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 June 30, 2020

 

OR

 

¨

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)

 

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 ¨

 

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

 

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

 

Large accelerated filer x	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company¨
	Emerging growth company ¨

 

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

 

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

 

As of August 5, 2020, the registrant had 64,562,265.27 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 June 30, 2020 (unaudited) and December 31, 2019	4
		Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (unaudited)	5
		Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2020 and 2019 (unaudited)	6
		Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (unaudited)	7
		Consolidated Schedules of Investments as of June 30, 2020 (unaudited) and December 31, 2019	8
		Notes to Consolidated Financial Statements (unaudited)	22
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	55
Item 3.		Quantitative and Qualitative Disclosures About Market Risk	84
Item 4.		Controls and Procedures	84
PART II		OTHER INFORMATION	85
Item 1.		Legal Proceedings	85
Item 1A.		Risk Factors	85
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 3.		Defaults Upon Senior Securities	87
Item 4.		Mine Safety Disclosures	87
Item 5.		Other Information	87
Item 6.		Exhibits	88
Signatures			91

 

 

 

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.

 

 

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
		June 30, 2020				December 31, 2019
		(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $2,467,545 and $2,416,854, respectively)		$	2,334,972			$	2,403,250
Non-controlled/affiliate investment (amortized cost of $6,720 and $6,720, respectively)			9,728				6,720
Controlled affiliate investment (amortized cost of $136,127 and $113,689, respectively)			131,287				117,085
Cash and cash equivalents			76,364				36,531
Foreign cash (cost of $520 and $854, respectively)			305				810
Restricted cash and cash equivalents			26,230				31,505
Collateral receivable on forward currency exchange contracts			1,604				-
Deferred financing costs			3,562				3,182
Interest receivable on investments			16,214				22,482
Receivable for sales and paydowns of investments			2,468				21,994
Unrealized appreciation on forward currency exchange contracts			3,070				1,034
Dividend receivable			4,214				961
Total Assets		$	2,610,018			$	2,645,554
Liabilities
Debt (net of unamortized debt issuance costs of $7,876 and $4,584, respectively)		$	1,542,281			$	1,574,635
Offering costs payable			1,286				-
Interest payable			10,888				15,534
Payable for investments purchased			95				293
Collateral payable on forward currency exchange contracts			-				331
Unrealized depreciation on forward currency exchange contracts			32				1,252
Base management fee payable			8,640				7,265
Incentive fee payable			-				4,513
Accounts payable and accrued expenses			3,892				2,155
Distributions payable			21,951				21,176
Total Liabilities			1,589,065				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 June 30, 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, 64,562,265 and 51,649,812 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively			65				52
Paid in capital in excess of par value			1,166,685				1,038,343
Total distributable earnings (loss)			(145,797	)			(19,995	)
Total Net Assets			1,020,953				1,018,400
Total Liabilities and Total Net assets		$	2,610,018			$	2,645,554
Net asset value per share		$	15.81			$	19.72

 

See Notes to Consolidated Financial Statements

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

 

		For the Three Months Ended June 30,				For the Three Months Ended June 30,				For the Six Months Ended June 30,				For the Six Months Ended June 30,
		2020				2019				2020				2019
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments		$	44,147			$	44,938			$	92,018			$	75,326
Dividend income			681				-				714				16
Other income			59				369				499				391
Total investment income from non-controlled/non-affiliate investments			44,887				45,307				93,231				75,733
Investment income from controlled affiliate investments:
Interest from investments			738				135				1,510				242
Dividend income			2,246				5,152				4,626				14,510
Other income			-				4				-				4
Total investment income from controlled affiliate investments			2,984				5,291				6,136				14,756
Total investment income			47,871				50,598				99,367				90,489
Expenses
Interest and debt financing expenses			17,312				16,619				35,188				27,165
Base management fee			8,639				7,983				17,365				14,734
Incentive fee			-				4,490				-				8,575
Professional fees			643				275				1,613				826
Directors fees			171				106				346				211
Other general and administrative expenses			1,084				1,587				2,333				2,430
Total expenses before fee waivers			27,849				31,060				56,845				53,941
Base management fee waiver			-				(1,617	)			-				(3,867	)
Incentive fee waiver			-				-				-				(1,982	)
Total expenses, net of fee waivers			27,849				29,443				56,845				48,092
Net investment income			20,022				21,155				42,522				42,397
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments			52				(571	)			(10,404	)			(1,421	)
Net realized gain on controlled affiliate investments			-				265				-				265
Net realized gain (loss) on foreign currency transactions			66				(318	)			(349	)			(312	)
Net realized gain on forward currency exchange contracts			5,097				7,063				6,602				10,696
Net change in unrealized appreciation (depreciation) on foreign currency translation			104				499				(105	)			300
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts			(9,865	)			(5,866	)			3,256				(9,149	)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments			10,418				275				(118,969	)			14,642
Net change in unrealized appreciation on non-controlled/affiliate investments			3,008				-				3,008				-
Net change in unrealized appreciation (depreciation) on controlled affiliate investments			(7,130	)			(3,280	)			(8,236	)			1,116
Total net gains (losses)			1,750				(1,933	)			(125,197	)			16,137
Net increase (decrease) in net assets resulting from operations		$	21,772			$	19,222			$	(82,675	)		$	58,534
Basic and diluted net investment income per common share		$	0.37			$	0.41			$	0.81			$	0.82
Basic and diluted increase (decrease) in net assets resulting from operations per common share		$	0.40			$	0.37			$	(1.57	)		$	1.14
Basic and diluted weighted average common shares outstanding			53,778,239				51,629,544				52,714,025				51,556,248

 

See Notes to Consolidated Financial Statements

 

 

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 June 30,				For the Three Months Ended June 30,				For the Six Months Ended June 30,				For the Six Months Ended June 30,
		2020				2019				2020				2019
Operations:
Net investment income		$	20,022			$	21,155			$	42,522			$	42,397
Net realized gain (loss)			5,215				6,439				(4,151	)			9,228
Net change in unrealized appreciation (depreciation)			(3,465	)			(8,372	)			(121,046	)			6,909
Net increase (decrease) in net assets resulting from operations			21,772				19,222				(82,675	)			58,534
Stockholder distributions:
Distributions from distributable earnings			(21,951	)			(21,176	)			(43,127	)			(42,283	)
Net decrease in net assets resulting from stockholder distributions			(21,951	)			(21,176	)			(43,127	)			(42,283	)
Capital share transactions:
Issuance of common stock, net			128,355				-				128,355				-
Reinvestment of stockholder distributions			-				3,322				-				3,322
Net increase in net assets resulting from capital share transactions			128,355				3,322				128,355				3,322
Total increase in net assets			128,176				1,368				2,553				19,573
Net assets at beginning of period			892,777				1,019,834				1,018,400				1,001,629
Net assets at end of period		$	1,020,953			$	1,021,202			$	1,020,953			$	1,021,202
Net asset value per common share		$	15.81			$	19.77			$	15.81			$	19.77
Common stock outstanding at end of period			64,562,265				51,649,812				64,562,265				51,649,812

 

See Notes to Consolidated Financial Statements

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

 

		For the Six Months Ended June 30,				For the Six Months Ended June 30,
		2020				2019
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$	(82,675	)		$	58,534
Adjustments to reconcile net increase in net assets from
operations to net cash used in operating activities:
Purchases of investments			(325,370	)			(782,161	)
Proceeds from principal payments and sales of investments			265,724				562,549
Net realized loss from investments			10,404				1,156
Net realized loss on foreign currency transactions			349				312
Net change in unrealized (appreciation) depreciation on forward currency exchange contracts			(3,256	)			9,149
Net change in unrealized (appreciation) depreciation on investments			124,197				(15,758	)
Net change in unrealized (appreciation) depreciation on foreign currency translation			105				(300	)
Increase in investments due to PIK			(1,658	)			(194	)
Accretion of discounts and amortization of premiums			(2,789	)			(1,697	)
Amortization of deferred financing costs and debt issuance costs			1,135				644
Changes in operating assets and liabilities:
Collateral receivable on forward currency exchange contracts			(1,604	)			(1,980	)
Interest receivable on investments			6,268				(7,280	)
Prepaid insurance			-				1
Dividend receivable			(3,253	)			8,417
Other assets			-				(1,484	)
Interest payable			(4,646	)			6,058
Collateral payable on forward currency exchange contracts			(331	)			-
Base management fee payable			1,375				3,416
Incentive fee payable			(4,513	)			1,190
Accounts payable and accrued expenses			1,337				2,188
Net cash used in operating activities			(19,201	)			(157,240	)
Cash flows from financing activities
Borrowings on debt			485,612				626,091
Repayments on debt			(514,502	)			(333,300	)
Payments of financing costs			(4,408	)			(409	)
Payments of offering costs			(2,277	)			(89	)
Proceeds from issuance of common stock			131,917				-
Stockholder distributions paid			(42,352	)			(38,894	)
Net cash provided by financing activities			53,990				253,399
Net increase in cash, foreign cash, restricted cash and cash equivalents			34,789				96,159
Effect of foreign currency exchange rates			(736	)			(527	)
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		$	102,899			$	128,903
Supplemental disclosure of cash flow information:
Cash interest paid during the period		$	38,699			$	20,463
Supplemental disclosure of non-cash information:
Reinvestment of stockholder distributions		$	-			$	3,322
Distribution to owner from ABCS JV		$	-			$	346,329

 

		As of June 30,				As of June 30,
			2020				2019
Cash		$	76,364			$	100,358
Restricted cash			26,230				27,946
Foreign cash			305				599
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows		$	102,899			$	128,903

 

See Notes to Consolidated Financial Statements

 

 

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of June 30, 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) (21)		Second Lien Senior Secured Loan			L+ 8.25%				9.32	%			10/9/2026			$	6,540				6,484				4,815
				Forming & Machining Industries Inc. (12) (18) (29)		First Lien Senior Secured Loan			L+ 4.25%				5.32	%			10/9/2025			$	16,693				16,575				12,979
				GSP Holdings, LLC (7) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			11/6/2025			$	36,086				35,794				32,207
				GSP Holdings, LLC (3) (7) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.75%				6.75	%			11/6/2025			$	3,400				3,360				2,913
				Kellstrom Aerospace Group, Inc (14) (19) (25)		Equity Interest			-				-				-				1				1,963				1,442
				Kellstrom Commercial Aerospace, Inc. (3) (18) (19) (21) (26)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				6.64	%			7/1/2025			$	4,905				4,797				4,585
				Kellstrom Commercial Aerospace, Inc. (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.50%				6.95	%			7/1/2025			$	33,779				33,191				32,090
				Novetta, LLC(12) (15) (29)		First Lien Senior Secured Loan			L+ 5.00%				6.00	%			10/17/2022			$	6,547				6,477				6,421
				Precision Ultimate Holdings, LLC (14) (19) (25)		Equity Interest			-				-				-				1,417				1,417				949
				Salient CRGT, Inc. (12) (15) (29)		First Lien Senior Secured Loan			L+ 6.50%				7.57	%			2/28/2022			$	12,451				12,479				11,206
				WCI-HSG HOLDCO, LLC (14) (19) (25)		Preferred Equity			-				-				-				675				675				1,272
				WCI-HSG Purchaser, Inc. (3) (12) (15) (19) (29)		First Lien Senior Secured Loan - Revolver			L+ 4.25%				5.32	%			2/24/2025			$	403				372				316
				WCI-HSG Purchaser, Inc. (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 4.50%				5.57	%			2/24/2025			$	17,690				17,483				17,115
				Whitcraft LLC (3) (19) (31)		First Lien Senior Secured Loan - Revolver			P+ 5.00%				8.25	%			4/3/2023			$	725				709				675
				Whitcraft LLC (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 6.00%				7.00	%			4/3/2023			$	40,385				40,018				39,274
				WP CPP Holdings, LLC. (12) (15) (21) (29)		Second Lien Senior Secured Loan			L+ 7.75%				8.75	%			4/30/2026			$	11,724				11,629				8,851
																					Aerospace & Defense Total			$	193,423			$	177,110				17.3	%
		Automotive		CST Buyer Company (3) (15) (19) (21)		First Lien Senior Secured Loan - Revolver			L+ 5.25%				6.32	%			10/3/2025			$	1,314				1,288				1,298
				CST Buyer Company (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.25%				6.32	%			10/3/2025			$	36,705				36,169				36,429
				JHCC Holdings, LLC (2) (3) (5) (18) (19) (28)		First Lien Senior Secured Loan - Delayed Draw			-				-				9/9/2025			$	-				(37	)			(329	)
				JHCC Holdings, LLC (3) (7) (18) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				6.54	%			9/9/2025			$	442				403				293
				JHCC Holdings, LLC (7) (18) (19)		First Lien Senior Secured Loan - Delayed Draw			L+ 5.50%				6.64	%			9/9/2025			$	2,233				2,225				2,116
				JHCC Holdings, LLC (7) (18) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.50%				6.81	%			9/9/2025			$	29,528				29,140				27,977
																					Automotive Total			$	69,188			$	67,784				6.6	%
		Banking		Green Street Parent, LLC (3) (18) (19) (29)		First Lien Senior Secured Loan - Revolver			L+ 5.00%				5.18	%			8/27/2025			$	1,210				1,168				1,034
				Green Street Parent, LLC (12) (18) (19) (29)		First Lien Senior Secured Loan			L+ 5.00%				6.07	%			8/27/2026			$	14,407				14,147				13,363
																					Banking Total			$	15,315			$	14,397				1.4	%
		Beverage, Food & Tobacco		NPC International, Inc. (12) (15) (21) (33)		Second Lien Senior Secured Loan			L+ 7.50%				8.50	%			4/18/2025			$	9,159				9,184				298
				NPC International, Inc. (15) (33)		First Lien Senior Secured Loan			L+ 3.50%				4.50	%			4/19/2024			$	4,937				4,960				2,601
				NPC International, Inc. (3) (32)		First Lien Senior Secured Loan			L+ 14.00%				15.50	%			1/21/2021			$	412				375				412
																					Beverage, Food & Tobacco Total			$	14,519			$	3,311				0.3	%
		Capital Equipment		Dorner Manufacturing Corp. (3) (5) (15) (19) (29)		First Lien Senior Secured Loan - Revolver			-				-				3/15/2022			$	-				(9	)			-
				Dorner Manufacturing Corp. (12) (15) (19)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			3/15/2023			$	7,672				7,564				7,480
				East BCC Coinvest II,LLC (14) (19) (25)		Equity Interest			-				-				-				1,419				1,419				831
				Electronics For Imaging, Inc. (12) (18) (19) (21) (29)		Second Lien Senior Secured Loan			L+ 9.00%				9.18	%			7/23/2027			$	13,070				12,290				11,436
				Engineered Controls International, LLC (12) (19) (21) (29) (32)		First Lien Senior Secured Loan			L+ 7.00%				8.50	%			11/5/2024			$	33,179				32,523				32,266
				EXC Holdings III Corp. (12) (15) (21) (29)		Second Lien Senior Secured Loan			L+ 7.50%				8.94	%			12/1/2025			$	8,240				8,251				7,872
				FCG Acquisitions, Inc. (14) (19) (25)		Preferred Equity			-				-				-				4				4,251				6,546
				FFI Holdings I Corp (3) (7) (15) (19) (30)		First Lien Senior Secured Loan - Revolver			L+ 5.75%				6.75	%			1/24/2025			$	543				480				407
				FFI Holdings I Corp (7) (12) (15) (19) (21) (27) (29)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			1/24/2025			$	68,753				68,234				67,034
				Tidel Engineering, L.P. (3) (7) (15) (19)		First Lien Senior Secured Loan - Revolver			-				-				3/1/2023			$	-				-				-
				Tidel Engineering, L.P. (7) (15) (19) (29)		First Lien Senior Secured Loan			L+ 6.25%				7.25	%			3/1/2024			$	37,835				37,835				35,943
				Velvet Acquisition B.V. (6) (18) (19) (21)		Second Lien Senior Secured Loan			EURIBOR+ 8.00%				8.00	%			4/17/2026			€	6,013				7,334				6,760
																					Capital Equipment Total			$	180,172			$	176,575				17.3	%
		Chemicals, Plastics & Rubber		AP Plastics Group, LLC (3) (7) (15) (19)		First Lien Senior Secured Loan - Revolver			-				-				8/2/2021			$	-				-				-
				AP Plastics Group, LLC (7) (15) (19) (21)		First Lien Senior Secured Loan			L+ 5.25%				6.25	%			8/1/2022			$	19,856				19,621				19,607
				Niacet b.v. (15) (19) (21)		First Lien Senior Secured Loan			EURIBOR+ 4.50%				5.50	%			2/1/2024			€	3,603				3,863				3,788
				Plaskolite, Inc. (15) (29)		First Lien Senior Secured Loan			L+ 4.25%				5.25	%			12/15/2025			$	2,264				2,227				2,176
																					Chemicals, Plastics & Rubber Total			$	25,711			$	25,571				2.5	%
		Construction & Building		Chase Industries, Inc.(15) (19) (29) (34)		First Lien Senior Secured Loan - Delayed Draw			L+ 5.50% (1.5% PIK)				6.50	%			5/12/2025			$	1,122				1,118				987
				Chase Industries, Inc. (12) (15) (19) (29) (34)		First Lien Senior Secured Loan			L+ 5.50% (1.5% PIK)				6.50	%			5/12/2025			$	11,871				11,826				10,446
				Elk Parent Holdings, LP (14) (19) (25)		Equity Interest			-				-				-				1				12				-
				Elk Parent Holdings, LP (14) (19) (25)		Preferred Equity			-				-				-				120				1,202				1,180
				PP Ultimate Holdings B, LLC (14) (19) (25)		Equity Interest			-				-				-				1				1,352				1,443
				Profile Products LLC (3) (7) (19) (31)		First Lien Senior Secured Loan - Revolver			P+ 4.75%				8.00	%			12/20/2024			$	1,151				1,094				998
				Profile Products LLC (7) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			12/20/2024			$	36,352				35,758				34,898
				Regan Development Holdings Limited (6) (17) (19) (34)		First Lien Senior Secured Loan			EURIBOR+ 6.50%				7.00	%			4/18/2022			€	2,087				2,274				2,335
				Regan Development Holdings Limited (6) (17) (19) (34)		First Lien Senior Secured Loan			EURIBOR+ 6.50%				7.00	%			4/18/2022			€	677				768				757
				Regan Development Holdings Limited (6) (17) (19) (34)		First Lien Senior Secured Loan			EURIBOR+ 6.50%				7.00	%			4/18/2022			€	6,335				6,840				7,052
				YLG Holdings, Inc. (3) (7) (15) (19) (28)		First Lien Senior Secured Loan - Delayed Draw			L+ 5.75%				6.75	%			10/31/2025			$	2,222				2,222				2,029
				YLG Holdings, Inc. (2) (3) (5) (7) (15) (19)		First Lien Senior Secured Loan - Revolver			-				-				10/31/2025			$	-				(76	)			(320	)
				YLG Holdings, Inc. (7) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			10/31/2025			$	38,668				38,338				37,218
																					Construction & Building Total			$	102,728			$	99,023				9.7	%
		Consumer Goods: Durable		New Milani Group LLC (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 2.50%				3.50	%			6/6/2024			$	17,013				16,894				16,332
				TLC Holdco LP (14)(19) (25)		Equity Interest			-				-				-				1,188				1,186				1,242
				TLC Purchaser, Inc. (2) (3) (5) (19)		First Lien Senior Secured Loan - Delayed Draw			-				-				10/13/2025			$	-				(63	)			(303	)
				TLC Purchaser, Inc. (2) (3) (5) (19) (21)		First Lien Senior Secured Loan - Revolver			-				-				10/13/2025			$	-				(157	)			(378	)
				TLC Purchaser, Inc. (12)(19) (21) (29)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			10/13/2025			$	42,508				41,740				40,701
																					Consumer Goods: Durable Total			$	59,600			$	57,594				5.6	%
		Consumer Goods: Non-Durable		FineLine Technologies, Inc. (15) (19) (21) (34)		First Lien Senior Secured Loan - Revolver			L+ 4.25%				5.69	%			11/4/2022			$	2,621				2,606				2,490
				FineLine Technologies, Inc. (12) (15) (19) (21) (29) (34)		First Lien Senior Secured Loan			L+ 4.25%				5.25	%			11/4/2022			$	31,443				31,318				29,871
				MND Holdings III Corp (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 3.50%				4.50	%			6/19/2024			$	10,669				10,683				8,535
				RoC Opco LLC(15) (19) (21)		First Lien Senior Secured Loan - Revolver			L+ 7.25%				8.25	%			2/25/2025			$	10,241				10,080				10,241
				RoC Opco LLC (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 7.25%				8.25	%			2/25/2025			$	40,691				39,864				40,691
				Solaray, LLC (7) (15) (19)		First Lien Senior Secured Loan - Delayed Draw			L+ 6.00%				7.01	%			9/11/2023			$	14,499				14,499				13,702
				Solaray, LLC (3) (7) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 4.50%				5.50	%			9/9/2022			$	9,860				9,824				9,860
				Solaray, LLC (7) (15) (19) (21)		First Lien Senior Secured Loan			L+ 6.00%				7.00	%			9/11/2023			$	42,390				42,390				40,058
				WU Holdco, Inc. (7) (15) (19)		First Lien Senior Secured Loan - Delayed Draw			L+ 5.50%				6.50	%			3/26/2026			$	5,616				5,560				5,490
				WU Holdco, Inc. (3) (7) (18) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				5.80	%			3/26/2025			$	3,918				3,867				3,830
				WU Holdco, Inc. (7) (15) (21) (19)		First Lien Senior Secured Loan			L+ 5.50%				6.50	%			3/26/2026			$	39,519				38,790				38,630
																					Consumer Goods: Non-Durable Total			$	209,481			$	203,398				19.9	%
		Containers, Packaging, & Glass		Automate Intermediate Holdings II S.à r.l. (6) (18) (19) (21)		Second Lien Senior Secured Loan			L+ 7.75%				7.93	%			7/22/2027			$	11,870				11,648				11,692
																					Containers, Packaging, & Glass Total			$	11,648			$	11,692				1.1	%
		Energy: Electricity		Infinite Electronics International Inc. (12) (18) (19) (21) (29)		First Lien Senior Secured Loan			L+ 4.00%				4.18	%			7/2/2025			$	19,652				19,640				18,964
				Infinite Electronics International Inc. (18) (19) (21)		Second Lien Senior Secured Loan			L+ 8.00%				8.18	%			7/2/2026			$	2,480				2,436				2,381
																					Energy: Electricity Total			$	22,076			$	21,345				2.1	%
		Energy: Oil & Gas		Amspec Services, Inc. (3) (7) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 4.75%				5.75	%			7/2/2024			$	5,553				5,506				5,553
				Amspec Services, Inc. (7) (15) (19) (29)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			7/2/2024			$	43,877				43,428				42,999
				Blackbrush Oil & Gas, L.P. (12) (21) (29) (31) (33)		First Lien Senior Secured Loan			P+ 9.00%				12.25	%			2/9/2024			$	32,075				31,585				23,254
																					Energy: Oil & Gas Total			$	80,519			$	71,806				7.0	%
		Environmental Industries		Adler & Allan Group Limited (6) (17) (19) (21) (22) (34)		First Lien Last Out			GBP LIBOR+ 8.25% (2% PIK)				10.48	%			9/30/2022			£	13,274				16,827				16,226
																					Environmental Industries Total			$	16,827			$	16,226				1.6	%

 

 

		FIRE: Finance		Allworth Financial Group, L.P. (3) (7) (18) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				6.93	%			12/31/2025			$	486				464				438
				Allworth Financial Group, L.P. (7) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.50%				6.50	%			12/31/2025			$	14,994				14,857				14,694
																					FIRE: Finance Total			$	15,321			$	15,132				1.5	%
		FIRE: Insurance		Ivy Finco Limited (6) (18) (19) (21)		First Lien Senior Secured Loan			GBP LIBOR+ 5.00%				5.75	%			5/19/2025			£	7,217				8,966				8,733
				Ivy Finco Limited (3) (6) (18) (19)		First Lien Senior Secured Loan			GBP LIBOR+ 5.00%				5.70	%			5/19/2025			£	5,804				7,156				6,988
				Margaux Acquisition Inc. (7) (15) (19)		First Lien Senior Secured Loan - Delayed Draw			L+ 5.50%				6.63	%			12/19/2024			$	7,904				7,846				7,462
				Margaux Acquisition, Inc. (7) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				6.50	%			12/19/2024			$	2,872				2,818				2,736
				Margaux Acquisition Inc. (7) (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 5.50%				6.93	%			12/19/2024			$	28,771				28,292				27,404
				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				603
				Margaux UK Finance Limited (6) (15) (19) (21)		First Lien Senior Secured Loan			GBP LIBOR+ 5.50%				6.50	%			12/19/2024			£	7,667				9,833				9,325
																					FIRE: Insurance Total			$	65,478			$	63,251				6.2	%
		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				10,834				10,456
																					FIRE: Real Estate Total			$	10,834			$	10,456				1.0	%
		Forest Products & Paper		Solenis International LLC (18) (21)		Second Lien Senior Secured Loan			L+ 8.50%				8.86	%			6/26/2026			$	10,601				10,318				9,273
																					Forest Products & Paper Total			$	10,318			$	9,273				0.9	%
		Healthcare & Pharmaceuticals		CB Titan Holdings, Inc. (14) (19) (25)		Preferred Equity			-				-				-				1,953				1,953				2,784
				CPS Group Holdings, Inc. (7) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				6.93	%			3/3/2025			$	4,933				4,863				4,933
				CPS Group Holdings, Inc. (7) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.50%				6.50	%			3/3/2025			$	55,626				55,154				55,626
				Datix Bidco Limited (6) (18) (19) (21)		First Lien Senior Secured Loan - Revolver			GBP LIBOR+ 4.50%				5.22	%			10/28/2024			£	973				1,153				1,168
				Datix Bidco Limited (6) (18) (19) (21)		Second Lien Senior Secured Loan			GBP LIBOR+ 7.75%				8.43	%			4/27/2026			£	12,134				16,324				14,683
				Datix Bidco Limited (6) (18) (19) (21)		First Lien Senior Secured Loan			BBSW+ 4.50%				4.68	%			4/28/2025			AUD	4,212				3,209				2,815
				Golden State Buyer, Inc. (12) (18) (19) (29)		First Lien Senior Secured Loan			L+ 4.75%				4.93	%			6/22/2026			$	15,153				15,019				14,774
				Great Expressions Dental Centers PC (15) (19) (34)		First Lien Senior Secured Loan - Revolver			L+ 4.75% (0.5% PIK)				6.38	%			9/28/2022			$	1,173				1,167				880
				Great Expressions Dental Centers PC (12) (15) (19) (34)		First Lien Senior Secured Loan			L+ 5.25%				6.25	%			9/28/2023			$	7,715				7,654				5,786
				Island Medical Management Holdings, LLC(15) (19) (29)		First Lien Senior Secured Loan			L+ 6.50%				7.50	%			9/1/2022			$	9,107				9,036				7,946
				Medical Depot Holdings, Inc. (12) (15) (21) (34)		First Lien Senior Secured Loan			L+ 7.50%				8.50	%			1/3/2023			$	16,353				15,279				9,555
				Mendel Bidco, Inc. (18) (19) (21)		First Lien Senior Secured Loan			EURIBOR+ 4.50%				4.50	%			6/17/2027			€	10,033				11,148				11,111
				Mendel Bidco, Inc. (12) (18) (19) (29)		First Lien Senior Secured Loan			L+ 4.50%				4.78	%			6/17/2027			$	19,966				19,515				19,267
				Mertus 522. GmbH (6) (18) (19) (21)		First Lien Senior Secured Loan - Delayed Draw			EURIBOR+ 5.75%				5.75	%			5/28/2026			€	13,131				14,105				14,468
				Mertus 522. GmbH (6) (18) (19) (21)		First Lien Senior Secured Loan			EURIBOR+ 5.75%				5.75	%			5/28/2026			€	22,468				24,582				24,756
				TecoStar Holdings, Inc. (12) (15) (19) (21) (29)		Second Lien Senior Secured Loan			L+ 8.50%				9.68	%			11/1/2024			$	9,472				9,301				9,188
				U.S. Anesthesia Partners, Inc. (12) (15) (19) (21)		Second Lien Senior Secured Loan			L+ 7.25%				8.25	%			6/23/2025			$	16,520				16,350				15,364
																					Healthcare & Pharmaceuticals Total			$	225,812			$	215,104				21.1	%
		High Tech Industries		AMI US Holdings Inc. (3) (6) (12) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.25%				6.36	%			4/1/2024			$	1,605				1,578				1,579
				AMI US Holdings Inc. (6) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.25%				6.34	%			4/1/2025			$	13,091				12,872				12,895
				Appriss Holdings, Inc. (3) (7) (18) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				5.68	%			5/30/2025			$	2,329				2,275				2,140
				Appriss Holdings, Inc. (7) (18) (19) (21)		First Lien Senior Secured Loan			L+ 5.50%				5.82	%			5/29/2026			$	48,631				48,076				46,685
				CB Nike IntermediateCo Ltd (3) (5) (6) (15) (19) (21)		First Lien Senior Secured Loan - Revolver			-				-				10/31/2025			$	-				(79	)			-
				CB Nike IntermediateCo Ltd (6) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.00%				6.00	%			10/31/2025			$	35,245				34,612				35,245
				CMI Marketing Inc (3) (5) (15) (19) (29)		First Lien Senior Secured Loan - Revolver			-				-				5/24/2023			$	-				(12	)			-
				CMI Marketing Inc (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 4.50%				5.50	%			5/24/2024			$	15,178				15,071				15,178
				Drilling Info Holdings, Inc (12) (18) (21) (29)		First Lien Senior Secured Loan			L+ 4.25%				4.43	%			7/30/2025			$	22,495				22,425				20,639
				Element Buyer, Inc. (7) (15) (19)		First Lien Senior Secured Loan - Delayed Draw			L+ 5.25%				6.25	%			7/18/2025			$	11,248				11,275				10,939
				Element Buyer, Inc. (7) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.25%				6.25	%			7/19/2024			$	4,250				4,191				4,133
				Element Buyer, Inc. (7) (15) (19) (21)		First Lien Senior Secured Loan			L+ 5.25%				6.25	%			7/18/2025			$	37,581				37,880				36,548
				Everest Bidco (6) (15) (19) (21)		Second Lien Senior Secured Loan			GBP LIBOR+ 7.50%				8.50	%			7/3/2026			£	10,216				13,116				12,394
				MeridianLink, Inc. (15) (29)		First Lien Senior Secured Loan			L+ 3.75%				4.82	%			5/30/2025			$	1,816				1,797				1,770
				MRI Software LLC (7) (15) (19) (28)		First Lien Senior Secured Loan			L+ 5.50%				6.57	%			2/10/2026			$	24,484				24,385				24,424
				MRI Software LLC (2) (5) (3) (15) (19) (28)		First Lien Senior Secured Loan - Delayed Draw			-				-				2/10/2026			$	-				(19	)			(13	)
				MRI Software LLC (2) (3) (7) (15) (19)		First Lien Senior Secured Loan - Revolver			-				-				2/10/2026			$	-				42				(4	)
				Netsmart Technologies, Inc. (15) (21)		Second Lien Senior Secured Loan			L+ 7.50%				8.50	%			10/19/2023			$	2,749				2,749				2,360
				nThrive, Inc. (15) (19) (21)		Second Lien Senior Secured Loan			L+ 9.75%				10.75	%			4/20/2023			$	8,000				7,989				6,940
				Park Place Technologies (15) (19) (21)		Second Lien Senior Secured Loan			L+ 8.00%				9.00	%			3/30/2026			$	6,733				6,687				6,363
				Symplr Software, Inc. (7) (18) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				5.81	%			11/30/2023			$	4,965				4,914				4,766
				Symplr Software, Inc. (7) (18) (19) (21)		First Lien Senior Secured Loan			L+ 5.50%				6.57	%			11/28/2025			$	60,751				59,965				58,321
				Utimaco, Inc. (6) (18) (19) (21) (29)		First Lien Senior Secured Loan			L+ 4.50%				5.16	%			8/9/2027			$	14,849				14,515				14,478
				Ventiv Topco, Inc. (14) (19) (25)		Equity Interest			-				-				-				28				2,833				2,868
				Ventiv Holdco, Inc. (3) (7) (18) (19)		First Lien Senior Secured Loan - Revolver			L+ 5.50%				5.67	%			9/3/2025			$	426				380				342
				Ventiv Holdco, Inc. (7) (15) (19) (21)		First Lien Senior Secured Loan			L+ 5.50%				6.57	%			9/3/2025			$	24,178				23,852				23,573
				VPARK BIDCO AB (6) (16) (19) (21)		First Lien Senior Secured Loan			CIBOR+ 4.00%				4.75	%			3/10/2025			DKK	56,999				9,176				8,600
				VPARK BIDCO AB (6) (16) (19) (21)		First Lien Senior Secured Loan			NIBOR+ 4.00%				4.99	%			3/10/2025			NOK	74,020				9,208				7,679
				Zywave, Inc. (3) (15) (19) (29)		First Lien Senior Secured Loan - Revolver			L+ 5.00%				6.00	%			11/17/2022			$	320				312				310
				Zywave, Inc. (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 5.00%				6.00	%			11/17/2022			$	17,281				17,209				17,151
																					High Tech Industries Total			$	389,274			$	378,303				37.1	%
		Hotel, Gaming & Leisure		Aimbridge Acquisition Co., Inc. (12) (18) (19) (21) (29)		Second Lien Senior Secured Loan			L+ 7.50%				8.93	%			2/1/2027			$	20,193				19,681				17,820
				Captain D's LLC (3) (15) (19)(34)		First Lien Senior Secured Loan - Revolver			L+ 4.50%				5.50	%			12/15/2023			$	1,393				1,382				1,332
				Captain D's LLC (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 4.50%				5.50	%			12/15/2023			$	13,080				12,993				12,655
				Quidditch Acquisition, Inc. (12) (15) (29)		First Lien Senior Secured Loan			L+ 7.00%				8.00	%			3/21/2025			$	18,929				18,914				16,910
																					Hotel, Gaming & Leisure Total			$	52,970			$	48,717				4.9	%
		Media: Advertising, Printing & Publishing		A-L Parent LLC (12) (15) (21)		Second Lien Senior Secured Loan			L+ 7.25%				8.25	%			12/2/2024			$	4,050				4,022				2,278
				Ansira Holdings, Inc. (15) (19) (34)		First Lien Senior Secured Loan - Delayed Draw			L+ 6.50%				7.50	%			12/20/2024			$	4,439				4,434				3,762
				Ansira Holdings, Inc. (3) (19) (31)		First Lien Senior Secured Loan - Revolver			P+ 4.75%				8.00	%			12/20/2024			$	2,833				2,833				2,833
				Ansira Holdings, Inc. (7) (15) (19) (34)		First Lien Senior Secured Loan			L+ 6.50%				7.50	%			12/20/2024			$	35,814				35,742				30,353
				Cruz Bay Publishing, Inc. (3) (15) (19) (34)		First Lien Senior Secured Loan - Delayed Draw			P+ 6.00%				9.25	%			2/1/2021			$	705				688				705
				Cruz Bay Publishing (3) (15) (19)		First Lien Senior Secured Loan - Revolver			P+ 4.00%				7.25	%			2/1/2021			$	2,833				2,833				2,833
				Cruz Bay Publishing, Inc. (7) (15) (19) (34)		First Lien Senior Secured Loan			P+ 4.75%				8.00	%			2/1/2021			$	3,871				3,871				3,871
				Cruz Bay Publishing, Inc. (7) (15) (19) (34)		First Lien Senior Secured Loan			P+ 5.75%				9.00	%			2/1/2021			$	1,293				1,293				1,293
																					Media: Advertising, Printing & Publishing Total			$	55,716			$	47,928				4.7	%
		Media: Broadcasting & Subscription		Vital Holdco Limited (6) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.00%				6.00	%			5/29/2026			$	35,357				34,606				34,650
				Vital Holdco Limited (6) (18) (19) (21)		First Lien Senior Secured Loan			EURIBOR+ 5.00%				5.00	%			5/29/2026			€	7,917				8,629				8,723
																					Media: Broadcasting & Subscription Total			$	43,235			$	43,373				4.2	%
		Media: Diversified & Production		9 Story Media Group Inc. (15) (19)		First Lien Senior Secured Loan			L+ 4.00%				5.00	%			4/30/2026			$	1,090				1,079				1,079
				9 Story Media Group Inc. (15) (19) (22)		First Lien Last Out			L+ 7.00%				8.00	%			4/30/2026			$	1,005				964				964
				9 Story Media Group Inc. (15) (19)		First Lien Senior Secured Loan			CDOR+ 4.00%				5.00	%			4/30/2026			CAD	4,242				3,079				3,084
				9 Story Media Group Inc. (15) (19) (22)		First Lien Last Out			CDOR+ 7.00%				8.00	%			4/30/2026			CAD	3,942				2,779				2,779
				9 Story Media Group Inc. (18) (19)		First Lien Senior Secured Loan			EURIBOR+ 4.00%				4.00	%			4/30/2026			€	2,039				2,266				2,270
				9 Story Media Group Inc. (18) (19) (22)		First Lien Last Out			EURIBOR+ 7.00%				7.00	%			4/30/2026			€	1,918				2,070				2,070
				9 Story Media Group Inc. (2) (3) (5) (15) (19)		First Lien Senior Secured Loan - Revolver			-				-				4/30/2026			CAD	-				(3	)			(3	)
				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				15,167				14,642
				Efficient Collaborative Retail Marketing Company, LLC (7) (15) (19)		First Lien Senior Secured Loan			L+ 6.75%				7.82	%			6/15/2022			$	9,788				9,835				9,494
				International Entertainment Investments Limited (6) (18) (19) (21)		First Lien Senior Secured Loan			GBP LIBOR+ 4.75%				5.27	%			5/31/2023			£	8,686				10,641				10,322
																					Media: Diversified & Production Total			$	50,144			$	48,968				4.8	%
		Retail		Batteries Plus Holding Corporation (3) (7) (19) (31)		First Lien Senior Secured Loan - Revolver			P+ 5.75%				9.00	%			7/6/2022			$	1,898				1,898				1,845
				Batteries Plus Holding Corporation (7) (15) (19)		First Lien Senior Secured Loan			L+ 6.75%				7.75	%			7/6/2022			$	28,672				28,672				28,313
																					Retail Total			$	30,570			$	30,158				3.0	%
		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			$	3,874				3,867				2,877
				AMCP Clean Acquisition Company, LLC (12) (18) (19) (29)		First Lien Senior Secured Loan			L+ 4.25%				5.32	%			6/16/2025			$	16,012				15,983				11,889
				Comet Bidco Limited (6) (18) (21)		First Lien Senior Secured Loan			GBP LIBOR+ 5.00%				5.73	%			9/30/2024			£	7,362				9,492				7,495
				Elevator Holdco Inc. (14) (19) (25)		Equity Interest			-				-				-				2				2,448				1,894
				Hightower Holding, LLC (3) (5) (15) (19)		First Lien Senior Secured Loan - Delayed Draw			-				-				1/31/2025			$	-				(14	)			-
				Hightower Holding, LLC (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.00%				6.00	%			1/31/2025			$	34,416				34,278				34,416
				Refine Intermediate, Inc. (3) (18) (19)		First Lien Senior Secured Loan - Revolver			L+ 4.75%				4.84	%			9/3/2026			$	534				407				401
				Refine Intermediate, Inc. (15) (19) (21)		First Lien Senior Secured Loan			L+ 4.75%				5.75	%			3/3/2027			$	21,894				21,366				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				17,687				17,895
				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				18,483				19,014
				TEI Holdings Inc. (7) (15) (19)		First Lien Senior Secured Loan - Revolver			L+ 6.00%				7.00	%			12/23/2025			$	4,528				4,482				4,131
				TEI Holdings Inc. (7) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 6.00%				7.00	%			12/23/2026			$	48,804				48,175				44,534
				Valet Waste Holdings, Inc (12) (18) (21) (29)		First Lien Senior Secured Loan			L+ 3.75%				3.93	%			9/29/2025			$	21,268				21,232				20,099
																					Services: Business Total			$	197,886			$	185,992				18.2	%

 

 

		Services: Consumer		Pearl Intermediate Parent LLC (18) (29)		Second Lien Senior Secured Loan			L+ 6.25%				6.43	%			2/13/2026			$	2,571				2,585				2,503
				Surrey Bidco Limited (6) (17) (19) (21)		First Lien Senior Secured Loan			GBP LIBOR+ 6.00%				6.69	%			5/11/2026			£	5,000				6,148				5,632
				Trafalgar Bidco Limited (6) (18) (19) (21)		First Lien Senior Secured Loan			GBP LIBOR+ 4.75%				4.84	%			9/11/2024			£	6,011				7,742				7,162
				Zeppelin BidCo Pty Limited (6) (18) (19) (21)		First Lien Senior Secured Loan			BBSY+ 5.00%				5.20	%			6/28/2024			AUD	20,621				14,047				13,427
																					Services: Consumer Total			$	30,522			$	28,724				2.8	%
		Telecommunications		Conterra Ultra Broadband Holdings, Inc. (18) (29)		First Lien Senior Secured Loan			L+ 4.50%				4.68	%			4/30/2026			$	6,418				6,391				6,290
				Horizon Telcom, Inc. (15) (19) (29)		First Lien Senior Secured Loan - Revolver			L+ 4.75%				5.75	%			6/15/2023			$	116				113				114
				Horizon Telcom, Inc. (12) (15) (19) (29)		First Lien Senior Secured Loan - Delayed Draw			L+ 4.75%				5.75	%			6/15/2023			$	928				920				909
				Horizon Telcom, Inc. (12) (15) (19) (29)		First Lien Senior Secured Loan			L+ 4.75%				5.75	%			6/15/2023			$	13,660				13,529				13,387
				Masergy Holdings, Inc. (15) (29)		Second Lien Senior Secured Loan			L+ 7.50%				8.56	%			12/16/2024			$	857				862				784
																					Telecommunications Total			$	21,815			$	21,484				2.1	%
		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				4,840				4,697
				A&R Logistics, Inc. (7) (12) (15) (19) (21) (29)		First Lien Senior Secured Loan			L+ 5.75%				6.95	%			5/5/2025			$	43,755				42,985				42,005
				A&R Logistics, Inc. (7) (15) (19)		First Lien Senior Secured Loan			L+ 5.75%				6.95	%			5/5/2025			$	2,460				2,416				2,362
				A&R Logistics, Inc. (7) (15) (19)		First Lien Senior Secured Loan			L+ 5.75%				6.75	%			5/5/2025			$	6,065				5,984				5,823
				ARL Holdings, LLC. (14) (19) (25)		Equity Interest			-				-				-				-				445				495
				ARL Holdings, LLC. (14) (19) (25)		Equity Interest			-				-				-				9				9				4
				ENC Holding Corporation (12) (18) (19) (29)		First Lien Senior Secured Loan			L+ 4.00%				4.31	%			5/30/2025			$	10,223				10,211				9,558
				Grammer Investment Holdings LLC (14) (19) (25)		Equity Interest			-				-				-				1,011				1,011				1,011
				Grammer Investment Holdings LLC (19) (25) (34)		Preferred Equity			10% PIK				10.00	%			-				7				679				717
				Grammer Investment Holdings LLC (14) (19) (25)		Warrants			-				-				-				122				-				100
				Grammer Purchaser, Inc. (3) (12) (15) (19) (29)		First Lien Senior Secured Loan - Revolver			-				-				9/30/2024			$	-				4				-
				Grammer Purchaser, Inc. (12) (15) (19) (29)		First Lien Senior Secured Loan - Revolver			L+ 4.50%				7.01	%			9/30/2024			$	10,154				9,991				10,154
				Omni Logistics, LLC (15) (19)		Subordinated Debt			L+ 11.50%				12.50	%			1/19/2024			$	15,000				14,777				15,000
				PS HoldCo, LLC (12) (15) (29)		First Lien Senior Secured Loan			L+ 4.75%				5.75	%			3/13/2025			$	23,159				23,148				21,654
																					Transportation: Cargo Total			$	116,500			$	113,580				11.1	%
		Transportation: Consumer		Direct Travel, Inc. (7) (15) (19) (23)		First Lien Senior Secured Loan - Delayed Draw			L+ 6.50%				7.51	%			12/1/2021			$	1,467				1,467				1,266
				Direct Travel, Inc. (7) (13) (15) (19)		First Lien Senior Secured Loan - Delayed Draw			L+ 6.50%				7.57	%			12/1/2021			$	2,913				2,913				2,512
				Direct Travel, Inc. (15) (21) (19)		First Lien Senior Secured Loan - Revolver			L+ 4.50%				5.50	%			12/1/2021			$	4,250				4,250				3,666
				Direct Travel, Inc. (7) (15) (19) (21) (24)		First Lien Senior Secured Loan			L+ 6.50%				7.50	%			12/1/2021			$	49,540				49,540				42,729
				Toro Private Holdings III, Ltd (6) (12) (18) (19) (29)		Second Lien Senior Secured Loan			L+ 9.00%				10.07	%			5/28/2027			$	8,998				8,526				2,700
				Toro Private Investments II, L.P. (6) (14) (19) (25)		Equity Interest			-				-				-				3,090				3,090				1,496
																					Transportation: Consumer Total			$	69,786			$	54,369				5.3	%
		Wholesale		Abracon Group Holding, LLC. (14)(19) (25)		Equity Interest			-