Published: 2024-05-01 00:00:00 ET

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2024

☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period From ____ to ____

 

 

Commission File Number: 814-00899

 

 

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware	56-2594706
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)
2951 28th Street, Suite 1000
Santa Monica, California	90405
(Address of Principal Executive Offices)	(Zip Code)

 

(310) 566-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Common Stock, par value $0.001 per share	TCPC	Nasdaq Global Select Market
(Title of each class)	(Trading Symbol(s) )	(Name of each exchange on which registered)

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒

 

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of May 1, 2024 was 85,591,134.

 

 

 

 

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BLACKROCK TCP CAPITAL CORP.

 

FORM 10-Q

 

FOR THE THREE MONTHS ENDED March 31, 2024

 

TABLE OF CONTENTS

 

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and December 31, 2023	2
	Consolidated Statements of Operations for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	4
	Consolidated Statements of Cash Flows for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	5
	Consolidated Schedule of Investments as of March 31, 2024 (unaudited) and December 31, 2023	7
	Notes to Consolidated Financial Statements (unaudited)	30
	Consolidated Schedule of Changes in Investments in Affiliates for the three months ended March 31, 2024 (unaudited) and year ended December 31, 2023	59
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 2024 (unaudited) and December 31, 2023	63
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	65
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	79
Item 4.	Controls and Procedures	80
Part II.	Other Information	81
Item 1.	Legal Proceedings	81
Item 1A.	Risk Factors	81
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	83
Item 3.	Defaults upon Senior Securities	83
Item 4.	Mine Safety Disclosures	83
Item 5.	Other Information	83
Item 6.	Exhibits	85

 

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BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

		March 31, 2024				December 31, 2023
		(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $1,960,249,432 and $1,389,865,889, respectively)		$	1,881,772,624			$	1,317,691,543
Non-controlled, affiliated investments (cost of $64,012,430 and $63,188,613, respectively)			51,868,165				65,422,375
Controlled investments (cost of $211,799,722 and $198,335,511, respectively)			182,778,507				171,827,192
Total investments (cost of $2,236,061,584 and $1,651,390,013, respectively)			2,116,419,296				1,554,941,110
Cash and cash equivalents			120,572,710				112,241,946
Interest, dividends and fees receivable			35,010,620				25,650,684
Deferred debt issuance costs			6,019,791				3,671,727
Due from broker			2,077,272				—
Receivable for investments sold			2,072,526				—
Prepaid expenses and other assets			1,359,923				2,266,886
Total assets			2,283,532,138				1,698,772,353
Liabilities
Debt (net of deferred issuance costs of $3,616,588 and $3,355,221, respectively)			1,302,812,708				985,200,609
Management fees payable			5,573,326				5,690,105
Incentive fees payable			5,880,378				5,347,711
Interest and debt related payables			5,725,140				10,407,570
Interest Rate Swap at fair value			1,670,896				—
Reimbursements due to the Advisor			44,173				844,664
Payable for investments purchased			—				960,000
Accrued expenses and other liabilities			8,343,090				2,720,148
Total liabilities			1,330,049,711				1,011,170,807
Commitments and contingencies (Note 5)
Net assets		$	953,482,427			$	687,601,546
Composition of net assets applicable to common shareholders
Common stock, $0.001 par value; 200,000,000 shares authorized, 85,591,134 and     57,767,264 shares issued and outstanding as of March 31, 2024 and     December 31, 2023, respectively		$	85,591			$	57,767
Paid-in capital in excess of par			1,248,080,041				967,643,255
Distributable earnings (loss)			(294,683,205	)			(280,099,476	)
Total net assets			953,482,427				687,601,546
Total liabilities and net assets		$	2,283,532,138			$	1,698,772,353
Net assets per share		$	11.14			$	11.90

 

See accompanying notes to the consolidated financial statements.

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BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

 

		Three Months Ended March 31,
		2024				2023
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated investments		$	48,646,193			$	45,153,147
Non-controlled, affiliated investments			347,635				45,536
Controlled investments			2,859,080				2,209,052
PIK income:
Non-controlled, non-affiliated investments			2,405,677				1,584,834
Non-controlled, affiliated investments			92,675				—
Controlled investments			349,969				—
Dividend income:
Non-controlled, non-affiliated investments			312,324				302,743
Non-controlled, affiliated investments			713,703				634,124
Other income:
Non-controlled, non-affiliated investments			2,053				333,264
Non-controlled, affiliated investments			—				45,650
Total investment income			55,729,309				50,308,350
Operating expenses
Interest and other debt expenses			13,230,224				11,549,171
Incentive fees			5,880,378				5,389,696
Management fees			5,819,505				5,877,539
Professional fees			919,676				454,350
Administrative expenses			561,003				376,544
Director fees			216,719				351,000
Insurance expense			145,113				154,003
Custody fees			89,920				90,586
Other operating expenses			605,498				656,894
Total operating expenses			27,468,036				24,899,783
Net investment income before taxes			28,261,273				25,408,567
Excise tax expense			—				35,440
Net investment income			28,261,273				25,373,127
Realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated investments			(168,077	)			(30,629,704	)
Net realized gain (loss)			(168,077	)			(30,629,704	)
Net change in unrealized appreciation (1)    (depreciation):
Non-controlled, non-affiliated investments			(6,152,059	)			31,972,322
Non-controlled, affiliated investments			(14,378,028	)			(2,127,127	)
Controlled investments			(2,512,907	)			(1,874,739	)
Interest Rate Swap			6,939				—
Net change in unrealized appreciation (depreciation)			(23,036,055	)			27,970,456
Net realized and unrealized gain (loss)			(23,204,132	)			(2,659,248	)
Net increase (decrease) in net assets resulting    from operations		$	5,057,141			$	22,713,879
Basic and diluted earnings (loss) per share		$	0.08			$	0.39
Basic and diluted weighted average common    shares outstanding			62,047,859				57,767,264

(1) Includes $21,347,357 change in unrealized appreciation from application of Merger accounting under ASC 805 (see Note 12.).

 

See accompanying notes to the consolidated financial statements.

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BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

 

		Common Stock
		Shares				Par Amount				Paid in Capital in Excess of Par				Distributable earnings (loss)				Total Net Assets
Balance at December 31, 2023			57,767,264			$	57,767			$	967,643,255			$	(280,099,476	)		$	687,601,546
Issuance of common stock in connection with the Merger (Note 12)			27,823,870				27,824				280,436,786				—				280,464,610
Net investment income			—				—				—				28,261,273				28,261,273
Net realized and unrealized gain (loss)			—				—				—				(23,204,132	)			(23,204,132	)
Dividends paid to shareholders			—				—				—				(19,640,870	)			(19,640,870	)
Balance at March 31, 2024			85,591,134			$	85,591			$	1,248,080,041			$	(294,683,205	)		$	953,482,427

 

		Common Stock
		Shares				Par Amount				Paid in Capital in Excess of Par				Distributable earnings (loss)				Total Net Assets
Balance at December 31, 2022			57,767,264			$	57,767			$	967,890,570			$	(221,194,547	)		$	746,753,790
Net investment income			—				—				—				25,373,127				25,373,127
Net realized and unrealized gain (loss)			—				—				—				(2,659,248	)			(2,659,248	)
Dividends paid to shareholders			—				—				—				(18,485,524	)			(18,485,524	)
Balance at March 31, 2023			57,767,264			$	57,767			$	967,890,570			$	(216,966,192	)		$	750,982,145

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

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BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

 

		Three Months Ended March 31,
		2024				2023
Operating activities
Net increase (decrease) in net assets resulting from operations		$	5,057,141			$	22,713,879
Adjustments to reconcile net increase (decrease) in net assets resulting    from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss			168,077				30,629,704
Change in net unrealized (appreciation) depreciation of investments			23,269,548				(28,144,938	)
Net amortization of investment discounts and premiums			(2,163,945	)			(1,929,048	)
Amortization of original issue discount on debt			57,238				52,055
Interest and dividend income paid in kind			(4,615,977	)			(1,584,834	)
Amortization of deferred debt issuance costs			854,100				712,804
Cash acquired in the Merger			11,670,610				—
Merger costs capitalized into purchase price			(2,366,408	)			—
Changes in assets and liabilities (1):
Purchases of investments (2)			(15,394,688	)			(74,436,852	)
Proceeds from disposition of investments			24,318,666				19,323,506
Decrease (increase) in interest, dividends and fees receivable			928,207				(1,485,291	)
Decrease (increase) in due from broker			(25,605	)			—
Decrease (increase) in receivable for investments sold			(1,401,084	)			—
Decrease (increase) in prepaid expenses and other assets			1,208,428				238,302
Increase (decrease) in payable for investments purchased			(1,554,064	)			(1,937,465	)
Increase (decrease) in incentive fees payable			(830,958	)			506,121
Increase (decrease) in interest and debt related payables			(5,610,615	)			(5,219,188	)
Increase (decrease) in reimbursements due to the Advisor			(800,491	)			940,571
Increase (decrease) in management fees payable			(116,779	)			(473,480	)
Increase (decrease) in accrued expenses and other liabilities			761,197				(321,615	)
Net cash provided by (used in) operating activities			33,412,598				(40,415,769	)
Financing activities
Draws on credit facilities			45,891,453				117,884,208
Repayments of credit facility draws			(44,075,226	)			(39,741,067	)
Dividends paid to shareholders (3)			(26,898,061	)			(21,373,887	)
Net cash provided by (used in) financing activities			(25,081,834	)			56,769,254
Net increase (decrease) in cash and cash equivalents (including restricted cash)			8,330,764				16,353,485
Cash and cash equivalents (including restricted cash) at beginning of period			112,241,946				82,435,171
Cash and cash equivalents (including restricted cash) at end of period		$	120,572,710			$	98,788,656
Supplemental cash flow information
Interest payments		$	17,704,405			$	15,793,455
Excise tax payments		$	165,495			$	35,440
Non-cash operating and financing activities from the Merger
Acquisition of Merger Sub assets and liabilities (4)
Non-cash assets acquired:
Investments (5)		$	586,983,708			$	—
Interest, dividends and fees receivable			10,373,421				—
Due from broker			2,048,141				—
Other assets			3,731,006				—
Total non-cash assets acquired		$	603,136,276			$	—
Liabilities assumed:
Debt		$	315,296,749			$	—
Dividends payable			7,257,191				—
Management fees payable			1,888,664				—
Interest Rate Swap at fair value			1,674,309				—
Incentive fees payable			1,363,625				—
Other liabilities			4,495,330				—
Total liabilities assumed		$	331,975,868				—
Issuance of shares in connection with the Merger		$	280,464,610			$	—
Merger costs capitalized into purchase price		$	2,366,408			$	—

 

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See accompanying notes to the consolidated financial statements

 

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BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2024

Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (A)
Automobiles
ALCV Purchaser, Inc. (AutoLenders)		First Lien Term Loan		SOFR(Q)			1.00	%			6.75	%			12.19	%		4/15/2026		$	7,971,755			$	7,819,178			$	7,852,178				0.35	%		G/N
ALCV Purchaser, Inc. (AutoLenders)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.75	%			12.19	%		4/15/2026		$	896,404				880,426				882,958				0.04	%		G/N
AutoAlert, LLC		First Lien Incremental Term Loan		SOFR(Q)			1.00	%			5.40	%			10.73	%		3/31/2028		$	18,812,631				18,812,631				18,812,631				0.84	%		F/N
AutoAlert, LLC		Second Lien Incremental Term Loan		SOFR(Q)			1.00	%			9.40	%			14.73	%		3/31/2029		$	9,606,197				9,606,197				9,606,197				0.43	%		F/N
																									37,118,432				37,153,964				1.66	%
Building Products
Porcelain Acquisition Corporation (Paramount)		First Lien Term Loan		SOFR(Q)			1.00	%			6.10	%			11.41	%		4/30/2027		$	9,525,810				9,229,882				9,030,467				0.40	%		N
Trulite Holding Corp.		First Lien Term Loan		SOFR(Q)			1.00	%			6.00	%			11.33	%		2/22/2030		$	1,666,667				1,609,851				1,666,667				0.07	%		N
																									10,839,733				10,697,134				0.47	%
Capital Markets
Pico Quantitative Trading, LLC		First Lien Term Loan (1.0% Exit Fee)		SOFR(Q)			1.50	%			7.51	%			12.83	%		2/7/2025		$	22,291,007				22,076,572				22,291,007				1.00	%		L/N
Pico Quantitative Trading, LLC		First Lien Incremental Term Loan (1.0% Exit Fee)		SOFR(Q)			1.50	%			7.51	%			12.82	%		2/7/2025		$	24,976,099				24,571,679				24,801,266				1.11	%		L/N
PMA Parent Holdings, LLC		First Lien Term Loan		SOFR(Q)			0.75	%			6.00	%			11.31	%		1/31/2031		$	5,250,000				4,998,526				5,155,500				0.23	%		N
PMA Parent Holdings, LLC		Sr Secured Revolver		SOFR(Q)			0.75	%			6.00	%			11.31	%		1/31/2031		$	—				(13,344	)			(13,500	)			—			K/N
																									51,633,433				52,234,273				2.34	%
Commercial Services & Supplies
Kellermeyer Bergensons Services, LLC		First Lien Term Loan		SOFR(M)			1.00	%		1.75% Cash + 3.50% PIK					10.73	%		11/6/2028		$	1,260,849				1,221,862				1,260,849				0.06	%		N
Kellermeyer Bergensons Services, LLC		Subordinated Term Loan		SOFR(M)			1.00	%		1.00 Cash + 7.00% PIK					13.59	%		11/7/2028		$	542,566				307,075				542,566				0.02	%		N
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)		First Lien Term Loan		SOFR(Q)			0.75	%			6.25	%			11.82	%		8/23/2028		$	1,706,142				1,631,595				1,680,720				0.08	%		N
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)		First Lien Delayed Draw Term Loan		SOFR(Q)			0.75	%			6.25	%			12.09	%		8/23/2028		$	1,183,368				1,131,517				1,165,735				0.05	%		N
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)		First Lien Incremental Delayed Draw Term Loan		SOFR(Q)			0.75	%			6.25	%			11.83	%		9/19/2028		$	713,127				655,289				679,603				0.03	%		N
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)		Sr Secured Revolver		Prime			0.75	%			5.25	%			14.00	%		8/23/2027		$	244,515				229,481				237,331				0.01	%		N
Thermostat Purchaser III, Inc. (Reedy Industries)		Second Lien Term Loan		SOFR(Q)			0.75	%			7.40	%			12.74	%		8/31/2029		$	10,383,054				10,124,150				10,061,180				0.45	%		N
																									15,300,969				15,627,984				0.70	%
Communications Equipment
Plate Newco 1 Limited (Avanti) (United Kingdom)		Subordinated E1 Term Loan		Fixed			—			12.50% PIK					12.50	%		3/31/2025		$	88,455				58,350				—				—			C/H/N
Plate Newco 1 Limited (Avanti) (United Kingdom)		Subordinated E2 Term Loan		Fixed			—			12.50% PIK					12.50	%		3/31/2025		$	265,368				174,283				—				—			C/H/N
Plate Newco 1 Limited (Avanti) (United Kingdom)		Subordinated F Term Loan		Fixed			—			12.50% PIK					12.50	%		3/31/2025		$	1,071,041				650,880				—				—			C/H/N
Plate Newco 1 Limited (Avanti) (United Kingdom)		Subordinated G Term Loan		Fixed			—			12.50% PIK					12.50	%		3/31/2025		$	315,185				198,154				—				—			C/H/N
																									1,081,667				—				—
Construction and Engineering
CSG Buyer, Inc. (Core States)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.26	%			11.57	%		3/31/2028		$	—				(37,486	)			(31,954	)			—			K/N
CSG Buyer, Inc. (Core States)		First Lien Term Loan		SOFR(Q)			1.00	%			6.26	%			11.57	%		3/31/2028		$	12,036,792				11,694,021				11,844,203				0.53	%		N
CSG Buyer, Inc. (Core States)		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			6.26	%			11.57	%		3/31/2028		$	—				(74,973	)			(63,909	)			—			K/N
Homerenew Buyer, Inc. (Project Dream)		First Lien Term Loan		SOFR(Q)			1.00	%			6.65	%			12.19	%		11/23/2027		$	7,911,853				6,945,739				6,820,017				0.30	%		N
Homerenew Buyer, Inc. (Project Dream)		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			6.65	%			12.19	%		11/23/2027		$	5,785,687				5,233,271				4,987,262				0.22	%		N
Homerenew Buyer, Inc. (Project Dream)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.65	%			12.19	%		11/23/2027		$	1,894,299				1,678,815				1,632,885				0.07	%		N

 

 

 

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Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (continued)
Hylan Intermediate Holding II, LLC		Second Lien Term Loan		SOFR(S)			1.00	%		3.00% Cash + 7.00% PIK					15.23	%		3/11/2027		$	5,330,210			$	5,196,614			$	5,325,946				0.24	%		B/N
Hylan Intermediate Holding II, LLC		First Lien Term Loan		SOFR(S)			1.00	%			8.00	%			13.23	%		2/22/2026		$	4,983,707				4,983,707				4,980,218				0.22	%		B/N
LJ Avalon Holdings, LLC (Ardurra)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.65	%			11.42	%		2/1/2029		$	—				(20,354	)			—				—			K/N
LJ Avalon Holdings, LLC (Ardurra)		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			6.65	%			11.71	%		2/1/2030		$	1,090,271				1,032,170				1,109,863				0.05	%		N
LJ Avalon Holdings, LLC (Ardurra)		First Lien Term Loan		SOFR(Q)			1.00	%			6.65	%			11.42	%		2/1/2030		$	6,848,204				6,667,604				6,896,142				0.31	%		N
Vortex Companies, LLC		First Lien Term Loan		SOFR(M)			1.00	%			6.00	%			11.33	%		9/4/2029		$	1,551,658				1,498,492				1,548,556				0.07	%		N
Vortex Companies, LLC		First Lien Delayed Draw Term Loan		SOFR(M)			1.00	%			6.00	%			11.33	%		9/4/2029		$	428,228				414,126				425,653				0.02	%		N
Vortex Companies, LLC		Sr Secured Revolver		SOFR(M)			1.00	%			6.00	%			13.50	%		9/4/2029		$	26,969				24,742				26,656				—			N
																									45,236,488				45,501,538				2.03	%
Consumer Finance
Freedom Financial Network Funding, LLC		First Lien Term Loan		SOFR(S)			1.00	%			9.00	%			14.50	%		9/21/2027		$	12,693,335				12,238,484				12,376,001				0.55	%		N
Freedom Financial Network Funding, LLC		First Lien Delayed Draw Term Loan		SOFR(S)			1.00	%			9.00	%			14.64	%		9/21/2027		$	4,231,112				4,079,338				4,125,334				0.18	%		N
Lucky US BuyerCo, LLC (Global Payments)		Sr Secured Revolver		SOFR(Q)			1.00	%			7.50	%			12.83	%		3/30/2029		$	166,750				155,167				157,245				0.01	%		N
Lucky US BuyerCo, LLC (Global Payments)		First Lien Term Loan		SOFR(Q)			1.00	%			7.50	%			12.80	%		3/30/2029		$	4,308,653				4,138,748				4,234,975				0.19	%		N
Money Transfer Acquisition Inc.		First Lien Term Loan		SOFR(M)			1.00	%			8.35	%			13.68	%		12/14/2027		$	9,381,422				9,156,294				9,287,608				0.42	%		N
																									29,768,031				30,181,163				1.35	%
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)		Second Lien Term Loan		SOFR(Q)			0.75	%			7.50	%			12.99	%		12/14/2029		$	17,639,207				16,784,082				15,787,090				0.71	%		N
PVHC Holding Corp.		First Lien Term Loan		SOFR(Q)			2.50	%		5.50% Cash + 0.75% PIK					11.71	%		2/17/2027		$	5,046,485				4,873,297				5,052,793				0.23	%		N
																									21,657,379				20,839,883				0.94	%
Distributors
Colony Display, LLC		First Lien Term Loan (15% Exit Fee)		SOFR(Q)			1.00	%		6.76% Cash + 3.00% PIK					15.07	%		6/30/2026		$	9,382,620				9,030,159				8,556,949				0.38	%		L/N
Diversified Consumer Services
Fusion Holding Corp. (Finalsite)		First Lien Term Loan		SOFR(Q)			0.75	%			6.25	%			11.56	%		9/14/2029		$	3,617,398				3,468,872				3,585,565				0.16	%		N
Fusion Holding Corp. (Finalsite)		Sr Secured Revolver		SOFR(Q)			0.75	%			6.25	%			11.56	%		9/15/2027		$	—				(2,957	)			(2,871	)			—			K/N
Razor Group Holdings II, Inc. (Germany)		First Lien A Term Loan		Fixed			—			2.50% Cash + 5.00% PIK					7.50	%		9/30/2028		$	59,093,427				57,659,278				54,897,793				2.45	%		H/N
Razor Group Holdings II, Inc. (Germany)		First Lien C Term Loan		Fixed			—			3.50% Cash + 3.50% PIK					7.00	%		9/30/2028		$	6,534,515				5,925,223				4,325,849				0.19	%		H/N
SellerX Germany GmbH (Germany)		First Lien B Delayed Draw Term Loan		SOFR(Q)			2.00	%		4.50% Cash + 4.50% PIK					14.31	%		5/23/2026		$	—				(24,582	)			(96,513	)			—			H/K/N
SellerX Germany GmbH (Germany)		First Lien A1 Term Loan		SOFR(Q)			2.00	%		4.50% Cash + 4.50% PIK					14.31	%		5/23/2026		$	25,311,619				24,990,934				24,957,256				1.12	%		H/N
SellerX Germany GmbH (Germany)		First Lien A2 Term Loan		SOFR(Q)			2.00	%		4.50% Cash + 4.50% PIK					14.31	%		5/23/2026		$	29,040,808				28,656,018				28,634,236				1.28	%		H/N
Thras.io, LLC		First Lien Term Loan		SOFR(Q)			1.00	%			9.26	%			14.59	%		12/18/2026		$	40,936,031				33,279,347				14,327,611				0.64	%		C
Thras.io, LLC		DIP Facility		SOFR(M)			1.00	%			8.11	%			13.44	%		1/30/2029		$	2,548,573				2,476,138				2,497,602				0.11	%		N
Thras.io, LLC		Roll-Up DIP Facility		SOFR(M)			1.00	%		10.00% PIK					15.44	%		1/29/2029		$	2,408,283				1,957,815				2,379,865				0.11	%		N
																									158,386,086				135,506,393				6.06	%
Diversified Financial Services
2-10 Holdco, Inc.		First Lien Term Loan		SOFR(M)			0.75	%			6.10	%			11.43	%		3/26/2026		$	14,103,699				13,814,350				13,961,301				0.62	%		N
2-10 Holdco, Inc.		Sr Secured Revolver		SOFR(M)			0.75	%			6.10	%			11.43	%		3/26/2026		$	—				(3,107	)			(9,736	)			—			K/N
36th Street Capital Partners Holdings, LLC		Senior Note		Fixed			—				—				12.00	%		11/30/2025		$	52,318,937				52,318,937				52,318,937				2.34	%		E/F/N

 

 

 

---

Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (continued)
Accordion Partners LLC		First Lien Term Loan		SOFR(Q)			0.75	%			6.00	%			11.30	%		8/29/2029		$	6,023,238			$	5,874,937			$	6,083,470				0.27	%		N
Accordion Partners LLC		First Lien Delayed Draw Term Loan A		SOFR(Q)			0.75	%			6.25	%			11.55	%		8/29/2029		$	482,473				470,580				487,298				0.02	%		N
Accordion Partners LLC		Sr Secured Revolver		SOFR(Q)			0.75	%			6.00	%			11.57	%		8/31/2028		$	267,403				257,967				267,403				0.01	%		N
Accordion Partners LLC		First Lien Delayed Draw Term Loan B		SOFR(Q)			0.75	%			6.00	%			11.31	%		8/29/2029		$	735,797				717,714				743,155				0.03	%		N
Accuserve Solutions, Inc.		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			5.75	%			11.10	%		3/14/2030		$	—				(21,446	)			(21,648	)			—			K/N
Callodine Commercial Finance, LLC		First Lien Term Loan		SOFR(Q)			1.00	%			9.00	%			14.57	%		11/3/2025		$	25,000,000				24,145,578				25,050,000				1.12	%		N
Callodine Commercial Finance, LLC		Subordinated Debt		SOFR(M)			0.25	%			8.50	%			13.97	%		10/8/2027		$	5,000,000				4,822,374				5,000,000				0.22	%		N
GC Champion Acquisition LLC (Numerix)		First Lien Term Loan		SOFR(S)			1.00	%			6.25	%			11.71	%		8/21/2028		$	7,781,742				7,391,180				7,638,558				0.34	%		N
GC Champion Acquisition LLC (Numerix)		First Lien Delayed Draw Term Loan		SOFR(S)			1.00	%			6.25	%			11.71	%		8/21/2028		$	2,161,595				2,053,089				2,121,822				0.09	%		N
Gordon Brothers Finance Company		Unsecured Debt		LIBOR(M)			1.00	%			11.00	%			16.44	%		3/31/2025		$	37,183,232				13,114,243				13,680,606				0.61	%		C/F/N
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)		Second Lien Term Loan		SOFR(M)			1.00	%			8.62	%			13.94	%		7/5/2026		$	22,633,544				22,196,805				22,226,140				0.99	%		N
TransNetwork, LLC		First Lien Term Loan		SOFR(Q)			0.50	%			5.50	%			10.81	%		12/29/2030		$	3,678,811				3,564,649				3,701,804				0.17	%		N
Wealth Enhancement Group, LLC		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			5.85	%			11.06	%		10/4/2027		$	7,430,550				7,101,816				7,318,676				0.33	%		N
Wealth Enhancement Group, LLC		Sr Secured Revolver		SOFR(Q)			1.00	%			6.25	%			11.06	%		10/4/2027		$	—				(5,929	)			(6,422	)			—			K/N
Worldremit Group Limited (United Kingdom)		First Lien Term Loan		SOFR(M)			1.00	%			9.40	%			14.74	%		2/11/2026		$	55,066,384				53,263,448				53,359,326				2.39	%		H/N
Worldremit Group Limited (United Kingdom)		First Lien Incremental Term Loan		SOFR(M)			1.00	%			9.35	%			14.68	%		2/11/2026		$	1,758,650				1,590,134				1,704,132				0.08	%		H/N
																									212,667,319				215,624,822				9.63	%
Diversified Telecommunication Services
Aventiv Technologies, Inc. (Securus)		Second Lien Term Loan		SOFR(Q)			1.00	%		1.26% Cash + 8.05% PIK					14.62	%		7/31/2026		$	26,345,954				25,824,324				6,586,488				0.29	%		C
Electric Utilities
Conergy Asia & ME Pte. Ltd. (Singapore)		First Lien Term Loan		Fixed			—				—				—			3/31/2025		$	2,110,141				2,110,141				—				—			D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)		Bank Guarantee Credit Facility		Fixed			—				—				—			3/31/2025		$	6,578,877				6,578,877				101,481				—			D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)		Revolving Credit Facility		Fixed			—				—				—			3/31/2025		$	5,535,517				5,535,517				1,231,765				0.06	%		D/F/H/N
																									14,224,535				1,333,246				0.06	%
Health Care Technology
Appriss Health, LLC (PatientPing)		First Lien Term Loan		SOFR(Q)			1.00	%			7.15	%			12.48	%		5/6/2027		$	10,905,812				10,669,998				10,720,413				0.48	%		N
Appriss Health, LLC (PatientPing)		Sr Secured Revolver		PRIME			1.00	%			8.50	%			14.50	%		5/6/2027		$	73,625				64,203				61,109				—			N
CareATC, Inc.		First Lien Term Loan		SOFR(Q)			1.00	%			7.85	%			13.18	%		3/14/2026		$	21,432,216				20,913,393				21,046,436				0.94	%		N
CareATC, Inc.		Sr Secured Revolver		SOFR(Q)			1.00	%			7.85	%			13.18	%		3/14/2026		$	—				(9,616	)			(17,017	)			—			K/N
ESO Solutions, Inc.		First Lien Term Loan		SOFR(M)			1.00	%			7.00	%			12.35	%		5/3/2027		$	32,182,664				31,413,499				31,539,011				1.41	%		N
ESO Solutions, Inc.		Sr Secured Revolver		SOFR(M)			1.00	%			7.00	%			12.35	%		5/3/2027		$	1,419,924				1,375,691				1,372,594				0.06	%		N
Gainwell Acquisition Corp.		Second Lien Term Loan		SOFR(Q)			1.00	%			8.10	%			13.43	%		10/2/2028		$	7,744,557				7,576,030				7,396,052				0.33	%		N
Sandata Technologies, LLC		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			6.15	%			11.47	%		7/23/2024		$	1,052,140				1,035,468				1,052,140				0.05	%		N
Sandata Technologies, LLC		First Lien Term Loan		SOFR(Q)			—				6.15	%			11.46	%		7/23/2024		$	24,750,000				24,558,939				24,601,500				1.10	%		N
Sandata Technologies, LLC		Sr Secured Revolver		SOFR(Q)			—				6.15	%			11.48	%		7/23/2024		$	1,466,667				1,453,069				1,450,167				0.06	%		N
																									99,050,674				99,222,405				4.43	%

 

---

 

Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (continued)
Healthcare Providers and Services
INH Buyer, Inc. (IMS Health)		First Lien Term Loan (1.5% Exit Fee)		SOFR(Q)			1.00	%			7.00	%			12.41	%		6/28/2028		$	7,393,627			$	6,576,053			$	5,567,401				0.25	%		L/N
PHC Buyer, LLC (Patriot Home Care)		First Lien Term Loan		SOFR(Q)			0.75	%			6.00	%			11.34	%		5/4/2028		$	13,961,709				13,587,131				13,598,705				0.61	%		N
PHC Buyer, LLC (Patriot Home Care)		First Lien Delayed Draw Term Loan		SOFR(Q)			0.75	%			6.00	%			11.32	%		5/4/2028		$	3,245,721				3,123,962				3,105,032				0.14	%		N
Outcomes Group Holdings, Inc.		Second Lien Term Loan		SOFR(Q)			—				7.50	%			12.93	%		10/26/2026		$	5,769,231				5,290,549				5,480,769				0.25	%		N
Outcomes Group Holdings, Inc.		Second Lien Term Loan		SOFR(Q)			0.50	%			7.50	%			12.93	%		10/26/2026		$	3,538,462				3,244,870				3,361,538				0.15	%		N
Team Services Group, LLC		Second Lien Term Loan		SOFR(S)			1.00	%			9.00	%			14.58	%		11/13/2028		$	34,410,390				33,321,345				33,206,026				1.48	%		G/N
																									65,143,910				64,319,471				2.88	%
Hotels, Restaurants and Leisure
Mesquite Bidco, LLC		Sr Secured Revolver		SOFR(Q)			1.00	%			7.00	%			12.44	%		11/30/2029		$	—				(62,689	)			(61,224	)			—			K/N
Mesquite Bidco, LLC		First Lien Term Loan		SOFR(Q)			1.00	%			7.10	%			12.44	%		11/30/2029		$	35,076,045				33,751,858				34,065,855				1.52	%		N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)		First Lien Term Loan		SOFR(Q)			2.00	%			5.75	%			11.07	%		6/3/2027		$	5,396,896				5,141,617				5,324,577				0.24	%		H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)		First Lien Incremental Term Loan		SOFR(Q)			2.00	%			5.75	%			11.07	%		6/3/2027		$	3,377,440				3,215,111				3,332,183				0.15	%		H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)		Sr Secured Revolver		SOFR(Q)			2.00	%			5.75	%			11.07	%		6/3/2027		$	—				(5,701	)			(5,874	)			—			H/K/N
Showtime Acquisition, L.L.C. (World Choice)		Sr Secured Revolver		SOFR(Q)			1.00	%			7.60	%			12.92	%		8/7/2028		$	—				(38,199	)			(29,673	)			—			K/N
Showtime Acquisition, L.L.C. (World Choice)		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			7.60	%			12.92	%		8/7/2028		$	1,388,223				1,345,198				1,364,484				0.06	%		N
Showtime Acquisition, L.L.C. (World Choice)		First Lien Term Loan		SOFR(Q)			1.00	%			7.60	%			12.92	%		8/7/2028		$	24,111,700				23,345,382				23,699,390				1.06	%		N
																									66,692,577				67,689,718				3.03	%
Household Durables
Bad Boy Mowers JV Acquisition, LLC		First Lien Term Loan		SOFR(Q)			1.00	%			6.00	%			11.31	%		11/9/2029		$	5,127,343				4,887,916				5,050,433				0.23	%
Insurance
AmeriLife Holdings, LLC		First Lien Term Loan		SOFR(Q)			0.75	%			5.75	%			11.08	%		8/31/2029		$	5,865,684				5,658,932				5,824,624				0.26	%		N
AmeriLife Holdings, LLC		First Lien Delayed Draw Term Loan		SOFR(Q)			0.75	%			5.75	%			11.24	%		8/31/2029		$	1,470,756				1,418,990				1,460,461				0.07	%		N
AmeriLife Holdings, LLC		Sr Secured Revolver		SOFR(Q)			0.75	%			5.75	%			11.08	%		8/31/2028		$	—				(7,311	)			(5,197	)			—			K/N
Integrity Marketing Acquisition, LLC		Sr Secured Revolver		SOFR(Q)			0.75	%			6.00	%			11.84	%		8/27/2026		$	—				(486,812	)			—				—			K/N
Integrity Marketing Acquisition, LLC		First Lien Term Loan		SOFR(Q)			0.75	%			6.50	%			11.84	%		8/27/2026		$	15,230,117				14,925,965				15,230,117				0.68	%		N
IT Parent, LLC (Insurance Technologies)		First Lien Term Loan		SOFR(M)			1.00	%			6.35	%			11.68	%		10/1/2026		$	6,681,454				6,494,687				6,427,558				0.29	%		N
IT Parent, LLC (Insurance Technologies)		Sr Secured Revolver		SOFR(M)			1.00	%			6.35	%			13.75	%		10/1/2026		$	729,167				706,370				695,917				0.03	%		N
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)		First Lien Delayed Draw Term Loan		SOFR(M)			0.75	%			6.11	%			11.44	%		11/1/2028		$	5,897,348				5,759,409				5,897,348				0.26	%		N
																									34,470,230				35,530,828				1.59	%
Internet and Catalog Retail
CommerceHub, Inc.		First Lien Term Loan		SOFR(Q)			0.75	%			6.40	%			11.58	%		12/29/2027		$	3,150,126				2,880,676				2,943,477				0.13	%		N
Syndigo, LLC		Second Lien Term Loan		SOFR(M)			0.75	%			8.00	%			13.44	%		12/14/2028		$	16,815,342				16,248,891				15,974,575				0.71	%		G/N
																									19,129,567				18,918,052				0.84	%

 

---

 

Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (continued)
Internet Software and Services
Acquia, Inc.		Sr Secured Revolver		SOFR(S)			1.00	%			7.25	%			12.48	%		10/31/2025		$	627,919			$	617,791			$	627,919				0.03	%		N
Acquia, Inc.		First Lien Term Loan		SOFR(S)			1.00	%			7.25	%			12.74	%		10/31/2025		$	25,299,736				25,120,410				25,299,736				1.13	%		N
Anaconda, Inc.		First Lien Term Loan		SOFR(M)			1.00	%			7.50	%			12.84	%		8/22/2027		$	7,656,897				7,525,680				7,587,985				0.34	%		N
Astra Acquisition Corp. (Anthology)		Second Lien Term Loan		SOFR(Q)			0.75	%			9.14	%			14.44	%		10/25/2029		$	27,879,880				22,414,693				8,085,165				0.36	%		N
Bynder Bidco, Inc. (Netherlands)		Sr Secured Revolver A		SOFR(Q)			1.00	%			7.25	%			12.57	%		1/26/2029		$	—				(7,533	)			(5,656	)			—			H/K/N
Bynder Bidco, Inc. (Netherlands)		First Lien Term Loan A		SOFR(Q)			1.00	%			7.25	%			12.57	%		1/26/2029		$	4,283,754				4,140,482				4,213,929				0.19	%		H/N
Bynder Bidco B.V. (Netherlands)		Sr Secured Revolver B		SOFR(Q)			1.00	%			7.25	%			12.57	%		1/26/2029		$	—				(27,340	)			(20,529	)			—			H/K/N
Bynder Bidco B.V. (Netherlands)		First Lien Term Loan B		SOFR(Q)			1.00	%			7.25	%			12.57	%		1/26/2029		$	15,528,609				15,009,246				15,275,493				0.68	%		H/N
Domo, Inc.		First Lien Delayed Draw Term Loan (7.0% Exit Fee)		SOFR(Q)			1.50	%		5.76% Cash + 2.50% PIK					13.57	%		4/1/2026		$	58,048,978				58,004,208				57,526,538				2.57	%		L/N
Domo, Inc.		First Lien PIK Term Loan		Fixed			—			9.50% PIK					9.50	%		4/1/2026		$	3,505,898				1,016,020				3,285,026				0.15	%		N
e-Discovery Acquireco, LLC (Reveal)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.50	%			11.84	%		8/29/2029		$	—				(9,498	)			(9,450	)			—			K/N
e-Discovery Acquireco, LLC (Reveal)		First Lien Term Loan		SOFR(Q)			1.00	%			6.50	%			11.89	%		8/29/2029		$	5,500,000				5,230,019				5,396,050				0.24	%		N
Fishbowl, Inc.		First Lien Term Loan (7.5% Exit Fee)		SOFR(Q)			1.00	%			5.26	%			10.57	%		5/27/2027		$	12,089,579				12,089,579				12,391,818				0.55	%		F/L/N
Gympass US, LLC		First Lien Term Loan		SOFR(M)			1.00	%		4.00% Cash + 4.00% PIK					13.44	%		7/8/2027		$	2,559,418				2,491,238				2,574,774				0.12	%		N
Gympass US, LLC		First Lien Delayed Draw Term Loan		SOFR(M)			1.00	%		4.00% Cash + 4.00% PIK					13.44	%		7/8/2027		$	—				18,310				28,495				0.00	%		N
InMoment, Inc.		First Lien Term Loan		SOFR(Q)			0.75	%		5.00% Cash + 2.50% PIK					12.96	%		6/8/2028		$	19,627,359				18,790,792				19,109,197				0.85	%		N
Magenta Buyer, LLC (McAfee)		First Lien Incremental Term Loan		Fixed			—				12.00	%			12.00	%		7/27/2028		$	5,482,807				4,666,096				3,445,039				0.15	%		G
Magenta Buyer, LLC (McAfee)		Second Lien Term Loan		SOFR(Q)			0.75	%			8.51	%			13.82	%		7/27/2029		$	27,000,000				21,856,427				8,144,955				0.36	%		G
Oranje Holdco, Inc. (KnowBe4)		Sr Secured Revolver		SOFR(Q)			1.00	%			7.75	%			12.81	%		2/1/2029		$	—				(24,890	)			—				—			K/N
Oranje Holdco, Inc. (KnowBe4)		First Lien Term Loan		SOFR(Q)			1.00	%			7.50	%			12.81	%		2/1/2029		$	13,175,394				12,911,747				13,228,096				0.59	%		N
Persado, Inc.		First Lien Term Loan (6.575% Exit Fee)		SOFR(M)			1.80	%			7.50	%			12.83	%		6/10/2027		$	17,031,867				16,408,981				15,805,573				0.71	%		L/N
Pluralsight, Inc.		First Lien Term Loan		SOFR(Q)			1.00	%			8.15	%			13.47	%		4/6/2027		$	44,652,507				42,669,564				40,276,561				1.80	%		N
Pluralsight, Inc.		Sr Secured Revolver		SOFR(Q)			1.00	%			8.15	%			13.47	%		4/6/2027		$	3,347,493				3,199,106				3,019,439				0.13	%		N
ResearchGate GmBH (Germany)		First Lien Term Loan (4.0% Exit Fee)		EURIBOR(M)			—				8.55	%			12.55	%		10/1/2024		$	7,500,000				8,210,511				7,852,950				0.35	%		H/L/N/O
Sailpoint Technologies Holdings, Inc.		First Lien Term Loan		SOFR(M)			0.75	%			6.00	%			11.31	%		8/16/2029		$	4,574,177				4,436,608				4,594,303				0.21	%		N
Sailpoint Technologies Holdings, Inc.		Sr Secured Revolver		SOFR(M)			0.75	%			6.00	%			11.31	%		8/16/2028		$	—				(549	)			—				—			K/N
Spartan Bidco Pty Ltd (StarRez) (Australia)		First Lien Incremental Term Loan		SOFR(Q)			0.75	%		0.90% Cash + 6.25% PIK					12.47	%		1/24/2028		$	4,709,933				4,511,589				4,659,537				0.21	%		H/N
Suited Connector, LLC		Sr Secured Revolver		SOFR(Q)			1.00	%		6.20% Cash + 2.00% PIK					13.52	%		12/1/2027		$	822,389				745,758				600,344				0.03	%		N
Suited Connector, LLC		First Lien Term Loan		SOFR(Q)			1.00	%		6.20% Cash + 2.00% PIK					13.50	%		12/1/2027		$	5,226,567				4,739,155				3,815,394				0.17	%		N
																									296,754,200				266,808,681				11.92	%
IT Services
Avalara, Inc.		Sr Secured Revolver		SOFR(Q)			0.75	%			7.25	%			12.56	%		10/19/2028		$	—				(857	)			—				—			K/N
Avalara, Inc.		First Lien Term Loan		SOFR(Q)			0.75	%			7.25	%			12.56	%		10/19/2028		$	2,700,000				2,642,693				2,740,500				0.12	%		N
Crewline Buyer, Inc. (New Relic)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.75	%			12.06	%		11/8/2030		$	—				(2,088	)			(327	)			—			K/N
Crewline Buyer, Inc. (New Relic)		First Lien Term Loan		SOFR(Q)			1.00	%			6.75	%			12.06	%		11/8/2030		$	1,569,811				1,521,462				1,566,672				0.07	%		N
Ensono, Inc.		Second Lien Term Loan B		SOFR(M)			—				8.11	%			13.44	%		5/28/2029		$	20,000,000				19,643,752				19,660,000				0.88	%		G/N
Idera, Inc.		Second Lien Term Loan		SOFR(Q)			0.75	%			6.75	%			12.21	%		2/4/2029		$	2,867,296				2,696,076				2,795,614				0.12	%		G

 

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Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (continued)
Madison Logic Holdings, Inc.		Sr Secured Revolver		SOFR(Q)			1.00	%			7.00	%			12.30	%		12/30/2027		$	—			$	(35,787	)		$	(50,029	)			—			K/N
Madison Logic Holdings, Inc.		First Lien Term Loan		SOFR(Q)			1.00	%			7.00	%			12.30	%		12/29/2028		$	19,718,232				18,994,361				19,028,094				0.85	%		N
Serrano Parent, LLC (Sumo Logic)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.50	%			11.81	%		5/13/2030		$	—				(3,137	)			(2,094	)			—			K/N
Serrano Parent, LLC (Sumo Logic)		First Lien Term Loan		SOFR(Q)			1.00	%			6.50	%			11.81	%		5/13/2030		$	6,979,701				6,728,374				6,958,762				0.31	%		N
Xactly Corporation		First Lien Incremental Term Loan		SOFR(Q)			1.00	%			7.35	%			12.69	%		7/31/2025		$	14,671,682				14,671,682				14,671,682				0.66	%		N
																									66,856,531				67,368,874				3.01	%
Leisure Products
Blue Star Sports Holdings, Inc.		First Lien Delayed Draw Term Loan		SOFR(S)			1.00	%		6.00% Cash + 3.50% PIK					14.71	%		6/15/2026		$	73,093				73,053				70,739				—			N
Blue Star Sports Holdings, Inc.		Sr Secured Revolver		SOFR(S)			1.00	%		6.00% Cash + 3.50% PIK					14.71	%		6/15/2026		$	145,721				144,729				141,029				0.01	%		N
Blue Star Sports Holdings, Inc.		First Lien Term Loan		SOFR(Q)			1.00	%		6.00% Cash + 3.50% PIK					14.71	%		6/15/2026		$	2,005,859				2,003,900				1,941,271				0.09	%		N
Peloton Interactive, Inc.		First Lien Term Loan		SOFR(S)			0.50	%			7.10	%			12.48	%		5/25/2027		$	643,389				628,865				648,217				0.03	%		G/J
																									2,850,547				2,801,256				0.13	%
Life Sciences Tools & Services
Alcami Corporation		First Lien Delayed Draw Term Loan		SOFR(M)			1.00	%			7.15	%			12.47	%		12/21/2028		$	636,378				620,402				649,106				0.03	%		N
Alcami Corporation		Sr Secured Revolver		SOFR(M)			1.00	%			7.15	%			12.49	%		12/21/2028		$	—				(24,231	)			—				—			K/N
Alcami Corporation		First Lien Term Loan		SOFR(M)			1.00	%			7.15	%			12.49	%		12/21/2028		$	8,669,921				8,440,852				8,843,320				0.40	%		N
																									9,037,023				9,492,426				0.43	%
Machinery
Sonny’s Enterprises, LLC		First Lien Term Loan		SOFR(Q)			1.00	%			6.90	%			12.22	%		8/5/2028		$	19,708,566				19,308,306				19,905,651				0.89	%		N
Sonny’s Enterprises, LLC		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			6.75	%			12.21	%		8/5/2028		$	127,950				125,330				129,993				0.01	%		N
																									19,433,636				20,035,644				0.90	%
Media
NEP Group, Inc. et al		First Lien Term Loan (2.0% Exit Fee)		SOFR(M)			—			3.36% Cash + 1.50% PIK					10.19	%		8/19/2026		$	666,037				615,556				636,692				0.03	%		L
NEP Group, Inc. et al		Second Lien Term Loan		SOFR(M)			—				7.11	%			12.44	%		10/19/2026		$	17,631,760				16,693,754				14,388,222				0.64	%		G
Khoros, LLC (Lithium)		First Lien Incremental Term Loan		SOFR(Q)			1.00	%		4.50% Cash + 4.50% PIK					14.32	%		10/3/2024		$	29,855,839				29,762,789				22,421,735				1.00	%		N
Streamland Media Midco LLC		First Lien Term Loan		SOFR(Q)			1.00	%		7.01% Cash + 0.5% PIK					12.82	%		12/31/2024		$	750,661				715,557				710,126				0.03	%		N
Terraboost Media Operating Company, LLC		First Lien Term Loan		SOFR(Q)			1.00	%			6.65	%			12.00	%		8/23/2026		$	13,940,604				13,453,016				12,950,821				0.58	%		N
																									61,240,672				51,107,596				2.28	%
Oil, Gas and Consumable Fuels
Iracore International Holdings, Inc.		First Lien Term Loan		SOFR(M)			1.00	%			9.50	%			14.46	%		4/12/2028		$	1,324,151				1,324,151				1,324,151				0.06	%		B/N
Palmdale Oil Company, LLC		First Lien Term Loan		SOFR(Q)			1.00	%			6.75	%			12.08	%		10/2/2029		$	3,318,126				3,151,174				3,235,173				0.14	%		N
																									4,475,325				4,559,324				0.20	%
Paper and Forest Products
Alpine Acquisition Corp II (48Forty)		First Lien Term Loan		SOFR(M)			1.00	%			6.10	%			11.43	%		11/30/2026		$	31,343,676				30,305,850				30,177,690				1.35	%		N
Alpine Acquisition Corp II (48Forty)		Sr Secured Revolver		SOFR(M)			1.00	%			6.10	%			11.43	%		11/30/2026		$	594,376				550,514				562,789				0.03	%		N
FSK Pallet Holding Corp. (Kamps)		First Lien Term Loan		SOFR(Q)			1.25	%			6.15	%			11.98	%		12/23/2026		$	13,877,020				13,395,875				13,339,980				0.60	%		N
																									44,252,239				44,080,459				1.98	%

 

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Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (continued)
Pharmaceuticals
Nephron Pharmaceuticals Corp. et al		First Lien Term Loan B		SOFR(Q)			1.50	%			9.00	%			16.49	%		9/11/2026		$	28,119,960			$	26,715,848			$	25,279,844				1.13	%		N
Professional Services
Applause App Quality, Inc.		First Lien Term Loan		SOFR(S)			1.00	%			5.00	%			10.40	%		9/20/2025		$	15,088,478				15,078,310				15,088,478				0.67	%		N
Applause App Quality, Inc.		Sr Secured Revolver		SOFR(S)			1.00	%			5.00	%			10.40	%		9/20/2025		$	—				(4,264	)			—				—			K/N
CIBT Solutions, Inc.		Second Lien Term Loan		LIBOR(Q)			1.00	%		1.00% Cash + 6.75% PIK					13.19	%		6/1/2025		$	8,146,376				7,567,314				1,914,398				0.09	%		C/N
DTI Holdco, Inc. (Epiq Systems, Inc.)		Second Lien Term Loan		SOFR(Q)			0.75	%			7.75	%			13.06	%		4/26/2030		$	12,507,465				11,608,982				10,944,032				0.49	%		G/N
GI Consilio Parent, LLC		Second Lien Term Loan		SOFR(M)			0.50	%			7.50	%			12.94	%		5/14/2029		$	15,000,000				14,766,407				15,000,000				0.67	%		G/N
Huckabee Acquisition, LLC (MOREgroup)		First Lien Term Loan		SOFR(Q)			1.00	%			5.75	%			11.06	%		1/16/2030		$	1,483,871				1,430,069				1,458,645				0.07	%		N
Huckabee Acquisition, LLC (MOREgroup)		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			5.75	%			11.06	%		1/16/2030		$	—				(5,869	)			(5,484	)			—			K/N
Huckabee Acquisition, LLC (MOREgroup)		Sr Secured Revolver		SOFR(Q)			1.00	%			5.75	%			11.06	%		1/16/2030		$	—				(3,521	)			(3,290	)			—			K/N
ICIMS, Inc.		First Lien Term Loan		SOFR(Q)			0.75	%		3.38% Cash + 3.88% PIK					12.58	%		8/18/2028		$	15,997,413				15,452,961				15,898,229				0.71	%		N
ICIMS, Inc.		First Lien Incremental Term Loan		SOFR(Q)			0.75	%			7.25	%			12.58	%		8/18/2028		$	4,449,002				4,385,070				4,423,643				0.20	%		N
ICIMS, Inc.		First Lien Delayed Draw Term Loan		SOFR(Q)			0.75	%		3.38% Cash + 3.88% PIK					12.58	%		8/18/2028		$	—				(13,709	)			(19,106	)			—			K/N
ICIMS, Inc.		Sr Secured Revolver		SOFR(Q)			0.75	%			6.75	%			12.05	%		8/18/2028		$	97,160				83,037				88,170				—			N
JobandTalent USA, Inc. (United Kingdom)		First Lien Delayed Draw Term Loan (3.0% Exit Fee)		SOFR(M)			1.00	%			8.86	%			14.19	%		2/17/2025		$	23,890,586				23,467,696				23,269,431				1.04	%		H/L/N
JobandTalent USA, Inc. (United Kingdom)		First Lien Term Loan (3.0% Exit Fee)		SOFR(M)			1.00	%			8.86	%			14.19	%		2/17/2025		$	36,301,904				35,545,152				35,358,054				1.58	%		H/L/N
TLE Holdings, LLC		First Lien Term Loan		SOFR(M)			1.00	%			5.50	%			10.93	%		6/28/2026		$	965,310				917,317				950,831				0.04	%		N
TLE Holdings, LLC		First Lien Delayed Draw Term Loan		SOFR(M)			1.00	%			5.50	%			10.93	%		6/28/2026		$	3,770,363				3,582,897				3,713,808				0.17	%		N
																									133,857,849				128,079,839				5.73	%
Real Estate Management and Development
Community Merger Sub Debt LLC (CINC Systems)		First Lien Term Loan		SOFR(Q)			0.75	%			5.75	%			11.05	%		1/18/2030		$	1,571,429				1,512,158				1,540,157				0.07	%		N
Community Merger Sub Debt LLC (CINC Systems)		Sr Secured Revolver		SOFR(Q)			0.75	%			5.75	%			11.05	%		1/18/2030		$	—				(8,422	)			(8,529	)			—			K/N
Greystone Affordable Housing Initiatives, LLC		First Lien Delayed Draw Term Loan		SOFR(S)			1.25	%			6.43	%			11.61	%		3/2/2026		$	6,533,333				6,464,091				6,533,333				0.29	%		I/N
Greystone Select Company II, LLC (Passco)		First Lien Term Loan		SOFR(M)			1.50	%			6.61	%			11.94	%		3/21/2027		$	12,843,151				12,526,512				12,746,827				0.57	%		N
																									20,494,339				20,811,788				0.93	%
Road and Rail
Motive Technologies, Inc. (fka Keep Truckin, Inc.)		First Lien Term Loan (1.0% Exit Fee)		SOFR(S)			1.00	%			7.68	%			12.90	%		4/8/2027		$	55,000,000				54,213,528				54,621,416				2.44	%		L/N
Semiconductors and Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.		First Lien Term Loan		SOFR(Q)			1.00	%			6.40	%			11.74	%		12/29/2027		$	7,158,477				6,870,274				6,585,799				0.29	%		G/N
Emerald Technologies (U.S.) AcquisitionCo, Inc.		Sr Secured Revolver		SOFR(M)			1.00	%			6.10	%			11.43	%		12/29/2026		$	1,928,157				1,669,126				1,635,603				0.07	%		G/N
																									8,539,400				8,221,402				0.36	%
Software
Aerospike, Inc.		First Lien Term Loan (0.50% Exit Fee)		SOFR(M)			1.00	%			7.50	%			12.94	%		12/29/2025		$	13,429,501				13,207,057				13,328,779				0.60	%		L/N
AlphaSense, Inc.		First Lien Term Loan		SOFR(M)			1.00	%			7.00	%			12.44	%		3/11/2027		$	33,768,629				33,312,904				33,856,428				1.51	%		N
Aras Corporation		Sr Secured Revolver		SOFR(Q)			1.00	%			6.65	%			11.98	%		4/13/2027		$	1,179,477				1,151,434				1,149,990				0.05	%		N

 

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Issuer		Instrument		Ref		Floor				Spread				Total Coupon				Maturity		Principal				Cost				Fair Value				% of Total Cash and Investments				Notes
Debt Investments (continued)
Aras Corporation		First Lien Term Loan		SOFR(Q)			1.00	%		3.65% Cash + 3.25% PIK					12.23	%		4/13/2027		$	17,819,037			$	17,425,871			$	17,373,561				0.78	%		N
Backoffice Associates Holdings, LLC (Syniti)		Sr Secured Revolver		SOFR(Q)			1.00	%			7.75	%			13.14	%		4/30/2026		$	1,778,731				1,736,660				1,778,731				0.08	%		N
Backoffice Associates Holdings, LLC (Syniti)		First Lien Term Loan		SOFR(Q)			1.00	%			7.75	%			13.19	%		4/30/2026		$	15,515,007				15,203,585				15,515,007				0.69	%		N
Bluefin Holding, LLC (Allvue)		Sr Secured Revolver		SOFR(M)			1.00	%			7.25	%			12.57	%		9/12/2029		$	—				(11,054	)			(10,679	)			—			K/N
Bluefin Holding, LLC (Allvue)		First Lien Term Loan		SOFR(M)			1.00	%			7.25	%			12.57	%		9/12/2029		$	7,737,179				7,378,854				7,628,859				0.34	%		N
Bonterra LLC (fka CyberGrants Holdings, LLC)		First Lien Term Loan		SOFR(Q)			0.75	%			7.25	%			12.55	%		9/8/2027		$	5,832,706				5,634,037				5,693,304				0.25	%		N
Bonterra LLC (fka CyberGrants Holdings, LLC)		Sr Secured Revolver		SOFR(Q)			0.75	%			7.25	%			12.56	%		9/8/2027		$	288,889				279,208				275,611				0.01	%		N
Bonterra LLC (fka CyberGrants Holdings, LLC)		First Lien Incremental Amendment 4 Term Loan		SOFR(Q)			0.75	%		8.00% PIK					13.30	%		9/8/2027		$	1,792,281				1,738,662				1,768,802				0.08	%		N
Disco Parent, Inc. (Duck Creek Technologies)		Sr Secured Revolver		SOFR(Q)			1.00	%			7.50	%			12.84	%		3/30/2029		$	—				(4,844	)			(4,228	)			—			K/N
Disco Parent, Inc. (Duck Creek Technologies)		First Lien Term Loan		SOFR(Q)			1.00	%			7.50	%			12.84	%		3/30/2029		$	6,040,409				5,806,478				5,998,126				0.27	%		N
Elastic Path Software, Inc. (Canada)		First Lien Delayed Draw Term Loan		SOFR(Q)			1.00	%			7.76	%			13.10	%		1/6/2026		$	3,719,435				3,659,435				3,681,869				0.16	%		H/N
Elastic Path Software, Inc. (Canada)		First Lien Term Loan		SOFR(Q)			1.00	%			7.76	%			13.09	%		1/6/2026		$	7,326,537				7,213,988				7,252,539				0.32	%		H/N
Fusion Risk Management, Inc.		Sr Secured Revolver		SOFR(Q)			1.00	%		3.50% Cash + 3.75% PIK					12.58	%		5/22/2029		$	—				(12,091	)			(12,857	)			—			K/N
Fusion Risk Management, Inc.		First Lien Term Loan		SOFR(Q)			1.00	%		3.50% Cash + 3.75% PIK					12.58	%		5/22/2029		$	5,512,641				5,243,573				5,402,389				0.24	%		N
GTY Technology Holdings Inc.		First Lien Term Loan		SOFR(Q)			0.75	%		2.58% Cash + 4.30% PIK					12.18	%		7/9/2029		$	2,341,008				2,204,024				2,271,012				0.10	%		N
GTY Technology Holdings Inc.		First Lien Delayed Draw Term Loan		SOFR(Q)			0.75	%		2.58% Cash + 4.30% PIK					12.20	%		7/9/2029		$	1,808,789				1,702,703				1,754,707				0.08	%		N
GTY Technology Holdings Inc.		First Lien Incremental Delayed Draw Term Loan		SOFR(Q)			1.00	%		2.58% Cash + 4.30% PIK					12.20	%		7/9/2029		$	415,253				372,740				387,331				0.02	%		N
GTY Technology Holdings Inc.		Sr Secured Revolver		SOFR(Q)			0.75	%			5.25	%			13.75	%		7/9/2029		$	—				(12,957	)			(11,808	)			—			K/N
Integrate.com, Inc. (Infinity Data, Inc.)		First Lien Term Loan		SOFR(S)			1.00	%		4.65% Cash + 2.25% PIK					12.18	%		12/17/2027		$	5,854,779				5,691,320				5,676,793				0.25	%		N
Integrate.com, Inc. (Infinity Data, Inc.)		First Lien Incremental Term Loan		SOFR(M)			1.00	%			6.15	%			11.47	%		12/17/2027		$	294,426				275,233				285,475				0.01	%		N
Integrate.com, Inc. (Infinity Data, Inc.)		Sr Secured Revolver		SOFR(Q)			1.00	%			6.15	%			11.48	%		12/17/2027		$	452,667				439,930				438,480				0.02	%		N
JOBVITE, Inc. (Employ, Inc.)		First Lien Term Loan		SOFR(S)			0.75	%			8.00	%			13.19	%		8/7/2028		$	8,017,052				7,644,624				7,898,400				0.35	%		N
Kaseya, Inc.		First Lien Term Loan		SOFR(Q)			0.75	%		3.50% Cash + 2.50% PIK					11.38	%		6/25/2029		$	9,216,319				8,927,079				9,216,319				0.41	%		N
Kaseya, Inc.		First Lien Delayed Draw Term Loan		SOFR(Q)			0.75	%			5.50	%			10.81	%		6/25/2029		$	34,368				32,218				34,368				—			N
Kaseya, Inc.		Sr Secured Revolver		SOFR(M)			0.75	%			5.50	%			10.83	%		6/25/2029		$	140,252				134,970				140,251				0.01	%		N
Kong Inc.		First Lien Term Loan		SOFR(M)			1.00	%		5.50% Cash + 3.25% PIK					14.19	%		11/1/2027		$	9,797,967				9,568,944				9,790,129				0.44	%		N
Nvest, Inc. (SigFig)		First Lien Term Loan		SOFR(S)			1.00	%			7.50	%			13.18	%		9/15/2025		$	7,318,167				7,188,817				7,173,999				0.32	%		N
Oversight Systems, Inc.		First Lien Incremental Delayed Draw Term Loan		SOFR(Q)			1.00	%			6.10	%			11.41	%		9/24/2026		$	—				(3,858	)			(2,854	)			—			K/N
Oversight Systems, Inc.		First Lien Term Loan		SOFR(Q)			1.00	%			6.10	%			11.41	%		9/24/2026		$	6,279,056				6,156,149				6,216,266				0.28	%		N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)		First Lien Term Loan		SOFR(Q)			1.00	%			7.15	%			11.93	%		3/31/2027		$	14,700,679				14,409,688				14,583,073				0.65	%		H/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)		Sr Secured Revolver		SOFR(Q)			1.00	%			7.15	%			12.44	%		3/31/2027		$	1,572,860				1,542,260				1,560,277				0.07	%		H/N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)		First Lien Term Loan		SOFR(Q)			1.00	%		3.00% Cash + 3.50% PIK					11.81	%		5/9/2028		$	23,361,861				22,871,482				23,249,724				1.05	%		H/N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)		Sr Secured Revolver		SOFR(Q)			1.00	%		3.00% Cash + 3.50% PIK					11.83	%		5/9/2028		$	—				(24,814	)