| NC SLF Inc. | ||||||||||||||||||||
| CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) | ||||||||||||||||||||
| September 30, 2023 | ||||||||||||||||||||
| (dollars in thousands) | ||||||||||||||||||||
Portfolio Company (1) (2) | Footnotes | Investment | Spread Above Reference Rate (3) | Interest Rate (3) | Maturity Date | Par Amount | Amortized Cost | Fair Value | % of Net Assets (5) | |||||||||||
| Investments | ||||||||||||||||||||
| Debt Investments | ||||||||||||||||||||
| Air Freight & Logistics | ||||||||||||||||||||
| Kenco Group, Inc. | (4) | First Lien Term Loan | S + 5.00% | 10.40% | 11/15/2029 | 14,909 | 14,641 | 14,872 | 4.61% | |||||||||||
| Kenco Group, Inc. (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 5.00% | 10.40% | 11/15/2029 | 2,479 | (44) | (6) | 0.00% | |||||||||||
| Total Air Freight & Logistics | 14,597 | 14,866 | 4.61% | |||||||||||||||||
| Auto Components | ||||||||||||||||||||
| Randys Holdings, Inc. | (4) (7) | First Lien Term Loan | S + 6.50% | 11.90% | 11/1/2028 | 13,027 | 12,792 | 12,858 | 3.98% | |||||||||||
| Randys Holdings, Inc. (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 6.50% | 11.90% | 11/1/2028 | 4,375 | - | (56) | -0.02% | |||||||||||
| Total Auto Components | 12,792 | 12,802 | 3.96% | |||||||||||||||||
| Automobiles | ||||||||||||||||||||
| American Auto Auction Group | (4) | First Lien Term Loan | S + 5.00% | 10.40% | 12/30/2027 | 10,547 | 10,465 | 9,776 | 3.03% | |||||||||||
| Total Automobiles | 10,465 | 9,776 | 3.03% | |||||||||||||||||
| Chemicals | ||||||||||||||||||||
| Ascensus Specialties | (4) (7) | First Lien Term Loan | S + 4.35% | 9.67% | 6/30/2028 | 14,182 | 13,967 | 13,311 | 4.12% | |||||||||||
| Chroma Color Corporation (dba Chroma Color) | (4) | First Lien Term Loan | S + 5.75% | 11.15% | 4/21/2029 | 3,060 | 3,002 | 3,003 | 0.93% | |||||||||||
| Chroma Color Corporation (dba Chroma Color) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 5.75% | 11.15% | 4/21/2029 | 667 | (6) | (12) | 0.00% | |||||||||||
| Total Chemicals | 16,963 | 16,302 | 5.05% | |||||||||||||||||
| Commercial Services & Supplies | ||||||||||||||||||||
| Integrated Power Services | (4) | First Lien Term Loan | S + 4.50% | 9.82% | 11/22/2028 | 5,005 | 4,977 | 5,005 | 1.55% | |||||||||||
| Phaidon International | (4) (8) | First Lien Term Loan | S + 5.50% | 10.82% | 8/22/2029 | 18,457 | 18,297 | 18,166 | 5.63% | |||||||||||
| Total Commercial Services & Supplies | 23,274 | 23,171 | 7.18% | |||||||||||||||||
| Construction & Engineering | ||||||||||||||||||||
| MEI Rigging & Crating | (4) (11) | First Lien Term Loan | S + 6.50% | 11.82% | 6/29/2029 | 5,540 | 5,430 | 5,433 | 1.68% | |||||||||||
| MEI Rigging & Crating (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.50% | 11.82% | 6/29/2029 | 877 | (4) | (17) | -0.01% | |||||||||||
| WSB Engineering Holdings | (4) (11) | First Lien Term Loan | S + 6.00% | 11.40% | 8/31/2029 | 3,156 | 3,109 | 3,109 | 0.96% | |||||||||||
| WSB Engineering Holdings (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.00% | 11.40% | 8/31/2029 | 2,104 | (16) | (31) | -0.01% | |||||||||||
| Total Construction & Engineering | 8,519 | 8,494 | 2.62% | |||||||||||||||||
| Construction Materials | ||||||||||||||||||||
| Sciens Building Solutions, LLC | (4) (7) | First Lien Term Loan | S + 5.75% | 11.15% | 12/15/2027 | 10,043 | 9,892 | 9,703 | 3.01% | |||||||||||
| Sciens Building Solutions, LLC (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 5.75% | 11.15% | 12/15/2027 | 5,295 | 2,727 | 2,585 | 0.80% | |||||||||||
| Total Construction Materials | 12,619 | 12,288 | 3.81% | |||||||||||||||||
| Containers & Packaging | ||||||||||||||||||||
| Five Star Packing | (4) (11) | First Lien Term Loan | S + 4.25% | 9.65% | 5/5/2029 | 5,550 | 5,479 | 5,490 | 1.70% | |||||||||||
| Impact Parent Corporation (d/b/a Impact Environmental Group) | (4) | First Lien Term Loan | S + 6.00% | 11.47% | 3/23/2029 | 3,642 | 3,571 | 3,576 | 1.11% | |||||||||||
| Impact Parent Corporation (d/b/a Impact Environmental Group) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.00% | 11.47% | 3/23/2029 | 1,701 | 1,489 | 1,466 | 0.45% | |||||||||||
| Impact Parent Corporation (d/b/a Impact Environmental Group) (Incremental) | (4) (11) | First Lien Term Loan | S + 6.00% | 11.47% | 3/23/2029 | 746 | 732 | 733 | 0.23% | |||||||||||
| Impact Parent Corporation (d/b/a Impact Environmental Group) (Second Amendment Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.00% | 11.47% | 3/23/2029 | 3,294 | (16) | (60) | -0.02% | |||||||||||
| Pelican Products | (7) (10) | First Lien Term Loan | S + 4.25% | 9.65% | 12/29/2028 | 7,860 | 7,798 | 7,474 | 2.32% | |||||||||||
| Resource Label Group | (7) (10) | First Lien Term Loan | S + 4.25% | 9.57% | 7/7/2028 | 4,866 | 4,854 | 4,586 | 1.42% | |||||||||||
| Spartech | (4) (7) | First Lien Term Loan | S + 4.75% | 10.15% | 5/8/2028 | 9,849 | 9,849 | 8,301 | 2.57% | |||||||||||
| Total Containers & Packaging | 33,756 | 31,566 | 9.78% | |||||||||||||||||
| Distributors | ||||||||||||||||||||
| RTH Buyer LLC (dba Rhino Tool House) | (4) | First Lien Term Loan | S + 6.25% | 11.72% | 4/4/2029 | 4,689 | 4,600 | 4,650 | 1.44% | |||||||||||
| RTH Buyer LLC (dba Rhino Tool House) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.25% | 11.72% | 4/4/2029 | 1,096 | 526 | 522 | 0.16% | |||||||||||
| Total Distributors | 5,126 | 5,172 | 1.60% | |||||||||||||||||
| Diversified Consumer Services | ||||||||||||||||||||
| Apex Services Partners, LLC (Delayed Draw) (Incremental) | (4) (7) | First Lien Term Loan | S + 5.50% | 10.90% | 7/31/2025 | 4,838 | 4,823 | 4,838 | 1.50% | |||||||||||
| Apex Services Partners, LLC (Incremental) | (4) (7) (11) | First Lien Term Loan | S + 5.50% | 10.90% | 7/31/2025 | 4,838 | 4,807 | 4,838 | 1.50% | |||||||||||
| Excel Fitness | (4) (11) | First Lien Term Loan | S + 5.25% | 10.65% | 4/27/2029 | 11,880 | 11,761 | 11,470 | 3.55% | |||||||||||
| Total Diversified Consumer Services | 21,391 | 21,146 | 6.55% | |||||||||||||||||
| Diversified Financial Services | ||||||||||||||||||||
| KRIV Acquisition | (4) (11) | First Lien Term Loan | S + 6.50% | 11.90% | 7/6/2029 | 9,824 | 9,555 | 9,537 | 2.96% | |||||||||||
| KRIV Acquisition (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.50% | 11.90% | 7/6/2029 | 1,466 | (18) | (43) | -0.01% | |||||||||||
| Total Diversified Financial Services | 9,537 | 9,494 | 2.95% | |||||||||||||||||
| Electronic Equipment, Instruments & Components | ||||||||||||||||||||
| Infinite Bidco LLC (Infinite Electronics) (Incremental) | (4) (7) | First Lien Term Loan | S + 6.25% | 11.72% | 3/2/2028 | 2,517 | 2,450 | 2,451 | 0.76% | |||||||||||
| INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | (4) | First Lien Term Loan | S + 6.50% | 11.90% | 1/19/2029 | 6,983 | 6,858 | 6,926 | 2.15% | |||||||||||
| INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.50% | 11.90% | 1/19/2029 | 1,732 | (31) | (14) | 0.00% | |||||||||||
| Total Electronic Equipment, Instruments & Components | 9,277 | 9,363 | 2.91% | |||||||||||||||||
| Energy Equipment & Services | ||||||||||||||||||||
| Ovation Holdings, Inc. | (4) | First Lien Term Loan | S + 6.25% | 11.65% | 2/3/2029 | 7,048 | 6,905 | 6,938 | 2.15% | |||||||||||
| Ovation Holdings, Inc. (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.25% | 11.65% | 2/3/2029 | 1,665 | 535 | 528 | 0.16% | |||||||||||
| Total Energy Equipment & Services | 7,440 | 7,466 | 2.31% | |||||||||||||||||
| Food Products | ||||||||||||||||||||
| Bakeovations Intermediate, LLC (d/b/a Commercial Bakeries) | (4) (8) (11) | First Lien Term Loan | S + 6.25% | 11.65% | 9/25/2029 | 7,431 | 7,283 | 7,283 | 2.26% | |||||||||||
| Total Food Products | 7,283 | 7,283 | 2.26% | |||||||||||||||||
| Gas Utilities | ||||||||||||||||||||
| D&H United Fueling Solutions | (4) (11) | First Lien Term Loan | S + 5.50% | 10.90% | 9/16/2028 | 7,322 | 7,196 | 7,075 | 2.19% | |||||||||||
| D&H United Fueling Solutions (Delayed Draw) | (4) | First Lien Term Loan | S + 5.50% | 10.90% | 9/16/2028 | 2,330 | 2,311 | 2,252 | 0.70% | |||||||||||
| D&H United Fueling Solutions (Delayed Draw) (Incremental) | (4) (6) | First Lien Term Loan | S + 6.00% | 11.40% | 9/16/2028 | 1,090 | (5) | (16) | 0.00% | |||||||||||
| D&H United Fueling Solutions (Incremental) | (4) (11) | First Lien Term Loan | S + 6.00% | 11.40% | 9/16/2028 | 2,417 | 2,370 | 2,380 | 0.74% | |||||||||||
| Total Gas Utilities | 11,872 | 11,691 | 3.63% | |||||||||||||||||
| Health Care Providers & Services | ||||||||||||||||||||
| Forefront Dermatology | (7) (10) (11) | First Lien Term Loan | S + 4.25% | 9.57% | 4/2/2029 | 3,887 | 3,821 | 3,869 | 1.20% | |||||||||||
| Forefront Dermatology (Delayed Draw) | (7) (10) | First Lien Term Loan | S + 4.25% | 9.57% | 4/2/2029 | 728 | 728 | 725 | 0.22% | |||||||||||
| Gastro Health | (4) | First Lien Term Loan | S + 4.50% | 9.82% | 7/3/2028 | 8,275 | 8,227 | 7,989 | 2.48% | |||||||||||
| PromptCare | (4) (7) | First Lien Term Loan | S + 6.00% | 11.32% | 9/1/2027 | 9,238 | 9,135 | 9,110 | 2.82% | |||||||||||
| PromptCare (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 6.00% | 11.32% | 9/1/2027 | 2,436 | 1,426 | 1,405 | 0.45% | |||||||||||
| Sandlot Buyer, LLC (Prime Time Healthcare) | (4) | First Lien Term Loan | S + 6.00% | 11.47% | 9/19/2028 | 19,000 | 18,491 | 18,630 | 5.77% | |||||||||||
| SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) | (4) | First Lien Term Loan | S + 5.75% | 11.07% | 10/5/2029 | 7,784 | 7,632 | 7,688 | 2.38% | |||||||||||
| SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 5.75% | 11.07% | 10/5/2029 | 2,542 | 1,204 | 1,173 | 0.36% | |||||||||||
| Soliant Health | (10) | First Lien Term Loan | S + 4.11% | 9.43% | 3/31/2028 | 7,270 | 7,261 | 7,276 | 2.25% | |||||||||||
| Total Health Care Providers & Services | 57,925 | 57,865 | 17.93% | |||||||||||||||||
| Health Care Technology | ||||||||||||||||||||
| Acclaim MidCo, LLC (dba ClaimLogiQ) | (4) | First Lien Term Loan | S + 6.25% | 11.65% | 6/13/2029 | 3,888 | 3,812 | 3,814 | 1.18% | |||||||||||
| Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.25% | 11.65% | 6/13/2029 | 1,559 | (7) | (30) | -0.01% | |||||||||||
| Total Health Care Technology | 3,805 | 3,784 | 1.17% | |||||||||||||||||
| Household Durables | ||||||||||||||||||||
| All My Sons | (4) (11) | First Lien Term Loan | S + 4.75% | 10.07% | 10/25/2028 | 5,868 | 5,822 | 5,776 | 1.79% | |||||||||||
| Petmate | (7) (10) | First Lien Term Loan | L + 5.50% | 11.23% | 9/15/2028 | 12,786 | 12,687 | 8,388 | 2.60% | |||||||||||
| Total Household Durables | 18,509 | 14,164 | 4.39% | |||||||||||||||||
| Industrial Conglomerates | ||||||||||||||||||||
| ISG Merger Sub, LLC (dba Industrial Service Group) | (4) | First Lien Term Loan | S + 6.25% | 11.65% | 12/7/2028 | 5,724 | 5,620 | 5,678 | 1.76% | |||||||||||
| ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.25% | 11.65% | 12/7/2028 | 2,980 | 1,185 | 1,174 | 0.36% | |||||||||||
| Total Industrial Conglomerates | 6,805 | 6,852 | 2.12% | |||||||||||||||||
| Insurance | ||||||||||||||||||||
| Accession Risk Management Group, Inc. (fka RSC Acquisition) (Delayed Draw) | (4) (7) | First Lien Term Loan | S + 5.50% | 10.90% | 11/1/2026 | 11,329 | 11,329 | 11,065 | 3.43% | |||||||||||
| Patriot Growth Insurance Service (Delayed Draw) (Incremental) | (4) (6) (7) | First Lien Term Loan | S + 5.75% | 11.15% | 10/14/2028 | 8,969 | 5,759 | 5,589 | 1.73% | |||||||||||
| Total Insurance | 17,088 | 16,654 | 5.16% | |||||||||||||||||
| Internet and Direct Marketing Retail | ||||||||||||||||||||
| Xpressmyself.com LLC (a/k/a SmartSign) | (4) | First Lien Term Loan | S + 5.50% | 10.90% | 9/7/2028 | 7,326 | 7,264 | 7,187 | 2.23% | |||||||||||
| XpressMyself.com LLC (a/k/a SmartSign) (Incremental) | (4) | First Lien Term Loan | S + 5.75% | 11.15% | 9/7/2028 | 2,686 | 2,634 | 2,661 | 0.82% | |||||||||||
| Total Internet and Direct Marketing Retail | 9,898 | 9,848 | 3.05% | |||||||||||||||||
| IT Services | ||||||||||||||||||||
| Evergreen Services Group | (4) (7) | First Lien Term Loan | S + 6.25% | 11.65% | 6/15/2029 | 9,117 | 8,959 | 8,856 | 2.74% | |||||||||||
| Evergreen Services Group (Delayed Draw) | (4) (7) | First Lien Term Loan | S + 6.25% | 11.65% | 6/15/2029 | 2,181 | 2,163 | 2,119 | 0.66% | |||||||||||
| Total IT Services | 11,122 | 10,975 | 3.40% | |||||||||||||||||
| Leisure Products | ||||||||||||||||||||
| TouchTunes Interactive | (4) | First Lien Term Loan | S + 5.00% | 10.47% | 4/2/2029 | 7,574 | 7,509 | 7,511 | 2.33% | |||||||||||
| Total Leisure Products | 7,509 | 7,511 | 2.33% | |||||||||||||||||
| Machinery | ||||||||||||||||||||
| Hyperion | (4) | First Lien Term Loan | S + 4.50% | 9.82% | 8/28/2028 | 4,261 | 4,247 | 4,261 | 1.32% | |||||||||||
| Total Machinery | 4,247 | 4,261 | 1.32% | |||||||||||||||||
| Personal Products | ||||||||||||||||||||
| Protective Industrial Products (“PIP”) | (4) (7) | First Lien Term Loan | S + 5.00% | 10.32% | 12/29/2027 | 2,355 | 2,265 | 2,355 | 0.73% | |||||||||||
| Total Personal Products | 2,265 | 2,355 | 0.73% | |||||||||||||||||
| Pharmaceuticals | ||||||||||||||||||||
| Wellspring Pharmaceutical | (4) | First Lien Term Loan | S + 6.00% | 11.47% | 8/22/2028 | 3,387 | 3,330 | 3,281 | 1.02% | |||||||||||
| Wellspring Pharmaceutical (Delayed Draw) | (4) | First Lien Term Loan | S + 5.75% | 11.22% | 8/22/2028 | 1,575 | 1,565 | 1,526 | 0.47% | |||||||||||
| Wellspring Pharmaceutical (Delayed Draw) (Incremental) | (4) (6) | First Lien Term Loan | S + 6.00% | 11.47% | 8/22/2028 | 7,975 | (36) | (104) | -0.03% | |||||||||||
| Wellspring Pharmaceutical (Incremental) | (4) | First Lien Term Loan | S + 6.00% | 11.47% | 8/22/2028 | 2,652 | 2,602 | 2,617 | 0.81% | |||||||||||
| Total Pharmaceuticals | 7,461 | 7,320 | 2.27% | |||||||||||||||||
| Professional Services | ||||||||||||||||||||
| AG Group Holdings, Inc. | (10) | First Lien Term Loan | S + 4.00% | 9.32% | 12/29/2028 | 10,377 | 10,358 | 10,255 | 3.18% | |||||||||||
| ALKU Intermediate Holdings, LLC | (4) | First Lien Term Loan | S + 6.25% | 11.57% | 5/22/2029 | 3,987 | 3,909 | 3,912 | 1.21% | |||||||||||
| KENG Acquisition | (4) (7) (11) | First Lien Term Loan | S + 6.25% | 11.65% | 8/1/2029 | 4,668 | 4,598 | 4,601 | 1.43% | |||||||||||
| KENG Acquisition (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 6.25% | 11.65% | 8/1/2029 | 4,497 | 569 | 516 | 0.16% | |||||||||||
| LSCS Holdings Inc. | (10) | First Lien Term Loan | S + 4.61% | 9.93% | 12/16/2028 | 11,112 | 11,066 | 10,975 | 3.40% | |||||||||||
| Orion Group FM Holdings | (4) (11) | First Lien Term Loan | S + 6.25% | 11.65% | 7/3/2029 | 7,771 | 7,656 | 7,661 | 2.37% | |||||||||||
| Orion Group FM Holdings (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.25% | 11.65% | 7/3/2029 | 5,828 | (14) | (83) | -0.03% | |||||||||||
| Total Professional Services | 38,142 | 37,837 | 11.72% | |||||||||||||||||
| Software | ||||||||||||||||||||
| BusinesSolver | (4) (7) | First Lien Term Loan | S + 5.50% | 10.90% | 12/1/2027 | 8,847 | 8,780 | 8,774 | 2.72% | |||||||||||
| BusinesSolver (Delayed Draw) | (4) (6) (7) | First Lien Term Loan | S + 5.50% | 10.90% | 12/1/2027 | 2,416 | 197 | 185 | 0.06% | |||||||||||
| Revalize (Delayed Draw) | (4) (7) | First Lien Term Loan | S + 5.75% | 11.15% | 4/15/2027 | 1,284 | 1,275 | 1,219 | 0.38% | |||||||||||
| Revalize (Delayed Draw) | (4) (7) | First Lien Term Loan | S + 5.75% | 11.15% | 4/15/2027 | 287 | 286 | 272 | 0.08% | |||||||||||
| Revalize (Delayed Draw) | (4) (7) | First Lien Term Loan | S + 5.75% | 11.15% | 4/15/2027 | 4,999 | 4,986 | 4,746 | 1.47% | |||||||||||
| Total Software | 15,524 | 15,196 | 4.71% | |||||||||||||||||
| Transportation Infrastructure | ||||||||||||||||||||
| FSK Pallet Holding Corp. (DBA Kamps Pallets) | (4) (11) | First Lien Term Loan | S + 5.50% | 10.90% | 12/23/2026 | 8,663 | 8,521 | 8,420 | 2.61% | |||||||||||
| Transit Buyer LLC (dba“Propark”) | (4) | First Lien Term Loan | S + 6.25% | 11.72% | 1/31/2029 | 5,909 | 5,803 | 5,859 | 1.82% | |||||||||||
| Transit Buyer LLC (dba“Propark”) (Delayed Draw) | (4) (6) | First Lien Term Loan | S + 6.25% | 11.72% | 1/31/2029 | 2,699 | (48) | (22) | -0.01% | |||||||||||
| Total Transportation Infrastructure | 14,276 | 14,257 | 4.42% | |||||||||||||||||
| Total Debt Investments | 419,487 | 409,759 | 126.97% | |||||||||||||||||
| Cash Equivalents | (9) | 31,090 | 31,090 | 9.63% | ||||||||||||||||
| Total Investments | $ | 450,577 | $ | 440,849 | 136.60% | |||||||||||||||
(1) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities. |
(2) Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States. |
(3) The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which reset monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at September 30, 2023. As of September 30, 2023, rate for 1M S, 3M S, 6M S, 12 M S are 5.32%, 5.40%, 5.47%, and 5.47% respectively. As of September 30, 2023, one investment, Petmate, bear interest at rates determined by London Interbank Offered Rate ("LIBOR"). The rate set for each contract was determined prior to the cessation of LIBOR. The effective LIBOR rate for Petmate, as of September 30, 2023, was 5.73%. Certain investments are subject to a SOFR/LIBOR floor. For fixed rate loans, a spread above a reference rate is not applicable. |
(4) Investment valued using unobservable inputs (Level 3). |
(5) Percentage is based on net assets of $322,717 as of September 30, 2023 |
(6) Position is an unfunded loan commitment, and no interest is being earned. The investment may be subject to an unused/letter of credit facility fee. |
(7) Investment is a unitranche position. |
(8) This portfolio company is not domiciled in the United States. The principal place of business for Phaidon International is the United Kingdom and the principal place of business for Bakeovations, LLC (d/b/a Commercial Bakeries) is Canada. |
(9) Cash equivalents balance represents amounts held in interest-bearing money market funds issued by U.S. Bank National Association and by First American Government Obligations Fund - Class Z. |
(10) Investments valued using observable inputs (Level 2) |
| (11) Denotes that all or a portion of the assets are owned by SPV I (as defined in Note 1 “Organization”). SPV I entered into a loan and security agreement (the “ABL Facility”) on April 27, 2023. The lenders of the ABL Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Fund. |
