Bain Capital Specialty Finance, Inc. - FORM 10-Q - May 4, 2020

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2020

 

OR

 

oTRANSITION 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)

 

Delaware   81-2878769
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
     
200 Clarendon Street, 37th Floor
Boston, MA
(Address of principal executive offices)		   02116
(Zip Code)

 

(617) 516-2000

(Registrant’s telephone number, including area code)

 

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

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001 per share   BCSF   New York Stock Exchange

 

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, 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 x Accelerated filer o
Non-accelerated filer o Smaller reporting companyo
  Emerging growth company o

 

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. o

 

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 May 4, 2020, the registrant had 51,649,812.27 shares of common stock, $0.001 par value, outstanding.

 

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
     
PART I FINANCIAL INFORMATION 4
     
Item 1. Consolidated Financial Statements 4
     
  Consolidated Statements of Assets and Liabilities as of March 31, 2020 (unaudited) and December 31, 2019 4
     
  Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (unaudited) 5
     
  Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2020 and 2019 (unaudited) 6
     
  Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019 (unaudited) 7
     
  Consolidated Schedules of Investments as of March 31, 2020 (unaudited) and December 31, 2019 8
     
  Notes to Consolidated Financial Statements (unaudited) 12
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 44
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 68
     
Item 4. Controls and Procedures 68
     
PART II OTHER INFORMATION 69
   
Item 1. Legal Proceedings 69
     
Item 1A. Risk Factors 69
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69
     
Item 3. Defaults Upon Senior Securities 69
     
Item 4. Mine Safety Disclosures 69
     
Item 5. Other Information 69
     
Item 6. Exhibits 70
     
Signatures 73

 

2

 

 

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, 2019 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, 2019. 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.

 

3

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

 

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

 

   As of   As of 
   March 31, 2020   December 31, 2019 
     (Unaudited)       
Assets          
Investments at fair value:          
Non-controlled/non-affiliate investments (amortized cost of $2,498,268 and $2,416,854, respectively)  $2,355,277   $2,403,250 
Non-controlled/affiliate investment (amortized cost of $6,720 and $6,720, respectively)   6,720    6,720 
Controlled affiliate investment (amortized cost of $120,246 and $113,689, respectively)   122,536    117,085 
Cash and cash equivalents   55,128    36,531 
Foreign cash (cost of $943 and $854, respectively)   632    810 
Restricted cash and cash equivalents   18,706    31,505 
Collateral on forward currency exchange contracts   392    - 
Deferred financing costs   3,891    3,182 
Interest receivable on investments   15,156    22,482 
Receivable for sales and paydowns of investments   10,595    21,994 
Unrealized appreciation on forward currency exchange contracts   12,903    1,034 
Dividend receivable   2,405    961 
Total Assets  $2,604,341   $2,645,554 
           
Liabilities          
Debt (net of unamortized debt issuance costs of $4,483 and $4,584, respectively)  $1,654,900   $1,574,635 
Interest payable   11,422    15,534 
Payable for investments purchased   367    293 
Collateral payable on forward currency exchange contracts   473    331 
Unrealized depreciation on forward currency exchange contracts   -    1,252 
Base management fee payable   15,991    7,265 
Incentive fee payable   4,513    4,513 
Accounts payable and accrued expenses   2,722    2,155 
Distributions payable   21,176    21,176 
Total Liabilities   1,711,564    1,627,154 
           
Commitments and Contingencies (See Note 10)          
           
Net Assets          
Preferred stock, $0.001 par value per share, 10,000,000,000 shares authorized, none issued and outstanding
as of March 31, 2020 and December 31, 2019, respectively		  $-   $- 
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized,
51,649,812 and 51,649,812 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively		   52    52 
Paid in capital in excess of par value   1,038,343    1,038,343 
Total distributable earnings (loss)   (145,618)   (19,995)
Total Net Assets   892,777    1,018,400 
Total Liabilities and Total Net assets  $2,604,341   $2,645,554 
           
Net asset value per share  $17.29   $19.72 

 

See Notes to Consolidated Financial Statements 

 

4

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

   For the Three
Months Ended
March 31,		   For the Three
Months Ended
March 31,		 
   2020   2019 
Income          
Investment income from non-controlled/non-affiliate investments:          
Interest from investments  $47,871   $30,388 
Dividend income   33    15 
Other income   440    22 
Total investment income from non-controlled/non-affiliate investments   48,344    30,425 
           
Investment income from controlled affiliate investments:          
Interest from investments   772    107 
Dividend income   2,380    9,358 
Total investment income from controlled affiliate investments   3,152    9,465 
Total investment income   51,496    39,890 
           
Expenses          
Interest and debt financing expenses   17,876    10,546 
Base management fee   8,726    6,751 
Incentive fee   -    4,086 
Professional fees   970    550 
Directors fees   175    105 
Other general and administrative expenses   1,249    841 
Total expenses before fee waivers   28,996    22,879 
Base management fee waiver   -    (2,250)
Incentive fee waiver   -    (1,982)
Total expenses, net of fee waivers   28,996    18,647 
Net investment income   22,500    21,243 
           
           
Net realized and unrealized gains (losses)          
Net realized loss on non-controlled/non-affiliate investments   (10,456)   (850)
Net realized gain (loss) on foreign currency transactions   (415)   6 
Net realized gain on forward currency exchange contracts   1,505    3,633 
Net change in unrealized depreciation on foreign currency translation   (209)   (198)
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts   13,121    (3,283)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments   (129,387)   14,367 
Net change in unrealized appreciation (depreciation) on controlled affiliate investments   (1,106)   4,395 
Total net gains (losses)   (126,947)   18,070 
           
Net increase (decrease) in net assets resulting from operations  $(104,447)  $39,313 
           
Per Common Share Data          
Basic and diluted net investment income per common share  $0.44   $0.41 
Basic and diluted increase (decrease) in net assets resulting from operations per common share  $(2.02)  $0.76 
Basic and diluted weighted average common shares outstanding   51,649,812    51,482,137 

 

See Notes to Consolidated Financial Statements

 

5

 

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

 

 

   For the Three Months
Ended March 31,		   For the Three Months
Ended March 31,		 
   2020   2019 
Operations:        
Net investment income  $22,500   $21,243 
Net realized gain (loss)   (9,366)   2,789 
Net change in unrealized appreciation (depreciation)   (117,581)   15,281 
Net increase (decrease) in net assets resulting from operations   (104,447)   39,313 
Stockholder distributions:          
Distributions from distributable earnings   (21,176)   (21,108)
Net decrease in net assets resulting from stockholder distributions   (21,176)   (21,108)
           
Total increase (decrease) in net assets   (125,623)   18,205 
Net assets at beginning of period   1,018,400    1,001,629 
Net assets at end of period  $892,777   $1,019,834 
           
Net asset value per common share  $17.29   $19.81 
Common stock outstanding at end of period   51,649,812    51,482,137 

 

See Notes to Consolidated Financial Statements

 

6

 

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

   For the Three
Months Ended
March 31,		   For the Three
Months Ended
March 31,		 
   2020   2019 
Cash flows from operating activities          
Net increase (decrease) in net assets resulting from operations  $(104,447)  $39,313 
Adjustments to reconcile net increase in net assets from          
operations to net cash used in operating activities:          
Purchases of investments   (275,880)   (370,322)
Proceeds from principal payments and sales of investments   190,565    153,616 
Net realized loss from investments   10,456    850 
Net realized (gain) loss on foreign currency transactions   415    (6)
Net change in unrealized (appreciation) depreciation on forward currency exchange contracts   (13,121)   3,283 
Net change in unrealized (appreciation) depreciation on investments   130,493    (18,762)
Net change in unrealized depreciation on foreign currency translation   209    198 
Increase in investments due to PIK   (241)   (101)
Accretion of discounts and amortization of premiums   (1,296)   (839)
Amortization of deferred financing costs and debt issuance costs   641    311 
Changes in operating assets and liabilities:          
Collateral on forward currency exchange contracts   (392)   (400)
Interest receivable on investments   7,326    (1,723)
Prepaid insurance   -    2 
Dividend receivable   (1,444)   (441)
Other assets   -    (3,701)
Interest payable   (4,112)   261 
Collateral payable on forward currency exchange contracts   142    - 
Base management fee payable   8,726    1,551 
Incentive fee payable   -    (1,197)
Accounts payable and accrued expenses   567    1,024 
Net cash used in operating activities   (51,393)   (197,083)
           
Cash flows from financing activities          
Borrowings on debt   333,272    465,929 
Repayments on debt   (252,936)   (186,000)
Payments of financing costs   (1,250)   (124)
Payments of offering costs   -    (89)
Stockholder distributions paid   (21,176)   (21,108)
Net cash provided by financing activities   57,910    258,608 
           
Net increase in cash, foreign cash, restricted cash and cash equivalents   6,517    61,525 
Effect of foreign currency exchange rates   (897)   (167)
Cash, foreign cash, restricted cash and cash equivalents, beginning of period   68,846    33,271 
Cash, foreign cash, restricted cash and cash equivalents, end of period  $74,466   $94,629 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $21,347   $9,974 
           
           

 

   As of March 31,   As of March 31, 
   2020   2019 
Cash  $55,128   $79,141 
Restricted cash   18,706    14,009 
Foreign cash   632    1,479 
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows  $74,466   $94,629 

 

See Notes to Consolidated Financial Statements

 

7

 

 

 

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of March 31, 2020

(In thousands)

(unaudited)

 

Control Type  Industry  Portfolio
Company		  Investment
Type		  Spread
Above Index
(1)		   Interest
Rate		   Maturity
Date		   Principal/Shares (9)   Cost   Market
Value		   % of
NAV (4)		 
Non-Controlled/Non-Affiliate Investments                                            
   Aerospace & Defense  Forming & Machining Industries Inc. (18) (19) (21)  Second Lien Senior Secured Loan    L+ 8.25%    9.32%   10/9/2026   $6,540    6,481    5,069      
      Forming & Machining Industries Inc. (12) (18) (29)  First Lien Senior Secured Loan    L+ 4.00%    5.07%   10/9/2025   $16,735    16,611    13,221      
      GSP Holdings, LLC (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%    6.81%   11/6/2025   $36,177    35,858    34,187      
      GSP Holdings, LLC (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%    6.60%   11/6/2025   $4,534    4,491    4,284      
      Kellstrom Aerospace Group, Inc (14) (19) (25)   Equity Interest   -    -    -    1    1,963    1,313      
      Kellstrom Commercial Aerospace, Inc. (2) (3) (5) (18) (19)   First Lien Senior Secured Loan - Delayed Draw   -    -    7/1/2025   $-    (34)   (96)     
      Kellstrom Commercial Aerospace, Inc. (15) (19) (21) (26)  First Lien Senior Secured Loan - Revolver    P+ 4.50%    7.49%   7/1/2025   $6,398    6,284    6,238      
      Kellstrom Commercial Aerospace, Inc. (12) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.00%    6.91%   7/1/2025   $33,864    33,247    33,017      
      Novetta, LLC  (12) (15) (29)  First Lien Senior Secured Loan    L+ 5.00%    6.00%   10/17/2022   $6,564    6,487    5,852      
      Precision Ultimate Holdings, LLC (14) (19) (25)  Equity Interest   -    -    -    1,417    1,417    1,048      
      Salient CRGT, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 6.50%    7.57%   2/28/2022   $12,633    12,665    10,422      
      WCI-HSG HOLDCO, LLC (14) (19) (25)  Preferred Equity   -    -    -    675    675    953      
      WCI-HSG Purchaser, Inc. (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.25%    5.26%   2/24/2025   $2,687    2,654    2,546      
      WCI-HSG Purchaser, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%    5.57%   2/24/2025   $17,734    17,518    16,803      
      Whitcraft LLC (3) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 6.00%    7.45%   4/3/2023   $1,450    1,432    1,432      
      Whitcraft LLC (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 6.00%    7.45%   4/3/2023   $40,486    40,086    40,082      
      WP CPP Holdings, LLC. (12) (15) (21) (29)   Second Lien Senior Secured Loan    L+ 7.75%    9.53%   4/30/2026   $11,724    11,625    8,050      
                            Aerospace & Defense Total   $199,460   $184,421    20.7%
                                             
   Automotive  CST Buyer Company (3) (15) (19) (21)  First Lien Senior Secured Loan - Revolver    L+ 5.00%    6.07%   10/3/2025   $1,314    1,285    1,281      
      CST Buyer Company (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%    6.82%   10/3/2025   $36,797    36,210    36,245      
      JHCC Holdings, LLC (2) (3) (5) (18) (19) (28)  First Lien Senior Secured Loan - Delayed Draw   -    -    9/9/2025   $-    (39)   (266)     
      JHCC Holdings, LLC (3) (7) (18) (19)  First Lien Senior Secured Loan - Revolver    P+ 4.50%    10.00%   9/9/2025   $371    331    250      
      JHCC Holdings, LLC (7) (18) (19)  First Lien Senior Secured Loan - Delayed Draw    P+ 4.50%    7.75%   9/9/2025   $2,238    2,230    2,143      
      JHCC Holdings, LLC (7) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%    6.36%   9/9/2025   $29,602    29,200    28,344      
                            Automotive Total   $69,217   $67,997    7.6%
                                             
   Banking  Green Street Parent, LLC (3) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.25%    6.45%   8/27/2025   $1,210    1,166    1,028      
      Green Street Parent, LLC (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 5.25%    6.32%   8/27/2026   $14,444    14,174    13,360      
                            Banking Total   $15,340   $14,388    1.6%
                                             
   Beverage, Food & Tobacco  NPC International, Inc. (12) (15) (21) (33)   Second Lien Senior Secured Loan    L+ 7.50%    9.28%   4/18/2025   $9,159    9,189    235      
      NPC International, Inc. (15) (33)  First Lien Senior Secured Loan    L+ 3.50%    5.28%   4/19/2024   $4,937    4,961    2,117      
      NPC International, Inc. (19) (32)  First Lien Senior Secured Loan    L+ 10.00%    11.50%   1/21/2021   $389    365    389      
                            Beverage, Food & Tobacco Total   $14,515   $2,741    0.3%
                                             
   Capital Equipment  Dorner Manufacturing Corp. (2) (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    3/15/2022   $-    (11)   (11)     
      Dorner Manufacturing Corp. (12) (15) (19)  First Lien Senior Secured Loan    L+ 5.75%    6.75%   3/15/2023   $7,672    7,556    7,595      
      East BCC Coinvest II,LLC (14) (19) (25)  Equity Interest   -    -    -    1,419    1,419    1,030      
      Electronics For Imaging, Inc. (12) (18) (19) (21) (29)  Second Lien Senior Secured Loan    L+ 9.00%    10.45%   7/23/2027   $13,070    12,271    11,599      
      Engineered Controls International, LLC (12) (19) (21) (29) (32)  First Lien Senior Secured Loan    L+ 7.00%    8.50%   11/5/2024   $33,389    32,690    32,638      
      EXC Holdings III Corp. (12) (15) (21) (29)  Second Lien Senior Secured Loan    L+ 7.50%    9.41%   12/1/2025   $8,241    8,252    6,484      
      FCG Acquisitions, Inc. (14) (19) (25)  Preferred Equity   -    -    -    4    4,251    6,381      
      FFI Holdings I Corp (7) (15) (19) (30)  First Lien Senior Secured Loan - Revolver    L+ 5.75%    6.96%   1/24/2025   $5,432    5,365    5,310      
      FFI Holdings I Corp (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%    7.25%   1/24/2025   $68,927    68,383    67,376      
      Tidel Engineering, L.P. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.25%    5.25%   3/1/2023   $2,833    2,833    2,833      
      Tidel Engineering, L.P. (7) (15) (19) (29)  First Lien Senior Secured Loan    L+ 6.25%    7.70%   3/1/2024   $37,835    37,835    37,268      
      Velvet Acquisition B.V. (6) (18) (19) (21)   Second Lien Senior Secured Loan    EURIBOR+ 8.00%    8.00%   4/17/2026   €6,013    7,328    6,597      
                            Capital Equipment Total   $188,172   $185,100    20.7%
                                             
   Chemicals, Plastics & Rubber  AP Plastics Group, LLC (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.00%    5.00%   8/2/2021   $7,084    7,084    7,084      
      AP Plastics Group, LLC (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 5.25%    6.83%   8/1/2022   $19,856    19,593    19,558      
      Niacet b.v. (15) (19) (21)   First Lien Senior Secured Loan    EURIBOR+ 4.50%    5.50%   2/1/2024   €3,680    3,945    3,957      
      Plaskolite, Inc. (15) (29)  First Lien Senior Secured Loan    L+ 4.25%    5.25%   12/15/2025   $3,126    3,080    2,728      
                            Chemicals, Plastics & Rubber Total   $33,702   $33,327    3.7%
                                             
   Construction & Building  Chase Industries, Inc.(15) (19) (29)  First Lien Senior Secured Loan - Delayed Draw    L+ 4.00%    4.99%   5/12/2025   $1,118    1,114    1,039      
      Chase Industries, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.00% (1.5% PIK)    6.49%   5/12/2025   $11,826    11,779    10,999      
      Elk Parent Holdings, LP (14) (19) (25)  Equity Interest   -    -    -    1    12    -      
      Elk Parent Holdings, LP (14) (19) (25)  Preferred Equity   -    -    -    120    1,202    939      
      PP Ultimate Holdings B, LLC (14) (19) (25)  Equity Interest   -    -    -    1    1,352    1,539      
      Profile Products LLC (3) (7) (19) (31)  First Lien Senior Secured Loan - Revolver    P+ 4.50%    7.75%   12/20/2024   $2,683    2,623    2,549      
      Profile Products LLC (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%    6.95%   12/20/2024   $36,444    35,821    35,168      
      Regan Development Holdings Limited (6) (17) (19)  First Lien Senior Secured Loan    EURIBOR+ 6.50%    7.00%   4/18/2022   €2,051    2,235    2,245      
      Regan Development Holdings Limited (6) (17) (19)   First Lien Senior Secured Loan    EURIBOR+ 6.50%    7.00%   4/18/2022   €665    755    728      
      Regan Development Holdings Limited (6) (17) (19)   First Lien Senior Secured Loan    EURIBOR+ 6.50%    7.00%   4/18/2022   €6,226    6,714    6,797      
      YLG Holdings, Inc. (2) (3) (15) (19) (28)  First Lien Senior Secured Loan - Delayed Draw   -    -    10/31/2025   $-    -    (167)     
      YLG Holdings, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.75%    6.75%   10/31/2025   $7,691    7,611    7,413      
      YLG Holdings, Inc. (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%    7.51%   10/31/2025   $38,765    38,416    37,505      
                            Construction & Building Total   $109,634   $106,754    12.0%
                                             
   Consumer Goods: Durable  New Milani Group LLC (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 5.00%    6.45%   6/6/2024   $17,056    16,931    16,459      
      TLC Holdco LP (14) (19) (25)  Equity Interest   -    -    -    1,188    1,186    956      
      TLC Purchaser, Inc. (2) (3) (5) (19)  First Lien Senior Secured Loan - Delayed Draw   -    -    10/13/2025   $-    (66)   (303)     
      TLC Purchaser, Inc. (3) (19) (21)  First Lien Senior Secured Loan - Revolver    P+ 4.75%    8.00%   10/13/2025   $7,832    7,668    7,454      
      TLC Purchaser, Inc. (12) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%    6.75%   10/13/2025   $42,615    41,813    40,804      
                            Consumer Goods: Durable Total   $67,532   $65,370    7.3%
                                             
   Consumer Goods: Non-Durable  FineLine Technologies, Inc. (19) (21) (31)  First Lien Senior Secured Loan - Revolver    P+ 3.25%    6.50%   11/4/2022   $2,621    2,602    2,581      
      FineLine Technologies, Inc. (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.25%    5.62%   11/4/2022   $31,305    31,155    30,835      
      MND Holdings III Corp (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 3.50%    4.95%   6/19/2024   $10,696    10,712    9,413      
      RoC Opco LLC  (15) (19) (21)  First Lien Senior Secured Loan - Revolver    L+ 7.25%    8.20%   2/25/2025   $10,241    10,073    10,241      
      RoC Opco LLC (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 7.25%    8.70%   2/25/2025   $40,793    39,924    40,793      
      Solaray, LLC (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 6.50%    7.98%   9/11/2023   $14,536    14,536    13,773      
      Solaray, LLC (3) (7) (15) (19) (34)  First Lien Senior Secured Loan - Revolver    L+ 4.50%    6.19%   9/9/2022   $12,127    12,086    12,127      
      Solaray, LLC (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 6.50%    8.26%   9/11/2023   $42,500    42,500    40,269      
      WU Holdco, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 5.50%    7.19%   3/26/2026   $5,630    5,572    5,363      
      WU Holdco, Inc. (3) (7) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%    6.72%   3/26/2025   $3,918    3,865    3,731      
      WU Holdco, Inc. (7) (15) (21) (19)  First Lien Senior Secured Loan    L+ 5.50%    6.99%   3/26/2026   $39,619    38,862    37,737      
                            Consumer Goods: Non-Durable Total   $211,887   $206,863    23.2%
                                             
   Containers, Packaging, & Glass  Automate Intermediate Holdings II S.à r.l. (6) (18) (19) (21)  Second Lien Senior Secured Loan    L+ 7.75%    8.74%   7/22/2027   $11,870    11,642    11,485      
                            Containers, Packaging, & Glass Total   $11,642   $11,485    1.3%
                                             
   Energy: Electricity  Infinite Electronics International Inc. (12) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.00%    4.99%   7/2/2025   $19,702    19,690    18,471      
      Infinite Electronics International Inc. (18) (19) (21)  Second Lien Senior Secured Loan    L+ 8.00%    8.94%   7/2/2026   $2,480    2,434    2,313      
                            Energy: Electricity Total   $22,124   $20,784    2.3%
                                             
   Energy: Oil & Gas  Amspec Services, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.75%    6.20%   7/2/2024   $5,553    5,503    5,553      
      Amspec Services, Inc. (7) (15) (19) (29)  First Lien Senior Secured Loan    L+ 5.75%    7.20%   7/2/2024   $43,988    43,515    42,888      
      Blackbrush Oil & Gas, L.P. (12) (15) (21) (29) (33)  First Lien Senior Secured Loan    L+ 8.00%    9.89%   2/9/2024   $32,075    31,585    23,736      
                            Energy: Oil & Gas Total   $80,603   $72,177    8.1%
                                             
   Environmental Industries  Adler & Allan Group Limited (6) (17) (19) (21) (22)   First Lien Last Out    GBP LIBOR+ 8.25% (2% PIK)    10.92%   9/30/2022   £13,279    16,821    16,258      
                            Environmental Industries Total   $16,821   $16,258    1.8%
                                             
   FIRE: Finance  Allworth Financial Group, L.P. (2) (3) (5) (7) (18) (19)  First Lien Senior Secured Loan - Revolver   -    -    12/31/2025   $-    (23)   (24)     
      Allworth Financial Group, L.P. (7) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%    6.95%   12/31/2025   $15,032    14,888    14,881      
                            FIRE: Finance Total   $14,865   $14,857    1.7%
                                             
                                             
   FIRE: Insurance  Ivy Finco Limited (6) (18) (19) (21)   First Lien Senior Secured Loan    GBP LIBOR+ 5.00%    5.27%   5/19/2025   £7,217    8,957    8,769      
      Ivy Finco Limited (3) (6) (18) (19)   First Lien Senior Secured Loan    GBP LIBOR+ 5.00%    5.47%   5/19/2025   £4,862    5,985    5,852      
      Margaux Acquisition Inc. (3) (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 6.00%    7.41%   12/19/2024   $2,180    2,023    1,691      
      Margaux Acquisition, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%    6.50%   12/19/2024   $2,873    2,816    2,722      
      Margaux Acquisition Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 5.50%    7.41%   12/19/2024   $28,844    28,342    27,329      
      Margaux UK Finance Limited (3) (6) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    GBP LIBOR+ 5.50%    6.50%   12/19/2024   £495    567    596      
      Margaux UK Finance Limited (6) (15) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 5.50%    6.50%   12/19/2024   £7,687    9,850    9,244      
                            FIRE: Insurance Total   $58,540   $56,203    6.3%
                                             
   FIRE: Real Estate  Spectre (Carrisbrook House) Limited (6) (15) (19)  First Lien Senior Secured Loan    EURIBOR+ 7.50%    8.50%   8/9/2021    €9,300    10,805    10,024      
                            FIRE: Real Estate Total   $10,805   $10,024    1.1%
                                             
   Forest Products & Paper  Solenis International LLC (18) (21)   Second Lien Senior Secured Loan    L+ 8.50%    10.11%   6/26/2026   $10,601    10,309    7,367      
                            Forest Products & Paper Total   $10,309   $7,367    0.8%
                                             
   Healthcare & Pharmaceuticals  CB Titan Holdings, Inc. (14) (19) (25)  Preferred Equity   -    -    -    1,953    1,953    1,738      
      CPS Group Holdings, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Revolver    P+ 4.50%    7.75%   3/3/2025   $4,934    4,861    4,847      
      CPS Group Holdings, Inc. (7) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%    6.95%   3/3/2025   $55,765    55,269    54,790      
      Datix Bidco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan - Revolver    GBP LIBOR+ 4.50%    5.22%   10/28/2024   £973    1,152    1,182      
      Datix Bidco Limited (6) (18) (19) (21)  Second Lien Senior Secured Loan    GBP LIBOR+ 7.75%    8.63%   4/27/2026   £12,134    16,317    14,705      
      Datix Bidco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    BBSW+ 4.50%    5.50%   4/28/2025     AUD                                                     4,212    3,206    2,519      
      Golden State Buyer, Inc. (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.75%    5.74%   6/22/2026   $15,191    15,052    14,432      
      Great Expressions Dental Centers PC (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.75% (0.5% PIK)    6.32%   9/28/2022   $1,173    1,160    939      
      Great Expressions Dental Centers PC (12) (15) (19)  First Lien Senior Secured Loan    L+ 5.25%    7.17%   9/28/2023   $7,662    7,544    6,125      
      Island Medical Management Holdings, LLC  (15) (19) (29)  First Lien Senior Secured Loan    L+ 6.50%    7.95%   9/1/2022   $9,134    9,053    8,220      
      Medical Depot Holdings, Inc. (12) (15) (21)  First Lien Senior Secured Loan    L+ 7.50%    8.95%   1/3/2023   $16,271    15,105    9,971      
      Mendel Bidco, Inc. (18) (19) (21)   First Lien Senior Secured Loan    EURIBOR+ 4.50%    4.50%   6/17/2027   €10,033    11,141    10,732      
      Mendel Bidco, Inc. (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%    5.77%   6/17/2027   $19,966    19,505    19,467      
      Mertus 522. GmbH (6) (18) (19)  First Lien Senior Secured Loan - Delayed Draw    EURIBOR+ 5.75%    5.75%   5/28/2026   €13,131    14,092    14,118      
      Mertus 522. GmbH (6) (18) (19) (21)   First Lien Senior Secured Loan    EURIBOR+ 5.75%    5.75%   5/28/2026   €22,468    24,559    24,157      
      TecoStar Holdings, Inc. (12) (15) (19) (21) (29)  Second Lien Senior Secured Loan    P+ 7.50%    10.75%   11/1/2024   $9,472    9,293    9,188      
      U.S. Anesthesia Partners, Inc. (12) (15) (19) (21)  Second Lien Senior Secured Loan    L+ 7.25%    8.24%   6/23/2025   $16,520    16,344    12,473      
                            Healthcare & Pharmaceuticals Total   $225,606   $209,603    23.5%
                                             
   High Tech Industries  AMI US Holdings Inc. (3) (6) (12) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.25%    6.45%   4/1/2024   $1,605    1,576    1,561      
      AMI US Holdings Inc. (6) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.25%    6.83%   4/1/2025   $13,124    12,894    12,796      
      Appriss Holdings, Inc. (3) (7) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%    6.49%   5/30/2025   $2,329    2,271    2,164      
      Appriss Holdings, Inc. (7) (18) (19) (21)  First Lien Senior Secured Loan    L+ 5.50%    6.49%   5/29/2026   $48,753    48,171    47,047      
      CB Nike IntermediateCo Ltd (6) (15) (19) (21)  First Lien Senior Secured Loan - Revolver    L+ 5.00%    6.45%   10/31/2025   $4,428    4,345    4,328      
      CB Nike IntermediateCo Ltd (6) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.00%    6.78%   10/31/2025   $35,334    34,672    34,539      
      CMI Marketing Inc (3) (15) (19) (29)  First Lien Senior Secured Loan - Revolver    L+ 4.50%    5.50%   5/24/2023   $1,408    1,395    1,408      
      CMI Marketing Inc (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%    5.50%   5/24/2024   $15,217    15,104    15,217      
      Drilling Info Holdings, Inc (12) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.25%    5.24%   7/30/2025   $22,552    22,479    20,748      
      Element Buyer, Inc. (3) (7) (19) (27)(31)  First Lien Senior Secured Loan - Delayed Draw    P+ 4.25%    8.45%   7/18/2025   $9,010    9,057    8,785      
      Element Buyer, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.25%    6.25%   7/19/2024   $4,250    4,189    4,165      
      Element Buyer, Inc. (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 5.25%    6.25%   7/18/2025   $37,677    37,992    36,923      
      Everest Bidco (6) (15) (19) (21)   Second Lien Senior Secured Loan    GBP LIBOR+ 7.50%    8.10%   7/3/2026   £10,216    13,105    12,223      
      MeridianLink, Inc. (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.00%    5.07%   5/30/2025   $1,820    1,801    1,711      
      MRI Software LLC (7) (15) (19)  First Lien Senior Secured Loan    L+ 5.50%    6.57%   2/10/2026   $22,469    22,364    22,132      
      MRI Software LLC (2) (3) (5) (15) (19) (28)  First Lien Senior Secured Loan - Delayed Draw   -    -    2/10/2026   $-    (44)   (39)     
      MRI Software LLC (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%    6.57%   2/10/2026   $891    932    864      
      Netsmart Technologies, Inc. (15) (21)  Second Lien Senior Secured Loan    L+ 7.50%    8.95%   10/19/2023   $2,749    2,749    2,234      
      nThrive, Inc. (15) (19) (21)  Second Lien Senior Secured Loan    L+ 9.75%    10.75%   4/20/2023   $8,000    7,987    6,940      
      Park Place Technologies (15) (21)  Second Lien Senior Secured Loan    L+ 8.00%    9.00%   3/30/2026   $6,733    6,686    6,607      
      Symplr Software, Inc. (7) (18) (19)   First Lien Senior Secured Loan - Revolver    L+ 5.50%    6.60%   11/30/2023   $4,965    4,913    4,679      
      Symplr Software, Inc. (7) (18) (19) (21)  First Lien Senior Secured Loan    L+ 5.50%    6.57%   11/28/2025   $60,906    60,087    57,404      
      Utimaco, Inc. (6) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.50%    6.42%   8/9/2027   $14,850    14,504    14,478      
      Ventiv Topco, Inc. (14) (19) (25)  Equity Interest   -    -    -    28    2,833    2,633      
      Ventiv Holdco, Inc. (3) (7) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%    6.25%   9/3/2025   $426    378    255      
      Ventiv Holdco, Inc. (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 5.50%    6.57%   9/3/2025   $24,238    23,899    23,027      
      VPARK BIDCO AB (6) (16)(19) (21)   First Lien Senior Secured Loan    CIBOR+ 4.00%    4.75%   3/10/2025     DKK                                                    56,999    9,166    8,274      
      VPARK BIDCO AB (6) (16) (19) (21)   First Lien Senior Secured Loan    NIBOR+ 4.00%    4.99%   3/10/2025     NOK                                                   74,020    9,198    6,971      
      Zywave, Inc. (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.00%    6.00%   11/17/2022   $1,279    1,271    1,269      
      Zywave, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 5.00%    6.78%   11/17/2022   $17,326    17,245    17,196      
                            High Tech Industries Total   $393,219   $378,539    42.4%
                                             
   Hotel, Gaming & Leisure  Aimbridge Acquisition Co., Inc. (12) (18) (19) (21) (29)  Second Lien Senior Secured Loan    L+ 7.50%    9.08%   2/1/2027   $20,193    19,665    17,467      
      Captain D's LLC (3) (19) (31)  First Lien Senior Secured Loan - Revolver    P+ 3.50%    6.75%   12/15/2023   $1,393    1,376    1,186      
      Captain D's LLC (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%    5.50%   12/15/2023   $13,114    13,022    11,704      
      Quidditch Acquisition, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 7.00%    8.45%   3/21/2025   $18,977    18,959    16,510      
                            Hotel, Gaming & Leisure Total   $53,022   $46,867    5.3%
                                             
   Media: Advertising, Printing & Publishing  A-L Parent LLC (12) (15) (19) (21)  Second Lien Senior Secured Loan    L+ 7.25%    8.25%   12/2/2024   $4,050    4,021    2,633      
      Ansira Holdings, Inc. (3) (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 5.75%    6.98%   12/20/2022   $2,929    2,920    2,296      
      Ansira Holdings, Inc. (15) (19) (24)  First Lien Senior Secured Loan - Revolver    L+ 5.75%    7.27%   12/20/2022   $7,084    7,084    7,084      
      Ansira Holdings, Inc. (7) (15) (19)   First Lien Senior Secured Loan    L+ 5.75%    7.36%   12/20/2022   $35,785    35,704    30,686      
      Cruz Bay Publishing, Inc. (3) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    P+ 5.00%    8.25%   5/4/2020   $864    860    864      
      Cruz Bay Publishing (15) (19)  First Lien Senior Secured Loan - Revolver    P+ 3.00%    6.25%   5/4/2020   $2,833    2,833    2,833      
      Cruz Bay Publishing, Inc. (7) (15) (19)  First Lien Senior Secured Loan    P+ 4.75%    8.00%   5/4/2020   $4,753    4,753    4,753      
      Cruz Bay Publishing, Inc. (7) (15) (19)  First Lien Senior Secured Loan    P+ 5.75%    9.00%   5/4/2020   $1,587    1,587    1,587      
                            Media: Advertising, Printing & Publishing Total   $59,762   $52,736    5.9%
                                             
   Media: Broadcasting & Subscription  Vital Holdco Limited (6) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.25%    7.03%   5/29/2026   $35,357    34,579    34,650      
      Vital Holdco Limited (6) (18) (19) (21)   First Lien Senior Secured Loan    EURIBOR+ 5.25%    5.25%   5/29/2026   €7,917    8,620    8,512      
                            Media: Broadcasting & Subscription Total   $43,199   $43,162    4.8%
                                             
   Media: Diversified & Production  Efficient Collaborative Retail Marketing Company, LLC (3) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.25%    6.25%   6/15/2022   $2,267    2,267    2,267      
      Efficient Collaborative Retail Marketing Company, LLC (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 6.75%    7.82%   6/15/2022   $15,095    15,176    14,566      
      Efficient Collaborative Retail Marketing Company, LLC (7) (15) (19)   First Lien Senior Secured Loan    L+ 6.75%    7.82%   6/15/2022   $9,788    9,840    9,445      
      International Entertainment Investments Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 4.25%    5.11%   5/31/2023   £8,686    10,637    10,499      
                            Media: Diversified & Production Total   $37,920   $36,777    4.1%
                                             
   Retail  Batteries Plus Holding Corporation (3) (7) (19) (31)  First Lien Senior Secured Loan - Revolver    P+ 5.75%    9.00%   7/6/2022   $3,540    3,540    3,519      
      Batteries Plus Holding Corporation (7) (15) (19)   First Lien Senior Secured Loan    L+ 6.75%    7.75%   7/6/2022   $28,749    28,749    28,606      
                            Retail Total   $32,289   $32,125    3.6%
                                             
   Services: Business  AMCP Clean Acquisition Company, LLC (12) (18) (19) (29)  First Lien Senior Secured Loan - Delayed Draw    L+ 4.25%    5.32%   6/16/2025   $3,884    3,877    2,884      
      AMCP Clean Acquisition Company, LLC (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.25%    5.32%   6/16/2025   $16,052    16,023    11,919      
      Comet Bidco Limited (6) (18) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 5.00%    5.73%   9/30/2024   £7,362    9,482    6,594      
      Elevator Holdco Inc. (14) (19) (25)  Equity Interest   -    -    -   3    2,448    1,910      
      Hightower Holding, LLC (2) (3) (5) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   -    -    1/31/2025   $-    (14)   (266)     
      Hightower Holding, LLC (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.00%    6.00%   1/31/2025   $34,503    34,355    33,123      
      Refine Intermediate, Inc. (3) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.75%    5.41%   9/3/2026   $1,019    758    756      
      Refine Intermediate, Inc. (15) (19) (21)  First Lien Senior Secured Loan    L+ 4.75%    5.61%   3/3/2027   $21,894    21,350    21,347      
      SumUp Holdings Luxembourg S.à.r.l. (6) (15) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 8.00%    9.00%   8/1/2024   €15,957    17,673    17,200      
      SumUp Holdings Luxembourg S.à.r.l. (6) (15) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 8.00%    9.00%   8/1/2024   €16,954    18,464    18,275      
      TEI Holdings Inc. (7) (19) (31)  First Lien Senior Secured Loan - Revolver    L+ 6.00%    7.00%   12/23/2025   $4,528    4,482    4,211      
      TEI Holdings Inc. (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 6.00%    7.20%   12/23/2026   $48,927    48,255    45,502      
      Valet Waste Holdings, Inc (12) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 3.75%    4.74%   9/29/2025   $21,322    21,285    19,190      
                            Services: Business Total   $198,438   $182,645    20.5%
                                             
   Services: Consumer  Pearl Intermediate Parent LLC (18) (19) (29)  Second Lien Senior Secured Loan    L+ 6.25%    7.24%   2/13/2026   $2,571    2,586    2,147      
      Surrey Bidco Limited (6) (17) (19) (21)   First Lien Senior Secured Loan    GBP LIBOR+ 6.00%    6.69%   5/11/2026   £5,000    6,142    5,781      
      Trafalgar Bidco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 5.00%    5.24%   9/11/2024   £6,011    7,733    7,192      
      Zeppelin BidCo Pty Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    BBSY+ 5.00%    5.94%   6/28/2024     AUD                                                   20,621    14,018    12,048      
                            Services: Consumer Total   $30,479   $27,168    3.0%
                                             
   Telecommunications  Conterra Ultra Broadband Holdings, Inc. (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%    5.49%   4/30/2026   $6,434    6,405    5,662      
      Horizon Telcom, Inc. (3) (12) (15) (19) (29)  First Lien Senior Secured Loan - Delayed Draw    L+ 4.75%    6.22%   6/15/2023   $930    916    904      
      Horizon Telcom, Inc. (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.75%    5.75%   6/15/2023   $116    114    114      
      Horizon Telcom, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.75%    6.33%   6/15/2023   $13,695    13,553    13,489      
      Masergy Holdings, Inc. (15) (29)  Second Lien Senior Secured Loan    L+ 7.50%    8.56%   12/16/2024   $857    862    710      
                            Telecommunications Total   $21,850   $20,879    2.3%
                                             
   Transportation: Cargo  A&R Logistics, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.75%    6.75%   5/5/2025   $4,941    4,834    4,743      
      A&R Logistics, Inc. (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%    7.66%   5/5/2025   $43,865    43,059    42,440      
      A&R Logistics, Inc. (7) (15) (19)   First Lien Senior Secured Loan    L+ 5.75%    7.66%   5/5/2025   $2,467    2,420    2,387      
      A&R Logistics, Inc. (7) (15) (19)  First Lien Senior Secured Loan    L+ 5.75%    7.45%   5/5/2025   $6,080    5,995    5,883      
      ARL Holdings, LLC. (14) (19) (25)  Equity Interest   -    -    -   -    446    485      
      ARL Holdings, LLC. (14) (19) (25)  Equity Interest   -    -    -   9    9    6      
      ENC Holding Corporation (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.00%    5.45%   5/30/2025   $10,247    10,235    9,325      
      Grammer Investment Holdings LLC (14) (19) (25)  Equity Interest   -    -    -   1,011    1,011    596      
      Grammer Investment Holdings LLC (19) (25)  Preferred Equity    10% PIK    10.00%   -   7    679    694      
      Grammer Investment Holdings LLC (14) (19) (25)  Warrants   -    -    -   122    -    -      
      Grammer Purchaser, Inc. (3) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.50%    5.75%   9/30/2024   $368    371    357      
      Grammer Purchaser, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan - Revolver    L+ 4.50%    6.12%   9/30/2024   $10,180    10,017    10,078      
      Omni Logistics, LLC (15) (19)  Subordinated Debt    L+ 11.50%    12.50%   1/19/2024   $15,000    14,763    15,000      
      PS HoldCo, LLC (12) (15) (29)  First Lien Senior Secured Loan    L+ 4.75%    5.75%   3/13/2025   $23,218    23,206    21,477      
                            Transportation: Cargo Total   $117,045   $113,471    12.7%
                                          &