☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 82-7020632 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
345 Park Avenue, 31st Floor New York, New York | 10154 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Shares of Beneficial Interest, $0.001 par value per share | BXSL | New York Stock Exchange |
Large accelerated filer | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | Smaller reporting company | ☐ | |||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Condensed Consolidated Statements of Assets and Liabilities as of | ||||||||
Condensed Consolidated | ||||||||
Condensed Consolidated | ||||||||
Condensed Consolidated Schedules of Investments as of | ||||||||
March 31, 2019 | December 31, 2018 | June 30, 2023 | December 31, 2022 | |||||||||||||||
ASSETS | (Unaudited) | ASSETS | ||||||||||||||||
Investments at fair value | Investments at fair value | |||||||||||||||||
Non-controlled/non-affiliated investments (cost of $933,070 and $548,753 at March 31, 2019 and December 31, 2018, respectively) | $ | 935,196 | $ | 545,325 | ||||||||||||||
Non-controlled/non-affiliated investments (cost of $9,353,285 and $9,621,233 at June 30, 2023 and December 31, 2022, respectively) | Non-controlled/non-affiliated investments (cost of $9,353,285 and $9,621,233 at June 30, 2023 and December 31, 2022, respectively) | $ | 9,282,040 | $ | 9,560,664 | |||||||||||||
Non-controlled/affiliated investments (cost of $1 and $36,639 at June 30, 2023 and December 31, 2022, respectively) | Non-controlled/affiliated investments (cost of $1 and $36,639 at June 30, 2023 and December 31, 2022, respectively) | 6,491 | 56,584 | |||||||||||||||
Total investments at fair value (cost of $9,353,286 and $9,657,872 at June 30, 2023 and December 31, 2022, respectively) | Total investments at fair value (cost of $9,353,286 and $9,657,872 at June 30, 2023 and December 31, 2022, respectively) | 9,288,531 | 9,617,248 | |||||||||||||||
Cash and cash equivalents | 20,636 | 6,228 | Cash and cash equivalents | 147,383 | 131,272 | |||||||||||||
Interest receivable from non-controlled/non-affiliated investments | 3,615 | 2,212 | Interest receivable from non-controlled/non-affiliated investments | 74,843 | 97,874 | |||||||||||||
Deferred financing costs | 2,054 | 2,270 | Deferred financing costs | 16,023 | 13,332 | |||||||||||||
Deferred offering costs | 744 | 591 | ||||||||||||||||
Receivable for investments | 21,192 | 17,746 | ||||||||||||||||
Subscription Receivable (Note 8) | 33,120 | — | ||||||||||||||||
Other assets | 247 | 371 | ||||||||||||||||
Receivable for investments sold | Receivable for investments sold | 45,333 | 49,269 | |||||||||||||||
Receivable for shares sold | Receivable for shares sold | 336 | — | |||||||||||||||
Total assets | $ | 1,016,804 | $ | 574,743 | Total assets | $ | 9,572,449 | $ | 9,908,995 | |||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||
Debt | $ | 284,046 | $ | 185,000 | ||||||||||||||
Debt (net of unamortized debt issuance costs of $30,162 and $35,289 at June 30, 2023 and December 31, 2022, respectively) | Debt (net of unamortized debt issuance costs of $30,162 and $35,289 at June 30, 2023 and December 31, 2022, respectively) | $ | 4,977,981 | $ | 5,527,715 | |||||||||||||
Payable for investments purchased | 82,455 | 149,513 | Payable for investments purchased | 19,528 | 20,273 | |||||||||||||
Due to affiliates | 2,550 | 1,761 | Due to affiliates | 12,284 | 10,809 | |||||||||||||
Management fees payable | 1,492 | 309 | ||||||||||||||||
Income based incentive fee payable | 1,143 | — | ||||||||||||||||
Capital gains incentive fee payable | 475 | — | ||||||||||||||||
Forward purchase liability at fair value (cost: $0 at March 31, 2019 and December 31, 2018) (Note 7) | 104 | 222 | ||||||||||||||||
Management fees payable (Note 3) | Management fees payable (Note 3) | 18,207 | 18,595 | |||||||||||||||
Income based incentive fees payable (Note 3) | Income based incentive fees payable (Note 3) | 29,565 | 24,773 | |||||||||||||||
Capital gains incentive fees payable (Note 3) | Capital gains incentive fees payable (Note 3) | — | 5,506 | |||||||||||||||
Interest payable | Interest payable | 45,281 | 45,289 | |||||||||||||||
Distribution payable (Note 8) | 7,163 | — | Distribution payable (Note 8) | 115,783 | 96,218 | |||||||||||||
Interest payable | 4,043 | 918 | ||||||||||||||||
Accrued expenses and other liabilities | 580 | 655 | Accrued expenses and other liabilities | 3,549 | 851 | |||||||||||||
Total liabilities | 384,051 | 338,378 | Total liabilities | 5,222,178 | 5,750,029 | |||||||||||||
Commitments and contingencies (Note 7) | Commitments and contingencies (Note 7) | |||||||||||||||||
NET ASSETS | NET ASSETS | |||||||||||||||||
Common shares, $0.001 par value (unlimited shares authorized; 25,106,231 and 9,621,319 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively) | $ | 25 | $ | 10 | ||||||||||||||
Common shares, $0.001 par value (unlimited shares authorized; 165,417,269 and 160,362,861 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) | Common shares, $0.001 par value (unlimited shares authorized; 165,417,269 and 160,362,861 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) | 165 | 160 | |||||||||||||||
Additional paid in capital | 628,813 | 239,247 | Additional paid in capital | 4,168,948 | 4,033,113 | |||||||||||||
Distributable earnings (loss) | 3,915 | (2,892 | ) | Distributable earnings (loss) | 181,158 | 125,693 | ||||||||||||
Total net assets | 632,753 | 236,365 | Total net assets | 4,350,271 | 4,158,966 | |||||||||||||
Total liabilities and net assets | $ | 1,016,804 | $ | 574,743 | Total liabilities and net assets | $ | 9,572,449 | $ | 9,908,995 | |||||||||
NET ASSET VALUE PER SHARE | $ | 25.20 | $ | 24.57 | NET ASSET VALUE PER SHARE | $ | 26.30 | $ | 25.93 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Three Months Ended March 31, 2019 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Investment income: | Investment income: | |||||||||||||||||||||||||
From non-controlled/non-affiliated investments: | From non-controlled/non-affiliated investments: | |||||||||||||||||||||||||
Interest income | $ | 15,226 | Interest income | $ | 273,914 | $ | 174,855 | $ | 528,135 | $ | 345,844 | |||||||||||||||
Payment in-kind interest income | Payment in-kind interest income | 11,275 | 10,808 | 21,116 | 19,494 | |||||||||||||||||||||
Dividend income | Dividend income | 159 | — | 159 | 5,908 | |||||||||||||||||||||
Fee income | 13 | Fee income | 5,017 | 1,328 | 5,893 | 1,342 | ||||||||||||||||||||
Total investment income | 15,239 | Total investment income | 290,365 | 186,991 | 555,303 | 372,588 | ||||||||||||||||||||
Expenses: | Expenses: | |||||||||||||||||||||||||
Interest expense | 4,672 | Interest expense | 66,148 | 45,084 | 132,876 | 85,385 | ||||||||||||||||||||
Management fees | 1,492 | |||||||||||||||||||||||||
Income based incentive fee | 1,143 | |||||||||||||||||||||||||
Capital gains incentive fee | 475 | |||||||||||||||||||||||||
Management fees (Note 3) | Management fees (Note 3) | 24,276 | 25,892 | 48,972 | 51,528 | |||||||||||||||||||||
Income based incentive fees (Note 3) | Income based incentive fees (Note 3) | 34,493 | 20,880 | 64,886 | 42,164 | |||||||||||||||||||||
Capital gains incentive fees (Note 3) | Capital gains incentive fees (Note 3) | (3,949) | (3,851) | (5,506) | (3,170) | |||||||||||||||||||||
Professional fees | 233 | Professional fees | 1,019 | 1,058 | 2,207 | 1,765 | ||||||||||||||||||||
Board of Trustees' fees | 123 | Board of Trustees' fees | 236 | 209 | 461 | 390 | ||||||||||||||||||||
Administrative service expenses (Note 3) | 426 | Administrative service expenses (Note 3) | 675 | 349 | 1,054 | 1,189 | ||||||||||||||||||||
Other general and administrative | 451 | Other general and administrative | 2,000 | 1,560 | 3,605 | 2,887 | ||||||||||||||||||||
Amortization of offering costs | 222 | |||||||||||||||||||||||||
Total expenses | 9,237 | Total expenses | 124,898 | 91,181 | 248,555 | 182,138 | ||||||||||||||||||||
Expense support (Note 3) | (570 | ) | ||||||||||||||||||||||||
Management fees waived (Note 3) | Management fees waived (Note 3) | (6,069) | (6,473) | (12,243) | (12,882) | |||||||||||||||||||||
Incentive fees waived (Note 3) | Incentive fees waived (Note 3) | (4,928) | (2,983) | (9,270) | (6,023) | |||||||||||||||||||||
Net expenses | 8,667 | Net expenses | 113,901 | 81,725 | 227,042 | 163,233 | ||||||||||||||||||||
Net investment income | 6,572 | |||||||||||||||||||||||||
Net investment income before excise tax | Net investment income before excise tax | 176,464 | 105,266 | 328,261 | 209,355 | |||||||||||||||||||||
Excise tax expense | Excise tax expense | 4,979 | — | 7,601 | 1,386 | |||||||||||||||||||||
Net investment income after excise tax | Net investment income after excise tax | 171,485 | 105,266 | 320,660 | 207,969 | |||||||||||||||||||||
Realized and unrealized gain (loss): | Realized and unrealized gain (loss): | |||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation): | Net change in unrealized appreciation (depreciation): | |||||||||||||||||||||||||
Non-controlled/non-affiliated investments | 5,553 | Non-controlled/non-affiliated investments | (28,456) | (27,521) | (35,218) | (29,594) | ||||||||||||||||||||
Forward purchase obligation (Note 7) | 118 | |||||||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | (8,814) | (123) | (13,455) | (197) | |||||||||||||||||||||
Translation of assets and liabilities in foreign currencies | Translation of assets and liabilities in foreign currencies | (223) | (333) | (3,364) | 402 | |||||||||||||||||||||
Net unrealized appreciation (depreciation) | 5,671 | Net unrealized appreciation (depreciation) | (37,493) | (27,977) | (52,037) | (29,389) | ||||||||||||||||||||
Realized gain (loss): | Realized gain (loss): | |||||||||||||||||||||||||
Non-controlled/non-affiliated investments | 1,726 | Non-controlled/non-affiliated investments | (8,020) | 2,478 | (11,506) | 7,860 | ||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | 7,207 | — | 7,207 | — | |||||||||||||||||||||
Foreign currency transactions | Foreign currency transactions | 11,671 | (176) | 19,324 | 391 | |||||||||||||||||||||
Net realized gain (loss) | 1,726 | Net realized gain (loss) | 10,858 | 2,302 | 15,025 | 8,251 | ||||||||||||||||||||
Net realized and unrealized gain (loss) | 7,397 | Net realized and unrealized gain (loss) | (26,635) | (25,675) | (37,012) | (21,138) | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 13,969 | Net increase (decrease) in net assets resulting from operations | $ | 144,850 | $ | 79,591 | $ | 283,648 | $ | 186,831 | |||||||||||||||
Net investment income per share (basic and diluted) | $ | 0.46 | Net investment income per share (basic and diluted) | $ | 1.06 | $ | 0.62 | $ | 1.99 | $ | 1.23 | |||||||||||||||
Earnings (loss) per share (basic and diluted) | $ | 0.98 | ||||||||||||||||||||||||
Earnings per share (basic and diluted) | Earnings per share (basic and diluted) | $ | 0.90 | $ | 0.47 | $ | 1.76 | $ | 1.10 | |||||||||||||||||
Weighted average shares outstanding (basic and diluted) | 14,275,804 | Weighted average shares outstanding (basic and diluted) | 161,079,263 | 169,426,422 | 160,792,160 | 169,489,006 | ||||||||||||||||||||
Distributions declared per share | $ | 0.50 |
Par Amount | Additional Paid in Capital | Distributable Earnings (Loss) | Total Net Assets | |||||||||||||||||||||||
Balance, March 31, 2023 | $ | 162 | $ | 4,038,243 | $ | 152,091 | $ | 4,190,496 | ||||||||||||||||||
Issuance of common shares, net of offering and underwriting costs | 3 | 124,930 | — | 124,933 | ||||||||||||||||||||||
Common shares sold, not yet issued (1) | — | 336 | — | 336 | ||||||||||||||||||||||
Reinvestment of dividends (1) | — | 5,439 | — | 5,439 | ||||||||||||||||||||||
Net investment income | — | — | 171,485 | 171,485 | ||||||||||||||||||||||
Net realized gain (loss) on investments | — | — | 10,858 | 10,858 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | (37,493) | (37,493) | ||||||||||||||||||||||
Dividends declared and payable from net investment income | — | — | (115,783) | (115,783) | ||||||||||||||||||||||
Balance, June 30, 2023 | $ | 165 | $ | 4,168,948 | $ | 181,158 | $ | 4,350,271 | ||||||||||||||||||
Par Amount | Additional Paid in Capital | Distributable Earnings (Loss) | Total Net Assets | |||||||||||||||||||||||
Balance, December 31, 2022 | $ | 160 | $ | 4,033,113 | $ | 125,693 | $ | 4,158,966 | ||||||||||||||||||
Issuance of common shares, net of offering and underwriting costs | 3 | 124,930 | — | 124,933 | ||||||||||||||||||||||
Common shares sold, not yet issued (1) | — | 336 | — | 336 | ||||||||||||||||||||||
Reinvestment of dividends | 2 | 10,569 | — | 10,571 | ||||||||||||||||||||||
Net investment income | — | — | 320,660 | 320,660 | ||||||||||||||||||||||
Net realized gain (loss) on investments | — | — | 15,025 | 15,025 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | (52,037) | (52,037) | ||||||||||||||||||||||
Dividends declared and payable from net investment income | — | — | (228,183) | (228,183) | ||||||||||||||||||||||
Balance, June 30, 2023 | $ | 165 | $ | 4,168,948 | $ | 181,158 | $ | 4,350,271 | ||||||||||||||||||
Par Amount | Additional Paid in Capital | Distributable Earnings (Loss) | Total Net Assets | |||||||||||||||||||||||
Balance, March 31, 2022 | $ | 170 | $ | 4,256,593 | $ | 177,107 | $ | 4,433,870 | ||||||||||||||||||
Reinvestment of dividends | — | 16,501 | — | 16,501 | ||||||||||||||||||||||
Net investment income | — | — | 105,266 | 105,266 | ||||||||||||||||||||||
Net realized gain (loss) on investments | — | — | 2,302 | 2,302 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | (27,977) | (27,977) | ||||||||||||||||||||||
Dividends declared and payable from net investment income | — | — | (123,164) | (123,164) | ||||||||||||||||||||||
Repurchases | (2) | (51,723) | — | (51,725) | ||||||||||||||||||||||
Balance, June 30, 2022 | $ | 168 | $ | 4,221,371 | $ | 133,534 | $ | 4,355,073 |
Three Months Ended March 31, 2019 | |||
Operations: | |||
Net investment income | $ | 6,572 | |
Net realized gain (loss) | 1,726 | ||
Net unrealized appreciation (depreciation) | 5,671 | ||
Net increase (decrease) in net assets resulting from operations | 13,969 | ||
Distributions to shareholders from: | |||
Net investment income | (7,163 | ) | |
Total distributions to shareholders | (7,163 | ) | |
Capital share transactions: | |||
Issuance of common shares | 389,582 | ||
Net increase (decrease) in net assets resulting from capital share transactions | 389,582 | ||
Net increase (decrease) in net assets | 396,388 | ||
Net Assets, beginning of period | 236,365 | ||
Net Assets, end of period | $ | 632,753 |
Par Amount | Additional Paid in Capital | Distributable Earnings (Loss) | Total Net Assets | |||||||||||||||||||||||
Balance, December 31, 2021 | $ | 169 | $ | 4,245,125 | $ | 202,185 | $ | 4,447,479 | ||||||||||||||||||
Reinvestment of dividends | 1 | 27,969 | — | 27,970 | ||||||||||||||||||||||
Net investment income | — | — | 207,969 | 207,969 | ||||||||||||||||||||||
Net realized gain (loss) on investments | — | — | 8,251 | 8,251 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | (29,389) | (29,389) | ||||||||||||||||||||||
Dividends declared and payable from net investment income | — | — | (255,482) | (255,482) | ||||||||||||||||||||||
Repurchases | (2) | (51,723) | — | (51,725) | ||||||||||||||||||||||
Balance, June 30, 2022 | $ | 168 | $ | 4,221,371 | $ | 133,534 | $ | 4,355,073 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 283,648 | $ | 186,831 | |||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||||||||||
Net unrealized (appreciation) depreciation on investments | 48,673 | 29,791 | |||||||||
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | 3,364 | (402) | |||||||||
Net realized (gain) loss on investments | 4,299 | (7,860) | |||||||||
Payment-in-kind interest capitalized | (24,198) | (20,551) | |||||||||
Net accretion of discount and amortization of premium | (30,190) | (20,669) | |||||||||
Amortization of deferred financing costs | 2,459 | 1,705 | |||||||||
Amortization of debt financing and debt issuance costs | 5,127 | 5,193 | |||||||||
Purchases of investments | (219,153) | (574,076) | |||||||||
Proceeds from sale of investments and principal repayments | 573,828 | 347,142 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Interest receivable | 23,031 | (8,966) | |||||||||
Receivable for investments sold | 3,936 | 102,972 | |||||||||
Other assets | — | 194 | |||||||||
Payable for investments purchased | (745) | (24,517) | |||||||||
Due to affiliates | 1,475 | 4,459 | |||||||||
Management fee payable | (388) | 1,607 | |||||||||
Income based incentive fee payable | 4,792 | (1,912) | |||||||||
Capital gains incentive fee payable | (5,506) | (3,171) | |||||||||
Interest payable | (8) | 1,791 | |||||||||
Accrued expenses and other liabilities | 2,698 | (2,399) | |||||||||
Net cash provided by (used in) operating activities | 677,142 | 17,162 | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings on debt | 474,000 | 516,748 | |||||||||
Repayments on debt | (1,068,360) | (215,068) | |||||||||
Deferred financing costs paid | (5,149) | (5,755) | |||||||||
Deferred offering costs paid on issuance of common shares | — | (1,531) | |||||||||
Dividends paid in cash | (198,713) | (194,062) | |||||||||
Proceeds from issuance of common shares | 124,933 | — | |||||||||
Repurchased shares | — | (51,725) | |||||||||
Net cash provided by (used in) financing activities | (673,289) | 48,607 | |||||||||
Net increase (decrease) in cash and cash equivalents | 3,853 | 65,769 | |||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 12,258 | — | |||||||||
Cash and cash equivalents, beginning of period | 131,272 | 102,879 | |||||||||
Cash and cash equivalents, end of period | $ | 147,383 | $ | 168,648 | |||||||
The accompanying notes are an integral part of these condensed consolidated financial statements. |
Three Months Ended March 31, 2019 | |||
Cash flows from operating activities: | |||
Net increase in net assets resulting from operations | $ | 13,969 | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Net unrealized (appreciation) depreciation on investments | (5,553 | ) | |
Net unrealized (appreciation) depreciation on forward purchase obligation | (118 | ) | |
Net realized (gain) loss on investments | (1,726 | ) | |
Net accretion of discount and amortization of premium | (766 | ) | |
Amortization of deferred financing costs | 290 | ||
Amortization of offering costs | 222 | ||
Purchases of investments | (540,294 | ) | |
Proceeds from sale of investments and principal repayments | 158,469 | ||
Changes in operating assets and liabilities: | |||
Interest receivable | (1,403 | ) | |
Receivable for investments | (3,446 | ) | |
Other assets | 124 | ||
Payable for investments purchased | (67,058 | ) | |
Due to affiliates | 789 | ||
Management fee payable | 1,183 | ||
Income based incentive fee payable | 1,143 | ||
Capital gains incentive fee payable | 475 | ||
Interest payable | 3,125 | ||
Accrued expenses and other liabilities | (450 | ) | |
Net cash provided by (used in) operating activities | (441,025 | ) | |
Cash flows from financing activities: | |||
Borrowings on credit facilities | 390,463 | ||
Repayments on credit facilities | (291,417 | ) | |
Deferred financing costs paid | (75 | ) | |
Proceeds from issuance of common shares | 356,462 | ||
Net cash provided by (used in) financing activities | 455,433 | ||
Net increase (decrease) in cash and cash equivalents | 14,408 | ||
Cash and cash equivalents, beginning of period | 6,228 | ||
Cash and cash equivalents, end of period | $ | 20,636 | |
Supplemental information and non-cash activities: | |||
Interest paid during the period | $ | 1,257 | |
Distributions declared during the period | $ | 7,163 | |
Subscription receivable | $ | 33,120 | |
Accrued but unpaid offering costs | $ | 375 |
Blackstone Secured Lending Fund Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) | |||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental information and non-cash activities: | |||||||||||
Interest paid during the period | $ | 126,014 | $ | 76,306 | |||||||
Distribution payable | $ | 115,783 | $ | 123,164 | |||||||
Reinvestment of distributions during the period | $ | 10,571 | $ | 27,970 | |||||||
Receivable for shares sold | $ | 336 | $ | — | |||||||
Excise taxes paid | $ | 5,245 | $ | 4,106 | |||||||
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
Investments—non-controlled/non-affiliated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Aerospace & Defense | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cobham Holdings, Inc. | (4)(7)(10) | SOFR + | 6.75% | 11.99% | 1/9/2030 | $ | 1,995 | $ | 1,929 | $ | 1,948 | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||
Corfin Holdings, Inc. | (4)(11) | SOFR + | 6.00% | 11.41% | 2/5/2026 | 198,368 | 196,116 | 194,400 | 4.47 | ||||||||||||||||||||||||||||||||||||||||||||
Corfin Holdings, Inc. | (4)(11) | L + | 6.00% | 11.41% | 2/5/2026 | 68,941 | 68,176 | 67,562 | 1.55 | ||||||||||||||||||||||||||||||||||||||||||||
Corfin Holdings, Inc. | (4)(10) | SOFR + | 6.00% | 11.38% | 12/27/2027 | 951 | 916 | 932 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Linquest Corp. | (4)(5)(10) | SOFR + | 5.75% | 10.95% | 7/28/2028 | 9,788 | 9,646 | 9,396 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||
MAG DS Corp. | (11) | SOFR + | 5.50% | 10.84% | 4/1/2027 | 80,879 | 76,445 | 76,330 | 1.75 | ||||||||||||||||||||||||||||||||||||||||||||
Maverick Acquisition, Inc. | (4)(11) | L + | 6.25% | 11.44% | 6/1/2027 | 14,779 | 14,586 | 11,823 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||
Maverick Acquisition, Inc. | (4)(12) | L + | 6.25% | 11.44% | 6/1/2027 | 3,914 | 3,859 | 3,132 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||
TCFI AEVEX, LLC | (4)(11) | SOFR + | 6.00% | 11.25% | 3/18/2026 | 110,801 | 109,763 | 106,923 | 2.46 | ||||||||||||||||||||||||||||||||||||||||||||
481,436 | 472,446 | 10.85 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Air Freight & Logistics | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AGI-CFI Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.86% | 6/11/2027 | 95,906 | 94,590 | 92,789 | 2.13 | ||||||||||||||||||||||||||||||||||||||||||||
ENV Bidco AB | (4)(6)(10) | SOFR + | 5.75% | 10.99% | 7/19/2029 | 1,006 | 984 | 991 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
ENV Bidco AB | (4)(6)(7)(8) | E + | 5.75% | 9.35% | 7/19/2029 | EUR | 1,122 | 977 | 1,081 | 0.02 | |||||||||||||||||||||||||||||||||||||||||||
Livingston International, Inc. | (4)(6)(10) | L + | 5.50% | 10.84% | 4/30/2027 | 128,198 | 126,102 | 125,634 | 2.89 | ||||||||||||||||||||||||||||||||||||||||||||
Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 11.44% | 12/9/2026 | 143,110 | 141,703 | 143,110 | 3.29 | ||||||||||||||||||||||||||||||||||||||||||||
Mode Purchaser, Inc. | (4)(11) | SOFR + | 6.25% | 11.44% | 2/5/2029 | 4,085 | 4,020 | 4,085 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||
Redwood Services Group, LLC | (4)(7)(10) | SOFR + | 6.15% | 11.50% | 6/15/2029 | 2,784 | 2,735 | 2,723 | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||
RoadOne Inc | (4)(7)(11) | SOFR + | 6.25% | 11.11% | 12/30/2028 | 1,091 | 1,051 | 1,061 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
RWL Holdings, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.14% | 12/31/2028 | 24,011 | 23,586 | 23,466 | 0.54 | ||||||||||||||||||||||||||||||||||||||||||||
SEKO Global Logistics Network, LLC | (4)(5)(11) | SOFR + | 4.75% | 10.14% | 12/30/2026 | 4,583 | 4,542 | 4,548 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||
SEKO Global Logistics Network, LLC | (4)(5)(11) | L + | 4.75% | 9.48% | 12/30/2026 | 529 | 520 | 525 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
SEKO Global Logistics Network, LLC | (4)(5)(7)(11) | P + | 3.75% | 12.00% | 12/30/2026 | 103 | 98 | 99 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
SEKO Global Logistics Network, LLC | (4)(5)(7)(11) | SOFR + | 4.75% | 10.02% | 12/30/2026 | 870 | 860 | 859 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
SEKO Global Logistics Network, LLC | (4)(5)(11) | E + | 4.75% | 6.95% | 12/30/2026 | EUR | 1,839 | 2,110 | 1,992 | 0.05 | |||||||||||||||||||||||||||||||||||||||||||
403,878 | 402,963 | 9.24 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Building Products | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fencing Supply Group Acquisition, LLC | (4)(5)(11) | SOFR + | 6.00% | 11.65% | 2/26/2027 | 51,921 | 51,456 | 51,921 | 1.19 | ||||||||||||||||||||||||||||||||||||||||||||
Jacuzzi Brands, LLC | (4)(10) | SOFR + | 6.00% | 11.24% | 2/25/2025 | 12,059 | 11,982 | 11,336 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||
Jacuzzi Brands, LLC | (4)(11) | SOFR + | 6.00% | 11.24% | 2/25/2025 | 82,758 | 82,336 | 77,792 | 1.79 | ||||||||||||||||||||||||||||||||||||||||||||
L&S Mechanical Acquisition, LLC | (4)(5)(10) | SOFR + | 7.75% | 12.80% | 9/1/2027 | 12,500 | 12,327 | 11,250 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||
Lindstrom, LLC | (4)(11) | SOFR + | 6.25% | 11.51% | 4/7/2025 | 121,633 | 120,945 | 120,416 | 2.77 | ||||||||||||||||||||||||||||||||||||||||||||
Windows Acquisition Holdings, Inc. | (4)(5)(11) | SOFR + | 6.50% | 11.89% | 12/29/2026 | 49,997 | 49,415 | 49,997 | 1.15 | ||||||||||||||||||||||||||||||||||||||||||||
328,461 | 322,712 | 7.42 |
9 |
Investments—non-controlled/non-affiliated (1)(5) | Reference Rate and Spread | Interest Rate (2) | Maturity Date | Par Amount | Cost (3) | Fair Value | Percentage of Net Assets | ||||||||||||||
First Lien Debt | |||||||||||||||||||||
Aerospace and Defense | |||||||||||||||||||||
StandardAero Aviation Holdings, Inc. (6) | L + 3.75% | 6.25% | 7/7/2022 | $ | 6,959 | $ | 6,910 | $ | 6,976 | 1.10 | % | ||||||||||
Air Freight and Logistics | |||||||||||||||||||||
R1 Holdings, LLC (4)(8) | L + 6.25% | 9.12% | 1/2/2026 | 35,070 | 34,393 | 34,369 | 5.43 | ||||||||||||||
Building Products | |||||||||||||||||||||
American Bath Group, LLC (4) | L + 4.25% | 6.85% | 9/30/2023 | 4,975 | 4,880 | 4,938 | 0.78 | ||||||||||||||
Jacuzzi Brands, Inc. (4)(8) | L + 6.50% | 8.99% | 2/25/2025 | 73,105 | 71,666 | 71,643 | 11.32 | ||||||||||||||
Latham Pool Products, Inc. | L + 6.00% | 8.61% | 6/13/2025 | 44,339 | 42,626 | 43,452 | 6.87 | ||||||||||||||
Ply Gem Midco, Inc. (6) | L + 3.75% | 6.55% | 4/12/2025 | 3,482 | 3,362 | 3,348 | 0.53 | ||||||||||||||
125,901 | 122,534 | 123,381 | 19.50 | ||||||||||||||||||
Chemicals | |||||||||||||||||||||
Alchemy US Holdco 1, LLC (4) | L + 5.50% | 8.12% | 10/10/2025 | 3,975 | 3,966 | 3,975 | 0.63 | ||||||||||||||
Polymer Additives, Inc. (4) | L + 6.00% | 8.50% | 7/31/2025 | 29,977 | 28,496 | 27,430 | 4.34 | ||||||||||||||
33,952 | 32,462 | 31,405 | 4.97 | ||||||||||||||||||
Commercial Services & Supplies | |||||||||||||||||||||
Research Now Group, LLC | L + 5.50% | 8.00% | 12/20/2024 | 34,911 | 34,397 | 34,780 | 5.50 | ||||||||||||||
Revspring, Inc. (4) | L + 4.25% | 6.74% | 10/11/2025 | 2,993 | 2,985 | 2,963 | 0.47 | ||||||||||||||
37,904 | 37,382 | 37,743 | 5.97 | ||||||||||||||||||
Construction & Engineering | |||||||||||||||||||||
IEA Energy Services LLC | L + 6.25% | 8.85% | 9/25/2024 | 16,331 | 15,713 | 15,556 | 2.46 | ||||||||||||||
Therma LLC (4)(5)(6) | L + 6.50% | 9.00% | 3/29/2025 | 80,000 | 78,402 | 78,400 | 12.39 | ||||||||||||||
96,331 | 94,115 | 93,956 | 14.85 | ||||||||||||||||||
Distributors | |||||||||||||||||||||
Tailwind Colony Holding Corporation (4) | L + 7.50% | 10.10% | 11/13/2024 | 29,358 | 28,984 | 29,065 | 4.59 | ||||||||||||||
Fastlane Parent Company, Inc. (4) | L + 4.50% | 7.10% | 2/4/2026 | 35,000 | 34,313 | 34,737 | 5.49 | ||||||||||||||
64,358 | 63,297 | 63,802 | 10.08 | ||||||||||||||||||
Diversified Consumer Services | |||||||||||||||||||||
American Residential Services, LLC | L + 4.00% | 6.50% | 6/30/2022 | 1,648 | 1,641 | 1,628 | 0.26 | ||||||||||||||
Weight Watchers International, Inc. (6) | L + 4.75% | 7.56% | 11/29/2024 | 7,305 | 7,272 | 6,997 | 1.11 | ||||||||||||||
Weld North Education, LLC | L + 4.25% | 6.85% | 2/7/2025 | 13,625 | 13,462 | 13,535 | 2.14 | ||||||||||||||
22,578 | 22,375 | 22,160 | 3.51 | ||||||||||||||||||
Diversified Financial Services | |||||||||||||||||||||
York Risk Services Holding Corp | L + 3.75% | 6.25% | 10/1/2021 | 5,969 | 5,713 | 5,618 | 0.89 | ||||||||||||||
Electronic Equipment, Instruments & Components | . | ||||||||||||||||||||
Convergeone Holdings, Inc. | L + 5.00% | 7.50% | 1/4/2026 | 15,000 | 14,404 | 14,395 | 2.27 | ||||||||||||||
Energy Equipment & Services | |||||||||||||||||||||
Tetra Technologies, Inc. (4)(6) | L + 6.25% | 8.74% | 9/10/2025 | 21,818 | 21,690 | 21,600 | 3.41 | ||||||||||||||
Health Care Equipment & Supplies | |||||||||||||||||||||
Lifescan Global Corporation | L + 6.00% | 8.80% | 10/1/2024 | 41,239 | 39,593 | 39,744 | 6.28 | ||||||||||||||
Orchid Orthopedic Solutions (4) | L + 4.50% | 7.10% | 2/26/2026 | 7,600 | 7,525 | 7,624 | 1.20 | ||||||||||||||
48,839 | 47,118 | 47,368 | 7.48 | ||||||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||
AMGH Holding Corp | L + 3.25% | 5.74% | 4/28/2022 | 6,965 | 6,615 | 6,576 | 1.04 | ||||||||||||||
AMGH Holding Corp | L + 4.25% | 6.74% | 3/14/2025 | 6,201 | 5,885 | 5,845 | 0.92 | ||||||||||||||
Envision Healthcare Corporation | L + 3.75% | 6.25% | 10/10/2025 | 998 | 940 | 936 | 0.15 | ||||||||||||||
Epoch Acquisition, Inc. (4) | L + 6.75% | 9.24% | 10/4/2024 | 25,313 | 24,991 | 25,313 | 4.00 | ||||||||||||||
The GI Alliance Management, LLC (4) | L + 6.25% | 8.85% | 11/2/2024 | 37,342 | 36,654 | 36,708 | 5.80 | ||||||||||||||
Orion B Holdings, LLC (4) | L + 5.75% | 8.23% | 11/16/2025 | 13,628 | 13,465 | 13,492 | 2.13 | ||||||||||||||
Phoenix Guarantor, Inc. | L + 4.50% | 6.98% | 2/8/2026 | 23,524 | 23,165 | 23,171 | 3.66 | ||||||||||||||
Prospect Medical Holdings, Inc. | L + 5.50% | 8.00% | 2/22/2024 | 1,995 | 1,983 | 1,824 | 0.29 | ||||||||||||||
115,966 | 113,698 | 113,865 | 17.99 | ||||||||||||||||||
Health Care Technology | |||||||||||||||||||||
Precyse Acquisition Corporation | L + 4.50% | 7.00% | 10/20/2022 | 2,985 | 2,957 | 2,873 | 0.45 | ||||||||||||||
Hotels, Restaurants & Leisure | |||||||||||||||||||||
Casablanca US Holdings Inc. (4)(6) | L + 4.00% | 6.74% | 3/29/2024 | 786 | 754 | 762 | 0.12 | ||||||||||||||
Hotel Acquisition Company LLC (4)(8) | L + 6.00% | 8.50% | 12/9/2024 | 92,768 | 91,491 | 92,304 | 14.59 | ||||||||||||||
93,554 | 92,245 | 93,066 | 14.71 |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Services & Supplies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bazaarvoice, Inc. | (4)(7)(8) | SOFR + | 5.75% | 10.74% | 5/7/2028 | $ | 227,323 | $ | 227,323 | $ | 227,323 | 5.23 | % | ||||||||||||||||||||||||||||||||||||||||
Java Buyer, Inc. | (4)(10) | SOFR + | 5.75% | 11.10% | 12/15/2027 | 4,055 | 3,995 | 3,933 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||
Java Buyer, Inc. | (4)(7)(10) | SOFR + | 5.75% | 11.13% | 12/15/2027 | 941 | 913 | 855 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
JSS Holdings, Inc. | (4)(10) | SOFR + | 6.00% | 11.31% | 12/18/2028 | 284,511 | 281,805 | 284,511 | 6.54 | ||||||||||||||||||||||||||||||||||||||||||||
JSS Holdings, Inc. | (4)(10) | SOFR + | 6.00% | 11.31% | 12/17/2028 | 4,913 | 4,855 | 4,913 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Knowledge Pro Buyer, Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.94% | 12/10/2027 | 5,893 | 5,797 | 5,882 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||
Knowledge Pro Buyer, Inc. | (4)(7)(10) | P + | 4.75% | 13.00% | 12/10/2027 | 248 | 232 | 248 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
KPSKY Acquisition, Inc. | (4)(10)(18) | SOFR + | 5.60% | 10.65% | 10/19/2028 | 20,220 | 19,914 | 19,613 | 0.45 | ||||||||||||||||||||||||||||||||||||||||||||
KPSKY Acquisition, Inc. | (4)(7)(10) | SOFR + | 5.50% | 10.75% | 10/19/2028 | 2,200 | 2,166 | 2,130 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Onex Baltimore Buyer, Inc. | (4)(10)(18) | SOFR + | 6.25% | 10.95% | 12/1/2027 | 20,804 | 20,494 | 20,595 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||
Onex Baltimore Buyer, Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.95% | 12/1/2027 | 7,183 | 7,059 | 7,089 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||
The Action Environmental Group, Inc. | (4)(5)(12) | SOFR + | 6.15% | 11.37% | 1/16/2026 | 11,075 | 11,045 | 10,937 | 0.25 | ||||||||||||||||||||||||||||||||||||||||||||
The Action Environmental Group, Inc. | (4)(5)(12) | SOFR + | 6.00% | 11.37% | 1/16/2026 | 133,007 | 131,648 | 131,345 | 3.02 | ||||||||||||||||||||||||||||||||||||||||||||
Veregy Consolidated, Inc. | (11) | SOFR + | 6.00% | 11.31% | 11/2/2027 | 20,735 | 20,378 | 18,506 | 0.43 | ||||||||||||||||||||||||||||||||||||||||||||
737,624 | 737,880 | 16.97 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Construction & Engineering | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ASP Endeavor Acquisition, LLC | (4)(5)(9) | L + | 6.50% | 11.82% | 5/3/2027 | 13,695 | 13,520 | 12,805 | 0.29 | ||||||||||||||||||||||||||||||||||||||||||||
COP Home Services TopCo IV, Inc. | (4)(5)(7)(11) | SOFR + | 6.00% | 11.20% | 12/31/2027 | 38,121 | 36,807 | 37,850 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||
50,327 | 50,655 | 1.16 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Containers & Packaging | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ascend Buyer, LLC | (4)(7)(10) | SOFR + | 6.40% | 11.79% | 10/2/2028 | 18,791 | 18,481 | 18,396 | 0.42 | ||||||||||||||||||||||||||||||||||||||||||||
Ascend Buyer, LLC | (4)(10) | SOFR + | 6.40% | 11.79% | 9/30/2028 | 1,985 | 1,932 | 1,945 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
20,413 | 20,341 | 0.46 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributors | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BP Purchaser, LLC | (4)(10) | SOFR + | 5.50% | 11.00% | 12/10/2028 | 7,295 | 7,182 | 7,186 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||
Bution Holdco 2, Inc. | (4)(11) | SOFR + | 6.25% | 11.45% | 10/17/2025 | 70,768 | 70,226 | 70,768 | 1.63 | ||||||||||||||||||||||||||||||||||||||||||||
Dana Kepner Company, LLC | (4)(11) | SOFR + | 6.00% | 11.36% | 12/29/2026 | 62,965 | 62,231 | 62,650 | 1.44 | ||||||||||||||||||||||||||||||||||||||||||||
Dana Kepner Company, LLC | (4)(11) | SOFR + | 6.00% | 11.36% | 12/29/2027 | 1,990 | 1,958 | 1,980 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Genuine Cable Group, LLC | (4)(10) | SOFR + | 5.50% | 10.70% | 11/2/2026 | 179,079 | 176,693 | 175,497 | 4.03 | ||||||||||||||||||||||||||||||||||||||||||||
Marcone Yellowstone Buyer, Inc. | (4)(5)(10) | SOFR + | 6.25% | 11.64% | 6/23/2028 | 6,511 | 6,419 | 6,201 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||
Marcone Yellowstone Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 6.50% | 11.89% | 6/23/2028 | 1,574 | 1,523 | 1,498 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
NDC Acquisition Corp. | (4)(11) | SOFR + | 5.75% | 11.09% | 3/9/2027 | 13,492 | 13,264 | 13,222 | 0.30 | ||||||||||||||||||||||||||||||||||||||||||||
NDC Acquisition Corp. | (4)(7)(11) | L + | 5.75% | 11.00% | 3/9/2027 | 514 | 456 | 445 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
Tailwind Colony Holding Corporation | (4)(11) | SOFR + | 6.60% | 11.65% | 11/13/2024 | 10,446 | 10,354 | 10,185 | 0.23 | ||||||||||||||||||||||||||||||||||||||||||||
Tailwind Colony Holding Corporation | (4)(11) | SOFR + | 6.60% | 11.63% | 5/13/2026 | 998 | 971 | 958 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Tailwind Colony Holding Corporation | (4)(11) | SOFR + | 6.50% | 11.65% | 11/13/2024 | 32,019 | 31,900 | 31,218 | 0.72 | ||||||||||||||||||||||||||||||||||||||||||||
Unified Door & Hardware Group, LLC | (4)(11) | SOFR + | 5.85% | 11.09% | 6/30/2025 | 993 | 959 | 953 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Unified Door & Hardware Group, LLC | (4)(11) | SOFR + | 5.85% | 11.19% | 6/30/2025 | 93,873 | 92,913 | 90,118 | 2.07 | ||||||||||||||||||||||||||||||||||||||||||||
477,049 | 472,879 | 10.86 |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Consumer Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BPPH2 Limited | (4)(5)(6)(8) | S + | 6.87% | 11.30% | 3/2/2028 | GBP | 26,300 | $ | 35,711 | $ | 33,186 | 0.76 | % | ||||||||||||||||||||||||||||||||||||||||
Cambium Learning Group, Inc. | (4)(7)(10) | SOFR + | 5.50% | 10.65% | 7/20/2028 | $ | 290,622 | 288,524 | 290,622 | 6.68 | |||||||||||||||||||||||||||||||||||||||||||
Dreambox Learning Holding LLC | (4)(5)(10) | SOFR + | 6.25% | 11.63% | 12/1/2027 | 7,087 | 6,982 | 6,555 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||
Go Car Wash Management Corp. | (4)(11) | SOFR + | 6.25% | 11.45% | 12/31/2026 | 12,127 | 11,948 | 11,824 | 0.27 | ||||||||||||||||||||||||||||||||||||||||||||
Go Car Wash Management Corp. | (4)(14) | SOFR + | 6.25% | 11.45% | 12/31/2026 | 10,516 | 10,357 | 10,253 | 0.24 | ||||||||||||||||||||||||||||||||||||||||||||
Go Car Wash Management Corp. | (4)(7)(11) | SOFR + | 6.25% | 11.45% | 12/31/2026 | 193 | 193 | 182 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
Groundworks, LLC | (4)(7)(11) | SOFR + | 6.50% | 11.65% | 3/14/2030 | 715 | 691 | 693 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
354,406 | 353,315 | 8.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Financial Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Barbri Holdings, Inc. | (4)(10) | SOFR + | 5.75% | 10.95% | 4/28/2028 | 64,241 | 63,330 | 63,302 | 1.46 | ||||||||||||||||||||||||||||||||||||||||||||
SelectQuote, Inc. | (4)(10) | SOFR + | 8.00% | 13.20% (incl. 2.00% PIK) | 11/5/2024 | 74,849 | 74,223 | 67,364 | 1.55 | ||||||||||||||||||||||||||||||||||||||||||||
137,553 | 130,666 | 3.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Diversified Telecommunication Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Point Broadband Acquisition, LLC | (4)(11) | SOFR + | 6.00% | 11.02% | 10/1/2028 | 85,922 | 84,310 | 85,493 | 1.97 | ||||||||||||||||||||||||||||||||||||||||||||
Point Broadband Acquisition, LLC | (4)(7)(11) | SOFR + | 6.00% | 11.18% | 10/1/2028 | 34,437 | 33,746 | 34,206 | 0.79 | ||||||||||||||||||||||||||||||||||||||||||||
118,056 | 119,699 | 2.76 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Electric Utilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Qualus Power Services Corp. | (4)(11) | SOFR + | 5.00% | 10.36% | 3/26/2027 | 33,291 | 32,792 | 32,959 | 0.76 | ||||||||||||||||||||||||||||||||||||||||||||
Electrical Equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Emergency Power Holdings, LLC | (4)(5)(7)(11) | SOFR + | 5.50% | 10.84% | 8/17/2028 | 46,464 | 45,681 | 46,067 | 1.06 | ||||||||||||||||||||||||||||||||||||||||||||
Relay Purchaser, LLC | (4)(5)(7)(10) | L + | 6.00% | 11.21% | 8/30/2028 | 34,451 | 33,898 | 34,380 | 0.79 | ||||||||||||||||||||||||||||||||||||||||||||
Shoals Holdings, LLC | (4)(11) | SOFR + | 5.75% | 10.98% | 11/25/2026 | 83,076 | 81,877 | 83,491 | 1.92 | ||||||||||||||||||||||||||||||||||||||||||||
161,456 | 163,938 | 3.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Electronic Equipment, Instruments & Components | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Albireo Energy, LLC | (4)(5)(11) | SOFR + | 6.00% | 11.33% | 12/23/2026 | 78,549 | 77,638 | 71,087 | 1.63 | ||||||||||||||||||||||||||||||||||||||||||||
Albireo Energy, LLC | (4)(5)(11) | L + | 6.00% | 11.38% | 12/23/2026 | 6,360 | 6,316 | 5,755 | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||
Albireo Energy, LLC | (4)(5)(11) | L + | 6.00% | 11.25% | 12/23/2026 | 23,576 | 23,361 | 21,336 | 0.49 | ||||||||||||||||||||||||||||||||||||||||||||
CPI Intermediate Holdings Inc | (4)(7)(10) | SOFR + | 5.50% | 10.57% | 10/8/2029 | 4,024 | 3,939 | 3,934 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||
111,254 | 102,112 | 2.34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Energy Equipment & Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Abaco Energy Technologies, LLC | (4)(13) | L + | 7.00% | 12.15% | 10/4/2024 | 25,820 | 25,628 | 25,820 | 0.59 | ||||||||||||||||||||||||||||||||||||||||||||
ISQ Hawkeye Holdco, Inc. | (4)(7)(10) | SOFR + | 6.25% | 11.38% | 8/17/2029 | 942 | 919 | 931 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Tetra Technologies, Inc. | (4)(6)(11) | SOFR + | 6.25% | 11.45% | 9/10/2025 | 17,790 | 17,746 | 17,790 | 0.41 | ||||||||||||||||||||||||||||||||||||||||||||
44,293 | 44,541 | 1.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ground Transportation | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Quality Distribution LLC | (4)(7)(11) | SOFR + | 6.75% | 11.92% | 6/30/2028 | 622 | 599 | 599 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
Quality Distribution LLC | (4)(5)(7)(11) | L + | 5.25% | 11.58% | 7/1/2028 | 18,448 | 18,141 | 17,483 | 0.40 | ||||||||||||||||||||||||||||||||||||||||||||
18,740 | 18,082 | 0.41 |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Equipment & Supplies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
CPI Buyer, LLC | (4)(7)(10) | SOFR + | 5.50% | 11.03% | 11/1/2028 | $ | 31,183 | $ | 30,680 | $ | 30,027 | 0.69 | % | ||||||||||||||||||||||||||||||||||||||||
GCX Corporation Buyer, LLC | (4)(5)(10) | SOFR + | 5.50% | 10.68% | 9/13/2028 | 21,615 | 21,294 | 21,183 | 0.49 | ||||||||||||||||||||||||||||||||||||||||||||
GCX Corporation Buyer, LLC | (4)(5)(7)(10) | SOFR + | 5.50% | 10.73% | 9/13/2028 | 5,473 | 5,376 | 5,343 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||
57,350 | 56,553 | 1.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
123Dentist, Inc. | (4)(6)(7)(10) | C + | 5.50% | 10.65% | 8/10/2029 | CAD | 1,729 | 815 | 728 | 0.02 | |||||||||||||||||||||||||||||||||||||||||||
ACI Group Holdings, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 10.95% (incl. 1.25% PIK) | 8/2/2028 | 109,247 | 107,357 | 107,119 | 2.46 | ||||||||||||||||||||||||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC | (4)(7)(11) | L + | 6.50% | 11.87% | 5/7/2027 | 6,884 | 6,781 | 6,755 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC | (4)(11) | SOFR + | 6.50% | 11.94% | 5/7/2027 | 1,650 | 1,632 | 1,625 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management, Inc. | (4)(5)(10) | SOFR + | 5.50% | 10.55% | 2/25/2028 | 4,938 | 4,861 | 4,740 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Amerivet Partners Management, Inc. | (4)(5)(7)(10) | SOFR + | 5.50% | 10.89% | 2/25/2028 | 1,374 | 1,330 | 1,315 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. | (4)(5)(6)(11) | C + | 4.50% | 9.87% | 4/14/2028 | CAD | 29,779 | 23,566 | 25,349 | 0.58 | |||||||||||||||||||||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. | (4)(5)(6)(7)(10) | C + | 4.86% | 10.45% | 4/15/2027 | CAD | 2,804 | 962 | 787 | 0.02 | |||||||||||||||||||||||||||||||||||||||||||
CCBlue Bidco, Inc. | (4)(7)(10) | L + | 6.25% | 11.41% (incl. 2.75% PIK) | 12/21/2028 | 10,536 | 10,371 | 9,758 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||
DCA Investment Holdings, LLC | (4)(10) | SOFR + | 6.41% | 11.65% | 4/3/2028 | 33,039 | 32,765 | 32,296 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||
DCA Investment Holdings, LLC | (4)(7)(10) | SOFR + | 6.50% | 11.74% | 4/3/2028 | 522 | 515 | 507 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
Epoch Acquisition, Inc. | (4)(11) | SOFR + | 6.00% | 11.15% | 10/4/2026 | 24,180 | 24,110 | 24,060 | 0.55 | ||||||||||||||||||||||||||||||||||||||||||||
Healthcomp Holding Company, LLC | (4)(5)(7)(11) | SOFR + | 5.50% | 10.69% | 10/27/2026 | 108,009 | 106,396 | 107,769 | 2.48 | ||||||||||||||||||||||||||||||||||||||||||||
Jayhawk Buyer, LLC | (4)(7)(11) | SOFR + | 5.00% | 10.35% | 10/15/2026 | 154,477 | 152,411 | 151,387 | 3.48 | ||||||||||||||||||||||||||||||||||||||||||||
Navigator Acquiror, Inc. | (4)(9) | SOFR + | 5.75% | 10.93% (incl. 5.59% PIK) | 7/16/2027 | 190,016 | 188,829 | 185,265 | 4.26 | ||||||||||||||||||||||||||||||||||||||||||||
Navigator Acquiror, Inc. | (4)(7)(9) | SOFR + | 5.75% | 10.63% | 7/16/2027 | 25,525 | 25,325 | 24,887 | 0.57 | ||||||||||||||||||||||||||||||||||||||||||||
Odyssey Holding Company, LLC | (4)(11) | SOFR + | 5.75% | 10.98% | 11/16/2025 | 13,403 | 13,326 | 13,403 | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||
Odyssey Holding Company, LLC | (4)(11) | SOFR + | 5.75% | 11.00% | 11/16/2025 | 3,634 | 3,602 | 3,634 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||
Odyssey Holding Company, LLC | (4)(11) | SOFR + | 5.75% | 10.95% | 11/16/2025 | 1,635 | 1,619 | 1,635 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
PPV Intermediate Holdings, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.01% | 8/31/2029 | 1,987 | 1,958 | 1,966 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | (4)(5)(10) | SOFR + | 5.90% | 11.14% | 12/23/2028 | 5,961 | 5,927 | 5,842 | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.09% | 12/23/2028 | 4,954 | 4,838 | 4,816 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Smile Doctors, LLC | (4)(7)(10) | P + | 5.75% | 13.00% | 12/23/2027 | 50 | 31 | 25 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
Snoopy Bidco, Inc. | (4)(7)(10) | L + | 6.00% | 11.50% | 6/1/2028 | 304,214 | 299,484 | 289,814 | 6.66 | ||||||||||||||||||||||||||||||||||||||||||||
SpecialtyCare, Inc. | (4)(5)(7)(11) | L + | 5.75% | 10.93% | 6/18/2028 | 12,182 | 11,906 | 11,393 | 0.26 |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Providers & Services (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stepping Stones Healthcare Services, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.09% | 1/2/2029 | $ | 2,606 | $ | 2,564 | $ | 2,523 | 0.06 | % | ||||||||||||||||||||||||||||||||||||||||
Stepping Stones Healthcare Services, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.00% | 12/30/2026 | 74 | 69 | 61 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
The Fertility Partners, Inc. | (4)(5)(6)(7)(10) | L + | 5.75% | 10.90% | 3/16/2028 | 5,225 | 5,143 | 4,723 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
The Fertility Partners, Inc. | (4)(5)(6)(10) | C + | 5.75% | 10.76% | 3/16/2028 | CAD | 4,950 | 3,823 | 3,385 | 0.08 | |||||||||||||||||||||||||||||||||||||||||||
The Fertility Partners, Inc. | (4)(5)(6)(7)(10) | C + | 5.75% | 10.79% | 9/16/2027 | CAD | 312 | 186 | 155 | 0.00 | |||||||||||||||||||||||||||||||||||||||||||
The GI Alliance Management, LLC | (4)(11) | SOFR + | 6.25% | 11.45% | 9/15/2028 | 4,086 | 3,980 | 4,046 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||
The GI Alliance Management, LLC | (4)(11) | SOFR + | 6.25% | 11.55% | 9/15/2028 | 880 | 858 | 872 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
UMP Holdings, LLC | (4)(10) | SOFR + | 5.50% | 10.41% | 7/15/2028 | 1,101 | 1,082 | 1,062 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
UMP Holdings, LLC | (4)(7)(10) | SOFR + | 5.50% | 10.56% | 7/15/2028 | 1,442 | 1,413 | 1,386 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Unified Physician Management, LLC | (4)(7)(9) | SOFR + | 5.25% | 10.35% | 6/18/2029 | 2,105 | 2,105 | 2,105 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC | (4)(10) | L + | 6.00% | 11.38% | 11/18/2027 | 31,780 | 31,316 | 30,270 | 0.70 | ||||||||||||||||||||||||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC | (4)(7)(11) | L + | 6.00% | 11.48% | 11/18/2027 | 13,541 | 13,351 | 12,744 | 0.29 | ||||||||||||||||||||||||||||||||||||||||||||
WHCG Purchaser III, Inc. | (4)(5)(10) | SOFR + | 5.75% | 11.25% | 6/22/2028 | 43,531 | 42,945 | 32,322 | 0.74 | ||||||||||||||||||||||||||||||||||||||||||||
WHCG Purchaser III, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 11.25% | 6/22/2026 | 6,682 | 6,601 | 4,950 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
1,146,153 | 1,117,479 | 25.67 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Health Care Technology | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Caerus US 1, Inc. | (4)(6)(10) | SOFR + | 5.50% | 10.74% | 5/25/2029 | 9,937 | 9,770 | 9,738 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||
Caerus US 1, Inc. | (4)(6)(7)(10) | SOFR + | 5.75% | 10.99% | 5/25/2029 | 2,209 | 2,166 | 2,184 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Caerus US 1, Inc. | (4)(6)(7)(10) | SOFR + | 5.75% | 10.85% | 5/25/2029 | 1,005 | 970 | 977 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Color Intermediate LLC | (4)(10) | SOFR + | 5.50% | 10.84% | 10/4/2029 | 20,262 | 19,805 | 20,059 | 0.46 | ||||||||||||||||||||||||||||||||||||||||||||
Edifecs, Inc. | (4)(10) | SOFR + | 5.50% | 10.84% | 9/21/2026 | 5,734 | 5,660 | 5,734 | 0.13 | ||||||||||||||||||||||||||||||||||||||||||||
Edifecs, Inc. | (4)(10) | SOFR + | 5.50% | 10.74% | 9/21/2026 | 7,782 | 7,677 | 7,782 | 0.18 | ||||||||||||||||||||||||||||||||||||||||||||
Edifecs, Inc. | (4)(11) | SOFR + | 7.00% | 12.34% | 9/21/2026 | 218,042 | 215,111 | 220,223 | 5.06 | ||||||||||||||||||||||||||||||||||||||||||||
GI Ranger Intermediate, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.14% | 10/29/2028 | 15,807 | 15,572 | 15,524 | 0.36 | ||||||||||||||||||||||||||||||||||||||||||||
GI Ranger Intermediate, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.14% | 10/29/2027 | 480 | 463 | 462 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
NMC Crimson Holdings, Inc. | (4)(10) | L + | 6.00% | 11.04% | 3/1/2028 | 71,173 | 69,750 | 70,462 | 1.62 | ||||||||||||||||||||||||||||||||||||||||||||
NMC Crimson Holdings, Inc. | (4)(7)(10) | SOFR + | 6.00% | 11.41% | 3/1/2028 | 4,815 | 4,614 | 4,578 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Project Ruby Ultimate Parent Corp. | (10) | SOFR + | 3.25% | 8.47% | 3/10/2028 | 8,418 | 8,389 | 8,243 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||
RPBLS Midco, LLC | (4)(10) | SOFR + | 5.75% | 10.74% | 4/1/2028 | 9,395 | 9,262 | 9,395 | 0.22 | ||||||||||||||||||||||||||||||||||||||||||||
369,209 | 375,361 | 8.63 |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Alera Group, Inc. | (4)(10) | SOFR + | 6.00% | 11.20% | 10/2/2028 | $ | 3,685 | $ | 3,657 | $ | 3,593 | 0.08 | % | ||||||||||||||||||||||||||||||||||||||||
Amerilife Holdings, LLC | (4)(10) | SOFR + | 5.75% | 10.88% | 8/31/2029 | 1,792 | 1,760 | 1,774 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Amerilife Holdings, LLC | (4)(7)(10) | SOFR + | 5.75% | 10.62% | 8/31/2029 | 339 | 328 | 332 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
Benefytt Technologies, Inc. | (4)(10)(17) | SOFR + | 10.75% | 15.85% | 8/12/2027 | 10,879 | 10,736 | 5,168 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||
Benefytt Technologies, Inc. | (4)(7)(10)(17) | SOFR + | 10.75% | 15.74% | 8/12/2027 | 2,661 | 2,623 | 1,260 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Foundation Risk Partners Corp. | (4)(7)(10) | SOFR + | 6.25% | 11.49% | 10/29/2028 | 26,066 | 25,742 | 24,988 | 0.57 | ||||||||||||||||||||||||||||||||||||||||||||
Galway Borrower, LLC | (4)(5)(7)(10) | SOFR + | 5.25% | 10.59% | 9/29/2028 | 19,894 | 19,638 | 19,451 | 0.45 | ||||||||||||||||||||||||||||||||||||||||||||
High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 6.00% | 11.39% | 4/14/2028 | 52,678 | 51,913 | 52,238 | 1.20 | ||||||||||||||||||||||||||||||||||||||||||||
High Street Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 11.14% | 4/16/2028 | 10,592 | 10,341 | 10,279 | 0.24 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | (4)(5)(11) | SOFR + | 6.05% | 11.41% | 8/27/2025 | 19,579 | 19,440 | 19,188 | 0.44 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | (4)(5)(10) | SOFR + | 6.05% | 11.41% | 8/27/2025 | 48,704 | 48,392 | 47,730 | 1.10 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | (4)(5)(10) | SOFR + | 6.05% | 11.31% | 8/27/2025 | 71,847 | 71,235 | 70,410 | 1.62 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | (4)(5)(7)(10) | SOFR + | 6.02% | 11.28% | 8/27/2025 | 1,862 | 1,837 | 1,825 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC | (4)(5)(10) | SOFR + | 6.03% | 11.39% | 8/27/2025 | 4,059 | 4,025 | 3,978 | 0.09 | ||||||||||||||||||||||||||||||||||||||||||||
Jones Deslauriers Insurance Management, Inc. | (5)(6)(8) | C + | 4.25% | 9.29% | 3/27/2028 | CAD | 21,637 | 17,028 | 15,943 | 0.37 | |||||||||||||||||||||||||||||||||||||||||||
Jones Deslauriers Insurance Management, Inc. | (5)(6)(10) | C + | 4.25% | 9.29% | 3/27/2028 | CAD | 13,061 | 10,413 | 9,623 | 0.22 | |||||||||||||||||||||||||||||||||||||||||||
PGIS Intermediate Holdings, LLC | (4)(5)(7)(10) | SOFR + | 5.75% | 11.14% | 10/16/2028 | 4,604 | 4,537 | 4,448 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||
SG Acquisition, Inc. | (4)(9) | SOFR + | 5.50% | 10.70% | 1/27/2027 | 104,974 | 104,020 | 101,562 | 2.33 | ||||||||||||||||||||||||||||||||||||||||||||
Shelf Bidco Ltd | (4)(6)(10)(18) | SOFR + | 6.34% | 10.93% | 1/3/2030 | 5,091 | 4,948 | 4,964 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Tennessee Bidco Limited | (4)(5)(6)(8) | E + | 7.00% | 9.94% | 8/3/2028 | EUR | 1,812 | 1,875 | 1,942 | 0.04 | |||||||||||||||||||||||||||||||||||||||||||
Tennessee Bidco Limited | (4)(5)(6)(8) | L + | 7.00% | 12.09% | 7/9/2028 | 54,034 | 52,859 | 53,088 | 1.22 | ||||||||||||||||||||||||||||||||||||||||||||
Tennessee Bidco Limited | (4)(5)(6)(8) | L + | 7.00% | 12.66% | 8/3/2028 | 16,118 | 15,934 | 15,836 | 0.36 | ||||||||||||||||||||||||||||||||||||||||||||
Tennessee Bidco Limited | (4)(5)(6)(8) | S + | 7.28% | 10.70% | 7/9/2028 | GBP | 16,190 | 21,989 | 20,223 | 0.46 | |||||||||||||||||||||||||||||||||||||||||||
Tennessee Bidco Limited | (4)(5)(6)(8) | S + | 7.28% | 12.07% | 7/9/2028 | GBP | 27,111 | 36,861 | 33,864 | 0.78 | |||||||||||||||||||||||||||||||||||||||||||
542,131 | 523,707 | 12.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Internet & Direct Marketing Retail | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Donuts, Inc. | (4)(11) | SOFR + | 6.00% | 11.27% | 12/29/2026 | 320,824 | 316,702 | 317,616 | 7.30 |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
IT Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AI Altius Bidco, Inc. | (4)(5)(8) | 9.75% | 9.75% PIK | 12/21/2029 | $ | 919 | $ | 901 | $ | 889 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||||
AI Altius Bidco, Inc. | (4)(5)(7)(10) | SOFR + | 5.18% | 10.47% | 12/21/2028 | 6,711 | 6,603 | 6,560 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||
Infostretch Corporation | (4)(10) | SOFR + | 5.75% | 11.14% | 4/1/2028 | 4,950 | 4,872 | 4,690 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Inovalon Holdings, Inc. | (4)(7)(10) | SOFR + | 6.25% | 11.66% (incl. 2.75% PIK) | 11/24/2028 | 107,951 | 105,849 | 106,733 | 2.45 | ||||||||||||||||||||||||||||||||||||||||||||
Monterey Financing S.à.r.l | (4)(6)(8) | ST + | 6.00% | 9.88% | 9/28/2029 | SEK | 2,090 | 184 | 189 | 0.00 | |||||||||||||||||||||||||||||||||||||||||||
Monterey Financing S.à.r.l | (4)(6)(7)(8) | E + | 6.00% | 9.55% | 9/28/2029 | EUR | 658 | 350 | 476 | 0.01 | |||||||||||||||||||||||||||||||||||||||||||
Monterey Financing S.à.r.l | (4)(6)(8) | CI + | 6.00% | 9.62% | 9/28/2029 | DKK | 4,819 | 619 | 688 | 0.02 | |||||||||||||||||||||||||||||||||||||||||||
Monterey Financing S.à.r.l | (4)(6)(9) | N + | 6.00% | 10.33% | 9/28/2029 | NOK | 5,149 | 462 | 469 | 0.01 | |||||||||||||||||||||||||||||||||||||||||||
Razor Holdco, LLC | (4)(10) | L + | 5.75% | 10.90% | 10/25/2027 | 37,209 | 36,673 | 36,930 | 0.85 | ||||||||||||||||||||||||||||||||||||||||||||
Red River Technology, LLC | (4)(11) | SOFR + | 6.00% | 11.20% | 5/26/2027 | 80,376 | 79,462 | 80,376 | 1.85 | ||||||||||||||||||||||||||||||||||||||||||||
S&P Global Engineering Solutions | (4)(7)(11) | SOFR + | 7.00% | 12.08% | 5/2/2030 | 1,600 | 1,546 | 1,545 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Turing Holdco, Inc. | (4)(5)(6)(8) | L + | 6.00% | 11.76% | 9/28/2028 | 8,437 | 8,248 | 8,289 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||
Turing Holdco, Inc. | (4)(5)(6)(8) | E + | 6.00% | 9.43% (incl. 2.50% PIK) | 9/28/2028 | EUR | 11,018 | 12,470 | 11,810 | 0.27 | |||||||||||||||||||||||||||||||||||||||||||
Turing Holdco, Inc. | (4)(5)(6)(7)(8) | E + | 6.00% | 9.18% (incl. 2.50% PIK) | 8/3/2028 | EUR | 7,916 | 8,961 | 9,292 | 0.21 | |||||||||||||||||||||||||||||||||||||||||||
267,200 | 268,936 | 6.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Machinery | |||||||||||||||||||||||||||||||||||||||||||||||||||||
MHE Intermediate Holdings | (4)(5)(7)(11) | SOFR + | 6.00% | 11.20% | 7/21/2027 | 3,462 | 3,414 | 3,360 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||
MHE Intermediate Holdings | (4)(5)(11) | SOFR + | 6.25% | 11.45% | 7/21/2027 | 426 | 417 | 417 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
MHE Intermediate Holdings | (4)(5)(11) | SOFR + | 6.00% | 9.16% | 7/21/2027 | 395 | 387 | 384 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
4,218 | 4,161 | 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Marine | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Armada Parent, Inc. | (4)(7)(10) | SOFR + | 5.75% | 11.11% | 10/29/2027 | 25,866 | 25,440 | 25,288 | 0.58 | ||||||||||||||||||||||||||||||||||||||||||||
Media | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trader Corp. | (4)(6)(7)(10) | C + | 6.75% | 11.96% | 12/22/2029 | CAD | 9,975 | 5,753 | 6,042 | 0.14 |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Eagle Midstream Canada Finance, Inc. | (4)(6)(10) | SOFR + | 6.25% | 11.34% | 8/15/2028 | $ | 74,649 | $ | 73,693 | $ | 74,089 | 1.70 | % | ||||||||||||||||||||||||||||||||||||||||
KKR Alberta Midstream Finance Inc. | (4)(6)(10) | SOFR + | 6.25% | 11.34% | 8/15/2028 | 40,611 | 40,091 | 40,307 | 0.93 | ||||||||||||||||||||||||||||||||||||||||||||
113,784 | 114,396 | 2.63 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Paper & Forest Products | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Profile Products, LLC | (4)(10) | SOFR + | 5.75% | 10.99% | 11/12/2027 | 7,091 | 7,004 | 6,861 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||
Profile Products, LLC | (4)(7)(10) | P + | 4.75% | 13.00% | 11/12/2027 | 480 | 467 | 453 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
7,471 | 7,314 | 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pharmaceuticals | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doc Generici (Diocle S.p.A.) | (4)(6)(7)(8) | E + | 6.50% | 10.55% | 10/27/2028 | EUR | 1,758 | 1,119 | 1,386 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||
Professional Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ALKU, LLC | (4)(10) | SOFR + | 6.25% | 11.33% | 3/1/2028 | 800 | 780 | 790 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Apex Companies, LLC | (4)(7)(11) | SOFR + | 6.25% | 11.30% | 1/31/2028 | 1,605 | 1,560 | 1,576 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
CFGI Holdings, LLC | (4)(7)(10) | SOFR + | 5.00% | 10.25% | 11/2/2027 | 7,141 | 7,023 | 7,120 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||
Clearview Buyer, Inc. | (4)(5)(7)(10) | SOFR + | 5.25% | 10.59% | 8/26/2027 | 9,193 | 9,028 | 8,955 | 0.21 | ||||||||||||||||||||||||||||||||||||||||||||
Cumming Group, Inc. | (4)(7)(11) | SOFR + | 6.00% | 11.10% | 5/26/2027 | 80,470 | 79,550 | 78,141 | 1.80 | ||||||||||||||||||||||||||||||||||||||||||||
Cumming Group, Inc. | (4)(7)(11) | SOFR + | 6.00% | 11.10% | 11/16/2027 | 1,254 | 1,217 | 1,214 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Guidehouse, Inc. | (4)(5)(10) | SOFR + | 6.25% | 11.45% | 10/16/2028 | 323,895 | 321,444 | 317,417 | 7.30 | ||||||||||||||||||||||||||||||||||||||||||||
HIG Orca Acquisition Holdings, Inc. | (4)(5)(11) | SOFR + | 6.00% | 11.40% | 8/17/2027 | 19,065 | 18,802 | 18,874 | 0.43 | ||||||||||||||||||||||||||||||||||||||||||||
HIG Orca Acquisition Holdings, Inc. | (4)(5)(7)(11) | SOFR + | 6.00% | 11.26% | 8/17/2027 | 925 | 894 | 895 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
HIG Orca Acquisition Holdings, Inc. | (4)(5)(7)(11) | SOFR + | 6.00% | 11.27% | 8/12/2027 | 2,954 | 2,948 | 2,892 | 0.07 | ||||||||||||||||||||||||||||||||||||||||||||
IG Investments Holdings, LLC | (4)(5)(10) | SOFR + | 6.00% | 11.15% | 9/22/2028 | 1,302 | 1,292 | 1,296 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
IG Investments Holdings, LLC | (4)(5)(7)(10) | SOFR + | 6.00% | 11.20% | 9/22/2028 | 45,195 | 44,469 | 44,951 | 1.03 | ||||||||||||||||||||||||||||||||||||||||||||
Kaufman Hall & Associates, LLC | (4)(10) | SOFR + | 5.25% | 10.45% | 12/14/2028 | 19,256 | 18,956 | 19,256 | 0.44 | ||||||||||||||||||||||||||||||||||||||||||||
Kaufman Hall & Associates, LLC | (4)(10) | SOFR + | 5.25% | 10.40% | 12/14/2028 | 4,948 | 4,870 | 4,948 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Legacy Intermediate, LLC | (4)(5)(7)(10) | SOFR + | 5.75% | 11.13% | 2/25/2028 | 6,799 | 6,691 | 6,779 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||
Material Holdings, LLC | (4)(5)(7)(10) | SOFR + | 6.00% | 11.34% | 8/19/2027 | 23,658 | 23,309 | 22,132 | 0.51 | ||||||||||||||||||||||||||||||||||||||||||||
Minotaur Acquisition, Inc. | (8) | SOFR + | 4.75% | 9.95% | 3/27/2026 | 1,974 | 1,930 | 1,946 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Petrus Buyer Inc | (4)(7)(10) | SOFR + | 6.50% | 11.52% | 10/17/2029 | 1,895 | 1,829 | 1,843 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Sherlock Buyer Corp. | (4)(7)(10) | SOFR + | 5.75% | 11.09% | 12/8/2028 | 8,530 | 8,359 | 8,309 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||
Thevelia US, LLC | (5)(6)(9) | SOFR + | 4.00% | 9.05% | 6/18/2029 | 1,303 | 1,290 | 1,301 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Titan Investment Company, Inc. | (4)(5)(8) | SOFR + | 5.75% | 11.05% | 3/20/2027 | 41,812 | 40,598 | 39,512 | 0.91 | ||||||||||||||||||||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. | (4)(7)(10) | L + | 5.25% | 10.62% | 6/29/2027 | 55,829 | 54,882 | 55,090 | 1.27 | ||||||||||||||||||||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. | (4)(7)(10) | L + | 5.25% | 10.35% | 6/29/2027 | 13,053 | 12,858 | 12,823 | 0.29 | ||||||||||||||||||||||||||||||||||||||||||||
Trinity Partners Holdings, LLC | (4)(7)(10) | SOFR + | 5.75% | 11.53% | 12/21/2028 | 4,780 | 4,694 | 4,718 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
West Monroe Partners, LLC | (4)(7)(10) | L + | 5.25% | 10.40% | 11/8/2028 | 14,821 | 14,594 | 14,302 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||
West Monroe Partners, LLC | (4)(7)(10) | L + | 5.25% | 10.41% | 11/8/2027 | 385 | 385 | 371 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
684,252 | 677,451 | 15.58 |
Investments—non-controlled/non-affiliated (1)(5) | Reference Rate and Spread | Interest Rate (2) | Maturity Date | Par Amount | Cost (3) | Fair Value | Percentage of Net Assets | ||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||
IT Services | |||||||||||||||||||||
Ensono LP | L + 5.25% | 7.75% | 6/27/2025 | 2,593 | 2,556 | 2,578 | 0.41 | ||||||||||||||
Tierpoint, LLC | L + 3.75% | 6.25% | 5/6/2024 | 7,453 | 7,046 | 7,079 | 1.12 | ||||||||||||||
Travelport Worldwide Ltd. (6) | L + 4.50% | 7.50% | 3/13/2026 | 55,000 | 53,900 | 53,555 | 8.46 | ||||||||||||||
WEB.COM Group, Inc. | L + 3.75% | 6.24% | 10/10/2025 | 2,296 | 2,259 | 2,268 | 0.36 | ||||||||||||||
67,342 | 65,761 | 65,480 | 10.35 | ||||||||||||||||||
Machinery | |||||||||||||||||||||
Apex Tool Group LLC | L + 3.75% | 6.25% | 2/1/2022 | 4,936 | 4,797 | 4,811 | 0.76 | ||||||||||||||
Media | |||||||||||||||||||||
Champ Acquisition Corporation | L + 5.50% | 8.10% | 12/21/2025 | 14,888 | 14,311 | 14,916 | 2.36 | ||||||||||||||
DiscoverOrg, LLC | L + 4.50% | 7.24% | 2/2/2026 | 29,167 | 28,881 | 28,839 | 4.56 | ||||||||||||||
Entravision Communications Corporation (6) | L + 2.75% | 5.25% | 11/29/2024 | 1,237 | 1,215 | 1,185 | 0.19 | ||||||||||||||
45,292 | 44,407 | 44,940 | 7.11 | ||||||||||||||||||
Professional Services | |||||||||||||||||||||
Minotaur Acquisition, Inc. | L + 5.00% | 7.50% | 2/26/2026 | 23,077 | 22,616 | 22,803 | 3.60 | ||||||||||||||
GI Revelation Acquisition LLC (4) | L + 5.00% | 7.50% | 4/16/2025 | 9,240 | 9,111 | 9,067 | 1.43 | ||||||||||||||
The Dun & Bradstreet Corporation | L + 5.00% | 7.49% | 2/6/2026 | 8,396 | 8,231 | 8,318 | 1.31 | ||||||||||||||
40,713 | 39,958 | 40,188 | 6.35 | ||||||||||||||||||
Software | |||||||||||||||||||||
LD Intermediate Holdings, Inc. | L + 5.88% | 8.46% | 12/9/2022 | 2,941 | 2,744 | 2,563 | 0.41 | ||||||||||||||
Vero Parent, Inc. | L + 4.50% | 7.00% | 8/16/2024 | 2,488 | 2,488 | 2,482 | 0.39 | ||||||||||||||
5,429 | 5,232 | 5,045 | 0.80 | ||||||||||||||||||
Specialty Retail | |||||||||||||||||||||
Bass Pro Group, LLC | L + 5.00% | 7.50% | 9/25/2024 | 5,394 | 5,339 | 5,282 | 0.83 | ||||||||||||||
EG Group Limited (6) | L + 4.00% | 6.60% | 2/7/2025 | 3,975 | 3,907 | 3,891 | 0.61 | ||||||||||||||
Spencer Gifts LLC (4) | L + 4.25% | 6.75% | 7/16/2021 | 2,000 | 1,942 | 1,985 | 0.31 | ||||||||||||||
11,369 | 11,188 | 11,158 | 1.75 | ||||||||||||||||||
Trading Companies & Distributors | |||||||||||||||||||||
The Hillman Group Inc. | L + 4.00% | 6.50% | 5/31/2025 | 995 | 962 | 951 | 0.15 | ||||||||||||||
The Cook & Boardman Group, LLC (4) | L + 5.75% | 8.24% | 10/17/2025 | 8,494 | 8,428 | 8,494 | 1.34 | ||||||||||||||
9,489 | 9,390 | 9,445 | 1.49 | ||||||||||||||||||
Transportation Infrastructure | |||||||||||||||||||||
Spireon, Inc. (4) | L + 6.50% | 9.13% | 10/4/2024 | 22,818 | 22,547 | 22,818 | 3.61 | ||||||||||||||
Total First Lien Debt | 934,572 | 914,573 | 916,462 | 144.84 | |||||||||||||||||
Second Lien Debt | |||||||||||||||||||||
Commercial Services & Supplies | |||||||||||||||||||||
TKC Holdings, Inc. | L + 8.00% | 10.50% | 2/1/2024 | $ | 1,000 | $ | 997 | $ | 978 | 0.15 | % | ||||||||||
IT Services | |||||||||||||||||||||
WEB.COM Group, Inc. (4) | L + 7.75% | 10.24% | 10/9/2026 | 1,559 | 1,548 | 1,539 | 0.24 | ||||||||||||||
Media | |||||||||||||||||||||
DiscoverOrg, LLC (4) | L + 8.50% | 11.24% | 2/1/2027 | 11,250 | 11,084 | 11,278 | 1.78 | ||||||||||||||
Software | |||||||||||||||||||||
Imperva, Inc. | L + 7.75% | 10.24% | 1/11/2027 | 1,500 | 1,505 | 1,478 | 0.23 | ||||||||||||||
Rocket Software, Inc. | L + 8.25% | 10.75% | 11/27/2027 | 3,500 | 3,363 | 3,461 | 0.55 | ||||||||||||||
5,000 | 4,868 | 4,939 | 0.78 | ||||||||||||||||||
Total Second Lien Debt | 18,809 | 18,497 | 18,734 | 2.96 | |||||||||||||||||
Total Investment Portfolio | $ | 953,381 | $ | 933,070 | $ | 935,196 | 147.80 | % | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash | $ | 20,636 | $ | 20,636 | 3.44 | % | |||||||||||||||
Total Cash and Cash Equivalents | $ | 20,636 | $ | 20,636 | 3.44 | % | |||||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents | $ | 953,706 | $ | 955,832 | 151.24 | % |
Blackstone Secured Lending Fund Condensed Consolidated Schedule of Investments June 30, 2023 (in thousands) (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments (1) | Footnotes | Reference Rate and Spread | Interest Rate (2)(15) | Maturity Date | Par Amount/Units (1) | Cost (3) | Fair Value | % of Net Assets | |||||||||||||||||||||||||||||||||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Management & Development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Progress Residential PM Holdings, LLC | (4)(7)(10) | SOFR + | 6.25% | 11.66% | 2/16/2028 | $ | 70,324 | $ | 69,139 | $ | 70,324 | 1.62 | % | ||||||||||||||||||||||||||||||||||||||||
Progress Residential PM Holdings, LLC | (4)(7)(10) | SOFR + | 6.25% | 11.66% | 7/25/2029 | 833 | 815 | 833 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
69,954 | 71,157 | 1.64 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Software | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Anaplan, Inc. | (4)(7)(10) | SOFR + | 6.50% | 11.60% | 6/21/2029 | 1,804 | 1,770 | 1,784 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
AxiomSL Group, Inc. | (4)(7)(11) | SOFR + | 5.75% | 10.97% | 12/3/2027 | 41,904 | 41,265 | 41,874 | 0.96 | ||||||||||||||||||||||||||||||||||||||||||||
Beeline, LLC | (4)(7)(10) | SOFR + | 5.25% | 10.38% | 5/2/2029 | 4,967 | 4,923 | 4,938 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Beeline, LLC | (4)(7)(10) | SOFR + | 5.25% | 10.35% | 5/2/2028 | 98 | 94 | 95 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
BlueCat Networks USA, Inc. | (4)(7)(10) | SOFR + | 6.00% | 11.24% (incl. 2.00% PIK) | 8/8/2028 | 1,937 | 1,900 | 1,895 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
BlueCat Networks USA, Inc. | (4)(7)(10) | SOFR + | 6.00% | 11.08% | 8/8/2028 | 211 | 207 | 208 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
Circana Group L.P. | (4)(10) | SOFR + | 5.75% | 10.95% | 12/1/2028 | 120,944 | 118,837 | 119,735 | 2.75 | ||||||||||||||||||||||||||||||||||||||||||||
Circana Group L.P. | (4)(10) | SOFR + | 6.25% | 11.39% (incl. 2.75% PIK) | 12/1/2028 | 76,425 | 75,148 | 75,279 | 1.73 | ||||||||||||||||||||||||||||||||||||||||||||
Circana Group L.P. | (4)(7)(10) | SOFR + | 4.75% | 10.92% | 12/1/2027 | 1,104 | 875 | 966 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Community Brands ParentCo, LLC | (4)(5)(7)(10) | SOFR + | 5.75% | 10.70% | 2/24/2028 | 4,938 | 4,851 | 4,826 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Confine Visual Bidco | (4)(6)(7)(10) | SOFR + | 5.75% | 10.80% | 2/23/2029 | 15,921 | 15,537 | 14,315 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||
Connatix Buyer, Inc. | (4)(5)(7)(10) | L + | 5.50% | 10.65% | 7/14/2027 | 21,705 | 21,266 | 20,374 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||
Coupa Software Inc. | (4)(6)(7)(10) | SOFR + | 7.50% | 12.60% | 2/27/2030 | 1,836 | 1,787 | 1,805 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Diligent Corporation | (4)(11) | L + | 5.75% | 10.95% | 8/4/2025 | 58,650 | 58,254 | 56,891 | 1.31 | ||||||||||||||||||||||||||||||||||||||||||||
Discovery Education, Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.71% | 4/9/2029 | 26,467 | 25,982 | 25,216 | 0.58 | ||||||||||||||||||||||||||||||||||||||||||||
Episerver, Inc. | (4)(5)(7)(11) | SOFR + | 5.50% | 10.89% | 4/9/2026 | 9,594 | 9,494 | 8,953 | 0.21 | ||||||||||||||||||||||||||||||||||||||||||||
Experity, Inc. | (4)(5)(7)(10) | SOFR + | 5.75% | 11.09% | 2/24/2028 | 15,217 | 14,980 | 14,726 | 0.34 | ||||||||||||||||||||||||||||||||||||||||||||
Gigamon Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.89% | 3/9/2029 | 7,365 | 7,242 | 7,346 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||
GovernmentJobs.com, Inc. | (4)(7)(10) | SOFR + | 5.50% | 10.70% | 12/1/2028 | 4,938 | 4,921 | 4,796 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
GovernmentJobs.com, Inc. | (4)(7)(10) | SOFR + | 5.50% | 10.70% | 2/5/2026 | 254 | 245 | 240 | 0.01 | ||||||||||||||||||||||||||||||||||||||||||||
GraphPAD Software, LLC | (4)(7)(11) | L + | 5.50% | 10.71% | 4/27/2027 | 1,978 | 1,919 | 1,809 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
GraphPAD Software, LLC | (4)(11) | SOFR + | 5.50% | 10.71% | 4/27/2027 | 11,609 | 11,527 | 11,377 | 0.26 | ||||||||||||||||||||||||||||||||||||||||||||
GraphPAD Software, LLC | (4)(7)(11) | L + | 5.50% | 10.87% | 4/27/2027 | 12,863 | 12,719 | 12,573 | 0.29 | ||||||||||||||||||||||||||||||||||||||||||||
LD Lower Holdings, Inc. | (4)(11) | SOFR + | 6.50% | 11.84% | 2/8/2026 | 91,988 | 91,028 | 90,608 | 2.08 | ||||||||||||||||||||||||||||||||||||||||||||
Lightbox Intermediate, LP | (4)(8) | L + | 5.00% | 10.54% | 5/9/2026 | 1,980 | 1,944 | 1,911 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||
Magnesium BorrowerCo, Inc. | (4)(7)(10) | SOFR + | 5.75% | 10.95% | 5/18/2029 | 5,242 | 5,134 | 5,151 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||
Magnesium BorrowerCo, Inc. | (4)(10) | S + | 5.75% | 10.68% | 5/18/2029 | GBP | 3,426 | 4,188 | 4,290 | 0.10 | |||||||||||||||||||||||||||||||||||||||||||
Mandolin Technology Intermediate Holdings, Inc. | (4)(5)(7)(9) | SOFR + | 3.75% | 9.14% | 7/31/2028 | 8,570 | 8,468 | 7,373 | 0.17 | ||||||||||||||||||||||||||||||||||||||||||||
Mandolin Technology Intermediate Holdings, Inc. | (4)(5)(9) | SOFR + | 6.25% | 11.64% | 6/9/2030 | 7,000 | 6,791 | 6,790 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||
Medallia, Inc. | (4)(10) | L + | 6.50% | 11.69% (incl. 5.83% PIK) | 10/29/2028 | 360,786 | 355,868 | 353,571 | 8.13 | ||||||||||||||||||||||||||||||||||||||||||||
Monk Holding Co. | (4)(10)(18) | SOFR + | 5.70% | 10.84% | 12/1/2027 | 4,828 | 4,742 | 4,780 | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||
Monk Holding Co. | (4)(7)(10) | SOFR + | 5.50% | 10.84% | 12/1/2027 | 190 | 166 | 160 | 0.00 |
17
18
19
20
21 (1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), and Norwegian Krone (NOK). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated. (2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”), Norwegian Interbank Offered Rate (“NIBOR” or “N”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. Variable rate loans typically include an interest reference rate floor feature. As of June 30, 2023, 93.8% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions. (3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (see Note 2), pursuant to the Company’s valuation policy. (5)These investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company. (6)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023, non-qualifying assets represented 8.6% of total assets as calculated in accordance with regulatory requirements. (7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:
22
23
24
25
(8)There are no interest rate floors on these investments. (9)The interest rate floor on these investments as of June 30, 2023 was 0.50% (10)The interest rate floor on these investments as of June 30, 2023 was 0.75% (11)The interest rate floor on these investments as of June 30, 2023 was 1.00% (12)The interest rate floor on these investments as of June 30, 2023 was 1.25% (13)The interest rate floor on these investments as of June 30, 2023 was 1.50% (14)The interest rate floor on these investments as of June 30, 2023 was 2.00% (15)For unsettled positions the interest rate does not include the base rate. (16)Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company’s non-controlled/affiliated investments were as follows:
(17)Loan was on non-accrual status as of June 30, 2023. (18)These loans are “last-out” portions of loans. The “last-out” portion of the Company's loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion. The accompanying notes are an integral part of these condensed consolidated financial statements. 26
27
28
29
30
31
32
33
34
35
(1)Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of December 31, 2022, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), and Norwegian Krone (NOK). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated. (2)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or“CI”), Norwegian 36 Interbank Offered Rate (“NIBOR” or “N”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. Variable rate loans typically include an interest reference rate floor feature. As of December 31, 2022, 93.1% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions. (3)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). (4)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (see Note 2 and Note 5), pursuant to the Company’s valuation policy. (5)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company. (6)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 11.0% of total assets as calculated in accordance with regulatory requirements. (7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments:
37
38
39
40
(8)There are no interest rate floors on these investments. (9)The interest rate floor on these investments as of December 31, 2022 was 0.50% (10)The interest rate floor on these investments as of December 31, 2022 was 0.75% (11)The interest rate floor on these investments as of December 31, 2022 was 1.00% (12)The interest rate floor on these investments as of December 31, 2022 was 1.25% (13)The interest rate floor on these investments as of December 31, 2022 was 1.50% (14)The interest rate floor on these investments as of December 31, 2022 was 2.00% (15)For unsettled positions the interest rate does not include the base rate. (16)Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company |
Investments—non-controlled/non-affiliated (1)(5) | Commitment Type | Commitment Expiration Date | Unfunded Commitment | Fair Value | ||||||||
First Lien Debt | ||||||||||||
Epoch Acquisition, Inc. | Delayed Draw Term Loan | 10/4/2024 | $ | 4,688 | $ | — | ||||||
Jacuzzi Brands, Inc. | Delayed Draw Term Loan | 2/25/2025 | 12,645 | — | ||||||||
Phoenix Guarantor, Inc. | Delayed Draw Term Loan | 2/8/2026 | 2,139 | (29 | ) | |||||||
R1 Holdings, LLC | Delayed Draw Term Loan | 1/2/2026 | 20,165 | — | ||||||||
Spireon, Inc. | Delayed Draw Term Loan | 10/5/2024 | 6,375 | — | ||||||||
Tailwind Colony Holding Corporation | Delayed Draw Term Loan | 10/31/2024 | 2,943 | — | ||||||||
Tetra Technologies, Inc. | Delayed Draw Term Loan | 9/10/2025 | 8,182 | — | ||||||||
The GI Alliance Management, LLC | Delayed Draw Term Loan | 11/2/2024 | 26,053 | (260 | ) | |||||||
Total First Lien Debt Unfunded Commitments | 83,190 | (289 | ) | |||||||||
Forward purchase obligation (Note 7) | 52,286 | (104 | ) | |||||||||
Total Unfunded Commitments | $ | 135,476 | $ | (393 | ) |
Investments—non-controlled/non-affiliated (1)(5) | Reference Rate and Spread | Interest Rate (2) | Maturity Date | Par Amount | Cost (3) | Fair Value | Percentage of Net Assets | ||||||||||||||
First Lien Debt | |||||||||||||||||||||
Aerospace and Defense | |||||||||||||||||||||
StandardAero Aviation Holdings, Inc. | L + 3.75% | 6.27% | 7/7/2022 | $ | 6,977 | $ | 6,924 | $ | 6,913 | 2.92 | % | ||||||||||
Building Products | |||||||||||||||||||||
American Bath Group, LLC (4) | L + 4.25% | 7.05% | 9/30/2023 | 4,987 | 4,888 | 4,838 | 2.05 | ||||||||||||||
Latham Pool Products, Inc. (4) | L + 6.00% | 8.80% | 6/13/2025 | 44,618 | 42,833 | 43,502 | 18.40 | ||||||||||||||
Ply Gem Midco, Inc. | L + 3.75% | 6.18% | 4/12/2025 | 3,491 | 3,366 | 3,194 | 1.35 | ||||||||||||||
53,096 | 51,087 | 51,534 | 21.80 | ||||||||||||||||||
Capital Markets | |||||||||||||||||||||
Advisor Group, Inc. | L + 3.75% | 6.27% | 8/15/2025 | 998 | 994 | 983 | 0.42 | ||||||||||||||
Victory Capital Holdings, Inc. (4)(6) | L + 2.75% | 5.55% | 2/12/2025 | 1,500 | 1,496 | 1,487 | 0.63 | ||||||||||||||
2,498 | 2,490 | 2,470 | 1.05 | ||||||||||||||||||
Chemicals | |||||||||||||||||||||
Alchemy US Holdco 1, LLC (4)(6) | L + 5.50% | 8.17% | 10/10/2025 | 4,000 | 3,990 | 3,990 | 1.69 | ||||||||||||||
Polymer Additives, Inc. (4) | L + 6.00% | 8.52% | 7/31/2025 | 15,053 | 14,530 | 13,924 | 5.89 | ||||||||||||||
19,053 | 18,520 | 17,914 | 7.58 | ||||||||||||||||||
Commercial Services & Supplies | |||||||||||||||||||||
Allied Universal Holdco LLC | L + 3.75% | 6.14% | 7/28/2022 | 2,992 | 2,850 | 2,847 | 1.20 | ||||||||||||||
Allied Universal Holdco LLC | L + 4.25% | 6.77% | 7/28/2022 | 7,000 | 6,798 | 6,703 | 2.84 | ||||||||||||||
LegalZoom, Inc. (4) | L + 4.50% | 7.00% | 11/20/2024 | 4,500 | 4,472 | 4,433 | 1.88 | ||||||||||||||
Revspring, Inc. (4) | L + 4.25% | 7.05% | 10/11/2025 | 3,000 | 2,993 | 2,993 | 1.27 | ||||||||||||||
TKC Holdings, Inc. | L + 3.75% | 6.28% | 2/1/2023 | 4,987 | 4,851 | 4,760 | 2.01 | ||||||||||||||
22,479 | 21,964 | 21,736 | 9.20 | ||||||||||||||||||
Construction & Engineering | |||||||||||||||||||||
IEA Energy Services LLC (4) | L + 6.25% | 9.05% | 9/25/2024 | 12,000 | 11,559 | 11,610 | 4.91 | ||||||||||||||
Containers & Packaging | |||||||||||||||||||||
Trident TPI Holdings, Inc. | L + 3.25% | 5.77% | 10/17/2024 | 1,990 | 1,961 | 1,878 | 0.79 | ||||||||||||||
Distributors | |||||||||||||||||||||
Tailwind Colony Holding Corporation (4)(7) | L + 7.50% | 10.28% | 11/13/2024 | 25,835 | 25,514 | 25,318 | 10.71 | ||||||||||||||
Diversified Consumer Services | |||||||||||||||||||||
American Residential Services, LLC | L + 4.00% | 6.52% | 6/30/2022 | 1,990 | 1,981 | 1,950 | 0.83 | ||||||||||||||
Prime Security Services Borrower, LLC | L + 2.75% | 5.27% | 5/2/2022 | 1,492 | 1,458 | 1,427 | 0.60 | ||||||||||||||
Weight Watchers International, Inc. (6) | L + 4.75% | 7.56% | 11/29/2024 | 7,500 | 7,466 | 7,434 | 3.14 | ||||||||||||||
10,982 | 10,905 | 10,811 | 4.57 | ||||||||||||||||||
Diversified Financial Services | |||||||||||||||||||||
PI US MergerCo, Inc. (6) | L + 3.50% | 6.02% | 12/20/2024 | 1,990 | 1,948 | 1,934 | 0.82 | ||||||||||||||
York Risk Services Holding Corp | L + 3.75% | 6.27% | 10/1/2021 | 5,984 | 5,703 | 5,612 | 2.37 | ||||||||||||||
7,974 | 7,651 | 7,546 | 3.19 | ||||||||||||||||||
Diversified Telecommunication Services | . | ||||||||||||||||||||
Securus Technologies Holdings, Inc. | L + 4.50% | 7.02% | 11/1/2024 | 4,987 | 4,825 | 4,813 | 2.04 | ||||||||||||||
Energy Equipment & Services | |||||||||||||||||||||
Tetra Technologies, Inc. (4)(6)(7) | L + 6.25% | 8.72% | 9/10/2025 | 21,818 | 21,685 | 21,600 | 9.14 | ||||||||||||||
Health Care Equipment & Supplies | |||||||||||||||||||||
Lifescan Global Corporation | L + 6.00% | 8.40% | 10/1/2024 | 41,974 | 40,223 | 39,770 | 16.83 | ||||||||||||||
Health Care Providers & Services | |||||||||||||||||||||
AMGH Holding Corp | L + 3.25% | 5.68% | 4/28/2022 | 6,982 | 6,606 | 6,548 | 2.77 | ||||||||||||||
AMGH Holding Corp | L + 4.25% | 6.75% | 3/14/2025 | 6,226 | 5,904 | 5,817 | 2.46 | ||||||||||||||
Envision Healthcare Corporation | L + 3.75% | 6.27% | 10/10/2025 | 4,000 | 3,760 | 3,739 | 1.58 | ||||||||||||||
Epoch Acquisition, Inc. (4)(7) | L + 6.75% | 9.13% | 10/4/2024 | 22,500 | 22,221 | 22,050 | 9.33 | ||||||||||||||
The GI Alliance Management, LLC (4)(7) | L + 6.25% | 8.81% | 11/2/2024 | 37,436 | 36,711 | 36,427 | 15.41 | ||||||||||||||
Onex TSG Intermediate Corp. (6) | L + 4.00% | 6.52% | 7/31/2022 | 1,000 | 994 | 963 | 0.41 | ||||||||||||||
Orion B Holdings, LLC (4) | L + 5.75% | 8.21% | 11/16/2025 | 13,628 | 13,459 | 13,356 | 5.65 | ||||||||||||||
Prospect Medical Holdings, Inc. | L + 5.50% | 7.94% | 2/22/2024 | 1,995 | 1,983 | 1,976 | 0.84 | ||||||||||||||
Regionalcare Hospital Partners Holding, Inc. | L + 4.50% | 7.13% | 11/16/2025 | 5,040 | 4,845 | 4,796 | 2.03 | ||||||||||||||
U.S Renal Care, Inc. | L + 4.25% | 7.05% | 12/30/2022 | 2,420 | 2,331 | 2,311 | 0.98 | ||||||||||||||
101,227 | 98,814 | 97,983 | 41.46 | ||||||||||||||||||
Health Care Technology | |||||||||||||||||||||
Precyse Acquisition Corporation | L + 4.50% | 7.02% | 10/20/2022 | 2,992 | 2,963 | 2,869 | 1.21 | ||||||||||||||
Hotels, Restaurants & Leisure | |||||||||||||||||||||
Casablanca US Holdings Inc.(4)(6) | L + 4.00% | 6.53% | 3/29/2024 | 995 | 958 | 945 | 0.40 | ||||||||||||||
Hotel Acquisition Company LLC (4)(8) | L + 6.00% | 8.52% | 12/9/2024 | 93,000 | 91,665 | 91,650 | 38.77 | ||||||||||||||
93,995 | 92,623 | 92,595 | 39.17 | ||||||||||||||||||
Insurance | |||||||||||||||||||||
Achilles Acquisition LLC | L + 4.00% | 6.56% | 10/8/2025 | 1,000 | 994 | 988 | 0.42 |
Investments—non-controlled/non-affiliated (1)(5) | Reference Rate and Spread | Interest Rate (2) | Maturity Date | Par Amount | Cost (3) | Fair Value | Percentage of Net Assets | ||||||||||||||
First Lien Debt (continued) | |||||||||||||||||||||
IT Services | |||||||||||||||||||||
Tierpoint, LLC | L + 3.75% | 6.27% | 5/6/2024 | 8,972 | 8,470 | 8,411 | 3.56 | ||||||||||||||
WEB.COM Group Inc. | L + 3.75% | 6.17% | 10/10/2025 | 4,000 | 3,934 | 3,860 | 1.63 | ||||||||||||||
12,972 | 12,404 | 12,271 | 5.19 | ||||||||||||||||||
Machinery | |||||||||||||||||||||
Apex Tool Group LLC | L + 3.75% | 6.25% | 2/1/2022 | 4,968 | 4,819 | 4,802 | 2.03 | ||||||||||||||
Media | |||||||||||||||||||||
Champ Acquisition Corporation | L + 5.50% | 8.13% | 12/12/2025 | 14,925 | 14,328 | 14,562 | 6.16 | ||||||||||||||
Entravision Communications Corporation (4)(6) | L + 2.75% | 5.27% | 11/29/2024 | 1,241 | 1,218 | 1,160 | 0.49 | ||||||||||||||
16,166 | 15,546 | 15,722 | 6.65 | ||||||||||||||||||
Oil, Gas & Consumable Fuels | |||||||||||||||||||||
Traverse Midstream Partners LLC | L + 4.00% | 6.60% | 9/27/2024 | 1,995 | 1,980 | 1,920 | 0.81 | ||||||||||||||
Professional Services | |||||||||||||||||||||
GI Revelation Acquisition LLC | L + 5.00% | 7.52% | 4/16/2025 | 7,264 | 7,165 | 7,164 | 3.03 | ||||||||||||||
Real Estate Management & Development | |||||||||||||||||||||
Forest City Enterprises, L.P. | L + 4.00% | 6.38% | 12/7/2025 | 5,000 | 4,991 | 4,896 | 2.07 | ||||||||||||||
Software | |||||||||||||||||||||
Banff Merger Sub Inc. | L + 4.25% | 7.05% | 10/2/2025 | 1,500 | 1,477 | 1,451 | 0.61 | ||||||||||||||
Brave Parent Holdings, Inc. | L + 4.00% | 6.52% | 4/18/2025 | 4,988 | 4,952 | 4,838 | 2.05 | ||||||||||||||
Imperva, Inc. (4) | L + 4.00% | 6.52% | 11/7/2025 | 4,000 | 3,975 | 3,945 | 1.67 | ||||||||||||||
Ivanti Software, Inc. | L + 4.25% | 6.76% | 1/20/2024 | 4,984 | 4,917 | 4,860 | 2.06 | ||||||||||||||
LD Intermediate Holdings, Inc. | L + 5.88% | 8.49% | 12/9/2022 | 2,980 | 2,767 | 2,705 | 1.14 | ||||||||||||||
Quest Software US Holdings Inc. (6) | L + 4.25% | 6.78% | 5/18/2025 | 4,500 | 4,471 | 4,365 | 1.85 | ||||||||||||||
Rocket Software, Inc. | L + 4.25% | 6.77% | 11/28/2025 | 6,000 | 5,952 | 5,898 | 2.50 | ||||||||||||||
Vero Parent, Inc. | L + 4.50% | 7.02% | 8/16/2024 | 2,494 | 2,496 | 2,471 | 1.05 | ||||||||||||||
31,446 | 31,007 | 30,533 | 12.93 | ||||||||||||||||||
Specialty Retail | |||||||||||||||||||||
Bass Pro Group, LLC | L + 5.00% | 7.52% | 9/25/2024 | 5,407 | 5,350 | 5,197 | 2.20 | ||||||||||||||
EG Group Limited (6) | L + 4.00% | 6.81% | 2/7/2025 | 3,985 | 3,914 | 3,850 | 1.63 | ||||||||||||||
9,392 | 9,264 | 9,047 | 3.83 | ||||||||||||||||||
Trading Companies & Distributors | |||||||||||||||||||||
DiversiTech Holdings, Inc. | L + 3.00% | 5.80% | 6/3/2024 | 995 | 965 | 946 | 0.40 | ||||||||||||||
The Hillman Group Inc. | L + 4.00% | 6.80% | 5/31/2025 | 997 | 963 | 950 | 0.40 | ||||||||||||||
LBM Borrower, LLC | L + 3.75% | 6.25% | 8/19/2022 | 8,000 | 7,505 | 7,490 | 3.17 | ||||||||||||||
The Cook & Boardman Group, LLC (4) | L + 5.75% | 8.54% | 10/17/2025 | 2,500 | 2,494 | 2,481 | 1.05 | ||||||||||||||
12,492 | 11,927 | 11,867 | 5.02 | ||||||||||||||||||
Transportation Infrastructure | |||||||||||||||||||||
Spireon, Inc. (4)(7) | L + 6.50% | 9.00% | 10/4/2024 | 22,875 | 22,591 | 22,418 | 9.48 | ||||||||||||||
Total First Lien Debt | 555,449 | 542,395 | 538,983 | 228.03 | |||||||||||||||||
Second Lien Debt | |||||||||||||||||||||
Commercial Services & Supplies | |||||||||||||||||||||
TKC Holdings, Inc. | L + 8.00% | 10.53% | 2/1/2024 | $ | 1,000 | $ | 997 | $ | 987 | 0.42 | % | ||||||||||
IT Services | |||||||||||||||||||||
WEB.COM Group, Inc. | L + 7.75% | 10.17% | 10/9/2026 | 1,881 | 1,867 | 1,867 | 0.79 | ||||||||||||||
Software | |||||||||||||||||||||
Imperva, Inc. | L + 7.75% | 10.27% | 1/11/2027 | 1,500 | 1,506 | 1,500 | 0.63 | ||||||||||||||
Rocket Software, Inc. | L + 8.25% | 10.77% | 11/27/2027 | 2,000 | 1,988 | 1,988 | 0.84 | ||||||||||||||
3,500 | 3,494 | 3,488 | 1.47 | ||||||||||||||||||
Total Second Lien Debt | 6,381 | 6,358 | 6,342 | 2.68 | % | ||||||||||||||||
Total Investment Portfolio | $ | 561,830 | $ | 548,753 | $ | 545,325 | 230.71 | % | |||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund | $ | 2,000 | $ | 2,000 | 0.85 | % | |||||||||||||||
Other Cash and Cash Equivalents | 4,228 | 4,228 | 1.79 | ||||||||||||||||||
Total Cash and Cash Equivalents | $ | 6,228 | $ | 6,228 | 2.64 | % | |||||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents | $ | 554,981 | $ | 551,553 | 233.35 | % |
Fair value as of December 31, 2021 | Gross Additions | Gross Reductions | Change in Unrealized Gains (Losses) | Fair value as of December 31, 2022 | Dividend and Interest Income | ||||||||||||||||||||||||||||||
Non-controlled/Affiliated Investments | |||||||||||||||||||||||||||||||||||
Blackstone Donegal Holdings LP | $ | 35,683 | $ | 3,879 | $ | — | $ | 17,022 | $ | 56,584 | $ | — | |||||||||||||||||||||||
Total | $ | 35,683 | $ | 3,879 | $ | — | $ | 17,022 | $ | 56,584 | $ | — |
Investments—non-controlled/non-affiliated (1)(5) | Commitment Type | Commitment Expiration Date | Unfunded Commitment | Fair Value | ||||||||
First Lien Debt | ||||||||||||
Epoch Acquisition, Inc. | Delayed Draw Term Loan | 10/4/2024 | $ | 7,500 | $ | — | ||||||
Spireon, Inc. | Delayed Draw Term Loan | 10/5/2024 | 6,375 | — | ||||||||
Tailwind Colony Holding Corporation | Delayed Draw Term Loan | 10/31/2024 | 6,540 | — | ||||||||
Tetra Technologies, Inc. | Delayed Draw Term Loan | 9/10/2025 | 8,182 | — | ||||||||
The GI Alliance Management, LLC | Delayed Draw Term Loan | 11/2/2024 | 26,053 | (260 | ) | |||||||
Total First Lien Debt Unfunded Commitments | 54,650 | (260 | ) | |||||||||
Forward purchase obligation (Note 7) | 29,786 | (222 | ) | |||||||||
Total Unfunded Commitments | $ | 84,436 | $ | (482 | ) |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Cost | Fair Value | % of Total Investments at Fair Value | Cost | Fair Value | % of Total Investments at Fair Value | ||||||||||||||||||||||||||||||
First lien debt | $ | 9,236,115 | $ | 9,138,278 | 98.38 | % | $ | 9,497,570 | $ | 9,419,963 | 97.95 | % | |||||||||||||||||||||||
Second lien debt | 42,260 | 40,086 | 0.43 | 48,753 | 46,336 | 0.48 | |||||||||||||||||||||||||||||
Equity investments | 74,911 | 110,167 | 1.19 | 111,549 | 150,949 | 1.57 | |||||||||||||||||||||||||||||
Total | $ | 9,353,286 | $ | 9,288,531 | 100.00 | % | $ | 9,657,872 | $ | 9,617,248 | 100.00 | % |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||
Cost | Fair Value | % of Total Investments at Fair Value | Cost | Fair Value | % of Total Investments at Fair Value | ||||||||||||||||
First lien debt | $ | 914,573 | $ | 916,462 | 98.00 | % | $ | 542,395 | $ | 538,983 | 98.84 | % | |||||||||
Second lien debt | 18,497 | 18,734 | 2.00 | 6,358 | 6,342 | 1.16 | |||||||||||||||
Total | $ | 933,070 | $ | 935,196 | 100.00 | % | $ | 548,753 | $ | 545,325 | 100.00 | % |
June 30, 2023 | December 31, 2022 | ||||||||||
Aerospace & Defense | 5.15 | % | 4.89 | % | |||||||
Air Freight & Logistics | 4.47 | 4.68 | |||||||||
Building Products | 3.47 | 3.47 | |||||||||
Commercial Services & Supplies | 7.94 | 7.69 | |||||||||
Construction & Engineering | 0.55 | 0.43 | |||||||||
Containers & Packaging | 0.22 | 0.21 | |||||||||
Distributors | 5.26 | 5.12 | |||||||||
Diversified Consumer Services | 3.61 | 3.49 | |||||||||
Diversified Financial Services | 1.41 | 1.36 | |||||||||
Diversified Telecommunication Services | 1.41 | 1.13 | |||||||||
Electrical Equipment | 1.76 | 1.70 | |||||||||
Electronic Equipment, Instruments & Components | 1.10 | 1.10 | |||||||||
Electric Utilities | 0.35 | 0.34 | |||||||||
Energy Equipment & Services | 0.48 | 0.57 | |||||||||
Ground Transportation | 0.19 | 0.00 | |||||||||
Health Care Equipment & Supplies | 0.61 | 0.58 | |||||||||
Health Care Providers & Services | 12.17 | 11.66 | |||||||||
Health Care Technology | 4.04 | 3.92 | |||||||||
Industrial Conglomerates | 0.09 | 0.09 | |||||||||
Insurance | 5.71 | 8.10 | |||||||||
Internet & Direct Marketing Retail | 3.42 | 3.32 | |||||||||
IT Services | 3.05 | 2.84 | |||||||||
Machinery | 0.04 | 0.05 | |||||||||
Marine | 0.27 | 0.26 | |||||||||
Media | 0.08 | 0.07 | |||||||||
Oil, Gas & Consumable Fuels | 1.23 | 1.18 | |||||||||
Paper & Forest Products | 0.08 | 0.08 | |||||||||
Pharmaceuticals | 0.01 | 0.02 | |||||||||
Professional Services | 7.95 | 8.76 | |||||||||
Real Estate Management & Development | 0.77 | 0.74 | |||||||||
Road & Rail | — | 0.17 | |||||||||
Software | 15.41 | 14.72 | |||||||||
Specialty Retail | 1.86 | 1.77 | |||||||||
Technology Hardware, Storage & Peripherals | 0.90 | 0.84 | |||||||||
Trading Companies & Distributors | 1.06 | 1.01 | |||||||||
Transportation Infrastructure | 3.88 | 3.64 | |||||||||
Total | 100.00 | % | 100.00 | % |
March 31, 2019 | December 31, 2018 | ||||
Aerospace & Defense | 0.75 | % | 1.27 | % | |
Air Freight & Logistics | 3.68 | — | |||
Building Products | 13.18 | 9.46 | |||
Capital Markets | — | 0.45 | |||
Chemicals | 3.36 | 3.29 | |||
Commercial Services & Supplies | 4.14 | 4.17 | |||
Construction & Engineering | 10.05 | 2.13 | |||
Containers & Packaging | — | 0.34 | |||
Distributors | 6.82 | 4.64 | |||
Diversified Consumer Services | 2.37 | 1.98 | |||
Diversified Financial Services | 0.60 | 1.38 | |||
Diversified Telecommunication Services | — | 0.88 | |||
Electronic Equipment, Instruments & Components | 1.54 | — | |||
Energy Equipment & Services | 2.31 | 3.96 | |||
Health Care Equipment & Supplies | 5.07 | 7.29 | |||
Health Care Providers & Services | 12.17 | 17.97 | |||
Health Care Technology | 0.31 | 0.53 | |||
Hotels, Restaurants & Leisure | 9.95 | 16.98 | |||
Insurance | — | 0.18 | |||
IT Services | 7.17 | 2.59 | |||
Machinery | 0.51 | 0.88 | |||
Media | 6.01 | 2.88 | |||
Oil, Gas & Consumable Fuels | — | 0.35 | |||
Professional Services | 4.30 | 1.31 | |||
Real Estate Management & Development | — | 0.90 | |||
Software | 1.07 | 6.24 | |||
Specialty Retail | 1.19 | 1.66 | |||
Trading Companies & Distributors | 1.01 | 2.18 | |||
Transportation Infrastructure | 2.44 | 4.11 | |||
Total | 100.00 | % | 100.00 | % |
June 30, 2023 | |||||||||||||||||||||||
Cost | Fair Value | % of Total Investments at Fair Value | Fair Value as % of Net Assets | ||||||||||||||||||||
United States | $ | 8,822,499 | $ | 8,755,784 | 94.26 | % | 201.27 | % | |||||||||||||||
Canada | 314,373 | 319,080 | 3.44 | 7.33 | |||||||||||||||||||
Europe | 216,414 | 213,667 | 2.30 | 4.91 | |||||||||||||||||||
Total | $ | 9,353,286 | $ | 9,288,531 | 100.00 | % | 213.51 | % |
December 31, 2022 | |||||||||||||||||||||||
Cost | Fair Value | % of Total Investments at Fair Value | Fair Value as % of Net Assets | ||||||||||||||||||||
United States | $ | 8,934,926 | $ | 8,893,051 | 92.47 | % | 213.83 | % | |||||||||||||||
Canada | 510,599 | 520,368 | 5.41 | 12.51 | |||||||||||||||||||
Europe | 212,347 | 203,829 | 2.12 | 4.90 | |||||||||||||||||||
Total | $ | 9,657,872 | $ | 9,617,248 | 100.00 | % | 231.24 | % |
March 31, 2019 | |||||||||||||
Cost | Fair Value | % of Total Investments at Fair Value | Fair Value as % of Net Assets | ||||||||||
United States | $ | 875,263 | $ | 877,749 | 93.85 | 138.72 | % | ||||||
Luxembourg | 53,900 | $ | 53,556 | 5.73 | 8.46 | ||||||||
United Kingdom | 3,907 | 3,891 | 0.42 | 0.62 | |||||||||
Total | $ | 933,070 | $ | 935,196 | 100.00 | % | 147.80 | % |
December 31, 2018 | |||||||||||||
Cost | Fair Value | % of Total Investments at Fair Value | Fair Value as % of Net Assets | ||||||||||
United States | $ | 542,891 | $ | 539,541 | 98.94 | % | 228.26 | % | |||||
United Kingdom | 5,862 | 5,784 | 1.06 | 2.45 | |||||||||
Total | $ | 548,753 | $ | 545,325 | 100.00 | % | 230.71 | % |
June 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
First lien debt | $ | — | $ | 203,509 | $ | 8,934,769 | $ | 9,138,278 | |||||||||||||||
Second lien debt | — | — | 40,086 | 40,086 | |||||||||||||||||||
Equity investments | — | — | 110,167 | 110,167 | |||||||||||||||||||
Total | $ | — | $ | 203,509 | $ | 9,085,022 | $ | 9,288,531 |
December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
First lien debt | $ | — | $ | 144,452 | $ | 9,275,511 | $ | 9,419,963 | |||||||||||||||
Second lien debt | — | — | 46,336 | 46,336 | |||||||||||||||||||
Equity investments | — | — | 150,949 | 150,949 | |||||||||||||||||||
Total | $ | — | $ | 144,452 | $ | 9,472,796 | $ | 9,617,248 |
March 31, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
First lien debt | $ | — | $ | 388,777 | $ | 527,685 | $ | 916,462 | |||||||
Second lien debt | — | 5,916 | 12,818 | 18,734 | |||||||||||
Total Investments | — | 394,693 | 540,503 | 935,196 | |||||||||||
Forward purchase obligation | — | — | (104 | ) | (104 | ) | |||||||||
Total | $ | — | $ | 394,693 | $ | 540,399 | $ | 935,092 |
December 31, 2018 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
First lien debt | $ | — | $ | 210,858 | $ | 328,125 | $ | 538,983 | |||||||
Second lien debt | — | 6,342 | — | 6,342 | |||||||||||
Total Investments | — | 217,200 | 328,125 | 545,325 | |||||||||||
Forward purchase obligation | — | — | (222 | ) | (222 | ) | |||||||||
Total | $ | — | $ | 217,200 | $ | 327,903 | $ | 545,103 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Total Investments | ||||||||||||||||||||
Fair value, beginning of period | $ | 9,225,290 | $ | 46,678 | $ | 154,521 | $ | 9,426,489 | |||||||||||||||
Purchases of investments | 129,728 | 425 | — | 130,153 | |||||||||||||||||||
Proceeds from principal repayments and sales of investments | (414,400) | (7,351) | (43,850) | (465,601) | |||||||||||||||||||
Accretion of discount/amortization of premium | 20,635 | 35 | — | 20,670 | |||||||||||||||||||
Net realized gain (loss) | (7,972) | (49) | 7,212 | (809) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (18,512) | 348 | (7,716) | (25,880) | |||||||||||||||||||
Transfers into Level 3 (1) | — | — | — | — | |||||||||||||||||||
Transfers out of Level 3 (1) | — | — | — | — | |||||||||||||||||||
Fair value, end of period | $ | 8,934,769 | $ | 40,086 | $ | 110,167 | $ | 9,085,022 | |||||||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023 included in net unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $ | (13,715) | $ | 205 | $ | (7,716) | $ | (21,226) |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Total Investments | ||||||||||||||||||||
Fair value, beginning of period | $ | 9,275,511 | $ | 46,336 | $ | 150,949 | $ | 9,472,796 | |||||||||||||||
Purchases of investments | 242,609 | 836 | — | 243,445 | |||||||||||||||||||
Proceeds from principal repayments and sales of investments | (483,996) | (7,350) | (43,849) | (535,195) | |||||||||||||||||||
Accretion of discount/amortization of premium | 28,945 | 70 | — | 29,015 | |||||||||||||||||||
Net realized gain (loss) | (7,925) | (49) | 7,212 | (762) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (33,374) | 243 | (4,145) | (37,276) | |||||||||||||||||||
Transfers into Level 3 (1) | 4,938 | — | — | 4,938 | |||||||||||||||||||
Transfers out of Level 3 (1) | (91,939) | — | — | (91,939) | |||||||||||||||||||
Fair value, end of period | $ | 8,934,769 | $ | 40,086 | $ | 110,167 | $ | 9,085,022 | |||||||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023 included in net unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $ | (33,078) | $ | 31 | $ | (4,145) | $ | (37,192) |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Total Investments | ||||||||||||||||||||
Fair value, beginning of period | $ | 9,541,813 | $ | 43,243 | $ | 175,146 | $ | 9,760,202 | |||||||||||||||
Purchases of investments | 284,209 | 5,130 | 2,019 | 291,358 | |||||||||||||||||||
Proceeds from principal repayments and sales of investments | (215,563) | — | — | (215,563) | |||||||||||||||||||
Accretion of discount/amortization of premium | 9,587 | 32 | — | 9,619 | |||||||||||||||||||
Net realized gain (loss) | 2,259 | — | — | 2,259 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (32,854) | (407) | (3,225) | (36,486) | |||||||||||||||||||
Transfers into Level 3 (1) | 33,547 | 10 | — | 33,557 | |||||||||||||||||||
Transfers out of Level 3 (1) | (20,625) | — | — | (20,625) | |||||||||||||||||||
Fair value, end of period | $ | 9,602,373 | $ | 48,008 | $ | 173,940 | $ | 9,824,321 | |||||||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022 included in net unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $ | (32,481) | $ | (408) | $ | (3,225) | $ | (36,114) |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||
First Lien Debt | Second Lien Debt | Equity Investments | Total Investments | ||||||||||||||||||||
Fair value, beginning of period | $ | 9,288,184 | $ | 42,880 | $ | 170,265 | $ | 9,501,329 | |||||||||||||||
Purchases of investments | 536,549 | 5,392 | 9,282 | 551,223 | |||||||||||||||||||
Proceeds from principal repayments and sales of investments | (248,575) | — | (10,687) | (259,262) | |||||||||||||||||||
Accretion of discount/amortization of premium | 18,802 | 63 | — | 18,865 | |||||||||||||||||||
Net realized gain (loss) | 2,197 | — | 5,920 | 8,117 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (32,561) | (327) | (840) | (33,728) | |||||||||||||||||||
Transfers into Level 3 (1) | 37,777 | — | — | 37,777 | |||||||||||||||||||
Transfers out of Level 3 (1) | — | — | — | — | |||||||||||||||||||
Fair value, end of period | $ | 9,602,373 | $ | 48,008 | $ | 173,940 | $ | 9,824,321 | |||||||||||||||
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2022 included in net unrealized appreciation (depreciation) on the Condensed Consolidated Statements of Operations | $ | (32,383) | $ | (327) | $ | 3,927 | $ | (28,783) |
Three Months Ended March 31, 2019 | |||||||||||||||
First Lien Debt | Second Lien Debt | Forward Purchase Obligation | Total | ||||||||||||
Fair value, beginning of period | $ | 328,125 | $ | — | $ | (222 | ) | $ | 327,903 | ||||||
Purchases of investments | 260,286 | 11,082 | — | 271,368 | |||||||||||
Proceeds from principal repayments and sales of investments | (12,770 | ) | — | — | (12,770 | ) | |||||||||
Accretion of discount/amortization of premium | 360 | 3 | — | 363 | |||||||||||
Net change in unrealized appreciation (depreciation) | 2,809 | 194 | 118 | 3,121 | |||||||||||
Transfers into Level 3 (1) | 9,067 | 1,539 | — | 10,606 | |||||||||||
Transfers out of Level 3 (1) | (60,192 | ) | — | — | (60,192 | ) | |||||||||
Fair value, end of period | $ | 527,685 | $ | 12,818 | $ | (104 | ) | $ | 540,399 | ||||||
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of March 31, 2019 included in net unrealized appreciation (depreciation) on the Consolidated Statement of Operations | $ | 2,770 | $ | 194 | $ | 118 | $ | 3,082 |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Low | High | Weighted Average (1) | ||||||||||||||||||||||||||||||
Investments in first lien debt | $ | 8,934,769 | Yield analysis | Discount rate | 6.03 | % | 24.92 | % | 10.50 | % | |||||||||||||||||||||||||
Investments in second lien debt | 40,086 | Yield analysis | Discount rate | 10.44 | % | 14.26 | % | 12.82 | % | ||||||||||||||||||||||||||
Investments in equity | 60,479 | Market approach | Performance Multiple | 6.00x | 31.00x | 10.63x | |||||||||||||||||||||||||||||
26,261 | Option pricing model | Expected volatility | 30.00 | % | 50.00 | % | 41.60 | % | |||||||||||||||||||||||||||
23,427 | Yield analysis | Discount rate | 11.92 | % | 16.73 | % | 13.42 | % | |||||||||||||||||||||||||||
110,167 | |||||||||||||||||||||||||||||||||||
Total | $ | 9,085,022 | |||||||||||||||||||||||||||||||||
March 31, 2019 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Range | Range | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Low | High | Weighted Average | Fair Value | Valuation Technique | Unobservable Input | Low | High | Weighted Average (1) | ||||||||||||||||||||||||||||||||||||||||
Investments in first lien debt | $ | 425,711 | Yield analysis | Discount rate | 8.21 | % | 10.04 | % | 8.93 | % | Investments in first lien debt | $ | 9,037,133 | Yield analysis | Discount rate | 6.83 | % | 19.84 | % | 10.13 | % | ||||||||||||||||||||||||||||||
101,974 | Broker quotations | Broker quoted price | 91.50 | 100.31 | 97.21 | 238,378 | Market quotations | Broker quoted price | 82.00 | % | 96.75 | % | 94.19 | % | |||||||||||||||||||||||||||||||||||||
527,685 | 9,275,511 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in second lien debt | 12,818 | Broker quotations | Broker quoted price | 98.75 | 100.25 | 100.07 | Investments in second lien debt | 46,336 | Yield analysis | Discount rate | 10.43 | % | 14.25 | % | 12.60 | % | |||||||||||||||||||||||||||||||||||
Forward purchase obligation (1) | (104 | ) | Yield analysis | Discount rate | 8.37 | % | 9.21 | % | 8.64 | % | |||||||||||||||||||||||||||||||||||||||||
Investments in equity | Investments in equity | 105,782 | Market approach | Performance Multiple | 5.50x | 29.00x | 13.41x | ||||||||||||||||||||||||||||||||||||||||||||
22,481 | Option pricing model | Expected volatility | 30.00 | % | 50.00 | % | 43.46 | % | |||||||||||||||||||||||||||||||||||||||||||
22,686 | Yield analysis | Discount rate | 11.31 | % | 13.75 | % | 12.74 | % | |||||||||||||||||||||||||||||||||||||||||||
150,949 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 540,399 | Total | $ | 9,472,796 |
December 31, 2018 | ||||||||||||||||
Range | ||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Low | High | Weighted Average | |||||||||||
Investments in first lien debt | $ | 232,818 | Yield analysis | Discount rate | 8.84 | % | 9.90 | % | 9.34 | % | ||||||
95,307 | Broker quotations | Broker quoted price | 92.50 | 99.75 | 96.91 | |||||||||||
328,125 | ||||||||||||||||
Forward purchase obligation (1) | (222 | ) | Yield analysis | Discount rate | 9.13 | % | 9.13 | % | 9.13 | % | ||||||
Total | $ | 327,903 |
June 30, 2023 | December 31, 2022 | ||||||||||
Fair Value | Fair Value | ||||||||||
2023 Notes | $ | 392,318 | $ | 397,481 | |||||||
2026 Notes | 735,981 | 740,171 | |||||||||
New 2026 Notes | 614,154 | 619,144 | |||||||||
2027 Notes | 528,678 | 546,117 | |||||||||
2028 Notes | 533,493 | 522,809 | |||||||||
Total | $ | 2,804,624 | $ | 2,825,722 |
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Aggregate Principal Committed | Outstanding Principal | Carrying Value | Unamortized Debt Issuance Costs | Unused Portion (1) | Amount Available (2) | ||||||||||||||||||||||||||||||
Jackson Hole Funding Facility(3) | $ | 400,000 | $ | 285,019 | $ | 285,019 | $ | — | $ | 114,981 | $ | 114,981 | |||||||||||||||||||||||
Breckenridge Funding Facility | 825,000 | 519,500 | 519,500 | — | 305,500 | 305,500 | |||||||||||||||||||||||||||||
Big Sky Funding Facility | 500,000 | 400,606 | 400,606 | — | 99,394 | 91,874 | |||||||||||||||||||||||||||||
Revolving Credit Facility(4) | 1,775,000 | 603,018 | 603,018 | — | 1,171,982 | 1,171,982 | |||||||||||||||||||||||||||||
2023 Notes | 400,000 | 400,000 | 399,923 | 77 | — | — | |||||||||||||||||||||||||||||
2026 Notes | 800,000 | 800,000 | 795,440 | 4,560 | — | — | |||||||||||||||||||||||||||||
New 2026 Notes | 700,000 | 700,000 | 694,314 | 5,686 | — | — | |||||||||||||||||||||||||||||
2027 Notes | 650,000 | 650,000 | 640,027 | 9,973 | — | — | |||||||||||||||||||||||||||||
2028 Notes | 650,000 | 650,000 | 640,134 | 9,866 | — | — | |||||||||||||||||||||||||||||
Total | $ | 6,700,000 | $ | 5,008,143 | $ | 4,977,981 | $ | 30,162 | $ | 1,691,857 | $ | 1,684,337 |
March 31, 2019 | |||||||||||||||||||
Aggregate Principal Committed | Outstanding Principal | Carrying Value | Unused Portion (1) | Amount Available (2) | |||||||||||||||
Subscription Facility | $ | 200,000 | $ | 11,731 | $ | 11,731 | $ | 188,269 | $ | 168,762 | |||||||||
JPM SPV Facility | 300,000 | 120,000 | 120,000 | 180,000 | 86,333 | ||||||||||||||
BNP SPV Facility | 400,000 | 152,315 | 152,315 | 247,685 | 146,415 | ||||||||||||||
Total | $ | 900,000 | $ | 284,046 | $ | 284,046 | $ | 615,954 | $ | 401,510 |
December 31, 2018 | |||||||||||||||||||
Aggregate Principal Committed | Outstanding Principal | Carrying Value | Unused Portion (1) | Amount Available (2) | |||||||||||||||
Subscription Facility | $ | 200,000 | $ | — | $ | — | $ | 200,000 | $ | 174,032 | |||||||||
JPM SPV Facility | 300,000 | 120,000 | 120,000 | 180,000 | 22,966 | ||||||||||||||
BNP SPV Facility | 400,000 | 65,000 | 65,000 | 335,000 | 5,183 | ||||||||||||||
Total | $ | 900,000 | $ | 185,000 | $ | 185,000 | $ | 715,000 | $ | 202,181 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Aggregate Principal Committed | Outstanding Principal | Carrying Value | Unamortized Debt Issuance Costs | Unused Portion (1) | Amount Available (2) | ||||||||||||||||||||||||||||||
Jackson Hole Funding Facility(3) | $ | 400,000 | $ | 360,019 | $ | 360,019 | $ | — | $ | 39,981 | $ | 39,981 | |||||||||||||||||||||||
Breckenridge Funding Facility | 825,000 | 825,000 | 825,000 | — | — | — | |||||||||||||||||||||||||||||
Big Sky Funding Facility | 500,000 | 499,606 | 499,606 | — | 394 | 394 | |||||||||||||||||||||||||||||
Revolving Credit Facility(4) | 1,625,000 | 678,378 | 678,378 | — | 946,622 | 936,004 | |||||||||||||||||||||||||||||
2023 Notes | 400,000 | 400,000 | 398,850 | 1,150 | — | — | |||||||||||||||||||||||||||||
2026 Notes | 800,000 | 800,000 | 794,559 | 5,441 | — | — | |||||||||||||||||||||||||||||
New 2026 Notes | 700,000 | 700,000 | 693,432 | 6,568 | — | — | |||||||||||||||||||||||||||||
2027 Notes | 650,000 | 650,000 | 638,669 | 11,332 | — | — | |||||||||||||||||||||||||||||
2028 Notes | 650,000 | 650,000 | 639,202 | 10,798 | — | — | |||||||||||||||||||||||||||||
Total | $ | 6,550,000 | $ | 5,563,003 | $ | 5,527,715 | $ | 35,289 | $ | 986,997 | $ | 976,379 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Borrowing interest expense | $ | 61,128 | $ | 41,300 | $ | 123,253 | $ | 77,796 | |||||||||||||||
Facility unused fees | 1,108 | 306 | 2,037 | 690 | |||||||||||||||||||
Amortization of financing costs and debt issuance costs | 1,604 | 1,170 | 2,996 | 2,309 | |||||||||||||||||||
Accretion of original issue discount | 2,308 | 2,308 | 4,590 | 4,590 | |||||||||||||||||||
Total Interest Expense | $ | 66,148 | $ | 45,084 | $ | 132,876 | $ | 85,385 | |||||||||||||||
Cash paid for interest expense | $ | 37,501 | $ | 14,864 | $ | 126,014 | $ | 76,306 |
Three Months Ended March 31, 2019 | |||
Borrowing interest expense | $ | 4,110 | |
Facility unused fees | 272 | ||
Amortization of financing costs | 290 | ||
Total interest expense | $ | 4,672 | |
Cash paid for interest expense | $ | 1,257 |
Par Amount | Capital in Excess of Par Value | Distributable Earnings (loss) | Total Net Assets | |||||||||||||
Balance, beginning of period | $ | 10 | $ | 239,246 | $ | (2,891 | ) | $ | 236,365 | |||||||
Common stock issued | 15 | 389,567 | — | 389,582 | ||||||||||||
Net investment income (loss) | — | — | 6,572 | 6,572 | ||||||||||||
Net realized gain (loss) on investments | — | — | 1,726 | 1,726 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | 5,671 | 5,671 | ||||||||||||
Dividends declared | — | — | (7,163 | ) | (7,163 | ) | ||||||||||
Balance, end of period | $ | 25 | $ | 628,813 | $ | 3,915 | $ | 632,753 |
Issuances of Common Shares | Number of Common Shares Issued | Gross Proceeds | Placement Fees/Offering Expenses | Net Proceeds (2) | Average Share Price (1) | |||||||||||||||||||||||||||
“At-the-market” Offering | 4,632,768 | $ | 125,339 | $ | 68 | $ | 125,271 | $ | 27.04 |
Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price | |||||
January 24, 2019 | 5,666,095 | $ | 142.1 | ||||
March 28, 2019 (1) | 9,818,817 | 247.5 | |||||
Total | 15,484,912 | $ | 389.6 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | ||||||||||||||||||||||
February 27, 2023 | March 31, 2023 | April 27, 2023 | $ | 0.7000 | $ | 112,400 | ||||||||||||||||||||
May 10, 2023 | June 30, 2023 | July 27, 2023 | 0.7000 | 115,783 | ||||||||||||||||||||||
Total distributions | $ | 1.4000 | $ | 228,183 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | |||||||||||||||||||||||||
October 18, 2021 | January 18, 2022 | May 13, 2022 | $ | 0.1000 | $ | 16,927 | (1) | ||||||||||||||||||||||
October 18, 2021 | March 16, 2022 | May 13, 2022 | 0.1500 | 25,454 | (1) | ||||||||||||||||||||||||
February 23, 2022 | March 31, 2022 | May 13, 2022 | 0.5300 | 89,937 | |||||||||||||||||||||||||
October 18, 2021 | May 16, 2022 | August 12, 2022 | 0.2000 | 33,995 | (1) | ||||||||||||||||||||||||
May 2, 2022 | June 30, 2022 | August 12, 2022 | 0.5300 | 89,169 | |||||||||||||||||||||||||
Total distributions | $ | 1.5100 | $ | 255,482 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | ||||||||
January 22, 2019 | January 23, 2019 | May 15, 2019 | $ | 0.1239 | $ | 1,192 | ||||||
February 28, 2019 | March 27, 2019 | May 15, 2019 | 0.3536 | 5,406 | ||||||||
March 26, 2019 | March 31, 2019 | May 15, 2019 | 0.0225 | 565 | ||||||||
Total distributions | $ | 0.5000 | $ | 7,163 |
Payment Date | DRIP Shares Value | DRIP Shares Issued | ||||||||||||
January 31, 2023 | $ | 5,132 | 208,510 | |||||||||||
April 27, 2023 | 5,439 | 213,130 | ||||||||||||
Total distributions | $ | 10,571 | 421,640 |
Payment Date | DRIP Shares Value | DRIP Shares Issued | ||||||||||||
January 31, 2022 | $ | 11,469 | 417,379 | |||||||||||
May 13, 2022 | 16,501 | 640,829 | ||||||||||||
Total distributions | $ | 27,970 | 1,058,208 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
April 1 - April 30, 2022 | — | $ | — | — | $ | 262,000 | ||||||||||||||||||||
May 1 - May 31, 2022 | 774,558 | $ | 25.24 | 774,558 | $ | 242,447 | ||||||||||||||||||||
June 1 - June 30, 2022 | 1,313,782 | $ | 24.49 | 1,313,782 | $ | 210,275 | ||||||||||||||||||||
Total Repurchases | 2,088,340 | 2,088,340 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 144,850 | $ | 79,591 | $ | 283,648 | $ | 186,831 | |||||||||||||||
Weighted average shares outstanding (basic and diluted) | 161,079,263 | 169,426,422 | 160,792,160 | 169,489,006 | |||||||||||||||||||
Earnings (loss) per common share (basic and diluted) | $ | 0.90 | $ | 0.47 | $ | 1.76 | $ | 1.10 |
Three Months Ended March 31, 2019 | |||
Net increase (decrease) in net assets resulting from operations | $ | 13,969 | |
Weighted average shares outstanding (basic and diluted) | 14,275,804 | ||
Earnings (loss) per common share (basic and diluted) | $ | 0.98 |
Three Months Ended March 31, 2019 | |||
Net increase (decrease) in net assets resulting from operations | $ | 13,969 | |
Net unrealized (appreciation) depreciation | (5,671 | ) | |
Taxable/Distributable Income | $ | 8,298 |
March 31, 2019 | |||
Gross unrealized appreciation | $ | 5,078 | |
Gross unrealized depreciation | (3,534 | ) | |
Net unrealized appreciation (depreciation) | 1,544 | ||
Tax cost of investments at period end | $ | 933,651 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Per Share Data (1): | |||||||||||
Net asset value, beginning of period | $ | 25.93 | $ | 26.27 | |||||||
Net investment income | 1.99 | 1.23 | |||||||||
Net unrealized and realized gain (loss) | (0.22) | (0.13) | |||||||||
Net increase (decrease) in net assets resulting from operations | 1.77 | 1.10 | |||||||||
Distributions declared (2) | (1.40) | (1.51) | |||||||||
Net increase (decrease) in net assets from capital share transactions | — | 0.03 | |||||||||
Total increase (decrease) in net assets | 0.37 | (0.38) | |||||||||
Net asset value, end of period | $ | 26.30 | $ | 25.89 | |||||||
Shares outstanding, end of period | 165,417,269 | 168,243,901 | |||||||||
Total return based on NAV (3) | 6.92 | % | 4.36 | % | |||||||
Total return based on market value (4) | 29.10 | % | (26.98) | % | |||||||
Ratios: | |||||||||||
Ratio of net expenses to average net assets (5) | 11.54 | % | 7.37 | % | |||||||
Ratio of net investment income to average net assets (5) | 14.57 | % | 9.31 | % | |||||||
Portfolio turnover rate | 2.32 | % | 3.48 | % | |||||||
Supplemental Data: | |||||||||||
Net assets, end of period | $ | 4,350,271 | $ | 4,355,073 | |||||||
Asset coverage ratio | 186.9 | % | 174.7 | % |
Three Months Ended March 31, 2019 | |||
Per Share Data: | |||
Net asset value, beginning of period | $ | 24.57 | |
Net investment income (1) | 0.46 | ||
Net unrealized and realized gain (loss) (2) | 0.31 | ||
Net increase (decrease) in net assets resulting from operations | 0.77 | ||
Distributions declared (3) | (0.50 | ) | |
Issuance of common shares (4) | 0.36 | ||
Total increase (decrease) in net assets | 0.63 | ||
Net asset value, end of period | $ | 25.20 | |
Shares outstanding, end of period | 25,106,231 | ||
Total return based on NAV (5) | 4.60 | % | |
Ratios: | |||
Ratio of net expenses to average net assets (6) | 9.82 | % | |
Ratio of net investment income to average net assets (6) | 7.44 | % | |
Portfolio turnover rate | 20.97 | % | |
Supplemental Data: | |||
Net assets, end of period | 632,753 | ||
Total capital commitments, end of period | 1,390,990 | ||
Ratios of total contributed capital to total committed capital, end of period | 45.21 | % | |
Asset coverage ratio | 322.8 | % |
Class and Period | Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions) | Asset Coverage per Unit (2) ($ in millions) | Involuntary Liquidating Preference per Unit(3) | Average Market Value per Unit(4) | ||||||||||||||||||||||
Subscription Facility (5) | ||||||||||||||||||||||||||
June 30, 2023 | $ | — | $ | — | — | N/A | ||||||||||||||||||||
December 31, 2022 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2021 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 119.8 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
Jackson Hole Funding Facility | ||||||||||||||||||||||||||
June 30, 2023 | 285.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 360.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 361.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 362.3 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 514.2 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | 120.0 | 2,278.0 | — | N/A | ||||||||||||||||||||||
Breckenridge Funding Facility | ||||||||||||||||||||||||||
June 30, 2023 | 519.5 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 825.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 568.7 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 569.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 820.3 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | 65.0 | 2,278.0 | — | N/A | ||||||||||||||||||||||
Big Sky Funding facility | ||||||||||||||||||||||||||
June 30, 2023 | 400.6 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 499.6 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 499.6 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 200.3 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||
June 30, 2023 | 603.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 678.4 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 915.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 182.9 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A |
December 31, 2018 | $ | — | $ | — | — | N/A | ||||||||||||||||||||
2023 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 400.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 400.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 400.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 400.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2026 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 800.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 800.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 800.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 800.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
New 2026 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 700.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 700.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 700.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2027 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 650.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 650.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 650.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2028 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 650.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 650.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 650.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A |
As of and for the three months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Investments: | |||||||||||
Total investments, beginning of period | $ | 9,669,106 | $ | 9,916,379 | |||||||
New investments purchased | 116,888 | 296,343 | |||||||||
Payment-in-kind interest capitalized | 11,827 | 9,861 | |||||||||
Net accretion of discount on investments | 21,055 | 10,079 | |||||||||
Net realized gain (loss) on investments | (813) | 2,478 | |||||||||
Investments sold or repaid | (464,777) | (214,000) | |||||||||
Total investments, end of period | $ | 9,353,286 | $ | 10,021,140 | |||||||
Amount of investments funded at principal: | |||||||||||
First lien debt investments | $ | 118,564 | $ | 299,774 | |||||||
Second lien debt investments | — | 4,920 | |||||||||
Unsecured debt | — | — | |||||||||
Equity investments | — | 2,295 | |||||||||
Total | $ | 118,564 | $ | 306,989 | |||||||
Proceeds from investments sold or repaid: | |||||||||||
First lien debt investments | $ | (413,576) | $ | (214,000) | |||||||
Second lien debt investments | (7,351) | — | |||||||||
Unsecured debt | — | — | |||||||||
Warrants | — | — | |||||||||
Equity investments | (43,850) | — | |||||||||
Total | $ | (464,777) | $ | (214,000) | |||||||
Number of new investment commitments in new portfolio companies | 1 | 11 | |||||||||
Average new investment commitment amount | $ | 18,052 | $ | 13,038 | |||||||
Weighted average yield of new investment commitments | 11.97 | % | 7.72 | % | |||||||
Weighted average yield on investments fully sold or paid down | 11.30 | % | 6.06 | % | |||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Number of portfolio companies | 180 | 176 | |||||||||
Weighted average yield on debt and income producing investments, at amortized cost(1)(2) | 11.64 | % | 10.64 | % | |||||||
Weighted average yield on debt and income producing investments, at fair value(1)(2) | 11.76 | % | 10.73 | % | |||||||
Average loan to value (LTV)(3) | 46.5 | % | 47.5 | % | |||||||
Percentage of debt investments bearing a floating rate | 99.9 | % | 99.9 | % | |||||||
Percentage of debt investments bearing a fixed rate | 0.1 | % | 0.1 | % | |||||||
Percentage of assets on non-accrual (4) | 0.1 | % | 0.0 | % |
As of and for the three months ended March 31, 2019 | |||
Investments: | |||
Total investments, beginning of period | $ | 548,753 | |
New investments purchased | 540,294 | ||
Net accretion of discount on investments | 766 | ||
Net realized gain (loss) on investments | 1,726 | ||
Investments sold or repaid | (158,469 | ) | |
Total investments, end of period | $ | 933,070 | |
Amount of investments funded at principal | |||
First lien debt investments | $ | 538,526 | |
Second lien debt investments | 12,750 | ||
Total | $ | 551,276 | |
Proceeds from investments sold or repaid: | |||
First lien debt investments | $ | (156,421 | ) |
Second lien debt investments | (322 | ) | |
Total | $ | (156,743 | ) |
Number of portfolio companies | 54 | ||
Weighted average yield on debt and income producing investments, at cost(1) | 8.86 | % | |
Weighted average yield on debt and income producing investments, at fair value(1) | 8.84 | % | |
Percentage of debt investments bearing a floating rate | 100 | % | |
Percentage of debt investments bearing a fixed rate | 0 | % |
March 31, 2019 | December 31, 2018 | ||||||||||||||||||||
Cost | Fair Value | % of Total Investments at Fair Value | Cost | Fair Value | % of Total Investments at Fair Value | ||||||||||||||||
First lien debt | $ | 914,573 | $ | 916,462 | 98.00 | % | $ | 542,395 | $ | 538,983 | 98.84 | % | |||||||||
Second lien debt | 18,497 | 18,734 | 2.00 | 6,358 | 6,342 | 1.16 | |||||||||||||||
Total | $ | 933,070 | $ | 935,196 | 100.00 | % | $ | 548,753 | $ | 545,325 | 100.00 | % |
Three Months Ended March 31, 2019 | |||
Total investment income | $ | 15,239 | |
Less: Net expenses | 8,667 | ||
Net investment income | 6,572 | ||
Net unrealized appreciation (depreciation) | 5,671 | ||
Net realized gain (loss) | 1,726 | ||
Net increase (decrease) in net assets resulting from operations | $ | 13,969 |
Three Months Ended March 31, 2019 | |||
Interest income | $ | 15,226 | |
Fee income | 13 | ||
Total investment income | $ | 15,239 |
Three Months Ended March 31, 2019 | |||
Interest expense | $ | 4,672 | |
Management fees | 1,492 | ||
Income based incentive fee | 1,143 | ||
Capital gains incentive fee | 475 | ||
Professional fees | 233 | ||
Board of Trustees' fees | 123 | ||
Administrative service expenses | 426 | ||
Other general and administrative | 451 | ||
Amortization of offering costs | 222 | ||
Total expenses | 9,237 | ||
Expense support | (570 | ) | |
Net expenses | $ | 8,667 |
Three Months Ended March 31, 2019 | |||
Net unrealized gain (loss) on investments | $ | 5,553 | |
Net unrealized gain (loss) on forward purchase obligation | 118 | ||
Net unrealized gain (loss) on investments | $ | 5,671 |
Common Share Issuance Date | Number of Common Shares Issued | Aggregate Offering Price | |||||
January 24, 2019 | 5,666,095 | $ | 142.1 | ||||
March 28, 2019 (1) | 9,818,817 | 247.5 | |||||
Total | 15,484,912 | $ | 389.6 |
Issuances of Common Shares | Number of Common Shares Issued | Gross Proceeds | Placement Fees/Offering Expenses | Net Proceeds (2) | Average Share Price (1) | |||||||||||||||||||||||||||
“At-the-market” Offering | 4,632,768 | $ | 125,339 | $ | 68 | $ | 125,271 | $ | 27.04 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | ||||||||||||||||||||||
February 27, 2023 | March 31, 2023 | April 27, 2023 | $ | 0.7000 | $ | 112,400 | ||||||||||||||||||||
May 10, 2023 | June 30, 2023 | July 27, 2023 | 0.7000 | 115,783 | ||||||||||||||||||||||
Total distributions | $ | 1.4000 | $ | 228,183 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | |||||||||||||||||||||||||
October 18, 2021 | January 18, 2022 | May 13, 2022 | $ | 0.1000 | $ | 16,927 | (1) | ||||||||||||||||||||||
October 18, 2021 | March 16, 2022 | May 13, 2022 | 0.1500 | 25,454 | (1) | ||||||||||||||||||||||||
February 23, 2022 | March 31, 2022 | May 13, 2022 | 0.5300 | 89,937 | |||||||||||||||||||||||||
October 18, 2021 | May 16, 2022 | August 12, 2022 | 0.2000 | 33,995 | (1) | ||||||||||||||||||||||||
May 2, 2022 | June 30, 2022 | August 12, 2022 | 0.5300 | 89,169 | |||||||||||||||||||||||||
Total distributions | $ | 1.5100 | $ | 255,482 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | ||||||||
January 22, 2019 | January 23, 2019 | May 15, 2019 | $ | 0.1239 | $ | 1,192 | ||||||
February 28, 2019 | March 27, 2019 | May 15, 2019 | 0.3536 | 5,406 | ||||||||
March 26, 2019 | March 31, 2019 | May 15, 2019 | 0.0225 | 565 | ||||||||
Total distributions | $ | 0.5000 | $ | 7,163 |
Payment Date | DRIP Shares Value | DRIP Shares Issued | ||||||||||||
January 31, 2023 | $ | 5,132 | 208,510 | |||||||||||
April 27, 2023 | 5,439 | 213,130 | ||||||||||||
Total distributions | $ | 10,571 | 421,640 |
Payment Date | DRIP Shares Value | DRIP Shares Issued | ||||||||||||
January 31, 2022 | $ | 11,469 | 417,379 | |||||||||||
May 13, 2022 | 16,501 | 640,829 | ||||||||||||
Total distributions | $ | 27,970 | 1,058,208 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
April 1 - April 30, 2022 | — | $ | — | — | $ | 262,000 | ||||||||||||||||||||
May 1 - May 31, 2022 | 774,558 | $ | 25.24 | 774,558 | $ | 242,447 | ||||||||||||||||||||
June 1 - June 30, 2022 | 1,313,782 | $ | 24.49 | 1,313,782 | $ | 210,275 | ||||||||||||||||||||
Total Repurchases | 2,088,340 | 2,088,340 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 144,850 | $ | 79,591 | $ | 283,648 | $ | 186,831 | |||||||||||||||
Weighted average shares outstanding (basic and diluted) | 161,079,263 | 169,426,422 | 160,792,160 | 169,489,006 | |||||||||||||||||||
Earnings (loss) per common share (basic and diluted) | $ | 0.90 | $ | 0.47 | $ | 1.76 | $ | 1.10 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Per Share Data (1): | |||||||||||
Net asset value, beginning of period | $ | 25.93 | $ | 26.27 | |||||||
Net investment income | 1.99 | 1.23 | |||||||||
Net unrealized and realized gain (loss) | (0.22) | (0.13) | |||||||||
Net increase (decrease) in net assets resulting from operations | 1.77 | 1.10 | |||||||||
Distributions declared (2) | (1.40) | (1.51) | |||||||||
Net increase (decrease) in net assets from capital share transactions | — | 0.03 | |||||||||
Total increase (decrease) in net assets | 0.37 | (0.38) | |||||||||
Net asset value, end of period | $ | 26.30 | $ | 25.89 | |||||||
Shares outstanding, end of period | 165,417,269 | 168,243,901 | |||||||||
Total return based on NAV (3) | 6.92 | % | 4.36 | % | |||||||
Total return based on market value (4) | 29.10 | % | (26.98) | % | |||||||
Ratios: | |||||||||||
Ratio of net expenses to average net assets (5) | 11.54 | % | 7.37 | % | |||||||
Ratio of net investment income to average net assets (5) | 14.57 | % | 9.31 | % | |||||||
Portfolio turnover rate | 2.32 | % | 3.48 | % | |||||||
Supplemental Data: | |||||||||||
Net assets, end of period | $ | 4,350,271 | $ | 4,355,073 | |||||||
Asset coverage ratio | 186.9 | % | 174.7 | % |
Class and Period | Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions) | Asset Coverage per Unit (2) ($ in millions) | Involuntary Liquidating Preference per Unit(3) | Average Market Value per Unit(4) | ||||||||||||||||||||||
Subscription Facility (5) | ||||||||||||||||||||||||||
June 30, 2023 | $ | — | $ | — | — | N/A | ||||||||||||||||||||
December 31, 2022 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2021 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 119.8 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
Jackson Hole Funding Facility | ||||||||||||||||||||||||||
June 30, 2023 | 285.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 360.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 361.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 362.3 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 514.2 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | 120.0 | 2,278.0 | — | N/A | ||||||||||||||||||||||
Breckenridge Funding Facility | ||||||||||||||||||||||||||
June 30, 2023 | 519.5 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 825.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 568.7 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 569.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 820.3 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | 65.0 | 2,278.0 | — | N/A | ||||||||||||||||||||||
Big Sky Funding facility | ||||||||||||||||||||||||||
June 30, 2023 | 400.6 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 499.6 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 499.6 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 200.3 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||
June 30, 2023 | 603.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 678.4 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 915.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 182.9 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A |
December 31, 2018 | $ | — | $ | — | — | N/A | ||||||||||||||||||||
2023 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 400.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 400.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 400.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 400.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2026 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 800.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 800.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 800.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 800.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
New 2026 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 700.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 700.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 700.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2027 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 650.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 650.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 650.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2028 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 650.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 650.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 650.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A |
March 31, 2019 | |||||||||||||||||||
Aggregate Principal Committed | Outstanding Principal | Carrying Value | Unused Portion (1) | Amount Available (2) | |||||||||||||||
Subscription Facility | $ | 200,000 | $ | 11,731 | $ | 11,731 | $ | 188,269 | $ | 168,762 | |||||||||
JPM SPV Facility | 300,000 | 120,000 | 120,000 | 180,000 | 86,333 | ||||||||||||||
BNP SPV Facility | 400,000 | 152,315 | 152,315 | 247,685 | 146,415 | ||||||||||||||
Total | $ | 900,000 | $ | 284,046 | $ | 284,046 | $ | 615,954 | $ | 401,510 |
December 31, 2018 | |||||||||||||||||||
Aggregate Principal Committed | Outstanding Principal | Carrying Value | Unused Portion (1) | Amount Available (2) | |||||||||||||||
Subscription Facility | $ | 200,000 | $ | — | $ | — | $ | 200,000 | $ | 174,032 | |||||||||
JPM SPV Facility | 300,000 | 120,000 | 120,000 | 180,000 | 22,966 | ||||||||||||||
BNP SPV Facility | 400,000 | 65,000 | 65,000 | 335,000 | 5,183 | ||||||||||||||
Total | $ | 900,000 | $ | 185,000 | $ | 185,000 | $ | 715,000 | $ | 202,181 |
As of and for the three months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Investments: | |||||||||||
Total investments, beginning of period | $ | 9,669,106 | $ | 9,916,379 | |||||||
New investments purchased | 116,888 | 296,343 | |||||||||
Payment-in-kind interest capitalized | 11,827 | 9,861 | |||||||||
Net accretion of discount on investments | 21,055 | 10,079 | |||||||||
Net realized gain (loss) on investments | (813) | 2,478 | |||||||||
Investments sold or repaid | (464,777) | (214,000) | |||||||||
Total investments, end of period | $ | 9,353,286 | $ | 10,021,140 | |||||||
Amount of investments funded at principal: | |||||||||||
First lien debt investments | $ | 118,564 | $ | 299,774 | |||||||
Second lien debt investments | — | 4,920 | |||||||||
Unsecured debt | — | — | |||||||||
Equity investments | — | 2,295 | |||||||||
Total | $ | 118,564 | $ | 306,989 | |||||||
Proceeds from investments sold or repaid: | |||||||||||
First lien debt investments | $ | (413,576) | $ | (214,000) | |||||||
Second lien debt investments | (7,351) | — | |||||||||
Unsecured debt | — | — | |||||||||
Warrants | — | — | |||||||||
Equity investments | (43,850) | — | |||||||||
Total | $ | (464,777) | $ | (214,000) | |||||||
Number of new investment commitments in new portfolio companies | 1 | 11 | |||||||||
Average new investment commitment amount | $ | 18,052 | $ | 13,038 | |||||||
Weighted average yield of new investment commitments | 11.97 | % | 7.72 | % | |||||||
Weighted average yield on investments fully sold or paid down | 11.30 | % | 6.06 | % | |||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Number of portfolio companies | 180 | 176 | |||||||||
Weighted average yield on debt and income producing investments, at amortized cost(1)(2) | 11.64 | % | 10.64 | % | |||||||
Weighted average yield on debt and income producing investments, at fair value(1)(2) | 11.76 | % | 10.73 | % | |||||||
Average loan to value (LTV)(3) | 46.5 | % | 47.5 | % | |||||||
Percentage of debt investments bearing a floating rate | 99.9 | % | 99.9 | % | |||||||
Percentage of debt investments bearing a fixed rate | 0.1 | % | 0.1 | % | |||||||
Percentage of assets on non-accrual (4) | 0.1 | % | 0.0 | % |
Issuances of Common Shares | Number of Common Shares Issued | Gross Proceeds | Placement Fees/Offering Expenses | Net Proceeds (2) | Average Share Price (1) | |||||||||||||||||||||||||||
“At-the-market” Offering | 4,632,768 | $ | 125,339 | $ | 68 | $ | 125,271 | $ | 27.04 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | ||||||||||||||||||||||
February 27, 2023 | March 31, 2023 | April 27, 2023 | $ | 0.7000 | $ | 112,400 | ||||||||||||||||||||
May 10, 2023 | June 30, 2023 | July 27, 2023 | 0.7000 | 115,783 | ||||||||||||||||||||||
Total distributions | $ | 1.4000 | $ | 228,183 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | |||||||||||||||||||||||||
October 18, 2021 | January 18, 2022 | May 13, 2022 | $ | 0.1000 | $ | 16,927 | (1) | ||||||||||||||||||||||
October 18, 2021 | March 16, 2022 | May 13, 2022 | 0.1500 | 25,454 | (1) | ||||||||||||||||||||||||
February 23, 2022 | March 31, 2022 | May 13, 2022 | 0.5300 | 89,937 | |||||||||||||||||||||||||
October 18, 2021 | May 16, 2022 | August 12, 2022 | 0.2000 | 33,995 | (1) | ||||||||||||||||||||||||
May 2, 2022 | June 30, 2022 | August 12, 2022 | 0.5300 | 89,169 | |||||||||||||||||||||||||
Total distributions | $ | 1.5100 | $ | 255,482 |
Payment Date | DRIP Shares Value | DRIP Shares Issued | ||||||||||||
January 31, 2023 | $ | 5,132 | 208,510 | |||||||||||
April 27, 2023 | 5,439 | 213,130 | ||||||||||||
Total distributions | $ | 10,571 | 421,640 |
Payment Date | DRIP Shares Value | DRIP Shares Issued | ||||||||||||
January 31, 2022 | $ | 11,469 | 417,379 | |||||||||||
May 13, 2022 | 16,501 | 640,829 | ||||||||||||
Total distributions | $ | 27,970 | 1,058,208 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program | ||||||||||||||||||||||
April 1 - April 30, 2022 | — | $ | — | — | $ | 262,000 | ||||||||||||||||||||
May 1 - May 31, 2022 | 774,558 | $ | 25.24 | 774,558 | $ | 242,447 | ||||||||||||||||||||
June 1 - June 30, 2022 | 1,313,782 | $ | 24.49 | 1,313,782 | $ | 210,275 | ||||||||||||||||||||
Total Repurchases | 2,088,340 | 2,088,340 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 144,850 | $ | 79,591 | $ | 283,648 | $ | 186,831 | |||||||||||||||
Weighted average shares outstanding (basic and diluted) | 161,079,263 | 169,426,422 | 160,792,160 | 169,489,006 | |||||||||||||||||||
Earnings (loss) per common share (basic and diluted) | $ | 0.90 | $ | 0.47 | $ | 1.76 | $ | 1.10 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Per Share Data (1): | |||||||||||
Net asset value, beginning of period | $ | 25.93 | $ | 26.27 | |||||||
Net investment income | 1.99 | 1.23 | |||||||||
Net unrealized and realized gain (loss) | (0.22) | (0.13) | |||||||||
Net increase (decrease) in net assets resulting from operations | 1.77 | 1.10 | |||||||||
Distributions declared (2) | (1.40) | (1.51) | |||||||||
Net increase (decrease) in net assets from capital share transactions | — | 0.03 | |||||||||
Total increase (decrease) in net assets | 0.37 | (0.38) | |||||||||
Net asset value, end of period | $ | 26.30 | $ | 25.89 | |||||||
Shares outstanding, end of period | 165,417,269 | 168,243,901 | |||||||||
Total return based on NAV (3) | 6.92 | % | 4.36 | % | |||||||
Total return based on market value (4) | 29.10 | % | (26.98) | % | |||||||
Ratios: | |||||||||||
Ratio of net expenses to average net assets (5) | 11.54 | % | 7.37 | % | |||||||
Ratio of net investment income to average net assets (5) | 14.57 | % | 9.31 | % | |||||||
Portfolio turnover rate | 2.32 | % | 3.48 | % | |||||||
Supplemental Data: | |||||||||||
Net assets, end of period | $ | 4,350,271 | $ | 4,355,073 | |||||||
Asset coverage ratio | 186.9 | % | 174.7 | % |
Class and Period | Total Amount Outstanding Exclusive of Treasury Securities(1) ($ in millions) | Asset Coverage per Unit (2) ($ in millions) | Involuntary Liquidating Preference per Unit(3) | Average Market Value per Unit(4) | ||||||||||||||||||||||
Subscription Facility (5) | ||||||||||||||||||||||||||
June 30, 2023 | $ | — | $ | — | — | N/A | ||||||||||||||||||||
December 31, 2022 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2021 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 119.8 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
Jackson Hole Funding Facility | ||||||||||||||||||||||||||
June 30, 2023 | 285.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 360.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 361.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 362.3 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 514.2 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | 120.0 | 2,278.0 | — | N/A | ||||||||||||||||||||||
Breckenridge Funding Facility | ||||||||||||||||||||||||||
June 30, 2023 | 519.5 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 825.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 568.7 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 569.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | 820.3 | 2,151.0 | — | N/A | ||||||||||||||||||||||
December 31, 2018 | 65.0 | 2,278.0 | — | N/A | ||||||||||||||||||||||
Big Sky Funding facility | ||||||||||||||||||||||||||
June 30, 2023 | 400.6 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 499.6 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 499.6 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 200.3 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
Revolving Credit Facility | ||||||||||||||||||||||||||
June 30, 2023 | 603.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 678.4 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 915.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 182.9 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A |
December 31, 2018 | $ | — | $ | — | — | N/A | ||||||||||||||||||||
2023 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 400.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 400.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 400.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 400.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2026 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 800.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 800.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 800.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | 800.0 | 2,300.0 | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
New 2026 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 700.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 700.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 700.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2027 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 650.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 650.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 650.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A | ||||||||||||||||||||||
2028 Notes | ||||||||||||||||||||||||||
June 30, 2023 | 650.0 | 1,869.0 | — | N/A | ||||||||||||||||||||||
December 31, 2022 | 650.0 | 1,748.0 | — | N/A | ||||||||||||||||||||||
December 31, 2021 | 650.0 | 1,802.0 | — | N/A | ||||||||||||||||||||||
December 31, 2020 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2019 | — | — | — | N/A | ||||||||||||||||||||||
December 31, 2018 | — | — | — | N/A |
As of and for the three months ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Investments: | |||||||||||
Total investments, beginning of period | $ | 9,669,106 | $ | 9,916,379 | |||||||
New investments purchased | 116,888 | 296,343 | |||||||||
Payment-in-kind interest capitalized | 11,827 | 9,861 | |||||||||
Net accretion of discount on investments | 21,055 | 10,079 | |||||||||
Net realized gain (loss) on investments | (813) | 2,478 | |||||||||
Investments sold or repaid | (464,777) | (214,000) | |||||||||
Total investments, end of period | $ | 9,353,286 | $ | 10,021,140 | |||||||
Amount of investments funded at principal: | |||||||||||
First lien debt investments | $ | 118,564 | $ | 299,774 | |||||||
Second lien debt investments | — | 4,920 | |||||||||
Unsecured debt | — | — | |||||||||
Equity investments | — | 2,295 | |||||||||
Total | $ | 118,564 | $ | 306,989 | |||||||
Proceeds from investments sold or repaid: | |||||||||||
First lien debt investments | $ | (413,576) | $ | (214,000) | |||||||
Second lien debt investments | (7,351) | — | |||||||||
Unsecured debt | — | — | |||||||||
Warrants | — | — | |||||||||
Equity investments | (43,850) | — | |||||||||
Total | $ | (464,777) | $ | (214,000) | |||||||
Number of new investment commitments in new portfolio companies | 1 | 11 | |||||||||
Average new investment commitment amount | $ | 18,052 | $ | 13,038 | |||||||
Weighted average yield of new investment commitments | 11.97 | % | 7.72 | % | |||||||
Weighted average yield on investments fully sold or paid down | 11.30 | % | 6.06 | % | |||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Number of portfolio companies | 180 | 176 | |||||||||
Weighted average yield on debt and income producing investments, at amortized cost(1)(2) | 11.64 | % | 10.64 | % | |||||||
Weighted average yield on debt and income producing investments, at fair value(1)(2) | 11.76 | % | 10.73 | % | |||||||
Average loan to value (LTV)(3) | 46.5 | % | 47.5 | % | |||||||
Percentage of debt investments bearing a floating rate | 99.9 | % | 99.9 | % | |||||||
Percentage of debt investments bearing a fixed rate | 0.1 | % | 0.1 | % | |||||||
Percentage of assets on non-accrual (4) | 0.1 | % | 0.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Total investment income | $ | 290,365 | $ | 186,991 | $ | 555,303 | $ | 372,588 | |||||||||||||||
Net expenses | 113,901 | 81,725 | 227,042 | 163,233 | |||||||||||||||||||
Net investment income before excise tax | 176,464 | 105,266 | 328,261 | 209,355 | |||||||||||||||||||
Excise tax expense | 4,979 | — | 7,601 | 1,386 | |||||||||||||||||||
Net investment income after excise tax | 171,485 | 105,266 | 320,660 | 207,969 | |||||||||||||||||||
Net unrealized appreciation (depreciation) | (37,493) | (27,977) | (52,037) | (29,389) | |||||||||||||||||||
Net realized gain (loss) | 10,858 | 2,302 | 15,025 | 8,251 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 144,850 | $ | 79,591 | $ | 283,648 | $ | 186,831 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest income | $ | 273,914 | $ | 174,855 | $ | 528,135 | $ | 345,844 | |||||||||||||||
Payment-in-kind interest income | 11,275 | 10,808 | 21,116 | 19,494 | |||||||||||||||||||
Dividend income | 159 | — | 159 | 5,908 | |||||||||||||||||||
Fee income | 5,017 | 1,328 | 5,893 | 1,342 | |||||||||||||||||||
Total investment income | $ | 290,365 | $ | 186,991 | $ | 555,303 | $ | 372,588 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest expense | $ | 66,148 | $ | 45,084 | $ | 132,876 | $ | 85,385 | |||||||||||||||
Management fees (Note 3) | 24,276 | 25,892 | 48,972 | 51,528 | |||||||||||||||||||
Income based incentive fees (Note 3) | 34,493 | 20,880 | 64,886 | 42,164 | |||||||||||||||||||
Capital gains incentive fees (Note 3) | (3,949) | (3,851) | (5,506) | (3,170) | |||||||||||||||||||
Professional fees | 1,019 | 1,058 | 2,207 | 1,765 | |||||||||||||||||||
Board of Trustees' fees | 236 | 209 | 461 | 390 | |||||||||||||||||||
Administrative service expenses | 675 | 349 | 1,054 | 1,189 | |||||||||||||||||||
Other general and administrative | 2,000 | 1,560 | 3,605 | 2,887 | |||||||||||||||||||
Excise tax expense | 4,979 | — | 7,601 | 1,386 | |||||||||||||||||||
Total expenses (including excise tax expense) | 129,877 | 91,181 | 256,156 | 183,524 | |||||||||||||||||||
Management fees waived | (6,069) | (6,473) | (12,243) | (12,882) | |||||||||||||||||||
Incentive fees waived | (4,928) | (2,983) | (9,270) | (6,023) | |||||||||||||||||||
Net expenses (including excise tax expense) | $ | 118,880 | $ | 81,725 | $ | 234,643 | $ | 164,619 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net unrealized gain (loss) on investments | $ | (37,270) | $ | (27,644) | $ | (48,673) | $ | (29,791) | |||||||||||||||
Net unrealized gain (loss) on translation of assets and liabilities in foreign currencies | (223) | (333) | (3,364) | 402 | |||||||||||||||||||
Net unrealized gain (loss) | $ | (37,493) | $ | (27,977) | $ | (52,037) | $ | (29,389) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net realized gain (loss) on investments | $ | (813) | $ | 2,478 | $ | (4,299) | $ | 7,860 | |||||||||||||||
Foreign currency transactions | 11,671 | (176) | 19,324 | 391 | |||||||||||||||||||
Net realized gain (loss) | $ | 10,858 | $ | 2,302 | $ | 15,025 | $ | 8,251 |
Date Declared | Record Date | Payment Date | Per Share Amount | Total Amount | ||||||||||||||||||||||
February 27, 2023 | March 31, 2023 | April 27, 2023 | $ | 0.7000 | $ | 112,400 | ||||||||||||||||||||
May 10, 2023 | June 30, 2023 | July 27, 2023 | 0.7000 | 115,783 | ||||||||||||||||||||||
Total distributions | $ | 1.4000 | $ | 228,183 |
Payments Due by Period | |||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years | |||||||||||||||
Subscription Facility | $ | 11,731 | $ | 11,731 | $ | — | $ | — | $ | — | |||||||||
JPM SPV Facility | 120,000 | — | — | 120,000 | — | ||||||||||||||
BNP SPV Facility | 152,315 | — | — | 152,315 | — | ||||||||||||||
Forward purchase obligation | 52,286 | 52,286 | — | — | — | ||||||||||||||
Total Contractual Obligations | $ | 336,332 | $ | 64,017 | $ | — | $ | 272,315 | $ | — |
Interest Income | Interest Expense | Net Income | |||||||||
Up 300 basis points | $ | 28,601 | $ | (8,521 | ) | $ | 20,080 | ||||
Up 200 basis points | 19,068 | (5,681 | ) | 13,387 | |||||||
Up 100 basis points | 9,534 | (2,840 | ) | 6,694 | |||||||
Down 100 basis points | (9,534 | ) | 2,840 | (6,694 | ) | ||||||
Down 200 basis points | (15,254 | ) | 5,681 | (9,573 | ) | ||||||
Down 300 basis points | (15,254 | ) | 7,385 | (7,869 | ) |
Exhibit Number | Description of Exhibits | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
99.1 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document* | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document* | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document* | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document* | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document* | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
Blackstone Secured Lending Fund | |||||||||||
Date: | August 9, 2023 | ||||||||||
/s/ Brad Marshall | |||||||||||
Brad Marshall | |||||||||||
Date: | /s/ | ||||||||||
Co-Chief Executive Officer | |||||||||||
Date: | August 9, 2023 | /s/ Teddy Desloge | |||||||||
Teddy Desloge | |||||||||||
Chief Financial Officer |