Attached files
| file | filename |
|---|---|
| EX-32 - EXHIBIT 32 - Bain Capital Specialty Finance, Inc. | tm2114414d1_ex32.htm |
| EX-31.2 - EXHIBIT 31.2 - Bain Capital Specialty Finance, Inc. | tm2114414d1_ex31-2.htm |
| EX-31.1 - EXHIBIT 31.1 - Bain Capital Specialty Finance, Inc. | tm2114414d1_ex31-1.htm |
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 |
|
02116 |
(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
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
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 | AUD | 42 | 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 | NOK | 740 | 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 | AUD | 206 | 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% | | ||||||||||||||||||||