Bain Capital Specialty Finance, Inc. - FORM 10-Q - November 5, 2020

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One) 

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

 

For the quarterly period ended September 30, 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 November 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 September 30, 2020 (unaudited) and December 31, 2019 4
       
    Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (unaudited) 5
       
    Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 and 2019 (unaudited) 6
       
    Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019 (unaudited) 7
       
    Consolidated Schedules of Investments as of September 30, 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 50
       
Item 3.   Quantitative and Qualitative Disclosures About Market Risk 81
       
Item 4.   Controls and Procedures 82
       
PART II   OTHER INFORMATION 83
       
Item 1.   Legal Proceedings 83
       
Item 1A.   Risk Factors 83
       
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 85
       
Item 3.   Defaults Upon Senior Securities 86
       
Item 4.   Mine Safety Disclosures 86
       
Item 5.   Other Information 86
       
Item 6.   Exhibits 86
       
Signatures     90

 

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 
   September 30,
2020		   December 31,
2019		 
   (Unaudited)     
Assets          
Investments at fair value:          
Non-controlled/non-affiliate investments (amortized cost of $2,361,890 and $2,416,854, respectively)  $2,303,209   $2,403,250 
Non-controlled/affiliate investment (amortized cost of $28,852 and $6,720, respectively)   33,549    6,720 
Controlled affiliate investment (amortized cost of $137,924 and $113,689, respectively)   122,899    117,085 
Cash and cash equivalents   43,020    36,531 
Foreign cash (cost of $2,029 and $854, respectively)   2,009    810 
Restricted cash and cash equivalents   78,895    31,505 
Collateral on forward currency exchange contracts   3,604    - 
Deferred financing costs   3,493    3,182 
Interest receivable on investments   20,232    22,482 
Receivable for sales and paydowns of investments   4,633    21,994 
Unrealized appreciation on forward currency exchange contracts   23    1,034 
Dividend receivable   5,573    961 
Total Assets  $2,621,139   $2,645,554 
           
Liabilities          
Debt (net of unamortized debt issuance costs of $7,555 and $4,584, respectively)  $1,513,852   $1,574,635 
Offering costs payable   518    - 
Interest payable   11,783    15,534 
Payable for investments purchased   2,956    293 
Collateral payable on forward currency exchange contracts   -    331 
Unrealized depreciation on forward currency exchange contracts   8,162    1,252 
Base management fee payable   8,885    7,265 
Incentive fee payable   -    4,513 
Accounts payable and accrued expenses   2,573    2,155 
Distributions payable   21,951    21,176 
Total Liabilities   1,570,680    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 September 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 September 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)   (116,291)   (19,995)
Total Net Assets   1,050,459    1,018,400 
Total Liabilities and Total Net assets  $2,621,139   $2,645,554 
           
Net asset value per share  $16.27   $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
September 30,		   For the
Nine Months Ended
September 30,		 
   2020   2019   2020   2019 
Income                    
Investment income from non-controlled/non-affiliate investments:                    
Interest from investments  $43,558   $50,710   $135,576   $126,037 
Dividend income   34    46    748    62 
Other income   607    236    1,106    627 
Total investment income from non-controlled/non-affiliate investments   44,199    50,992    137,430    126,726 
                     
Investment income from non-controlled, affiliate investments:                    
Investment income from non-controlled/affiliate investments:                    
Interest from investments   56    -    56    - 
Total investment income from non-controlled/affiliate investments   56    -    56    - 
                     
Investment income from controlled affiliate investments:                    
Interest from investments   715    781    2,225    1,023 
Dividend income   1,847    915    6,473    15,425 
Other income   -    -    -    4 
Total investment income from controlled affiliate investments   2,562    1,696    8,698    16,452 
Total investment income   46,817    52,688    146,184    143,178 
                     
Expenses                    
Interest and debt financing expenses   14,426    19,427    49,614    46,592 
Base management fee   8,885    8,910    26,250    23,644 
Incentive fee   -    4,330    -    12,905 
Professional fees   296    789    1,909    1,615 
Directors fees   209    159    555    370 
Other general and administrative expenses   1,545    1,243    3,878    3,672 
Total expenses before fee waivers   25,361    34,858    82,206    88,798 
Base management fee waiver   -    (2,582)   -    (6,450)
Incentive fee waiver   -    (763)   -    (2,745)
Total expenses, net of fee waivers   25,361    31,513    82,206    79,603 
Net investment income   21,456    21,175    63,978    63,575 
                     
Net realized and unrealized gains (losses)                    
Net realized gain (loss) on non-controlled/non-affiliate investments   (24,263)   27    (34,667)   (1,394)
Net realized gain on controlled affiliate investments   -    -    -    265 
Net realized gain (loss) on foreign currency transactions   (19)   122    (368)   (190)
Net realized gain (loss) on forward currency exchange contracts   (130)   346    6,472    11,042 
Net change in unrealized appreciation on foreign currency translation   194    162    89    461 
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts   (11,177)   9,135    (7,921)   (14)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments   73,892    (12,373)   (45,077)   2,269 
Net change in unrealized appreciation on non-controlled/affiliate investments   1,689    -    4,697    - 
Net change in unrealized appreciation (depreciation) on controlled affiliate investments   (10,185)   (395)   (18,421)   720 
Total net gains (losses)   30,001    (2,976)   (95,196)   13,159 
                     
Net increase (decrease) in net assets resulting from operations  $51,457   $18,199  $(31,218)  $76,734 
                     
Basic and diluted net investment income per common share  $0.33   $0.41   $1.13   $1.23 
Basic and diluted increase (decrease) in net assets resulting from operations per common share  $0.80   $0.35   $(0.55)  $1.49 
Basic and diluted weighted average common shares outstanding   64,562,265    51,649,812    56,692,267    51,587,779 

 

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
September 30,		   For the
Nine Months Ended
September 30,		 
   2020   2019   2020   2019 
Operations:                    
Net investment income  $21,456   $21,175   $63,978   $63,575 
Net realized gain (loss)   (24,412)   495    (28,563)   9,723 
Net change in unrealized appreciation (depreciation)   54,413    (3,471)   (66,633)   3,436 
Net increase (decrease) in net assets resulting from operations   51,457    18,199    (31,218)   76,734 
Stockholder distributions:                    
Distributions from distributable earnings   (21,951)   (21,176)   (65,078)   (63,460)
Net decrease in net assets resulting from stockholder distributions   (21,951)   (21,176)   (65,078)   (63,460)
Capital share transactions:                    
Issuance of common stock, net   -    -    128,355    - 
Reinvestment of stockholder distributions   -    -    -    3,322 
Net increase in net assets resulting from capital share transactions   -    -    128,355    3,322 
                     
Total increase (decrease) in net assets   29,506    (2,977)   32,059    16,596 
Net assets at beginning of period   1,020,953    1,021,202    1,018,400    1,001,629 
Net assets at end of period  $1,050,459   $1,018,225   $1,050,459   $1,018,225 
                     
Net asset value per common share  $16.27   $19.71   $16.27   $19.71 
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

 

6

 

 

Bain Capital Specialty Finance, Inc.
         
Consolidated Statements of Cash Flows
(in thousands, except share and per share data)
(Unaudited)
         
   For the
Nine Months Ended
September 30, 		 
   2020   2019 
Cash flows from operating activities          
Net increase (decrease) in net assets resulting from operations  $(31,218)  $76,734 
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:          
Purchases of investments   (351,717)   (1,068,880)
Proceeds from principal payments and sales of investments   353,372    730,260 
Net realized loss from investments   34,667    1,129 
Net realized loss on foreign currency transactions   368    190 
Net change in unrealized depreciation on forward currency exchange contracts   7,921    14 
Net change in unrealized (appreciation) depreciation on investments   58,801    (2,989)
Net change in unrealized appreciation on foreign currency translation   (89)   (461)
Increase in investments due to PIK   (3,261)   (35)
Accretion of discounts and amortization of premiums   (4,332)   (2,884)
Amortization of deferred financing costs and debt issuance costs   1,905    1,106 
Changes in operating assets and liabilities:          
Collateral on forward currency exchange contracts   (3,604)   (60)
Interest receivable on investments   2,250    (12,351)
Prepaid insurance   -    1 
Dividend receivable   (4,612)   7,672 
Other assets   -    (2,147)
Interest payable   (3,751)   7,546 
Collateral payable on forward currency exchange contracts   (331)   - 
Base management fee payable   1,620    3,378 
Incentive fee payable   (4,513)   267 
Accounts payable and accrued expenses   130    2,162 
Net cash provided by (used in) operating activities   53,606    (259,348)
           
Cash flows from financing activities          
Borrowings on debt   527,762    1,149,248 
Repayments on debt   (585,402)   (700,929)
Payments of financing costs   (4,898)   (409)
Payments of offering costs   (3,045)   (89)
Payments of debt issuance costs   -    (2,795)
Proceeds from issuance of common stock   131,917    - 
Stockholder distributions paid   (64,303)   (60,070)
Net cash provided by financing activities   2,031    384,956 
           
Net increase in cash, foreign cash, restricted cash and cash equivalents   55,637    125,608 
Effect of foreign currency exchange rates   (559)   (848)
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  $123,924   $158,031 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $51,460   $37,940 
Supplemental disclosure of non-cash information:          
Reinvestment of stockholder distributions  $-   $3,322 
Distribution to owner from ABCS JV  $-   $346,329 

 

   As of
September 30,		 
   2020   2019 
Cash  $43,020   $70,637 
Restricted cash   78,895    86,402 
Foreign cash   2,009    992 
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows  $123,924   $158,031 

 

See Notes to Consolidated Financial Statements

 

7

 

 

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of September 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) (19) (21)  Second Lien Senior Secured Loan    L+ 8.25%     8.47%   10/9/2026   $6,540    6,485    5,216      
      Forming & Machining Industries Inc. (12) (18) (29)  First Lien Senior Secured Loan    L+ 4.00%     4.22%   10/9/2025   $16,651    16,537    13,622      
      GSP Holdings, LLC (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   11/6/2025   $35,996    35,733    31,136      
      GSP Holdings, LLC (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.75%     6.75%   11/6/2025   $1,813    1,775    1,201      
      Kellstrom Aerospace Group, Inc (14) (19) (25)  Equity Interest   -    -    -    1    1,963    1,255      
      Kellstrom Commercial Aerospace, Inc. (3) (18) (19) (21) (24)  First Lien Senior Secured Loan - Revolver    L+ 5.50%     6.88%   7/1/2025   $5,331    5,229    4,947      
      Kellstrom Commercial Aerospace, Inc. (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%     6.50%   7/1/2025   $33,693    33,129    31,672      
      Novetta, LLC  (12) (15) (29)  First Lien Senior Secured Loan    L+ 5.00%     6.00%   10/17/2022   $6,530    6,467    6,416      
      Precision Ultimate Holdings, LLC (14) (19) (25)  Equity Interest   -    -    -    1,417    1,417    538      
      Salient CRGT, Inc. (12) (15) (29)  First Lien Senior Secured Loan    L+ 6.50%     7.50%   2/28/2022   $12,269    12,294    11,410      
      WCI-HSG HOLDCO, LLC (14) (19) (25)  Preferred Equity   -    -    -    675    675    1,493      
      WCI-HSG Purchaser, Inc. (3) (12) (15) (19) (29)  First Lien Senior Secured Loan - Revolver    L+ 4.25%     5.25%   2/24/2025   $403    373    363      
      WCI-HSG Purchaser, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%     5.50%   2/24/2025   $17,645    17,450    17,380      
      Whitcraft LLC (3) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 6.00%     7.00%   4/3/2023   $725    710    675      
      Whitcraft LLC (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 6.00%     7.00%   4/3/2023   $40,283    39,944    39,175      
      WP CPP Holdings, LLC. (12) (15) (21) (29)  Second Lien Senior Secured Loan    L+ 7.75%     8.75%   4/30/2026   $11,724    11,631    9,144      
                            Aerospace & Defense Total   $191,812   $175,643    16.7%
                                             
   Automotive  CST Buyer Company (3) (5) (15) (19) (21)  First Lien Senior Secured Loan - Revolver   -    -    10/3/2025   $-    (24)   -      
      CST Buyer Company (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.25%     6.25%   10/3/2025   $34,166    33,716    34,166      
      JHCC Holdings, LLC (2) (3) (5) (15) (19) (28)  First Lien Senior Secured Loan - Delayed Draw   -    -    9/9/2025   $-    (35)   (250)     
      JHCC Holdings, LLC (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%     6.50%   9/9/2025   $881    843    768      
      JHCC Holdings, LLC (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 5.50%     6.50%   9/9/2025   $2,227    2,220    2,138      
      JHCC Holdings, LLC (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%     6.50%   9/9/2025   $29,453    29,082    28,275      
                            Automotive Total   $65,802   $65,097    6.2%
                                             
   Banking  Green Street Parent, LLC (2) (3) (5) (18) (19) (29)  First Lien Senior Secured Loan - Revolver   -    -    8/27/2025   $-    (40)   (145)     
      Green Street Parent, LLC (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 5.00%     5.27%   8/27/2026   $14,371    14,121    13,509      
                            Banking Total   $14,081   $13,364    1.3%
                                             
   Beverage, Food & Tobacco  NPC International, Inc.  (15) (27)  First Lien Senior Secured Loan    L+ 3.50%     4.50%   4/19/2024   $4,937    4,958    3,865      
      NPC International, Inc. (3) (32)  First Lien Senior Secured Loan    L+ 15.50%     17.00%   1/21/2021   $412    391    411      
                            Beverage, Food & Tobacco Total   $5,349   $4,276    0.4%
                                             
   Capital Equipment  Dorner Manufacturing Corp. (3) (5) (15) (19) (29)  First Lien Senior Secured Loan - Revolver   -    -    3/15/2022   $-    (8)   -      
      Dorner Manufacturing Corp. (12) (15) (19)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   3/15/2023   $7,342    7,248    7,342      
      East BCC Coinvest II,LLC (14) (19) (25)  Equity Interest   -    -    -    1,419    1,419    744      
      Electronics For Imaging, Inc. (12) (18) (19) (29)  Second Lien Senior Secured Loan    L+ 9.00%     9.15%   7/23/2027   $13,070    12,308    10,390      
      Engineered Controls International, LLC (12) (19) (21) (29) (32)  First Lien Senior Secured Loan    L+ 7.00%     8.50%   11/5/2024   $32,969    32,351    32,969      
      EXC Holdings III Corp. (12) (15) (21) (29)  Second Lien Senior Secured Loan    L+ 7.50%     8.50%   12/1/2025   $8,240    8,250    8,119      
      FCG Acquisitions, Inc. (14) (19) (25)  Preferred Equity   -    -    -    4    4,251    8,671      
      FFI Holdings I Corp (3) (5) (15) (19) (30)  First Lien Senior Secured Loan - Revolver   -    -    1/24/2025   $-    (60)   -      
      FFI Holdings I Corp (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   1/24/2025   $68,579    68,081    68,579      
      Tidel Engineering, L.P. (3) (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    37,646      
      Velvet Acquisition B.V. (6) (18) (19) (21)  Second Lien Senior Secured Loan    EURIBOR+ 8.00%     8.00%   4/17/2026   €6,013    7,340    7,049      
                            Capital Equipment Total   $179,015   $181,509    17.3%
                                             
   Chemicals, Plastics & Rubber  AP Plastics Group, LLC (3) (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    19,646    19,856      
      Niacet b.v. (6) (15) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 4.50%     5.50%   2/1/2024   €3,603    3,866    4,097      
      Plaskolite, Inc. (15) (29)  First Lien Senior Secured Loan    L+ 4.25%     5.25%   12/15/2025   $2,258    2,222    2,229      
                            Chemicals, Plastics & Rubber Total   $25,734   $26,182    2.5%
                                             
   Construction & Building  Chase Industries, Inc.(15) (19) (26)  First Lien Senior Secured Loan - Delayed Draw    L+ 5.50% (1.5% PIK)     8.00%   5/12/2025   $1,161    1,158    929      
      Chase Industries, Inc. (15) (19) (26)  First Lien Senior Secured Loan    L+ 5.50% (1.5% PIK)     8.00%   5/12/2025   $12,288    12,244    9,830      
      Elk Parent Holdings, LP (14) (19) (25)  Equity Interest   -    -    -    1    12    119      
      Elk Parent Holdings, LP (14) (19) (25)  Preferred Equity   -    -    -    120    1,202    1,293      
      PP Ultimate Holdings B, LLC (14) (19) (25)  Equity Interest   -    -    -    1    1,352    1,575      
      Profile Products LLC (2) (3) (5) (7) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    12/20/2024   $-    (54)   (48)     
      Profile Products LLC (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   12/20/2024   $36,260    35,697    35,807      
      Regan Development Holdings Limited (6) (17) (19)  First Lien Senior Secured Loan    EURIBOR+ 6.50%     7.00%   4/18/2022   €2,087    2,274    2,447      
      Regan Development Holdings Limited (6) (17) (19)  First Lien Senior Secured Loan    EURIBOR+ 6.50%     7.00%   4/18/2022   €677    768    793      
      Regan Development Holdings Limited (6) (17) (19)  First Lien Senior Secured Loan    EURIBOR+ 6.50%     7.00%   4/18/2022   €6,335    6,854    7,426      
      YLG Holdings, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 6.25%     7.25%   10/31/2025   $4,113    4,106    4,100      
      YLG Holdings, Inc. (2) (3) (5) (7) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    10/31/2025   $-    (72)   (21)     
      YLG Holdings, Inc. (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   10/31/2025   $38,571    38,265    38,474      
                            Construction & Building Total   $103,806   $102,724    9.8%
                                             
   Consumer Goods: Durable  New Milani Group LLC (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 2.50%     3.50%   6/6/2024   $16,969    16,858    15,951      
      TLC Holdco LP (14) (19) (25)  Equity Interest   -    -    -    1,188    1,186    1,411      
      TLC Purchaser, Inc. (2) (3) (5) (19)  First Lien Senior Secured Loan - Delayed Draw   -    -    10/13/2025   $-    (60)   (89)     
      TLC Purchaser, Inc. (2) (3) (5) (19) (21)  First Lien Senior Secured Loan - Revolver   -    -    10/13/2025   $-    (149)   (111)     
      TLC Purchaser, Inc. (12) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   10/13/2025   $42,401    41,663    41,871      
                            Consumer Goods: Durable Total   $59,498   $59,033    5.6%
                                             
   Consumer Goods: Non-Durable  FineLine Technologies, Inc. (15) (19) (21) (26)  First Lien Senior Secured Loan - Revolver    L+ 4.25%     5.25%   11/4/2022   $2,633    2,620    2,534      
      FineLine Technologies, Inc. (12) (15) (19) (21) (29) (26)  First Lien Senior Secured Loan    L+ 4.25%     5.25%   11/4/2022   $31,364    31,264    30,188      
      MND Holdings III Corp (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 3.50%     4.50%   6/19/2024   $10,641    10,655    8,679      
      RoC Opco LLC  (3) (5) (15) (19) (21)  First Lien Senior Secured Loan - Revolver   -    -    2/25/2025   $-    (153)   -      
      RoC Opco LLC (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 7.25%     8.25%   2/25/2025   $40,589    39,796    40,589      
      Solaray, LLC (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 6.00%     7.00%   9/11/2023   $14,462    14,462    14,173      
      Solaray, LLC (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.50%     5.50%   9/9/2022   $7,424    7,391    7,424      
      Solaray, LLC (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 6.00%     7.00%   9/11/2023   $42,280    42,280    41,434      
      WU Holdco, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 5.25%     6.25%   3/26/2026   $5,602    5,547    5,602      
      WU Holdco, Inc. (3) (5) (18) (19)  First Lien Senior Secured Loan - Revolver   -    -    3/26/2025   $-    (49)   -      
      WU Holdco, Inc. (7) (15) (21) (19)  First Lien Senior Secured Loan    L+ 5.25%     6.25%   3/26/2026   $39,419    38,719    39,419      
                            Consumer Goods: Non-Durable Total   $192,532   $190,042    18.1%
                                             
   Containers, Packaging, & Glass  Automate Intermediate Holdings II S.à r.l. (6) (18) (19) (21)  Second Lien Senior Secured Loan    L+ 7.75%     7.90%   7/22/2027   $11,870    11,653    11,752      
                            Containers, Packaging, & Glass Total   $11,653   $11,752    1.1%
                                             
   Energy: Electricity  Infinite Electronics International Inc. (12) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.00%     4.15%   7/2/2025   $19,602    19,590    18,867      
      Infinite Electronics International Inc. (18) (19) (21)  Second Lien Senior Secured Loan    L+ 8.00%     8.15%   7/2/2026   $2,480    2,437    2,368      
                            Energy: Electricity Total   $22,027   $21,235    2.0%
                                             
   Energy: Oil & Gas  Amspec Services, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.75%     5.75%   7/2/2024   $4,114    4,069    4,114      
      Amspec Services, Inc. (7) (15) (19) (29)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   7/2/2024   $43,765    43,344    43,765      
                            Energy: Oil & Gas Total   $47,413   $47,879    4.6%
                                             
   Environmental Industries  Adler & Allan Group Limited (6) (17) (19) (21) (22) (26)  First Lien Last Out    GBP LIBOR+ 8.25% (2% PIK)     10.75%   9/30/2022   £13,340    16,936    17,223      
                            Environmental Industries Total   $16,936   $17,223    1.6%
                                             
   FIRE: Finance  Allworth Financial Group, L.P. (3) (7) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%     5.66%   12/31/2025   $486    465    480      
      Allworth Financial Group, L.P. (7) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%     6.50%   12/31/2025   $14,956    14,824    14,919      
                            FIRE: Finance Total   $15,289   $15,399    1.5%
                                             
                                             
   FIRE: Insurance  Ivy Finco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 5.50%     6.23%   5/19/2025   £7,217    8,979    9,155      
      Ivy Finco Limited (3) (6) (18) (19)  First Lien Senior Secured Loan    GBP LIBOR+ 5.50%     5.83%   5/19/2025   £7,077    8,813    8,964      
      Margaux Acquisition Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 5.75%     6.75%   12/19/2024   $7,899    7,843    7,712      
      Margaux Acquisition, Inc. (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.75%     6.75%   12/19/2024   $2,872    2,820    2,815      
      Margaux Acquisition Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 5.75%     6.75%   12/19/2024   $28,698    28,244    28,124      
      Margaux UK Finance Limited (3) (5) (6) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    12/19/2024   £-    (9)   -      
      Margaux UK Finance Limited (6) (15) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 5.75%     6.75%   12/19/2024   £7,648    9,817    9,874      
                            FIRE: Insurance Total   $66,507   $66,644    6.4%
                                             
   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    10,856    10,901      
                            FIRE: Real Estate Total   $10,856   $10,901    1.0%
                                             
   Forest Products & Paper  Solenis International LLC (18) (21)  Second Lien Senior Secured Loan    L+ 8.50%     8.76%   6/26/2026   $10,601    10,326    9,922      
                            Forest Products & Paper Total   $10,326   $9,922    0.9%
                                             
   Healthcare & Pharmaceuticals  CB Titan Holdings, Inc. (14) (19) (25)  Preferred Equity   -    -    -    1,953    1,953    2,775      
      CPS Group Holdings, Inc. (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    3/3/2025   $-    (67)   -      
      CPS Group Holdings, Inc. (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%     6.50%   3/3/2025   $55,486    55,039    55,486      
      Datix Bidco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan - Revolver    GBP LIBOR+ 4.50%     5.22%   10/28/2024   £973    1,154    1,243      
      Datix Bidco Limited (6) (18) (19) (21)  Second Lien Senior Secured Loan    GBP LIBOR+ 7.75%     8.43%   4/27/2026   £12,134    16,355    15,510      
      Datix Bidco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    BBSW+ 4.50%     4.68%   4/28/2025   AUD 4,212     3,212    2,982      
      Golden State Buyer, Inc. (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.75%     4.90%   6/22/2026   $15,115    14,985    14,964      
      Great Expressions Dental Centers PC (15) (19) (26)  First Lien Senior Secured Loan - Revolver    L+ 4.75% (0.5% PIK)     6.25%   9/28/2022   $1,190    1,184    943      
      Great Expressions Dental Centers PC (12) (15) (19) (26)  First Lien Senior Secured Loan    L+ 2.50% (2.75% PIK)     6.25%   9/28/2023   $7,769    7,750    6,157      
      Island Medical Management Holdings, LLC (15) (19) (26) (29)  First Lien Senior Secured Loan    L+ 6.50%     7.50%   9/1/2023   $8,654    8,587    7,788      
      Medical Depot Holdings, Inc. (12) (15) (26) (34)  First Lien Senior Secured Loan    L+ 7.50%     8.50%   1/3/2023   $16,436    15,457    11,999      
      Mendel Bidco, Inc. (6) (18) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 4.50%     4.50%   6/17/2027   €10,033    11,158    11,585      
      Mendel Bidco, Inc. (18) (19) (21)  First Lien Senior Secured Loan    L+ 4.50%     4.73%   6/17/2027   $19,966    19,525    19,367      
      Mertus 522. GmbH (6) (18) (19) (21)  First Lien Senior Secured Loan - Delayed Draw    EURIBOR+ 6.25%     6.25%   5/28/2026   €13,131    14,120    15,084      
      Mertus 522. GmbH (6) (18) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 6.25%     6.25%   5/28/2026   €22,468    24,606    25,811      
      TecoStar Holdings, Inc. (12) (15) (19) (21) (29)  Second Lien Senior Secured Loan    L+ 8.50%     9.68%   11/1/2024   $9,472    9,308    9,211      
      U.S. Anesthesia Partners, Inc. (12) (15) (19) (21)  Second Lien Senior Secured Loan    L+ 7.25%     8.25%   6/23/2025   $16,520    16,356    15,818      
                            Healthcare & Pharmaceuticals Total   $220,682   $216,723    20.7%
                                             
   High Tech Industries  AMI US Holdings Inc. (3) (12) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%     5.91%   4/1/2024   $1,256    1,231    1,238      
      AMI US Holdings Inc. (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%     6.59%   4/1/2025   $13,058    12,848    12,927      
      Appriss Holdings, Inc. (3) (7) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%     5.65%   5/30/2025   $2,329    2,279    2,246      
      Appriss Holdings, Inc. (7) (12) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.50%     5.75%   5/29/2026   $48,508    47,978    47,659      
      CB Nike IntermediateCo Ltd (3) (5) (15) (19) (21)  First Lien Senior Secured Loan - Revolver   -    -    10/31/2025   $-    (75)   -      
      CB Nike IntermediateCo Ltd (6) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.75%     5.75%   10/31/2025   $35,157    34,549    35,157      
      CMI Marketing Inc (3) (5) (15) (19) (29)  First Lien Senior Secured Loan - Revolver   -    -    5/24/2023   $-    (11)   -      
      CMI Marketing Inc (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%     5.50%   5/24/2024   $15,140    15,040    15,140      
      Drilling Info Holdings, Inc (12) (18) (21) (29)  First Lien Senior Secured Loan    L+ 4.25%     4.40%   7/30/2025   $22,438    22,370    20,530      
      Element Buyer, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw    L+ 5.25%     6.25%   7/18/2025   $11,220    11,246    11,220      
      Element Buyer, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.25%     6.25%   7/19/2024   $850    808    850      
      Element Buyer, Inc. (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 5.25%     6.25%   7/18/2025   $37,486    37,771    37,486      
      Everest Bidco (6) (15) (19) (21)  Second Lien Senior Secured Loan    GBP LIBOR+ 7.50%     8.50%   7/3/2026   £10,216    13,127    13,124      
      MeridianLink, Inc. (15) (29)  First Lien Senior Secured Loan    L+ 3.75%     4.75%   5/30/2025   $1,811    1,793    1,789      
      MRI Software LLC (7) (15) (19)  First Lien Senior Secured Loan    L+ 5.50%     6.50%   2/10/2026   $25,233    25,135    25,233      
      MRI Software LLC (3) (5) (15) (19) (28)  First Lien Senior Secured Loan - Delayed Draw   -    -    2/10/2026   $-    (10)   -      
      MRI Software LLC (3) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    2/10/2026   $-    43    -      
      Netsmart Technologies, Inc. (21) (31)  Second Lien Senior Secured Loan    P+ 6.50%     9.75%   10/19/2023   $2,749    2,749    2,749      
      nThrive, Inc. (15) (19) (21)  Second Lien Senior Secured Loan    L+ 9.75%     10.75%   4/20/2023   $8,000    7,984    7,280      
      Park Place Technologies (15) (19) (21)  Second Lien Senior Secured Loan    L+ 8.00%     9.00%   3/30/2026   $6,733    6,687    6,396      
      Symplr Software, Inc. (2) (3) (5) (7) (18) (19)  First Lien Senior Secured Loan - Revolver   -    -    11/30/2023   $-    (48)   (112)     
      Symplr Software, Inc. (7) (18) (19) (21)  First Lien Senior Secured Loan    L+ 5.50%     5.72%   11/28/2025   $60,597    59,843    59,234      
      Symplr Software, Inc. (7) (18) (19)  First Lien Senior Secured Loan    L+ 6.00%     6.23%   11/28/2025   $3,783    3,745    3,754      
      Utimaco, Inc. (6) (18) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.50%     5.16%   8/9/2027   $14,849    14,525    14,701      
      Ventiv Topco, Inc. (14) (19) (25)  Equity Interest   -    -    -    28    2,833    3,729      
      Ventiv Holdco, Inc. (3) (7) (18) (19)  First Lien Senior Secured Loan - Revolver    L+ 5.50%     5.66%   9/3/2025   $426    381    409      
      Ventiv Holdco, Inc. (7) (15) (19) (21)  First Lien Senior Secured Loan    L+ 5.50%     6.50%   9/3/2025   $24,117    23,806    23,996      
      VPARK BIDCO AB (6) (16) (19) (21)  First Lien Senior Secured Loan    CIBOR+ 4.00%     4.75%   3/10/2025   DKK 56,999     9,187    8,974      
      VPARK BIDCO AB (6) (16) (19) (21)  First Lien Senior Secured Loan    NIBOR+ 4.00%     4.75%   3/10/2025   NOK 74,020     9,217    7,914      
      Zywave, Inc. (3) (5) (15) (19) (29)  First Lien Senior Secured Loan - Revolver   -    -    11/17/2022   $-    (7)   -      
      Zywave, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 5.00%     6.00%   11/17/2022   $17,236    17,173    17,236      
                            High Tech Industries Total   $384,197   $380,859    36.3%
                                             
   Hotel, Gaming & Leisure  Aimbridge Acquisition Co., Inc. (12) (18) (19) (21) (29)  Second Lien Senior Secured Loan    L+ 7.50%     7.66%   2/1/2027   $20,193    19,694    18,174      
      Captain D's LLC (3) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 4.50%     5.50%   12/15/2023   $1,393    1,383    1,383      
      Captain D's LLC (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.50%     5.50%   12/15/2023   $12,809    12,729    12,745      
      Quidditch Acquisition, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 7.00%     8.00%   3/21/2025   $18,880    18,868    17,559      
                            Hotel, Gaming & Leisure Total   $52,674   $49,861    4.7%
                                             
   Media: Advertising, Printing & Publishing  Ansira Holdings, Inc. (15) (19) (26)  First Lien Senior Secured Loan - Delayed Draw    L+ 6.50%     7.50%   12/20/2024   $4,464    4,460    3,817      
      Ansira Holdings, Inc. (3) (19) (23) (31)  First Lien Senior Secured Loan - Revolver    P+ 4.75%     7.58%   12/20/2024   $3,400    3,400    3,400      
      Ansira Holdings, Inc. (7) (15) (19) (26)  First Lien Senior Secured Loan    L+ 6.50%     7.50%   12/20/2024   $36,493    36,428    31,201      
      Cruz Bay Publishing, Inc. (3) (15) (19) (26)  First Lien Senior Secured Loan - Delayed Draw    P+ 6.00%     9.25%   2/1/2021   $705    696    705      
      Cruz Bay Publishing (3) (15) (19)  First Lien Senior Secured Loan - Revolver    P+ 4.00%     7.25%   2/1/2021   $1,978    1,978    1,978      
      Cruz Bay Publishing, Inc. (7) (15) (19) (26)  First Lien Senior Secured Loan    L+ 6.75%     7.75%   2/1/2021   $3,882    3,882    3,882      
      Cruz Bay Publishing, Inc. (7) (15) (19) (26)  First Lien Senior Secured Loan    P+ 6.75%     10.00%   2/1/2021   $1,309    1,309    1,309      
                            Media: Advertising, Printing & Publishing Total   $52,153   $46,292    4.4%
                                             
   Media: Broadcasting & Subscription  Vital Holdco Limited (6) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 4.75%     5.75%   5/29/2026   $35,357    34,630    35,357      
      Vital Holdco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 4.75%     4.75%   5/29/2026   €7,917    8,636    9,281      
                            Media: Broadcasting & Subscription Total   $43,266   $44,638    4.2%
                                             
   Media: Diversified & Production  9 Story Media Group Inc. (3) (15) (19)  First Lien Senior Secured Loan - Revolver    CDOR+ 5.50%     6.50%   4/30/2026   CAD 56     41    40      
      9 Story Media Group Inc. (6) (15) (19) (21)  First Lien Senior Secured Loan    CDOR+ 5.50%     6.50%   4/30/2026   CAD 7,329     5,371    5,382      
      9 Story Media Group Inc. (6) (18) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 5.50%     5.50%   4/30/2026   €3,947    4,514    4,523      
      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%     7.75%   6/15/2022   $15,095    15,159    14,416      
      Efficient Collaborative Retail Marketing Company, LLC (7) (15) (19)  First Lien Senior Secured Loan    L+ 6.75%     7.75%   6/15/2022   $9,788    9,830    9,347      
      International Entertainment Investments Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 4.75%     5.27%   5/31/2023   £8,686    10,648    10,934      
                            Media: Diversified & Production Total   $47,830   $46,909    4.5%
                                             
   Retail  Batteries Plus Holding Corporation (3) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    7/6/2022   $-    -    -      
      Batteries Plus Holding Corporation (7) (15) (19)  First Lien Senior Secured Loan    L+ 6.75%     7.75%   7/6/2022   $28,672    28,672    28,672      
                            Retail Total   $28,672   $28,672    2.7%
                                             
   Services: Business  AMCP Clean Acquisition Company, LLC (12) (18) (19) (29)  First Lien Senior Secured Loan - Delayed Draw    L+ 4.25%     4.41%   7/10/2025   $3,865    3,857    2,512      
      AMCP Clean Acquisition Company, LLC (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.25%     4.47%   7/10/2025   $15,971    15,943    10,381      
      Comet Bidco Limited (6) (18) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 5.00%     5.09%   9/30/2024   £7,362    9,505    7,259      
      Elevator Holdco Inc. (14) (19) (25)  Equity Interest   -    -    -    2    2,448    1,677      
      Hightower Holding, LLC (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 5.00%     6.00%   1/31/2025   $40,953    40,804    40,953      
      Refine Intermediate, Inc. (3) (18) (19)  First Lien Senior Secured Loan - Revolver    GBP LIBOR+ 4.75%     4.80%   9/3/2026   $534    412    494      
      Refine Intermediate, Inc. (15) (19) (21)  First Lien Senior Secured Loan    L+ 4.75%     5.75%   3/3/2027   $21,894    21,380    21,730      
      SumUp Holdings Luxembourg S.à.r.l. (6) (15) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 8.00%     9.00%   8/1/2024   €15,715    17,433    18,421      
      SumUp Holdings Luxembourg S.à.r.l. (6) (15) (19) (21)  First Lien Senior Secured Loan    EURIBOR+ 8.00%     9.00%   8/1/2024   €16,697    18,223    19,573      
      TEI Holdings Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver    L+ 7.00%     8.00%   12/23/2025   $3,471    3,426    3,200      
      TEI Holdings Inc. (7) (12) (15) (19) (21) (26) (29)  First Lien Senior Secured Loan    L+ 7.00%     8.00%   12/23/2026   $48,682    48,094    45,761      
                            Services: Business Total   $181,525   $171,961    16.4%
                                             
   Services: Consumer  Pearl Intermediate Parent LLC (18) (29)  Second Lien Senior Secured Loan    L+ 6.25%     6.40%   2/13/2026   $2,571    2,585    2,508      
      Surrey Bidco Limited (6) (17) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 6.00%     6.50%   5/11/2026   £5,000    6,155    5,971      
      Trafalgar Bidco Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    GBP LIBOR+ 5.00%     5.05%   9/11/2024   £6,011    7,751    7,761      
      Zeppelin BidCo Pty Limited (6) (18) (19) (21)  First Lien Senior Secured Loan    BBSY+ 6.00%     6.23%   6/28/2024   AUD20,621     14,069    14,455      
                            Services: Consumer Total   $30,560   $30,695    2.9%
                                             
   Telecommunications  Conterra Ultra Broadband Holdings, Inc. (18) (29)  First Lien Senior Secured Loan    L+ 4.50%     4.65%   4/30/2026   $6,402    6,375    6,338      
      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   $925    919    907      
      Horizon Telcom, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan    L+ 4.75%     5.75%   6/15/2023   $13,625    13,505    13,353      
      Masergy Holdings, Inc. (15) (29)  Second Lien Senior Secured Loan    L+ 7.50%     8.50%   12/16/2024   $857    862    812      
                            Telecommunications Total   $21,774   $21,524    2.0%
                                             
   Transportation: Cargo  A&R Logistics, Inc. (2) (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver   -    -    5/5/2025   $-    (95)   (91)     
      A&R Logistics, Inc. (7) (12) (15) (19) (21) (29)  First Lien Senior Secured Loan    L+ 6.00%     7.20%   5/5/2025   $43,644    42,906    42,990      
      A&R Logistics, Inc. (7) (15) (19)  First Lien Senior Secured Loan    L+ 6.00%     7.20%   5/5/2025   $2,454    2,411    2,418      
      A&R Logistics, Inc. (7) (15) (19)  First Lien Senior Secured Loan    L+ 6.00%     7.00%   5/5/2025   $6,050    5,972    5,959      
      A&R Logistics, Inc. (7) (15) (19)  First Lien Senior Secured Loan    L+ 6.50%     7.50%   5/5/2025   $2,750    2,723    2,750      
      ARL Holdings, LLC. (14) (19) (25)  Equity Interest   -    -    -    -    445    509      
      ARL Holdings, LLC. (14) (19) (25)  Equity Interest   -    -    -    9    9    10      
      ENC Holding Corporation (12) (18) (19) (29)  First Lien Senior Secured Loan    L+ 4.00%     4.22%   5/30/2025   $10,198    10,186    9,892      
      Grammer Investment Holdings LLC (14) (19) (25)  Equity Interest   -    -    -    1,011    1,011    943      
      Grammer Investment Holdings LLC (19) (25) (26)  Preferred Equity    10% PIK     10.00%   -    7    714    726      
      Grammer Investment Holdings LLC (14) (19) (25)  Warrants   -    -    -    122    -    -      
      Grammer Purchaser, Inc. (2) (3) (12) (15) (19) (29)  First Lien Senior Secured Loan - Revolver   -    -    9/30/2024   $-    5