Bain Capital Specialty Finance Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Schedule of Investments as of December 31, 2022
(In thousands)
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Aerospace & Defense | ||||||||||||||||
| Forming Machining Industries Holdings, LLC (18)(19) | First Lien Senior Secured Loan | L | 4.25% | 8.98% | 10/9/2025 | $ | 16,269 | 16,206 | 13,504 | |||||||
| Forming Machining Industries Holdings, LLC (18)(19) | Second Lien Senior Secured Loan | L | 8.25% | 12.98% | 10/9/2026 | $ | 6,540 | 6,503 | 5,265 | |||||||
| GSP Holdings, LLC (15)(19)(26)(29) | First Lien Senior Secured Loan | L | 5.75% (0.25% PIK) | 10.48% | 11/6/2025 | $ | 35,352 | 35,459 | 33,054 | |||||||
| GSP Holdings, LLC (15)(19)(26) | First Lien Senior Secured Loan - Revolver | L | 5.75% (0.25% PIK) | 10.24% | 11/6/2025 | $ | 4,550 | 4,528 | 4,254 | |||||||
| Kellstrom Aerospace Group, Inc (14)(19)(25) | Equity Interest | — | — | — | 1 | 1,963 | 894 | |||||||||
| Kellstrom Commercial Aerospace, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.88% | 7/1/2025 | $ | 29,898 | 29,611 | 28,403 | |||||||
| Kellstrom Commercial Aerospace, Inc. (3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 6.25% (0.5% PIK) | 11.25% | 7/1/2025 | $ | 1,173 | 1,136 | 960 | |||||||
| Mach Acquisition R/C (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 7.50% | 11.96% | 10/18/2026 | $ | 4,017 | 3,864 | 3,465 | |||||||
| Mach Acquisition T/L (15)(19)(26) | First Lien Senior Secured Loan | L | 4.50% (4.00% PIK) | 12.72% | 10/18/2026 | $ | 33,012 | 32,502 | 31,197 | |||||||
| Precision Ultimate Holdings, LLC (14)(19)(25) | Equity Interest | — | — | — | 1,417 | 1,417 | 1,362 | |||||||||
| Robinson Helicopter (14)(19)(25) | Equity Interest | — | — | — | 1,592 | 1,592 | 1,710 | |||||||||
| Robinson Helicopter (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.92% | 6/30/2028 | $ | 26,272 | 25,716 | 25,878 | |||||||
| Saturn Purchaser Corp. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.60% | 8.54% | 7/22/2029 | $ | 56,867 | 56,299 | 56,867 | |||||||
| Saturn Purchaser Corp. (3)(5)(15)(19) | First Lien Senior Secured Loan - Revolver | — | — | 7/22/2029 | $ | — | (46) | — | ||||||||
| Whitcraft LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.00% | 11.73% | 4/3/2023 | $ | 28,686 | 28,651 | 28,686 | |||||||
| Whitcraft LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | P | 5.00% | 11.25% | 4/3/2023 | $ | 1,450 | 1,448 | 1,450 | |||||||
| WP CPP Holdings, LLC. (15)(19) | Second Lien Senior Secured Loan | L | 7.75% | 12.17% | 4/30/2026 | $ | 11,724 | 11,659 | 9,438 | |||||||
| Aerospace & Defense Total | $258,508 | $246,387 | 22.1% | |||||||||||||
| Automotive | ||||||||||||||||
| American Trailer Rental Group (19)(26) | Subordinated Debt | 9.00% (2.00% PIK) | 11.00% | 12/1/2027 | $ | 4,999 | 4,937 | 4,949 | ||||||||
| American Trailer Rental Group (19)(26) | Subordinated Debt | 9.00% (2.00% PIK) | 11.00% | 12/1/2027 | $ | 15,424 | 15,144 | 15,270 | ||||||||
| American Trailer Rental Group (19)(26) | Subordinated Debt | 9.00% (2.00% PIK) | 11.00% | 12/1/2027 | $ | 19,261 | 18,889 | 19,068 | ||||||||
| Cardo (6)(17)(19) | First Lien Senior Secured Loan | L | 5.00% | 10.21% | 5/12/2028 | $ | 98 | 97 | 98 | |||||||
| Intoxalock (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.75% | 11.18% | 11/1/2028 | $ | 19,522 | 19,327 | 19,327 | |||||||
| Intoxalock (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.75% | 11.18% | 11/1/2028 | $ | 343 | 310 | 309 | |||||||
| JHCC Holdings, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 5.75% | 10.48% | 9/9/2025 | $ | 8,332 | 8,309 | 8,145 | |||||||
| JHCC Holdings, LLC (15)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 10.48% | 9/9/2025 | $ | 21,263 | 21,108 | 20,785 | |||||||
| JHCC Holdings, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 5.75% | 11.17% | 9/9/2025 | $ | 1,746 | 1,719 | 1,682 | |||||||
| Automotive Total | $89,840 | $89,633 | 8.0% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | |||||||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | |||||||||||||||||||||
| Banking, Finance, Insurance & Real Estate | |||||||||||||||||||||
| Morrow Sodali (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.42% | 4/25/2028 | $ | 815 | 787 | 783 | ||||||||||||
| Morrow Sodali (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.23% | 4/25/2028 | $ | 2,659 | 2,641 | 2,619 | ||||||||||||
| Morrow Sodali (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.48% | 4/25/2028 | $ | 896 | 832 | 863 | ||||||||||||
| Banking, Finance, Insurance & Real Estate Total | $4,260 | $4,265 | 0.4% | ||||||||||||||||||
| Beverage, Food & Tobacco | |||||||||||||||||||||
| NPC International, Inc. (14)(19)(25)(27) | Equity Interest | — | — | — | 342 | 512 | 35 | ||||||||||||||
| Beverage, Food & Tobacco Total | $512 | $35 | 0.0% | ||||||||||||||||||
| Capital Equipment | |||||||||||||||||||||
| ClockSpring (15)(19)(26) | Second Lien Senior Secured Loan | SOFR | 6.50% (5.00% PIK) | 16.08% | 8/1/2025 | $ | 5,301 | 5,217 | 5,248 | ||||||||||||
| East BCC Coinvest II, LLC (14)(19)(25) | Equity Interest | — | — | — | 1,419 | 1,419 | 661 | ||||||||||||||
| Ergotron Acquisition LLC (18)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.18% | 7/6/2028 | $ | 12,219 | 11,987 | 11,975 | ||||||||||||
| FCG Acquisitions, Inc. (14)(19)(25) | Preferred Equity | — | — | — | 4 | — | — | ||||||||||||||
| Jonathan Acquisition Company (15)(19) | Second Lien Senior Secured Loan | L | 9.00% | 13.75% | 12/22/2027 | $ | 8,000 | 7,843 | 7,860 | ||||||||||||
| TCFIII Owl Finance, LLC (19) | Subordinated Debt | 12.00% | 12.00% | 1/30/2027 | $ | 4,841 | 4,782 | 4,635 | |||||||||||||
| Capital Equipment Total | $31,248 | $30,379 | 2.7% | ||||||||||||||||||
| Chemicals, Plastics & Rubber | |||||||||||||||||||||
| AP Plastics Group, LLC (18)(19)(29) | First Lien Senior Secured Loan | L | 4.75% | 8.97% | 8/10/2028 | $ | 7,287 | 7,076 | 7,069 | ||||||||||||
| V Global Holdings LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 8.99% | 12/22/2027 | $ | 5,862 | 5,761 | 5,642 | ||||||||||||
| V Global Holdings LLC (2)(3)(5)(16)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/22/2025 | $ | — | (147) | (363) | |||||||||||||
| V Global Holdings LLC (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.75% | 8.04% | 12/22/2027 | € | 100 | 103 | 103 | ||||||||||||
| Chemicals, Plastics & Rubber Total | $12,793 | $12,451 | 1.1% | ||||||||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Construction & Building | ||||||||||||||||
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | L | 7.00% PIK | 11.73% | 5/12/2025 | $ | 1,335 | 1,334 | 1,114 | |||||||
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan | L | 7.00% PIK | 11.73% | 5/12/2025 | $ | 14,122 | 14,095 | 11,792 | |||||||
| Elk Parent Holdings, LP (14)(19)(25) | Equity Interest | — | — | — | 1 | 12 | 630 | |||||||||
| Elk Parent Holdings, LP (14)(19)(25) | Preferred Equity | — | — | — | 120 | 1,202 | 1,545 | |||||||||
| Regan Development Holdings Limited (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 8.29% | 4/18/2023 | € | 2,087 | 2,274 | 2,139 | |||||||
| Regan Development Holdings Limited (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 8.29% | 4/18/2023 | € | 677 | 768 | 694 | |||||||
| Regan Development Holdings Limited (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 8.29% | 4/18/2023 | € | 6,335 | 6,888 | 6,477 | |||||||
| Service Master (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 8.50% | 12.94% | 8/16/2027 | $ | 7,030 | 6,677 | 6,746 | |||||||
| Service Master (15)(19) | First Lien Senior Secured Loan | L | 7.50% | 12.99% | 8/16/2027 | $ | 926 | 911 | 926 | |||||||
| Service Master (14)(19)(25) | Equity Interest | — | — | — | 350 | 350 | 426 | |||||||||
| Service Master (15)(19) | First Lien Senior Secured Loan | SOFR | 8.50% | 12.94% | 8/16/2027 | $ | 21,923 | 21,923 | 21,923 | |||||||
| YLG Holdings, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 5.00% | 9.93% | 10/31/2025 | $ | 27,151 | 27,067 | 27,151 | |||||||
| YLG Holdings, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 5.00% | 9.21% | 10/31/2025 | $ | 5,022 | 5,017 | 5,022 | |||||||
| YLG Holdings, Inc. (3)(5)(15)(19) | First Lien Senior Secured Loan - Revolver | — | — | 10/31/2025 | $ | — | (40) | — | ||||||||
| Construction & Building Total | $88,478 | $86,585 | 10.7% | |||||||||||||
| Consumer Goods: Durable | ||||||||||||||||
| New Milani Group LLC (15)(19) | First Lien Senior Secured Loan | L | 6.00% | 10.73% | 6/6/2024 | $ | 21,475 | 21,053 | 21,206 | |||||||
| Stanton Carpet (15)(19) | Second Lien Senior Secured Loan | L | 9.00% | 13.77% | 3/31/2028 | $ | 11,434 | 11,232 | 11,434 | |||||||
| Tangent Technologies Acquisition, LLC (15)(19) | Second Lien Senior Secured Loan | SOFR | 8.75% | 12.95% | 5/30/2028 | $ | 8,915 | 8,756 | 8,915 | |||||||
| TLC Holdco LP (14)(19)(25) | Equity Interest | — | — | — | 1,281 | 1,221 | — | |||||||||
| TLC Purchaser, Inc. (15)(19)(26)(29) | First Lien Senior Secured Loan | L | 6.25% (2.00% PIK) | 11.02% | 10/13/2025 | $ | 35,621 | 35,007 | 27,874 | |||||||
| TLC Purchaser, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 6.25% | 10.77% | 10/13/2025 | $ | 7,693 | 7,549 | 5,622 | |||||||
| Consumer Goods: Durable Total | $84,818 | $75,051 | 6.7% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | |||||||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | |||||||||||||||||||||
| Consumer Goods: Non-Durable | |||||||||||||||||||||
| Fineline Technologies, Inc. (14)(19)(25) | Equity Interest | — | — | — | 939 | 939 | 1,083 | ||||||||||||||
| FL Hawk Intermediate Holdings, Inc. (15)(19) | Second Lien Senior Secured Loan | L | 9.00% | 13.73% | 8/22/2028 | $ | 15,125 | 14,753 | 15,125 | ||||||||||||
| RoC Opco LLC (15)(19)(29) | First Lien Senior Secured Loan | L | 8.50% | 12.73% | 2/25/2025 | $ | 15,041 | 14,882 | 15,041 | ||||||||||||
| RoC Opco LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 8.50% | 12.45% | 2/25/2025 | $ | 2,731 | 2,653 | 2,731 | ||||||||||||
| Solaray, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 10.43% | 9/9/2023 | $ | 14,165 | 14,165 | 14,094 | ||||||||||||
| Solaray, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.43% | 9/9/2023 | $ | 30,762 | 30,762 | 30,608 | ||||||||||||
| Solaray, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 3.55% | 9.08% | 9/9/2023 | $ | 5,950 | 5,941 | 5,950 | ||||||||||||
| WU Holdco, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 5.50% | 10.23% | 3/26/2026 | $ | 1,700 | 1,674 | 1,598 | ||||||||||||
| WU Holdco, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 5.50% | 10.23% | 3/26/2026 | $ | 37,677 | 37,272 | 35,417 | ||||||||||||
| WU Holdco, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | L | 5.50% | 10.23% | 3/26/2025 | $ | 2,930 | 2,906 | 2,592 | ||||||||||||
| Consumer Goods: Non-Durable Total | $125,947 | $124,239 | 11.1% | ||||||||||||||||||
| Consumer Goods: Wholesale | |||||||||||||||||||||
| WSP Initial Term Loan (15)(19)(29) | First Lien Senior Secured Loan | L | 6.25% | 10.63% | 4/27/2027 | $ | 6,002 | 5,905 | 5,477 | ||||||||||||
| WSP Initial Term Loan (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 4/27/2027 | $ | — | (8) | (157) | |||||||||||||
| WSP LP Interest (14)(19)(25) | Equity Interest | — | — | — | 2,898 | 2,898 | 1,506 | ||||||||||||||
| WSP Revolving Loan (3)(18)(19) | First Lien Senior Secured Loan - Revolver | L | 6.25% | 10.63% | 4/27/2027 | $ | 47 | 40 | 8 | ||||||||||||
| Consumer Goods: Wholesale Total | $8,835 | $6,834 | 0.6% | ||||||||||||||||||
| Containers, Packaging & Glass | |||||||||||||||||||||
| ASP-r-pac Acquisition Co LLC (16)(19)(29) | First Lien Senior Secured Loan | L | 6.00% | 10.38% | 12/29/2027 | $ | 4,083 | 4,013 | 4,032 | ||||||||||||
| ASP-r-pac Acquisition Co LLC (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/29/2027 | $ | — | (54) | (41) | |||||||||||||
| Iris Holding, Inc. (17)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 8.94% | 6/28/2028 | $ | 13,017 | 12,379 | 11,871 | ||||||||||||
| Containers, Packaging & Glass Total | $16,338 | $15,862 | 1.4% | ||||||||||||||||||
| Energy: Oil & Gas | |||||||||||||||||||||
| Amspec Services, Inc. (15)(19) | First Lien Senior Secured Loan | L | 5.75% | 10.48% | 7/2/2024 | $ | 2,770 | 2,751 | 2,770 | ||||||||||||
| Amspec Services, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 10.48% | 7/2/2024 | $ | 32,990 | 32,858 | 32,990 | ||||||||||||
| Amspec Services, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | P | 3.75% | 11.25% | 7/2/2024 | $ | 1,204 | 1,186 | 1,204 | ||||||||||||
| Energy: Oil & Gas Total | $36,795 | $36,964 | 3.3% | ||||||||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Environmental Industries | ||||||||||||||||
| Reconomy (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 9.68% | 6/24/2029 | £ | 68 | 82 | 82 | |||||||
| Reconomy (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.00% | 8.20% | 6/24/2029 | € | 27 | 28 | 29 | |||||||
| Reconomy (3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 6/24/2029 | £ | — | (75) | — | ||||||||
| Reconomy (3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 6/24/2029 | £ | — | (75) | — | ||||||||
| Titan Cloud Software, Inc (14)(19)(25) | Equity Interest | — | — | — | 3,226 | 3,226 | 3,226 | |||||||||
| Titan Cloud Software, Inc (15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 11.05% | 9/7/2029 | $ | 25,714 | 25,464 | 25,457 | |||||||
| Titan Cloud Software, Inc (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 9/7/2029 | $ | — | (108) | (114) | ||||||||
| Titan Cloud Software, Inc (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 9/7/2028 | $ | — | (54) | (57) | ||||||||
| Environmental Industries Total | $28,488 | $28,623 | 2.6% | |||||||||||||
| FIRE: Finance | ||||||||||||||||
| Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.17% | 12/23/2026 | $ | 1,505 | 1,490 | 1,460 | |||||||
| Allworth Financial Group, L.P. (3)(15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 9.17% | 12/23/2026 | $ | 874 | 861 | 848 | |||||||
| Allworth Financial Group, L.P. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/23/2026 | $ | — | (12) | (73) | ||||||||
| FNZ UK Finco Limited (6)(18)(19) | First Lien Senior Secured Loan | L | 5.50% | 8.06% | 9/30/2026 | AUD | 81 | 55 | 55 | |||||||
| Insigneo Financial Group LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 6.25% | 9.19% | 8/1/2028 | $ | 3,825 | 3,733 | 3,729 | |||||||
| Insigneo Financial Group LLC (14)(19)(25) | Equity Interest | — | — | — | 2,190 | 2,191 | 2,190 | |||||||||
| Parmenion (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 5.75% | 8.68% | 5/11/2029 | £ | 328 | 409 | 396 | |||||||
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.00% | 10.75% | 10/2/2025 | $ | 2,373 | 2,364 | 2,373 | |||||||
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.00% | 9.41% | 10/2/2025 | $ | 9,399 | 9,399 | 9,399 | |||||||
| FIRE: Finance Total | $20,490 | $20,377 | 1.8% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| FIRE: Insurance | ||||||||||||||||
| Margaux Acquisition Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 5.75% | 9.49% | 12/19/2024 | $ | 9,105 | 9,088 | 9,105 | |||||||
| Margaux Acquisition Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 9.49% | 12/19/2024 | $ | 17,591 | 17,445 | 17,591 | |||||||
| Margaux Acquisition Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 9.98% | 12/19/2024 | $ | 957 | 939 | 957 | |||||||
| Margaux UK Finance Limited (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/19/2024 | £ | — | (5) | — | ||||||||
| Margaux UK Finance Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.75% | 8.06% | 12/19/2024 | £ | 7,493 | 9,689 | 9,053 | |||||||
| MRHT (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.50% | 8.41% | 7/26/2028 | € | 2,631 | 2,655 | 2,817 | |||||||
| MRHT (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 6.90% | 7/26/2028 | € | 500 | 535 | 535 | |||||||
| MRHT (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.06% | 7/26/2028 | € | 216 | 249 | 231 | |||||||
| MRHT (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.41% | 7/26/2028 | € | 100 | 101 | 107 | |||||||
| Paisley Bidco Limited (3)(6)(18)(19) | First Lien Senior Secured Loan- Revolver | EURIBOR | 5.50% | 8.30% | 11/26/2028 | £ | 5,165 | 6,128 | 6,257 | |||||||
| Paisley Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan- Revolver | EURIBOR | 5.50% | 7.11% | 11/26/2028 | € | 32 | 36 | 34 | |||||||
| World Insurance (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 10.33% | 4/1/2026 | $ | 8,274 | 8,218 | 8,192 | |||||||
| World Insurance (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.33% | 4/1/2026 | $ | 3,114 | 3,070 | 3,083 | |||||||
| World Insurance (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 10.07% | 4/1/2026 | $ | 605 | 593 | 596 | |||||||
| FIRE: Insurance Total | $58,741 | $58,558 | 5.3% | |||||||||||||
| Healthcare & Pharmaceuticals | ||||||||||||||||
| Apollo Intelligence (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 9.93% | 6/1/2028 | $ | 15,271 | 15,127 | 15,271 | |||||||
| Apollo Intelligence (3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 6/1/2028 | $ | — | (87) | — | ||||||||
| Apollo Intelligence (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 6/1/2028 | $ | — | (65) | — | ||||||||
| Apollo Intelligence (14)(19)(25) | Equity Interest | — | — | — | 32 | 3,197 | 3,164 | |||||||||
| CB Titan Holdings, Inc. (14)(19)(25) | Preferred Equity | — | — | — | 1,953 | 1,953 | 612 | |||||||||
| CPS Group Holdings, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 10.48% | 3/3/2025 | $ | 44,790 | 44,606 | 44,566 | |||||||
| CPS Group Holdings, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 3/3/2025 | $ | — | (27) | (25) | ||||||||
| Datix Bidco Limited (6)(19) | First Lien Senior Secured Loan - Revolver | SONIA | 4.50% | 6.69% | 10/28/2024 | £ | 10 | 11 | 12 | |||||||
| Datix Bidco Limited (6)(18)(19) | Second Lien Senior Secured Loan | SONIA | 7.75% | 9.44% | 4/27/2026 | £ | 121 | 164 | 147 | |||||||
| Datix Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | BBSW | 4.50% | 8.07% | 4/28/2025 | AUD | 42 | 32 | 29 | |||||||
| Great Expressions Dental Center PC (15)(19)(26) | First Lien Senior Secured Loan | L | 4.25% (0.5% PIK) | 9.19% | 9/28/2023 | $ | 7,730 | 7,768 | 7,285 | |||||||
| Great Expressions Dental Center PC (3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | L | 4.25% (0.5% PIK) | 9.19% | 9/28/2023 | $ | 1,080 | 1,078 | 1,010 | |||||||
| Mertus 522. GmbH (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.11% | 5/28/2026 | € | 131 | 142 | 138 | |||||||
| Mertus 522. GmbH (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 8.69% | 5/28/2026 | € | 225 | 248 | 236 | |||||||
| Premier Imaging, LLC (15)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 10.13% | 1/2/2025 | $ | 7,141 | 7,064 | 7,141 | |||||||
| Premier Imaging, LLC (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 5.75% | 10.13% | 1/2/2025 | $ | 1,936 | 1,866 | 1,936 | |||||||
| SunMed Group Holdings, LLC (16)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 10.48% | 6/16/2028 | $ | 8,694 | 8,568 | 8,151 | |||||||
| SunMed Group Holdings, LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | L | 5.75% | 10.48% | 6/16/2027 | $ | 590 | 574 | 513 | |||||||
| TecoStar Holdings, Inc. (15)(19) | Second Lien Senior Secured Loan | L | 8.50% | 12.91% | 11/1/2024 | $ | 9,472 | 9,390 | 8,264 | |||||||
| Healthcare & Pharmaceuticals Total | $101,609 | $98,450 | 8.8% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| High Tech Industries | ||||||||||||||||
| Access (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.25% | 8.68% | 6/4/2029 | £ | 80 | 98 | 97 | |||||||
| Access (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 5.25% | 8.68% | 6/4/2029 | £ | 7,578 | 8,549 | 9,156 | |||||||
| AMI US Holdings Inc. (6)(15)(19)(29) | First Lien Senior Secured Loan | L | 5.25% | 9.63% | 4/1/2025 | $ | 3,856 | 3,822 | 3,856 | |||||||
| Applitools (6)(19)(32) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.57% | 5/25/2029 | $ | 25,316 | 25,085 | 25,063 | |||||||
| Applitools (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 5/25/2028 | $ | — | (31) | (34) | ||||||||
| Appriss Holdings, Inc. (14)(19)(25) | Equity Interest | — | — | - | 2,136 | 1,606 | 1,470 | |||||||||
| Appriss Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | L | 7.25% | 11.54% | 5/6/2027 | $ | 11,264 | 11,084 | 10,926 | |||||||
| Appriss Holdings, Inc. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 5/6/2027 | $ | — | (11) | (23) | ||||||||
| AQ Software Corporation (14)(18)(19)(25) | Preferred Equity | — | — | — | 1 | 1,107 | 1,095 | |||||||||
| AQ Software Corporation (14)(18)(19)(25) | Preferred Equity | — | — | — | 2 | 1,844 | 1,825 | |||||||||
| AQ Software Corporation (14)(19)(25) | Preferred Equity | — | — | — | 1 | 507 | 502 | |||||||||
| CB Nike IntermediateCo Ltd (3)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 10/31/2025 | $ | — | — | — | ||||||||
| CB Nike IntermediateCo Ltd (6)(15)(19) | First Lien Senior Secured Loan | L | 4.75% | 9.16% | 10/31/2025 | $ | 344 | 340 | 344 | |||||||
| Cloud Technology Solutions (CTS) (6)(14)(19)(25) | Preferred Equity | — | — | — | 4,408 | 5,360 | 5,326 | |||||||||
| Cloud Technology Solutions (CTS) (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 7.50% | 11.93% | 1/3/2030 | £ | 7,406 | 8,815 | 8,859 | |||||||
| Cloud Technology Solutions (CTS) (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | £ | — | (13) | (17) | ||||||||
| Drilling Info Holdings, Inc (18) | First Lien Senior Secured Loan | L | 4.25% | 8.63% | 7/30/2025 | $ | 11,149 | 11,133 | 10,759 | |||||||
| Eagle Rock Capital Corporation (14)(18)(19)(25) | Preferred Equity | — | — | — | 3,345 | 3,345 | 3,575 | |||||||||
| Element Buyer, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 5.50% | 9.89% | 7/19/2025 | $ | 10,965 | 10,978 | 10,965 | |||||||
| Element Buyer, Inc. (15)(19) | First Lien Senior Secured Loan | L | 5.50% | 9.89% | 7/18/2025 | $ | 36,625 | 36,767 | 36,625 | |||||||
| Element Buyer, Inc. (3)(5)(15)(19) | First Lien Senior Secured Loan - Revolver | — | — | 7/19/2024 | $ | — | (16) | — | ||||||||
| Eleven Software (15)(19) | First Lien Senior Secured Loan | SOFR | 8.00% | 11.55% | 4/25/2027 | $ | 7,439 | 7,371 | 7,439 | |||||||
| Eleven Software (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 8.25% | 12.77% | 9/25/2026 | $ | 149 | 136 | 149 | |||||||
| Eleven Software (14)(19)(25) | Preferred Equity | — | — | — | 896 | 896 | 946 | |||||||||
| Gluware (19)(26) | First Lien Senior Secured Loan | 9.00% (3.50% PIK) | 12.50% | 10/15/2025 | $ | 19,576 | 18,915 | 18,206 | ||||||||
| Gluware (14)(19)(25) | Warrants | — | — | — | 3,328 | 478 | 399 | |||||||||
| MRI Software LLC (15) | First Lien Senior Secured Loan | L | 5.50% | 10.23% | 2/10/2026 | $ | 25,662 | 25,602 | 24,732 | |||||||
| MRI Software LLC (2)(3) | First Lien Senior Secured Loan - Revolver | — | — | 2/10/2026 | $ | — | 53 | (65) | ||||||||
| NearMap (6)(18)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 11.48% | 12/9/2029 | $ | 39,648 | 38,855 | 38,855 | |||||||
| NearMap (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/9/2029 | $ | — | (92) | (93) | ||||||||
| Revalize, Inc. (14)(19)(25) | Preferred Equity | — | — | — | 1 | 1,431 | 1,431 | |||||||||
| Revalize, Inc. (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 10.48% | 4/15/2027 | $ | 5,358 | 5,313 | 5,077 | |||||||
| Revalize, Inc. (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 10.46% | 4/15/2027 | $ | 2,009 | 1,993 | 1,904 | |||||||
| Revalize, Inc. (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 4/15/2027 | $ | — | (11) | (70) | ||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| High Tech Industries Continued | ||||||||||||||||
| SAM (19)(26) | First Lien Senior Secured Loan | 11.25% PIK | 0.11 | 5/9/2028 | $ | 34,277 | 34,002 | 32,392 | ||||||||
| Superna Inc. (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 3/6/2028 | $ | — | (23) | (53) | ||||||||
| Superna Inc. (2)(3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 3/6/2028 | $ | — | (23) | (53) | ||||||||
| Superna Inc. (6)(15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.50% | 11.24% | 3/6/2028 | $ | 14,920 | 14,652 | 14,622 | |||||||
| Superna Inc. (6)(14)(19)(25) | Equity Interest | — | — | — | 1,463 | 1,463 | 1,429 | |||||||||
| Swoogo LLC (15)(19) | First Lien Senior Secured Loan | L | 8.00% | 12.24% | 12/9/2026 | $ | 2,330 | 2,291 | 2,295 | |||||||
| Swoogo LLC (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/9/2026 | $ | — | (20) | (19) | ||||||||
| Utimaco (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.00% | 7.95% | 5/13/2029 | € | 92 | 98 | 99 | |||||||
| Utimaco (6)(18)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.06% | 5/13/2029 | $ | 128 | 127 | 128 | |||||||
| Utimaco (6)(18)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.06% | 5/13/2029 | $ | 262 | 259 | 262 | |||||||
| Utimaco (6)(14)(19)(25) | Equity Interest | — | — | — | 147 | 2,123 | 2,203 | |||||||||
| Utimaco (6)(14)(19)(25) | Preferred Equity | — | — | — | 147 | 2,123 | 2,203 | |||||||||
| Ventiv Holdco, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 10.18% | 9/3/2025 | $ | 13,771 | 13,668 | 13,530 | |||||||
| Ventiv Holdco, Inc. (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 9/3/2025 | $ | — | (21) | (30) | ||||||||
| Ventiv Topco, Inc. (14)(19)(25) | Equity Interest | — | — | — | 28 | 2,833 | 2,230 | |||||||||
| VPARK BIDCO AB (6)(16)(19) | First Lien Senior Secured Loan | CIBOR | 4.00% | 6.03% | 3/10/2025 | DKK | 570 | 92 | 82 | |||||||
| VPARK BIDCO AB (6)(16)(19) | First Lien Senior Secured Loan | NIBOR | 4.00% | 7.12% | 3/10/2025 | NOK | 740 | 93 | 76 | |||||||
| High Tech Industries Total | $305,046 | $300,675 | 26.9% | |||||||||||||
| Hospitality Holdings | ||||||||||||||||
| PPX (14)(19)(25) | Preferred Equity | — | — | — | 33 | — | 201 | |||||||||
| PPX (14)(19)(25) | Preferred Equity | — | — | — | 33 | 5,000 | 5,836 | |||||||||
| Hospitality Holdings Total | $5,000 | $6,037 | 0.6% | |||||||||||||
| Hotel, Gaming & Leisure | ||||||||||||||||
| Aimbridge Acquisition Co., Inc. (18)(19) | Second Lien Senior Secured Loan | L | 7.50% | 11.62% | 2/1/2027 | $ | 14,193 | 13,917 | 13,483 | |||||||
| Concert Golf Partners Holdco (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.28% | 3/30/2029 | $ | 6,816 | 6,690 | 6,816 | |||||||
| Concert Golf Partners Holdco LLC (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.75% | 10.28% | 4/2/2029 | $ | 1,852 | 1,777 | 1,852 | |||||||
| Concert Golf Partners Holdco LLC (3)(5)(16)(19) | First Lien Senior Secured Loan - Revolver | — | — | 3/31/2028 | $ | — | (44) | — | ||||||||
| Saltoun (19)(29) | First Lien Senior Secured Loan | 11.00% | 11.00% | 4/11/2028 | $ | 4,714 | 4,714 | 4,573 | ||||||||
| Saltoun (3)(19) | First Lien Senior Secured Loan - Delayed Draw | 10.50% | 10.50% | 4/11/2028 | $ | 1,352 | 1,352 | 881 | ||||||||
| Hotel, Gaming & Leisure Total | $28,406 | $27,605 | 2.5% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Media: Advertising, Printing & Publishing | ||||||||||||||||
| Ansira Holdings, Inc. (7)(14)(15)(19) | First Lien Senior Secured Loan | L | 6.50% | 10.91% | 12/20/2024 | $ | 42,836 | 40,675 | 20,989 | |||||||
| Ansira Holdings, Inc. (7)(14)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 6.50% | 11.23% | 12/20/2024 | $ | 5,134 | 5,017 | 2,516 | |||||||
| Ansira Holdings, Inc. (3)(7)(14)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 5.75% | 8.79% | 12/20/2024 | $ | 5,383 | 5,099 | 1,771 | |||||||
| Ansira Holdings, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 12/20/2024 | $ | — | — | — | ||||||||
| TGI Sport Bidco Pty Ltd (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 7.00% | 11.39% | 4/30/2026 | AUD | 4,166 | 2,851 | 2,851 | |||||||
| TGI Sport Bidco Pty Ltd (6)(17)(19) | First Lien Senior Secured Loan | BBSY | 7.00% | 10.07% | 4/30/2026 | AUD | 97 | 75 | 66 | |||||||
| Media: Advertising, Printing & Publishing Total | $53,717 | $28,193 | 2.5% | |||||||||||||
| Media: Broadcasting & Subscription | ||||||||||||||||
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | L | 5.50% | 10.23% | 8/31/2028 | $ | 1,443 | 1,431 | 1,443 | |||||||
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.50% | 7.45% | 8/31/2028 | € | 1,300 | 1,418 | 1,392 | |||||||
| Media: Broadcasting & Subscription Total | $2,849 | $2,835 | 0.3% | |||||||||||||
| Media: Diversified & Production | ||||||||||||||||
| 9 Story Media Group Inc. (3)(5)(6)(19) | First Lien Senior Secured Loan - Revolver | — | — | 4/30/2026 | CAD | — | (1) | — | ||||||||
| 9 Story Media Group Inc. (6)(16)(19) | First Lien Senior Secured Loan | CDOR | 5.25% | 9.98% | 4/30/2026 | CAD | 1,292 | 1,001 | 953 | |||||||
| 9 Story Media Group Inc. (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.20% | 4/30/2026 | € | 585 | 619 | 626 | |||||||
| Aptus 1724 Gmbh (6)(19)(21) | First Lien Senior Secured Loan | L | 6.25% | 10.97% | 2/23/2028 | $ | 4,971 | 4,971 | 4,909 | |||||||
| Efficient Collaborative Retail Marketing Company, LLC (15)(19) | First Lien Senior Secured Loan | L | 6.75% | 11.13% | 6/30/2024 | $ | 14,961 | 14,961 | 12,717 | |||||||
| Efficient Collaborative Retail Marketing Company, LLC (15)(19) | First Lien Senior Secured Loan | L | 6.75% | 11.13% | 6/30/2024 | $ | 9,711 | 9,736 | 8,254 | |||||||
| Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 5.25% | 9.99% | 6/30/2024 | $ | 1,275 | 1,275 | 1,275 | |||||||
| International Entertainment Investments Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 4.75% | 7.71% | 11/30/2025 | £ | 87 | 107 | 106 | |||||||
| Music Creation Group Bidco GmbH (6)(19)(21) | First Lien Senior Secured Loan | L | 6.25% | 10.97% | 2/23/2028 | $ | 4,065 | 3,977 | 4,014 | |||||||
| Media: Diversified & Production Total | $36,646 | $32,854 | 2.9% | |||||||||||||
| Media: Publishing | ||||||||||||||||
| OGH Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 7.44% | 6/29/2029 | £ | 139 | 164 | 168 | |||||||
| OGH Bidco Limited (3)(5)(6)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 6/29/2029 | £ | — | (68) | — | ||||||||
| Media: Publishing Total | $96 | $168 | 0.0% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Retail | ||||||||||||||||
| Batteries Plus Holding Corporation (15)(19)(29) | First Lien Senior Secured Loan | L | 6.75% | 11.13% | 6/30/2023 | $ | 18,172 | 18,172 | 18,172 | |||||||
| Batteries Plus Holding Corporation (3)(15)(19) | First Lien Senior Secured Loan - Revolver | P | 5.75% | 11.13% | 6/30/2023 | $ | 916 | 915 | 916 | |||||||
| New Look (Delaware) Corporation (6)(15)(19)(29) | First Lien Senior Secured Loan | L | 5.50% | 10.23% | 5/26/2028 | $ | 9,653 | 9,568 | 9,266 | |||||||
| New Look (Delaware) Corporation (3)(6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CDOR | 5.50% | 10.38% | 5/26/2028 | $ | 385 | 376 | 292 | |||||||
| New Look Vision Group (6)(19) | First Lien Senior Secured Loan - Delayed Draw | CDOR | 5.50% | 10.38% | 5/26/2028 | CAD | 55 | 44 | 39 | |||||||
| New Look Vision Group (3)(6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CDOR | 5.50% | 10.38% | 5/26/2028 | CAD | 29 | 22 | 18 | |||||||
| New Look Vision Group (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | CDOR | 5.50% | 10.38% | 5/26/2026 | CAD | 1,688 | 1,250 | 1,173 | |||||||
| Thrasio, LLC (15)(29) | First Lien Senior Secured Loan | L | 7.00% | 11.17% | 12/18/2026 | $ | 8,485 | 8,308 | 7,519 | |||||||
| Walker Edison (7)(14)(15)(19)(26)(29) | First Lien Senior Secured Loan | L | 5.75% (3.00% PIK) | 13.48% | 8/5/2027 | $ | 21,019 | 20,685 | 13,084 | |||||||
| Retail Total | $59,340 | $50,479 | 4.6% | |||||||||||||
| Services: Business | ||||||||||||||||
| ACAMS (14)(19)(25) | Equity Interest | — | — | — | 3,337 | 3,337 | 3,859 | |||||||||
| AMCP Clean Acquisition Company, LLC (18) | First Lien Senior Secured Loan | SOFR | 4.35% | 8.67% | 7/10/2025 | $ | 16,254 | 16,141 | 13,491 | |||||||
| AMCP Clean Acquisition Company, LLC (18) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.35% | 8.67% | 7/10/2025 | $ | 3,934 | 3,906 | 3,265 | |||||||
| Avalon Acquiror, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.83% | 3/10/2028 | $ | 24,598 | 24,376 | 24,352 | |||||||
| Avalon Acquiror, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.25% | 10.74% | 3/10/2028 | $ | 1,050 | 886 | 966 | |||||||
| Brook Bidco (6)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 3.00% (4.25% PIK) | 10.16% | 7/7/2028 | £ | 717 | 976 | 867 | |||||||
| Brook Bidco (6)(14)(19)(25) | Preferred Equity | — | — | — | 5,675 | 7,783 | 7,136 | |||||||||
| Caribou Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.00% | 7.19% | 1/29/2029 | £ | 8,070 | 10,801 | 9,751 | |||||||
| Caribou Bidco Limited (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.00% | 7.19% | 1/29/2029 | £ | 16 | 20 | 19 | |||||||
| Chamber Bidco Limited (6)(17)(19) | First Lien Senior Secured Loan | L | 5.50% | 9.28% | 6/7/2028 | $ | 237 | 235 | 237 | |||||||
| Darcy Partners (19)(32) | First Lien Senior Secured Loan | SOFR | 7.75% | 12.44% | 6/1/2028 | $ | 1,526 | 1,511 | 1,526 | |||||||
| Darcy Partners (19)(25) | Equity Interest | — | — | — | 359 | 359 | 434 | |||||||||
| Darcy Partners (3)(19) | First Lien Senior Secured Loan - Revolver | — | — | 6/1/2028 | $ | — | — | — | ||||||||
| Elevator Holdco Inc. (14)(19)(25) | Equity Interest | — | — | — | 2 | 2,448 | 3,241 | |||||||||
| iBanFirst (6)(19)(26) | First Lien Senior Secured Loan | 10.00% PIK | 10.00% | 7/13/2028 | € | 2,820 | 2,889 | 3,019 | ||||||||
| iBanFirst (6)(19)(26) | First Lien Senior Secured Loan | 10.00% PIK | 10.00% | 7/13/2028 | € | 80 | 83 | 85 | ||||||||
| iBanFirst (6)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 8.50% PIK | 10.04% | 7/13/2028 | € | 3,000 | 3,018 | 3,212 | |||||||
| iBanFirst Facility (6)(14)(19)(25) | Preferred Equity | — | — | — | 7,112 | 8,136 | 12,463 | |||||||||
| Learning Pool (6)(16)(19)(26) | First Lien Senior Secured Loan | L | 7.25% PIK | 10.56% | 7/7/2028 | £ | 284 | 366 | 343 | |||||||
| Learning Pool (6)(16)(19)(26) | First Lien Senior Secured Loan | L | 7.25% PIK | 10.56% | 7/7/2028 | £ | 102 | 131 | 123 | |||||||
| masLabor (19)(25) | Equity Interest | — | — | — | 345 | 345 | 968 | |||||||||
| masLabor (3)(15)(19) | First Lien Senior Secured Loan - Revolver | P | 6.50% | 13.50% | 7/1/2027 | $ | 689 | 672 | 689 | |||||||
| masLabor (15)(19) | First Lien Senior Secured Loan | L | 7.50% | 11.24% | 7/1/2027 | $ | 8,492 | 8,275 | 8,492 | |||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Services: Business Continued | ||||||||||||||||
| Opus2 (6)(14)(19)(25) | Equity Interest | — | — | — | 2,272 | 2,900 | 2,958 | |||||||||
| Opus2 (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.00% | 7.96% | 5/5/2028 | £ | 123 | 167 | 148 | |||||||
| Parcel2Go (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.00% | 8.93% | 7/15/2028 | £ | 39 | 50 | 45 | |||||||
| Parcel2Go (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.00% | 9.43% | 7/15/2028 | £ | 125 | 169 | 147 | |||||||
| Parcel2Go (6)(14)(19)(25) | Equity Interest | — | — | — | 3,605 | 4,237 | 3,247 | |||||||||
| Refine Intermediate, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 4.50% | 9.23% | 3/3/2027 | $ | 1,094 | 1,077 | 1,094 | |||||||
| Refine Intermediate, Inc. (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 9/3/2026 | $ | — | (76) | — | ||||||||
| Smartronix (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 11/23/2027 | $ | — | (106) | (158) | ||||||||
| Smartronix (15)(19)(29) | First Lien Senior Secured Loan | L | 6.00% | 10.17% | 11/23/2028 | $ | 12,636 | 12,419 | 12,320 | |||||||
| Spring Finco BV (6)(18)(19) | First Lien Senior Secured Loan | NIBOR | 6.00% | 9.08% | 7/15/2029 | NOK | 503 | 51 | 51 | |||||||
| Spring Finco BV (3)(6)(19) | First Lien Senior Secured Loan - Delayed Draw | — | 7/15/2029 | NOK | — | — | — | |||||||||
| SumUp Holdings Luxembourg S.à.r.l. (6)(19)(32) | First Lien Senior Secured Loan | EURIBOR | 8.50% | 10.48% | 2/17/2026 | € | 6,650 | 7,951 | 7,119 | |||||||
| SumUp Holdings Luxembourg S.à.r.l. (6)(19)(32) | First Lien Senior Secured Loan | EURIBOR | 8.50% | 10.48% | 2/17/2026 | € | 155 | 180 | 166 | |||||||
| TEI Holdings Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 10.48% | 12/23/2026 | $ | 36,044 | 35,902 | 36,044 | |||||||
| TEI Holdings Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 5.75% | 10.47% | 12/23/2025 | $ | 307 | 261 | 307 | |||||||
| WCI Gigawatt Purchaser (15)(19) | First Lien Senior Secured Loan - Delayed Draw | L | 5.75% | 10.48% | 11/19/2027 | $ | 4,804 | 4,714 | 4,708 | |||||||
| WCI Gigawatt Purchaser (3)(15)(19) | First Lien Senior Secured Loan - Revolver | L | 5.75% | 10.04% | 11/19/2027 | $ | 965 | 906 | 901 | |||||||
| WCI Gigawatt Purchaser (15)(19)(29) | First Lien Senior Secured Loan | L | 5.75% | 10.41% | 11/19/2027 | $ | 1,447 | 1,420 | 1,418 | |||||||
| Services: Business Total | $168,916 | $169,053 | 15.1% | |||||||||||||
| Services: Consumer | ||||||||||||||||
| MZR Aggregator (14)(19)(25) | Equity Interest | — | — | — | 1 | 798 | 786 | |||||||||
| MZR Buyer, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.75% | 11.72% | 12/21/2026 | $ | 16,806 | 16,570 | 16,806 | |||||||
| MZR Buyer, LLC (3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/21/2026 | $ | — | (69) | — | ||||||||
| Surrey Bidco Limited (6)(7)(14)(17)(19)(26) | First Lien Senior Secured Loan | SONIA | 7.00% PIK | 8.97% | 5/11/2026 | £ | 54 | 67 | 46 | |||||||
| Zeppelin BidCo Pty Limited (6)(18)(19) | First Lien Senior Secured Loan | BBSY | 5.00% | 7.89% | 6/28/2024 | AUD | 206 | 142 | 140 | |||||||
| Services: Consumer Total | $17,508 | $17,778 | 1.6% | |||||||||||||
| Telecommunications | ||||||||||||||||
| DC Blox Inc. (14)(19)(25) | Equity Interest | — | — | — | 124 | — | — | |||||||||
| DC Blox Inc. (14)(19)(25) | Preferred Equity | — | — | — | 3,822 | 3,851 | 4,548 | |||||||||
| DC Blox Inc. (3)(15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | L | 2.00% (6.00% PIK) | 11.74% | 3/22/2026 | $ | 29,262 | 29,046 | 29,262 | |||||||
| DC Blox Inc. (14)(19)(25) | Warrants | — | — | — | 177 | 2 | — | |||||||||
| Meriplex Communications, Ltd. (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.42% | 7/17/2028 | $ | 15,294 | 15,003 | 15,141 | |||||||
| Meriplex Communications, Ltd. (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.42% | 7/17/2028 | $ | 3,304 | 3,189 | 3,181 | |||||||
| Meriplex Communications, Ltd. (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.42% | 7/17/2028 | $ | 282 | 230 | 254 | |||||||
| Telecommunications Total | $51,321 | $52,386 | 4.7% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Transportation: Cargo | ||||||||||||||||
| A&R Logistics, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.71% | 5/5/2025 | $ | 5,913 | 5,869 | 5,913 | |||||||
| A&R Logistics, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.71% | 5/5/2025 | $ | 2,399 | 2,375 | 2,398 | |||||||
| A&R Logistics, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.00% | 9.71% | 5/5/2025 | $ | 31,982 | 31,670 | 31,981 | |||||||
| A&R Logistics, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.21% | 5/5/2025 | $ | 2,688 | 2,673 | 2,688 | |||||||
| A&R Logistics, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.00% | 9.99% | 5/5/2025 | $ | 361 | 255 | 361 | |||||||
| ARL Holdings, LLC (14)(19)(25) | Equity Interest | — | — | — | — | 445 | 635 | |||||||||
| ARL Holdings, LLC (14)(19)(25) | Equity Interest | — | — | — | 9 | 9 | 1,045 | |||||||||
| Grammer Investment Holdings LLC (14)(19)(25) | Equity Interest | — | — | — | 1,011 | 1,011 | 1,045 | |||||||||
| Grammer Investment Holdings LLC (14)(19)(25) | Warrants | — | — | — | 122 | — | 125 | |||||||||
| Grammer Investment Holdings LLC (19)(25) | Preferred Equity | 10.00% | 10.00% | — | 9 | 791 | 916 | |||||||||
| Grammer Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | L | 4.50% | 9.72% | 9/30/2024 | $ | 3,830 | 3,768 | 3,830 | |||||||
| Grammer Purchaser, Inc. (3)(15)(19)(29) | First Lien Senior Secured Loan - Revolver | SOFR | 4.50% | 8.79% | 9/30/2024 | $ | 516 | 516 | 516 | |||||||
| Gulf Winds International (18)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.00% | 11.33% | 12/16/2028 | $ | 26,625 | 25,828 | 25,826 | |||||||
| Gulf Winds International (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/16/2028 | $ | — | (158) | (159) | ||||||||
| Omni Intermediate (3)(5)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 11/23/2026 | $ | — | (4) | — | ||||||||
| Omni Intermediate (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.73% | 11/23/2026 | $ | 1,175 | 1,166 | 1,175 | |||||||
| Omni Intermediate (3)(19) | First Lien Senior Secured Loan - Revolver | — | 11/30/2026 | $ | — | — | — | |||||||||
| Omni Logistics, LLC (15)(19) | Second Lien Senior Secured Loan | SOFR | 9.00% | 13.69% | 12/30/2027 | $ | 8,770 | 8,686 | 8,771 | |||||||
| REP Coinvest III- A Omni, L.P. (14)(19)(25) | Equity Interest | — | — | — | 1,377 | 1,377 | 3,387 | |||||||||
| RoadOne (18)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.81% | 12/29/2028 | $ | 19,289 | 18,711 | 18,711 | |||||||
| RoadOne (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | $ | — | (85) | (85) | ||||||||
| RoadOne (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.25% | 10.81% | 12/29/2028 | $ | 998 | 866 | 866 | |||||||
| Transportation: Cargo Total | $105,769 | $109,945 | 9.9% | |||||||||||||
| Transportation: Consumer | ||||||||||||||||
| Toro Private Investments II, L.P. (6)(14)(19)(25) | Equity Interest | — | — | — | 3,090 | 3,090 | 1,066 | |||||||||
| Toro Private Investments II, L.P. (18)(26) | First Lien Senior Secured Loan | L | 5.00% (1.75% PIK) | 11.48% | 5/29/2026 | $ | 6,756 | 5,297 | 4,645 | |||||||
| Toro Private Investments II, L.P. (15)(26) | First Lien Senior Secured Loan | L | 1.50% (7.25% PIK) | 13.48% | 2/28/2025 | $ | 401 | 399 | 402 | |||||||
| Transportation: Consumer Total | $8,786 | $6,113 | 0.5% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||
| Non-Controlled/Non-Affiliate Investments | ||||||||||||||||
| Wholesale | ||||||||||||||||
| Abracon Group Holding, LLC. (18)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.48% | 7/6/2028 | $ | 11,518 | 11,299 | 11,288 | |||||||
| Abracon Group Holding, LLC. (2)(3)(5)(19) | First Lien Senior Secured Loan - Revolver | — | — | 7/6/2028 | $ | — | (37) | (40) | ||||||||
| Abracon Group Holding, LLC. (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 7/6/2028 | $ | — | (47) | (101) | ||||||||
| Aramsco, Inc. (18)(19)(29) | First Lien Senior Secured Loan | L | 5.25% | 9.63% | 8/28/2024 | $ | 14,066 | 13,958 | 14,066 | |||||||
| Aramsco, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | L | 5.25% | 9.59% | 8/28/2024 | $ | 677 | 654 | 677 | |||||||
| Armor Group, LP (14)(19)(25) | Equity Interest | — | — | — | 10 | 1,012 | 1,952 | |||||||||
| SureWerx (18)(19) | First Lien Senior Secured Loan | SOFR | 6.75% | 11.30% | 12/28/2029 | $ | 8,365 | 8,156 | 8,198 | |||||||
| SureWerx (2)(3)(5)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | 12/28/2029 | $ | — | (30) | (20) | ||||||||
| SureWerx (3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | 12/28/2028 | $ | 134 | 107 | 113 | ||||||||
| Wholesale Total | $35,072 | $36,133 | 3.2% | |||||||||||||
| Non-Controlled/Non-Affiliate Investments Total | $1,846,172 | $1,774,947 | 159.0% | |||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||||||
| Non-Controlled/Affiliate Investments | ||||||||||||||||||
| Aerospace & Defense | ||||||||||||||||||
| Ansett Aviation Training (6)(10)(18)(19) | First Lien Senior Secured Loan | BBSY | 4.69% | 8.00% | 9/24/2031 | AUD | 7,072 | 5,308 | 4,818 | |||||||||
| Ansett Aviation Training (6)(10)(14)(19)(25) | Equity Interest | — | — | — | 5,119 | 3,842 | 5,310 | |||||||||||
| Aerospace & Defense Total | $9,150 | $10,128 | 0.9% | |||||||||||||||
| Beverage, Food & Tobacco | ||||||||||||||||||
| ADT Pizza, LLC (10)(14)(19)(25) | Equity Interest | — | — | — | 6,720 | 6,721 | 14,581 | |||||||||||
| Beverage, Food & Tobacco Total | $6,721 | $14,581 | 1.3% | |||||||||||||||
| Energy: Oil & Gas | ||||||||||||||||||
| Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) | Equity Interest | — | — | — | 1,198 | 1 | — | |||||||||||
| Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) | Preferred Equity | — | — | — | 38,505 | 11,777 | 30,785 | |||||||||||
| Blackbrush Oil & Gas, L.P. (10)(15)(19)(26)(29) | First Lien Senior Secured Loan | L | 5.00% (2.00% PIK) | 10.18% | 9/3/2025 | $ | 9,040 | 9,039 | 9,040 | |||||||||
| Energy: Oil & Gas Total | $20,817 | $39,825 | 3.6% | |||||||||||||||
| FIRE: Finance | ||||||||||||||||||
| BCC Middle Market CLO 2018-1, LLC (6)(10)(19)(25) | Structured Products | — | — | 10/20/2030 | $ | 25,635 | 24,050 | 22,763 | ||||||||||
| Fire: Finance Total | $24,050 | $22,763 | 2.0% | |||||||||||||||
| Transportation: Consumer | ||||||||||||||||||
| Direct Travel, Inc. (10)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.50% | 13.23% | 10/2/2025 | $ | 3,440 | 3,440 | 3,440 | |||||||||
| Direct Travel, Inc. (10)(15)(19) | First Lien Senior Secured Loan | SOFR | 8.50% | 13.23% | 10/2/2025 | $ | 58,721 | 58,721 | 58,721 | |||||||||
| Direct Travel, Inc. (10)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.50% | 13.23% | 10/2/2025 | $ | 1,741 | 1,741 | 1,741 | |||||||||
| Direct Travel, Inc. (10)(18)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 11.23% | 10/2/2025 | $ | 4,841 | 4,841 | 4,841 | |||||||||
| Direct Travel, Inc. (10)(18)(19) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.73% | 10/2/2025 | $ | 202 | 202 | 202 | |||||||||
| Direct Travel, Inc. (3)(10)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.00% | 9.74% | 10/2/2025 | $ | 4,125 | 4,125 | 4,125 | |||||||||
| Direct Travel, Inc. (10)(14)(19)(25) | Equity Interest | — | — | — | 68 | — | 13,033 | |||||||||||
| Transportation: Consumer Total | $73,070 | $86,103 | 7.7% | |||||||||||||||
| Non-Controlled/Affiliate Investments Total | $133,808 | $173,400 | 15.5% | |||||||||||||||
| Interest · Maturity · Principal / · Market · % of | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Company · Investment Type · Index (1) · Spread (1) · Rate · Date · Shares (9) · Cost · Value · NAV (4) | ||||||||||||||
| Controlled Affiliate Investments | ||||||||||||||
| Aerospace & Defense | ||||||||||||||
| BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(19)(20)(25) | Equity Interest | — | — | — | 11,863 | 11,863 | 10,388 | |||||||
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(19)(20) | First Lien Senior Secured Loan | 10.00% | 10.00% | 6/2/2023 | $ | 8,013 | 8,013 | 6,400 | ||||||
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(19)(20)(25) | Equity Interest | — | — | — | 1,116 | 1,116 | — | |||||||
| Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) | Equity Interest | — | — | — | 90,450 | 90,450 | 91,326 | |||||||
| Aerospace & Defense Total | $111,442 | $108,114 | 9.7% | |||||||||||
| Investment Vehicles | ||||||||||||||
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(19) | Subordinated Note Investment Vehicles | 10.00% | 10.00% | 12/27/2033 | $ | 50,995 | 50,995 | 50,995 | ||||||
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Preferred Equity Interest Investment Vehicles | — | — | — | 10 | 10 | (644) | |||||||
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles | — | — | — | 10 | 5,594 | 3,347 | |||||||
| International Senior Loan Program, LLC (6)(10)(11)(15)(19) | Subordinated Note Investment Vehicles | L | 8.00% | 11.74% | 2/22/2028 | $ | 186,979 | 186,979 | 186,979 | |||||
| International Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles | — | — | — | 62,337 | 59,365 | 62,630 | |||||||
| Investment Vehicles Total | $302,943 | $303,307 | 27.2% | |||||||||||
| Transportation: Cargo | ||||||||||||||
| Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) | Equity Interest | — | — | — | 25,264 | 25,573 | 27,209 | |||||||
| Transportation: Cargo Total | $25,573 | $27,209 | 2.4% | |||||||||||
| Controlled Affiliate Investments Total | $439,958 | $438,630 | 39.3% | |||||||||||
| Investments Total | $2,419,938 | $2,386,977 | 213.8% | |||||||||||
| Cash Equivalents | ||||||||||||||
| Goldman Sachs Financial Square Government Fund Institutional Share Class (30) | Cash Equivalents | — | 4.16% | — | $ | 63,394 | 63,394 | 63,394 | ||||||
| Cash Equivalents Total | $63,394 | $63,394 | 5.7% | |||||||||||
| Investments and Cash Equivalents Total | $2,483,332 | $2,450,371 | 219.5% | |||||||||||
| Unrealized | |||||
|---|---|---|---|---|---|
| Currency Purchased · Currency Sold · Counterparty · Settlement Date · Appreciation(8) | |||||
| US DOLLARS 291 | EURO 220 | Bank of New York Mellon | 1/9/2023 | $ | 56 |
| US DOLLARS 37,234 | POUND STERLING 31,000 | Citibank | 1/9/2023 | (66) | |
| EURO 4,000 | US DOLLARS 4,023 | Citibank | 1/9/2023 | 249 | |
| US DOLLARS 4,122 | EURO 4,000 | Citibank | 1/9/2023 | (150) | |
| US DOLLARS 11,848 | POUND STERLING 9,890 | Bank of New York Mellon | 2/17/2023 | (65) | |
| US DOLLARS 7,894 | AUSTRALIAN DOLLARS 11,440 | Bank of New York Mellon | 3/3/2023 | 112 | |
| US DOLLARS 10,917 | POUND STERLING 9,440 | Bank of New York Mellon | 3/3/2023 | (458) | |
| US DOLLARS 1,804 | CANADIAN DOLLAR 2,360 | Bank of New York Mellon | 3/3/2023 | 61 | |
| US DOLLARS 41,180 | EURO 40,810 | Bank of New York Mellon | 3/3/2023 | (2,575) | |
| US DOLLARS 1,777 | POUND STERLING 1,530 | Bank of New York Mellon | 3/16/2023 | (67) | |
| US DOLLARS 100 | NORWEGIAN KRONE 1,240 | Bank of New York Mellon | 7/26/2023 | 11 | |
| US DOLLARS 6,138 | POUND STERLING 5,000 | Bank of New York Mellon | 8/4/2023 | 96 | |
| US DOLLARS 448 | AUSTRALIAN DOLLARS 240 | Bank of New York Mellon | 8/15/2023 | 285 | |
| US DOLLARS 3,094 | EURO 2,920 | Bank of New York Mellon | 11/15/2023 | (79) | |
| US DOLLARS 6,092 | POUND STERLING 3,125 | Bank of New York Mellon | 11/17/2023 | 2,312 | |
| US DOLLARS 10,773 | EURO 9,890 | Bank of New York Mellon | 5/17/2024 | (47) | |
| US DOLLARS 11,215 | POUND STERLING 9,000 | Bank of New York Mellon | 6/24/2024 | 341 | |
| US DOLLARS 3,143 | EURO 3,000 | Bank of New York Mellon | 6/13/2025 | (168) | |
| US DOLLARS 2,762 | AUSTRALIAN DOLLARS 3,739 | Bank of New York Mellon | 7/28/2025 | 214 | |
| $ | 62 | ||||
(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"), the Sterling Overnight Index Average ("SONIA") and Secured Overnight Financing Rate (“SOFR”) 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, SOFR, or Prime and the current weighted average interest rate in effect at December 31, 2022. Certain investments are subject to a LIBOR, EURIBOR, GBP LIBOR, NIBOR, CIBOR, CDOR, BBSW, SOFR, 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)
(4)
Percentages are based on the Company’s net assets(in thousands) of $1,116,391 as of December 31, 2022.
(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 December 31, 2022, non-qualifying assets totaled 26.01% of the Company’s total assets.
(7)
Loan was on non-accrual status as of December 31, 2022.
(8)
(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 dollar, CAD represents Canadian dollar and DKK represents Danish krone.
(10)
As defined in the 1940 Act, the portfolio company is deemed to be an “affiliated person” of the Company as the Company owns 5% or more of the portfolio company’s outstanding voting 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)
(13)
(14)
Non-income producing.
(15)
(16)
(17)
(18)
(19)
(20)
The Company holds controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.
(21)
(22)
(23)
(24)
(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 December 31, 2022, the aggregate fair value of these securities is $370,957 or 34.06% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
| Investment | Acquisition Date |
|---|---|
| ACAMS | 3/10/2022 |
| ADT Pizza, LLC | 10/29/2018 |
| Ansett Aviation Training | 3/24/2022 |
| Apollo Intelligence | 6/1/2022 |
| Appriss Holdings, Inc. | 5/3/2021 |
| AQ Software Corporation | 12/10/2021 |
| AQ Software Corporation | 4/14/2022 |
| AQ Software Corporation | 12/29/2022 |
| ARL Holdings, LLC | 5/3/2019 |
| Armor Group, LP | 8/28/2018 |
| Bain Capital Senior Loan Program, LLC | 12/27/2021 |
| BCC Jetstream Holdings Aviation (Off I), LLC | 6/1/2017 |
| BCC Jetstream Holdings Aviation (On II), LLC | 6/1/2017 |
| BCC Middle Market CLO 2018-1, LLC | 2/28/2022 |
| Blackbrush Oil & Gas, L.P. | 9/3/2020 |
| Brook Bidco | 7/8/2021 |
| CB Titan Holdings, Inc. | 5/1/2017 |
| Marlin-Cobalt Aggregator, L.P. | 12/15/2022 |
| Darcy Partners | 6/1/2022 |
| BCC BCSF DCB Blocker LP Interest | 5/16/2022 |
| DC Blox Inc. | 3/22/2021 |
| DC Blox Inc. | 3/23/2021 |
| Direct Travel, Inc. | 10/2/2020 |
| Eagle Rock Capital Corporation | 12/9/2021 |
| East BCC Coinvest II, LLC | 7/23/2019 |
| Elevator Holdco Inc. | 12/23/2019 |
| Eleven Software | 4/25/2022 |
| Elk Parent Holdings, LP | 11/1/2019 |
| FCG Acquisitions, Inc. | 1/24/2019 |
| Fineline Technologies, Inc. | 2/22/2021 |
| Investment | Acquisition Date |
|---|---|
| Gale Aviation (Offshore) Co | 1/2/2019 |
| Gluware | 10/15/2021 |
| Grammer Investment Holdings LLC | 10/1/2018 |
| iBanFirst Facility | 7/13/2021 |
| Insigneo Financial Group LLC | 8/1/2022 |
| Insigneo Financial Group LLC | 8/1/2022 |
| International Senior Loan Program, LLC | 2/22/2021 |
| Kellstrom Aerospace Group, Inc | 7/1/2019 |
| Lightning Holdings B, LLC | 1/2/2020 |
| masLabor | 7/1/2021 |
| MZR Aggregator | 12/22/2020 |
| NPC International, Inc. | 4/1/2021 |
| Opus2 | 6/16/2021 |
| Parcel2Go | 7/15/2021 |
| PPX | 7/29/2021 |
| Precision Ultimate Holdings, LLC | 11/6/2019 |
| REP Coinvest III- A Omni, L.P. | 2/5/2021 |
| Robinson Helicopter | 6/30/2022 |
| Service Master | 8/16/2021 |
| Superna Inc. | 3/8/2022 |
| Titan Cloud Software, Inc | 11/4/2022 |
| TLC Holdco LP | 10/11/2019 |
| Toro Private Investments II, L.P. | 4/2/2019 |
| Utimaco | 6/28/2022 |
| Ventiv Topco, Inc. | 9/3/2019 |
| WSP LP Interest | 8/31/2021 |
(26)
(27)
Asset is in an escrow liquidating trust.
(28)
(29)
Assets or a portion thereof are pledged as collateral for the 2019‑1 Issuer. See Note 6 “Debt”.
(30)
Cash equivalents include $55,950 of restricted cash.
(31)
(32)
(33)
BAIN CAPITAL SPECIALTY FINANCE, INC.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.