x | QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 88-6102187 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
245 Park Avenue, 26th Floor, New York, NY | 10167 | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
None | None | None |
Large accelerated filer | o | Accelerated filer | o | |||||||||||
Non-accelerated filer | x | Smaller reporting company | o | |||||||||||
Emerging growth company | x |
PART I | FINANCIAL INFORMATION | # | ||||||
Item 1. | Financial Statements | # | ||||||
Consolidated Statements of Assets and Liabilities as of March 31, 2024 (Unaudited) and December 31, 2023 | # | |||||||
Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited) | # | |||||||
Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2024 and 2023 (Unaudited) | # | |||||||
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) | # | |||||||
Consolidated Schedules of Investments as of March 31, 2024 (Unaudited) and December 31, 2023 | # | |||||||
Notes to Consolidated Financial Statements (Unaudited) | # | |||||||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | # | ||||||
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | # | ||||||
Item 4. | Controls and Procedures | # | ||||||
PART II | OTHER INFORMATION | # | ||||||
Item 1. | Legal Proceedings | # | ||||||
Item 1A. | Risk Factors | # | ||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | # | ||||||
Item 3. | Defaults Upon Senior Securities | # | ||||||
Item 4. | Mine Safety Disclosures | # | ||||||
Item 5. | Other Information | # | ||||||
Item 6. | Exhibits | # | ||||||
Signatures | # |
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Investments at fair value: | ||||||||
Non-controlled/non-affiliated investments at fair value (amortized cost of $1,770,682 and $1,344,384, respectively) | $ | 1,768,188 | $ | 1,343,705 | ||||
Non-controlled/affiliated investments at fair value (amortized cost of $56,048 and $50,235, respectively) | 62,126 | 54,714 | ||||||
Unrealized gain on derivative contracts | 23 | — | ||||||
Cash and cash equivalents (restricted cash of $30,927 and $30,496 as of March 31, 2024 and December 31, 2023, respectively) | 61,116 | 62,706 | ||||||
Deferred financing costs | 10,771 | 9,796 | ||||||
Interest receivable | 8,259 | 6,011 | ||||||
Deferred offering costs | 1,280 | 1,068 | ||||||
Prepaid expenses | 260 | 413 | ||||||
Total assets | $ | 1,912,023 | $ | 1,478,413 | ||||
Liabilities | ||||||||
Unrealized loss on derivative contracts | 773 | 44 | ||||||
Debt (Note 5) | 831,300 | 643,000 | ||||||
Dividend payable | 9,486 | 17,913 | ||||||
Interest payable | 8,161 | 7,824 | ||||||
Income incentive fee payable | 3,583 | 2,794 | ||||||
Management fees payable | 2,647 | 2,329 | ||||||
Due to affiliate | 2,298 | — | ||||||
Deferred tax liability | 1,682 | 1,371 | ||||||
Accrued expenses and other liabilities payable to affiliate | 1,455 | 2,424 | ||||||
Deferred income | 1,371 | 1,367 | ||||||
Capital gains incentive fee payable | 489 | 496 | ||||||
Total liabilities | 863,245 | 679,562 | ||||||
Commitments and contingencies (Note 8) | ||||||||
Net assets | ||||||||
Common shares $0.001 par value, unlimited shares authorized; 41,286,216 and 31,438,430 shares issued and outstanding, respectively | $ | 41 | $ | 31 | ||||
Additional paid-in-capital | 1,043,345 | 794,767 | ||||||
Total distributable earnings (loss) | 5,392 | 4,053 | ||||||
Total net assets | 1,048,778 | 798,851 | ||||||
Total liabilities and net assets | $ | 1,912,023 | $ | 1,478,413 | ||||
Net asset value per share | $ | 25.40 | $ | 25.41 |
March 31, 2024 | December 31, 2023 | |||||||
(Unaudited) | ||||||||
Net Asset Value per Share | ||||||||
Class I Shares: | ||||||||
Net assets | $ | 1,001,429 | $ | 768,513 | ||||
Common shares $0.001 par value, unlimited shares authorized | 39,422,288 | 30,244,520 | ||||||
Net asset value per share | $ | 25.40 | $ | 25.41 | ||||
Class S Shares: | ||||||||
Net assets | $ | 46,377 | $ | 30,015 | ||||
Common shares $0.001 par value, unlimited shares authorized | 1,825,665 | 1,181,210 | ||||||
Net asset value per share | $ | 25.40 | $ | 25.41 | ||||
Class D Shares: | ||||||||
Net assets | $ | 972 | $ | 323 | ||||
Common shares $0.001 par value, unlimited shares authorized | 38,263 | 12,700 | ||||||
Net asset value per share | $ | 25.40 | $ | 25.41 |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||||||
Investment income | |||||||||||
Investment income from non-controlled, non-affiliated investments: | |||||||||||
Interest | $ | 47,556 | $ | 24,139 | |||||||
Other | 1,207 | 928 | |||||||||
Total investment income from non-controlled, non-affiliated investments: | 48,763 | 25,067 | |||||||||
Total investment income | 48,763 | 25,067 | |||||||||
Expenses | |||||||||||
Interest | $ | 15,458 | $ | 7,692 | |||||||
Income incentive fees(1) | 3,583 | 1,670 | |||||||||
Management fees(1) | 2,647 | 1,640 | |||||||||
Professional fees | 554 | 552 | |||||||||
Offering costs | 339 | 782 | |||||||||
Administrative fees(1) | 232 | 751 | |||||||||
Accounting fees | 169 | 158 | |||||||||
Other | 160 | 864 | |||||||||
Insurance fees | 153 | 89 | |||||||||
Trustees' fees | 45 | 44 | |||||||||
Distribution and shareholder servicing fees: | |||||||||||
Class S | 88 | — | |||||||||
Class D | 1 | — | |||||||||
Organizational costs | — | 528 | |||||||||
Capital gains incentive fees(1) | (7) | 334 | |||||||||
Total expenses | 23,422 | 15,104 | |||||||||
Distribution and shareholder servicing fees waived | (62) | — | |||||||||
Net expenses | 23,360 | 15,104 | |||||||||
Net investment income (loss) before taxes | $ | 25,403 | $ | 9,963 | |||||||
Deferred federal tax provision(2) | 311 | — | |||||||||
Net investment income (loss) after taxes | $ | 25,092 | $ | 9,963 | |||||||
Net realized and change in unrealized gain (loss) on investment transactions | |||||||||||
Net realized gain (loss) on investment transactions: | |||||||||||
Non-controlled, non-affiliated investments | — | (18) | |||||||||
Foreign currency forward contracts | (32) | — | |||||||||
Net change in unrealized gain (loss) on investment transactions: | |||||||||||
Non-controlled, non-affiliated investments | (1,815) | 170 | |||||||||
Non-controlled, affiliated investments | 1,599 | 2,521 | |||||||||
Foreign currency forward contracts | 67 | — | |||||||||
Total net realized and change in unrealized gain (loss) on investment transactions | (181) | 2,673 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 24,911 | $ | 12,636 |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||
Increase (decrease) in net assets resulting from operations | ||||||||
Net investment income (loss) | $ | 25,092 | $ | 9,963 | ||||
Net realized gain (loss) | (32) | (18) | ||||||
Net change in unrealized gain (loss) | (149) | 2,691 | ||||||
Net increase (decrease) in net assets resulting from operations | 24,911 | 12,636 | ||||||
Dividends | ||||||||
Class I | (24,228) | (3,825) | ||||||
Class S | (1,102) | — | ||||||
Class D | (26) | — | ||||||
Net increase (decrease) in net assets resulting from dividends | (25,356) | (3,825) | ||||||
Capital share transactions | ||||||||
Class I | ||||||||
Proceeds from shares sold | 229,767 | 7,815 | ||||||
Distributions reinvested | 4,060 | — | ||||||
Repurchased shares, net of early repurchase deduction | (487) | — | ||||||
Class S | ||||||||
Proceeds from shares sold | 15,653 | — | ||||||
Distributions reinvested | 729 | — | ||||||
Class D | ||||||||
Proceeds from shares sold | 630 | — | ||||||
Distributions reinvested | 20 | — | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | 250,372 | 7,815 | ||||||
Total increase (decreases) in net assets | 249,927 | 16,626 | ||||||
Net assets, at beginning of period | 798,851 | 528,895 | ||||||
Net assets, at end of period | $ | 1,048,778 | $ | 545,521 |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||||||
Cash flows from operating activities | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 24,911 | $ | 12,636 | ||||||||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||||||||||||||
Net realized (gain) loss on investments | — | 18 | ||||||||||||
Net change in unrealized (appreciation) depreciation on investments | 216 | (2,691) | ||||||||||||
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (67) | — | ||||||||||||
Net accretion on debt instruments | (2,288) | (1,164) | ||||||||||||
Net paydown gain on debt instruments | (128) | (42) | ||||||||||||
Interest received in-kind | (803) | — | ||||||||||||
Purchases and drawdowns of investments | (456,894) | (111,634) | ||||||||||||
Proceeds from sales and paydowns of investments | 28,002 | 55,367 | ||||||||||||
Net settlements on derivative contracts | 773 | — | ||||||||||||
Amortization of deferred financing costs | 630 | 438 | ||||||||||||
Amortization of deferred offering costs | 337 | 782 | ||||||||||||
Change in operating assets and liabilities: | ||||||||||||||
(Increase) decrease in interest receivable | (2,248) | 2,703 | ||||||||||||
(Increase) decrease in prepaid expenses | 153 | 89 | ||||||||||||
Increase (decrease) in interest payable | 337 | 1,066 | ||||||||||||
Increase (decrease) in accrued expenses and other liabilities payable to affiliate | (968) | 628 | ||||||||||||
Increase (decrease) in income incentive fees payable | 789 | 74 | ||||||||||||
Increase (decrease) in management fees payable | 318 | 243 | ||||||||||||
Increase (decrease) in deferred tax liability | 311 | 578 | ||||||||||||
Increase (decrease) in deferred income | 4 | (114) | ||||||||||||
Increase (decrease) in capital gains incentive fees payable | (7) | 335 | ||||||||||||
Increase (decrease) in due to affiliate | 2,298 | 240 | ||||||||||||
Net cash used in operating activities | (404,324) | (40,448) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Dividends paid | (28,975) | (15,707) | ||||||||||||
Payments for repurchase of common shares | (487) | — | ||||||||||||
Proceeds from issuance of common shares | 246,050 | 7,815 | ||||||||||||
Borrowings on debt | 473,200 | 106,000 | ||||||||||||
Payments on debt | (284,900) | (46,100) | ||||||||||||
Payments for deferred financing costs | (1,605) | (150) | ||||||||||||
Payments for deferred offering costs | (549) | (2,296) | ||||||||||||
Net cash provided by financing activities | 402,734 | 49,562 |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||||||
Net change in cash | (1,590) | 9,114 | ||||||||||||
Cash and restricted cash | ||||||||||||||
Cash and restricted cash, beginning of period | 62,706 | 38,509 | ||||||||||||
Cash and restricted cash, end of period | $ | 61,116 | $ | 47,623 | ||||||||||
Supplemental and non-cash information | ||||||||||||||
Distributions reinvested | $ | 4,809 | $ | — | ||||||||||
Cash paid during the period for interest | $ | 13,718 | $ | 6,188 | ||||||||||
Dividends payable | $ | 9,486 | $ | 3,825 | ||||||||||
The following table provides a reconciliation of cash and restricted cash reported within the consolidated statements of assets and liabilities: | ||||||||||||||
Cash | $ | 30,189 | $ | 24,045 | ||||||||||
Restricted cash | 30,927 | 23,578 | ||||||||||||
Total cash and restricted cash | $ | 61,116 | $ | 47,623 |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt | ||||||||||||||||||||||||||||||||||||||
Aerospace and defense | ||||||||||||||||||||||||||||||||||||||
Mattco Forge, Inc | First lien senior secured revolving loan | S + | 5.25% | 10.68% | 12/6/2024 | $ | 506 | $ | 98 | $ | 99 | 0.01 | % | |||||||||||||||||||||||||
Mattco Forge, Inc | First lien senior secured term loan | S + | 5.25% | 10.81% | 1/6/2025 | 2,064 | 2,052 | 2,054 | 0.20 | % | ||||||||||||||||||||||||||||
2,150 | 2,153 | 0.21 | % | |||||||||||||||||||||||||||||||||||
Air freight and logistics | ||||||||||||||||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 6/21/2028 | $ | 6,230 | $ | (82) | $ | (80) | (0.01) | % | |||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 6/21/2028 | 3,557 | (49) | (45) | 0.00 | % | ||||||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.00% | 11.56% | 6/21/2028 | 14,108 | 13,897 | 13,914 | 1.33 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.44% | 9/19/2027 | 4,527 | (72) | (67) | (0.01) | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 9/19/2027 | 1,687 | (27) | (25) | 0.00 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 9/19/2027 | 6,837 | 6,719 | 6,728 | 0.64 | % | ||||||||||||||||||||||||||||
20,386 | 20,425 | 1.95 | % | |||||||||||||||||||||||||||||||||||
Auto components | ||||||||||||||||||||||||||||||||||||||
A.P.A. Industries, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 1/10/2028 | $ | 1,523 | $ | (29) | $ | (27) | 0.00 | % | |||||||||||||||||||||||||
A.P.A. Industries, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 1/10/2028 | 9,568 | 9,379 | 9,388 | 0.90 | % | ||||||||||||||||||||||||||||
AvCarb, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 5.00% PIK | 12.65% | 11/12/2026 | 236 | 232 | 228 | 0.02 | % | ||||||||||||||||||||||||||||
AvCarb, LLC (6) | First lien senior secured revolving loan | S + | 2.00% + 5.00% PIK | 12.65% | 11/12/2026 | 38 | — | (1) | 0.00 | % | ||||||||||||||||||||||||||||
AvCarb, LLC | First lien senior secured term loan | S + | 2.00% + 5.00% PIK | 12.65% | 11/12/2026 | 503 | 498 | 487 | 0.05 | % | ||||||||||||||||||||||||||||
Bestop, Inc (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 10.55% | 3/29/2029 | 7,854 | (157) | (157) | (0.01) | % | ||||||||||||||||||||||||||||
Bestop, Inc | First lien senior secured revolving loan | P + | 4.25% | 12.75% | 3/29/2029 | 7,713 | 617 | 617 | 0.06 | % | ||||||||||||||||||||||||||||
Bestop, Inc | First lien senior secured term loan | S + | 5.25% | 10.55% | 3/29/2029 | 51,290 | 50,266 | 50,265 | 4.79 | % | ||||||||||||||||||||||||||||
Certified Collision Group Acquisition Corp (6) | First lien senior secured revolving loan | S + | 5.75% | 11.31% | 5/17/2027 | 19 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Certified Collision Group Acquisition Corp | First lien senior secured term loan | S + | 5.75% | 11.31% | 5/17/2027 | 420 | 418 | 416 | 0.04 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 6/7/2027 | 4,845 | 1,265 | 1,276 | 0.12 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured revolving loan | P + | 5.50% | 14.00% | 6/7/2027 | 1,560 | 132 | 132 | 0.01 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 6/7/2027 | 9,274 | 9,119 | 9,133 | 0.87 | % | ||||||||||||||||||||||||||||
Vehicle Accessories, Inc | First lien senior secured revolving loan | S + | 5.50% | 10.94% | 11/30/2026 | 877 | 279 | 279 | 0.03 | % | ||||||||||||||||||||||||||||
Vehicle Accessories, Inc | First lien senior secured term loan | S + | 5.50% | 10.94% | 11/30/2026 | 11,325 | 11,179 | 11,155 | 1.06 | % | ||||||||||||||||||||||||||||
83,198 | 83,191 | 7.94 | % | |||||||||||||||||||||||||||||||||||
Chemicals |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
AM Buyer, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.32% | 5/1/2025 | $ | 111 | $ | 16 | $ | 15 | 0.00 | % | |||||||||||||||||||||||||
AM Buyer, LLC | First lien senior secured term loan | S + | 6.75% | 12.31% | 5/1/2025 | 464 | 463 | 461 | 0.04 | % | ||||||||||||||||||||||||||||
Answer Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.21% | 12/30/2026 | 759 | 241 | 244 | 0.02 | % | ||||||||||||||||||||||||||||
Answer Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.20% | 12/30/2026 | 2,535 | 2,511 | 2,507 | 0.24 | % | ||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.94% | 8/30/2027 | 2,357 | 553 | 560 | 0.05 | % | ||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.94% | 8/30/2027 | 2,536 | 2,498 | 2,502 | 0.24 | % | ||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 8/30/2027 | 4,113 | 4,047 | 4,059 | 0.39 | % | ||||||||||||||||||||||||||||
Polycorp Ltd (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.07% | 1/24/2030 | 14,860 | (145) | (145) | (0.01) | % | ||||||||||||||||||||||||||||
Polycorp Ltd (6) | First lien senior secured revolving loan | S + | 5.75% | 11.07% | 1/24/2030 | 3,723 | (72) | (72) | (0.01) | % | ||||||||||||||||||||||||||||
Polycorp Ltd | First lien senior secured term loan | S + | 5.75% | 11.07% | 1/24/2030 | 18,191 | 17,879 | 17,835 | 1.70 | % | ||||||||||||||||||||||||||||
Teel Plastics, LLC | First lien senior secured revolving loan | P + | 4.00% | 12.50% | 1/24/2025 | 324 | 48 | 48 | 0.00 | % | ||||||||||||||||||||||||||||
Teel Plastics, LLC | First lien senior secured term loan | S + | 5.00% | 10.44% | 1/24/2025 | 1,765 | 1,765 | 1,761 | 0.17 | % | ||||||||||||||||||||||||||||
USALCO, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 10/19/2026 | 100 | 59 | 59 | 0.01 | % | ||||||||||||||||||||||||||||
USALCO, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 10/19/2027 | 2,539 | 2,524 | 2,527 | 0.24 | % | ||||||||||||||||||||||||||||
32,387 | 32,361 | 3.08 | % | |||||||||||||||||||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured delayed draw term loan | S + | 6.00% PIK | 11.56% | 12/30/2027 | $ | 55 | $ | 54 | $ | 51 | 0.00 | % | |||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 12/30/2027 | 38 | 34 | 32 | — | % | ||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured term loan | S + | 6.00% PIK | 11.56% | 12/30/2027 | 2,173 | 2,139 | 2,039 | 0.19 | % | ||||||||||||||||||||||||||||
Edko Acquisition, LLC (6)(8) | First lien senior secured revolving loan | S + | 5.75% | 11.31% | 6/25/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Edko Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.31% | 6/25/2026 | 1,125 | 1,118 | 1,114 | 0.11 | % | ||||||||||||||||||||||||||||
Franchise Fastlane, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.69% | 5/2/2027 | 15 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Franchise Fastlane, LLC | First lien senior secured term loan | S + | 5.25% | 10.69% | 5/2/2027 | 1,155 | 1,145 | 1,141 | 0.11 | % | ||||||||||||||||||||||||||||
Gold Medal Holdings, Inc (9) | First lien senior secured revolving loan | S + | 7.00% | 12.57% | 3/17/2027 | 50 | 45 | 45 | 0.00 | % | ||||||||||||||||||||||||||||
Gold Medal Holdings, Inc | First lien senior secured term loan | S + | 7.00% | 12.56% | 3/17/2027 | 715 | 711 | 709 | 0.07 | % | ||||||||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.35% | 12/28/2026 | 38 | 33 | 33 | 0.00 | % | ||||||||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.35% | 12/28/2026 | 1,154 | 1,145 | 1,141 | 0.11 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.69% | 3/31/2028 | 94 | 94 | 94 | 0.01 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 9.69% | 3/31/2028 | 355 | 277 | 281 | 0.03 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.69% | 3/31/2028 | 60 | 27 | 27 | 0.00 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 11.69% | 3/31/2028 | 1,635 | 1,619 | 1,625 | 0.15 | % | ||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc | First lien senior secured revolving loan | S + | 6.25% | 11.67% | 8/5/2028 | 2,537 | 302 | 305 | 0.03 | % | ||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc | First lien senior secured term loan | S + | 6.25% | 11.71% | 8/5/2028 | 17,534 | 17,264 | 17,292 | 1.65 | % | ||||||||||||||||||||||||||||
Nimlok Company, LLC (6)(10) | First lien senior secured revolving loan | S + | 5.50% | 11.06% | 11/27/2024 | 320 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Nimlok Company, LLC | First lien senior secured term loan | S + | 5.50% | 11.06% | 11/27/2025 | 2,607 | 2,594 | 2,587 | 0.25 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
PRA Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.95% | 5/12/2028 | 56 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
PRA Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.95% | 5/12/2028 | 634 | 621 | 619 | 0.06 | % | ||||||||||||||||||||||||||||
Quality Liaison Services of North America, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.46% | 5/2/2028 | 1,629 | (33) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
Quality Liaison Services of North America, Inc | First lien senior secured term loan | S + | 6.00% | 11.46% | 5/2/2028 | 12,817 | 12,550 | 12,564 | 1.20 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 12/27/2026 | 141 | 140 | 140 | 0.01 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 12/27/2026 | 38 | 21 | 21 | 0.00 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 12/27/2026 | 784 | 778 | 776 | 0.07 | % | ||||||||||||||||||||||||||||
42,675 | 42,602 | 4.05 | % | |||||||||||||||||||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||||||||||||||||||
BCI Burke Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 11.06% | 12/14/2027 | $ | 127 | $ | 20 | $ | 20 | 0.00 | % | |||||||||||||||||||||||||
BCI Burke Holding Corp (6) | First lien senior secured revolving loan | S + | 5.50% | 11.06% | 12/14/2027 | 79 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
BCI Burke Holding Corp | First lien senior secured term loan | S + | 5.50% | 11.06% | 12/14/2027 | 765 | 761 | 759 | 0.07 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.31% | 12/15/2026 | 34 | 33 | 32 | 0.00 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.32% | 12/15/2026 | 38 | 27 | 25 | 0.00 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured term loan | S + | 6.75% | 12.31% | 12/15/2026 | 269 | 263 | 254 | 0.02 | % | ||||||||||||||||||||||||||||
Domino Equipment Company, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.08% | 4/1/2026 | 79 | 46 | 20 | 0.00 | % | ||||||||||||||||||||||||||||
Domino Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% + 0.25% PIK | 12.08% | 4/1/2026 | 506 | 499 | 332 | 0.03 | % | ||||||||||||||||||||||||||||
Highland Acquisition, Inc | First lien senior secured revolving loan | S + | 5.25% | 10.85% | 3/9/2027 | 1,364 | 1,003 | 1,004 | 0.10 | % | ||||||||||||||||||||||||||||
Highland Acquisition, Inc | First lien senior secured term loan | S + | 5.25% | 10.82% | 3/9/2027 | 3,257 | 3,213 | 3,212 | 0.31 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 9/30/2027 | 9,295 | 9,203 | 9,211 | 0.88 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC (11) | First lien senior secured revolving loan | S + | 6.50% | 12.02% | 9/30/2027 | 5,813 | 2,831 | 2,853 | 0.27 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 9/30/2027 | 30,222 | 29,877 | 29,921 | 2.85 | % | ||||||||||||||||||||||||||||
Rose Paving, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.95% | 11/7/2028 | 5,055 | (99) | (91) | (0.01) | % | ||||||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured term loan | S + | 5.50% | 10.95% | 11/7/2028 | 17,383 | 17,044 | 17,069 | 1.63 | % | ||||||||||||||||||||||||||||
64,720 | 64,620 | 6.15 | % | |||||||||||||||||||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.81% | 11/15/2027 | $ | 127 | $ | 125 | $ | 124 | 0.01 | % | |||||||||||||||||||||||||
Bulk Lift International, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 11/15/2027 | 1,801 | (36) | (36) | 0.00 | % | ||||||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 11/15/2027 | 8,186 | 8,013 | 8,024 | 0.77 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.44% | 1/23/2025 | 627 | 210 | 119 | 0.01 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured term loan | S + | 7.00% | 12.44% | 1/23/2025 | 2,616 | 2,182 | 1,804 | 0.17 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured term loan | 20.0% PIK | 20.00% | 1/23/2025 | 633 | 553 | 436 | 0.04 | % | |||||||||||||||||||||||||||||
Johns Byrne LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.55% | 8/31/2029 | 2,578 | (57) | (55) | (0.01) | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Johns Byrne LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.55% | 8/31/2029 | 1,460 | (33) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
Johns Byrne LLC | First lien senior secured term loan | S + | 6.25% | 11.55% | 8/31/2029 | 9,620 | 9,402 | 9,411 | 0.90 | % | ||||||||||||||||||||||||||||
K-1 Packaging Group LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 10/6/2027 | 6,748 | (119) | (112) | (0.01) | % | ||||||||||||||||||||||||||||
K-1 Packaging Group LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 10/6/2027 | 31,326 | 30,709 | 30,760 | 2.93 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.00% + 0.50% PIK | 11.95% | 12/4/2025 | 13 | 13 | 12 | 0.00 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition LLC (6) | First lien senior secured revolving loan | S + | 6.00% + 0.50% PIK | 11.95% | 12/4/2025 | 150 | (1) | (9) | 0.00 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition LLC | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 11.95% | 12/4/2025 | 904 | 898 | 850 | 0.08 | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 11.11% | 8/5/2027 | 3,180 | (42) | (39) | 0.00 | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.11% | 8/5/2027 | 3,732 | (50) | (46) | 0.00 | % | ||||||||||||||||||||||||||||
Sixarp, LLC | First lien senior secured term loan | S + | 5.50% | 11.11% | 8/5/2027 | 19,577 | 19,280 | 19,308 | 1.84 | % | ||||||||||||||||||||||||||||
Vanguard Packaging, LLC | First lien senior secured revolving loan | S + | 5.00% | 10.56% | 8/9/2024 | 4,408 | 1,143 | 1,143 | 0.11 | % | ||||||||||||||||||||||||||||
Vanguard Packaging, LLC | First lien senior secured term loan | S + | 5.00% | 10.56% | 8/9/2024 | 10,562 | 10,483 | 10,483 | 1.00 | % | ||||||||||||||||||||||||||||
82,673 | 82,146 | 7.84 | % | |||||||||||||||||||||||||||||||||||
Distributors | ||||||||||||||||||||||||||||||||||||||
RTP Acquisition, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.94% | 8/17/2026 | $ | 38 | $ | 37 | $ | 37 | 0.00 | % | |||||||||||||||||||||||||
RTP Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.94% | 8/17/2026 | 2,714 | 2,673 | 2,678 | 0.26 | % | ||||||||||||||||||||||||||||
2,710 | 2,715 | 0.26 | % | |||||||||||||||||||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||||||||||||||||||
50Floor, LLC | First lien senior secured revolving loan | S + | 7.75% | 13.20% | 12/31/2025 | $ | 199 | $ | 145 | $ | 138 | 0.01 | % | |||||||||||||||||||||||||
50Floor, LLC | First lien senior secured term loan | S + | 2.75% Cash + 5.00% PIK | 13.20% | 12/31/2026 | 977 | 969 | 931 | 0.09 | % | ||||||||||||||||||||||||||||
ACES Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 10.94% | 7/27/2027 | 7,114 | (94) | (87) | (0.01) | % | ||||||||||||||||||||||||||||
ACES Intermediate, Inc | First lien senior secured term loan | S + | 5.50% | 10.94% | 7/27/2027 | 31,259 | 30,821 | 30,849 | 2.94 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.98% | 4/25/2028 | 7,248 | 5,529 | 5,537 | 0.53 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.96% | 4/25/2028 | 1,629 | (33) | (31) | — | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.96% | 4/25/2028 | 10,195 | 9,974 | 9,988 | 0.95 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.95% | 12/30/2027 | 7,388 | 5,693 | 5,718 | 0.55 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.95% | 12/30/2027 | 2,162 | 1,248 | 1,261 | 0.12 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 6.50% | 11.95% | 12/30/2027 | 15,855 | 15,498 | 15,595 | 1.49 | % | ||||||||||||||||||||||||||||
Home Brands Group Holdings, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 10.20% | 11/8/2026 | 48 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Home Brands Group Holdings, Inc | First lien senior secured term loan | S + | 4.75% | 10.20% | 11/8/2026 | 1,670 | 1,658 | 1,653 | 0.16 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
HTI Intermediate, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.00% | 10.34% | 3/1/2030 | 2,354 | (23) | (23) | 0.00 | % | ||||||||||||||||||||||||||||
HTI Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 10.34% | 3/1/2030 | 1,573 | (31) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
HTI Intermediate, LLC | First lien senior secured term loan | S + | 5.00% | 10.34% | 3/1/2030 | 5,098 | 4,996 | 4,996 | 0.48 | % | ||||||||||||||||||||||||||||
ISSA, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 3/1/2027 | 131 | 21 | 21 | 0.00 | % | ||||||||||||||||||||||||||||
ISSA, LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 3/1/2027 | 1,853 | 1,832 | 1,830 | 0.17 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.87% | 12/29/2026 | 87 | 86 | 86 | 0.01 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.82% | 12/29/2026 | 7,058 | 3,431 | 3,479 | 0.33 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC (12) | First lien senior secured revolving loan | S + | 6.25% | 11.92% | 12/29/2026 | 820 | 13 | 18 | 0.00 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 12/29/2026 | 3,025 | 2,985 | 2,992 | 0.29 | % | ||||||||||||||||||||||||||||
Kalkomey Enterprises, LLC | First lien senior secured revolving loan | P + | 5.50% | 14.00% | 4/24/2025 | 77 | 23 | 23 | 0.00 | % | ||||||||||||||||||||||||||||
Kalkomey Enterprises, LLC | First lien senior secured term loan | S + | 6.50% | 11.95% | 4/24/2026 | 1,036 | 1,031 | 1,028 | 0.10 | % | ||||||||||||||||||||||||||||
Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 6.50% | 11.95% | 10/24/2028 | 4,595 | 2,231 | 2,236 | 0.21 | % | ||||||||||||||||||||||||||||
Lawn Care Holdings Purchaser, Inc (6) | First lien senior secured revolving loan | S + | 6.50% | 12.22% | 10/24/2028 | 828 | (23) | (22) | 0.00 | % | ||||||||||||||||||||||||||||
Lawn Care Holdings Purchaser, Inc | First lien senior secured term loan | S + | 6.50% | 12.22% | 10/24/2028 | 2,909 | 2,826 | 2,831 | 0.27 | % | ||||||||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.22% | 9/30/2026 | 38 | 17 | 16 | 0.00 | % | ||||||||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 12.31% | 9/30/2026 | 606 | 591 | 566 | 0.05 | % | ||||||||||||||||||||||||||||
Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.31% | 11/22/2028 | 10,976 | 4,758 | 4,771 | 0.45 | % | ||||||||||||||||||||||||||||
Premier Early Childhood Education Partners LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.31% | 11/22/2028 | 1,380 | (32) | (30) | 0.00 | % | ||||||||||||||||||||||||||||
Premier Early Childhood Education Partners LLC | First lien senior secured term loan | S + | 5.75% | 11.31% | 11/22/2028 | 8,292 | 8,098 | 8,109 | 0.77 | % | ||||||||||||||||||||||||||||
TSR Concrete Coatings, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.71% | 9/22/2028 | 1,534 | 656 | 657 | 0.06 | % | ||||||||||||||||||||||||||||
TSR Concrete Coatings, LLC | First lien senior secured term loan | S + | 6.25% | 11.70% | 9/22/2028 | 6,195 | 6,053 | 6,060 | 0.58 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 3/23/2026 | 1,617 | 1,382 | 1,378 | 0.13 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 3/23/2026 | 150 | 108 | 108 | 0.01 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 3/23/2026 | 355 | 351 | 350 | 0.03 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 11.50% | 4/30/2026 | 6,231 | 1,339 | 1,342 | 0.13 | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.45% | 4/30/2026 | 889 | (7) | (6) | — | % | ||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured term loan | S + | 6.00% | 11.45% | 4/30/2026 | 7,054 | 6,997 | 7,001 | 0.67 | % | ||||||||||||||||||||||||||||
121,117 | 121,338 | 11.57 | % | |||||||||||||||||||||||||||||||||||
Electrical equipment | ||||||||||||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc | First lien senior secured delayed draw term loan | S + | 6.50% | 11.97% | 10/5/2027 | $ | 71 | $ | 69 | $ | 69 | 0.01 | % | |||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 6.50% | 11.97% | 10/5/2027 | 48 | 36 | 36 | — | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc | First lien senior secured term loan | S + | 6.50% | 12.04% | 10/5/2027 | 1,265 | 1,243 | 1,238 | 0.12 | % | ||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.69% | 9/15/2028 | 2,249 | (33) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 10.69% | 9/15/2028 | 9,205 | 9,059 | 9,072 | 0.87 | % | ||||||||||||||||||||||||||||
10,374 | 10,384 | 1.00 | % | |||||||||||||||||||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 11/22/2025 | $ | 324 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 11/22/2025 | 1,159 | 1,160 | 1,158 | 0.11 | % | ||||||||||||||||||||||||||||
GPSTrackit Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.55% | 3/29/2029 | 1,968 | (44) | (44) | — | % | ||||||||||||||||||||||||||||
GPSTrackit Holdings, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.55% | 3/29/2029 | 1,934 | 150 | 150 | 0.01 | % | ||||||||||||||||||||||||||||
GPSTrackit Holdings, LLC | First lien senior secured term loan | S + | 6.25% | 11.55% | 3/29/2029 | 19,696 | 19,253 | 19,252 | 1.84 | % | ||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.71% | 8/8/2028 | 1,553 | 1,309 | 1,309 | 0.12 | % | ||||||||||||||||||||||||||||
ITSavvy LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.89% | 8/8/2028 | 1,778 | (13) | (10) | 0.00 | % | ||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured term loan | S + | 5.25% | 10.89% | 8/8/2028 | 11,771 | 11,684 | 11,702 | 1.12 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured delayed draw term loan | S + | 5.50% | 11.06% | 10/18/2026 | 118 | 117 | 116 | 0.01 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured revolving loan | S + | 5.50% | 11.09% | 10/18/2026 | 90 | 22 | 21 | 0.00 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured term loan | S + | 5.50% | 11.06% | 10/18/2026 | 890 | 883 | 878 | 0.08 | % | ||||||||||||||||||||||||||||
34,521 | 34,532 | 3.29 | % | |||||||||||||||||||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||||||||||||||||||
Engelman Baking Co, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.69% | 2/28/2025 | $ | 207 | $ | 17 | $ | 17 | 0.00 | % | |||||||||||||||||||||||||
Engelman Baking Co, LLC | First lien senior secured term loan | S + | 5.25% | 10.69% | 2/28/2025 | 704 | 702 | 701 | 0.07 | % | ||||||||||||||||||||||||||||
Ever Fresh Fruit Company, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.93% | 11/17/2028 | 1,380 | (32) | (30) | — | % | ||||||||||||||||||||||||||||
Ever Fresh Fruit Company, LLC | First lien senior secured term loan | S + | 6.50% | 11.93% | 11/17/2028 | 7,344 | 7,174 | 7,183 | 0.68 | % | ||||||||||||||||||||||||||||
Mad Rose Company, LLC (6)(13) | First lien senior secured revolving loan | S + | 6.25% | 11.85% | 5/7/2026 | 395 | (5) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Mad Rose Company, LLC | First lien senior secured term loan | S + | 6.25% | 11.85% | 5/7/2026 | 2,921 | 2,888 | 2,891 | 0.28 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.81% | 11/10/2025 | 41 | 41 | 41 | 0.00 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.81% | 11/10/2025 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured term loan | S + | 5.25% | 10.81% | 11/10/2025 | 1,107 | 1,104 | 1,100 | 0.10 | % | ||||||||||||||||||||||||||||
NutriScience Innovations, LLC (6)(14) | First lien senior secured revolving loan | S + | 7.00% | 12.56% | 4/21/2026 | 131 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
NutriScience Innovations, LLC | First lien senior secured term loan | S + | 7.00% | 12.56% | 4/21/2026 | 390 | 387 | 386 | 0.04 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 5/5/2027 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.57% | 5/5/2027 | 38 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 5/5/2027 | 530 | 524 | 522 | 0.05 | % | ||||||||||||||||||||||||||||
SCP Beverage Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.10% | 11/24/2026 | 38 | 23 | 23 | 0.00 | % | ||||||||||||||||||||||||||||
SCP Beverage Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 11.10% | 11/24/2026 | 7,166 | 7,106 | 7,081 | 0.68 | % | ||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.46% | 10/31/2028 | 364 | 38 | 38 | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.45% | 10/31/2028 | 7,142 | 3,600 | 3,606 | 0.34 | % | ||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured term loan | S + | 6.00% | 11.45% | 10/31/2028 | 17,631 | 17,245 | 17,255 | 1.65 | % | ||||||||||||||||||||||||||||
40,817 | 40,815 | 3.89 | % | |||||||||||||||||||||||||||||||||||
Food products | ||||||||||||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.45% | 8/19/2027 | $ | 5,846 | $ | (79) | $ | (73) | (0.01) | % | |||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured revolving loan | S + | 6.00% | 11.45% | 8/19/2027 | 3,383 | 1,307 | 1,311 | 0.13 | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 11.45% | 8/19/2027 | 23,033 | 22,704 | 22,731 | 2.17 | % | ||||||||||||||||||||||||||||
Icelandirect, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.07% | 7/30/2026 | 38 | 32 | 32 | 0.00 | % | ||||||||||||||||||||||||||||
Icelandirect, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 7/30/2026 | 706 | 700 | 698 | 0.07 | % | ||||||||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.69% | 4/30/2027 | 174 | 166 | 163 | 0.02 | % | ||||||||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 10.69% | 4/30/2027 | 797 | 762 | 749 | 0.07 | % | ||||||||||||||||||||||||||||
Sun Orchard, LLC | First lien senior secured revolving loan | S + | 5.00% | 10.56% | 7/8/2027 | 5,336 | 3,487 | 3,493 | 0.33 | % | ||||||||||||||||||||||||||||
Sun Orchard, LLC | First lien senior secured term loan | S + | 5.00% | 10.56% | 7/8/2027 | 11,385 | 11,234 | 11,239 | 1.07 | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 7.50% | 1/11/2028 | 1,965 | (45) | (43) | 0.00 | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 7.50% | 1/11/2028 | 7,210 | 7,038 | 7,043 | 0.67 | % | ||||||||||||||||||||||||||||
Westminster Cracker Company, Inc (6) | First lien senior secured revolving loan | S + | 6.25% | 11.74% | 8/30/2026 | 1,534 | (21) | (20) | 0.00 | % | ||||||||||||||||||||||||||||
Westminster Cracker Company, Inc | First lien senior secured term loan | S + | 6.25% | 11.74% | 8/30/2026 | 9,696 | 9,554 | 9,562 | 0.91 | % | ||||||||||||||||||||||||||||
56,839 | 56,885 | 5.43 | % | |||||||||||||||||||||||||||||||||||
Gas utilities | ||||||||||||||||||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.43% | 12/30/2026 | $ | 110 | $ | 107 | $ | 109 | 0.01 | % | |||||||||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.43% | 12/30/2026 | 228 | (7) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured term loan | S + | 6.00% | 11.43% | 12/30/2026 | 1,201 | 1,164 | 1,181 | 0.11 | % | ||||||||||||||||||||||||||||
1,264 | 1,286 | 0.12 | % | |||||||||||||||||||||||||||||||||||
Health care equipment and supplies | ||||||||||||||||||||||||||||||||||||||
626 Holdings Equity LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.57% | 2/14/2028 | $ | 224 | $ | 221 | $ | 221 | 0.02 | % | |||||||||||||||||||||||||
626 Holdings Equity LLC | First lien senior secured revolving loan | S + | 6.00% | 11.59% | 2/14/2028 | 75 | 55 | 55 | 0.01 | % | ||||||||||||||||||||||||||||
626 Holdings Equity LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 2/14/2028 | 873 | 862 | 859 | 0.08 | % | ||||||||||||||||||||||||||||
Alcresta Buyer, Inc. (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.07% | 3/12/2030 | 14,036 | (278) | (278) | (0.03) | % | ||||||||||||||||||||||||||||
Alcresta Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 5.75% | 11.07% | 3/12/2030 | 2,761 | (55) | (55) | (0.01) | % | ||||||||||||||||||||||||||||
Alcresta Buyer, Inc. | First lien senior secured term loan | S + | 5.75% | 11.07% | 3/12/2030 | 13,684 | 13,417 | 13,410 | 1.28 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 3/30/2026 | 213 | 212 | 211 | 0.02 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 3/30/2026 | 134 | 119 | 119 | 0.01 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 3/30/2026 | 1,034 | 1,023 | 1,023 | 0.10 | % | ||||||||||||||||||||||||||||
Medical Technology Associates, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 7/25/2028 | 1,966 | (35) | (34) | — | % | ||||||||||||||||||||||||||||
Medical Technology Associates, LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 7/25/2028 | 19,226 | 18,856 | 18,898 | 1.80 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Nasco Healthcare Inc. | First lien senior secured revolving loan | S + | 5.75% | 11.20% | 6/30/2025 | 3,322 | 479 | 481 | 0.05 | % | ||||||||||||||||||||||||||||
Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 11.20% | 6/30/2025 | 14,285 | 14,196 | 14,210 | 1.35 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 4/8/2025 | 66 | 66 | 66 | 0.01 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.58% | 4/8/2025 | 75 | 74 | 74 | 0.01 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured revolving loan | S + | 6.00% | 11.57% | 4/8/2025 | 2,013 | 1,202 | 1,205 | 0.11 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 4/8/2025 | 2,541 | 2,521 | 2,520 | 0.24 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.07% | 1/20/2026 | 278 | 274 | 272 | 0.03 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.08% | 1/20/2026 | 133 | 131 | 130 | 0.01 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.07% | 1/20/2026 | 747 | 737 | 730 | 0.07 | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | S + | 15.00% PIK | 15.00% | 3/5/2026 | 104 | 98 | 78 | 0.01 | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.83% | 3/5/2026 | 267 | 86 | 38 | — | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 3/5/2026 | 504 | 446 | 362 | 0.03 | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.82% | 11/30/2027 | 1,771 | (39) | (31) | — | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC | First lien senior secured term loan | S + | 6.25% | 11.82% | 11/30/2027 | 13,360 | 13,077 | 13,129 | 1.25 | % | ||||||||||||||||||||||||||||
67,745 | 67,693 | 6.45 | % | |||||||||||||||||||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||||||||||||||||||
ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 12.56% | 11/29/2027 | $ | 1,062 | $ | (19) | $ | (18) | 0.00 | % | |||||||||||||||||||||||||
ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 12.56% | 11/29/2027 | 6,164 | 6,044 | 6,052 | 0.58 | % | ||||||||||||||||||||||||||||
Advocate RCM Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.50% | 11.90% | 12/22/2026 | 2,902 | (47) | (44) | 0.00 | % | ||||||||||||||||||||||||||||
Advocate RCM Acquisition Corp | First lien senior secured term loan | S + | 6.50% | 11.90% | 12/22/2026 | 22,560 | 22,189 | 22,222 | 2.12 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 6.75% | 12.31% | 4/15/2026 | 109 | 107 | 106 | 0.01 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc | First lien senior secured revolving loan | S + | 6.75% | 12.31% | 4/15/2026 | 134 | 77 | 76 | 0.01 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc | First lien senior secured term loan | S + | 6.75% | 12.31% | 4/15/2026 | 239 | 234 | 231 | 0.02 | % | ||||||||||||||||||||||||||||
American Family Care, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.44% | 2/28/2029 | 4,424 | (109) | (109) | (0.01) | % | ||||||||||||||||||||||||||||
American Family Care, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 2/28/2029 | 1,775 | 178 | 178 | 0.02 | % | ||||||||||||||||||||||||||||
American Family Care, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 2/28/2029 | 11,780 | 11,489 | 11,487 | 1.10 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured delayed draw term loan | S + | 4.75% + 2.00% PIK | 12.27% | 11/23/2025 | 112 | 26 | 26 | 0.00 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured delayed draw term loan | S + | 4.75% + 2.00% PIK | 12.32% | 11/23/2025 | 442 | 440 | 438 | 0.04 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.32% | 11/23/2025 | 150 | 49 | 48 | 0.00 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured term loan | S + | 4.75% + 2.00% PIK | 12.32% | 11/23/2025 | 617 | 614 | 612 | 0.06 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
ASC Ortho Management Company, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 12/31/2026 | 323 | 320 | 319 | 0.03 | % | ||||||||||||||||||||||||||||
ASC Ortho Management Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 12/31/2026 | 38 | 20 | 20 | 0.00 | % | ||||||||||||||||||||||||||||
ASC Ortho Management Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 12/31/2026 | 512 | 507 | 505 | 0.05 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 1/21/2026 | 555 | 550 | 547 | 0.05 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 1/21/2026 | 485 | (6) | (7) | 0.00 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 1/21/2025 | 2,398 | 2,379 | 2,363 | 0.23 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.30% | 12/14/2025 | 827 | 819 | 816 | 0.08 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.30% | 12/14/2025 | 188 | (2) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + | 6.00% | 11.30% | 12/14/2025 | 922 | 912 | 909 | 0.09 | % | ||||||||||||||||||||||||||||
Beghou Consulting, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.32% | 5/1/2028 | 2,714 | 448 | 451 | 0.04 | % | ||||||||||||||||||||||||||||
Beghou Consulting, LLC | First lien senior secured term loan | S + | 5.75% | 11.31% | 5/1/2028 | 15,351 | 14,995 | 15,009 | 1.43 | % | ||||||||||||||||||||||||||||
Behavior Frontiers, LLC (6)(15) | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 5/21/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Behavior Frontiers, LLC | First lien senior secured term loan | S + | 6.25% + 1.25% PIK | 13.06% | 5/21/2026 | 576 | 557 | 565 | 0.05 | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 10.94% | 6/7/2026 | 7,488 | 3,013 | 3,016 | 0.29 | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.94% | 6/7/2026 | 1,710 | (15) | (14) | — | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured term loan | S + | 5.50% | 10.94% | 6/7/2026 | 13,613 | 13,467 | 13,477 | 1.29 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.20% | 4/3/2028 | 3,197 | 1,984 | 1,987 | 0.19 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.20% | 4/3/2028 | 2,244 | (49) | (47) | — | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 5.75% | 11.20% | 4/3/2028 | 6,477 | 6,328 | 6,333 | 0.60 | % | ||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.44% | 12/14/2026 | 48 | 47 | 47 | — | % | ||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 12/14/2026 | 52 | 13 | 13 | 0.00 | % | ||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 12/14/2026 | 683 | 681 | 679 | 0.06 | % | ||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (6)(7) | First lien senior secured delayed draw term loan - C$ | C + | 9.00% | 14.30% | 3/19/2026 | C$ | 28 | (1) | (4) | — | % | |||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (7) | First lien senior secured delayed draw term loan - C$ | C + | 9.00% | 14.30% | 3/19/2026 | C$ | 295 | 219 | 173 | 0.02 | % | |||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan | S + | 9.00% | 14.56% | 3/19/2026 | 117 | 114 | 93 | 0.01 | % | ||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan - C$ | C + | 9.00% | 14.30% | 3/19/2026 | C$ | 292 | 214 | 168 | 0.02 | % | |||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (7) | First lien senior secured term loan - C$ | C + | 9.00% | 14.30% | 3/19/2026 | C$ | 243 | 178 | 142 | 0.01 | % | |||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.81% | 8/2/2027 | 5,898 | 3,264 | 3,270 | 0.31 | % | ||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 5.25% | 10.70% | 8/2/2027 | 31,320 | 30,886 | 30,915 | 2.95 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.44% | 6/10/2026 | 165 | 164 | 163 | 0.02 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 6/10/2026 | 75 | 26 | 25 | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 6/10/2026 | 941 | 937 | 921 | 0.09 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 10/29/2026 | 79 | 78 | 78 | 0.01 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo LLC | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 10/29/2026 | 38 | 28 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 10/29/2026 | 317 | 312 | 311 | 0.03 | % | ||||||||||||||||||||||||||||
EH Management Company, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.07% | 7/15/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
EH Management Company, LLC | First lien senior secured term loan | S + | 5.50% | 11.07% | 7/15/2026 | 5,182 | 5,134 | 5,133 | 0.49 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.73% | 11/2/2027 | 16,915 | 16,675 | 16,674 | 1.59 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 11/2/2027 | 1,956 | 166 | 168 | 0.02 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.87% | 11/2/2027 | 15,393 | 15,161 | 15,175 | 1.45 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.10% | 4/28/2025 | 2,208 | 2,170 | 2,171 | 0.21 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.10% | 4/28/2026 | 3,382 | 728 | 741 | 0.07 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.10% | 4/28/2026 | 848 | 28 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.10% | 4/28/2026 | 19,608 | 19,246 | 19,284 | 1.84 | % | ||||||||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 12/21/2025 | 300 | 50 | 50 | 0.00 | % | ||||||||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 12/21/2025 | 905 | 900 | 897 | 0.09 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.75% + 1.00% PIK | 13.21% | 10/22/2026 | 174 | 171 | 170 | 0.02 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 7.75% | 13.31% | 10/22/2026 | 38 | 15 | 14 | 0.00 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 12.00% | 17.56% | 10/22/2026 | 49 | 49 | 48 | 0.00 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 6.75% + 1.00% PIK | 13.21% | 10/22/2026 | 1,495 | 1,465 | 1,455 | 0.14 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.94% | 8/20/2026 | 493 | 491 | 489 | 0.05 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.94% | 8/20/2026 | 23 | 22 | 22 | 0.00 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | S + | 6.50% | 11.94% | 8/20/2026 | 514 | 512 | 510 | 0.05 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 5.25% + 2.25% PIK | 13.25% | 5/5/2028 | 7,254 | 2,253 | 2,260 | 0.22 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc (16) | First lien senior secured revolving loan | S + | 5.25% + 2.25% PIK | 13.25% | 5/5/2028 | 2,544 | 102 | 104 | 0.01 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc | First lien senior secured term loan | S + | 5.25% + 2.25% PIK | 13.25% | 5/5/2028 | 18,104 | 17,598 | 17,617 | 1.68 | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.75% | 12.18% | 6/30/2028 | 174 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.21% | 6/30/2028 | 35 | 20 | 20 | 0.00 | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC | First lien senior secured term loan | S + | 6.75% | 12.18% | 6/30/2028 | 861 | 843 | 842 | 0.08 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.31% | 5/19/2027 | 11,032 | 9,869 | 9,832 | 0.94 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.31% | 5/19/2027 | 1,140 | (11) | (9) | 0.00 | % | ||||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.31% | 5/19/2027 | 2,924 | 2,895 | 2,898 | 0.28 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 2/14/2025 | 1,428 | 94 | 93 | 0.01 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.60% | 2/14/2028 | 1,924 | 424 | 426 | 0.04 | % | ||||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.60% | 2/14/2028 | 11,597 | 11,338 | 11,355 | 1.08 | % | ||||||||||||||||||||||||||||
Network Partners Acquisitions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 12/30/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Network Partners Acquisitions, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 12/30/2026 | 387 | 384 | 383 | 0.04 | % | ||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.70% | 11/1/2028 | 12,705 | (291) | (257) | (0.02) | % | ||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. | First lien senior secured term loan | S + | 6.25% | 11.70% | 11/1/2028 | 53,069 | 51,809 | 51,928 | 4.95 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.34% | 12/31/2025 | 95 | 57 | 57 | 0.01 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.35% | 12/31/2025 | 518 | 515 | 513 | 0.05 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.35% | 12/31/2025 | 133 | 132 | 131 | 0.01 | % | ||||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured term loan | S + | 6.75% | 12.36% | 12/31/2025 | 578 | 574 | 572 | 0.05 | % | ||||||||||||||||||||||||||||
Peak Investment Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 7.00% | 12.56% | 12/31/2025 | 113 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.56% | 12/31/2025 | 324 | 30 | 30 | 0.00 | % | ||||||||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured term loan | S + | 7.00% | 12.56% | 12/31/2025 | 1,206 | 1,200 | 1,196 | 0.11 | % | ||||||||||||||||||||||||||||
PRM Management Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.75% | 12.17% | 1/25/2029 | 1,180 | (31) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
PRM Management Company, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.17% | 1/25/2029 | 789 | (21) | (21) | 0.00 | % | ||||||||||||||||||||||||||||
PRM Management Company, LLC | First lien senior secured term loan | S + | 6.75% | 12.17% | 1/25/2029 | 4,154 | 4,044 | 4,043 | 0.39 | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.05% | 11/3/2027 | 6,829 | 6,702 | 6,709 | 0.64 | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.24% | 3/8/2026 | 8,099 | (137) | (137) | (0.01) | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.24% | 11/3/2027 | 1,956 | (36) | (34) | 0.00 | % | ||||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.24% | 11/3/2027 | 10,802 | 10,600 | 10,613 | 1.01 | % | ||||||||||||||||||||||||||||
Revival Animal Health, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.94% | 4/6/2026 | 131 | 51 | 51 | 0.00 | % | ||||||||||||||||||||||||||||
Revival Animal Health, LLC | First lien senior secured term loan | S + | 6.50% | 12.08% | 4/6/2026 | 11,935 | 11,767 | 11,807 | 1.13 | % | ||||||||||||||||||||||||||||
RMS Health Care Management, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.63% | 10/6/2026 | 2,707 | 97 | 99 | 0.01 | % | ||||||||||||||||||||||||||||
RMS Health Care Management, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.40% | 10/6/2026 | 920 | 903 | 903 | 0.09 | % | ||||||||||||||||||||||||||||
RMS Health Care Management, LLC | First lien senior secured term loan | S + | 6.75% | 12.36% | 10/6/2026 | 4,310 | 4,225 | 4,229 | 0.40 | % | ||||||||||||||||||||||||||||
RQM Buyer, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 11.31% | 8/12/2026 | 83 | 83 | 83 | 0.01 | % | ||||||||||||||||||||||||||||
RQM Buyer, Inc | First lien senior secured revolving loan | S + | 5.75% | 11.43% | 8/12/2026 | 206 | 44 | 44 | 0.00 | % | ||||||||||||||||||||||||||||
RQM Buyer, Inc | First lien senior secured term loan | S + | 5.75% | 11.31% | 8/12/2026 | 1,723 | 1,720 | 1,715 | 0.16 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.34% | 10/1/2024 | 7,495 | 429 | 429 | 0.04 | % | ||||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.30% | 10/1/2024 | 75 | 37 | 37 | 0.00 | % | ||||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured term loan | S + | 5.75% | 11.31% | 10/1/2024 | 1,616 | 1,612 | 1,612 | 0.15 | % | ||||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured term loan | S + | 5.75% | 11.35% | 10/1/2024 | 1,152 | 1,149 | 1,149 | 0.11 | % | ||||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured term loan | S + | 5.75% | 11.31% | 10/1/2024 | 935 | 930 | 932 | 0.09 | % | ||||||||||||||||||||||||||||
SAMGI Buyer, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 11.06% | 4/14/2025 | 138 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
SAMGI Buyer, Inc | First lien senior secured term loan | S + | 5.50% | 11.06% | 4/14/2025 | 564 | 563 | 561 | 0.05 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.44% | 9/25/2025 | 157 | 155 | 155 | 0.01 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 9/25/2025 | 256 | (3) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 9/25/2025 | 2,747 | 2,714 | 2,706 | 0.26 | % | ||||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.69% | 10/29/2026 | 177 | 175 | 175 | 0.02 | % | ||||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured revolving loan | S + | 6.25% | 11.69% | 10/29/2026 | 38 | 37 | 37 | 0.00 | % | ||||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured term loan | S + | 6.25% | 11.69% | 10/29/2026 | 850 | 842 | 839 | 0.08 | % | ||||||||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.32% | 8/30/2025 | 235 | 217 | 212 | 0.02 | % | ||||||||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 12.32% | 8/30/2025 | 1,308 | 1,271 | 1,246 | 0.12 | % | ||||||||||||||||||||||||||||
SimiTree Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.25% + 1.75% PIK | 12.60% | 5/17/2026 | 879 | 876 | 873 | 0.08 | % | ||||||||||||||||||||||||||||
SimiTree Acquisition, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.60% | 5/17/2026 | 178 | 49 | 49 | 0.00 | % | ||||||||||||||||||||||||||||
SimiTree Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 10.82% | 5/17/2026 | 1,223 | 1,218 | 1,215 | 0.12 | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 4/7/2027 | 186 | 180 | 180 | 0.02 | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 4/7/2027 | 6,768 | (98) | (94) | (0.01) | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub LLC | First lien senior secured revolving loan | S + | 6.50% | 12.07% | 4/7/2027 | 56 | 8 | 8 | 0.00 | % | ||||||||||||||||||||||||||||
SIMKO Merger Sub LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 4/7/2027 | 649 | 641 | 640 | 0.06 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.81% | 12/30/2025 | 294 | 292 | 291 | 0.03 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.81% | 12/30/2025 | 222 | 221 | 220 | 0.02 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 12/30/2025 | 225 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 12/30/2025 | 851 | 845 | 842 | 0.08 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 1/27/2026 | 77 | 77 | 77 | 0.01 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 5/25/2024 | 111 | 111 | 111 | 0.01 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 1/27/2026 | 171 | 12 | 11 | 0.00 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 1/27/2026 | 1,337 | 1,337 | 1,332 | 0.13 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + | 8.00% | 13.56% | 2/23/2027 | 60 | 23 | 23 | 0.00 | % | ||||||||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + | 4.00% + 4.00% PIK | 13.56% | 2/23/2027 | 679 | 656 | 653 | 0.06 | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.50% | 12.95% | 12/15/2027 | 4,463 | (91) | (87) | (0.01) | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 12.95% | 12/15/2027 | 12,415 | 12,147 | 12,157 | 1.16 | % | ||||||||||||||||||||||||||||
Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.19% | 12/22/2028 | 11,048 | 2,877 | 2,891 | 0.28 | % | ||||||||||||||||||||||||||||
Star Dental Partners LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.19% | 12/22/2028 | 1,451 | (34) | (33) | 0.00 | % | ||||||||||||||||||||||||||||
Star Dental Partners LLC | First lien senior secured term loan | S + | 5.75% | 11.19% | 12/22/2028 | 9,275 | 9,055 | 9,066 | 0.86 | % | ||||||||||||||||||||||||||||
The Chempetitive Group, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 10.83% | 3/22/2029 | 12,006 | (240) | (240) | (0.02) | % | ||||||||||||||||||||||||||||
The Chempetitive Group, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.83% | 3/22/2029 | 3,414 | (68) | (68) | (0.01) | % | ||||||||||||||||||||||||||||
The Chempetitive Group, LLC | First lien senior secured term loan | S + | 5.50% | 10.83% | 3/22/2029 | 13,775 | 13,500 | 13,499 | 1.29 | % | ||||||||||||||||||||||||||||
U.S. Urology Partners, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.91% | 11/8/2026 | 1,401 | (18) | (17) | 0.00 | % | ||||||||||||||||||||||||||||
U.S. Urology Partners, LLC | First lien senior secured term loan | S + | 6.50% | 11.91% | 11/8/2026 | 11,688 | 11,535 | 11,549 | 1.10 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.81% | 9/15/2026 | 16,455 | 16,278 | 16,301 | 1.55 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 9/15/2026 | 2,699 | 1,992 | 1,995 | 0.19 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 9/15/2026 | 22,826 | 22,531 | 22,557 | 2.15 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.06% | 11/27/2024 | 64 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp (6) | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 11/27/2024 | 474 | (1) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp | First lien senior secured term loan | S + | 6.50% | 12.06% | 11/27/2024 | 2,521 | 2,520 | 2,512 | 0.24 | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.47% | 9/1/2028 | 7,132 | (169) | (160) | (0.02) | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Management, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 9/1/2028 | 1,245 | (32) | (28) | 0.00 | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.47% | 9/1/2028 | 6,003 | 5,852 | 5,868 | 0.56 | % | ||||||||||||||||||||||||||||
VetEvolve Holdings, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.17% | 10/12/2028 | 11,632 | 882 | 896 | 0.09 | % | ||||||||||||||||||||||||||||
VetEvolve Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.15% | 10/12/2028 | 3,067 | (69) | (66) | (0.01) | % | ||||||||||||||||||||||||||||
VetEvolve Holdings, LLC | First lien senior secured term loan | S + | 5.75% | 11.15% | 10/12/2028 | 9,189 | 8,976 | 8,990 | 0.86 | % | ||||||||||||||||||||||||||||
Vital Care Buyer, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.08% | 3/20/2030 | 12,497 | 1,337 | 1,337 | 0.13 | % | ||||||||||||||||||||||||||||
Vital Care Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 11.08% | 3/20/2030 | 100,650 | 98,832 | 98,852 | 9.43 | % | ||||||||||||||||||||||||||||
Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 10/29/2026 | 501 | 498 | 496 | 0.05 | % | ||||||||||||||||||||||||||||
Western Veterinary Partners LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 10/29/2026 | 24 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Western Veterinary Partners LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 10/29/2026 | 1,299 | 1,289 | 1,286 | 0.12 | % | ||||||||||||||||||||||||||||
553,434 | 553,725 | 52.84 | % | |||||||||||||||||||||||||||||||||||
Health care technology | ||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.25% | 10.70% | 7/29/2027 | $ | 5,283 | $ | 5,230 | $ | 5,218 | 0.50 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.25% | 10.70% | 7/29/2027 | 7,858 | 682 | 731 | 0.07 | % | ||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.25% | 10.70% | 7/29/2027 | 25,426 | 25,225 | 25,249 | 2.41 | % | ||||||||||||||||||||||||||||
Millennia Patient Services, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 3/8/2026 | 134 | 79 | 79 | 0.01 | % | ||||||||||||||||||||||||||||
Millennia Patient Services, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 3/8/2026 | 978 | 972 | 969 | 0.09 | % | ||||||||||||||||||||||||||||
32,188 | 32,246 | 3.08 | % | |||||||||||||||||||||||||||||||||||
Household durables | ||||||||||||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.07% | 9/26/2027 | $ | 2,998 | $ | 2,587 | $ | 2,571 | 0.25 | % | |||||||||||||||||||||||||
CPS Power Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.30% | 9/26/2027 | 2,299 | (49) | (49) | 0.00 | % | ||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.07% | 9/26/2027 | 1,687 | 310 | 301 | 0.03 | % | ||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.30% | 9/26/2027 | 12,946 | 12,680 | 12,666 | 1.21 | % | ||||||||||||||||||||||||||||
Kwalu, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 9/23/2027 | 5,061 | (70) | (65) | (0.01) | % | ||||||||||||||||||||||||||||
Kwalu, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 9/23/2027 | 24,525 | 24,158 | 24,189 | 2.31 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc | First lien senior secured revolving loan | S + | 6.00% | 11.45% | 9/2/2027 | 3,374 | 640 | 644 | 0.06 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc | First lien senior secured term loan | S + | 6.00% | 11.45% | 9/2/2027 | 17,836 | 17,637 | 17,682 | 1.69 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.44% | 1/23/2028 | 2,002 | 963 | 963 | 0.09 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.45% | 1/23/2028 | 5,786 | 5,651 | 5,677 | 0.54 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured revolving loan | P + | 5.00% | 13.50% | 1/23/2028 | 2,633 | 203 | 213 | 0.02 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured term loan | S + | 6.00% | 11.45% | 1/23/2028 | 21,262 | 20,789 | 20,860 | 1.99 | % | ||||||||||||||||||||||||||||
Storm Smart Buyer LLC | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 4/5/2026 | 131 | 38 | 38 | 0.00 | % | ||||||||||||||||||||||||||||
Storm Smart Buyer LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 4/5/2026 | 896 | 892 | 888 | 0.08 | % | ||||||||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured revolving loan | S + | 5.75% + 1.75% PIK | 12.94% | 7/30/2024 | 117 | 97 | 51 | 0.00 | % | ||||||||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured term loan | S + | 5.75% + 1.75% PIK | 12.94% | 7/30/2024 | 1,888 | 1,852 | 1,105 | 0.11 | % | ||||||||||||||||||||||||||||
88,378 | 87,734 | 8.37 | % | |||||||||||||||||||||||||||||||||||
Industrial Conglomerates | ||||||||||||||||||||||||||||||||||||||
Hultec Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 3/31/2029 | $ | 3,915 | $ | 764 | $ | 768 | 0.07 | % | |||||||||||||||||||||||||
Hultec Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 11.97% | 3/31/2029 | 14,527 | 14,149 | 14,167 | 1.35 | % | ||||||||||||||||||||||||||||
14,913 | 14,935 | 1.42 | % | |||||||||||||||||||||||||||||||||||
Internet and direct marketing retail | ||||||||||||||||||||||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.45% | 12/18/2025 | $ | 188 | $ | 115 | $ | 102 | 0.01 | % | |||||||||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured term loan | S + | 3.00% + 4.00% PIK | 12.45% | 12/18/2025 | 2,579 | 2,542 | 2,369 | 0.23 | % | ||||||||||||||||||||||||||||
DealerOn Holdco, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 11/19/2025 | 314 | (2) | (3) | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
DealerOn Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 11.44% | 11/19/2025 | 8,043 | 7,986 | 7,959 | 0.76 | % | ||||||||||||||||||||||||||||
10,641 | 10,427 | 1.00 | % | |||||||||||||||||||||||||||||||||||
IT services | ||||||||||||||||||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 10.95% | 6/23/2027 | $ | 75 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc | First lien senior secured term loan | S + | 5.50% | 10.95% | 6/23/2027 | 1,364 | 1,360 | 1,355 | 0.13 | % | ||||||||||||||||||||||||||||
FreshAddress, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.70% | 10/5/2025 | 30 | — | — | — | % | ||||||||||||||||||||||||||||
FreshAddress, LLC | First lien senior secured term loan | S + | 5.25% | 10.70% | 10/5/2025 | 1,630 | 1,625 | 1,620 | 0.15 | % | ||||||||||||||||||||||||||||
Icreon Holdings, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.94% | 10/26/2027 | 1,071 | (19) | (18) | — | % | ||||||||||||||||||||||||||||
Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.94% | 10/26/2027 | 13,152 | 12,908 | 12,937 | 1.23 | % | ||||||||||||||||||||||||||||
P and R Dental Strategies, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 12/22/2026 | 23 | 4 | 4 | — | % | ||||||||||||||||||||||||||||
P and R Dental Strategies, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 12/22/2026 | 626 | 622 | 619 | 0.06 | % | ||||||||||||||||||||||||||||
Palmetto Technology Group, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.05% | 1/3/2029 | 9,417 | (185) | (179) | (0.02) | % | ||||||||||||||||||||||||||||
Palmetto Technology Group, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.07% | 1/3/2029 | 10,878 | 8,806 | 8,806 | 0.84 | % | ||||||||||||||||||||||||||||
Palmetto Technology Group, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.05% | 1/3/2029 | 2,860 | (54) | (54) | (0.01) | % | ||||||||||||||||||||||||||||
Palmetto Technology Group, LLC | First lien senior secured term loan | S + | 5.75% | 11.05% | 1/3/2029 | 6,357 | 6,237 | 6,236 | 0.59 | % | ||||||||||||||||||||||||||||
White Label Communications,LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.58% | 10/11/2029 | 1,534 | (32) | (29) | 0.00 | % | ||||||||||||||||||||||||||||
White Label Communications,LLC | First lien senior secured term loan | S + | 6.25% | 11.58% | 10/11/2029 | 4,725 | 4,627 | 4,633 | 0.44 | % | ||||||||||||||||||||||||||||
35,899 | 35,930 | 3.41 | % | |||||||||||||||||||||||||||||||||||
Leisure equipment and products | ||||||||||||||||||||||||||||||||||||||
Champion Motorsports Group, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.69% | 10/8/2026 | $ | 56 | $ | (1) | $ | (1) | 0.00 | % | |||||||||||||||||||||||||
Champion Motorsports Group, LLC | First lien senior secured term loan | S + | 6.25% | 11.69% | 10/8/2026 | 1,667 | 1,652 | 1,643 | 0.16 | % | ||||||||||||||||||||||||||||
MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 11.81% | 4/22/2026 | 407 | 361 | 360 | 0.03 | % | ||||||||||||||||||||||||||||
MacNeill Pride Group Corp | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 4/22/2026 | 287 | 71 | 71 | 0.01 | % | ||||||||||||||||||||||||||||
MacNeill Pride Group Corp | First lien senior secured term loan | S + | 6.25% | 11.81% | 4/22/2026 | 828 | 828 | 825 | 0.08 | % | ||||||||||||||||||||||||||||
TruBlue LLC (6) | First lien senior secured delayed draw term loan | S + | 5.50% | 10.83% | 1/11/2029 | 2,331 | (45) | (45) | 0.00 | % | ||||||||||||||||||||||||||||
TruBlue LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.83% | 1/11/2029 | 1,430 | (27) | (27) | 0.00 | % | ||||||||||||||||||||||||||||
TruBlue LLC | First lien senior secured term loan | S + | 5.50% | 10.83% | 1/11/2029 | 5,212 | 5,112 | 5,113 | 0.49 | % | ||||||||||||||||||||||||||||
7,951 | 7,939 | 0.77 | % | |||||||||||||||||||||||||||||||||||
Leisure products | ||||||||||||||||||||||||||||||||||||||
PHGP MB Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 11.57% | 5/27/2027 | $ | 80 | $ | 79 | $ | 79 | 0.01 | % | |||||||||||||||||||||||||
PHGP MB Purchaser, Inc (17) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 5/20/2027 | 75 | 33 | 33 | 0.00 | % | ||||||||||||||||||||||||||||
PHGP MB Purchaser, Inc | First lien senior secured term loan | S + | 6.00% | 11.56% | 5/20/2027 | 1,089 | 1,079 | 1,076 | 0.10 | % | ||||||||||||||||||||||||||||
1,191 | 1,188 | 0.11 | % | |||||||||||||||||||||||||||||||||||
Life sciences tools and services | ||||||||||||||||||||||||||||||||||||||
Aptitude Health Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.81% | 5/3/2026 | $ | 267 | $ | (2) | $ | (2) | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Aptitude Health Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 10.81% | 5/3/2026 | 1,089 | 1,079 | 1,080 | 0.10 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.22% | 7/28/2028 | 187 | 119 | 120 | 0.01 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.37% | 7/28/2028 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC | First lien senior secured term loan | S + | 6.50% | 12.37% | 7/28/2028 | 454 | 443 | 444 | 0.04 | % | ||||||||||||||||||||||||||||
ERG Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.57% | 2/26/2026 | 345 | (5) | (5) | 0.00 | % | ||||||||||||||||||||||||||||
ERG Buyer, LLC | First lien senior secured revolving loan | P + | 5.25% | 13.75% | 2/26/2026 | 5,181 | 616 | 616 | 0.06 | % | ||||||||||||||||||||||||||||
ERG Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.57% | 2/26/2026 | 34,177 | 33,684 | 33,675 | 3.21 | % | ||||||||||||||||||||||||||||
35,933 | 35,927 | 3.42 | % | |||||||||||||||||||||||||||||||||||
Machinery | ||||||||||||||||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.88% | 4/30/2026 | $ | 173 | $ | 109 | $ | 109 | 0.01 | % | |||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 11.96% | 4/30/2026 | 2,001 | 1,977 | 1,979 | 0.19 | % | ||||||||||||||||||||||||||||
DNS-IMI Acquisition Corp | First lien senior secured revolving loan | P + | 4.50% | 13.00% | 11/23/2026 | 56 | 8 | 8 | 0.00 | % | ||||||||||||||||||||||||||||
DNS-IMI Acquisition Corp | First lien senior secured term loan | S + | 5.50% | 10.95% | 11/23/2026 | 1,494 | 1,484 | 1,479 | 0.14 | % | ||||||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.18% | 6/21/2028 | 3,110 | 2,478 | 2,393 | 0.23 | % | ||||||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured term loan | S + | 4.00% + 2.75% PIK | 12.18% | 6/21/2028 | 18,400 | 18,269 | 17,782 | 1.70 | % | ||||||||||||||||||||||||||||
My Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.07% | 1/26/2030 | 3,139 | (61) | (61) | (0.01) | % | ||||||||||||||||||||||||||||
My Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.07% | 1/26/2029 | 2,360 | (46) | (46) | 0.00 | % | ||||||||||||||||||||||||||||
My Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 11.07% | 1/26/2030 | 7,930 | 7,776 | 7,775 | 0.74 | % | ||||||||||||||||||||||||||||
SPG Holdco, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 12/1/2028 | 2,070 | 780 | 782 | 0.07 | % | ||||||||||||||||||||||||||||
SPG Holdco, LLC | First lien senior secured term loan | S + | 6.00% | 11.49% | 12/1/2028 | 10,661 | 10,408 | 10,422 | 0.99 | % | ||||||||||||||||||||||||||||
43,182 | 42,622 | 4.06 | % | |||||||||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||||||||
ALM Media, LLC (6)(18) | First lien senior secured revolving loan | S + | 6.25% | 11.55% | 2/21/2029 | $ | 3,102 | $ | (61) | $ | (61) | (0.01) | % | |||||||||||||||||||||||||
ALM Media, LLC | First lien senior secured term loan | S + | 6.25% | 11.55% | 2/21/2029 | 38,457 | 37,712 | 37,703 | 3.59 | % | ||||||||||||||||||||||||||||
Barkley, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.21% | 9/29/2028 | 2,300 | (55) | (46) | 0.00 | % | ||||||||||||||||||||||||||||
Barkley, LLC | First lien senior secured term loan | S + | 5.75% | 11.21% | 9/29/2028 | 27,612 | 26,979 | 27,062 | 2.58 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.56% | 12/9/2026 | 3,080 | 3,024 | 3,030 | 0.29 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 12/9/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC | First lien senior secured term loan | S + | 6.00% | 11.56% | 12/9/2026 | 3,517 | 3,453 | 3,460 | 0.33 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.18% | 11/1/2026 | 23 | 23 | 23 | 0.00 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.18% | 11/1/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | First lien senior secured term loan | S + | 5.75% | 11.18% | 11/1/2026 | 1,026 | 1,019 | 1,015 | 0.10 | % | ||||||||||||||||||||||||||||
NTM Acquisition Corp | First lien senior secured revolving loan | S + | 6.75% | 12.21% | 6/18/2026 | 1,809 | 424 | 425 | 0.04 | % | ||||||||||||||||||||||||||||
NTM Acquisition Corp | First lien senior secured term loan | S + | 6.75% | 12.20% | 6/18/2026 | 13,217 | 13,004 | 13,018 | 1.24 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.19% | 8/19/2027 | 3,383 | 1,477 | 1,480 | 0.14 | % | ||||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.19% | 8/19/2027 | 25,839 | 25,461 | 25,496 | 2.43 | % | ||||||||||||||||||||||||||||
Peninsula MMGY Corporation (6) | First lien senior secured revolving loan | S + | 5.75% | 11.20% | 4/26/2029 | 3,691 | (77) | (71) | (0.01) | % | ||||||||||||||||||||||||||||
Peninsula MMGY Corporation | First lien senior secured term loan | S + | 5.75% | 11.20% | 4/26/2029 | 10,810 | 10,578 | 10,599 | 1.01 | % | ||||||||||||||||||||||||||||
RKD Group, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.45% | 8/17/2028 | 4,905 | (54) | (47) | 0.00 | % | ||||||||||||||||||||||||||||
RKD Group, LLC | First lien senior secured term loan | S + | 6.00% | 11.45% | 8/17/2028 | 33,254 | 32,878 | 32,933 | 3.14 | % | ||||||||||||||||||||||||||||
The Channel Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.32% | 11/1/2027 | 62 | 24 | 24 | 0.00 | % | ||||||||||||||||||||||||||||
The Channel Company, LLC | First lien senior secured term loan | S + | 3.25% + 3.50% PIK | 12.32% | 11/1/2027 | 2,341 | 2,327 | 2,319 | 0.22 | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 12/16/2027 | 1,638 | (32) | (34) | 0.00 | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.06% | 12/16/2027 | 10,659 | 10,436 | 10,440 | 1.00 | % | ||||||||||||||||||||||||||||
168,540 | 168,768 | 16.09 | % | |||||||||||||||||||||||||||||||||||
Metals and mining | ||||||||||||||||||||||||||||||||||||||
Copperweld Group, Inc | First lien senior secured revolving loan | S + | 6.00% | 11.57% | 3/31/2026 | $ | 462 | $ | 322 | $ | 322 | 0.03 | % | |||||||||||||||||||||||||
Copperweld Group, Inc | First lien senior secured term loan | S + | 6.00% | 11.56% | 3/31/2026 | 2,256 | 2,253 | 2,245 | 0.21 | % | ||||||||||||||||||||||||||||
2,575 | 2,567 | 0.24 | % | |||||||||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc (6)(7) | First lien senior secured revolving loan | C + | 5.75% | 11.19% | 7/23/2026 | $ | 30 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
Bio Agri Mix Holdings Inc (6)(7) | First lien senior secured revolving loan - C$ | C + | 5.75% | 11.19% | 7/23/2026 | C$ | 75 | — | — | 0.00 | % | |||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc (7) | First lien senior secured term loan - C$ | C + | 5.75% | 11.19% | 7/23/2026 | C$ | 1,229 | 919 | 899 | 0.09 | % | |||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.92% | 9/22/2026 | 297 | 286 | 285 | 0.03 | % | ||||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured revolving loan | S + | 5.25% | 11.02% | 9/22/2026 | 188 | 47 | 47 | 0.00 | % | ||||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 9/22/2026 | 455 | 451 | 450 | 0.04 | % | ||||||||||||||||||||||||||||
1,703 | 1,681 | 0.16 | % | |||||||||||||||||||||||||||||||||||
Personal products | ||||||||||||||||||||||||||||||||||||||
Cosmetic Solutions LLC | First lien senior secured delayed draw term loan | S + | 6.50% PIK | 12.18% | 10/17/2025 | $ | 372 | $ | 364 | $ | 356 | 0.03 | % | |||||||||||||||||||||||||
Cosmetic Solutions LLC | First lien senior secured revolving loan | S + | 6.50% | 12.18% | 10/17/2025 | 344 | 83 | 77 | 0.01 | % | ||||||||||||||||||||||||||||
Cosmetic Solutions LLC | First lien senior secured term loan | S + | 6.50% PIK | 12.18% | 10/17/2025 | 2,849 | 2,780 | 2,727 | 0.26 | % | ||||||||||||||||||||||||||||
3,227 | 3,160 | 0.30 | % | |||||||||||||||||||||||||||||||||||
Professional services | ||||||||||||||||||||||||||||||||||||||
Helpware, Inc | First lien senior secured revolving loan | S + | 5.75% | 11.31% | 9/8/2026 | $ | 5,061 | $ | 1,392 | $ | 1,155 | 0.11 | % | |||||||||||||||||||||||||
Helpware, Inc | First lien senior secured term loan | S + | 5.75% | 11.31% | 9/8/2026 | 13,988 | 13,851 | 13,212 | 1.26 | % | ||||||||||||||||||||||||||||
Stax Holding Company, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.81% | 10/29/2026 | 60 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Stax Holding Company, LLC | First lien senior secured term loan | S + | 5.25% | 10.81% | 10/29/2026 | 691 | 688 | 686 | 0.07 | % | ||||||||||||||||||||||||||||
15,931 | 15,053 | 1.44 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Real estate management and development | ||||||||||||||||||||||||||||||||||||||
BBG, Inc (19) | First lien senior secured revolving loan | S + | 6.75% | 12.19% | 1/8/2026 | $ | 233 | $ | 215 | $ | 210 | 0.02 | % | |||||||||||||||||||||||||
BBG, Inc | First lien senior secured term loan | S + | 5.50% + 1.25% PIK | 12.19% | 1/8/2026 | 1,902 | 1,786 | 1,751 | 0.17 | % | ||||||||||||||||||||||||||||
MetaSource, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.19% | 5/17/2027 | 75 | 29 | 29 | 0.00 | % | ||||||||||||||||||||||||||||
MetaSource, LLC | First lien senior secured term loan | S + | 6.25% | 11.69% | 5/17/2027 | 927 | 922 | 920 | 0.09 | % | ||||||||||||||||||||||||||||
2,952 | 2,910 | 0.28 | % | |||||||||||||||||||||||||||||||||||
Semiconductors and semiconductor equipment | ||||||||||||||||||||||||||||||||||||||
Altamira Material Solutions, LP | First lien senior secured revolving loan | S + | 5.75% | 11.18% | 9/2/2026 | $ | 45 | $ | 13 | $ | 13 | 0.00 | % | |||||||||||||||||||||||||
Altamira Material Solutions, LP | First lien senior secured term loan | S + | 5.75% | 11.18% | 9/2/2026 | 1,025 | 1,018 | 1,014 | 0.10 | % | ||||||||||||||||||||||||||||
1,031 | 1,027 | 0.10 | % | |||||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||||||||
AFFINITIV INC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.56% | 8/26/2024 | $ | 248 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
AFFINITIV INC | First lien senior secured term loan | S + | 6.00% | 11.56% | 8/26/2024 | 2,236 | 2,236 | 2,232 | 0.21 | % | ||||||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.44% | 8/9/2028 | 2,199 | 86 | 89 | 0.01 | % | ||||||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured term loan | S + | 6.00% | 11.44% | 8/9/2028 | 11,517 | 11,339 | 11,358 | 1.08 | % | ||||||||||||||||||||||||||||
ShiftKey, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.31% | 6/21/2027 | 110 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
ShiftKey, LLC | First lien senior secured term loan | S + | 5.75% | 11.31% | 6/21/2027 | 3,693 | 3,679 | 3,667 | 0.35 | % | ||||||||||||||||||||||||||||
17,339 | 17,345 | 1.65 | % | |||||||||||||||||||||||||||||||||||
Specialty retail | ||||||||||||||||||||||||||||||||||||||
Dykstras Auto LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.81% | 10/22/2026 | $ | 334 | $ | 252 | $ | 252 | 0.02 | % | |||||||||||||||||||||||||
Dykstras Auto LLC | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 10/22/2026 | 38 | 27 | 27 | 0.00 | % | ||||||||||||||||||||||||||||
Dykstras Auto LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 10/22/2026 | 625 | 618 | 617 | 0.06 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC (6) | First lien senior secured revolving loan | 5.00% | 5.00% | 12/22/2027 | 152 | — | (38) | 0.00 | % | |||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured term loan | 5.00% | 5.00% | 12/22/2027 | 1,363 | 1,350 | 1,023 | 0.10 | % | |||||||||||||||||||||||||||||
Leonard Group, Inc (6) | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 2/26/2026 | 234 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Leonard Group, Inc | First lien senior secured term loan | S + | 6.50% | 12.06% | 2/26/2026 | 1,555 | 1,553 | 1,549 | 0.15 | % | ||||||||||||||||||||||||||||
Pink Lily Holdings, LLC (6) | First lien senior secured revolving loan | S + | 3.50% + 3.50% PIK | 12.43% | 11/16/2027 | 63 | (1) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Pink Lily Holdings, LLC | First lien senior secured term loan | S + | 3.50% + 3.50% PIK | 12.43% | 11/16/2027 | 1,272 | 1,249 | 1,231 | 0.12 | % | ||||||||||||||||||||||||||||
Soccer Post Acquisition LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.81% | 6/30/2027 | 1,125 | 1,112 | 1,114 | 0.11 | % | ||||||||||||||||||||||||||||
Soccer Post Acquisition LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.07% | 6/30/2027 | 1,779 | (20) | (18) | 0.00 | % | ||||||||||||||||||||||||||||
Soccer Post Acquisition LLC | First lien senior secured term loan | S + | 5.25% | 10.81% | 6/30/2027 | 7,941 | 7,849 | 7,856 | 0.75 | % | ||||||||||||||||||||||||||||
13,988 | 13,610 | 1.31 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 11.68% | 4/9/2027 | $ | 347 | $ | 342 | $ | 342 | 0.03 | % | |||||||||||||||||||||||||
AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 11.74% | 4/9/2027 | 4,804 | 1,955 | 1,961 | 0.19 | % | ||||||||||||||||||||||||||||
AFC-Dell Holding Corp (6)(20) | First lien senior secured revolving loan | S + | 6.25% | 11.74% | 10/9/2026 | 156 | (3) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
AFC-Dell Holding Corp | First lien senior secured term loan | S + | 6.25% | 11.74% | 4/9/2027 | 1,662 | 1,635 | 1,637 | 0.16 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.74% | 11/5/2026 | 37 | 37 | 36 | 0.00 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.58% | 11/5/2026 | 70 | 69 | 69 | 0.01 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.59% | 11/5/2026 | 319 | 313 | 313 | 0.03 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.80% | 11/5/2026 | 939 | 921 | 920 | 0.09 | % | ||||||||||||||||||||||||||||
Ascent Lifting, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.45% | 9/9/2027 | 2,500 | (51) | (49) | 0.00 | % | ||||||||||||||||||||||||||||
Ascent Lifting, Inc | First lien senior secured term loan | S + | 6.00% | 11.45% | 9/9/2027 | 17,150 | 16,775 | 16,799 | 1.60 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.18% | 10/31/2025 | 562 | 563 | 558 | 0.05 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.18% | 10/31/2025 | 370 | (1) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 11.18% | 10/31/2025 | 1,354 | 1,353 | 1,341 | 0.13 | % | ||||||||||||||||||||||||||||
Empire Equipment Company, LLC (6) | First lien senior secured revolving loan | F + | 6.25% | 11.69% | 1/17/2025 | 439 | (1) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
Empire Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% | 11.69% | 1/17/2025 | 1,715 | 1,713 | 1,705 | 0.16 | % | ||||||||||||||||||||||||||||
Montway LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.81% | 11/4/2025 | 667 | 663 | 661 | 0.06 | % | ||||||||||||||||||||||||||||
Montway LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.81% | 11/4/2025 | 150 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Montway LLC | First lien senior secured term loan | S + | 6.25% | 11.81% | 11/4/2025 | 706 | 702 | 700 | 0.07 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.94% | 8/5/2028 | 2,598 | 2,580 | 2,563 | 0.24 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.90% | 8/5/2024 | 2,175 | 2,146 | 2,148 | 0.20 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.98% | 8/5/2028 | 2,192 | 2,158 | 2,162 | 0.21 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | P + | 5.50% | 14.00% | 8/5/2028 | 4,707 | 4,614 | 4,641 | 0.44 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 8/5/2028 | 7,190 | (144) | (96) | (0.01) | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured revolving loan | P + | 5.50% | 14.00% | 8/5/2028 | 3,045 | 620 | 628 | 0.06 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 8/5/2028 | 659 | 646 | 650 | 0.06 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 6.50% | 12.04% | 8/5/2028 | 14,288 | 14,013 | 14,087 | 1.34 | % | ||||||||||||||||||||||||||||
Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.45% | 6/8/2026 | 332 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Triad Technologies, LLC | First lien senior secured term loan | S + | 6.00% | 11.45% | 6/8/2026 | 1,261 | 1,251 | 1,245 | 0.12 | % | ||||||||||||||||||||||||||||
54,864 | 55,007 | 5.24 | % | |||||||||||||||||||||||||||||||||||
Water utilities | ||||||||||||||||||||||||||||||||||||||
Diamondback Buyer, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.69% | 7/22/2026 | $ | 75 | $ | 52 | $ | 52 | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Diamondback Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 10.83% | 7/22/2026 | 1,185 | 1,180 | 1,176 | 0.11 | % | ||||||||||||||||||||||||||||
1,232 | 1,228 | 0.11 | % | |||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 1,770,668 | $ | 1,768,175 | 168.59 | % | ||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated sponsor subordinated notes | ||||||||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 7/17/2025 | $ | 13 | $ | 14 | $ | 13 | 0.00 | % | |||||||||||||||||||||||||||
Total non-controlled/non-affiliated sponsor subordinated notes | 14 | 13 | 0.00 | % | ||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated investments | 1,770,682 | 1,768,188 | 168.59 | % | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (21)(22)(23) | Equity - 10.75% membership interest | $ | 56,029 | $ | 62,105 | 5.92 | % | |||||||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC (21)(22)(23) | Equity - 2.11% membership interest | 19 | 21 | 0.00 | % | |||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | 56,048 | 62,126 | 5.92 | % | ||||||||||||||||||||||||||||||||||
Total investments | $ | 1,826,730 | $ | 1,830,314 | 174.52 | % |
Foreign currency forward contracts | ||||||||||||||
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized Appreciation/ (Depreciation) | ||||||||||
Wells Fargo Bank, National Association | USD 1,521 | CAD 2,028 | 4/16/2024 | $ | 23 | |||||||||
Total | $ | 23 | ||||||||||||
Currency Abbreviations: | ||||||||||||||
USD - U.S. Dollar | ||||||||||||||
CAD - Canadian Dollar |
Interest Rate Swaps | ||||||||||||||||||||||||||
Counterparty | Hedged Instrument | Company Receives | Company Pays | Maturity Date | Notional Amount | Fair Value | Upfront Payments/Receipts | Change in Unrealized Gain/(Loss)(1) | ||||||||||||||||||
Morgan Stanley Capital Services LLC | Tranche A Notes | 7.6900% | S + 3.500% | 3/19/2027 | $ | 90,000 | $ | (401) | $ | — | $ | (401) | ||||||||||||||
Morgan Stanley Capital Services LLC | Tranche B Notes | 7.7800% | S + 3.7680% | 3/19/2029 | 150,000 | (372) | — | (372) | ||||||||||||||||||
Total | $ | (773) | $ | — | $ | (773) |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated senior secured debt | ||||||||||||||||||||||||||||||||||||||
Aerospace and defense | ||||||||||||||||||||||||||||||||||||||
Mattco Forge, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 10.86% | 12/6/2024 | $ | 506 | $ | (5) | $ | (4) | 0.00 | % | |||||||||||||||||||||||||
Mattco Forge, Inc | First lien senior secured term loan | S + | 5.25% | 10.86% | 1/6/2025 | 2,064 | 2,050 | 2,048 | 0.26 | % | ||||||||||||||||||||||||||||
2,045 | 2,044 | 0.26 | % | |||||||||||||||||||||||||||||||||||
Air freight and logistics | ||||||||||||||||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61% | 6/21/2028 | $ | 6,230 | $ | (87) | $ | (85) | (0.01) | % | |||||||||||||||||||||||||
Load One Purchaser Corporation (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 6/21/2028 | 3,557 | (52) | (48) | (0.01) | % | ||||||||||||||||||||||||||||
Load One Purchaser Corporation | First lien senior secured term loan | S + | 6.00% | 11.61% | 6/21/2028 | 14,144 | 13,924 | 13,942 | 1.74 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.47% | 9/19/2027 | 4,527 | (67) | (62) | (0.01) | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 9/19/2027 | 1,687 | (25) | (23) | 0.00 | % | ||||||||||||||||||||||||||||
Zipline Logistics, LLC | First lien senior secured term loan | S + | 6.00% | 11.47% | 9/19/2027 | 6,855 | 6,743 | 6,752 | 0.85 | % | ||||||||||||||||||||||||||||
20,436 | 20,476 | 2.56 | % | |||||||||||||||||||||||||||||||||||
Auto components | ||||||||||||||||||||||||||||||||||||||
A.P.A. Industries, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 1/10/2028 | $ | 1,523 | $ | (31) | $ | (29) | 0.00 | % | |||||||||||||||||||||||||
A.P.A. Industries, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 1/10/2028 | 9,568 | 9,368 | 9,379 | 1.16 | % | ||||||||||||||||||||||||||||
AvCarb, LLC | First lien senior secured delayed draw term loan | S + | 2.00% + 5.00% PIK | 13.61% | 11/12/2026 | 233 | 229 | 229 | 0.03 | % | ||||||||||||||||||||||||||||
AvCarb, LLC (6) | First lien senior secured revolving loan | S + | 2.00% + 5.00% PIK | 12.90% | 11/12/2026 | 38 | — | (1) | — | % | ||||||||||||||||||||||||||||
AvCarb, LLC | First lien senior secured term loan | S + | 2.00% + 5.00% PIK | 12.90% | 11/12/2026 | 498 | 493 | 491 | 0.06 | % | ||||||||||||||||||||||||||||
Certified Collision Group Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 5/17/2027 | 19 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Certified Collision Group Acquisition Corp | First lien senior secured term loan | S + | 6.00% | 11.61% | 5/17/2027 | 420 | 418 | 416 | 0.05 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 6/7/2027 | 4,848 | 1,262 | 1,274 | 0.16 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured revolving loan | P + | 5.50% | 14.00% | 6/7/2027 | 1,560 | 208 | 209 | 0.03 | % | ||||||||||||||||||||||||||||
Raneys, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 6/7/2027 | 9,298 | 9,134 | 9,149 | 1.15 | % | ||||||||||||||||||||||||||||
Vehicle Accessories, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 10.72% | 11/30/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Vehicle Accessories, Inc | First lien senior secured term loan | S + | 5.25% | 10.72% | 11/30/2026 | 1,649 | 1,650 | 1,644 | 0.21 | % | ||||||||||||||||||||||||||||
22,731 | 22,761 | 2.85 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Chemicals | ||||||||||||||||||||||||||||||||||||||
AM Buyer, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.39% | 5/1/2025 | $ | 111 | $ | 15 | $ | 15 | 0.00 | % | |||||||||||||||||||||||||
AM Buyer, LLC | First lien senior secured term loan | S + | 6.75% | 12.36% | 5/1/2025 | 465 | 464 | 462 | 0.06 | % | ||||||||||||||||||||||||||||
Answer Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.25% | 12/30/2026 | 38 | 28 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
Answer Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.25% | 12/30/2026 | 1,682 | 1,668 | 1,662 | 0.21 | % | ||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.97% | 8/30/2027 | 2,357 | 162 | 165 | 0.02 | % | ||||||||||||||||||||||||||||
Custom Agronomics Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 8/30/2027 | 4,124 | 4,061 | 4,065 | 0.51 | % | ||||||||||||||||||||||||||||
SASE Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 11/15/2026 | 38 | 18 | 18 | 0.00 | % | ||||||||||||||||||||||||||||
SASE Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.47% | 11/15/2026 | 1,599 | 1,587 | 1,581 | 0.20 | % | ||||||||||||||||||||||||||||
Teel Plastics, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 10.47% | 1/24/2025 | 324 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Teel Plastics, LLC | First lien senior secured term loan | S + | 5.00% | 10.47% | 1/24/2025 | 1,769 | 1,770 | 1,765 | 0.21 | % | ||||||||||||||||||||||||||||
USALCO, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 10/19/2026 | 100 | 41 | 41 | 0.01 | % | ||||||||||||||||||||||||||||
USALCO, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 10/19/2027 | 2,545 | 2,529 | 2,522 | 0.32 | % | ||||||||||||||||||||||||||||
12,342 | 12,323 | 1.54 | % | |||||||||||||||||||||||||||||||||||
Commercial services and supplies | ||||||||||||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61% | 12/30/2027 | $ | 54 | $ | 53 | $ | 52 | 0.01 | % | |||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 12/30/2027 | 38 | 34 | 33 | 0.00 | % | ||||||||||||||||||||||||||||
Alliance Environmental Group, LLC | First lien senior secured term loan | S + | 3.00% + 3.00% PIK | 11.61% | 12/30/2027 | 2,146 | 2,111 | 2,059 | 0.26 | % | ||||||||||||||||||||||||||||
Edko Acquisition, LLC (6)(8) | First lien senior secured revolving loan | S + | 5.75% | 11.36% | 6/25/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Edko Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.36% | 6/25/2026 | 1,128 | 1,120 | 1,116 | 0.14 | % | ||||||||||||||||||||||||||||
Franchise Fastlane, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.89% | 5/2/2027 | 15 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Franchise Fastlane, LLC | First lien senior secured term loan | S + | 5.25% | 10.89% | 5/2/2027 | 1,158 | 1,146 | 1,142 | 0.14 | % | ||||||||||||||||||||||||||||
Gold Medal Holdings, Inc (9) | First lien senior secured revolving loan | S + | 7.00% | 12.62% | 3/17/2027 | 50 | 45 | 45 | 0.01 | % | ||||||||||||||||||||||||||||
Gold Medal Holdings, Inc | First lien senior secured term loan | S + | 7.00% | 12.61% | 3/17/2027 | 717 | 713 | 710 | 0.09 | % | ||||||||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.22% | 12/28/2026 | 38 | 26 | 26 | 0.00 | % | ||||||||||||||||||||||||||||
Green Monster Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.40% | 12/28/2026 | 1,157 | 1,146 | 1,142 | 0.14 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.97% | 3/31/2028 | 95 | 94 | 94 | 0.01 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.97% | 3/31/2028 | 355 | 149 | 153 | 0.02 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.97% | 3/31/2028 | 60 | 19 | 19 | 0.00 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 3/31/2028 | 645 | 632 | 640 | 0.08 | % | ||||||||||||||||||||||||||||
HLSG Intermediate, LLC | First lien senior secured term loan | S + | 6.50% | 11.97% | 3/31/2028 | 994 | 990 | 986 | 0.12 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc (6) | First lien senior secured revolving loan | S + | 6.25% | 11.78% | 8/5/2028 | 2,537 | (39) | (35) | 0.00 | % | ||||||||||||||||||||||||||||
Industrial Air Flow Dynamics, Inc | First lien senior secured term loan | S + | 6.25% | 11.78% | 8/5/2028 | 17,579 | 17,286 | 17,318 | 2.17 | % | ||||||||||||||||||||||||||||
Nimlok Company, LLC (6)(10) | First lien senior secured revolving loan | S + | 5.50% | 11.11% | 11/27/2024 | 320 | (2) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
Nimlok Company, LLC | First lien senior secured term loan | S + | 5.50% | 11.11% | 11/27/2025 | 2,607 | 2,592 | 2,584 | 0.32 | % | ||||||||||||||||||||||||||||
PRA Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 5/12/2028 | 56 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
PRA Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 5/12/2028 | 635 | 621 | 620 | 0.08 | % | ||||||||||||||||||||||||||||
Quality Liaison Services of North America, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.53% | 5/2/2028 | 1,629 | (35) | (33) | 0.00 | % | ||||||||||||||||||||||||||||
Quality Liaison Services of North America, Inc | First lien senior secured term loan | S + | 6.00% | 11.53% | 5/2/2028 | 12,849 | 12,563 | 12,578 | 1.57 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61% | 12/27/2026 | 141 | 140 | 140 | 0.02 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 12/27/2026 | 38 | 21 | 21 | 0.00 | % | ||||||||||||||||||||||||||||
Steel City Wash, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 12/27/2026 | 786 | 780 | 777 | 0.10 | % | ||||||||||||||||||||||||||||
42,204 | 42,183 | 5.28 | % | |||||||||||||||||||||||||||||||||||
Construction and engineering | ||||||||||||||||||||||||||||||||||||||
BCI Burke Holding Corp | First lien senior secured delayed draw term loan | S + | 5.50% | 11.11% | 12/14/2027 | $ | 129 | $ | 22 | $ | 22 | 0.00 | % | |||||||||||||||||||||||||
BCI Burke Holding Corp (6) | First lien senior secured revolving loan | S + | 5.50% | 11.11% | 12/14/2027 | 79 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
BCI Burke Holding Corp | First lien senior secured term loan | S + | 5.50% | 11.11% | 12/14/2027 | 815 | 811 | 808 | 0.10 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.36% | 12/15/2026 | 150 | 31 | 26 | 0.00 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC (11) | First lien senior secured revolving loan | S + | 6.75% | 12.36% | 12/15/2026 | 38 | 12 | 10 | 0.00 | % | ||||||||||||||||||||||||||||
CPS HVAC Group, LLC | First lien senior secured term loan | S + | 6.75% | 12.36% | 12/15/2026 | 269 | 264 | 254 | 0.03 | % | ||||||||||||||||||||||||||||
Domino Equipment Company, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.97% | 4/1/2026 | 79 | 12 | 7 | 0.00 | % | ||||||||||||||||||||||||||||
Domino Equipment Company, LLC | First lien senior secured term loan | S + | 6.25% + 0.25% PIK | 11.97% | 4/1/2026 | 506 | 498 | 467 | 0.06 | % | ||||||||||||||||||||||||||||
Highland Acquisition, Inc (6) | First lien senior secured revolving loan | S + | 5.25% | 10.86% | 3/9/2027 | 30 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Highland Acquisition, Inc | First lien senior secured term loan | S + | 5.25% | 10.86% | 3/9/2027 | 871 | 862 | 859 | 0.11 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 9/30/2027 | 9,319 | 9,219 | 9,228 | 1.16 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC (12) | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 9/30/2027 | 5,813 | 3,262 | 3,286 | 0.41 | % | ||||||||||||||||||||||||||||
Ironhorse Purchaser, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 9/30/2027 | 30,299 | 29,930 | 29,976 | 3.76 | % | ||||||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.20% | 11/7/2028 | 5,055 | 631 | 639 | 0.08 | % | ||||||||||||||||||||||||||||
Rose Paving, LLC | First lien senior secured term loan | S + | 5.50% | 11.00% | 11/7/2028 | 17,427 | 17,068 | 17,095 | 2.14 | % | ||||||||||||||||||||||||||||
62,621 | 62,676 | 7.85 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Containers and packaging | ||||||||||||||||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.36% | 11/15/2027 | $ | 127 | $ | 125 | $ | 125 | 0.02 | % | |||||||||||||||||||||||||
Bulk Lift International, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.36% | 11/15/2027 | 1,801 | (39) | (39) | 0.00 | % | ||||||||||||||||||||||||||||
Bulk Lift International, LLC | First lien senior secured term loan | S + | 6.75% | 12.36% | 11/15/2027 | 6,180 | 6,043 | 6,048 | 0.76 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.47% | 1/23/2025 | 627 | 492 | 428 | 0.05 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured term loan | S + | 7.00% | 12.47% | 1/23/2025 | 2,616 | 2,048 | 1,786 | 0.22 | % | ||||||||||||||||||||||||||||
Innovative FlexPak, LLC | First lien senior secured term loan | S + | 20.00% PIK | 20.00% | 1/23/2025 | 384 | 292 | 262 | 0.03 | % | ||||||||||||||||||||||||||||
Johns Byrne LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.60% | 8/31/2029 | 2,578 | (60) | (57) | (0.01) | % | ||||||||||||||||||||||||||||
Johns Byrne LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.60% | 8/31/2029 | 1,460 | (34) | (32) | 0.00 | % | ||||||||||||||||||||||||||||
Johns Byrne LLC | First lien senior secured term loan | S + | 6.25% | 11.60% | 8/31/2029 | 9,644 | 9,418 | 9,427 | 1.18 | % | ||||||||||||||||||||||||||||
Johns Byrne LLC | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 10/6/2027 | 6,748 | (127) | (120) | (0.02) | % | ||||||||||||||||||||||||||||
K-1 Packaging Group LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 10/6/2027 | 31,406 | 30,749 | 30,805 | 3.86 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.25% | 12/4/2025 | 73 | 72 | 68 | 0.01 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.25% | 12/4/2025 | 150 | (1) | (10) | 0.00 | % | ||||||||||||||||||||||||||||
MRC Keeler Acquisition LLC | First lien senior secured term loan | S + | 5.75% | 11.25% | 12/4/2025 | 904 | 899 | 846 | 0.11 | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.25% | 10.86% | 8/5/2027 | 3,180 | (45) | (42) | (0.01) | % | ||||||||||||||||||||||||||||
Sixarp, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.86% | 8/5/2027 | 3,732 | (54) | (49) | (0.01) | % | ||||||||||||||||||||||||||||
Sixarp, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 8/5/2027 | 19,627 | 19,319 | 19,349 | 2.42 | % | ||||||||||||||||||||||||||||
Vanguard Packaging, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 10.47% | 8/9/2024 | 535 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Vanguard Packaging, LLC | First lien senior secured term loan | S + | 5.00% | 10.47% | 8/9/2024 | 1,092 | 1,092 | 1,089 | 0.14 | % | ||||||||||||||||||||||||||||
70,187 | 69,882 | 8.75 | % | |||||||||||||||||||||||||||||||||||
Distributors | ||||||||||||||||||||||||||||||||||||||
RTP Acquisition, LLC (6) | First lien senior secured revolving loan | P + | 5.50% | 14.00% | 8/17/2026 | $ | 38 | $ | (1) | $ | (1) | 0.00 | % | |||||||||||||||||||||||||
RTP Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.97% | 8/17/2026 | 2,720 | 2,676 | 2,678 | 0.34 | % | ||||||||||||||||||||||||||||
2,675 | 2,677 | 0.34 | % | |||||||||||||||||||||||||||||||||||
Diversified consumer services | ||||||||||||||||||||||||||||||||||||||
50Floor, LLC | First lien senior secured revolving loan | S + | 7.75% | 13.25% | 12/31/2025 | $ | 199 | $ | 145 | $ | 138 | 0.02 | % | |||||||||||||||||||||||||
50Floor, LLC | First lien senior secured term loan | S + | 2.75% + 5.00% PIK | 13.25% | 12/31/2026 | 965 | 957 | 917 | 0.11 | % | ||||||||||||||||||||||||||||
ACES Intermediate, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 10.97% | 7/27/2027 | 7,114 | (101) | (94) | (0.01) | % | ||||||||||||||||||||||||||||
ACES Intermediate, Inc | First lien senior secured term loan | S + | 5.50% | 10.97% | 7/27/2027 | 31,977 | 31,495 | 31,528 | 3.93 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.79% | 4/25/2028 | 7,258 | 3,754 | 3,762 | 0.47 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.78% | 4/25/2028 | 1,629 | (35) | (33) | 0.00 | % | ||||||||||||||||||||||||||||
CL Services Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 11.78% | 4/25/2028 | 10,221 | 9,987 | 10,002 | 1.25 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.00% | 12/30/2027 | 7,402 | 5,697 | 5,724 | 0.72 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 12/30/2027 | 2,162 | 597 | 611 | 0.08 | % | ||||||||||||||||||||||||||||
Esquire Deposition Solutions, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 12/30/2027 | 15,895 | 15,518 | 15,617 | 1.95 | % | ||||||||||||||||||||||||||||
Home Brands Group Holdings, Inc (6) | First lien senior secured revolving loan | S + | 4.75% | 10.29% | 11/8/2026 | 48 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Home Brands Group Holdings, Inc | First lien senior secured term loan | S + | 4.75% | 10.29% | 11/8/2026 | 1,701 | 1,688 | 1,682 | 0.21 | % | ||||||||||||||||||||||||||||
ISSA, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 3/1/2027 | 131 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
ISSA, LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 3/1/2027 | 1,858 | 1,836 | 1,834 | 0.23 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 12.07% | 12/29/2026 | 7,060 | 509 | 560 | 0.07 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.94% | 12/29/2026 | 87 | 86 | 86 | 0.01 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC (13) | First lien senior secured revolving loan | S + | 6.25% | 12.06% | 12/29/2026 | 820 | 121 | 127 | 0.02 | % | ||||||||||||||||||||||||||||
Juniper Landscaping Holdings LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 12/29/2026 | 3,032 | 2,989 | 2,996 | 0.38 | % | ||||||||||||||||||||||||||||
Kalkomey Enterprises, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.00% | 4/24/2025 | 77 | — | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Kalkomey Enterprises, LLC | First lien senior secured term loan | S + | 6.50% | 12.00% | 4/24/2026 | 1,037 | 1,032 | 1,029 | 0.13 | % | ||||||||||||||||||||||||||||
Lawn Care Holdings Purchaser, Inc | First lien senior secured delayed draw term loan | P + | 5.50% | 14.00% | 10/24/2028 | 4,598 | 786 | 786 | 0.10 | % | ||||||||||||||||||||||||||||
Lawn Care Holdings Purchaser, Inc (6) | First lien senior secured revolving loan | S + | 6.50% | 12.12% | 10/24/2028 | 828 | (24) | (24) | — | % | ||||||||||||||||||||||||||||
Lawn Care Holdings Purchaser, Inc | First lien senior secured term loan | S + | 6.50% | 12.12% | 10/24/2028 | 2,916 | 2,831 | 2,830 | 0.35 | % | ||||||||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.37% | 9/30/2026 | 38 | 6 | 5 | 0.00 | % | ||||||||||||||||||||||||||||
PPW Acquisition, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 12.50% | 9/30/2026 | 603 | 588 | 563 | 0.07 | % | ||||||||||||||||||||||||||||
Premier Early Childhood Education Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.22% | 11/22/2028 | 10,983 | 2,523 | 2,523 | 0.32 | % | ||||||||||||||||||||||||||||
Premier Early Childhood Education Partners LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.22% | 11/22/2028 | 1,380 | (34) | (34) | — | % | ||||||||||||||||||||||||||||
Premier Early Childhood Education Partners LLC | First lien senior secured term loan | S + | 5.75% | 11.22% | 11/22/2028 | 8,313 | 8,108 | 8,107 | 1.01 | % | ||||||||||||||||||||||||||||
TSR Concrete Coatings, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.75% | 9/22/2028 | 1,534 | (36) | (35) | — | % | ||||||||||||||||||||||||||||
TSR Concrete Coatings, LLC | First lien senior secured term loan | S + | 6.25% | 11.75% | 9/22/2028 | 6,211 | 6,063 | 6,071 | 0.76 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 3/23/2026 | 1,621 | 1,384 | 1,380 | 0.17 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 3/23/2026 | 150 | 108 | 108 | 0.01 | % | ||||||||||||||||||||||||||||
United Land Services Opco Parent, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 3/23/2026 | 356 | 352 | 351 | 0.04 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 11.50 | % | 4/30/2026 | 6,234 | 963 | 965 | 0.12 | % | |||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured revolving loan | S + | 5.00% | 10.50 | % | 4/30/2026 | 889 | 74 | 75 | 0.01 | % | |||||||||||||||||||||||||||
Yard-Nique, Inc | First lien senior secured term loan | S + | 6.00% | 11.50 | % | 4/30/2026 | 7,072 | 7,006 | 7,012 | 0.88 | % | |||||||||||||||||||||||||||
106,970 | 107,165 | 13.41 | % | |||||||||||||||||||||||||||||||||||
Electrical equipment | ||||||||||||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc | First lien senior secured delayed draw term loan | S + | 6.50% | 11.96% | 10/5/2027 | $ | 71 | $ | 69 | $ | 69 | 0.01 | % | |||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc | First lien senior secured revolving loan | S + | 6.50% | 11.96% | 10/5/2027 | 48 | 31 | 31 | 0.00 | % | ||||||||||||||||||||||||||||
AEP Passion Intermediate Holdings, Inc | First lien senior secured term loan | S + | 6.50% | 12.04% | 10/5/2027 | 1,268 | 1,245 | 1,240 | 0.16 | % | ||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.86% | 9/15/2028 | 2,249 | (35) | (32) | 0.00 | % | ||||||||||||||||||||||||||||
WCI Volt Purchaser, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 9/15/2028 | 9,632 | 9,474 | 9,488 | 1.18 | % | ||||||||||||||||||||||||||||
10,784 | 10,796 | 1.35 | % | |||||||||||||||||||||||||||||||||||
Electronic equipment, instruments and components | ||||||||||||||||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 11/22/2025 | $ | 324 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
Advanced Lighting Acquisition, LLC | First lien senior secured term loan | S + | 6.00% | 11.47% | 11/22/2025 | 1,181 | 1,182 | 1,179 | 0.15 | % | ||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.78% | 8/8/2028 | 1,553 | 1,309 | 1,309 | 0.16 | % | ||||||||||||||||||||||||||||
ITSavvy LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.89% | 8/8/2028 | 1,778 | (14) | (11) | 0.00 | % | ||||||||||||||||||||||||||||
ITSavvy LLC | First lien senior secured term loan | S + | 5.25% | 10.89% | 8/8/2028 | 11,801 | 11,705 | 11,723 | 1.47 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured delayed draw term loan | S + | 5.50% | 11.11% | 10/18/2026 | 118 | 117 | 116 | 0.01 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company (6) | First lien senior secured revolving loan | S + | 5.50% | 11.11% | 10/18/2026 | 90 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Nelson Name Plate Company | First lien senior secured term loan | S + | 5.50% | 11.11% | 10/18/2026 | 892 | 885 | 880 | 0.11 | % | ||||||||||||||||||||||||||||
15,183 | 15,195 | 1.90 | % | |||||||||||||||||||||||||||||||||||
Food and staples retailing | ||||||||||||||||||||||||||||||||||||||
Engelman Baking Co, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.97% | 2/28/2025 | $ | 207 | $ | 6 | $ | 6 | 0.00 | % | |||||||||||||||||||||||||
Engelman Baking Co, LLC | First lien senior secured term loan | S + | 5.50% | 10.97% | 2/28/2025 | 706 | 704 | 702 | 0.09 | % | ||||||||||||||||||||||||||||
Ever Fresh Fruit Company, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.96% | 11/17/2028 | 1,380 | (34) | (34) | 0.00 | % | ||||||||||||||||||||||||||||
Ever Fresh Fruit Company, LLC | First lien senior secured term loan | S + | 6.50% | 11.96% | 11/17/2028 | 7,363 | 7,182 | 7,180 | 0.90 | % | ||||||||||||||||||||||||||||
Mad Rose Company, LLC (6)(14) | First lien senior secured revolving loan | S + | 6.50% | 12.15% | 5/7/2026 | 395 | (5) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Mad Rose Company, LLC | First lien senior secured term loan | S + | 6.25% | 11.90% | 5/7/2026 | 2,928 | 2,892 | 2,895 | 0.36 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 10.86% | 11/10/2025 | 41 | 41 | 41 | 0.01 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.86% | 11/10/2025 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Main Street Gourmet, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 11/10/2025 | 1,110 | 1,106 | 1,102 | 0.14 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
NutriScience Innovations, LLC (6)(15) | First lien senior secured revolving loan | S + | 7.00% | 12.61% | 4/21/2026 | 131 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
NutriScience Innovations, LLC | First lien senior secured term loan | S + | 7.00% | 12.61% | 4/21/2026 | 390 | 387 | 385 | 0.05 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61% | 5/5/2027 | 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC | First lien senior secured revolving loan | P + | 5.00% | 13.50% | 5/5/2027 | 38 | 7 | 7 | 0.00 | % | ||||||||||||||||||||||||||||
Qin's Buffalo, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 5/5/2027 | 531 | 524 | 523 | 0.07 | % | ||||||||||||||||||||||||||||
SCP Beverage Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.15% | 11/24/2026 | 38 | 12 | 12 | 0.00 | % | ||||||||||||||||||||||||||||
SCP Beverage Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 11.15% | 11/24/2026 | 7,184 | 7,117 | 7,090 | 0.89 | % | ||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.51% | 10/31/2028 | 364 | 37 | 38 | 0.00 | % | ||||||||||||||||||||||||||||
Universal Pure, LLC (16) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 10/31/2028 | 7,142 | 2,163 | 2,170 | 0.27 | % | ||||||||||||||||||||||||||||
Universal Pure, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 10/31/2028 | 17,675 | 17,268 | 17,280 | 2.15 | % | ||||||||||||||||||||||||||||
39,405 | 39,391 | 4.93 | % | |||||||||||||||||||||||||||||||||||
Food products | ||||||||||||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.50% | 8/19/2027 | $ | 5,846 | $ | (85) | $ | (78) | (0.01) | % | |||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 8/19/2027 | 3,383 | 1,304 | 1,308 | 0.16 | % | ||||||||||||||||||||||||||||
BPCP WLF Intermedco LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 8/19/2027 | 23,092 | 22,735 | 22,765 | 2.86 | % | ||||||||||||||||||||||||||||
Icelandirect, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 7/30/2026 | 38 | 32 | 32 | 0.00 | % | ||||||||||||||||||||||||||||
Icelandirect, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 7/30/2026 | 707 | 701 | 699 | 0.09 | % | ||||||||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.72% | 4/30/2027 | 174 | 70 | 68 | 0.01 | % | ||||||||||||||||||||||||||||
Starwest Botanicals Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 10.72% | 4/30/2027 | 799 | 761 | 753 | 0.09 | % | ||||||||||||||||||||||||||||
Sun Orchard, LLC (6) | First lien senior secured revolving loan | S + | 5.00% | 10.61% | 7/8/2027 | 5,336 | (75) | (69) | (0.01) | % | ||||||||||||||||||||||||||||
Sun Orchard, LLC | First lien senior secured term loan | S + | 5.00% | 10.61% | 7/8/2027 | 11,414 | 11,253 | 11,258 | 1.41 | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 1/11/2028 | 1,965 | (48) | (46) | (0.01) | % | ||||||||||||||||||||||||||||
Treat Planet Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 1/11/2028 | 7,228 | 7,046 | 7,052 | 0.88 | % | ||||||||||||||||||||||||||||
Westminster Cracker Company, Inc (6) | First lien senior secured revolving loan | S + | 6.25% | 11.71% | 8/30/2026 | 1,534 | (23) | (22) | 0.00 | % | ||||||||||||||||||||||||||||
Westminster Cracker Company, Inc | First lien senior secured term loan | S + | 6.25% | 11.71% | 8/30/2026 | 9,721 | 9,567 | 9,578 | 1.20 | % | ||||||||||||||||||||||||||||
53,238 | 53,298 | 6.67 | % | |||||||||||||||||||||||||||||||||||
Gas utilities | ||||||||||||||||||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.21% | 12/30/2026 | $ | 111 | $ | 107 | $ | 109 | 0.01 | % | |||||||||||||||||||||||||
Hydromax USA, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.21% | 12/30/2026 | 228 | (8) | (5) | 0.00 | % | ||||||||||||||||||||||||||||
Hydromax USA, LLC | First lien senior secured term loan | S + | 6.75% | 12.21% | 12/30/2026 | 1,204 | 1,164 | 1,179 | 0.15 | % | ||||||||||||||||||||||||||||
1,263 | 1,283 | 0.16 | % | |||||||||||||||||||||||||||||||||||
Health care equipment and supplies |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
626 Holdings Equity LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.57% | 2/14/2028 | $ | 313 | $ | 220 | $ | 220 | 0.03 | % | |||||||||||||||||||||||||
626 Holdings Equity LLC | First lien senior secured revolving loan | S + | 6.00% | 11.65% | 2/14/2028 | 75 | 44 | 44 | 0.01 | % | ||||||||||||||||||||||||||||
626 Holdings Equity LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 2/14/2028 | 875 | 864 | 861 | 0.11 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 3/30/2026 | 214 | 212 | 211 | 0.03 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 3/30/2026 | 134 | 119 | 119 | 0.01 | % | ||||||||||||||||||||||||||||
EMSAR Acquisition LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 3/30/2026 | 1,037 | 1,024 | 1,024 | 0.13 | % | ||||||||||||||||||||||||||||
Medical Technology Associates, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 7/25/2028 | 1,966 | (37) | (35) | 0.00 | % | ||||||||||||||||||||||||||||
Medical Technology Associates, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 7/25/2028 | 19,275 | 18,885 | 18,932 | 2.36 | % | ||||||||||||||||||||||||||||
Nasco Healthcare Inc. (6)(17) | First lien senior secured revolving loan | S + | 5.75% | 11.25% | 6/30/2025 | 3,322 | (23) | (20) | — | % | ||||||||||||||||||||||||||||
Nasco Healthcare Inc. | First lien senior secured term loan | S + | 5.75% | 11.25% | 6/30/2025 | 15,490 | 15,371 | 15,392 | 1.93 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61% | 4/8/2025 | 67 | 66 | 66 | 0.01 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.62% | 4/8/2025 | 75 | 18 | 18 | 0.00 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 4/8/2025 | 138 | 82 | 81 | 0.01 | % | ||||||||||||||||||||||||||||
Reliable Medical Supply LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 4/8/2025 | 923 | 917 | 913 | 0.11 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.14% | 1/20/2026 | 278 | 274 | 274 | 0.03 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.14% | 1/20/2026 | 133 | 131 | 130 | 0.02 | % | ||||||||||||||||||||||||||||
SCA Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.14% | 1/20/2026 | 749 | 738 | 737 | 0.09 | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured delayed draw term loan | S + | 15.00% PIK | 15.00% | 3/5/2026 | 100 | 95 | 79 | 0.01 | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC (6) | First lien senior secured revolving loan | S + | 2.75% | 8.36% | 3/5/2026 | 267 | (32) | (57) | (0.01) | % | ||||||||||||||||||||||||||||
Spectrum Solutions, LLC | First lien senior secured term loan | S + | 2.75% | 8.36% | 3/5/2026 | 503 | 442 | 397 | 0.05 | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 11/30/2027 | 1,771 | (35) | (33) | 0.00 | % | ||||||||||||||||||||||||||||
Surplus Solutions, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 11/30/2027 | 10,042 | 9,844 | 9,854 | 1.23 | % | ||||||||||||||||||||||||||||
49,219 | 49,207 | 6.16 | % | |||||||||||||||||||||||||||||||||||
Health care providers and services | ||||||||||||||||||||||||||||||||||||||
ADVI Health, LLC (6) | First lien senior secured revolving loan | S + | 7.00% | 12.61% | 11/29/2027 | $ | 1,062 | $ | (21) | $ | (20) | 0.00 | % | |||||||||||||||||||||||||
ADVI Health, LLC | First lien senior secured term loan | S + | 7.00% | 12.61% | 11/29/2027 | 6,180 | 6,051 | 6,060 | 0.76 | % | ||||||||||||||||||||||||||||
Advocate RCM Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.50% | 11.96% | 12/22/2026 | 2,902 | (51) | (51) | (0.01) | % | ||||||||||||||||||||||||||||
Advocate RCM Acquisition Corp | First lien senior secured term loan | S + | 6.50% | 11.96% | 12/22/2026 | 22,617 | 22,221 | 22,221 | 2.78 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Agility Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 6.75% | 12.36% | 4/15/2026 | 110 | 107 | 105 | 0.01 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc | First lien senior secured revolving loan | S + | 6.75% | 12.36% | 4/15/2026 | 134 | 77 | 74 | 0.01 | % | ||||||||||||||||||||||||||||
Agility Intermediate, Inc | First lien senior secured term loan | S + | 6.75% | 12.36% | 4/15/2026 | 240 | 234 | 229 | 0.03 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured delayed draw term loan | S + | 4.75% | 10.39% | 11/23/2025 | 112 | 15 | 15 | 0.00 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured delayed draw term loan | S + | 4.75% + 2.00% PIK | 12.39% | 11/23/2025 | 441 | 438 | 437 | 0.05 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.39% | 11/23/2025 | 150 | 79 | 78 | 0.01 | % | ||||||||||||||||||||||||||||
Apex Dental Partners, LLC | First lien senior secured term loan | S + | 4.75% + 2.00% PIK | 12.39% | 11/23/2025 | 615 | 612 | 610 | 0.08 | % | ||||||||||||||||||||||||||||
ASC Ortho Management Company, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61% | 12/31/2026 | 356 | 320 | 319 | 0.04 | % | ||||||||||||||||||||||||||||
ASC Ortho Management Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 12/31/2026 | 38 | 12 | 12 | 0.00 | % | ||||||||||||||||||||||||||||
ASC Ortho Management Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 12/31/2026 | 514 | 508 | 506 | 0.06 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 1/21/2026 | 557 | 551 | 548 | 0.07 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 1/21/2026 | 485 | (7) | (8) | 0.00 | % | ||||||||||||||||||||||||||||
ASP Global Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 1/21/2025 | 2,404 | 2,380 | 2,365 | 0.30 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86% | 12/14/2025 | 829 | 825 | 822 | 0.10 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 12/14/2025 | 188 | (2) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Beacon Oral Specialists Management LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 12/14/2025 | 926 | 921 | 917 | 0.11 | % | ||||||||||||||||||||||||||||
Beghou Consulting, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.36% | 5/1/2028 | 2,714 | (65) | (62) | (0.01) | % | ||||||||||||||||||||||||||||
Beghou Consulting, LLC | First lien senior secured term loan | S + | 5.75% | 11.36% | 5/1/2028 | 15,390 | 15,012 | 15,027 | 1.88 | % | ||||||||||||||||||||||||||||
Behavior Frontiers, LLC (6)(18) | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 5/21/2026 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Behavior Frontiers, LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 5/21/2026 | 576 | 555 | 562 | 0.07 | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 11.22% | 6/7/2026 | 7,496 | 3,014 | 3,017 | 0.38 | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.40% | 6/7/2026 | 1,710 | (17) | (15) | 0.00 | % | ||||||||||||||||||||||||||||
Benefit Plan Administrators of Eau Claire, LLC | First lien senior secured term loan | S + | 5.50% | 11.40% | 6/7/2026 | 13,648 | 13,489 | 13,501 | 1.69 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.25% | 4/3/2028 | 3,202 | 1,985 | 1,988 | 0.25 | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.25% | 4/3/2028 | 2,244 | (53) | (50) | (0.01) | % | ||||||||||||||||||||||||||||
BPCP EE Intermedco LLC | First lien senior secured term loan | S + | 5.75% | 11.25% | 4/3/2028 | 6,494 | 6,336 | 6,345 | 0.79 | % | ||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.47% | 12/14/2026 | 48 | 47 | 47 | 0.01 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 12/14/2026 | 52 | 52 | 52 | 0.01 | % | ||||||||||||||||||||||||||||
Brightview, LLC | First lien senior secured term loan | S + | 6.00% | 11.47% | 12/14/2026 | 685 | 683 | 681 | 0.09 | % | ||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan | S + | 7.00% | 12.61% | 3/19/2026 | 117 | 114 | 112 | 0.01 | % | ||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (6)(7) | First lien senior secured revolving loan | C + | 7.00% | 12.45% | 3/19/2026 | C$ 28 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Canadian Orthodontic Partners Corp (7) | First lien senior secured revolving loan | C + | 7.00% | 12.45% | 3/19/2026 | C$ 829 | 609 | 599 | 0.07 | % | ||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.76% | 8/2/2027 | 5,898 | 3,258 | 3,264 | 0.41 | % | ||||||||||||||||||||||||||||
Change Academy at Lake of the Ozarks, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 8/2/2027 | 31,320 | 30,850 | 30,884 | 3.87 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.47% | 6/10/2026 | 165 | 165 | 162 | 0.02 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 6/10/2026 | 75 | 64 | 62 | 0.01 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.47% | 6/10/2026 | 944 | 942 | 926 | 0.12 | % | ||||||||||||||||||||||||||||
Community Care Partners, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.47% | 6/10/2026 | 19 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 10/29/2026 | 80 | 78 | 78 | 0.01 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo LLC | First lien senior secured revolving loan | S + | 6.50% | 12.13% | 10/29/2026 | 38 | 28 | 28 | 0.00 | % | ||||||||||||||||||||||||||||
Dermatology Medical Partners OpCo LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 10/29/2026 | 317 | 313 | 312 | 0.04 | % | ||||||||||||||||||||||||||||
EH Management Company, LLC | First lien senior secured revolving loan | S + | 5.50% | 11.11% | 7/15/2026 | 38 | 11 | 11 | 0.00 | % | ||||||||||||||||||||||||||||
EH Management Company, LLC | First lien senior secured term loan | S + | 5.50% | 11.11% | 7/15/2026 | 960 | 954 | 950 | 0.12 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.84% | 11/2/2027 | 16,949 | 13,037 | 13,035 | 1.63 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.90% | 11/2/2027 | 1,956 | 163 | 166 | 0.02 | % | ||||||||||||||||||||||||||||
Endodontic Practice Partners, LLC | First lien senior secured term loan | S + | 6.00% | 11.87% | 11/2/2027 | 15,432 | 15,176 | 15,195 | 1.90 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.00% | 4/28/2025 | 2,213 | 2,170 | 2,171 | 0.27 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 4/28/2026 | 3,384 | 721 | 734 | 0.09 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 11.97% | 4/28/2026 | 848 | (16) | (16) | 0.00 | % | ||||||||||||||||||||||||||||
Flourish Research Acquisition, LLC | First lien senior secured term loan | S + | 6.50% | 11.97% | 4/28/2026 | 19,657 | 19,250 | 19,263 | 2.41 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.64% | 12/21/2025 | 300 | 50 | 50 | 0.01 | % | ||||||||||||||||||||||||||||
Geriatric Medical and Surgical Supply, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 12/21/2025 | 907 | 901 | 898 | 0.11 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.75% + 1.00% PIK | 13.36% | 10/22/2026 | 174 | 170 | 170 | 0.02 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured revolving loan | S + | 7.75% | 13.36% | 10/22/2026 | 38 | 14 | 15 | 0.00 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 12.00% | 17.61% | 10/22/2026 | 49 | 49 | 48 | 0.01 | % | ||||||||||||||||||||||||||||
Golden Bear PT Partners, LLC | First lien senior secured term loan | S + | 6.75% + 1.00% PIK | 13.36% | 10/22/2026 | 1,495 | 1,462 | 1,460 | 0.18 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.97% | 8/20/2026 | 494 | 492 | 490 | 0.06 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.97% | 8/20/2026 | 23 | 19 | 19 | 0.00 | % | ||||||||||||||||||||||||||||
Guardian Dentistry Practice Management, LLC | First lien senior secured term loan | S + | 6.50% | 11.97% | 8/20/2026 | 515 | 513 | 511 | 0.06 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc | First lien senior secured delayed draw term loan | S + | 5.25% + 2.25% PIK | 13.26% | 5/5/2028 | 7,245 | 2,251 | 2,258 | 0.28 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc | First lien senior secured term loan | S + | 5.25% + 2.25% PIK | 13.26% | 5/5/2028 | 18,070 | 17,585 | 17,609 | 2.20 | % | ||||||||||||||||||||||||||||
H2 Holdco, Inc (6)(19) | First lien senior secured revolving loan | S + | 5.25% + 2.25% PIK | 13.26% | 5/5/2028 | 2,544 | (66) | (64) | (0.01) | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.00% | 6/30/2028 | 174 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.01% | 6/30/2028 | 35 | 8 | 8 | 0.00 | % | ||||||||||||||||||||||||||||
IMA Group Management Company, LLC | First lien senior secured term loan | S + | 6.50% | 12.00 | % | 6/30/2028 | 863 | 845 | 843 | 0.11 | % | |||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 10.97 | % | 5/19/2027 | 11,057 | 9,889 | 9,891 | 1.24 | % | |||||||||||||||||||||||||||
IPC Pain Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 10.97 | % | 5/19/2027 | 1,140 | (12) | (10) | 0.00 | % | |||||||||||||||||||||||||||
IPC Pain Acquisition, LLC | First lien senior secured term loan | S + | 5.50% | 10.97 | % | 5/19/2027 | 2,932 | 2,900 | 2,903 | 0.36 | % | |||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.63 | % | 2/14/2025 | 1,429 | 93 | 92 | 0.01 | % | |||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.64 | % | 2/14/2028 | 1,924 | 582 | 583 | 0.07 | % | |||||||||||||||||||||||||||
MWEC Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.64 | % | 2/14/2028 | 11,626 | 11,346 | 11,364 | 1.42 | % | |||||||||||||||||||||||||||
Network Partners Acquisitions, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61 | % | 12/30/2026 | 113 | (1) | (1) | 0.00 | % | |||||||||||||||||||||||||||
Network Partners Acquisitions, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61 | % | 12/30/2026 | 38 | — | — | — | % | |||||||||||||||||||||||||||
Network Partners Acquisitions, LLC | First lien senior secured term loan | S + | 6.00% | 11.61 | % | 12/30/2026 | 388 | 385 | 384 | 0.05 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
NH Kronos Buyer, Inc. (6) | First lien senior secured revolving loan | S + | 6.25% | 11.75 | % | 11/1/2028 | 12,705 | (306) | (271) | (0.03) | % | |||||||||||||||||||||||||||
NH Kronos Buyer, Inc. | First lien senior secured term loan | S + | 6.25% | 11.75 | % | 11/1/2028 | 53,238 | 51,905 | 52,034 | 6.54 | % | |||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.39 | % | 12/31/2025 | 95 | 57 | 57 | 0.01 | % | |||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.37 | % | 12/31/2025 | 519 | 515 | 514 | 0.06 | % | |||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.37 | % | 12/31/2025 | 133 | 132 | 131 | 0.02 | % | |||||||||||||||||||||||||||
Peak Dental Services, LLC | First lien senior secured term loan | S + | 6.75% | 12.36 | % | 12/31/2025 | 579 | 575 | 574 | 0.07 | % | |||||||||||||||||||||||||||
Peak Investment Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 7.00% | 12.61 | % | 12/31/2025 | 113 | (1) | (1) | 0.00 | % | |||||||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.61 | % | 12/31/2025 | 324 | 29 | 29 | — | % | |||||||||||||||||||||||||||
Peak Investment Holdings, LLC | First lien senior secured term loan | S + | 7.00% | 12.61 | % | 12/31/2025 | 1,210 | 1,203 | 1,198 | 0.15 | % | |||||||||||||||||||||||||||
Pentec Acquisition Corp (6) | First lien senior secured revolving loan | S + | 6.00% | 11.47 | % | 10/8/2026 | 75 | (1) | (1) | 0.00 | % | |||||||||||||||||||||||||||
Pentec Acquisition Corp | First lien senior secured term loan | S + | 6.00% | 11.47 | % | 10/8/2026 | 986 | 982 | 979 | 0.12 | % | |||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.89 | % | 11/3/2027 | 6,832 | 6,714 | 6,722 | 0.84 | % | |||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 12.12 | % | 11/3/2027 | 1,956 | (34) | (32) | 0.00 | % | |||||||||||||||||||||||||||
Purpose Home Health Acquisition, LLC | First lien senior secured term loan | S + | 6.25% | 12.12 | % | 11/3/2027 | 8,230 | 8,084 | 8,096 | 1.01 | % | |||||||||||||||||||||||||||
Revival Animal Health, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.04 | % | 4/6/2026 | 131 | 96 | 96 | 0.01 | % | |||||||||||||||||||||||||||
Revival Animal Health, LLC | First lien senior secured term loan | S + | 6.50% | 12.12 | % | 4/6/2026 | 4,782 | 4,710 | 4,740 | 0.59 | % | |||||||||||||||||||||||||||
RMS Health Care Management, LLC | First lien senior secured delayed draw term loan | S + | 6.75% | 12.63 | % | 10/6/2026 | 2,707 | 93 | 93 | 0.01 | % | |||||||||||||||||||||||||||
RMS Health Care Management, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.51 | % | 10/6/2026 | 920 | 441 | 441 | 0.06 | % | |||||||||||||||||||||||||||
RMS Health Care Management, LLC | First lien senior secured term loan | S + | 6.75% | 12.36 | % | 10/6/2026 | 4,320 | 4,229 | 4,228 | 0.53 | % | |||||||||||||||||||||||||||
RQM Buyer, Inc | First lien senior secured delayed draw term loan | S + | 5.75% | 11.36 | % | 8/12/2026 | 83 | 83 | 83 | 0.01 | % | |||||||||||||||||||||||||||
RQM Buyer, Inc | First lien senior secured revolving loan | S + | 5.75% | 11.42 | % | 8/12/2026 | 206 | 40 | 40 | 0.01 | % | |||||||||||||||||||||||||||
RQM Buyer, Inc | First lien senior secured term loan | S + | 5.75% | 11.36 | % | 8/12/2026 | 1,727 | 1,724 | 1,719 | 0.22 | % | |||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.64 | % | 10/1/2024 | 75 | 26 | 26 | 0.00 | % | |||||||||||||||||||||||||||
Sage Dental Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.61 | % | 10/1/2024 | 2,557 | 2,548 | 2,546 | 0.32 | % | |||||||||||||||||||||||||||
SAMGI Buyer, Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 11.11 | % | 4/14/2025 | 138 | (1) | (1) | 0.00 | % | |||||||||||||||||||||||||||
SAMGI Buyer, Inc | First lien senior secured term loan | S + | 5.50% | 11.11 | % | 4/14/2025 | 649 | 647 | 645 | 0.08 | % | |||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.51 | % | 9/25/2025 | 157 | 155 | 156 | 0.02 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.47 | % | 9/25/2025 | 256 | (4) | (2) | 0.00 | % | |||||||||||||||||||||||||||
SCP ENT and Allergy Services, LLC | First lien senior secured term loan | S + | 6.00% | 11.47 | % | 9/25/2025 | 2,755 | 2,717 | 2,732 | 0.34 | % | |||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.72 | % | 10/29/2026 | 178 | 176 | 175 | 0.02 | % | |||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured revolving loan | S + | 6.25% | 11.72 | % | 10/29/2026 | 38 | 37 | 37 | 0.00 | % | |||||||||||||||||||||||||||
Signature Dental Partners LLC | First lien senior secured term loan | S + | 6.25% | 11.72 | % | 10/29/2026 | 852 | 843 | 840 | 0.11 | % | |||||||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.36 | % | 8/30/2025 | 235 | 146 | 140 | 0.02 | % | |||||||||||||||||||||||||||
Silver Falls MSO, LLC | First lien senior secured term loan | S + | 4.25% + 2.50% PIK | 12.36 | % | 8/30/2025 | 1,303 | 1,229 | 1,218 | 0.15 | % | |||||||||||||||||||||||||||
SimiTree Acquisition, LLC | First lien senior secured delayed draw term loan | S + | 5.25% + 1.75% PIK | 12.63 | % | 5/17/2026 | 886 | 874 | 871 | 0.11 | % | |||||||||||||||||||||||||||
SimiTree Acquisition, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.63 | % | 5/17/2026 | 178 | 48 | 48 | 0.01 | % | |||||||||||||||||||||||||||
SimiTree Acquisition, LLC | First lien senior secured term loan | S + | 5.25% | 10.89 | % | 5/17/2026 | 1,220 | 1,215 | 1,211 | 0.15 | % | |||||||||||||||||||||||||||
SIMKO Merger Sub LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11 | % | 4/7/2027 | 186 | 181 | 180 | 0.02 | % | |||||||||||||||||||||||||||
SIMKO Merger Sub LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11 | % | 4/7/2027 | 6,768 | (106) | (106) | (0.01) | % | |||||||||||||||||||||||||||
SIMKO Merger Sub LLC | First lien senior secured revolving loan | S + | 6.50% | 12.14 | % | 4/7/2027 | 56 | 8 | 8 | — | % | |||||||||||||||||||||||||||
SIMKO Merger Sub LLC | First lien senior secured term loan | S + | 6.50% | 12.11 | % | 4/7/2027 | 651 | 642 | 641 | 0.08 | % | |||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86 | % | 12/30/2025 | 295 | 292 | 291 | 0.04 | % | |||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86 | % | 12/30/2025 | 223 | 221 | 220 | 0.03 | % | |||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.86 | % | 12/30/2025 | 225 | (2) | (3) | — | % | |||||||||||||||||||||||||||
Southeast Primary Care Partners, LLC | First lien senior secured term loan | S + | 6.25% | 11.86 | % | 12/30/2025 | 853 | 847 | 843 | 0.11 | % | |||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86% | 1/27/2026 | 189 | 189 | 189 | 0.02 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.60% | 1/27/2026 | 171 | 78 | 78 | 0.01 | % | ||||||||||||||||||||||||||||
Southern Orthodontic Partners Management, LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 1/27/2026 | 1,341 | 1,340 | 1,335 | 0.17 | % | ||||||||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured revolving loan | S + | 8.00% | 13.61% | 2/23/2027 | 60 | 23 | 22 | 0.00 | % | ||||||||||||||||||||||||||||
Southern Sports Medicine Partners, LLC | First lien senior secured term loan | S + | 4.00% + 4.00% PIK | 13.61% | 2/23/2027 | 674 | 649 | 642 | 0.08 | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC (6) | First lien senior secured revolving loan | S + | 7.50% | 13.00% | 12/15/2027 | 4,463 | (97) | (93) | (0.01) | % | ||||||||||||||||||||||||||||
Spear Education Holdings, LLC | First lien senior secured term loan | S + | 7.50% | 13.00% | 12/15/2027 | 12,446 | 12,165 | 12,176 | 1.52 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Star Dental Partners LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.22% | 12/22/2028 | 11,050 | 418 | 418 | 0.05 | % | ||||||||||||||||||||||||||||
Star Dental Partners LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.22% | 12/22/2028 | 1,451 | (36) | (36) | 0.00 | % | ||||||||||||||||||||||||||||
Star Dental Partners LLC | First lien senior secured term loan | S + | 5.75% | 11.22% | 12/22/2028 | 9,298 | 9,066 | 9,066 | 1.13 | % | ||||||||||||||||||||||||||||
U.S. Urology Partners, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.72% | 11/8/2026 | 1,401 | (19) | (19) | 0.00 | % | ||||||||||||||||||||||||||||
U.S. Urology Partners, LLC | First lien senior secured term loan | S + | 6.25% | 11.72% | 11/8/2026 | 11,717 | 11,548 | 11,546 | 1.45 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86% | 9/15/2026 | 16,496 | 16,301 | 16,326 | 2.04 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.87% | 9/15/2026 | 2,699 | 2,225 | 2,228 | 0.28 | % | ||||||||||||||||||||||||||||
US Foot and Ankle Specialists, LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 9/15/2026 | 22,884 | 22,566 | 22,596 | 2.83 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.11% | 11/27/2024 | 64 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp (6) | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 11/27/2024 | 474 | (1) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Varsity DuvaSawko Operating Corp | First lien senior secured term loan | S + | 6.50% | 12.11% | 11/27/2024 | 2,527 | 2,526 | 2,514 | 0.31 | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Management, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.52% | 9/1/2028 | 7,132 | (178) | (178) | (0.02) | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Management, LLC (6) | First lien senior secured revolving loan | S + | 6.75% | 12.29% | 9/1/2028 | 1,245 | (34) | (31) | 0.00 | % | ||||||||||||||||||||||||||||
Varsity Rejuvenate Management, LLC | First lien senior secured term loan | S + | 6.00% | 11.52% | 9/1/2028 | 6,018 | 5,859 | 5,868 | 0.73 | % | ||||||||||||||||||||||||||||
VetEvolve Holdings, LLC (6) | First lien senior secured delayed draw term loan | S + | 5.75% | 11.20% | 10/12/2028 | 11,632 | (278) | (278) | (0.03) | % | ||||||||||||||||||||||||||||
VetEvolve Holdings, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.20% | 10/12/2028 | 3,067 | (73) | (73) | (0.01) | % | ||||||||||||||||||||||||||||
VetEvolve Holdings, LLC | First lien senior secured term loan | S + | 5.75% | 11.20% | 10/12/2028 | 9,212 | 8,989 | 8,984 | 1.12 | % | ||||||||||||||||||||||||||||
Vital Care Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.86% | 10/19/2025 | 580 | (3) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
Vital Care Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 10/19/2025 | 742 | 740 | 738 | 0.09 | % | ||||||||||||||||||||||||||||
Western Veterinary Partners LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61 | % | 10/29/2026 | 503 | 499 | 498 | 0.06 | % | |||||||||||||||||||||||||||
Western Veterinary Partners LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61 | % | 10/29/2026 | 24 | — | — | — | % | |||||||||||||||||||||||||||
Western Veterinary Partners LLC | First lien senior secured term loan | S + | 6.00% | 11.61 | % | 10/29/2026 | 1,302 | 1,292 | 1,289 | 0.16 | % | |||||||||||||||||||||||||||
403,427 | 403,766 | 50.54 | % | |||||||||||||||||||||||||||||||||||
Health care technology | ||||||||||||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured delayed draw term loan | S + | 5.25% | 10.75% | 7/29/2027 | $ | 5,296 | $ | 5,239 | $ | 5,227 | 0.65 | % | |||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured revolving loan | S + | 5.25% | 10.75% | 7/29/2027 | 7,858 | 675 | 727 | 0.09 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
AHR Intermediate, Inc | First lien senior secured term loan | S + | 5.25% | 10.75% | 7/29/2027 | 25,490 | 25,274 | 25,290 | 3.17 | % | ||||||||||||||||||||||||||||
Millennia Patient Services, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 3/8/2026 | 134 | 79 | 79 | 0.01 | % | ||||||||||||||||||||||||||||
Millennia Patient Services, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 3/8/2026 | 980 | 974 | 971 | 0.12 | % | ||||||||||||||||||||||||||||
32,241 | 32,294 | 4.04 | % | |||||||||||||||||||||||||||||||||||
Household durables | ||||||||||||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.14% | 9/26/2027 | $ | 3,005 | $ | 2,590 | $ | 2,572 | 0.32 | % | |||||||||||||||||||||||||
CPS Power Buyer, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.32% | 9/26/2027 | 2,299 | (54) | (54) | (0.01) | % | ||||||||||||||||||||||||||||
CPS Power Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.32% | 9/26/2027 | 1,687 | (29) | (40) | (0.01) | % | ||||||||||||||||||||||||||||
CPS Power Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.32% | 9/26/2027 | 12,979 | 12,697 | 12,673 | 1.59 | % | ||||||||||||||||||||||||||||
Kwalu, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 9/23/2027 | 5,061 | (75) | (70) | (0.01) | % | ||||||||||||||||||||||||||||
Kwalu, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 9/23/2027 | 24,587 | 24,202 | 24,234 | 3.04 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 9/2/2027 | 3,374 | 1,537 | 1,542 | 0.19 | % | ||||||||||||||||||||||||||||
MacKenzie Childs Acquisition, Inc | First lien senior secured term loan | S + | 6.00% | 11.50% | 9/2/2027 | 17,882 | 17,672 | 17,720 | 2.22 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.61% | 1/23/2028 | 5,801 | 5,664 | 5,678 | 0.71 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 1/23/2028 | 1,965 | 198 | 204 | 0.03 | % | ||||||||||||||||||||||||||||
Renovation Systems, LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 1/23/2028 | 12,288 | 11,983 | 12,028 | 1.51 | % | ||||||||||||||||||||||||||||
Storm Smart Buyer LLC | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 4/5/2026 | 131 | 25 | 25 | 0.00 | % | ||||||||||||||||||||||||||||
Storm Smart Buyer LLC | First lien senior secured term loan | S + | 6.00% | 11.61% | 4/5/2026 | 899 | 893 | 890 | 0.11 | % | ||||||||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured revolving loan | S + | 5.75% + 1.75% PIK | 12.97% | 7/30/2024 | 117 | 95 | 75 | 0.01 | % | ||||||||||||||||||||||||||||
Trademark Global, LLC | First lien senior secured term loan | S + | 5.75% + 1.75% PIK | 12.97% | 7/30/2024 | 1,880 | 1,820 | 1,494 | 0.19 | % | ||||||||||||||||||||||||||||
79,218 | 78,971 | 9.89 | % | |||||||||||||||||||||||||||||||||||
Industrial Conglomerates | ||||||||||||||||||||||||||||||||||||||
Hultec Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.75% | 3/31/2029 | $ | 3,915 | $ | 994 | $ | 998 | 0.12 | % | |||||||||||||||||||||||||
Hultec Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.77% | 3/31/2029 | 14,564 | 14,170 | 14,189 | 1.78 | % | ||||||||||||||||||||||||||||
15,164 | 15,187 | 1.90 | % | |||||||||||||||||||||||||||||||||||
Internet and direct marketing retail | ||||||||||||||||||||||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured revolving loan | S + | 7.00% | 12.55% | 12/18/2025 | $ | 188 | $ | 115 | $ | 113 | 0.01 | % | |||||||||||||||||||||||||
Aquatic Sales Solutions, LLC | First lien senior secured term loan | S + | 3.00% + 4.00% PIK | 12.55% | 12/18/2025 | 2,540 | 2,506 | 2,488 | 0.31 | % | ||||||||||||||||||||||||||||
DealerOn Holdco, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 11/19/2025 | 314 | (3) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
DealerOn Holdco, Inc | First lien senior secured term loan | S + | 6.00% | 11.47% | 11/19/2025 | 8,064 | 7,983 | 7,968 | 1.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
10,601 | 10,565 | 1.32 | % | |||||||||||||||||||||||||||||||||||
IT services | ||||||||||||||||||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc (6) | First lien senior secured revolving loan | S + | 5.50% | 11.00% | 6/23/2027 | $ | 75 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
E-Phoenix Acquisition Co. Inc | First lien senior secured term loan | S + | 5.50% | 11.00% | 6/23/2027 | 1,388 | 1,384 | 1,379 | 0.17 | % | ||||||||||||||||||||||||||||
FreshAddress, LLC (6) | First lien senior secured revolving loan | S + | 5.25% | 10.75% | 10/5/2025 | 30 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
FreshAddress, LLC | First lien senior secured term loan | S + | 5.25% | 10.75% | 10/5/2025 | 1,630 | 1,624 | 1,618 | 0.20 | % | ||||||||||||||||||||||||||||
Icreon Holdings, LLC | First lien senior secured revolving loan | S + | 6.50% | 11.98% | 10/26/2027 | 1,071 | 247 | 248 | 0.03 | % | ||||||||||||||||||||||||||||
Icreon Holdings, LLC | First lien senior secured term loan | S + | 6.50% | 11.97% | 10/26/2027 | 13,185 | 12,923 | 12,939 | 1.62 | % | ||||||||||||||||||||||||||||
P and R Dental Strategies, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.47% | 12/22/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
P and R Dental Strategies, LLC | First lien senior secured term loan | S + | 6.00% | 11.47% | 12/22/2026 | 627 | 623 | 620 | 0.08 | % | ||||||||||||||||||||||||||||
White Label Communications,LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.61% | 10/11/2029 | 1,534 | (33) | (33) | — | % | ||||||||||||||||||||||||||||
White Label Communications,LLC | First lien senior secured term loan | S + | 6.25% | 11.61% | 10/11/2029 | 4,737 | 4,633 | 4,633 | 0.58 | % | ||||||||||||||||||||||||||||
21,401 | 21,404 | 2.68 | % | |||||||||||||||||||||||||||||||||||
Leisure equipment and products | ||||||||||||||||||||||||||||||||||||||
Champion Motorsports Group, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 10/8/2026 | $ | 56 | $ | (1) | $ | (1) | 0.00 | % | |||||||||||||||||||||||||
Champion Motorsports Group, LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 10/8/2026 | 1,671 | 1,655 | 1,645 | 0.20 | % | ||||||||||||||||||||||||||||
MacNeill Pride Group Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86% | 4/22/2026 | 408 | 362 | 361 | 0.05 | % | ||||||||||||||||||||||||||||
MacNeill Pride Group Corp (6) | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 4/22/2026 | 287 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
MacNeill Pride Group Corp | First lien senior secured term loan | S + | 6.25% | 11.86% | 4/22/2026 | 830 | 830 | 827 | 0.10 | % | ||||||||||||||||||||||||||||
2,845 | 2,831 | 0.35 | % | |||||||||||||||||||||||||||||||||||
Leisure products | ||||||||||||||||||||||||||||||||||||||
PHGP MB Purchaser, Inc | First lien senior secured delayed draw term loan | S + | 6.00% | 11.63% | 5/27/2027 | $ | 112 | $ | 79 | $ | 79 | 0.01 | % | |||||||||||||||||||||||||
PHGP MB Purchaser, Inc (20) | First lien senior secured revolving loan | S + | 6.00% | 11.61% | 5/20/2027 | 75 | 18 | 18 | 0.00 | % | ||||||||||||||||||||||||||||
PHGP MB Purchaser, Inc | First lien senior secured term loan | S + | 6.00% | 11.61% | 5/20/2027 | 1,092 | 1,081 | 1,077 | 0.14 | % | ||||||||||||||||||||||||||||
1,178 | 1,174 | 0.15 | % | |||||||||||||||||||||||||||||||||||
Life sciences tools and services | ||||||||||||||||||||||||||||||||||||||
Aptitude Health Holdings, LLC | First lien senior secured revolving loan | S + | 5.25% | 10.89% | 5/3/2026 | $ | 267 | $ | 51 | $ | 51 | 0.01 | % | |||||||||||||||||||||||||
Aptitude Health Holdings, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 5/3/2026 | 1,092 | 1,080 | 1,081 | 0.12 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 12.05% | 7/28/2028 | 188 | 120 | 120 | 0.02 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 12.12% | 7/28/2028 | 38 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
CR Services Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 12.12% | 7/28/2028 | 455 | 444 | 445 | 0.06 | % | ||||||||||||||||||||||||||||
1,694 | 1,696 | 0.21 | % | |||||||||||||||||||||||||||||||||||
Machinery | ||||||||||||||||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.89% | 4/30/2026 | $ | 173 | $ | 74 | $ | 74 | 0.01 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Abrasive Technology Intermediate, LLC | First lien senior secured term loan | S + | 6.25% | 12.13% | 4/30/2026 | 2,006 | 1,980 | 1,982 | 0.25 | % | ||||||||||||||||||||||||||||
DNS-IMI Acquisition Corp | First lien senior secured revolving loan | P + | 4.50% | 13.00% | 11/23/2026 | 56 | 14 | 14 | 0.00 | % | ||||||||||||||||||||||||||||
DNS-IMI Acquisition Corp | First lien senior secured term loan | S + | 5.50% | 11.00% | 11/23/2026 | 1,532 | 1,519 | 1,514 | 0.19 | % | ||||||||||||||||||||||||||||
Double E Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.50% | 6/21/2028 | 2,017 | (14) | (12) | 0.00 | % | ||||||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured revolving loan | S + | 6.00% | 11.46% | 6/21/2028 | 3,110 | 2,937 | 2,942 | 0.37 | % | ||||||||||||||||||||||||||||
Double E Company, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 6/21/2028 | 18,319 | 18,184 | 18,219 | 2.28 | % | ||||||||||||||||||||||||||||
SPG Holdco, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.53% | 12/1/2028 | 2,070 | (51) | (51) | (0.01) | % | ||||||||||||||||||||||||||||
SPG Holdco, LLC | First lien senior secured term loan | S + | 6.00% | 11.53% | 12/1/2028 | 10,688 | 10,425 | 10,420 | 1.30 | % | ||||||||||||||||||||||||||||
35,068 | 35,102 | 4.39 | % | |||||||||||||||||||||||||||||||||||
Media | ||||||||||||||||||||||||||||||||||||||
ALM Media, LLC (6)(21) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 11/25/2024 | $ | 971 | $ | (2) | $ | (2) | 0.00 | % | |||||||||||||||||||||||||
ALM Media, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 11/25/2024 | 2,326 | 2,325 | 2,319 | 0.29 | % | ||||||||||||||||||||||||||||
Barkley, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.53% | 9/29/2028 | 2,300 | (55) | (52) | (0.01) | % | ||||||||||||||||||||||||||||
Barkley, LLC | First lien senior secured term loan | S + | 6.00% | 11.53% | 9/29/2028 | 18,902 | 18,444 | 18,476 | 2.31 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.90% | 12/9/2026 | 223 | 219 | 219 | 0.03 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.00% | 11.80% | 12/9/2026 | 2,858 | (57) | (47) | (0.01) | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.80% | 12/9/2026 | 23 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Exclusive Concepts, LLC | First lien senior secured term loan | S + | 6.00% | 11.80% | 12/9/2026 | 3,526 | 3,457 | 3,468 | 0.43 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.21% | 11/1/2026 | 23 | 23 | 23 | 0.00 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.21% | 11/1/2026 | 38 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Infolinks Media Buyco, LLC | First lien senior secured term loan | S + | 5.75% | 11.21% | 11/1/2026 | 1,039 | 1,031 | 1,028 | 0.13 | % | ||||||||||||||||||||||||||||
NTM Acquisition Corp | First lien senior secured revolving loan | S + | 6.75% | 12.26 | % | 6/18/2026 | 1,809 | 601 | 601 | 0.08 | % | |||||||||||||||||||||||||||
NTM Acquisition Corp | First lien senior secured term loan | S + | 6.75% | 12.25 | % | 6/18/2026 | 13,250 | 13,019 | 13,018 | 1.63 | % | |||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured revolving loan | S + | 5.75% | 11.22% | 8/19/2027 | 3,383 | 1,473 | 1,477 | 0.18 | % | ||||||||||||||||||||||||||||
Optimized Marketing Acquisition, LLC | First lien senior secured term loan | S + | 5.75% | 11.22% | 8/19/2027 | 25,905 | 25,495 | 25,535 | 3.20 | % | ||||||||||||||||||||||||||||
Peninsula MMGY Corporation (6) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 4/26/2029 | 3,691 | (81) | (74) | (0.01) | % | ||||||||||||||||||||||||||||
Peninsula MMGY Corporation | First lien senior secured term loan | S + | 6.00% | 11.50% | 4/26/2029 | 10,837 | 10,593 | 10,620 | 1.33 | % | ||||||||||||||||||||||||||||
RKD Group, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 8/17/2028 | 4,905 | (57) | (49) | (0.01) | % | ||||||||||||||||||||||||||||
RKD Group, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 8/17/2028 | 33,339 | 32,936 | 32,995 | 4.14 | % | ||||||||||||||||||||||||||||
The Channel Company, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.38% | 11/1/2027 | 62 | 16 | 16 | 0.00 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
The Channel Company, LLC | First lien senior secured term loan | S + | 3.25% + 3.50% PIK | 12.38% | 11/1/2027 | 2,321 | 2,306 | 2,300 | 0.29 | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 12/16/2027 | 1,638 | (34) | (35) | 0.00 | % | ||||||||||||||||||||||||||||
WTWH Buyer, LLC | First lien senior secured term loan | S + | 6.50% | 12.11% | 12/16/2027 | 10,686 | 10,452 | 10,459 | 1.31 | % | ||||||||||||||||||||||||||||
122,104 | 122,295 | 15.31 | % | |||||||||||||||||||||||||||||||||||
Metals and mining | ||||||||||||||||||||||||||||||||||||||
Copperweld Group, Inc | First lien senior secured revolving loan | S + | 6.00% | 11.62% | 3/31/2026 | $ | 462 | $ | 322 | $ | 321 | 0.04 | % | |||||||||||||||||||||||||
Copperweld Group, Inc | First lien senior secured term loan | S + | 6.00% | 11.61% | 3/31/2026 | 2,262 | 2,258 | 2,249 | 0.28 | % | ||||||||||||||||||||||||||||
2,580 | 2,570 | 0.32 | % | |||||||||||||||||||||||||||||||||||
Pharmaceuticals | ||||||||||||||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc (6)(7) | First lien senior secured revolving loan | C + | 5.75% | 11.19% | 7/23/2026 | $ | 30 | $ | — | $ | — | 0.00 | % | |||||||||||||||||||||||||
Bio Agri Mix Holdings Inc (6)(7) | First lien senior secured revolving loan | C + | 5.75% | 11.19% | 7/23/2026 | C$ 75 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Bio Agri Mix Holdings Inc (7) | First lien senior secured term loan | C + | 5.75% | 11.19% | 7/23/2026 | C$ 1,232 | 921 | 920 | 0.11 | % | ||||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.25% | 11.06% | 9/22/2026 | 298 | 222 | 222 | 0.03 | % | ||||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured revolving loan | S + | 5.25% | 11.10% | 9/22/2026 | 188 | 24 | 24 | 0.00 | % | ||||||||||||||||||||||||||||
Formulated Buyer, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 9/22/2026 | 456 | 453 | 451 | 0.06 | % | ||||||||||||||||||||||||||||
1,619 | 1,616 | 0.20 | % | |||||||||||||||||||||||||||||||||||
Personal products | ||||||||||||||||||||||||||||||||||||||
Cosmetic Solutions LLC | First lien senior secured delayed draw term loan | S + | 6.5% PIK | 12.11% | 10/17/2025 | $ | 367 | $ | 357 | $ | 351 | 0.04 | % | |||||||||||||||||||||||||
Cosmetic Solutions LLC (6) | First lien senior secured revolving loan | S + | 6.5% PIK | 12.11% | 10/17/2025 | 344 | (10) | (15) | 0.00 | % | ||||||||||||||||||||||||||||
Cosmetic Solutions LLC | First lien senior secured term loan | S + | 6.5% PIK | 12.11% | 10/17/2025 | 2,810 | 2,733 | 2,687 | 0.34 | % | ||||||||||||||||||||||||||||
3,080 | 3,023 | 0.38 | % | |||||||||||||||||||||||||||||||||||
Professional services | ||||||||||||||||||||||||||||||||||||||
Helpware, Inc | First lien senior secured revolving loan | S + | 5.75% | 11.65% | 9/8/2026 | $ | 5,061 | $ | 1,134 | $ | 905 | 0.11 | % | |||||||||||||||||||||||||
Helpware, Inc | First lien senior secured term loan | S + | 5.75% | 11.65% | 9/8/2026 | 13,972 | 13,832 | 13,205 | 1.66 | % | ||||||||||||||||||||||||||||
Stax Holding Company, LLC (6)(22) | First lien senior secured revolving loan | S + | 5.25% | 10.86% | 10/29/2026 | 60 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
Stax Holding Company, LLC | First lien senior secured term loan | S + | 5.25% | 10.86% | 10/29/2026 | 726 | 723 | 720 | 0.09 | % | ||||||||||||||||||||||||||||
15,689 | 14,830 | 1.86 | % | |||||||||||||||||||||||||||||||||||
Real estate management and development | ||||||||||||||||||||||||||||||||||||||
BBG, Inc (23) | First lien senior secured revolving loan | S + | 6.75% | 12.22% | 1/8/2026 | $ | 233 | $ | 214 | $ | 209 | 0.03 | % | |||||||||||||||||||||||||
BBG, Inc | First lien senior secured term loan | S + | 5.50% + 1.25% PIK | 12.22% | 1/8/2026 | 1,875 | 1,750 | 1,713 | 0.21 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
MetaSource, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.25% + 0.50% PIK | 11.72% | 5/17/2027 | 49 | — | — | 0.00 | % | ||||||||||||||||||||||||||||
MetaSource, LLC | First lien senior secured revolving loan | S + | 6.75% | 12.22% | 5/17/2027 | 75 | 30 | 30 | 0.00 | % | ||||||||||||||||||||||||||||
MetaSource, LLC | First lien senior secured term loan | S + | 6.25% + 0.50% PIK | 11.72% | 5/17/2027 | 928 | 926 | 922 | 0.12 | % | ||||||||||||||||||||||||||||
2,920 | 2,874 | 0.36 | % | |||||||||||||||||||||||||||||||||||
Semiconductors and semiconductor equipment | ||||||||||||||||||||||||||||||||||||||
Altamira Material Solutions, LP | First lien senior secured revolving loan | S + | 5.75% | 11.20% | 9/2/2026 | $ | 45 | $ | 7 | $ | 7 | 0.00 | % | |||||||||||||||||||||||||
Altamira Material Solutions, LP | First lien senior secured term loan | S + | 5.75% | 11.32% | 9/2/2026 | 1,028 | 1,020 | 1,016 | 0.13 | % | ||||||||||||||||||||||||||||
1,027 | 1,023 | 0.13 | % | |||||||||||||||||||||||||||||||||||
Software | ||||||||||||||||||||||||||||||||||||||
AFFINITIV INC (6) | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 8/26/2024 | $ | 248 | $ | (1) | $ | — | 0.00 | % | |||||||||||||||||||||||||
AFFINITIV INC | First lien senior secured term loan | S + | 6.50% | 12.11% | 8/26/2024 | 2,242 | 2,241 | 2,242 | 0.28 | % | ||||||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured revolving loan | S + | 6.25% | 11.72% | 8/9/2028 | 2,199 | 85 | 88 | 0.01 | % | ||||||||||||||||||||||||||||
Shasta Buyer, LLC | First lien senior secured term loan | S + | 6.25% | 11.72% | 8/9/2028 | 11,546 | 11,356 | 11,376 | 1.43 | % | ||||||||||||||||||||||||||||
ShiftKey, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.36% | 6/21/2027 | 110 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
ShiftKey, LLC | First lien senior secured term loan | S + | 5.75% | 11.36% | 6/21/2027 | 3,703 | 3,688 | 3,675 | 0.46 | % | ||||||||||||||||||||||||||||
17,368 | 17,380 | 2.18 | % | |||||||||||||||||||||||||||||||||||
Specialty retail | ||||||||||||||||||||||||||||||||||||||
Dykstras Auto LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86% | 10/22/2026 | $ | 335 | $ | 243 | $ | 243 | 0.03 | % | |||||||||||||||||||||||||
Dykstras Auto LLC | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 10/22/2026 | 38 | 12 | 12 | 0.00 | % | ||||||||||||||||||||||||||||
Dykstras Auto LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 10/22/2026 | 627 | 621 | 618 | 0.08 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured delayed draw term loan | S + | 6.00% + 0.50% PIK | 12.06% | 12/22/2026 | 448 | 444 | 397 | 0.05 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.06% | 12/22/2026 | 38 | 37 | 33 | 0.00 | % | ||||||||||||||||||||||||||||
Kaizen Auto Care, LLC | First lien senior secured term loan | S + | 6.00% + 0.50% PIK | 12.06% | 12/22/2026 | 992 | 980 | 892 | 0.11 | % | ||||||||||||||||||||||||||||
Leonard Group, Inc (6) | First lien senior secured revolving loan | S + | 6.50% | 12.11% | 2/26/2026 | 234 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Leonard Group, Inc | First lien senior secured term loan | S + | 6.50% | 12.11% | 2/26/2026 | 1,559 | 1,557 | 1,551 | 0.19 | % | ||||||||||||||||||||||||||||
Pink Lily Holdings, LLC (6) | First lien senior secured revolving loan | S + | 3.50% + 3.50% PIK | 12.46% | 11/16/2027 | 63 | (1) | (2) | 0.00 | % | ||||||||||||||||||||||||||||
Pink Lily Holdings, LLC | First lien senior secured term loan | S + | 3.50% + 3.50% PIK | 12.46% | 11/16/2027 | 1,261 | 1,237 | 1,224 | 0.15 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
Soccer Post Acquisition LLC | First lien senior secured delayed draw term loan | S + | 5.50% | 11.11% | 6/30/2027 | 1,203 | 1,111 | 1,112 | 0.14 | % | ||||||||||||||||||||||||||||
Soccer Post Acquisition LLC (6) | First lien senior secured revolving loan | S + | 5.50% | 11.11% | 6/30/2027 | 1,779 | (22) | (20) | 0.00 | % | ||||||||||||||||||||||||||||
Soccer Post Acquisition LLC | First lien senior secured term loan | S + | 5.50% | 11.11% | 6/30/2027 | 7,941 | 7,843 | 7,851 | 0.99 | % | ||||||||||||||||||||||||||||
14,061 | 13,910 | 1.74 | % | |||||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 11.71% | 4/9/2027 | $ | 348 | $ | 342 | $ | 342 | 0.04 | % | |||||||||||||||||||||||||
AFC-Dell Holding Corp | First lien senior secured delayed draw term loan | S + | 6.25% | 11.72% | 4/9/2027 | 334 | 327 | 328 | 0.04 | % | ||||||||||||||||||||||||||||
AFC-Dell Holding Corp (6) | First lien senior secured delayed draw term loan | S + | 6.25% | 11.71% | 4/9/2027 | 4,472 | (77) | (77) | (0.01) | % | ||||||||||||||||||||||||||||
AFC-Dell Holding Corp (6)(24) | First lien senior secured revolving loan | S + | 6.25% | 11.78% | 10/9/2026 | 156 | (3) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
AFC-Dell Holding Corp | First lien senior secured term loan | S + | 6.25% | 11.71% | 4/9/2027 | 1,666 | 1,637 | 1,637 | 0.20 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured delayed draw term loan | S + | 6.00% | 11.74% | 11/5/2026 | 37 | 37 | 36 | 0.00 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.82% | 11/5/2026 | 71 | 69 | 69 | 0.01 | % | ||||||||||||||||||||||||||||
American Equipment Systems LLC | First lien senior secured term loan | S + | 6.00% | 11.80% | 11/5/2026 | 320 | 314 | 313 | 0.04 | % | ||||||||||||||||||||||||||||
Ascent Lifting, Inc (6) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 9/9/2027 | 2,500 | (55) | (53) | (0.01) | % | ||||||||||||||||||||||||||||
Ascent Lifting, Inc | First lien senior secured term loan | S + | 6.00% | 11.50% | 9/9/2027 | 17,193 | 16,799 | 16,824 | 2.13 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured delayed draw term loan | S + | 5.75% | 11.21% | 10/31/2025 | 563 | 564 | 561 | 0.07 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.21% | 10/31/2025 | 370 | (1) | (3) | 0.00 | % | ||||||||||||||||||||||||||||
Banner Buyer, LLC | First lien senior secured term loan | S + | 5.75% | 11.21% | 10/31/2025 | 1,357 | 1,356 | 1,348 | 0.17 | % | ||||||||||||||||||||||||||||
Empire Equipment Company, LLC (6) | First lien senior secured revolving loan | S + | 5.75% | 11.22% | 1/17/2025 | 439 | (2) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Empire Equipment Company, LLC | First lien senior secured term loan | S + | 5.75% | 11.22% | 1/17/2025 | 1,718 | 1,714 | 1,704 | 0.21 | % | ||||||||||||||||||||||||||||
Montway LLC | First lien senior secured delayed draw term loan | S + | 6.25% | 11.86% | 11/4/2025 | 668 | 664 | 662 | 0.08 | % | ||||||||||||||||||||||||||||
Montway LLC (6) | First lien senior secured revolving loan | S + | 6.25% | 11.86% | 11/4/2025 | 150 | (1) | (1) | 0.00 | % | ||||||||||||||||||||||||||||
Montway LLC | First lien senior secured term loan | S + | 6.25% | 11.86% | 11/4/2025 | 708 | 703 | 701 | 0.09 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.19% | 8/5/2028 | 2,604 | 2,589 | 2,568 | 0.32 | % |
Company(1)(2) | Investment | Reference Rate and Spread (5) | Interest Rate | Maturity Date | Principal/ Par Amount(3) | Amortized Cost(4) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 11.95% | 8/5/2028 | 2,180 | 2,153 | 2,152 | 0.27 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured delayed draw term loan | S + | 6.50% | 12.05% | 8/5/2024 | 2,192 | 2,159 | 2,161 | 0.27 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC (6) | First lien senior secured delayed draw term loan | S + | 6.50% | 12.15% | 8/5/2028 | 4,707 | (92) | (71) | (0.01) | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured revolving loan | S + | 6.50% | 12.03% | 8/5/2028 | 3,045 | 1,389 | 1,393 | 0.17 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 6.50% | 12.03% | 8/5/2028 | 659 | 646 | 649 | 0.08 | % | ||||||||||||||||||||||||||||
NEFCO Holding Company, LLC | First lien senior secured term loan | S + | 6.50% | 12.15% | 8/5/2028 | 14,324 | 14,066 | 14,110 | 1.77 | % | ||||||||||||||||||||||||||||
Triad Technologies, LLC (6) | First lien senior secured revolving loan | S + | 6.00% | 11.50% | 6/8/2026 | 332 | (4) | (4) | 0.00 | % | ||||||||||||||||||||||||||||
Triad Technologies, LLC | First lien senior secured term loan | S + | 6.00% | 11.50% | 6/8/2026 | 1,303 | 1,290 | 1,286 | 0.16 | % | ||||||||||||||||||||||||||||
48,583 | 48,628 | 6.09 | % | |||||||||||||||||||||||||||||||||||
Water utilities | ||||||||||||||||||||||||||||||||||||||
Diamondback Buyer, LLC | First lien senior secured revolving loan | S + | 5.50% | 10.97% | 7/22/2026 | $ | 75 | $ | 18 | $ | 18 | 0.00 | % | |||||||||||||||||||||||||
Diamondback Buyer, LLC | First lien senior secured term loan | S + | 5.50% | 11.12% | 7/22/2026 | 1,188 | 1,182 | 1,178 | 0.15 | % | ||||||||||||||||||||||||||||
1,200 | 1,196 | 0.15 | % | |||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated senior secured debt | $ | 1,344,371 | $ | 1,343,692 | 168.20 | % | ||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated sponsor subordinated notes | ||||||||||||||||||||||||||||||||||||||
Trading companies and distributors | ||||||||||||||||||||||||||||||||||||||
Empire Equipment Company, LLC | Sponsor subordinated note | 12.50% + 7.00% PIK | 19.50 | % | 7/17/2025 | $ | 12 | $ | 13 | $ | 13 | 0.00 | % | |||||||||||||||||||||||||
Total non-controlled/non-affiliated sponsor subordinated notes | 13 | 13 | 0.00 | % | ||||||||||||||||||||||||||||||||||
Total non-controlled/non-affiliated investments | 1,344,384 | 1,343,705 | 168.20 | % | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | ||||||||||||||||||||||||||||||||||||||
Multisector holdings | ||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC (25) (26) (27) | Equity - 9.82% membership interest | $ | 50,216 | $ | 54,697 | 6.85 | % | |||||||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC (25) (26) (27) | Equity - 2.11% membership interest | 19 | 17 | 0.00 | % | |||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | 50,235 | 54,714 | 6.85 | % | ||||||||||||||||||||||||||||||||||
Total investments | $ | 1,394,619 | $ | 1,398,419 | 175.05 | % |
Foreign currency forward contracts | ||||||||||||||||||||||||||
Counterparty | Currency Purchased | Currency Sold | Settlement | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||
Wells Fargo Bank, National Association | USD 1,487 | CAD 2,028 | 1/16/2024 | $ | (44) | |||||||||||||||||||||
Total | $ | (44) | ||||||||||||||||||||||||
Currency Abbreviations: | ||||||||||||||||||||||||||
USD - U.S. Dollar | ||||||||||||||||||||||||||
CAD - Canadian Dollar |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 1,770,668 | $ | 1,768,175 | $ | 1,344,371 | $ | 1,343,692 | |||||||||||||||
Sponsor subordinated note | 14 | 13 | 13 | 13 | |||||||||||||||||||
Investment in affiliated funds | 56,048 | 62,126 | 50,235 | 54,714 | |||||||||||||||||||
Total investments | $ | 1,826,730 | $ | 1,830,314 | $ | 1,394,619 | $ | 1,398,419 |
March 31, 2024 | December 31, 2023 | ||||||||||
Aerospace and defense | 0.1 | % | 0.1 | % | |||||||
Air freight and logistics | 1.1 | % | 1.5 | % | |||||||
Auto components | 4.5 | % | 1.6 | % | |||||||
Chemicals | 1.8 | % | 0.9 | % | |||||||
Commercial services and supplies | 2.3 | % | 3.0 | % | |||||||
Construction and engineering | 3.5 | % | 4.5 | % | |||||||
Containers and packaging | 4.5 | % | 5.0 | % | |||||||
Distributors | 0.1 | % | 0.2 | % | |||||||
Diversified consumer services | 6.6 | % | 7.7 | % | |||||||
Electrical equipment | 0.6 | % | 0.8 | % | |||||||
Electronic equipment, instruments and components | 1.9 | % | 1.1 | % | |||||||
Food and staples retailing | 2.2 | % | 2.8 | % | |||||||
Food products | 3.1 | % | 3.8 | % | |||||||
Gas utilities | 0.1 | % | 0.1 | % | |||||||
Health care equipment and supplies | 3.7 | % | 3.5 | % | |||||||
Health care providers and services | 30.4 | % | 29.0 | % | |||||||
Health care technology | 1.7 | % | 2.2 | % | |||||||
Household durables | 4.8 | % | 5.6 | % | |||||||
Industrial Conglomerates | 0.8 | % | 1.1 | % | |||||||
Internet and direct marketing retail | 0.6 | % | 0.8 | % | |||||||
IT services | 2.0 | % | 1.5 | % | |||||||
Leisure equipment and products | 0.4 | % | 0.2 | % | |||||||
Leisure products | 0.1 | % | 0.1 | % | |||||||
Life sciences tools and services | 2.0 | % | 0.1 | % | |||||||
Machinery | 2.3 | % | 2.5 | % | |||||||
Media | 9.2 | % | 8.7 | % | |||||||
Metals and mining | 0.1 | % | 0.2 | % | |||||||
Multisector holdings | 3.4 | % | 3.9 | % | |||||||
Pharmaceuticals | 0.1 | % | 0.1 | % | |||||||
Personal products | 0.2 | % | 0.2 | % | |||||||
Professional services | 0.8 | % | 1.1 | % | |||||||
Real estate management and development | 0.2 | % | 0.2 | % | |||||||
Semiconductors and semiconductor equipment | 0.1 | % | 0.1 | % | |||||||
Software | 0.9 | % | 1.2 | % | |||||||
Specialty retail | 0.7 | % | 1.0 | % | |||||||
Trading companies and distributors | 3.0 | % | 3.5 | % | |||||||
Water utilities | 0.1 | % | 0.1 | % | |||||||
Total | 100.0 | % | 100.0 | % |
Assets at Fair Value as of March 31, 2024 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
First lien senior secured debt | $ | — | $ | — | $ | 1,768,175 | $ | 1,768,175 | |||||||||||||||
Sponsor subordinated note | — | — | 13 | 13 | |||||||||||||||||||
Foreign currency forward contracts | — | 23 | — | 23 | |||||||||||||||||||
Total | $ | — | $ | 23 | $ | 1,768,188 | $ | 1,768,211 | |||||||||||||||
Investments measured at net asset value(1) | $ | 62,126 | |||||||||||||||||||||
Total financial instruments, at fair value | $ | 1,830,337 |
Liabilities at Fair Value as of March 31, 2024 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Interest rate swaps | $ | — | $ | (773) | $ | — | $ | (773) |
Assets at Fair Value as of December 31, 2023 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
First lien senior secured debt | $ | — | $ | — | $ | 1,343,692 | $ | 1,343,692 | |||||||||||||||
Sponsor subordinated note | — | — | 13 | 13 | |||||||||||||||||||
Total | $ | — | $ | — | $ | 1,343,705 | $ | 1,343,705 | |||||||||||||||
Investments measured at net asset value(1) | $ | 54,714 | |||||||||||||||||||||
Total financial instruments, at fair value | $ | 1,398,419 |
Liabilities at Fair Value as of December 31, 2023 | |||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Foreign currency forward contracts | $ | — | $ | (44) | $ | — | $ | (44) |
Level 3 Assets at Fair Value for the Three Months Ended March 31, 2024* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/1/2024 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 3/31/2024 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2024 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 1,343,692 | $ | 450,844 | $ | (27,765) | $ | 3,219 | $ | — | $ | (1,815) | $ | 1,768,175 | $ | (1,815) | |||||||||||||||||||||||||||||||
Sponsor subordinated note | 13 | — | — | — | — | — | 13 | — | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,343,705 | $ | 450,844 | $ | (27,765) | $ | 3,219 | $ | — | $ | (1,815) | $ | 1,768,188 | $ | (1,815) |
Level 3 Assets at Fair Value for the Three Months Ended March 31, 2023* | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Balance 1/1/2023 | Purchases and Drawdowns | Sales and Paydowns | Other** | Realized Gains/ (Losses) | Change in Unrealized Appreciation/(Depreciation) | Balance 3/31/2023 | Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2023 | |||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 797,019 | $ | 108,243 | $ | (55,367) | $ | 1,206 | $ | (18) | $ | 170 | $ | 851,253 | $ | 170 | |||||||||||||||||||||||||||||||
Total | $ | 797,019 | $ | 108,243 | $ | (55,367) | $ | 1,206 | $ | (18) | $ | 170 | $ | 851,253 | $ | 170 | |||||||||||||||||||||||||||||||
Asset Class | Fair Value as of 3/31/24 | Valuation Techniques | Significant Unobservable Inputs | Input Ranges | Weighted Average (1) | Impact to Valuation from an Increase in Input | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 1,568,047 | Discounted cash flow | Yield | 10.1% - 35.5% | 11.7 | % | Decrease | ||||||||||||||||||||||||||||||
3,515 | Market comparable | Forward EBITDA multiple | 8.6x-11.1x | 9.42x | Increase | |||||||||||||||||||||||||||||||||
352 | Market comparable | LTM Revenue multiple | 0.7x | 0.7x | Increase | |||||||||||||||||||||||||||||||||
Sponsor subordinated note | 13 | Market comparable | LTM EBITDA multiple | 7.6 | % | 7.6x | Increase | |||||||||||||||||||||||||||||||
$ | 1,571,927 |
Asset Class | Fair Value as of 12/31/23 | Valuation Techniques | Significant Unobservable Inputs | Input Ranges | Weighted Average (1) | Impact to Valuation from an Increase in Input | ||||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||||||||
First lien senior secured debt | $ | 1,222,639 | Discounted cash flow | Yield | 9.6% - 25.9% | 11.2 | % | Decrease | ||||||||||||||||||||||||||||||
4,044 | Market comparable | Forward EBITDA multiple | 9.1% - 39.4% | 27.6 | % | Increase | ||||||||||||||||||||||||||||||||
Sponsor subordinated note | 13 | Market comparable | LTM EBITDA multiple | 7.6 | % | 7.6 | % | Increase | ||||||||||||||||||||||||||||||
$ | 1,226,696 |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||
Interest expense | $ | 14,055 | $ | 7,254 | |||||||
Amortization of deferred financing costs | 630 | 438 | |||||||||
Change in unrealized from interest rate swaps designated for hedging (Note 6) | 773 | — | |||||||||
Total interest expense | $ | 15,458 | $ | 7,692 | |||||||
Average interest rate | 7.87 | % | 7.10 | % | |||||||
Average daily borrowings | $ | 665,103 | $ | 358,600 |
As of March 31, 2024 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value(2) | Assets Pledged as Collateral(3) | ||||||||||||||||||||||||
ASPV Credit Facility | $ | 300,000 | $ | 205,000 | $ | 14,402 | $ | 205,000 | $ | 329,826 | |||||||||||||||||||
MSPV Credit Facility | 500,000 | 350,300 | 23,843 | 350,300 | 603,319 | ||||||||||||||||||||||||
Truist Credit Facility | 330,000 | 36,000 | 226,959 | 36,000 | 835,043 | ||||||||||||||||||||||||
Tranche A Notes | 90,000 | 90,000 | — | 90,000 | — | ||||||||||||||||||||||||
Tranche B Notes | 150,000 | 150,000 | — | 150,000 | — | ||||||||||||||||||||||||
Total debt | $ | 1,370,000 | $ | 831,300 | $ | 265,204 | $ | 831,300 | $ | 1,768,188 |
As of December 31, 2023 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | ||||||||||||||||||||||||
ASPV Credit Facility | $ | 300,000 | $ | 150,000 | $ | 56,227 | $ | 150,000 | $ | 305,690 | |||||||||||||||||||
MSPV Credit Facility | 500,000 | 350,300 | 29,127 | 350,300 | 606,827 | ||||||||||||||||||||||||
Truist Credit Facility | 330,000 | 142,700 | 141,175 | 142,700 | 431,188 | ||||||||||||||||||||||||
Total credit facilities | $ | 1,130,000 | $ | 643,000 | $ | 226,529 | $ | 643,000 | $ | 1,343,705 |
Shareholder Servicing and/or Distribution Fee as a% of NAV | |||||
Class S shares | 0.85% | ||||
Class D shares | 0.25% | ||||
Class I shares | —% |
Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of January 1, 2024 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of March 31, 2024 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | |||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 54,697 | $ | 6,050 | $ | (237) | $ | — | $ | 1,595 | $ | 62,105 | $ | — | |||||||||||||||||||||||||||
Twin Brook Segregated Equity Holdings, LLC | 17 | — | — | — | 4 | 21 | |||||||||||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 54,714 | $ | 6,050 | $ | (237) | $ | — | $ | 1,599 | $ | 62,126 | $ | — |
Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | Fair Value as of January 1, 2023 | Gross Additions | Gross Reductions | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation (Depreciation) | Fair Value as of March 31, 2023 | Dividend, Interest, PIK and Other Income | ||||||||||||||||||||||||||||||||||
Non-controlled/affiliated investments | |||||||||||||||||||||||||||||||||||||||||
Twin Brook Equity Holdings, LLC | $ | 27,468 | $ | 3,391 | $ | — | $ | — | $ | 2,521 | $ | 33,380 | $ | — | |||||||||||||||||||||||||||
Total non-controlled/affiliated investments | $ | 27,468 | $ | 3,391 | $ | — | $ | — | $ | 2,521 | $ | 33,380 | $ | — |
Three Months Ended March 31, 2024 | |||||
Net change in unrealized gain (loss) on foreign currency forward contracts | $ | 67 | |||
Realized (loss) on foreign currency forward contracts | (32) |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Financial Statement Location | ||||||||
Interest rate swaps | $ | (773) | $ | — | Interest expense |
Description | Carrying Value (Amounts in thousands) | Cumulative Hedging Adjustments (Amounts in thousands) | ||||||
Tranche A Notes | $ | 90,000 | $ | (401) | ||||
Tranche B Notes | $ | 150,000 | $ | (372) |
Portfolio Company | March 31, 2024 | December 31, 2023 | ||||||
First lien senior secured debt | (Amounts in thousands) | (Amounts in thousands) | ||||||
50Floor, LLC | $ | 53 | $ | 53 | ||||
626 Holdings Equity, LLC | 19 | 118 | ||||||
A.P.A Industries, LLC | 1,523 | 1,523 | ||||||
Abrasive Technology Intermediate, LLC | 62 | 97 | ||||||
ACES Intermediate, LLC | 7,114 | 7,114 |
Portfolio Company | March 31, 2024 | December 31, 2023 | ||||||
Advanced Lighting Acquisition, LLC | 324 | 324 | ||||||
ADVI Health, LLC | 1,062 | 1,062 | ||||||
Advocate RCM Acquisition Corp | 2,902 | 2,902 | ||||||
AEP Passion Intermediate Holdings, Inc. | 11 | 16 | ||||||
AFC Industries, Inc. | 2,928 | 4,628 | ||||||
Affinitiv, Inc. | 248 | 248 | ||||||
Agility Intermediate, Inc. | 53 | 53 | ||||||
AHR Intermediate, Inc | 7,072 | 7,072 | ||||||
Alcresta Buyer, Inc. | 16,797 | — | ||||||
Alliance Environmental Group, LLC | 3 | 3 | ||||||
ALM Media, LLC | 3,102 | 971 | ||||||
Altamira Material Solutions, LP | 31 | 37 | ||||||
AM Buyer, LLC | 95 | 95 | ||||||
American Family Care, LLC | 5,977 | — | ||||||
Answer Acquisition, LLC | 507 | 9 | ||||||
Apex Dental Partners, LLC | 186 | 167 | ||||||
Aptitude Health Holdings, LLC | 267 | 214 | ||||||
Aquatic Sales Solutions, LLC | 70 | 70 | ||||||
ASC Ortho Management, LLC | 17 | 57 | ||||||
Ascent Lifting, Inc. | 2,500 | 2,500 | ||||||
ASP Global Acquisition, LLC | 485 | 485 | ||||||
AvCarb, LLC | 38 | 38 | ||||||
Banner Buyer, LLC | 370 | 370 | ||||||
Barkley, LLC | 2,300 | 2,300 | ||||||
BBG Intermediate Holdings, Inc. | 4 | 4 | ||||||
BCI Burke Holding Corp. | 185 | 185 | ||||||
Beacon Oral Specialists Management LLC | 188 | 188 | ||||||
Beghou Consulting, LLC | 2,205 | 2,714 | ||||||
Behavior Frontiers, LLC | 38 | 38 | ||||||
Benefit Plan Administrators of Eau Claire, LLC | 6,122 | 6,122 | ||||||
Bestop, Inc | 14,795 | — | ||||||
Bio Agri Mix Holdings Inc. | 85 | 87 | ||||||
BPCP EE Intermedco LLC | 3,387 | 3,387 | ||||||
BPCP WLF Intermedco LLC | 7,876 | 7,876 | ||||||
Brightview, LLC | 39 | — | ||||||
Bulk Lift International, LLC | 1,801 | 1,801 | ||||||
Canadian Orthodontic Partners Corp. | 23 | 23 | ||||||
Certified Collision Group Acquisition Corp | 19 | 19 | ||||||
Champion Motorsports Group, LLC | 56 | 56 | ||||||
Change Academy at Lake of the Ozarks, LLC | 2,556 | 2,556 | ||||||
CL Services Acquisition, LLC | 3,200 | 4,976 | ||||||
Community Care Partners, LLC | 49 | 31 | ||||||
Copperweld Group, Inc. | 139 | 139 |
Portfolio Company | March 31, 2024 | December 31, 2023 | ||||||
Cosmetic Solutions, LLC | 252 | 344 | ||||||
CPS HVAC Group, LLC | 10 | 141 | ||||||
CPS Power Buyer, LLC | 4,011 | 4,348 | ||||||
CR Services Intermediate, LLC | 101 | 101 | ||||||
Custom Agronomics Holdings, LLC | 1,768 | 2,161 | ||||||
DealerOn Inc. | 314 | 314 | ||||||
Dermatology Medical Partners OpCo, LLC | 9 | 9 | ||||||
Diamondback Buyer, LLC | 23 | 56 | ||||||
DNS IMI Acquisition Corp | 48 | 42 | ||||||
Domino Equipment Company, LLC | 31 | 66 | ||||||
Double E Company, LLC | 610 | 2,167 | ||||||
Dykstra's Auto, LLC | 87 | 112 | ||||||
Edko Acquisition, LLC | 38 | 38 | ||||||
EH Management Company, LLC | 38 | 26 | ||||||
Empire Equipment Company, LLC | 439 | 439 | ||||||
EMSAR Acquisition LLC | 13 | 13 | ||||||
Endodontic Practice Partners, LLC | 1,760 | 5,415 | ||||||
Engelman Baking Co., LLC | 189 | 200 | ||||||
E-Phoenix Acquisition Co. Inc. | 75 | 75 | ||||||
ERG Buyer, LLC | 4,835 | — | ||||||
Esquire Deposition Solutions, LLC | 2,413 | 3,061 | ||||||
Ever Fresh Fruit Company, LLC | 1,380 | 1,380 | ||||||
Exclusive Concepts, LLC | 23 | 2,880 | ||||||
Flourish Research Acquisition, LLC | 3,391 | 3,433 | ||||||
Formulated Buyer, LLC | 148 | 234 | ||||||
Franchise Fastlane, LLC | 15 | 15 | ||||||
FreshAddress, LLC | 30 | 30 | ||||||
Geriatric Medical and Surgical Supply, LLC | 248 | 248 | ||||||
Gold Medal Holdings, Inc. | 5 | 5 | ||||||
Golden Bear PT Partners, LLC | 22 | 22 | ||||||
GPSTrackit Holdings, LLC | 3,708 | — | ||||||
Green Monster Acquisition, LLC | 4 | 11 | ||||||
Guardian Dentistry Practice Management, LLC | — | 4 | ||||||
H2 Holdco, Inc. | 7,179 | 7,349 | ||||||
Helpware, Inc. | 3,627 | 3,880 | ||||||
Highland Acquisition, Inc. | 341 | 30 | ||||||
HLSG Intermediate, LLC | 103 | 239 | ||||||
Home Brands Group Holdings, Inc. | 48 | 48 | ||||||
HTI Intermediate, LLC | 3,927 | — | ||||||
Hultec Buyer, LLC | 3,053 | 2,819 | ||||||
Hydromax USA, LLC | 228 | 228 | ||||||
Icelandirect, LLC | 6 | 6 | ||||||
Icreon Holdings, LLC | 1,071 | 803 |
Portfolio Company | March 31, 2024 | December 31, 2023 | ||||||
IMA Group Management Company, LLC | 188 | 201 | ||||||
Industrial Air Flow Dynamics, Inc. | 2,199 | 2,537 | ||||||
Infolinks Media Buyco, LLC | 38 | 38 | ||||||
Innovative FlexPak, LLC | 314 | — | ||||||
IPC Pain Acquisition, LLC | 2,240 | 2,240 | ||||||
Ironhorse Purchaser, LLC | 2,907 | 2,471 | ||||||
ISSA, LLC | 109 | 131 | ||||||
ITSavvy LLC | 2,012 | 2,012 | ||||||
Johns Byrne LLC | 4,039 | 4,039 | ||||||
Juniper Landscaping Holdings LLC | 4,297 | 7,099 | ||||||
K-1 Packaging Group, LLC. | 6,748 | 6,748 | ||||||
Kaizen Auto Care, LLC | 152 | — | ||||||
Kalkomey Enterprises, LLC | 54 | 77 | ||||||
Kwalu, LLC | 5,061 | 5,061 | ||||||
Lawn Care Holdings Purchaser, Inc | 3,065 | 4,506 | ||||||
Leonard Group, Inc. | 234 | 234 | ||||||
Load One Purchaser Corporation | 9,787 | 9,787 | ||||||
MacKenzie Childs Acquisition, Inc. | 2,699 | 1,799 | ||||||
MacNeill Pride Group Corp. | 261 | 332 | ||||||
Mad Rose Company, LLC | 395 | 395 | ||||||
Main Street Gourmet, LLC | 38 | 38 | ||||||
Mattco Forge, Inc. | 405 | 506 | ||||||
Medical Technology Associates, Inc. | 1,966 | 1,966 | ||||||
MetaSource, LLC | 45 | 94 | ||||||
Millennia Patient Services, LLC | 53 | 53 | ||||||
Montway LLC | 150 | 150 | ||||||
MRC Keeler Acquisition, LLC | 150 | 150 | ||||||
MWEC Management, LLC | 2,766 | 2,606 | ||||||
My Buyer, LLC | 5,499 | — | ||||||
Nasco Healthcare Inc. | 2,824 | 3,322 | ||||||
NEFCO Holding Company, LLC | 9,566 | 6,316 | ||||||
Nelson Name Plate Company | 68 | 90 | ||||||
Network Partners Acquisition, LLC | 38 | 150 | ||||||
NH Kronos Buyer, Inc. | 12,705 | 12,705 | ||||||
Nimlok Company, LLC | 320 | 320 | ||||||
NTM Acquisition Corp | 1,357 | 1,176 | ||||||
NutriScience Innovations, LLC | 131 | 131 | ||||||
Optimized Marketing Acquisition, LLC | 1,861 | 1,861 | ||||||
P and R Dental Strategies, LLC | 18 | 23 | ||||||
Palmetto Technology Group, LLC | 14,142 | — | ||||||
Peak Dental Services, LLC | 38 | 38 | ||||||
Peak Investment Holdings, LLC | 404 | 404 | ||||||
Peninsula MMGY Corporation | 3,691 | 3,691 |
Portfolio Company | March 31, 2024 | December 31, 2023 | ||||||
Pentec Acquisition Corp. | — | 75 | ||||||
PHGP MB Purchaser, Inc. | 41 | 88 | ||||||
Pink Lily Holdings, LLC | 63 | 63 | ||||||
Polycorp Ltd | 18,583 | — | ||||||
PPW Acquisition, LLC | 20 | 30 | ||||||
PRA Acquisition, LLC | 56 | 56 | ||||||
Premier Early Childhood Education Partners LLC | 7,342 | 9,570 | ||||||
PRM Management Company, LLC | 1,969 | — | ||||||
Purpose Home Health Acquisition, LLC | 10,054 | 1,956 | ||||||
Qin's Buffalo, LLC | 105 | 105 | ||||||
Quality Liaison Services of North America, Inc | 1,629 | 1,629 | ||||||
Raneys, LLC | 4,903 | 4,825 | ||||||
Reliable Medical Supply LLC | 792 | 112 | ||||||
Renovation Systems, LLC | 3,371 | 1,719 | ||||||
Revival Animal Health, LLC | 79 | 34 | ||||||
RKD Group, LLC | 4,905 | 4,905 | ||||||
RMS Health Care Management, LLC | 2,558 | 3,018 | ||||||
Rose Paving, LLC | 5,055 | 4,319 | ||||||
RQM Buyer, Inc. | 161 | 165 | ||||||
RTP Acquisition, LLC | — | 38 | ||||||
Sage Dental Management, LLC | 7,085 | 49 | ||||||
SAMGI Buyer, Inc. | 138 | 138 | ||||||
SASE Company, LLC | — | 20 | ||||||
SCP Beverage Buyer, LLC | 14 | 25 | ||||||
SCP ENT and Allergy Services, LLC | 256 | 256 | ||||||
Shasta Buyer, LLC | 2,081 | 2,081 | ||||||
ShiftKey, LLC | 110 | 110 | ||||||
Silver Falls MSO, LLC | 12 | 79 | ||||||
SimiTree Acquisition LLC | 128 | 137 | ||||||
SIMKO Merger Sub, LLC | 6,818 | 6,818 | ||||||
Sixarp, LLC | 6,912 | 6,912 | ||||||
Soccer Post Acquisition, LLC | 1,779 | 1,856 | ||||||
Southeast Primary Care Partners, LLC | 225 | 225 | ||||||
Southern Orthodontic Partners Management, LLC | 159 | 92 | ||||||
Southern Sports Medicine Partners, LLC | 35 | 35 | ||||||
Spear Education Holdings, LLC | 4,463 | 4,463 | ||||||
Spectrum Solutions, LLC | 154 | 267 | ||||||
SPG Holdco, LLC | 1,242 | 2,070 | ||||||
Star Dental Partners LLC | 9,359 | 11,806 | ||||||
Starwest Botanicals Acquisition, LLC | — | 96 | ||||||
Stax Holding Company, LLC | 60 | 60 | ||||||
Steel City Wash, LLC | 16 | 16 | ||||||
Storm Smart Buyer LLC | 92 | 105 |
Portfolio Company | March 31, 2024 | December 31, 2023 | ||||||
Sun Orchard, LLC | 1,779 | 5,336 | ||||||
Surplus Solutions, LLC | 1,771 | 1,771 | ||||||
Teel Plastics, LLC | 275 | 324 | ||||||
The Channel Company, LLC | 37 | 45 | ||||||
The Chempetitive Group, LLC | 15,420 | — | ||||||
Trademark Global, LLC | 18 | 18 | ||||||
Treat Planet Acquisition, LLC | 1,965 | 1,965 | ||||||
Triad Technologies, LLC | 332 | 332 | ||||||
TruBlue LLC | 3,761 | — | ||||||
TSR Concrete Coatings, LLC | 843 | 1,534 | ||||||
U.S. Urology Partners, LLC | 1,401 | 1,401 | ||||||
United Land Services Opco Parent, LLC | 259 | 259 | ||||||
Universal Pure, LLC | 3,711 | 5,139 | ||||||
US Foot and Ankle Specialists, LLC | 675 | 439 | ||||||
USALCO, LLC | 41 | 59 | ||||||
Vanguard Packaging, LLC | 3,233 | 535 | ||||||
Varsity DuvaSawko Operating Corp. | 537 | 537 | ||||||
Varsity Rejuvenate Partners, LLC | 8,377 | 8,377 | ||||||
Vehicle Accessories, Inc. | 584 | 38 | ||||||
VetEvolve Holdings, LLC | 13,553 | 14,699 | ||||||
Vital Care Buyer, LLC | 10,935 | 580 | ||||||
WCI Volt Purchaser, LLC | 2,249 | 2,249 | ||||||
Western Veterinary Partners, LLC | 24 | 24 | ||||||
Westminster Cracker Company, Inc. | 1,534 | 1,534 | ||||||
White Label Communications,LLC | 1,534 | 1,534 | ||||||
WTWH Buyer, LLC | 1,638 | 1,638 | ||||||
Yard-Nique, Inc | 5,737 | 6,030 | ||||||
Zipline Logistics, LLC | 6,214 | 6,214 | ||||||
Total unfunded portfolio company commitments | $ | 440,799 | $ | 324,051 |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 9,037,566 | $ | 229,767 | ||||||||
Distributions reinvested | 159,741 | 4,060 | |||||||||
Repurchased shares, net of early repurchase reduction | (19,539) | (487) | |||||||||
Net increase (decrease) | 9,177,768 | $ | 233,340 |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class S: | |||||||||||
Proceeds from shares sold | 615,766 | $ | 15,653 | ||||||||
Distributions reinvested | 28,689 | 729 | |||||||||
Net increase (decrease) | 644,455 | $ | 16,382 |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class D: | |||||||||||
Proceeds from shares sold | 24,776 | $ | 630 | ||||||||
Distributions reinvested | 787 | 20 | |||||||||
Net increase (decrease) | 25,563 | $ | 650 |
Three Months Ended March 31, 2023 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 305,392 | $ | 7,815 | ||||||||
Net increase (decrease) | 305,392 | $ | 7,815 |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
January 28, 2024 | January 31, 2024 | February 29, 2024 | $ | 0.2300 | $ | 7,355 | ||||||||||||||||||||
February 26, 2024 | February 29, 2024 | March 31, 2024 | $ | 0.2300 | $ | 7,809 | ||||||||||||||||||||
March 28, 2024 | March 31, 2024 | April 30, 2024 | $ | 0.2300 | $ | 9,064 |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
January 28, 2024 | January 31, 2024 | February 29, 2024 | $ | 0.2246 | $ | 329 | ||||||||||||||||||||
February 26, 2024 | February 29, 2024 | March 31, 2024 | $ | 0.2250 | $ | 363 | ||||||||||||||||||||
March 28, 2024 | March 31, 2024 | April 30, 2024 | $ | 0.2246 | $ | 410 |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Class D | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
January 28, 2024 | January 31, 2024 | February 29, 2024 | $ | 0.2246 | $ | 3 | ||||||||||||||||||||
February 26, 2024 | February 29, 2024 | March 31, 2024 | $ | 0.2250 | $ | 11 | ||||||||||||||||||||
March 28, 2024 | March 31, 2024 | April 30, 2024 | $ | 0.2246 | $ | 12 |
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
March 27, 2023 | March 31, 2023 | April 28, 2023 | $ | 0.1800 | $ | 3,825 |
Tender Offer Expiration Date | Total Number of Shares Repurchased (all classes) | Percentage of Outstanding Shares Repurchased(1) | Price paid Per Share | Tender Offer Valuation Date | Amount Repurchased (all classes) (in thousands)(2) | Maximum number of shares that may yet be purchased under the repurchase plan(3) | ||||||||||||||
January 30, 2024 | 19,539 | 0.1 | % | $ | 25.43 | December 31, 2023 | $ | 487 | 0 |
Amounts (in thousands) | |||||
Total purchase price: | $ | 194,199 | |||
Assets acquired: | |||||
Investments, at fair value (amortized cost of $185,876) | 186,264 | ||||
Cash | 15,567 | ||||
Accrued interest receivable | 2,396 | ||||
Other assets(1) | 2,164 | ||||
Total assets acquired | 206,391 | ||||
Liabilities assumed: | |||||
Distribution payable | 9,726 | ||||
Other liabilities | 3,216 | ||||
Total liabilities assumed | 12,942 | ||||
Net assets acquired | $ | 193,449 | |||
Total purchase premium (transaction costs) | $ | 750 |
(Amounts in thousands, except share and per share amounts) | Three Months Ended March 31, 2024 | ||||||||||
Class I | Class S* | Class D* | |||||||||
Per share data: | |||||||||||
Net asset value, beginning of period | $ | 25.41 | $ | 25.41 | $ | 25.41 | |||||
Net investment income (loss)(1) | 0.68 | 0.67 | 0.66 | ||||||||
Net realized and unrealized gain (loss)(2) | 0.00 | (0.01) | 0.00 | ||||||||
Total from operations | 0.68 | 0.66 | 0.66 | ||||||||
Dividends declared | (0.69) | (0.67) | (0.67) | ||||||||
Total increase (decrease) in net assets | (0.01) | (0.01) | (0.01) | ||||||||
Net asset value, end of period | $ | 25.40 | $ | 25.40 | $ | 25.40 | |||||
Shares outstanding, end of period | 39,422,288 | 1,825,665 | 38,263 | ||||||||
Total return(3)(12) | 2.7% | 2.6% | 2.6% | ||||||||
Ratios / supplemental data | |||||||||||
Ratio of total expenses to average net assets(4)(5)(6) | 10.4% | 10.7 | % | 10.7 | % | ||||||
Ratio of total net operating expenses to average net assets(4)(5)(7) | 0.6% | 0.6% | 0.6% | ||||||||
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(9) | 11.4 | % | 11.1 | % | 11.0 | % | |||||
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9) | 11.3 | % | 11.0 | % | 10.8 | % | |||||
Net assets, end of period | $ | 1,001,429 | $ | 46,377 | $ | 972 | |||||
Weighted average shares outstanding | 35,153,542 | 1,635,950 | 29,527 | ||||||||
Portfolio turnover rate(10) | 1.8 | % | 1.8 | % | 1.8 | % | |||||
Asset coverage ratio(11) | 226.2 | % | 226.2 | % | 226.2 | % |
(Amounts in thousands, except share and per share amounts) | Three Months Ended March 31, 2023 | ||||
Class I | |||||
Per share data: | |||||
Net asset value, beginning of period | $ | 25.25 | |||
Net investment income (loss)(1) | 0.47 | ||||
Net realized and unrealized gain (loss)(2) | 0.13 | ||||
Total from operations | 0.60 | ||||
Dividends declared | (0.18) | ||||
Total increase (decrease) in net assets | 0.42 | ||||
Net asset value, end of period | $ | 25.67 | |||
Shares outstanding, end of period | 21,250,422 | ||||
Total return(3)(12) | 2.4% | ||||
Ratios / supplemental data | |||||
Ratio of total expenses to average net assets(5)(6)(12) | 2.8% | ||||
Ratio of total net operating expenses to average net assets(4)(5)(7)(12) | 0.9% | ||||
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8)(12) | 1.9% | ||||
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)(12) | 1.9% | ||||
Net assets, end of period | $ | 545,521 | |||
Weighted average shares outstanding | 21,046,827 | ||||
Portfolio turnover rate(10) | 6.5% | ||||
Asset coverage ratio(11) | 242.4% |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||
Principal amount of investments committed (including add-ons): | ||||||||
First lien senior secured debt investments | $ | 569,231 | $ | 99,946 | ||||
Investment in affiliated funds | 6,050 | 3,391 | ||||||
Total principal amount of investments committed | $ | 575,281 | $ | 103,337 | ||||
Principal amount of investments sold or repaid: | ||||||||
First lien senior secured debt investments | $ | (17,514) | $ | (43,931) | ||||
Investment in affiliated funds | (237) | — | ||||||
Total principal amount of investments sold or repaid | $ | (17,751) | $ | (43,931) | ||||
New debt investments(1): | ||||||||
New commitments | $ | 311,661 | $ | 84,395 | ||||
Number of new commitments in new portfolio companies(2) | 12 | 5 | ||||||
Average new commitment amount | $ | 25,972 | $ | 16,879 | ||||
Weighted average term for new commitments (in years) | 4.9 | 5.3 | ||||||
Percentage of new commitments at floating rates | 99.9 | % | 100.0 | % | ||||
Percentage of new commitments at fixed rates | — | % | — | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||
First lien senior secured debt | $ | 1,770,668 | $ | 1,768,175 | $ | 1,344,371 | $ | 1,343,692 | |||||||||||||||
Sponsor subordinated note | 14 | 13 | 13 | 13 | |||||||||||||||||||
Investment in affiliated funds | 56,048 | 62,126 | 50,235 | 54,714 | |||||||||||||||||||
Total investments | $ | 1,826,730 | $ | 1,830,314 | $ | 1,394,619 | $ | 1,398,419 |
March 31, 2024 | December 31, 2023 | |||||||
Aerospace and defense | 0.1 | % | 0.1 | % | ||||
Air freight and logistics | 1.1 | % | 1.5 | % | ||||
Auto components | 4.5 | % | 1.6 | % | ||||
Chemicals | 1.8 | % | 0.9 | % | ||||
Commercial services and supplies | 2.3 | % | 3.0 | % | ||||
Construction and engineering | 3.5 | % | 4.5 | % | ||||
Containers and packaging | 4.5 | % | 5.0 | % | ||||
Distributors | 0.1 | % | 0.2 | % | ||||
Diversified consumer services | 6.6 | % | 7.7 | % | ||||
Electrical equipment | 0.6 | % | 0.8 | % | ||||
Electronic equipment, instruments and components | 1.9 | % | 1.1 | % | ||||
Food and staples retailing | 2.2 | % | 2.8 | % | ||||
Food products | 3.1 | % | 3.8 | % | ||||
Gas utilities | 0.1 | % | 0.1 | % | ||||
Health care equipment and supplies | 3.7 | % | 3.5 | % | ||||
Health care providers and services | 30.4 | % | 29.0 | % | ||||
Health care technology | 1.7 | % | 2.2 | % | ||||
Household durables | 4.8 | % | 5.6 | % | ||||
Industrial Conglomerates | 0.8 | % | 1.1 | % | ||||
Internet and direct marketing retail | 0.6 | % | 0.8 | % | ||||
IT services | 2.0 | % | 1.5 | % | ||||
Leisure equipment and products | 0.4 | % | 0.2 | % | ||||
Leisure products | 0.1 | % | 0.1 | % | ||||
Life sciences tools and services | 2.0 | % | 0.1 | % | ||||
Machinery | 2.3 | % | 2.5 | % | ||||
Media | 9.2 | % | 8.7 | % | ||||
Metals and mining | 0.1 | % | 0.2 | % | ||||
Multisector holdings | 3.4 | % | 3.9 | % | ||||
Pharmaceuticals | 0.1 | % | 0.1 | % | ||||
Personal products | 0.2 | % | 0.2 | % |
Professional services | 0.8 | % | 1.1 | % | ||||
Real estate management and development | 0.2 | % | 0.2 | % | ||||
Semiconductors and semiconductor equipment | 0.1 | % | 0.1 | % | ||||
Software | 0.9 | % | 1.2 | % | ||||
Specialty retail | 0.7 | % | 1.0 | % | ||||
Trading companies and distributors | 3.0 | % | 3.5 | % | ||||
Water utilities | 0.1 | % | 0.1 | % | ||||
Total | 100.0 | % | 100.0 | % | ||||
March 31, 2024 | December 31, 2023 | |||||||
Weighted average total yield of funded debt investments at cost (1) | 11.5 | % | 11.7 | % | ||||
Weighted average total yield of funded debt investments at fair value(1) | 11.5 | % | 11.7 | % | ||||
Weighted average spread over reference rates of all floating rate funded debt investments | 6.0 | % | 6.0 | % |
Investment Rating | Description | |||||||
A | A loan supported by exceptional financial strength, stability and liquidity; | |||||||
B | As a general rule, a new transaction will be risk rated a “B” loan. Overtime, a “B” loan is supported by good financial strength, stability and liquidity; | |||||||
C | A loan that is exhibiting deteriorating trends, which if not corrected could jeopardize repayment of the debt. In general, a default by the borrower of one of its financial performance covenants (leverage or coverage ratios) would warrant a downgrade of a loan to a risk rating of “C”; | |||||||
D | A loan that has a well-defined weakness that jeopardizes the repayment of the debt or the ongoing enterprise value of the borrower; | |||||||
E | A loan that has an uncured payment default; and | |||||||
F | An asset that is considered uncollectible or of such little value that its continuance as a booked asset is unwarranted. |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Investment Rating | Investments at Fair Value | Percentage of Total Debt Investments | Investments at Fair Value | Percentage of Total Debt Investments | ||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||
A | $ | — | — | $ | — | — | ||||||||||||||||||||
B | 1,709,136 | 96.6 | % | 1,306,541 | 97.2 | % | ||||||||||||||||||||
C | 54,122 | 3.1 | % | 32,215 | 2.4 | % | ||||||||||||||||||||
D | 1,728 | 0.1 | % | 2,461 | 0.2 | % | ||||||||||||||||||||
E | 3,189 | 0.2 | % | 2,476 | 0.2 | % | ||||||||||||||||||||
F | — | — | — | — | ||||||||||||||||||||||
Total | $ | 1,768,175 | 100.0 | % | $ | 1,343,693 | 100.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
(Amounts in thousands) | Amortized Cost | Percentage | Amortized Cost | Percentage | |||||||||||||||||||
Performing | $ | 1,770,682 | 100.0 | % | $ | 1,344,384 | 100.0 | % | |||||||||||||||
Non-accrual | — | — | — | — | |||||||||||||||||||
Total | $ | 1,770,682 | 100.0 | % | $ | 1,344,384 | 100.0 | % |
Amounts (in thousands) | |||||
Total purchase price: | $ | 194,199 | |||
Assets acquired: | |||||
Investments, at fair value (amortized cost of 185,876) | 186,264 | ||||
Cash | 15,567 | ||||
Accrued interest receivable | 2,396 | ||||
Other assets(1) | 2,164 | ||||
Total assets acquired | 206,391 | ||||
Liabilities assumed: | |||||
Distribution payable | 9,726 | ||||
Other liabilities | 3,216 | ||||
Total liabilities assumed | 12,942 | ||||
Net assets acquired | $ | 193,449 | |||
Total purchase premium (transaction costs) | $ | 750 |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||
Total investment income | $ | 48,763 | $ | 25,067 | |||||||
Less: expenses and taxes | 23,671 | 15,104 | |||||||||
Net investment income (loss) | 25,092 | 9,963 | |||||||||
Net realized gain (loss) | (32) | (18) | |||||||||
Net change in unrealized gain (loss) | (149) | 2,691 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 24,911 | $ | 12,636 |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||
Interest | $ | 47,556 | $ | 24,139 | |||||||
Other | 1,207 | 928 | |||||||||
Total investment income | $ | 48,763 | $ | 25,067 |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||
Interest | $ | 15,458 | $ | 7,692 | |||||||
Income incentive fees | 3,583 | 1,670 | |||||||||
Management fees | 2,647 | 1,640 | |||||||||
Professional fees | 554 | 552 | |||||||||
Offering costs | 339 | 782 | |||||||||
Accounting fees | 169 | 158 | |||||||||
Other | 160 | 864 | |||||||||
Insurance fees | 153 | 89 | |||||||||
Trustees' fees | 45 | 44 | |||||||||
Distribution and shareholder servicing fees: | |||||||||||
Class D | 1 | — | |||||||||
Class S | 88 | — | |||||||||
Administrative fees | 232 | 751 | |||||||||
Organizational costs | — | 528 | |||||||||
Capital gains incentive fees | (7) | 334 | |||||||||
Total expenses | $ | 23,422 | $ | 15,104 | |||||||
Distribution and shareholder servicing fees waived | (62) | — | |||||||||
Net expenses | $ | 23,360 | $ | 15,104 |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||
Non-controlled, non-affiliated investments | $ | (1,815) | $ | 170 | |||||||
Non-controlled, affiliated investments | 1,599 | 2,521 | |||||||||
Foreign currency forward contracts | 67 | — | |||||||||
Net change in unrealized gain (loss) on investment transactions | $ | (149) | $ | 2,691 |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||
Non-controlled, non-affiliated investments | $ | — | $ | (18) | |||||||
Non-controlled, affiliated investments | — | — | |||||||||
Foreign currency forward contracts | (32) | — | |||||||||
Net realized gain (loss) on investments | $ | (32) | $ | (18) |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 9,037,566 | $ | 229,767 | ||||||||
Distributions reinvested | 159,741 | 4,060 | |||||||||
Repurchased shares, net of early repurchase reduction | (19,539) | (487) | |||||||||
Net increase (decrease) | 9,177,768 | $ | 233,340 |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class S: | |||||||||||
Proceeds from shares sold | 615,766 | $ | 15,653 | ||||||||
Distributions reinvested | 28,689 | 729 | |||||||||
Net increase (decrease) | 644,455 | $ | 16,382 |
Three Months Ended March 31, 2024 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class D: | |||||||||||
Proceeds from shares sold | 24,776 | $ | 630 | ||||||||
Net increase (decrease) | 25,563 | $ | 650 |
Three Months Ended March 31, 2023 | |||||||||||
Shares | Amount in Thousands | ||||||||||
Class I: | |||||||||||
Proceeds from shares sold | 305,392 | $ | 7,815 | ||||||||
Net increase (decrease) | 305,392 | $ | 7,815 |
NAV Per Share | |||||||||||
For the Months Ended | Class I | Class S | Class D | ||||||||
January 31, 2024 | $ | 25.43 | $ | 25.43 | $ | 25.43 | |||||
February 29, 2024 | $ | 25.43 | $ | 25.43 | $ | 25.43 | |||||
March 31, 2024 | $ | 25.40 | $ | 25.40 | $ | 25.40 |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
January 28, 2024 | January 31, 2024 | February 29, 2024 | $ | 0.2300 | $ | 7,355 | ||||||||||||||||||||
February 26, 2024 | February 29, 2024 | March 31, 2024 | $ | 0.2300 | $ | 7,809 | ||||||||||||||||||||
March 28, 2024 | March 31, 2024 | April 30, 2024 | $ | 0.2300 | $ | 9,064 |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
January 28, 2024 | January 31, 2024 | February 29, 2024 | $ | 0.2246 | $ | 329 | ||||||||||||||||||||
February 26, 2024 | February 29, 2024 | March 31, 2024 | $ | 0.2250 | $ | 363 | ||||||||||||||||||||
March 28, 2024 | March 31, 2024 | April 30, 2024 | $ | 0.2246 | $ | 410 |
For the Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Class D | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
January 28, 2024 | January 31, 2024 | February 29, 2024 | $ | 0.2246 | $ | 3 | ||||||||||||||||||||
February 26, 2024 | February 29, 2024 | March 31, 2024 | $ | 0.2250 | $ | 11 | ||||||||||||||||||||
March 28, 2024 | March 31, 2024 | April 30, 2024 | $ | 0.2246 | $ | 12 |
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Date Declared | Record Date | Payment Date | Dividend per Share | Amount in Thousands | ||||||||||||||||||||||
March 27, 2023 | March 31, 2023 | April 28, 2023 | $ | 0.1800 | $ | 3,825 |
Tender Offer Expiration Date | Total Number of Shares Repurchased (all classes) | Percentage of Outstanding Shares Repurchased(1) | Price paid Per Share | Tender Offer Valuation Date | Amount Repurchased (all classes) (in thousands)(2) | Maximum number of shares that may yet be purchased under the repurchase plan(3) | ||||||||||||||
January 30, 2024 | 19,539 | 0.1 | % | $ | 25.43 | December 31, 2023 | $ | 487 | 0 |
(Amounts in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | |||||||||
Interest expense | $ | 14,055 | $ | 7,254 | |||||||
Amortization of deferred financing costs | 630 | 438 | |||||||||
Change in unrealized from interest rate swaps designated for hedging (Note 6) | 773 | — | |||||||||
Total interest expense | $ | 15,458 | $ | 7,692 | |||||||
Average interest rate | 7.87 | % | 7.10 | % | |||||||
Average daily borrowings | $ | 665,103 | $ | 358,600 |
As of March 31, 2024 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value(2) | Assets Pledged as Collateral(3) | ||||||||||||||||||||||||
ASPV Credit Facility | $ | 300,000 | $ | 205,000 | $ | 14,402 | $ | 205,000 | $ | 329,826 | |||||||||||||||||||
MSPV Credit Facility | 500,000 | 350,300 | 23,843 | 350,300 | 603,319 | ||||||||||||||||||||||||
Truist Credit Facility | 330,000 | 36,000 | 226,959 | 36,000 | 835,043 | ||||||||||||||||||||||||
Tranche A Notes | 90,000 | 90,000 | — | 90,000 | — | ||||||||||||||||||||||||
Tranche B Notes | 150,000 | 150,000 | — | 150,000 | — | ||||||||||||||||||||||||
Total debt | $ | 1,370,000 | $ | 831,300 | $ | 265,204 | $ | 831,300 | $ | 1,768,188 |
As of December 31, 2023 | |||||||||||||||||||||||||||||
(Amounts in thousands) | Maximum Principal Amount Committed | Principal Amount Outstanding | Principal Amount Available(1) | Carrying Value | Assets Pledged as Collateral(2) | ||||||||||||||||||||||||
ASPV Credit Facility | $ | 300,000 | $ | 150,000 | $ | 56,227 | $ | 150,000 | $ | 305,690 | |||||||||||||||||||
MSPV Credit Facility | $ | 500,000 | $ | 350,300 | $ | 29,127 | $ | 350,300 | $ | 606,827 | |||||||||||||||||||
Truist Credit Facility | $ | 330,000 | $ | 142,700 | $ | 141,175 | $ | 142,700 | $ | 431,188 | |||||||||||||||||||
Total credit facilities | $ | 1,130,000 | $ | 643,000 | $ | 226,529 | $ | 643,000 | $ | 1,343,705 |
Payment Due by Period | |||||||||||||||||||||||||||||
(Amounts in millions) | Total | Less than 1 year | 1-3 | 3-5 | More than 5 years | ||||||||||||||||||||||||
ASPV Credit Facility | $ | 205.0 | $ | — | $ | — | $ | 205.0 | $ | — | |||||||||||||||||||
MSPV Credit Facility | $ | 350.3 | $ | — | $ | — | $ | 350.3 | $ | — | |||||||||||||||||||
Truist Credit Facility | $ | 36.0 | $ | — | $ | — | $ | 36.0 | $ | — | |||||||||||||||||||
Tranche A Notes | $ | 90.0 | $ | — | $ | 90.0 | $ | — | $ | — | |||||||||||||||||||
Tranche B Notes | $ | 150.0 | $ | — | $ | — | $ | 150.0 | $ | — | |||||||||||||||||||
Total | $ | 831.3 | $ | — | $ | 90.0 | $ | 741.3 | $ | — |
(Amounts in millions) | Interest Income | Interest Expense | Net Income | ||||||||||||||
Up 200 basis points | $ | 36.1 | $ | 11.8 | $ | 24.3 | |||||||||||
Up 100 basis points | $ | 18.0 | $ | 5.9 | $ | 12.1 | |||||||||||
Down 100 basis points | $ | (18.0) | $ | (5.9) | $ | (12.1) | |||||||||||
Down 200 basis points | $ | (36.0) | $ | (11.8) | $ | (24.2) |
Tender Offer Expiration Date | Total Number of Shares Repurchased (all classes) | Percentage of Outstanding Shares Repurchased(1) | Price paid Per Share | Tender Offer Valuation Date | Amount Repurchased (all classes) (in thousands)(2) | Maximum number of shares that may yet be purchased under the repurchase plan(3) | ||||||||||||||
January 30, 2024 | 19,539 | 0.1 | % | $ | 25.43 | December 31, 2023 | $ | 487 | 0 |
Exhibit No. | Description | |||||||
10.1 | ||||||||
31.1* | Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
31.2* | Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||
32.1* | Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||
32.2* | Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
AG Twin Brook Capital Income Fund | ||||||||
May 10, 2024 | By: | /s/ Trevor Clark | ||||||
Trevor Clark | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
May 10, 2024 | By: | /s/ Terrence Walters | ||||||
Terrence Walters | ||||||||
Chief Financial Officer and Treasurer | ||||||||
(Principal Financial Officer and Principal Accounting Officer) |