x | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 88-6102187 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
245 Park Avenue, 26th Floor, New York, NY | 10167 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
None | None | None |
Large accelerated filer | o | Accelerated filer | o | |||||||||||
Non-accelerated filer | x | Smaller reporting company | o | |||||||||||
Emerging growth company | x |
Consolidated Statements of Assets and Liabilities as of | ||||||||
Consolidated Statements of Operations for the Three and | ||||||||
Consolidated Statements of Changes in Net Assets for the Three and | ||||||||
Consolidated Statements of Cash Flows for the | ||||||||
Consolidated Schedules of Investments as of | ||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||
Assets | Assets | Assets | |||||||||||||||||
Investments at fair value: | Investments at fair value: | Investments at fair value: | |||||||||||||||||
Non-controlled/non-affiliated investments at fair value (amortized cost of $943,989 and $795,429, respectively) | $ | 945,778 | $ | 797,019 | |||||||||||||||
Non-controlled/affiliated investments at fair value (amortized cost of $34,165 and $27,234, respectively) | 38,564 | 27,468 | |||||||||||||||||
Non-controlled/non-affiliated investments at fair value (amortized cost of $1,163,387 and $795,429, respectively) | Non-controlled/non-affiliated investments at fair value (amortized cost of $1,163,387 and $795,429, respectively) | $ | 1,163,761 | $ | 797,019 | ||||||||||||||
Non-controlled/affiliated investments at fair value (amortized cost of $44,263 and $27,234, respectively) | Non-controlled/affiliated investments at fair value (amortized cost of $44,263 and $27,234, respectively) | 48,615 | 27,468 | ||||||||||||||||
Unrealized gain on foreign currency forward contracts | Unrealized gain on foreign currency forward contracts | 9 | — | ||||||||||||||||
Cash | Cash | 15,350 | 22,659 | Cash | 16,959 | 22,659 | |||||||||||||
Restricted cash | Restricted cash | 25,956 | 15,850 | Restricted cash | 29,508 | 15,850 | |||||||||||||
Contributions receivable | Contributions receivable | 10,100 | — | ||||||||||||||||
Deferred financing costs | Deferred financing costs | 7,175 | 7,892 | Deferred financing costs | 6,745 | 7,892 | |||||||||||||
Interest receivable | Interest receivable | 3,802 | 6,023 | Interest receivable | 4,734 | 6,023 | |||||||||||||
Deferred offering costs | Deferred offering costs | 1,086 | 459 | Deferred offering costs | 1,545 | 459 | |||||||||||||
Prepaid expenses | Prepaid expenses | 38 | 138 | Prepaid expenses | 463 | 138 | |||||||||||||
Total assets | Total assets | $ | 1,037,749 | $ | 877,508 | Total assets | $ | 1,282,439 | $ | 877,508 | |||||||||
Liabilities | Liabilities | Liabilities | |||||||||||||||||
Debt (Note 5) | Debt (Note 5) | $ | 423,200 | $ | 323,200 | Debt (Note 5) | $ | 553,652 | $ | 323,200 | |||||||||
Interest payable | Interest payable | 6,206 | 4,782 | Interest payable | 8,044 | 4,782 | |||||||||||||
Dividend payable | Dividend payable | 4,173 | 15,707 | Dividend payable | 5,472 | 15,707 | |||||||||||||
Accrued expenses and other liabilities payable to affiliate | Accrued expenses and other liabilities payable to affiliate | 2,367 | 1,064 | ||||||||||||||||
Income incentive fee payable | Income incentive fee payable | 1,915 | 1,412 | Income incentive fee payable | 2,205 | 1,412 | |||||||||||||
Management fees payable | Management fees payable | 1,770 | 1,397 | Management fees payable | 1,986 | 1,397 | |||||||||||||
Accrued expenses and other liabilities payable to affiliate | 1,390 | 1,064 | |||||||||||||||||
Deferred tax liability | Deferred tax liability | 924 | — | Deferred tax liability | 1,350 | — | |||||||||||||
Deferred income | Deferred income | 832 | 614 | ||||||||||||||||
Capital gains incentive fee payable | Capital gains incentive fee payable | 793 | 249 | Capital gains incentive fee payable | 615 | 249 | |||||||||||||
Deferred income | 509 | 614 | |||||||||||||||||
Due to affiliate | Due to affiliate | — | 188 | Due to affiliate | — | 188 | |||||||||||||
Total liabilities | Total liabilities | 440,880 | 348,613 | Total liabilities | 576,523 | 348,613 | |||||||||||||
Commitments and contingencies (Note 7) | |||||||||||||||||||
Commitments and contingencies (Note 8) | Commitments and contingencies (Note 8) | ||||||||||||||||||
Net assets | Net assets | Net assets | |||||||||||||||||
Class I common shares $0.001 par value, unlimited shares authorized; 23,183,428 and 20,943,030 shares issued and outstanding, respectively | $ | 23 | $ | 21 | |||||||||||||||
Class I common shares $0.001 par value, unlimited shares authorized; 27,361,108 and 20,943,030 shares issued and outstanding, respectively | Class I common shares $0.001 par value, unlimited shares authorized; 27,361,108 and 20,943,030 shares issued and outstanding, respectively | $ | 27 | $ | 21 | ||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 583,748 | 528,878 | Additional paid-in-capital | 690,569 | 528,878 | |||||||||||||
Total distributable earnings (loss) | Total distributable earnings (loss) | 13,098 | (4) | Total distributable earnings (loss) | 15,320 | (4) | |||||||||||||
Total net assets | Total net assets | 596,869 | 528,895 | Total net assets | 705,916 | 528,895 | |||||||||||||
Total liabilities and net assets | Total liabilities and net assets | $ | 1,037,749 | $ | 877,508 | Total liabilities and net assets | $ | 1,282,439 | $ | 877,508 | |||||||||
Net asset value per share | Net asset value per share | $ | 25.75 | $ | 25.25 | Net asset value per share | $ | 25.80 | $ | 25.25 |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Investment income | Investment income | Investment income | ||||||||||||||||||||||||||||||||||||||||||||
Investment income from non-controlled, non-affiliated investments: | Investment income from non-controlled, non-affiliated investments: | Investment income from non-controlled, non-affiliated investments: | ||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest | $ | 28,312 | $ | 297 | $ | 52,451 | $ | 297 | Interest | $ | 34,963 | $ | 6,997 | $ | 87,414 | $ | 7,294 | ||||||||||||||||||||||||||||
Other | Other | 331 | 418 | 1,259 | 418 | Other | 475 | 1,929 | 1,734 | 2,347 | ||||||||||||||||||||||||||||||||||||
Total investment income from non-controlled, non-affiliated investments: | Total investment income from non-controlled, non-affiliated investments: | 28,643 | 715 | 53,710 | 715 | Total investment income from non-controlled, non-affiliated investments: | 35,438 | 8,926 | 89,148 | 9,641 | ||||||||||||||||||||||||||||||||||||
Total investment income | Total investment income | 28,643 | 715 | 53,710 | 715 | Total investment income | 35,438 | 8,926 | 89,148 | 9,641 | ||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest | $ | 9,625 | $ | 104 | $ | 17,317 | $ | 104 | Interest | $ | 11,770 | $ | 2,015 | $ | 29,087 | $ | 2,119 | ||||||||||||||||||||||||||||
Income incentive fees(1) | Income incentive fees(1) | 1,915 | — | 3,585 | — | Income incentive fees(1) | 2,205 | 649 | 5,790 | 649 | ||||||||||||||||||||||||||||||||||||
Management fees(1) | Management fees(1) | 1,770 | 174 | 3,410 | 174 | Management fees(1) | 1,986 | 682 | 5,396 | 856 | ||||||||||||||||||||||||||||||||||||
Offering costs | Offering costs | 836 | 60 | 1,618 | 60 | Offering costs | 739 | 144 | 2,357 | 204 | ||||||||||||||||||||||||||||||||||||
Other | 357 | 38 | 643 | 38 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 721 | 16 | 1,273 | 16 | Professional fees | 136 | 193 | 1,409 | 209 | ||||||||||||||||||||||||||||||||||||
Administrative fees(1) | Administrative fees(1) | 321 | 255 | 1,072 | 255 | Administrative fees(1) | 383 | 240 | 1,455 | 495 | ||||||||||||||||||||||||||||||||||||
Capital gains incentive fees(1) | 209 | — | 543 | — | ||||||||||||||||||||||||||||||||||||||||||
Other | Other | 275 | 340 | 917 | 378 | |||||||||||||||||||||||||||||||||||||||||
Organizational costs | Organizational costs | — | 61 | 528 | 381 | Organizational costs | — | — | 528 | 381 | ||||||||||||||||||||||||||||||||||||
Accounting fees | Accounting fees | 114 | 72 | 272 | 72 | Accounting fees | 174 | 129 | 446 | 201 | ||||||||||||||||||||||||||||||||||||
Capital gains incentive fees(1) | Capital gains incentive fees(1) | (178) | 46 | 365 | 46 | |||||||||||||||||||||||||||||||||||||||||
Insurance fees | Insurance fees | 23 | 82 | 112 | 82 | Insurance fees | 147 | 91 | 259 | 173 | ||||||||||||||||||||||||||||||||||||
Trustees' fees | Trustees' fees | 45 | 52 | 89 | 52 | Trustees' fees | 45 | 45 | 134 | 97 | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 15,936 | 914 | 30,462 | 1,234 | Total expenses | 17,682 | 4,574 | 48,143 | 5,808 | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) before taxes | Net investment income (loss) before taxes | $ | 12,707 | $ | (199) | $ | 23,248 | $ | (519) | Net investment income (loss) before taxes | $ | 17,756 | $ | 4,352 | $ | 41,005 | $ | 3,833 | ||||||||||||||||||||||||||||
Deferred federal tax provision(2) | Deferred federal tax provision(2) | 346 | — | 924 | — | Deferred federal tax provision(2) | 37 | — | 961 | — | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) after taxes | Net investment income (loss) after taxes | $ | 12,361 | $ | (199) | $ | 22,324 | $ | (519) | Net investment income (loss) after taxes | $ | 17,719 | $ | 4,352 | $ | 40,044 | $ | 3,833 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) on investment transactions | Net realized and unrealized gain (loss) on investment transactions | Net realized and unrealized gain (loss) on investment transactions | ||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on investment transactions: | Net realized gain (loss) on investment transactions: | Net realized gain (loss) on investment transactions: | ||||||||||||||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | Non-controlled, non-affiliated investments | — | — | (18) | — | Non-controlled, non-affiliated investments | 3 | 72 | (15) | 72 | ||||||||||||||||||||||||||||||||||||
Non-controlled, affiliated investments | Non-controlled, affiliated investments | 5 | — | 5 | — | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gain (loss) on investment transactions: | Net change in unrealized gain (loss) on investment transactions: | Net change in unrealized gain (loss) on investment transactions: | ||||||||||||||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | Non-controlled, non-affiliated investments | 29 | (6) | 199 | (6) | Non-controlled, non-affiliated investments | (1,415) | 301 | (1,216) | 295 | ||||||||||||||||||||||||||||||||||||
Non-controlled, affiliated investments | Non-controlled, affiliated investments | 1,644 | — | 4,165 | — | Non-controlled, affiliated investments | (47) | — | 4,118 | — | ||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Foreign currency forward contracts | 9 | — | 9 | — | |||||||||||||||||||||||||||||||||||||||||
Total net realized and unrealized gain (loss) on investment transactions | Total net realized and unrealized gain (loss) on investment transactions | 1,673 | (6) | 4,346 | $ | (6) | Total net realized and unrealized gain (loss) on investment transactions | (1,445) | 373 | 2,901 | $ | 367 | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $ | 14,034 | $ | (205) | $ | 26,670 | $ | (525) | Net increase (decrease) in net assets resulting from operations | $ | 16,274 | $ | 4,725 | $ | 42,945 | $ | 4,200 | ||||||||||||||||||||||||||||
Net investment income (loss) per share - basic and diluted | $ | 0.54 | $ | (0.09) | $ | 1.02 | $ | (0.34) | ||||||||||||||||||||||||||||||||||||||
Earnings (loss) per share - basic and diluted | $ | 0.62 | $ | (0.09) | $ | 1.22 | $ | (0.34) | ||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding - basic and diluted | 22,724,706 | 2,241,785 | 21,890,401 | 1,533,872 |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Increase (decrease) in net assets resulting from operations | Increase (decrease) in net assets resulting from operations | Increase (decrease) in net assets resulting from operations | ||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | Net investment income (loss) | $ | 12,361 | $ | (199) | $ | 22,324 | $ | (519) | Net investment income (loss) | $ | 17,719 | $ | 4,352 | $ | 40,044 | $ | 3,833 | ||||||||||||||||||||||||||||
Net realized gain (loss) | Net realized gain (loss) | — | — | (18) | — | Net realized gain (loss) | 8 | 72 | (10) | 72 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized gain (loss) | Net change in unrealized gain (loss) | 1,673 | (6) | 4,364 | (6) | Net change in unrealized gain (loss) | (1,453) | 301 | 2,911 | 295 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | 14,034 | (205) | 26,670 | (525) | Net increase (decrease) in net assets resulting from operations | 16,274 | 4,725 | 42,945 | 4,200 | ||||||||||||||||||||||||||||||||||||
Dividends | Dividends | Dividends | ||||||||||||||||||||||||||||||||||||||||||||
Dividends declared from earnings | Dividends declared from earnings | (12,295) | — | (16,120) | — | Dividends declared from earnings | (14,824) | — | (30,944) | — | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from dividends | Net increase (decrease) in net assets resulting from dividends | (12,295) | — | (16,120) | — | Net increase (decrease) in net assets resulting from dividends | (14,824) | — | (30,944) | — | ||||||||||||||||||||||||||||||||||||
Capital share transactions | Capital share transactions | Capital share transactions | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shares sold | Proceeds from shares sold | 49,325 | 174,998 | 57,140 | 175,000 | Proceeds from shares sold | 106,863 | 126,000 | 164,003 | 301,000 | ||||||||||||||||||||||||||||||||||||
Distributions reinvested | Distributions reinvested | 284 | — | 284 | — | Distributions reinvested | 734 | — | 1,017 | — | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | Net increase (decrease) in net assets resulting from capital share transactions | 49,609 | 174,998 | 57,424 | 175,000 | Net increase (decrease) in net assets resulting from capital share transactions | 107,597 | 126,000 | 165,020 | 301,000 | ||||||||||||||||||||||||||||||||||||
Total increase (decreases) in net assets | Total increase (decreases) in net assets | 51,348 | 174,793 | 67,974 | 174,475 | Total increase (decreases) in net assets | 109,047 | 130,725 | 177,021 | 305,200 | ||||||||||||||||||||||||||||||||||||
Net assets, at beginning of period | Net assets, at beginning of period | 545,521 | (318) | 528,895 | — | Net assets, at beginning of period | 596,869 | 174,475 | 528,895 | — | ||||||||||||||||||||||||||||||||||||
Net assets, at end of period | Net assets, at end of period | $ | 596,869 | $ | 174,475 | $ | 596,869 | $ | 174,475 | Net assets, at end of period | $ | 705,916 | $ | 305,200 | $ | 705,916 | $ | 305,200 |
Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | Cash flows from operating activities | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $ | 26,670 | $ | (525) | Net increase (decrease) in net assets resulting from operations | $ | 42,945 | $ | 4,200 | ||||||||||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||||||||||||||||||||||||||
Net realized (gain) loss on investments | Net realized (gain) loss on investments | 18 | — | Net realized (gain) loss on investments | 10 | (72) | ||||||||||||||||||||||
Net change in unrealized (appreciation) depreciation on investments | Net change in unrealized (appreciation) depreciation on investments | (4,364) | 6 | Net change in unrealized (appreciation) depreciation on investments | (2,902) | (295) | ||||||||||||||||||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (9) | — | |||||||||||||||||||||||||
Net accretion on debt instruments | Net accretion on debt instruments | (2,186) | (25) | Net accretion on debt instruments | (3,539) | (377) | ||||||||||||||||||||||
Net paydown gain on debt instruments | Net paydown gain on debt instruments | (359) | — | Net paydown gain on debt instruments | (936) | (167) | ||||||||||||||||||||||
Interest received in-kind | Interest received in-kind | (59) | — | Interest received in-kind | (283) | — | ||||||||||||||||||||||
Purchases and drawdowns of investments | (253,754) | (85,995) | ||||||||||||||||||||||||||
Purchases and drawdowns of investments(1) | Purchases and drawdowns of investments(1) | (519,988) | (573,964) | |||||||||||||||||||||||||
Proceeds from sales and paydowns of investments | Proceeds from sales and paydowns of investments | 100,849 | — | Proceeds from sales and paydowns of investments | 139,749 | 36,260 | ||||||||||||||||||||||
Amortization of deferred financing costs | Amortization of deferred financing costs | 867 | 45 | Amortization of deferred financing costs | 1,370 | 297 | ||||||||||||||||||||||
Amortization of deferred offering costs | Amortization of deferred offering costs | 1,618 | 60 | Amortization of deferred offering costs | 2,357 | 204 | ||||||||||||||||||||||
Change in operating assets and liabilities: | Change in operating assets and liabilities: | Change in operating assets and liabilities: | ||||||||||||||||||||||||||
(Increase) decrease in interest receivable | (Increase) decrease in interest receivable | 2,221 | (243) | (Increase) decrease in interest receivable | 1,289 | (2,468) | ||||||||||||||||||||||
(Increase) decrease in prepaid expenses | (Increase) decrease in prepaid expenses | 100 | — | (Increase) decrease in prepaid expenses | (325) | — | ||||||||||||||||||||||
Increase (decrease) in interest payable | Increase (decrease) in interest payable | 1,424 | 58 | Increase (decrease) in interest payable | 3,262 | 1,476 | ||||||||||||||||||||||
Increase (decrease) in accrued expenses and other liabilities payable to affiliate | Increase (decrease) in accrued expenses and other liabilities payable to affiliate | 326 | 466 | Increase (decrease) in accrued expenses and other liabilities payable to affiliate | 1,303 | 634 | ||||||||||||||||||||||
Increase (decrease) in income incentive fees payable | Increase (decrease) in income incentive fees payable | 503 | — | Increase (decrease) in income incentive fees payable | 793 | 649 | ||||||||||||||||||||||
Increase (decrease) in management fees payable | Increase (decrease) in management fees payable | 373 | 174 | Increase (decrease) in management fees payable | 589 | 682 | ||||||||||||||||||||||
Increase (decrease) in deferred tax liability | Increase (decrease) in deferred tax liability | 924 | — | Increase (decrease) in deferred tax liability | 1,350 | — | ||||||||||||||||||||||
Increase (decrease) in deferred income | Increase (decrease) in deferred income | 218 | 501 | |||||||||||||||||||||||||
Increase (decrease) in capital gains incentive fees payable | Increase (decrease) in capital gains incentive fees payable | 544 | — | Increase (decrease) in capital gains incentive fees payable | 366 | 46 | ||||||||||||||||||||||
Increase (decrease) in deferred income | (105) | 107 | ||||||||||||||||||||||||||
Increase (decrease) in due to affiliate | Increase (decrease) in due to affiliate | (188) | 360 | Increase (decrease) in due to affiliate | (188) | 145 | ||||||||||||||||||||||
Increase (decrease) in organizational costs payable to affiliate | — | 378 | ||||||||||||||||||||||||||
Net cash used in operating activities | Net cash used in operating activities | (124,578) | (85,134) | Net cash used in operating activities | (332,569) | (532,249) | ||||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | Cash flows from financing activities | ||||||||||||||||||||||||||
Dividends paid | Dividends paid | (27,370) | — | Dividends paid | (40,162) | — | ||||||||||||||||||||||
Proceeds from issuance of common shares | Proceeds from issuance of common shares | 57,140 | 173,512 | Proceeds from issuance of common shares | 153,903 | 301,000 | ||||||||||||||||||||||
Borrowings on debt | Borrowings on debt | 230,400 | 1,000 | Borrowings on debt | 462,363 | 415,200 | ||||||||||||||||||||||
Payments on debt | Payments on debt | (130,400) | — | Payments on debt | (231,911) | (108,300) | ||||||||||||||||||||||
Payments for deferred financing costs | Payments for deferred financing costs | (150) | (3,522) | Payments for deferred financing costs | (223) | (3,522) | ||||||||||||||||||||||
Payments for deferred offering costs | Payments for deferred offering costs | (2,245) | (360) | Payments for deferred offering costs | (3,443) | (650) | ||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 127,375 | 170,630 | Net cash provided by financing activities | 340,527 | 603,728 | ||||||||||||||||||||||
Net change in cash | Net change in cash | 2,797 | 85,496 | Net change in cash | 7,958 | 71,479 | ||||||||||||||||||||||
Cash | ||||||||||||||||||||||||||||
Cash, beginning of period | 38,509 | — | ||||||||||||||||||||||||||
Cash, end of period | $ | 41,306 | $ | 85,496 | ||||||||||||||||||||||||
Cash and restricted cash | Cash and restricted cash | |||||||||||||||||||||||||||
Cash and restricted cash, beginning of period | Cash and restricted cash, beginning of period | 38,509 | — | |||||||||||||||||||||||||
Cash and restricted cash, end of period | Cash and restricted cash, end of period | $ | 46,467 | $ | 71,479 | |||||||||||||||||||||||
Supplemental and non-cash information | Supplemental and non-cash information | Supplemental and non-cash information | ||||||||||||||||||||||||||
Contributions receivable | $ | — | $ | 1,488 | ||||||||||||||||||||||||
Distributions reinvested | $ | 284 | $ | — | ||||||||||||||||||||||||
Cash paid during the period for interest | $ | 15,026 | $ | 1 | ||||||||||||||||||||||||
Dividends payable | $ | 4,173 | $ | — | ||||||||||||||||||||||||
The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of assets and liabilities: | ||||||||||||||||||||||||||||
Cash | $ | 15,350 | $ | 85,496 | ||||||||||||||||||||||||
Restricted cash | 25,956 | — | ||||||||||||||||||||||||||
Total cash and restricted cash | $ | 41,306 | $ | 85,496 |
Contributions receivable | $ | 10,100 | $ | — | ||||||||||
Distributions reinvested | $ | 1,017 | $ | — | ||||||||||
Cash paid during the period for interest | $ | 24,455 | $ | 346 | ||||||||||
Dividends payable | $ | 5,472 | $ | — | ||||||||||
The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of assets and liabilities: | ||||||||||||||
Cash | $ | 16,959 | $ | 71,479 | ||||||||||
Restricted cash | 29,508 | — | ||||||||||||
Total cash and restricted cash | $ | 46,467 | $ | 71,479 |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt | ||||||||||||||||||||||||||||||||||||||
Air freight and logistics | ||||||||||||||||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.25% | 6/21/2028 | $ | 6,080 | $ | (94) | $ | (92) | (0.02) | % | |||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured revolving loan | S + | 5.75% | 11.25% | 6/21/2028 | 3,482 | 291 | 296 | 0.05 | % | ||||||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured term loan | S + | 5.75% | 11.25% | 6/21/2028 | 13,410 | 13,175 | 13,200 | 2.21 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.97% | 9/19/2027 | 4,527 | (76) | (70) | (0.01) | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.97% | 9/19/2027 | 1,687 | (28) | (26) | 0.00 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC | First lien senior secured term loan | S + | 5.75% | 10.97% | 9/19/2027 | 6,889 | 6,768 | 6,779 | 1.14 | % | ||||||||||||||||||||||||||||
20,036 | 20,087 | 3.37 | % | |||||||||||||||||||||||||||||||||||
Auto components | ||||||||||||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.45% | 6/7/2027 | $ | 4,855 | $ | 1,255 | $ | 1,270 | 0.21 | % | |||||||||||||||||||||||||
Raneys, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 6/7/2027 | 1,522 | (29) | (27) | 0.00 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 6/7/2027 | 8,894 | 8,715 | 8,735 | 1.46 | % | ||||||||||||||||||||||||||||
A.P.A. Industries, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.75% | 1/10/2028 | 1,523 | (35) | (33) | (0.01) | % | ||||||||||||||||||||||||||||
A.P.A. Industries, LLC | First lien senior secured term loan | S + | 6.25% | 11.75% | 1/10/2028 | 10,065 | 9,836 | 9,849 | 1.65 | % | ||||||||||||||||||||||||||||
19,742 | 19,794 | 3.31 | % | |||||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 8/30/2027 | $ | 2,312 | $ | (39) | $ | (35) | (0.01) | % | |||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 8/30/2027 | 3,910 | 3,843 | 3,849 | 0.64 | % | ||||||||||||||||||||||||||||
3,804 | 3,814 | 0.63 | % | |||||||||||||||||||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.45% | 8/5/2028 | $ | 2,537 | $ | (43) | $ | (39) | (0.01) | % | |||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc. | First lien senior secured term loan | S + | 6.25% | 11.45% | 8/5/2028 | 17,668 | 17,353 | 17,390 | 2.91 | % | ||||||||||||||||||||||||||||
QLS Buyer, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.23% | 5/2/2028 | 1,591 | (38) | (38) | (0.01) | % | ||||||||||||||||||||||||||||
QLS Buyer, Inc | First lien senior secured term loan | S + | 6.00% | 11.23% | 5/2/2028 | 12,434 | 12,132 | 12,132 | 2.03 | % | ||||||||||||||||||||||||||||
29,404 | 29,445 | 4.92 | % | |||||||||||||||||||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.94% | 11/7/2028 | $ | 4,961 | $ | 2,285 | $ | 2,295 | 0.38 | % | |||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured term loan | S + | 5.50% | 10.70% | 11/7/2028 | 16,768 | 16,391 | 16,415 | 2.75 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.00% | 9/30/2027 | 9,366 | 9,252 | 9,262 | 1.55 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC (7) | First lien senior secured revolving loan | S + | 6.50% | 11.84% | 9/30/2027 | 5,813 | 3,590 | 3,617 | 0.61 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 9/30/2027 | 30,452 | 30,043 | 30,099 | 5.04 | % | ||||||||||||||||||||||||||||
61,561 | 61,688 | 10.33 | % | |||||||||||||||||||||||||||||||||||
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||||||||||||||||||
Bulk Lift International, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.25% | 11/15/2027 | $ | 1,748 | $ | (43) | $ | (41) | (0.01) | % | |||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.75% | 12.25% | 11/15/2027 | 5,787 | 5,645 | 5,653 | 0.95 | % | ||||||||||||||||||||||||||||
K-1 Packaging Group, LLC. (6) | First lien senior secured revolving loan | S + | 6.00% | 11.22% | 10/6/2027 | 6,748 | (144) | (136) | (0.02) | % | ||||||||||||||||||||||||||||
K-1 Packaging Group, LLC. | First lien senior secured term loan | S + | 6.00% | 11.22% | 10/6/2027 | 32,949 | 32,208 | 32,278 | 5.42 | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 10.75% | 8/5/2027 | 3,180 | (51) | (48) | (0.01) | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.75% | 8/5/2027 | 3,732 | (61) | (56) | (0.01) | % | ||||||||||||||||||||||||||||
Sixarp, LLC | First lien senior secured term loan | S + | 5.25% | 10.75% | 8/5/2027 | 19,726 | 19,386 | 19,422 | 3.25 | % | ||||||||||||||||||||||||||||
56,940 | 57,072 | 9.57 | % | |||||||||||||||||||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||||||||||||||||||
ACES Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.72% | 7/27/2027 | $ | 6,964 | $ | (113) | $ | (104) | (0.02) | % | |||||||||||||||||||||||||
ACES Intermediate, LLC | First lien senior secured term loan | S + | 5.50% | 10.72% | 7/27/2027 | 31,219 | 30,693 | 30,747 | 5.16 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 11.39% | 4/30/2026 | 6,086 | 399 | 402 | 0.07 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.39% | 4/30/2026 | 870 | (10) | (9) | 0.00 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured term loan | S + | 6.00% | 11.39% | 4/30/2026 | 6,705 | 6,631 | 6,640 | 1.11 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.90% | 12/30/2027 | 3,842 | 2,331 | 2,332 | 0.39 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.89% | 12/30/2027 | 2,162 | 590 | 592 | 0.10 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 6.50% | 11.89% | 12/30/2027 | 13,391 | 13,026 | 13,041 | 2.18 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.65% | 4/25/2028 | 7,090 | 3,658 | 3,658 | 0.61 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.47% | 4/25/2028 | 1,591 | (38) | (38) | (0.01) | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 11.47% | 4/25/2028 | 9,891 | 9,651 | 9,648 | 1.62 | % | ||||||||||||||||||||||||||||
66,818 | 66,909 | 11.21 | % | |||||||||||||||||||||||||||||||||||
Electrical equipment | ||||||||||||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.25% | 9/15/2028 | $ | 2,249 | $ | (39) | $ | (36) | (0.01) | % | |||||||||||||||||||||||||
WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.75% | 11.25% | 9/15/2028 | 9,834 | 9,656 | 9,674 | 1.62 | % | ||||||||||||||||||||||||||||
9,617 | 9,638 | 1.61 | % | |||||||||||||||||||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.57% | 8/8/2028 | $ | 2,428 | $ | 2,183 | $ | 2,184 | 0.37 | % | |||||||||||||||||||||||||
ITSavvy LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.05% | 8/8/2028 | 1,741 | (15) | (12) | 0.00 | % | ||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured term loan | S + | 5.50% | 11.05% | 8/8/2028 | 11,188 | 11,092 | 11,114 | 1.86 | % | ||||||||||||||||||||||||||||
13,260 | 13,286 | 2.23 | % | |||||||||||||||||||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.34% | 10/31/2028 | $ | 355 | $ | 36 | $ | 36 | 0.01 | % | |||||||||||||||||||||||||
Universal Pure, LLC (8) | First lien senior secured revolving loan | S + | 6.00% | 11.36% | 10/31/2028 | 6,992 | 1,752 | 1,760 | 0.29 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt | ||||||||||||||||||||||||||||||||||||||
Aerospace and defense | ||||||||||||||||||||||||||||||||||||||
Mattco Forge, Inc. (6) | First lien senior secured revolving loan | S + | 5.25% | 10.84% | 12/6/2024 | $ | 506 | $ | (6) | $ | (5) | 0.00 | % | |||||||||||||||||||||||||
Mattco Forge, Inc. | First lien senior secured term loan | S + | 5.25% | 10.84% | 12/6/2024 | 2,064 | 2,046 | 2,043 | 0.29 | % | ||||||||||||||||||||||||||||
2,040 | 2,038 | 0.29 | % | |||||||||||||||||||||||||||||||||||
Air freight and logistics | ||||||||||||||||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 6/21/2028 | $ | 6,230 | $ | (91) | $ | (90) | (0.01) | % | |||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 6/21/2028 | 3,557 | 123 | 127 | 0.02 | % | ||||||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.00% | 11.65% | 6/21/2028 | 14,180 | 13,949 | 13,968 | 1.98 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.18% | 9/19/2027 | 4,527 | (72) | (66) | (0.01) | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.18% | 9/19/2027 | 1,687 | (27) | (25) | 0.00 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC | First lien senior secured term loan | S + | 5.75% | 11.18% | 9/19/2027 | 6,872 | 6,755 | 6,765 | 0.96 | % | ||||||||||||||||||||||||||||
20,637 | 20,679 | 2.94 | % | |||||||||||||||||||||||||||||||||||
Auto components | ||||||||||||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 6/7/2027 | $ | 4,852 | $ | 1,259 | $ | 1,272 | 0.18 | % | |||||||||||||||||||||||||
Raneys, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 6/7/2027 | 1,560 | (28) | (26) | 0.00 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 6/7/2027 | 9,321 | 9,147 | 9,163 | 1.30 | % | ||||||||||||||||||||||||||||
A.P.A. Industries, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 1/10/2028 | 1,523 | (33) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
A.P.A. Industries, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 1/10/2028 | 9,704 | 9,492 | 9,503 | 1.35 | % | ||||||||||||||||||||||||||||
AvCarb, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 5.00% PIK | 12.90% | 11/12/2026 | 231 | 227 | 226 | 0.03 | % | ||||||||||||||||||||||||||||
AvCarb, LLC (6) | First lien senior secured revolving loan | S + | 2.00% + 5.00% PIK | 12.90% | 11/12/2026 | 38 | — | (1) | 0.00 | % | ||||||||||||||||||||||||||||
AvCarb, LLC | First lien senior secured term loan | S + | 2.00% + 5.00% PIK | 12.90% | 11/12/2026 | 493 | 488 | 486 | 0.07 | % | ||||||||||||||||||||||||||||
CCG Acquisition, Inc. (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 5/17/2027 | 19 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
CCG Acquisition, Inc. | First lien senior secured term loan | S + | 6.00% | 11.65% | 5/17/2027 | 421 | 419 | 417 | 0.06 | % | ||||||||||||||||||||||||||||
Vehicle Accessories, Inc. (6) | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 11/30/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Vehicle Accessories, Inc. | First lien senior secured term loan | S + | 5.25% | 10.90% | 11/30/2026 | 1,654 | 1,654 | 1,648 | 0.23 | % | ||||||||||||||||||||||||||||
22,625 | 22,657 | 3.22 | % | |||||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 8/30/2027 | $ | 2,357 | $ | (37) | $ | (34) | 0.00 | % | |||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 8/30/2027 | 4,134 | 4,066 | 4,071 | 0.58 | % | ||||||||||||||||||||||||||||
AM Buyer, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.38% | 5/1/2025 | 111 | 31 | 31 | 0.00 | % | ||||||||||||||||||||||||||||
AM Buyer, LLC | First lien senior secured term loan | S + | 6.75% | 12.40% | 5/1/2025 | 466 | 465 | 463 | 0.07 | % | ||||||||||||||||||||||||||||
Answer Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.29% | 12/30/2026 | 38 | 19 | 19 | 0.00 | % | ||||||||||||||||||||||||||||
Answer Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.29% | 12/30/2026 | 1,686 | 1,672 | 1,664 | 0.24 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured term loan | S + | 6.00% | 11.39% | 10/31/2028 | 17,009 | 16,584 | 16,602 | 2.78 | % | ||||||||||||||||||||||||||||
18,372 | 18,398 | 3.08 | % | |||||||||||||||||||||||||||||||||||
Food products | ||||||||||||||||||||||||||||||||||||||
Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.75% | 7/8/2027 | $ | 5,223 | $ | (84) | $ | (77) | (0.01) | % | |||||||||||||||||||||||||
Sun Orchard, LLC | First lien senior secured term loan | S + | 5.25% | 10.75% | 7/8/2027 | 9,408 | 9,252 | 9,268 | 1.55 | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.39% | 8/19/2027 | 5,846 | (97) | (89) | (0.01) | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured revolving loan | S + | 6.00% | 11.39% | 8/19/2027 | 3,383 | 1,297 | 1,302 | 0.22 | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 11.39% | 8/19/2027 | 23,209 | 22,815 | 22,852 | 3.83 | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 1/11/2028 | 1,965 | (53) | (52) | (0.01) | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 1/11/2028 | 7,264 | 7,065 | 7,073 | 1.19 | % | ||||||||||||||||||||||||||||
40,195 | 40,277 | 6.76 | % | |||||||||||||||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||||||||||||||||||
Medical Technology Associates, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.75% | 7/25/2028 | $ | 1,929 | $ | (41) | $ | (37) | (0.01) | % | |||||||||||||||||||||||||
Medical Technology Associates, Inc. | First lien senior secured term loan | S + | 6.25% | 11.75% | 7/25/2028 | 14,286 | 13,970 | 14,010 | 2.35 | % | ||||||||||||||||||||||||||||
Nasco Healthcare Inc. (9) | First lien senior secured revolving loan | S + | 5.75% | 11.13% | 6/30/2025 | 3,322 | 800 | 803 | 0.13 | % | ||||||||||||||||||||||||||||
Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 11.14% | 6/30/2025 | 17,722 | 17,561 | 17,581 | 2.95 | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 11/30/2027 | 1,771 | (39) | (37) | (0.01) | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 11/30/2027 | 10,093 | 9,871 | 9,882 | 1.66 | % | ||||||||||||||||||||||||||||
42,122 | 42,202 | 7.07 | % | |||||||||||||||||||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 11.00% | 6/7/2026 | $ | 7,318 | $ | 1,645 | $ | 1,648 | 0.28 | % | |||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.79% | 6/7/2026 | 1,672 | (20) | (18) | 0.00 | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured term loan | S + | 5.50% | 10.79% | 6/7/2026 | 12,897 | 12,730 | 12,748 | 2.14 | % | ||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.00% | 8/2/2027 | 5,786 | 1,255 | 1,263 | 0.21 | % | ||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 5.50% | 10.89% | 8/2/2027 | 29,547 | 29,051 | 29,098 | 4.88 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.66% | 11/2/2027 | 16,642 | 12,780 | 12,801 | 2.14 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.22% | 11/2/2027 | 1,918 | 156 | 161 | 0.03 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.46% | 11/2/2027 | 14,846 | 14,568 | 14,610 | 2.45 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.22% | 5/19/2027 | 10,830 | 9,680 | 9,683 | 1.62 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.22% | 5/19/2027 | 1,115 | (13) | (11) | 0.00 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 11.22% | 5/19/2027 | 2,771 | 2,737 | 2,742 | 0.46 | % | ||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.64% | 11/1/2028 | 12,443 | (332) | (292) | (0.05) | % | ||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. | First lien senior secured term loan | S + | 6.25% | 11.64% | 11/1/2028 | 51,746 | 50,345 | 50,497 | 8.46 | % | ||||||||||||||||||||||||||||
Propio LS, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.02% | 8/2/2027 | 3,619 | 520 | 525 | 0.09 | % | ||||||||||||||||||||||||||||
Propio LS, LLC | First lien senior secured term loan | S + | 5.50% | 10.96% | 8/2/2027 | 19,741 | 19,405 | 19,442 | 3.26 | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.71% | 11/3/2027 | 6,682 | (131) | (122) | (0.02) | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
SASE Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 11/15/2026 | 38 | 22 | 22 | 0.00 | % | ||||||||||||||||||||||||||||
SASE Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 11/15/2026 | 1,603 | 1,590 | 1,584 | 0.22 | % | ||||||||||||||||||||||||||||
Teel Plastics, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 10.43% | 1/24/2025 | 324 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Teel Plastics, LLC | First lien senior secured term loan | S + | 5.00% | 10.43% | 1/24/2025 | 1,774 | 1,775 | 1,768 | 0.25 | % | ||||||||||||||||||||||||||||
USALCO, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 10/19/2026 | 100 | 45 | 45 | 0.01 | % | ||||||||||||||||||||||||||||
USALCO, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 10/19/2027 | 1,870 | 1,868 | 1,860 | 0.26 | % | ||||||||||||||||||||||||||||
11,515 | 11,492 | 1.63 | % | |||||||||||||||||||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.77% | 8/5/2028 | $ | 2,537 | $ | (41) | $ | (37) | (0.01) | % | |||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc. | First lien senior secured term loan | S + | 6.25% | 11.77% | 8/5/2028 | 17,623 | 17,316 | 17,350 | 2.46 | % | ||||||||||||||||||||||||||||
QLS Buyer, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.52% | 5/2/2028 | 1,629 | (37) | (35) | 0.00 | % | ||||||||||||||||||||||||||||
QLS Buyer, Inc | First lien senior secured term loan | S + | 6.00% | 11.52% | 5/2/2028 | 12,882 | 12,580 | 12,599 | 1.78 | % | ||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 12/30/2027 | 74 | 53 | 53 | 0.01 | % | ||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 12/30/2027 | 38 | 30 | 29 | 0.00 | % | ||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 12/30/2027 | 2,136 | 2,105 | 2,107 | 0.30 | % | ||||||||||||||||||||||||||||
Edko Acquisition, LLC (6)(8) | First lien senior secured revolving loan | S + | 5.75% | 11.40% | 6/25/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Edko Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.40% | 6/25/2026 | 1,130 | 1,122 | 1,118 | 0.16 | % | ||||||||||||||||||||||||||||
Franchise Fastlane, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.13% | 5/2/2027 | 15 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Franchise Fastlane, LLC | First lien senior secured term loan | S + | 5.50% | 11.13% | 5/2/2027 | 1,161 | 1,148 | 1,144 | 0.16 | % | ||||||||||||||||||||||||||||
Gold Medal Holdings, Inc. (9) | First lien senior secured revolving loan | S + | 7.00% | 12.58% | 3/17/2027 | 50 | 45 | 44 | 0.01 | % | ||||||||||||||||||||||||||||
Gold Medal Holdings, Inc. | First lien senior secured term loan | S + | 7.00% | 12.65% | 3/17/2027 | 718 | 714 | 712 | 0.10 | % | ||||||||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.08% | 12/28/2026 | 38 | 26 | 26 | 0.00 | % | ||||||||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 11.18% | 12/28/2026 | 1,160 | 1,150 | 1,146 | 0.16 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.68% | 3/31/2028 | 95 | 94 | 94 | 0.01 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.68% | 3/31/2028 | 60 | 19 | 19 | 0.00 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 11.68% | 3/31/2028 | 997 | 992 | 988 | 0.14 | % | ||||||||||||||||||||||||||||
Nimlok Company, LLC (6)(10) | First lien senior secured revolving loan | S + | 5.50% | 11.15% | 11/27/2024 | 320 | (3) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
Nimlok Company, LLC | First lien senior secured term loan | S + | 5.50% | 11.15% | 11/27/2025 | 2,607 | 2,590 | 2,582 | 0.37 | % | ||||||||||||||||||||||||||||
PRA Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.04% | 5/12/2028 | 56 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
PRA Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.04% | 5/12/2028 | 637 | 622 | 621 | 0.09 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 12/27/2026 | 142 | 140 | 140 | 0.02 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 12/27/2026 | 38 | 28 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 12/27/2026 | 788 | 781 | 778 | 0.11 | % | ||||||||||||||||||||||||||||
41,473 | 41,502 | 5.87 | % | |||||||||||||||||||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.09% | 11/7/2028 | $ | 5,055 | $ | 3,198 | $ | 3,207 | 0.45 | % | |||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured term loan | S + | 5.50% | 11.04% | 11/7/2028 | 17,471 | 17,099 | 17,121 | 2.43 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 9/30/2027 | 9,342 | 9,236 | 9,245 | 1.31 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.71% | 11/3/2027 | 1,918 | (37) | (35) | (0.01) | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 11.71% | 11/3/2027 | 7,921 | 7,765 | 7,777 | 1.30 | % | ||||||||||||||||||||||||||||
ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 12.50% | 11/29/2027 | 1,062 | (23) | (22) | 0.00 | % | ||||||||||||||||||||||||||||
ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 12.50% | 11/29/2027 | 6,211 | 6,070 | 6,081 | 1.02 | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.50% | 12.89% | 12/15/2027 | 4,463 | (109) | (105) | (0.02) | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 12.89% | 12/15/2027 | 12,509 | 12,196 | 12,210 | 2.05 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.97% | 9/15/2026 | 16,558 | 9,710 | 9,714 | 1.63 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.97% | 9/15/2026 | 2,699 | 637 | 640 | 0.11 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 5.75% | 10.97% | 9/15/2026 | 20,915 | 20,619 | 20,644 | 3.46 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.39% | 2/14/2025 | 1,429 | (32) | (33) | (0.01) | % | ||||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.39% | 2/14/2028 | 1,924 | 111 | 114 | 0.02 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.39% | 2/14/2028 | 11,684 | 11,377 | 11,399 | 1.91 | % | ||||||||||||||||||||||||||||
Beghou Consulting, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 5/1/2028 | 2,654 | (71) | (71) | (0.01) | % | ||||||||||||||||||||||||||||
Beghou Consulting, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 5/1/2028 | 14,897 | 14,499 | 14,499 | 2.43 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.64% | 4/3/2028 | 3,213 | 1,986 | 1,990 | 0.33 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.64% | 4/3/2028 | 2,244 | (59) | (56) | (0.01) | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 6.25% | 11.64% | 4/3/2028 | 6,526 | 6,355 | 6,363 | 1.07 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 11.81% | 4/28/2025 | 2,162 | (51) | (51) | (0.01) | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.81% | 4/28/2026 | 829 | (20) | (20) | — | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.81% | 4/28/2026 | 19,027 | 18,569 | 18,569 | 3.11 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc. (6) | First lien senior secured delayed draw term loan | S + 5.25% + 2.25% PIK | 11.01% | 5/5/2028 | 7,061 | (205) | (205) | (0.03) | % | |||||||||||||||||||||||||||||
H2 Holdco, Inc. (6)(10) | First lien senior secured revolving loan | S + 5.25% + 2.25% PIK | 11.01% | 5/5/2028 | 2,488 | (72) | (72) | (0.01) | % | |||||||||||||||||||||||||||||
H2 Holdco, Inc. | First lien senior secured term loan | S + 5.25% + 2.25% PIK | 11.01% | 5/5/2028 | 17,292 | 16,785 | 16,787 | 2.81 | % | |||||||||||||||||||||||||||||
280,376 | 280,892 | 47.09 | % | |||||||||||||||||||||||||||||||||||
Health care technology | ||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.25% | 10.60% | 7/29/2027 | $ | 5,202 | $ | 3,795 | $ | 3,782 | 0.63 | % | |||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.25% | 10.75% | 7/29/2027 | 7,708 | 645 | 705 | 0.12 | % | ||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.25% | 10.75% | 7/29/2027 | 24,169 | 23,939 | 23,964 | 4.01 | % | ||||||||||||||||||||||||||||
28,379 | 28,451 | 4.76 | % | |||||||||||||||||||||||||||||||||||
Household durables | ||||||||||||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.72% | 9/26/2027 | $ | 3,018 | $ | 2,605 | $ | 2,609 | 0.44 | % | |||||||||||||||||||||||||
CPS Power Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 9/26/2027 | 1,687 | (29) | (26) | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC (12) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 9/30/2027 | 5,813 | 3,596 | 3,621 | 0.51 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 9/30/2027 | 30,375 | 29,987 | 30,038 | 4.26 | % | ||||||||||||||||||||||||||||
BCI Burke Holding Corp. | First lien senior secured delayed draw term loan | S + | 5.50% | 11.15% | 12/14/2027 | 129 | 22 | 22 | 0.00 | % | ||||||||||||||||||||||||||||
BCI Burke Holding Corp. (6) | First lien senior secured revolving loan | S + | 5.50% | 11.15% | 12/14/2027 | 79 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
BCI Burke Holding Corp. | First lien senior secured term loan | S + | 5.50% | 11.15% | 12/14/2027 | 827 | 823 | 820 | 0.12 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.40% | 12/15/2026 | 150 | 31 | 26 | 0.00 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC (11) | First lien senior secured revolving loan | S + | 6.75% | 12.40% | 12/15/2026 | 38 | 10 | 8 | 0.00 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured term loan | S + | 6.75% | 12.40% | 12/15/2026 | 270 | 264 | 255 | 0.04 | % | ||||||||||||||||||||||||||||
Domino Equipment Company, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.71% | 4/1/2026 | 79 | (1) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Domino Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% + 0.50% PIK | 12.45% | 4/1/2026 | 505 | 498 | 495 | 0.07 | % | ||||||||||||||||||||||||||||
Highland Acquisition, Inc. (6) | First lien senior secured revolving loan | S + | 5.50% | 10.94% | 3/9/2027 | 30 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Highland Acquisition, Inc. | First lien senior secured term loan | S + | 5.50% | 10.94% | 3/9/2027 | 871 | 862 | 859 | 0.12 | % | ||||||||||||||||||||||||||||
65,624 | 65,714 | 9.31 | % | |||||||||||||||||||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.40% | 11/15/2027 | $ | 128 | $ | 125 | $ | 125 | 0.02 | % | |||||||||||||||||||||||||
Bulk Lift International, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.40% | 11/15/2027 | 1,801 | (41) | (40) | (0.01) | % | ||||||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.75% | 12.40% | 11/15/2027 | 6,196 | 6,053 | 6,057 | 0.86 | % | ||||||||||||||||||||||||||||
K-1 Packaging Group, LLC. (6) | First lien senior secured revolving loan | S + | 6.00% | 11.68% | 10/6/2027 | 6,748 | (135) | (128) | (0.02) | % | ||||||||||||||||||||||||||||
K-1 Packaging Group, LLC. | First lien senior secured term loan | S + | 6.00% | 11.68% | 10/6/2027 | 31,486 | 30,798 | 30,857 | 4.37 | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 10.90% | 8/5/2027 | 3,180 | (48) | (45) | (0.01) | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 8/5/2027 | 3,732 | (57) | (53) | (0.01) | % | ||||||||||||||||||||||||||||
Sixarp, LLC | First lien senior secured term loan | S + | 5.25% | 10.90% | 8/5/2027 | 19,676 | 19,354 | 19,385 | 2.75 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.43% | 1/23/2025 | 627 | 429 | 385 | 0.05 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured term loan | S + | 7.00% | 12.43% | 1/23/2025 | 2,981 | 2,172 | 1,980 | 0.28 | % | ||||||||||||||||||||||||||||
Johns Byrne LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.67% | 8/31/2029 | 2,578 | (63) | (62) | (0.01) | % | ||||||||||||||||||||||||||||
Johns Byrne LLC | First lien senior secured revolving loan | S + | 6.25% | 11.67% | 8/31/2029 | 1,460 | 476 | 476 | 0.07 | % | ||||||||||||||||||||||||||||
Johns Byrne LLC | First lien senior secured term loan | S + | 6.25% | 11.67% | 8/31/2029 | 9,668 | 9,430 | 9,436 | 1.34 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.29% | 12/4/2025 | 73 | 72 | 71 | 0.01 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.29% | 12/4/2025 | 150 | (1) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.29% | 12/4/2025 | 904 | 899 | 880 | 0.12 | % | ||||||||||||||||||||||||||||
Vanguard Packaging, LLC | First lien senior secured revolving loan | S + | 5.00% | 10.66% | 8/9/2024 | 535 | 123 | 123 | 0.02 | % | ||||||||||||||||||||||||||||
Vanguard Packaging, LLC | First lien senior secured term loan | S + | 5.00% | 10.43% | 8/9/2024 | 1,096 | 1,095 | 1,091 | 0.15 | % | ||||||||||||||||||||||||||||
70,681 | 70,534 | 9.98 | % | |||||||||||||||||||||||||||||||||||
Distributors | ||||||||||||||||||||||||||||||||||||||
RTP Acquisition, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.93% | 8/17/2026 | $ | 38 | $ | 11 | $ | 11 | 0.00 | % | |||||||||||||||||||||||||
RTP Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.93% | 8/17/2026 | 1,030 | 1,018 | 1,013 | 0.14 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 9/26/2027 | 5,092 | 5,001 | 5,010 | 0.84 | % | ||||||||||||||||||||||||||||
Kwalu, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.25% | 9/23/2027 | 5,061 | (86) | (79) | (0.01) | % | ||||||||||||||||||||||||||||
Kwalu, LLC | First lien senior secured term loan | S + | 5.75% | 11.25% | 9/23/2027 | 24,712 | 24,277 | 24,315 | 4.07 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc. | First lien senior secured revolving loan | S + | 6.00% | 11.11% | 9/2/2027 | 3,374 | 2,882 | 2,887 | 0.48 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc. | First lien senior secured term loan | S + | 6.00% | 11.11% | 9/2/2027 | 17,972 | 17,738 | 17,766 | 2.98 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.53% | 1/23/2028 | 5,826 | 4,069 | 4,070 | 0.68 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 1/23/2028 | 1,965 | 437 | 439 | 0.07 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 1/23/2028 | 12,349 | 12,013 | 12,025 | 2.01 | % | ||||||||||||||||||||||||||||
68,907 | 69,016 | 11.56 | % | |||||||||||||||||||||||||||||||||||
Industrial Conglomerates | ||||||||||||||||||||||||||||||||||||||
Hultec Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.45% | 3/31/2029 | $ | 3,825 | $ | 273 | $ | 277 | 0.05 | % | |||||||||||||||||||||||||
Hultec Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.65% | 3/31/2029 | 14,230 | 13,814 | 13,839 | 2.32 | % | ||||||||||||||||||||||||||||
14,087 | 14,116 | 2.37 | % | |||||||||||||||||||||||||||||||||||
IT services | ||||||||||||||||||||||||||||||||||||||
Icreon Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 10/26/2027 | 1,049 | $ | (23) | $ | (21) | — | % | ||||||||||||||||||||||||||
Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 10/26/2027 | 8,223 | 8,040 | 8,056 | 1.35 | % | ||||||||||||||||||||||||||||
8,017 | 8,035 | 1.35 | % | |||||||||||||||||||||||||||||||||||
Machinery | ||||||||||||||||||||||||||||||||||||||
Double E Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.39% | 6/21/2028 | $ | 1,969 | $ | (15) | $ | (13) | 0.00 | % | |||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.32% | 6/21/2028 | 3,044 | 1,294 | 1,299 | 0.22 | % | ||||||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.39% | 6/21/2028 | 17,367 | 17,217 | 17,260 | 2.89 | % | ||||||||||||||||||||||||||||
18,496 | 18,546 | 3.11 | % | |||||||||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.05% | 8/19/2027 | $ | 3,383 | $ | 1,128 | $ | 1,133 | 0.19 | % | |||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.97% | 8/19/2027 | 26,037 | 25,590 | 25,636 | 4.30 | % | ||||||||||||||||||||||||||||
RKD Group, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.39% | 8/17/2028 | 4,905 | (63) | (55) | (0.01) | % | ||||||||||||||||||||||||||||
RKD Group, LLC | First lien senior secured term loan | S + | 6.00% | 11.39% | 8/17/2028 | 33,507 | 33,072 | 33,138 | 5.55 | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 12/16/2027 | 1,638 | (37) | (35) | (0.01) | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 12/16/2027 | 10,145 | 9,912 | 9,927 | 1.66 | % | ||||||||||||||||||||||||||||
69,602 | 69,744 | 11.68 | % | |||||||||||||||||||||||||||||||||||
Professional services | ||||||||||||||||||||||||||||||||||||||
Helpware, Inc. | First lien senior secured revolving loan | S + | 5.75% | 11.23% | 9/8/2026 | $ | 5,061 | $ | 1,800 | $ | 1,807 | 0.30 | % | |||||||||||||||||||||||||
Helpware, Inc. | First lien senior secured term loan | S + | 5.75% | 11.25% | 9/8/2026 | 14,043 | 13,874 | 13,894 | 2.33 | % | ||||||||||||||||||||||||||||
15,674 | 15,701 | 2.63 | % | |||||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.75% | 8/9/2028 | $ | 2,199 | $ | 250 | $ | 253 | 0.04 | % | |||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.75% | 8/9/2028 | 11,604 | 11,399 | 11,422 | 1.91 | % | ||||||||||||||||||||||||||||
11,649 | 11,675 | 1.95 | % | |||||||||||||||||||||||||||||||||||
Specialty retail |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
1,029 | 1,024 | 0.14 | % | |||||||||||||||||||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||||||||||||||||||
ACES Intermediate, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.94% | 7/27/2027 | $ | 7,114 | $ | 603 | $ | 611 | 0.09 | % | |||||||||||||||||||||||||
ACES Intermediate, LLC | First lien senior secured term loan | S + | 5.50% | 10.93% | 7/27/2027 | 32,058 | 31,549 | 31,586 | 4.48 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 11.54% | 4/30/2026 | 6,235 | 413 | 416 | 0.06 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured revolving loan | S + | 5.00% | 10.54% | 4/30/2026 | 889 | 133 | 134 | 0.02 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured term loan | S + | 6.00% | 11.54% | 4/30/2026 | 7,090 | 7,019 | 7,025 | 1.00 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.05% | 12/30/2027 | 3,839 | 3,744 | 3,762 | 0.53 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.04% | 12/30/2027 | 3,573 | (71) | (71) | (0.01) | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.02% | 12/30/2027 | 2,162 | (55) | (43) | (0.01) | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 6.50% | 12.04% | 12/30/2027 | 15,935 | 15,537 | 15,617 | 2.21 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.82% | 4/25/2028 | 7,268 | 3,755 | 3,763 | 0.53 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.77% | 4/25/2028 | 1,629 | (37) | (35) | 0.00 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 11.77% | 4/25/2028 | 10,247 | 10,004 | 10,020 | 1.42 | % | ||||||||||||||||||||||||||||
50Floor, LLC | First lien senior secured revolving loan | S + | 7.75% | 13.27% | 12/31/2025 | 199 | 197 | 191 | 0.03 | % | ||||||||||||||||||||||||||||
50Floor, LLC | First lien senior secured term loan | S + | 7.75% | 13.29% | 12/31/2026 | 953 | 945 | 909 | 0.13 | % | ||||||||||||||||||||||||||||
Home Brands Group Holdings, Inc. (6) | First lien senior secured revolving loan | S + | 4.75% | 10.32% | 11/8/2026 | 48 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Home Brands Group Holdings, Inc. | First lien senior secured term loan | S + | 4.75% | 10.32% | 11/8/2026 | 1,743 | 1,729 | 1,723 | 0.24 | % | ||||||||||||||||||||||||||||
ISSA, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.91% | 3/1/2027 | 131 | 25 | 25 | 0.00 | % | ||||||||||||||||||||||||||||
ISSA, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 3/1/2027 | 915 | 906 | 903 | 0.13 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.53% | 12/29/2026 | 87 | 84 | 84 | 0.01 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC (13) | First lien senior secured revolving loan | S + | 6.00% | 11.80% | 12/29/2026 | 44 | 24 | 24 | 0.00 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 12/29/2026 | 1,304 | 1,295 | 1,290 | 0.18 | % | ||||||||||||||||||||||||||||
Kalkomey Enterprises, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.29% | 4/24/2025 | 77 | 11 | 11 | 0.00 | % | ||||||||||||||||||||||||||||
Kalkomey Enterprises, LLC | First lien senior secured term loan | S + | 6.75% | 12.29% | 4/24/2026 | 1,039 | 1,033 | 1,029 | 0.15 | % | ||||||||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.40% | 9/30/2026 | 38 | 8 | 8 | 0.00 | % | ||||||||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 12.40% | 9/30/2026 | 601 | 585 | 563 | 0.08 | % | ||||||||||||||||||||||||||||
TSR Concrete Coatings, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.80% | 9/22/2028 | 1,534 | (38) | (38) | (0.01) | % | ||||||||||||||||||||||||||||
TSR Concrete Coatings, LLC | First lien senior secured term loan | S + | 6.25% | 11.80% | 9/22/2028 | 6,226 | 6,071 | 6,070 | 0.86 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 3/23/2026 | 1,437 | 1,201 | 1,198 | 0.17 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.14% | 3/23/2026 | 187 | 185 | 184 | 0.03 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.14% | 3/23/2026 | 150 | 78 | 78 | 0.01 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 3/23/2026 | 357 | 352 | 351 | 0.05 | % | ||||||||||||||||||||||||||||
87,284 | 87,387 | 12.38 | % | |||||||||||||||||||||||||||||||||||
Electrical equipment |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 11.00% | 6/30/2027 | $ | 1,513 | $ | 1,416 | $ | 1,418 | 0.24 | % | |||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.00% | 6/30/2027 | 1,741 | 185 | 187 | 0.03 | % | ||||||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 11.00% | 6/30/2027 | 7,552 | 7,443 | 7,455 | 1.25 | % | ||||||||||||||||||||||||||||
9,044 | 9,060 | 1.52 | % | |||||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
Ascent Lifting, Inc. | First lien senior secured revolving loan | S + | 6.00% | 11.20% | 9/9/2027 | $ | 2,500 | $ | 605 | $ | 608 | 0.10 | % | |||||||||||||||||||||||||
Ascent Lifting, Inc. | First lien senior secured term loan | S + | 6.00% | 11.20% | 9/9/2027 | 17,280 | 16,840 | 16,862 | 2.83 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 8/5/2028 | 2,186 | 2,155 | 2,154 | 0.36 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.09% | 8/5/2024 | 2,192 | 25 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.78% | 8/5/2028 | 2,611 | 2,593 | 2,570 | 0.43 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured revolving loan | P + | 5.50% | 13.75% | 8/5/2028 | 3,045 | 1,572 | 1,576 | 0.26 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 6.50% | 11.78% | 8/5/2028 | 14,360 | 14,097 | 14,134 | 2.37 | % | ||||||||||||||||||||||||||||
37,887 | 37,932 | 6.35 | % | |||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 943,989 | $ | 945,778 | 158.46 | % | ||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (11) (12) (13) | Equity 7.03% membership interest | $ | 34,165 | $ | 38,564 | 6.46 | % | |||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 34,165 | $ | 38,564 | 6.46 | % | ||||||||||||||||||||||||||||||||
Total investments | $ | 978,154 | $ | 984,342 | 164.92 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.15% | 9/15/2028 | $ | 2,249 | $ | (37) | $ | (34) | 0.00 | % | |||||||||||||||||||||||||
WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.50% | 11.15% | 9/15/2028 | 9,758 | 9,590 | 9,605 | 1.36 | % | ||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. | First lien senior secured delayed draw term loan | S + | 6.50% | 11.92% | 10/5/2027 | 71 | 70 | 69 | 0.01 | % | ||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. | First lien senior secured revolving loan | S + | 6.50% | 11.92% | 10/5/2027 | 48 | 17 | 17 | 0.00 | % | ||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc. | First lien senior secured term loan | S + | 6.50% | 12.07% | 10/5/2027 | 1,271 | 1,247 | 1,242 | 0.18 | % | ||||||||||||||||||||||||||||
10,887 | 10,899 | 1.55 | % | |||||||||||||||||||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.77% | 8/8/2028 | $ | 2,176 | $ | 1,928 | $ | 1,929 | 0.27 | % | |||||||||||||||||||||||||
ITSavvy LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.80% | 8/8/2028 | 1,778 | (14) | (11) | 0.00 | % | ||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured term loan | S + | 5.25% | 10.80% | 8/8/2028 | 11,831 | 11,734 | 11,753 | 1.66 | % | ||||||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 11/22/2025 | 324 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 11/22/2025 | 1,213 | 1,215 | 1,210 | 0.17 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured delayed draw term loan | S + | 5.50% | 11.15% | 10/18/2026 | 118 | 117 | 117 | 0.02 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company (6) | First lien senior secured revolving loan | S + | 5.50% | 11.15% | 10/18/2026 | 90 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured term loan | S + | 5.50% | 11.15% | 10/18/2026 | 894 | 887 | 882 | 0.12 | % | ||||||||||||||||||||||||||||
15,866 | 15,879 | 2.24 | % | |||||||||||||||||||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.53% | 10/31/2028 | $ | 364 | $ | 37 | $ | 37 | 0.01 | % | |||||||||||||||||||||||||
Universal Pure, LLC (16) | First lien senior secured revolving loan | S + | 6.00% | 11.54% | 10/31/2028 | 7,142 | 2,155 | 2,162 | 0.31 | % | ||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured term loan | S + | 6.00% | 11.54% | 10/31/2028 | 17,720 | 17,297 | 17,310 | 2.45 | % | ||||||||||||||||||||||||||||
Engelman Baking Co., LLC | First lien senior secured revolving loan | S + | 5.50% | 10.93% | 2/28/2025 | 207 | 20 | 20 | 0.00 | % | ||||||||||||||||||||||||||||
Engelman Baking Co., LLC | First lien senior secured term loan | S + | 5.50% | 10.93% | 2/28/2025 | 707 | 705 | 703 | 0.10 | % | ||||||||||||||||||||||||||||
Mad Rose Company, LLC (14) | First lien senior secured revolving loan | S + | 6.50% | 12.18% | 5/7/2026 | 119 | 110 | 109 | 0.02 | % | ||||||||||||||||||||||||||||
Mad Rose Company, LLC | First lien senior secured term loan | S + | 6.50% | 12.18% | 5/7/2026 | 924 | 918 | 914 | 0.13 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.90% | 11/10/2025 | 666 | 37 | 37 | 0.01 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 11/10/2025 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured term loan | S + | 5.25% | 10.90% | 11/10/2025 | 1,112 | 1,108 | 1,104 | 0.16 | % | ||||||||||||||||||||||||||||
NutriScience Innovations, LLC (6)(15) | First lien senior secured revolving loan | S + | 7.00% | 12.65% | 4/21/2026 | 131 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
NutriScience Innovations, LLC | First lien senior secured term loan | S + | 7.00% | 12.65% | 4/21/2026 | 390 | 387 | 385 | 0.05 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 5/5/2027 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 5/5/2027 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 5/5/2027 | 532 | 526 | 524 | 0.07 | % | ||||||||||||||||||||||||||||
SCP Beverage Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.68% | 11/24/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
SCP Beverage Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 10.68% | 11/24/2026 | 409 | 405 | 403 | 0.06 | % | ||||||||||||||||||||||||||||
23,700 | 23,703 | 3.37 | % | |||||||||||||||||||||||||||||||||||
Food products | ||||||||||||||||||||||||||||||||||||||
Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 10.65% | 7/8/2027 | $ | 5,336 | $ | (80) | $ | (74) | (0.01) | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Sun Orchard, LLC | First lien senior secured term loan | S + | 5.00% | 10.65% | 7/8/2027 | 11,443 | 11,273 | 11,279 | 1.60 | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.54% | 8/19/2027 | 5,846 | (91) | (84) | (0.01) | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured revolving loan | S + | 6.00% | 11.54% | 8/19/2027 | 3,383 | 1,301 | 1,305 | 0.18 | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 11.54% | 8/19/2027 | 23,150 | 22,776 | 22,808 | 3.23 | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 1/11/2028 | 1,965 | (50) | (49) | (0.01) | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 1/11/2028 | 7,246 | 7,056 | 7,063 | 1.00 | % | ||||||||||||||||||||||||||||
Icelandirect, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 7/30/2026 | 38 | 32 | 31 | 0.00 | % | ||||||||||||||||||||||||||||
Icelandirect, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 7/30/2026 | 709 | 702 | 700 | 0.10 | % | ||||||||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.68% | 4/30/2027 | 174 | 119 | 117 | 0.02 | % | ||||||||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 10.68% | 4/30/2027 | 801 | 761 | 752 | 0.11 | % | ||||||||||||||||||||||||||||
Westminster Cracker Company, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.82% | 8/30/2026 | 1,534 | (25) | (26) | 0.00 | % | ||||||||||||||||||||||||||||
Westminster Cracker Company, Inc. | First lien senior secured term loan | S + | 6.25% | 11.82% | 8/30/2026 | 9,745 | 9,579 | 9,577 | 1.36 | % | ||||||||||||||||||||||||||||
53,353 | 53,399 | 7.57 | % | |||||||||||||||||||||||||||||||||||
Gas utilities | ||||||||||||||||||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.17% | 12/30/2026 | $ | 111 | $ | 107 | $ | 109 | 0.02 | % | |||||||||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.17% | 12/30/2026 | 228 | (9) | (8) | 0.00 | % | ||||||||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured term loan | S + | 6.75% | 12.17% | 12/30/2026 | 1,225 | 1,182 | 1,199 | 0.17 | % | ||||||||||||||||||||||||||||
1,280 | 1,300 | 0.19 | % | |||||||||||||||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||||||||||||||||||
Medical Technology Associates, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 7/25/2028 | $ | 1,966 | $ | (39) | $ | (36) | (0.01) | % | |||||||||||||||||||||||||
Medical Technology Associates, Inc. | First lien senior secured term loan | S + | 6.25% | 11.90% | 7/25/2028 | 14,622 | 14,315 | 14,357 | 2.03 | % | ||||||||||||||||||||||||||||
Nasco Healthcare Inc. (17) | First lien senior secured revolving loan | S + | 5.75% | 11.29% | 6/30/2025 | 3,322 | 637 | 641 | 0.09 | % | ||||||||||||||||||||||||||||
Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 11.29% | 6/30/2025 | 15,490 | 15,367 | 15,379 | 2.18 | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 11/30/2027 | 1,771 | (37) | (35) | 0.00 | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 11/30/2027 | 10,067 | 9,858 | 9,869 | 1.40 | % | ||||||||||||||||||||||||||||
626 Holdings Equity, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 2/14/2028 | 313 | 184 | 183 | 0.03 | % | ||||||||||||||||||||||||||||
626 Holdings Equity, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 2/14/2028 | 75 | 72 | 71 | 0.01 | % | ||||||||||||||||||||||||||||
626 Holdings Equity, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 2/14/2028 | 877 | 868 | 864 | 0.12 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 3/30/2026 | 214 | 213 | 212 | 0.03 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 3/30/2026 | 134 | 119 | 119 | 0.02 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 3/30/2026 | 633 | 628 | 626 | 0.09 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 4/8/2025 | 67 | 66 | 66 | 0.01 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.66% | 4/8/2025 | 75 | 18 | 18 | 0.00 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 4/8/2025 | 138 | 137 | 137 | 0.02 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 4/8/2025 | 925 | 920 | 917 | 0.13 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.96% | 1/20/2026 | 279 | 274 | 274 | 0.04 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.13% | 1/20/2026 | 133 | 117 | 117 | 0.02 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 11.96% | 1/20/2026 | 751 | 738 | 736 | 0.10 | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | 15.00% PIK | 15.00% | 3/5/2026 | 96 | 92 | 76 | 0.01 | % | |||||||||||||||||||||||||||||
Spectrum Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 8.38% | 3/5/2026 | 267 | (35) | (56) | (0.01) | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured term loan | S + | 6.25% + 3.50% PIK | 11.88% | 3/5/2026 | 479 | 418 | 381 | 0.05 | % | ||||||||||||||||||||||||||||
44,930 | 44,916 | 6.36 | % | |||||||||||||||||||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 11.40% | 6/7/2026 | $ | 7,501 | $ | 1,690 | $ | 1,693 | 0.24 | % | |||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.40% | 6/7/2026 | 1,710 | (19) | (17) | 0.00 | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured term loan | S + | 5.50% | 11.40% | 6/7/2026 | 13,682 | 13,520 | 13,533 | 1.92 | % | ||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.78% | 8/2/2027 | 5,898 | 3,252 | 3,259 | 0.46 | % | ||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 6.00% | 11.54% | 8/2/2027 | 31,320 | 30,828 | 30,864 | 4.37 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.73% | 11/2/2027 | 16,982 | 13,053 | 13,051 | 1.85 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.90% | 11/2/2027 | 1,956 | 161 | 164 | 0.02 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.46% | 11/2/2027 | 15,471 | 15,200 | 15,219 | 2.16 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 10.93% | 5/19/2027 | 11,082 | 9,909 | 9,911 | 1.40 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.93% | 5/19/2027 | 1,140 | (12) | (11) | 0.00 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 10.93% | 5/19/2027 | 2,939 | 2,905 | 2,909 | 0.41 | % | ||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.79% | 11/1/2028 | 12,705 | (322) | (285) | (0.04) | % | ||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. | First lien senior secured term loan | S + | 6.25% | 11.79% | 11/1/2028 | 53,406 | 52,023 | 52,153 | 7.39 | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.71% | 11/3/2027 | 6,832 | (126) | (118) | (0.02) | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.71% | 11/3/2027 | 1,956 | (36) | (34) | 0.00 | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 11.71% | 11/3/2027 | 8,251 | 8,097 | 8,108 | 1.15 | % | ||||||||||||||||||||||||||||
ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 12.65% | 11/29/2027 | 1,062 | (22) | (21) | 0.00 | % | ||||||||||||||||||||||||||||
ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 12.65% | 11/29/2027 | 6,195 | 6,061 | 6,071 | 0.86 | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.50% | 13.04% | 12/15/2027 | 4,463 | (103) | (99) | (0.01) | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 13.04% | 12/15/2027 | 12,478 | 12,182 | 12,193 | 1.73 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.40% | 9/15/2026 | 16,533 | 14,741 | 14,745 | 2.09 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.40% | 9/15/2026 | 2,699 | 1,045 | 1,048 | 0.15 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 5.75% | 11.40% | 9/15/2026 | 20,862 | 20,580 | 20,604 | 2.92 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.63% | 2/14/2025 | 1,429 | (30) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.63% | 2/14/2028 | 1,924 | 338 | 340 | 0.05 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.63% | 2/14/2028 | 11,655 | 11,360 | 11,377 | 1.61 | % | ||||||||||||||||||||||||||||
Beghou Consulting, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 5/1/2028 | 2,714 | (68) | (65) | (0.01) | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Beghou Consulting, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 5/1/2028 | 15,429 | 15,035 | 15,051 | 2.13 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.29% | 4/3/2028 | 3,208 | 1,985 | 1,989 | 0.28 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.29% | 4/3/2028 | 2,244 | (56) | (53) | (0.01) | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 5.75% | 11.29% | 4/3/2028 | 6,510 | 6,344 | 6,355 | 0.90 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.13% | 4/28/2025 | 2,218 | 1,771 | 1,772 | 0.25 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.93% | 4/28/2026 | 848 | (18) | (18) | 0.00 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.93% | 4/28/2026 | 19,706 | 19,265 | 19,278 | 2.73 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc. (6) | First lien senior secured delayed draw term loan | S + | 5.25% + 2.25% PIK | 13.26% | 5/5/2028 | 7,245 | (200) | (192) | (0.03) | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc. (6)(19) | First lien senior secured revolving loan | S + | 5.25% + 2.25% PIK | 13.26% | 5/5/2028 | 2,544 | (70) | (68) | (0.01) | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc. | First lien senior secured term loan | S + | 5.25% + 2.25% PIK | 13.26% | 5/5/2028 | 18,012 | 17,501 | 17,528 | 2.48 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc. | First lien senior secured delayed draw term loan | S + | 6.75% | 12.38% | 4/15/2026 | 110 | 107 | 105 | 0.01 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc. | First lien senior secured revolving loan | S + | 6.75% | 12.39% | 4/15/2026 | 134 | 77 | 73 | 0.01 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc. | First lien senior secured term loan | S + | 6.75% | 12.40% | 4/15/2026 | 240 | 234 | 228 | 0.03 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.96% | 11/23/2025 | 554 | 455 | 453 | 0.06 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 11/23/2025 | 150 | 124 | 123 | 0.02 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured term loan | S + | 6.50% | 11.96% | 11/23/2025 | 617 | 614 | 612 | 0.09 | % | ||||||||||||||||||||||||||||
ASC Ortho Management, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 12/31/2026 | 357 | 321 | 320 | 0.05 | % | ||||||||||||||||||||||||||||
ASC Ortho Management, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 12/31/2026 | 38 | 12 | 12 | 0.00 | % | ||||||||||||||||||||||||||||
ASC Ortho Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 12/31/2026 | 515 | 509 | 508 | 0.07 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 1/21/2025 | 558 | 551 | 548 | 0.08 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 1/21/2026 | 485 | (8) | (9) | 0.00 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 1/21/2025 | 2,410 | 2,381 | 2,367 | 0.34 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.90% | 12/14/2025 | 831 | 827 | 823 | 0.12 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 12/14/2025 | 188 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 12/14/2025 | 929 | 924 | 920 | 0.13 | % | ||||||||||||||||||||||||||||
Behavior Frontiers, LLC (6)(18) | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 5/21/2026 | 38 | (2) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Behavior Frontiers, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 5/21/2026 | 577 | 554 | 562 | 0.08 | % | ||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.43% | 12/14/2026 | 107 | 47 | 47 | 0.01 | % | ||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 12/14/2026 | 52 | 15 | 15 | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 12/14/2026 | 687 | 685 | 682 | 0.10 | % | ||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp. (6)(7) | First lien senior secured delayed draw term loan | C + | 7.00% | 12.51% | 3/19/2026 | C$ | 28 | (1) | (1) | 0.00 | % | |||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp. (7) | First lien senior secured delayed draw term loan | C + | 7.00% | 12.51% | 3/19/2026 | C$ | 289 | 211 | 205 | 0.03 | % | |||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp. (7) | First lien senior secured revolving loan | S + | 7.00% | 12.65% | 3/19/2026 | C$ | 114 | 111 | 111 | 0.02 | % | |||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp. (7) | First lien senior secured revolving loan | C + | 7.00% | 12.51% | 3/19/2026 | C$ | 285 | 206 | 200 | 0.03 | % | |||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp. (7) | First lien senior secured term loan | C + | 7.00% | 12.51% | 3/19/2026 | C$ | 238 | 174 | 169 | 0.02 | % | |||||||||||||||||||||||||||
Community Care Partners, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.43% | 6/10/2026 | 19 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.43% | 6/10/2026 | 166 | 165 | 163 | 0.02 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 6/10/2026 | 75 | 64 | 62 | 0.01 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 6/10/2026 | 946 | 944 | 927 | 0.13 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 10/29/2026 | 97 | 78 | 78 | 0.01 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.14% | 10/29/2026 | 38 | 28 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 10/29/2026 | 318 | 313 | 313 | 0.04 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp. (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 11/27/2024 | 64 | (1) | — | 0.00 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp. (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 11/27/2024 | 474 | (2) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp. | First lien senior secured term loan | S + | 6.50% | 12.15% | 11/27/2024 | 2,534 | 2,532 | 2,518 | 0.36 | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Partners, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 9/1/2028 | 920 | 126 | 126 | 0.02 | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Partners, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 9/1/2028 | 2,707 | 2,627 | 2,626 | 0.37 | % | ||||||||||||||||||||||||||||
EH Management Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 7/15/2026 | 38 | 11 | 11 | 0.00 | % | ||||||||||||||||||||||||||||
EH Management Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 7/15/2026 | 963 | 956 | 952 | 0.13 | % | ||||||||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.63% | 12/21/2025 | 300 | 50 | 50 | 0.01 | % | ||||||||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 12/21/2025 | 910 | 903 | 900 | 0.13 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.75% + 1.00% PIK | 13.40% | 10/22/2026 | 174 | 170 | 169 | 0.02 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 7.75% | 13.40% | 10/22/2026 | 38 | 14 | 14 | 0.00 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 6.75% + 1.00% PIK | 13.40% | 10/22/2026 | 1,495 | 1,460 | 1,455 | 0.21 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 12.00% | 17.65% | 10/22/2026 | 49 | 49 | 48 | 0.01 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 8/20/2026 | 495 | 492 | 491 | 0.07 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 8/20/2026 | 23 | 19 | 19 | 0.00 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 8/20/2026 | 517 | 514 | 512 | 0.07 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
IMA Group Management Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.84% | 6/30/2028 | 174 | (5) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.84% | 6/30/2028 | 35 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC | First lien senior secured term loan | S + | 6.25% | 11.84% | 6/30/2028 | 866 | 846 | 844 | 0.12 | % | ||||||||||||||||||||||||||||
Network Partners Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 12/30/2026 | 113 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Network Partners Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 12/30/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Network Partners Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 12/30/2026 | 389 | 386 | 384 | 0.05 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.40% | 12/31/2025 | 520 | 517 | 515 | 0.07 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.38% | 12/31/2025 | 95 | 57 | 57 | 0.01 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.40% | 12/31/2025 | 133 | 132 | 131 | 0.02 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured term loan | S + | 6.75% | 12.40% | 12/31/2025 | 581 | 577 | 575 | 0.08 | % | ||||||||||||||||||||||||||||
Peak Investment Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 7.00% | 12.65% | 12/31/2025 | 113 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.65% | 12/31/2025 | 324 | 29 | 29 | 0.00 | % | ||||||||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured term loan | S + | 7.00% | 12.65% | 12/31/2025 | 1,213 | 1,205 | 1,200 | 0.17 | % | ||||||||||||||||||||||||||||
Pentec Acquisition Corp. (6) | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 10/8/2026 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Pentec Acquisition Corp. | First lien senior secured term loan | S + | 6.00% | 11.43% | 10/8/2026 | 988 | 985 | 981 | 0.14 | % | ||||||||||||||||||||||||||||
Revival Animal Health, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 4/6/2026 | 131 | 43 | 43 | 0.01 | % | ||||||||||||||||||||||||||||
Revival Animal Health, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 4/6/2026 | 4,794 | 4,716 | 4,748 | 0.67 | % | ||||||||||||||||||||||||||||
RQM Buyer, Inc. | First lien senior secured delayed draw term loan | S + | 5.75% | 11.51% | 8/12/2026 | 84 | 83 | 83 | 0.01 | % | ||||||||||||||||||||||||||||
RQM Buyer, Inc. | First lien senior secured revolving loan | S + | 5.75% | 11.65% | 8/12/2026 | 206 | 44 | 44 | 0.01 | % | ||||||||||||||||||||||||||||
RQM Buyer, Inc. | First lien senior secured term loan | S + | 5.75% | 11.40% | 8/12/2026 | 1,142 | 1,140 | 1,136 | 0.16 | % | ||||||||||||||||||||||||||||
RQM Buyer, Inc. | First lien senior secured term loan | S + | 5.75% | 11.51% | 8/12/2026 | 590 | 589 | 587 | 0.08 | % | ||||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.41% | 4/1/2024 | 75 | 45 | 45 | 0.01 | % | ||||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured term loan | S + | 5.75% | 11.40% | 4/1/2024 | 939 | 940 | 937 | 0.13 | % | ||||||||||||||||||||||||||||
SAMGI Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 5.50% | 11.15% | 4/14/2025 | 138 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
SAMGI Buyer, Inc. | First lien senior secured term loan | S + | 5.50% | 11.15% | 4/14/2025 | 651 | 649 | 646 | 0.09 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.64% | 9/25/2025 | 157 | 110 | 110 | 0.02 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.52% | 9/25/2025 | 256 | 126 | 126 | 0.02 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 9/25/2025 | 2,761 | 2,745 | 2,735 | 0.39 | % | ||||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.68% | 10/29/2026 | 178 | 149 | 148 | 0.02 | % | ||||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured revolving loan | S + | 6.25% | 11.68% | 10/29/2026 | 38 | 34 | 34 | 0.00 | % | ||||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured term loan | S + | 6.25% | 11.68% | 10/29/2026 | 854 | 844 | 841 | 0.12 | % | ||||||||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.40% | 8/30/2025 | 235 | 126 | 124 | 0.02 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 12.40% | 8/30/2025 | 1,298 | 1,215 | 1,213 | 0.17 | % | ||||||||||||||||||||||||||||
SimiTree Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.38% | 5/17/2026 | 884 | 872 | 868 | 0.12 | % | ||||||||||||||||||||||||||||
SimiTree Acquisition LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.38% | 5/17/2026 | 178 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
SimiTree Acquisition LLC | First lien senior secured term loan | S + | 6.75% | 12.38% | 5/17/2026 | 1,218 | 1,212 | 1,208 | 0.17 | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.16% | 4/7/2027 | 187 | 181 | 181 | 0.03 | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 4/7/2025 | 6,768 | (118) | (102) | (0.01) | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.13% | 4/7/2027 | 56 | 5 | 6 | 0.00 | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 4/7/2027 | 653 | 644 | 643 | 0.09 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.90% | 12/30/2025 | 519 | 491 | 489 | 0.07 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 12/30/2025 | 225 | 209 | 209 | 0.03 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 12/30/2025 | 856 | 848 | 844 | 0.12 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.90% | 1/27/2026 | 78 | 78 | 77 | 0.01 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.90% | 5/25/2024 | 112 | 112 | 112 | 0.02 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 1/27/2026 | 171 | — | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 1/27/2026 | 1,344 | 1,343 | 1,338 | 0.19 | % | ||||||||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 2/23/2027 | 60 | 23 | 23 | 0.00 | % | ||||||||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + | 6.00% + 2.00% PIK | 13.39% | 2/23/2027 | 670 | 646 | 644 | 0.09 | % | ||||||||||||||||||||||||||||
Vital Care Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 10/19/2025 | 580 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Vital Care Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 10.90% | 10/19/2025 | 793 | 791 | 788 | 0.11 | % | ||||||||||||||||||||||||||||
Western Veterinary Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 10/29/2026 | 504 | 501 | 499 | 0.07 | % | ||||||||||||||||||||||||||||
Western Veterinary Partners, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 10/29/2026 | 24 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Western Veterinary Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 10/29/2026 | 1,305 | 1,296 | 1,291 | 0.18 | % | ||||||||||||||||||||||||||||
325,853 | 326,151 | 46.21 | % | |||||||||||||||||||||||||||||||||||
Health care technology | ||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.25% | 10.90% | 7/29/2027 | $ | 5,310 | $ | 5,248 | $ | 5,235 | 0.74 | % | |||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 7/29/2027 | 7,858 | 667 | 723 | 0.10 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.25% | 10.90% | 7/29/2027 | 25,555 | 25,330 | 25,346 | 3.59 | % | ||||||||||||||||||||||||||||
Millennia Patient Services, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.93% | 3/8/2026 | 134 | 66 | 66 | 0.01 | % | ||||||||||||||||||||||||||||
Millennia Patient Services, LLC | First lien senior secured term loan | S + | 6.50% | 11.93% | 3/8/2026 | 983 | 976 | 973 | 0.14 | % | ||||||||||||||||||||||||||||
32,287 | 32,343 | 4.58 | % | |||||||||||||||||||||||||||||||||||
Household durables | ||||||||||||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.63% | 9/26/2027 | $ | 3,011 | $ | 2,601 | $ | 2,605 | 0.37 | % | |||||||||||||||||||||||||
CPS Power Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 9/26/2027 | 1,687 | (27) | (25) | 0.00 | % | ||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 9/26/2027 | 5,079 | 4,994 | 5,000 | 0.71 | % | ||||||||||||||||||||||||||||
Kwalu, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.40% | 9/23/2027 | 5,061 | (81) | (74) | (0.01) | % | ||||||||||||||||||||||||||||
Kwalu, LLC | First lien senior secured term loan | S + | 5.75% | 11.40% | 9/23/2027 | 24,650 | 24,241 | 24,274 | 3.44 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc. | First lien senior secured revolving loan | S + | 6.00% | 11.54% | 9/2/2027 | 3,374 | 2,884 | 2,889 | 0.41 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc. | First lien senior secured term loan | S + | 6.00% | 11.54% | 9/2/2027 | 17,927 | 17,725 | 17,730 | 2.51 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.40% | 1/23/2028 | 5,815 | 5,670 | 5,670 | 0.80 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.40% | 1/23/2028 | 1,965 | 440 | 442 | 0.06 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured term loan | S + | 5.75% | 11.40% | 1/23/2028 | 12,318 | 12,000 | 12,009 | 1.70 | % | ||||||||||||||||||||||||||||
Storm Smart Buyer LLC | First lien senior secured revolving loan | S + | 6.00% | 11.84% | 4/5/2026 | 131 | 25 | 25 | 0.00 | % | ||||||||||||||||||||||||||||
Storm Smart Buyer LLC | First lien senior secured term loan | S + | 6.00% | 11.65% | 4/5/2026 | 901 | 895 | 892 | 0.13 | % | ||||||||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured revolving loan | S + | 7.50% + 1.75% PIK | 12.93% | 7/30/2024 | 112 | 75 | 74 | 0.01 | % | ||||||||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured revolving loan | S + | 7.50% + 1.75% PIK | 12.93% | 7/30/2024 | 4 | 4 | 4 | 0.00 | % | ||||||||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured term loan | S + | 5.75% | 11.18% | 7/30/2024 | 1,872 | 1,788 | 1,775 | 0.25 | % | ||||||||||||||||||||||||||||
73,234 | 73,290 | 10.38 | % | |||||||||||||||||||||||||||||||||||
Industrial Conglomerates | ||||||||||||||||||||||||||||||||||||||
Hultec Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.82% | 3/31/2029 | $ | 3,915 | $ | (107) | $ | (103) | (0.01) | % | |||||||||||||||||||||||||
Hultec Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 3/31/2029 | 14,601 | 14,192 | 14,212 | 2.01 | % | ||||||||||||||||||||||||||||
14,085 | 14,109 | 2.00 | % | |||||||||||||||||||||||||||||||||||
Internet and direct marketing retail | ||||||||||||||||||||||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.58% | 12/18/2025 | $ | 188 | $ | 95 | $ | 94 | 0.01 | % | |||||||||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured term loan | S + | 3.00% + 4.00% PIK | 12.54% | 12/18/2025 | 2,521 | 2,483 | 2,463 | 0.35 | % | ||||||||||||||||||||||||||||
DealerOn Inc. (6) | First lien senior secured revolving loan | S + | 5.50% | 10.93% | 11/19/2024 | 314 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
DealerOn Inc. | First lien senior secured term loan | S + | 5.50% | 10.93% | 11/19/2024 | 1,553 | 1,553 | 1,547 | 0.22 | % | ||||||||||||||||||||||||||||
4,130 | 4,103 | 0.58 | % | |||||||||||||||||||||||||||||||||||
IT services | ||||||||||||||||||||||||||||||||||||||
Icreon Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 10/26/2027 | $ | 1,071 | $ | (22) | $ | (21) | 0.00 | % | |||||||||||||||||||||||||
Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 10/26/2027 | 8,567 | 8,387 | 8,400 | 1.19 | % | ||||||||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc. (6) | First lien senior secured revolving loan | S + | 5.75% | 11.27% | 6/23/2027 | 75 | — | — | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc. | First lien senior secured term loan | S + | 5.75% | 11.29% | 6/23/2027 | 1,419 | 1,415 | 1,410 | 0.20 | % | ||||||||||||||||||||||||||||
FreshAddress, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.04% | 10/5/2025 | 30 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
FreshAddress, LLC | First lien senior secured term loan | S + | 5.50% | 11.04% | 10/5/2025 | 1,676 | 1,671 | 1,664 | 0.24 | % | ||||||||||||||||||||||||||||
P and R Dental Strategies, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 12/22/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
P and R Dental Strategies, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 12/22/2026 | 629 | 624 | 621 | 0.09 | % | ||||||||||||||||||||||||||||
12,075 | 12,074 | 1.72 | % | |||||||||||||||||||||||||||||||||||
Leisure equipment and products | ||||||||||||||||||||||||||||||||||||||
MacNeill Pride Group Corp. | First lien senior secured delayed draw term loan | S + | 6.25% | 11.90% | 4/22/2026 | $ | 409 | $ | 363 | $ | 362 | 0.05 | % | |||||||||||||||||||||||||
MacNeill Pride Group Corp. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 4/22/2026 | 287 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
MacNeill Pride Group Corp. | First lien senior secured term loan | S + | 6.25% | 11.90% | 4/22/2026 | 832 | 832 | 829 | 0.12 | % | ||||||||||||||||||||||||||||
Champion Motorsports Group, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.88% | 10/8/2026 | 56 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Champion Motorsports Group, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 10/8/2026 | 1,675 | 1,658 | 1,648 | 0.23 | % | ||||||||||||||||||||||||||||
2,851 | 2,837 | 0.40 | % | |||||||||||||||||||||||||||||||||||
Leisure products | ||||||||||||||||||||||||||||||||||||||
PHGP MB Purchaser, Inc. | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 5/27/2027 | $ | 113 | $ | 37 | $ | 37 | 0.01 | % | |||||||||||||||||||||||||
PHGP MB Purchaser, Inc. | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 5/20/2027 | 75 | 18 | 18 | 0.00 | % | ||||||||||||||||||||||||||||
PHGP MB Purchaser, Inc. | First lien senior secured term loan | S + | 6.00% | 11.65% | 5/20/2027 | 1,095 | 1,083 | 1,079 | 0.15 | % | ||||||||||||||||||||||||||||
1,138 | 1,134 | 0.16 | % | |||||||||||||||||||||||||||||||||||
Life sciences tools and services | ||||||||||||||||||||||||||||||||||||||
Aptitude Health Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 5/3/2026 | $ | 267 | $ | (3) | $ | (3) | 0.00 | % | |||||||||||||||||||||||||
Aptitude Health Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 10.90% | 5/3/2026 | 1,095 | 1,082 | 1,083 | 0.15 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.88% | 7/28/2028 | 188 | (4) | (5) | 0.00 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.88% | 7/28/2028 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 11.88% | 7/28/2028 | 456 | 445 | 445 | 0.06 | % | ||||||||||||||||||||||||||||
1,519 | 1,519 | 0.21 | % | |||||||||||||||||||||||||||||||||||
Machinery | ||||||||||||||||||||||||||||||||||||||
Double E Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.54% | 6/21/2028 | $ | 2,017 | $ | (15) | $ | (12) | 0.00 | % | |||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.46% | 6/21/2028 | 3,110 | 1,438 | 1,444 | 0.20 | % | ||||||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.54% | 6/21/2028 | 18,365 | 18,222 | 18,259 | 2.59 | % | ||||||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.41% | 4/30/2026 | 173 | 172 | 171 | 0.02 | % | ||||||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured term loan | S + | 5.75% | 11.63% | 4/30/2026 | 928 | 922 | 918 | 0.13 | % | ||||||||||||||||||||||||||||
DNS IMI Acquisition Corp (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 11.04% | 11/23/2026 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
DNS IMI Acquisition Corp | First lien senior secured revolving loan | P + | 4.50% | 13.00% | 11/23/2026 | 56 | 10 | 10 | 0.00 | % | ||||||||||||||||||||||||||||
DNS IMI Acquisition Corp | First lien senior secured term loan | S + | 5.50% | 11.04% | 11/23/2026 | 1,636 | 1,622 | 1,616 | 0.23 | % | ||||||||||||||||||||||||||||
22,370 | 22,405 | 3.17 | % | |||||||||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.18% | 8/19/2027 | $ | 3,383 | $ | 1,470 | $ | 1,474 | 0.21 | % | |||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.18% | 8/19/2027 | 25,971 | 25,541 | 25,581 | 3.62 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
RKD Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 8/17/2028 | 4,905 | 921 | 929 | 0.13 | % | ||||||||||||||||||||||||||||
RKD Group, LLC | First lien senior secured term loan | S + | 6.00% | 11.54% | 8/17/2028 | 33,423 | 33,006 | 33,067 | 4.68 | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 12/16/2027 | 1,638 | (36) | (35) | 0.00 | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 12/16/2027 | 10,119 | 9,887 | 9,900 | 1.40 | % | ||||||||||||||||||||||||||||
ALM Media, LLC (6)(20) | First lien senior secured revolving loan | S + | 6.00% | 11.54% | 11/25/2024 | 971 | (3) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
ALM Media, LLC | First lien senior secured term loan | S + | 6.00% | 11.54% | 11/25/2024 | 2,362 | 2,361 | 2,353 | 0.33 | % | ||||||||||||||||||||||||||||
Barkley, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.42% | 9/29/2028 | 2,300 | (58) | (58) | (0.01) | % | ||||||||||||||||||||||||||||
Barkley, LLC | First lien senior secured term loan | S + | 6.00% | 11.42% | 9/29/2028 | 18,949 | 18,475 | 18,475 | 2.62 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.40% | 12/9/2026 | 223 | 219 | 219 | 0.03 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.40% | 12/9/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC | First lien senior secured term loan | S + | 6.50% | 12.40% | 12/9/2026 | 622 | 611 | 609 | 0.09 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.17% | 11/1/2026 | 39 | 23 | 23 | 0.00 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.17% | 11/1/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | First lien senior secured term loan | S + | 5.75% | 11.17% | 11/1/2026 | 1,143 | 1,134 | 1,129 | 0.16 | % | ||||||||||||||||||||||||||||
The Channel Company, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 11/1/2027 | 62 | 58 | 58 | 0.01 | % | ||||||||||||||||||||||||||||
The Channel Company, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 11/1/2027 | 2,330 | 2,316 | 2,307 | 0.33 | % | ||||||||||||||||||||||||||||
95,925 | 96,028 | 13.60 | % | |||||||||||||||||||||||||||||||||||
Metals and mining | ||||||||||||||||||||||||||||||||||||||
Copperweld Group, Inc. | First lien senior secured revolving loan | S + | 6.00% | 11.64% | 9/27/2024 | $ | 462 | $ | 122 | $ | 121 | 0.02 | % | |||||||||||||||||||||||||
Copperweld Group, Inc. | First lien senior secured term loan | S + | 6.00% | 11.65% | 9/27/2024 | 2,267 | 2,263 | 2,254 | 0.32 | % | ||||||||||||||||||||||||||||
2,385 | 2,375 | 0.34 | % | |||||||||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc. (6)(7) | First lien senior secured revolving loan | C + | 5.75% | 11.26% | 7/23/2026 | $ | 30 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
Bio Agri Mix Holdings Inc. (6)(7) | First lien senior secured revolving loan | C + | 5.75% | 11.26% | 7/23/2026 | C$ | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc. (7) | First lien senior secured term loan | C + | 5.75% | 11.26% | 7/23/2026 | C$ | 1,235 | 922 | 899 | 0.13 | % | |||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 11.06% | 9/22/2026 | 298 | 204 | 203 | 0.03 | % | ||||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured revolving loan | S + | 5.25% | 11.06% | 9/22/2026 | 188 | 28 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 11.15% | 9/22/2026 | 457 | 453 | 452 | 0.06 | % | ||||||||||||||||||||||||||||
1,606 | 1,581 | 0.22 | % | |||||||||||||||||||||||||||||||||||
Personal products | ||||||||||||||||||||||||||||||||||||||
Cosmetic Solutions, LLC | First lien senior secured delayed draw term loan | S + | 5.75% + 0.75% PIK | 11.82% | 10/17/2025 | $ | 362 | $ | 352 | $ | 348 | 0.05 | % | |||||||||||||||||||||||||
Cosmetic Solutions, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.18% | 10/17/2025 | 344 | (11) | (13) | 0.00 | % | ||||||||||||||||||||||||||||
Cosmetic Solutions, LLC | First lien senior secured term loan | S + | 5.75% | 11.18% | 10/17/2025 | 2,772 | 2,694 | 2,664 | 0.38 | % | ||||||||||||||||||||||||||||
3,035 | 2,999 | 0.43 | % | |||||||||||||||||||||||||||||||||||
Professional services | ||||||||||||||||||||||||||||||||||||||
Helpware, Inc. | First lien senior secured revolving loan | S + | 5.75% | 11.65% | 9/8/2026 | $ | 5,061 | $ | 1,805 | $ | 1,736 | 0.25 | % | |||||||||||||||||||||||||
Helpware, Inc. | First lien senior secured term loan | S + | 5.75% | 11.65% | 9/8/2026 | 14,007 | 13,853 | 13,677 | 1.94 | % | ||||||||||||||||||||||||||||
Stax Holding Company, LLC (6)(21) | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 10/29/2026 | 60 | — | — | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Stax Holding Company, LLC | First lien senior secured term loan | S + | 5.25% | 10.90% | 10/29/2026 | 728 | 725 | 722 | 0.10 | % | ||||||||||||||||||||||||||||
16,383 | 16,135 | 2.29 | % | |||||||||||||||||||||||||||||||||||
Real estate management and development | ||||||||||||||||||||||||||||||||||||||
BBG Intermediate Holdings, Inc. (22) | First lien senior secured revolving loan | S + | 6.75% | 12.18% | 1/8/2026 | $ | 233 | $ | 154 | $ | 153 | 0.02 | % | |||||||||||||||||||||||||
BBG Intermediate Holdings, Inc. | First lien senior secured term loan | S + | 5.50% + 1.25% PIK | 12.07% | 1/8/2026 | 1,874 | 1,736 | 1,730 | 0.25 | % | ||||||||||||||||||||||||||||
MetaSource, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.68% | 5/17/2027 | 49 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
MetaSource, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.18% | 5/17/2027 | 75 | 30 | 30 | 0.00 | % | ||||||||||||||||||||||||||||
MetaSource, LLC | First lien senior secured term loan | S + | 6.25% + 0.50% PIK | 12.07% | 5/17/2027 | 929 | 927 | 924 | 0.13 | % | ||||||||||||||||||||||||||||
2,847 | 2,837 | 0.40 | % | |||||||||||||||||||||||||||||||||||
Semiconductors and semiconductor equipment | ||||||||||||||||||||||||||||||||||||||
Altamira Material Solutions, LP (6) | First lien senior secured revolving loan | S + | 5.75% | 11.34% | 9/2/2026 | $ | 45 | $ | (1) | $ | (1) | 0.00 | % | |||||||||||||||||||||||||
Altamira Material Solutions, LP | First lien senior secured term loan | S + | 5.75% | 11.34% | 9/2/2026 | 1,031 | 1,021 | 1,018 | 0.14 | % | ||||||||||||||||||||||||||||
1,020 | 1,017 | 0.14 | % | |||||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.90% | 8/9/2028 | $ | 2,199 | $ | 83 | $ | 86 | 0.01 | % | |||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 8/9/2028 | 11,575 | 11,379 | 11,399 | 1.61 | % | ||||||||||||||||||||||||||||
Affinitiv, Inc. (6) | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 8/26/2024 | 248 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Affinitiv, Inc. | First lien senior secured term loan | S + | 6.00% | 11.65% | 8/26/2024 | 2,248 | 2,247 | 2,240 | 0.32 | % | ||||||||||||||||||||||||||||
ShiftKey, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.40% | 6/21/2027 | 110 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
ShiftKey, LLC | First lien senior secured term loan | S + | 5.75% | 11.40% | 6/21/2027 | 3,712 | 3,696 | 3,682 | 0.52 | % | ||||||||||||||||||||||||||||
17,403 | 17,405 | 2.46 | % | |||||||||||||||||||||||||||||||||||
Specialty retail | ||||||||||||||||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.90% | 6/30/2027 | $ | 1,203 | $ | 1,110 | $ | 1,111 | 0.16 | % | |||||||||||||||||||||||||
Soccer Post Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.90% | 6/30/2027 | 1,779 | (23) | (21) | 0.00 | % | ||||||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 10.90% | 6/30/2027 | 7,941 | 7,838 | 7,846 | 1.11 | % | ||||||||||||||||||||||||||||
Dykstra's Auto, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.63% | 10/22/2026 | 150 | (3) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Dykstra's Auto, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.65% | 10/22/2026 | 185 | 183 | 182 | 0.03 | % | ||||||||||||||||||||||||||||
Dykstra's Auto, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 10/22/2026 | 38 | 5 | 5 | 0.00 | % | ||||||||||||||||||||||||||||
Dykstra's Auto, LLC | First lien senior secured term loan | S + | 6.00% | 11.63% | 10/22/2026 | 628 | 622 | 618 | 0.09 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured delayed draw term loan | S + | 6.00% + 0.50% PIK | 11.82% | 12/22/2026 | 223 | 221 | 216 | 0.03 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured delayed draw term loan | S + | 6.00% + 0.50% PIK | 11.82% | 12/22/2023 | 224 | 222 | 218 | 0.03 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.20% | 12/22/2026 | 38 | 37 | 36 | 0.01 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 12/22/2026 | 28 | 27 | 27 | 0.00 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 11.82% | 12/22/2026 | 857 | 849 | 833 | 0.12 | % | ||||||||||||||||||||||||||||
Leonard Group, Inc. (6) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 2/26/2026 | 234 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Leonard Group, Inc. | First lien senior secured term loan | S + | 6.50% | 12.15% | 2/26/2026 | 1,559 | 1,557 | 1,551 | 0.22 | % | ||||||||||||||||||||||||||||
Pink Lily Holdings, LLC (6) | First lien senior secured revolving loan | S + | 3.50% | 8.92% | 11/16/2027 | 63 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Pink Lily Holdings, LLC | First lien senior secured term loan | S + | 3.50% + 3.50% PIK | 12.42% | 11/16/2027 | 1,250 | 1,225 | 1,221 | 0.17 | % | ||||||||||||||||||||||||||||
13,868 | 13,839 | 1.97 | % | |||||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
Ascent Lifting, Inc. (6) | First lien senior secured revolving loan | S + | 6.00% | 11.57% | 9/9/2027 | $ | 2,500 | $ | (58) | $ | (56) | (0.01) | % | |||||||||||||||||||||||||
Ascent Lifting, Inc. | First lien senior secured term loan | S + | 6.00% | 11.57% | 9/9/2027 | 17,237 | 16,815 | 16,842 | 2.39 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.09% | 8/5/2028 | 2,186 | 2,157 | 2,156 | 0.31 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.09% | 8/5/2024 | 2,192 | 27 | 29 | 0.00 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.19% | 8/5/2028 | 2,611 | 2,594 | 2,572 | 0.36 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured revolving loan | P + | 5.50% | 14.00% | 8/5/2028 | 3,045 | 1,270 | 1,274 | 0.18 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 6.50% | 11.78% | 8/5/2028 | 14,360 | 14,096 | 14,134 | 2.00 | % | ||||||||||||||||||||||||||||
AFC Industries, Inc. | First lien senior secured delayed draw term loan | S + | 6.25% | 11.77% | 4/9/2027 | 349 | 342 | 342 | 0.05 | % | ||||||||||||||||||||||||||||
AFC Industries, Inc. | First lien senior secured delayed draw term loan | S + | 6.25% | 11.75% | 4/9/2027 | 127 | 125 | 124 | 0.02 | % | ||||||||||||||||||||||||||||
AFC Industries, Inc. | First lien senior secured delayed draw term loan | S + | 6.25% | 11.73% | 4/9/2027 | 105 | 103 | 103 | 0.01 | % | ||||||||||||||||||||||||||||
AFC Industries, Inc. | First lien senior secured delayed draw term loan | S + | 6.25% | 11.67% | 4/9/2027 | 106 | 84 | 84 | 0.01 | % | ||||||||||||||||||||||||||||
AFC Industries, Inc. (23) | First lien senior secured revolving loan | S + | 6.25% | 11.77% | 10/9/2026 | 156 | 46 | 46 | 0.01 | % | ||||||||||||||||||||||||||||
AFC Industries, Inc. | First lien senior secured term loan | S + | 6.25% | 11.68% | 4/9/2027 | 855 | 839 | 837 | 0.12 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.72% | 11/5/2026 | 38 | 37 | 37 | 0.01 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.82% | 11/5/2026 | 71 | 69 | 69 | 0.01 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 11/5/2026 | 321 | 315 | 313 | 0.04 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.17% | 10/31/2025 | 565 | 566 | 564 | 0.08 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.17% | 10/31/2025 | 370 | (1) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 11.17% | 10/31/2025 | 1,361 | 1,359 | 1,354 | 0.19 | % | ||||||||||||||||||||||||||||
Empire Equipment Company, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.93% | 1/17/2025 | 439 | 29 | 27 | 0.00 | % | ||||||||||||||||||||||||||||
Empire Equipment Company, LLC | First lien senior secured term loan | S + | 5.50% | 10.93% | 1/17/2025 | 1,720 | 1,716 | 1,703 | 0.24 | % | ||||||||||||||||||||||||||||
Montway LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 12.15% | 11/4/2025 | 670 | 665 | 663 | 0.09 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Montway LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 12.01% | 11/4/2025 | 150 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Montway LLC | First lien senior secured term loan | S + | 6.25% | 12.01% | 11/4/2025 | 710 | 704 | 702 | 0.10 | % | ||||||||||||||||||||||||||||
Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.54% | 6/8/2026 | 332 | (5) | (5) | 0.00 | % | ||||||||||||||||||||||||||||
Triad Technologies, LLC | First lien senior secured term loan | S + | 6.00% | 11.54% | 6/8/2026 | 1,345 | 1,331 | 1,326 | 0.19 | % | ||||||||||||||||||||||||||||
45,223 | 45,236 | 6.40 | % | |||||||||||||||||||||||||||||||||||
Water utilities | ||||||||||||||||||||||||||||||||||||||
Diamondback Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.93% | 7/22/2026 | $ | 75 | $ | 29 | $ | 29 | 0.00 | % | |||||||||||||||||||||||||
Diamondback Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 11.16% | 7/22/2026 | 1,191 | 1,185 | 1,180 | 0.17 | % | ||||||||||||||||||||||||||||
1,214 | 1,209 | 0.17 | % | |||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 1,163,375 | $ | 1,163,749 | 164.86 | % | ||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated sponsor subordinated notes | ||||||||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 7/17/2025 | $ | 12 | $ | 12 | $ | 12 | 0.00 | % | |||||||||||||||||||||||||||
Total non-controlled/non-affiliated sponsor subordinated notes | 12 | 12 | 0.00 | % | ||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated investments | 1,163,387 | 1,163,761 | 164.86 | % | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (24) (25) (26) | Equity - 8.83% membership interest | $ | 44,244 | $ | 48,597 | 6.88 | % | |||||||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC (24) (25) (26) | Equity- 2.11% membership interest | 19 | 18 | 0.00 | % | |||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | 44,263 | 48,615 | 6.88 | % | ||||||||||||||||||||||||||||||||||
Total investments | $ | 1,207,650 | $ | 1,212,376 | 171.75 | % |
Foreign currency forward contracts | ||||||||||||||
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized Appreciation/ (Depreciation) | ||||||||||
Wells Fargo Bank, National Association | USD 1,427 | CAD 1,926 | 10/13/2023 | $ | 9 | |||||||||
Total | $ | 9 | ||||||||||||
Currency Abbreviations: | ||||||||||||||
USD - U.S. Dollar | ||||||||||||||
CAD - Canadian Dollar |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt | ||||||||||||||||||||||||||||||||||||||
Air freight and logistics | ||||||||||||||||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.84 | % | 6/21/2028 | $ | 6,080 | $ | (103) | $ | (101) | (0.02) | % | ||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured revolving loan | S + | 6.00% | 10.84 | % | 6/21/2028 | 3,482 | 285 | 291 | 0.06 | % | |||||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.00% | 10.84 | % | 6/21/2028 | 13,477 | 13,225 | 13,252 | 2.51 | % | |||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.59 | % | 9/19/2027 | 4,527 | (85) | (79) | (0.01) | % | |||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.59 | % | 9/19/2027 | 1,687 | (32) | (29) | (0.01) | % | |||||||||||||||||||||||||||
Zipline Logistics, LLC | First lien senior secured term loan | S + | 5.75% | 10.59 | % | 9/19/2027 | 6,924 | 6,792 | 6,804 | 1.29 | % | |||||||||||||||||||||||||||
20,082 | 20,138 | 3.82 | % | |||||||||||||||||||||||||||||||||||
Auto components | ||||||||||||||||||||||||||||||||||||||
Raneys, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.59 | % | 6/7/2027 | $ | 1,522 | $ | (27) | $ | (25) | 0.00 | % | ||||||||||||||||||||||||
Raneys, LLC | First lien senior secured term loan | S + | 5.75% | 10.59 | % | 6/7/2027 | 7,364 | 7,231 | 7,243 | 1.37 | % | |||||||||||||||||||||||||||
7,204 | 7,218 | 1.37 | % | |||||||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.34 | % | 8/26/2027 | $ | 2,312 | $ | (43) | $ | (40) | (0.01) | % | ||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.34 | % | 8/26/2027 | 3,930 | 3,853 | 3,863 | 0.73 | % | |||||||||||||||||||||||||||
3,810 | 3,823 | 0.72 | % | |||||||||||||||||||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc. | First lien senior secured revolving loan | P + | 5.25% | 12.75 | % | 8/5/2028 | $ | 2,537 | $ | 376 | $ | 380 | 0.07 | % | ||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc. | First lien senior secured term loan | S + | 5.25% | 10.67 | % | 8/5/2028 | 17,757 | 17,412 | 17,452 | 3.30 | % | |||||||||||||||||||||||||||
17,788 | 17,832 | 3.37 | % | |||||||||||||||||||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 11.34 | % | 9/30/2027 | $ | 9,413 | $ | (82) | $ | (70) | (0.01) | % | ||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.33 | % | 9/30/2027 | 4,210 | 1,960 | 1,968 | 0.37 | % | |||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 6.50% | 11.34 | % | 9/30/2027 | 30,605 | 30,312 | 30,376 | 5.74 | % | |||||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.57 | % | 11/7/2028 | 4,560 | 2,442 | 2,442 | 0.46 | % | |||||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured term loan | S + | 5.75% | 10.55 | % | 11/7/2028 | 16,853 | 16,439 | 16,439 | 3.11 | % | |||||||||||||||||||||||||||
51,071 | 51,155 | 9.67 | % | |||||||||||||||||||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||||||||||||||||||
Bulk Lift International, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 11.28 | % | 11/15/2027 | $ | 1,748 | $ | (43) | $ | (43) | (0.01) | % | ||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.75% | 11.28 | % | 11/15/2027 | 5,816 | 5,673 | 5,673 | 1.07 | % | |||||||||||||||||||||||||||
K-1 Packaging Group, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.84 | % | 10/6/2027 | 6,748 | (161) | (152) | (0.03) | % | |||||||||||||||||||||||||||
K-1 Packaging Group, LLC | First lien senior secured term loan | S + | 6.00% | 10.84 | % | 10/6/2027 | 33,115 | 32,317 | 32,370 | 6.12 | % | |||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 10.34 | % | 8/5/2027 | 3,180 | (57) | (54) | (0.01) | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.34 | % | 8/5/2027 | 3,732 | (69) | (63) | (0.01) | % | |||||||||||||||||||||||||||
Sixarp, LLC | First lien senior secured term loan | S + | 5.50% | 10.34 | % | 8/5/2027 | 19,825 | 19,443 | 19,482 | 3.68 | % | |||||||||||||||||||||||||||
57,103 | 57,213 | 10.81 | % | |||||||||||||||||||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||||||||||||||||||
ACES Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.63 | % | 7/27/2027 | $ | 6,964 | $ | (127) | $ | (117) | (0.02) | % | ||||||||||||||||||||||||
ACES Intermediate, LLC | First lien senior secured term loan | S + | 5.75% | 10.63 | % | 7/27/2027 | 31,376 | 30,789 | 30,859 | 5.83 | % | |||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 10.92 | % | 12/30/2027 | 3,845 | (115) | (115) | (0.02) | % | |||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.92 | % | 12/30/2027 | 2,162 | (65) | (65) | (0.01) | % | |||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 6.50% | 10.92 | % | 12/30/2027 | 13,458 | 13,054 | 13,054 | 2.47 | % | |||||||||||||||||||||||||||
Yard-Nique, Inc (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 9.71 | % | 4/30/2026 | 6,086 | (72) | (68) | (0.01) | % | |||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured revolving loan | S + | 5.00% | 8.71 | % | 4/30/2026 | 870 | 250 | 251 | 0.05 | % | |||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured term loan | S + | 6.00% | 9.71 | % | 4/30/2026 | 6,739 | 6,651 | 6,661 | 1.26 | % | |||||||||||||||||||||||||||
50,365 | 50,460 | 9.55 | % | |||||||||||||||||||||||||||||||||||
Electrical equipment | ||||||||||||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.59 | % | 9/15/2028 | $ | 2,249 | $ | (43) | $ | (39) | (0.01) | % | ||||||||||||||||||||||||
WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.75% | 10.59 | % | 9/15/2028 | 10,035 | 9,841 | 9,859 | 1.86 | % | |||||||||||||||||||||||||||
9,798 | 9,820 | 1.85 | % | |||||||||||||||||||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||||||||||||||||||
ITSavvy LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 8.76 | % | 8/8/2028 | $ | 3,043 | $ | (25) | $ | (22) | 0.00 | % | ||||||||||||||||||||||||
ITSavvy LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.68 | % | 8/8/2028 | 1,741 | (16) | (13) | 0.00 | % | |||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured term loan | S + | 5.25% | 8.76 | % | 8/8/2028 | 11,244 | 11,138 | 11,162 | 2.11 | % | |||||||||||||||||||||||||||
11,097 | 11,127 | 2.11 | % | |||||||||||||||||||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||||||||||||||||||
Universal Pure, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.24 | % | 10/31/2028 | $ | 5,236 | $ | (140) | $ | (140) | (0.03) | % | ||||||||||||||||||||||||
Universal Pure, LLC (6)(8) | First lien senior secured revolving loan | S + | 6.00% | 10.24 | % | 10/31/2028 | 6,992 | (187) | (187) | (0.04) | % | |||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured term loan | S + | 6.00% | 10.24 | % | 10/31/2028 | 29,898 | 29,088 | 29,088 | 5.50 | % | |||||||||||||||||||||||||||
28,761 | 28,761 | 5.43 | % | |||||||||||||||||||||||||||||||||||
Food products | ||||||||||||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.73 | % | 8/19/2027 | $ | 5,846 | $ | (108) | $ | (100) | (0.02) | % | ||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured revolving loan | S + | 6.00% | 10.75 | % | 8/19/2027 | 3,383 | 1,291 | 1,295 | 0.24 | % | |||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 10.73 | % | 8/19/2027 | 23,326 | 22,883 | 22,923 | 4.33 | % | |||||||||||||||||||||||||||
Sun Orchard, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.69 | % | 7/8/2027 | 5,223 | 254 | 261 | 0.05 | % | |||||||||||||||||||||||||||
Sun Orchard, LLC | First lien senior secured term loan | S + | 5.25% | 10.09 | % | 7/8/2027 | 9,456 | 9,279 | 9,297 | 1.76 | % | |||||||||||||||||||||||||||
33,599 | 33,676 | 6.36 | % | |||||||||||||||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||||||||||||||||||
Medical Technology Associates, Inc. (6) | First lien senior secured revolving loan | S + | 6.00% | 10.84 | % | 7/25/2028 | $ | 1,929 | $ | (36) | $ | (33) | (0.01) | % | ||||||||||||||||||||||||
Medical Technology Associates, Inc. | First lien senior secured term loan | S + | 6.00% | 10.84 | % | 7/25/2028 | 6,713 | 6,585 | 6,599 | 1.25 | % | |||||||||||||||||||||||||||
Nasco Healthcare Inc. (6)(7) | First lien senior secured revolving loan | S + | 5.75% | 10.48 | % | 6/30/2025 | 3,322 | (38) | (38) | (0.01) | % |
Company(1)(2) | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nasco Healthcare Inc. | Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 10.48 | % | 6/30/2025 | 17,811 | 17,605 | 17,605 | 3.33 | % | Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 10.48 | % | 6/30/2025 | 17,811 | 17,605 | 17,605 | 3.33 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Surplus Solutions, LLC (6) | Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.66 | % | 11/30/2027 | 1,771 | (44) | (44) | (0.01) | % | Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.66 | % | 11/30/2027 | 1,771 | (44) | (44) | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Surplus Solutions, LLC | Surplus Solutions, LLC | First lien senior secured term loan | S + | 6.00% | 10.66 | % | 11/30/2027 | 10,143 | 9,894 | 9,894 | 1.87 | % | Surplus Solutions, LLC | First lien senior secured term loan | S + | 6.00% | 10.66 | % | 11/30/2027 | 10,143 | 9,894 | 9,894 | 1.87 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
33,966 | 33,983 | 6.42 | % | 33,966 | 33,983 | 6.42 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health care providers and services | Health care providers and services | Health care providers and services | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADVI Health, LLC (6) | ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 11.67 | % | 11/29/2027 | $ | 1,062 | $ | (26) | $ | (26) | 0.00 | % | ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 11.67 | % | 11/29/2027 | $ | 1,062 | $ | (26) | $ | (26) | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||
ADVI Health, LLC | ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 11.67 | % | 11/29/2027 | 6,242 | 6,089 | 6,089 | 1.15 | % | ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 11.67 | % | 11/29/2027 | 6,242 | 6,089 | 6,089 | 1.15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.19 | % | 6/7/2026 | 7,318 | (96) | (92) | (0.02) | % | Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 9.19 | % | 6/7/2026 | 7,318 | (96) | (92) | (0.02) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.19 | % | 6/7/2026 | 1,672 | (23) | (21) | 0.00 | % | Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 9.19 | % | 6/7/2026 | 1,672 | (23) | (21) | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured term loan | S + | 5.50% | 9.19 | % | 6/7/2026 | 12,962 | 12,779 | 12,800 | 2.42 | % | Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured term loan | S + | 5.50% | 9.19 | % | 6/7/2026 | 12,962 | 12,779 | 12,800 | 2.42 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC (6) | Change Academy at Lake of the Ozarks, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.98 | % | 8/2/2027 | 5,786 | (106) | (98) | (0.02) | % | Change Academy at Lake of the Ozarks, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 9.98 | % | 8/2/2027 | 5,786 | (106) | (98) | (0.02) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 5.25% | 9.98 | % | 8/2/2027 | 29,547 | 28,992 | 29,043 | 5.49 | % | Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 5.25% | 9.98 | % | 8/2/2027 | 29,547 | 28,992 | 29,043 | 5.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.90 | % | 11/2/2027 | 16,705 | 11,621 | 11,621 | 2.20 | % | Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.90 | % | 11/2/2027 | 16,705 | 11,621 | 11,621 | 2.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC (6) | Endodontic Practice Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.64 | % | 11/2/2027 | 1,918 | (37) | (37) | (0.01) | % | Endodontic Practice Partners, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 10.64 | % | 11/2/2027 | 1,918 | (37) | (37) | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 5.75% | 10.64 | % | 11/2/2027 | 14,927 | 14,636 | 14,636 | 2.77 | % | Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 5.75% | 10.64 | % | 11/2/2027 | 14,927 | 14,636 | 14,636 | 2.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IPC Pain Acquistion, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.44 | % | 5/19/2027 | 10,830 | (112) | (107) | (0.02) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPC Pain Acquistion, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.44 | % | 5/19/2027 | 1,115 | (15) | (13) | 0.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPC Pain Acquistion, LLC | First lien senior secured term loan | S + | 6.00% | 10.44 | % | 5/19/2027 | 2,785 | 2,745 | 2,751 | 0.52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC (6) | IPC Pain Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.44 | % | 5/19/2027 | 10,830 | (112) | (107) | (0.02) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC (6) | IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.44 | % | 5/19/2027 | 1,115 | (15) | (13) | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 10.44 | % | 5/19/2027 | 2,785 | 2,745 | 2,751 | 0.52 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. (6) | NH Kronos Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 10.00% | 14.24 | % | 11/1/2028 | 12,443 | (363) | (363) | (0.07) | % | NH Kronos Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 10.00% | 14.24 | % | 11/1/2028 | 12,443 | (363) | (363) | (0.07) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. | NH Kronos Buyer, Inc. | First lien senior secured term loan | S + | 6.25% | 10.49 | % | 11/1/2028 | 68,063 | 66,054 | 66,365 | 12.55 | % | NH Kronos Buyer, Inc. | First lien senior secured term loan | S + | 6.25% | 10.49 | % | 11/1/2028 | 68,063 | 66,054 | 66,365 | 12.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Propio LS, LLC | Propio LS, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.46 | % | 8/2/2027 | 3,619 | 2,648 | 2,653 | 0.50 | % | Propio LS, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.46 | % | 8/2/2027 | 3,619 | 2,648 | 2,653 | 0.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Propio LS, LLC | Propio LS, LLC | First lien senior secured term loan | S + | 5.50% | 10.38 | % | 8/2/2027 | 19,840 | 19,470 | 19,503 | 3.69 | % | Propio LS, LLC | First lien senior secured term loan | S + | 5.50% | 10.38 | % | 8/2/2027 | 19,840 | 19,470 | 19,503 | 3.69 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | Purpose Home Health Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.19 | % | 11/3/2027 | 6,682 | (145) | (145) | (0.03) | % | Purpose Home Health Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.19 | % | 11/3/2027 | 6,682 | (145) | (145) | (0.03) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.19 | % | 11/3/2027 | 1,918 | (42) | (42) | (0.01) | % | Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.19 | % | 11/3/2027 | 1,918 | (42) | (42) | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 11.19 | % | 11/3/2027 | 7,961 | 7,788 | 7,786 | 1.47 | % | Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 11.19 | % | 11/3/2027 | 7,961 | 7,788 | 7,786 | 1.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Spear Education Holdings, LLC (6) | Spear Education Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.50% | 11.94 | % | 12/15/2027 | 4,463 | (122) | (122) | (0.02) | % | Spear Education Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.50% | 11.94 | % | 12/15/2027 | 4,463 | (122) | (122) | (0.02) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Spear Education Holdings, LLC | Spear Education Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 11.94 | % | 12/15/2027 | 18,858 | 18,340 | 18,339 | 3.47 | % | Spear Education Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 11.94 | % | 12/15/2027 | 18,858 | 18,340 | 18,339 | 3.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.69 | % | 9/15/2026 | 16,598 | 5,908 | 5,913 | 1.12 | % | US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 9.69 | % | 9/15/2026 | 16,598 | 5,908 | 5,913 | 1.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | US Foot and Ankle Specialists, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.69 | % | 9/15/2026 | 2,699 | 631 | 635 | 0.12 | % | US Foot and Ankle Specialists, LLC | First lien senior secured revolving loan | S + | 5.25% | 9.69 | % | 9/15/2026 | 2,699 | 631 | 635 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 5.25% | 9.69 | % | 9/15/2026 | 21,020 | 20,672 | 20,705 | 3.91 | % | US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 5.25% | 9.69 | % | 9/15/2026 | 21,020 | 20,672 | 20,705 | 3.91 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
217,286 | 217,773 | 41.18 | % | 217,286 | 217,773 | 41.18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Health care technology | Health care technology | Health care technology | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc (6) | AHR Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.19 | % | 7/29/2027 | $ | 5,202 | $ | (31) | $ | (47) | (0.01) | % | AHR Intermediate, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 10.19 | % | 7/29/2027 | $ | 5,202 | $ | (31) | $ | (47) | (0.01) | % | ||||||||||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc | AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.75% | 10.19 | % | 7/29/2027 | 7,708 | 630 | 697 | 0.13 | % | AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.75% | 10.19 | % | 7/29/2027 | 7,708 | 630 | 697 | 0.13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc | AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.75% | 10.19 | % | 7/29/2027 | 24,292 | 24,012 | 24,050 | 4.55 | % | AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.75% | 10.19 | % | 7/29/2027 | 24,292 | 24,012 | 24,050 | 4.55 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
24,611 | 24,700 | 4.67 | % | 24,611 | 24,700 | 4.67 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Household durables | ||||||||||||||||||||||||||||||||||||||
CPS Power Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 10.89 | % | 9/26/2027 | $ | 3,018 | $ | (57) | $ | (53) | (0.01) | % | ||||||||||||||||||||||||
CPS Power Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.89 | % | 9/26/2027 | 1,687 | (32) | (29) | (0.01) | % | |||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 10.89 | % | 9/26/2027 | 5,118 | 5,019 | 5,028 | 0.95 | % | |||||||||||||||||||||||||||
Kwalu, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.84 | % | 9/23/2027 | 5,061 | (96) | (88) | (0.02) | % | |||||||||||||||||||||||||||
Kwalu, LLC | First lien senior secured term loan | S + | 6.00% | 10.84 | % | 9/23/2027 | 24,836 | 24,363 | 24,405 | 4.61 | % | |||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc. | First lien senior secured revolving loan | S + | 6.00% | 10.73 | % | 9/2/2027 | 3,374 | 2,877 | 2,883 | 0.55 | % | |||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc. | First lien senior secured term loan | S + | 6.00% | 10.73 | % | 9/2/2027 | 18,063 | 17,807 | 17,842 | 3.37 | % | |||||||||||||||||||||||||||
49,881 | 49,988 | 9.44 | % | |||||||||||||||||||||||||||||||||||
IT services | ||||||||||||||||||||||||||||||||||||||
ARC Healthcare Technologies, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.09 | % | 6/22/2025 | $ | 7,340 | $ | 661 | $ | 668 | 0.13 | % | ||||||||||||||||||||||||
ARC Healthcare Technologies, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.09 | % | 6/22/2025 | 3,341 | (34) | (30) | (0.01) | % | |||||||||||||||||||||||||||
ARC Healthcare Technologies, LLC | First lien senior secured term loan | S + | 5.25% | 10.09 | % | 6/22/2025 | 23,421 | 23,173 | 23,210 | 4.39 | % | |||||||||||||||||||||||||||
Icreon Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 10.94 | % | 10/26/2027 | 1,049 | (25) | (25) | 0.00 | % | |||||||||||||||||||||||||||
Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 10.94 | % | 10/26/2027 | 8,265 | 8,063 | 8,063 | 1.52 | % | |||||||||||||||||||||||||||
31,838 | 31,886 | 6.03 | % | |||||||||||||||||||||||||||||||||||
Machinery | ||||||||||||||||||||||||||||||||||||||
Double E Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 10.55 | % | 6/21/2028 | $ | 1,969 | $ | (17) | $ | (14) | 0.00 | % | ||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured revolving loan | P + | 5.00% | 12.50 | % | 6/21/2028 | 3,044 | 671 | 677 | 0.13 | % | |||||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured term loan | S + | 6.00% | 10.55 | % | 6/21/2028 | 17,455 | 17,290 | 17,337 | 3.28 | % | |||||||||||||||||||||||||||
17,944 | 18,000 | 3.41 | % | |||||||||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.97 | % | 8/19/2027 | $ | 3,383 | $ | 1,460 | $ | 1,465 | 0.28 | % | ||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.97 | % | 8/19/2027 | 26,168 | 25,664 | 25,717 | 4.86 | % | |||||||||||||||||||||||||||
RKD Group, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 10.73 | % | 8/17/2028 | 4,905 | (69) | (60) | (0.01) | % | |||||||||||||||||||||||||||
RKD Group, LLC | First lien senior secured term loan | S + | 6.00% | 10.73 | % | 8/17/2028 | 33,676 | 33,191 | 33,260 | 6.29 | % | |||||||||||||||||||||||||||
WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.26 | % | 12/16/2027 | 1,638 | (41) | (41) | (0.01) | % | |||||||||||||||||||||||||||
WTWH Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 11.26 | % | 12/16/2027 | 10,196 | 9,942 | 9,941 | 1.88 | % | |||||||||||||||||||||||||||
70,147 | 70,282 | 13.29 | % | |||||||||||||||||||||||||||||||||||
Professional services | ||||||||||||||||||||||||||||||||||||||
Helpware, Inc. | First lien senior secured revolving loan | S + | 5.75% | 10.59 | % | 9/8/2026 | $ | 5,061 | $ | 1,792 | $ | 1,800 | 0.34 | % | ||||||||||||||||||||||||
Helpware, Inc. | First lien senior secured term loan | S + | 5.75% | 10.41 | % | 9/8/2026 | 14,114 | 13,934 | 13,956 | 2.64 | % | |||||||||||||||||||||||||||
15,726 | 15,756 | 2.98 | % | |||||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.09 | % | 8/9/2028 | $ | 2,199 | $ | 196 | $ | 199 | 0.04 | % | ||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.09 | % | 8/9/2028 | 11,663 | 11,436 | 11,462 | 2.17 | % | |||||||||||||||||||||||||||
11,632 | 11,661 | 2.21 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Specialty retail | ||||||||||||||||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 10.91 | % | 6/30/2027 | $ | 1,520 | $ | 1,420 | $ | 1,422 | 0.27 | % | ||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 10.59 | % | 6/30/2027 | 1,741 | 1,017 | 1,020 | 0.19 | % | |||||||||||||||||||||||||||
Soccer Post Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 10.59 | % | 6/30/2027 | 7,590 | 7,465 | 7,480 | 1.41 | % | |||||||||||||||||||||||||||
9,902 | 9,922 | 1.87 | % | |||||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
Ascent Lifting, Inc. (6) | First lien senior secured revolving loan | S + | 6.50% | 10.17 | % | 9/9/2027 | $ | 1,350 | $ | (25) | $ | (23) | 0.00 | % | ||||||||||||||||||||||||
Ascent Lifting, Inc. | First lien senior secured term loan | S + | 6.50% | 10.17 | % | 9/9/2027 | 5,118 | 5,019 | 5,029 | 0.95 | % | |||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 9.87 | % | 8/5/2028 | 2,631 | 2,611 | 2,585 | 0.49 | % | |||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 9.87 | % | 8/5/2028 | 2,192 | 124 | 122 | 0.02 | % | |||||||||||||||||||||||||||
NEFCO Holding Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 11.30 | % | 8/5/2024 | 2,192 | (40) | (38) | (0.01) | % | |||||||||||||||||||||||||||
NEFCO Holding Company, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.30 | % | 8/5/2028 | 3,045 | (57) | (52) | (0.01) | % | |||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 6.50% | 11.30 | % | 8/5/2028 | 14,469 | 14,186 | 14,222 | 2.69 | % | |||||||||||||||||||||||||||
21,818 | 21,845 | 4.13 | % | |||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 795,429 | $ | 797,019 | 150.70 | % | ||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC(9)(10)(11) | Equity - 5.09% membership interest | $ | 27,234 | $ | 27,468 | 5.19 | % | |||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 27,234 | $ | 27,468 | 5.19 | % | ||||||||||||||||||||||||||||||||
Total investments | $ | 822,663 | $ | 824,487 | 155.89 | % |
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 1,163,375 | $ | 1,163,749 | $ | 795,429 | $ | 797,019 | |||||||||||||||
Sponsor subordinated note | 12 | 12 | — | — | |||||||||||||||||||
Investment in affiliated funds | 44,263 | 48,615 | 27,234 | 27,468 | |||||||||||||||||||
Total investments | $ | 1,207,650 | $ | 1,212,376 | $ | 822,663 | $ | 824,487 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 943,989 | $ | 945,778 | $ | 795,429 | $ | 797,019 | |||||||||||||||
Investment in affiliated funds | 34,165 | 38,564 | 27,234 | 27,468 | |||||||||||||||||||
Total investments | $ | 978,154 | $ | 984,342 | $ | 822,663 | $ | 824,487 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Aerospace and defense | Aerospace and defense | 0.2 | % | — | % | |||||||||||||||||
Air freight and logistics | Air freight and logistics | 2.0 | % | 2.4 | % | Air freight and logistics | 1.7 | % | 2.4 | % | ||||||||||||
Auto components | Auto components | 2.0 | % | 0.9 | % | Auto components | 1.9 | % | 0.9 | % | ||||||||||||
Chemicals | Chemicals | 0.4 | % | 0.5 | % | Chemicals | 0.9 | % | 0.5 | % | ||||||||||||
Commercial services and supplies | Commercial services and supplies | 3.0 | % | 2.2 | % | Commercial services and supplies | 3.4 | % | 2.2 | % | ||||||||||||
Construction and engineering | Construction and engineering | 6.3 | % | 6.2 | % | Construction and engineering | 5.4 | % | 6.2 | % | ||||||||||||
Containers and packaging | Containers and packaging | 5.8 | % | 6.9 | % | Containers and packaging | 5.8 | % | 6.9 | % | ||||||||||||
Distributors | Distributors | 0.1 | % | — | % | |||||||||||||||||
Diversified consumer services | Diversified consumer services | 6.8 | % | 6.1 | % | Diversified consumer services | 7.2 | % | 6.1 | % | ||||||||||||
Electrical equipment | Electrical equipment | 1.0 | % | 1.2 | % | Electrical equipment | 0.9 | % | 1.2 | % | ||||||||||||
Electronic equipment, instruments and components | Electronic equipment, instruments and components | 1.3 | % | 1.3 | % | Electronic equipment, instruments and components | 1.3 | % | 1.3 | % | ||||||||||||
Food and staples retailing | Food and staples retailing | 1.9 | % | 3.5 | % | Food and staples retailing | 2.0 | % | 3.5 | % | ||||||||||||
Food products | Food products | 4.1 | % | 4.1 | % | Food products | 4.4 | % | 4.1 | % | ||||||||||||
Gas utilities | Gas utilities | 0.1 | % | — | % | |||||||||||||||||
Health care equipment and supplies | Health care equipment and supplies | 4.3 | % | 4.1 | % | Health care equipment and supplies | 3.7 | % | 4.1 | % | ||||||||||||
Health care providers and services | Health care providers and services | 28.6 | % | 26.4 | % | Health care providers and services | 27.1 | % | 26.4 | % | ||||||||||||
Health care technology | Health care technology | 2.8 | % | 3.0 | % | Health care technology | 2.6 | % | 3.0 | % | ||||||||||||
Household durables | Household durables | 7.0 | % | 6.1 | % | Household durables | 6.1 | % | 6.1 | % | ||||||||||||
Industrial Conglomerates | Industrial Conglomerates | 1.4 | % | — | % | Industrial Conglomerates | 1.2 | % | — | % | ||||||||||||
Internet and direct marketing retail | Internet and direct marketing retail | 0.3 | % | — | % | |||||||||||||||||
IT services | IT services | 0.8 | % | 3.9 | % | IT services | 1.0 | % | 3.9 | % | ||||||||||||
Leisure equipment and products | Leisure equipment and products | 0.2 | % | — | % | |||||||||||||||||
Leisure products | Leisure products | 0.1 | % | — | % | |||||||||||||||||
Life sciences tools and services | Life sciences tools and services | 0.1 | % | — | % | |||||||||||||||||
Machinery | Machinery | 1.9 | % | 2.2 | % | Machinery | 1.8 | % | 2.2 | % | ||||||||||||
Media | Media | 7.1 | % | 8.5 | % | Media | 8.0 | % | 8.5 | % | ||||||||||||
Metals and mining | Metals and mining | 0.2 | % | — | % | |||||||||||||||||
Multisector holdings | Multisector holdings | 3.9 | % | 3.3 | % | Multisector holdings | 4.0 | % | 3.3 | % | ||||||||||||
Pharmaceuticals | Pharmaceuticals | 0.1 | % | — | % | |||||||||||||||||
Personal products | Personal products | 0.2 | % | — | % | |||||||||||||||||
Professional services | Professional services | 1.6 | % | 1.9 | % | Professional services | 1.3 | % | 1.9 | % | ||||||||||||
Real estate management and development | Real estate management and development | 0.2 | % | — | % | |||||||||||||||||
Semiconductors and semiconductor equipment | Semiconductors and semiconductor equipment | 0.1 | % | — | % | |||||||||||||||||
Software | Software | 1.2 | % | 1.4 | % | Software | 1.4 | % | 1.4 | % | ||||||||||||
Specialty retail | Specialty retail | 0.9 | % | 1.2 | % | Specialty retail | 1.1 | % | 1.2 | % | ||||||||||||
Trading companies and distributors | Trading companies and distributors | 3.9 | % | 2.7 | % | Trading companies and distributors | 3.8 | % | 2.7 | % | ||||||||||||
Water utilities | Water utilities | 0.1 | % | — | % | |||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % |
Assets at Fair Value as of June 30, 2023 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
First lien senior secured debt | $ | — | $ | — | $ | 945,778 | $ | 945,778 | |||||||||||||||
Total | $ | — | $ | — | $ | 945,778 | $ | 945,778 |
Assets at Fair Value as of September 30, 2023 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
First lien senior secured debt | $ | — | $ | — | $ | 1,163,749 | $ | 1,163,749 | |||||||||||||||
Sponsor subordinated note | — | — | 12 | 12 | |||||||||||||||||||
Foreign currency forward contracts | — | 9 | — | 9 | |||||||||||||||||||
Total | $ | — | $ | 9 | $ | 1,163,761 | $ | 1,163,770 | |||||||||||||||
Investments measured at net asset value(1) | $ | 48,615 | |||||||||||||||||||||
Total financial instruments, at fair value | $ | 1,212,385 |
Assets at Fair Value as of December 31, 2022 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
First lien senior secured debt | $ | — | $ | — | $ | 797,019 | $ | 797,019 | |||||||||||||||
Total | $ | — | $ | — | $ | 797,019 | $ | 797,019 | |||||||||||||||
Investments measured at net asset value(1) | $ | 27,468 | |||||||||||||||||||||
Total financial instruments, at fair value | $ | 824,487 |
Level 3 Assets at Fair Value for the Three Months Ended June 30, 2023* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 4/1/2023 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2023 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 851,253 | $ | 138,578 | $ | (45,480) | $ | 1,398 | $ | — | $ | 29 | $ | 945,778 | $ | 29 | |||||||||||||||||||||||||||||||
Total | $ | 851,253 | $ | 138,578 | $ | (45,480) | $ | 1,398 | $ | — | $ | 29 | $ | 945,778 | $ | 29 |
Level 3 Assets at Fair Value for the Six Months Ended June 30, 2023* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/1/2023 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2023 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2023 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 797,019 | $ | 246,821 | $ | (100,847) | $ | 2,604 | $ | (18) | $ | 199 | $ | 945,778 | $ | 199 | |||||||||||||||||||||||||||||||
Total | $ | 797,019 | $ | 246,821 | $ | (100,847) | $ | 2,604 | $ | (18) | $ | 199 | $ | 945,778 | $ | 199 |
Level 3 Assets at Fair Value for the Three Months Ended June 30, 2022* | Level 3 Assets at Fair Value for the Three Months Ended September 30, 2023* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Balance 4/1/2022 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2022 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022 | (Amounts in thousands) | Balance 7/1/2023 | Purchases and Drawdowns(1) | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2023 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | First lien senior secured debt | $ | — | $ | 83,747 | $ | — | $ | 25 | $ | — | $ | (6) | $ | 83,766 | $ | (6) | First lien senior secured debt | $ | 945,778 | $ | 256,112 | $ | (38,883) | $ | 2,154 | $ | 3 | $ | (1,415) | $ | 1,163,749 | $ | (1,415) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsor subordinated note | Sponsor subordinated note | — | 12 | — | — | — | — | 12 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 83,747 | $ | — | $ | 25 | $ | — | $ | (6) | $ | 83,766 | $ | (6) | Total | $ | 945,778 | $ | 256,124 | $ | (38,883) | $ | 2,154 | $ | 3 | $ | (1,415) | $ | 1,163,761 | $ | (1,415) |
Level 3 Assets at Fair Value for the period from January 27, 2022 (Inception) to June 30, 2022* | Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2023* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Balance 1/27/2022 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 6/30/2022 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 6/30/2022 | (Amounts in thousands) | Balance 1/1/2023 | Purchases and Drawdowns(1) | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2023 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | First lien senior secured debt | $ | — | $ | 83,747 | $ | — | $ | 25 | $ | — | $ | (6) | $ | 83,766 | $ | (6) | First lien senior secured debt | $ | 797,019 | $ | 502,933 | $ | (139,730) | $ | 4,758 | $ | (15) | $ | (1,216) | $ | 1,163,749 | $ | (1,216) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sponsor subordinated note | Sponsor subordinated note | — | 12 | — | — | — | — | 12 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | 83,747 | $ | — | $ | 25 | $ | — | $ | (6) | $ | 83,766 | $ | (6) | Total | $ | 797,019 | $ | 502,945 | $ | (139,730) | $ | 4,758 | $ | (15) | $ | (1,216) | $ | 1,163,761 | $ | (1,216) |
Level 3 Assets at Fair Value for the Three Months Ended September 30, 2022* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 7/1/2022 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2022 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2022 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 83,766 | $ | 472,432 | $ | (36,260) | $ | 519 | $ | 72 | $ | 301 | $ | 520,830 | $ | 301 | |||||||||||||||||||||||||||||||
Total | $ | 83,766 | $ | 472,432 | $ | (36,260) | $ | 519 | $ | 72 | $ | 301 | $ | 520,830 | $ | 301 | |||||||||||||||||||||||||||||||
Level 3 Assets at Fair Value for the period from January 27, 2022 (Inception) to September 30, 2022* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/27/2022 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 9/30/2022 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2022 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | — | $ | 556,179 | $ | (36,260) | $ | 544 | $ | 72 | $ | 295 | $ | 520,830 | $ | 295 | |||||||||||||||||||||||||||||||
Total | $ | — | $ | 556,179 | $ | (36,260) | $ | 544 | $ | 72 | $ | 295 | $ | 520,830 | $ | 295 |
Asset Class | Fair Value as of 6/30/23 | Valuation Techniques | Significant Unobservable Inputs | Input Ranges | Weighted Average (1) | Impact to Valuation from an Increase in Input | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 862,686 | Discounted cash flow | Yield | 10.3% - 13.3% | 11.3 | % | Decrease | ||||||||||||||||||||||||||||||
$ | 862,686 |
Asset Class | Fair Value as of 9/30/23 | Valuation Techniques | Significant Unobservable Inputs | Input Ranges | Weighted Average (1) | Impact to Valuation from an Increase in Input | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 1,116,707 | Discounted cash flow | Yield | 10.8% - 25.1% | 12.0 | % | Decrease | ||||||||||||||||||||||||||||||
2,365 | Market comparable | Forward EBITDA multiple | 42.1x | 42.1x | Increase | |||||||||||||||||||||||||||||||||
Sponsor subordinated note | 12 | Market comparable | LTM EBITDA multiple | 7.6x | 7.6x | Increase | ||||||||||||||||||||||||||||||||
$ | 1,119,084 |
Asset Class | Fair Value as of 12/31/22 | Valuation Techniques | Significant Unobservable Inputs | Input Ranges | Weighted Average (1) | Impact to Valuation from an Increase in Input | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 529,200 | Discounted cash flow | Yield | 9.7% - 13.0% | 10.7 | % | Decrease | ||||||||||||||||||||||||||||||
$ | 529,200 |
(Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | January 27, 2022 (Inception) to September 30, 2022 | ||||||||||||||||||||||
Interest expense | $ | 11,267 | $ | 1,763 | $ | 27,717 | $ | 1,822 | ||||||||||||||||||
Amortization of deferred financing costs | 503 | 252 | 1,370 | 297 | ||||||||||||||||||||||
Total interest expense | $ | 11,770 | $ | 2,015 | $ | 29,087 | $ | 2,119 | ||||||||||||||||||
Average interest rate | 7.97 | % | 4.72 | % | 7.56 | % | 4.72 | % | ||||||||||||||||||
Average daily borrowings | $ | 495,756 | $ | 126,133 | $ | 423,551 | $ | 47,009 |
As of June 30, 2023 | As of September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | ||||||||||||||||||||||||||||||||||||||||||||||
ASPV Credit Facility | ASPV Credit Facility | $ | 300,000 | $ | 91,400 | $ | 44,073 | $ | 91,400 | $ | 229,779 | ASPV Credit Facility | $ | 300,000 | $ | 117,000 | $ | 54,628 | $ | 117,000 | $ | 264,739 | ||||||||||||||||||||||||||||||||||||
MSPV Credit Facility | MSPV Credit Facility | $ | 500,000 | $ | 331,800 | $ | 92,215 | $ | 331,800 | $ | 664,825 | MSPV Credit Facility | $ | 500,000 | $ | 351,800 | $ | 53,042 | $ | 351,800 | $ | 638,499 | ||||||||||||||||||||||||||||||||||||
Total debt | $ | 800,000 | $ | 423,200 | $ | 136,288 | $ | 423,200 | $ | 894,604 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total credit facilities | Total credit facilities | $ | 800,000 | $ | 468,800 | $ | 107,670 | $ | 468,800 | $ | 903,238 |
As of December 31, 2022 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | |||||||||||||||||||||||||||||||||||||||||||
ASPV Credit Facility | ASPV Credit Facility | $ | 300,000 | $ | 20,000 | $ | 311 | $ | 20,000 | $ | 62,932 | ASPV Credit Facility | $ | 300,000 | $ | 20,000 | $ | 311 | $ | 20,000 | $ | 63,592 | |||||||||||||||||||||||||||||||||
MSPV Credit Facility | MSPV Credit Facility | $ | 500,000 | $ | 303,200 | $ | 130,417 | $ | 303,200 | $ | 677,575 | MSPV Credit Facility | $ | 500,000 | $ | 303,200 | $ | 130,417 | $ | 303,200 | $ | 677,575 | |||||||||||||||||||||||||||||||||
Total debt | $ | 800,000 | $ | 323,200 | $ | 130,728 | $ | 323,200 | $ | 740,507 | |||||||||||||||||||||||||||||||||||||||||||||
Total credit facilities | Total credit facilities | $ | 800,000 | $ | 323,200 | $ | 130,728 | $ | 323,200 | $ | 741,167 |
(Amounts in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | ||||||||||||||||||||||
Interest expense | $ | 9,196 | $ | 59 | $ | 16,450 | $ | 59 | ||||||||||||||||||
Amortization of deferred financing costs | 429 | 45 | 867 | 45 | ||||||||||||||||||||||
Total interest expense | $ | 9,625 | $ | 104 | $ | 17,317 | $ | 104 | ||||||||||||||||||
Average interest rate | 7.46 | % | 2.26 | % | 7.30 | % | 2.26 | % | ||||||||||||||||||
Average daily borrowings | $ | 414,790 | $ | 88 | $ | 386,850 | $ | 52 |
Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2023 | Investment in Affiliated Funds at Fair Value for the Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Fair Value as of April 1, 2023 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2023 | Dividend, Interest, PIK and Other Income | (Amounts in thousands) | Fair Value as of July 1, 2023 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2023 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | Twin Brook Equity Holdings, LLC | $ | 33,380 | $ | 3,542 | $ | (2) | $ | — | $ | 1,644 | $ | 38,564 | $ | — | Twin Brook Equity Holdings, LLC | $ | 38,564 | $ | 10,091 | $ | (17) | $ | 5 | $ | (46) | $ | 48,597 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC | Twin Brook Segregated Equity Holdings, LLC | — | 19 | — | — | (1) | 18 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | Total non-controlled/affiliated investments | $ | 33,380 | $ | 3,542 | $ | (2) | $ | — | $ | 1,644 | $ | 38,564 | $ | — | Total non-controlled/affiliated investments | $ | 38,564 | $ | 10,110 | $ | (17) | $ | 5 | $ | (47) | $ | 48,615 | $ | — |
Investment in Affiliated Funds at Fair Value for the Six Months Ended June 30, 2023 | Investment in Affiliated Funds at Fair Value for the Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Fair Value as of January 1, 2023 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2023 | Dividend, Interest, PIK and Other Income | (Amounts in thousands) | Fair Value as of January 1, 2023 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2023 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | Twin Brook Equity Holdings, LLC | $ | 27,468 | $ | 6,933 | $ | (2) | $ | — | $ | 4,165 | $ | 38,564 | $ | — | Twin Brook Equity Holdings, LLC | $ | 27,468 | $ | 17,024 | $ | (19) | $ | 5 | $ | 4,119 | $ | 48,597 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC | Twin Brook Segregated Equity Holdings, LLC | — | 19 | — | — | (1) | 18 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | Total non-controlled/affiliated investments | $ | 27,468 | $ | 6,933 | $ | (2) | $ | — | $ | 4,165 | $ | 38,564 | $ | — | Total non-controlled/affiliated investments | $ | 27,468 | $ | 17,043 | $ | (19) | $ | 5 | $ | 4,118 | $ | 48,615 | $ | — |
Investment in Affiliated Funds at Fair Value for the Three Months Ended June 30, 2022 | Investment in Affiliated Funds at Fair Value for the Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Fair Value as of April 1, 2022 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2022 | Dividend, Interest, PIK and Other Income | (Amounts in thousands) | Fair Value as of July 1, 2022 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2022 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | Twin Brook Equity Holdings, LLC | $ | — | $ | 2,248 | $ | — | $ | — | $ | — | $ | 2,248 | $ | — | Twin Brook Equity Holdings, LLC | $ | 2,248 | $ | 15,537 | $ | — | $ | — | $ | — | $ | 17,785 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | Total non-controlled/affiliated investments | $ | — | $ | 2,248 | $ | — | $ | — | $ | — | $ | 2,248 | $ | — | Total non-controlled/affiliated investments | $ | 2,248 | $ | 15,537 | $ | — | $ | — | $ | — | $ | 17,785 | $ | — |
Investment in Affiliated Funds at Fair Value for the Period from January 27, 2022 (Inception) to June 30, 2022 | Investment in Affiliated Funds at Fair Value for the Period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Fair Value as of January 27, 2022 (Inception) | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of June 30, 2022 | Dividend, Interest, PIK and Other Income | (Amounts in thousands) | Fair Value as of January 27, 2022 (Inception) | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of September 30, 2022 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | Non-controlled/affiliated investments | Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | Twin Brook Equity Holdings, LLC | $ | — | $ | 2,248 | $ | — | $ | — | $ | — | $ | 2,248 | $ | — | Twin Brook Equity Holdings, LLC | $ | — | $ | 17,785 | $ | — | $ | — | $ | — | $ | 17,785 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | Total non-controlled/affiliated investments | $ | — | $ | 2,248 | $ | — | $ | — | $ | — | $ | 2,248 | $ | — | Total non-controlled/affiliated investments | $ | — | $ | 17,785 | $ | — | $ | — | $ | — | $ | 17,785 | $ | — |
Counterparty | Gross Amount of Assets | Gross Amount of Liabilities | Net Amount of Assets/(Liabilities) | Collateral Received/Pledged(1) | Net Amounts(2) | ||||||||||||||||||||||||
Wells Fargo Bank, National Association | 9 | — | $ | 9 | $ | — | $ | 9 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Net change in unrealized gain (loss) on foreign currency forward contracts | $ | 9 | $ | 9 |
Portfolio Company | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | (Amounts in thousands) | (Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
A.P.A. Industries, LLC | $ | 1,523 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACES Intermediate, LLC | 6,964 | 6,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADVI Health, LLC | 1,062 | 1,062 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc | 8,290 | 12,139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ARC Healthcare Technologies, LLC | — | 9,947 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ascent Lifting, Inc. | 1,834 | 1,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beghou Consulting, LLC | 2,654 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | 7,263 | 8,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | 3,387 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | 7,876 | 7,876 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bulk Lift International, LLC | 1,748 | 1,748 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | 4,436 | 5,786 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CL Services Acquisition, LLC | 4,852 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CPS Power Buyer, LLC | 2,049 | 4,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | 2,312 | 2,312 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Double E Company, LLC | 3,694 | 4,314 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | 5,301 | 6,696 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | 2,923 | 6,007 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | 2,991 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
H2 Holdco, Inc. | 9,549 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Helpware, Inc. | 3,205 | 3,205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hultec Buyer, LLC | 3,442 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Icreon Holdings, LLC | 1,049 | 1,049 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc. | 2,537 | 2,114 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPC Pain Acquistion, LLC | 2,188 | 11,945 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | 2,132 | 11,624 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ITSavvy LLC | 1,969 | 4,784 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
K-1 Packaging Group, LLC. | 6,748 | 6,748 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kwalu, LLC | 5,061 | 5,061 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Load One Purchaser Corporation | 9,214 | 9,214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc. | 450 | 445 |
Portfolio Company | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Medical Technology Associates, Inc. | 1,929 | 1,929 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MWEC Management, LLC | 3,192 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nasco Healthcare Inc. | 2,492 | 3,322 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | 3,551 | 7,270 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. | 12,443 | 12,443 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | 2,199 | 1,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Propio LS, LLC | 3,040 | 905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | 8,600 | 8,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QLS Buyer, Inc | 1,591 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Raneys, LLC | 5,022 | 1,522 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renovation Systems, LLC | 3,076 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RKD Group, LLC | 4,905 | 4,905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rose Paving, LLC | 2,562 | 2,006 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shasta Buyer, LLC | 1,911 | 1,962 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sixarp, LLC | 6,912 | 6,912 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Soccer Post Acquisition, LLC | 1,608 | 772 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spear Education Holdings, LLC | 4,463 | 4,463 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sun Orchard, LLC | 5,223 | 4,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surplus Solutions, LLC | 1,771 | 1,771 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC | 1,965 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Universal Pure, LLC | 5,380 | 12,228 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | 8,664 | 12,467 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC | 2,249 | 2,249 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WTWH Buyer, LLC | 1,638 | 1,638 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Yard-Nique, Inc | 6,500 | 6,695 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Zipline Logistics, LLC | 6,214 | 6,214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unfunded portfolio company commitments | $ | 227,803 | $ | 243,089 |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
First lien senior secured debt | (Amounts in thousands) | (Amounts in thousands) | ||||||
626 Holdings Equity, LLC | $ | 129 | $ | — | ||||
A.P.A Industries, LLC | 1,523 | $ | — | |||||
ACES Intermediate, LLC | 6,403 | 6,964 | ||||||
Advanced Lighting Acquisition, LLC | 324 | — | ||||||
ADVI Health, LLC | 1,062 | 1,062 | ||||||
AEP Passion Intermediate Holdings, Inc. | 30 | — | ||||||
AFC Industries, Inc. | 126 | — | ||||||
Affinitiv, Inc. | 248 | — | ||||||
Agility Intermediate, Inc. | 53 | — | ||||||
AHR Intermediate, Inc | 7,072 | 12,139 | ||||||
ARC Healthcare Technologies, LLC | — | 9,947 | ||||||
Alliance Environmental Group, LLC | 28 | — | ||||||
ALM Media, LLC | 971 | — | ||||||
Altamira Material Solutions, LP | 45 | — | ||||||
AM Buyer, LLC | 79 | — | ||||||
Answer Acquisition, LLC | 18 | — | ||||||
Apex Dental Partners, LLC | 122 | — | ||||||
Aptitude Health Holdings, LLC | 267 | — | ||||||
Aquatic Sales Solutions, LLC | 89 | — | ||||||
ASC Ortho Management, LLC | 57 | — | ||||||
Ascent Lifting, Inc. | 2,500 | 1,345 | ||||||
ASP Global Acquisition, LLC | 485 | — | ||||||
AvCarb, LLC | 38 | — | ||||||
Banner Buyer, LLC | 370 | — | ||||||
Barkley, LLC | 2,300 | — | ||||||
BBG Intermediate Holdings, Inc. | 62 | — | ||||||
BCI Burke Holding Corp. | 185 | — | ||||||
Beacon Oral Specialists Management LLC | 188 | — | ||||||
Beghou Consulting, LLC | 2,714 | — | ||||||
Behavior Frontiers, LLC | 38 | — | ||||||
Benefit Plan Administrators of Eau Claire, LLC | 7,443 | 8,990 | ||||||
Bio Agri Mix Holdings Inc. | 85 | — | ||||||
BPCP EE Intermedco LLC | 3,387 | — | ||||||
BPCP WLF Intermedco LLC | 7,876 | 7,876 | ||||||
Brightview, LLC | 96 | — | ||||||
Bulk Lift International, LLC | 1,801 | 1,748 | ||||||
Canadian Orthodontic Partners Corp. | 23 | — | ||||||
CCG Acquisition, Inc. | 19 | — | ||||||
Champion Motorsports Group, LLC | 56 | — | ||||||
Change Academy at Lake of the Ozarks, LLC | 2,556 | 5,786 | ||||||
CL Services Acquisition, LLC | 4,976 | — |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
Community Care Partners, LLC | 31 | — | ||||||
Copperweld Group, Inc. | 339 | — | ||||||
Cosmetic Solutions, LLC | 344 | — | ||||||
CPS HVAC Group, LLC | 143 | — | ||||||
CPS Power Buyer, LLC | 2,049 | 4,705 | ||||||
CR Services Intermediate, LLC | 225 | — | ||||||
Custom Agronomics Holdings, LLC | 2,357 | 2,312 | ||||||
DealerOn Inc. | 314 | — | ||||||
Dermatology Medical Partners OpCo, LLC | 26 | — | ||||||
Diamondback Buyer, LLC | 45 | — | ||||||
DNS IMI Acquisition Corp | 121 | — | ||||||
Domino Equipment Company, LLC | 79 | — | ||||||
Double E Company, LLC | 3,664 | 4,314 | ||||||
Dykstra's Auto, LLC | 182 | — | ||||||
Edko Acquisition, LLC | 38 | — | ||||||
EH Management Company, LLC | 26 | — | ||||||
Empire Equipment Company, LLC | 408 | — | ||||||
EMSAR Acquisition LLC | 13 | — | ||||||
Endodontic Practice Partners, LLC | 5,415 | 6,696 | ||||||
Engelman Baking Co., LLC | 186 | — | ||||||
E-Phoenix Acquisition Co. Inc. | 75 | — | ||||||
Esquire Deposition Solutions, LLC | 5,735 | 6,007 | ||||||
Exclusive Concepts, LLC | 23 | — | ||||||
Flourish Research Acquisition, LLC | 1,247 | — | ||||||
Formulated Buyer, LLC | 249 | — | ||||||
Franchise Fastlane, LLC | 15 | — | ||||||
FreshAddress, LLC | 30 | — | ||||||
Geriatric Medical and Surgical Supply, LLC | 248 | — | ||||||
Gold Medal Holdings, Inc. | 5 | — | ||||||
Golden Bear PT Partners, LLC | 22 | — | ||||||
Green Monster Acquisition, LLC | 11 | — | ||||||
Guardian Dentistry Practice Management, LLC | 4 | — | ||||||
H2 Holdco, Inc. | 9,789 | — | ||||||
Helpware, Inc. | 3,205 | 3,205 | ||||||
Highland Acquisition, Inc. | 30 | — | ||||||
HLSG Intermediate, LLC | 40 | — | ||||||
Home Brands Group Holdings, Inc. | 48 | — | ||||||
Hultec Buyer, LLC | 3,915 | — | ||||||
Hydromax USA, LLC | 228 | — | ||||||
Icelandirect, LLC | 6 | — | ||||||
Icreon Holdings, LLC | 1,071 | 1,049 | ||||||
IMA Group Management Company, LLC | 209 | — | ||||||
Industrial Air Flow Dynamics, Inc. | 2,537 | 2,114 | ||||||
Infolinks Media Buyco, LLC | 53 | — | ||||||
Innovative FlexPak, LLC | 31 | — |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
IPC Pain Acquisition, LLC | 2,240 | 11,945 | ||||||
Ironhorse Purchaser, LLC | 2,132 | 11,624 | ||||||
ISSA, LLC | 105 | — | ||||||
ITSavvy LLC | 2,012 | 4,784 | ||||||
Johns Byrne LLC | 3,527 | — | ||||||
Juniper Landscaping Holdings LLC | 22 | — | ||||||
K-1 Packaging Group, LLC. | 6,748 | 6,748 | ||||||
Kalkomey Enterprises, LLC | 66 | — | ||||||
Kwalu, LLC | 5,061 | 5,061 | ||||||
Leonard Group, Inc. | 234 | — | ||||||
Load One Purchaser Corporation | 9,609 | 9,214 | ||||||
MacKenzie Childs Acquisition, Inc. | 450 | 445 | ||||||
MacNeill Pride Group Corp. | 332 | — | ||||||
Mad Rose Company, LLC | 8 | — | ||||||
Main Street Gourmet, LLC | 662 | — | ||||||
Mattco Forge, Inc. | 506 | — | ||||||
Medical Technology Associates, Inc. | 1,966 | 1,929 | ||||||
MetaSource, LLC | 94 | — | ||||||
Millennia Patient Services, LLC | 67 | — | ||||||
Montway LLC | 150 | — | ||||||
MRC Keeler Acquisition, LLC | 150 | — | ||||||
MWEC Management, LLC | 2,967 | — | ||||||
Nasco Healthcare Inc. | 2,658 | 3,322 | ||||||
NEFCO Holding Company, LLC | 3,855 | 7,270 | ||||||
Nelson Name Plate Company | 90 | — | ||||||
Network Partners Acquisition, LLC | 150 | — | ||||||
NH Kronos Buyer, Inc. | 12,705 | 12,443 | ||||||
Nimlok Company, LLC | 320 | — | ||||||
NutriScience Innovations, LLC | 131 | — | ||||||
Optimized Marketing Acquisition, LLC | 1,861 | 1,861 | ||||||
P and R Dental Strategies, LLC | 23 | — | ||||||
Peak Dental Services, LLC | 38 | — | ||||||
Peak Investment Holdings, LLC | 404 | — | ||||||
Pentec Acquisition Corp. | 75 | — | ||||||
PHGP MB Purchaser, Inc. | 130 | — | ||||||
Pink Lily Holdings, LLC | 63 | — | ||||||
PPW Acquisition, LLC | 28 | — | ||||||
PRA Acquisition, LLC | 56 | — | ||||||
Propio LS, LLC | — | 905 | ||||||
Purpose Home Health Acquisition, LLC | 8,788 | 8,600 | ||||||
Qin's Buffalo, LLC | 113 | — | ||||||
QLS Buyer, Inc | 1,629 | — | ||||||
Raneys, LLC | 5,059 | 1,522 | ||||||
Reliable Medical Supply LLC | 57 | — | ||||||
Renovation Systems, LLC | 1,474 | — |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
Revival Animal Health, LLC | 86 | — | ||||||
RKD Group, LLC | 3,924 | 4,905 | ||||||
Rose Paving, LLC | 1,746 | 2,006 | ||||||
RQM Buyer, Inc. | 161 | — | ||||||
RTP Acquisition, LLC | 26 | — | ||||||
Sage Dental Management, LLC | 30 | — | ||||||
SAMGI Buyer, Inc. | 138 | — | ||||||
SASE Company, LLC | 15 | — | ||||||
SCA Buyer, LLC | 13 | — | ||||||
SCP Beverage Buyer, LLC | 38 | — | ||||||
SCP ENT and Allergy Services, LLC | 174 | — | ||||||
Shasta Buyer, LLC | 2,081 | 1,962 | ||||||
ShiftKey, LLC | 110 | — | ||||||
Signature Dental Partners LLC | 30 | — | ||||||
Silver Falls MSO, LLC | 95 | — | ||||||
SimiTree Acquisition LLC | 186 | — | ||||||
SIMKO Merger Sub, LLC | 6,820 | — | ||||||
Sixarp, LLC | 6,912 | 6,912 | ||||||
Soccer Post Acquisition, LLC | 1,856 | 772 | ||||||
Southeast Primary Care Partners, LLC | 36 | — | ||||||
Southern Orthodontic Partners Management, LLC | 171 | — | ||||||
Southern Sports Medicine Partners, LLC | 35 | — | ||||||
Spear Education Holdings, LLC | 4,463 | 4,463 | ||||||
Spectrum Solutions, LLC | 267 | — | ||||||
Starwest Botanicals Acquisition, LLC | 47 | — | ||||||
Stax Holding Company, LLC | 60 | — | ||||||
Steel City Wash, LLC | 9 | — | ||||||
Storm Smart Buyer LLC | 105 | — | ||||||
Sun Orchard, LLC | 5,336 | 4,875 | ||||||
Surplus Solutions, LLC | 1,771 | 1,771 | ||||||
Teel Plastics, LLC | 324 | — | ||||||
The Channel Company, LLC | 3 | — | ||||||
Trademark Global, LLC | 32 | — | ||||||
Treat Planet Acquisition, LLC | 1,965 | — | ||||||
Triad Technologies, LLC | 332 | — | ||||||
TSR Concrete Coatings, LLC | 1,534 | — | ||||||
United Land Services Opco Parent, LLC | 289 | — | ||||||
Universal Pure, LLC | 5,139 | 12,228 | ||||||
US Foot and Ankle Specialists, LLC | 3,219 | 12,467 | ||||||
USALCO, LLC | 55 | — | ||||||
Vanguard Packaging, LLC | 410 | — | ||||||
Varsity DuvaSawko Operating Corp. | 537 | — | ||||||
Varsity Rejuvenate Partners, LLC | 767 | — | ||||||
Vehicle Accessories, Inc. | 38 | — | ||||||
Vital Care Buyer, LLC | 580 | — |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
WCI Volt Purchaser, LLC | 2,249 | 2,249 | ||||||
Western Veterinary Partners, LLC | 24 | — | ||||||
Westminster Cracker Company, Inc. | 1,534 | — | ||||||
WTWH Buyer, LLC | 1,638 | 1,638 | ||||||
Yard-Nique, Inc | 6,515 | 6,695 | ||||||
Zipline Logistics, LLC | 6,214 | 6,214 | ||||||
Total unfunded portfolio company commitments | $ | 249,629 | $ | 243,089 |
Three Months Ended September 30, 2023 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 4,149,208 | $ | 106,863 | ||||||||
Distributions reinvested | 28,472 | 734 | |||||||||
Net increase (decrease) | 4,177,680 | $ | 107,597 |
Nine Months Ended September 30, 2023 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 6,376,443 | $ | 164,003 | ||||||||
Distributions reinvested | 39,635 | 1,017 | |||||||||
Net increase (decrease) | 6,416,078 | $ | 165,020 |
Three Months Ended June 30, 2023 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 1,921,844 | $ | 49,325 | ||||||||
Distributions reinvested | 11,162 | 284 | |||||||||
Net increase (decrease) | 1,933,006 | $ | 49,609 |
Six Months Ended June 30, 2023 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 2,227,236 | $ | 57,140 | ||||||||
Distributions reinvested | 11,162 | 284 | |||||||||
Net increase (decrease) | 2,238,398 | $ | 57,424 |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||
Shares | Amount in Thousands | Shares | Amount in Thousands | |||||||||||||||||||
Class I: | Class I: | Class I: | ||||||||||||||||||||
Proceeds from shares sold | Proceeds from shares sold | 6,999,940 | $ | 174,998 | Proceeds from shares sold | 5,012,698 | $ | 126,000 | ||||||||||||||
Net increase (decrease) | Net increase (decrease) | 6,999,940 | $ | 174,998 | Net increase (decrease) | 5,012,698 | $ | 126,000 |
For the period from January 27, 2022 (Inception) to June 30, 2022 | For the period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||||
Shares | Amount in Thousands | Shares | Amount in Thousands | |||||||||||||||||||
Class I: | Class I: | Class I: | ||||||||||||||||||||
Proceeds from shares sold | Proceeds from shares sold | 7,000,000 | $ | 175,000 | Proceeds from shares sold | 12,012,698 | $ | 301,000 | ||||||||||||||
Net increase (decrease) | Net increase (decrease) | 7,000,000 | $ | 175,000 | Net increase (decrease) | 12,012,698 | $ | 301,000 |
For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
March 27, 2023 | March 31, 2023 | April 28, 2023 | $ | 0.18 | $ | 3,825 | ||||||||||||||||||||
April 26, 2023 | April 28, 2023 | May 31, 2023 | $ | 0.18 | $ | 4,019 | ||||||||||||||||||||
May 25, 2023 | May 31, 2023 | June 30, 2023 | $ | 0.18 | $ | 4,103 | ||||||||||||||||||||
June 27, 2023 | June 30, 2023 | July 28, 2023 | $ | 0.18 | $ | 4,173 |
For the Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
March 27, 2023 | March 31, 2023 | April 28, 2023 | $ | 0.18 | $ | 3,825 | ||||||||||||||||||||
April 26, 2023 | April 28, 2023 | May 31, 2023 | $ | 0.18 | $ | 4,019 | ||||||||||||||||||||
May 25, 2023 | May 31, 2023 | June 30, 2023 | $ | 0.18 | $ | 4,103 | ||||||||||||||||||||
June 27, 2023 | June 30, 2023 | July 28, 2023 | $ | 0.18 | $ | 4,173 | ||||||||||||||||||||
July 25, 2023 | July 28, 2023 | August 31, 2023 | $ | 0.18 | $ | 4,234 | ||||||||||||||||||||
August 28, 2023 | August 31, 2023 | September 30, 2023 | $ | 0.19 | $ | 5,117 | ||||||||||||||||||||
September 26, 2023 | September 30, 2023 | October 31, 2023 | $ | 0.20 | $ | 5,473 |
Class I | |||||||||||
Source of Distribution | Per Share | Amounts (in thousands) | |||||||||
Net investment income | $ | 1.29 | $ | 30,944 | |||||||
Net realized gains | — | — | |||||||||
Total | $ | 1.29 | $ | 30,944 |
Class I | |||||||||||
Source of Distribution | Per Share | Amounts (in thousands) | |||||||||
Net investment income | $ | 0.72 | $ | 16,120 | |||||||
Net realized gains | — | — | |||||||||
Total | $ | 0.72 | $ | 16,120 |
Amounts (in thousands) | |||||
Total purchase price: | $ | 194,199 | |||
Assets acquired: | |||||
Investments, at fair value (amortized cost of $185,876) | 186,264 | ||||
Cash | 15,567 | ||||
Accrued interest receivable | 2,396 | ||||
Other assets(1) | 2,164 | ||||
Total assets acquired | 206,391 | ||||
Liabilities assumed: | |||||
Distribution payable | 9,726 | ||||
Other liabilities | 3,216 | ||||
Total liabilities assumed | 12,942 | ||||
Net assets acquired | $ | 193,449 | |||
Total purchase premium (transaction costs) | $ | 750 |
(Amounts in thousands, except share and per share amounts) | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Period from January 27, 2022 (Inception) to June 30, 2022 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 14,034 | $ | 26,670 | $ | (205) | $ | (525) | |||||||||||||||
Weighted average shares of common stock outstanding - basic and diluted | 22,724,706 | 21,890,401 | 2,241,785 | 1,533,872 | |||||||||||||||||||
Earnings (loss) per common share - basic and diluted | $ | 0.62 | $ | 1.22 | $ | (0.09) | $ | (0.34) |
(Amounts in thousands, except share and per share amounts) | (Amounts in thousands, except share and per share amounts) | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | (Amounts in thousands, except share and per share amounts) | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | ||||||||||
Per share data: | Per share data: | Per share data: | ||||||||||||||
Net asset value, beginning of period | Net asset value, beginning of period | $ | 25.25 | $ | 25.00 | Net asset value, beginning of period | $ | 25.25 | $ | 25.00 | ||||||
Net investment income (loss)(1) | Net investment income (loss)(1) | 1.02 | (0.34) | Net investment income (loss)(1) | 1.72 | 0.84 | ||||||||||
Net realized and unrealized gain (loss)(2) | Net realized and unrealized gain (loss)(2) | 0.20 | 0.27 | Net realized and unrealized gain (loss)(2) | 0.12 | (0.43) | ||||||||||
Total from operations | Total from operations | 1.22 | (0.07) | Total from operations | 1.84 | 0.41 | ||||||||||
Dividends declared | Dividends declared | (0.72) | 0.00 | Dividends declared | (1.29) | — | ||||||||||
Total increase (decrease) in net assets | Total increase (decrease) in net assets | 0.50 | (0.07) | Total increase (decrease) in net assets | 0.55 | 0.41 | ||||||||||
Net asset value, end of period | Net asset value, end of period | $ | 25.75 | $ | 24.93 | Net asset value, end of period | $ | 25.80 | $ | 25.41 | ||||||
Shares outstanding, end of period | Shares outstanding, end of period | 23,183,428 | 7,000,000 | Shares outstanding, end of period | 27,361,108 | 12,012,698 | ||||||||||
Total return(3)(4) | Total return(3)(4) | 4.9% | (0.3)% | Total return(3)(4) | 7.4% | 1.6% | ||||||||||
Ratios / supplemental data | Ratios / supplemental data | Ratios / supplemental data | ||||||||||||||
Ratio of total expenses to average net assets(4)(5)(6) | Ratio of total expenses to average net assets(4)(5)(6) | 5.6% | 1.2% | Ratio of total expenses to average net assets(4)(5)(6) | 8.3% | 3.3% | ||||||||||
Ratio of total net operating expenses less interest and tax expense to average net assets(4)(5)(7) | 0.6% | 0.5% | ||||||||||||||
Ratio of total net operating expenses to average net assets(4)(5)(7) | Ratio of total net operating expenses to average net assets(4)(5)(7) | 0.8% | 0.9% | |||||||||||||
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8) | Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8) | 4.2% | (0.5)% | Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8) | 7.0% | 2.2% | ||||||||||
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9) | Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9) | 4.0% | (0.5)% | Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9) | 6.8% | 2.2% | ||||||||||
Net assets, end of period | Net assets, end of period | $ | 596,869 | $ | 174,475 | Net assets, end of period | $ | 705,916 | $ | 305,200 | ||||||
Weighted average shares outstanding | Weighted average shares outstanding | 21,890,401 | 1,533,872 | Weighted average shares outstanding | 23,231,467 | 4,578,943 | ||||||||||
Portfolio turnover rate(10) | Portfolio turnover rate(10) | 11.2% | 0.0% | Portfolio turnover rate(10) | 13.7% | 6.7% | ||||||||||
Asset coverage ratio(11) | Asset coverage ratio(11) | 241.0% | 17,547.5% | Asset coverage ratio(11) | 227.5% | 199.4% |
(Amounts in thousands) | (Amounts in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | (Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | ||||||||||
Principal amount of investments committed (including add-ons): | Principal amount of investments committed (including add-ons): | Principal amount of investments committed (including add-ons): | ||||||||||||||
First lien senior secured debt investments | First lien senior secured debt investments | $ | 126,498 | $ | 135,729 | First lien senior secured debt investments | $ | 279,526 | $ | 629,658 | ||||||
Sponsor subordinated note | Sponsor subordinated note | 12 | — | |||||||||||||
Investment in affiliated funds | Investment in affiliated funds | 3,542 | 2,248 | Investment in affiliated funds | 10,110 | 15,537 | ||||||||||
Total principal amount of investments committed | Total principal amount of investments committed | $ | 130,040 | $ | 137,977 | Total principal amount of investments committed | $ | 289,648 | $ | 645,195 | ||||||
Principal amount of investments sold or repaid: | Principal amount of investments sold or repaid: | Principal amount of investments sold or repaid: | ||||||||||||||
First lien senior secured debt investments | First lien senior secured debt investments | $ | (46,651) | $ | — | First lien senior secured debt investments | $ | (33,597) | $ | (43,831) | ||||||
Investment in affiliated funds | (2) | |||||||||||||||
Total principal amount of investments sold or repaid | Total principal amount of investments sold or repaid | $ | (46,653) | $ | — | Total principal amount of investments sold or repaid | $ | (33,614) | $ | (43,831) | ||||||
New debt investments(1): | New debt investments(1): | New debt investments(1): | ||||||||||||||
New commitments | New commitments | $ | 110,983 | $ | 135,729 | New commitments | $ | 247,673 | $ | 629,658 | ||||||
Number of new commitments in new portfolio companies(2) | Number of new commitments in new portfolio companies(2) | 6 | 7 | Number of new commitments in new portfolio companies(2) | 129 | 25 | ||||||||||
Average new commitment amount | Average new commitment amount | $ | 18,497 | $ | 19,390 | Average new commitment amount | $ | 1,920 | $ | 25,186 | ||||||
Weighted average term for new commitments (in years) | Weighted average term for new commitments (in years) | 4.6 | 4.0 | Weighted average term for new commitments (in years) | 3.4 | 4.9 | ||||||||||
Percentage of new commitments at floating rates | Percentage of new commitments at floating rates | 100.0 | % | 100.0 | % | Percentage of new commitments at floating rates | 100.0 | % | 100.0 | % | ||||||
Percentage of new commitments at fixed rates | Percentage of new commitments at fixed rates | — | % | — | % | Percentage of new commitments at fixed rates | — | % | — | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | (Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
First lien senior secured debt | First lien senior secured debt | $ | 943,989 | $ | 945,778 | $ | 795,429 | $ | 797,019 | First lien senior secured debt | $ | 1,163,375 | $ | 1,163,749 | $ | 795,429 | $ | 797,019 | ||||||||||||||||||||||||||||
Sponsor subordinated note | Sponsor subordinated note | 12 | 12 | — | — | |||||||||||||||||||||||||||||||||||||||||
Investment in affiliated funds | Investment in affiliated funds | 34,165 | 38,564 | 27,234 | 27,468 | Investment in affiliated funds | 44,263 | 48,615 | 27,234 | 27,468 | ||||||||||||||||||||||||||||||||||||
Total investments | Total investments | $ | 978,154 | $ | 984,342 | $ | 822,663 | $ | 824,487 | Total investments | $ | 1,207,650 | $ | 1,212,376 | $ | 822,663 | $ | 824,487 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||
Aerospace and defense | Aerospace and defense | 0.2 | % | — | % | |||||||||||
Air freight and logistics | Air freight and logistics | 2.0 | % | 2.4 | % | Air freight and logistics | 1.7 | % | 2.4 | % | ||||||
Auto components | Auto components | 2.0 | % | 0.9 | % | Auto components | 1.9 | % | 0.9 | % | ||||||
Chemicals | Chemicals | 0.4 | % | 0.5 | % | Chemicals | 0.9 | % | 0.5 | % | ||||||
Commercial services and supplies | Commercial services and supplies | 3.0 | % | 2.2 | % | Commercial services and supplies | 3.4 | % | 2.2 | % | ||||||
Construction and engineering | Construction and engineering | 6.3 | % | 6.2 | % | Construction and engineering | 5.4 | % | 6.2 | % | ||||||
Containers and packaging | Containers and packaging | 5.8 | % | 6.9 | % | Containers and packaging | 5.8 | % | 6.9 | % | ||||||
Distributors | Distributors | 0.1 | % | — | % | |||||||||||
Diversified consumer services | Diversified consumer services | 6.8 | % | 6.1 | % | Diversified consumer services | 7.2 | % | 6.1 | % | ||||||
Electrical equipment | Electrical equipment | 1.0 | % | 1.2 | % | Electrical equipment | 0.9 | % | 1.2 | % | ||||||
Electronic equipment, instruments and components | Electronic equipment, instruments and components | 1.3 | % | 1.3 | % | Electronic equipment, instruments and components | 1.3 | % | 1.3 | % | ||||||
Food and staples retailing | Food and staples retailing | 1.9 | % | 3.5 | % | Food and staples retailing | 2.0 | % | 3.5 | % | ||||||
Food products | Food products | 4.1 | % | 4.1 | % | Food products | 4.4 | % | 4.1 | % | ||||||
Gas utilities | Gas utilities | 0.1 | % | — | % | |||||||||||
Health care equipment and supplies | Health care equipment and supplies | 4.3 | % | 4.1 | % | Health care equipment and supplies | 3.7 | % | 4.1 | % | ||||||
Health care providers and services | Health care providers and services | 28.6 | % | 26.4 | % | Health care providers and services | 27.1 | % | 26.4 | % | ||||||
Health care technology | Health care technology | 2.8 | % | 3.0 | % | Health care technology | 2.6 | % | 3.0 | % | ||||||
Household durables | Household durables | 7.0 | % | 6.1 | % | Household durables | 6.1 | % | 6.1 | % | ||||||
Industrial Conglomerates | Industrial Conglomerates | 1.4 | % | — | % | Industrial Conglomerates | 1.2 | % | — | % | ||||||
Internet and direct marketing retail | Internet and direct marketing retail | 0.3 | % | — | % | |||||||||||
IT services | IT services | 0.8 | % | 3.9 | % | IT services | 1.0 | % | 3.9 | % | ||||||
Leisure equipment and products | Leisure equipment and products | 0.2 | % | — | % | |||||||||||
Leisure products | Leisure products | 0.1 | % | — | % | |||||||||||
Life sciences tools and services | Life sciences tools and services | 0.1 | % | — | % | |||||||||||
Machinery | Machinery | 1.9 | % | 2.2 | % | Machinery | 1.8 | % | 2.2 | % | ||||||
Media | Media | 7.1 | % | 8.5 | % | Media | 8.0 | % | 8.5 | % | ||||||
Metals and mining | Metals and mining | 0.2 | % | — | % | |||||||||||
Multisector holdings | Multisector holdings | 3.9 | % | 3.3 | % | Multisector holdings | 4.0 | % | 3.3 | % | ||||||
Pharmaceuticals | Pharmaceuticals | 0.1 | % | — | % | |||||||||||
Personal products | Personal products | 0.2 | % | — | % | |||||||||||
Professional services | Professional services | 1.6 | % | 1.9 | % | Professional services | 1.3 | % | 1.9 | % | ||||||
Real estate management and development | Real estate management and development | 0.2 | % | — | % | |||||||||||
Semiconductors and semiconductor equipment | Semiconductors and semiconductor equipment | 0.1 | % | — | % | |||||||||||
Software | Software | 1.2 | % | 1.4 | % | Software | 1.4 | % | 1.4 | % | ||||||
Specialty retail | Specialty retail | 0.9 | % | 1.2 | % | Specialty retail | 1.1 | % | 1.2 | % | ||||||
Trading companies and distributors | Trading companies and distributors | 3.9 | % | 2.7 | % | Trading companies and distributors | 3.8 | % | 2.7 | % | ||||||
Water utilities | Water utilities | 0.1 | % | — | % | |||||||||||
Total | Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||
Weighted average total yield of funded debt investments at cost | Weighted average total yield of funded debt investments at cost | 11.4 | % | 10.9 | % | Weighted average total yield of funded debt investments at cost | 11.6 | % | 10.9 | % | ||||||
Weighted average total yield of funded debt investments at fair value | Weighted average total yield of funded debt investments at fair value | 11.4 | % | 10.9 | % | Weighted average total yield of funded debt investments at fair value | 11.6 | % | 10.9 | % | ||||||
Weighted average interest rate of funded debt investments (1) | 11.4 | % | 10.6 | % | ||||||||||||
Weighted average spread over reference rates of all floating rate funded debt investments | Weighted average spread over reference rates of all floating rate funded debt investments | 6.0 | % | 5.9 | % | Weighted average spread over reference rates of all floating rate funded debt investments | 6.0 | % | 5.9 | % |
Investment Rating | Description | |||||||
A | A loan supported by exceptional financial strength, stability and liquidity; | |||||||
B | As a general rule, a new transaction will be risk rated a “B” loan. Overtime, a “B” loan is supported by good financial strength, stability and liquidity; | |||||||
C | A loan that is exhibiting deteriorating trends, which if not corrected could jeopardize repayment of the debt. In general, a default by the borrower of one of its financial performance covenants (leverage or coverage ratios) would warrant a downgrade of a loan to a risk rating of “C”; | |||||||
D | A loan that has a well-defined weakness that jeopardizes the repayment of the debt or the ongoing enterprise value of the borrower; | |||||||
E | A loan that has an uncured payment default; and | |||||||
F | An asset that is considered uncollectible or of such little value that its continuance as a booked asset is unwarranted. |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Investment Rating | Investment Rating | Investments at Fair Value | Percentage of Total Debt Investments | Investments at Fair Value | Percentage of Total Debt Investments | Investment Rating | Investments at Fair Value | Percentage of Total Debt Investments | Investments at Fair Value | Percentage of Total Debt Investments | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
A | A | $ | — | — | $ | — | — | A | $ | — | — | $ | — | — | ||||||||||||||||||||||||||||||||
B | B | 945,778 | 100.0 | % | 797,019 | 100.0 | % | B | 1,127,234 | 96.9 | % | 797,019 | 100.0 | % | ||||||||||||||||||||||||||||||||
C | C | — | — | — | — | C | 33,749 | 2.9 | % | — | — | |||||||||||||||||||||||||||||||||||
D | D | — | — | — | — | D | 401 | 0.0 | % | — | — | |||||||||||||||||||||||||||||||||||
E | E | — | — | — | — | E | 2,365 | 0.2 | % | — | — | |||||||||||||||||||||||||||||||||||
F | F | — | — | — | — | F | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 945,778 | 100.0 | % | $ | 797,019 | 100.0 | % | Total | $ | 1,163,749 | 100.0 | % | $ | 797,019 | 100.0 | % |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | (Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | ||||||||||||||||||||||||||||||||||||
Performing | Performing | $ | 943,989 | 100.0 | % | $ | 795,429 | 100.0 | % | Performing | $ | 1,163,387 | 100.0 | % | $ | 795,429 | 100.0 | % | ||||||||||||||||||||||||||||
Non-accrual | Non-accrual | — | — | — | — | Non-accrual | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 943,989 | 100.0 | % | $ | 795,429 | 100.0 | % | Total | $ | 1,163,387 | 100.0 | % | $ | 795,429 | 100.0 | % |
Amounts (in thousands) | |||||
Total purchase price: | $ | 194,199 | |||
Assets acquired: | |||||
Investments, at fair value (amortized cost of 185,876) | 186,264 | ||||
Cash | 15,567 | ||||
Accrued interest receivable | 2,396 | ||||
Other assets(1) | 2,164 | ||||
Total assets acquired | 206,391 | ||||
Liabilities assumed: | |||||
Distribution payable | 9,726 | ||||
Other liabilities | 3,216 | ||||
Total liabilities assumed | 12,942 | ||||
Net assets acquired | $ | 193,449 | |||
Total purchase premium (transaction costs) | $ | 750 |
(Amounts in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | |||||||||||||||||||
Total investment income | $ | 28,643 | $ | 715 | $ | 53,710 | $ | 715 | |||||||||||||||
Less: expenses and taxes | 16,282 | 914 | 31,386 | 1,234 | |||||||||||||||||||
Net investment income (loss) | 12,361 | (199) | 22,324 | (519) | |||||||||||||||||||
Net realized gain (loss) | — | — | (18) | — | |||||||||||||||||||
Net change in unrealized gain (loss) | 1,673 | (6) | 4,364 | (6) | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 14,034 | $ | (205) | $ | 26,670 | $ | (525) |
(Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||
Total investment income | $ | 35,438 | $ | 8,926 | $ | 89,148 | $ | 9,641 | |||||||||||||||
Less: expenses and taxes | 17,719 | 4,574 | 49,104 | 5,808 | |||||||||||||||||||
Net investment income (loss) | 17,719 | 4,352 | 40,044 | 3,833 | |||||||||||||||||||
Net realized gain (loss) | 8 | 72 | (10) | 72 | |||||||||||||||||||
Net change in unrealized gain (loss) | (1,453) | 301 | 2,911 | 295 | |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 16,274 | $ | 4,725 | $ | 42,945 | $ | 4,200 |
(Amounts in thousands) | (Amounts in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | (Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | ||||||||||||||||||||||||||||||||||||
Interest | Interest | $ | 28,312 | $ | 297 | $ | 52,451 | $ | 297 | Interest | $ | 34,963 | $ | 6,997 | $ | 87,414 | $ | 7,294 | ||||||||||||||||||||||||||||
Other | Other | 331 | 418 | 1,259 | 418 | Other | 475 | 1,929 | 1,734 | 2,347 | ||||||||||||||||||||||||||||||||||||
Total investment income | Total investment income | $ | 28,643 | $ | 715 | $ | 53,710 | $ | 715 | Total investment income | $ | 35,438 | $ | 8,926 | $ | 89,148 | $ | 9,641 |
(Amounts in thousands) | (Amounts in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | (Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | ||||||||||||||||||||||||||||||||||||
Interest | Interest | $ | 9,625 | $ | 104 | $ | 17,317 | $ | 104 | Interest | $ | 11,770 | $ | 2,015 | $ | 29,087 | $ | 2,119 | ||||||||||||||||||||||||||||
Income incentive fees | Income incentive fees | 1,915 | — | 3,585 | — | Income incentive fees | 2,205 | 649 | 5,790 | 649 | ||||||||||||||||||||||||||||||||||||
Management fees | Management fees | 1,770 | 174 | 3,410 | 174 | Management fees | 1,986 | 682 | 5,396 | 856 | ||||||||||||||||||||||||||||||||||||
Offering costs | Offering costs | 836 | 60 | 1,618 | 60 | Offering costs | 739 | 144 | 2,357 | 204 | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 721 | 16 | 1,273 | 16 | Professional fees | 136 | 193 | 1,409 | 209 | ||||||||||||||||||||||||||||||||||||
Administrative fees | Administrative fees | 383 | 240 | 1,455 | 495 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 357 | 38 | 643 | 38 | Other | 275 | 340 | 917 | 378 | ||||||||||||||||||||||||||||||||||||
Administrative fees | 321 | 255 | 1,072 | 255 | ||||||||||||||||||||||||||||||||||||||||||
Capital gains incentive fees | 209 | — | 543 | — | ||||||||||||||||||||||||||||||||||||||||||
Organizational costs | Organizational costs | — | 61 | 528 | 381 | Organizational costs | — | — | 528 | 381 | ||||||||||||||||||||||||||||||||||||
Accounting fees | Accounting fees | 114 | 72 | 272 | 72 | Accounting fees | 174 | 129 | 446 | 201 | ||||||||||||||||||||||||||||||||||||
Capital gains incentive fees | Capital gains incentive fees | (178) | 46 | 365 | 46 | |||||||||||||||||||||||||||||||||||||||||
Insurance fees | Insurance fees | 23 | 82 | 112 | 82 | Insurance fees | 147 | 91 | 259 | 173 | ||||||||||||||||||||||||||||||||||||
Trustees' fees | Trustees' fees | 45 | 52 | 89 | 52 | Trustees' fees | 45 | 45 | 134 | 97 | ||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | $ | 15,936 | $ | 914 | $ | 30,462 | $ | 1,234 | Total expenses | $ | 17,682 | $ | 4,574 | $ | 48,143 | $ | 5,808 |
(Amounts in thousands) | (Amounts in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | (Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | ||||||||||||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | Non-controlled, non-affiliated investments | $ | 29 | $ | (6) | $ | (6) | $ | 199 | $ | (6) | Non-controlled, non-affiliated investments | $ | (1,415) | $ | 301 | $ | 301 | $ | (1,216) | $ | 295 | ||||||||||||||||||||||||
Non-controlled, affiliated investments | Non-controlled, affiliated investments | 1,644 | — | — | 4,165 | — | Non-controlled, affiliated investments | (47) | — | — | 4,118 | — | ||||||||||||||||||||||||||||||||||
Foreign currency forward contracts | Foreign currency forward contracts | 9 | — | 9 | — | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gain (loss) on investment transactions | Net change in unrealized gain (loss) on investment transactions | $ | 1,673 | $ | (6) | $ | (6) | $ | 4,364 | $ | (6) | Net change in unrealized gain (loss) on investment transactions | $ | (1,453) | $ | 301 | $ | 373 | $ | 2,911 | $ | 295 |
June 30, 2023 | June 30, 2023 | ||||||||||||||||||||||
(Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | Period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||
Net realized gain (loss) on investments | $ | 8 | $ | 72 | $ | (10) | $ | 72 | |||||||||||||||
Net realized gain (loss) on investments | $ | 8 | $ | 72 | $ | (10) | $ | 72 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||
Three Months Ended September 30, 2023 | Three Months Ended September 30, 2023 | |||||||||||||||||||||
Shares | Amount in Thousands | Shares | Amount in Thousands | |||||||||||||||||||
Class I: | Class I: | Class I: | ||||||||||||||||||||
Proceeds from shares sold | Proceeds from shares sold | 1,921,844 | $ | 49,325 | Proceeds from shares sold | 4,149,208 | $ | 106,863 | ||||||||||||||
Distributions reinvested | Distributions reinvested | 11,162 | $ | 284 | Distributions reinvested | 28,472 | $ | 734 | ||||||||||||||
Net increase (decrease) | Net increase (decrease) | 1,933,006 | $ | 49,609 | Net increase (decrease) | 4,177,680 | $ | 107,597 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||
Nine Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | |||||||||||||||||||||
Shares | Amount in Thousands | Shares | Amount in Thousands | |||||||||||||||||||
Class I: | Class I: | Class I: | ||||||||||||||||||||
Proceeds from shares sold | Proceeds from shares sold | 2,227,236 | $ | 57,140 | Proceeds from shares sold | 6,376,443 | $ | 164,003 | ||||||||||||||
Distributions reinvested | Distributions reinvested | 11,162 | $ | 284 | Distributions reinvested | 39,635 | $ | 1,017 | ||||||||||||||
Net increase (decrease) | Net increase (decrease) | 2,238,398 | $ | 57,424 | Net increase (decrease) | 6,416,078 | $ | 165,020 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||
Shares | Amount in Thousands | Shares | Amount in Thousands | |||||||||||||||||||
Common Shares | Common Shares | Common Shares | ||||||||||||||||||||
Proceeds from shares sold | Proceeds from shares sold | 6,999,940 | $ | 174,998 | Proceeds from shares sold | 5,012,698 | $ | 126,000 | ||||||||||||||
Net increase (decrease) | Net increase (decrease) | 6,999,940 | $ | 174,998 | Net increase (decrease) | 5,012,698 | $ | 126,000 |
Period from January 27, 2022 (Inception) to June 30, 2022 | ||||||||||||||||||||||
Period from January 27, 2022 (Inception) to September 30, 2022 | Period from January 27, 2022 (Inception) to September 30, 2022 | |||||||||||||||||||||
Shares | Amount in Thousands | Shares | Amount in Thousands | |||||||||||||||||||
Common Shares | Common Shares | Common Shares | ||||||||||||||||||||
Proceeds from shares sold | Proceeds from shares sold | 7,000,000 | $ | 175,000 | Proceeds from shares sold | 12,012,698 | $ | 301,000 | ||||||||||||||
Net increase (decrease) | Net increase (decrease) | 7,000,000 | $ | 175,000 | Net increase (decrease) | 12,012,698 | $ | 301,000 |
NAV Per Share | |||||
For the Months Ended | Class I | ||||
January 31, 2023 | $ | 25.39 | |||
February 28, 2023 | $ | 25.59 | |||
March 31, 2023 | $ | 25.67 | |||
April 30, 2023 | $ | 25.65 | |||
May 31, 2023 | $ | 25.67 | |||
June 30, 2023 | $ | 25.75 | |||
July 31, 2023 | $ | 25.75 | |||
August 31, 2023 | $ | 25.79 | |||
September 30, 2023 | $ | 25.80 |
For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2023 | For the Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Date Declared | Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||||||||||||||||||||||
March 27, 2023 | March 27, 2023 | March 31, 2023 | April 28, 2023 | $ | 0.18 | $ | 3,825 | March 27, 2023 | March 31, 2023 | April 28, 2023 | $ | 0.18 | $ | 3,825 | ||||||||||||||||||||||||||||||||||||||
April 26, 2023 | April 26, 2023 | April 28, 2023 | May 31, 2023 | $ | 0.18 | $ | 4,019 | April 26, 2023 | April 28, 2023 | May 31, 2023 | $ | 0.18 | $ | 4,019 | ||||||||||||||||||||||||||||||||||||||
May 25, 2023 | May 25, 2023 | May 31, 2023 | June 30, 2023 | $ | 0.18 | $ | 4,103 | May 25, 2023 | May 31, 2023 | June 30, 2023 | $ | 0.18 | $ | 4,103 | ||||||||||||||||||||||||||||||||||||||
June 27, 2023 | June 27, 2023 | June 30, 2023 | July 28, 2023 | $ | 0.18 | $ | 4,173 | June 27, 2023 | June 30, 2023 | July 28, 2023 | $ | 0.18 | $ | 4,173 | ||||||||||||||||||||||||||||||||||||||
July 25, 2023 | July 25, 2023 | July 28, 2023 | August 31, 2023 | $ | 0.18 | $ | 4,234 | |||||||||||||||||||||||||||||||||||||||||||||
August 28, 2023 | August 28, 2023 | August 31, 2023 | September 30, 2023 | $ | 0.19 | $ | 5,117 | |||||||||||||||||||||||||||||||||||||||||||||
September 26, 2023 | September 26, 2023 | September 30, 2023 | October 31, 2023 | $ | 0.20 | $ | 5,473 |
For the Three Months Ended June 30, 2023 | ||||||||||||||||||||||
For the Three Months Ended September 30, 2023 | For the Three Months Ended September 30, 2023 | |||||||||||||||||||||
Class I | Class I | |||||||||||||||||||||
Source of Distribution | Source of Distribution | Per Share | Amounts (in thousands) | Source of Distribution | Per Share | Amounts (in thousands) | ||||||||||||||||
Net investment income | Net investment income | $ | 0.54 | (12,295) | Net investment income | $ | 0.57 | (14,824) | ||||||||||||||
Net realized gains | Net realized gains | — | — | Net realized gains | — | — | ||||||||||||||||
Total | Total | $ | 0.54 | $ | (12,295) | Total | $ | 0.57 | $ | (14,824) |
For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||
For the Nine Months Ended September 30, 2023 | For the Nine Months Ended September 30, 2023 | |||||||||||||||||||||
Class I | Class I | |||||||||||||||||||||
Source of Distribution | Source of Distribution | Per Share | Amounts (in thousands) | Source of Distribution | Per Share | Amounts (in thousands) | ||||||||||||||||
Net investment income | Net investment income | $ | 0.72 | (16,120) | Net investment income | $ | 1.29 | $ | (30,944) | |||||||||||||
Net realized gains | Net realized gains | — | — | Net realized gains | — | — | ||||||||||||||||
Total | Total | $ | 0.72 | $ | (16,120) | Total | $ | 1.29 | $ | (30,944) |
(Amounts in thousands) | Three Months Ended September 30, 2023 | Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2023 | January 27, 2022 (Inception) to September 30, 2022 | ||||||||||||||||||||||
Interest expense | $ | 11,267 | $ | 1,763 | $ | 27,717 | $ | 1,822 | ||||||||||||||||||
Amortization of deferred financing costs | 503 | 252 | 1,370 | 297 | ||||||||||||||||||||||
Total interest expense | $ | 11,770 | $ | 2,015 | $ | 29,087 | $ | 2,119 | ||||||||||||||||||
Average interest rate | 7.97 | % | 4.72 | % | 7.56 | % | 4.72 | % | ||||||||||||||||||
Average daily borrowings | $ | 495,756 | $ | 126,133 | $ | 423,551 | $ | 47,009 |
As of June 30, 2023 | As of September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | ||||||||||||||||||||||||||||||||||||||||||||||
ASPV Credit Facility | ASPV Credit Facility | $ | 300,000 | $ | 91,400 | $ | 44,073 | $ | 91,400 | $ | 229,779 | ASPV Credit Facility | $ | 300,000 | $ | 117,000 | $ | 54,628 | $ | 117,000 | $ | 264,739 | ||||||||||||||||||||||||||||||||||||
MSPV Credit Facility | MSPV Credit Facility | $ | 500,000 | $ | 331,800 | $ | 92,215 | $ | 331,800 | $ | 664,825 | MSPV Credit Facility | $ | 500,000 | $ | 351,800 | $ | 53,042 | $ | 351,800 | $ | 638,499 | ||||||||||||||||||||||||||||||||||||
Total debt | $ | 800,000 | $ | 423,200 | $ | 136,288 | $ | 423,200 | $ | 894,604 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total credit facilities | Total credit facilities | $ | 800,000 | $ | 468,800 | $ | 107,670 | $ | 468,800 | $ | 903,238 |
As of December 31, 2022 | As of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | (Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | ||||||||||||||||||||||||||||||||||||||||||||||
ASPV Credit Facility | ASPV Credit Facility | $ | 300,000 | $ | 20,000 | $ | 311 | $ | 20,000 | $ | 62,932 | ASPV Credit Facility | $ | 300,000 | $ | 20,000 | $ | 311 | $ | 20,000 | $ | 63,592 | ||||||||||||||||||||||||||||||||||||
MSPV Credit Facility | MSPV Credit Facility | $ | 500,000 | $ | 303,200 | $ | 130,417 | $ | 303,200 | $ | 677,575 | MSPV Credit Facility | $ | 500,000 | $ | 303,200 | $ | 130,417 | $ | 303,200 | $ | 677,575 | ||||||||||||||||||||||||||||||||||||
Total debt | $ | 800,000 | $ | 323,200 | $ | 130,728 | $ | 323,200 | $ | 740,507 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total credit facilities | Total credit facilities | $ | 800,000 | $ | 323,200 | $ | 130,728 | $ | 323,200 | $ | 741,167 |
(Amounts in thousands) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Period from January 27, 2022 (Inception) to June 30, 2022 | ||||||||||||||||||||||
Interest expense | $ | 9,196 | $ | 59 | $ | 16,450 | $ | 59 | ||||||||||||||||||
Amortization of deferred financing costs | 429 | 45 | 867 | 45 | ||||||||||||||||||||||
Total interest expense | $ | 9,625 | $ | 104 | $ | 17,317 | $ | 104 |
Average interest rate | 7.46 | % | 2.26 | % | 7.30 | % | 2.26 | % | ||||||||||||||||||
Average daily borrowings | $ | 414,790 | $ | 88 | $ | 386,850 | $ | 52 |
Portfolio Company | June 30, 2023 | December 31, 2022 | ||||||
First lien senior secured debt | (Amounts in thousands) | (Amounts in thousands) | ||||||
A.P.A. Industries, LLC | $ | 1,523 | $ | — | ||||
ACES Intermediate, LLC | 6,964 | 6,964 | ||||||
ADVI Health, LLC | 1,062 | 1,062 | ||||||
AHR Intermediate, Inc | 8,290 | 12,139 | ||||||
ARC Healthcare Technologies, LLC | — | 9,947 | ||||||
Ascent Lifting, Inc. | 1,834 | 1,345 | ||||||
Beghou Consulting, LLC | 2,654 | — | ||||||
Benefit Plan Administrators of Eau Claire, LLC | 7,263 | 8,990 | ||||||
BPCP EE Intermedco LLC | 3,387 | — | ||||||
BPCP WLF Intermedco LLC | 7,876 | 7,876 | ||||||
Bulk Lift International, LLC | 1,748 | 1,748 | ||||||
Change Academy at Lake of the Ozarks, LLC | 4,436 | 5,786 | ||||||
CL Services Acquisition, LLC | 4,852 | — | ||||||
CPS Power Buyer, LLC | 2,049 | 4,705 | ||||||
Custom Agronomics Holdings, LLC | 2,312 | 2,312 | ||||||
Double E Company, LLC | 3,694 | 4,314 | ||||||
Endodontic Practice Partners, LLC | 5,301 | 6,696 | ||||||
Esquire Deposition Solutions, LLC | 2,923 | 6,007 | ||||||
Flourish Research Acquisition, LLC | 2,991 | — | ||||||
H2 Holdco, Inc. | 9,549 | — | ||||||
Helpware, Inc. | 3,205 | 3,205 | ||||||
Hultec Buyer, LLC | 3,442 | — | ||||||
Icreon Holdings, LLC | 1,049 | 1,049 | ||||||
Industrial Air Flow Dynamics, Inc. | 2,537 | 2,114 | ||||||
IPC Pain Acquistion, LLC | 2,188 | 11,945 | ||||||
Ironhorse Purchaser, LLC | 2,132 | 11,624 | ||||||
ITSavvy LLC | 1,969 | 4,784 | ||||||
K-1 Packaging Group, LLC. | 6,748 | 6,748 | ||||||
Kwalu, LLC | 5,061 | 5,061 | ||||||
Load One Purchaser Corporation | 9,214 | 9,214 | ||||||
MacKenzie Childs Acquisition, Inc. | 450 | 445 | ||||||
Medical Technology Associates, Inc. | 1,929 | 1,929 |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
First lien senior secured debt | (Amounts in thousands) | (Amounts in thousands) | ||||||
626 Holdings Equity, LLC | $ | 129 | $ | — | ||||
A.P.A Industries, LLC | 1,523 | — | ||||||
ACES Intermediate, LLC | 6,403 | 6,964 | ||||||
Advanced Lighting Acquisition, LLC | 324 | — | ||||||
ADVI Health, LLC | 1,062 | 1,062 | ||||||
AEP Passion Intermediate Holdings, Inc. | 30 | — | ||||||
AFC Industries, Inc. | 126 | — | ||||||
Affinitiv, Inc. | 248 | — | ||||||
Agility Intermediate, Inc. | 53 | — | ||||||
AHR Intermediate, Inc | 7,072 | 12,139 | ||||||
ARC Healthcare Technologies, LLC | — | 9,947 | ||||||
Alliance Environmental Group, LLC | 28 | — | ||||||
ALM Media, LLC | 971 | — | ||||||
Altamira Material Solutions, LP | 45 | — | ||||||
AM Buyer, LLC | 79 | — | ||||||
Answer Acquisition, LLC | 18 | — | ||||||
Apex Dental Partners, LLC | 122 | — | ||||||
Aptitude Health Holdings, LLC | 267 | — | ||||||
Aquatic Sales Solutions, LLC | 89 | — | ||||||
ASC Ortho Management, LLC | 57 | — | ||||||
Ascent Lifting, Inc. | 2,500 | 1,345 | ||||||
ASP Global Acquisition, LLC | 485 | — | ||||||
AvCarb, LLC | 38 | — | ||||||
Banner Buyer, LLC | 370 | — | ||||||
Barkley, LLC | 2,300 | — | ||||||
BBG Intermediate Holdings, Inc. | 62 | — | ||||||
BCI Burke Holding Corp. | 185 | — | ||||||
Beacon Oral Specialists Management LLC | 188 | — | ||||||
Beghou Consulting, LLC | 2,714 | — | ||||||
Behavior Frontiers, LLC | 38 | — | ||||||
Benefit Plan Administrators of Eau Claire, LLC | 7,443 | 8,990 | ||||||
Bio Agri Mix Holdings Inc. | 85 | — | ||||||
BPCP EE Intermedco LLC | 3,387 | — | ||||||
BPCP WLF Intermedco LLC | 7,876 | 7,876 | ||||||
Brightview, LLC | 96 | — | ||||||
Bulk Lift International, LLC | 1,801 | 1,748 | ||||||
Canadian Orthodontic Partners Corp. | 23 | — | ||||||
CCG Acquisition, Inc. | 19 | — | ||||||
Champion Motorsports Group, LLC | 56 | — | ||||||
Change Academy at Lake of the Ozarks, LLC | 2,556 | 5,786 |
Portfolio Company | June 30, 2023 | December 31, 2022 | ||||||
MWEC Management, LLC | 3,192 | — | ||||||
Nasco Healthcare Inc. | 2,492 | 3,322 | ||||||
NEFCO Holding Company, LLC | 3,551 | 7,270 | ||||||
NH Kronos Buyer, Inc. | 12,443 | 12,443 | ||||||
Optimized Marketing Acquisition, LLC | 2,199 | 1,861 | ||||||
Propio LS, LLC | 3,040 | 905 | ||||||
Purpose Home Health Acquisition, LLC | 8,600 | 8,600 | ||||||
QLS Buyer, Inc | 1,591 | — | ||||||
Raneys, LLC | 5,022 | 1,522 | ||||||
Renovation Systems, LLC | 3,076 | — | ||||||
RKD Group, LLC | 4,905 | 4,905 | ||||||
Rose Paving, LLC | 2,562 | 2,006 | ||||||
Shasta Buyer, LLC | 1,911 | 1,962 | ||||||
Sixarp, LLC | 6,912 | 6,912 | ||||||
Soccer Post Acquisition, LLC | 1,608 | 772 | ||||||
Spear Education Holdings, LLC | 4,463 | 4,463 | ||||||
Sun Orchard, LLC | 5,223 | 4,875 | ||||||
Surplus Solutions, LLC | 1,771 | 1,771 | ||||||
Treat Planet Acquisition, LLC | 1,965 | — | ||||||
Universal Pure, LLC | 5,380 | 12,228 | ||||||
US Foot and Ankle Specialists, LLC | 8,664 | 12,467 | ||||||
WCI Volt Purchaser, LLC | 2,249 | 2,249 | ||||||
WTWH Buyer, LLC | 1,638 | 1,638 | ||||||
Yard-Nique, Inc | 6,500 | 6,695 | ||||||
Zipline Logistics, LLC | 6,214 | 6,214 | ||||||
Total unfunded portfolio company commitments | $ | 227,803 | $ | 243,089 |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
CL Services Acquisition, LLC | 4,976 | — | ||||||
Community Care Partners, LLC | 31 | — | ||||||
Copperweld Group, Inc. | 339 | — | ||||||
Cosmetic Solutions, LLC | 344 | — | ||||||
CPS HVAC Group, LLC | 143 | — | ||||||
CPS Power Buyer, LLC | 2,049 | 4,705 | ||||||
CR Services Intermediate, LLC | 225 | — | ||||||
Custom Agronomics Holdings, LLC | 2,357 | 2,312 | ||||||
DealerOn Inc. | 314 | — | ||||||
Dermatology Medical Partners OpCo, LLC | 26 | — | ||||||
Diamondback Buyer, LLC | 45 | — | ||||||
DNS IMI Acquisition Corp | 121 | — | ||||||
Domino Equipment Company, LLC | 79 | — | ||||||
Double E Company, LLC | 3,664 | 4,314 | ||||||
Dykstra's Auto, LLC | 182 | — | ||||||
Edko Acquisition, LLC | 38 | — | ||||||
EH Management Company, LLC | 26 | — | ||||||
Empire Equipment Company, LLC | 408 | — | ||||||
EMSAR Acquisition LLC | 13 | — | ||||||
Endodontic Practice Partners, LLC | 5,415 | 6,696 | ||||||
Engelman Baking Co., LLC | 186 | — | ||||||
E-Phoenix Acquisition Co. Inc. | 75 | — | ||||||
Esquire Deposition Solutions, LLC | 5,735 | 6,007 | ||||||
Exclusive Concepts, LLC | 23 | — | ||||||
Flourish Research Acquisition, LLC | 1,247 | — | ||||||
Formulated Buyer, LLC | 249 | — | ||||||
Franchise Fastlane, LLC | 15 | — | ||||||
FreshAddress, LLC | 30 | — | ||||||
Geriatric Medical and Surgical Supply, LLC | 248 | — | ||||||
Gold Medal Holdings, Inc. | 5 | — | ||||||
Golden Bear PT Partners, LLC | 22 | — | ||||||
Green Monster Acquisition, LLC | 11 | — | ||||||
Guardian Dentistry Practice Management, LLC | 4 | — | ||||||
H2 Holdco, Inc. | 9,789 | — | ||||||
Helpware, Inc. | 3,205 | 3,205 | ||||||
Highland Acquisition, Inc. | 30 | — | ||||||
HLSG Intermediate, LLC | 40 | — | ||||||
Home Brands Group Holdings, Inc. | 48 | — | ||||||
Hultec Buyer, LLC | 3,915 | — | ||||||
Hydromax USA, LLC | 228 | — | ||||||
Icelandirect, LLC | 6 | — | ||||||
Icreon Holdings, LLC | 1,071 | 1,049 | ||||||
IMA Group Management Company, LLC | 209 | — | ||||||
Industrial Air Flow Dynamics, Inc. | 2,537 | 2,114 | ||||||
Infolinks Media Buyco, LLC | 53 | — | ||||||
Innovative FlexPak, LLC | 31 | — | ||||||
IPC Pain Acquisition, LLC | 2,240 | 11,945 |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
Ironhorse Purchaser, LLC | 2,132 | 11,624 | ||||||
ISSA, LLC | 105 | — | ||||||
ITSavvy LLC | 2,012 | 4,784 | ||||||
Johns Byrne LLC | 3,527 | — | ||||||
Juniper Landscaping Holdings LLC | 22 | — | ||||||
K-1 Packaging Group, LLC. | 6,748 | 6,748 | ||||||
Kalkomey Enterprises, LLC | 66 | — | ||||||
Kwalu, LLC | 5,061 | 5,061 | ||||||
Leonard Group, Inc. | 234 | — | ||||||
Load One Purchaser Corporation | 9,609 | 9,214 | ||||||
MacKenzie Childs Acquisition, Inc. | 450 | 445 | ||||||
MacNeill Pride Group Corp. | 332 | — | ||||||
Mad Rose Company, LLC | 8 | — | ||||||
Main Street Gourmet, LLC | 662 | — | ||||||
Mattco Forge, Inc. | 506 | — | ||||||
Medical Technology Associates, Inc. | 1,966 | 1,929 | ||||||
MetaSource, LLC | 94 | — | ||||||
Millennia Patient Services, LLC | 67 | — | ||||||
Montway LLC | 150 | — | ||||||
MRC Keeler Acquisition, LLC | 150 | — | ||||||
MWEC Management, LLC | 2,967 | — | ||||||
Nasco Healthcare Inc. | 2,658 | 3,322 | ||||||
NEFCO Holding Company, LLC | 3,855 | 7,270 | ||||||
Nelson Name Plate Company | 90 | — | ||||||
Network Partners Acquisition, LLC | 150 | — | ||||||
NH Kronos Buyer, Inc. | 12,705 | 12,443 | ||||||
Nimlok Company, LLC | 320 | — | ||||||
NutriScience Innovations, LLC | 131 | — | ||||||
Optimized Marketing Acquisition, LLC | 1,861 | 1,861 | ||||||
P and R Dental Strategies, LLC | 23 | — | ||||||
Peak Dental Services, LLC | 38 | — | ||||||
Peak Investment Holdings, LLC | 404 | — | ||||||
Pentec Acquisition Corp. | 75 | — | ||||||
PHGP MB Purchaser, Inc. | 130 | — | ||||||
Pink Lily Holdings, LLC | 63 | — | ||||||
PPW Acquisition, LLC | 28 | — | ||||||
PRA Acquisition, LLC | 56 | — | ||||||
Propio LS, LLC | — | 905 | ||||||
Purpose Home Health Acquisition, LLC | 8,788 | 8,600 | ||||||
Qin's Buffalo, LLC | 113 | — | ||||||
QLS Buyer, Inc | 1,629 | — | ||||||
Raneys, LLC | 5,059 | 1,522 | ||||||
Reliable Medical Supply LLC | 57 | — | ||||||
Renovation Systems, LLC | 1,474 | — | ||||||
Revival Animal Health, LLC | 86 | — | ||||||
RKD Group, LLC | 3,924 | 4,905 | ||||||
Rose Paving, LLC | 1,746 | 2,006 |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
RQM Buyer, Inc. | 161 | — | ||||||
RTP Acquisition, LLC | 26 | — | ||||||
Sage Dental Management, LLC | 30 | — | ||||||
SAMGI Buyer, Inc. | 138 | — | ||||||
SASE Company, LLC | 15 | — | ||||||
SCA Buyer, LLC | 13 | — | ||||||
SCP Beverage Buyer, LLC | 38 | — | ||||||
SCP ENT and Allergy Services, LLC | 174 | — | ||||||
Shasta Buyer, LLC | 2,081 | 1,962 | ||||||
ShiftKey, LLC | 110 | — | ||||||
Signature Dental Partners LLC | 30 | — | ||||||
Silver Falls MSO, LLC | 95 | — | ||||||
SimiTree Acquisition LLC | 186 | — | ||||||
SIMKO Merger Sub, LLC | 6,820 | — | ||||||
Sixarp, LLC | 6,912 | 6,912 | ||||||
Soccer Post Acquisition, LLC | 1,856 | 772 | ||||||
Southeast Primary Care Partners, LLC | 36 | — | ||||||
Southern Orthodontic Partners Management, LLC | 171 | — | ||||||
Southern Sports Medicine Partners, LLC | 35 | — | ||||||
Spear Education Holdings, LLC | 4,463 | 4,463 | ||||||
Spectrum Solutions, LLC | 267 | — | ||||||
Starwest Botanicals Acquisition, LLC | 47 | — | ||||||
Stax Holding Company, LLC | 60 | — | ||||||
Steel City Wash, LLC | 9 | — | ||||||
Storm Smart Buyer LLC | 105 | — | ||||||
Sun Orchard, LLC | 5,336 | 4,875 | ||||||
Surplus Solutions, LLC | 1,771 | 1,771 | ||||||
Teel Plastics, LLC | 324 | — | ||||||
The Channel Company, LLC | 3 | — | ||||||
Trademark Global, LLC | 32 | — | ||||||
Treat Planet Acquisition, LLC | 1,965 | — | ||||||
Triad Technologies, LLC | 332 | — | ||||||
TSR Concrete Coatings, LLC | 1,534 | — | ||||||
United Land Services Opco Parent, LLC | 289 | — | ||||||
Universal Pure, LLC | 5,139 | 12,228 | ||||||
US Foot and Ankle Specialists, LLC | 3,219 | 12,467 | ||||||
USALCO, LLC | 55 | — | ||||||
Vanguard Packaging, LLC | 410 | — | ||||||
Varsity DuvaSawko Operating Corp. | 537 | — | ||||||
Varsity Rejuvenate Partners, LLC | 767 | — | ||||||
Vehicle Accessories, Inc. | 38 | — | ||||||
Vital Care Buyer, LLC | 580 | — | ||||||
WCI Volt Purchaser, LLC | 2,249 | 2,249 | ||||||
Western Veterinary Partners, LLC | 24 | — | ||||||
Westminster Cracker Company, Inc. | 1,534 | — | ||||||
WTWH Buyer, LLC | 1,638 | 1,638 | ||||||
Yard-Nique, Inc | 6,515 | 6,695 |
Portfolio Company | September 30, 2023 | December 31, 2022 | ||||||
Zipline Logistics, LLC | 6,214 | 6,214 | ||||||
Total unfunded portfolio company commitments | $ | 249,629 | $ | 243,089 |
Payment Due by Period | Payment Due by Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in millions) | (Amounts in millions) | Total | Less than 1 year | 1-3 | 3-5 | More than 5 years | (Amounts in millions) | Total | Less than 1 year | 1-3 | 3-5 | More than 5 years | ||||||||||||||||||||||||||||||||||||||||||||||
ASPV Credit Facility | ASPV Credit Facility | $ | 91.4 | $ | — | $ | — | $ | 91.4 | $ | — | ASPV Credit Facility | $ | 117.0 | $ | — | $ | — | $ | 117.0 | $ | — | ||||||||||||||||||||||||||||||||||||
MSPV Credit Facility | MSPV Credit Facility | $ | 331.8 | $ | — | $ | — | $ | 331.8 | $ | — | MSPV Credit Facility | $ | 351.8 | $ | — | $ | — | $ | 351.8 | $ | — | ||||||||||||||||||||||||||||||||||||
Short-Term Financing Facility | Short-Term Financing Facility | $ | 84.9 | $ | 84.9 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 423.2 | $ | — | $ | — | $ | 423.2 | $ | — | Total | $ | 553.7 | $ | 84.9 | $ | — | $ | 468.8 | $ | — |
(Amounts in millions) | (Amounts in millions) | Interest Income | Interest Expense | Net Income | (Amounts in millions) | Interest Income | Interest Expense | Net Income | ||||||||||||||||||||||||||
Up 200 basis points | Up 200 basis points | $ | 19.3 | $ | 8.5 | $ | 10.8 | Up 200 basis points | $ | 23.7 | $ | 9.4 | $ | 14.3 | ||||||||||||||||||||
Up 100 basis points | Up 100 basis points | $ | 9.7 | $ | 4.2 | $ | 5.5 | Up 100 basis points | $ | 11.8 | $ | 4.7 | $ | 7.1 | ||||||||||||||||||||
Down 100 basis points | Down 100 basis points | $ | (9.7) | $ | (4.2) | $ | (5.5) | Down 100 basis points | $ | (11.8) | $ | (4.7) | $ | (7.1) | ||||||||||||||||||||
Down 200 basis points | Down 200 basis points | $ | (19.3) | $ | (8.5) | $ | (10.8) | Down 200 basis points | $ | (23.7) | $ | (9.4) | $ | (14.3) |
Exhibit No. | Description | |||||||
AG Twin Brook Capital Income Fund | ||||||||
By: | /s/ Trevor Clark | |||||||
Trevor Clark | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
By: | /s/ Terrence Walters | |||||||
Terrence Walters | ||||||||
Chief Financial Officer and Treasurer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |