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EX-32 - EXHIBIT 32 - Bain Capital Specialty Finance, Inc.tm2114414d1_ex32.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

 

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

 

For the quarterly period ended March 31, 2021

 

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 ☒ No ☐

 

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

 

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

 

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

 

Emerging growth company ☐

 

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

 

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

 

As of May 5, 2021, 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 March 31, 2021 (unaudited) and December 31, 2020

4

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited)

5

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 and 2020 (unaudited)

6

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)

7

 

 

 

 

Consolidated Schedules of Investments as of March 31, 2021 (unaudited) and December 31, 2020

8

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

39

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

81

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

112

 

 

 

Item 4.

Controls and Procedures

113

 

 

 

PART II

OTHER INFORMATION

114

 

 

 

Item 1.

Legal Proceedings

114

 

 

 

Item 1A.

Risk Factors

114

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

114

 

 

 

Item 3.

Defaults Upon Senior Securities

114

 

 

 

Item 4.

Mine Safety Disclosures

114

 

 

 

Item 5.

Other Information

114

 

 

 

Item 6.

Exhibits

115

 

 

 

Signatures

 

119

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, 2020 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, 2020. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.

 

3

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Consolidated Financial Statements

  

Bain Capital Specialty Finance, Inc.
 
Consolidated Statements of Assets and Liabilities
(in thousands, except share and per share data)

 

   As of   As of 
   March 31, 2021   December 31, 2020 
   (Unaudited)     
Assets        
Investments at fair value:          
Non-controlled/non-affiliate investments (amortized cost of $2,003,536 and $2,281,809, respectively)  $1,979,964   $2,261,461 
Non-controlled/affiliate investment (amortized cost of $95,974 and $93,089, respectively)   95,428    92,915 
Controlled affiliate investment (amortized cost of $278,713 and $147,841, respectively)   260,347    130,112 
Cash and cash equivalents   36,248    53,704 
Foreign cash (cost of $984 and $976, respectively)   1,413    972 
Restricted cash and cash equivalents   76,730    27,026 
Collateral on forward currency exchange contracts   3,352    4,934 
Deferred financing costs   994    3,131 
Interest receivable on investments   15,112    15,720 
Receivable for sales and paydowns of investments   10,993    5,928 
Unrealized appreciation on forward currency exchange contracts   907    - 
Dividend receivable   9,857    7,589 
Total Assets  $2,491,345   $2,603,492 
           
Liabilities          
Debt (net of unamortized debt issuance costs of $12,340 and $7,147, respectively)  $1,341,893   $1,458,360 
Interest payable   8,105    8,223 
Payable for investments purchased   5,339    10,991 
Unrealized depreciation on forward currency exchange contracts   18,944    22,614 
Base management fee payable   6,584    6,289 
Incentive fee payable   6,728    3,799 
Accounts payable and accrued expenses   3,995    3,261 
Distributions payable   21,951    21,951 
Total Liabilities   1,413,539    1,535,488 
           
Commitments and Contingencies (See Note 10)          
           
Net Assets          
Preferred stock, $0.001 par value per share, 10,000,000,000 shares authorized, none issued and outstanding as of March 31, 2021 and December 31, 2020, respectively  $-   $- 
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,562,265 and 64,562,265 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively   65    65 
Paid in capital in excess of par value   1,166,453    1,166,453 
Total distributable earnings (loss)   (88,712)   (98,514)
Total Net Assets   1,077,806    1,068,004 
Total Liabilities and Total Net assets  $2,491,345   $2,603,492 
           
Net asset value per share  $16.69   $16.54 

 

See Notes to Consolidated Financial Statements

 

4

 

 

 

 

Bain Capital Specialty Finance, Inc.
 
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)

 

   For the Three Months Ended March 31, 
   2021   2020 
Income        
Investment income from non-controlled/non-affiliate investments:          
Interest from investments  $40,893   $47,871 
Dividend income   -    33 
Other income   3,456    440 
Total investment income from non-controlled/non-affiliate investments   44,349    48,344 
           
Investment income from non-controlled/affiliate investments:          
Interest from investments   1,809    - 
Total investment income from non-controlled/affiliate investments   1,809    - 
           
Investment income from controlled affiliate investments:          
Interest from investments   1,637    772 
Dividend income   2,036    2,380 
Total investment income from controlled affiliate investments   3,673    3,152 
Total investment income   49,831    51,496 
           
Expenses          
Interest and debt financing expenses   11,833    17,876 
Base management fee   8,698    8,726 
Incentive fee   6,728    - 
Professional fees   959    970 
Directors fees   171    175 
Other general and administrative expenses   1,390    1,249 
Total expenses before fee waivers   29,779    28,996 
Base management fee waiver   (2,113)   - 
Incentive fee waiver   -    - 
Total expenses, net of fee waivers   27,666    28,996 
Net investment income before taxes   22,165    22,500 
Net investment income   22,165    22,500 
           
           
Net realized and unrealized gains (losses)          
Net realized gain (loss) on non-controlled/non-affiliate investments   18,413    (10,456)
Net realized gain (loss) on controlled affiliate investments   (3,237)   - 
Net realized gain (loss) on foreign currency transactions   (3,026)   (415)
Net realized gain (loss) on forward currency exchange contracts   (3,292)   1,505 
Net change in unrealized appreciation (depreciation) on foreign currency translation   386    (209)
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts   4,577    13,121 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments   (3,224)   (129,387)
Net change in unrealized appreciation (depreciation) on non-controlled/affiliate investments   (372)   - 
Net change in unrealized appreciation (depreciation) on controlled affiliate investments   (637)   (1,106)
Total net gains (losses)   9,588    (126,947)
           
Net increase (decrease) in net assets resulting from operations  $31,753   $(104,447)
           
           
Basic and diluted net investment income per common share  $0.34   $0.44 
Basic and diluted increase (decrease) in net assets resulting from operations per common share  $0.49   $(2.02)
Basic and diluted weighted average common shares outstanding   64,562,265    51,649,812 

 

See Notes to Consolidated Financial Statements

5

 

Bain Capital Specialty Finance, Inc.
 
Consolidated Statements of Changes in Net Assets
(in thousands, except share and per share data)
(Unaudited)

 

   For the Three Months Ended March 31, 
   2021   2020 
Operations:        
Net investment income  $22,165   $22,500 
Net realized gain (loss)   8,858    (9,366)
Net change in unrealized appreciation (depreciation)   730    (117,581)
Net increase (decrease) in net assets resulting from operations   31,753    (104,447)
Stockholder distributions:          
Distributions from distributable earnings   (21,951)   (21,176)
Net decrease in net assets resulting from stockholder distributions   (21,951)   (21,176)
           
Total increase (decrease) in net assets   9,802    (125,623)
Net assets at beginning of period   1,068,004    1,018,400 
Net assets at end of period  $1,077,806   $892,777 
           
Net asset value per common share  $16.69   $17.29 
Common stock outstanding at end of period   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 Three Months Ended March 31, 
   2021   2020 
Cash flows from operating activities          
Net increase (decrease) in net assets resulting from operations  $31,753   $(104,447)
Adjustments to reconcile net increase in net assets from          
operations to net cash used in operating activities:          
Purchases of investments   (262,104)   (275,880)
Proceeds from principal payments and sales of investments   415,738    190,565 
Net realized (gain) loss from investments   (15,176)   10,456 
Net realized loss on foreign currency transactions   3,026    415 
Net change in unrealized (appreciation) on forward currency exchange contracts   (4,577)   (13,121)
Net change in unrealized depreciation on investments   4,233    130,493 
Net change in unrealized (appreciation) depreciation on foreign currency translation   (386)   209 
Increase in investments due to PIK   (2,365)   (241)
Accretion of discounts and amortization of premiums   (1,698)   (1,296)
Amortization of deferred financing costs and debt issuance costs   2,600    641 
Changes in operating assets and liabilities:          
Collateral on forward currency exchange contracts   1,582    (392)
Interest receivable on investments   608    7,326 
Dividend receivable   (2,268)   (1,444)
Interest payable   (118)   (4,112)
Collateral payable on forward currency exchange contracts   -    142 
Base management fee payable   295    8,726 
Incentive fee payable   2,929    - 
Accounts payable and accrued expenses   734    567 
Net cash provided by (used in) operating activities   174,806    (51,393)
           
Cash flows from financing activities          
Borrowings on debt   375,500    333,272 
Repayments on debt   (486,774)   (252,936)
Payments of financing costs   -    (1,250)
Payments of debt issuance costs   (5,657)   - 
Stockholder distributions paid   (21,951)   (21,176)
Net cash (used in) provided by financing activities   (138,882)   57,910 
           
Net increase (decrease) in cash, foreign cash, restricted cash and cash equivalents   35,924    6,517 
Effect of foreign currency exchange rates   (3,235)   (897)
Cash, foreign cash, restricted cash and cash equivalents, beginning of period   81,702    68,846 
Cash, foreign cash, restricted cash and cash equivalents, end of period  $114,391   $74,466 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $10,886   $21,347 
Debt investments sold by the Company to ISLP  $317,077   $- 
Company investment into ISLP in exchange for investments sold  $128,970   $- 

 

    As of March 31,  
    2021    2020 
Cash  $36,248   $55,128 
Restricted cash   76,730    18,706 
Foreign cash   1,413    632 
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows  $114,391   $74,466 

 

See Notes to Consolidated Financial Statements

 

7

 

Bain Capital Specialty Finance, Inc.
Consolidated Schedule of Investments
As of March 31, 2021
(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)   Second Lien Senior Secured Loan    L+ 8.25%     8.45%   10/9/2026   $6,540    6,490    5,428      
      Forming & Machining Industries Inc. (12) (18) (29)   First Lien Senior Secured Loan    L+ 4.25%     4.45%   10/9/2025   $16,566    16,465    14,341      
      GSP Holdings, LLC (7) (12) (15) (19) (26) (29)   First Lien Senior Secured Loan    L+ 5.75% (0.25% PIK)     7.00%   11/6/2025   $35,826    35,626    32,602      
      GSP Holdings, LLC (3) (7) (15) (19) (26)   First Lien Senior Secured Loan - Revolver    L+ 5.50% (0.25% PIK)     6.75%   11/6/2025   $1,134    1,100    726      
      Kellstrom Aerospace Group, Inc (14) (19) (25)   Equity Interest   -    -    -    1    1,963    779      
      Kellstrom Commercial Aerospace, Inc. (3) (18) (19) (24)   First Lien Senior Secured Loan - Revolver    L+ 5.50%     7.56%   7/1/2025   $5,331    5,247    4,862      
      Kellstrom Commercial Aerospace, Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   7/1/2025   $33,523    33,016    30,841      
      Novetta, LLC  (12) (15) (29)   First Lien Senior Secured Loan    L+ 5.00%     6.00%   10/17/2022   $6,496    6,448    6,484      
      Precision Ultimate Holdings, LLC (14) (19) (25)   Equity Interest   -    -    -    1,417    1,417    1,248      
      Salient CRGT, Inc. (12) (15) (29)   First Lien Senior Secured Loan    L+ 6.50%     7.50%   2/28/2022   $12,087    12,098    11,932      
      WCI-HSG HOLDCO, LLC (14) (19) (25)   Preferred Equity   -    -   -    675    675    1,561      
      WCI-HSG Purchaser, Inc. (3) (12) (15) (19) (29)   First Lien Senior Secured Loan - Revolver    L+ 4.75%     5.75%   2/24/2025   $1,075    1,049    1,075      
      WCI-HSG Purchaser, Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 4.75%     5.75%   2/24/2025   $17,556    17,387    17,556      
      Whitcraft LLC (2) (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    4/3/2023   $-    (12)   (91)     
      Whitcraft LLC (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   4/3/2023   $40,080    39,811    38,076      
      WP CPP Holdings, LLC. (12) (15) (29)   Second Lien Senior Secured Loan    L+ 7.75%     8.75%   4/30/2026   $11,724    11,639    10,434      
                           Aerospace & Defense Total   $190,419   $177,854    16.5%

 

8

 

 

   Automotive  CST Buyer Company (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    10/3/2025   $-    (19)   -      
      CST Buyer Company (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   10/3/2025   $19,238    19,050    19,238      
      JHCC Holdings, LLC (3) (5) (15) (19) (28)   First Lien Senior Secured Loan - Delayed Draw   -    -    9/9/2025   $-    (38)   -      
      JHCC Holdings, LLC (3) (7) (19) (31) (34)   First Lien Senior Secured Loan - Revolver    P+ 4.50%     7.37%   9/9/2025   $952    917    952      
      JHCC Holdings, LLC (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 5.50%     7.86%   9/9/2025   $3,638    3,632    3,638      
      JHCC Holdings, LLC (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   9/9/2025   $29,304    28,974    29,304      
                           Automotive Total   $52,516   $53,132    4.9%
                                             
   Banking  Green Street Parent, LLC (3) (18) (19) (29)   First Lien Senior Secured Loan - Revolver    L+ 5.25%     5.45%   8/27/2025   $1,161    1,126    1,161      
      Green Street Parent, LLC (12) (18) (19) (29)   First Lien Senior Secured Loan    L+ 5.25%     5.25%   8/27/2026   $14,298    14,070    14,298      
                           Banking Total   $15,196   $15,459    1.4%
                                             
   Beverage, Food & Tobacco  NPC International, Inc.  (27) (31)   First Lien Senior Secured Loan    P+ 2.25%     5.50%   4/19/2024   $700    703    627      
                           Beverage, Food & Tobacco Total   $703   $627    0.1%
                                             
   Capital Equipment  Dorner Manufacturing Corp. (3) (5) (15) (19) (29)   First Lien Senior Secured Loan - Revolver   -    -    3/15/2022   $-    (5)   -      
      Dorner Manufacturing Corp. (12) (19) (31)   First Lien Senior Secured Loan    P+ 4.75%     8.00%   3/15/2023   $6,593    6,517    6,593      
      East BCC Coinvest II, LLC (14) (19) (25)   Equity Interest   -    -    -    1,419    1,419    832      
      Electronics For Imaging, Inc. (12) (18) (19) (29)   Second Lien Senior Secured Loan    L+ 9.00%     9.11%   7/23/2027   $12,070    11,403    9,837      
      Engineered Controls International, LLC (12) (19) (29) (32)   First Lien Senior Secured Loan    L+ 7.00%     8.50%   11/5/2024   $32,549    32,009    32,549      
      EXC Holdings III Corp. (12) (15) (29)   Second Lien Senior Secured Loan    L+ 7.50%     8.50%   12/1/2025   $8,240    8,252    8,260      
      FCG Acquisitions, Inc. (14) (19) (25)   Preferred Equity   -    -    -    4    4,251    11,269      
      FFI Holdings I Corp (3) (15) (19) (30)   First Lien Senior Secured Loan - Revolver    L+ 5.75%     6.75%   1/24/2025   $2,933    2,880    2,933      
      FFI Holdings I Corp (7) (12) (19) (29) (31)   First Lien Senior Secured Loan    P+ 4.75%     8.00%   1/24/2025   $68,232    67,806    68,914      

 

9

 

 

      FFI Holdings I Corp (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 6.25%     7.25%   1/24/2025   $473    473    478      
      FFI Holdings I Corp (3) (5) (15) (19) (28)   First Lien Senior Secured Loan - Delayed Draw   -    -    1/24/2025   $-    (50)   27      
      FFI Holdings I Corp (7) (19) (31)   First Lien Senior Secured Loan    P+ 5.25%     8.50%   1/24/2025   $789    781    797      
      Jonathan Acquisition Company (19) (15)   Second Lien Senior Secured Loan    L+ 9.00%     10.00%   12/22/2027   $8,000    7,810    7,880      
      Tidel Engineering, L.P. (3) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    3/1/2023   $-    -    -      
      Tidel Engineering, L.P. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.25%     7.25%   3/1/2024   $36,153    36,153    36,153      
                            Capital Equipment Total    $179,699   $186,522    17.3%
                                             
   Chemicals, Plastics & Rubber  AP Plastics Group, LLC (3) (15) (19)   First Lien Senior Secured Loan - Revolver    L+ 4.00%     5.00%   8/2/2021   $2,833    2,833    2,833      
      AP Plastics Group, LLC (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.25%     6.25%   8/1/2022   $19,856    19,703    19,856      
      Plaskolite, Inc. (15) (29)   First Lien Senior Secured Loan    L+ 4.25%     5.25%   12/15/2025   $2,247    2,214    2,254      
      V Global Holdings LLC (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   12/22/2027   $48,813    47,630    48,325      
      V Global Holdings LLC (2) (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    12/22/2025   $-    (187)   (79)     
                            Chemicals, Plastics & Rubber Total    $72,193   $73,189    6.8%
                                             
   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   $1,170    1,167    951      
      Chase Industries, Inc. (15) (19) (26)   First Lien Senior Secured Loan    L+ 5.50% (1.5% PIK)     7.98%   5/12/2025   $12,377    12,339    10,057      
      Elk Parent Holdings, LP (14) (19) (25)   Equity Interest   -    -    -    1    12    265      
      Elk Parent Holdings, LP (14) (19) (25)   Preferred Equity   -    -    -    120    1,202    1,345      
      PP Ultimate Holdings B, LLC (14) (19) (25)   Equity Interest   -    -    -    1    1,352    1,743      
      Profile Products LLC (3) (7) (19) (31)   First Lien Senior Secured Loan - Revolver    P+ 5.00%     8.25%   12/20/2024   $3,028    2,980    3,028      

 

10

 

 

      Profile Products LLC (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   12/20/2024   $36,076    35,575    36,076      
      Regan Development Holdings Limited (6) (17) (19)   First Lien Senior Secured Loan    EURIBOR+ 6.50%     7.00%   4/18/2022   2,087    2,274    2,391      
      Regan Development Holdings Limited (6) (17) (19)   First Lien Senior Secured Loan    EURIBOR+ 6.50%     7.00%   4/18/2022   677    768    775      
      Regan Development Holdings Limited (6) (17) (19)   First Lien Senior Secured Loan    EURIBOR+ 6.50%     7.00%   4/18/2022   6,335    6,870    7,221      
      YLG Holdings, Inc. (7) (15) (19) (35)   First Lien Senior Secured Loan - Delayed Draw    L+ 6.25%     7.25%   10/31/2025   $5,098    5,092    5,098      
      YLG Holdings, Inc. (3) (5) (7) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    10/31/2025   $-    (65)   -      
      YLG Holdings, Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.25%     7.25%   10/31/2025   $38,377    38,119    38,377      
                            Construction & Building Total    $107,685   $107,327    10.0%
                                             
   Consumer Goods: Durable  New Milani Group LLC (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   6/6/2024   $16,883    16,788    15,363      
      TLC Holdco LP (14) (19) (25)   Equity Interest   -    -    -    1,188    1,186    1,041      
      TLC Purchaser, Inc. (2) (3) (5) (19)   First Lien Senior Secured Loan - Delayed Draw   -    -    10/13/2025   $-    (54)   (214)     
      TLC Purchaser, Inc. (2) (3) (5) (19)   First Lien Senior Secured Loan - Revolver   -    -    10/13/2025   $-    (134)   (267)     
      TLC Purchaser, Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.75%     6.75%   10/13/2025   $42,187    41,525    40,922      
                             Consumer Goods: Durable Total    $59,311   $56,845    5.3%
                                             
   Consumer Goods: Non-Durable  Fineline Parent Holdings (14) (19) (25)   Equity Interest   -    -    -    939    939    939      
      FL Hawk Intermediate Holdings, Inc. (6) (15) (19)   Second Lien Senior Secured Loan    L+ 9.00%     10.00%   8/22/2028   $21,125    20,503    20,491      
      MND Holdings III Corp (12) (15) (29)   First Lien Senior Secured Loan    L+ 3.50%     4.50%   6/19/2024   $10,586    10,600    10,278      
      New Era Cap Co., Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.50%     7.50%   9/10/2023   $10,047    10,047    10,047      
      RoC Opco LLC  (3) (15) (19)   First Lien Senior Secured Loan - Revolver    L+ 7.25%     8.75%   2/25/2025   $3,414    3,278    3,414      
      RoC Opco LLC (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 7.75%     8.75%   2/25/2025   $40,385    39,681    40,385      

 

11

 

 

      Solaray, LLC (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 6.25%     7.25%   9/11/2023   $14,388    14,388    14,100      
      Solaray, LLC (3) (7) (15) (19)   First Lien Senior Secured Loan - Revolver    L+ 4.50%     5.50%   9/9/2022   $7,424    7,399    7,424      
      Solaray, LLC (7) (15) (19)   First Lien Senior Secured Loan    L+ 6.25%     7.25%   9/11/2023   $42,060    42,060    41,218      
      WU Holdco, Inc. (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 5.25%     6.25%   3/26/2026   $5,574    5,525    5,574      
      WU Holdco, Inc. (3) (18) (19)   First Lien Senior Secured Loan - Revolver    L+ 5.25%     5.48%   3/26/2025   $1,578    1,535    1,578      
      WU Holdco, Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.25%     6.25%   3/26/2026   $39,219    38,579    39,219      
                            Consumer Goods: Non-Durable Total    $194,534   $194,667    18.1%
                                             
   Containers, Packaging, & Glass  Automate Intermediate Holdings II S.à r.l. (6) (18) (19)   Second Lien Senior Secured Loan    L+ 7.75%     7.86%   7/22/2027   $119    117    118      
                            Containers, Packaging, & Glass Total    $117   $118    0.0%
                                             
   Energy: Oil & Gas  Amspec Services, Inc. (3) (5) (7) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    7/2/2024   $-    (39)   -      
      Amspec Services, Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.75%     6.75%   7/2/2024   $43,542    43,177    43,542      
      Amspec Services, Inc. (7) (15) (19)   First Lien Senior Secured Loan    L+ 5.75%     6.75%   7/2/2024   $2,819    2,782    2,819      
                            Energy: Oil & Gas Total    $45,920   $46,361    4.3%
                                             
   FIRE: Finance  Allworth Financial Group, L.P. (3) (5) (15) (19)   First Lien Senior Secured Loan - Delayed Draw   -    -    12/23/2026   $-    (58)   -      
      Allworth Financial Group, L.P. (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   12/23/2026   $10,113    9,969    10,113      
      Allworth Financial Group, L.P. (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    12/23/2026   $-    (17)   -      
      TA/Weg Holdings (3) (18) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 5.75%     6.75%   10/2/2025   $3,385    3,318    3,385      
                            FIRE: Finance Total    $13,212   $13,498    1.3%

 

12

 

 

   FIRE: Insurance  Margaux Acquisition Inc. (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 5.75%     6.75%   12/19/2024   $9,268    9,238    9,268      
      Margaux Acquisition, Inc. (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    12/19/2024   $-    (48)   -      
      Margaux Acquisition Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.75%     6.75%   12/19/2024   $28,552    28,148    28,552      
      Margaux UK Finance Limited (3) (5) (6) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    12/19/2024   £-    (8)   -      
      Margaux UK Finance Limited (6) (15) (19)   First Lien Senior Secured Loan    GBP LIBOR+ 5.75%     6.75%   12/19/2024   £7,609    9,788    10,501      
                            FIRE: Insurance Total    $47,118   $48,321    4.5%
                                             
   FIRE: Real Estate  Spectre (Carrisbrook House) Limited (6) (15) (19)   First Lien Senior Secured Loan    EURIBOR+ 9.50%     10.50%   8/9/2021   9,300    10,909    9,725      
                            FIRE: Real Estate Total    $10,909   $9,725    0.9%
                                             
   Healthcare & Pharmaceuticals  CB Titan Holdings, Inc. (14) (19) (25)   Preferred Equity   -    -    -    1,953    1,953    2,023      
      CPS Group Holdings, Inc. (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    3/3/2025   $-    (61)   -      
      CPS Group Holdings, Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   3/3/2025   $55,208    54,810    55,208      
      Datix Bidco Limited (3) (6) (18) (19)   First Lien Senior Secured Loan - Revolver   -    -    10/28/2024   £-    -    -      
      Datix Bidco Limited (6) (18) (19)   Second Lien Senior Secured Loan    GBP LIBOR+ 7.75%     7.81%   4/27/2026   £121    164    168      
      Datix Bidco Limited (6) (18) (19)   First Lien Senior Secured Loan    BBSW+ 4.50%     4.62%   4/28/2025   AUD42    32    32      
      Great Expressions Dental Centers PC (3) (13) (15) (19) (26)   First Lien Senior Secured Loan - Revolver    L+ 4.75% (0.5% PIK)     6.29%   9/28/2022   $583    579    419      
      Great Expressions Dental Centers PC (15) (19) (26)   First Lien Senior Secured Loan    L+ 4.75% (0.5% PIK)     6.25%   9/28/2023   $7,812    7,805    6,718      
      Island Medical Management Holdings, LLC  (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.50%     7.50%   9/1/2023   $8,600    8,553    7,912      
      Mendel Bidco, Inc. (18) (19)   First Lien Senior Secured Loan    EURIBOR+ 4.50%     4.50%   6/17/2027   100    112    118      
      Mendel Bidco, Inc. (18) (19)   First Lien Senior Secured Loan    L+ 4.50%     4.70%   6/17/2027   $19,966    19,558    19,966      
      Mertus 522. GmbH (6) (18) (19)   First Lien Senior Secured Loan - Delayed Draw    EURIBOR+ 6.25%     6.25%   5/28/2026   131    141    153      
      Mertus 522. GmbH (6) (18) (19)   First Lien Senior Secured Loan    EURIBOR+ 6.00%     6.00%   5/28/2026   225    246    261      
      TecoStar Holdings, Inc. (12) (15) (19) (29)   Second Lien Senior Secured Loan    L+ 8.50%     9.50%   11/1/2024   $9,472    9,327    9,306      
      U.S. Anesthesia Partners, Inc. (12) (15) (19)   Second Lien Senior Secured Loan    L+ 7.25%     8.25%   6/23/2025   $16,520    16,374    16,520      
                           Healthcare & Pharmaceuticals Total   $119,593   $118,804    11.0%

 

13

 

 

   High Tech Industries  AMI US Holdings Inc. (3) (12) (18) (19)   First Lien Senior Secured Loan - Revolver    L+ 5.50%     5.61%   4/1/2024   $1,256    1,234    1,256      
      AMI US Holdings Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   4/1/2025   $12,991    12,805    12,991      
      Appriss Holdings, Inc. (3) (5) (7) (18) (19)   First Lien Senior Secured Loan - Revolver   -    -    5/30/2025   $-    (42)   -      
      Appriss Holdings, Inc. (7) (12) (18) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     5.70%   5/29/2026   $48,263    47,790    48,263      
      Appriss Holdings, Inc. (7) (18) (19)   First Lien Senior Secured Loan    L+ 6.00%     6.20%   5/29/2026   $4,975    4,838    4,975      
      Armstrong Bidco Limited (3) (6) (19) (21)   First Lien Senior Secured Loan    GBP LIBOR+ 5.25%     5.50%   4/30/2025   £1,523    1,881    2,102      
      CB Nike IntermediateCo Ltd (3) (5) (6) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    10/31/2025   $-    (1)   -      
      CB Nike IntermediateCo Ltd (6) (15) (19)   First Lien Senior Secured Loan    L+ 4.75%     5.75%   10/31/2025   $351    345    351      
      Drilling Info Holdings, Inc (12) (18) (19) (29)   First Lien Senior Secured Loan    L+ 4.25%     4.36%   7/30/2025   $22,323    22,265    21,988      
      Element Buyer, Inc. (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw    L+ 5.50%     6.50%   7/18/2025   $11,163    11,186    11,163      
      Element Buyer, Inc. (3) (7) (15) (19)   First Lien Senior Secured Loan - Revolver    L+ 5.50%     6.50%   7/19/2024   $283    247    283      
      Element Buyer, Inc. (7) (15) (19)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   7/18/2025   $37,294    37,549    37,294      
      Everest Bidco (6) (15) (19)   Second Lien Senior Secured Loan    GBP LIBOR+ 7.50%     8.50%   7/3/2026   £102    132    141      
      MRI Software LLC (7) (15) (19) (28)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   2/10/2026   $25,390    25,303    25,390      
      MRI Software LLC (3) (5) (15) (19) (28)   First Lien Senior Secured Loan - Delayed Draw   -    -    2/10/2026   $-    (7)   -      
      MRI Software LLC (3) (15) (19)   First Lien Senior Secured Loan - Revolver    L+ 5.50%     6.50%   2/10/2026   $89    134    89      

 

14

 

 

      Utimaco, Inc. (6) (18) (19)   First Lien Senior Secured Loan    L+ 4.25%     4.91%   8/9/2027   $148    145    148      
      Ventiv Topco, Inc. (3) (5) (7) (14) (18) (19)   First Lien Senior Secured Loan - Revolver   -    -    9/3/2025   $-    (42)   -      
      Ventiv Topco, Inc. (14) (19) (25)   Equity Interest   -    -    -    28    2,833    2,938      
      Ventiv Holdco, Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   9/3/2025   $23,995    23,714    23,995      
      VPARK BIDCO AB (6) (16) (19)   First Lien Senior Secured Loan    CIBOR+ 4.00%     4.75%   3/10/2025   DKK 570     92    90      
      VPARK BIDCO AB (6) (16) (19)   First Lien Senior Secured Loan    NIBOR+ 4.00%     4.75%   3/10/2025   NOK740    92    87      
                           High Tech Industries Total   $192,493   $193,544    18.0%
                                             
   Hotel, Gaming & Leisure  Aimbridge Acquisition Co., Inc. (12) (18) (19) (29)   Second Lien Senior Secured Loan    L+ 7.50%     7.62%   2/1/2027   $20,193    19,728    18,527      
      Captain D's LLC (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -   12/15/2023   $-    (8)   -      
      Captain D's LLC (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 4.50%     5.50%   12/15/2023   $12,559    12,504    12,559      
      Captain D's LLC (6) (15) (19)   First Lien Senior Secured Loan    L+ 4.50%     5.50%   12/15/2023   $2,338    2,304    2,338      
      Quidditch Acquisition, Inc. (12) (15) (29)   First Lien Senior Secured Loan    L+ 7.00%     8.00%   3/21/2025   $18,781    18,776    18,406      
                           Hotel, Gaming & Leisure Total   $53,304   $51,830    4.8%
                                             
   Media: Advertising, Printing & Publishing  Ansira Holdings, Inc. (15) (19) (26) (33)   First Lien Senior Secured Loan - Delayed Draw    L+ 6.50%     7.50%   12/20/2024   $4,700    4,698    3,666      
      Ansira Holdings, Inc. (3) (19) (23) (31)   First Lien Senior Secured Loan - Revolver    P+ 4.75%     7.34%   12/20/2024   $4,250    4,250    4,250      
      Ansira Holdings, Inc. (15) (19) (26)   First Lien Senior Secured Loan    L+ 6.50% PIK     7.50%   12/20/2024   $37,890    37,840    29,554      
                           Media: Advertising, Printing & Publishing Total   $46,788   $37,470    3.5%

 

15

 

 

   Media: Broadcasting & Subscription  Vital Holdco Limited (6) (15) (19)   First Lien Senior Secured Loan    L+ 5.25%     6.25%   5/29/2026   $354    347    354      
      Vital Holdco Limited (6) (18) (19)   First Lien Senior Secured Loan    EURIBOR+ 5.25%     5.25%   5/29/2026   79    86    93      
                           Media: Broadcasting & Subscription Total   $433   $447    0.0%
                                             
   Media: Diversified & Production  9 Story Media Group Inc. (3) (6) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    4/30/2026    CAD -     -    -      
      9 Story Media Group Inc. (6) (15) (19)   First Lien Senior Secured Loan    CDOR+ 5.50%     6.25%   4/30/2026    CAD 73     54    58      
      9 Story Media Group Inc. (6) (18) (19)   First Lien Senior Secured Loan    EURIBOR+ 5.25%     5.25%   4/30/2026   39    46    46      
      Aptus 1724 Gmbh (6) (19) (21)   First Lien Senior Secured Loan    EURIBOR+ 6.00%     6.25%   2/23/2028   39,162    47,566    46,015      
      Aptus 1724 Gmbh (6) (19) (21)   First Lien Senior Secured Loan    L+ 6.25%     6.50%   2/23/2028   $14,971    14,971    14,971      
      Aptus 1724 Gmbh (3) (6) (18) (19)   First Lien Senior Secured Loan- Revolver   -    -    8/23/2027   -    -    -      
      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)   First Lien Senior Secured Loan    L+ 6.75%     7.75%   6/15/2022   $15,095    15,143    14,491      
      Efficient Collaborative Retail Marketing Company, LLC (7) (15) (19)   First Lien Senior Secured Loan    L+ 6.75%     7.75%   6/15/2022   $9,788    9,821    9,396      
      International Entertainment Investments Limited (6) (18) (19)   First Lien Senior Secured Loan    GBP LIBOR+ 4.75%     4.82%   5/31/2023   £87    106    120      
                           Media: Diversified & Production Total   $89,974   $87,364    8.1%
                                             
   Retail  Batteries Plus Holding Corporation (3) (19) (31)   First Lien Senior Secured Loan - Revolver    P+ 5.75%     9.00%   7/6/2022   $471    471    471      
      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      
      Thrasio, LLC (3) (5) (15) (19)   First Lien Senior Secured Loan - Delayed Draw   -    -    12/18/2026   $-    (302)   -      
      Thrasio, LLC (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 7.00%     8.00%   12/18/2026   $10,938    10,676    10,938      
                           Retail Total   $39,517   $40,081    3.7%

 

16

 

 

   Services: Business  AMCP Clean Acquisition Company, LLC (12) (18) (29)   First Lien Senior Secured Loan - Delayed Draw    L+ 4.25%     4.36%   7/10/2025   $3,845    3,839    3,038      
      AMCP Clean Acquisition Company, LLC (12) (18) (29)   First Lien Senior Secured Loan    L+ 4.25%     4.36%   7/10/2025   $15,889    15,866    12,553      
      Elevator Holdco Inc. (14) (19) (25)   Equity Interest   -    -    -    2    2,448    1,422      
      Hightower Holding, LLC (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.00%     6.00%   1/31/2025   $40,748    40,624    40,748      
      Refine Intermediate, Inc. (3) (5) (18) (19)   First Lien Senior Secured Loan - Revolver   -    -    9/3/2026   $-    (112)   -      
      Refine Intermediate, Inc. (15) (19)   First Lien Senior Secured Loan    L+ 4.75%     5.75%   3/3/2027   $21,894    21,418    21,894      
      SumUp Holdings Luxembourg S.à.r.l. (6) (19) (32)   First Lien Senior Secured Loan    EURIBOR+ 8.50%     10.00%   2/17/2026   27,650    32,974    32,164      
      SumUp Holdings Luxembourg S.à.r.l. (2) (3) (5) (6) (19) (32)   First Lien Senior Secured Loan   -    -   2/17/2026   $-    (120)   (118)     
      TEI Holdings Inc. (3) (7) (15) (19)   First Lien Senior Secured Loan - Revolver    L+ 7.25%     8.25%   12/23/2025   $2,566    2,520    2,294      
      TEI Holdings Inc. (7) (12) (15) (19) (26) (29)   First Lien Senior Secured Loan    L+ 6.00% (1.25% PIK)     8.25%   12/23/2026   $48,779    48,278    45,852      
                           Services: Business Total   $167,735   $159,847    14.8%
                                             
   Services: Consumer  MZR Aggregator (14) (19) (25)   Equity Interest   -    -    -    1    798    798      
      MZR Buyer, LLC (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    12/21/2026   $-    (99)   -      
      MZR Buyer, LLC (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.75%     7.75%   12/21/2026   $40,533    39,778    40,533      
      Pearl Intermediate Parent LLC (18) (29)   Second Lien Senior Secured Loan    L+ 6.25%     6.36%   2/13/2026   $2,571    2,584    2,572      
      Sontiq, Inc. (fka EZShield, Inc.) (2) (3) (5) (6) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    3/1/2026   $-    (28)   (28)     
      Sontiq, Inc. (fka EZShield, Inc.) (6) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 7.00%     8.00%   3/1/2026   $24,001    23,526    23,521      
      Surrey Bidco Limited (6) (17) (19)   First Lien Senior Secured Loan    GBP LIBOR+ 6.00%     7.50%   5/11/2026   £50    62    66      
      Zeppelin BidCo Pty Limited (6) (18) (19)   First Lien Senior Secured Loan    BBSY+ 5.00%     5.07%   6/28/2024   AUD206     141    157      
                           Services: Consumer Total   $66,762   $67,619    6.3%

 

17

 

 

   Telecommunications  ACM dcBLOX LLC (14) (19) (25)   Preferred Equity   -    -         3,822    3,851    3,822      
      Conterra Ultra Broadband Holdings, Inc. (18) (29)   First Lien Senior Secured Loan    L+ 4.50%     4.61%   4/30/2026   $6,370    6,346    6,400      
      DC Blox Inc. (15) (19) (26)   First Lien Senior Secured Loan    L+ 2.00% (6.00% PIK)    9.00%   3/22/2026   $14,607    14,316    14,352      
      DC Blox Inc. (2) (3) (15) (19)   First Lien Senior Secured Loan   -    -    3/22/2026   $-    -    (256)     
      DC Blox Inc. (14) (19) (25)   Warrants   -    -    -    177    2    2      
      Horizon Telcom, Inc.  (15) (19) (29)   First Lien Senior Secured Loan - Revolver    L+ 5.00%     6.00%   6/15/2023   $116    114    115      
      Horizon Telcom, Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan - Delayed Draw    L+ 5.00%     6.00%   6/15/2023   $914    909    905      
      Horizon Telcom, Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.00%     6.00%   6/15/2023   $13,452    13,358    13,317      
      Masergy Holdings, Inc. (15) (29)   Second Lien Senior Secured Loan    L+ 7.50%     8.50%   12/16/2024   $857    862    855      
                           Telecommunications Total   $39,758   $39,512    3.7%
                                             
   Transportation: Cargo  A&R Logistics, Inc. (3) (19) (31)   First Lien Senior Secured Loan - Revolver    P+ 5.00%     8.25%   5/5/2025   $610    526    610      
      A&R Logistics, Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   5/5/2025   $43,423    42,762    43,423      
      A&R Logistics, Inc. (7) (15) (19)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   5/5/2025   $2,442    2,403    2,442      
      A&R Logistics, Inc. (7) (15) (19)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   5/5/2025   $6,019    5,950    6,019      
      A&R Logistics, Inc. (7) (15) (19)   First Lien Senior Secured Loan    L+ 6.50%     7.50%   5/5/2025   $2,736    2,712    2,736      
      ARL Holdings, LLC (14) (19) (25)   Equity Interest   -    -    -    -    445    490      
      ARL Holdings, LLC (14) (19) (25)   Equity Interest   -    -    -    9    9    -      
      ENC Holding Corporation (12) (18) (19) (29)   First Lien Senior Secured Loan    L+ 4.00%     4.20%   5/30/2025   $10,149    10,140    10,149      
      Grammer Investment Holdings LLC (14) (19) (25)   Equity Interest   -    -    -    1,011    1,011    736      

 

18

 

 

      Grammer Investment Holdings LLC (19) (25) (26)   Preferred Equity    10% PIK     10.00%   -    8    752    817      
      Grammer Investment Holdings LLC (14)  (19) (25)   Warrants   -    -    -    122    -    -      
      Grammer Purchaser, Inc. (3) (12) (15) (19) (29)   First Lien Senior Secured Loan - Revolver   -    -    9/30/2024   $-    -    -      
      Grammer Purchaser, Inc. (12) (15) (19) (29)   First Lien Senior Secured Loan - Revolver    L+ 4.75%     5.75%   9/30/2024   $8,170    8,039    8,170      
      Omni Logistics, LLC (15) (19)   Second Lien Senior Secured Loan    L+ 9.00%     10.00%   12/30/2027   $13,770    13,454    13,770      
      PS HoldCo, LLC (12) (15) (29)   First Lien Senior Secured Loan    L+ 4.75%     5.75%   3/13/2025   $22,238    22,232    22,387      
      REP Coinvest III- A Omni, L.P. (6) (14) (19) (25)   Equity Interest   -    -    -    1,377    1,377    1,377      
                           Transportation: Cargo Total   $111,812   $113,126    10.5%
                                             
   Transportation: Consumer  Toro Private Investments II, L.P. (6) (14) (19) (25)   Equity Interest   -    -    -    3,090    3,090    2,296      
      Toro Private Investments II, L.P. (6) (12) (18) (29)   First Lien Senior Secured Loan    L+ 5.00%     5.20%   5/29/2026   $6,698    4,556    5,469      
                           Transportation: Consumer Total   $7,646   $7,765    0.7%
                                             
   Wholesale  Abracon Group Holding, LLC (14) (19) (25)   Equity Interest   -    -    -    2    1,833    1,685      
      Abracon Group Holding, LLC (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver   -    -    7/18/2024   $-    (24)   -      
      Abracon Group Holding, LLC (7) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 5.50%     6.50%   7/18/2024   $35,637    35,518    35,637      
      Aramsco, Inc. (3) (5) (7) (18) (19)   First Lien Senior Secured Loan - Revolver   -    -    8/28/2024   $-    (34)   -      
      Aramsco, Inc. (7) (12) (18) (19) (29)   First Lien Senior Secured Loan    L+ 5.25%     5.36%   8/28/2024   $23,981    23,682    23,981      
      Armor Group, LP (14) (19) (25)   Equity Interest   -    -    -    10    1,012    1,897      
      PetroChoice Holdings, Inc. (12) (15) (29)   First Lien Senior Secured Loan    L+ 5.00%     6.00%   8/19/2022   $9,818    9,776    9,454      
      PetroChoice Holdings, Inc. (12) (15) (29)   First Lien Senior Secured Loan    L+ 5.00%     6.00%   8/19/2022   $6,496    6,426    6,256      
                           Wholesale Total   $78,189   $78,910    7.3%
                           Non-Controlled/Non-Affiliate Investments Total   $2,003,536   $1,979,964    183.6%

 

19

 

 

Non-Controlled/Affiliate Investments                                            
   Beverage, Food & Tobacco  ADT Pizza, LLC (6) (10) (14) (19) (25)   Equity Interest   -    -    -    6,720    6,720    16,364      
                            Beverage, Food & Tobacco Total   $6,720   $16,364    1.5%
                                             
   Energy: Oil & Gas  Blackbrush Oil & Gas, L.P. (10) (14) (19) (25)   Equity Interest   -    -    -    1,123    -    -      
      Blackbrush Oil & Gas, L.P. (10) (14) (19) (25)   Preferred Equity   -    -    -    36,084    10,104    11,381      
      Blackbrush Oil & Gas, L.P. (10) (12) (15) (19) (26) (29)   First Lien Senior Secured Loan    L+ 5.00% (2% PIK)     8.00%   9/3/2025   $12,149    12,149    12,149      
                           Energy: Oil & Gas Total   $22,253   $23,530    2.2%
                                             
   Transportation: Consumer  Direct Travel, Inc. (10) (18) (19) (26)   First Lien Senior Secured Loan    L+ 1.00% (6.30% PIK)    7.50%   10/2/2023   $4,542    4,542    4,542      
      Direct Travel, Inc. (10) (14) (19) (25)   Equity Interest   -    -    -    68    -    -      
      Direct Travel, Inc. (7) (10) (15) (19) (26)   First Lien Senior Secured Loan - Delayed Draw    L+ 1.00% (8.30% PIK)     9.50%   10/2/2023   $3,163    3,163    2,546      
      Direct Travel, Inc. (7) (10) (15) (19) (26) (28)   First Lien Senior Secured Loan - Delayed Draw    L+ 1.00% (8.30% PIK)     9.50%   10/2/2023   $1,605    1,605    1,292      
      Direct Travel, Inc. (7) (10) (15) (19) (26)   First Lien Senior Secured Loan    L+ 9.27%     9.45%   10/2/2023   $54,039    54,039    43,502      
      Direct Travel, Inc. (3) (10) (15) (19) (28)   First Lien Senior Secured Loan - Delayed Draw    L+ 6.00%     7.00%   10/2/2023   $3,450    3,450    3,450      
      Direct Travel, Inc. (10) (18) (19) (28)   First Lien Senior Secured Loan    L+ 6.00%     7.00%   10/2/2023   $202    202    202      
                           Transportation: Consumer Total   $67,001   $55,534    5.2%
                           Non-Controlled/Affiliate Investments Total   $95,974   $95,428    8.9%

 

20

 

 

Controlled Affiliate Investments                                            
   Aerospace & Defense  ACC Holdco, LLC (10) (11) (19) (25)   Preferred Equity   -    16.00%   -    10,828    10,824    10,828      
      Air Comm Corporation LLC (10) (11) (12) (15) (19) (29)   First Lien Senior Secured Loan    L+ 6.50%     7.50%   6/30/2025   $26,955    26,333    26,955      
      BCC Jetstream Holdings Aviation (Off I), LLC (6) (10) (11) (19) (20) (25)   Equity Interest   -    -    -    11,863    11,863    11,047      
      BCC Jetstream Holdings Aviation (On II), LLC (10) (11) (19) (20) (25)   Equity Interest   -    -    -    1,116    1,116    216      
      BCC Jetstream Holdings Aviation (On II), LLC (10) (11) (19) (20)   First Lien Senior Secured Loan    L+ 10.00%     10.00%   6/2/2022   $6,712    6,712    6,712      
      Gale Aviation (Offshore) Co (6) (10) (11) (19) (25)   Equity Interest   -    -    -    84,675    84,675    67,360      
                           Aerospace & Defense Total   $141,523   $123,118    11.4%
                                             
   Investment Vehicles  International Senior Loan Program, LLC (6) (10) (11) (14) (19) (25)   Equity Interest Investment Vehicles   -    -    -    31,610    31,610    31,610      
      International Senior Loan Program, LLC (6) (10) (11) (15) (19)   Subordinated Note Investment Vehicles    L+ 8.00%     9.00%   46,805    97,360    97,360    97,360      
                            Investment Vehicles Total    $128,970   $128,970    12.0%
                                             
   Transportation: Cargo  Lightning Holdings B, LLC (6) (10) (11) (14) (19) (25)   Equity Interest   -    -    -    8,220    8,220    8,259      
                           Transportation: Cargo Total   $8,220   $8,259    0.8%
                           Controlled Affiliate Investments Total   $278,713   $260,347    24.2%
                           Investments Total   $2,378,223   $2,335,739    216.7%
                                             
Cash Equivalents                                            
   Cash Equivalents  Goldman Sachs Financial Square Government Fund Institutional Share Class (30)   Cash Equivalents   -    0.04%   -   $101,339    101,339    101,339      
                           Cash Equivalents Total   $101,339   $101,339    9.4%
                           Investments and Cash Equivalents Total   $2,479,562   $2,437,078    226.1%

 

21

 

 

Forward Foreign Currency Exchange Contracts

 

Currency Purchased  Currency Sold  Counterparty  Settlement Date  Unrealized Appreciation (Depreciation) (8) 
US DOLLARS 183  CANADIAN DOLLAR 256  Bank of New York Mellon  4/14/2021  $(20)
US DOLLARS 208  CANADIAN DOLLAR 256  Bank of New York Mellon  4/15/2021   (4)
US DOLLARS 46,345  EURO 38,170  Bank of New York Mellon  4/15/2021   1,489 
US DOLLARS 9,691  EURO 8,130  Bank of New York Mellon  6/24/2021   122 
US DOLLARS 2,051  POUND STERLING 1,980  Bank of New York Mellon  9/10/2021   (680)
US DOLLARS 5,616  CANADIAN DOLLAR 7,662  Citibank  4/15/2021   (371)
US DOLLARS 4,217  EURO 3,731  Citibank  4/15/2021   (277)
US DOLLARS 12,756  EURO 11,200  Citibank  5/21/2021   (416)
US DOLLARS 29,920  EURO 29,242  Goldman Sachs  5/21/2021   (4,470)
US DOLLARS 18,916  AUSTRALIAN DOLLARS 23,870  Goldman Sachs  6/9/2021   (738)
US DOLLARS 16,734  AUSTRALIAN DOLLARS 23,870  Goldman Sachs  6/7/2021   (1,448)
US DOLLARS 97,874  POUND STERLING 77,470  Goldman Sachs  6/7/2021   (9,881)
US DOLLARS 8,606  DANISH KRONE 56,290  Goldman Sachs  6/7/2021   (623)
US DOLLARS 2,794  CANADIAN DOLLAR 3,713  Goldman Sachs  9/10/2021   (151)
US DOLLARS 8,187  NORWEGIAN KRONE 74,020  Goldman Sachs  9/10/2021   (569)
            $(18,037)

 

(1)  The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Euro Interbank Offered Rate (“EURIBOR” or “E”), British Pound Sterling LIBOR Rate (“GBP LIBOR”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR LIBOR”), the Bank Bill Swap Rate ("BBSW"),  the Bank Bill Swap Bid Rate ("BBSY"), or the Prime Rate (“Prime” or "P") and which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind ("PIK"). For each, the Company has provided the PIK or the spread over LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, or Prime and the current weighted average interest rate in effect at March 31, 2021. Certain investments are subject to a LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, or Prime interest rate floor.
(2)  The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.
(3)  Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.
(4)  Percentages are based on the Company’s net assets of $1,077,806 as of March 31, 2021.
(5)  The negative amortized cost is the result of the capitalized  discount being greater than the principal amount outstanding on the loan.
(6)  The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2021, non-qualifying assets totaled 15.2% of the Company’s total assets.
(7)  Assets or a portion thereof are pledged as collateral for the BCSF Complete Financing Solution LLC. See Note 6  "Debt".
(8)  Unrealized appreciation/(depreciation) on forward currency exchange contracts.
(9)  The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian krone, AUD represents Australian, CAD represents Canadian Dollar and DKK represents Kroner.
(10)  As defined in the 1940 Act, the Company is deemed to be an “Affiliated Investment” of the Company as the Company owns 5% or more of the portfolio company’s securities.
(11)  As defined in the 1940 Act, the Company is deemed to “Control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.
(12)  Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer. See Note 6  "Debt".
(13)  $251 of the total par amount for this security is at P+ 3.75%.
(14)  Non-Income Producing.
(15)  Loan includes interest rate floor of 1.00%.
(16)  Loan includes interest rate floor of 0.75%.
(17)  Loan includes interest rate floor of 0.50%.
(18)  Loan includes interest rate floor of 0.00%.
(19)  Security valued using unobservable inputs (Level 3).
(20)  The Company holds non-controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.
(21)  Loan includes interest rate floor of 0.25%.
(22)  The Company generally earns a higher interest rate on the “last out” tranche of debt, to the extent the debt has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any other amounts due thereunder.
(23)  $992 of the total par amount for this security is at L+ 5.75%.
(24)  $1,486 of the total par amount for this security is at P+ 4.50%.
(25)  Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2021, the aggregate fair value of these securities is $198,390 or 18.41% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

 

22

 

 

Investment  Acquisition Date
Abracon Group Holding, LLC  7/18/2018
ACC Holdco, LLC  6/28/2019
ADT Pizza, LLC  10/29/2018
ARL Holdings, LLC  5/3/2019
ARL Holdings, LLC  5/3/2019
Armor Group, LP  8/28/2018
BCC Jetstream Holdings Aviation (Off I), LLC  6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC  6/1/2017
CB Titan Holdings, Inc.  5/1/2017
East BCC Coinvest II, LLC  7/23/2019
Elevator Holdco Inc.  12/23/2019
Elk Parent Holdings, LP  11/1/2019
Elk Parent Holdings, LP  11/1/2019
FCG Acquisitions, Inc.  1/24/2019
Gale Aviation (Offshore) Co  1/2/2019
Grammer Investment Holdings LLC  10/1/2018
Grammer Investment Holdings LLC  10/1/2018
Grammer Investment Holdings LLC  10/1/2018
Kellstrom Aerospace Group, Inc  7/1/2019
PP Ultimate Holdings B, LLC  12/20/2018
Precision Ultimate Holdings, LLC  11/6/2019
TLC Holdco LP  10/11/2019
Toro Private Investments II, L.P.  4/2/2019
Ventiv Topco, Inc.  9/3/2019
WCI-HSG HOLDCO, LLC  2/22/2019
Blackbrush Oil & Gas, L.P.  9/3/2020
Blackbrush Oil & Gas, L.P.  9/3/2020
Direct Travel, Inc.  10/2/2020
Lightning Holdings B, LLC  1/2/2020
MZR Aggregator  12/22/2020
Fineline Parent Holdings  2/22/2021
ACM dcBLOX LLC  3/22/2021
REP Coinvest III- A Omni, L.P.  2/5/2021
International Senior Loan Program, LLC  2/22/2021
DC Blox Inc.  3/23/2021

 

(26)  Denotes that all or a portion of the debt investment includes PIK interest during the period.
(27) Asset is in an escrow liquidating trust.  
(28) Assets or a portion thereof are pledged as collateral for the BCSF Complete Financing Solution Holdco LLC. See Note 6  "Debt".
(29) Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See Note 6  "Debt".
(30) Cash equivalents include $76,730 of restricted cash.
(31) Loan includes interest rate floor of 2.00%.  
(32) Loan includes interest rate floor of 1.50%.  
(33) $2 of the total par amount for this security is at P+ 5.50%
(34) $286 of the total par amount for this security is at L+ 5.50%
(35) $13 of the total par amount for this security is at P+ 4.75%
 

See Notes to Consolidated Financial Statements

 

23

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments
As of December 31, 2020
(In thousands)

 

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% 8.50% 10/9/2026 $ 6,540 6,486 5,036
Forming & Machining Industries Inc.(12)(18)(29)  First Lien Senior Secured Loan L+ 4.25% 4.50% 10/9/2025 $ 16,608 16,498 13,301
GSP Holdings, LLC(7)(12)(15)(19)(21)(26)(29)  First Lien Senior Secured Loan L+ 5.75% (0.25% PIK) 7.00% 11/6/2025 $ 35,917 35,686 31,607
GSP Holdings, LLC(3)(7)(15)(19)(26)  First Lien Senior Secured Loan—
Revolver
L+ 5.50% (0.25% PIK) 6.75% 11/6/2025 $ 1,134 1,097 590
Kellstrom Aerospace Group, Inc(14)(19)(25)  Equity Interest 1 1,963 753
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 5,234 4,755
Kellstrom Commercial Aerospace, Inc.(12)(15)(19)(21)(29)  First Lien Senior Secured Loan L+ 5.50% 6.50% 7/1/2025 $ 33,608 33,067 30,583
Novetta, LLC(12)(15)(29)  First Lien Senior Secured Loan L+ 5.00% 6.00% 10/17/2022 $ 6,513 6,457 6,499
Precision Ultimate Holdings, LLC(14)(19)(25)  Equity Interest 1,417 1,417 952
Salient CRGT, Inc.(12)(15)(29)  First Lien Senior Secured Loan L+ 6.50% 7.50% 2/28/2022 $ 12,087 12,109 11,634
WCI-HSG HOLDCO, LLC(14)(19)(25)  Preferred Equity 675 675 1,550
WCI-HSG Purchaser, Inc.(3)(12)(15)(19)(29)  First Lien Senior Secured Loan—
Revolver
L+ 4.50% 5.50% 2/24/2025 $ 1,075 1,047 1,048
WCI-HSG Purchaser, Inc.(12)(15)(19)(29)  First Lien Senior Secured Loan L+ 4.50% 5.50% 2/24/2025 $ 17,600 17,416 17,424
Whitcraft LLC(2)(3)(5)(15)(19)  First Lien Senior Secured Loan—
Revolver
4/3/2023 $ (13) (91)

 

24

 

 

Whitcraft LLC(12)(15)(19)(21)(29)  First Lien Senior Secured Loan L+ 6.00% 7.00% 4/3/2023 $ 40,182 39,870 38,172
WP CPP Holdings, LLC. (12)(15)(21)(29)  Second Lien Senior Secured Loan L+ 7.75% 8.75% 4/30/2026 $ 11,724 11,632 9,936
  Aerospace & Defense Total $ 190,641 $ 173,749 16.3%
Automotive CST Buyer Company(3)(5)(15)(19)(21)  First Lien Senior Secured Loan—
Revolver
10/3/2025 $ (21)
CST Buyer Company(12)(15)(19)(21)(29)  First Lien Senior Secured Loan L+ 6.00% 7.00% 10/3/2025 $ 34,166 33,764 34,166
JHCC Holdings, LLC(2)(3)(5)(15)(19)(28)  First Lien Senior Secured Loan—
Delayed Draw
9/9/2025 $ (33) (188)
JHCC Holdings, LLC(3)(7)(15)(19)(22)(31)  First Lien Senior Secured Loan—
Revolver
P+ 4.50% 7.10% 9/9/2025 $ 1,561 1,519 1,470
JHCC Holdings, LLC(7)(15)(19)  First Lien Senior Secured Loan—
Delayed Draw
L+ 5.50% 6.50% 9/9/2025 $ 2,222 2,214 2,155
JHCC Holdings, LLC(7)(12)(15)(19)(21)(29)  First Lien Senior Secured Loan L+ 5.50% 6.50% 9/9/2025 $ 29,379 29,027 28,497
  Automotive Total $ 66,470 $ 66,100 6.2%
Banking Green Street Parent, LLC(2)(3)(5)(18)(19)(29)  First Lien Senior Secured Loan—
Revolver
8/27/2025 $ (38) (103)
Green Street Parent, LLC(12)(18)(19)(29)  First Lien Senior Secured Loan L+ 5.25% 5.52% 8/27/2026 $ 14,335 14,096 13,725
  Banking Total $ 14,058 $ 13,622 1.3%
Beverage, Food & Tobacco NPC International, Inc.(15)(27)(31)  First Lien Senior Secured Loan P+ 4.50% 7.75% 4/19/2024 $ 4,937 4,957 4,694
NPC International, Inc.(32)  First Lien Senior Secured Loan L+ 15.50% 17.00% 1/21/2021 $ 412 410 412

25

 

Control Type Industry Portfolio Company Investment Type Spread Above Index(1) Interest
Rate
Maturity
Date
Principal/Shares(9) Cost Market
Value
% of
NAV(4)
Beverage, Food & Tobacco
Total
$ 5,367 $ 5,106 0.5%
Capital Equipment Dorner Manufacturing Corp.(3)(5)(15)(19)(29)  First Lien Senior Secured Loan—
Revolver
3/15/2022 $ (7)
Dorner Manufacturing Corp.(12)(15)(19)  First Lien Senior Secured Loan L+ 5.75% 6.75% 3/15/2023 $  6,799 6,721 6,799
East BCC Coinvest II, LLC(14)(19)(25)  Equity Interest 1,419 1,419 754
Electronics For Imaging, Inc.(12)(18)(19)(29)  Second Lien Senior Secured Loan L+ 9.00% 9.15% 7/23/2027 $ 13,070 12,327 10,717
Engineered Controls International,
LLC(12)(19)(21)(29)(32) 
First Lien Senior Secured Loan L+ 7.00% 8.50% 11/5/2024 $ 32,759 32,174 32,759
EXC Holdings III Corp.(12)(15)(21)(29)  Second Lien Senior Secured Loan L+ 7.50% 8.50% 12/1/2025 $ 8,240 8,251 8,274
FCG Acquisitions, Inc.(14)(19)(25)  Preferred Equity 4 4,251 10,398
FFI Holdings I Corp(3)(19)(30)(31)  First Lien Senior Secured Loan—
Revolver
P+ 4.75% 8.00% 1/24/2025 $ 1,494 1,437 1,494
FFI Holdings I Corp(7)(12)(13)(15)(19)(21)(29)  First Lien Senior Secured Loan L+ 5.75% 6.75% 1/24/2025 $ 68,317 67,850 68,317
FFI Holdings I Corp(3)(5)(15)(19)(28)  First Lien Senior Secured Loan—
Delayed Draw
1/24/2025 $ (63)
FFI Holdings I Corp(7)(15)(19)  First Lien Senior Secured Loan L+ 6.25% 7.25% 1/24/2025 $ 789 781 789
Jonathan Acquisition Company(15)(19)(21)  Second Lien Senior Secured Loan L+ 9.00% 10.00% 12/22/2027 $ 8,000 7,801 7,800
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 37,835
Velvet Acquisition B.V.(6)(18)(19)(21)  Second Lien Senior Secured Loan EURIBOR+ 8.00% 8.00%