☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30 ,2024 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 81-2491356 | |
(State of incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
— | — |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||
Emerging Growth Company | ☒ |
AB PRIVATE CREDIT INVESTORS CORPORATION
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024
Table of Contents
INDEX | PAGE NO. | |||||
PART I. | 3 | |||||
Item 1. | 3 | |||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 70 | ||||
Item 3. | 85 | |||||
Item 4. | 86 | |||||
PART II. | 87 | |||||
Item 1. | 87 | |||||
Item 1A. | 87 | |||||
Item 2. | 88 | |||||
Item 3. | 88 | |||||
Item 4. | 88 | |||||
Item 5. | 88 | |||||
Item 6. | 89 | |||||
90 |
2
Item 1. | Consolidated Financial Statements |
As of June 30, 2024 (Unaudited) | As of December 31, 2023 | |||||||
Assets | ||||||||
Investments, at fair value | ||||||||
Non-controlled/non-affiliated | $ | 1,479,831,711 | $ | 1,307,655,721 | ||||
Non-controlled affiliated investments (amortized cost of $2,371,832 and $5,034,379) | 1,126,367 | 3,464,863 | ||||||
Total investments, at fair value (amortized cost of $1,490,018,182 and $1,329,540,850) | 1,480,958,078 | 1,311,120,584 | ||||||
Cash and cash equivalents | 67,423,316 | 72,671,928 | ||||||
Interest receivable | 9,503,999 | 8,445,019 | ||||||
Deferred financing costs | 1,669,363 | 2,461,248 | ||||||
Receivable for fund shares | 634,650 | 18,000 | ||||||
Receivable for investments sold | 38,377 | 47,127 | ||||||
Total assets | $ | 1,560,227,783 | $ | 1,394,763,906 | ||||
Liabilities | ||||||||
Notes payable (net of unamortized discount of $371,871 and $390,381, respectively, and debt issuance costs of $2,969,890 and $3,681,044, respectively) | $ | 543,408,239 | $ | 542,678,575 | ||||
Credit facility payable | 400,250,000 | 311,500,000 | ||||||
Secured Borrowings | 18,011,556 | 2,325,617 | ||||||
Interest and borrowing expenses payable | 13,277,047 | 12,779,336 | ||||||
Payable for fund shares repurchased | 9,315,898 | 4,930,240 | ||||||
Distribution payable | 6,031,499 | 5,740,909 | ||||||
Management fees payable | 4,911,685 | 4,479,535 | ||||||
Incentive fee payable | 3,250,337 | 3,369,132 | ||||||
Payable for investments purchased | 1,950,927 | — | ||||||
Professional fees payable | 831,923 | 496,289 | ||||||
Administrator and custodian fees payable | 767,890 | 832,176 | ||||||
Payable to Adviser | 620,594 | 1,158,276 | ||||||
Accrued tax liability | 142,842 | 241,195 | ||||||
Accrued expenses and other liabilities | 31,403 | — | ||||||
Transfer agent fees payable | 27,837 | 35,381 | ||||||
Directors’ fees payable | 18,563 | — | ||||||
Total Liabilities | $ | 1,002,848,240 | $ | 890,566,661 | ||||
Commitments and contingencies (see Note 6) | ||||||||
Net Assets | ||||||||
Common stock, par value $0.01 per share (200,000,000 shares authorized, 58,978,899 and 54,364,708 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively) | 589,789 | 543,647 | ||||||
Paid-in capital in excess of par value | 567,955,055 | 524,279,891 | ||||||
Distributable earnings (accumulated loss) | (11,214,651 | ) | (20,678,340 | ) | ||||
Total net assets of AB Private Credit Investors Corporation | $ | 557,330,193 | $ | 504,145,198 | ||||
Non-Controlling Interest in ABPCIC Equity Holdings, LLC | 49,350 | $ | 52,047 | |||||
Total net assets | $ | 557,379,543 | $ | 504,197,245 | ||||
Total liabilities and net assets | $ | 1,560,227,783 | $ | 1,394,763,906 | ||||
Net asset value per share of AB Private Credit Investors Corporation | $ | 9.45 | $ | 9.27 | ||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
Investment Income | 2024 | 2023 | 2024 | 2023 | ||||||||||||
From non-controlled/non-affiliated | ||||||||||||||||
Interest income, net of amortization/accretion | $ | 40,513,701 | $ | 35,269,067 | $ | 80,113,933 | $ | 67,028,005 | ||||||||
Payment-in-kind | 2,109,355 | 662,830 | 3,667,307 | 1,696,231 | ||||||||||||
Dividend income | 211,800 | 355,306 | 298,829 | 407,758 | ||||||||||||
Total investment income | 42,834,856 | 36,287,203 | 84,080,069 | 69,131,994 | ||||||||||||
Expenses: | ||||||||||||||||
Interest and borrowing expenses | 19,893,019 | 17,260,122 | 38,834,928 | 31,041,782 | ||||||||||||
Management fees | 4,911,685 | 4,204,038 | 9,558,202 | 8,142,942 | ||||||||||||
Income-based incentive fee | 3,250,337 | 2,600,473 | 6,492,093 | 5,355,077 | ||||||||||||
Professional fees | 682,635 | 681,896 | 1,230,680 | 1,197,209 | ||||||||||||
Administration and custodian fees | 325,977 | 294,109 | 508,469 | 558,564 | ||||||||||||
Insurance expenses | 131,362 | 135,986 | 262,725 | 271,972 | ||||||||||||
Directors’ fees | 10,296 | 69,875 | 139,750 | 139,750 | ||||||||||||
Transfer agent fees | 27,837 | 36,215 | 66,525 | 71,487 | ||||||||||||
Other expenses | 508,626 | 368,384 | 839,019 | 677,959 | ||||||||||||
Total expenses | 29,741,774 | 25,651,098 | 57,932,391 | 47,456,742 | ||||||||||||
Net investment income before taxes | 13,093,082 | 10,636,105 | 26,147,678 | 21,675,252 | ||||||||||||
Income tax expense, including excise tax | 91,736 | 260,725 | 179,306 | 278,026 | ||||||||||||
Net investment income after tax | 13,001,346 | 10,375,380 | 25,968,372 | 21,397,226 | ||||||||||||
Net realized and change in unrealized gains (losses) on investment transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Non-controlled/non-affiliated | 64,234 | (303,851 | ) | 101,573 | (298,398 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) from: | ||||||||||||||||
Non-controlled/non-affiliated | 2,628,730 | (7,287,835 | ) | 9,036,111 | (2,765,423 | ) | ||||||||||
Non-controlled affiliated investments | 125,317 | (10 | ) | 324,051 | (10 | ) | ||||||||||
Controlled affiliated investments | — | 90,649 | — | 90,649 | ||||||||||||
Net realized and change in unrealized gains (losses) on investment transactions | 2,818,281 | (7,501,047 | ) | 9,461,735 | (2,973,182 | ) | ||||||||||
Net increase in net assets resulting from operations | 15,819,627 | 2,874,333 | 35,430,107 | 18,424,044 | ||||||||||||
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC | $ | (1,366 | ) | $ | 516 | $ | (2,697 | ) | $ | 1,639 | ||||||
Net increase in net assets resulting from operations related to AB Private Credit Investors Corporation | 15,820,993 | 2,873,817 | 35,432,804 | 18,422,405 | ||||||||||||
Net investment income per share (basic and diluted): | ||||||||||||||||
Net investment income per share (basic and diluted): | $ | 0.23 | $ | 0.20 | $ | 0.46 | $ | 0.42 | ||||||||
Earnings per share (basic and diluted): | 0.28 | 0.06 | 0.63 | 0.36 | ||||||||||||
Weighted average shares outstanding: | 57,211,424 | 51,975,095 | 56,191,768 | 51,104,578 |
Common Units | ||||||||||||||||||||||||
Shares | Par Amount | Paid in Capital in Excess of Par | Distributable Earnings | Non-Controlling Interest - ABPCIC Equity Holdings, LLC | Total Net Assets | |||||||||||||||||||
Net assets at March 31, 2024 | 56,653,056 | $ | 566,530 | $ | 545,842,911 | $ | (14,035,991 | ) | $ | 50,716 | $ | 532,424,166 | ||||||||||||
Increase (decrease) in net assets resulting from operations: | ||||||||||||||||||||||||
Net investment income | — | — | — | 13,001,764 | (418 | ) | 13,001,346 | |||||||||||||||||
Net realized gain (loss) on investments | — | — | — | 64,234 | — | 64,234 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | — | 2,754,995 | (948 | ) | 2,754,047 | |||||||||||||||||
Capital transactions: | ||||||||||||||||||||||||
Issuance of common stock | 2,574,268 | 25,743 | 24,457,404 | — | — | 24,483,147 | ||||||||||||||||||
Issuance of common shares pursuant to distribution reinvestment plan | 737,332 | 7,373 | 6,960,780 | — | — | 6,968,153 | ||||||||||||||||||
Repurchase of common stock | (985,757 | ) | (9,857 | ) | (9,306,040 | ) | — | — | (9,315,897 | ) | ||||||||||||||
Distributions to stockholders | — | — | — | (12,999,653 | ) | — | (12,999,653 | ) | ||||||||||||||||
Total increase (decrease) for the three months ended June 30, 2024 | 2,325,843 | 23,259 | 22,112,144 | 2,821,340 | (1,366 | ) | 24,955,377 | |||||||||||||||||
Net assets at June 30, 2024 | 58,978,899 | $ | 589,789 | $ | 567,955,055 | $ | (11,214,651 | ) | $ | 49,350 | $ | 557,379,543 | ||||||||||||
Distributions declared per share | — | — | — | $ | 0.21 | — | $ | 0.21 | ||||||||||||||||
Net assets at December 31, 2023 | 54,364,707 | $ | 543,647 | $ | 524,279,891 | $ | (20,678,340 | ) | $ | 52,047 | $ | 504,197,245 | ||||||||||||
Increase (decrease) in net assets resulting from net investment income operations: | ||||||||||||||||||||||||
Net investment income | — | — | — | 25,968,322 | 50 | 25,968,372 | ||||||||||||||||||
Net realized gain (loss) on investments | — | — | — | 101,573 | — | 101,573 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | — | 9,362,909 | (2,747 | ) | 9,360,162 | |||||||||||||||||
Capital transactions: | ||||||||||||||||||||||||
Issuance of common stock | 4,871,348 | 48,713 | 46,102,393 | — | — | 46,151,106 | ||||||||||||||||||
Issuance of common shares pursuant to distribution reinvestment plan | 1,472,883 | 14,729 | 13,866,135 | — | — | 13,880,864 | ||||||||||||||||||
Repurchase of common stock | (1,730,039 | ) | (17,300 | ) | (16,293,364 | ) | — | — | (16,310,664 | ) | ||||||||||||||
Distributions to stockholders | — | — | — | (25,969,115 | ) | — | (25,969,115 | ) | ||||||||||||||||
Total increase (decrease) for the six months ended June 30, 2024 | 4,614,192 | 46,142 | 43,675,164 | 9,463,689 | (2,697 | ) | 53,182,298 | |||||||||||||||||
Net assets at June 30, 2024 | 58,978,899 | $ | 589,789 | $ | 567,955,055 | $ | (11,214,651 | ) | $ | 49,350 | $ | 557,379,543 | ||||||||||||
Distributions declared per share | — | — | — | $ | 0.44 | — | $ | 0.44 | ||||||||||||||||
Common Units | ||||||||||||||||||||||||
Shares | Par Amount | Paid in Capital in Excess of Par | Distributable Earnings | Non-Controlling Interest - ABPCIC Equity Holdings, LLC | Total Net Assets | |||||||||||||||||||
Net assets at March 31, 2023 | 49,895,174 | $ | 498,952 | $ | 482,847,144 | $ | (19,190,141 | ) | $ | 35,509 | $ | 464,191,464 | ||||||||||||
Increase (decrease) in net assets resulting from operations: | ||||||||||||||||||||||||
Net investment income | — | — | — | 10,375,562 | (182 | ) | 10,375,380 | |||||||||||||||||
Net realized gain (loss) on investments | — | — | — | (303,851 | ) | — | (303,851 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | — | (7,197,894 | ) | 698 | (7,197,196 | ) | ||||||||||||||||
Capital transactions: | ||||||||||||||||||||||||
Issuance of common stock | 2,776,754 | 27,768 | 25,764,683 | — | — | 25,792,451 | ||||||||||||||||||
Issuance of common shares pursuant to distribution reinvestment plan | 606,230 | 6,062 | 5,546,761 | — | — | 5,552,823 | ||||||||||||||||||
Repurchase of common stock | (461,364 | ) | (4,614 | ) | (4,221,287 | ) | — | — | (4,225,901 | ) | ||||||||||||||
Distributions to stockholders | — | — | — | (10,402,344 | ) | — | (10,402,344 | ) | ||||||||||||||||
Total increase (decrease) for the three months ended June 30, 2023 | 2,921,620 | 29,216 | 27,090,157 | (7,528,527 | ) | 516 | 19,591,362 | |||||||||||||||||
Net assets at June 30, 2023 | 52,816,794 | $ | 528,168 | $ | 509,937,301 | $ | (26,718,668 | ) | $ | 36,025 | $ | 483,782,826 | ||||||||||||
Distributions declared per share | — | — | — | $ | 0.20 | — | $ | 0.20 | ||||||||||||||||
Net assets at December 31, 2022 | 50,228,088 | $ | 502,281 | $ | 485,940,938 | $ | (29,599,112 | ) | $ | 34,386 | $ | 456,878,493 | ||||||||||||
Increase (decrease) in net assets resulting from net investment income operations: | ||||||||||||||||||||||||
Net investment income | — | — | — | 21,398,031 | (805 | ) | 21,397,226 | |||||||||||||||||
Net realized gain (loss) on investments | — | — | — | (298,398 | ) | — | (298,398 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on investments | — | — | — | (2,677,228 | ) | 2,444 | (2,674,784 | ) | ||||||||||||||||
Capital transactions: | ||||||||||||||||||||||||
Issuance of common stock | 2,776,754 | 27,768 | 25,764,683 | — | — | 25,792,451 | ||||||||||||||||||
Issuance of common shares pursuant to distribution reinvestment plan | 900,834 | 9,008 | 8,284,685 | — | — | 8,293,693 | ||||||||||||||||||
Repurchase of common stock | (1,088,882 | ) | (10,889 | ) | (10,053,005 | ) | — | — | (10,063,894 | ) | ||||||||||||||
Distributions to stockholders | — | — | — | (15,541,961 | ) | — | (15,541,961 | ) | ||||||||||||||||
Total increase (decrease) for the six months ended June 30, 2023 | 2,588,706 | 25,887 | 23,996,363 | 2,880,444 | 1,639 | 26,904,333 | ||||||||||||||||||
Net assets at June 30, 2023 | 52,816,794 | $ | 528,168 | $ | 509,937,301 | $ | (26,718,668 | ) | $ | 36,025 | $ | 483,782,826 | ||||||||||||
Distributions declared per share | — | — | — | $ | 0.30 | — | $ | 0.30 | ||||||||||||||||
Six months ended June 30, 2024 | Six months ended June 30, 2023 | |||||||
Cash flows from operating activities | ||||||||
Net increase (decrease) in net assets resulting from operations | $ | 35,430,107 | $ | 18,424,044 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: | ||||||||
Purchases of investments | (210,401,755 | ) | (151,475,757 | ) | ||||
Payment-in-kind | (3,667,307 | ) | (1,696,231 | ) | ||||
Proceeds from sales of investments and principal repayments | 56,415,037 | 48,240,929 | ||||||
Net realized (gain) loss on investments | (101,573 | ) | 298,398 | |||||
Net change in unrealized (appreciation) depreciation on investments | (9,360,162 | ) | 2,674,784 | |||||
Amortization of premium and accretion of discount, net | (2,721,734 | ) | (3,097,880 | ) | ||||
Amortization of discount, debt issuance and deferred financing costs | 1,757,962 | 2,135,003 | ||||||
Increase or decrease in operating assets and liabilities: | ||||||||
(Increase) decrease in receivable for investments sold | 8,750 | 6,005,880 | ||||||
(Increase) decrease in interest receivable | (1,058,980 | ) | (4,272,923 | ) | ||||
(Increase) decrease in prepaid directors’ fee | — | (179 | ) | |||||
(Increase) decrease in prepaid expenses | — | 226,644 | ||||||
(Increase) decrease in payable for investments purchased | 1,950,927 | 9,080,028 | ||||||
(Increase) decrease in management fees payable | 432,150 | 425,915 | ||||||
(Increase) decrease in payable to Adviser | (537,682 | ) | (232,840 | ) | ||||
(Increase) decrease in administrator and custodian fees payable | (64,286 | ) | (54,802 | ) | ||||
(Increase) decrease in professional fees payable | 335,634 | (236,071 | ) | |||||
(Increase) decrease in accrued tax liability | (98,353 | ) | (983,570 | ) | ||||
(Increase) decrease in incentive fee payable | (118,795 | ) | 65,538 | |||||
Increase (decrease) in directors’ fees payable | 18,563 | 45,329 | ||||||
(Increase) decrease in transfer agent fees payable | (7,544 | ) | 1,990 | |||||
(Increase) decrease in interest and borrowing expenses payable | 497,711 | 2,507,209 | ||||||
Increase (decrease) in accrued expenses and other liabilities | 31,403 | 232,846 | ||||||
Net cash provided by (used for) operating activities | (131,259,927 | ) | (71,685,716 | ) | ||||
Cash flows from financing activities | ||||||||
Issuance of common stock | 45,534,456 | 28,491,101 | ||||||
Repurchase of common stock | (11,925,006 | ) | (12,142,242 | ) | ||||
Distributions paid | (11,797,661 | ) | (11,307,802 | ) | ||||
Financing costs paid | (236,413 | ) | (5,519,815 | ) | ||||
Borrowings on notes | — | 300,000,000 | ||||||
Borrowings on credit facility | 143,250,000 | 214,400,000 | ||||||
Repayments of credit facility | (54,500,000 | ) | (409,000,000 | ) | ||||
Proceeds on secured borrowings | 20,666,689 | 8,889,878 | ||||||
Repayments on secured borrowings | (4,980,750 | ) | (14,807,153 | ) | ||||
Net cash provided by (used for) financing activities | 126,011,315 | 99,003,967 | ||||||
Net increase in (decrease) in cash | (5,248,612 | ) | 27,318,251 | |||||
Cash and cash equivalents, beginning of period | 72,671,928 | 48,785,985 | ||||||
Cash and cash equivalents, end of period | $ | 67,423,316 | $ | 76,104,236 | ||||
Supplemental and non-cash financing activities | ||||||||
Cash paid during the period for interest | $ | 35,953,776 | $ | 25,856,860 | ||||
Issuance of common shares pursuant to distribution reinvestment plan | $ | 13,880,864 | $ | 8,293,693 | ||||
State taxes paid | $ | 277,659 | $ | 1,261,596 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Investments at Fair Value (++) + * # ^—265.70% | ||||||||||||||||||||||
US Corporate Debt — 252.67% | ||||||||||||||||||||||
1st Lien/Senior Secured Debt — 252.14% | ||||||||||||||||||||||
AAH Topco, LLC (1) (2) (4) (5) | Healthcare | Delayed Draw Term Loan | 11.45% (S + 6.00 %;0.75 % Floor) | 12/22/2027 | 1,364,238 | 1,325,369 | 1,364,238 | |||||||||||||||
AAH Topco, LLC (1) (3) (4) (5) | Healthcare | Delayed Draw Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 12/22/2027 | 6,463,902 | 6,358,885 | 6,383,103 | |||||||||||||||
AAH Topco, LLC (2) (6) | Healthcare | Revolver | 11.45% (S + 5.50%; 0.75% Floor) | 12/22/2027 | — | (9,278 | ) | (9,841 | ) | |||||||||||||
AAH Topco, LLC (1) (3) (5) | Healthcare | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 12/22/2027 | 6,387,118 | 6,305,719 | 6,307,279 | |||||||||||||||
Accelerate Resources Operating, LLC (2) (6) | Energy | Revolver | 11.45% (S + 6.00%; 1.00% Floor) | 2/24/2027 | — | (2,351 | ) | — | ||||||||||||||
Accelerate Resources Operating, LLC (1) (5) | Energy | Delayed Draw Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 2/24/2027 | 1,830,799 | 1,802,829 | 1,830,799 | |||||||||||||||
Accelerate Resources Operating, LLC (1) (5) | Energy | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 2/24/2027 | 5,457,797 | 5,438,557 | 5,457,797 | |||||||||||||||
Accelerate Resources Operating, LLC (3) | Energy | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 2/24/2027 | 1,217,451 | 1,199,108 | 1,217,451 | |||||||||||||||
Activ Software Holdings, LLC (1) (3) (4) (5) | Software & Tech Services | Term Loan | 11.58% (S + 6.00%; 1.00% Floor) | 5/4/2027 | 7,867,150 | 7,789,968 | 7,867,150 | |||||||||||||||
Activ Software Holdings, LLC (2) (6) | Software & Tech Services | Revolver | 11.65% (S + 6.00%; 1.00% Floor) | 5/4/2027 | — | (6,286 | ) | — | ||||||||||||||
Activ Software Holdings, LLC (1) | Software & Tech Services | Term Loan | 11.65% (S + 6.00%; 1.00% Floor) | 5/4/2027 | 2,497,913 | 2,448,126 | 2,497,913 | |||||||||||||||
Activ Software Holdings, LLC (5) | Software & Tech Services | Delayed Draw Term Loan | 11.66% (S + 6.00%; 1.00% Floor) | 5/4/2027 | 624,478 | 612,011 | 624,478 | |||||||||||||||
Admiral Buyer, Inc (1) (4) (5) | Software & Tech Services | Term Loan | 10.84% (S + 5.50%; 0.75% Floor) | 5/8/2028 | 10,593,104 | 10,436,477 | 10,460,690 | |||||||||||||||
Admiral Buyer, Inc (2) (6) | Software & Tech Services | Revolver | 10.84% (S + 5.50%; 0.75% Floor) | 5/8/2028 | — | (20,941 | ) | (17,519 | ) | |||||||||||||
Admiral Buyer, Inc | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 5/8/2028 | 449,428 | 443,571 | 447,181 | |||||||||||||||
Airwavz Solutions, Inc. (2) (3) (4) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 3/31/2027 | 3,774,448 | 3,708,768 | 3,774,448 | |||||||||||||||
Airwavz Solutions, Inc. (2) (6) | Digital Infrastructure & Services | Revolver | 10.95% (S + 5.50%; 1.00% Floor) | 3/31/2027 | — | (6,380 | ) | (3,264 | ) | |||||||||||||
Airwavz Solutions, Inc. (3) | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 3/31/2027 | 5,221,919 | 5,170,824 | 5,195,809 | |||||||||||||||
Airwavz Solutions, Inc. (3) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 3/31/2027 | 3,263,699 | 3,231,764 | 3,247,381 | |||||||||||||||
AmerCareRoyal, LLC (4) | Services | Term Loan | 12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 507,292 | 499,939 | 507,292 | |||||||||||||||
AmerCareRoyal, LLC (1) (3) | Services | Term Loan | 12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 1,986,082 | 1,973,352 | 1,986,082 | |||||||||||||||
AmerCareRoyal, LLC (1) (5) | Services | Term Loan | 12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 4,081,357 | 3,988,288 | 4,081,357 | |||||||||||||||
AmerCareRoyal, LLC (1) | Services | Delayed Draw Term Loan | 12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 492,918 | 486,821 | 492,918 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.50% PIK; 1.00% Floor) | 12/31/2024 | 2,682,124 | 2,278,901 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 3.50% PIK; 1.00% Floor) | 12/31/2024 | 949,042 | 817,051 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.50% PIK; 1.00% Floor) | 12/31/2024 | 6,791,604 | 5,733,816 | — | |||||||||||||||
American Physician Partners, LLC (1) (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 3.50% PIK; 1.00% Floor) | 12/31/2024 | 1,260,322 | 1,082,011 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Revolver | — (S + 6.75%; 3.50% PIK; 1.00% Floor) | 12/31/2024 | 346,322 | 345,024 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.50% PIK; 1.00% Floor) | 12/31/2024 | 1,444,963 | 1,243,170 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.50% PIK; 1.00% Floor) | 12/31/2024 | 31,879 | 20,395 | 10,402 | |||||||||||||||
AMI US Holdings, Inc. (1) (4) | Software & Tech Services | Term Loan | 10.70% (S + 5.25%; 1.00% Floor ) | 10/1/2026 | 7,354,651 | 7,332,330 | 7,354,651 | |||||||||||||||
AMI US Holdings, Inc. (2) (6) | Software & Tech Services | Revolver | 10.70% (S + 5.25%) | 10/1/2026 | — | (6,808 | ) | — | ||||||||||||||
Ampler QSR Holdings, LLC (3) (4) | Consumer Non-Cyclical | Term Loan | 11.11% (S + 5.63%; 1.00% Floor) | 7/21/2027 | 12,159,255 | 12,028,987 | 12,128,857 | |||||||||||||||
AOM Acquisition, LLC. (2) (6) | Healthcare | Revolver | 10.99% (S + 5.50%; 1.00% Floor) | 2/18/2027 | — | (13,054 | ) | (9,140 | ) | |||||||||||||
AOM Acquisition, LLC. (1) (5) | Healthcare | Term Loan | 10.99% (S + 5.50%; 1.00% Floor) | 2/18/2027 | 6,238,907 | 6,103,168 | 6,192,116 | |||||||||||||||
AOM Acquisition, LLC. (1) (5) | Healthcare | Term Loan | 10.99% (S + 5.50%; 1.00% Floor) | 2/18/2027 | 5,686,326 | 5,621,711 | 5,643,679 | |||||||||||||||
Avalara, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 12.59% (S + 6.75%; 0.75% Floor) | 10/19/2028 | 10,653,748 | 10,460,476 | 10,653,748 | |||||||||||||||
Avalara, Inc. (2) (6) | Software & Tech Services | Revolver | 12.59% (S + 7.25%; 0.75% Floor) | 10/19/2028 | — | (19,321 | ) | — | ||||||||||||||
Avant Communications, LLC (1) (4) (5) | Digital Infrastructure & Services | Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 11/30/2026 | 14,888,026 | 14,717,815 | 14,888,026 | |||||||||||||||
Avant Communications, LLC (2) (6) | Digital Infrastructure & Services | Revolver | 11.24% (S + 5.75%; 1.00% Floor) | 11/30/2026 | — | (5,582 | ) | — | ||||||||||||||
Avetta, LLC (1) (4) (5) | Software & Tech Services | Term Loan | 11.10% (S + 5.75%; 1.00% Floor) | 10/18/2030 | 21,844,627 | 21,386,754 | 21,844,627 | |||||||||||||||
Avetta, LLC (2) (6) | Software & Tech Services | Revolver | 11.10% (S + 5.75%; 1.00% Floor) | 10/18/2029 | — | (41,598 | ) | — | ||||||||||||||
Azurite Intermediate Holdings, Inc (4) | Software & Tech Services | Term Loan | 11.85% (S + 6.50%; 0.75% Floor) | 3/19/2031 | 3,128,738 | 3,083,046 | 3,081,807 | |||||||||||||||
Azurite Intermediate Holdings, Inc (1) (2) (5) | Software & Tech Services | Delayed Draw Term Loan | 11.85% (S + 6.50%; 0.75% Floor) | 3/19/2031 | 4,550,892 | 4,466,584 | 4,497,561 | |||||||||||||||
Azurite Intermediate Holdings, Inc (2) (6) | Software & Tech Services | Revolver | 11.85% (S + 6.50%; 0.75% Floor) | 3/19/2031 | — | (16,404 | ) | (17,066 | ) | |||||||||||||
BAART Programs, Inc. (1) (4) | Healthcare | Delayed Draw Term Loan | 10.60% (S + 5.00%; 1.00% Floor) | 6/11/2027 | 3,852,858 | 3,832,217 | 3,718,008 | |||||||||||||||
BAART Programs, Inc. (1) (5) | Healthcare | Term Loan | 10.60% (S + 5.00%; 1.00% Floor) | 6/11/2027 | 4,649,986 | 4,628,244 | 4,487,237 | |||||||||||||||
Blink Holdings, Inc. (7) | Consumer Non-Cyclical | Delayed Draw Term Loan | — (S + 7.50%) | 11/8/2024 | 889,435 | 888,753 | 547,002 | |||||||||||||||
Blink Holdings, Inc. (1) (7) | Consumer Non-Cyclical | Delayed Draw Term Loan | — (S + 5.50%; 1.00% Floor) | 11/8/2024 | 1,109,120 | 1,108,273 | 682,108 | |||||||||||||||
Blink Holdings, Inc. (1) (7) | Consumer Non-Cyclical | Term Loan | — (S + 5.50%; 1.00% Floor) | 11/8/2024 | 1,550,228 | 1,548,861 | 953,390 | |||||||||||||||
Bonterra, LLC (1) (3) (4) (5) | Software & Tech Services | Term Loan | 12.59% (S + 7.25%; 0.75% Floor) | 9/8/2027 | 15,944,506 | 15,819,566 | 15,904,644 | |||||||||||||||
Bonterra, LLC (2) | Software & Tech Services | Revolver | 12.59% (S + 7.25%; 0.75% Floor) | 9/8/2027 | 714,085 | 704,690 | 711,206 | |||||||||||||||
Bonterra, LLC | Software & Tech Services | Term Loan | 12.59% (8.00% PIK; 0.75% Floor) | 9/8/2027 | 2,898,956 | 2,771,390 | 2,898,956 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Bridgepointe Technologies, LLC (2) | Digital Infrastructure & Services | Revolver | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 272,123 | 262,951 | 260,460 | |||||||||||||||
Bridgepointe Technologies, LLC (2) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 925,916 | 875,810 | 894,766 | |||||||||||||||
Bridgepointe Technologies, LLC (1) | Digital Infrastructure & Services | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 1,030,526 | 1,005,800 | 1,015,068 | |||||||||||||||
Bridgepointe Technologies, LLC (1) (5) | Digital Infrastructure & Services | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 4,681,605 | 4,622,212 | 4,611,381 | |||||||||||||||
Bridgepointe Technologies, LLC (1) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 3,829,160 | 3,786,277 | 3,771,723 | |||||||||||||||
Bridgepoint Technologies, LLC (1) (3) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 4,938,460 | 4,833,575 | 4,864,383 | |||||||||||||||
Bridgepoint Technologies, LLC (1) (5) | Digital Infrastructure & Services | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 2,259,836 | 2,202,759 | 2,225,939 | |||||||||||||||
Bridgepointe Technologies, LLC (3) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 2,723,951 | 2,708,628 | 2,683,092 | |||||||||||||||
Brightspot Buyer, Inc (2) | Software & Tech Services | Revolver | 11.95% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 340,146 | 332,275 | 326,540 | |||||||||||||||
Brightspot Buyer, Inc (1) (3) | Software & Tech Services | Term Loan | 11.95% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 5,215,571 | 5,155,779 | 5,111,260 | |||||||||||||||
Brightspot Buyer, Inc (3) | Software & Tech Services | Term Loan | 11.95% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 1,448,598 | 1,422,104 | 1,419,626 | |||||||||||||||
BSI2 Hold Nettle, LLC (2) | Software & Tech Services | Revolver | 10.27% (S + 5.00%; 0.75% Floor) | 6/30/2028 | 117,785 | 111,801 | 108,951 | |||||||||||||||
BSI2 Hold Nettle, LLC (3) (5) | Software & Tech Services | Term Loan | 10.27% (S + 5.00%; 0.75% Floor) | 6/30/2028 | 4,628,931 | 4,582,031 | 4,559,497 | |||||||||||||||
BSI2 Hold Nettle, LLC (3) | Software & Tech Services | Term Loan | 10.27% (S + 5.00%; 0.75% Floor) | 6/30/2028 | 617,669 | 606,667 | 608,404 | |||||||||||||||
BusinesSolver.com, Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/1/2027 | 257,713 | 254,313 | 257,713 | |||||||||||||||
BusinesSolver.com, Inc. (3) (5) | Software & Tech Services | Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/1/2027 | 7,213,914 | 7,172,025 | 7,213,914 | |||||||||||||||
BV EMS Buyer, Inc. (4) | Healthcare | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 | 3,293,408 | 3,231,055 | 3,276,941 | |||||||||||||||
BV EMS Buyer, Inc. (4) (5) | Healthcare | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 | 3,467,741 | 3,397,221 | 3,450,402 | |||||||||||||||
BV EMS Buyer, Inc. (4) (5) | Healthcare | Delayed Draw Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 | 3,496,572 | 3,436,624 | 3,479,089 | |||||||||||||||
BV EMS Buyer, Inc. (2) | Healthcare | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 11/23/2027 | 219,561 | 213,907 | 218,064 | |||||||||||||||
CallTower, Inc (1) (4) (5) | Digital Infrastructure & Services | Term Loan | 11.70% (S + 6.25%; 3.00% Floor) | 11/30/2028 | 4,953,185 | 4,842,334 | 4,953,185 | |||||||||||||||
CallTower, Inc (2) (6) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 3.00% Floor) | 11/30/2028 | — | (22,072 | ) | — | ||||||||||||||
CallTower, Inc (2) (6) | Digital Infrastructure & Services | Revolver | 11.70% (S + 6.25%; 3.00% Floor) | 11/30/2028 | — | (13,804 | ) | — | ||||||||||||||
Caregiver 2, Inc. (3) | Healthcare | Term Loan | 10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 7/24/2025 | 4,521,775 | 4,482,441 | 4,521,775 | |||||||||||||||
Caregiver 2, Inc. (3) | Healthcare | Term Loan | 10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 7/24/2025 | 649,021 | 643,376 | 649,021 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Caregiver 2, Inc. (5) | Healthcare | Delayed Draw Term Loan | 10.75% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 7/24/2025 | 1,512,436 | 1,497,657 | 1,512,436 | |||||||||||||||
Caregiver 2, Inc. (5) | Healthcare | Term Loan | 10.75% (S + 5.25%; 2.50% PIK 1.00% Floor) | 7/24/2025 | 620,418 | 610,157 | 620,418 | |||||||||||||||
Cerifi, LLC (1) (3) (4) (5) | Services | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 3/31/2028 | 15,824,399 | 15,611,738 | 15,230,984 | |||||||||||||||
Cerifi, LLC | Services | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 4/1/2027 | 1,107,792 | 1,094,726 | 1,066,249 | |||||||||||||||
Choice Health At Home, LLC, (1) (5) | Healthcare | Term Loan | 12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 | 2,563,921 | 2,543,220 | 2,499,823 | |||||||||||||||
Choice Health At Home, LLC, (1) | Healthcare | Delayed Draw Term Loan | 12.68% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 | 946,244 | 941,157 | 927,319 | |||||||||||||||
Colo Holdings, LLC (4) | Digital Infrastructure & Services | PIK Term Loan | 14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor) | 3/27/2029 | 8,672,217 | 8,465,951 | 8,455,411 | |||||||||||||||
Colo Holdings, LLC (2) (6) | Digital Infrastructure & Services | PIK Revolver | 14.20% (S + 4.00%; 4.75% PIK; 1.00% Floor) | 3/27/2029 | — | (29,475 | ) | (31,039 | ) | |||||||||||||
Colo Holdings, LLC | Digital Infrastructure & Services | PIK Bridge Term Loan | 16.50%(16.50 % PIK) | 3/27/2026 | 674,298 | 659,992 | 657,441 | |||||||||||||||
Coding Solutions Acquisition, Inc (2) | Healthcare | Revolver | 10.85% (S + 5.50%; 0.75% Floor) | 5/11/2028 | 278,376 | 269,227 | 266,445 | |||||||||||||||
Coding Solutions Acquisition, Inc (3) (5) | Healthcare | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 5/11/2028 | 5,433,679 | 5,362,648 | 5,352,174 | |||||||||||||||
Coding Solutions Acquisition, Inc (3) | Healthcare | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 5/11/2028 | 1,646,705 | 1,625,094 | 1,622,005 | |||||||||||||||
Coding Solutions Acquisition, Inc. (3) (5) | Healthcare | Term Loan | 10.85% (S + 5.75%; 0.75% Floor) | 5/11/2028 | 2,710,949 | 2,675,801 | 2,690,617 | |||||||||||||||
Coding Solutions Acquisition, Inc. (2) (5) (6) | Healthcare | Delayed Draw Term Loan | 10.85% (S + 5.75%; 0.75% Floor) | 5/11/2028 | — | (15,064 | ) | (6,245 | ) | |||||||||||||
Community Based Care Acquisition, Inc. (1) (2) (5) | Healthcare | Delayed Draw Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/16/2027 | 2,735,602 | 2,697,625 | 2,713,851 | |||||||||||||||
Community Based Care Acquisition, Inc. (2) | Healthcare | Revolver | 10.94% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 103,658 | 94,212 | 90,701 | |||||||||||||||
Community Based Care Acquisition, Inc. (2) (6) | Healthcare | Delayed Draw Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/16/2027 | — | (30,525 | ) | (16,551 | ) | |||||||||||||
Community Based Care Acquisition, Inc. (1) (5) | Healthcare | Term Loan | 10.94% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 5,208,361 | 5,148,903 | 5,130,235 | |||||||||||||||
Community Based Care Acquisition, Inc. (5) | Healthcare | Delayed Draw Term Loan | 10.94% (S + 5.25%; 1.00% Floor) | 9/16/2027 | 2,111,546 | 2,089,986 | 2,079,872 | |||||||||||||||
Community Brands Parentco, LLC (2) (6) | Software & Tech Services | Revolver | 10.95% (S + 5.50%; 0.75% Floor) | 2/24/2028 | — | (5,155 | ) | — | ||||||||||||||
Community Brands Parentco, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 2/24/2028 | 6,932,947 | 6,842,169 | 6,932,947 | |||||||||||||||
Coretelligent Intermediate LLC (1) (4) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 3,739,280 | 3,706,806 | 3,327,959 | |||||||||||||||
Coretelligent Intermediate LLC (2) (8) | Digital Infrastructure & Services | Revolver | 11.18% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 823,174 | 812,396 | 683,868 | |||||||||||||||
Coretelligent Intermediate LLC (1) (3) (5) | Digital Infrastructure & Services | Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 10/21/2027 | 7,828,382 | 7,762,488 | 6,967,260 | |||||||||||||||
Coupa Holdings,LLC (1) (4) (5) | Software & Tech Services | Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 2/27/2030 | 10,617,824 | 10,383,765 | 10,617,824 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Coupa Holdings,LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 2/27/2030 | — | (9,672 | ) | — | ||||||||||||||
Coupa Holdings,LLC (2) (6) | Software & Tech Services | Revolver | 10.83% (S + 5.50%; 0.75% Floor) | 2/27/2029 | — | (14,191 | ) | — | ||||||||||||||
Crewline Buyer, Inc (1) (4) (5) | Software & Tech Services | Term Loan | 12.09% (S + 6.75%; 1.00% Floor) | 11/8/2030 | 13,118,364 | 12,812,958 | 13,118,364 | |||||||||||||||
Crewline Buyer, Inc (2) (6) | Software & Tech Services | Revolver | 12.09% (S + 6.75%; 1.00% Floor) | 11/8/2030 | — | (31,115 | ) | — | ||||||||||||||
Datacor, Inc. (1) (3) (4) (5) | Software & Tech Services | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 3/13/2029 | 17,780,468 | 17,614,551 | 17,780,468 | |||||||||||||||
Datacor, Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 3/13/2029 | — | (50,106 | ) | — | ||||||||||||||
Datacor, Inc. (2) (6) | Software & Tech Services | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 3/13/2029 | — | (27,860 | ) | — | ||||||||||||||
Delaware Valley Management Holdings, Inc.^^ (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.25%; 1.00% Floor) | 12/31/2024 | 261,819 | 186,699 | 81,321 | |||||||||||||||
Delaware Valley Management Holdings, Inc.^^ (7) | Healthcare | Term Loan | — (S + 6.25%; 1.00% Floor) | 12/31/2024 | 2,487,280 | 1,750,859 | 772,549 | |||||||||||||||
Delaware Valley Management Holdings, Inc.^^ (2) (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.25%; 1.00% Floor) | 12/31/2024 | 490,020 | 168,552 | 152,278 | |||||||||||||||
Delaware Valley Management Holdings, Inc.^^ (2) (7) | Healthcare | Revolver | — (S + 6.25%; 1.00% Floor) | 12/31/2024 | 386,753 | 265,722 | 120,219 | |||||||||||||||
Mr. Greens Intermediate, LLC (4) (5) | Services | Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 5/1/2029 | 6,249,282 | 6,092,971 | 6,249,282 | |||||||||||||||
Mr. Greens Intermediate, LLC (2) (6) | Services | Delayed Draw Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 5/1/2029 | — | (64,185 | ) | — | ||||||||||||||
Mr. Greens Intermediate, LLC (2) (6) | Services | Revolver | 11.68% (S + 6.25%; 1.00% Floor) | 5/1/2029 | — | (25,674 | ) | — | ||||||||||||||
Dispatch Track, LLC (2) (6) | Software & Tech Services | Revolver | 9.95% (S + 4.50%; 1.00% Floor) | 12/17/2026 | — | (435 | ) | (755 | ) | |||||||||||||
Dispatch Track, LLC (1) (5) | Software & Tech Services | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 12/17/2026 | 9,849,936 | 9,832,531 | 9,825,312 | |||||||||||||||
Dorado Buyer LLC (3) (4) | Software & Tech Services | Term Loan | 11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor) | 2/6/2030 | 6,258,167 | 6,170,696 | 6,164,295 | |||||||||||||||
Dorado Buyer LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.10% (S + 2.25%; 3.25% PIK; 1.00% Floor) | 2/6/2030 | — | (17,430 | ) | (18,623 | ) | |||||||||||||
Dorado Buyer LLC (2) (6) | Software & Tech Services | Revolver | 11.10% (S + 2.25%; 1.00% Floor) | 2/6/2030 | — | (8,709 | ) | (9,312 | ) | |||||||||||||
Duetto Research, Inc (4) | Software & Tech Services | Term Loan | 11.10% (S + 1.00%; 5.75% PIK; 0.75% Floor) | 6/26/2030 | 14,123,481 | 13,947,174 | 13,946,938 | |||||||||||||||
Duetto Research, Inc (2) (6) | Software & Tech Services | Revolver | 11.10% (S + 1.00%; 0.75% Floor) | 6/26/2030 | — | (12,593 | ) | (12,610 | ) | |||||||||||||
Duetto Research, Inc (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.10% (S + 1.00%; 0.75% Floor) | 6/26/2030 | — | (12,610 | ) | (12,610 | ) | |||||||||||||
EET Buyer, Inc. (3) (4) (5) | Software & Tech Services | Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 | 6,752,508 | 6,674,937 | 6,735,627 | |||||||||||||||
EET Buyer, Inc. (4) (5) | Software & Tech Services | Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 | 5,062,507 | 4,976,575 | 5,049,850 | |||||||||||||||
EET Buyer, Inc. (2) (6) | Software & Tech Services | Revolver | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 | — | (14,329 | ) | (2,592 | ) | |||||||||||||
EET Buyer, Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 11/8/2027 | — | (4,509 | ) | — | ||||||||||||||
Engage2Excel, Inc. | Services | Revolver | 11.87% (S + 6.50%; 1.00% Floor) | 7/1/2024 | 379,732 | 376,895 | 379,732 | |||||||||||||||
Engage2Excel, Inc. (1) | Services | Term Loan | 11.87% (S + 6.50%; 1.00% Floor) | 7/1/2024 | 934,445 | 926,742 | 934,445 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Engage2Excel, Inc. (1) | Services | Term Loan | 11.87% (S + 6.50%; 1.00% Floor) | 7/1/2024 | 2,692,126 | 2,669,932 | 2,692,126 | |||||||||||||||
Enverus Holdings, Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 12/24/2029 | — | (3,030 | ) | — | ||||||||||||||
Enverus Holdings, Inc. (2) (6) | Software & Tech Services | Revolver | 10.85% (S + 5.50%; 0.75% Floor) | 12/24/2029 | — | (9,215 | ) | — | ||||||||||||||
Enverus Holdings, Inc. (1) (5) | Software & Tech Services | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 12/24/2029 | 8,798,198 | 8,674,747 | 8,798,198 | |||||||||||||||
EvolveIP, LLC | Digital Infrastructure & Services | Revolver | 10.99% (S + 1.00%; 4.50% PIK; 1.00% Floor) | 6/7/2025 | 586,390 | 571,864 | 495,089 | |||||||||||||||
EvolveIP, LLC (1) | Digital Infrastructure & Services | Term Loan | 10.99% (S + 1.00%; 1.00% Floor) | 6/7/2025 | 6,553,566 | 6,537,031 | 5,533,176 | |||||||||||||||
EvolveIP, LLC (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.99% (S + 1.00%; 1.00% Floor) | 6/7/2025 | 113,193 | 113,122 | 95,569 | |||||||||||||||
Exterro, Inc. (1) (4) | Software & Tech Services | Term Loan | 10.93% (S + 5.50%; 1.00% Floor) | 6/1/2027 | 5,778,708 | 5,748,280 | 5,778,708 | |||||||||||||||
Exterro, Inc. (2) (6) | Software & Tech Services | Revolver | 11.00% (S + 5.50%; 1.00% Floor) | 6/1/2027 | — | (19,090 | ) | — | ||||||||||||||
Exterro, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 6/1/2027 | 6,237,900 | 6,189,494 | 6,237,900 | |||||||||||||||
Exterro, Inc. (1) | Software & Tech Services | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 6/1/2027 | 2,791,800 | 2,775,146 | 2,791,800 | |||||||||||||||
Faithlife, LLC (1) (4) | Software & Tech Services | Delayed Draw Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/18/2025 | 702,870 | 699,365 | 702,870 | |||||||||||||||
Faithlife, LLC (1) (4) | Software & Tech Services | Term Loan | 10.94% (S + 5.50%; 1.00% Floor) | 9/18/2025 | 301,846 | 300,334 | 301,846 | |||||||||||||||
Faithlife, LLC (2) (6) | Software & Tech Services | Revolver | 10.94% (S + 5.50%; 1.00% Floor) | 9/18/2025 | — | (1,385 | ) | — | ||||||||||||||
FH MD Buyer, Inc. (1) (5). | Healthcare | Term Loan | 10.46% (S + 5.00%; 0.75% Floor) | 7/22/2028 | 5,382,389 | 5,347,463 | 5,315,110 | |||||||||||||||
Firstdigital Communications LLC (2) | Digital Infrastructure & Services | Revolver | 9.70% (S + 4.25%; 0.75% Floor) | 12/17/2026 | 412,549 | 396,557 | 333,212 | |||||||||||||||
Firstdigital Communications LLC (3) (5) | Digital Infrastructure & Services | Term Loan | 11.75% (S + 4.25%; 0.75% Floor) | 12/17/2026 | 13,543,497 | 13,407,753 | 12,866,322 | |||||||||||||||
Foundation Risk Partners, Corp. (2) (6) | Financials | Revolver | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2029 | — | (7,211 | ) | (2,595 | ) | |||||||||||||
Foundation Risk Partners, Corp. (1) (3) (5) | Financials | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 | 9,609,862 | 9,535,405 | 9,585,837 | |||||||||||||||
Foundation Risk Partners, Corp. (3) | Financials | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 | 2,090,061 | 2,079,590 | 2,084,836 | |||||||||||||||
Foundation Risk Partners, Corp. (3) | Financials | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 | 3,133,468 | 3,100,959 | 3,125,634 | |||||||||||||||
Foundation Risk Partners, Corp. (5) | Financials | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 10/29/2030 | 775,392 | 767,584 | 773,454 | |||||||||||||||
Fullsteam Operations LLC (4) (5) | Software & Tech Services | Term Loan | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 | 7,423,938 | 7,222,230 | 7,423,938 | |||||||||||||||
Fullsteam Operations LLC (2) (3) (4) (5) | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 | 1,761,053 | 1,705,116 | 1,761,053 | |||||||||||||||
Fullsteam Operations LLC (2) (4) | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 | 611,200 | 588,628 | 611,200 | |||||||||||||||
Fullsteam Operations LLC (2) (6) | Software & Tech Services | Revolver | 13.74% (S + 8.25%; 1.00% Floor) | 11/27/2029 | — | (11,272 | ) | — | ||||||||||||||
Fullsteam Operations LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 7.00%; 1.00% Floor) | 11/27/2029 | — | (29,676 | ) | (50,441 | ) | |||||||||||||
Fullsteam Operations LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 13.74% (S + 7.00%; 1.00% Floor) | 11/27/2029 | — | (7,419 | ) | (12,610 | ) | |||||||||||||
Fusion Holding Corp (1) (3) (4) (5) | Software & Tech Services | Term Loan | 11.59% (S + 6.25%; 0.75% Floor) | 9/14/2029 | 16,641,635 | 16,359,589 | 16,308,803 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Fusion Holding Corp (2) | Software & Tech Services | Revolver | 11.59% (S + 6.25%; 0.75% Floor) | 9/15/2027 | 344,798 | 324,629 | 317,214 | |||||||||||||||
Fusion Risk Management, Inc. (2) (6) | Software & Tech Services | Revolver | 12.58% (S + 3.50%; 1.00% Floor) | 5/22/2029 | — | (13,810 | ) | (10,501 | ) | |||||||||||||
Fusion Risk Management, Inc. (3) | Software & Tech Services | Term Loan | 12.58% (S + 3.50%; 3.75% PIK 1.00% Floor) | 5/22/2029 | 7,271,149 | 7,156,052 | 7,180,260 | |||||||||||||||
G Treasury SS, LLC (2) (6) | Software & Tech Services | Revolver | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 | — | (15,342 | ) | (16,008 | ) | |||||||||||||
G Treasury SS, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 | — | (15,342 | ) | (18,294 | ) | |||||||||||||
G Treasury SS, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 | — | (9,589 | ) | (11,434 | ) | |||||||||||||
G Treasury SS, LLC (1) (3) | Software & Tech Services | Term Loan | 11.34% (S + 6.00%; 1.00% Floor) | 6/29/2029 | 3,658,885 | 3,612,266 | 3,594,855 | |||||||||||||||
Galway Borrower, LLC (1) (5) | Financials | Term Loan | 10.69% (S + 5.25%; 0.75% Floor) | 9/29/2028 | 4,225,405 | 4,183,176 | 4,225,405 | |||||||||||||||
Galway Borrower, LLC (2) | Financials | Revolver | 10.69% (S + 5.25%; 0.75% Floor) | 9/29/2028 | 60,954 | 56,417 | 60,954 | |||||||||||||||
Galway Borrower, LLC (2) (6) | Financials | Delayed Draw Term Loan | 10.69% (S + 5.00%; 0.75% Floor) | 9/29/2028 | — | (6,319 | ) | — | ||||||||||||||
GH Parent Holdings Inc. (2) (6) | Services | Delayed Draw Term Loan | 0.50% (S + 5.50%; 1.00% Floor) | 5/4/2027 | — | (30,626 | ) | (30,713 | ) | |||||||||||||
GHA Buyer, Inc. (4) | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 2,027,461 | 2,008,344 | 1,997,049 | |||||||||||||||
GHA Buyer, Inc. (1) (4) | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 579,660 | 570,846 | 570,965 | |||||||||||||||
GHA Buyer, Inc. (3) (4) | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 5,547,440 | 5,512,113 | 5,464,228 | |||||||||||||||
GHA Buyer, Inc. (4) | Healthcare | Delayed Draw Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 840,642 | 833,901 | 828,033 | |||||||||||||||
GHA Buyer, Inc. (2) (6) | Healthcare | Revolver | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | — | (6,458 | ) | (14,266 | ) | |||||||||||||
GHA Buyer, Inc. (1) | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 752,631 | 748,262 | 741,341 | |||||||||||||||
GHA Buyer, Inc. (3) | Healthcare | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 6/24/2026 | 4,803,670 | 4,770,405 | 4,731,615 | |||||||||||||||
Greenhouse Software, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 | 14,507,975 | 14,252,488 | 14,507,975 | |||||||||||||||
Greenhouse Software, Inc. (2) (6) | Software & Tech Services | Revolver | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 | — | (12,626 | ) | — | ||||||||||||||
Greenhouse Software, Inc. (2) (6) | Software & Tech Services | Revolver | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 | — | (10,637 | ) | — | ||||||||||||||
Greenhouse Software, Inc. (3) | Software & Tech Services | Term Loan | 11.59% (S + 6.25%; 1.00% Floor) | 9/1/2028 | 12,376,845 | 12,248,926 | 12,376,845 | |||||||||||||||
Greenlight Intermediate II, Inc. (2) (4) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.99% (S + 5.50%; 0.75% Floor) | 6/1/2028 | 2,549,572 | 2,435,808 | 2,549,572 | |||||||||||||||
Greenlight Intermediate II, Inc. (1) (5) | Digital Infrastructure & Services | Term Loan | 10.99% (S + 5.50%; 0.75% Floor) | 6/1/2028 | 5,331,605 | 5,257,425 | 5,304,947 | |||||||||||||||
Greenlight Intermediate II, Inc. (1) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.99% (S + 5.50%; 0.75% Floor) | 6/1/2028 | 6,702,083 | 6,608,807 | 6,668,573 | |||||||||||||||
Gryphon-Redwood Acquisition LLC (4) | Software & Tech Services | Delayed Draw Term Loan | 15.35% (S + 4.00%; 6.00% PIK; 1.00% Floor) | 9/16/2028 | 1,627,015 | 1,575,789 | 1,598,542 | |||||||||||||||
Gryphon-Redwood Acquisition LLC (1) | Software & Tech Services | Term Loan | 15.30% (S + 4.00%; 6.00% PIK; 1.00% Floor) | 9/16/2028 | 3,769,766 | 3,727,749 | 3,703,795 | |||||||||||||||
GS AcquisitionCo, Inc. (2) | Software & Tech Services | Revolver | 10.59% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 93,443 | 89,530 | 89,939 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
GS AcquisitionCo, Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 5/25/2028 | 52,015 | 49,725 | 47,133 | |||||||||||||||
GS AcquisitionCo, Inc .(1) (3) (5) | Software & Tech Services | Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 5/25/2028 | 9,332,838 | 9,297,418 | 9,286,174 | |||||||||||||||
Heartland PPC Buyer LLC (2) (4) | Services | Delayed Draw Term Loan | 11.09% (S + 5.75%; 0.75% Floor) | 12/12/2029 | 411,869 | 392,934 | 411,869 | |||||||||||||||
Heartland PPC Buyer LLC (1) (4) (5) | Services | Term Loan | 11.09% (S + 5.75%; 0.75% Floor) | 12/12/2029 | 5,637,632 | 5,533,667 | 5,581,256 | |||||||||||||||
Heartland PPC Buyer LLC (2) (8) | Services | Revolver | 11.09% (S + 5.75%; 0.75% Floor) | 12/12/2029 | 282,588 | 261,967 | 271,284 | |||||||||||||||
Higginbotham Insurance Agency, Inc. (1) (5) | Financials | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 11/24/2028 | 3,289,991 | 3,274,265 | 3,289,991 | |||||||||||||||
Higginbotham Insurance Agency, Inc. (1) (3) (5) | Financials | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 11/24/2028 | 7,921,407 | 7,870,481 | 7,921,407 | |||||||||||||||
Hirevue, Inc. (4) (5) | Software & Tech Services | Term Loan | 12.58% (S + 7.25%; 1.00% Floor) | 5/3/2029 | 12,869,572 | 12,592,478 | 12,773,051 | |||||||||||||||
Hirevue, Inc. (2) | Software & Tech Services | Revolver | 12.59% (S + 7.25%; 1.00% Floor) | 5/3/2029 | 211,651 | 178,131 | 199,305 | |||||||||||||||
Honor HN Buyer, Inc. (4) (5) | Healthcare | Delayed Draw Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1,629,742 | 1,611,488 | 1,629,742 | |||||||||||||||
Honor HN Buyer, Inc (2) (4) | Healthcare | Delayed Draw Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1,796,948 | 1,769,349 | 1,796,948 | |||||||||||||||
Honor HN Buyer, Inc (2) | Healthcare | Delayed Draw Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 2,430,257 | 2,356,572 | 2,430,257 | |||||||||||||||
Honor HN Buyer, Inc (2) | Healthcare | Revolver | 13.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 38,012 | 34,624 | 38,012 | |||||||||||||||
Honor HN Buyer, Inc (1) (5) | Healthcare | Term Loan | 11.24% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 2,577,212 | 2,548,395 | 2,577,212 | |||||||||||||||
Iodine Software, LLC (2) (6) | Software & Tech Services | Revolver | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 | — | (10,692 | ) | — | ||||||||||||||
Iodine Software, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 | — | (27,306 | ) | — | ||||||||||||||
Iodine Software, LLC (1) (5) | Software & Tech Services | Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 | 5,201,132 | 5,150,104 | 5,201,132 | |||||||||||||||
Iodine Software, LLC (3) (5) | Software & Tech Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 5/19/2027 | 7,835,357 | 7,758,109 | 7,835,357 | |||||||||||||||
JS Parent Inc (4) | Software & Tech Services | Term Loan | 10.33% (S + 5.00%; 0.75% Floor) | 4/24/2031 | 5,459,661 | 5,432,858 | 5,432,363 | |||||||||||||||
JS Parent Inc (2) (6) | Software & Tech Services | Revolver | 10.33% (S + 5.00%; 0.75% Floor) | 4/24/2031 | — | (2,575 | ) | (2,642 | ) | |||||||||||||
Kalkomey Borrower LLC (1) (4) | Services | Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 6/18/2031 | 9,154,683 | 9,017,487 | 9,017,362 | |||||||||||||||
Kalkomey Borrower LLC (2) (6) | Services | Revolver | 10.60% (S + 5.25%; 1.00% Floor) | 6/18/2031 | — | (21,880 | ) | (21,971 | ) | |||||||||||||
Kalkomey Borrower LLC (2) (6) | Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 1.00% Floor) | 6/18/2031 | — | (13,675 | ) | (13,732 | ) | |||||||||||||
Kaseya Inc. (1) (4) (5) | Software & Tech Services | Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 6/25/2029 | 10,731,047 | 10,617,797 | 10,731,047 | |||||||||||||||
Kaseya Inc. (2) | Software & Tech Services | Revolver | 10.84% (S + 5.50%; 0.75% Floor) | 6/25/2029 | 160,904 | 157,479 | 160,904 | |||||||||||||||
Kaseya Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 10.83% (S + 5.50%; 0.75% Floor) | 6/25/2029 | 71,267 | 63,971 | 71,267 | |||||||||||||||
Krispy Krunchy Foods, L.L.C (5) | Consumer Non-Cyclical | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 11/17/2027 | 7,897,253 | 7,806,844 | 7,897,253 | |||||||||||||||
Lotus HPI Buyer Inc (1) (4) (5) | Healthcare | Term Loan | 11.37% (S + 6.25%; 1.00% Floor) | 1/21/2030 | 12,528,071 | 12,231,865 | 12,340,150 | |||||||||||||||
Lotus HPI Buyer Inc (2) (6) | Healthcare | Revolver | 11.37% (S + 6.25%; 1.00% Floor) | 1/21/2030 | — | (43,668 | ) | (28,259 | ) | |||||||||||||
Lotus HPI Buyer Inc (2) (6) | Healthcare | Delayed Draw Term Loan | 11.37% (S + 6.25%; 1.00% Floor) | 1/21/2030 | — | (43,691 | ) | (9,420 | ) |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Mastery Acquisition Corp. (2) (6) | Software & Tech Services | Revolver | 10.59% (S + 5.25%; 1.00% Floor) | 9/7/2029 | — | (5,304 | ) | — | ||||||||||||||
Mastery Acquisition Corp. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 9/7/2029 | — | (17,513 | ) | — | ||||||||||||||
Mastery Acquisition Corp. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 9/7/2029 | — | (5,838 | ) | — | ||||||||||||||
Mastery Acquisition Corp. (1) (5) | Software & Tech Services | Term Loan | 10.59% (S + 5.25%; 1.00% Floor) | 9/7/2029 | 6,665,877 | 6,607,135 | 6,665,877 | |||||||||||||||
Mathnasium LLC (2) | Consumer Non-Cyclical | Revolver | 10.50% (S + 5.00%; 0.75% Floor) | 11/15/2027 | 348,173 | 340,648 | 348,173 | |||||||||||||||
Mathnasium LLC (1) (5) | Consumer Non-Cyclical | Term Loan | 10.50% (S + 5.00%; 0.75% Floor) | 11/15/2027 | 5,317,798 | 5,256,879 | 5,317,798 | |||||||||||||||
Mavenlink, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 11.73% (S; 6.25% PIK; 0.75% Floor) | 6/3/2027 | 15,750,151 | 15,516,491 | 15,435,148 | |||||||||||||||
Mavenlink, Inc.( 2) | Software & Tech Services | Revolver | 11.73% (S; 6.25% PIK; 0.75% Floor) | 6/3/2027 | 1,493,450 | 1,473,732 | 1,456,422 | |||||||||||||||
MBS Holdings, Inc. (4) | Digital Infrastructure & Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/16/2027 | 833,112 | 813,621 | 833,112 | |||||||||||||||
MBS Holdings, Inc. (1) (3) (4) (5) | Digital Infrastructure & Services | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 4/16/2027 | 10,205,397 | 10,106,197 | 10,154,370 | |||||||||||||||
MBS Holdings, Inc. (2) (6) | Digital Infrastructure & Services | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 4/16/2027 | — | (9,269 | ) | (4,871 | ) | |||||||||||||
MBS Holdings, Inc. (5) | Digital Infrastructure & Services | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 4/16/2027 | 783,200 | 765,045 | 783,200 | |||||||||||||||
Medbridge Holdings, LLC (2) (6) | Software & Tech Services | Revolver | 9.95% (S + 4.50%; 1.00% Floor) | 12/23/2026 | — | (11,560 | ) | (10,322 | ) | |||||||||||||
Medbridge Holdings, LLC (1) | Software & Tech Services | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 12/23/2026 | 971,920 | 961,207 | 964,631 | |||||||||||||||
Medbridge Holdings, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 9.95% (S + 4.50%; 1.00% Floor) | 12/23/2026 | 15,329,452 | 15,195,904 | 15,214,481 | |||||||||||||||
Medical Management Resource Group, LLC (2) | Healthcare | Revolver | 11.44% (S + 6.00%; 0.75% Floor) | 9/30/2026 | 177,192 | 174,284 | 167,700 | |||||||||||||||
Medical Management Resource Group, LLC (1) | Healthcare | Delayed Draw Term Loan | 11.44% (S + 6.00%; 0.75% Floor) | 9/30/2027 | 1,550,434 | 1,520,564 | 1,503,921 | |||||||||||||||
Medical Management Resource Group, LLC (5) | Healthcare | Term Loan | 11.44% (S + 6.00%; 0.75% Floor) | 9/30/2027 | 3,754,106 | 3,712,640 | 3,641,483 | |||||||||||||||
Medsuite Purchaser, LLC (2) | Healthcare | Delayed Draw Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 10/22/2026 | 622,518 | 587,903 | 601,158 | |||||||||||||||
Medsuite Purchaser, LLC (2) (6) | Healthcare | Revolver | 10.45% (S + 5.00%; 1.00% Floor) | 10/22/2026 | — | (4,800 | ) | (8,505 | ) | |||||||||||||
Medsuite Purchaser, LLC (1) (5) | Healthcare | Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 10/22/2026 | 7,773,709 | 7,697,186 | 7,676,537 | |||||||||||||||
MMP Intermediate, LLC (4) | Consumer Non-Cyclical | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 2/15/2029 | 2,018,660 | 1,981,133 | 2,003,521 | |||||||||||||||
MMP Intermediate, LLC (2) (6) | Consumer Non-Cyclical | Revolver | 11.71% (S + 6.25%; 1.00% Floor) | 2/15/2029 | — | (5,915 | ) | (4,147 | ) | |||||||||||||
MMP Intermediate, LL C(1) (5) | Consumer Non-Cyclical | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 2/15/2029 | 7,905,817 | 7,815,294 | 7,846,523 | |||||||||||||||
Moon Buyer, Inc. (1) (3) (4) (5) | Software & Tech Services | Term Loan | 10.19% (S + 4.75%; 1.00% Floor) | 4/21/2027 | 6,208,835 | 6,163,990 | 6,208,835 | |||||||||||||||
Moon Buyer, Inc. (2) | Software & Tech Services | Revolver | 10.19% (S + 4.75%; 1.00% Floor) | 4/21/2027 | 640,086 | 631,674 | 640,086 | |||||||||||||||
Moon Buyer, Inc. (5) | Software & Tech Services | Delayed Draw Term Loan | 10.19% (S + 4.75%; 1.00% Floor) | 4/21/2027 | 573,168 | 570,854 | 573,168 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||
MSM Acquisitions, Inc. (1) (3) (4) (5) | Services | Term Loan | 11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor) | 12/9/2026 | 8,294,308 | 8,230,008 | 7,527,085 | |||||||||||||
MSM Acquisitions, Inc. (2) | Services | Revolver | 11.35% (S + 6.00%; 1.00% Floor) | 12/9/2026 | 1,099,489 | 1,062,993 | 983,621 | |||||||||||||
MSM Acquisitions, Inc. (5) | Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor) | 12/9/2026 | 371,968 | 370,117 | 337,561 | |||||||||||||
MSM Acquisitions, Inc. (5) | Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 5.00% PIK; 1.00% Floor) | 12/9/2026 | 3,034,997 | 3,006,790 | 2,754,260 | |||||||||||||
MSP Global Holdings,Inc. (1) (4) | Digital Infrastructure & Services | Term Loan | 11.04% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 8,775,247 | 8,605,798 | 8,621,680 | |||||||||||||
MSP Global Holdings, Inc. (2) | Digital Infrastructure & Services | Revolver | 11.03% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 663,229 | 637,534 | 631,460 | |||||||||||||
MSP Global Holdings,Inc (2) (6) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.04% (S + 5.50%; 1.00% Floor) | 4/9/2029 | — | (23,181 | ) | (21,207 | ) | |||||||||||
MSP Global Holdings, Inc. (3) (5) | Digital Infrastructure & Services | Term Loan | 11.08% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 7,752,148 | 7,677,017 | 7,616,485 | |||||||||||||
MSP Global Holdings, Inc. (3) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.93% (S + 5.50%; 1.00% Floor) | 4/9/2029 | 605,534 | 597,248 | 594,937 | |||||||||||||
Mykaarma Acquisition LLC (2) (6) | Software & Tech Services | Revolver | 8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor) | 3/21/2028 | — | (7,441 | ) | — | ||||||||||||
Mykaarma Acquisition LLC (3) (5) | Software & Tech Services | Term Loan | 8.53% (S + 3.00%; 3.75% PIK; 1.00% Floor) | 3/21/2028 | 6,435,383 | 6,355,848 | 6,435,383 | |||||||||||||
Navigate360, LLC (4) | Software & Tech Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 3/17/2027 | 1,075,148 | 1,060,454 | 1,056,333 | |||||||||||||
Navigate360, LLC (4) (5) | Software & Tech Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 3/17/2027 | 2,231,723 | 2,201,994 | 2,192,668 | |||||||||||||
Navigate360, LLC (2) | Software & Tech Services | Revolver | 11.44% (S + 6.00%; 1.00% Floor) | 3/17/2027 | 422,965 | 416,266 | 412,391 | |||||||||||||
Navigate360, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.43% (S + 6.00%; 1.00% Floor) | 3/17/2027 | — | (13,708 | ) | (35,629 | ) | |||||||||||
Navigate360, LLC (3) | Software & Tech Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 3/17/2027 | 4,134,479 | 4,086,324 | 4,062,126 | |||||||||||||
Navigate360, LLC (5) | Software & Tech Services | Delayed Draw Term Loan | 11.44% (S + 6.00%; 1.00% Floor) | 3/17/2027 | 1,780,983 | 1,766,953 | 1,749,816 | |||||||||||||
Netwrix Corporation And Concept Searching Inc. (1)(4) (5) | Software & Tech Services | Term Loan | 10.35% (S + 5.00%; 0.75% Floor) | 6/11/2029 | 12,485,918 | 12,468,801 | 12,485,918 | |||||||||||||
Netwrix Corporation And Concept Searching Inc. (2) (6) | Software & Tech Services | Revolver | 10.35% (S + 5.00%; 0.75% Floor) | 6/11/2029 | — | (1,814 | ) | — | ||||||||||||
Netwrix Corporation And Concept Searching Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.35% (S + 5.00%; 0.75% Floor) | 6/11/2029 | — | — | — | |||||||||||||
Netwrix Corporation And Concept Searching Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 0.75% Floor) | 6/11/2029 | 29,797 | 14,874 | 29,797 | |||||||||||||
Next Holdco, LLC (1) (4) (5) | Software & Tech Services | Term Loan | 11.33% (S + 6.00%; 0.75% Floor) | 11/12/2030 | 9,261,900 | 9,131,663 | 9,238,745 | |||||||||||||
Next Holdco, LLC (2) (6) | Software & Tech Services | Revolver | 11.33% (S + 6.00%; 0.75% Floor) | 11/9/2029 | — | (11,999 | ) | (2,234 | ) | |||||||||||
Next Holdco, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.33% (S + 6.00%; 0.75% Floor) | 11/12/2030 | — | (16,251 | ) | (5,952 | ) |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
NI Topco, Inc (3) (4) (5) | Digital Infrastructure & Services | Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/28/2028 | 7,015,626 | 6,913,280 | 7,015,626 | |||||||||||||||
NI Topco, Inc (1) | Digital Infrastructure & Services | Term Loan | 10.94% (S + 5.50%; 0.75% Floor) | 12/28/2028 | 1,212,002 | 1,192,802 | 1,212,002 | |||||||||||||||
Pace Health Companies, LLC (4) | Healthcare | Term Loan | 11.99% (S + 6.50%; 1.00% Floor) | 8/3/2026 | 1,376,118 | 1,363,044 | 1,376,118 | |||||||||||||||
Pace Health Companies, LLC (2) (6) | Healthcare | Revolver | 6.75% (S + 6.25%; 1.00% Floor) | 8/3/2026 | — | (122 | ) | — | ||||||||||||||
Pace Health Companies, LLC (2) | Healthcare | Delayed Draw Term Loan | 10.99% (S + 6.50%; 1.00% Floor) | 8/3/2026 | 194,144 | 184,155 | 194,144 | |||||||||||||||
Pace Health Companies, LLC (1) | Healthcare | Term Loan | 11.74% (S + 6.25%; 1.00% Floor) | 8/3/2026 | 5,061,202 | 5,060,093 | 5,061,202 | |||||||||||||||
PDI TA Holdings, Inc. (3) (4) | Software & Tech Services | Term Loan | 10.83% (S + 5.25%; 0.75% Floor) | 2/3/2031 | 8,318,357 | 8,239,692 | 8,297,561 | |||||||||||||||
PDI TA Holdings, Inc. (2) (6) | Software & Tech Services | Revolver | 10.83% (S + 5.25%; 0.75% Floor) | 2/3/2031 | — | (8,895 | ) | (2,359 | ) | |||||||||||||
PDI TA Holdings, Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 10.6% (S + 5.25%; 0.75% Floor) | 2/3/2031 | 996,514 | 981,653 | 988,630 | |||||||||||||||
Penn TRGRP Holdings, LLC (2) (6) | Software & Tech Services | Revolver | 13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor) | 9/27/2030 | — | (18,873 | ) | — | ||||||||||||||
Penn TRGRP Holdings, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 13.05% (S + 1.75%; 6.00% PIK; 0.75% Floor) | 9/27/2030 | 7,169,424 | 7,046,645 | 7,169,424 | |||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (1) (3) | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 11/1/2028 | 5,839,943 | 5,802,516 | 5,796,144 | |||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (1) | Financials | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 11/1/2028 | 494,695 | 489,583 | 490,985 | |||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (3) | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 11/1/2028 | 1,237,916 | 1,223,487 | 1,228,632 | |||||||||||||||
PF Growth Partners, LLC (1) | Consumer Non-Cyclical | Term Loan | 10.48% (S + 5.00%; 1.00% Floor) | 7/11/2025 | 115,337 | 114,135 | 115,337 | |||||||||||||||
PF Growth Partners, LLC (1) | Consumer Non-Cyclical | Term Loan | 10.48% (S + 5.00%; 1.00% Floor) | 7/11/2025 | 233,077 | 230,648 | 233,077 | |||||||||||||||
PF Growth Partners, LLC (1) | Consumer Non-Cyclical | Term Loan | 10.48% (S + 5.00%; 1.00% Floor) | 7/11/2025 | 1,940,302 | 1,936,361 | 1,940,302 | |||||||||||||||
Pharmalogic Holdings Corp. (1) (4) (5) | Healthcare | Term Loan | 10.34% (S + 5.00%; 1.00% Floor) | 6/20/2030 | 23,800,816 | 23,443,804 | 23,443,804 | |||||||||||||||
Pharmalogic Holdings Corp. (2) (6) | Healthcare | Delayed Draw Term Loan | 10.34% (S + 5.00%; 1.00% Floor) | 6/20/2030 | — | (60,093 | ) | (60,306 | ) | |||||||||||||
Pieper Memorial, LLC (4) (5) | Healthcare | Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 11/2/2027 | 2,061,951 | 2,027,711 | 2,061,951 | |||||||||||||||
Pieper Memorial, LLC (1) (2) (5) | Healthcare | Delayed Draw Term Loan | 11.18% (S + 5.75%; 1.00% Floor) | 11/2/2027 | 2,965,717 | 2,906,230 | 2,965,717 | |||||||||||||||
Ping Identity Corporation (1) (3) (4) (5) | Software & Tech Services | Term Loan | 12.35% (S + 7.00%; 0.75% Floor) | 10/17/2029 | 12,033,445 | 11,800,164 | 12,033,445 | |||||||||||||||
Ping Identity Corporation (2) (6) | Software & Tech Services | Revolver | 12.35% (S + 7.00%; 0.75% Floor) | 10/17/2028 | — | (21,806 | ) | — | ||||||||||||||
Pinnacle Dermatology Management, LLC | Healthcare | Delayed Draw Term Loan | 11.18% (S + 5.75%; 0.75% Floor) | 12/8/2028 | 644,989 | 639,708 | 580,490 | |||||||||||||||
Pinnacle Dermatology Management, LLC (2) (8) | Healthcare | Revolver | 11.5% (S + 4.00%; 0.75% Floor) | 12/8/2026 | 499,289 | 492,502 | 492,568 | |||||||||||||||
Pinnacle Dermatology Management, LLC (1) (3) (5) | Healthcare | Term Loan | 11.19% (S + 5.75%; 0.75% Floor) | 12/8/2028 | 5,523,962 | 5,438,873 | 4,971,565 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (4) | Healthcare | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 1/4/2027 | 382,564 | 378,739 | 378,739 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Pinnacle Treatment Centers, Inc. (3) (4) (5) | Healthcare | Term Loan | 11.93% (S + 5.50%; 1.00% Floor) | 1/4/2027 | 5,137,098 | 5,117,048 | 5,085,727 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (2) (6) | Healthcare | Revolver | 11.94% (S + 5.50%; 1.00% Floor) | 1/4/2027 | — | (3,973 | ) | (6,151 | ) | |||||||||||||
Pinnacle Treatment Centers, Inc. (3) | Healthcare | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 1/4/2027 | 282,480 | 279,271 | 279,655 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (3) | Healthcare | Term Loan | 11.93% (S + 5.50%; 1.00% Floor) | 1/4/2027 | 145,697 | 144,996 | 144,240 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (5) | Healthcare | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 1/4/2027 | 338,362 | 337,626 | 334,979 | |||||||||||||||
Priority Ondemand Midco 2,L.P (2) | Healthcare | Delayed Draw Term Loan | 10.79% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 118,213 | 101,293 | 118,213 | |||||||||||||||
Priority Ondemand Midco 2,L.P (1) (5) | Healthcare | Term Loan | 10.79% (S + 5.25%; 1.00% Floor) | 7/17/2028 | 7,503,614 | 7,413,491 | 7,503,614 | |||||||||||||||
Race Finco LLC (2) (4) | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 1/9/2028 | 1,829,394 | 1,770,700 | 1,801,954 | |||||||||||||||
Race Finco LLC (2) (6) | Digital Infrastructure & Services | Revolver | 12.44% (S + 7.00%; 1.00% Floor) | 1/10/2028 | — | (13,061 | ) | (13,720 | ) | |||||||||||||
Race Finco LLC (3) (5) | Digital Infrastructure & Services | Term Loan | 12.44% (S + 7.00%; 1.00% Floor) | 1/9/2028 | 4,878,384 | 4,773,912 | 4,768,621 | |||||||||||||||
Ranger Buyer, Inc. (2) (6) | Software & Tech Services | Revolver | 10.69% (S + 5.25%; 0.75% Floor) | 11/18/2027 | — | (13,873 | ) | (2,998 | ) | |||||||||||||
Ranger Buyer, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 10.70% (S + 5.25%; 0.75% Floor) | 11/17/2028 | 14,066,997 | 13,874,543 | 14,031,830 | |||||||||||||||
RCP Encore Acquisition, Inc. (7) | Healthcare | Term Loan | — (S + 5.00%; 1.00% Floor) | 6/7/2025 | 2,861,633 | 2,793,661 | 28,616 | |||||||||||||||
Redwood Family Care Network, Inc. (1) (3) (4) (5) | Healthcare | Term Loan | 10.99% (S + 5.50%; 1.00% Floor) | 6/18/2026 | 7,751,205 | 7,678,200 | 7,673,693 | |||||||||||||||
Redwood Family Care Network, Inc. (2) (6) | Healthcare | Revolver | 10.98% (S + 5.50%; 1.00% Floor) | 6/18/2026 | — | (4,732 | ) | (5,887 | ) | |||||||||||||
Redwood Family Care Network, Inc. (1) (3) (5) | Healthcare | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 6/18/2026 | 4,303,562 | 4,215,374 | 4,260,526 | |||||||||||||||
Redwood Family Care Network, Inc. (1) (5) | Healthcare | Delayed Draw Term Loan | 10.99% (S + 5.50%; 1.00% Floor) | 6/18/2026 | 5,741,492 | 5,695,325 | 5,684,077 | |||||||||||||||
Rep Tec Intermediate Holdings,Inc., (4) | Business Services | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 12/1/2027 | 426,073 | 418,068 | 426,073 | |||||||||||||||
Rep Tec Intermediate Holdings, Inc. (2) (6) | Business Services | Revolver | 10.84% (S + 5.50%; 1.00% Floor) | 12/1/2027 | — | (7,755 | ) | — | ||||||||||||||
Rep Tec Intermediate Holdings, Inc. (1) (3) (5) | Business Services | Term Loan | 10.84% (S + 5.50%; 1.00% Floor) | 12/1/2027 | 11,546,279 | 11,485,921 | 11,546,279 | |||||||||||||||
Sako and Partners Lower Holdings LLC (1) (3) (4) (5) | Services | Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 | 14,691,518 | 14,376,533 | 14,691,518 | |||||||||||||||
Sako and Partners Lower Holdings LLC (2) (6) | Services | Revolver | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 | — | (26,498 | ) | — | ||||||||||||||
Sako and Partners Lower Holdings LLC (2) (6) | Services | Delayed Draw Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 | — | (35,467 | ) | — | ||||||||||||||
Sako and Partners Lower Holdings LLC (1) (5) | Services | Delayed Draw Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 9/15/2028 | 3,514,316 | 3,440,953 | 3,514,316 | |||||||||||||||
Sako and Partners Lower Holdings LLC (5) | Services | Term Loan | 11.49% (S + 5.50%; 1.00% Floor) | 9/15/2028 | 1,691,290 | 1,660,299 | 1,691,290 | |||||||||||||||
Salisbury House, LLC (4) | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 | 989,305 | 977,785 | 989,305 | |||||||||||||||
Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 | 571,716 | 564,931 | 571,716 | |||||||||||||||
Salisbury House, LLC (2) (6) | Healthcare | Revolver | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 | — | (4,831 | ) | — |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Salisbury House, LLC (2) | Healthcare | Delayed Draw Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/29/2025 | 497,292 | 474,621 | 497,292 | |||||||||||||||
Salisbury House, LLC (1) | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/29/2025 | 432,368 | 426,758 | 432,368 | |||||||||||||||
Salisbury House, LLC (1) | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 | 1,218,916 | 1,209,475 | 1,218,916 | |||||||||||||||
Salisbury House, LLC (1) (5) | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 | 3,934,410 | 3,907,555 | 3,934,410 | |||||||||||||||
Salisbury House, LLC (1) | Healthcare | Term Loan | 11.23% (S + 5.75%; 1.00% Floor) | 8/30/2025 | 1,119,870 | 1,114,740 | 1,119,870 | |||||||||||||||
Sandstone Care Holdings, LLC (2) (5) | Healthcare | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 452,219 | 441,202 | 452,219 | |||||||||||||||
Sandstone Care Holdings, LLC (2) | Healthcare | Revolver | 10.94% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 400,467 | 389,240 | 400,467 | |||||||||||||||
Sandstone Care Holdings, LLC (1) (3) | Healthcare | Term Loan | 10.93% (S + 5.50%; 1.00% Floor) | 6/28/2028 | 4,617,153 | 4,547,030 | 4,617,153 | |||||||||||||||
Sauce Labs, Inc. (2) (3) | Software & Tech Services | Delayed Draw Term Loan | 10.93% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 8/16/2027 | 593,125 | 574,435 | 557,594 | |||||||||||||||
Sauce Labs, Inc. (2) (6) | Software & Tech Services | Revolver | 11.43% (S + 5.50%; 1.00% Floor) | 8/16/2027 | — | (13,624 | ) | (32,046 | ) | |||||||||||||
Sauce Labs, Inc. (3) | Software & Tech Services | Delayed Draw Term Loan | 11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 8/16/2027 | 1,939,619 | 1,919,176 | 1,891,129 | |||||||||||||||
Sauce Labs, Inc. (3) | Software & Tech Services | Term Loan | 11.43% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 8/16/2027 | 7,560,611 | 7,467,625 | 7,371,596 | |||||||||||||||
Saviynt, Inc. (2) (3) (4) | Software & Tech Services | Delayed Draw Term Loan | 12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 | 3,761,634 | 3,639,000 | 3,653,119 | |||||||||||||||
Saviynt, Inc. (2) (6) | Software & Tech Services | Revolver | 12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 | — | (10,722 | ) | (10,671 | ) | |||||||||||||
Saviynt, Inc. (1) (3) | Software & Tech Services | Term Loan | 12.94% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 | 19,304,727 | 18,964,518 | 18,966,894 | |||||||||||||||
SCA Buyer, LLC (4) (5) | Healthcare | Term Loan | 12.09% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 4,025,917 | 4,000,625 | 3,593,131 | |||||||||||||||
SCA Buyer, LLC (2) | Healthcare | Revolver | 12.06% (S + 6.50%; 1.00% Floor) | 1/20/2027 | 233,395 | 230,301 | 164,181 | |||||||||||||||
SDC Atlas Acquistionco, LLC (1) (4) (5) | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 8/25/2028 | 10,715,390 | 10,542,468 | 10,635,025 | |||||||||||||||
SDC Atlas Acquistionco, LLC (1) (2) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 8.96% (S + 5.50%; 0.75% Floor) | 8/25/2028 | 1,495,171 | 1,344,240 | 1,425,085 | |||||||||||||||
SDC Atlas Acquistionco, LLC (2) (6) | Digital Infrastructure & Services | Revolver | 10.95% (S + 5.50%; 0.75% Floor) | 8/25/2028 | — | (10,042 | ) | (4,672 | ) | |||||||||||||
Securonix, Inc. (2) (6) | Software & Tech Services | Revolver | 12.31% (S + 7.00%; 0.75% Floor) | 4/5/2028 | 34,660 | 17,531 | (219,166 | ) | ||||||||||||||
Securonix, Inc. (1) (3) | Software & Tech Services | Term Loan | 12.31% (S + 7.00%; 0.75% Floor) | 4/5/2028 | 8,546,314 | 8,451,108 | 7,136,172 | |||||||||||||||
Serrano Parent, LLC (1) (3) (4) (5) | Software & Tech Services | Term Loan | 11.83% (S + 6.50%; 1.00% Floor) | 5/13/2030 | 21,207,477 | 20,748,601 | 20,783,327 | |||||||||||||||
Serrano Parent, LLC (2) (6) | Software & Tech Services | Revolver | 11.83% (S + 6.50%; 1.00% Floor) | 5/13/2030 | — | (44,016 | ) | (41,720 | ) | |||||||||||||
Single Digits, Inc. (4) | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 6/19/2026 | 625,701 | 623,501 | 497,432 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Single Digits, Inc. (2) (6) | Digital Infrastructure & Services | Revolver | 12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 6/19/2026 | — | (1,130 | ) | (85,310 | ) | |||||||||||||
Single Digits, Inc. (1) | Digital Infrastructure & Services | Term Loan | 12.84% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 6/19/2026 | 2,928,824 | 2,917,011 | 2,328,415 | |||||||||||||||
Sirsi Corporation (2) (6) | Software & Tech Services | Revolver | 11.70% (S + 6.25%; 1.00% Floor) | 3/15/2025 | — | (1,018 | ) | — | ||||||||||||||
Sirsi Corporation (1) (5) | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 3/15/2025 | 6,018,017 | 6,006,826 | 6,018,017 | |||||||||||||||
SIS Purchaser, Inc. (2) (6) | Software & Tech Services | Revolver | 10.95% (S + 5.50%; 1.00% Floor) | 10/15/2026 | — | (7,918 | ) | — | ||||||||||||||
SIS Purchaser, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 10/15/2026 | 11,747,490 | 11,662,522 | 11,747,490 | |||||||||||||||
SIS Purchaser, Inc. (5) | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 10/15/2026 | 2,248,927 | 2,231,219 | 2,248,927 | |||||||||||||||
Smile Brands, Inc. (2) (8) | Healthcare | Revolver | 10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor) | 10/12/2027 | 109,408 | 92,641 | 87,027 | |||||||||||||||
Smile Brands, Inc. | Healthcare | Delayed Draw Term Loan | 10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor) | 10/12/2027 | 478,588 | 474,942 | 436,711 | |||||||||||||||
Smile Brands, Inc. (1) | Healthcare | Term Loan | 10.93% (S + 4.50%; 1.00% PIK; 0.75% Floor) | 10/12/2027 | 1,574,569 | 1,565,532 | 1,436,794 | |||||||||||||||
Soladoc, LLC (2) (6) | Software & Tech Services | Revolver | 10.42% (S + 5.00%; 0.75% Floor) | 6/12/2028 | — | (7,851 | ) | (20,612 | ) | |||||||||||||
Soladoc, LLC (1) (3) | Software & Tech Services | Term Loan | 10.42% (S + 5.00%; 0.75% Floor) | 6/12/2028 | 5,889,225 | 5,810,631 | 5,683,102 | |||||||||||||||
Spark DSO LLC (1) (3) (4) | Healthcare | Term Loan | 13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 4/19/2026 | 6,730,485 | 6,687,589 | 6,579,049 | |||||||||||||||
Spark DSO LLC (2) | Healthcare | Revolver | 13.21% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 4/20/2026 | 260,105 | 254,678 | 241,415 | |||||||||||||||
Stratus Networks, Inc. (2) (3) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 12/15/2027 | 2,838,280 | 2,798,213 | 2,768,973 | |||||||||||||||
Stratus Networks, Inc. (2) (6) | Digital Infrastructure & Services | Revolver | 10.95% (S + 5.50%; 1.00% Floor) | 12/15/2027 | — | (11,637 | ) | (22,277 | ) | |||||||||||||
Stratus Networks, Inc. (5) | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 12/15/2027 | 7,920,781 | 7,821,898 | 7,742,564 | |||||||||||||||
SugarCRM, Inc. (2) (6) | Software & Tech Services | Revolver | 11.43% (S + 5.00%; 1.00% Floor) | 7/30/2027 | — | (83 | ) | (5,429 | ) | |||||||||||||
SugarCRM Inc. (1) | Software & Tech Services | Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 7/31/2027 | 566,197 | 555,254 | 556,289 | |||||||||||||||
SugarCRM, Inc. (1) (3) | Software & Tech Services | Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 7/30/2027 | 4,268,824 | 4,267,335 | 4,194,120 | |||||||||||||||
Sundance Group Holdings, Inc. (3) (4) | Software & Tech Services | Delayed Draw Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 7/2/2027 | 3,547,253 | 3,510,975 | 3,547,253 | |||||||||||||||
Sundance Group Holdings, Inc. (4) | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 7/2/2027 | 463,790 | 454,553 | 463,790 | |||||||||||||||
Sundance Group Holdings, Inc. (2) | Software & Tech Services | Revolver | 11.68% (S + 6.25%; 1.00% Floor) | 7/2/2027 | 851,341 | 836,689 | 851,341 | |||||||||||||||
Sundance Group Holdings, Inc. (1) (5) | Software & Tech Services | Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 7/2/2027 | 11,824,177 | 11,703,238 | 11,824,177 | |||||||||||||||
Sysnet North America, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 12/1/2026 | 8,726,571 | 8,673,425 | 8,726,571 | |||||||||||||||
TBG Food Acquisition Corp (1) (4) | Consumer Non-Cyclical | Term Loan | 9.71% (S + 4.25%; 0.75% Floor) | 12/24/2027 | 6,435,635 | 6,396,061 | 6,403,457 | |||||||||||||||
TBG Food Acquisition Corp | Consumer Non-Cyclical | Delayed Draw Term Loan | 9.71% (S + 4.25%; 0.75% Floor) | 12/24/2027 | 262,706 | 261,132 | 261,392 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
TBG Food Acquisition Corp (2) (6) | Consumer Non-Cyclical | Revolver | 9.71% (S + 4.25%; 0.75% Floor) | 12/24/2027 | — | (1,559 | ) | (1,320 | ) | |||||||||||||
Telcor Buyer, Inc. (2) (6) | Software & Tech Services | Revolver | 9.68% (S + 4.25%, 1.00% Floor) | 8/20/2027 | — | (2,322 | ) | (727 | ) | |||||||||||||
Telcor Buyer, Inc. (1) (5) | Software & Tech Services | Term Loan | 9.68% (S + 4.25%; 1.00% Floor) | 8/20/2027 | 7,486,999 | 7,427,124 | 7,468,281 | |||||||||||||||
Telesoft Holdings, LLC (2) | Software & Tech Services | Revolver | 11.20% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 109,426 | 106,077 | 106,441 | |||||||||||||||
Telesoft Holdings, LLC (3) (5) | Software & Tech Services | Term Loan | 11.20% (S + 5.75%; 1.00% Floor) | 12/16/2026 | 5,714,996 | 5,682,088 | 5,686,421 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (4) (5) | Healthcare | Delayed Draw Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 | 1,708,993 | 1,700,651 | 1,704,720 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (2) | Healthcare | Revolver | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 | 336,634 | 334,229 | 334,908 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (3) | Healthcare | Delayed Draw Term Loan | 11.75% (S + 6.25%; 1.00% Floor) | 8/15/2025 | 1,696,803 | 1,686,536 | 1,692,561 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (1) (3) | Healthcare | Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 | 4,768,555 | 4,750,277 | 4,756,634 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (1) (5) | Healthcare | Delayed Draw Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 | 1,124,156 | 1,122,263 | 1,121,345 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (5) | Healthcare | Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 8/15/2025 | 3,183,603 | 3,164,045 | 3,175,644 | |||||||||||||||
Thrive Buyer, Inc. (4) | Digital Infrastructure & Services | Term Loan | 12.% (S + 6.50%; 1.00% Floor) | 1/22/2027 | 1,192,329 | 1,165,034 | 1,192,329 | |||||||||||||||
Thrive Buyer, Inc. (2) | Digital Infrastructure & Services | Revolver | 13.50% (S + 6.00%; 1.00% Floor) | 1 /22/2027 | 369,907 | 359,625 | 369,907 | |||||||||||||||
Thrive Buyer, Inc. (1) (3) (5) | Digital Infrastructure & Services | Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 1/22/2027 | 11,585,943 | 11,481,851 | 11,585,943 | |||||||||||||||
Thrive Buyer, Inc. (1) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.49% (S + 6.00%; 1.00% Floor) | 1/22/2027 | 8,132,469 | 8,053,855 | 8,132,469 | |||||||||||||||
Towerco IV Holdings, LLC (1) (2) (4) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.45% (S + 4.00%; 1.00% Floor) | 8/31/2028 | 18,701,774 | 18,618,119 | 18,701,774 | |||||||||||||||
Transtelco Holding, Inc. (1) (3) (5) | Digital Infrastructure & Services | Term Loan | 11.85% (S + 6.25%; 0.50% Floor) | 3/26/2026 | 4,613,481 | 4,599,841 | 4,613,481 | |||||||||||||||
Transtelco Holding, Inc (1) (3) | Digital Infrastructure & Services | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 3/26/2026 | 8,503,727 | 8,378,566 | 8,503,727 | |||||||||||||||
Transtelco Holding, Inc. (5) | Digital Infrastructure & Services | Term Loan | 11.35% (S + 5.75%; 0.50% Floor) | 3/26/2026 | 4,613,481 | 4,599,395 | 4,601,948 | |||||||||||||||
Unanet, Inc. (2) (4) | Software & Tech Services | Delayed Draw Term Loan | 11.22% (S + 6.00%; 0.75% Floor) | 12/8/2028 | 1,547,761 | 1,507,867 | 1,538,285 | |||||||||||||||
Unanet, Inc. (2) | Software & Tech Services | Revolver | 11.33% (S + 6.00%; 0.75% Floor) | 12/8/2028 | 189,522 | 170,624 | 180,045 | |||||||||||||||
Unanet, Inc. (3) (5) | Software & Tech Services | Term Loan | 11.16% (S + 6.00%; 0.75% Floor) | 12/8/2028 | 12,003,044 | 11,823,374 | 11,913,021 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Ungerboeck Systems International, LLC (4) | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | 305,156 | 300,792 | 302,105 | |||||||||||||||
Ungerboeck Systems International, LLC (2) (6) | Software & Tech Services | Revolver | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | — | (1,990 | ) | (2,294 | ) | |||||||||||||
Ungerboeck Systems International, LLC (1) (3) | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | 2,717,277 | 2,697,363 | 2,690,104 | |||||||||||||||
Ungerboeck Systems International, LLC (1) | Software & Tech Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | 322,391 | 320,026 | 319,167 | |||||||||||||||
Ungerboeck Systems International, LLC (3) | Software & Tech Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | 690,794 | 690,794 | 683,886 | |||||||||||||||
Ungerboeck Systems International, LLC (3) | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | 136,383 | 134,730 | 135,019 | |||||||||||||||
Ungerboeck Systems International, LLC (3) | Software & Tech Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | 263,748 | 258,495 | 261,111 | |||||||||||||||
Ungerboeck Systems International, LLC (3) | Software & Tech Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 4/30/2027 | 477,340 | 474,152 | 472,566 | |||||||||||||||
Vectra AI, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 3/1/2028 | 5,552,870 | 5,485,468 | 5,469,577 | |||||||||||||||
Vectra AI, Inc. (2) (6) | Software & Tech Services | Revolver | 11.68% (S + 6.25%; 1.00% Floor) | 3/1/2028 | — | (2,020 | ) | (3,491 | ) | |||||||||||||
Vectra AI, Inc. (1) | Software & Tech Services | Delayed Draw Term Loan | 11.68% (S + 6.25%; 1.00% Floor) | 3/1/2028 | 1,163,793 | 1,150,654 | 1,146,336 | |||||||||||||||
Vehlo Purchaser, LLC (4) | Software & Tech Services | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 5/24/2028 | 2,006,737 | 1,983,173 | 1,991,686 | |||||||||||||||
Vehlo Purchaser, LLC (3) (4) | Software & Tech Services | Delayed Draw Term Loan | 10.58% (S + 5.25%; 0.75% Floor) | 5/24/2028 | 5,799,250 | 5,756,039 | 5,755,756 | |||||||||||||||
Vehlo Purchaser, LLC (2) | Software & Tech Services | Revolver | 10.58% (S + 5.25%; 0.75% Floor) | 5/24/2028 | 347,955 | 336,420 | 339,256 | |||||||||||||||
Vehlo Purchaser, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 10.58% (S + 5.25%; 0.75% Floor) | 5/24/2028 | 20,877,300 | 20,670,972 | 20,720,721 | |||||||||||||||
Velocity Purchaser Corporation (2) (6) | Software & Tech Services | Revolver | 12.45% (S + 7.00%; 1.00% Floor) | 12/2/2024 | — | (245 | ) | — | ||||||||||||||
Velocity Purchaser Corporation (1) | Software & Tech Services | Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 12/1/2024 | 532,667 | 531,938 | 532,667 | |||||||||||||||
Velocity Purchaser Corporation (1) (5) | Software & Tech Services | Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 12/1/2024 | 4,229,879 | 4,220,726 | 4,229,879 | |||||||||||||||
Velocity Purchaser Corporation (1) | Software & Tech Services | Term Loan | 12.45% (S + 7.00%; 1.00% Floor) | 12/1/2024 | 2,141,338 | 2,138,967 | 2,141,338 | |||||||||||||||
Venture Buyer, LLC (4) | Digital Infrastructure & Services | Term Loan | 10.57% (S + 5.25%; 1.00% Floor) | 3/1/2030 | 4,895,640 | 4,801,800 | 4,797,727 | |||||||||||||||
Venture Buyer, LLC (2) | Digital Infrastructure & Services | Revolver | 10.57% (S + 5.25%; 1.00% Floor) | 3/1/2030 | 100,882 | 86,543 | 85,749 | |||||||||||||||
Venture Buyer, LLC (2) (6) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.57% (S + 5.25%; 1.00% Floor) | 3/1/2030 | — | (9,544 | ) | (10,088 | ) | |||||||||||||
Veracross LLC (2) | Software & Tech Services | Revolver | 11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 | 671,292 | 658,032 | 660,129 | |||||||||||||||
Veracross LLC (1) (3) (5) | Software & Tech Services | Delayed Draw Term Loan | 11.95% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 | 1,779,955 | 1,732,100 | 1,762,155 | |||||||||||||||
Veracross LLC (3) | Software & Tech Services | Term Loan | 11.95% (S + 2.00%; 4.00% PIK; 1.00% Floor) | 12/28/2027 | 13,848,829 | 13,703,751 | 13,710,341 | |||||||||||||||
Vhagar Purchaser, LLC (4) | Software & Tech Services | Term Loan | 12.05% (S + 6.75%; 1.00% Floor) | 6/11/2029 | 3,360,201 | 3,276,442 | 3,276,196 | |||||||||||||||
Vhagar Purchaser, LLC. (2) | Software & Tech Services | Delayed Draw Term Loan | 12.05% (S + 6.75%; 1.00% Floor) | 6/11/2029 | 168,010 | 156,570 | 158,676 | |||||||||||||||
Vhagar Purchaser, LLC. (2) (6) | Software & Tech Services | Revolver | 12.05% (S + 6.75%; 1.00% Floor) | 6/11/2029 | — | (9,296 | ) | (9,334 | ) |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Visionary Buyer LLC (4) | Digital Infrastructure & Services | Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 3/21/2031 | 5,653,672 | 5,571,170 | 5,583,001 | |||||||||||||||
Visionary Buyer LLC (2) (6) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.59% (S + 5.25%; 0.75% Floor) | 3/21/2031 | — | (40,804 | ) | (70,671 | ) | |||||||||||||
Visionary Buyer LLC (2) (6) | Digital Infrastructure & Services | Revolver | 10.59% (S + 5.25%; 0.75% Floor) | 3/21/2030 | — | (20,252 | ) | (17,668 | ) | |||||||||||||
Wealth Enhancement Group, LLC (1) (4) (5) | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 10/4/2027 | 6,199,718 | 6,188,649 | 6,199,718 | |||||||||||||||
Wealth Enhancement Group, LLC (2) (6) | Financials | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 10/4/2027 | — | (1,953 | ) | — | ||||||||||||||
Wealth Enhancement Group, LLC | Financials | Delayed Draw Term Loan | 10.73% (S + 5.50%; 1.00% Floor) | 10/4/2027 | 1,351,256 | 1,347,867 | 1,351,256 | |||||||||||||||
Wealth Enhancement Group, LLC (2) | Financials | Delayed Draw Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 10/4/2027 | 297,703 | 284,673 | 297,703 | |||||||||||||||
Webster Equity Partners III-A, L.P. (2) (9) | Financials | Delayed Draw Term Loan | 16.15% (S + 3.50%; 7.35% PIK; 2.00% Floor) | 4/1/2027 | 3,655,675 | 3,537,575 | 3,528,627 | |||||||||||||||
West Dermatology (1) (3) (4) | Healthcare | Term Loan | 13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor) | 3/17/2028 | 11,271,815 | 11,112,942 | 10,764,584 | |||||||||||||||
West Dermatology (2) | Healthcare | Delayed Draw Term Loan | 13.12% (S + 5.75%; 1.88% PIK; 1.00% Floor) | 3/17/2028 | 1,494,763 | 1,460,314 | 1,363,964 | |||||||||||||||
West Dermatology | Healthcare | Revolver | 13.13% (S + 5.75%; 1.87% PIK; 1.00% Floor) | 3/17/2028 | 1,246,316 | 1,227,300 | 1,190,231 | |||||||||||||||
Wolverine Seller Holdings, LLC (1) (4) (5) | Services | Term Loan | 10.57% (S + 5.25%; 0.75% Floor) | 1/17/2030 | 6,687,587 | 6,563,704 | 6,670,868 | |||||||||||||||
Wolverine Seller Holdings, LLC (2) (6) | Services | Revolver | 10.60% (S + 5.25%; 0.75% Floor) | 1/17/2030 | — | (20,697 | ) | (2,793 | ) | |||||||||||||
Wolverine Seller Holdings, LLC (2) | Services | Delayed Draw Term Loan | 10.60% (S + 5.25%; 0.75% Floor) | 1/17/2030 | 297,971 | 260,692 | 297,971 | |||||||||||||||
Your Part-Time Controller, LLC (4) | Services | Term Loan | 10.85% (S + 5.50%; 1.00% Floor) | 11/14/2029 | 6,873,170 | 6,749,601 | 6,873,170 | |||||||||||||||
Your Part-Time Controller, LLC (2) (6) | Services | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 11/14/2029 | — | (11,272 | ) | — | ||||||||||||||
Zendesk, Inc. (2) (6) | Software & Tech Services | Revolver | 11.60% (S + 6.25%; 0.75% Floor) | 11/22/2028 | — | (20,247 | ) | — | ||||||||||||||
Zendesk, Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.60% (S + 6.25%; 0.75% Floor) | 11/22/2028 | — | (24,651 | ) | — | ||||||||||||||
Zendesk, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 11.60% (S + 6.25%; 0.75% Floor) | 11/22/2028 | 13,681,445 | 13,475,674 | 13,681,424 | |||||||||||||||
Total U.S. 1st Lien/Senior Secured Debt | 1,422,033,250 | 1,405,372,655 | ||||||||||||||||||||
2nd Lien/Junior Secured Debt — 0.53 % | ||||||||||||||||||||||
Symplr Software, Inc. (4) | Software & Tech Services | Term Loan | 13.31% (S + 7.87%; 0.75% Floor) | 12/22/2028 | 3,130,634 | 3,092,554 | 2,966,276 | |||||||||||||||
Total U.S. 2nd Lien/Junior Secured Debt | 3,092,554 | 2,966,276 | ||||||||||||||||||||
Total U.S Corporate Debt | 1,425,125,804 | 1,408,338,931 | ||||||||||||||||||||
Canadian Corporate Debt — 4.34% | ||||||||||||||||||||||
1st Lien/Senior Secured Debt — 4.34 % | ||||||||||||||||||||||
Banneker V Acquisition, Inc. (2) (9) | Software & Tech Services | Revolver | 11.95% (S + 6.50%; 1.00% Floor) | 12/4/2025 | 119,558 | 109,547 | 106,107 | |||||||||||||||
Banneker V Acquisition, Inc. (1) (3) (9) | Software & Tech Services | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 12/4/2025 | 13,258,433 | 13,125,307 | 13,059,557 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Banneker V Acquisition, Inc. (3) (9) | Software & Tech Services | Delayed Draw Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 12/4/2025 | 1,024,233 | 1,018,222 | 1,008,870 | |||||||||||||||
McNairn Holdings Ltd. (1) (9) | Services | Term Loan | 12.48% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 732,816 | 725,401 | 732,816 | |||||||||||||||
Syntax Systems Ltd (1) (9) (5) | Digital Infrastructure & Services | Term Loan | 10.45% (S + 5.00%; 0.75% Floor) | 10/29/2028 | 8,637,705 | 8,581,750 | 8,551,328 | |||||||||||||||
Syntax Systems Ltd (9) | Digital Infrastructure & Services | Revolver | 10.45% (S + 5.25%; 1.00% Floor) | 10/29/2026 | — | 39 | — | |||||||||||||||
Syntax Systems Ltd (9) | Digital Infrastructure & Services | Term Loan | 10.45% (S + 5.00%; 0.75% Floor) | 10/29/2028 | 699,279 | 699,279 | 692,286 | |||||||||||||||
Total Canada 1st Lien/Senior Secured Debt | 24,259,545 | 24,150,964 | ||||||||||||||||||||
Total Canadian Corporate Debt | 24,259,545 | 24,150,964 | ||||||||||||||||||||
Luxembourg Corporate Debt — 1.79% | ||||||||||||||||||||||
1st Lien/Senior Secured Debt — 1.79 % | ||||||||||||||||||||||
Sumup Holdings Luxembourg (2) (4) (9) | Software & Tech Services | Delayed Draw Term Loan | 11.83% (S + 6.50%; 1.50% Floor) | 4/22/2031 | 10,088,201 | 9,988,427 | 9,962,098 | |||||||||||||||
Total Luxembourg 1st Lien/Senior Secured Debt | 9,988,427 | 9,962,098 | ||||||||||||||||||||
Total Luxembourg Corporate Debt | 9,988,427 | 9,962,098 |
Portfolio Company | Class/Series | Industry | Initial Acquisition Date (10) | Shares | Cost | Fair Value | ||||||||||||||
U.S. Preferred Stock — 1.54 % | ||||||||||||||||||||
Alphasense, LLC (9) (11) | Series C | Software & Tech Services | 6/1/2021 | 23,961 | 369,843 | 808,402 | ||||||||||||||
Concerto HealthAI Solutions LLC (11) | Series B-1 | Software & Tech Services | 12/23/2019 | 65,614 | 349,977 | 313,940 | ||||||||||||||
Datarobot, Inc. (11) | Series F | Software & Tech Services | 10/27/2020 | 6,715 | 88,248 | 59,034 | ||||||||||||||
Datarobot, Inc. (11) | Series E | Software & Tech Services | 8/31/2019 | 38,190 | 289,278 | 242,464 | ||||||||||||||
Degreed, Inc. (11) | Series D | Software & Tech Services | 4/30/2021 | 16,943 | 278,308 | 196,757 | ||||||||||||||
Degreed, Inc. (11) | Series C-1 | Software & Tech Services | 6/19/2019 | 43,819 | 278,541 | 196,037 | ||||||||||||||
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) (11) | Perpetual | Software & Tech Services | 6/23/2022 | 1,345 | 1,311,760 | 1,751,827 | ||||||||||||||
Netskope, Inc. (11) | Series G | Software & Tech Services | 1/27/2020 | 36,144 | 302,536 | 417,184 | ||||||||||||||
Ntiva Investments, LLC (11) | Class A | Digital Infrastructure & Services | 1/24/2022 | 333,937 | 272,826 | 283,348 | ||||||||||||||
Phenom People, Inc. (11) | Series C | Software & Tech Services | 1/10/2020 | 35,055 | 220,610 | 430,511 | ||||||||||||||
Protoscale Rubrik, LLC (11) (18) | Class B | Software & Tech Services | 1/4/2019 | 25,397 | 598,212 | 700,805 | ||||||||||||||
Swyft Parent Holdings LP (11) (12) | Preferred Units | Software & Tech Services | 2/7/2022 | 850,470 | 758,389 | 798,007 | ||||||||||||||
Symplr Software Intermediate Holdings, Inc. (11) | Series A | Software & Tech Services | 11/30/2018 | 1,196 | 1,160,531 | 2,270,492 |
Portfolio Company | Class/Series | Industry | Initial Acquisition Date (10) | Shares | Cost | Fair Value | ||||||||||||||
Vectra AI, Inc (11) | Series F | Software & Tech Services | 5/28/2021 | 17,064 | 131,095 | 110,913 | ||||||||||||||
Total U.S. Preferred Stock | 6,410,154 | 8,579,721 | ||||||||||||||||||
France Preferred Stock — 0.04% | ||||||||||||||||||||
Content Square SAS (9) (11) | Series F | Software & Tech Services | 11/30/2023 | 24,472 | 206,755 | 206,715 | ||||||||||||||
Total France Preferred Stock | 206,755 | 206,715 | ||||||||||||||||||
U.S. Common Stock — 1.39% | ||||||||||||||||||||
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (11) | Units | Healthcare | 9/24/2021 | 34,492 | 34,492 | 25,525 | ||||||||||||||
REP AOM Holdings, LLC (11) (12) | Class A. | Healthcare | 2/17/2022 | 290,393 | 18,979 | 668,963 | ||||||||||||||
Brightspot Holdco, LLC (11) | Class A Common Units | Software & Tech Services | 11/16/2021 | 433,207 | 433,207 | 459,926 | ||||||||||||||
Coinvest YPTC Blocked Aggregator, L.P. (11) | LP Interests | Services | 11/14/2021 | 138,390 | 138,390 | 178,832 | ||||||||||||||
Community Based Care Holdings, LP (11) | Senior Common Units | Healthcare | 1/3/2022 | 180 | 179,861 | 266,055 | ||||||||||||||
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (11) | LP Interests | Consumer Non-Cyclical | 3/3/2021 | 72,483 | 72,483 | 155,668 | ||||||||||||||
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (11) | Class A | Healthcare | 12/22/2021 | 86,555 | 85,705 | 65,628 | ||||||||||||||
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (11) | Class A | Software & Tech Services | 5/20/2022 | 150,297 | 150,297 | 181,384 | ||||||||||||||
INH Group Holdings, LLC (11) | Class A | Healthcare | 1/31/2019 | 484,552 | 484,552 | — | ||||||||||||||
Leeds FEG Investors, LLC (11) | Class A | Consumer Non-Cyclical | 11/20/2017 | 320 | 321,309 | 253,667 | ||||||||||||||
Moon Topco, L.P. (Radiant Logic, Inc.) (11) | Class A | Software & Tech Services | 4/19/2021 | 3,600 | 35,999 | 108,404 | ||||||||||||||
Ntiva Investments, LLC (11) | Class A | Digital Infrastructure & Services | 1/24/2022 | 333,937 | 61,110 | 115,158 | ||||||||||||||
MyKaarma Holdings LP (11) | LP Interests | Software & Tech Services | 3/18/2022 | 257,031 | 257,031 | 438,553 | ||||||||||||||
NEPCORE Parent Holdings, LLC (11) | LP Interests | Digital Infrastructure & Services | 10/21/2021 | 98 | 97,884 | 10,992 | ||||||||||||||
Neutral Connect, LLC (11) (12) | LLC Units | Digital Infrastructure & Services | 9/27/2019 | 396,513 | 439,931 | 213,802 | ||||||||||||||
Pamlico Avant Holdings L.P. (11) (12) | Class A | Digital Infrastructure & Services | 12/1/2021 | 236,307 | 236,307 | 372,777 |
Portfolio Company | Class/Series | Industry | Initial Acquisition Date (10) | Shares | Cost | Fair Value | ||||||||||||||
Ranger Lexipol Holdings, LLC (11) | Class B | Software & Tech Services | 11/18/2021 | 433 | 77,371 | 92,335 | ||||||||||||||
Ranger Lexipol Holdings, LLC (11) | Class A | Software & Tech Services | 11/18/2021 | 433 | 355,837 | 494,957 | ||||||||||||||
RCFN Parent, LP (People’s Care) (11) | LP Interests | Healthcare | 6/18/2021 | 77 | 78,284 | 82,071 | ||||||||||||||
REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC)(11) (12) (18) | LP Interests | Services | 2/4/2021 | 193,770 | 53,301 | 69,757 | ||||||||||||||
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (11) (12) | LP Interests | Healthcare | 10/14/2021 | 590,203 | 590,203 | 1,063,771 | ||||||||||||||
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (11) (12) | LP Interests | Services | 6/18/2020 | 167,509 | 190,658 | 263,265 | ||||||||||||||
REP RO Coinvest IV A Blocker (Road One) (11) (12) | Class A | Services | 12/28/2022 | 66,441,840 | 664,418 | 545,355 | ||||||||||||||
SBS Super Holdings, LLC^^ (11) | Class A | Healthcare | 5/12/2023 | 21 | — | — | ||||||||||||||
SBS Super Holdings, LLC^^ (11) | Class B | Healthcare | 5/12/2023 | 100 | 10 | — | ||||||||||||||
Singularity Topco LLC (11) | Class A Common Units | Software & Tech Services | 9/30/2022 | 329,116 | 953,133 | 592,218 | ||||||||||||||
Stripe, Inc. (11) | Class B | Software & Tech Services | 5/17/2021 | 4,158 | 166,854 | 109,189 | ||||||||||||||
Swyft Parent Holdings LP (11) (12) | LP Interests | Software & Tech Services | 2/7/2022 | 4,485 | 53,048 | — | ||||||||||||||
Thrive Parent, LLC (11) | Class L | Digital Infrastructure & Services | 1/22/2021 | 102,108 | 271,128 | 531,531 | ||||||||||||||
Artemis Investor Holdings, LLC (11) (12) | Class A | Services | 6/17/2024 | 38,551 | 385,509 | 385,509 | ||||||||||||||
8x8, Inc. (9) (11) (13) | Common Units | Digital Infrastructure & Services | 9,871 | 170,890 | 21,914 | |||||||||||||||
Total U.S. Common Stock | 7,058,181 | 7,767,206 | ||||||||||||||||||
France Common Stock — 0.07% | ||||||||||||||||||||
Content Square SAS (9) (11) | Ordinary Shares | Software & Tech Services | 11/30/2023 | 75,889 | 416,757 | 416,758 | ||||||||||||||
Total France Common Stock | 416,757 | 416,758 | ||||||||||||||||||
U.S. Warrants — 0.25% | ||||||||||||||||||||
Alphasense, LLC (9) (11) | Series B | Software & Tech Services | 6/2/2020 | 40,394 | 35,185 | 1,086,243 | ||||||||||||||
Degreed, Inc., expire 04/11/2028 (11) | Series D | Software & Tech Services | 4/11/2021 | 7,624 | — | 3,727 | ||||||||||||||
Degreed, Inc., expire 05/31/2026 (11) | Series C-1 | Software & Tech Services | 5/31/2019 | 26,294 | 46,823 | 35,625 | ||||||||||||||
Degreed, Inc., expire 08/18/2029 (11) | Common Shares | Software & Tech Services | 8/31/2022 | 9,374 | 41,527 | 16,332 | ||||||||||||||
Scylla DB Ltd, expire 09/08/2032 (9) (11) | Secries C-1 | Software & Tech Services | 9/9/2022 | 239,984 | 43,880 | 156,602 | ||||||||||||||
Vectra AI, Inc., expire 03/18/2031 (11) | Series F | Software & Tech Services | 3/18/2021 | 35,156 | 58,190 | 90,079 | ||||||||||||||
Total U.S. Warrants | 225,605 | 1,388,608 | ||||||||||||||||||
Portfolio Company | Class/Series | Industry | Initial Acquisition Date (10) | Shares | Cost | Fair Value | ||||||||||||||
United Kingdom Warrants — 0.05% | ||||||||||||||||||||
Global WebIndex Holdings Ltd, expire 12/30/2027 (11) | Preferred Units | Software & Tech Services | 12/30/2020 | 11,776 | 159,859 | 293,250 | ||||||||||||||
Total United Kingdom Warrants | 159,859 | 293,250 | ||||||||||||||||||
France Warrants — 0.00% | ||||||||||||||||||||
Content Square SAS (11) | Indemnity Series F Shares Warrants | Software & Tech Services | 11/30/2023 | 2,027 | 8,561 | — | ||||||||||||||
Total France Warrants | 8,561 | — | ||||||||||||||||||
Portfolio Company | Class/Series | Shares | Cost | Fair value | ||||||||||||||||
U.S. Investment Companies —3.56% | ||||||||||||||||||||
AB Equity Investors, L.P. (11) (14) | LP Interests | Investment Companies | 9,621,584 | 10,328,559 | 11,950,499 | |||||||||||||||
CN CO-INVEST, LP(11) (12) | LP Interests | Digital Infrastructure & Services | 776,334 | 776,334 | 779,698 | |||||||||||||||
Falcon Co-Investment Partners, L.P.(11)(12)(14) | LP Interests | Healthcare | 828,052 | 828,052 | 828,880 | |||||||||||||||
GHP E Aggregator, LLC (11) (14) | LLC Units | Software & Tech Services | 417,813 | 186,588 | 689,391 | |||||||||||||||
GHP SPV 2, L.P. (9) (11 )(12) (14) | LP Interests | Software & Tech Services | 271,942 | 271,942 | 277,381 | |||||||||||||||
GTCR A-1 Investors LP.(9) (11 )(12) (14) | LP Interests | Specialty RMR | 1,100,000 | 1,100,000 | 1,100,000 | |||||||||||||||
Magenta Blocker Aggregator, LP (11) (12) (14) | LP Interests | Software & Tech Services | 821,396 | 676,978 | 994,711 | |||||||||||||||
Orangewood WWB Co-Invest, L.P.(11) (12) (14) | LP Interests | Consumer Non-Cyclical | 829,314 | 829,314 | 1,161,040 | |||||||||||||||
ORCP III Triton Co-Investors, L.P.(11) (12) (14) | LP Interests | Consumer Non-Cyclical | 341,592 | 90,503 | 805,132 | |||||||||||||||
OSS SPV LP. (11) (12) (14) | LP Interests | Services | 277,533 | 267,984 | 416,300 | |||||||||||||||
Palms Co-Investment Partners D, L.P.(11) (12) (14) | LP Interests | Software & Tech Services | 261,450 | 261,450 | 295,438 | |||||||||||||||
SCP Resonatics Aggregator I, LLC (11) (12) (14) | Class A | Healthcare | 541 | 368,990 | 551,333 | |||||||||||||||
SCP Resonatics Aggregator I, LLC (11) (12) (14) | Class B | Healthcare | 32,450 | 171,840 | 4,024 | |||||||||||||||
Total U.S. Investment Companies | 16,158,534 | 19,853,827 | ||||||||||||||||||
TOTAL INVESTMENTS - 265.70% | 1,490,018,182 | 1,480,958,078 | ||||||||||||||||||
Portfolio Company | Industry | Shares | Cost | Fair value | ||||||||||||||||
Cash Equivalents — 6.09% | ||||||||||||||||||||
Blackrock T Fund I (3) (5) (16) (17) | Money Market | Money Market Portfolio | 18,550,354 | 18,550,354 | 18,550,354 | |||||||||||||||
State Street Institutional US Government Money Market Fund (12) (16) (17) | Money Market | Money Market Portfolio | 335,592 | 335,592 | 335,592 | |||||||||||||||
US Bank MMDA GCTS Money Market (1) (4) (16) (17) | Money Market | Money Market Portfolio | 15,038,823 | 15,038,823 | 15,038,823 | |||||||||||||||
Total Cash Equivalents | 33,924,769 | 33,924,769 | ||||||||||||||||||
Cash — 6.01% | ||||||||||||||||||||
US Dollar | Cash | USD | 33,498,547 | 33,498,547 | 33,498,547 | |||||||||||||||
Total Cash | 33,498,547 | 33,498,547 | ||||||||||||||||||
TOTAL CASH AND CASH EQUIVALENTS | 67,423,316 | 67,423,316 | ||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS — (177.80%) | $ | (991,001,851 | ) | |||||||||||||||||
NET ASSETS — 100.00% | $ | 557,379,543 |
(++) | Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”. |
+ | As of June 30, 2024, qualifying assets represented 96.62% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. |
* | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy. |
# | Percentages are based on net assets |
^ | Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the end of the reporting period. SOFR loans are typically indexed to30-day, 60-day, 90-day or180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. SOFR loans may be subject to interest floors. As of June 30, 2024, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.35%, and 5.39%, respectively. As of June 30, 2024, the U.S. Prime rate was 8.50%. |
^^ | Non-controlled affiliated investment. See Note 3 “Related Party Transactions”. |
(1) | Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd. |
(2) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”. |
(3) | Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC |
(4) | Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding IV, LLC. |
(5) | Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO XIII Ltd.. |
(6) | The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. |
(7) | The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.” |
(8) | This investment has multiple reference rates or alternate base rates. The All-in interest rate shown is the weighted average interest rate in effect at June 30, 2024. |
(9) | Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above. |
(10) | Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of June 30, 2024, the aggregate fair value of these securities is $18,630,344 or 3.34% of the Fund’s net assets. |
(11) | Non-income producing investment. |
(12) | Position or portion thereof is held through a consolidated subsidiary. |
(13) | Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy. |
(14) | Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient. |
(15) | Aggregate gross unrealized appreciation for federal income tax purposes is $20,685,479; aggregate gross unrealized depreciation for federal income tax purposes is $29,745,583. Net unrealized depreciation is $9,060,104. As of June 30, 2024, the cost basis of investments owned was substantially identical for both book and tax purposes. |
(16) | Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities. |
(17) | The rate shown is the annualized seven-day yield as of June 30, 2024. |
(18) | Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy. |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Investments at Fair Value (++) + * # ^—260.04% | ||||||||||||||||||||||
U.S. Corporate Debt —249.12% | ||||||||||||||||||||||
1st Lien/Senior Secured Debt —247.29% | ||||||||||||||||||||||
AEG Holding Company, Inc. (1) | Consumer Non-Cyclical | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 | $ | 1,034,866 | $ | 1,033,291 | $ | 1,034,866 | ||||||||||||
AEG Holding Company, Inc. (2) | Consumer Non-Cyclical | Revolver | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 | 167,530 | 165,528 | 167,530 | |||||||||||||||
AEG Holding Company, Inc. (1) | Consumer Non-Cyclical | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 | 5,450,655 | 5,442,046 | 5,450,655 | |||||||||||||||
AEG Holding Company, Inc. (3) | Consumer Non-Cyclical | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 07/01/2024 | 1,800,828 | 1,797,150 | 1,800,828 | |||||||||||||||
Ampler QSR Holdings, LLC (3) (4) | Consumer Non-Cyclical | Term Loan | 11.37% (S + 5.88%; 1.00% Floor) | 07/21/2027 | 12,221,771 | 12,071,928 | 12,099,553 | |||||||||||||||
Blink Holdings, Inc. (1) | Consumer Non-Cyclical | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 11/08/2024 | 1,115,079 | 1,112,966 | 900,427 | |||||||||||||||
Blink Holdings, Inc. (1) | Consumer Non-Cyclical | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 11/08/2024 | 894,184 | 892,497 | 722,054 | |||||||||||||||
Blink Holdings, Inc. (1) | Consumer Non-Cyclical | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 11/08/2024 | 1,558,613 | 1,555,642 | 1,258,580 | |||||||||||||||
Krispy Krunchy Foods, L.L.C (5) | Consumer Non-Cyclical | Term Loan | 9.86% (S + 4.50%; 1.00% Floor) | 11/17/2027 | 8,000,330 | 7,894,993 | 8,000,330 | |||||||||||||||
Mathnasium LLC (2) | Consumer Non-Cyclical | Revolver | 10.53% (S + 5.00%; 0.75% Floor) | 11/15/2027 | 119,684 | 111,130 | 113,157 | |||||||||||||||
Mathnasium LLC (1) (5) | Consumer Non-Cyclical | Term Loan | 10.53% (S + 5.00%; 0.75% Floor) | 11/15/2027 | 5,344,999 | 5,274,961 | 5,291,549 | |||||||||||||||
MMP Intermediate, LLC (2) (6) | Consumer Non-Cyclical | Revolver | 11.22% (S + 5.75%; 1.00% Floor) | 02/15/2027 | — | (7,019 | ) | (11,058 | ) | |||||||||||||
MMP Intermediate, LLC (1) (5) | Consumer Non-Cyclical | Term Loan | 11.22% (S + 5.75%; 1.00% Floor) | 02/15/2027 | 7,946,360 | 7,840,062 | 7,787,432 | |||||||||||||||
PF Growth Partners, LLC (1) | Consumer Non-Cyclical | Term Loan | 10.36% (S + 5.00%; 1.00% Floor) | 07/11/2025 | 115,938 | 114,174 | 114,778 | |||||||||||||||
PF Growth Partners, LLC (1) | Consumer Non-Cyclical | Term Loan | 10.36% (S + 5.00%; 1.00% Floor) | 07/11/2025 | 234,278 | 230,715 | 231,935 | |||||||||||||||
PF Growth Partners, LLC (1) | Consumer Non-Cyclical | Term Loan | 10.48% (S + 5.00%; 1.00% Floor) | 07/11/2025 | 1,950,514 | 1,944,733 | 1,931,009 | |||||||||||||||
TBG Food Acquisition Corp | Consumer Non-Cyclical | Delayed Draw Term Loan | 10.22% (S + 4.75%; 0.75% Floor) | 12/24/2027 | 264,026 | 262,269 | 262,706 | |||||||||||||||
TBG Food Acquisition Corp (2) (6) | Consumer Non-Cyclical | Revolver | 10.22% (S + 4.75%; 0.75% Floor) | 12/24/2027 | — | (1,776 | ) | (1,320 | ) | |||||||||||||
TBG Food Acquisition Corp (1) (4) | Consumer Non-Cyclical | Term Loan | 10.22% (S + 4.75%; 0.75% Floor) | 12/24/2027 | 6,468,638 | 6,424,101 | 6,436,295 | |||||||||||||||
Airwavz Solutions, Inc. (2) (3) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 | 1,561,841 | 1,503,863 | 1,535,810 | |||||||||||||||
Airwavz Solutions, Inc. (3) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 | 3,263,699 | 3,226,124 | 3,214,744 | |||||||||||||||
Airwavz Solutions, Inc. (2) (6) | Digital Infrastructure & Services | Revolver | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 | — | (7,515 | ) | (9,791 | ) | |||||||||||||
Airwavz Solutions, Inc. (3) | Digital Infrastructure & Services | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 03/31/2027 | 5,221,919 | 5,161,799 | 5,143,590 | |||||||||||||||
Avant Communications, LLC (2) (6) | Digital Infrastructure & Services | Revolver | 11.25% (S + 5.75%; 1.00% Floor) | 11/30/2026 | — | (6,713 | ) | (5,669 | ) | |||||||||||||
Avant Communications, LLC (1) (4) (5) | Digital Infrastructure & Services | Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 11/30/2026 | 14,964,014 | 14,759,433 | 14,814,374 | |||||||||||||||
Bridgepointe Technologies, LLC (2) (6) | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | — | (56,698 | ) | (36,341 | ) | |||||||||||||
Bridgepointe Technologies, LLC (1) (3) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 4,963,339 | 4,851,785 | 4,876,480 | |||||||||||||||
Bridgepointe Technologies, LLC (2) (3) | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 2,737,849 | 2,720,239 | 2,689,937 | |||||||||||||||
Bridgepointe Technologies, LLC (1) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 3,848,597 | 3,805,340 | 3,781,247 | |||||||||||||||
Bridgepointe Technologies, LLC (2) (6) | Digital Infrastructure & Services | Revolver | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | — | (10,460 | ) | (13,606 | ) | |||||||||||||
Bridgepointe Technologies, LLC (1) | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 1,035,717 | 1,007,439 | 1,017,592 | |||||||||||||||
Bridgepointe Technologies, LLC (1) (5) | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 4,705,552 | 4,638,473 | 4,623,204 | |||||||||||||||
Bridgepointe Technologies, LLC (1) (5) | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/31/2027 | 2,271,307 | 2,202,825 | 2,231,559 | |||||||||||||||
Coretelligent Intermediate LLC (1) (4) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/21/2027 | 3,758,263 | 3,720,885 | 3,420,019 | |||||||||||||||
Coretelligent Intermediate LLC (2) | Digital Infrastructure & Services | Revolver | 10.96% (S + 5.50%; 1.00% Floor) | 10/21/2027 | 569,889 | 557,666 | 455,911 | |||||||||||||||
Coretelligent Intermediate LLC (1) (3) (5) | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/21/2027 | 7,868,528 | 7,792,584 | 7,160,360 | |||||||||||||||
EvolveIP, LLC (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.22% (S + 5.50%; 1.00% Floor) | 06/07/2025 | 109,972 | 109,872 | 90,727 | |||||||||||||||
EvolveIP, LLC | Digital Infrastructure & Services | Revolver | 10.85% (S + 5.50%; 1.00% Floor) | 06/07/2025 | 566,868 | 564,601 | 467,666 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
EvolveIP, LLC (1) | Digital Infrastructure & Services | Term Loan | 11.22 % (S +5.50 %;1.00 % Floor) | 06/07/2025 | $ | 6,364,108 | $ | 6,338,638 | $ | 5,250,389 | ||||||||||||
Firstdigital Communications LLC (2) | Digital Infrastructure & Services | Revolver | 9.72% (S + 4.25%; 0.75% Floor) | 12/17/2026 | 412,549 | 393,465 | 305,445 | |||||||||||||||
Firstdigital Communications LLC (3) (5) | Digital Infrastructure & Services | Term Loan | 9.72% (S + 4.25%; 0.75% Floor) | 12/17/2026 | 13,611,726 | 13,448,014 | 12,692,934 | |||||||||||||||
FirstLight Holdco, Inc. (1) (5) | Digital Infrastructure & Services | Term Loan | 9.47% (S + 4.00%; 1.00% Floor) | 07/23/2025 | 6,102,255 | 6,009,648 | 5,995,466 | |||||||||||||||
Greenlight Intermediate II, Inc. (1) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.00% (S + 5.50%; 0.75% Floor) | 06/01/2028 | 6,702,083 | 6,597,371 | 6,601,552 | |||||||||||||||
Greenlight Intermediate II, Inc. (1) (5) | Digital Infrastructure & Services | Term Loan | 11.00% (S + 5.50%; 0.75% Floor) | 06/01/2028 | 5,331,605 | 5,248,303 | 5,238,302 | |||||||||||||||
Greenlight Intermediate II, Inc. (2) (6) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.00% (S + 5.50%; 0.75% Floor) | 06/01/2028 | — | (102,654 | ) | (79,125 | ) | |||||||||||||
MBS Holdings, Inc. (2) | Digital Infrastructure & Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 04/16/2027 | 584,502 | 573,609 | 565,019 | |||||||||||||||
MBS Holdings, Inc. (5) | Digital Infrastructure & Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 04/16/2027 | 787,145 | 765,753 | 787,145 | |||||||||||||||
MBS Holdings, Inc. (1) (3) (4) (5) | Digital Infrastructure & Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 04/16/2027 | 10,258,002 | 10,141,972 | 10,052,842 | |||||||||||||||
MBS Holdings, Inc. (4) | Digital Infrastructure & Services | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 04/16/2027 | 837,298 | 814,856 | 831,018 | |||||||||||||||
MSP Global Holdings, Inc. (2) (3) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.79% (S + 4.75%; 1.00% Floor) | 01/25/2027 | 608,616 | 592,267 | 596,608 | |||||||||||||||
MSP Global Holdings, Inc. (2) (6) | Digital Infrastructure & Services | Revolver | 10.80% (S + 4.75%; 1.00% Floor) | 01/25/2027 | — | (9,202 | ) | (8,459 | ) | |||||||||||||
MSP Global Holdings, Inc. (3) (5) | Digital Infrastructure & Services | Term Loan | 10.80% (S + 4.75%; 1.00% Floor) | 01/25/2027 | 7,791,801 | 7,702,935 | 7,713,883 | |||||||||||||||
NI Topco, Inc (3) (5) | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 12/28/2028 | 6,572,470 | 6,460,040 | 6,556,039 | |||||||||||||||
NI Topco, Inc (1) | Digital Infrastructure & Services | Term Loan | 10.95% (S + 5.50%; 0.75% Floor) | 12/28/2028 | 1,218,186 | 1,196,826 | 1,215,141 | |||||||||||||||
Race Finco LLC (2) (6) | Digital Infrastructure & Services | Delayed Draw Term Loan | 12.46% (S + 7.00%; 1.00% Floor) | 01/10/2028 | — | (44,482 | ) | (36,588 | ) | |||||||||||||
Race Finco LLC (2) (6) | Digital Infrastructure & Services | Revolver | 12.46% (S + 7.00%; 1.00% Floor) | 01/10/2028 | — | (14,851 | ) | (15,245 | ) | |||||||||||||
Race Finco LLC (3) (5) | Digital Infrastructure & Services | Term Loan | 12.46% (S + 7.00%; 1.00% Floor) | 01/10/2028 | 4,878,384 | 4,759,589 | 4,756,425 | |||||||||||||||
SDC Atlas Acquistionco, LLC (2) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 08/25/2028 | 498,390 | 326,291 | 241,408 | |||||||||||||||
SDC Atlas Acquistionco, LLC (2) (6) | Digital Infrastructure & Services | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 08/25/2028 | — | (11,473 | ) | (17,132 | ) | |||||||||||||
SDC Atlas Acquistionco, LLC (1) (4) (5) | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 08/25/2028 | 10,715,390 | 10,518,050 | 10,420,717 | |||||||||||||||
Single Digits, Inc. (4) | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.61% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 06/19/2026 | 616,318 | 613,881 | 536,197 | |||||||||||||||
Single Digits, Inc. (2) (6) | Digital Infrastructure & Services | Revolver | 9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 06/19/2026 | — | (1,411 | ) | (54,099 | ) | |||||||||||||
Single Digits, Inc. (1) | Digital Infrastructure & Services | Term Loan | 9.85% (S + 4.25%; 3.00% PIK; 1.00% Floor) | 06/19/2026 | 2,884,904 | 2,871,166 | 2,509,867 | |||||||||||||||
Stratus Networks, Inc. (2) (3) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 12/15/2027 | 1,848,182 | 1,806,398 | 1,768,975 | |||||||||||||||
Stratus Networks, Inc. (2) | Digital Infrastructure & Services | Revolver | 13.00% (S + 5.50%; 1.00% Floor) | 12/15/2027 | 132,013 | 118,769 | 102,310 | |||||||||||||||
Stratus Networks, Inc. (5) | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 12/15/2027 | 7,920,781 | 7,809,446 | 7,683,158 | |||||||||||||||
Thrive Buyer, Inc. (1) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 01/22/2027 | 8,174,176 | 8,080,114 | 8,174,176 | |||||||||||||||
Thrive Buyer, Inc. (2) | Digital Infrastructure & Services | Revolver | 13.50% (S + 6.00%; 1.00% Floor) | 01/22/2027 | 369,907 | 357,755 | 369,907 | |||||||||||||||
Thrive Buyer, Inc. (4) | Digital Infrastructure & Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 01/22/2027 | 1,198,351 | 1,166,534 | 1,198,351 | |||||||||||||||
Thrive Buyer, Inc. (1) (3) (5) | Digital Infrastructure & Services | Term Loan | 11.45% (S + 6.00%; 1.00% Floor) | 01/22/2027 | 11,645,786 | 11,521,198 | 11,645,786 | |||||||||||||||
Transtelco Holding, Inc. (1) (3) | Digital Infrastructure & Services | Term Loan | 10.86% (S + 5.50%; 1.00% Floor) | 03/26/2026 | 8,503,727 | 8,343,566 | 8,354,912 | |||||||||||||||
Transtelco Holding, Inc. (1) (3) (5) | Digital Infrastructure & Services | Term Loan | 11.11% (S + 5.75%; 0.50% Floor) | 03/26/2026 | 4,661,043 | 4,643,615 | 4,637,738 | |||||||||||||||
Transtelco Holding, Inc. (5) | Digital Infrastructure & Services | Term Loan | 10.61% (S + 5.25%; 0.50% Floor) | 03/26/2026 | 4,661,043 | 4,643,025 | 4,602,780 | |||||||||||||||
Accelerate Resources Operating, LLC (1) (5) | Energy | Delayed Draw Term Loan | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 | 1,875,252 | 1,841,664 | 1,875,252 | |||||||||||||||
Accelerate Resources Operating, LLC (2) (6) | Energy | Revolver | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 | — | (3,052 | ) | — | ||||||||||||||
Accelerate Resources Operating, LLC (3) | Energy | Term Loan | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 | 1,247,027 | 1,224,796 | 1,247,027 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Accelerate Resources Operating, LLC (1) (5) | Energy | Term Loan | 11.46% (S + 6.00%; 1.00% Floor) | 02/24/2027 | $ | 5,590,471 | $ | 5,564,908 | $ | 5,590,471 | ||||||||||||
Foundation Risk Partners, Corp. (2) (3) | Financials | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/30/2028 | 2,702,417 | 2,669,008 | 2,694,546 | |||||||||||||||
Foundation Risk Partners, Corp. (3) | Financials | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/29/2028 | 2,100,747 | 2,089,175 | 2,090,243 | |||||||||||||||
Foundation Risk Partners, Corp. (2) (6) | Financials | Revolver | 11.45% (S + 6.00%; 0.75% Floor) | 10/29/2027 | — | (8,273 | ) | (5,190 | ) | |||||||||||||
Foundation Risk Partners, Corp. (1) (3) (5) | Financials | Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/29/2028 | 9,659,017 | 9,575,834 | 9,610,722 | |||||||||||||||
Foundation Risk Partners, Corp. (5) | Financials | Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 10/30/2028 | 779,358 | 770,636 | 775,461 | |||||||||||||||
Galway Borrower, LLC (2) (6) | Financials | Revolver | 10.70% (S + 5.25%; 0.75% Floor) | 09/30/2027 | — | (3,432 | ) | (3,380 | ) | |||||||||||||
Galway Borrower, LLC (1) (5) | Financials | Term Loan | 10.70% (S + 5.25%; 0.75% Floor) | 09/29/2028 | 4,247,105 | 4,199,769 | 4,194,016 | |||||||||||||||
Higginbotham Insurance Agency, Inc. (1) (5) | Financials | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 11/24/2028 | 3,306,711 | 3,288,415 | 3,265,377 | |||||||||||||||
Higginbotham Insurance Agency, Inc. (1) (3) (5) | Financials | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 11/24/2028 | 7,962,029 | 7,901,195 | 7,862,504 | |||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (3) | Financials | Delayed Draw Term Loan | 11.47% (S + 6.00%; 0.75% Floor) | 11/01/2028 | 1,244,226 | 1,228,144 | 1,222,452 | |||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (1) (3) | Financials | Delayed Draw Term Loan | 11.47% (S + 6.00%; 0.75% Floor) | 11/01/2028 | 5,869,799 | 5,828,010 | 5,767,077 | |||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (1) | Financials | Term Loan | 11.47% (S + 6.00%; 0.75% Floor) | 11/01/2028 | 497,219 | 491,508 | 488,518 | |||||||||||||||
RSC Acquisition, Inc. (5) (8) | Financials | Delayed Draw Term Loan | 10.51% (S + 5.50%; 0.75% Floor) | 11/01/2029 | — | 8 | — | |||||||||||||||
Wealth Enhancement Group, LLC (2) (8) | Financials | Delayed Draw Term Loan | 10.51% (S + 5.75%; 1.00% Floor) | 10/04/2027 | 1,149,975 | 1,146,513 | 1,149,975 | |||||||||||||||
Wealth Enhancement Group, LLC (1) (4) (5) (8) | Financials | Delayed Draw Term Loan | 10.51% (S + 5.75%; 1.00% Floor) | 10/04/2027 | 6,231,349 | 6,218,699 | 6,215,770 | |||||||||||||||
Wealth Enhancement Group, LLC (2) (6) | Financials | Revolver | 11.23% (S + 5.75%; 1.00% Floor) | 10/04/2027 | — | (1,018 | ) | (1,143 | ) | |||||||||||||
AAH Topco, LLC (1) (3) (4) (5) | Healthcare | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12/22/2027 | 6,496,668 | 6,376,783 | 6,269,285 | |||||||||||||||
AAH Topco, LLC (2) (6) | Healthcare | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 12/22/2027 | — | (10,581 | ) | (27,555 | ) | |||||||||||||
AAH Topco, LLC (1) (3) (5) | Healthcare | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12/22/2027 | 6,419,872 | 6,326,970 | 6,195,177 | |||||||||||||||
AAH Topco, LLC (2) (6) | Healthcare | Delayed Draw Term Loan | 10.96% (S + 6.00%; 0.75% Floor) | 12/22/2027 | — | (30,909 | ) | (64,266 | ) | |||||||||||||
American Physician Partners, LLC (1) (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 3.00 % PIK; 1.00% Floor) | 03/29/2024 | 1,218,972 | 1,082,011 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 917,905 | 817,051 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Revolver | — (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 346,322 | 345,024 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 6,557,417 | 5,733,816 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 1,397,556 | 1,243,170 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 2,594,127 | 2,278,901 | — | |||||||||||||||
American Physician Partners, LLC (7) | Healthcare | Term Loan | — (S + 6.75%; 3.00% PIK; 1.00% Floor) | 03/29/2024 | 94,376 | 85,722 | 176,105 | |||||||||||||||
AOM Acquisition, LLC. (2) (6) | Healthcare | Revolver | 11.00% (S + 5.50%; 1.00% Floor) | 02/18/2027 | — | (15,484 | ) | (30,465 | ) | |||||||||||||
AOM Acquisition, LLC. (1) (5) | Healthcare | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 02/18/2027 | 6,158,526 | 6,076,628 | 6,004,563 | |||||||||||||||
AOM Acquisition, LLC. (1) (5) | Healthcare | Term Loan | 11.03% (S + 5.50%; 1.00% Floor) | 02/18/2027 | 6,756,995 | 6,593,422 | 6,588,070 | |||||||||||||||
BAART Programs, Inc. (1) (4) | Healthcare | Delayed Draw Term Loan | 10.61% (S + 5.00%; 1.00% Floor) | 06/11/2027 | 3,872,578 | 3,848,400 | 3,746,719 | |||||||||||||||
BAART Programs, Inc. (1) (5) | Healthcare | Term Loan | 10.61% (S + 5.00%; 1.00% Floor) | 06/11/2027 | 4,673,951 | 4,648,481 | 4,522,047 | |||||||||||||||
BV EMS Buyer, Inc. (2) (5) | Healthcare | Delayed Draw Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 11/23/2027 | 1,808,145 | 1,759,391 | 1,773,003 | |||||||||||||||
BV EMS Buyer, Inc. (4) (5) | Healthcare | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 11/23/2027 | 3,485,489 | 3,405,062 | 3,450,635 | |||||||||||||||
Caregiver 2, Inc. (5) | Healthcare | Delayed Draw Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 07/24/2025 | 1,518,798 | 1,499,991 | 1,427,670 | |||||||||||||||
Caregiver 2, Inc. (3) | Healthcare | Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 07/24/2025 | 4,544,108 | 4,495,089 | 4,271,462 | |||||||||||||||
Caregiver 2, Inc. (3) | Healthcare | Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 07/24/2025 | 652,228 | 645,192 | 613,094 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Caregiver 2, Inc. (5) | Healthcare | Term Loan | 10.78% (S + 5.25%; 2.25% PIK; 1.00% Floor) | 07/24/2025 | $ | 623,207 | $ | 611,943 | $ | 585,815 | ||||||||||||
Choice Health At Home, LLC, (1) | Healthcare | Delayed Draw Term Loan | 13.19% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 | 947,582 | 941,462 | 923,892 | |||||||||||||||
Choice Health At Home, LLC, (1) (5) | Healthcare | Term Loan | 12.19% (S + 6.75%; 1.00% PIK; 1.00% Floor) | 12/29/2026 | 2,567,650 | 2,543,079 | 2,490,620 | |||||||||||||||
Coding Solutions Acquisition, Inc (3) | Healthcare | Delayed Draw Term Loan | 11.11% (S + 5.75%; 0.75% Floor) | 05/11/2028 | 1,654,987 | 1,630,547 | 1,601,199 | |||||||||||||||
Coding Solutions Acquisition, Inc (2) | Healthcare | Revolver | 11.12% (S + 5.75%; 0.75% Floor) | 05/11/2028 | 278,376 | 267,672 | 252,527 | |||||||||||||||
Coding Solutions Acquisition, Inc (3) (5) | Healthcare | Term Loan | 11.11% (S + 5.75%; 0.75% Floor) | 05/11/2028 | 5,461,331 | 5,381,001 | 5,283,838 | |||||||||||||||
Coding Solutions Acquisition, Inc. (2) (6) | Healthcare | Delayed Draw Term Loan | 11.36% (S + 6.00%; 0.75% Floor) | 05/11/2028 | — | (32,854 | ) | (62,452 | ) | |||||||||||||
Coding Solutions Acquisition, Inc. (3) | Healthcare | Term Loan | 11.36% (S + 6.00%; 0.75% Floor) | 05/11/2028 | 776,740 | 758,347 | 759,264 | |||||||||||||||
Community Based Care Acquisition, Inc. (5) | Healthcare | Delayed Draw Term Loan | 10.70% (S + 5.25%; 1.00% Floor) | 09/16/2027 | 2,122,343 | 2,097,467 | 2,095,814 | |||||||||||||||
Community Based Care Acquisition, Inc. (2) (5) | Healthcare | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 09/16/2027 | 971,352 | 927,443 | 942,256 | |||||||||||||||
Community Based Care Acquisition, Inc. (2) | Healthcare | Revolver | 12.75% (S + 5.25%; 1.00% Floor) | 09/16/2027 | 172,763 | 161,913 | 161,965 | |||||||||||||||
Community Based Care Acquisition, Inc. (1) (5) | Healthcare | Term Loan | 10.70% (S + 5.25%; 1.00% Floor) | 09/16/2027 | 5,235,139 | 5,166,929 | 5,169,700 | |||||||||||||||
Delaware Valley Management Holdings, Inc.^^^ (2) (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.25%; 1.00% Floor) | 03/21/2024 | 758,350 | 699,417 | 432,387 | |||||||||||||||
Delaware Valley Management Holdings, Inc.^^^ (7) | Healthcare | Delayed Draw Term Loan | — (S + 6.25%; 1.00% Floor) | 03/21/2024 | 415,955 | 350,988 | 237,136 | |||||||||||||||
Delaware Valley Management Holdings, Inc.^^^ (7) | Healthcare | Revolver | — (S + 6.25%; 1.00% Floor) | 03/21/2024 | 614,439 | 536,212 | 350,292 | |||||||||||||||
Delaware Valley Management Holdings, Inc.^^^ (7) | Healthcare | Term Loan | — (S + 6.25%; 1.00% Floor) | 03/21/2024 | 3,951,571 | 3,447,752 | 2,252,790 | |||||||||||||||
FH MD Buyer, Inc. (1) (5) | Healthcare | Term Loan | 10.47% (S + 5.00%; 0.75% Floor) | 07/22/2028 | 5,410,062 | 5,370,677 | 5,139,559 | |||||||||||||||
GHA Buyer, Inc. (4) | Healthcare | Delayed Draw Term Loan | 13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | 833,170 | 825,300 | 818,590 | |||||||||||||||
GHA Buyer, Inc. (2) (6) | Healthcare | Revolver | 13.75% (S + 4.50%; 3.25% PIK; 1.00% Floor) | 06/24/2026 | — | (8,055 | ) | (16,644 | ) | |||||||||||||
GHA Buyer, Inc. (1) (4) (8) | Healthcare | Term Loan | 10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | 2,009,682 | 2,009,434 | 1,974,513 | |||||||||||||||
GHA Buyer, Inc. (1) (4) | Healthcare | Term Loan | 13.75% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | 574,537 | 564,852 | 564,482 | |||||||||||||||
GHA Buyer, Inc. (1) (3) (4) | Healthcare | Term Loan | 10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | 5,499,321 | 5,455,345 | 5,403,083 | |||||||||||||||
GHA Buyer, Inc. (3) | Healthcare | Term Loan | 10.00% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | 4,760,974 | 4,719,307 | 4,677,657 | |||||||||||||||
GHA Buyer, Inc. (1) (8) | Healthcare | Term Loan | 10.51% (S + 4.50%; 3.75% PIK; 1.00% Floor) | 06/24/2026 | 745,895 | 739,317 | 732,842 | |||||||||||||||
Honor HN Buyer, Inc (4) (5) | Healthcare | Delayed Draw Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 1,638,040 | 1,616,995 | 1,638,040 | |||||||||||||||
Honor HN Buyer, Inc (2) (4) | Healthcare | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 10/15/2027 | 1,447,693 | 1,418,792 | 1,447,693 | |||||||||||||||
Honor HN Buyer, Inc (2) | Healthcare | Revolver | 13.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 38,012 | 34,132 | 38,012 | |||||||||||||||
Honor HN Buyer, Inc (1) (5) | Healthcare | Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 | 2,590,429 | 2,557,202 | 2,590,429 | |||||||||||||||
Honor HN Buyer, Inc (2) (6) | Healthcare | Delayed Draw Term Loan | 11.25% (S + 5.75%; 1.00% Floor) | 10/15/2027 | — | (60,951 | ) | — | ||||||||||||||
Medical Management Resource Group, LLC (1) | Healthcare | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 09/30/2027 | 1,558,344 | 1,523,862 | 1,496,010 | |||||||||||||||
Medical Management Resource Group, LLC (2) | Healthcare | Revolver | 11.45% (S + 6.00%; 0.75% Floor) | 09/30/2026 | 177,192 | 173,656 | 164,536 | |||||||||||||||
Medical Management Resource Group, LLC (5) | Healthcare | Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 09/30/2027 | 3,773,407 | 3,725,518 | 3,622,471 | |||||||||||||||
Medsuite Purchaser, LLC (2) (6) | Healthcare | Revolver | 10.21% (S + 4.75%; 1.00% Floor) | 10/22/2026 | — | (5,820 | ) | (5,103 | ) | |||||||||||||
Medsuite Purchaser, LLC (1) (5) | Healthcare | Term Loan | 10.21% (S + 4.75%; 1.00% Floor) | 10/22/2026 | 4,734,225 | 4,693,730 | 4,698,718 | |||||||||||||||
Pace Health Companies, LLC (2) (6) | Healthcare | Revolver | 9.89% (S + 6.25%; 1.00% Floor) | 08/02/2025 | — | (771 | ) | — | ||||||||||||||
Pace Health Companies, LLC (1) (8) | Healthcare | Term Loan | 10.51% (S + 6.25%; 1.00% Floor) | 08/02/2025 | 5,087,770 | 5,080,798 | 5,087,770 | |||||||||||||||
Pinnacle Dermatology Management, LLC | Healthcare | Delayed Draw Term Loan | 11.29% (S + 5.75%; 0.75% Floor) | 12/08/2028 | 648,269 | 642,487 | 573,718 | |||||||||||||||
Pinnacle Dermatology Management, LLC (2) | Healthcare | Revolver | 9.50% (S + 4.00%; 0.75% Floor) | 12/08/2026 | 499,289 | 491,262 | 492,568 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Pinnacle Dermatology Management, LLC (1) (3) (5) | Healthcare | Term Loan | 11.23% (S + 5.75%; 0.75% Floor) | 12/08/2028 | $ | 5,552,214 | $ | 5,457,513 | $ | 4,913,709 | ||||||||||||
Pinnacle Treatment Centers, Inc. (5) | Healthcare | Delayed Draw Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 | 340,120 | 339,138 | 333,318 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (2) | Healthcare | Revolver | 11.86% (S + 6.50%; 1.00% Floor) | 01/02/2026 | 219,716 | 218,704 | 213,856 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (3) | Healthcare | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 | 146,437 | 145,498 | 143,508 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (3) | Healthcare | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 | 283,913 | 279,638 | 278,235 | |||||||||||||||
Pinnacle Treatment Centers, Inc. (3) (5) | Healthcare | Term Loan | 11.95% (S + 6.50%; 1.00% Floor) | 01/02/2026 | 4,044,060 | 4,032,163 | 3,963,179 | |||||||||||||||
Priority Ondemand Midco 2,L.P (2) | Healthcare | Delayed Draw Term Loan | 10.80% (S + 5.25%; 1.00% Floor) | 07/17/2028 | 118,812 | 99,841 | 118,812 | |||||||||||||||
Priority Ondemand Midco 2,L.P (1) (5) | Healthcare | Term Loan | 10.80% (S + 5.25%; 1.00% Floor) | 07/17/2028 | 7,541,704 | 7,440,125 | 7,541,704 | |||||||||||||||
RCP Encore Acquisition, Inc. (7) | Healthcare | Term Loan | — (S + 5.00%; 1.00% Floor) | 06/07/2025 | 2,868,874 | 2,800,761 | 28,689 | |||||||||||||||
Redwood Family Care Network, Inc. (1) (3) (5) | Healthcare | Delayed Draw Term Loan | 11.22% (S + 5.50%; 1.00% Floor) | 06/18/2026 | 4,325,306 | 4,216,128 | 4,271,240 | |||||||||||||||
Redwood Family Care Network, Inc. (1) (5) | Healthcare | Delayed Draw Term Loan | 11.22% (S + 5.50%; 1.00% Floor) | 06/18/2026 | 5,770,927 | 5,712,858 | 5,698,791 | |||||||||||||||
Redwood Family Care Network, Inc. (2) (6) | Healthcare | Revolver | 11.22% (S + 5.50%; 1.00% Floor) | 06/18/2026 | — | (5,913 | ) | (7,359 | ) | |||||||||||||
Redwood Family Care Network, Inc. (1) (3) (4) (5) | Healthcare | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 06/18/2026 | 7,791,021 | 7,700,748 | 7,693,633 | |||||||||||||||
Salisbury House, LLC | Healthcare | Delayed Draw Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/29/2025 | 573,149 | 563,642 | 573,149 | |||||||||||||||
Salisbury House, LLC (2) (6) | Healthcare | Revolver | 13.25% (S + 5.75%; 1.00% Floor) | 08/30/2025 | — | (6,848 | ) | (3,049 | ) | |||||||||||||
Salisbury House, LLC (4) | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/29/2025 | 994,289 | 977,850 | 989,317 | |||||||||||||||
Salisbury House, LLC (1) | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/30/2025 | 1,225,119 | 1,211,635 | 1,218,993 | |||||||||||||||
Salisbury House, LLC (1) (5) | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/30/2025 | 3,934,410 | 3,896,458 | 3,914,738 | |||||||||||||||
Salisbury House, LLC (1) | Healthcare | Term Loan | 11.28% (S + 5.75%; 1.00% Floor) | 08/30/2025 | 1,125,627 | 1,118,295 | 1,119,999 | |||||||||||||||
Salisbury House, LLC (1) | Healthcare | Term Loan | 11.27% (S + 5.75%; 1.00% Floor) | 08/29/2025 | 434,541 | 426,500 | 432,368 | |||||||||||||||
Salisbury House, LLC (2) (6) | Healthcare | Delayed Draw Term Loan | 11.27% (S + 5.75%; 1.00% Floor) | 08/29/2025 | — | (27,560 | ) | — | ||||||||||||||
Sandstone Care Holdings, LLC (2) (5) | Healthcare | Delayed Draw Term Loan | 10.98% (S + 5.50%; 1.00% Floor) | 06/28/2028 | 99,366 | 89,714 | 99,366 | |||||||||||||||
Sandstone Care Holdings, LLC (2) | Healthcare | Revolver | 10.98% (S + 5.50%; 1.00% Floor) | 06/28/2028 | 135,452 | 122,976 | 135,452 | |||||||||||||||
Sandstone Care Holdings, LLC (1) (3) | Healthcare | Term Loan | 10.98% (S + 5.50%; 1.00% Floor) | 06/28/2028 | 4,640,709 | 4,561,732 | 4,640,709 | |||||||||||||||
SCA Buyer, LLC | Healthcare | Revolver | 12.15% (S + 6.50%; 1.00% Floor) | 01/20/2026 | 643,849 | 639,795 | 603,608 | |||||||||||||||
SCA Buyer, LLC (5) | Healthcare | Term Loan | 12.14% (S + 6.50%; 1.00% Floor) | 01/20/2026 | 3,756,859 | 3,732,404 | 3,522,055 | |||||||||||||||
Smile Brands, Inc. | Healthcare | Delayed Draw Term Loan | 9.98% (S + 4.50%; 0.75% Floor) | 10/12/2027 | 478,050 | 477,254 | 423,074 | |||||||||||||||
Smile Brands, Inc. (2) | Healthcare | Revolver | 9.98% (S + 4.50%; 0.75% Floor) | 10/12/2027 | 92,657 | 91,555 | 63,355 | |||||||||||||||
Smile Brands, Inc. (1) | Healthcare | Term Loan | 9.98% (S + 4.50%; 0.75% Floor) | 10/12/2027 | 1,574,472 | 1,572,111 | 1,393,408 | |||||||||||||||
Spark DSO LLC (2) | Healthcare | Revolver | 7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 04/20/2026 | 252,550 | 245,668 | 223,524 | |||||||||||||||
Spark DSO LLC (1) (3) (4) | Healthcare | Term Loan | 7.54% (S + 2.15%; 5.75% PIK; 1.00% Floor) | 04/19/2026 | 6,537,070 | 6,482,860 | 6,308,273 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (1) (5) | Healthcare | Delayed Draw Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 1,129,965 | 1,127,258 | 1,124,315 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (4) (5) | Healthcare | Delayed Draw Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 1,717,695 | 1,705,854 | 1,709,106 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (3) | Healthcare | Delayed Draw Term Loan | 11.54% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 1,704,784 | 1,690,066 | 1,696,260 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (2) | Healthcare | Revolver | 13.50% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 17,263 | 13,836 | 13,811 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (5) | Healthcare | Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 3,199,846 | 3,171,614 | 3,183,847 | |||||||||||||||
The Center for Orthopedic and Research Excellence, Inc. (1) (3) | Healthcare | Term Loan | 11.53% (S + 6.00%; 1.00% Floor) | 08/15/2025 | 4,793,587 | 4,767,499 | 4,769,619 | |||||||||||||||
West Dermatology (2) | Healthcare | Delayed Draw Term Loan | 12.78% (S + 7.25%; 1.00% Floor) | 03/17/2028 | 1,489,436 | 1,450,810 | 1,312,177 | |||||||||||||||
West Dermatology (2) | Healthcare | Revolver | 12.79% (S + 7.25%; 1.00% Floor) | 03/17/2028 | 958,473 | 940,053 | 886,948 | |||||||||||||||
West Dermatology (1) (3) (4) (5) | Healthcare | Term Loan | 12.71% (S + 7.25%; 1.00% Floor) | 03/17/2028 | 11,296,578 | 11,128,125 | 10,647,025 | |||||||||||||||
AmerCareRoyal, LLC (1) | Business Services | Delayed Draw Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 494,290 | 487,686 | 494,290 | |||||||||||||||
AmerCareRoyal, LLC (1) (5) | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 4,094,427 | 3,997,707 | 4,094,427 | |||||||||||||||
AmerCareRoyal, LLC (4) (5) | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 508,718 | 499,164 | 508,718 | |||||||||||||||
AmerCareRoyal, LLC (1) (3) | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 1,991,045 | 1,974,802 | 1,991,045 | |||||||||||||||
Cerifi, LLC (2) | Business Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 04/01/2027 | 738,528 | 723,419 | 721,911 | |||||||||||||||
Cerifi, LLC (1) (3) (4) (5) | Business Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 03/31/2028 | 15,905,111 | 15,665,118 | 15,666,535 | |||||||||||||||
Engage2Excel, Inc. | Business Services | Revolver | 11.78% (S + 6.50%; 1.00% Floor) | 07/01/2024 | 379,732 | 376,898 | 374,036 | |||||||||||||||
Engage2Excel, Inc. (1) | Business Services | Term Loan | 11.78% (S + 6.50%; 1.00% Floor) | 07/01/2024 | 2,707,241 | 2,683,728 | 2,666,633 | |||||||||||||||
Engage2Excel, Inc. (1) | Business Services | Term Loan | 11.78% (S + 6.50%; 1.00% Floor) | 07/01/2024 | 939,636 | 931,462 | 925,541 | |||||||||||||||
Mr. Greens Intermediate, LLC (2) (6) | Business Services | Delayed Draw Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 05/01/2029 | — | (70,542 | ) | (19,726 | ) | |||||||||||||
Mr. Greens Intermediate, LLC (2) (6) | Business Services | Revolver | 6.25% (S + 6.25%; 1.00% Floor) | 05/01/2029 | — | (28,217 | ) | (7,891 | ) | |||||||||||||
Mr. Greens Intermediate, LLC (4) (5) | Business Services | Term Loan | 11.70% (S + 6.25%; 1.00% Floor) | 05/01/2029 | 6,280,844 | 6,110,020 | 6,233,738 | |||||||||||||||
MSM Acquisitions, Inc. (5) | Business Services | Delayed Draw Term Loan | 11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 | 3,012,208 | 2,978,739 | 2,741,109 | |||||||||||||||
MSM Acquisitions, Inc. (5) | Business Services | Delayed Draw Term Loan | 11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 | 368,241 | 367,112 | 335,099 | |||||||||||||||
MSM Acquisitions, Inc. (2) (8) | Business Services | Revolver | 10.51% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 | 1,071,915 | 1,059,652 | 961,660 | |||||||||||||||
MSM Acquisitions, Inc. (1) (3) (4) (5) | Business Services | Term Loan | 11.50% (S + 1.00%; 5.00% PIK; 1.00% Floor) | 12/09/2026 | 8,231,869 | 8,154,681 | 7,491,001 | |||||||||||||||
Rep Tec Intermediate Holdings, Inc. (2) (6) | Business Services | Revolver | 12.00% (S + 5.50%; 1.00% Floor) | 12/01/2027 | — | (11,682 | ) | (5,498 | ) | |||||||||||||
Rep Tec Intermediate Holdings, Inc. (1) (3) (5) | Business Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 12/01/2027 | 11,604,300 | 11,514,426 | 11,546,279 | |||||||||||||||
Sako and Partners Lower Holdings LLC (1) (5) | Business Services | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 09/15/2028 | 3,532,073 | 3,468,222 | 3,525,820 | |||||||||||||||
Sako and Partners Lower Holdings LLC (2) (6) | Business Services | Revolver | 11.50% (S + 6.00%; 1.00% Floor) | 09/15/2028 | — | (29,545 | ) | (6,215 | ) | |||||||||||||
Sako and Partners Lower Holdings LLC (1) (3) (4) (5) | Business Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 09/15/2028 | 14,766,094 | 14,414,199 | 14,692,264 | |||||||||||||||
Sako and Partners Lower Holdings LLC (2) (6) | Business Services | Delayed Draw Term Loan | 11.50% (S + 5.50%; 1.00% Floor) | 09/15/2028 | — | (39,562 | ) | (39,562 | ) |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Sako and Partners Lower Holdings LLC (5) | Business Services | Term Loan | 11.50% (S + 5.50%; 1.00% Floor) | 09/15/2028 | $ | 1,695,528 | $ | 1,661,618 | $ | 1,661,618 | ||||||||||||
Activ Software Holdings, LLC (5) | Software & Tech Services | Delayed Draw Term Loan | 11.65% (S + 6.25%; 1.00% Floor) | 05/04/2027 | 627,640 | 613,003 | 624,502 | |||||||||||||||
Activ Software Holdings, LLC (2) (6) | Software & Tech Services | Revolver | 11.94% (S + 6.25%; 1.00% Floor) | 05/04/2027 | — | (7,370 | ) | (3,244 | ) | |||||||||||||
Activ Software Holdings, LLC (1) (3) (4) (5) | Software & Tech Services | Term Loan | 11.94% (S + 6.25%; 1.00% Floor) | 05/04/2027 | 7,907,703 | 7,817,344 | 7,868,164 | |||||||||||||||
Activ Software Holdings, LLC (1) | Software & Tech Services | Term Loan | 11.90% (S + 6.25%; 1.00% Floor) | 05/04/2027 | 2,510,561 | 2,451,997 | 2,498,008 | |||||||||||||||
Admiral Buyer, Inc (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 05/08/2028 | — | (11,550 | ) | — | ||||||||||||||
Admiral Buyer, Inc (2) (6) | Software & Tech Services | Revolver | 10.85% (S + 5.50%; 0.75% Floor) | 05/08/2028 | — | (8,262 | ) | — | ||||||||||||||
Admiral Buyer, Inc (1) (4) (5) | Software & Tech Services | Term Loan | 10.85% (S + 5.50%; 0.75% Floor) | 05/08/2028 | 5,784,067 | 5,698,400 | 5,784,067 | |||||||||||||||
AMI US Holdings, Inc. (2) (6) | Software & Tech Services | Revolver | 10.71% (S + 5.25%; 0.00% Floor) | 04/01/2025 | — | (1,216 | ) | — | ||||||||||||||
AMI US Holdings, Inc. (1) (4) | Software & Tech Services | Term Loan | 10.71% (S + 5.25%; 1.00% Floor) | 04/01/2025 | 7,923,845 | 7,884,633 | 7,923,845 | |||||||||||||||
Avalara, Inc. (2) (6) | Software & Tech Services | Revolver | 12.60% (S + 7.25%; 0.75% Floor) | 10/19/2028 | — | (21,501 | ) | — | ||||||||||||||
Avalara, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 12.60% (S + 7.25%; 0.75% Floor) | 10/19/2028 | 10,653,748 | 10,438,912 | 10,653,748 | |||||||||||||||
Avetta, LLC (1) (4) (5) | Software & Tech Services | Term Loan | 11.15% (S + 5.75%; 1.00% Floor) | 10/18/2030 | 21,899,376 | 21,416,141 | 21,406,640 | |||||||||||||||
Avetta, LLC (2) (6) | Software & Tech Services | Revolver | 11.15% (S + 5.75%; 1.00% Floor) | 10/18/2029 | — | (45,405 | ) | (46,927 | ) | |||||||||||||
Bonterra, LLC (2) | Software & Tech Services | Revolver | 7.25% (S + 7.25%; 0.75% Floor) | 09/08/2027 | 345,525 | 334,749 | 328,249 | |||||||||||||||
Bonterra, LLC | Software & Tech Services | Term Loan | 12.35% (S + 0.00%; 8.00% PIK; 0.75% Floor) | 09/08/2027 | 2,713,108 | 2,675,770 | 2,713,108 | |||||||||||||||
Bonterra, LLC (1) (3) (4) (5) | Software & Tech Services | Term Loan | 12.60% (S + 7.25%; 0.75% Floor) | 09/08/2027 | 15,944,506 | 15,801,371 | 15,705,338 | |||||||||||||||
Brightspot Buyer, Inc (2) (6) | Software & Tech Services | Revolver | 11.96% (S + 6.50%; 0.75% Floor) | 11/16/2027 | — | (8,921 | ) | (17,007 | ) | |||||||||||||
Brightspot Buyer, Inc (3) | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 1,448,598 | 1,418,312 | 1,412,383 | |||||||||||||||
Brightspot Buyer, Inc (1) (3) | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 0.75% Floor) | 11/16/2027 | 5,215,571 | 5,147,185 | 5,085,182 | |||||||||||||||
BSI2 Hold Nettle, LLC (2) (6) | Software & Tech Services | Revolver | 10.18% (S + 5.00%; 0.75% Floor) | 06/30/2028 | — | (6,691 | ) | (8,834 | ) | |||||||||||||
BSI2 Hold Nettle, LLC (3) (5) | Software & Tech Services | Term Loan | 10.18% (S + 5.00%; 0.75% Floor) | 06/30/2028 | 4,652,488 | 4,599,653 | 4,582,701 | |||||||||||||||
BSI2 Hold Nettle, LLC (3) | Software & Tech Services | Term Loan | 10.19% (S + 5.00%; 0.75% Floor) | 06/30/2028 | 620,773 | 608,394 | 611,461 | |||||||||||||||
BusinesSolver.com, Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12/01/2027 | 168,178 | 164,311 | 165,487 | |||||||||||||||
BusinesSolver.com, Inc. (3) (5) | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 12/01/2027 | 7,250,814 | 7,202,733 | 7,232,686 | |||||||||||||||
Community Brands Parentco, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 02/24/2028 | — | (5,836 | ) | (6,258 | ) | |||||||||||||
Community Brands Parentco, LLC (2) (6) | Software & Tech Services | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 02/24/2028 | — | (5,845 | ) | (7,301 | ) | |||||||||||||
Community Brands Parentco, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 02/24/2028 | 6,968,409 | 6,866,195 | 6,846,462 | |||||||||||||||
Coupa Holdings,LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 12.86% (S + 7.50%; 0.75% Floor) | 02/27/2030 | — | (10,483 | ) | — | ||||||||||||||
Coupa Holdings,LLC (2) (6) | Software & Tech Services | Revolver | 12.86% (S + 7.50%; 0.75% Floor) | 02/27/2029 | — | (15,673 | ) | (1,815 | ) | |||||||||||||
Coupa Holdings,LLC (1) (4) (5) | Software & Tech Services | Term Loan | 12.86% (S + 7.50%; 0.75% Floor) | 02/27/2030 | 10,617,824 | 10,370,153 | 10,591,279 | |||||||||||||||
Datacor, Inc. (4) (5) | Software & Tech Services | Delayed Draw Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 12/29/2025 | 2,545,283 | 2,518,898 | 2,513,467 | |||||||||||||||
Datacor, Inc. (2) | Software & Tech Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 12/29/2025 | 442,618 | 425,112 | 426,810 | |||||||||||||||
Datacor, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 12/29/2025 | 14,277,103 | 14,095,804 | 14,098,639 | |||||||||||||||
Degreed, Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.96% (S + 5.50%; 1.00% PIK; 1.00% Floor) | 05/29/2026 | — | (50,032 | ) | (29,738 | ) | |||||||||||||
Degreed, Inc. (2) (6) | Software & Tech Services | Revolver | 10.96% (S + 5.50%; 1.00% PIK; 1.00% Floor) | 05/29/2026 | — | (912 | ) | (13,579 | ) | |||||||||||||
Degreed, Inc. (3) | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 1.50% PIK; 1.00% Floor) | 05/29/2026 | 5,240,236 | 5,229,641 | 5,069,928 | |||||||||||||||
Degreed, Inc. ( 3 ) | Software & Tech Services | Term Loan | 12.46% (S + 5.50%; 1.50% PIK; 1.00% Floor) | 05/29/2026 | 2,829,885 | 2,816,471 | 2,737,914 | |||||||||||||||
Dispatch Track, LLC (2) (6) | Software & Tech Services | Revolver | 9.96% (S + 4.50%; 1.00% Floor) | 12/17/2026 | — | (897 | ) | (1,510 | ) | |||||||||||||
Dispatch Track, LLC (1) (5) | Software & Tech Services | Term Loan | 9.96% (S + 4.50%; 1.00% Floor) | 12/17/2026 | 9,849,936 | 9,814,127 | 9,800,687 | |||||||||||||||
EET Buyer, Inc. (2) | Software & Tech Services | Revolver | 12.03% (S + 6.50%; 0.75% Floor) | 11/08/2027 | 207,326 | 190,901 | 191,776 | |||||||||||||||
EET Buyer, Inc. (4) | Software & Tech Services | Term Loan | 11.97% (S + 6.50%; 0.75% Floor) | 11/08/2027 | 4,139,650 | 4,048,102 | 4,077,555 | |||||||||||||||
EET Buyer, Inc. (3) (4) (5) | Software & Tech Services | Term Loan | 11.97% (S + 6.50%; 0.75% Floor) | 11/08/2027 | 6,787,048 | 6,698,121 | 6,685,242 | |||||||||||||||
Exterro, Inc. (2) | Software & Tech Services | Revolver | 13.00% (S + 5.50%; 1.00% Floor) | 06/01/2027 | 369,281 | 360,934 | 369,281 | |||||||||||||||
Exterro, Inc. (1) | Software & Tech Services | Term Loan | 11.03% (S + 5.50%; 1.00% Floor) | 06/01/2027 | 2,793,450 | 2,789,044 | 2,793,450 | |||||||||||||||
Exterro, Inc. (1) (4) | Software & Tech Services | Term Loan | 11.03% (S + 5.50%; 1.00% Floor) | 06/01/2027 | 5,809,123 | 5,773,848 | 5,809,122 | |||||||||||||||
Exterro, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 11.03% (S + 5.50%; 1.00% Floor) | 06/01/2027 | 6,237,900 | 6,221,684 | 6,237,900 | |||||||||||||||
Faithlife, LLC (1) (4) | Software & Tech Services | Delayed Draw Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 09/18/2025 | 706,493 | 701,549 | 706,493 | |||||||||||||||
Faithlife, LLC (2) (6) | Software & Tech Services | Revolver | 10.95% (S + 5.50%; 1.00% Floor) | 09/18/2025 | — | (1,945 | ) | — | ||||||||||||||
Faithlife, LLC (1) (4) (5) | Software & Tech Services | Term Loan | 10.95% (S + 5.50%; 1.00% Floor) | 09/18/2025 | 303,402 | 301,275 | 303,402 | |||||||||||||||
Fusion Holding Corp (2) (6) | Software & Tech Services | Revolver | 11.72% (S + 6.25%; 0.75% Floor) | 09/15/2027 | — | (23,232 | ) | (6,896 | ) | |||||||||||||
Fusion Holding Corp (1) (3) (4) (5) | Software & Tech Services | Term Loan | 11.72% (S + 6.25%; 0.75% Floor) | 09/15/2029 | 16,726,111 | 16,416,902 | 16,642,480 | |||||||||||||||
Fusion Risk Management, Inc. (2) (6) | Software & Tech Services | Revolver | 8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor) | 05/22/2029 | — | (15,169 | ) | (16,801 | ) | |||||||||||||
Fusion Risk Management, Inc. (3) | Software & Tech Services | Term Loan | 8.87% (S + 3.50%; 3.75% PIK; 1.00% Floor) | 05/22/2029 | 7,135,236 | 7,008,832 | 6,992,531 | |||||||||||||||
G Treasury SS, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 1.00% Floor) | 06/29/2029 | — | (16,826 | ) | (24,393 | ) | |||||||||||||
G Treasury SS, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.35% (S + 6.00%; 1.00% Floor) | 06/29/2029 | — | (10,516 | ) | (15,245 | ) | |||||||||||||
G Treasury SS, LLC (2) (6) | Software & Tech Services | Revolver | 11.35% (S + 6.00%; 1.00% Floor) | 06/29/2029 | — | (16,835 | ) | (18,294 | ) |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||
G Treasury SS, LLC (1) (3) | Software & Tech Services | Term Loan | 11.35% (S + 6.00%; 1.00% Floor) | 06/29/2029 | $ | 3,649,738 | $ | 3,599,124 | $ | 3,576,743 | ||||||||||
Genesis Acquisition Co. (3) | Software & Tech Services | Revolver | 10.35% (S + 5.00%; 1.00% Floor) | 07/31/2025 | 202,400 | 201,987 | 202,400 | |||||||||||||
Genesis Acquisition Co. (1) (5) | Software & Tech Services | Term Loan | 10.35% (S + 5.00%; 1.00% Floor) | 07/31/2025 | 3,631,930 | 3,616,293 | 3,631,930 | |||||||||||||
Genesis Acquisition Co. (5) | Software & Tech Services | Term Loan | 10.35% (S + 5.00%; 1.00% Floor) | 07/31/2025 | 341,770 | 338,869 | 341,770 | |||||||||||||
Greenhouse Software, Inc. (2) (6) | Software & Tech Services | Revolver | 12.35% (S + 7.00%; 1.00% Floor) | 09/01/2028 | — | (14,935 | ) | (12,323 | ) | |||||||||||
Greenhouse Software, Inc. (2) (6) | Software & Tech Services | Revolver | 12.35% (S + 7.00%; 1.00% Floor) | 09/01/2028 | — | (11,873 | ) | (6,045 | ) | |||||||||||
Greenhouse Software, Inc. (3) | Software & Tech Services | Term Loan | 12.35% (S + 7.00%; 1.00% Floor) | 09/01/2028 | 12,376,845 | 12,225,693 | 12,253,076 | |||||||||||||
Greenhouse Software, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 12.35% (S + 7.00%; 1.00% Floor) | 09/01/2028 | 14,507,975 | 14,223,098 | 14,362,895 | |||||||||||||
Gryphon-Redwood Acquisition LLC (2) (4) (8) | Software & Tech Services | Delayed Draw Term Loan | 10.51% (S + 4.00%; 6.00% PIK; 1.00% Floor) | 09/16/2028 | 1,075,181 | 1,053,232 | 1,067,251 | |||||||||||||
Gryphon-Redwood Acquisition LLC (1) | Software & Tech Services | Term Loan | 9.35% (S + 4.00%; 6.00% PIK; 1.00% Floor) | 09/16/2028 | 3,704,487 | 3,657,019 | 3,685,964 | |||||||||||||
GS AcquisitionCo, Inc. (2) (6) | Software & Tech Services | Revolver | 5.50% (S + 5.50%; 1.00% Floor) | 05/22/2026 | — | (562 | ) | (5,709 | ) | |||||||||||
GS AcquisitionCo, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 11.00% (S + 5.50%; 1.00% Floor) | 05/22/2026 | 9,381,588 | 9,369,931 | 9,264,318 | |||||||||||||
Hirevue, Inc. (2) (6) | Software & Tech Services | Revolver | 12.63% (S + 7.25%; 1.00% Floor) | 05/03/2029 | — | (36,819 | ) | (28,808 | ) | |||||||||||
Hirevue, Inc. (4) (5) | Software & Tech Services | Term Loan | 12.63% (S + 7.25%; 1.00% Floor) | 05/03/2029 | 12,934,244 | 12,635,647 | 12,707,894 | |||||||||||||
Iodine Software, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 05/19/2027 | — | (31,957 | ) | — | ||||||||||||
Iodine Software, LLC (3) (5) | Software & Tech Services | Delayed Draw Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 05/19/2027 | 7,875,642 | 7,784,890 | 7,875,642 | |||||||||||||
Iodine Software, LLC (2) (6) | Software & Tech Services | Revolver | 11.50% (S + 6.00%; 1.00% Floor) | 05/19/2027 | — | (12,511 | ) | — | ||||||||||||
Iodine Software, LLC (1) (5) | Software & Tech Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 05/19/2027 | 5,228,004 | 5,167,945 | 5,228,004 | |||||||||||||
Kaseya Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor) | 06/25/2029 | 39,178 | 31,195 | 39,178 | |||||||||||||
Kaseya Inc. (2) (8) | Software & Tech Services | Revolver | 10.51% (S + 5.50%; 2.50% PIK; 0.75% Floor) | 06/25/2029 | 160,904 | 157,154 | 157,711 | |||||||||||||
Kaseya Inc. (1) (4) (5) | Software & Tech Services | Term Loan | 8.88% (S + 3.50%; 2.50% PIK; 0.75% Floor) | 06/25/2029 | 10,596,694 | 10,472,462 | 10,543,710 | |||||||||||||
Mavenlink, Inc. (2) | Software & Tech Services | Revolver | 11.76% (S + 0.00%; 0.75% Floor) | 06/03/2027 | 1,446,026 | 1,423,378 | 1,409,946 | |||||||||||||
Mavenlink, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 11.77% (S + 0.00%; 6.25% PIK; 0.75% Floor) | 06/03/2027 | 15,264,979 | 15,074,764 | 14,959,680 | |||||||||||||
Medbridge Holdings, LLC (2) (6) | Software & Tech Services | Revolver | 11.50% (S + 6.00%; 1.00% Floor) | 12/23/2026 | — | (13,848 | ) | (17,203 | ) | |||||||||||
Medbridge Holdings, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 12/23/2026 | 15,367,872 | 15,207,981 | 15,175,773 | |||||||||||||
Medbridge Holdings, LLC (1) | Software & Tech Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 12/23/2026 | 974,356 | 961,512 | 962,176 | |||||||||||||
Metametrics, Inc. (2) (6) | Software & Tech Services | Revolver | 10.47% (S + 5.00%; 1.00% Floor) | 09/10/2025 | — | (3,745 | ) | — | ||||||||||||
Metametrics, Inc. (1) (5) | Software & Tech Services | Term Loan | 10.45% (S + 5.00%; 1.00% Floor) | 09/10/2025 | 3,472,106 | 3,449,523 | 3,472,106 | |||||||||||||
Moon Buyer, Inc. (5) | Software & Tech Services | Delayed Draw Term Loan | 10.20% (S + 4.75%; 1.00% Floor) | 04/21/2027 | 576,078 | 573,348 | 568,876 | |||||||||||||
Moon Buyer, Inc. (2) (6) | Software & Tech Services | Revolver | 10.22% (S + 4.75%; 1.00% Floor) | 04/21/2027 | — | (9,788 | ) | (14,547 | ) | |||||||||||
Moon Buyer, Inc. (1) (3) (4) (5) | Software & Tech Services | Term Loan | 10.20% (S + 4.75%; 1.00% Floor) | 04/21/2027 | 6,240,840 | 6,188,125 | 6,162,829 | |||||||||||||
Mykaarma Acquisition LLC (2) (6) | Software & Tech Services | Revolver | 8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor) | 03/21/2028 | — | (8,417 | ) | (4,449 | ) | |||||||||||
Mykaarma Acquisition LLC (3) (5) | Software & Tech Services | Term Loan | 8.38% (S + 3.00%; 3.75% PIK; 1.00% Floor) | 03/21/2028 | 6,339,104 | 6,250,126 | 6,291,561 | |||||||||||||
Navigate360, LLC (5) | Software & Tech Services | Delayed Draw Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 03/17/2027 | 1,790,047 | 1,773,419 | 1,767,671 | |||||||||||||
Navigate360, LLC (2) (6) | Software & Tech Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 03/17/2027 | — | (7,831 | ) | (7,553 | ) | |||||||||||
Navigate360, LLC (4) (5) | Software & Tech Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 03/17/2027 | 2,243,081 | 2,208,661 | 2,215,042 | |||||||||||||
Navigate360, LLC (3) | Software & Tech Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 03/17/2027 | 4,155,627 | 4,099,241 | 4,103,682 | |||||||||||||
Netwrix Corporation And Concept Searching Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.39% (S + 5.00%; 0.75% Floor) | 06/11/2029 | — | (2,817 | ) | (27,504 | ) | |||||||||||
Netwrix Corporation And Concept Searching Inc. (2) (6) | Software & Tech Services | Revolver | 10.39% (S + 5.00%; 0.75% Floor) | 06/11/2029 | — | (1,995 | ) | (9,684 | ) | |||||||||||
Netwrix Corporation And Concept Searching Inc. (1) (4) (5) | Software & Tech Services | Term Loan | 10.39% (S + 5.00%; 0.75% Floor) | 06/11/2029 | 9,880,549 | 9,861,658 | 9,757,042 | |||||||||||||
Netwrix Corporation And Concept Searching Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.39% (S + 5.25%; 0.75% Floor) | 06/11/2029 | — | (16,061 | ) | (4,656 | ) | |||||||||||
Penn TRGRP Holdings, LLC (2) (6) | Software & Tech Services | Revolver | 13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor) | 09/27/2030 | — | (20,348 | ) | (15,815 | ) | |||||||||||
Penn TRGRP Holdings, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 13.14% (S + 1.75%; 6.00% PIK; 0.75% Floor) | 09/27/2030 | 6,956,801 | 6,824,545 | 6,852,449 | |||||||||||||
Pieper Memorial, LLC (1) (2) (5) | Healthcare | Delayed Draw Term Loan | 11.44% (S + 6.00%; 1.00% Floor) | 11/02/2027 | 2,700,286 | 2,634,630 | 2,631,284 | |||||||||||||
Pieper Memorial, LLC (4) (5) | Healthcare | Term Loan | 11.44% (S + 6.00%; 1.00% Floor) | 11/02/2027 | 2,072,313 | 2,032,917 | 2,030,866 | |||||||||||||
Ping Identity Corporation (2) (6) | Software & Tech Services | Revolver | 12.36% (S + 7.00%; 0.75% Floor) | 10/17/2028 | — | (24,270 | ) | — | ||||||||||||
Ping Identity Corporation (1) (3) (4) (5) | Software & Tech Services | Term Loan | 12.36% (S + 7.00%; 0.75% Floor) | 10/17/2029 | 12,033,445 | 11,780,422 | 12,033,445 | |||||||||||||
Ranger Buyer, Inc. (2) (6) | Software & Tech Services | Revolver | 10.71% (S + 5.25%; 0.75% Floor) | 11/18/2027 | — | (15,877 | ) | (20,987 | ) | |||||||||||
Ranger Buyer, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 10.71% (S + 5.25%; 0.75% Floor) | 11/17/2028 | 14,138,951 | 13,927,148 | 13,891,520 | |||||||||||||
Sauce Labs, Inc. (2) | Software & Tech Services | Delayed Draw Term Loan | 11.49% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 08/16/2027 | 591,875 | 570,275 | 568,200 | |||||||||||||
Sauce Labs, Inc. (3) | Software & Tech Services | Delayed Draw Term Loan | 11.48% (S + 5.50%; 0.50% PIK; 1.00% Floor) | 08/16/2027 | 1,934,726 | 1,911,106 | 1,896,031 | |||||||||||||
Sauce Labs, Inc. (2) (6) | Software & Tech Services | Revolver | 11.48% (S + 5.50%; 1.00% Floor) | 08/16/2027 | — | (15,757 | ) | (25,636 | ) | |||||||||||
Sauce Labs, Inc. (3) | Software & Tech Services | Term Loan | 10.98% (S + 5.50%; 0.05% PIK; 1.00% Floor) | 08/16/2027 | 7,541,536 | 7,435,065 | 7,390,705 | |||||||||||||
Saviynt, Inc. (2) (3) (4) | Software & Tech Services | Delayed Draw Term Loan | 12.96% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 | 3,096,164 | 2,959,098 | 2,973,261 |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||
Saviynt, Inc. (2) (6) | Software & Tech Services | Revolver | 9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 | $ | — | $ | (12,222 | ) | $ | (12,196 | ) | ||||||||
Saviynt, Inc. (1) (3) | Software & Tech Services | Term Loan | 9.46% (S + 4.00%; 3.50% PIK; 1.00% Floor) | 12/22/2027 | 18,966,641 | 18,584,633 | 18,587,308 | |||||||||||||
Securonix, Inc. (2) (6) | Software & Tech Services | Revolver | 11.41% (S + 6.00%; 0.75% Floor) | 04/05/2028 | — | (19,349 | ) | (173,063 | ) | |||||||||||
Securonix, Inc. (1) (3) | Software & Tech Services | Term Loan | 11.41% (S + 6.00%; 0.75% Floor) | 04/05/2028 | 8,546,314 | 8,438,887 | 7,584,854 | |||||||||||||
Serrano Parent, LLC (2) (6) | Software & Tech Services | Revolver | 11.88% (S + 6.50%; 1.00% Floor) | 05/13/2030 | — | (47,644 | ) | (41,720 | ) | |||||||||||
Serrano Parent, LLC (1) (3) (4) (5) | Software & Tech Services | Term Loan | 11.88% (S + 6.50%; 1.00% Floor) | 05/13/2030 | 21,207,477 | 20,716,642 | 20,783,327 | |||||||||||||
Sirsi Corporation (2) (6) | Software & Tech Services | Revolver | 11.71% (S + 6.25%; 1.00% Floor) | 03/15/2025 | — | (377 | ) | — | ||||||||||||
Sirsi Corporation (1) (5) | Software & Tech Services | Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 03/15/2025 | 6,018,017 | 6,013,615 | 6,018,017 | |||||||||||||
SIS Purchaser, Inc. (2) (6) | Software & Tech Services | Revolver | 10.96% (S + 5.50%; 1.00% Floor) | 10/15/2026 | — | (9,617 | ) | (11,660 | ) | |||||||||||
SIS Purchaser, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/15/2026 | 11,811,617 | 11,708,637 | 11,693,501 | |||||||||||||
SIS Purchaser, Inc. (5) | Software & Tech Services | Term Loan | 10.96% (S + 5.50%; 1.00% Floor) | 10/15/2026 | 2,261,109 | 2,239,519 | 2,238,497 | |||||||||||||
Soladoc, LLC (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 10.43% (S + 5.00%; 0.75% Floor) | 06/12/2028 | — | (17,615 | ) | (64,781 | ) | |||||||||||
Soladoc, LLC (2) (6) | Software & Tech Services | Revolver | 10.43% (S + 5.00%; 0.75% Floor) | 06/12/2028 | — | (8,820 | ) | (22,085 | ) | |||||||||||
Soladoc, LLC (1) (3) | Software & Tech Services | Term Loan | 10.43% (S + 5.00%; 0.75% Floor) | 06/12/2028 | 5,889,225 | 5,801,038 | 5,668,379 | |||||||||||||
SugarCRM, Inc. (2) (6) | Software & Tech Services | Revolver | 11.96% (S + 6.50%; 1.00% Floor) | 07/31/2024 | — | (551 | ) | — | ||||||||||||
SugarCRM, Inc. (1) (3) | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 07/31/2024 | 4,268,824 | 4,258,942 | 4,268,824 | |||||||||||||
Sundance Group Holdings, Inc. (3) (4) | Software & Tech Services | Delayed Draw Term Loan | 11.72% (S + 6.25%; 1.00% Floor) | 07/02/2027 | 3,547,253 | 3,505,087 | 3,520,649 | |||||||||||||
Sundance Group Holdings, Inc. (2) (8) | Software & Tech Services | Revolver | 10.51% (S + 6.25%; 1.00% Floor) | 07/02/2027 | 709,451 | 692,581 | 698,809 | |||||||||||||
Sundance Group Holdings, Inc. (4) | Software & Tech Services | Term Loan | 11.74% (S + 6.25%; 1.00% Floor) | 07/02/2027 | 463,790 | 453,063 | 460,312 | |||||||||||||
Sundance Group Holdings, Inc. (1) (5) | Software & Tech Services | Term Loan | 11.73% (S + 6.25%; 1.00% Floor) | 07/02/2027 | 11,824,177 | 11,683,610 | 11,735,496 | |||||||||||||
Sysnet North America, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 11.50% (S + 6.00%; 1.00% Floor) | 12/01/2026 | 8,771,786 | 8,709,334 | 8,684,068 | |||||||||||||
Telcor Buyer, Inc. (2) (6) | Software & Tech Services | Revolver | 9.72% (S + 4.25%; 1.00% Floor) | 08/20/2027 | — | (2,686 | ) | (2,908 | ) | |||||||||||
Telcor Buyer, Inc. (1) (5) | Software & Tech Services | Term Loan | 9.72% (S + 4.25%; 1.00% Floor) | 08/20/2027 | 7,874,692 | 7,802,059 | 7,795,945 | |||||||||||||
Telesoft Holdings, LLC (2) | Software & Tech Services | Revolver | 11.21% (S + 5.75%; 1.00% Floor) | 12/16/2025 | 85,551 | 81,079 | 75,106 | |||||||||||||
Telesoft Holdings, LLC (3) (5) | Software & Tech Services | Term Loan | 11.21% (S + 5.75%; 1.00% Floor) | 12/16/2025 | 5,744,840 | 5,700,632 | 5,644,305 | |||||||||||||
Unanet, Inc. (2) (4) | Software & Tech Services | Delayed Draw Term Loan | 11.45% (S + 6.00%; 0.75% Floor) | 12/08/2028 | 1,547,761 | 1,503,508 | 1,528,809 | |||||||||||||
Unanet, Inc. (2) (6) | Software & Tech Services | Revolver | 11.35% (S + 6.00%; 0.75% Floor) | 12/08/2028 | — | (20,905 | ) | (12,635 | ) | |||||||||||
Unanet, Inc. (3) (5) | Software & Tech Services | Term Loan | 11.35% (S + 6.00%; 0.75% Floor) | 12/08/2028 | 12,003,044 | 11,803,922 | 11,883,013 | |||||||||||||
Ungerboeck Systems International, LLC (3) | Software & Tech Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | 477,340 | 473,604 | 470,180 | |||||||||||||
Ungerboeck Systems International, LLC (1) | Software & Tech Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | 322,391 | 319,620 | 317,555 | |||||||||||||
Ungerboeck Systems International, LLC (3) | Software & Tech Services | Delayed Draw Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | 690,794 | 690,794 | 680,432 | |||||||||||||
Ungerboeck Systems International, LLC (2) (6) | Software & Tech Services | Revolver | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | — | (2,335 | ) | (3,441 | ) | |||||||||||
Ungerboeck Systems International, LLC | Software & Tech Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | 263,748 | 257,746 | 259,792 | |||||||||||||
Ungerboeck Systems International, LLC (3) | Software & Tech Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | 136,383 | 134,447 | 134,337 | |||||||||||||
Ungerboeck Systems International, LLC (1) (3) | Software & Tech Services | Term Loan | 12.00% (S + 6.50%; 1.00% Floor) | 04/30/2027 | 2,717,277 | 2,693,939 | 2,676,518 | |||||||||||||
Vectra AI, Inc. (1) | Software & Tech Services | Delayed Draw Term Loan | 11.71% (S + 6.25%; 1.00% Floor) | 03/02/2028 | 1,163,793 | 1,148,926 | 1,143,427 | |||||||||||||
Vectra AI, Inc. (2) (6) | Software & Tech Services | Revolver | 11.71% (S + 6.25%; 1.00% Floor) | 03/02/2028 | — | (2,598 | ) | (4,073 | ) | |||||||||||
Vectra AI, Inc. (1) (3) (4) | Software & Tech Services | Term Loan | 11.82% (S + 6.25%; 1.00% Floor) | 03/02/2028 | 5,552,870 | 5,473,638 | 5,455,695 | |||||||||||||
Vehlo Purchaser, LLC (3) (4) | Software & Tech Services | Delayed Draw Term Loan | 10.55% (S + 5.00%; 0.75% Floor) | 05/24/2028 | 6,195,183 | 6,143,886 | 6,086,767 | |||||||||||||
Vehlo Purchaser, LLC (2) | Software & Tech Services | Revolver | 10.46% (S + 5.00%; 0.75% Floor) | 05/24/2028 | 123,904 | 110,136 | 102,220 | |||||||||||||
Vehlo Purchaser, LLC (1) (3) (5) | Software & Tech Services | Term Loan | 10.54% (S + 5.00%; 0.75% Floor) | 05/24/2028 | 22,302,658 | 22,054,831 | 21,912,362 | |||||||||||||
Velocity Purchaser Corporation (2) (6) | Software & Tech Services | Revolver | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 | — | (530 | ) | — | ||||||||||||
Velocity Purchaser Corporation (1) | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 | 2,141,338 | 2,136,197 | 2,141,338 | |||||||||||||
Velocity Purchaser Corporation (1) | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 | 532,667 | 531,087 | 532,666 | |||||||||||||
Velocity Purchaser Corporation (1) (5) | Software & Tech Services | Term Loan | 11.96% (S + 6.50%; 1.00% Floor) | 12/02/2024 | 4,229,879 | 4,210,048 | 4,229,879 | |||||||||||||
Veracross LLC (1) (5) | Software & Tech Services | Delayed Draw Term Loan | 12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 | 1,727,307 | 1,675,853 | 1,697,079 | |||||||||||||
Veracross LLC (2) (6) | Software & Tech Services | Revolver | 12.38% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 | — | (15,012 | ) | (19,470 | ) | |||||||||||
Veracross LLC (3) | Software & Tech Services | Term Loan | 7.46% (S + 2.00%; 4.50% PIK; 1.00% Floor) | 12/28/2027 | 13,537,910 | 13,372,753 | 13,300,997 | |||||||||||||
Vhagar Purchaser, LLC (4) | Software & Tech Services | Term Loan | 12.39% (S + 7.00%; 1.00% Floor) | 06/11/2029 | 3,360,201 | 3,268,372 | 3,259,395 | |||||||||||||
Vhagar Purchaser, LLC. (2) | Software & Tech Services | Delayed Draw Term Loan | 12.39% (S + 7.00%; 1.00% Floor) | 06/11/2029 | 168,010 | 155,518 | 154,943 | |||||||||||||
Vhagar Purchaser, LLC. (2) (6) | Software & Tech Services | Revolver | 12.39% (S + 7.00%; 1.00% Floor) | 06/11/2029 | — | (10,203 | ) | (11,201 | ) |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Zendesk, Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 6.25% (S + 6.25%; 0.75% Floor) | 11/22/2028 | $ | — | $ | (27,372 | ) | $ | — | |||||||||||
Zendesk, Inc. (2) (6) | Software & Tech Services | Revolver | 6.25% (S + 6.25%; 0.75% Floor) | 11/22/2028 | — | (22,519 | ) | (3,432 | ) | |||||||||||||
Zendesk, Inc. (1) (3) (5) | Software & Tech Services | Term Loan | 8.36% (S + 6.25%; 3.25 % PIK; 0.75% Floor) | 11/22/2028 | 13,681,445 | 13,453,800 | 13,647,242 | |||||||||||||||
Fullsteam Operations LLC (4) (5) | Digital Infrastructure & Services | Term Loan | 11.79% (S + 6.25%; 3.00% Floor) | 11/30/2028 | 4,978,075 | 4,855,464 | 4,853,623 | |||||||||||||||
Next Holdco, LLC (1) (4) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 11.79% (S + 6.25%; 3.00% Floor) | 11/30/2028 | — | (24,495 | ) | (24,890 | ) | |||||||||||||
Next Holdco, LLC (2) (6) | Digital Infrastructure & Services | Revolver | 11.79% (S + 6.25%; 3.00% Floor) | 11/30/2028 | — | (15,310 | ) | (15,556 | ) | |||||||||||||
Next Holdco, LLC (2) (6) | Software & Tech Services | Term Loan | 12.10% (S + 6.75%; 1.00% Floor) | 11/08/2030 | 13,118,364 | 12,795,384 | 12,790,405 | |||||||||||||||
Pace Health Companies, LLC (4) | Software & Tech Services | Revolver | 12.10% (S + 6.75%; 1.00% Floor) | 11/08/2030 | — | (33,485 | ) | (34,162 | ) | |||||||||||||
Pace Health Companies, LLC (2) | Software & Tech Services | Delayed Draw Term Loan | 13.76% (S + 8.25%; 1.00% Floor) | 11/27/2029 | 707,091 | 662,122 | 672,048 | |||||||||||||||
Towerco IV Holdings, LLC (1) (2) (4) (5) | Software & Tech Services | Delayed Draw Term Loan | 13.76% (S + 8.25%; 1.00% Floor) | 11/27/2029 | — | (15,347 | ) | (15,575 | ) | |||||||||||||
Your Part-Time Controller, LLC (4) | Software & Tech Services | Revolver | 13.76% (S + 8.25%; 1.00% Floor) | 11/27/2029 | — | (12,279 | ) | (12,460 | ) | |||||||||||||
Your Part-Time Controller, LLC (2) (6) | Software & Tech Services | Term Loan | 13.78% (S + 8.25%; 1.00% Floor) | 11/27/2029 | 7,423,938 | 7,204,446 | 7,201,220 | |||||||||||||||
Enverus Holdings, Inc. (2) (6) | Software & Tech Services | Term Loan | 11.37% (S + 6.00%; 0.75% Floor) | 11/12/2030 | 9,285,113 | 9,147,753 | 9,145,836 | |||||||||||||||
Enverus Holdings, Inc. (2) (6) | Software & Tech Services | Delayed Draw Term Loan | 11.37% (S + 6.00%; 0.75% Floor) | 11/12/2030 | — | (17,499 | ) | (17,856 | ) | |||||||||||||
Enverus Holdings, Inc. | Software & Tech Services | Revolver | 11.37% (S + 6.00%; 0.75% Floor) | 11/09/2029 | — | (13,091 | ) | (13,403 | ) | |||||||||||||
Heartland PPC Buyer LLC (2) (6) | Healthcare | Term Loan | 12.05% (S + 6.50%; 1.00% Floor) | 08/02/2025 | 1,383,033 | 1,364,426 | 1,383,033 | |||||||||||||||
Heartland PPC Buyer LLC (2) (6) | Healthcare | Delayed Draw Term Loan | 12.05% (S + 6.50%; 1.00% Floor) | 08/02/2025 | 195,120 | 180,661 | 195,120 | |||||||||||||||
Heartland PPC Buyer LLC (1) (4) (5) | Digital Infrastructure & Services | Delayed Draw Term Loan | 9.71% (S + 4.25%; 1.00% Floor) | 08/31/2028 | 17,672,017 | 17,596,763 | 17,429,698 | |||||||||||||||
Your Part-Time Controller, LLC | Business Services | Term Loan | 11.36% (S + 6.00%; 1.00% Floor) | 11/14/2029 | 6,907,709 | 6,772,375 | 6,769,554 | |||||||||||||||
Your Part-Time Controller, LLC | Business Services | Revolver | 11.36% (S + 6.00%; 1.00% Floor) | 11/14/2029 | — | (12,299 | ) | (12,559 | ) | |||||||||||||
Enverus Holdings, Inc. | Software & Tech Services | Delayed Draw Term Loan | 10.86% (S + 5.50%; 0.75% Floor) | 12/24/2029 | — | (3,296 | ) | (3,308 | ) | |||||||||||||
Enverus Holdings, Inc. | Software & Tech Services | Revolver | 10.86% (S + 5.50%; 0.75% Floor) | 12/24/2029 | — | (10,031 | ) | (10,067 | ) | |||||||||||||
Enverus Holdings, Inc. | Software & Tech Services | Term Loan | 10.86% (S + 5.50%; 0.75% Floor) | 12/24/2029 | 8,820,249 | 8,688,410 | 8,687,945 | |||||||||||||||
Heartland PPC Buyer LLC | Business Services | Delayed Draw Term Loan | 11.35% (S + 5.75%; 0.75% Floor) | 10/12/2029 | — | (18,708 | ) | (18,839 | ) | |||||||||||||
Heartland PPC Buyer LLC | Business Services | Revolver | 11.35% (S + 5.75%; 0.75% Floor) | 10/12/2029 | — | (22,428 | ) | (22,607 | ) | |||||||||||||
Heartland PPC Buyer LLC | Business Services | Term Loan | 11.35% (S + 5.75%; 0.75% Floor) | 12/12/2029 | 5,651,762 | 5,539,510 | 5,538,726 | |||||||||||||||
Total U.S. 1st Lien/Senior Secured Debt | 1,270,618,569 | 1,246,838,945 | ||||||||||||||||||||
2nd Lien/Junior Secured Debt —1.83% | ||||||||||||||||||||||
Conterra Ultra Broadband Holdings, Inc. (1) (5) | Digital Infrastructure & Services | Term Loan | 13.96% (S + 8.50%; 1.00% Floor) | 04/30/2027 | 6,537,710 | 6,489,084 | 6,521,366 | |||||||||||||||
Symplr Software, Inc. (1) (4) | Software & Tech Services | Term Loan | 13.36% (S + 7.88%; 0.75% Floor) | 12/22/2028 | 3,130,634 | 3,089,537 | 2,684,519 | |||||||||||||||
Total U.S. 2nd Lien/Junior Secured Debt | 9,578,621 | 9,205,885 | ||||||||||||||||||||
Total U.S. Corporate Debt | 1,280,197,190 | 1,256,044,830 | ||||||||||||||||||||
Canadian Corporate Debt —4.74% | ||||||||||||||||||||||
1st Lien/Senior Secured Debt —4.74% | ||||||||||||||||||||||
Syntax Systems Ltd (1) (5) (9) | Digital Infrastructure & Services | Term Loan | 10.96% (S + 5.50%; 0.75% Floor) | 10/29/2028 | 8,684,697 | 8,622,463 | 8,619,561 | |||||||||||||||
Syntax Systems Ltd (2) (9) | Digital Infrastructure & Services | Revolver | 10.96% (S + 5.50%; 0.75% Floor) | 10/29/2026 | 597,175 | 591,592 | 589,872 | |||||||||||||||
McNairn Holdings Ltd. (1) (9) | Business Services | Term Loan | 11.98% (S + 6.50%; 0.50% PIK; 1.00% Floor) | 11/25/2025 | 735,190 | 727,122 | 735,190 | |||||||||||||||
Banneker V Acquisition, Inc. (1) (3) (5) (9) | Software & Tech Services | Term Loan | 12.96% (S + 7.00%; 1.00% Floor) | 12/04/2025 | 13,258,433 | 13,083,544 | 12,993,265 | |||||||||||||||
Banneker V Acquisition, Inc. (2) (6) (9) | Software & Tech Services | Revolver | 12.96% (S + 7.00%; 1.00% Floor) | 12/04/2025 | — | (13,323 | ) | (17,934 | ) |
Portfolio Company | Industry | Facility Type | Interest | Maturity | Funded Par Amount | Cost | Fair Value | |||||||||||||||
Banneker V Acquisition, Inc. (5) (9) | Software & Tech Services | Delayed Draw Term Loan | 12.96% (S + 7.00%; 1.00% Floor) | 12/04/2025 | 1,024,233 | 1,016,162 | 1,003,748 | |||||||||||||||
Total Canadian 1st Lien/Senior Secured Debt | 24,027,560 | 23,923,702 | ||||||||||||||||||||
Total Canadian Corporate Debt | 24,027,560 | 23,923,702 |
Portfolio Company | Class/Series | Industry | Initial Acquisition Date (10) | Shares | Cost | Fair Value | ||||||||||||||
U.S. Preferred Stock —1.74% | ||||||||||||||||||||
MSP Global Holdings, Inc (11) | Class A | Digital Infrastructure & Services | 01/24/2022 | $ | 333,937 | $ | 272,826 | $ | 327,690 | |||||||||||
Bowline Topco LLC ^^ (11) (12) | LLC Units | Energy | 08/09/2021 | 2,946,390 | — | — | ||||||||||||||
Alphasense, Inc. (9) (11) | Series C | Software & Tech Services | 06/01/2021 | 23,961 | 369,843 | 632,053 | ||||||||||||||
Concerto Health AI Solutions, LLC (11) (12) | Series B-1 | Software & Tech Services | 12/23/2019 | 65,614 | 349,977 | 327,029 | ||||||||||||||
Datarobot, Inc. (11) | Series E | Software & Tech Services | 08/30/2019 | 38,190 | 289,278 | 263,363 | ||||||||||||||
Datarobot, Inc. (11) | Series F | Software & Tech Services | 10/27/2020 | 6,715 | 88,248 | 62,997 | ||||||||||||||
Degreed, Inc. (11) | Series C-1 | Software & Tech Services | 06/25/2019 | 43,819 | 278,541 | 241,557 | ||||||||||||||
Degreed, Inc. (11) | Series D | Software & Tech Services | 16,943 | 278,308 | 231,450 | |||||||||||||||
Content Square SAS (11) | Series F | Software & Tech Services | 24,472 | 206,755 | 206,715 | |||||||||||||||
Content Square SAS (11) | Earn Out | Software & Tech Services | 2,027 | 8,561 | — | |||||||||||||||
Knockout Intermediate Holdings I, Inc. (Kaseya, Inc.) (11) | Perpetual | Software & Tech Services | 06/23/2022 | 1,345 | 1,311,760 | 1,576,537 | ||||||||||||||
Netskope, Inc. (11) | Series G | Software & Tech Services | 01/27/2020 | 36,144 | 302,536 | 399,649 | ||||||||||||||
Phenom People, Inc. (11) | Series C | Software & Tech Services | 01/08/2020 | 35,055 | 220,610 | 395,180 | ||||||||||||||
Protoscale Rubrik, LLC (11) | Class B | Software & Tech Services | 01/04/2019 | 25,397 | 598,212 | 640,415 | ||||||||||||||
Swyft Parent Holdings LP (11) (12) | Preferred Units | Software & Tech Services | 02/07/2022 | 850,470 | 758,389 | 943,224 | ||||||||||||||
Symplr Software Intermediate Holdings, Inc. (11) | Series A | Software & Tech Services | 11/30/2018 | 1,196 | 1,160,532 | 2,056,192 | ||||||||||||||
Vectra AI, Inc (11) | Series F | Software & Tech Services | 05/28/2021 | 17,064 | 131,095 | 104,619 | ||||||||||||||
SCP Resonatics Aggregator I, LLC (11) | Class A | Healthcare | 541 | 368,990 | 368,990 | |||||||||||||||
Total U.S. Preferred Stock | 6,994,461 | 8,777,660 | ||||||||||||||||||
U.S. Common Stock —2.00% | ||||||||||||||||||||
Content Square SAS (11) | Ordinary Shares | Software & Tech Services | $ | 75,889 | $ | 416,757 | $ | 416,758 | ||||||||||||
Global Radar Holdings, LLC (11) (12) | Earn Out | Business Services | 11/08/2022 | 125 | — | — | ||||||||||||||
AEG Holding Company, Inc. (11) | Class A | Consumer Discretionary | 11/20/2017 | 320 | 321,309 | 252,213 | ||||||||||||||
Freddy’s Acquisition, LP (Freddy’s Frozen Custard, LLC) (11) | LP Interests | Consumer Non-Cyclical | 03/03/2021 | 72,483 | 72,483 | 143,917 | ||||||||||||||
8x8, Inc. (9) (11) (13) | Common Units | Digital Infrastructure & Services | 7,886 | 170,890 | 29,809 | |||||||||||||||
Avant Communications, LLC (11) (12) | Class A | Digital Infrastructure & Services | 11/30/2021 | 236,307 | 236,307 | 344,264 | ||||||||||||||
MSP Global Holdings, Inc. (11) | Class A | Digital Infrastructure & Services | 01/24/2022 | 333,937 | 61,110 | 86,110 | ||||||||||||||
NEPCORE Parent Holdings, LLC (11) | LP Interests | Digital Infrastructure & Services | 10/21/2021 | 98 | 97,884 | 30,933 | ||||||||||||||
Neutral Connect, LLC (11) | LLC Units | Digital Infrastructure & Services | 10/21/2021 | 396,513 | 439,932 | 227,344 | ||||||||||||||
Thrive Parent, LLC (11) | Class L | Digital Infrastructure & Services | 01/22/2021 | 102,108 | 271,128 | 486,246 | ||||||||||||||
Advantage AVP Parent Holdings, L.P. (Medical Management Resource Group, LLC) (11) | Units | Healthcare | 09/30/2021 | 34,492 | 34,492 | 28,007 | ||||||||||||||
American Outcomes Management, L.P. (11) (12) | Class A | Healthcare | 02/17/2022 | 290,393 | 18,979 | 454,404 | ||||||||||||||
Community Based Care Holdings, LP (11) | Senior Common Units | Healthcare | 01/03/2022 | 179 | 178,916 | 245,905 | ||||||||||||||
GSV MedSuite Investments, LLC (Millin Purchaser, LLC) (11) | Class A | Healthcare | 03/31/2022 | 86,555 | 86,555 | 73,611 | ||||||||||||||
Health Platform Group, Inc (11) | Earn Out | Healthcare | 10/31/2020 | 16,502 | — | 4,455 | ||||||||||||||
INH Group Holdings, Inc. (11) | Class A | Healthcare | 01/31/2019 | 484,552 | 484,552 | 9,135 | ||||||||||||||
RCFN Parent, LP (People’s Care) (11) | LP Interests | Healthcare | 06/18/2021 | 77 | 78,284 | 80,825 | ||||||||||||||
REP Coinvest III AGP Blocker, L.P. (Agape Care Group) (11) | LP Interests | Healthcare | 10/14/2021 | 590,203 | 590,203 | 1,021,579 | ||||||||||||||
SBS Super Holdings, LLC ^^^ (11) | Class A | Healthcare | 05/12/2023 | 21 | — | — | ||||||||||||||
SBS Super Holdings, LLC ^^^ (11) | Class B | Healthcare | 05/12/2023 | 100 | 10 | — | ||||||||||||||
Brightspot Holdco, LLC (11) | Class A | Software & Tech Services | 11/16/2021 | 433,207 | 433,207 | 450,807 | ||||||||||||||
GSV Vehlo Investments, LLC (Vehlo Purchaser, LLC) (11) | Class A | Software & Tech Services | 05/24/2022 | 150,297 | 150,297 | 179,340 | ||||||||||||||
Human Security (11) | Class A | Software & Tech Services | 07/29/2022 | 329,116 | 953,134 | 639,114 | ||||||||||||||
Moon Topco, L.P. (Radiant Logic, Inc.) (11) | Class A | Software & Tech Services | 04/21/2021 | 3,600 | 35,999 | 54,330 | ||||||||||||||
Mykaarma Acquisition LLC (11) | LP Interests | Software & Tech Services | 03/21/2022 | 257,031 | 257,031 | 340,890 | ||||||||||||||
Pamlico Part Time (11) | LP Interests | Software & Tech Services | 138,390 | 138,390 | 138,390 | |||||||||||||||
Ranger Lexipol Holdings, LLC (11) | Class A | Software & Tech Services | 11/18/2021 | 433 | 355,837 | 464,789 | ||||||||||||||
Ranger Lexipol Holdings, LLC (11) | Class B | Software & Tech Services | 11/18/2021 | 433 | 77,371 | 105,986 | ||||||||||||||
REP Coinvest III Tec, L.P. (American Safety Holdings Corp.) (11) | LP Interests | Software & Tech Services | 06/18/2020 | 167,509 | 190,658 | 267,689 | ||||||||||||||
Servpro, LLC (11) | LP Interests | Business Services | 277,533 | 277,533 | 277,533 | |||||||||||||||
Stripe, Inc. (11) | Class B | Software & Tech Services | 4,158 | 166,854 | 94,948 | |||||||||||||||
Swyft Parent Holdings LP (11) (12) | LP Interests | Software & Tech Services | 02/07/2022 | 4,485 | 53,049 | 48,549 | ||||||||||||||
SCP Resonatics Aggregator I, LLC (11) | Class B | Healthcare | 32,450 | 171,840 | 171,840 | |||||||||||||||
ADT Commercial Co Invest (9) (11) | LP Interests | Healthcare | 09/29/2023 | 1,100,000 | 1,100,000 | 1,100,000 | ||||||||||||||
REP Coinvest III-A Omni, L.P. (Omni Logistics, LLC)(11) | LP Interests | Transport & Logistics | 02/05/2021 | 193,770 | 53,301 | 263,971 |
REP RO Coinvest IV A Blocker (Road One) (11) | Class A | Transport & Logistics | 12/28/2022 | $ | 66,441,840 | $ | 664,418 | $ | 759,364 | |||||||||||
Consortium Networks, LLC (11) | LP Interests | Software & Tech Services | 776,334 | 776,334 | 776,334 | |||||||||||||||
Total U.S. Common Stock | 9,415,044 | 10,069,389 | ||||||||||||||||||
U.S. Warrants —0.20% | ||||||||||||||||||||
Alphasense, Inc., expire 05/29/2027(9) (11) | Series B | Software & Tech Services | 06/02/2020 | 40,394 | 35,185 | 765,510 | ||||||||||||||
Degreed, Inc., expire 04/11/2028 (11) | Series D | Software & Tech Services | 04/11/2021 | 7,624 | — | 5,736 | ||||||||||||||
Degreed, Inc., expire 05/31/2026 (11) | Series C -1 | Software & Tech Services | 05/31/2019 | 26,294 | 46,823 | 49,501 | ||||||||||||||
Degreed, Inc., expire 08/18/2029 (11) | Common Shares | Software & Tech Services | 08/18/2022 | 9,374 | 41,527 | 22,124 | ||||||||||||||
ScyllaDB, Inc., expire 09/08/2032(9) (11) | Series C-1 | Software & Tech Services | 09/08/2022 | 239,984 | 43,880 | 98,162 | ||||||||||||||
Vectra AI, Inc., expire 03/18/2031 (11) | Series F | Software & Tech Services | 03/18/2021 | 35,156 | 58,189 | 77,654 | ||||||||||||||
Total U.S. Warrants | 225,605 | 1,018,687 | ||||||||||||||||||
United Kingdom Warrants — 0.05 % | ||||||||||||||||||||
GlobalWebIndex, Inc., expire 12/30/2027 (11) | Preferred Units | Software & Tech Services | 12/30/2020 | 11,776 | 159,859 | 272,172 | ||||||||||||||
Total United Kingdom Warrants | 159,859 | 272,172 | ||||||||||||||||||
Portfolio Company | Class/Series | Shares | Cost | Fair Value | ||||||||||||||||
U.S. Investment Companies —2.18% | ||||||||||||||||||||
Orangewood WWB Co-Invest, L.P.(11) (14) | LP Interests | $ | 829,314 | $ | 829,314 | $ | 1,127,867 | |||||||||||||
ORCP III Triton Co-Investors, L.P.(11) (14) | LP Interests | 341,592 | 98,394 | 789,761 | ||||||||||||||||
AB Equity Investors, L.P. (11) (14) | LP Interests | 5,377,887 | 5,377,887 | 6,064,911 | ||||||||||||||||
Falcon Co-Investment Partners, L.P.(11) (14) | LP Interests | 818,579 | 818,579 | 819,397 | ||||||||||||||||
GHP E Aggregator, LLC (11) (14) | LLC Units | 417,813 | 186,588 | 666,829 | ||||||||||||||||
GHP SPV 2, L.P. (9) (11) (14) | LP Interests | 271,942 | 271,942 | 267,863 | ||||||||||||||||
Magenta Blocker Aggregator, LP (11) (14) | LP Interests | 821,397 | 676,978 | 1,016,067 | ||||||||||||||||
Palms Co-Investment Partners, L.P.(11) (14) | LP Interests | 261,449 | 261,449 | 261,449 | ||||||||||||||||
8,521,131 | 11,014,144 | |||||||||||||||||||
Total U.S. Investment Companies | 8,521,131 | 11,014,144 | ||||||||||||||||||
TOTAL INVESTMENTS—260.04%(15) | $ | 1,329,540,850 | $ | 1,311,120,584 | ||||||||||||||||
Portfolio Company | Industry | Shares | Cost | Fair Value | ||||||||||||||||
Cash Equivalents —11.35% | ||||||||||||||||||||
Blackrock T Fund I (13) (16) | Money Market | Money Market Portfolio | 5.26% (17) | $ | 29,297,280 | $ | 29,297,280 | $ | 29,297,280 | |||||||||||
State Street Institutional US Government Money Market Fund (13) (16) | Money Market | Money Market Portfolio | 5.23% (17) | 5,594,935 | 5,594,935 | 5,594,935 | ||||||||||||||
US Bank MMDA GCTS Money Market Fund (13)(16) | Money Market | Money Market Portfolio | 4.75% (17) | 22,338,035 | 22,338,035 | 22,338,035 | ||||||||||||||
Total Cash Equivalents | 57,230,250 | 57,230,250 | ||||||||||||||||||
Cash —3.06% | ||||||||||||||||||||
US Dollar | Cash | USD | 15,441,678 | 15,441,678 | 15,441,678 | |||||||||||||||
Total Cash | 15,441,678 | 15,441,678 | ||||||||||||||||||
Total Cash and Cash Equivalents | 72,671,928 | 72,671,928 | ||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(174.45%) | $ | (879,595,267 | ) | |||||||||||||||||
NET ASSETS—100.00% | $ | 504,197,245 | ||||||||||||||||||
(++) | Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”. Industry sectors have been updated with the addition of newsub-industries and moving some industries to relevantsub-industries. |
+ | As of December 31, 2023, qualifying assets represented 97.29% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. |
* | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy. |
# | Percentages are based on net assets. |
^ | Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“SOFR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to 30-day, 60-day, 90-day or180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. SOFR loans may be subject to interest floors. As of December 31, 2023, rates for weekly 1M S, 3M S and 6M S are 5.34%, 5.36% and 5.35%, respectively. As of December 31, 2023, the U.S. Prime rate was 8.50%. |
^^ | Controlled affiliated investment. See Note 3 “Related Party Transactions”. |
^^^ | Non-controlled affiliated investment. See Note 3 “Related Party Transactions”. |
(1) | Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd. |
(2) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”. |
(3) | Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC. |
(4) | Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding IV, LLC. |
(5) | Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO XIII Ltd.. |
(6) | The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. |
(7) | The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.” |
(8) | This investment has multiple reference rates or alternate base rates. The All-in interest rate shown is the weighted average interest rate in effect at December 31, 2023. |
(9) | Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above. |
(10) | Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of December 31, 2023, the aggregate fair value of these securities is $19,827,286 or 3.93% of the Fund’s net assets. The initial acquisition dates have been included for such securities. |
(11) | Non-income producing investment. |
(12) | Position or portion thereof is held through a consolidated subsidiary. |
(13) | Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy. |
(14) | Excluded from the ASC 820 fair value hierarchy as fair value is measured using the net asset value per share practical expedient. |
(15) | Aggregate gross unrealized appreciation for federal income tax purposes is $12,889,328; aggregate gross unrealized depreciation for federal income tax purposes is $31,169,850. Net unrealized depreciation is $18,280,522 based upon a tax cost basis of $1,329,401,106. |
(16) | Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities. |
(17) | The rate shown is the annualized seven-day yield as of December 31, 2023. |
• | No income-based incentive fee in any calendar quarter in which PIFNII does not exceed 1.5% per quarter (6% per annum), the “6% Hurdle Rate”; |
• | 100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the “6% Catch-up Cap”), approximately 6.67% per annum. This portion of PIFNII (which exceeds the 6% Hurdle Rate but is less than the 6%Catch-up Cap) is referred to as the “6%Catch-up.” The 6%Catch-up is meant to provide the Adviser with 10.0% of the PIFNII as if hurdle rate did not apply if this net investment income exceeded 1.67% but was less than 1.94% in any calendar quarter; and |
• | 10.0% of the amount of PIFNII, if any, that exceeds the 6% Catch-up Cap, but is less than 1.94% (the “7% Hurdle Rate”), approximately 7.78% per annum. The 7% Hurdle Rate is meant to limit the Adviser to 10% of the PIFNII until the amount of PIFNII exceeds 1.94%, approximately 7.78% per annum; and |
• | 100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 7% Hurdle Rate but is less than 2.06% in any calendar quarter (the “7% Catch-up Cap”), approximately 8.24% per annum. This portion of PIFNII (which exceeds the 7% Hurdle Rate but is less than the 7%Catch-up Cap) is referred to as the “7%Catch-up.” The 7%Catch-up is meant to provide the Adviser with 15.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.06% but was less than 2.35% in any calendar quarter; and |
• | 15.0% of the amount of PIFNII, if any, that exceeds the 7% Catch-up Cap, but is less than 2.35% (the “8% Hurdle Rate”, approximately 9.41% per annum). The 8% Hurdle Rate is meant to limit the Adviser to 15% of the PIFNII until the amount of PIFNII exceeds 2.35%, approximately 9.41% per annum; and |
• | 100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 8% Hurdle Rate but is less than 2.50% in any calendar quarter (the “8% Catch-up Cap”), approximately 10% per annum. This portion of PIFNII (which exceeds the 8% Hurdle Rate but is less than the 8%Catch-up cap) is referred to as the “8%Catch-up”. The 8%Catch-up is meant to provide the Adviser with 20.0% of the PIFNII as if a hurdle rate did not apply if this net investment income exceeded 2.50% in any calendar quarter; and |
• | 20.0% of the amount of PIFNII, if any, that exceeds 2.50% in any calendar quarter. |
Beginning Fair Value Balance | Gross Additions (1) | Gross Reductions (2) | Net Realized Gain/Loss | Net Change in Unrealized Appreciation (Depreciation) | Ending Fair Value Balance | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||
For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||||
Non-Controlled Affiliates | ||||||||||||||||||||||||||||
SBS Super Holdings, LLC (Class B Units) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Delaware Valley Management Holdings, Inc. | 237,136 | — | (164,289 | ) | — | 8,474 | 81,321 | — | ||||||||||||||||||||
Delaware Valley Management Holdings, Inc. | 624,645 | (530,875 | ) | 58,508 | 152,278 | — | ||||||||||||||||||||||
Delaware Valley Management Holdings, Inc. | 350,292 | — | (270,490 | ) | — | 40,417 | 120,219 | — | ||||||||||||||||||||
Delaware Valley Management Holdings, Inc. | 2,252,790 | — | (1,696,893 | ) | — | 216,652 | 772,549 | — | ||||||||||||||||||||
$ | 3,464,863 | $ | — | $ | (2,662,547 | ) | $ | — | $ | 324,051 | $ | 1,126,367 | $ | — | ||||||||||||||
For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||
Non-Controlled Affiliates | ||||||||||||||||||||||||||||
SBS Super Holdings, LLC (Class B Units) | $ | — | $ | 10 | $ | — | $ | — | $ | (10 | ) | $ | — | $ | — | |||||||||||||
Controlled Affiliates | ||||||||||||||||||||||||||||
Bowline Topco LLC | $ | 173,837 | $ | — | $ | — | $ | — | $ | 90,649 | $ | 264,486 | $ | — | ||||||||||||||
$ | 173,837 | $ | 10 | $ | — | $ | — | $ | 90,639 | $ | 264,486 | $ | — |
(1) | Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. |
(2) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |
Aggregate Borrowing Amount Committed | Outstanding Borrowing | Amount Available | Carrying Value | |||||||||||||
HSBC | $ | 30,000,000 | $ | 21,000,000 | $ | 9,000,000 | $ | 21,000,000 | ||||||||
Synovus | 200,000,000 | 200,000,000 | — | 200,000,000 | ||||||||||||
Natixis | 200,000,000 | 179,250,000 | 20,750,000 | 179,250,000 | ||||||||||||
Total | $ | 430,000,000 | $ | 400,250,000 | $ | 29,750,000 | $ | 400,250,000 | ||||||||
Aggregate Borrowing Amount Committed | Outstanding Borrowing | Amount Available | Carrying Value | |||||||||||||
HSBC | $ | 40,000,000 | $ | 8,000,000 | $ | 32,000,000 | $ | 8,000,000 | ||||||||
Synovus | 200,000,000 | 198,000,000 | 2,000,000 | 198,000,000 | ||||||||||||
Natixis | 200,000,000 | 105,500,000 | 94,500,000 | 105,500,000 | ||||||||||||
Total | $ | 440,000,000 | $ | 311,500,000 | $ | 128,500,000 | $ | 311,500,000 | ||||||||
June 30, 2024 | ||||||||||||
Principal Amount | Interest Rate | Carrying Value (1) | ||||||||||
Class A-1-R (“Class A-1-R”) | $ | 98,250,000 | S + 1.83 | % | $ | 97,704,316 | ||||||
Class A-1-L (“Class A-1-L”) | $ | 75,000,000 | S + 1.83 | % | $ | 74,867,318 | ||||||
Class A-1-F (“Class A-1-F”) | $ | 30,000,000 | 4.305 | % | $ | 29,946,927 | ||||||
Class A-2-R (“Class A-2-R”) | $ | 43,500,000 | S + 2.25 | % | $ | 43,423,044 | ||||||
Class B-R Secured Deferrable Floating Rate Note(“Class B-R”) | $ | 19,250,000 | S + 3.10 | % | $ | — | * | |||||
Class C-R Secured Deferrable Floating Rate Note(“Class C-R”) | $ | 20,125,000 | S + 4.15 | % | $ | — | * | |||||
Subordinated Notes | $ | 61,320,000 | N/A | $ | — | * |
* | Class B-R, Class C-R and Subordinated Notes are held by the Fund and have been eliminated in consolidation. |
(1) | Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $371,871 and $436,524 respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities. |
December 31, 2023 | ||||||||||||
Principal Amount | Interest Rate | Carrying Value (1) | ||||||||||
Class A-1-R (“Class A-1-R”) | $ | 98,250,000 | S + 1.83 | % | $ | 97,580,763 | ||||||
Class A-1-L (“Class A-1-L”) | $ | 75,000,000 | S + 1.83 | % | $ | 74,787,057 | ||||||
Class A-1-F (“Class A-1-F”) | $ | 30,000,000 | 4.305 | % | $ | 29,914,823 | ||||||
Class A-2-R (“Class A-2-R”) | $ | 43,500,000 | S + 2.25 | % | $ | 43,376,507 | ||||||
Class B-R Secured Deferrable Floating Rate Note(“Class B-R”) | $ | 19,250,000 | S + 3.10 | % | $ | — | * | |||||
Class C-R Secured Deferrable Floating Rate Note(“Class C-R”) | $ | 20,125,000 | S + 4.15 | % | $ | — | * | |||||
Subordinated Notes | $ | 61,320,000 | N/A | $ | — | * |
* | Class B-R, Class C-R and Subordinated Notes are held by the Fund and have been eliminated in consolidation. |
(1) | Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $700,469, respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities. |
June 30, 2024 | ||||||||||||
Principal Amount | Interest Rate | Carrying Value (1) | ||||||||||
Class A Senior Secured Floating Rate Note (“Class A”) | $ | 228,000,000 | S + 2.60 | % | $ | 226,074,642 | ||||||
Class B Senior Secured Floating Rate Note (“Class B”) | $ | 36,000,000 | S + 3.65 | % | $ | 35,695,996 | ||||||
Class C Secured Deferrable Floating Rate Note (“Class C”) | $ | 36,000,000 | S + 4.55 | % | $ | 35,695,996 | ||||||
Class D Secured Deferrable Floating Rate Note (“Class D”) | $ | 28,000,000 | S + 6.90 | % | $ | — | * | |||||
Subordinated Notes | $ | 67,000,000 | N/A | $ | — | * |
* | Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation. |
(1) | Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $2,533,366 respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities. |
December 31, 2023 | ||||||||||||
Principal Amount | Interest Rate | Carrying Value (1) | ||||||||||
Class A Senior Secured Floating Rate Note (“Class A”) | $ | 228,000,000 | S + 2.60 | % | $ | 225,734,763 | ||||||
Class B Senior Secured Floating Rate Note (“Class B”) | $ | 36,000,000 | S + 3.65 | % | $ | 35,642,331 | ||||||
Class C Secured Deferrable Floating Rate Note (“Class C”) | $ | 36,000,000 | S + 4.55 | % | $ | 35,642,331 | ||||||
Class D Secured Deferrable Floating Rate Note (“Class D”) | $ | 28,000,000 | S + 6.90 | % | $ | — | * | |||||
Subordinated Notes | $ | 67,000,000 | N/A | $ | — | * |
* | Class D and Subordinated Notes are held by the Fund and have been eliminated in consolidation. |
(1) | Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the XIII Notes totaled $0 and $2,980,575 respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities. |
Loan Name | Trade Date | Maturity Date | bps Daily Rate | Amount | ||||||||||
Webster Equity Partners III-A, L.P. | 4/2/2024 | 120 days or less from trade date | 2.48 | $ | 2,325,056 | |||||||||
Pharmalogic Holdings Corp. | 6/21/2024 | 60 days or less from trade date | 2.50 | 5,811,500 | ||||||||||
Duetto Research, Inc | 6/27/2024 | 90 days or less from trade date | 2.49 | 9,875,000 | ||||||||||
$ | 18,011,556 | |||||||||||||
Loan Name | Trade Date | Maturity Date | bps Daily Rate | Amount | ||||||||||
Saviynt, Inc. | 10/23/2023 | 90 days or less from trade date | 2.27 | $ | 2,325,617 | |||||||||
$ | 2,325,617 | |||||||||||||
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Interest and borrowing expenses | $ | 19,341,334 | $ | 15,739,753 | $ | 36,726,294 | $ | 28,661,398 | ||||||||
Commitment fees | 136,963 | 158,849 | 350,672 | 245,381 | ||||||||||||
Amortization of discount, debt issuance and deferred financing costs | 414,722 | 1,361,520 | 1,757,962 | 2,135,003 | ||||||||||||
Total | $ | 19,893,019 | $ | 17,260,122 | $ | 38,834,928 | $ | 31,041,782 | ||||||||
Weighted average interest rate (1) | 8.69 | % | 7.74 | % | 8.73 | % | 7.50 | % | ||||||||
Average outstanding balance | $ | 918,021,766 | $ | 815,524,585 | $ | 894,419,416 | $ | 770,484,167 |
(1) | Calculated as the amount of the stated interest and borrowing expenses divided by average borrowings during the period. |
• | Level 1 – Quoted prices in active markets for identical investments. |
• | Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments at the reporting date). |
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash Equivalents | ||||||||||||||||
Investment Companies | $ | 33,924,769 | $ | — | $ | — | $ | 33,924,769 | ||||||||
Total Cash Equivalents | $ | 33,924,769 | $ | — | $ | — | $ | 33,924,769 | ||||||||
Assets* | ||||||||||||||||
1st Lien/Senior Secured Debt | $ | — | $ | — | $ | 1,439,485,717 | $ | 1,439,485,717 | ||||||||
2nd Lien/Junior Secured Debt | — | — | 2,966,276 | 2,966,276 | ||||||||||||
Preferred Stock | — | 700,805 | 8,085,631 | 8,786,436 | ||||||||||||
Common Stock and LP Interests | 21,914 | 69,757 | 8,871,991 | 8,963,662 | ||||||||||||
Warrants | — | — | 1,681,858 | 1,681,858 | ||||||||||||
Total | $ | 21,914 | $ | 770,562 | $ | 1,461,091,473 | $ | 1,461,883,949 | ||||||||
Investments valued at NAV as a practical expedient# | 19,074,129 | |||||||||||||||
Total assets# | $ | 1,480,958,078 | ||||||||||||||
* | See consolidated schedule of investments for industry classifications. |
# | Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities. |
Assets* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash Equivalents | ||||||||||||||||
Investment Companies | $ | 57,230,250 | $ | — | $ | — | $ | 57,230,250 | ||||||||
Total Cash Equivalents | $ | 57,230,250 | $ | — | $ | — | $ | 57,230,250 | ||||||||
Assets* | ||||||||||||||||
1st Lien/Senior Secured Debt | $ | — | $ | — | $ | 1,270,762,647 | $ | 1,270,762,647 | ||||||||
2nd Lien/Junior Secured Debt | — | — | 9,205,885 | 9,205,885 | ||||||||||||
Preferred Stock | — | — | 8,777,660 | 8,777,660 | ||||||||||||
Common Stock | 29,809 | — | 10,039,580 | 10,069,389 | ||||||||||||
Warrants | — | — | 1,290,859 | 1,290,859 | ||||||||||||
Total | $ | 29,809 | $ | — | $ | 1,300,076,631 | $ | 1,300,106,440 | ||||||||
Investments valued at NAV as a practical expedient# | 11,014,144 | |||||||||||||||
Total assets# | $ | 1,311,120,584 | ||||||||||||||
* | See consolidated schedule of investments for industry classifications. |
# | Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the consolidated statements of assets and liabilities. |
1st Lien/Senior Secured Debt | 2nd Lien/Junior Secured Debt | Preferred Stock | Common Stock and LP Interests | Warrants | Total | |||||||||||||||||||
Balance as of January 1, 2024 | $ | 1,270,762,647 | $ | 9,205,885 | $ | 8,777,660 | $ | 10,039,580 | $ | 1,290,859 | $ | 1,300,076,631 | ||||||||||||
Purchases (including PIK) | 208,733,116 | — | — | 381,148 | — | $ | 209,114,264 | |||||||||||||||||
Sales and principal payments | (49,883,725 | ) | (6,537,710 | ) | — | — | — | (56,421,435 | ) | |||||||||||||||
Realized Gain (Loss) | 101,572 | — | — | — | — | 101,572 | ||||||||||||||||||
Net Amortization of Premium/Discount | 2,689,790 | 51,644 | — | — | — | $ | 2,741,434 | |||||||||||||||||
Transfers Out | — | — | (1,009,405 | ) | (1,813,344 | ) | — | (2,822,749 | ) | |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 7,082,317 | 246,457 | 317,376 | 264,607 | 390,999 | 8,301,756 | ||||||||||||||||||
Balance as of June 30, 2024 | $ | 1,439,485,717 | $ | 2,966,276 | $ | 8,085,631 | $ | 8,871,991 | $ | 1,681,858 | $ | 1,461,091,473 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) for Investments Still Held | 6,815,323 | 278,739 | 317,376 | 264,607 | 390,999 | 8,067,044 |
1st Lien/Senior Secured Debt | 2nd Lien/Junior Secured Debt | Preferred Stock | Common Stock | Warrants | Total | |||||||||||||||||||
Balance as of January 1, 2023 | $ | 1,088,190,382 | $ | 10,640,036 | $ | 9,218,222 | $ | 7,420,892 | $ | 994,095 | $ | 1,116,463,627 | ||||||||||||
Purchases (including PIK) | 331,961,677 | — | 307,380 | 2,953,033 | 41,528 | 335,263,618 | ||||||||||||||||||
Sales and principal payments | (155,742,027 | ) | (1,230,106 | ) | (838,348 | ) | (344,961 | ) | — | (158,155,442 | ) | |||||||||||||
Realized Gain (Loss) | (3,284,325 | ) | — | (652,009 | ) | 6,244 | — | (3,930,090 | ) | |||||||||||||||
Net Amortization of Premium/Discount | 6,043,162 | 32,368 | — | — | — | 6,075,530 | ||||||||||||||||||
Transfers In | — | — | — | — | — | — | ||||||||||||||||||
Transfers Out | — | — | — | — | — | — | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) | 3,593,778 | (236,413 | ) | 742,415 | 4,372 | 255,236 | 4,359,388 | |||||||||||||||||
Balance as of December 31, 2023 | $ | 1,270,762,647 | $ | 9,205,885 | $ | 8,777,660 | $ | 10,039,580 | $ | 1,290,859 | $ | 1,300,076,631 | ||||||||||||
Change in Unrealized Appreciation (Depreciation) for Investments Still Held | $ | (31,790 | ) | $ | (253,588 | ) | $ | 217,846 | $ | 4,372 | $ | 255,236 | $ | 192,076 |
Fair Value as of June 30, 2024 | Valuation Techniques | Unobservable Input | Range/Input (Weighted Average)(1) | Impact to Valuation from an Increase in Input | ||||||||||||
Assets: | ||||||||||||||||
1st Lien/Senior Secured Debt | $ | 1,362,096,853 | Market Yield Analysis | Market Yield | 8.8% - 25.6% (11.2%) | Decrease | ||||||||||
8,864,371 | Market Approach | EBITDA Multiple | 6.0x - 8.5x (7.7x) | Increase | ||||||||||||
2,182,500 | Market Approach | Revenue Multiple | 0.8x | Increase | ||||||||||||
10,402 | Liquidation Value | Asset Value | N/A | Increase | ||||||||||||
28,616 | Liquidation Value | Recovery Rate | 1.0% | Increase | ||||||||||||
1,126,367 | Recent Transaction | Transaction Price | N/A | N/A | ||||||||||||
65,176,608 | Recent Purchase | Purchase Price | N/A | N/A | ||||||||||||
2nd Lien | 2,966,276 | Market Yield Analysis | Market Yield | 14.9% | Decrease | |||||||||||
Preferred Stock | 798,007 | Market Approach | EBITDA Multiple | 13.0x | Increase | |||||||||||
2,775,242 | Market Approach | Revenue Multiple | 3.8x - 12.9x (8.6x) | Increase | ||||||||||||
4,305,667 | Market Yield Analysis | Market Yield | 15.6% - 18.5% (17.2%) | Decrease | ||||||||||||
206,715 | Recent Transaction | Transaction Price | N/A | N/A | ||||||||||||
Common Stock | 5,294,954 | Market Approach | EBITDA Multiple | 8.5x - 26.5x (14.6x) | Increase | |||||||||||
1,781,270 | Market Approach | Revenue Multiple | 0.5x - 8.5x (7.3x) | Increase | ||||||||||||
213,802 | Market Approach | Other Cashflow Multiple | | 19.5x | Increase | |||||||||||
416,758 | Recent Transaction | Transaction Price | N/A | N/A | ||||||||||||
385,509 | Recent Purchase | Purchase Price | N/A | N/A | ||||||||||||
Warrants | 1,681,858 | Market Approach | Revenue Multiple | 5.0x - 12.9x (10.7x) | Increase | |||||||||||
Limited Partnership Interests | 779,698 | Market Approach | EBITDA Multiple | 9.0x | Increase | |||||||||||
Total Assets | $ | 1,461,091,473 |
(1) | Weighted averages are calculated based on fair value of investments. |
Fair Value as of December 31, 2023 | Valuation Techniques | Unobservable Input | Range/Input (Weighted Average)(1) | Impact to Valuation from an Increase in Input | ||||||||
Assets: | ||||||||||||
1st Lien/Senior Secured Debt | $ | 1,179,503960 | Market Yield Analysis | Market Yield | 9.3% - 24.5% (11.6%) | Decrease | ||||||
5,808,782 | Market Approach | EBITDA Multiple | 7.3x | Increase | ||||||||
28,689 | Liquidation Value | Recovery Rate | 1% | Increase | ||||||||
176,105 | Liquidation Value | Bankruptcy Costs | N/A | Increase | ||||||||
85,245,111 | Recent Purchase | Purchase Price | N/A | N/A | ||||||||
2nd Lien/Junior Secured Debt | 9,205,885 | Market Yield Analysis | Market Yield | 16.6% - 17.7% (16.9%) | Decrease | |||||||
Preferred Stock | 399,649 | Market Approach | EBITDA Multiple | 10.0x | Increase | |||||||
2,898,663 | Market Approach | Revenue Multiple | 4.0x - 10.0x (6.4x) | Increase | ||||||||
4,903,643 | Market Yield Analysis | Dividend Yield | 11/1% - 21.3% (12.5%) | Decrease | ||||||||
575,705 | Recent Purchase | Purchase Price | N/A | N/A | ||||||||
Common Stock | 4,948,721 | Market Approach | EBITDA Multiple | 8.5x - 26.5x (14.2x) | Increase | |||||||
1,941,578 | Market Approach | Revenue Multiple | 0.7x - 20.0x (9.0x) | Increase | ||||||||
4,455 | Expected Repayment | Redemption Price | N/A | Increase | ||||||||
3,144,826 | Recent Purchase | Purchase Price | N/A | N/A | ||||||||
Warrants | 1,290,859 | Market Approach | Revenue Multiple | 5.2x - 8.6x (7.8x) | Increase | |||||||
Total Assets | $ | 1,300,076,631 |
(1) | Weighted averages are calculated based on fair value of investments. |
Carrying Value (1) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Class A-1-R (“Class A-1-R”) | $ | 97,704,316 | $ | 99,478,125 | $ | — | $ | — | $ | 99,478,125 | ||||||||||
Class A-1-L (“Class A-1-L”) | 74,867,318 | 75,937,500 | — | — | 75,937,500 | |||||||||||||||
Class A-1-F (“Class A-1-F”) | 29,946,927 | 28,875,000 | — | — | 28,875,000 | |||||||||||||||
Class A-2-R (“Class A-2-R”) | 43,423,044 | 44,587,500 | — | — | 44,587,500 | |||||||||||||||
Class A Senior Secured Floating Rate Note (“Class A”) | 226,074,642 | 230,850,000 | — | — | 230,850,000 | |||||||||||||||
Class B Senior Secured Floating Rate Note (“Class B”) | 35,695,996 | 36,810,000 | — | — | 36,810,000 | |||||||||||||||
Class C Secured Deferrable Floating Rate (“Class C”) | 35,695,996 | 36,900,000 | — | — | 36,900,000 | |||||||||||||||
Total | $ | 543,408,239 | $ | 553,438,125 | $ | — | $ | — | $ | 553,438,125 | ||||||||||
(1) | Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $371,871 and $2,969,890, respectively, as of June 30, 2024 and are reflected on the consolidated statements of assets and liabilities. |
Carrying Value (1) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Class A-1-R (“Class A-1-R”) | $ | 97,580,763 | $ | 96,776,250 | $ | — | $ | — | $ | 96,776,250 | ||||||||||
Class A-1-L (“Class A-1-L)” | 74,787,057 | 73,875,000 | — | — | 73,875,000 | |||||||||||||||
Class A-1-F (“Class A-1-F)” | 29,914,823 | 27,825,000 | — | — | 27,825,000 | |||||||||||||||
Class A-2-R (“Class A-2-R”) | 43,376,507 | 41,868,750 | — | — | 41,868,750 | |||||||||||||||
Class A Senior Secured Floating Rate Note (“Class A”) | 225,734,763 | 228,570,000 | — | — | 228,570,000 | |||||||||||||||
Class B Senior Secured Floating Rate Note (“Class B”) | 35,642,331 | 36,360,000 | — | — | 36,360,000 | |||||||||||||||
Class C Secured Deferrable Floating Rate (“Class C”) | 35,642,331 | 36,450,000 | — | — | 36,450,000 | |||||||||||||||
Total | $ | 542,678,575 | $ | 541,725,000 | $ | — | $ | — | $ | 541,725,000 | ||||||||||
(1) | Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $390,381 and $3,681,044, respectively, as of December 31, 2023 and are reflected on the consolidated statements of assets and liabilities. |
6/30/2024 | 12/31/2023 | |||||||||||||||||||
Investment Type | Facility Type | Commitment Expiration Date (1) | Unfunded Commitment (2) | Fair Value (3) | Unfunded Commitment (1) | Fair Value (1) | ||||||||||||||
AAH Topco, LLC | Revolver | 12/22/2027 | 787,273 | (9,841 | ) | 787,273 | (27,555 | ) | ||||||||||||
AAH Topco, LLC | Delayed Draw Term Loan | 11/1/2025 | 1,847,636 | — | 3,213,280 | (64,266 | ) | |||||||||||||
Accelerate Resources Operating, LLC | Revolver | 2/24/2027 | 665,739 | — | 665,739 | — | ||||||||||||||
Activ Software Holdings, LLC | Revolver | 5/4/2027 | 648,837 | — | 648,837 | (3,244 | ) | |||||||||||||
Admiral Buyer, Inc | Revolver | 5/8/2028 | 1,401,522 | (17,519 | ) | 563,200 | — | |||||||||||||
Admiral Buyer, Inc | Delayed Draw Term Loan | 5/6/2024 | — | — | 1,576,961 | — | ||||||||||||||
AEG Holding Company, Inc. | Revolver | 7/1/2024 | — | — | 949,335 | — | ||||||||||||||
Airwavz Solutions, Inc. | Revolver | 3/31/2027 | 652,740 | (3,264 | ) | 652,740 | (9,791 | ) | ||||||||||||
Airwavz Solutions, Inc. | Delayed Draw Term Loan | 9/30/2024 | 1,431,687 | — | 3,644,295 | (18,221 | ) | |||||||||||||
AMI US Holdings, Inc. | Revolver | 10/1/2026 | 1,094,605 | — | 1,094,605 | — | ||||||||||||||
AOM Acquisition, LLC. | Revolver | 2/18/2027 | 1,218,605 | (9,140 | ) | 1,218,605 | (30,465 | ) | ||||||||||||
Avalara, Inc. | Revolver | 10/19/2028 | 1,065,375 | — | 1,065,375 | — | ||||||||||||||
Avant Communications, LLC | Revolver | 11/30/2026 | 566,910 | — | 566,910 | (5,669 | ) | |||||||||||||
Avetta, LLC | Revolver | 10/18/2029 | 2,085,655 | — | 2,085,655 | (46,927 | ) | |||||||||||||
Azurite Intermediate Holdings, Inc | Delayed Draw Term Loan | 3/30/2026 | 2,559,876 | (19,199 | ) | — | — | |||||||||||||
Azurite Intermediate Holdings, Inc | Revolver | 3/19/2031 | 1,137,723 | (17,066 | ) | — | — | |||||||||||||
Banneker V Acquisition, Inc. | Revolver | 12/4/2025 | 777,125 | (11,657 | ) | 896,683 | (17,934 | ) | ||||||||||||
Bonterra, LLC | Revolver | 9/8/2027 | 437,665 | (1,094 | ) | 806,225 | (12,093 | ) | ||||||||||||
Bridgepointe Technologies, LLC | Revolver | 12/31/2027 | 505,371 | (7,581 | ) | 777,494 | (13,606 | ) | ||||||||||||
Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 4/1/2025 | 1,150,710 | (17,261 | ) | 2,076,626 | (36,341 | ) | ||||||||||||
Brightspot Buyer, Inc | Revolver | 11/16/2027 | 340,146 | (6,803 | ) | 680,292 | (17,007 | ) |
6/30/2024 | 12/31/2023 | |||||||||||||||||||
Investment Type | Facility Type | Commitment Expiration Date (1) | Unfunded Commitment (2) | Fair Value (3) | Unfunded Commitment (1) | Fair Value (1) | ||||||||||||||
BSI2 Hold Nettle, LLC | Revolver | 6/30/2028 | 471,138 | (7,067 | ) | 588,923 | (8,834 | ) | ||||||||||||
BusinesSolver.com, Inc. | Delayed Draw Term Loan | 12/1/2024 | 817,473 | — | 908,303 | (2,271 | ) | |||||||||||||
BV EMS Buyer, Inc. | Revolver | 11/23/2027 | 79,840 | (399 | ) | — | — | |||||||||||||
BV EMS Buyer, Inc. | Delayed Draw Term Loan | 3/21/2024 | — | — | 1,706,075 | (17,061 | ) | |||||||||||||
CallTower, Inc | Delayed Draw Term Loan | 12/1/2025 | 1,991,230 | — | 1,991,230 | (24,890 | ) | |||||||||||||
CallTower, Inc | Revolver | 11/30/2028 | 622,259 | — | 622,259 | (15,556 | ) | |||||||||||||
Cerifi, LLC | Revolver | 4/1/2027 | — | — | 369,264 | (5,539 | ) | |||||||||||||
Coding Solutions Acquisition, Inc | Revolver | 5/11/2028 | 516,984 | (7,755 | ) | 516,984 | (16,802 | ) | ||||||||||||
Coding Solutions Acquisition, Inc. | Delayed Draw Term Loan | 9/29/2025 | 832,693 | (6,245 | ) | 2,775,643 | (62,452 | ) | ||||||||||||
Colo Holdings, LLC | PIK Revolver | 3/27/2029 | 1,241,546 | (31,039 | ) | — | — | |||||||||||||
Community Based Care Acquisition, Inc. | Delayed Draw Term Loan | 9/30/2024 | 164,577 | (1,234 | ) | — | — | |||||||||||||
Community Based Care Acquisition, Inc. | Revolver | 9/16/2027 | 760,155 | (11,402 | ) | 691,050 | (8,638 | ) | ||||||||||||
Community Based Care Acquisition, Inc. | Delayed Draw Term Loan | 3/19/2026 | 3,310,191 | (16,551 | ) | — | — | |||||||||||||
Community Based Care Holdings, LP | Delayed Draw Term Loan | 3/30/2024 | — | — | 1,938,307 | (19,383 | ) | |||||||||||||
Community Brands Parentco, LLC | Revolver | 2/24/2028 | 417,208 | — | 417,208 | (7,301 | ) | |||||||||||||
Community Brands Parentco, LLC | Delayed Draw Term Loan | 2/24/2024 | — | — | 834,415 | (6,258 | ) | |||||||||||||
Coretelligent Intermediate LLC | Revolver | 10/21/2027 | 443,247 | (48,757 | ) | 696,532 | (62,688 | ) | ||||||||||||
Coupa Holdings,LLC | Delayed Draw Term Loan | 8/27/2025 | 948,020 | — | 725,890 | (1,815 | ) | |||||||||||||
Coupa Holdings,LLC | Revolver | 2/27/2029 | 725,890 | — | 948,020 | — | ||||||||||||||
Crewline Buyer, Inc | Revolver | 11/8/2030 | 1,366,496 | — | 1,366,496 | (34,162 | ) | |||||||||||||
Datacor, Inc. | Delayed Draw Term Loan | 3/13/2026 | 5,988,015 | — | — | — | ||||||||||||||
Datacor, Inc. | Revolver | 3/13/2029 | 2,462,225 | — | 822,004 | (10,275 | ) | |||||||||||||
Degreed, Inc. | Delayed Draw Term Loan | 8/16/2024 | — | — | 1,321,674 | (29,738 | ) | |||||||||||||
Degreed, Inc. | Revolver | 5/29/2026 | — | — | 417,813 | (13,579 | ) | |||||||||||||
Delaware Valley Management Holdings, Inc. | Revolver | 12/31/2024 | 259,388 | (106,998 | ) | — | — | |||||||||||||
Delaware Valley Management Holdings, Inc. | Delayed Draw Term Loan | 12/31/2024 | 171,183 | (87,440 | ) | 192,258 | (65,925 | ) | ||||||||||||
Dispatch Track, LLC | Revolver | 12/17/2026 | 301,930 | (755 | ) | 301,930 | (1,510 | ) | ||||||||||||
Dorado Buyer LLC | Revolver | 2/6/2030 | 620,773 | (9,312 | ) | — | — | |||||||||||||
Dorado Buyer LLC | Delayed Draw Term Loan | 2/6/2026 | 2,483,092 | (18,623 | ) | — | — | |||||||||||||
Duetto Research, Inc | Delayed Draw Term Loan | 6/3/2026 | 2,017,640 | (12,610 | ) | — | — | |||||||||||||
Duetto Research, Inc | Revolver | 6/26/2030 | 1,008,820 | (12,610 | ) | — | — | |||||||||||||
EET Buyer, Inc. | Revolver | 11/8/2027 | 1,036,629 | (2,592 | ) | 829,303 | (12,440 | ) | ||||||||||||
EET Buyer, Inc. | Delayed Draw Term Loan | 4/29/2026 | 1,891,968 | — | — | — | ||||||||||||||
Enverus Holdings, Inc. | Delayed Draw Term Loan | 12/22/2025 | 441,012 | — | 441,012 | (3,308 | ) | |||||||||||||
Enverus Holdings, Inc. | Revolver | 12/24/2029 | 671,106 | — | 671,106 | (10,067 | ) | |||||||||||||
Exterro, Inc. | Revolver | 6/1/2027 | 1,107,844 | — | 738,562 | — | ||||||||||||||
Faithlife, LLC | Revolver | 9/18/2025 | 279,053 | — | 279,053 | — | ||||||||||||||
Firstdigital Communications LLC | Revolver | 12/17/2026 | 1,174,177 | (58,709 | ) | 1,174,177 | (79,257 | ) | ||||||||||||
Foundation Risk Partners, Corp. | Revolver | 10/29/2029 | 1,038,062 | (2,595 | ) | 1,038,062 | (5,190 | ) | ||||||||||||
Foundation Risk Partners, Corp. | Delayed Draw Term Loan | 4/15/2024 | — | — | 445,801 | (1,115 | ) | |||||||||||||
Fullsteam Operations LLC | Revolver | 11/27/2029 | 415,325 | — | 415,325 | (12,460 | ) | |||||||||||||
Fullsteam Operations LLC | Delayed Draw Term Loan | 5/27/2025 | 575,152 | — | — | — | ||||||||||||||
Fullsteam Operations LLC | Delayed Draw Term Loan | 11/27/2025 | 427,113 | — | — | — | ||||||||||||||
Fullsteam Operations LLC | Delayed Draw Term Loan | 8/25/2025 | 4,203,417 | (50,441 | ) | — | — | |||||||||||||
Fullsteam Operations LLC | Delayed Draw Term Loan | 2/23/2026 | 1,050,854 | (12,610 | ) | — | — | |||||||||||||
Fullsteam Operations LLC | Delayed Draw Term Loan | 11/27/2027 | — | — | 1,629,113 | (24,437 | ) | |||||||||||||
Fullsteam Operations LLC | Delayed Draw Term Loan | 11/27/2025 | — | — | 1,038,313 | (15,575 | ) | |||||||||||||
Fusion Holding Corp | Revolver | 9/15/2027 | 1,034,394 | (20,688 | ) | 1,379,193 | (6,896 | ) | ||||||||||||
Fusion Risk Management, Inc. | Revolver | 5/22/2029 | 840,050 | (10,501 | ) | 840,050 | (16,801 | ) | ||||||||||||
G Treasury SS, LLC | Revolver | 6/29/2029 | 914,721 | (16,008 | ) | 914,721 | (18,294 | ) | ||||||||||||
G Treasury SS, LLC | Delayed Draw Term Loan | 9/30/2024 | 2,439,257 | (18,294 | ) | 2,439,257 | (24,393 | ) | ||||||||||||
G Treasury SS, LLC | Delayed Draw Term Loan | 6/30/2025 | 1,524,536 | (11,434 | ) | 1,524,536 | (15,245 | ) | ||||||||||||
Galway Borrower, LLC | Revolver | 9/29/2028 | 383,117 | — | 270,410 | (3,380 | ) |
6/30/2024 | 12/31/2023 | |||||||||||||||||||
Investment Type | Facility Type | Commitment Expiration Date (1) | Unfunded Commitment (2) | Fair Value (3) | Unfunded Commitment (1) | Fair Value (1) | ||||||||||||||
Galway Borrower, LLC | Delayed Draw Term Loan | 2/6/2026 | 1,378,271 | — | — | — | ||||||||||||||
GH Parent Holdings Inc | Delayed Draw Term Loan | 6/29/2026 | 6,142,602 | (30,713 | ) | — | — | |||||||||||||
GHA Buyer, Inc. | Revolver | 6/24/2026 | 951,077 | (14,266 | ) | 951,077 | (16,644 | ) | ||||||||||||
Greenhouse Software, Inc. | Revolver | 9/1/2028 | 604,499 | — | 604,499 | (6,045 | ) | |||||||||||||
Greenhouse Software, Inc. | Revolver | 9/1/2028 | 1,232,251 | — | 1,232,251 | (12,323 | ) | |||||||||||||
Greenlight Intermediate II, Inc. | Delayed Draw Term Loan | 5/30/2025 | 8,000,382 | — | 10,549,955 | (79,125 | ) | |||||||||||||
Gryphon-Redwood Acquisition LLC | Delayed Draw Term Loan | 9/16/2024 | — | — | 510,828 | (2,554 | ) | |||||||||||||
GS AcquisitionCo, Inc. | Revolver | 5/25/2028 | 607,380 | (3,037 | ) | 456,698 | (5,709 | ) | ||||||||||||
GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 3/26/2026 | 924,419 | (4,622 | ) | — | — | |||||||||||||
Heartland PPC Buyer LLC | Revolver | 12/12/2029 | 847,764 | (8,478 | ) | 1,130,352 | (22,607 | ) | ||||||||||||
Heartland PPC Buyer LLC | Delayed Draw Term Loan | 12/12/2025 | 1,471,625 | — | 1,883,921 | (18,839 | ) | |||||||||||||
Hirevue, Inc. | Revolver | 5/3/2029 | 1,434,525 | (10,759 | ) | 1,646,176 | (28,808 | ) | ||||||||||||
Honor HN Buyer, Inc | Delayed Draw Term Loan | 8/26/2024 | 623,182 | — | 980,612 | — | ||||||||||||||
Honor HN Buyer, Inc | Revolver | 10/15/2027 | 266,081 | — | 266,081 | — | ||||||||||||||
Honor HN Buyer, Inc | Delayed Draw Term Loan | 11/17/2025 | 3,849,478 | — | 6,279,735 | — | ||||||||||||||
Iodine Software, LLC | Delayed Draw Term Loan | 10/18/2024 | 3,436,155 | — | 3,436,155 | — | ||||||||||||||
Iodine Software, LLC | Revolver | 5/19/2027 | 1,089,030 | — | 1,089,030 | — | ||||||||||||||
JS Parent Inc | Revolver | 4/24/2031 | 528,354 | (2,642 | ) | — | — | |||||||||||||
Kalkomey Borrower LLC | Revolver | 6/18/2031 | 1,464,749 | (21,971 | ) | — | — | |||||||||||||
Kalkomey Borrower LLC | Delayed Draw Term Loan | 6/3/2026 | 1,830,937 | (13,732 | ) | — | — | |||||||||||||
Kaseya Inc. | Delayed Draw Term Loan | 6/23/2025 | 566,094 | — | 597,933 | — | ||||||||||||||
Kaseya Inc. | Revolver | 6/25/2029 | 477,582 | — | 477,582 | (2,388 | ) | |||||||||||||
Lotus HPI Buyer Inc | Revolver | 1/21/2030 | 1,883,921 | (28,259 | ) | — | — | |||||||||||||
Lotus HPI Buyer Inc | Delayed Draw Term Loan | 1/19/2026 | 3,767,841 | (9,420 | ) | — | — | |||||||||||||
Mastery Acquisition Corp | Delayed Draw Term Loan | 10/30/2024 | 2,407,182 | — | — | — | ||||||||||||||
Mastery Acquisition Corp | Delayed Draw Term Loan | 4/30/2026 | 802,394 | — | — | — | ||||||||||||||
Mastery Acquisition Corp. | Revolver | 9/7/2029 | 851,781 | — | 651,183 | — | ||||||||||||||
Mathnasium LLC | Revolver | 11/15/2027 | 304,651 | — | 533,140 | (5,331 | ) | |||||||||||||
Mavenlink, Inc. | Revolver | 6/3/2027 | 357,963 | (7,159 | ) | 357,963 | (7,159 | ) | ||||||||||||
MBS Holdings, Inc. | Revolver | 4/16/2027 | 974,169 | (4,871 | ) | 389,668 | (7,793 | ) | ||||||||||||
Medbridge Holdings, LLC | Revolver | 12/23/2026 | 1,376,227 | (10,322 | ) | 1,376,227 | (17,203 | ) | ||||||||||||
Medical Management Resource Group, LLC | Revolver | 9/30/2026 | 139,223 | (4,177 | ) | 139,223 | (5,569 | ) | ||||||||||||
Medsuite Purchaser, LLC | Revolver | 10/22/2026 | 680,400 | (8,505 | ) | 680,400 | (5,103 | ) | ||||||||||||
Medsuite Purchaser, LLC | Delayed Draw Term Loan | 10/22/2026 | 3,649,667 | (18,248 | ) | — | — | |||||||||||||
MMP Intermediate, LLC | Revolver | 2/15/2029 | 552,880 | (4,147 | ) | 552,880 | (11,058 | ) | ||||||||||||
Moon Buyer, Inc. | Revolver | 4/21/2027 | 523,707 | — | 1,163,793 | (14,547 | ) | |||||||||||||
Mr. Greens Intermediate, LLC | Delayed Draw Term Loan | 11/1/2024 | 2,630,169 | — | — | — | ||||||||||||||
Mr. Greens Intermediate, LLC | Revolver | 5/1/2029 | 1,052,068 | — | 1,052,068 | (7,891 | ) | |||||||||||||
Mr. Greens Intermediate, LLC | Delayed Draw Term Loan | 11/1/2024 | — | — | 2,630,169 | (19,726 | ) | |||||||||||||
MSM Acquisitions, Inc. | Revolver | 12/9/2026 | 153,131 | (14,165 | ) | 153,131 | (13,782 | ) | ||||||||||||
MSP Global Holdings, Inc. | Revolver | 4/9/2029 | 1,152,180 | (20,163 | ) | 845,929 | (8,459 | ) | ||||||||||||
MSP Global Holdings,Inc | Delayed Draw Term Loan | 4/8/2026 | 1,211,850 | (21,207 | ) | — | — | |||||||||||||
MSP Global Holdings, Inc. | Delayed Draw Term Loan | 1/24/2024 | — | — | 592,150 | (5,922 | ) | |||||||||||||
Mykaarma Acquisition LLC | Revolver | 3/21/2028 | 593,215 | — | 593,215 | (4,449 | ) | |||||||||||||
Navigate360, LLC | Revolver | 3/17/2027 | 181,270 | (3,172 | ) | 604,235 | (7,553 | ) | ||||||||||||
Navigate360, LLC | Delayed Draw Term Loan | 3/6/2025 | 2,035,925 | (35,629 | ) | — | — | |||||||||||||
Netwrix Corporation And Concept Searching Inc. | Delayed Draw Term Loan | 6/10/2024 | — | — | 2,750,379 | (27,504 | ) | |||||||||||||
Netwrix Corporation And Concept Searching Inc. | Revolver | 6/11/2029 | 774,755 | — | 774,755 | (9,684 | ) | |||||||||||||
Netwrix Corporation And Concept Searching Inc. | Delayed Draw Term Loan | 11/21/2025 | 1,832,522 | — | 1,862,319 | (4,656 | ) | |||||||||||||
Next Holdco, LLC | Delayed Draw Term Loan | 11/7/2025 | 2,380,798 | (5,952 | ) | 2,380,798 | (17,856 | ) | ||||||||||||
Next Holdco, LLC | Revolver | 11/9/2029 | 893,559 | (2,234 | ) | 893,559 | (13,403 | ) | ||||||||||||
Pace Health Companies, LLC | Revolver | 8/3/2026 | 616,682 | — | 616,682 | — | ||||||||||||||
Pace Health Companies, LLC | Delayed Draw Term Loan | 10/17/2025 | 888,879 | — | 888,879 | — | ||||||||||||||
PDI TA Holdings, Inc. | Delayed Draw Term Loan | 2/1/2026 | 2,157,012 | (5,393 | ) | — | — | |||||||||||||
PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 943,575 | (2,359 | ) | — | — |
6/30/2024 | 12/31/2023 | |||||||||||||||||||
Investment Type | Facility Type | Commitment Expiration Date (1) | Unfunded Commitment (2) | Fair Value (3) | Unfunded Commitment (1) | Fair Value (1) | ||||||||||||||
Penn TRGRP Holdings, LLC | Revolver | 9/27/2030 | 1,054,345 | — | 1,054,345 | (15,815 | ) | |||||||||||||
Pharmalogic Holdings Corp. | Delayed Draw Term Loan | 6/20/2026 | 8,040,816 | (60,306 | ) | — | — | |||||||||||||
Pieper Memorial, LLC | Delayed Draw Term Loan | 9/26/2025 | 1,228,204 | — | 1,507,136 | (24,717 | ) | |||||||||||||
Ping Identity Corporation | Revolver | 10/17/2028 | 1,203,345 | — | 1,203,345 | — | ||||||||||||||
Pinnacle Dermatology Management, LLC | Revolver | 12/8/2026 | 38,407 | (480 | ) | 38,407 | (480 | ) | ||||||||||||
Pinnacle Treatment Centers, Inc. | Revolver | 1/4/2027 | 615,124 | (6,151 | ) | 73,239 | (1,465 | ) | ||||||||||||
Priority Ondemand Midco 2,L.P | Delayed Draw Term Loan | 7/15/2026 | 2,600,963 | — | 2,600,963 | — | ||||||||||||||
Race Finco LLC | Delayed Draw Term Loan | 1/9/2025 | 1,829,394 | (13,720 | ) | 3,658,788 | (36,588 | ) | ||||||||||||
Race Finco LLC | Revolver | 1/10/2028 | 609,798 | (13,720 | ) | 609,798 | (15,245 | ) | ||||||||||||
Ranger Buyer, Inc. | Revolver | 11/18/2027 | 1,199,233 | (2,998 | ) | 1,199,233 | (20,987 | ) | ||||||||||||
Redwood Family Care Network, Inc. | Revolver | 6/18/2026 | 588,705 | (5,887 | ) | 588,705 | (7,359 | ) | ||||||||||||
Rep Tec Intermediate Holdings, Inc. | Revolver | 12/1/2027 | 1,099,640 | — | 1,099,640 | (5,498 | ) | |||||||||||||
Sako and Partners Lower Holdings LLC | Revolver | 9/15/2028 | 1,242,937 | — | 1,242,937 | (6,215 | ) | |||||||||||||
Sako and Partners Lower Holdings LLC | Delayed Draw Term Loan | 11/24/2025 | 3,956,233 | — | 3,956,233 | (39,562 | ) | |||||||||||||
Salisbury House, LLC | Revolver | 8/29/2025 | 609,744 | — | 609,744 | (3,049 | ) | |||||||||||||
Salisbury House, LLC | Delayed Draw Term Loan | 11/30/2024 | 2,481,673 | — | 2,979,710 | — | ||||||||||||||
Sandstone Care Holdings, LLC | Revolver | 6/28/2028 | 424,024 | — | 689,039 | — | ||||||||||||||
Sandstone Care Holdings, LLC | Delayed Draw Term Loan | 6/28/2025 | 724,375 | — | 1,077,728 | — | ||||||||||||||
Sauce Labs, Inc. | Delayed Draw Term Loan | 2/10/2025 | 1,775,625 | (26,634 | ) | 1,775,625 | (17,756 | ) | ||||||||||||
Sauce Labs, Inc. | Revolver | 8/16/2027 | 1,281,821 | (32,046 | ) | 1,281,821 | (25,636 | ) | ||||||||||||
Saviynt, Inc. | Delayed Draw Term Loan | 12/22/2024 | 2,439,192 | (42,686 | ) | 3,048,990 | (60,980 | ) | ||||||||||||
Saviynt, Inc. | Revolver | 12/22/2027 | 609,798 | (10,671 | ) | 609,798 | (12,196 | ) | ||||||||||||
SCA Buyer, LLC | Revolver | 1/20/2027 | 410,454 | (44,124 | ) | — | — | |||||||||||||
SDC Atlas Acquistionco, LLC | Delayed Draw Term Loan | 8/25/2025 | 7,849,646 | (58,872 | ) | 8,846,427 | (243,277 | ) | ||||||||||||
SDC Atlas Acquistionco, LLC | Revolver | 8/25/2028 | 622,988 | (4,672 | ) | 622,988 | (17,132 | ) | ||||||||||||
Securonix, Inc. | Revolver | 4/5/2028 | 1,503,677 | (248,107 | ) | 1,538,337 | (173,063 | ) | ||||||||||||
Serrano Parent, LLC | Revolver | 5/13/2030 | 2,085,981 | (41,720 | ) | 2,085,981 | (41,720 | ) | ||||||||||||
Single Digits, Inc. | Revolver | 6/19/2026 | 416,149 | (85,310 | ) | 416,149 | (54,099 | ) | ||||||||||||
Sirsi Corporation | Revolver | 3/15/2025 | 553,741 | — | 553,741 | — | ||||||||||||||
SIS Purchaser, Inc. | Revolver | 10/15/2026 | 1,165,951 | — | 1,165,951 | (11,660 | ) | |||||||||||||
Smile Brands, Inc. | Revolver | 10/12/2027 | 146,369 | (12,807 | ) | 162,150 | (18,647 | ) | ||||||||||||
Soladoc, LLC | Revolver | 6/12/2028 | 588,923 | (20,612 | ) | 588,923 | (22,085 | ) | ||||||||||||
Soladoc, LLC | Delayed Draw Term Loan | 6/10/2024 | — | — | 2,355,690 | (64,781 | ) | |||||||||||||
Spark DSO LLC | Revolver | 4/20/2026 | 570,578 | (12,838 | ) | 576,769 | (20,187 | ) | ||||||||||||
Stratus Networks, Inc. | Delayed Draw Term Loan | 12/15/2025 | 1,122,111 | (19,637 | ) | 2,112,208 | (42,244 | ) | ||||||||||||
Stratus Networks, Inc. | Revolver | 12/15/2027 | 990,098 | (22,277 | ) | 858,085 | (25,743 | ) | ||||||||||||
SugarCRM, Inc. | Revolver | 7/30/2027 | 310,244 | (5,429 | ) | 310,244 | — | |||||||||||||
Sumup Holdings Luxembourg | Delayed Draw Term Loan | 10/25/2025 | 2,522,050 | (25,221 | ) | — | — | |||||||||||||
Sundance Group Holdings, Inc. | Revolver | 7/2/2027 | 567,560 | — | 709,451 | (5,321 | ) | |||||||||||||
Syntax Systems Ltd | Revolver | 10/29/2026 | — | — | 376,480 | (2,824 | ) | |||||||||||||
TBG Food Acquisition Corp | Revolver | 12/24/2027 | 264,026 | (1,320 | ) | 264,026 | (1,320 | ) | ||||||||||||
Telcor Buyer, Inc. | Revolver | 8/20/2027 | 290,770 | (727 | ) | 290,770 | (2,908 | ) | ||||||||||||
Telesoft Holdings, LLC² | Revolver | 12/16/2026 | 487,441 | (2,437 | ) | 511,316 | (8,948 | ) | ||||||||||||
The Center for Orthopedic and Research Excellence, Inc. | Revolver | 8/15/2025 | 353,898 | (885 | ) | 673,269 | (3,366 | ) | ||||||||||||
Thrive Buyer, Inc. | Revolver | 1/22/2027 | 739,815 | — | 739,815 | — | ||||||||||||||
Towerco IV Holdings, LLC | Delayed Draw Term Loan | 3/2/2026 | 5,530,095 | — | 6,559,852 | (65,599 | ) | |||||||||||||
Unanet, Inc. | Delayed Draw Term Loan | 12/9/2024 | 2,242,674 | (5,607 | ) | 2,242,674 | (11,213 | ) | ||||||||||||
Unanet, Inc. | Revolver | 12/8/2028 | 1,073,957 | (8,055 | ) | 1,263,478 | (12,635 | ) | ||||||||||||
Ungerboeck Systems International, LLC | Revolver | 4/30/2027 | 229,387 | (2,294 | ) | 229,387 | (3,441 | ) | ||||||||||||
Vectra AI, Inc. | Revolver | 3/1/2028 | 232,759 | (3,491 | ) | 232,759 | (4,073 | ) | ||||||||||||
Vehlo Purchaser, LLC | Revolver | 5/24/2028 | 811,895 | (6,089 | ) | 1,115,133 | (19,515 | ) | ||||||||||||
Velocity Purchaser Corporation | Revolver | 12/2/2024 | 193,237 | — | 193,237 | — | ||||||||||||||
Venture Buyer, LLC | Delayed Draw Term Loan | 2/27/2026 | 1,008,820 | (10,088 | ) | — | — | |||||||||||||
Venture Buyer, LLC | Revolver | 3/1/2030 | 655,733 | (13,115 | ) | — | — | |||||||||||||
Veracross LLC | Revolver | 12/28/2027 | 445,021 | (4,450 | ) | 1,112,554 | (19,470 | ) | ||||||||||||
Vhagar Purchaser, LLC | Delayed Draw Term Loan | 6/9/2025 | 578,701 | (7,234 | ) | 578,701 | (10,127 | ) | ||||||||||||
Vhagar Purchaser, LLC | Revolver | 6/11/2029 | 373,356 | (9,334 | ) | 373,356 | (11,201 | ) | ||||||||||||
Visionary Buyer LLC | Delayed Draw Term Loan | 3/23/2026 | 5,653,672 | (70,671 | ) | — | — | |||||||||||||
Visionary Buyer LLC | Revolver | 3/21/2030 | 1,413,418 | (17,668 | ) | — | — | |||||||||||||
Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 5/2/2024 | — | — | 206,583 | — | ||||||||||||||
Wealth Enhancement Group, LLC | Revolver | 10/4/2027 | 564,743 | — | 457,366 | (1,143 | ) |
6/30/2024 | 12/31/2023 | |||||||||||||||||||
Investment Type | Facility Type | Commitment Expiration Date (1) | Unfunded Commitment (2) | Fair Value (3) | Unfunded Commitment (1) | Fair Value (1) | ||||||||||||||
Wealth Enhancement Group, LLC | Delayed Draw Term Loan | 2/2/2026 | 1,581,394 | — | — | — | ||||||||||||||
Webster Equity Partners III-A, L.P. | Delayed Draw Term Loan | 4/1/2025 | 2,859,574 | (55,762 | ) | — | — | |||||||||||||
West Dermatology | Delayed Draw Term Loan | 3/31/2025 | 2,242,331 | (78,482 | ) | 285,449 | (16,413 | ) | ||||||||||||
West Dermatology | Delayed Draw Term Loan | 3/31/2025 | — | — | 2,242,331 | (106,511 | ) | |||||||||||||
Wolverine Seller Holdings, LLC | Revolver | 1/17/2030 | 1,117,391 | (2,793 | ) | — | — | |||||||||||||
Wolverine Seller Holdings, LLC | Delayed Draw Term Loan | 1/17/2026 | 3,426,667 | — | — | — | ||||||||||||||
Your Part-Time Controller, LLC | Revolver | 11/14/2029 | 627,974 | — | 627,974 | (12,559 | ) | |||||||||||||
Zendesk, Inc. | Revolver | 11/22/2028 | 1,372,628 | — | 1,372,628 | (3,432 | ) | |||||||||||||
Zendesk, Inc. | Delayed Draw Term Loan | 11/22/2024 | 3,333,525 | — | 3,333,525 | — | ||||||||||||||
Total | 244,125,851 | (2,136,123 | ) | 193,857,013 | (2,726,549 | ) |
(1) | Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity. |
(2) | Net of capitalized fees, expenses and original issue discount (“OID”). |
(3) | A negative fair value was reflected as investments, at fair value in the consolidated statements of assets and liabilities. The negative fair value is the result of the capitalized discount on the loan. |
For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | |||||||||||||||
Quarter Ended | Shares | Amount | Shares | Amount | ||||||||||||
March 31 | 2,297,080 | $ | 21,667,959 | — | — | |||||||||||
June 30 | 2,574,268 | $ | 24,483,147 | 2,776,754 | $ | 25,792,451 | ||||||||||
Total capital drawdowns | 4,871,348 | $ | 46,151,106 | 2,776,754 | $ | 25,792,451 | ||||||||||
Date Declared | Record Date | Payment Date | Amount Per Share | Dollar Amount | ||||||||||||
3/26/2024 | 3/26/2024 | 4/23/2024 | $ | 0.23 | $ | 12,969,462 | ||||||||||
6/26/2024 | 6/26/2024 | 7/22/2024 | $ | 0.21 | $ | 12,999,653 | ||||||||||
$ | 25,969,115 | |||||||||||||||
Date Declared | Record Date | Payment Date | Amount Per Share | Dollar Amount | ||||||||||||
3/29/2023 | 3/29/2023 | 4/25/2023 | $ | 0.10 | $ | 5,139,617 | ||||||||||
6/28/2023 | 6/28/2023 | 7/24/2023 | $ | 0.20 | $ | 10,402,344 | ||||||||||
$ | 15,541,961 | |||||||||||||||
Date Declared | Record Date | Reinvestment Date | Shares | Dollar Amount | ||||||||||||
3/26/2024 | 3/26/2024 | 3/28/2024 | 735,551 | $ | 6,912,711 | |||||||||||
6/26/2024 | 6/26/2024 | 6/28/2024 | 737,332 | $ | 6,968,153 | |||||||||||
1,472,883 | $ | 13,880,864 | ||||||||||||||
Date Declared | Record Date | Reinvestment Date | Shares | Dollar Amount | ||||||||||||
3/29/2023 | 3/29/2023 | 3/31/2023 | 294,604 | $ | 2,740,870 | |||||||||||
6/28/2023 | 6/28/2023 | 6/30/2023 | 606,230 | $ | 5,552,823 | |||||||||||
900,834 | $ | 8,293,693 | ||||||||||||||
Quarter Ended | Repurchase Date | Total Number of Shares Offered to Repurchase | Total Number of Shares Repurchased | Total Consideration | No. of Shares Repurchased/ Total Offer | Price Paid Per Share | ||||||||||||||
March 31 | March 01, 2024 | 1,354,873 | 744,282 | $ | 6,994,767 | 55% | $ | 9.40 | ||||||||||||
June 30 | May 24, 2024 | 1,397,303 | 985,757 | $ | 9,315,897 | 71% | $ | 9.45 |
Quarter Ended | Repurchase Date | Total Number of Shares Offered to Repurchase | Total Number of Shares Repurchased | Total Consideration | No. of Shares Repurchased/ Total Offer | Price Paid Per Share | ||||||||||||||||
March 31 | February 24, 2023 | 1,215,454 | 627,518 | $ | 5,837,993 | 52 | % | $ | 9.30 | |||||||||||||
June 30 | May 26, 2023 | 1,255,610 | 461,364 | $ | 4,225,901 | 37 | % | $ | 9.16 |
8. | Earnings Per Share |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net increase (decrease) in net assets from operations | $ | 15,820,993 | $ | 2,873,817 | $ | 35,432,804 | $ | 18,422,405 | ||||||||
Weighted average common shares outstanding | 57,211,424 | 51,975,095 | 56,191,768 | 51,104,578 | ||||||||||||
Earnings per common share-basic and diluted | $ | 0.28 | $ | 0.06 | $ | 0.63 | $ | 0.36 |
For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | |||||||
Per Share Data: (1)(2) | ||||||||
Net asset value, beginning of period | $ | 9.27 | $ | 9.10 | ||||
Net investment income (loss) | 0.46 | 0.42 | ||||||
Net realized and unrealized gains (losses) on investments | 0.16 | (0.06 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 0.62 | 0.36 | ||||||
Distributions to stockholders (3) | (0.44 | ) | (0.30 | ) | ||||
Net asset value, end of period | $ | 9.45 | $ | 9.16 | ||||
Shares outstanding, end of period | 58,978,899 | 52,816,794 | ||||||
Total return at net asset value before incentive fees (4)(5) | 8.08 | % | 5.15 | % | ||||
Total return at net asset value after incentive fees (4)(5) | 6.85 | % | 4.01 | % | ||||
Ratio/Supplemental Data: (2) | ||||||||
Net assets, end of period | $ | 557,379,543 | $ | 483,782,826 | ||||
Ratio of total expenses to weighted average net assets (6) | 20.75 | % | 19.14 | % | ||||
Ratio of net expenses to weighted average net assets (6) | 20.75 | % | 19.14 | % | ||||
Ratio of net investment income (loss) before waivers to weighted average net assets (6) | 11.06 | % | 10.69 | % | ||||
Ratio of net investment income (loss) after waivers to weighted average net assets (6) | 11.06 | % | 10.69 | % | ||||
Ratio of interest and credit facility expenses to weighted average net assets (6) | 14.69 | % | 13.40 | % | ||||
Ratio of incentive fees to weighted average net assets (5) | 1.22 | % | 1.15 | % | ||||
Portfolio turnover rate (5) | 4.08 | % | 4.07 | % | ||||
Asset coverage ratio (7) | 158 | % | 160 | % |
(1) | The per share data was derived by using the weighted average shares outstanding during the applicable period. |
(2) | Ratios calculated with Net Assets excluding the Non-Controlling Interest. |
(3) | The per share data for distributions is the actual amount of distributions paid or payable per share of common stock outstanding during the entire period. |
(4) | Total return based on NAV is calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Fund’s dividend reinvestment plan. |
(5) | Not annualized. |
(6) | Annualized, except for incentive fees. |
(7) | Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period. |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Forward-Looking Statements
This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Fund’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:
• | an economic downturn could impair the Fund’s portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of the Fund’s investments in such portfolio companies; |
• | such an economic downturn could disproportionately impact the companies that the Fund intends to target for investment, potentially causing the Fund to experience a decrease in investment opportunities and diminished demand for capital from these companies; |
• | a contraction of available credit and/or an inability to access the equity markets could impair the Fund’s lending and investment activities; |
• | interest rate volatility could adversely affect the Fund’s results, particularly if the Fund elects to use leverage as part of its investment strategy; |
• | the Fund’s future operating results; |
• | the Fund’s business prospects and the prospects of the Fund’s portfolio companies; |
• | the Fund’s contractual arrangements and relationships with third parties; |
• | the ability of the Fund’s portfolio companies to achieve their objectives; |
• | competition with other entities and the Fund’s affiliates for investment opportunities; |
• | the speculative and illiquid nature of the Fund’s investments; |
• | the use of borrowed money to finance a portion of the Fund’s investments; |
• | the adequacy of the Fund’s financing sources and working capital; |
• | the loss of key personnel; |
• | the timing of cash flows, if any, from the operations of the Fund’s portfolio companies; |
• | the ability of the Adviser to locate suitable investments for the Fund and to monitor and administer the Fund’s investments; |
• | the ability of the Adviser to attract and retain highly talented professionals; |
• | the Fund’s ability to qualify and maintain its qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and as a business development company (“BDC”); |
• | the effect of legal, tax and regulatory changes; and |
• | the other risks, uncertainties and other factors the Fund identifies under “Risk Factors” of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. |
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Although the Fund believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by the Fund that the Fund’s plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, the Fund assumes no duty and does not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) because the Fund is an investment company.
The following analysis of the Fund’s financial condition and results of operations should be read in conjunction with the Fund’s financial statements and the related notes thereto contained elsewhere in this Quarterly Report.
Overview
The Fund was formed on February 6, 2015 as a corporation under the laws of the State of Maryland. The Fund is structured as an externally managed, non-diversified, closed-end management investment company. The Fund was formed to invest primarily in primary-issue middle-market credit opportunities that are directly sourced and privately negotiated. The Fund commenced investment operations on November 15, 2017 (“Commencement”). The Fund is advised by AB Private Credit Investors LLC (the “Adviser”), which is registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring the Fund’s portfolio on an ongoing basis. State Street Bank and Trust Company (the “Administrator”) provides the administrative services necessary for the Fund to operate.
The Fund has elected to be treated as a BDC under the 1940 Act. The Fund has also elected to be treated and intends to qualify annually as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. As a BDC and a RIC, respectively, the Fund is and will be required to comply with various regulatory requirements, such as the requirement to invest at least 70% of its assets in “qualifying assets,” source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of its taxable income and tax exempt interest.
The Fund is an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act (“JOBS Act”). For so long as the Fund remains an emerging growth company under the JOBS Act, the Fund will be subject to reduced public company reporting requirements. The Fund expects to remain an emerging growth company until the earliest of:
• | the last day of the Fund’s fiscal year in which the fifth anniversary occurs of the date of the first sale of common equity securities pursuant to an effective registration statement; |
• | the end of the fiscal year in which the Fund’s total annual gross revenues first equal or exceed $1.235 billion; |
• | the date on which the Fund has, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and |
• | the last day of a fiscal year in which the Fund (1) has an aggregate worldwide market value of shares of its common stock held by non-affiliates of $700.0 million or more, computed at the end of each fiscal year as of the last business day of the Fund’s most recently completed second fiscal quarter and (2) has been an Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act). |
Under the JOBS Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the Fund is exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act of 2002, which would require that the Fund’s independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting, until such time as the Fund ceases to be an emerging growth company and become an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in the Fund’s internal control over
financial reporting go undetected.
Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Fund intends to take advantage of the extended transition period.
The Private Offering
The Fund enters into separate subscription agreements (each, a “Subscription Agreement,” and collectively, the “Subscription Agreements”) with investors providing for the private placement of its common stock (the “Shares”) in reliance on exemptions from the registration requirements of the Securities Act (such offering, the “Private Offering”). Each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares pursuant to a Subscription Agreement. Investors are required to make capital contributions (“Capital Contributions”) to purchase Shares each time the Fund delivers a capital call notice, which is issued based on the Fund’s anticipated investment activities and capital needs, delivered at least 10 business days prior to the required funding date,
71
provided that investors may fund such requirements sooner than the deadline as agreed between the Fund and the investor. Generally, purchases of Shares are made pro rata in accordance with each investor’s Capital Commitment, in an amount not to exceed each investor’s remaining capital commitment (“Remaining Commitment”), at a per Share price equal to the net asset value per Share subject to any adjustments. Pursuant to the Private Offering, the Fund’s initial closing occurred on September 29, 2017.
The Fund may accept additional Capital Commitments quarterly (“Subsequent Closings”) from new investors as well as existing investors that wish to increase their commitment and shareholding in the Fund. These Subsequent Closings are expected to occur on a calendar-quarter end based on investor interest as well as the state of the market and the Fund’s capacity to invest the additional capital within a reasonable period. Each Capital Commitment is for the life of the Fund or for a shorter period based on the investor’s liquidation election, subject to the Fund’s receipt of exemptive relief that would permit stockholders to liquidate their investments pursuant to transactions that are currently prohibited by the 1940 Act and would require an SEC order in order to be established.
Revenues
The Fund’s investment objective is to generate current income and prioritize capital preservation through a portfolio that primarily invests in directly-sourced, privately-negotiated, secured, middle market loans. The Fund intends to primarily invest in middle market businesses based in the United States. The Fund expects that the primary use of proceeds by the companies in which the Fund invests will be for leveraged buyouts, recapitalizations, mergers and acquisitions and growth capital.
The Fund will seek to build its portfolio in a defensive manner that minimizes cyclical and correlated risks across individual names and sector verticals by targeting companies with strong underlying business models and durable intrinsic value.
The Fund will primarily hold secured loans, which encompass traditional first lien, unitranche and second lien loans, but may also invest in mezzanine, structured preferred stock and non-control equity co-investment opportunities. The Fund will seek to deliver attractive risk adjusted returns with lower volatility and low correlation relative to the public credit markets. The Adviser believes the Fund’s flexibility to invest across the capital structure and liquidity spectrum will allow the Fund to optimize investor risk-adjusted returns.
Expenses
Under the Second Amended and Restated Advisory Agreement, the Fund’s primary operating expenses will include the payment of fees to the Adviser, the Fund’s allocable portion of overhead expenses under the Expense Reimbursement Agreement and other operating costs described below. The Fund bears all other out-of-pocket costs and expenses of the Fund’s operations and transactions, including those relating to:
• | reasonable and documented organization and offering expenses to the extent reimbursement of such expenses is included in any future agreement with the Adviser; |
• | calculating the Fund’s net asset value (including the cost and expenses of any independent valuation firm); |
• | fees and expenses payable to third parties, including agents, consultants or other advisers, in connection with monitoring financial (including advising with respect to the Fund’s financing strategy) and legal affairs for the Fund and in providing administrative services, monitoring the Fund’s investments and performing due diligence on the Fund’s prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments; |
• | interest payable on debt, if any, incurred to finance the Fund’s investments; |
• | sales and purchases of the Fund’s common stock and other securities; |
• | base management fees and incentive fees payable to the Adviser; |
• | transfer agent and custodial fees; |
• | federal and state registration fees; |
• | all costs of registration and listing the Fund’s securities on any securities exchange; |
• | U.S. federal, state and local taxes; |
• | independent directors’ fees and expenses; |
• | costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators; |
72
• | costs of any reports, proxy statements or other notices to stockholders, including printing costs; |
• | the Fund’s allocable portion of any fidelity bond, directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums; |
• | direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; |
• | marketing expenses; and |
• | all other expenses incurred by the Fund, the Administrator or the Adviser in connection with administering the Fund’s business, including payments under the Administration Agreement and payments under the Expense Reimbursement Agreement based on the Fund’s allocable portion of the Adviser’s overhead in performing its obligations under the Expense Reimbursement Agreement, including the allocable portion of the cost of the Fund’s Chief Compliance Officer and Chief Financial Officer and their respective staffs. |
Activity
The following table presents certain information regarding the Fund’s portfolio and investment activity:
For the Three Months Ended June 30, 2024 | For the Three Months Ended June 30, 2023 | For the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2023 | |||||||||||||
Investments in Portfolio Companies | $ | (94,623,911 | )(1) | $ | (68,793,108 | )(2) | $ | (163,105,157 | )(3) | $ | (106,811,642 | )(4) | ||||
Draw Downs against Revolvers and Delayed Draw Term Loans | (31,341,363 | ) | (21,135,064 | ) | (47,909,526 | ) | (44,664,115 | ) | ||||||||
Principal Repayments | 32,314,553 | (5) | 33,136,130 | (6) | 50,891,223 | (7) | 47,322,894 | (8) | ||||||||
Sales | 5,523,492 | 918, 035 | 5,523,492 | 918,035 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Repayments (Investments) | $ | (88,127,229 | ) | $ | (55,874,007 | ) | (154,599,968 | ) | $ | (103,234,828 | ) | |||||
|
|
|
|
|
|
|
|
(1) | Includes investments in 21 portfolio companies. |
(2) | Includes investments in 13 portfolio companies. |
(3) | Includes investments in 21 portfolio companies. |
(4) | Includes investments in 31 portfolio companies. |
(5) | Includes $5,527,804 in revolver and delayed draw term paydowns. |
(6) | Includes $4,769,334 in revolver and delayed draw term paydowns. |
(7) | Includes $9,201,132 in revolver and delayed draw term paydowns. |
(8) | Includes $8,186,322 in revolver and delayed draw term paydowns. |
The following table shows the composition of the investment portfolio and associated yield data as of June 30, 2024:
As of June 30, 2024 | ||||||||||||||||||||
Amortized Cost | Percentage of Total | Fair Value | Percentage of Total | Weighted Average Yield(1) | ||||||||||||||||
First Lien Senior Secured Debt | $ | 1,456,281,222 | 93.50 | % | 1,439,485,717 | 92.97 | % | 11.93 | % | |||||||||||
Second Lien Junior Secured Debt | 3,092,554 | 0.20 | 2,966,276 | 0.19 | 15.89 | % | ||||||||||||||
Preferred Stock | 6,616,909 | 0.42 | 8,786,436 | 0.57 | — | |||||||||||||||
Common Stock | 7,474,938 | 0.48 | 8,183,964 | 0.53 | — | |||||||||||||||
Investment Companies | 16,158,534 | 1.04 | 19,853,827 | 1.28 | — | |||||||||||||||
Warrants | 394,025 | 0.03 | 1,681,858 | 0.11 | — | |||||||||||||||
Cash and cash equivalents | 67,423,316 | 4.33 | 67,423,316 | 4.35 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total | $ | 1,557,441,498 | 100 | % | 1,548,381,394 | 100 | % | |||||||||||||
|
|
|
|
|
|
|
|
(1) | Based upon the par value of the Fund’s debt investments. |
73
The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2023:
As of December 31, 2023 | ||||||||||||||||||||
Amortized Cost | Percentage of Total | Fair Value | Percentage of Total | Weighted Average Yield(1) | ||||||||||||||||
First Lien Senior Secured Debt | $ | 1,294,646,129 | 92.33 | % | $ | 1,270,762,647 | 91.83 | % | 10.51 | % | ||||||||||
Second Lien Junior Secured Debt | 9,578,621 | 0.68 | 9,205,885 | 0.67 | 13.89 | % | ||||||||||||||
Preferred Stock | 6,994,461 | 0.50 | 8,777,660 | 0.63 | — | |||||||||||||||
Common Stock | 9,415,044 | 0.68 | 10,069,389 | 0.73 | — | |||||||||||||||
Investment Companies | 8,521,131 | 0.61 | 11,014,144 | 0.80 | — | |||||||||||||||
Warrants | 385,464 | 0.03 | 1,290,859 | 0.09 | — | |||||||||||||||
Cash and cash equivalents | 72,671,928 | 5.18 | 72,671,928 | 5.25 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||||
Total | $ | 1,402,212,778 | 100 | % | $ | 1,383,792,512 | 100 | % | ||||||||||||
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|
|
|
|
|
|
(1) | Based upon the par value of the Fund’s debt investments. |
The following table presents certain selected financial information regarding the debt investments in the Fund’s portfolio as of June 30, 2024 and December 31, 2023:
As of June 30, 2024 | As of December 31, 2023 | |||||||
Number of portfolio companies | 213 | 192 | ||||||
Percentage of debt bearing a floating rate(1) | 100 | % | 100 | % | ||||
Percentage of debt bearing a fixed rate(1) | 0 | % | 0 | % |
(1) | Measured on a fair value basis and excluding equity securities. |
The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of June 30, 2024:
As of June 30, 2024 | ||||||||||||||||
Amortized Cost | Percentage at Amortized Cost | Fair Value | Percentage at Fair Value | |||||||||||||
Performing | $ | 1,439,142,028 | 98.61 | % | 1,439,104,108 | 99.77 | % | |||||||||
Non-accrual | $ | 20,231,748 | 1.39 | % | 3,347,885 | 0.23 | % | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total | 1,459,373,776 | 100 | % | 1,442,451,993 | 100 | % | ||||||||||
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|
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|
|
|
The following table shows the amortized cost and fair value of the Fund’s performing and non-accrual debt investments as of December 31, 2023:
As of December 31, 2023 | ||||||||||||||||
Amortized Cost | Percentage at Amortized Cost | Fair Value | Percentage at Fair Value | |||||||||||||
Performing | $ | 1,284,803,925 | 98.51 | % | $ | 1,276,491,133 | 99.73 | % | ||||||||
Non-accrual | 19,420,825 | 1.49 | % | 3,477,399 | 0.27 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,304,224,750 | 100 | % | $ | 1,279,968,532 | 100 | % | ||||||||
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|
|
|
|
|
|
Generally, when interest and/or principal payments on a loan become past due, or if the Fund otherwise does not expect the borrower to be able to service its debt and other obligations, the Fund will place the loan on non-accrual status and will cease recognizing interest income on that loan for financial reporting purposes until all principal and interest have been brought current through payment or due to restructuring such that the interest income is deemed to be collectible. The Fund generally restores non-accrual loans to accrual status when past due principal and interest is paid and, in the management’s judgment, is likely to remain current. As of June 30, 2024 the Fund had thirteen investments, across four issuers, that were on non-accrual status. As of December 31, 2023, the Fund had twelve investments, with three issuers that were on non-accrual status.
74
The following tables show the composition of the investment portfolio (excluding cash and cash equivalents) by industry, at amortized cost and fair value as of June 30, 2024 and December 31, 2023 (with corresponding percentage of total portfolio investments):
As of June 30, 2024 | ||||||||||||||||
Amortized Cost | Percentage of Total | Fair Value | Percentage of Total | |||||||||||||
Business Services | $ | 11,896,234 | 0.80 | % | $ | 11,972,352 | 0.82 | % | ||||||||
Consumer Non-Cyclical | 48,100,327 | 3.22 | 47,082,058 | 3.18 | ||||||||||||
Digital Infrastructure & Services | 256,936,712 | 17.24 | 254,431,405 | 17.18 | ||||||||||||
Energy | 8,438,143 | 0.57 | 8,506,047 | 0.57 | ||||||||||||
Financials | 49,726,744 | 3.34 | 49,957,988 | 3.37 | ||||||||||||
Healthcare | 273,925,171 | 18.38 | 257,898,773 | 17.41 | ||||||||||||
Investment Companies | 16,158,534 | 1.09 | 19,853,827 | 1.34 | ||||||||||||
Software & Tech Services | 728,268,193 | 48.88 | 734,905,405 | 49.62 | ||||||||||||
Services | 96,568,124 | 6.48 | 96,350,223 | 6.51 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
$ | 1,490,018,182 | 100 | % | $ | 1,480,958,078 | 100 | % | |||||||||
|
|
|
|
|
|
|
|
As of December 31, 2023 | ||||||||||||||||
Amortized Cost | Percentage of Total | Fair Value | Percentage of Total | |||||||||||||
Business Services | $ | 90,152,210 | 6.79 | % | $ | 89,819,830 | 6.85 | % | ||||||||
Consumer Discretionary | 321,309 | 0.02 | 252,213 | 0.02 | ||||||||||||
Consumer Non-Cyclical | 54,231,874 | 4.08 | 53,735,223 | 4.10 | ||||||||||||
Digital Infrastructure & Services | 230,592,770 | 17.34 | 227,041,215 | 17.32 | ||||||||||||
Energy | 8,628,316 | 0.65 | 8,712,750 | 0.66 | ||||||||||||
Financials | 45,394,191 | 3.41 | 45,326,948 | 3.46 | ||||||||||||
Healthcare | 224,194,330 | 16.86 | 205,523,347 | 15.68 | ||||||||||||
Investment Companies | 7,814,562 | 0.59 | 10,130,654 | 0.77 | ||||||||||||
Software & Tech Services | 667,493,569 | 50.21 | 669,555,069 | 51.06 | ||||||||||||
Transport & Logistics | 717,719 | 0.05 | 1,023,335 | 0.08 | ||||||||||||
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|
|
|
|
|
| |||||||||
$ | 1,329,540,850 | 100 | % | $ | 1,311,120,584 | 100 | % | |||||||||
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|
|
|
|
|
The Adviser monitors the Fund’s portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Adviser has several methods of evaluating and monitoring the performance and fair value of the Fund’s investments, which may include the following:
• | assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; |
• | periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; |
• | comparisons to the Fund’s other portfolio companies in the industry, if any; |
• | attendance at and participation in board meetings or presentations by portfolio companies; and |
• | review of monthly and quarterly consolidated financial statements and financial projections of portfolio companies. |
75
Results of Operations
The following is a summary of the Fund’s operating results for the three and six months ended June 30, 2024 and June 30, 2023:
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total investment income | $ | 42,834,856 | $ | 36,287,203 | $ | 84,080,069 | $ | 69,131,994 | ||||||||
Total expenses | 29,741,774 | 25,651,098 | 57,932,391 | 47,456,742 | ||||||||||||
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|
|
|
|
|
| |||||||||
Net investment income before taxes | 13,093,082 | 10,636,105 | 26,147,678 | 21,675,252 | ||||||||||||
Income tax expense, including excise tax | 91,736 | 260,725 | 179,306 | 278,026 | ||||||||||||
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|
|
|
|
|
| |||||||||
Net investment income after tax | 13,001,346 | 10,375,380 | 25,968,372 | 21,397,226 | ||||||||||||
Net realized and change in unrealized appreciation (depreciation) on investments | 2,818,281 | (7,501,047 | ) | 9,461,735 | (2,973,182 | ) | ||||||||||
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|
|
|
|
|
| |||||||||
Net increase in net assets resulting from operations | 15,819,627 | 2,874,333 | 35,430,107 | 18,424,044 | ||||||||||||
Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC | (1,366 | ) | 516 | (2,697 | ) | 1,639 | ||||||||||
Net increase in net assets resulting from operations related to AB Private Credit Investors Corporation | $ | 15,820,993 | $ | 2,873,817 | 35,432,804 | $ | 18,422,405 | |||||||||
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Investment Income
During the three months ended June 30, 2024, the Fund’s investment income was comprised of $40,513,701 of interest income, which includes $1,378,494 from the net amortization of premium and accretion of discounts, $2,109,355 of payment-in-kind interest, and $211,800 of dividend income. During the three months ended June 30, 2023, the Fund’s investment income was comprised of $35,269,067 of interest income, which includes $1,713,508 from the net amortization of premium and accretion of discounts, $662,830 of payment-in-kind interest, and $355,306 of dividend income. The increase in net investment income during the three months ended June 30, 2024 compared to the three months ended June 30, 2023 can primarily be attributed to an increase in gross assets and interest rates.
During the six months ended June 30, 2024, the Fund’s investment income was comprised of $80,113,933 of interest income, which includes $2,721,734 from the net amortization of premium and accretion of discounts, and $3,667,307 of payment-in-kind interest, and $298,829 of dividend income. During the six months ended June 30, 2023, the Fund’s investment income was comprised of $67,028,005 of interest income, which includes $3,097,880 of the net amortization of premium and accretion of discounts, $1,696,231 of payment-in-kind interest, and $407,758 of dividend income. The increase in net investment income during the six months ended June 30, 2024, compared to the six months ended June 30, 2023, can primarily be attributed to an increase in gross assets and interest rates.
76
Operating Expenses
The following is a summary of the Fund’s operating expenses for the three and six months ended June 30, 2024 and June 30, 2023:
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Interest and borrowing expenses | $ | 19,893,019 | $ | 17,260,122 | $ | 38,834,928 | $ | 31,041,782 | ||||||||
Management fees | 4,911,685 | 4,204,038 | 9,558,202 | 8,142,942 | ||||||||||||
Income-based incentive fee | 3,250,337 | 2,600,473 | 6,492,093 | 5,355,077 | ||||||||||||
Professional fees | 682,635 | 681,896 | 1,230,680 | 1,197,209 | ||||||||||||
Administration and custodian fees | 325,977 | 294,109 | 508,469 | 558,564 | ||||||||||||
Insurance expenses | 131,362 | 135,986 | 262,725 | 271,972 | ||||||||||||
Directors’ fees | 10,296 | 69,875 | 139,750 | 139,750 | ||||||||||||
Transfer agent fees | 27,837 | 36,215 | 66,525 | 71,487 | ||||||||||||
Other expenses | 508,626 | 368,384 | 839,019 | 677,959 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 29,741,774 | 25,651,098 | 57,392,391 | 47,456,742 | ||||||||||||
Income tax expense, including excise tax | 91,736 | 260,725 | 179,306 | 278,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | $ | 29,833,510 | $ | 25,911,823 | $ | 58,111,697 | $ | 47,734,768 | ||||||||
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|
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|
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Interest and Borrowing Expenses
Interest and borrowing expenses include interest, amortization of debt issuance and deferred financing costs, upfront commitment fees and unused fees on the unused portion of the Revolving Credit Facilities, Secured Borrowings and the Notes issued in the CLO Transaction.
Interest and borrowing expenses for the three months ended June 30, 2024 and June 30, 2023 were $19,893,019 and $17,260,122, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 8.69% and 7.74% for the three months ended June 30, 2024 and June 30, 2023, respectively. The increase in interest and borrowing expenses during the three months ended June 30, 2024 compared to the three months ended June 30, 2023 can primarily be attributed to an increase in debt outstanding and interest rates.
Interest and borrowing expenses for the six months ended June 30, 2024 and June 30, 2023 were $38,834,928 and $31,041,782, respectively. The weighted average interest rate (excluding deferred upfront financing costs and unused fees) on the Fund’s debt outstanding was 8.73% and 7.50% for the six months ended June 30, 2024 and June 30, 2023, respectively. The increase in interest and borrowing expenses during the six months ended June 30, 2024 compared to the six months ended June 30, 2023 can primarily be attributed to an increase in debt outstanding and interest rates.
Management Fee
The gross management fee expenses for the three months ended June 30, 2024 and June 30, 2023 were $4,911,685 and $4,204,038, respectively. The increase in the management fee for the three months ended June 30, 2024 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.
The gross management fee expenses for the six months ended June 30, 2024 and June 30, 2023 were $9,558,202 and $8,142,942, respectively. The increase in the management fee for the six months ended June 30, 2024 was a result of the increase in average gross assets during this period, which are the basis used to calculate management fees.
77
Net Realized Gain (Loss) on Investments
During the three months ended June 30, 2024, the Fund had restructurings and sales which resulted in $64,233 of net realized gain. During the six months ended June 30, 2024, the Fund had restructurings and principal paydowns which resulted in $101,573 of net realized gain.
During the three months ended June 30, 2023, the Fund had restructurings and principal paydowns which resulted in $303,851 of net realized loss. During the six months ended June 30, 2023, the Fund had restructurings and principal paydowns which resulted in $298,398 of net realized loss.
Net Change in Unrealized Appreciation (Depreciation) on Investments
During the three months ended June 30, 2024, the Fund had $2,754,047 in net change in unrealized appreciation on $1,490,018,182 of investments in 213 portfolio companies. Net change in unrealized appreciation for the three months ended June 30, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.
During the three months ended June 30, 2023, the Fund had $7,197,196 in net change in unrealized depreciation on $1,253,961,805 of investments in 195 portfolio companies. Unrealized depreciation for the three months ended June 30, 2023, resulted from an decrease in fair value, primarily due to negative valuation adjustments on level 3 securities.
During the six months ended June 30, 2024, the Fund had $9,360,162 in net change in unrealized appreciation on $1,490,018,182 of investments in 213 portfolio companies. Net change in unrealized appreciation for the six months ended June 30, 2024, resulted from an increase in fair value, primarily due to positive valuation adjustments on level 3 securities.
During the six months ended June 30, 2023, the Fund had $2,674,784 in net change in unrealized depreciation on $1,253,961,805 of investments in 195 portfolio companies. Net change in unrealized depreciation for the six months ended June 30, 2023, resulted from a decrease in fair value, primarily due to negative valuation adjustments on debt securities, which were slightly offset by positive valuation adjustments on equity securities.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended June 30, 2024 and 2023, the net increase in net assets resulting from operations was $15,819,627 and $2,874,333, respectively. Based on the weighted average shares of common stock outstanding for the three months ended June 30, 2024 and 2023, the Fund’s per share net increase in net assets resulting from operations was $0.28 and $0.06, respectively.
For the six months ended June 30, 2024 and 2023, the net increase in net assets resulting from operations was $35,430,107 and $18,424,044, respectively. Based on the weighted average shares of common stock outstanding for the six months ended June 30, 2024 and 2023, the Fund’s per share net increase in net assets resulting from operations was $0.63 and $0.36, respectively
Cash Flows
For the six months June 30, 2024, cash decreased by $5,248,612. During the same period, the Fund used $131,259,927 in operating activities, primarily as a result of net purchases of investments. During the six months ended June 30, 2024, the Fund generated $126,011,315 from financing activities, primarily from net borrowings on the Revolving Credit Facilities and Issuance of Common Stock.
For the six months ended June 30, 2023, cash increased by $27,318,251. During the same period, the Fund used $71,685,716 in operating activities, primarily as a result of net purchases of investments. During the six months ended June 30, 2023, the Fund generated $99,003,967 from financing activities, primarily from issuance of common stock and issuance of new CLO Notes.
Hedging
The Fund may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective. For the six months ended June 30, 2024 and June 30, 2023, the Fund did not enter into any hedging contracts.
78
Financial Condition, Liquidity and Capital Resources
As of June 30, 2024, and December 31, 2023, the Fund had $67,423,316 and $72,671,928 in cash and cash equivalents, respectively. The Fund expects to generate cash primarily from (i) the net proceeds of the Private Offering, (ii) cash flows from the Fund’s operations, (iii) any financing arrangements now existing or that the Fund may enter into in the future and (iv) any future offerings of the Fund’s equity or debt securities. The Fund may fund a portion of its investments through borrowings from banks, or other large global institutions such as insurance companies, and issuances of senior securities.
The Fund’s primary use of funds from a credit facility will be investments in portfolio companies, cash distributions to holders of its common stock and the payment of operating expenses.
In the future, the Fund may also securitize or finance a portion of its investments with a special purpose vehicle. If the Fund undertakes a securitization transaction, the Fund will consolidate its allocable portion of the debt of any securitization subsidiary on its financial statements, and include such debt in the Fund’s calculation of the asset coverage test, if and to the extent required pursuant to the guidance of the staff of the SEC.
Cash and cash equivalents as of June 30, 2024, taken together with the Fund’s uncalled Capital Commitments of $105,720,487 and $9,000,000 undrawn amount on the 2021 HSBC Credit Facility and $20,750,000 undrawn amount on the Natixis Credit Facility, is expected to be sufficient for the Fund’s investing activities and to conduct the Fund’s operations for at least the next twelve months.
As of June 30, 2024, the Fund has unfunded commitments to fund future investments in the amount of $244,125,851, and contractual obligations in the form of Revolving Credit Facilities of $400,250,000, Notes of $543,408,239 and Secured Borrowings of $18,011,556.
Equity Activity
The Fund has the authority to issue 200,000,000 Shares.
The Fund has entered into Subscription Agreements with investors providing for the private placement of Shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitments on an as-needed basis upon the issuance of a capital draw down notice. As of June 30, 2024, the Fund received Capital Commitments of $690,233,884. Inception to June 30, 2024, the Fund received Capital Contributions to the Fund of $584,513,397. Proceeds from the issuances of Shares in respect of drawdown notices described below were used for investing activities and for other general corporate purposes.
Consistent with the Fund’s offering documents, beginning with the quarter ending March 31, 2021, the Fund was required to begin conducting quarterly General Tenders. Pursuant to the General Tender Program, at the Board’s discretion and in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, each stockholder is given the opportunity to tender Shares at a specific Purchase Price based on the Fund’s net asset value as of the last date of the quarter in which the General Tender is conducted. The Fund intends to conduct each General Tender to repurchase up to a certain percentage of the weighted average of the number of Shares outstanding during the three-month period prior to the quarter in which the General Tender is conducted, as determined by the Board. The General Tender Program includes numerous restrictions that limit stockholders’ ability to sell their Shares.
On May 24, 2024, the Fund commenced the Q2 2024 Tender Offer for up to 1,379,303 Shares. The Purchase Price for the Q2 2024 Tender Offer was $9.45 per Share and the Q2 2024 Tender Offer expired on June 30, 2024.
On March 01, 2024, the Fund commenced the Q1 2024 Tender Offer for up to 1,354,873 Shares. The Purchase Price for the Q1 2024 Tender Offer was $9.40 per Share and the Q1 2024 Tender Offer expired on March 31, 2024.
On February 24, 2023, the Fund commenced the Q1 2023 Tender Offer for up to 1,215,454 Shares. The Purchase Price for the Q1 2023 Tender Offer was $9.30 per Share and the Q1 2023 Tender Offer expired on March 31, 2023. On May 26, 2023, the Fund commenced the Q2 2023 Tender Offer for up to 1,255,610 Shares. The Purchase Price for the Q2 2023 Tender Offer was $9.16 per Share and the Q2 2023 Tender Offer expired on June 30, 2023.
Stockholders who tendered Shares in the Q1 2024 Tender Offer and Q1 2023 Tender Offer received a non-interest bearing, non-transferable promissory note entitling such stockholders to an amount in cash equal to the number of Shares accepted for purchase multiplied by the applicable Purchase Price.
79
The following is a summary of the Fund’s equity activity for the three and six months ended June 30, 2024 and June 30, 2023.
For the Three Months Ended June 30, 2024 | For the Three Months Ended June 30, 2023 | For the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2023 | |||||||||||||
Capital Commitments and Commitment Reductions | 23,409,725 | $ | 23,027,241 | $ | 53,025,368 | $ | 49,576,874 | |||||||||
Capital Commitments rescinded due to participation in General Tender Program and Commitment Reductions | $ | 4,880,000 | $ | 5,562,750 | $ | 11,383,400 | $ | 10,378,946 | ||||||||
Dividend reinvestments | $ | 6,968,153 | $ | 5,552,823 | $ | 13,880,864 | $ | 8,293,693 | ||||||||
Shares issued to investors under DRIP | 737,332 | 606,230 | 1,472,883 | 900,384 | ||||||||||||
Value of capital drawdown notices | $ | 24,483,147 | $ | 25,792,451 | $ | 46,151,106 | $ | 25,792,451 | ||||||||
Shares issued to investors under capital drawdown notices | 2,574,268 | 2,776,754 | 4,871,348 | 2,776,754 | ||||||||||||
Value of Shares purchased in General Tender Program | $ | 9,315,897 | $ | 4,225,901 | $ | 16,310,664 | $ | 10,063,894 | ||||||||
Shares purchased in General Tender Offer | 985,757 | 461,364 | 1,730,039 | 1,088,882 |
Distributions
Distributions to stockholders are recorded on the record date. To the extent that the Fund has income available, the Fund intends to distribute quarterly distributions to its stockholders. The Fund’s quarterly distributions, if any, will be determined by the Board. Any distributions to the Fund’s stockholders will be declared out of assets legally available for distribution.
The following table summarizes distributions declared during the six months ended June 30, 2024:
Date Declared | Record Date | Payment Date | Amount Per Share | Total Distributions | ||||||||||||
March 26, 2024 | March 26, 2024 | April 23, 2024 | $ | 0.23 | $ | 12,969,462 | ||||||||||
June 26, 2024 | June 26, 2024 | July 22, 2024 | $ | 0.21 | $ | 12,999,653 | ||||||||||
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Total distributions declared | $ | 25,969,115 | ||||||||||||||
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The following table summarizes distributions declared during the six months ended June 30, 2023:
Date Declared | Record Date | Payment Date | Amount Per Share | Total Distributions | ||||||||||||
March 29, 2023 | March 29, 2023 | April 25, 2023 | $ | 0.10 | $ | 5,139,617 | ||||||||||
June 28, 2023 | June 28, 2023 | July 24, 2023 | $ | 0.20 | $ | 10,402,344 | ||||||||||
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Total distributions declared | $ | 15,541,961 | ||||||||||||||
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The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Fund’s investment company taxable income for the full fiscal year and distributions paid during the full year. For the six months ended June 30, 2024, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.
To the extent the Fund’s taxable earnings fall below the total amount of its distributions paid for that fiscal year, a portion of those distributions may be deemed a return of capital to the Fund’s stockholders for U.S. federal income tax purposes. Thus, the source of a distribution to stockholders may be the original capital invested by the stockholder rather than the Fund’s income or gains.
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For the six months ended June 30, 2024, all of the Fund’s distributions to stockholders were attributable to ordinary income. The character of distributions for federal income tax purposes are determined in accordance with income tax regulations which may differ from GAAP. Stockholders should read any written disclosure accompanying a distribution payment carefully and should not assume that the source of any distribution is only ordinary income or gains.
Co-investment Exemptive Order
On August 6, 2018, the SEC granted the Fund relief sought in a new exemptive application that expands the co-investment exemptive relief previously granted to the Fund in October 2016 to allow the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, the Fund is permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Fund’s independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund’s stockholders and do not involve overreaching in respect of the Fund or the Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund’s stockholders and is consistent with the Fund’s investment objective and strategies. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order.
Revolving Credit Facilities
2021 HSBC Credit Facility
On November 15, 2017, the Fund entered into the HSBC Credit Agreement to establish the HSBC Credit Facility with the HSBC Administrative Agent and any other lender that became a party to the HSBC Credit Agreement in accordance with the terms of the HSBC Credit Agreement, as lenders. The Fund amended and restated the HSBC Credit Agreement on January 31, 2019, and on July 8, 2021, the Fund terminated the HSBC Credit Agreement and all outstanding loans thereunder were repaid and all obligations thereunder were released and terminated. Concurrent with the termination of the HSBC Credit Agreement, the Fund entered into the HSBC Joinder, pursuant to which the Fund became a party to the 2021 HSBC Credit Facility evidenced by the 2021 HSBC Credit Agreement. As of June 30, 2024, the Fund’s fund group facility sublimit under the 2021 HSBC Credit Facility was $30,000,000.
As of June 30, 2024, the Fund had $21,000,000 outstanding on the 2021 HSBC Credit Facility and the Fund was in compliance with the terms of the 2021 HSBC Credit Facility. As of December 31, 2023, the Fund had $8,000,000 outstanding on the 2021 HSBC Credit Facility.
For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.
Synovus Credit Facility
On October 15, 2020, ABPCIC Funding II entered into the Synovus Credit Facility. In connection with the Synovus Credit Facility, ABPCIC Funding II entered into, among other agreements, (i) the Synovus Loan Agreement, (ii) the securities account control agreement (the “Synovus Control Agreement”), by and among ABPCIC Funding II, the Synovus Collateral Agent and the Synovus Securities Intermediary and (iii) the amended and restated sale and contribution agreement (the “Synovus Transfer Agreement”) by and between the Fund, as seller, and ABPCIC Funding II, as purchaser.
Borrowings of ABPCIC Funding II are considered borrowings by the Fund for purposes of complying with the asset coverage requirements under the 1940 Act applicable to business development companies. As of June 30, 2024, the Fund had $200,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility. As of December 31, 2023, the Fund had $198,000,000 outstanding on the Synovus Credit Facility and the Fund was in compliance with the terms of the Synovus Credit Facility.
For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.
Natixis Credit Facility
On March 24, 2021, ABPCIC Funding III entered into a warehouse financing transaction (the “2021 Natixis Credit Facility”) with Natixis, New York Branch, as administrative agent and U.S. Bank as collateral agent, collateral administrator and custodian. The reinvestment period of ABPCIC Funding III expired on March 24, 2023. On May 3, 2023, ABPCIC Funding III merged with ABPCI Direct Lending Fund CLO XIII LTD (the “ABPCIC Funding III Merger”) as part of the closing of the CLO XIII Transaction (as defined below). The 2021 Natixis Credit Facility was terminated in connection with the ABPCIC Funding III Merger.
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On April 21, 2023, ABPCIC Funding IV entered into the Natixis Credit Facility with Natixis, New York Branch, as administrative agent (in such capacity, the “Natixis Administrative Agent”) and U.S. Bank Trust Company, National Association, as collateral agent (in such capacity, the “Natixis Collateral Agent”) and collateral administrator (in such capacity, the “Natixis Collateral Administrator”). In connection with the Natixis Credit Facility, ABPCIC Funding IV entered into, among other agreements, (i) the credit agreement (the “Natixis Credit Agreement”) among ABPCIC Funding IV, the lenders referred to therein, the Natixis Administrative Agent, the Natixis Collateral Agent and the Natixis Collateral Administrator, (ii) the account control agreement (the “Natixis Account Control Agreement”) among ABPCIC Funding IV, as debtor, the Natixis Collateral Agent, as secured party, and
U.S. Bank National Association, as securities intermediary (in such capacity, the Natixis Securities Intermediary”), (iii) the collateral management (in such capacity, the Natixis Collateral Manager”), (iv) the collateral administration agreement (the Natixis Collateral Administration Agreement”), among ABPCIC Funding IV, the Natixis Collateral Manager and the Natixis Collateral Administrator and (v) the master loan sale and contribution agreement between ABPCIC Funding IV and the Fund.
As of June 30, 2024, the Fund had $179,250,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility. As of December 31, 2023, the Fund had $105,500,000 outstanding on the Natixis Credit Facility and the Fund was in compliance with the terms of the Natixis Credit Facility.
The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $200,000,000. Borrowings under the Natixis Credit Agreement bear interest based on an adjusted term standard overnight financing rate for the relevant interest period or the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, plus an applicable spread. Interest is payable quarterly in arrears. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) April 21, 2033 (or such later date mutually agreed to by ABPCIC Funding IV and the Natixis Administrative Agent) or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Facility. Borrowing under Natixis Credit Facility is subject to certain restrictions contained in the 1940 Act.
For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.
Secured Borrowings
From time to time, the Fund may engage in sale/buy-back agreements, which are a type of secured borrowing. The amount, interest rate and terms of these agreements will be individually negotiated on a transaction-by-transaction basis. Each borrowing is secured by an interest in an underlying asset which is participated or assigned to the sale/buy-back counterparty for the duration of the agreement.
Outstanding Secured Borrowings pursuant to the Macquarie Sale/Buy-Back was $18,011,556 and $2,325,617 as of June 30, 2024, and December 31, 2023, respectively.
For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.
Debt Securitization
On August 9, 2019, ABPCI Direct Lending Fund CLO VI Ltd (the “VI Issuer”), an exempted company incorporated with limited liability under the laws of the Cayman Islands and a wholly-owned subsidiary of the Fund, and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the “VI Co-Issuer,” and together with the VI Issuer, the “VI Co-Issuers”), each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO VI Transaction. The stated reinvestment date was August 9, 2022.
The CLO VI indenture was refinanced under the terms of the first supplement indenture dated April 28, 2022 among the VI Issuer and U.S. Bank National Association, as trustee. As a result of the refinancing, the outstanding notes (other than the Subordinated Notes) under the indenture dated August 9, 2019 in the amount of $246,900,000 were paid off, and the unamortized debt discount and debt issuance costs were accelerated into interest and borrowing expenses on the consolidated statements of operations. The VI Issuer issued new notes as listed below, as well as additional Subordinated Notes in the amount of $7,720,000. The VI Issuer issued new notes, collectively, the “CLO VI Notes.”
The CLO VI Notes that remain outstanding as of June 30, 2024 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (“Term SOFR”) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; (v) $19,250,000 of Class B-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.10% per annum; and (vi) $20,125,000 of Class C-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum. The CLO VI Notes are scheduled to mature on April 27, 2034.
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The CLO VI Notes that remain outstanding as of December 31, 2023 were (i) $98,250,000 of Class A-1-R Senior Secured Floating Rate Notes, which bear interest at three-months Secured Overnight Financing Rate (“Term SOFR”) plus 1.83% per annum; (ii) $75,000,000 of Class A-1-L Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 1.83% per annum; (iii) $30,000,000 of Class A-1-F Senior Secured Fixed Rate Notes, which bear interest at 4.305% per annum; (iv) $43,500,000 of Class A-2-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 2.25% per annum; and (v) $19,250,000 of Class B-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 3.10% per annum; and (vi) $20,125,000 of Class C-R Senior Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.15% per annum. The CLO VI Notes are scheduled to mature on April 27, 2034.
The CLO VI Notes are the secured obligations of the VI Co-Issuers, and the indenture governing the CLO VI Notes includes customary covenants and events of default. The CLO VI Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Adviser serves as collateral manager to the VI Issuer pursuant to a collateral management agreement between the Adviser and the VI Issuer (the “CLO VI Collateral Management Agreement”). For so long as the Adviser serves as collateral manager to the VI Issuer, the Adviser will elect to irrevocably waive any base management fee or subordinated interest to which it may be entitled under the CLO VI Collateral Management Agreement. Pursuant to a new CLO notes issuance, collateral management fee is no longer charged as long as the Adviser serves as a collateral manager.
On May 3, 2023, ABPCI Direct Lending Fund CLO XIII LTD (“CLO XIII” or the “XIII Issuer”), a private company limited by shares incorporated under the laws of Jersey and a wholly-owned subsidiary of the Fund, and ABPCI Direct Lending Fund CLO XIII LLC, a limited liability company organized under the laws of the State of Delaware (the “XIII Co-Issuer,” and together with the XIII Issuer, the “XIII Co-Issuers”), ABPCI Direct Lending Fund CLO XIII First Static Subsidiary Ltd (the “First Static Subsidiary”) and ABPCI Direct Lending Fund CLO XIII Second Static Subsidiary Ltd (the “Second Static Subsidiary” and together with the First Static Subsidiary, the “Static Subsidiaries”, and together with the XIII Co-Issuers, the “XIII Issuer Entities”), each a newly formed special purpose vehicle, completed a $395,000,000 term debt securitization (the “CLO XIII Transaction”). The stated reinvestment date is April 27, 2027.
The CLO XIII Transaction was executed through a private placement and the notes offered (the “CLO XIII Notes”) that remain outstanding as of December 31, 2023 were (i) $228,000,000 of Class A Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 2.60% per annum; (ii) $36,000,000 of Class B Senior Secured Floating Rate Notes, which bear interest at Term SOFR plus 3.65% per annum; (iii) $36,000,000 of Class C Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 4.55% per annum; (iv) $28,000,000 of Class D Secured Deferrable Floating Rate Notes, which bear interest at Term SOFR plus 6.90% per annum; and (v) $67,000,000 of Subordinated Notes. The CLO XIII Notes are scheduled to mature on April 27, 2035.
The CLO XIII Notes are the secured obligations of the XIII Issuer Entities, and the indenture governing the CLO XIII Notes includes customary covenants and events of default. The CLO XIII Notes have not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from registration.
The Adviser serves as collateral manager to the XIII Issuer pursuant to a collateral management agreement between the Adviser and the XIII Issuer. For so long as the Adviser serves as collateral manager to the XIII Issuer, a collateral management fee shall not be charged.
For further details, see “Note 4. Borrowings,” to the Fund’s consolidated financial statements.
Co-investment Exemptive Order
On August 6, 2018, the SEC granted the Fund relief sought in a new exemptive application that expands the co-investment exemptive relief previously granted to the Fund in October 2016 to allow the Fund to co-invest in portfolio companies with Affiliated Funds in a manner consistent with its investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, the Fund is permitted to co-invest with Affiliated Funds, which the new exemptive relief defines to include affiliated managed accounts, if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Fund’s independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Fund and the Fund’s stockholders and do not involve overreaching in respect of the Fund or the Fund’s stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Fund’s stockholders and is consistent with the Fund’s investment objective and strategies. The Fund intends to co-invest with Affiliated Funds, subject to the conditions included in the Order.
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Asset Coverage
In accordance with the 1940 Act, the Fund has historically only been allowed to borrow amounts such that its “asset coverage,” as defined in the 1940 Act, is at least 200% after such borrowing, permitting the Fund to borrow up to one dollar for investment purposes for every one dollar of investor equity. “Asset coverage” generally refers to a company’s total assets, less all liabilities and indebtedness not represented by “senior securities,” as defined in the 1940 Act, divided by total senior securities representing indebtedness and, if applicable, preferred stock. “Senior securities” for this purpose includes borrowings from banks or other lenders, debt securities and preferred stock.
On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On July 5, 2018, the Board voted to approve the adoption of the reduced asset coverage ratio and separately recommended that Investors approve the reduced asset coverage requirements at the 2018 annual meeting of stockholders. On September 26, 2018, at the Fund’s 2018 annual meeting of stockholders, the Fund’s stockholders approved the reduction of the required minimum asset coverage ratio applicable to the Fund from 200% to 150%, which took effect on September 27, 2018. This reduction in the required minimum asset coverage ratio increases the amount of debt that the Fund is permitted to incur, permitting the Fund to borrow up to two dollars for investment purposes for every one dollar of investor equity.
As of June 30, 2024, and December 31, 2023, the Fund had total senior securities of $965,011,556 and $860,575,617, respectively, consisting of borrowings under the Revolving Credit Facilities, secured borrowings and the Notes, and had asset coverage ratios of 158% and 159%, respectively.
Critical Accounting Policies
Valuation of Investments
The Fund measures the value of its investments at fair value accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or “ASC Topic 820,” issued by the Financial Accounting Standards Board, or “FASB.” Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Pursuant to the amended SEC Rule 2a-5 of the 1940 Act, the Board designated the Adviser as the Fund’s “valuation designee.” In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight. Investments are valued at fair value as determined in good faith by our Adviser, as valuation designee, based on input of management, the audit committee and independent valuation firms that have been engaged to assist in the valuation of each portfolio investment without a readily available market quotation under a valuation policy. The Adviser principally carries out its fair value responsibilities through its Valuation Sub-Committee. This valuation process is conducted at the end of each fiscal quarter.
The audit committee of the Board (the “Audit Committee”) is also responsible for assisting the Adviser, as valuation designee in valuing investments that are not publicly traded or for which current market values are not readily available. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to portfolio investments for which market quotations are not readily available, the Adviser, as valuation designee and its senior investment team and independent valuation firms, is responsible for determining in good faith the fair value in accordance with the valuation policy approved by the Board. If more than one valuation method is used to measure fair value, the results are evaluated and weighted, as appropriate, considering the reasonableness of the range indicated by those results. The Fund considers a range of fair values based upon the valuation techniques utilized and selects the value within that range that was most representative of fair value based on current market conditions as well as other factors the Adviser’s senior investment team considers relevant.
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ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:
• | Level 1 – Quoted prices in active markets for identical investments. |
• | Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments at the reporting date). |
The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement is a Level 2 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability.
The determination of what constitutes “observable” requires significant judgment by the Fund. The Fund considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
Because of the inherent uncertainty of valuation for all fair value investments and interests, the Board’s determination of fair value may differ from the values that would have been used had a ready market existed, or that could have been (or will be) realized in an actual sale, and such differences could be material.
The value of any investment on any valuation date is intended to represent the fair value of such investment on such date based upon the amount at which the investment could be exchanged between willing parties, other than in a forced liquidation sale, and reflects the Board’s determination of fair value using the methodology described herein. Any valuation of an investment may not reflect the actual amount received by the Fund upon the liquidation of such investment.
The Fund’s investments will be primarily loans made to middle-market companies. These investments are mostly considered Level 3 assets under ASC Topic 820 because there is not usually a known or accessible market or market indices for these types of debt instruments and, thus, the Adviser’s senior investment team must estimate the fair value of these investment securities based on models utilizing unobservable inputs.
Management and Incentive Fees
The Fund will accrue for the base management fee and incentive fee. The accrual for the incentive fee includes the recognition of the incentive fee on unrealized capital gains, even though such incentive fee is neither earned nor payable to the Adviser until the gains are both realized and in excess of unrealized depreciation on investments. The amount of capital gains incentive fee expense related to the hypothetical liquidation of the portfolio (and assuming no other changes in realized or unrealized gains and losses) would only become payable to the Adviser in the event of a complete liquidation of the Fund’s portfolio as of period end and the termination of the Second Amended and Restated Advisory Agreement on such date. Also, it should be noted that the capital gains incentive fee expense fluctuates with the Fund’s overall investment results.
Federal Income Taxes
The Fund has elected to be treated, and to qualify annually, as a RIC under Subchapter M of the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes at least 90% of its net ordinary income and net short-term capital gains in excess of its net long-term capital losses, if any, to its stockholders. The Fund intends to distribute sufficient dividends to maintain its RIC status each year and the Fund does not anticipate paying any material federal income taxes in the future.
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
The Fund is subject to financial market risks, including changes in interest rates. To the extent that the Fund borrows money to make investments, the Fund’s net investment income is dependent upon the difference between the rate at which the Fund borrows funds and the rate at which the Fund invests these funds. In periods of rising interest rates, the Fund’s cost of funds would increase, which may reduce the Fund’s net investment income. Because the Fund expects that most of its investments will bear interest at floating rates, the Fund anticipates that an increase in interest rates would have a corresponding increase in the Fund’s interest income
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that would eventually offset any increase in the Fund’s cost of funds and, thus, net investment income would not be reduced significantly. The timing of interest rate resets on the Fund’s investments and the Fund’s debt may differ leading to a temporary increase or decrease in net investment income. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Fund’s net investment income. In addition, U.S. and global capital markets and credit markets have experienced a higher level of stress due to rising inflation, which has resulted in an increase in the level of volatility across such markets and a general decline in the value of the securities held by the Fund.
The Fund will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because the Fund expects that there will not be a readily available market for many of the investments in the Fund’s portfolio, the Fund expects to value many of its portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.
In connection with rising inflation, the U.S. Federal Reserve and other central banks have increased interest rates. A prolonged increase in interest rates could results in an increase in the Fund’s non-performing assets and a decrease in the value of its portfolio because the portfolio companies paying interest at such increasing floating rates may be unable to meet higher payment obligations. In periods of rising interest rates, the Fund’s cost of funds would increase, which, if not matched with the rising interest rates of its performing floating-rate assets, could result in a decrease in its net investment income. Incurring additional leverage will magnify the impact of an increase to the Fund’s cost of funds. A decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for the Fund’s capital that the decrease in interest rates may produce.
Assuming that the consolidated statement of assets and liabilities as of June 30, 2024, were to remain constant and that the Fund took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates.
Change in Interest Rates | Increase (Decrease) in Interest Income | Increase (Decrease) in Interest Expense | Net Increase (Decrease) in Net Investment Income | |||||||||
Down 25 basis points | $ | (3,698,437 | ) | $ | (2,187,500 | ) | $ | (1,510,937 | ) | |||
Up 100 basis points | 14,793,748 | 8,750,000 | 6,043,748 | |||||||||
Up 200 basis points | 29,587,496 | 17,500,000 | 12,087,496 | |||||||||
Up 300 basis points | 4,4381,244 | 26,250,000 | 18, 131,244 |
The above outcomes are estimates based on models that use assumptions, and such assumptions may not hold true should any of the listed scenarios occur. The table should be read in conjunction with the “Forward-Looking Statements” section to this quarterly report.
In addition, although the Fund does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Fund will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.
The Fund may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate the Fund against adverse changes in interest rates, they may also limit the Fund’s ability to participate in benefits of lower interest rates with respect to the Fund’s portfolio of investments with fixed interest rates.
Item 4. | Controls and Procedures |
As of the end of the period covered by this report, the Fund carried out an evaluation, under the supervision and with the participation of the Fund’s management, including the Fund’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Fund’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Fund’s Chief Executive Officer and Chief Financial Officer have concluded that the Fund’s current disclosure controls and procedures are effective in timely alerting them to material information relating to the Fund that is required to be disclosed by the Fund in the reports it files or submits under the Exchange Act.
There have been no changes in the Fund’s internal control over financial reporting that occurred during the Fund’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.
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Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Assumed Return on the Fund’s Portfolio (net of expenses) | (10.00 | )% | (5.00 | )% | (0.00 | )% | 5.00 | % | 10.00 | % | ||||||||||
Corresponding net return to holders of common stock assuming actual asset coverage as of June 30, 2024 (1) | (42.50 | )% | (28.50 | )% | (14.60 | )% | (0.60 | )% | 13.40 | % | ||||||||||
Corresponding net return to holders of common stock assuming 150% asset coverage (2) | (46.20 | )% | (31.20 | )% | (16.20 | )% | (1.20 | )% | 13.80 | % | ||||||||||
(1) | Assumes $1,560.0 million in total portfolio assets, $1,002.6 million in debt outstanding, $557.4 million in net assets, and an average cost of funds of 8.09%. Actual interest payments may be different. |
(2) | Assumes $1,560.0 million in total portfolio assets, $1,040.0 million in debt outstanding, $520.0 million in net assets, and an average cost of funds of 8.09%. Actual interest payments may be different. |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosure |
Item 5. | Other Information |
Item 6. | Exhibits |
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:
* | Filed herewith |
89
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AB PRIVATE CREDIT INVESTORS CORPORATION | ||||||
Date: August 14, 2024 | By: | /s/ J. Brent Humphries | ||||
J. Brent Humphries | ||||||
President and Chief Executive Officer | ||||||
(Principal Executive Officer) | ||||||
Date: August 14, 2024 | By: | /s/ Wesley Raper | ||||
Wesley Raper | ||||||
Chief Financial Officer and Treasurer | ||||||
(Principal Financial and Accounting Officer) |