(Mark One) | ||||||||||
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | 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, | 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 | o | Accelerated filer | o | ||||||||||||||
Non-accelerated filer | x | Smaller reporting company | o | ||||||||||||||
Emerging growth company | x |
Consolidated Statements of Assets and Liabilities as of June 30, 2021 | ||||||||
Consolidated Statements of Operations for the Three and Six Months Ended June 30, | ||||||||
Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, | ||||||||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, | ||||||||
June 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 | ||||||
Unrealized gain on foreign currency forward contracts | 4 | - | ||||||
Cash | 4,195 | 10,320 | ||||||
Prepaid expenses | 320 | 162 | ||||||
Interest receivable | 218 | 181 | ||||||
Deferred financing costs | 150 | 236 | ||||||
Total assets | $ | 102,973 | $ | 90,432 | ||||
Liabilities | ||||||||
Subscription facility | $ | 700 | $ | - | ||||
Accrued expenses and other liabilities payable to affiliate | 542 | 459 | ||||||
Income incentive fees payable | 207 | 99 | ||||||
Management fees payable | 138 | 105 | ||||||
Deferred income | 79 | 91 | ||||||
Interest payable | 8 | 21 | ||||||
Dividend payable | - | 1,156 | ||||||
Total liabilities | 1,674 | 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 | ||||||||
Additional paid-in-capital | 99,706 | 88,919 | ||||||
Total distributable earnings (loss) | 1,588 | (422 | ) | |||||
Total net assets | 101,299 | 88,501 | ||||||
Total liabilities and net assets | $ | 102,973 | $ | 90,432 | ||||
Net asset value per share | $ | 20.17 | $ | 19.75 |
Three Months | Three Months | Six Months | Six Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Investment income | ||||||||||||||||
Investment income from non-controlled, non-affiliated investments: | ||||||||||||||||
Interest | $ | 1,789 | $ | 1,195 | $ | 3,411 | $ | 2,198 | ||||||||
Other | 153 | 20 | 207 | 131 | ||||||||||||
Total investment income from non-controlled, non-affiliated investments: | 1,942 | 1,215 | 3,618 | 2,329 | ||||||||||||
Total investment income | 1,942 | 1,215 | 3,618 | 2,329 | ||||||||||||
Expenses | ||||||||||||||||
Income incentive fees | $ | 207 | $ | 37 | $ | 354 | $ | 76 | ||||||||
Management fees | 138 | 91 | 261 | 165 | ||||||||||||
Insurance fees | 100 | 122 | 222 | 243 | ||||||||||||
Accounting fees | 106 | 132 | 210 | 225 | ||||||||||||
Administrative fees(1) | 82 | 109 | 170 | 273 | ||||||||||||
Professional fees | 122 | 70 | 166 | 171 | ||||||||||||
Interest | 64 | 91 | 124 | 216 | ||||||||||||
Directors' fees | 45 | 45 | 90 | 90 | ||||||||||||
Other | 47 | 41 | 85 | 91 | ||||||||||||
Offering costs | - | 166 | - | 336 | ||||||||||||
Total gross expenses | 911 | 904 | 1,682 | 1,886 | ||||||||||||
Less waivers: | ||||||||||||||||
Administrative fees waived(1) | - | (109 | ) | - | (273 | ) | ||||||||||
Total net expenses | 911 | 795 | 1,682 | 1,613 | ||||||||||||
Net investment income (loss) | 1,031 | 420 | 1,936 | 716 | ||||||||||||
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 | ||||||||
Foreign currency transactions | 15 | 7 | ||||||||||||||
Foreign currency forward transactions | (59 | ) | - | (59 | ) | - | ||||||||||
Net change in unrealized gain (loss) on investment transactions: | ||||||||||||||||
Non-controlled, non-affiliated investments | 315 | 138 | 475 | (1,453 | ) | |||||||||||
Non-controlled, affiliated investments | 340 | 71 | 552 | (290 | ) | |||||||||||
Foreign currency forward contracts | (12 | ) | - | 4 | - | |||||||||||
Total net realized and unrealized gain (loss) on investment transactions | 668 | 213 | 1,066 | (1,739 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,699 | $ | 633 | $ | 3,002 | $ | (1,023 | ) | |||||||
Net investment income (loss) per share - basic and diluted | $ | 0.21 | $ | 0.14 | $ | 0.41 | $ | (0.27 | ) | |||||||
Earnings (loss) per share - basic and diluted | $ | 0.34 | $ | 0.21 | $ | 0.63 | $ | (0.39 | ) | |||||||
Weighted average shares outstanding - basic and diluted | 5,022,000 | 2,993,736 | 4,756,475 | 2,656,978 |
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 |
June 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Investments at fair value: | |||||||||||
Non-controlled/non-affiliated investments at fair value (amortized cost of $170,054 and $151,070, respectively) | $ | 170,047 | $ | 151,121 | |||||||
Non-controlled/affiliated investments at fair value (amortized cost of $6,878 and $6,210, respectively) | 9,718 | 7,986 | |||||||||
Unrealized gain on foreign currency forward contracts | 44 | 39 | |||||||||
Cash | 19,732 | 27,711 | |||||||||
Interest receivable | 261 | 261 | |||||||||
Prepaid expenses | 18 | 142 | |||||||||
Deferred financing costs | — | 47 | |||||||||
Total assets | $ | 199,820 | $ | 187,307 | |||||||
Liabilities | |||||||||||
Unrealized loss on foreign currency forward contracts | $ | 8 | $ | 3 | |||||||
Dividend payable | 1,934 | 1,814 | |||||||||
Accrued expenses and other liabilities payable to affiliate | 709 | 677 | |||||||||
Income incentive fees payable | 442 | 345 | |||||||||
Management fees payable | 254 | 196 | |||||||||
Deferred income | 154 | 167 | |||||||||
Interest payable | — | 7 | |||||||||
Total liabilities | 3,501 | 3,209 | |||||||||
Commitments and contingencies (Note 8) | |||||||||||
Net assets | |||||||||||
Common shares $0.001 par value, 100,000,000 shares authorized; 9,672,358 and 9,141,176 shares issued and outstanding, respectively | $ | 10 | $ | 9 | |||||||
Additional paid-in-capital | 193,637 | 182,850 | |||||||||
Total distributable earnings (loss) | 2,672 | 1,239 | |||||||||
Total net assets | 196,319 | 184,098 | |||||||||
Total liabilities and net assets | $ | 199,820 | $ | 187,307 | |||||||
Net asset value per share | $ | 20.30 | $ | 20.14 |
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 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||
Investment income | |||||||||||||||||||||||
Investment income from non-controlled, non-affiliated investments: | |||||||||||||||||||||||
Interest | $ | 3,176 | $ | 1,789 | $ | 6,099 | $ | 3,411 | |||||||||||||||
Other | 288 | 153 | 437 | 207 | |||||||||||||||||||
Total investment income from non-controlled, non-affiliated investments: | 3,464 | 1,942 | 6,536 | 3,618 | |||||||||||||||||||
Total investment income | 3,464 | 1,942 | 6,536 | 3,618 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Income incentive fees | $ | 442 | $ | 207 | $ | 823 | $ | 354 | |||||||||||||||
Management fees | 254 | 138 | 495 | 261 | |||||||||||||||||||
Professional fees | 162 | 122 | 281 | 166 | |||||||||||||||||||
Other | 131 | 47 | 217 | 85 | |||||||||||||||||||
Accounting fees | 105 | 106 | 209 | 210 | |||||||||||||||||||
Insurance fees | 66 | 100 | 156 | 222 | |||||||||||||||||||
Administrative fees(1) | 63 | 82 | 117 | 170 | |||||||||||||||||||
Directors' fees | 45 | 45 | 90 | 90 | |||||||||||||||||||
Interest | — | 64 | 55 | 124 | |||||||||||||||||||
Total net expenses | 1,268 | 911 | 2,443 | 1,682 | |||||||||||||||||||
Net investment income (loss) | 2,196 | 1,031 | 4,093 | 1,936 | |||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | |||||||||||||||||||||||
Net realized gain (loss) on investment transactions: | |||||||||||||||||||||||
Non-controlled, non-affiliated investments | $ | 22 | $ | 84 | $ | 57 | $ | 94 | |||||||||||||||
Foreign currency forward transactions | 30 | (59) | 28 | (59) | |||||||||||||||||||
Net change in unrealized gain (loss) on investment transactions: | |||||||||||||||||||||||
Non-controlled, non-affiliated investments | (246) | 315 | (58) | 475 | |||||||||||||||||||
Non-controlled, affiliated investments | 815 | 340 | 1,064 | 552 | |||||||||||||||||||
Foreign currency forward contracts | 18 | (12) | — | 4 | |||||||||||||||||||
Foreign currency translation | 2 | — | — | — | |||||||||||||||||||
Total net realized and unrealized gain (loss) on investment transactions | 641 | 668 | 1,091 | 1,066 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,837 | $ | 1,699 | $ | 5,184 | $ | 3,002 | |||||||||||||||
Net investment income (loss) per share - basic and diluted | $ | 0.23 | $ | 0.21 | $ | 0.44 | $ | 0.41 | |||||||||||||||
Earnings (loss) per share - basic and diluted | $ | 0.30 | $ | 0.34 | $ | 0.56 | $ | 0.63 | |||||||||||||||
Weighted average shares outstanding - basic and diluted | 9,345,477 | 5,022,000 | 9,243,891 | 4,756,475 |
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 | % |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||
Increase (decrease) in net assets resulting from operations | |||||||||||||||||||||||
Net investment income (loss) | $ | 2,196 | $ | 1,031 | $ | 4,093 | $ | 1,936 | |||||||||||||||
Net realized gain (loss) | 52 | 25 | 85 | 35 | |||||||||||||||||||
Net change in unrealized gain (loss) | 589 | 643 | 1,006 | 1,031 | |||||||||||||||||||
Net increase in net assets resulting from operations | 2,837 | 1,699 | 5,184 | 3,002 | |||||||||||||||||||
Dividends | |||||||||||||||||||||||
Dividends declared from earnings | (3,763) | (1,004) | (3,763) | (1,004) | |||||||||||||||||||
Net decrease in net assets resulting from dividends | (3,763) | (1,004) | (3,763) | (1,004) | |||||||||||||||||||
Capital share transactions | |||||||||||||||||||||||
Issuance of common shares | 10,800 | — | 10,800 | 10,800 | |||||||||||||||||||
Net increase in net assets resulting from capital share transactions | 10,800 | — | 10,800 | 10,800 | |||||||||||||||||||
Total increase in net assets | 9,874 | 695 | 12,221 | 12,798 | |||||||||||||||||||
Net assets, at beginning of period | 186,445 | 100,604 | 184,098 | 88,501 | |||||||||||||||||||
Net assets, at end of period | $ | 196,319 | $ | 101,299 | $ | 196,319 | $ | 101,299 | |||||||||||||||
Capital share activity | |||||||||||||||||||||||
Shares issued | 531,182 | — | 531,182 | 540,000 | |||||||||||||||||||
Net increase in shares outstanding | 531,182 | — | 531,182 | 540,000 | |||||||||||||||||||
Dividends declared per share | $ | 0.40 | $ | 0.20 | $ | 0.40 | $ | 0.20 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 5,184 | $ | 3,002 | |||||||
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 | (57) | (94) | |||||||||
Net change in unrealized (appreciation) depreciation on investments | (1,006) | (1,027) | |||||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | — | (4) | |||||||||
Net accretion on debt instruments | (357) | (204) | |||||||||
Net paydown gain on debt instruments | (93) | (103) | |||||||||
Interest received in-kind | (25) | (7) | |||||||||
Purchases and drawdowns of investments | (42,140) | (34,931) | |||||||||
Proceeds from sales and paydowns of investments | 23,020 | 17,813 | |||||||||
Amortization of deferred financing costs | 47 | 109 | |||||||||
Change in operating assets and liabilities: | |||||||||||
(Increase) decrease in interest receivable | — | (37) | |||||||||
(Increase) decrease in prepaid expenses | 124 | (158) | |||||||||
Increase (decrease) in accrued expenses and other liabilities payable to affiliate | 32 | 83 | |||||||||
Increase (decrease) in management fees payable | 58 | 33 | |||||||||
Increase (decrease) in income incentive fees payable | 97 | 108 | |||||||||
Increase (decrease) in deferred income | (13) | (12) | |||||||||
Increase (decrease) in interest payable | (7) | (13) | |||||||||
Net cash used in operating activities | (15,136) | (15,442) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of common shares | 10,800 | 10,800 | |||||||||
Dividends paid | (3,643) | (2,160) | |||||||||
Borrowings on subscription facility | — | 3,100 | |||||||||
Payments on subscription facility | — | (2,400) | |||||||||
Payments for deferred financing costs | — | (23) | |||||||||
Net cash provided by (used in) financing activities | 7,157 | 9,317 | |||||||||
Net change in cash | (7,979) | (6,125) | |||||||||
Cash | |||||||||||
Cash, beginning of period | 27,711 | 10,320 | |||||||||
Cash, end of period | $ | 19,732 | $ | 4,195 | |||||||
Supplemental and non-cash information | |||||||||||
Cash paid during the period for interest | $ | 15 | $ | 28 | |||||||
Dividend payable | $ | 1,934 | $ | — |
Company(1)(2) | Investment | Reference Rate and Spread | 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.(6) | First lien senior secured revolving loan | L + 7.25% | 9.50 | % | 12/6/2024 | $ | 506 | $ | (6) | $ | (22) | (0.01) | % | |||||||||||||||||||
Mattco Forge, Inc. | First lien senior secured term loan | L + 7.25% | 9.50 | % | 12/6/2024 | 2,179 | 2,148 | 2,086 | 1.06 | % | ||||||||||||||||||||||
2,142 | 2,064 | 1.05 | % | |||||||||||||||||||||||||||||
Air Freight & Logistics | ||||||||||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured delayed draw term loan | S + 6.00% | 8.21 | % | 6/21/2024 | 150 | $ | (3) | $ | (3) | 0.00 | % | ||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured revolving loan | S + 6.00% | 8.21 | % | 6/21/2028 | 75 | 9 | 9 | 0.00 | % | ||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured term loan | S + 6.00% | 8.21 | % | 6/21/2028 | 815 | 798 | 798 | 0.41 | % | ||||||||||||||||||||||
804 | 804 | 0.41 | % | |||||||||||||||||||||||||||||
Auto components | ||||||||||||||||||||||||||||||||
AvCarb, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 11/12/2026 | $ | 666 | $ | 56 | $ | 56 | 0.03 | % | |||||||||||||||||||
AvCarb, LLC | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 11/12/2026 | 38 | 3 | 3 | 0.00 | % | ||||||||||||||||||||||
AvCarb, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 11/12/2026 | 497 | 488 | 489 | 0.25 | % | ||||||||||||||||||||||
CCG Acquisition, Inc. (6) | First lien senior secured revolving loan | S + 6.00% | 8.32 | % | 5/17/2027 | 19 | — | — | 0.00 | % | ||||||||||||||||||||||
CCG Acquisition, Inc. | First lien senior secured term loan | S + 6.00% | 8.32 | % | 5/17/2027 | 427 | 421 | 421 | 0.21 | % | ||||||||||||||||||||||
Raneys, LLC (6) | First lien senior secured revolving loan | P + 4.75% | 9.50 | % | 6/7/2027 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Raneys, LLC | First lien senior secured term loan | P + 4.75% | 9.50 | % | 6/7/2027 | 423 | 414 | 414 | 0.21 | % | ||||||||||||||||||||||
Vehicle Accessories, Inc. | First lien senior secured revolving loan | P + 4.50% | 8.00 | % | 11/30/2026 | 38 | 24 | 24 | 0.01 | % | ||||||||||||||||||||||
Vehicle Accessories, Inc. | First lien senior secured term loan | S + 5.75% | 8.07 | % | 11/30/2026 | 1,675 | 1,663 | 1,667 | 0.85 | % | ||||||||||||||||||||||
3,068 | 3,073 | 1.56 | % | |||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||
AM Buyer, LLC(6) | First lien senior secured revolving loan | L + 6.75% | 9.00 | % | 5/1/2025 | $ | 111 | $ | (2) | $ | (1) | 0.00 | % | |||||||||||||||||||
AM Buyer, LLC | First lien senior secured term loan | L + 6.75% | 9.00 | % | 5/1/2025 | 476 | 469 | 471 | 0.24 | % | ||||||||||||||||||||||
Answer Acquisition, LLC (6) | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 12/30/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Answer Acquisition, LLC | First lien senior secured term loan | L + 5.75% | 8.00 | % | 12/30/2026 | 1,707 | 1,676 | 1,679 | 0.86 | % | ||||||||||||||||||||||
SASE Company, LLC(6) | First lien senior secured revolving loan | S + 6.00% | 8.32 | % | 11/15/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
SASE Company, LLC | First lien senior secured term loan | S + 6.00% | 8.32 | % | 11/15/2026 | 1,622 | 1,593 | 1,596 | 0.81 | % | ||||||||||||||||||||||
Teel Plastics, LLC(6) | First lien senior secured revolving loan | L + 5.00% | 6.67 | % | 1/24/2025 | 324 | (3) | (3) | 0.00 | % | ||||||||||||||||||||||
Teel Plastics, LLC | First lien senior secured term loan | L + 5.00% | 6.67 | % | 1/24/2025 | 1,805 | 1,785 | 1,789 | 0.91 | % | ||||||||||||||||||||||
USALCO, LLC | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 10/19/2026 | 100 | 47 | 47 | 0.02 | % | ||||||||||||||||||||||
USALCO, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 10/19/2027 | 1,894 | 1,876 | 1,881 | 0.96 | % | ||||||||||||||||||||||
7,439 | 7,457 | 3.80 | % | |||||||||||||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 7.63 | % | 12/30/2023 | $ | 75 | $ | 53 | $ | 53 | 0.03 | % |
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 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured revolving loan | L + 6.00% | 7.63 | % | 12/30/2027 | 38 | 16 | 16 | 0.01 | % | ||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured term loan | L + 6.00% | 7.63 | % | 12/30/2027 | 1,458 | 1,431 | 1,434 | 0.73 | % | ||||||||||||||||||||||
Edko Acquisition, LLC | First lien senior secured revolving loan | S + 5.75% | 8.07 | % | 6/25/2026 | 38 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||
Edko Acquisition, LLC | First lien senior secured term loan | S + 5.75% | 8.07 | % | 6/25/2026 | 1,145 | 1,124 | 1,128 | 0.57 | % | ||||||||||||||||||||||
Franchise Fastlane, LLC | First lien senior secured revolving loan | S + 5.50% | 7.14 | % | 5/2/2027 | 15 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||
Franchise Fastlane, LLC | First lien senior secured term loan | S + 5.50% | 7.14 | % | 5/2/2027 | 1,176 | 1,153 | 1,153 | 0.59 | % | ||||||||||||||||||||||
Gold Medal Holdings, Inc.(17) | First lien senior secured revolving loan | S + 7.00% | 9.32 | % | 3/17/2027 | 50 | 14 | 15 | 0.01 | % | ||||||||||||||||||||||
Gold Medal Holdings, Inc. | First lien senior secured term loan | S + 7.00% | 9.32 | % | 3/17/2027 | 722 | 711 | 715 | 0.36 | % | ||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured revolving loan | L + 5.50% | 7.75 | % | 12/28/2026 | 38 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured term loan | L + 5.50% | 7.75 | % | 12/28/2026 | 1,182 | 1,161 | 1,162 | 0.59 | % | ||||||||||||||||||||||
HLSG Intermediate, LLC(6) | First lien senior secured delayed draw term loan | S + 6.25% | 7.74 | % | 3/31/2028 | 96 | (1) | — | 0.00 | % | ||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured revolving loan | S + 6.25% | 7.74 | % | 3/31/2028 | 60 | 15 | 15 | 0.01 | % | ||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured term loan | S + 6.25% | 7.74 | % | 3/31/2028 | 1,009 | 997 | 999 | 0.51 | % | ||||||||||||||||||||||
Nimlok Company, LLC (6)(10) | First lien senior secured revolving loan | S + 6.25% | 7.89 | % | 11/27/2024 | 320 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||
Nimlok Company, LLC | First lien senior secured term loan | S + 6.25% | 7.89 | % | 11/27/2025 | 2,692 | 2,649 | 2,652 | 1.35 | % | ||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured delayed draw term loan | S + 6.00% | 8.32 | % | 12/27/2026 | 143 | 107 | 107 | 0.05 | % | ||||||||||||||||||||||
Steel City Wash, LLC(6) | First lien senior secured revolving loan | S + 6.00% | 8.32 | % | 12/27/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured term loan | S + 6.00% | 8.32 | % | 12/27/2026 | 798 | 783 | 785 | 0.40 | % | ||||||||||||||||||||||
10,229 | 10,250 | 5.21 | % | |||||||||||||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||||||||||||
BCI Burke Holding Corp.(6) | First lien senior secured delayed draw term loan | L + 5.75% | 7.32 | % | 12/14/2027 | $ | 132 | $ | (2) | $ | (2) | 0.00 | % | |||||||||||||||||||
BCI Burke Holding Corp. | First lien senior secured revolving loan | L + 5.75% | 7.32 | % | 12/14/2027 | 79 | 2 | 2 | 0.00 | % | ||||||||||||||||||||||
BCI Burke Holding Corp. | First lien senior secured term loan | L + 5.75% | 7.32 | % | 12/14/2027 | 912 | 900 | 902 | 0.46 | % | ||||||||||||||||||||||
CPS HVAC Group, LLC(6) | First lien senior secured delayed draw term loan | L + 6.75% | 9.00 | % | 12/15/2026 | 150 | (3) | (2) | 0.00 | % | ||||||||||||||||||||||
CPS HVAC Group, LLC(6) | First lien senior secured revolving loan | L + 6.75% | 9.00 | % | 12/15/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured term loan | L + 6.75% | 9.00 | % | 12/15/2026 | 273 | 268 | 269 | 0.14 | % | ||||||||||||||||||||||
Domino Equipment Company, LLC(6) | First lien senior secured revolving loan | S + 6.25% | 8.57 | % | 4/1/2026 | 79 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Domino Equipment Company, LLC | First lien senior secured term loan | S + 6.25% | 8.57 | % | 4/1/2026 | 578 | 567 | 568 | 0.29 | % | ||||||||||||||||||||||
Highland Acquisition, Inc. (6) | First lien senior secured revolving loan | S + 5.50% | 7.82 | % | 3/9/2027 | 30 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Highland Acquisition, Inc. | First lien senior secured term loan | S + 5.50% | 7.82 | % | 3/9/2027 | 942 | 924 | 925 | 0.47 | % | ||||||||||||||||||||||
2,653 | 2,659 | 1.36 | % | |||||||||||||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured revolving loan | L + 7.00% | 9.25 | % | 1/23/2025 | $ | 627 | $ | 275 | $ | 268 | 0.14 | % | |||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured term loan | L + 7.00% | 9.25 | % | 1/23/2025 | 2,633 | 2,597 | 2,576 | 1.31 | % | ||||||||||||||||||||||
Jansy Packaging, LLC(6) | First lien senior secured revolving loan | S + 6.00% | 7.29 | % | 9/30/2023 | 470 | (4) | — | 0.00 | % | ||||||||||||||||||||||
Jansy Packaging, LLC | First lien senior secured term loan | S + 6.00% | 7.29 | % | 9/30/2023 | 1,125 | 1,110 | 1,125 | 0.57 | % | ||||||||||||||||||||||
MRC Keeler Acquisition, LLC(6) | First lien senior secured delayed draw term loan | L + 5.75% | 8.00 | % | 12/4/2025 | 150 | (2) | (2) | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
MRC Keeler Acquisition, LLC(6) | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 12/4/2025 | 150 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
MRC Keeler Acquisition, LLC | First lien senior secured term loan | L + 5.75% | 8.00 | % | 12/4/2025 | 952 | 938 | 939 | 0.48 | % | ||||||||||||||||||||||
Vanguard Packaging, LLC | First lien senior secured revolving loan | L + 5.25% | 7.50 | % | 8/9/2024 | 535 | 50 | 48 | 0.02 | % | ||||||||||||||||||||||
Vanguard Packaging, LLC | First lien senior secured term loan | L + 5.25% | 7.50 | % | 8/9/2024 | 1,199 | 1,191 | 1,188 | 0.61 | % | ||||||||||||||||||||||
6,153 | 6,140 | 3.13 | % | |||||||||||||||||||||||||||||
Distributors | ||||||||||||||||||||||||||||||||
RTP Acquisition, LLC(6) | First lien senior secured revolving loan | L + 6.50% | 8.75 | % | 8/17/2026 | $ | 38 | $ | (1) | $ | (1) | 0.00 | % | |||||||||||||||||||
RTP Acquisition, LLC | First lien senior secured term loan | L + 6.50% | 8.75 | % | 8/17/2026 | 534 | 525 | 525 | 0.27 | % | ||||||||||||||||||||||
524 | 524 | 0.27 | % | |||||||||||||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||||||||||||
50Floor, LLC(6) | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 12/31/2025 | $ | 199 | $ | (3) | $ | (3) | 0.00 | % | |||||||||||||||||||
50Floor, LLC | First lien senior secured term loan | L + 5.75% | 8.00 | % | 12/31/2026 | 953 | 938 | 940 | 0.48 | % | ||||||||||||||||||||||
Groundworks Operations, LLC | First lien senior secured delayed draw term loan | L + 5.00% | 6.67 | % | 1/17/2026 | 1,875 | 1,818 | 1,825 | 0.93 | % | ||||||||||||||||||||||
Groundworks Operations, LLC(6) | First lien senior secured revolving loan | L + 5.00% | 6.67 | % | 1/17/2026 | 387 | (4) | (3) | 0.00 | % | ||||||||||||||||||||||
Groundworks Operations, LLC | First lien senior secured term loan | L + 5.00% | 6.67 | % | 1/17/2026 | 2,491 | 2,460 | 2,473 | 1.26 | % | ||||||||||||||||||||||
Home Brands Group Holdings, Inc.(6) | First lien senior secured revolving loan | L + 5.00% | 6.67 | % | 11/8/2026 | 48 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Home Brands Group Holdings, Inc. | First lien senior secured term loan | L + 5.00% | 6.67 | % | 11/8/2026 | 2,020 | 1,984 | 1,988 | 1.01 | % | ||||||||||||||||||||||
ISSA, LLC | First lien senior secured revolving loan | L + 6.00% | 8.10 | % | 3/1/2027 | 131 | 37 | 37 | 0.02 | % | ||||||||||||||||||||||
ISSA, LLC | First lien senior secured term loan | L + 6.00% | 8.10 | % | 3/1/2027 | 927 | 911 | 913 | 0.47 | % | ||||||||||||||||||||||
Juniper Landscaping Holdings LLC(6) | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 12/29/2026 | 88 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Juniper Landscaping Holdings LLC(6)(16) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 12/29/2026 | 44 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 12/29/2026 | 1,320 | 1,299 | 1,301 | 0.66 | % | ||||||||||||||||||||||
Kalkomey Enterprises, LLC | First lien senior secured revolving loan | L + 6.75% | 9.00 | % | 4/24/2025 | 77 | 30 | 30 | 0.02 | % | ||||||||||||||||||||||
Kalkomey Enterprises, LLC | First lien senior secured term loan | L + 6.75% | 9.00 | % | 4/24/2026 | 1,055 | 1,036 | 1,042 | 0.53 | % | ||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured revolving loan | L + 6.25% | 7.92 | % | 9/30/2026 | 38 | 5 | 5 | 0.00 | % | ||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured term loan | L + 6.25% | 7.92 | % | 9/30/2026 | 608 | 597 | 598 | 0.30 | % | ||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 3/23/2026 | 1,072 | 511 | 512 | 0.26 | % | ||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 3/23/2026 | 131 | 83 | 83 | 0.04 | % | ||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 3/23/2026 | 304 | 299 | 300 | 0.15 | % | ||||||||||||||||||||||
11,998 | 12,038 | 6.13 | % | |||||||||||||||||||||||||||||
Electrical equipment | ||||||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. | First lien senior secured delayed draw term loan | L + 5.50% | 7.02 | % | 10/5/2027 | $ | 72 | $ | 28 | $ | 28 | 0.01 | % | |||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. | First lien senior secured revolving loan | L + 5.50% | 7.02 | % | 10/5/2027 | 48 | 23 | 23 | 0.01 | % | ||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. | First lien senior secured term loan | L + 5.50% | 7.02 | % | 10/5/2027 | 1,287 | 1,270 | 1,272 | 0.65 | % | ||||||||||||||||||||||
1,321 | 1,323 | 0.67 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC(6) | First lien senior secured revolving loan | S + 5.50% | 7.14 | % | 11/22/2025 | $ | 324 | $ | (4) | $ | (3) | 0.00 | % | |||||||||||||||||||
Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + 5.50% | 7.14 | % | 11/22/2025 | 1,304 | 1,287 | 1,294 | 0.66 | % | ||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured delayed draw term loan | L + 5.50% | 7.17 | % | 10/18/2026 | 119 | 102 | 103 | 0.05 | % | ||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured revolving loan | L + 5.50% | 7.17 | % | 10/18/2026 | 90 | 15 | 15 | 0.01 | % | ||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured term loan | L + 5.50% | 7.17 | % | 10/18/2026 | 772 | 759 | 760 | 0.39 | % | ||||||||||||||||||||||
2,159 | 2,169 | 1.11 | % | |||||||||||||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||||||||||||
Engelman Baking Co., LLC | First lien senior secured revolving loan | L + 6.25% | 7.92 | % | 2/28/2025 | $ | 207 | $ | 30 | $ | 30 | 0.02 | % | |||||||||||||||||||
Engelman Baking Co., LLC | First lien senior secured term loan | L + 6.25% | 7.92 | % | 2/28/2025 | 717 | 703 | 704 | 0.36 | % | ||||||||||||||||||||||
Mad Rose Company, LLC (6)(15) | First lien senior secured revolving loan | L + 6.50% | 7.79 | % | 5/7/2026 | 119 | 34 | 35 | 0.02 | % | ||||||||||||||||||||||
Mad Rose Company, LLC | First lien senior secured term loan | L + 6.50% | 7.79 | % | 5/7/2026 | 935 | 919 | 922 | 0.47 | % | ||||||||||||||||||||||
Main Street Gourmet, LLC(6) | First lien senior secured delayed draw term loan | L + 5.75% | 8.00 | % | 11/10/2025 | 666 | (8) | (7) | 0.00 | % | ||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 11/10/2025 | 38 | 18 | 18 | 0.01 | % | ||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured term loan | L + 5.75% | 8.00 | % | 11/10/2025 | 1,127 | 1,112 | 1,114 | 0.57 | % | ||||||||||||||||||||||
NutriScience Innovations, LLC (6)(15) | First lien senior secured revolving loan | L + 7.00% | 9.25 | % | 4/21/2026 | 131 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
NutriScience Innovations, LLC | First lien senior secured term loan | L + 7.00% | 9.25 | % | 4/21/2026 | 479 | 472 | 472 | 0.24 | % | ||||||||||||||||||||||
Qin's Buffalo, LLC (6) | First lien senior secured delayed draw term loan | S + 5.75% | 8.07 | % | 5/5/2024 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Qin's Buffalo, LLC | First lien senior secured revolving loan | S + 5.75% | 8.07 | % | 5/5/2027 | 38 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||
Qin's Buffalo, LLC | First lien senior secured term loan | S + 5.75% | 8.07 | % | 5/5/2027 | 539 | 528 | 528 | 0.27 | % | ||||||||||||||||||||||
SCP Beverage Buyer, LLC | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 11/24/2026 | 38 | 14 | 14 | 0.01 | % | ||||||||||||||||||||||
SCP Beverage Buyer, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 11/24/2026 | 414 | 407 | 407 | 0.21 | % | ||||||||||||||||||||||
4,233 | 4,241 | 2.18 | % | |||||||||||||||||||||||||||||
Food products | ||||||||||||||||||||||||||||||||
Icelandirect, LLC | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 7/30/2026 | $ | 38 | $ | 24 | $ | 24 | 0.01 | % | |||||||||||||||||||
Icelandirect, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 7/30/2026 | 688 | 676 | 677 | 0.34 | % | ||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | L + 5.25% | 7.50 | % | 4/30/2027 | 174 | 128 | 128 | 0.07 | % | ||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | L + 5.25% | 7.50 | % | 4/30/2027 | 811 | 799 | 801 | 0.41 | % | ||||||||||||||||||||||
1,627 | 1,630 | 0.83 | % | |||||||||||||||||||||||||||||
Gas utilities | ||||||||||||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured delayed draw term loan | L + 6.25% | 7.92 | % | 12/30/2026 | $ | 112 | $ | 111 | $ | 111 | 0.06 | % | |||||||||||||||||||
Hydromax USA, LLC | First lien senior secured revolving loan | L + 6.25% | 7.92 | % | 12/30/2026 | 228 | 156 | 157 | 0.08 | % | ||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured term loan | L + 6.25% | 7.92 | % | 12/30/2026 | 1,241 | 1,223 | 1,225 | 0.62 | % | ||||||||||||||||||||||
1,490 | 1,493 | 0.76 | % | |||||||||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||||||||||||
626 Holdings Equity, LLC | First lien senior secured delayed draw term loan | S + 5.50% | 6.65 | % | 2/14/2028 | $ | 315 | $ | 92 | $ | 92 | 0.05 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
626 Holdings Equity, LLC(6) | First lien senior secured revolving loan | S + 5.50% | 6.65 | % | 2/14/2027 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
626 Holdings Equity, LLC | First lien senior secured term loan | S + 5.50% | 6.65 | % | 2/14/2028 | 888 | 871 | 873 | 0.44 | % | ||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured delayed draw term loan | L + 6.50% | 7.99 | % | 3/30/2026 | 665 | 207 | 208 | 0.11 | % | ||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured revolving loan | L + 6.50% | 7.99 | % | 3/30/2026 | 134 | 91 | 92 | 0.05 | % | ||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured term loan | L + 6.50% | 7.99 | % | 3/30/2026 | 641 | 631 | 632 | 0.32 | % | ||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | L + 7.00% | 8.40 | % | 4/8/2025 | 67 | 53 | 53 | 0.03 | % | ||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured revolving loan | L + 7.00% | 8.40 | % | 4/8/2025 | 138 | 39 | 40 | 0.02 | % | ||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured term loan | L + 7.00% | 8.40 | % | 4/8/2025 | 755 | 740 | 745 | 0.38 | % | ||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 1/20/2026 | 397 | 215 | 218 | 0.11 | % | ||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 1/20/2026 | 133 | 77 | 78 | 0.04 | % | ||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 1/20/2026 | 760 | 744 | 750 | 0.38 | % | ||||||||||||||||||||||
Spectrum Solutions, LLC(6) | First lien senior secured revolving loan | L + 6.00% | 7.67 | % | 3/5/2026 | 267 | (4) | (9) | 0.00 | % | ||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured term loan | L + 6.00% | 7.67 | % | 3/5/2026 | 652 | 642 | 631 | 0.32 | % | ||||||||||||||||||||||
4,397 | 4,402 | 2.26 | % | |||||||||||||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||||||||||||
Agility Intermediate, Inc.(6) | First lien senior secured delayed draw term loan | L + 6.50% | 9.38 | % | 4/15/2026 | $ | 401 | $ | (6) | $ | (6) | 0.00 | % | |||||||||||||||||||
Agility Intermediate, Inc. | First lien senior secured revolving loan | L + 6.50% | 9.38 | % | 4/15/2026 | 134 | 25 | 25 | 0.01 | % | ||||||||||||||||||||||
Agility Intermediate, Inc. | First lien senior secured term loan | L + 6.50% | 9.38 | % | 4/15/2026 | 243 | 239 | 240 | 0.12 | % | ||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured delayed draw term loan | S + 6.50% | 8.14 | % | 11/23/2025 | 560 | 438 | 438 | 0.22 | % | ||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured revolving loan | P + 5.50% | 10.25 | % | 11/23/2025 | 150 | 35 | 35 | 0.02 | % | ||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured term loan | S + 6.50% | 8.14 | % | 11/23/2025 | 625 | 615 | 615 | 0.31 | % | ||||||||||||||||||||||
ASC Ortho Management, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 12/31/2026 | 360 | 17 | 17 | 0.01 | % | ||||||||||||||||||||||
ASC Ortho Management, LLC(6) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 12/31/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
ASC Ortho Management, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 12/31/2026 | 521 | 512 | 513 | 0.26 | % | ||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 1/21/2025 | 680 | 673 | 655 | 0.33 | % | ||||||||||||||||||||||
ASP Global Acquisition, LLC (6) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 1/21/2025 | 485 | (5) | (18) | (0.01) | % | ||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 1/21/2025 | 2,788 | 2,753 | 2,688 | 1.37 | % | ||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + 6.00% | 7.00 | % | 12/14/2025 | 842 | 763 | 765 | 0.39 | % | ||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured revolving loan | S + 6.00% | 7.00 | % | 12/14/2025 | 188 | 69 | 69 | 0.04 | % | ||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + 6.00% | 7.00 | % | 12/14/2025 | 947 | 932 | 935 | 0.48 | % | ||||||||||||||||||||||
Behavior Frontiers, LLC(13) | First lien senior secured revolving loan | S + 7.50% | 9.82 | % | 5/21/2026 | 38 | 18 | 16 | 0.01 | % | ||||||||||||||||||||||
Behavior Frontiers, LLC | First lien senior secured term loan | S + 7.50% | 9.82 | % | 5/21/2026 | 655 | 643 | 603 | 0.31 | % | ||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured delayed draw term loan | S + 5.50% | 7.23 | % | 6/7/2024 | 188 | (3) | (3) | 0.00 | % | ||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured revolving loan | S + 5.50% | 7.23 | % | 6/7/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured term loan | S + 5.50% | 7.23 | % | 6/7/2026 | 828 | 815 | 815 | 0.42 | % | ||||||||||||||||||||||
Brightview, LLC(6) | First lien senior secured delayed draw term loan | L + 5.75% | 8.00 | % | 12/14/2026 | 107 | (2) | (1) | 0.00 | % | ||||||||||||||||||||||
Brightview, LLC(6) | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 12/14/2026 | 52 | (1) | — | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Brightview, LLC | First lien senior secured term loan | L + 5.75% | 8.00 | % | 12/14/2026 | 696 | 686 | 689 | 0.35 | % | ||||||||||||||||||||||
Canadian Orthodontic Partners Corp.(7) | First lien senior secured delayed draw term loan | C + 7.00% | 9.68 | % | 3/19/2026 | C$ | 499 | 210 | 201 | 0.10 | % | |||||||||||||||||||||
Canadian Orthodontic Partners Corp.(7) | First lien senior secured revolving loan | C + 7.00% | 9.68 | % | 3/19/2026 | C$ | 267 | 204 | 199 | 0.10 | % | |||||||||||||||||||||
Canadian Orthodontic Partners Corp.(7) | First lien senior secured term loan | C + 7.00% | 9.68 | % | 3/19/2026 | C$ | 225 | 176 | 170 | 0.09 | % | |||||||||||||||||||||
Canadian Orthodontic Partners Corp.(7) | First lien senior secured revolving loan | C + 7.00% | 9.68 | % | 3/19/2026 | 107 | 105 | 103 | 0.05 | % | ||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + 5.75% | 7.39 | % | 6/10/2026 | 258 | 163 | 166 | 0.08 | % | ||||||||||||||||||||||
Community Care Partners, LLC(6) | First lien senior secured revolving loan | S + 5.75% | 7.39 | % | 6/10/2026 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured term loan | S + 5.75% | 7.39 | % | 6/10/2026 | 1,280 | 1,263 | 1,269 | 0.65 | % | ||||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC | First lien senior secured delayed draw term loan | L + 6.50% | 8.75 | % | 10/29/2026 | 97 | 12 | 12 | 0.01 | % | ||||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC | First lien senior secured revolving loan | L + 6.50% | 8.75 | % | 10/29/2026 | 38 | 16 | 16 | 0.01 | % | ||||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC | First lien senior secured term loan | L + 6.50% | 8.75 | % | 10/29/2026 | 322 | 317 | 317 | 0.16 | % | ||||||||||||||||||||||
EH Management Company, LLC(6) | First lien senior secured revolving loan | S + 5.50% | 7.82 | % | 7/15/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
EH Management Company, LLC | First lien senior secured term loan | S + 5.50% | 7.82 | % | 7/15/2026 | 975 | 958 | 960 | 0.49 | % | ||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC(6) | First lien senior secured revolving loan | S + 6.00% | 8.32 | % | 12/21/2025 | 300 | (5) | (5) | 0.00 | % | ||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC | First lien senior secured term loan | S + 6.00% | 8.32 | % | 12/21/2025 | 948 | 932 | 933 | 0.48 | % | ||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + 7.75% | 10.07 | % | 10/22/2026 | 333 | 166 | 165 | 0.08 | % | ||||||||||||||||||||||
Golden Bear PT Partners, LLC(6) | First lien senior secured revolving loan | S + 7.75% | 10.07 | % | 10/22/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured term loan | S + 7.75% | 10.07 | % | 10/22/2026 | 1,544 | 1,507 | 1,499 | 0.71 | % | ||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 7.67 | % | 12/14/2023 | 388 | 335 | 336 | 0.17 | % | ||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC(6) | First lien senior secured revolving loan | L + 6.00% | 7.67 | % | 8/20/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | L + 6.00% | 7.67 | % | 8/20/2026 | 523 | 515 | 516 | 0.26 | % | ||||||||||||||||||||||
IPC Pain Acquistion, LLC (6) | First lien senior secured delayed draw term loan | S + 6.00% | 7.64 | % | 5/19/2024 | 278 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||
IPC Pain Acquistion, LLC (6) | First lien senior secured revolving loan | S + 6.00% | 7.64 | % | 5/19/2027 | 25 | — | — | 0.00 | % | ||||||||||||||||||||||
IPC Pain Acquistion, LLC | First lien senior secured term loan | S + 6.00% | 7.64 | % | 5/19/2027 | 178 | 175 | 175 | 0.09 | % | ||||||||||||||||||||||
Network Partners Acquisition, LLC(6) | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 12/30/2026 | 113 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
Network Partners Acquisition, LLC(6) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 12/30/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Network Partners Acquisition, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 12/30/2026 | 394 | 387 | 388 | 0.20 | % | ||||||||||||||||||||||
Novum Orthopedic Partners Management, LLC(6) | First lien senior secured delayed draw term loan | L + 5.25% | 6.75 | % | 12/29/2027 | 143 | (2) | (1) | 0.00 | % | ||||||||||||||||||||||
Novum Orthopedic Partners Management, LLC(6) | First lien senior secured revolving loan | L + 5.25% | 6.75 | % | 12/29/2026 | 48 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Novum Orthopedic Partners Management, LLC | First lien senior secured term loan | L + 5.25% | 6.75 | % | 12/29/2027 | 1,035 | 1,015 | 1,019 | 0.52 | % | ||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + 6.50% | 8.82 | % | 5/2/2024 | 887 | 521 | 522 | 0.27 | % | ||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured revolving loan | S + 6.50% | 8.82 | % | 12/31/2025 | 133 | 24 | 25 | 0.01 | % | ||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured term loan | S + 6.50% | 8.82 | % | 12/31/2025 | 588 | 578 | 580 | 0.30 | % | ||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured delayed draw term loan | L + 6.50% | 8.17 | % | 12/6/2024 | 603 | 12 | 5 | 0.00 | % | ||||||||||||||||||||||
Peak Investment Holdings, LLC(6) | First lien senior secured revolving loan | L + 6.50% | 8.17 | % | 12/6/2024 | 324 | (3) | (7) | 0.00 | % | ||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured term loan | L + 6.50% | 8.17 | % | 12/6/2024 | 1,294 | 1,279 | 1,266 | 0.64 | % | ||||||||||||||||||||||
Pentec Acquisition Corp.(6) | First lien senior secured revolving loan | L + 6.00% | 7.67 | % | 10/8/2026 | 75 | (1) | (1) | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Pentec Acquisition Corp. | First lien senior secured term loan | L + 6.00% | 7.67 | % | 10/8/2026 | 1,001 | 984 | 992 | 0.51 | % | ||||||||||||||||||||||
Revival Animal Health, LLC(6) | First lien senior secured revolving loan | S + 6.50% | 8.82 | % | 4/6/2026 | 131 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
Revival Animal Health, LLC | First lien senior secured term loan | S + 6.50% | 8.82 | % | 4/6/2026 | 1,026 | 1,009 | 1,012 | 0.52 | % | ||||||||||||||||||||||
RQM Buyer, Inc.(6) | First lien senior secured delayed draw term loan | L + 5.75% | 6.75 | % | 8/12/2026 | 84 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
RQM Buyer, Inc.(6) | First lien senior secured revolving loan | L + 5.75% | 6.75 | % | 8/12/2026 | 150 | (2) | (1) | 0.00 | % | ||||||||||||||||||||||
RQM Buyer, Inc. | First lien senior secured term loan | L + 5.75% | 6.75 | % | 8/12/2026 | 1,156 | 1,137 | 1,146 | 0.58 | % | ||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured revolving loan | P + 4.25% | 9.00 | % | 4/1/2024 | 75 | 18 | 18 | 0.01 | % | ||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured term loan | S + 5.25% | 6.67 | % | 4/1/2024 | 951 | 943 | 944 | 0.48 | % | ||||||||||||||||||||||
SAMGI Buyer, Inc.(6) | First lien senior secured revolving loan | L + 5.50% | 7.75 | % | 4/14/2025 | 138 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
SAMGI Buyer, Inc. | First lien senior secured term loan | L + 5.50% | 7.75 | % | 4/14/2025 | 878 | 864 | 867 | 0.44 | % | ||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured delayed draw term loan | S + 5.50% | 7.14 | % | 12/15/2023 | 1,431 | 1,364 | 1,376 | 0.70 | % | ||||||||||||||||||||||
SCP ENT and Allergy Services, LLC (6) | First lien senior secured revolving loan | S + 5.50% | 7.14 | % | 9/25/2025 | 256 | (5) | (3) | 0.00 | % | ||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + 5.50% | 7.14 | % | 9/25/2025 | 944 | 927 | 933 | 0.48 | % | ||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + 6.25% | 7.89 | % | 10/29/2026 | 180 | 124 | 124 | 0.06 | % | ||||||||||||||||||||||
Signature Dental Partners LLC(6) | First lien senior secured revolving loan | S + 6.25% | 7.89 | % | 10/29/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured term loan | S + 6.25% | 7.89 | % | 10/29/2026 | 865 | 849 | 851 | 0.43 | % | ||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured revolving loan | P + 5.75% | 10.50 | % | 8/30/2024 | 235 | 152 | 149 | 0.08 | % | ||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured term loan | S + 6.75% | 9.07 | % | 8/30/2024 | 1,297 | 1,280 | 1,264 | 0.64 | % | ||||||||||||||||||||||
SimiTree Acquisition LLC | First lien senior secured delayed draw term loan | S + 6.25% | 7.25 | % | 12/21/2024 | 897 | 868 | 873 | 0.44 | % | ||||||||||||||||||||||
SimiTree Acquisition LLC | First lien senior secured revolving loan | S+ 6.25% | 7.25 | % | 5/17/2026 | 178 | (3) | (2) | 0.00 | % | ||||||||||||||||||||||
SimiTree Acquisition LLC | First lien senior secured term loan | S + 6.25% | 7.25 | % | 5/17/2026 | 1,239 | 1,219 | 1,224 | 0.62 | % | ||||||||||||||||||||||
SIMKO Merger Sub, LLC (6) | First lien senior secured delayed draw term loan | S + 6.00% | 8.32 | % | 4/7/2024 | 188 | (3) | (3) | 0.00 | % | ||||||||||||||||||||||
SIMKO Merger Sub, LLC (6) | First lien senior secured revolving loan | S + 6.00% | 8.32 | % | 4/7/2027 | 56 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
SIMKO Merger Sub, LLC | First lien senior secured term loan | S + 6.00% | 8.32 | % | 4/7/2027 | 661 | 648 | 649 | 0.33 | % | ||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + 6.25% | 8.57 | % | 12/30/2025 | 524 | 290 | 292 | 0.15 | % | ||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured revolving loan | S + 6.25% | 8.57 | % | 12/30/2025 | 225 | 131 | 132 | 0.07 | % | ||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + 6.25% | 8.57 | % | 12/30/2025 | 867 | 851 | 854 | 0.44 | % | ||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + 5.75% | 8.07 | % | 4/8/2024 | 191 | 95 | 95 | 0.05 | % | ||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured revolving loan | S + 5.75% | 8.07 | % | 1/27/2026 | 171 | 75 | 77 | 0.04 | % | ||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + 5.75% | 8.07 | % | 1/27/2026 | 1,361 | 1,337 | 1,348 | 0.69 | % | ||||||||||||||||||||||
Southern Sports Medicine Partners, LLC(6) | First lien senior secured delayed draw term loan | S + 6.00% | 8.32 | % | 2/23/2027 | 171 | 29 | 29 | 0.01 | % | ||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + 6.00% | 8.32 | % | 2/23/2027 | 60 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + 6.00% | 8.32 | % | 2/23/2027 | 641 | 632 | 633 | 0.32 | % | ||||||||||||||||||||||
Varsity DuvaSawko Operating Corp.(6) | First lien senior secured revolving loan | L + 6.00% | 7.67 | % | 11/27/2024 | 474 | (5) | (4) | 0.00 | % | ||||||||||||||||||||||
Varsity DuvaSawko Operating Corp. | First lien senior secured term loan | L + 6.00% | 7.67 | % | 11/27/2024 | 2,676 | 2,649 | 2,655 | 1.35 | % | ||||||||||||||||||||||
Vital Care Buyer, LLC | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 10/19/2025 | 580 | 90 | 91 | 0.05 | % | ||||||||||||||||||||||
Vital Care Buyer, LLC | First lien senior secured term loan | L + 5.75% | 8.00 | % | 10/19/2025 | 912 | 901 | 902 | 0.46 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Western Veterinary Partners, LLC | First lien senior secured delayed draw term loan | S + 6.25% | 8.57 | % | 10/29/2026 | 509 | 203 | 207 | 0.11 | % | ||||||||||||||||||||||
Western Veterinary Partners, LLC(6) | First lien senior secured revolving loan | S + 6.25% | 8.57 | % | 10/29/2026 | 24 | — | — | 0.00 | % | ||||||||||||||||||||||
Western Veterinary Partners, LLC | First lien senior secured term loan | S + 6.25% | 8.57 | % | 10/29/2026 | 1,322 | 1,298 | 1,305 | 0.66 | % | ||||||||||||||||||||||
41,011 | 40,934 | 20.83 | % | |||||||||||||||||||||||||||||
Health care technology | ||||||||||||||||||||||||||||||||
Millennia Patient Services, LLC(6) | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 3/8/2026 | $ | 267 | $ | (4) | $ | (4) | 0.00 | % | |||||||||||||||||||
Millennia Patient Services, LLC(6) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 3/8/2026 | 134 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
Millennia Patient Services, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 3/8/2026 | 995 | 980 | 981 | 0.50 | % | ||||||||||||||||||||||
Spear Education, LLC | First lien senior secured revolving loan | L + 5.75% | 6.75 | % | 2/26/2025 | 414 | 108 | 101 | 0.05 | % | ||||||||||||||||||||||
Spear Education, LLC | First lien senior secured term loan | L + 5.75% | 6.75 | % | 2/26/2025 | 858 | 852 | 839 | 0.43 | % | ||||||||||||||||||||||
1,934 | 1,915 | 0.98 | % | |||||||||||||||||||||||||||||
Household durables | ||||||||||||||||||||||||||||||||
Storm Smart Buyer LLC(6) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 4/5/2026 | $ | 131 | $ | (2) | $ | (2) | 0.00 | % | |||||||||||||||||||
Storm Smart Buyer LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 4/5/2026 | 912 | 898 | 900 | 0.46 | % | ||||||||||||||||||||||
Trademark Global, LLC(6) | First lien senior secured delayed draw term loan | L + 6.25% | 7.92 | % | 7/30/2024 | 61 | — | (2) | 0.00 | % | ||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured revolving loan | L + 6.25% | 7.92 | % | 7/30/2024 | 113 | 108 | 103 | 0.05 | % | ||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured term loan | L + 6.25% | 7.92 | % | 7/30/2024 | 1,825 | 1,818 | 1,749 | 0.89 | % | ||||||||||||||||||||||
2,822 | 2,748 | 1.40 | % | |||||||||||||||||||||||||||||
Internet and direct marketing retail | ||||||||||||||||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured revolving loan | L + 6.50% | 7.50 | % | 12/18/2025 | $ | 188 | $ | 67 | $ | 67 | 0.03 | % | |||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured term loan | L + 6.50% | 7.50 | % | 12/18/2025 | 2,528 | 2,481 | 2,488 | 1.27 | % | ||||||||||||||||||||||
DealerOn Inc.(6) | First lien senior secured revolving loan | S + 5.50% | 7.14 | % | 11/19/2024 | 314 | (3) | (2) | 0.00 | % | ||||||||||||||||||||||
DealerOn Inc. | First lien senior secured term loan | S + 5.50% | 7.14 | % | 11/19/2024 | 1,609 | 1,589 | 1,598 | 0.81 | % | ||||||||||||||||||||||
4,134 | 4,151 | 2.11 | % | |||||||||||||||||||||||||||||
IT services | ||||||||||||||||||||||||||||||||
ARC Healthcare Technologies, LLC (6) | First lien senior secured delayed draw term loan | S + 5.25% | 7.45 | % | 6/22/2024 | $ | 188 | $ | (2) | $ | (2) | 0.00 | % | |||||||||||||||||||
ARC Healthcare Technologies, LLC (6) | First lien senior secured revolving loan | S + 5.25% | 7.45 | % | 6/22/2025 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
ARC Healthcare Technologies, LLC | First lien senior secured term loan | S + 5.25% | 7.45 | % | 6/22/2025 | 1,418 | 1,400 | 1,400 | 0.71 | % | ||||||||||||||||||||||
Data Source Intermediate Holdings, LLC(6) | First lien senior secured revolving loan | L + 5.50% | 7.07 | % | 2/11/2025 | 123 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Data Source Intermediate Holdings, LLC | First lien senior secured term loan | L + 5.50% | 7.07 | % | 2/11/2025 | 777 | 769 | 771 | 0.39 | % | ||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc. (6) | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 6/23/2027 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc. | First lien senior secured term loan | L + 5.75% | 8.00 | % | 6/23/2027 | 1,437 | 1,422 | 1,425 | 0.73 | % | ||||||||||||||||||||||
FreshAddress, LLC(6) | First lien senior secured revolving loan | L + 5.25% | 7.50 | % | 10/5/2025 | 30 | — | — | 0.00 | % | ||||||||||||||||||||||
FreshAddress, LLC | First lien senior secured term loan | L + 5.25% | 7.50 | % | 10/5/2025 | 1,698 | 1,677 | 1,679 | 0.86 | % | ||||||||||||||||||||||
P and R Dental Strategies, LLC(6) | First lien senior secured revolving loan | L + 6.50% | 8.17 | % | 12/22/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||
P and R Dental Strategies, LLC | First lien senior secured term loan | L + 6.50% | 8.17 | % | 12/22/2026 | 657 | 645 | 646 | 0.33 | % | ||||||||||||||||||||||
The Stratix Corporation | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 11/19/2027 | 75 | 73 | 74 | 0.04 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
The Stratix Corporation(6) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 11/19/2027 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
The Stratix Corporation | First lien senior secured term loan | L + 6.00% | 8.25 | % | 11/19/2027 | 1,160 | 1,139 | 1,141 | 0.58 | % | ||||||||||||||||||||||
7,119 | 7,130 | 3.64 | % | |||||||||||||||||||||||||||||
Leisure equipment and products | ||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp. | First lien senior secured delayed draw term loan | L + 6.25% | 8.57 | % | 4/22/2026 | $ | 503 | $ | 454 | $ | 455 | 0.23 | % | |||||||||||||||||||
MacNeill Pride Group Corp. | First lien senior secured revolving loan | L + 6.25% | 8.57 | % | 4/22/2026 | 287 | 163 | 163 | 0.08 | % | ||||||||||||||||||||||
MacNeill Pride Group Corp. | First lien senior secured term loan | L + 6.25% | 8.57 | % | 4/22/2026 | 871 | 864 | 866 | 0.44 | % | ||||||||||||||||||||||
Performance PowerSports Group Purchaser, Inc. | First lien senior secured revolving loan | P + 4.75% | 8.75 | % | 10/8/2026 | 56 | 49 | 49 | 0.02 | % | ||||||||||||||||||||||
Performance PowerSports Group Purchaser, Inc. | First lien senior secured term loan | S + 5.75% | 8.07 | % | 10/8/2026 | 1,611 | 1,582 | 1,584 | 0.81 | % | ||||||||||||||||||||||
3,112 | 3,117 | 1.58 | % | |||||||||||||||||||||||||||||
Leisure products | ||||||||||||||||||||||||||||||||
PHGP MB Purchaser, Inc. (6) | First lien senior secured delayed draw term loan | S + 6.00% | 8.32 | % | 5/20/2024 | $ | 113 | $ | (2) | $ | (2) | 0.00 | % | |||||||||||||||||||
PHGP MB Purchaser, Inc. | First lien senior secured revolving loan | S + 6.00% | 8.32 | % | 5/20/2027 | 75 | 2 | 2 | 0.00 | % | ||||||||||||||||||||||
PHGP MB Purchaser, Inc. | First lien senior secured term loan | S + 6.00% | 8.32 | % | 5/20/2027 | 1,109 | 1,087 | 1,087 | 0.55 | % | ||||||||||||||||||||||
1,087 | 1,087 | 0.55 | % | |||||||||||||||||||||||||||||
Life sciences tools and services | ||||||||||||||||||||||||||||||||
Aptitude Health Holdings, LLC (6) | First lien senior secured revolving loan | L + 5.25% | 7.50 | % | 5/3/2026 | $ | 267 | $ | (4) | $ | (4) | 0.00 | % | |||||||||||||||||||
Aptitude Health Holdings, LLC | First lien senior secured term loan | L + 5.25% | 7.50 | % | 5/3/2026 | 1,109 | 1,091 | 1,093 | 0.56 | % | ||||||||||||||||||||||
1,087 | 1,089 | 0.56 | % | |||||||||||||||||||||||||||||
Machinery | ||||||||||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured revolving loan | L + 6.25% | 7.49 | % | 4/30/2026 | $ | 173 | $ | 32 | $ | 32 | 0.02 | % | |||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured term loan | L + 6.25% | 7.49 | % | 4/30/2026 | 940 | 925 | 926 | 0.47 | % | ||||||||||||||||||||||
DNS IMI Acquisition Corp(6) | First lien senior secured delayed draw term loan | L + 5.75% | 8.00 | % | 11/23/2026 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
DNS IMI Acquisition Corp(6) | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 11/23/2026 | 56 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
DNS IMI Acquisition Corp | First lien senior secured term loan | L + 5.75% | 8.00 | % | 11/23/2026 | 1,657 | 1,627 | 1,630 | 0.83 | % | ||||||||||||||||||||||
Double E Company, LLC (6) | First lien senior secured delayed draw term loan | S + 6.00% | 7.61 | % | 6/21/2024 | 49 | — | — | 0.00 | % | ||||||||||||||||||||||
Double E Company, LLC | First lien senior secured revolving loan | S + 6.00% | 7.61 | % | 6/21/2028 | 66 | 9 | 9 | 0.00 | % | ||||||||||||||||||||||
Double E Company, LLC | First lien senior secured term loan | S + 6.00% | 7.61 | % | 6/21/2028 | 1,055 | 1,044 | 1,044 | 0.53 | % | ||||||||||||||||||||||
Industrial Dynamics Company, Ltd. (6)(9) | First lien senior secured revolving loan | S + 6.25% | 7.54 | % | 8/20/2024 | 141 | (1) | (2) | 0.00 | % | ||||||||||||||||||||||
Industrial Dynamics Company, Ltd. | First lien senior secured term loan | S + 6.25% | 7.54 | % | 8/20/2024 | 889 | 880 | 878 | 0.45 | % | ||||||||||||||||||||||
4,514 | 4,515 | 2.30 | % | |||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||
ALM Media, LLC (6)(8) | First lien senior secured revolving loan | L + 6.50% | 8.17 | % | 11/25/2024 | $ | 971 | $ | (11) | $ | (11) | (0.01) | % | |||||||||||||||||||
ALM Media, LLC | First lien senior secured term loan | L + 6.50% | 8.17 | % | 11/25/2024 | 2,544 | 2,510 | 2,513 | 1.28 | % | ||||||||||||||||||||||
Exclusive Concepts, LLC(6) | First lien senior secured delayed draw term loan | L + 6.00% | 8.25 | % | 12/9/2026 | 225 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||
Exclusive Concepts, LLC(6) | First lien senior secured revolving loan | L + 6.00% | 8.25 | % | 12/9/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||
Exclusive Concepts, LLC | First lien senior secured term loan | L + 6.00% | 8.25 | % | 12/9/2026 | 630 | 618 | 619 | 0.32 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Infolinks Media Buyco, LLC(6) | First lien senior secured delayed draw term loan | L + 5.75% | 8.00 | % | 11/1/2026 | 39 | — | — | 0.00 | % | ||||||||||||||||||||||
Infolinks Media Buyco, LLC(6) | First lien senior secured revolving loan | L + 5.75% | 8.00 | % | 11/1/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Infolinks Media Buyco, LLC | First lien senior secured term loan | L + 5.75% | 8.00 | % | 11/1/2026 | 1,158 | 1,138 | 1,140 | 0.58 | % | ||||||||||||||||||||||
The Channel Company, LLC(6) | First lien senior secured revolving loan | S + 5.50% | 7.82 | % | 11/1/2027 | 62 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
The Channel Company, LLC | First lien senior secured term loan | S + 5.50% | 7.82 | % | 11/1/2027 | 2,359 | 2,321 | 2,330 | 1.19 | % | ||||||||||||||||||||||
6,570 | 6,585 | 3.36 | % | |||||||||||||||||||||||||||||
Metals and mining | ||||||||||||||||||||||||||||||||
Copperweld Group, Inc.(6) | First lien senior secured revolving loan | S + 5.50% | 7.82 | % | 9/27/2024 | $ | 456 | $ | 73 | $ | 76 | 0.04 | % | |||||||||||||||||||
Copperweld Group, Inc. | First lien senior secured term loan | S + 5.50% | 7.82 | % | 9/27/2024 | 2,146 | 2,112 | 2,130 | 1.08 | % | ||||||||||||||||||||||
2,185 | 2,206 | 1.12 | % | |||||||||||||||||||||||||||||
Personal products | ||||||||||||||||||||||||||||||||
Cosmetic Solutions, LLC | First lien senior secured delayed draw term loan | L + 5.75% | 6.75 | % | 10/17/2025 | $ | 365 | $ | 361 | $ | 361 | 0.18 | % | |||||||||||||||||||
Cosmetic Solutions, LLC(6) | First lien senior secured revolving loan | L + 5.75% | 6.75 | % | 10/17/2025 | 344 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||
Cosmetic Solutions, LLC | First lien senior secured term loan | L + 5.75% | 6.75 | % | 10/17/2025 | 2,775 | 2,738 | 2,745 | 1.40 | % | ||||||||||||||||||||||
3,095 | 3,102 | 1.58 | % | |||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc. (6)(7) | First lien senior secured revolving loan | C + 5.75% | 8.43 | % | 7/23/2026 | $ | 30 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||
Bio Agri Mix Holdings Inc.(7) | First lien senior secured term loan | C + 5.75% | 8.43 | % | 7/23/2026 | C$ | 1,251 | 977 | 957 | 0.49 | % | |||||||||||||||||||||
Bio Agri Mix Holdings Inc. (6)(7) | First lien senior secured revolving loan | C + 5.75% | 8.43 | % | 7/23/2026 | C$ | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured delayed draw term loan | L + 5.50% | 6.50 | % | 9/22/2026 | 300 | 73 | 74 | 0.04 | % | ||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured revolving loan | L + 5.50% | 6.50 | % | 9/22/2026 | 188 | 64 | 65 | 0.03 | % | ||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured term loan | L + 5.50% | 6.50 | % | 9/22/2026 | 463 | 455 | 456 | 0.23 | % | ||||||||||||||||||||||
Maxor National Pharmacy Services, LLC(6) | First lien senior secured revolving loan | L + 5.50% | 7.75 | % | 12/6/2027 | 84 | (2) | (1) | 0.00 | % | ||||||||||||||||||||||
Maxor National Pharmacy Services, LLC | First lien senior secured term loan | L + 5.50% | 7.75 | % | 12/6/2027 | 1,796 | 1,770 | 1,766 | 0.90 | % | ||||||||||||||||||||||
3,336 | 3,316 | 1.69 | % | |||||||||||||||||||||||||||||
Professional services | ||||||||||||||||||||||||||||||||
Stax Holding Company, LLC(6) | First lien senior secured revolving loan | L + 5.25% | 7.50 | % | 10/29/2026 | $ | 60 | $ | (1) | $ | (1) | 0.00 | % | |||||||||||||||||||
Stax Holding Company, LLC | First lien senior secured term loan | L + 5.25% | 7.50 | % | 10/29/2026 | 821 | 811 | 812 | 0.41 | % | ||||||||||||||||||||||
810 | 811 | 0.41 | % | |||||||||||||||||||||||||||||
Real estate management and development | ||||||||||||||||||||||||||||||||
BBG Intermediate Holdings, Inc.(12) | First lien senior secured revolving loan | S + 6.50% | 8.82 | % | 1/8/2026 | $ | 233 | $ | 146 | $ | 148 | 0.08 | % | |||||||||||||||||||
BBG Intermediate Holdings, Inc. | First lien senior secured term loan | S + 6.50% | 8.82 | % | 1/8/2026 | 1,765 | 1,736 | 1,745 | 0.89 | % | ||||||||||||||||||||||
MetaSource, LLC (6) | First lien senior secured delayed draw term loan | S + 6.25% | 7.89 | % | 5/17/2024 | 49 | — | — | 0.00 | % | ||||||||||||||||||||||
MetaSource, LLC (6) | First lien senior secured revolving loan | S + 6.25% | 7.89 | % | 5/17/2027 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
MetaSource, LLC | First lien senior secured term loan | S + 6.25% | 7.89 | % | 5/17/2027 | 941 | 932 | 932 | 0.47 | % | ||||||||||||||||||||||
2,813 | 2,824 | 1.44 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Semiconductors and semiconductor equipment | ||||||||||||||||||||||||||||||||
Altamira Material Solutions, LP | First lien senior secured revolving loan | L + 5.50% | 7.17 | % | 9/2/2026 | $ | 45 | $ | 14 | $ | 14 | 0.01 | % | |||||||||||||||||||
Altamira Material Solutions, LP | First lien senior secured term loan | L + 5.50% | 7.17 | % | 9/2/2026 | 725 | 713 | 714 | 0.36 | % | ||||||||||||||||||||||
727 | 728 | 0.37 | % | |||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||
Affinitiv, Inc.(6) | First lien senior secured revolving loan | S + 6.50% | 8.82 | % | 8/26/2024 | $ | 248 | $ | (2) | $ | (1) | 0.00 | % | |||||||||||||||||||
Affinitiv, Inc. | First lien senior secured term loan | S + 6.50% | 8.82 | % | 8/26/2024 | 2,265 | 2,239 | 2,252 | 1.15 | % | ||||||||||||||||||||||
ShiftKey, LLC(6) | First lien senior secured revolving loan | S + 5.75% | 7.96 | % | 6/21/2027 | 110 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
ShiftKey, LLC | First lien senior secured term loan | S + 5.75% | 7.96 | % | 6/21/2027 | 5,229 | 5,188 | 5,182 | 2.64 | % | ||||||||||||||||||||||
7,424 | 7,432 | 3.79 | % | |||||||||||||||||||||||||||||
Specialty retail | ||||||||||||||||||||||||||||||||
Dykstra’s Auto, LLC | First lien senior secured delayed draw term loan | L + 5.25% | 7.50 | % | 10/22/2026 | $ | 187 | $ | 116 | $ | 116 | 0.06 | % | |||||||||||||||||||
Dykstra’s Auto, LLC(6) | First lien senior secured revolving loan | P + 4.25% | 9.00 | % | 10/22/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Dykstra’s Auto, LLC | First lien senior secured term loan | L + 5.25% | 7.50 | % | 10/22/2026 | 494 | 485 | 486 | 0.25 | % | ||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured delayed draw term loan | L + 6.00% | 7.24 | % | 12/22/2026 | 450 | 253 | 254 | 0.13 | % | ||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured revolving loan | P + 5.00% | 9.00 | % | 12/22/2026 | 38 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured term loan | L + 6.00% | 7.24 | % | 12/22/2026 | 846 | 830 | 832 | 0.42 | % | ||||||||||||||||||||||
Leonard Group, Inc. | First lien senior secured revolving loan | S + 6.50% | 8.82 | % | 2/26/2026 | 234 | (7) | (2) | 0.00 | % | ||||||||||||||||||||||
Leonard Group, Inc. | First lien senior secured term loan | S + 6.50% | 8.82 | % | 2/26/2026 | 1,726 | 1,703 | 1,713 | 0.87 | % | ||||||||||||||||||||||
Pink Lily Holdings, LLC | First lien senior secured revolving loan | P + 5.50% | 9.00 | % | 11/16/2027 | 63 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Pink Lily Holdings, LLC | First lien senior secured term loan | L + 6.50% | 8.17 | % | 11/16/2027 | 1,364 | 1,342 | 1,345 | 0.69 | % | ||||||||||||||||||||||
Soccer Post Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + 5.75% | 8.07 | % | 6/30/2027 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured revolving loan | S + 5.75% | 8.07 | % | 6/30/2027 | 38 | 1 | 1 | 0.00 | % | ||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured term loan | S + 5.75% | 8.07 | % | 6/30/2027 | 709 | 696 | 696 | 0.35 | % | ||||||||||||||||||||||
5,423 | 5,445 | 2.77 | % | |||||||||||||||||||||||||||||
Textiles, apparel and luxury goods | ||||||||||||||||||||||||||||||||
Lakeshirts LLC | First lien senior secured revolving loan | S + 4.75% | 5.75 | % | 12/23/2024 | $ | 398 | $ | 395 | $ | 393 | 0.20 | % | |||||||||||||||||||
Lakeshirts LLC | First lien senior secured term loan | S + 4.75% | 5.75 | % | 12/23/2025 | 1,667 | 1,649 | 1,647 | 0.84 | % | ||||||||||||||||||||||
2,044 | 2,040 | 1.04 | % | |||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||
AFC Industries, Inc. | First lien senior secured delayed draw term loan | L + 6.25% | 7.49 | % | 12/20/2023 | $ | 353 | $ | 349 | $ | 350 | 0.18 | % | |||||||||||||||||||
AFC Industries, Inc. | First lien senior secured delayed draw term loan | L + 6.25% | 7.49 | % | 4/9/2027 | 129 | 106 | 107 | 0.05 | % | ||||||||||||||||||||||
AFC Industries, Inc.(13) | First lien senior secured revolving loan | L + 6.25% | 7.49 | % | 10/9/2026 | 131 | 47 | 47 | 0.02 | % | ||||||||||||||||||||||
AFC Industries, Inc. | First lien senior secured term loan | L + 6.25% | 7.49 | % | 4/9/2027 | 745 | 735 | 738 | 0.38 | % | ||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured delayed draw term loan | L + 5.75% | 7.42 | % | 10/31/2025 | 1,040 | 562 | 570 | 0.29 | % | ||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured revolving loan | L + 5.75% | 7.42 | % | 10/31/2025 | 370 | 119 | 121 | 0.06 | % | ||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured term loan | L + 5.75% | 7.42 | % | 10/31/2025 | 1,378 | 1,363 | 1,369 | 0.70 | % |
Company(1)(2) | Investment | Reference Rate and Spread | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||
Empire Equipment Company, LLC | First lien senior secured revolving loan | P + 4.50% | 9.25 | % | 1/17/2025 | 439 | 402 | 402 | 0.20 | % | ||||||||||||||||||||||
Empire Equipment Company, LLC | First lien senior secured term loan | L + 5.50% | 6.79 | % | 1/17/2025 | 1,472 | 1,452 | 1,454 | 0.74 | % | ||||||||||||||||||||||
Montway LLC(6) | First lien senior secured delayed draw term loan | L + 6.25% | 8.50 | % | 11/4/2025 | 675 | (10) | (10) | (0.01) | % | ||||||||||||||||||||||
Montway LLC(6) | First lien senior secured revolving loan | L + 6.25% | 8.50 | % | 11/4/2025 | 150 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
Montway LLC | First lien senior secured term loan | L + 6.25% | 8.50 | % | 11/4/2025 | 719 | 708 | 709 | 0.36 | % | ||||||||||||||||||||||
Shearer Supply, LLC(6) | First lien senior secured revolving loan | S + 5.50% | 7.82 | % | 9/17/2027 | 113 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||
Shearer Supply, LLC | First lien senior secured term loan | S + 5.50% | 7.82 | % | 9/17/2027 | 924 | 907 | 910 | 0.46 | % | ||||||||||||||||||||||
Triad Technologies, LLC(6) | First lien senior secured revolving loan | L + 4.75% | 6.93 | % | 10/31/2025 | 314 | 59 | 60 | 0.03 | % | ||||||||||||||||||||||
Triad Technologies, LLC | First lien senior secured term loan | L + 4.75% | 6.93 | % | 10/31/2025 | 936 | 924 | 928 | 0.47 | % | ||||||||||||||||||||||
7,719 | 7,751 | 3.93 | % | |||||||||||||||||||||||||||||
Water utilities | ||||||||||||||||||||||||||||||||
Diamondback Buyer, LLC(6) | First lien senior secured revolving loan | L + 5.25% | 7.50 | % | 7/22/2026 | $ | 75 | $ | (1) | $ | (1) | 0.00 | % | |||||||||||||||||||
Diamondback Buyer, LLC | First lien senior secured term loan | L + 5.25% | 7.50 | % | 7/22/2026 | 850 | 836 | 839 | 0.43 | % | ||||||||||||||||||||||
835 | 838 | 0.43 | % | |||||||||||||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 170,038 | $ | 170,031 | 86.61 | % | ||||||||||||||||||||||||||
Non-controlled/non-affiliated sponsor subordinated notes | ||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||
Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 19.50 | % | 7/17/2025 | $ | 11 | $ | 11 | 0.01 | % | |||||||||||||||||||||
Shearer Supply, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 19.50 | % | 3/17/2028 | 5 | 5 | 0.00 | % | |||||||||||||||||||||||
Total non-controlled/non-affiliated sponsor subordinated notes | 16 | 16 | 0.01 | % | ||||||||||||||||||||||||||||
Total non-controlled/non-affiliated investments | $ | 170,054 | $ | 170,047 | 86.62 | % | ||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC(18)(19) | Equity - 2.12% membership interest | $ | 6,864 | $ | 9,697 | 4.94 | % | |||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC(18)(19) | Equity - 2.11% membership interest | 14 | 21 | 0.01 | % | |||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 6,878 | $ | 9,718 | 4.95 | % | ||||||||||||||||||||||||||
Total investments | $ | 176,932 | $ | 179,765 | 91.57 | % |
(1) | Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value. | ||||
(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) | Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Canadian Dollars (“C$”). | ||||
(4) | 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. | ||||
(5) | Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR” or “L”), the Term Secured Overnight Financing Rate (“Term SOFR” or S”) and/or an alternate base rate (e.g. prime rate (“P”)), 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, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of June 30, 2022, the reference rates for the floating rate loans were the 1 Month L of 1.79%, 3 Month L of 2.29%, 6 Month L of 2.94%, 3 Month CDOR of 2.76%, Term SOFR of 1.50% and the Prime Rate of 4.75%. | ||||
(6) | Represents revolvers and delayed draw term loans where the entire balance is unfunded as of June 30, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information. | ||||
(7) | Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2022, non-qualifying assets represented approximately 2.95% of the total assets of the Company. | ||||
(8) | Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%. | ||||
(9) | Principal balance includes reserve for letter of credit of $11,568 on which the borrower pays 6.25%. | ||||
(10) | Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 6.25%. | ||||
(11) | Principal balance includes reserve for letter of credit of $3,516 on which the borrower pays 6.50%. | ||||
(12) | Principal balance includes reserve for letter of credit of $8,733 on which the borrower pays 6.25%. | ||||
(13) | Principal balance includes reserve for letter of credit of $2,620 on which the borrower pays 7.00%. | ||||
(14) | Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%. | ||||
(15) | Principal balance includes reserve for letter of credit of $2,851 on which the borrower pays 6.50%. | ||||
(16) | Principal balance includes reserve for letter of credit of $6,305 on which the borrower pays 6.00%. | ||||
(17) | Principal balance includes reserve for letter of credit of $15,464 on which the borrower pays 7.00%. | ||||
(18) | 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. | ||||
(19) | Securities exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of June 30, 2022, the aggregate fair value of these securities is $9,718 or 4.95% of the Company's net asset. |
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized Appreciation/ (Depreciation) | ||||||||||
Wells Fargo Bank, National Association | USD 1,112 | CAD 1,375 | 10/21/2022 | $ | 44 | |||||||||
Wells Fargo Bank, National Association | CAD 68 | USD 54 | 10/21/2022 | (1) | ||||||||||
Wells Fargo Bank, National Association | USD 229 | CAD 299 | 7/21/2022 | (3) | ||||||||||
Wells Fargo Bank, National Association | USD 442 | USD 574 | 7/27/2022 | (3) | ||||||||||
Wells Fargo Bank, National Association | CAD 45 | USD 36 | 12/21/2022 | (1) | ||||||||||
Total | $ | 36 | ||||||||||||
Currency Abbreviations: | ||||||||||||||
USD - U.S. Dollar | ||||||||||||||
CAD - Canadian Dollar |
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 | |||||||||||||||||||||||||||||
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 | $ | (7) | $ | (24) | (0.01) | % | ||||||||||||||||||
Mattco Forge, Inc. (9) | First lien senior secured term loan | L + 7.25% | 12/6/2024 | 2,190 | 2,156 | 2,087 | 1.13 | % | |||||||||||||||||||||
2,149 | 2,063 | 1.12 | % | ||||||||||||||||||||||||||
Auto components | |||||||||||||||||||||||||||||
AvCarb, LLC (13) | First lien senior secured delayed draw term loan | L + 6.00% | 11/12/2026 | $ | 666 | $ | (12) | $ | (13) | (0.01) | % | ||||||||||||||||||
AvCarb, LLC (8)(13) | First lien senior secured revolving loan | L + 6.00% | 11/12/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
AvCarb, LLC (8)(11) | First lien senior secured term loan | L + 6.00% | 11/12/2026 | 500 | 490 | 490 | 0.27 | % | |||||||||||||||||||||
Vehicle Accessories, Inc. (13) | First lien senior secured revolving loan | L + 5.50% | 11/30/2026 | 38 | — | — | 0.00 | % | |||||||||||||||||||||
Vehicle Accessories, Inc. (8) | First lien senior secured term loan | L + 5.50% | 11/30/2026 | 1,832 | 1,818 | 1,818 | 0.99 | % | |||||||||||||||||||||
2,295 | 2,294 | 1.25 | % | ||||||||||||||||||||||||||
Chemicals | |||||||||||||||||||||||||||||
AM Buyer, LLC (13) | First lien senior secured revolving loan | L + 6.75% | 5/1/2025 | $ | 111 | $ | (2) | $ | (1) | 0.00 | % | ||||||||||||||||||
AM Buyer, LLC (8) | First lien senior secured term loan | L + 6.75% | 5/1/2025 | 478 | 470 | 472 | 0.26 | % | |||||||||||||||||||||
Answer Acquisition, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 12/30/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Answer Acquisition, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/30/2026 | 1,716 | 1,682 | 1,682 | 0.91 | % | |||||||||||||||||||||
SASE Company, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 11/15/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
SASE Company, LLC (8) | First lien senior secured term loan | L + 6.00% | 11/15/2026 | 233 | 228 | 228 | 0.12 | % | |||||||||||||||||||||
SASE Company, LLC (8) | First lien senior secured term loan | L + 6.00% | 11/15/2026 | 1,212 | 1,189 | 1,188 | 0.65 | % | |||||||||||||||||||||
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 | 1,814 | 1,790 | 1,793 | 0.97 | % | |||||||||||||||||||||
USALCO, LLC (6) | First lien senior secured revolving loan | L + 6.00% | 10/19/2026 | 100 | 7 | 7 | 0.00 | % | |||||||||||||||||||||
USALCO, LLC (8) | First lien senior secured term loan | L + 6.00% | 10/19/2027 | 1,903 | 1,884 | 1,885 | 1.02 | % | |||||||||||||||||||||
7,242 | 7,248 | 3.94 | % | ||||||||||||||||||||||||||
Commercial services and supplies | |||||||||||||||||||||||||||||
Alliance Environmental Group, LLC (13) | First lien senior secured delayed draw term loan | L + 6.00% | 12/30/2023 | $ | 75 | $ | (1) | $ | (1) | 0.00 | % | ||||||||||||||||||
Alliance Environmental Group, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 12/30/2023 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Alliance Environmental Group, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/30/2027 | 1,465 | 1,436 | 1,436 | 0.78 | % | |||||||||||||||||||||
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 | 1,020 | 1,001 | 1,003 | 0.54 | % | |||||||||||||||||||||
Green Monster Acquisition, LLC (13) | First lien senior secured revolving loan | L + 5.50% | 12/28/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Green Monster Acquisition, LLC (6) | First lien senior secured term loan | L + 5.50% | 12/28/2026 | 1,188 | 1,164 | 1,164 | 0.63 | % | |||||||||||||||||||||
Nimlok Company, LLC (13)(17) | First lien senior secured revolving loan | L + 7.50% | 11/27/2024 | 320 | (4) | (7) | 0.00 | % | |||||||||||||||||||||
Nimlok Company, LLC (8) | First lien senior secured term loan | L + 7.50% | 11/27/2025 | 1,926 | 1,900 | 1,876 | 1.02 | % | |||||||||||||||||||||
Steel City Wash, LLC (8) | First lien senior secured delayed draw term loan | L + 6.00% | 12/27/2026 | 90 | 89 | 89 | 0.05 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
Steel City Wash, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 12/27/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Steel City Wash, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/27/2026 | 409 | 401 | 401 | 0.22 | % | |||||||||||||||||||||
5,982 | 5,957 | 3.24 | % | ||||||||||||||||||||||||||
Construction and engineering | |||||||||||||||||||||||||||||
BCI Burke Holding Corp. (13) | First lien senior secured delayed draw term loan | L + 5.75% | 12/14/2027 | $ | 132 | $ | (2) | $ | (2) | 0.00 | % | ||||||||||||||||||
BCI Burke Holding Corp. (7) | First lien senior secured revolving loan | L + 5.75% | 12/14/2027 | 79 | 14 | 14 | 0.01 | % | |||||||||||||||||||||
BCI Burke Holding Corp. (7) | First lien senior secured term loan | L + 5.75% | 12/14/2027 | 1,785 | 1,758 | 1,758 | 0.95 | % | |||||||||||||||||||||
CPS HVAC Group, LLC (13) | First lien senior secured delayed draw term loan | L + 6.75% | 12/15/2026 | 150 | (3) | (3) | 0.00 | % | |||||||||||||||||||||
CPS HVAC Group, LLC (13) | First lien senior secured revolving loan | L + 6.75% | 12/15/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
CPS HVAC Group, LLC (8) | First lien senior secured term loan | L + 6.75% | 12/15/2026 | 275 | 269 | 269 | 0.15 | % | |||||||||||||||||||||
Domino Equipment Company, LLC (13) | First lien senior secured revolving loan | L + 6.25% | 4/1/2026 | 79 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Domino Equipment Company, LLC (8) | First lien senior secured term loan | L + 6.25% | 4/1/2026 | 581 | 571 | 571 | 0.31 | % | |||||||||||||||||||||
2,605 | 2,605 | 1.42 | % | ||||||||||||||||||||||||||
Containers and packaging | |||||||||||||||||||||||||||||
Innovative FlexPak, LLC (8) | First lien senior secured revolving loan | L + 6.00% | 1/23/2025 | $ | 627 | $ | 210 | $ | 214 | 0.12 | % | ||||||||||||||||||
Innovative FlexPak, LLC (8) | First lien senior secured term loan | L + 6.00% | 1/23/2025 | 2,668 | 2,624 | 2,643 | 1.44 | % | |||||||||||||||||||||
Jansy Packaging, LLC (13) | First lien senior secured revolving loan | L + 7.00% | 9/30/2022 | 706 | (5) | (15) | (0.01) | % | |||||||||||||||||||||
Jansy Packaging, LLC (8) | First lien senior secured term loan | L + 7.00% | 9/30/2022 | 1,090 | 1,078 | 1,067 | 0.58 | % | |||||||||||||||||||||
MRC Keeler Acquisition, LLC (13) | First lien senior secured delayed draw term loan | L + 5.75% | 12/4/2025 | 150 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
MRC Keeler Acquisition, LLC (13) | First lien senior secured revolving loan | L + 5.75% | 12/4/2025 | 150 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
MRC Keeler Acquisition, LLC (8) | First lien senior secured term loan | L + 5.75% | 12/4/2025 | 966 | 951 | 952 | 0.52 | % | |||||||||||||||||||||
Vanguard Packaging, LLC (8)(9) | First lien senior secured revolving loan | L + 5.25% | 8/9/2024 | 535 | 228 | 225 | 0.12 | % | |||||||||||||||||||||
Vanguard Packaging, LLC (8) | First lien senior secured term loan | L + 5.25% | 8/9/2024 | 1,205 | 1,195 | 1,191 | 0.65 | % | |||||||||||||||||||||
6,277 | 6,273 | 3.41 | % | ||||||||||||||||||||||||||
Distributors | |||||||||||||||||||||||||||||
RTP Acquisition, LLC (13) | First lien senior secured revolving loan | L + 6.50% | 8/17/2026 | $ | 38 | $ | (1) | $ | (1) | 0.00 | % | ||||||||||||||||||
RTP Acquisition, LLC (8) | First lien senior secured term loan | L + 6.50% | 8/17/2026 | 536 | 526 | 527 | 0.29 | % | |||||||||||||||||||||
525 | 526 | 0.29 | % | ||||||||||||||||||||||||||
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 | 982 | 965 | 967 | 0.53 | % | |||||||||||||||||||||
Groundworks Operations, LLC (8) | First lien senior secured delayed draw term loan | L + 5.00% | 1/17/2026 | 2,035 | 1,821 | 1,828 | 0.99 | % | |||||||||||||||||||||
Groundworks Operations, LLC (13) | First lien senior secured revolving loan | L + 5.00% | 1/17/2026 | 387 | (5) | (4) | 0.00 | % | |||||||||||||||||||||
Groundworks Operations, LLC (8) | First lien senior secured term loan | L + 5.00% | 1/17/2026 | 2,504 | 2,469 | 2,480 | 1.35 | % | |||||||||||||||||||||
Home Brands Group Holdings, Inc. (13) | First lien senior secured revolving loan | L + 5.00% | 11/8/2026 | 48 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Home Brands Group Holdings, Inc. (8) | First lien senior secured term loan | L + 5.00% | 11/8/2026 | 2,094 | 2,053 | 2,053 | 1.12 | % | |||||||||||||||||||||
ISSA, LLC (8) | First lien senior secured revolving loan | L + 6.00% | 3/1/2027 | 131 | 63 | 63 | 0.03 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
ISSA, LLC (8) | First lien senior secured term loan | L + 6.00% | 3/1/2027 | 873 | 858 | 859 | 0.47 | % | |||||||||||||||||||||
Juniper Landscaping Holdings LLC (13) | First lien senior secured delayed draw term loan | L + 6.00% | 12/29/2023 | 88 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
Juniper Landscaping Holdings LLC (6)(8) | First lien senior secured revolving loan | L + 6.00% | 12/29/2026 | 44 | 21 | 21 | 0.01 | % | |||||||||||||||||||||
Juniper Landscaping Holdings LLC (6)(8) | First lien senior secured term loan | L + 6.00% | 12/29/2026 | 1,477 | 1,452 | 1,452 | 0.79 | % | |||||||||||||||||||||
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 | 1,060 | 1,039 | 1,045 | 0.57 | % | |||||||||||||||||||||
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 | 2,306 | 2,286 | 2,292 | 1.25 | % | |||||||||||||||||||||
PPW Acquisition, LLC (12) | First lien senior secured revolving loan | P + 5.25% | 9/30/2026 | 38 | 7 | 7 | 0.00 | % | |||||||||||||||||||||
PPW Acquisition, LLC (8) | First lien senior secured term loan | L + 6.25% | 9/30/2026 | 611 | 599 | 600 | 0.33 | % | |||||||||||||||||||||
United Land Services Opco Parent, LLC (8) | First lien senior secured delayed draw term loan | L + 6.00% | 3/23/2026 | 1,073 | 191 | 192 | 0.10 | % | |||||||||||||||||||||
United Land Services Opco Parent, LLC (6) | First lien senior secured revolving loan | L + 6.00% | 3/23/2026 | 131 | 79 | 79 | 0.04 | % | |||||||||||||||||||||
United Land Services Opco Parent, LLC (8) | First lien senior secured term loan | L + 6.00% | 3/23/2026 | 306 | 300 | 301 | 0.16 | % | |||||||||||||||||||||
14,189 | 14,227 | 7.73 | % | ||||||||||||||||||||||||||
Electrical equipment | |||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. (13) | First lien senior secured delayed draw term loan | L + 5.50% | 10/5/2027 | $ | 72 | $ | (1) | $ | (1) | 0.00 | % | ||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. (6) | First lien senior secured revolving loan | L + 5.50% | 10/5/2027 | 48 | 28 | 28 | 0.02 | % | |||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. (6) | First lien senior secured term loan | L + 5.50% | 10/5/2027 | 1,294 | 1,275 | 1,278 | 0.69 | % | |||||||||||||||||||||
1,302 | 1,305 | 0.71 | % | ||||||||||||||||||||||||||
Electronic equipment, instruments and components | |||||||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC (13) | First lien senior secured revolving loan | L + 7.00% | 11/22/2025 | $ | 324 | $ | (4) | $ | (6) | 0.00 | % | ||||||||||||||||||
Advanced Lighting Acquisition, LLC (6)(8) | First lien senior secured term loan | L + 7.00% | 11/22/2025 | 1,434 | 1,413 | 1,408 | 0.76 | % | |||||||||||||||||||||
Nelson Name Plate Company (8) | First lien senior secured delayed draw term loan | L + 5.75% | 10/18/2026 | 120 | 103 | 103 | 0.06 | % | |||||||||||||||||||||
Nelson Name Plate Company (8) | First lien senior secured revolving loan | L + 5.75% | 10/18/2026 | 90 | 10 | 10 | 0.01 | % | |||||||||||||||||||||
Nelson Name Plate Company (8) | First lien senior secured term loan | L + 5.75% | 10/18/2026 | 776 | 761 | 761 | 0.41 | % | |||||||||||||||||||||
2,283 | 2,276 | 1.24 | % | ||||||||||||||||||||||||||
Food and staples retailing | |||||||||||||||||||||||||||||
Engelman Baking Co., LLC (8) | First lien senior secured revolving loan | L + 6.75% | 2/28/2025 | $ | 207 | $ | 50 | $ | 48 | 0.03 | % | ||||||||||||||||||
Engelman Baking Co., LLC (8) | First lien senior secured term loan | L + 6.75% | 2/28/2025 | 720 | 705 | 699 | 0.38 | % | |||||||||||||||||||||
Mad Rose Company, LLC (13)(22) | First lien senior secured revolving loan | L + 6.50% | 5/7/2026 | 119 | (3) | (2) | 0.00 | % | |||||||||||||||||||||
Mad Rose Company, LLC (6) | First lien senior secured term loan | L + 6.50% | 5/7/2026 | 895 | 877 | 879 | 0.48 | % | |||||||||||||||||||||
Main Street Gourmet, LLC (13) | First lien senior secured delayed draw term loan | L + 5.25% | 11/10/2025 | 666 | (10) | (10) | (0.01) | % | |||||||||||||||||||||
Main Street Gourmet, LLC (13) | First lien senior secured revolving loan | L + 5.25% | 11/10/2025 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Main Street Gourmet, LLC (8) | First lien senior secured term loan | L + 5.25% | 11/10/2025 | 1,132 | 1,116 | 1,116 | 0.61 | % | |||||||||||||||||||||
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 | 482 | 473 | 474 | 0.26 | % | |||||||||||||||||||||
SCP Beverage Buyer, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 11/24/2026 | 38 | (1) | (1) | 0.00 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
SCP Beverage Buyer, LLC (6) | First lien senior secured term loan | L + 6.00% | 11/24/2026 | 416 | 408 | 408 | 0.22 | % | |||||||||||||||||||||
3,612 | 3,608 | 1.96 | % | ||||||||||||||||||||||||||
Food products | |||||||||||||||||||||||||||||
Icelandirect, LLC (9)(12) | First lien senior secured revolving loan | L + 6.00% | 7/30/2026 | $ | 38 | $ | 14 | $ | 14 | 0.01 | % | ||||||||||||||||||
Icelandirect, LLC (8)(9) | First lien senior secured term loan | L + 6.00% | 7/30/2026 | 691 | 679 | 680 | 0.37 | % | |||||||||||||||||||||
Starwest Botanicals Acquisition, LLC (13) | First lien senior secured revolving loan | L + 5.25% | 4/30/2027 | 174 | (3) | (2) | 0.00 | % | |||||||||||||||||||||
Starwest Botanicals Acquisition, LLC (8) | First lien senior secured term loan | L + 5.25% | 4/30/2027 | 815 | 802 | 804 | 0.44 | % | |||||||||||||||||||||
1,492 | 1,496 | 0.81 | % | ||||||||||||||||||||||||||
Gas utilities | |||||||||||||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured delayed draw term loan | L + 6.25% | 12/30/2026 | $ | 113 | $ | 111 | $ | 112 | 0.06 | % | ||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured revolving loan | L + 6.25% | 12/30/2026 | 228 | 42 | 43 | 0.02 | % | |||||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured term loan | L + 6.25% | 12/30/2026 | 1,247 | 1,227 | 1,230 | 0.67 | % | |||||||||||||||||||||
1,380 | 1,385 | 0.75 | % | ||||||||||||||||||||||||||
Health care equipment and supplies | |||||||||||||||||||||||||||||
EMSAR Acquisition LLC (6)(8) | First lien senior secured delayed draw term loan | L + 6.50% | 3/30/2026 | $ | 666 | $ | 207 | $ | 207 | 0.11 | % | ||||||||||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured revolving loan | L + 6.50% | 3/30/2026 | 134 | 38 | 38 | 0.02 | % | |||||||||||||||||||||
EMSAR Acquisition LLC (8) | First lien senior secured term loan | L + 6.50% | 3/30/2026 | 645 | 633 | 634 | 0.34 | % | |||||||||||||||||||||
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 (8) | First lien senior secured revolving loan | L + 7.00% | 4/8/2025 | 138 | 25 | 26 | 0.01 | % | |||||||||||||||||||||
Reliable Medical Supply LLC (8) | First lien senior secured term loan | L + 7.00% | 4/8/2025 | 758 | 743 | 747 | 0.41 | % | |||||||||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured delayed draw term loan | L + 6.50% | 1/20/2026 | 397 | 55 | 58 | 0.03 | % | |||||||||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured revolving loan | L + 6.50% | 1/20/2026 | 133 | 50 | 51 | 0.03 | % | |||||||||||||||||||||
SCA Buyer, LLC (8) | First lien senior secured term loan | L + 6.50% | 1/20/2026 | 764 | 746 | 752 | 0.41 | % | |||||||||||||||||||||
Spectrum Solutions, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 3/5/2026 | 267 | (4) | (4) | 0.00 | % | |||||||||||||||||||||
Spectrum Solutions, LLC (6) | First lien senior secured term loan | L + 6.00% | 3/5/2026 | 689 | 677 | 678 | 0.37 | % | |||||||||||||||||||||
3,169 | 3,186 | 1.73 | % | ||||||||||||||||||||||||||
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) | $ | (6) | 0.00 | % | ||||||||||||||||||
Agility Intermediate, Inc. (13) | First lien senior secured revolving loan | L + 6.50% | 4/15/2026 | 134 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
Agility Intermediate, Inc. (8)(9) | First lien senior secured term loan | L + 6.50% | 4/15/2026 | 245 | 240 | 241 | 0.13 | % | |||||||||||||||||||||
Apex Dental Partners, LLC (8) | First lien senior secured delayed draw term loan | L + 6.25% | 11/23/2025 | 449 | 377 | 378 | 0.21 | % | |||||||||||||||||||||
Apex Dental Partners, LLC (13) | First lien senior secured revolving loan | L + 6.25% | 11/23/2025 | 150 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
Apex Dental Partners, LLC (8) | First lien senior secured term loan | L + 6.25% | 11/23/2025 | 628 | 618 | 619 | 0.34 | % | |||||||||||||||||||||
ASC Ortho Management, LLC (13) | First lien senior secured delayed draw term loan | L + 6.00% | 12/31/2026 | 360 | (7) | (7) | 0.00 | % | |||||||||||||||||||||
ASC Ortho Management, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 12/31/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
ASC Ortho Management, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/31/2026 | 1,201 | 1,177 | 1,177 | 0.64 | % | |||||||||||||||||||||
ASP Global Acquisition, LLC (8) | First lien senior secured delayed draw term loan | L + 5.50% | 1/21/2025 | 732 | 674 | 673 | 0.37 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
ASP Global Acquisition, LLC (13)(15) | First lien senior secured revolving loan | L + 5.50% | 1/21/2025 | 485 | (6) | (7) | 0.00 | % | |||||||||||||||||||||
ASP Global Acquisition, LLC (11) | First lien senior secured term loan | L + 5.50% | 1/21/2025 | 2,802 | 2,760 | 2,762 | 1.50 | % | |||||||||||||||||||||
Beacon Oral Specialists Management LLC (8) | First lien senior secured delayed draw term loan | L + 5.75% | 12/14/2025 | 161 | 158 | 159 | 0.09 | % | |||||||||||||||||||||
Beacon Oral Specialists Management LLC (8)(9) | First lien senior secured delayed draw term loan | L + 5.75% | 12/14/2025 | 534 | 527 | 528 | 0.29 | % | |||||||||||||||||||||
Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | L + 5.75% | 12/14/2025 | 150 | 112 | 112 | 0.06 | % | |||||||||||||||||||||
Beacon Oral Specialists Management LLC (8) | First lien senior secured term loan | L + 5.75% | 12/14/2025 | 954 | 940 | 942 | 0.51 | % | |||||||||||||||||||||
Behavior Frontiers, LLC (8)(21) | First lien senior secured revolving loan | L + 6.25% | 5/21/2026 | 38 | 18 | 16 | 0.01 | % | |||||||||||||||||||||
Behavior Frontiers, LLC (8) | First lien senior secured term loan | L + 6.25% | 5/21/2026 | 657 | 643 | 604 | 0.33 | % | |||||||||||||||||||||
Brightview, LLC (13) | First lien senior secured delayed draw term loan | L + 5.75% | 12/14/2026 | 296 | (5) | (3) | 0.00 | % | |||||||||||||||||||||
Brightview, LLC (13) | First lien senior secured revolving loan | L + 5.75% | 12/14/2026 | 62 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Brightview, LLC (8)(9) | First lien senior secured term loan | L + 5.75% | 12/14/2026 | 3,323 | 3,258 | 3,287 | 1.79 | % | |||||||||||||||||||||
Canadian Orthodontic Partners Corp. (8)(14) | First lien senior secured delayed draw term loan | C + 6.50% | 3/19/2026 | C$ | 360 | 186 | 188 | 0.10 | % | ||||||||||||||||||||
Canadian Orthodontic Partners Corp. (12)(14) | First lien senior secured revolving loan | P + 5.50% | 3/19/2026 | C$ | 267 | 170 | 174 | 0.09 | % | ||||||||||||||||||||
Canadian Orthodontic Partners Corp. (14) | First lien senior secured term loan | C + 6.50% | 3/19/2026 | C$ | 226 | 177 | 178 | 0.10 | % | ||||||||||||||||||||
Canadian Orthodontic Partners Corp. (13)(14) | First lien senior secured revolving loan | C + 6.50% | 3/19/2026 | 107 | (2) | (1) | 0.00 | % | |||||||||||||||||||||
Community Care Partners, LLC (6) | First lien senior secured delayed draw term loan | L + 5.25% | 8/11/2025 | 225 | 90 | 90 | 0.05 | % | |||||||||||||||||||||
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 (6) | First lien senior secured term loan | L + 5.25% | 8/11/2025 | 656 | 645 | 646 | 0.35 | % | |||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC (8) | First lien senior secured delayed draw term loan | L + 6.50% | 10/29/2026 | 98 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC (13) | First lien senior secured revolving loan | L + 6.50% | 10/29/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC (8) | First lien senior secured term loan | L + 6.50% | 10/29/2026 | 324 | 318 | 318 | 0.17 | % | |||||||||||||||||||||
Varsity DuvaSawko Operating Corp. (13) | First lien senior secured revolving loan | L + 6.25% | 11/27/2024 | 474 | (5) | (5) | 0.00 | % | |||||||||||||||||||||
Varsity DuvaSawko Operating Corp. (8) | First lien senior secured term loan | L + 6.25% | 11/27/2024 | 2,676 | 2,643 | 2,650 | 1.44 | % | |||||||||||||||||||||
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 | 426 | 418 | 419 | 0.23 | % | |||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 12/21/2025 | 300 | (5) | (4) | 0.00 | % | |||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/21/2025 | 1,027 | 1,010 | 1,011 | 0.55 | % | |||||||||||||||||||||
Golden Bear PT Partners, LLC (8) | First lien senior secured delayed draw term loan | L + 6.25% | 10/22/2026 | 382 | 143 | 143 | 0.08 | % | |||||||||||||||||||||
Golden Bear PT Partners, LLC (8) | First lien senior secured revolving loan | L + 6.25% | 10/22/2026 | 38 | 1 | 1 | 0.00 | % | |||||||||||||||||||||
Golden Bear PT Partners, LLC (8) | First lien senior secured term loan | L + 6.25% | 10/22/2026 | 1,500 | 1,471 | 1,471 | 0.80 | % | |||||||||||||||||||||
Guardian Dentistry Practice Management, LLC (13) | First lien senior secured delayed draw term loan | L + 5.75% | 12/14/2023 | 68 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Guardian Dentistry Practice Management, LLC (8) | First lien senior secured delayed draw term loan | L + 5.75% | 8/20/2026 | 323 | 317 | 318 | 0.17 | % | |||||||||||||||||||||
Guardian Dentistry Practice Management, LLC (13) | First lien senior secured revolving loan | L + 5.75% | 12/14/2023 | 23 | 0 | 0 | 0.00 | % | |||||||||||||||||||||
Guardian Dentistry Practice Management, LLC (8) | First lien senior secured term loan | L + 5.75% | 8/20/2026 | 526 | 517 | 518 | 0.28 | % | |||||||||||||||||||||
Network Partners Acquisition, LLC (13) | First lien senior secured delayed draw term loan | L + 6.50% | 12/30/2026 | 113 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
Network Partners Acquisition, LLC (13) | First lien senior secured revolving loan | L + 6.50% | 12/30/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Network Partners Acquisition, LLC (8) | First lien senior secured term loan | L + 6.50% | 12/30/2026 | 396 | 388 | 388 | 0.21 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
Novum Orthopedic Partners Management, LLC (13) | First lien senior secured delayed draw term loan | L + 5.75% | 12/29/2027 | 298 | (4) | (4) | 0.00 | % | |||||||||||||||||||||
Novum Orthopedic Partners Management, LLC (13) | First lien senior secured revolving loan | L + 5.75% | 12/29/2026 | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Novum Orthopedic Partners Management, LLC (8) | First lien senior secured term loan | L + 5.75% | 12/29/2027 | 2,176 | 2,132 | 2,132 | 1.16 | % | |||||||||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured delayed draw term loan | L + 6.00% | 12/31/2025 | 529 | 477 | 478 | 0.26 | % | |||||||||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured revolving loan | L + 6.00% | 12/31/2025 | 133 | 24 | 25 | 0.01 | % | |||||||||||||||||||||
Peak Dental Services, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/31/2025 | 545 | 535 | 536 | 0.29 | % | |||||||||||||||||||||
Peak Investment Holdings, LLC (8) | First lien senior secured delayed draw term loan | L + 6.50% | 12/6/2024 | 603 | 10 | 1 | 0.00 | % | |||||||||||||||||||||
Peak Investment Holdings, LLC (13) | First lien senior secured revolving loan | L + 6.50% | 12/6/2024 | 324 | (4) | (9) | 0.00 | % | |||||||||||||||||||||
Peak Investment Holdings, LLC (8) | First lien senior secured term loan | L + 6.50% | 12/6/2024 | 1,301 | 1,283 | 1,264 | 0.69 | % | |||||||||||||||||||||
Pentec Acquisition Corp. (13) | First lien senior secured revolving loan | L + 6.00% | 10/8/2026 | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Pentec Acquisition Corp. (8) | First lien senior secured term loan | L + 6.00% | 10/8/2026 | 1,006 | 987 | 996 | 0.54 | % | |||||||||||||||||||||
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)(12) | First lien senior secured term loan | L + 6.50% | 4/6/2026 | 985 | 966 | 969 | 0.53 | % | |||||||||||||||||||||
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)(13) | First lien senior secured revolving loan | L + 5.75% | 8/12/2026 | 150 | (3) | (1) | 0.00 | % | |||||||||||||||||||||
RQM Buyer, Inc. (9) | First lien senior secured term loan | L + 5.75% | 8/12/2026 | 1,162 | 1,140 | 1,151 | 0.63 | % | |||||||||||||||||||||
SAMGI Buyer, Inc. (13) | First lien senior secured revolving loan | L + 6.00% | 4/14/2025 | 138 | (3) | (2) | 0.00 | % | |||||||||||||||||||||
SAMGI Buyer, Inc. (8) | First lien senior secured term loan | L + 6.00% | 4/14/2025 | 1,164 | 1,142 | 1,146 | 0.62 | % | |||||||||||||||||||||
SCP ENT and Allergy Services, LLC (13) | First lien senior secured delayed draw term loan | L + 5.50% | 12/15/2023 | 150 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
SCP ENT and Allergy Services, LLC (8) | First lien senior secured delayed draw term loan | L + 5.50% | 9/25/2025 | 1,171 | 546 | 555 | 0.30 | % | |||||||||||||||||||||
SCP ENT and Allergy Services, LLC (13) | First lien senior secured revolving loan | L + 5.50% | 12/15/2023 | 218 | (5) | (3) | 0.00 | % | |||||||||||||||||||||
SCP ENT and Allergy Services, LLC (8) | First lien senior secured term loan | L + 5.50% | 9/25/2025 | 1,568 | 1,535 | 1,543 | 0.84 | % | |||||||||||||||||||||
Signature Dental Partners LLC (6)(8) | First lien senior secured delayed draw term loan | L + 6.00% | 10/29/2026 | 180 | 35 | 35 | 0.02 | % | |||||||||||||||||||||
Signature Dental Partners LLC (13) | First lien senior secured revolving loan | L + 6.00% | 10/29/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Signature Dental Partners LLC (8) | First lien senior secured term loan | L + 6.00% | 10/29/2026 | 870 | 853 | 853 | 0.46 | % | |||||||||||||||||||||
Silver Falls MSO, LLC (8) | First lien senior secured revolving loan | L + 6.25% | 8/30/2024 | 235 | 138 | 135 | 0.07 | % | |||||||||||||||||||||
Silver Falls MSO, LLC (8) | First lien senior secured term loan | L + 6.25% | 8/30/2024 | 1,304 | 1,286 | 1,272 | 0.69 | % | |||||||||||||||||||||
SimiTree Acquisition LLC (8) | First lien senior secured delayed draw term loan | L + 5.25% | 5/17/2026 | 888 | 528 | 529 | 0.29 | % | |||||||||||||||||||||
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 | 1,151 | 1,131 | 1,132 | 0.61 | % | |||||||||||||||||||||
Southeast Primary Care Partners, LLC (6) | First lien senior secured delayed draw term loan | L + 6.25% | 12/30/2025 | 300 | 54 | 54 | 0.03 | % | |||||||||||||||||||||
Southeast Primary Care Partners, LLC (6) | First lien senior secured revolving loan | L + 6.25% | 12/30/2025 | 225 | 26 | 26 | 0.01 | % | |||||||||||||||||||||
Southeast Primary Care Partners, LLC (6) | First lien senior secured term loan | L + 6.25% | 12/30/2025 | 725 | 710 | 711 | 0.39 | % | |||||||||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured delayed draw term loan | L + 5.75% | 1/27/2026 | 904 | 883 | 887 | 0.48 | % | |||||||||||||||||||||
Southern Orthodontic Partners Management, LLC (13) | First lien senior secured delayed draw term loan | L + 5.75% | 12/17/2023 | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured revolving loan | L + 5.75% | 1/27/2026 | 134 | 38 | 39 | 0.02 | % | |||||||||||||||||||||
Southern Orthodontic Partners Management, LLC (8) | First lien senior secured term loan | L + 5.75% | 1/27/2026 | 1,021 | 1,001 | 1,003 | 0.54 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
Vital Care Buyer, LLC (13) | First lien senior secured revolving loan | L + 5.50% | 10/19/2025 | 580 | (8) | (7) | 0.00 | % | |||||||||||||||||||||
Vital Care Buyer, LLC (8) | First lien senior secured term loan | L + 5.50% | 10/19/2025 | 916 | 903 | 905 | 0.49 | % | |||||||||||||||||||||
Western Veterinary Partners, LLC (6)(8) | First lien senior secured delayed draw term loan | L + 5.25% | 10/29/2026 | 334 | 204 | 206 | 0.11 | % | |||||||||||||||||||||
Western Veterinary Partners, LLC (13) | First lien senior secured revolving loan | L + 5.25% | 10/29/2026 | 24 | 0 | 0 | 0.00 | % | |||||||||||||||||||||
Western Veterinary Partners, LLC (8) | First lien senior secured term loan | L + 5.25% | 10/29/2026 | 759 | 745 | 748 | 0.41 | % | |||||||||||||||||||||
39,217 | 39,257 | 21.32 | % | ||||||||||||||||||||||||||
Health care technology | |||||||||||||||||||||||||||||
Millennia Patient Services, LLC (13) | First lien senior secured delayed draw term loan | L + 6.50% | 3/8/2026 | $ | 267 | $ | (4) | $ | (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 | 1,000 | 983 | 985 | 0.54 | % | |||||||||||||||||||||
Spear Education, LLC (13) | First lien senior secured delayed draw term loan | L + 5.00% | 2/26/2025 | 474 | (3) | (8) | 0.00 | % | |||||||||||||||||||||
Spear Education, LLC (13) | First lien senior secured revolving loan | L + 5.00% | 2/26/2025 | 414 | (3) | (7) | 0.00 | % | |||||||||||||||||||||
Spear Education, LLC (9) | First lien senior secured term loan | L + 5.00% | 2/26/2025 | 862 | 856 | 848 | 0.46 | % | |||||||||||||||||||||
1,827 | 1,812 | 0.98 | % | ||||||||||||||||||||||||||
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 | 917 | 901 | 903 | 0.49 | % | |||||||||||||||||||||
Trademark Global, LLC (13) | First lien senior secured delayed draw term loan | L + 6.00% | 7/30/2024 | 61 | 0 | 0 | 0.00 | % | |||||||||||||||||||||
Trademark Global, LLC (6) | First lien senior secured revolving loan | L + 6.00% | 7/30/2024 | 113 | 85 | 85 | 0.05 | % | |||||||||||||||||||||
Trademark Global, LLC (6) | First lien senior secured term loan | L + 6.00% | 7/30/2024 | 1,834 | 1,826 | 1,829 | 0.99 | % | |||||||||||||||||||||
2,810 | 2,815 | 1.53 | % | ||||||||||||||||||||||||||
Internet and direct marketing retail | |||||||||||||||||||||||||||||
Aquatic Sales Solutions, LLC (8) | First lien senior secured revolving loan | L + 5.50% | 12/18/2025 | $ | 188 | $ | 67 | $ | 68 | 0.04 | % | ||||||||||||||||||
Aquatic Sales Solutions, LLC (8) | First lien senior secured term loan | L + 5.50% | 12/18/2025 | 2,541 | 2,495 | 2,503 | 1.36 | % | |||||||||||||||||||||
DealerOn Inc. (13) | First lien senior secured revolving loan | L + 5.50% | 11/19/2024 | 314 | (4) | (3) | 0.00 | % | |||||||||||||||||||||
DealerOn Inc. (8)(9) | First lien senior secured term loan | L + 5.50% | 11/19/2024 | 1,615 | 1,591 | 1,601 | 0.87 | % | |||||||||||||||||||||
4,149 | 4,169 | 2.26 | % | ||||||||||||||||||||||||||
IT services | |||||||||||||||||||||||||||||
Data Source Intermediate Holdings, LLC (13) | First lien senior secured revolving loan | L + 5.50% | 2/11/2025 | $ | 123 | $ | (2) | $ | (1) | 0.00 | % | ||||||||||||||||||
Data Source Intermediate Holdings, LLC (8)(9) | First lien senior secured term loan | L + 5.50% | 2/11/2025 | 824 | 813 | 815 | 0.44 | % | |||||||||||||||||||||
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 | 1,445 | 1,428 | 1,431 | 0.78 | % | |||||||||||||||||||||
FreshAddress, LLC (13) | First lien senior secured revolving loan | L + 5.50% | 10/5/2025 | 30 | 0 | 0 | 0.00 | % | |||||||||||||||||||||
FreshAddress, LLC (8) | First lien senior secured term loan | L + 5.50% | 10/5/2025 | 1,706 | 1,682 | 1,685 | 0.92 | % | |||||||||||||||||||||
Library Associates, LLC (13) | First lien senior secured revolving loan | L + 7.00% | 8/13/2023 | 84 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Library Associates, LLC (8) | First lien senior secured term loan | L + 7.00% | 8/13/2023 | 258 | 254 | 254 | 0.14 | % | |||||||||||||||||||||
P&R Dental Strategies, LLC (13) | First lien senior secured revolving loan | L + 6.50% | 12/22/2026 | 23 | 0 | 0 | 0.00 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
P&R Dental Strategies, LLC (8) | First lien senior secured term loan | L + 6.50% | 12/22/2026 | 660 | 647 | 647 | 0.35 | % | |||||||||||||||||||||
The Stratix Corporation (13) | First lien senior secured delayed draw term loan | L + 6.00% | 11/19/2027 | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
The Stratix Corporation (13) | First lien senior secured revolving loan | L + 6.00% | 11/19/2027 | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
The Stratix Corporation (8)(9) | First lien senior secured term loan | L + 6.00% | 11/19/2027 | 1,166 | 1,142 | 1,142 | 0.62 | % | |||||||||||||||||||||
5,960 | 5,969 | 3.24 | % | ||||||||||||||||||||||||||
Leisure equipment and products | |||||||||||||||||||||||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured delayed draw term loan | L + 6.25% | 4/22/2026 | $ | 392 | $ | 389 | $ | 390 | 0.21 | % | ||||||||||||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured revolving loan | L + 6.25% | 4/22/2026 | 262 | 207 | 208 | 0.11 | % | |||||||||||||||||||||
MacNeill Pride Group Corp. (8) | First lien senior secured term loan | L + 6.25% | 4/22/2026 | 876 | 868 | 870 | 0.47 | % | |||||||||||||||||||||
Performance PowerSports Group Purchaser, Inc. (7) | First lien senior secured revolving loan | L + 5.75% | 10/8/2026 | 56 | 48 | 48 | 0.03 | % | |||||||||||||||||||||
Performance PowerSports Group Purchaser, Inc. (8) | First lien senior secured term loan | L + 5.75% | 10/8/2026 | 1,490 | 1,461 | 1,463 | 0.79 | % | |||||||||||||||||||||
2,973 | 2,979 | 1.62 | % | ||||||||||||||||||||||||||
Leisure products | |||||||||||||||||||||||||||||
Motis Brands, Inc. (9) | First lien senior secured delayed draw term loan | L + 5.50% | 8/31/2026 | $ | 79 | $ | 77 | $ | 77 | 0.04 | % | ||||||||||||||||||
Motis Brands, Inc. (8) | First lien senior secured revolving loan | L + 5.50% | 8/31/2026 | 56 | 41 | 41 | 0.02 | % | |||||||||||||||||||||
Motis Brands, Inc. (8) | First lien senior secured term loan | L + 5.50% | 8/31/2026 | 662 | 650 | 651 | 0.35 | % | |||||||||||||||||||||
768 | 769 | 0.42 | % | ||||||||||||||||||||||||||
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 | 0.01 | % | ||||||||||||||||||
Aptitude Health Holdings, LLC (8) | First lien senior secured term loan | L + 5.25% | 5/3/2026 | 1,114 | 1,094 | 1,096 | 0.60 | % | |||||||||||||||||||||
1,116 | 1,118 | 0.61 | % | ||||||||||||||||||||||||||
Machinery | |||||||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC (13) | First lien senior secured revolving loan | L + 5.75% | 4/30/2026 | $ | 173 | $ | (3) | $ | (3) | 0.00 | % | ||||||||||||||||||
Abrasive Technology Intermediate, LLC (9) | First lien senior secured term loan | L + 5.75% | 4/30/2026 | 945 | 928 | 929 | 0.50 | % | |||||||||||||||||||||
DNS IMI Acquisition Corp (13) | First lien senior secured delayed draw term loan | L +5.50% | 11/23/2026 | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
DNS IMI Acquisition Corp (6) | First lien senior secured revolving loan | L + 5.50% | 11/23/2026 | 18 | 2 | 2 | 0.00 | % | |||||||||||||||||||||
DNS IMI Acquisition Corp (12) | First lien senior secured revolving loan | P + 4.50% | 11/23/2026 | 38 | 5 | 5 | 0.00 | % | |||||||||||||||||||||
DNS IMI Acquisition Corp (8) | First lien senior secured term loan | L + 5.50% | 11/23/2026 | 1,665 | 1,632 | 1,632 | 0.89 | % | |||||||||||||||||||||
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 | 894 | 882 | 880 | 0.48 | % | |||||||||||||||||||||
3,443 | 3,442 | 1.87 | % | ||||||||||||||||||||||||||
Media | |||||||||||||||||||||||||||||
ALM Media, LLC (13)(18) | First lien senior secured revolving loan | L + 7.00% | 11/25/2024 | $ | 971 | $ | (13) | $ | (15) | (0.01) | % | ||||||||||||||||||
ALM Media, LLC (8) | First lien senior secured term loan | L + 7.00% | 11/25/2024 | 2,616 | 2,576 | 2,575 | 1.40 | % | |||||||||||||||||||||
Exclusive Concepts, LLC (13) | First lien senior secured delayed draw term loan | L + 6.00% | 12/9/2026 | 225 | (4) | (4) | 0.00 | % | |||||||||||||||||||||
Exclusive Concepts, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 12/9/2026 | 23 | 0 | 0 | 0.00 | % | |||||||||||||||||||||
Exclusive Concepts, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/9/2026 | 633 | 620 | 620 | 0.34 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
Infolinks Media Buyco, LLC (13) | First lien senior secured delayed draw term loan | L + 6.00% | 11/1/2026 | 39 | 0 | 0 | 0.00 | % | |||||||||||||||||||||
Infolinks Media Buyco, LLC (13) | First lien senior secured revolving loan | L + 6.00% | 11/1/2026 | 38 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
Infolinks Media Buyco, LLC (8) | First lien senior secured term loan | L + 6.00% | 11/1/2026 | 1,164 | 1,141 | 1,141 | 0.62 | % | |||||||||||||||||||||
The Channel Company, LLC (13) | First lien senior secured revolving loan | L + 5.25% | 11/1/2027 | 62 | (1) | (1) | 0.00 | % | |||||||||||||||||||||
The Channel Company, LLC (8) | First lien senior secured term loan | L + 5.25% | 11/1/2027 | 1,547 | 1,521 | 1,521 | 0.83 | % | |||||||||||||||||||||
5,839 | 5,836 | 3.17 | % | ||||||||||||||||||||||||||
Metals and mining | |||||||||||||||||||||||||||||
Copperweld Group, Inc. (8) | First lien senior secured revolving loan | L + 5.50% | 9/27/2024 | $ | 456 | $ | 252 | $ | 252 | 0.14 | % | ||||||||||||||||||
Copperweld Group, Inc. (8) | First lien senior secured term loan | L + 5.50% | 9/27/2024 | 2,157 | 2,124 | 2,126 | 1.15 | % | |||||||||||||||||||||
2,376 | 2,378 | 1.29 | % | ||||||||||||||||||||||||||
Personal products | |||||||||||||||||||||||||||||
Cosmetic Solutions, LLC (13) | First lien senior secured delayed draw term loan | L + 5.75% | 10/17/2025 | $ | 366 | $ | (5) | $ | (4) | 0.00 | % | ||||||||||||||||||
Cosmetic Solutions, LLC (13) | First lien senior secured revolving loan | L + 5.75% | 10/17/2025 | 344 | (5) | (4) | 0.00 | % | |||||||||||||||||||||
Cosmetic Solutions, LLC (8) | First lien senior secured term loan | L + 5.75% | 10/17/2025 | 2,775 | 2,733 | 2,743 | 1.49 | % | |||||||||||||||||||||
2,723 | 2,735 | 1.49 | % | ||||||||||||||||||||||||||
Pharmaceuticals | |||||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc. (13)(14) | First lien senior secured revolving loan | C + 6.50% | 7/23/2026 | C$ | 75 | $ | (1) | $ | (1) | 0.00 | % | ||||||||||||||||||
Bio Agri Mix Holdings Inc. (13)(14) | First lien senior secured revolving loan | C + 6.50% | 7/23/2026 | 30 | (1) | 0 | 0.00 | % | |||||||||||||||||||||
Bio Agri Mix Holdings Inc. (14) | First lien senior secured term loan | C + 6.50% | 7/23/2026 | C$ | 1,257 | 981 | 978 | 0.53 | % | ||||||||||||||||||||
Formulated Buyer, LLC (8) | First lien senior secured delayed draw term loan | L + 5.25% | 9/22/2026 | 300 | 24 | 24 | 0.01 | % | |||||||||||||||||||||
Formulated Buyer, LLC (8)(9) | First lien senior secured revolving loan | L + 5.25% | 9/22/2026 | 188 | 64 | 64 | 0.03 | % | |||||||||||||||||||||
Formulated Buyer, LLC (8)(9) | First lien senior secured term loan | L + 5.25% | 9/22/2026 | 465 | 456 | 457 | 0.25 | % | |||||||||||||||||||||
Maxor National Pharmacy Services, LLC (8) | First lien senior secured term loan | L + 5.50% | 12/6/2027 | 472 | 463 | 463 | 0.25 | % | |||||||||||||||||||||
Maxor National Pharmacy Services, LLC (13) | First lien senior secured revolving loan | L +5.50% | 12/6/2027 | 84 | (2) | (2) | 0.00 | % | |||||||||||||||||||||
Maxor National Pharmacy Services, LLC (8) | First lien senior secured term loan | L +5.50% | 12/6/2027 | 1,334 | 1,308 | 1,308 | 0.71 | % | |||||||||||||||||||||
3,292 | 3,291 | 1.79 | % | ||||||||||||||||||||||||||
Professional services | |||||||||||||||||||||||||||||
Stax Holding Company, LLC (8)(13) | First lien senior secured revolving loan | L + 5.25% | 10/29/2026 | $ | 60 | $ | (1) | $ | (1) | 0.00 | % | ||||||||||||||||||
Stax Holding Company, LLC (8) | First lien senior secured term loan | L + 5.25% | 10/29/2026 | 825 | 813 | 813 | 0.44 | % | |||||||||||||||||||||
812 | 812 | 0.44 | % | ||||||||||||||||||||||||||
Real estate management and development | |||||||||||||||||||||||||||||
BBG Intermediate Holdings, Inc. (11)(13) | First lien senior secured revolving loan | L + 6.50% | 1/8/2026 | $ | 233 | $ | (4) | $ | (3) | 0.00 | % | ||||||||||||||||||
BBG Intermediate Holdings, Inc. (8) | First lien senior secured term loan | L + 6.50% | 1/8/2026 | 1,667 | 1,635 | 1,642 | 0.89 | % | |||||||||||||||||||||
1,631 | 1,639 | 0.89 | % | ||||||||||||||||||||||||||
Semiconductors and semiconductor equipment | |||||||||||||||||||||||||||||
Altamira Material Solutions, LP (12)(13) | First lien senior secured revolving loan | P + 4.50% | 9/2/2026 | $ | 45 | $ | (1) | $ | (1) | 0.00 | % | ||||||||||||||||||
Altamira Material Solutions, LP (8)(7) | First lien senior secured term loan | L + 5.50% | 9/2/2026 | 729 | 715 | 716 | 0.39 | % | |||||||||||||||||||||
714 | 715 | 0.39 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
Software | |||||||||||||||||||||||||||||
Affinitiv, Inc. (13) | First lien senior secured revolving loan | L + 6.50% | 8/26/2024 | $ | 248 | $ | (2) | $ | (2) | 0.00 | % | ||||||||||||||||||
Affinitiv, Inc. (8) | First lien senior secured term loan | L + 6.50% | 8/26/2024 | 2,322 | 2,296 | 2,305 | 1.25 | % | |||||||||||||||||||||
ShiftKey, LLC (8) | First lien senior secured revolving loan | L + 6.00% | 3/17/2026 | 120 | 59 | 59 | 0.03 | % | |||||||||||||||||||||
ShiftKey, LLC (12) | First lien senior secured revolving loan | P + 5.00% | 3/17/2026 | 120 | 59 | 59 | 0.03 | % | |||||||||||||||||||||
ShiftKey, LLC (8) | First lien senior secured term loan | L + 6.00% | 3/17/2026 | 936 | 923 | 924 | 0.50 | % | |||||||||||||||||||||
3,335 | 3,345 | 1.82 | % | ||||||||||||||||||||||||||
Specialty retail | |||||||||||||||||||||||||||||
Dykstra's Auto, LLC (8) | First lien senior secured delayed draw term loan | L+ 5.25% | 10/22/2026 | $ | 188 | $ | 70 | $ | 70 | 0.04 | % | ||||||||||||||||||
Dykstra's Auto, LLC (12) | First lien senior secured revolving loan | P + 4.25% | 10/22/2026 | 38 | 22 | 22 | 0.01 | % | |||||||||||||||||||||
Dykstra's Auto, LLC (8) | First lien senior secured term loan | L+ 5.25% | 10/22/2026 | 497 | 487 | 487 | 0.26 | % | |||||||||||||||||||||
Kaizen Auto Care, LLC (8) | First lien senior secured delayed draw term loan | L + 6.00% | 12/22/2023 | 225 | 43 | 43 | 0.02 | % | |||||||||||||||||||||
Kaizen Auto Care, LLC (12) | First lien senior secured revolving loan | P + 5.00% | 12/22/2026 | 38 | 11 | 11 | 0.01 | % | |||||||||||||||||||||
Kaizen Auto Care, LLC (8) | First lien senior secured term loan | L + 6.00% | 12/22/2023 | 780 | 766 | 765 | 0.42 | % | |||||||||||||||||||||
Leonard Group, Inc. (13) | First lien senior secured revolving loan | L + 6.00% | 2/26/2026 | 197 | (3) | (3) | 0.00 | % | |||||||||||||||||||||
Leonard Group, Inc. (10) | First lien senior secured term loan | L + 6.00% | 2/26/2026 | 1,256 | 1,234 | 1,236 | 0.67 | % | |||||||||||||||||||||
Pink Lily Holdings, LLC (8) | First lien senior secured revolving loan | L + 6.50% | 11/16/2027 | 63 | 16 | 16 | 0.01 | % | |||||||||||||||||||||
Pink Lily Holdings, LLC (8) | First lien senior secured term loan | L + 6.50% | 11/16/2027 | 1,371 | 1,347 | 1,347 | 0.73 | % | |||||||||||||||||||||
3,993 | 3,994 | 2.17 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
Textiles, apparel and luxury goods | |||||||||||||||||||||||||||||
Lakeshirts LLC (8) | First lien senior secured revolving loan | L + 4.75% | 12/23/2024 | $ | 398 | $ | 314 | $ | 314 | 0.17 | % | ||||||||||||||||||
Lakeshirts LLC (8) | First lien senior secured term loan | L + 4.75% | 12/23/2024 | 1,566 | 1,548 | 1,543 | 0.84 | % | |||||||||||||||||||||
1,862 | 1,857 | 1.01 | % | ||||||||||||||||||||||||||
Trading companies and distributors | |||||||||||||||||||||||||||||
AFC Industries, Inc. (9) | First lien senior secured delayed draw term loan | L + 6.25% | 12/20/2023 | $ | 129 | $ | 7 | $ | 7 | 0.00 | % | ||||||||||||||||||
AFC Industries, Inc. (8)(9) | First lien senior secured delayed draw term loan | L + 6.25% | 4/9/2027 | 355 | 350 | 351 | 0.19 | % | |||||||||||||||||||||
AFC Industries, Inc. (8)(20) | First lien senior secured revolving loan | L + 6.25% | 10/9/2026 | 7 | 1 | 1 | 0.00 | % | |||||||||||||||||||||
AFC Industries, Inc. (12)(20) | First lien senior secured revolving loan | P + 5.25% | 10/9/2026 | 124 | 25 | 25 | 0.01 | % | |||||||||||||||||||||
AFC Industries, Inc. (8)(9) | First lien senior secured term loan | L + 6.25% | 4/9/2027 | 748 | 738 | 740 | 0.40 | % | |||||||||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured delayed draw term loan | L + 5.75% | 10/31/2025 | 1,043 | 564 | 569 | 0.31 | % | |||||||||||||||||||||
Banner Buyer, LLC (13) | First lien senior secured revolving loan | L + 5.75% | 10/31/2025 | 370 | (4) | (3) | 0.00 | % | |||||||||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured term loan | L +5.75% | 10/31/2025 | 1,385 | 1,368 | 1,374 | 0.75 | % | |||||||||||||||||||||
Empire Equipment Company, LLC (13) | First lien senior secured delayed draw term loan | L + 5.50% | 1/17/2025 | 941 | (13) | (20) | (0.01) | % | |||||||||||||||||||||
Empire Equipment Company, LLC (9) | First lien senior secured revolving loan | L + 5.50% | 1/17/2025 | 439 | 119 | 116 | 0.06 | % | |||||||||||||||||||||
Empire Equipment Company, LLC (8) | First lien senior secured term loan | L + 5.50% | 1/17/2025 | 1,291 | 1,271 | 1,264 | 0.69 | % | |||||||||||||||||||||
Montway LLC (13) | First lien senior secured delayed draw term loan | L + 6.25% | 11/4/2025 | 675 | (12) | (11) | (0.01) | % | |||||||||||||||||||||
Montway LLC (13) | First lien senior secured revolving loan | L + 6.25% | 11/4/2025 | 150 | (3) | (2) | 0.00 | % | |||||||||||||||||||||
Montway LLC (8) | First lien senior secured term loan | L + 6.25% | 11/4/2025 | 723 | 710 | 711 | 0.39 | % | |||||||||||||||||||||
Shearer Supply, LLC (12) | First lien senior secured revolving loan | P + 4.50% | 9/17/2027 | 113 | 39 | 39 | 0.02 | % | |||||||||||||||||||||
Shearer Supply, LLC (8) | First lien senior secured term loan | L + 5.50% | 9/17/2027 | 807 | 791 | 793 | 0.43 | % | |||||||||||||||||||||
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 | 941 | 928 | 932 | 0.51 | % | |||||||||||||||||||||
6,875 | 6,883 | 3.74 | % | ||||||||||||||||||||||||||
Water utilities | |||||||||||||||||||||||||||||
Diamondback Buyer, LLC (13) | First lien senior secured revolving loan | L + 5.50% | 7/22/2026 | $ | 75 | $ | (1) | $ | (1) | 0.00 | % | ||||||||||||||||||
Diamondback Buyer, LLC (9) | First lien senior secured term loan | L + 5.50% | 7/22/2026 | 855 | 838 | 842 | 0.46 | % | |||||||||||||||||||||
837 | 841 | 0.46 | % | ||||||||||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 151,054 | $ | 151,105 | 82.08 | % | |||||||||||||||||||||||
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 | $ | 11 | $ | 11 | 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 | 16 | 16 | 0.01 | % | |||||||||||||||||||||||||
Total non-controlled/non-affiliated investments | $ | 151,070 | $ | 151,121 | 82.09 | % |
Company(1)(2) | Investment | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||
Non-controlled/affiliated investments | |||||||||||||||||||||||||||||
Multisector holdings | |||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (23) | Equity - 2.09% membership interest | $ | 6,196 | 7,972 | 4.33 | % | |||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC (23) | Equity - 2.11% membership interest | 14 | 14 | 0.01 | % | ||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 6,210 | $ | 7,986 | 4.34 | % | |||||||||||||||||||||||
Total investments | $ | 157,280 | $ | 159,107 | 86.43 | % |
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 | |||||||||||||||
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 | )% | |||||||||
Reliable Medical Supply LLC (8) | First lien senior secured term loan | L+6.00% | 4/8/2025 | 622 | 611 | 612 | 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 | % | |||||||||||||
Anne Arundel Dermatology Management, LLC (11) | 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 | % | ||||||||||||||
Apex Dental Partners, LLC (11) | 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 | )% | ||||||||||||
Apex Dental Partners, LLC (7) | 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 | % | ||||||||||||||
ASP Global Acquisition, LLC (11)(12) | 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 | % | ||||||||||||||
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 | )% | ||||||||||||
Beacon Oral Specialists Management LLC (11) | 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 | % | ||||||||||||||
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 | % | ||||||||||||||
Peak Dental Services, LLC (11) | 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 | % | ||||||||||||||
Peak Dental Services, LLC (7) | 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 | )% | ||||||||||||
Peak Investment Holdings, LLC (11) | 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 | % | ||||||||||||||
SAMGI Buyer, Inc. (11) | 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 | % | ||||||||||||||
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 | % | ||||||||||||||
SCP ENT and Allergy Services, LLC (11) | 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 | % | ||||||||||||||
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 | % | ||||||||||||||
SCP Eye Care Services, LLC (11) | 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 | % | ||||||||||||||
Silver Falls MSO, LLC (8) | 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 | % | ||||||||||||||
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 | )% | ||||||||||||
Southeast Primary Care Partners, LLC (11) | 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 | % | ||||||||||||||
Varsity DuvaSawko Operating Corp. (11) | 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 | % | ||||||||||||||
Vital Care Buyer, LLC (11) | 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 | % | ||||||||||||||
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 | )% | |||||||||
Spear Education, LLC (7) | 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 | % | ||||||||||||||
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 | % | |||||||||||
Aquatic Sales Solutions, LLC (7) | 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 | )% | ||||||||||||
DealerOn Inc. (8) | 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 | % | ||||||||||||||||||
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 | % | |||||||||||
Data Source Intermediate Holdings, LLC (8) | 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 | )% | ||||||||||||
Legility, LLC (7)(8) | 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 | )% | ||||||||||||
Library Associates, LLC (7) | 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 | % |
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||
Wells Fargo Bank, National Association | USD 410 | CAD 505 | 6/27/2022 | $ | 11 | |||||||||||||||||||||
Wells Fargo Bank, National Association | USD 65 | CAD 80 | 6/27/2022 | 2 | ||||||||||||||||||||||
Wells Fargo Bank, National Association | USD 73 | CAD 93 | 1/18/2022 | (1) | ||||||||||||||||||||||
Wells Fargo Bank, National Association | USD 99 | CAD 128 | 1/18/2022 | (2) | ||||||||||||||||||||||
Wells Fargo Bank, National Association | USD 1,112 | CAD 1,375 | 10/21/2022 | 26 | ||||||||||||||||||||||
Wells Fargo Bank, National Association | USD 49 | CAD 39 | 10/21/2022 | — | ||||||||||||||||||||||
Total | $ | 36 | ||||||||||||||||||||||||
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 - 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 | % |
Level 1Inputs 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 2Inputs 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 3Inputs that are unobservable. |
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, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 170,038 | $ | 170,031 | $ | 151,054 | $ | 151,105 | |||||||||||||||
Sponsor subordinated note | 16 | 16 | 16 | 16 | |||||||||||||||||||
Investment in affiliated funds | 6,878 | 9,718 | 6,210 | 7,986 | |||||||||||||||||||
Total investments | $ | 176,932 | $ | 179,765 | $ | 157,280 | $ | 159,107 |
June 30, 2022 | December 31, 2021 | ||||||||||
Aerospace and defense | 1.2 | % | 1.3 | % | |||||||
Air freight and logistics | 0.5 | % | — | % | |||||||
Auto components | 1.7 | % | 1.4 | % | |||||||
Chemicals | 4.2 | % | 4.6 | % | |||||||
Commercial services and supplies | 5.7 | % | 3.7 | % | |||||||
Construction and engineering | 1.5 | % | 1.6 | % | |||||||
Containers and packaging | 3.4 | % | 3.9 | % | |||||||
Distributors | 0.3 | % | 0.3 | % | |||||||
Diversified consumer services | 6.7 | % | 8.9 | % | |||||||
Electrical equipment | 0.7 | % | 0.8 | % | |||||||
Electronic equipment, instruments and components | 1.2 | % | 1.4 | % | |||||||
Food and staples retailing | 2.4 | % | 2.3 | % | |||||||
Food products | 0.9 | % | 0.9 | % | |||||||
Gas utilities | 0.8 | % | 0.9 | % | |||||||
Health care equipment and supplies | 2.5 | % | 2.0 | % | |||||||
Health care providers and services | 22.7 | % | 24.8 | % | |||||||
Health care technology | 1.1 | % | 1.1 | % | |||||||
Household durables | 1.5 | % | 1.8 | % | |||||||
Internet and direct marketing retail | 2.3 | % | 2.6 | % | |||||||
IT services | 4.0 | % | 3.8 | % | |||||||
Leisure equipment and products | 1.7 | % | 1.9 | % | |||||||
Leisure products | 0.6 | % | 0.5 | % | |||||||
Life sciences tools and services | 0.6 | % | 0.7 | % | |||||||
Machinery | 2.5 | % | 2.2 | % | |||||||
Media | 3.7 | % | 3.7 | % | |||||||
Metals and mining | 1.2 | % | 1.5 | % | |||||||
Multisector holdings | 5.4 | % | 5.0 | % | |||||||
Personal products | 1.7 | % | 1.7 | % | |||||||
Pharmaceuticals | 1.8 | % | 2.1 | % | |||||||
Professional services | 0.5 | % | 0.5 | % | |||||||
Real estate management and development | 1.6 | % | 1.0 | % | |||||||
Semiconductors and semiconductor equipment | 0.4 | % | 0.5 | % | |||||||
Software | 4.1 | % | 2.1 | % | |||||||
Specialty retail | 3.0 | % | 2.5 | % | |||||||
Textiles, apparel and luxury goods | 1.1 | % | 1.2 | % | |||||||
Trading companies and distributors | 4.3 | % | 4.3 | % | |||||||
Water utilities | 0.5 | % | 0.5 | % | |||||||
Total | 100.0 | % | 100.0 | % |
June 30, 2021 | December 31, 2020 | |||||||
Aerospace and defense | 2.1 | % | 2.7 | % | ||||
Auto components | - | 1.5 | % | |||||
Chemicals | 6.9 | % | 8.4 | % | ||||
Commercial services and supplies | 3.0 | % | 7.0 | % | ||||
Construction and engineering | 0.6 | % | - | |||||
Containers and packaging | 5.7 | % | 7.0 | % | ||||
Diversified consumer services | 9.6 | % | 9.8 | % | ||||
Electronic equipment, instruments and components | 1.4 | % | 2.0 | % | ||||
Food and staples retailing | 1.5 | % | 0.9 | % | ||||
Food products | 1.9 | % | 1.3 | % | ||||
Gas utilities | 1.5 | % | 1.6 | % | ||||
Health care equipment and supplies | 3.0 | % | 0.8 | % | ||||
Health care providers and services | 21.9 | % | 24.0 | % | ||||
Health care technology | 1.9 | % | 1.6 | % | ||||
Household durables | 0.9 | % | - | |||||
Internet and direct marketing retail | 2.5 | % | 2.5 | % | ||||
IT services | 4.6 | % | 3.4 | % | ||||
Leisure equipment and products | 1.0 | % | - | |||||
Life sciences tools and services | 1.1 | % | - | |||||
Machinery | 1.8 | % | 1.1 | % | ||||
Media | 2.9 | % | 3.4 | % | ||||
Metals and mining | 2.4 | % | 2.6 | % | ||||
Multisector holdings | 5.2 | % | 4.7 | % | ||||
Personal products | 2.8 | % | 3.5 | % | ||||
Real estate management and development | 1.7 | % | - | |||||
Software | 3.3 | % | 2.9 | % | ||||
Specialty retail | 1.3 | % | - | |||||
Textiles, apparel and luxury goods | 1.8 | % | 2.0 | % | ||||
Trading companies and distributors | 5.7 | % | 5.3 | % | ||||
Total | 100.0 | % | 100.0 | % |
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 |
Assets at Fair Value as of June 30, 2022 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
First lien senior secured debt | $ | — | $ | — | $ | 170,031 | $ | 170,031 | |||||||||||||||
Sponsor subordinated note | — | — | 16 | 16 | |||||||||||||||||||
Foreign currency forward contracts | — | 44 | — | 44 | |||||||||||||||||||
Total | $ | — | $ | 44 | $ | 170,047 | $ | 170,091 | |||||||||||||||
Investments measured at net asset value(1) | 9,718 | ||||||||||||||||||||||
Total financial instruments, at fair value | $ | 179,809 |
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||
First lien senior secured debt | $ | - | $ | - | $ | 75,805 | $ | 75,805 | |||||||
Sponsor subordinated note | - | - | 7 | 7 | |||||||||||
Total | $ | - | $ | 4 | $ | 75,812 | $ | 75,812 | |||||||
Investments measured at net asset value(1) | 3,721 | ||||||||||||||
Total financial instruments, at fair value | $ | 79,533 |
Liabilities at Fair Value as of June 30, 2022 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | 8 | $ | — | $ | 8 |
Assets at Fair Value as of December 31, 2021 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
First lien senior secured debt | $ | — | $ | — | $ | 151,105 | $ | 151,105 | |||||||||||||||
Sponsor subordinated note | — | — | 16 | 16 | |||||||||||||||||||
Net foreign currency forward contracts | — | 36 | — | 36 | |||||||||||||||||||
Total | $ | — | $ | 36 | $ | 151,121 | $ | 151,157 | |||||||||||||||
Investments measured at net asset value(1) | 7,986 | ||||||||||||||||||||||
Total financial instruments, at fair value | $ | 159,143 |
Level 3 Assets at Fair Value for the Three Months Ended June 30, 2022* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 4/1/2022 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2022 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 153,712 | $ | 28,396 | $ | (12,099) | $ | 246 | $ | 22 | $ | (246) | $ | 170,031 | $ | (239) | |||||||||||||||||||||||||||||||
Sponsor subordinated notes | 16 | — | — | — | — | — | 16 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 153,728 | $ | 28,396 | $ | (12,099) | $ | 246 | $ | 22 | $ | (246) | $ | 170,047 | $ | (239) |
Level 3 Assets at Fair Value for the Three Months Ended June 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 | ||||||||||||||||||||||||
First lien senior secured debt | $ | 80,517 | $ | 20,138 | $ | (8,231 | ) | $ | 138 | $ | 69 | $ | 316 | $ | 92,947 | $ | 316 | |||||||||||||||
Sponsor subordinated note | 9 | - | - | - | - | (1 | ) | 8 | (1 | ) | ||||||||||||||||||||||
Total | $ | 80,526 | $ | 20,138 | $ | (8,231 | ) | $ | 138 | $ | 69 | $ | 315 | $ | 92,955 | $ | 315 | |||||||||||||||
* 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, 2022* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/1/2022 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2022 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 151,105 | $ | 41,439 | $ | (22,987) | $ | 475 | $ | 57 | $ | (58) | $ | 170,031 | $ | (63) | |||||||||||||||||||||||||||||||
Sponsor subordinated note | 16 | — | — | — | — | — | 16 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 151,121 | $ | 41,439 | $ | (22,987) | $ | 475 | $ | 57 | $ | (58) | $ | 170,047 | $ | (63) |
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 Three Months Ended June 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 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 80,517 | $ | 20,138 | $ | (8,246) | $ | 138 | $ | 84 | $ | 316 | $ | 92,947 | $ | 316 | |||||||||||||||||||||||||||||||
Sponsor subordinated note | 9 | — | — | — | — | (1) | 8 | (1) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 80,526 | $ | 20,138 | $ | (8,246) | $ | 138 | $ | 84 | $ | 315 | $ | 92,955 | $ | 315 |
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 | $ | (17,810) | $ | 313 | $ | 94 | $ | 477 | $ | 92,947 | $ | 477 | |||||||||||||||||||||||||||||||
Sponsor subordinated note | 7 | 2 | — | 1 | — | (2) | 8 | (2) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 75,812 | $ | 34,070 | $ | (17,810) | $ | 314 | $ | 94 | $ | 475 | $ | 92,955 | $ | 475 |
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* | ||||||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||
First lien senior secured debt | $ | 38,156 | $ | 30,002 | $ | (7,384 | ) | $ | 135 | $ | 4 | $ | (1,453 | ) | $ | 59,010 | $ | (1,453 | ) | |||||||||||||
Sponsor subordinated notes | - | 6 | - | - | - | - | 6 | - | ||||||||||||||||||||||||
Total | $ | 38,156 | $ | 30,008 | $ | (7,384 | ) | $ | 135 | $ | 4 | $ | (1,453 | ) | $ | 59,016 | $ | (1,453 | ) |
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 |
Asset Class | Fair Value as of 6/30/22 | Valuation Techniques | Significant Unobservable Inputs | Input Ranges | Weighted Average (1) | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 153,769 | Discounted cash flow | Yield | 8.3% - 18% | 9.9 | % | Decrease | |||||||||||||||||||||||||||
Sponsor subordinated notes | 16 | Market comparable | LTM EBITDA multiple | 6.1x - 7.6 x | 7.1 x | Increase | |||||||||||||||||||||||||||||
$ | 153,785 |
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 | Asset Class | Fair Value as of 12/31/21 | Valuation Techniques | Significant Unobservable Inputs | Input Ranges | Weighted Average (1) | Impact to Valuation from an Increase in Input | |||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 64,571 | Discounted cash flow | Yield | 6.3% - 11.4 | % | 8.0 | % | Decrease | First lien senior secured debt | $ | 104,516 | Discounted cash flow | Yield | 6.7% - 11.5% | 8.2 | % | Decrease | ||||||||||||||||||||||||||||||||
Sponsor subordinated note | 7 | Market comparable | LTM EBITDA multiple | 7.0 | x | Increase | Sponsor subordinated note | 16 | Market comparable | LTM EBITDA multiple | 7.0 x | Increase | ||||||||||||||||||||||||||||||||||||||
$ | 64,578 | $ | 104,532 |
As of December 31, 2021 | |||||||||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | |||||||||||||||||||
Subscription facility | $ | 15,000 | $ | — | $ | 3,564 | $ | — | |||||||||||||||
Total debt | $ | 15,000 | $ | — | $ | 3,564 | $ | — |
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 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 | $ | - |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Interest expense | $ | — | $ | 8 | $ | 8 | $ | 15 | |||||||||||||||
Amortization of deferred financing costs | — | 56 | 47 | 109 | |||||||||||||||||||
Total interest expense | $ | — | $ | 64 | $ | 55 | $ | 124 | |||||||||||||||
Average interest rate | N/A | 3.75 | % | N/A | 3.56 | % | |||||||||||||||||
Average daily borrowings | N/A | $ | 8 | N/A | $ | 31 |
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 |
Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of April 1, 2022 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2022 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | |||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 8,447 | $ | 463 | $ | (25) | $ | — | $ | 812 | $ | 9,697 | $ | — | |||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC | 18 | — | — | — | 3 | 21 | — | ||||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 8,465 | $ | 463 | $ | (25) | $ | — | $ | 815 | $ | 9,718 | $ | — |
Investment in Affiliated Fund at Fair Value for the Three Months Ended June 30, 2021 | Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | (Amounts in thousands) | Fair Value as of January 1, 2022 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2022 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 4,061 | $ | 731 | $ | (1 | ) | $ | - | $ | 340 | $ | 5,131 | $ | - | Twin Brook Equity Holdings, LLC | $ | 7,972 | $ | 701 | $ | (33) | $ | — | $ | 1,057 | $ | 9,697 | $ | — | |||||||||||||||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC | Twin Brook Segregated Equity Holdings, LLC | 14 | — | — | — | 7 | 21 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 4,061 | $ | 731 | $ | (1 | ) | $ | - | $ | 340 | $ | 5,131 | $ | - | Total non-controlled/affiliated investments | $ | 7,986 | $ | 701 | $ | (33) | $ | — | $ | 1,064 | $ | 9,718 | $ | — |
Investment in Affiliated Funds at Fair Value for the Three Months Ended June 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 | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | |||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 4,061 | $ | 731 | $ | (1) | $ | — | $ | 340 | $ | 5,131 | $ | — | |||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 4,061 | $ | 731 | $ | (1) | $ | — | $ | 340 | $ | 5,131 | $ | — |
Investment in Affiliated Funds at Fair Value for the Three Months Ended June 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 | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | |||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 3,721 | $ | 861 | $ | (3) | $ | — | $ | 552 | $ | 5,131 | $ | — | |||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 3,721 | $ | 861 | $ | (3) | $ | — | $ | 552 | $ | 5,131 | $ | — |
Investment in Affiliated Fund at Fair Value for the Six Months Ended June 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 | |||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 3,721 | $ | 861 | $ | (3 | ) | $ | - | $ | 552 | $ | 5,131 | $ | - | |||||||||||||
Total non-controlled/affiliated investments | $ | 3,721 | $ | 861 | $ | (3 | ) | $ | - | $ | 552 | $ | 5,131 | $ | - |
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 Affiliated Fund at Fair Value for the Six Months Ended June 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 | |||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 1,641 | $ | 665 | $ | (59 | ) | $ | - | $ | (290 | ) | $ | 1,957 | $ | - | ||||||||||||
Total non-controlled/affiliated investments | $ | 1,641 | $ | 665 | $ | (59 | ) | $ | - | $ | (290 | ) | $ | 1,957 | $ | - |
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 | $ | 44 | $ | 8 | $ | 36 | $ | — | $ | 36 |
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. |
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 | $ | 39 | $ | 3 | $ | 36 | $ | — | $ | 36 |
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | ||||||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | $ | 18 | — | ||||||||
Realized (loss) on foreign currency forward contracts | 30 | 28 |
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) |
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 | ||||||
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 | June 30, 2022 | December 31, 2021 | |||||||||
First lien senior secured debt(1) | (Amounts in thousands) | (Amounts in thousands) | |||||||||
50Floor, LLC | $ | 199 | $ | 199 | |||||||
626 Holdings Equity, LLC | 293 | — | |||||||||
Abrasive Technology Intermediate, LLC | 138 | 173 | |||||||||
Advanced Lighting Acquisition, LLC | 324 | 324 | |||||||||
AEP Passion Intermediate Holdings, Inc. | 67 | 91 | |||||||||
AFC Industries, Inc. | 104 | 223 | |||||||||
Affinitiv, Inc. | 248 | 248 | |||||||||
Agility Intermediate, Inc. | 507 | 534 | |||||||||
Alliance Environmental Group, LLC | 41 | 113 | |||||||||
ALM Media, LLC | 971 | 971 | |||||||||
Altamira Material Solutions, LP | 30 | 45 | |||||||||
AM Buyer, LLC | 111 | 111 | |||||||||
Answer Acquisition, LLC | 38 | 38 |
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 | June 30, 2022 | December 31, 2021 | |||||||||
Apex Dental Partners, LLC | 225 | 215 | |||||||||
Aptitude Health Holdings, LLC | 267 | 240 | |||||||||
Aquatic Sales Solutions, LLC | 117 | 117 | |||||||||
ARC Healthcare Technologies, LLC | 263 | — | |||||||||
ASC Ortho Management, LLC | 374 | 398 | |||||||||
ASP Global Acquisition, LLC | 485 | 534 | |||||||||
AvCarb, LLC | 633 | 704 | |||||||||
Banner Buyer, LLC | 715 | 838 | |||||||||
BBG Intermediate Holdings, Inc. | 82 | 233 | |||||||||
BCI Burke Holding Corp. | 209 | 196 | |||||||||
Beacon Oral Specialists Management LLC | 183 | 36 | |||||||||
Behavior Frontiers, LLC | 19 | 19 | |||||||||
Benefit Plan Administrators of Eau Claire, LLC | 225 | — | |||||||||
Bio Agri Mix Holdings Inc. | 88 | 89 | |||||||||
Brightview, LLC | 160 | 358 | |||||||||
Canadian Orthodontic Partners Corp. | 177 | 237 | |||||||||
CCG Acquisition, Inc. | 19 | — | |||||||||
Community Care Partners, LLC | 165 | 169 | |||||||||
Copperweld Group, Inc. | 376 | 197 | |||||||||
Cosmetic Solutions, LLC | 344 | 710 | |||||||||
CPS HVAC Group, LLC | 188 | 188 | |||||||||
Data Source Intermediate Holdings, LLC | 123 | 123 | |||||||||
DealerOn Inc. | 314 | 314 | |||||||||
Dermatology Medical Partners OpCo, LLC | 104 | 134 | |||||||||
Diamondback Buyer, LLC | 75 | 75 | |||||||||
DNS IMI Acquisition Corp | 131 | 124 | |||||||||
Domino Equipment Company, LLC | 79 | 79 | |||||||||
Double E Company, LLC | 104 | — | |||||||||
Dykstra's Auto, LLC | 105 | 129 | |||||||||
Edko Acquisition, LLC | 30 | 38 | |||||||||
EH Management Company, LLC | 38 | 38 | |||||||||
Empire Equipment Company, LLC | 31 | 1,254 | |||||||||
EMSAR Acquisition LLC | 489 | 542 | |||||||||
Engelman Baking Co., LLC | 174 | 153 | |||||||||
E-Phoenix Acquisition Co. Inc. | 75 | 75 | |||||||||
Exclusive Concepts, LLC | 248 | 248 | |||||||||
Formulated Buyer, LLC | 342 | 390 | |||||||||
Franchise Fastlane, LLC | 8 | — | |||||||||
FreshAddress, LLC | 30 | 30 | |||||||||
Geriatric Medical and Surgical Supply, LLC | 300 | 300 | |||||||||
Gold Medal Holdings, Inc. | 35 | — |
Portfolio Company | June 30, 2022 | December 31, 2021 | |||||||||
Golden Bear PT Partners, LLC | 196 | 267 | |||||||||
Green Monster Acquisition, LLC | 30 | 38 | |||||||||
Groundworks Operations, LLC | 423 | 575 | |||||||||
Guardian Dentistry Practice Management, LLC | 70 | 90 | |||||||||
Highland Acquisition, Inc. | 30 | — | |||||||||
HLSG Intermediate, LLC | 139 | — | |||||||||
Home Brands Group Holdings, Inc. | 48 | 48 | |||||||||
Hydromax USA, LLC | 68 | 182 | |||||||||
Icelandirect, LLC | 13 | 23 | |||||||||
Industrial Dynamics Company, Ltd. | 141 | 141 | |||||||||
Infolinks Media Buyco, LLC | 77 | 77 | |||||||||
Innovative FlexPak, LLC | 345 | 408 | |||||||||
IPC Pain Acquistion, LLC | 303 | — | |||||||||
ISSA, LLC | 92 | 66 | |||||||||
Jansy Packaging, LLC | 470 | 706 | |||||||||
Juniper Landscaping Holdings LLC | 132 | 110 | |||||||||
Kaizen Auto Care, LLC | 218 | 204 | |||||||||
Kalkomey Enterprises, LLC | 46 | 77 | |||||||||
Lakeshirts LLC | — | 80 | |||||||||
Leonard Group, Inc. | 234 | 197 | |||||||||
Library Associates, LLC | — | 84 | |||||||||
Load One Purchaser Corporation | 214 | — | |||||||||
MacNeill Pride Group Corp. | 167 | 52 | |||||||||
Mad Rose Company, LLC | 82 | 119 | |||||||||
Main Street Gourmet, LLC | 685 | 704 | |||||||||
Mattco Forge, Inc. | 506 | 506 | |||||||||
Maxor National Pharmacy Services, LLC | 84 | 84 | |||||||||
MetaSource, LLC | 124 | — | |||||||||
Millennia Patient Services, LLC | 401 | 401 | |||||||||
Montway LLC | 825 | 825 | |||||||||
Motis Brands, Inc. | — | 14 | |||||||||
MRC Keeler Acquisition, LLC | 300 | 300 | |||||||||
Nelson Name Plate Company | 89 | 94 | |||||||||
Network Partners Acquisition, LLC | 150 | 150 | |||||||||
Nimlok Company, LLC | 320 | 320 | |||||||||
Novum Orthopedic Partners Management, LLC | 191 | 373 | |||||||||
NSG Buyer, Inc. | — | 294 | |||||||||
NutriScience Innovations, LLC | 131 | 131 | |||||||||
P and R Dental Strategies, LLC | 23 | 23 | |||||||||
Peak Dental Services, LLC | 459 | 149 | |||||||||
Peak Investment Holdings, LLC | 908 | 908 |
Portfolio Company | June 30, 2022 | December 31, 2021 | |||||||||
Pentec Acquisition Corp. | 75 | 75 | |||||||||
Performance PowerSports Group Purchaser, Inc. | 6 | 8 | |||||||||
PHGP MB Purchaser, Inc. | 184 | — | |||||||||
Pink Lily Holdings, LLC | 63 | 46 | |||||||||
PPW Acquisition, LLC | 32 | 30 | |||||||||
Qin's Buffalo, LLC | 105 | — | |||||||||
Raneys, LLC | 38 | — | |||||||||
Reliable Medical Supply LLC | 110 | 178 | |||||||||
Revival Animal Health, LLC | 131 | 131 | |||||||||
RQM Buyer, Inc. | 234 | 234 | |||||||||
RTP Acquisition, LLC | 38 | 38 | |||||||||
Sage Dental Management, LLC | 56 | — | |||||||||
SAMGI Buyer, Inc. | 138 | 138 | |||||||||
SASE Company, LLC | 38 | 38 | |||||||||
SCA Buyer, LLC | 227 | 412 | |||||||||
SCP Beverage Buyer, LLC | 23 | 38 | |||||||||
SCP ENT and Allergy Services, LLC | 295 | 966 | |||||||||
Shearer Supply, LLC | 113 | 71 | |||||||||
ShiftKey, LLC | 110 | 120 | |||||||||
Signature Dental Partners LLC | 90 | 179 | |||||||||
Silver Falls MSO, LLC | 80 | 94 | |||||||||
SimiTree Acquisition LLC | 191 | 522 | |||||||||
SIMKO Merger Sub, LLC | 244 | — | |||||||||
Soccer Post Acquisition, LLC | 73 | — | |||||||||
Southeast Primary Care Partners, LLC | 315 | 435 | |||||||||
Southern Orthodontic Partners Management, LLC | 187 | 167 | |||||||||
Southern Sports Medicine Partners, LLC | 193 | — | |||||||||
Spear Education, LLC | 304 | 888 | |||||||||
Spectrum Solutions, LLC | 267 | 267 | |||||||||
Starwest Botanicals Acquisition, LLC | 43 | 174 | |||||||||
Stax Holding Company, LLC | 60 | 60 | |||||||||
Steel City Wash, LLC | 72 | 38 | |||||||||
Storm Smart Buyer LLC | 131 | 131 | |||||||||
Teel Plastics, LLC | 324 | 324 | |||||||||
The Channel Company, LLC | 62 | 62 | |||||||||
The Stratix Corporation | 75 | 150 | |||||||||
Trademark Global, LLC | 65 | 88 | |||||||||
Triad Technologies, LLC | 251 | 314 | |||||||||
United Land Services Opco Parent, LLC | 591 | 914 | |||||||||
USALCO, LLC | 53 | 93 | |||||||||
Vanguard Packaging, LLC | 481 | 303 |
Portfolio Company | June 30, 2022 | December 31, 2021 | |||||||||
Varsity DuvaSawko Operating Corp. | 474 | 474 | |||||||||
Vehicle Accessories, Inc. | 13 | 38 | |||||||||
Vital Care Buyer, LLC | 483 | 580 | |||||||||
Western Veterinary Partners, LLC | 320 | 147 | |||||||||
Total unfunded portfolio company commitments | $ | 27,399 | $ | 30,379 |
Six Months Ended June 30, 2021 | ||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||
June 30, 2021 | July 15, 2021 | 802,493 | 16.20 | |||||||
Total | 1,342,493 | $ | 27.00 |
Six Months Ended June 30, 2020 | ||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||
February 28, 2020 | March 13, 2020 | 810,000 | $ | 16.20 | ||||||
June 11, 2020 | June 25, 2020 | 432,000 | 8.64 | |||||||
Total | 1,242,000 | $ | 24.84 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
May 12, 2022 | May 26, 2022 | 531,182 | $ | 10.80 | ||||||||||||||||
Total | 531,182 | $ | 10.80 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||||||||||||
June 30, 2021 | July 15, 2021 | 802,493 | $ | 16.20 | ||||||||||||||||
Total | 1,342,493 | $ | 27.00 |
For the Six Months Ended June 30, 2021 | ||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 0.20 |
For the Six Months Ended June 30, 2022 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 14, 2022 | April 18, 2022 | April 29, 2022 | $ | 0.20 | ||||||||||||||||
May 11, 2022 | June 30, 2022 | July 29, 2022 | $ | 0.20 |
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 0.20 |
Three Months Ended June 30, 2021 | Three Months Ended Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||
(Amounts in thousands, except share and per share amounts) | June 30, 2021 | June 30, 2020 | (Amounts in thousands, except share and per share amounts) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,699 | $ | 633 | $ | 3,002 | $ | (1,023 | ) | Net increase (decrease) in net assets resulting from operations | $ | 2,837 | $ | 1,699 | $ | 5,184 | $ | 3,002 | |||||||||||||||||||||
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 outstanding - basic and diluted | 9,345,477 | 5,022,000 | 9,243,891 | 4,756,475 | ||||||||||||||||||||||||||||||
Earnings (loss) per common share - basic and diluted | $ | 0.34 | $ | 0.21 | $ | 0.63 | $ | (0.39 | ) | Earnings (loss) per common share - basic and diluted | $ | 0.30 | $ | 0.34 | $ | 0.56 | $ | 0.63 |
Six Months | Six Months | ||||||||||||||||||
Ended | Ended | ||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
(Amounts in thousands, except share and per share amounts) | 2021 | 2020 | (Amounts in thousands, except share and per share amounts) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||
Per share data: | Per share data: | ||||||||||||||||||
Net asset value, beginning of period | $ | 19.75 | $ | 19.77 | Net asset value, beginning of period | $ | 20.14 | $ | 19.75 | ||||||||||
Net investment income (loss)(1) | 0.41 | 0.27 | Net investment income (loss)(1) | 0.44 | 0.41 | ||||||||||||||
Net realized and unrealized gain (loss) on investment transactions(1) | 0.22 | (0.66 | ) | Net realized and unrealized gain (loss) on investment transactions(1) | 0.12 | 0.22 | |||||||||||||
Total from operations | 0.63 | (0.39 | ) | Total from operations | 0.56 | 0.63 | |||||||||||||
Impact of issuance of common stock | (0.01 | ) | 0.17 | Impact of issuance of common stock | — | (0.01) | |||||||||||||
Dividends declared from earnings | (0.20 | ) | - | ||||||||||||||||
Dividends declared | Dividends declared | (0.40) | (0.20) | ||||||||||||||||
Total increase (decrease) in net assets | 0.42 | (0.22 | ) | Total increase (decrease) in net assets | 0.16 | 0.42 | |||||||||||||
Net asset value, end of period | $ | 20.17 | $ | 19.55 | Net asset value, end of period | $ | 20.30 | $ | 20.17 | ||||||||||
Shares outstanding, end of period | 5,022,000 | 3,402,000 | Shares outstanding, end of period | 9,672,358 | 5,022,000 | ||||||||||||||
Total return(2) | 3.1 | % | (1.1 | )% | |||||||||||||||
Total return(2)(3) | Total return(2)(3) | 2.8% | 3.1% | ||||||||||||||||
Ratios / supplemental data | Ratios / supplemental data | ||||||||||||||||||
Ratio of gross expenses to average net assets(3)(4)(5) | 1.8 | % | 3.7 | % | Ratio of gross expenses to average net assets(3)(4)(5) | 1.3 | % | 1.8 | % | ||||||||||
Ratio of net expenses to average net assets(3)(4)(6) | 1.8 | % | 3.2 | % | Ratio of net expenses to average net assets(3)(4)(6) | 1.3 | % | 1.8 | % | ||||||||||
Ratio of net investment income (loss) to average net assets(3)(4) | 2.1 | % | 1.4 | % | Ratio of net investment income (loss) to average net assets(3)(4) | 2.2 | % | 2.1 | % | ||||||||||
Net assets, end of period | $ | 101,299 | $ | 66,518 | Net assets, end of period | $ | 196,319 | $ | 101,299 | ||||||||||
Weighted average shares outstanding | 4,756,475 | 2,656,978 | Weighted average shares outstanding | 9,243,891 | 4,756,475 | ||||||||||||||
Total capital commitments, end of period | $ | 216,000 | $ | 216,000 | Total capital commitments, end of period | $ | 216,000 | $ | 216,000 | ||||||||||
Ratio of total contributed capital to total committed capital, end of period | 46.5 | % | 31.5 | % | Ratio of total contributed capital to total committed capital, end of period | 90.0 | % | 46.5 | % | ||||||||||
Portfolio turnover rate(7) | 22.2 | % | 15.7 | % | Portfolio turnover rate(7) | 13.6 | % | 22.2 | % | ||||||||||
Asset coverage ratio(8) | 14,571.3 | % | N/A | Asset coverage ratio(8) | N/A | 14,571.3 | % |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||
Principal amount of investments committed (including add-ons): | |||||||||||
First lien senior secured debt investments | $ | 28,368 | $ | 21,900 | |||||||
Investment in affiliated funds | 463 | 731 | |||||||||
Total principal amount of investments committed | $ | 28,831 | $ | 22,631 | |||||||
Principal amount of investments sold or repaid: | |||||||||||
First lien senior secured debt investments | $ | (11,594) | $ | (7,552) | |||||||
Investment in affiliated funds | (25) | (1) | |||||||||
Total principal amount of investments sold or repaid | $ | (11,619) | $ | (7,553) | |||||||
New debt investments(1): | |||||||||||
New commitments | $ | 13,253 | $ | 18,640 | |||||||
Number of new commitments in new portfolio companies(2) | 14 | 16 | |||||||||
Average new commitment amount | $ | 947 | $ | 1,165 | |||||||
Weighted average term for new commitments (in years) | 4.6 | 5.0 | |||||||||
Percentage of new commitments at floating rates | 100.0 | % | 100.0 | % | |||||||
Percentage of new commitments at fixed rates | 0.0 | % | 0.0 | % |
Three Months | Three Months | |||||||
Ended | Ended | |||||||
June 30, | June 30, | |||||||
(Amounts in thousands) | 2021 | 2020 | ||||||
Principal amount of investments committed (including add-ons): | ||||||||
First lien senior secured debt investments | $ | 21,900 | $ | 3,750 | ||||
Investment in affiliated fund | 731 | 186 | ||||||
Total principal amount of investments committed | $ | 22,631 | $ | 3,936 | ||||
Principal amount of investments sold or repaid: | ||||||||
First lien senior secured debt investments | $ | (7,552 | ) | $ | (3,538 | ) | ||
Investment in affiliated fund | (1 | ) | (59 | ) | ||||
Total principal amount of investments sold or repaid | $ | (7,553 | ) | $ | (3,597 | ) | ||
New debt investments(1): | ||||||||
New commitments | $ | 18,640 | $ | 3,677 | ||||
Number of new commitments in new portfolio companies(2) | 16 | 4 | ||||||
Average new commitment amount | $ | 1,165 | $ | 919 | ||||
Weighted average term for new commitments (in years) | 5.0 | 5.0 | ||||||
Percentage of new commitments at floating rates | 100.0 | % | 100.0 | % | ||||
Percentage of new commitments at fixed rates | 0.0 | % | 0.0 | % |
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, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 170,038 | $ | 170,031 | $ | 151,054 | $ | 151,105 | |||||||||||||||
Sponsor subordinated note | 16 | 16 | 16 | 16 | |||||||||||||||||||
Investment in affiliated funds | 6,878 | 9,718 | 6,210 | 7,986 | |||||||||||||||||||
Total investments | $ | 176,932 | $ | 179,765 | $ | 157,280 | $ | 159,107 |
June 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | ||||||||||||||||
Aerospace and defense | 2.1 | % | 2.7 | % | Aerospace and defense | 1.2 | % | 1.3 | % | ||||||||||
Air freight and logistics | Air freight and logistics | 0.5 | % | — | % | ||||||||||||||
Auto components | - | 1.5 | % | Auto components | 1.7 | % | 1.4 | % | |||||||||||
Chemicals | 6.9 | % | 8.4 | % | Chemicals | 4.2 | % | 4.6 | % | ||||||||||
Commercial services and supplies | 3.0 | % | 7.0 | % | Commercial services and supplies | 5.7 | % | 3.7 | % | ||||||||||
Construction and engineering | 0.6 | % | - | Construction and engineering | 1.5 | % | 1.6 | % | |||||||||||
Containers and packaging | 5.7 | % | 7.0 | % | Containers and packaging | 3.4 | % | 3.9 | % | ||||||||||
Distributors | Distributors | 0.3 | % | 0.3 | % | ||||||||||||||
Diversified consumer services | 9.6 | % | 9.8 | % | Diversified consumer services | 6.7 | % | 8.9 | % | ||||||||||
Electrical equipment | Electrical equipment | 0.7 | % | 0.8 | % | ||||||||||||||
Electronic equipment, instruments and components | 1.4 | % | 2.0 | % | Electronic equipment, instruments and components | 1.2 | % | 1.4 | % | ||||||||||
Food and staples retailing | 1.5 | % | 0.9 | % | Food and staples retailing | 2.4 | % | 2.3 | % | ||||||||||
Food products | 1.9 | % | 1.3 | % | Food products | 0.9 | % | 0.9 | % | ||||||||||
Gas utilities | 1.5 | % | 1.6 | % | Gas utilities | 0.8 | % | 0.9 | % | ||||||||||
Health care equipment and supplies | 3.0 | % | 0.8 | % | Health care equipment and supplies | 2.5 | % | 2.0 | % | ||||||||||
Health care providers and services | 21.9 | % | 24.0 | % | Health care providers and services | 22.7 | % | 24.8 | % | ||||||||||
Health care technology | 1.9 | % | 1.6 | % | Health care technology | 1.1 | % | 1.1 | % | ||||||||||
Household durables | 0.9 | % | - | Household durables | 1.5 | % | 1.8 | % | |||||||||||
Internet and direct marketing retail | 2.5 | % | 2.5 | % | Internet and direct marketing retail | 2.3 | % | 2.6 | % | ||||||||||
IT services | 4.6 | % | 3.4 | % | IT services | 4.0 | % | 3.8 | % | ||||||||||
Leisure equipment and products | 1.0 | % | - | Leisure equipment and products | 1.7 | % | 1.9 | % | |||||||||||
Leisure products | Leisure products | 0.6 | % | 0.5 | % | ||||||||||||||
Life sciences tools and services | 1.1 | % | - | Life sciences tools and services | 0.6 | % | 0.7 | % | |||||||||||
Machinery | 1.8 | % | 1.1 | % | Machinery | 2.5 | % | 2.2 | % | ||||||||||
Media | 2.9 | % | 3.4 | % | Media | 3.7 | % | 3.7 | % | ||||||||||
Metals and mining | 2.4 | % | 2.6 | % | Metals and mining | 1.2 | % | 1.5 | % | ||||||||||
Multisector holdings | 5.2 | % | 4.7 | % | Multisector holdings | 5.4 | % | 5.0 | % | ||||||||||
Personal products | 2.8 | % | 3.5 | % | Personal products | 1.7 | % | 1.7 | % | ||||||||||
Pharmaceuticals | Pharmaceuticals | 1.8 | % | 2.1 | % | ||||||||||||||
Professional services | Professional services | 0.5 | % | 0.5 | % | ||||||||||||||
Real estate management and development | 1.7 | % | - | Real estate management and development | 1.6 | % | 1.0 | % | |||||||||||
Semiconductors and semiconductor equipment | Semiconductors and semiconductor equipment | 0.4 | % | 0.5 | % | ||||||||||||||
Software | 3.3 | % | 2.9 | % | Software | 4.1 | % | 2.1 | % | ||||||||||
Specialty retail | 1.3 | % | - | Specialty retail | 3.0 | % | 2.5 | % | |||||||||||
Textiles, apparel and luxury goods | 1.8 | % | 2.0 | % | Textiles, apparel and luxury goods | 1.1 | % | 1.2 | % | ||||||||||
Trading companies and distributors | 5.7 | % | 5.3 | % | Trading companies and distributors | 4.3 | % | 4.3 | % | ||||||||||
Water utilities | Water utilities | 0.5 | % | 0.5 | % | ||||||||||||||
Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||
Weighted average total yield of funded debt investments at cost | 9.9 | % | 8.2 | % | |||||||
Weighted average total yield of funded debt investments at fair value | 9.8 | % | 8.1 | % | |||||||
Weighted average interest rate of funded debt investments (1) | 8.0 | % | 6.9 | % | |||||||
Weighted average spread over reference rates 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 | ||||||||||||||||||||||||||||||||||||||
Percentage of | Percentage of | ||||||||||||||||||||||||||||||||||||||
Investments | Total | Investments | Total | June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Investment Rating | at Fair Value | Debt Investments | at Fair Value | Debt Investments | Investment Rating | Investments at Fair Value | Percentage of Total Debt Investments | Investments at Fair Value | Percentage of Total Debt Investments | ||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
A | $ | - | - | $ | - | - | A | $ | — | — | $ | — | — | ||||||||||||||||||||||||||
B | 84,486 | 90.9 | % | 68,960 | 91.0 | % | B | 155,579 | 91.5 | % | 141,945 | 93.9 | % | ||||||||||||||||||||||||||
C | 8,461 | 9.1 | % | 6,845 | 9.0 | % | C | 14,452 | 8.5 | % | 9,160 | 6.1 | % | ||||||||||||||||||||||||||
D | - | - | - | - | D | — | — | — | — | ||||||||||||||||||||||||||||||
E | - | - | - | - | E | — | — | — | — | ||||||||||||||||||||||||||||||
F | - | - | - | - | F | — | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 92,947 | 100.0 | % | $ | 75,805 | 100.0 | % | Total | $ | 170,031 | 100.0 | % | $ | 151,105 | 100.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | |||||||||||||||||||
Performing | $ | 170,038 | 100.0 | % | $ | 151,054 | 100.0 | % | |||||||||||||||
Non-accrual | — | — | — | — | |||||||||||||||||||
Total | $ | 170,038 | 100.0 | % | $ | 151,054 | 100.0 | % |
June 30, 2021 | December 31, 2020 | |||||||||||||||
(Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | ||||||||||||
Performing | $ | 93,080 | 100.0 | % | $ | 76,415 | 100.0 | % | ||||||||
Non-accrual | - | - | - | - | ||||||||||||
Total | $ | 93,080 | 100.0 | % | $ | 76,415 | 100.0 | % |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
May 12, 2022 | May 26, 2022 | 531,182 | $ | 10.80 | ||||||||||||||||
Total | 531,182 | $ | 10.80 |
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 | ||||||||||||||
Total investment income | $ | 1,942 | $ | 1,215 | $ | 3,618 | $ | 2,329 | ||||||||
Less: expenses | (911 | ) | (795 | ) | (1,682 | ) | (1,613 | ) | ||||||||
Net investment income (loss) | 1,031 | 420 | 1,936 | 716 | ||||||||||||
Net change in unrealized gain (loss) | 643 | 209 | 1,031 | (1,743 | ) | |||||||||||
Net realized gain (loss) | 25 | 4 | 35 | 4 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,699 | $ | 633 | $ | 3,002 | $ | (1,023 | ) |
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||||||||||||
June 30, 2021 | July 15, 2021 | 802,493 | $ | 16.20 | ||||||||||||||||
Total | 1,342,493 | $ | 27.00 |
For the Six Months Ended June 30, 2022 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 14, 2022 | April 18, 2022 | April 29, 2022 | $ | 0.20 | ||||||||||||||||
May 11, 2022 | June 30, 2022 | July 29, 2022 | $ | 0.20 |
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 0.20 |
(Amounts in thousands, except share and per share amounts) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,837 | $ | 1,699 | $ | 5,184 | $ | 3,002 | |||||||||||||||
Weighted average shares of common stock outstanding - basic and diluted | 9,345,477 | 5,022,000 | 9,243,891 | 4,756,475 | |||||||||||||||||||
Earnings (loss) per common share - basic and diluted | $ | 0.30 | $ | 0.34 | $ | 0.56 | $ | 0.63 |
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 income | $ | 1,789 | $ | 1,195 | $ | 3,411 | $ | 2,198 | ||||
Other income | 153 | 20 | 207 | 131 | ||||||||
Total investment income | $ | 1,942 | $ | 1,215 | $ | 3,618 | $ | 2,329 |
(Amounts in thousands, except share and per share amounts) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||
Per share data: | |||||||||||
Net asset value, beginning of period | $ | 20.14 | $ | 19.75 | |||||||
Net investment income (loss)(1) | 0.44 | 0.41 | |||||||||
Net realized and unrealized gain (loss) on investment transactions(1) | 0.12 | 0.22 | |||||||||
Total from operations | 0.56 | 0.63 | |||||||||
Impact of issuance of common stock | — | (0.01) | |||||||||
Dividends declared | (0.40) | (0.20) | |||||||||
Total increase (decrease) in net assets | 0.16 | 0.42 | |||||||||
Net asset value, end of period | $ | 20.30 | $ | 20.17 | |||||||
Shares outstanding, end of period | 9,672,358 | 5,022,000 | |||||||||
Total return(2)(3) | 2.8% | 3.1% | |||||||||
Ratios / supplemental data | |||||||||||
Ratio of gross expenses to average net assets(3)(4)(5) | 1.3 | % | 1.8 | % | |||||||
Ratio of net expenses to average net assets(3)(4)(6) | 1.3 | % | 1.8 | % | |||||||
Ratio of net investment income (loss) to average net assets(3)(4) | 2.2 | % | 2.1 | % | |||||||
Net assets, end of period | $ | 196,319 | $ | 101,299 | |||||||
Weighted average shares outstanding | 9,243,891 | 4,756,475 | |||||||||
Total capital commitments, end of period | $ | 216,000 | $ | 216,000 | |||||||
Ratio of total contributed capital to total committed capital, end of period | 90.0 | % | 46.5 | % | |||||||
Portfolio turnover rate(7) | 13.6 | % | 22.2 | % | |||||||
Asset coverage ratio(8) | N/A | 14,571.3 | % |
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 | ||||||||||||||
Income incentive fees | $ | 207 | $ | 37 | $ | 354 | $ | 76 | ||||||||
Management fees | 138 | 91 | 261 | 165 | ||||||||||||
Insurance fees | 100 | 122 | 222 | 243 | ||||||||||||
Accounting fees | 106 | 132 | 210 | 225 | ||||||||||||
Administrative fees | 82 | 109 | 170 | 273 | ||||||||||||
Professional fees | 122 | 70 | 166 | 171 | ||||||||||||
Interest | 64 | 91 | 124 | 216 | ||||||||||||
Directors' fees | 45 | 45 | 90 | 90 | ||||||||||||
Other | 47 | 41 | 85 | 91 | ||||||||||||
Offering costs | - | 166 | - | 336 | ||||||||||||
Total gross expenses | $ | 911 | �� | $ | 904 | $ | 1,682 | $ | 1,886 | |||||||
Less waivers: | ||||||||||||||||
Administrative fees waived | - | (109 | ) | - | (273 | ) | ||||||||||
Total net expenses | $ | 911 | $ | 795 | $ | 1,682 | $ | 1,613 |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||
Principal amount of investments committed (including add-ons): | |||||||||||
First lien senior secured debt investments | $ | 28,368 | $ | 21,900 | |||||||
Investment in affiliated funds | 463 | 731 | |||||||||
Total principal amount of investments committed | $ | 28,831 | $ | 22,631 | |||||||
Principal amount of investments sold or repaid: | |||||||||||
First lien senior secured debt investments | $ | (11,594) | $ | (7,552) | |||||||
Investment in affiliated funds | (25) | (1) | |||||||||
Total principal amount of investments sold or repaid | $ | (11,619) | $ | (7,553) | |||||||
New debt investments(1): | |||||||||||
New commitments | $ | 13,253 | $ | 18,640 | |||||||
Number of new commitments in new portfolio companies(2) | 14 | 16 | |||||||||
Average new commitment amount | $ | 947 | $ | 1,165 | |||||||
Weighted average term for new commitments (in years) | 4.6 | 5.0 | |||||||||
Percentage of new commitments at floating rates | 100.0 | % | 100.0 | % | |||||||
Percentage of new commitments at fixed rates | 0.0 | % | 0.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 170,038 | $ | 170,031 | $ | 151,054 | $ | 151,105 | |||||||||||||||
Sponsor subordinated note | 16 | 16 | 16 | 16 | |||||||||||||||||||
Investment in affiliated funds | 6,878 | 9,718 | 6,210 | 7,986 | |||||||||||||||||||
Total investments | $ | 176,932 | $ | 179,765 | $ | 157,280 | $ | 159,107 |
June 30, 2022 | December 31, 2021 | ||||||||||
Aerospace and defense | 1.2 | % | 1.3 | % | |||||||
Air freight and logistics | 0.5 | % | — | % | |||||||
Auto components | 1.7 | % | 1.4 | % | |||||||
Chemicals | 4.2 | % | 4.6 | % | |||||||
Commercial services and supplies | 5.7 | % | 3.7 | % | |||||||
Construction and engineering | 1.5 | % | 1.6 | % | |||||||
Containers and packaging | 3.4 | % | 3.9 | % | |||||||
Distributors | 0.3 | % | 0.3 | % | |||||||
Diversified consumer services | 6.7 | % | 8.9 | % | |||||||
Electrical equipment | 0.7 | % | 0.8 | % | |||||||
Electronic equipment, instruments and components | 1.2 | % | 1.4 | % | |||||||
Food and staples retailing | 2.4 | % | 2.3 | % | |||||||
Food products | 0.9 | % | 0.9 | % | |||||||
Gas utilities | 0.8 | % | 0.9 | % | |||||||
Health care equipment and supplies | 2.5 | % | 2.0 | % | |||||||
Health care providers and services | 22.7 | % | 24.8 | % | |||||||
Health care technology | 1.1 | % | 1.1 | % | |||||||
Household durables | 1.5 | % | 1.8 | % | |||||||
Internet and direct marketing retail | 2.3 | % | 2.6 | % | |||||||
IT services | 4.0 | % | 3.8 | % | |||||||
Leisure equipment and products | 1.7 | % | 1.9 | % | |||||||
Leisure products | 0.6 | % | 0.5 | % | |||||||
Life sciences tools and services | 0.6 | % | 0.7 | % | |||||||
Machinery | 2.5 | % | 2.2 | % | |||||||
Media | 3.7 | % | 3.7 | % | |||||||
Metals and mining | 1.2 | % | 1.5 | % | |||||||
Multisector holdings | 5.4 | % | 5.0 | % | |||||||
Personal products | 1.7 | % | 1.7 | % | |||||||
Pharmaceuticals | 1.8 | % | 2.1 | % | |||||||
Professional services | 0.5 | % | 0.5 | % | |||||||
Real estate management and development | 1.6 | % | 1.0 | % | |||||||
Semiconductors and semiconductor equipment | 0.4 | % | 0.5 | % | |||||||
Software | 4.1 | % | 2.1 | % | |||||||
Specialty retail | 3.0 | % | 2.5 | % | |||||||
Textiles, apparel and luxury goods | 1.1 | % | 1.2 | % | |||||||
Trading companies and distributors | 4.3 | % | 4.3 | % | |||||||
Water utilities | 0.5 | % | 0.5 | % | |||||||
Total | 100.0 | % | 100.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||
Weighted average total yield of funded debt investments at cost | 9.9 | % | 8.2 | % | |||||||
Weighted average total yield of funded debt investments at fair value | 9.8 | % | 8.1 | % | |||||||
Weighted average interest rate of funded debt investments (1) | 8.0 | % | 6.9 | % | |||||||
Weighted average spread over reference rates of all floating rate funded debt investments | 5.9 | % | 5.9 | % |
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 | ||||||||||||||
Net change in unrealized gain (loss) on investments | $ | 655 | $ | 209 | $ | 1,027 | $ | (1,743 | ) | |||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | (12 | ) | - | 4 | - | |||||||||||
Net change in unrealized gain (loss) on investment transactions | $ | 643 | $ | 209 | $ | 1,031 | $ | (1,743 | ) |
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. |
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 | ||||||||||||||
Net realized gain (loss) on investments | $ | 69 | $ | 4 | $ | 87 | $ | 4 | ||||||||
Net realized gain (loss) on foreign currency transactions | (44 | ) | - | (52 | ) | - | ||||||||||
Net realized gain (loss) on investment transactions | $ | 25 | $ | 4 | $ | 35 | $ | 4 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Investment Rating | Investments at Fair Value | Percentage of Total Debt Investments | Investments at Fair Value | Percentage of Total Debt Investments | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||
A | $ | — | — | $ | — | — | ||||||||||||||||||||
B | 155,579 | 91.5 | % | 141,945 | 93.9 | % | ||||||||||||||||||||
C | 14,452 | 8.5 | % | 9,160 | 6.1 | % | ||||||||||||||||||||
D | — | — | — | — | ||||||||||||||||||||||
E | — | — | — | — | ||||||||||||||||||||||
F | — | — | — | — | ||||||||||||||||||||||
Total | $ | 170,031 | 100.0 | % | $ | 151,105 | 100.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | |||||||||||||||||||
Performing | $ | 170,038 | 100.0 | % | $ | 151,054 | 100.0 | % | |||||||||||||||
Non-accrual | — | — | — | — | |||||||||||||||||||
Total | $ | 170,038 | 100.0 | % | $ | 151,054 | 100.0 | % |
Six Months Ended June 30, 2021 | ||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||
June 30, 2021 | July 15, 2021 | 802,493 | 16.20 | |||||||
Total | 1,342,493 | $ | 27.00 |
Six Months Ended June 30, 2020 | ||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||
February 28, 2020 | March 13, 2020 | 810,000 | $ | 16.20 | ||||||
June 11, 2020 | June 25, 2020 | 432,000 | 8.64 | |||||||
Total | 1,242,000 | $ | 24.84 |
For the Six Months Ended June 30, 2021 | ||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 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 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 | |||||||||||||||
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 | 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 | 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 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
May 12, 2022 | May 26, 2022 | 531,182 | $ | 10.80 | ||||||||||||||||
Total | 531,182 | $ | 10.80 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||||||||||||
June 30, 2021 | July 15, 2021 | 802,493 | $ | 16.20 | ||||||||||||||||
Total | 1,342,493 | $ | 27.00 |
For the Six Months Ended June 30, 2022 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 14, 2022 | April 18, 2022 | April 29, 2022 | $ | 0.20 | ||||||||||||||||
May 11, 2022 | June 30, 2022 | July 29, 2022 | $ | 0.20 |
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 0.20 |
(Amounts in thousands, except share and per share amounts) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,837 | $ | 1,699 | $ | 5,184 | $ | 3,002 | |||||||||||||||
Weighted average shares of common stock outstanding - basic and diluted | 9,345,477 | 5,022,000 | 9,243,891 | 4,756,475 | |||||||||||||||||||
Earnings (loss) per common share - basic and diluted | $ | 0.30 | $ | 0.34 | $ | 0.56 | $ | 0.63 |
(Amounts in thousands, except share and per share amounts) | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||
Per share data: | |||||||||||
Net asset value, beginning of period | $ | 20.14 | $ | 19.75 | |||||||
Net investment income (loss)(1) | 0.44 | 0.41 | |||||||||
Net realized and unrealized gain (loss) on investment transactions(1) | 0.12 | 0.22 | |||||||||
Total from operations | 0.56 | 0.63 | |||||||||
Impact of issuance of common stock | — | (0.01) | |||||||||
Dividends declared | (0.40) | (0.20) | |||||||||
Total increase (decrease) in net assets | 0.16 | 0.42 | |||||||||
Net asset value, end of period | $ | 20.30 | $ | 20.17 | |||||||
Shares outstanding, end of period | 9,672,358 | 5,022,000 | |||||||||
Total return(2)(3) | 2.8% | 3.1% | |||||||||
Ratios / supplemental data | |||||||||||
Ratio of gross expenses to average net assets(3)(4)(5) | 1.3 | % | 1.8 | % | |||||||
Ratio of net expenses to average net assets(3)(4)(6) | 1.3 | % | 1.8 | % | |||||||
Ratio of net investment income (loss) to average net assets(3)(4) | 2.2 | % | 2.1 | % | |||||||
Net assets, end of period | $ | 196,319 | $ | 101,299 | |||||||
Weighted average shares outstanding | 9,243,891 | 4,756,475 | |||||||||
Total capital commitments, end of period | $ | 216,000 | $ | 216,000 | |||||||
Ratio of total contributed capital to total committed capital, end of period | 90.0 | % | 46.5 | % | |||||||
Portfolio turnover rate(7) | 13.6 | % | 22.2 | % | |||||||
Asset coverage ratio(8) | N/A | 14,571.3 | % |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | |||||||||
Principal amount of investments committed (including add-ons): | |||||||||||
First lien senior secured debt investments | $ | 28,368 | $ | 21,900 | |||||||
Investment in affiliated funds | 463 | 731 | |||||||||
Total principal amount of investments committed | $ | 28,831 | $ | 22,631 | |||||||
Principal amount of investments sold or repaid: | |||||||||||
First lien senior secured debt investments | $ | (11,594) | $ | (7,552) | |||||||
Investment in affiliated funds | (25) | (1) | |||||||||
Total principal amount of investments sold or repaid | $ | (11,619) | $ | (7,553) | |||||||
New debt investments(1): | |||||||||||
New commitments | $ | 13,253 | $ | 18,640 | |||||||
Number of new commitments in new portfolio companies(2) | 14 | 16 | |||||||||
Average new commitment amount | $ | 947 | $ | 1,165 | |||||||
Weighted average term for new commitments (in years) | 4.6 | 5.0 | |||||||||
Percentage of new commitments at floating rates | 100.0 | % | 100.0 | % | |||||||
Percentage of new commitments at fixed rates | 0.0 | % | 0.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 170,038 | $ | 170,031 | $ | 151,054 | $ | 151,105 | |||||||||||||||
Sponsor subordinated note | 16 | 16 | 16 | 16 | |||||||||||||||||||
Investment in affiliated funds | 6,878 | 9,718 | 6,210 | 7,986 | |||||||||||||||||||
Total investments | $ | 176,932 | $ | 179,765 | $ | 157,280 | $ | 159,107 |
June 30, 2022 | December 31, 2021 | ||||||||||
Aerospace and defense | 1.2 | % | 1.3 | % | |||||||
Air freight and logistics | 0.5 | % | — | % | |||||||
Auto components | 1.7 | % | 1.4 | % | |||||||
Chemicals | 4.2 | % | 4.6 | % | |||||||
Commercial services and supplies | 5.7 | % | 3.7 | % | |||||||
Construction and engineering | 1.5 | % | 1.6 | % | |||||||
Containers and packaging | 3.4 | % | 3.9 | % | |||||||
Distributors | 0.3 | % | 0.3 | % | |||||||
Diversified consumer services | 6.7 | % | 8.9 | % | |||||||
Electrical equipment | 0.7 | % | 0.8 | % | |||||||
Electronic equipment, instruments and components | 1.2 | % | 1.4 | % | |||||||
Food and staples retailing | 2.4 | % | 2.3 | % | |||||||
Food products | 0.9 | % | 0.9 | % | |||||||
Gas utilities | 0.8 | % | 0.9 | % | |||||||
Health care equipment and supplies | 2.5 | % | 2.0 | % | |||||||
Health care providers and services | 22.7 | % | 24.8 | % | |||||||
Health care technology | 1.1 | % | 1.1 | % | |||||||
Household durables | 1.5 | % | 1.8 | % | |||||||
Internet and direct marketing retail | 2.3 | % | 2.6 | % | |||||||
IT services | 4.0 | % | 3.8 | % | |||||||
Leisure equipment and products | 1.7 | % | 1.9 | % | |||||||
Leisure products | 0.6 | % | 0.5 | % | |||||||
Life sciences tools and services | 0.6 | % | 0.7 | % | |||||||
Machinery | 2.5 | % | 2.2 | % | |||||||
Media | 3.7 | % | 3.7 | % | |||||||
Metals and mining | 1.2 | % | 1.5 | % | |||||||
Multisector holdings | 5.4 | % | 5.0 | % | |||||||
Personal products | 1.7 | % | 1.7 | % | |||||||
Pharmaceuticals | 1.8 | % | 2.1 | % | |||||||
Professional services | 0.5 | % | 0.5 | % | |||||||
Real estate management and development | 1.6 | % | 1.0 | % | |||||||
Semiconductors and semiconductor equipment | 0.4 | % | 0.5 | % | |||||||
Software | 4.1 | % | 2.1 | % | |||||||
Specialty retail | 3.0 | % | 2.5 | % | |||||||
Textiles, apparel and luxury goods | 1.1 | % | 1.2 | % | |||||||
Trading companies and distributors | 4.3 | % | 4.3 | % | |||||||
Water utilities | 0.5 | % | 0.5 | % | |||||||
Total | 100.0 | % | 100.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||
Weighted average total yield of funded debt investments at cost | 9.9 | % | 8.2 | % | |||||||
Weighted average total yield of funded debt investments at fair value | 9.8 | % | 8.1 | % | |||||||
Weighted average interest rate of funded debt investments (1) | 8.0 | % | 6.9 | % | |||||||
Weighted average spread over reference rates of all floating rate funded debt investments | 5.9 | % | 5.9 | % |
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 | $ | - | $ | - |
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, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Investment Rating | Investments at Fair Value | Percentage of Total Debt Investments | Investments at Fair Value | Percentage of Total Debt Investments | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||
A | $ | — | — | $ | — | — | ||||||||||||||||||||
B | 155,579 | 91.5 | % | 141,945 | 93.9 | % | ||||||||||||||||||||
C | 14,452 | 8.5 | % | 9,160 | 6.1 | % | ||||||||||||||||||||
D | — | — | — | — | ||||||||||||||||||||||
E | — | — | — | — | ||||||||||||||||||||||
F | — | — | — | — | ||||||||||||||||||||||
Total | $ | 170,031 | 100.0 | % | $ | 151,105 | 100.0 | % |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | |||||||||||||||||||
Performing | $ | 170,038 | 100.0 | % | $ | 151,054 | 100.0 | % | |||||||||||||||
Non-accrual | — | — | — | — | |||||||||||||||||||
Total | $ | 170,038 | 100.0 | % | $ | 151,054 | 100.0 | % |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Total investment income | $ | 3,464 | $ | 1,942 | $ | 6,536 | $ | 3,618 | |||||||||||||||
Less: expenses | (1,268) | (911) | (2,443) | (1,682) | |||||||||||||||||||
Net investment income (loss) | 2,196 | 1,031 | 4,093 | 1,936 | |||||||||||||||||||
Net change in unrealized gain (loss) | 589 | 643 | 1,006 | 1,031 | |||||||||||||||||||
Net realized gain (loss) | 52 | 25 | 85 | 35 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,837 | $ | 1,699 | $ | 5,184 | $ | 3,002 |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Interest income | $ | 3,176 | $ | 1,789 | $ | 6,099 | $ | 3,411 | |||||||||||||||
Other income | 288 | 153 | 437 | 207 | |||||||||||||||||||
Total investment income | $ | 3,464 | $ | 1,942 | $ | 6,536 | $ | 3,618 |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Income incentive fees | $ | 442 | $ | 207 | $ | 823 | $ | 354 | |||||||||||||||
Management fees | 254 | 138 | 495 | 261 | |||||||||||||||||||
Professional fees | 162 | 122 | 281 | 166 | |||||||||||||||||||
Other | 131 | 47 | 217 | 85 | |||||||||||||||||||
Accounting fees | 105 | 106 | 209 | 210 | |||||||||||||||||||
Insurance fees | 66 | 100 | 156 | 222 | |||||||||||||||||||
Administrative fees | 63 | 82 | 117 | 170 | |||||||||||||||||||
Directors' fees | 45 | 45 | 90 | 90 | |||||||||||||||||||
Interest | — | 64 | 55 | 124 | |||||||||||||||||||
Total net expenses | $ | 1,268 | $ | 911 | $ | 2,443 | $ | 1,682 |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Net change in unrealized gain (loss) on investments | $ | 569 | $ | 655 | $ | 1,006 | $ | 1,027 | |||||||||||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | 18 | (12) | — | 4 | |||||||||||||||||||
Net change in unrealized gain (loss) on foreign currency translation | 2 | — | — | — | |||||||||||||||||||
Net change in unrealized gain (loss) on investment transactions | $ | 589 | $ | 643 | $ | 1,006 | $ | 1,031 |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Net realized gain (loss) on investments | $ | 22 | $ | 84 | $ | 57 | $ | 94 | |||||||||||||||
Net realized gain (loss) on foreign currency forward transactions | 30 | (59) | 28 | (59) | |||||||||||||||||||
Net realized gain (loss) on investment transactions | $ | 52 | $ | 25 | $ | 85 | $ | 35 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
May 12, 2022 | May 26, 2022 | 531,182 | $ | 10.80 | ||||||||||||||||
Total | 531,182 | $ | 10.80 |
Six Months Ended June 30, 2021 | ||||||||||||||||||||
Capital Drawdown Notice Date | Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price ($ in millions) | |||||||||||||||||
March 16, 2021 | March 30, 2021 | 540,000 | $ | 10.80 | ||||||||||||||||
June 30, 2021 | July 15, 2021 | 802,493 | $ | 16.20 | ||||||||||||||||
Total | 1,342,493 | $ | 27.00 |
For the Six Months Ended June 30, 2022 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 14, 2022 | April 18, 2022 | April 29, 2022 | $ | 0.20 | ||||||||||||||||
May 11, 2022 | June 30, 2022 | July 29, 2022 | $ | 0.20 |
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | |||||||||||||||||
April 22, 2021 | April 26, 2021 | April 30, 2021 | $ | 0.20 |
As of December 31, 2021 | |||||||||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | |||||||||||||||||||
Subscription facility | $ | 15,000 | $ | — | $ | 3,564 | $ | — | |||||||||||||||
Total debt | $ | 15,000 | $ | — | $ | 3,564 | $ | — |
(Amounts in thousands) | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
Interest expense | $ | — | $ | 8 | $ | 8 | $ | 15 | |||||||||||||||
Amortization of deferred financing costs | — | 56 | 47 | 109 | |||||||||||||||||||
Total interest expense | $ | — | $ | 64 | $ | 55 | $ | 124 | |||||||||||||||
Average interest rate | N/A | 3.75 | % | N/A | 3.56 | % | |||||||||||||||||
Average daily borrowings | N/A | $ | 8 | N/A | $ | 31 |
Portfolio Company | June 30, 2022 | December 31, 2021 | |||||||||
First lien senior secured debt(1) | (Amounts in thousands) | (Amounts in thousands) | |||||||||
50Floor, LLC | $ | 199 | $ | 199 | |||||||
626 Holdings Equity, LLC | 293 | — | |||||||||
Abrasive Technology Intermediate, LLC | 138 | 173 | |||||||||
Advanced Lighting Acquisition, LLC | 324 | 324 | |||||||||
AEP Passion Intermediate Holdings, Inc. | 67 | 91 | |||||||||
AFC Industries, Inc. | 104 | 223 | |||||||||
Affinitiv, Inc. | 248 | 248 | |||||||||
Agility Intermediate, Inc. | 507 | 534 | |||||||||
Alliance Environmental Group, LLC | 41 | 113 | |||||||||
ALM Media, LLC | 971 | 971 | |||||||||
Altamira Material Solutions, LP | 30 | 45 | |||||||||
AM Buyer, LLC | 111 | 111 | |||||||||
Answer Acquisition, LLC | 38 | 38 | |||||||||
Apex Dental Partners, LLC | 225 | 215 | |||||||||
Aptitude Health Holdings, LLC | 267 | 240 | |||||||||
Aquatic Sales Solutions, LLC | 117 | 117 | |||||||||
ARC Healthcare Technologies, LLC | 263 | — | |||||||||
ASC Ortho Management, LLC | 374 | 398 | |||||||||
ASP Global Acquisition, LLC | 485 | 534 | |||||||||
AvCarb, LLC | 633 | 704 | |||||||||
Banner Buyer, LLC | 715 | 838 | |||||||||
BBG Intermediate Holdings, Inc. | 82 | 233 | |||||||||
BCI Burke Holding Corp. | 209 | 196 | |||||||||
Beacon Oral Specialists Management LLC | 183 | 36 | |||||||||
Behavior Frontiers, LLC | 19 | 19 | |||||||||
Benefit Plan Administrators of Eau Claire, LLC | 225 | — | |||||||||
Bio Agri Mix Holdings Inc. | 88 | 89 | |||||||||
Brightview, LLC | 160 | 358 | |||||||||
Canadian Orthodontic Partners Corp. | 177 | 237 | |||||||||
CCG Acquisition, Inc. | 19 | — | |||||||||
Community Care Partners, LLC | 165 | 169 | |||||||||
Copperweld Group, Inc. | 376 | 197 | |||||||||
Cosmetic Solutions, LLC | 344 | 710 | |||||||||
CPS HVAC Group, LLC | 188 | 188 | |||||||||
Data Source Intermediate Holdings, LLC | 123 | 123 | |||||||||
DealerOn Inc. | 314 | 314 | |||||||||
Dermatology Medical Partners OpCo, LLC | 104 | 134 | |||||||||
Diamondback Buyer, LLC | 75 | 75 | |||||||||
DNS IMI Acquisition Corp | 131 | 124 | |||||||||
Domino Equipment Company, LLC | 79 | 79 | |||||||||
Double E Company, LLC | 104 | — |
Portfolio Company | June 30, 2022 | December 31, 2021 | |||||||||
Dykstra's Auto, LLC | 105 | 129 | |||||||||
Edko Acquisition, LLC | 30 | 38 | |||||||||
EH Management Company, LLC | 38 | 38 | |||||||||
Empire Equipment Company, LLC | 31 | 1,254 | |||||||||
EMSAR Acquisition LLC | 489 | 542 | |||||||||
Engelman Baking Co., LLC | 174 | 153 | |||||||||
E-Phoenix Acquisition Co. Inc. | 75 | 75 | |||||||||
Exclusive Concepts, LLC | 248 | 248 | |||||||||
Formulated Buyer, LLC | 342 | 390 | |||||||||
Franchise Fastlane, LLC | 8 | — | |||||||||
FreshAddress, LLC | 30 | 30 | |||||||||
Geriatric Medical and Surgical Supply, LLC | 300 | 300 | |||||||||
Gold Medal Holdings, Inc. | 35 | — | |||||||||
Golden Bear PT Partners, LLC | 196 | 267 | |||||||||
Green Monster Acquisition, LLC | 30 | 38 | |||||||||
Groundworks Operations, LLC | 423 | 575 | |||||||||
Guardian Dentistry Practice Management, LLC | 70 | 90 | |||||||||
Highland Acquisition, Inc. | 30 | — | |||||||||
HLSG Intermediate, LLC | 139 | — | |||||||||
Home Brands Group Holdings, Inc. | 48 | 48 | |||||||||
Hydromax USA, LLC | 68 | 182 | |||||||||
Icelandirect, LLC | 13 | 23 | |||||||||
Industrial Dynamics Company, Ltd. | 141 | 141 | |||||||||
Infolinks Media Buyco, LLC | 77 | 77 | |||||||||
Innovative FlexPak, LLC | 345 | 408 | |||||||||
IPC Pain Acquistion, LLC | 303 | — | |||||||||
ISSA, LLC | 92 | 66 | |||||||||
Jansy Packaging, LLC | 470 | 706 | |||||||||
Juniper Landscaping Holdings LLC | 132 | 110 | |||||||||
Kaizen Auto Care, LLC | 218 | 204 | |||||||||
Kalkomey Enterprises, LLC | 46 | 77 | |||||||||
Lakeshirts LLC | — | 80 | |||||||||
Leonard Group, Inc. | 234 | 197 | |||||||||
Library Associates, LLC | — | 84 | |||||||||
Load One Purchaser Corporation | 214 | — | |||||||||
MacNeill Pride Group Corp. | 167 | 52 | |||||||||
Mad Rose Company, LLC | 82 | 119 | |||||||||
Main Street Gourmet, LLC | 685 | 704 | |||||||||
Mattco Forge, Inc. | 506 | 506 | |||||||||
Maxor National Pharmacy Services, LLC | 84 | 84 | |||||||||
MetaSource, LLC | 124 | — | |||||||||
Millennia Patient Services, LLC | 401 | 401 | |||||||||
Montway LLC | 825 | 825 |
Portfolio Company | June 30, 2022 | December 31, 2021 | |||||||||
Motis Brands, Inc. | — | 14 | |||||||||
MRC Keeler Acquisition, LLC | 300 | 300 | |||||||||
Nelson Name Plate Company | 89 | 94 | |||||||||
Network Partners Acquisition, LLC | 150 | 150 | |||||||||
Nimlok Company, LLC | 320 | 320 | |||||||||
Novum Orthopedic Partners Management, LLC | 191 | 373 | |||||||||
NSG Buyer, Inc. | — | 294 | |||||||||
NutriScience Innovations, LLC | 131 | 131 | |||||||||
P and R Dental Strategies, LLC | 23 | 23 | |||||||||
Peak Dental Services, LLC | 459 | 149 | |||||||||
Peak Investment Holdings, LLC | 908 | 908 | |||||||||
Pentec Acquisition Corp. | 75 | 75 | |||||||||
Performance PowerSports Group Purchaser, Inc. | 6 | 8 | |||||||||
PHGP MB Purchaser, Inc. | 184 | — | |||||||||
Pink Lily Holdings, LLC | 63 | 46 | |||||||||
PPW Acquisition, LLC | 32 | 30 | |||||||||
Qin's Buffalo, LLC | 105 | — | |||||||||
Raneys, LLC | 38 | — | |||||||||
Reliable Medical Supply LLC | 110 | 178 | |||||||||
Revival Animal Health, LLC | 131 | 131 | |||||||||
RQM Buyer, Inc. | 234 | 234 | |||||||||
RTP Acquisition, LLC | 38 | 38 | |||||||||
Sage Dental Management, LLC | 56 | — | |||||||||
SAMGI Buyer, Inc. | 138 | 138 | |||||||||
SASE Company, LLC | 38 | 38 | |||||||||
SCA Buyer, LLC | 227 | 412 | |||||||||
SCP Beverage Buyer, LLC | 23 | 38 | |||||||||
SCP ENT and Allergy Services, LLC | 295 | 966 | |||||||||
Shearer Supply, LLC | 113 | 71 | |||||||||
ShiftKey, LLC | 110 | 120 | |||||||||
Signature Dental Partners LLC | 90 | 179 | |||||||||
Silver Falls MSO, LLC | 80 | 94 | |||||||||
SimiTree Acquisition LLC | 191 | 522 | |||||||||
SIMKO Merger Sub, LLC | 244 | — | |||||||||
Soccer Post Acquisition, LLC | 73 | — | |||||||||
Southeast Primary Care Partners, LLC | 315 | 435 | |||||||||
Southern Orthodontic Partners Management, LLC | 187 | 167 | |||||||||
Southern Sports Medicine Partners, LLC | 193 | — | |||||||||
Spear Education, LLC | 304 | 888 | |||||||||
Spectrum Solutions, LLC | 267 | 267 | |||||||||
Starwest Botanicals Acquisition, LLC | 43 | 174 | |||||||||
Stax Holding Company, LLC | 60 | 60 | |||||||||
Steel City Wash, LLC | 72 | 38 |
Portfolio Company | June 30, 2022 | December 31, 2021 | |||||||||
Storm Smart Buyer LLC | 131 | 131 | |||||||||
Teel Plastics, LLC | 324 | 324 | |||||||||
The Channel Company, LLC | 62 | 62 | |||||||||
The Stratix Corporation | 75 | 150 | |||||||||
Trademark Global, LLC | 65 | 88 | |||||||||
Triad Technologies, LLC | 251 | 314 | |||||||||
United Land Services Opco Parent, LLC | 591 | 914 | |||||||||
USALCO, LLC | 53 | 93 | |||||||||
Vanguard Packaging, LLC | 481 | 303 | |||||||||
Varsity DuvaSawko Operating Corp. | 474 | 474 | |||||||||
Vehicle Accessories, Inc. | 13 | 38 | |||||||||
Vital Care Buyer, LLC | 483 | 580 | |||||||||
Western Veterinary Partners, LLC | 320 | 147 | |||||||||
Total unfunded portfolio company commitments | $ | 27,399 | $ | 30,379 |
(Amounts in millions) | Interest Income | Interest Expense | Net Income | (Amounts in millions) | Interest Income | Interest Expense | Net Income | ||||||||||||||||||||||
Up 200 basis points | $ | 1.1 | $ | - | $ | 1.1 | Up 200 basis points | $ | 3.5 | $ | — | $ | 3.5 | ||||||||||||||||
Up 100 basis points | $ | 0.1 | $ | - | $ | 0.1 | Up 100 basis points | $ | 1.7 | $ | — | $ | 1.7 | ||||||||||||||||
Down 100 basis points | $ | - | $ | - | $ | - | Down 100 basis points | $ | (1.5) | $ | — | $ | (1.5) | ||||||||||||||||
Down 200 basis points | $ | - | $ | - | $ | - | Down 200 basis points | $ | (1.8) | $ | — | $ | (1.8) |
Exhibit No. | Description | |||||||
AG TWIN BROOK BDC, INC. | ||||||||||
August 12, | 2022 | By: | /s/ Trevor Clark | |||||||
Trevor Clark | ||||||||||
Chief Executive Officer | ||||||||||
(Principal Executive Officer) |
August 12, | 2022 | By: | /s/ Terrence Walters | ||||||
Terrence Walters | |||||||||
Chief Financial Officer and Treasurer | |||||||||
(Principal Financial Officer and Principal Accounting Officer) |