(Mark One) | |||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 83-4184014 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
245 Park Avenue, 26th Floor, New York, NY | 10167 |
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code): (212) 692-2000 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
None | None | None |
Large accelerated filer ☐ | Accelerated filer ☐ | ||
Non-accelerated filer ☒ | Smaller reporting company ☐ | ||
Emerging growth company ☒ |
TABLE OF CONTENTS | ||
2 | ||
2 | ||
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
June 30, 2021 (Unaudited) | ||||||||||||||||
December 31, 2020 | September 30, 2021 (Unaudited) | December 31, 2020 | ||||||||||||||
Assets | ||||||||||||||||
Investments at fair value: | ||||||||||||||||
Non-controlled/non-affiliated investments at fair value (amortized cost of $93,090 and $76,422, respectively) | $ | 92,955 | $ | 75,812 | ||||||||||||
Non-controlled/affiliated investments at fair value (amortized cost of $4,059 and $3,201, respectively) | 5,131 | 3,721 | ||||||||||||||
Non-controlled/non-affiliated investments at fair value (amortized cost of $105,708 and $76,422, respectively) | $ | 105,660 | $ | 75,812 | ||||||||||||
Non-controlled/affiliated investments at fair value (amortized cost of $4,444 and $3,201, respectively) | 5,736 | 3,721 | ||||||||||||||
Unrealized gain on foreign currency forward contracts | 4 | - | 23 | - | ||||||||||||
Cash | 4,195 | 10,320 | 14,566 | 10,320 | ||||||||||||
Prepaid expenses | 320 | 162 | 237 | 162 | ||||||||||||
Interest receivable | 218 | 181 | 233 | 181 | ||||||||||||
Deferred financing costs | 150 | 236 | 107 | 236 | ||||||||||||
Total assets | $ | 102,973 | $ | 90,432 | $ | 126,562 | $ | 90,432 | ||||||||
Liabilities | ||||||||||||||||
Subscription facility | $ | 700 | $ | - | ||||||||||||
Unrealized loss on foreign currency forward contracts | $ | 15 | $ | - | ||||||||||||
Accrued expenses and other liabilities payable to affiliate | 542 | 459 | 680 | 459 | ||||||||||||
Income incentive fees payable | 207 | 99 | 214 | 99 | ||||||||||||
Management fees payable | 138 | 105 | 155 | 105 | ||||||||||||
Deferred income | 79 | 91 | 78 | 91 | ||||||||||||
Interest payable | 8 | 21 | 8 | 21 | ||||||||||||
Dividend payable | - | 1,156 | - | 1,156 | ||||||||||||
Total liabilities | 1,674 | 1,931 | 1,150 | 1,931 | ||||||||||||
Commitments and contingencies (Note 8) | ||||||||||||||||
Net assets | ||||||||||||||||
Common shares $0.001 par value, 100,000,000 shares authorized; | $ | 5 | $ | 4 | ||||||||||||
5,022,000 and 4,482,000 shares issued and outstanding, respectively | ||||||||||||||||
Common shares $0.001 par value, 100,000,000 shares authorized; 6,199,809 and 4,482,000 shares issued and outstanding, respectively | $ | 6 | $ | 4 | ||||||||||||
Additional paid-in-capital | 99,706 | 88,919 | 123,459 | 88,919 | ||||||||||||
Total distributable earnings (loss) | 1,588 | (422 | ) | 1,947 | (422 | ) | ||||||||||
Total net assets | 101,299 | 88,501 | 125,412 | 88,501 | ||||||||||||
Total liabilities and net assets | $ | 102,973 | $ | 90,432 | $ | 126,562 | $ | 90,432 | ||||||||
Net asset value per share | $ | 20.17 | $ | 19.75 | $ | 20.23 | $ | 19.75 |
Three Months | Three Months | Six Months | Six Months | Three Months | Three Months | Nine Months | Nine Months | |||||||||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
Investment income | ||||||||||||||||||||||||||||||||
Investment income from non-controlled, non-affiliated investments: | ||||||||||||||||||||||||||||||||
Interest | $ | 1,789 | $ | 1,195 | $ | 3,411 | $ | 2,198 | $ | 2,013 | $ | 1,201 | $ | 5,424 | $ | 3,399 | ||||||||||||||||
Other | 153 | 20 | 207 | 131 | 94 | 67 | 301 | 198 | ||||||||||||||||||||||||
Total investment income from non-controlled, non-affiliated investments: | 1,942 | 1,215 | 3,618 | 2,329 | 2,107 | 1,268 | 5,725 | 3,597 | ||||||||||||||||||||||||
Total investment income | 1,942 | 1,215 | 3,618 | 2,329 | 2,107 | 1,268 | 5,725 | 3,597 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Income incentive fees | $ | 207 | $ | 37 | $ | 354 | $ | 76 | $ | 214 | $ | 38 | $ | 568 | $ | 114 | ||||||||||||||||
Management fees | 138 | 91 | 261 | 165 | 155 | 94 | 416 | 259 | ||||||||||||||||||||||||
Accounting fees | 107 | 98 | 317 | 323 | ||||||||||||||||||||||||||||
Insurance fees | 100 | 122 | 222 | 243 | 90 | 125 | 312 | 368 | ||||||||||||||||||||||||
Accounting fees | 106 | 132 | 210 | 225 | ||||||||||||||||||||||||||||
Administrative fees(1) | 82 | 109 | 170 | 273 | ||||||||||||||||||||||||||||
Professional fees | 122 | 70 | 166 | 171 | 143 | 103 | 309 | 274 | ||||||||||||||||||||||||
Administrative fees(1) | 97 | 85 | 267 | 358 | ||||||||||||||||||||||||||||
Interest | 64 | 91 | 124 | 216 | 66 | 67 | 190 | 283 | ||||||||||||||||||||||||
Directors' fees | 45 | 45 | 90 | 90 | 45 | 45 | 135 | 135 | ||||||||||||||||||||||||
Other | 47 | 41 | 85 | 91 | 25 | 35 | 110 | 126 | ||||||||||||||||||||||||
Offering costs | - | 166 | - | 336 | - | 73 | - | 409 | ||||||||||||||||||||||||
Total gross expenses | 911 | 904 | 1,682 | 1,886 | 942 | 763 | 2,624 | 2,649 | ||||||||||||||||||||||||
Less waivers: | ||||||||||||||||||||||||||||||||
Administrative fees waived(1) | - | (109 | ) | - | (273 | ) | ||||||||||||||||||||||||||
Administrative fees waived(1) | - | (85 | ) | - | (358 | ) | ||||||||||||||||||||||||||
Total net expenses | 911 | 795 | 1,682 | 1,613 | 942 | 678 | 2,624 | 2,291 | ||||||||||||||||||||||||
Net investment income (loss) | 1,031 | 420 | 1,936 | 716 | 1,165 | 590 | 3,101 | 1,306 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on investment transactions: | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | $ | 69 | $ | 4 | $ | 87 | $ | 4 | $ | 35 | $ | 1 | $ | 122 | $ | 5 | ||||||||||||||||
Foreign currency transactions | 15 | 7 | (5 | ) | - | 2 | - | |||||||||||||||||||||||||
Foreign currency forward transactions | (59 | ) | - | (59 | ) | - | 12 | - | (47 | ) | - | |||||||||||||||||||||
Net change in unrealized gain (loss) on investment transactions: | ||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | 315 | 138 | 475 | (1,453 | ) | 87 | 490 | 562 | (963 | ) | ||||||||||||||||||||||
Non-controlled, affiliated investments | 340 | 71 | 552 | (290 | ) | 220 | 270 | 772 | (20 | ) | ||||||||||||||||||||||
Foreign currency forward contracts | (12 | ) | - | 4 | - | 4 | - | 8 | - | |||||||||||||||||||||||
Total net realized and unrealized gain (loss) on investment transactions | 668 | 213 | 1,066 | (1,739 | ) | 353 | 761 | 1,419 | (978 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,699 | $ | 633 | $ | 3,002 | $ | (1,023 | ) | $ | 1,518 | $ | 1,351 | $ | 4,520 | $ | 328 | |||||||||||||||
Net investment income (loss) per share - basic and diluted | $ | 0.21 | $ | 0.14 | $ | 0.41 | $ | (0.27 | ) | $ | 0.20 | $ | 0.17 | $ | 0.61 | $ | 0.45 | |||||||||||||||
Earnings (loss) per share - basic and diluted | $ | 0.34 | $ | 0.21 | $ | 0.63 | $ | (0.39 | ) | $ | 0.26 | $ | 0.40 | $ | 0.89 | $ | 0.11 | |||||||||||||||
Weighted average shares outstanding - basic and diluted | 5,022,000 | 2,993,736 | 4,756,475 | 2,656,978 | 5,754,844 | 3,402,000 | 5,092,922 | 2,907,131 |
Three Months | Three Months | Nine Months | Nine Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Increase (decrease) in net assets resulting from operations | ||||||||||||||||
Net investment income (loss) | $ | 1,165 | $ | 590 | $ | 3,101 | $ | 1,306 | ||||||||
Net realized gain (loss) | 42 | - | 77 | - | ||||||||||||
Net change in unrealized gain (loss) | 311 | 761 | 1,342 | (978 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 1,518 | 1,351 | 4,520 | 328 | ||||||||||||
Dividends | ||||||||||||||||
Dividends declared from earnings | (1,165 | ) | (680 | ) | (2,169 | ) | (680 | ) | ||||||||
Net decrease in net assets resulting from dividends | (1,165 | ) | (680 | ) | (2,169 | ) | (680 | ) | ||||||||
Capital share transactions | ||||||||||||||||
Issuance of common shares | 23,760 | - | 34,560 | 24,840 | ||||||||||||
Net increase in net assets resulting from capital share transactions | 23,760 | - | 34,560 | 24,840 | ||||||||||||
Total increase in net assets | 24,113 | 671 | 36,911 | 24,488 | ||||||||||||
Net assets, at beginning of period | 101,299 | 66,518 | 88,501 | 42,701 | ||||||||||||
Net assets, at end of period | $ | 125,412 | $ | 67,189 | $ | 125,412 | $ | 67,189 | ||||||||
Capital share activity | ||||||||||||||||
Shares issued | 1,177,809 | - | 1,717,809 | 1,242,000 | ||||||||||||
Net increase in shares outstanding | 1,177,809 | - | 1,717,809 | 1,242,000 | ||||||||||||
Dividends declared per share | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.20 |
Three Months | Three Months | Six Months | Six Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Increase (decrease) in net assets resulting from operations | ||||||||||||||||
Net investment income (loss) | $ | 1,031 | $ | 420 | $ | 1,936 | $ | 716 | ||||||||
Net realized gain (loss) | 25 | 4 | 35 | 4 | ||||||||||||
Net change in unrealized gain (loss) | 643 | 209 | 1,031 | (1,743 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 1,699 | 633 | 3,002 | (1,023 | ) | |||||||||||
Dividends | ||||||||||||||||
Dividends declared from earnings | (1,004 | ) | - | (1,004 | ) | - | ||||||||||
Net decrease in net assets resulting from dividends | (1,004 | ) | - | (1,004 | ) | - | ||||||||||
Capital share transactions | ||||||||||||||||
Issuance of common shares | - | 8,640 | 10,800 | 24,840 | ||||||||||||
Net increase in net assets resulting from capital share transactions | - | 8,640 | 10,800 | 24,840 | ||||||||||||
Total increase in net assets | 695 | 9,273 | 12,798 | 23,817 | ||||||||||||
Net assets, at beginning of period | 100,604 | 57,245 | 88,501 | 42,701 | ||||||||||||
Net assets, at end of period | $ | 101,299 | $ | 66,518 | $ | 101,299 | $ | 66,518 | ||||||||
Capital share activity | ||||||||||||||||
Shares issued | - | 432,000 | 540,000 | 1,242,000 | ||||||||||||
Net increase in shares outstanding | - | 432,000 | 540,000 | 1,242,000 |
Nine Months | Nine Months | |||||||
Ended | Ended | |||||||
September 30, | September 30, | |||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 4,520 | $ | 328 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||||||||
Net realized (gain) loss on investments | (122 | ) | (5 | ) | ||||
Net change in unrealized (appreciation) depreciation on investments | (1,334 | ) | 983 | |||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (8 | ) | - | |||||
Net accretion on debt instruments | (309 | ) | (180 | ) | ||||
Net paydown gain on debt instruments | (146 | ) | (20 | ) | ||||
Interest received in-kind | (22 | ) | - | |||||
Purchases and drawdowns of investments | (55,199 | ) | (34,815 | ) | ||||
Proceeds from sales and paydowns of investments | 25,269 | 9,632 | ||||||
Amortization of deferred financing costs | 167 | 94 | ||||||
Amortization of offering costs | - | 409 | ||||||
Change in operating assets and liabilities: | ||||||||
(Increase) decrease in interest receivable | (52 | ) | (72 | ) | ||||
(Increase) decrease in prepaid expenses | (75 | ) | (128 | ) | ||||
(Increase) decrease in other assets | - | (15 | ) | |||||
(Increase) decrease in due from affiliate | - | 23 | ||||||
Increase (decrease) in accrued expenses and other liabilities payable to affiliate | 221 | 78 | ||||||
Increase (decrease) in management fees payable | 50 | 49 | ||||||
Increase (decrease) in income incentive fees payable | 115 | 38 | ||||||
Increase (decrease) in deferred income | (13 | ) | 9 | |||||
Increase (decrease) in interest payable | (13 | ) | (6 | ) | ||||
Increase (decrease) in due to affiliate | - | (44 | ) | |||||
Increase (decrease) in organizational costs payable to affiliate | - | (26 | ) | |||||
Net cash used in operating activities | (26,951 | ) | (23,668 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of common shares | 34,560 | 24,840 | ||||||
Dividends paid | (3,325 | ) | (680 | ) | ||||
Borrowings on subscription facility | 3,100 | 19,800 | ||||||
Payments on subscription facility | (3,100 | ) | (25,300 | ) | ||||
Payments for deferred financing costs | (38 | ) | (120 | ) | ||||
Payments for deferred offering costs | - | (20 | ) | |||||
Net cash provided by financing activities | 31,197 | 18,520 | ||||||
Net change in cash | 4,246 | (5,148 | ) | |||||
Cash | ||||||||
Cash, beginning of period | 10,320 | 9,008 | ||||||
Cash, end of period | $ | 14,566 | $ | 3,860 | ||||
Supplemental and non-cash information | ||||||||
Cash paid during the period for interest | $ | 36 | $ | 195 |
Six Months | Six Months | |||||||
Ended | Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,002 | $ | (1,023 | ) | |||
Adjustments to reconcile net increase (decrease) in net assets | ||||||||
resulting from operations to net cash used in operating activities: | ||||||||
Net realized (gain) loss on investments | (87 | ) | (4 | ) | ||||
Net change in unrealized (appreciation) depreciation on investments | (1,027 | ) | 1,743 | |||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (4 | ) | - | |||||
Net accretion on debt instruments | (204 | ) | (120 | ) | ||||
Net paydown gain on debt instruments | (103 | ) | (15 | ) | ||||
Interest received in-kind | (7 | ) | - | |||||
Purchases and drawdowns of investments | (34,931 | ) | (30,673 | ) | ||||
Proceeds from sales and paydowns of investments | 17,806 | 7,893 | ||||||
Amortization of deferred financing costs | 109 | 54 | ||||||
Amortization of offering costs | - | 336 | ||||||
Change in operating assets and liabilities: | ||||||||
(Increase) decrease in interest receivable | (37 | ) | (113 | ) | ||||
(Increase) decrease in prepaid expenses | (158 | ) | (253 | ) | ||||
(Increase) decrease in due from affiliate | - | (48 | ) | |||||
Increase (decrease) in organizational costs payable to affiliate | - | (5 | ) | |||||
Increase (decrease) in accrued expenses and other liabilities payable to affiliate | 83 | 111 | ||||||
Increase (decrease) in management fees payable | 33 | 46 | ||||||
Increase (decrease) in income incentive fees payable | 108 | 37 | ||||||
Increase (decrease) in deferred income | (12 | ) | (14 | ) | ||||
Increase (decrease) in interest payable | (13 | ) | (10 | ) | ||||
Increase (decrease) in due to affiliate | - | (16 | ) | |||||
Net cash used in operating activities | (15,442 | ) | (22,074 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from issuance of common shares | 10,800 | 24,840 | ||||||
Dividends paid | (2,160 | ) | - | |||||
Borrowings on subscription facility | 3,100 | 18,800 | ||||||
Payments on subscription facility | (2,400 | ) | (25,300 | ) | ||||
Payments for deferred financing costs | (23 | ) | - | |||||
Payments for deferred offering costs | - | (3 | ) | |||||
Net cash provided by financing activities | 9,317 | 18,337 | ||||||
Net change in cash | (6,125 | ) | (3,737 | ) | ||||
Cash | ||||||||
Cash, beginning of period | 10,320 | 9,008 | ||||||
Cash, end of period | $ | 4,195 | $ | 5,271 | ||||
Supplemental and non-cash information | ||||||||
Cash paid during the period for interest | $ | 28 | $ | 172 |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (5) | ||||||||||||||||||||||
Aerospace and defense | ||||||||||||||||||||||
Mattco Forge, Inc. (13) | First lien senior secured revolving loan | L+7.25% | 12/6/2024 | $ | 506 | $ | (9 | ) | $ | (24 | ) | (0.02 | )% | |||||||||
Mattco Forge, Inc. (9) | First lien senior secured term loan | L+7.25% | 12/6/2024 | 2,201 | 2,162 | 2,099 | 2.06 | % | ||||||||||||||
2,153 | 2,075 | 2.04 | % | |||||||||||||||||||
Chemicals | ||||||||||||||||||||||
AM Buyer, LLC (13) | First lien senior secured revolving loan | L+6.75% | 5/1/2025 | $ | 111 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
AM Buyer, LLC (6)(8) | First lien senior secured term loan | L+6.75% | 5/1/2025 | 481 | 472 | 474 | 0.47 | % | ||||||||||||||
G2O Technologies, LLC (13) | First lien senior secured revolving loan | L+6.00% | 3/31/2025 | 207 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
G2O Technologies, LLC (8) | First lien senior secured term loan | L+6.00% | 3/31/2025 | 1,569 | 1,542 | 1,545 | 1.52 | % | ||||||||||||||
Revolution Plastics Buyer, LLC (6) | First lien senior secured revolving loan | L+5.00% | 8/15/2025 | 704 | 272 | 274 | 0.27 | % | ||||||||||||||
Revolution Plastics Buyer, LLC (6)(8) | First lien senior secured term loan | L+5.00% | 8/15/2025 | 2,662 | 2,619 | 2,635 | 2.60 | % | ||||||||||||||
Teel Plastics, LLC (13) | First lien senior secured revolving loan | L+5.00% | 1/24/2025 | 324 | (5 | ) | (4 | ) | (0.00 | )% | ||||||||||||
Teel Plastics, LLC (6) | First lien senior secured term loan | L+5.00% | 1/24/2025 | 1,823 | 1,796 | 1,799 | 1.77 | % | ||||||||||||||
6,691 | 6,718 | 6.63 | % | |||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||
Edko Acquisition, LLC (13) | First lien senior secured revolving loan | L+5.75% | 6/25/2026 | $ | 38 | $ | (1 | ) | $ | (1 | ) | (0.00 | )% | |||||||||
Edko Acquisition, LLC (8) | First lien senior secured term loan | L+5.75% | 6/25/2026 | 1,025 | 1,005 | 1,005 | 0.99 | % | ||||||||||||||
Nimlok Company, LLC (8)(17) | First lien senior secured revolving loan | L+7.50% | 11/27/2024 | 320 | 92 | 84 | 0.08 | % | ||||||||||||||
Nimlok Company, LLC (8) | First lien senior secured term loan | L+7.50% | 11/27/2025 | 1,920 | 1,893 | 1,829 | 1.81 | % | ||||||||||||||
2,989 | 2,917 | 2.88 | % | |||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||
Domino Equipment Company, LLC (13) | First lien senior secured revolving loan | L+6.00% | 4/1/2026 | $ | 79 | $ | (1 | ) | $ | (1 | ) | (0.00 | )% | |||||||||
Domino Equipment Company, LLC (8) | First lien senior secured term loan | L+6.00% | 4/1/2026 | 584 | 573 | 574 | 0.57 | % | ||||||||||||||
572 | 573 | 0.57 | % | |||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||
Innovative FlexPak, LLC (6) | First lien senior secured revolving loan | L+6.75% | 1/23/2025 | $ | 627 | $ | 22 | $ | 24 | 0.02 | % | |||||||||||
Innovative FlexPak, LLC (8)(9) | First lien senior secured term loan | L+6.75% | 1/23/2025 | 2,376 | 2,339 | 2,351 | 2.32 | % | ||||||||||||||
Jansy Packaging, LLC (13) | First lien senior secured revolving loan | L+7.00% | 9/30/2022 | 706 | (9 | ) | (24 | ) | (0.02 | )% | ||||||||||||
Jansy Packaging, LLC (6) | First lien senior secured term loan | L+7.00% | 9/30/2022 | 1,096 | 1,078 | 1,059 | 1.05 | % | ||||||||||||||
MRC Keeler Acquisition, LLC (13) | First lien senior secured delayed draw term loan | L+5.75% | 12/4/2025 | 150 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
MRC Keeler Acquisition, LLC (13) | First lien senior secured revolving loan | L+5.75% | 12/4/2025 | 150 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
MRC Keeler Acquisition, LLC (8) | First lien senior secured term loan | L+5.75% | 12/4/2025 | 971 | 954 | 955 | 0.94 | % | ||||||||||||||
Vanguard Packaging, LLC (13) | First lien senior secured revolving loan | L+5.25% | 8/9/2024 | 535 | (5 | ) | (6 | ) | (0.01 | )% | ||||||||||||
Vanguard Packaging, LLC (8) | First lien senior secured term loan | L+5.25% | 8/9/2024 | 1,212 | 1,200 | 1,197 | 1.18 | % | ||||||||||||||
5,573 | 5,552 | 5.48 | % | |||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||
50Floor, LLC (13) | First lien senior secured revolving loan | L+6.25% | 12/31/2025 | $ | 199 | $ | (4 | ) | $ | (3 | ) | (0.00 | )% | |||||||||
50Floor, LLC (8) | First lien senior secured term loan | L+6.25% | 12/31/2026 | 987 | 969 | 971 | 0.96 | % | ||||||||||||||
Groundworks Operations, LLC (8) | First lien senior secured delayed draw term loan | L+4.75% | 1/17/2026 | 1,854 | 1,347 | 1,350 | 1.33 | % | ||||||||||||||
Groundworks Operations, LLC (13) | First lien senior secured revolving loan | L+4.75% | 1/17/2026 | 387 | (6 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Groundworks Operations, LLC (8) | First lien senior secured term loan | L+4.75% | 1/17/2026 | 2,372 | 2,336 | 2,341 | 2.31 | % | ||||||||||||||
ISSA, LLC (13) | First lien senior secured revolving loan | L+6.50% | 3/1/2027 | 131 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
ISSA, LLC (8) | First lien senior secured term loan | L+6.50% | 3/1/2027 | 878 | 861 | 862 | 0.85 | % | ||||||||||||||
Kalkomey Enterprises, LLC (8) | First lien senior secured revolving loan | L+6.50% | 4/24/2025 | 77 | 29 | 30 | 0.03 | % | ||||||||||||||
Kalkomey Enterprises, LLC (8) | First lien senior secured term loan | L+6.50% | 4/24/2026 | 1,066 | 1,043 | 1,049 | 1.03 | % | ||||||||||||||
NSG Buyer, Inc. (13) | First lien senior secured revolving loan | L+5.75% | 9/30/2024 | 294 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
NSG Buyer, Inc. (6) | First lien senior secured term loan | L+5.75% | 9/30/2025 | 2,360 | 2,342 | 2,338 | 2.31 | % | ||||||||||||||
United Land Services Opco Parent, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 3/23/2026 | 1,074 | 163 | 165 | 0.16 | % | ||||||||||||||
United Land Services Opco Parent, LLC (13) | First lien senior secured revolving loan | L+6.00% | 3/23/2026 | 131 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
United Land Services Opco Parent, LLC (8) | First lien senior secured term loan | L+6.00% | 3/23/2026 | 307 | 301 | 302 | 0.29 | % | ||||||||||||||
9,375 | 9,394 | 9.27 | % | |||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||
Advanced Lighting Acquisition, LLC (13) | First lien senior secured revolving loan | L+9.00% | 11/22/2025 | $ | 324 | $ | (5 | ) | $ | (8 | ) | (0.01 | )% | |||||||||
Advanced Lighting Acquisition, LLC (6)(8) | First lien senior secured term loan | L+9.00% | 11/22/2025 | 1,453 | 1,430 | 1,419 | 1.40 | % | ||||||||||||||
1,425 | 1,411 | 1.39 | % | |||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||
Engelman Baking Co., LLC (6) | First lien senior secured revolving loan | L+6.75% | 2/28/2025 | $ | $ 207 | $ | 45 | $ | 37 | 0.04 | % | |||||||||||
Engelman Baking Co., LLC (6) | First lien senior secured term loan | L+6.75% | 2/28/2025 | 724 | 708 | 679 | 0.67 | % | ||||||||||||||
Mad Rose Company, LLC (13) | First lien senior secured revolving loan | L+6.50% | 5/7/2026 | 104 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Mad Rose Company, LLC (8) | First lien senior secured term loan | L+6.50% | 5/7/2026 | 316 | 308 | 308 | 0.29 | % | ||||||||||||||
NutriScience Innovations, LLC (13) | First lien senior secured revolving loan | L+7.00% | 4/21/2026 | 131 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
NutriScience Innovations, LLC (9) | First lien senior secured term loan | L+7.00% | 4/21/2026 | 484 | 475 | 475 | 0.47 | % | ||||||||||||||
1,530 | 1,493 | 1.47 | % | |||||||||||||||||||
Food products | ||||||||||||||||||||||
Perimeter Brands Intermediate Holdco LLC (13) | First lien senior secured revolving loan | L+5.50% | 12/11/2025 | $ | 210 | $ | (4 | ) | $ | - | 0.00 | % | ||||||||||
Perimeter Brands Intermediate Holdco LLC (6) | First lien senior secured term loan | L+5.50% | 12/11/2025 | 1,020 | 1,001 | 1,020 | 1.01 | % | ||||||||||||||
Starwest Botanicals Acquisition, LLC (7) | First lien senior secured revolving loan | L+5.25% | 4/30/2027 | 174 | 7 | 7 | 0.01 | % | ||||||||||||||
Starwest Botanicals Acquisition, LLC (8) | First lien senior secured term loan | L+5.25% | 4/30/2027 | 820 | 805 | 806 | 0.79 | % | ||||||||||||||
1,809 | 1,833 | 1.81 | % | |||||||||||||||||||
Gas utilities | ||||||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured delayed draw term loan | L+6.25% | 12/30/2026 | $ | 114 | $ | 112 | $ | 112 | 0.11 | % | |||||||||||
Hydromax USA, LLC (6) | First lien senior secured revolving loan | L+6.25% | 12/30/2026 | 228 | 76 | 76 | 0.07 | % | ||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured term loan | L+6.25% | 12/30/2026 | 1,253 | 1,232 | 1,235 | 1.22 | % | ||||||||||||||
1,420 | 1,423 | 1.40 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (5) | ||||||||||||||||||||||
Aerospace and defense | ||||||||||||||||||||||
Mattco Forge, Inc. (13) | First lien senior secured revolving loan | L+7.25% | 12/6/2024 | $ | 506 | $ | (8 | ) | $ | (22 | ) | (0.02 | )% | |||||||||
Mattco Forge, Inc. (8)(9) | First lien senior secured term loan | L+7.25% | 12/6/2024 | 2,196 | 2,159 | 2,100 | 1.68 | % | ||||||||||||||
2,151 | 2,078 | 1.66 | % | |||||||||||||||||||
Chemicals | ||||||||||||||||||||||
AM Buyer, LLC (13) | First lien senior secured revolving loan | L+6.75% | 5/1/2025 | $ | 111 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
AM Buyer, LLC (8) | First lien senior secured term loan | L+6.75% | 5/1/2025 | 480 | 471 | 473 | 0.38 | % | ||||||||||||||
G2O Technologies, LLC (13) | First lien senior secured revolving loan | L+6.00% | 3/31/2025 | 207 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
G2O Technologies, LLC (6) | First lien senior secured term loan | L+6.00% | 3/31/2025 | 1,565 | 1,540 | 1,543 | 1.23 | % | ||||||||||||||
Revolution Plastics Buyer, LLC (6) | First lien senior secured revolving loan | L+5.00% | 8/15/2025 | 704 | 507 | 509 | 0.41 | % | ||||||||||||||
Revolution Plastics Buyer, LLC (6)(8) | First lien senior secured term loan | L+5.00% | 8/15/2025 | 2,656 | 2,615 | 2,629 | 2.10 | % | ||||||||||||||
Teel Plastics, LLC (13) | First lien senior secured revolving loan | L+5.00% | 1/24/2025 | 324 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||
Teel Plastics, LLC (6) | First lien senior secured term loan | L+5.00% | 1/24/2025 | 1,818 | 1,793 | 1,798 | 1.43 | % | ||||||||||||||
6,917 | 6,943 | 5.54 | % | |||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||
Edko Acquisition, LLC (13) | First lien senior secured revolving loan | L+5.75% | 6/25/2026 | $ | 38 | $ | (1 | ) | $ | (1 | ) | (0.00 | )% | |||||||||
Edko Acquisition, LLC (8) | First lien senior secured term loan | L+5.75% | 6/25/2026 | 1,023 | 1,003 | 1,005 | 0.80 | % | ||||||||||||||
Nimlok Company, LLC (13)(17) | First lien senior secured revolving loan | L+7.50% | 11/27/2024 | 320 | (4 | ) | (9 | ) | (0.01 | )% | ||||||||||||
Nimlok Company, LLC (8) | First lien senior secured term loan | L+7.50% | 11/27/2025 | 1,923 | 1,896 | 1,852 | 1.48 | % | ||||||||||||||
2,894 | 2,847 | 2.27 | % | |||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||
Domino Equipment Company, LLC (13) | First lien senior secured revolving loan | L+6.00% | 4/1/2026 | $ | 79 | $ | (1 | ) | $ | (1 | ) | (0.00 | )% | |||||||||
Domino Equipment Company, LLC (8) | First lien senior secured term loan | L+6.00% | 4/1/2026 | 582 | 572 | 573 | 0.46 | % | ||||||||||||||
571 | 572 | 0.46 | % | |||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||
Innovative FlexPak, LLC (6) | First lien senior secured revolving loan | L+6.00% | 1/23/2025 | $ | 94 | $ | 90 | $ | 91 | 0.07 | % | |||||||||||
Innovative FlexPak, LLC (12) | First lien senior secured revolving loan | P+5.00% | 1/23/2025 | 125 | 120 | 122 | 0.10 | % | ||||||||||||||
Innovative FlexPak, LLC (9) | First lien senior secured term loan | L+6.00% | 1/23/2025 | 2,685 | 2,639 | 2,658 | 2.12 | % | ||||||||||||||
Jansy Packaging, LLC (13) | First lien senior secured revolving loan | L+7.00% | 9/30/2022 | 706 | (7 | ) | (22 | ) | (0.02 | )% | ||||||||||||
Jansy Packaging, LLC (6) | First lien senior secured term loan | L+7.00% | 9/30/2022 | 1,093 | 1,076 | 1,058 | 0.84 | % | ||||||||||||||
MRC Keeler Acquisition, LLC (13) | First lien senior secured delayed draw term loan | L+5.75% | 12/4/2025 | 150 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
MRC Keeler Acquisition, LLC (13) | First lien senior secured revolving loan | L+5.75% | 12/4/2025 | 150 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
MRC Keeler Acquisition, LLC (8) | First lien senior secured term loan | L+5.75% | 12/4/2025 | 969 | 952 | 954 | 0.76 | % | ||||||||||||||
Vanguard Packaging, LLC (8) | First lien senior secured revolving loan | L+5.25% | 8/9/2024 | 535 | 174 | 172 | 0.14 | % | ||||||||||||||
Vanguard Packaging, LLC (8) | First lien senior secured term loan | L+5.25% | 8/9/2024 | 1,209 | 1,198 | 1,195 | 0.95 | % | ||||||||||||||
6,236 | 6,224 | 4.96 | % | |||||||||||||||||||
Distributors | ||||||||||||||||||||||
RTP Acquisition, LLC (13) | First lien senior secured revolving loan | L+6.00% | 8/17/2026 | 38 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
RTP Acquisition, LLC (7) | First lien senior secured term loan | L+6.00% | 8/17/2026 | 538 | 527 | 527 | 0.42 | % | ||||||||||||||
526 | 526 | 0.42 | % | |||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||
50Floor, LLC (13) | First lien senior secured revolving loan | L+5.75% | 12/31/2025 | $ | 199 | $ | (3 | ) | $ | (3 | ) | (0.00 | )% | |||||||||
50Floor, LLC (8) | First lien senior secured term loan | L+5.75% | 12/31/2026 | 985 | 967 | 969 | 0.77 | % | ||||||||||||||
Groundworks Operations, LLC (8) | First lien senior secured delayed draw term loan | L+4.75% | 1/17/2026 | 1,622 | 1,348 | 1,351 | 1.08 | % | ||||||||||||||
Groundworks Operations, LLC (13) | First lien senior secured delayed draw term loan | L+4.75% | 1/17/2026 | 228 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Groundworks Operations, LLC (13) | First lien senior secured revolving loan | L+4.75% | 1/17/2026 | 387 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Groundworks Operations, LLC (8) | First lien senior secured term loan | L+4.75% | 1/17/2026 | 2,366 | 2,331 | 2,336 | 1.86 | % | ||||||||||||||
ISSA, LLC (13) | First lien senior secured revolving loan | L+6.50% | 3/1/2027 | 131 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
ISSA, LLC (8) | First lien senior secured term loan | L+6.50% | 3/1/2027 | 876 | 859 | 861 | 0.69 | % | ||||||||||||||
Kalkomey Enterprises, LLC (13) | First lien senior secured revolving loan | L+6.50% | 4/24/2025 | 77 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Kalkomey Enterprises, LLC (8) | First lien senior secured term loan | L+6.50% | 4/24/2026 | 1,063 | 1,041 | 1,047 | 0.83 | % | ||||||||||||||
NSG Buyer, Inc. (13) | First lien senior secured revolving loan | L+5.50% | 9/30/2024 | 294 | (2 | ) | (1 | ) | (0.00 | )% | ||||||||||||
NSG Buyer, Inc. (6) | First lien senior secured term loan | L+5.50% | 9/30/2025 | 2,317 | 2,300 | 2,300 | 1.83 | % | ||||||||||||||
PPW Acquisition, LLC (13) | First lien senior secured revolving loan | L+6.00% | 9/30/2026 | 38 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
PPW Acquisition, LLC (8) | First lien senior secured term loan | L+6.00% | 9/30/2026 | 613 | 600 | 600 | 0.48 | % | ||||||||||||||
United Land Services Opco Parent, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 3/23/2026 | 1,074 | 164 | 165 | 0.13 | % | ||||||||||||||
United Land Services Opco Parent, LLC (13) | First lien senior secured revolving loan | L+6.00% | 3/23/2026 | 131 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
United Land Services Opco Parent, LLC (8) | First lien senior secured term loan | L+6.00% | 3/23/2026 | 306 | 301 | 301 | 0.24 | % | ||||||||||||||
9,892 | 9,912 | 7.90 | % | |||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||
Advanced Lighting Acquisition, LLC (13) | First lien senior secured revolving loan | L+9.00% | 11/22/2025 | $ | 324 | $ | (5 | ) | $ | (8 | ) | (0.01 | )% | |||||||||
Advanced Lighting Acquisition, LLC (6)(8) | First lien senior secured term loan | L+9.00% | 11/22/2025 | 1,460 | 1,438 | 1,427 | 1.14 | % | ||||||||||||||
1,433 | 1,419 | 1.13 | % | |||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||
Engelman Baking Co., LLC (6) | First lien senior secured revolving loan | L+6.75% | 2/28/2025 | $ | 207 | $ | 46 | $ | 38 | 0.03 | % | |||||||||||
Engelman Baking Co., LLC (6) | First lien senior secured term loan | L+6.75% | 2/28/2025 | 722 | 707 | 679 | 0.54 | % | ||||||||||||||
Mad Rose Company, LLC (13)(22) | First lien senior secured revolving loan | L+6.50% | 5/7/2026 | 104 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Mad Rose Company, LLC (8) | First lien senior secured term loan | L+6.50% | 5/7/2026 | 315 | 307 | 308 | 0.25 | % | ||||||||||||||
NutriScience Innovations, LLC (13) | First lien senior secured revolving loan | L+7.00% | 4/21/2026 | 131 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
NutriScience Innovations, LLC (8) | First lien senior secured term loan | L+7.00% | 4/21/2026 | 483 | 474 | 475 | 0.38 | % | ||||||||||||||
1,530 | 1,496 | 1.19 | % | |||||||||||||||||||
Food products | ||||||||||||||||||||||
Icelandirect, LLC (12) | First lien senior secured revolving loan | P+5.00% | 7/30/2026 | $ | 38 | $ | 4 | $ | 4 | 0.00 | % | |||||||||||
Icelandirect, LLC (8) | First lien senior secured term loan | L+6.00% | 7/30/2026 | 693 | 680 | 680 | 0.54 | % | ||||||||||||||
Starwest Botanicals Acquisition, LLC (13) | First lien senior secured revolving loan | L+5.25% | 4/30/2027 | 174 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Starwest Botanicals Acquisition, LLC (8) | First lien senior secured term loan | L+5.25% | 4/30/2027 | 817 | 804 | 805 | 0.64 | % | ||||||||||||||
1,485 | 1,486 | 1.18 | % | |||||||||||||||||||
Gas utilities | ||||||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured delayed draw term loan | L+6.25% | 12/30/2026 | $ | 113 | $ | 112 | $ | 112 | 0.09 | % | |||||||||||
Hydromax USA, LLC (6) | First lien senior secured revolving loan | L+6.25% | 12/30/2026 | 228 | 19 | 20 | 0.02 | % | ||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured term loan | L+6.25% | 12/30/2026 | 1,250 | 1,230 | 1,232 | 0.98 | % | ||||||||||||||
1,361 | 1,364 | 1.09 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments - Continued | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (5) - Continued | ||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 3/30/2026 | $ | 667 | $ | 194 | $ | 195 | 0.16 | % | |||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured revolving loan | L+6.50% | 3/30/2026 | 134 | 24 | 24 | 0.02 | % | ||||||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured term loan | L+6.50% | 3/30/2026 | 646 | 634 | 635 | 0.51 | % | ||||||||||||||
Reliable Medical Supply LLC (13) | First lien senior secured delayed draw term loan | L+7.00% | 4/8/2025 | 68 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Reliable Medical Supply LLC (13) | First lien senior secured revolving loan | L+7.00% | 4/8/2025 | 138 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Reliable Medical Supply LLC (8) | First lien senior secured term loan | L+7.00% | 4/8/2025 | 760 | 744 | 748 | 0.60 | % | ||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 1/20/2026 | 397 | 35 | 38 | 0.03 | % | ||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured revolving loan | L+6.50% | 1/20/2026 | 133 | 23 | 24 | 0.02 | % | ||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured term loan | L+6.50% | 1/20/2026 | 766 | 747 | 754 | 0.60 | % | ||||||||||||||
Spectrum Solutions, LLC (13) | First lien senior secured revolving loan | L+6.00% | 3/5/2026 | 267 | (5 | ) | (4 | ) | (0.00 | )% | ||||||||||||
Spectrum Solutions, LLC (6) | First lien senior secured term loan | L+6.00% | 3/5/2026 | 691 | 678 | 679 | 0.54 | % | ||||||||||||||
3,070 | 3,090 | 2.46 | % | |||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||
Agility Intermediate, Inc. (13) | First lien senior secured delayed draw term loan | L+6.50% | 4/15/2026 | $ | 401 | $ | (7 | ) | $ | (7 | ) | (0.01 | )% | |||||||||
Agility Intermediate, Inc. (13) | First lien senior secured revolving loan | L+6.50% | 4/15/2026 | 134 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Agility Intermediate, Inc. (9) | First lien senior secured term loan | L+6.50% | 4/15/2026 | 245 | 241 | 241 | 0.19 | % | ||||||||||||||
Anne Arundel Dermatology Management, LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 10/16/2025 | 776 | 595 | 596 | 0.48 | % | ||||||||||||||
Anne Arundel Dermatology Management, LLC (6) | First lien senior secured revolving loan | L+6.50% | 10/16/2025 | 234 | 42 | 43 | 0.03 | % | ||||||||||||||
Anne Arundel Dermatology Management, LLC (8) | First lien senior secured term loan | L+6.50% | 10/16/2025 | 869 | 853 | 854 | 0.68 | % | ||||||||||||||
Apex Dental Partners, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 11/23/2025 | 450 | 357 | 357 | 0.28 | % | ||||||||||||||
Apex Dental Partners, LLC (13) | First lien senior secured revolving loan | L+6.00% | 11/23/2025 | 150 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Apex Dental Partners, LLC (8) | First lien senior secured term loan | L+6.00% | 11/23/2025 | 630 | 619 | 620 | 0.49 | % | ||||||||||||||
ASP Global Acquisition, LLC (8) | First lien senior secured delayed draw term loan | L+5.50% | 1/21/2025 | 734 | 675 | 674 | 0.54 | % | ||||||||||||||
ASP Global Acquisition, LLC (13)(15) | First lien senior secured revolving loan | L+5.50% | 1/21/2025 | 485 | (6 | ) | (7 | ) | (0.01 | )% | ||||||||||||
ASP Global Acquisition, LLC (8) | First lien senior secured term loan | L+5.50% | 1/21/2025 | 2,809 | 2,760 | 2,774 | 2.21 | % | ||||||||||||||
Beacon Oral Specialists Management LLC (13) | First lien senior secured delayed draw term loan | L+5.75% | 12/14/2025 | 161 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Beacon Oral Specialists Management LLC (8)(9) | First lien senior secured delayed draw term loan | L+5.75% | 12/14/2025 | 536 | 528 | 529 | 0.42 | % | ||||||||||||||
Beacon Oral Specialists Management LLC (13) | First lien senior secured revolving loan | L+5.75% | 12/14/2025 | 150 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Beacon Oral Specialists Management LLC (8) | First lien senior secured term loan | L+5.75% | 12/14/2025 | 956 | 942 | 944 | 0.75 | % | ||||||||||||||
Behavior Frontiers, LLC (6)(21) | First lien senior secured revolving loan | L+6.25% | 5/21/2026 | 38 | 18 | 18 | 0.01 | % | ||||||||||||||
Behavior Frontiers, LLC (6) | First lien senior secured term loan | L+6.25% | 5/21/2026 | 658 | 644 | 645 | 0.51 | % | ||||||||||||||
Brightview, LLC (8) | First lien senior secured delayed draw term loan | L+5.50% | 4/12/2024 | 400 | 49 | 49 | 0.04 | % | ||||||||||||||
Brightview, LLC (13) | First lien senior secured revolving loan | L+5.50% | 4/12/2024 | 80 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Brightview, LLC (8) | First lien senior secured term loan | L+5.50% | 4/12/2024 | 1,293 | 1,278 | 1,280 | 1.02 | % | ||||||||||||||
Canadian Orthodontic Partners Corp. (11)(14) | First lien senior secured delayed draw term loan | C+6.50% | 3/19/2026 | C$ | 361 | 186 | 188 | 0.15 | % | |||||||||||||
Canadian Orthodontic Partners Corp. (12)(14) | First lien senior secured revolving loan | P+5.50% | 3/19/2026 | C$ | 267 | 27 | 30 | 0.02 | % | |||||||||||||
Canadian Orthodontic Partners Corp. (11)(14) | First lien senior secured term loan | L+6.50% | 3/19/2026 | 227 | 178 | 177 | 0.14 | % | ||||||||||||||
Canadian Orthodontic Partners Corp. (13)(14) | First lien senior secured revolving loan | C+6.50% | 3/19/2026 | C$ | 107 | (2 | ) | (1 | ) | (0.00 | )% | |||||||||||
Community Care Partners, LLC (13) | First lien senior secured delayed draw term loan | L+5.25% | 8/11/2025 | 225 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||
Community Care Partners, LLC (13) | First lien senior secured revolving loan | L+5.25% | 8/11/2025 | 38 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Community Care Partners, LLC (8) | First lien senior secured term loan | L+5.25% | 8/11/2025 | 657 | 646 | 646 | 0.52 | % | ||||||||||||||
Varsity DuvaSawko Operating Corp. (13) | First lien senior secured revolving loan | L+6.25% | 11/27/2024 | 474 | (6 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Varsity DuvaSawko Operating Corp. (9) | First lien senior secured term loan | L+6.25% | 11/27/2024 | 2,772 | 2,735 | 2,743 | 2.19 | % | ||||||||||||||
EH Management Company, LLC (13) | First lien senior secured revolving loan | L+6.00% | 7/15/2026 | 38 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
EH Management Company, LLC (8) | First lien senior secured term loan | L+6.00% | 7/15/2026 | 427 | 419 | 419 | 0.33 | % | ||||||||||||||
Geriatric Medical and Surgical Supply, LLC (13) | First lien senior secured revolving loan | L+6.00% | 12/21/2025 | 300 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Geriatric Medical and Surgical Supply, LLC (6) | First lien senior secured term loan | L+6.00% | 12/21/2025 | 1,029 | 1,011 | 1,013 | 0.81 | % | ||||||||||||||
Guardian Dentistry Practice Management, LLC (6) | First lien senior secured delayed draw term loan | L+5.75% | 8/20/2026 | 323 | 121 | 121 | 0.10 | % | ||||||||||||||
Guardian Dentistry Practice Management, LLC (6) | First lien senior secured term loan | L+5.75% | 8/20/2026 | 884 | 869 | 869 | 0.69 | % | ||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 12/31/2025 | 529 | 290 | 290 | 0.23 | % | ||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured revolving loan | L+6.00% | 12/31/2025 | 133 | 24 | 24 | 0.02 | % | ||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured term loan | L+6.00% | 12/31/2025 | 546 | 536 | 537 | 0.43 | % | ||||||||||||||
Peak Investment Holdings, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 12/6/2024 | 603 | 9 | 10 | 0.01 | % | ||||||||||||||
Peak Investment Holdings, LLC (8)(13) | First lien senior secured revolving loan | L+6.00% | 12/6/2024 | 324 | (4 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Peak Investment Holdings, LLC (8) | First lien senior secured term loan | L+6.00% | 12/6/2024 | 1,404 | 1,384 | 1,383 | 1.10 | % | ||||||||||||||
Revival Animal Health, LLC (13) | First lien senior secured revolving loan | L+6.50% | 4/6/2026 | 131 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Revival Animal Health, LLC (8) | First lien senior secured term loan | L+6.50% | 4/6/2026 | 503 | 494 | 495 | 0.39 | % | ||||||||||||||
RQM Buyer, Inc. (13) | First lien senior secured delayed draw term loan | L+5.75% | 8/12/2026 | 84 | (2 | ) | (1 | ) | (0.00 | )% | ||||||||||||
RQM Buyer, Inc. (9) | First lien senior secured revolving loan | L+5.75% | 8/12/2026 | 150 | 12 | 14 | 0.01 | % | ||||||||||||||
RQM Buyer, Inc. (8)(9) | First lien senior secured term loan | L+5.75% | 8/12/2026 | 1,165 | 1,142 | 1,153 | 0.92 | % | ||||||||||||||
SAMGI Buyer, Inc. (13) | First lien senior secured revolving loan | L+6.50% | 4/14/2025 | 138 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
SAMGI Buyer, Inc. (8) | First lien senior secured term loan | L+6.50% | 4/14/2025 | 535 | 525 | 525 | 0.42 | % | ||||||||||||||
SCP ENT and Allergy Services, LLC (9) | First lien senior secured delayed draw term loan | L+6.25% | 9/25/2025 | 1,172 | 80 | 81 | 0.06 | % | ||||||||||||||
SCP ENT and Allergy Services, LLC (13) | First lien senior secured revolving loan | L+6.25% | 9/25/2025 | 218 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||
SCP ENT and Allergy Services, LLC (8)(9) | First lien senior secured term loan | L+6.25% | 9/25/2025 | 907 | 889 | 890 | 0.71 | % | ||||||||||||||
Silver Falls MSO, LLC (9) | First lien senior secured revolving loan | L+6.25% | 8/30/2024 | 56 | 55 | 53.28 | 0.04 | % | ||||||||||||||
Silver Falls MSO, LLC (12) | First lien senior secured revolving loan | P+5.25% | 8/30/2024 | 61 | 59 | 58 | 0.05 | % | ||||||||||||||
Silver Falls MSO, LLC (8) | First lien senior secured term loan | L+6.25% | 8/30/2024 | 1,307 | 1,287 | 1,270 | 1.01 | % | ||||||||||||||
SimiTree Acquisition LLC (13) | First lien senior secured delayed draw term loan | L+5.25% | 5/17/2026 | 888 | (16 | ) | (15 | ) | (0.01 | )% | ||||||||||||
SimiTree Acquisition LLC (13) | First lien senior secured revolving loan | L+5.25% | 5/17/2026 | 178 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
SimiTree Acquisition LLC (8) | First lien senior secured term loan | L+5.25% | 5/17/2026 | 1,154 | 1,132 | 1,134 | 0.90 | % | ||||||||||||||
Southeast Primary Care Partners, LLC (13) | First lien senior secured delayed draw term loan | L+6.25% | 12/30/2025 | 300 | (6 | ) | (6 | ) | (0.00 | )% | ||||||||||||
Southeast Primary Care Partners, LLC (13) | First lien senior secured revolving loan | L+6.25% | 12/30/2025 | 225 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Southeast Primary Care Partners, LLC (6) | First lien senior secured term loan | L+6.25% | 12/30/2025 | 727 | 710 | 712 | 0.57 | % | ||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 1/27/2026 | 186 | 181 | 181 | 0.14 | % | ||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 1/27/2026 | 531 | 518 | 519 | 0.41 | % | ||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured revolving loan | L+6.50% | 1/27/2026 | 134 | 38 | 39 | 0.03 | % | ||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured term loan | L+6.50% | 1/27/2026 | 333 | 326 | 327 | 0.26 | % | ||||||||||||||
Vital Care Buyer, LLC (13) | First lien senior secured revolving loan | L+5.75% | 10/19/2025 | 580 | (8 | ) | (7 | ) | (0.01 | )% | ||||||||||||
Vital Care Buyer, LLC (8) | First lien senior secured term loan | L+5.75% | 10/19/2025 | 919 | 905 | 907 | 0.72 | % | ||||||||||||||
26,295 | 26,342 | 21.00 | % | |||||||||||||||||||
Health care technology | ||||||||||||||||||||||
Millennia Patient Services, LLC (13) | First lien senior secured delayed draw term loan | L+6.50% | 3/8/2026 | $ | 267 | $ | (5 | ) | $ | (4 | ) | (0.00 | )% | |||||||||
Millennia Patient Services, LLC (13) | First lien senior secured revolving loan | L+6.50% | 3/8/2026 | 134 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Millennia Patient Services, LLC (8) | First lien senior secured term loan | L+6.50% | 3/8/2026 | 1,003 | 985 | 986 | 0.79 | % | ||||||||||||||
Spear Education, LLC (13) | First lien senior secured delayed draw term loan | L+5.00% | 2/26/2025 | 474 | (3 | ) | (8 | ) | (0.01 | )% | ||||||||||||
Spear Education, LLC (13) | First lien senior secured revolving loan | L+5.00% | 2/26/2025 | 414 | (3 | ) | (7 | ) | (0.01 | )% | ||||||||||||
Spear Education, LLC (8)(9) | First lien senior secured term loan | L+5.00% | 2/26/2025 | 864 | 858 | 849 | 0.68 | % | ||||||||||||||
1,830 | 1,814 | 1.45 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments - Continued | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (5) - Continued | ||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 3/30/2026 | $ | 668 | $ | 194 | $ | 195 | 0.19 | % | |||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured revolving loan | L+6.50% | 3/30/2026 | 134 | 24 | 24 | 0.02 | % | ||||||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured term loan | L+6.50% | 3/30/2026 | 648 | 636 | 637 | 0.63 | % | ||||||||||||||
Reliable Medical Supply LLC (13) | First lien senior secured revolving loan | L+6.50% | 4/8/2025 | 138 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Reliable Medical Supply LLC (8) | First lien senior secured term loan | L+6.50% | 4/8/2025 | 619 | 607 | 608 | 0.60 | % | ||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 1/20/2026 | 397 | 36 | 39 | 0.04 | % | ||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured revolving loan | L+6.00% | 1/20/2026 | 133 | 23 | 25 | 0.02 | % | ||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured term loan | L+6.00% | 1/20/2026 | 768 | 750 | 757 | 0.75 | % | ||||||||||||||
Spectrum Solutions, LLC (13) | First lien senior secured revolving loan | L+6.00% | 3/5/2026 | 267 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Spectrum Solutions, LLC (6) | First lien senior secured term loan | L+6.00% | 3/5/2026 | 693 | 679 | 681 | 0.67 | % | ||||||||||||||
2,942 | 2,959 | 2.92 | % | |||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||
Agility Intermediate, Inc. (13) | First lien senior secured delayed draw term loan | L+6.50% | 4/15/2026 | $ | 401 | $ | (8 | ) | $ | (8 | ) | (0.01 | )% | |||||||||
Agility Intermediate, Inc. (13) | First lien senior secured revolving loan | L+6.50% | 4/15/2026 | 134 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Agility Intermediate, Inc. (6)(8)(9) | First lien senior secured term loan | L+6.50% | 4/15/2026 | 246 | 241 | 241 | 0.24 | % | ||||||||||||||
Anne Arundel Dermatology Management, LLC (8)(12) | First lien senior secured delayed draw term loan | L+6.00% | 10/16/2025 | 777 | 363 | 364 | 0.36 | % | ||||||||||||||
Anne Arundel Dermatology Management, LLC (13) | First lien senior secured revolving loan | L+6.00% | 10/16/2025 | 234 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||
Anne Arundel Dermatology Management, LLC (8) | First lien senior secured term loan | L+6.00% | 10/16/2025 | 872 | 856 | 858 | 0.85 | % | ||||||||||||||
Apex Dental Partners, LLC (8) | First lien senior secured delayed draw term loan | L+5.75% | 11/23/2025 | 450 | 26 | 27 | 0.03 | % | ||||||||||||||
Apex Dental Partners, LLC (13) | First lien senior secured revolving loan | L+5.75% | 11/23/2025 | 150 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Apex Dental Partners, LLC (8) | First lien senior secured term loan | L+5.75% | 11/23/2025 | 631 | 620 | 621 | 0.61 | % | ||||||||||||||
ASP Global Acquisition, LLC (8) | First lien senior secured delayed draw term loan | L+5.50% | 1/21/2025 | 735 | 676 | 675 | 0.66 | % | ||||||||||||||
ASP Global Acquisition, LLC (13)(15) | First lien senior secured revolving loan | L+5.50% | 1/21/2025 | 485 | (7 | ) | (8 | ) | (0.01 | )% | ||||||||||||
ASP Global Acquisition, LLC (8) | First lien senior secured term loan | L+5.50% | 1/21/2025 | 2,816 | 2,773 | 2,767 | 2.73 | % | ||||||||||||||
Beacon Oral Specialists Management LLC (13) | First lien senior secured delayed draw term loan | L+5.75% | 12/14/2025 | 536 | (8 | ) | (8 | ) | (0.01 | )% | ||||||||||||
Beacon Oral Specialists Management LLC (13) | First lien senior secured revolving loan | L+5.75% | 12/14/2025 | 150 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Beacon Oral Specialists Management LLC (8) | First lien senior secured term loan | L+5.75% | 12/14/2025 | 780 | 768 | 769 | 0.76 | % | ||||||||||||||
Behavior Frontiers, LLC (6)(21) | First lien senior secured revolving loan | L+6.25% | 5/21/2026 | 38 | 3 | 3 | 0.00 | % | ||||||||||||||
Behavior Frontiers, LLC (8) | First lien senior secured term loan | L+6.25% | 5/21/2026 | 660 | 645 | 645 | 0.63 | % | ||||||||||||||
Brightview, LLC (8) | First lien senior secured delayed draw term loan | L+5.50% | 4/12/2024 | 401 | 48 | 48 | 0.05 | % | ||||||||||||||
Brightview, LLC (13) | First lien senior secured revolving loan | L+5.50% | 4/12/2024 | 80 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Brightview, LLC (8) | First lien senior secured term loan | L+5.50% | 4/12/2024 | 1,296 | 1,280 | 1,280 | 1.26 | % | ||||||||||||||
Canadian Orthodontic Partners Corp. (11)(14) | First lien senior secured delayed draw term loan | C+6.50% | 3/19/2026 | C$ | 362 | 186 | 192 | 0.19 | % | |||||||||||||
Canadian Orthodontic Partners Corp. (13)(14) | First lien senior secured revolving loan | C+6.50% | 3/19/2026 | C$ | 267 | (5 | ) | (2 | ) | (0.00 | )% | |||||||||||
Canadian Orthodontic Partners Corp. (13)(14) | First lien senior secured revolving loan | L+6.50% | 3/19/2026 | 107 | (2 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Canadian Orthodontic Partners Corp. (11)(14) | First lien senior secured term loan | C+6.50% | 3/19/2026 | C$ | 228 | 178 | 182 | 0.18 | % | |||||||||||||
Varsity DuvaSawko Operating Corp. (13) | First lien senior secured revolving loan | L+6.25% | 11/27/2024 | 474 | (6 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Varsity DuvaSawko Operating Corp. (8) | First lien senior secured term loan | L+6.25% | 11/27/2024 | 2,780 | 2,743 | 2,750 | 2.70 | % | ||||||||||||||
Geriatric Medical and Surgical Supply, LLC (13) | First lien senior secured revolving loan | L+6.00% | 12/21/2025 | 300 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Geriatric Medical and Surgical Supply, LLC (6) | First lien senior secured term loan | L+6.00% | 12/21/2025 | 1,032 | 1,013 | 1,015 | 1.00 | % | ||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 12/31/2025 | 530 | 290 | 291 | 0.29 | % | ||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured revolving loan | L+6.00% | 12/31/2025 | 133 | 24 | 24 | 0.02 | % | ||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured term loan | L+6.00% | 12/31/2025 | 547 | 537 | 538 | 0.53 | % | ||||||||||||||
Peak Investment Holdings, LLC (8) | First lien senior secured delayed draw term loan | L+6.00% | 12/6/2024 | 603 | 9 | 9 | 0.01 | % | ||||||||||||||
Peak Investment Holdings, LLC (8) | First lien senior secured revolving loan | L+6.00% | 12/6/2024 | 324 | 60 | 59 | 0.06 | % | ||||||||||||||
Peak Investment Holdings, LLC (8) | First lien senior secured term loan | L+6.00% | 12/6/2024 | 1,408 | 1,386 | 1,385 | 1.37 | % | ||||||||||||||
Revival Animal Health, LLC (13) | First lien senior secured revolving loan | L+6.50% | 4/6/2026 | 131 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Revival Animal Health, LLC (8) | First lien senior secured term loan | L+6.50% | 4/6/2026 | 505 | 495 | 496 | 0.49 | % | ||||||||||||||
SAMGI Buyer, Inc. (13) | First lien senior secured revolving loan | L+6.50% | 4/14/2025 | 138 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
SAMGI Buyer, Inc. (8) | First lien senior secured term loan | L+6.50% | 4/14/2025 | 536 | 526 | 526 | 0.52 | % | ||||||||||||||
SCP ENT and Allergy Services, LLC (9) | First lien senior secured delayed draw term loan | L+6.25% | 9/25/2025 | 1,172 | 78 | 80 | 0.08 | % | ||||||||||||||
SCP ENT and Allergy Services, LLC (13) | First lien senior secured revolving loan | L+6.25% | 9/25/2025 | 218 | (5 | ) | (4 | ) | (0.00 | )% | ||||||||||||
SCP ENT and Allergy Services, LLC (9) | First lien senior secured term loan | L+6.25% | 9/25/2025 | 910 | 890 | 891 | 0.88 | % | ||||||||||||||
Silver Falls MSO, LLC (9) | First lien senior secured revolving loan | L+6.25% | 8/30/2024 | 235 | 53 | 48 | 0.05 | % | ||||||||||||||
Silver Falls MSO, LLC (8) | First lien senior secured term loan | L+6.25% | 8/30/2024 | 1,310 | 1,289 | 1,262 | 1.25 | % | ||||||||||||||
SimiTree Acquisition LLC (13) | First lien senior secured delayed draw term loan | L+5.25% | 5/17/2026 | 888 | (17 | ) | (17 | ) | (0.02 | )% | ||||||||||||
SimiTree Acquisition LLC (13) | First lien senior secured revolving loan | L+5.25% | 5/17/2026 | 178 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
SimiTree Acquisition LLC (7) | First lien senior secured term loan | L+5.25% | 5/17/2026 | 1,157 | 1,134 | 1,134 | 1.12 | % | ||||||||||||||
Southeast Primary Care Partners, LLC (13) | First lien senior secured delayed draw term loan | L+6.25% | 12/30/2025 | 300 | (7 | ) | (6 | ) | (0.01 | )% | ||||||||||||
Southeast Primary Care Partners, LLC (13) | First lien senior secured revolving loan | L+6.25% | 12/30/2025 | 225 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Southeast Primary Care Partners, LLC (6) | First lien senior secured term loan | L+6.25% | 12/30/2025 | 728 | 711 | 713 | 0.70 | % | ||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 1/27/2026 | 534 | 522 | 522 | 0.51 | % | ||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured revolving loan | L+6.50% | 1/27/2026 | 134 | 5 | 5 | 0.00 | % | ||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured term loan | L+6.50% | 1/27/2026 | 334 | 327 | 327 | 0.32 | % | ||||||||||||||
Vital Care Buyer, LLC (13) | First lien senior secured revolving loan | L+5.75% | 10/19/2025 | 580 | (9 | ) | (8 | ) | (0.01 | )% | ||||||||||||
Vital Care Buyer, LLC (8) | First lien senior secured term loan | L+5.75% | 10/19/2025 | 921 | 907 | 909 | 0.90 | % | ||||||||||||||
21,557 | 21,560 | 21.28 | % | |||||||||||||||||||
Health care technology | ||||||||||||||||||||||
Millennia Patient Services, LLC (13) | First lien senior secured delayed draw term loan | L+6.50% | 3/8/2026 | $ | 267 | $ | (5 | ) | $ | (5 | ) | (0.00 | )% | |||||||||
Millennia Patient Services, LLC (13) | First lien senior secured revolving loan | L+6.50% | 3/8/2026 | 134 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Millennia Patient Services, LLC (8) | First lien senior secured term loan | L+6.50% | 3/8/2026 | 1,005 | 986 | 988 | 0.97 | % | ||||||||||||||
Spear Education, LLC (13) | First lien senior secured delayed draw term loan | L+5.00% | 2/26/2025 | 474 | (3 | ) | (9 | ) | (0.01 | )% | ||||||||||||
Spear Education, LLC (13) | First lien senior secured revolving loan | L+5.00% | 2/26/2025 | 414 | (3 | ) | (8 | ) | (0.01 | )% | ||||||||||||
Spear Education, LLC (9) | First lien senior secured term loan | L+5.00% | 2/26/2025 | 866 | 860 | 850 | 0.84 | % | ||||||||||||||
1,832 | 1,814 | 1.79 | % | |||||||||||||||||||
Household durables | ||||||||||||||||||||||
Storm Smart Buyer LLC (13) | First lien senior secured revolving loan | L+6.00% | 4/5/2026 | $ | 131 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
Storm Smart Buyer LLC (9) | First lien senior secured term loan | L+6.00% | 4/5/2026 | 922 | 904 | 906 | 0.89 | % | ||||||||||||||
902 | 904 | 0.89 | % | |||||||||||||||||||
Internet and direct marketing retail | ||||||||||||||||||||||
Aquatic Sales Solutions, LLC (8) | First lien senior secured revolving loan | L+5.50% | 12/18/2025 | $ | 150 | $ | 50 | $ | 50 | 0.05 | % | |||||||||||
Aquatic Sales Solutions, LLC (8) | First lien senior secured term loan | L+5.50% | 12/18/2025 | 842 | 826 | 828 | 0.82 | % | ||||||||||||||
DealerOn Inc. (13) | First lien senior secured revolving loan | L+5.50% | 11/19/2024 | 314 | (5 | ) | (3 | ) | (0.00 | )% | ||||||||||||
DealerOn Inc. (8)(9) | First lien senior secured term loan | L+5.50% | 11/19/2024 | 1,621 | 1,594 | 1,603 | 1.58 | % | ||||||||||||||
2,465 | 2,478 | 2.45 | % | |||||||||||||||||||
IT services | ||||||||||||||||||||||
Data Source Intermediate Holdings, LLC (13) | First lien senior secured revolving loan | L+5.50% | 2/11/2025 | $ | 123 | $ | (2 | ) | $ | (3 | ) | (0.00 | )% | |||||||||
Data Source Intermediate Holdings, LLC (9) | First lien senior secured term loan | L+5.50% | 2/11/2025 | 828 | 816 | 810 | 0.80 | % | ||||||||||||||
E Phoenix Acquisition Co. Inc. (13) | First lien senior secured revolving loan | L+5.75% | 6/23/2027 | 75 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
E Phoenix Acquisition Co. Inc. (8) | First lien senior secured term loan | L+5.75% | 6/23/2027 | 1,980 | 1,955 | 1,955 | 1.93 | % | ||||||||||||||
Legility, LLC (13) | First lien senior secured revolving loan | L+6.00% | 12/17/2024 | 123 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Legility, LLC (6)(8)(9) | First lien senior secured term loan | L+6.00% | 12/17/2025 | 711 | 699 | 697 | 0.69 | % | ||||||||||||||
Library Associates, LLC (13) | First lien senior secured revolving loan | L+7.00% | 8/13/2023 | 211 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Library Associates, LLC (8) | First lien senior secured term loan | L+7.00% | 8/13/2023 | 1,078 | 1,059 | 1,061 | 1.04 | % | ||||||||||||||
4,521 | 4,514 | 4.46 | % |
Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||
Investments - Continued | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (5) - Continued | | |||||||||||||||||||||
Leisure equipment and products | ||||||||||||||||||||||
MacNeill Pride Group Corp. (13) | First lien senior secured delayed draw term loan | L+6.50% | 4/22/2026 | $ | 393 | $ | (4 | ) | $ | (4 | ) | (0.00 | )% | |||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured revolving loan | L+6.50% | 4/22/2026 | 262 | 137 | 137 | 0.13 | % | ||||||||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured term loan | L+6.50% | 4/22/2026 | 880 | 871 | 871 | 0.86 | % | ||||||||||||||
1,004 | 1,004 | 0.99 | % | |||||||||||||||||||
Life sciences tools and services | ||||||||||||||||||||||
Aptitude Health Holdings, LLC (8) | First lien senior secured revolving loan | L+5.50% | 5/3/2026 | $ | 267 | $ | 22 | $ | 22 | 0.02 | % | |||||||||||
Aptitude Health Holdings, LLC (8) | First lien senior secured term loan | L+5.50% | 5/3/2026 | 1,120 | 1,098 | 1,098 | 1.09 | % | ||||||||||||||
1,120 | 1,120 | 1.11 | % | |||||||||||||||||||
Machinery | ||||||||||||||||||||||
Abrasive Technology Intermediate, LLC (13) | First lien senior secured revolving loan | L+6.25% | 4/30/2026 | $ | 173 | $ | (3 | ) | $ | (3 | ) | (0.00 | )% | |||||||||
Abrasive Technology Intermediate, LLC (8)(9) | First lien senior secured term loan | L+6.25% | 4/30/2026 | 950 | 931 | 931 | 0.91 | % | ||||||||||||||
Industrial Dynamics Company, Ltd. (8)(13)(16) | First lien senior secured revolving loan | L+6.00% | 8/20/2024 | 141 | (2 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Industrial Dynamics Company, Ltd. (6)(8) | First lien senior secured term loan | L+6.00% | 8/20/2024 | 898 | 885 | 882 | 0.87 | % | ||||||||||||||
1,811 | 1,807 | 1.78 | % | |||||||||||||||||||
Media | ||||||||||||||||||||||
ALM Media, LLC (6)(18) | First lien senior secured revolving loan | L+7.00% | 11/25/2024 | $ | 971 | $ | 211 | $ | 210 | 0.21 | % | |||||||||||
ALM Media, LLC (8) | First lien senior secured term loan | L+7.00% | 11/25/2024 | 2,681 | 2,636 | 2,636 | 2.60 | % | ||||||||||||||
2,847 | 2,846 | 2.81 | % | |||||||||||||||||||
Metals and mining | ||||||||||||||||||||||
Copperweld Group, Inc. (6)(7) | First lien senior secured revolving loan | L+6.00% | 9/27/2024 | $ | 400 | $ | 340 | $ | 340 | 0.34 | % | |||||||||||
Copperweld Group, Inc. (9) | First lien senior secured term loan | L+6.00% | 9/27/2024 | 2,066 | 2,032 | 2,032 | 2.01 | % | ||||||||||||||
2,372 | 2,372 | 2.35 | % | |||||||||||||||||||
Personal products | ||||||||||||||||||||||
Cosmetic Solutions, LLC (13) | First lien senior secured delayed draw term loan | L+5.75% | 10/17/2025 | $ | 366 | $ | (5 | ) | $ | (5 | ) | (0.00 | )% | |||||||||
Cosmetic Solutions, LLC (13) | First lien senior secured revolving loan | L+5.75% | 10/17/2025 | 344 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Cosmetic Solutions, LLC (9) | First lien senior secured term loan | L+5.75% | 10/17/2025 | 2,775 | 2,733 | 2,736 | 2.70 | % | ||||||||||||||
2,723 | 2,726 | 2.70 | % | |||||||||||||||||||
Real estate management and development | ||||||||||||||||||||||
BBG Intermediate Holdings, Inc. (13)(19) | First lien senior secured revolving loan | L+6.50% | 1/8/2026 | $ | 210 | $ | (4 | ) | $ | (3 | ) | (0.00 | )% | |||||||||
BBG Intermediate Holdings, Inc. (8) | First lien senior secured term loan | L+6.50% | 1/8/2026 | 1,675 | 1,645 | 1,647 | 1.63 | % | ||||||||||||||
1,641 | 1,644 | 1.63 | % | |||||||||||||||||||
Software | ||||||||||||||||||||||
Affinitiv, Inc. (13) | First lien senior secured revolving loan | L+6.00% | 8/26/2024 | $ | 248 | $ | (3 | ) | $ | (1 | ) | (0.00 | )% | |||||||||
Affinitiv, Inc. (8) | First lien senior secured term loan | L+6.00% | 8/26/2024 | 2,334 | 2,305 | 2,322 | 2.29 | % | ||||||||||||||
ShiftKey, LLC (13) | First lien senior secured revolving loan | L+6.00% | 3/17/2026 | 187 | (3 | ) | (2 | ) | (0.00 | )% | ||||||||||||
ShiftKey, LLC (8) | First lien senior secured term loan | L+6.00% | 3/17/2026 | 941 | 927 | 929 | 0.92 | % | ||||||||||||||
3,226 | 3,248 | 3.21 | % | |||||||||||||||||||
Specialty retail | ||||||||||||||||||||||
Leonard Group, Inc. (13) | First lien senior secured revolving loan | L+6.00% | 2/26/2026 | 197 | $ | (4 | ) | $ | (3 | ) | (0.00 | )% | ||||||||||
Leonard Group, Inc. (9)(10) | First lien senior secured term loan | L+6.00% | 2/26/2026 | 1,262 | 1,238 | 1,240 | 1.22 | % | ||||||||||||||
1,234 | 1,237 | 1.22 | % | |||||||||||||||||||
Textiles, apparel and luxury goods | ||||||||||||||||||||||
Lakeshirts LLC (13) | First lien senior secured delayed draw term loan | L+5.25% | 12/23/2025 | $ | 398 | $ | (5 | ) | $ | (7 | ) | (0.01 | )% | |||||||||
Lakeshirts LLC (8) | First lien senior secured revolving loan | L+5.25% | 12/23/2024 | 398 | 234 | 233 | 0.23 | % | ||||||||||||||
Lakeshirts LLC (8) | First lien senior secured term loan | L+5.25% | 12/23/2024 | 1,574 | 1,554 | 1,546 | 1.53 | % | ||||||||||||||
1,783 | 1,772 | 1.75 | % | |||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||
AFC Industries, Inc. (13) | First lien senior secured delayed draw term loan | L+5.25% | 4/9/2027 | $ | 356 | $ | (5 | ) | $ | (4 | ) | (0.00 | )% | |||||||||
AFC Industries, Inc. (12)(20) | First lien senior secured revolving loan | L+5.25% | 10/9/2026 | 131 | 34 | 34 | 0.03 | % | ||||||||||||||
AFC Industries, Inc. (12) | First lien senior secured term loan | L+5.25% | 4/9/2027 | 691 | 681 | 683 | 0.67 | % | ||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured delayed draw term loan | L+5.75% | 10/31/2025 | 1,046 | 565 | 573 | 0.57 | % | ||||||||||||||
Banner Buyer, LLC (13) | First lien senior secured revolving loan | L+5.75% | 10/31/2025 | 370 | (5 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Banner Buyer, LLC (6) | First lien senior secured term loan | L+5.75% | 10/31/2025 | 1,393 | 1,373 | 1,381 | 1.36 | % | ||||||||||||||
Empire Equipment Company, LLC (13) | First lien senior secured delayed draw term loan | L+5.75% | 1/17/2025 | 941 | (15 | ) | (29 | ) | (0.03 | )% | ||||||||||||
Empire Equipment Company, LLC (13) | First lien senior secured revolving loan | L+5.75% | 1/17/2025 | 439 | (7 | ) | (14 | ) | (0.01 | )% | ||||||||||||
Empire Equipment Company, LLC (8)(9) | First lien senior secured term loan | L+5.75% | 1/17/2025 | 1,342 | 1,319 | 1,300 | 1.28 | % | ||||||||||||||
Montway LLC (13) | First lien senior secured delayed draw term loan | L+6.25% | 11/4/2025 | 675 | (13 | ) | (12 | ) | (0.01 | )% | ||||||||||||
Montway LLC (13) | First lien senior secured revolving loan | L+6.25% | 11/4/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Montway LLC (8) | First lien senior secured term loan | L+6.25% | 11/4/2025 | 727 | 712 | 713 | 0.70 | % | ||||||||||||||
Triad Technologies, LLC (13) | First lien senior secured revolving loan | L+4.75% | 10/31/2025 | 314 | (4 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Triad Technologies, LLC (8)(9) | First lien senior secured term loan | L+4.75% | 10/31/2025 | 946 | 931 | 937 | 0.92 | % | ||||||||||||||
5,563 | 5,553 | 5.48 | % | |||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 93,080 | $ | 92,947 | 91.75 | % | ||||||||||||||||
Non-controlled/non-affiliated sponsor subordinated note Trading companies and distributors | ||||||||||||||||||||||
Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 7/17/2025 | $ | 10 | $ | 8 | 0.01 | % | |||||||||||||
Total non-controlled/non-affiliated sponsor subordinated note | $ | 10 | $ | 8 | 0.01 | % | ||||||||||||||||
Total non-controlled/non-affiliated investments | $ | 93,090 | $ | 92,955 | 91.77 | % | ||||||||||||||||
Non-controlled/affiliated investments Multisector holdings | ||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (22) | Equity - 1.86% membership interest | $ | 4,059 | $ | 5,131 | 5.06 | % | |||||||||||||||
Total non-controlled/affiliated investments | $ | 4,059 | $ | 5,131 | 5.06 | % | ||||||||||||||||
Total investments | $ | 97,149 | $ | 98,086 | 96.83 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments - Continued | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (5) - Continued | ||||||||||||||||||||||
Household durables | ||||||||||||||||||||||
Storm Smart Buyer LLC (13) | First lien senior secured revolving loan | L+6.00% | 4/5/2026 | $ | 131 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
Storm Smart Buyer LLC (8)(9) | First lien senior secured term loan | L+6.00% | 4/5/2026 | 919 | 902 | 904 | 0.72 | % | ||||||||||||||
Trademark Global, LLC (13) | First lien senior secured delayed draw term loan | L+6.00% | 7/30/2024 | 61 | - | - | 0.00 | % | ||||||||||||||
Trademark Global, LLC (6) | First lien senior secured revolving loan | L+6.00% | 7/30/2024 | 113 | 62 | 62 | 0.05 | % | ||||||||||||||
Trademark Global, LLC (6) | First lien senior secured term loan | L+6.00% | 7/30/2024 | 1,838 | 1,830 | 1,829 | 1.46 | % | ||||||||||||||
2,792 | 2,793 | 2.23 | % | |||||||||||||||||||
Internet and direct marketing retail | ||||||||||||||||||||||
Aquatic Sales Solutions, LLC (8) | First lien senior secured revolving loan | L+5.50% | 12/18/2025 | $ | 150 | $ | 110 | $ | 110 | 0.09 | % | |||||||||||
Aquatic Sales Solutions, LLC (8) | First lien senior secured term loan | L+5.50% | 12/18/2025 | 1,364 | 1,339 | 1,342 | 1.07 | % | ||||||||||||||
DealerOn Inc. (13) | First lien senior secured revolving loan | L+5.50% | 11/19/2024 | 314 | (4 | ) | (3 | ) | (0.00 | )% | ||||||||||||
DealerOn Inc. (9) | First lien senior secured term loan | L+5.50% | 11/19/2024 | 1,618 | 1,593 | 1,603 | 1.28 | % | ||||||||||||||
3,038 | 3,052 | 2.43 | % | |||||||||||||||||||
IT services | ||||||||||||||||||||||
Data Source Intermediate Holdings, LLC (13) | First lien senior secured revolving loan | L+5.50% | 2/11/2025 | $ | 123 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
Data Source Intermediate Holdings, LLC (8) | First lien senior secured term loan | L+5.50% | 2/11/2025 | 826 | 815 | 816 | 0.65 | % | ||||||||||||||
E-Phoenix Acquisition Co. Inc. (13) | First lien senior secured revolving loan | L+5.75% | 6/23/2027 | 75 | (1 | ) | (1 | ) | (0.00 | )% | ||||||||||||
E-Phoenix Acquisition Co. Inc. (8) | First lien senior secured term loan | L+5.75% | 6/23/2027 | 1,448 | 1,431 | 1,434 | 1.14 | % | ||||||||||||||
Legility, LLC (13) | First lien senior secured revolving loan | L+6.00% | 12/17/2024 | 123 | (2 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Legility, LLC (6)(8) | First lien senior secured term loan | L+6.00% | 12/17/2025 | 706 | 695 | 698 | 0.56 | % | ||||||||||||||
Library Associates, LLC (13) | First lien senior secured revolving loan | L+7.00% | 8/13/2023 | 127 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Library Associates, LLC (8) | First lien senior secured term loan | L+7.00% | 8/13/2023 | 355 | 349 | 349 | 0.28 | % | ||||||||||||||
3,283 | 3,291 | 2.62 | % | |||||||||||||||||||
Leisure equipment and products | ||||||||||||||||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured delayed draw term loan | L+6.50% | 4/22/2026 | $ | 393 | $ | 258 | $ | 259 | 0.21 | % | |||||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured revolving loan | L+6.50% | 4/22/2026 | 262 | 172 | 173 | 0.14 | % | ||||||||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured term loan | L+6.50% | 4/22/2026 | 878 | 870 | 872 | 0.70 | % | ||||||||||||||
Motis Brands, Inc. (13) | First lien senior secured delayed draw term loan | L+5.50% | 8/31/2026 | 79 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Motis Brands, Inc. (8) | First lien senior secured revolving loan | L+5.50% | 8/31/2026 | 9 | 8 | 8 | 0.01 | % | ||||||||||||||
Motis Brands, Inc. (12) | First lien senior secured revolving loan | P+4.50% | 8/31/2026 | 11 | 11 | 11 | 0.01 | % | ||||||||||||||
Motis Brands, Inc. (8) | First lien senior secured term loan | L+5.50% | 8/31/2026 | 598 | 586 | 586 | 0.47 | % | ||||||||||||||
1,903 | 1,907 | 1.52 | % | |||||||||||||||||||
Life sciences tools and services | ||||||||||||||||||||||
Aptitude Health Holdings, LLC (8) | First lien senior secured revolving loan | L+5.25% | 5/3/2026 | $ | 267 | $ | 22 | $ | 22 | 0.02 | % | |||||||||||
Aptitude Health Holdings, LLC (8) | First lien senior secured term loan | L+5.25% | 5/3/2026 | 1,117 | 1,096 | 1,098 | 0.88 | % | ||||||||||||||
1,118 | 1,120 | 0.89 | % | |||||||||||||||||||
Machinery | ||||||||||||||||||||||
Abrasive Technology Intermediate, LLC (13) | First lien senior secured revolving loan | L+6.25% | 4/30/2026 | $ | 173 | $ | (3 | ) | $ | (3 | ) | (0.00 | )% | |||||||||
Abrasive Technology Intermediate, LLC (9) | First lien senior secured term loan | L+6.25% | 4/30/2026 | 947 | 929 | 931 | 0.74 | % | ||||||||||||||
Industrial Dynamics Company, Ltd. (13)(16) | First lien senior secured revolving loan | L+6.00% | 8/20/2024 | 141 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Industrial Dynamics Company, Ltd. (8) | First lien senior secured term loan | L+6.00% | 8/20/2024 | 896 | 884 | 882 | 0.70 | % | ||||||||||||||
1,808 | 1,808 | 1.44 | % | |||||||||||||||||||
Media | ||||||||||||||||||||||
ALM Media, LLC (6)(18) | First lien senior secured revolving loan | L+6.50% | 11/25/2024 | $ | 971 | $ | 83 | $ | 82 | 0.07 | % | |||||||||||
ALM Media, LLC (8) | First lien senior secured term loan | L+6.50% | 11/25/2024 | 2,653 | 2,610 | 2,611 | 2.08 | % | ||||||||||||||
2,693 | 2,693 | 2.15 | % | |||||||||||||||||||
Metals and mining | ||||||||||||||||||||||
Copperweld Group, Inc. (8)(7) | First lien senior secured revolving loan | L+5.50% | 9/27/2024 | $ | 456 | $ | 221 | $ | 221 | 0.18 | % | |||||||||||
Copperweld Group, Inc. (8) | First lien senior secured term loan | L+5.50% | 9/27/2024 | 2,163 | 2,126 | 2,128 | 1.70 | % | ||||||||||||||
2,347 | 2,349 | 1.87 | % | |||||||||||||||||||
Personal products | ||||||||||||||||||||||
Cosmetic Solutions, LLC (13) | First lien senior secured delayed draw term loan | L+5.75% | 10/17/2025 | $ | 366 | $ | (5 | ) | $ | (5 | ) | (0.00 | )% | |||||||||
Cosmetic Solutions, LLC (13) | First lien senior secured revolving loan | L+5.75% | 10/17/2025 | 344 | (5 | ) | (5 | ) | (0.00 | )% | ||||||||||||
Cosmetic Solutions, LLC (9) | First lien senior secured term loan | L+5.75% | 10/17/2025 | 2,775 | 2,732 | 2,736 | 2.18 | % | ||||||||||||||
2,722 | 2,726 | 2.17 | % | |||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||
Bio Agri Mix Holdings Inc. (13)(14) | First lien senior secured revolving loan | C+6.50% | 7/23/2026 | $ | 105 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
Bio Agri Mix Holdings Inc. (11)(14) | First lien senior secured term loan | C+6.50% | 7/23/2026 | 1,260 | 983 | 975 | 0.78 | % | ||||||||||||||
Bio Agri Mix Holdings Inc. (13)(14) | First lien senior secured revolving loan | C+6.50% | 7/23/2026 | 105 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Formulated Buyer, LLC (13) | First lien senior secured delayed draw term loan | L+5.25% | 9/22/2026 | 300 | (6 | ) | (6 | ) | (0.00 | )% | ||||||||||||
Formulated Buyer, LLC (13) | First lien senior secured revolving loan | L+5.25% | 9/22/2026 | 188 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||
Formulated Buyer, LLC (8) | First lien senior secured term loan | L+5.25% | 9/22/2026 | 1,244 | 1,219 | 1,219 | 0.97 | % | ||||||||||||||
2,188 | 2,180 | 1.74 | % | |||||||||||||||||||
Real estate management and development | ||||||||||||||||||||||
BBG Intermediate Holdings, Inc. (8)(19) | First lien senior secured revolving loan | L+6.00% | 1/8/2026 | $ | 210 | $ | 41 | $ | 42 | 0.03 | % | |||||||||||
BBG Intermediate Holdings, Inc. (8) | First lien senior secured term loan | L+6.00% | 1/8/2026 | 1,671 | 1,642 | 1,644 | 1.31 | % | ||||||||||||||
1,683 | 1,686 | 1.34 | % | |||||||||||||||||||
Semiconductors and semiconductor equipment | ||||||||||||||||||||||
Altamira Material Solutions, LP (12) | First lien senior secured revolving loan | P+4.50% | 9/2/2026 | $ | 38 | $ | 5 | $ | 5 | 0.00 | % | |||||||||||
Altamira Material Solutions, LP (8) | First lien senior secured term loan | L+5.50% | 9/2/2026 | 333 | 326 | 326 | 0.26 | % | ||||||||||||||
331 | 331 | 0.26 | % | |||||||||||||||||||
Software | ||||||||||||||||||||||
Affinitiv, Inc. (13) | First lien senior secured revolving loan | L+6.00% | 8/26/2024 | $ | 248 | $ | (2 | ) | $ | (1 | ) | (0.00 | )% | |||||||||
Affinitiv, Inc. (8) | First lien senior secured term loan | L+6.00% | 8/26/2024 | 2,328 | 2,300 | 2,317 | 1.85 | % | ||||||||||||||
ShiftKey, LLC (6) | First lien senior secured revolving loan | L+6.00% | 3/17/2026 | 187 | 91 | 91 | 0.07 | % | ||||||||||||||
ShiftKey, LLC (8) | First lien senior secured term loan | L+6.00% | 3/17/2026 | 938 | 925 | 927 | 0.74 | % | ||||||||||||||
3,314 | 3,334 | 2.66 | % | |||||||||||||||||||
Specialty retail | ||||||||||||||||||||||
Leonard Group, Inc. (13) | First lien senior secured revolving loan | L+6.00% | 2/26/2026 | $ | 197 | $ | (3 | ) | $ | (3 | ) | (0.00 | )% | |||||||||
Leonard Group, Inc. (8)(10) | First lien senior secured term loan | L+6.00% | 2/26/2026 | 1,259 | 1,236 | 1,238 | 0.99 | % | ||||||||||||||
1,233 | 1,235 | 0.98 | % | |||||||||||||||||||
Textiles, apparel and luxury goods | ||||||||||||||||||||||
Lakeshirts LLC (13) | First lien senior secured delayed draw term loan | L+4.75% | 12/23/2025 | $ | 398 | $ | (5 | ) | $ | (7 | ) | (0.01 | )% | |||||||||
Lakeshirts LLC (8) | First lien senior secured revolving loan | L+4.75% | 12/23/2024 | 398 | 128 | 128 | 0.10 | % | ||||||||||||||
Lakeshirts LLC (8) | First lien senior secured term loan | L+4.75% | 12/23/2024 | 1,569 | 1,550 | 1,542 | 1.23 | % | ||||||||||||||
1,673 | 1,663 | 1.33 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments - Continued | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (5) - Continued | ||||||||||||||||||||||
Trading companies and distributor | ||||||||||||||||||||||
AFC Industries, Inc. (8)(9) | First lien senior secured delayed draw term loan | L+6.25% | 4/9/2027 | $ | 356 | $ | 169 | $ | 170 | 0.14 | % | |||||||||||
AFC Industries, Inc. (9)(20) | First lien senior secured revolving loan | L+6.25% | 10/9/2026 | 34 | 33 | 33 | 0.03 | % | ||||||||||||||
AFC Industries, Inc. (12)(20) | First lien senior secured revolving loan | P+5.25% | 10/9/2026 | 28 | 28 | 28 | 0.02 | % | ||||||||||||||
AFC Industries, Inc. (9) | First lien senior secured term loan | L+6.25% | 4/9/2027 | 690 | 680 | 681 | 0.54 | % | ||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured delayed draw term loan | L+5.75% | 10/31/2025 | 1,045 | 565 | 571 | 0.46 | % | ||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured revolving loan | L+5.75% | 10/31/2025 | 370 | 20 | 22 | 0.02 | % | ||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured term loan | L+5.75% | 10/31/2025 | 1,389 | 1,370 | 1,378 | 1.10 | % | ||||||||||||||
Empire Equipment Company, LLC (13) | First lien senior secured delayed draw term loan | L+5.50% | 1/17/2025 | 941 | (14 | ) | (28 | ) | (0.02 | ) % | ||||||||||||
Empire Equipment Company, LLC (13) | First lien senior secured revolving loan | L+5.50% | 1/17/2025 | 439 | (7 | ) | (13 | ) | (0.01 | ) % | ||||||||||||
Empire Equipment Company, LLC (9) | First lien senior secured term loan | L+5.50% | 1/17/2025 | 1,291 | 1,270 | 1,250 | 1.00 | % | ||||||||||||||
Montway LLC (13) | First lien senior secured delayed draw term loan | L+6.25% | 11/4/2025 | 675 | (12 | ) | (12 | ) | (0.01 | )% | ||||||||||||
Montway LLC (13) | First lien senior secured revolving loan | L+6.25% | 11/4/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Montway LLC (8) | First lien senior secured term loan | L+6.25% | 11/4/2025 | 725 | 711 | 712 | 0.57 | % | ||||||||||||||
Shearer Supply, LLC (13) | First lien senior secured revolving loan | L+5.50% | 9/17/2027 | 113 | (2 | ) | (2 | ) | (0.00 | )% | ||||||||||||
Shearer Supply, LLC (8) | First lien senior secured term loan | L+5.50% | 9/17/2027 | 813 | 796 | 796 | 0.63 | % | ||||||||||||||
Triad Technologies, LLC (13) | First lien senior secured revolving loan | L+4.75% | 10/31/2025 | 314 | (4 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Triad Technologies, LLC (9) | First lien senior secured term loan | L+4.75% | 10/31/2025 | 943 | 930 | 934 | 0.74 | % | ||||||||||||||
6,530 | 6,514 | 5.19 | % | |||||||||||||||||||
Water utilities | ||||||||||||||||||||||
Diamondback Buyer, LLC (7) | First lien senior secured revolving loan | L+5.50% | 7/22/2026 | $ | 75 | $ | 6 | $ | 6 | 0.00 | % | |||||||||||
Diamondback Buyer, LLC (8)(9) | First lien senior secured term loan | L+5.50% | 7/22/2026 | 857 | 840 | 844 | 0.67 | % | ||||||||||||||
846 | 850 | 0.68 | % | |||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 105,693 | $ | 105,645 | 84.24 | % | ||||||||||||||||
Non-controlled/non-affiliated sponsor subordinated note | ||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||
Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 7/17/2025 | $ | 10 | $ | 10 | 0.01 | % | |||||||||||||
Shearer Supply, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 3/17/2028 | 5 | 5 | 0.00 | % | |||||||||||||||
Total non-controlled/non-affiliated sponsor subordinated note | 15 | 15 | 0.01 | % | ||||||||||||||||||
Total non-controlled/non-affiliated investments | $ | 105,708 | $ | 105,660 | 84.25 | % | ||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (23) | Equity - 1.84% membership interest | $ | 4,444 | $ | 5,736 | 4.57 | % | |||||||||||||||
Total non-controlled/affiliated investments | $ | 4,444 | $ | 5,736 | 4.57 | % | ||||||||||||||||
Total investments | $ | 110,152 | $ | 111,396 | 88.82 | % |
Foreign currency forward contracts | ||||||||||
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized Appreciation/ (Depreciation) | ||||||
Wells Fargo Bank, National Association | USD 410 | CAD 505 | 6/27/2022 | $ | 12 | |||||
Wells Fargo Bank, National Association | USD 65 | CAD 80 | 6/27/2022 | 2 | ||||||
Wells Fargo Bank, National Association | USD 32 | CAD 41 | 10/22/2021 | - | ||||||
Wells Fargo Bank, National Association | USD 2,098 | CAD 2,675 | 10/21/2021 | (14 | ) | |||||
Wells Fargo Bank, National Association | CAD 823 | USD 646 | 10/21/2021 | 4 | ||||||
Wells Fargo Bank, National Association | CAD 520 | USD 405 | 10/21/2021 | 5 | ||||||
Wells Fargo Bank, National Association | CAD 86 | USD 68 | 10/21/2021 | (1 | ) | |||||
Total | $ | 8 |
Additional Information | ||||||
Foreign currency forward contracts | ||||||
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized Appreciation/ (Depreciation) | ||
Wells Fargo Bank, National Association | USD 410 | CAD 505 | 6/27/2022 | $ | 3 | |
Wells Fargo Bank, National Association | USD 65 | CAD 80 | 6/27/2022 | 1 | ||
Total | $ | 4 | ||||
Currency Abbreviations: | ||||||
USD - U.S. Dollar | ||||||
CAD - Canadian Dollar |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount | Amortized Cost(3) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (4) | ||||||||||||||||||||||
Aerospace and defense | ||||||||||||||||||||||
Mattco Forge, Inc. (11) | First lien senior secured revolving loan | L+5.25% | 12/6/2024 | $ | 506 | $ | (8 | ) | $ | (19 | ) | (0.02 | )% | |||||||||
Mattco Forge, Inc. (8) | First lien senior secured term loan | L+5.25% | 12/6/2024 | 2,213 | 2,177 | 2,133 | 2.40 | % | ||||||||||||||
2,719 | 2,169 | 2,114 | 2.38 | % | ||||||||||||||||||
Auto components | ||||||||||||||||||||||
Continental Battery Company (5) | First lien senior secured term loan | L+6.75% | 12/14/2022 | $ | 1,172 | $ | 1,149 | $ | 1,157 | 1.31 | % | |||||||||||
1,172 | 1,149 | 1,157 | 1.31 | % | ||||||||||||||||||
Chemicals | ||||||||||||||||||||||
AM Buyer, LLC (7) | First lien senior secured revolving loan | L+6.75% | 5/1/2025 | $ | 111 | $ | – | $ | 1 | 0.00 | % | |||||||||||
AM Buyer, LLC (7) | First lien senior secured term loan | L+6.75% | 5/1/2025 | 498 | 487 | 489 | 0.55 | % | ||||||||||||||
G2O Technologies, LLC (11) | First lien senior secured revolving loan | L+6.50% | 3/31/2025 | 207 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||
G2O Technologies, LLC (7) | First lien senior secured term loan | L+6.50% | 3/31/2025 | 1,577 | 1,546 | 1,550 | 1.75 | % | ||||||||||||||
Revolution Plastics Buyer, LLC (5) | First lien senior secured revolving loan | L+5.00% | 8/15/2025 | 704 | 200 | 202 | 0.23 | % | ||||||||||||||
Revolution Plastics Buyer, LLC (5)(7) | First lien senior secured term loan | L+5.00% | 8/15/2025 | 2,676 | 2,627 | 2,642 | 2.99 | % | ||||||||||||||
Teel Plastics, LLC (11) | First lien senior secured revolving loan | L+5.00% | 1/24/2025 | 324 | (5 | ) | (6 | ) | (0.01 | )% | ||||||||||||
Teel Plastics, LLC (5) | First lien senior secured term loan | L+5.00% | 1/24/2025 | 1,861 | 1,830 | 1,825 | 2.06 | % | ||||||||||||||
7,958 | 6,681 | 6,699 | 7.57 | % | ||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||
BRTS Holdings, LLC (7) | First lien senior secured delayed draw term loan | L+5.75% | 9/6/2022 | $ | 175 | $ | 127 | $ | 127 | 0.14 | % | |||||||||||
BRTS Holdings, LLC (7)(13) | First lien senior secured revolving loan | L+5.75% | 9/6/2022 | 588 | 290 | 290 | 0.33 | % | ||||||||||||||
BRTS Holdings, LLC (7) | First lien senior secured term loan | L+5.75% | 9/6/2022 | 3,125 | 3,105 | 3,106 | 3.51 | % | ||||||||||||||
Nimlok Company, LLC (7)(15) | First lien senior secured revolving loan | L+6.00% | 11/27/2025 | 320 | 305 | 288 | 0.33 | % | ||||||||||||||
Nimlok Company, LLC (7) | First lien senior secured term loan | L+6.00% | 11/27/2025 | 1,927 | 1,902 | 1,773 | 2.00 | % | ||||||||||||||
6,135 | 5,729 | 5,582 | 6.31 | % | ||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||
Innovative FlexPak, LLC (11) | First lien senior secured revolving loan | L+6.75% | 1/23/2025 | $ | 627 | $ | (10 | ) | $ | (9 | ) | (0.01 | )% | |||||||||
Innovative FlexPak, LLC (8) | First lien senior secured term loan | L+6.75% | 1/23/2025 | 2,407 | 2,366 | 2,374 | 2.67 | % | ||||||||||||||
Jansy Packaging, LLC (5) | First lien senior secured revolving loan | L+7.00% | 9/30/2022 | 706 | 17 | (4 | ) | (0.00 | )% | |||||||||||||
Jansy Packaging, LLC (5) | First lien senior secured term loan | L+7.00% | 9/30/2022 | 1,101 | 1,081 | 1,050 | 1.19 | % | ||||||||||||||
MRC Keeler Acquisition, LLC (11) | First lien senior secured delayed draw term loan | L+5.75% | 12/4/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
MRC Keeler Acquisition, LLC (11) | First lien senior secured revolving loan | L+5.75% | 12/4/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
MRC Keeler Acquisition, LLC (7) | First lien senior secured term loan | L+5.75% | 12/4/2025 | 976 | 957 | 956 | 1.08 | % | ||||||||||||||
Vanguard Packaging, LLC (11) | First lien senior secured revolving loan | L+5.25% | 8/9/2024 | 535 | (6 | ) | (8 | ) | (0.01 | )% | ||||||||||||
Vanguard Packaging, LLC (8) | First lien senior secured term loan | L+5.25% | 8/9/2024 | 1,225 | 1,211 | 1,206 | 1.36 | % | ||||||||||||||
7,877 | 5,610 | 5,559 | 6.28 | % | ||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||
50Floor, LLC (11) | First lien senior secured revolving loan | L+6.25% | 12/31/2025 | $ | 199 | $ | (4 | ) | $ | (4 | ) | (0.00 | )% | |||||||||
50Floor, LLC (7) | First lien senior secured term loan | L+6.25% | 12/31/2026 | 990 | 970 | 970 | 1.10 | % | ||||||||||||||
Groundworks Operations, LLC (7) | First lien senior secured delayed draw term loan | L+6.25% | 1/17/2026 | 1,632 | 1,257 | 1,258 | 1.42 | % | ||||||||||||||
Groundworks Operations, LLC (11) | First lien senior secured revolving loan | L+6.25% | 1/17/2026 | 387 | (5 | ) | (5 | ) | (0.01 | )% | ||||||||||||
Groundworks Operations, LLC (7) | First lien senior secured term loan | L+6.25% | 1/17/2026 | 2,384 | 2,350 | 2,351 | 2.65 | % | ||||||||||||||
Kalkomey Enterprises, LLC (11) | First lien senior secured revolving loan | L+6.50% | 4/24/2025 | 77 | (2 | ) | (1 | ) | (0.00 | )% | ||||||||||||
Kalkomey Enterprises, LLC (7) | First lien senior secured term loan | L+6.50% | 4/24/2026 | 838 | 818 | 822 | 0.93 | % | ||||||||||||||
NSG Buyer, Inc. (11) | First lien senior secured revolving loan | L+5.75% | 9/30/2024 | 294 | (2 | ) | (3 | ) | (0.00 | )% | ||||||||||||
NSG Buyer, Inc. (5) | First lien senior secured term loan | L+5.75% | 9/30/2025 | 2,465 | 2,444 | 2,429 | 2.74 | % | ||||||||||||||
9,266 | 7,826 | 7,817 | 8.83 | % | ||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||
Advanced Lighting Acquisition, LLC (5) | First lien senior secured revolving loan | L+6.00% | 11/22/2025 | $ | 324 | $ | 157 | $ | 151 | 0.17 | % | |||||||||||
Advanced Lighting Acquisition, LLC (5) | First lien senior secured term loan | L+6.00% | 11/22/2025 | 1,450 | 1,429 | 1,404 | 1.59 | % | ||||||||||||||
1,774 | 1,586 | 1,555 | 1.76 | % | ||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||
Engelman Baking Co., LLC (7) | First lien senior secured revolving loan | L+5.75% | 2/28/2025 | $ | 207 | $ | 47 | $ | 37 | 0.04 | % | |||||||||||
Engelman Baking Co., LLC (5)(7) | First lien senior secured term loan | L+5.75% | 2/28/2025 | 728 | 715 | 682 | 0.77 | % | ||||||||||||||
935 | 762 | 719 | 0.81 | % | ||||||||||||||||||
Food products | ||||||||||||||||||||||
Perimeter Brands Intermediate Holdco LLC (11) | First lien senior secured revolving loan | L+5.50% | 12/11/2025 | $ | 210 | $ | (4 | ) | $ | (4 | ) | (0.00 | )% | |||||||||
Perimeter Brands Intermediate Holdco LLC (6) | First lien senior secured term loan | L+5.50% | 12/11/2025 | 1,025 | 1,004 | 1,004 | 1.13 | % | ||||||||||||||
1,235 | 1,000 | 1,000 | 1.13 | % | ||||||||||||||||||
Gas utilities | ||||||||||||||||||||||
Hydromax USA, LLC (11) | First lien senior secured delayed draw term loan | L+6.25% | 12/30/2026 | $ | 114 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
Hydromax USA, LLC (10) | First lien senior secured revolving loan | L+6.25% | 12/30/2026 | 228 | 7 | 7 | 0.01 | % | ||||||||||||||
Hydromax USA, LLC (5) | First lien senior secured term loan | L+6.25% | 12/30/2026 | 1,259 | 1,237 | 1,237 | 1.40 | % | ||||||||||||||
1,601 | 1,242 | 1,242 | 1.41 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount | Amortized Cost(3) | Fair Value | Percentage of Net Assets | Investment | Interest Rate | Maturity Date | Principal/ Par Amount | Amortized Cost(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Investments - Continued | ||||||||||||||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (4) - Continued | ||||||||||||||||||||||||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||||||||||||||||||||||||
Reliable Medical Supply LLC (11) | First lien senior secured revolving loan | L+6.00% | 4/8/2025 | $ | 138 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | First lien senior secured revolving loan | L+6.00% | 4/8/2025 | $ | 138 | $ | (2 | ) | $ | (2 | ) | (0.00 | )% | ||||||||||||||||||
Reliable Medical Supply LLC (8) | First lien senior secured term loan | L+6.00% | 4/8/2025 | 622 | 611 | 612 | 0.69 | % | First lien senior secured term loan | L+6.00% | 4/8/2025 | 622 | 611 | 612 | 0.69 | % | ||||||||||||||||||||||||||||
760 | 609 | 610 | 0.69 | % | 760 | 609 | 610 | 0.69 | % | |||||||||||||||||||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||||||||||||||||||||||||
Anne Arundel Dermatology Management, LLC (7) | First lien senior secured delayed draw term loan | L+6.00% | 10/16/2025 | $ | 779 | 217 | 217 | 0.25 | % | First lien senior secured delayed draw term loan | L+6.00% | 10/16/2025 | $ | 779 | $ | 217 | $ | 217 | 0.25 | % | ||||||||||||||||||||||||
Anne Arundel Dermatology Management, LLC (11) | First lien senior secured revolving loan | L+6.00% | 10/16/2025 | 234 | (4 | ) | (4 | ) | (0.00 | )% | First lien senior secured revolving loan | L+6.00% | 10/16/2025 | 234 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||||||||||||||
Anne Arundel Dermatology Management, LLC (7) | First lien senior secured term loan | L+6.00% | 10/16/2025 | 867 | 850 | 850 | 0.96 | % | First lien senior secured term loan | L+6.00% | 10/16/2025 | 867 | 850 | 850 | 0.96 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC (11) | First lien senior secured delayed draw term loan | L+6.00% | 11/23/2025 | 450 | $ | (9 | ) | $ | (9 | ) | (0.01 | )% | First lien senior secured delayed draw term loan | L+6.00% | 11/23/2025 | 450 | (9 | ) | (9 | ) | (0.01 | )% | ||||||||||||||||||||||
Apex Dental Partners, LLC (11) | First lien senior secured revolving loan | L+6.00% | 11/23/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | First lien senior secured revolving loan | L+6.00% | 11/23/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||||||||||||||
Apex Dental Partners, LLC (7) | First lien senior secured term loan | L+6.00% | 11/23/2025 | 634 | 622 | 622 | 0.70 | % | First lien senior secured term loan | L+6.00% | 11/23/2025 | 634 | 622 | 622 | 0.70 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC (7) | First lien senior secured delayed draw term loan | L+5.50% | 1/21/2025 | 739 | 678 | 676 | 0.76 | % | First lien senior secured delayed draw term loan | L+5.50% | 1/21/2025 | 739 | 678 | 676 | 0.76 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC (11)(12) | First lien senior secured revolving loan | L+5.50% | 1/21/2025 | 485 | (8 | ) | (9 | ) | (0.01 | )% | First lien senior secured revolving loan | L+5.50% | 1/21/2025 | 485 | (8 | ) | (9 | ) | (0.01 | )% | ||||||||||||||||||||||||
ASP Global Acquisition, LLC (7) | First lien senior secured term loan | L+5.50% | 1/21/2025 | 2,220 | 2,178 | 2,178 | 2.46 | % | First lien senior secured term loan | L+5.50% | 1/21/2025 | 2,220 | 2,178 | 2,178 | 2.46 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC (11) | First lien senior secured delayed draw term loan | L+5.75% | 12/14/2025 | 536 | (9 | ) | (9 | ) | (0.01 | )% | First lien senior secured delayed draw term loan | L+5.75% | 12/14/2025 | 536 | (9 | ) | (9 | ) | (0.01 | )% | ||||||||||||||||||||||||
Beacon Oral Specialists Management LLC (11) | First lien senior secured revolving loan | L+5.75% | 12/14/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | First lien senior secured revolving loan | L+5.75% | 12/14/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||||||||||||||
Beacon Oral Specialists Management LLC (6) | First lien senior secured term loan | L+5.75% | 12/14/2025 | 784 | 771 | 771 | 0.87 | % | First lien senior secured term loan | L+5.75% | 12/14/2025 | 784 | 771 | 771 | 0.87 | % | ||||||||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC (5) | First lien senior secured term loan | L+6.00% | 12/21/2025 | 1,337 | 1,040 | 1,040 | 1.18 | % | First lien senior secured term loan | L+6.00% | 12/21/2025 | 1,337 | 1,040 | 1,040 | 1.18 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC (11) | First lien senior secured delayed draw term loan | L+6.25% | 12/31/2025 | 530 | (11 | ) | (11 | ) | (0.01 | )% | First lien senior secured delayed draw term loan | L+6.25% | 12/31/2025 | 530 | (11 | ) | (11 | ) | (0.01 | )% | ||||||||||||||||||||||||
Peak Dental Services, LLC (7) | First lien senior secured revolving loan | L+6.25% | 12/31/2025 | 133 | 24 | 24 | 0.03 | % | First lien senior secured revolving loan | L+6.25% | 12/31/2025 | 133 | 24 | 24 | 0.03 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC (7) | First lien senior secured term loan | L+6.25% | 12/31/2025 | 550 | 539 | 539 | 0.61 | % | First lien senior secured term loan | L+6.25% | 12/31/2025 | 550 | 539 | 539 | 0.61 | % | ||||||||||||||||||||||||||||
Peak Investment Holdings, LLC (11) | First lien senior secured delayed draw term loan | L+6.50% | 12/6/2024 | 485 | (8 | ) | (19 | ) | (0.02 | )% | First lien senior secured delayed draw term loan | L+6.50% | 12/6/2024 | 485 | (8 | ) | (19 | ) | (0.02 | )% | ||||||||||||||||||||||||
Peak Investment Holdings, LLC (11) | First lien senior secured revolving loan | L+6.50% | 12/6/2024 | 324 | (5 | ) | (13 | ) | (0.01 | )% | First lien senior secured revolving loan | L+6.50% | 12/6/2024 | 324 | (5 | ) | (13 | ) | (0.01 | )% | ||||||||||||||||||||||||
Peak Investment Holdings, LLC (7) | First lien senior secured term loan | L+6.50% | 12/6/2024 | 423 | 417 | 407 | 0.46 | % | First lien senior secured term loan | L+6.50% | 12/6/2024 | 423 | 417 | 407 | 0.46 | % | ||||||||||||||||||||||||||||
SAMGI Buyer, Inc. (11) | First lien senior secured revolving loan | L+6.50% | 4/14/2025 | 138 | (3 | ) | (3 | ) | (0.00 | )% | First lien senior secured revolving loan | L+6.50% | 4/14/2025 | 138 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||||||||||||||
SAMGI Buyer, Inc. (7) | First lien senior secured term loan | L+6.50% | 4/14/2025 | 539 | 527 | 528 | 0.60 | % | First lien senior secured term loan | L+6.50% | 4/14/2025 | 539 | 527 | 528 | 0.60 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC (8) | First lien senior secured delayed draw term loan | L+6.50% | 9/25/2025 | 1,173 | 76 | 77 | 0.09 | % | First lien senior secured delayed draw term loan | L+6.50% | 9/25/2025 | 1,173 | 76 | 77 | 0.09 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC (11) | First lien senior secured revolving loan | L+6.50% | 9/25/2025 | 218 | (5 | ) | (5 | ) | (0.01 | )% | First lien senior secured revolving loan | L+6.50% | 9/25/2025 | 218 | (5 | ) | (5 | ) | (0.01 | )% | ||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC (8) | First lien senior secured term loan | L+6.50% | 9/25/2025 | 914 | 893 | 894 | 1.01 | % | First lien senior secured term loan | L+6.50% | 9/25/2025 | 914 | 893 | 894 | 1.01 | % | ||||||||||||||||||||||||||||
SCP Eye Care Services, LLC (7)(8) | First lien senior secured delayed draw term loan | L+6.00% | 9/11/2022 | 2,915 | 2,892 | 2,889 | 3.25 | % | First lien senior secured delayed draw term loan | L+6.00% | 9/11/2022 | 2,915 | 2,892 | 2,889 | 3.25 | % | ||||||||||||||||||||||||||||
SCP Eye Care Services, LLC (11) | First lien senior secured revolving loan | L+6.00% | 9/11/2022 | 469 | (4 | ) | (4 | ) | (0.00 | )% | First lien senior secured revolving loan | L+6.00% | 9/11/2022 | 469 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||||||||||||||
SCP Eye Care Services, LLC (8) | First lien senior secured term loan | L+6.00% | 9/11/2022 | 2,138 | 2,120 | 2,119 | 2.39 | % | First lien senior secured term loan | L+6.00% | 9/11/2022 | 2,138 | 2,120 | 2,119 | 2.39 | % | ||||||||||||||||||||||||||||
Silver Falls MSO, LLC (8) | First lien senior secured revolving loan | L+5.75% | 8/30/2024 | 235 | 52 | 44 | 0.05 | % | First lien senior secured revolving loan | L+5.75% | 8/30/2024 | 235 | 52 | 44 | 0.05 | % | ||||||||||||||||||||||||||||
Silver Falls MSO, LLC (8) | First lien senior secured term loan | L+5.75% | 8/30/2024 | 1,317 | 1,294 | 1,249 | 1.41 | % | First lien senior secured term loan | L+5.75% | 8/30/2024 | 1,317 | 1,294 | 1,249 | 1.41 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC (11) | First lien senior secured delayed draw term loan | L+6.25% | 12/30/2025 | 300 | (7 | ) | (7 | ) | (0.01 | )% | First lien senior secured delayed draw term loan | L+6.25% | 12/30/2025 | 300 | (7 | ) | (7 | ) | (0.01 | )% | ||||||||||||||||||||||||
Southeast Primary Care Partners, LLC (11) | First lien senior secured revolving loan | L+6.25% | 12/30/2025 | 225 | (6 | ) | (6 | ) | (0.01 | )% | First lien senior secured revolving loan | L+6.25% | 12/30/2025 | 225 | (6 | ) | (6 | ) | (0.01 | )% | ||||||||||||||||||||||||
Southeast Primary Care Partners, LLC (5) | First lien senior secured term loan | L+6.25% | 12/30/2025 | 732 | 714 | 714 | 0.81 | % | First lien senior secured term loan | L+6.25% | 12/30/2025 | 732 | 714 | 714 | 0.81 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp. (11) | First lien senior secured revolving loan | L+6.25% | 11/27/2024 | 474 | (7 | ) | (7 | ) | (0.01 | )% | First lien senior secured revolving loan | L+6.25% | 11/27/2024 | 474 | (7 | ) | (7 | ) | (0.01 | )% | ||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp. (7)(8) | First lien senior secured term loan | L+6.25% | 11/27/2024 | 2,428 | 2,388 | 2,392 | 2.69 | % | First lien senior secured term loan | L+6.25% | 11/27/2024 | 2,428 | 2,388 | 2,392 | 2.69 | % | ||||||||||||||||||||||||||||
Vital Care Buyer, LLC (11) | First lien senior secured revolving loan | L+6.00% | 10/19/2025 | 580 | (10 | ) | (10 | ) | (0.01 | )% | First lien senior secured revolving loan | L+6.00% | 10/19/2025 | 580 | (10 | ) | (10 | ) | (0.01 | )% | ||||||||||||||||||||||||
Vital Care Buyer, LLC (7) | First lien senior secured term loan | L+6.00% | 10/19/2025 | 1,024 | 1,006 | 1,006 | 1.14 | % | First lien senior secured term loan | L+6.00% | 10/19/2025 | 1,024 | 1,006 | 1,006 | 1.14 | % | ||||||||||||||||||||||||||||
27,629 | 19,196 | 19,114 | 21.60 | % | 27,629 | 19,196 | 19,114 | 21.60 | % | |||||||||||||||||||||||||||||||||||
Health care technology | ||||||||||||||||||||||||||||||||||||||||||||
Spear Education, LLC (11) | First lien senior secured delayed draw term loan | L+5.50% | 2/26/2025 | $ | 474 | $ | (4 | ) | $ | (14 | ) | (0.02 | )% | First lien senior secured delayed draw term loan | L+5.50% | 2/26/2025 | $ | 474 | $ | (4 | ) | $ | (14 | ) | (0.02 | )% | ||||||||||||||||||
Spear Education, LLC (7) | First lien senior secured revolving loan | L+5.50% | 2/26/2025 | 414 | 411 | 402 | 0.45 | % | First lien senior secured revolving loan | L+5.50% | 2/26/2025 | 414 | 411 | 402 | 0.45 | % | ||||||||||||||||||||||||||||
Spear Education, LLC (7) | First lien senior secured term loan | L+5.50% | 2/26/2025 | 871 | 863 | 845 | 0.95 | % | First lien senior secured term loan | L+5.50% | 2/26/2025 | 871 | 863 | 845 | 0.95 | % | ||||||||||||||||||||||||||||
1,759 | 1,270 | 1,233 | 1.38 | % | 1,759 | 1,270 | 1,233 | 1.38 | % | |||||||||||||||||||||||||||||||||||
Internet and direct marketing retail | ||||||||||||||||||||||||||||||||||||||||||||
Aquatic Sales Solutions, LLC (7) | First lien senior secured revolving loan | L+5.50% | 12/18/2025 | $ | 150 | $ | 12 | $ | 12 | 0.01 | % | First lien senior secured revolving loan | L+5.50% | 12/18/2025 | �� | $ | 150 | $ | 12 | $ | 12 | 0.01 | % | |||||||||||||||||||||
Aquatic Sales Solutions, LLC (7) | First lien senior secured term loan | L+5.50% | 12/18/2025 | 659 | 646 | 646 | 0.73 | % | First lien senior secured term loan | L+5.50% | 12/18/2025 | 659 | 646 | 646 | 0.73 | % | ||||||||||||||||||||||||||||
DealerOn Inc. (11) | First lien senior secured revolving loan | L+5.50% | 11/19/2024 | 314 | (5 | ) | (4 | ) | (0.00 | )% | First lien senior secured revolving loan | L+5.50% | 11/19/2024 | 314 | (5 | ) | (4 | ) | (0.00 | )% | ||||||||||||||||||||||||
DealerOn Inc. (8) | First lien senior secured term loan | L+5.50% | 11/19/2024 | 1,311 | 1,289 | 1,293 | 1.46 | % | First lien senior secured term loan | L+5.50% | 11/19/2024 | 1,311 | 1,289 | 1,293 | 1.46 | % | ||||||||||||||||||||||||||||
2,434 | 1,942 | 1,947 | 2.20 | % | 2,434 | 1,942 | 1,947 | 2.20 | % | |||||||||||||||||||||||||||||||||||
IT services | ||||||||||||||||||||||||||||||||||||||||||||
Data Source Intermediate Holdings, LLC (8) | First lien senior secured revolving loan | L+5.50% | 2/11/2025 | $ | 123 | $ | 121 | $ | 118 | 0.13 | % | First lien senior secured revolving loan | L+5.50% | 2/11/2025 | $ | 123 | $ | 121 | $ | 118 | 0.13 | % | ||||||||||||||||||||||
Data Source Intermediate Holdings, LLC (8) | First lien senior secured term loan | L+5.50% | 2/11/2025 | 832 | 818 | 803 | 0.91 | % | First lien senior secured term loan | L+5.50% | 2/11/2025 | 832 | 818 | 803 | 0.91 | % | ||||||||||||||||||||||||||||
Legility, LLC (11) | First lien senior secured revolving loan | L+6.00% | 12/17/2024 | 123 | (2 | ) | (3 | ) | (0.00 | )% | First lien senior secured revolving loan | L+6.00% | 12/17/2024 | 123 | (2 | ) | (3 | ) | (0.00 | )% | ||||||||||||||||||||||||
Legility, LLC (7)(8) | First lien senior secured term loan | L+6.00% | 12/17/2025 | 721 | 708 | 698 | 0.79 | % | First lien senior secured term loan | L+6.00% | 12/17/2025 | 721 | 708 | 698 | 0.79 | % | ||||||||||||||||||||||||||||
Library Associates, LLC (11) | First lien senior secured revolving loan | L+7.00% | 8/13/2023 | 211 | (4 | ) | (4 | ) | (0.00 | )% | First lien senior secured revolving loan | L+7.00% | 8/13/2023 | 211 | (4 | ) | (4 | ) | (0.00 | )% | ||||||||||||||||||||||||
Library Associates, LLC (7) | First lien senior secured term loan | L+7.00% | 8/13/2023 | 1,114 | 1,093 | 1,095 | 1.24 | % | First lien senior secured term loan | L+7.00% | 8/13/2023 | 1,114 | 1,093 | 1,095 | 1.24 | % | ||||||||||||||||||||||||||||
3,124 | 2,734 | 2,707 | 3.07 | % | 3,124 | 2,734 | 2,707 | 3.07 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount | Amortized Cost(3) | Fair Value | Percentage of Net Assets | |||||||||||||||
Investments - Continued | ||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt (4) - Continued | ||||||||||||||||||||||
Machinery | ||||||||||||||||||||||
Industrial Dynamics Company, Ltd. (7)(11)(14) | First lien senior secured revolving loan | L+6.25% | 8/20/2024 | $ | 141 | $ | (2 | ) | $ | (6 | ) | (0.01 | )% | |||||||||
Industrial Dynamics Company, Ltd. (7) | First lien senior secured term loan | L+6.25% | 8/20/2024 | 936 | 920 | 896 | 1.01 | % | ||||||||||||||
1,077 | 918 | 890 | 1.00 | % | ||||||||||||||||||
Media | ||||||||||||||||||||||
ALM Media, LLC (11)(16) | First lien senior secured revolving loan | L+6.50% | 11/25/2024 | $ | 971 | $ | (15 | ) | $ | (17 | ) | (0.02 | )% | |||||||||
ALM Media, LLC (7) | First lien senior secured term loan | L+6.50% | 11/25/2024 | 2,762 | 2,716 | 2,716 | 3.07 | % | ||||||||||||||
3,733 | 2,701 | 2,699 | 3.05 | % | ||||||||||||||||||
Metals and mining | ||||||||||||||||||||||
Copperweld Group, Inc. (11) | First lien senior secured revolving loan | L+6.00% | 9/27/2024 | $ | 400 | $ | (7 | ) | $ | (8 | ) | (0.01 | )% | |||||||||
Copperweld Group, Inc. (8)(10) | First lien senior secured term loan | L+6.00% | 9/27/2024 | 2,077 | 2,040 | 2,037 | 2.30 | % | ||||||||||||||
2,477 | 2,033 | 2,029 | 2.29 | % | ||||||||||||||||||
Personal products | ||||||||||||||||||||||
Cosmetic Solutions, LLC (11) | First lien senior secured delayed draw term loan | L+5.75% | 10/17/2025 | $ | 366 | $ | (6 | ) | $ | (9 | ) | (0.01 | )% | |||||||||
Cosmetic Solutions, LLC (11) | First lien senior secured revolving loan | L+5.75% | 10/17/2025 | 344 | (5 | ) | (9 | ) | (0.01 | )% | ||||||||||||
Cosmetic Solutions, LLC (8) | First lien senior secured term loan | L+5.75% | 10/17/2025 | 2,844 | 2,796 | 2,772 | 3.13 | % | ||||||||||||||
3,554 | 2,785 | 2,754 | 3.11 | % | ||||||||||||||||||
Software | ||||||||||||||||||||||
Affinitiv, Inc. (11) | First lien senior secured revolving loan | L+7.00% | 8/26/2024 | $ | 248 | $ | (3 | ) | $ | (2 | ) | (0.00 | )% | |||||||||
Affinitiv, Inc. (7) | First lien senior secured term loan | L+7.00% | 8/26/2024 | 2,346 | 2,313 | 2,330 | 2.63 | % | ||||||||||||||
2,594 | 2,310 | 2,328 | 2.63 | % | ||||||||||||||||||
Textiles, apparel and luxury goods | ||||||||||||||||||||||
Lakeshirts LLC (11) | First lien senior secured delayed draw term loan | L+4.75% | 12/23/2025 | $ | 398 | $ | (5 | ) | $ | (12 | ) | (0.01 | )% | |||||||||
Lakeshirts LLC (7) | First lien senior secured revolving loan | L+4.75% | 12/23/2024 | 398 | 88 | 84 | 0.09 | % | ||||||||||||||
Lakeshirts LLC (7) | First lien senior secured term loan | L+4.75% | 12/23/2024 | 1,582 | 1,560 | 1,535 | 1.74 | % | ||||||||||||||
2,378 | 1,643 | 1,607 | 1.82 | % | ||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||
Banner Buyer, LLC (11) | First lien senior secured delayed draw term loan | L+5.75% | 10/31/2025 | $ | 1,048 | $ | (7 | ) | $ | (15 | ) | (0.02 | )% | |||||||||
Banner Buyer, LLC (5) | First lien senior secured revolving loan | L+5.75% | 10/31/2025 | 370 | 69 | 67 | 0.08 | % | ||||||||||||||
Banner Buyer, LLC (5)(9) | First lien senior secured term loan | L+5.75% | 10/31/2025 | 1,400 | 1,379 | 1,375 | 1.55 | % | ||||||||||||||
Empire Equipment Company, LLC (11) | First lien senior secured delayed draw term loan | L+5.75% | 1/17/2025 | 941 | (18 | ) | (41 | ) | (0.05 | )% | ||||||||||||
Empire Equipment Company, LLC (8) | First lien senior secured revolving loan | L+5.75% | 1/17/2025 | 439 | 117 | 106 | 0.12 | % | ||||||||||||||
Empire Equipment Company, LLC (8) | First lien senior secured term loan | L+5.75% | 1/17/2025 | 1,349 | 1,323 | 1,290 | 1.46 | % | ||||||||||||||
Montway LLC (11) | First lien senior secured delayed draw term loan | L+6.50% | 11/4/2025 | 675 | (15 | ) | (15 | ) | (0.02 | )% | ||||||||||||
Montway LLC (11) | First lien senior secured revolving loan | L+6.50% | 11/4/2025 | 150 | (3 | ) | (3 | ) | (0.00 | )% | ||||||||||||
Montway LLC (8) | First lien senior secured term loan | L+6.50% | 11/4/2025 | 730 | 714 | 714 | 0.81 | % | ||||||||||||||
Triad Technologies, LLC (7) | First lien senior secured revolving loan | L+4.75% | 10/31/2025 | 314 | 26 | 27 | 0.03 | % | ||||||||||||||
Triad Technologies, LLC (8) | First lien senior secured term loan | L+4.75% | 10/31/2025 | 950 | 935 | 938 | 1.06 | % | ||||||||||||||
8,366 | 4,520 | 4,443 | 5.02 | % | ||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 100,557 | $ | 76,415 | $ | 75,805 | 85.65 | % | ||||||||||||||
Non-controlled/non-affiliated sponsor subordinated note | ||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||
Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 7/17/2025 | $ | 7 | $ | 7 | $ | 7 | 0.01 | % | |||||||||||
Total non-controlled/non-affiliated sponsor subordinated note | $ | 7 | $ | 7 | $ | 7 | 0.01 | % | ||||||||||||||
Total non-controlled/non-affiliated investments | $ | 100,564 | $ | 76,422 | $ | 75,812 | 85.66 | % | ||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (17) | Equity - 1.84% membership interest | $ | 3,201 | $ | 3,721 | 4.20 | % | |||||||||||||||
Total non-controlled/affiliated investments | $ | 3,201 | $ | 3,721 | 4.20 | % | ||||||||||||||||
Total investments | $ | 79,623 | $ | 79,533 | 89.86 | % |
(1) | Unless otherwise indicated, all investments are considered Level 3 investments. |
(2) | Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information. |
(3) | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
(4) | Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g. prime rate), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over LIBOR based on each respective credit agreement. |
(5) | The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2020 was 0.14%. |
(6) | The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2020 was 0.19%. |
(7) | The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2020 was 0.24%. |
(8) | The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2020 was 0.26%. |
(9) | The interest rate on these loans is subject to 12 month LIBOR, which as of December 31, 2020 was 0.34%. |
(10) | The interest rate on these loans is subject to the Prime Rate, which as of December 31, 2020 was 3.25%. |
(11) | Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2020. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information. |
(12) | Principal balance includes reserve for letter of credit of $2,834 on which the borrower pays 5.50%. |
(13) | Principal balance includes reserve for letter of credit of $20,286 on which the borrower pays 5.75%. |
(14) | Principal balance includes reserve for letter of credit of $5,159 on which the borrower pays 6.25%. |
(15) | Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 6.00%. |
(16) | Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%. |
(17) | As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund. |
Level 1 | Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; |
Level 2 | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; |
Level 3 | Inputs that are unobservable. |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
First lien senior secured debt | $ | 93,080 | $ | 92,947 | $ | 76,415 | $ | 75,805 | $ | 105,693 | $ | 105,645 | $ | 76,415 | $ | 75,805 | ||||||||||||||||
Sponsor subordinated note | 10 | 8 | 7 | 7 | 15 | 15 | 7 | 7 | ||||||||||||||||||||||||
Investment in affiliated fund | 4,059 | 5,131 | 3,201 | 3,721 | 4,444 | 5,736 | 3,201 | 3,721 | ||||||||||||||||||||||||
Total investments | $ | 97,149 | $ | 98,086 | $ | 79,623 | $ | 79,533 | $ | 110,152 | $ | 111,396 | $ | 79,623 | $ | 79,533 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||
Aerospace and defense | 2.1 | % | 2.7 | % | 1.9 | % | 2.7 | % | ||||||
Auto components | - | 1.5 | % | |||||||||||
Chemicals | 6.9 | % | 8.4 | % | 6.2 | % | 8.4 | % | ||||||
Commercial services and supplies | 3.0 | % | 7.0 | % | 2.6 | % | 7.0 | % | ||||||
Construction and engineering | 0.6 | % | - | 0.5 | % | – | ||||||||
Containers and packaging | 5.7 | % | 7.0 | % | 5.6 | % | 7.0 | % | ||||||
Distributors | 0.5 | % | 1.5 | % | ||||||||||
Diversified consumer services | 9.6 | % | 9.8 | % | 8.9 | % | 9.8 | % | ||||||
Electronic equipment, instruments and components | 1.4 | % | 2.0 | % | 1.3 | % | 2.0 | % | ||||||
Food and staples retailing | 1.5 | % | 0.9 | % | 1.3 | % | 0.9 | % | ||||||
Food products | 1.9 | % | 1.3 | % | 1.3 | % | 1.3 | % | ||||||
Gas utilities | 1.5 | % | 1.6 | % | 1.2 | % | 1.6 | % | ||||||
Health care equipment and supplies | 3.0 | % | 0.8 | % | 2.8 | % | 0.8 | % | ||||||
Health care providers and services | 21.9 | % | 24.0 | % | 23.8 | % | 24.0 | % | ||||||
Health care technology | 1.9 | % | 1.6 | % | 1.6 | % | 1.6 | % | ||||||
Household durables | 0.9 | % | - | 2.5 | % | – | ||||||||
Internet and direct marketing retail | 2.5 | % | 2.5 | % | 2.7 | % | 2.5 | % | ||||||
IT services | 4.6 | % | 3.4 | % | 3.0 | % | 3.4 | % | ||||||
Leisure equipment and products | 1.0 | % | - | 1.7 | % | – | ||||||||
Life sciences tools and services | 1.1 | % | - | 1.0 | % | – | ||||||||
Machinery | 1.8 | % | 1.1 | % | 1.6 | % | 1.1 | % | ||||||
Media | 2.9 | % | 3.4 | % | 2.4 | % | 3.4 | % | ||||||
Metals and mining | 2.4 | % | 2.6 | % | 2.1 | % | 2.6 | % | ||||||
Multisector holdings | 5.2 | % | 4.7 | % | 5.2 | % | 4.7 | % | ||||||
Personal products | 2.8 | % | 3.5 | % | 2.5 | % | 3.5 | % | ||||||
Pharmaceuticals | 2.0 | % | – | |||||||||||
Real estate management and development | 1.7 | % | - | 1.5 | % | – | ||||||||
Software | 3.3 | % | 2.9 | % | 3.0 | % | 2.9 | % | ||||||
Specialty retail | 1.3 | % | - | 1.1 | % | – | ||||||||
Textiles, apparel and luxury goods | 1.8 | % | 2.0 | % | 1.5 | % | 2.0 | % | ||||||
Trading companies and distributors | 5.7 | % | 5.3 | % | 5.9 | % | 5.3 | % | ||||||
Water utilities | 0.8 | % | – | |||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Assets at Fair Value as of September 30, 2021 | ||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
First lien senior secured debt | $ | – | $ | – | $ | 105,645 | $ | 105,645 | ||||||||
Sponsor subordinated note | – | – | 15 | 15 | ||||||||||||
Foreign currency forward contracts | – | 8 | – | 8 | ||||||||||||
Total | $ | – | $ | 8 | $ | 105,660 | $ | 105,668 | ||||||||
Investments measured at net asset value(1) | 5,736 | |||||||||||||||
Total financial instruments, at fair value | $ | 111,404 |
Assets at Fair Value as of June 30, 2021 | |||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
First lien senior secured debt | $ | - | $ | - | $ | 92,947 | $ | 92,947 | |||||||
Sponsor subordinated note | - | - | 8 | 8 | |||||||||||
Foreign currency forward contracts | - | 4 | - | 4 | |||||||||||
Total | $ | - | $ | 4 | $ | 92,955 | $ | 92,959 | |||||||
Investments measured at net asset value(1) | 5,131 | ||||||||||||||
Total financial instruments, at fair value | $ | 98,090 |
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
First lien senior secured debt | $ | - | $ | - | $ | 75,805 | $ | 75,805 | $ | – | $ | – | $ | 75,805 | $ | 75,805 | ||||||||||||||
Sponsor subordinated note | - | - | 7 | 7 | – | – | 7 | 7 | ||||||||||||||||||||||
Total | $ | - | $ | 4 | $ | 75,812 | $ | 75,812 | $ | – | $ | – | $ | 75,812 | $ | 75,812 | ||||||||||||||
Investments measured at net asset value(1) | 3,721 | 3,721 | ||||||||||||||||||||||||||||
Total financial instruments, at fair value | $ | 79,533 | $ | 79,533 |
Level 3 Assets at Fair Value for the Three Months Ended June 30, 2021* | Level 3 Assets at Fair Value for the Three Months Ended September 30, 2021* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 4/1/2021 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2021 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2021 | Balance 7/1/2021 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2021 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 80,517 | $ | 20,138 | $ | (8,231 | ) | $ | 138 | $ | 69 | $ | 316 | $ | 92,947 | $ | 316 | $ | 92,947 | $ | 19,865 | $ | (7,449 | ) | $ | 162 | $ | 35 | $ | 85 | $ | 105,645 | $ | 85 | ||||||||||||||||||||||||||||||
Sponsor subordinated note | 9 | - | - | - | - | (1 | ) | 8 | (1 | ) | 8 | 4 | - | 1 | - | 2 | 15 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 80,526 | $ | 20,138 | $ | (8,231 | ) | $ | 138 | $ | 69 | $ | 315 | $ | 92,955 | $ | 315 | $ | 92,955 | $ | 19,869 | $ | (7,449 | ) | $ | 163 | $ | 35 | $ | 87 | $ | 105,660 | $ | 87 | ||||||||||||||||||||||||||||||
* Gains and losses are included in their respective captions in the consolidated statement of operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. |
Level 3 Assets at Fair Value for the Six Months Ended June 30, 2021* | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/1/2021 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2021 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2021 | ||||||||||||||||||||||||
First lien senior secured debt | $ | 75,805 | $ | 34,068 | $ | (17,803 | ) | $ | 313 | $ | 87 | $ | 477 | $ | 92,947 | $ | 477 | |||||||||||||||
Sponsor subordinated note | 7 | 2 | - | 1 | - | (2 | ) | 8 | (2 | ) | ||||||||||||||||||||||
Total | $ | 75,812 | $ | 34,070 | $ | (17,803 | ) | $ | 314 | $ | 87 | $ | 475 | $ | 92,955 | $ | 475 | |||||||||||||||
* Gains and losses are included in their respective captions in the consolidated statement of operations. | ||||||||||||||||||||||||||||||||
** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. |
Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2021* | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/1/2021 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2021 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021 | ||||||||||||||||||||||||
First lien senior secured debt | $ | 75,805 | $ | 53,933 | $ | (25,252 | ) | $ | 475 | $ | 122 | $ | 562 | $ | 105,645 | $ | 562 | |||||||||||||||
Sponsor subordinated note | 7 | 6 | - | 2 | - | - | 15 | - | ||||||||||||||||||||||||
Total | $ | 75,812 | $ | 53,939 | $ | (25,252 | ) | $ | 477 | $ | 122 | $ | 562 | $ | 105,660 | $ | 562 |
Level 3 Assets at Fair Value for the Three Months Ended September 30, 2020* | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 7/1/2020 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2020 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020 | ||||||||||||||||||||||||
First lien senior secured debt | $ | 59,010 | $ | 4,117 | $ | (1,716 | ) | $ | 65 | $ | 1 | $ | 489 | $ | 61,966 | $ | 489 | |||||||||||||||
Sponsor subordinated note | 6 | - | - | - | - | 1 | 7 | 1 | ||||||||||||||||||||||||
Total | $ | 59,016 | $ | 4,117 | $ | (1,716 | ) | $ | 65 | $ | 1 | $ | 490 | $ | 61,973 | $ | 490 |
Level 3 Assets at Fair Value for the Three Months Ended June 30, 2020* | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 4/1/2020 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2020 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2020 | ||||||||||||||||||||||||
First lien senior secured debt | $ | 57,857 | $ | 7,847 | $ | (6,912 | ) | $ | 77 | $ | 4 | $ | 137 | $ | 59,010 | $ | 137 | |||||||||||||||
Sponsor subordinated note | 5 | - | - | - | - | 1 | 6 | 1 | ||||||||||||||||||||||||
Total | $ | 57,862 | $ | 7,847 | $ | (6,912 | ) | $ | 77 | $ | - | $ | 138 | $ | 59,016 | $ | 138 |
Level 3 Assets at Fair Value for the Six Months Ended June 30, 2020* | Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2020* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/1/2020 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2020 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2020 | Balance 1/1/2020 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2020 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 38,156 | $ | 30,002 | $ | (7,384 | ) | $ | 135 | $ | 4 | $ | (1,453 | ) | $ | 59,010 | $ | (1,453 | ) | $ | 38,156 | $ | 34,119 | $ | (9,550 | ) | $ | 200 | $ | 5 | $ | (964 | ) | $ | 61,966 | $ | (964 | ) | ||||||||||||||||||||||||||
Sponsor subordinated notes | - | 6 | - | - | - | - | 6 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsor subordinated note | – | 6 | – | – | – | 1 | 7 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 38,156 | $ | 30,008 | $ | (7,384 | ) | $ | 135 | $ | 4 | $ | (1,453 | ) | $ | 59,016 | $ | (1,453 | ) | $ | 38,156 | $ | 34,125 | $ | (9,550 | ) | $ | 200 | $ | 5 | $ | (963 | ) | $ | 61,973 | $ | (963 | ) |
* Gains and losses are included in their respective captions in the consolidated statement of operations. | |||||||||||||||||||||||
Fair Value | Impact to Valuation | ||||||||||||||
as of | Valuation | Significant | Weighted | from an Increase | |||||||||||
Asset Class | 6/30/2021 | Techniques | Unobservable Inputs | Input Ranges | Average | in Input | |||||||||
(Amounts in thousands) | |||||||||||||||
First lien senior secured debt | $ | 79,346 | Discounted cash flow | Yield | 6.4% - 11.5 | % | 8.1 | % | Decrease | ||||||
Sponsor subordinated note | 8 | Market comparable | LTM EBITDA multiple | 7.0 | x | Increase | |||||||||
$ | 79,354 |
Fair Value | Impact to Valuation | ||||||||||||||
as of | Valuation | Significant | Weighted | from an Increase | |||||||||||
Asset Class | 9/30/21 | Techniques | Unobservable Inputs | Input Ranges | Average | in Input | |||||||||
(Amounts in thousands) | |||||||||||||||
First lien senior secured debt | $ | 93,788 | Discounted cash flow | Yield | 6.5% - 11.8 | % | 8.0 | % | Decrease | ||||||
Sponsor subordinated note | 10 | Market comparable | LTM EBITDA multiple | 7.0 | x | Increase | |||||||||
$ | 93,798 |
Fair Value | Impact to Valuation | ||||||||||||||
as of | Valuation | Significant | Weighted | from an Increase | |||||||||||
Asset Class | 12/31/2020 | Techniques | Unobservable Inputs | Input Ranges | Average | in Input | |||||||||
(Amounts in thousands) | |||||||||||||||
First lien senior secured debt | $ | 64,571 | Discounted cash flow | Yield | 6.3% - 11.4 | % | 8.0 | % | Decrease | ||||||
Sponsor subordinated note | 7 | Market comparable | LTM EBITDA multiple | 7.0 | x | Increase | |||||||||
$ | 64,578 |
As of June 30, 2021 | As of September 30, 2021 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | ||||||||||||||||||||||||
Subscription facility | $ | 15,000 | $ | (700 | ) | $ | 12,012 | $ | (700 | ) | $ | 15,000 | $ | - | $ | 10,098 | $ | - | ||||||||||||||
Total debt | $ | 15,000 | $ | (700 | ) | $ | 12,012 | $ | (700 | ) | $ | 15,000 | $ | - | $ | 10,098 | $ | - |
As of December 31, 2020 | ||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | ||||||||||||
Subscription facility | $ | 15,000 | $ | - | $ | 13,900 | $ | - | ||||||||
Total debt | $ | 15,000 | $ | - | $ | 13,900 | $ | - |
As of December 31, 2020 | ||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | ||||||||||||
Subscription facility | $ | 15,000 | $ | - | $ | 13,900 | $ | - | ||||||||
Total debt | $ | 15,000 | $ | - | $ | 13,900 | $ | - |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Three Months | Three Months | |||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Ended | Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(Amounts in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
Interest expense | $ | 8 | $ | 64 | $ | 15 | $ | 162 | $ | 8 | $ | 27 | $ | 23 | $ | 189 | ||||||||||||||||
Amortization of deferred financing costs | 56 | 27 | 109 | 54 | 58 | 40 | 167 | | 94 | |||||||||||||||||||||||
Total interest expense | $ | 64 | $ | 91 | $ | 124 | $ | 216 | $ | 66 | $ | 67 | $ | 190 | $ | 283 | ||||||||||||||||
Average interest rate | 3.75 | % | 2.33 | % | 3.56 | % | 2.89 | % | 1.77 | % | 2.08 | % | 2.46 | % | 2.88 | % | ||||||||||||||||
Average daily borrowings | $ | 8 | $ | 7,207 | $ | 31 | $ | 8,250 | $ | 105 | $ | 217 | $ | 54 | $ | 5,553 |
Investment in Affiliated Fund at Fair Value for the Three Months Ended June 30, 2021 | Investment in Affiliated Fund at Fair Value for the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of April 1, 2021 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2021 | Dividend, Interest, PIK and Other Income | Fair Value as of July 1, 2021 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2021 | Dividend, Interest, PIK and Other Income | |||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 4,061 | $ | 731 | $ | (1 | ) | $ | - | $ | 340 | $ | 5,131 | $ | - | $ | 5,131 | $ | 398 | $ | (13 | ) | $ | – | $ | 220 | $ | 5,736 | $ | – | |||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 4,061 | $ | 731 | $ | (1 | ) | $ | - | $ | 340 | $ | 5,131 | $ | - | $ | 5,131 | $ | 398 | $ | (13 | ) | $ | – | $ | 220 | $ | 5,736 | $ | – |
Investment in Affiliated Fund at Fair Value for the Six Months Ended June 30, 2021 | Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of January 1, 2021 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2021 | Dividend, Interest, PIK and Other Income | Fair Value as of January 1, 2021 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2021 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 3,721 | $ | 861 | $ | (3 | ) | $ | - | $ | 552 | $ | 5,131 | $ | - | $ | 3,721 | $ | 1,259 | $ | (16 | ) | $ | – | $ | 772 | $ | 5,736 | $ | – | ||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 3,721 | $ | 861 | $ | (3 | ) | $ | - | $ | 552 | $ | 5,131 | $ | - | $ | 3,721 | $ | 1,259 | $ | (16 | ) | $ | – | $ | 772 | $ | 5,736 | $ | – |
Investment in Afilliated Fund at Fair Value for the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of April 1, 2020 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2020 | Dividend, Interest, PIK and Other Income | |||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 1,759 | $ | 186 | $ | (59 | ) | $ | - | $ | 71 | $ | 1,957 | $ | - |
Investment in Afilliated Fund at Fair Value for the Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of July 1, 2020 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2020 | Dividend, Interest, PIK and Other Income | |||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 1,957 | $ | 25 | $ | (23 | ) | $ | – | $ | 270 | $ | 2,229 | $ | – | |||||||||||||
Total non-controlled/affiliated investments | $ | 1,957 | $ | 25 | $ | (23 | ) | $ | – | $ | 270 | $ | 2,229 | $ | – |
Investment in Affiliated Fund at Fair Value for the Six Months Ended June 30, 2020 | Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of January 1, 2020 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2020 | Dividend, Interest, PIK and Other Income | Fair Value as of January 1, 2020 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2020 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 1,641 | $ | 665 | $ | (59 | ) | $ | - | $ | (290 | ) | $ | 1,957 | $ | - | $ | 1,641 | $ | 690 | $ | (82 | ) | $ | – | $ | (20 | ) | $ | 2,229 | $ | – | ||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 1,641 | $ | 665 | $ | (59 | ) | $ | - | $ | (290 | ) | $ | 1,957 | $ | - | $ | 1,641 | $ | 690 | $ | (82 | ) | $ | – | $ | (20 | ) | $ | 2,229 | $ | – |
Counterparty | Gross Amount of Assets | Gross Amount of Liabilities | Net Amount of Assets/(Liabilities) | Collateral Received/Pledged(1) | Net Amounts(2) | |||||||||||||||
Wells Fargo Bank, National Association | $ | 23 | $ | 15 | $ | 8 | $ | - | $ | 8 |
Counterparty | Gross Amount of Assets | Gross Amount of Liabilities | Net Amount of Assets/(Liabilities) | Collateral Received/Pledged(1) | Net Amounts(2) | |||||||||||||||
Wells Fargo Bank, National Association | $ | 4 | $ | - | $ | 4 | $ | - | $ | 4 | ||||||||||
(1) Amount excludes excess cash collateral paid. | ||||||||||||||||||||
(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable. |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | $ | 4 | $ | 8 | ||||
Realized (loss) on foreign currency forward contracts | 12 | (47 | ) |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | $ | (12 | ) | $ | 4 | |||
Realized (loss) on foreign currency forward contracts | (59 | ) | (59 | ) |
Portfolio Company | June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||
First lien senior secured debt(1) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | |||||||||||
50Floor, LLC | $ | 199 | $ | 199 | $ | 199 | $ | 199 | |||||||
Abrasive Technology Intermediate, LLC | 173 | - | 173 | - | |||||||||||
Advanced Lighting Acquisition, LLC | 324 | 162 | 324 | 162 | |||||||||||
AFC Industries, Inc. | 451 | - | 250 | - | |||||||||||
Affinitiv, Inc. | 248 | 248 | 248 | 248 | |||||||||||
Agility Intermediate, Inc. | 534 | - | 534 | - | |||||||||||
ALM Media, LLC | 744 | 971 | 873 | 971 | |||||||||||
Altamira Material Solutions, LP | 32 | - | |||||||||||||
AM Buyer, LLC | 111 | 108 | 111 | 108 | |||||||||||
Anne Arundel Dermatology Management, LLC | 634 | 780 | 354 | 780 | |||||||||||
Apex Dental Partners, LLC | 566 | 600 | 236 | 600 | |||||||||||
Aptitude Health Holdings, LLC | 240 | - | 240 | - | |||||||||||
Aquatic Sales Solutions, LLC | 98 | 135 | 38 | 135 | |||||||||||
ASP Global Acquisition, LLC | 534 | 534 | 534 | 534 | |||||||||||
Banner Buyer, LLC | 838 | 1,343 | 813 | 1,343 | |||||||||||
BBG Intermediate Holdings, Inc. | 210 | - | 165 | 686 | |||||||||||
Beacon Oral Specialists Management LLC | 686 | 686 | 311 | - | |||||||||||
Behavior Frontiers, LLC | 34 | - | 19 | - | |||||||||||
BRTS Holdings, LLC | - | 341 | |||||||||||||
Bio Agri Mix Holdings Inc. | 89 | - | |||||||||||||
Brightview, LLC | 427 | - | 427 | - | |||||||||||
BRTS Holdings, LLC | - | 341 | |||||||||||||
Canadian Orthodontic Partners Corp. | 493 | - | 380 | - | |||||||||||
Community Care Partners, LLC | 263 | - | |||||||||||||
Copperweld Group, Inc. | 53 | 400 | 228 | 400 | |||||||||||
Cosmetic Solutions, LLC | 710 | 710 | 710 | 710 | |||||||||||
Data Source Intermediate Holdings, LLC | 123 | - | 123 | - | |||||||||||
DealerOn Inc. | 314 | 314 | 314 | 314 | |||||||||||
Diamondback Buyer, LLC | 68 | - | |||||||||||||
Domino Equipment Company, LLC | 79 | - | 79 | - | |||||||||||
E Phoenix Acquisition Co. Inc. | 75 | - | |||||||||||||
Edko Acquisition, LLC | 38 | - | 38 | - | |||||||||||
EH Management Company, LLC | 38 | - | |||||||||||||
Empire Equipment Company, LLC | 1,379 | 1,254 | 1,379 | 1,254 | |||||||||||
EMSAR Acquisition LLC | 567 | - | 567 | - | |||||||||||
Engelman Baking Co., LLC | 157 | 157 | 157 | 157 | |||||||||||
E-Phoenix Acquisition Co. Inc. | 75 | - | |||||||||||||
Formulated Buyer, LLC | 488 | - | |||||||||||||
G2O Technologies, LLC | 207 | 207 | 207 | 207 | |||||||||||
Geriatric Medical and Surgical Supply, LLC | 300 | 270 | 300 | 270 | |||||||||||
Groundworks Operations, LLC | 867 | 739 | 867 | 739 | |||||||||||
Guardian Dentistry Practice Management, LLC | 218 | - | |||||||||||||
Hydromax USA, LLC | 148 | 330 | 205 | 330 | |||||||||||
Icelandirect, LLC | 33 | - | |||||||||||||
Industrial Dynamics Company, Ltd. | 141 | 141 | 141 | 141 | |||||||||||
Innovative FlexPak, LLC | 596 | 627 | 408 | 627 |
Portfolio Company | June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||
First lien senior secured debt(1) (continued) | (Amounts in thousands) | (Amounts in thousands) | |||||||||||||
First lien senior secured debt (continued) | (Amounts in thousands) | (Amounts in thousands) | |||||||||||||
ISSA, LLC | $ | 131 | $ | - | $ | 131 | $ | - | |||||||
Jansy Packaging, LLC | 706 | 676 | 706 | 676 | |||||||||||
Kalkomey Enterprises, LLC | 46 | 77 | 77 | 77 | |||||||||||
Lakeshirts LLC | 557 | 703 | 663 | 703 | |||||||||||
Legility, LLC | 123 | 123 | 123 | 123 | |||||||||||
Leonard Group, Inc. | 197 | - | 197 | - | |||||||||||
Library Associates, LLC | 211 | 211 | 127 | 211 | |||||||||||
MacNeill Pride Group Corp. | 515 | - | 218 | - | |||||||||||
Mad Rose Company, LLC | 104 | - | 104 | - | |||||||||||
Mattco Forge, Inc. | 506 | 506 | 506 | 506 | |||||||||||
Millennia Patient Services, LLC | 401 | - | 401 | - | |||||||||||
Montway LLC | 825 | 825 | 825 | 825 | |||||||||||
Motis Brands, Inc. | 115 | - | |||||||||||||
MRC Keeler Acquisition, LLC | 300 | 300 | 300 | 300 | |||||||||||
Nimlok Company, LLC | 224 | 11 | 320 | 11 | |||||||||||
NSG Buyer, Inc. | 294 | 294 | 294 | 294 | |||||||||||
NutriScience Innovations, LLC | 131 | - | 131 | - | |||||||||||
Peak Dental Services, LLC | 337 | 636 | 337 | 636 | |||||||||||
Peak Investment Holdings, LLC | 843 | 809 | 908 | 809 | |||||||||||
Perimeter Brands Intermediate Holdco LLC | 210 | 210 | - | 210 | |||||||||||
PPW Acquisition, LLC | 38 | - | |||||||||||||
Reliable Medical Supply LLC | 138 | 138 | 206 | 138 | |||||||||||
Revival Animal Health, LLC | 131 | - | 131 | - | |||||||||||
Revolution Plastics Buyer, LLC | 422 | 492 | 188 | 492 | |||||||||||
RQM Buyer, Inc. | 219 | - | |||||||||||||
RTP Acquisition, LLC | 38 | - | |||||||||||||
SAMGI Buyer, Inc. | 138 | 138 | 138 | 138 | |||||||||||
SCA Buyer, LLC | 459 | - | 459 | - | |||||||||||
SCP ENT and Allergy Services, LLC | 1,287 | 1,287 | 1,287 | 1,287 | |||||||||||
SCP Eye Care Services, LLC | - | 469 | - | 469 | |||||||||||
Shearer Supply, LLC | 113 | - | |||||||||||||
ShiftKey, LLC | 187 | - | 94 | - | |||||||||||
Silver Falls MSO, LLC | 178 | 178 | 117 | 178 | |||||||||||
SimiTree Acquisition LLC | 1,065 | - | 1,065 | - | |||||||||||
Southeast Primary Care Partners, LLC | 525 | 525 | 525 | 525 | |||||||||||
Southern Orthodontic Partners Management, LLC | 125 | - | 281 | - | |||||||||||
Spear Education, LLC | 888 | 474 | 888 | 474 | |||||||||||
Spectrum Solutions, LLC | 267 | - | 267 | - | |||||||||||
Starwest Botanicals Acquisition, LLC | 164 | - | 174 | - | |||||||||||
Storm Smart Buyer LLC | 131 | - | 131 | - | |||||||||||
Teel Plastics, LLC | 324 | 324 | 324 | 324 | |||||||||||
Trademark Global, LLC | 110 | - | |||||||||||||
Triad Technologies, LLC | 314 | 282 | 314 | 282 | |||||||||||
United Land Services Opco Parent, LLC | 1,022 | - | 1,022 | - | |||||||||||
Vanguard Packaging, LLC | 535 | 535 | 356 | 535 | |||||||||||
Varsity DuvaSawko Operating Corp. | 474 | 474 | 474 | 474 | |||||||||||
Vital Care Buyer, LLC | 580 | 580 | 580 | 580 | |||||||||||
Total unfunded portfolio company commitments | $ | 29,313 | $ | 22,533 | $ | 29,278 | $ | 22,533 |
Six Months Ended June 30, 2021 | ||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||
Number of | Aggregate Offering | |||||||||||||||||
Common Share | Common Share | Common Shares | Price | |||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | Issuance Date | Issued | ($ in millions) | ||||||||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||||||
June 30, 2021 | July 15, 2021 | 802,493 | 16.20 | July 15, 2021 | 802,493 | 16.20 | ||||||||||||
August 30, 2021 | September 15, 2021 | 375,316 | 7.56 | |||||||||||||||
Total | 1,342,493 | $ | 27.00 | 1,717,809 | $ | 34.56 |
Six Months Ended June 30, 2020 | ||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||
Number of | Aggregate Offering | |||||||||||||||||
Common Share | Common Share | Common Shares | Price | |||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | Issuance Date | Issued | ($ in millions) | ||||||||||||
February 28, 2020 | March 13, 2020 | 810,000 | $ | 16.20 | March 13, 2020 | 810,000 | $ | 16.20 | ||||||||||
June 11, 2020 | June 25, 2020 | 432,000 | 8.64 | June 25, 2020 | 432,000 | 8.64 | ||||||||||||
Total | 1,242,000 | $ | 24.84 | 1,242,000 | $ | 24.84 |
For the Six Months Ended June 30, 2021 | ||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Record Date | Payment Date | Dividend per Share | ||||||||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 0.20 | April 26, 2021 | April 30, 2021 | $ | 0.20 | ||||||
July 22, 2021 | July 26, 2021 | July 30, 2021 | $ | 0.20 |
For the Nine Months Ended September 30, 2020 | ||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||
July 16, 2020 | July 27, 2020 | July 31, 2020 | $ | 0.20 |
Three Months Ended June 30, 2021 | Three Months Ended Ended June 30, 2020 | |||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(Amounts in thousands, except share and per share amounts) | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,699 | $ | 633 | $ | 3,002 | $ | (1,023 | ) | $ | 1,518 | $ | 1,351 | $ | 4,520 | $ | 328 | |||||||||||||||
Weighted average shares of common stock outstanding - basic and diluted | 5,022,000 | 2,993,736 | 4,756,475 | 2,656,978 | ||||||||||||||||||||||||||||
Weighted average shares of common stock | 5,754,844 | 3,402,000 | 5,092,922 | 2,907,131 | ||||||||||||||||||||||||||||
outstanding - basic and diluted | ||||||||||||||||||||||||||||||||
Earnings (loss) per common share - basic and diluted | $ | 0.34 | $ | 0.21 | $ | 0.63 | $ | (0.39 | ) | $ | 0.26 | $ | 0.40 | $ | 0.89 | $ | 0.11 |
Six Months | Six Months | Nine Months | Nine Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||
(Amounts in thousands, except share and per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Per share data: | ||||||||||||||||
Net asset value, beginning of period | $ | 19.75 | $ | 19.77 | $ | 19.75 | $ | 19.77 | ||||||||
Net investment income (loss)(1) | 0.41 | 0.27 | 0.61 | 0.45 | ||||||||||||
Net realized and unrealized gain (loss) on investment transactions(1) | 0.22 | (0.66 | ) | 0.28 | (0.34 | ) | ||||||||||
Total from operations | 0.63 | (0.39 | ) | 0.89 | 0.11 | |||||||||||
Impact of issuance of common stock | (0.01 | ) | 0.17 | (0.01 | ) | 0.07 | ||||||||||
Dividends declared from earnings | (0.20 | ) | - | (0.40 | ) | (0.20 | ) | |||||||||
Total increase (decrease) in net assets | 0.42 | (0.22 | ) | 0.48 | (0.02 | ) | ||||||||||
Net asset value, end of period | $ | 20.17 | $ | 19.55 | $ | 20.23 | $ | 19.75 | ||||||||
Shares outstanding, end of period | 5,022,000 | 3,402,000 | 6,199,809 | 3,402,000 | ||||||||||||
Total return(2) | 3.1 | % | (1.1 | )% | 4.4 | % | 0.9 | % | ||||||||
Ratios / supplemental data | ||||||||||||||||
Ratio of gross expenses to average net assets(3)(4)(5) | 1.8 | % | 3.7 | % | 2.6 | % | 4.8 | % | ||||||||
Ratio of net expenses to average net assets(3)(4)(6) | 1.8 | % | 3.2 | % | 2.6 | % | 4.1 | % | ||||||||
Ratio of net investment income (loss) to average net assets(3)(4) | 2.1 | % | 1.4 | % | 3.1 | % | 2.4 | % | ||||||||
Net assets, end of period | $ | 101,299 | $ | 66,518 | $ | 125,412 | $ | 67,189 | ||||||||
Weighted average shares outstanding | 4,756,475 | 2,656,978 | 5,092,922 | 2,907,131 | ||||||||||||
Total capital commitments, end of period | $ | 216,000 | $ | 216,000 | $ | 216,000 | $ | 216,000 | ||||||||
Ratio of total contributed capital to total committed capital, end of period | 46.5 | % | 31.5 | % | 57.5 | % | 31.5 | % | ||||||||
Portfolio turnover rate(7) | 22.2 | % | 15.7 | % | 26.5 | % | 18.5 | % | ||||||||
Asset coverage ratio(8) | 14,571.3 | % | N/A | N/A | 6,818.9 | % |
(1) | The per share data was derived using the weighted average shares outstanding during the period. | ||||
(2) | Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. The total return for the period from May 6, 2019 (inception) to December 31, 2019 is calculated using the denominator of the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019. | ||||
(3) | Not annualized. | ||||
(4) | Average net assets are computed using the average balance of net assets at the end of each month of the reporting period. | ||||
(5) | Ratio of gross expenses to average net assets is computed using expenses before waivers from the | ||||
(6) | Ratio of | ||||
(7) | Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported. | ||||
(8) | Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of September 30, 2021 as there was no debt outstanding at the end of the period. |
Three Months | Three Months | Three Months | Three Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||
(Amounts in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Principal amount of investments committed (including add-ons): | ||||||||||||||||
First lien senior secured debt investments | $ | 21,900 | $ | 3,750 | $ | 19,499 | $ | 5,038 | ||||||||
Sponsor subordinated note | 5 | - | ||||||||||||||
Investment in affiliated fund | 731 | 186 | 138 | 25 | ||||||||||||
Total principal amount of investments committed | $ | 22,631 | $ | 3,936 | $ | 19,642 | $ | 5,063 | ||||||||
Principal amount of investments sold or repaid: | ||||||||||||||||
First lien senior secured debt investments | $ | (7,552 | ) | $ | (3,538 | ) | $ | (6,532 | ) | $ | (331 | ) | ||||
Investment in affiliated fund | (1 | ) | (59 | ) | 1 | (23 | ) | |||||||||
Total principal amount of investments sold or repaid | $ | (7,553 | ) | $ | (3,597 | ) | $ | (6,531 | ) | $ | (354 | ) | ||||
New debt investments(1): | ||||||||||||||||
New commitments | $ | 18,640 | $ | 3,677 | $ | 17,550 | $ | 3,637 | ||||||||
Number of new commitments in new portfolio companies(2) | 16 | 4 | 14 | 2 | ||||||||||||
Average new commitment amount | $ | 1,165 | $ | 919 | $ | 1,254 | $ | 1,819 | ||||||||
Weighted average term for new commitments (in years) | 5.0 | 5.0 | 4.8 | 4.3 | ||||||||||||
Percentage of new commitments at floating rates | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Percentage of new commitments at fixed rates | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % |
September 30, 2021 | ||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
First lien senior secured debt | $ | 105,693 | $ | 105,645 | $ | 76,415 | $ | 75,805 | ||||||||
Sponsor subordinated note | 15 | 15 | 7 | 7 | ||||||||||||
Investment in affiliated fund | 4,444 | 5,736 | 3,201 | 3,721 | ||||||||||||
Total investments | $ | 110,152 | $ | 111,396 | $ | 79,623 | $ | 79,533 |
June 30, 2021 | December 31, 2020 | ||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||
First lien senior secured debt | $ | 93,080 | $ | 92,947 | $ | 76,415 | $ | 75,805 | |||||||
Sponsor subordinated note | 10 | 8 | 7 | 7 | |||||||||||
Investment in affiliated fund | 4,059 | 5,131 | 3,201 | 3,721 | |||||||||||
Total investments | $ | 97,149 | $ | 98,086 | $ | 79,623 | $ | 79,533 |
June 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||
Aerospace and defense | 2.1 | % | 2.7 | % | 1.9 | % | 2.7 | % | ||||||
Auto components | - | 1.5 | % | |||||||||||
Chemicals | 6.9 | % | 8.4 | % | 6.2 | % | 8.4 | % | ||||||
Commercial services and supplies | 3.0 | % | 7.0 | % | 2.6 | % | 7.0 | % | ||||||
Construction and engineering | 0.6 | % | - | 0.5 | % | – | ||||||||
Containers and packaging | 5.7 | % | 7.0 | % | 5.6 | % | 7.0 | % | ||||||
Distributors | 0.5 | % | 1.5 | % | ||||||||||
Diversified consumer services | 9.6 | % | 9.8 | % | 8.9 | % | 9.8 | % | ||||||
Electronic equipment, instruments and components | 1.4 | % | 2.0 | % | 1.3 | % | 2.0 | % | ||||||
Food and staples retailing | 1.5 | % | 0.9 | % | 1.3 | % | 0.9 | % | ||||||
Food products | 1.9 | % | 1.3 | % | 1.3 | % | 1.3 | % | ||||||
Gas utilities | 1.5 | % | 1.6 | % | 1.2 | % | 1.6 | % | ||||||
Health care equipment and supplies | 3.0 | % | 0.8 | % | 2.8 | % | 0.8 | % | ||||||
Health care providers and services | 21.9 | % | 24.0 | % | 23.8 | % | 24.0 | % | ||||||
Health care technology | 1.9 | % | 1.6 | % | 1.6 | % | 1.6 | % | ||||||
Household durables | 0.9 | % | - | 2.5 | % | – | ||||||||
Internet and direct marketing retail | 2.5 | % | 2.5 | % | 2.7 | % | 2.5 | % | ||||||
IT services | 4.6 | % | 3.4 | % | 3.0 | % | 3.4 | % | ||||||
Leisure equipment and products | 1.0 | % | - | 1.7 | % | – | ||||||||
Life sciences tools and services | 1.1 | % | - | 1.0 | % | – | ||||||||
Machinery | 1.8 | % | 1.1 | % | 1.6 | % | 1.1 | % | ||||||
Media | 2.9 | % | 3.4 | % | 2.4 | % | 3.4 | % | ||||||
Metals and mining | 2.4 | % | 2.6 | % | 2.1 | % | 2.6 | % | ||||||
Multisector holdings | 5.2 | % | 4.7 | % | 5.2 | % | 4.7 | % | ||||||
Personal products | 2.8 | % | 3.5 | % | 2.5 | % | 3.5 | % | ||||||
Pharmaceuticals | 2.0 | % | – | |||||||||||
Real estate management and development | 1.7 | % | - | 1.5 | % | – | ||||||||
Software | 3.3 | % | 2.9 | % | 3.0 | % | 2.9 | % | ||||||
Specialty retail | 1.3 | % | - | 1.1 | % | – | ||||||||
Textiles, apparel and luxury goods | 1.8 | % | 2.0 | % | 1.5 | % | 2.0 | % | ||||||
Trading companies and distributors | 5.7 | % | 5.3 | % | 5.9 | % | 5.3 | % | ||||||
Water utilities | 0.8 | % | – | |||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
September 30, 2021 | December 31, 2020 | |||||||
Weighted average total yield of funded debt investments at cost | 7.9 | % | 7.7 | % | ||||
Weighted average total yield of funded debt investments at fair value | 7.9 | % | 7.9 | % | ||||
Weighted average interest rate of funded debt investments (1) | 6.9 | % | 7.0 | % | ||||
Weighted average spread over LIBOR/CDOR of all floating rate funded debt investments | 5.9 | % | 5.9 | % |
June 30, 2021 | December 31, 2020 | |||||||
Weighted average total yield of funded debt investments at cost | 8.0 | % | 7.7 | % | ||||
Weighted average total yield of funded debt investments at fair value | 8.1 | % | 7.9 | % | ||||
Weighted average interest rate of funded debt investments (1) | 7.0 | % | 7.0 | % | ||||
Weighted average spread over LIBOR/CDOR of all floating rate funded debt investments | 6.0 | % | 5.9 | % |
Investment Ratings | Description | |
A | A loan supported by exceptional financial strength, stability and liquidity; | |
B | As a general rule, a new transaction will be risk rated a “B” loan. Overtime, a “B” loan is supported by good financial strength, stability and liquidity; | |
C | A loan that is exhibiting deteriorating trends, which if not corrected could jeopardize repayment of the debt. In general, a default by the borrower of one of its financial performance covenants (leverage or coverage ratios) would warrant downgrade of a loan to a risk rating of “C”; | |
D | A loan that has a well-defined weakness that jeopardizes the repayment of the debt or the ongoing enterprise value of the borrower; | |
E | A loan that has an uncured payment default; and | |
F | An asset that is considered uncollectible or of such little value that its continuance as a booked asset is unwarranted. |
June 30, 2021 | December 31, 2020 | December 31, 2020 | ||||||||||||||||||||||||
Percentage of | Percentage of | Percentage of | Percentage of | |||||||||||||||||||||||
Investments | Total | Investments | Total | Investments | Total | Investments | Total | |||||||||||||||||||
Investment Rating | at Fair Value | Debt Investments | at Fair Value | Debt Investments | at Fair Value | Debt Investments | at Fair Value | Debt Investments | ||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||
A | $ | - | - | $ | - | - | $ | – | – | $ | – | – | ||||||||||||||
B | 84,486 | 90.9 | % | 68,960 | 91.0 | % | 97,172 | 92.0 | % | 68,960 | 91.0 | % | ||||||||||||||
C | 8,461 | 9.1 | % | 6,845 | 9.0 | % | 8,473 | 8.0 | % | 6,845 | 9.0 | % | ||||||||||||||
D | - | - | - | - | – | – | – | – | ||||||||||||||||||
E | - | - | - | - | – | – | – | – | ||||||||||||||||||
F | - | - | - | - | – | – | – | – | ||||||||||||||||||
Total | $ | 92,947 | 100.0 | % | $ | 75,805 | 100.0 | % | $ | 105,645 | 100.0 | % | $ | 75,805 | 100.0 | % |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | Amortized Cost | Percentage | Amortized Cost | Percentage | ||||||||||||||||||||||||
Performing | $ | 93,080 | 100.0 | % | $ | 76,415 | 100.0 | % | $ | 105,693 | 100.0 | % | $ | 76,415 | 100.0 | % | ||||||||||||||||
Non-accrual | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Total | $ | 93,080 | 100.0 | % | $ | 76,415 | 100.0 | % | $ | 105,693 | 100.0 | % | $ | 76,415 | 100.0 | % |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(Amounts in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
Total investment income | $ | 1,942 | $ | 1,215 | $ | 3,618 | $ | 2,329 | $ | 2,107 | $ | 1,268 | $ | 5,725 | $ | 3,597 | ||||||||||||||||
Less: expenses | (911 | ) | (795 | ) | (1,682 | ) | (1,613 | ) | (942 | ) | (678 | ) | (2,624 | ) | (2,291 | ) | ||||||||||||||||
Net investment income (loss) | 1,031 | 420 | 1,936 | 716 | 1,165 | 590 | 3,101 | 1,306 | ||||||||||||||||||||||||
Net change in unrealized gain (loss) | 643 | 209 | 1,031 | (1,743 | ) | 311 | 760 | 1,342 | (983 | ) | ||||||||||||||||||||||
Net realized gain (loss) | 25 | 4 | 35 | 4 | 42 | 1 | 77 | 5 | ||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,699 | $ | 633 | $ | 3,002 | $ | (1,023 | ) | $ | 1,518 | $ | 1,351 | $ | 4,520 | $ | 328 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||
(Amounts in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Interest income | $ | 1,789 | $ | 1,195 | $ | 3,411 | $ | 2,198 | $ | 2,013 | $ | 1,201 | $ | 5,424 | $ | 3,399 | ||||||||||||
Other income | 153 | 20 | 207 | 131 | 94 | 67 | 301 | 198 | ||||||||||||||||||||
Total investment income | $ | 1,942 | $ | 1,215 | $ | 3,618 | $ | 2,329 | $ | 2,107 | $ | 1,268 | $ | 5,725 | $ | 3,597 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
(Amounts in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||||
Income incentive fees | $ | 207 | $ | 37 | $ | 354 | $ | 76 | $ | 214 | $ | 38 | $ | 568 | $ | 114 | ||||||||||||||||
Management fees | 138 | 91 | 261 | 165 | 155 | 94 | 416 | 259 | ||||||||||||||||||||||||
Accounting fees | 107 | 98 | 317 | 323 | ||||||||||||||||||||||||||||
Insurance fees | 100 | 122 | 222 | 243 | 90 | 125 | 312 | 368 | ||||||||||||||||||||||||
Accounting fees | 106 | 132 | 210 | 225 | ||||||||||||||||||||||||||||
Professional fees | 143 | 103 | 309 | 274 | ||||||||||||||||||||||||||||
Administrative fees | 82 | 109 | 170 | 273 | 97 | 85 | 267 | 358 | ||||||||||||||||||||||||
Professional fees | 122 | 70 | 166 | 171 | ||||||||||||||||||||||||||||
Interest | 64 | 91 | 124 | 216 | 66 | 67 | 190 | 283 | ||||||||||||||||||||||||
Directors' fees | 45 | 45 | 90 | 90 | 45 | 45 | 135 | 135 | ||||||||||||||||||||||||
Other | 47 | 41 | 85 | 91 | 25 | 35 | 110 | 126 | ||||||||||||||||||||||||
Offering costs | - | 166 | - | 336 | - | 73 | - | 409 | ||||||||||||||||||||||||
Total gross expenses | $ | 911 | �� | $ | 904 | $ | 1,682 | $ | 1,886 | $ | 942 | $ | 763 | $ | 2,624 | $ | 2,649 | |||||||||||||||
Less waivers: | ||||||||||||||||||||||||||||||||
Administrative fees waived | - | (109 | ) | - | (273 | ) | - | (85 | ) | - | (358 | ) | ||||||||||||||||||||
Total net expenses | $ | 911 | $ | 795 | $ | 1,682 | $ | 1,613 | $ | 942 | $ | 678 | $ | 2,624 | $ | 2,291 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | Three Months | Three Months | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Ended | Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||
(Amounts in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Net change in unrealized gain (loss) on investments | $ | 655 | $ | 209 | $ | 1,027 | $ | (1,743 | ) | $ | 307 | $ | 760 | $ | 1,334 | $ | (983 | ) | ||||||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | (12 | ) | - | 4 | - | 4 | - | 8 | - | |||||||||||||||||||
Net change in unrealized gain (loss) on investment transactions | $ | 643 | $ | 209 | $ | 1,031 | $ | (1,743 | ) | $ | 311 | $ | 760 | $ | 1,342 | $ | (983 | ) |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||
(Amounts in thousands) | June 30, 2021 | June 30, 2020 | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||
Net realized gain (loss) on investments | $ | 69 | $ | 4 | $ | 87 | $ | 4 | $ | 35 | $ | 1 | $ | 122 | $ | 5 | |||||||||||||
Net realized gain (loss) on foreign currency transactions | (44 | ) | - | (52 | ) | - | 7 | – | (45 | ) | – | ||||||||||||||||||
Net realized gain (loss) on investment transactions | $ | 25 | $ | 4 | $ | 35 | $ | 4 | $ | 42 | $ | 1 | $ | 77 | $ | 5 |
Six Months Ended June 30, 2021 | ||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||
Number of | Aggregate Offering | |||||||||||||||||
Common Share | Common Share | Common Shares | Price | |||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | Issuance Date | Issued | ($ in millions) | ||||||||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||||||
June 30, 2021 | July 15, 2021 | 802,493 | 16.20 | July 15, 2021 | 802,493 | 16.20 | ||||||||||||
August 30, 2021 | September 15, 2021 | 375,316 | 7.56 | |||||||||||||||
Total | 1,342,493 | $ | 27.00 | 1,717,809 | $ | 34.56 |
Six Months Ended June 30, 2020 | ||||||||||||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||
Number of | Aggregate Offering | |||||||||||||||||
Common Share | Common Share | Common Shares | Price | |||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | Issuance Date | Issued | ($ in millions) | ||||||||||||
February 28, 2020 | March 13, 2020 | 810,000 | $ | 16.20 | March 13, 2020 | 810,000 | $ | 16.20 | ||||||||||
June 11, 2020 | June 25, 2020 | 432,000 | 8.64 | June 25, 2020 | 432,000 | 8.64 | ||||||||||||
Total | 1,242,000 | $ | 24.84 | 1,242,000 | $ | 24.84 |
For the Six Months Ended June 30, 2021 | ||||||||||||||
For the Nine Months Ended September 30, 2021 | For the Nine Months Ended September 30, 2021 | |||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Record Date | Payment Date | Dividend per Share | ||||||||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 0.20 | April 26, 2021 | April 30, 2021 | $ | 0.20 | ||||||
July 22, 2021 | July 26, 2021 | July 30, 2021 | $ | 0.20 |
For the Nine Months Ended September 30, 2020 | ||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||
July 16, 2020 | July 27, 2020 | July 31, 2020 | $ | 0.20 |
As of June 30, 2021 | ||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | ||||||||||||
Subscription facility | $ | 15,000 | $ | (700 | ) | $ | 12,012 | $ | (700 | ) | ||||||
Total debt | $ | 15,000 | $ | (700 | ) | $ | 12,012 | $ | (700 | ) |
As of September 30, 2021 | ||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | ||||||||||||
Subscription facility | $ | 15,000 | $ | – | $ | 10,098 | $ | – | ||||||||
Total debt | $ | 15,000 | $ | – | $ | 10,098 | $ | – |
As of December 31, 2020 | ||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | ||||||||||||
Subscription facility | $ | 15,000 | $ | – | $ | 13,900 | $ | – | ||||||||
Total debt | $ | 15,000 | $ | – | $ | 13,900 | $ | – |
As of December 31, 2020 | ||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | ||||||||||||
Subscription facility | $ | 15,000 | $ | - | $ | 13,900 | $ | - | ||||||||
Total debt | $ | 15,000 | $ | - | $ | 13,900 | $ | - |
Three Months | Three Months | |||||||||||||||
Ended | Ended | Nine Months Ended | Nine Months Ended | |||||||||||||
(Amounts in thousands) | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||
Interest expense | $ | 8 | $ | 27 | $ | 24 | $ | 189 | ||||||||
Amortization of deferred financing costs | 58 | 40 | 166 | 94 | ||||||||||||
Total interest expense | $ | 66 | $ | 67 | $ | 190 | $ | 283 | ||||||||
Average interest rate | 1.77 | % | 2.08 | % | 2.46 | % | 2.88 | % | ||||||||
Average daily borrowings | $ | 105 | $ | 217 | $ | 54 | $ | 5,553 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||
(Amounts in thousands) | June 30, 2021 | June 30, 2020 | ||||||||||||||
Interest expense | $ | 8 | $ | 64 | $ | 15 | $ | 162 | ||||||||
Amortization of deferred financing costs | 56 | 27 | 109 | 54 | ||||||||||||
Total interest expense | $ | 64 | $ | 91 | $ | 124 | $ | 216 | ||||||||
Average interest rate | 3.75 | % | 2.33 | % | 3.56 | % | 2.89 | % | ||||||||
Average daily borrowings | $ | 8 | $ | 7,207 | $ | 31 | $ | 8,250 |
Portfolio Company | September 30, 2021 | December 31, 2020 | |||||
First lien senior secured debt(1) | (Amounts in thousands) | (Amounts in thousands) | |||||
50Floor, LLC | $ | 199 | $ | 199 | |||
Abrasive Technology Intermediate, LLC | 173 | - | |||||
Advanced Lighting Acquisition, LLC | 324 | 162 | |||||
AFC Industries, Inc. | 250 | - | |||||
Affinitiv, Inc. | 248 | 248 | |||||
Agility Intermediate, Inc. | 534 | - | |||||
ALM Media, LLC | 873 | 971 | |||||
Altamira Material Solutions, LP | 32 | - | |||||
AM Buyer, LLC | 111 | 108 | |||||
Anne Arundel Dermatology Management, LLC | 354 | 780 | |||||
Apex Dental Partners, LLC | 236 | 600 | |||||
Aptitude Health Holdings, LLC | 240 | - | |||||
Aquatic Sales Solutions, LLC | 38 | 135 | |||||
ASP Global Acquisition, LLC | 534 | 534 | |||||
Banner Buyer, LLC | 813 | 1,343 | |||||
BBG Intermediate Holdings, Inc. | 165 | 686 | |||||
Beacon Oral Specialists Management LLC | 311 | - | |||||
Behavior Frontiers, LLC | 19 | - | |||||
BRTS Holdings, LLC | - | 341 | |||||
Bio Agri Mix Holdings Inc. | 89 | - | |||||
Brightview, LLC | 427 | - | |||||
Canadian Orthodontic Partners Corp. | 380 | - | |||||
Community Care Partners, LLC | 263 | - | |||||
Copperweld Group, Inc. | 228 | 400 | |||||
Cosmetic Solutions, LLC | 710 | 710 | |||||
Data Source Intermediate Holdings, LLC | 123 | - | |||||
DealerOn Inc. | 314 | 314 | |||||
Diamondback Buyer, LLC | 68 | - | |||||
Domino Equipment Company, LLC | 79 | - | |||||
Edko Acquisition, LLC | 38 | - | |||||
EH Management Company, LLC | 38 | - | |||||
Empire Equipment Company, LLC | 1,379 | 1,254 | |||||
EMSAR Acquisition LLC | 567 | - | |||||
Engelman Baking Co., LLC | 157 | 157 | |||||
E-Phoenix Acquisition Co. Inc. | 75 | - |
Portfolio Company | June 30, 2021 | December 31, 2020 | ||||||
First lien senior secured debt(1) | (Amounts in thousands) | (Amounts in thousands) | ||||||
50Floor, LLC | $ | 199 | $ | 199 | ||||
Abrasive Technology Intermediate, LLC | 173 | - | ||||||
Advanced Lighting Acquisition, LLC | 324 | 162 | ||||||
AFC Industries, Inc. | 451 | - | ||||||
Affinitiv, Inc. | 248 | 248 | ||||||
Agility Intermediate, Inc. | 534 | - | ||||||
ALM Media, LLC | 744 | 971 | ||||||
AM Buyer, LLC | 111 | 108 | ||||||
Anne Arundel Dermatology Management, LLC | 634 | 780 | ||||||
Apex Dental Partners, LLC | 566 | 600 | ||||||
Aptitude Health Holdings, LLC | 240 | - | ||||||
Aquatic Sales Solutions, LLC | 98 | 135 | ||||||
ASP Global Acquisition, LLC | 534 | 534 | ||||||
Banner Buyer, LLC | 838 | 1,343 | ||||||
BBG Intermediate Holdings, Inc. | 210 | - | ||||||
Beacon Oral Specialists Management LLC | 686 | 686 | ||||||
Behavior Frontiers, LLC | 34 | - | ||||||
Brightview, LLC | 427 | - | ||||||
BRTS Holdings, LLC | - | 341 | ||||||
Canadian Orthodontic Partners Corp. | 493 | - | ||||||
Copperweld Group, Inc. | 53 | 400 | ||||||
Cosmetic Solutions, LLC | 710 | 710 | ||||||
Data Source Intermediate Holdings, LLC | 123 | - | ||||||
DealerOn Inc. | 314 | 314 | ||||||
Domino Equipment Company, LLC | 79 | - | ||||||
E Phoenix Acquisition Co. Inc. | 75 | - | ||||||
Edko Acquisition, LLC | 38 | - | ||||||
Empire Equipment Company, LLC | 1,379 | 1,254 | ||||||
EMSAR Acquisition LLC | 567 | - | ||||||
Engelman Baking Co., LLC | 157 | 157 | ||||||
G2O Technologies, LLC | 207 | 207 | ||||||
Geriatric Medical and Surgical Supply, LLC | 300 | 270 | ||||||
Groundworks Operations, LLC | 867 | 739 | ||||||
Hydromax USA, LLC | 148 | 330 | ||||||
Industrial Dynamics Company, Ltd. | 141 | 141 | ||||||
Innovative FlexPak, LLC | 596 | 627 |
Portfolio Company | September 30, 2021 | December 31, 2020 | |||||
First lien senior secured debt(1) | (Amounts in thousands) | (Amounts in thousands) | |||||
Formulated Buyer, LLC | $ | 488 | $ | - | |||
G2O Technologies, LLC | 207 | 207 | |||||
Geriatric Medical and Surgical Supply, LLC | 300 | 270 | |||||
Groundworks Operations, LLC | 867 | 739 | |||||
Guardian Dentistry Practice Management, LLC | 218 | - | |||||
Hydromax USA, LLC | 205 | 330 | |||||
Icelandirect, LLC | 33 | - | |||||
Industrial Dynamics Company, Ltd. | 141 | 141 | |||||
Innovative FlexPak, LLC | 408 | 627 |
ISSA, LLC | 131 | - | |||||
Jansy Packaging, LLC | 706 | 676 | |||||
Kalkomey Enterprises, LLC | 77 | 77 | |||||
Lakeshirts LLC | 663 | 703 | |||||
Legility, LLC | 123 | 123 | |||||
Leonard Group, Inc. | 197 | - | |||||
Library Associates, LLC | 127 | 211 | |||||
MacNeill Pride Group Corp. | 218 | - | |||||
Mad Rose Company, LLC | 104 | - | |||||
Mattco Forge, Inc. | 506 | 506 | |||||
Millennia Patient Services, LLC | 401 | - | |||||
Montway LLC | 825 | 825 | |||||
Motis Brands, Inc. | 115 | - | |||||
MRC Keeler Acquisition, LLC | 300 | 300 | |||||
Nimlok Company, LLC | 320 | 11 | |||||
NSG Buyer, Inc. | 294 | 294 | |||||
NutriScience Innovations, LLC | 131 | - | |||||
Peak Dental Services, LLC | 337 | 636 | |||||
Peak Investment Holdings, LLC | 908 | 809 | |||||
Perimeter Brands Intermediate Holdco LLC | - | 210 | |||||
PPW Acquisition, LLC | 38 | - | |||||
Reliable Medical Supply LLC | 206 | 138 | |||||
Revival Animal Health, LLC | 131 | - | |||||
Revolution Plastics Buyer, LLC | 188 | 492 | |||||
RQM Buyer, Inc. | 219 | - | |||||
RTP Acquisition, LLC | 38 | - | |||||
SAMGI Buyer, Inc. | 138 | 138 | |||||
SCA Buyer, LLC | 459 | - | |||||
SCP ENT and Allergy Services, LLC | 1,287 | 1,287 | |||||
SCP Eye Care Services, LLC | - | 469 | |||||
Shearer Supply, LLC | 113 | - | |||||
ShiftKey, LLC | 94 | - | |||||
Silver Falls MSO, LLC | 117 | 178 | |||||
SimiTree Acquisition LLC | 1,065 | - | |||||
Southeast Primary Care Partners, LLC | 525 | 525 | |||||
Southern Orthodontic Partners Management, LLC | 281 | - | |||||
Spear Education, LLC | 888 | 474 | |||||
Spectrum Solutions, LLC | 267 | - |
Portfolio Company | June 30, 2021 | December 31, 2020 | ||||||
First lien senior secured debt(1) (continued) | (Amounts in thousands) | (Amounts in thousands) | ||||||
ISSA, LLC | $ | 131 | $ | - | ||||
Jansy Packaging, LLC | 706 | 676 | ||||||
Kalkomey Enterprises, LLC | 46 | 77 | ||||||
Lakeshirts LLC | 557 | 703 | ||||||
Legility, LLC | 123 | 123 | ||||||
Leonard Group, Inc. | 197 | - | ||||||
Library Associates, LLC | 211 | 211 | ||||||
MacNeill Pride Group Corp. | 515 | - | ||||||
Mad Rose Company, LLC | 104 | - | ||||||
Mattco Forge, Inc. | 506 | 506 | ||||||
Millennia Patient Services, LLC | 401 | - | ||||||
Montway LLC | 825 | 825 | ||||||
MRC Keeler Acquisition, LLC | 300 | 300 | ||||||
Nimlok Company, LLC | 224 | 11 | ||||||
NSG Buyer, Inc. | 294 | 294 | ||||||
NutriScience Innovations, LLC | 131 | - | ||||||
Peak Dental Services, LLC | 337 | 636 | ||||||
Peak Investment Holdings, LLC | 843 | 809 | ||||||
Perimeter Brands Intermediate Holdco LLC | 210 | 210 | ||||||
Reliable Medical Supply LLC | 138 | 138 | ||||||
Revival Animal Health, LLC | 131 | - | ||||||
Revolution Plastics Buyer, LLC | 422 | 492 | ||||||
SAMGI Buyer, Inc. | 138 | 138 | ||||||
SCA Buyer, LLC | 459 | - | ||||||
SCP ENT and Allergy Services, LLC | 1,287 | 1,287 | ||||||
SCP Eye Care Services, LLC | - | 469 | ||||||
ShiftKey, LLC | 187 | - | ||||||
Silver Falls MSO, LLC | 178 | 178 | ||||||
SimiTree Acquisition LLC | 1,065 | - | ||||||
Southeast Primary Care Partners, LLC | 525 | 525 | ||||||
Southern Orthodontic Partners Management, LLC | 125 | - | ||||||
Spear Education, LLC | 888 | 474 | ||||||
Spectrum Solutions, LLC | 267 | - | ||||||
Starwest Botanicals Acquisition, LLC | 164 | - | ||||||
Storm Smart Buyer LLC | 131 | - | ||||||
Teel Plastics, LLC | 324 | 324 | ||||||
Triad Technologies, LLC | 314 | 282 | ||||||
United Land Services Opco Parent, LLC | 1,022 | - | ||||||
Vanguard Packaging, LLC | 535 | 535 | ||||||
Varsity DuvaSawko Operating Corp. | 474 | 474 | ||||||
Vital Care Buyer, LLC | 580 | 580 | ||||||
Total unfunded portfolio company commitments | $ | 29,313 | $ | 22,533 |
Portfolio Company | September 30, 2021 | December 31, 2020 | |||||
First lien senior secured debt(1) | (Amounts in thousands) | (Amounts in thousands) | |||||
Starwest Botanicals Acquisition, LLC | $ | 174 | $ | - | |||
Storm Smart Buyer LLC | 131 | - | |||||
Teel Plastics, LLC | 324 | 324 | |||||
Trademark Global, LLC | 110 | - | |||||
Triad Technologies, LLC | 314 | 282 | |||||
United Land Services Opco Parent, LLC | 1,022 | - | |||||
Vanguard Packaging, LLC | 356 | 535 | |||||
Varsity DuvaSawko Operating Corp. | 474 | 474 | |||||
Vital Care Buyer, LLC | 580 | 580 | |||||
Total unfunded portfolio company commitments | $ | 29,278 | $ | 22,533 |
Payments Due by Period | ||||||||||||||||||||
Less than | More than | |||||||||||||||||||
(Amounts in millions) | Total | 1 year | 1 - 3 years | 3 - 5 years | 5 years | |||||||||||||||
Subscription facility | $ | 0.7 | $ | - | $ | 0.7 | $ | - | $ | - | ||||||||||
Total contractual obligations | $ | 0.7 | $ | - | $ | 0.7 | $ | - | $ | - |
(Amounts in millions) | Interest Income | Interest Expense | Net Income | Interest Income | Interest Expense | Net Income | ||||||||||||||||||
Up 200 basis points | $ | 1.1 | $ | - | $ | 1.1 | $ | 1.2 | $ | - | $ | 1.2 | ||||||||||||
Up 100 basis points | $ | 0.1 | $ | - | $ | 0.1 | $ | 0.2 | $ | - | $ | 0.2 | ||||||||||||
Down 100 basis points | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Down 200 basis points | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
Exhibit No. | Description | |
* Filed herewith |
AG TWIN BROOK BDC, INC. | |||
By: | /s/ Trevor Clark | ||
Trevor Clark | |||
Chief Executive Officer | |||
(Principal Executive Officer) |
By: | /s/ Terrence Walters | ||
Terrence Walters | |||
Chief Financial Officer and Treasurer | |||
(Principal Financial Officer and Principal Accounting Officer) |