Attached files
| file | filename |
|---|---|
| EX-32 - EX-32 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex32.htm |
| EX-31.2 - EX-31.2 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex31d2.htm |
| EX-31.1 - EX-31.1 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex31d1.htm |
| EX-10.13 - EX-10.13 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex10d13.htm |
| EX-10.12 - EX-10.12 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex10d12.htm |
| EX-10.11 - EX-10.11 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex10d11.htm |
| EX-10.10 - EX-10.10 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex10d10.htm |
| EX-10.9 - EX-10.9 - Bain Capital Specialty Finance, Inc. | a18-19057_1ex10d9.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 814-01175
BAIN CAPITAL SPECIALTY FINANCE, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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81-2878769 |
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(State or Other Jurisdiction of |
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(I.R.S. Employer |
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200 Clarendon Street, 37th Floor |
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02116 |
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(Address of Principal Executive Office) |
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(Zip Code) |
(617) 516-2000
(Registrant’s Telephone Number, Including Area Code)
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 x No o
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 o No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.
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Large accelerated filer o |
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Accelerated filer o |
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Non-accelerated filer x |
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Smaller reporting company o |
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Emerging growth company x |
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. x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of October 17, 2018, the registrant had 43,821,595.55 shares of common stock, $0.001 par value, outstanding.
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Consolidated Schedules of Investments as of September 30, 2018 (unaudited) and December 31, 2017 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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FORWARD-LOOKING STATEMENTS
Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2017 and in our filings with the Securities and Exchange Commission (the “SEC”).
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.
Item 1. Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Assets and Liabilities
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As of |
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As of |
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September 30, 2018 |
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December 31, 2017 |
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(Unaudited) |
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Assets |
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Investments at fair value: |
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Non-controlled/non-affiliate investments (amortized cost of $1,068,707,548 and $633,645,701, respectively) |
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$ |
1,075,932,730 |
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$ |
643,067,956 |
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Controlled affiliate investments (amortized cost of $273,054,968 and $187,617,223, respectively) |
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275,509,851 |
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188,510,115 |
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Cash and cash equivalents |
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151,069,731 |
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139,506,289 |
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Foreign cash (cost of $1,684,252 and $1,383,845, respectively) |
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1,666,238 |
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1,411,855 |
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Restricted Cash |
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37,735,920 |
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— |
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Collateral on forward currency exchange contracts |
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824,191 |
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4,421,968 |
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Deferred offering costs |
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1,085,000 |
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— |
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Deferred financing costs |
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4,736,156 |
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5,808,726 |
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Interest receivable on investments |
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4,482,186 |
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2,888,847 |
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Prepaid insurance |
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3,033 |
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137,785 |
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Receivable for sales and paydowns of investments |
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37,347 |
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2,497,769 |
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Distribution receivable |
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61,101 |
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— |
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Unrealized appreciation on forward currency exchange contracts |
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5,618,287 |
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— |
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Dividend receivable |
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6,084,313 |
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— |
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Total Assets |
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$ |
1,564,846,084 |
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$ |
988,251,310 |
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Liabilities |
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Revolving credit facilities |
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$ |
233,639,250 |
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$ |
451,000,000 |
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2018-1 Notes (net of unamortized debt issuance costs of $2,084,044 and $0, respectively) |
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363,615,956 |
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— |
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Deferred offering costs payable |
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1,085,000 |
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— |
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Interest payable |
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598,802 |
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815,402 |
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Payable for investments purchased |
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56,273,526 |
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14,814,984 |
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Unrealized depreciation on forward currency exchange contracts |
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— |
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3,504,814 |
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Base management fee payable |
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2,319,541 |
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1,244,033 |
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Incentive fee payable |
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2,930,760 |
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1,017,919 |
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Accounts payable and accrued expenses |
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2,455,164 |
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1,143,946 |
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Excise tax payable |
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— |
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4,882 |
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Distributions payable |
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17,966,855 |
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7,742,502 |
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Total Liabilities |
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680,884,854 |
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481,288,482 |
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Commitments and Contingencies (See Note 10) |
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Net Assets |
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Preferred stock, $0.001 par value per share, 10,000,000,000 shares authorized, none issued and outstanding as of September 30, 2018 and December 31, 2017, respectively |
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$ |
— |
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$ |
— |
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Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 43,821,596 and 24,975,812 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively |
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43,822 |
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24,976 |
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Paid in capital in excess of par value |
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886,056,633 |
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503,533,321 |
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Accumulated undistributed net investment income |
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(9,374,536 |
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(3,469,772 |
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Accumulated undistributed net realized gain (loss) |
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(8,048,573 |
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35,676 |
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Net unrealized appreciation |
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15,283,884 |
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6,838,627 |
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Total Net Assets |
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883,961,230 |
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506,962,828 |
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Total Liabilities and Total Net assets |
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$ |
1,564,846,084 |
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$ |
988,251,310 |
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Net asset value per share |
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$ |
20.17 |
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$ |
20.30 |
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See Notes to Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Operations
(Unaudited)
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For the Three Months |
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For the Three Months |
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For the Nine Months |
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For the Nine Months |
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2018 |
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2017 |
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2018 |
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2017 |
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Income |
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Investment income from non-controlled/non-affiliate investments: |
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Interest from investments |
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$ |
20,270,439 |
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$ |
7,793,040 |
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$ |
48,706,718 |
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$ |
14,467,794 |
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Other income |
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91,436 |
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— |
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299,641 |
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88,988 |
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Total investment income from non-controlled/non-affiliate investments |
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20,361,875 |
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7,793,040 |
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49,006,359 |
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14,556,782 |
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Investment income from controlled affiliate investments: |
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Interest from investments |
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96,271 |
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24,060 |
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194,898 |
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31,906 |
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Dividend income |
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6,204,262 |
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— |
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16,345,224 |
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— |
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Total investment income from controlled affiliate investments |
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6,300,533 |
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24,060 |
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16,540,122 |
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31,906 |
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Total investment income |
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26,662,408 |
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7,817,100 |
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65,546,481 |
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14,588,688 |
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Expenses |
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Interest and debt financing expenses |
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$ |
6,523,738 |
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$ |
223,945 |
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$ |
16,137,857 |
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$ |
621,853 |
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Amortization of deferred offering costs |
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— |
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106,152 |
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— |
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314,995 |
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Base management fee |
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2,319,541 |
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856,260 |
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5,821,384 |
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1,704,975 |
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Incentive fee |
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3,241,992 |
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240,003 |
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6,157,643 |
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449,824 |
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Professional fees |
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899,756 |
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506,756 |
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1,739,723 |
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1,406,462 |
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Directors fees |
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67,776 |
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68,250 |
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202,937 |
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204,312 |
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Other general and administrative expenses |
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329,917 |
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213,822 |
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954,327 |
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500,313 |
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Total expenses before fee waivers |
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13,382,720 |
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2,215,188 |
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31,013,871 |
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5,202,734 |
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Incentive fee waiver |
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(619,563 |
) |
— |
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(1,623,761 |
) |
— |
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Total expenses, net of fee waivers |
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12,763,157 |
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2,215,188 |
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29,390,110 |
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5,202,734 |
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Net investment income before taxes |
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13,899,251 |
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5,601,912 |
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36,156,371 |
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9,385,954 |
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Excise tax expense |
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— |
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— |
|
309 |
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— |
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Net investment income after taxes |
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13,899,251 |
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5,601,912 |
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36,156,062 |
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9,385,954 |
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Net realized and unrealized gains (losses) |
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Net realized gain (loss) on non-controlled/non-affiliate investments |
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(3,174,983 |
) |
48,735 |
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(5,020,860 |
) |
81,336 |
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Net realized gain (loss) on foreign currency transactions |
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(102,909 |
) |
(583,149 |
) |
(367,422 |
) |
(2,104 |
) | ||||
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Net realized gain (loss) on forward currency exchange contracts |
|
177,172 |
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— |
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(2,695,967 |
) |
(220,006 |
) | ||||
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Net change in unrealized appreciation (depreciation) on foreign currency translation |
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(17,216 |
) |
448,252 |
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(42,762 |
) |
9,170 |
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Net change in unrealized appreciation (depreciation) on forward currency exchange contracts |
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1,529,008 |
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(1,234,706 |
) |
9,123,101 |
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(2,643,944 |
) | ||||
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Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments |
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7,123,429 |
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2,920,895 |
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(2,197,073 |
) |
5,774,373 |
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Net change in unrealized appreciation (depreciation) on controlled affiliate investments |
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(442,900 |
) |
— |
|
1,561,991 |
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— |
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Total net gains |
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5,091,601 |
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1,600,027 |
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361,008 |
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2,998,825 |
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Net increase in net assets resulting from operations |
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$ |
18,990,852 |
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$ |
7,201,939 |
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$ |
36,517,070 |
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$ |
12,384,779 |
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Per Common Share Data |
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Basic and diluted net investment income per common share |
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$ |
0.33 |
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$ |
0.22 |
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$ |
1.02 |
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$ |
0.53 |
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Basic and diluted increase in net assets resulting from operations per common share |
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$ |
0.46 |
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$ |
0.29 |
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$ |
1.03 |
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$ |
0.70 |
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Basic and diluted weighted average common shares outstanding |
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41,733,013 |
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24,921,589 |
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35,461,497 |
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17,725,983 |
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See Notes to Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Changes in Net Assets
(Unaudited)
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For the Nine Months |
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For the Nine Months |
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2018 |
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2017 |
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Operations: |
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Net investment income |
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$ |
36,156,062 |
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$ |
9,385,954 |
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Net realized loss |
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(8,084,249 |
) |
(140,774 |
) | ||
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Net change in unrealized appreciation |
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8,445,257 |
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3,139,599 |
| ||
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Net increase in net assets resulting from operations |
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36,517,070 |
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12,384,779 |
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Stockholder distributions: |
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Distributions from net investment income |
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(42,060,826 |
) |
(9,149,711 |
) | ||
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Net decrease in net assets resulting from stockholder distributions |
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(42,060,826 |
) |
(9,149,711 |
) | ||
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Capital share transactions: |
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Issuance of common stock |
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376,948,118 |
|
392,735,221 |
| ||
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Reinvestment of stockholder distributions |
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5,594,040 |
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581,699 |
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Net increase in net assets resulting from capital share transactions |
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382,542,158 |
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393,316,920 |
| ||
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Total increase in net assets |
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376,998,402 |
|
396,551,988 |
| ||
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Net assets at beginning of period |
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506,962,828 |
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110,344,258 |
| ||
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Net assets at end of period |
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$ |
883,961,230 |
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$ |
506,896,246 |
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Net asset value per common share |
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$ |
20.17 |
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$ |
20.33 |
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Common stock outstanding at end of period |
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43,821,596 |
|
24,931,842 |
| ||
See Notes to Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
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For the Nine Months |
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For the Nine Months |
| ||
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2018 |
|
2017 |
| ||
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Cash flows from operating activities |
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|
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| ||
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Net increase in net assets resulting from operations |
|
$ |
36,517,070 |
|
$ |
12,384,779 |
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|
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |
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|
|
|
| ||
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Purchases of investments |
|
(675,406,574 |
) |
(390,313,756 |
) | ||
|
Proceeds from principal payments and sales of investments |
|
195,036,259 |
|
26,029,281 |
| ||
|
Net realized (gain) loss from investments |
|
5,020,860 |
|
(81,336 |
) | ||
|
Net realized (gain) loss on foreign currency transactions |
|
367,422 |
|
2,104 |
| ||
|
Net change in unrealized (appreciation) depreciation on forward currency exchange contracts |
|
(9,123,101 |
) |
2,643,944 |
| ||
|
Net change in unrealized (appreciation) depreciation on investments |
|
635,082 |
|
(5,774,373 |
) | ||
|
Net change in (appreciation) depreciation on foreign currency translation |
|
42,762 |
|
(9,170 |
) | ||
|
Accretion of discounts and amortization of premiums |
|
(1,255,921 |
) |
(538,677 |
) | ||
|
Amortization of deferred financing costs and debt issuance costs |
|
1,073,517 |
|
273,692 |
| ||
|
Amortization of deferred offering costs |
|
— |
|
314,995 |
| ||
|
Changes in operating assets and liabilities: |
|
|
|
|
| ||
|
Collateral on forward currency exchange contracts |
|
3,597,777 |
|
(4,220,000 |
) | ||
|
Interest receivable on investments |
|
(1,593,339 |
) |
(1,199,757 |
) | ||
|
Prepaid insurance |
|
134,752 |
|
137,797 |
| ||
|
Distribution receivable |
|
(61,101 |
) |
— |
| ||
|
Dividend receivable |
|
(6,084,313 |
) |
— |
| ||
|
Other assets |
|
— |
|
5,723 |
| ||
|
Interest payable |
|
(216,600 |
) |
53,308 |
| ||
|
Base management fee payable |
|
1,075,508 |
|
678,056 |
| ||
|
Incentive fee payable |
|
1,912,841 |
|
449,824 |
| ||
|
Accounts payable and accrued expenses |
|
908,727 |
|
746,158 |
| ||
|
Excise tax payable |
|
(4,882 |
) |
— |
| ||
|
Net cash used in operating activities |
|
(447,423,254 |
) |
(358,417,408 |
) | ||
|
|
|
|
|
|
| ||
|
Cash flows from financing activities |
|
|
|
|
| ||
|
Borrowings on revolving credit facilities |
|
270,000,000 |
|
94,899,918 |
| ||
|
Repayments on revolving credit facilities |
|
(487,360,750 |
) |
(154,563,966 |
) | ||
|
Issuance of 2018-1 Notes |
|
365,700,000 |
|
— |
| ||
|
Payments of debt issuance costs |
|
(1,682,500 |
) |
— |
| ||
|
Proceeds from issuance of common stock |
|
376,948,118 |
|
392,735,221 |
| ||
|
Stockholder distributions paid |
|
(26,242,433 |
) |
(3,414,688 |
) | ||
|
Net cash provided by financing activities |
|
497,362,435 |
|
329,656,485 |
| ||
|
|
|
|
|
|
| ||
|
Net increase (decrease) in cash, foreign cash, restricted cash and cash equivalents |
|
49,939,181 |
|
(28,760,923 |
) | ||
|
Effect of foreign currency exchange rates |
|
(385,436 |
) |
570,895 |
| ||
|
Cash, foreign cash, restricted cash and cash equivalents, beginning of period |
|
140,918,144 |
|
66,732,154 |
| ||
|
Cash, foreign cash, restricted cash and cash equivalents, end of period |
|
$ |
190,471,889 |
|
$ |
38,542,126 |
|
|
|
|
|
|
|
| ||
|
Supplemental disclosure of cash flow information: |
|
|
|
|
| ||
|
Cash interest paid during the period |
|
$ |
15,280,940 |
|
$ |
294,853 |
|
|
Cash paid for excise taxes during the period |
|
$ |
5,191 |
|
$ |
— |
|
|
Supplemental disclosure of non-cash information: |
|
|
|
|
| ||
|
Reinvestment of stockholder distributions |
|
$ |
5,594,040 |
|
$ |
581,699 |
|
|
|
|
As of September 30, |
| ||||
|
|
|
2018 |
|
2017 |
| ||
|
Cash and cash equivalents |
|
$ |
151,069,731 |
|
$ |
37,813,409 |
|
|
Restricted cash |
|
37,735,920 |
|
— |
| ||
|
Foreign cash |
|
1,666,238 |
|
728,717 |
| ||
|
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows |
|
$ |
190,471,889 |
|
$ |
38,542,126 |
|
See Notes to Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.
Consolidated Schedule of Investments
As of September 30, 2018
(Unaudited)
|
Portfolio Company (4) |
|
Spread Above Index (1) |
|
Interest Rate |
|
Maturity Date |
|
Principal/ |
|
Amortized Cost |
|
Fair Value |
| |||
|
Investments and Cash Equivalents 169.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Investments 152.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Non-Controlled/Non-Affiliate Investments 121.7% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Corporate Fixed Income 3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Corporate Bond 3.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Beverage, Food & Tobacco 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Hearthside Food Solutions, LLC |
|
— |
|
8.50 |
% |
6/1/2026 |
|
$ |
10,000,000 |
|
9,788,101 |
|
9,775,000 |
| ||
|
Total Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
9,788,101 |
|
9,775,000 |
| |||
|
Consumer Goods: Non-Durable 1.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Kronos Acquisition Holdings Inc. |
|
— |
|
9.00 |
% |
8/15/2023 |
|
$ |
10,000,000 |
|
9,329,382 |
|
9,450,000 |
| ||
|
Total Consumer Goods: Non-Durable |
|
|
|
|
|
|
|
|
|
9,329,382 |
|
9,450,000 |
| |||
|
Containers, Packaging & Glass 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
BWAY Holding Company |
|
— |
|
7.25 |
% |
4/15/2025 |
|
$ |
5,000,000 |
|
4,895,579 |
|
4,887,000 |
| ||
|
Total Containers, Packaging & Glass |
|
|
|
|
|
|
|
|
|
4,895,579 |
|
4,887,000 |
| |||
|
Utilities: Electric 1.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
CSVC Acquisition Corp |
|
— |
|
7.75 |
% |
6/15/2025 |
|
$ |
10,478,000 |
|
$ |
9,885,536 |
|
$ |
9,063,470 |
|
|
Total Utilities: Electric |
|
|
|
|
|
|
|
|
|
9,885,536 |
|
9,063,470 |
| |||
|
Total Corporate Bond |
|
|
|
|
|
|
|
|
|
$ |
33,898,598 |
|
$ |
33,175,470 |
| |
|
Total Corporate Fixed Income |
|
|
|
|
|
|
|
|
|
$ |
33,898,598 |
|
$ |
33,175,470 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Corporate Debt 117.1% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Delayed Draw Term Loan 0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Capital Equipment 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Endries International, Inc. (3) (15) (19) (28) |
|
L+ 4.75% |
|
8.60 |
% |
6/1/2023 |
|
$ |
3,222,455 |
|
3,183,938 |
|
3,222,455 |
| ||
|
Total Capital Equipment |
|
|
|
|
|
|
|
|
|
3,183,938 |
|
3,222,455 |
| |||
|
Construction & Building 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Chase Industries, Inc. (3) (15) (19) (21) |
|
L+ 4.00% |
|
6.38 |
% |
5/12/2025 |
|
$ |
199,683 |
|
181,790 |
|
190,322 |
| ||
|
Total Construction & Building |
|
|
|
|
|
|
|
|
|
181,790 |
|
190,322 |
| |||
|
High Tech Industries 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Drilling Info Holdings, Inc. (2) (3) (5) (18) (21) (29) |
|
— |
|
— |
|
7/30/2025 |
|
$ |
— |
|
(13,653 |
) |
(7,604 |
) | ||
|
Total High Tech Industries |
|
|
|
|
|
|
|
|
|
(13,653 |
) |
(7,604 |
) | |||
|
Services: Business 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
AMCP Clean Acquisition Company, LLC (3) (5) (18) (21) (29) |
|
— |
|
— |
|
6/16/2025 |
|
$ |
— |
|
(2,266 |
) |
11,155 |
| ||
|
Sovos Compliance, LLC (3) (15) (19) |
|
L+ 6.00% |
|
8.24 |
% |
3/1/2022 |
|
$ |
3,967,742 |
|
3,967,742 |
|
3,919,355 |
| ||
|
Total Services: Business |
|
|
|
|
|
|
|
|
|
3,965,476 |
|
3,930,510 |
| |||
|
Telecommunications 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Horizon Telcom, Inc. (2) (3) (5) (15) (19) (21) (29) |
|
— |
|
— |
|
6/15/2023 |
|
$ |
— |
|
(20,486 |
) |
(26,069 |
) | ||
|
Total Telecommunications |
|
|
|
|
|
|
|
|
|
(20,486 |
) |
(26,069 |
) | |||
|
Transportation: Cargo 0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
ENC Holding Corporation (3) (5) (18) (21) |
|
— |
|
— |
|
5/30/2025 |
|
$ |
— |
|
(1,152 |
) |
1,202 |
| ||
|
Transportation: Cargo |
|
|
|
|
|
|
|
|
|
(1,152 |
) |
1,202 |
| |||
|
Total Delayed Draw Term Loan |
|
|
|
|
|
|
|
|
|
$ |
7,295,913 |
|
$ |
7,310,816 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
First Lien Last Out Term Loan 3.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Environmental Industries 2.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Adler & Allan Group Limited (6) (17) (19) (21) (22) |
|
GBP LIBOR+ 7.50% |
|
8.30 |
% |
6/30/2024 |
|
£ |
15,141,463 |
|
19,098,906 |
|
19,533,532 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Total Environmental Industries |
|
|
|
|
|
|
|
|
|
19,098,906 |
|
19,533,532 |
| |||
|
Healthcare & Pharmaceuticals 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Clinical Innovations, LLC (15) (19) (21) (22) (29) |
|
L+ 6.00% |
|
8.24 |
% |
10/17/2023 |
|
$ |
10,287,776 |
|
10,086,251 |
|
10,287,776 |
| ||
|
Total Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
10,086,251 |
|
10,287,776 |
| |||
|
Total First Lien Last Out Term Loan |
|
|
|
|
|
|
|
|
|
$ |
29,185,157 |
|
$ |
29,821,308 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
First Lien Senior Secured Loan 84.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Aerospace & Defense 4.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Novetta, LLC (15) (29) |
|
L+ 5.00% |
|
7.25 |
% |
10/17/2022 |
|
$ |
3,824,541 |
|
3,759,269 |
|
3,714,585 |
| ||
|
Salient CRGT, Inc. (15) (19) (21) (29) |
|
L+ 5.75% |
|
7.99 |
% |
2/28/2022 |
|
$ |
10,177,315 |
|
10,256,880 |
|
10,329,974 |
| ||
|
StandardAero Aviation Holdings, Inc. (15) (21) (29) |
|
L+ 3.75% |
|
5.99 |
% |
7/7/2022 |
|
$ |
19,822,009 |
|
19,924,605 |
|
19,963,597 |
| ||
|
WP CPP Holdings, LLC (15) (21) (29) |
|
L+ 3.75% |
|
6.21 |
% |
4/30/2025 |
|
$ |
4,726,842 |
|
4,715,025 |
|
4,763,277 |
| ||
|
Total Aerospace & Defense |
|
|
|
|
|
|
|
|
|
38,655,779 |
|
38,771,433 |
| |||
|
Automotive 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
CST Buyer Company (15) (19) (29) |
|
L+ 5.00% |
|
7.39 |
% |
3/1/2023 |
|
$ |
9,456,999 |
|
9,348,011 |
|
9,456,999 |
| ||
|
OEConnection LLC (15) (19)(29) |
|
L+ 4.00% |
|
6.25 |
% |
11/22/2024 |
|
$ |
8,114,461 |
|
8,082,139 |
|
8,155,033 |
| ||
|
Total Automotive |
|
|
|
|
|
|
|
|
|
17,430,150 |
|
17,612,032 |
| |||
|
Beverage, Food & Tobacco 0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Restaurant Technologies, Inc. (15) (21) (24) |
|
P+ 3.75% |
|
9.00 |
% |
11/23/2022 |
|
$ |
5,226,855 |
|
5,188,358 |
|
5,223,588 |
| ||
|
Total Beverage, Food & Tobacco |
|
|
|
|
|
|
|
|
|
5,188,358 |
|
5,223,588 |
| |||
|
Capital Equipment 2.8% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Dorner Manufacturing Corp. (15) (19) (29) |
|
L+ 5.75% |
|
8.14 |
% |
3/15/2023 |
|
$ |
8,226,236 |
|
8,064,566 |
|
8,226,236 |
| ||
|
DXP Enterprises, Inc. (6) (15) (19) (29) |
|
L+ 4.75% |
|
6.99 |
% |
8/29/2023 |
|
$ |
5,191,025 |
|
5,145,731 |
|
5,249,424 |
| ||
|
Endries International, Inc. (15) (19) (29) |
|
L+ 4.75% |
|
6.90 |
% |
6/1/2023 |
|
$ |
6,491,144 |
|
6,412,625 |
|
6,491,144 |
| ||
|
Wilsonart LLC (15) (29) |
|
L+ 3.25% |
|
5.64 |
% |
12/19/2023 |
|
$ |
5,432,487 |
|
5,485,009 |
|
5,461,589 |
| ||
|
Total Capital Equipment |
|
|
|
|
|
|
|
|
|
25,107,931 |
|
25,428,393 |
| |||
|
Chemicals, Plastics & Rubber 0.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
ASP Chromaflo Intermediate Holdings, Inc. (15) (21) |
|
L+ 3.50% |
|
5.74 |
% |
11/20/2023 |
|
$ |
506,127 |
|
504,253 |
|
511,188 |
| ||
|
ASP Chromaflo Intermediate Holdings, Inc. (6) (15) (21) |
|
L+ 3.50% |
|
5.47 |
% |
11/20/2023 |
|
$ |
658,126 |
|
655,690 |
|
663,062 |
| ||
|
Niacet b.v. (6) (15) (19) (21) |
|
EURIBOR+ 4.50% |
|
5.50 |
% |
2/1/2024 |
|
€ |
3,784,641 |
|
4,050,495 |
|
4,391,698 |
| ||
|
Niacet Corporation (15) (19) (29) |
|
L+ 4.50% |
|
6.74 |
% |
2/1/2024 |
|
$ |
2,176,868 |
|
2,159,852 |
|
2,176,868 |
| ||
|
Total Chemicals, Plastics & Rubber |
|
|
|
|
|
|
|
|
|
7,370,290 |
|
7,742,816 |
| |||
|
Construction & Building 3.3% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Bolt Infrastructure Merger Sub, Inc. (15) (29) |
|
L+ 3.50% |
|
5.74 |
% |
6/21/2024 |
|
$ |
2,677,183 |
|
2,665,575 |
|
2,686,387 |
| ||
|
Chase Industries, Inc. (15) (19) (21) (29) |
|
L+ 4.00% |
|
6.34 |
% |
5/11/2025 |
|
$ |
11,980,952 |
|
11,921,516 |
|
11,951,000 |
| ||
|
Regan Development Holdings Limited (6) (17) (19) |
|
EURIBOR+ 7.00% |
|
7.50 |
% |
4/18/2022 |
|
€ |
2,825,002 |
|
3,077,840 |
|
3,278,132 |
| ||
|
Regan Development Holdings Limited (6) (17) (19) |
|
EURIBOR+ 7.00% |
|
7.50 |
% |
4/18/2022 |
|
€ |
8,574,506 |
|
9,192,274 |
|
9,949,856 |
| ||
|
Regan Development Holdings Limited (6) (17) (19) |
|
EURIBOR+ 7.00% |
|
7.50 |
% |
4/18/2022 |
|
€ |
915,945 |
|
1,040,239 |
|
1,062,863 |
| ||
|
Total Construction & Building |
|
|
|
|
|
|
|
|
|
27,897,444 |
|
28,928,238 |
| |||
|
Consumer Goods: Durable 2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
New Milani Group LLC (15) (19) (21) (29) |
|
L+ 4.25% |
|
6.37 |
% |
6/6/2024 |
|
$ |
17,360,000 |
|
17,191,675 |
|
17,360,000 |
| ||
|
Total Consumer Goods: Durable |
|
|
|
|
|
|
|
|
|
17,191,675 |
|
17,360,000 |
| |||
|
Consumer Goods: Non-Durable 4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
FineLine Technologies, Inc. (15) (19) (21) (29) |
|
L+ 4.25% |
|
6.63 |
% |
11/2/2022 |
|
$ |
31,782,763 |
|
31,539,017 |
|
31,623,850 |
| ||
|
Kronos Acquisition Holdings Inc. (15) (21) (29) |
|
L+ 4.00% |
|
6.24 |
% |
5/15/2023 |
|
$ |
8,181,476 |
|
8,135,936 |
|
8,153,349 |
| ||
|
MND Holdings III Corp (15) (21) |
|
L+ 3.50% |
|
5.89 |
% |
6/19/2024 |
|
$ |
3,801,806 |
|
3,787,264 |
|
3,830,319 |
| ||
|
Total Consumer Goods: Non-Durable |
|
|
|
|
|
|
|
|
|
43,462,217 |
|
43,607,518 |
| |||
|
Containers, Packaging & Glass 3.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
BWAY Holding Company (18) (21) (29) |
|
L+ 3.25% |
|
5.58 |
% |
4/3/2024 |
|
$ |
12,844,925 |
|
12,867,847 |
|
12,852,953 |
| ||
|
Technimark LLC (18)(29) |
|
L+ 3.75% |
|
5.88 |
% |
8/8/2025 |
|
$ |
2,826,456 |
|
2,822,923 |
|
2,835,288 |
| ||
|
Terminator Bidco AS (6) (18) (19) (21) |
|
L+ 5.00% |
|
7.34 |
% |
5/22/2022 |
|
$ |
15,100,000 |
|
14,780,468 |
|
14,760,250 |
| ||
|
Total Containers, Packaging & Glass |
|
|
|
|
|
|
|
|
|
30,471,238 |
|
30,448,491 |
| |||
|
Energy: Electricity 2.3% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Infinite Electronics International Inc. (18) (19) (21) (29) |
|
L+ 4.00% |
|
6.24 |
% |
7/2/2025 |
|
$ |
20,003,129 |
|
19,987,728 |
|
19,987,387 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Total Energy: Electricity |
|
|
|
|
|
|
|
|
|
19,987,728 |
|
19,987,387 |
| ||
|
Energy: Oil & Gas 3.5% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Blackbrush Oil & Gas, L.P. (15) (19) (21) (29) |
|
L+ 8.00% |
|
10.50 |
% |
2/9/2024 |
|
$ |
31,200,000 |
|
30,648,829 |
|
30,731,999 |
| |
|
Total Energy: Oil & Gas |
|
|
|
|
|
|
|
|
|
30,648,829 |
|
30,731,999 |
| ||
|
FIRE: Finance 0.4% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Badger Merger Sub, Inc. (18) (29) |
|
L+ 3.75% |
|
5.90 |
% |
8/8/2025 |
|
$ |
3,650,904 |
|
3,632,649 |
|
3,664,595 |
| |
|
Total FIRE: Finance |
|
|
|
|
|
|
|
|
|
3,632,649 |
|
3,664,595 |
| ||
|
Healthcare & Pharmaceuticals 3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Datix Bidco Limited (6) (18) (19) (21) |
|
BBSW+ 4.50% |
|
6.65 |
% |
4/28/2025 |
|
AUD |
4,211,615 |
|
3,197,418 |
|
2,989,227 |
| |
|
Drive DeVilbiss (15) (29) |
|
L+ 5.50% |
|
7.89 |
% |
1/3/2023 |
|
$ |
6,584,955 |
|
6,134,695 |
|
6,206,320 |
| |
|
Great Expressions Dental Centers PC (15) (19) (29) |
|
L+ 4.75% |
|
6.99 |
% |
9/28/2023 |
|
$ |
8,002,680 |
|
7,913,850 |
|
7,882,640 |
| |
|
Island Medical Management Holdings, LLC (15) (19) (21) |
|
L+ 6.50% |
|
8.74 |
% |
9/1/2022 |
|
$ |
9,294,318 |
|
9,179,562 |
|
8,643,715 |
| |
|
U.S. Anesthesia Partners, Inc. (15) (29) |
|
L+ 3.00% |
|
5.24 |
% |
6/24/2024 |
|
$ |
1,172,458 |
|
1,168,492 |
|
1,180,702 |
| |
|
Total Healthcare & Pharmaceuticals |
|
|
|
|
|
|
|
|
|
27,594,017 |
|
26,902,604 |
| ||
|
High Tech Industries 17.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
CMI Marketing Inc (15) (19) (21) (29) |
|
L+ 5.00% |
|
7.21 |
% |
5/24/2024 |
|
$ |
15,449,280 |
|
15,300,071 |
|
15,449,280 |
| |
|
Drilling Info Holdings, Inc. (18) (21) (29) |
|
L+ 4.25% |
|
6.54 |
% |
7/30/2025 |
|
$ |
18,846,290 |
|
18,759,824 |
|
18,822,732 |
| |
|
Lighthouse Network, LLC (15) (21) (29) |
|
L+ 4.50% |
|
6.84 |
% |
12/2/2024 |
|
$ |
16,129,009 |
|
16,064,812 |
|
16,290,299 |
| |
|
Netsmart Technologies, Inc.(15) (21) (29) |
|
L+ 3.75% |
|
5.99 |
% |
4/19/2023 |
|
$ |
21,678,078 |
|
21,712,744 |
|
21,840,664 |
| |
|
Park Place Technologies (15) (29) |
|
L+ 4.00% |
|
6.24 |
% |
3/31/2025 |
|
$ |
9,848,967 |
|
9,815,640 |
|
9,865,385 |
| |
|
Qlik Technologies (15) (21) (29) |
|
L+ 3.50% |
|
5.99 |
% |
4/26/2024 |
|
$ |
17,782,425 |
|
17,706,277 |
|
17,782,424 |
| |
|
SolarWinds Holdings, Inc. (18) (21) |
|
L+ 3.00% |
|
5.24 |
% |
2/5/2024 |
|
$ |
14,800,376 |
|
14,885,646 |
|
14,897,496 |
| |
|
VPARK BIDCO AB (6) (16) (19) (21) |
|
CIBOR+ 5.00% |
|
5.75 |
% |
3/8/2025 |
|
DKK |
56,999,385 |
|
9,126,347 |
|
8,870,395 |
| |
|
VPARK BIDCO AB (6) (16) (19) (21) |
|
NIBOR+ 5.00% |
|
6.11 |
% |
3/8/2025 |
|
NOK |
74,019,870 |
|
9,178,545 |
|
9,077,515 |
| |
|
Zywave, Inc. (15) (19) (21) (29) |
|
L+ 5.00% |
|
7.34 |
% |
11/17/2022 |
|
$ |
17,582,974 |
|
17,493,987 |
|
17,582,974 |
| |
|
Total High Tech Industries |
|
|
|
|
|
|
|
|
|
150,043,893 |
|
150,479,164 |
| ||
|
Hotel, Gaming & Leisure 6.3% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Aimbridge Hospitality LP (15) (19) (21) |
|
L+ 5.00% |
|
7.24 |
% |
6/22/2022 |
|
$ |
25,648,524 |
|
25,293,988 |
|
25,648,524 |
| |
|
Aimbridge Hospitality LP (15) (19) (21) (29) |
|
L+ 5.00% |
|
7.24 |
% |
6/22/2022 |
|
$ |
4,274,769 |
|
4,213,578 |
|
4,274,769 |
| |
|
Captain D’s LLC (15) (19) (21) (29) |
|
L+ 4.50% |
|
6.71 |
% |
12/15/2023 |
|
$ |
13,422,572 |
|
13,304,704 |
|
13,321,902 |
| |
|
Quidditch Acquisition, Inc. (15) (19) (21) (29) |
|
L+ 7.00% |
|
9.17 |
% |
3/21/2025 |
|
$ |
10,943,465 |
|
10,837,675 |
|
11,134,975 |
| |
|
Tacala Investment Corp. (18) (29) |
|
L+ 3.25% |
|
5.49 |
% |
1/31/2025 |
|
$ |
1,512,697 |
|
1,509,193 |
|
1,521,915 |
| |
|
Total Hotel, Gaming & Leisure |
|
|
|
|
|
|
|
|
|
55,159,138 |
|
55,902,085 |
| ||
|
Insurance 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Alliant Holdings Intermediate, LLC (18) (21) (29) |
|
L+ 3.00% |
|
5.15 |
% |
5/9/2025 |
|
$ |
11,639,708 |
|
11,700,328 |
|
11,677,572 |
| |
|
Wink Holdco, Inc. (15) (29) |
|
L+ 3.00% |
|
5.24 |
% |
12/2/2024 |
|
$ |
2,606,076 |
|
2,601,467 |
|
2,602,006 |
| |
|
Total Insurance |
|
|
|
|
|
|
|
|
|
14,301,795 |
|
14,279,578 |
| ||
|
Media: Broadcasting & Subscription 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Micro Holding Corp. (18) (21) (29) |
|
L+ 3.75% |
|
5.92 |
% |
9/13/2024 |
|
$ |
16,986,978 |
|
16,953,518 |
|
17,129,550 |
| |
|
Total Media: Broadcasting & Subscription |
|
|
|
|
|
|
|
|
|
16,953,518 |
|
17,129,550 |
| ||
|
Media: Diversified & Production 1.3% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
International Entertainment Investments Limited (6) (18) (19) (21) |
|
GBP LIBOR+ 4.75% |
|
5.48 |
% |
05/31/2023 |
|
£ |
8,685,518 |
|
10,620,959 |
|
11,318,099 |
| |
|
Total Media: Diversified & Production |
|
|
|
|
|
|
|
|
|
10,620,959 |
|
11,318,099 |
| ||
|
Real Estate 1.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Spectre (Carrisbrook House) Limited (6) (15) (19) |
|
EURIBOR+ 7.50% |
|
8.50 |
% |
8/9/2021 |
|
€ |
9,300,000 |
|
10,693,059 |
|
10,791,720 |
| |
|
Total Real Estate |
|
|
|
|
|
|
|
|
|
10,693,059 |
|
10,791,720 |
| ||
|
Retail 3.2% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
CH Hold Corp. (15) (29) |
|
L+ 3.00% |
|
5.24 |
% |
2/1/2024 |
|
$ |
1,502,194 |
|
1,499,673 |
|
1,513,460 |
| |
|
CVS Holdings I, LP (15) (21) (29) |
|
L+ 3.00% |
|
5.25 |
% |
2/6/2025 |
|
$ |
14,949,937 |
|
14,929,809 |
|
14,984,203 |
| |
|
Eyemart Express LLC (15) (21) (29) |
|
L+ 3.00% |
|
5.19 |
% |
8/5/2024 |
|
$ |
11,534,811 |
|
11,573,503 |
|
11,596,084 |
| |
|
Total Retail |
|
|
|
|
|
|
|
|
|
28,002,985 |
|
28,093,747 |
| ||
|
Services: Business 10.0% |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
Advantage Sales & Marketing Inc. (15) (21) (29) |
|
L+ 3.25% |
|
5.49 |
% |
7/23/2021 |
|
$ |
15,784,298 |
|
15,518,321 |
|
14,616,260 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
AMCP Clean Acquisition Company, LLC (18) (21) (29) |
|
L+ 4.25% |
|
6.64 |
% |
6/16/2025 |
|
$ |
10,597,097 |
|
10,565,258 |
|
10,643,459 |
| ||
|
Comet Bidco Limited (6) (18) |
|
GBP LIBOR+ 5.25% |
|
5.97 |
% |
9/30/2024 |
|
£ |
6,260,870 |
|
8,051,481 |
|
8,038,707 |
| ||
|
Lakeland Tours, LLC (15) (29) |
|
L+ 4.00% |
|
6.33 |
% |
12/16/2024 |
|
$ |
2,894,455 |
|
2,885,298 |
|
2,923,414 |
| ||
|
New Insight Holdings, Inc. (15) (21) (29) |
|
L+ 5.50% |
|
7.74 |
% |
12/20/2024 |
|
$ |
15,580,858 |
|
15,090,652 |
|
15,683,100 |
| ||
|
Sovos Compliance, LLC (15) (19) (29) |
|
L+ 6.00% |
|
8.24 |
% |
3/1/2022 |
|
$ |
8,622,578 |
|
8,556,075 |
|
8,536,352 |
| ||
|
Valet Waste Holdings, Inc. (18) (19) |
|
L+ 4.00% |
|
6.32 |
% |
9/27/2025 |
|
$ |
27,583,423 |
|
27,514,465 |
|
27,721,340 |
| ||
|
Total Services: Business |
|
|
|
|
|
|
|
|
|
88,181,550 |
|
88,162,632 |
| |||
|
Services: Consumer 1.9% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
GI Chill Acquisition LLC (18) (19) (21) (29) |
|
L+ 4.00% |
|
6.39 |
% |
8/6/2025 |
|
$ |
11,492,287 |
|
11,467,638 |
|
11,571,584 |
| ||
|
Travel Leaders Group, LLC (18) (29) |
|
L+ 4.00% |
|
6.16 |
% |
1/25/2024 |
|
$ |
529,294 |
|
527,971 |
|
536,241 |
| ||
|
Trident LS Merger Sub Corp (18) (29) |
|
L+ 3.25% |
|
5.49 |
% |
5/1/2025 |
|
$ |
4,231,296 |
|
4,218,649 |
|
4,262,370 |
| ||
|
Total Services: Consumer |
|
|
|
|
|
|
|
|
|
16,214,258 |
|
16,370,195 |
| |||
|
Telecommunications 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Horizon Telcom, Inc. (15) (19) (21) (29) |
|
L+ 4.50% |
|
6.67 |
% |
6/15/2023 |
|
$ |
13,903,448 |
|
13,738,518 |
|||||