New Mountain Finance Corp
For the period ended Jun 30, 2024. Filed Jul 31, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 31, 2024
NMFC$6.84-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Schedule of Investments as of
Consolidated Schedule of Investments
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Controlled/Non-Affiliated Investments | |||||||||||||
| Funded Debt Investments - United States | |||||||||||||
| Paw Midco, Inc. | |||||||||||||
| AAH Topco, LLC | |||||||||||||
| Consumer Services | First lien (2)(14) | SOFR(M) | 5.50% | 10.94% | 12/2021 | 12/2027 | $22,849 | $22,677 | $22,849 | ||||
| First lien (8)(14) | SOFR(M) | 5.50% | 10.94% | 12/2021 | 12/2027 | 20,322 | 20,191 | 20,321 | |||||
| First lien (4)(14) | SOFR(M) | 5.50% | 10.94% | 01/2022 | 12/2027 | 9,649 | 9,586 | 9,648 | |||||
| First lien (4)(14) | SOFR(M) | 5.50% | 10.94% | 12/2021 | 12/2027 | 7,413 | 7,357 | 7,413 | |||||
| Subordinated (3)(14) | FIXED(Q)* | 11.50%/PIK | 11.50% | 12/2021 | 12/2031 | 14,838 | 14,697 | 14,405 | |||||
| Subordinated (4)(14) | FIXED(Q)* | 11.50%/PIK | 11.50% | 01/2022 | 12/2031 | 5,819 | 5,764 | 5,649 | |||||
| 80,272 | 80,285 | 5.79% | |||||||||||
| Knockout Intermediate Holdings I Inc. (30) | |||||||||||||
| Kaseya Inc. | |||||||||||||
| Software | First lien (2)(14) | SOFR(Q) | 5.50% | 10.83% | 06/2022 | 06/2029 | 64,440 | 64,071 | 64,440 | ||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.50% | 10.83% | 06/2022 | 06/2029 | 973 | 966 | 973 | |||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.83% | 06/2022 | 06/2029 | 238 | 237 | 238 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.50% | 10.82% | 06/2022 | 06/2029 | 193 | 192 | 193 | |||||
| 65,466 | 65,844 | 4.75% | |||||||||||
| GC Waves Holdings, Inc. | |||||||||||||
| Financial Services | First lien (2)(14) | SOFR(M) | 5.25% | 10.69% | 08/2021 | 08/2029 | 40,067 | 39,826 | 40,067 | ||||
| First lien (5)(14) | SOFR(M) | 5.25% | 10.69% | 08/2021 | 08/2029 | 21,557 | 21,488 | 21,557 | |||||
| First lien (2)(14) | SOFR(M) | 5.25% | 10.69% | 10/2019 | 08/2029 | 448 | 444 | 448 | |||||
| 61,758 | 62,072 | 4.48% | |||||||||||
| OA Topco, L.P. (29) | |||||||||||||
| OA Buyer, Inc. | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(M) | 5.25% | 10.58% | 06/2024 | 12/2028 | 31,592 | 31,514 | 31,592 | ||||
| First lien (2)(14) | SOFR(M) | 5.25% | 10.59% | 12/2021 | 12/2028 | 27,566 | 27,370 | 27,567 | |||||
| First lien (2)(14) | SOFR(M) | 5.25% | 10.59% | 05/2022 | 12/2028 | 1,745 | 1,732 | 1,745 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 5.25% | 10.58% | 12/2021 | 12/2028 | 300 | 297 | 300 | |||||
| 60,913 | 61,204 | 4.41% | |||||||||||
| Associations Finance, Inc. | |||||||||||||
| Associations, Inc. | |||||||||||||
| Business Services | First lien (8)(14) | SOFR(Q) | 6.50% | 12.09% | 05/2024 | 07/2028 | 49,679 | 49,655 | 49,655 | ||||
| Subordinated (3)(14) | FIXED(Q)* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 7,404 | 7,386 | 7,386 | |||||
| Subordinated (3)(14) | FIXED(Q)* | 14.25%/PIK | 14.25% | 05/2024 | 05/2030 | 2,827 | 2,821 | 2,820 | |||||
| 59,862 | 59,861 | 4.32% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GS Acquisitionco, Inc. | |||||||||||||
| Software | First lien (2)(14) | SOFR(Q) | 5.25% | 10.58% | 08/2019 | 05/2028 | $34,902 | $34,839 | $34,902 | ||||
| First lien (5)(14) | SOFR(Q) | 5.25% | 10.58% | 08/2019 | 05/2028 | 21,409 | 21,370 | 21,409 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.25% | 10.58% | 08/2019 | 05/2028 | 643 | 643 | 643 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.25% | 10.58% | 03/2024 | 05/2028 | 233 | 232 | 233 | |||||
| 57,084 | 57,187 | 4.12% | |||||||||||
| iCIMS, Inc. | |||||||||||||
| Software | First lien (2)(14) | SOFR(Q)* | 3.88%/PIK + 3.38% | 12.58% | 09/2023 | 08/2028 | 44,118 | 43,888 | 44,118 | ||||
| First lien (2)(14) | SOFR(Q) | 7.25% | 12.58% | 10/2022 | 08/2028 | 7,366 | 7,316 | 7,366 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(S) | 6.75% | 12.08% | 08/2022 | 08/2028 | 353 | 355 | 353 | |||||
| 51,559 | 51,837 | 3.74% | |||||||||||
| OEConnection LLC | |||||||||||||
| Software | First lien (2)(14) | SOFR(M) | 5.25% | 10.59% | 04/2024 | 04/2031 | 46,663 | 46,434 | 46,663 | 3.37% | |||
| Model N, Inc. | |||||||||||||
| Software | First lien (2) | SOFR(Q) | 5.00% | 10.34% | 06/2024 | 06/2031 | 44,329 | 44,107 | 44,107 | 3.18% | |||
| Deca Dental Holdings LLC | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(Q) | 5.50% | 10.93% | 08/2021 | 08/2028 | 37,285 | 37,037 | 36,614 | ||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.93% | 08/2021 | 08/2028 | 3,925 | 3,898 | 3,854 | |||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.94% | 08/2021 | 08/2027 | 3,027 | 2,997 | 2,972 | |||||
| 43,932 | 43,440 | 3.13% | |||||||||||
| IG Intermediateco LLC | |||||||||||||
| Infogain Corporation | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(M) | 5.75% | 11.19% | 07/2021 | 07/2028 | 18,372 | 18,282 | 18,372 | ||||
| First lien (8)(14) | SOFR(M) | 5.75% | 11.19% | 07/2022 | 07/2028 | 7,804 | 7,747 | 7,804 | |||||
| Subordinated (3)(14) | SOFR(Q) | 8.25% | 13.68% | 07/2022 | 07/2029 | 17,245 | 17,071 | 17,245 | |||||
| 43,100 | 43,421 | 3.13% | |||||||||||
| Recorded Future, Inc. | |||||||||||||
| Software | First lien (3) | SOFR(Q) | 5.75% | 11.08% | 06/2024 | 06/2030 | 41,688 | 41,480 | 41,480 | 2.99% | |||
| RealPage, Inc. | |||||||||||||
| Software | Second lien (2) | SOFR(M) | 6.50% | 11.96% | 03/2024 | 04/2029 | 41,887 | 41,681 | 40,944 | 2.95% | |||
| WEG Sub Intermediate Holdings, LLC | |||||||||||||
| Wealth Enhancement Group, LLC | |||||||||||||
| Financial Services | First lien (2)(14) | SOFR(Q) | 5.50% | 10.82% | 05/2022 | 10/2027 | 15,670 | 15,638 | 15,670 | ||||
| First lien (8)(14) | SOFR(Q) | 5.50% | 10.83% | 08/2021 | 10/2027 | 11,969 | 11,946 | 11,969 | |||||
| First lien (2)(14) | SOFR(Q) | 5.50% | 10.83% | 08/2021 | 10/2027 | 6,693 | 6,676 | 6,693 | |||||
| First lien (8)(14) | SOFR(Q) | 5.50% | 10.85% | 01/2022 | 10/2027 | 1,234 | 1,227 | 1,234 | |||||
| First lien (8)(14) | SOFR(Q) | 5.50% | 10.83% | 01/2022 | 10/2027 | 828 | 823 | 828 | |||||
| Subordinated (3)(14) | FIXED(Q)* | 15.00%/PIK | 15.00% | 05/2023 | 05/2033 | 3,784 | 3,737 | 3,784 | |||||
| 40,047 | 40,178 | 2.90% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| YLG Holdings, Inc. | |||||||||||||
| Business Services | First lien (5)(14) | SOFR(Q) | 5.00% | 10.43% | 11/2019 | 10/2025 | $17,586 | $17,562 | $17,586 | ||||
| First lien (2)(14) | SOFR(Q) | 5.00% | 10.43% | 06/2024 | 10/2025 | 8,391 | 8,391 | 8,391 | |||||
| First lien (2)(14) | SOFR(Q) | 5.00% | 10.99% | 06/2024 | 10/2025 | 3,514 | 3,514 | 3,514 | |||||
| First lien (5)(14) | SOFR(Q) | 5.00% | 10.43% | 11/2019 | 10/2025 | 2,290 | 2,287 | 2,290 | |||||
| First lien (2)(14)(17) - Drawn | SOFR(Q) | 5.00% | 10.43% | 06/2024 | 10/2025 | 2,096 | 2,096 | 2,096 | |||||
| First lien (2)(14) | SOFR(Q) | 5.00% | 10.43% | 06/2024 | 10/2025 | 1,321 | 1,321 | 1,321 | |||||
| First lien (5)(14) | SOFR(Q) | 5.00% | 10.99% | 10/2021 | 10/2025 | 1,198 | 1,192 | 1,198 | |||||
| First lien (2)(14) | SOFR(Q) | 5.00% | 10.43% | 06/2024 | 10/2025 | 846 | 846 | 846 | |||||
| First lien (5)(14)(17) - Drawn | SOFR(Q) | 5.00% | 10.43% | 10/2021 | 10/2025 | 715 | 715 | 715 | |||||
| First lien (3)(14)(17) - Drawn | P(M) | 4.00% | 12.50% | 11/2019 | 10/2025 | 326 | 332 | 326 | |||||
| 38,256 | 38,283 | 2.76% | |||||||||||
| MRI Software LLC | |||||||||||||
| Software | First lien (5)(14) | SOFR(Q) | 5.50% | 10.93% | 01/2020 | 02/2027 | 21,542 | 21,504 | 21,542 | ||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.93% | 03/2021 | 02/2027 | 7,631 | 7,617 | 7,631 | |||||
| First lien (2)(14) | SOFR(Q) | 5.50% | 10.93% | 03/2021 | 02/2027 | 4,545 | 4,539 | 4,545 | |||||
| First lien (2)(14) | SOFR(Q) | 5.50% | 10.93% | 01/2020 | 02/2027 | 3,124 | 3,118 | 3,124 | |||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.93% | 01/2020 | 02/2027 | 797 | 795 | 797 | |||||
| 37,573 | 37,639 | 2.71% | |||||||||||
| Sierra Enterprises, LLC | |||||||||||||
| Food & Beverage | First lien (3)(14) | SOFR(Q)* | 4.25%/PIK + 2.50% | 12.08% | 06/2023 | 05/2027 | 38,740 | 34,817 | 37,295 | 2.69% | |||
| Foreside Financial Group, LLC | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q) | 5.25% | 10.75% | 05/2022 | 09/2027 | 33,527 | 33,302 | 33,527 | ||||
| First lien (3)(14) | SOFR(Q) | 5.25% | 10.75% | 05/2022 | 09/2027 | 2,673 | 2,650 | 2,673 | |||||
| 35,952 | 36,200 | 2.61% | |||||||||||
| Auctane Inc. (fka Stamps.com Inc.) | |||||||||||||
| Software | First lien (8)(14) | SOFR(Q) | 5.75% | 11.18% | 10/2021 | 10/2028 | 21,735 | 21,587 | 21,222 | ||||
| First lien (2)(14) | SOFR(Q) | 5.75% | 11.18% | 10/2021 | 10/2028 | 14,699 | 14,599 | 14,352 | |||||
| 36,186 | 35,574 | 2.57% | |||||||||||
| IG Investments Holdings, LLC | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q) | 6.00% | 11.43% | 09/2021 | 09/2028 | 28,691 | 28,496 | 28,691 | ||||
| First lien (2)(14) | SOFR(Q) | 6.00% | 11.43% | 02/2022 | 09/2028 | 4,192 | 4,177 | 4,192 | |||||
| First lien (8)(14) | SOFR(Q) | 6.00% | 11.43% | 03/2024 | 09/2028 | 1,690 | 1,690 | 1,690 | |||||
| First lien (8)(14) | SOFR(Q) | 6.00% | 11.33% | 04/2024 | 09/2028 | 635 | 632 | 635 | |||||
| First lien (8)(14) | SOFR(Q) | 6.00% | 11.43% | 03/2024 | 09/2028 | 223 | 223 | 223 | |||||
| 35,218 | 35,431 | 2.56% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CentralSquare Technologies, LLC | |||||||||||||
| Software | First lien (2)(14) | SOFR(M)* | 3.00% + 3.50%/PIK | 11.83% | 04/2024 | 04/2030 | $35,238 | $34,811 | $35,238 | 2.54% | |||
| TigerConnect, Inc. | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(Q)* | 3.38% + 3.38%/PIK | 12.23% | 02/2022 | 02/2028 | 29,868 | 29,666 | 29,868 | ||||
| First lien (2)(14)(17) - Drawn | SOFR(Q)* | 3.38% + 3.38%/PIK | 12.23% | 02/2022 | 02/2028 | 1,889 | 1,889 | 1,889 | |||||
| 31,555 | 31,757 | 2.29% | |||||||||||
| PPV Intermediate Holdings, LLC | |||||||||||||
| Consumer Services | First lien (4)(14) | SOFR(Q) | 5.75% | 11.10% | 08/2022 | 08/2029 | 22,500 | 22,439 | 22,500 | ||||
| First lien (2)(14) | SOFR(Q) | 5.75% | 11.10% | 06/2024 | 08/2029 | 8,300 | 8,300 | 8,300 | |||||
| 30,739 | 30,800 | 2.22% | |||||||||||
| Fortis Solutions Group, LLC | |||||||||||||
| Packaging | First lien (2)(14) | SOFR(Q) | 5.50% | 10.93% | 10/2021 | 10/2028 | 17,264 | 17,142 | 17,264 | ||||
| First lien (8)(14) | SOFR(Q) | 5.50% | 10.93% | 10/2021 | 10/2028 | 10,041 | 9,972 | 10,041 | |||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.93% | 10/2021 | 10/2028 | 1,172 | 1,163 | 1,172 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.50% | 10.93% | 06/2022 | 10/2028 | 869 | 863 | 869 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.50% | 10.93% | 10/2021 | 10/2027 | 572 | 566 | 572 | |||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.93% | 10/2021 | 10/2028 | 80 | 79 | 80 | |||||
| 29,785 | 29,998 | 2.16% | |||||||||||
| Brave Parent Holdings, Inc. | |||||||||||||
| Software | First lien (5)(14) | SOFR(Q) | 5.00% | 10.33% | 11/2023 | 11/2030 | 20,120 | 20,025 | 20,020 | ||||
| First lien (2)(14) | SOFR(Q) | 5.00% | 10.33% | 05/2024 | 11/2030 | 7,867 | 7,867 | 7,827 | |||||
| First lien (5)(14)(17) - Drawn | SOFR(Q) | 5.00% | 10.33% | 11/2023 | 11/2030 | 1,326 | 1,324 | 1,319 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.00% | 10.33% | 05/2024 | 11/2030 | 518 | 518 | 516 | |||||
| 29,734 | 29,682 | 2.14% | |||||||||||
| Bullhorn, Inc. | |||||||||||||
| Software | First lien (2)(14) | SOFR(M) | 5.00% | 10.34% | 09/2019 | 10/2029 | 16,444 | 16,396 | 16,444 | ||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 5.00% | 10.33% | 05/2024 | 10/2029 | 8,462 | 8,442 | 8,462 | |||||
| First lien (2)(14) | SOFR(M) | 5.00% | 10.34% | 10/2021 | 10/2029 | 3,398 | 3,393 | 3,398 | |||||
| First lien (2)(14) | SOFR(M) | 5.00% | 10.34% | 09/2019 | 10/2029 | 761 | 758 | 761 | |||||
| First lien (2)(14) | SOFR(M) | 5.00% | 10.34% | 09/2019 | 10/2029 | 341 | 340 | 341 | |||||
| First lien (2)(14) | SOFR(M) | 5.00% | 10.34% | 09/2019 | 10/2029 | 272 | 271 | 272 | |||||
| 29,600 | 29,678 | 2.14% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Foundational Education Group, Inc. | |||||||||||||
| Education | Second lien (5)(14) | SOFR(Q) | 6.50% | 12.09% | 08/2021 | 08/2029 | $22,500 | $22,417 | $22,500 | ||||
| Second lien (2)(14) | SOFR(Q) | 6.50% | 12.09% | 08/2021 | 08/2029 | 7,009 | 6,990 | 7,009 | |||||
| 29,407 | 29,509 | 2.13% | |||||||||||
| NMC Crimson Holdings, Inc. | |||||||||||||
| Healthcare | First lien (8)(14) | SOFR(Q) | 6.09% | 11.54% | 03/2021 | 03/2028 | 19,259 | 19,086 | 19,259 | ||||
| First lien (3)(14) | SOFR(Q) | 6.09% | 11.58% | 03/2021 | 03/2028 | 5,012 | 4,994 | 5,012 | |||||
| First lien (2)(14) | SOFR(Q) | 6.09% | 11.54% | 03/2021 | 03/2028 | 4,913 | 4,869 | 4,913 | |||||
| 28,949 | 29,184 | 2.10% | |||||||||||
| PetVet Care Centers, LLC | |||||||||||||
| Consumer Services | First lien (2)(14) | SOFR(M) | 6.00% | 11.34% | 10/2023 | 11/2030 | 28,288 | 28,021 | 28,288 | 2.04% | |||
| Syndigo LLC | |||||||||||||
| Software | Second lien (4)(14) | SOFR(M) | 8.00% | 13.45% | 12/2020 | 12/2028 | 22,500 | 22,388 | 22,500 | ||||
| Second lien (2)(14) | SOFR(M) | 8.00% | 13.45% | 02/2022 | 12/2028 | 5,697 | 5,707 | 5,697 | |||||
| 28,095 | 28,197 | 2.03% | |||||||||||
| ACI Parent Inc.(26) | |||||||||||||
| ACI Group Holdings, Inc. | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(M) | 5.50% | 10.94% | 08/2021 | 08/2028 | 21,913 | 21,770 | 21,387 | ||||
| First lien (3)(14) | SOFR(M) | 5.50% | 10.94% | 08/2021 | 08/2028 | 3,884 | 3,854 | 3,791 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 5.50% | 10.94% | 08/2021 | 08/2028 | 2,323 | 2,302 | 2,267 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 5.50% | 10.94% | 08/2021 | 08/2027 | 588 | 583 | 574 | |||||
| 28,509 | 28,019 | 2.02% | |||||||||||
| Nelipak Holding Company | |||||||||||||
| Packaging | First lien (3)(14)(15) | EURIBOR(Q) | 5.50% | 9.22% | 03/2024 | 03/2031 | €16,607 | 17,857 | 17,791 | ||||
| First lien (2)(14) | SOFR(Q) | 5.50% | 10.83% | 03/2024 | 03/2031 | $9,069 | 9,003 | 9,069 | |||||
| First lien (3)(14)(15)(17) - Drawn | SOFR(M) | 5.50% | 10.84% | 03/2024 | 03/2031 | $993 | 985 | 993 | |||||
| First lien (3)(14)(17) - Drawn | EURIBOR(Q) | 5.50% | 9.18% | 03/2024 | 03/2031 | €105 | 110 | 112 | |||||
| 27,955 | 27,965 | 2.02% | |||||||||||
| CRCI Longhorn Holdings, Inc. | |||||||||||||
| Business Services | Second lien (3) | SOFR(M) | 7.25% | 12.69% | 08/2018 | 08/2026 | 18,266 | 18,242 | 18,266 | ||||
| Second lien (8) | SOFR(M) | 7.25% | 12.69% | 08/2018 | 08/2026 | 7,500 | 7,490 | 7,500 | |||||
| 25,732 | 25,766 | 1.86% | |||||||||||
| Pioneer Topco I, L.P. (28) | |||||||||||||
| Pioneer Buyer I, LLC | |||||||||||||
| Software | First lien (8)(14) | SOFR(Q) | 6.50% | 11.83% | 11/2021 | 11/2028 | 17,321 | 17,226 | 17,321 | ||||
| First lien (3)(14) | SOFR(Q) | 6.50% | 11.83% | 03/2024 | 11/2028 | 5,768 | 5,761 | 5,768 | |||||
| First lien (8)(14) | SOFR(Q) | 6.50% | 11.83% | 03/2022 | 11/2028 | 2,374 | 2,360 | 2,374 | |||||
| 25,347 | 25,463 | 1.84% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DOCS, MSO, LLC | |||||||||||||
| Healthcare | First lien (8)(14) | SOFR(M) | 5.75% | 11.18% | 06/2022 | 06/2028 | $18,478 | $18,478 | $18,269 | ||||
| First lien (4)(14) | SOFR(M) | 5.75% | 11.18% | 06/2022 | 06/2028 | 6,920 | 6,920 | 6,842 | |||||
| 25,398 | 25,111 | 1.81% | |||||||||||
| AmeriVet Partners Management, Inc. | |||||||||||||
| Consumer Services | First lien (2)(14) | SOFR(Q) | 5.25% | 10.73% | 02/2022 | 02/2028 | 19,062 | 18,997 | 19,062 | ||||
| First lien (2)(14) | SOFR(Q) | 5.25% | 10.73% | 02/2022 | 02/2028 | 5,304 | 5,284 | 5,304 | |||||
| First lien (3)(14) | SOFR(Q) | 5.25% | 10.73% | 02/2022 | 02/2028 | 697 | 694 | 697 | |||||
| 24,975 | 25,063 | 1.81% | |||||||||||
| FS WhiteWater Holdings, LLC (27) | |||||||||||||
| FS WhiteWater Borrower, LLC | |||||||||||||
| Consumer Services | First lien (5)(14) | SOFR(Q) | 5.75% | 11.23% | 12/2021 | 12/2027 | 10,238 | 10,171 | 10,238 | ||||
| First lien (3)(14) | SOFR(Q) | 6.00% | 11.49% | 07/2022 | 12/2027 | 5,706 | 5,659 | 5,706 | |||||
| First lien (5)(14) | SOFR(Q) | 5.75% | 11.23% | 12/2021 | 12/2027 | 3,436 | 3,412 | 3,436 | |||||
| First lien (5)(14) | SOFR(Q) | 5.75% | 11.23% | 12/2021 | 12/2027 | 3,415 | 3,393 | 3,415 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 5.75% | 11.24% | 12/2021 | 12/2027 | 1,173 | 1,162 | 1,173 | |||||
| 23,797 | 23,968 | 1.73% | |||||||||||
| HS Purchaser, LLC / Help/Systems Holdings, Inc. | |||||||||||||
| Software | Second lien (5)(14) | SOFR(Q) | 6.75% | 12.20% | 11/2019 | 11/2027 | 22,500 | 22,437 | 20,079 | ||||
| Second lien (2)(14) | SOFR(Q) | 6.75% | 12.20% | 11/2019 | 11/2027 | 4,208 | 4,186 | 3,755 | |||||
| 26,623 | 23,834 | 1.72% | |||||||||||
| Diamond Parent Holdings Corp. (25) | |||||||||||||
| Diligent Corporation | |||||||||||||
| Software | First lien (3)(14) | SOFR(M) | 5.00% | 10.34% | 04/2024 | 08/2030 | 3,398 | 3,385 | 3,385 | ||||
| First lien (2)(14) | SOFR(M) | 5.00% | 10.34% | 04/2024 | 08/2030 | 19,821 | 19,748 | 19,748 | |||||
| 23,133 | 23,133 | 1.67% | |||||||||||
| Xactly Corporation | |||||||||||||
| Software | First lien (4)(14) | SOFR(Q) | 7.25% | 12.70% | 07/2017 | 07/2025 | 22,500 | 22,480 | 22,500 | 1.62% | |||
| Ambrosia Holdco Corp(32) | |||||||||||||
| TMK Hawk Parent, Corp. | |||||||||||||
| Distribution & Logistics | First lien (2)(14) | SOFR(M)* | 5.25%/PIK | 10.59% | 01/2024 | 06/2029 | 11,681 | 11,096 | 10,069 | ||||
| First lien (8)(14) | SOFR(M)* | 5.25%/PIK | 10.59% | 01/2024 | 06/2029 | 9,405 | 9,295 | 8,106 | |||||
| First lien (3)(14) | SOFR(M)* | 2.00%/PIK + 1.00% | 8.34% | 03/2024 | 06/2029 | 2,814 | 2,244 | 2,378 | |||||
| Subordinated (2)(14) | FIXED(Q)* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 286 | 286 | 286 | |||||
| Subordinated (8)(14) | FIXED(Q)* | 11.00%/PIK | 11.00% | 01/2024 | 12/2031 | 276 | 276 | 276 | |||||
| 23,197 | 21,115 | 1.52% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cardinal Parent, Inc. | |||||||||||||
| Software | First lien (4) | SOFR(Q) | 4.50% | 9.98% | 10/2020 | 11/2027 | $11,791 | $11,743 | $11,091 | ||||
| Second lien (4)(14) | SOFR(Q) | 7.75% | 13.23% | 11/2020 | 11/2028 | 9,767 | 9,703 | 9,306 | |||||
| 21,446 | 20,397 | 1.47% | |||||||||||
| Oranje Holdco, Inc. | |||||||||||||
| Education | First lien (8)(14) | SOFR(Q) | 7.50% | 12.83% | 02/2023 | 02/2029 | 7,440 | 7,363 | 7,440 | ||||
| First lien (2)(14) | SOFR(Q) | 7.50% | 12.83% | 02/2023 | 02/2029 | 7,440 | 7,363 | 7,440 | |||||
| First lien (8) | SOFR(M) | 7.25% | 12.59% | 04/2024 | 02/2029 | 5,454 | 5,399 | 5,399 | |||||
| 20,125 | 20,279 | 1.46% | |||||||||||
| AAC Lender Holdings, LLC(24) | |||||||||||||
| American Achievement Corporation (aka AAC Holding Corp.) | |||||||||||||
| Education | First lien (2)(14) | SOFR(M)(33)* | 5.75%/PIK + 0.50% | 11.68% | 09/2015 | 09/2026 | 29,879 | 29,842 | 20,000 | ||||
| First lien (3)(14) | SOFR(M)(33)* | 13.50%/PIK + 0.50% | 19.43% | 06/2021 | 09/2026 | 1,527 | 1,527 | — | |||||
| Subordinated (3)(14) | SOFR(Q)(33)* | 1.00%/PIK | 6.45% | 03/2021 | 09/2026 | 5,230 | — | — | |||||
| 31,369 | 20,000 | 1.44% | |||||||||||
| DG Investment Intermediate Holdings 2, Inc. | |||||||||||||
| Business Services | Second lien (3) | SOFR(M) | 6.75% | 12.21% | 03/2021 | 03/2029 | 20,313 | 20,277 | 19,953 | 1.44% | |||
| Trinity Air Consultants Holdings Corporation | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(S) | 5.25% | 10.66% | 06/2021 | 06/2028 | 15,382 | 15,295 | 15,382 | ||||
| First lien (2)(14)(17) - Drawn | SOFR(S) | 5.25% | 10.59% | 06/2021 | 06/2028 | 4,295 | 4,264 | 4,295 | |||||
| 19,559 | 19,677 | 1.42% | |||||||||||
| Groundworks, LLC | |||||||||||||
| Business Services | First lien (4) | SOFR(M) | 3.50% | 8.83% | 03/2024 | 03/2031 | 19,003 | 18,817 | 19,014 | ||||
| First lien (4)(17) - Drawn | SOFR(M) | 3.50% | 8.83% | 03/2024 | 03/2031 | 560 | 554 | 560 | |||||
| 19,371 | 19,574 | 1.41% | |||||||||||
| Notorious Topco, LLC | |||||||||||||
| Consumer Products | First lien (8)(14) | SOFR(Q)* | 4.75% + 2.50%/PIK | 12.73% | 11/2021 | 11/2027 | 9,961 | 9,914 | 9,265 | ||||
| First lien (8)(14) | SOFR(Q)* | 4.75% + 2.50%/PIK | 12.73% | 05/2022 | 11/2027 | 9,836 | 9,787 | 9,149 | |||||
| First lien (3)(14) | SOFR(Q)* | 4.75% + 2.50%/PIK | 12.73% | 11/2021 | 11/2027 | 868 | 860 | 807 | |||||
| 20,561 | 19,221 | 1.39% | |||||||||||
| Convey Health Solutions, Inc. | |||||||||||||
| Healthcare | First lien (4)(14) | SOFR(Q) | 5.25% | 10.68% | 09/2019 | 09/2026 | 18,926 | 18,848 | 16,307 | ||||
| First lien (4)(14) | SOFR(Q) | 5.25% | 10.68% | 02/2022 | 09/2026 | 3,160 | 3,136 | 2,723 | |||||
| 21,984 | 19,030 | 1.37% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PDI TA Holdings, Inc. | |||||||||||||
| Software | First lien (4)(14) | SOFR(Q) | 5.25% | 10.58% | 01/2024 | 02/2031 | $16,300 | $16,222 | $16,300 | ||||
| First lien (4)(14)(17) - Drawn | SOFR(Q) | 5.25% | 10.60% | 01/2024 | 02/2031 | 1,952 | 1,942 | 1,952 | |||||
| 18,164 | 18,252 | 1.32% | |||||||||||
| Kele Holdco, Inc. | |||||||||||||
| Distribution & Logistics | First lien (5)(14) | SOFR(M) | 5.25% | 10.69% | 02/2020 | 02/2026 | 14,716 | 14,691 | 14,716 | ||||
| First lien (5)(14) | SOFR(M) | 5.25% | 10.69% | 02/2024 | 02/2026 | 2,656 | 2,639 | 2,656 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 5.25% | 10.69% | 02/2020 | 02/2026 | 769 | 765 | 769 | |||||
| 18,095 | 18,141 | 1.31% | |||||||||||
| Power Grid Holdings, Inc. | |||||||||||||
| Business Products | First lien (4)(14) | SOFR(M) | 4.75% | 10.09% | 11/2023 | 12/2030 | 18,148 | 17,977 | 17,966 | 1.30% | |||
| GraphPAD Software, LLC | |||||||||||||
| Healthcare | First lien (2) | SOFR(Q) | 4.75% | 10.08% | 06/2024 | 06/2031 | 17,946 | 17,901 | 17,901 | 1.29% | |||
| Avalara, Inc. | |||||||||||||
| Software | First lien (8)(14) | SOFR(Q) | 6.75% | 12.08% | 10/2022 | 10/2028 | 17,198 | 17,030 | 17,198 | 1.24% | |||
| Idera, Inc. | |||||||||||||
| Software | Second lien (4)(14) | SOFR(Q) | 6.75% | 12.23% | 06/2019 | 03/2029 | 15,091 | 14,949 | 15,091 | ||||
| Second lien (3)(14) | SOFR(Q) | 6.75% | 12.23% | 04/2021 | 03/2029 | 2,012 | 2,005 | 2,012 | |||||
| 16,954 | 17,103 | 1.23% | |||||||||||
| Coupa Holdings, LLC | |||||||||||||
| Software | First lien (8)(14) | SOFR(Q) | 5.50% | 10.83% | 02/2023 | 02/2030 | 14,460 | 14,303 | 14,460 | 1.04% | |||
| IMO Investor Holdings, Inc. | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(Q) | 5.50% | 10.82% | 05/2022 | 05/2029 | 12,779 | 12,682 | 12,779 | ||||
| First lien (3)(14) | SOFR(Q) | 5.50% | 10.82% | 05/2022 | 05/2029 | 1,633 | 1,618 | 1,633 | |||||
| 14,300 | 14,412 | 1.04% | |||||||||||
| Daxko Acquisition Corporation | |||||||||||||
| Software | First lien (8)(14) | SOFR(M) | 5.50% | 10.94% | 10/2021 | 10/2028 | 12,945 | 12,856 | 12,945 | ||||
| First lien (2)(14) | SOFR(M) | 5.50% | 10.94% | 10/2021 | 10/2028 | 1,091 | 1,083 | 1,091 | |||||
| First lien (3)(14) | SOFR(M) | 5.50% | 10.94% | 10/2021 | 10/2028 | 65 | 65 | 65 | |||||
| First lien (3)(14)(17) - Drawn | P(Q) | 4.50% | 13.00% | 10/2021 | 10/2027 | 148 | 146 | 148 | |||||
| 14,150 | 14,249 | 1.03% | |||||||||||
| Calabrio, Inc. | |||||||||||||
| Software | First lien (5)(14) | SOFR(Q) | 7.13% | 12.47% | 04/2021 | 04/2027 | 12,347 | 12,297 | 12,347 | ||||
| First lien (5)(14) | SOFR(Q) | 7.13% | 12.47% | 01/2024 | 04/2027 | 1,582 | 1,568 | 1,582 | |||||
| 13,865 | 13,929 | 1.00% | |||||||||||
| Houghton Mifflin Harcourt Company | |||||||||||||
| Education | First lien (8) | SOFR(Q) | 5.25% | 10.70% | 10/2023 | 04/2029 | 14,558 | 14,143 | 13,889 | 1.00% | |||
| Baker Tilly Advisory Group, LP | |||||||||||||
| Financial Services | First lien (8)(14) | SOFR(M) | 5.00% | 10.34% | 05/2024 | 06/2031 | 13,155 | 13,058 | 13,058 | 0.94% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CFS Management, LLC | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(Q)* | 6.25% + 2.75%/PIK | 14.60% | 08/2019 | 07/2024 | $11,242 | $11,242 | $10,044 | ||||
| First lien (2)(14) | SOFR(Q)* | 6.25% + 2.75%/PIK | 14.60% | 08/2019 | 07/2024 | 3,349 | 3,349 | 2,992 | |||||
| 14,591 | 13,036 | 0.94% | |||||||||||
| USRP Holdings, Inc. | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(M) | 5.75% | 11.19% | 07/2021 | 07/2027 | 5,584 | 5,552 | 5,584 | ||||
| First lien (8)(14) | SOFR(M) | 5.75% | 11.19% | 07/2021 | 07/2027 | 5,584 | 5,552 | 5,584 | |||||
| First lien (3)(14) | SOFR(M) | 5.75% | 11.19% | 07/2021 | 07/2027 | 1,454 | 1,445 | 1,454 | |||||
| 12,549 | 12,622 | 0.91% | |||||||||||
| Anaplan, Inc. | |||||||||||||
| Software | First lien (8)(14) | SOFR(Q) | 5.75% | 11.08% | 06/2022 | 06/2029 | 10,618 | 10,542 | 10,618 | 0.77% | |||
| Project Accelerate Parent, LLC | |||||||||||||
| Software | First lien (5)(14) | SOFR(S) | 5.25% | 10.54% | 02/2024 | 02/2031 | 10,572 | 10,521 | 10,572 | 0.76% | |||
| Specialtycare, Inc. | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(Q) | 5.75% | 11.31% | 06/2021 | 06/2028 | 10,300 | 10,210 | 9,975 | ||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 4.00% | 9.88% | 06/2021 | 06/2026 | 212 | 209 | 206 | |||||
| First lien (3)(14) | SOFR(Q) | 5.75% | 11.33% | 06/2021 | 06/2028 | 77 | 76 | 75 | |||||
| 10,495 | 10,256 | 0.74% | |||||||||||
| Virtusa Corporation | |||||||||||||
| Business Services | Subordinated (3) | FIXED(S) | 7.13% | 7.13% | 10/2022 | 12/2028 | 11,001 | 9,143 | 10,135 | 0.73% | |||
| Ciklum Inc.** | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q) | 7.00% | 12.43% | 02/2024 | 02/2030 | 9,584 | 9,470 | 9,584 | 0.69% | |||
| CG Group Holdings, LLC | |||||||||||||
| Specialty Chemicals & Materials | First lien (2)(14) | SOFR(Q)* | 6.75% + 2.00%/PIK | 14.08% | 07/2021 | 07/2027 | 8,447 | 8,393 | 8,366 | ||||
| First lien (3)(14)(17) - Drawn | SOFR(M)* | 6.75% + 2.00%/PIK | 14.09% | 07/2021 | 07/2026 | 945 | 935 | 936 | |||||
| 9,328 | 9,302 | 0.67% | |||||||||||
| Safety Borrower Holdings LLC | |||||||||||||
| Software | First lien (2)(14) | SOFR(Q) | 5.25% | 10.81% | 09/2021 | 09/2027 | 7,503 | 7,480 | 7,503 | ||||
| First lien (8)(14) | SOFR(Q) | 5.25% | 10.81% | 03/2024 | 09/2027 | 1,535 | 1,535 | 1,535 | |||||
| First lien (3)(14)(17) - Drawn | P(Q) | 4.25% | 12.75% | 09/2021 | 09/2027 | 179 | 178 | 179 | |||||
| 9,193 | 9,217 | 0.66% | |||||||||||
| Planview Parent, Inc. | |||||||||||||
| Software | Second lien (2) | SOFR(Q) | 6.00% | 11.33% | 06/2024 | 12/2028 | 9,231 | 9,208 | 9,208 | 0.66% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KPSKY Acquisition Inc. | |||||||||||||
| Business Services | First lien (8)(14) | SOFR(Q) | 5.50% | 10.93% | 10/2021 | 10/2028 | $6,862 | $6,815 | $6,862 | ||||
| First lien (8)(14) | SOFR(Q) | 5.50% | 10.93% | 06/2022 | 10/2028 | 1,155 | 1,145 | 1,155 | |||||
| First lien (8)(14) | SOFR(Q) | 5.50% | 10.90% | 10/2021 | 10/2028 | 786 | 781 | 786 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 5.75% | 11.19% | 11/2023 | 10/2028 | 19 | 19 | 19 | |||||
| 8,760 | 8,822 | 0.64% | |||||||||||
| Icefall Parent, Inc. | |||||||||||||
| Software | First lien (8)(14) | SOFR(Q) | 6.50% | 11.83% | 01/2024 | 01/2030 | 8,696 | 8,613 | 8,696 | 0.63% | |||
| Ncontracts, LLC | |||||||||||||
| Software | First lien (2)(14) | SOFR(S) | 6.50% | 11.77% | 12/2023 | 12/2029 | 8,372 | 8,274 | 8,372 | ||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 6.50% | 11.83% | 12/2023 | 12/2029 | 258 | 254 | 258 | |||||
| 8,528 | 8,630 | 0.62% | |||||||||||
| Community Brands ParentCo, LLC | |||||||||||||
| Software | First lien (2) | SOFR(M) | 5.50% | 10.94% | 02/2022 | 02/2028 | 7,055 | 7,007 | 7,055 | 0.51% | |||
| Alegeus Technologies Holdings Corp. | |||||||||||||
| Healthcare | First lien (8)(14) | SOFR(Q) | 8.25% | 13.67% | 09/2018 | 09/2026 | 6,939 | 6,942 | 6,939 | 0.50% | |||
| Sun Acquirer Corp. | |||||||||||||
| Consumer Services | First lien (2)(14) | SOFR(M) | 5.75% | 11.21% | 09/2021 | 09/2028 | 3,925 | 3,902 | 3,925 | ||||
| First lien (2)(14) | SOFR(M) | 5.75% | 11.21% | 09/2021 | 09/2028 | 2,774 | 2,745 | 2,774 | |||||
| 6,647 | 6,699 | 0.48% | |||||||||||
| PPVA Black Elk (Equity) LLC | |||||||||||||
| Business Services | Subordinated (3)(14) | — | — | — | 05/2013 | — | 14,500 | 14,500 | 6,525 | 0.47% | |||
| Greenway Health, LLC | |||||||||||||
| Healthcare | First lien (8)(14) | SOFR(S) | 6.75% | 12.01% | 12/2023 | 04/2029 | 6,333 | 6,245 | 6,333 | 0.46% | |||
| Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (20) | |||||||||||||
| Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) | |||||||||||||
| Healthcare | First lien (8)(14) | SOFR(Q) | 7.00% | 12.48% | 05/2021 | 05/2027 | 6,156 | 6,122 | 6,156 | ||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 7.00% | 12.48% | 05/2021 | 05/2027 | 63 | 62 | 63 | |||||
| 6,184 | 6,219 | 0.45% | |||||||||||
| Healthspan Buyer, LLC | |||||||||||||
| Healthcare | First lien (8)(14) | SOFR(Q) | 5.50% | 10.83% | 10/2023 | 10/2030 | 5,095 | 5,047 | 5,095 | 0.37% | |||
| Michael Baker International, LLC | |||||||||||||
| Business Services | First lien (8) | SOFR(M) | 4.75% | 10.09% | 05/2024 | 12/2028 | 4,916 | 4,892 | 4,941 | 0.36% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Higginbotham Insurance Agency, Inc. | |||||||||||||
| Business Services | First lien (8)(14) | SOFR(M) | 5.50% | 10.94% | 03/2024 | 11/2028 | $2,044 | $2,044 | $2,044 | ||||
| First lien (8)(14) | SOFR(M) | 5.50% | 10.94% | 03/2024 | 11/2028 | 1,380 | 1,380 | 1,380 | |||||
| First lien (3)(14)(17) - Drawn | SOFR(M) | 4.75% | 10.09% | 03/2024 | 11/2028 | 890 | 886 | 890 | |||||
| First lien (8)(14) | SOFR(M) | 5.50% | 10.94% | 03/2024 | 11/2028 | 402 | 402 | 402 | |||||
| 4,712 | 4,716 | 0.34% | |||||||||||
| Adelaide Borrower, LLC** | |||||||||||||
| Software | First lien (8)(14) | SOFR(Q)* | 3.38% + 3.38%/PIK | 12.08% | 05/2024 | 05/2030 | 4,657 | 4,612 | 4,657 | 0.34% | |||
| Cube Industrials Buyer Inc. | |||||||||||||
| Business Products | First lien (3)(14) | SOFR(Q) | 6.00% | 11.33% | 10/2023 | 10/2030 | 4,472 | 4,440 | 4,472 | 0.32% | |||
| RLG Holdings, LLC | |||||||||||||
| Packaging | First lien (2) | SOFR(M) | 5.00% | 10.34% | 06/2024 | 07/2028 | 3,990 | 3,990 | 3,990 | 0.29% | |||
| AI Altius US Bidco, Inc. | |||||||||||||
| Business Services | First lien (8)(14) | SOFR(S) | 4.75% | 10.03% | 05/2024 | 12/2028 | 3,062 | 3,046 | 3,062 | 0.22% | |||
| CommerceHub, Inc. | |||||||||||||
| Software | First lien (3)(14) | SOFR(Q) | 6.25% | 11.58% | 06/2023 | 12/2027 | 3,940 | 3,585 | 3,940 | 0.28% | |||
| Project Power Buyer, LLC | |||||||||||||
| Software | First lien (2)(14) | SOFR(Q) | 7.00% | 12.33% | 01/2023 | 05/2026 | 3,535 | 3,503 | 3,535 | 0.25% | |||
| Kene Acquisition, Inc. | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q) | 5.25% | 10.58% | 02/2024 | 02/2031 | 3,527 | 3,493 | 3,527 | 0.25% | |||
| Next Holdco, LLC | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(Q) | 6.00% | 11.32% | 11/2023 | 11/2030 | 3,512 | 3,487 | 3,512 | 0.25% | |||
| Geo Parent Corporation | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q) | 5.25% | 10.50% | 12/2018 | 12/2028 | 3,299 | 3,299 | 3,299 | 0.24% | |||
| DCA Investment Holding, LLC | |||||||||||||
| Healthcare | First lien (2)(14) | SOFR(Q) | 6.41% | 11.74% | 03/2021 | 04/2028 | 1,813 | 1,806 | 1,777 | ||||
| First lien (3)(14) | SOFR(Q) | 6.50% | 11.83% | 12/2022 | 04/2028 | 1,016 | 1,003 | 997 | |||||
| 2,809 | 2,774 | 0.20% | |||||||||||
| Galway Borrower LLC | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q) | 5.75% | 11.18% | 04/2024 | 09/2028 | 1,218 | 1,210 | 1,218 | 0.09% | |||
| CoreTrust Purchasing Group LLC | |||||||||||||
| Business Services | First lien (8)(14) | SOFR(M) | 5.25% | 10.59% | 05/2024 | 10/2029 | 1,055 | 1,050 | 1,055 | 0.08% | |||
| Reorganized Careismatic Brands, LLC | |||||||||||||
| Healthcare | Trust Claim(2)(14) | — | — | — | 06/2024 | 06/2029 | 152 | 152 | 152 | ||||
| Trust Claim(3)(14) | — | — | — | 06/2024 | 06/2029 | 52 | 52 | 52 | |||||
| 204 | 204 | 0.01% | |||||||||||
| PPVA Fund, L.P. | |||||||||||||
| Business Services | Collateralized Financing (33)(34) | — | — | — | 11/2014 | — | — | — | — | —% | |||
| Total Funded Debt Investments - United States | $2,130,016 | $2,106,367 | 151.89% | ||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funded Debt Investments - United Kingdom | |||||||||||||
| Aston FinCo S.a r.l. / Aston US Finco, LLC** | |||||||||||||
| Software | Second lien (8)(14) | SOFR(M) | 8.25% | 13.71% | 10/2019 | 10/2027 | $34,459 | $34,318 | $34,459 | 2.49% | |||
| Integro Parent Inc.** | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q)* | 12.25%/PIK | 17.56% | 10/2015 | 10/2024 | 4,349 | 4,349 | 4,349 | ||||
| First lien (3)(14) | SOFR(Q)* | 12.25%/PIK | 17.56% | 6/8/2018 | 10/2024 | 859 | 857 | 858 | |||||
| Second lien (3)(14) | SOFR(Q)* | 12.25%/PIK | 17.56% | 10/2015 | 10/2024 | 14,897 | 14,132 | 14,897 | |||||
| 19,338 | 20,104 | 1.45% | |||||||||||
| Total Funded Debt Investments - United Kingdom | $53,656 | $54,563 | 3.94% | ||||||||||
| Funded Debt Investments - Jersey | |||||||||||||
| Tennessee Bidco Limited ** | |||||||||||||
| Business Services | First lien (3)(14)(15) | SONIA(D)* | 5.00% +2.50% /PIK | 12.97% | 08/2021 | 08/2028 | £13,205 | $18,089 | $16,699 | ||||
| First lien (3)(14)(15) | SONIA(D)* | 5.00% +2.50% /PIK | 12.97% | 08/2021 | 08/2028 | £10,870 | 13,587 | 13,741 | |||||
| First lien (3)(14) | SOFR(S)* | 5.00% + 2.50%/PIK | 12.68% | 08/2021 | 08/2028 | $10,446 | 10,342 | 10,446 | |||||
| First lien (3)(14) | SOFR(S)* | 5.00% +2.50% /PIK | 12.89% | 08/2021 | 08/2028 | $6,454 | 6,387 | 6,454 | |||||
| First lien (3)(14)(15) | EURIBOR(S)* | 5.00% +2.50% /PIK | 11.37% | 08/2021 | 08/2028 | €726 | 736 | 777 | |||||
| 49,141 | 48,117 | 3.47% | |||||||||||
| Total Funded Debt Investments - Jersey | $49,141 | $48,117 | 3.47% | ||||||||||
| Funded Debt Investments - Australia | |||||||||||||
| Atlas AU Bidco Pty Ltd** | |||||||||||||
| Business Services | First lien (8)(14) | SOFR(Q) | 5.75% | 11.08% | 12/2022 | 12/2029 | $3,454 | $3,410 | $3,454 | ||||
| First lien (8)(14) | SOFR(Q) | 5.75% | 11.08% | 12/2023 | 12/2029 | 1,345 | 1,333 | 1,345 | |||||
| 4,743 | 4,799 | 0.35% | |||||||||||
| Total Funded Debt Investments - Australia | $4,743 | $4,799 | 0.35% | ||||||||||
| Total Funded Debt Investments | $2,237,556 | $2,213,846 | 159.76% | ||||||||||
| Equity - United States | |||||||||||||
| Dealer Tire Holdings, LLC | |||||||||||||
| Distribution & Logistics | Preferred shares (3)(14) | FIXED(S)* | 7.00%/PIK | 7.00% | 09/2021 | — | 56,271 | $70,383 | $74,308 | 5.36% | |||
| Symplr Software Intermediate Holdings, Inc. | |||||||||||||
| Healthcare | Preferred shares (4)(14) | SOFR(Q)* | 10.50%/PIK | 15.93% | 11/2018 | — | 7,500 | 15,148 | 15,260 | ||||
| Preferred shares (3)(14) | SOFR(Q)* | 10.50%/PIK | 15.93% | 11/2018 | — | 2,586 | 5,222 | 5,261 | |||||
| 20,370 | 20,521 | 1.48% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Knockout Intermediate Holdings I Inc. (30) | |||||||||||||
| Software | Preferred shares (3)(14) | SOFR(M)* | 10.75%/PIK | 15.91% | 06/2022 | — | 15,150 | $17,844 | $18,028 | 1.30% | |||
| ACI Parent Inc.(26) | |||||||||||||
| Healthcare | Preferred shares (3)(14) | FIXED(Q)* | 11.75%/PIK | 11.75% | 08/2021 | — | 12,500 | 17,394 | 15,639 | 1.13% | |||
| Project Essential Super Parent, Inc. | |||||||||||||
| Software | Preferred shares (3)(14) | SOFR(Q)* | 9.50%/PIK | 15.11% | 04/2021 | — | 10,000 | 14,815 | 13,933 | 1.00% | |||
| Diamond Parent Holdings Corp. (25) | |||||||||||||
| Diligent Preferred Issuer, Inc. | |||||||||||||
| Software | Preferred shares (3)(14) | FIXED(S)* | 10.50%/PIK | 10.50% | 04/2021 | — | 10,000 | 13,450 | 12,429 | 0.90% | |||
| HB Wealth Management, LLC | |||||||||||||
| Financial Services | Preferred shares (11)(14) | FIXED(Q) | 4.00% | 4.00% | 09/2021 | — | 48,303 | 4,748 | 6,594 | 0.48% | |||
| Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) | |||||||||||||
| Packaging | Preferred shares (3)(14) | FIXED(S)* | 15.00%/PIK | 15.00% | 05/2024 | — | 2,900,000 | 2,900 | 2,900 | ||||
| Preferred shares (3)(14) | FIXED(S)(33)* | 11.50%/PIK | 11.50% | 05/2024 | — | 3,691,120 | 2,565 | 2,565 | |||||
| Ordinary shares (3)(14) | — | — | — | 05/2024 | — | 290 | 145 | 145 | |||||
| 5,610 | 5,610 | 0.40% | |||||||||||
| OA Topco, L.P. (29) | |||||||||||||
| Healthcare | Ordinary shares (3)(14) | — | — | — | 12/2021 | — | 2,000,000 | 2,000 | 5,329 | 0.38% | |||
| FS WhiteWater Holdings, LLC (27) | |||||||||||||
| Consumer Services | Ordinary shares (5)(14) | — | — | — | 12/2021 | — | 50,000 | 5,000 | 4,437 | 0.32% | |||
| Appriss Health Holdings, Inc. (20) | |||||||||||||
| Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.)(20) | |||||||||||||
| Healthcare | Preferred shares (3)(14) | FIXED(Q)* | 11.00%/PIK | 11.00% | 05/2021 | — | 2,333 | 3,161 | 2,999 | 0.22% | |||
| Ambrosia Holdco Corp. (32) | |||||||||||||
| Distribution & Logistics | Ordinary shares (8)(14) | — | — | — | 01/2024 | — | 122,044 | 1,300 | 1,300 | ||||
| Ordinary shares (2)(14) | — | — | — | 01/2024 | — | 126,536 | 1,348 | 1,348 | |||||
| 2,648 | 2,648 | 0.19% | |||||||||||
| Pioneer Topco I, L.P. (28) | |||||||||||||
| Software | Ordinary shares (12)(14) | — | — | — | 11/2021 | — | 199,980 | 2,000 | 2,040 | 0.15% | |||
| GEDC Equity, LLC | |||||||||||||
| Healthcare | Ordinary shares (3)(14) | — | — | — | 06/2023 | — | 190,000 | 190 | 100 | 0.01% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ancora Acquisition LLC | |||||||||||||
| Education | Preferred shares (9)(14) | — | — | — | 08/2013 | — | 372 | $83 | $— | —% | |||
| AAC Lender Holdings, LLC(24) | |||||||||||||
| Education | Ordinary shares (3)(14) | — | — | — | 03/2021 | — | 758 | — | — | —% | |||
| Total Shares - United States | $179,696 | $184,615 | 13.32% | ||||||||||
| Equity - Hong Kong | |||||||||||||
| Bach Special Limited (Bach Preference Limited)** | |||||||||||||
| Education | Preferred shares (3)(14) | FIXED(Q)* | 12.25%/PIK | 12.25% | 09/2017 | — | 130,472 | $12,967 | $12,913 | 0.93% | |||
| Total Shares - Hong Kong | $12,967 | $12,913 | 0.93% | ||||||||||
| Total Shares | $192,663 | $197,528 | 14.25% | ||||||||||
| Warrants - United States | |||||||||||||
| Reorganized Careismatic Brands, LLC | |||||||||||||
| Healthcare | Warrants (2)(14) | — | — | — | 06/2024 | — | 138,622 | $182 | $327 | ||||
| Warrants (3)(14) | — | — | — | 06/2024 | — | 47,459 | 62 | 112 | |||||
| 244 | 439 | 0.03% | |||||||||||
| Total Warrants - United States | $244 | $439 | 0.03% | ||||||||||
| Total Funded Investments | $2,430,463 | $2,411,813 | 174.04% | ||||||||||
| Unfunded Debt Investments - United States | |||||||||||||
| Groundworks, LLC | |||||||||||||
| Business Services | First lien (4)(17) - Undrawn | — | — | — | 03/2024 | 03/2026 | $2,938 | $(15) | $2 | 0.00% | |||
| KPSKY Acquisition Inc. | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 11/2023 | 11/2025 | 1,568 | — | — | —% | |||
| Beacon Pointe Harmony, LLC | |||||||||||||
| Financial Services | First lien (3)(14)(17) - Undrawn | — | — | — | 06/2024 | 12/2025 | 2,154 | — | — | —% | |||
| AAC Lender Holdings, LLC(24) | |||||||||||||
| American Achievement Corporation (aka AAC Holding Corp.) | |||||||||||||
| Education | First lien (3)(14)(17) - Undrawn | — | — | — | 01/2021 | 09/2026 | 2,652 | — | — | —% | |||
| DOXA Insurance Holdings LLC | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 05/2026 | 3,046 | — | — | —% | |||
| AI Altius US Bidco, Inc. | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 05/2026 | 3,077 | — | — | —% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Riskonnect Parent, LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 03/2024 | 03/2026 | $6,349 | $— | $— | —% | |||
| Higginbotham Insurance Agency, Inc. | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 03/2024 | 03/2026 | 7,107 | — | — | —% | |||
| FS WhiteWater Holdings, LLC (27) | |||||||||||||
| FS WhiteWater Borrower, LLC | |||||||||||||
| Consumer Services | First lien (3)(14)(17) - Undrawn | — | — | — | 12/2021 | 12/2027 | 228 | (2) | — | —% | |||
| Safety Borrower Holdings LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 09/2021 | 09/2027 | 333 | (2) | — | —% | |||
| Project Power Buyer, LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 01/2023 | 05/2025 | 184 | (3) | — | —% | |||
| CoreTrust Purchasing Group LLC | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 05/2026 | 578 | (3) | — | —% | |||
| Next Holdco, LLC | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 11/2023 | 11/2025 | 903 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 11/2023 | 11/2029 | 339 | (3) | — | |||||
| (3) | — | —% | |||||||||||
| Bamboo Health Intermediate Holdings (fka Appriss Health Intermediate Holdings, Inc.) (20) | |||||||||||||
| Bamboo Health Holdings, LLC (f/k/a Appriss Health, LLC) | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2021 | 05/2027 | 354 | (4) | — | —% | |||
| Community Brands ParentCo, LLC | |||||||||||||
| Software | First lien (3)(17) - Undrawn | — | — | — | 02/2022 | 02/2028 | 425 | (4) | — | —% | |||
| Cube Industrials Buyer Inc. | |||||||||||||
| Business Products | First lien (3)(14)(17) - Undrawn | — | — | — | 10/2023 | 10/2029 | 517 | (4) | — | —% | |||
| PPV Intermediate Holdings, LLC | |||||||||||||
| Consumer Services | First lien (3)(14)(17) - Undrawn | — | — | — | 08/2022 | 08/2029 | 486 | (5) | — | —% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sun Acquirer Corp. | |||||||||||||
| Consumer Services | First lien (3)(14)(17) - Undrawn | — | — | — | 09/2021 | 09/2027 | $559 | $(5) | $— | —% | |||
| Kele Holdco, Inc. | |||||||||||||
| Distribution & Logistics | First lien (3)(14)(17) - Undrawn | — | — | — | 02/2020 | 02/2026 | 1,030 | (5) | — | —% | |||
| Kene Acquisition, Inc. | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 02/2024 | 02/2026 | 1,561 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 02/2024 | 02/2031 | 468 | (5) | — | |||||
| (5) | — | —% | |||||||||||
| Ncontracts, LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 12/2023 | 12/2025 | 773 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 12/2023 | 12/2029 | 515 | (6) | — | |||||
| (6) | — | —% | |||||||||||
| Wealth Enhancement Group, LLC | |||||||||||||
| Financial Services | First lien (3)(14)(17) - Undrawn | — | — | — | 08/2021 | 10/2027 | 2,040 | (6) | — | —% | |||
| Adelaide Borrower, LLC** | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 05/2026 | 1,048 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 05/2030 | 667 | (7) | — | |||||
| (7) | — | —% | |||||||||||
| Icefall Parent, Inc. | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 01/2024 | 01/2030 | 828 | (8) | — | —% | |||
| Daxko Acquisition Corporation | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 10/2021 | 10/2027 | 838 | (8) | — | —% | |||
| Project Accelerate Parent, LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 02/2024 | 02/2031 | 1,510 | (8) | — | —% | |||
| Bullhorn, Inc. | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 05/2026 | 2,264 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 09/2019 | 10/2029 | 1,447 | (8) | — | |||||
| (8) | — | —% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USRP Holdings, Inc. | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 07/2021 | 07/2027 | $893 | $(9) | $— | —% | |||
| PDI TA Holdings, Inc. | |||||||||||||
| Software | First lien (4)(14)(17) - Undrawn | — | — | — | 01/2024 | 02/2026 | 4,225 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 01/2024 | 02/2031 | 1,830 | (9) | — | |||||
| (9) | — | —% | |||||||||||
| Xactly Corporation | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 07/2017 | 07/2025 | 992 | (10) | — | —% | |||
| AmeriVet Partners Management, Inc. | |||||||||||||
| Consumer Services | First lien (3)(14)(17) - Undrawn | — | — | — | 02/2022 | 02/2028 | 1,969 | (10) | — | —% | |||
| MRI Software LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 01/2020 | 02/2027 | 2,002 | (10) | — | —% | |||
| Calabrio, Inc. | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 04/2021 | 04/2027 | 1,487 | (11) | — | —% | |||
| Healthspan Buyer, LLC | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 10/2023 | 10/2030 | 1,229 | (12) | — | —% | |||
| Coupa Holdings, LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 02/2023 | 08/2024 | 1,291 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 02/2023 | 02/2029 | 989 | (12) | — | |||||
| (12) | — | —% | |||||||||||
| Galway Borrower LLC | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 04/2024 | 10/2025 | 1,846 | (14) | — | —% | |||
| Trinity Air Consultants Holdings Corporation | |||||||||||||
| Business Services | First lien (2)(14)(17) - Undrawn | — | — | — | 06/2021 | 12/2024 | 958 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 06/2021 | 06/2028 | 1,501 | (15) | — | |||||
| (15) | — | —% | |||||||||||
| IMO Investor Holdings, Inc. | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2022 | 05/2028 | 1,548 | (15) | — | —% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nelipak Holding Company | |||||||||||||
| Packaging | First lien (3)(14)(17) - Undrawn | — | — | — | 03/2024 | 03/2027 | $3,501 | $— | $— | ||||
| First lien (3)(14)(15)(17) - Undrawn | — | — | — | 03/2024 | 03/2027 | €6,411 | — | — | |||||
| First lien (3)(14)(15)(17) - Undrawn | — | — | — | 03/2024 | 03/2031 | €1092 | (8) | — | |||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 03/2024 | 03/2031 | $1,620 | (12) | — | |||||
| (20) | — | —% | |||||||||||
| Avalara, Inc. | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 10/2022 | 10/2028 | 1,720 | (21) | — | —% | |||
| Foreside Financial Group, LLC | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2022 | 11/2024 | 2,218 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 03/2024 | 03/2026 | 3,474 | — | — | |||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 05/2022 | 09/2027 | 2,095 | (21) | — | |||||
| (21) | — | —% | |||||||||||
| Knockout Intermediate Holdings I Inc. (30) | |||||||||||||
| Kaseya Inc. | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 06/2022 | 06/2025 | 3,424 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 06/2022 | 06/2029 | 2,888 | (22) | — | |||||
| (22) | — | —% | |||||||||||
| Oranje Holdco, Inc. | |||||||||||||
| Education | First lien (3)(14)(17) - Undrawn | — | — | — | 02/2023 | 02/2029 | 1,860 | (23) | — | —% | |||
| Fortis Solutions Group, LLC | |||||||||||||
| Packaging | First lien (3)(14)(17) - Undrawn | — | — | — | 06/2022 | 06/2025 | 3,702 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 10/2021 | 10/2027 | 2,288 | (23) | — | |||||
| (23) | — | —% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OEConnection LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 04/2024 | 04/2026 | $8,101 | $— | $— | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 04/2024 | 04/2031 | 5,063 | (25) | — | |||||
| (25) | — | —% | |||||||||||
| YLG Holdings, Inc. | |||||||||||||
| Business Services | First lien (5)(14)(17) - Undrawn | — | — | — | 10/2021 | 12/2024 | 150 | — | — | ||||
| First lien (2)(14)(17) - Undrawn | — | — | — | 06/2024 | 12/2024 | 440 | — | — | |||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 11/2019 | 10/2025 | 5,107 | (26) | — | |||||
| (26) | — | —% | |||||||||||
| GS Acquisitionco, Inc. | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 03/2024 | 03/2026 | 4,132 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 08/2019 | 05/2028 | 4,179 | (26) | — | |||||
| (26) | — | —% | |||||||||||
| Infogain Corporation | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 07/2021 | 07/2026 | 3,827 | (29) | — | —% | |||
| GC Waves Holdings, Inc. | |||||||||||||
| Financial Services | First lien (3)(14)(17) - Undrawn | — | — | — | 10/2019 | 08/2029 | 3,951 | (30) | — | —% | |||
| iCIMS, Inc. | |||||||||||||
| Software | First lien (2)(14)(17) - Undrawn | — | — | — | 09/2023 | 08/2024 | 7,994 | (2) | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 08/2022 | 08/2028 | 3,177 | (28) | — | |||||
| (30) | — | —% | |||||||||||
| OA Topco, L.P. (29) | |||||||||||||
| OA Buyer, Inc. | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 12/2021 | 12/2028 | 3,300 | (33) | — | —% | |||
| Paw Midco, Inc. | |||||||||||||
| AAH Topco, LLC | |||||||||||||
| Consumer Services | First lien (3)(14)(17) - Undrawn | — | — | — | 12/2021 | 12/2027 | 3,659 | (37) | — | —% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PetVet Care Centers, LLC | |||||||||||||
| Consumer Services | First lien (3)(14)(17) - Undrawn | — | — | — | 10/2023 | 11/2025 | $3,708 | $— | $— | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 10/2023 | 11/2029 | 3,708 | (37) | — | |||||
| (37) | — | —% | |||||||||||
| Ciklum Inc.** | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 02/2024 | 08/2025 | 11,955 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 02/2024 | 02/2030 | 2,989 | (37) | — | |||||
| (37) | — | —% | |||||||||||
| IG Investments Holdings, LLC | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 09/2021 | 09/2027 | 3,780 | (38) | — | —% | |||
| TigerConnect, Inc. | |||||||||||||
| Healthcare | First lien (2)(14)(17) - Undrawn | — | — | — | 02/2022 | 02/2025 | 350 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 02/2022 | 02/2028 | 4,267 | (43) | — | |||||
| (43) | — | —% | |||||||||||
| CentralSquare Technologies, LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 04/2024 | 04/2030 | 3,980 | (50) | — | —% | |||
| CG Group Holdings, LLC | |||||||||||||
| Specialty Chemicals & Materials | First lien (3)(14)(17) - Undrawn | — | — | — | 07/2021 | 07/2026 | 226 | (3) | (2) | (0.00)% | |||
| Associations, Inc. | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 07/2028 | 3,840 | (2) | (2) | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 07/2028 | 3,077 | (2) | (2) | |||||
| (4) | (4) | (0.00)% | |||||||||||
| Specialtycare, Inc. | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 06/2021 | 06/2026 | 347 | (5) | (11) | (0.00)% | |||
| Pioneer Topco I, L.P. (28) | |||||||||||||
| Pioneer Buyer I, LLC | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 11/2021 | 11/2027 | 3,284 | (26) | (13) | (0.00)% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Brave Parent Holdings, Inc. | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 05/2025 | $376 | $— | $(2) | ||||
| First lien (5)(14)(17) - Undrawn | — | — | — | 11/2023 | 05/2025 | 963 | (7) | (5) | |||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 11/2023 | 11/2030 | 1,594 | (6) | (8) | |||||
| (13) | (15) | (0.00)% | |||||||||||
| GraphPAD Software, LLC | |||||||||||||
| Healthcare | First lien (3)(17) - Undrawn | — | — | — | 06/2024 | 06/2026 | 4,486 | (11) | (11) | ||||
| First lien (3)(17) - Undrawn | — | — | — | 06/2024 | 06/2031 | 1,682 | (4) | (4) | |||||
| (15) | (15) | (0.00)% | |||||||||||
| Diamond Parent Holdings Corp. (25) | |||||||||||||
| Diligent Corporation | |||||||||||||
| Software | First lien (3)(14)(17) - Undrawn | — | — | — | 04/2024 | 08/2030 | 2,265 | (8) | (8) | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 04/2024 | 04/2026 | 3,398 | (13) | (13) | |||||
| (21) | (21) | (0.00)% | |||||||||||
| Baker Tilly Advisory Group, LP | |||||||||||||
| Financial Services | First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 06/2026 | 2,631 | — | — | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 05/2024 | 06/2030 | 2,894 | (22) | (22) | |||||
| (22) | (22) | (0.00)% | |||||||||||
| Model N, Inc. | |||||||||||||
| Software | First lien (3)(17) - Undrawn | — | — | — | 06/2024 | 06/2026 | 9,047 | — | — | ||||
| First lien (3)(17) - Undrawn | — | — | — | 06/2024 | 06/2031 | 4,825 | (24) | (24) | |||||
| (24) | (24) | (0.00)% | |||||||||||
| DOCS, MSO, LLC | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 06/2022 | 06/2028 | 2,405 | — | (27) | (0.00)% | |||
| Power Grid Holdings, Inc. | |||||||||||||
| Business Products | First lien (3)(14)(17) - Undrawn | — | — | — | 11/2023 | 12/2030 | 4,289 | (43) | (43) | (0.00)% | |||
| Notorious Topco, LLC | |||||||||||||
| Consumer Products | First lien (3)(14)(17) - Undrawn | — | — | — | 11/2021 | 05/2027 | 880 | (7) | (62) | (0.00)% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Recorded Future, Inc. | |||||||||||||
| Software | First lien (3)(17) - Undrawn | — | — | — | 06/2024 | 06/2030 | $4,531 | $(23) | $(23) | ||||
| First lien (3)(17) - Undrawn | — | — | — | 06/2024 | 06/2026 | 9,667 | (48) | (48) | |||||
| (71) | (71) | (0.01)% | |||||||||||
| ACI Parent Inc.(26) | |||||||||||||
| ACI Group Holdings, Inc. | |||||||||||||
| Healthcare | First lien (3)(14)(17) - Undrawn | — | — | — | 08/2021 | 08/2027 | 1,765 | (18) | (42) | ||||
| First lien (3)(14)(17) - Undrawn | — | — | — | 08/2021 | 08/2024 | 1,973 | — | (47) | |||||
| (18) | (89) | (0.01)% | |||||||||||
| Total Unfunded Debt Investments - United States | $(1,081) | $(417) | (0.02)% | ||||||||||
| Unfunded Debt Investments - Australia | |||||||||||||
| Atlas AU Bidco Pty Ltd** | |||||||||||||
| Business Services | First lien (3)(14)(17) - Undrawn | — | — | — | 12/2022 | 12/2028 | $320 | $(5) | $— | —% | |||
| Total Unfunded Debt Investments - Australia | $(5) | $— | —% | ||||||||||
| Total Unfunded Debt Investments | $(1,086) | $(417) | (0.03)% | ||||||||||
| Total Non-Controlled/Non-Affiliated Investments | $2,429,377 | $2,411,396 | 173.92% | ||||||||||
| Non-Controlled/Affiliated Investments (35) | |||||||||||||
| Funded Debt Investments - United States | |||||||||||||
| TVG-Edmentum Holdings, LLC (21) | |||||||||||||
| Edmentum Ultimate Holdings, LLC | |||||||||||||
| Education | Subordinated (3)(14) | SOFR(Q)* | 12.00%/PIK | 17.33% | 12/2020 | 01/2027 | $20,354 | $20,274 | $20,354 | 1.47% | |||
| Eagle Infrastructure Super HoldCo, LLC (31) | |||||||||||||
| Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) | |||||||||||||
| Business Services | First lien (2)(14) | SOFR(Q) | 7.50% | 12.98% | 03/2023 | 04/2028 | 10,676 | 10,676 | 10,676 | ||||
| First lien (3)(14) | SOFR(Q) | 7.50% | 12.98% | 03/2023 | 04/2028 | 342 | 342 | 342 | |||||
| 11,018 | 11,018 | 0.79% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Permian Holdco 3, Inc. | |||||||||||||
| Permian Trust | |||||||||||||
| Energy | Trust Claim(10)(14) | FIXED(Q)(33)* | 10.00%/PIK | 10.00% | 03/2021 | — | $247 | $— | $— | ||||
| First lien (3)(14) | SOFR(Q)(33)* | 10.00%/PIK | 11.00% | 07/2020 | — | 3,409 | — | — | |||||
| — | — | —% | |||||||||||
| Total Funded Debt Investments - United States | $31,292 | $31,372 | 2.26% | ||||||||||
| Equity - United States | |||||||||||||
| TVG-Edmentum Holdings, LLC(21) | |||||||||||||
| Education | Ordinary shares (3)(14) | FIXED(Q)* | 12.00%/PIK | 12.00% | 12/2020 | — | 48,899 | $63,971 | $69,708 | ||||
| Preferred shares (3)(14) | FIXED(Q)* | 15.00%/PIK | 15.00% | 05/2024 | — | 6,979,536 | 6,980 | 7,084 | |||||
| 70,951 | 76,792 | 5.54% | |||||||||||
| Eagle Infrastructure Super HoldCo, LLC | |||||||||||||
| Business Services | Ordinary shares (3)(14) | — | — | — | 03/2023 | — | 72,536 | 4,104 | 8,187 | 0.59% | |||
| Sierra Hamilton Holdings Corporation | |||||||||||||
| Energy | Ordinary shares (2)(14) | — | — | — | 07/2017 | — | 25,000,000 | 11,501 | 1,799 | ||||
| Ordinary shares (3)(14) | — | — | — | 07/2017 | — | 2,786,000 | 1,282 | 201 | |||||
| 12,783 | 2,000 | 0.14% | |||||||||||
| Total Shares - United States | $87,838 | $86,979 | 6.27% | ||||||||||
| Total Non-Controlled/Affiliated Investments | $119,130 | $118,351 | 8.53% | ||||||||||
| Controlled Investments (36) | |||||||||||||
| Funded Debt Investments - United States | |||||||||||||
| New Benevis Topco, LLC (23) | |||||||||||||
| New Benevis Holdco, Inc. | |||||||||||||
| Healthcare | First lien (2)(14) | FIXED(Q)* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | $42,812 | $42,812 | $42,812 | ||||
| First lien (3)(14) | FIXED(Q)* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | 20,393 | 20,393 | 20,393 | |||||
| First lien (8)(14) | FIXED(Q)* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | 10,504 | 10,504 | 10,504 | |||||
| Subordinated (3)(14) | FIXED(M)* | 12.00%/PIK | 12.00% | 10/2020 | 10/2026 | 22,404 | 21,315 | 17,923 | |||||
| 95,024 | 91,632 | 0.14% | |||||||||||
| New Permian Holdco, Inc. | |||||||||||||
| New Permian Holdco, L.L.C. | |||||||||||||
| Energy | First lien (3)(14) | SOFR(Q) | 9.00% | 14.60% | 10/2020 | 12/2024 | 23,336 | 23,336 | 23,336 | ||||
| First lien (3)(14)(17) - Drawn | SOFR(Q) | 6.00% | 11.60% | 10/2020 | 12/2024 | 18,035 | 18,035 | 18,035 | |||||
| 41,371 | 41,371 | 2.98% | |||||||||||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| UniTek Global Services, Inc. | |||||||||||||
| Business Services | Second lien (3)(14) | FIXED(Q)* | 15.00%/PIK | 15.00% | 12/2020 | 06/2028 | $14,477 | $14,477 | $14,401 | ||||
| Second lien (3)(14) | FIXED(Q)* | 15.00%/PIK | 15.00% | 07/2022 | 06/2028 | 6,418 | 6,418 | 6,384 | |||||
| 20,895 | 20,785 | 1.50% | |||||||||||
| NHME Holdings Corp. (22) | |||||||||||||
| National HME, Inc. | |||||||||||||
| Healthcare | Second lien (3)(14) | SOFR(Q)(33)* | 5.00%/PIK | 10.56% | 11/2018 | 11/2025 | 8,281 | 7,872 | 3,000 | 0.22% | |||
| Total Funded Debt Investments - United States | $165,162 | $156,788 | 11.31% | ||||||||||
| Equity - United States | |||||||||||||
| NMFC Senior Loan Program III LLC** | |||||||||||||
| Investment Fund | Membership interest (3)(14) | — | — | — | 05/2018 | — | — | $140,000 | $140,000 | 10.10% | |||
| NMFC Senior Loan Program IV LLC** | |||||||||||||
| Investment Fund | Membership interest (3)(14) | — | — | — | 05/2021 | — | — | 112,400 | 112,400 | 8.11% | |||
| NM NL Holdings, L.P.** | |||||||||||||
| Net Lease | Membership interest (7)(14) | — | — | — | 06/2018 | — | — | 76,371 | 102,174 | 7.37% | |||
| New Benevis Topco, LLC (23) | |||||||||||||
| Healthcare | Ordinary shares (2)(14) | — | — | — | 10/2020 | — | 325,516 | 27,154 | 28,469 | ||||
| Ordinary shares (8)(14) | — | — | — | 10/2020 | — | 79,867 | 6,662 | 6,985 | |||||
| Ordinary shares (3)(14) | — | — | — | 10/2020 | — | 72,681 | 6,105 | 6,356 | |||||
| 39,921 | 41,810 | 3.02% | |||||||||||
| UniTek Global Services, Inc. | |||||||||||||
| Business Services | Preferred shares (3)(14) | FIXED(Q)* | 20.00%/PIK | 20.00% | 08/2018 | — | 20,683,187 | 20,683 | 18,482 | ||||
| Preferred shares (3)(14) | FIXED(Q)* | 20.00%/PIK | 20.00% | 08/2019 | — | 12,292,988 | 12,293 | 11,375 | |||||
| Preferred shares (3)(14) | FIXED(Q)(33)* | 19.00%/PIK | 19.00% | 06/2017 | — | 19,795,435 | 19,795 | 4,599 | |||||
| Preferred shares (2)(14) | FIXED(Q)(33)* | 13.50%/PIK | 13.50% | 01/2015 | — | 29,326,545 | 26,946 | — | |||||
| Preferred shares (3)(14) | FIXED(Q)(33)* | 13.50%/PIK | 13.50% | 01/2015 | — | 8,104,462 | 7,447 | — | |||||
| Ordinary shares (2)(14) | — | — | — | 01/2015 | — | 2,096,477 | 1,925 | — | |||||
| Ordinary shares (3)(14) | — | — | — | 01/2015 | — | 1,993,749 | 532 | — | |||||
| 89,621 | 34,456 | 2.49% | |||||||||||
| New Permian Holdco, Inc. | |||||||||||||
| Energy | Ordinary shares (3)(14) | — | — | — | 10/2020 | — | 100 | 11,155 | 28,000 | 2.02% | |||
| Portfolio Company, Location and Industry (1) · Type of Investment · Reference · Spread · Total Coupon (18) · Acquisition Date · Maturity / Expiration Date · Principal Amount, Par Value or Shares (16) · Cost · Fair Value · Percent of NetAssets | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NM CLFX LP | |||||||||||||
| Net Lease | Membership interest (7)(14) | — | — | — | 10/2017 | — | — | $12,279 | $10,544 | 0.76% | |||
| NM YI, LLC | |||||||||||||
| Net Lease | Membership interest (7)(14) | — | — | — | 09/2019 | — | — | 6,272 | 9,754 | 0.70% | |||
| NM GP Holdco, LLC** | |||||||||||||
| Net Lease | Membership interest (7)(14) | — | — | — | 06/2018 | — | — | 861 | 1,115 | 0.08% | |||
| QID TRH Holdings LLC (19) | |||||||||||||
| Haven Midstream Holdings LLC(19) | |||||||||||||
| Specialty Chemicals & Materials | Ordinary shares (13)(14) | — | — | — | 10/2021 | — | 80 | — | 569 | ||||
| Profit Interest (6)(14) | — | — | — | 10/2021 | — | 5 | — | 100 | |||||
| — | 669 | 0.05% | |||||||||||
| NHME Holdings Corp.(22) | |||||||||||||
| Healthcare | Ordinary shares (3)(14) | — | — | — | 11/2018 | — | 640,000 | 4,000 | — | —% | |||
| Total Shares - United States | $492,880 | $480,922 | 34.70% | ||||||||||
| Equity - Canada | |||||||||||||
| NM APP Canada Corp.** | |||||||||||||
| Net Lease | Membership interest (7)(14) | — | — | — | 09/2016 | — | — | — | — | —% | |||
| Total Shares - Canada | $— | $— | —% | ||||||||||
| Total Shares | $492,880 | $480,922 | 34.70% | ||||||||||
| Warrants - United States | |||||||||||||
| UniTek Global Services, Inc. | |||||||||||||
| Business Services | Warrants (3)(14) | — | — | — | 12/2020 | 02/2025 | 13,339 | $— | $46,323 | 3.34% | |||
| NHME Holdings Corp. (22) | |||||||||||||
| Healthcare | Warrants (3)(14) | — | — | — | 11/2018 | — | 160,000 | 1,000 | — | —% | |||
| Total Warrants - United States | $1,000 | $46,323 | 3.34% | ||||||||||
| Total Funded Investments | $659,042 | $684,033 | 49.35% | ||||||||||
| Unfunded Debt Investments - United States | |||||||||||||
| New Permian Holdco, Inc. | |||||||||||||
| New Permian Holdco, L.L.C. | |||||||||||||
| Energy | First lien (3)(14)(17) - Undrawn | — | — | — | 10/2020 | 12/2024 | 3,860 | — | — | —% | |||
| Haven Midstream Holdings LLC (19) | |||||||||||||
| Haven Midstream LLC | |||||||||||||
| Specialty Chemicals & Materials | First lien (3)(14)(17) - Undrawn | — | — | — | 12/2021 | 10/2026 | 8,000 | — | — | —% | |||
| Total Unfunded Debt Investments - United States | $— | $— | —% | ||||||||||
| Total Controlled Investments | $659,042 | $684,033 | 49.35% | ||||||||||
| Total Investments | $3,207,549 | $3,213,780 | 231.80% | ||||||||||
(1)New Mountain Finance Corporation (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.
(2)Investment is pledged as collateral for the Holdings Credit Facility, a revolving credit facility among the Company, as the Collateral Manager, New Mountain Finance Holdings, L.L.C. ("NMF Holdings") as the Borrower, Wells Fargo Securities, LLC, as the Administrative Agent and Wells Fargo Bank, National Association, as the Lender and Collateral Custodian. See Note 7. Borrowings, for details.
(3)Investment is pledged as collateral for the NMFC Credit Facility, a revolving credit facility among the Company as the Borrower and Goldman Sachs Bank USA as the Administrative Agent and the Collateral Agent and Goldman Sachs Bank USA, Morgan Stanley Bank, N.A., Stifel Bank & Trust and MUFG Union Bank, N.A. as Lenders. See Note 7. Borrowings, for details.
(4)Investment is held by New Mountain Finance SBIC, L.P.
(5)Investment is held by New Mountain Finance SBIC II, L.P.
(6)Investment is held by NMF QID NGL Holdings, Inc.
(7)Investment is held by New Mountain Net Lease Corporation.
(8)Investment is pledged as collateral for the DB Credit Facility, a revolving credit facility among New Mountain Finance DB, L.L.C. as the Borrower and Deutsche Bank AG, New York Branch as the Facility Agent. See Note 7. Borrowings, for details.
(9)Investment is held by NMF Ancora Holdings, Inc.
(10)Investment is held by NMF Permian Holdings, LLC.
(11)Investment is held by NMF HB, Inc.
(12)Investment is held by NMF Pioneer, Inc.
(13)Investment is held by NMF TRM, LLC.
(14)The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value, for details.
(15)Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date. As of June 30, 2024, the par value U.S. dollar equivalent of the Tennessee Bidco Limited first lien term loan and drawn first lien term loans is $16,698 and $14,522, respectively, and the Nelipak Holding Company first lien term loan, drawn revolver, undrawn first lien term loan and undrawn revolver is $17,791, $112,$6,868 and $1,169, respectively. See Note 2. Summary of Significant Accounting Policies, for details.
(16)Par amount is denominated in U.S. Dollar unless otherwise noted, which may include British Pound ("£") and/or Euro ("€").
(17)Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws.
(18)Total Coupon is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest and dividends at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P), the Sterling Overnight Interbank Average Rate (SONIA) and Euro Interbank Offered Rate (EURIBOR) and which resets daily (D), monthly (M), quarterly (Q) or semi-annually (S). For each investment the current coupon rate provided reflects the rate in effect as of June 30, 2024.
(19)The Company holds investments in multiple entities of Haven Midstream Holdings LLC. The Company holds 4.6% of the Class B profits interest in QID NGL, LLC (which at closing represented 97.0% of the ownership in the class B units in QID TRH Holdings, LLC), class A common units of Haven Midstream Holdings LLC, and holds a first lien revolver in Haven Midstream LLC.
(20)The Company holds preferred equity in Bamboo Health Intermediate Holdings, Inc.(fka Appriss Health Intermediate Holdings, Inc.) and holds a first lien term loan and a first lien revolver in Bamboo Health Holdings, LLC (fka Appriss Health, LLC), a wholly-owned subsidiary of Bamboo Health Intermediate Holdings, Inc.
(21)The Company holds ordinary shares in TVG-Edmentum Holdings, LLC, and subordinated notes in Edmentum Ultimate Holdings, LLC, a wholly-owned subsidiary of TVG-Edmentum Holdings, LLC.
(22)The Company holds ordinary shares and warrants in NHME Holdings Corp., as well as a second lien Tranche A Term Loan in National HME, Inc., a wholly-owned subsidiary of NHME Holdings Corp. The second lien Tranche A Term Loan is entitled to receive 20% of the interest earned on the first lien Tranche A Term Loan, which accrues interest at a rate of SOFR +5.00%, and 20% of the interest earned on the first lien Tranche B Term Loan, which accrues interest at a rate of SOFR +6.00%.
(23)The Company holds ordinary shares in New Benevis Topco, LLC, and holds first lien last out term loans and subordinated notes in New Benevis Holdco Inc., a wholly-owned subsidiary of New Benevis Topco, LLC.
(24)The Company holds ordinary shares in AAC Lender Holdings, LLC andtwo first lien term loans, a first lien revolver and subordinated notes in American Achievement Corporation, a partially-owned subsidiary of AAC Lender Holdings, LLC.
(25)The Company holds investments intwo wholly-owned subsidiaries of Diamond Parent Holdings Corp. The Company holds three first lien term loans and a first lien revolver in Diligent Corporation and preferred equity in Diligent Preferred Issuer Inc.
(26)The Company holds investments in ACI Parent Inc. and a wholly-owned subsidiary of ACI Parent Inc. The Company holds a first lien term loan, two first lien delayed draws and a first lien revolver in ACI Group Holdings, Inc. and preferred equity in ACI Parent Inc.
(27)The Company holds ordinary shares in FS WhiteWater Holdings, LLC, and a first lien term loan, a first lien revolver, andthree first lien delayed draws in FS WhiteWater Borrower, LLC, a partially-owned subsidiary of FS WhiteWater Holdings, LLC.
(28)The Company holds ordinary shares in Pioneer Topco I, L.P., andtwo first lien term loans and a first lien revolver in Pioneer Buyer I, LLC, a wholly-owned subsidiary of Pioneer Topco I, L.P.
(29)The Company holds ordinary shares in OA Topco, L.P., andtwo first lien term loans and a first lien revolver in OA Buyer, Inc., a wholly-owned subsidiary of OA Topco, L.P.
(30)The Company holds preferred equity in Knockout Intermediate Holdings I Inc. and a first lien term loan, a first lien revolver and a first lien delayed draw in Kaseya, Inc., a wholly-owned subsidiary of Knockout Intermediate Holdings I Inc.
(31)The Company holds ordinary shares in Eagle Infrastructure Super HoldCo, LLC and a first lien term loan in Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.), a wholly-owned subsidiary of Eagle Infrastructure Super Holdco, LLC.
(32)The Company holds ordinary shares in Ambrosia Holdco Corp. and two first lien term loans and a subordinated loan in TMK Hawk Parent, Corp., a wholly-owned subsidiary of Ambrosia Holdco Corp.
(33)Investment is on non-accrual status. See Note 3. Investments, for details.
(34)The Company holdsone security purchased under a collateralized agreement to resell on its Consolidated Statement of Assets and Liabilities with a cost basis of $30,000 and a fair value of $13,500 as of June 30, 2024. See Note 2. Summary of Significant Accounting Policies, for details.
(35)Denotes a portfolio company of which the Company is an “Affiliated Person”, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), due to owning or holding the power to vote 5.0% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of June 30, 2024 and December 31, 2023, along with transactions during the six months ended June 30, 2024 in which the issuer was a non-controlled/affiliated investment, is as follows:
| Portfolio Company | Fair Value at December 31, 2023 | Gross Additions (A) | Gross Redemptions (B) | Net Change In Unrealized Appreciation (Depreciation) | Fair Value at June 30, 2024 | Net Realized Gains (Losses) | Interest Income | Dividend Income | Other Income |
|---|---|---|---|---|---|---|---|---|---|
| Eagle Infrastructure Services, LLC (fka FR Arsenal Holdings II Corp.) / Eagle Infrastructure Super HoldCo, LLC | $17,873 | $— | $— | $1,332 | $19,205 | $— | $722 | $— | $— |
| Sierra Hamilton Holdings Corporation | 2,000 | — | — | — | 2,000 | — | — | — | — |
| TVG-Edmentum Holdings, LLC / Edmentum Ultimate Holdings, LLC | 113,786 | 11,235 | — | (27,875) | 97,146 | — | 1,731 | 2,618 | 125 |
| Total Non-Controlled/Affiliated Investments | $133,659 | $11,235 | $— | $(26,543) | $118,351 | $— | $2,453 | $2,618 | $125 |
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind (“PIK”) interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
(36) Denotes portfolio companies which the Company "controls", as defined in the 1940 Act, due to owning or holding the power to vote more than 25.0% of the outstanding voting securities of the investment. Fair value as of June 30, 2024 and December 31, 2023, along with transactions during the six months ended June 30, 2024 in which the issuer was a controlled investment, is as follows:
| Portfolio Company (1) · Fair Value at December 31, 2023 · Gross Additions (A) · Gross Redemptions (B) · Net Change In Unrealized Appreciation (Depreciation) · Fair Value at June 30, 2024 · Net Realized Gains (Losses) · Interest Income · Dividend Income · Other Income | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Haven Midstream LLC / Haven Midstream Holdings LLC / QID TRH Holdings LLC | $3,419 | $— | $— | $(2,750) | $669 | $3,800 | $— | $— | $20 | ||
| National HME, Inc./NHME Holdings Corp. | 3,000 | — | — | — | 3,000 | — | — | — | — | ||
| New Benevis Topco, LLC / New Benevis Holdco, Inc. | 135,401 | 3,454 | — | (5,413) | 133,442 | — | 6,493 | — | 375 | ||
| New Permian Holdco, Inc. / New Permian Holdco, L.L.C. | 63,170 | 4,201 | — | 2,000 | 69,371 | — | 2,608 | — | 250 | ||
| NM APP Canada Corp. | 7 | — | — | (7) | — | 31 | — | — | — | ||
| NM CLFX LP | 11,731 | — | — | (1,187) | 10,544 | — | — | 401 | — | ||
| NM NL Holdings, L.P. | 96,071 | — | — | 6,103 | 102,174 | — | — | 4,144 | — | ||
| NM GP Holdco, LLC | 1,048 | — | — | 67 | 1,115 | — | 45 | — | |||
| NM YI LLC | 9,550 | — | — | 204 | 9,754 | — | — | 436 | — | ||
| NMFC Senior Loan Program III LLC | 140,000 | — | — | — | 140,000 | — | — | 11,637 | — | ||
| NMFC Senior Loan Program IV LLC | 112,400 | — | — | — | 112,400 | — | — | 8,360 | — | ||
| UniTek Global Services, Inc. | 91,999 | 4,565 | — | 5,000 | 101,564 | — | 1,499 | 3,066 | 725 | ||
| Total Controlled Investments | $667,796 | $12,220 | $— | $4,017 | $684,033 | $3,831 | $10,600 | $28,089 | $1,370 | ||
(A)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of discounts, reorganizations or restructurings and the movement of an existing portfolio company into this category from a different category.
(B)Gross redemptions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, reorganizations or restructurings and the movement of an existing portfolio company out of this category into a different category.
*All or a portion of interest contains PIK interest. See Note 2. Summary of Significant Accounting Policies-Revenue Recognition, for details.
**Indicates assets that the Company deems to be “non-qualifying assets” under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70.0% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2024,14.3% of the Company’s total assets are represented by investments at fair value that are considered non-qualifying assets.
| Investment Type | Percent of TotalInvestments at Fair Value |
|---|---|
| First lien | 62.78% |
| Second lien | 8.62% |
| Subordinated | 3.32% |
| Equity and other | 25.28% |
| Total investments | 100.00% |
| Industry Type | Percent of TotalInvestments at Fair Value |
|---|---|
| Software | 28.35% |
| Business Services | 17.47% |
| Healthcare | 15.74% |
| Investment Funds (includes investments in joint ventures) | 7.85% |
| Consumer Services | 6.21% |
| Education | 6.03% |
| Net Lease | 3.85% |
| Financial Services | 3.79% |
| Distribution & Logistics | 3.62% |
| Energy | 2.22% |
| Packaging | 2.10% |
| Food & Beverage | 1.16% |
| Business Products | 0.70% |
| Consumer Products | 0.60% |
| Specialty Chemicals & Materials | 0.31% |
| Total investments | 100.00% |
| Interest Rate Type | Percent of TotalInvestments at Fair Value |
|---|---|
| Floating rates | 86.79% |
| Fixed rates | 13.21% |
| Total investments | 100.00% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.