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Bain Capital Specialty Finance Inc

For the period ended Dec 31, 2023. Filed Feb 27, 2024.

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About 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

BCSF$11.23+2.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Schedule of Investments as of December 31, 2023

(In thousands)

Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
Forming Machining Industries Holdings, LLC (18)(19)(26)Second Lien Senior Secured LoanSOFR7.89% PIK13.20%10/9/2026$6,6306,6005,437
Forming Machining Industries Holdings, LLC (18)(19)First Lien Senior Secured LoanSOFR4.40%9.79%10/9/2025$16,10016,05913,685
Forward Slope (15)(19)First Lien Senior Secured LoanSOFR6.85%12.20%8/22/2029$6,2016,0516,046
Forward Slope (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.85%12.23%8/22/2029$23,63423,06023,043
Forward Slope (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR6.85%12.17%8/22/2029$4,7384,5294,516
Forward Slope (15)(19)First Lien Senior Secured LoanSOFR6.85%12.24%8/22/2029$19,95019,65319,451
GSP Holdings, LLC (15)(19)(29)First Lien Senior Secured LoanSOFR5.90%11.25%11/6/2025$35,24135,42933,567
GSP Holdings, LLC (3)(18)(19)First Lien Senior Secured Loan - RevolverSOFR5.90%11.25%11/6/2025$2,3062,2922,088
Kellstrom Aerospace Group, Inc (14)(19)(25)Equity Interest————11,9631,044
Kellstrom Commercial Aerospace, Inc. (15)(19)(26)First Lien Senior Secured LoanSOFR6.00% (0.75% PIK)12.17%7/1/2025$29,63029,31328,889
Kellstrom Commercial Aerospace, Inc. (2)(3)(15)(19)(23)(26)First Lien Senior Secured Loan - RevolverP5.61% (0.50% PIK)14.61%7/1/2025$4746(61)
Mach Acquisition R/C (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR7.65%13.02%10/19/2026$7,5327,4206,879
Mach Acquisition T/L (15)(19)(26)First Lien Senior Secured LoanSOFR6.65% (2.00% PIK)14.05%10/19/2026$34,14333,75231,924
Precision Ultimate Holdings, LLC (14)(19)(25)Equity Interest————1,4171,4171,242
Robinson Helicopter (14)(19)(25)Equity Interest————1,5921,5922,359
Robinson Helicopter (15)(19)(29)First Lien Senior Secured LoanSOFR6.60%11.96%6/30/2028$14,73514,46414,735
Saturn Purchaser Corp. (15)(19)(29)First Lien Senior Secured LoanSOFR5.60%11.01%7/23/2029$26,32926,08526,329
Saturn Purchaser Corp. (3)(5)(18)(19)First Lien Senior Secured Loan - Revolver———7/22/2029$—(39)—
Whitcraft-Paradigm (15)(19)(29)First Lien Senior Secured LoanSOFR7.00%12.35%2/15/2029$11,91211,80511,912
Whitcraft-Paradigm (3)(18)(19)First Lien Senior Secured Loan - RevolverSOFR7.00%12.35%2/28/2029$146128146
Aerospace & Defense Total$241,619$233,23120.5%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Automotive
American Trailer Rental Group (19)(26)Subordinated Debt—9.00% (4.50% PIK)13.50%12/1/2027$5,1125,0605,112
American Trailer Rental Group (19)(26)Subordinated Debt—9.00% (4.50% PIK)13.50%12/1/2027$15,77215,53515,772
American Trailer Rental Group (19)(26)Subordinated Debt—9.00% (4.50% PIK)13.50%12/1/2027$19,69519,39019,695
Cardo (6)(18)(19)First Lien Senior Secured LoanSOFR5.15%10.54%5/12/2028$989797
Gills Point S (15)(19)(29)First Lien Senior Secured LoanSOFR7.00%12.38%5/17/2029$12,63212,63212,632
Gills Point S (3)(15)(19)First Lien Senior Secured Loan - Revolver———5/17/2029$———
Gills Point S (3)(15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR7.10%12.51%5/17/2029$692682692
Gills Point S (14)(19)(25)Equity Interest————2184213
Intoxalock (15)(19)(29)First Lien Senior Secured LoanSOFR6.50%11.96%11/1/2028$12,12812,02312,128
Intoxalock (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR6.50%11.96%11/1/2028$343315343
JHCC Holdings, LLC (15)(19)(29)First Lien Senior Secured LoanSOFR5.25%10.75%9/9/2025$12,07312,01512,073
JHCC Holdings, LLC (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———9/9/2025$—(22)—
Automotive Total$77,911$78,7576.9%
Banking, Finance, Insurance & Real Estate
Morrow Sodali (15)(19)(29)First Lien Senior Secured Loan - Delayed DrawSOFR5.63%11.09%4/25/2028$2,6262,6112,600
Morrow Sodali (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR5.50%10.96%4/25/2028$2,2182,1642,196
Morrow Sodali (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR5.00%10.46%4/25/2028$532509510
Banking, Finance, Insurance & Real Estate Total$5,284$5,3060.5%
Beverage, Food & Tobacco
Arctic Glacier U.S.A., Inc. (19)(26)(31)First Lien Senior Secured LoanSOFR6.50% (4.00% PIK)16.14%5/24/2028$12,91212,67212,653
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(31)First Lien Senior Secured Loan - Revolver———5/24/2028$—(34)(39)
NPC International, Inc. (14)(19)(25)(27)Equity Interest————3084617
PPX (14)(19)(25)Preferred Equity————33—102
PPX (14)(19)(25)Preferred Equity————335,0006,505
Beverage, Food & Tobacco Total$18,099$19,2281.7%
Capital Equipment
AXH Air Coolers (2)(3)(5)(15)(19)First Lien Senior Secured Loan - Delayed Draw———10/31/2029$—(71)(73)
AXH Air Coolers (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR6.75%12.19%10/31/2029$1,1011,0471,046
AXH Air Coolers (15)(19)(29)First Lien Senior Secured LoanSOFR6.75%12.19%10/31/2029$27,99227,71927,712
AXH Air Coolers (14)(19)(25)Preferred Equity————3,4173,4173,417
East BCC Coinvest II, LLC (14)(19)(25)Equity Interest————1,4191,419463
Ergotron Acquisition LLC (18)(19)(29)First Lien Senior Secured LoanSOFR5.75%11.21%7/6/2028$12,09711,89812,097
FCG Acquisitions, Inc. (14)(19)(25)Preferred Equity————4——
Jonathan Acquisition Company (15)(19)Second Lien Senior Secured LoanSOFR9.10%14.47%12/22/2027$8,0007,8668,000
TCFIII Owl Finance, LLC (19)(26)Subordinated Debt—12.00% PIK12.00%1/30/2027$5,4625,4155,298
Capital Equipment Total$58,710$57,9605.1%
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (18)(19)(29)First Lien Senior Secured LoanSOFR4.75%10.19%8/10/2028$7,2127,0327,032
V Global Holdings LLC (16)(19)First Lien Senior Secured LoanEURIBOR5.75%9.85%12/22/2027€99102102
V Global Holdings LLC (16)(19)(29)First Lien Senior Secured LoanSOFR6.00%11.43%12/22/2027$5,8035,7205,614
V Global Holdings LLC (3)(16)(19)First Lien Senior Secured Loan - RevolverSOFR5.85%11.21%12/22/2025$3,9783,8813,663
Chemicals, Plastics & Rubber Total$16,735$16,4111.4%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Construction & Building
Chase Industries, Inc. (15)(19)(26)First Lien Senior Secured LoanSOFR5.65% (1.50% PIK)12.50%5/12/2025$23,73422,54522,073
Chase Industries, Inc. (15)(19)(26)First Lien Senior Secured Loan - Delayed DrawSOFR5.65% (1.50% PIK)12.50%5/12/2025$2,3312,2082,167
Chase Industries, Inc. (2)(3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———5/12/2025$—(224)(120)
Elk Parent Holdings, LP (14)(19)(25)Equity Interest————1121,040
Elk Parent Holdings, LP (14)(19)(25)Preferred Equity————1201,2021,672
Service Master (14)(19)(25)Equity Interest—————169220
Service Master (15)(19)(26)First Lien Senior Secured LoanSOFR6.00% (1.00% PIK)12.65%8/16/2027$896885896
Service Master (14)(19)(25)Equity Interest——————724
Service Master (15)(19)(26)First Lien Senior Secured LoanSOFR6.11% (1.00% PIK)12.47%8/16/2027$11,68911,68911,689
Service Master (3)(15)(19)(26)First Lien Senior Secured Loan - RevolverSOFR6.00% (1.00% PIK)12.50%8/16/2027$11,53711,39211,537
YLG Holdings, Inc. (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR5.10%10.48%10/31/2025$4,9704,9684,970
YLG Holdings, Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR5.10%10.48%10/31/2025$16,96216,91116,962
YLG Holdings, Inc. (3)(5)(18)(19)First Lien Senior Secured Loan - Revolver———10/31/2025$—(26)—
Construction & Building Total$71,731$73,8306.5%
Consumer Goods: Durable
New Milani Group LLC (15)(19)(29)First Lien Senior Secured LoanSOFR5.50%10.96%6/6/2024$11,32911,19711,329
Stanton Carpet (15)(19)Second Lien Senior Secured LoanSOFR9.15%14.56%3/31/2028$11,43411,25611,434
Tangent Technologies Acquisition, LLC (15)(19)Second Lien Senior Secured LoanSOFR9.00%14.44%5/30/2028$8,9158,7768,759
TLC Holdco LP (14)(19)(25)Equity Interest————1,2811,221376
TLC Purchaser, Inc. (15)(19)(26)First Lien Senior Secured LoanSOFR2.26% (6.25% PIK)14.15%10/13/2025$37,56237,14935,214
TLC Purchaser, Inc. (3)(18)(19)First Lien Senior Secured Loan - RevolverSOFR6.51%11.86%10/13/2025$3,1233,0312,528
Consumer Goods: Durable Total$72,630$69,6406.1%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Consumer Goods: Non-Durable
Fineline Technologies, Inc. (14)(19)(25)Equity Interest————9399391,004
FL Hawk Intermediate Holdings, Inc. (15)(19)Second Lien Senior Secured LoanSOFR9.26%14.61%8/22/2028$12,61312,34712,613
RoC Opco LLC (15)(19)(29)First Lien Senior Secured LoanSOFR7.60%12.95%2/25/2025$14,88714,79914,887
RoC Opco LLC (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———2/25/2025$—(42)—
Solaray, LLC (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.60%11.97%12/15/2025$14,01614,02813,350
Solaray, LLC (15)(19)(29)First Lien Senior Secured LoanSOFR6.60%11.97%12/15/2025$30,43530,43528,989
Solaray, LLC (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR5.60%10.97%12/15/2025$11,34411,34311,344
WU Holdco, Inc. (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR5.65%11.00%3/26/2026$1,6781,6571,653
WU Holdco, Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR5.65%11.00%3/26/2026$37,28736,99136,728
WU Holdco, Inc. (3)(18)(19)First Lien Senior Secured Loan - RevolverSOFR5.65%11.00%3/26/2025$3,0433,0302,958
Consumer Goods: Non-Durable Total$125,527$123,52610.9%
Consumer Goods: Wholesale
WSP (14)(19)(25)Preferred Equity—————216434
WSP (15)(19)(26)(29)First Lien Senior Secured LoanSOFR6.40% (0.75% PIK)12.53%4/27/2027$5,5215,4494,748
WSP (14)(19)(25)Equity Interest————2,8982,898—
WSP (2)(3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———4/27/2027$—(5)(63)
Consumer Goods: Wholesale Total$8,558$5,1190.5%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29)First Lien Senior Secured LoanSOFR6.26%11.64%12/29/2027$4,0423,9833,900
ASP-r-pac Acquisition Co LLC (2)(3)(5)(16)(19)First Lien Senior Secured Loan - Revolver———12/29/2027$—(43)(114)
Iris Holding, Inc. (17)(29)First Lien Senior Secured LoanSOFR4.75%10.23%6/28/2028$12,88712,34611,941
Containers, Packaging & Glass Total$16,286$15,7271.4%
Energy: Electicity
WCI Gigawatt Purchaser (15)(19)(29)First Lien Senior Secured LoanSOFR5.76%11.13%11/19/2027$1,4251,4021,410
WCI Gigawatt Purchaser (2)(3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———11/19/2027$—(47)(19)
WCI Gigawatt Purchaser (2)(3)(5)(15)(19)First Lien Senior Secured Loan - RevolverSOFR5.76%11.14%11/19/2027$—(47)(32)
WCI Gigawatt Purchaser (15)(19)First Lien Senior Secured LoanSOFR5.76%11.14%11/19/2027$3,4653,4313,431
Energy: Electicity Total$4,739$4,7900.4%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Environmental Industries
Reconomy (3)(6)(18)(19)First Lien Senior Secured Loan - Delayed DrawSONIA6.25%11.44%6/25/2029£9871,1491,256
Reconomy (6)(18)(19)First Lien Senior Secured LoanSONIA6.25%11.44%6/25/2029£688286
Reconomy (6)(18)(19)First Lien Senior Secured LoanEURIBOR6.00%9.93%6/25/2029€272830
Titan Cloud Software, Inc (14)(19)(25)Equity Interest————3,5323,5324,161
Titan Cloud Software, Inc (15)(19)First Lien Senior Secured LoanSOFR6.10%11.48%9/7/2029$25,71425,49525,714
Titan Cloud Software, Inc (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.10%11.48%9/7/2029$11,42911,33911,429
Titan Cloud Software, Inc (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———9/7/2028$—(45)—
Environmental Industries Total$41,580$42,6763.8%
FIRE: Finance
Allworth Financial Group, L.P. (15)(19)(29)First Lien Senior Secured Loan - Delayed DrawSOFR5.50%10.96%12/23/2026$865854857
Allworth Financial Group, L.P. (15)(19)(29)First Lien Senior Secured LoanSOFR5.50%10.96%12/23/2026$1,4901,4781,475
Allworth Financial Group, L.P. (2)(3)(5)(18)(19)First Lien Senior Secured Loan - Revolver———12/23/2026$—(9)(24)
Congress Wealth (3)(18)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.85%12.20%6/30/2029$320317320
Congress Wealth (3)(18)(19)First Lien Senior Secured Loan - Revolver———6/30/2029$———
Congress Wealth (14)(19)(25)Equity Interest————15294325
Insigneo Financial Group LLC (14)(19)(25)Equity Interest————2,3412,3572,626
Insigneo Financial Group LLC (15)(19)First Lien Senior Secured LoanSOFR6.25%11.70%8/1/2028$3,8253,7463,825
Insigneo Financial Group LLC (15)(19)First Lien Senior Secured LoanSOFR6.60%11.97%8/1/2028$7,6677,4787,667
Parmenion (6)(15)(19)First Lien Senior Secured LoanSONIA5.50%10.69%5/11/2029£295368376
TA/Weg Holdings (15)(19)(29)First Lien Senior Secured Loan - Delayed DrawSOFR5.85%11.23%10/4/2027$9,3049,3049,304
TA/Weg Holdings (15)(19)(29)First Lien Senior Secured Loan - Delayed DrawSOFR5.85%11.23%10/4/2027$2,3492,3422,349
FIRE: Finance Total$28,529$29,1002.6%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
Margaux Acquisition Inc. (16)(19)(29)First Lien Senior Secured LoanSOFR5.75%11.23%12/19/2024$16,49716,42616,497
Margaux Acquisition Inc. (3)(5)(15)(19)First Lien Senior Secured Loan - RevolverSOFR5.90%11.29%12/19/2025$—(9)—
Margaux UK Finance Limited (3)(5)(6)(18)(19)First Lien Senior Secured Loan - RevolverSONIA5.75%11.06%12/19/2024£—(2)—
Margaux UK Finance Limited (6)(18)(19)First Lien Senior Secured LoanSONIA5.75%11.06%12/19/2024£7,3969,6039,415
McLarens Acquisition Inc. (3)(16)(19)First Lien Senior Secured Loan - Delayed Draw———12/16/2025$———
MRHT (2)(3)(5)(6)(15)(19)First Lien Senior Secured Loan - Delayed Draw———2/1/2029€—(23)(28)
MRHT (6)(15)(19)First Lien Senior Secured LoanEURIBOR6.75%10.72%2/1/2029€9561,0191,050
Paisley Bidco Limited (6)(18)(19)First Lien Senior Secured Loan - RevolverEURIBOR5.50%9.45%11/26/2028€323635
Simplicity (18)(19)(29)First Lien Senior Secured LoanSOFR6.40%11.75%12/2/2026$16,64116,22216,392
Simplicity (2)(3)(5)(18)(19)First Lien Senior Secured Loan - Delayed Draw———12/2/2026$—(131)(82)
Simplicity (2)(3)(5)(18)(19)First Lien Senior Secured Loan - Revolver———12/2/2026$—(35)(22)
FIRE: Insurance Total$43,106$43,2573.8%
Healthcare & Pharmaceuticals
Apollo Intelligence (14)(19)(25)Equity Interest————323,1622,951
Apollo Intelligence (18)(19)(29)First Lien Senior Secured LoanSOFR5.75%11.12%6/1/2028$15,23215,14515,156
Apollo Intelligence (3)(18)(19)First Lien Senior Secured Loan - RevolverSOFR5.75%11.12%6/1/2028$4,5654,5124,529
Apollo Intelligence (2)(3)(5)(16)(19)First Lien Senior Secured Loan - Delayed Draw———6/1/2028$—(71)(48)
CB Titan Holdings, Inc. (14)(19)(25)Preferred Equity————1,9531,953—
CPS Group Holdings, Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR5.25%10.79%3/3/2025$34,41734,33434,416
CPS Group Holdings, Inc. (3)(18)(19)First Lien Senior Secured Loan - RevolverSOFR5.25%10.71%3/3/2025$592578592
Datix Bidco Limited (3)(6)(18)(19)First Lien Senior Secured Loan - RevolverSONIA4.50%9.69%10/28/2024£688
Datix Bidco Limited (6)(18)(19)Second Lien Senior Secured LoanSONIA7.75%12.94%4/27/2026£121165155
Datix Bidco Limited (6)(18)(19)First Lien Senior Secured LoanBBSW4.50%9.29%4/28/2025AUD423229
Great Expressions Dental Center PC (15)(19)(26)First Lien Senior Secured LoanSOFR1.15% (3.00% PIK)9.33%9/30/2026$9,5239,5207,713
HealthDrive (15)(19)First Lien Senior Secured LoanSOFR6.10%11.46%8/20/2029$1,9281,9281,928
HealthDrive (3)(15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.00%11.43%8/20/2029$271268271
HealthDrive (3)(15)(19)First Lien Senior Secured Loan - Delayed Draw———8/20/2029$———
HealthDrive (3)(15)(19)First Lien Senior Secured Loan - Revolver———8/20/2029$———
HealthDrive (14)(19)(25)Preferred Equity————181,8222,062
Mertus 522. GmbH (6)(18)(19)(26)First Lien Senior Secured LoanEURIBOR6.25% (0.75% PIK)11.03%5/28/2026€226250243
Mertus 522. GmbH (6)(18)(19)(26)First Lien Senior Secured LoanEURIBOR6.25% (0.75% PIK)10.90%5/28/2026€132143142
Premier Imaging, LLC (15)(19)(29)First Lien Senior Secured LoanSOFR6.00%11.61%1/2/2025$7,0697,0286,963
Premier Imaging, LLC (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.00%11.61%1/2/2025$1,9161,9061,888
SunMed Group Holdings, LLC (16)(19)(29)First Lien Senior Secured LoanSOFR5.60%10.96%6/16/2028$8,6068,4998,606
Sunmed Group Holdings, LLC (3)(5)(16)(19)First Lien Senior Secured Loan - Revolver———6/16/2027$—(11)—
Healthcare & Pharmaceuticals Total$91,171$87,6047.7%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
High Tech Industries
Access (6)(18)(19)First Lien Senior Secured LoanSONIA5.25%10.44%6/4/2029£8098102
AMI US Holdings Inc. (6)(15)(19)(29)First Lien Senior Secured LoanSOFR5.25%10.71%4/1/2025$3,8163,7963,816
Applitools (2)(3)(5)(16)(19)First Lien Senior Secured Loan - Revolver———5/25/2028$—(25)(60)
Applitools (6)(19)(32)First Lien Senior Secured LoanSOFR6.25%11.61%5/25/2029$17,36017,23617,056
Appriss Holdings, Inc. (14)(19)(25)Equity Interest————2,1361,6061,576
Appriss Holdings, Inc. (15)(19)First Lien Senior Secured LoanSOFR6.75%12.32%5/6/2027$11,17911,03311,179
Appriss Holdings, Inc. (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———5/6/2027$—(8)—
AQ Software Corporation (14)(19)(25)Preferred Equity————11,1071,126
AQ Software Corporation (14)(19)(25)Preferred Equity————21,8441,876
AQ Software Corporation (14)(19)(25)Preferred Equity————1507516
CB Nike IntermediateCo Ltd (3)(6)(15)(19)First Lien Senior Secured Loan - Revolver———10/31/2025$———
Cloud Technology Solutions (CTS) (6)(14)(19)(25)Preferred Equity————4,4085,3605,504
Cloud Technology Solutions (CTS) (6)(18)(19)(26)First Lien Senior Secured LoanSONIA4.00% (4.00% PIK)13.19%1/3/2030£8,24710,00710,499
Eagle Rock Capital Corporation (14)(19)(25)Preferred Equity————3,3453,3454,295
Element Buyer, Inc. (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.00%11.46%7/19/2026$878878878
Element Buyer, Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR6.00%11.46%7/19/2026$36,24236,32736,242
Element Buyer, Inc. (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———7/19/2026$—(6)—
Eleven Software (14)(19)(25)Preferred Equity————896896840
Eleven Software (15)(19)First Lien Senior Secured LoanSOFR8.25%13.60%4/25/2027$7,4397,3847,365
Eleven Software (15)(19)First Lien Senior Secured Loan - RevolverSOFR8.10%13.46%9/25/2026$1,4881,4791,473
FNZ UK Finco Limited (6)(18)(19)First Lien Senior Secured LoanL5.75%10.37%9/30/2026AUD815555
Gluware (14)(19)(25)Warrants————4,307478511
Gluware (19)(26)First Lien Senior Secured Loan—9.00% (5.50% PIK)14.50%10/15/2025$20,60420,14619,367
Gluware (18)(19)(26)First Lien Senior Secured Loan—9.00% (5.50% PIK)14.50%10/15/2025$5,5995,5555,487
NearMap (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———12/9/2029$—(78)—
NearMap (6)(18)(19)First Lien Senior Secured LoanSOFR7.25%12.61%12/9/2029$11,60111,39311,601
Onventis (6)(15)(19)First Lien Senior Secured Loan - Delayed DrawEURIBOR7.50%11.47%1/12/2030€8,9199,5969,845
Revalize, Inc. (14)(19)(25)Preferred Equity————11,4311,472
Revalize, Inc. (15)(19)(29)First Lien Senior Secured Loan - Delayed DrawSOFR5.85%11.21%4/15/2027$5,3045,2675,171
Revalize, Inc. (18)(19)First Lien Senior Secured Loan - Delayed DrawSOFR5.90%11.25%4/15/2027$2,0091,9961,959
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Revalize, Inc. (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR5.85%11.20%4/15/2027$335327302
SAM (19)(26)First Lien Senior Secured Loan—12.75% PIK12.75%5/9/2028$33,69933,48133,447
Superna Inc. (2)(3)(5)(6)(15)(19)First Lien Senior Secured Loan - Delayed Draw———3/6/2028$—(18)(92)
Superna Inc. (2)(3)(5)(6)(15)(19)First Lien Senior Secured Loan - Revolver———3/6/2028$—(18)(92)
Superna Inc. (6)(14)(19)(25)Equity Interest————1,4631,4631,196
Superna Inc. (6)(15)(19)First Lien Senior Secured LoanSOFR6.50%11.88%3/6/2028$2,7342,6922,639
Utimaco (6)(14)(19)(25)Equity Interest————12,1231,414
Utimaco (6)(14)(19)(25)Preferred Equity————12,1231,414
Utimaco (6)(18)(19)First Lien Senior Secured LoanEURIBOR6.25%10.28%5/14/2029€9298100
Utimaco (6)(18)(19)First Lien Senior Secured LoanSOFR6.68%11.99%5/14/2029$128127125
Utimaco (6)(18)(19)First Lien Senior Secured LoanSOFR6.68%11.99%5/14/2029$262260256
Ventiv Holdco, Inc. (15)(19)(26)(29)First Lien Senior Secured LoanSOFR5.60% (1.00% PIK)11.95%9/3/2025$13,90213,83413,902
Ventiv Holdco, Inc. (3)(18)(19)(26)First Lien Senior Secured Loan - RevolverSOFR5.60% (1.00% PIK)11.95%9/3/2025$681662681
Ventiv Topco, Inc. (14)(19)(25)Equity Interest————282,8332,307
VPARK BIDCO AB (6)(16)(19)First Lien Senior Secured LoanCIBOR4.00%7.87%3/10/2025DKK5709384
VPARK BIDCO AB (6)(16)(19)First Lien Senior Secured LoanNIBOR4.00%8.54%3/10/2025NOK7409373
High Tech Industries Total$218,876$217,50719.2%
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (18)(19)Second Lien Senior Secured LoanSOFR7.50%12.97%2/1/2027$14,19313,97113,270
Concert Golf Partners Holdco (16)(19)(29)First Lien Senior Secured LoanSOFR5.50%11.25%3/30/2029$6,7616,6506,761
Concert Golf Partners Holdco LLC (3)(16)(19)First Lien Senior Secured Loan - Delayed DrawSOFR5.50%11.25%4/2/2029$3,7983,7153,798
Concert Golf Partners Holdco LLC (3)(5)(16)(19)First Lien Senior Secured Loan - Revolver———3/31/2028$—(35)—
Pyramid Global Hospitality (15)(19)(29)First Lien Senior Secured LoanSOFR8.00%13.33%1/19/2027$9,9259,6869,925
Pyramid Global Hospitality (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———1/19/2027$—(80)—
Saltoun (7)(14)(18)(19)(26)(29)First Lien Senior Secured Loan—13.75% PIK13.75%4/11/2028$5,1835,0112,747
Saltoun (7)(14)(19)(26)First Lien Senior Secured Loan - Delayed Draw—13.75% PIK13.75%4/11/2028$1,4791,430784
Saltoun (18)(19)(26)First Lien Senior Secured Loan - Revolver—13.75% PIK13.75%4/11/2028$339339339
Saltoun (18)(19)(26)First Lien Senior Secured Loan - Revolver—13.75% PIK13.75%4/11/2028$291291291
Saltoun (19)(26)First Lien Senior Secured Loan - Revolver—13.75% PIK13.75%4/11/2028$1,1081,1081,108
Hotel, Gaming & Leisure Total$42,086$39,0233.4%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Media: Advertising, Printing & Publishing
Kpler (6)(15)(19)First Lien Senior Secured LoanSONIA6.50%11.69%3/3/2030£4,4125,2695,617
Kpler (6)(15)(19)First Lien Senior Secured LoanEURIBOR6.50%10.46%3/3/2030€15,08115,68416,648
Kpler (6)(18)(19)First Lien Senior Secured LoanEURIBOR6.50%10.46%3/3/2030€3,3463,5473,694
TGI Sport Bidco Pty Ltd (6)(17)(19)First Lien Senior Secured LoanBBSW7.00%11.36%4/30/2026AUD987667
TGI Sport Bidco Pty Ltd (6)(18)(19)First Lien Senior Secured LoanSOFR7.11%12.47%4/30/2026AUD4,1872,8662,866
Media: Advertising, Printing & Publishing Total$27,442$28,8922.5%
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19)First Lien Senior Secured LoanSOFR5.93%11.24%8/31/2028$1,4431,4321,443
Lightning Finco Limited (6)(16)(19)First Lien Senior Secured LoanEURIBOR5.50%9.39%8/31/2028€1,3001,4231,435
Media: Broadcasting & Subscription Total$2,855$2,8780.3%
Media: Diversified & Production
9 Story Media Group Inc. (3)(6)(18)(19)First Lien Senior Secured Loan - RevolverCDOR5.25%10.67%4/30/2026CAD906668
9 Story Media Group Inc. (6)(16)(19)First Lien Senior Secured LoanCDOR5.25%10.74%4/30/2026CAD1,279991966
9 Story Media Group Inc. (6)(18)(19)First Lien Senior Secured LoanEURIBOR5.25%9.21%4/30/2026€579613639
Aptus 1724 Gmbh (6)(19)(21)First Lien Senior Secured LoanSOFR6.25%11.78%2/23/2028$4,9714,9714,822
Efficient Collaborative Retail Marketing Company, LLC (7)(14)(15)(19)(26)First Lien Senior Secured LoanSOFR7.50% (1.50% PIK)14.45%12/31/2025$11,09910,1037,408
Efficient Collaborative Retail Marketing Company, LLC (7)(14)(15)(19)(26)First Lien Senior Secured LoanSOFR7.50% (1.50% PIK)14.45%12/31/2025$17,10115,53711,415
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19)(26)First Lien Senior Secured Loan - RevolverSOFR5.00% (1.50% PIK)11.95%12/31/2025$111111111
Music Creation Group Bidco GmbH (6)(19)(21)First Lien Senior Secured LoanSOFR6.25%11.78%2/23/2028$4,0653,9903,943
Media: Diversified & Production Total$36,382$29,3722.6%
Media: Publishing
OGH Bidco Limited (3)(6)(18)(19)First Lien Senior Secured Loan - Delayed DrawSONIA6.50%11.69%6/29/2029£2,2172,5922,430
OGH Bidco Limited (6)(18)(19)First Lien Senior Secured LoanSONIA6.50%11.69%6/29/2029£139164168
Media: Publishing Total$2,756$2,5980.2%
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Retail
New Look Vision Group (6)(15)(19)First Lien Senior Secured Loan - Delayed DrawCDOR5.50%10.93%5/26/2028CAD292721
New Look Vision Group (2)(3)(5)(6)(15)(19)First Lien Senior Secured Loan - Revolver———5/26/2026CAD—(16)(46)
New Look Vision Group (6)(18)(19)First Lien Senior Secured Loan - Delayed DrawCDOR5.50%10.93%5/26/2028CAD554441
New Look Vision Group (6)(18)(19)(26)First Lien Senior Secured Loan - Delayed DrawSOFR4.15% (2.00% PIK)11.50%5/26/2028$383383374
Thrasio, LLC (7)(14)(15)(19)First Lien Senior Secured LoanSOFR9.26%14.61%12/18/2026$12,33511,1524,934
Retail Total$11,590$5,3240.5%
Services: Business
ACAMS (14)(19)(25)Equity Interest————3,3373,3372,454
AMCP Clean Acquisition Company, LLC (18)First Lien Senior Secured LoanSOFR4.40%9.79%6/16/2025$7,8107,7397,373
AMCP Clean Acquisition Company, LLC (18)First Lien Senior Secured Loan - Delayed DrawSOFR4.40%9.79%6/16/2025$2,2462,2292,121
Avalon Acquiror, Inc. (18)(19)(29)First Lien Senior Secured LoanSOFR6.25%11.60%3/10/2028$14,42714,31614,030
Avalon Acquiror, Inc. (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR6.25%11.62%3/10/2028$5,0424,9094,811
Brook Bidco (6)(14)(19)(25)Preferred Equity————5,6757,7838,443
Brook Bidco (6)(18)(19)(26)First Lien Senior Secured LoanSONIA7.37% PIK12.56%7/10/2028£7841,059997
Caribou Bidco Limited (3)(6)(18)(19)First Lien Senior Secured Loan - Delayed DrawSONIA5.25%10.44%2/1/2029£162020
Chamber Bidco Limited (6)(17)(19)First Lien Senior Secured LoanSOFR6.25%11.57%6/7/2028$213211213
Darcy Partners (14)(19)(25)Equity Interest————359360343
Darcy Partners (19)(32)First Lien Senior Secured LoanSOFR7.75%13.12%6/1/2028$1,5111,4981,496
Darcy Partners (2)(3)(15)(19)First Lien Senior Secured Loan - Revolver———6/1/2028$——(3)
Elevator Holdco Inc. (14)(19)(25)Equity Interest————22,4484,318
iBanFirst (6)(19)(26)(32)First Lien Senior Secured LoanEURIBOR10.00% PIK13.91%7/13/2028€3,1943,2953,526
iBanFirst (6)(18)(19)(26)First Lien Senior Secured LoanEURIBOR10.00% PIK13.91%7/13/2028€9296101
iBanFirst (6)(18)(19)(26)First Lien Senior Secured LoanEURIBOR10.00% PIK13.91%7/13/2028€3,3573,4123,705
iBanFirst Facility (6)(14)(19)(25)Preferred Equity————7,1128,13620,328
ImageTrend (15)(19)First Lien Senior Secured Loan - Delayed DrawSOFR7.75%13.13%1/31/2029$20,00019,72920,000
ImageTrend (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———1/31/2029$—(51)—
Learning Pool (6)(16)(19)(26)First Lien Senior Secured LoanSOFR7.51% PIK12.81%7/7/2028£313407413
Learning Pool (6)(16)(19)(26)First Lien Senior Secured LoanSOFR7.51% PIK12.81%7/7/2028£112145148
masLabor (14)(19)(25)Equity Interest————173173772
Portfolio Company · Investment Type · Index (1) · Spread · Interest Rate · Maturity Date · Principal/Shares (9) · Cost · Market Value · % of NAV (4)
Non-Controlled/Non-Affiliate Investments
masLabor (15)(19)First Lien Senior Secured LoanSOFR7.50%12.83%7/1/2027$8,4058,2288,405
Opus2 (6)(14)(19)(25)Equity Interest————2,2722,9003,447
Opus2 (6)(18)(19)First Lien Senior Secured LoanSONIA5.03%10.22%5/5/2028£123168156
Parcel2Go (3)(6)(18)(19)(26)First Lien Senior Secured Loan - Delayed DrawSONIA3.00% (3.00% PIK)11.19%7/17/2028£395144
Parcel2Go (6)(14)(19)(25)Equity Interest————3,6054,2372,231
Parcel2Go (6)(18)(19)(26)First Lien Senior Secured LoanSONIA3.25% (3.00% PIK)11.44%7/17/2028£126171150
Refine Intermediate, Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR4.60%9.95%3/3/2027$1,0371,0241,037
Refine Intermediate, Inc. (3)(5)(18)(19)First Lien Senior Secured Loan - Revolver———9/3/2026$—(55)—
Smartronix (15)(19)(29)First Lien Senior Secured LoanSOFR5.85%11.57%11/23/2028$12,50812,32612,383
Smartronix (2)(3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———11/23/2027$—(88)(63)
Smartronix (15)(19)First Lien Senior Secured LoanSOFR6.10%11.59%11/23/2028$3,6973,6073,660
Smartronix (15)(19)First Lien Senior Secured LoanSOFR6.35%11.76%11/23/2028$8,2098,0098,127
Spring Finco BV (3)(6)(18)(19)First Lien Senior Secured Loan - Delayed Draw———7/15/2029NOK———
SumUp Holdings Luxembourg S.à.r.l. (6)(19)(32)First Lien Senior Secured LoanEURIBOR8.25%12.21%2/17/2026€6,8058,1457,512
TEI Holdings Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR5.25%10.76%12/23/2026$24,92524,71224,925
TEI Holdings Inc. (3)(5)(18)(19)First Lien Senior Secured Loan - Revolver———12/23/2025$—(40)—
Services: Business Total$154,646$167,62314.7%
Services: Consumer
MZR Aggregator (14)(19)(25)Equity Interest————1798586
MZR Buyer, LLC (15)(19)(29)First Lien Senior Secured LoanSOFR6.75%12.21%12/22/2026$11,90311,76611,903
MZR Buyer, LLC (3)(15)(19)First Lien Senior Secured Loan - RevolverSOFR7.00%12.18%12/22/2026$2,9522,9002,952
Surrey Bidco Limited (6)(17)(19)(26)First Lien Senior Secured LoanSONIA7.28% PIK11.46%5/11/2026£616862
Zeppelin BidCo Pty Limited (6)(18)(19)First Lien Senior Secured LoanBBSY5.00%9.15%7/12/2024AUD206143140
Services: Consumer Total$15,675$15,6431.4%
Portfolio Company · Investment Type · Index (1) · Spread · InterestRate · MaturityDate · Principal/Shares (9) · Cost · MarketValue · % ofNAV (4)
Non-Controlled/Non-Affiliate Investments
Telecommunications
DC Blox Inc. (14)(19)(25)Preferred Equity————3,8223,8515,040
DC Blox Inc. (14)(19)(25)Equity Interest————1241—
DC Blox Inc. (14)(19)(25)Warrants————1772—
DC Blox Inc. (15)(19)(26)First Lien Senior Secured Loan - Delayed DrawSOFR4.00% (4.00% PIK)14.49%3/22/2026$32,87932,72432,879
Meriplex Communications, Ltd. (16)(19)(29)First Lien Senior Secured LoanSOFR5.00%10.46%7/17/2028$12,16311,96412,041
Meriplex Communications, Ltd. (3)(16)(19)First Lien Senior Secured Loan - Delayed DrawSOFR5.10%10.42%7/17/2028$7,2617,1287,139
Meriplex Communications, Ltd. (2)(3)(5)(16)(19)First Lien Senior Secured Loan - RevolverSOFR5.10%10.42%7/17/2028$—(43)(28)
Taoglas (14)(19)(25)Equity Interest————2,2592,2591,999
Taoglas (15)(19)(29)First Lien Senior Secured LoanSOFR7.25%12.60%2/28/2029$10,0809,9869,727
Taoglas (2)(3)(15)(19)First Lien Senior Secured Loan - Delayed Draw———2/28/2029$——(127)
Taoglas (3)(6)(15)(19)First Lien Senior Secured Loan - RevolverSOFR7.25%12.61%2/28/2029$807807760
Taoglas (6)(18)(19)First Lien Senior Secured LoanSOFR7.25%12.60%2/28/2029$453441437
Telecommunications Total$69,120$69,8676.1%
Transportation: Cargo
A&R Logistics, Inc. (15)(19)First Lien Senior Secured LoanSOFR6.00%11.48%5/5/2025$2,3742,3592,362
A&R Logistics, Inc. (15)(19)First Lien Senior Secured LoanSOFR6.50%11.98%5/5/2025$2,6612,6512,661
A&R Logistics, Inc. (15)(19)First Lien Senior Secured LoanSOFR6.00%11.48%5/5/2025$5,8525,8245,823
A&R Logistics, Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR6.00%11.48%5/5/2025$12,97812,89912,913
A&R Logistics, Inc. (3)(15)(19)(24)First Lien Senior Secured Loan - RevolverSOFR6.00%11.45%5/5/2025$2,5972,5142,567
ARL Holdings, LLC (14)(19)(25)Equity Interest—————445701
ARL Holdings, LLC (14)(19)(25)Equity Interest————99166
Grammer Investment Holdings LLC (14)(19)(25)Warrants————122——
Grammer Investment Holdings LLC (14)(19)(25)Equity Interest————1,0111,019546
Grammer Investment Holdings LLC (19)(25)Preferred Equity—10.00%10.00%—107921,009
Grammer Purchaser, Inc. (15)(19)(29)First Lien Senior Secured LoanSOFR5.00%10.39%9/30/2024$3,7903,7303,790
Grammer Purchaser, Inc. (3)(15)(19)(29)First Lien Senior Secured Loan - RevolverSOFR4.85%10.21%9/30/2024$591591591
Gulf Winds International (18)(19)(29)First Lien Senior Secured LoanSOFR7.10%12.46%12/16/2028$12,12811,80812,127
Gulf Winds International (3)(5)(15)(19)First Lien Senior Secured Loan - Revolver———12/16/2028$—(131)—
Omni Intermediate (15)(19)First Lien Senior Secured LoanSOFR5.15%10.54%11/23/2026$1,6621,6571,662
Omni Intermediate (3)(15)(19)(22)First Lien Senior Secured Loan - RevolverP4.00%12.50%11/30/2026$572572572
Omni Intermediate (15)(19)Second Lien Senior Secured LoanSOFR9.15%14.54%12/30/2027$8,7708,7688,771
REP Coinvest III- A Omni, L.P. (14)(19)(25)Equity Interest————1,3771,3772,060
RoadOne (18)(19)(29)First Lien Senior Secured LoanSOFR6.25%11.72%12/29/2028$12,12811,80812,128
RoadOne (3)(18)(19)First Lien Senior Secured Loan - RevolverSOFR6.25%11.72%12/29/2028$267157267
RoadOne (3)(18)(19)First Lien Senior Secured Loan - Delayed DrawSOFR6.25%11.72%12/29/2028$948902948
Transportation: Cargo Total$69,751$71,6646.3%
Portfolio Company · Investment Type · Index (1) · Spread · InterestRate · MaturityDate · Principal/Shares (9) · Cost · MarketValue · % ofNAV (4)
Non-Controlled/Non-Affiliate Investments
Transportation: Consumer
PrimeFlight Acquisition LLC (15)(19)(29)First Lien Senior Secured LoanSOFR6.85%12.28%5/1/2029$15,40615,11415,406
PrimeFlight Acquisition LLC (15)(19)First Lien Senior Secured LoanSOFR6.85%12.20%5/1/2029$843843843
Toro Private Investments II, L.P. (14)(19)(25)Equity Interest————3,0903,090—
Transportation: Consumer Total$19,047$16,2491.4%
Wholesale
Abracon Group Holding, LLC. (18)(19)(29)First Lien Senior Secured LoanSOFR6.00%11.54%7/6/2028$14,21214,06612,436
Abracon Group Holding, LLC. (16)(19)First Lien Senior Secured Loan - RevolverSOFR6.00%11.57%7/6/2028$2,0181,9881,766
Abracon Group Holding, LLC. (2)(3)(5)(16)(19)First Lien Senior Secured Loan - Delayed Draw———7/6/2028$—(31)(278)
Blackbird Purchaser, Inc. (16)(19)First Lien Senior Secured LoanSOFR5.50%10.86%12/19/2030$5,4185,4185,418
Hultec (14)(19)(25)Equity Interest————1651639
SureWerx (3)(5)(16)(19)First Lien Senior Secured Loan - Delayed Draw———12/28/2029$—(26)—
SureWerx (3)(16)(19)First Lien Senior Secured Loan - RevolverSOFR6.75%12.11%12/29/2028$577554577
Wholesale Total$22,620$20,5581.8%
Non-Controlled/Non-Affiliate Investments Total$1,615,061$1,593,360140.2%
Portfolio Company · Investment Type · Index (1) · Spread · InterestRate · MaturityDate · Principal/Shares (9) · Cost · MarketValue · % ofNAV (4)
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25)Equity Interest————5,1193,8427,516
Ansett Aviation Training (6)(10)(18)(19)First Lien Senior Secured LoanBBSY4.69%9.19%9/24/2031AUD7,0725,3084,817
Aerospace & Defense Total$9,150$12,3331.1%
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25)Equity Interest————6,7206,73212,801
Beverage, Food & Tobacco Total$6,732$12,8011.1%
Consumer Goods: Durable
Walker Edison (10)(14)(19)(25)Equity Interest————605,592421
Walker Edison (10)(15)(19)(26)First Lien Senior Secured LoanSOFR6.85% PIK12.21%3/31/2027$5,9725,9725,972
Walker Edison (10)(15)(19)(26)First Lien Senior Secured Loan - RevolverSOFR6.35% PIK11.71%3/31/2027$3,1823,1823,182
Walker Edison (3)(10)(15)(19)First Lien Senior Secured Loan - Delayed Draw———3/31/2027$———
Walker Edison (10)(18)(19)(26)First Lien Senior Secured Loan - Delayed DrawSOFR6.85% PIK12.21%3/31/2027$821821821
Consumer Goods: Durable Total$15,567$10,3960.9%
Energy: Oil & Gas
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25)Equity Interest————1,19811
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25)Preferred Equity————3,6181,1063,498
Energy: Oil & Gas Total$1,107$3,4990.3%
FIRE: Finance
BCC Middle Market CLO 2018-1, LLC (6)(10)(19)(25)Structured Products———10/20/203025,63524,05022,618
FIRE: Finance Total$24,050$22,6182.0%
Transportation: Consumer
Direct Travel, Inc. (10)(14)(19)(25)Equity Interest————68—10,280
Direct Travel, Inc. (10)(18)(19)(26)First Lien Senior Secured LoanSOFR4.65% (2.00% PIK)12.00%10/2/2025$59,94459,94459,944
Direct Travel, Inc. (10)(18)(19)(26)First Lien Senior Secured Loan - Delayed DrawSOFR4.65% (2.00% PIK)12.00%10/2/2025$3,5003,5003,500
Direct Travel, Inc. (10)(18)(19)First Lien Senior Secured LoanSOFR6.65%12.00%10/2/2025$4,8414,8414,841
Direct Travel, Inc. (10)(18)(19)(26)(28)First Lien Senior Secured Loan - Delayed DrawSOFR4.65% (2.00% PIK)12.00%10/2/2025$1,7821,7821,782
Direct Travel, Inc. (10)(18)(19)(28)First Lien Senior Secured LoanSOFR6.15%11.50%10/2/2025$202202202
Direct Travel, Inc. (3)(10)(18)(19)(28)First Lien Senior Secured Loan - Delayed DrawSOFR6.15%11.50%10/2/2025$5,7755,7755,775
Transportation: Consumer Total$76,044$86,3247.6%
Non-Controlled/Affiliate Investments Total$132,650$147,97113.0%
Portfolio Company · Investment Type · Index (1) · Spread · InterestRate · MaturityDate · Principal/Shares (9) · Cost · MarketValue · % ofNAV (4)
Controlled Affiliate Investments
Aerospace & Defense
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(19)(20)(25)Equity Interest————11,86311,86310,944
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(19)(20)(25)Equity Interest————1,1161,116—
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(19)(20)First Lien Senior Secured Loan—10.00%10.00%6/2/2024$8,0138,0126,619
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25)Equity Interest————89,29589,29488,419
Aerospace & Defense Total$110,285$105,9829.3%
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)Equity Interest————1810810
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)Preferred Equity————3534,87534,875
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25)Equity Interest————1——
FIRE: Finance Total$35,685$35,6853.1%
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(19)Subordinated Note Investment Vehicles—10.00%10.00%12/27/2033$115,995115,995115,995
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25)Preferred Equity Interest Investment Vehicles————1010(1,793)
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25)Equity Interest Investment Vehicles————105,594(379)
International Senior Loan Program, LLC (6)(10)(11)(15)(19)Subordinated Note Investment VehiclesSOFR8.00%13.55%2/22/2028$190,729190,729190,729
International Senior Loan Program, LLC (6)(10)(11)(25)Equity Interest Investment Vehicles————63,58760,61566,140
Investment Vehicles Total$372,943$370,69232.7%
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25)Equity Interest————34,89935,21044,653
Transportation: Cargo Total$35,210$44,6533.9%
Controlled Affiliate Investments Total$554,123$557,01249.0%
Investments Total$2,301,834$2,298,343202.2%
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share ClassCash Equivalents—5.25%—$19,29219,29219,292
Goldman Sachs US Treasury Liquid Reserves Fund (30)Cash Equivalents—5.25%—$54,37854,37854,378
Cash Equivalents Total$73,670$73,6706.5%
Investments and Cash Equivalents Total$2,375,504$2,372,013208.7%
Currency PurchasedCurrency SoldCounterpartySettlement DateUnrealized Appreciation(8)
US DOLLARS 78EURO 0Bank of New York Mellon1/18/2024$77
US DOLLARS 367EURO 0Bank of New York Mellon1/24/2024366
US DOLLARS 1,082NORWEGIAN KRONE 2,060Citibank1/26/2024879
US DOLLARS 10EURO 0Bank of New York Mellon2/7/2024(10)
US DOLLARS 1,990AUSTRALIAN DOLLARS 3,080Bank of New York Mellon2/12/2024(113)
US DOLLARS 9,711AUSTRALIAN DOLLARS 13,980Bank of New York Mellon3/5/2024167
US DOLLARS 41POUND STERLING 0Bank of New York Mellon3/5/2024(41)
US DOLLARS 1,866CANADIAN DOLLAR 2,440Bank of New York Mellon3/5/202415
US DOLLARS 52,372EURO 48,560Bank of New York Mellon3/5/2024(1,407)
US DOLLARS 40POUND STERLING 0Bank of New York Mellon3/15/2024(40)
US DOLLARS 10,773EURO 9,890Bank of New York Mellon5/17/2024(213)
US DOLLARS 94POUND STERLING 0Bank of New York Mellon6/21/202494
US DOLLARS 356POUND STERLING 0Bank of New York Mellon6/24/2024360
US DOLLARS 6,998POUND STERLING 5,830Citibank6/24/2024(427)
US DOLLARS 10,567POUND STERLING 8,290Bank of New York Mellon8/5/20249
US DOLLARS 1,338CANADIAN DOLLAR 1,790Bank of New York Mellon12/13/2024(19)
US DOLLARS 30,865POUND STERLING 25,560Citibank1/9/2025(1,765)
US DOLLARS 4,483EURO 4,000Bank of New York Mellon1/9/2025(9)
US DOLLARS 9POUND STERLING 0Bank of New York Mellon6/10/20259
US DOLLARS 5,309EURO 4,800Bank of New York Mellon6/10/2025(115)
US DOLLARS 5,371EURO 5,000Bank of New York Mellon6/13/2025(280)
US DOLLARS 2,762AUSTRALIAN DOLLARS 3,739Bank of New York Mellon7/28/2025203
$(2,260)

(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”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR”), 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, NIBOR, CIBOR, CDOR, BBSW, BBSY, SOFR, or Prime and the current weighted average interest rate in effect at December 31, 2023. Certain investments are subject to a LIBOR, EURIBOR, 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 of$1,136,466 as of December 31, 2023.

(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 or a portion of this 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, 2023, non-qualifying assets totaled 29.14% of the Company’s total assets.

(7)

(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, 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)

(13)

(14)

Non-Income Producing.

(15)

(16)

(17)

(18)

(19)

(20)

The Company holds a controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.

(21)

(22)

$188 of the total par amount for this security is at SOFR+5.15%.

(23)

$36 of the total par amount for this security is at SOFR+6.26% (0.50% PIK).

(24)

$147 of the total par amount for this security is at P+5.00%.

(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, 2023, the aggregate fair value of these securities is$412,880 or 36.34% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

InvestmentAcquisition Date
ACAMS3/10/2022
ADT Pizza, LLC10/29/2018
Ansett Aviation Training3/24/2022
Apollo Intelligence6/1/2022
Appriss Holdings, Inc.5/3/2021
AQ Software Corporation12/10/2021
AQ Software Corporation4/14/2022
AQ Software Corporation12/29/2022
ARL Holdings, LLC5/3/2019
AXH Air Coolers10/31/2023
Bain Capital Senior Loan Program, LLC12/27/2021
BCC Jetstream Holdings Aviation (Off I), LLC6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC6/1/2017
BCC Middle Market CLO 2018-1, LLC2/28/2022
Blackbrush Oil & Gas, L.P.9/3/2020
Brook Bidco7/8/2021
CB Titan Holdings, Inc.5/1/2017
Cloud Technology Solutions (CTS)12/15/2022
Congress Wealth6/30/2023
Darcy Partners6/1/2022
DC Blox Inc.3/22/2021
DC Blox Inc.3/23/2021
Direct Travel, Inc.10/2/2020
Eagle Rock Capital Corporation12/9/2021
East BCC Coinvest II, LLC7/23/2019
Elevator Holdco Inc.12/23/2019
Eleven Software4/25/2022
Elk Parent Holdings, LP11/1/2019
FCG Acquisitions, Inc.1/24/2019
Fineline Technologies, Inc.2/22/2021
InvestmentAcquisition Date
Gale Aviation (Offshore) Co1/2/2019
Gills Point S5/17/2023
Gluware10/15/2021
Grammer Investment Holdings LLC10/1/2018
HealthDrive8/18/2023
Hultec3/31/2023
iBanFirst Facility7/13/2021
Insigneo Financial Group LLC8/1/2022
International Senior Loan Program, LLC2/22/2021
Kellstrom Aerospace Group, Inc7/1/2019
Legacy Corporate Lending HoldCo, LLC4/21/2023
Lightning Holdings B, LLC1/2/2020
masLabor7/1/2021
MZR Aggregator12/22/2020
NPC International, Inc.4/1/2021
Opus26/16/2021
Parcel2Go7/15/2021
PPX7/29/2021
Precision Ultimate Holdings, LLC11/6/2019
REP Coinvest III- A Omni, L.P.2/5/2021
Revalize, Inc.12/29/2022
Robinson Helicopter6/30/2022
Service Master8/16/2021
Service Master7/15/2021
Superna Inc.3/8/2022
Taoglas2/28/2023
Titan Cloud Software, Inc11/4/2022
TLC Holdco LP10/11/2019
Toro Private Investments II, L.P.4/2/2019
Utimaco6/28/2022
Ventiv Topco, Inc.9/3/2019
Walker Edison3/1/2023
WSP8/31/2021

(26)

(27)

Asset is in an escrow liquidating trust.

(28)

Assets or a portion thereof are held within the BCSF Complete Financing Solution Holdco LLC.

(29)

Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See Note 6 "Debt".

(30)

Cash equivalents include $52,802 of restricted cash.

(31)

Loan includes interest rate floor of 2.00%.

(32)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.