QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock, par value $0.001 per share |
☒ | Accelerated filer: | ☐ | ||||
Non-accelerated filer: | ☐ | Smaller reporting company: | ||||
Emerging growth company: |
INDEX |
PAGE |
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Cautionary Statement Regarding Forward-Looking Statements | 3 | |||||
PART I |
4 | |||||
ITEM 1. |
Financial Statements (Unaudited) | 4 | ||||
Consolidated Statements of Assets and Liabilities | 4 | |||||
Consolidated Statements of Operations | 5 | |||||
Consolidated Statements of Changes in Net Assets | 6 | |||||
Consolidated Statements of Cash Flows | 7 | |||||
Consolidated Schedules of Investments | 8 | |||||
Notes to the Consolidated Financial Statements | 25 | |||||
ITEM 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 47 | ||||
ITEM 3. |
Quantitative and Qualitative Disclosures About Market Risk | 61 | ||||
ITEM 4. |
Controls and Procedures | 61 | ||||
PART II |
61 | |||||
ITEM 1. |
Legal Proceedings | 61 | ||||
ITEM 1A. |
Risk Factors | 61 | ||||
ITEM 2. |
Unregistered Sales of Equity Securities and Use of Proceeds | 66 | ||||
ITEM 3. |
Defaults Upon Senior Securities | 66 | ||||
ITEM 4. |
Mine Safety Disclosures | 66 | ||||
ITEM 5. |
Other Information | 66 | ||||
ITEM 6. |
Exhibits | 66 | ||||
67 |
• | our future operating results; |
• | the impact of the novel coronavirus (“COVID-19”) pandemic or any future pandemic or epidemic on our business and our portfolio companies, including our and their ability to access capital and liquidity; |
• | changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of the COVID-19 pandemic or any future pandemic or epidemic; |
• | uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, and the war between Russia and Ukraine; |
• | our business prospects and the prospects of our portfolio companies; |
• | the impact of investments that we expect to make; |
• | the impact of increased competition; |
• | our contractual arrangements and relationships with third parties; |
• | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
• | the ability of our current and prospective portfolio companies to achieve their objectives; |
• | the relative and absolute performance of Goldman Sachs Asset Management, L.P., the investment adviser (the “Investment Adviser”) of the Company; |
• | the use of borrowed money to finance a portion of our investments; |
• | our ability to make distributions; |
• | the adequacy of our cash resources and working capital; |
• | changes in interest rates, including the decommissioning of London InterBank Offered Rate (“LIBOR”); |
• | the timing of cash flows, if any, from the operations of our portfolio companies; |
• | the impact of future acquisitions and divestitures; |
• | the effect of changes in tax laws and regulations and interpretations thereof; |
• | our ability to maintain our status as a BDC and a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”); |
• | actual and potential conflicts of interest with the Investment Adviser and its affiliates; |
• | general price and volume fluctuations in the stock market; |
• | the ability of the Investment Adviser to attract and retain highly talented professionals; |
• | the impact on our business from new or amended legislation or regulations; |
• | the availability of credit and/or our ability to access the equity and capital markets; |
• | currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; |
• | the ability to realize the anticipated benefits of the Merger (as defined below). |
• | the impact of inflation on our portfolio companies; |
• | the effect of global climate change on our portfolio companies; |
• | the impact of interruptions in the supply chain on our portfolio companies; and |
• | the increased public scrutiny of and regulation related to corporate social responsibility. |
ITEM 1. |
FINANCIAL STATEMENTS |
June 30, 2022 (Unaudited) |
December 31, 2021 |
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Assets |
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Investments, at fair value |
||||||||
Non-controlled/non-affiliated |
$ | 3,539,436 | $ | 3,427,249 | ||||
Non-controlled affiliated investments (cost of $58,163 and $58,221) |
34,705 | 32,819 | ||||||
Controlled affiliated investments (cost of $33,795 and $33,374) |
17,735 | 18,375 | ||||||
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|
|
|
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Total investments, at fair value (cost of $3,659,299 and $3,507,790) |
$ | 3,591,876 | $ | 3,478,443 | ||||
Cash |
44,774 | 33,764 | ||||||
Receivable for investments sold |
352 | 89 | ||||||
Unrealized appreciation on foreign currency forward contracts |
146 | 100 | ||||||
Interest and dividends receivable |
21,852 | 23,278 | ||||||
Deferred financing costs |
14,254 | 12,631 | ||||||
Other assets |
5,121 | 2,686 | ||||||
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|
|
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Total assets |
$ | 3,678,375 | $ | 3,550,991 | ||||
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Liabilities |
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Debt (net of debt issuance costs of $10,401 and $12,296) |
$ | 2,019,783 | $ | 1,861,426 | ||||
Interest and other debt expenses payable |
13,492 | 14,936 | ||||||
Management fees payable |
8,612 | 8,370 | ||||||
Incentive fees payable |
— | 760 | ||||||
Distribution payable |
45,934 | 45,818 | ||||||
Accrued offering costs |
314 | — | ||||||
Accrued expenses and other liabilities |
4,568 | 5,281 | ||||||
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|
|
|
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Total liabilities |
$ | 2,092,703 | $ | 1,936,591 | ||||
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Commitments and contingencies (Note 8) |
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Net assets |
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Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding) |
$ | — | $ | — | ||||
Common stock, par value $0.001 per share (200,000,000 shares authorized, 102,074,725 and 101,818,811 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively) |
102 | 102 | ||||||
Paid-in capital in excess of par |
1,674,961 | 1,670,742 | ||||||
Distributable earnings |
(87,970 | ) | (55,023 | ) | ||||
Allocated income tax expense |
(1,421 | ) | (1,421 | ) | ||||
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|
|
|
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Total net assets |
$ | 1,585,672 | $ | 1,614,400 | ||||
|
|
|
|
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Total liabilities and net assets |
$ | 3,678,375 | $ | 3,550,991 | ||||
|
|
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|
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Net asset value per share |
$ | 15.53 | $ | 15.86 |
For the Three Months Ended |
For the Six Months Ended |
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June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Investment income: |
||||||||||||||||
From non-controlled/non-affiliated |
||||||||||||||||
Interest income |
$ | 71,680 | $ | 78,362 | $ | 143,279 | $ | 156,527 | ||||||||
Payment-in-kind |
4,366 | 4,275 | 9,112 | 6,411 | ||||||||||||
Other income |
949 | 621 | 2,166 | 1,616 | ||||||||||||
From non-controlled affiliated investments: |
||||||||||||||||
Dividend income |
56 | 61 | 125 | 826 | ||||||||||||
Interest income |
190 | 87 | 349 | 163 | ||||||||||||
Payment-in-kind |
212 | 154 | 452 | 303 | ||||||||||||
From controlled affiliated investments: |
||||||||||||||||
Payment-in-kind |
— | 334 | 259 | 643 | ||||||||||||
Interest income |
— | 23 | 16 | 46 | ||||||||||||
|
|
|
|
|
|
|
|
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Total investment income |
$ | 77,453 | $ | 83,917 | $ | 155,758 | $ | 166,535 | ||||||||
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|
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Expenses: |
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Interest and other debt expenses |
$ | 16,177 | $ | 14,538 | $ | 31,844 | $ | 29,504 | ||||||||
Incentive fees |
3,833 | 11,170 | 12,023 | 23,225 | ||||||||||||
Management fees |
8,959 | 8,079 | 17,776 | 16,279 | ||||||||||||
Professional fees |
867 | 808 | 1,745 | 1,533 | ||||||||||||
Directors’ fees |
204 | 232 | 407 | 464 | ||||||||||||
Other general and administrative expenses |
1,148 | 800 | 2,260 | 1,898 | ||||||||||||
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|
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|
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|
|
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Total expenses |
$ | 31,188 | $ | 35,627 | $ | 66,055 | $ | 72,903 | ||||||||
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Fee waivers |
$ | (4,179 | ) | $ | (10,196 | ) | $ | (11,724 | ) | $ | (22,751 | ) | ||||
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|
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Net expenses |
$ | 27,009 | $ | 25,431 | $ | 54,331 | $ | 50,152 | ||||||||
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Net investment income before taxes |
$ | 50,444 | $ | 58,486 | $ | 101,427 | $ | 116,383 | ||||||||
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Income tax expense, including excise tax |
$ | 832 | $ | 310 | $ | 1,665 | $ | 624 | ||||||||
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Net investment income after taxes |
$ | 49,612 | $ | 58,176 | $ | 99,762 | $ | 115,759 | ||||||||
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|
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Net realized and unrealized gains (losses) on investment transactions: |
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Net realized gain (loss) from: |
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Non-controlled/non-affiliated |
$ | (4,431 | ) | $ | (1,274 | ) | $ | (5,054 | ) | $ | 6,234 | |||||
Controlled affiliated investments |
— | — | (2,035 | ) | — | |||||||||||
Foreign currency forward contracts |
51 | (57 | ) | 81 | (171 | ) | ||||||||||
Foreign currency and other transactions |
(69 | ) | (24 | ) | (848 | ) | 44 | |||||||||
Net change in unrealized appreciation (depreciation) from: |
||||||||||||||||
Non-controlled/non-affiliated |
(27,585 | ) | 4,844 | (38,959 | ) | 878 | ||||||||||
Non-controlled affiliated investments |
(559 | ) | (4,783 | ) | 1,944 | (8,022 | ) | |||||||||
Controlled affiliated investments |
(1,777 | ) | (798 | ) | (1,061 | ) | (2,175 | ) | ||||||||
Foreign currency forward contracts |
22 | 27 | 46 | 274 | ||||||||||||
Foreign currency translations and other transactions |
3,299 | (1,030 | ) | 5,077 | 2,842 | |||||||||||
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|
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Net realized and unrealized gains (losses) |
$ | (31,049 | ) | $ | (3,095 | ) | $ | (40,809 | ) | $ | (96 | ) | ||||
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(Provision) benefit for taxes on realized gain/loss on investments |
$ | — | $ | (53 | ) | $ | — | $ | (53 | ) | ||||||
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments |
114 | (56 | ) | (118 | ) | (170 | ) | |||||||||
Net increase in net assets from operations |
$ | 18,677 | $ | 54,972 | $ | 58,835 | $ | 115,440 | ||||||||
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Weighted average shares outstanding |
101,970,098 | 101,649,214 | 101,918,422 | 101,617,022 | ||||||||||||
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Net investment income per share (basic and diluted) |
$ | 0.49 | $ | 0.57 | $ | 0.98 | $ | 1.14 | ||||||||
Earnings per share (basic and diluted) |
$ | 0.18 | $ | 0.54 | $ | 0.58 | $ | 1.14 |
For the Three Months Ended |
For the Six Months Ended |
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June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
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Net assets at beginning of period |
$ | 1,609,951 | $ | 1,625,945 | $ | 1,614,400 | $ | 1,615,141 | ||||||||
Increase (decrease) in net assets from operations: |
||||||||||||||||
Net investment income |
$ | 49,612 | $ | 58,176 | $ | 99,762 | $ | 115,759 | ||||||||
Net realized gain (loss) |
(4,449 | ) | (1,355 | ) | (7,856 | ) | 6,107 | |||||||||
Net change in unrealized appreciation (depreciation) |
(26,600 | ) | (1,740 | ) | (32,953 | ) | (6,203 | ) | ||||||||
(Provision) benefit for taxes on realized gain/loss on investments |
— | (53 | ) | — | (53 | ) | ||||||||||
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments |
114 | (56 | ) | (118 | ) | (170 | ) | |||||||||
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|
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|
|
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Net increase in net assets from operations |
$ | 18,677 | $ | 54,972 | $ | 58,835 | $ | 115,440 | ||||||||
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Distributions to stockholders from: |
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Distributable earnings |
$ | (45,934 | ) | $ | (50,838 | ) | $ | (91,782 | ) | $ | (101,637 | ) | ||||
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Total distributions to stockholders |
$ | (45,934 | ) | $ | (50,838 | ) | $ | (91,782 | ) | $ | (101,637 | ) | ||||
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Capital transactions: |
||||||||||||||||
Issuance of common stock (net of offering and underwriting costs) |
$ | 1,793 | $ | — | $ | 1,793 | $ | — | ||||||||
Reinvestment of stockholder distributions |
1,185 | 1,446 | 2,426 | 2,581 | ||||||||||||
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Net increase in net assets from capital transactions |
$ | 2,978 | $ | 1,446 | $ | 4,219 | $ | 2,581 | ||||||||
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|
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Total increase (decrease) in net assets |
$ | (24,279 | ) | $ | 5,580 | $ | (28,728 | ) | $ | 16,384 | ||||||
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Net assets at end of period |
$ | 1,585,672 | $ | 1,631,525 | $ | 1,585,672 | $ | 1,631,525 | ||||||||
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|
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Distributions per share |
$ | 0.45 | $ | 0.50 | $ | 0.90 | $ | 1.00 |
For the Six Months Ended |
||||||||
June 30, 2022 |
June 30, 2021 |
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Cash flows from operating activities: |
||||||||
Net increase in net assets from operations: |
$ | 58,835 | $ | 115,440 | ||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities: |
||||||||
Purchases of investments |
(384,813 | ) | (417,844 | ) | ||||
Payment-in-kind |
(9,931 | ) | (7,409 | ) | ||||
Proceeds from sales of investments and principal repayments |
254,976 | 545,381 | ||||||
Net realized (gain) loss |
7,106 | (6,234 | ) | |||||
Net change in unrealized (appreciation) depreciation on investments |
38,076 | 9,319 | ||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions |
(82 | ) | (183 | ) | ||||
Amortization of premium and accretion of discount, net |
(18,847 | ) | (36,911 | ) | ||||
Amortization of deferred financing and debt issuance costs |
3,150 | 3,639 | ||||||
Amortization of original issue discount on convertible notes |
118 | 231 | ||||||
Change in operating assets and liabilities: |
||||||||
(Increase) decrease in receivable for investments sold |
(263 | ) | 2,561 | |||||
(Increase) decrease in interest and dividends receivable |
1,426 | (42 | ) | |||||
(Increase) decrease in other assets |
(2,435 | ) | (59 | ) | ||||
Increase (decrease) in interest and other debt expenses payable |
(1,557 | ) | 6,302 | |||||
Increase (decrease) in management fees payable |
242 | 2,134 | ||||||
Increase (decrease) in incentive fees payable |
(760 | ) | (1,691 | ) | ||||
Increase (decrease) in investments purchased payable |
— | 19,115 | ||||||
Increase (decrease) in directors’ fees payable |
— | 232 | ||||||
Increase (decrease) in accrued expenses and other liabilities |
(713 | ) | (816 | ) | ||||
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|
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Net cash provided by (used for) operating activities |
$ | (55,472 | ) | $ | 233,165 | |||
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|
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Cash flows from financing activities: |
||||||||
Proceeds from issuance of common stock (net of underwriting costs) |
$ | 2,233 | $ | — | ||||
Offering costs paid |
(127 | ) | — | |||||
Distributions paid |
(89,240 | ) | (98,992 | ) | ||||
Deferred financing and debt issuance costs paid |
(2,883 | ) | (484 | ) | ||||
Borrowings on debt |
542,463 | 310,688 | ||||||
Repayments of debt |
(386,000 | ) | (356,500 | ) | ||||
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|
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Net cash provided by (used for) financing activities |
$ | 66,446 | $ | (145,288 | ) | |||
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Net increase (decrease) in cash |
$ | 10,974 | $ | 87,877 | ||||
Effect of foreign exchange rate changes on cash and cash equivalents |
36 | (91 | ) | |||||
Cash, beginning of period |
33,764 | 32,137 | ||||||
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|
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Cash, end of period |
$ | 44,774 | $ | 119,923 | ||||
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|
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Supplemental and non-cash activities |
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Interest expense paid |
$ | 28,383 | $ | 16,540 | ||||
Accrued but unpaid excise tax expense |
$ | 643 | $ | 718 | ||||
Accrued but unpaid offering costs |
$ | 314 | $ | — | ||||
Accrued but unpaid distributions |
$ | 45,934 | $ | 45,754 | ||||
Reinvestment of stockholder distributions |
$ | 2,426 | $ | 2,581 | ||||
Exchange of investments |
$ | 18,660 | $ | 3,499 |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||||||||
1st Lien/Senior Secured Debt — 199.00% |
||||||||||||||||||||||||||||||
1272775 B.C. LTD. (dba Everest Clinical Research) |
Professional Services | 8.00 | % | L + 5.75% | 1.00 | % | 11/06/26 | $ | 9,289 | $ | 9,182 | $ | 9,172 | (1) (2) (3) | ||||||||||||||||
1272775 B.C. LTD. (dba Everest Clinical Research) |
Professional Services | 9.50 | % | P + 4.75% | 11/06/26 | 1,151 | 554 | 553 | (1) (2) (3) (4) | |||||||||||||||||||||
1272775 B.C. LTD. (dba Everest Clinical Research) |
Professional Services | 9.50 | % | P + 4.75% | 11/06/26 | CAD | 139 | 109 | 106 | (1) (2) (3) | ||||||||||||||||||||
3SI Security Systems, Inc. |
Commercial Services & Supplies | 8.06 | % | L + 6.00% | 1.00 | % | 06/16/23 | 13,589 | 13,440 | 13,487 | (3) | |||||||||||||||||||
3SI Security Systems, Inc. |
Commercial Services & Supplies | 8.06 | % | L + 6.00% | 1.00 | % | 06/16/23 | 2,069 | 1,997 | 2,053 | (3) | |||||||||||||||||||
A Place For Mom, Inc. |
Diversified Consumer Services | 6.17 | % | L + 4.50% | 1.00 | % | 02/10/26 | 7,368 | 7,347 | 7,165 | ||||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | 7.25 | % | L + 6.25% | 1.00 | % | 03/10/27 | 16,305 | 15,972 | 16,346 | (2) (3) | |||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | 7.25 | % | L + 6.25% | 1.00 | % | 03/10/27 | 3,046 | 1,676 | 1,713 | (2) (3) (4) | |||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | L + 6.25% | 1.00 | % | 03/10/27 | 1,220 | (24 | ) | 3 | (2) (3) (4) | ||||||||||||||||||||
Acquia, Inc. |
Software | 8.12 | % | L + 7.00% | 1.00 | % | 10/31/25 | 42,164 | 40,744 | 41,216 | (2) (3) | |||||||||||||||||||
Acquia, Inc. |
Software | 9.07 | % | L + 7.00% | 1.00 | % | 10/31/25 | 3,268 | 332 | 319 | (2) (3) (4) | |||||||||||||||||||
Admiral Buyer, Inc. (dba Fidelity Payment Services) |
Diversified Financial Services | 7.63 | % | S + 6.00% | 0.75 | % | 05/08/28 | 26,460 | 25,941 | 25,931 | (2) | |||||||||||||||||||
Admiral Buyer, Inc. (dba Fidelity Payment Services) |
Diversified Financial Services | S + 6.00% | 0.75 | % | 05/08/28 | 2,530 | (49 | ) | (51 | ) | (2) (4) | |||||||||||||||||||
Admiral Buyer, Inc. (dba Fidelity Payment Services) |
Diversified Financial Services | S + 6.00% | 0.75 | % | 05/08/28 | 7,120 | (69 | ) | (71 | ) | (2) (4) | |||||||||||||||||||
Ansira Partners, Inc. |
Professional Services | 8.17 | % | L + 6.50% PIK | 1.00 | % | 12/20/24 | 5,325 | 5,311 | 3,115 | ||||||||||||||||||||
Ansira Partners, Inc. |
Professional Services | 8.17 | % | L + 6.50% PIK | 1.00 | % | 12/20/24 | 327 | 326 | 191 | ||||||||||||||||||||
Apptio, Inc. |
IT Services | 7.25 | % | L + 6.00% | 1.00 | % | 01/10/25 | 79,154 | 76,930 | 79,154 | (2) (3) | |||||||||||||||||||
Apptio, Inc. |
IT Services | 7.25 | % | L + 6.00% | 1.00 | % | 01/10/25 | 5,385 | 2,105 | 2,154 | (2) (3) (4) | |||||||||||||||||||
AQ Helios Buyer, Inc. (dba SurePoint) |
Software | 9.18 | % | S + 7.00% | 1.00 | % | 07/01/26 | 39,210 | 38,538 | 38,524 | (2) (3) | |||||||||||||||||||
AQ Helios Buyer, Inc. (dba SurePoint) |
Software | 10.09 | % | S + 8.00% | 1.00 | % | 07/01/26 | 2,339 | 2,339 | 2,368 | (2) (3) | |||||||||||||||||||
AQ Helios Buyer, Inc. (dba SurePoint) |
Software | S + 7.00% | 1.00 | % | 07/01/26 | 6,600 | — | 83 | (2) (3) (4) | |||||||||||||||||||||
AQ Helios Buyer, Inc. (dba SurePoint) |
Software | S + 7.00% | 1.00 | % | 07/01/26 | 4,570 | (74 | ) | (80 | ) | (2) (3) (4) | |||||||||||||||||||
Argos Health Holdings, Inc |
Health Care Providers & Services | 6.46 | % | L + 5.50% | 0.75 | % | 12/03/27 | 21,890 | 21,488 | 21,452 | (2) (3) | |||||||||||||||||||
Aria Systems, Inc. |
Diversified Financial Services | 8.64 | % | S + 7.00% | 1.00 | % | 06/30/26 | 24,929 | 24,557 | 24,617 | (2) (3) | |||||||||||||||||||
Aria Systems, Inc. |
Diversified Financial Services | 8.64 | % | S + 7.00% | 1.00 | % | 06/30/26 | 4,150 | 2,227 | 2,205 | (2) (3) (4) | |||||||||||||||||||
Assembly Intermediate LLC |
Diversified Consumer Services | 9.88 | % | L + 7.00% | 1.00 | % | 10/19/27 | 43,991 | 43,194 | 43,331 | (2) (3) | |||||||||||||||||||
Assembly Intermediate LLC |
Diversified Consumer Services | 9.25 | % | L + 7.00% | 1.00 | % | 10/19/27 | 10,998 | 2,518 | 2,474 | (2) (3) (4) | |||||||||||||||||||
Assembly Intermediate LLC |
Diversified Consumer Services | 9.20 | % | L + 7.00% | 1.00 | % | 10/19/27 | 4,399 | 802 | 814 | (2) (3) (4) | |||||||||||||||||||
ATX Networks Corp. |
Communications Equipment | 9.75 | % | L + 7.50% | 1.00 | % | 09/01/26 | 3,975 | 3,975 | 3,906 | ^ (1) (3) | |||||||||||||||||||
Badger Sportswear, Inc. |
Textiles, Apparel & Luxury Goods | 6.17 | % | L + 4.50% | 1.25 | % | 09/11/23 | 7,054 | 7,034 | 6,772 | ||||||||||||||||||||
Bigchange Group Limited |
Software | 7.00 | % | S + 6.00% | 1.00 | % | 12/23/26 | GBP |
11,990 |
|
15,797 | 14,304 | (1) (2) (3) | |||||||||||||||||
Bigchange Group Limited |
Software | S + 6.00% | 1.00 | % | 12/23/26 | GBP | 870 | — | (21 | ) | (1) (2) (3) (4) | |||||||||||||||||||
Bigchange Group Limited |
Software | S + 6.00% | 1.00 | % | 12/23/26 | GBP | 2,400 | (59 | ) | (58 | ) | (1) (2) (3) (4) | ||||||||||||||||||
Broadway Technology, LLC |
Diversified Financial Services | 7.99 | % | S + 6.50% | 1.00 | % | 01/08/26 | 25,774 | 25,357 | 25,516 | (2) (3) | |||||||||||||||||||
Broadway Technology, LLC |
Diversified Financial Services | S + 6.50% | 1.00 | % | 01/08/26 | 1,090 | (20 | ) | (11 | ) | (2) (3) (4) | |||||||||||||||||||
BSI3 Menu Buyer, Inc (dba Kydia) |
Diversified Financial Services | 7.64 | % | S + 6.00% | 0.75 | % | 01/25/28 | 962 | 946 | 936 | (2) (3) | |||||||||||||||||||
BSI3 Menu Buyer, Inc (dba Kydia) |
Diversified Financial Services | S + 6.00% | 0.75 | % | 01/25/28 | 38 | (1 | ) | (1 | ) | (2) (3) (4) | |||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 8.00 | % | L + 5.75% | 1.00 | % | 09/30/26 | 26,426 | 25,520 | 26,294 | (2) (3) | |||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 8.00 | % | L + 5.75% | 1.00 | % | 09/30/26 | 3,044 | 3,031 | 3,029 | (2) (3) | |||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 8.00 | % | L + 5.75% | 1.00 | % | 09/30/26 | 1,223 | 1,208 | 1,217 | (2) (3) | |||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 8.00 | % | L + 5.75% | 1.00 | % | 09/30/26 | 548 | 529 | 545 | (2) (3) | |||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 8.00 | % | L + 5.75% | 1.00 | % | 09/30/26 | 437 | 422 | 435 | (2) (3) | |||||||||||||||||||
Bullhorn, Inc. |
Professional Services | L + 5.75% | 1.00 | % | 09/30/26 | 1,344 | (15 | ) | (7 | ) | (2) (3) (4) | |||||||||||||||||||
Bullhorn, Inc. |
Professional Services | L + 5.75% | 1.00 | % | 09/30/26 | 1,661 | (7 | ) | (8 | ) | (2) (3) (4) | |||||||||||||||||||
Businessolver.com, Inc. |
Health Care Technology | 8.00 | % | L + 5.75% | 0.75 | % | 12/01/27 | 18,622 | 18,451 | 18,436 | (2) (3) | |||||||||||||||||||
Businessolver.com, Inc. |
Health Care Technology | L + 5.75% | 0.75 | % | 12/01/27 | 5,026 | (23 | ) | (50 | ) | (2) (3) (4) | |||||||||||||||||||
Capitol Imaging Acquisition Corp. |
Health Care Providers & Services | 7.74 | % | L + 6.50% | 1.00 | % | 10/01/26 | 17,927 | 17,618 | 17,523 | (2) (3) | |||||||||||||||||||
Capitol Imaging Acquisition Corp. |
Health Care Providers & Services | 7.74 | % | L + 6.50% | 1.00 | % | 10/01/26 | 802 | 775 | 784 | (2) (3) | |||||||||||||||||||
Capitol Imaging Acquisition Corp. |
Health Care Providers & Services | 10.25 | % | P + 5.50% | 10/01/25 | 180 | 61 | 59 | (2) (3) (4) | |||||||||||||||||||||
CFS Management, LLC (dba Center for Sight Management) |
Health Care Providers & Services | 8.57 | % | S + 6.25% | 1.00 | % | 07/01/24 | 19,729 | 19,288 | 19,384 | (2) (3) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||||||
CFS Management, LLC (dba Center for Sight Management) |
Health Care Providers & Services | 8.57 | % | S + 6.25% | 1.00 | % | 07/01/24 | $ | 3,424 | $ | 3,315 | $ | 3,364 | (2) (3) | ||||||||||||||
CFS Management, LLC (dba Center for Sight Management) |
Health Care Providers & Services | 8.57 | % | S + 6.25% | 1.00 | % | 07/01/24 | 2,012 | 1,994 | 1,977 | (2) (3) | |||||||||||||||||
Checkmate Finance Merger Sub, LLC |
Entertainment | 8.75 | % | L + 6.50% | 1.00 | % | 12/31/27 | 31,336 | 30,752 | 30,788 | (2) (3) | |||||||||||||||||
Checkmate Finance Merger Sub, LLC |
Entertainment | L + 6.50% | 1.00 | % | 12/31/27 | 3,140 | (58 | ) | (55 | ) | (2) (3) (4) | |||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.44 | % | L + 6.00% | 1.00 | % | 05/18/29 | 16,911 | 16,068 | 16,911 | (2) | |||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.44 | % | L + 6.00% | 1.00 | % | 05/18/29 | 11,229 | 10,918 | 11,229 | (2) | |||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.45 | % | L + 6.00% | 1.00 | % | 05/18/29 | 11,052 | 10,774 | 11,052 | (2) | |||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.45 | % | L + 6.00% | 1.00 | % | 05/18/29 | 7,123 | 6,767 | 7,123 | (2) | |||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | S + 6.00% | 1.00 | % | 05/18/29 | 4,753 | (107 | ) | — | (2) (4) | ||||||||||||||||||
CivicPlus LLC |
Software | 7.51 | % | L + 6.00% | 0.75 | % | 08/24/27 | 6,300 | 6,173 | 6,158 | (2) (3) | |||||||||||||||||
CivicPlus LLC |
Software | 7.69 | % | S + 6.00% | 0.75 | % | 08/24/27 | 6,247 | 6,122 | 6,106 | (2) (3) | |||||||||||||||||
CivicPlus LLC |
Software | 7.94 | % | L + 6.25% | 0.75 | % | 08/24/27 | 2,960 | 2,898 | 2,893 | (2) (3) | |||||||||||||||||
CivicPlus LLC |
Software | L + 6.00% | 0.75 | % | 08/24/27 | 1,217 | (24 | ) | (27 | ) | (2) (3) (4) | |||||||||||||||||
CloudBees, Inc. |
Software | 8.67 | % | L + 7.00% (incl. 2.50% PIK) | 1.00 | % | 11/24/26 | 28,376 | 26,741 | 27,879 | (2) (3) | |||||||||||||||||
CloudBees, Inc. |
Software | L + 7.00% (incl. 2.50% PIK) | 1.00 | % | 11/24/26 | 12,900 | (516 | ) | (226 | ) | (2) (3) (4) | |||||||||||||||||
Coding Solutions Acquisition, Inc. |
Health Care Providers & Services | 7.07 | % | S + 5.75% | 0.75 | % | 05/11/28 | 14,867 | 14,574 | 14,569 | (2) | |||||||||||||||||
Coding Solutions Acquisition, Inc. |
Health Care Providers & Services | S + 5.75% | 0.75 | % | 05/11/28 | 2,120 | (41 | ) | (42 | ) | (2) (4) | |||||||||||||||||
Coding Solutions Acquisition, Inc. |
Health Care Providers & Services | S + 5.75% | 0.75 | % | 05/11/28 | 4,460 | (44 | ) | (45 | ) | (2) (4) | |||||||||||||||||
CORA Health Holdings Corp |
Health Care Providers & Services | 7.04 | % | L + 5.75% | 1.00 | % | 06/15/27 | 22,549 | 22,261 | 22,042 | (2) (3) | |||||||||||||||||
CORA Health Holdings Corp |
Health Care Providers & Services | 7.06 | % | L + 5.75% | 1.00 | % | 06/15/27 | 8,897 | 324 | 182 | (2) (3) (4) | |||||||||||||||||
Cordeagle US Finco, Inc. (dba Condeco) |
Software | 7.99 | % | L + 6.75% | 1.00 | % | 07/30/27 | 25,223 | 24,771 | 24,656 | (1) (2) (3) | |||||||||||||||||
Cordeagle US Finco, Inc. (dba Condeco) |
Software | L + 6.75% | 1.00 | % | 07/30/27 | 2,461 | (42 | ) | (55 | ) | (1) (2) (3) (4) | |||||||||||||||||
CorePower Yoga LLC |
Diversified Consumer Services | 9.25 | % | L + 7.00% (incl. 5.00% PIK) | 1.00 | % | 05/14/25 | 25,612 | 23,629 | 20,938 | (2) (3) | |||||||||||||||||
CorePower Yoga LLC |
Diversified Consumer Services | L + 7.00% (incl. 5.00% PIK) | 1.00 | % | 05/14/25 | 1,687 | (106 | ) | (308 | ) | (2) (3) (4) | |||||||||||||||||
CST Buyer Company (dba Intoxalock) |
Diversified Consumer Services | 7.17 | % | L + 5.50% | 1.00 | % | 10/03/25 | 28,163 | 27,444 | 27,881 | (2) (3) | |||||||||||||||||
CST Buyer Company (dba Intoxalock) |
Diversified Consumer Services | 7.17 | % | L + 5.50% | 1.00 | % | 10/27/25 | 14,781 | 14,546 | 14,634 | (2) (3) | |||||||||||||||||
CST Buyer Company (dba Intoxalock) |
Diversified Consumer Services | L + 5.50% | 1.00 | % | 10/03/25 | 2,170 | (10 | ) | (22 | ) | (2) (3) (4) | |||||||||||||||||
DECA Dental Holdings LLC |
Health Care Providers & Services | 8.00 | % | L + 5.75% | 0.75 | % | 08/28/28 | 21,507 | 21,119 | 20,647 | (2) (3) | |||||||||||||||||
DECA Dental Holdings LLC |
Health Care Providers & Services | 8.00 | % | L + 5.75% | 0.75 | % | 08/28/28 | 7,396 | 2,177 | 1,968 | (2) (3) (4) | |||||||||||||||||
DECA Dental Holdings LLC |
Health Care Providers & Services | 8.00 | % | L + 5.75% | 0.75 | % | 08/26/27 | 1,711 | 541 | 502 | (2) (3) (4) | |||||||||||||||||
Diligent Corporation |
Professional Services | 7.25 | % | L + 6.25% | 1.00 | % | 08/04/25 | € | 37,869 | 42,861 | 39,883 | (2) (3) | ||||||||||||||||
Diligent Corporation |
Professional Services | 9.13 | % | L + 6.25% | 1.00 | % | 08/04/25 | 24,477 | 23,655 | 24,599 | (2) (3) | |||||||||||||||||
Diligent Corporation |
Professional Services | 8.49 | % | L + 6.25% | 1.00 | % | 08/04/25 | 3,100 | 1,505 | 1,566 | (2) (3) (4) | |||||||||||||||||
EDB Parent, LLC (dba Enterprise DB) |
Software | S + 6.00% | 0.75 | % | 07/07/28 | 29,826 | — | — | (2) (4) | |||||||||||||||||||
EDB Parent, LLC (dba Enterprise DB) |
Software | S + 6.00% | 0.75 | % | 07/07/28 | 7,849 | — | — | (2) (4) | |||||||||||||||||||
EDB Parent, LLC (dba Enterprise DB) |
Software | S + 6.00% | 0.75 | % | 07/07/28 | 2,616 | — | — | (2) (4) | |||||||||||||||||||
Elemica Parent, Inc. |
Chemicals | 7.56 | % | L + 5.50% | 1.00 | % | 09/18/25 | 6,984 | 6,607 | 6,844 | (2) (3) | |||||||||||||||||
Elemica Parent, Inc. |
Chemicals | 7.11 | % | L + 5.50% | 1.00 | % | 09/18/25 | 1,489 | 1,457 | 1,459 | (2) (3) | |||||||||||||||||
Elemica Parent, Inc. |
Chemicals | 7.33 | % | L + 5.50% | 1.00 | % | 09/18/25 | 1,369 | 1,313 | 1,342 | (2) (3) | |||||||||||||||||
Elemica Parent, Inc. |
Chemicals | 7.33 | % | L + 5.50% | 1.00 | % | 09/18/25 | 558 | 546 | 546 | (2) (3) | |||||||||||||||||
Elemica Parent, Inc. |
Chemicals | 7.04 | % | L + 5.50% | 1.00 | % | 09/18/25 | 930 | 419 | 432 | (2) (3) (4) | |||||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 7.13 | % | S + 5.50% | 1.00 | % | 12/06/25 | 10,422 | 10,049 | 10,318 | (2) (3) | |||||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 7.13 | % | S + 5.50% | 1.00 | % | 12/06/25 | 4,903 | 4,836 | 4,854 | (2) (3) | |||||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 7.13 | % | S + 5.50% | 1.00 | % | 12/06/25 | 4,492 | 4,406 | 4,447 | (2) (3) | |||||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 7.07 | % | S + 5.50% | 1.00 | % | 12/06/25 | 2,269 | 1,508 | 1,565 | (2) (3) (4) | |||||||||||||||||
ESO Solutions, Inc |
Health Care Technology | 9.06 | % | S + 7.00% | 1.00 | % | 05/03/27 | 39,908 | 39,231 | 39,309 | (2) (3) | |||||||||||||||||
ESO Solutions, Inc |
Health Care Technology | S + 7.00% | 1.00 | % | 05/03/27 | 3,620 | (59 | ) | (54 | ) | (2) (3) (4) | |||||||||||||||||
Experity, Inc. |
Health Care Technology | 7.42 | % | L + 5.75% | 0.75 | % | 02/24/28 | 914 | 910 | 910 | (2) (3) | |||||||||||||||||
Experity, Inc. |
Health Care Technology | L + 5.75% | 0.75 | % | 02/24/28 | 81 | — | — | (2) (3) (4) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||||||
Four Seasons Heating And Air Conditioning Inc |
Diversified Consumer Services | 7.27 | % | L + 5.75% | 0.75 | % | 11/17/26 | $ | 34,158 | $ | 33,701 | $ | 33,561 | (2) (3) | ||||||||||||||
Fullsteam Operations LLC |
Diversified Financial Services | 9.75 | % | L + 7.50% (Incl. 4.50% PIK) | 1.50 | % | 10/04/27 | 57,693 | 56,440 | 56,251 | (2) (3) | |||||||||||||||||
Fullsteam Operations LLC |
Diversified Financial Services | 9.75 | % | L + 7.50% | 1.50 | % | 10/04/27 | 22,131 | 21,628 | 21,578 | (2) (3) | |||||||||||||||||
Fullsteam Operations LLC |
Diversified Financial Services | 9.75 | % | L + 7.50% (Incl. 4.50% PIK) | 1.50 | % | 10/04/27 | 3,380 | 1,104 | 1,094 | (2) (3) (4) | |||||||||||||||||
Gainsight, Inc. |
Software | 7.99 | % | L + 6.75% PIK | 0.75 | % | 07/30/27 | 42,727 | 42,094 | 41,338 | (2) (3) | |||||||||||||||||
Gainsight, Inc. |
Software | L + 6.75% | 0.75 | % | 07/30/27 | 5,320 | (79 | ) | (173 | ) | (2) (3) (4) | |||||||||||||||||
GHA Buyer Inc. (dba Cedar Gate) |
Health Care Technology | 8.67 | % | L + 7.00% | 1.00 | % | 06/24/25 | 14,775 | 14,568 | 14,480 | (2) (3) | |||||||||||||||||
GHA Buyer Inc. (dba Cedar Gate) |
Health Care Technology | 8.67 | % | L + 7.00% | 1.00 | % | 06/24/25 | 2,593 | 2,556 | 2,541 | (2) (3) | |||||||||||||||||
GHA Buyer Inc. (dba Cedar Gate) |
Health Care Technology | 8.67 | % | L + 7.00% | 1.00 | % | 06/24/25 | 1,880 | 1,354 | 1,341 | (2) (3) (4) | |||||||||||||||||
GHA Buyer Inc. (dba Cedar Gate) |
Health Care Technology | 8.67 | % | L + 7.00% | 1.00 | % | 06/24/25 | 966 | 948 | 947 | (2) (3) | |||||||||||||||||
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
Software | 8.75 | % | L + 6.50% | 1.00 | % | 01/29/27 | 29,219 | 28,629 | 29,073 | (2) | |||||||||||||||||
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
Software | 8.25 | % | L + 6.00% | 1.00 | % | 01/29/27 | 3,789 | 2,233 | 2,265 | (2) (4) | |||||||||||||||||
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
Software | L + 6.50% | 1.00 | % | 01/29/27 | 2,583 | (30 | ) | (13 | ) | (2) (4) | |||||||||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | 7.17 | % | L + 5.50% | 0.75 | % | 12/01/28 | 42,281 | 42,183 | 41,541 | (2) (3) | |||||||||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | L + 5.50% | 0.75 | % | 12/02/27 | 4,710 | (11 | ) | (82 | ) | (2) (3) (4) | |||||||||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | L + 5.50% | 0.75 | % | 12/01/28 | 14,718 | (17 | ) | (258 | ) | (2) (3) (4) | |||||||||||||||||
GS AcquisitionCo, Inc. (dba Insightsoftware) |
Diversified Financial Services | 7.25 | % | L + 5.75% | 1.00 | % | 05/22/26 | 23,973 | 23,722 | 23,313 | (2) | |||||||||||||||||
GS AcquisitionCo, Inc. (dba Insightsoftware) |
Diversified Financial Services | 8.63 | % | L + 5.75% | 1.00 | % | 05/22/26 | 982 | 234 | 219 | (2) (4) | |||||||||||||||||
GS AcquisitionCo, Inc. (dba Insightsoftware) |
Diversified Financial Services | L + 5.75% | 1.00 | % | 05/22/26 | 2,025 | (7 | ) | (56 | ) | (2) (4) | |||||||||||||||||
Halo Branded Solutions, Inc. |
Commercial Services & Supplies | 6.17 | % | L + 4.50% | 1.00 | % | 06/30/25 | 6,324 | 6,293 | 5,631 | ||||||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | 9.00 | % | L + 7.00% | 1.00 | % | 04/09/26 | 35,400 | 34,769 | 34,603 | (2) (3) | |||||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | 9.00 | % | L + 7.00% | 1.00 | % | 04/09/26 | 5,030 | 1,449 | 1,336 | (2) (3) (4) | |||||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | L + 6.25% | 1.00 | % | 04/09/26 | 3,800 | (67 | ) | (86 | ) | (2) (3) (4) | |||||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | L + 6.25% | 1.00 | % | 04/09/26 | 9,500 | (83 | ) | (214 | ) | (2) (3) (4) | |||||||||||||||||
Helios Buyer, Inc. (dba Heartland) |
Diversified Consumer Services | 7.62 | % | L + 6.00% | 1.00 | % | 12/15/26 | 19,084 | 18,819 | 18,893 | (2) (3) | |||||||||||||||||
Helios Buyer, Inc. (dba Heartland) |
Diversified Consumer Services | 7.67 | % | L + 6.00% | 1.00 | % | 12/15/26 | 14,924 | 14,793 | 14,775 | (2) (3) | |||||||||||||||||
Helios Buyer, Inc. (dba Heartland) |
Diversified Consumer Services | 7.67 | % | L + 6.00% | 1.00 | % | 12/15/26 | 7,864 | 7,730 | 7,785 | (2) (3) | |||||||||||||||||
Helios Buyer, Inc. (dba Heartland) |
Diversified Consumer Services | 7.12 | % | L + 6.00% | 1.00 | % | 12/15/26 | 2,363 | 212 | 225 | (2) (3) (4) | |||||||||||||||||
Hollander Sleep & Décor (dba SureFit) |
Household Products | 14.01 | % | L + 9.75% | 1.00 | % | 07/13/23 | 39,138 | 37,760 | 37,768 | (2) (3) | |||||||||||||||||
Honor HN Buyer, Inc |
Health Care Providers & Services | 8.25 | % | L + 6.00% | 1.00 | % | 10/15/27 | 24,235 | 23,797 | 23,689 | (2) (3) | |||||||||||||||||
Honor HN Buyer, Inc |
Health Care Providers & Services | 8.25 | % | L + 6.00% | 1.00 | % | 10/15/27 | 15,262 | 6,860 | 6,720 | (2) (3) (4) | |||||||||||||||||
Honor HN Buyer, Inc |
Health Care Providers & Services | L + 6.00% | 1.00 | % | 10/15/27 | 2,802 | (50 | ) | (63 | ) | (2) (3) (4) | |||||||||||||||||
HowlCO LLC (dba Lone Wolf) |
Real Estate Mgmt. & Development | 7.32 | % | L + 6.00% | 1.00 | % | 10/23/26 | 35,135 | 34,672 | 34,345 | (1) (2) (3) | |||||||||||||||||
HowlCO LLC (dba Lone Wolf) |
Real Estate Mgmt. & Development | 7.50 | % | L + 6.00% | 1.00 | % | 10/23/26 | 11,370 | 11,273 | 11,115 | (1) (2) (3) | |||||||||||||||||
HowlCO LLC (dba Lone Wolf) |
Real Estate Mgmt. & Development | 7.61 | % | L + 6.00% | 1.00 | % | 10/23/26 | 10,777 | 10,689 | 10,535 | (1) (2) (3) | |||||||||||||||||
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) |
Hotels, Restaurants & Leisure | 9.00 | % | L + 6.75% | 1.00 | % | 07/09/25 | 57,082 | 54,106 | 55,226 | (2) (3) | |||||||||||||||||
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) |
Hotels, Restaurants & Leisure | 8.98 | % | L + 6.75% | 1.00 | % | 07/09/25 | 4,688 | 557 | 551 | (2) (3) (4) | |||||||||||||||||
iCIMS, Inc. |
Software | 6.72 | % | L + 5.50% | 1.00 | % | 09/12/24 | 72,489 | 70,533 | 72,489 | (2) (3) | |||||||||||||||||
iCIMS, Inc. |
Software | 6.72 | % | L + 5.50% | 1.00 | % | 09/12/24 | 13,350 | 12,985 | 13,350 | (2) (3) | |||||||||||||||||
iCIMS, Inc. |
Software | 6.72 | % | L + 5.50% | 1.00 | % | 09/12/24 | 4,531 | 4,488 | 4,531 | (2) (3) | |||||||||||||||||
iCIMS, Inc. |
Software | L + 5.50% | 1.00 | % | 05/02/28 | 5,797 | — | — | (2) (4) | |||||||||||||||||||
iCIMS, Inc. |
Software | L + 5.50% | 1.00 | % | 05/02/28 | 60,870 | — | — | (2) (4) | |||||||||||||||||||
Intelligent Medical Objects, Inc. |
Health Care Technology | 7.65 | % | S + 6.00% | 0.75 | % | 05/11/29 | 12,525 | 12,278 | 12,275 | (2) | |||||||||||||||||
Intelligent Medical Objects, Inc. |
Health Care Technology | 7.24 | % | S + 6.00% | 0.75 | % | 05/11/28 | 1,490 | 120 | 119 | (2) (4) | |||||||||||||||||
Intelligent Medical Objects, Inc. |
Health Care Technology | S + 6.00% | 0.75 | % | 05/11/29 | 2,985 | (29 | ) | (30 | ) | (2) (4) | |||||||||||||||||
Internet Truckstop Group, LLC (dba Truckstop) |
Transportation Infrastructure | 7.76 | % | L + 5.50% | 1.00 | % | 04/02/25 | 52,467 | 50,695 | 52,336 | (2) (3) | |||||||||||||||||
Internet Truckstop Group, LLC (dba Truckstop) |
Transportation Infrastructure | L + 5.50% | 1.00 | % | 04/02/25 | 4,400 | (61 | ) | (11 | ) | (2) (3) (4) | |||||||||||||||||
Iracore International Holdings, Inc. |
Energy Equipment & Services | 11.38 | % | L + 9.00% | 1.00 | % | 04/12/24 | 2,361 | 2,361 | 2,361 | ^ (3) | |||||||||||||||||
Jill Acquisition LLC (dba J. Jill) |
Specialty Retail | 6.00 | % | L + 5.00% | 1.00 | % | 05/08/24 | 5,825 | 5,790 | 5,338 | ||||||||||||||||||
Kaseya Inc. |
IT Services | 8.29 | % | S + 5.75% | 0.75 | % | 06/25/29 | 18,500 | 18,223 | 18,223 | (2) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||||||
Kaseya Inc. |
IT Services | S + 5.75% | 0.75 | % | 06/25/29 | $ | 1,100 | $ | (8 | ) | $ | (8 | ) | (2) (4) | ||||||||||||||
Kaseya Inc. |
IT Services | S + 5.75% | 0.75 | % | 06/25/29 | 1,100 | (16 | ) | (17 | ) | (2) (4) | |||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 12/31/22 | 3,917 | 3,603 | 1,308 | ^ (1) (3) (5) | ||||||||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 12/31/22 | 3,318 | 800 | — | ^ (1) (3) (5) | ||||||||||||||||||||||
Lithium Technologies, Inc. |
Interactive Media & Services | 9.03 | % | L + 8.00% | 1.00 | % | 10/03/22 | 89,013 | 88,267 | 87,678 | (2) (3) | |||||||||||||||||
Lithium Technologies, Inc. |
Interactive Media & Services | 9.00 | % | L + 8.00% | 1.00 | % | 10/03/22 | 5,110 | 2,022 | 1,967 | (2) (3) (4) | |||||||||||||||||
LS Clinical Services Holdings, Inc (dba CATO) |
Pharmaceuticals | 8.42 | % | L + 6.75% | 1.00 | % | 12/16/27 | 15,320 | 14,965 | 14,937 | (2) (3) | |||||||||||||||||
LS Clinical Services Holdings, Inc (dba CATO) |
Pharmaceuticals | L + 6.75% | 1.00 | % | 12/16/26 | 2,200 | (49 | ) | (55 | ) | (2) (3) (4) | |||||||||||||||||
MedeAnalytics, Inc. |
Health Care Technology | 10.20 | % | S + 8.00% (incl. 1.50% PIK) | 1.00 | % | 10/09/26 | 966 | 927 | 915 | (2) (3) | |||||||||||||||||
MerchantWise Solutions, LLC (dba HungerRush) |
Diversified Financial Services | 7.40 | % | S + 6.00% | 0.75 | % | 06/01/28 | 21,746 | 21,316 | 21,311 | (2) | |||||||||||||||||
MerchantWise Solutions, LLC (dba HungerRush) |
Diversified Financial Services | 7.40 | % | S + 6.00% | 0.75 | % | 06/01/28 | 2,718 | 626 | 625 | (2) (4) | |||||||||||||||||
MerchantWise Solutions, LLC (dba HungerRush) |
Diversified Financial Services | S + 6.00% | 0.75 | % | 06/01/28 | 5,436 | (54 | ) | (54 | ) | (2) (4) | |||||||||||||||||
Mervin Manufacturing, Inc. |
Leisure Products | 9.17 | % | L + 7.50% | 1.00 | % | 09/30/22 | 10,613 | 10,613 | 10,560 | (3) | |||||||||||||||||
Millstone Medical Outsourcing, LLC |
Health Care Providers & Services | 8.75 | % | P + 4.00% | 12/15/27 | 10,322 | 10,131 | 10,116 | (2) (3) | |||||||||||||||||||
Millstone Medical Outsourcing, LLC |
Health Care Providers & Services | 8.75 | % | P + 4.00% | 12/15/27 | 2,217 | 292 | 288 | (2) (3) (4) | |||||||||||||||||||
MMIT Holdings, LLC (dba Managed Markets Insight & Technology) |
Health Care Technology | 8.50 | % | L + 6.25% | 1.00 | % | 09/15/27 | 65,971 | 64,796 | 64,652 | (2) (3) | |||||||||||||||||
MMIT Holdings, LLC (dba Managed Markets Insight & Technology) |
Health Care Technology | 8.50 | % | L + 6.25% | 1.00 | % | 09/15/27 | 6,878 | 6,754 | 6,740 | (2) (3) | |||||||||||||||||
MMIT Holdings, LLC (dba Managed Markets Insight & Technology) |
Health Care Technology | L + 6.25% | 1.00 | % | 09/15/27 | 5,923 | (103 | ) | (118 | ) | (2) (3) (4) | |||||||||||||||||
MRI Software LLC |
Real Estate Mgmt. & Development | 7.75 | % | L + 5.50% | 1.00 | % | 02/10/26 | 23,338 | 22,433 | 23,153 | ||||||||||||||||||
MRI Software LLC |
Real Estate Mgmt. & Development | 7.75 | % | L + 5.50% | 1.00 | % | 02/10/26 | 6,569 | 6,542 | 6,517 | ||||||||||||||||||
MRI Software LLC |
Real Estate Mgmt. & Development | L + 5.50% | 1.00 | % | 02/10/26 | 1,612 | (27 | ) | (13 | ) | (4) | |||||||||||||||||
NFM & J, L.P. (dba the Facilities Group) |
Professional Services | 7.42 | % | L + 5.75% | 1.00 | % | 11/30/27 | 17,167 | 16,852 | 16,823 | (2) (3) | |||||||||||||||||
NFM & J, L.P. (dba the Facilities Group) |
Professional Services | 7.30 | % | L + 5.75% | 1.00 | % | 11/30/27 | 17,406 | 9,626 | 9,528 | (2) (3) (4) | |||||||||||||||||
NFM & J, L.P. (dba the Facilities Group) |
Professional Services | 7.15 | % | L + 5.75% | 1.00 | % | 11/30/27 | 2,992 | 394 | 389 | (2) (3) (4) | |||||||||||||||||
One GI LLC |
Health Care Providers & Services | 8.42 | % | L + 6.75% | 1.00 | % | 12/22/25 | 22,760 | 22,420 | 21,963 | (2) (3) | |||||||||||||||||
One GI LLC |
Health Care Providers & Services | 8.42 | % | L + 6.75% | 1.00 | % | 12/22/25 | 12,147 | 11,932 | 11,722 | (2) (3) | |||||||||||||||||
One GI LLC |
Health Care Providers & Services | 8.42 | % | L + 6.75% | 1.00 | % | 12/22/25 | 9,358 | 9,220 | 9,030 | (2) (3) | |||||||||||||||||
One GI LLC |
Health Care Providers & Services | L + 6.75% | 1.00 | % | 12/22/25 | 3,610 | (54 | ) | (126 | ) | (2) (3) (4) | |||||||||||||||||
One GI LLC |
Health Care Providers & Services | L + 6.75% | 1.00 | % | 12/22/25 | 6,659 | (58 | ) | (233 | ) | (2) (3) (4) | |||||||||||||||||
Output Services Group, Inc. |
Diversified Consumer Services | 6.01 | % | L + 4.50% | 1.00 | % | 03/27/24 | 3,842 | 3,836 | 2,835 | ||||||||||||||||||
PDDS Holdco, Inc. (dba Planet DDS) |
Health Care Technology | S + 6.75% | 0.75 | % | 06/01/29 | 26,700 | — | — | (2) (4) | |||||||||||||||||||
PDDS Holdco, Inc. (dba Planet DDS) |
Health Care Technology | S + 6.75% | 0.75 | % | 06/01/29 | 3,080 | — | — | (2) (4) | |||||||||||||||||||
PDDS Holdco, Inc. (dba Planet DDS) |
Health Care Technology | S + 6.75% | 0.75 | % | 06/01/29 | 3,080 | — | — | (2) (4) | |||||||||||||||||||
PDDS Holdco, Inc. (dba Planet DDS) |
Health Care Technology | S + 6.75% | 0.75 | % | 06/01/27 | 2,050 | — | — | (2) (4) | |||||||||||||||||||
Picture Head Midco LLC |
Entertainment | 8.28 | % | S + 6.75% | 1.00 | % | 08/31/23 | 45,536 | 43,785 | 44,967 | (2) (3) | |||||||||||||||||
Pioneer Buyer I, LLC |
Software | 9.25 | % | L + 7.00% PIK | 0.75 | % | 11/01/28 | 24,977 | 24,541 | 24,477 | (2) (3) | |||||||||||||||||
Pioneer Buyer I, LLC |
Software | L + 6.50% | 0.75 | % | 11/01/27 | 4,300 | (77 | ) | (86 | ) | (2) (3) (4) | |||||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | 7.25 | % | L + 6.25% | 1.00 | % | 04/22/25 | 56,720 | 54,488 | 56,011 | (2) (3) | |||||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | 7.25 | % | L + 6.25% | 1.00 | % | 04/22/25 | 905 | 893 | 893 | (2) (3) | |||||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | 7.25 | % | L + 6.25% | 1.00 | % | 04/22/25 | 905 | 892 | 893 | (2) (3) | |||||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | L + 6.25% | 1.00 | % | 04/22/25 | 7,824 | (150 | ) | (98 | ) | (2) (3) (4) | |||||||||||||||||
Pluralsight, Inc |
Professional Services | 9.00 | % | L + 8.00% | 1.00 | % | 04/06/27 | 75,915 | 74,636 | 74,207 | (2) (3) | |||||||||||||||||
Pluralsight, Inc |
Professional Services | L + 8.00% | 1.00 | % | 04/06/27 | 5,100 | (81 | ) | (115 | ) | (2) (3) (4) | |||||||||||||||||
Premier Care Dental Management, LLC |
Health Care Providers & Services | 7.42 | % | L + 5.75% | 0.75 | % | 08/05/28 | 18,729 | 18,394 | 18,355 | (2) (3) | |||||||||||||||||
Premier Care Dental Management, LLC |
Health Care Providers & Services | 7.42 | % | L + 5.75% | 0.75 | % | 08/05/28 | 10,153 | 5,940 | 5,819 | (2) (3) (4) | |||||||||||||||||
Premier Care Dental Management, LLC |
Health Care Providers & Services | 7.42 | % | L + 5.75% | 0.75 | % | 08/05/27 | 3,052 | 19 | 10 | (2) (3) (4) | |||||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | 7.35 | % | L + 5.75% | 1.00 | % | 01/02/25 | 27,277 | 26,184 | 26,596 | (2) (3) | |||||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | 6.75 | % | L + 5.75% | 1.00 | % | 01/02/25 | 7,616 | 7,521 | 7,425 | (2) (3) | |||||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | 7.42 | % | L + 5.75% | 1.00 | % | 01/02/25 | 6,124 | 6,046 | 5,971 | (2) (3) | |||||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | 7.40 | % | L + 5.75% | 1.00 | % | 01/02/25 | 5,770 | 1,588 | 1,516 | (2) (3) (4) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||||||
Professional Physical Therapy |
Health Care Providers & Services | 9.50 | % | L + 8.50% (incl. 2.50% PIK) | 1.00 | % | 12/16/22 | $ | 5,995 | $ | 5,883 | $ | 5,156 | (3) | ||||||||||||||
Project Eagle Holdings, LLC (dba Exostar) |
Aerospace & Defense | 8.42 | % | L + 6.75% | 1.00 | % | 07/06/26 | 35,539 | 34,920 | 34,828 | (2) (3) | |||||||||||||||||
Project Eagle Holdings, LLC (dba Exostar) |
Aerospace & Defense | L + 6.75% | 1.00 | % | 07/06/26 | 75 | (1 | ) | (2 | ) | (2) (3) (4) | |||||||||||||||||
Prophix Software Inc. (dba Pound Bidco) |
Diversified Financial Services | 7.83 | % | L + 6.50% | 1.00 | % | 01/30/26 | 18,948 | 18,662 | 18,948 | (1) (2) (3) | |||||||||||||||||
Prophix Software Inc. (dba Pound Bidco) |
Diversified Financial Services | 7.83 | % | L + 6.50% | 1.00 | % | 01/30/26 | 7,752 | 7,619 | 7,752 | (1) (2) (3) | |||||||||||||||||
Prophix Software Inc. (dba Pound Bidco) |
Diversified Financial Services | L + 6.50% | 1.00 | % | 01/30/26 | 3,445 | (50 | ) | — | (1) (2) (3) (4) | ||||||||||||||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
Trading Companies & Distributors | 7.75 | % | L + 5.50% | 0.75 | % | 11/01/28 | 22,905 | 22,693 | 22,218 | (2) | |||||||||||||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
Trading Companies & Distributors | 7.75 | % | L + 5.50% | 0.75 | % | 11/01/28 | 2,035 | 2,015 | 1,974 | (2) | |||||||||||||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
Trading Companies & Distributors | 7.75 | % | L + 5.50% | 0.75 | % | 11/01/28 | 1,970 | 1,952 | 1,911 | (2) | |||||||||||||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
Trading Companies & Distributors | 7.75 | % | L + 5.50% | 0.75 | % | 11/01/28 | 1,407 | 1,394 | 1,365 | (2) | |||||||||||||||||
Purfoods, LLC |
Health Care Providers & Services | 7.67 | % | L + 6.25% | 1.00 | % | 08/12/26 | 590 | 569 | 576 | (2) (3) | |||||||||||||||||
Purfoods, LLC |
Health Care Providers & Services | 7.81 | % | L + 6.25% | 1.00 | % | 08/12/26 | 398 | 317 | 314 | (2) (3) (4) | |||||||||||||||||
Qualawash Holdings, LLC |
Commercial Services & Supplies | 6.83 | % | L + 5.75% | 1.00 | % | 08/31/26 | 11,377 | 11,218 | 11,207 | (2) | |||||||||||||||||
Qualawash Holdings, LLC |
Commercial Services & Supplies | 7.26 | % | L + 5.75% | 1.00 | % | 08/31/26 | 2,859 | 1,271 | 1,258 | (2) (4) | |||||||||||||||||
Qualawash Holdings, LLC |
Commercial Services & Supplies | L + 5.75% | 1.00 | % | 08/31/26 | 2,859 | (40 | ) | (21 | ) | (2) (4) | |||||||||||||||||
Riverpoint Medical, LLC |
Health Care Equipment & Supplies | 7.74 | % | L + 5.50% | 1.00 | % | 06/21/25 | 21,643 | 20,835 | 21,156 | (2) (3) | |||||||||||||||||
Riverpoint Medical, LLC |
Health Care Equipment & Supplies | 7.74 | % | L + 5.50% | 1.00 | % | 06/21/25 | 1,639 | 1,623 | 1,602 | (2) (3) | |||||||||||||||||
Riverpoint Medical, LLC |
Health Care Equipment & Supplies | L + 5.50% | 1.00 | % | 06/21/25 | 4,094 | (63 | ) | (92 | ) | (2) (3) (4) | |||||||||||||||||
Rodeo Buyer Company (dba Absorb Software) |
Professional Services | 7.92 | % | L + 6.25% | 1.00 | % | 05/25/27 | 21,167 | 20,808 | 20,796 | (1) (2) (3) | |||||||||||||||||
Rodeo Buyer Company (dba Absorb Software) |
Professional Services | L + 6.25% | 1.00 | % | 05/25/27 | 3,387 | (56 | ) | (59 | ) | (1) (2) (3) (4) | |||||||||||||||||
Rubrik,Inc. |
Software | 8.19 | % | S + 6.50% | 1.00 | % | 06/10/27 | 35,173 | 34,476 | 34,470 | (2) | |||||||||||||||||
Rubrik,Inc. |
Software | S + 6.50% | 1.00 | % | 06/10/27 | 4,020 | — | — | (2) (4) | |||||||||||||||||||
Smarsh, Inc. |
Software | 7.25 | % | S + 6.50% | 0.75 | % | 02/16/29 | 26,667 | 26,411 | 26,400 | (3) | |||||||||||||||||
Smarsh, Inc. |
Software | S + 6.50% | 0.75 | % | 02/16/29 | 1,667 | (16 | ) | (17 | ) | (3) (4) | |||||||||||||||||
Smarsh, Inc. |
Software | S + 6.50% | 0.75 | % | 02/16/29 | 6,667 | (32 | ) | (67 | ) | (3) (4) | |||||||||||||||||
SPay, Inc. (dba Stack Sports) |
Interactive Media & Services | 10.92 | % | L + 9.25% (incl. 3.50% PIK) | 1.00 | % | 06/17/24 | 29,285 | 27,780 | 27,821 | (2) (3) | |||||||||||||||||
SPay, Inc. (dba Stack Sports) |
Interactive Media & Services | 10.99 | % | L + 9.25% (incl. 3.50% PIK) | 1.00 | % | 06/17/24 | 2,097 | 1,984 | 1,992 | (2) (3) | |||||||||||||||||
SPay, Inc. (dba Stack Sports) |
Interactive Media & Services | 10.26 | % | L + 9.25% (incl. 3.50% PIK) | 1.00 | % | 06/17/24 | 1,049 | 994 | 997 | (2) (3) | |||||||||||||||||
SpendMend, LLC |
Health Care Providers & Services | 7.38 | % | S + 5.75% | 1.00 | % | 03/01/28 | 637 | 627 | 625 | (2) (3) | |||||||||||||||||
SpendMend, LLC |
Health Care Providers & Services | 7.38 | % | S + 5.75% | 1.00 | % | 03/01/28 | 83 | 10 | 9 | (2) (3) (4) | |||||||||||||||||
SpendMend, LLC |
Health Care Providers & Services | S + 5.75% | 1.00 | % | 03/01/28 | 278 | (2 | ) | (6 | ) | (2) (3) (4) | |||||||||||||||||
StarCompliance Intermediate, LLC |
Diversified Financial Services | 9.00 | % | L + 6.75% | 1.00 | % | 01/12/27 | 15,600 | 15,352 | 15,405 | (2) (3) | |||||||||||||||||
StarCompliance Intermediate, LLC |
Diversified Financial Services | 9.00 | % | L + 6.75% | 1.00 | % | 01/12/27 | 2,514 | 2,469 | 2,482 | (2) (3) | |||||||||||||||||
StarCompliance Intermediate, LLC |
Diversified Financial Services | 8.42 | % | L + 6.75% | 1.00 | % | 01/12/27 | 2,500 | 212 | 219 | (2) (3) (4) | |||||||||||||||||
Sundance Group Holdings, Inc. (dba NetDocuments) |
Software | 7.25 | % | L + 6.25% | 1.00 | % | 07/02/27 | 41,043 | 40,493 | 40,325 | (2) (3) | |||||||||||||||||
Sundance Group Holdings, Inc. (dba NetDocuments) |
Software | 8.14 | % | L + 6.25% | 1.00 | % | 07/02/27 | 4,925 | 2,562 | 2,541 | (2) (3) (4) | |||||||||||||||||
Sundance Group Holdings, Inc. (dba NetDocuments) |
Software | L + 6.25% | 1.00 | % | 07/02/27 | 12,313 | (80 | ) | (215 | ) | (2) (3) (4) | |||||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | 8.00 | % | L + 5.75% | 1.00 | % | 10/09/26 | 20,533 | 8,923 | 8,879 | (2) (3) (4) | |||||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | 8.00 | % | L + 5.75% | 1.00 | % | 10/09/26 | 4,034 | 3,988 | 3,994 | (2) (3) | |||||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | 8.00 | % | L + 5.75% | 1.00 | % | 10/09/26 | 339 | 333 | 335 | (2) (3) | |||||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | L + 5.75% | 1.00 | % | 10/09/26 | 111 | (2 | ) | (1 | ) | (2) (3) (4) | |||||||||||||||||
Superman Holdings, LLC (dba Foundation Software) |
Construction & Engineering | 8.75 | % | L + 6.50% | 1.00 | % | 08/31/27 | 31,636 | 31,049 | 30,845 | (2) (3) | |||||||||||||||||
Superman Holdings, LLC (dba Foundation Software) |
Construction & Engineering | 8.75 | % | L + 6.50% | 1.00 | % | 08/31/27 | 957 | 922 | 933 | (2) (3) | |||||||||||||||||
Superman Holdings, LLC (dba Foundation Software) |
Construction & Engineering | L + 6.50% | 1.00 | % | 08/31/26 | 122 | (2 | ) | (3 | ) | (2) (3) (4) | |||||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 8.00 | % | L + 5.75% | 1.00 | % | 11/30/26 | 28,250 | 27,812 | 27,968 | (2) (3) | |||||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 7.11 | % | L + 5.75% | 1.00 | % | 11/30/26 | 8,968 | 8,828 | 8,879 | (2) (3) | |||||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 7.10 | % | L + 5.75% | 1.00 | % | 11/30/26 | 7,191 | 7,073 | 7,119 | (2) (3) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 7.16 | % | L + 5.75% | 1.00 | % | 11/30/26 | $ | 4,995 | $ | 4,825 | $ | 4,866 | (2) (3) (4) | ||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 9.50 | % | L + 5.75% | 1.00 | % | 11/30/26 | 4,541 | 1,458 | 1,480 | (2) (3) (4) | |||||||||||||||||
Syntellis Performance Solutions, LLC (dba Axiom) |
Health Care Technology | L + 7.00% | 1.00 | % | 07/31/27 | 16,449 | — | — | (2) (4) | |||||||||||||||||||
Syntellis Performance Solutions, LLC (dba Axiom) |
Health Care Technology | 8.24 | % | L + 7.00% | 1.00 | % | 08/02/27 | 824 | 789 | 804 | (2) (3) | |||||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | 6.80 | % | S + 5.50% | 1.00 | % | 08/15/25 | 4,712 | 4,633 | 4,630 | (2) (3) | |||||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | 7.13 | % | S + 5.50% | 1.00 | % | 08/15/25 | 26,192 | 25,073 | 25,734 | (2) (3) | |||||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | 7.13 | % | S + 5.50% | 1.00 | % | 08/15/25 | 7,917 | 4,008 | 3,977 | (2) (3) (4) | |||||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | 9.25 | % | P + 4.50% | 08/15/25 | 4,565 | 2,181 | 2,202 | (2) (3) (4) | |||||||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | S + 5.50% | 1.00 | % | 08/15/25 | 2,120 | (17 | ) | (37 | ) | (2) (3) (4) | |||||||||||||||||
Thrasio, LLC |
Internet & Direct Marketing Retail | 9.25 | % | L + 7.00% | 1.00 | % | 12/18/26 | 39,331 | 38,773 | 39,331 | (2) (3) | |||||||||||||||||
Thrasio, LLC |
Internet & Direct Marketing Retail | L + 7.00% | 1.00 | % | 12/18/26 | 14,686 | (63 | ) | — | (2) (3) (4) | ||||||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 6.96 | % | S + 5.75% | 1.00 | % | 07/15/26 | 17,100 | 16,771 | 16,758 | (2) (3) | |||||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 7.25 | % | S + 5.75% | 1.00 | % | 07/15/26 | 5,032 | 4,947 | 4,931 | (2) (3) | |||||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 7.01 | % | S + 5.75% | 1.00 | % | 07/15/26 | 2,505 | 2,463 | 2,455 | (2) (3) | |||||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 7.33 | % | S + 5.75% | 1.00 | % | 07/15/26 | 10,400 | 1,097 | 998 | (2) (3) (4) | |||||||||||||||||
Total Vision LLC |
Health Care Providers & Services | L + 5.75% | 1.00 | % | 07/15/26 | 1,270 | (21 | ) | (25 | ) | (2) (3) (4) | |||||||||||||||||
Tronair Parent Inc. |
Air Freight & Logistics | 7.65 | % | L + 6.25% (incl. 0.50% PIK) | 1.00 | % | 09/08/23 | 6,318 | 6,287 | 5,823 | ||||||||||||||||||
USN Opco LLC (dba Global Nephrology Solutions) |
Health Care Providers & Services | 7.13 | % | S + 5.50% | 1.00 | % | 12/21/26 | 21,763 | 21,422 | 21,599 | (2) (3) | |||||||||||||||||
USN Opco LLC (dba Global Nephrology Solutions) |
Health Care Providers & Services | 7.13 | % | S + 5.50% | 1.00 | % | 12/21/26 | 7,564 | 7,438 | 7,507 | (2) (3) | |||||||||||||||||
USN Opco LLC (dba Global Nephrology Solutions) |
Health Care Providers & Services | 7.13 | % | S + 5.50% | 1.00 | % | 12/21/26 | 9,676 | 3,454 | 3,475 | (2) (3) (4) | |||||||||||||||||
USN Opco LLC (dba Global Nephrology Solutions) |
Health Care Providers & Services | 7.69 | % | S + 5.50% | 1.00 | % | 12/21/26 | 3,023 | 559 | 582 | (2) (3) (4) | |||||||||||||||||
Viant Medical Holdings, Inc. |
Health Care Equipment & Supplies | 7.92 | % | L + 6.25% | 1.00 | % | 07/02/25 | 31,302 | 29,940 | 30,832 | (2) | |||||||||||||||||
Volt Bidco, Inc. (dba Power Factors) |
Independent Power and Renewable Electricity Producers | 7.90 | % | L + 6.50% | 1.00 | % | 08/11/27 | 22,800 | 34,184 | 34,217 | (2) (3) | |||||||||||||||||
Volt Bidco, Inc. (dba Power Factors) |
Independent Power and Renewable Electricity Producers | 7.90 | % | L + 6.50% | 1.00 | % | 08/11/27 | 2,644 | 1,325 | 1,193 | (2) (3) (4) | |||||||||||||||||
Volt Bidco, Inc. (dba Power Factors) |
Independent Power and Renewable Electricity Producers | L + 6.50% | 1.00 | % | 08/11/27 | 3,685 | (67 | ) | (64 | ) | (2) (3) (4) | |||||||||||||||||
VRC Companies, LLC (dba Vital Records Control) |
Commercial Services & Supplies | 8.38 | % | L + 5.50% | 0.75 | % | 06/29/27 | 28,032 | 27,670 | 27,121 | (2) (3) | |||||||||||||||||
VRC Companies, LLC (dba Vital Records Control) |
Commercial Services & Supplies | 8.38 | % | L + 5.50% | 0.75 | % | 06/29/27 | 4,709 | 2,377 | 2,283 | (2) (3) (4) | |||||||||||||||||
VRC Companies, LLC (dba Vital Records Control) |
Commercial Services & Supplies | 9.25 | % | P + 4.50% | 06/29/27 | 944 | 224 | 205 | (2) (3) (4) | |||||||||||||||||||
WebPT, Inc. |
Health Care Technology | 8.32 | % | L + 6.75% | 1.00 | % | 01/18/28 | 25,126 | 23,511 | 24,372 | (2) (3) | |||||||||||||||||
WebPT, Inc. |
Health Care Technology | 7.79 | % | L + 6.75% | 1.00 | % | 01/18/28 | 5,534 | 5,456 | 5,368 | (2) (3) | |||||||||||||||||
WebPT, Inc. |
Health Care Technology | 8.46 | % | L + 6.75% | 1.00 | % | 01/18/28 | 2,617 | 460 | 445 | (2) (3) (4) | |||||||||||||||||
WebPT, Inc. |
Health Care Technology | L + 6.75% | 1.00 | % | 01/18/28 | 2,617 | (18 | ) | (79 | ) | (2) (3) (4) | |||||||||||||||||
Wellness AcquisitionCo, Inc. (dba SPINS) |
IT Services | 6.50 | % | L + 5.50% | 1.00 | % | 01/20/27 | 21,889 | 21,536 | 21,889 | (2) (3) | |||||||||||||||||
Wellness AcquisitionCo, Inc. (dba SPINS) |
IT Services | L + 5.50% | 1.00 | % | 01/20/27 | 2,600 | (40 | ) | — | (2) (3) (4) | ||||||||||||||||||
Wellness AcquisitionCo, Inc. (dba SPINS) |
IT Services | L + 5.50% | 1.00 | % | 01/20/27 | 4,000 | (37 | ) | — | (2) (3) (4) | ||||||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 8.00 | % | L + 5.75% | 0.75 | % | 12/21/27 | 17,431 | 17,108 | 17,083 | (2) (3) | |||||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 8.00 | % | L + 5.75% | 0.75 | % | 12/21/27 | 5,814 | 5,707 | 5,698 | (2) (3) | |||||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 6.99 | % | L + 5.75% | 0.75 | % | 12/21/27 | 5,840 | 1,486 | 1,438 | (2) (3) (4) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes |
|||||||||||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 7.39 | % | L + 5.75% | 0.75 | % | 12/21/27 | $ | 2,340 | $ | 554 | $ | 550 | (2) (3) (4) |
||||||||||||||||||
Wine.com, LLC |
Beverages | 8.44 | % | L + 7.00% | 1.00 | % | 11/14/24 | 15,400 | 15,048 | 15,400 | (2) (3) |
|||||||||||||||||||||
Wine.com, LLC |
Beverages | 8.44 | % | L + 7.00% | 1.00 | % | 11/14/24 | 3,700 | 3,650 | 3,700 | (2) (3) |
|||||||||||||||||||||
WorkForce Software, LLC |
Software | 8.82 | % | L + 7.25% (incl. 3.00% PIK) | 1.00 | % | 07/31/25 | 22,185 | 21,441 | 21,797 | (2) (3) |
|||||||||||||||||||||
WorkForce Software, LLC |
Software | 8.82 | % | L + 7.25% (incl. 3.00% PIK) | 1.00 | % | 07/31/25 | 3,129 | 3,074 | 3,074 | (2) (3) |
|||||||||||||||||||||
WorkForce Software, LLC |
Software | 7.51 | % | L + 6.50% | 1.00 | % | 07/31/25 | 1,894 | 1,868 | 1,861 | (2) (3) |
|||||||||||||||||||||
WorkForce Software, LLC |
Software | L + 7.25% | 1.00 | % | 07/31/25 | 2,319 | (20 | ) | (41 | ) | (2) (3) (4) |
|||||||||||||||||||||
WSO2, Inc. |
IT Services | 8.62 | % | L + 7.50% (incl. 3.00% PIK) | 1.00 | % | 11/04/26 | 31,622 | 31,072 | 30,990 | (2) (3) |
|||||||||||||||||||||
Xactly Corporation |
IT Services | 8.49 | % | L + 7.25% | 1.00 | % | 07/31/23 | 62,025 | 60,995 | 61,870 | (2) (3) |
|||||||||||||||||||||
Xactly Corporation |
IT Services | 8.80 | % | L + 7.25% | 1.00 | % | 07/31/23 | 3,874 | 2,350 | 2,367 | (2) (3) (4) |
|||||||||||||||||||||
Zarya Intermediate, LLC (dba iOFFICE) |
Real Estate Mgmt. & Development | 7.56 | % | L + 6.50% | 1.00 | % | 07/01/27 | 35,480 | 34,867 | 35,303 | (2) (3) |
|||||||||||||||||||||
Zarya Intermediate, LLC (dba iOFFICE) |
Real Estate Mgmt. & Development | 8.12 | % | L + 6.50% | 1.00 | % | 07/01/27 | 27,870 | 27,379 | 27,731 | (2) (3) |
|||||||||||||||||||||
Zarya Intermediate, LLC (dba iOFFICE) |
Real Estate Mgmt. & Development | L + 6.50% | 1.00 | % | 07/01/27 | 6,757 | (114 | ) | (34 | ) | (2) (3) (4) |
|||||||||||||||||||||
Zodiac Intermediate, LLC (dba Zipari) |
Health Care Technology | 9.67 | % | L + 8.00% | 1.00 | % | 12/21/26 | 50,230 | 49,055 | 49,100 | (2) (3) |
|||||||||||||||||||||
Zodiac Intermediate, LLC (dba Zipari) |
Health Care Technology | L + 8.00% | 1.00 | % | 12/22/25 | 7,500 | (157 | ) | (169 | ) | (2) (3) (4) |
|||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Total 1st Lien/Senior Secured Debt |
3,156,027 | 3,155,522 | ||||||||||||||||||||||||||||||
1st Lien/Last-Out Unitranche (6) — 6.26% |
||||||||||||||||||||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 7.67 | % | L + 6.00% | 1.00 | % | 02/28/24 | $ | 38,967 | $ | 37,792 | $ | 37,798 | (2) (3) |
||||||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 8.39 | % | L + 6.75% | 1.00 | % | 02/28/24 | 24,875 | 24,527 | 23,942 | (2) (3) |
|||||||||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 7.62 | % | L + 6.00% | 1.00 | % | 02/28/24 | 22,863 | 21,996 | 22,178 | (2) (3) |
|||||||||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 8.64 | % | L + 7.00% | 1.00 | % | 02/28/24 | 6,700 | 6,601 | 6,465 | (2) (3) |
|||||||||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 9.25 | % | L + 8.00% | 1.00 | % | 02/28/24 | 5,202 | 5,119 | 5,098 | (2) (3) |
|||||||||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 9.67 | % | L + 8.00% | 1.00 | % | 02/28/24 | 3,898 | 3,844 | 3,820 | (2) (3) |
|||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Total 1st Lien/Last-Out Unitranche |
99,879 | 99,301 | ||||||||||||||||||||||||||||||
2nd Lien/Senior Secured Debt — 15.26% |
||||||||||||||||||||||||||||||||
Animal Supply Intermediate, LLC |
Distributors | 7.00 | % | 7.00% PIK | 11/14/25 | $ | 9,416 | $ | 9,030 | $ | 6,992 | ^ (3) |
||||||||||||||||||||
Bolttech Mannings, Inc. |
Commercial Services & Supplies | 10.25 | % | L + 8.00% PIK | 08/20/23 | 12,166 | 11,429 | 11,558 | ^^ (3) (7) |
|||||||||||||||||||||||
Chase Industries, Inc. (dba Senneca Holdings) |
Building Products | 10.00% PIK | 11/11/25 | 12,150 | 9,714 | 1,701 | (2) (3) (7) |
|||||||||||||||||||||||||
Chase Industries, Inc. (dba Senneca Holdings) |
Building Products | 05/11/26 | 15,511 | — | — | (2) (3) (5) |
||||||||||||||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 8.46 | % | L + 7.50% | 07/31/25 | 17,000 | 15,938 | 16,447 | (2) (3) |
|||||||||||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 8.46 | % | L + 7.50% | 0.75 | % | 07/31/25 | 13,890 | 13,653 | 13,439 | (2) (3) |
|||||||||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 8.46 | % | L + 7.50% | 07/31/25 | 4,939 | 4,805 | 4,778 | (2) (3) |
|||||||||||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 8.46 | % | L + 7.50% | 07/31/25 | 4,300 | 4,032 | 4,160 | (2) (3) |
|||||||||||||||||||||||
IHS Intermediate Inc. (dba Interactive Health Solutions) |
Health Care Providers & Services | L + 8.25% | 1.00 | % | 07/20/22 | 10,000 | 9,902 | — | (3) (7) |
|||||||||||||||||||||||
MPI Engineered Technologies, LLC |
Auto Components | 12.00 | % | 12.00% | 07/15/25 | 15,305 | 15,305 | 13,315 | (3) |
|||||||||||||||||||||||
MPI Products LLC |
Auto Components | 07/15/25 | 7,412 | — | — | (3) (5) |
||||||||||||||||||||||||||
National Spine and Pain Centers, LLC |
Health Care Providers & Services | 9.25 | % | L + 8.25% | 1.00 | % | 12/02/24 | 36,500 | 35,268 | 35,040 | (2) (3) |
|||||||||||||||||||||
Odyssey Logistics & Technology Corporation |
Road & Rail | 9.24 | % | L + 8.00% | 1.00 | % | 10/12/25 | 45,348 | 40,950 | 42,769 | (2) |
|||||||||||||||||||||
Spectrum Plastics Group, Inc. |
Containers & Packaging | 8.67 | % | L + 7.00% | 1.00 | % | 01/31/26 | 12,525 | 11,494 | 11,298 | (2) |
|||||||||||||||||||||
YI, LLC (dba Young Innovations) |
Health Care Equipment & Supplies | 9.42 | % | L + 7.75% | 1.00 | % | 11/07/25 | 36,844 | 34,356 | 35,370 | (2) (3) |
|||||||||||||||||||||
Zep Inc. |
Chemicals | 10.50 | % | L + 8.25% | 1.00 | % | 08/11/25 | 53,049 | 47,986 | 45,092 | (2) |
|||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Total 2nd Lien/Senior Secured Debt |
263,862 | 241,959 | ||||||||||||||||||||||||||||||
Unsecured Debt — 0.49% |
||||||||||||||||||||||||||||||||
ATX Networks Corp. |
Communications Equipment | 10.00 | % | 10.00% PIK | 09/01/28 | $ | 1,836 | $ | 1,552 | $ | 1,523 | ^ (1) (3) |
||||||||||||||||||||
CivicPlus LLC |
Software | 12.93 | % | S + 11.75% | 0.75 | % | 08/24/27 | 6,247 | 6,060 | 6,060 | (2) (3) |
|||||||||||||||||||||
Conergy Asia & ME Pte. LTD. |
Construction & Engineering | 06/30/23 | 1,266 | 1,055 | 182 | ^ (1) (3) (5) |
||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Total Unsecured Debt |
8,667 | 7,765 |
Investment *# |
Industry |
Interest Rate |
Initial Acquisition Date (8) |
Par/ Shares (++) |
Cost |
Fair Value |
Footnotes |
|||||||||||||||||||
Preferred Stock - 3.01% |
||||||||||||||||||||||||||
Broadway Parent, LLC |
Diversified Financial Services | 01/25/21 | 4,000,000 | $ | 4,019 | $ | 4,000 | (2) (3) (5) |
||||||||||||||||||
CloudBees, Inc. |
Software | 11/24/21 | 1,152,957 | 12,899 | 12,706 | (2) (3) (5) |
||||||||||||||||||||
Foundation Software |
Construction & Engineering | 08/31/20 | 22 | 21 | 26 | (2) (3) (5) |
||||||||||||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | 12/02/21 | 10,597 | 10,332 | 10,971 | (2) (3) (5) |
||||||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 8.00 | % PIK | 10/25/16 | 77,164 | 778 | — | ^ (1) (3) (7) |
||||||||||||||||||
MedeAnalytics, Inc. |
Health Care Technology | 10/09/20 | 42,600 | 41 | 4 | (2) (3) (5) |
||||||||||||||||||||
Wine.com, LLC |
Beverages | 11/14/18 | 535,226 | 8,225 | 8,376 | (2) (3) (5) |
||||||||||||||||||||
Wine.com, LLC |
Beverages | 03/03/21 | 124,040 | 3,067 | 3,286 | (2) (3) (5) |
||||||||||||||||||||
WSO2, Inc. |
IT Services | 11/04/21 | 561,918 | 8,876 | 8,440 | (2) (3) (5) |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Preferred Stock |
48,258 | 47,809 | ||||||||||||||||||||||||
Common Stock - 2.45% |
||||||||||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | 03/10/21 | 29,326 | $ | 2,933 | $ | 2,654 | (2) (3) (5) |
||||||||||||||||||
Animal Supply Holdings, LLC |
Distributors | 08/14/20 | 37,500 | 126 | — | ^ (3) (5) |
||||||||||||||||||||
Animal Supply Holdings, LLC |
Distributors | 08/14/20 | 83,333 | 13,745 | — | ^ (3) (5) |
||||||||||||||||||||
ATX Parent Holdings, LLC - Class A Units |
Communications Equipment | 09/01/21 | 332 | 167 | 1,773 | ^ (1) (3) (5) |
||||||||||||||||||||
Bolttech Mannings, Inc. |
Commercial Services & Supplies | 12/22/17 | 4,145,602 | 22,366 | 6,177 | ^^ (3) (5) |
||||||||||||||||||||
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) - Class B |
Health Care Providers & Services | 03/30/18 | 20,183 | 2,916 | 4,012 | ^^^ (2) (3) |
||||||||||||||||||||
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) - Performance Units |
Health Care Providers & Services | 03/30/18 | 19,048 | 514 | 1,364 | ^^^ (1) (2) (3) (5) |
||||||||||||||||||||
Conergy Asia & ME Pte. LTD. |
Construction & Engineering | 01/11/21 | 3,126,780 | 5,300 | — | ^ (1) (3) (5) |
||||||||||||||||||||
Country Fresh Holding Company Inc. |
Food Products | 04/29/19 | 1,514 | 888 | — | (2) (3) (5) |
||||||||||||||||||||
Elah Holdings, Inc. |
Capital Markets | 05/09/18 | 111,650 | 5,238 | 5,396 | ^ (2) (3) (5) |
||||||||||||||||||||
Exostar LLC - Class B |
Aerospace & Defense | 07/06/20 | 31,407 | — | 20 | (2) (3) (5) |
||||||||||||||||||||
Foundation Software - Class B |
Construction & Engineering | 08/31/20 | 11,826 | — | 6 | (2) (3) (5) |
||||||||||||||||||||
Iracore International Holdings, Inc. |
Energy Equipment & Services | 04/13/17 | 28,898 | 7,003 | 5,888 | ^ (3) (5) |
||||||||||||||||||||
Jill Acquisition LLC (dba J. Jill) |
Specialty Retail | 09/30/20 | 18,869 | 56 | 345 | (5) |
||||||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 08/17/16 | 1,399,556 | — | — | ^ (1) (3) (5) |
||||||||||||||||||||
National Spine and Pain Centers, LLC |
Health Care Providers & Services | 06/02/17 | 1,100 | 883 | 329 | (2) (3) (5) |
||||||||||||||||||||
Prairie Provident Resources, Inc. |
Oil, Gas & Consumable Fuels | 3,579,988 | 9,237 | 612 | (1) (5) |
|||||||||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 07/15/21 | 122,571 | 2,270 | 2,260 | (2) (3) (5) |
||||||||||||||||||||
Volt Bidco, Inc. (dba Power Factors) |
Independent Power and Renewable Electricity Producers | 08/11/21 | 3,355 | 3,407 | 3,138 | (2) (3) (5) |
||||||||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 12/21/21 | 23,400 | 2,340 | 2,465 | (2) (3) (5) |
||||||||||||||||||||
Yasso, Inc. |
Food Products | 03/23/17 | 1,640 | 1,368 | 2,339 | (2) (3) (5) |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Common Stock |
80,757 | 38,778 | ||||||||||||||||||||||||
Warrants - 0.05% |
||||||||||||||||||||||||||
CloudBees, Inc. |
Software | 11/24/21 | 333,980 | $ | 1,849 | $ | 742 | (2) (3) (5) |
||||||||||||||||||
KDOR Holdings Inc. (dba Senneca Holdings) |
Building Products | 06/22/20 | 59 | — | — | (2) (3) (5) |
||||||||||||||||||||
KDOR Holdings Inc. (dba Senneca Holdings) |
Building Products | 05/29/20 | 2,812 | — | — | (2) (3) (5) |
||||||||||||||||||||
KDOR Holdings Inc. (dba Senneca Holdings) |
Building Products | 05/29/20 | 294 | — | — | (2) (3) (5) |
||||||||||||||||||||
Total Warrants |
1,849 | 742 | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Investments - 226.52% |
$ |
3,659,299 |
$ |
3,591,876 |
||||||||||||||||||||||
|
|
|
|
* |
Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 “Debt”. |
(+) |
Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR (“L”), SOFR (“S”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of June 30, 2022, rates for the 12 month, 6 month, 3 month and 1 month L are 3.62%, 2.94%, 2.29% and 1.79%, respectively. As of June 30, 2022, 1 month S was 1.09%, 3 month S was 0.70%, P was 4.75%, and Canadian Prime rate (“CDN P”) was 3.70%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2022. |
(++) |
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Euro (“€”), Great British Pound (“GBP”), or Canadian dollar (“CAD”). |
# |
Percentages are based on net assets. |
^ |
As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”. |
^^ |
As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Significant Agreements and Related Party Transactions”. |
^^^ |
The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”. |
(1) |
The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2022 the aggregate fair value of these securities is $162,757 or 4.42% of the Company’s total assets. |
(2) |
Represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”. |
(3) |
The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”. |
(4) |
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 8 “Commitments and Contingencies”. |
(5) |
Non-income producing security. |
(6) |
In exchange for the greater risk of loss, the “last-out” portion of the Company’s unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion. |
(7) |
The investment is on non-accrual status. See Note 2 “Significant Accounting Policies”. |
(8) |
Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of June 30, 2022, the aggregate fair value of these securities is $86,717 or 5.47% of the Company’s net assets. The initial acquisition dates have been included for such securities. |
Counterparty |
Currency Purchased |
Currency Sold |
Settlement |
Unrealized Appreciation (Depreciation) |
||||||||||||
Bank of America, N.A. |
U.S. Dollar 619 | Euro 520 | 07/06/22 | $ | 74 | |||||||||||
Bank of America, N.A. |
U.S. Dollar 627 | Euro 525 | 10/06/22 | 72 | ||||||||||||
|
|
|||||||||||||||
$ |
146 |
|||||||||||||||
|
|
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes |
|||||||||||||||||||||||
1st Lien/Senior Secured Debt — 182.44% |
||||||||||||||||||||||||||||||||
1272775 B.C. LTD. (dba Everest Clinical Research) |
Professional Services | 6.75% | L + 5.75% | 1.00% | 11/06/26 | $ | 9,336 | $ | 9,219 | $ | 9,196 | (1) (2) (3) |
||||||||||||||||||||
1272775 B.C. LTD. (dba Everest Clinical Research) |
Professional Services | 7.20% | CDN P + 4.75% | 11/06/26 | CAD | 139 | 109 | 108 | (1) (2) (3) |
|||||||||||||||||||||||
1272775 B.C. LTD. (dba Everest Clinical Research) |
Professional Services | L + 5.75% | 1.00% | 11/06/26 | 1,151 | (14 | ) | (17 | ) | (1) (2) (3) (4) |
||||||||||||||||||||||
3SI Security Systems, Inc. |
Commercial Services & Supplies | 6.75% | L + 5.75% | 1.00% | 06/16/23 | 13,982 | 13,928 | 13,912 | (3) |
|||||||||||||||||||||||
3SI Security Systems, Inc. |
Commercial Services & Supplies | 6.75% | L + 5.75% | 1.00% | 06/16/23 | 2,129 | 2,045 | 2,118 | (3) |
|||||||||||||||||||||||
A Place For Mom, Inc. |
Diversified Consumer Services | 5.50% | L + 4.50% | 1.00% | 02/10/26 | 8,661 | 8,657 | 8,488 | ||||||||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | 7.25% | L + 6.25% | 1.00% | 03/10/27 | 16,388 | 16,024 | 16,593 | (2) (3) |
|||||||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | 7.25% | L + 6.25% | 1.00% | 03/10/27 | 1,220 | 156 | 198 | (2) (3) (4) |
|||||||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | L + 6.25% | 1.00% | 03/10/27 | 3,046 | (33 | ) | 38 | (2) (3) (4) |
|||||||||||||||||||||||
Acquia, Inc. |
Software | 8.00% | L + 7.00% | 1.00% | 10/31/25 | 42,164 | 40,565 | 41,427 | (2) (3) |
|||||||||||||||||||||||
Acquia, Inc. |
Software | L + 7.00% | 1.00% | 10/31/25 | 3,268 | (69 | ) | (57 | ) | (2) (3) (4) |
||||||||||||||||||||||
Ansira Partners, Inc. |
Professional Services | 7.50% | L + 6.50% PIK | 1.00% | 12/20/24 | 5,115 | 5,098 | 2,992 | ||||||||||||||||||||||||
Ansira Partners, Inc. |
Professional Services | 7.50% | L + 6.50% PIK | 1.00% | 12/20/24 | 315 | 314 | 184 | ||||||||||||||||||||||||
Apptio, Inc. |
IT Services | 8.25% | L + 7.25% | 1.00% | 01/10/25 | 79,154 | 76,540 | 79,154 | (2) (3) |
|||||||||||||||||||||||
Apptio, Inc. |
IT Services | 8.25% | L + 7.25% | 1.00% | 01/10/25 | 5,385 | 2,096 | 2,154 | (2) (3) (4) |
|||||||||||||||||||||||
AQ Helios Buyer, Inc. (aka SurePoint) |
Software | 8.00% | L + 7.00% | 1.00% | 07/01/26 | 32,010 | 31,423 | 31,450 | (2) (3) |
|||||||||||||||||||||||
AQ Helios Buyer, Inc. (aka SurePoint) |
Software | 8.00% | L + 7.00% | 1.00% | 07/01/26 | 4,570 | 1,197 | 1,200 | (2) (3) (4) |
|||||||||||||||||||||||
AQ Helios Buyer, Inc. (aka SurePoint) |
Software | 9.00% | L + 8.00% | 1.00% | 07/01/26 | 11,560 | 662 | 777 | (2) (3) (4) |
|||||||||||||||||||||||
Argos Health Holdings, Inc |
Health Care Providers & Services | 6.50% | L + 5.75% | 0.75% | 12/03/27 | 22,000 | 21,565 | 21,560 | (2) |
|||||||||||||||||||||||
Aria Systems, Inc. |
Diversified Financial Services | 8.00% | L + 7.00% | 1.00% | 06/30/26 | 16,517 | 16,290 | 16,311 | (2) (3) |
|||||||||||||||||||||||
Aria Systems, Inc. |
Diversified Financial Services | 8.00% | L + 7.00% | 1.00% | 06/30/26 | 4,160 | 2,234 | 2,215 | (2) (3) (4) |
|||||||||||||||||||||||
Assembly Intermediate LLC |
Diversified Consumer Services | 8.00% | L + 7.00% | 1.00% | 10/19/27 | 43,991 | 43,135 | 43,111 | (2) |
|||||||||||||||||||||||
Assembly Intermediate LLC |
Diversified Consumer Services | 8.00% | L + 7.00% | 1.00% | 10/19/27 | 10,998 | 2,507 | 2,529 | (2) (4) |
|||||||||||||||||||||||
Assembly Intermediate LLC |
Diversified Consumer Services | L + 7.00% | 1.00% | 10/19/27 | 4,399 | (85 | ) | (88 | ) | (2) (4) |
||||||||||||||||||||||
ATX Networks Corp. |
Communications Equipment | 8.50% | 7.50% PIK | 1.00% | 09/01/26 | 4,463 | 4,463 | 4,129 | ^ (1) (3) |
|||||||||||||||||||||||
Badger Sportswear, Inc. |
Textiles, Apparel & Luxury Goods | 5.75% | L + 4.50% | 1.25% | 09/11/23 | 7,054 | 7,026 | 6,878 | ||||||||||||||||||||||||
Bigchange Group Limited |
Software | 7.00% | S + 6.00% | 1.00% | 12/23/26 | GBP | 11,990 | 15,770 | 15,904 | (1) (2) |
||||||||||||||||||||||
Bigchange Group Limited |
Software | S + 6.00% | 1.00% | 12/23/26 | GBP | 870 | — | — | (1) (2) (4) |
|||||||||||||||||||||||
Bigchange Group Limited |
Software | S + 6.00% | 1.00% | 12/23/26 | GBP | 2,400 | (64 | ) | (65 | ) | (1) (2) (4) |
|||||||||||||||||||||
Broadway Technology, LLC |
Diversified Financial Services | 7.50% | L + 6.50% | 1.00% | 01/08/26 | 25,904 | 25,473 | 25,645 | (2) (3) |
|||||||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 6.75% | L + 5.75% | 1.00% | 09/30/26 | 26,562 | 25,563 | 26,429 | (2) (3) |
|||||||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 6.75% | L + 5.75% | 1.00% | 09/30/26 | 1,462 | 1,455 | 1,455 | (2) (3) |
|||||||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 6.75% | L + 5.75% | 1.00% | 09/30/26 | 1,229 | 1,213 | 1,223 | (2) (3) |
|||||||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 6.75% | L + 5.75% | 1.00% | 09/30/26 | 551 | 530 | 548 | (2) (3) |
|||||||||||||||||||||||
Bullhorn, Inc. |
Professional Services | 6.75% | L + 5.75% | 1.00% | 09/30/26 | 439 | 423 | 437 | (2) (3) |
|||||||||||||||||||||||
Bullhorn, Inc. |
Professional Services | L + 5.75% | 1.00% | 09/30/26 | 1,344 | (17 | ) | (7 | ) | (2) (3) (4) |
||||||||||||||||||||||
Bullhorn, Inc. |
Professional Services | L + 5.75% | 1.00% | 09/30/26 | 3,257 | (16 | ) | (16 | ) | (2) (3) (4) |
||||||||||||||||||||||
Businessolver.com, Inc. |
Health Care Technology | 6.50% | L + 5.75% | 0.75% | 12/01/27 | 18,669 | 18,484 | 18,482 | (2) |
|||||||||||||||||||||||
Businessolver.com, Inc. |
Health Care Technology | L + 5.75% | 0.75% | 12/01/27 | 5,026 | (25 | ) | (25 | ) | (2) (4) |
||||||||||||||||||||||
Capitol Imaging Acquisition Corp. |
Health Care Providers & Services | 7.50% | L + 6.50% | 1.00% | 10/01/26 | 18,017 | 17,676 | 17,837 | (2) (3) |
|||||||||||||||||||||||
Capitol Imaging Acquisition Corp. |
Health Care Providers & Services | 7.50% | L + 6.50% | 1.00% | 10/01/26 | 806 | 776 | 798 | (2) (3) |
|||||||||||||||||||||||
Capitol Imaging Acquisition Corp. |
Health Care Providers & Services | L + 6.50% | 1.00% | 10/01/25 | 180 | (3 | ) | (2 | ) | (2) (3) (4) |
||||||||||||||||||||||
CFS Management, LLC (dba Center for Sight Management) |
Health Care Providers & Services | 6.50% | L + 5.50% | 1.00% | 07/01/24 | 19,830 | 19,285 | 19,582 | (2) (3) |
|||||||||||||||||||||||
CFS Management, LLC (dba Center for Sight Management) |
Health Care Providers & Services | 6.50% | L + 5.50% | 1.00% | 07/01/24 | 3,441 | 3,307 | 3,398 | (2) (3) |
|||||||||||||||||||||||
CFS Management, LLC (dba Center for Sight Management) |
Health Care Providers & Services | 6.50% | L + 5.50% | 1.00% | 07/01/24 | 2,017 | 937 | 934 | (2) (3) (4) |
|||||||||||||||||||||||
Checkmate Finance Merger Sub, LLC |
Entertainment | 7.50% | L + 6.50% | 1.00% | 12/31/27 | 31,415 | 30,787 | 30,787 | (2) |
|||||||||||||||||||||||
Checkmate Finance Merger Sub, LLC |
Entertainment | L + 6.50% | 1.00% | 12/31/27 | 3,140 | (63 | ) | (63 | ) | (2) (4) |
||||||||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.00% | L + 6.00% | 1.00% | 11/14/25 | 16,954 | 16,193 | 16,912 | (2) (3) |
|||||||||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.00% | L + 6.00% | 1.00% | 11/14/25 | 11,258 | 11,032 | 11,229 | (2) (3) |
|||||||||||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.00% | L + 6.00% | 1.00% | 11/14/25 | 11,077 | 8,750 | 8,891 | (2) (3) (4) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | 7.00% | L + 6.00% | 1.00% | 11/14/25 | $ | 7,141 | $ | 6,819 | $ | 7,123 | (2) (3) | ||||||||||||
Chronicle Bidco Inc. (dba Lexitas) |
Professional Services | L + 6.00% | 1.00% | 11/14/25 | 2,180 | (41 | ) | (5 | ) | (2) (3) (4) | ||||||||||||||
CivicPlus LLC |
Software | 6.75% | L + 6.00% | 0.75% | 08/24/27 | 6,300 | 6,180 | 6,158 | (2) (3) | |||||||||||||||
CivicPlus LLC |
Software | L + 6.00% | 0.75% | 08/24/27 | 592 | (11 | ) | (13 | ) | (2) (3) (4) | ||||||||||||||
CivicPlus LLC |
Software | L + 6.00% | 0.75% | 08/24/27 | 2,960 | (28 | ) | (67 | ) | (2) (3) (4) | ||||||||||||||
CloudBees, Inc. |
Software | 8.00% | L + 7.00% (incl. 2.50% PIK) | 1.00% | 11/24/26 | 28,022 | 26,231 | 27,461 | (2) | |||||||||||||||
CloudBees, Inc. |
Software | L + 7.00% (incl. 2.50% PIK) | 1.00% | 11/24/26 | 12,900 | (572 | ) | — | (2) (4) | |||||||||||||||
Convene 237 Park Avenue, LLC (dba Convene) |
Real Estate Mgmt. & Development | L + 9.50% (incl. 2.00% PIK) | 1.50% | 08/30/24 | 59,216 | 53,038 | 46,188 | (2) (3) (5) | ||||||||||||||||
Convene 237 Park Avenue, LLC (dba Convene) |
Real Estate Mgmt. & Development | L + 9.50% (incl. 2.00% PIK) | 1.50% | 08/30/24 | 17,408 | 15,534 | 13,578 | (2) (3) (5) | ||||||||||||||||
Convene 237 Park Avenue, LLC (dba Convene) |
Real Estate Mgmt. & Development | L + 15.00% | 1.50% | 08/30/24 | 6,100 | — | (122 | ) | (2) (4 ) | |||||||||||||||
CORA Health Holdings Corp |
Health Care Providers & Services | 6.75% | L + 5.75% | 1.00% | 06/15/27 | 22,663 | 22,349 | 22,380 | (2) (3) | |||||||||||||||
CORA Health Holdings Corp |
Health Care Providers & Services | L + 5.75% | 1.00% | 06/15/27 | 8,897 | (61 | ) | (111 | ) | (2) (3) (4) | ||||||||||||||
Cordeagle US Finco, Inc. (aka Condeco) |
Software | 7.75% | L + 6.75% | 1.00% | 07/30/27 | 15,993 | 15,691 | 15,673 | (1) (2) (3) | |||||||||||||||
Cordeagle US Finco, Inc. (aka Condeco) |
Software | L + 6.75% | 1.00% | 07/30/27 | 9,230 | — | — | (1) (2) (4) | ||||||||||||||||
Cordeagle US Finco, Inc. (aka Condeco) |
Software | L + 6.75% | 1.00% | 07/30/27 | 2,461 | (46 | ) | (49 | ) | (1) (2) (3) (4) | ||||||||||||||
CorePower Yoga LLC |
Diversified Consumer Services | 8.00% | L + 7.00% (incl. 5.00% PIK) | 1.00% | 05/14/25 | 24,980 | 22,711 | 20,421 | (2) (3) | |||||||||||||||
CorePower Yoga LLC |
Diversified Consumer Services | L + 7.00% (incl. 5.00% PIK) | 1.00% | 05/14/25 | 1,687 | (123 | ) | (308 | ) | (2) (3) (4) | ||||||||||||||
CST Buyer Company (dba Intoxalock) |
Diversified Consumer Services | 6.50% | L + 5.50% | 1.00% | 10/03/25 | 28,301 | 27,482 | 28,159 | (2) (3) | |||||||||||||||
CST Buyer Company (dba Intoxalock) |
Diversified Consumer Services | 6.50% | L + 5.50% | 1.00% | 10/27/25 | 14,967 | 14,697 | 14,892 | (2) (3) | |||||||||||||||
CST Buyer Company (dba Intoxalock) |
Diversified Consumer Services | L + 5.50% | 1.00% | 10/03/25 | 2,170 | (11 | ) | (11 | ) | (2) (3) (4) | ||||||||||||||
DECA Dental Holdings LLC |
Health Care Providers & Services | 6.50% | L + 5.75% | 0.75% | 08/28/28 | 21,615 | 21,200 | 21,183 | (2) (3) | |||||||||||||||
DECA Dental Holdings LLC |
Health Care Providers & Services | 6.50% | L + 5.75% | 0.75% | 08/28/28 | 7,408 | 2,182 | 2,127 | (2) (3) (4) | |||||||||||||||
DECA Dental Holdings LLC |
Health Care Providers & Services | L + 5.75% | 0.75% | 08/26/27 | 1,711 | (32 | ) | (34 | ) | (2) (3) (4) | ||||||||||||||
Diligent Corporation |
Professional Services | 7.25% | L + 6.25% | 1.00% | 08/04/25 | € | 38,062 | 42,884 | 43,658 | (2) (3) | ||||||||||||||
Diligent Corporation |
Professional Services | 7.25% | L + 6.25% | 1.00% | 08/04/25 | 24,602 | 23,661 | 24,786 | (2) (3) | |||||||||||||||
Diligent Corporation |
Professional Services | L + 6.25% | 1.00% | 08/04/25 | 3,100 | (52 | ) | 23 | (2) (3) (4) | |||||||||||||||
Elemica Parent, Inc. |
Chemicals | 6.50% | L + 5.50% | 1.00% | 09/18/25 | 7,019 | 6,590 | 6,862 | (2) (3) | |||||||||||||||
Elemica Parent, Inc. |
Chemicals | 6.50% | L + 5.50% | 1.00% | 09/18/25 | 1,497 | 1,460 | 1,463 | (2) (3) | |||||||||||||||
Elemica Parent, Inc. |
Chemicals | 6.50% | L + 5.50% | 1.00% | 09/18/25 | 1,376 | 1,313 | 1,345 | (2) (3) | |||||||||||||||
Elemica Parent, Inc. |
Chemicals | 6.50% | L + 5.50% | 1.00% | 09/18/25 | 560 | 547 | 548 | (2) (3) | |||||||||||||||
Elemica Parent, Inc. |
Chemicals | 6.50% | L + 5.50% | 1.00% | 09/18/25 | 930 | 485 | 500 | (2) (3) (4) | |||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 6.50% | L + 5.50% | 1.00% | 12/06/25 | 10,476 | 10,054 | 10,371 | (2) (3) | |||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 6.50% | L + 5.50% | 1.00% | 12/06/25 | 4,928 | 4,852 | 4,878 | (2) (3) | |||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 6.50% | L + 5.50% | 1.00% | 12/06/25 | 4,514 | 4,418 | 4,469 | (2) (3) | |||||||||||||||
Eptam Plastics, Ltd. |
Health Care Equipment & Supplies | 6.50% | L + 5.50% | 1.00% | 12/06/25 | 2,269 | 1,498 | 1,565 | (2) (3) (4) | |||||||||||||||
ESO Solutions, Inc |
Health Care Technology | 8.00% | L + 7.00% | 1.00% | 05/03/27 | 39,908 | 39,175 | 39,209 | (2) (3) | |||||||||||||||
ESO Solutions, Inc |
Health Care Technology | L + 7.00% | 1.00% | 05/03/27 | 3,620 | (65 | ) | (63 | ) | (2) (3) (4) | ||||||||||||||
Experity, Inc. |
Health Care Technology | 6.25% | L + 5.50% | 0.75% | 07/22/27 | 37,767 | 37,594 | 37,582 | (2) (3) | |||||||||||||||
Experity, Inc. |
Health Care Technology | L + 5.50% | 0.75% | 07/22/27 | 3,332 | (15 | ) | (16 | ) | (2) (3) (4) | ||||||||||||||
Four Seasons Heating And Air Conditioning Inc |
Diversified Consumer Services | 6.50% | L + 5.75% | 0.75% | 11/17/26 | 34,330 | 33,826 | 33,815 | (2) | |||||||||||||||
Fullsteam Operations LLC |
Diversified Financial Services | 9.00% | L + 7.50% | 1.50% | 10/04/27 | 55,778 | 54,428 | 54,383 | (2) | |||||||||||||||
Fullsteam Operations LLC |
Diversified Financial Services | 9.00% | L + 7.50% | 1.50% | 10/04/27 | 21,973 | 7,515 | 7,602 | (2) (4) | |||||||||||||||
Fullsteam Operations LLC |
Diversified Financial Services | 9.00% | L + 7.50% | 1.50% | 10/04/27 | 3,380 | 1,098 | 1,094 | (2) (4) | |||||||||||||||
Gainsight, Inc. |
Software | 7.50% | L + 6.75% PIK | 0.75% | 07/30/27 | 30,997 | 30,495 | 30,687 | (2) (3) | |||||||||||||||
Gainsight, Inc. |
Software | L + 6.75% | 0.75% | 07/30/27 | 5,320 | (87 | ) | (53 | ) | (2) (3) (4) | ||||||||||||||
GHA Buyer Inc. (dba Cedar Gate) |
Health Care Technology | 8.50% | L + 6.50% | 2.00% | 06/24/25 | 14,850 | 14,612 | 14,702 | (2) (3) | |||||||||||||||
GHA Buyer Inc. (dba Cedar Gate) |
Health Care Technology | 8.50% | L + 6.50% | 2.00% | 06/24/25 | 2,606 | 2,564 | 2,580 | (2) (3) | |||||||||||||||
GHA Buyer Inc. (dba Cedar Gate) |
Health Care Technology | 8.50% | L + 6.50% | 2.00% | 06/24/25 | 1,880 | 598 | 608 | (2) (3) (4) | |||||||||||||||
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
Software | 7.50% | L + 6.50% | 1.00% | 01/29/27 | 29,367 | 28,720 | 29,220 | (2) | |||||||||||||||
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
Software | 7.00% | L + 6.00% | 1.00% | 01/29/27 | 3,800 | 2,239 | 2,276 | (2) (4) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
Software | L + 6.50% | 1.00% | 01/29/27 | $ | 2,583 | $ | (33 | ) | $ | (13 | ) | (2) (4) | |||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | 6.25% | L + 5.50% | 0.75% | 12/01/28 | 42,387 | 42,281 | 42,281 | (2) | |||||||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | L + 5.50% | 0.75% | 12/02/27 | 4,710 | (12 | ) | (12 | ) | (2) (4) | ||||||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | L + 5.50% | 0.75% | 12/01/28 | 14,718 | (18 | ) | (18 | ) | (2) (4) | ||||||||||||||
GS AcquisitionCo, Inc. (dba Insightsoftware) |
Diversified Financial Services | 6.75% | L + 5.75% | 1.00% | 05/22/26 | 22,452 | 22,178 | 22,340 | (2) | |||||||||||||||
GS AcquisitionCo, Inc. (dba Insightsoftware) |
Diversified Financial Services | 6.75% | L + 5.75% | 1.00% | 05/22/26 | 982 | 454 | 462 | (2) (4) | |||||||||||||||
GS AcquisitionCo, Inc. (dba Insightsoftware) |
Diversified Financial Services | L + 5.75% | 1.00% | 05/22/26 | 3,664 | (9 | ) | (18 | ) | (2) (4) | ||||||||||||||
Halo Branded Solutions, Inc. |
Commercial Services & Supplies | 5.50% | L + 4.50% | 1.00% | 06/30/25 | 6,357 | 6,321 | 5,912 | ||||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | 7.25% | L + 6.25% | 1.00% | 04/09/26 | 35,400 | 34,698 | 34,692 | (2) | |||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | L + 6.25% | 1.00% | 04/09/26 | 5,030 | — | — | (2) (4) | ||||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | L + 6.25% | 1.00% | 04/09/26 | 3,800 | (75 | ) | (76 | ) | (2) (4) | ||||||||||||||
HealthEdge Software, Inc. |
Health Care Technology | L + 6.25% | 1.00% | 04/09/26 | 9,500 | (94 | ) | (95 | ) | (2) (4) | ||||||||||||||
Heartland Home Services |
Diversified Consumer Services | 7.00% | L + 6.00% | 1.00% | 12/15/26 | 14,998 | 7,583 | 7,540 | (2) (3) (4) | |||||||||||||||
Helios Buyer, Inc. (dba Heartland) |
Diversified Consumer Services | 7.00% | L + 6.00% | 1.00% | 12/15/26 | 19,181 | 18,889 | 18,989 | (2) (3) | |||||||||||||||
Helios Buyer, Inc. (dba Heartland) |
Diversified Consumer Services | 7.00% | L + 6.00% | 1.00% | 12/15/26 | 7,903 | 7,756 | 7,824 | (2) (3) | |||||||||||||||
Helios Buyer, Inc. (dba Heartland) |
Diversified Consumer Services | 7.00% | L + 6.00% | 1.00% | 12/15/26 | 2,482 | 157 | 174 | (2) (3) (4) | |||||||||||||||
Hollander Sleep & Décor (dba SureFit) |
Household Products | 10.75% | L + 9.75% | 1.00% | 07/13/23 | 40,045 | 38,015 | 38,644 | (2) (3) | |||||||||||||||
Honor HN Buyer, Inc |
Health Care Providers & Services | 7.00% | L + 6.00% | 1.00% | 10/15/27 | 24,357 | 23,884 | 23,869 | (2) | |||||||||||||||
Honor HN Buyer, Inc |
Health Care Providers & Services | L + 6.00% | 1.00% | 10/15/27 | 2,802 | (54 | ) | (56 | ) | (2) (4) | ||||||||||||||
Honor HN Buyer, Inc |
Health Care Providers & Services | L + 6.00% | 1.00% | 10/15/27 | 15,292 | (148 | ) | (306 | ) | (2) (4) | ||||||||||||||
HowlCO LLC (dba Lone Wolf) |
Real Estate Mgmt. & Development | 7.00% | L + 6.00% | 1.00% | 10/23/26 | 35,313 | 34,803 | 34,960 | (1) (2) (3) | |||||||||||||||
HowlCO LLC (dba Lone Wolf) |
Real Estate Mgmt. & Development | 7.00% | L + 6.00% | 1.00% | 10/23/26 | 11,428 | 11,320 | 11,314 | (1) (2) (3) | |||||||||||||||
HowlCO LLC (dba Lone Wolf) |
Real Estate Mgmt. & Development | 7.00% | L + 6.00% | 1.00% | 10/23/26 | 10,832 | 10,734 | 10,724 | (1) (2) (3) | |||||||||||||||
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) |
Hotels, Restaurants & Leisure | 7.75% | L + 6.75% | 1.00% | 07/09/25 | 57,370 | 53,956 | 55,362 | (2) (3) | |||||||||||||||
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) |
Hotels, Restaurants & Leisure | L + 6.75% | 1.00% | 07/09/25 | 4,688 | (170 | ) | (164 | ) | (2) (3) (4) | ||||||||||||||
iCIMS, Inc. |
Software | 7.50% | L + 6.50% | 1.00% | 09/12/24 | 72,489 | 70,139 | 72,489 | (2) (3) | |||||||||||||||
iCIMS, Inc. |
Software | 7.50% | L + 6.50% | 1.00% | 09/12/24 | 13,350 | 12,911 | 13,350 | (2) (3) | |||||||||||||||
iCIMS, Inc. |
Software | 7.50% | L + 6.50% | 1.00% | 09/12/24 | 4,531 | 4,480 | 4,531 | (2) (3) | |||||||||||||||
Internet Truckstop Group, LLC (dba Truckstop) |
Transportation Infrastructure | 6.75% | L + 5.75% | 1.00% | 04/02/25 | 53,489 | 51,395 | 53,355 | (2) (3) | |||||||||||||||
Internet Truckstop Group, LLC (dba Truckstop) |
Transportation Infrastructure | L + 5.75% | 1.00% | 04/02/25 | 4,400 | (72 | ) | (11 | ) | (2) (3) (4) | ||||||||||||||
Iracore International Holdings, Inc. |
Energy Equipment & Services | 10.00% | L + 9.00% | 1.00% | 04/12/24 | 2,361 | 2,361 | 2,361 | ^ (3) | |||||||||||||||
Jill Acquisition LLC (dba J. Jill) |
Specialty Retail | 6.00% | L + 5.00% | 1.00% | 05/08/24 | 5,844 | 5,801 | 5,138 | ||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 12/31/22 | 3,917 | 3,603 | 1,328 | ^ (1) (3) (6) | ||||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 12/31/22 | 3,318 | 800 | — | ^ (1) (3) (6) | ||||||||||||||||||
Lithium Technologies, Inc. |
Interactive Media & Services | 9.00% | L + 8.00% | 1.00% | 10/03/22 | 89,013 | 86,856 | 87,678 | (2) (3) | |||||||||||||||
Lithium Technologies, Inc. |
Interactive Media & Services | 9.00% | L + 8.00% | 1.00% | 10/03/22 | 5,110 | 1,979 | 1,967 | (2) (3) (4) | |||||||||||||||
LS Clinical Services Holdings, Inc (dba CATO) |
Pharmaceuticals | 7.75% | L + 6.75% | 1.00% | 12/16/27 | 15,397 | 15,014 | 15,012 | (2) | |||||||||||||||
LS Clinical Services Holdings, Inc (dba CATO) |
Pharmaceuticals | L + 6.75% | 1.00% | 12/16/26 | 2,200 | (55 | ) | (55 | ) | (2) (4) | ||||||||||||||
MedeAnalytics, Inc. |
Health Care Technology | 7.50% | L + 6.50% | 1.00% | 10/09/26 | 948 | 905 | 934 | (2) (3) | |||||||||||||||
Mervin Manufacturing, Inc. |
Leisure Products | 8.50% | L + 7.50% | 1.00% | 09/30/22 | 10,668 | 10,667 | 10,561 | (3) | |||||||||||||||
Millstone Medical Outsourcing, LLC |
Health Care Providers & Services | 6.50% | L + 5.50% | 1.00% | 12/15/27 | 10,348 | 10,143 | 10,141 | (2) | |||||||||||||||
Millstone Medical Outsourcing, LLC |
Health Care Providers & Services | 6.50% | L + 5.50% | 1.00% | 12/15/27 | 2,217 | 30 | 30 | (2) (4) | |||||||||||||||
MMIT Holdings, LLC (dba Managed Markets Insight & Technology) |
Health Care Technology | 7.25% | L + 6.25% | 1.00% | 09/15/27 | 66,304 | 65,032 | 64,978 | (2) (3) | |||||||||||||||
MMIT Holdings, LLC (dba Managed Markets Insight & Technology) |
Health Care Technology | 7.25% | L + 6.25% | 1.00% | 09/15/27 | 6,913 | 6,778 | 6,774 | (2) (3) | |||||||||||||||
MMIT Holdings, LLC (dba Managed Markets Insight & Technology) |
Health Care Technology | 7.25% | L + 6.25% | 1.00% | 09/15/27 | 5,923 | 628 | 622 | (2) (3) (4) | |||||||||||||||
MRI Software LLC |
Real Estate Mgmt. & Development | 6.50% | L + 5.50% | 1.00% | 02/10/26 | 23,457 | 22,440 | 23,362 | ||||||||||||||||
MRI Software LLC |
Real Estate Mgmt. & Development | 6.50% | L + 5.50% | 1.00% | 02/10/26 | 217 | 217 | 216 | ||||||||||||||||
MRI Software LLC |
Real Estate Mgmt. & Development | L + 5.50% | 1.00% | 02/10/26 | 1,612 | (31 | ) | (7 | ) | (4) | ||||||||||||||
MRI Software LLC |
Real Estate Mgmt. & Development | L + 5.50% | 1.00% | 02/10/26 | 6,382 | (14 | ) | (26 | ) | (4) | ||||||||||||||
NFM & J, L.P. (dba the Facilities Group) |
Professional Services | 6.75% | L + 5.75% | 1.00% | 11/30/27 | 17,253 | 16,913 | 16,908 | (2) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||
NFM & J, L.P. (dba the Facilities Group) |
Professional Services | 6.75% | L + 5.75% | 1.00% | 11/30/27 | $ | 17,452 | $ | 8,467 | $ | 8,552 | (2) (4) | ||||||||||||
NFM & J, L.P. (dba the Facilities Group) |
Professional Services | 6.75% | L + 5.75% | 1.00% | 11/30/27 | 2,992 | 440 | 439 | (2) (4) | |||||||||||||||
One GI LLC |
Health Care Providers & Services | 7.75% | L + 6.75% | 1.00% | 12/22/25 | 22,875 | 22,492 | 22,418 | (2) (3) | |||||||||||||||
One GI LLC |
Health Care Providers & Services | 7.75% | L + 6.75% | 1.00% | 12/22/25 | 9,405 | 9,249 | 9,217 | (2) (3) | |||||||||||||||
One GI LLC |
Health Care Providers & Services | 7.75% | L + 6.75% | 1.00% | 12/22/25 | 12,208 | 8,670 | 8,635 | (2) (3) (4) | |||||||||||||||
One GI LLC |
Health Care Providers & Services | L + 6.75% | 1.00% | 12/22/25 | 3,610 | (62 | ) | (72 | ) | (2) (3) (4) | ||||||||||||||
One GI LLC |
Health Care Providers & Services | L + 6.75% | 1.00% | 12/22/25 | 6,659 | (66 | ) | (133 | ) | (2) (3) (4) | ||||||||||||||
Output Services Group, Inc. |
Diversified Consumer Services | 5.50% | L + 4.50% | 1.00% | 03/27/24 | 3,862 | 3,854 | 3,282 | ||||||||||||||||
Picture Head Midco LLC |
Entertainment | 7.75% | L + 6.75% | 1.00% | 08/31/23 | 45,766 | 43,318 | 44,850 | (2) (3) | |||||||||||||||
Pioneer Buyer I, LLC |
Software | 7.75% | L + 7.00% PIK | 0.75% | 11/01/28 | 24,016 | 23,551 | 23,536 | (2) | |||||||||||||||
Pioneer Buyer I, LLC |
Software | L + 6.50% | 0.75% | 11/01/27 | 4,300 | (84 | ) | (86 | ) | (2) (4) | ||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | 7.25% | L + 6.25% | 1.00% | 04/22/25 | 56,720 | 54,142 | 55,586 | (2) (3) | |||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | 7.25% | L + 6.25% | 1.00% | 04/22/25 | 905 | 891 | 887 | (2) (3) | |||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | L + 6.25% | 1.00% | 04/22/25 | 905 | (7 | ) | (18 | ) | (2) (3) (4) | ||||||||||||||
PlanSource Holdings, Inc. |
Health Care Technology | L + 6.25% | 1.00% | 04/22/25 | 7,824 | (176 | ) | (156 | ) | (2) (3) (4) | ||||||||||||||
Pluralsight, Inc |
Professional Services | 9.00% | L + 8.00% | 1.00% | 04/06/27 | 75,915 | 74,532 | 74,396 | (2) (3) | |||||||||||||||
Pluralsight, Inc |
Professional Services | L + 8.00% | 1.00% | 04/06/27 | 5,100 | (90 | ) | (102 | ) | (2) (3) (4) | ||||||||||||||
Power Stop, LLC |
Auto Components | 4.60% | L + 4.50% | 10/19/25 | 17,945 | 17,129 | 17,810 | (2) | ||||||||||||||||
Premier Care Dental Management, LLC |
Health Care Providers & Services | 6.50% | L + 5.75% | 0.75% | 08/05/28 | 18,823 | 18,464 | 18,447 | (2) (3) | |||||||||||||||
Premier Care Dental Management, LLC |
Health Care Providers & Services | 6.50% | L + 5.75% | 0.75% | 08/05/28 | 10,175 | 2,608 | 2,493 | (2) (3) (4) | |||||||||||||||
Premier Care Dental Management, LLC |
Health Care Providers & Services | 6.50% | L + 5.75% | 0.75% | 08/05/27 | 3,052 | 492 | 488 | (2) (3) (4) | |||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | 7.00% | L + 6.00% | 1.00% | 01/02/25 | 27,277 | 25,990 | 26,868 | (2) (3) | |||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | 7.00% | L + 6.00% | 1.00% | 01/02/25 | 7,616 | 7,504 | 7,502 | (2) (3) | |||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | 7.00% | L + 6.00% | 1.00% | 01/02/25 | 6,155 | 6,062 | 6,062 | (2) (3) | |||||||||||||||
Premier Imaging, LLC (dba Lucid Health) |
Health Care Providers & Services | L + 6.00% | 1.00% | 01/02/25 | 5,778 | (87 | ) | (87 | ) | (2) (3) (4) | ||||||||||||||
Professional Physical Therapy |
Health Care Providers & Services | 9.00% | L + 8.00% (incl. 2.00% PIK) | 1.00% | 12/16/22 | 5,957 | 5,726 | 5,302 | (3) | |||||||||||||||
Project Eagle Holdings, LLC (dba Exostar) |
Aerospace & Defense | 7.75% | L + 6.75% | 1.00% | 07/06/26 | 35,718 | 35,031 | 35,004 | (2) (3) | |||||||||||||||
Project Eagle Holdings, LLC (dba Exostar) |
Aerospace & Defense | L + 6.75% | 1.00% | 07/06/26 | 75 | (1 | ) | (1 | ) | (2) (3) (4) | ||||||||||||||
Prophix Software Inc. (dba Pound Bidco) |
Diversified Financial Services | 7.50% | L + 6.50% | 1.00% | 01/30/26 | 18,948 | 18,628 | 18,948 | (1) (2) (3) | |||||||||||||||
Prophix Software Inc. (dba Pound Bidco) |
Diversified Financial Services | 7.50% | L + 6.50% | 1.00% | 01/30/26 | 7,752 | 7,603 | 7,752 | (1) (2) (3) | |||||||||||||||
Prophix Software Inc. (dba Pound Bidco) |
Diversified Financial Services | L + 6.50% | 1.00% | 01/30/26 | 3,445 | (57 | ) | — | (1) (2) (3) (4) | |||||||||||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
Trading Companies & Distributors | 6.25% | L + 5.50% | 0.75% | 11/01/28 | 23,020 | 22,793 | 22,790 | (2) | |||||||||||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
Trading Companies & Distributors | 6.25% | L + 5.50% | 0.75% | 11/01/28 | 1,414 | 1,401 | 1,400 | (2) | |||||||||||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
Trading Companies & Distributors | L + 5.50% | 0.75% | 11/01/28 | 1,980 | — | (20 | ) | (2) (4) | |||||||||||||||
Purfoods, LLC |
Health Care Providers & Services | 7.00% | L + 6.00% | 1.00% | 08/12/26 | 593 | 570 | 591 | (2) (3) | |||||||||||||||
Purfoods, LLC |
Health Care Providers & Services | 7.00% | L + 6.00% | 1.00% | 08/12/26 | 399 | 243 | 248 | (2) (3) (4) | |||||||||||||||
Riverpoint Medical, LLC |
Health Care Equipment & Supplies | 6.75% | L + 5.75% | 1.00% | 06/21/25 | 21,953 | 21,013 | 21,788 | (2) (3) | |||||||||||||||
Riverpoint Medical, LLC |
Health Care Equipment & Supplies | 6.75% | L + 5.75% | 1.00% | 06/21/25 | 1,663 | 1,643 | 1,650 | (2) (3) | |||||||||||||||
Riverpoint Medical, LLC |
Health Care Equipment & Supplies | L + 5.75% | 1.00% | 06/21/25 | 4,094 | (73 | ) | (31 | ) | (2) (3) (4) | ||||||||||||||
Rodeo Buyer Company (dba Absorb Software) |
Professional Services | 7.25% | L + 6.25% | 1.00% | 05/25/27 | 21,167 | 20,778 | 20,796 | (1) (2) (3) | |||||||||||||||
Rodeo Buyer Company (dba Absorb Software) |
Professional Services | L + 6.25% | 1.00% | 05/25/27 | 3,387 | (61 | ) | (59 | ) | (1) (2) (3) (4) | ||||||||||||||
SPay, Inc. (dba Stack Sports) |
Interactive Media & Services | 10.25% | L + 9.25% (incl. 3.50% PIK) | 1.00% | 06/17/24 | 28,204 | 26,355 | 26,653 | (2) (3) | |||||||||||||||
SPay, Inc. (dba Stack Sports) |
Interactive Media & Services | 10.25% | L + 9.25% (incl. 3.50% PIK) | 1.00% | 06/17/24 | 2,019 | 1,883 | 1,908 | (2) (3) | |||||||||||||||
SPay, Inc. (dba Stack Sports) |
Interactive Media & Services | 10.25% | L + 9.25% (incl. 3.50% PIK) | 1.00% | 06/17/24 | 1,011 | 943 | 955 | (2) (3) | |||||||||||||||
StarCompliance Intermediate, LLC |
Diversified Financial Services | 7.75% | L + 6.75% | 1.00% | 01/12/27 | 15,600 | 15,329 | 15,366 | (2) (3) | |||||||||||||||
StarCompliance Intermediate, LLC |
Diversified Financial Services | 7.75% | L + 6.75% | 1.00% | 01/12/27 | 2,514 | 2,465 | 2,476 | (2) (3) | |||||||||||||||
StarCompliance Intermediate, LLC |
Diversified Financial Services | L + 6.75% | 1.00% | 01/12/27 | 2,500 | (42 | ) | (37 | ) | (2) (3) (4) | ||||||||||||||
Sundance Group Holdings, Inc. (dba NetDocuments) |
Software | 7.75% | L + 6.75% | 1.00% | 07/02/27 | 41,043 | 40,449 | 40,530 | (2) (3) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||
Sundance Group Holdings, Inc. (dba NetDocuments) |
Software | 7.75% | L + 6.75% | 1.00% | 07/02/27 | $ | 4,925 | $ | 1,407 | $ | 1,416 | (2) (3) (4) | ||||||||||||
Sundance Group Holdings, Inc. (dba NetDocuments) |
Software | L + 6.75% | 1.00% | 07/02/27 | 12,313 | (88 | ) | (154 | ) | (2) (3) (4) | ||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | 6.75% | L + 5.75% | 1.00% | 10/09/26 | 20,622 | 8,501 | 8,474 | (2) (3) (4) | |||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | 6.75% | L + 5.75% | 1.00% | 10/09/26 | 4,076 | 4,025 | 4,035 | (2) (3) | |||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | 6.75% | L + 5.75% | 1.00% | 10/09/26 | 342 | 336 | 339 | (2) (3) | |||||||||||||||
Sunstar Insurance Group, LLC |
Insurance | L + 5.75% | 1.00% | 10/09/26 | 111 | (2 | ) | (1 | ) | (2) (3) (4) | ||||||||||||||
Superman Holdings, LLC (dba Foundation Software) |
Construction & Engineering | 7.50% | L + 6.50% | 1.00% | 08/31/27 | 31,795 | 31,160 | 31,080 | (2) (3) | |||||||||||||||
Superman Holdings, LLC (dba Foundation Software) |
Construction & Engineering | 7.50% | L + 6.50% | 1.00% | 08/31/27 | 962 | 924 | 940 | (2) (3) | |||||||||||||||
Superman Holdings, LLC (dba Foundation Software) |
Construction & Engineering | L + 6.50% | 1.00% | 08/31/26 | 122 | (2 | ) | (3 | ) | (2) (3) (4) | ||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 6.75% | L + 5.75% | 1.00% | 11/30/26 | 28,393 | 27,911 | 28,109 | (2) (3) | |||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 6.75% | L + 5.75% | 1.00% | 11/30/26 | 9,014 | 8,859 | 8,924 | (2) (3) | |||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 6.75% | L + 5.75% | 1.00% | 11/30/26 | 7,227 | 7,098 | 7,155 | (2) (3) | |||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | 7.61% | L + 5.75% | 1.00% | 11/30/26 | 4,541 | 1,378 | 1,408 | (2) (3) (4) | |||||||||||||||
Sweep Purchaser LLC |
Commercial Services & Supplies | L + 5.75% | 1.00% | 11/30/26 | 5,018 | (50 | ) | (50 | ) | (2) (3) (4) | ||||||||||||||
Syntellis Performance Solutions, LLC (dba Axiom) |
Health Care Technology | 8.00% | L + 7.00% | 1.00% | 08/02/27 | 828 | 790 | 806 | (2) (3) | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | 6.75% | L + 5.75% | 1.00% | 08/15/25 | 26,327 | 25,116 | 25,932 | (2) (3) | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | 7.31% | L + 5.75% | 1.00% | 08/15/25 | 4,565 | 1,951 | 1,986 | (2) (3) (4) | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
Health Care Providers & Services | 6.75% | L + 5.75% | 1.00% | 08/15/25 | 7,921 | 1,286 | 1,244 | (2) (3) (4) | |||||||||||||||
Thrasio, LLC |
Internet & Direct Marketing Retail | 8.00% | L + 7.00% | 1.00% | 12/18/26 | 39,531 | 38,918 | 39,531 | (2) (3) | |||||||||||||||
Thrasio, LLC |
Internet & Direct Marketing Retail | L + 7.00% | 1.00% | 12/18/26 | 14,686 | (70 | ) | — | (2) (3) (4) | |||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 6.50% | L + 5.50% | 1.00% | 07/15/26 | 5,057 | 4,963 | 4,956 | (2) (3) | |||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 6.50% | L + 5.50% | 1.00% | 07/15/26 | 2,517 | 2,471 | 2,467 | (2) (3) | |||||||||||||||
Total Vision LLC |
Health Care Providers & Services | L + 5.50% | 1.00% | 07/15/26 | 1,270 | (23 | ) | (25 | ) | (2) (3) (4) | ||||||||||||||
Tronair Parent Inc. |
Air Freight & Logistics | 7.25% | L + 6.25% (incl. 0.50% PIK) | 1.00% | 09/08/23 | 6,382 | 6,338 | 5,651 | ||||||||||||||||
USN Opco LLC (dba Global Nephrology Solutions) |
Health Care Providers & Services | 6.25% | L + 5.25% | 1.00% | 12/21/26 | 21,873 | 21,499 | 21,654 | (2) (3) | |||||||||||||||
USN Opco LLC (dba Global Nephrology Solutions) |
Health Care Providers & Services | 6.25% | L + 5.25% | 1.00% | 12/21/26 | 7,596 | 6,933 | 6,950 | (2) (3) (4) | |||||||||||||||
USN Opco LLC (dba Global Nephrology Solutions) |
Health Care Providers & Services | L + 5.25% | 1.00% | 12/21/26 | 3,023 | (50 | ) | (30 | ) | (2) (3) (4) | ||||||||||||||
Viant Medical Holdings, Inc. |
Health Care Equipment & Supplies | 7.25% | L + 6.25% | 1.00% | 07/02/25 | 31,463 | 29,897 | 31,305 | (2) | |||||||||||||||
Volt Bidco, Inc. (aka Power Factors) |
Independent Power and Renewable Electricity Producers | 7.50% | L + 6.50% | 1.00% | 08/11/27 | 22,800 | 22,368 | 22,344 | (2) (3) | |||||||||||||||
Volt Bidco, Inc. (aka Power Factors) |
Independent Power and Renewable Electricity Producers | 7.50% | L + 6.50% | 1.00% | 08/11/27 | 2,618 | 442 | 390 | (2) (3) (4) | |||||||||||||||
Volt Bidco, Inc. (aka Power Factors) |
Independent Power and Renewable Electricity Producers | L + 6.50% | 1.00% | 08/11/27 | 2,181 | (41 | ) | (44 | ) | (2) (3) (4) | ||||||||||||||
VRC Companies, LLC (dba Vital Records Control) |
Commercial Services & Supplies | 6.25% | L + 5.50% | 0.75% | 06/29/27 | 28,174 | 27,780 | 27,751 | (2) (3) | |||||||||||||||
VRC Companies, LLC (dba Vital Records Control) |
Commercial Services & Supplies | 6.25% | L + 5.50% | 0.75% | 06/29/27 | 4,718 | 1,798 | 1,792 | (2) (3) (4) | |||||||||||||||
VRC Companies, LLC (dba Vital Records Control) |
Commercial Services & Supplies | L + 5.50% | 0.75% | 06/29/27 | 944 | (13 | ) | (14 | ) | (2) (3) (4) | ||||||||||||||
WebPT, Inc. |
Health Care Technology | 7.75% | L + 6.75% | 1.00% | 08/28/24 | 25,126 | 24,060 | 24,874 | (2) (3) | |||||||||||||||
WebPT, Inc. |
Health Care Technology | 7.75% | L + 6.75% | 1.00% | 08/28/24 | 2,617 | 730 | 759 | (2) (3) (4) | |||||||||||||||
WebPT, Inc. |
Health Care Technology | L + 6.75% | 1.00% | 08/28/24 | 5,534 | — | — | (2) (4) | ||||||||||||||||
WebPT, Inc. |
Health Care Technology | L + 6.75% | 1.00% | 08/28/24 | 2,617 | — | — | (2) (4) | ||||||||||||||||
Wellness AcquisitionCo, Inc. (dba SPINS) |
IT Services | 6.50% | L + 5.50% | 1.00% | 01/20/27 | 20,000 | 19,653 | 20,000 | (2) (3) | |||||||||||||||
Wellness AcquisitionCo, Inc. (dba SPINS) |
IT Services | L + 5.50% | 1.00% | 01/20/27 | 2,600 | (44 | ) | — | (2) (3) (4) |
Investment *# |
Industry |
Interest Rate (+) |
Reference Rate and Spread (+) |
Floor (+) |
Maturity |
Par (++) |
Cost |
Fair Value |
Footnotes | |||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 6.50% | L + 5.75% | 0.75% | 12/21/27 | $ | 17,519 | $ | 17,170 | $ | 17,169 | (2) | ||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 6.50% | L + 5.75% | 0.75% | 12/21/27 | 5,840 | 4,266 | 4,251 | (2) (4) | |||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | L + 5.75% | 0.75% | 12/21/27 | 2,340 | (47 | ) | (47 | ) | (2) (4) | ||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | L + 5.75% | 0.75% | 12/21/27 | 5,840 | (58 | ) | (117 | ) | (2) (4) | ||||||||||||||
Wine.com, LLC |
Beverages | 8.00% | L + 7.00% | 1.00% | 11/14/24 | 15,400 | 14,983 | 15,400 | (2) (3) | |||||||||||||||
Wine.com, LLC |
Beverages | 8.00% | L + 7.00% | 1.00% | 11/14/24 | 3,700 | 3,641 | 3,700 | (2) (3) | |||||||||||||||
WorkForce Software, LLC |
Software | 7.50% | L + 6.50% (incl. 1.00% PIK) | 1.00% | 07/31/25 | 21,740 | 20,891 | 21,305 | (2) (3) | |||||||||||||||
WorkForce Software, LLC |
Software | 7.50% | L + 6.50% (incl. 1.00% PIK) | 1.00% | 07/31/25 | 1,894 | 1,864 | 1,856 | (2) (3) | |||||||||||||||
WSO2, Inc. |
IT Services | 8.50% | L + 7.50% (incl. 3.00% PIK) | 1.00% | 11/04/26 | 31,065 | 30,461 | 30,443 | (2) | |||||||||||||||
Xactly Corporation |
IT Services | 8.25% | L + 7.25% | 1.00% | 07/31/23 | 62,025 | 60,548 | 62,025 | (2) (3) | |||||||||||||||
Xactly Corporation |
IT Services | L + 7.25% | 1.00% | 07/31/23 | 3,874 | (38 | ) | — | (2) (3) (4) | |||||||||||||||
Zarya Intermediate, LLC (dba iOFFICE) |
Real Estate Mgmt. & Development | 7.50% | L + 6.50% | 1.00% | 07/01/27 | 35,480 | 34,818 | 34,859 | (2) (3) | |||||||||||||||
Zarya Intermediate, LLC (dba iOFFICE) |
Real Estate Mgmt. & Development | 7.50% | L + 6.50% | 1.00% | 07/01/27 | 27,870 | 27,340 | 27,382 | (2) (3) | |||||||||||||||
Zarya Intermediate, LLC (dba iOFFICE) |
Real Estate Mgmt. & Development | L + 6.50% | 1.00% | 07/01/27 | 6,757 | (125 | ) | (118 | ) | (2) (3) (4) | ||||||||||||||
Zodiac Intermediate, LLC (dba Zipari) |
Health Care Technology | 9.00% | L + 8.00% | 1.00% | 12/21/26 | 50,230 | 48,951 | 49,100 | (2) (3) | |||||||||||||||
Zodiac Intermediate, LLC (dba Zipari) |
Health Care Technology | L + 8.00% | 1.00% | 12/22/25 | 7,500 | (179 | ) | (169 | ) | (2) (3) (4) | ||||||||||||||
|
|
|||||||||||||||||||||||
Total 1st Lien/Senior Secured Debt |
2,930,047 | 2,945,368 | ||||||||||||||||||||||
1st Lien/Last-Out Unitranche (7) - 10.07% |
||||||||||||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 7.00% | L + 6.00% | 1.00% | 02/28/24 | $ | 38,967 | $ | 37,468 | $ | 38,870 | (2) (3) | ||||||||||||
Doxim, Inc. |
Diversified Financial Services | 7.75% | L + 6.75% | 1.00% | 02/28/24 | 25,000 | 24,554 | 24,563 | (2) (3) | |||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 7.00% | L + 6.00% | 1.00% | 02/28/24 | 22,863 | 21,758 | 22,806 | (2) (3) | |||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 8.00% | L + 7.00% | 1.00% | 02/28/24 | 6,734 | 6,607 | 6,649 | (2) (3) | |||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 9.00% | L + 8.00% | 1.00% | 02/28/24 | 5,229 | 5,122 | 5,268 | (2) (3) | |||||||||||||||
Doxim, Inc. |
Diversified Financial Services | 9.00% | L + 8.00% | 1.00% | 02/28/24 | 3,918 | 3,849 | 3,947 | (2) (3) | |||||||||||||||
Smarsh, Inc. |
Interactive Media & Services | 9.25% | L + 8.25% | 1.00% | 11/20/25 | 60,886 | 58,410 | 60,429 | (2) (3) | |||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total 1st Lien/Last-Out Unitranche |
157,768 | 162,532 | ||||||||||||||||||||||
2nd Lien/Senior Secured Debt - 17.56% |
||||||||||||||||||||||||
Animal Supply Intermediate, LLC |
Distributors | 7.00% | 7.00% PIK | 11/14/25 | $ | 9,092 | $ | 8,649 | $ | 6,569 | ^ (3) | |||||||||||||
Bolttech Mannings, Inc. |
Commercial Services & Supplies | 8.17% | L + 8.00% PIK | 11/20/22 | 18,577 | 18,489 | 17,648 | ^^ (3) | ||||||||||||||||
Chase Industries, Inc. (dba Senneca Holdings) |
Building Products | 10.00% PIK | 11/11/25 | 12,150 | 9,714 | 1,701 | (2) (3) (5) | |||||||||||||||||
Chase Industries, Inc. (dba Senneca Holdings) |
Building Products | 11.00% PIK | 05/11/26 | 12,150 | — | — | (2) (3) (5) | |||||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 7.63% | L + 7.50% | 07/31/25 | 17,000 | 15,796 | 16,660 | (2) (3) | ||||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 8.25% | L + 7.50% | 0.75% | 07/31/25 | 13,890 | 13,620 | 13,612 | (2) (3) | |||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 7.70% | L + 7.50% | 07/31/25 | 4,939 | 4,787 | 4,840 | (2) (3) | ||||||||||||||||
Genesis Acquisition Co. (dba ProCare Software) |
Diversified Financial Services | 7.63% | L + 7.50% | 07/31/25 | 4,300 | 3,996 | 4,214 | (2) (3) | ||||||||||||||||
IHS Intermediate Inc. (dba Interactive Health Solutions) |
Health Care Providers & Services | L + 8.25% | 1.00% | 07/20/22 | 10,000 | 9,902 | — | (3) (5) | ||||||||||||||||
Intelligent Medical Objects, Inc. |
Health Care Technology | 9.50% | L + 8.50% | 1.00% | 12/22/24 | 29,200 | 27,881 | 28,908 | (2) (3) | |||||||||||||||
MPI Engineered Technologies, LLC |
Auto Components | 12.00% | 07/15/25 | 14,428 | 14,428 | 12,841 | (3) | |||||||||||||||||
MPI Products LLC |
Auto Components | 07/15/25 | 7,412 | — | — | (3) (6) | ||||||||||||||||||
National Spine and Pain Centers, LLC |
Health Care Providers & Services | 9.25% | L + 8.25% | 1.00% | 12/02/24 | 36,500 | 35,051 | 35,588 | (2) (3) | |||||||||||||||
Odyssey Logistics & Technology Corporation |
Road & Rail | 9.00% | L + 8.00% | 1.00% | 10/12/25 | 45,348 | 40,432 | 43,081 | (2) | |||||||||||||||
Spectrum Plastics Group, Inc. |
Containers & Packaging | 8.00% | L + 7.00% | 1.00% | 01/31/26 | 12,525 | 11,382 | 11,440 | (2) | |||||||||||||||
YI, LLC (dba Young Innovations) |
Health Care Equipment & Supplies | 8.75% | L + 7.75% | 1.00% | 11/07/25 | 36,844 | 34,056 | 36,199 | (2) (3) | |||||||||||||||
Zep Inc. |
Chemicals | 9.25% | L + 8.25% | 1.00% | 08/11/25 | 53,049 | 47,350 | 50,220 | (2) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total 2nd Lien/Senior Secured Debt |
295,533 | 283,521 | ||||||||||||||||||||||
Unsecured Debt - 0.11% |
||||||||||||||||||||||||
ATX Networks Corp. |
Communications Equipment | 10.00% | 10.00% PIK | 09/01/28 | $ | 1,807 | $ | 1,503 | $ | 1,333 | ^ (1) (3) | |||||||||||||
Conergy Asia & ME Pte. LTD. |
Construction & Engineering | 06/30/22 | 1,266 | 1,055 | 400 | ^ (1) (3) (6) | ||||||||||||||||||
|
|
|||||||||||||||||||||||
Total Unsecured Debt |
2,558 | 1,733 |
Investment *# |
Industry |
Interest Rate |
Initial Acquisition Date (8) |
Par/Shares (++) |
Cost |
Fair Value |
Footnotes |
|||||||||||||||||||
Preferred Stock — 3.26% |
||||||||||||||||||||||||||
Broadway Parent, LLC |
Diversified Financial Services | 01/25/21 | 4,000,000 | $ | 4,019 | $ | 4,720 | (2 |
) (3) (6) | |||||||||||||||||
CloudBees, Inc. |
Software | 11/24/21 | 1,152,957 | 12,899 | 12,901 | (2 |
) (6) | |||||||||||||||||||
Foundation Software |
Construction & Engineering | 08/31/20 | 22 | 21 | 25 | (2 |
) (3) (6) | |||||||||||||||||||
Governmentjobs.com, Inc. (dba NeoGov) |
Software | 12/02/21 | 10,597 | 10,332 | 10,332 | (2 |
) (6) | |||||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 8.00 | % PIK | 10/25/16 | 74,168 | 778 | — | ^ |
(1) (3) (5) | |||||||||||||||||
MedeAnalytics, Inc. |
Health Care Technology | 10/09/20 | 42,600 | 41 | 40 | (2 |
) (3) (6) | |||||||||||||||||||
Wine.com, LLC |
Beverages | 03/03/21 | 124,040 | 3,067 | 3,329 | (2 |
) (3) (6) | |||||||||||||||||||
Wine.com, LLC |
Beverages | 11/14/18 | 535,226 | 8,225 | 12,432 | (2 |
) (3) (6) | |||||||||||||||||||
WSO2, Inc. |
IT Services | 11/04/21 | 561,918 | 8,876 | 8,876 | (2 |
) (6) | |||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Preferred Stock |
48,258 | 52,655 | ||||||||||||||||||||||||
Common Stock — 1.91% |
||||||||||||||||||||||||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
Software | 03/10/21 | 29,326 | $ | 2,933 | $ | 3,065 | (2 |
) (3) (6) | |||||||||||||||||
Animal Supply Holdings, LLC |
Distributors | 08/14/20 | 37,500 | 126 | — | ^ |
(3) (6) | |||||||||||||||||||
Animal Supply Holdings, LLC |
Distributors | 08/14/20 | 83,333 | 13,745 | — | ^ |
(3) (6) | |||||||||||||||||||
ATX Parent Holdings, LLC - Class A Units |
Communications Equipment | 09/01/21 | 332 | 167 | 577 | ^ |
(1) (3) (6) | |||||||||||||||||||
Bolttech Mannings, Inc. |
Commercial Services & Supplies | 12/22/17 | 309,142 | 14,885 | 727 | ^^ |
(3) (6) | |||||||||||||||||||
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) - Class B |
Health Care Providers & Services | 03/30/18 | 20,183 | 2,916 | 4,071 | ^^^ |
(2) (3) | |||||||||||||||||||
Collaborative Imaging Holdco, LLC (dba Texas Radiology Associates) - Performance Units |
Health Care Providers & Services | 03/30/18 | 19,048 | 514 | 1,420 | ^^^ |
(1) (2) (3) (6) | |||||||||||||||||||
Conergy Asia & ME Pte. LTD. |
Construction & Engineering | 01/11/21 | 3,126,780 | 5,300 | — | ^ |
(1) (3) (6) | |||||||||||||||||||
Country Fresh Holding Company Inc. |
Food Products | 04/29/19 | 1,514 | 888 | — | (2 |
) (3) (6) | |||||||||||||||||||
Elah Holdings, Inc. |
Capital Markets | 05/09/18 | 111,650 | 5,238 | 5,396 | ^ |
(2) (3) (6) | |||||||||||||||||||
Exostar LLC - Class B |
Aerospace & Defense | 07/06/20 | 31,407 | — | 25 | (2 |
) (3) (6) | |||||||||||||||||||
Foundation Software - Class B |
Construction & Engineering | 08/31/20 | 11,826 | — | 9 | (2 |
) (3) (6) | |||||||||||||||||||
Iracore International Holdings, Inc. |
Energy Equipment & Services | 04/13/17 | 28,898 | 7,003 | 5,235 | ^ |
(3) (6) | |||||||||||||||||||
Jill Acquisition LLC (dba J. Jill) |
Specialty Retail | 09/30/20 | 18,869 | 56 | 362 | (6 |
) | |||||||||||||||||||
Kawa Solar Holdings Limited |
Construction & Engineering | 08/17/16 | 1,399,556 | — | — | ^ |
(1) (3) (6) | |||||||||||||||||||
National Spine and Pain Centers, LLC |
Health Care Providers & Services | 06/02/17 | 1,100 | 883 | 546 | (2 |
) (3) (6) | |||||||||||||||||||
Prairie Provident Resources, Inc. |
Oil, Gas & Consumable Fuels | 3,579,988 | 9,237 | 322 | (1 |
) (6) | ||||||||||||||||||||
Total Vision LLC |
Health Care Providers & Services | 07/15/21 | 72,571 | 1,270 | 1,306 | (2 |
) (3) (6) | |||||||||||||||||||
Volt Bidco, Inc. (aka Power Factors) |
Independent Power and Renewable Electricity Producers | 08/11/21 | 2,908 | 2,908 | 3,057 | (2 |
) (3) (6) | |||||||||||||||||||
WhiteWater Holding Company LLC |
Diversified Consumer Services | 12/21/21 | 23,400 | 2,340 | 2,340 | (2 |
) (6) | |||||||||||||||||||
Yasso, Inc. |
Food Products | 03/23/17 | 1,640 | 1,368 | 2,326 | (2 |
) (3) (6) | |||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Common Stock |
71,777 | 30,784 | ||||||||||||||||||||||||
Warrants — 0.11% |
||||||||||||||||||||||||||
CloudBees, Inc. |
Software | 11/24/21 | 333,980 | $ | 1,849 | $ | 1,850 | (2 |
) (3) (6) | |||||||||||||||||
KDOR Holdings Inc. (dba Senneca Holdings) |
Building Products | 05/29/20 | 147 | — | — | (2 |
) (3) (6) | |||||||||||||||||||
KDOR Holdings Inc. (dba Senneca Holdings) |
Building Products | 06/22/20 | 30 | — | — | (2 |
) (3) (6) | |||||||||||||||||||
KDOR Holdings Inc. (dba Senneca Holdings) |
Building Products | 05/29/20 | 1,406 | — | — | (2 |
) (3) (6) | |||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Warrants |
1,849 | 1,850 | ||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
Total Investments — 215.46% |
$ |
3,507,790 |
$ |
3,478,443 |
||||||||||||||||||||||
|
|
|
|
* |
Assets are pledged as collateral for the Revolving Credit Facility. See Note 6 “Debt.” |
(+) |
Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR (“L”), SOFR (“S”) or alternate base rate (commonly based on the U.S. Prime Rate (“P”), unless otherwise noted) at the borrower’s option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month, 2 month, 1 month or 1 week L or S rates. As of December 31, 2021, rates for the 12 month, 6 month, 3 month, 2 month, 1 month and 1 week L are 0.58%, 0.34%, 0.21%, 0.15%, 0.10% and 0.08%, respectively. As of December 31, 2021, 3 month S was 0.05%, P was 3.25%, and Canadian Prime rate (“CDN P”) was 2.45%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2021. |
(++) |
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Euro (“€”), Great British Pound (“GBP”), or Canadian dollar (“CAD”). |
# |
Percentages are based on net assets. |
^ |
As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions.” |
^^ |
As defined in the Investment Company Act, the investment is deemed to be a “controlled affiliated person” of the Company because the Company owns, either directly or indirectly, 25% or more of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company. See Note 3 “Significant Agreements and Related Party Transactions.” |
^^^ |
The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”. |
(1) |
The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2021 the aggregate fair value of these securities is $154,694 or 4.36% of the Company’s total assets. |
(2) |
Represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions.” |
(3) |
The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement.” |
(4) |
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 8 “Commitments and Contingencies.” |
(5) |
The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.” |
(6) |
Non-income producing security. |
(7) |
In exchange for the greater risk of loss, the “last-out” portion of the Company’s unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion. |
(8) |
Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2021, the aggregate fair value of these securities is $84,967 or 5.26% of the Company’s net assets. The initial acquisition dates have been included for such securities. |
Counterparty |
Currency Purchased |
Currency Sold |
Settlement |
Unrealized Appreciation (Depreciation) |
||||||||||||
Bank of America, N.A. |
U.S. Dollar 624 | Euro 525 | 01/06/22 | $ | 26 | |||||||||||
Bank of America, N.A. |
U.S. Dollar 611 | Euro 514 | 04/06/22 | 25 | ||||||||||||
Bank of America, N.A. |
U.S. Dollar 619 | Euro 520 | 07/06/22 | 25 | ||||||||||||
Bank of America, N.A. |
U.S. Dollar 627 | Euro 525 | 10/06/22 | 24 | ||||||||||||
$ |
100 |
|||||||||||||||
2. |
SIGNIFICANT ACCOUNTING POLICIES |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Prepayment premiums |
$ | — | $ | 224 | $ | 609 | $ | 674 | ||||||||
Accelerated amortization of upfront loan origination fees and unamortized discounts |
$ | 1,274 | $ | 10,553 | $ | 4,640 | $ | 18,212 |
(1) | The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the portfolio investment; |
(2) | The Board of Directors also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information provided by the investment professionals of the Investment Adviser and the portfolio companies as well as any market quotations obtained from independent pricing services, brokers, dealers or market dealers. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Board of Directors or the Audit Committee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor; |
(3) | The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (“VOG”), a team that is part of the Controllers Division. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee, which is comprised of representatives from GSAM who are independent of the investment decision making process; |
(4) | The Asset Management Valuation Committee ratifies fair valuations and makes recommendations to the Audit Committee of the Board of Directors; |
(5) | The Audit Committee of the Board of Directors reviews valuation information provided by the Asset Management Division Valuation Committee, the Investment Adviser and the Independent Valuation Advisors. The Audit Committee then assesses such valuation recommendations; and |
(6) | The Board of Directors discusses the valuations and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Investment Adviser, the Independent Valuation Advisors and the Audit Committee. |
3. |
SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS |
• | No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount; |
• | 100% of the Ordinary Income, if any, that exceeds the hurdle amount, but is less than or equal to an amount, referred to as the “Catch-up Amount,” determined as the sum of 2.1875% multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and |
• | 20% of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income. |
Beginning Fair Value Balance |
Gross Additions (1) |
Gross Reductions (2) |
Net Realized Gain(Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Ending Fair Value Balance |
Dividend, Interest, PIK and Other Income |
||||||||||||||||||||||
For the Six Months Ended June 30, 2022 |
| |||||||||||||||||||||||||||
Controlled Affiliates |
||||||||||||||||||||||||||||
Bolttech Mannings, Inc. |
$ | 18,375 | $ | 21,116 | $ | (18,660 | ) | $ | (2,035 | ) | $ | (1,061 | ) | $ | 17,735 | $ | 275 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Controlled Affiliates |
$ | 18,375 | $ | 21,116 | $ | (18,660 | ) | $ | (2,035 | ) | $ | (1,061 | ) | $ | 17,735 | $ | 275 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-Controlled Affiliates |
||||||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund |
$ | — | $ | 63,990 | $ | (63,990 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Animal Supply Holdings, LLC |
6,569 | 381 | — | — | 42 | 6,992 | 382 | |||||||||||||||||||||
ATX Networks Corp. |
6,039 | 85 | (524 | ) | — | 1,602 | 7,202 | 299 | ||||||||||||||||||||
Collaborative Imaging, LLC (dba Texas Radiology Associates) |
5,491 | — | — | — | (115 | ) | 5,376 | 125 | ||||||||||||||||||||
Conergy Asia & ME Pte. LTD |
400 | — | — | — | (218 | ) | 182 | — | ||||||||||||||||||||
Elah Holdings, Inc. |
5,396 | — | — | — | — | 5,396 | — | |||||||||||||||||||||
Iracore International Holdings, Inc. |
7,596 | — | — | — | 653 | 8,249 | 120 | |||||||||||||||||||||
Kawa Solar Holdings Limited |
1,328 | — | — | — | (20 | ) | 1,308 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Non-Controlled Affiliates |
$ | 32,819 | $ | 64,456 | $ | (64,514 | ) | $ | — | $ | 1,944 | $ | 34,705 | $ | 926 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Affiliates |
$ | 51,194 | $ | 85,572 | $ | (83,174 | ) | $ | (2,035 | ) | $ | 883 | $ | 52,440 | $ | 1,201 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Fair Value Balance |
Gross Additions (1) |
Gross Reductions (2) |
Net Realized Gain(Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Ending Fair Value Balance |
Dividend, Interest, PIK and Other Income |
||||||||||||||||||||||
For the Year Ended December 31, 2021 |
| |||||||||||||||||||||||||||
Controlled Affiliates |
||||||||||||||||||||||||||||
Bolttech Mannings, Inc. |
$ | 19,810 | $ | 4,974 | $ | — | $ | — | $ | (6,409 | ) | $ | 18,375 | $ | 1,486 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Controlled Affiliates |
$ | 19,810 | $ | 4,974 | $ | — | $ | — | $ | (6,409 | ) | $ | 18,375 | $ | 1,486 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-Controlled Affiliates |
||||||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund |
$ | — | $ | 809,929 | $ | (809,929 | ) | $ | — | $ | — | $ | — | $ | 2 | |||||||||||||
Animal Supply Holdings, LLC |
16,838 | 723 | — | (756 | ) | (10,236 | ) | 6,569 | 723 | |||||||||||||||||||
ATX Networks Corp. |
— | 6,133 | — | — | (94 | ) | 6,039 | 196 | ||||||||||||||||||||
CB-HDT Holdings, Inc. (dba Hunter Defense Technologies) |
48,741 | — | (48,494 | ) | 35,916 | (36,163 | ) | — | (6 | ) | ||||||||||||||||||
Collaborative Imaging, LLC (dba Texas Radiology Associates) |
4,365 | — | — | — | 1,126 | 5,491 | 307 | |||||||||||||||||||||
Conergy Asia & ME Pte. LTD |
334 | — | — | — | 66 | 400 | — | |||||||||||||||||||||
Elah Holdings, Inc. |
5,396 | — | — | — | — | 5,396 | — | |||||||||||||||||||||
Iracore International Holdings, Inc. |
10,178 | — | — | — | (2,582 | ) | 7,596 | 926 | ||||||||||||||||||||
Kawa Solar Holdings Limited |
1,359 | — | — | — | (31 | ) | 1,328 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Non-Controlled Affiliates |
$ | 87,211 | $ | 816,785 | $ | (858,423 | ) | $ | 35,160 | $ | (47,914 | ) | $ | 32,819 | $ | 2,148 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Affiliates |
$ | 107,021 | $ | 821,759 | $ | (858,423 | ) | $ | 35,160 | $ | (54,323 | ) | $ | 51,194 | $ | 3,634 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. |
(2) |
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
Investment Type |
Cost |
Fair Value |
Cost |
Fair Value |
||||||||||||
1st Lien/Senior Secured Debt |
$ | 3,156,027 | $ | 3,155,522 | $ | 2,930,047 | $ | 2,945,368 | ||||||||
1st Lien/Last-Out Unitranche |
99,879 | 99,301 | 157,768 | 162,532 | ||||||||||||
2nd Lien/Senior Secured Debt |
263,862 | 241,959 | 295,533 | 283,521 | ||||||||||||
Unsecured Debt |
8,667 | 7,765 | 2,558 | 1,733 | ||||||||||||
Preferred Stock |
48,258 | 47,809 | 48,258 | 52,655 | ||||||||||||
Common Stock |
80,757 | 38,778 | 71,777 | 30,784 | ||||||||||||
Warrants |
1,849 | 742 | 1,849 | 1,850 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
3,659,299 |
$ |
3,591,876 |
$ |
3,507,790 |
$ |
3,478,443 |
||||||||
|
|
|
|
|
|
|
|
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
Industry |
Fair Value |
Net Assets |
Fair Value |
Net Assets |
||||||||||||
Software |
16.0 | % | 36.2 | % | 13.5 | % | 29.0 | % | ||||||||
Health Care Providers & Services |
11.6 | 26.3 | 10.3 | 22.3 | ||||||||||||
Diversified Financial Services |
10.9 | 24.6 | 9.2 | 19.9 | ||||||||||||
Health Care Technology |
9.3 | 21.2 | 11.0 | 23.6 | ||||||||||||
Professional Services |
7.8 | 17.6 | 7.9 | 17.1 | ||||||||||||
IT Services |
6.3 | 14.2 | 5.8 | 12.6 | ||||||||||||
Diversified Consumer Services |
6.2 | 14.0 | 6.1 | 13.2 | ||||||||||||
Real Estate Mgmt. & Development |
4.1 | 9.4 | 5.8 | 12.5 | ||||||||||||
Commercial Services & Supplies |
3.6 | 8.3 | 3.3 | 7.1 | ||||||||||||
Interactive Media & Services |
3.3 | 7.6 | 5.2 | 11.1 | ||||||||||||
Health Care Equipment & Supplies |
3.1 | 6.9 | 3.2 | 6.9 | ||||||||||||
Entertainment |
2.1 | 4.8 | 2.2 | 4.7 | ||||||||||||
Chemicals |
1.5 | 3.5 | 1.8 | 3.8 | ||||||||||||
Hotels, Restaurants & Leisure |
1.5 | 3.5 | 1.6 | 3.4 | ||||||||||||
Transportation Infrastructure |
1.5 | 3.3 | 1.5 | 3.3 | ||||||||||||
Road & Rail |
1.2 | 2.7 | 1.2 | 2.7 | ||||||||||||
Internet & Direct Marketing Retail |
1.1 | 2.5 | 1.1 | 2.4 | ||||||||||||
Independent Power and Renewable Electricity Producers |
1.1 | 2.4 | 0.7 | 1.6 | ||||||||||||
Household Products |
1.0 | 2.4 | 1.1 | 2.4 | ||||||||||||
Aerospace & Defense |
1.0 | 2.2 | 1.0 | 2.2 | ||||||||||||
Construction & Engineering |
0.9 | 2.1 | 1.0 | 2.1 | ||||||||||||
Beverages |
0.9 | 1.9 | 1.0 | 2.2 | ||||||||||||
Trading Companies & Distributors |
0.8 | 1.7 | 0.7 | 1.5 | ||||||||||||
Pharmaceuticals |
0.4 | 0.9 | 0.4 | 0.9 | ||||||||||||
Auto Components |
0.4 | 0.8 | 0.9 | 1.9 | ||||||||||||
Insurance |
0.4 | 0.8 | 0.4 | 0.8 | ||||||||||||
Containers & Packaging |
0.3 | 0.7 | 0.3 | 0.7 | ||||||||||||
Leisure Products |
0.3 | 0.7 | 0.3 | 0.7 | ||||||||||||
Communications Equipment |
0.2 | 0.5 | 0.2 | 0.4 | ||||||||||||
Energy Equipment & Services |
0.2 | 0.5 | 0.2 | 0.5 | ||||||||||||
Distributors |
0.2 | 0.5 | 0.2 | 0.4 | ||||||||||||
Air Freight & Logistics |
0.2 | 0.4 | 0.2 | 0.4 | ||||||||||||
Specialty Retail |
0.2 | 0.4 | 0.2 | 0.3 | ||||||||||||
Textiles, Apparel & Luxury Goods |
0.2 | 0.4 | 0.2 | 0.4 | ||||||||||||
Capital Markets |
0.1 | 0.3 | 0.2 | 0.3 | ||||||||||||
Food Products |
0.1 | 0.2 | 0.1 | 0.1 | ||||||||||||
Building Products |
— | (1) |
0.1 | — | (1) |
0.1 | ||||||||||
Oil, Gas & Consumable Fuels (1) |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
100.0 |
% |
226.5 |
% |
100.0 |
% |
215.5 |
% | ||||||||
|
|
|
|
|
|
|
|
(1) |
Amount rounds to less than 0.1%. |
Geographic |
June 30, 2022 |
December 31, 2021 |
||||||
United States |
96.7 | % | 96.5 | % | ||||
Canada |
2.9 | 3.0 | ||||||
United Kingdom |
0.4 | 0.5 | ||||||
Germany (1) |
— | — | ||||||
Singapore (1) |
— | — | ||||||
|
|
|
|
|||||
Total |
100.0 |
% |
100.0 |
% | ||||
|
|
|
|
(1) |
Amount rounds to less than 0.1%. |
Level 2 Instruments |
Valuation Techniques and Significant Inputs | |
Equity and Fixed Income |
The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. | |
Derivative Contracts |
OTC derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence. |
Level 3 Instruments |
Valuation Techniques and Significant Inputs | |
Bank Loans, Corporate Debt, and Other Debt Obligations |
Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. | |
Equity |
Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets. |
Level 3 Instruments |
Fair Value (1)(2) |
Valuation Techniques (3) |
Significant Unobservable Inputs |
Range of Significant Unobservable Inputs (4) |
Weighted Average (5) |
|||||||||||
As of June 30, 2022 |
||||||||||||||||
Bank Loans, Corporate Debt, and Other Debt Obligations |
| |||||||||||||||
1st Lien/Senior Secured Debt |
$ | 2,788,622 | Discounted cash flows | Discount Rate | 8.5% - 46.9% |
10.4 | % | |||||||||
1,308 | Collateral analysis | Recovery Rate | — | 33.4 | % | |||||||||||
1st Lien/Last-Out Unitranche |
99,301 | Discounted cash flows | Discount Rate | — | 12.5 | % | ||||||||||
2nd Lien/Senior Secured Debt |
141,099 | Discounted cash flows | Discount Rate | 11.7% - 16.8% |
13.2 | % | ||||||||||
1,701 | Comparable multiples | EV/EBITDA (6) |
— | 9.7x | ||||||||||||
Unsecured Debt |
7,583 | Discounted cash flows | Discount Rate | 13.2% - 17.3% |
16.4 | % | ||||||||||
182 | Collateral analysis | Recovery Rate | — | 14.4 | % | |||||||||||
Equity |
| |||||||||||||||
Preferred Stock |
$ | 13,001 | Comparable multiples | EV/EBITDA (6) |
8.9x - 28.2x |
26.4x | ||||||||||
34,808 | Comparable multiples | EV/Revenue | 1.9x - 5.1x | 3.7x | ||||||||||||
Common Stock |
10,772 | Discounted cash flows | Discount Rate | 15.4% - 30.4% |
24.2 | % | ||||||||||
20,238 | Comparable multiples | EV/EBITDA (6) |
4.5x - 19.6x | 10.1x | ||||||||||||
6,811 | Comparable multiples | EV/Revenue | 0.6x - 16.6x | 8.1x | ||||||||||||
Warrants |
742 | Comparable multiples | EV/Revenue | — | 5.1x | |||||||||||
As of December 31, 2021 |
||||||||||||||||
Bank Loans, Corporate Debt, and Other Debt Obligations |
| |||||||||||||||
1st Lien/Senior Secured Debt |
$ | 2,271,598 | Discounted cash flows | Discount Rate | 7.1% - 22.5% |
9.1 | % | |||||||||
1,328 | Collateral analysis | Recovery Rate | — | 33.9 | % | |||||||||||
1st Lien/Last-Out Unitranche |
162,532 | Discounted cash flows | Discount Rate | 8.9% - 10.1% |
9.4 | % | ||||||||||
2nd Lien/Senior Secured Debt |
177,079 | Discounted cash flows | Discount Rate | 9.7% - 15.4% |
11.2 | % | ||||||||||
1,701 | Comparable multiples | EV/EBITDA (6) |
— | 9.3x | ||||||||||||
Unsecured Debt |
1,333 | Discounted cash flows | Discount Rate | — | 14.8 | % | ||||||||||
400 | Collateral analysis | Recovery Rate | — | 31.6 | % | |||||||||||
Equity |
| |||||||||||||||
Preferred Stock |
$ | 2,425 | Comparable multiples | EV/EBITDA (6) |
10.5x - 21.4x |
21.2x | ||||||||||
18,121 | Comparable multiples | EV/Revenue | 1.5x - 5.7x | 2.0x | ||||||||||||
Common Stock |
10,887 | Discounted cash flows | Discount Rate | 14.6% - 31.1% |
24.1 | % | ||||||||||
12,871 | Comparable multiples | EV/EBITDA (6) |
4.4x - 19.2x | 10.3x | ||||||||||||
4,002 | Comparable multiples | EV/Revenue | 0.7x - 18.9x | 14.9x | ||||||||||||
Warrants |
1,850 | Comparable multiples | EV/Revenue | — | 8.2x |
(1) |
As of June 30, 2022, included within the fair value of Level 3 assets of $3,448,622 is an amount of $322,454 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $3,036,605 or 90.3% of Level 3 bank loans, corporate debt, and other debt obligations. |
(2) |
As of December 31, 2021, included within the fair value of Level 3 assets of $3,270,660 is an amount of $604,533 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $2,612,542 or 82.0% of Level 3 bank loans, corporate debt, and other debt obligations. |
(3) |
The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques. |
(4) |
The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded. |
(5) |
Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment. |
(6) |
Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). |
June 30, 2022 |
December 31, 2021 |
|||||||||||||||||||||||||||||||
Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||||||||||
1st Lien/Senior Secured Debt |
$ | — | $ | 88,230 | $ | 3,067,292 | $ | 3,155,522 | $ | — | $ | 102,358 | $ | 2,843,010 | $ | 2,945,368 | ||||||||||||||||
1st Lien/Last-Out Unitranche |
— | — | 99,301 | 99,301 | — | — | 162,532 | 162,532 | ||||||||||||||||||||||||
2nd Lien/Senior Secured Debt |
— | 54,067 | 187,892 | 241,959 | — | 104,741 | 178,780 | 283,521 | ||||||||||||||||||||||||
Unsecured Debt |
— | — | 7,765 | 7,765 | — | — | 1,733 | 1,733 | ||||||||||||||||||||||||
Preferred Stock |
— | — | 47,809 | 47,809 | — | — | 52,655 | 52,655 | ||||||||||||||||||||||||
Common Stock |
957 | — | 37,821 | 38,778 | 684 | — | 30,100 | 30,784 | ||||||||||||||||||||||||
Warrants |
— | — | 742 | 742 | — | — | 1,850 | 1,850 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 957 | $ | 142,297 | $ | 3,448,622 | $ | 3,591,876 | $ | 684 | $ | 207,099 | $ | 3,270,660 | $ | 3,478,443 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unrealized appreciation (depreciation) on foreign currency forward contracts |
$ | — | $ | 146 | $ | — | $ | 146 | $ | — | $ | 100 | $ | — | $ | 100 |
Beginning Balance |
Purchases (1) |
Net Realized Gain (Loss) |
Net Change in Unrealized Appreciation (Depreciation) |
Sales and Settlements (2) |
Net Amortization of Premium/ Discount |
Transfers In (3) |
Transfers Out (3) |
Ending Balance |
Net Change in Unrealized Appreciation (Depreciation) for assets still held |
|||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022 |
| |||||||||||||||||||||||||||||||||||||||
1st Lien/Senior Secured Debt |
$ | 2,843,010 | $ | 377,169 | $ | (5,176 | ) | $ | (13,809 | ) | $ | (144,958 | ) | $ | 11,056 | $ | — | $ | — | $ | 3,067,292 | $ | (22,736 | ) | ||||||||||||||||
1st Lien/Last-Out Unitranche |
162,532 | — | — | (5,341 | ) | (61,091 | ) | 3,201 | — | — | 99,301 | (3,322 | ) | |||||||||||||||||||||||||||
2nd Lien/Senior Secured Debt |
178,780 | 14,819 | (2,035 | ) | (8,807 | ) | (47,859 | ) | 2,774 | 50,220 | — | 187,892 | (7,780 | ) | ||||||||||||||||||||||||||
Unsecured Debt |
1,733 | 6,088 | — | (77 | ) | — | 21 | — | — | 7,765 | (77 | ) | ||||||||||||||||||||||||||||
Preferred Stock |
52,655 | — | — | (4,846 | ) | — | — | — | — | 47,809 | (4,846 | ) | ||||||||||||||||||||||||||||
Common Stock |
30,100 | 8,979 | 105 | (1,258 | ) | (105 | ) | — | — | — | 37,821 | (1,258 | ) | |||||||||||||||||||||||||||
Warrants |
1,850 | — | — | (1,108 | ) | — | — | — | — | 742 | (1,108 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Assets |
$ | 3,270,660 | $ | 407,055 | $ | (7,106 | ) | $ | (35,246 | ) | $ | (254,013 | ) | $ | 17,052 | $ | 50,220 | $ | — | $ | 3,448,622 | $ | (41,127 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
For the Six Months Ended June 30, 2021 |
| |||||||||||||||||||||||||||||||||||||||
1st Lien/Senior Secured Debt |
$ | 2,384,944 | $ | 402,646 | $ | (113 | ) | $ | (2,409 | ) | $ | (361,518 | ) | $ | 23,572 | $ | — | $ | (49,596 | ) | $ | 2,397,526 | $ | 4,126 | ||||||||||||||||
1st Lien/Last-Out Unitranche |
143,231 | 6,638 | — | 281 | (14,437 | ) | 1,273 | — | — | 136,986 | 653 | |||||||||||||||||||||||||||||
2nd Lien/Senior Secured Debt |
407,872 | 8,314 | (1,203 | ) | 2,471 | (88,900 | ) | 7,324 | — | (52,671 | ) | 283,207 | 4,987 | |||||||||||||||||||||||||||
Unsecured Debt |
334 | — | — | 184 | — | — | — | — | 518 | 184 | ||||||||||||||||||||||||||||||
Preferred Stock |
48,080 | 7,086 | — | (568 | ) | — | — | — | — | 54,598 | (568 | ) | ||||||||||||||||||||||||||||
Common Stock |
65,284 | 2,540 | 7,537 | (14,466 | ) | (17,320 | ) | — | — | — | 43,575 | (7,465 | ) | |||||||||||||||||||||||||||
Warrants |
1,024 | — | — | (629 | ) | — | — | — | — | 395 | (629 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Assets |
$ | 3,050,769 | $ | 427,224 | $ | 6,221 | $ | (15,136 | ) | $ | (482,175 | ) | $ | 32,169 | $ | — | $ | (102,267 | ) | $ | 2,916,805 | $ | 1,288 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Purchases may include PIK, securities received in corporate actions and restructurings. |
(2) |
Sales and Settlements may include securities delivered in corporate actions and restructuring of investments. |
(3) |
Transfers in (out) of Level 3 are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser. |
As of |
||||||||||||
Level |
June 30, 2022 |
December 31, 2021 |
||||||||||
Revolving Credit Facility |
3 | $ | 1,170,184 | $ | 858,722 | |||||||
Convertible Notes (1) |
2 | $ | — | $ | 158,116 | |||||||
2025 Notes |
2 | $ | 349,272 | $ | 377,778 | |||||||
2026 Notes |
2 | $ | 452,350 | $ | 513,037 |
(1) |
On April 1, 2022, the Convertible Notes matured and were paid in full. |
6. |
DEBT |
As of |
||||||||||||||||||||||||
June 30, 2022 |
December 31, 2021 |
|||||||||||||||||||||||
Aggregate Borrowing Amount Committed |
Amount Available |
Carrying Value (1) |
Aggregate Borrowing Amount Committed |
Amount Available |
Carrying Value (1) |
|||||||||||||||||||
Revolving Credit Facility (2) |
$ | 1,695,000 | $ | 527,367 | $ | 1,170,184 | $ | 1,695,000 | $ | 837,164 | $ | 858,722 | ||||||||||||
Convertible Notes (3) |
— | — | — | 155,000 | — | 154,665 | ||||||||||||||||||
2025 Notes |
360,000 | — | 356,380 | 360,000 | — | 355,735 | ||||||||||||||||||
2026 Notes |
500,000 | — | 493,219 | 500,000 | — | 492,304 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Debt |
$ | 2,555,000 | $ | 527,367 | $ | 2,019,783 | $ | 2,710,000 | $ | 837,164 | $ | 1,861,426 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The carrying value is presented net of unamortized debt issuance costs and OID net of accretion as applicable. |
(2) |
Provides, under certain circumstances, a total borrowing capacity of $2,250,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2022, the Company had outstanding borrowings denominated in USD of $1,116,074, in Euros (EUR) of EUR 37,700, in British Pound (GBP) of GBP 11,900 and in Canadian Dollars (CAD) of CAD 150. As of December 31, 2021, the Company had outstanding borrowings denominated in USD of $799,574, in Euros (EUR) of EUR 37,700, in British Pound (GBP) of GBP 11,900 and in Canadian Dollars (CAD) of CAD 150. |
(3) |
On April 1, 2022, the Convertible Notes matured and were paid in full. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Borrowing interest expense |
$ | 7,052 | $ | 2,809 | $ | 11,514 | $ | 6,186 | ||||||||
Facility fees |
617 | 1,070 | 1,380 | 2,022 | ||||||||||||
Amortization of financing costs |
714 | 693 | 1,373 | 1,379 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 8,383 | $ | 4,572 | $ | 14,267 | $ | 9,587 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average interest rate |
2.70 | % | 1.99 | % | 2.41 | % | 2.01 | % | ||||||||
Average outstanding balance |
$ | 1,047,416 | $ | 565,052 | $ | 964,297 | $ | 622,088 |
June 30, 2022 |
December 31, 2021 |
|||||||
Principal amount of debt |
$ | — | $ | 155,000 | ||||
OID, net of accretion |
— | 118 | ||||||
Unamortized debt issuance costs |
— | 217 | ||||||
|
|
|
|
|||||
Carrying Value |
$ | — | $ | 154,665 | ||||
|
|
|
|
|||||
Stated interest rate |
— | % | 4.50 | % | ||||
Effective interest rate (stated interest rate plus accretion of OID) |
— | % | 4.80 | % |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Borrowing interest expense |
$ | — | $ | 1,744 | $ | 1,744 | $ | 3,488 | ||||||||
Accretion of OID |
— | 116 | 118 | 231 | ||||||||||||
Amortization of debt issuance costs |
3 | 303 | 216 | 602 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3 | $ | 2,163 | $ | 2,078 | $ | 4,321 | ||||||||
|
|
|
|
|
|
|
|
June 30, 2022 |
December 31, 2021 |
|||||||
Principal amount of debt |
$ | 360,000 | $ | 360,000 | ||||
Unamortized debt issuance costs |
3,620 | 4,265 | ||||||
|
|
|
|
|||||
Carrying Value |
$ | 356,380 | $ | 355,735 | ||||
|
|
|
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Borrowing interest expense |
$ | 3,375 | $ | 3,375 | $ | 6,750 | $ | 6,750 | ||||||||
Amortization of debt issuance costs |
345 | 350 | 645 | 696 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,720 | $ | 3,725 | $ | 7,395 | $ | 7,446 | ||||||||
|
|
|
|
|
|
|
|
June 30, 2022 |
December 31, 2021 |
|||||||
Principal amount of debt |
$ | 500,000 | $ | 500,000 | ||||
Unamortized debt issuance costs |
6,781 | 7,696 | ||||||
|
|
|
|
|||||
Carrying Value |
$ | 493,219 | $ | 492,304 | ||||
|
|
|
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Borrowing interest expense |
$ | 3,594 | $ | 3,594 | $ | 7,188 | $ | 7,188 | ||||||||
Amortization of debt issuance costs |
477 | 484 | 916 | 962 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 4,071 | $ | 4,078 | $ | 8,104 | $ | 8,150 | ||||||||
|
|
|
|
|
|
|
|
7. |
DERIVATIVES |
June 30, 2022 |
December 31, 2021 |
|||||||
Gross Amount of Assets |
$ | 146 | $ | 100 | ||||
Gross Amount of Liabilities |
— | — | ||||||
|
|
|
|
|||||
Net Amount of Assets or (Liabilities) |
$ | 146 | $ | 100 | ||||
|
|
|
|
|||||
Collateral (Received) Pledged (1) |
— | — | ||||||
|
|
|
|
|||||
Net Amounts (2) |
$ | 146 | $ | 100 | ||||
|
|
|
|
(1) |
Amount excludes excess cash collateral paid. |
(2) |
Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Net realized gain (loss) on foreign currency forward contracts |
$ | 51 | $ | (57 | ) | $ | 81 | $ | (171 | ) | ||||||
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts |
22 | 27 | 46 | 274 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net realized and unrealized gains (losses) on foreign currency forward contracts |
$ | 73 | $ | (30 | ) | $ | 127 | $ | 103 | |||||||
|
|
|
|
|
|
|
|
Unfunded Commitment (1) |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
1st Lien/Senior Secured Debt |
||||||||
1272775 B.C. LTD. (dba Everest Clinical Research) |
$ | 584 | $ | 1,151 | ||||
Abacus Data Holdings, Inc. (dba Clutch Intermediate Holdings) |
2,560 | 4,082 | ||||||
Acquia, Inc. |
2,876 | 3,268 | ||||||
Admiral Buyer, Inc. (dba Fidelity Payment Services) |
9,650 | — | ||||||
Apptio, Inc. |
3,231 | 3,230 | ||||||
AQ Helios Buyer, Inc. (dba SurePoint) |
11,170 | 14,189 | ||||||
Aria Systems, Inc. |
1,893 | 1,893 | ||||||
Assembly Intermediate LLC |
11,877 | 12,757 | ||||||
Bigchange Group Limited |
3,981 | 4,426 | ||||||
Broadway Technology, LLC |
1,090 | — | ||||||
BSI3 Menu Buyer, Inc (dba Kydia) |
38 | — | ||||||
Bullhorn, Inc. |
3,005 | 4,601 | ||||||
Businessolver.com, Inc. |
5,026 | 5,026 | ||||||
Capitol Imaging Acquisition Corp. |
117 | 180 | ||||||
Checkmate Finance Merger Sub, LLC |
3,140 | 3,140 | ||||||
Chronicle Bidco Inc. (dba Lexitas) |
4,753 | 4,339 | ||||||
CivicPlus LLC |
1,217 | 3,552 | ||||||
CloudBees, Inc. |
12,900 | 12,900 | ||||||
Coding Solutions Acquisition, Inc. |
6,580 | — | ||||||
CORA Health Holdings Corp |
8,514 | 8,897 | ||||||
Cordeagle US Finco, Inc. (dba Condeco) |
2,461 | 11,506 | ||||||
CorePower Yoga LLC |
1,687 | 1,687 | ||||||
CST Buyer Company (dba Intoxalock) |
2,170 | 2,170 | ||||||
DECA Dental Holdings LLC |
6,272 | 6,843 | ||||||
Diligent Corporation |
1,550 | 3,100 | ||||||
EDB Parent, LLC (dba Enterprise DB) |
39,642 | — | ||||||
Elemica Parent, Inc. |
479 | 409 | ||||||
Eptam Plastics, Ltd. |
681 | 681 | ||||||
ESO Solutions, Inc |
3,620 | 3,620 | ||||||
Experity, Inc. |
81 | 3,332 | ||||||
Fullsteam Operations LLC |
2,202 | 16,298 | ||||||
Gainsight, Inc. |
5,320 | 5,320 | ||||||
GHA Buyer Inc. (dba Cedar Gate) |
501 | 1,254 | ||||||
GovDelivery Holdings, LLC (dba Granicus, Inc.) |
4,087 | 4,087 | ||||||
Governmentjobs.com, Inc. (dba NeoGov) |
19,427 | 19,427 | ||||||
GS AcquisitionCo, Inc. (dba Insightsoftware) |
2,762 | 4,180 | ||||||
HealthEdge Software, Inc. |
16,881 | 18,330 | ||||||
Helios Buyer, Inc. (dba Heartland) |
2,115 | 9,592 | ||||||
Honor HN Buyer, Inc |
11,000 | 18,095 | ||||||
HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth) |
3,985 | 4,688 | ||||||
iCIMS, Inc. |
65,501 | — | ||||||
Intelligent Medical Objects, Inc. |
4,326 | — | ||||||
Internet Truckstop Group, LLC (dba Truckstop) |
4,400 | 4,400 | ||||||
Kaseya Inc. |
2,200 | — | ||||||
Lithium Technologies, Inc. |
3,066 | 3,066 | ||||||
LS Clinical Services Holdings, Inc (dba CATO) |
2,200 | 2,200 | ||||||
MerchantWise Solutions, LLC (dba HungerRush) |
7,475 | — | ||||||
Millstone Medical Outsourcing, LLC |
1,885 | 2,144 | ||||||
MMIT Holdings, LLC (dba Managed Markets Insight & Technology) |
5,923 | 5,183 | ||||||
MRI Software LLC |
1,612 | 7,994 |
Unfunded Commitment (1) |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
NFM & J, L.P. (dba the Facilities Group) |
$ | 10,072 | $ | 11,219 | ||||
One GI LLC |
10,269 | 13,598 | ||||||
PDDS Holdco, Inc. (dba Planet DDS) |
34,273 | — | ||||||
Pioneer Buyer I, LLC |
4,300 | 4,300 | ||||||
PlanSource Holdings, Inc. |
7,824 | 8,728 | ||||||
Pluralsight, Inc |
5,100 | 5,100 | ||||||
Premier Care Dental Management, LLC |
7,112 | 9,982 | ||||||
Premier Imaging, LLC (dba Lucid Health) |
4,110 | 5,778 | ||||||
Project Eagle Holdings, LLC (dba Exostar) |
75 | 75 | ||||||
Prophix Software Inc. (dba Pound Bidco) |
3,445 | 3,445 | ||||||
Purfoods, LLC |
75 | 150 | ||||||
Qualawash Holdings, LLC |
4,417 | — | ||||||
Riverpoint Medical, LLC |
4,094 | 4,094 | ||||||
Rodeo Buyer Company (dba Absorb Software) |
3,387 | 3,387 | ||||||
Rubrik,Inc. |
4,020 | — | ||||||
Smarsh, Inc. |
8,334 | — | ||||||
SpendMend, LLC |
350 | — | ||||||
StarCompliance Intermediate, LLC |
2,250 | 2,500 | ||||||
Sundance Group Holdings, Inc. (dba NetDocuments) |
14,611 | 15,761 | ||||||
Sunstar Insurance Group, LLC |
11,559 | 12,053 | ||||||
Superman Holdings, LLC (dba Foundation Software) |
122 | 122 | ||||||
Sweep Purchaser LLC |
3,094 | 8,105 | ||||||
Syntellis Performance Solutions, LLC (dba Axiom) |
16,120 | — | ||||||
The Center for Orthopedic and Research Excellence, Inc. (dba HOPCo) |
8,204 | 9,069 | ||||||
Thrasio, LLC |
14,686 | 14,686 | ||||||
Total Vision LLC |
10,464 | 1,270 | ||||||
USN Opco LLC (dba Global Nephrology Solutions) |
8,547 | 3,593 | ||||||
Volt Bidco, Inc. (dba Power Factors) |
9,875 | 4,357 | ||||||
VRC Companies, LLC (dba Vital Records Control) |
2,980 | 3,799 | ||||||
WebPT, Inc. |
4,711 | 9,861 | ||||||
Wellness AcquisitionCo, Inc. (dba SPINS) |
6,600 | 2,600 | ||||||
WhiteWater Holding Company LLC |
6,028 | 9,652 | ||||||
WorkForce Software, LLC |
2,319 | — | ||||||
Xactly Corporation |
1,498 | 3,874 | ||||||
Zarya Intermediate, LLC (dba iOFFICE) |
6,757 | 6,757 | ||||||
Zodiac Intermediate, LLC (dba Zipari) |
7,500 | 7,500 | ||||||
CFS Management, LLC (dba Center for Sight Management) |
— | 1,058 | ||||||
Convene 237 Park Avenue, LLC (dba Convene) |
— | 6,100 | ||||||
PT Intermediate Holdings III, LLC (dba Parts Town) |
— | 1,980 | ||||||
|
|
|
|
|||||
Total |
$ |
568,895 |
$ |
441,790 |
||||
|
|
|
|
(1) |
Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date. |
9. |
NET ASSETS |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Gross Proceeds |
$ | 2,256 | N/A | $ | 2,256 | N/A | ||||||||||
Underwriting/Offering Expenses |
(463 | ) | N/A | (463 | ) | N/A | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Proceeds |
$ | 1,793 | N/A | $ | 1,793 | N/A | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Number of Shares Issued |
124,132 | N/A | 124,132 | N/A | ||||||||||||
Average Sales Price per Share |
$ | 18.17 | N/A | $ | 18.17 | N/A |
Date Declared |
Record Date |
Payment Date |
Amount Per Share |
Shares |
||||||||||||
For the Six Months Ended June 30, 2022 |
||||||||||||||||
February 23, 2022 |
March 31, 2022 | April 27, 2022 | $ | 0.45 | 65,180 | |||||||||||
May 3, 2022 |
June 30, 2022 | July 27, 2022 | $ | 0.45 | 86,741 | |||||||||||
For the Six Months Ended June 30, 2021 |
||||||||||||||||
November 4, 2020 (special) |
February 15, 2021 | March 15, 2021 | $ | 0.05 | 6,849 | |||||||||||
February 24, 2021 |
March 31, 2021 | April 27, 2021 | $ | 0.45 | 68,092 | |||||||||||
November 4, 2020 (special) |
May 14, 2021 | June 15, 2021 | $ | 0.05 | 8,852 | |||||||||||
May 4, 2021 |
June 30, 2021 | July 27, 2021 | $ | 0.45 | 69,917 |
10. |
EARNINGS PER SHARE |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
Net increase in net assets from operations |
$ | 18,677 | $ | 54,972 | $ | 58,835 | $ | 115,440 | ||||||||
Weighted average shares outstanding |
101,970,098 | 101,649,214 | 101,918,422 | 101,617,022 | ||||||||||||
Basic and diluted earnings per share |
$ | 0.18 | $ | 0.54 | $ | 0.58 | $ | 1.14 |
11. |
FINANCIAL HIGHLIGHTS |
For the Six Months Ended |
||||||||
June 30, 2022 |
June 30, 2021 |
|||||||
Per Share Data: (1) |
||||||||
NAV, beginning of period |
$ | 15.86 | $ | 15.91 | ||||
Net investment income |
0.98 | 1.14 | ||||||
Net realized and unrealized gains (losses) (2) |
(0.43 | ) | — | |||||
|
|
|
|
|||||
Net increase in net assets from operations |
0.55 | 1.14 | ||||||
|
|
|
|
|||||
Issuance of common stock, net underwriting and offering costs |
0.02 | — | ||||||
Distributions declared from net investment income |
(0.90 | ) | (1.00 | ) | ||||
|
|
|
|
|||||
Total increase (decrease) in net assets |
(0.33 | ) | 0.14 | |||||
|
|
|
|
|||||
NAV, end of period |
$ | 15.53 | $ | 16.05 | ||||
|
|
|
|
|||||
Market price, end of period |
$ | 16.80 | $ | 19.60 | ||||
Shares outstanding, end of period |
102,074,725 | 101,675,964 | ||||||
Weighted average shares outstanding |
101,918,422 | 101,617,022 | ||||||
Total return based on NAV (3) |
3.10 | % | 6.41 | % | ||||
Total return based on market value (4) |
(7.68 | )% | 8.13 | % | ||||
Supplemental Data/Ratio: (5) |
||||||||
Net assets, end of period |
$ | 1,585,672 | $ | 1,631,525 | ||||
Ratio of net expenses to average net assets |
7.04 | % | 6.30 | % | ||||
Ratio of net expenses before voluntary waivers to average net assets |
8.51 | % | 8.56 | % | ||||
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets |
2.96 | % | 2.52 | % | ||||
Ratio of interest and other debt expenses to average net assets |
4.00 | % | 3.66 | % | ||||
Ratio of net incentive fees to average net assets |
0.08 | % | 0.12 | % | ||||
Ratio of total expenses to average net assets |
8.51 | % | 9.12 | % | ||||
Ratio of net investment income to average net assets |
12.53 | % | 14.37 | % | ||||
Portfolio turnover |
8 | % | 13 | % |
(1) |
The per share data was derived by using the weighted average shares outstanding during the applicable period, except for distributions declared, which reflects the actual amount per share for the applicable period. |
(2) |
The amount shown may not correspond for the period as it includes the effect of the timing of the distribution and the issuance of common stock. |
(3) |
Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan. |
(4) |
Calculated as the change in market value per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan. |
(5) |
Ratios are annualized. |
12. |
SUBSEQUENT EVENTS |
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• |
our operational expenses; |
• |
fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees of consultants and experts) and fees and expenses from evaluating, monitoring, researching and performing due diligence on investments and prospective investments; |
• |
interest payable on debt, if any, incurred to finance our investments; |
• |
fees and expenses incurred by us in connection with membership in investment company organizations; |
• |
brokers’ commissions; |
• |
the expenses of and fees for registering or qualifying our shares for sale and of maintaining our registration and registering us as a broker or a dealer; |
• |
fees and expenses associated with calculating our NAV (including expenses of any independent valuation firm); |
• |
legal, auditing or accounting expenses; |
• |
taxes or governmental fees; |
• |
the fees and expenses of our administrator, transfer agent or sub-transfer agent; |
• |
the cost of preparing stock certificates, including clerical expenses of issue, redemption or repurchase of our shares; |
• |
the fees and expenses of our directors who are not affiliated with our Investment Adviser; |
• |
the cost of preparing and distributing reports, proxy statements and notices to our stockholders, the SEC and other regulatory authorities; |
• |
costs of holding stockholder meetings; |
• |
listing fees; |
• |
the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our certificate of incorporation or bylaws insofar as they govern agreements with any such custodian; |
• |
insurance premiums; and |
• |
costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business. |
As of |
||||||||||||||||
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
|||||||||||||
(in millions) |
(in millions) |
|||||||||||||||
First Lien/Senior Secured Debt |
$ |
3,156.03 |
$ |
3,155.52 |
$ |
2,930.04 |
$ |
2,945.37 |
||||||||
First Lien/Last-Out Unitranche |
99.88 |
99.30 |
157.77 |
162.53 |
||||||||||||
Second Lien/Senior Secured Debt |
263.85 |
241.96 |
295.53 |
283.52 |
||||||||||||
Unsecured Debt |
8.67 |
7.77 |
2.56 |
1.73 |
||||||||||||
Preferred Stock |
48.26 |
47.81 |
48.26 |
52.66 |
||||||||||||
Common Stock |
80.76 |
38.78 |
71.78 |
30.78 |
||||||||||||
Warrants |
1.85 |
0.74 |
1.85 |
1.85 |
||||||||||||
Total Investments |
$ |
3,659.30 |
$ |
3,591.88 |
$ |
3,507.79 |
$ |
3,478.44 |
||||||||
As of |
||||||||||||||||
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
|||||||||||||
Weighted Average Yield (1) |
||||||||||||||||
First Lien/Senior Secured Debt (2) |
8.8 |
% |
9.0 |
% |
7.9 |
% |
7.9 |
% | ||||||||
First Lien/Last-Out Unitranche(2) (3) |
9.8 |
11.0 |
9.5 |
9.1 |
||||||||||||
Second Lien/Senior Secured Debt (2) |
10.1 |
11.9 |
9.9 |
10.7 |
||||||||||||
Unsecured Debt (2) |
12.1 |
13.5 |
8.2 |
12.7 |
||||||||||||
Preferred Stock (4) |
— |
— |
— |
— |
||||||||||||
Common Stock (4) |
— |
— |
— |
— |
||||||||||||
Warrants (4) |
— |
— |
— |
— |
||||||||||||
Total Portfolio |
8.6 |
% |
9.1 |
% |
7.9 |
% |
8.0 |
% |
(1) |
The weighted average yield at amortized cost of our portfolio excludes the purchase discount and amortization related to the Merger and does not represent the total return to our stockholders. |
(2) |
Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual and non-income producing investments) at amortized cost or fair value. This calculation excludes exit fees that are receivable upon repayment of certain loan investments. |
(3) |
The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. |
(4) |
Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual and non-income producing investments) at amortized cost or fair value. |
As of |
||||||||||||
June 30, 2022 |
December 31, 2021 |
|||||||||||
Number of portfolio companies |
129 |
121 |
||||||||||
Percentage of performing debt bearing a floating rate (1) |
99.4 |
% |
99.4 |
% | ||||||||
Percentage of performing debt bearing a fixed rate (1)(2) |
0.6 |
% |
0.6 |
% | ||||||||
Weighted average yield on debt and income producing investments, at amortized cost (3) |
9.0 |
% |
8.4 |
% | ||||||||
Weighted average yield on debt and income producing investments, at fair value (3) |
9.3 |
% |
8.4 |
% | ||||||||
Weighted average leverage (net debt/EBITDA) (4) |
6.0x |
6.4x |
||||||||||
Weighted average interest coverage (4) |
2.1x |
2.5x |
||||||||||
Median EBITDA (4) |
$ |
43.9 million |
$ |
38.97 million |
(1) |
Measured on a fair value basis. Excludes investments, if any, placed on non-accrual. |
(2) |
Includes income producing preferred stock investments. |
(3) |
Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total performing debt and other income producing investments (excluding investments on non-accrual). Excludes the purchase discount and amortization related to the Merger. |
(4) |
For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve-month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments and excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue. |
• |
Grade 1 |
• |
Grade 2 |
• |
Grade 3 non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and |
• |
Grade 4 |
As of |
||||||||||||||||
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
Investment Performance Rating |
Fair Value |
Percentage of Total |
Fair Value |
Percentage of Total |
||||||||||||
(in millions) |
(in millions) |
|||||||||||||||
Grade 1 |
$ |
71.27 |
2.0 |
% |
$ |
— |
— |
% | ||||||||
Grade 2 |
3,398.01 |
94.6 |
3,301.85 |
94.9 |
||||||||||||
Grade 3 |
103.16 |
2.9 |
115.24 |
3.3 |
||||||||||||
Grade 4 |
19.44 |
0.5 |
61.35 |
1.8 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ |
3,591.88 |
100.0 |
% |
$ |
3,478.44 |
100.0 |
% | ||||||||
|
|
|
|
|
|
|
|
As of |
||||||||||||||||
June 30, 2022 |
December 31, 2021 |
|||||||||||||||
Amortized Cost |
Percentage of Total |
Amortized Cost |
Percentage of Total |
|||||||||||||
(in millions) |
(in millions) |
|||||||||||||||
Performing |
$ |
3,627.48 |
99.1 |
% |
$ |
3,418.82 |
97.5 |
% | ||||||||
Non-accrual |
31.82 |
0.9 |
88.97 |
2.5 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ |
3,659.30 |
100.0 |
% |
$ |
3,507.79 |
100.0 |
% | ||||||||
|
|
|
|
|
|
|
|
For the Three Months Ended |
||||||||
June 30, 2022 |
June 30, 2021 |
|||||||
($ in millions) |
||||||||
Amount of investments committed at cost: |
||||||||
First Lien/Senior Secured Debt |
$ |
358.55 |
$ |
364.00 |
||||
Second Lien/Senior Secured Debt |
0.25 |
5.19 |
||||||
Unsecured Debt |
6.06 |
— |
||||||
Common Stock |
1.50 |
— |
||||||
|
|
|
|
|||||
Total |
$ |
366.36 |
$ |
369.19 |
||||
|
|
|
|
|||||
Proceeds from investments sold or repaid: |
||||||||
First Lien/Senior Secured Debt |
$ |
76.83 |
$ |
193.96 |
||||
First Lien/Last-Out Unitranche |
0.10 |
0.49 |
||||||
Second Lien/Senior Secured Debt |
29.20 |
82.95 |
||||||
Common Stock |
— |
0.04 |
||||||
|
|
|
|
|||||
Total |
$ |
106.13 |
$ |
277.44 |
||||
|
|
|
|
|||||
Net increase (decrease) in portfolio |
$ |
260.23 |
$ |
91.75 |
||||
|
|
|
|
|||||
Number of new portfolio companies with new investment commitments |
6 |
6 |
||||||
Total new investment commitment amount in new portfolio companies |
$ |
197.62 |
$ |
250.76 |
||||
Average new investment commitment amount in new portfolio companies |
$ |
32.94 |
$ |
41.79 |
||||
Number of existing portfolio companies with new investment commitments |
12 |
10 |
||||||
Total new investment commitment amount in existing portfolio companies |
$ |
168.74 |
$ |
118.43 |
||||
Weighted average remaining term for new investment commitments (in years) (2) |
5.7 |
5.7 |
||||||
Percentage of new debt investment commitments at cost for floating interest rates |
100.0 |
% |
100.0 |
% | ||||
Percentage of new debt investment commitments at cost for fixed interest rates (3) |
— |
% |
— |
% | ||||
Weighted average yield on new debt and income producing investment commitments (4) |
8.3 |
% |
8.1 |
% | ||||
Weighted average yield on new investment commitments (5) |
8.2 |
% |
8.1 |
% | ||||
Weighted average yield on debt and income producing investments sold or repaid (6) |
10.4 |
% |
8.2 |
% | ||||
Weighted average yield on investments sold or repaid (7) |
4.1 |
% |
8.0 |
% |
(1) |
Figures for new investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial close. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid, excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration. |
(2) |
Calculated as of the end of the relevant period and the maturity date of the individual investments. |
(3) |
May include preferred stock investments. |
(4) |
Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes investments that are non-accrual. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred. |
(5) |
Computed based on (a) the annual actual interest rate on new investment commitments divided by (b) the total new investment commitments (including investments on non-accrual and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred. |
(6) |
Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are on non-accrual. |
(7) |
Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
(in millions) |
||||||||||||||||
Total investment income |
$ |
77.45 |
$ |
83.92 |
$ |
155.76 |
$ |
166.53 |
||||||||
Net expenses |
27.01 |
25.43 |
54.33 |
50.15 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income before taxes |
50.44 |
58.49 |
101.43 |
116.38 |
||||||||||||
Income tax expense, including excise tax |
0.83 |
0.31 |
1.67 |
0.62 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income after taxes |
49.61 |
58.18 |
99.76 |
115.76 |
||||||||||||
Net realized gain (loss) on investments |
(4.43 |
) |
(1.27 |
) |
(7.09 |
) |
6.23 |
|||||||||
Net unrealized appreciation (depreciation) on investments |
(29.92 |
) |
(0.74 |
) |
(38.08 |
) |
(9.32 |
) | ||||||||
Net realized and unrealized gain (losses) on forward contracts, translations and other transactions |
3.30 |
(1.09 |
) |
4.36 |
2.99 |
|||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gains (losses) |
(31.05 |
) |
(3.10 |
) |
(40.81 |
) |
(0.10 |
) | ||||||||
Income tax (provision) benefit for realized and unrealized gains |
0.12 |
(0.11 |
) |
(0.11 |
) |
(0.22 |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets from operations |
$ |
18.68 |
$ |
54.97 |
$ |
58.84 |
$ |
115.44 |
||||||||
|
|
|
|
|
|
|
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
(in millions) |
||||||||||||||||
Net investment income after taxes |
$ |
49.61 |
$ |
58.18 |
$ |
99.76 |
$ |
115.76 |
||||||||
Less: Purchase discount amortization |
3.72 |
9.39 |
8.03 |
18.53 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted net investment income after taxes |
$ |
45.89 |
$ |
48.79 |
$ |
91.73 |
$ |
97.23 |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gains (losses) |
$ |
(31.05 |
) |
$ |
(3.10 |
) |
$ |
(40.81 |
) |
$ |
(0.10 |
) | ||||
Less: Net change in unrealized appreciation (depreciation) due to the purchase discount |
(3.72 |
) |
(9.39 |
) |
(8.03 |
) |
(18.93 |
) | ||||||||
Less: Realized gain (loss) due to the purchase discount |
— |
— |
— |
0.40 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted net realized and unrealized gains (losses) |
$ |
(27.33 |
) |
$ |
6.29 |
$ |
(32.78 |
) |
$ |
18.43 |
||||||
|
|
|
|
|
|
|
|
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
(in millions) |
||||||||||||||||
Interest |
$ |
71.87 |
$ |
78.48 |
$ |
143.64 |
$ |
156.73 |
||||||||
Dividend income |
0.06 |
0.06 |
0.13 |
0.82 |
||||||||||||
Payment-in-kind |
4.58 |
4.76 |
9.82 |
7.36 |
||||||||||||
Other income |
0.94 |
0.62 |
2.17 |
1.62 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investment Income |
$ |
77.45 |
$ |
83.92 |
$ |
155.76 |
$ |
166.53 |
||||||||
|
|
|
|
|
|
|
|
• |
Interest income from investments decreased from $78.48 million for the three months ended June 30, 2021 to $71.87 million for the three months ended June 30, 2022. The decrease is primarily driven by the decrease in accelerated accretion of upfront loan origination fees and unamortized discounts from $10.55 million for the three months ended June 30, 2021 to $1.27 million for the three months ended June 30, 2022. |
• |
Interest income from investments decreased from $156.73 million for the six months ended June 30, 2021 to $143.64 million for the six months ended June 30, 2022. The decrease is primarily driven by the decrease in accelerated accretion of upfront loan origination fees and unamortized discounts from $18.21 million for the six months ended June 30, 2021 to $4.64 million for the six months ended June 30, 2022. |
• |
PIK increased from $7.36 million for the six months ended June 30, 2021 to $9.82 million for the six months ended June 30, 2022 due to an increase in the number of PIK investments. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
(in millions) |
||||||||||||||||
Interest and other debt expenses |
$ |
16.18 |
$ |
14.54 |
$ |
31.84 |
$ |
29.50 |
||||||||
Incentive fees |
3.83 |
11.17 |
12.02 |
23.23 |
||||||||||||
Management fees |
8.96 |
8.08 |
17.78 |
16.28 |
||||||||||||
Professional fees |
0.87 |
0.81 |
1.75 |
1.53 |
||||||||||||
Directors’ fees |
0.20 |
0.23 |
0.41 |
0.46 |
||||||||||||
Other general and administrative expenses |
1.15 |
0.80 |
2.26 |
1.90 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Expenses |
$ |
31.19 |
$ |
35.63 |
$ |
66.06 |
$ |
72.90 |
||||||||
|
|
|
|
|
|
|
|
|||||||||
Fee waivers |
(4.18 |
) |
(10.20 |
) |
(11.73 |
) |
(22.75 |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Expenses |
$ |
27.01 |
$ |
25.43 |
$ |
54.33 |
$ |
50.15 |
||||||||
|
|
|
|
|
|
|
|
• |
Interest and other debt expenses increased from $14.54 million and $29.50 million for the three and six months ended June 30, 2021 to $16.18 million and $31.84 million for the three and six months ended June 30, 2022. The increase is primarily driven by the increase in debt borrowing and rising base interest rates, slightly offset by the repayment of convertible note on April 1, 2022. |
• |
Incentive fees decreased from $11.17 million and $23.23 million for the three and six months ended June 30, 2021 to $3.83 million and $12.02 million for the three and six months ended June 30, 2022. The decrease is primarily driven by the decrease in results of operations from $54.97 million and $115.44 million for the three and six months ended June 30, 2021 to $18.68 million and $58.84 million for the three and six months ended June 30, 2022. |
• |
For the three months ended June 30, 2022, our Investment Adviser voluntarily waived incentive fees by $3.83 million and management fees by $0.35 million. For the three months ended June 30, 2021, our Investment Adviser contractually and voluntarily waived incentive fees by $10.20 million. |
• |
For the six months ended June 30, 2022, our Investment Adviser voluntarily waived incentive fees by $11.38 million and management fees by $0.35 million. For the six months ended June 30, 2021, our Investment Adviser contractually and voluntarily waived incentive fees by $22.25 million and management fees by $0.50 million. For additional information see Note 3 “Significant Agreements and Related Party Transactions” in our consolidated financial statements included in this report. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
(in millions) |
||||||||||||||||
Bolttech Mannings, Inc. |
$ | — | $ | — | $ | (2.04 | ) | $ | — | |||||||
Convene 237 Park Avenue, LLC (dba Convene) |
(4.54 | ) | — | (4.54 | ) | — | ||||||||||
Experity, Inc. |
— | — | (0.62 | ) | — | |||||||||||
GK Holdings, Inc. (dba Global Knowledge) |
— | (1.38 | ) | — | (1.38 | ) | ||||||||||
HowlCO LLC (dba Lone Wolf) |
— | 0.07 | — | 0.07 | ||||||||||||
MPI Engineered Technologies, LLC |
— | (0.01 | ) | — | (0.01 | ) | ||||||||||
Wrike, Inc. |
— | (1) |
0.04 | — | (1) |
7.54 | ||||||||||
Other, net |
0.11 | 0.01 | 0.11 | 0.01 | ||||||||||||
Net realized gain (loss) on investments |
$ |
(4.43 |
) |
$ |
(1.27 |
) |
$ |
(7.09 |
) |
$ |
6.23 |
|||||
(1) |
Amount rounds to less than $0.01. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
($ in millions) |
||||||||||||||||
Unrealized appreciation |
$ | 7.75 | $ | 21.94 | $ | 14.04 | $ | 35.22 | ||||||||
Unrealized depreciation |
(37.67 | ) | (22.68 | ) | (52.12 | ) | (44.54 | ) | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments |
$ |
(29.92 |
) |
$ |
(0.74 |
) |
$ |
(38.08 |
) |
$ |
(9.32 |
) | ||||
For the Three Months Ended June 30, 2022 |
For the Six Months Ended June 30, 2022 |
|||||||
($ in millions) |
||||||||
Portfolio Company: |
||||||||
Convene 237 Park Avenue, LLC (dba Convene) |
$ | 5.91 | $ | 8.92 | ||||
Chronicle Bidco Inc. (dba Lexitas) |
0.58 | 0.50 | ||||||
Total Vision LLC |
0.21 | (0.17 | ) | |||||
ATX Parent Holdings, LLC—Class A Units |
0.16 | 1.20 | ||||||
Tronair Parent Inc. |
0.14 | 0.22 | ||||||
Smarsh, Inc. |
(0.04 | ) | (2.07 | ) | ||||
Zarya Intermediate, LLC (dba iOFFICE) |
(0.40 | ) | 0.78 | |||||
Iracore International Holdings, Inc. |
(0.47 | ) | 0.65 | |||||
Doxim, Inc. |
(1.87 | ) | (3.32 | ) | ||||
Diligent Corporation |
(2.38 | ) | (3.95 | ) | ||||
CloudBees, Inc. |
(2.54 | ) | (1.68 | ) | ||||
Zep Inc. |
(2.98 | ) | (5.76 | ) | ||||
Wine.com, LLC |
(3.05 | ) | (4.17 | ) | ||||
Other, net (1) |
(23.19 | ) | (29.23 | ) | ||||
Total |
$ |
(29.92 |
) |
$ |
(38.08 |
) | ||
(1) |
For the three and six months ended June 30, 2022, other, net includes gross unrealized appreciation of $0.75 million and $1.77 million, and gross unrealized depreciation of $(23.94) million and $(31.00) million. |
For the Three Months Ended June 30, 2021 |
For the Six Months Ended June 30, 2021 |
|||||||
($ in millions) |
||||||||
Portfolio Company: |
||||||||
Other, net (1) |
$ | 4.50 | $ | 9.42 | ||||
GK Holdings, Inc. (dba Global Knowledge) |
1.58 | 1.58 | ||||||
Market Track, LLC |
1.48 | 1.49 | ||||||
Hollander Sleep & Décor (dba SureFit) |
1.43 | 1.43 | ||||||
Jill Acquisition LLC (dba J. Jill) |
1.36 | 1.22 | ||||||
SMB Shipping Logistics, LLC (dba Worldwide Express) |
1.34 | 3.02 | ||||||
Odyssey Logistics & Technology Corporation |
0.91 | 2.92 | ||||||
Wrike, Inc. |
— | (8.91 | ) | |||||
Bolttech Mannings, Inc. |
(0.80 | ) | (2.18 | ) | ||||
Convene 237 Park Avenue, LLC (dba Convene) |
(1.14 | ) | (6.29 | ) | ||||
CB-HDT Holdings, Inc. (dba Hunter Defense Technologies) |
(1.43 | ) | (1.01 | ) | ||||
ERC Finance, LLC (dba Eating Recovery Center) |
(2.02 | ) | (1.66 | ) | ||||
Xcellence, Inc. (dba Xact Data Discovery) |
(2.08 | ) | (1.96 | ) | ||||
Empirix, Inc. |
(2.21 | ) | (1.10 | ) | ||||
Animal Supply Holdings, LLC |
(3.66 | ) | (7.29 | ) | ||||
Total |
$ |
(0.74 |
) |
$ |
(9.32 |
) | ||
(1) |
For the three and six months ended June 30, 2021, other, net includes gross unrealized appreciation of $13.84 million and $23.56 million, and gross unrealized depreciation of $(9.34) million and $(14.14) million. |
For the Three Months Ended |
For the Six Months Ended |
|||||||||||||||
June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
|||||||||||||
($ in millions, except per share amount) |
||||||||||||||||
Gross Proceeds |
$ | 2.25 | N/A | $ | 2.25 | N/A | ||||||||||
Underwriting/Offering Expenses |
(0.46 | ) | N/A | (0.46 | ) | N/A | ||||||||||
Net Proceeds |
$ | 1.79 | N/A | $ | 1.79 | N/A | ||||||||||
Number of Shares Issued |
124,132 | N/A | 124,132 | N/A | ||||||||||||
Average Sales Price per Share |
$ | 18.17 | N/A | $ | 18.17 | N/A |
Payments Due by Period (in millions) |
||||||||||||||||||||
Total |
Less Than 1 Year |
1 – 3 Years |
3 – 5 Years |
More Than 5 Years |
||||||||||||||||
2025 Notes |
$ | 360.00 | $ | — | $ | 360.00 | $ | — | $ | — | ||||||||||
2026 Notes |
$ | 500.00 | $ | — | $ | — | $ | 500.00 | $ | — | ||||||||||
Revolving Credit Facility (1) |
$ | 1,170.18 | $ | — | $ | — | $ | 1,170.18 | $ | — |
(1) |
We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2022, we had outstanding borrowings denominated in USD of $1,116.07 million, in Euros (EUR) of 37.70 million, in British Pounds (GBP) of 11.90 million and Canadian Dollar (CAD) of 0.15 million. |
As of |
||||||||
June 30, 2022 |
December 31, 2021 |
|||||||
(in millions) |
||||||||
Unfunded Commitments |
||||||||
First Lien/Senior Secured Debt |
$ |
568.90 |
$ |
441.79 |
||||
Total |
$ |
568.90 |
$ |
441.79 |
||||
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
As of June 30, 2022 Basis Point Change |
Interest Income |
Interest Expense |
Net Income |
|||||||||
(in millions) |
||||||||||||
Up 300 basis points |
$ |
89.94 |
$ |
(32.16 |
) |
$ |
57.78 |
|||||
Up 200 basis points |
59.96 |
(21.44 |
) |
38.52 |
||||||||
Up 100 basis points |
29.98 |
(10.72 |
) |
19.26 |
||||||||
Up 75 basis points |
22.49 |
(8.04 |
) |
14.45 |
||||||||
Up 50 basis points |
14.99 |
(5.36 |
) |
9.63 |
||||||||
Up 25 basis points |
7.50 |
(2.68 |
) |
4.82 |
||||||||
Down 25 basis points |
(7.50 |
) |
2.68 |
(4.82 |
) | |||||||
Down 50 basis points |
(14.99 |
) |
5.36 |
(9.63 |
) | |||||||
Down 75 basis points |
(22.47 |
) |
8.04 |
(14.43 |
) | |||||||
Down 100 basis points |
(27.72 |
) |
10.72 |
(17.00 |
) | |||||||
Down 200 basis points |
(33.73 |
) |
19.04 |
(14.69 |
) | |||||||
Down 300 basis points |
(33.83 |
) |
19.04 |
(14.79 |
) |
ITEM 4. |
CONTROLS AND PROCEDURES |
Item 1. |
Legal Proceedings. |
Item 1A. |
Risk Factors. |
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds. |
Item 3. |
Defaults Upon Senior Securities. |
Item 4. |
Mine Safety Disclosures. |
Item 5. |
Other Information. |
Item 6. |
Exhibits. |
GOLDMAN SACHS BDC, INC. | ||||||
Date: October 12, 2022 | /s/ Alex Chi | |||||
Alex Chi Co-Chief Executive Officer and Co-President (Co-Principal Executive Officer) | ||||||
Date: October 12, 2022 | /s/ David Miller | |||||
David Miller Co-Chief Executive Officer and Co-President (Co-Principal Executive Officer) | ||||||
Date: October 12, 2022 | /s/ David Pessah | |||||
David Pessah Chief Financial Officer and Treasurer (Principal Financial Officer) |