | 817 | 826 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR+ 4.25%, 9.7% Cash | 10/21 | 12/27 | — | (8) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Subordinated Term Loan | SOFR + 7.75%, 6.0% Cash, 7.0% PIK | 10/21 | 10/28 | 3,727 | 3,681 | 3,715 | (7)(8)(14) | ||||||||||||||||||||
6,378 | 6,294 | 6,366 | |||||||||||||||||||||||||
The Hilb Group, LLC 6802 Paragon Place, Suite 200, Richmond, Virginia 23230 | Insurance Brokerage | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 12/19 | 12/26 | 11,435 | 11,315 | 11,394 | (7)(8)(12) | ||||||||||||||||||
11,435 | 11,315 | 11,394 | |||||||||||||||||||||||||
The Octave Music Group, Inc. 850 3rd Avenue Suite 15C New York, NY 10022 | Media: Diversified & Production | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 6/24 | 4/29 | 3,611 | 3,611 | 3,611 | (8)(13) | ||||||||||||||||||
Partnership Equity (676,880.98 units) | N/A | 4/22 | N/A | 677 | 2,247 | (7)(32) | |||||||||||||||||||||
3,611 | 4,288 | 5,858 | |||||||||||||||||||||||||
Trader Corporation 405 The West Mall Suite 110 Etobicoke, Ontario M9C 5J1 Canada | Technology | First Lien Senior Secured Term Loan | CORRA + 6.75%, 11.7% Cash | 12/22 | 12/29 | 4,499 | 4,412 | 4,454 | (3)(7)(8)(21) | ||||||||||||||||||
Revolver | CORRA + 6.75%, 11.7% Cash | 12/22 | 12/28 | — | (6) | (3) | (3)(7)(8)(21)(31) | ||||||||||||||||||||
4,499 | 4,406 | 4,451 | |||||||||||||||||||||||||
Transit Technologies LLC 2035 Lakeside Centre Way Suite 125 Knoxville, TN 37922 | Software | First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.5% Cash | 2/20 | 6/25 | 9,250 | 9,209 | 9,250 | (7)(8)(13) | ||||||||||||||||||
9,250 | 9,209 | 9,250 | |||||||||||||||||||||||||
Transportation Insight, LLC 310 Main Avenue Way SE Hickory, NC 28602 | Air Freight & Logistics | First Lien Senior Secured Term Loan | SOFR + 4.50%, 9.9% Cash | 8/18 | 12/24 | 11,054 | 11,045 | 9,452 | (7)(8)(14) | ||||||||||||||||||
11,054 | 11,045 | 9,452 | |||||||||||||||||||||||||
Trident Maritime Systems, Inc 2011 Crystal Drive, Suite 1102, Arlington, VA 22202 | Aerospace & Defense | First Lien Senior Secured Term Loan | SOFR + 5.50%, 11.0% Cash | 2/21 | 2/27 | 15,725 | 15,609 | 15,002 | (7)(8)(13) | ||||||||||||||||||
15,725 | 15,609 | 15,002 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Trintech, Inc. 5600 Granite Parkway Suite 10000 Plano, TX 75024 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 7/23 | 7/29 | $6,929 | $6,745 | $6,769 | (7)(8)(12) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 10.8% Cash | 7/23 | 7/29 | 153 | 139 | 141 | (7)(8)(12)(31) | ||||||||||||||||||||
7,082 | 6,884 | 6,910 | |||||||||||||||||||||||||
True Religion Apparel, Inc. 500 W 190th St. #300. Gardena, California 90248 | Retail | Preferred Unit (2.8 units) | N/A | 2/22 | N/A | — | — | (7)(29)(30)(32) | |||||||||||||||||||
Common Stock (2.71 shares) | N/A | 2/22 | N/A | — | — | (7)(29)(30)(32) | |||||||||||||||||||||
— | — | ||||||||||||||||||||||||||
Trystar, LLC 15765 Acorn Trail Faribault, MN 55021 | Power Distribution Solutions | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.9% Cash | 5/23 | 9/27 | 16,282 | 15,978 | 15,930 | (7)(8)(13) | ||||||||||||||||||
Class A LLC Units (440.97 units) | N/A | 9/18 | N/A | 481 | 954 | (7)(32) | |||||||||||||||||||||
16,282 | 16,459 | 16,884 | |||||||||||||||||||||||||
TSYL Corporate Buyer, Inc. 7590 Fay Ave. Suite 300 La Jolla, CA 92037 | Technology | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.1% Cash | 12/22 | 12/28 | 2,066 | 2,031 | 2,066 | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.00%, 10.3% Cash | 12/23 | 12/28 | 623 | 585 | 623 | (7)(8)(13)(31) | ||||||||||||||||||||
Revolver | SOFR + 4.75%, 10.1% Cash | 12/22 | 12/28 | — | (9) | — | (7)(8)(13)(31) | ||||||||||||||||||||
Partnership Units (4,673 units) | N/A | 12/22 | N/A | 5 | 12 | (7)(30)(32) | |||||||||||||||||||||
2,689 | 2,612 | 2,701 | |||||||||||||||||||||||||
Turbo Buyer, Inc. 25541 Commercentre Drive Suite 100 Lake Forest CA 92630 | Finance Companies | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.3% Cash | 11/21 | 12/25 | 8,225 | 8,162 | 7,921 | (7)(8)(13) | ||||||||||||||||||
8,225 | 8,162 | 7,921 | |||||||||||||||||||||||||
Turnberry Solutions, Inc. 1777 Sentry Pkwy West Veva 14, Suite 401 Blue Bell, PA 19422 | Consumer Cyclical | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 7/21 | 9/26 | 4,899 | 4,854 | 4,899 | (7)(8)(13) | ||||||||||||||||||
4,899 | 4,854 | 4,899 | |||||||||||||||||||||||||
UBC Ledgers Holding AB Norrmalmstorg 14, 111 46 Stockholm, Sweden | Financial Other | First Lien Senior Secured Term Loan | STIBOR + 5.25%, 9.0% Cash | 12/23 | 12/30 | 1,513 | 1,470 | 1,466 | (3)(7)(8)(23)(31) | ||||||||||||||||||
Revolver | STIBOR + 5.25%, 9.0% Cash | 12/23 | 6/24 | — | — | (5) | (3)(7)(8)(23) | ||||||||||||||||||||
1,513 | 1,470 | 1,461 | |||||||||||||||||||||||||
UKFast Leaders Limited UKFast Campus, Birley Fields, Manchester, England, M15 5QJ | Technology | First Lien Senior Secured Term Loan | SONIA + 7.25%, 12.4% Cash | 9/20 | 9/27 | 11,818 | 11,833 | 11,026 | (3)(7)(8)(16) | ||||||||||||||||||
11,818 | 11,833 | 11,026 | |||||||||||||||||||||||||
Union Bidco Limited Maybrook House Second Floor Queensway Halesowen B63 4AH | Healthcare | First Lien Senior Secured Term Loan | SONIA + 5.69%, 11.2% Cash | 6/22 | 6/29 | 927 | 874 | 920 | (3)(7)(8)(16)(31) | ||||||||||||||||||
927 | 874 | 920 | |||||||||||||||||||||||||
United Therapy Holding III GmbH Kennedyallee 78 60596, Frankfurt am Main, Hessen Germany | Healthcare | First Lien Senior Secured Term Loan | EURIBOR + 6.75%, 10.7% Cash | 4/22 | 3/29 | 1,748 | 1,709 | 1,345 | (3)(7)(8)(11)(31) | ||||||||||||||||||
1,748 | 1,709 | 1,345 | |||||||||||||||||||||||||
Unither (Uniholding) Espace Industriel Nord 151 Rue André Durouchez CS 28028 80084 Amiens France | Pharmaceuticals | First Lien Senior Secured Term Loan | EURIBOR + 5.18%, 8.9% Cash | 3/23 | 3/30 | 2,031 | 1,961 | 1,989 | (3)(7)(8)(10)(31) | ||||||||||||||||||
2,031 | 1,961 | 1,989 | |||||||||||||||||||||||||
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 + 5.75%, 11.2% Cash | 11/18 | 5/26 | 10,214 | 10,191 | 10,063 | (7)(8)(12)(31) | ||||||||||||||||||
10,214 | 10,191 | 10,063 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Utac Ceram Autodrome de Linas-Montlhéry Avenue Georges Boillot 91310 Linas, France | Business Services | First Lien Senior Secured Term Loan | EURIBOR + 4.75%, 8.6% Cash, 1.8% PIK | 9/20 | 9/27 | $1,636 | $1,750 | $1,531 | (3)(7)(8)(10) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.25%, 9.1% Cash, 1.8% PIK | 2/21 | 9/27 | 988 | 988 | 924 | (3)(7)(8)(13) | ||||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.75%, 10.6% Cash, 1.8% PIK | 2/21 | 9/27 | 2,592 | 2,555 | 2,426 | (3)(7)(8)(13) | ||||||||||||||||||||
5,216 | 5,293 | 4,881 | |||||||||||||||||||||||||
Validity, Inc. 200 Clarendon Street, 22nd floor Boston, MA 02116 | IT Consulting & Other Services | First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.7% Cash | 7/19 | 5/26 | 4,783 | 4,756 | 4,783 | (7)(8)(12) | ||||||||||||||||||
4,783 | 4,756 | 4,783 | |||||||||||||||||||||||||
Velocity Pooling Vehicle, LLC 651 Canyon Dr Coppell, TX, 75019-3855 | Automotive | Common Stock (5,591 shares) | N/A | 2/22 | N/A | 72 | 3 | (7)(29)(30)(32) | |||||||||||||||||||
Warrants (4,676 units) | N/A | 2/22 | N/A | 60 | 2 | (7)(29)(30)(32) | |||||||||||||||||||||
132 | 5 | ||||||||||||||||||||||||||
Victoria Bidco Limited 47 Market Pl, Henley-on-Thames RG9 2AD, United Kingdom | Industrial Machinery | First Lien Senior Secured Term Loan | SONIA + 6.50%, 11.7% Cash | 3/22 | 1/29 | 3,941 | 4,073 | 3,523 | (3)(7)(8)(16) | ||||||||||||||||||
3,941 | 4,073 | 3,523 | |||||||||||||||||||||||||
Vision Solutions Inc. 15300 Barranca Parkway Suite 100 Irvine, CA 92618. | Business Equipment & Services | Second Lien Senior Secured Term Loan | SOFR + 7.25%, 12.8% Cash | 2/22 | 4/29 | 6,500 | 6,497 | 6,216 | (8)(13)(29) | ||||||||||||||||||
6,500 | 6,497 | 6,216 | |||||||||||||||||||||||||
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 | 3,571 | 3,571 | 3,516 | (7) | ||||||||||||||||||
3,571 | 3,571 | 3,516 | |||||||||||||||||||||||||
Vital Buyer, LLC 227 Fayetteville Street Suite 400 Raleigh, NC 27601 | Technology | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 6/21 | 6/28 | 7,408 | 7,316 | 7,408 | (7)(8)(13) | ||||||||||||||||||
Partnership Units (16,442.9 units) | N/A | 6/21 | N/A | 164 | 304 | (7)(32) | |||||||||||||||||||||
7,408 | 7,480 | 7,712 | |||||||||||||||||||||||||
VOYA CLO 2015-2, LTD. P.O. Box 1093, Boundary Hall, Cricket Square, Grand Cayman KY1-1104 Cayman Islands | Multi-Sector Holdings | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 2/22 | 7/27 | 10,736 | 2,496 | 22 | (3)(29)(30) | ||||||||||||||||||
10,736 | 2,496 | 22 | |||||||||||||||||||||||||
VOYA CLO 2016-2, LTD. P.O. Box 1093, Boundary Hall, Cricket Square, Grand Cayman KY1-1104 Cayman Islands | Multi-Sector Holdings | Subordinated Structured Notes | Residual Interest, current yield 0.00% | 2/22 | 7/28 | 11,088 | 2,561 | 1,090 | (3)(29)(30) | ||||||||||||||||||
11,088 | 2,561 | 1,090 | |||||||||||||||||||||||||
W2O Holdings, Inc. 50 Francisco Street, Suite 400 San Francisco, CA 94133 | Healthcare Technology | First Lien Senior Secured Term Loan | SOFR + 4.75%, 10.0% Cash | 10/20 | 6/26 | 5,857 | 5,851 | 5,756 | (7)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.25%, 10.6% Cash | 10/20 | 6/26 | 2,747 | 2,701 | 2,700 | (7)(8)(13) | ||||||||||||||||||||
8,604 | 8,552 | 8,456 | |||||||||||||||||||||||||
Watermill-QMC Midco, Inc. 28101 Schoolcraft St Livonia, MI 48150 | Automotive | Equity (1.62% Partnership Interest) | N/A | 2/22 | N/A | — | — | (7)(29)(30)(32) | |||||||||||||||||||
— | — | ||||||||||||||||||||||||||
WEST-NR ACQUISITIONCO, LLC 32110 Agoura Road Westlake, CA 91361 | Insurance | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 8/23 | 12/27 | 2,482 | 2,440 | 2,482 | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 8/23 | 2/25 | — | (40) | — | (7)(8)(13) | ||||||||||||||||||||
2,482 | 2,400 | 2,482 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
Wheels Up Experience Inc 601 West 26th Street New York, NY 10001 | Transportation Services | First Lien Senior Secured Term Loan | 12.0% Cash | 9/22 | 10/29 | $9,352 | $9,043 | $8,744 | (7) | ||||||||||||||||||
9,352 | 9,043 | 8,744 | |||||||||||||||||||||||||
Whitcraft Holdings, Inc. 425 Sullivan Avenue South Windsor, CT 06074 | Aerospace & Defense | First Lien Senior Secured Term Loan | SOFR + 5.50%, 10.8% Cash | 2/23 | 6/26 | 664 | 593 | 593 | (7)(8)(13)(31) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 6.50%, 11.8% Cash | 6/24 | 2/29 | 8,590 | 8,305 | 8,590 | (7)(8)(13)(31) | ||||||||||||||||||||
Revolver | SOFR + 7.00%, 11.8% Cash | 2/23 | 2/29 | 1,144 | 1,086 | 1,144 | (7)(8)(12)(31) | ||||||||||||||||||||
LP Units (63,087.10 units) | N/A | 2/23 | N/A | 631 | 821 | (7)(30)(32) | |||||||||||||||||||||
10,398 | 10,615 | 11,148 | |||||||||||||||||||||||||
White Bidco Limited Office 16 Thremhall Park, Start Hill, Bishop’S Stortford, Hertfordshire, United Kingdom, CM22 7WE | Technology | First Lien Senior Secured Term Loan | SOFR + 6.00%, 11.8% Cash | 10/23 | 10/30 | 1,749 | 1,692 | 1,701 | (3)(7)(8)(13)(31) | ||||||||||||||||||
1,749 | 1,692 | 1,701 | |||||||||||||||||||||||||
Wok Holdings Inc. 8377 E Hartford Dr, Suite 200, Scottsdale, AZ 85255 | Retail | First Lien Senior Secured Term Loan | SOFR + 6.25%, 11.7% Cash | 2/22 | 3/26 | 47 | 47 | 47 | (8)(13)(29) | ||||||||||||||||||
47 | 47 | 47 | |||||||||||||||||||||||||
Woodland Foods, LLC 3751 Sunset Ave Waukegan, IL 60087 | Food & Beverage | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.2% Cash | 12/21 | 12/27 | 6,206 | 6,124 | 6,082 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.2% Cash | 12/21 | 12/27 | 1,177 | 1,149 | 1,132 | (7)(8)(13)(31) | ||||||||||||||||||||
Preferred Stock (364 shares) | 20.0% PIK | 4/24 | N/A | 387 | 386 | (7)(32) | |||||||||||||||||||||
Common Stock (1,663.30 shares) | N/A | 12/21 | N/A | 1,663 | 1,029 | (7)(30)(32) | |||||||||||||||||||||
7,383 | 9,323 | 8,629 | |||||||||||||||||||||||||
World 50, Inc. 3525 Piedmont Rd NE Atlanta, GA 30305 | Professional Services | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 3/24 | 3/30 | 18,979 | 18,612 | 18,634 | (7)(8)(13) | ||||||||||||||||||
Revolver | SOFR + 5.75%, 11.1% Cash | 3/24 | 3/30 | — | (19) | (18) | (7)(8)(13)(31) | ||||||||||||||||||||
18,979 | 18,593 | 18,616 | |||||||||||||||||||||||||
WWEC Holdings III Corp 3540 Winton Place Rochester, NY 14623 | Capital Goods | First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 10/22 | 10/24 | 2,195 | 2,188 | 2,148 | (7)(8)(13) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SOFR + 5.75%, 11.1% Cash | 10/22 | 10/28 | 10,089 | 9,883 | 9,876 | (7)(8)(13) | ||||||||||||||||||||
Revolver | SOFR + 5.75%, 11.1% Cash | 10/22 | 10/28 | — | (41) | (52) | (7)(8)(13)(31) | ||||||||||||||||||||
12,284 | 12,030 | 11,972 | |||||||||||||||||||||||||
Xeinadin Bidco Limited Becket House, 36 Old Jewry, Bank. London, EC2R 8DD | Financial Other | First Lien Senior Secured Term Loan | EURIBOR + 5.25%, 9.1% Cash | 5/22 | 5/29 | 300 | 305 | 293 | (3)(7)(8)(16) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 5.25%, 10.5% Cash | 5/22 | 5/29 | 7,322 | 7,069 | 7,113 | (3)(7)(8)(16)(31) | ||||||||||||||||||||
Subordinated Term Loan | 11.0% PIK | 5/22 | 5/29 | 3,531 | 3,387 | 3,433 | (3)(7) | ||||||||||||||||||||
Common Stock (45,665,825 shares) | N/A | 5/22 | N/A | 565 | 577 | (3)(7)(30)(32) | |||||||||||||||||||||
11,153 | 11,326 | 11,416 | |||||||||||||||||||||||||
ZB Holdco LLC 5400 W. 35th St Cicero, IL 60804 | Food & Beverage | First Lien Senior Secured Term Loan | SOFR + 5.50%, 11.0% Cash | 2/22 | 2/28 | 8,823 | 8,672 | 8,636 | (7)(8)(13)(31) | ||||||||||||||||||
Revolver | SOFR + 5.50%, 11.0% Cash | 2/22 | 2/28 | 270 | 260 | 255 | (7)(8)(13)(31) | ||||||||||||||||||||
LLC Units (152.69 units) | N/A | 2/22 | 2/28 | 153 | 220 | (7)(32) | |||||||||||||||||||||
9,093 | 9,085 | 9,111 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
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 + 6.00%, 11.2% Cash | 3/22 | 3/29 | $5,428 | $5,561 | $4,760 | (3)(7)(8)(16) | ||||||||||||||||||
First Lien Senior Secured Term Loan | SONIA + 6.25%, 11.4% Cash | 3/22 | 3/29 | 689 | 682 | 604 | (3)(7)(8)(16) | ||||||||||||||||||||
6,117 | 6,243 | 5,364 | |||||||||||||||||||||||||
Subtotal Non–Control / Non–Affiliate Investments | 1,964,895 | 1,969,097 | 1,911,585 | ||||||||||||||||||||||||
Affiliate Investments:(4) | |||||||||||||||||||||||||||
Celebration Bidco, LLC 7700 Anagram Drive Eden Prairie, MN 55344 | Chemicals, Plastics, & Rubber | First Lien Senior Secured Term Loan | SOFR + 8.00%, 13.3% Cash | 12/23 | 12/30 | 6,214 | 6,214 | 6,214 | (7)(13) | ||||||||||||||||||
Common Stock (1,243,071 shares) | N/A | 12/23 | N/A | 12,177 | 13,773 | (7)(30)(32) | |||||||||||||||||||||
6,214 | 18,391 | 19,987 | |||||||||||||||||||||||||
Coastal Marina Holdings, LLC 49 Immigration St Charleston, SC 29403 | Hotel, Gaming & Leisure | Subordinated Term Loan | 10.0% PIK | 11/21 | 11/31 | 7,662 | 7,304 | 7,243 | (7) | ||||||||||||||||||
Subordinated Term Loan | 8.0% Cash | 11/21 | 11/31 | 16,620 | 15,641 | 15,710 | (7) | ||||||||||||||||||||
LLC Units (2,407,825 units) | N/A | 11/21 | N/A | 14,645 | 16,086 | (7)(30)(32) | |||||||||||||||||||||
24,282 | 37,590 | 39,039 | |||||||||||||||||||||||||
Eclipse Business Capital, LLC 123 North Wacker Drive Suite 2400 Chicago, IL 60606 | Banking, Finance, Insurance & Real Estate | Revolver | SOFR + 7.25%, 12.6% Cash | 7/21 | 7/28 | 8,364 | 8,285 | 8,364 | (7)(12)(31) | ||||||||||||||||||
Second Lien Senior Secured Term Loan | 7.5% Cash | 7/21 | 7/28 | 4,545 | 4,516 | 4,545 | (7) | ||||||||||||||||||||
LLC Units (89,447,396 units) | N/A | 7/21 | N/A | 92,963 | 137,749 | (7)(32) | |||||||||||||||||||||
12,909 | 105,764 | 150,658 | |||||||||||||||||||||||||
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 | 41,182 | (3)(31)(32) | |||||||||||||||||||
35,158 | 41,182 | ||||||||||||||||||||||||||
Rocade Holdings LLC 2107 Wilson Boulevard Suite 410 Arlington, VA 22201 | Other Financial | Preferred LP Units (67,500 units) | SOFR + 6.0% PIK, 10.3% PIK | 2/23 | N/A | 77,296 | 77,298 | (7)(13)(31)(32) | |||||||||||||||||||
Common LP Units (23.8 units) | N/A | 2/23 | N/A | — | 1,959 | (7)(30)(32) | |||||||||||||||||||||
77,296 | 79,257 | ||||||||||||||||||||||||||
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 | 48,441 | 41,538 | (3)(29)(32) | |||||||||||||||||||
48,441 | 41,538 | ||||||||||||||||||||||||||
Thompson Rivers LLC 300 South Tryon Street Suite 2500 Charlotte, NC 28202 | Investment Funds & Vehicles | 16% Member Interest | N/A | 6/20 | N/A | 25,293 | 9,570 | (30)(32) | |||||||||||||||||||
25,293 | 9,570 | ||||||||||||||||||||||||||
Waccamaw River LLC 300 South Tryon Street Suite 2500 Charlotte, NC 28202 | Investment Funds & Vehicles | 20% Member Interest | N/A | 2/21 | N/A | 24,670 | 12,691 | (3)(32) | |||||||||||||||||||
24,670 | 12,691 | ||||||||||||||||||||||||||
Subtotal Affiliate Investments | 43,405 | 372,603 | 393,922 | ||||||||||||||||||||||||
Control Investments:(5) | |||||||||||||||||||||||||||
Black Angus Steakhouses, LLC 13400 Riverside Drive, Suite 210. Sherman Oaks, CA 91423 | Hotel, Gaming & Leisure | First Lien Senior Secured Term Loan | 10.0% PIK | 2/22 | 1/25 | 36,334 | 9,628 | 1,889 | (7)(27)(29) | ||||||||||||||||||
First Lien Senior Secured Term Loan | 14.4% PIK | 2/22 | 1/25 | 7,736 | 7,546 | 7,736 | (7)(8)(12)(29) | ||||||||||||||||||||
LLC Units (44.6 units) | N/A | 2/22 | N/A | — | — | (7)(29)(30)(32) | |||||||||||||||||||||
44,070 | 17,174 | 9,625 | |||||||||||||||||||||||||
Portfolio Company(6) | Industry | Investment Type(1)(2) | Interest | Acq. Date | Maturity Date | Principal Amount | Cost | Fair Value | Notes | ||||||||||||||||||
MVC Automotive Group GmbH Bruennerstrasse 66 Vienna, 1210 Austria | Automotive | Bridge Loan | 4.5% Cash, 1.5% PIK | 12/20 | 12/24 | $9,762 | $9,762 | $9,762 | (3)(7)(28) | ||||||||||||||||||
Common Equity Interest (18,000 shares) | N/A | 12/20 | N/A | 9,553 | 9,575 | (3)(7)(28)(30)(32) | |||||||||||||||||||||
9,762 | 19,315 | 19,337 | |||||||||||||||||||||||||
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 | 12/20 | N/A | 201 | 12 | (3)(28)(30)(32) | |||||||||||||||||||
Limited Partnership Interest (71,790.4 units) | N/A | 12/20 | N/A | 7,959 | 501 | (3)(28)(30)(32) | |||||||||||||||||||||
8,160 | 513 | ||||||||||||||||||||||||||
Security Holdings B.V. Strawinskylaan 411 Toren A, 4hg, Amsterdam, Noord-Holland, Netherlands | Electrical Engineering | Bridge Loan | 5.0% PIK | 12/20 | 6/26 | 6,488 | 6,488 | 6,488 | (3)(7)(28) | ||||||||||||||||||
Revolver | 6.0% Cash | 9/23 | 7/25 | 3,751 | 3,818 | 3,751 | (3)(7)(28)(31) | ||||||||||||||||||||
Senior Unsecured Term Loan | 6.0% Cash, 9.0% PIK | 4/21 | 4/25 | 2,267 | 2,416 | 2,268 | (3)(7)(28)(31) | ||||||||||||||||||||
Senior Subordinated Term Loan | 3.1% PIK | 12/20 | 5/26 | 11,039 | 11,039 | 11,039 | (3)(7)(28) | ||||||||||||||||||||
Common Stock Series A (17,100 shares) | N/A | 2/22 | N/A | 560 | 393 | (3)(7)(28)(30)(32) | |||||||||||||||||||||
Common Stock Series B (1,236 shares) | N/A | 12/20 | N/A | 35,192 | 36,739 | (3)(7)(28)(30)(32) | |||||||||||||||||||||
23,545 | 59,513 | 60,678 | |||||||||||||||||||||||||
Subtotal Control Investments | 77,377 | 104,162 | 90,153 | ||||||||||||||||||||||||
Total Investments, June 30, 2024 | $2,085,677 | $2,445,862 | $2,395,660 | ||||||||||||||||||||||||
(1) | All debt investments are income producing, unless otherwise noted. The Company’s external investment adviser, Barings, determines in good faith the fair value of the Company’s investments in accordance with a valuation policy and processes established by the Adviser, which have been approved by the Board. In addition, all debt investments are variable rate investments unless otherwise noted. Index-based floating interest rates are generally subject to a contractual minimum interest rate. Variable rate loans to the Company’s portfolio companies bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate (“EURIBOR”), the Bank Bill Swap Bid Rate (“BBSY”), the Stockholm Interbank Offered Rate (“STIBOR”), the Canadian Overnight Repo Rate Average (“CORRA”), the Sterling Overnight Index Average (“SONIA”), the Swiss Average Rate Overnight (“SARON”), the Norwegian Interbank Offered Rate (“NIBOR”), the Bank Bill Market rate (“BKBM”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset annually, semi-annually, quarterly or monthly. For each such loan, the Company has provided the interest rate in effect on the date presented. SOFR-based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. The borrower may also elect to have multiple interest reset periods for each loan. |
(2) | All of the Company’s portfolio company investments (including joint venture investments), which as of June 30, 2024 represented 199.3% 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 28.2% of total investments at fair value as of June 30, 2024. 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) | All of the investment is or will be encumbered as security for the Company’s $1,065.0 million 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 EURIBOR, which as of June 30, 2024 was 3.63200%. |
(10) | The interest rate on these loans is subject to 3 Month EURIBOR, which as of June 30, 2024 was 3.71100%. |
(11) | The interest rate on these loans is subject to 6 Month EURIBOR, which as of June 30, 2024 was 3.68200%. |
(12) | The interest rate on these loans is subject to 1 Month SOFR, which as of June 30, 2024 was 5.33717%. |
(13) | The interest rate on these loans is subject to 3 Month SOFR, which as of June 30, 2024 was 5.32460%. |
(14) | The interest rate on these loans is subject to 6 Month SOFR, which as of June 30, 2024 was 5.25471%. |
(15) | The interest rate on these loans is subject to 1 Month SONIA, which as of June 30, 2024 was 5.21250%. |
(16) | The interest rate on these loans is subject to 3 Month SONIA, which as of June 30, 2024 was 5.12780%. |
(17) | The interest rate on these loans is subject to 6 Month SONIA, which as of June 30, 2024 was 5.06220%. |
(18) | The interest rate on these loans is subject to 1 Month BBSY, which as of June 30, 2024 was 4.30450%. |
(19) | The interest rate on these loans is subject to 3 Month BBSY, which as of June 30, 2024 was 4.44530%. |
(20) | The interest rate on these loans is subject to 6 Month BBSY, which as of June 30, 2024 was 4.73600%. |
(21) | The interest rate on these loans is subject to 1 Month CORRA, which as of June 30, 2024 was 4.74437%. |
(22) | The interest rate on these loans is subject to 3 Month CORRA, which as of June 30, 2024 was 4.67875%. |
(23) | The interest rate on these loans is subject to 3 Month STIBOR, which as of June 30, 2024 was 3.70700%. |
(24) | The interest rate on these loans is subject to 3 Month BKBM, which as of June 30, 2024 was 5.62000%. |
(25) | The interest rate on these loans is subject to 6 Month SARON, which as of June 30, 2024 was 1.21579%. |
(26) | The interest rate on these loans is subject to 1 Month NIBOR, which as of June 30, 2024 was 4.61000%. |
(27) | Non-accrual investment. |
(28) | Investment was purchased as part of the MVC Acquisition and is part of the MVC Reference Portfolio for purposes of the MVC Credit Support Agreement. |
(29) | Investment was purchased as part of the Sierra Merger and is part of the Sierra Reference Portfolio for purposes of the Sierra Credit Support Agreement. |
(30) | Investment is non-income producing. |
(31) | Position or portion thereof is an unfunded loan or equity commitment. |
(32) | Percentage of class held for equity investments are as set forth below. A percentage shown for a class of investment securities held by us represents the percentage of the class owned and does not necessarily represent voting ownership. A percentage shown for equity securities, other than warrants, represents the actual percentage of the class of security held on a fully diluted basis. A percentage shown for warrants held represents the percentage of a class of security we may own assuming we exercise our warrants after dilution. |
a. | Accelerant Holdings |
i. | Class A Convertible Preferred Equity — 0.2% |
ii. | Class B Convertible Preferred Equity — 0.1% |
b. | Accurus Aerospace Corporation |
i. | Common Stock — 0.2% |
c. | Advantage Software Company |
i. | Class A Partnership Units — 0.0% |
ii. | Class B Partnership Units — 0.0% |
d. | AIT Worldwide Logistics Holdings, Inc |
i. | Partnership Units — 0.0% |
e. | Amalfi Midco |
i. | Class B Common Stock — 0.1% |
ii. | Warrants — 0.1% |
f. | Americo Chemical Products, LLC |
i. | Common Stock — 0.1% |
g. | Aptus 1829. GmbH |
i. | Preferred Stock — 0.3% |
ii. | Common Stock — 0.3% |
h. | Argus Bidco Limited |
i. | Preferred Stock — 0.1% |
ii. | Equity Loan Notes — 0.1% |
iii. | Common Stock — 0.0% |
i. | ASC Communications, LLC |
i. | Class A Units — 0.2% |
j. | Azalea Buyer, Inc. |
i. | Common Stock — 0.4% |
k. | Bridger Aerospace Group Holdings, LLC |
i. | Preferred Stock Series C — 0.0% |
l. | BrightSign LLC |
i. | LLC Units — 0.5% |
m. | Burgess Point Purchaser Corporation |
i. | LP Units — 0.4% |
n. | Canadian Orthodontic Partners Corp. |
i. | Class A Equity — 0.2% |
ii. | Class C Warrants — 0.1% |
iii. | Class X Equity — 0.2% |
o. | Caribou Holding Company, LLC |
i. | LLC Units — 0.8% |
p. | CCFF Buyer, LLC |
i. | LLC Units — 0.2% |
q. | CGI Parent, LLC |
i. | Preferred Stock — 0.3% |
r. | CMT Opco Holding, LLC |
i. | Incremental Equity — 0.2% |
ii. | LLC Units — 0.6% |
s. | Command Alkon (Project Potter Buyer, LLC) |
i. | Class B Partnership Units — 0.0% |
t. | Compass Precision, LLC |
i. | LLC Units — 0.3% |
u. | Coyo Uprising GmbH |
i. | Class A Units — 0.4% |
ii. | Class B Units — 0.4% |
v. | CTI Foods Holdings Co., LLC |
i. | Common Stock — 1.6% |
w. | CW Group Holdings, LLC |
i. | LLC Units — 0.3% |
x. | DataServ Integrations, LLC |
i. | Partnership Units — 0.4% |
y. | DecksDirect, LLC |
i. | Class A Units — 0.3% |
ii. | Common Stock — 0.0% |
z. | Diversified Packaging Holdings LLC |
i. | LLC Units — 2.0% |
aa. | Echo Global Logistics, Inc. |
i. | Partnership Equity — 0.2% |
bb. | EFC International |
i. | Common Stock — 0.1% |
cc. | Ferrellgas L.P. |
i. | Opco Preferred — 0.8% |
dd. | FinThrive Software Intermediate |
i. | Preferred Stock — 1.3% |
ee. | Five Star Holding LLC |
i. | LLC Units — 0.1% |
ff. | Flywheel Re Segregated |
i. | Preferred Stock — 0.0% |
gg. | Forest Buyer, LLC |
i. | Class A LLC Units — 0.1% |
ii. | Class B LLC Units — 0.1% |
hh. | FragilPak LLC |
i. | Partnership Units — 0.6% |
ii. | FSS Buyer LLC |
i. | LP Interest — 0.0% |
ii. | LP Units — 0.2% |
jj. | GB Eagle Buyer, Inc |
i. | Partnership Units — 0.4% |
kk. | GPNZ II GmbH |
i. | Common Stock — 1.6% |
ll. | HemaSource, Inc. |
i. | Common Stock — 0.0% |
mm. | Ice House America, L.L.C. |
i. | LLC Units — 0.3% |
nn. | Isagenix International, LLC |
i. | Common Stock — 1.4% |
oo. | ITI Intermodal, Inc. |
i. | Common Stock — 0.2% |
pp. | Jones Fish Hatcheries & Distributors LLC |
i. | LLC Units — 0.5% |
qq. | Kano Laboratories LLC |
i. | Partnership Equity — 0.2% |
rr. | Kid Distro Holdings, LLC |
i. | LLC Units — 0.1% |
ss. | LeadsOnline, LLC |
i. | LLC Units — 0.0% |
tt. | Learfield Communications, LLC |
i. | Common Stock — 0.9% |
uu. | MB Purchaser, LLC |
i. | LLC Units — 0.0% |
vv. | MC Group Ventures Corporation |
i. | Partnership Units — 0.3% |
ww. | Megawatt Acquisitionco, Inc. |
i. | Preferred Stock — 0.1% |
ii. | Common Stock — 0.1% |
xx. | Mercell Holding AS |
i. | Class A Units — 0.0% |
ii. | Class B Units — 0.0% |
yy. | MNS Buyer, Inc. |
i. | Partnership Units — 0.3% |
zz. | Moonlight Bidco Limited |
i. | Common Stock — 0.1% |
aaa. | Narda Acquisitionco., Inc. |
i. | Class A Preferred Stock — 0.6% |
ii. | Class B Common Stock — 0.6% |
bbb. | Naw Buyer LLC |
i. | LLC Units — 0.3% |
ccc. | NF Holdco, LLC |
i. | LP Units — 0.4% |
ddd. | OA Buyer, Inc. |
i. | Partnership Units — 0.1% |
eee. | Ocelot Holdco LLC |
i. | Preferred Stock — 3.0% |
ii. | Common Stock — 1.9% |
fff. | OSP Hamilton Purchaser, LLC |
i. | LP Units — 0.0% |
ggg. | Parkview Dental Holdings LLC |
i. | LLC Units — 0.7% |
hhh. | PDQ.Com Corporation |
i. | Class A-2 Partnership Units — 0.0% |
iii. | Polara Enterprises, L.L.C. |
i. | Partnership Units — 0.3% |
jjj. | Policy Services Company, LLC |
i. | Warrants - Class A — 2.6% |
ii. | Warrants - Class B — 1.0% |
iii. | Warrants - Class CC — 0.0% |
iv. | Warrants - Class D — 0.2% |
kkk. | Polymer Solutions Group |
i. | Common Stock — 0.7% |
lll. | Process Insights Acquisition, Inc. |
i. | Common Stock — 0.2% |
mmm. | ProfitOptics, LLC |
i. | LLC Units — 0.8% |
nnn. | Proppants Holding, LLC |
i. | LLC Units — 1.6% |
ooo. | Qualified Industries, LLC |
i. | Preferred Stock — 1.0% |
ii. | Common Stock — 0.5% |
ppp. | Randys Holdings, Inc. |
i. | Partnership Units — 0.2% |
qqq. | Recovery Point Systems, Inc. |
i. | Partnership Equity — 0.2% |
rrr. | Renovation Parent Holdings, LLC |
i. | Partnership Equity — 0.2% |
sss. | Resolute Investment Managers, Inc. |
i. | Common Stock — 0.8% |
ttt. | Rock Labor LLC |
i. | LLC Units — 1.2% |
uuu. | RTIC Subsidiary Holdings, LLC |
i. | Class A Preferred Stock — 0.2% |
ii. | Class B Preferred Stock — 0.2% |
iii. | Class C Preferred Stock — 0.2% |
iv. | Common Stock — 0.2% |
vvv. | Safety Products Holdings, LLC |
i. | Preferred Stock — 0.2% |
www. | Serta Simmons Bedding LLC |
i. | Common Stock — 0.4% |
xxx. | Shelf Bidco, Ltd. |
i. | Common Stock — 0.1% |
yyy. | SmartShift Group, Inc. |
i. | Common Stock — 0.2% |
zzz. | Solo Buyer, L.P. |
i. | Partnership Units — 0.3% |
aaaa. | SVI International LLC |
i. | LLC Units — 1.8% |
bbbb. | Syniverse Holdings, Inc. |
i. | Series A Preferred Equity — 2.4% |
cccc. | TA SL Cayman Aggregator Corp. |
i. | Common Stock — 0.0% |
dddd. | Team Air Distributing, LLC |
i. | Partnership Equity — 0.6% |
eeee. | Terrybear, Inc. |
i. | Partnership Equity — 1.4% |
ffff. | The Octave Music Group, Inc. |
i. | Partnership Equity — 0.3% |
gggg. | True Religion Apparel, Inc. |
i. | Preferred Unit — 0.28% |
ii. | Common Stock — 0.27% |
hhhh. | Trystar, LLC |
i. | Class A LLC Units — 0.6% |
iiii. | TSYL Corporate Buyer, Inc. |
i. | Partnership Units — 0.0% |
jjjj. | Velocity Pooling Vehicle, LLC |
i. | Common Stock — 0.1% |
ii. | Warrants — 0.1% |
kkkk. | Vital Buyer, LLC |
i. | Partnership Units — 0.1% |
llll. | Watermill-QMC Midco, Inc. |
i. | Equity Partnership Interest — 1.62% |
mmmm. | Whitcraft Holdings, Inc. |
i. | LP Units — 0.0% |
nnnn. | Woodland Foods, LLC |
i. | Preferred Stock — 0.2% |
ii. | Common Stock — 0.7% |
oooo. | Xeinadin Bidco Limited |
i. | Common Stock — 0.5% |
pppp. | ZB Holdco LLC |
i. | LLC Units — 0.1% |
qqqq. | Celebration Bidco, LLC |
i. | Common Stock — 12.4% |
rrrr. | Coastal Marina Holdings, LLC |
i. | LLC Units — 18.5% |
ssss. | Eclipse Business Capital, LLC |
i. | LLC Units — 40.1% |
tttt. | Jocassee Partners LLC |
i. | Membership Interest — 9.1% |
uuuu. | Rocade Holdings LLC |
i. | Preferred LP Units — 29.9% |
ii. | Common LP Units — 23.8% |
vvvv. | Sierra Senior Loan Strategy JV I LLC |
i. | Membership Interest — 89.01% |
wwww. | Thompson Rivers LLC |
i. | Membership Interest — 16.0% |
xxxx. | Waccamaw River LLC |
i. | Membership Interest — 20% |
yyyy. | Black Angus Steakhouses, LLC |
i. | LLC Units — 44.6% |
zzzz. | MVC Automotive Group GmbH |
i. | Common Equity Interest — 100% |
aaaaa. | MVC Private Equity Fund LP |
i. | General Partnership Interest — 100% |
ii. | Limited Partnership Interest — 19.4% |
bbbbb. | Security Holdings B.V. |
i. | Common Stock Series A — 1.1% |
ii. | Common Stock Series B — 98.9% |
(1) | (2) | (3) | (4) | ||||||
Title of Class | Amount Authorized | Amount Held by us or for Our Account | Amount Outstanding Exclusive of Amount Under Column 3 | ||||||
Common Stock | 150,000,000 | — | 105,757,992 | ||||||
• | the designation and number of shares of such class or series; |
• | the rate, whether fixed or variable, and time at which, and the preferences and conditions under which, any dividends will be paid on shares of such class or series, as well as whether such dividends are participating or non-participating; |
• | any provisions relating to convertibility or exchangeability of the shares of such class or series, including adjustments to the conversion price of such class or series; |
• | the rights and preferences, if any, of holders of shares of such class or series upon our liquidation, dissolution or winding up of our affairs; |
• | the voting powers, if any, of the holders of shares of such class or series; |
• | any provisions relating to the redemption of the shares of such class or series; |
• | any limitations on our ability to pay dividends or make distributions on, or acquire or redeem, other securities while shares of such class or series are outstanding; |
• | any conditions or restrictions on our ability to issue additional shares of such class or series or other securities; |
• | if applicable, a discussion of additional material U.S. federal income tax considerations; and |
• | any other relative power, preferences and participating, optional or special rights of shares of such class or series, and the qualifications, limitations or restrictions thereof. |
• | the title of such warrants; |
• | the aggregate number of such warrants; |
• | the price or prices at which such warrants will be issued; |
• | the currency or currencies, including composite currencies, in which the price of such warrants may be payable; |
• | if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security; |
• | in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise; |
• | in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise; |
• | the date on which the right to exercise such warrants will commence and the date on which such right will expire; |
• | whether such warrants will be issued in registered form or bearer form; |
• | if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
• | if applicable, the number of such warrants issued with each security; |
• | if applicable, the date on and after which such warrants and the related securities will be separately transferable; |
• | information with respect to book-entry procedures, if any; |
• | the terms of the securities issuable upon exercise of the warrants; |
• | if applicable, a discussion of certain U.S. federal income tax considerations; and |
• | any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. |
• | the period of time the offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate in the offering and shall not be open longer than 120 days); |
• | the title of such subscription rights; |
• | the exercise price or a formula for the determination of the exercise price for such subscription rights; |
• | the ratio of the offering (which, in the case of transferable rights, will require a minimum of three shares to be held of record before a person is entitled to purchase an additional share); |
• | the number or a formula for the determination of the number of such subscription rights issued to each stockholder; |
• | the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable; |
• | if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights; |
• | the date on which the right to exercise such subscription rights would commence, and the date on which such right will expire (subject to any extension); |
• | the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; |
• | if applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with the subscription rights offering; |
• | any termination right we may have in connection with such subscription rights offering; and |
• | any other terms of such subscription rights, including terms, procedures and limitations relating to the exchange or transfer and exercise of such subscription rights. |
• | the designation or title of the series of debt securities; |
• | the total principal amount of the series of debt securities; |
• | the percentage of the principal amount at which the series of debt securities will be offered; |
• | the date or dates on which principal will be payable; |
• | the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any; |
• | the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable; |
• | whether any interest may be paid by issuing additional securities of the same series in lieu of cash (and the terms upon which any such interest may be paid by issuing additional securities); |
• | the terms for redemption, extension or early repayment, if any; |
• | the currencies in which the series of debt securities are issued and payable; |
• | whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined; |
• | the place or places, if any, other than or in addition to the Borough of Manhattan in the City of New York, of payment, transfer, conversion and/or exchange of the debt securities; |
• | the denominations in which the offered debt securities will be issued (if other than $1,000 and any integral multiple thereof); |
• | the provision for any sinking fund; |
• | any restrictive covenants; |
• | any Events of Default (as defined in “Events of Default” below); |
• | whether the series of debt securities are issuable in certificated form; |
• | any provisions for defeasance or covenant defeasance; |
• | any special U.S. federal income tax implications, including, if applicable, federal income tax considerations relating to original issue discount; |
• | whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option); |
• | any provisions for convertibility or exchangeability of the debt securities into or for any other securities; |
• | whether the debt securities are subject to subordination and the terms of such subordination; |
• | whether the debt securities are secured and the terms of any security interest; |
• | the listing, if any, on a securities exchange; |
• | the guarantees, if any of the debt securities, and the extent of the guarantees (including provisions relating to seniority, subordination and the release of the guarantors), if any, and any additions or changes to permit or facilitate guarantees of such securities; |
• | any restrictions on the sale or transfer of the debt securities; and |
• | any other terms. |
• | how it handles securities payments and notices; |
• | whether it imposes fees or charges; |
• | how it would handle a request for the holders’ consent, if ever required; |
• | whether and how you can instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular series of debt securities; |
• | how it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests; and |
• | if the debt securities are in book-entry form, how the depositary’s rules and procedures will affect these matters. |
• | an investor cannot cause the debt securities to be registered in his or her name and cannot obtain certificates for his or her interest in the debt securities, except in the special situations we describe below; |
• | an investor will be an indirect holder and must look to his or her own bank or broker for payments on the debt securities and protection of his or her legal rights relating to the debt securities, as we describe under “—Issuance of Securities in Registered Form” above; |
• | an investor may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their securities in non-book-entry form; |
• | an investor may not be able to pledge his or her interest in a global security in circumstances where certificates representing the debt securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective; |
• | the depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor’s interest in a global security. We and the trustee have no responsibility for any aspect of the depositary’s actions or for its records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way; |
• | if we redeem less than all the debt securities of a particular series being redeemed, DTC’s practice is to determine by lot the amount to be redeemed from each of its participants holding that series; |
• | an investor is required to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC’s records, to the applicable trustee; |
• | DTC requires that those who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds; your broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security; and |
• | financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the debt securities; there may be more than one financial intermediary in the chain of ownership for an investor; we do not monitor and are not responsible for the actions of any of those intermediaries. |
• | we do not pay the principal of (or premium, if any, on) a debt security of the series when due, and such default is not cured within five days; |
• | we do not pay interest on a debt security of the series when due, and such default is not cured within 30 days; |
• | we do not deposit any sinking fund payment in respect of debt securities of the series within five days of its due date; |
• | we remain in default in the performance, or in breach, of a covenant or agreement in respect of debt securities of the series for 90 days after we receive a written notice of default stating we are in breach (the notice must be sent by either the trustee or holders of at least 25% of the principal amount of the outstanding debt securities of the series); |
• | we file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur and remain undischarged or unstayed for a period of 90 days; |
• | the series of debt securities has an asset coverage, as such term is defined in the 1940 Act, of less than 100% on the last business day of each of twenty-four consecutive calendar months, after giving effect to any exemptive relief granted to the Company by the SEC; or |
• | any other Event of Default in respect of debt securities of the series described in the prospectus supplement occurs. |
• | you must give the trustee written notice that an Event of Default with respect to the relevant series of debt securities has occurred and remains uncured; |
• | the holders of at least 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the Event of Default; |
• | the holder or holders must offer the trustee indemnity, security or both satisfactory to it against the costs, expenses and other liabilities of taking that action; |
• | the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and |
• | the holders of a majority in principal amount of the outstanding debt securities of that series must not have given the trustee a direction inconsistent with the above notice during that 60-day period. |
• | the payment of principal, any premium or interest; or |
• | in respect of a covenant that cannot be modified or amended without the consent of each holder. |
• | where we merge out of existence or sell substantially all our assets, the resulting entity or transferee shall be a corporation, statutory trust or limited liability company organized and existing under the laws of the United States or any state or territory thereof and must agree, in form reasonably satisfactory to the trustee, to be legally responsible for our obligations under the debt securities; |
• | immediately after giving effect to such transaction, no default or Event of Default shall have happened and be continuing; |
• | we must deliver certain certificates and documents to the trustee; and |
• | we must satisfy any other requirements specified in the prospectus supplement relating to a particular series of debt securities. |
• | change the stated maturity of the principal of or interest on a debt security or the terms of any sinking fund with respect to any security; |
• | reduce any amounts due on a debt security; |
• | reduce the amount of principal payable upon acceleration of the maturity of an original issue discount or indexed security following a default or upon the redemption thereof or the amount thereof provable in a bankruptcy proceeding; |
• | adversely affect any right of repayment at the holder’s option; |
• | change the place or currency of payment on a debt security (except as otherwise described in the prospectus or prospectus supplement); |
• | impair your right to sue for payment; |
• | adversely affect any right to convert or exchange a debt security in accordance with its terms; |
• | modify the subordination provisions in the indenture in a manner that is adverse to outstanding holders of the debt securities; |
• | reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture; |
• | reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults; |
• | modify any other aspect of the provisions of the indenture dealing with supplemental indentures with the consent of holders, waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and |
• | change any obligation we have to pay additional amounts. |
• | if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series; and |
• | if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose. |
• | for original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default; |
• | for debt securities whose principal amount is not known (for example, because it is based on an index), we will use the principal face amount at original issuance or a special rule for that debt security described in the prospectus supplement; and |
• | for debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent. |
• | we must irrevocably deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments; |
• | we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit; |
• | we must deliver to the trustee a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with; |
• | defeasance must not result in a breach or violation of, or result in a default under, of the indenture or any of our other material agreements or instruments; |
• | no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and |
• | satisfy the conditions for covenant defeasance contained in any supplemental indentures. |
• | we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments; |
• | we must deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal tax law or an IRS ruling that allows us to make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit. Under current U.S. federal tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit; |
• | we must deliver to the trustee a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with; |
• | defeasance must not result in a breach or violation of, or constitute a default under, of the indenture or any of our other material agreements or instruments; |
• | no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and |
• | satisfy the conditions for full defeasance contained in any supplemental indentures. |
• | only in fully registered certificated form; |
• | without interest coupons; and |
• | unless we indicate otherwise in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000. |
• | our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed, that we have designated as “Senior Indebtedness” for purposes of the indenture and in accordance with the terms of the indenture (including any indenture securities designated as Senior Indebtedness), and |
• | renewals, extensions, modifications and refinancings of any of this indebtedness. |
• | a citizen or individual resident of the United States; |
• | a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia; |
• | an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or |
• | a trust if either a U.S. court can exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions or the trust was in existence on August 20, 1996, was treated as a U.S. person prior to that date, and has made a valid election to be treated as a U.S. person. |
• | qualify as a RIC; and |
• | satisfy the Annual Distribution Requirement; |
• | qualify to be treated as a BDC under the 1940 Act at all times during each taxable year; |
• | derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, or other income derived with respect to our business of investing in such stock or securities, and net income derived from interests in “qualified publicly traded partnerships” (partnerships that are traded on an established securities market or tradable on a secondary market, other than partnerships that derive 90% of their income from interest, dividends and other permitted RIC income) (the “90% Income Test”); and |
• | diversify our holdings so that at the end of each quarter of the taxable year (i) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and (ii) no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or in the securities of one or more qualified publicly traded partnerships (collectively, the “Diversification Tests”). |
• | our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024; |
• | our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 23, 2021 (but only with respect to the report of Ernst & Young LLP included on page F-4 of such Annual Report on Form 10-K); |
• | our Definitive Proxy Statement on Schedule 14A, filed with the SEC on March 20, 2024; |
• | our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, filed with the SEC on May 7, 2024; |
• | our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2024, filed with the SEC on August 7, 2024; |
• | our Current Reports on Form 8-K filed with the SEC on February 13, 2024, March 11, 2024, March 19, 2024, April 8, 2024, May 7, 2024 (but excluding information included in Items 2.02 and 7.01 therein and in Exhibit 99.1 attached thereto), July 1, 2024 and September 25, 2024; and |
• | any description of shares of our common stock contained in a registration statement filed pursuant to the Exchange Act and any amendment or report filed for the purpose of updating such description. |