| Investments |
Investments At September 30, 2024, the Company's investments consisted of the following: Investment Cost and Fair Value by Type | | | | | | | | | | | | | | Cost | | Fair Value | | First lien | $ | 2,083,293 | | | $ | 2,072,485 | | | Second lien | 260,689 | | | 250,871 | | | Subordinated | 120,011 | | | 109,811 | | | Equity and other | 802,320 | | | 832,104 | | | Total investments | $ | 3,266,313 | | | $ | 3,265,271 | |
Investment Cost and Fair Value by Industry | | | | | | | | | | | | | | | Cost | | Fair Value | | | Software | $ | 930,735 | | | $ | 926,639 | | | | Business Services | 583,812 | | | 575,852 | | | | Healthcare | 521,248 | | | 508,572 | | | | Investment Funds (includes investments in joint ventures) | 272,400 | | | 272,400 | | | | Consumer Services | 198,419 | | | 198,868 | | | | Education | 202,259 | | | 187,313 | | | | Financial Services | 120,049 | | | 125,294 | | | | Net Lease | 93,649 | | | 124,880 | | | | Distribution & Logistics | 114,318 | | | 115,361 | | | | Packaging | 67,398 | | | 68,538 | | | | Energy | 66,746 | | | 64,808 | | | | Food & Beverage | 38,612 | | | 40,852 | | | | Business Products | 26,672 | | | 26,692 | | | | Consumer Products | 20,639 | | | 19,177 | | | | Specialty Chemicals & Materials | 9,357 | | | 10,025 | | | | Total investments | $ | 3,266,313 | | | $ | 3,265,271 | | |
At December 31, 2023, the Company’s investments consisted of the following: Investment Cost and Fair Value by Type | | | | | | | | | | | | | | Cost | | Fair Value | | First lien | $ | 1,709,247 | | | $ | 1,683,952 | | | Second lien | 472,930 | | | 424,513 | | | Subordinated | 100,236 | | | 90,948 | | | Equity and other | 755,795 | | | 811,909 | | | Total investments | $ | 3,038,208 | | | $ | 3,011,322 | |
Investment Cost and Fair Value by Industry | | | | | | | | | | | | | | Cost | | Fair Value | | Software | $ | 815,065 | | | $ | 809,401 | | | Business Services | 561,492 | | | 539,926 | | | Healthcare | 516,086 | | | 477,854 | | | Investment Funds (includes investments in joint ventures) | 252,400 | | | 252,400 | | | Education | 188,851 | | | 211,550 | | | Consumer Services | 192,796 | | | 192,501 | | | Net Lease | 95,782 | | | 118,407 | | | Distribution & Logistics | 118,212 | | | 110,721 | | | Financial Services | 104,330 | | | 105,138 | | | Energy | 61,108 | | | 65,170 | | | Packaging | 43,181 | | | 36,007 | | | Specialty Chemicals & Materials | 25,329 | | | 28,452 | | | Business Products | 22,630 | | | 22,628 | | | Food & Beverage | 20,370 | | | 22,055 | | | Consumer Products | 20,576 | | | 19,112 | | | Total investments | $ | 3,038,208 | | | $ | 3,011,322 | |
During the second quarter of 2022, the Company placed its second lien position in National HME, Inc. ("National HME") on non-accrual status. As of September 30, 2024, the Company's second lien position in National HME had an aggregate cost basis of $7,872, an aggregate fair value of $3,000 and total unearned interest income of $535 and $1,543, respectively, for the three and nine months then ended. As of September 30, 2024, the Company's aggregate principal amount of its subordinated position and first lien term loans in American Achievement Corporation ("AAC") was $5,230 and $31,406, respectively. During the first quarter of 2021, the Company placed an aggregate principal amount of $5,230 of its subordinated position on non-accrual status. During the third quarter of 2021, the Company placed an initial aggregate principal amount of $13,479 of its first lien term loans on non-accrual status. During the third quarter of 2023, the Company placed the remaining aggregate principal amount of $17,927 of its first lien term loans on non-accrual status. As of September 30, 2024, the Company's positions in AAC on non-accrual status had an aggregate cost basis of $31,370, an aggregate fair value of $17,999 and total unearned interest income of $1,299 and $3,684, respectively, for the three and nine months then ended. During the first quarter of 2020, the Company placed its junior preferred shares in UniTek Global Services, Inc. ("UniTek") on non-accrual status. As of September 30, 2024, the Company's junior preferred shares in UniTek had an aggregate cost basis of $34,393, an aggregate fair value of $0 and total unearned dividend income of $2,221 and $6,448, respectively, for the three and nine months then ended. During the third quarter of 2021, the Company placed an aggregate amount of $19,795 of its investment in the senior preferred shares of UniTek on non-accrual status. As of September 30, 2024, the Company's senior preferred shares in UniTek had an aggregate cost basis of $19,795, an aggregate fair value of approximately $2,407 and total unearned dividend income of approximately $1,725 and $4,943, respectively, for the three and nine months then ended. During the second quarter of 2024, the Company placed its junior preferred shares in Eclipse Topco Holdings, Inc. (fka Transcendia Holdings, Inc.) ("Transcendia") on non-accrual status. As of September 30, 2024, the Company's junior preferred shares in Transcendia had an aggregate cost basis of $2,565, an aggregate fair value of $2,702 and total unearned income of $106 and $150, respectively, for the three and nine months then ended. For a discussion of the Company's unfunded commitments, see Note 9. Commitments and Contingencies. PPVA Black Elk (Equity) LLC On May 3, 2013, the Company entered into a collateralized securities purchase and put agreement (the “SPP Agreement”) with a private hedge fund. Under the SPP Agreement, the Company purchased twenty million Class E Preferred Units of Black Elk Energy Offshore Operations, LLC (“Black Elk”) for $20,000 with a corresponding obligation of the private hedge fund, PPVA Black Elk (Equity) LLC, to repurchase the preferred units for $20,000 plus other amounts due under the SPP Agreement. The majority owner of Black Elk was the private hedge fund. In August 2014, the Company received a payment of $20,540, the full amount due under the SPP Agreement. In August 2017, a trustee (the “Trustee”) for Black Elk informed the Company that the Trustee intended to assert a fraudulent conveyance claim (the “Claim”) against the Company and one of its affiliates seeking the return of the $20,540 repayment. Black Elk filed a Chapter 11 bankruptcy petition pursuant to the U.S. Bankruptcy Code in August 2015. The Trustee alleged that individuals affiliated with the private hedge fund conspired with Black Elk and others to improperly use proceeds from the sale of certain Black Elk assets to repay, in August 2014, the private hedge fund’s obligation to the Company under the SPP Agreement. The Company was unaware of these claims at the time the repayment was received. The private hedge fund is currently in liquidation under the laws of the Cayman Islands. On December 22, 2017, the Company settled the Trustee’s $20,540 Claim for $16,000 and filed a claim with the Cayman Islands joint official liquidators of the private hedge fund for $16,000 that is owed to the Company under the SPP Agreement. The SPP Agreement was restored and is in effect since repayment has not been made. The Company continues to exercise its rights under the SPP Agreement and continues to monitor the liquidation process of the private hedge fund. During the year ended December 31, 2018, the Company received a $1,500 payment from its insurance carrier in respect to the settlement. As of September 30, 2024 and December 31, 2023, the SPP Agreement had a cost basis of $14,500 and $14,500, respectively and a fair value of $6,525 and $7,975, respectively, which is reflective of the higher inherent risk in this transaction. NMFC Senior Loan Program III LLC NMFC Senior Loan Program III LLC ("SLP III") was formed as a Delaware limited liability company and commenced operations on April 25, 2018. SLP III is structured as a private joint venture investment fund between the Company and SkyKnight Income II, LLC (“SkyKnight II”) and operates under a limited liability company agreement (the "SLP III Agreement"). The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP III, which has equal representation from the Company and SkyKnight II. SLP III had a five year investment period and will continue in existence until July 8, 2029. On July 3, 2024, the investment period was extended until July 8, 2027. The investment period may be extended for up to one year pursuant to certain terms of the SLP III Agreement. SLP III is capitalized with equity contributions which are called from its members, on a pro-rata basis based on their equity commitments, as transactions are completed. Any decision by SLP III to call down on capital commitments requires approval by the board of managers of SLP III. As of September 30, 2024, the Company and SkyKnight II have committed and contributed $160,000 and $40,000, respectively, of equity to SLP III. The Company’s investment in SLP III is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023. On May 2, 2018, SLP III entered into its revolving credit facility with Citibank, N.A. As of the amendment on July 3, 2024, the maturity date of SLP III's revolving credit facility was extended from January 8, 2026 to January 8, 2029, and the reinvestment period was extended from July 8, 2026 to July 8, 2027. As of the amendment on July 3, 2024, during the reinvestment period, the credit facility bears interest at a rate of the Secured Overnight Financing Rate ("SOFR") plus 1.65%, and after the reinvestment period it will bear interest at a rate of SOFR plus 1.95%. From June 23, 2023 to July 3, 2024, during the reinvestment period, the credit facility bore interest at a rate of the SOFR plus 1.80%, and after the reinvestment period it bore interest at a rate of SOFR plus 2.10%. Prior to the amendment on June 23, 2023, the facility bore interest at a rate of London Interbank Offered Rate ("LIBOR") plus 1.60% per annum during the reinvestment period and LIBOR plus 1.90% per annum after the reinvestment period. As of September 30, 2024, SLP III's revolving credit facility has a maximum borrowing capacity of $600,000. As of September 30, 2024 and December 31, 2023, SLP III had total investments with an aggregate fair value of approximately $680,676 and $636,560, respectively, and debt outstanding under its credit facility of $473,200 and $453,200, respectively. As of September 30, 2024 and December 31, 2023, none of SLP III's investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP III had unfunded commitments in the form of delayed draws of $1,768 and $1,127, respectively. Below is a summary of SLP III's portfolio, along with a listing of the individual investments in SLP III's portfolio as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | First lien investments (1) | | $ | 694,510 | | | $ | 657,208 | | | Weighted average interest rate on first lien investments (2) | | 9.07 | % | | 9.79 | % | | Number of portfolio companies in SLP III | | 88 | | | 87 | | | Largest portfolio company investment (1) | | $ | 17,743 | | | $ | 17,883 | | | Total of five largest portfolio company investments (1) | | $ | 80,382 | | | $ | 79,458 | |
(1)Reflects principal amount or par value of investment. (2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. The following table is a listing of the individual investments in SLP III's portfolio as of September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Funded Investments - First lien | | | | | | | | | | | | | | | | | | ADMI Corp. (aka Aspen Dental) | | Healthcare | | SOFR(M) | | 3.75% | | 8.71% | | 12/2027 | | $ | 2,358 | | | $ | 2,351 | | | $ | 2,313 | | | AG Parent Holdings, LLC | | Healthcare | | SOFR(Q) | | 5.00% | | 10.32% | | 07/2026 | | 7,237 | | | 7,226 | | | 6,731 | | | Ardonagh Midco 3 Limited | | Financial Services | | SOFR (Q) | | 3.75% | | 8.35% | | 02/2031 | | 9,400 | | | 9,353 | | | 9,420 | | | Aretec Group, Inc. (fka RCS Capital Corporation) | | Financial Services | | SOFR(M) | | 4.00% | | 8.85% | | 08/2030 | | 6,577 | | | 6,444 | | | 6,453 | | | Ascensus Group Holdings, Inc. | | Business Services | | SOFR(M) | | 3.50% | | 8.46% | | 08/2028 | | 2,795 | | | 2,785 | | | 2,798 | | | AssuredPartners, Inc | | Business Services | | SOFR(M) | | 3.50% | | 8.35% | | 02/2031 | | 1,960 | | | 1,958 | | | 1,961 | | | Aston FinCo S.a r.l. | | Software | | SOFR(M) | | 4.25% | | 9.21% | | 10/2026 | | 5,730 | | | 5,711 | | | 5,469 | | | Asurion, LLC | | Business Services | | SOFR(M) | | 4.25% | | 9.20% | | 08/2028 | | 13,167 | | | 13,068 | | | 12,992 | | | athenahealth Group Inc. | | Healthcare | | SOFR(M) | | 3.25% | | 8.10% | | 02/2029 | | 6,790 | | | 6,589 | | | 6,759 | | | Bach Finance Limited | | Education | | SOFR(Q) | | 3.75% | | 8.81% | | 02/2031 | | 2,129 | | | 2,124 | | | 2,144 | | | Bayou Intermediate II, LLC | | Healthcare | | SOFR(Q) | | 4.50% | | 10.01% | | 08/2028 | | 3,969 | | | 3,947 | | | 3,890 | | | BCPE Empire Holdings, Inc. | | Distribution & Logistics | | SOFR(M) | | 4.00% | | 8.85% | | 12/2028 | | 7,421 | | | 7,362 | | | 7,433 | | | Bella Holding Company, LLC | | Healthcare | | SOFR(M) | | 3.75% | | 8.70% | | 05/2028 | | 7,820 | | | 7,799 | | | 7,834 | | | BIFM CA Buyer Inc. | | Business Services | | SOFR(M) | | 4.25% | | 9.10% | | 05/2028 | | 3,580 | | | 3,538 | | | 3,598 | | | Boxer Parent Company Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.01% | | 07/2031 | | 15,321 | | | 15,283 | | | 15,301 | | | Bracket Intermediate Holding Corp. | | Healthcare | | SOFR(Q) | | 5.00% | | 9.70% | | 05/2028 | | 14,146 | | | 13,820 | | | 14,228 | | | Brown Group Holding, LLC | | Distribution & Logistics | | SOFR(Q) | | 2.75% | | 7.84% | | 07/2031 | | 2,704 | | | 2,653 | | | 2,701 | | | BW Holding, Inc. | | Packaging | | SOFR(Q) | | 4.00% | | 9.21% | | 12/2028 | | 2,750 | | | 2,591 | | | 2,542 | | | Cardinal Parent, Inc. | | Software | | SOFR(Q) | | 4.50% | | 9.25% | | 11/2027 | | 9,746 | | | 9,601 | | | 9,128 | | | CE Intermediate I, LLC | | Software | | SOFR(Q) | | 3.50% | | 8.76% | | 11/2028 | | 10,728 | | | 10,679 | | | 10,758 | | | Chrysaor Bidco S.a r.l. | | Information Services | | SOFR (Q) | | 3.50% | | 8.10% | | 07/2031 | | 2,131 | | | 2,131 | | | 2,143 | | | Cloudera, Inc. | | Software | | SOFR(M) | | 3.75% | | 8.70% | | 10/2028 | | 12,527 | | | 12,355 | | | 12,235 | | | CommerceHub, Inc. | | Software | | SOFR(M) | | 6.25% | | 11.35% | | 12/2027 | | 3,930 | | | 3,582 | | | 3,930 | | | CommerceHub, Inc. | | Software | | SOFR(M) | | 4.00% | | 9.20% | | 12/2027 | | 6,899 | | | 6,837 | | | 6,432 | | | Confluent Health, LLC | | Healthcare | | SOFR(M) | | 4.00% | | 8.96% | | 11/2028 | | 9,719 | | | 9,686 | | | 9,525 | | | Confluent Medical Technologies, Inc. | | Healthcare | | SOFR(Q) | | 3.75% | | 8.35% | | 02/2029 | | 6,825 | | | 6,802 | | | 6,853 | | | ConnectWise, LLC | | Software | | SOFR(Q) | | 3.50% | | 8.37% | | 09/2028 | | 7,979 | | | 7,960 | | | 7,983 | | | Convey Health Solutions, Inc. | | Healthcare | | SOFR(Q) | | 1.00% + 4.25%/PIK | | 9.95% | | 07/2029 | | 8,812 | | | 8,667 | | | 7,979 | | | Cornerstone OnDemand, Inc. | | Software | | SOFR(M) | | 3.75% | | 8.71% | | 10/2028 | | 2,566 | | | 2,558 | | | 2,406 | | | CVET Midco 2, L.P. | | Software | | SOFR(Q) | | 5.00% | | 9.60% | | 10/2029 | | 9,831 | | | 9,453 | | | 9,355 | | | Dealer Tire Financial, LLC | | Distribution & Logistics | | SOFR(M) | | 3.50% | | 8.35% | | 07/2031 | | 11,580 | | | 11,523 | | | 11,628 | | | DG Investment Intermediate Holdings 2, Inc. | | Business Services | | SOFR(M) | | 3.75% | | 8.71% | | 03/2028 | | 10,314 | | | 10,283 | | | 10,298 | | | Discovery Purchaser Corporation | | Specialty Chemicals & Materials | | SOFR(Q) | | 4.38% | | 9.69% | | 10/2029 | | 9,468 | | | 9,009 | | | 9,436 | | | Dispatch Acquisition Holdings, LLC | | Industrial Services | | SOFR(Q) | | 4.25% | | 9.00% | | 03/2028 | | 15,329 | | | 15,040 | | | 14,020 | | | EAB Global, Inc. | | Education | | SOFR(M) | | 3.25% | | 8.10% | | 08/2028 | | 2,823 | | | 2,804 | | | 2,816 | | | Eagle Parent Corp. | | Business Services | | SOFR(Q) | | 4.25% | | 8.85% | | 04/2029 | | 7,411 | | | 7,304 | | | 7,048 | | | Eisner Advisory Group LLC | | Financial Services | | SOFR(M) | | 4.00% | | 8.85% | | 02/2031 | | 8,654 | | | 8,591 | | | 8,690 | | | eResearchTechnology, Inc. | | Healthcare | | SOFR(M) | | 4.00% | | 8.85% | | 02/2027 | | 3,603 | | | 3,603 | | | 3,623 | | | Flash Charm, Inc. | | Software | | SOFR(Q) | | 3.50% | | 8.75% | | 03/2028 | | 16,549 | | | 16,537 | | | 16,247 | | | Foundational Education Group, Inc. | | Education | | SOFR(Q) | | 3.75% | | 9.26% | | 08/2028 | | 14,246 | | | 14,134 | | | 13,747 | | | Groundworks, LLC | | Business Services | | SOFR(M) | | 3.50% | | 8.60% | | 03/2031 | | 259 | | | 257 | | | 258 | | | Groundworks, LLC | | Business Services | | SOFR(M) | | 3.50% | | 8.60% | | 03/2031 | | 8,811 | | | 8,760 | | | 8,761 | | | Heartland Dental, LLC | | Healthcare | | SOFR(M) | | 4.50% | | 9.35% | | 04/2028 | | 14,072 | | | 13,639 | | | 13,846 | | | Help/Systems Holdings, Inc. | | Software | | SOFR(M) | | 4.00% | | 8.95% | | 11/2026 | | 17,743 | | | 17,677 | | | 16,939 | | | Higginbotham Insurance Agency, Inc. | | Business Services | | SOFR(M) | | 4.50% | | 9.35% | | 11/2026 | | 8,919 | | | 8,876 | | | 8,919 | | | HighTower Holding, LLC | | Financial Services | | SOFR(Q) | | 3.50% | | 8.75% | | 08/2028 | | 4,694 | | | 4,666 | | | 4,702 | | | Houghton Mifflin Harcourt Company | | Education | | SOFR(M) | | 5.25% | | 10.20% | | 04/2029 | | 8,089 | | | 7,866 | | | 7,890 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Inizio Group Limited | | Healthcare | | SOFR(Q) | | 4.25% | | 8.95% | | 08/2028 | | $ | 4,500 | | | $ | 4,468 | | | $ | 4,483 | | | Kestra Advisor Services Holdings A, Inc. | | Financial Services | | SOFR(Q) | | 4.00% | | 9.06% | | 03/2031 | | 10,022 | | | 9,998 | | | 10,068 | | | LI Group Holdings, Inc. | | Software | | SOFR(M) | | 3.50% | | 8.46% | | 03/2028 | | 3,714 | | | 3,709 | | | 3,728 | | | LSCS Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.46% | | 12/2028 | | 12,004 | | | 11,908 | | | 11,981 | | | Marcel Bidco LLC (Marcel Bidco GmbH) | | Software | | SOFR(M) | | 4.00% | | 9.34% | | 11/2030 | | 2,830 | | | 2,791 | | | 2,851 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 5.00% | | 10.20% | | 05/2028 | | 1,970 | | | 1,901 | | | 1,967 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.15% | | 05/2028 | | 8,877 | | | 8,850 | | | 8,863 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 4.25% | | 9.76% | | 05/2028 | | 2,469 | | | 2,375 | | | 2,468 | | | Mavis Tire Express Services Topco, Corp. | | Retail | | SOFR(M) | | 3.50% | | 8.35% | | 05/2028 | | 4,100 | | | 4,089 | | | 4,103 | | | MED ParentCo, LP | | Healthcare | | SOFR(M) | | 4.00% | | 8.85% | | 04/2031 | | 9,954 | | | 9,907 | | | 9,981 | | | MH Sub I, LLC (Micro Holding Corp.) | | Business Services | | SOFR(M) | | 4.25% | | 9.10% | | 05/2028 | | 7,094 | | | 6,966 | | | 7,057 | | | Nielsen Consumer Inc. | | Business Services | | SOFR(M) | | 4.75% | | 9.60% | | 03/2028 | | 14,790 | | | 14,755 | | | 14,766 | | | OMNIA Partners, LLC | | Business Services | | SOFR(Q) | | 3.25% | | 8.53% | | 07/2030 | | 8,459 | | | 8,397 | | | 8,495 | | | Osaic Holdings, Inc. | | Financial Services | | SOFR(M) | | 4.00% | | 8.85% | | 08/2028 | | 11,597 | | | 11,474 | | | 11,490 | | | Osmosis Buyer Limited | | Consumer Products | | SOFR(M) | | 3.50% | | 8.70% | | 07/2028 | | 11,048 | | | 10,933 | | | 11,047 | | | Pearls (Netherlands) Bidco B.V. | | Specialty Chemicals & Materials | | SOFR(Q) | | 4.00% | | 9.25% | | 02/2029 | | 1,699 | | | 1,696 | | | 1,704 | | | Peraton Corp. | | Federal Services | | SOFR(M) | | 3.75% | | 8.70% | | 02/2028 | | 4,114 | | | 4,103 | | | 3,968 | | | Perforce Software, Inc. | | Software | | SOFR(M) | | 4.75% | | 9.60% | | 03/2031 | | 6,614 | | | 6,585 | | | 6,613 | | | Physician Partners, LLC | | Healthcare | | SOFR(S) | | 4.00% | | 9.56% | | 12/2028 | | 4,199 | | | 4,170 | | | 2,737 | | | Plano Holdco, Inc. | | Information Technology | | SOFR (Q) | | 3.50% | | 8.09% | | 08/2031 | | 4,625 | | | 4,602 | | | 4,636 | | | Planview Parent, Inc. | | Software | | SOFR(Q) | | 3.75% | | 8.35% | | 12/2027 | | 10,667 | | | 10,506 | | | 10,689 | | | Project Alpha Intermediate Holding, Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.00% | | 10/2030 | | 13,676 | | | 13,428 | | | 13,724 | | | Project Ruby Ultimate Parent Corp. | | Healthcare | | SOFR(M) | | 3.25% | | 8.21% | | 03/2028 | | 4,274 | | | 4,262 | | | 4,274 | | | Pushpay USA Inc. | | Software | | SOFR(Q) | | 4.50% | | 9.10% | | 08/2031 | | 3,120 | | | 3,089 | | | 3,124 | | | Quartz Holding Company | | Software | | SOFR(M) | | 4.00% | | 8.85% | | 10/2028 | | 9,107 | | | 9,066 | | | 9,113 | | | RealPage, Inc. | | Software | | SOFR(M) | | 3.00% | | 7.96% | | 04/2028 | | 4,272 | | | 4,266 | | | 4,152 | | | Renaissance Holding Corp. | | Education | | SOFR(M) | | 4.25% | | 9.10% | | 04/2030 | | 5,042 | | | 4,915 | | | 5,046 | | | RLG Holdings, LLC | | Packaging | | SOFR(M) | | 4.25% | | 9.21% | | 07/2028 | | 5,683 | | | 5,666 | | | 5,562 | | | RxB Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.47% | | 12/2027 | | 6,290 | | | 6,214 | | | 6,304 | | | RxB Holdings, Inc. | | Healthcare | | SOFR(M) | | 5.25% | | 10.10% | | 12/2027 | | 3,642 | | | 3,572 | | | 3,642 | | | Sierra Enterprises, LLC | | Food & Beverage | | SOFR(Q) | | 6.75% | | 12.00% | | 05/2027 | | 2,546 | | | 2,546 | | | 2,444 | | | Spring Education Group, Inc. | | Education | | SOFR(Q) | | 4.00% | | 8.60% | | 10/2030 | | 12,256 | | | 12,119 | | | 12,360 | | | Storable, Inc. | | Software | | SOFR(M) | | 3.50% | | 8.35% | | 04/2028 | | 3,756 | | | 3,751 | | | 3,771 | | | Symplr Software, Inc. | | Healthcare | | SOFR(Q) | | 4.50% | | 9.85% | | 12/2027 | | 15,440 | | | 15,365 | | | 14,143 | | | Syndigo LLC | | Software | | SOFR(M) | | 4.50% | | 9.46% | | 12/2027 | | 14,713 | | | 14,656 | | | 14,694 | | | Therapy Brands Holdings LLC | | Healthcare | | SOFR(M) | | 4.00% | | 8.96% | | 05/2028 | | 4,026 | | | 4,014 | | | 3,317 | | | Thermostat Purchaser III, Inc. | | Business Services | | SOFR(Q) | | 4.25% | | 9.00% | | 08/2028 | | 6,527 | | | 6,506 | | | 6,539 | | | TMF Sapphire Bidco B.V. | | Business Services | | SOFR(Q) | | 3.50% | | 8.82% | | 05/2028 | | 2,647 | | | 2,604 | | | 2,660 | | | TRC Companies LLC | | Business Services | | SOFR(M) | | 3.75% | | 8.71% | | 12/2028 | | 13,920 | | | 13,869 | | | 13,932 | | | UKG Inc. | | Software | | SOFR(Q) | | 3.25% | | 8.55% | | 02/2031 | | 5,827 | | | 5,822 | | | 5,834 | | | Valcour Packaging, LLC | | Packaging | | SOFR(Q) | | 5.25% | | 10.56% | | 10/2028 | | 2,256 | | | 2,233 | | | 2,291 | | | Valcour Packaging, LLC | | Packaging | | SOFR(Q) | | 1.50% + 2.25%/PIK | | 9.33% | | 10/2028 | | 3,075 | | | 3,075 | | | 2,687 | | | VSTG Intermediate Holdings, Inc. | | Business Services | | SOFR(Q) | | 4.75% | | 9.35% | | 07/2029 | | 4,467 | | | 4,447 | | | 4,470 | | | WatchGuard Technologies, Inc. | | Software | | SOFR(M) | | 5.25% | | 10.10% | | 07/2029 | | 6,936 | | | 6,671 | | | 6,879 | | | Wrench Group LLC | | Consumer Services | | SOFR(Q) | | 4.00% | | 8.87% | | 10/2028 | | 14,144 | | | 14,120 | | | 14,155 | | | Xplor T1, LLC | | Software | | SOFR(Q) | | 4.25% | | 8.85% | | 06/2031 | | 5,601 | | | 5,573 | | | 5,643 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Zest Acquisition Corp. | | Healthcare | | SOFR(Q) | | 5.25% | | 10.51% | | 02/2028 | | $ | 4,042 | | | $ | 3,918 | | | $ | 4,066 | | | Total Funded Investments | | | | | | | | | | | | $ | 692,742 | | | $ | 685,432 | | | $ | 680,683 | | | Unfunded Investments - First lien | | | | | | | | | | | | | | | | | | Chrysaor Bidco S.a r.l. | | Information Services | | — | | — | | — | | 05/2031 | | $ | 158 | | | $ | — | | | $ | 1 | | | DG Investment Intermediate Holdings 2, Inc. | | Business Services | | — | | — | | — | | 03/2026 | | 246 | | | (1) | | | — | | | Groundworks, LLC | | Business Services | | — | | — | | — | | 03/2026 | | 1,364 | | | (4) | | | (8) | | | Total Unfunded Investments | | | | | | | | | | | | $ | 1,768 | | | $ | (5) | | | $ | (7) | | | Total Investments | | | | | | | | | | | | $ | 694,510 | | | $ | 685,427 | | | $ | 680,676 | | | | | | | | | | | | | | | | | | |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2024. (2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III. The following table is a listing of the individual investments in SLP III's portfolio as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Funded Investments - First lien | | | | | | | | | | | | | | | | | | ADMI Corp. (aka Aspen Dental) | | Healthcare | | SOFR(M) | | 3.75% | | 9.22% | | 12/2027 | | $ | 2,376 | | | $ | 2,368 | | | $ | 2,261 | | | AG Parent Holdings, LLC | | Healthcare | | SOFR(Q) | | 5.00% | | 10.65% | | 07/2026 | | 7,294 | | | 7,279 | | | 7,174 | | | Aretec Group, Inc. (fka RCS Capital Corporation) | | Financial Services | | SOFR(M) | | 4.50% | | 9.96% | | 08/2030 | | 6,626 | | | 6,480 | | | 6,634 | | | Artera Services, LLC | | Distribution & Logistics | | SOFR(Q) | | 3.50% | | 8.95% | | 03/2025 | | 5,273 | | | 5,259 | | | 4,968 | | | Ascensus Group Holdings, Inc. | | Business Services | | SOFR(M) | | 3.50% | | 8.97% | | 08/2028 | | 2,817 | | | 2,806 | | | 2,817 | | | AssuredPartners, Inc | | Insurance Services | | SOFR(M) | | 3.75% | | 9.22% | | 02/2027 | | 1,975 | | | 1,921 | | | 1,986 | | | Aston FinCo S.a r.l. | | Software | | SOFR(M) | | 4.25% | | 9.72% | | 10/2026 | | 5,775 | | | 5,749 | | | 4,929 | | | athenahealth Group Inc. | | Healthcare | | SOFR(M) | | 3.25% | | 8.61% | | 02/2029 | | 6,843 | | | 6,612 | | | 6,828 | | | BCPE Empire Holdings, Inc. | | Distribution & Logistics | | SOFR(M) | | 4.75% | | 10.11% | | 12/2028 | | 7,458 | | | 7,390 | | | 7,490 | | | Bella Holding Company, LLC | | Healthcare | | SOFR(M) | | 3.75% | | 9.21% | | 05/2028 | | 962 | | | 955 | | | 956 | | | Boxer Parent Company Inc. | | Software | | SOFR(M) | | 4.25% | | 9.60% | | 12/2028 | | 11,883 | | | 11,764 | | | 11,992 | | | Bracket Intermediate Holding Corp. | | Healthcare | | SOFR(Q) | | 5.00% | | 10.45% | | 05/2028 | | 14,253 | | | 13,870 | | | 14,280 | | | Brown Group Holding, LLC | | Distribution & Logistics | | SOFR(Q) | | 3.75% | | 9.13% | | 07/2029 | | 3,989 | | | 3,905 | | | 4,006 | | | Cardinal Parent, Inc. | | Software | | SOFR(Q) | | 4.50% | | 10.00% | | 11/2027 | | 9,821 | | | 9,646 | | | 9,048 | | | CE Intermediate I, LLC | | Software | | SOFR(Q) | | 3.50% | | 9.02% | | 11/2028 | | 10,810 | | | 10,754 | | | 10,729 | | | CentralSquare Technologies, LLC | | Software | | SOFR(Q) | | 3.75% | | 9.25% | | 08/2025 | | 14,250 | | | 14,240 | | | 13,817 | | | CHA Holdings, Inc. | | Business Services | | SOFR(M) | | 4.50% | | 10.15% | | 04/2025 | | 947 | | | 947 | | | 947 | | | Cloudera, Inc. | | Software | | SOFR(M) | | 3.75% | | 9.21% | | 10/2028 | | 5,692 | | | 5,553 | | | 5,654 | | | CommerceHub, Inc. | | Software | | SOFR(Q) | | 4.00% | | 9.54% | | 12/2027 | | 5,658 | | | 5,641 | | | 5,378 | | | CommerceHub, Inc. | | Software | | SOFR(Q) | | 6.25% | | 11.79% | | 12/2027 | | 3,960 | | | 3,548 | | | 3,960 | | | Confluent Health, LLC | | Healthcare | | SOFR(M) | | 4.00% | | 9.47% | | 11/2028 | | 10,962 | | | 10,919 | | | 10,771 | | | Confluent Medical Technologies, Inc. | | Healthcare | | SOFR(Q) | | 3.75% | | 9.10% | | 02/2029 | | 6,878 | | | 6,851 | | | 6,878 | | | Convey Health Solutions, Inc. | | Healthcare | | SOFR(Q) | | 5.25% | | 10.74% | | 09/2026 | | 12,838 | | | 12,559 | | | 11,483 | | | Cornerstone OnDemand, Inc. | | Software | | SOFR(M) | | 3.75% | | 9.22% | | 10/2028 | | 3,527 | | | 3,514 | | | 3,432 | | | Covenant Surgical Partners, Inc. | | Healthcare | | SOFR(Q) | | 4.00% | | 9.38% | | 07/2026 | | 9,583 | | | 9,545 | | | 7,539 | | | Covenant Surgical Partners, Inc. | | Healthcare | | SOFR(Q) | | 4.00% | | 9.38% | | 07/2026 | | 2,000 | | | 1,989 | | | 1,573 | | | CRCI Longhorn Holdings, Inc. | | Business Services | | SOFR(M) | | 3.50% | | 8.96% | | 08/2025 | | 14,213 | | | 14,194 | | | 14,261 | | | CVET Midco 2, L.P. | | Software | | SOFR(Q) | | 5.00% | | 10.35% | | 10/2029 | | 9,905 | | | 9,483 | | | 9,909 | | | Dealer Tire Financial, LLC | | Distribution & Logistics | | SOFR(M) | | 4.50% | | 9.86% | | 12/2027 | | 9,628 | | | 9,617 | | | 9,680 | | | DG Investment Intermediate Holdings 2, Inc. | | Business Services | | SOFR(M) | | 3.75% | | 9.22% | | 03/2028 | | 7,313 | | | 7,293 | | | 7,263 | | | Discovery Purchaser Corporation | | Specialty Chemicals & Materials | | SOFR(Q) | | 4.38% | | 9.77% | | 10/2029 | | 7,029 | | | 6,538 | | | 6,943 | | | Dispatch Acquisition Holdings, LLC | | Industrial Services | | SOFR(Q) | | 4.25% | | 9.75% | | 03/2028 | | 15,448 | | | 15,105 | | | 14,550 | | | EAB Global, Inc. | | Education | | SOFR(M) | | 3.50% | | 8.97% | | 08/2028 | | 3,960 | | | 3,929 | | | 3,958 | | | Eagle Parent Corp. | | Business Services | | SOFR(Q) | | 4.25% | | 9.60% | | 04/2029 | | 7,468 | | | 7,346 | | | 7,403 | | | Eisner Advisory Group LLC | | Financial Services | | SOFR(M) | | 5.25% | | 10.72% | | 07/2028 | | 2,190 | | | 2,113 | | | 2,195 | | | eResearchTechnology, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.96% | | 02/2027 | | 3,632 | | | 3,631 | | | 3,632 | | | EyeCare Partners, LLC | | Healthcare | | SOFR(Q) | | 3.75% | | 9.39% | | 02/2027 | | 12,210 | | | 12,202 | | | 6,114 | | | Foundational Education Group, Inc. | | Education | | SOFR(Q) | | 4.25% | | 9.89% | | 08/2028 | | 9,601 | | | 9,508 | | | 9,601 | | | Groundworks, LLC | | Consumer Services | | SOFR(Q) | | 6.50% | | 11.90% | | 03/2030 | | 1,432 | | | 1,395 | | | 1,419 | | | Heartland Dental, LLC | | Healthcare | | SOFR(M) | | 5.00% | | 10.36% | | 04/2028 | | 14,178 | | | 13,668 | | | 14,160 | | | Help/Systems Holdings, Inc. | | Software | | SOFR(Q) | | 4.00% | | 9.48% | | 11/2026 | | 17,883 | | | 17,795 | | | 17,048 | | | Higginbotham Insurance Agency, Inc. | | Business Services | | SOFR(M) | | 5.50% | | 10.96% | | 11/2028 | | 8,987 | | | 8,938 | | | 8,987 | | | HighTower Holding, LLC | | Financial Services | | SOFR(Q) | | 4.00% | | 9.64% | | 04/2028 | | 4,729 | | | 4,697 | | | 4,720 | | | Houghton Mifflin Harcourt Company | | Education | | SOFR(M) | | 5.25% | | 10.71% | | 04/2029 | | 8,151 | | | 7,898 | | | 8,009 | | | Hub International Limited | | Insurance Services | | SOFR(Q) | | 4.25% | | 9.66% | | 06/2030 | | 6,426 | | | 6,363 | | | 6,463 | | | Hunter Holdco 3 Limited | | Healthcare | | SOFR(Q) | | 4.25% | | 9.70% | | 08/2028 | | 3,000 | | | 2,978 | | | 2,998 | | | Idera, Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.28% | | 03/2028 | | 15,642 | | | 15,633 | | | 15,584 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Kestra Advisor Services Holdings A, Inc. | | Financial Services | | SOFR(Q) | | 4.25% | | 9.70% | | 06/2026 | | $ | 11,811 | | | $ | 11,778 | | | $ | 11,841 | | | LI Group Holdings, Inc. | | Software | | SOFR(M) | | 3.50% | | 8.97% | | 03/2028 | | 3,749 | | | 3,743 | | | 3,763 | | | LSCS Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.97% | | 12/2028 | | 7,491 | | | 7,462 | | | 7,407 | | | Marcel Bidco LLC (Marcel Bidco GmbH) | | Software | | SOFR(M) | | 4.50% | | 9.13% | | 11/2030 | | 2,837 | | | 2,795 | | | 2,856 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.28% | | 05/2028 | | 3,920 | | | 3,907 | | | 3,875 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 4.25% | | 9.89% | | 05/2028 | | 2,488 | | | 2,377 | | | 2,463 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 5.00% | | 10.47% | | 05/2028 | | 1,985 | | | 1,904 | | | 1,962 | | | Mavis Tire Express Services Topco Corp. | | Retail | | SOFR(M) | | 4.00% | | 9.47% | | 05/2028 | | 4,131 | | | 4,118 | | | 4,144 | | | MED ParentCo, LP | | Healthcare | | SOFR(M) | | 4.25% | | 9.72% | | 08/2026 | | 12,458 | | | 12,407 | | | 12,361 | | | MH Sub I, LLC (Micro Holding Corp.) | | Business Services | | SOFR(M) | | 4.25% | | 9.61% | | 05/2028 | | 3,558 | | | 3,479 | | | 3,505 | | | Netsmart, Inc. | | Healthcare | | SOFR(M) | | 3.75% | | 9.22% | | 10/2027 | | 3,900 | | | 3,900 | | | 3,913 | | | Nielsen Consumer Inc. | | Business Services | | SOFR(M) | | 6.25% | | 11.61% | | 03/2028 | | 14,925 | | | 13,402 | | | 14,639 | | | OMNIA Partners, LLC | | Business Services | | SOFR(Q) | | 4.25% | | 9.63% | | 07/2030 | | 5,919 | | | 5,862 | | | 5,960 | | | Optiv Parent Inc. | | Business Services | | SOFR(Q) | | 5.25% | | 10.63% | | 07/2026 | | 6,585 | | | 6,396 | | | 6,308 | | | Osaic Holdings, Inc. | | Financial Services | | SOFR(M) | | 4.50% | | 9.86% | | 08/2028 | | 9,650 | | | 9,559 | | | 9,693 | | | Osmosis Buyer Limited | | Food & Beverage | | SOFR(M) | | 3.75% | | 9.09% | | 07/2028 | | 2,494 | | | 2,457 | | | 2,499 | | | Osmosis Buyer Limited | | Food & Beverage | | SOFR(M) | | 4.25% | | 9.60% | | 07/2028 | | 2,405 | | | 2,333 | | | 2,418 | | | Pearls (Netherlands) Bidco B.V. | | Specialty Chemicals & Materials | | SOFR(Q) | | 3.75% | | 9.13% | | 02/2029 | | 1,710 | | | 1,707 | | | 1,698 | | | Peraton Corp. | | Federal Services | | SOFR(M) | | 3.75% | | 9.21% | | 02/2028 | | 4,147 | | | 4,133 | | | 4,161 | | | Physician Partners, LLC | | Healthcare | | SOFR(Q) | | 4.00% | | 9.53% | | 12/2028 | | 4,231 | | | 4,197 | | | 4,010 | | | Planview Parent, Inc. | | Software | | SOFR(Q) | | 4.00% | | 9.61% | | 12/2027 | | 10,721 | | | 10,528 | | | 10,669 | | | Premise Health Holding Corp. | | Healthcare | | SOFR(Q) | | 3.75% | | 9.25% | | 07/2025 | | 7,328 | | | 7,319 | | | 7,200 | | | Project Alpha Intermediate Holding, Inc. | | Software | | SOFR(M) | | 4.75% | | 10.11% | | 10/2030 | | 13,745 | | | 13,474 | | | 13,859 | | | Project Ruby Ultimate Parent Corp. | | Healthcare | | SOFR(M) | | 5.75% | | 11.22% | | 03/2028 | | 4,938 | | | 4,817 | | | 5,018 | | | Project Ruby Ultimate Parent Corp. | | Healthcare | | SOFR(M) | | 3.25% | | 8.72% | | 03/2028 | | 4,308 | | | 4,293 | | | 4,310 | | | RealPage, Inc. | | Software | | SOFR(M) | | 3.00% | | 8.47% | | 04/2028 | | 4,305 | | | 4,298 | | | 4,288 | | | Renaissance Holding Corp. | | Education | | SOFR(M) | | 4.75% | | 10.11% | | 04/2030 | | 6,612 | | | 6,429 | | | 6,644 | | | RLG Holdings, LLC | | Packaging | | SOFR(M) | | 4.25% | | 9.72% | | 07/2028 | | 5,727 | | | 5,707 | | | 5,403 | | | RxB Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.97% | | 12/2027 | | 6,339 | | | 6,247 | | | 6,327 | | | RxB Holdings, Inc. | | Healthcare | | SOFR(M) | | 5.25% | | 10.61% | | 12/2027 | | 3,669 | | | 3,586 | | | 3,669 | | | Sierra Enterprises, LLC | | Food & Beverage | | SOFR(Q) | | 2.50% + 4.25% PIK | | 12.13% | | 05/2027 | | 2,484 | | | 2,483 | | | 2,304 | | | Snap One Holdings Corp. | | Distribution & Logistics | | SOFR(Q) | | 4.50% | | 10.00% | | 12/2028 | | 6,556 | | | 6,506 | | | 6,425 | | | Spring Education Group, Inc. | | Education | | SOFR(Q) | | 4.50% | | 9.85% | | 10/2030 | | 12,349 | | | 12,198 | | | 12,390 | | | Storable, Inc. | | Software | | SOFR(M) | | 3.50% | | 8.86% | | 04/2028 | | 3,785 | | | 3,779 | | | 3,782 | | | Symplr Software, Inc. | | Healthcare | | SOFR(Q) | | 4.50% | | 9.98% | | 12/2027 | | 15,560 | | | 15,470 | | | 13,978 | | | Syndigo LLC | | Software | | SOFR(M) | | 4.50% | | 9.97% | | 12/2027 | | 14,588 | | | 14,519 | | | 14,588 | | | Therapy Brands Holdings LLC | | Software | | SOFR(M) | | 4.00% | | 9.47% | | 05/2028 | | 4,058 | | | 4,043 | | | 3,763 | | | Thermostat Purchaser III, Inc. | | Business Services | | SOFR(Q) | | 4.50% | | 10.04% | | 08/2028 | | 6,560 | | | 6,535 | | | 6,475 | | | TMF Sapphire Bidco B.V. | | Business Services | | SOFR(Q) | | 5.00% | | 10.41% | | 05/2028 | | 2,667 | | | 2,616 | | | 2,685 | | | TRC Companies LLC | | Business Services | | SOFR(M) | | 3.75% | | 9.22% | | 12/2028 | | 13,525 | | | 13,470 | | | 13,548 | | | UKG Inc. | | Software | | SOFR(Q) | | 4.50% | | 9.99% | | 05/2026 | | 4,975 | | | 4,880 | | | 5,004 | | | USI, Inc. | | Financial Services | | SOFR(Q) | | 3.00% | | 8.35% | | 11/2029 | | 2,446 | | | 2,403 | | | 2,456 | | | Valcour Packaging, LLC | | Packaging | | SOFR(M) | | 3.75% | | 9.21% | | 10/2028 | | 4,459 | | | 4,449 | | | 3,552 | | | WatchGuard Technologies, Inc. | | Software | | SOFR(M) | | 5.25% | | 10.60% | | 07/2029 | | 5,237 | | | 4,944 | | | 5,045 | | | Waystar Technologies, Inc. | | Healthcare | | SOFR(M) | | 4.00% | | 9.47% | | 10/2026 | | 3,983 | | | 3,978 | | | 4,003 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Wrench Group LLC | | Consumer Services | | SOFR(Q) | | 4.00% | | 9.61% | | 04/2026 | | $ | 7,743 | | | $ | 7,732 | | | $ | 7,772 | | | Wrench Group LLC | | Consumer Services | | SOFR(Q) | | 4.50% | | 9.95% | | 04/2026 | | 5,473 | | | 5,386 | | | 5,495 | | | Zest Acquisition Corp. | | Healthcare | | SOFR(M) | | 5.50% | | 10.86% | | 02/2028 | | 4,072 | | | 3,926 | | | 3,999 | | | Total Funded Investments | | | | | | | | | | | | $ | 656,081 | | | $ | 646,319 | | | $ | 636,554 | | | Unfunded Investments - First lien | | | | | | | | | | | | | | | | | | Groundworks, LLC | | Consumer Services | | — | | — | | — | | 09/2024 | | $ | 65 | | | $ | (1) | | | $ | (1) | | | OMNIA Partners, LLC | | Business Services | | — | | — | | — | | 01/2024 | | 556 | | | (3) | | | 4 | | | Osmosis Buyer Limited | | Food & Beverage | | — | | — | | — | | 07/2028 | | 506 | | | — | | | 3 | | | Total Unfunded Investments | | | | | | | | | | | | $ | 1,127 | | | $ | (4) | | | $ | 6 | | | Total Investments | | | | | | | | | | | | $ | 657,208 | | | $ | 646,315 | | | $ | 636,560 | |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2023. (2)Represents the fair value in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement and Disclosures ("ASC 820"). The Company's board of directors does not determine the fair value of the investments held by SLP III. Below is certain summarized financial information for SLP III as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023: | | | | | | | | | | | | | Selected Balance Sheet Information: | September 30, 2024 | | December 31, 2023 | Investments at fair value (cost of $685,427 and $646,315) | $ | 680,676 | | | $ | 636,560 | | | Cash and other assets | 21,667 | | | 21,443 | | | Receivable from unsettled securities sold | 1,842 | | | — | | | Total assets | $ | 704,185 | | | $ | 658,003 | | | | | | | Credit facility | $ | 473,200 | | | $ | 453,200 | | Deferred financing costs (net of accumulated amortization of $6,196 and $5,650, respectively) | (4,005) | | | (943) | | | Payable for unsettled securities purchased | 26,321 | | | 23,881 | | | Distribution payable | 6,959 | | | 6,672 | | | Other liabilities | 7,670 | | | 7,862 | | | Total liabilities | 510,145 | | | 490,672 | | | | | | | Members' capital | $ | 194,040 | | | $ | 167,331 | | | Total liabilities and members' capital | $ | 704,185 | | | $ | 658,003 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Selected Statement of Operations Information: | Three Months Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Interest income | $ | 17,860 | | | $ | 16,848 | | | $ | 51,245 | | | $ | 48,083 | | | Other income | 49 | | | 295 | | | 134 | | | 452 | | | Total investment income | 17,909 | | | 17,143 | | | 51,379 | | | 48,535 | | | | | | | | | | | Interest and other financing expenses | 8,888 | | | 9,061 | | | 26,599 | | | 26,336 | | | Other expenses | 229 | | | 317 | | | 737 | | | 853 | | | Total expenses | 9,117 | | | 9,378 | | | 27,336 | | | 27,189 | | | | | | | | | | | | | | | | | | | Net investment income | 8,792 | | | 7,765 | | | 24,043 | | | 21,346 | | | | | | | | | | | Net realized gains (losses) on investments | 74 | | | (545) | | | (5,833) | | | (2,400) | | | Net change in unrealized (depreciation) appreciation of investments | (1,493) | | | 11,856 | | | 5,005 | | | 27,810 | | | Net increase in members' capital | $ | 7,373 | | | $ | 19,076 | | | $ | 23,215 | | | $ | 46,756 | |
For the three and nine months ended September 30, 2024, the Company earned approximately $5,567 and $17,205, respectively, of dividend income related to SLP III, which is included in dividend income. For the three and nine months ended September 30, 2023, the Company earned approximately $4,900 and $14,700, respectively, of dividend income related to SLP III, which is included in dividend income. As of September 30, 2024 and December 31, 2023, approximately $5,567 and $5,338, respectively, of dividend income related to SLP III was included in interest and dividend receivable. The Company has determined that SLP III is an investment company under ASC 946; however, in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP III. NMFC Senior Loan Program IV LLC NMFC Senior Loan Program IV LLC ("SLP IV") was formed as a Delaware limited liability company on April 6, 2021, and commenced operations on May 5, 2021. SLP IV is structured as a private joint venture investment fund between the Company and SkyKnight Income Alpha, LLC ("SkyKnight Alpha") and operates under the First Amended and Restated Limited Liability Company Agreement of NMFC Senior Loan Program IV LLC, dated May 5, 2021 (the "SLP IV Agreement"). Upon the effectiveness of the SLP IV Agreement, the members contributed their respective membership interests in NMFC Senior Loan Program I LLC ("SLP I") and NMFC Senior Loan Program II LLC ("SLP II") to SLP IV. Immediately following the contribution of their membership interests, SLP I and SLP II became wholly-owned subsidiaries of SLP IV. The purpose of the joint venture is to invest primarily in senior secured loans issued by portfolio companies within the Company's core industry verticals. These investments are typically broadly syndicated first lien loans. All investment decisions must be unanimously approved by the board of managers of SLP IV, which has equal representation from the Company and SkyKnight Alpha. SLP IV had a five year investment period and will continue in existence until May 5, 2029. On March 15, 2024, the investment period was extended until May 5, 2027 pursuant to the terms of the SLP IV Agreement. SLP IV is capitalized with equity contributions which were transferred and contributed from its members. As of September 30, 2024, the Company and SkyKnight Alpha have transferred and contributed $112,400 and $30,600, respectively, of their membership interests in SLP I and SLP II to SLP IV. The Company’s investment in SLP IV is disclosed on the Company’s Consolidated Schedule of Investments as of September 30, 2024 and December 31, 2023. On May 5, 2021, SLP IV entered into a $370,000 revolving credit facility with Wells Fargo Bank, National Association which matures on March 27, 2029. As of the amendment on March 27, 2024, the facility bears interest at a rate of SOFR plus 1.90%. From April 28, 2023 to March 27, 2024, the facility bore interest at a rate of SOFR plus 1.70%. Prior to the amendment on April 28, 2023, the facility bore interest at a rate of LIBOR plus 1.60% per annum. As of September 30, 2024 and December 31, 2023, SLP IV had total investments with an aggregate fair value of approximately $466,322 and $467,886, respectively, and debt outstanding under its credit facility of $341,937 and $306,537, respectively. As of September 30, 2024 and December 31, 2023, none of SLP IV’s investments were on non-accrual. Additionally, as of September 30, 2024 and December 31, 2023, SLP IV had unfunded commitments in the form of delayed draws of $753 and $792, respectively. Below is a summary of SLP IV's consolidated portfolio, along with a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | First lien investments (1) | | $ | 478,284 | | | $ | 482,776 | | | Weighted average interest rate on first lien investments (2) | | 9.16 | % | | 9.81 | % | | Number of portfolio companies in SLP IV | | 78 | | | 78 | | | Largest portfolio company investment (1) | | $ | 17,803 | | | $ | 17,400 | | | Total of five largest portfolio company investments (1) | | $ | 62,735 | | | $ | 67,838 | |
(1)Reflects principal amount or par value of investment. (2)Computed as the all in interest rate in effect on accruing investments divided by the total principal amount of investments. The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of September 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Funded Investments - First lien | | | | | | | | | | | | | | | | | | ADG, LLC | | Healthcare | | SOFR(Q) | | 1.00% + 3.00%/ PIK | | 8.85% | | 09/2026 | | $ | 17,803 | | | $ | 17,798 | | | $ | 15,840 | | | ADMI Corp. (aka Aspen Dental) | | Healthcare | | SOFR(M) | | 3.75% | | 8.71% | | 12/2027 | | 1,819 | | | 1,814 | | | 1,784 | | | Aretec Group, Inc. (fka RCS Capital Corporation) | | Financial Services | | SOFR(M) | | 4.00% | | 8.85% | | 08/2030 | | 4,768 | | | 4,674 | | | 4,679 | | | Ascensus Group Holdings, Inc. | | Business Services | | SOFR(M) | | 3.50% | | 8.46% | | 08/2028 | | 4,138 | | | 4,125 | | | 4,143 | | | Asurion, LLC | | Business Services | | SOFR(M) | | 4.25% | | 9.20% | | 08/2028 | | 9,717 | | | 9,644 | | | 9,587 | | | athenahealth Group Inc. | | Healthcare | | SOFR(M) | | 3.25% | | 8.10% | | 02/2029 | | 2,355 | | | 2,347 | | | 2,344 | | | Bach Finance Limited | | Education | | SOFR(Q) | | 3.75% | | 8.81% | | 02/2031 | | 1,611 | | | 1,607 | | | 1,623 | | | Barracuda Parent, LLC | | Software | | SOFR(S) | | 4.50% | | 9.81% | | 08/2029 | | 4,913 | | | 4,800 | | | 4,791 | | | Bayou Intermediate II, LLC | | Healthcare | | SOFR(Q) | | 4.50% | | 10.01% | | 08/2028 | | 8,872 | | | 8,837 | | | 8,694 | | | BCPE Empire Holdings, Inc. | | Distribution & Logistics | | SOFR(M) | | 4.00% | | 8.85% | | 12/2028 | | 5,299 | | | 5,262 | | | 5,307 | | | Bella Holding Company, LLC | | Healthcare | | SOFR(M) | | 3.75% | | 8.70% | | 05/2028 | | 747 | | | 745 | | | 748 | | | BIFM CA Buyer Inc. | | Business Services | | SOFR(M) | | 4.25% | | 9.10% | | 05/2028 | | 2,709 | | | 2,678 | | | 2,723 | | | Bleriot US Bidco Inc. | | Federal Services | | SOFR(Q) | | 3.25% | | 7.85% | | 10/2030 | | 3,871 | | | 3,855 | | | 3,883 | | | Boxer Parent Company Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.01% | | 07/2031 | | 10,440 | | | 10,414 | | | 10,426 | | | Bracket Intermediate Holding Corp. | | Healthcare | | SOFR(Q) | | 5.00% | | 9.70% | | 05/2028 | | 4,360 | | | 4,260 | | | 4,386 | | | BW Holding, Inc. | | Packaging | | SOFR(Q) | | 4.00% | | 9.21% | | 12/2028 | | 2,029 | | | 1,912 | | | 1,876 | | | CE Intermediate I, LLC | | Software | | SOFR(Q) | | 3.50% | | 8.76% | | 11/2028 | | 8,033 | | | 7,996 | | | 8,056 | | | Chrysaor Bidco S.a r.l. | | Information Services | | SOFR (Q) | | 3.50% | | 8.10% | | 07/2031 | | 1,573 | | | 1,573 | | | 1,581 | | | Cloudera, Inc. | | Software | | SOFR(M) | | 3.75% | | 8.70% | | 10/2028 | | 9,346 | | | 9,215 | | | 9,128 | | | CommerceHub, Inc. | | Software | | SOFR(M) | | 6.25% | | 11.35% | | 12/2027 | | 540 | | | 540 | | | 540 | | | CommerceHub, Inc. | | Software | | SOFR(M) | | 4.00% | | 9.20% | | 12/2027 | | 4,078 | | | 3,924 | | | 3,802 | | | Confluent Health, LLC | | Healthcare | | SOFR(M) | | 4.00% | | 8.96% | | 11/2028 | | 6,506 | | | 6,484 | | | 6,376 | | | Confluent Medical Technologies, Inc. | | Healthcare | | SOFR(Q) | | 3.75% | | 8.35% | | 02/2029 | | 6,825 | | | 6,802 | | | 6,853 | | | Convey Health Solutions, Inc. | | Healthcare | | SOFR(Q) | | 1.00% + 4.25%/PIK | | 9.95% | | 07/2029 | | 3,389 | | | 3,333 | | | 3,069 | | | Cornerstone OnDemand, Inc. | | Software | | SOFR(M) | | 3.75% | | 8.71% | | 10/2028 | | 1,833 | | | 1,827 | | | 1,718 | | | CVET Midco 2, L.P. | | Software | | SOFR(Q) | | 5.00% | | 9.60% | | 10/2029 | | 6,606 | | | 6,453 | | | 6,286 | | | Dealer Tire Financial, LLC | | Distribution & Logistics | | SOFR(M) | | 3.50% | | 8.35% | | 07/2031 | | 10,507 | | | 10,456 | | | 10,550 | | | Discovery Purchaser Corporation | | Specialty Chemicals & Materials | | SOFR(Q) | | 4.38% | | 9.69% | | 10/2029 | | 5,802 | | | 5,461 | | | 5,783 | | | Dispatch Acquisition Holdings, LLC | | Industrial Services | | SOFR(Q) | | 4.25% | | 9.00% | | 03/2028 | | 9,699 | | | 9,624 | | | 8,871 | | | EAB Global, Inc. | | Education | | SOFR(M) | | 3.25% | | 8.10% | | 08/2028 | | 998 | | | 992 | | | 995 | | | Eagle Parent Corp. | | Business Services | | SOFR(Q) | | 4.25% | | 8.85% | | 04/2029 | | 7,424 | | | 7,326 | | | 7,060 | | | Eisner Advisory Group LLC | | Financial Services | | SOFR(M) | | 4.00% | | 8.85% | | 02/2031 | | 5,039 | | | 4,992 | | | 5,060 | | | eResearchTechnology, Inc. | | Healthcare | | SOFR(M) | | 4.00% | | 8.85% | | 02/2027 | | 2,173 | | | 2,164 | | | 2,184 | | | Flash Charm, Inc. | | Software | | SOFR(Q) | | 3.50% | | 8.75% | | 03/2028 | | 10,082 | | | 10,034 | | | 9,897 | | | Foundational Education Group, Inc. | | Education | | SOFR(Q) | | 3.75% | | 9.26% | | 08/2028 | | 11,072 | | | 10,961 | | | 10,685 | | | Geo Parent Corporation | | Business Services | | SOFR(Q) | | 5.25% | | 10.60% | | 12/2028 | | 9,585 | | | 9,450 | | | 9,585 | | | Groundworks, LLC | | Business Services | | SOFR(M) | | 3.50% | | 8.60% | | 03/2031 | | 121 | | | 120 | | | 120 | | | Groundworks, LLC | | Business Services | | SOFR(M) | | 3.50% | | 8.60% | | 03/2031 | | 4,113 | | | 4,074 | | | 4,090 | | | Heartland Dental, LLC | | Healthcare | | SOFR(M) | | 4.50% | | 9.35% | | 04/2028 | | 10,036 | | | 9,805 | | | 9,875 | | | Help/Systems Holdings, Inc. | | Software | | SOFR(M) | | 4.00% | | 8.95% | | 11/2026 | | 9,632 | | | 9,616 | | | 9,195 | | | Houghton Mifflin Harcourt Company | | Education | | SOFR(M) | | 5.25% | | 10.20% | | 04/2029 | | 6,262 | | | 6,091 | | | 6,108 | | | Inizio Group Limited | | Healthcare | | SOFR(Q) | | 4.25% | | 8.95% | | 08/2028 | | 3,949 | | | 3,925 | | | 3,934 | | | Kestra Advisor Services Holdings A, Inc. | | Financial Services | | SOFR(Q) | | 4.00% | | 9.06% | | 03/2031 | | 4,560 | | | 4,549 | | | 4,581 | | | LSCS Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.46% | | 12/2028 | | 9,799 | | | 9,743 | | | 9,780 | | | Mandolin Technology Intermediate Holdings, Inc. | | Software | | SOFR(Q) | | 3.75% | | 8.50% | | 07/2028 | | 9,725 | | | 9,695 | | | 8,047 | | | Marcel Bidco LLC (Marcel Bidco GmbH) | | Software | | SOFR(M) | | 4.00% | | 9.34% | | 11/2030 | | 2,034 | | | 2,006 | | | 2,049 | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 5.00% | | 10.20% | | 05/2028 | | $ | 1,970 | | | $ | 1,901 | | | $ | 1,967 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.15% | | 05/2028 | | 7,781 | | | 7,758 | | | 7,768 | | | Mavis Tire Express Services Topco, Corp. | | Retail | | SOFR(M) | | 3.50% | | 8.35% | | 05/2028 | | 8,201 | | | 8,177 | | | 8,206 | | | MED ParentCo, LP | | Healthcare | | SOFR(M) | | 4.00% | | 8.85% | | 04/2031 | | 7,346 | | | 7,310 | | | 7,365 | | | MH Sub I, LLC (Micro Holding Corp.) | | Business Services | | SOFR(M) | | 4.25% | | 9.10% | | 05/2028 | | 6,095 | | | 5,982 | | | 6,063 | | | Nielsen Consumer Inc. | | Business Services | | SOFR(M) | | 4.75% | | 9.60% | | 03/2028 | | 9,860 | | | 9,837 | | | 9,844 | | | OMNIA Partners, LLC | | Business Services | | SOFR(Q) | | 3.25% | | 8.53% | | 07/2030 | | 4,983 | | | 4,939 | | | 5,004 | | | Osaic Holdings, Inc. | | Financial Services | | SOFR(M) | | 4.00% | | 8.85% | | 08/2028 | | 11,460 | | | 11,367 | | | 11,355 | | | Osmosis Buyer Limited | | Consumer Products | | SOFR(M) | | 3.50% | | 8.70% | | 07/2028 | | 8,850 | | | 8,758 | | | 8,849 | | | Pearls (Netherlands) Bidco B.V. | | Specialty Chemicals & Materials | | SOFR(Q) | | 4.00% | | 9.25% | | 02/2029 | | 1,311 | | | 1,308 | | | 1,314 | | | Perforce Software, Inc. | | Software | | SOFR(M) | | 4.75% | | 9.60% | | 03/2031 | | 4,880 | | | 4,860 | | | 4,880 | | | Physician Partners, LLC | | Healthcare | | SOFR(S) | | 4.00% | | 9.56% | | 12/2028 | | 3,173 | | | 3,151 | | | 2,069 | | | Project Alpha Intermediate Holding, Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.00% | | 10/2030 | | 9,831 | | | 9,651 | | | 9,865 | | | Project Ruby Ultimate Parent Corp. | | Healthcare | | SOFR(M) | | 3.50% | | 8.46% | | 03/2028 | | 4,975 | | | 4,953 | | | 4,981 | | | Quartz Holding Company | | Software | | SOFR(M) | | 4.00% | | 8.85% | | 10/2028 | | 6,892 | | | 6,861 | | | 6,897 | | | RealPage, Inc. | | Software | | SOFR(M) | | 3.00% | | 7.96% | | 04/2028 | | 1,361 | | | 1,358 | | | 1,322 | | | Renaissance Holding Corp. | | Education | | SOFR(M) | | 4.25% | | 9.10% | | 04/2030 | | 3,890 | | | 3,791 | | | 3,893 | | | RxB Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.47% | | 12/2027 | | 7,306 | | | 7,285 | | | 7,322 | | | Sierra Enterprises, LLC | | Food & Beverage | | SOFR(Q) | | 6.75% | | 12.00% | | 05/2027 | | 4,461 | | | 4,456 | | | 4,283 | | | Spring Education Group, Inc. | | Education | | SOFR(Q) | | 4.00% | | 8.60% | | 10/2030 | | 9,455 | | | 9,347 | | | 9,535 | | | STATS Intermediate Holdings, LLC | | Business Services | | SOFR(Q) | | 5.25% | | 10.64% | | 07/2026 | | 995 | | | 982 | | | 969 | | | STATS Intermediate Holdings, LLC | | Business Services | | SOFR(Q) | | 7.25% | | 12.64% | | 07/2026 | | 2,254 | | | 2,204 | | | 2,254 | | | Storable, Inc. | | Software | | SOFR(M) | | 3.50% | | 8.35% | | 04/2028 | | 3,890 | | | 3,876 | | | 3,905 | | | Symplr Software, Inc. | | Healthcare | | SOFR(Q) | | 4.50% | | 9.85% | | 12/2027 | | 3,697 | | | 3,692 | | | 3,387 | | | Syndigo LLC | | Software | | SOFR(M) | | 4.50% | | 9.46% | | 12/2027 | | 9,823 | | | 9,813 | | | 9,811 | | | Therapy Brands Holdings LLC | | Healthcare | | SOFR(M) | | 4.00% | | 8.96% | | 05/2028 | | 5,923 | | | 5,905 | | | 4,879 | | | Thermostat Purchaser III, Inc. | | Business Services | | SOFR(Q) | | 4.25% | | 9.00% | | 08/2028 | | 4,662 | | | 4,647 | | | 4,671 | | | TRC Companies LLC | | Business Services | | SOFR(M) | | 3.75% | | 8.71% | | 12/2028 | | 9,999 | | | 9,963 | | | 10,008 | | | Valcour Packaging, LLC | | Packaging | | SOFR(Q) | | 5.25% | | 10.56% | | 10/2028 | | 1,641 | | | 1,625 | | | 1,667 | | | Valcour Packaging, LLC | | Packaging | | SOFR(Q) | | 1.50% + 2.25%/PIK | | 9.33% | | 10/2028 | | 2,237 | | | 2,237 | | | 1,954 | | | VSTG Intermediate Holdings, Inc. | | Business Services | | SOFR(Q) | | 4.75% | | 9.35% | | 07/2029 | | 3,380 | | | 3,365 | | | 3,383 | | | VT Topco, Inc. | | Business Services | | SOFR(M) | | 3.50% | | 8.35% | | 08/2030 | | 5,738 | | | 5,689 | | | 5,762 | | | WatchGuard Technologies, Inc. | | Software | | SOFR(M) | | 5.25% | | 10.10% | | 07/2029 | | 4,009 | | | 3,808 | | | 3,977 | | | Wrench Group LLC | | Consumer Services | | SOFR(Q) | | 4.00% | | 8.87% | | 10/2028 | | 9,324 | | | 9,295 | | | 9,331 | | | Xplor T1, LLC | | Software | | SOFR(Q) | | 4.25% | | 8.85% | | 06/2031 | | 4,075 | | | 4,055 | | | 4,106 | | | Zest Acquisition Corp. | | Healthcare | | SOFR(Q) | | 5.25% | | 10.51% | | 02/2028 | | 3,118 | | | 3,037 | | | 3,136 | | | Zone Climate Services, Inc. | | Business Services | | SOFR(Q) | | 5.50% | | 10.93% | | 03/2028 | | 9,750 | | | 9,626 | | | 9,551 | | | Zone Climate Services, Inc. | | Business Services | | SOFR(Q) | | 5.50% | | 10.93% | | 03/2028 | | 2,143 | | | 2,116 | | | 2,100 | | | Total Funded Investments | | | | | | | | | | | | $ | 477,531 | | | $ | 472,988 | | | $ | 466,325 | | | Unfunded Investments - First lien | | | | | | | | | | | | | | | | | | Chrysaor Bidco S.a r.l. | | Information Services | | — | | — | | — | | 05/2031 | | $ | 116 | | | $ | — | | | $ | 1 | | | Groundworks, LLC | | Business Services | | — | | — | | — | | 03/2026 | | 637 | | | (3) | | | (4) | | | | | | | | | | | | | | $ | 753 | | | $ | (3) | | | $ | (3) | | | Total Unfunded Investments | | | | | | | | | | | | $ | 478,284 | | | $ | 472,985 | | | $ | 466,322 | |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of September 30, 2024. (2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV. The following table is a listing of the individual investments in SLP IV's consolidated portfolio as of December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Funded Investments - First lien | | | | | | | | | | | | | | | | | | ADG, LLC | | Healthcare | | SOFR(Q) | | 1.00% + 3.00%/PIK | | 9.54% | | 09/2026 | | $ | 17,400 | | | $ | 17,394 | | | $ | 14,967 | | | ADMI Corp. (aka Aspen Dental) | | Healthcare | | SOFR(M) | | 3.75% | | 9.22% | | 12/2027 | | 1,833 | | | 1,827 | | | 1,744 | | | Aretec Group, Inc. (fka RCS Capital Corporation) | | Financial Services | | SOFR(M) | | 4.50% | | 9.96% | | 08/2030 | | 4,804 | | | 4,700 | | | 4,810 | | | Artera Services, LLC | | Distribution & Logistics | | SOFR(Q) | | 3.50% | | 8.95% | | 03/2025 | | 4,068 | | | 4,057 | | | 3,832 | | | Ascensus Group Holdings, Inc. | | Business Services | | SOFR(M) | | 3.50% | | 8.97% | | 08/2028 | | 4,171 | | | 4,156 | | | 4,171 | | | athenahealth Group Inc. | | Healthcare | | SOFR(M) | | 3.25% | | 8.61% | | 02/2029 | | 2,373 | | | 2,364 | | | 2,368 | | | Barracuda Parent, LLC | | Software | | SOFR(Q) | | 4.50% | | 9.88% | | 08/2029 | | 4,950 | | | 4,824 | | | 4,851 | | | Bayou Intermediate II, LLC | | Healthcare | | SOFR(Q) | | 4.50% | | 10.15% | | 08/2028 | | 8,940 | | | 8,899 | | | 8,549 | | | BCPE Empire Holdings, Inc. | | Distribution & Logistics | | SOFR(M) | | 4.75% | | 10.11% | | 12/2028 | | 4,353 | | | 4,313 | | | 4,371 | | | Bella Holding Company, LLC | | Healthcare | | SOFR(M) | | 3.75% | | 9.21% | | 05/2028 | | 753 | | | 751 | | | 748 | | | Bleriot US Bidco Inc. | | Federal Services | | SOFR(Q) | | 4.00% | | 9.61% | | 10/2028 | | 3,900 | | | 3,882 | | | 3,921 | | | Boxer Parent Company Inc. | | Software | | SOFR(M) | | 4.25% | | 9.60% | | 12/2028 | | 8,987 | | | 8,897 | | | 9,070 | | | Bracket Intermediate Holding Corp. | | Healthcare | | SOFR(Q) | | 5.00% | | 10.45% | | 05/2028 | | 4,394 | | | 4,275 | | | 4,402 | | | Brown Group Holding, LLC | | Distribution & Logistics | | SOFR(Q) | | 3.75% | | 9.13% | | 07/2029 | | 5,370 | | | 5,255 | | | 5,393 | | | CE Intermediate I, LLC | | Software | | SOFR(Q) | | 3.50% | | 9.02% | | 11/2028 | | 8,095 | | | 8,052 | | | 8,035 | | | CentralSquare Technologies, LLC | | Software | | SOFR(Q) | | 3.75% | | 9.25% | | 08/2025 | | 14,250 | | | 14,240 | | | 13,817 | | | CHA Holdings, Inc. | | Business Services | | SOFR(M) | | 4.50% | | 10.15% | | 04/2025 | | 10,692 | | | 10,682 | | | 10,692 | | | CHA Holdings, Inc. | | Business Services | | SOFR(M) | | 4.50% | | 9.97% | | 04/2025 | | 1,963 | | | 1,961 | | | 1,963 | | | Cloudera, Inc. | | Software | | SOFR(M) | | 3.75% | | 9.21% | | 10/2028 | | 4,308 | | | 4,202 | | | 4,279 | | | Confluent Health, LLC | | Healthcare | | SOFR(M) | | 4.00% | | 9.47% | | 11/2028 | | 7,338 | | | 7,309 | | | 7,210 | | | Confluent Medical Technologies, Inc. | | Healthcare | | SOFR(Q) | | 3.75% | | 9.10% | | 02/2029 | | 6,878 | | | 6,851 | | | 6,877 | | | Convey Health Solutions, Inc. | | Healthcare | | SOFR(Q) | | 5.25% | | 10.74% | | 09/2026 | | 4,938 | | | 4,830 | | | 4,417 | | | Cornerstone OnDemand, Inc. | | Software | | SOFR(M) | | 3.75% | | 9.22% | | 10/2028 | | 2,519 | | | 2,510 | | | 2,452 | | | CVET Midco 2, L.P. | | Software | | SOFR(Q) | | 5.00% | | 10.35% | | 10/2029 | | 6,656 | | | 6,481 | | | 6,659 | | | Dealer Tire Financial, LLC | | Distribution & Logistics | | SOFR(M) | | 4.50% | | 9.86% | | 12/2027 | | 10,559 | | | 10,538 | | | 10,617 | | | Discovery Purchaser Corporation | | Specialty Chemicals & Materials | | SOFR(Q) | | 4.38% | | 9.77% | | 10/2029 | | 5,346 | | | 4,972 | | | 5,280 | | | Dispatch Acquisition Holdings, LLC | | Industrial Services | | SOFR(Q) | | 4.25% | | 9.75% | | 03/2028 | | 9,774 | | | 9,686 | | | 9,206 | | | EAB Global, Inc. | | Education | | SOFR(M) | | 3.50% | | 8.97% | | 08/2028 | | 4,369 | | | 4,340 | | | 4,367 | | | Eagle Parent Corp. | | Business Services | | SOFR(Q) | | 4.25% | | 9.60% | | 04/2029 | | 7,481 | | | 7,369 | | | 7,415 | | | Eisner Advisory Group LLC | | Financial Services | | SOFR(M) | | 5.25% | | 10.72% | | 07/2028 | | 1,689 | | | 1,630 | | | 1,694 | | | eResearchTechnology, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.96% | | 02/2027 | | 2,190 | | | 2,179 | | | 2,190 | | | EyeCare Partners, LLC | | Healthcare | | SOFR(Q) | | 3.75% | | 9.39% | | 11/2028 | | 9,825 | | | 9,807 | | | 4,932 | | | Foundational Education Group, Inc. | | Education | | SOFR(Q) | | 4.25% | | 9.89% | | 08/2028 | | 8,453 | | | 8,344 | | | 8,453 | | | Geo Parent Corporation | | Business Services | | SOFR(S) | | 5.25% | | 10.80% | | 12/2028 | | 9,634 | | | 9,479 | | | 9,634 | | | Heartland Dental, LLC | | Healthcare | | SOFR(M) | | 5.00% | | 10.36% | | 04/2028 | | 7,605 | | | 7,332 | | | 7,596 | | | Help/Systems Holdings, Inc. | | Software | | SOFR(Q) | | 4.00% | | 9.48% | | 11/2026 | | 9,707 | | | 9,687 | | | 9,254 | | | Houghton Mifflin Harcourt Company | | Education | | SOFR(M) | | 5.25% | | 10.71% | | 04/2029 | | 6,310 | | | 6,116 | | | 6,200 | | | Hub International Limited | | Insurance Services | | SOFR(Q) | | 4.25% | | 9.66% | | 06/2030 | | 2,754 | | | 2,728 | | | 2,770 | | | Hunter Holdco 3 Limited | | Healthcare | | SOFR(Q) | | 4.25% | | 9.70% | | 08/2028 | | 3,949 | | | 3,921 | | | 3,947 | | | Idera, Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.28% | | 03/2028 | | 9,130 | | | 9,079 | | | 9,096 | | | Kestra Advisor Services Holdings A, Inc. | | Financial Services | | SOFR(Q) | | 4.25% | | 9.70% | | 06/2026 | | 5,374 | | | 5,344 | | | 5,387 | | | LSCS Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.97% | | 12/2028 | | 8,582 | | | 8,551 | | | 8,485 | | | Mandolin Technology Intermediate Holdings, Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.25% | | 07/2028 | | 9,800 | | | 9,765 | | | 8,942 | | | Marcel Bidco LLC (Marcel Bidco GmbH) | | Software | | SOFR(M) | | 4.50% | | 9.13% | | 11/2030 | | 2,039 | | | 2,009 | | | 2,053 | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 3.75% | | 9.28% | | 05/2028 | | 7,841 | | | 7,814 | | | 7,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Portfolio Company and Type of Investment | | Industry | | Reference | | Spread | | Interest Rate (1) | | Maturity Date | | Principal Amount or Par Value | | Cost | | Fair
Value (2) | | | | | | | | | | | | | | | | | | | Maverick Bidco Inc. | | Software | | SOFR(Q) | | 5.00% | | 10.47% | | 05/2028 | | $ | 1,985 | | | $ | 1,904 | | | $ | 1,962 | | | Mavis Tire Express Services Topco Corp. | | Retail | | SOFR(M) | | 4.00% | | 9.47% | | 05/2028 | | 8,263 | | | 8,235 | | | 8,288 | | | MH Sub I, LLC (Micro Holding Corp.) | | Business Services | | SOFR(M) | | 4.25% | | 9.61% | | 05/2028 | | 4,783 | | | 4,677 | | | 4,711 | | | Netsmart, Inc. | | Healthcare | | SOFR(M) | | 3.75% | | 9.22% | | 10/2027 | | 6,825 | | | 6,825 | | | 6,848 | | | Nielsen Consumer Inc. | | Business Services | | SOFR(M) | | 6.25% | | 11.61% | | 03/2028 | | 9,950 | | | 8,943 | | | 9,759 | | | OEConnection LLC | | Software | | SOFR(M) | | 4.00% | | 9.46% | | 09/2026 | | 4,039 | | | 4,020 | | | 4,037 | | | OMNIA Partners, LLC | | Business Services | | SOFR(Q) | | 4.25% | | 9.63% | | 07/2030 | | 4,566 | | | 4,523 | | | 4,598 | | | Optiv Parent Inc. | | Business Services | | SOFR(Q) | | 5.25% | | 10.63% | | 07/2026 | | 5,080 | | | 4,934 | | | 4,866 | | | Osaic Holdings, Inc. | | Financial Services | | SOFR(M) | | 4.50% | | 9.86% | | 08/2028 | | 11,518 | | | 11,410 | | | 11,569 | | | Osmosis Buyer Limited | | Food & Beverage | | SOFR(M) | | 3.75% | | 9.09% | | 07/2028 | | 2,494 | | | 2,457 | | | 2,499 | | | Osmosis Buyer Limited | | Food & Beverage | | SOFR(M) | | 4.25% | | 9.60% | | 07/2028 | | 1,726 | | | 1,674 | | | 1,735 | | | Pearls (Netherlands) Bidco B.V. | | Specialty Chemicals & Materials | | SOFR(Q) | | 3.75% | | 9.13% | | 02/2029 | | 1,319 | | | 1,317 | | | 1,310 | | | Physician Partners, LLC | | Healthcare | | SOFR(Q) | | 4.00% | | 9.53% | | 12/2028 | | 3,197 | | | 3,173 | | | 3,031 | | | Premise Health Holding Corp. | | Healthcare | | SOFR(Q) | | 3.75% | | 9.25% | | 07/2025 | | 1,926 | | | 1,923 | | | 1,892 | | | Project Alpha Intermediate Holding, Inc. | | Software | | SOFR(M) | | 4.75% | | 10.11% | | 10/2030 | | 9,880 | | | 9,684 | | | 9,962 | | | RealPage, Inc. | | Software | | SOFR(M) | | 3.00% | | 8.47% | | 04/2028 | | 1,371 | | | 1,368 | | | 1,366 | | | Renaissance Holding Corp. | | Education | | SOFR(M) | | 4.75% | | 10.11% | | 04/2030 | | 5,101 | | | 4,959 | | | 5,126 | | | RxB Holdings, Inc. | | Healthcare | | SOFR(M) | | 4.50% | | 9.97% | | 12/2027 | | 7,363 | | | 7,338 | | | 7,349 | | | Sierra Enterprises, LLC | | Food & Beverage | | SOFR(Q) | | 2.50% + 4.25%/PIK | | 12.13% | | 05/2027 | | 4,352 | | | 4,345 | | | 4,036 | | | Snap One Holdings Corp. | | Distribution & Logistics | | SOFR(Q) | | 4.50% | | 10.00% | | 12/2028 | | 8,498 | | | 8,433 | | | 8,328 | | | Spring Education Group, Inc. | | Education | | SOFR(Q) | | 4.50% | | 9.85% | | 10/2030 | | 9,526 | | | 9,408 | | | 9,558 | | | STATS Intermediate Holdings, LLC | | Business Services | | SOFR(Q) | | 7.25% | | 12.88% | | 07/2026 | | 2,271 | | | 2,203 | | | 2,271 | | | Storable, Inc. | | Software | | SOFR(M) | | 3.50% | | 8.86% | | 04/2028 | | 3,920 | | | 3,904 | | | 3,918 | | | Symplr Software, Inc. | | Healthcare | | SOFR(Q) | | 4.50% | | 9.98% | | 12/2027 | | 3,726 | | | 3,719 | | | 3,347 | | | Syndigo LLC | | Software | | SOFR(M) | | 4.50% | | 9.97% | | 12/2027 | | 9,660 | | | 9,648 | | | 9,660 | | | Therapy Brands Holdings LLC | | Software | | SOFR(M) | | 4.00% | | 9.47% | | 05/2028 | | 5,969 | | | 5,947 | | | 5,536 | | | Thermostat Purchaser III, Inc. | | Business Services | | SOFR(Q) | | 4.50% | | 10.04% | | 08/2028 | | 4,686 | | | 4,668 | | | 4,625 | | | TRC Companies LLC | | Business Services | | SOFR(M) | | 3.75% | | 9.22% | | 12/2028 | | 9,574 | | | 9,536 | | | 9,590 | | | USIC Holdings, Inc. | | Business Services | | SOFR(Q) | | 3.50% | | 9.11% | | 05/2028 | | 2,971 | | | 2,963 | | | 2,952 | | | Valcour Packaging, LLC | | Packaging | | SOFR(M) | | 3.75% | | 9.21% | | 10/2028 | | 3,244 | | | 3,236 | | | 2,584 | | | VT Topco, Inc. | | Business Services | | SOFR(M) | | 4.25% | | 9.61% | | 08/2030 | | 7,289 | | | 7,218 | | | 7,335 | | | WatchGuard Technologies, Inc. | | Software | | SOFR(M) | | 5.25% | | 10.60% | | 07/2029 | | 4,040 | | | 3,814 | | | 3,892 | | | Wrench Group LLC | | Consumer Services | | SOFR(Q) | | 4.00% | | 9.61% | | 04/2026 | | 9,371 | | | 9,337 | | | 9,406 | | | Zest Acquisition Corp. | | Healthcare | | SOFR(M) | | 5.50% | | 10.86% | | 02/2028 | | 3,142 | | | 3,039 | | | 3,085 | | | Zone Climate Services, Inc. | | Business Services | | SOFR(Q) | | 5.25% | | 10.80% | | 03/2028 | | 9,850 | | | 9,702 | | | 9,824 | | | Zone Climate Services, Inc. | | Business Services | | SOFR(Q) | | 5.25% | | 10.80% | | 03/2028 | | 2,165 | | | 2,133 | | | 2,160 | | | Total Funded Investments | | | | | | | | | | | | $ | 481,984 | | | $ | 476,019 | | | $ | 467,881 | | | Unfunded Investments - First lien | | | | | | | | | | | | | | | | | | OMNIA Partners, LLC | | Business Services | | — | | | — | | — | | 01/2024 | | $ | 429 | | | $ | (2) | | | $ | 3 | | | Osmosis Buyer Limited | | Food & Beverage | | — | | | — | | — | | 07/2028 | | 363 | | | — | | | 2 | | | Total Unfunded Investments | | | | | | | | | | | | $ | 792 | | | $ | (2) | | | $ | 5 | | | Total Investments | | | | | | | | | | | | $ | 482,776 | | | $ | 476,017 | | | $ | 467,886 | |
(1)All interest is payable in cash unless otherwise indicated. All of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR). For each investment, the current interest rate provided reflects the rate in effect as of December 31, 2023. (2)Represents the fair value in accordance with ASC 820. The Company's board of directors does not determine the fair value of the investments held by SLP IV. Below is certain summarized consolidated financial information for SLP IV as of September 30, 2024 and December 31, 2023 and for the three and nine months ended September 30, 2024 and September 30, 2023: | | | | | | | | | | | | | Selected Consolidated Balance Sheet Information: | September 30, 2024 | | December 31, 2023 | Investments at fair value (cost of $472,985 and $476,017, respectively) | $ | 466,322 | | | $ | 467,886 | | | Cash and other assets | 18,078 | | | 16,227 | | | Receivable from unsettled securities sold | 2,929 | | | 1,445 | | | Total assets | $ | 487,329 | | | $ | 485,558 | | | | | | | Credit facility | $ | 341,937 | | | $ | 306,537 | | Deferred financing costs (net of accumulated amortization of $2,329 and $1,599, respectively) | (3,376) | | | (1,414) | | | Distribution payable | 4,826 | | | 5,220 | | | Payable for unsettled securities purchased | 1,573 | | | 31,322 | | | Other liabilities | 6,872 | | | 6,676 | | | Total liabilities | 351,832 | | | 348,341 | | | | | | | Members' capital | $ | 135,497 | | | $ | 137,217 | | | Total liabilities and members' capital | $ | 487,329 | | | $ | 485,558 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Selected Consolidated Statement of Operations Information: | Three Months Ended | | Nine Months Ended | | September 30, 2024 | | September 30, 2023 | | September 30, 2024 | | September 30, 2023 | | Interest income | $ | 12,906 | | | $ | 12,476 | | | $ | 37,025 | | | $ | 35,669 | | | Other income | 10 | | | 100 | | | 77 | | | 258 | | | Total investment income | 12,916 | | | 12,576 | | | 37,102 | | | 35,927 | | | | | | | | | | | Interest and other financing expenses | 6,694 | | | 6,447 | | | 19,436 | | | 18,455 | | | Other expenses | 202 | | | 221 | | | 651 | | | 653 | | | Total expenses | 6,896 | | | 6,668 | | | 20,087 | | | 19,108 | | | | | | | | | | | | | | | | | | | Net investment income | 6,020 | | | 5,908 | | | 17,015 | | | 16,819 | | | | | | | | | | | Net realized gains (losses) on investments | 133 | | | (97) | | | (4,741) | | | (1,751) | | | Net change in unrealized (depreciation) appreciation of investments | (2,076) | | | 10,361 | | | 1,468 | | | 19,942 | | | Net increase in members' capital | $ | 4,077 | | | $ | 16,172 | | | $ | 13,742 | | | $ | 35,010 | |
For the three and nine months ended September 30, 2024, the Company earned approximately $3,794 and $12,153, respectively, of dividend income related to SLP IV, which is included in dividend income. For the three and nine months ended September 30, 2023, the Company earned approximately $3,653 and $11,381, respectively, of dividend income related to SLP IV, which is included in dividend income. As of September 30, 2024 and December 31, 2023, approximately $3,794 and $4,103, respectively, of dividend income related to SLP IV was included in interest and dividend receivable. The Company has determined that SLP IV is an investment company under ASC 946; in accordance with such guidance the Company will generally not consolidate its investment in a company other than a wholly-owned investment company subsidiary. Furthermore, ASC 810 concludes that in a joint venture where both members have equal decision making authority, it is not appropriate for one member to consolidate the joint venture since neither has control. Accordingly, the Company does not consolidate SLP IV. Unconsolidated Significant Subsidiaries In accordance with Regulation S-X Rule 10-01(b)(1), the Company evaluates its unconsolidated controlled portfolio companies to determine if any are as “significant subsidiaries.” This determination is made based upon an analysis performed under Rules 3-09 and 4-08(g) of Regulation S-X, pursuant to which the Company must determine if any of its portfolio companies are considered a “significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under this rule. As of September 30, 2024, the Company did not have any portfolio companies that were deemed to be a "significant subsidiary." Investment Risk Factors First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the net asset value and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these securities. This illiquidity may make it more difficult to value the investments. Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower. The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.
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