Bain Capital Specialty Finance Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Consolidated Schedule of Investments as of December 31, 2024
(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 | |||||||||||||
| ATS (2)(3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 7/12/2029 | $ | — | — | (36) | ||||
| ATS (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.05% | 7/12/2029 | $ | 7,101 | 7,016 | 7,012 | ||||
| BTX Precision (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 7/25/2030 | $ | 7,301 | 7,223 | 7,301 | ||||
| BTX Precision (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 7/25/2030 | $ | 4,352 | 4,326 | 4,352 | ||||
| BTX Precision (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 7/25/2030 | $ | — | (34) | — | ||||
| BTX Precision (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.36% | 7/25/2030 | $ | 14,234 | 14,114 | 14,234 | ||||
| BTX Precision (14)(19)(25) | Equity Interest | — | — | — | — | 2 | 2,199 | 2,248 | |||||
| Forming Machining Industries Holdings, LLC (7)(14)(18)(19)(26) | Second Lien Senior Secured Loan | SOFR | 8.90% PIK | 13.41% | 10/9/2026 | $ | 7,453 | 6,874 | 335 | ||||
| Forming Machining Industries Holdings, LLC (18)(19) | First Lien Senior Secured Loan | SOFR | 4.40% | 8.91% | 10/9/2025 | $ | 15,985 | 15,968 | 12,388 | ||||
| Forward Slope (14)(19)(25) | Equity Interest | — | — | — | — | 930 | 930 | 1,438 | |||||
| Forward Slope (15)(19) | First Lien Senior Secured Loan | SOFR | 6.85% | 11.18% | 8/22/2029 | $ | 6,139 | 6,008 | 6,139 | ||||
| Forward Slope (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.85% | 11.18% | 8/22/2029 | $ | 18,409 | 18,020 | 18,409 | ||||
| Forward Slope (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.85% | 11.21% | 8/22/2029 | $ | 3,554 | 3,382 | 3,553 | ||||
| Forward Slope (15)(19) | First Lien Senior Secured Loan | SOFR | 6.85% | 11.18% | 8/22/2029 | $ | 8,618 | 8,507 | 8,618 | ||||
| GSP (14)(19)(25) | Equity Interest | — | — | — | — | 620 | 781 | 818 | |||||
| GSP (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.65% | 9.98% | 11/5/2027 | $ | 1,130 | 1,130 | 1,118 | ||||
| GSP Holdings, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.65% | 9.98% | 11/6/2025 | $ | 9,574 | 9,567 | 9,478 | ||||
| GSP Holdings, LLC (15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% | 9.98% | 11/6/2025 | $ | 4,551 | 4,544 | 4,505 | ||||
| Mach Acquisition R/C (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.65% | 12.17% | 10/19/2026 | $ | 7,532 | 7,460 | 7,532 | ||||
| Mach Acquisition T/L (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.65% (2.00% PIK) | 13.27% | 10/19/2026 | $ | 34,518 | 34,255 | 34,518 | ||||
| Precision Ultimate Holdings, LLC (14)(19)(25) | Equity Interest | — | — | — | — | 1,417 | 1,417 | 1,777 | |||||
| Robinson Helicopter (14)(19)(25) | Equity Interest | — | — | — | — | 1,592 | 1,592 | 3,851 | |||||
| Robinson Helicopter (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.60% | 10.96% | 6/30/2028 | $ | 10,872 | 10,707 | 10,872 | ||||
| Saturn Purchaser Corp. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.35% | 10.49% | 7/23/2029 | $ | 13,587 | 13,482 | 13,587 | ||||
| Saturn Purchaser Corp. (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 7/22/2029 | $ | — | (32) | — | ||||
| Whitcraft-Paradigm (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.83% | 2/15/2029 | $ | 2,740 | 2,738 | 2,740 | ||||
| Whitcraft-Paradigm (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.83% | 2/15/2029 | $ | 11,792 | 11,704 | 11,792 | ||||
| Whitcraft-Paradigm (3)(18)(19)(23) | First Lien Senior Secured Loan - Revolver | P | 5.50% | 13.00% | 2/28/2029 | $ | 1,155 | 1,140 | 1,155 | ||||
| Aerospace & Defense Total | $195,018 | $189,734 | 16.6% | ||||||||||
| 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 | |||||||||||||
| Automotive | |||||||||||||
| American Trailer Rental Group (19)(26) | Subordinated Debt | — | 5.50% (8.75% PIK) | 14.25% | 12/1/2027 | $ | 5,434 | 5,393 | 5,270 | ||||
| American Trailer Rental Group (19)(26) | Subordinated Debt | — | 5.50% (8.75% PIK) | 14.25% | 12/1/2027 | $ | 16,765 | 16,578 | 16,261 | ||||
| American Trailer Rental Group (19)(26) | Subordinated Debt | — | 5.50% (8.75% PIK) | 14.25% | 12/1/2027 | $ | 20,935 | 20,706 | 20,307 | ||||
| Cardo (6)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.67% | 5/12/2028 | $ | 98 | 97 | 97 | ||||
| Gills Point S (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.98% | 5/17/2029 | $ | 1,966 | 1,902 | 1,966 | ||||
| Gills Point S (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.95% | 5/17/2029 | $ | 3,698 | 3,671 | 3,698 | ||||
| Gills Point S (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 10.03% | 5/17/2029 | $ | 7,384 | 7,376 | 7,384 | ||||
| Gills Point S (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.87% | 5/17/2029 | $ | 12,505 | 12,505 | 12,505 | ||||
| Gills Point S (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.86% | 5/17/2029 | $ | 1,251 | 1,235 | 1,251 | ||||
| Gills Point S (14)(19)(25) | Equity Interest | — | — | — | — | 2 | 215 | 240 | |||||
| Intoxalock (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.10% | 9.46% | 11/1/2028 | $ | 12,005 | 11,918 | 12,005 | ||||
| Intoxalock (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 11/1/2028 | $ | — | (22) | — | ||||
| JHCC Holdings, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 9/9/2027 | $ | 11,922 | 11,851 | 11,922 | ||||
| JHCC Holdings, LLC (3)(18)(19) | First Lien Senior Secured Loan - Revolver | P | 4.25% | 11.75% | 9/9/2027 | $ | 1,417 | 1,386 | 1,417 | ||||
| Automotive Total | $94,811 | $94,323 | 8.3% | ||||||||||
| Banking, Finance, Insurance & Real Estate | |||||||||||||
| Electronic Merchant Systems (2)(3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 8/1/2030 | $ | — | — | (34) | ||||
| Electronic Merchant Systems (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.33% | 8/1/2030 | $ | 14,633 | 14,388 | 14,377 | ||||
| Electronic Merchant Systems (14)(19)(25) | Equity Interest | — | — | — | — | 148 | 1,596 | 1,603 | |||||
| Morrow Sodali (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.73% | 10.09% | 4/25/2028 | $ | 2,599 | 2,587 | 2,599 | ||||
| Morrow Sodali (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.10% | 9.46% | 4/25/2028 | $ | 1,292 | 1,274 | 1,292 | ||||
| Sikich (19)(25)(26) | Preferred Equity | — | 13.00% PIK | 13.00% | — | 32 | 3,200 | 3,185 | |||||
| Sikich (14)(19)(25) | Warrants | — | — | — | — | 2 | — | 140 | |||||
| Sikich (14)(19)(25) | Warrants | — | — | — | — | 5 | — | 488 | |||||
| Banking, Finance, Insurance & Real Estate Total | $23,045 | $23,650 | 2.1% | ||||||||||
| Beverage, Food & Tobacco | |||||||||||||
| AgroFresh Solutions (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.71% | 3/31/2029 | $ | 14,942 | 14,698 | 14,942 | ||||
| AgroFresh Solutions (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.35% | 10.71% | 3/31/2028 | $ | 4,764 | 4,690 | 4,764 | ||||
| AgroFresh Solutions (15)(19) | First Lien Senior Secured Loan | SOFR | 6.35% | 10.71% | 3/31/2029 | $ | 6,153 | 6,016 | 6,153 | ||||
| Arctic Glacier U.S.A., Inc. (19)(26)(31) | First Lien Senior Secured Loan | SOFR | 6.76% (4.00% PIK) | 15.09% | 5/24/2028 | $ | 12,425 | 12,240 | 11,865 | ||||
| Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(26)(31) | First Lien Senior Secured Loan - Revolver | SOFR | 6.76% (4.00% PIK) | 15.09% | 5/24/2028 | $ | 12 | (20) | (76) | ||||
| BCSF Project Aberdeen, LLC (14)(19)(25) | Equity Interest | — | — | — | — | 2,217 | 2,217 | 2,217 | |||||
| Hellers (6)(19)(26) | Subordinated Debt | — | 15.00% PIK | 15.00% | 3/27/2031 | NZ$ | 458 | 282 | 248 | ||||
| Hellers (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BBSY | 3.50% (2.25% PIK) | 10.65% | 9/27/2030 | AUD | 1,781 | 1,235 | 1,068 | ||||
| Hellers (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | BKBM | 3.94% (2.25% PIK) | 10.40% | 9/27/2030 | NZ$ | 3,962 | 2,413 | 2,149 | ||||
| Hellers (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 9/27/2030 | NZ$ | — | (15) | (14) | ||||
| NPC International, Inc. (14)(19)(25)(27) | Equity Interest | — | — | — | — | 274 | 410 | 34 | |||||
| PPX (14)(19)(25) | Preferred Equity | — | — | — | — | 33 | — | — | |||||
| PPX (14)(19)(25) | Preferred Equity | — | — | — | — | 33 | 5,000 | 5,000 | |||||
| Beverage, Food & Tobacco Total | $49,166 | $48,350 | 4.2% | ||||||||||
| 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 | |||||||||||||
| Capital Equipment | |||||||||||||
| AXH Air Coolers (3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 10/31/2029 | $ | — | (59) | — | ||||
| AXH Air Coolers (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/31/2029 | $ | — | (44) | — | ||||
| AXH Air Coolers (3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 10/31/2029 | $ | — | (33) | — | ||||
| AXH Air Coolers (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.93% | 10/31/2029 | $ | 7,400 | 7,337 | 7,400 | ||||
| AXH Air Coolers (14)(19)(25) | Preferred Equity | — | — | — | — | 3,417 | 3,417 | 7,913 | |||||
| AXH Air Coolers (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.84% | 10/31/2029 | $ | 16,562 | 16,438 | 16,562 | ||||
| DiversiTech (17) | First Lien Senior Secured Loan | SOFR | 3.76% | 8.09% | 12/22/2028 | $ | 1 | 1 | 1 | ||||
| East BCC Coinvest II, LLC (14)(19)(25) | Equity Interest | — | — | — | — | 1,419 | 1,419 | 463 | |||||
| Ergotron Acquisition LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.61% | 7/6/2028 | $ | 10,994 | 10,845 | 10,994 | ||||
| FCG Acquisitions, Inc. (14)(19)(25) | Preferred Equity | — | — | — | — | 4 | — | — | |||||
| Jonathan Acquisition Company (18)(19) | Second Lien Senior Secured Loan | SOFR | 9.10% | 13.43% | 12/22/2027 | $ | 8,000 | 7,892 | 8,000 | ||||
| TCFIII Owl Finance, LLC (19)(26) | Subordinated Debt | — | 12.00% PIK | 12.00% | 1/30/2027 | $ | 6,167 | 6,134 | 6,167 | ||||
| Capital Equipment Total | $53,347 | $57,500 | 5.0% | ||||||||||
| Chemicals, Plastics & Rubber | |||||||||||||
| AP Plastics Group, LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.85% | 9.40% | 8/10/2028 | $ | 7,138 | 6,990 | 7,137 | ||||
| Aurora Plastics (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.85% | 9.40% | 8/10/2028 | $ | 2,193 | 2,171 | 2,193 | ||||
| Duraco (3)(19)(32) | First Lien Senior Secured Loan - Revolver | SOFR | 6.50% | 10.83% | 6/6/2029 | $ | 398 | 371 | 358 | ||||
| Duraco (19)(29)(32) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.94% | 6/6/2029 | $ | 11,733 | 11,566 | 11,498 | ||||
| V Global Holdings LLC (16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.75% | 8.78% | 12/22/2027 | € | 98 | 102 | 96 | ||||
| V Global Holdings LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.42% | 12/22/2027 | $ | 5,744 | 5,682 | 5,557 | ||||
| V Global Holdings LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.85% | 10.15% | 12/22/2025 | $ | 5,661 | 5,615 | 5,346 | ||||
| Chemicals, Plastics & Rubber Total | $32,497 | $32,185 | 2.8% | ||||||||||
| Construction & Building | |||||||||||||
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $ | 27,374 | 26,762 | 26,074 | ||||
| Chase Industries, Inc. (15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $ | 2,683 | 2,622 | 2,556 | ||||
| Chase Industries, Inc. (3)(15)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 5.65% (1.50% PIK) | 11.48% | 5/12/2025 | $ | 909 | 849 | 828 | ||||
| Elk Parent Holdings, LP (14)(19)(25) | Equity Interest | — | — | — | — | 1 | 12 | 1,761 | |||||
| Elk Parent Holdings, LP (14)(19)(25) | Preferred Equity | — | — | — | — | 120 | 1,202 | 1,811 | |||||
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 11.22% | 8/16/2027 | $ | 1,574 | 1,562 | 1,574 | ||||
| Service Master (14)(19)(25) | Equity Interest | — | — | — | — | — | — | — | |||||
| Service Master (14)(19)(25) | Preferred Equity | — | — | — | — | — | 169 | 228 | |||||
| Service Master (18)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 11.22% | 8/16/2027 | $ | 921 | 913 | 921 | ||||
| Service Master (18)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 11.22% | 8/16/2027 | $ | 3,167 | 3,167 | 3,167 | ||||
| Service Master (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.86% (1.00% PIK) | 11.22% | 8/16/2027 | $ | 7,589 | 7,523 | 7,589 | ||||
| Service Master (3)(18)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 6.01% (1.00% PIK) | 11.34% | 8/16/2027 | $ | 16,288 | 16,206 | 16,288 | ||||
| Zeus Fire & Security (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 12/11/2030 | $ | — | — | — | ||||
| Zeus Fire & Security (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 12/11/2030 | $ | — | (20) | (20) | ||||
| Zeus Fire & Security (15)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.45% | 12/11/2030 | $ | 32,954 | 32,707 | 32,706 | ||||
| Construction & Building Total | $93,674 | $95,483 | 8.4% | ||||||||||
| 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 | |||||||||||||
| Consumer Goods: Durable | |||||||||||||
| New Milani Group LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.93% | 6/6/2026 | $ | 11,209 | 10,999 | 11,209 | ||||
| Stanton Carpet (15)(19) | Second Lien Senior Secured Loan | SOFR | 9.15% | 13.74% | 3/31/2028 | $ | 11,434 | 11,284 | 11,434 | ||||
| Tangent Technologies Acquisition, LLC (15)(19) | Second Lien Senior Secured Loan | SOFR | 8.90% | 13.39% | 5/30/2028 | $ | 8,915 | 8,802 | 8,915 | ||||
| TLC Holdco LP (14)(19)(25) | Equity Interest | — | — | — | — | 1,281 | 1,221 | 1,603 | |||||
| TLC Purchaser, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.76% | 10.11% | 10/11/2027 | $ | 13,162 | 12,881 | 13,162 | ||||
| TLC Purchaser, Inc. (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/11/2027 | $ | — | (40) | — | ||||
| Consumer Goods: Durable Total | $45,147 | $46,323 | 4.1% | ||||||||||
| Consumer Goods: Non-Durable | |||||||||||||
| Evriholder (19)(29)(32) | First Lien Senior Secured Loan | SOFR | 6.90% | 11.23% | 1/24/2028 | $ | 6,055 | 6,006 | 6,025 | ||||
| Fineline Technologies, Inc. (14)(19)(25) | Equity Interest | — | — | — | — | 939 | 939 | 1,288 | |||||
| Hempz (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/25/2029 | $ | — | (15) | (16) | ||||
| Hempz (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 10/25/2029 | $ | 6,816 | 6,757 | 6,756 | ||||
| RoC Skincare (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.00% | 10.52% | 2/21/2031 | $ | 9,925 | 9,791 | 9,925 | ||||
| RoC Skincare (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 2/21/2030 | $ | — | (25) | — | ||||
| Solaray, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.85% | 11.21% | 12/15/2025 | $ | 13,135 | 13,124 | 12,807 | ||||
| Solaray, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.85% | 11.21% | 12/15/2025 | $ | 28,521 | 28,521 | 27,808 | ||||
| Solaray, LLC (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 9.96% | 12/15/2025 | $ | 9,219 | 9,209 | 9,219 | ||||
| WU Holdco, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.33% | 3/26/2027 | $ | 1,661 | 1,646 | 1,661 | ||||
| WU Holdco, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.33% | 3/26/2027 | $ | 36,897 | 36,719 | 36,897 | ||||
| WU Holdco, Inc. (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.00% | 9.33% | 3/26/2027 | $ | 1,932 | 1,930 | 1,932 | ||||
| Consumer Goods: Non-Durable Total | $114,602 | $114,302 | 10.0% | ||||||||||
| Consumer Goods: Wholesale | |||||||||||||
| WSP (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.15% (4.00% PIK) | 9.74% | 4/27/2028 | $ | 3,162 | 3,156 | 2,538 | ||||
| WSP (7)(14)(19)(26) | First Lien Senior Secured Loan | — | 8.00% PIK | 8.00% | 4/27/2028 | $ | 2,044 | 1,995 | 235 | ||||
| WSP (14)(19)(25) | Equity Interest | — | — | — | — | — | 12 | 2 | |||||
| WSP (14)(19)(25) | Preferred Equity | — | — | — | — | — | 216 | — | |||||
| WSP (14)(19)(25) | Equity Interest | — | — | — | — | 2,898 | 2,898 | — | |||||
| WSP (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 4/27/2028 | $ | — | (2) | (40) | ||||
| Consumer Goods: Wholesale Total | $8,275 | $2,735 | 0.2% | ||||||||||
| Containers, Packaging & Glass | |||||||||||||
| ASP-r-pac Acquisition Co LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.85% | 12/29/2027 | $ | 5,784 | 5,668 | 5,784 | ||||
| ASP-r-pac Acquisition Co LLC (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.11% | 10.47% | 12/29/2027 | $ | 696 | 653 | 696 | ||||
| Containers, Packaging & Glass Total | $6,321 | $6,480 | 0.6% | ||||||||||
| Energy: Electricity | |||||||||||||
| WCI Gigawatt Purchaser (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.01% | 10.53% | 11/19/2027 | $ | 1,412 | 1,395 | 1,398 | ||||
| WCI Gigawatt Purchaser (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.86% | 10.22% | 11/19/2027 | $ | 1,365 | 1,330 | 1,314 | ||||
| Energy: Electricity Total | $2,725 | $2,712 | 0.2% | ||||||||||
| 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 | |||||||||||||
| Environmental Industries | |||||||||||||
| Reconomy (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 10.95% | 7/12/2029 | £ | 68 | 83 | 85 | ||||
| Reconomy (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.00% | 8.68% | 7/12/2029 | € | 27 | 28 | 28 | ||||
| Reconomy (3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 7/12/2029 | £ | — | (76) | — | ||||
| Titan Cloud Software, Inc (14)(19)(25) | Equity Interest | — | — | — | — | 3,532 | 3,532 | 5,184 | |||||
| Titan Cloud Software, Inc (18)(19)(26) | First Lien Senior Secured Loan | SOFR | 2.00% (4.60% PIK) | 11.03% | 9/7/2029 | $ | 26,640 | 26,460 | 26,640 | ||||
| Titan Cloud Software, Inc (3)(18)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.00% (4.60% PIK) | 11.03% | 9/7/2028 | $ | 1,866 | 1,831 | 1,866 | ||||
| Titan Cloud Software, Inc (18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 2.00% (4.60% PIK) | 10.95% | 9/7/2029 | $ | 11,960 | 11,887 | 11,960 | ||||
| Environmental Industries Total | $43,745 | $45,763 | 4.0% | ||||||||||
| FIRE: Finance | |||||||||||||
| Allworth (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 12/23/2027 | $ | 161 | 121 | 161 | ||||
| Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.36% | 12/23/2027 | $ | 856 | 848 | 856 | ||||
| Allworth Financial Group, L.P. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.36% | 12/23/2027 | $ | 1,474 | 1,464 | 1,474 | ||||
| Allworth Financial Group, L.P. (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 12/23/2027 | $ | — | (9) | — | ||||
| Choreo (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 2/18/2028 | $ | — | — | — | ||||
| Congress Wealth (3)(18)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 6/30/2029 | $ | — | — | — | ||||
| Congress Wealth (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.60% | 9.93% | 6/30/2029 | $ | 317 | 314 | 317 | ||||
| Congress Wealth (3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 6/30/2029 | $ | — | — | — | ||||
| Congress Wealth (14)(19)(25) | Equity Interest | — | — | — | — | 16 | 323 | 534 | |||||
| Insigneo Financial Group LLC (19)(26) | First Lien Senior Secured Loan | — | 10.00% PIK | 10.00% | 8/1/2027 | $ | 2,020 | 2,035 | 2,020 | ||||
| Insigneo Financial Group LLC (14)(19)(25) | Equity Interest | — | — | — | — | 534 | 535 | 2,419 | |||||
| Insigneo Financial Group LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 6.60% | 11.02% | 8/1/2028 | $ | 267 | 261 | 267 | ||||
| Lagerbox (3)(6)(18)(19) | First Lien Senior Secured Loan | — | — | — | 12/20/2028 | € | — | — | — | ||||
| Parmenion (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 10.20% | 5/11/2029 | £ | 295 | 369 | 370 | ||||
| PMA (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 1/31/2031 | $ | — | (18) | (18) | ||||
| PMA (16)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 1/31/2031 | $ | 58 | 57 | 57 | ||||
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.50% | 10/2/2028 | $ | 9,209 | 9,209 | 9,209 | ||||
| TA/Weg Holdings (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.50% | 10/2/2028 | $ | 2,325 | 2,320 | 2,325 | ||||
| Wealth Enhancement Group (WEG) (3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 10/4/2028 | $ | — | (36) | — | ||||
| Wealth Enhancement Group (WEG) (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.31% | 10/2/2028 | $ | 5,972 | 5,891 | 5,972 | ||||
| Wealth Enhancement Group (WEG) (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/2/2028 | $ | — | (12) | — | ||||
| FIRE: Finance Total | $23,672 | $25,963 | 2.3% | ||||||||||
| 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 Loan | SOFR | 5.65% | 9.96% | 12/19/2025 | $ | 11,919 | 11,874 | 11,919 | ||||
| Margaux Acquisition Inc. (16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.60% | 10.15% | 12/19/2025 | $ | 2,872 | 2,870 | 2,872 | ||||
| Margaux UK Finance Limited (6)(18)(19) | First Lien Senior Secured Loan - Revolver | SONIA | 5.50% | 10.32% | 12/19/2025 | £ | 499 | 657 | 625 | ||||
| McLarens Acquisition Inc. (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.65% | 10.00% | 12/16/2025 | $ | 750 | 747 | 750 | ||||
| MRHT (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 9.13% | 2/1/2029 | € | 5,765 | 6,121 | 5,966 | ||||
| MRHT (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 6.50% | 9.53% | 2/1/2029 | € | 956 | 1,020 | 990 | ||||
| PCF (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.83% | 11/1/2028 | $ | 9,232 | 9,194 | 9,231 | ||||
| Simplicity (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 12/31/2031 | $ | — | (43) | (43) | ||||
| Simplicity (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 12/31/2031 | $ | — | (43) | (43) | ||||
| Simplicity (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.28% | 12/31/2031 | $ | 35,437 | 35,082 | 35,082 | ||||
| FIRE: Insurance Total | $67,479 | $67,349 | 5.9% | ||||||||||
| Healthcare & Pharmaceuticals | |||||||||||||
| AEG Vision (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2027 | $ | 4,200 | 3,609 | 4,200 | ||||
| AEG Vision (18)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2026 | $ | 16,350 | 16,184 | 16,350 | ||||
| AEG Vision (3)(18)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.23% | 3/27/2026 | $ | 10,545 | 10,367 | 10,545 | ||||
| AEG Vision (18)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.90% | 10.23% | 3/27/2026 | $ | 2,059 | 2,037 | 2,059 | ||||
| Apollo Intelligence (14)(19)(25) | Equity Interest | — | — | — | — | 34 | 3,378 | 3,191 | |||||
| Apollo Intelligence (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.27% | 5/31/2028 | $ | 15,078 | 15,198 | 15,078 | ||||
| Apollo Intelligence (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.75% | 10.07% | 5/31/2028 | $ | 5,208 | 5,167 | 5,208 | ||||
| Apollo Intelligence (3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 5/31/2028 | $ | — | (55) | — | ||||
| Beacon Specialized Living (3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 3/25/2028 | $ | — | (117) | — | ||||
| Beacon Specialized Living (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 3/25/2028 | $ | 8,610 | 8,530 | 8,610 | ||||
| Beacon Specialized Living (3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 3/25/2028 | $ | — | — | — | ||||
| CB Titan Holdings, Inc. (14)(19)(25) | Preferred Equity | — | — | — | — | 1,953 | 1,953 | — | |||||
| EHE Health (2)(3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 8/7/2030 | $ | — | — | (34) | ||||
| EHE Health (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 8/7/2030 | $ | 10,869 | 10,764 | 10,760 | ||||
| EHE Health (14)(19)(25) | Equity Interest | — | — | — | — | 2,178 | 2,178 | 2,178 | |||||
| Great Expressions Dental Center PC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 1.15% (3.00% PIK) | 8.48% | 9/30/2026 | $ | 9,814 | 9,828 | 8,637 | ||||
| HealthDrive (15)(19) | First Lien Senior Secured Loan | SOFR | 6.10% | 10.46% | 8/20/2029 | $ | 1,908 | 1,908 | 1,908 | ||||
| HealthDrive (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.10% | 10.46% | 8/20/2029 | $ | 271 | 271 | 271 | ||||
| HealthDrive (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.10% | 10.46% | 8/20/2029 | $ | 607 | 600 | 607 | ||||
| HealthDrive (3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 8/20/2029 | $ | — | — | — | ||||
| HealthDrive (14)(19)(25) | Preferred Equity | — | — | — | — | 18 | 1,822 | 1,860 | |||||
| Masco (6)(18)(19)(26) | Subordinated Debt | EURIBOR | 10.00% PIK | 13.25% | 10/4/2032 | € | 5,000 | 5,350 | 5,097 | ||||
| Mertus 522. GmbH (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 6.25% (0.75% PIK) | 9.69% | 5/28/2026 | € | 227 | 252 | 227 | ||||
| Mertus 522. GmbH (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 6.25% (0.75% PIK) | 9.65% | 5/28/2026 | € | 133 | 145 | 132 | ||||
| Nafinco (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 8/29/2031 | € | — | (25) | (50) | ||||
| Nafinco (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.97% | 8/29/2031 | € | 52 | 56 | 53 | ||||
| Nafinco (3)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | EURIBOR | 5.25% | 8.02% | 5/30/2031 | € | 215 | 220 | 210 | ||||
| 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 | |||||||||||||
| Odyssey Behavioral Health (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 11/21/2030 | $ | — | (89) | (91) | ||||
| Odyssey Behavioral Health (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.77% | 11/21/2030 | $ | 37,128 | 36,668 | 36,664 | ||||
| Odyssey Behavioral Health (14)(19)(25) | Equity Interest | — | — | — | — | 22 | 2,234 | 2,234 | |||||
| Pharmacy Partners (19)(32) | First Lien Senior Secured Loan | SOFR | 6.50% | 11.01% | 2/28/2029 | $ | 1,690 | 1,672 | 1,690 | ||||
| Pharmacy Partners (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 2/28/2029 | $ | — | (57) | — | ||||
| Premier Imaging, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.26% | 10.59% | 3/31/2026 | $ | 7,926 | 7,925 | 7,133 | ||||
| Premier Imaging, LLC (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.26% | 10.59% | 3/31/2026 | $ | 2,137 | 2,137 | 1,924 | ||||
| Red Nucleus (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 10/17/2031 | $ | — | (25) | (25) | ||||
| Red Nucleus (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.58% | 10/17/2031 | $ | 418 | 385 | 384 | ||||
| Red Nucleus (16)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 10/17/2031 | $ | 4,414 | 4,359 | 4,359 | ||||
| SunMed Group Holdings, LLC (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.60% | 10.19% | 6/16/2028 | $ | 8,518 | 8,430 | 8,518 | ||||
| Sunmed Group Holdings, LLC (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 6/16/2027 | $ | — | (6) | — | ||||
| Healthcare & Pharmaceuticals Total | $163,253 | $159,887 | 14.0% | ||||||||||
| High Tech Industries | |||||||||||||
| Access (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.25% | 9.95% | 6/28/2029 | £ | 80 | 99 | 100 | ||||
| Applitools (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 5/25/2028 | $ | — | (19) | (51) | ||||
| Applitools (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.25% PIK | 10.58% | 5/25/2029 | $ | 19,490 | 19,382 | 19,197 | ||||
| Appriss Holdings, Inc. (14)(19)(25) | Equity Interest | — | — | — | — | 2,136 | 1,606 | 1,788 | |||||
| Appriss Holdings, Inc. (15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 12.08% | 5/6/2027 | $ | 11,038 | 10,933 | 11,038 | ||||
| Appriss Holdings, Inc. (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 5/6/2027 | $ | — | (6) | — | ||||
| AQ Software Corporation (14)(19)(25) | Preferred Equity | — | — | — | — | 1 | 1,107 | 1,073 | |||||
| AQ Software Corporation (14)(19)(25) | Preferred Equity | — | — | — | — | 2 | 1,844 | 1,787 | |||||
| AQ Software Corporation (14)(19)(25) | Preferred Equity | — | — | — | — | 1 | 507 | 491 | |||||
| Black Mountain (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 10/7/2030 | $ | — | (52) | (59) | ||||
| Black Mountain (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/7/2030 | $ | — | (35) | (39) | ||||
| Black Mountain (18)(19) | First Lien Senior Secured Loan | SOFR | 5.00% | 9.33% | 10/7/2030 | $ | 13,420 | 13,322 | 13,319 | ||||
| Chartbeat (19)(25)(26) | Preferred Equity | — | 14.00% PIK | 14.00% | 10/4/2030 | 5,171 | 5,074 | 5,068 | |||||
| Cloud Technology Solutions (CTS) (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 7.00% | 11.70% | 10/17/2031 | £ | 2,000 | 2,537 | 2,491 | ||||
| Cloud Technology Solutions (CTS) (6)(14)(19)(25) | Preferred Equity | — | — | — | — | 4,408 | 5,360 | 5,233 | |||||
| Eagle Rock Capital Corporation (14)(19)(25) | Preferred Equity | — | — | — | — | 3,345 | 3,345 | 5,470 | |||||
| Element Buyer, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.85% | 10.21% | 7/19/2026 | $ | 10,989 | 10,996 | 10,989 | ||||
| Element Buyer, Inc. (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 7/19/2026 | $ | — | (12) | — | ||||
| Eleven Software (14)(19)(25) | Preferred Equity | — | — | — | — | 109 | 109 | 129 | |||||
| Eleven Software (14)(19)(25) | Preferred Equity | — | — | — | — | 896 | 896 | 1,067 | |||||
| Eleven Software (18)(19) | First Lien Senior Secured Loan | SOFR | 8.25% | 12.58% | 4/25/2027 | $ | 7,439 | 7,396 | 7,439 | ||||
| Eleven Software (18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 8.10% | 12.46% | 9/25/2026 | $ | 1,488 | 1,482 | 1,488 | ||||
| LogRhythm (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 7/2/2029 | $ | — | (11) | (25) | ||||
| NearMap (3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 12/9/2029 | $ | — | (64) | — | ||||
| 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 | |||||||||||||
| PayRange (14)(19)(25) | Equity Interest | — | — | — | — | 4,527 | 4,527 | 4,527 | |||||
| PayRange (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/31/2030 | $ | — | (40) | (41) | ||||
| PayRange (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.61% | 10/31/2030 | $ | 7,150 | 7,080 | 7,079 | ||||
| RetailNext (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 12/5/2030 | $ | — | (31) | (31) | ||||
| RetailNext (15)(19) | First Lien Senior Secured Loan | SOFR | 7.00% | 11.47% | 12/5/2030 | $ | 17,007 | 16,841 | 16,837 | ||||
| Revalize, Inc. (14)(19)(25) | Preferred Equity | — | — | — | — | 1 | 1,431 | 1,401 | |||||
| Revalize, Inc. (15)(19)(29) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.49% | 4/15/2027 | $ | 5,250 | 5,223 | 5,040 | ||||
| Revalize, Inc. (15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.90% | 10.49% | 4/15/2027 | $ | 1,969 | 1,959 | 1,890 | ||||
| Revalize, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.85% | 10.21% | 4/15/2027 | $ | 972 | 966 | 918 | ||||
| SAM (19)(26) | First Lien Senior Secured Loan | — | 13.50% PIK | 13.50% | 5/9/2028 | $ | 38,517 | 38,335 | 38,517 | ||||
| SensorTower (14)(19)(25) | Equity Interest | — | — | — | — | 156 | 2,400 | 5,772 | |||||
| SensorTower (19)(29)(31) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.85% | 3/15/2029 | $ | 24,007 | 23,690 | 24,007 | ||||
| SensorTower (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 3/15/2029 | $ | — | (13) | — | ||||
| Superna Inc. (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 3/6/2028 | $ | — | (14) | (26) | ||||
| Superna Inc. (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 3/6/2028 | $ | — | (14) | (26) | ||||
| Superna Inc. (6)(14)(19)(25) | Equity Interest | — | — | — | — | 1,463 | 1,463 | 1,747 | |||||
| Superna Inc. (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.93% | 3/6/2028 | $ | 2,706 | 2,674 | 2,679 | ||||
| Utimaco (6)(14)(19)(25) | Equity Interest | — | — | — | — | 2 | 2,223 | 2,064 | |||||
| Utimaco (6)(14)(19)(25) | Preferred Equity | — | — | — | — | 2 | 2,223 | 2,064 | |||||
| Utimaco (6)(18)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 9.15% | 5/14/2029 | € | 92 | 98 | 95 | ||||
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 6.51% | 11.08% | 5/14/2029 | $ | 128 | 127 | 127 | ||||
| Utimaco (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 6.51% | 11.08% | 5/14/2029 | $ | 262 | 260 | 259 | ||||
| Ventiv Holdco, Inc. (14)(19)(25) | Equity Interest | — | — | — | — | 529 | 2,833 | 909 | |||||
| High Tech Industries Total | $200,037 | $203,801 | 17.9% | ||||||||||
| Hotel, Gaming & Leisure | |||||||||||||
| Aimbridge Acquisition Co., Inc. (7)(18)(19) | Second Lien Senior Secured Loan | SOFR | 7.76% | 12.33% | 2/1/2027 | $ | 14,193 | 13,868 | 1,420 | ||||
| Awayday (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.25% | 9.58% | 9/6/2031 | $ | 2,997 | 2,997 | 2,979 | ||||
| Awayday (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 9/6/2031 | $ | — | (45) | (61) | ||||
| Awayday (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.58% | 9/6/2030 | $ | 493 | 477 | 485 | ||||
| Awayday (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 9/6/2031 | $ | 19,290 | 19,107 | 19,194 | ||||
| City BBQ (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 9/4/2030 | $ | — | (39) | — | ||||
| City BBQ (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.45% | 9.87% | 9/4/2030 | $ | 15,341 | 15,214 | 15,341 | ||||
| City BBQ (14)(19)(25) | Preferred Equity | — | — | — | — | 5 | 1,271 | 1,313 | |||||
| City BBQ (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 9/4/2030 | $ | — | — | — | ||||
| Concert Golf Partners Holdco (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.13% | 4/1/2030 | $ | 6,692 | 6,597 | 6,692 | ||||
| Concert Golf Partners Holdco LLC (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 4/2/2029 | $ | — | (27) | — | ||||
| Pyramid Global Hospitality (19)(24)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.88% | 1/19/2028 | $ | 5,299 | 5,279 | 5,299 | ||||
| Pyramid Global Hospitality (19)(24)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.88% | 1/19/2028 | $ | 9,825 | 9,628 | 9,825 | ||||
| Pyramid Global Hospitality (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 1/19/2028 | $ | — | (53) | — | ||||
| Pollo Tropical (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/23/2029 | $ | — | (12) | (12) | ||||
| Pollo Tropical (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.88% | 10/23/2029 | $ | 6,181 | 6,104 | 6,103 | ||||
| Hotel, Gaming & Leisure Total | $80,366 | $68,578 | 6.0% | ||||||||||
| 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 | |||||||||||||
| AdThrive (18) | First Lien Senior Secured Loan | SOFR | 4.36% | 8.72% | 3/23/2028 | $ | 4,961 | 4,885 | 4,938 | ||||
| Facts Global Energy (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 12/20/2031 | $ | — | (47) | (47) | ||||
| Facts Global Energy (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 12/20/2031 | $ | — | (31) | (31) | ||||
| Facts Global Energy (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 6/20/2031 | $ | — | (16) | (16) | ||||
| Facts Global Energy (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 12/20/2031 | $ | — | (67) | (67) | ||||
| Kpler (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 6.25% | 11.12% | 3/3/2030 | £ | 100 | 120 | 125 | ||||
| Kpler (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 6.25% | 9.63% | 3/3/2030 | € | 100 | 106 | 103 | ||||
| Kpler (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 9.63% | 3/3/2030 | € | 100 | 106 | 103 | ||||
| OGH Bidco Limited (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.50% | 11.70% | 6/29/2029 | £ | 2,217 | 2,608 | 2,370 | ||||
| OGH Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 6.50% | 11.70% | 6/29/2029 | £ | 139 | 164 | 165 | ||||
| TGI Sport Bidco Pty Ltd (6)(17)(19) | First Lien Senior Secured Loan - Delayed Draw | SONIA | 6.12% | 10.82% | 6/24/2029 | £ | 69 | 88 | 87 | ||||
| TGI Sport Bidco Pty Ltd (6)(18)(19) | First Lien Senior Secured Loan | BBSY | 7.00% | 11.36% | 4/30/2026 | AUD | 98 | 76 | 61 | ||||
| TGI Sport Bidco Pty Ltd (6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 7.11% | 11.47% | 4/30/2026 | AUD | 4,187 | 2,866 | 2,866 | ||||
| Media: Advertising, Printing & Publishing Total | $10,858 | $10,657 | 0.9% | ||||||||||
| Media: Broadcasting & Subscription | |||||||||||||
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | SOFR | 5.68% | 10.09% | 8/31/2028 | $ | 1,443 | 1,437 | 1,443 | ||||
| Lightning Finco Limited (6)(16)(19) | First Lien Senior Secured Loan | EURIBOR | 5.25% | 7.83% | 8/31/2028 | € | 1,300 | 1,427 | 1,346 | ||||
| Media: Broadcasting & Subscription Total | $2,864 | $2,789 | 0.2% | ||||||||||
| Media: Diversified & Production | |||||||||||||
| Aptus 1724 Gmbh (6)(19)(21)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.15% (1.50% PIK) | 12.08% | 2/23/2028 | $ | 5,043 | 5,043 | 4,286 | ||||
| Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 7.76% (1.50% PIK) | 13.59% | 12/31/2025 | $ | 11,186 | 9,336 | 9,061 | ||||
| Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 7.76% (1.50% PIK) | 13.59% | 12/31/2025 | $ | 17,215 | 14,328 | 13,944 | ||||
| Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.76% | 11.09% | 12/31/2025 | $ | 1,244 | 1,244 | 1,244 | ||||
| Music Creation Group Bidco GmbH (6)(18)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.15% (1.50% PIK) | 12.08% | 2/23/2028 | $ | 4,108 | 4,047 | 3,492 | ||||
| Media: Diversified & Production Total | $33,998 | $32,027 | 2.8% | ||||||||||
| Retail | |||||||||||||
| Galeria (6)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | — | 15.00% PIK | 15.00% | 4/9/2029 | € | 8,943 | 9,577 | 9,255 | ||||
| Galeria (6)(14)(19)(25) | Equity Interest | — | — | — | — | 101 | 22 | 21 | |||||
| New Look Vision Group (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.82% | 8.99% | 5/26/2028 | CAD | 28 | 27 | 20 | ||||
| New Look Vision Group (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | CORRA | 5.82% | 9.03% | 5/26/2026 | CAD | 806 | 548 | 560 | ||||
| New Look Vision Group (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | CORRA | 5.82% | 8.99% | 5/26/2028 | CAD | 54 | 43 | 38 | ||||
| New Look Vision Group (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.15% (2.00% PIK) | 10.48% | 5/26/2028 | $ | 387 | 387 | 387 | ||||
| Thrasio, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.26% PIK | 14.89% | 6/18/2029 | $ | 4,561 | 4,575 | 4,014 | ||||
| Thrasio, LLC (14)(19)(25) | Equity Interest | — | — | — | — | 8 | 777 | 289 | |||||
| Thrasio, LLC (14)(19)(25) | Equity Interest | — | — | — | — | 70 | 6,997 | 2,593 | |||||
| Thrasio, LLC (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 10.26% PIK | 14.89% | 6/18/2029 | $ | 1,487 | 1,487 | 1,487 | ||||
| Retail Total | $24,440 | $18,664 | 1.6% | ||||||||||
| 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 | |||||||||||
| Services: Business | |||||||||||
| ACAMS (14)(19)(25) | Equity Interest | — | — | — | — | 3,337 | 3,337 | 2,070 | |||
| Advanced Aircrew (2)(3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 7/26/2030 | $ | — | — | (3) | ||
| Advanced Aircrew (15)(19) | First Lien Senior Secured Loan | SOFR | 6.50% | 10.86% | 7/26/2030 | $ | 5,094 | 5,045 | 5,069 | ||
| Advanced Aircrew (14)(19)(25) | Preferred Equity | — | — | — | — | 592 | 592 | 610 | |||
| Allbridge (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 6/5/2030 | $ | — | (26) | — | ||
| Allbridge (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.08% | 6/5/2030 | $ | 14,140 | 14,042 | 14,140 | ||
| Allbridge (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 6/5/2030 | $ | — | — | — | ||
| AMI (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.69% | 10/17/2031 | $ | 1,109 | 1,075 | 1,075 | ||
| AMI (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.69% | 10/17/2031 | $ | 9,274 | 9,205 | 9,204 | ||
| Avalon Acquiror, Inc. (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.58% | 3/10/2028 | $ | 14,280 | 14,191 | 13,995 | ||
| Avalon Acquiror, Inc. (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.25% | 10.77% | 3/10/2028 | $ | 5,882 | 5,781 | 5,714 | ||
| Beneficium (2)(3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 6/28/2031 | £ | — | — | (45) | ||
| Beneficium (6)(15)(19) | First Lien Senior Secured Loan | SONIA | 5.50% | 10.20% | 6/28/2031 | £ | 7,497 | 9,388 | 9,338 | ||
| Brook Bidco (6)(14)(19)(25) | Preferred Equity | — | — | — | — | 5,675 | 7,783 | 7,730 | |||
| Brook Bidco (6)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 4.03% (3.50% PIK) | 12.01% | 7/10/2028 | £ | 861 | 1,159 | 1,067 | ||
| Chamber Bidco Limited (6)(18)(19) | First Lien Senior Secured Loan | SOFR | 5.75% | 10.12% | 6/2/2028 | $ | 213 | 212 | 213 | ||
| Cube (3)(18)(19) | First Lien Senior Secured Loan | — | — | — | 2/20/2025 | $ | — | — | — | ||
| Cube (3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 5/20/2031 | $ | — | — | — | ||
| Cube (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.59% | 5/20/2031 | $ | 8,651 | 8,651 | 8,651 | ||
| Darcy Partners (14)(19)(25) | Equity Interest | — | — | — | — | 359 | 360 | 501 | |||
| Darcy Partners (18)(19) | First Lien Senior Secured Loan | SOFR | 7.75% | 12.17% | 6/1/2028 | $ | 1,496 | 1,486 | 1,496 | ||
| Darcy Partners (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.65% | 12.17% | 6/1/2028 | $ | 105 | 105 | 105 | ||
| Datix Bidco Limited (3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 4/30/2031 | $ | — | (26) | — | ||
| Datix Bidco Limited (3)(6)(17)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.50% | 9.86% | 10/30/2030 | $ | 288 | 247 | 288 | ||
| Datix Bidco Limited (17)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.93% | 4/30/2031 | $ | 16,626 | 16,333 | 16,626 | ||
| Discovery Senior Living (3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 3/18/2030 | $ | — | (62) | — | ||
| Discovery Senior Living (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 3/18/2030 | $ | — | (25) | — | ||
| DTIQ (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 9/30/2029 | $ | — | (38) | (94) | ||
| DTIQ (2)(3)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 9/30/2029 | $ | — | — | (71) | ||
| DTIQ (13)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.86% | 9/30/2029 | $ | 16,735 | 16,449 | 16,442 | ||
| DTIQ (14)(19)(25) | Equity Interest | — | — | — | — | 3,995 | — | — | |||
| Easy Ice (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 10/30/2030 | $ | — | (76) | (78) | ||
| Easy Ice (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 10/30/2030 | $ | — | (76) | (78) | ||
| Easy Ice (15)(19) | First Lien Senior Secured Loan | SOFR | 5.40% | 9.99% | 10/30/2030 | $ | 37,563 | 37,008 | 36,999 | ||
| Elevator Holdco Inc. (14)(19)(25) | Equity Interest | — | — | — | — | 2 | 2,448 | 3,374 | |||
| E-Tech Group (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 4/9/2030 | $ | — | (11) | (13) | ||
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 9.75% PIK | 12.59% | 7/13/2028 | € | 3,541 | 3,633 | 3,665 | ||
| 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 | |||||||||||||
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 10.00% PIK | 13.00% | 7/13/2028 | € | 3,668 | 3,818 | 3,797 | ||||
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 10.00% PIK | 13.00% | 7/13/2028 | € | 99 | 104 | 102 | ||||
| iBanFirst (6)(18)(19)(26) | First Lien Senior Secured Loan | EURIBOR | 10.00% PIK | 13.00% | 7/13/2028 | € | 3,858 | 3,969 | 3,993 | ||||
| iBanFirst Facility (6)(14)(19)(25) | Preferred Equity | — | — | — | — | 7,112 | 8,136 | 23,031 | |||||
| ImageTrend (15)(19) | First Lien Senior Secured Loan | SOFR | 7.75% | 12.11% | 1/31/2029 | $ | 2,500 | 2,475 | 2,500 | ||||
| ImageTrend (15)(19) | First Lien Senior Secured Loan | SOFR | 7.75% | 12.34% | 1/31/2029 | $ | 17,000 | 16,797 | 17,000 | ||||
| ImageTrend (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 1/31/2029 | $ | — | (41) | — | ||||
| Learning Pool (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.18% (3.50% PIK) | 12.51% | 7/10/2028 | £ | 345 | 459 | 452 | ||||
| Learning Pool (6)(16)(19)(26) | First Lien Senior Secured Loan | SOFR | 4.18% (3.50% PIK) | 12.51% | 7/10/2028 | £ | 123 | 164 | 162 | ||||
| masLabor (14)(19)(25) | Equity Interest | — | — | — | — | 173 | 173 | 433 | |||||
| masLabor (18)(19) | First Lien Senior Secured Loan | SOFR | 7.50% | 11.81% | 7/1/2027 | $ | 8,319 | 8,186 | 8,319 | ||||
| Opus2 (6)(14)(19)(25) | Equity Interest | — | — | — | — | 2,272 | 2,900 | 3,223 | |||||
| Opus2 (6)(18)(19) | First Lien Senior Secured Loan | SONIA | 5.53% | 10.48% | 5/5/2028 | £ | 123 | 168 | 154 | ||||
| Orion (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 3/19/2027 | $ | — | (11) | (11) | ||||
| Orion (2)(3)(5)(15)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 3/19/2027 | $ | — | (3) | (3) | ||||
| Orion (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.00% | 9.69% | 3/19/2027 | $ | 204 | 200 | 200 | ||||
| Orion (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 3/19/2027 | $ | — | (15) | (16) | ||||
| Orion (15)(19) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.77% | 3/19/2027 | $ | 4,274 | 4,227 | 4,226 | ||||
| Pure Wafer (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 11/12/2030 | $ | — | (10) | (10) | ||||
| Pure Wafer (2)(3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 11/12/2030 | $ | — | (19) | (20) | ||||
| Pure Wafer (15)(19) | First Lien Senior Secured Loan | SOFR | 5.60% | 10.05% | 11/12/2030 | $ | 10,916 | 10,809 | 10,807 | ||||
| Pure Wafer (14)(19)(25) | Equity Interest | — | — | — | — | 1,236 | 1,236 | 1,236 | |||||
| Rydoo (6)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.75% | 9.95% | 9/12/2031 | € | 1,556 | 1,722 | 1,594 | ||||
| Rydoo (6)(14)(19)(25) | Preferred Equity | — | — | — | — | 200 | 223 | 213 | |||||
| Rydoo (6)(14)(19)(25) | Equity Interest | — | — | — | — | 466 | 520 | 475 | |||||
| Smartronix (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.10% | 10.35% | 11/23/2028 | $ | 12,381 | 12,228 | 12,381 | ||||
| Smartronix (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 11/23/2027 | $ | — | (70) | — | ||||
| Smartronix (15)(19) | First Lien Senior Secured Loan | SOFR | 6.10% | 10.35% | 11/23/2028 | $ | 3,660 | 3,585 | 3,660 | ||||
| SoftCo (6)(14)(19)(25) | Equity Interest | — | — | — | — | 500 | 542 | 580 | |||||
| SoftCo (6)(15)(19) | First Lien Senior Secured Loan | EURIBOR | 7.00% | 9.91% | 2/22/2031 | € | 2,000 | 2,145 | 2,070 | ||||
| Spring Finco BV (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 7/15/2029 | NOK | — | — | — | ||||
| TEI Holdings Inc. (17)(29) | First Lien Senior Secured Loan | SOFR | 4.00% | 8.43% | 4/9/2031 | $ | 2,647 | 2,635 | 2,665 | ||||
| TES Global (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 1/27/2029 | £ | — | — | — | ||||
| Webcentral (2)(3)(5)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 12/18/2030 | € | — | (22) | (22) | ||||
| Webcentral (3)(6)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | EURIBOR | 6.25% | 9.20% | 12/18/2030 | € | 575 | 601 | 595 | ||||
| Services: Business Total | $246,021 | $261,776 | 23.1% | ||||||||||
| Portfolio Company · Investment Type · Index (1) · Spread · InterestRate · MaturityDate · Principal/Shares (9) · Cost · MarketValue · % ofNAV (4) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Controlled/Non-Affiliate Investments | |||||||||||||
| Services: Consumer | |||||||||||||
| Master ConcessionAir (3)(19)(33) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 8.50% | 12.94% | 6/21/2029 | $ | 36 | 35 | 36 | ||||
| Master ConcessionAir (19)(33) | First Lien Senior Secured Loan - Revolver | SOFR | 8.50% | 13.16% | 6/21/2029 | $ | 224 | 220 | 219 | ||||
| Master ConcessionAir (19)(33) | First Lien Senior Secured Loan | SOFR | 8.50% | 12.84% | 6/21/2029 | $ | 1,820 | 1,785 | 1,784 | ||||
| MZR Aggregator (14)(19)(25) | Equity Interest | — | — | — | — | — | 12 | — | |||||
| MZR Aggregator (14)(19)(25) | Equity Interest | — | — | — | — | 1 | 798 | 420 | |||||
| MZR Buyer, LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.85% | 11.21% | 12/22/2026 | $ | 11,780 | 11,684 | 11,427 | ||||
| MZR Buyer, LLC (15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.00% | 11.28% | 12/22/2026 | $ | 5,210 | 5,175 | 5,053 | ||||
| Spotless Brands (3)(15)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.50% | 9.78% | 7/25/2028 | $ | 9,525 | 9,423 | 9,525 | ||||
| Surrey Bidco Limited (6)(7)(14)(18)(19)(26) | First Lien Senior Secured Loan | SONIA | 6.28% PIK | 11.23% | 5/11/2026 | £ | 68 | 77 | 51 | ||||
| Services: Consumer Total | $29,209 | $28,515 | 2.5% | ||||||||||
| Telecommunications | |||||||||||||
| Meriplex Communications, Ltd. (16)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.10% | 9.46% | 7/17/2028 | $ | 12,075 | 11,914 | 11,894 | ||||
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 5.10% | 9.46% | 7/17/2028 | $ | 7,193 | 7,128 | 7,085 | ||||
| Meriplex Communications, Ltd. (16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.10% | 9.46% | 7/17/2028 | $ | 2,824 | 2,791 | 2,782 | ||||
| Taoglas (14)(19)(25) | Equity Interest | — | — | — | — | 20 | 20 | 19 | |||||
| Taoglas (14)(19)(25) | Equity Interest | — | — | — | — | 2,259 | 2,259 | 2,082 | |||||
| Taoglas (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.25% | 11.58% | 2/28/2029 | $ | 9,978 | 9,897 | 9,829 | ||||
| Taoglas (2)(3)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 2/28/2029 | $ | — | — | (55) | ||||
| Taoglas (3)(6)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.25% | 11.93% | 2/28/2029 | $ | 1,284 | 1,284 | 1,264 | ||||
| Taoglas (6)(15)(19) | First Lien Senior Secured Loan | SOFR | 7.25% | 11.58% | 2/28/2029 | $ | 448 | 438 | 442 | ||||
| Telecommunications Total | $35,731 | $35,342 | 3.1% | ||||||||||
| Transportation: Cargo | |||||||||||||
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.50% (1.25% PIK) | 11.21% | 8/3/2026 | $ | 926 | 909 | 888 | ||||
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.50% (1.25% PIK) | 11.21% | 8/3/2026 | $ | 2,374 | 2,370 | 2,279 | ||||
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.50% (1.25% PIK) | 11.21% | 8/3/2026 | $ | 2,661 | 2,658 | 2,555 | ||||
| A&R Logistics, Inc. (15)(19)(26) | First Lien Senior Secured Loan | SOFR | 5.50% (1.25% PIK) | 11.21% | 8/3/2026 | $ | 5,853 | 5,843 | 5,619 | ||||
| A&R Logistics, Inc. (15)(19)(26)(29) | First Lien Senior Secured Loan | SOFR | 5.50% (1.25% PIK) | 11.21% | 8/3/2026 | $ | 12,980 | 12,956 | 12,461 | ||||
| A&R Logistics, Inc. (3)(15)(19)(22)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.60% (4.25% PIK) | 11.30% | 8/3/2026 | $ | 3,695 | 3,634 | 3,449 | ||||
| ARL Holdings, LLC (14)(19)(25) | Equity Interest | — | — | — | — | — | 445 | 158 | |||||
| ARL Holdings, LLC (14)(19)(25) | Equity Interest | — | — | — | — | 9 | 9 | — | |||||
| Grammer Investment Holdings LLC (14)(19)(25) | Warrants | — | — | — | — | 122 | — | — | |||||
| Grammer Investment Holdings LLC (14)(19)(25) | Equity Interest | — | — | — | — | 1,011 | 1,019 | 347 | |||||
| Grammer Investment Holdings LLC (19)(25)(26) | Preferred Equity | — | 10.00% PIK | 10.00% | — | 11 | 1,095 | 1,160 | |||||
| Gulf Winds International (15)(19) | First Lien Senior Secured Loan | SOFR | 7.60% | 11.96% | 12/16/2028 | $ | 1,077 | 1,067 | 1,042 | ||||
| Gulf Winds International (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 7.60% | 11.96% | 12/16/2028 | $ | 12,005 | 11,737 | 11,615 | ||||
| Gulf Winds International (3)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 7.60% | 11.96% | 12/16/2028 | $ | 3,704 | 3,600 | 3,532 | ||||
| REP Coinvest III- A Omni, L.P. (14)(19)(25) | Equity Interest | — | — | — | — | 1,377 | 1,377 | 969 | |||||
| RoadOne (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 6.25% | 10.84% | 12/29/2028 | $ | 12,005 | 11,733 | 12,005 | ||||
| RoadOne (3)(18)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.25% | 10.81% | 12/29/2028 | $ | 998 | 910 | 998 | ||||
| RoadOne (18)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.25% | 10.77% | 12/29/2028 | $ | 939 | 925 | 939 | ||||
| Transportation: Cargo Total | $62,287 | $60,016 | 5.3% | ||||||||||
| 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) | First Lien Senior Secured Loan | SOFR | 5.25% | 9.58% | 5/1/2029 | $ | 4,055 | 3,998 | 4,055 | ||||
| PrimeFlight Acquisition LLC (15)(19)(29) | First Lien Senior Secured Loan | SOFR | 5.50% | 10.58% | 5/1/2029 | $ | 12,066 | 11,874 | 12,066 | ||||
| PrimeFlight Acquisition LLC (15)(19) | First Lien Senior Secured Loan | SOFR | 5.50% | 9.83% | 5/1/2029 | $ | 835 | 835 | 835 | ||||
| Transportation: Consumer Total | $16,707 | $16,956 | 1.6% | ||||||||||
| Utilities: Water | |||||||||||||
| Vessco Water (3)(16)(19) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 4.75% | 9.03% | 7/24/2031 | $ | 879 | 858 | 879 | ||||
| Vessco Water (3)(5)(18)(19) | First Lien Senior Secured Loan - Revolver | — | — | — | 7/24/2031 | $ | — | (10) | — | ||||
| Vessco Water (16)(19) | First Lien Senior Secured Loan | SOFR | 4.75% | 9.11% | 7/24/2031 | $ | 6,187 | 6,127 | 6,187 | ||||
| Utilities: Water Total | $6,975 | $7,066 | 0.6% | ||||||||||
| Wholesale | |||||||||||||
| Abracon Group Holding, LLC. (16)(19)(26)(29) | First Lien Senior Secured Loan | SOFR | 2.05% (4.60% PIK) | 11.30% | 7/6/2028 | $ | 14,269 | 14,317 | 11,416 | ||||
| Abracon Group Holding, LLC. (16)(19)(26) | First Lien Senior Secured Loan - Revolver | SOFR | 2.05% (4.60% PIK) | 11.30% | 7/6/2028 | $ | 2,040 | 2,017 | 1,632 | ||||
| Hultec (14)(19)(25) | Equity Interest | — | — | — | — | 1 | 651 | 964 | |||||
| SureWerx (16)(19) | First Lien Senior Secured Loan - Revolver | CORRA | 5.25% | 8.42% | 12/28/2028 | CAD | 58 | 40 | 40 | ||||
| SureWerx (3)(5)(18)(19) | First Lien Senior Secured Loan - Delayed Draw | — | — | — | 12/28/2029 | $ | — | (22) | — | ||||
| SureWerx (3)(16)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 5.25% | 9.58% | 12/28/2028 | $ | 764 | 746 | 764 | ||||
| Wholesale Total | $17,749 | $14,816 | 1.3% | ||||||||||
| Non-Controlled/Non-Affiliate Investments Total | $1,784,019 | $1,773,742 | 155.6% | ||||||||||
| 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 | — | — | — | — | 5,119 | 3,842 | 8,617 | |||||
| Ansett Aviation Training (6)(10)(18)(19) | First Lien Senior Secured Loan | BBSY | 4.69% | 9.17% | 9/24/2031 | AUD | 7,072 | 5,308 | 4,374 | ||||
| Aerospace & Defense Total | $9,150 | $12,991 | 1.1% | ||||||||||
| Beverage, Food & Tobacco | |||||||||||||
| ADT Pizza, LLC (10)(14)(19)(25) | Equity Interest | — | — | — | — | 6,720 | 6,732 | 8,429 | |||||
| Beverage, Food & Tobacco Total | $6,732 | $8,429 | 0.7% | ||||||||||
| Consumer Goods: Durable | |||||||||||||
| Walker Edison (3)(7)(10)(14)(18)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.90% PIK | 11.36% | 3/31/2029 | $ | 278 | 278 | 278 | ||||
| Walker Edison (10)(14)(19)(25) | Equity Interest | — | — | — | — | 60 | 5,592 | — | |||||
| Walker Edison (7)(10)(14)(15)(19)(26) | First Lien Senior Secured Loan | SOFR | 6.90% PIK | 11.56% | 3/31/2027 | $ | 6,933 | 6,434 | 1,040 | ||||
| Walker Edison (10)(15)(19) | First Lien Senior Secured Loan - Revolver | SOFR | 6.40% | 11.06% | 3/31/2027 | $ | 3,182 | 3,182 | 3,182 | ||||
| Walker Edison (7)(10)(14)(15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.90% PIK | 11.48% | 3/31/2027 | $ | 918 | 873 | 137 | ||||
| Walker Edison (3)(7)(10)(14)(15)(19)(26) | First Lien Senior Secured Loan - Delayed Draw | SOFR | 6.90% PIK | 11.34% | 3/31/2027 | $ | 2,040 | 1,941 | 238 | ||||
| Consumer Goods: Durable Total | $18,300 | $4,875 | 0.4% | ||||||||||
| Telecommunications | |||||||||||||
| DC Blox (10)(15)(19) | First Lien Senior Secured Loan | SOFR | 1.00% | 5.37% | 6/20/2025 | $ | 1,408 | 1,316 | 1,408 | ||||
| DC Blox (10)(19)(25)(26) | Preferred Equity | — | 8.00% PIK | 8.00% | — | 38 | 37,901 | 38,523 | |||||
| DC Blox (10)(19)(25)(26) | Preferred Equity | — | 8.00% PIK | 8.00% | — | 5 | 3,859 | 5,230 | |||||
| DC Blox (10)(19)(25)(26) | Preferred Equity | — | 8.00% PIK | 8.00% | — | 7 | 11 | 4,277 | |||||
| DC Blox (10)(14)(19)(25) | Equity Interest | — | — | — | — | 51 | — | — | |||||
| Telecommunications Total | $43,087 | $49,438 | 4.4% | ||||||||||
| Non-Controlled/Affiliate Investments Total | $77,269 | $75,733 | 6.6% | ||||||||||
| 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)(20)(25) | Equity Interest | — | — | — | — | 11,863 | 11,862 | 11,405 | |||||
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20)(25) | Equity Interest | — | — | — | — | 1,116 | 1,116 | — | |||||
| BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(20) | First Lien Senior Secured Loan | — | — | — | — | $ | 8,013 | 8,013 | 6,933 | ||||
| Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) | Equity Interest | — | — | — | — | 74,396 | 74,396 | 71,813 | |||||
| Aerospace & Defense Total | $95,387 | $90,151 | 7.9% | ||||||||||
| FIRE: Finance | |||||||||||||
| Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) | Equity Interest | — | — | — | — | 1 | 900 | 900 | |||||
| Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) | Preferred Equity | — | — | — | — | 42 | 42,300 | 45,009 | |||||
| Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) | Equity Interest | — | — | — | — | 1 | — | — | |||||
| FIRE: Finance Total | $43,200 | $45,909 | 4.0% | ||||||||||
| Investment Vehicles | |||||||||||||
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) | Subordinated Note Investment Vehicles | — | 10.00% | 10.00% | 12/27/2033 | $ | 146,495 | 146,495 | 146,495 | ||||
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Preferred Equity Interest Investment Vehicles | — | — | — | — | 10 | 10 | 10 | |||||
| Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles | — | — | — | — | 10 | 5,593 | (4,849) | |||||
| International Senior Loan Program, LLC (6)(10)(11)(18)(19) | Subordinated Note Investment Vehicles | SOFR | 8.00% | 12.59% | 2/22/2028 | $ | 190,729 | 190,729 | 190,729 | ||||
| International Senior Loan Program, LLC (6)(10)(11)(25) | Equity Interest Investment Vehicles | — | — | — | — | 63,587 | 60,614 | 55,408 | |||||
| Investment Vehicles Total | $403,441 | $387,793 | 34.1% | ||||||||||
| Services: Business | |||||||||||||
| Parcel2Go (6)(10)(11)(18)(19) | First Lien Senior Secured Loan | SONIA | 7.00% | 11.70% | 11/26/2031 | £ | 43 | 54 | 54 | ||||
| Parcel2Go (6)(10)(11)(14)(19)(25) | Equity Interest | — | — | — | — | — | — | — | |||||
| Parcel2Go (6)(10)(11)(14)(19)(25) | Preferred Equity | — | — | — | — | 14,221 | — | — | |||||
| Services: Business Total | $54 | $54 | 0.0% | ||||||||||
| Transportation: Cargo | |||||||||||||
| Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) | Equity Interest | — | — | — | — | 43,309 | 43,620 | 57,807 | |||||
| Transportation: Cargo Total | $43,620 | $57,807 | 5.1% | ||||||||||
| Controlled Affiliate Investments Total | $585,702 | $581,714 | 51.1% | ||||||||||
| Investments Total | $2,446,990 | $2,431,189 | 213.3% | ||||||||||
| Cash Equivalents | |||||||||||||
| Goldman Sachs Financial Square Government Fund Institutional Share Class | Cash Equivalents | — | 4.39% | — | $ | 63,795 | 63,795 | 63,795 | |||||
| Goldman Sachs US Treasury Liquid Reserves Fund (30) | Cash Equivalents | — | 4.40% | — | $ | 39,787 | 39,787 | 39,787 | |||||
| Cash Equivalents Total | $103,582 | $103,582 | 9.1% | ||||||||||
| Investments and Cash Equivalents Total | $2,550,572 | $2,534,771 | 222.4% | ||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation(8) |
|---|---|---|---|---|
| US DOLLARS 19,948 | POUND STERLING 14,990 | Bank of New York Mellon | 1/9/2025 | $(1,177) |
| US DOLLARS 27,735 | POUND STERLING 23,100 | Citibank | 1/9/2025 | (1,191) |
| US DOLLARS 10,482 | POUND STERLING 8,110 | Wells Fargo | 1/9/2025 | (327) |
| US DOLLARS 129 | EURO 0 | Bank of New York Mellon | 1/9/2025 | 129 |
| US DOLLARS 71 | NORWEGIAN KRONE 740 | Citibank | 1/24/2025 | 6 |
| US DOLLARS 2,743 | AUSTRALIAN DOLLARS 4,180 | Bank of New York Mellon | 2/12/2025 | 154 |
| US DOLLARS 2,448 | NEW ZEALAND DOLLAR 4,250 | Bank of New York Mellon | 3/17/2025 | 65 |
| US DOLLARS 6,849 | POUND STERLING 5,610 | Bank of New York Mellon | 4/23/2025 | (170) |
| US DOLLARS 81 | EURO 0 | Bank of New York Mellon | 5/15/2025 | (81) |
| US DOLLARS 9,158 | AUSTRALIAN DOLLARS 13,980 | Bank of New York Mellon | 5/27/2025 | 498 |
| US DOLLARS 29,225 | EURO 26,190 | Bank of New York Mellon | 5/27/2025 | 1,909 |
| US DOLLARS 2,949 | EURO 2,670 | Wells Fargo | 5/27/2025 | 165 |
| US DOLLARS 313 | CANADIAN DOLLAR 430 | Bank of New York Mellon | 5/27/2025 | 13 |
| US DOLLARS 9 | POUND STERLING 000 | Bank of New York Mellon | 6/10/2025 | 9 |
| US DOLLARS 358 | EURO 310 | Bank of New York Mellon | 6/10/2025 | 35 |
| US DOLLARS 4,792 | EURO 4,380 | Bank of New York Mellon | 6/12/2025 | 220 |
| US DOLLARS 2,483 | EURO 2,360 | Bank of New York Mellon | 6/13/2025 | 19 |
| US DOLLARS 9,890 | POUND STERLING 7,710 | Bank of New York Mellon | 6/23/2025 | 248 |
| US DOLLARS 1 | POUND STERLING 000 | Bank of New York Mellon | 7/21/2025 | (1) |
| US DOLLARS 8,321 | POUND STERLING 6,450 | Wells Fargo | 7/23/2025 | 256 |
| US DOLLARS 2,762 | AUSTRALIAN DOLLARS 3,739 | Bank of New York Mellon | 7/28/2025 | 445 |
| US DOLLARS 5,159 | EURO 4,680 | Wells Fargo | 7/28/2025 | 260 |
| US DOLLARS 1,029 | POUND STERLING 800 | Wells Fargo | 7/29/2025 | 28 |
| US DOLLARS 8,880 | EURO 7,870 | Wells Fargo | 8/22/2025 | 630 |
| US DOLLARS 2,442 | EURO 2,190 | Wells Fargo | 9/10/2025 | 144 |
| US DOLLARS 2,505 | AUSTRALIAN DOLLARS 3,950 | Bank of New York Mellon | 9/17/2025 | 56 |
| US DOLLARS 4,938 | POUND STERLING 3,780 | Bank of New York Mellon | 10/8/2025 | 214 |
| US DOLLARS 15,164 | EURO 13,610 | Bank of New York Mellon | 10/8/2025 | 856 |
| US DOLLARS 424 | CANADIAN DOLLAR 600 | Bank of New York Mellon | 12/19/2025 | 1 |
| US DOLLARS 1,031 | POUND STERLING 820 | Bank of New York Mellon | 11/25/2026 | 7 |
| US DOLLARS 2,278 | EURO 2,000 | Bank of New York Mellon | 10/28/2027 | 85 |
| $3,505 | ||||
(1)
The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Bank Bill Benchmark Rate ("BKBM"), the Canadian Overnight Repo Rate Average ("CORRA"), the Bank Bill Swap Rate (“BBSW”), the Bank Bill Swap Bid Rate (“BBSY”), the Prime Rate (“Prime” or “P”), the Sterling Overnight Index Average (“SONIA”) or 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 EURIBOR, BKBM, CORRA, BBSW, BBSY, SONIA, SOFR, or Prime and the current weighted average interest rate in effect at December 31, 2024. Certain investments are subject to a EURIBOR, BKBM, CORRA, BBSW, BBSY, SONIA, SOFR or Prime interest rate floor.
(2)
(3)
(4)
Percentages are based on the Company’s net assets of$1,139,672 as of December 31, 2024.
(5)
The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(6)
The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets totaled 26.12% of the Company’s total assets.
(7)
Loan was on non-accrual status as of December 31, 2024.
(8)
(9)
The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar, DKK represents Danish Krone and NZ$ represents New Zealand Dollar.
(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)
Loan includes interest rate floor of 3.50%.
(14)
(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)
$89 of the total par amount for this security is at P+1.50%.
(23)
$508 of the total par amount for this security is at P+5.50%.
(24)
Loan includes interest rate floor of 1.25%.
(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, 2024, the aggregate fair value of these securities is$452,688 or 39.72% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:
| Investment | Acquisition Date |
|---|---|
| ACAMS | 3/10/2022 |
| Advanced Aircrew | 7/26/2024 |
| 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 |
| AXH Air Coolers | 10/31/2023 |
| 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 |
| BCSF Project Aberdeen, LLC | 7/3/2024 |
| Brook Bidco | 7/8/2021 |
| BTX Precision | 7/25/2024 |
| CB Titan Holdings, Inc. | 5/1/2017 |
| Chartbeat | 10/4/2024 |
| City BBQ | 9/4/2024 |
| Cloud Technology Solutions (CTS) | 12/15/2022 |
| Congress Wealth | 6/30/2023 |
| Darcy Partners | 6/1/2022 |
| DC Blox | 9/23/2024 |
| DTIQ | 9/30/2024 |
| Eagle Rock Capital Corporation | 12/9/2021 |
| East BCC Coinvest II, LLC | 7/23/2019 |
| EHE Health | 8/7/2024 |
| Electronic Merchant Systems | 7/12/2024 |
| Elevator Holdco Inc. | 12/23/2019 |
| Eleven Software | 4/25/2022 |
| Eleven Software | 3/20/2024 |
| Elk Parent Holdings, LP | 11/1/2019 |
| FCG Acquisitions, Inc. | 1/24/2019 |
| Fineline Technologies, Inc. | 2/22/2021 |
| Forward Slope | 3/15/2024 |
| Galeria | 8/1/2024 |
| Gale Aviation (Offshore) Co | 1/2/2019 |
| Gills Point S | 5/17/2023 |
| Grammer Investment Holdings LLC | 10/1/2018 |
| GSP | 10/7/2024 |
| HealthDrive | 8/18/2023 |
| Hultec | 3/31/2023 |
| iBanFirst Facility | 7/13/2021 |
| Insigneo Financial Group LLC | 8/1/2022 |
| International Senior Loan Program, LLC | 2/22/2021 |
| Investment | Acquisition Date |
|---|---|
| Legacy Corporate Lending HoldCo, LLC | 4/21/2023 |
| Lightning Holdings B, LLC | 1/2/2020 |
| masLabor | 7/1/2021 |
| MZR Aggregator | 12/22/2020 |
| MZR Aggregator | 9/17/2024 |
| NPC International, Inc. | 4/1/2021 |
| Odyssey Behavioral Health | 11/21/2024 |
| Opus2 | 6/16/2021 |
| Parcel2Go | 11/26/2024 |
| PayRange | 10/31/2024 |
| PPX | 7/29/2021 |
| Precision Ultimate Holdings, LLC | 11/6/2019 |
| Pure Wafer | 11/12/2024 |
| REP Coinvest III- A Omni, L.P. | 2/5/2021 |
| Revalize, Inc. | 12/29/2022 |
| Robinson Helicopter | 6/30/2022 |
| Rydoo | 9/26/2024 |
| SensorTower | 3/15/2024 |
| Service Master | 8/16/2021 |
| Service Master | 7/15/2021 |
| Sikich | 5/6/2024 |
| SoftCo | 3/1/2024 |
| Superna Inc. | 3/8/2022 |
| Taoglas | 2/28/2023 |
| Taoglas | 6/27/2024 |
| Titan Cloud Software, Inc | 11/4/2022 |
| TLC Holdco LP | 10/11/2019 |
| Thrasio, LLC | 6/18/2024 |
| Utimaco | 6/28/2022 |
| Ventiv Holdco, Inc. | 9/3/2019 |
| Walker Edison | 3/1/2023 |
| WSP | 5/20/2024 |
| WSP | 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 $39,783 of restricted cash.
(31)
(32)
(33)
Loan includes interest rate floor of 3.00%.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.