Pre-Effective Amendment No. |
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Post-Effective Amendment No. |
Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. |
Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (“Securities Act”), other than securities offered in connection with a dividend reinvestment plan. |
Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. |
Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. |
Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |
when declared effective pursuant to Section 8(c) of the Securities Act. |
immediately upon filing pursuant to paragraph (b) |
on (date) pursuant to paragraph (b) |
60 days after filing pursuant to paragraph (a) |
on (date) pursuant to paragraph (a) |
This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement]. |
This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: |
This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: |
This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: |
Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (“Investment Company Act”)). |
Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act). |
Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act). |
A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). |
Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act ). |
Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”). |
☐ | If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). |
• | You should not expect to be able to sell your shares regardless of how we perform. |
• | If you are able to sell your shares, you likely will receive less than your purchase price. |
• | We do not intend to list our shares on any securities exchange and we do not expect a secondary market in our shares to develop. |
• | We may, from time to time, determine to repurchase a portion of the shares of our common stock, and if we do, we expect that only a limited number of shares will be eligible for repurchase. In addition, any such repurchases will be at prices equal to the current net offering price per share of the relevant class of repurchased shares, which may be at a discount to the price at which you purchased shares of our common stock in this offering. |
• | You should consider that you may not have access to the money you invest for an indefinite period of time. |
• | Investors in our Class S and Class D shares will be subject to ongoing servicing fees of 0.85% and 0.25%, respectively. See “Share Class Specifications.” |
• | An investment in shares of our common stock is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Liquidity Strategy.” |
• | Because you will be unable to sell your shares, you will be unable to reduce your exposure in any market downturn. |
• | Distributions on our common stock may exceed our taxable earnings and profits. Therefore, portions of the distributions that we pay may represent a return of capital to you for U.S. federal income tax purposes. A return of capital is a return of a portion of your original investment in shares of our common stock. As a result, a return of capital will (i) lower your adjusted tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares and (ii) reduce the amount of funds we have for investment in portfolio companies. We have not established any limit on the extent to which we may use sources other than cash flows from operations, including the sale of assets, borrowings or return of capital, to fund distributions. |
• | Distributions also may be funded in significant part, directly or indirectly, from (i) the waiver of certain investment advisory fees, that will not be subject to repayment to the Adviser and/or (ii) the deferral of certain investment advisory fees, that may be subject to repayment to the Adviser and/or (iii) the reimbursement of certain operating expenses, that will be subject to repayment to our Adviser and its affiliates. Significant portions of distributions may not be based on investment performance. In the event distributions are funded from waivers and/or deferrals of fees and reimbursements by our affiliates, such funding may not continue in the future. If our affiliates do not agree to reimburse certain of our operating expenses or waive certain of their advisory fees, then significant portions of our distributions may come from sources other than |
cash flows from operations. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. |
• | Because you will pay an Upfront Sales Load of up to 3.50% and offering expenses of up to 1.50%, if you invest $100 in our Class S shares and pay the maximum Upfront Sales Load, approximately $95.00 of your investment will actually be available to us for investment in portfolio companies. As a result, based on the current price of $9.69, you would have to experience a total net return on your investment of approximately 5.26% to recover your initial investment, including the Upfront Sales Load and expected offering expenses. See “Use of Proceeds” on page 87. |
• | Because you will pay an Upfront Sales Load of up to 1.50% and offering expenses of up to 1.50%, if you invest $100 in our Class D shares and pay the maximum Upfront Sales Load, approximately $97.00 of your investment will actually be available to us for investment in portfolio companies. As a result, based on the current price of $9.51, you would have to experience a total net return on your investment of approximately 3.09% to recover your initial investment, including the Upfront Sales Load and expected offering expenses. See “Use of Proceeds” on page 87. |
• | We invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value. |
Offering Price to Public(1) |
Maximum Upfront Sales Load(2)(3) |
Net Proceeds (Before Expenses)(3) |
||||||||||
Per Class S Share |
$ | 9.69 | $ | 0.33 | $ | 9.36 | ||||||
Per Class D Share |
$ | 9.51 | $ | 0.14 | $ | 9.37 | ||||||
Per Class I Share |
$ | 9.38 | — | $ | 9.38 | |||||||
Maximum Offering(4) |
$ | 9,500,000.00 | $ | 154,484,754 | $ | 9,345,515,246 |
(1) | Information in the table reflects the current offering price per share of each class as of November 1, 2023. |
(2) | “Upfront Sales Load” includes: (1) in the case of the Class S shares, upfront selling commissions of up to 3.50% and (2) in the case of the Class D shares, an Upfront Sales Load of up to 1.50%. See “Plan of Distribution — Compensation Paid to the Dealer Manager and Participating Broker-Dealers.” |
(3) | Assumes all shares are sold in the primary offering, with 33% of the gross offering proceeds from the sale of Class S shares, 33% from the sale of Class D shares and 33% from the sale of Class I shares, and with each share being sold at the maximum applicable Upfront Sales Load. We have received an exemptive order that permits us to offer multiple classes of shares of common stock and to impose varying sales loads, asset-based service and/or distribution fees and early withdrawal fees. |
(4) | In addition to the Upfront Sales Load, we estimate that in connection with this offering we will incur approximately $3.8 million of offering expenses (approximately 0.04% of the gross proceeds) if the maximum number of shares are sold, assuming 33% of the shares sold are from each of the Class S, Class D and Class I shares. |
1 | ||||
2 | ||||
6 | ||||
37 | ||||
44 | ||||
51 | ||||
105 | ||||
107 | ||||
110 | ||||
204 | ||||
221 | ||||
223 | ||||
282 | ||||
292 | ||||
296 | ||||
305 | ||||
309 | ||||
311 | ||||
314 | ||||
328 | ||||
332 | ||||
333 | ||||
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351 | ||||
360 | ||||
360 | ||||
360 | ||||
360 | ||||
360 | ||||
361 | ||||
F-1 | ||||
A-1 | ||||
B-1 |
• | a gross annual income of at least $70,000 and a net worth of at least $70,000, or |
• | a net worth of at least $250,000. |
• | meets the minimum income and net worth standards established in the investor’s state; |
• | can reasonably benefit from an investment in our common stock based on the investor’s overall investment objectives and portfolio structure; |
• | is able to bear the economic risk of the investment based on the investor’s overall financial situation, including the risk that the investor may lose its entire investment; and |
• | has an apparent understanding of the following: |
• | the fundamental risks of the investment; |
• | the lack of liquidity of our shares; |
• | the background and qualification of our Adviser; and |
• | the tax consequences of the investment. |
• | We are a new company and we are subject to all of the business risks and uncertainties associated with any business with a limited operating history, including the risk that we will not achieve our investment objective and that the value of our common stock could decline substantially. |
• | You should not expect to be able to sell your shares regardless of how we perform. |
• | We do not intend to complete a liquidity event within any specific time period, if at all, and, as a result, investment in our shares is not suitable if you require short-term liquidity with respect to your investment in us. |
• | The ongoing servicing fees will terminate for all Class S and Class D shareholders upon a liquidity event. As such, there may be a conflict of interest relating to the timing with which the Adviser seeks to complete a liquidity event for our shareholders. |
• | Our Class S and Class D shares are each subject to an ongoing servicing fee. The ongoing servicing fees will be payable by the investors to compensate our affiliated dealer manager and its affiliates, participating broker-dealers and financial representatives for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer’s account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent an authorized service provider is permitted to do so under applicable statutes, rules or regulations. |
• | If you are able to sell your shares of common stock, you will likely receive less than your purchase price. |
• | We do not intend to list our common stock on any securities exchange and we do not expect a secondary market in our shares to develop. |
• | We may, from time to time, determine to repurchase a portion of the shares of our common stock, and if we do, we expect that only a limited number of shares will be eligible for repurchase. In addition, any such repurchases will be at a price equal to the current net offering price per share of the repurchased shares on each date of repurchase, which may be at a discount to the price at which you purchased shares of our common stock in this offering. |
• | You should consider that you may not have access to the money you invest for an indefinite period of time. |
• | An investment in shares of our common stock is not suitable for you if you need access to the money you invest. See “Suitability Standards,” “Share Repurchase Program,” and “Share Liquidity Strategy.” |
• | Because you will be unable to sell your shares, you will be unable to reduce your exposure in any market downturn. |
• | We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies. |
• | We invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and return principal. They may also be illiquid and difficult to value. |
• | The collateral securing our first-lien debt may decrease in value over time, may be difficult to value, and may become subordinated to the claims of other creditors. |
• | Our first-lien security interests in unitranche loans may rank junior to the interests of other lenders. |
• | Our investments in second-lien and mezzanine debt generally will be subordinated to senior loans and will either have junior security interests or be unsecured, which may result in greater risk and loss of principal. |
• | The equity interests we receive may not appreciate in value and, in fact, may decline in value. |
• | Some of the loans in which we may invest may be “covenant-lite” loans, which may have a greater risk of loss as compared to investments in or exposure to loans with financial maintenance covenants. |
• | An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies. |
• | Price declines in the corporate leveraged loan market may adversely affect the fair value of our portfolio, reducing our net asset value through increased net unrealized depreciation and the incurrence of realized losses. |
• | The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay you distributions, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. |
• | We have not established any limit on the extent to which we may use sources other than cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies). |
• | Distributions on our common stock may exceed our taxable earnings and profits, particularly during the period before we have substantially invested the net proceeds from our public offering. Therefore, portions of the distributions that we pay may represent a return of capital to you for U.S. federal tax purposes. A return of capital is a return of a portion of your original investment in shares of our common stock. As a result, a return of capital will (i) lower your adjusted tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares and (ii) reduce the amount of funds we have for investment in portfolio companies. We have not established any limit on the extent to which we may use sources other than cash flows from operations to fund distributions. |
• | Distributions may also be funded in significant part, directly or indirectly, from (i) the waiver of certain investment advisory fees that will not be subject to repayment to our Adviser and/or (ii) the deferral of certain investment advisory fees that may be subject to repayment to our Adviser and/or (iii) the reimbursement of certain operating expenses, that will be subject to repayment to our Adviser and its affiliates. Significant portions of distributions may not be based on investment performance. In the event distributions are funded from waivers and/or deferrals of fees and reimbursements by our affiliates, such funding may not continue in the future. If our affiliates do not agree to reimburse certain of our operating expenses or waive certain of their advisory fees, then significant portions of our distributions may come from sources other than cash flows from operations. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled. |
• | If we are unable to raise substantial funds in our ongoing, continuous “best efforts” offering, we may be limited in the number and type of investments we may make. |
• | To the extent original issue discount (“OID”), and payment-in-kind (“PIK”), interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of the cash representing such income. |
• | Because the Dealer Manager is an affiliate of Blue Owl, you will not have the benefit of an independent review of this prospectus customarily performed in underwritten offerings. |
• | The Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking by us. |
Strategy |
Funds |
Asset Under Management | ||
Diversified Lending |
The diversified lending strategy is primarily offered through four BDCs: Blue Owl Capital Corporation (“OBDC”), Blue Owl Capital Corporation II (“OBDC II”), Blue Owl Capital Corporation III (“OBDC III”), and the Company. | As of September 30, 2023, the diversified lending strategy had $46.1 billion of assets under management. | ||
Technology Lending |
The technology lending strategy is managed through three BDCs: Blue Owl Technology Finance Corp. (“OTF”), Blue Owl Technology Finance Corp. II (“OTF II”) and Blue Owl Technology Income Corp. (“OTIC”, and together with OBDC, OBDC II, OBDC III, OTF, OTF II, and the Company, “the Blue Owl BDCs”). | As of September 30, 2023, the technology lending strategy had $18.8 billion of assets under management. |
Strategy |
Funds |
Asset Under Management | ||
products and services. This strategy focuses on companies that operate in technology-related industries or sectors which include, but are not limited to, information technology, application or infrastructure software, financial services, data and analytics, security, cloud computing, communications, life sciences, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors. | ||||
First Lien Lending |
The first lien lending strategy is managed through private funds and separately managed accounts. | As of September 30, 2023, the first lien lending strategy had $3.7 billion of assets under management. | ||
Opportunistic Lending |
The opportunistic lending strategy is managed through private funds and separately managed accounts. | As of September 30, 2023, the opportunistic lending strategy had $2.4 billion of assets under management. |
• | First-lien debt. |
• | Stand-alone first lien loans. |
• | Unitranche loans |
effective interest rate, through arrangements among the lenders, than the “first out” lenders or lenders in stand-alone first-lien loans. Agreements among lenders also typically provide greater voting rights to the “last out” lenders than the intercreditor agreements to which second-lien lenders often are subject. Among the types of first-lien debt in which we may invest, “last out” first-lien loans generally have higher effective interest rates than other types of first-lien loans, since “last out” first-lien loans rank below standalone first-lien loans. |
• | Second-lien debt |
• | Mezzanine debt |
• | Broadly Syndicated Loans |
• | requiring a total return on our investments (including both interest and potential equity appreciation) that compensates us for credit risk; |
• | negotiating covenants in connection with our investments consistent with preservation of our capital. Such restrictions may include affirmative covenants (including reporting requirements), negative covenants (including financial covenants), lien protection, change of control provisions and board rights, including either observation rights or rights to a seat on the board under some circumstances; and |
• | including debt amortization requirements, where appropriate, to require the timely repayment of principal of the loan, as well as appropriate maturity dates. |
• | Amergin, which consists of AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. Amergin was created to invest in a leasing platform focused on railcar and aviation assets. |
• | Fifth Season Investment LLC (f/k/a Chapford SMA Partnership, L.P.) (“Fifth Season”), a portfolio company created to invest in life settlement assets. |
• | Blue Owl Credit Income Senior Loan Fund LLC (f/k/a Owl Rock Core Income Corp. Senior Loan Fund LLC) (“OCIC SLF”), a Delaware limited liability company, which is a joint venture between us and State Teachers Retirement System of Ohio. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. |
• | LSI Financing 1 DAC (“LSI Financing”), a portfolio company formed to acquire a contractual right to revenue pursuant to an earnout agreement in the life sciences space. |
• | Read the entire final prospectus and the current supplement(s), if any, accompanying the final prospectus. |
• | Complete the execution copy of the subscription agreement. A specimen copy of the subscription agreement is included as Appendix A. |
• | Deliver payment for the amount of the shares being subscribed for along with the completed subscription agreement. You should direct your payment to “UMB Bank, N.A., as escrow agent for Blue Owl Credit Income Corp.” The initial minimum permitted purchases are $25 thousand for the Class S and Class D shares, and $1 million for the Class I shares unless waived by the Dealer Manager. Additional purchases must be for a minimum of $500 for the Class S, Class D and Class I shares, except for purchases made pursuant to our distribution reinvestment plan. |
• | By executing the subscription agreement and paying the full amount being subscribed for, each investor attests that he or she meets the minimum income and net worth standards as stated in the subscription agreement. |
• | No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of our net asset value for that immediately preceding calendar quarter. We refer to this as the quarterly preferred return. |
• | All of our pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which we refer to as the upper level breakpoint, of our net asset value for that immediately preceding calendar quarter, will be payable to our Adviser. We refer to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of our pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of our net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter. |
• | For any quarter in which our pre-incentive fee net investment income exceeds the upper level break point of 1.43% of our net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of our pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved. |
• | Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by us of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. |
Stockholder transaction expenses (fees paid directly from your investment) | Class S | Class D | Class I | |||||||||
Maximum Upfront Selling Commissions(1) |
% | % | % | |||||||||
Distribution reinvestment plan fees |
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Maximum Early Withdrawal Charges |
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Total Stockholder transaction expenses |
% | % | % |
Annual expenses ( |
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Base management fees(3) |
% | % | % | |||||||||
Incentive fees(4) |
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Interest payment on borrowed funds(5) |
% | % | % | |||||||||
Ongoing service fee(6) |
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Acquired fund fees and expenses(7) |
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Other expenses(8) |
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Total annual expenses |
% | % | % | |||||||||
Total net annual expenses |
% | % | % |
(1) | “Upfront Sales Load” includes (1) in the case of the Class S shares, Upfront Sales Load of up to 3.50% and (2) in the case of the Class D shares, Upfront Sales Load of up to 1.50%. See “Plan of Distribution — Compensation Paid to the Dealer Manager and Participating Broker-Dealers.” |
(2) | Average net assets employed as the denominator for expense ratio computation is $10.0 billion. This estimate is based on the assumption that we sell $4.2 billion of common stock during the following 12-month period. Actual net assets will depend on the number of shares we actually sell, realized gains/losses, unrealized appreciation/depreciation and share repurchase activity, if any. |
(3) | |
(4) | We may have capital gains and investment income that could result in the payment of an incentive fee. The incentive fees, if any, are divided into two parts: |
• | An incentive fee on net investment income, which we refer to as the incentive fee on income, will be calculated and payable quarterly in arrears and will be based upon our pre-incentive fee net investment income for the calendar quarter. The quarterly incentive fee on net investment income is (a) 100% of the pre-incentive fee net investment income between 1.25%, which we refer to as the quarterly preferred return, and 1.43%, which we refer to as the upper level breakpoint, of our net asset value for that calendar quarter plus |
operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by us of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days in each calendar quarter. |
• | An incentive fee on capital gains will be earned on liquidated investments and will be calculated and payable in arrears as of the end of each calendar year. It will be equal to (i) 12.50% of our realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S. GAAP. |
(5) | We may borrow funds to make investments, including before we have fully invested the proceeds of this continuous offering. To the extent that we determine it is appropriate to borrow funds to make investments, the costs associated with such borrowing will be indirectly borne by shareholders. The figure in the table assumes that we borrow for investment purposes an amount equal to 100% of our average net assets in the following 12-month period, and that the average annual cost of borrowings, excluding the amortization of cost associated with obtaining borrowings, on the amount borrowed is 7.20%. The assumed weighted average interest rate on our total debt outstanding was 7.38%. Our ability to incur leverage during the following 12 months depends, in large part, on the amount of money we are able to raise through the sale of shares registered in this offering. |
(6) | Percentage reflects an ongoing servicing fees of 0.85% and 0.25% for Class S and Class D shares, respectively, of the estimated value of such shares, as determined in accordance with applicable FINRA rules. The ongoing servicing fee will accrue daily and will be paid on a monthly basis. The ongoing servicing fees will compensate our affiliated Dealer Manager and its affiliates, participating broker-dealers and financial representatives for services rendered to shareholders, including, among other things, responding to customer inquiries of a general nature regarding the Company; crediting distributions from us to customer accounts; arranging for bank wire transfer of funds to or from a customer’s account; responding to customer inquiries and requests regarding shareholder reports, notices, proxies and proxy statements, and other Company documents; forwarding prospectuses, tax notices and annual and quarterly reports to beneficial owners of our shares; assisting us in establishing and maintaining shareholder accounts and records; assisting customers in changing account options, account designations and account addresses, and providing such other similar services as we may reasonably request to the extent the an authorized service provider is permitted to do so under applicable statutes, rules or regulations. The ongoing servicing fees are similar to sales commissions in that the servicing expenses borne by the Dealer Manager, its affiliates, participating broker-dealers and financial representatives may be different from and substantially less than the amount of ongoing servicing fees charged. The ongoing servicing fees are payable by us with respect to our Class S and Class D shares. See “Plan of Distribution” for a more complete description of the compensation paid to the dealer manager and others affiliated with the sale of shares. |
(7) | From time to time, we may invest in the securities or other investment instruments of public investment companies or BDCs. In addition, under the 1940 Act we may invest in private investment companies in limited circumstances. If we were to make such investments, we would incur additional fees. As we do not expect any material expenses from investing in securities or other instruments of registered |
investment companies, BDCs, or other investment funds, we have not included any such expenses in this line item. |
(8) | |
Return Assumption |
1 Year |
3 Years |
5 Years |
10 Years |
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You would pay the following expenses on a $1,000 investment, assuming a 5.00% annual return from investment income: |
$ | $ | $ | $ | ||||||||||||
Total expenses assuming a 5.00% annual return solely from realized capital gains: |
$ | $ | $ | $ | ||||||||||||
Class D Shares |
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Return Assumption |
1 Year |
3 Years |
5 Years |
10 Years |
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You would pay the following expenses on a $1,000 investment, assuming a 5.00% annual return from investment income: |
$ | $ | $ | $ | ||||||||||||
Total expenses assuming a 5.00% annual return solely from realized capital gains: |
$ | $ | $ | $ | ||||||||||||
Class I Shares |
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Return Assumption |
1 Year |
3 Years |
5 Years |
10 Years |
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You would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return from investment income: |
$ | $ | $ | $ | ||||||||||||
Total expenses assuming a 5.00% annual return solely from realized capital gains: |
$ | $ | $ | $ |
For the Nine Months Ended September 30, |
For the Years Ended December 31, |
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2023 (Unaudited) |
2022 |
2021 |
2020(8) |
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($ in thousands, except share and per share amounts) |
Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock (7) |
Class D common stock (7) |
Class I common stock |
Class S common stock (7) |
Class D common stock (7) |
Class I common stock |
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Per share data: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, at beginning of period |
$ |
9.06 |
$ |
9.07 |
$ |
9.08 |
$ |
9.33 |
$ |
9.33 |
$ |
9.34 |
$ |
9.26 |
$ |
9.26 |
$ |
9.44 |
$ |
— |
$ |
— |
$ |
10.00 |
||||||||||||||||||||||||
Results of operations: |
||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) |
0.78 |
0.82 |
0.84 |
0.76 |
0.81 |
0.84 |
0.59 |
0.64 |
0.63 |
— |
— |
(0.71 |
) | |||||||||||||||||||||||||||||||||||
Net realized and unrealizedgain (loss) (2) |
0.17 |
0.17 |
0.18 |
(0.31 |
) |
(0.35 |
) |
(0.38 |
) |
(0.06 |
) |
(0.06 |
) |
(0.22 |
) |
— |
— |
0.15 |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) in net assets resulting fromoperations |
$ |
0.95 |
$ |
0.99 |
$ |
1.02 |
$ |
0.45 |
$ |
0.46 |
$ |
0.46 |
$ |
0.53 |
$ |
0.58 |
$ |
0.41 |
$ |
— |
$ |
— |
$ |
(0.56 |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Shareholder distributions: |
||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from net investment income (3) |
(0.61 |
) |
(0.65 |
) |
(0.67 |
) |
(0.72 |
) |
(0.72 |
) |
(0.72 |
) |
(0.46 |
) |
(0.51 |
) |
(0.51 |
) |
— |
— |
— |
|||||||||||||||||||||||||||
Distributions from realizedgains (3) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
Distributions in excess of net investment income (3) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
— |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net decrease in net assets from shareholders’distributions |
$ |
(0.61 |
) |
$ |
(0.65 |
) |
$ |
(0.67 |
) |
$ |
(0.72 |
) |
$ |
(0.72 |
) |
$ |
(0.72 |
) |
$ |
(0.46 |
) |
$ |
(0.51 |
) |
$ |
(0.51 |
) |
$ |
— |
$ |
— |
$ |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total increase (decrease) in net assets |
0.34 |
0.34 |
0.35 |
(0.27 |
) |
(0.26 |
) |
(0.26 |
) |
0.07 |
0.07 |
(0.10 |
) |
— |
— |
(0.56 |
) | |||||||||||||||||||||||||||||||
Net asset value, at end of period |
$ |
9.40 |
$ |
9.41 |
$ |
9.43 |
$ |
9.06 |
$ |
9.07 |
$ |
9.08 |
$ |
9.33 |
$ |
9.33 |
$ |
9.34 |
$ |
— |
$ |
— |
$ |
9.44 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total return (4) |
8.6 |
% |
9.1 |
% |
9.4 |
% |
4.2 |
% |
4.9 |
% |
5.2 |
% |
5.1 |
% |
6.1 |
% |
4.3 |
% |
— |
% |
— |
% |
(5.6 |
)% |
For the Nine Months Ended September 30, |
For the Years Ended December 31, |
|||||||||||||||||||||||||||||||||||||||||||||||
2023 (Unaudited) |
2022 |
2021 |
2020(8) |
|||||||||||||||||||||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) |
Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock (7) |
Class D common stock (7) |
Class I common stock |
Class S common stock (7) |
Class D common stock (7) |
Class I common stock |
||||||||||||||||||||||||||||||||||||
Ratios |
||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of net expenses to average net assets (5)(6) |
11.1 |
% |
10.6 |
% |
10.3 |
% |
9.8 |
% |
8.7 |
% |
8.4 |
% |
7.0 |
% |
7.2 |
% |
6.6 |
% |
— |
% |
— |
% |
6.5 |
% | ||||||||||||||||||||||||
Ratio of net investments income to average net assets (6) |
11.4 |
% |
12.1 |
% |
12.4 |
% |
9.0 |
% |
9.4 |
% |
9.9 |
% |
6.1 |
% |
6.8 |
% |
6.6 |
% |
— |
% |
— |
% |
(5.9 |
)% | ||||||||||||||||||||||||
Portfolio turnover rate |
3.7 |
% |
3.7 |
% |
3.7 |
% |
11.3 |
% |
11.3 |
% |
11.3 |
% |
35.8 |
% |
35.8 |
% |
35.8 |
% |
— |
% |
— |
% |
3.7 |
% | ||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding |
236,530,998 |
58,042,790 |
407,774,285 |
149,191,401 |
38,303,974 |
239,914,771 |
14,469,872 |
6,090,894 |
30,150,794 |
— |
— |
1,030,869 |
||||||||||||||||||||||||||||||||||||
Shares outstanding, end of period |
277,661,749 |
63,961,682 |
471,968,302 |
196,951,435 |
48,895,298 |
332,811,718 |
60,700,920 |
18,552,331 |
90,103,200 |
— |
— |
1,300,100 |
||||||||||||||||||||||||||||||||||||
nNet assets, end of period |
$ |
2,610,435 |
$ |
602,053 |
$ |
4,449,480 |
$ |
1,784,126 |
$ |
443,244 |
$ |
3,022,383 |
$ |
566,395 |
$ |
173,161 |
$ |
841,172 |
$ |
— |
$ |
— |
$ |
12,273 |
(1) |
The per share data was derived using the weighted average shares outstanding during the period. |
(2) |
The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. |
(3) |
The per share data was derived using actual shares outstanding at the date of the relevant transaction. |
(4) |
Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time). |
(5) |
Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. For the nine months ended September 30, 2023, the total operating expenses to average net assets were 1.2%, 0.6% and 0.3%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. For the year ended December 31, 2022, the total operating expenses to average net assets were 1.4%, 0.7% and 0.4%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. For the year ended December 31, 2021, the total operating expenses to average net assets were 9.8%, 8.7% and 8.4%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. Past performance is not a guarantee of future results. |
(6) | The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g., initial organization expenses) and offering expenses. |
(7) | Class S common stock shares were first issued on April 1, 2021. Class D common stock shares were first issued on March 1, 2021. |
(8) | The Company commenced operations on November 10, 2020. There were no Class S or Class D shares of common stock outstanding as of December 31, 2020. |
Q: |
What are business development companies? |
A: |
Business development companies, or BDCs, are closed-end funds that elect to be treated as BDCs under the 1940 Act. As such, BDCs are subject to only certain sections of and rules under the 1940 Act, as well as the Securities Act and the Exchange Act. BDCs typically invest in private or thinly traded public companies in the form of long-term debt or equity capital, with the goal of generating current income and/or capital growth. BDCs can be internally or externally managed and may qualify to elect to be taxed as regulated investment companies, or RICs, for U.S. federal tax purposes if they so choose. |
Q: |
What was Blue Owl Credit Income Corp. formerly known as? |
A: |
Blue Owl Credit Income Corp. was formerly known as “Owl Rock Core Income Corp.” On June 22, 2023, we filed Articles of Amendment in the state of Maryland to formally change our name to “Blue Owl Credit Income Corp.” Our new name took effect on July 6, 2023. |
Q: |
What is a RIC? |
A: |
A RIC is a regulated investment company under Subchapter M of the Code. A RIC generally is not subject to U.S. federal income tax on income it timely distributes to its shareholders as dividends. To qualify as a RIC, a BDC must meet certain source-of-income and asset diversification requirements. In addition, in order to maintain RIC tax treatment, a BDC must distribute to its shareholders for each taxable year at least 90% of its “investment company taxable income,” which is generally its net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses. |
Q: |
What is a “best efforts” securities offering and how long will this securities offering last? |
A: |
When shares of common stock are offered to the public on a “best efforts” basis, the broker-dealers participating in the offering are only required to use their best efforts to sell such shares. Broker-dealers are not underwriters, and they do not have a firm commitment or obligation to purchase any of the shares of common stock. We intend to file post-effective amendments to our registration statement, which will be subject to SEC review, to allow us to continue this offering. |
Q: |
At what periodic frequency do we intend to accept and close on subscriptions? |
A: |
We intend to schedule monthly closings on subscriptions received and accepted by us. |
Q: |
Who can buy shares of common stock in this offering? |
A: |
While the minimum net worth and investment levels may be higher in certain jurisdictions, unless otherwise indicated, you may buy Class S, Class D and Class I shares of our common stock pursuant to this prospectus if you have either (1) a net worth of at least $70,000 and an annual gross income of at least $70,000 or (2) a net worth of at least $250,000. For this purpose, net worth does not include your home, home furnishings and personal automobiles. See “Suitability Standards.” |
Q: |
Is there any minimum initial investment required? |
A: | Yes. To purchase Class S or Class D shares in this offering, you must make an initial purchase of at least $25 thousand, unless the requirement is waived by the Dealer Manager. Once you have satisfied the minimum initial purchase requirement, any additional purchases of Class S or Class D shares in this offering must be in amounts of at least $500, except for additional purchases pursuant to our distribution reinvestment plan. To purchase Class I shares in this offering, you must make an initial purchase of at least $1 million, unless the requirement is waived by the Dealer Manager. Once you have satisfied the minimum initial purchase requirement, any additional purchases of Class I shares in this offering must be in amounts of at least $500, except for additional purchases pursuant to our distribution reinvestment plan. Such minimum purchase amounts may be waived in our sole discretion. See “Plan of Distribution.” |
Q: |
What is the per share purchase price? |
A: |
Each class of shares will be sold at the then-current net offering price per share for such class, which will include any applicable Upfront Sales Load, and the net offering price will not be lower than the net asset value per share for such class. We sell our shares at a net offering price that we believe reflects the net asset value per share as determined in accordance with the Company’s share pricing policy. We will modify our public offering price to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that we not sell our shares at a net offering price below our net asset value per share unless we obtain the requisite approval from our shareholders. |
Q: |
When may I make purchases of shares and at what price? |
A: |
Subscriptions to purchase our common stock may be made on an ongoing basis, but investors may only purchase our common stock pursuant to accepted subscription orders as of the first business day of each month and, to be accepted, a subscription request must be received in good order at least five business days prior to the first business day of the month (unless waived by the Dealer Manager). The purchase price per share of each class will be equal to the current net offering price per share, which will include any applicable Upfront Sales Load. |
Q: |
When will the net asset value per share be available? |
A: |
We intend to report our net asset value per share as of the last day of each month on our website within 20 business days of the last day of each month. Because subscriptions must be submitted at least five business days prior to the first day of each month, you will not know the net asset value per share at which you will be subscribing at the time you subscribe. |
Q: |
How is your net asset value per share calculated? |
A: |
The net asset value of a class of shares depends on the number of shares of the applicable class outstanding at the time the net asset value of the applicable share class is determined and the amount of ongoing servicing fees imposed on such class. As such, the net asset value of each class of shares may vary among classes of shares and if we sell different amounts of shares per class. The net asset value per share of a class of our outstanding shares of common stock is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of shares of common stock outstanding at the date as of which the determination is made. |
Q: |
May I reinvest my cash distributions in additional shares? |
A: |
Yes. We have adopted a distribution reinvestment plan whereby shareholders (other than Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Oklahoma, Oregon, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of the same class of our common stock to which the distribution relates unless they elect to receive their distributions in cash. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Oklahoma, Oregon, Vermont and Washington investors, and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan, will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of our common stock. |
Q: |
Can I request that my shares be repurchased? |
A: |
Subject to the discretion of the Board, we have commenced a share repurchase program pursuant to which we intend to conduct quarterly repurchase offers to allow our shareholders to tender their shares at a price equal to the current net offering price per share for the applicable class of shares on each date of repurchase. However, we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular quarter in our discretion. In addition, our ability to fulfill repurchase requests is subject to a number of limitations. As a result, share repurchases may not be available each quarter. |
Q: |
Will I receive a stock certificate? |
A: |
No. Our Board has authorized the issuance of shares of our capital stock without stock certificates. All shares of our common stock are issued in book-entry form only. The use of book-entry registration protects against loss, theft or destruction of stock certificates and reduces our offering costs and transfer agent costs. |
Q: |
Can I invest through my IRA, SEP or after-tax deferred account? |
A: |
Yes, subject to the suitability standards. A custodian, trustee or other authorized person must process and forward to us subscriptions made through individual retirement accounts, or IRAs, simplified employee pension plans, or SEPs, or after-tax deferred accounts. In the case of investments through IRAs, SEPs or after-tax deferred accounts, we will send the confirmation and notice of our acceptance to such custodian, trustee or other authorized person. Please be aware that in purchasing shares, custodians or directors of, or any other person providing advice to, employee pension benefit plans or IRAs may be subject to the fiduciary duties imposed by the Employee Retirement Income Security Act of 1974, as amended, or ERISA, or other applicable laws and to the prohibited transaction rules prescribed by ERISA and related provisions of the Code. These additional fiduciary duties may require the custodian, trustee, director or any other person providing investment advice to employee pension benefit plans or IRAs to provide information about the services provided and fees received, separate and apart from the disclosures in this prospectus. In addition, prior to purchasing shares, the trustee or custodian of an employee pension benefit plan or an IRA should determine that such an investment would be permissible under the governing instruments of such plan or account and applicable law. See “Suitability Standards” for more information. |
Q: |
What kinds of fees will I incur? |
A: | As an externally managed BDC, we will incur various recurring fees, including the base management fees and incentive fees that are payable under the Investment Advisory Agreement and administrative costs that are payable under the Administration Agreement. These expenses incurred by us will be directly borne by shareholders. See “Fees and Expenses” and “Management and Other Agreements and Fees — Investment Advisory Agreement” and “Plan of Distribution” for more information. |
Q: |
What is the difference among the three classes of shares? |
A: | We are offering to the public three classes of shares of our common stock, Class S, Class D and Class I shares. The differences among the share classes relate to the Upfront Sales Load and ongoing servicing fees. Purchases of Class S shares will be subject to an Upfront Sales Load of up to 3.50%, excluding shares issued pursuant to the distribution reinvestment plan, and purchaser of Class D shares will be subject to an Upfront Sales Load of up to 1.50%, excluding shares issued pursuant to the distribution reinvestment plan. Shareholders holding Class S and Class D shares will be subject to annual ongoing servicing fees of 0.85% and 0.25%, respectively. See “Share Class Specifications” for more information. No Upfront Sales Load or ongoing servicing fees are paid with respect to Class I shares. See “Share Class Specifications” and “Plan of Distribution” for a discussion of the differences between our Class S, Class D and Class I shares. |
Upfront Sales Load |
Annual Ongoing Servicing Fees |
Maximum Ongoing Servicing Fees Over Life of Investment (Length of Time) |
Total (Length of Time) |
|||||||||||||
Class S |
$ | 350 | $ | 85 | $ | 685(8.1 years) | $ | 1,035 (8.1 years) | ||||||||
Class D |
$ | 150 | $ | 25 | $ | 865(34.6 years) | $ | 1,015 (34.6 years) | ||||||||
Class I |
$ | — | $ | — | $ | — | $ | — |
Q: |
How will the payment of fees and expenses affect my invested capital? |
A: |
The payment of fees and expenses will reduce: (i) the funds available to us for investments in portfolio companies, (ii) the net income generated by us, (iii) funds available for distribution to our shareholders and (iv) the net asset value of your shares of common stock. |
Q: |
Are there any restrictions on the transfer of shares? |
A: | Shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where a transfer is restricted by federal and state securities laws or by contract. We do not intend to list our securities on any national securities exchange and we do not expect there to be a public market for our shares in the foreseeable future. As a result, your ability to sell your shares will be limited. We will not charge for transfers of our shares except for necessary and reasonable costs actually incurred by us; provided, however that, except in certain cases where the holder of Class S or Class D shares exits a relationship, a shareholder may not request that the shareholder’s shares be transferred or exchanged into any class of shares that is different from the class of shares for which the shareholder subscribed. See “Risk Factors — Risks Related to an Investment in our Common Stock.” |
Q: |
Are there risks related to an investment in this offering? |
A: | Investing in our common stock may be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment. Shares of our common stock are highly illiquid and appropriate only as a long-term investment. Please see “Risk Factors” for a discussion of the risks related to an investment in this offering. |
Q: |
Will I be able to sell my shares of common stock in a secondary market? |
A: |
We do not intend to list our shares on a securities exchange and do not expect a public market to develop for our shares in the foreseeable future. Because of the lack of a trading market for our shares, shareholders may not be able to sell their shares promptly or at a desired price. If you are able to sell your shares, you may have to sell them at a discount to the purchase price of your shares. |
Q: |
Will I otherwise be able to liquidate my investment? |
A: |
The purchase of our shares of common stock is intended to be a long-term investment. We do not intend to complete a liquidity event within any specific time period, if at all, and we do not intend to list our shares on a national securities exchange. |
Q: |
Will the distributions I receive be taxable? |
A: |
Yes. We have elected to be treated as a RIC for U.S. federal tax purposes, and intend to continue to qualify to be treated as a RIC. Although, as a RIC, we generally will not be subject to federal income tax on |
amounts that we timely distribute to our shareholders as dividends, such distributions generally are taxable to shareholders as ordinary income or capital gains. Distributions of our “investment company taxable income” (generally our net ordinary income plus |
Q: |
When will I get my detailed tax information? |
A: | Consistent with the Code requirements, we intend to send to each of our U.S. shareholders subject to IRS tax reporting, as promptly as possible after the end of each calendar year, a Form 1099-DIV detailing the amounts includible in such U.S. shareholder’s taxable income for such year as dividend income and as capital gain dividends, if any. |
Q: |
Where are the principal executive offices of Blue Owl Credit Income Corp.? |
A: |
Our principal executive offices are located at 399 Park Avenue, New York, NY 10022. |
Q: |
Who can help answer my questions? |
A: |
If you have more questions about this offering and the suitability of investing, you should contact your registered representative, financial advisor or investment advisory representative. If at any time you wish to receive this prospectus or any amendments to it, you may do so, free of charge, by contacting us through written communication at 399 Park Avenue, New York, NY 10022 or by telephone at 888-215-2015 or by downloading these materials on our website at www.ocic.com |
Q: |
Will I be notified of how my investment is doing? |
A: |
Yes. We will provide you with periodic updates on the performance of your investment with us, including: |
• | three quarterly financial reports and investor statements; |
• | an annual report; |
• | in the case of certain U.S. shareholders, an annual IRS Form 1099-DIV or IRS Form 1099-B, if required, and, in the case of non-U.S. shareholders, an annual IRS Form 1042-S; |
• | confirmation statements (after transactions affecting your balance, except reinvestment of distributions in us and certain transactions through minimum account investment or withdrawal programs); and |
Assumed Return on Our Portfolio (Net of Expenses) |
||||||||||||||||||||
-10% |
-5% |
0% |
5% |
10% |
||||||||||||||||
Corresponding return to common shareholder(1) |
- |
% | - |
% | - |
% | % | % |
(1) | Assumes, as of September 30, 2023 (i) $15.2 billion in total assets, (ii) $7.1 billion in outstanding indebtedness, (iii) $7.7 billion in net assets and (iv) weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs), of 7.2%. |
• | A number of our competitors may have or are perceived to have more expertise or financial, technical, marketing and other resources and more personnel than we do; |
• | We may not perform as well as competitors’ funds or other available investment products; |
• | Several of our competitors have raised significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities; |
• | Some of our competitors may have lower fees or alternative fee arrangements; |
• | Some of our competitors may have a lower cost of capital and access to funding sources that are not available to us, which may create competitive disadvantages for us; |
• | Some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds than us, which could allow them to consider a wider variety of investments and to bid more aggressively than us or to agree to less restrictive legal terms and protections for investments that we want to make; and |
• | Some of our competitors may be subject to less regulation or conflicts of interest and, accordingly, may have more flexibility to undertake and execute certain businesses or investments than we do, bear less compliance expense than we do or be viewed differently in the marketplace. |
• | the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors’ rights laws, |
• | so-called lender-liability claims by the issuer of the obligations, |
• | environmental liabilities that may arise with respect to collateral securing the obligations, and |
• | limitations on our ability to directly enforce its rights with respect to participations. |
• | Original issue discount instruments may have unreliable valuations because the accruals require judgments about collectability or deferred payments and the value of any associated collateral; |
• | Original issue discount instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower; |
• | For U.S. GAAP purposes, cash distributions to shareholders that include a component of OID income do not come from paid-in capital, although they may be paid from the sources other than cash flows from operations. Thus, although a distribution of OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this fact; |
• | The presence of OID and PIK creates the risk of non-refundable cash payments to our Adviser in the form of incentive fees on income based on non-cash OID and PIK accruals that may never be realized; and |
• | In the case of PIK, “toggle” debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing incentive fees. |
• | foreign governmental laws, rules and policies, including those relating to taxation and bankruptcy and restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States and any adverse changes in these laws; |
• | foreign currency devaluations that reduce the value of and returns on our foreign investments; |
• | adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which we may invest; |
• | adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which we may invest; |
• | the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country; |
• | changes that adversely affect the social, political and/or economic stability of a foreign country in which we may invest; |
• | high inflation in the foreign countries in which we may invest, which could increase the costs to us of investing in those countries; |
• | deflationary periods in the foreign countries in which we may invest, which could reduce demand for our assets in those countries and diminish the value of such investments and the related investment returns to us; and |
• | legal and logistical barriers in the foreign countries in which we may invest that materially and adversely limit our ability to enforce our contractual rights with respect to those investments. |
• | have reduced access to the capital markets, resulting in diminished capital resources and ability to withstand financial distress; |
• | may have limited financial resources and may be unable to meet their obligations under their debt obligations that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment; |
• | may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns; |
• | are more likely to depend on the management talents and efforts of a small group of persons and, therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company and, in turn, on us; and |
• | generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. |
• | changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons; |
• | changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; |
• | loss of RIC tax treatment or BDC status; |
• | distributions that exceed our net investment income and net income as reported according to U.S. GAAP; |
• | changes in earnings or variations in operating results; |
• | changes in accounting guidelines governing valuation of our investments; |
• | any shortfall in revenue or net income or any increase in losses from levels expected by investors; |
• | departure of our Adviser or certain of its key personnel; |
• | general economic trends and other external factors; and |
• | loss of a major funding source. |
• | sudden electrical or telecommunications outages; |
• | natural disasters such as earthquakes, tornadoes and hurricanes; |
• | disease pandemics, including the COVID-19 pandemic; |
• | events arising from local or larger scale political or social matters, including terrorist acts; |
• | outages due to idiosyncratic issues at specific service providers; and |
• | cyber-attacks. |
• | an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies; |
• | an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies; |
• | the impact of rising interest rates, elevated inflation rates, ongoing supply chain and labor market disruptions, instability in the U.S. and international banking systems, and the risk of recession or a shutdown of government services could impact our business prospects and the prospects of our portfolio companies; |
• | an economic downturn could also impact availability and pricing of our financing and our ability to access the debt and equity capital markets; |
• | a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities; |
• | interest rate volatility could adversely affect our results, particularly because we use leverage as part of our investment strategy; |
• | currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars; |
• | our future operating results; |
• | the ability of our portfolio companies to achieve their objectives; |
• | competition with other entities and our affiliates for investment opportunities; |
• | risks related to the uncertainty of the value of our portfolio investments, particularly those having no liquid trading market; |
• | the use of borrowed money to finance a portion of our investments as well as any estimates regarding potential use of leverage; |
• | the adequacy of our financing sources and working capital; |
• | the loss of key personnel; |
• | the timing of cash flows, if any, from the operations of our portfolio companies; |
• | the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments; |
• | the ability of the Adviser to attract and retain highly talented professionals; |
• | our ability to qualify for and maintain our tax treatment as a RIC under the Code, and as a BDC; |
• | the impact that environmental, social and governance matters could have on our brand and reputation and our portfolio companies; |
• | the effect of legal, tax and regulatory changes; |
• | the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; |
• | the escalated conflict in the Middle East; |
• | the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, on financial market volatility, global economic markets, and various markets for commodities globally such as oil and natural gas; and |
• | other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the SEC. |
Maximum Offering of $ 3,166,666,667 in Class S shares |
||||||||
Amount |
% |
|||||||
Gross Proceeds(1) |
$ |
3,166,666,667 |
100.00 |
% | ||||
Less Upfront Sales Load and Offering Expenses: |
||||||||
Upfront Sales Load(2) |
$ |
107,869,854 |
3.50 |
% | ||||
Organizational and Offering Expenses(3) |
$ |
1,266,667 |
0.04 |
% | ||||
Net Proceeds/Amount Available for Investments(4) |
$ |
3,057,530,146 |
96.46 |
% |
Maximum Offering of $ 3,166,666,667 in Class D shares |
||||||||
Amount |
% |
|||||||
Gross Proceeds(1) |
$ |
3,166,666,667 |
100.00 |
% | ||||
Less Upfront Sales Load and Offering Expenses: |
||||||||
Upfront Sales Load(2) |
$ |
46,614,900 |
1.50 |
% | ||||
Organizational and Offering Expenses(3) |
$ |
1,266,667 |
0.04 |
% | ||||
Net Proceeds/Amount Available for Investments(4) |
$ |
3,118,785,100 |
98.46 |
% |
Maximum Offering of $ 3,166,666,667 in Class I shares |
||||||||
Amount |
% |
|||||||
Gross Proceeds(1) |
$ |
3,166,666,667 |
100.00 |
% | ||||
Less Upfront Sales Load and Offering Expenses: |
||||||||
Upfront Sales Load(2) |
$ |
— |
0.00 |
% | ||||
Organizational and Offering Expenses(3) |
$ |
1,266,667 |
0.04 |
% | ||||
Net Proceeds/Amount Available for Investments(4) |
$ |
3,165,400,000 |
99.96 |
% |
(1) | Gross offering proceeds include the Upfront Sales Load that the Dealer Manager is entitled to receive (including any amounts that may be retained by, or reallowed (paid) to, participating broker-dealers). We intend to file post-effective amendments to the registration statement of which this prospectus is a part to allow us to continue this continuous public offering. |
(2) | For Class S shares, includes the Upfront Sales Load of 3.50% of the offering price of such shares. For Class D shares, includes the Upfront Sales Load of 1.50% of the offering price of such shares. Amounts presented in the tables are less than 3.50% and 1.50%, as applicable, of gross proceeds because the Upfront Sales Load is calculated as 3.50% and 1.50%, as applicable, of the offering price (which excludes the Upfront Sales Load), which means that the Upfront Sales Load expressed as a percentage of the total investment (including the Upfront Sales Load) is less than 3.50% and 1.50%, as applicable. We will also pay the following ongoing servicing fees to the dealer manager, subject to FINRA limitations on underwriting compensation: (a) for Class S shares only, an ongoing servicing fee equal to 0.85% per annum |
of the aggregate net asset value for the Class S shares and (b) for Class D shares only, an ongoing servicing fee equal to 0.25% per annum of the aggregate net asset value for the Class D shares, in each case, payable monthly. The total amount that will be paid over time for ongoing servicing fees depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments, and is not expected to be paid from sources other than cash flow from operating activities. See “Plan of Distribution — Compensation Paid to the Dealer Manager and Participating Broker-Dealers — Upfront Sales Load” and “— Ongoing Servicing Fees.” |
(3) | The organization and offering expense numbers shown above represent our estimates of expenses to be incurred by us in connection with this offering and include estimated wholesaling expenses reimbursable by us. See “Plan of Distribution” for examples of the types of organization and offering expenses we may incur. |
(4) | A percentage of net assets attributable to shares of common stock will be used for the payment of the base management fee, incentive fees, interest payments on borrowed funds, acquired funds fees and expenses and other expenses (including general and administrative expenses), which may result in a deduction of 9.75%, 9.15%, and 8.90% for total net annual expenses of Class S shares, Class D shares and Class I shares, respectively. The ongoing servicing fees are similar to sales commissions in that the servicing expenses borne by the Dealer Manager, its affiliates, participating broker-dealers and financial representatives may be different from and substantially less than the amount of ongoing servicing fees charged. See “Fees and Expenses.” |
• | the requirement to invest at least 70% of our assets in “qualifying assets”, as such term is defined in the 1940 Act; |
• | source of income limitations; |
• | asset diversification requirements; and |
• | the requirement to distribute (or be treated as distributing) in each taxable year at least 90% of our investment company taxable income and tax-exempt interest for that taxable year. |
• | expenses deemed to be “organization and offering expenses” for purposes of Conduct Rule 2310(a)(12) of Financial Industry Regulatory Authority (exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of our stock); |
• | the cost of corporate and organizational expenses relating to offerings of shares of our common stock; |
• | the cost of calculating our net asset value, including the cost of any third-party valuation services; |
• | the cost of effecting any sales and repurchases of our common stock and other securities; |
• | fees and expenses payable under any dealer manager agreements, if any; |
• | debt service and other costs of borrowings or other financing arrangements; |
• | costs of hedging; |
• | expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights; |
• | escrow agent, transfer agent and custodial fees and expenses; |
• | fees and expenses associated with marketing efforts; |
• | federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; |
• | federal, state and local taxes; |
• | independent directors’ fees and expenses, including certain travel expenses; |
• | costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; |
• | the costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs); |
• | the costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; |
• | commissions and other compensation payable to brokers or dealers; |
• | research and market data; |
• | fidelity bond, directors’ and officers’ errors and omissions liability insurance and other insurance premiums; |
• | direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; |
• | fees and expenses associated with independent audits, outside legal and consulting costs; |
• | costs of winding up; |
• | costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes; |
• | extraordinary expenses (such as litigation or indemnification); and |
• | costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws. |
(1) |
Refer to footnote (1) of our weighted average yields and interest rates table for more information on our calculation of weighted average yields. |
For the Three Months Ended September 30, |
||||||||
($ in thousands) | 2023 |
2022 |
||||||
New investment commitments |
||||||||
Gross originations |
$ | 1,827,171 | $ | 1,746,640 | ||||
Less: Sell downs |
(19,944 | ) | — | |||||
Total new investment commitments |
$ | 1,807,227 | $ | 1,746,640 | ||||
Principal amount of investments funded: |
||||||||
First-lien senior secured debt investments |
$ | 1,491,719 | $ | 1,279,619 | ||||
Second-lien senior secured debt investments |
35,000 | 93,250 | ||||||
Joint ventures |
35,000 | — | ||||||
Preferred equity investments |
— | 51,493 | ||||||
Common equity investments |
37,266 | 21,859 | ||||||
Total principal amount of investments funded |
$ | 1,598,985 | $ | 1,446,221 | ||||
Principal amount of investments sold or repaid: |
||||||||
First-lien senior secured debt investments |
$ | (251,695 | ) | $ | (173,079 | ) | ||
Second-lien senior secured debt investments |
(60,539 | ) | — | |||||
Preferred equity investments |
(11,584 | ) | — | |||||
Total principal amount of investments sold or repaid |
$ | (323,818 | ) | $ | (173,079 | ) | ||
Number of new investment commitments in new portfolio companies(1) |
23 | 25 | ||||||
Average new investment commitment amount in new portfolio companies ($ in thousands) |
31,950 | 67,122 | ||||||
Weighted average term for new investment commitments (in years) |
5.5 | 6.1 | ||||||
Percentage of new debt investment commitments at floating rates |
97.9 | % | 99.6 | % |
Percentage of new debt investment commitments at fixed rates |
2.1 | % | 0.4 | % | ||||
Weighted average interest rate of new debt investment commitments(2)(3) |
11.2 | % | 9.6 | % | ||||
Weighted average spread over applicable base rate of new floating rate debt investment commitments |
5.8 | % | 6.0 | % |
(1) | Number of new investment commitments represents commitments to a particular portfolio company. |
(2) | For the three months ended September 30, 2023, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 5.40% as of September 30, 2023. |
(3) | For the three months ended September 30, 2022, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR which was 3.59% as of September 30, 2022. |
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020(5) |
|||||||||
New investment commitments |
||||||||||||
Gross originations |
$ | 9,513,338 | $ | 4,117,615 | $ | 15,980 | ||||||
Less: Sell downs |
(229,705 | ) | (97,800 | ) | (269 | ) | ||||||
Total new investment commitments |
$ | 9,283,633 | $ | 4,019,815 | $ | 15,711 | ||||||
Principal amount of investments funded: |
||||||||||||
First-lien senior secured debt investments |
$ | 6,048,146 | $ | 2,780,567 | $ | 9,537 | ||||||
Second-lien senior secured debt investments |
707,243 | 550,344 | 4,318 | |||||||||
Unsecured debt investments |
213,068 | 2,089 | 22 | |||||||||
Preferred equity investments |
340,291 | 57,120 | 295 | |||||||||
Common equity investments |
324,213 | 70,762 | 423 | |||||||||
Total principal amount of investments funded |
$ | 7,632,961 | $ | 3,460,882 | $ | 14,595 | ||||||
Principal amount of investments sold or repaid: |
||||||||||||
First-lien senior secured debt investments |
$ | (751,277 | ) | $ | (333,336 | ) | $ | — | ||||
Second-lien senior secured debt investments |
— | (52,000 | ) | — | ||||||||
Unsecured debt investments |
(142 | ) | — | — | ||||||||
Preferred equity investments |
(305 | ) | — | — | ||||||||
Common equity investments |
(7,350 | ) | — | — | ||||||||
Total principal amount of investments sold or repaid |
$ | (759,074 | ) | $ | (385,336 | ) | $ | — | ||||
Number of new investment commitments in new portfolio companies (1) |
126 | 97 | 11 | |||||||||
Average new investment commitment amount |
52,481 | 27,633 | 1,425 | |||||||||
Weighted average term for new investment commitments (in years) |
5.5 | 6.3 | 6.2 | |||||||||
Percentage of new debt investment commitments at floating rates |
99.2 | % | 98.9 | % | 99.8 | % | ||||||
Percentage of new debt investment commitments at fixed rates |
0.8 | % | 1.1 | % | 0.2 | % | ||||||
Weighted average interest rate of new debt investment commitments (2)(3)(4) |
10.3 | % | 6.6 | % | 7.9 | % | ||||||
Weighted average spread over applicable base rate of new floating rate debt investment commitments |
5.8 | % | 5.8 | % | 6.9 | % |
(1) | Number of new investment commitments represents commitments to a particular portfolio company. |
(2) | For the year ended December 31, 2022, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month SOFR, which was 4.59% as of December 31, 2022. |
(3) | For the year ended December 31, 2021, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR which was 0.21% as of December 31, 2021. |
(4) | For the year ended December 31, 2020, assumes each floating rate commitment is subject to the greater of the interest rate floor (if applicable) or 3-month LIBOR, which was 0.24% as of December 31, 2020. |
(5) | The Company commenced operations on November 10, 2020. |
September 30, 2023 |
December 31, 2022 |
December 31, 2021 |
||||||||||||||||||||||
($ in thousands) | Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
||||||||||||||||||
First-lien senior secured debt investments(1) |
$ | 11,650,727 | $ | 11,669,133 | (6) | $ | 8,499,854 | $ | 8,448,540 | (5) | $ | 2,490,219 | $ | 2,491,334 | ||||||||||
Second-lien senior secured debt investments |
1,180,700 | 1,148,915 | 1,203,388 | 1,142,862 | 496,559 | 498,247 | ||||||||||||||||||
Unsecured debt investments |
236,028 | 229,581 | 221,564 | 211,328 | 2,164 | 2,116 | ||||||||||||||||||
Preferred equity investments(2) |
661,628 | 657,408 | 510,033 | 500,023 | 56,696 | 56,970 | ||||||||||||||||||
Common equity investments(3) |
368,111 | 397,471 | 248,176 | 264,437 | 71,259 | 71,705 | ||||||||||||||||||
Joint Ventures(4)(5) |
257,933 | 264,772 | 141,777 | 140,394 | — | — | ||||||||||||||||||
Total Investments |
$ | 14,355,127 | $ | 14,367,280 | $ | 10,824,792 | $ | 10,707,584 | $ | 3,116,897 | $ | 3,120,372 | ||||||||||||
(1) | Includes debt investment in Amergin AssetCo. |
(2) | Includes equity investment in LSI Financing. |
(3) | Includes equity investment in Amergin AssetCo and Fifth Season. |
(4) | Includes equity investment in OCIC SLF. |
(5) | This was disclosed as “Investment funds and vehicles” as of December 31, 2022. |
(6) | 47.5% of which we consider unitranche loans. |
(7) | 55.4% of which we consider unitranche loans. |
September 30, 2023 |
December 31, 2022 |
December 31, 2021 |
||||||||||
Advertising and media |
2.2 | % | 2.8 | % | 2.8 | % | ||||||
Aerospace and defense |
0.4 | 0.4 | 0.5 | |||||||||
Asset based lending and fund finance (1) |
1.6 | 1.2 | — | |||||||||
Automotive |
1.1 | 1.4 | 1.7 | |||||||||
Buildings and real estate |
3.8 | 4.0 | 4.0 | |||||||||
Business services |
6.6 | 7.3 | 7.7 | |||||||||
Chemicals |
1.3 | 1.7 | 3.4 | |||||||||
Consumer products |
2.3 | 2.4 | 3.6 | |||||||||
Containers and packaging |
3.1 | 3.6 | 4.8 | |||||||||
Distribution |
2.3 | 2.3 | 1.7 | |||||||||
Education |
0.9 | 1.4 | 0.2 | |||||||||
Energy equipment and services |
— | 0.1 | — | |||||||||
Financial services |
3.9 | 2.6 | 4.3 | |||||||||
Food and beverage |
4.5 | 5.8 | 1.5 | |||||||||
Healthcare equipment and services |
4.7 | 3.9 | 4.1 | |||||||||
Healthcare providers and services |
12.2 | 14.4 | 8.6 | |||||||||
Healthcare technology |
4.6 | 5.2 | 7.0 | |||||||||
Household products |
2.1 | 2.4 | 0.3 | |||||||||
Human resource support services |
1.0 | 1.1 | 4.0 | |||||||||
Infrastructure and environmental services |
1.9 | 0.9 | 0.9 | |||||||||
Insurance (2) |
10.4 | 9.7 | 12.4 | |||||||||
Internet software and services |
12.8 | 13.6 | 12.3 | |||||||||
Joint ventures (3) (5) |
1.8 | 1.3 | — | |||||||||
Leisure and entertainment |
1.0 | 1.2 | 3.0 | |||||||||
Manufacturing |
4.9 | 3.0 | 2.4 | |||||||||
Pharmaceuticals (4) |
0.5 | — | — | |||||||||
Professional services |
4.5 | 2.8 | 3.6 | |||||||||
Specialty Retail |
2.2 | 3.2 | 4.8 | |||||||||
Telecommunication |
0.5 | — | 0.1 | |||||||||
Transportation |
0.9 | 0.3 | 0.3 | |||||||||
Total |
100 | % | 100 | % | 100 | % |
(1) | Includes investment in Amergin AssetCo. |
(2) | Includes equity investment in Fifth Season. |
(3) | Includes equity investment in OCIC SLF. |
(4) | Includes equity investment in LSI Financing. |
(5) | This was disclosed as “Investment funds and vehicles” as of December 31, 2022. |
September 30, 2023 |
December 31, 2022 |
December 31, 2021 |
||||||||||
United States: |
||||||||||||
Midwest |
20.3 | % | 20.4 | % | 22.8 | % | ||||||
Northeast |
18.6 | 20.0 | 17.1 | |||||||||
South |
34.1 | 29.7 | 28.0 | |||||||||
West |
17.4 | 20.7 | 26.8 | |||||||||
International |
9.6 | 9.2 | 5.3 | |||||||||
Total |
100.0 | % | 100.0 | % | 100.0 | % | ||||||
September 30, 2023 |
December 31, 2022 |
December 31, 2021 |
||||||||||
Weighted average total yield of portfolio (1) |
11.5 | % | 10.6 | % | 7.1 | % | ||||||
Weighted average total yield of debt and income producing securities (1) |
11.8 | % | 10.9 | % | 7.3 | % | ||||||
Weighted average interest rate of debt securities |
11.3 | % | 10.2 | % | 6.8 | % | ||||||
Weighted average spread over base rate of all floating rate investments |
6.0 | % | 5.9 | % | 6.0 | % |
(1) | For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending fair value. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized. |
• | assessment of success of the portfolio company in adhering to its business plan and compliance with covenants; |
• | periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; |
• | comparisons to other companies in the portfolio company’s industry; and |
• | review of monthly or quarterly financial statements and financial projections for portfolio companies. |
Investment Rating |
Description | |
1 | Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable; | |
2 | Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2; | |
3 | Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition; | |
4 | Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and | |
5 | Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered. |
September 30, 2023 |
December 31, 2022 |
December 31, 2021 |
||||||||||||||||||||||
Investment Rating |
Fair Value |
Percentage |
Fair Value |
Percentage |
Fair Value |
Percentage |
||||||||||||||||||
($ in thousands) |
||||||||||||||||||||||||
1 |
$ | 588,928 | 4.1 | % | $ | 239,458 | 2.2 | % | $ | 22,380 | 0.7 | % | ||||||||||||
2 |
13,393,268 | 93.2 | 10,335,440 | 96.6 | 3,088,498 | 99.0 | ||||||||||||||||||
3 |
379,378 | 2.6 | 127,472 | 1.2 | 9,494 | 0.3 | ||||||||||||||||||
4 |
5,706 | 0.1 | — | — | — | — | ||||||||||||||||||
5 |
— | — | 5,214 | — | — | — | ||||||||||||||||||
Total |
$ | 14,367,280 | 100.0 | % | $ | 10,707,584 | 100.0 | % | $ | 3,120,372 | 100.0 | % | ||||||||||||
September 30, 2023 |
December 31, 2022 |
December 31, 2021 |
||||||||||||||||||||||
($ in thousands) |
Amortized Cost |
Percentage |
Amortized Cost |
Percentage |
Amortized Cost |
Percentage |
||||||||||||||||||
Performing |
$ | 13,063,603 | 100.0 | % | $ | 9,914,939 | 99.9 | % | $ | 2,988,942 | 100.0 | % | ||||||||||||
Non-accrual |
3,852 | — | 9,867 | 0.1 | — | — | ||||||||||||||||||
Total |
$ | 13,067,455 | 100.0 | % | $ | 9,924,806 | 100.0 | % | $ | 2,988,942 | 100.0 | % | ||||||||||||
($ in thousands) | September 30, 2023 |
December 31, 2022 |
||||||
Total senior secured debt investments(1) |
$ | 953,942 | $ | 529,463 | ||||
Weighted average spread over base rate(1) |
3.8 | % | 4.4 | % | ||||
Number of portfolio companies |
176 | 74 | ||||||
Largest funded investment to a single borrower(1) |
$ | 14,457 | $ | 14,547 |
(1) | At par. |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of September 30, 2023 ($ in thousands) (Unaudited) |
||||||||||||||||||||||||||
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Debt Investments(5) |
||||||||||||||||||||||||||
Aerospace and defense |
||||||||||||||||||||||||||
American Airlines, Inc.(7) |
First lien senior secured loan | SR + 2.75% | 02/2028 | $ | 1,980 | $ | 1,945 | $ | 1,964 | 0.6 | % | |||||||||||||||
Avolon TLB Borrower 1 (US) LLC(6) |
First lien senior secured loan | SR + 2.50% | 06/2028 | 7,980 | 7,903 | 7,973 | 2.7 | % | ||||||||||||||||||
Barnes Group, Inc.(6) |
First lien senior secured loan | SR + 3.00% | 08/2030 | 6,500 | 6,452 | 6,503 | 2.1 | % | ||||||||||||||||||
Bleriot US Bidco, Inc.(7) |
First lien senior secured loan | SR + 4.00% | 10/2028 | 5,942 | 5,859 | 5,942 | 2.0 | % | ||||||||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6) |
First lien senior secured loan | SR + 4.00% | 08/2028 | $ | 1,047 | $ | 1,037 | $ | 1,044 | 0.3 | % | |||||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 2,444 | 2,420 | 2,437 | 0.8 | % | ||||||||||||||||||
Peraton Corp.(6) |
First lien senior secured loan | SR + 3.75% | 02/2028 | 7,491 | 7,246 | 7,468 | 2.5 | % | ||||||||||||||||||
Transdigm, Inc.(7) |
First lien senior secured loan | SR + 3.25% | 08/2028 | 3,980 | 3,972 | 3,979 | 1.3 | % | ||||||||||||||||||
Transdigm, Inc.(7) |
First lien senior secured loan | SR + 3.25% | 02/2027 | 2,978 | 2,928 | 2,979 | 1.0 | % | ||||||||||||||||||
Vertex Aerospace Services Corp. (dba V2X)(7) |
First lien senior secured loan | SR + 3.50% | 12/2028 | 2,992 | 2,989 | 2,991 | 1.0 | % | ||||||||||||||||||
43,334 | 42,751 | 43,280 | 14.3 | % | ||||||||||||||||||||||
Automotive |
||||||||||||||||||||||||||
Belron Finance US LLC(7) |
First lien senior secured loan | SR + 2.75% | 04/2029 | $ | 2,494 | $ | 2,482 | $ | 2,493 | 0.8 | % | |||||||||||||||
PAI Holdco, Inc.(7) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 6,579 | 6,135 | 6,215 | 2.1 | % | ||||||||||||||||||
9,073 | 8,617 | 8,708 | 2.9 | % | ||||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||||
84 Lumber Company(6) |
First lien senior secured loan | SR + 3.00% | 11/2026 | $ | 1,712 | $ | 1,718 | $ | 1,711 | 0.6 | % | |||||||||||||||
Beacon Roofing Supply, Inc.(6) |
First lien senior secured loan | SR + 2.25% | 05/2028 | 3,477 | 3,473 | 3,473 | 1.1 | % | ||||||||||||||||||
CPG International LLC(6) |
First lien senior secured loan | SR + 2.50% | 04/2029 | 6,907 | 6,873 | 6,898 | 2.3 | % | ||||||||||||||||||
Cushman & Wakefield U.S. Borrower, LLC(6) |
First lien senior secured loan | SR + 4.00% | 01/2030 | 7,247 | 7,070 | 7,176 | 2.4 | % | ||||||||||||||||||
Dodge Construction Network, LLC(7)(13) |
First lien senior secured loan | SR + 4.75% | 02/2029 | 5,234 | 4,913 | 4,266 | 1.3 | % | ||||||||||||||||||
Greystar Real Estate Partners, LLC (dba Greystar)(6)(13) |
First lien senior secured loan | SR + 3.75% | 08/2030 | 7,000 | 6,896 | 6,895 | 2.3 | % | ||||||||||||||||||
GYP Holdings III Corp.(6) |
First lien senior secured loan | SR + 3.00% | 05/2030 | 2,000 | 1,990 | 2,004 | 0.7 | % | ||||||||||||||||||
Quikrete Holdings, Inc.(6) |
First lien senior secured loan | SR + 2.75% | 03/2029 | 1,995 | 1,995 | 1,994 | 0.7 | % | ||||||||||||||||||
RealPage, Inc.(6) |
First lien senior secured loan | SR + 3.00% | 04/2028 | 10,466 | 9,922 | 10,336 | 3.4 | % | ||||||||||||||||||
Wrench Group LLC(7)(13) |
First lien senior secured loan | SR + 4.00% | 04/2026 | 9,685 | 9,668 | 9,637 | 3.2 | % | ||||||||||||||||||
55,723 | 54,518 | 54,390 | 18.0 | % | ||||||||||||||||||||||
Business services |
||||||||||||||||||||||||||
ASGN, Inc.(6) |
First lien senior secured loan | SR + 2.25% | 08/2030 | $ | 2,500 | $ | 2,494 | $ | 2,506 | 0.8 | % | |||||||||||||||
BrightView Landscapes, LLC(7) |
First lien senior secured loan | SR + 3.25% | 04/2029 | 6,519 | 6,342 | 6,517 | 2.2 | % | ||||||||||||||||||
Brown Group Holdings, LLC(7) |
First lien senior secured loan | SR + 3.75% | 07/2029 | 3,504 | 3,470 | 3,498 | 1.2 | % | ||||||||||||||||||
ConnectWise, LLC(6) |
First lien senior secured loan | SR + 3.50% | 09/2028 | 10,459 | 9,943 | 10,283 | 3.3 | % | ||||||||||||||||||
IDEMIA Group SAS(7) |
First lien senior secured loan | SR + 4.75% | 09/2028 | 1,995 | 1,971 | 1,992 | 0.7 | % | ||||||||||||||||||
Packers Holdings, LLC(6) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 3,938 | 3,652 | 2,323 | 0.8 | % | ||||||||||||||||||
Prime Security Services Borrower, LLC(6) |
First lien senior secured loan | SR + 2.75% | 09/2026 | 1,985 | 1,958 | 1,981 | 0.7 | % | ||||||||||||||||||
Sitel Worldwide Corp.(6) |
First lien senior secured loan | SR + 3.75% | 08/2028 | 6,957 | 6,855 | 6,772 | 2.2 | % | ||||||||||||||||||
VM Consolidated, Inc.(6) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 2,113 | 2,093 | 2,112 | 0.7 | % | ||||||||||||||||||
39,970 | 38,778 | 37,984 | 12.6 | % | ||||||||||||||||||||||
Chemicals |
||||||||||||||||||||||||||
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6) |
First lien senior secured loan | SR + 4.75% | 11/2027 | $ | 2,978 | $ | 2,797 | $ | 2,955 | 1.0 | % | |||||||||||||||
Axalta Coating Systems US Holdings Inc.(7) |
First lien senior secured loan | SR + 2.50% | 09/2023 | 7,095 | 7,049 | 7,100 | 2.3 | % | ||||||||||||||||||
Blue Tree Holdings, Inc.(7) |
First lien senior secured loan | SR + 2.50% | 03/2028 | 3,975 | 3,939 | 3,895 | 1.3 | % | ||||||||||||||||||
Cyanco Intermediate 2 Corp.(6) |
First lien senior secured loan | SR + 4.75% | 07/2028 | 3,000 | 2,912 | 3,001 | 1.0 | % | ||||||||||||||||||
DCG Acquisition Corp.(6) |
First lien senior secured loan | SR + 4.50% | 09/2026 | 2,283 | 2,271 | 2,258 | 0.7 | % | ||||||||||||||||||
H.B. Fuller Company(6) |
First lien senior secured loan | SR + 2.25% | 02/2030 | 1,995 | 1,995 | 1,997 | 0.6 | % | ||||||||||||||||||
Ineos US Finance LLC(6) |
First lien senior secured loan | SR + 3.50% | 02/2030 | 1,995 | 1,976 | 1,978 | 0.7 | % | ||||||||||||||||||
Ineos US Finance LLC(6) |
First lien senior secured loan | SR + 3.75% | 11/2027 | 2,985 | 2,891 | 2,969 | 1.0 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of September 30, 2023 ($ in thousands) (Unaudited) |
||||||||||||||||||||||||||
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Ineos US Petrochem LLC(6) |
First lien senior secured loan | SR + 3.75% | 03/2030 | $ | 1,995 | $ | 1,976 | $ | 1,984 | 0.7 | % | |||||||||||||||
Nouryon Finance B.V.(7) |
First lien senior secured loan | SR + 4.00% | 04/2028 | 5,985 | 5,928 | 5,902 | 2.0 | % | ||||||||||||||||||
Windsor Holdings III LLC(7) |
First lien senior secured loan | SR + 4.50% | 08/2030 | 5,000 | 4,901 | 4,975 | 1.6 | % | ||||||||||||||||||
39,286 | 38,635 | 39,014 | 12.9 | % | ||||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||||
Olaplex, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 02/2029 | $ | 5,234 | $ | 4,890 | $ | 4,364 | 1.4 | % | |||||||||||||||
5,234 | 4,890 | 4,364 | 1.4 | % | ||||||||||||||||||||||
Containers and packaging |
||||||||||||||||||||||||||
Berlin Packaging L.L.C.(6) |
First lien senior secured loan | SR + 3.75% | 03/2028 | $ | 11,518 | $ | 11,117 | $ | 11,380 | 3.8 | % | |||||||||||||||
BW Holding, Inc.(7) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 7,708 | 7,592 | 6,902 | 2.3 | % | ||||||||||||||||||
Charter NEX US, Inc.(6) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 4,974 | 4,930 | 4,925 | 1.6 | % | ||||||||||||||||||
Plaze, Inc.(7) |
First lien senior secured loan | SR + 3.50% | 08/2026 | 997 | 971 | 960 | 0.3 | % | ||||||||||||||||||
ProAmpac PG Borrower LLC(12)(13) |
First lien senior secured loan | P + 3.50% | 09/2028 | 6,250 | 6,188 | 6,209 | 2.1 | % | ||||||||||||||||||
Ring Container Technologies Group, LLC(6) |
First lien senior secured loan | SR + 3.50% | 08/2028 | 9,688 | 9,532 | 9,678 | 3.2 | % | ||||||||||||||||||
Tricorbraun Holdings, Inc.(6) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 10,466 | 9,983 | 10,256 | 3.4 | % | ||||||||||||||||||
Trident TPI Holdings, Inc.(7) |
First lien senior secured loan | SR + 4.50% | 09/2028 | 3,990 | 3,877 | 3,977 | 1.3 | % | ||||||||||||||||||
Valcour Packaging, LLC(11) |
First lien senior secured loan | L + 3.75% | 10/2028 | 9,850 | 9,830 | 7,901 | 2.6 | % | ||||||||||||||||||
65,441 | 64,020 | 62,188 | 20.6 | % | ||||||||||||||||||||||
Distribution |
||||||||||||||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6) |
First lien senior secured loan | SR + 4.75% | 12/2028 | $ | 5,279 | $ | 5,228 | $ | 5,273 | 1.7 | % | |||||||||||||||
Dealer Tire, LLC(6) |
First lien senior secured loan | SR + 4.50% | 12/2027 | 3,930 | 3,867 | 3,932 | 1.3 | % | ||||||||||||||||||
SRS Distribution, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 06/2028 | 10,493 | 9,843 | 10,375 | 3.4 | % | ||||||||||||||||||
White Cap Supply Holdings, LLC(6) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 10,493 | 10,014 | 10,465 | 3.5 | % | ||||||||||||||||||
30,195 | 28,952 | 30,045 | 9.9 | % | ||||||||||||||||||||||
Education |
||||||||||||||||||||||||||
Renaissance Learning, Inc.(7) |
First lien senior secured loan | SR + 4.75% | 04/2030 | $ | 4,500 | $ | 4,411 | $ | 4,459 | 1.5 | % | |||||||||||||||
Severin Acquisition, LLC (dba Powerschool)(7) |
First lien senior secured loan | SR + 3.00% | 08/2025 | 7,851 | 7,773 | 7,837 | 2.6 | % | ||||||||||||||||||
Sophia, L.P.(6)(13) |
First lien senior secured loan | SR + 4.25% | 10/2027 | 9,689 | 9,671 | 9,664 | 3.2 | % | ||||||||||||||||||
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(13) |
First lien senior secured loan | SR + 4.50% | 09/2030 | 3,663 | 3,617 | 3,617 | 1.2 | % | ||||||||||||||||||
25,703 | 25,472 | 25,577 | 8.5 | % | ||||||||||||||||||||||
Energy equipment and services |
||||||||||||||||||||||||||
AMG Advanced Metallurgical Group N.V(6) |
First lien senior secured loan | SR + 3.50% | 11/2028 | $ | 3,439 | $ | 3,418 | $ | 3,424 | 1.1 | % | |||||||||||||||
AZZ Inc.(6) |
First lien senior secured loan | SR + 3.75% | 05/2029 | 7,925 | 7,864 | 7,931 | 2.7 | % | ||||||||||||||||||
Brookfield WEC Holdings Inc.(6) |
First lien senior secured loan | SR + 3.75% | 08/2025 | 3,465 | 3,446 | 3,470 | 1.1 | % | ||||||||||||||||||
Calpine Construction Finance Company(6) |
First lien senior secured loan | SR + 2.25% | 07/2030 | 2,000 | 1,985 | 1,988 | 0.7 | % | ||||||||||||||||||
Pike Corp.(6) |
First lien senior secured loan | SR + 3.00% | 01/2028 | 9,800 | 9,630 | 9,777 | 3.2 | % | ||||||||||||||||||
Rockwood Service Corp.(6) |
First lien senior secured loan | SR + 4.00% | 01/2027 | 6,483 | 6,467 | 6,499 | 2.1 | % | ||||||||||||||||||
33,112 | 32,810 | 33,089 | 10.9 | % | ||||||||||||||||||||||
Financial services |
||||||||||||||||||||||||||
Acuris Finance US, Inc. (ION Analytics) (7) |
First lien senior secured loan | SR + 4.00% | 02/2028 | $ | 4,500 | $ | 4,409 | $ | 4,430 | 1.5 | % | |||||||||||||||
AlixPartners, LLP(6) |
First lien senior secured loan | SR + 2.75% | 02/2028 | 2,992 | 2,970 | 2,988 | 1.0 | % | ||||||||||||||||||
AllSpring Buyer(7) |
First lien senior secured loan | SR + 3.75% | 11/2028 | 4,950 | 4,892 | 4,927 | 1.6 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of September 30, 2023 ($ in thousands) (Unaudited) |
||||||||||||||||||||||||||
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Boost Newco Borrower, LLC(7) |
First lien senior secured loan | SR + 3.00% | 09/2030 | $ | 12,000 | $ | 11,941 | $ | 11,992 | 4.0 | % | |||||||||||||||
Citadel Securities, LP(6) |
First lien senior secured loan | SR + 2.50% | 07/2030 | 3,990 | 3,960 | 3,978 | 1.4 | % | ||||||||||||||||||
Deerfield Dakota Holdings(7) |
First lien senior secured loan | SR +3.75% | 04/2027 | 7,849 | 7,524 | 7,645 | 2.5 | % | ||||||||||||||||||
Focus Financial Partners, LLC(6) |
First lien senior secured loan | SR + 3.25% | 06/2028 | 4,950 | 4,873 | 4,933 | 1.6 | % | ||||||||||||||||||
Focus Financial Partners, LLC(6) |
First lien senior secured loan | SR +3.50% | 06/2028 | 3,000 | 2,943 | 2,994 | 1.0 | % | ||||||||||||||||||
Guggenheim Partners Investment Management Holdings, LLC(7) |
First lien senior secured loan | SR + 3.25% | 12/2029 | 4,963 | 4,882 | 4,963 | 1.6 | % | ||||||||||||||||||
Harbourvest Partners, L.P.(7) |
First lien senior secured loan | SR + 3.00% | 04/2030 | 2,500 | 2,464 | 2,496 | 0.8 | % | ||||||||||||||||||
Helios Software Holdings, Inc. (ION Corporate Solutions Finance S.a r.l.)(7) |
First lien senior secured loan | SR + 4.25% | 07/2030 | 5,000 | 4,803 | 4,972 | 1.6 | % | ||||||||||||||||||
Janus International Group, LLC(6) |
First lien senior secured loan | SR + 3.25% | 08/2030 | 5,000 | 4,970 | 4,977 | 1.6 | % | ||||||||||||||||||
Saphilux S.a.r.L (dba IQ EQ)(7)(13) |
First lien senior secured loan | SR + 4.75% | 07/2028 | 7,500 | 7,389 | 7,388 | 2.5 | % | ||||||||||||||||||
The Edelman Financial Engines Center, LLC(6) |
First lien senior secured loan | SR + 3.50% | 04/2028 | 3,970 | 3,886 | 3,923 | 1.3 | % | ||||||||||||||||||
TMF Sapphire Bidco B.V.(7) |
First lien senior secured loan | SR + 5.00% | 05/2028 | 2,500 | 2,456 | 2,491 | 0.8 | % | ||||||||||||||||||
USI Inc.(7) |
First lien senior secured loan | SR + 3.75% | 09/2030 | 4,000 | 3,990 | 3,988 | 1.3 | % | ||||||||||||||||||
79,664 | 78,352 | 79,085 | 26.1 | % | ||||||||||||||||||||||
Food and beverage |
||||||||||||||||||||||||||
1011778 BC / NEW RED FIN (dba Restaurant Brands)(6) |
First lien senior secured loan | SR + 2.25% | 09/2030 | $ | 5,250 | $ | 5,225 | $ | 5,227 | 1.7 | % | |||||||||||||||
AI Aqua Merger Sub, Inc. (dba Culligan International)(6) |
First lien senior secured loan | SR + 3.75% | 07/2028 | 2,283 | 2,280 | 2,257 | 0.7 | % | ||||||||||||||||||
Aramark Services, Inc.(6) |
First lien senior secured loan | SR + 2.50% | 06/2030 | 1,995 | 1,975 | 1,990 | 0.7 | % | ||||||||||||||||||
Balrog Acquisition, Inc. (dba Bakemark)(6) |
First lien senior secured loan | SR + 4.00% | 09/2028 | 2,283 | 2,254 | 2,254 | 0.7 | % | ||||||||||||||||||
Naked Juice LLC (dba Tropicana)(7) |
First lien senior secured loan | SR + 3.25% | 01/2029 | 10,494 | 9,682 | 9,944 | 3.3 | % | ||||||||||||||||||
Pegasus BidCo B.V.(7) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 5,459 | 5,328 | 5,445 | 1.8 | % | ||||||||||||||||||
Shearer’s Foods, LLC(6) |
First lien senior secured loan | SR + 3.50% | 09/2027 | 8,740 | 8,210 | 8,718 | 2.9 | % | ||||||||||||||||||
Simply Good Foods USA, Inc.(6) |
First lien senior secured loan | SR + 2.50% | 03/2027 | 3,892 | 3,865 | 3,897 | 1.3 | % | ||||||||||||||||||
40,396 | 38,819 | 39,732 | 13.1 | % | ||||||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||||
Confluent Medical Technologies, Inc.(7)(13) |
First lien senior secured loan | SR + 3.75% | 02/2029 | $ | 9,688 | $ | 9,562 | $ | 9,519 | 3.1 | % | |||||||||||||||
Curium BidCo S.A.R.L (dba Curium Pharma)(7) |
First lien senior secured loan | SR + 4.50% | 07/2029 | 1,995 | 1,975 | 1,990 | 0.7 | % | ||||||||||||||||||
Dermatology Intermediate Holdings III, Inc.(7) |
First lien senior secured loan | SR + 4.25% | 03/2029 | 9,875 | 9,766 | 9,804 | 3.2 | % | ||||||||||||||||||
Dermatology Intermediate Holdings III, Inc.(7) |
First lien senior secured delayed draw term loan | SR + 4.25% | 03/2029 | 1,814 | 1,803 | 1,801 | 0.7 | % | ||||||||||||||||||
Medline Borrower, LP(6) |
First lien senior secured loan | SR + 3.25% | 10/2028 | 8,264 | 7,770 | 8,237 | 2.7 | % | ||||||||||||||||||
Natus Medical Inc.(7)(13) |
First lien senior secured loan | SR + 5.50% | 07/2029 | 4,466 | 4,177 | 4,221 | 1.4 | % | ||||||||||||||||||
Zest Acquisition Corp.(6)(13) |
First lien senior secured loan | SR + 5.50% | 02/2028 | 5,960 | 5,730 | 5,826 | 1.9 | % | ||||||||||||||||||
42,062 | 40,783 | 41,398 | 13.7 | % | ||||||||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||||||
Covetrus, Inc.(7) |
First lien senior secured loan | SR + 5.00% | 10/2029 | $ | 9,453 | $ | 8,940 | $ | 9,343 | 3.1 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of September 30, 2023 ($ in thousands) (Unaudited) |
||||||||||||||||||||||||||
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
HAH Group Holding Company LLC (dba Help at Home)(6)(13) |
First lien senior secured loan | SR + 5.00% | 10/2027 | $ | 2,026 | $ | 2,006 | $ | 1,986 | 0.7 | % | |||||||||||||||
HAH Group Holding Company LLC (dba Help at Home)(6)(13) |
First lien senior secured loan | SR + 5.00% | 10/2027 | 1,252 | 1,250 | 1,227 | 0.4 | % | ||||||||||||||||||
LSCS Holdings, Inc.(6) |
First lien senior secured loan | SR + 4.50% | 12/2028 | 8,380 | 8,211 | 8,234 | 2.7 | % | ||||||||||||||||||
MJH Healthcare Holdings, LLC(6)(13) |
First lien senior secured loan | SR + 3.50% | 01/2029 | 3,802 | 3,744 | 3,793 | 1.3 | % | ||||||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | SR + 4.50% | 12/2028 | 1,995 | 1,918 | 1,975 | 0.6 | % | ||||||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured delayed draw term loan | SR + 3.25% | 12/2028 | 261 | 257 | 254 | 0.1 | % | ||||||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | SR + 3.25% | 12/2028 | 5,104 | 5,023 | 4,966 | 1.6 | % | ||||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6) |
First lien senior secured loan | SR + 3.25% | 11/2028 | 7,388 | 7,145 | 7,329 | 2.4 | % | ||||||||||||||||||
Physician Partners, LLC(6) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 9,875 | 9,388 | 9,369 | 3.1 | % | ||||||||||||||||||
Premise Health Holding(7)(13) |
First lien senior secured loan | SR + 4.75% | 07/2025 | 3,209 | 3,183 | 3,193 | 1.1 | % | ||||||||||||||||||
Select Medical Corp.(6) |
First lien senior secured loan | SR + 3.00% | 03/2027 | 2,993 | 2,978 | 2,981 | 1.0 | % | ||||||||||||||||||
55,738 | 54,043 | 54,650 | 18.1 | % | ||||||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||||
Athenahealth Group Inc.(6) |
First lien senior secured loan | SR + 3.25% | 02/2029 | $ | 9,332 | $ | 8,642 | $ | 9,142 | 3.0 | % | |||||||||||||||
Bracket Intermediate Holding Corp.(7) |
First lien senior secured loan | SR + 5.00% | 05/2028 | 5,653 | 5,492 | 5,639 | 1.9 | % | ||||||||||||||||||
Gainwell Acquisition Corp.(7) |
First lien senior secured loan | SR + 4.00% | 10/2027 | 6,108 | 6,002 | 5,950 | 2.0 | % | ||||||||||||||||||
GHX Ultimate Parent Corp.(7) |
First lien senior secured loan | SR + 4.75% | 06/2027 | 2,993 | 2,923 | 2,989 | 1.0 | % | ||||||||||||||||||
Imprivata, Inc.(6) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 9,689 | 9,533 | 9,677 | 3.0 | % | ||||||||||||||||||
PointClickCare Technologies Inc.PointClickCare Technologies Inc(7) |
First lien senior secured loan | SR + 3.00% | 12/2027 | 1,990 | 1,961 | 1,982 | 0.7 | % | ||||||||||||||||||
R1 RCM Inc.(6) |
First lien senior secured loan | SR + 3.00% | 06/2029 | 3,980 | 3,980 | 3,977 | 1.3 | % | ||||||||||||||||||
Verscend Holding Corp.(6) |
First lien senior secured loan | SR + 4.00% | 08/2025 | 9,869 | 9,777 | 9,858 | 3.3 | % | ||||||||||||||||||
Zelis Cost Management Buyer, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 09/2026 | 4,466 | 4,462 | 4,463 | 1.5 | % | ||||||||||||||||||
54,080 | 52,772 | 53,677 | 17.7 | % | ||||||||||||||||||||||
Household products |
||||||||||||||||||||||||||
Samsonite International S.A.(6) |
First lien senior secured loan | SR + 2.75% | 06/2030 | $ | 1,995 | $ | 1,985 | $ | 1,996 | 0.7 | % | |||||||||||||||
1,995 | 1,985 | 1,996 | 0.7 | % | ||||||||||||||||||||||
Human resource support services |
||||||||||||||||||||||||||
AQ Carver Buyer, Inc.(8)(13) |
First lien senior secured loan | SR + 5.50% | 08/2029 | $ | 3,000 | $ | 2,941 | $ | 2,948 | 1.0 | % | |||||||||||||||
3,000 | 2,941 | 2,948 | 1.0 | % | ||||||||||||||||||||||
Infrastructure and environmental services |
||||||||||||||||||||||||||
Asplundh Tree Expert, LLC(6) |
First lien senior secured loan | SR + 1.75% | 09/2027 | $ | 2,433 | $ | 2,427 | $ | 2,429 | 0.8 | % | |||||||||||||||
Madison IAQ, LLC(7) |
First lien senior secured loan | SR + 3.25% | 06/2028 | 997 | 989 | 980 | 0.3 | % | ||||||||||||||||||
Osmose Utilities Services, Inc.(6) |
First lien senior secured loan | SR + 3.25% | 06/2028 | 9,688 | 9,058 | 9,604 | 3.2 | % | ||||||||||||||||||
USIC Holdings, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 05/2028 | 2,955 | 2,825 | 2,903 | 1.0 | % | ||||||||||||||||||
16,073 | 15,299 | 15,916 | 5.3 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of September 30, 2023 ($ in thousands) (Unaudited) |
||||||||||||||||||||||||||
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Insurance |
||||||||||||||||||||||||||
Acrisure, LLC(7) |
First lien senior secured loan | SR + 5.75% | 02/2027 | $ | 7,444 | $ | 7,178 | $ | 7,462 | 2.5 | % | |||||||||||||||
AssuredPartners, Inc.(7) |
First lien senior secured loan | SR + 3.75% | 02/2027 | 10,484 | 10,338 | 10,477 | 3.5 | % | ||||||||||||||||||
Broadstreet Partners, Inc.(6) |
First lien senior secured loan | SR + 3.00% | 01/2027 | 4,144 | 4,099 | 4,121 | 1.4 | % | ||||||||||||||||||
Broadstreet Partners, Inc.(6) |
First lien senior secured loan | SR + 4.00% | 01/2029 | 2,993 | 2,956 | 2,989 | 1.0 | % | ||||||||||||||||||
Howden Group Holdings Ltd. (dba HIG Finance 2 Ltd. / Preatorian)(6) |
First lien senior secured loan | SR + 4.00% | 04/2030 | 3,980 | 3,827 | 3,975 | 1.3 | % | ||||||||||||||||||
Hub International(7) |
First lien senior secured loan | SR + 4.25% | 04/2025 | 8,000 | 7,921 | 8,014 | 2.6 | % | ||||||||||||||||||
IMA Financial Group, Inc.(6)(13) |
First lien senior secured loan | SR + 4.25% | 11/2028 | 3,491 | 3,407 | 3,474 | 1.1 | % | ||||||||||||||||||
40,536 | 39,726 | 40,512 | 13.4 | % | ||||||||||||||||||||||
Internet software and services |
||||||||||||||||||||||||||
Aptean, Inc.(6) |
First lien senior secured loan | SR + 4.25% | 04/2026 | $ | 1,141 | $ | 1,136 | $ | 1,133 | 0.4 | % | |||||||||||||||
Barracuda Parent, LLC(7) |
First lien senior secured loan | SR + 4.50% | 08/2029 | 10,521 | 10,108 | 10,404 | 3.4 | % | ||||||||||||||||||
Boxer Parent Company Inc.(6) |
First lien senior secured loan | SR + 3.75% | 10/2025 | 3,123 | 3,104 | 3,119 | 1.0 | % | ||||||||||||||||||
Central Parent, Inc.(7) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 7,963 | 7,803 | 7,959 | 2.6 | % | ||||||||||||||||||
DCert Buyer, Inc.(7) |
First lien senior secured loan | SR + 4.00% | 10/2026 | 5,967 | 5,938 | 5,921 | 2.0 | % | ||||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(8) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 10,493 | 9,705 | 10,376 | 3.4 | % | ||||||||||||||||||
Dun & Bradstreet Corporation, The(6) |
First lien senior secured loan | SR + 2.75% | 02/2026 | 1,995 | 1,995 | 1,990 | 0.7 | % | ||||||||||||||||||
E2open, LLC(6) |
First lien senior secured loan | SR + 3.50% | 02/2028 | 6,824 | 6,720 | 6,809 | 2.3 | % | ||||||||||||||||||
Idera, Inc.(7) |
First lien senior secured loan | SR + 3.75% | 03/2028 | 6,535 | 6,369 | 6,476 | 2.0 | % | ||||||||||||||||||
Infinite Bidco LLC(6) |
First lien senior secured loan | SR + 3.75% | 03/2028 | 2,978 | 2,883 | 2,918 | 1.0 | % | ||||||||||||||||||
McAfee Corp.(6) |
First lien senior secured loan | SR + 3.75% | 03/2029 | 2,977 | 2,855 | 2,904 | 1.0 | % | ||||||||||||||||||
MeridianLink, Inc.(7) |
First lien senior secured loan | SR + 3.00% | 11/2028 | 2,283 | 2,277 | 2,274 | 0.8 | % | ||||||||||||||||||
Mitnick Corporate Purchaser, Inc.(7) |
First lien senior secured loan | SR + 4.50% | 05/2029 | 2,853 | 2,726 | 2,745 | 0.9 | % | ||||||||||||||||||
Perforce Software, Inc.(6) |
First lien senior secured loan | SR + 3.75% | 07/2026 | 2,977 | 2,842 | 2,888 | 1.0 | % | ||||||||||||||||||
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6)(13) |
First lien senior secured loan | SR + 3.50% | 06/2030 | 4,000 | 3,961 | 3,970 | 1.3 | % | ||||||||||||||||||
Rocket Software, Inc.(6) |
First lien senior secured loan | SR + 4.25% | 11/2025 | 5,585 | 5,505 | 5,578 | 1.8 | % | ||||||||||||||||||
SONICWALL US Holdings, Inc.(6) |
First lien senior secured loan | SR + 5.00% | 05/2028 | 6,184 | 5,953 | 6,056 | 2.0 | % | ||||||||||||||||||
Sophos Holdings, LLC(6) |
First lien senior secured loan | SR + 3.50% | 03/2027 | 10,465 | 10,278 | 10,435 | 3.4 | % | ||||||||||||||||||
UST Holdings, Ltd.(6) |
First lien senior secured loan | SR + 3.50% | 11/2028 | 7,060 | 7,036 | 6,919 | 2.3 | % | ||||||||||||||||||
VS Buyer LLC(6) |
First lien senior secured loan | SR + 3.25% | 02/2027 | 2,977 | 2,977 | 2,962 | 1.0 | % | ||||||||||||||||||
104,901 | 102,171 | 103,836 | 34.3 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of September 30, 2023 ($ in thousands) (Unaudited) |
||||||||||||||||||||||||||
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Investment funds and vehicle |
||||||||||||||||||||||||||
Finco I, LLC(7) |
First lien senior secured loan | SR + 3.00% | 06/2029 | $ | 2,993 | $ | 2,978 | $ | 2,990 | 1.0 | % | |||||||||||||||
2,993 | 2,978 | 2,990 | 1.0 | % | ||||||||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||||||
Delta 2 (Lux) SARL (dba Formula One)(7) |
First lien senior secured loan | SR + 2.25% | 01/2030 | $ | 4,000 | $ | 3,973 | $ | 3,996 | 1.3 | % | |||||||||||||||
4,000 | 3,973 | 3,996 | 1.3 | % | ||||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||||
Altar Bidco, Inc.(8) |
First lien senior secured loan | SR + 3.10% | 02/2029 | $ | 4,727 | $ | 4,535 | $ | 4,703 | 1.6 | % | |||||||||||||||
Columbus McKinnon Corp.(7) |
First lien senior secured loan | SR + 2.75% | 05/2028 | 477 | 473 | 476 | 0.2 | % | ||||||||||||||||||
DXP Enterprises, Inc.(8) |
First lien senior secured loan | SR + 5.25% | 12/2027 | 6,934 | 6,651 | 6,908 | 2.3 | % | ||||||||||||||||||
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6) |
First lien senior secured loan | SR + 3.00% | 05/2030 | 10,018 | 9,922 | 9,999 | 3.2 | % | ||||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7) |
First lien senior secured loan | SR + 3.50% | 05/2028 | 6,957 | 6,905 | 6,914 | 2.3 | % | ||||||||||||||||||
Entegris, Inc.(7) |
First lien senior secured loan | SR + 2.50% | 07/2029 | 2,307 | 2,307 | 2,306 | 0.8 | % | ||||||||||||||||||
Filtration Group Corp.(6) |
First lien senior secured loan | SR + 4.25% | 10/2028 | 3,980 | 3,941 | 3,982 | 1.3 | % | ||||||||||||||||||
Gates Global LLC(6) |
First lien senior secured loan | SR + 3.50% | 11/2029 | 2,977 | 2,923 | 2,975 | 1.0 | % | ||||||||||||||||||
Pro Mach Group, Inc.(6) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 10,467 | 10,231 | 10,468 | 3.5 | % | ||||||||||||||||||
Pro Mach Group, Inc.(6) |
First lien senior secured loan | SR + 5.00% | 08/2028 | 3,990 | 3,810 | 3,990 | 1.2 | % | ||||||||||||||||||
Refficiency Holdings, LLC (dba Legence)(6) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 1,496 | 1,485 | 1,489 | 0.5 | % | ||||||||||||||||||
Watlow Electric Manufacturing Company(7) |
First lien senior secured loan | SR + 3.75% | 03/2028 | 10,045 | 9,915 | 9,963 | 3.3 | % | ||||||||||||||||||
64,375 | 63,098 | 64,173 | 21.2 | % | ||||||||||||||||||||||
Pharmaceuticals |
||||||||||||||||||||||||||
Fortrea Holdings Inc.(6) |
First lien senior secured loan | SR + 3.75% | 07/2030 | $ | 3,408 | $ | 3,379 | $ | 3,394 | 1.1 | % | |||||||||||||||
3,408 | 3,379 | 3,394 | 1.1 | % | ||||||||||||||||||||||
Professional services |
||||||||||||||||||||||||||
Apex Group Treasury, LLC(7)(13) |
First lien senior secured loan | SR + 3.75% | 07/2028 | $ | 4,900 | $ | 4,733 | $ | 4,849 | 1.6 | % | |||||||||||||||
Apex Group Treasury, LLC(7)(13) |
First lien senior secured loan | SR + 5.00% | 07/2028 | 2,481 | 2,348 | 2,481 | 0.8 | % | ||||||||||||||||||
Arsenal AIC Parent, LLC (dba Arconic)(7) |
First lien senior secured loan | SR + 4.50% | 08/2030 | 3,000 | 2,970 | 2,991 | 1.0 | % | ||||||||||||||||||
Camelot U.S. Acquisition 1 Co.(6) |
First lien senior secured loan | SR + 3.00% | 10/2026 | 3,144 | 3,129 | 3,136 | 1.0 | % | ||||||||||||||||||
Corporation Service Company(6) |
First lien senior secured loan | SR + 3.25% | 11/2029 | 1,984 | 1,980 | 1,982 | 0.7 | % | ||||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(7) |
First lien senior secured loan | SR + 4.25% | 06/2029 | 9,037 | 8,931 | 8,901 | 2.9 | % | ||||||||||||||||||
Genuine Financial Holdings, LLC(7) |
First lien senior secured loan | SR + 4.00% | 09/2030 | 7,238 | 7,129 | 7,166 | 2.4 | % | ||||||||||||||||||
Omnia Partners, LLC(7) |
First lien senior secured loan | SR + 4.25% | 07/2030 | 1,828 | 1,810 | 1,829 | 0.6 | % | ||||||||||||||||||
Omnia Partners, LLC(7)(14) |
First lien senior secured delayed draw term loan | SR + 4.25% | 01/2024 | — | (2 | ) | — | — | % | |||||||||||||||||
Red Ventures, LLC(6) |
First lien senior secured loan | SR + 3.00% | 03/2030 | 3,980 | 3,942 | 3,947 | 1.3 | % | ||||||||||||||||||
Skopima Merger Sub Inc.(6) |
First lien senior secured loan | SR + 4.00% | 05/2028 | 4,962 | 4,735 | 4,825 | 1.6 | % | ||||||||||||||||||
Sovos Compliance, LLC(6) |
First lien senior secured loan | SR + 4.50% | 08/2028 | 10,467 | 10,158 | 10,286 | 3.4 | % | ||||||||||||||||||
Vistage Worldwide, Inc.(6)(13) |
First lien senior secured loan | SR + 5.25% | 07/2029 | 3,960 | 3,815 | 3,945 | 1.3 | % | ||||||||||||||||||
56,981 | 55,678 | 56,338 | 18.6 | % |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Specialty retail |
||||||||||||||||||||||||||
Pilot Travel Centers LLC(6) |
First lien senior secured loan | SR + 2.00% | 08/2028 | $ | 796 | $ | 791 | $ | 794 | 0.3 | % | |||||||||||||||
796 | 791 | 794 | 0.3 | % | ||||||||||||||||||||||
Telecommunications |
||||||||||||||||||||||||||
Cable One, Inc.(6) |
First lien senior secured loan | SR + 2.00% | 05/2028 | $ | 2,283 | $ | 2,280 | $ | 2,264 | 0.7 | % | |||||||||||||||
Ciena Corp.(6) |
First lien senior secured loan | SR + 2.50% | 01/2030 | 1,990 | 1,982 | 1,990 | 0.7 | % | ||||||||||||||||||
Cogeco Communications (USA) II L.P.(7) |
First lien senior secured loan | SR + 2.50% | 09/2028 | 2,977 | 2,964 | 2,898 | 1.0 | % | ||||||||||||||||||
Park Place Technologies, LLC(6) |
First lien senior secured loan | SR + 5.00% | 11/2027 | 9,687 | 9,258 | 9,518 | 3.1 | % | ||||||||||||||||||
Zayo Group Holdings, Inc.(6) |
First lien senior secured loan | SR + 4.33% | 03/2027 | 9,850 | 8,455 | 7,981 | 2.6 | % | ||||||||||||||||||
26,787 | 24,939 | 24,651 | 8.1 | % | ||||||||||||||||||||||
Transportation |
||||||||||||||||||||||||||
Echo Global Logistics, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 11/2028 | $ | 1,141 | $ | 1,120 | $ | 1,100 | 0.4 | % | |||||||||||||||
Safe Fleet Holdings, LLC(6) |
First lien senior secured loan | SR + 3.75% | 02/2029 | 3,975 | 3,932 | 3,972 | 1.3 | % | ||||||||||||||||||
Uber Technologies, Inc.(7) |
First lien senior secured loan | SR + 2.75% | 03/2030 | 3,970 | 3,960 | 3,966 | 1.3 | % | ||||||||||||||||||
9,086 | 9,012 | 9,038 | 3.0 | % | ||||||||||||||||||||||
Total Debt Investments |
$ |
953,942 |
$ |
930,182 |
$ |
937,763 |
310.0 |
% | ||||||||||||||||||
Total Investments |
$ |
953,942 |
$ |
930,182 |
$ |
937,763 |
310.0 |
% | ||||||||||||||||||
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s SPV Asset Facilities. |
(3) | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
(4) | Unless otherwise indicated, all investments are considered Level 2 investments. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%. |
(7) | The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%. |
(8) | The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%. |
(9) | The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%. |
(10) | The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%. |
(11) | The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2023 was 5.90%. |
(12) | The interest rate on these loans is subject to Prime, which as of September 30, 2023 was 8.50%. |
(13) | Level 3 investment. |
(14) | Position or portion thereof is an unfunded loan commitment. |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Debt Investments |
||||||||||||||||||||||||||
Aerospace and defense |
||||||||||||||||||||||||||
Bleriot US Bidco Inc.(7) |
First lien senior secured loan | L + 4.00% | 10/2026 | $ | 5,273 | $ | 5,178 | $ | 5,207 | 3.2 | % | |||||||||||||||
Peraton Corp.(6) |
First lien senior secured loan | L + 3.75% | 02/2028 | 7,571 | 7,290 | 7,382 | 4.6 | % | ||||||||||||||||||
Transdigm, Inc.(8)(11) |
First lien senior secured loan | SR + 3.25% | 02/2027 | 3,000 | 2,940 | 2,985 | 1.9 | % | ||||||||||||||||||
15,844 | 15,408 | 15,574 | 9.7 | % | ||||||||||||||||||||||
Automotive |
||||||||||||||||||||||||||
PAI Holdco, Inc.(7) |
First lien senior secured loan | L + 3.75% | 10/2027 | $ | 4,950 | $ | 4,538 | $ | 4,356 | 2.7 | % | |||||||||||||||
4,950 | 4,538 | 4,356 | 2.7 | % | ||||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||||
Dodge Construction Network, LLC(10) |
First lien senior secured loan | SR + 4.75% | 02/2029 | $ | 5,274 | $ | 4,917 | $ | 4,482 | 2.8 | % | |||||||||||||||
RealPage, Inc.(6)(11) |
First lien senior secured loan | L + 3.00% | 04/2028 | 10,547 | 9,925 | 10,009 | 6.2 | % | ||||||||||||||||||
Wrench Group LLC(7) |
First lien senior secured loan | L + 4.00% | 04/2026 | 9,761 | 9,737 | 9,419 | 5.9 | % | ||||||||||||||||||
25,582 | 24,579 | 23,910 | 14.9 | % | ||||||||||||||||||||||
Business services |
||||||||||||||||||||||||||
BrightView Landscapes, LLC(8) |
First lien senior secured loan | SR + 3.25% | 04/2029 | $ | 10,547 | $ | 10,230 | $ | 10,125 | 6.3 | % | |||||||||||||||
Brown Group Holdings, LLC(9)(11) |
First lien senior secured loan | SR + 3.75% | 07/2029 | 2,026 | 2,005 | 2,017 | 1.3 | % | ||||||||||||||||||
ConnectWise, LLC(7)(11) |
First lien senior secured loan | L + 3.50% | 09/2028 | 10,547 | 9,961 | 9,996 | 6.2 | % | ||||||||||||||||||
Packers Holdings, LLC(6) |
First lien senior secured loan | L + 3.25% | 03/2028 | 6,190 | 5,682 | 5,384 | 3.4 | % | ||||||||||||||||||
Vistage Worldwide, Inc.(8) |
First lien senior secured loan | SR + 5.25% | 07/2029 | 3,990 | 3,831 | 3,890 | 2.4 | % | ||||||||||||||||||
33,300 | 31,709 | 31,412 | 19.6 | % | ||||||||||||||||||||||
Capital markets |
||||||||||||||||||||||||||
Guggenheim Partners Investment Management Holdings, LLC(9) |
First lien senior secured loan | SR + 3.25% | 12/2029 | $ | 5,000 | $ | 4,913 | $ | 4,913 | 3.1 | % | |||||||||||||||
5,000 | 4,913 | 4,913 | 3.1 | % | ||||||||||||||||||||||
Chemicals |
||||||||||||||||||||||||||
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(8) |
First lien senior secured loan | SR + 4.75% | 11/2027 | $ | 3,000 | $ | 2,794 | $ | 2,933 | 1.9 | % | |||||||||||||||
Axalta Coating Systems US Holdings Inc.(9)(11) |
First lien senior secured loan | SR + 3.00% | 12/2029 | 5,000 | 4,950 | 5,000 | 3.1 | % | ||||||||||||||||||
Ineos US Finance LLC(9) |
First lien senior secured loan | SR + 3.75% | 11/2027 | 3,000 | 2,895 | 2,948 | 1.8 | % | ||||||||||||||||||
11,000 | 10,639 | 10,881 | 6.8 | % | ||||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||||
Olaplex, Inc.(8) |
First lien senior secured loan | SR + 3.50% | 02/2029 | $ | 5,287 | $ | 4,905 | $ | 4,970 | 3.1 | % | |||||||||||||||
5,287 | 4,905 | 4,970 | 3.1 | % | ||||||||||||||||||||||
Containers and packaging |
||||||||||||||||||||||||||
Berlin Packaging L.L.C.(7)(11) |
First lien senior secured loan | L + 3.75% | 03/2028 | $ | 10,547 | $ | 10,102 | $ | 10,127 | 6.3 | % | |||||||||||||||
BW Holding, Inc.(9) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 7,767 | 7,637 | 7,146 | 4.5 | % | ||||||||||||||||||
Ring Container Technologies Group, LLC(6) |
First lien senior secured loan | L + 3.50% | 08/2028 | 9,762 | 9,585 | 9,616 | 6.0 | % | ||||||||||||||||||
Tricorbraun Holdings, Inc.(6)(11) |
First lien senior secured loan | L + 3.25% | 03/2028 | 10,546 | 9,995 | 10,040 | 6.3 | % | ||||||||||||||||||
Valcour Packaging, LLC(9) |
First lien senior secured loan | SR + 3.75% | 10/2028 | 9,925 | 9,901 | 8,883 | 5.5 | % | ||||||||||||||||||
48,547 | 47,220 | 45,812 | 28.6 | % | ||||||||||||||||||||||
Distribution |
||||||||||||||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(8)(11) |
First lien senior secured loan | SR + 4.63% | 06/2026 | $ | 9,762 | $ | 9,434 | $ | 9,469 | 5.9 | % | |||||||||||||||
Dealer Tire, LLC(8) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 3,959 | 3,888 | 3,900 | 2.4 | % | ||||||||||||||||||
SRS Distribution, Inc.(6) |
First lien senior secured loan | L + 3.50% | 06/2028 | 10,573 | 9,839 | 10,097 | 6.3 | % | ||||||||||||||||||
White Cap Supply Holdings, LLC(8)(11) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 10,573 | 10,020 | 10,208 | 6.4 | % | ||||||||||||||||||
34,867 | 33,181 | 33,674 | 21.0 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2022 ($ in thousands) |
||||||||||||||||||||||||||
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Diversified financial services |
||||||||||||||||||||||||||
Focus Financial Partners, LLC(8)(11) |
First lien senior secured loan | SR + 3.25% | 06/2028 | $ | 4,988 | $ | 4,901 | $ | 4,921 | 3.1 | % | |||||||||||||||
4,988 | 4,901 | 4,921 | 3.1 | % | ||||||||||||||||||||||
Education |
||||||||||||||||||||||||||
Severin Acquisition, LLC (dba Powerschool)(8) |
First lien senior secured loan | SR + 3.00% | 08/2025 | $ | 4,897 | $ | 4,807 | $ | 4,860 | 3.0 | % | |||||||||||||||
Sophia, L.P.(8) |
First lien senior secured loan | SR + 4.25% | 10/2027 | 9,762 | 9,739 | 9,738 | 6.1 | % | ||||||||||||||||||
14,659 | 14,546 | 14,598 | 9.1 | % | ||||||||||||||||||||||
Energy equipment and services |
||||||||||||||||||||||||||
AZZ Inc.(9) |
First lien senior secured loan | SR + 4.25% | 05/2029 | $ | 7,950 | $ | 7,882 | $ | 7,950 | 5.0 | % | |||||||||||||||
Brookfield WEC Holdings Inc.(8)(11) |
First lien senior secured loan | SR + 3.75% | 08/2025 | 3,491 | 3,465 | 3,473 | 2.1 | % | ||||||||||||||||||
Pike Corp.(6)(11) |
First lien senior secured loan | L + 3.00% | 01/2028 | 9,800 | 9,607 | 9,651 | 6.0 | % | ||||||||||||||||||
21,241 | 20,954 | 21,074 | 13.1 | % | ||||||||||||||||||||||
Financial services |
||||||||||||||||||||||||||
Acuris Finance US, Inc. (ION Analytics) (9)(11) |
First lien senior secured loan | SR + 4.00% | 02/2028 | $ | 4,500 | $ | 4,396 | $ | 4,416 | 2.8 | % | |||||||||||||||
AllSpring Buyer(9) |
First lien senior secured loan | SR + 4.00% | 11/2028 | 4,988 | 4,921 | 4,925 | 3.1 | % | ||||||||||||||||||
Deerfield Dakota Holding, LLC(8)(11) |
First lien senior secured loan | SR + 3.75% | 04/2027 | 5,910 | 5,597 | 5,509 | 3.4 | % | ||||||||||||||||||
15,398 | 14,914 | 14,850 | 9.3 | % | ||||||||||||||||||||||
Food and beverage |
||||||||||||||||||||||||||
Eagle Parent Corp.(9)(11) |
First lien senior secured loan | SR + 4.25% | 04/2029 | $ | 2,722 | $ | 2,674 | $ | 2,668 | 1.7 | % | |||||||||||||||
Naked Juice LLC (dba Tropicana)(9)(11) |
First lien senior secured loan | SR + 3.25% | 01/2029 | 10,573 | 9,668 | 9,430 | 5.9 | % | ||||||||||||||||||
Nomad Foods Europe Midco Ltd.(8)(11) |
First lien senior secured loan | SR + 3.75% | 11/2029 | 5,000 | 4,801 | 4,979 | 3.1 | % | ||||||||||||||||||
Pegasus BidCo B.V.(9) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 4,500 | 4,306 | 4,354 | 2.7 | % | ||||||||||||||||||
Shearer’s Foods, LLC(6)(11) |
First lien senior secured loan | L + 3.50% | 09/2027 | 8,807 | 8,196 | 8,376 | 5.2 | % | ||||||||||||||||||
31,602 | 29,645 | 29,807 | 18.6 | % | ||||||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||||
Confluent Medical Technologies, Inc.(9) |
First lien senior secured loan | SR + 3.75% | 02/2029 | $ | 9,762 | $ | 9,620 | $ | 9,250 | 5.8 | % | |||||||||||||||
Dermatology Intermediate Holdings III, Inc(8) |
First lien senior secured loan | SR + 4.25% | 03/2029 | 9,950 | 9,829 | 9,751 | 6.1 | % | ||||||||||||||||||
Dermatology Intermediate Holdings III, Inc(8)(12) |
First lien senior secured delayed draw term loan | SR + 4.25% | 03/2029 | 1,629 | 1,618 | 1,596 | 1.0 | % | ||||||||||||||||||
Medline Borrower, LP(6)(11) |
First lien senior secured loan | L + 3.25% | 10/2028 | 6,327 | 5,831 | 6,005 | 3.7 | % | ||||||||||||||||||
MJH Healthcare Holdings, LLC(8) |
First lien senior secured loan | SR + 3.50% | 01/2029 | 3,831 | 3,767 | 3,678 | 2.3 | % | ||||||||||||||||||
Natus Medical Inc.(10) |
First lien senior secured loan | SR + 5.50% | 07/2029 | 4,500 | 4,191 | 4,207 | 2.6 | % | ||||||||||||||||||
35,999 | 34,856 | 34,487 | 21.5 | % | ||||||||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||||||
Covetrus, Inc.(9)(11) |
First lien senior secured loan | SR + 5.00% | 10/2029 | $ | 9,500 | $ | 8,940 | $ | 8,878 | 5.5 | % | |||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | L + 3.25% | 12/2028 | 3,422 | 3,356 | 3,242 | 2.0 | % | ||||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6)(11) |
First lien senior secured loan | L + 3.25% | 11/2028 | 7,444 | 7,170 | 7,156 | 4.5 | % | ||||||||||||||||||
Physician Partners, LLC(8)(11) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 9,950 | 9,407 | 9,457 | 5.9 | % | ||||||||||||||||||
Premise Health Holding(9) |
First lien senior secured loan | SR + 4.75% | 07/2025 | 3,234 | 3,197 | 3,193 | 2.0 | % | ||||||||||||||||||
33,550 | 32,070 | 31,926 | 19.9 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2022 ($ in thousands) |
||||||||||||||||||||||||||
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||||
Athenahealth Group Inc.(8)(11) |
First lien senior secured loan | SR + 3.50% | 02/2029 | $ | 9,403 | $ | 8,636 | $ | 8,466 | 5.3 | % | |||||||||||||||
Athenahealth Group Inc.(8)(11)(12) |
First lien senior secured delayed draw term loan | SR + 3.50% | 02/2029 | — | (112 | ) | (109 | ) | (0.1 | )% | ||||||||||||||||
Imprivata, Inc.(8) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 9,762 | 9,583 | 9,396 | 5.9 | % | ||||||||||||||||||
Verscend Holding Corp.(6) |
First lien senior secured loan | L + 4.00% | 08/2025 | 9,944 | 9,821 | 9,870 | 6.1 | % | ||||||||||||||||||
29,109 | 27,928 | 27,623 | 17.2 | % | ||||||||||||||||||||||
Infrastructure and environmental services |
||||||||||||||||||||||||||
Osmose Utilities Services, Inc.(6) |
First lien senior secured loan | L +3.25% | 06/2028 | $ | 9,762 | $ | 9,052 | $ | 9,249 | 5.8 | % | |||||||||||||||
USIC Holdings, Inc.(6)(11) |
First lien senior secured loan | L + 3.50% | 05/2028 | 2,977 | 2,831 | 2,837 | 1.7 | % | ||||||||||||||||||
12,739 | 11,883 | 12,086 | 7.5 | % | ||||||||||||||||||||||
Insurance |
||||||||||||||||||||||||||
Acrisure, LLC(9) |
First lien senior secured loan | SR + 5.75% | 02/2027 | $ | 6,500 | $ | 6,182 | $ | 6,435 | 4.1 | % | |||||||||||||||
AssuredPartners, Inc.(8) |
First lien senior secured loan | SR + 4.25% | 02/2027 | 4,988 | 4,814 | 4,875 | 3.0 | % | ||||||||||||||||||
Hub International Limited(7)(11) |
First lien senior secured loan | L + 3.25% | 04/2025 | 9,924 | 9,756 | 9,823 | 6.1 | % | ||||||||||||||||||
21,412 | 20,752 | 21,133 | 13.2 | % | ||||||||||||||||||||||
Internet software and services |
||||||||||||||||||||||||||
Barracuda Parent, LLC(8) |
First lien senior secured loan | SR + 4.50% | 08/2029 | $ | 10,600 | $ | 10,141 | $ | 10,203 | 6.3 | % | |||||||||||||||
CDK Global, Inc.(9)(11) |
First lien senior secured loan | SR + 4.50% | 07/2029 | 10,600 | 10,366 | 10,492 | 6.5 | % | ||||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(11) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 10,573 | 9,666 | 9,741 | 6.1 | % | ||||||||||||||||||
E2open, LLC(6)(11) |
First lien senior secured loan | L + 3.50% | 02/2028 | 3,868 | 3,756 | 3,793 | 2.4 | % | ||||||||||||||||||
Hyland Software, Inc.(6)(11) |
First lien senior secured loan | L + 3.50% | 07/2024 | 9,948 | 9,732 | 9,802 | 6.1 | % | ||||||||||||||||||
Sophos Holdings, LLC(7) |
First lien senior secured loan | L + 3.50% | 03/2027 | 10,546 | 10,319 | 10,203 | 6.4 | % | ||||||||||||||||||
56,135 | 53,980 | 54,234 | 33.8 | % | ||||||||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||||||
Delta 2 (Lux) SARL (dba Formula One)(8) |
First lien senior secured loan | SR + 3.25% | 01/2030 | $ | 3,000 | $ | 2,970 | $ | 2,993 | 1.8 | % | |||||||||||||||
WMG Acquisition Corp.(8)(11) |
First lien senior secured loan | SR + 3.00% | 01/2028 | 4,000 | 3,922 | 3,953 | 2.5 | % | ||||||||||||||||||
7,000 | 6,892 | 6,946 | 4.3 | % | ||||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||||
DXP Enterprises, Inc.(10) |
First lien senior secured loan | SR + 5.25% | 12/2027 | $ | 4,987 | $ | 4,717 | $ | 4,738 | 3.0 | % | |||||||||||||||
Gates Global LLC(8)(11) |
First lien senior secured loan | SR + 3.50% | 11/2029 | 1,995 | 1,936 | 1,978 | 1.2 | % | ||||||||||||||||||
Pro Mach Group, Inc.(6)(11) |
First lien senior secured loan | L + 4.00% | 08/2028 | 10,547 | 10,282 | 10,241 | 6.4 | % | ||||||||||||||||||
Pro Mach Group, Inc.(9) |
First lien senior secured loan | SR + 5.00% | 08/2028 | 4,000 | 3,800 | 3,884 | 2.4 | % | ||||||||||||||||||
21,529 | 20,735 | 20,841 | 13.0 | % | ||||||||||||||||||||||
Professional services |
||||||||||||||||||||||||||
Apex Group Treasury, LLC(9) |
First lien senior secured loan | SR + 5.00% | 07/2028 | $ | 2,500 | $ | 2,350 | $ | 2,400 | 1.5 | % | |||||||||||||||
Apex Group Treasury, LLC(7)(11) |
First lien senior secured loan | L + 3.75% | 07/2028 | 4,938 | 4,748 | 4,691 | 2.9 | % | ||||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(9) |
First lien senior secured loan | SR + 4.25% | 06/2029 | 2,053 | 1,988 | 2,012 | 1.3 | % | ||||||||||||||||||
Sovos Compliance, LLC(9) |
First lien senior secured loan | SR + 4.50% | 08/2028 | 10,547 | 10,200 | 9,703 | 6.0 | % | ||||||||||||||||||
20,038 | 19,286 | 18,806 | 11.7 | % |
Blue Owl Credit Income Senior Loan Fund’s Portfolio as of December 31, 2022 ($ in thousands) |
||||||||||||||||||||||||||
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||||
Telecommunications |
||||||||||||||||||||||||||
Park Place Technologies, LLC(8)(11) |
First lien senior secured loan | |
SR + 5.00% |
|
11/2027 | $ | 9,762 | $ | 9,268 | $ | 9,172 | 5.7 | % | |||||||||||||
Zayo Group Holdings, Inc.(8)(11) |
First lien senior secured loan | |
SR + 4.25% |
|
03/2027 | 9,925 | 8,294 | 8,196 | 5.1 | % | ||||||||||||||||
19,687 | 17,562 | 17,368 | 10.8 | % | ||||||||||||||||||||||
Total Debt Investments |
$ |
529,463 |
$ |
507,996 |
$ |
506,202 |
315.6 |
% | ||||||||||||||||||
Total Investments |
$ |
529,463 |
$ |
507,996 |
$ |
506,202 |
315.6 |
% | ||||||||||||||||||
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s SPV Asset Facilities. |
(3) | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
(4) | Unless otherwise indicated, all investments are considered Level 3 investments. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%. |
(7) | The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%. |
(8) | The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%. |
(9) | The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%. |
(10) | The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%. |
(11) | Level 2 investment. |
(12) | Position or portion thereof is an unfunded loan commitment. |
($ in thousands) | September 30, 2023 (Unaudited) |
December 31, 2022 |
||||||
Assets |
||||||||
Investments at fair value (amortized cost of $930,182 and $507,996, respectively) |
$ | 937,763 | $ | 506,202 | ||||
Cash |
103,929 | 15,237 | ||||||
Interest receivable |
5,148 | 2,202 | ||||||
Receivable due on investments sold |
9,903 | 4,622 | ||||||
Prepaid expenses and other assets |
662 | 151 | ||||||
Total Assets |
$ | 1,057,405 | $ | 528,414 | ||||
Liabilities |
||||||||
Debt (net of unamortized debt issuance costs of $6,125 and $3,509, respectively) |
$ | 678,714 | $ | 343,035 | ||||
Payable for investments purchased |
64,180 | 13,958 | ||||||
Interest payable |
1,280 | 1,522 | ||||||
Return of capital payable |
— | 4,489 | ||||||
Distribution payable |
9,943 | 3,624 |
($ in thousands) | September 30, 2023 (Unaudited) |
December 31, 2022 |
||||||
Accrued expenses and other liabilities |
688 | 1,337 | ||||||
Total Liabilities |
$ | 754,805 | $ | 367,965 | ||||
Members’ Equity |
||||||||
Members’ Equity |
302,600 | 160,449 | ||||||
Total Members’ Equity |
302,600 | 160,449 | ||||||
Total Liabilities and Members’ Equity |
$ | 1,057,405 | $ | 528,414 | ||||
($ in thousands) |
For the Three Months Ended September 30, 2023 (Unaudited) |
For the Nine Months Ended September 30, 2023 (Unaudited) |
For the Period Ended December 31, 2022(1) |
|||||||||
Investment Income |
||||||||||||
Interest income |
$ | 21,115 | $ | 51,905 | $ | 7,202 | ||||||
Other Income |
116 | |||||||||||
Total Investment Income |
21,115 | 51,905 | 7,318 | |||||||||
Operating Expenses |
||||||||||||
Interest expense |
$ | 10,027 | $ | 23,745 | $ | 3,300 | ||||||
Professional fees |
699 | 1,059 | 158 | |||||||||
Other general and administrative |
178 | 453 | 77 | |||||||||
Total Operating Expenses |
10,904 | 25,257 | 3,535 | |||||||||
Net Investment Income |
$ | 10,211 | $ | 26,648 | $ | 3,783 | ||||||
Net Realized and Change in Unrealized Gain (Loss) on Investments |
||||||||||||
Net change in unrealized gain (loss) on investments |
4,056 | 9,375 | (1,657 | ) | ||||||||
Net realized gain (loss) on investments |
(272 | ) | (256 | ) | (84 | ) | ||||||
Total Net Realized and Change in Unrealized Gain (Loss) on Investments |
3,784 | 9,119 | (1,741 | ) | ||||||||
Net Increase in Members’ Equity Resulting from Operations |
$ | 13,995 | $ | 35,767 | $ | 2,042 | ||||||
(1) | The Company commenced principal operations as a joint venture on November 2, 2022. |
($ in thousands) | For the Three Months Ended September 30, 2023 (Unaudited) |
For the Nine Months Ended September 30, 2023 (Unaudited) |
For the Period Ended December 31, 2022(2) |
|||||||||
Interest expense |
$ | 9,693 | $ | 22,934 | $ | 3,145 | ||||||
Amortization of debt issuance costs |
334 | 811 | 115 | |||||||||
Total Interest Expense |
$ | 10,027 | $ | 23,745 | $ | 3,300 | ||||||
Average interest rate(1) |
6.9 | % | 6.7 | % | 5.8 | % | ||||||
Average daily borrowings |
$ | 551,301 | $ | 459,050 | $ | 334,618 |
(1) | Average interest rate is annualized. |
(2) | The Company commenced principal operations as a joint venture on November 2, 2022. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Total Investment Income |
$ | 408,781 | $ | 205,219 | $ | 1,078,388 | $ | 404,285 |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Less: Net Operating Expenses |
193,155 | 99,202 | 504,092 | 186,604 | ||||||||||||
Net Investment Income (Loss) Before Taxes |
215,626 | 106,017 | 574,296 | 217,681 | ||||||||||||
Less: Income taxes, including excise taxes |
1,027 | 4 | 2,529 | 4 | ||||||||||||
Net Investment Income (Loss) After Taxes |
214,599 | 106,013 | 571,767 | 217,677 | ||||||||||||
Net realized gain (loss) |
(2,144 | ) | (182 | ) | (9,382 | ) | 386 | |||||||||
Net change in unrealized gain (loss) |
52,954 | 47,040 | 131,212 | (145,347 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 265,409 | $ | 152,871 | $ | 693,597 | $ | 72,716 | ||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Investment income |
||||||||||||||||
Interest income |
$ | 357,354 | $ | 174,782 | $ | 931,597 | $ | 345,230 | ||||||||
PIK interest income |
18,951 | 12,198 | 51,913 | 24,369 | ||||||||||||
Dividend income |
12,752 | — | 33,335 | — | ||||||||||||
PIK dividend income |
16,729 | 13,166 | 51,131 | 21,829 | ||||||||||||
Other income |
2,995 | 5,073 | 10,412 | 12,857 | ||||||||||||
Total Investment Income |
$ | 408,781 | $ | 205,219 | $ | 1,078,388 | $ | 404,285 | ||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Offering costs |
$ | 1,156 | $ | 1,090 | $ | 2,093 | $ | 3,440 | ||||||||
Interest expense |
127,342 | 61,773 | 331,488 | 113,254 | ||||||||||||
Management fees |
21,466 | 12,672 | 57,262 | 27,570 | ||||||||||||
Performance based incentive fees |
30,803 | 15,142 | 82,050 | 29,489 | ||||||||||||
Professional fees |
4,416 | 2,916 | 10,330 | 6,250 | ||||||||||||
Directors’ fees |
448 | 296 | 972 | 845 | ||||||||||||
Shareholder servicing fees |
5,696 | 3,558 | 14,916 | 8,444 | ||||||||||||
Other general and administrative |
1,828 | 1,755 | 4,981 | 4,087 | ||||||||||||
Total operating expenses |
193,155 | 99,202 | 504,092 | 193,379 | ||||||||||||
Expense Support |
— | — | — | (6,775 | ) | |||||||||||
Net operating expenses |
$ | 193,155 | $ | 99,202 | $ | 504,092 | $ | 186,604 | ||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Net change in unrealized gain (loss): |
||||||||||||||||
Net change in unrealized gain (loss) on investments |
$ | 52,944 | $ | 48,819 | $ | 130,862 | $ | (142,695 | ) | |||||||
Translation of assets and liabilities in foreign currencies |
4 | (1,779 | ) | 351 | (2,652 | ) | ||||||||||
Income tax (provision) benefit |
6 | — | (1 | ) | — | |||||||||||
Net change in unrealized gain (loss) |
$ | 52,954 | $ | 47,040 | $ | 131,212 | $ | (145,347 | ) | |||||||
Portfolio Company ($ in millions) |
Net Change in Unrealized Gain (Loss) |
|||
Notorious Topco, LLC (dba Beauty Industry Group) |
(7.2 | ) | ||
Asurion, LLC |
7.1 | |||
Covetrus, Inc. |
4.9 | |||
Olaplex, Inc. |
(4.9 | ) | ||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
(4.5 | ) | ||
Help/Systems Holdings, Inc. |
4.5 | |||
CD&R Value Building Partners I, L.P. (dba Belron) |
3.9 | |||
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC) |
3.5 | |||
LSI Financing 1 DAC |
3.0 | |||
Athenahealth Group Inc. |
2.9 | |||
Remaining portfolio companies |
39.7 | |||
Total |
$ | 52.9 | ||
Portfolio Company ($ in millions) |
Net Change in Unrealized Gain (Loss) |
|||
Asurion, LLC |
(13.2 | ) | ||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
10.3 | |||
Barracuda Parent, LLC |
(4.4 | ) | ||
Cornerstone OnDemand, Inc. |
3.9 | |||
Athenahealth Group Inc. |
(3.8 | ) | ||
CoreLogic Inc. |
(3.4 | ) | ||
Ivanti Software, Inc. |
(3.1 | ) | ||
Associations, Inc. |
2.6 | |||
CD&R Value Building Partners I, L.P. (dba Belron) |
2.4 | |||
Notorious Topco, LLC (dba Beauty Industry Group) |
2.2 | |||
Remaining portfolio companies |
55.3 | |||
Total |
$ | 48.8 | ||
Portfolio Company ($ in millions) |
Net Change in Unrealized Gain (Loss) |
|||
Asurion, LLC |
16.9 | |||
Notorious Topco, LLC (dba Beauty Industry Group) |
(10.4 | ) | ||
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC) |
8.2 | |||
Athenahealth Group Inc. |
6.8 | |||
Rhea Parent, Inc. |
5.4 | |||
CD&R Value Building Partners I, L.P. (dba Belron) |
5.3 | |||
Olaplex, Inc. |
(5.2 | ) | ||
Elliott Alto Co-Investor Aggregator L.P. |
(4.7 | ) | ||
Dealer Tire, LLC |
4.7 | |||
Delta TopCo, Inc. (dba Infoblox, Inc.) |
4.3 | |||
Remaining portfolio companies |
99.6 | |||
Total |
$ | 130.9 | ||
Portfolio Company ($ in millions) |
Net Change in Unrealized Gain (Loss) |
|||
Asurion, LLC |
$ | (33.5 | ) | |
Athenahealth Group Inc. |
(13.6 | ) | ||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
12.2 | |||
CoreLogic Inc. |
(9.8 | ) | ||
Help/Systems Holdings, Inc. |
(6.6 | ) | ||
Dealer Tire, LLC |
(5.6 | ) | ||
Delta TopCo, Inc. (dba Infoblox, Inc.) |
(4.8 | ) | ||
Ivanti Software, Inc. |
(4.7 | ) | ||
Barracuda Parent, LLC |
(4.4 | ) | ||
USIC Holdings, Inc. |
(3.8 | ) | ||
Remaining portfolio companies |
(68.1 | ) | ||
Total |
$ | (142.7 | ) | |
For the Three Months Ended September 30, |
For the For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Net realized gain (loss) on investments |
$ | (2,411 | ) | $ | (234 | ) | $ | (9,589 | ) | $ | 125 | |||||
Net realized gain (loss) on foreign currency transactions |
267 | 52 | 207 | 261 | ||||||||||||
Net realized gain (loss) |
$ | (2,144 | ) | $ | (182 | ) | $ | (9,382 | ) | $ | 386 | |||||
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020(1) |
|||||||||
Total Investment Income |
$ | 670,185 | $ | 64,843 | $ | 69 | ||||||
Less: Net Operating Expenses |
323,230 | 33,425 | 795 | |||||||||
Net Investment Income (Loss) Before Taxes |
346,955 | 31,418 | (726 | ) | ||||||||
Less: Income taxes, including excise taxes |
104 | 11 | — | |||||||||
Net Investment Income (Loss) After Taxes |
346,851 | 31,407 | (726 | ) |
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020(1) |
|||||||||
Net realized gain (loss) |
(12,377 | ) | 919 | — | ||||||||
Net change in unrealized gain (loss) |
(116,185 | ) | 3,564 | (2 | ) | |||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 218,289 | $ | 35,890 | $ | (728 | ) | |||||
(1) | The Company commenced operations on November 10, 2020. |
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021(2) |
2020(1) (2) |
|||||||||
Investment income from non-controlled, non-affiliated investments: |
||||||||||||
Interest income |
$ | 579,296 | $ | 55,530 | $ | 60 | ||||||
PIK interest income |
34,789 | 5,212 | — | |||||||||
Dividend income |
37,190 | 1,382 | 2 | |||||||||
Other income |
15,538 | 2,719 | 7 | |||||||||
Total investment income from non-controlled, non-affiliated investments: |
666,813 | 64,843 | 69 | |||||||||
Investment income from controlled, affiliated investments: |
||||||||||||
Dividend income |
$ | 3,372 | $ | — | $ | — | ||||||
Total investment income from controlled, affiliated investments: |
3,372 | — | — | |||||||||
Total investment income |
$ | 670,185 | $ | 64,843 | $ | 69 | ||||||
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020(1) |
|||||||||
Initial organization |
$ | — | $ | 273 | $ | 195 | ||||||
Offering costs |
3,661 | 2,972 | — | |||||||||
Interest expense |
200,318 | 14,257 | 4 | |||||||||
Management fees |
42,610 | 3,632 | 14 | |||||||||
Performance based incentive fees |
48,926 | 5,257 | — | |||||||||
Professional fees |
9,297 | 1,955 | 144 | |||||||||
Directors’ fees |
1,099 | 1,059 | 215 | |||||||||
Shareholder servicing fees |
12,445 | 1,292 | — | |||||||||
Other general and administrative |
4,874 | 2,780 | 237 | |||||||||
Total operating expenses |
$ | 323,230 | $ | 33,477 | $ | 809 | ||||||
Management fees waived |
— | (52 | ) | (14 | ) | |||||||
Expense Support |
(6,775 | ) | (2,578 | ) | — | |||||||
Recoupment of Expense Support |
6,775 | 2,578 | — | |||||||||
Net operating expenses |
$ | 323,230 | $ | 33,425 | $ | 795 | ||||||
For the Years Ended December 31, |
||||||||||||
($ in thousands, except per share amounts) | 2022 |
2021 |
2020(1) |
|||||||||
Consolidated Statement of Operations Data |
||||||||||||
Income |
||||||||||||
Total investment income |
$ | 670,185 | $ | 64,843 | $ | 69 | ||||||
Expenses |
||||||||||||
Total operating expenses |
323,230 | 33,477 | 809 | |||||||||
Expense support |
(6,775 | ) | (2,578 | ) | — | |||||||
Management fees waived |
— | (52 | ) | (14 | ) | |||||||
Recoupment of expense support |
6,775 | 2,578 | — | |||||||||
Net operating expenses |
323,230 | 33,425 | 795 | |||||||||
Net investment income (loss) before income taxes |
$ | 346,955 | $ | 31,418 | $ | (726 | ) | |||||
Income tax, including excise tax expense |
104 | 11 | — | |||||||||
Net investment income (loss) after income taxes |
$ | 346,851 | $ | 31,407 | $ | (726 | ) | |||||
Total net realized and unrealized gain (loss) on investments |
$ | (128,562 | ) | $ | 4,483 | $ | (2 | ) | ||||
Net increase (decrease) in net assets resulting from operations |
$ | 218,289 | $ | 35,890 | $ | (728 | ) | |||||
Net increase (decrease) in net assets resulting from operations - Class S common stock(2) |
$ | 67,729 | $ | 9,605 | $ | — | ||||||
Net increase (decrease) in net assets resulting from operations - Class D common stock(2) |
$ | 18,672 | $ | 4,412 | $ | — | ||||||
Net increase (decrease) in net assets resulting from operations - Class I common stock |
$ | 131,888 | $ | 21,873 | $ | (728 | ) | |||||
Earnings per share - basic and diluted of Class S common stock(2) |
$ | 0.45 | $ | 0.66 | $ | — | ||||||
For the Years Ended December 31, |
||||||||||||
($ in thousands, except per share amounts) | 2022 |
2021 |
2020(1) |
|||||||||
Earnings per share - basic and diluted of Class D common stock(2) |
$ | 0.49 | $ | 0.72 | $ | — | ||||||
Earnings per share - basic and diluted of Class I common stock |
$ | 0.55 | $ | 0.73 | $ | (0.71 | ) | |||||
For the Years Ended December 31, |
||||||||||||
($ in thousands, except per share amounts) | 2022 |
2021 |
2020(1) |
|||||||||
Consolidated Balance Sheet Data |
||||||||||||
Investments at fair value |
$ | 10,707,584 | $ | 3,120,372 | $ | 14,376 | ||||||
Cash |
225,247 | 21,459 | 8,153 | |||||||||
Total assets |
11,036,362 | 3,163,748 | 22,610 | |||||||||
Total debt (net of unamortized debt issuance costs) |
5,477,411 | 1,525,811 | 10,000 | |||||||||
Total liabilities |
5,786,609 | 1,583,020 | 10,337 | |||||||||
Total net assets |
5,249,753 | 1,580,728 | 12,273 | |||||||||
Net asset value per Class S share(2) |
$ | 9.06 | $ | 9.33 | $ | — | ||||||
Net asset value per Class D share(2) |
$ | 9.07 | $ | 9.33 | $ | — | ||||||
Net asset value per Class I share |
$ | 9.08 | $ | 9.34 | $ | 9.44 | ||||||
Other Data: |
||||||||||||
Number of portfolio companies at year end |
206 | 99 | 11 | |||||||||
Distributions Declared Per Share |
$ | 0.72 | $ | 0.50 | $ | — | ||||||
Total return based on net asset value(3) |
4.8 | % | 5.1 | % | (5.6 | )% | ||||||
Weighted average total yield of portfolio at fair value |
10.6 | % | 7.1 | % | 8.0 | % | ||||||
Weighted average total yield of portfolio at amortized cost |
10.5 | % | 7.1 | % | 8.0 | % | ||||||
Weighted average yield of debt and income producing securities at fair value |
10.9 | % | 7.3 | % | 8.4 | % | ||||||
Weighted average yield of debt and income producing securities at amortized cost |
10.7 | % | 7.3 | % | 8.4 | % | ||||||
Fair value of debt investments as a percentage of principal |
97.4 | % | 98.6 | % | 98.2 | % |
(1) | The Company commenced operations on November 10, 2020. |
(2) | There were no Class S or Class D shares of common stock outstanding as of December 31, 2020. |
(3) | Total return is not annualized. An investment in Class S or Class D shares is subject to Upfront Sales Load. The maximum Upfront Sales Load is 3.50% of the amount invested for Class S shares and 1.50% of the amount invested for Class D shares. There is no upfront Sales Load on the amount invested in the Class I shares. Cumulative total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, dividend by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time). |
For the Three Months Ended |
||||||||||||||||
($ in thousands, except per share amounts) | March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
||||||||||||
Investment income |
$ | 70,145 | $ | 128,921 | $ | 205,219 | $ | 265,900 | ||||||||
Net operating expenses |
27,554 | 59,848 | 99,202 | 136,626 | ||||||||||||
Net investment income (loss) |
42,591 | 69,073 | 106,017 | 129,274 | ||||||||||||
Excise tax |
— | — | (4 | ) | (100 | ) | ||||||||||
Net realized and unrealized gains (losses) |
(23,020 | ) | (168,799 | ) | 46,858 | 16,399 | ||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 19,571 | $ | (99,726 | ) | $ | 152,871 | $ | 145,573 | |||||||
Net asset value per Class S share as of the end of the quarter |
$ | 9.24 | $ | 8.84 | $ | 8.99 | $ | 9.06 | ||||||||
Net asset value per Class D share as of the end of the quarter |
$ | 9.25 | $ | 8.86 | $ | 9.00 | $ | 9.07 | ||||||||
Net asset value per Class I share as of the end of the quarter |
$ | 9.26 | $ | 8.88 | $ | 9.01 | $ | 9.08 | ||||||||
Earnings (losses) per share—basic and diluted of Class S common stock |
$ | 0.07 | $ | (0.26 | ) | $ | 0.30 | $ | 0.34 | |||||||
Earnings (losses) per share—basic and diluted of Class D common stock |
$ | 0.08 | $ | (0.25 | ) | $ | 0.31 | $ | 0.35 | |||||||
Earnings (losses) per share—basic and diluted of Class I common stock |
$ | 0.08 | $ | (0.25 | ) | $ | 0.31 | $ | 0.41 |
For the Three Months Ended |
||||||||||||||||
($ in thousands, except per share amounts) | March 31, 2021 |
June 30, 2021 |
September 30, 2021 |
December 31, 2021 |
||||||||||||
Investment income |
$ | 346 | $ | 3,667 | $ | 15,626 | $ | 45,204 | ||||||||
Net operating expenses |
421 | 1,361 | 9,588 | 22,066 | ||||||||||||
Net investment income (loss) |
(75 | ) | 2,306 | 6,038 | 23,138 | |||||||||||
Excise tax |
— | — | — | — | ||||||||||||
Net realized and unrealized gains (losses) |
50 | 791 | 3,097 | 545 | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | (25 | ) | $ | 3,097 | $ | 9,135 | $ | 23,683 | |||||||
Net asset value per Class S share as of the end of the quarter |
$ | — | $ | 9.30 | $ | 9.32 | $ | 9.33 | ||||||||
Net asset value per Class D share as of the end of the quarter |
$ | 9.24 | $ | 9.29 | $ | 9.32 | $ | 9.33 | ||||||||
Net asset value per Class I share as of the end of the quarter |
$ | 9.26 | $ | 9.30 | $ | 9.33 | $ | 9.34 | ||||||||
Earnings (losses) per share—basic and diluted of Class S common stock |
$ | — | $ | 0.19 | $ | 0.17 | $ | 0.22 | ||||||||
Earnings (losses) per share—basic and diluted of Class D common stock |
$ | 0.08 | $ | 0.20 | $ | 0.19 | $ | 0.27 | ||||||||
Earnings (losses) per share—basic and diluted of Class I common stock |
$ | (0.02 | ) | $ | 0.20 | $ | 0.19 | $ | 0.29 | |||||||
Investment income |
$ | — | $ | — | $ | — | $ | 69 | ||||||||
Net operating expenses |
— | — | — | 795 | ||||||||||||
Net investment income (loss) |
— | — | — | (726 | ) | |||||||||||
Excise tax |
— | — | — | — | ||||||||||||
Net realized and unrealized gains (losses) |
— | — | — | (2 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | — | $ | — | $ | — | $ | (728 | ) | |||||||
For the Three Months Ended |
||||||||||||||||
($ in thousands, except per share amounts) | March 31, 2021 |
June 30, 2021 |
September 30, 2021 |
December 31, 2021 |
||||||||||||
Net asset value per Class S share as of the end of the quarter |
$ | — | $ | — | $ | — | $ | — | ||||||||
Net asset value per Class D share as of the end of the quarter |
$ | — | $ | — | $ | — | $ | — | ||||||||
Net asset value per Class I share as of the end of the quarter |
$ | — | $ | — | $ | — | $ | 9.44 | ||||||||
Earnings (losses) per share—basic and diluted of Class Scommon stock |
$ | — | $ | — | $ | — | $ | — | ||||||||
Earnings (losses) per share—basic and diluted of Class Dcommon stock |
$ | — | $ | — | $ | — | $ | — | ||||||||
Earnings (losses) per share—basic and diluted of Class Icommon stock |
$ | — | $ | — | $ | — | $ | (0.71 | ) |
(1) | The Company commenced operations on November 10, 2020. |
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020(1) |
|||||||||
Net change in unrealized gain (loss): |
||||||||||||
Non-controlled, non-affiliated investments |
$ | (113,557 | ) | $ | 3,566 | $ | (2 | ) | ||||
Non-controlled, affiliated investments |
(49 | ) | — | — |
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020(1) |
|||||||||
Controlled, affiliated investments |
(1,384 | ) | — | — | ||||||||
Net change in translation of assets and liabilities in foreign currencies |
(1,195 | ) | (2 | ) | — | |||||||
Net change in unrealized gain (loss) |
(116,185 | ) | 3,564 | (2 | ) | |||||||
Portfolio Company ($ in millions) |
Net Change in Unrealized Gain (Loss) |
|||
Asurion, LLC |
$ | (31.5 | ) | |
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
12.7 | |||
Athenahealth Group Inc. |
(11.7 | ) | ||
Help/Systems Holdings, Inc. |
(8.5 | ) | ||
Dealer Tire, LLC |
(7.2 | ) | ||
CoreLogic Inc. |
(6.3 | ) | ||
Ivanti Software, Inc. |
(4.7 | ) | ||
Packers Holdings, LLC |
(4.3 | ) | ||
Walker Edison Furniture Company LLC |
(4.2 | ) | ||
Delta TopCo, Inc. (dba Infoblox, Inc.) |
(3.5 | ) | ||
Remaining portfolio companies |
(47.0 | ) | ||
Total |
$ | (116.2 | ) | |
Portfolio Company ($ in millions) |
Net Change in Unrealized Gain (Loss) |
|||
Packaging Coordinators Midco, Inc. |
$ | 1.0 | ||
Gaylord Chemical Company, LLC |
0.5 | |||
Walker Edison Furniture Company LLC |
(0.5 | ) | ||
ConAir Holdings LLC |
0.5 |
Portfolio Company ($ in millions) |
Net Change in Unrealized Gain (Loss) |
|||
Denali BuyerCo, LLC (dba Summit Companies) |
0.5 | |||
Mavis Tire Express Services Topco Corp. |
0.3 | |||
Individual Foodservice Holdings, LLC |
0.3 | |||
Intelerad Medical Systems Inc. |
0.3 | |||
Asurion, LLC |
0.2 | |||
Tahoe Finco, LLC |
(0.2 | ) | ||
Remaining portfolio companies |
0.7 | |||
Total |
$ | 3.6 | ||
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020 |
|||||||||
Net realized gain (loss) on investments |
$ | (12,748 | ) | $ | 923 | $ | — | |||||
Net realized gain (loss) on foreign currency transactions |
371 | (4 | ) | — | ||||||||
Net realized gain (loss) |
(12,377 | ) | 919 | — | ||||||||
(1) | The Company commenced operations on November 10, 2020. |
For the Three Months Ended September 30, 2023 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
35,007,017 | $ | 329,144 | 5,425,168 | $ | 50,663 | 53,848,440 | $ | 503,958 | 94,280,625 | $ | 883,765 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 3,253,834 | 30,412 | 3,253,834 | 30,412 | ||||||||||||||||||||||||
Share Transfers between classes |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reinvestment of distributions |
2,292,217 | 21,384 | 664,198 | 6,202 | 4,268,507 | 39,933 | 7,224,922 | 67,519 | ||||||||||||||||||||||||
Repurchased shares |
(1,573,405 | ) | (14,790 | ) | (1,379,185 | ) | (12,978 | ) | (8,074,185 | ) | (76,140 | ) | (11,026,775 | ) | (103,908 | ) | ||||||||||||||||
Total shares/gross proceeds |
35,725,829 | 335,738 | 4,710,181 | 43,887 | 53,296,596 | 498,163 | 93,732,606 | 877,788 | ||||||||||||||||||||||||
Sales load |
— | (2,621 | ) | — | — | — | — | — | (2,621 | ) | ||||||||||||||||||||||
Total shares/net proceeds |
35,725,829 | $ | 333,117 | 4,710,181 | $ | 43,887 | 53,296,596 | $ | 498,163 | 93,732,606 | $ | 875,167 | ||||||||||||||||||||
For the Three Months Ended September 30, 2022 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
25,525,944 | $ | 231,220 | 5,608,407 | $ | 50,343 | 53,594,346 | $ | 483,022 | 84,728,697 | $ | 764,585 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 3,573,813 | 32,219 | 3,573,813 | 32,219 | ||||||||||||||||||||||||
Reinvestment of distributions |
1,037,935 | 9,333 | 339,854 | 3,060 | 1,922,051 | 17,350 | 3,299,840 | 29,743 | ||||||||||||||||||||||||
Repurchased shares |
(975,399 | ) | (8,769 | ) | (125,759 | ) | (1,132 | ) | (3,660,100 | ) | (32,978 | ) | (4,761,258 | ) | (42,878 | ) | ||||||||||||||||
Total shares/gross proceeds |
25,588,480 | 231,784 | 5,822,502 | 52,271 | 55,430,110 | 499,613 | 86,841,092 | 783,669 | ||||||||||||||||||||||||
Sales load |
— | (2,215 | ) | — | — | — | — | — | (2,215 | ) | ||||||||||||||||||||||
Total shares/net proceeds |
25,588,480 | $ | 229,569 | 5,822,502 | $ | 52,271 | 55,430,110 | $ | 499,613 | 86,841,092 | $ | 781,454 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2023 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
80,662,197 | $ | 752,341 | 16,501,836 | $ | 152,821 | 140,706,099 | $ | 1,304,023 | 237,870,132 | $ | 2,209,185 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 7,594,982 | 70,448 | 7,594,982 | 70,448 | ||||||||||||||||||||||||
Share Transfers between classes |
(230,952 | ) | (2,127 | ) | — | — | 230,202 | 2,127 | (750 | ) | — | |||||||||||||||||||||
Reinvestment of distributions |
5,966,108 | 55,159 | 1,804,722 | 16,698 | 11,009,979 | 102,088 | 18,780,809 | 173,945 | ||||||||||||||||||||||||
Repurchased shares |
(5,687,039 | ) | (52,800 | ) | (3,240,174 | ) | (30,240 | ) | (20,384,678 | ) | (190,235 | ) | (29,311,891 | ) | (273,275 | ) | ||||||||||||||||
Total shares/gross proceeds |
80,710,314 | 752,573 | 15,066,384 | 139,279 | 139,156,584 | 1,288,451 | 234,933,282 | 2,180,303 | ||||||||||||||||||||||||
Sales load |
— | (6,319 | ) | — | (144 | ) | — | — | — | (6,463 | ) | |||||||||||||||||||||
Total shares/net proceeds |
80,710,314 | $ | 746,254 | 15,066,384 | $ | 139,135 | 139,156,584 | $ | 1,288,451 | 234,933,282 | $ | 2,173,840 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2022 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
119,271,531 | $ | 1,104,545 | 25,925,981 | $ | 238,937 | 199,692,008 | $ | 1,834,660 | 344,889,520 | $ | 3,178,142 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 12,152,271 | 111,484 | 12,152,271 | 111,484 | ||||||||||||||||||||||||
Reinvestment of distributions |
2,112,563 | 19,227 | 758,555 | 6,921 | 3,721,296 | 33,943 | 6,592,414 | 60,091 | ||||||||||||||||||||||||
Repurchased shares |
(2,571,103 | ) | (23,135 | ) | (283,888 | ) | (2,546 | ) | (7,567,237 | ) | (68,370 | ) | (10,422,228 | ) | (94,051 | ) | ||||||||||||||||
Total shares/gross proceeds |
118,812,991 | 1,100,637 | 26,400,648 | 243,312 | 207,998,338 | 1,911,717 | 353,211,977 | 3,255,666 | ||||||||||||||||||||||||
Sales load |
— | (9,288 | ) | — | (446 | ) | — | — | — | (9,734 | ) | |||||||||||||||||||||
Total shares/net proceeds |
118,812,991 | $ | 1,091,349 | 26,400,648 | $ | 242,866 | 207,998,338 | $ | 1,911,717 | 353,211,977 | $ | 3,245,932 | ||||||||||||||||||||
For the Year Ended December 31, 2022 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
138,716,357 | $ | 1,281,798 | 29,988,942 | $ | 275,634 | 238,170,125 | $ | 2,182,504 | 406,875,424 | $ | 3,739,936 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 14,129,039 | 129,327 | 14,129,039 | 129,327 | ||||||||||||||||||||||||
Reinvestment of distributions |
3,532,070 | 32,022 | 1,200,084 | 10,905 | 6,299,574 | 57,235 | 11,031,728 | 100,162 | ||||||||||||||||||||||||
Repurchased shares |
(5,997,912 | ) | (54,182 | ) | (846,059 | ) | (7,645 | ) | (15,890,220 | ) | (143,936 | ) | (22,734,191 | ) | (205,762 | ) | ||||||||||||||||
Total shares/gross proceeds |
136,250,515 | 1,259,638 | 30,342,967 | 278,895 | 242,708,518 | 2,225,130 | 409,302,000 | 3,763,664 | ||||||||||||||||||||||||
Sales load |
— | (11,111 | ) | — | (481 | ) | — | — | — | (11,592 | ) | |||||||||||||||||||||
Total shares/net proceeds |
136,250,515 | $ | 1,248,527 | 30,342,967 | $ | 278,413 | 242,708,518 | $ | 2,225,130 | 409,302,000 | $ | 3,752,071 | ||||||||||||||||||||
For the Year Ended December 31, 2021 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
60,515,400 | $ | 568,479 | 18,426,554 | $ | 171,456 | 88,545,531 | $ | 823,758 | 167,487,485 | $ | 1,563,693 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reinvestment of distributions |
201,649 | 1,877 | 137,104 | 1,274 | 418,652 | 3,897 | 757,405 | 7,048 | ||||||||||||||||||||||||
Repurchased shares |
(16,129 | ) | (150 | ) | (11,327 | ) | (106 | ) | (161,083 | ) | (1,504 | ) | (188,539 | ) | (1,760 | ) | ||||||||||||||||
Total shares/gross proceeds |
60,700,920 | 570,206 | 18,552,331 | 172,624 | 88,803,100 | 826,151 | 168,056,351 | 1,568,981 | ||||||||||||||||||||||||
Sales load |
— | (5,223 | ) | — | (118 | ) | — | — | — | (5,341 | ) | |||||||||||||||||||||
Total shares/net proceeds |
60,700,920 | $ | 564,983 | 18,552,331 | $ | 172,506 | 88,803,100 | $ | 826,151 | 168,056,351 | $ | 1,563,640 | ||||||||||||||||||||
For the Year Ended December 31, 2020(1) |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) | Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
— | $ | — | — | $ | — | 1,300,100 | $ | 13,001 | 1,300,100 | $ | 13,001 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reinvestment of distributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchased shares |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total shares/gross proceeds |
— | — | — | — | 1,300,100 | 13,001 | 1,300,100 | 13,001 | ||||||||||||||||||||||||
Sales load |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total shares/net proceeds |
— | $ | — | — | $ | — | 1,300,100 | $ | 13,001 | 1,300,100 | $ | 13,001 |
Class S |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
March 1, 2021 |
$ | 9.26 | $ | 0.32 | $ | 9.58 | ||||||
April 1, 2021 |
$ | 9.26 | $ | 0.32 | $ | 9.58 | ||||||
May 1, 2021 |
$ | 9.26 | $ | 0.32 | $ | 9.58 | ||||||
June 1, 2021 |
$ | 9.28 | $ | 0.32 | $ | 9.60 | ||||||
July 1, 2021 |
$ | 9.30 | $ | 0.33 | $ | 9.63 | ||||||
August 1, 2021 |
$ | 9.30 | $ | 0.33 | $ | 9.63 | ||||||
September 1, 2021 |
$ | 9.30 | $ | 0.33 | $ | 9.63 | ||||||
October 1, 2021 |
$ | 9.31 | $ | 0.33 | $ | 9.64 | ||||||
November 1, 2021 |
$ | 9.32 | $ | 0.33 | $ | 9.65 | ||||||
December 1, 2021 |
$ | 9.31 | $ | 0.33 | $ | 9.64 | ||||||
January 1, 2022 |
$ | 9.33 | $ | 0.33 | $ | 9.66 | ||||||
February 1, 2022 |
$ | 9.33 | $ | 0.33 | $ | 9.66 | ||||||
March 1, 2022 |
$ | 9.27 | $ | 0.32 | $ | 9.59 | ||||||
April 1, 2022 |
$ | 9.24 | $ | 0.32 | $ | 9.56 | ||||||
May 1, 2022 |
$ | 9.23 | $ | 0.32 | $ | 9.55 | ||||||
June 1, 2022 |
$ | 9.02 | $ | 0.32 | $ | 9.34 | ||||||
July 1, 2022 |
$ | 8.84 | $ | 0.31 | $ | 9.15 | ||||||
August 1, 2022 |
$ | 9.02 | $ | 0.32 | $ | 9.34 | ||||||
September 1, 2022 |
$ | 9.09 | $ | 0.32 | $ | 9.41 | ||||||
October 1, 2022 |
$ | 8.99 | $ | 0.31 | $ | 9.30 | ||||||
November 1, 2022 |
$ | 9.00 | $ | 0.32 | $ | 9.32 | ||||||
December 1, 2022 |
$ | 9.05 | $ | 0.32 | $ | 9.37 | ||||||
January 1, 2023 |
$ | 9.06 | $ | 0.32 | $ | 9.38 | ||||||
February 1, 2023 |
$ | 9.24 | $ | 0.32 | $ | 9.56 | ||||||
March 1, 2023 |
$ | 9.23 | $ | 0.32 | $ | 9.55 | ||||||
April 1, 2023 |
$ | 9.21 | $ | 0.32 | $ | 9.53 | ||||||
May 1, 2023 |
$ | 9.21 | $ | 0.32 | $ | 9.53 | ||||||
June 1, 2023 |
$ | 9.18 | $ | 0.32 | $ | 9.50 | ||||||
July 1, 2023 |
$ | 9.28 | $ | 0.32 | $ | 9.60 | ||||||
August 1, 2023 |
$ | 9.33 | $ | 0.33 | $ | 9.66 | ||||||
September 1, 2023 |
$ | 9.37 | $ | 0.33 | $ | 9.70 |
Class D |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
March 1, 2021 |
$ | 9.26 | $ | 0.14 | $ | 9.40 | ||||||
April 1, 2021 |
$ | 9.26 | $ | 0.14 | $ | 9.40 | ||||||
May 1, 2021 |
$ | 9.25 | $ | 0.14 | $ | 9.39 | ||||||
June 1, 2021 |
$ | 9.27 | $ | 0.14 | $ | 9.41 | ||||||
July 1, 2021 |
$ | 9.29 | $ | 0.14 | $ | 9.43 | ||||||
August 1, 2021 |
$ | 9.29 | $ | 0.14 | $ | 9.43 | ||||||
September 1, 2021 |
$ | 9.29 | $ | 0.14 | $ | 9.43 |
Class D |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
October 1, 2021 |
$ | 9.31 | $ | 0.14 | $ | 9.45 | ||||||
November 1, 2021 |
$ | 9.32 | $ | 0.14 | $ | 9.46 | ||||||
December 1, 2021 |
$ | 9.31 | $ | 0.14 | $ | 9.45 | ||||||
January 1, 2022 |
$ | 9.34 | $ | 0.14 | $ | 9.48 | ||||||
February 1, 2022 |
$ | 9.33 | $ | 0.14 | $ | 9.47 | ||||||
March 1, 2022 |
$ | 9.27 | $ | 0.14 | $ | 9.41 | ||||||
April 1, 2022 |
$ | 9.25 | $ | 0.14 | $ | 9.39 | ||||||
May 1, 2022 |
$ | 9.24 | $ | 0.14 | $ | 9.38 | ||||||
June 1, 2022 |
$ | 9.04 | $ | 0.14 | $ | 9.18 | ||||||
July 1, 2022 |
$ | 8.86 | $ | 0.13 | $ | 8.99 | ||||||
August 1, 2022 |
$ | 9.04 | $ | 0.14 | $ | 9.18 | ||||||
September 1, 2022 |
$ | 9.09 | $ | 0.14 | $ | 9.23 | ||||||
October 1, 2022 |
$ | 9.00 | $ | 0.14 | $ | 9.14 | ||||||
November 1, 2022 |
$ | 9.01 | $ | 0.14 | $ | 9.15 | ||||||
December 1, 2022 |
$ | 9.05 | $ | 0.14 | $ | 9.19 | ||||||
January 1, 2023 |
$ | 9.07 | $ | 0.14 | $ | 9.21 | ||||||
February 1, 2023 |
$ | 9.25 | $ | 0.14 | $ | 9.39 | ||||||
March 1, 2023 |
$ | 9.24 | $ | 0.14 | $ | 9.38 | ||||||
April 1, 2023 |
$ | 9.22 | $ | 0.14 | $ | 9.36 | ||||||
May 1, 2023 |
$ | 9.22 | $ | 0.14 | $ | 9.36 | ||||||
June 1, 2023 |
$ | 9.19 | $ | 0.14 | $ | 9.33 | ||||||
July 1, 2023 |
$ | 9.29 | $ | 0.14 | $ | 9.43 | ||||||
August 1, 2023 |
$ | 9.34 | $ | 0.14 | $ | 9.48 | ||||||
September 1, 2023 |
$ | 9.38 | $ | 0.14 | $ | 9.52 |
Class I |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
Initial Offering Price |
$ | 10.00 | $ | — | $ | 10.00 | ||||||
March 1, 2021 |
$ | 9.26 | $ | — | $ | 9.26 | ||||||
April 1, 2021 |
$ | 9.26 | $ | — | $ | 9.26 | ||||||
May 1, 2021 |
$ | 9.26 | $ | — | $ | 9.26 | ||||||
June 1, 2021 |
$ | 9.28 | $ | — | $ | 9.28 | ||||||
July 1, 2021 |
$ | 9.30 | $ | — | $ | 9.30 | ||||||
August 1, 2021 |
$ | 9.30 | $ | — | $ | 9.30 | ||||||
September 1, 2021 |
$ | 9.30 | $ | — | $ | 9.30 | ||||||
October 1, 2021 |
$ | 9.32 | $ | — | $ | 9.32 | ||||||
November 1, 2021 |
$ | 9.32 | $ | — | $ | 9.32 | ||||||
December 1, 2021 |
$ | 9.31 | $ | — | $ | 9.31 | ||||||
January 1, 2022 |
$ | 9.34 | $ | — | $ | 9.34 | ||||||
February 1, 2022 |
$ | 9.34 | $ | — | $ | 9.34 | ||||||
March 1, 2022 |
$ | 9.28 | $ | — | $ | 9.28 | ||||||
April 1, 2022 |
$ | 9.26 | $ | — | $ | 9.26 | ||||||
May 1, 2022 |
$ | 9.25 | $ | — | $ | 9.25 | ||||||
June 1, 2022 |
$ | 9.05 | $ | — | $ | 9.05 |
Class I |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
July 1, 2022 |
$ | 8.88 | $ | — | $ | 8.88 | ||||||
August 1, 2022 |
$ | 9.06 | $ | — | $ | 9.06 | ||||||
September 1, 2022 |
$ | 9.11 | $ | — | $ | 9.11 | ||||||
October 1, 2022 |
$ | 9.01 | $ | — | $ | 9.01 | ||||||
November 1, 2022 |
$ | 9.02 | $ | — | $ | 9.02 | ||||||
December 1, 2022 |
$ | 9.07 | $ | — | $ | 9.07 | ||||||
January 1, 2023 |
$ | 9.08 | $ | — | $ | 9.08 | ||||||
February 1, 2023 |
$ | 9.26 | $ | — | $ | 9.26 | ||||||
March 1, 2023 |
$ | 9.26 | $ | — | $ | 9.26 | ||||||
April 1, 2023 |
$ | 9.24 | $ | — | $ | 9.24 | ||||||
May 1, 2023 |
$ | 9.24 | $ | — | $ | 9.24 | ||||||
June 1, 2023 |
$ | 9.21 | $ | — | $ | 9.21 | ||||||
July 1, 2023 |
$ | 9.31 | $ | — | $ | 9.31 | ||||||
August 1, 2023 |
$ | 9.36 | $ | — | $ | 9.36 | ||||||
September 1, 2023 |
$ | 9.39 | $ | — | $ | 9.39 |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||
December 5, 2022 |
January 31, 2023 | February 24, 2023 | $ | 0.08765 | $ | 16,523 | $ | 4,296 | $ | 30,667 | ||||||||||
February 10, 2023 |
February 28, 2023 | March 23, 2023 | 0.06765 | 12,882 | 3,372 | 24,319 | ||||||||||||||
February 10, 2023 |
March 31, 2023 | April 26, 2023 | 0.06765 | 13,027 | 3,550 | 24,938 | ||||||||||||||
February 10, 2023 |
April 30, 2023 | May 22, 2023 | 0.08765 | 18,233 | 4,956 | 33,691 | ||||||||||||||
May 9, 2023 |
May 31, 2023 | June 26, 2023 | 0.06765 | 14,183 | 3,884 | 27,515 | ||||||||||||||
May 9, 2023 |
June 30, 2023 | July 26, 2023 | 0.06765 | 14,804 | 3,894 | 28,323 | ||||||||||||||
May 9, 2023 |
July 31, 2023 | August 22, 2023 | 0.08765 | 20,574 | 5,252 | 38,233 | ||||||||||||||
August 21, 2023 |
August 31, 2023 | September 26, 2023 | 0.07010 | 16,878 | 4,262 | 31,886 | ||||||||||||||
August 21, 2023 |
September 30, 2023 | October 26, 2023 | 0.07010 | 17,637 | 4,358 | 33,085 | ||||||||||||||
Total |
$ | 0.67375 | $ | 144,741 | $ | 37,824 | $ | 272,657 | ||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||
November 2, 2021 |
January 31, 2022 | February 23, 2022 | $ | 0.05580 | $ | 3,798 | $ | 1,094 | $ | 6,348 | ||||||||||
November 2, 2021 |
February 28, 2022 | March 24, 2022 | 0.05580 | 4,593 | 1,367 | 7,312 | ||||||||||||||
November 2, 2021 |
March 31, 2022 | April 25, 2022 | 0.05580 | 5,334 | 1,673 | 8,860 | ||||||||||||||
February 23, 2022 |
April 30, 2022 | May 24, 2022 | 0.05580 | 6,147 | 1,767 | 10,893 | ||||||||||||||
February 23, 2022 |
May 31, 2022 | June 23, 2022 | 0.05580 | 6,896 | 2,003 | 12,307 | ||||||||||||||
February 23, 2022 |
June 30, 2022 | July 26, 2022 | 0.05580 | 7,613 | 2,110 | 13,541 | ||||||||||||||
May 3, 2022 |
July 31, 2022 | August 24, 2022 | 0.06038 | 8,877 | 2,445 | 15,923 |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||||||
May 3, 2022 |
August 31, 2022 | September 26, 2022 | 0.06038 | 9,247 | 2,505 | 16,982 | ||||||||||||||||||
May 3, 2022 |
September 30, 2022 | October 26, 2022 | 0.06643 | 10,779 | 2,902 | 19,803 | ||||||||||||||||||
Total |
$ | 0.52199 | $ | 63,284 | $ | 17,866 | $ | 111,969 | ||||||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
For the Nine Months Ended September 30, 2023 |
||||||||||||
Source of Distribution |
Per Share |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | 0.67375 | $ | 455,222 | 100.0 | % | ||||||
Total |
$ | 0.67375 | $ | 455,222 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. |
For the Nine Months Ended September 30, 2022 |
||||||||||||
Source of Distribution |
Per Share |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | 0.52199 | $ | 193,119 | 100.0 | % | ||||||
Total |
$ | 0.52199 | $ | 193,119 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. |
For The Year Ended December 31, 2022 |
||||||||||||
Source of Distribution(2) |
Per Share |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | 0.72128 | $ | 301,334 | 100.0 | % | ||||||
Total |
$ | 0.72128 | $ | 301,334 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. |
For the Year Ended December 31, 2021 |
||||||||||||
Source of Distribution(2) |
Per Share(1) |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | 0.49683 | $ | 31,075 | 100.0 | % | ||||||
Total |
$ | 0.49683 | $ | 31,075 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. |
For the Year Ended December 31, 2020(3) |
||||||||||||
Source of Distribution(2) |
Per Share(1) |
Amount (4) |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | — | $ | — | 100.0 | % | ||||||
Total |
$ | — | $ | — | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. |
(3) | The Company commenced operations on November 10, 2020. |
(4) | There were no distributions for the year ended 2020. |
Offer Date |
Class |
Tender Offer Expiration |
Tender Offer |
Purchase Price per Share |
Shares Repurchased |
|||||||||||||||
August 25, 2021 |
D | September 30, 2021 | $ | 55 | $ | 9.31 | 5,933 | |||||||||||||
August 25, 2021 |
I | September 30, 2021 | $ | 291 | $ | 9.32 | 31,255 | |||||||||||||
November 26, 2021 |
S | December 30, 2021 | $ | 150 | $ | 9.33 | 16,129 | |||||||||||||
November 26, 2021 |
D | December 30, 2021 | $ | 51 | $ | 9.34 | 5,394 | |||||||||||||
November 26, 2021 |
I | December 30, 2021 | $ | 1,213 | $ | 9.34 | 129,828 | |||||||||||||
February 25, 2022 |
S | March 31, 2022 | $ | 6,001 | $ | 9.24 | 649,420 | |||||||||||||
February 25, 2022 |
D | March 31, 2022 | $ | 304 | $ | 9.25 | 32,853 | |||||||||||||
February 25, 2022 |
I | March 31, 2022 | $ | 16,978 | $ | 9.26 | 1,833,520 | |||||||||||||
May 25, 2022 |
S | June 30, 2022 | $ | 8,365 | $ | 8.84 | 946,284 | |||||||||||||
May 25, 2022 |
D | June 30, 2022 | $ | 1,110 | $ | 8.86 | 125,276 | |||||||||||||
May 25, 2022 |
I | June 30, 2022 | $ | 18,414 | $ | 8.88 | 2,073,617 | |||||||||||||
August 25, 2022 |
S | September 30, 2022 | $ | 8,769 | $ | 8.99 | 975,399 | |||||||||||||
August 25, 2022 |
D | September 30, 2022 | $ | 1,132 | $ | 9.00 | 125,759 | |||||||||||||
August 25, 2022 |
I | September 30, 2022 | $ | 33,853 | $ | 9.01 | 3,757,292 | |||||||||||||
November 28, 2022 |
S | December 31, 2022 | $ | 31,047 | $ | 9.06 | 3,426,809 | |||||||||||||
November 28, 2022 |
S | December 31, 2022 | $ | 5,098 | $ | 9.07 | 562,171 | |||||||||||||
November 28, 2022 |
S | December 31, 2022 | $ | 74,691 | $ | 9.08 | 8,225,791 | |||||||||||||
February 28, 2023 |
S | March 31, 2023 | $ | 21,643 | $ | 9.21 | 2,349,994 | |||||||||||||
February 28, 2023 |
D | March 31, 2023 | $ | 3,453 | $ | 9.22 | 374,566 | |||||||||||||
February 28, 2023 |
I | March 31, 2023 | $ | 68,023 | $ | 9.24 | 7,361,842 | |||||||||||||
May 31, 2023 |
S | June 30, 2023 | $ | 16,367 | $ | 9.28 | 1,763,641 | |||||||||||||
May 31, 2023 |
D | June 30, 2023 | $ | 13,809 | $ | 9.29 | 1,486,423 | |||||||||||||
May 31, 2023 |
I | June 30, 2023 | $ | 46,072 | $ | 9.31 | 4,948,651 | |||||||||||||
August 24, 2023 |
S | September 30, 2023 | $ | 14,790 | $ | 9.40 | 1,573,405 | |||||||||||||
August 24, 2023 |
D | September 30, 2023 | $ | 12,978 | $ | 9.41 | 1,379,185 | |||||||||||||
August 24, 2023 |
I | September 30, 2023 | $ | 76,140 | $ | 9.43 | 8,074,185 |
September 30, 2023 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available (1) |
Net Carrying Value (2) |
||||||||||||
Revolving Credit Facility (3) |
$ | 1,845,000 | $ | 603,086 | $ | 1,241,914 | $ | 591,651 | ||||||||
SPV Asset Facility I |
525,000 | 495,000 | 24,692 | 488,762 | ||||||||||||
SPV Asset Facility II |
1,800,000 | 1,718,000 | 82,000 | 1,710,071 |
September 30, 2023 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available (1) |
Net Carrying Value (2) |
||||||||||||
SPV Asset Facility III |
750,000 | 555,000 | 62,916 | 550,812 | ||||||||||||
SPV Asset Facility IV |
500,000 | 55,000 | 270,654 | 51,192 | ||||||||||||
SPV Asset Facility V |
300,000 | 200,000 | 33,231 | 196,571 | ||||||||||||
SPV Asset Facility VI |
750,000 | 20,000 | 123,020 | 12,922 | ||||||||||||
CLO VIII |
290,000 | 290,000 | — | 287,859 | ||||||||||||
CLO XI |
260,000 | 260,000 | — | 258,198 | ||||||||||||
CLO XII |
260,000 | 260,000 | — | 258,155 | ||||||||||||
March 2025 Notes |
500,000 | 500,000 | — | 496,836 | ||||||||||||
September 2026 Notes |
350,000 | 350,000 | — | 344,980 | ||||||||||||
February 2027 Notes |
500,000 | 500,000 | — | 494,788 | ||||||||||||
September 2027 Notes |
600,000 | 600,000 | — | 592,720 | ||||||||||||
June 2028 Notes |
650,000 | 650,000 | — | 639,804 | ||||||||||||
Total Debt |
$ | 9,880,000 | $ | 7,056,086 | $ | 1,838,427 | $ | 6,975,321 | ||||||||
(1) | The amount available reflects any limitations related to each credit facility’s borrowing base. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, and June 2028 Notes are presented net of unamortized debt issuance costs of $11.5 million, $6.2 million, $7.9 million, $4.2 million, $3.8 million, $3.4 million, $7.1 million, $2.1 million, $1.8 million, $1.8 million, $3.2 million, $5.0 million, $5.2 million, $7.3 million, and $10.3 million, respectively. |
(3) | Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies. |
December 31, 2022 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available(1) |
Net Carrying Value(2) |
||||||||||||
Revolving Credit Facility(3) |
$ | 1,845,000 | $ | 302,287 | $ | 1,542,713 | $ | 288,636 | ||||||||
SPV Asset Facility I |
550,000 | 440,430 | 72,337 | 437,241 | ||||||||||||
SPV Asset Facility II |
1,800,000 | 1,538,000 | 164,506 | 1,528,048 | ||||||||||||
SPV Asset Facility III |
750,000 | 555,000 | 50,764 | 549,851 | ||||||||||||
SPV Asset Facility IV |
500,000 | 465,000 | 26,911 | 460,869 | ||||||||||||
CLO VIII |
290,000 | 290,000 | — | 287,946 | ||||||||||||
March 2025 Notes |
500,000 | 500,000 | — | 495,309 | ||||||||||||
September 2026 Notes |
350,000 | 350,000 | — | 344,226 | ||||||||||||
February 2027 Notes |
500,000 | 500,000 | — | 493,735 | ||||||||||||
September 2027 Notes |
600,000 | 600,000 | — | 591,550 | ||||||||||||
Total Debt |
$ | 7,685,000 | $ | 5,540,717 | $ | 1,857,231 | $ | 5,477,411 | ||||||||
(1) | The amount available reflects any limitations related to each credit facility’s borrowing base. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million respectively. |
(3) | Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies. |
December 31, 2021 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available(1) |
Net Carrying Value(2) |
||||||||||||
Promissory Note |
$ | 250,000 | $ | — | $ | 250,000 | $ | — | ||||||||
Revolving Credit Facility |
750,000 | 451,170 | 298,830 | 445,188 | ||||||||||||
SPV Asset Facility I |
550,000 | 301,282 | 33,740 | 298,015 | ||||||||||||
SPV Asset Facility II |
1,000,000 | 446,000 | 83,678 | 438,637 | ||||||||||||
September 2026 Notes |
350,000 | 350,000 | — | 343,971 | ||||||||||||
Total Debt |
$ | 2,900,000 | $ | 1,548,452 | $ | 666,248 | $ | 1,525,811 | ||||||||
(1) | The amount available reflects any limitations related to each credit facility’s borrowing base. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, and September 2026 Notes are presented net of unamortized debt issuance costs of $6.0 million, $3.3 million, $7.4 million, and $6.0 million, respectively. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Interest expense |
$ | 122,244 | $ | 58,806 | $ | 317,732 | $ | 106,218 | ||||||||
Amortization of debt issuance costs |
4,596 | 2,967 | 12,727 | 7,036 | ||||||||||||
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items (1) |
502 | — | 1029 | — | ||||||||||||
Total Interest Expense |
$ | 127,342 | $ | 61,773 | $ | 331,488 | $ | 113,254 | ||||||||
Average interest rate |
7.2 | % | 4.6 | % | 6.8 | % | 4.2 | % | ||||||||
Average daily borrowings |
$ | 6,636,362 | $ | 4,989,751 | $ | 6,150,468 | $ | 3,328,010 |
(1) | Refer to the September 2027 Notes for details on the interest rate swap. |
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020 |
|||||||||
Interest expense |
$ | 190,110 | $ | 12,619 | 4 | |||||||
Amortization of debt issuance costs |
10,657 | 1,638 | — | |||||||||
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items(1) |
(449 | ) | — | — | ||||||||
Total Interest Expense |
$ | 200,318 | $ | 14,257 | 4 | |||||||
Average interest rate |
4.8 | % | 2.8 | % | 4.3 | % | ||||||
Average daily borrowings |
$ | 3,879,321 | $ | 447,117 | 577 |
(1) | Refer to the September 2027 Notes for details on the interest rate swap. |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
($ in thousands) | ||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
LLC Interest | $ | 9,788 | $ | 45,000 | |||||
AAM Series 2.1 Aviation Feeder, LLC |
LLC Interest | 9,909 | 43,432 | |||||||
Abacus Life, Inc. |
First lien senior secured delayed draw term loan | 9,375 | — | |||||||
ABB/Con-cise Optical Group LLC |
First lien senior secured revolving loan | — | 186 | |||||||
ACR Group Borrower, LLC |
First lien senior secured revolving loan | 337 | 537 | |||||||
Activate Holdings (US) Corp. (dba Absolute Software) |
First lien senior secured revolving loan | 352 | — | |||||||
AmeriLife Holdings LLC |
First lien senior secured revolving loan | 13,561 | 16,273 | |||||||
AmeriLife Holdings LLC |
First lien senior secured delayed draw term loan | 10,848 | 10,849 | |||||||
Anaplan, Inc. |
First lien senior secured revolving loan | 16,528 | 16,528 | |||||||
Apex Service Partners, LLC |
First lien senior secured revolving loan | 1,725 | 1,725 | |||||||
Appfire Technologies, LLC |
First lien senior secured revolving loan | 1,633 | 1,539 | |||||||
Appfire Technologies, LLC |
First lien senior secured delayed draw term loan | 11,285 | 16,366 | |||||||
Aramsco, Inc. |
First lien senior secured revolving loan | 2,151 | — | |||||||
Aramsco, Inc. |
First lien senior secured delayed draw term loan | 223 | — | |||||||
Armstrong Bidco Ltd. (dba The Access Group) |
First lien senior secured delayed draw term loan | — | 3,734 | |||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) |
First lien senior secured revolving loan | 5,106 | 5,106 | |||||||
Associations, Inc. |
First lien senior secured revolving loan | 4,829 | 4,829 | |||||||
Associations, Inc. |
First lien senior secured delayed draw term loan | 13,544 | 56,283 | |||||||
Athenahealth Group Inc. |
First lien senior secured delayed draw term loan | — | 3,631 | |||||||
Avalara, Inc. |
First lien senior secured revolving loan | 7,045 | 7,045 | |||||||
Adenza Group, Inc. |
First lien senior secured delayed draw term loan | — | 2,145 | |||||||
Adenza Group, Inc. |
First lien senior secured revolving loan | 2,591 | 2,591 | |||||||
AWP Group Holdings, Inc. |
First lien senior secured delayed draw term loan | 7,024 | — | |||||||
AWP Group Holdings, Inc. |
First lien senior secured revolving loan | 3,454 | — | |||||||
Bamboo US BidCo LLC |
First lien senior secured revolving loan | 20,128 | — | |||||||
Bamboo US BidCo LLC |
First lien senior secured delayed draw term loan | 15,096 | — | |||||||
Bayshore Intermediate #2, L.P. (dba Boomi) |
First lien senior secured revolving loan | 1,274 | 1,062 | |||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured delayed draw term loan | 24,595 | 31,034 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
($ in thousands) | ||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured revolving loan | $ | 3,931 | $ | 4,655 | |||||
BCTO BSI Buyer, Inc. (dba Buildertrend) |
First lien senior secured revolving loan | 161 | 161 | |||||||
BELMONT BUYER, INC. (dba Valenz) |
First lien senior secured delayed draw term loan | 7,980 | — | |||||||
BELMONT BUYER, INC. (dba Valenz) |
First lien senior secured revolving loan | 6,650 | — | |||||||
Brightway Holdings, LLC |
First lien senior secured revolving loan | 1,053 | 2,105 | |||||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured delayed draw term loan | 581 | 917 | |||||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured revolving loan | 1,157 | 1,157 | |||||||
Canadian Hospital Specialties Ltd. |
First lien senior secured delayed draw term loan | — | 637 | |||||||
Canadian Hospital Specialties Ltd. |
First lien senior secured revolving loan | 146 | 248 | |||||||
Certinia, Inc. |
First lien senior secured revolving loan | 4,412 | — | |||||||
CivicPlus, LLC |
First lien senior secured revolving loan | 2,064 | 2,245 | |||||||
Community Brands ParentCo, LLC |
First lien senior secured delayed draw term loan | 3,750 | 3,750 | |||||||
Community Brands ParentCo, LLC |
First lien senior secured revolving loan | 1,875 | 1,875 | |||||||
CoreTrust Purchasing Group LLC |
First lien senior secured delayed draw term loan | 14,183 | 14,183 | |||||||
CoreTrust Purchasing Group LLC |
First lien senior secured revolving loan | 14,183 | 14,183 | |||||||
Coupa Holdings, LLC |
First lien senior secured revolving loan | 1,664 | — | |||||||
Coupa Holdings, LLC |
First lien senior secured delayed draw term loan | 2,174 | — | |||||||
CPM Holdings, Inc. |
First lien senior secured revolving loan | 5,000 | — | |||||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured delayed draw term loan | — | 5,712 | |||||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured revolving loan | 9,963 | 9,963 | |||||||
Dermatology Intermediate Holdings III, Inc. |
First lien senior secured delayed draw term loan | — | 278 | |||||||
Diamondback Acquisition, Inc. (dba Sphera) |
First lien senior secured delayed draw term loan | — | 9,553 | |||||||
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) |
First lien senior secured revolving loan | 91 | — | |||||||
Douglas Products and Packaging Company LLC |
First lien senior secured revolving loan | — | 3,199 | |||||||
EET Buyer, Inc. (dba e-Emphasys) |
First lien senior secured revolving loan | 2,710 | 1,955 | |||||||
Entertainment Benefits Group, LLC |
First lien senior secured revolving loan | 9,667 | 3,867 | |||||||
Entrata, Inc. |
First lien senior secured revolving loan | 513 | — | |||||||
EOS U.S. Finco LLC |
First lien senior secured delayed draw term loan | 10,112 | — | |||||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured delayed draw term loan | 200 | 200 | |||||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured revolving loan | 676 | 676 | |||||||
Finastra USA, Inc. |
First lien senior secured revolving loan | 13,473 | — | |||||||
Formerra, LLC |
First lien senior secured delayed draw term loan | $ | 54 | $ | 211 | |||||
Formerra, LLC |
First lien senior secured revolving loan | 479 | 526 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
($ in thousands) | ||||||||||
Fortis Solutions Group, LLC |
First lien senior secured delayed draw term loan | — | 191 | |||||||
Fortis Solutions Group, LLC |
First lien senior secured revolving loan | 6,747 | 5,848 | |||||||
Fullsteam Operations, LLC |
First lien senior secured delayed draw term loan | — | 31,894 | |||||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 3,182 | 3,182 | |||||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 791 | 791 | |||||||
GI Apple Midco LLC (dba Atlas Technical Consultants) |
First lien senior secured revolving loan | 4,274 | — | |||||||
GI Apple Midco LLC (dba Atlas Technical Consultants) |
First lien senior secured delayed draw term loan | 14,090 | — | |||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured delayed draw term loan | 7,600 | 7,600 | |||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured revolving loan | 1,004 | 1,506 | |||||||
Global Music Rights, LLC |
First lien senior secured revolving loan | 7,500 | 7,500 | |||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
First lien senior secured delayed draw term loan | — | 870 | |||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
First lien senior secured revolving loan | 577 | 88 | |||||||
Granicus, Inc. |
First lien senior secured revolving loan | 87 | 107 | |||||||
Grayshift, LLC |
First lien senior secured revolving loan | 2,419 | 2,419 | |||||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured revolving loan | 90 | 86 | |||||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured delayed draw term loan | 7,059 | 9,811 | |||||||
Hissho Sushi Merger Sub, LLC |
First lien senior secured revolving loan | 8,745 | 6,996 | |||||||
Home Service TopCo IV, Inc. |
First lien senior secured revolving loan | 3,359 | — | |||||||
Home Service TopCo IV, Inc. |
First lien senior secured delayed draw term loan | 8,397 | — | |||||||
Hyland Software, Inc. |
First lien senior secured revolving loan | 6,978 | — | |||||||
Hyperion Refinance S.a.r.l (dba Howden Group) |
First lien senior secured delayed draw term loan | — | 92,823 | |||||||
Ideal Image Development, LLC |
First lien senior secured delayed draw term loan | — | 732 | |||||||
Ideal Image Development, LLC |
First lien senior secured revolving loan | — | 915 | |||||||
Ideal Tridon Holdings, Inc. |
First lien senior secured revolving loan | 6,164 | — | |||||||
IG Investments Holdings, LLC (dba Insight Global) |
First lien senior secured revolving loan | 3,613 | 2,168 | |||||||
IMO Investor Holdings, Inc. |
First lien senior secured delayed draw term loan | 3,623 | 4,963 | |||||||
IMO Investor Holdings, Inc. |
First lien senior secured revolving loan | 2,085 | 2,010 | |||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured delayed draw term loan | — | 31,750 | |||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured revolving loan | 10,583 | 10,583 | |||||||
Integrity Marketing Acquisition, LLC |
First lien senior secured revolving loan | $ | 5,450 | $ | — | |||||
Integrity Marketing Acquisition, LLC |
First lien senior secured delayed draw term loan | 23,574 | — | |||||||
Integrated Specialty Coverages, LLC |
First lien senior secured delayed draw term loan | 12,716 | — | |||||||
Integrated Specialty Coverages, LLC |
First lien senior secured revolving loan | 5,934 | — |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
($ in thousands) | ||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured revolving loan | 74 | 83 | |||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | — | 18,414 | |||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | 4,343 | 8,048 | |||||||
Intelerad Medical Systems Incorporated |
First lien senior secured revolving loan | 621 | 1 | |||||||
Interoperability Bidco, Inc. (dba Lyniate) |
First lien senior secured revolving loan | 4,213 | 1,739 | |||||||
Kaseya Inc. |
First lien senior secured delayed draw term loan | 4,077 | 4,342 | |||||||
Kaseya Inc. |
First lien senior secured revolving loan | 3,256 | 4,342 | |||||||
KBP Brands, LLC |
First lien senior secured delayed draw term loan | 743 | 743 | |||||||
KPSKY Acquisition, Inc. (dba BluSky) |
First lien senior secured delayed draw term loan | 5,486 | 16,625 | |||||||
KRIV Acquisition Inc. (dba Riveron) |
First lien senior secured delayed draw term loan | 12,134 | — | |||||||
KRIV Acquisition Inc. (dba Riveron) |
First lien senior secured revolving loan | 10,944 | — | |||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured revolving loan | 1,539 | 3,415 | |||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured delayed draw term loan | 6,360 | 8,748 | |||||||
Lightbeam Bidco, Inc. (dba Lazer Spot) |
First lien senior secured revolving loan | 10,127 | — | |||||||
Lightbeam Bidco, Inc. (dba Lazer Spot) |
First lien senior secured delayed draw term loan | 14,606 | — | |||||||
Lignetics Investment Corp. |
First lien senior secured delayed draw term loan | — | 9,559 | |||||||
Lignetics Investment Corp. |
First lien senior secured revolving loan | 382 | 4,588 | |||||||
ManTech International Corporation |
First lien senior secured delayed draw term loan | 2,164 | 3,360 | |||||||
ManTech International Corporation |
First lien senior secured revolving loan | 1,806 | 1,806 | |||||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured delayed draw term loan | 21,702 | 28,401 | |||||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured revolving loan | 8,038 | 8,038 | |||||||
Medline Borrower, LP |
First lien senior secured revolving loan | 2,020 | 2,020 | |||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) |
First lien senior secured revolving loan | 1,643 | 3,071 | |||||||
Milan Laser Holdings LLC |
First lien senior secured revolving loan | 1,765 | 1,765 | |||||||
Ministry Brands Holdings, LLC |
First lien senior secured delayed draw term loan | 13,282 | 15,819 | |||||||
Ministry Brands Holdings, LLC |
First lien senior secured revolving loan | $ | 2,610 | $ | 2,373 | |||||
Mitnick Corporate Purchaser, Inc. |
First lien senior secured revolving loan | 9,375 | 8,713 | |||||||
Natural Partners, LLC |
First lien senior secured revolving loan | 5,063 | 5,063 | |||||||
Neptune Holdings, Inc. (dba NexTech) |
First lien senior secured revolving loan | 4,118 | — | |||||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured delayed draw term loan | — | 1,039 | |||||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured revolving loan | 558 | 558 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
($ in thousands) | ||||||||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured delayed draw term loan | 3,521 | 3,521 | |||||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured revolving loan | 4,930 | 4,401 | |||||||
OAC Holdings I Corp. (dba Omega Holdings) |
First lien senior secured revolving loan | 2,572 | 1,139 | |||||||
OB Hospitalist Group, Inc. |
First lien senior secured revolving loan | 4,369 | 5,222 | |||||||
Ocala Bidco, Inc. |
First lien senior secured delayed draw term loan | 8,469 | 8,469 | |||||||
Ole Smoky Distillery, LLC |
First lien senior secured revolving loan | 3,302 | 3,302 | |||||||
Omnia Partners, LLC |
First lien senior secured delayed draw term loan | 172 | — | |||||||
OneOncology LLC |
First lien senior secured revolving loan | 14,269 | — | |||||||
OneOncology LLC |
First lien senior secured delayed draw term loan | 26,754 | — | |||||||
Oranje Holdco, Inc. (dba KnowBe4) |
First lien senior secured revolving loan | 10,148 | — | |||||||
Pacific BidCo Inc. |
First lien senior secured delayed draw term loan | 17,905 | 17,906 | |||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) |
First lien senior secured revolving loan | 88 | 70 | |||||||
PCF Holdco, LLC (dba PCF Insurance Services) |
Series A Preferred Units | 6,798 | — | |||||||
Pediatric Associates Holding Company, LLC |
First lien senior secured delayed draw term loan | — | 1,776 | |||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured delayed draw term loan | — | 8,891 | |||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured revolving loan | 2,570 | 2,570 | |||||||
Ping Identity Holding Corp. |
First lien senior secured revolving loan | 2,182 | 2,182 | |||||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured delayed draw term loan | 28,553 | 28,553 | |||||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured revolving loan | 9,790 | 12,237 | |||||||
Pluralsight, LLC |
First lien senior secured revolving loan | 146 | 196 | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured revolving loan | 11,854 | 8,653 | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured delayed draw term loan | — | 19,248 | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured delayed draw term loan | 10,076 | — | |||||||
QAD, Inc. |
First lien senior secured revolving loan | 6,000 | 6,000 | |||||||
Quva Pharma, Inc. |
First lien senior secured revolving loan | 355 | 236 | |||||||
Relativity ODA LLC |
First lien senior secured revolving loan | 435 | 435 | |||||||
Sailpoint Technologies Holdings, Inc. |
First lien senior secured revolving loan | 5,718 | 5,718 | |||||||
Securonix, Inc. |
First lien senior secured revolving loan | 5,339 | 5,339 | |||||||
($ in thousands) | ||||||||||
Sensor Technology Topco, Inc. (dba Humanetics) |
First lien senior secured revolving loan | $ | 12,275 | $ | — | |||||
Simplisafe Holding Corporation |
First lien senior secured delayed draw term loan | 11,770 | 16,049 | |||||||
Smarsh Inc. |
First lien senior secured delayed draw term loan | 10,381 | 10,381 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
($ in thousands) | ||||||||||
Smarsh Inc. |
First lien senior secured revolving loan | 830 | 5,190 | |||||||
Sonny’s Enterprises, LLC |
First lien senior secured revolving loan | 25,158 | — | |||||||
Sonny’s Enterprises, LLC |
First lien senior secured delayed draw term loan | 26,532 | — | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured delayed draw term loan | — | 315 | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured revolving loan | 259 | 203 | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured delayed draw term loan | 28,750 | — | |||||||
Spotless Brands, LLC |
First lien senior secured revolving loan | 1,461 | 1,461 | |||||||
Summit Acquisition Inc. (dba K2 Insurance Services) |
First lien senior secured delayed draw term loan | 12,267 | — | |||||||
Summit Acquisition Inc. (dba K2 Insurance Services) |
First lien senior secured revolving loan | 6,133 | — | |||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured revolving loan | 1,953 | 3,626 | |||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured delayed draw term loan | — | 13,947 | |||||||
Tahoe Finco, LLC |
First lien senior secured revolving loan | 6,279 | 6,279 | |||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
First lien senior secured revolving loan | 4,455 | 4,388 | |||||||
TC Holdings, LLC (dba TrialCard) |
First lien senior secured revolving loan | 7,768 | 7,768 | |||||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured delayed draw term loan | — | 10,317 | |||||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured revolving loan | 3,198 | 4,746 | |||||||
Circana Group, L.P. (fka The NPD Group, L.P.) |
First lien senior secured revolving loan | 11,699 | 12,555 | |||||||
The Shade Store, LLC |
First lien senior secured revolving loan | 3,818 | 4,909 | |||||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured revolving loan | 112 | 470 | |||||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured delayed draw term loan | — | 1,306 | |||||||
Troon Golf, L.L.C. |
First lien senior secured delayed draw term loan | — | 10,000 | |||||||
Troon Golf, L.L.C. |
First lien senior secured revolving loan | 7,207 | 7,207 | |||||||
Ultimate Baked Goods Midco, LLC |
First lien senior secured revolving loan | 2,000 | 1,475 | |||||||
Unified Women’s Healthcare, LP |
First lien senior secured delayed draw term loan | — | 3,045 | |||||||
Unified Women’s Healthcare, LP |
First lien senior secured revolving loan | 6,259 | 8,120 | |||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) |
First lien senior secured revolving loan | 1,096 | 1,096 | |||||||
Velocity HoldCo III Inc. (dba VelocityEHS) |
First lien senior secured revolving loan | 106 | 113 | |||||||
Walker Edison Furniture Company LLC |
First lien senior secured delayed draw term loan | $ | 267 | $ | — | |||||
When I Work, Inc. |
First lien senior secured revolving loan | 4,164 | 4,164 | |||||||
Zendesk, Inc. |
First lien senior secured delayed draw term loan | 30,080 | 30,080 | |||||||
Zendesk, Inc. |
First lien senior secured revolving loan | 12,386 | 12,386 | |||||||
Total Unfunded Portfolio Company Commitments |
$ | 1,045,971 | $ | 1,067,317 | ||||||
Portfolio Company |
Investment |
December 31, 2021 |
||||
($ in thousands) | ||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
LLC Interest | $— | ||||
AAM Series 2.1 Aviation Feeder, LLC |
LLC Interest | — | ||||
ABB/Con-cise Optical Group LLC |
First lien senior secured revolving loan | — | ||||
ACR Group Borrower, LLC |
First lien senior secured revolving loan | 875 | ||||
Alera Group, Inc. |
First lien senior secured delayed draw term loan | 47,273 | ||||
AmeriLife Holdings LLC |
First lien senior secured revolving loan | — | ||||
AmeriLife Holdings LLC |
First lien senior secured delayed draw term loan | — | ||||
Anaplan, Inc. |
First lien senior secured revolving loan | — | ||||
Apex Group Treasury, LLC |
Second lien senior secured delayed draw term loan | 6,618 | ||||
Apex Service Partners, LLC |
First lien senior secured revolving loan | — | ||||
Appfire Technologies, LLC |
First lien senior secured revolving loan | — | ||||
Appfire Technologies, LLC |
First lien senior secured delayed draw term loan | — | ||||
Armstrong Bidco Limited (dba The Access Group) |
First lien senior secured delayed draw term loan | — | ||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) |
First lien senior secured revolving loan | 4,255 | ||||
Associations, Inc. |
First lien senior secured revolving loan | 4,829 | ||||
Associations, Inc. |
First lien senior secured delayed draw term loan | — | ||||
Athenahealth Group Inc. |
First lien senior secured delayed draw term loan | — | ||||
Avalara, Inc. |
First lien senior secured revolving loan | — | ||||
Adenza Group, Inc. |
First lien senior secured delayed draw term loan | 2,145 | ||||
Adenza Group, Inc. |
First lien senior secured revolving loan | 2,591 | ||||
Bayshore Intermediate #2, L.P. (dba Boomi) |
First lien senior secured revolving loan | 1,593 | ||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured delayed draw term loan | 31,034 | ||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured revolving loan | 4,655 | ||||
BCTO BSI Buyer, Inc. (dba Buildertrend) |
First lien senior secured revolving loan | 47 | ||||
BELMONT BUYER, INC. (dba Valenz) |
First lien senior secured delayed draw term loan | — | ||||
($ in thousands) | ||||||
BELMONT BUYER, INC. (dba Valenz) |
First lien senior secured revolving loan | — | ||||
Brightway Holdings, LLC |
First lien senior secured revolving loan | 2,105 | ||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured delayed draw term loan | — | ||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured revolving loan | — | ||||
BW Holding, Inc. |
First lien senior secured delayed draw term loan | 4,184 | ||||
Canadian Hospital Specialties Ltd. |
First lien senior secured delayed draw term loan | 939 | ||||
Canadian Hospital Specialties Ltd. |
First lien senior secured revolving loan | 388 | ||||
CivicPlus, LLC |
First lien senior secured revolving loan | 4,400 | ||||
CivicPlus, LLC |
First lien senior secured delayed draw term loan | 880 | ||||
Community Brands ParentCo, LLC |
First lien senior secured delayed draw term loan | — |
Portfolio Company |
Investment |
December 31, 2021 |
||||
($ in thousands) | ||||||
Community Brands ParentCo, LLC |
First lien senior secured revolving loan | $— | ||||
CoolSys, Inc. |
First lien senior secured delayed draw term loan | — | ||||
CoreTrust Purchasing Group LLC |
First lien senior secured delayed draw term loan | — | ||||
CoreTrust Purchasing Group LLC |
First lien senior secured revolving loan | — | ||||
Coupa Holdings, LLC |
First lien senior secured revolving loan | — | ||||
Coupa Holdings, LLC |
First lien senior secured delayed draw term loan | — | ||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured delayed draw term loan | 20,519 | ||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured revolving loan | 7,407 | ||||
Dermatology Intermediate Holdings III, Inc |
First lien senior secured delayed draw term loan | — | ||||
Diamondback Acquisition, Inc. (dba Sphera) |
First lien senior secured delayed draw term loan | 9,553 | ||||
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) |
First lien senior secured revolving loan | — | ||||
Dodge Data & Analytics LLC |
First lien senior secured revolving loan | 125 | ||||
Douglas Products and Packaging Company LLC |
First lien senior secured revolving loan | — | ||||
EET Buyer, Inc. (dba e-Emphasys) |
First lien senior secured revolving loan | 1,955 | ||||
Entertainment Benefits Group, LLC |
First lien senior secured revolving loan | — | ||||
EOS U.S. Finco LLC |
First lien senior secured loan | — | ||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured delayed draw term loan | — | ||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured revolving loan | 676 | ||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured delayed draw term loan | 10,605 | ||||
Formerra, LLC |
First lien senior secured delayed draw term loan | — | ||||
Formerra, LLC |
First lien senior secured revolving loan | — | ||||
Fortis Solutions Group, LLC |
First lien senior secured delayed draw term loan | 19,678 | ||||
Fortis Solutions Group, LLC |
First lien senior secured revolving loan | 6,747 | ||||
Fullsteam Operations, LLC |
First lien senior secured delayed draw term loan | — | ||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 3,182 | ||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 791 | ||||
GI Apple Midco LLC |
First lien senior secured revolving loan | — | ||||
GI Apple Midco LLC |
First lien senior secured delayed draw term loan | — | ||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured delayed draw term loan | 2,789 | ||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured delayed draw term loan | — | ||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured revolving loan | 1,673 |
Portfolio Company |
Investment |
December 31, 2021 |
||||
($ in thousands) | ||||||
Global Music Rights, LLC |
First lien senior secured revolving loan | $7,500 | ||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
First lien senior secured delayed draw term loan | 870 | ||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
First lien senior secured revolving loan | 881 | ||||
Granicus, Inc. |
First lien senior secured revolving loan | 161 | ||||
Granicus, Inc. |
First lien senior secured delayed draw term loan | 136 | ||||
Grayshift, LLC |
First lien senior secured revolving loan | — | ||||
GS Acquisitionco, Inc. (dba insightsoftware) |
First lien senior secured delayed draw term loan | 5,081 | ||||
Guidehouse Inc. |
First lien senior secured revolving loan | 7,018 | ||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured revolving loan | 96 | ||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured delayed draw term loan | 20,239 | ||||
Home Service TopCo IV, Inc. |
First lien senior secured revolving loan | — | ||||
Home Service TopCo IV, Inc. |
First lien senior secured delayed draw term loan | — | ||||
Hissho Sushi Merger Sub LLC |
First lien senior secured revolving loan | — | ||||
Hyperion Refinance S.a.r.l (dba Howden Group) |
First lien senior secured delayed draw term loan | — | ||||
Ideal Image Development, LLC |
First lien senior secured delayed draw term loan | — | ||||
Ideal Image Development, LLC |
First lien senior secured revolving loan | — | ||||
Ideal Tridon Holdings, Inc. |
First lien senior secured revolving loan | — | ||||
IG Investments Holdings, LLC (dba Insight Global) |
First lien senior secured revolving loan | 1,806 | ||||
IMO Investor Holdings, Inc. |
First lien senior secured delayed draw term loan | — | ||||
IMO Investor Holdings, Inc. |
First lien senior secured revolving loan | — | ||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured delayed draw term loan | — | ||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured revolving loan | — | ||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured revolving loan | 80 | ||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | — | ||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | — | ||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | 14,861 | ||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | 29 | ||||
Intelerad Medical Systems Inc. |
First lien senior secured revolving loan | 401 | ||||
Interoperability Bidco, Inc. (dba Lyniate) |
First lien senior secured revolving loan | — | ||||
Kaseya Inc. |
First lien senior secured delayed draw term loan | — |
Portfolio Company |
Investment |
December 31, 2021 |
||||
($ in thousands) | ||||||
Kaseya Inc. |
First lien senior secured revolving loan | $— | ||||
KBP Brands, LLC |
First lien senior secured delayed draw term loan | — | ||||
KPSKY Acquisition, Inc. (dba BluSky) |
First lien senior secured delayed draw term loan | — | ||||
KPSKY Acquisition, Inc. (dba BluSky) |
First lien senior secured delayed draw term loan | 4,372 | ||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured revolving loan | 3,073 | ||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured delayed draw term loan | — | ||||
Lightbeam Bidco, Inc. |
First lien senior secured revolving loan | — | ||||
Lightbeam Bidco, Inc. |
First lien senior secured delayed draw term loan | — | ||||
Lignetics Investment Corp. |
First lien senior secured delayed draw term loan | 9,559 | ||||
Lignetics Investment Corp. |
First lien senior secured revolving loan | 9,559 | ||||
ManTech International Corporation |
First lien senior secured delayed draw term loan | — | ||||
ManTech International Corporation |
First lien senior secured revolving loan | — | ||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured delayed draw term loan | — | ||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured revolving loan | — | ||||
Medline Borrower, LP |
First lien senior secured revolving loan | 2,020 | ||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) |
First lien senior secured revolving loan | 3,571 | ||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) |
First lien senior secured delayed draw term loan | 2,264 | ||||
Milan Laser Holdings LLC |
First lien senior secured revolving loan | 1,765 | ||||
Ministry Brands Holdings, LLC. |
First lien senior secured delayed draw term loan | 15,819 | ||||
Ministry Brands Holdings, LLC. |
First lien senior secured revolving loan | 4,746 | ||||
Mitnick Corporate Purchaser, Inc. |
First lien senior secured revolving loan | — | ||||
Natural Partners, LLC |
First lien senior secured revolving loan | — | ||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured delayed draw term loan | 1,375 | ||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured revolving loan | 558 | ||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured delayed draw term loan | 8,803 | ||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured revolving loan | 4,401 | ||||
OAC Holdings I Corp. (dba Omega Holdings) |
First lien senior secured revolving loan | — | ||||
OB Hospitalist Group, Inc. |
First lien senior secured revolving loan | 7,140 | ||||
Ocala Bidco, Inc. |
First lien senior secured delayed draw term loan | 8,469 | ||||
Ole Smoky Distillery, LLC |
First lien senior secured revolving loan | — | ||||
OneOncology LLC |
First lien senior secured revolving loan | — |
Portfolio Company |
Investment |
December 31, 2021 |
||||
($ in thousands) | ||||||
OneOncology LLC |
First lien senior secured delayed draw term loan | $— | ||||
Oranje Holdco, Inc. (dba KnowBe4) |
First lien senior secured revolving loan | — | ||||
Pacific BidCo Inc. |
First lien senior secured delayed draw term loan | — | ||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) |
First lien senior secured revolving loan | 88 | ||||
PCF Holdco, LLC (dba PCF Insurance Services) |
Series A Preferred Units | — | ||||
Pediatric Associates Holding Company, LLC |
First lien senior secured delayed draw term loan | — | ||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured delayed draw term loan | — | ||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured revolving loan | 2,570 | ||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured delayed draw term loan | 3,627 | ||||
Ping Identity Holding Corp. |
First lien senior secured revolving loan | — | ||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured delayed draw term loan | — | ||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured revolving loan | — | ||||
Pluralsight, LLC |
First lien senior secured revolving loan | 392 | ||||
PPV Intermediate Holdings, LLC |
First lien senior secured revolving loan | — | ||||
PPV Intermediate Holdings, LLC |
First lien senior secured delayed draw term loan | — | ||||
QAD Inc. |
First lien senior secured revolving loan | 6,000 | ||||
Quva Pharma, Inc. |
First lien senior secured revolving loan | 455 | ||||
Refresh Parent Holdings, Inc. |
First lien senior secured delayed draw term loan | 11 | ||||
Refresh Parent Holdings, Inc. |
First lien senior secured delayed draw term loan | 10,667 | ||||
Refresh Parent Holdings, Inc. |
First lien senior secured revolving loan | 92 | ||||
Relativity ODA LLC |
First lien senior secured revolving loan | 435 | ||||
Sailpoint Technologies Holdings, Inc. |
First lien senior secured revolving loan | — | ||||
Securonix, Inc. |
First lien senior secured revolving loan | — | ||||
Sensor Technology Topco, Inc. |
First lien senior secured revolving loan | — | ||||
Simplisafe Holding Corporation |
First lien senior secured delayed draw term loan | — | ||||
Smarsh Inc. |
First lien senior secured delayed draw term loan | — | ||||
Smarsh Inc. |
First lien senior secured revolving loan | — | ||||
Sonny’s Enterprises, LLC |
First lien senior secured revolving loan | — | ||||
Sonny’s Enterprises, LLC |
First lien senior secured delayed draw term loan | — | ||||
Southern Air & Heat Holdings, LLC |
First lien senior secured delayed draw term loan | 1,052 | ||||
Southern Air & Heat Holdings, LLC |
First lien senior secured revolving loan | 282 | ||||
Sovos Compliance, LLC |
First lien senior secured delayed draw term loan | 1,104 |
Portfolio Company |
Investment |
December 31, 2021 |
||||
($ in thousands) | ||||||
Spotless Brands, LLC |
First lien senior secured revolving loan | $— | ||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured revolving loan | — | ||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured delayed draw term loan | — | ||||
Tahoe Finco, LLC |
First lien senior secured revolving loan | 6,279 | ||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
First lien senior secured revolving loan | — | ||||
TC Holdings, LLC (dba TrialCard) |
First lien senior secured revolving loan | — | ||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured delayed draw term loan | 10,317 | ||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured revolving loan | 5,159 | ||||
Circana Group, L.P. (fka The NPD Group, L.P.) |
First lien senior secured revolving loan | — | ||||
The Shade Store, LLC |
First lien senior secured revolving loan | 6,818 | ||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured revolving loan | 714 | ||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured delayed draw term loan | 2,041 | ||||
Troon Golf, L.L.C. |
First lien senior secured delayed draw term loan | — | ||||
Troon Golf, L.L.C. |
First lien senior secured revolving loan | 7,207 | ||||
Ultimate Baked Goods Midco, LLC |
First lien senior secured revolving loan | 950 | ||||
Unified Women’s Healthcare, LP |
First lien senior secured delayed draw term loan | — | ||||
Unified Women’s Healthcare, LP |
First lien senior secured revolving loan | — | ||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) |
First lien senior secured revolving loan | 1,078 | ||||
Velocity HoldCo III Inc. (dba VelocityEHS) |
First lien senior secured revolving loan | 142 | ||||
Walker Edison Furniture Company LLC |
First lien senior secured delayed draw term loan | — | ||||
When I Work, Inc. |
First lien senior secured revolving loan | 4,164 | ||||
Zendesk, Inc. |
First lien senior secured delayed draw term loan | — | ||||
Zendesk, Inc. |
First lien senior secured revolving loan | — | ||||
Total Unfunded Portfolio Company Commitments |
$422,808 | |||||
($ in thousands) | Total |
Less than 1 year |
1-3 Years |
3-5 Years |
After 5 years |
|||||||||||||||
Revolving Credit Facility |
$ | 603,086 | $ | — | $ | — | $ | 603,086 | $ | — | ||||||||||
SPV Asset Facility I |
495,000 | — | — | — | 495,000 | |||||||||||||||
SPV Asset Facility II |
1,718,000 | — | — | 1,718,000 | — | |||||||||||||||
SPV Asset Facility III |
555,000 | — | — | 555,000 | — | |||||||||||||||
SPV Asset Facility IV |
55,000 | — | — | — | 55,000 | |||||||||||||||
SPV Asset Facility V |
200,000 | — | — | 200,000 | — | |||||||||||||||
SPV Asset Facility VI |
20,000 | — | — | 20,000 | — | |||||||||||||||
CLO VIII |
290,000 | — | — | — | 290,000 | |||||||||||||||
CLO XI |
260,000 | — | — | — | 260,000 | |||||||||||||||
CLO XII |
260,000 | — | — | — | 260,000 | |||||||||||||||
September 2026 Notes |
350,000 | — | — | 350,000 | — | |||||||||||||||
February 2027 Notes |
500,000 | — | — | 500,000 | — | |||||||||||||||
September 2027 Notes |
600,000 | — | — | 600,000 | — | |||||||||||||||
March 2025 Notes |
500,000 | — | 500,000 | — | — | |||||||||||||||
June 2028 Notes |
650,000 | — | — | 650,000 | — | |||||||||||||||
Total Contractual Obligations |
$ | 7,056,086 | $ | — | $ | 500,000 | $ | 5,196,086 | $ | 1,360,000 | ||||||||||
• | the Investment Advisory Agreement; |
• | the Administration Agreement; |
• | the Expense Support Agreement; |
• | the Dealer Manager Agreement; and |
• | the License Agreement. |
• | With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations; |
• | With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee; |
• | Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; |
• | Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment; |
• | Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and |
• | The Audit Committee oversee the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention. |
• | investment company taxable income (which is generally our ordinary income plus the excess of realized short-term capital gains over realized net long-term capital losses), determined without regard to the deduction for dividends paid, for such taxable year; and |
• | net tax-exempt interest income (which is the excess of our gross tax exempt interest income over certain disallowed deductions) for such taxable year. |
• | 98% of our net ordinary income excluding certain ordinary gains or losses for that calendar year; |
• | 98.2% of our capital gain net income, adjusted for certain ordinary gains and losses, recognized for the twelve-month period ending on October 31 of that calendar year; and |
• | 100% of any income or gains recognized, but not distributed, in preceding years. |
Strategy |
Funds |
Asset Under Management | ||
Diversified Lending |
The diversified lending strategy is primarily offered through four BDCs: Blue Owl Capital Corporation (“OBDC”), Blue Owl Capital Corporation II (“OBDC II”), Blue Owl Capital | As of September 30, 2023, the diversified lending strategy had $46.1 billion of assets under management. |
Strategy |
Funds |
Asset Under Management | ||
preserving capital primarily through originating and making loans to, and making debt and equity investments in, U.S. middle market companies. The diversified lending strategy provides a wide range of financing solutions with strong focus on the top of the capital structure and is operated through diversification by borrower, sector, sponsor, and position size. | Corporation III (“OBDC III”), and the Company. | |||
Technology Lending |
The technology lending strategy is managed through three BDCs: Blue Owl Technology Finance Corp. (“OTF”), Blue Owl Technology Finance Corp. II (“OTF II”) and Blue Owl Technology Income Corp. (“OTIC”, and together with OBDC, OBDC II, OBDC III, OTF, OTF II, and the Company, “the Blue Owl BDCs”). | As of September 30, 2023, the technology lending strategy had $18.8 billion of assets under management. |
Strategy |
Funds |
Asset Under Management | ||
environmental, aerospace and defense industries and sectors. | ||||
First Lien Lending |
The first lien lending strategy is managed through private funds and separately managed accounts. | As of September 30, 2023, the first lien lending strategy had $3.7 billion of assets under management. | ||
Opportunistic Lending |
The opportunistic lending strategy is managed through private funds and separately managed accounts. | As of September 30, 2023, the opportunistic lending strategy had $2.4 billion of assets under management. |
• | understanding the purpose of the loan, the key personnel and variables, as well as the sources and uses of the proceeds; |
• | meeting the company’s management and key personnel, including top and middle level executives, to get an insider’s view of the business, and to probe for potential weaknesses in business prospects; |
• | checking management’s backgrounds and references; |
• | performing a detailed review of historical financial performance, including performance through various economic cycles, and the quality of earnings; |
• | contacting customers and vendors to assess both business prospects and standard practices; |
• | conducting a competitive analysis, and comparing the company to its main competitors on an operating, financial, market share and valuation basis; |
• | researching the industry for historic growth trends and future prospects as well as to identify future exit alternatives; |
• | assessing asset value and the ability of physical infrastructure and information systems to handle anticipated growth; |
• | leveraging the Adviser’s internal resources and network with institutional knowledge of the company’s business; |
• | assessing business valuation and corresponding recovery analysis; |
• | developing downside financial projections and liquidation analysis; |
• | reviewing environmental, social and governance (“ESG”) considerations including consulting the Sustainability Accounting Standards Board’s Engagement Guide for ESG considerations; and |
• | investigating legal and regulatory risks and financial and accounting systems and practices. |
• | assessment of success of the portfolio company in adhering to its business plan and compliance with covenants; |
• | periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; |
• | comparisons to other companies in the portfolio company’s industry; |
• | attendance at, and participation in, board meetings; and |
• | review of periodic financial statements and financial projections for portfolio companies. |
• | First-lien debt. |
• | Stand-alone first-lien loans. |
• | Unitranche loans. |
or upon the occurrence of other triggering events under intercreditor agreements or agreements among lenders, the “last out” lenders bear a greater risk and, in exchange, receive a higher effective interest rate, through arrangements among the lenders, than the “first out” lenders or lenders in stand-alone first-lien loans. Agreements among lenders also typically provide greater voting rights to the “last out” lenders than the intercreditor agreements to which second-lien lenders often are subject. Among the types of first-lien debt in which we may invest, “last out” first-lien loans generally have higher effective interest rates than other types of first-lien loans, since “last out” first-lien loans rank below standalone first-lien loans. |
• | Second-lien debt. |
• | Mezzanine debt. |
• | Broadly syndicated loans |
• | requiring a total return on our investments (including both interest and potential equity appreciation) that will compensate us for credit risk; |
• | negotiating covenants in connection with our investments consistent with preservation of our capital. Such restrictions may include affirmative covenants (including reporting requirements), negative covenants (including financial covenants), lien protection, limitations on debt incurrence, restrictions on asset sales, downside and liquidation cases, restrictions on dividends and other payments, cash flow sweeps, collateral protection, required debt amortization, change of control provisions and board rights, including either observation rights or rights to a seat on the board under some circumstances; and |
• | including debt amortization requirements, where appropriate, to require the timely repayment of principal of the loan, as well as appropriate maturity dates. |
• | Amergin, which consists of AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin AssetCo”) and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. Amergin was created to invest in a leasing platform focused on railcar and aviation assets. |
• | Fifth Season Investment LLC (f/k/a Chapford SMA Partnership, L.P.) (“Fifth Season”), a portfolio company created to invest in life settlement assets. |
• | Blue Owl Credit Income Senior Loan Fund LLC (f/k/a Owl Rock Core Income Corp. Senior Loan Fund LLC) (“OCIC SLF”), a Delaware limited liability company, which is a joint venture between us and State Teachers Retirement System of Ohio. OCIC SLF’s principal purpose is to make investments, primarily in senior secured loans that are made to middle-market companies or in broadly syndicated loans and in senior and subordinated notes issued by collateralized loan obligations. |
• | LSI Financing 1 DAC (“LSI Financing”), a portfolio company formed to acquire a contractual right to revenue pursuant to an earnout agreement in the life sciences space. |
Class and Period |
Total Amount Outstanding Exclusive of Treasury Securities (1) ($ in millions) |
Asset Coverage per Unit (2) |
Involuntary Liquidating Preference per Unit (3) |
Average Market Value per Unit (4) |
||||||||||||
Promissory Note (5) |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
December 31, 2021 |
$ | $ | ||||||||||||||
December 31, 2020 |
$ | $ | ||||||||||||||
SPV Asset Facility I |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
December 31, 2021 |
$ | $ | ||||||||||||||
SPV Asset Facility II |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
December 31, 2021 |
$ | $ | ||||||||||||||
SPV Asset Facility III |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
SPV Asset Facility IV |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
SPV Asset Facility V |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
SPV Asset Facility VI |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
CLO VIII |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
CLO XI |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
CLO XII |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
Revolving Credit Facility |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
December 31, 2021 |
$ | $ | ||||||||||||||
September 2026 Notes |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
December 31, 2021 |
$ | $ |
Class and Period |
Total Amount Outstanding Exclusive of Treasury Securities (1) ($ in millions) |
Asset Coverage per Unit (2) |
Involuntary Liquidating Preference per Unit (3) |
Average Market Value per Unit (4) |
||||||||||||
February 2027 Notes |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | |
$ | |||||||||||||
September 2027 Notes |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | ||||||||||||||
June 2028 Notes |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
March 2025 Notes |
||||||||||||||||
September 30, 2023 (unaudited) |
$ | $ | ||||||||||||||
December 31, 2022 |
$ | $ | |
(1) | Total amount of each class of senior securities outstanding at the end of the period presented. |
(2) | Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. |
(3) | The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. |
(4) | Average market value per unit not applicable because the senior securities are not registered for public trading. |
(5) | Facility was terminated in June 2022. |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
ABB/Con-cise Optical Group LLC 12301 NW 39th Street, Coral Springs, FL, 33065(1)(5) |
Distribution | First lien senior secured loan | SR + | 7.50 | % | 2/2028 | 0.00 | % | 33,306 | 32,912 | 32,057 | 0.40 | % | |||||||||||||||||||||||
Abacus Life, Inc. 2101 Park Center Drive, Orlando, FL, 32835(1)(5) |
Insurance | First lien senior secured loan | SR + | 7.25 | % | 7/2028 | 0.00 | % | 9,375 | 9,194 | 9,188 | 0.10 | % | |||||||||||||||||||||||
Abacus Life, Inc. 2101 Park Center Drive, Orlando, FL, 32835(1)(5)(12) |
Insurance | First lien senior secured delayed draw term loan | SR + | 7.25 | % | 1/2024 | 0.00 | % | — | (178 | ) | (188 | ) | 0.00 | % | |||||||||||||||||||||
Access CIG, LLC 500 Unicorn Park Drive, Woburn, MA, 01801(1)(5) |
Business services | Second lien senior secured loan | SR + | 7.75 | % | 2/2026 | 0.00 | % | 2,385 | 2,381 | 2,361 | 0.00 | % | |||||||||||||||||||||||
Access CIG, LLC 500 Unicorn Park Drive, Woburn, MA, 01801(1)(4) |
Business services | First lien senior secured loan | SR + | 5.00 | % | 2/2025 | 0.00 | % | 80,000 | 78,035 | 78,823 | 1.00 | % | |||||||||||||||||||||||
ACR Group Borrower, LLC 3200 Wilcrest Drive, Houston, FL, 33312(1)(5) |
Manufacturing | First lien senior secured loan | SR + | 4.50 | % | 3/2028 | 0.00 | % | 4,032 | 3,991 | 3,972 | 0.10 | % | |||||||||||||||||||||||
ACR Group Borrower, LLC 3200 Wilcrest Drive, Houston, FL, 33312(1)(5) |
Manufacturing | First lien senior secured loan | SR + | 6.00 | % | 3/2028 | 0.00 | % | 866 | 855 | 866 | 0.00 | % | |||||||||||||||||||||||
ACR Group Borrower, LLC 3200 Wilcrest Drive, Houston, FL, 33312(1)(5)(12) |
Manufacturing | First lien senior secured revolving loan | SR + | 4.50 | % | 3/2026 | 0.00 | % | 537 | 531 | 524 | 0.00 | % | |||||||||||||||||||||||
Acuris Finance US, Inc. (ION Analytics) 1345 6th Ave 49th floor, New York, NY, 10105(1)(5) |
Financial services | First lien senior secured loan | SR + | 4.00 | % | 2/2028 | 0.00 | % | 10,500 | 10,438 | 10,337 | 0.10 | % | |||||||||||||||||||||||
Acrisure, LLC 100 Ottawa Avenue South West, Grand Rapids, MI, 49503(1)(5) |
Insurance | First lien senior secured loan | SR + | 5.75 | % | 2/2027 | 0.00 | % | 53,126 | 52,392 | 53,259 | 0.70 | % | |||||||||||||||||||||||
Acrisure, LLC 100 Ottawa Avenue South West, Grand Rapids, MI, 49503(1)(2) |
Insurance | First lien senior secured loan | L + | 3.50 | % | 2/2027 | 0.00 | % | 8,660 | 8,240 | 8,527 | 0.10 | % | |||||||||||||||||||||||
Acrisure, LLC 100 Ottawa Avenue South West, Grand Rapids, MI, 49503(1)(2) |
Insurance | First lien senior secured loan | L + | 4.25 | % | 2/2027 | 0.00 | % | 1,980 | 1,930 | 1,971 | 0.00 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Acrisure, LLC 100 Ottawa Avenue South West, Grand Rapids, MI, 49503(1)(2) |
Insurance | First lien senior secured loan | L + | 3.75 | % | 2/2027 | 0.00 | % | 1,980 | 1,905 | 1,949 | 0.00 | % | |||||||||||||||||||||||
Activate Holdings (US) Corp. (dba Absolute Software) 1400-1055 Dunsmuir Street, Vancouver, , (1)(5) |
Internet software and services | First lien senior secured loan | SR + | 6.75% | 7/2030 | 0.00 | % | 4,648 | 4,522 | 4,520 | 0.10 | % | ||||||||||||||||||||||||
Activate Holdings (US) Corp. (dba Absolute Software) 1400-1055 Dunsmuir Street, Vancouver, , (1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.75% | 7/2030 | 0.00 | % | — | (9 | ) | (10 | ) | 0.00 | % | ||||||||||||||||||||||
Aegion Corp. 580 Goddard Avenue, Saint Louis, MO, 63005(1)(4) |
Infrastructure and environmental services | First lien senior secured loan | SR + | 4.75% | 5/2028 | 0.00 | % | 54,789 | 53,254 | 54,356 | 0.70 | % | ||||||||||||||||||||||||
Alera Group, Inc. 3 Parkway North, Deerfield, IL, 60015(1)(4) |
Insurance | First lien senior secured loan | SR + | 6.00% | 10/2028 | 0.00 | % | 148,853 | 146,375 | 148,853 | 1.90 | % | ||||||||||||||||||||||||
Alera Group, Inc. 3 Parkway North, Deerfield, IL, 60015(1)(4) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.00% | 10/2028 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
Alera Group, Inc. 3 Parkway North, Deerfield, IL, 60015(1)(4) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.00% | 10/2028 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
AmeriLife Holdings LLC 2650 McCormick Drive, Clearwater, FL, 33759(1)(4)M |
Insurance | First lien senior secured loan | SR + | 5.75% | 8/2029 | 0.00 | % | 129,205 | 126,916 | 128,559 | 1.70 | % | ||||||||||||||||||||||||
AmeriLife Holdings LLC 2650 McCormick Drive, Clearwater, FL, 33759(1)(6)(12) |
Insurance | First lien senior secured revolving loan | SR + | 5.75% | 8/2028 | 0.00 | % | 2,712 | 2,445 | 2,631 | 0.00 | % | ||||||||||||||||||||||||
AmeriLife Holdings LLC 2650 McCormick Drive, Clearwater, FL, 33759(1)(6)(12) |
Insurance | First lien senior secured delayed draw term loan | SR + | 5.75% | 9/2024 | 0.00 | % | 21,534 | 21,075 | 21,427 | 0.30 | % | ||||||||||||||||||||||||
Anaplan, Inc. 50 Hawthorne Street, San Francisco, CA, 94105(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 6.50% | 6/2029 | 0.00 | % | 229,639 | 227,681 | 229,639 | 3.00 | % | ||||||||||||||||||||||||
Anaplan, Inc. 50 Hawthorne Street, San Francisco, CA, 94105(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.50% | 6/2028 | 0.00 | % | — | (130 | ) | — | 0.00 | % | |||||||||||||||||||||||
Apex Group Treasury, LLC Vallis Building, 4th Floor, 58 Par-la-Ville Rd, Hamilton HM11 Bermuda(1)(5) |
Professional services | First lien senior secured loan | SR + | 5.00% | 7/2028 | 0.00 | % | 24,813 | 23,484 | 24,813 | 0.30 | % | ||||||||||||||||||||||||
Apex Group Treasury, LLC Vallis Building, 4th Floor, 58 Par-la-Ville Rd, Hamilton HM11 Bermuda(1)(5) |
Professional services | Second lien senior secured loan | SR + | 6.75% | 7/2029 | 0.00 | % | 11,618 | 11,458 | 11,501 | 0.20 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Apex Group Treasury, LLC Vallis Building, 4th Floor, 58 Par-la-Ville Rd, Hamilton HM11 Bermuda(1)(5) |
Professional services | Second lien senior secured loan | SR + | 6.75% | 7/2029 | 0.00 | % | - | - | - | 0.00 | % | ||||||||||||||||||||||||
Appfire Technologies, LLC 1500 District Avenue, Burlington, MA, 01803(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 5.50% | 3/2027 | 0.00 | % | 7,040 | 7,001 | 7,004 | 0.10 | % | ||||||||||||||||||||||||
Appfire Technologies, LLC 1500 District Avenue, Burlington, MA, 01803(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 5.50% | 3/2027 | 0.00 | % | — | (18 | ) | (8 | ) | 0.00 | % | ||||||||||||||||||||||
Appfire Technologies, LLC 1500 District Avenue, Burlington, MA, 01803(1)(5)(12) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 5.50% | 6/2024 | 0.00 | % | — | (108 | ) | — | 0.00 | % | |||||||||||||||||||||||
Aptive Environmental, LLC 5132 North 300 West, Provo, UT, 84604(11)(11) |
Household products | First lien senior secured loan | N/A | 12.00% (6.00% PIK) | 1/2026 | 0.00 | % | 8,955 | 7,865 | 9,179 | 0.10 | % | ||||||||||||||||||||||||
Aramsco, Inc. 1480 Grandview Avenue, Paulsboro, NJ, 08066(1)(4) |
Distribution | First lien senior secured loan | SR + | 5.75% | 8/2025 | 0.00 | % | 30,743 | 30,611 | 30,743 | 0.30 | % | ||||||||||||||||||||||||
Aramsco, Inc. 1480 Grandview Avenue, Paulsboro, NJ, 08066(1)(4) |
Distribution | First lien senior secured loan | SR + | 5.75% | 8/2025 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
Aramsco, Inc. 1480 Grandview Avenue, Paulsboro, NJ, 08066(1)(4)(12) |
Distribution | First lien senior secured revolving loan | SR + | 5.75% | 8/2025 | 0.00 | % | 1,434 | 1,422 | 1,434 | 0.00 | % | ||||||||||||||||||||||||
Aramsco, Inc. 1480 Grandview Avenue, Paulsboro, NJ, 08066(1)(4) |
Distribution | First lien senior secured delayed draw term loan | SR + | 5.75% | 8/2025 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
Aramsco, Inc. 1480 Grandview Avenue, Paulsboro, NJ, 08066(1)(4)(12) |
Distribution | First lien senior secured delayed draw term loan | SR + | 5.75% | 4/2024 | 0.00 | % | 3,275 | 3,219 | 3,275 | 0.00 | % | ||||||||||||||||||||||||
Aruba Investments Holdings LLC (dba Angus Chemical Company) 1500 East Lake Cook Road, Buffalo Grove, IL, 60089(1)(4) |
Chemicals | First lien senior secured loan | SR + | 4.00% | 11/2027 | 0.00 | % | 13,796 | 13,591 | 13,504 | 0.20 | % | ||||||||||||||||||||||||
Aruba Investments Holdings LLC (dba Angus Chemical Company) 1500 East Lake Cook Road, Buffalo Grove, IL, 60089(1)(4) |
Chemicals | Second lien senior secured loan | SR + | 7.75% | 11/2028 | 0.00 | % | 40,137 | 40,126 | 37,328 | 0.50 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Apex Service Partners, LLC 201 East Kennedy Boulevard, Tampa, FL, 33602(1)(5) |
Professional services | First lien senior secured loan | SR + | 5.50% | 7/2025 | 0.00 | % | 91,011 | 90,222 | 91,011 | 1.20 | % | ||||||||||||||||||||||||
Apex Service Partners, LLC 201 East Kennedy Boulevard, Tampa, FL, 33602(1)(6)(12) |
Professional services | First lien senior secured revolving loan | SR + | 5.25% | 7/2025 | 0.00 | % | 2,875 | 2,837 | 2,875 | 0.00 | % | ||||||||||||||||||||||||
Apex Service Partners Intermediate 2, LLC 201 East Kennedy Boulevard, Tampa, FL, 33602(11)(11) |
Professional services | First lien senior secured loan | N/A | 12.50% PIK | 7/2027 | 0.00 | % | 5,789 | 5,687 | 5,789 | 0.10 | % | ||||||||||||||||||||||||
Associations, Inc. 5401 North Central Expressway\nSuite 300, Dallas, TX, 75025(1)(5) |
Buildings and real estate | First lien senior secured loan | SR + | 6.50% (2.50% PIK) | 7/2027 | 0.00 | % | 106,674 | 105,808 | 105,874 | 1.40 | % | ||||||||||||||||||||||||
Associations, Inc. 5401 North Central Expressway\nSuite 300, Dallas, TX, 75025(1)(5)(12) |
Buildings and real estate | First lien senior secured revolving loan | SR + | 6.50% | 7/2027 | 0.00 | % | — | (30 | ) | (36 | ) | 0.00 | % | ||||||||||||||||||||||
Associations, Inc. 5401 North Central Expressway\nSuite 300, Dallas, TX, 75025(1)(5) |
Buildings and real estate | First lien senior secured delayed draw term loan | SR + | 6.50% (2.50% PIK) | 7/2027 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
Associations, Inc. 5401 North Central Expressway\nSuite 300, Dallas, TX, 75025(1)(5)(12) |
Buildings and real estate | First lien senior secured delayed draw term loan | SR + | 6.50% (2.50% PIK) | 6/2024 | 0.00 | % | 47,688 | 47,237 | 47,228 | 0.60 | % | ||||||||||||||||||||||||
AssuredPartners, Inc. 450 South Orange Avenue, Orlando, FL, 32801(1)(4) |
Insurance | First lien senior secured loan | SR + | 3.50% | 2/2027 | 0.00 | % | 7,820 | 7,820 | 7,811 | 0.10 | % | ||||||||||||||||||||||||
AssuredPartners, Inc. 450 South Orange Avenue, Orlando, FL, 32801(1)(4) |
Insurance | First lien senior secured loan | SR + | 3.50% | 2/2027 | 0.00 | % | 24,625 | 24,582 | 24,541 | 0.30 | % | ||||||||||||||||||||||||
AssuredPartners, Inc. 450 South Orange Avenue, Orlando, FL, 32801(1)(4) |
Insurance | First lien senior secured loan | SR + | 4.25% | 2/2027 | 0.00 | % | 4,950 | 4,808 | 4,947 | 0.10 | % | ||||||||||||||||||||||||
Asurion, LLC 648 Grassmere Park, Nashville, TN, 37211(1)(4) |
Insurance | Second lien senior secured loan | SR + | 5.25% | 1/2029 | 0.00 | % | 174,017 | 168,351 | 153,918 | 2.00 | % | ||||||||||||||||||||||||
Asurion, LLC 648 Grassmere Park, Nashville, TN, 37211(1)(4) |
Insurance | Second lien senior secured loan | SR + | 5.25% | 1/2028 | 0.00 | % | 15,000 | 13,433 | 13,470 | 0.20 | % | ||||||||||||||||||||||||
Athenahealth Group Inc. 311 Arsenal Street, Watertown, MA, 02472(1)(4) |
Healthcare technology | First lien senior secured loan | SR + | 3.25% | 2/2029 | 0.00 | % | 29,411 | 29,043 | 28,814 | 0.40 | % | ||||||||||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants) 7668 El Camino Real, Carlsbad, CA, 92009(1)(4)(12) |
Infrastructure and environmental services | First lien senior secured revolving loan | SR + | 6.75% | 4/2029 | 0.00 | % | 6,807 | 6,603 | 6,641 | 0.10 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants) 7668 El Camino Real, Carlsbad, CA, 92009(1)(4) |
Infrastructure and environmental services | First lien senior secured loan | SR + | 6.75% | 4/2030 | 0.00 | % | 72,642 | 71,253 | 71,552 | 0.90 | % | ||||||||||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants) 7668 El Camino Real, Carlsbad, CA, 92009(1)(4)(12) |
Infrastructure and environmental services | First lien senior secured delayed draw term loan | SR + | 6.75% | 4/2025 | 0.00 | % | 1,741 | 1,604 | 1,715 | 0.00 | % | ||||||||||||||||||||||||
Avalara, Inc. 255 South King Street, Seattle, WA, 98104(1) |
Business services |
Unsecured notes |
|
N/A |
|
|
0.48% PIK |
|
|
12/2029 |
|
|
0.00 |
% |
|
70,455 |
|
|
69,521 |
|
|
70,102 |
|
|
0.90 |
% | ||||||||||
Avalara, Inc. 255 South King Street, Seattle, WA, 98104(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 7.25% | 10/2028 | 0.00 | % | — | (89 | ) | (35 | ) | 0.00 | % | ||||||||||||||||||||||
AWP Group Holdings, Inc. 4244 Mount Pleasant Street North West, North Canton, OH, 44720(1)(5) |
Infrastructure and environmental services | First lien senior secured loan | SR + | 5.50% | 12/2029 | 0.00 | % | 35,007 | 34,427 | 34,423 | 0.40 | % | ||||||||||||||||||||||||
AWP Group Holdings, Inc. 4244 Mount Pleasant Street North West, North Canton, OH, 44720(1)(5)(12) |
Infrastructure and environmental services | First lien senior secured delayed draw term loan | SR + | 5.50% | 8/2025 | 0.00 | % | 351 | 276 | 298 | 0.00 | % | ||||||||||||||||||||||||
AWP Group Holdings, Inc. 4244 Mount Pleasant Street North West, North Canton, OH, 44720(1)(5)(12) |
Infrastructure and environmental services | First lien senior secured revolving loan | SR + | 5.50% | 12/2029 | 0.00 | % | 2,351 | 2,252 | 2,254 | 0.00 | % | ||||||||||||||||||||||||
Adenza Group, Inc. 45 Broadway, New York, NY, 10006(1)(4) |
Financial services | First lien senior secured loan | SR + | 5.75% | 12/2027 | 0.00 | % | 34,566 | 34,315 | 34,566 | 0.50 | % | ||||||||||||||||||||||||
Adenza Group, Inc. 45 Broadway, New York, NY, 10006(1)(4)(12) |
Financial services | First lien senior secured revolving loan | SR + | 5.75% | 12/2025 | 0.00 | % | — | (13 | ) | — | 0.00 | % | |||||||||||||||||||||||
Balrog Acquisition, Inc. (dba Bakemark) 7351 Crider Avenue, Pico Rivera, CA, 90660(1)(4) |
Food and beverage | First lien senior secured loan | SR + | 4.00% | 9/2028 | 0.00 | % | 13,755 | 13,647 | 13,583 | 0.20 | % | ||||||||||||||||||||||||
Balrog Acquisition, Inc. (dba BakeMark) 7351 Crider Avenue, Pico Rivera, CA, 90660(1)(4) |
Food and beverage | Second lien senior secured loan | SR + | 7.00% | 9/2029 | 0.00 | % | 6,000 | 5,959 | 5,955 | 0.10 | % | ||||||||||||||||||||||||
Barracuda Parent, LLC 3175 Winchester Blvd, Campbell, CA, 95008(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 4.50% | 8/2029 | 0.00 | % | 27,443 | 26,717 | 27,138 | 0.40 | % | ||||||||||||||||||||||||
Barracuda Parent, LLC 3175 Winchester Blvd, Campbell, CA, 95008(1)(5) |
Internet software and services | Second lien senior secured loan | SR + | 7.00% | 8/2030 | 0.00 | % | 93,250 | 90,708 | 87,189 | 1.10 | % | ||||||||||||||||||||||||
Bamboo US BidCo LLC 927 S Curry Pike, Bloomington, IN, 47403(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 6.00% | 9/2030 | 0.00 | % | 96,615 | 93,719 | 93,717 | 1.20 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Bamboo US BidCo LLC 927 S Curry Pike, Bloomington, IN, 47403(1)(8) |
Healthcare equipment and services | First lien senior secured EUR term loan | E + | 6.00% | 9/2030 | 0.00 | % | 63,644 | 61,736 | 61,735 | 0.80 | % | ||||||||||||||||||||||||
Bamboo US BidCo LLC 927 S Curry Pike, Bloomington, IN, 47403(1)(5)(12) |
Healthcare equipment and services | First lien senior secured revolving loan | SR + | 6.00% | 10/2029 | 0.00 | % | — | (604 | ) | (604 | ) | 0.00 | % | ||||||||||||||||||||||
Bamboo US BidCo LLC 927 S Curry Pike, Bloomington, IN, 47403(1)(5)(12) |
Healthcare equipment and services | First lien senior secured delayed draw term loan | SR + | 6.00% | 3/2025 | 0.00 | % | — | (226 | ) | (226 | ) | 0.00 | % | ||||||||||||||||||||||
Berlin Packaging L.L.C. 525 West Monroe Street, Chicago, IL, 60661(1)(4) |
Containers and packaging | First lien senior secured loan | SR + | 3.75% | 3/2028 | 0.00 | % | 14,895 | 14,562 | 14,717 | 0.20 | % | ||||||||||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group) 631 North 400 West, Salt Lake City, UT, 84103(1)(5) |
Specialty retail | First lien senior secured loan | SR + | 6.75% | 11/2027 | 0.00 | % | 59,849 | 59,177 | 57,007 | 0.70 | % | ||||||||||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group) 631 North 400 West, Salt Lake City, UT, 84103(1)(5) |
Specialty retail | First lien senior secured loan | SR + | 6.75% | 11/2027 | 0.00 | % | 163,018 | 161,065 | 155,274 | 2.00 | % | ||||||||||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group) 631 North 400 West, Salt Lake City, UT, 84103(1)(5)(12) |
Specialty retail | First lien senior secured delayed draw term loan | SR + | 6.75% | 11/2023 | 0.00 | % | 5,216 | 5,125 | 4,845 | 0.10 | % | ||||||||||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group) 631 North 400 West, Salt Lake City, UT, 84103(1)(5)(12) |
Specialty retail | First lien senior secured revolving loan | SR + | 6.75% | 5/2027 | 0.00 | % | 352 | 300 | 101 | 0.00 | % | ||||||||||||||||||||||||
BTRS Holdings Inc. (dba Billtrust) 1009 Lenox Drive, Lawrenceville, NJ, 08648(1)(5) |
Financial services | First lien senior secured loan | SR + | 8.00% | 12/2028 | 0.00 | % | 10,850 | 10,555 | 10,688 | 0.10 | % | ||||||||||||||||||||||||
BTRS Holdings Inc. (dba Billtrust) 1009 Lenox Drive, Lawrenceville, NJ, 08648(1)(5)(12) |
Financial services | First lien senior secured delayed draw term loan | SR + | 8.00% | 12/2024 | 0.00 | % | 336 | 336 | 322 | 0.00 | % | ||||||||||||||||||||||||
BTRS Holdings Inc. (dba Billtrust) 1009 Lenox Drive, Lawrenceville, NJ, 08648(1)(4)(12) |
Financial services | First lien senior secured revolving loan | SR + | 8.00% | 12/2028 | 0.00 | % | — | (30 | ) | (17 | ) | 0.00 | % | ||||||||||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky) 9110 East Nichols Avenue, Centennial, CO, 80112(1)(5) |
Business services | First lien senior secured loan | SR + | 5.25% | 10/2028 | 0.00 | % | 83,568 | 82,341 | 82,733 | 1.10 | % | ||||||||||||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky) 9110 East Nichols Avenue, Centennial, CO, 80112(1)(5) |
Business services | First lien senior secured delayed draw term loan | SR + | 5.25% | 10/2028 | 0.00 | % | — | — | — | 0.00 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky) 9110 East Nichols Avenue, Centennial, CO, 80112(1)(5)(12) |
Business services | First lien senior secured delayed draw term loan | SR + | 5.25% | 6/2024 | 0.00 | % | 13,431 | 13,157 | 13,296 | 0.20 | % | ||||||||||||||||||||||||
Boost Newco Borrower, LLC (dba WorldPay) 25 Walbrook, London EC4N 8AF, United Kingdom(1) |
Financial services | First lien senior secured loan | SR + | 3.00% | 9/2030 | 0.00 | % | 50,000 | 49,750 | 49,965 | 0.70 | % | ||||||||||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi) 1400 Liberty Ridge Drive, Chesterbrook, PA, 19087(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 7.50% PIK | 10/2028 | 0.00 | % | 23,568 | 23,231 | 23,273 | 0.30 | % | ||||||||||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi) 1400 Liberty Ridge Drive, Chesterbrook, PA, 19087(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.50% | 10/2027 | 0.00 | % | 319 | 295 | 299 | 0.00 | % | ||||||||||||||||||||||||
Bracket Intermediate Holding Corp. 785 Arbor Way, Blue Bell, PA, 19422(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 5.00% | 5/2028 | 0.00 | % | 49,875 | 48,475 | 49,759 | 0.60 | % | ||||||||||||||||||||||||
BrightView Landscapes, LLC 980 Jolly Road, Blue Bell, PA, 19422(1)(5) |
Business services | First lien senior secured loan | SR + | 3.25% | 4/2029 | 0.00 | % | 5,781 | 5,599 | 5,779 | 0.10 | % | ||||||||||||||||||||||||
Brightway Holdings, LLC 3733 University Boulevard West, Jacksonville, FL, 32217(1)(5) |
Insurance | First lien senior secured loan | SR + | 6.50% | 12/2027 | 0.00 | % | 17,626 | 17,460 | 17,274 | 0.20 | % | ||||||||||||||||||||||||
Brightway Holdings, LLC 3733 University Boulevard West, Jacksonville, FL, 32217(1)(5)(12) |
Insurance | First lien senior secured revolving loan | SR + | 6.50% | 12/2027 | 0.00 | % | 1,053 | 1,034 | 1,011 | 0.00 | % | ||||||||||||||||||||||||
Broadstreet Partners, Inc. 580 North Fourth Street, Columbus, OH, 43215(1)(4) |
Insurance | First lien senior secured loan | SR + | 4.00% | 1/2029 | 0.00 | % | 8,728 | 8,625 | 8,718 | 0.10 | % | ||||||||||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend) 11818 I Street, Omaha, NE, 68137(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 7.00% | 12/2026 | 0.00 | % | 1,102 | 1,095 | 1,102 | 0.00 | % | ||||||||||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend) 11818 I Street, Omaha, NE, 68137(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 7.00% | 12/2026 | 0.00 | % | — | (1 | ) | — | 0.00 | % | |||||||||||||||||||||||
BW Holding, Inc. 20 Carter Drive, Guilford, CT, 06437(1)(5) |
Containers and packaging | First lien senior secured loan | SR + | 4.00% | 12/2028 | 0.00 | % | 21,783 | 20,963 | 19,504 | 0.30 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Capstone Acquisition Holdings, Inc. 30 Technology Parkway South, Peachtree Corners, GA, 30092(1)(4) |
Business services | First lien senior secured loan | SR + | 4.75% | 11/2027 | 0.00 | % | 9,924 | 9,857 | 9,899 | 0.10 | % | ||||||||||||||||||||||||
Capstone Acquisition Holdings, Inc. 30 Technology Parkway South, Peachtree Corners, GA, 30092(1)(4) |
Business services | First lien senior secured delayed draw term loan | SR + | 4.75% | 11/2027 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
CFS Brands, LLC P.O. Box 53006 Oklahoma City, OK 73152-3006(1)(10) |
Food and beverage | First lien senior secured loan | P + | 2.00% | 3/2025 | 0.00 | % | 43,960 | 43,152 | 43,960 | 0.60 | % | ||||||||||||||||||||||||
Central Parent, Inc. 1950 Hassell Road, Hoffman Estates, , (1)(5) |
Internet software and services | First lien senior secured loan | SR + | 4.25% | 7/2029 | 0.00 | % | 9,330 | 9,088 | 9,325 | 0.10 | % | ||||||||||||||||||||||||
Certinia, Inc. 60 South Market Street, San Jose, CA, 95113(1)(6) |
Professional services | First lien senior secured loan | SR + | 7.25% | 8/2029 | 0.00 | % | 33,088 | 32,438 | 32,426 | 0.40 | % | ||||||||||||||||||||||||
Certinia, Inc. 60 South Market Street, San Jose, CA, 95113(1)(6)(12) |
Professional services | First lien senior secured revolving loan | SR + | 7.25% | 8/2029 | 0.00 | % | — | (86 | ) | (88 | ) | 0.00 | % | ||||||||||||||||||||||
Charter NEX US, Inc. 1264 East High Street, Milton, WI, 53563(1)(4) |
Containers and packaging | First lien senior secured loan | SR + | 3.75% | 12/2027 | 0.00 | % | 34,690 | 34,272 | 34,343 | 0.40 | % | ||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. 2810 Coventry Road Oakville, Ontario L6H 6R1(1)(7) |
Healthcare equipment and services | First lien senior secured loan | C + | 4.50% | 4/2028 | 0.00 | % | 3,621 | 3,867 | 3,558 | 0.00 | % | ||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. 2810 Coventry Road Oakville, Ontario L6H 6R1(1)(7) |
Healthcare equipment and services | First lien senior secured delayed draw term loan | C + | 4.50% | 4/2028 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. 2810 Coventry Road Oakville, Ontario L6H 6R1(1)(7) |
Healthcare equipment and services | First lien senior secured delayed draw term loan | C + | 4.50% | 4/2028 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. 2810 Coventry Road Oakville, Ontario L6H 6R1(1)(7) |
Healthcare equipment and services | First lien senior secured delayed draw term loan | C + | 4.50% | 4/2028 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. 2810 Coventry Road Oakville, Ontario L6H 6R1(1)(12) |
Healthcare equipment and services | First lien senior secured revolving loan | C + | 4.50% | 4/2027 | 0.00 | % | 190 | 203 | 172 | 0.00 | % | ||||||||||||||||||||||||
CivicPlus, LLC 302 South 4th Street, Manhattan, KS, 66502(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 6.50% (2.50% PIK) | 8/2027 | 1.01 | % | 28,066 | 27,860 | 28,066 | 0.40 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
CivicPlus, LLC 302 South 4th Street, Manhattan, KS, 66502(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 6.50% (2.50% PIK) | 8/2027 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
CivicPlus, LLC 302 South 4th Street, Manhattan, KS, 66502(1)(5) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 6.50% | 8/2027 | 0.00 | % | — | — | — | 0.00 | % | ||||||||||||||||||||||||
CivicPlus, LLC 302 South 4th Street, Manhattan, KS, 66502(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.00% | 8/2027 | 0.00 | % | 179 | 164 | 179 | 0.00 | % | ||||||||||||||||||||||||
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC) 302 South 4th Street, Manhattan, KS, 66502(1)(6) |
Internet software and services | Unsecured notes | SR + | 11.75% PIK | 6/2034 | 0.00 | % | 15,719 | 15,358 | 15,680 | 0.20 | % | ||||||||||||||||||||||||
Color Intermediate, LLC (dba ClaimsXten) 475 Allendale Rd Ste 101, King Of Prussia, PA, 19406(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 5.50% | 10/2029 | 0.00 | % | 9,188 | 9,023 | 9,096 | 0.10 | % | ||||||||||||||||||||||||
AQ Carver Buyer, Inc. (dba CoAdvantage) 101 Riverfront Boulevard, Bradenton, FL, 34205(1)(6) |
Human resource support services | First lien senior secured loan | SR + | 5.50% | 8/2029 | 0.00 | % | 22,500 | 22,050 | 22,106 | 0.30 | % | ||||||||||||||||||||||||
Community Brands ParentCo, LLC 9620 Executive Center Driveway North, Saint Petersburg, FL, 33702(1)(5) |
Education | First lien senior secured loan | SR + | 5.50% | 2/2028 | 0.00 | % | 31,397 | 30,912 | 31,083 | 0.40 | % | ||||||||||||||||||||||||
Community Brands ParentCo, LLC 9620 Executive Center Driveway North, Saint Petersburg, FL, 33702(1)(5)(12) |
Education | First lien senior secured delayed draw term loan | SR + | 5.50% | 2-2024 | 0.00 | % | — | (28 | ) | — | 0.00 | % | |||||||||||||||||||||||
Community Brands ParentCo, LLC 9620 Executive Center Driveway North, Saint Petersburg, FL, 33702(1)(5)(12) |
Education | First lien senior secured revolving loan | SR + | 5.50% | 2-2028 | 0.00 | % | — | (28 | ) | (19 | ) | — | % | ||||||||||||||||||||||
ConAir Holdings LLC 1 Cummings Point Road, Stamford, CT, 06902(1)(4) |
Consumer products | Second lien senior secured loan | SR + | 7.50% | 5-2029 | 0.00 | % | 32,500 | 32,090 | 30,794 | 0.40 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Confluent Medical Technologies, Inc. 6263 North Scottsdale Road, Scottsdale, AZ, 85250(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 3.75% | 2-2029 | 0.00 | % | 24,787 | 24,686 | 24,353 | 0.30 | % | ||||||||||||||||||||||||
Confluent Medical Technologies, Inc. 6263 North Scottsdale Road, Scottsdale, AZ, 85250(1)(5) |
Healthcare equipment and services | Second lien senior secured loan | SR + | 6.50% | 2-2030 | 0.00 | % | 46,000 | 45,215 | 45,080 | 0.60 | % | ||||||||||||||||||||||||
ConnectWise, LLC 4110 George Road\nSuite 200, Tampa, FL, 33634(1)(4) |
Business services | First lien senior secured loan | SR + | 3.50% | 9-2028 | 0.00 | % | 29,776 | 29,831 | 29,255 | 0.40 | % | ||||||||||||||||||||||||
Pacific BidCo Inc. Otto-Hahn-Stra?e , 68723 Plankstadt, Germany, 68723 Plankstadt, NE, 68723(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 6.00% (0.25% PIK) | 8-2029 | 0.00 | % | 162,541 | 158,999 | 160,509 | 2.10 | % | ||||||||||||||||||||||||
Pacific BidCo Inc. Otto-Hahn-Stra?e , 68723 Plankstadt, Germany, 68723 Plankstadt, NE, 68723(1)(5)(12) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 5.75% | 8-2025 | 0.00 | % | — | (187 | ) | — | — | % | |||||||||||||||||||||||
CoreLogic Inc. 40 Pacifica, Santa Ana, CA, 92618(1)(4) |
Buildings and real estate | First lien senior secured loan | SR + | 3.50% | 6-2028 | 0.00 | % | 36,762 | 36,177 | 33,899 | 0.40 | % | ||||||||||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate) 100 High Street, Boston, MA, 02110(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 7.00% | 12-2026 | 0.00 | % | 75,374 | 75,027 | 74,620 | 1.00 | % | ||||||||||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate) 100 High Street, Boston, MA, 02110(1)(5) |
Healthcare technology | First lien senior secured delayed draw term loan | SR + | 7.00% | 12-2026 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate) 100 High Street, Boston, MA, 02110(1)(5)(12) |
Healthcare technology | First lien senior secured revolving loan | SR + | 7.00% | 12-2024 | 0.00 | % | 1,805 | 1,769 | 1,745 | — | % | ||||||||||||||||||||||||
CoreTrust Purchasing Group LLC 1100 Doctor Martin Luther King Junior Boulevard, Nashville, TN, 37203(1)(4) |
Business services | First lien senior secured loan | SR + | 6.75% | 10-2029 | 0.00 | % | 96,663 | 94,925 | 95,695 | 1.20 | % | ||||||||||||||||||||||||
CoreTrust Purchasing Group LLC 1100 Doctor Martin Luther King Junior Boulevard, Nashville, TN, 37203(1)(4)(12) |
Business services | First lien senior secured delayed draw term loan | SR + | 6.75% | 9-2024 | 0.00 | % | — | (61 | ) | — | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
CoreTrust Purchasing Group LLC 1100 Doctor Martin Luther King Junior Boulevard, Nashville, TN, 37203(1)(4)(12) |
Business services | First lien senior secured revolving loan | SR + | 6.75% | 10-2029 | 0.00 | % | — | (226 | ) | (142 | ) | — | % | ||||||||||||||||||||||
Covetrus, Inc. 7 Custom House Street, Portland, ME, 04101(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.00% | 10-2029 | 0.00 | % | 10,438 | 9,922 | 10,316 | 0.10 | % | ||||||||||||||||||||||||
Covetrus, Inc. 7 Custom House Street, Portland, ME, 04101(1)(5) |
Healthcare providers and services | Second lien senior secured loan | SR + | 9.25% | 10-2030 | 0.00 | % | 160,000 | 156,969 | 159,200 | 2.10 | % | ||||||||||||||||||||||||
Cornerstone OnDemand, Inc. 1601 Cloverfield Boulevard, Santa Monica, CA, 90404(1)(4) |
Human resource support services | First lien senior secured loan | SR + | 3.75% | 10-2028 | 0.00 | % | 19,700 | 19,625 | 18,691 | 0.20 | % | ||||||||||||||||||||||||
Cornerstone OnDemand, Inc. 1601 Cloverfield Boulevard, Santa Monica, CA, 90404(1)(4) |
Human resource support services | Second lien senior secured loan | SR + | 6.50% | 10-2029 | m0.00 | % | 44,583 | 44,038 | 40,459 | 0.50 | % | ||||||||||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) 247 Station Dr, Westwood, MA 02090, Westwood, MA, 02090(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 6.75% | 1-2028 | 0.00 | % | 50,517 | 49,934 | 50,012 | 0.60 | % | ||||||||||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) 247 Station Dr, Westwood, MA 02090, Westwood, MA, 02090(1)(5) |
Healthcare equipment and services | First lien senior secured delayed draw term loan | SR + | 6.75% | 1-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) 247 Station Dr, Westwood, MA 02090, Westwood, MA, 02090(1)(5)(12) |
Healthcare equipment and services | First lien senior secured revolving loan | SR + | 6.75% | 1-2026 | 0.00 | % | — | (1 | ) | (1 | ) | — | % | ||||||||||||||||||||||
Coupa Holdings, LLC 1855 South Grant Street, San Mateo, CA, 94402(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 7.50% | 2-2030 | 0.00 | % | 24,344 | 23,769 | 23,857 | 0.30 | % | ||||||||||||||||||||||||
Coupa Holdings, LLC 1855 South Grant Street, San Mateo, CA, 94402(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 7.50% | 2-2029 | 0.00 | % | — | (38 | ) | (33 | ) | — | % | ||||||||||||||||||||||
Coupa Holdings, LLC 1855 South Grant Street, San Mateo, CA, 94402(1)(4)(12) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 7.50% | 8-2024 | 0.00 | % | — | (25 | ) | (16 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
CoolSys, Inc. 145 South State College Boulevard, Brea, CA, 92821(1)(5) |
Business services | First lien senior secured loan | SR + | 4.75% | 8-2028 | 0.00 | % | 13,914 | 12,934 | 12,835 | 0.20 | % | ||||||||||||||||||||||||
CPM Holdings, Inc. 2975 Airline Circle, Waterloo, IA, 50703(1)(4) |
Manufacturing | First lien senior secured loan | SR + | 4.50% | 9-2028 | 0.00 | % | 50,000 | 48,643 | 49,845 | 0.70 | % | ||||||||||||||||||||||||
CPM Holdings, Inc. 2975 Airline Circle, Waterloo, IA, 50703(1)(4)(12) |
Manufacturing | First lien senior secured revolving loan | SR + | 4.50% | 9-2030 | 0.00 | % | — | (50 | ) | (16 | ) | — | % | ||||||||||||||||||||||
Corporation Service Company 251 Little Falls Drive Wilmington, DE USA 19808., Wilmington, DE, 19808(1)(4) |
Professional services | First lien senior secured loan | SR + | 3.25% | 11-2029 | 0.00 | % | 2,858 | 2,782 | 2,854 | — | % | ||||||||||||||||||||||||
Computer Services, Inc. (dba CSI) 3901 Technology Drive, Paducah, KY, 42001(1)(5) |
Financial services | First lien senior secured loan | SR + | 6.75% | 11-2029 | 0.00 | % | 30,348 | 29,793 | 30,196 | 0.40 | % | ||||||||||||||||||||||||
Cushman & Wakefield U.S. Borrower, LLC 225 West Wacker Drive, Chicago, IL, 60606(1)(4) |
Buildings and real estate | First lien senior secured loan | SR + | 2.75% | 8-2025 | 0.00 | % | 1,233 | 1,216 | 1,230 | — | % | ||||||||||||||||||||||||
Cyanco Intermediate 2 Corp. 2245 Texas Drive, Sugar Land, TX, 77479(1)(4) |
Chemicals | First lien senior secured loan | SR + | 4.75% | 7-2028 | 0.00 | % | 22,000 | 21,350 | 22,007 | 0.30 | % | ||||||||||||||||||||||||
Dealer Tire, LLC 7012 Euclid Avenue, Cleveland, OH, 44103(1)(4) |
Distribution | First lien senior secured loan | SR + | 4.50% | 12-2027 | 0.00 | % | 5,010 | 5,016 | 5,013 | 0.10 | % | ||||||||||||||||||||||||
Dealer Tire, LLC 7012 Euclid Avenue, Cleveland, OH, 44103(11)(11) |
Distribution | Unsecured notes | N/A | 8.00% | 2-2028 | 0.00 | % | 56,120 | 55,071 | 52,618 | 0.70 | % | ||||||||||||||||||||||||
Deerfield Dakota Holdings 55 East 52nd Street, New York, NY, 10055(1)(5) |
Financial services | First lien senior secured loan | SR + | 3.75% | 4-2027 | 0.00 | % | 7,938 | 7,720 | 7,732 | 0.10 | % | ||||||||||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies) 2500 Lexington Avenue South, Mendota Heights, MN, 55120(1)(5) |
Business services | First lien senior secured loan | SR + | 5.50% | 9-2028 | 0.00 | % | 198,248 | 195,679 | 197,751 | 2.60 | % | ||||||||||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies) 2500 Lexington Avenue South, Mendota Heights, MN, 55120(1)(5) |
Business services | First lien senior secured delayed draw term loan | SR + | 5.50% | 9-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies) 2500 Lexington Avenue South, Mendota Heights, MN, 55120(1)(5)(12) |
Business services | First lien senior secured revolving loan | SR + | 5.50% | 9-2027 | 0.00 | % | — | (85 | ) | (25 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies) 2500 Lexington Avenue South, Mendota Heights, MN, 55120(1)(5) |
Business services | First lien senior secured loan | SR + | 5.50% | 9-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Dessert Holdings 30 East 7th Street, St. Paul, MN, 55101(1)(4) |
Food and beverage | First lien senior secured loan | SR + | 4.00% | 6-2028 | 0.00 | % | 19,649 | 19,573 | 17,488 | 0.20 | % | ||||||||||||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera) 130 East Randolph Street, Chicago, IL, 60601(1)(4) |
Business services | First lien senior secured loan | SR + | 5.50% | 9-2028 | 0.00 | % | 46,988 | 46,271 | 46,284 | 0.60 | % | ||||||||||||||||||||||||
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) 22 Boston Wharf Road, Boston, MA, 02210(1)(5) |
Insurance | First lien senior secured loan | SR + | 7.50% | 3-2029 | 0.00 | % | 909 | 888 | 895 | — | % | ||||||||||||||||||||||||
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) 22 Boston Wharf Road, Boston, MA, 02210(1)(5)(12) |
Insurance | First lien senior secured revolving loan | SR + | 7.50% | 3-2029 | 0.00 | % | — | (2 | ) | (1 | ) | — | % | ||||||||||||||||||||||
Dodge Construction Network, LLC 300 American Metro Boulevard, Hamilton, NJ, 08619(1)(5) |
Buildings and real estate | First lien senior secured loan | SR + | 4.75% | 2-2029 | 0.00 | % | 16,985 | 16,777 | 13,843 | 0.20 | % | ||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant) 3500 Lacey Road, Downers Grove, IL, 60515(1)(5) |
Manufacturing | First lien senior secured loan | SR + | 3.50% | 5-2028 | 0.00 | % | 9,875 | 9,823 | 9,813 | 0.10 | % | ||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant) 3500 Lacey Road, Downers Grove, IL, 60515(1)(5) |
Manufacturing | Second lien senior secured loan | SR + | 6.50% | 5-2029 | 0.00 | % | 37,181 | 37,039 | 37,181 | 0.50 | % | ||||||||||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant) 3500 Lacey Road, Downers Grove, IL, 60515(1)(5) |
Manufacturing | Second lien senior secured loan | SR + | 6.00% | 5-2029 | 0.00 | % | 19,160 | 19,119 | 19,160 | 0.30 | % | ||||||||||||||||||||||||
Entertainment Benefits Group, LLC 19495 Biscayne Boulevard, Aventura, FL, 33180(1)(4) |
Business services | First lien senior secured loan | SR + | 4.75% | 9-2025 | 0.00 | % | 74,458 | 73,863 | 74,457 | 1.00 | % | ||||||||||||||||||||||||
Entertainment Benefits Group, LLC 19495 Biscayne Boulevard, Aventura, FL, 33180(1)(4)(12) |
Business services | First lien senior secured revolving loan | SR + | 4.75% | 9-2025 | 0.00 | % | 1,933 | 1,850 | 1,933 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology) Davidson Building, 5 Southampton Street, London, WC2E 7HA(1)(5) |
Professional services | First lien senior secured loan | SR + | 4.25% | 6-2029 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology) Davidson Building, 5 Southampton Street, London, WC2E 7HA(1)(5) |
Professional services | First lien senior secured loan | SR + | 4.25% | 6-2029 | 0.00 | % | 27,738 | 27,709 | 27,322 | 0.30 | % | ||||||||||||||||||||||||
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.) 8000 West Florissant Avenue, P.O. Box 4100, St. Louis, MO, 63136(1)(4) |
Manufacturing | First lien senior secured loan | SR + | 3.00% | 5-2030 | 0.00 | % | 10,743 | 10,642 | 10,723 | 0.10 | % | ||||||||||||||||||||||||
EET Buyer, Inc. (dba e-Emphasys) 2501 Weston Parkway, Cary, NC, 27513(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 6.50% | 11-2027 | 0.00 | % | 17,189 | 16,950 | 17,189 | 0.20 | % | ||||||||||||||||||||||||
EET Buyer, Inc. (dba e-Emphasys) 2501 Weston Parkway, Cary, NC, 27513(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 6.50% | 11-2027 | 0.00 | % | 19,252 | 19,111 | 19,252 | 0.30 | % | ||||||||||||||||||||||||
EET Buyer, Inc. (dba e-Emphasys) 2501 Weston Parkway, Cary, NC, 27513(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.50% | 11-2027 | 0.00 | % | 677 | 645 | 677 | — | % | ||||||||||||||||||||||||
Engage Debtco Limited Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.90% | 7-2029 | 0.00 | % | 60,833 | 59,511 | 59,768 | 0.80 | % | ||||||||||||||||||||||||
Engage Debtco Ltd. Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom(1)(5) |
Healthcare providers and services | First lien senior secured loan | |
SR + |
|
7.25% | |
7- 2029 |
30,36729,53030,1390.40% | |||||||||||||||||||||||||||
Engage Debtco Ltd. Courtyard House, The Weighbridge Brewery, High St, Marlow SL7 2FF, United Kingdom(1)(5) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 5.75% | 7-2029 | 0.00 | % | 19,750 | 19,338 | 19,405 | 0.30 | % | ||||||||||||||||||||||||
Entrata, Inc. 4205 Chapel Ridge Road, Lehi, UT, 84043(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 6.00% | 7-2030 | 0.00 | % | 4,487 | 4,421 | 4,420 | 0.10 | % | ||||||||||||||||||||||||
Entrata, Inc. 4205 Chapel Ridge Road, Lehi, UT, 84043(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.00% | 7-2028 | 0.00 | % | — | (7 | ) | (8 | ) | — | % | ||||||||||||||||||||||
EP Purchaser, LLC 2950 North Hollywood Way, Burbank, CA, 91505(1)(5) |
Professional services | First lien senior secured loan | SR + | 4.50% | 11-2028 | 0.00 | % | 24,875 | 23,927 | 23,942 | |
0.30 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
EOS U.S. Finco LLC 1 Rue des Alouettes, 95600 Eaubonne, France(1)(5) |
Telecommunications | First lien senior secured loan | SR + | 6.00% | 10-2029 | 0.00 | % | 68,773 | 65,367 | 67,397 | |
0.90 |
% | |||||||||||||||||||||||
EOS U.S. Finco LLC 1 Rue des Alouettes, Eaubonne, , (1)(12) |
Telecommunications | First lien senior secured delayed draw term loan | SR + | 6.00% | 5-2026 | 0.00 | % | — | (239 | ) | — | |
— |
% | ||||||||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA) 100 Witmer Road, Horsham, PA, 19044(1)(5) |
Insurance | First lien senior secured loan | SR + | 6.25% | 4-2028 | 0.00 | % | 26,137 | 25,897 | 25,942 | |
0.30 |
% | |||||||||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA) 100 Witmer Road, Horsham, PA, 19044(1)(5) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.25% | 4-2028 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA) 100 Witmer Road, Horsham, PA, 19044(1)(5) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.25% | 4-2028 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA) 234 Lafayette Road, Hampton, NH, 03842(1)(5)(12) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.75% | 12-2023 | 0.00 | % | 1,390 | 1,390 | 1,386 | |
— |
% | |||||||||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA) 100 Witmer Road, Horsham, PA, 19044(1)(5)(12) |
Insurance | First lien senior secured revolving loan | SR + | 6.25% | 4-2027 | 0.00 | % | — | (6 | ) | (5 | ) | |
— |
% | |||||||||||||||||||||
Filtration Group Corporation 9442 Capital of Texas Highway North, Arboretum Plaza 1, Austin, TX, 78759(1)(4) |
Manufacturing | First lien senior secured loan | SR + | 4.25% | 10-2028 | 0.00 | % | 21,890 | 21,682 | 21,899 | |
0.30 |
% | |||||||||||||||||||||||
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) 38955 Hills Tech Drive, Farmington Hills, MI, 48331(1)(4) |
Food and beverage | First lien senior secured loan | SR + | 6.25% | 3-2027 | 0.00 | % | 275,000 | 271,231 | 271,564 | |
3.50 |
% | |||||||||||||||||||||||
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) 38955 Hills Tech Drive, Farmington Hills, MI, 48331(1)(4) |
Food and beverage | First lien senior secured delayed draw term loan | SR + | 6.25% | 3-2027 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy) 38955 Hills Tech Drive, Farmington Hills, MI, 48331(1)(4) |
Food and beverage | First lien senior secured delayed draw term loan | SR + | 6.25% | 3-2027 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Five Star Lower Holding LLC 9333 Baythorne Dr, Anaheim, CA, 92807(1)(5) |
Containers and packaging | First lien senior secured loan | SR + | 4.25% | 5-2029 | 0.00 | % | 21,656 | 21,403 | 20,790 | |
0.30 |
% | |||||||||||||||||||||||
Dermatology Intermediate Holdings III, Inc. 801 York Street, Manitowoc, WI, 54220(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 4.25% | 3-2029 | 0.00 | % | 13,005 | 12,789 | 12,911 | |
0.20 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Dermatology Intermediate Holdings III, Inc. 801 York Street, Manitowoc, WI, 54220(1)(5) |
Healthcare equipment and services | First lien senior secured delayed draw term loan | SR + | 4.25% | 3-2029 | 0.00 | % | 2,471 | 2,410 | 2,453 | |
— |
% | |||||||||||||||||||||||
Formerra, LLC 1250 Windham Pkwy, Rancho Cucamonga, IL, 60446(1)(5) |
Distribution | First lien senior secured loan | SR + | 7.25% | 11-2028 | 0.00 | % | 5,224 | 5,073 | 5,132 | |
0.10 |
% | |||||||||||||||||||||||
Formerra, LLC 1250 Windham Pkwy, Rancho Cucamonga, IL, 60446(1)(5)(12) |
Distribution | First lien senior secured delayed draw term loan | SR + | 7.25% | 11-2023 | 0.00 | % | 156 | 151 | 154 | |
— |
% | |||||||||||||||||||||||
Formerra, LLC 1250 Windham Pkwy, Rancho Cucamonga, IL, 60446(1)(5)(12) |
Distribution | First lien senior secured revolving loan | SR + | 7.25% | 11-2028 | 0.00 | % | 47 | 33 | 38 | |
— |
% | |||||||||||||||||||||||
Fortis Solutions Group, LLC 2505 Hawkeye Court, Virginia Beach, VA, 23452(1)(5) |
Containers and packaging | First lien senior secured loan | SR + | 5.50% | 10-2028 | 0.00 | % | 67,131 | 66,077 | 65,620 | |
0.90 |
% | |||||||||||||||||||||||
Fortis Solutions Group, LLC 2505 Hawkeye Court, Virginia Beach, VA, 23452(1)(5) |
Containers and packaging | First lien senior secured delayed draw term loan | SR + | 5.50% | 10-2028 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Fortis Solutions Group, LLC 2505 Hawkeye Court, Virginia Beach, VA, 23452(1)(5)(12) |
Containers and packaging | First lien senior secured revolving loan | SR + | 5.50% | 10-2027 | 0.00 | % | — | (91 | ) | (152 | ) | |
— |
% | |||||||||||||||||||||
Finastra USA, Inc. 4 Kingdom St, London W2 6BD, United Kingdom(1)(5) |
Financial services | First lien senior secured loan | SR + | 7.25% | 9-2029 | 0.00 | % | 164,763 | 163,116 | 163,116 | |
2.10 |
% | |||||||||||||||||||||||
Finastra USA, Inc. 4 Kingdom St, London W2 6BD, United Kingdom(1)(5)(12) |
Financial services | First lien senior secured revolving loan | SR + | 7.25% | 9-2029 | 0.00 | % | 3,619 | 3,448 | 3,448 | |
— |
% | |||||||||||||||||||||||
Foundation Consumer Brands, LLC 1190 Omega Drive, Pittsburgh, PA, 15205(1)(5) |
Consumer products | First lien senior secured loan | SR + | 6.25% | 2-2027 | 0.00 | % | 47,416 | 47,430 | 47,416 | |
0.60 |
% | |||||||||||||||||||||||
Foundation Consumer Brands, LLC 1190 Omega Drive, Pittsburgh, Pittsburgh, PA, 15205(1)(5) |
Consumer products | First lien senior secured loan | SR + | 6.25% | 2-2027 | 0.00 | % | 59,219 | 57,549 | 59,219 | |
0.80 |
% | |||||||||||||||||||||||
Natural Partners, LLC 245 Cooper St Ottawa ON K2P 0G2(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 6.00% | 11-2027 | 0.00 | % | 68,160 | 67,111 | 67,649 | |
0.90 |
% | |||||||||||||||||||||||
Natural Partners, LLC 245 Cooper St Ottawa ON K2P 0G2(1)(5)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 6.00% | 11-2027 | 0.00 | % | — | (74 | ) | (38 | ) | |
— |
% | |||||||||||||||||||||
Fullsteam Operations, LLC 197 E University Dr #2, Auburn, AL 36832(1)(5) |
Business services | First lien senior secured loan | SR + | 7.50% (3.00% PIK) | 10-2027 | 0.00 | % | 85,300 | 83,734 | 86,153 | |
1.10 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Gaylord Chemical Company, L.L.C. 1404 Greengate Drive, Covington, LA, 70433(1)(5) |
Chemicals | First lien senior secured loan | SR + | 6.00% | 3-2027 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Gaylord Chemical Company, L.L.C. 1404 Greengate Drive, Covington, LA, 70433(1)(5)(12) |
Chemicals | First lien senior secured revolving loan | SR + | 6.50% | 3-2026 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Gaylord Chemical Company, L.L.C. 1404 Greengate Drive, Covington, LA, 70433(1)(5) |
Chemicals | First lien senior secured loan | SR + | 6.00% | 3-2027 | 0.00 | % | 101,734 | 101,021 | 101,226 | |
1.30 |
% | |||||||||||||||||||||||
Gaylord Chemical Company, L.L.C. 1404 Greengate Drive, Covington, LA, 70433(1)(5)(12) |
Chemicals | First lien senior secured revolving loan | SR + | 6.00% | 3-2026 | 0.00 | % | — | (22 | ) | (20 | ) | |
— |
% | |||||||||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services) 6745 Philips Industrial Blvd, Jacksonville, FL, 32256(1)(5) |
Insurance | First lien senior secured loan | SR + | 5.50% | 8-2028 | 0.00 | % | 35,885 | 35,269 | 35,410 | |
0.50 |
% | |||||||||||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services) 6745 Philips Industrial Blvd, Jacksonville, FL, 32256(1)(10)(12) |
Insurance | First lien senior secured revolving loan | P + | 4.00% | 8-2027 | 0.00 | % | 1,960 | 1,893 | 1,896 | — | % | ||||||||||||||||||||||||
Hg Genesis 9 Sumoco Limited 2 More London Riverside, London, United Kingdom, SE1 2AP(1)(8) |
Asset based lending and fund finance | Unsecured facility | E + | 7.00% PIK | 3-2027 | 0.00 | % | 132,556 | 137,057 | 132,556 | 1.70 | % | ||||||||||||||||||||||||
GHX Ultimate Parent Corporation 1315 West Century Drive, Louisville, CO, 80027(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 4.75% | 6-2027 | 0.00 | % | 12,469 | 12,183 | 12,454 | 0.20 | % | ||||||||||||||||||||||||
Global Music Rights, LLC 907 Westwood Boulevard, Los Angeles, CA, 90024(1)(5) |
Advertising and media | First lien senior secured loan | SR + | 5.75% | 8-2028 | 0.00 | % | 82,898 | 81,641 | 82,898 | 1.10 | % | ||||||||||||||||||||||||
Global Music Rights, LLC 907 Westwood Boulevard, Los Angeles, CA, 90024(1)(5)(12) |
Advertising and media | First lien senior secured revolving loan | SR + | 5.75% | 8-2027 | 0.00 | % | — | (98 | ) | — | — | % | |||||||||||||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) 3025 Windward Plaza, Alpharetta, GA, 30005(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 5.50% | 8-2027 | 0.00 | % | 8,200 | 8,057 | 7,769 | 0.10 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) 3025 Windward Plaza, Alpharetta, GA, 30005(1)(5) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 5.50% | 8-2027 | 0.00 | % | 1,845 | 1,822 | 1,755 | — | % | ||||||||||||||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) 3025 Windward Plaza, Alpharetta, GA, 30005(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 5.50% | 8-2027 | 0.00 | % | 303 | 289 | 257 | — | % | ||||||||||||||||||||||||
Granicus, Inc. 408 St. Peter Street, Denver, CO, 55102(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 5.50% | 1-2027 | 0.00 | % | 1,821 | 1,794 | 1,793 | — | % | ||||||||||||||||||||||||
Granicus, Inc. 1999 Broadway, Denver, CO, 80202(1)(5) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 6.00% | 1-2027 | 0.00 | % | 341 | 337 | 336 | — | % | ||||||||||||||||||||||||
Granicus, Inc. 408 St. Peter Street, Denver, CO, 55102(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.50% | 1-2027 | 0.00 | % | 74 | 72 | 72 | — | % | ||||||||||||||||||||||||
Grayshift, LLC 931 Monroe Dr NE Suite A102-340, Atlanta, GA 30308(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 8.00% | 7-2028 | 0.00 | % | 114,833 | 112,935 | 112,824 | 1.50 | % | ||||||||||||||||||||||||
Grayshift, LLC 931 Monroe Dr NE Suite A102-340, Atlanta, GA 30308(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 8.00% | 7-2028 | 0.00 | % | — | (19 | ) | (42 | ) | |
— |
% | |||||||||||||||||||||
Grayshift, LLC 931 Monroe Drive Northeast, Atlanta, GA, 30308(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 8.00% | 7-2028 | 0.00 | % | 13,859 | 13,655 | 13,616 | |
0.20 |
% | |||||||||||||||||||||||
The Goldfield Corp. 1684 West Hibiscus Boulevard, Melbourne, FL, 32901(1)(4) |
Infrastructure and environmental services | First lien senior secured loan | SR + | 6.25% | 12-2026 | 0.00 | % | 988 | 973 | 983 | |
— |
% | |||||||||||||||||||||||
Guidehouse Inc. 150 North Riverside Plaza; Suite 2100, Chicago, IL, 60606(1)(4) |
Professional services | First lien senior secured loan | SR + | 6.25% | 10-2028 | 0.00 | % | 105,924 | 104,960 | 105,394 | |
1.40 |
% | |||||||||||||||||||||||
HAH Group Holding Company LLC (dba Help at Home) 33 South State Street, Savannah, IL, 60603(1)(4) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 5.00% | 10-2027 | 0.00 | % | 8,963 | 8,722 | 8,784 | |
0.10 |
% | |||||||||||||||||||||||
Helix Acquisition Holdings, Inc. (dba MW Industries) 3426 Toringdon Way, Charlotte, NC, 28277(1)(5) |
Manufacturing | First lien senior secured loan | SR + | 7.00% | 3-2030 | 0.00 | % | 65,000 | 63,143 | 63,213 | |
0.80 |
% | |||||||||||||||||||||||
Help/Systems Holdings, Inc. 11095 Viking Drive, Eden Prairie, MN, 55344(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 4.00% | 11-2026 | 0.00 | % | 64,036 | 63,748 | 61,219 | |
0.80 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Help/Systems Holdings, Inc. 11095 Viking Drive, Eden Prairie, MN, 55344(1)(6) |
Internet software and services | Second lien senior secured loan | SR + | 6.75% | 11-2027 | 0.00 | % | 25,000 | 24,753 | 22,438 | 0.30 | % | ||||||||||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(1)(5) |
Business services | First lien senior secured loan | SR + | 6.25% | 12-2026 | 0.00 | % | 802 | 794 | 802 | — | % | ||||||||||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(1)(5)(12) |
Business services | First lien senior secured revolving loan | SR + | 6.25% | 12-2026 | 0.00 | % | 5 | 4 | 5 | — | % | ||||||||||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(1)(5) |
Business services | First lien senior secured loan | SR + | 5.50% | 12-2026 | 0.00 | % | 2,176 | 2,162 | 2,171 | — | % | ||||||||||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(1)(5)(12) |
Business services | First lien senior secured delayed draw term loan | SR + | 5.50% | 12-2026 | 0.00 | % | 13,000 | 12,905 | 12,967 | 0.20 | % | ||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(11)(11) |
Business services | Unsecured notes | N/A | 0.48% PIK | 12-2029 | 0.00 | % | 24 | 24 | 27 | — | % | ||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(11)(11) |
Business services | Unsecured notes | N/A | 0.48% PIK | 12-2029 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(11)(11) |
Business services | Unsecured notes | N/A | 0.48% PIK | 12-2029 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(11)(11) |
Business services | Unsecured notes | N/A | 0.48% PIK | 12-2029 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403(11)(11) |
Business services | Unsecured notes | N/A | 0.48% PIK | 12-2029 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Hissho Sushi Merger Sub, LLC 11949 Steele Creek Road, Charlotte, NC, 28273(1)(5) |
Food and beverage | First lien senior secured loan | SR + | 5.50% | 5-2028 | 0.00 | % | 112,265 | 111,348 | 112,265 | 1.50 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Hissho Sushi Merger Sub, LLC 11949 Steele Creek Road, Charlotte, NC, 28273(1)(5)(12) |
Food and beverage | First lien senior secured revolving loan | SR + | 5.50% | 5-2028 | 0.00 | % | — | (67 | ) | — | — | % | |||||||||||||||||||||||
Holley Inc. 1801 Russellville Road, Bowling Green, KY, 42101(1)(5) |
Automotive | First lien senior secured loan | SR + | 3.75% | 11-2028 | 0.00 | % | 2,289 | 2,277 | 2,206 | — | % | ||||||||||||||||||||||||
Hyperion Refinance S.a.r.l (dba Howden Group) Howden Group Holdings Limited\nOne Creechurch Place, London, , (1)(4) |
Insurance | First lien senior secured loan | SR + | 5.25% | 11-2027 | 0.00 | % | 131,000 | 128,722 | 131,000 | 1.70 | % | ||||||||||||||||||||||||
Hub International 150 North Riverside Plaza, Chicago, IL, 60606(1)(5) |
Insurance | First lien senior secured loan | SR + | 4.25% | 4-2025 | 0.00 | % | 10,000 | 9,903 | 10,017 | 0.10 | % | ||||||||||||||||||||||||
Sensor Technology Topco, Inc. (dba Humanetics) 23300 Haggerty Road, Farmington Hills, MI, 48335(1)(5) |
Professional services | First lien senior secured loan | SR + | 7.00% (2.00% PIK) | 5-2026 | 0.00 | % | 231,926 | 230,384 | 231,346 | 3.00 | % | ||||||||||||||||||||||||
Sensor Technology Topco, Inc. (dba Humanetics) 23300 Haggerty Road, Farmington Hills, MI, 48335(1)(4)(12) |
Professional services | First lien senior secured revolving loan | SR + | 6.50% | 5-2026 | 0.00 | % | 8,286 | 8,152 | 8,235 | 0.10 | % | ||||||||||||||||||||||||
Sensor Technology Topco, Inc. (dba Humanetics) 23300 Haggerty Road, Farmington Hills, MI, 48335(1)(8) |
Professional services | First lien senior secured EUR term loan | E + | 7.25% (2.25% PIK) | 5-2026 | 0.00 | % | 44,232 | 45,082 | 44,121 | 0.60 | % | ||||||||||||||||||||||||
Hyland Software, Inc. 28105 Clemens Road, Westlake, OH, 44145(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.00% | 9-2029 | 0.00 | % | — | (104 | ) | (105 | ) | — | % | ||||||||||||||||||||||
Hyland Software, Inc. 28105 Clemens Road, Westlake, OH, 44145(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 6.00% | 9-2030 | 0.00 | % | 147,235 | 145,034 | 145,027 | 1.90 | % | ||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. 8100 Tridon Drive, Smyrna, TN, 37167(1)(4)(12) |
Manufacturing | First lien senior secured revolving loan | SR + | 6.75% | 4-2028 | 0.00 | % | 2,466 | 2,232 | 2,250 | — | % | ||||||||||||||||||||||||
Ideal Tridon Holdings, Inc. 8100 Tridon Drive, Smyrna, TN, 37167(1)(6) |
Manufacturing | First lien senior secured loan | SR + | 6.75% | 4-2028 | 0.00 | % | 92,005 | 89,449 | 89,704 | 1.20 | % | ||||||||||||||||||||||||
IMA Financial Group, Inc. P.O. Box 2992, Wichita, KS, 67201(1)(4) |
Insurance | First lien senior secured loan | SR + | 4.25% | 11-2028 | 0.00 | % | 9,975 | 9,738 | 9,925 | 0.10 | % | ||||||||||||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade) 255 US Hwy 1 And 9, Jersey City, NJ, 07306(1)(4) |
Distribution | First lien senior secured loan | SR + | 4.75% | 12-2028 | 0.00 | % | 54,855 | 54,335 | 54,800 | 0.70 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(5) |
Distribution | First lien senior secured loan | SR + | 6.25% | 11-2025 | 0.00 | % | 62,329 | 61,984 | 62,329 | 0.80 | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(4) |
Distribution | First lien senior secured loan | SR + | 6.75% | 11-2025 | 0.00 | % | 1,938 | 1,923 | 1,938 | — | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(5) |
Distribution | First lien senior secured delayed draw term loan | SR + | 6.25% | 11-2025 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(4) |
Distribution | First lien senior secured loan | SR + | 6.25% | 11-2025 | 0.00 | % | 1,282 | 1,272 | 1,282 | — | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(5) |
Distribution | First lien senior secured delayed draw term loan | SR + | 6.25% | 11-2025 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(4)(12) |
Distribution | First lien senior secured revolving loan | SR + | 6.25% | 11-2024 | 0.00 | % | 9 | 8 | 9 | — | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(5) |
Distribution | First lien senior secured delayed draw term loan | SR + | 6.25% | 11-2025 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(4) |
Distribution | First lien senior secured delayed draw term loan | SR + | 6.25% | 11-2025 | 0.00 | % | 36,326 | 36,102 | 36,326 | 0.50 | % | ||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) 5496 Lindbergh Lane, Bell, CA, 90201(1)(5)(12) |
Distribution | First lien senior secured delayed draw term loan | SR + | 6.75% | 12-2023 | 0.00 | % | 3,698 | 3,639 | 3,698 | — | % | ||||||||||||||||||||||||
BCPE Watson (DE) ORML, LP 375 Saxonburg BlvdSaxonburg, PA 16056(1)(6) |
Manufacturing | First lien senior secured loan | SR + | 6.50% | 7-2028 | 0.00 | % | 101,500 | 100,648 | 100,993 | 1.30 | % | ||||||||||||||||||||||||
Ideal Image Development, LLC 1 North Dale Mabry Highway, Tampa, FL, 33609(1)(5) |
Specialty retail | First lien senior secured loan | SR + | 6.50% | 9-2027 | 0.00 | % | 5,795 | 5,700 | 5,259 | 0.10 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Ideal Image Development, LLC 1 North Dale Mabry Highway, Tampa, FL, 33609(1)(5) |
Specialty retail | First lien senior secured revolving loan | SR + | 6.50% | 9-2027 | 0.00 | % | 915 | 900 | 830 | — | % | ||||||||||||||||||||||||
IMO Investor Holdings, Inc. 9600 West Bryn Mawr Avenue, Rosemont, IL, 60018(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 6.00% | 5-2029 | 0.00 | % | 20,638 | 20,287 | 20,534 | 0.30 | % | ||||||||||||||||||||||||
IMO Investor Holdings, Inc. 9600 West Bryn Mawr Avenue, Rosemont, IL, 60018(1)(6)(12) |
Healthcare technology | First lien senior secured delayed draw term loan | SR + | 6.00% | 5-2024 | 0.00 | % | 1,333 | 1,281 | 1,327 | — | % | ||||||||||||||||||||||||
IMO Investor Holdings, Inc. 9600 West Bryn Mawr Avenue, Rosemont, IL, 60018(1)(6)(12) |
Healthcare technology | First lien senior secured revolving loan | SR + | 6.00% | 5-2028 | 0.00 | % | 397 | 359 | 385 | — | % | ||||||||||||||||||||||||
Imprivata, Inc. 20 CityPoint 6th Floor, Waltham, MA, 02451(1)(4) |
Healthcare technology | First lien senior secured loan | SR + | 4.25% | 12-2027 | 0.00 | % | 10,476 | 10,187 | 10,464 | 0.10 | % | ||||||||||||||||||||||||
Imprivata, Inc. 20 CityPoint 6th Floor, Waltham, MA, 02451(1)(4) |
Healthcare technology | Second lien senior secured loan | SR + | 6.25% | 12-2028 | 0.00 | % | 50,294 | 49,791 | 50,294 | 0.70 | % | ||||||||||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.) 3111 Coronado Drive, Santa Clara, CA, 95054(1)(6) |
Internet software and services | First lien senior secured loan | SR + | 3.75% | 12-2027 | 0.00 | % | 27,113 | 25,658 | 26,812 | 0.30 | % | ||||||||||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.) 3111 Coronado Drive, Santa Clara, CA, 95054(1)(6) |
Internet software and services | Second lien senior secured loan | SR + | 7.25% | 12-2028 | 0.00 | % | 49,222 | 48,988 | 48,606 | 0.60 | % | ||||||||||||||||||||||||
Ocala Bidco, Inc. 4321 Collington Road, Bowie, MD, 20716(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 6.25% (2.75% PIK) | 11-2028 | 0.00 | % | 83,217 | 81,668 | 81,968 | 1.10 | % | ||||||||||||||||||||||||
Ocala Bidco, Inc. 4321 Collington Road, Bowie, MD, 20716(1)(5)(12) |
Healthcare technology | First lien senior secured delayed draw term loan | SR + | 5.75% | 5-2024 | 0.00 | % | — | (78 | ) | (21 | ) | — | % | ||||||||||||||||||||||
Ocala Bidco, Inc. 4321 Collington Road, Bowie, MD, 20716(1)(5) |
Healthcare technology | Second lien senior secured loan | SR + | 10.50% PIK | 11-2033 | 0.00 | % | 47,933 | 47,232 | 47,454 | 0.60 | % | ||||||||||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) 10470 Miller Road, Dallas, TX, 75238(1)(5) |
Containers and packaging | First lien senior secured loan | SR + | 6.25% | 5-2028 | 0.00 | % | 113,030 | 112,088 | 113,030 | 1.50 | % | ||||||||||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) 10470 Miller Road, Dallas, TX, 75238(1)(5) |
Containers and packaging | First lien senior secured delayed draw term loan | SR + | 6.25% | 5-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) 10470 Miller Road, Dallas, TX, 75238(1)(5)(12) |
Containers and packaging | First lien senior secured revolving loan | SR + | 6.25% | 5-2028 | 0.00 | % | 2,117 | 2,018 | 2,117 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
GS Acquisitionco, Inc. (dba insightsoftware) 3301 Benson Dr, Raleigh, NC, 27609(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 5.75% | 5-2026 | 0.00 | % | 8,925 | 8,897 | 8,902 | 0.10 | % | ||||||||||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global) 1224 Hammond Drive, Atlanta, GA, 30346(1)(5) |
Human resource support services | First lien senior secured loan | SR + | 6.00% | 9-2028 | 0.00 | % | 47,667 | 46,951 | 47,310 | 0.60 | % | ||||||||||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global) 1224 Hammond Drive, Atlanta, GA, 30346(1)(5) |
Human resource support services | First lien senior secured loan | SR + | 6.00% | 9-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global) 1224 Hammond Drive, Atlanta, GA, 30346(1)(5)(12) |
Human resource support services | First lien senior secured revolving loan | SR + | 6.00% | 9-2027 | 0.00 | % | — | (48 | ) | (27 | ) | — | % | ||||||||||||||||||||||
Intelerad Medical Systems Incorporated 800 Boulevard de Maisonneuve East 12th floor, Montreal, Quebec H2L 4L8, Canada(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 6.50% | 8-2026 | 0.00 | % | 29,853 | 29,606 | 29,331 | 0.40 | % | ||||||||||||||||||||||||
Intelerad Medical Systems Incorporated 800 Boulevard de Maisonneuve East 12th floor, Montreal, Quebec H2L 4L8, Canada(1)(5)(12) |
Healthcare technology | First lien senior secured revolving loan | SR + | 6.50% | 8-2026 | 0.00 | % | 1,429 | 1,417 | 1,393 | — | % | ||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5) |
Insurance | First lien senior secured loan | SR + | 6.05% | 8-2026 | 0.00 | % | 5,478 | 5,464 | 5,478 | — | % | ||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5)(12) |
Insurance | First lien senior secured revolving loan | SR + | 6.50% | 8-2026 | 0.00 | % | — | (16 | ) | — | — | % | |||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5) |
Insurance | First lien senior secured loan | SR + | 5.80% | 8-2026 | 0.00 | % | 55,312 | 55,178 | 55,312 | 0.70 | % | ||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5) |
Insurance | First lien senior secured loan | SR + | 6.00% | 8-2026 | 0.00 | % | 2,794 | 2,767 | 2,794 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5)(12) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.00% | 2-2025 | 0.00 | % | — | (114 | ) | — | — | % | |||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.05% | 8-2026 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5) |
Insurance | First lien senior secured delayed draw term loan | SR + | 5.80% | 8-2026 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC 1445 Ross Avenue, Dallas, TX, 75202(1)(5) |
Insurance | First lien senior secured delayed draw term loan | SR + | 5.80% | 8-2026 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Helios Software Holdings, Inc. Minerva House, 4 Simmonscourt Rd, Ballsbridge, Dublin 4, D04 A9K8, Ireland, Ballsbridge, , (1)(5) |
Financial services | First lien senior secured loan | SR + | 4.25% | 7-2030 | 0.00 | % | 5,611 | 5,424 | 5,579 | 0.10 | % | ||||||||||||||||||||||||
Integrated Specialty Coverages, LLC 500 Mamaroneck Avenue, Carlsbad, NY, 10528(1)(5) |
Insurance | First lien senior secured loan | SR + | 6.00% | 7-2030 | 0.00 | % | 55,101 | 54,288 | 54,247 | 0.70 | % | ||||||||||||||||||||||||
Integrated Specialty Coverages, LLC 500 Mamaroneck Avenue, Carlsbad, NY, 10528(1)(5)(12) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.00% | 1-2024 | 0.00 | % | — | (77 | ) | (38 | ) | — | % | ||||||||||||||||||||||
Integrated Specialty Coverages, LLC 500 Mamaroneck Avenue, Carlsbad, NY, 10528(1)(5)(12) |
Insurance | First lien senior secured revolving loan | SR + | 6.00% | 7-2029 | 0.00 | % | — | (86 | ) | (92 | ) | — | % | ||||||||||||||||||||||
Ivanti Software, Inc. 10377 South Jordan Gateway, South Jordan, UT, 84095(1)(3) |
Internet software and services | Second lien senior secured loan | L + | 7.25% | 12-2028 | 0.00 | % | 19,000 | 18,924 | 13,522 | 0.20 | % | ||||||||||||||||||||||||
Saphilux S.a.r.L (dba IQ EQ) 412F, Route D’esch, Luxembourg City, , (1)(5) |
Financial services | First lien senior secured loan | SR + | 4.75% | 7-2028 | 0.00 | % | 22,500 | 22,163 | 22,163 | 0.30 | % | ||||||||||||||||||||||||
Kaseya Inc. 701 Brickell Avenue, Miami, FL, 33131(1)(5) |
Business services | First lien senior secured loan | SR + | 6.25% (2.50% PIK) | 6-2029 | 0.00 | % | 71,871 | 70,634 | 71,692 | 0.90 | % | ||||||||||||||||||||||||
Kaseya Inc. 701 Brickell Avenue, Miami, FL, 33131(1)(5)(12) |
Business services | First lien senior secured delayed draw term loan | SR + | 6.25% (2.50% PIK) | 6-2024 | 0.00 | % | 265 | 227 | 265 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Kaseya Inc. 701 Brickell Avenue, Miami, FL, 33131(1)(5)(12) |
Business services | First lien senior secured revolving loan | SR + | 6.25% (2.50% PIK) | 6-2029 | 0.00 | % | 1,093 | 1,022 | 1,082 | — | % | ||||||||||||||||||||||||
KBP Brands, LLC 10950 Grandview Drive, Overland Park, KS, 66210(1)(5) |
Food and beverage | First lien senior secured loan | SR + | 6.50% (1.00% PIK) | 5-2027 | 0.00 | % | 14,687 | 14,549 | 14,430 | 0.20 | % | ||||||||||||||||||||||||
KBP Brands, LLC 10950 Grandview Drive, Overland Park, KS, 66210(1)(4)(12) |
Food and beverage | First lien senior secured delayed draw term loan | SR + | 6.50% (1.00% PIK) | 12-2023 | 0.00 | % | 33,657 | 33,356 | 33,055 | 0.40 | % | ||||||||||||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC 1100 Highland Drive, Boca Raton Florida 33487(11)(11) |
Asset based lending and fund finance | First lien senior secured loan | N/A | 12.00% PIK | 7-2030 | 0.00 | % | 36,380 | 36,380 | 36,380 | 0.50 | % | ||||||||||||||||||||||||
Learning Care Group (US) No. 2 Inc. 21333 Haggerty Road, Novi, MI, 48375(1)(5) |
Education | First lien senior secured loan | SR + | 4.75% | 8-2028 | 0.00 | % | 22,500 | 22,163 | 22,462 | 0.30 | % | ||||||||||||||||||||||||
Lightbeam Bidco, Inc. (dba Lazer Spot) 6525 Shiloh Road, Alpharetta, GA, 30005(1)(6) |
Transportation | First lien senior secured loan | SR + | 6.25% | 5-2030 | 0.00 | % | 96,397 | 95,472 | 95,674 | 1.20 | % | ||||||||||||||||||||||||
Lightbeam Bidco, Inc. (dba Lazer Spot) 6525 Shiloh Road, Alpharetta, GA, 30005(1)(6)(12) |
Transportation | First lien senior secured revolving loan | SR + | 6.25% | 5-2029 | 0.00 | % | 1,558 | 1,449 | 1,470 | — | % | ||||||||||||||||||||||||
Lightbeam Bidco, Inc. (dba Lazer Spot) 6525 Shiloh Road, Alpharetta, GA, 30005(1)(6)(12) |
Transportation | First lien senior secured delayed draw term loan | SR + | 6.25% | 11-2024 | 0.00 | % | — | (69 | ) | — | — | % | |||||||||||||||||||||||
Lignetics Investment Corp. 1075 East South Boulder Road, Louisville, CO, 80027(1)(5) |
Consumer products | First lien senior secured loan | SR + | 6.00% | 11-2027 | 0.00 | % | 84,643 | 83,872 | 83,797 | 1.10 | % | ||||||||||||||||||||||||
Lignetics Investment Corp. 1075 East South Boulder Road, Louisville, CO, 80027(1)(5) |
Consumer products | First lien senior secured delayed draw term loan | SR + | 6.00% | 11-2027 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Lignetics Investment Corp. 1075 East South Boulder Road, Louisville, CO, 80027(1)(6)(12) |
Consumer products | First lien senior secured revolving loan | SR + | 6.00% | 10-2026 | 0.00 | % | 11,088 | 11,000 | 10,974 | 0.10 | % | ||||||||||||||||||||||||
Mario Midco Holdings, Inc. (dba Len the Plumber) 1552 Ridgely Street, Baltimore, MD, 21230(1)(4) |
Household products | Unsecured facility | SR + | 10.75% PIK | 4-2032 | 0.00 | % | 26,747 | 26,142 | 26,546 | 0.30 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber) 1552 Ridgely Street, Baltimore, MD, 21230(1)(4) |
Household products | First lien senior secured loan | SR + | 5.75% | 4-2029 | 0.00 | % | 75,332 | 74,061 | 74,955 | 1.00 | % | ||||||||||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber) 1552 Ridgely Street, Baltimore, MD, 21230(1)(4)(12) |
Household products | First lien senior secured delayed draw term loan | SR + | 5.75% | 4-2024 | 0.00 | % | 18,336 | 17,857 | 18,244 | 0.20 | % | ||||||||||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber) 1552 Ridgely Street, Baltimore, MD, 21230(1)(4)(12) |
Household products | First lien senior secured revolving loan | SR + | 5.75% | 4-2028 | 0.00 | % | — | (122 | ) | (40 | ) | — | % | ||||||||||||||||||||||
CSC MKG Topco LLC (dba Medical Knowledge Group) 285 Fulton Street, New York, NY, 10007(1)(4) |
Healthcare equipment and services | First lien senior secured loan | SR + | 5.75% | 2-2029 | 0.00 | % | 96,975 | 95,396 | 95,762 | 1.20 | % | ||||||||||||||||||||||||
CSC MKG Topco LLC. (dba Medical Knowledge Group) 285 Fulton Street, New York, NY, 10007(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 5.75% | 2-2029 | 0.00 | % | 3,061 | 2,975 | 3,023 | — | % | ||||||||||||||||||||||||
ManTech International Corporation 2251 Corporate Park Drive, Herndon, VA, 20171(1)(5) |
Aerospace and defense | First lien senior secured loan | SR + | 5.75% | 9-2029 | 0.00 | % | 14,075 | 13,824 | 13,968 | 0.20 | % | ||||||||||||||||||||||||
ManTech International Corporation 2251 Corporate Park Drive, Herndon, VA, 20171(1)(4)(12) |
Aerospace and defense | First lien senior secured delayed draw term loan | SR + | 5.75% | 9-2024 | 0.00 | % | 1,193 | 1,153 | 1,184 | — | % | ||||||||||||||||||||||||
ManTech International Corporation 2251 Corporate Park Drive, Herndon, VA, 20171(1)(5)(12) |
Aerospace and defense | First lien senior secured revolving loan | SR + | 5.75% | 9-2028 | 0.00 | % | — | (30 | ) | (14 | ) | — | % | ||||||||||||||||||||||
Mavis Tire Express Services Topco Corp. 358 Saw Mill River Road, Millwood, NY, 10546(1)(4) |
Automotive | First lien senior secured loan | SR + | 4.00% | 5-2028 | 0.00 | % | 9,775 | 9,741 | 9,741 | 0.10 | % | ||||||||||||||||||||||||
Medline Borrower, LP Three Lakes Drive, Northfield, IL, 60093(1)(4) |
Healthcare equipment and services | First lien senior secured loan | SR + | 3.25% | 10-2028 | 0.00 | % | 24,625 | 24,533 | 24,544 | 0.30 | % | ||||||||||||||||||||||||
Medline Borrower, LP Three Lakes Drive, Northfield, IL, 60093(1)(4)(12) |
Healthcare equipment and services | First lien senior secured revolving loan | SR + | 3.25% | 10-2026 | 0.00 | % | — | (27 | ) | (35 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
MessageBird BidCo B.V. Trompenburgstraat 2C CitySide 1079 TX, Amsterdam, Noord-Holland Netherlands(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 6.75% | 5-2027 | 0.00 | % | 2,917 | 2,874 | 2,895 | — | % | ||||||||||||||||||||||||
Milan Laser Holdings LLC 16939 Wright Plaza, Omaha, NE, 68130(1)(4) |
Specialty retail | First lien senior secured loan | SR + | 5.00% | 4-2027 | 0.00 | % | 20,269 | 20,138 | 20,269 | 0.30 | % | ||||||||||||||||||||||||
Milan Laser Holdings LLC 16939 Wright Plaza, Omaha, NE, 68130(1)(4)(12) |
Specialty retail | First lien senior secured revolving loan | SR + | 5.00% | 4-2026 | 0.00 | % | — | (9 | ) | — | — | % | |||||||||||||||||||||||
Ministry Brands Holdings, LLC 14488 Old Stage Road, Lenoir City, TN, 37772(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 5.50% | 12-2028 | 0.00 | % | 48,694 | 47,913 | 47,841 | 0.60 | % | ||||||||||||||||||||||||
Ministry Brands Holdings, LLC 14488 Old Stage Road, Lenoir City, TN, 37772(1)(4)(12) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 5.50% | 12-2023 | 0.00 | % | 2,526 | 2,385 | 2,382 | — | % | ||||||||||||||||||||||||
Ministry Brands Holdings, LLC 14488 Old Stage Road, Lenoir City, TN, 37772(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 5.50% | 12-2027 | 0.00 | % | 2,136 | 2,068 | 2,053 | — | % | ||||||||||||||||||||||||
MJH Healthcare Holdings, LLC 2 Clarke Drive, Cranbury, NJ, 08512(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 3.50% | 1-2029 | 0.00 | % | 19,700 | 19,637 | 19,651 | 0.30 | % | ||||||||||||||||||||||||
Motus Group, LLC 60 South Street, Boston, MA, 02111(1)(4) |
Transportation | Second lien senior secured loan | SR + | 6.50% | 12-2029 | 0.00 | % | 10,000 | 9,917 | 9,875 | 0.10 | % | ||||||||||||||||||||||||
Muine Gall, LLC 354 Oyster Point Boulevard, South San Francisco, CA, 94080(1)(6) |
Financial services | First lien senior secured loan | SR + | 7.00% PIK | 9-2026 | 0.00 | % | 30,358 | 30,557 | 30,358 | 0.40 | % | ||||||||||||||||||||||||
Naked Juice LLC (dba Tropicana) 935 West 8th Street, Azusa, CA, 91702(1)(5) |
Food and beverage | First lien senior secured loan | SR + | 3.25% | 1-2029 | 0.00 | % | 14,194 | 14,172 | 13,450 | 0.20 | % | ||||||||||||||||||||||||
Natus Medical, Inc. 3150 Pleasant View Road, Middleton, WI, 53562(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 5.50% | 7-2029 | 0.00 | % | 496 | 466 | 469 | — | % | ||||||||||||||||||||||||
Neptune Holdings, Inc. (dba NexTech) 4221 West Boy Scout Boulevard, Tampa, FL, 33607(1)(6) |
Healthcare providers and services | First lien senior secured loan | SR + | 6.00% | 8-2030 | 0.00 | % | 30,882 | 30,117 | 30,110 | 0.40 | % | ||||||||||||||||||||||||
Neptune Holdings, Inc. (dba NexTech) 4221 West Boy Scout Boulevard, Tampa, FL, 33607(1)(6)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 6.00% | 8-2029 | 0.00 | % | — | (102 | ) | (103 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants) 1450 American Lane, Schaumburg, IL, 60173(1)(4) |
Financial services | First lien senior secured loan | SR + | 5.75% | 9-2025 | 0.00 | % | 5,628 | 5,598 | 5,600 | 0.10 | % | ||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants) 1450 American Lane, Schaumburg, IL, 60173(1)(4) |
Financial services | First lien senior secured loan | SR + | 5.75% | 9-2025 | 0.00 | % | 2,127 | 2,124 | 2,116 | — | % | ||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants) 1450 American Lane, Schaumburg, IL, 60173(1)(4) |
Financial services | First lien senior secured loan | SR + | 5.75% | 9-2025 | 0.00 | % | 149 | 148 | 149 | — | % | ||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants) 1450 American Lane, Schaumburg, IL, 60173(1)(4) |
Financial services | First lien senior secured loan | SR + | 5.75% | 9-2025 | 0.00 | % | 504 | 501 | 502 | — | % | ||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants) 1450 American Lane, Schaumburg, IL, 60173(1)(4) |
Financial services | First lien senior secured delayed draw term loan | SR + | 5.75% | 9-2025 | 0.00 | % | 3,023 | 2,996 | 3,008 | — | % | ||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants) 1450 American Lane, Schaumburg, IL, 60173(1)(4)(12) |
Financial services | First lien senior secured revolving loan | SR + | 5.75% | 9-2025 | 0.00 | % | — | (4 | ) | (3 | ) | — | % | ||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants) 1450 American Lane, Schaumburg, IL, 60173(1)(4) |
Financial services | First lien senior secured loan | SR + | 5.75% | 9-2025 | 0.00 | % | 904 | 877 | 899 | — | % | ||||||||||||||||||||||||
Circana Group, L.P. (fka The NPD Group, L.P.) 900 West Shore Road, Port Washington, NY, 11050(1)(4) |
Advertising and media | First lien senior secured loan | SR + | 6.25% (2.75% PIK) | 12-2028 | 0.00 | % | 227,246 | 223,286 | 224,972 | 2.90 | % | ||||||||||||||||||||||||
Circana Group, L.P. (fka The NPD Group, L.P.) 900 West Shore Road, Port Washington, NY, 11050(1)(4)(12) |
Advertising and media | First lien senior secured revolving loan | SR + | 5.75% | 12-2027 | 0.00 | % | 2,568 | 2,346 | 2,425 | — | % | ||||||||||||||||||||||||
BCPE Nucleon (DE) SPV, LP 1740 Technology Drive, San Jose, CA, 95110(1)(6) |
Internet software and services | First lien senior secured loan | SR + | 7.00% | 9-2026 | 0.00 | % | 24,012 | 23,835 | 24,012 | 0.30 | % | ||||||||||||||||||||||||
OB Hospitalist Group, Inc. 777 Lowndes Hill Road, Greenville, SC, 29607(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.50% | 9-2027 | 0.00 | % | 60,575 | 59,706 | 59,515 | 0.80 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
OB Hospitalist Group, Inc. 777 Lowndes Hill Road, Greenville, SC, 29607(1)(5)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 5.50% | 9-2027 | 0.00 | % | 3,623 | 3,517 | 3,484 | — | % | ||||||||||||||||||||||||
Ex Vivo Parent Inc. (dba OB Hospitalist) 777 Lowndes Hill Road, Greenville, SC, 29607(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 9.75% PIK | 9-2028 | 0.00 | % | 33,997 | 33,513 | 33,147 | 0.40 | % | ||||||||||||||||||||||||
Olaplex, Inc. 1187 Coast Village Road, Santa Barbara, CA, 93108(1)(4) |
Consumer products | First lien senior secured loan | SR + | 3.50% | 2-2029 | 0.00 | % | 49,309 | 48,607 | 41,114 | 0.50 | % | ||||||||||||||||||||||||
Ole Smoky Distillery, LLC 236 East Main Street, Sevierville, TN, 37862(1)(4) |
Food and beverage | First lien senior secured loan | SR + | 5.50% | 3-2028 | 0.00 | % | 24,721 | 24,328 | 24,350 | 0.30 | % | ||||||||||||||||||||||||
Ole Smoky Distillery, LLC 236 East Main Street, Sevierville, TN, 37862(1)(4)(12) |
Food and beverage | First lien senior secured revolving loan | SR + | 5.50% | 3-2028 | 0.00 | % | — | (50 | ) | (50 | ) | — | % | ||||||||||||||||||||||
Ole Smoky Distillery, LLC 903 Parkway, Gatlinburg, TN, 37738(1)(4) |
Food and beverage | First lien senior secured loan | SR + | 5.50% | 3-2028 | 0.00 | % | 5,833 | 5,720 | 5,746 | 0.10 | % | ||||||||||||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings) 1937 North East Loop 410, San Antonio, TX, 78217(1)(6) |
Automotive | First lien senior secured loan | SR + | 5.00% | 3-2029 | 0.00 | % | 9,073 | 8,922 | 8,846 | 0.10 | % | ||||||||||||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings) 1937 North East Loop 410, San Antonio, TX, 78217(1)(6)(12) |
Automotive | First lien senior secured revolving loan | SR + | 5.00% | 3-2028 | 0.00 | % | — | (39 | ) | (64 | ) | — | % | ||||||||||||||||||||||
OneOncology LLC 1301 West Colonial Drive, Orlando, FL, 32804(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 6.25% | 6-2030 | 0.00 | % | 71,345 | 70,307 | 70,632 | 0.90 | % | ||||||||||||||||||||||||
OneOncology LLC 1301 West Colonial Drive, Orlando, FL, 32804(1)(5)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 6.25% | 6-2029 | 0.00 | % | — | (203 | ) | (143 | ) | — | % | ||||||||||||||||||||||
OneOncology LLC 1301 West Colonial Drive, Orlando, FL, 32804(1)(5)(12) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 6.25% | 12-2024 | 0.00 | % | — | (160 | ) | — | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) 3235 Levis Commons Boulevard, Perrysburg, OH, 43551(1)(5) |
Manufacturing | First lien senior secured loan | SR + | 6.00% | 7-2027 | 0.00 | % | 86,390 | 85,764 | 86,390 | 1.10 | % | ||||||||||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) 3235 Levis Commons Boulevard, Perrysburg, OH, 43551(1)(5) |
Manufacturing | First lien senior secured loan | SR + | 6.25% | 7-2027 | 0.00 | % | 12,870 | 12,660 | 12,870 | 0.20 | % | ||||||||||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) 3235 Levis Commons Boulevard, Perrysburg, OH, 43551(1)(5) |
Manufacturing | First lien senior secured delayed draw term loan | SR + | 6.00% | 7-2027 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) 3235 Levis Commons Boulevard, Perrysburg, OH, 43551(1)(5) |
Manufacturing | First lien senior secured delayed draw term loan | SR + | 6.00% | 7-2027 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) 3235 Levis Commons Boulevard, Perrysburg, OH, 43551(1)(5)(12) |
Manufacturing | First lien senior secured revolving loan | SR + | 6.00% | 7-2027 | 0.00 | % | 1,929 | 1,906 | 1,929 | |
— |
% | |||||||||||||||||||||||
Bleriot US Bidco, Inc. 4009 Marathon Boulevard, Austin, TX, 78756(1)(5) |
Aerospace and defense | First lien senior secured loan | SR + | 4.00% | 10-2028 | 0.00 | % | 11,891 | 11,832 | 11,891 | |
0.20 |
% | |||||||||||||||||||||||
Omnia Partners, LLC 5001 Aspen Grove Drive, Franklin, TN, 37067(1)(5) |
Professional services | First lien senior secured loan | SR + | 4.25% | 7-2030 | 0.00 | % | 1,828 | 1,810 | 1,829 | |
— |
% | |||||||||||||||||||||||
Omnia Partners, LLC 5001 Aspen Grove Drive, Franklin, TN, 37067(1)(5)(12) |
Professional services | First lien senior secured delayed draw term loan | SR + | 4.25% | 1-2024 | 0.00 | % | — | (2 | ) | — | |
— |
% | ||||||||||||||||||||||
Osmose Utilities Services, Inc. 465 West Business Park Drive, Peachtree City, GA, 30269(1)(4) |
Infrastructure and environmental services | First lien senior secured loan | SR + | 3.25% | 6-2028 | 0.00 | % | 16,671 | 16,584 | 16,526 | |
0.20 |
% | |||||||||||||||||||||||
Oranje Holdco, Inc. (dba KnowBe4) 33 North Garden Avenue, Clearwater, FL, 33755(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 7.75% | 2-2029 | 0.00 | % | 81,182 | 80,060 | 80,370 | |
1.00 |
% | |||||||||||||||||||||||
Oranje Holdco, Inc. (dba KnowBe4) 33 North Garden Avenue, Clearwater, FL, 33755(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 7.75% | 2-2029 | 0.00 | % | — | (135 | ) | (101 | ) | |
— |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Packers Holdings, LLC Post Office Box 340, Jamestown, WI, 53812(1)(4) |
Business services | First lien senior secured loan | SR + | 3.25% | 3-2028 | 0.00 | % | 16,617 | 16,517 | 9,804 | 0.10 | % | ||||||||||||||||||||||||
Phoenix Newco, Inc. (dba Parexel) 275 Grove Street, Waltham, MA, 02466(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 3.25% | 11-2028 | 0.00 | % | 19,700 | 19,624 | 19,544 | 0.30 | % | ||||||||||||||||||||||||
Phoenix Newco, Inc. (dba Parexel) 275 Grove Street, Waltham, MA, 02466(1)(4) |
Healthcare providers and services | Second lien senior secured loan | SR + | 6.50% | 11-2029 | 0.00 | % | 140,000 | 138,799 | 138,950 | 1.80 | % | ||||||||||||||||||||||||
Park Place Technologies, LLC 5910 Landerbrook Drive | Cleveland, OH | 44124, Cleveland, OH, 44124(1)(4) |
Telecommunications | First lien senior secured loan | SR + | 5.00% | 11-2027 | 0.00 | % | 1,136 | 1,107 | 1,116 | — | % | ||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) 777 Lena Drive, Aurora, OH, 44202(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 5.75% | 8-2028 | 0.00 | % | 53,360 | 52,717 | 52,693 | 0.70 | % | ||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) 777 Lena Drive, Aurora, OH, 44202(1)(4)(12) |
Healthcare technology | First lien senior secured delayed draw term loan | SR + | 5.75% | 8-2028 | 0.00 | % | 6,440 | 6,203 | 6,328 | 0.10 | % | ||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) 777 Lena Drive, Aurora, OH, 44202(1)(4)(12) |
Healthcare technology | First lien senior secured revolving loan | SR + | 5.75% | 8-2026 | 0.00 | % | 724 | 681 | 666 | — | % | ||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(1)(4) |
Insurance | First lien senior secured loan | SR + | 6.00% | 11-2028 | 0.00 | % | 132,639 | 131,464 | 129,323 | 1.70 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(1)(4) |
Insurance | First lien senior secured loan | SR + | 6.00% | 11-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(1)(4) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.00% | 11-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(1)(4) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.00% | 11-2028 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(1)(4) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.00% | 11-2028 | 0.00 | % | 68,837 | 68,244 | 67,116 | |
0.90 |
% | |||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(1)(4)(12) |
Insurance | First lien senior secured revolving loan | SR + | 6.00% | 11-2027 | 0.00 | % | — | (18 | ) | (64 | ) | |
— |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
PCF Midco II, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(11)(11) |
Insurance | First lien senior secured loan | N/A | 9.00% PIK | 10-2031 | 0.00 | % | 52,680 | 48,980 | 48,861 | |
0.60 |
% | |||||||||||||||||||||||
Packaging Coordinators Midco, Inc. 3001 Red Lion Road, Philadelphia, PA, 19114(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 3.50% | 11-2027 | 0.00 | % | 4,726 | 4,652 | 4,701 | |
0.10 |
% | |||||||||||||||||||||||
Packaging Coordinators Midco, Inc. 3001 Red Lion Road, Philadelphia, PA, 19114(1)(5) |
Healthcare equipment and services | Second lien senior secured loan | SR + | 7.00% | 12-2029 | 0.00 | % | 53,918 | 52,507 | 52,705 | |
0.70 |
% | |||||||||||||||||||||||
Pediatric Associates Holding Company, LLC 9611 West Broward Boulevard, Plantation, FL, 33324(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 3.25% | 12-2028 | 0.00 | % | 19,700 | 19,632 | 19,164 | |
0.30 |
% | |||||||||||||||||||||||
Pediatric Associates Holding Company, LLC 9611 West Broward Boulevard, Plantation, FL, 33324(1)(4) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 3.25% | 12-2028 | 0.00 | % | 3,515 | 3,503 | 3,420 | |
— |
% | |||||||||||||||||||||||
Pediatric Associates Holding Company, LLC 9611 West Broward Boulevard, Plantation, FL, 33324(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 4.50% | 12-2028 | 0.00 | % | 24,938 | 23,988 | 24,688 | |
0.30 |
% | |||||||||||||||||||||||
Peraton Corp. 1875 Explorer Street, Herndon, VA, 20170(1)(4) |
Aerospace and defense | First lien senior secured loan | SR + | 3.75% | 2-2028 | 0.00 | % | 14,589 | 14,568 | 14,544 | |
0.20 |
% | |||||||||||||||||||||||
Peraton Corp. 1875 Explorer Street, Herndon, VA, 20170(1)(5) |
Aerospace and defense | Second lien senior secured loan | SR + | 7.75% | 2-2029 | 0.00 | % | 4,831 | 4,777 | 4,719 | |
0.10 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Perforce Software, Inc. 400 First Avenue North, Minneapolis, MN, 55401(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 4.50% | 7-2026 | 0.00 | % | 14,813 | 14,557 | 14,553 | |
0.20 |
% | |||||||||||||||||||||||
PERKINELMER U.S. LLC 710 Bridgeport Ave, Shelton, CT, 06484(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 6.75% | 3-2029 | 0.00 | % | 77,899 | 76,445 | 76,925 | |
1.00 |
% | |||||||||||||||||||||||
Physician Partners, LLC 601 South Harbour Island Boulevard, Tampa, FL, 33602(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 4.00% | 12-2028 | 0.00 | % | 12,780 | 12,678 | 12,126 | |
0.20 |
% | |||||||||||||||||||||||
Pike Corp. 100 Pike Way, Mount Airy, NC, 27030(1)(4) |
Energy equipment and services | First lien senior secured loan | SR + | 3.00% | 1-2028 | 0.00 | % | 5,991 | 5,978 | 5,977 | |
0.10 |
% | |||||||||||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products) 25 British American Boulevard, Latham, NY, 12110(1)(4) |
Manufacturing | Second lien senior secured loan | SR + | 8.25% | 12-2028 | 0.00 | % | 11,728 | 11,480 | 11,582 | |
0.10 |
% | |||||||||||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products) 25 British American Boulevard, Latham, NY, 12110(1)(4) |
Manufacturing | Second lien senior secured loan | SR + | 8.25% | 12-2028 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products) 25 British American Boulevard, Latham, NY, 12110(1)(4) |
Manufacturing | First lien senior secured loan | SR + | 4.00% | 12-2027 | 0.00 | % | 18,634 | 18,337 | 18,494 | |
0.20 |
% | |||||||||||||||||||||||
Plasma Buyer LLC (dba Pathgroup) 5301 Virginia Way, Brentwood, TN, 37027(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.75% | 5-2029 | 0.00 | % | 109,031 | 107,179 | 106,850 | |
1.40 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Plasma Buyer LLC (dba Pathgroup) 5301 Virginia Way, Brentwood, TN, 37027(1)(5)(12) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 5.75% | 5-2024 | 0.00 | % | — | (229 | ) | (286 | ) | — | % | ||||||||||||||||||||||
Plasma Buyer LLC (dba Pathgroup) 5301 Virginia Way, Brentwood, TN, 37027(1)(5)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 5.75% | 5-2028 | 87.50 | % | 2,447 | 2,259 | 2,203 | — | % | ||||||||||||||||||||||||
Ping Identity Holding Corp. 1001 17th Street, Denver, CO, 80202(1)(4) |
Business services | First lien senior secured loan | SR + | 7.00% | 10-2029 | 0.00 | % | 21,818 | 21,522 | 21,709 | 0.30 | % | ||||||||||||||||||||||||
Ping Identity Holding Corp. 1001 17th Street, Denver, CO, 80202(1)(4)(12) |
Business services | First lien senior secured revolving loan | SR + | 7.00% | 10-2028 | 0.00 | % | — | (28 | ) | (11 | ) | — | % | ||||||||||||||||||||||
Pluralsight, LLC 42 Future Way, Draper, UT, 84020(1)(5) |
Education | First lien senior secured loan | SR + | 8.00% | 4-2027 | 0.00 | % | 6,255 | 6,211 | 6,051 | 0.10 | % | ||||||||||||||||||||||||
Pluralsight, LLC 42 Future Way, Draper, UT, 84020(1)(5)(12) |
Education | First lien senior secured revolving loan | SR + | 8.00% | 4-2027 | 0.00 | % | 246 | 244 | 233 | — | % | ||||||||||||||||||||||||
PointClickCare Technologies Inc. 5570 Explorer DrMississauga, ON L4W 0C4, Canada(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 4.00% | 12-2027 | 0.00 | % | 19,700 | 19,471 | 19,700 | 0.30 | % | ||||||||||||||||||||||||
Severin Acquisition, LLC (dba Powerschool) 150 Parkshore Drive, Folsom, CA, 95630(1)(5) |
Education | First lien senior secured loan | SR + | 3.00% | 8-2025 | 0.00 | % | 14,742 | 14,732 | 14,716 | 0.20 | % | ||||||||||||||||||||||||
Power Stop, LLC 6112 West 73rd Street, Bedford Park, IL, 60638(1)(4) |
Automotive | First lien senior secured loan | SR + | 4.75% | 1-2029 | 0.00 | % | 29,550 | 29,311 | 25,118 | 0.30 | % | ||||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) 1111 Busch Parkway, Buffalo Grove, IL, 60089(1)(5) |
Containers and packaging | First lien senior secured loan | SR + | 6.40% | 10-2028 | 0.00 | % | 49,327 | 48,946 | 49,327 | 0.60 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) 1111 Busch Parkway, Buffalo Grove, IL, 60089(1)(5)(12) |
Containers and packaging | First lien senior secured revolving loan | SR + | 6.40% | 9-2027 | 0.00 | % | — | (34 | ) | — | |
— |
% | ||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) 1111 Busch Parkway, Buffalo Grove, IL, 60089(1)(5) |
Containers and packaging | First lien senior secured loan | SR + | 6.40% | 10-2028 | 0.00 | % | 30,463 | 29,928 | 30,463 | |
0.40 |
% | |||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) 1111 Busch Parkway, Buffalo Grove, IL, 60089(1)(5) |
Containers and packaging | First lien senior secured loan | SR + | 6.75% | 9-2028 | 0.00 | % | 8,933 | 8,770 | 8,933 | |
0.10 |
% | |||||||||||||||||||||||
Pregis Topco LLC 227 West Monroe Street, Chicago, IL, 60606(1)(4) |
Containers and packaging | First lien senior secured loan | SR + | 3.75% | 7-2026 | 0.00 | % | 6,933 | 6,781 | 6,913 | |
0.10 |
% | |||||||||||||||||||||||
Pregis Topco LLC 227 West Monroe Street, Chicago, IL, 60606(1)(4) |
Containers and packaging | Second lien senior secured loan | SR + | 7.75% | 8-2029 | 0.00 | % | 2,500 | 2,500 | 2,500 | |
— |
% | |||||||||||||||||||||||
Pregis Topco LLC 227 West Monroe Street, Chicago, IL, 60606(1)(4) |
Containers and packaging | Second lien senior secured loan | SR + | 6.75% | 8-2029 | 0.00 | % | 30,000 | 30,000 | 29,925 | |
0.40 |
% | |||||||||||||||||||||||
Pro Mach Group, Inc. 50 East Rivercenter Boulevard, Covington, KY, 41011(1)(4) |
Manufacturing | First lien senior secured loan | SR + | 4.00% | 8-2028 | 0.00 | % | 30,396 | 30,248 | 30,399 | |
0.40 |
% | |||||||||||||||||||||||
ProAmpac PG Borrower LLC 12025 Tricon Road Cincinnati, OH 45246 513-671(1)(10) |
Containers and packaging | First lien senior secured loan | P + | 3.50% | 9-2028 | 0.00 | % | 20,000 | 19,888 | 19,870 | |
0.30 |
% | |||||||||||||||||||||||
Proofpoint, Inc. 925 West Maude Avenue, Sunnyvale, CA, 94085(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 3.25% | 8-2028 | 0.00 | % | 12,139 | 11,774 | 12,026 | |
0.20 |
% | |||||||||||||||||||||||
Proofpoint, Inc. 925 West Maude Avenue, Sunnyvale, CA, 94085(1)(4) |
Internet software and services | Second lien senior secured loan | SR + | 6.25% | 8-2029 | 0.00 | % | 7,500 | 7,470 | 7,507 | |
0.10 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
QAD, Inc. 100 Innovation Place, Santa Barbara, CA, 93108(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 5.38% | 11-2027 | 0.00 | % | 45,803 | 45,129 | 45,001 | |
0.60 |
% | |||||||||||||||||||||||
QAD, Inc. 100 Innovation Place, Santa Barbara, CA, 93108(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 5.38% | 11-2027 | 0.00 | % | — | (82 | ) | (105 | ) | |
— |
% | |||||||||||||||||||||
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC) 333 West River Park Drive Provo, UT 84604(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 3.50% | 6-2030 | 0.00 | % | 10,000 | 9,906 | 9,925 | |
0.10 |
% | |||||||||||||||||||||||
Quva Pharma, Inc. 3 Sugar Creek Center Boulevard, Sugar Land, TX, 77478(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.50% | 4-2028 | 0.00 | % | 4,455 | 4,360 | 4,410 | |
0.10 |
% | |||||||||||||||||||||||
Quva Pharma, Inc. 3 Sugar Creek Center Boulevard, Sugar Land, TX, 77478(1)(4)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 5.50% | 4-2026 | 0.00 | % | 100 | 93 | 95 | |
— |
% | |||||||||||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology) 5775 Wayzata Boulevard, St. Louis Park, MN, 55416(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.50% | 3-2025 | 0.00 | % | 119,988 | 119,988 | 119,389 | |
1.50 |
% | |||||||||||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology) 5775 Wayzata Boulevard, St. Louis Park, MN, 55416(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.50% | 3-2025 | 0.00 | % | — | — | — | |
— |
% | |||||||||||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology) 5775 Wayzata Boulevard, St. Louis Park, MN, 55416(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.50% | 3-2025 | 0.00 | % | — | — | — | |
— |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology) 5775 Wayzata Boulevard, St. Louis Park, MN, 55416(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.50% | 3-2025 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
RealPage, Inc. 2201 Lakeside Boulevard, Richardson, TX, 75082(1)(4) |
Buildings and real estate | Second lien senior secured loan | SR + | 6.50% | 4-2029 | 0.00 | % | 27,500 | 27,177 | 27,536 | 0.40 | % | ||||||||||||||||||||||||
RealPage, Inc. 2201 Lakeside Boulevard, Richardson, TX, 75082(1)(4) |
Buildings and real estate | First lien senior secured loan | SR + | 3.00% | 4-2028 | 0.00 | % | 14,095 | 14,081 | 13,919 | 0.20 | % | ||||||||||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) 115 East Stevens Avenue, Valhalla, NY, 10595(1)(5) |
Healthcare technology | First lien senior secured loan | SR + | 5.75% | 10-2028 | 0.00 | % | 20,659 | 20,339 | 20,349 | 0.20 | % | ||||||||||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) 115 East Stevens Avenue, Valhalla, NY, 10595(1)(5) |
Healthcare technology | First lien senior secured delayed draw term loan | SR + | 5.75% | 10-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) 115 East Stevens Avenue, Valhalla, NY, 10595(1)(5)(12) |
Healthcare technology | First lien senior secured delayed draw term loan | SR + | 5.75% | 3-2024 | 0.00 | % | 2,376 | 2,280 | 2,302 | — | % | ||||||||||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) 115 East Stevens Avenue, Valhalla, NY, 10595(1)(5)(12) |
Healthcare technology | First lien senior secured revolving loan | SR + | 5.75% | 10-2027 | 0.00 | % | 669 | 647 | 644 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Pegasus BidCo B.V. Fascinatio Boulevard 270, Rotterdam, , (1)(5) |
Food and beverage | First lien senior secured loan | SR + | 4.25% | 7-2029 | 0.00 | % | 10,421 | 10,330 | 10,395 | |
0.10 |
% | |||||||||||||||||||||||
Relativity ODA LLC 231 South LaSalle Street, Chicago, IL, 60604(1)(4) |
Professional services | First lien senior secured loan | SR + | 6.50% | 5-2027 | 0.00 | % | 5,094 | 5,051 | 5,094 | |
0.10 |
% | |||||||||||||||||||||||
Relativity ODA LLC 231 South LaSalle Street, Chicago, IL, 60604(1)(4)(12) |
Professional services | First lien senior secured revolving loan | SR + | 6.50% | 5-2027 | 0.00 | % | — | (4 | ) | — | |
— |
% | ||||||||||||||||||||||
Renaissance Learning, Inc. Post Office Box 8036, Wisconsin Rapids, , (1)(4) |
Education | First lien senior secured loan | SR + | 4.75% | 4-2030 | 0.00 | % | 20,000 | 19,469 | 19,818 | |
0.30 |
% | |||||||||||||||||||||||
Ring Container Technologies Group, LLC 1 Industrial Park Road, Oakland, TN, 38060(1)(4) |
Containers and packaging | First lien senior secured loan | SR + | 3.50% | 8-2028 | 0.00 | % | 16,127 | 16,085 | 16,111 | |
0.20 |
% | |||||||||||||||||||||||
KRIV Acquisition Inc. (dba Riveron) 2515 McKinney Avenue, Dallas, TX, 75201(1)(5) |
Financial services | First lien senior secured loan | SR + | 6.50% | 7-2029 | 0.00 | % | 81,295 | 78,924 | 78,857 | |
1.00 |
% | |||||||||||||||||||||||
KRIV Acquisition Inc. (dba Riveron) 2515 McKinney Avenue, Dallas, TX, 75201(1)(5)(12) |
Financial services | First lien senior secured delayed draw term loan | SR + | 6.50% | 7-2029 | 0.00 | % | — | (175 | ) | (182 | ) | |
— |
% | |||||||||||||||||||||
KRIV Acquisition Inc. (dba Riveron) 2515 McKinney Avenue, Dallas, TX, 75201(1)(5)(12) |
Financial services | First lien senior secured revolving loan | SR + | 6.50% | 7-2029 | 0.00 | % | — | (315 | ) | (328 | ) | |
— |
% | |||||||||||||||||||||
Ultimate Baked Goods Midco, LLC 828 Kasota Avenue South East, Minneapolis, MN, 55414(1)(4) |
Food and beverage | First lien senior secured loan | SR + | 6.25% | 8-2027 | 0.00 | % | 16,211 | 15,926 | 16,211 | |
0.20 |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Ultimate Baked Goods Midco, LLC 828 Kasota Avenue South East, Minneapolis, MN, 55414(1)(4)(12) |
Food and beverage | First lien senior secured revolving loan | SR + | 6.25% | 8-2027 | 0.00 | % | — | (32 | ) | — | — | % | |||||||||||||||||||||||
Rhea Parent, Inc. 1 Technology Circle, Columbia, SC, 29203(1)(5) |
Healthcare equipment and services | First lien senior secured loan | SR + | 5.50% | 2-2029 | 0.00 | % | 76,796 | 75,536 | 76,412 | 1.00 | % | ||||||||||||||||||||||||
Safe Fleet Holdings, LLC 6800 East 163rd Street, Belton, MO, 64012(1)(4) |
Transportation | First lien senior secured loan | SR + | 3.75% | 2-2029 | 0.00 | % | 25,855 | 25,312 | 25,834 | 0.30 | % | ||||||||||||||||||||||||
Sailpoint Technologies Holdings, Inc. 11120 Four Points Drive, Austin, TX, 78726(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 6.25% | 8-2029 | 0.00 | % | 59,880 | 58,762 | 59,431 | 0.80 | % | ||||||||||||||||||||||||
Sailpoint Technologies Holdings, Inc. 11120 Four Points Drive, Austin, TX, 78726(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.25% | 8-2028 | 0.00 | % | — | (93 | ) | (43 | ) | — | % | ||||||||||||||||||||||
Hg Saturn Luchaco Limited 2 More London Riverside, London, United Kingdom, SE1 2AP(1)(9) |
Asset based lending and fund finance | Unsecured facility | SA + | 7.50% PIK | 3-2026 | 0.00 | % | 2,154 | 2,376 | 2,154 | — | % | ||||||||||||||||||||||||
Securonix, Inc. 5080 Spectrum Drive, Addison, TX, 75001(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 6.50% | 4-2028 | 0.00 | % | 29,661 | 29,423 | 28,104 | 0.40 | % | ||||||||||||||||||||||||
Securonix, Inc. 5080 Spectrum Drive, Addison, TX, 75001(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.50% | 4-2028 | 0.00 | % | — | (40 | ) | (280 | ) | — | % | ||||||||||||||||||||||
Sedgwick Claims Management Services, Inc. 8125 Sedgwick Way, Memphis, TN, 38125(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 3.75% | 2-2028 | 0.00 | % | 9,950 | 9,766 | 9,924 | 0.10 | % | ||||||||||||||||||||||||
Home Service TopCo IV, Inc. 3150 East Birch Street, Brea, CA, 92821(1)(5) |
Household products | First lien senior secured loan | SR + | 6.00% | 12-2027 | 0.00 | % | 36,380 | 36,035 | 36,107 | 0.50 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Home Service TopCo IV, Inc. 3150 East Birch Street, Brea, CA, 92821(1)(5)(12) |
Household products | First lien senior secured revolving loan | SR + | 6.00% | 12-2027 | 0.00 | % | — | (31 | ) | (25 | ) | — | % | ||||||||||||||||||||||
Home Service TopCo IV, Inc. 3150 East Birch Street, Brea, CA, 92821(1)(5)(12) |
Household products | First lien senior secured delayed draw term loan | SR + | 6.00% | 12-2024 | 0.00 | % | — | (39 | ) | (21 | ) | — | % | ||||||||||||||||||||||
The Shade Store, LLC 21 Abendroth Avenue, Port Chester, NY, 10573(1)(5) |
Specialty retail | First lien senior secured loan | SR + | 6.00% | 10-2027 | 0.00 | % | 66,989 | 66,381 | 64,309 | 0.80 | % | ||||||||||||||||||||||||
The Shade Store, LLC 21 Abendroth Avenue, Port Chester, NY, 10573(1)(5)(12) |
Specialty retail | First lien senior secured revolving loan | SR + | 6.00% | 10-2026 | 0.00 | % | 3,000 | 2,948 | 2,727 | — | % | ||||||||||||||||||||||||
The Shade Store, LLC 21 Abendroth Avenue, Port Chester, NY, 10573(1)(5) |
Specialty retail | First lien senior secured loan | SR + | 7.00% | 10-2027 | 0.00 | % | 10,607 | 10,343 | 10,315 | 0.10 | % | ||||||||||||||||||||||||
Shearer’s Foods, LLC 100 Lincoln Way East, Massillon, OH, 44646(1)(4) |
Food and beverage | First lien senior secured loan | SR + | 3.50% | 9-2027 | 0.00 | % | 39,264 | 39,263 | 39,166 | 0.50 | % | ||||||||||||||||||||||||
Simplisafe Holding Corporation 294 Washington Street, Boston, MA, 02108(1)(4) |
Household products | First lien senior secured loan | SR + | 6.25% | 5-2028 | 0.00 | % | 126,790 | 124,734 | 125,838 | 1.60 | % | ||||||||||||||||||||||||
Simplisafe Holding Corporation 294 Washington Street, Boston, MA, 02108(1)(4)(12) |
Household products | First lien senior secured delayed draw term loan | SR + | 6.25% | 5-2024 | 0.00 | % | 4,269 | 4,105 | 4,237 | 0.10 | % | ||||||||||||||||||||||||
Smarsh Inc. 851 Southwest 6th Avenue, Portland, OR, 97204(1)(6) |
Financial services | First lien senior secured loan | SR + | 6.50% | 2-2029 | 0.00 | % | 83,048 | 82,364 | 82,839 | 1.10 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Smarsh Inc. 851 Southwest 6th Avenue, Portland, OR, 97204(1)(6)(12) |
Financial services | First lien senior secured delayed draw term loan | SR + | 6.50% | 2-2024 | 0.00 | % | 10,381 | 10,211 | 10,355 | 0.10 | % | ||||||||||||||||||||||||
Smarsh Inc. 851 Southwest 6th Avenue, Portland, OR, 97204(1)(6)(12) |
Financial services | First lien senior secured revolving loan | SR + | 6.50% | 2-2029 | 0.00 | % | — | (6 | ) | (2 | ) | — | % | ||||||||||||||||||||||
Sophia, L.P. 2003 Edmund Halley Drive, Reston, VA, 20191(1)(4) |
Education | First lien senior secured loan | SR + | 4.25% | 10-2027 | 0.00 | % | 14,999 | 14,883 | 14,961 | 0.20 | % | ||||||||||||||||||||||||
Sophos Holdings, LLC Abingdon Science Park Abingdon OX14 3YP United Kingdom(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 3.50% | 3-2027 | 0.00 | % | 19,980 | 19,932 | 19,922 | 0.30 | % | ||||||||||||||||||||||||
Sonny’s Enterprises, LLC 5870 Hiatus Road, Tamarac, FL, 33321(1)(5) |
Manufacturing | First lien senior secured loan | SR + | 6.75% | 8-2028 | 0.00 | % | 130,571 | 128,727 | 129,592 | 1.70 | % | ||||||||||||||||||||||||
Sonny’s Enterprises, LLC 5870 Hiatus Road, Tamarac, FL, 33321(1)(5)(12) |
Manufacturing | First lien senior secured revolving loan | SR + | 6.75% | 8-2027 | 0.00 | % | — | (341 | ) | (189 | ) | — | % | ||||||||||||||||||||||
Sonny’s Enterprises, LLC 5870 Hiatus Road, Tamarac, FL, 33321(1)(5)(12) |
Manufacturing | First lien senior secured delayed draw term loan | SR + | 6.75% | 11-2024 | 0.00 | % | — | (367 | ) | (199 | ) | — | % | ||||||||||||||||||||||
Southern Air & Heat Holdings, LLC 485 North Keller Road, Maitland, FL, 32751(1)(5) |
Household products | First lien senior secured loan | SR + | 4.75% | 10-2027 | 0.00 | % | 1,071 | 1,060 | 1,060 | — | % | ||||||||||||||||||||||||
Southern Air & Heat Holdings, LLC 485 North Keller Road, Maitland, FL, 32751(1)(5) |
Household products | First lien senior secured delayed draw term loan | SR + | 4.75% | 10-2027 | 0.00 | % | 1,117 | 1,106 | 1,106 | — | % | ||||||||||||||||||||||||
Southern Air & Heat Holdings, LLC 485 North Keller Road, Maitland, FL, 32751(1)(5)(12) |
Household products | First lien senior secured revolving loan | SR + | 4.75% | 10-2027 | 0.00 | % | 23 | 20 | 20 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Southern Air & Heat Holdings, LLC 485 North Keller Road, Maitland, FL, 32751(1)(5)(12) |
Household products | First lien senior secured delayed draw term loan | SR + | 5.25% | 10-2027 | 0.00 | % | 2,749 | 1,546 | 2,591 | — | % | ||||||||||||||||||||||||
Sovos Brands Intermediate, Inc. 1901 4th Street, Berkeley, CA, 94710(1)(5) |
Food and beverage | First lien senior secured loan | SR + | 3.50% | 6-2028 | 0.00 | % | 10,145 | 10,137 | 10,134 | 0.10 | % | ||||||||||||||||||||||||
Sovos Compliance, LLC 200 Ballardvale Street, Wilmington, MA, 01887(1)(4) |
Professional services | First lien senior secured loan | SR + | 4.50% | 8-2028 | 0.00 | % | 29,118 | 28,644 | 28,614 | 0.40 | % | ||||||||||||||||||||||||
Spotless Brands, LLC 1 Mid America Plaza Suite 210, Chicago, IL, 60181(1)(5) |
Automotive | First lien senior secured loan | SR + | 6.50% | 7-2028 | 0.00 | % | 54,030 | 53,120 | 53,491 | 0.70 | % | ||||||||||||||||||||||||
Spotless Brands, LLC 1 Mid America Plaza Suite 210, Chicago, IL, 60181(1)(5) |
Automotive | First lien senior secured delayed draw term loan A | SR + | 6.50% | 7-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Spotless Brands, LLC 1 Mid America Plaza Suite 210, Chicago, IL, 60181(1)(5) |
Automotive | First lien senior secured delayed draw term loan B | SR + | 6.50% | 7-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Spotless Brands, LLC 1 Mid America Plaza Suite 210, Chicago, IL, 60181(1)(5)(12) |
Automotive | First lien senior secured revolving loan | SR + | 6.50% | 7-2028 | 0.00 | % | — | (23 | ) | (15 | ) | — | % | ||||||||||||||||||||||
SRS Distribution, Inc. 7440 State Highway 121, McKinney, TX, 75070(1)(4) |
Distribution | First lien senior secured loan | SR + | 3.50% | 6-2028 | 0.00 | % | 23,955 | 23,744 | 23,690 | 0.30 | % | ||||||||||||||||||||||||
SRS Distribution, Inc. 7440 State Highway 121, McKinney, TX, 75070(1)(4) |
Distribution | First lien senior secured loan | SR + | 3.50% | 6-2028 | 0.00 | % | — | — | — | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Nouryon Finance B.V. Haaksbergweg 881101 BR Amsterdam, Netherlands(1)(5) |
Chemicals | First lien senior secured loan | SR + | 4.00% | 4-2028 | 0.00 | % | 2,993 | 2,986 | 2,953 | — | % | ||||||||||||||||||||||||
Nouryon Finance B.V. Haaksbergweg 881101 BR Amsterdam, Netherlands(1)(4) |
Chemicals | First lien senior secured loan | SR + | 4.00% | 10-2025 | 0.00 | % | 10,971 | 10,800 | 10,815 | 0.10 | % | ||||||||||||||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited) 6710 North Scottsdale Road, Scottsdale, AZ, 85253(1)(4) |
Aerospace and defense | First lien senior secured loan | SR + | 4.00% | 8-2028 | 0.00 | % | 9,077 | 8,986 | 9,051 | 0.10 | % | ||||||||||||||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited) 6710 North Scottsdale Road, Scottsdale, AZ, 85253(1)(4) |
Aerospace and defense | First lien senior secured loan | SR + | 4.00% | 8-2028 | 0.00 | % | 3,890 | 3,851 | 3,879 | 0.10 | % | ||||||||||||||||||||||||
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.) 1615 West Chester Pike, West Chester, PA 19382(1)(4) |
Education | First lien senior secured loan | SR + | 4.50% | 9-2030 | 0.00 | % | 13,337 | 13,171 | 13,171 | 0.20 | % | ||||||||||||||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services) 11452 El Camino Real, San Diego, CA, 92130(1)(5)(12) |
Insurance | First lien senior secured delayed draw term loan | SR + | 6.75% | 11-2024 | 0.00 | % | — | (173 | ) | (123 | ) | — | % | ||||||||||||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services) 11452 El Camino Real, San Diego, CA, 92130(1)(5)(12) |
Insurance | First lien senior secured revolving loan | SR + | 6.75% | 5-2029 | 0.00 | % | — | (171 | ) | (153 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services) 11452 El Camino Real, San Diego, CA, 92130(1)(5) |
Insurance | First lien senior secured loan | SR + | 6.75% | 5-2030 | 0.00 | % | 50,600 | 49,141 | 49,335 | 0.60 | % | ||||||||||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) 2 Stonewall Lane, York, ME, 03909(1)(5) |
Consumer products | First lien senior secured loan | SR + | 5.25% | 3-2029 | 0.00 | % | 59,224 | 58,265 | 56,855 | 0.70 | % | ||||||||||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) 2 Stonewall Lane, York, ME, 03909(1)(5)(12) |
Consumer products | First lien senior secured revolving loan | SR + | 5.25% | 3-2029 | 0.00 | % | 3,626 | 3,540 | 3,403 | — | % | ||||||||||||||||||||||||
Armstrong Bidco Limited (dba The Access Group) Armstrong Building, Oakwood Drive Loughborough University Science & Enterprise Park, Loughborough LE11 3QF, United Kingdom(1)(9) |
Internet software and services | First lien senior secured loan | SA + | 5.00% | 6-2029 | 0.00 | % | 32,431 | 31,984 | 32,187 | 0.40 | % | ||||||||||||||||||||||||
Armstrong Bidco Ltd. (dba The Access Group) Armstrong Building, Oakwood Drive Loughborough University Science & Enterprise Park, Loughborough LE11 3QF, United Kingdom(1)(9) |
Internet software and services | First lien senior secured delayed draw term loan | SA + | 5.00% | 6-2029 | 0.00 | % | 16,920 | 16,680 | 16,794 | 0.20 | % | ||||||||||||||||||||||||
Tahoe Finco, LLC 400 South El Camino Real, San Mateo, CA, 94402(1)(4) |
Internet software and services | First lien senior secured loan | SR + | 6.00% | 9-2028 | 0.00 | % | 83,721 | 83,075 | 83,093 | 1.10 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Tahoe Finco, LLC 400 South El Camino Real, San Mateo, CA, 94402(1)(4)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.00% | 10-2027 | 0.00 | % | — | (42 | ) | (47 | ) | — | % | ||||||||||||||||||||||
TC Holdings, LLC (dba TrialCard) 2250 Perimeter Park Drive, Morrisville, NC, 27560(1)(6) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.00% | 4-2027 | 0.00 | % | 63,923 | 63,444 | 63,923 | 0.80 | % | ||||||||||||||||||||||||
TC Holdings, LLC (dba TrialCard) 2250 Perimeter Park Drive, Morrisville, NC, 27560(1)(6)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 5.00% | 4-2027 | 0.00 | % | — | (55 | ) | — | — | % | |||||||||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions) 4890 West Kennedy Boulevard, Tampa, FL, 33609(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 5.75% | 6-2028 | 0.00 | % | 11,851 | 11,764 | 11,791 | 0.10 | % | ||||||||||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions) 4890 West Kennedy Boulevard, Tampa, FL, 33609(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 5.75% | 6-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions) 4890 West Kennedy Boulevard, Tampa, FL, 33609(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 5.75% | 6-2027 | 0.00 | % | 602 | 598 | 599 | — | % | ||||||||||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions) 4890 West Kennedy Boulevard, Tampa, FL, 33609(1)(5) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 5.75% | 6-2028 | 0.00 | % | — | — | — | — | % | ||||||||||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions) 4890 West Kennedy Boulevard, Tampa, FL, 33609(1)(5) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 5.75% | 6-2028 | 0.00 | % | 960 | 952 | 955 | — | % | ||||||||||||||||||||||||
Tivity Health, Inc. 701 Cool Springs Boulevard, Franklin, TN, 37067(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 6.00% | 6-2029 | 0.00 | % | 150,480 | 147,234 | 149,350 | 1.90 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Tricorbraun Holdings, Inc. 6 City Place Drive, Saint Louis, MO, 63141(1)(4) |
Containers and packaging | First lien senior secured loan | SR + | 3.25% | 3-2028 | 0.00 | % | 17,419 | 17,051 | 17,069 | 0.20 | % | ||||||||||||||||||||||||
Troon Golf, L.L.C. 15044 North Scottsdale Road, Scottsdale, AZ, 85254(1)(5) |
Leisure and entertainment | First lien senior secured loan | SR + | 5.75% | 8-2027 | 0.00 | % | 92,703 | 92,380 | 92,239 | 1.20 | % | ||||||||||||||||||||||||
Troon Golf, L.L.C. 15044 North Scottsdale Road, Scottsdale, AZ, 85254(1)(4) |
Leisure and entertainment | First lien senior secured delayed draw term loan | SR + | 5.75% | 8-2027 | 0.00 | % | 49,525 | 48,952 | 49,277 | 0.60 | % | ||||||||||||||||||||||||
Troon Golf, L.L.C. 15044 North Scottsdale Road, Scottsdale, AZ, 85254(1)(5)(12) |
Leisure and entertainment | First lien senior secured revolving loan | SR + | 5.75% | 8-2026 | 0.00 | % | — | (21 | ) | (36 | ) | — | % | ||||||||||||||||||||||
USI, Inc. 9045 North River Road Suite 200, Indianapolis, IN, 46240(1)(5) |
Financial services | First lien senior secured loan | SR + | 3.25% | 9-2030 | 0.00 | % | 12,000 | 11,970 | 11,965 | 0.20 | % | ||||||||||||||||||||||||
USI, Inc. 9045 North River Road Suite 200, Indianapolis, IN, 46240(1)(5) |
Financial services | First lien senior secured loan | SR + | 3.25% | 9-2030 | 0.00 | % | 3,000 | 2,993 | 2,990 | — | % | ||||||||||||||||||||||||
USIC Holdings, Inc. 9045 North River Road Suite 200, Indianapolis, IN, 46240(1)(4) |
Infrastructure and environmental services | First lien senior secured loan | SR + | 3.50% | 5-2028 | 0.00 | % | 11,847 | 11,565 | 11,640 | 0.20 | % | ||||||||||||||||||||||||
USIC Holdings, Inc. 9045 North River Road Suite 200, Indianapolis, IN, 46240(1)(4) |
Infrastructure and environmental services | Second lien senior secured loan | SR + | 6.50% | 5-2029 | 0.00 | % | 39,691 | 39,499 | 37,706 | 0.50 | % | ||||||||||||||||||||||||
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners) 99 Wood Avenue South, Iselin, NJ, 08830(1)(4) |
Insurance | First lien senior secured loan | SR + | 10.50% PIK | 7-2030 | 0.00 | % | 13,556 | 13,398 | 13,523 | 0.20 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) 99 Wood Avenue South, Iselin, NJ, 08830(1)(5) |
Insurance | First lien senior secured loan | SR + | 5.75% | 7-2027 | 0.00 | % | 14,792 | 14,587 | 14,681 | 0.20 | % | ||||||||||||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) 99 Wood Avenue South, Iselin, NJ, 08830(1)(5)(12) |
Insurance | First lien senior secured revolving loan | SR + | 5.75% | 7-2027 | 0.00 | % | — | (14 | ) | (8 | ) | |
— |
% | |||||||||||||||||||||
Unified Women’s Healthcare, LP 1501 Yamato Road West, Boca Raton, FL, 33431(1)(4) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.25% | 6-2029 | 0.00 | % | 83,084 | 82,550 | 83,084 | |
1.10 |
% | |||||||||||||||||||||||
Unified Women’s Healthcare, LP 1501 Yamato Road West, Boca Raton, FL, 33431(1)(4)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 5.25% | 6-2029 | 0.00 | % | 1,861 | 1,811 | 1,861 | |
— |
% | |||||||||||||||||||||||
BELMONT BUYER, INC. (dba Valenz) 23048 North 15th Avenue, Phoenix, AZ, 85027(1)(6) |
Healthcare providers and services | First lien senior secured loan | SR + | 6.50% | 6-2029 | 0.00 | % | 56,160 | 55,074 | 55,318 | |
0.70 |
% | |||||||||||||||||||||||
BELMONT BUYER, INC. (dba Valenz) 23048 North 15th Avenue, Phoenix, AZ, 85027(1)(6)(12) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 6.50% | 12-2024 | 0.00 | % | 5,306 | 5,132 | 5,227 | |
0.10 |
% | |||||||||||||||||||||||
BELMONT BUYER, INC. (dba Valenz) 23048 North 15th Avenue, Phoenix, AZ, 85027(1)(6)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 6.50% | 6-2029 | 0.00 | % | — | (127 | ) | (100 | ) | |
— |
% |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS) 222 Merchandise Mart Plaza, Chicago, IL, 60654(1)(5) |
Chemicals | First lien senior secured loan | SR + | 5.75% | 4-2027 | 0.00 | % | 2,305 | 2,272 | 2,305 | — | % | ||||||||||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS) 222 Merchandise Mart Plaza, Chicago, IL, 60654(1)(4)(12) |
Chemicals | First lien senior secured revolving loan | SR + | 5.75% | 4-2026 | 0.00 | % | 35 | 34 | 35 | — | % | ||||||||||||||||||||||||
Mitnick Corporate Purchaser, Inc. 65 Network Drive, Burlington, MA, 01803(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 3.00% | 5-2027 | 0.00 | % | — | 5 | — | — | % | ||||||||||||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E) 1905 Aston Avenue, Carlsbad, CA, 92029(1)(5) |
Infrastructure and environmental services | First lien senior secured loan | SR + | 5.75% | 3-2028 | 0.00 | % | 32,202 | 31,694 | 31,800 | 0.40 | % | ||||||||||||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E) 1905 Aston Avenue, Carlsbad, CA, 92029(1)(5)(12) |
Infrastructure and environmental services | First lien senior secured revolving loan | SR + | 5.75% | 3-2028 | 0.00 | % | 881 | 802 | 814 | — | % | ||||||||||||||||||||||||
Vermont Aus Pty Ltd Quarter One, Level 2, 1 Epping Road, North Ryde, , (1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.50% | 3-2028 | 0.00 | % | 53,683 | 52,621 | 53,011 | 0.70 | % | ||||||||||||||||||||||||
PPV Intermediate Holdings, LLC 141 Longwater Drive, Hingham, MA, 02061(1)(5) |
Healthcare providers and services | First lien senior secured loan | SR + | 5.75% | 8-2029 | 0.00 | % | 163,397 | 160,540 | 161,762 | 2.10 | % | ||||||||||||||||||||||||
PPV Intermediate Holdings, LLC 141 Longwater Drive, Hingham, MA, 02061(1)(5)(12) |
Healthcare providers and services | First lien senior secured revolving loan | SR + | 5.75% | 8-2029 | 0.00 | % | — | (200 | ) | (119 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
PPV Intermediate Holdings, LLC 141 Longwater Drive, Hingham, MA, 02061(1)(5)(12) |
Healthcare providers and services | First lien senior secured delayed draw term loan | SR + | 6.00% | 9-2025 | 0.00 | % | — | (50 | ) | (25 | ) | — | % | ||||||||||||||||||||||
Vistage Worldwide, Inc. 11452 El Camino Real Suite 400, San Diego, CA, 92130(1)(4) |
Professional services | First lien senior secured loan | SR + | 5.25% | 7-2029 | 0.00 | % | 4,950 | 4,832 | 4,932 | 0.10 | % | ||||||||||||||||||||||||
Walker Edison Furniture Company LLC 1553 West 9000 South, Salt Lake City, UT, 84088(1)(4) |
Household products | First lien senior secured revolving loan | SR + | 6.25% PIK | 3-2027 | 0.00 | % | 1,333 | 1,333 | 1,307 | — | % | ||||||||||||||||||||||||
Walker Edison Furniture Company LLC 1553 West 9000 South, Salt Lake City, UT, 84088(1)(4) |
Household products | First lien senior secured loan | SR + | 6.75% PIK | 3-2027 | 0.00 | % | 2,747 | 2,452 | 2,651 | — | % | ||||||||||||||||||||||||
Walker Edison Furniture Company LLC 1553 West 9000 South, Salt Lake City, UT, 84088(1)(4)(12) |
Household products | First lien senior secured delayed draw term loan | SR + | 6.75% PIK | 3-2027 | 0.00 | % | 70 | 67 | 63 | — | % | ||||||||||||||||||||||||
Project Ruby Ultimate Parent Corp. (dba Wellsky) 11300 Switzer Road, Overland Park, KS, 66210(1)(4) |
Healthcare technology | First lien senior secured loan | SR + | 3.25% | 3-2028 | 0.00 | % | 14,286 | 13,873 | 14,086 | 0.20 | % | ||||||||||||||||||||||||
White Cap Supply Holdings, LLC 6250 Brook Hollow Parkway, Norcross, GA, 30071(1)(4) |
Distribution | First lien senior secured loan | SR + | 3.75% | 10-2027 | 0.00 | % | 16,501 | 16,083 | 16,456 | 0.20 | % | ||||||||||||||||||||||||
When I Work, Inc. 420 North 5th Street, Minneapolis, MN, 55401(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 7.00% PIK | 11-2027 | 0.00 | % | 24,674 | 24,511 | 24,243 | 0.30 | % | ||||||||||||||||||||||||
When I Work, Inc. 420 North 5th Street, Minneapolis, MN, 55401(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.00% | 11-2027 | 0.00 | % | — | (28 | ) | (73 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) 9725 Windermere Blvd, Fishers, IN, 46037(1)(10) |
Insurance | First lien senior secured loan | P + | 4.25% | 12-2028 | 0.00 | % | 32,538 | 32,109 | 32,376 | 0.40 | % | ||||||||||||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) 9725 Windermere Blvd, Fishers, IN, 46037(1)(10)(12) |
Insurance | First lien senior secured revolving loan | P + | 4.25% | 12-2027 | 0.00 | % | 1,876 | 1,839 | 1,858 | — | % | ||||||||||||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) 9725 Windermere Blvd, Fishers, IN, 46037(1)(4)(12) |
Insurance | First lien senior secured delayed draw term loan | SR + | 5.25% | 6-2024 | 0.00 | % | 2,388 | 2,295 | 2,376 | — | % | ||||||||||||||||||||||||
Wrench Group LLC 1787 Williams Drive, Marietta, GA, 30066(1)(5) |
Buildings and real estate | First lien senior secured loan | SR + | 4.00% | 4-2026 | 0.00 | % | 10,463 | 10,356 | 10,411 | 0.10 | % | ||||||||||||||||||||||||
Wrench Group LLC 1787 Williams Drive, Marietta, GA, 30066(1)(5) |
Buildings and real estate | First lien senior secured loan | SR + | 4.50% | 4-2026 | 0.00 | % | 16,958 | 16,673 | 16,915 | 0.20 | % | ||||||||||||||||||||||||
Zelis Cost Management Buyer, Inc. 2 Crossroads Drive, Bedminister, NJ, 07921(1)(4) |
Healthcare technology | First lien senior secured loan | SR + | 3.50% | 9-2026 | 0.00 | % | 4,862 | 4,834 | 4,860 | 0.10 | % | ||||||||||||||||||||||||
Zest Acquisition Corp. 2875 Loker Avenue East, Carlsbad, CA, 92010(1)(4) |
Healthcare equipment and services | First lien senior secured loan | SR + | 5.50% | 2-2028 | 0.00 | % | 11,784 | 11,282 | 11,519 | 0.20 | % | ||||||||||||||||||||||||
Zendesk, Inc. 989 Market Street, San Francisco, CA, 94103(1)(5) |
Internet software and services | First lien senior secured loan | SR + | 6.75% (3.25% PIK) | 11-2028 | 0.00 | % | 122,436 | 120,301 | 120,600 | 1.60 | % | ||||||||||||||||||||||||
Zendesk, Inc. 989 Market Street, San Francisco, CA, 94103(1)(5)(12) |
Internet software and services | First lien senior secured delayed draw term loan | SR + | 6.50% | 11-2024 | 0.00 | % | — | (959 | ) | (150 | ) | — | % | ||||||||||||||||||||||
Zendesk, Inc. 989 Market Street, San Francisco, CA, 94103(1)(5)(12) |
Internet software and services | First lien senior secured revolving loan | SR + | 6.50% | 11-2028 | 0.00 | % | — | (212 | ) | (186 | ) | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
AAM Series 2.1 Aviation Feeder, LLC 1100 Highland Drive, Boca Raton, Florida, 33487(12) |
Asset based lending and fund finance | LLC Interest | N/A | N/A | N/A | 40.00 | % | 30,706 | 30,708 | 30,706 | 0.40 | % | ||||||||||||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC 1100 Highland Drive, Boca Raton, Florida, 33487(12) |
Asset based lending and fund finance | LLC Interest | N/A | N/A | N/A | 40.00 | % | 23,966 | 23,932 | 23,966 | 0.30 | % | ||||||||||||||||||||||||
Amergin Asset Management, LLC 1100 Highland Drive, Boca Raton, Florida, 33487 |
Asset based lending and fund finance | Class A Units | N/A | N/A | N/A | 5.00 | % | 50,000,000 | — | — | — | % | ||||||||||||||||||||||||
Accelerate Topco Holdings, LLC 2650 McCormick Drive, Clearwater, FL, 33759 |
Insurance | Common Units | N/A | N/A | N/A | 0.13 | % | 91,805 | 2,535 | 2,895 | — | % | ||||||||||||||||||||||||
Project Alpine Co-Invest Fund, LP 50 Hawthorne Street, San Francisco, CA, 94105 |
Internet software and services | LP Interest | N/A | N/A | N/A | 0.41 | % | 17,000,000 | 17,010 | 18,656 | 0.20 | % | ||||||||||||||||||||||||
Evology, LLC 5132 North 300 West, Provo, UT, 84604 |
Household products | Class B Units | N/A | N/A | N/A | 0.30 | % | 316 | 1,512 | 1,446 | — | % | ||||||||||||||||||||||||
Associations Finance, Inc. 5401 North Central Expressway\nSuite 300, Dallas, TX, 75025(11)(11) |
Buildings and real estate | Preferred Stock | N/A | 13.50% PIK | N/A | 66.15 | % | 215,000,000 | 239,021 | 241,765 | 3.20 | % | ||||||||||||||||||||||||
Associations Finance, Inc. 5401 North Central Expressway\nSuite 300, Dallas, TX, 75025(11)(11) |
Buildings and real estate | Preferred Stock | N/A | 13.50% PIK | N/A | 70.00 | % | 35,000,000 | 35,151 | 35,702 | 0.50 | % | ||||||||||||||||||||||||
Minerva Holdco, Inc. 311 Arsenal Street, Watertown, MA, 02472(11)(11) |
Healthcare technology | Series A Preferred Stock | N/A | 10.75% PIK | N/A | 0.00 | % | 100,000 | 114,204 | 109,540 | 1.40 | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
CD&R Value Building Partners I, L.P. (dba Belron) Milton Park, Stroude Road, Egham TW20 9EL, United Kingdom |
Automotive | LP Interest | N/A | N/A | N/A | 0.82 | % | 33,061 | 32,912 | 39,078 | 0.50 | % | ||||||||||||||||||||||||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) 1400 Liberty Ridge Drive, Chesterbrook, PA, 19087 |
Internet software and services | Common Units | N/A | N/A | N/A | 1.61 | % | 1,729,439 | 1,729 | 1,776 | — | % | ||||||||||||||||||||||||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) 3733 University Boulevard West, Jacksonville, FL, 32217 |
Insurance | LP Interest | N/A | N/A | N/A | 1.08 | % | 421 | 426 | 408 | — | % | ||||||||||||||||||||||||
Picard Holdco, Inc. 851 Cypress Creek Road, Fort Lauderdale, FL, 33309(1)(5) |
Internet software and services | Series A Preferred Stock | SR + | 12.00% PIK | N/A | 0.00 | % | 51,493 | 46,631 | 42,186 | 0.60 | % | ||||||||||||||||||||||||
Elliott Alto Co-Investor Aggregator L.P. 851 Cypress Creek Road, Fort Lauderdale, FL, 33309 |
Internet software and services | LP Interest | N/A | N/A | N/A | 0.10 | % | 6,529,851 | 6,569 | 6,187 | 0.10 | % | ||||||||||||||||||||||||
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) 302 South 4th Street, Manhattan, KS, 66502 |
Internet software and services | LP Interest | N/A | N/A | N/A | 0.00 | % | 987,461 | 987 | 1,032 | — | % | ||||||||||||||||||||||||
ASP Conair Holdings LP 1 Cummings Point Road, Stamford, CT, 06902 |
Consumer products | Class A Units | N/A | N/A | N/A | 0.13 | % | 9,286 | 929 | 877 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand) 1601 Cloverfield Boulevard, Santa Monica, CA, 90404(11)(11) |
Human resource support services | Series A Preferred Stock | N/A | 10.50% PIK | N/A | 0.01 | % | 12,750 | 14,925 | 13,024 | 0.20 | % | ||||||||||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.) 247 Station Dr, Westwood, MA 02090, Westwood, MA, 02090(11)(11) |
Healthcare equipment and services | Class A Units | N/A | 8.00% PIK | N/A | 0.12 | % | 13,517 | 1,228 | 1,228 | — | % | ||||||||||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.) 247 Station Dr, Westwood, MA 02090, Westwood, MA, 02090 |
Healthcare equipment and services | Class B Units | N/A | N/A | N/A | 0.14 | % | 982 | 164 | 225 | — | % | ||||||||||||||||||||||||
Denali Holding, LP (dba Summit Companies) 2500 Lexington Avenue South, Mendota Heights, MN, 55120 |
Business services | Class A Units | N/A | N/A | N/A | 0.77 | % | 686,513 | 7,076 | 10,212 | 0.10 | % | ||||||||||||||||||||||||
Dodge Construction Network Holdings, L.P. 300 American Metro Boulevard, Hamilton, NJ, 08619(1)(5) |
Buildings and real estate | Series A Preferred Units | SR + | 8.25% | N/A | 0.03 | % | — | 3 | 2 | — | % | ||||||||||||||||||||||||
Dodge Construction Network Holdings, L.P. 300 American Metro Boulevard, Hamilton, NJ, 08619 |
Buildings and real estate | Class A-2 Common Units | N/A | N/A | N/A | 0.03 | % | 143,963 | 123 | 101 | — | % | ||||||||||||||||||||||||
BEHP Co-Investor II, L.P. 11511 Reed Hartman Highway, Cincinnati, OH, 45241 |
Healthcare technology | LP Interest | N/A | N/A | N/A | 0.64 | % | 1,269,969 | 1,266 | 1,325 | — | % |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
WP Irving Co-Invest, L.P. 11511 Reed Hartman Highway, Cincinnati, OH, 45241 |
Healthcare technology | Partnership Units | N/A | N/A | N/A | 0.49 | % | 1,25 0,000 | 1,251 | 1,304 | — | |||||||||||||||||||||||||
Evolution Parent, LP (dba SIAA) 100 Witmer Road, Horsham, PA, 19044 |
Insurance | LP Interest | N/A | N/A | N/A | 0.05 | % | 2,703 | 270 | 302 | — | |||||||||||||||||||||||||
Fifth Season Investments LLC 201 Broad St, Suite 500, Stamford, Connecticut 06901, US, Stamford, CT, 06901 |
Insurance | Class A Units | N/A | N/A | N/A | 35.05 | % | 28 | 123,500 | 123,500 | 1.60 | |||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403 |
Business services | Common Units | N/A | N/A | N/A | 0.00 | % | 10 | 10 | 11 | — | |||||||||||||||||||||||||
Hercules Blocker 2 LLC 412 Georgia Avenue, Chattanooga, TN, 37403 |
Business services | LLC Interest | N/A | N/A | N/A | 0.00 | % | — | — | — | — | |||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group) 412 Georgia Avenue, Chattanooga, TN, 37403 |
Business services | LLC Interest | N/A | N/A | N/A | 0.00 | % | — | — | — | — | |||||||||||||||||||||||||
Hercules Blocker 4 LLC 412 Georgia Avenue, Chattanooga, TN, 37403 |
Business services | LLC Interest | N/A | N/A | N/A | 0.00 | % | — | — | — | — | |||||||||||||||||||||||||
Hercules Blocker 5 LLC 412 Georgia Avenue, Chattanooga, TN, 37403 |
Business services | LLC Interest | N/A | N/A | N/A | 0.00 | % | — | — | — | — | |||||||||||||||||||||||||
Hissho Sushi Holdings, LLC 11949 Steele Creek Road, Charlotte, NC, 28273 |
Food and beverage | Class A Units | N/A | N/A | N/A | 2.89 | % | 941,780 | 9,418 | 12,187 | 0.20 |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Hockey Parent Holdings, L.P. 150 North Riverside Plaza, Chicago, IL, 60606 |
Insurance | Class A Units | N/A | N/A | N/A | 0.21 | % | 12,438 | 25,000 | 25,000 | 0.30 | |||||||||||||||||||||||||
Orange Blossom Parent, Inc. 9600 West Bryn Mawr Avenue, Rosemont, IL, 60018 |
Healthcare technology | Common Equity | N/A | N/A | N/A | 0.14 | % | 16,667 | 1,667 | 1,710 | — | |||||||||||||||||||||||||
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) 701 Brickell Avenue, Miami, FL, 33131(11)(11) |
Business services | Perpetual Preferred Stock | N/A | 11.75% PIK | N/A | 0.00 | % | 53,600 | 59,042 | 60,062 | 0.80 | |||||||||||||||||||||||||
Maia Aggregator, LP 285 Fulton Street, New York, NY, 10007 |
Healthcare equipment and services | Class A-2 Units | N/A | N/A | N/A | 1.72 | % | 12,921,348 | 12,921 | 13,711 | 0.20 | |||||||||||||||||||||||||
Metis HoldCo, Inc. (dba Mavis Tire Express Services) 358 Saw Mill River Road, Millwood, NY, 10546(11)(11) |
Automotive | Series A Convertible Preferred Stock | N/A | 7.00% PIK | N/A | N/A | 10,769 | 12,454 | 12,729 | 0.20 | ||||||||||||||||||||||||||
MessageBird Holding B.V. Trompenburgstraat 2C, 1079 TX Amsterdam, Netherlands |
Internet software and services | Extended Series C Warrants | N/A | N/A | N/A | N/A | 7,980 | 49 | 9 | — | ||||||||||||||||||||||||||
KOBHG Holdings, L.P. (dba OB Hospitalist) 777 Lowndes Hill Road, Greenville, SC, 29607 |
Healthcare providers and services | Class A Interests | N/A | N/A | N/A | 0.72 | % | 3,520 | 3,520 | 3,105 | — | |||||||||||||||||||||||||
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC) 399 Park Avenue, New York, NY, 10022 |
Joint ventures | LLC Interest | N/A | N/A | N/A | 0.00 | % | 257,933 | 257,933 | 264,772 | 3.50 |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043 |
Insurance | Class A Units | N/A | N/A | N/A | 0.91 | % | 6,047,390 | 15,336 | 27,614 | 0.40 | |||||||||||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043 |
Insurance | Class A Unit Warrants | N/A | N/A | N/A | 0.15 | % | 1,503,286 | 5,129 | 5,134 | — | |||||||||||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043 |
Insurance | Class A Unit Warrants | N/A | N/A | N/A | 0.15 | % | — | — | — | — | |||||||||||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services) 2500 West Executive Parkway, Lehi, UT, 84043(11)(11)(12) |
Insurance | Series A Preferred Units | N/A | 15.00% PIK | N/A | 0.00 | % | 19,423 | 7,897 | 8,378 | 0.10 | |||||||||||||||||||||||||
KPCI Holdings, L.P. 3001 Red Lion Road, Philadelphia, PA, 19114 |
Healthcare equipment and services | Class A Units | N/A | N/A | N/A | 0.00 | % | 1,781 | 2,313 | 2,056 | — | |||||||||||||||||||||||||
Gloves Holdings, LP (dba Protective Industrial Products) 25 British American Boulevard, Latham, NY, 12110 |
Manufacturing | LP Interest | N/A | N/A | N/A | 0.02 | % | 1,000 | 100 | 112 | — | |||||||||||||||||||||||||
Rhea Acquisition Holdings, LP 1 Technology Circle, Columbia, SC, 29203 |
Healthcare equipment and services | Series A-2 Units | N/A | N/A | N/A | 1.91 | % | 11,964,286 | 11,964 | 16,154 | 0.20 | |||||||||||||||||||||||||
Project Hotel California Co-Invest Fund, L.P. 11120 Four Points Drive, Austin, TX, 78726 |
Internet software and services | LP Interest | N/A | N/A | N/A | 0.19 | % | 3,522 | 3,525 | 3,679 | — |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
LSI Financing 1 DAC Victoria Building, 1-2 Haddington Rd, Dublin, D04 XN32, Ireland, Dublin, , |
Pharmaceuticals | Preferred equity | N/A | N/A | N/A | 20.00 | % | 79,272 | 74,421 | 77,407 | 1.00 | |||||||||||||||||||||||||
LSI Financing 1 DAC Victoria Building, 1-2 Haddington Rd, Dublin, D04 XN32, Ireland, Dublin, , |
Pharmaceuticals | Preferred equity | N/A | N/A | N/A | 20.00 | % | — | — | — | — | |||||||||||||||||||||||||
LSI Financing 1 DAC Victoria Building, 1-2 Haddington Rd, Dublin, D04 XN32, Ireland, Dublin, , |
Pharmaceuticals | Preferred equity | N/A | N/A | N/A | 20.00 | % | — | — | — | — | |||||||||||||||||||||||||
LSI Financing 1 DAC Victoria Building, 1-2 Haddington Rd, Dublin, D04 XN32, Ireland, Dublin, , |
Pharmaceuticals | Preferred equity | N/A | N/A | N/A | 20.00 | % | — | — | — | — | |||||||||||||||||||||||||
Thunder Topco L.P. (dba Vector Solutions) 4890 West Kennedy Boulevard, Tampa, FL, 33609 |
Internet software and services | Common Units | N/A | N/A | N/A | 0.07 | % | 712,884 | 713 | 791 | — | |||||||||||||||||||||||||
Walker Edison Holdco LLC 1553 West 9000 South, Salt Lake City, UT, 84088 |
Household products | Common Equity | N/A | N/A | N/A | 3.33 | % | 29,167 | 2,818 | 1,685 | — | |||||||||||||||||||||||||
WMC Bidco, Inc. (dba West Monroe) 222 West Adams Street, Chicago, IL, 60606(11)(11) |
Internet software and services | Senior Preferred Stock | N/A | 11.25% PIK | N/A | 0.00 | % | 33,385 | 40,587 | 39,124 | 0.50 | |||||||||||||||||||||||||
BCTO WIW Holdings, Inc. (dba When I Work) 420 North 5th Street, Minneapolis, MN, 55401 |
Internet software and services | Class A Common Stock | N/A | N/A | N/A | 1.77 | % | 57,000 | 5,700 | 4,808 | 0.10 |
Company |
Industry |
Investment |
Interest |
Maturity Date |
Percentage of Class Held on a Fully Diluted Basis |
Par / Units |
Amortized Cost |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||||||||||||
Zoro TopCo, Inc. (dba Zendesk, Inc.) 989 Market Street, San Francisco, CA, 94103(11)(11) |
Internet software and services | Series A Preferred Stock | N/A | 12.50% PIK | N/A | 0.00 | % | 16,562 | 17,292 | 17,489 | 0.20 | |||||||||||||||||||||||||
Zoro TopCo, L.P. (dba Zendesk, Inc.) 989 Market Street, San Francisco, CA, 94103 |
Internet software and services | Class A Common Units | N/A | N/A | N/A | 0.20 | % | 1,380,129 | 13,801 | 14,481 | 0.20 | |||||||||||||||||||||||||
$ | 14,355,127 | $ | 14,367,280 | $ | 185 | |||||||||||||||||||||||||||||||
(1) | Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”) (which can include one-, the-, six- or twelve-month CDOR), Sterling (SP) Overnight Interbank Average Rate (“SONIA” or “S”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(2) | The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%. |
(3) | The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%. |
(4) | The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%. |
(5) | The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%. |
(6) | The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%. |
(7) | The interest rate on these loans is subject to 3 month CDOR, which as of September 30, 2023 was 5.51%. |
(8) | The interest rate on these loans is subject to 3 month EURIBOR, which as of September 30, 2023 was 3.95%. |
(9) | The interest rate on these loans is subject to SONIA, which as of September 30, 2023 was 5.19%. |
(10) | The interest rate on these loans is subject to Prime, which as of September 30, 2023 was 8.50%. |
(11) | Investment does not contain a variable rate structure. |
(12) | Position or portion thereof is an unfunded loan or equity commitment. |
Name |
Age |
Position |
Expiration of Term |
Director Since |
||||||||||
Independent Directors |
||||||||||||||
Christopher M. Temple |
56 | Director | 2024 | 2020 | ||||||||||
Edward D’Alelio |
71 | Chairman of the Board, Director | 2025 | 2020 | ||||||||||
Eric Kaye |
60 | Director | 2026 | 2020 | ||||||||||
Melissa Weiler |
59 | Director | 2024 | 2021 | ||||||||||
Victor Woolridge |
66 | Director | 2026 | 2021 | ||||||||||
Interested Director |
||||||||||||||
Craig W. Packer |
57 | Chief Executive Officer; President; Director | 2025 | 2020 |
Name |
Age |
Position | ||||
Karen Hager |
51 | Chief Compliance Officer | ||||
Bryan Cole |
39 | Chief Financial Officer and Chief Operating Officer | ||||
Alan Kirshenbaum |
52 | Executive Vice President | ||||
Jonathan Lamm |
49 | Vice President | ||||
Neena A. Reddy |
45 | Vice President and Secretary | ||||
Matthew Swatt |
35 | Co-Chief Accounting Officer, Co-Treasurer, Co-Controller | ||||
Shari Withem |
40 | Co-Chief Accounting Officer, Co-Treasurer, Co-Controller | ||||
Jennifer McMillon |
45 | Co-Chief Accounting Officer, Co-Treasurer, Co-Controller |
Board Meeting Fee |
Annual Committee Chair Cash Retainer |
Committee Meeting Fee |
||||||||||||||||||
Annual Cash Retainer |
Chair of the Board |
Audit Committee Chair |
NCG Committee Chair |
|||||||||||||||||
$150,000 |
$ | 2,500 | $ | 25,000 | $ | 15,000 | $ | 5,000 | $ | 1,000 |
Name of Director |
Fees Earned and Paid in Cash by the Company |
Total Compensation from the Company |
Total Compensation from the Fund Complex |
|||||||||
Edward D’Alelio |
$ | 224,500 | $ | 224,500 | $ | 1,533,749 | ||||||
Christopher M. Temple |
$ | 219,500 | $ | 219,500 | $ | 1,504,587 | ||||||
Eric Kaye |
$ | 204,500 | $ | 204,500 | $ | 1,417,984 | ||||||
Brian Finn (1) |
$ | 30,753 | $ | 30,753 | $ | 202,067 | ||||||
Melissa Weiler |
$ | 202,000 | $ | 202,000 | $ | 1,382,115 | ||||||
Victor Woolridge |
$ | 204,500 | $ | 204,500 | $ | 1,394,615 |
(1) | Mr. Finn retired from the Board on February 23, 2022. |
Assets Under Management |
Annual Cash Retainer* |
Chair of the Board |
Chair of Audit |
Chair of Committee |
||||||||||||
$0 to < $2.5 Billion |
$ | 150,000 | $ | 15,000 | $ | 10,000 | $ | 5,000 | ||||||||
$2.5 Billion to < $5 Billion |
$ | 175,000 | $ | 15,000 | $ | 10,000 | $ | 5,000 | ||||||||
$5 Billion to < $10 Billion |
$ | 200,000 | $ | 15,000 | $ | 10,000 | $ | 5,000 | ||||||||
> $10 Billion |
$ | 250,000 | $ | 15,000 | $ | 10,000 | $ | 5,000 |
* | Payable quarterly and calculated based on the assets under management on the last day of the previous quarter. |
Name |
Year of Birth |
|||
Douglas I. Ostrover |
1962 | |||
Marc S. Lipschultz |
1969 | |||
Craig W. Packer |
1966 | |||
Alexis Maged |
1965 | |||
Jeff Walwyn |
1979 | |||
Patrick Linneman |
1983 | |||
Meenal Mehta |
1975 | |||
Logan Nicholson |
1980 |
Name |
Entity |
Investment Focus |
Gross assets ($ in millions) |
|||||
Blue Owl Capital Corporation |
Business development company | U.S. middle market lending | $ | 13,584.9 | ||||
Blue Owl Capital Corporation II |
Business development company | U.S. middle market lending | $ | 2,326.5 | ||||
Blue Owl Capital Corporation III |
Business development company | U.S. middle market lending | $ | 3,552.7 | ||||
Blue Owl Technology Finance Corp. |
Business development company | U.S. middle market technology related lending | $ | 6,663.4 | ||||
Blue Owl Technology Finance Corp. II |
Business development company | U.S. middle market technology related lending | $ | 2,513.8 | ||||
Blue Owl Technology Income Corp. |
Business development company | U.S. middle market technology related lending | $ | 2,043.6 |
• | determine the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes; |
• | assist us in determining which investments we purchase, retain or sell; |
• | identify, evaluate and negotiate the structure of the investments we make (including performing due diligence on our prospective portfolio companies); and |
• | execute, close, service and monitor the investments we make. |
• | No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of our net asset value for that immediately preceding calendar quarter. We refer to this as the quarterly preferred return. |
• | All of our pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which we refer to as the upper level breakpoint, of our net asset value for that immediately preceding calendar quarter, will be payable to our Adviser. We refer to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of our pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of our net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter. |
• | For any quarter in which our pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the our net asset value for that immediately preceding calendar quarter, the incentive |
fee on income will equal 12.50% of the amount of our pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved. |
• | Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by us of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. |
Scenarios expressed as a percentage of net asset value at the beginning of the quarter |
Scenario 1 |
Scenario 2 |
Scenario 3 |
|||||||||
Pre-incentive fee net investment income |
1.00 | % | 1.35 | % | 2.00 | % | ||||||
Catch up incentive fee (maximum of 0.18%) |
0.00 | % | -0.10 | % | -0.18 | % | ||||||
Split incentive fee (12.50% above 1.43%) |
0.00 | % | 0.00 | % | -0.07 | % | ||||||
Net Investment income |
1.00 | % | 1.25 | % | 1.75 | % |
Year 1: | No net realized capital gains or losses |
Year 2: | 6.00% realized capital gains and 1.00% realized capital losses and unrealized capital depreciation; capital gain incentive fee = 12.50% × (realized capital gains for year computed net of all realized capital losses and unrealized capital depreciation at year end) |
Year 1 Incentive Fee on Capital Gains | = 12.50% × (0) | |
= 0 | ||
= No Incentive Fee on Capital Gains | ||
Year 2 Incentive Fee on Capital Gains | = 12.50% × (6.00% - 1.00)% | |
= 12.50% × 5.00% | ||
= 0.63% |
• | expenses deemed to be “organization and offering expenses” for purposes of Conduct Rule 2310(a)(12) of FINRA (exclusive of commissions, the dealer management fee, any discounts and other similar expenses paid by investors at the time of sale of our stock); |
• | the cost of corporate and organizational expenses relating to offerings of shares of our common stock; |
• | the cost of calculating our net asset value, including the cost of any third-party valuation services; |
• | the cost of effecting any sales and repurchases of our common stock and other securities; |
• | fees and expenses payable under any dealer manager agreements, if any; |
• | debt service and other costs of borrowings or other financing arrangements; |
• | costs of hedging; |
• | expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights; |
• | escrow agent, transfer agent and custodial fees and expenses; |
• | fees and expenses associated with marketing efforts; |
• | federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; |
• | U.S. federal, state and local taxes; |
• | independent directors’ fees and expenses including certain travel expenses; |
• | costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; |
• | the costs of any reports, proxy statements or other notices to our shareholders (including printing and mailing costs); |
• | the costs of any shareholder or director meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; |
• | commissions and other compensation payable to brokers or dealers; |
• | research and market data; |
• | fidelity bond, directors’ and officers’ errors and omissions liability insurance and other insurance premiums; |
• | direct costs and expenses of administration, including printing, mailing, long distance telephone and staff; |
• | fees and expenses associated with independent audits, outside legal and consulting costs; |
• | costs of winding up; |
• | costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes; |
• | extraordinary expenses (such as litigation or indemnification); and |
• | costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws. |
• | the nature, quality and extent of the advisory and other services to be provided to us by the Adviser; |
• | comparative data with respect to advisory fees or similar expenses paid by other BDCs, which could include employees of the Adviser or its affiliates; |
• | our projected operating expenses and expense ratio compared to BDCs with similar investment objectives; |
• | any existing and potential sources of indirect income to the Adviser from its relationship with us and the profitability of that relationship; |
• | information about the services to be performed and the personnel performing such services under the Investment Advisory Agreement; |
• | the organizational capability and financial condition of the Adviser and its affiliates; and |
• | the possibility of obtaining similar services from other third-party service providers or through an internally managed structure. |
• | We may not purchase or lease assets in which the Adviser or its affiliates has an interest unless (i) we disclose the terms of the transaction to our shareholders, the terms are reasonable to us and the price does not exceed the lesser of cost or fair market value, as determined by an independent expert or (ii) such purchase or lease of assets is consistent with the 1940 Act or an exemptive order under the 1940 Act issued to us by the SEC; |
• | We may not invest in general partnerships or joint ventures with affiliates and non-affiliates unless certain conditions are met; |
• | The Adviser and its affiliates may not acquire assets from us unless (i) approved by our shareholders entitled to cast a majority of the votes entitled to be cast on the matter or (ii) such acquisition is consistent with the 1940 Act or an exemptive order under the 1940 Act issued to us by the SEC; |
• | We may not lease assets to the Adviser or its affiliates unless we disclose the terms of the transaction to our shareholders and such terms are fair and reasonable to us; |
• | We may not make any loans, credit facilities, credit agreements or otherwise to the Adviser or its affiliates except for the advancement of funds as permitted by our charter; |
• | We may not acquire assets from our affiliates in exchange for our common stock; |
• | We may not pay a commission or fee, either directly or indirectly to the Adviser or its affiliates, except as otherwise permitted by our charter, in connection with the reinvestment of cash flows from operations and available reserves or of the proceeds of the resale, exchange or refinancing of our assets; |
• | The Adviser may not charge duplicate fees to us; and |
• | The Adviser may not provide financing to us with a term in excess of 12 months. |
• | In addition, in the Investment Advisory Agreement, the Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state securities laws governing its operations and investments. |
• | with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company’s outstanding Class S shares; and |
• | with respect to the Company’s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company’s outstanding Class D shares. |
• | each person known to us to be expected to beneficially own more than 5% of the outstanding shares of our common stock; |
• | each of our directors and each executive officers; and |
• | all of our directors and executive officers as a group. |
Name and Address |
Number of Shares Owned |
Percentage of class outstanding (as of September 30, 2023) |
||||||
Interested Directors |
||||||||
Craig W. Packer |
None | 0 | % | |||||
Independent Directors(1) |
||||||||
Edward D’Alelio |
None | 0 | % | |||||
Christopher M. Temple |
None | 0 | % | |||||
Eric Kaye |
None | 0 | % | |||||
Melissa Weiler |
None | 0 | % | |||||
Victor Woolridge |
None | 0 | % | |||||
Executive Officers(1) |
||||||||
Karen Hager |
None | 0 | % | |||||
Bryan Cole |
None | 0 | % | |||||
Alan Kirshenbaum |
None | 0 | % | |||||
Jonathan Lamm |
None | 0 | % | |||||
Neena A. Reddy |
None | 0 | % | |||||
Matthew Swatt |
None | 0 | % | |||||
Shari Withem |
None | 0 | % | |||||
Jennifer McMillon |
None | 0 | % | |||||
All officers and directors as a group (14 persons) |
None | 0.0 | % |
(1) | The address for each of the directors and officers is c/o Blue Owl Credit Income Corp., 399 Park Avenue, New York, New York 10022. |
Name of Director |
Dollar Range of Equity Securities in Blue Owl Credit Income Corp.(1)(2) |
Aggregate Dollar Range of Equity Securities in the Fund Complex(1) (3) |
||||||
Interested Directors |
||||||||
Craig W. Packer |
— | over $ | 100,000 |
Name of Director |
Dollar Range of Equity Securities in Blue Owl Credit Income Corp.(1)(2) |
Aggregate Dollar Range of Equity Securities in the Fund Complex(1) (3) |
||||||
Independent Directors |
||||||||
Edward D’Alelio |
— | over $ | 100,000 | |||||
Eric Kaye |
— | over $ | 100,000 | |||||
Christopher M. Temple |
— | over $ | 100,000 | |||||
Melissa Weiler |
— | over $ | 100,000 | |||||
Victor Woolridge |
— | — |
(1) | Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). |
(2) | The dollar range of equity securities of the Company beneficially owned by directors of the Company, if applicable, is calculated by multiplying the current net public offering price of the applicable class of the Company’s common stock by the number of shares beneficially owned. |
(3) | The dollar range of Equity Securities in the Fund Complex beneficially owned by directors of the Company, if applicable, is the sum of (1) the closing price per share of OBDC’s common stock as of September 30, 2023 multiplied by the number of shares of OBDC’s common stock beneficially owned by the director, (2) the current net asset value per share of OBDC II’s common stock multiplied by the number of shares of OBDC II’s common stock beneficially owned by the director, (3) the current net asset value per share of OBDC III’s common stock multiplied by the number of shares of OBDC III’s common stock beneficially owned by the director, (4) the current net asset value per share of OTF’s common stock multiplied by the number of shares of OTF’s common stock beneficially owned by the director, (5) the current net asset value per share of OTF II’s common stock multiplied by the number of shares of OTF II’s common stock beneficially owned by the director, (6) the current net offering price per share of OTIC’s common stock multiplied by the number of shares of OTIC’s common stock beneficially owned by the director and (7) the total dollar range of equity securities in the Company beneficially owned by the director. |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||||||
December 5, 2022 |
January 31, 2023 | February 24, 2023 | $ | 0.08765 | $ | 16,523 | $ | 4,296 | $ | 30,667 | ||||||||||||||
February 10, 2023 |
February 28, 2023 | March 23, 2023 | 0.06765 | 12,882 | 3,372 | 24,319 | ||||||||||||||||||
February 10, 2023 |
March 31, 2023 | April 26, 2023 | 0.06765 | 13,027 | 3,550 | 24,938 | ||||||||||||||||||
February 10, 2023 |
April 30, 2023 | May 22, 2023 | 0.08765 | 18,233 | 4,956 | 33,691 | ||||||||||||||||||
May 9, 2023 |
May 31, 2023 | June 26, 2023 | 0.06765 | 14,183 | 3,884 | 27,515 | ||||||||||||||||||
May 9, 2023 |
June 30, 2023 | July 26, 2023 | 0.06765 | 14,804 | 3,894 | 28,323 | ||||||||||||||||||
May 9, 2023 |
July 31, 2023 | August 22, 2023 | 0.08765 | 20,574 | 5,252 | 38,233 | ||||||||||||||||||
August 21, 2023 |
August 31, 2023 | September 26, 2023 | 0.07010 | 16,878 | 4,262 | 31,886 | ||||||||||||||||||
August 21, 2023 |
September 30, 2023 | October 26, 2023 | 0.07010 | 17,637 | 4,358 | 33,085 | ||||||||||||||||||
August 21, 2023 |
October 31, 2023 | November 30, 2023 | 0.10280 | 28,068 | 6,691 | 50,825 | ||||||||||||||||||
Total |
$ | 0.77655 | $ | 172,809 | $ | 44,515 | $ | 323,482 | ||||||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||||||
November 2, 2021 |
January 31, 2022 | February 23, 2022 | $ | 0.05580 | $ | 3,798 | $ | 1,094 | $ | 6,347 | ||||||||||||||
November 2, 2021 |
February 28, 2022 | March 24, 2022 | 0.05580 | 4,593 | 1,367 | 7,312 | ||||||||||||||||||
November 2, 2021 |
March 31, 2022 | April 25, 2022 | 0.05580 | 5,334 | 1,673 | 8,860 | ||||||||||||||||||
February 23, 2022 |
April 30, 2022 | May 24, 2022 | 0.05580 | 6,147 | 1,767 | 10,893 | ||||||||||||||||||
February 23, 2022 |
May 31, 2022 | June 23, 2022 | 0.05580 | 6,896 | 2,003 | 12,307 | ||||||||||||||||||
February 23, 2022 |
June 30, 2022 | July 26, 2022 | 0.05580 | 7,613 | 2,110 | 13,541 | ||||||||||||||||||
May 3, 2022 |
July 31, 2022 | August 24, 2022 | 0.06038 | 8,877 | 2,445 | 15,923 | ||||||||||||||||||
May 3, 2022 |
August 31, 2022 | September 26, 2022 | 0.06038 | 9,247 | 2,505 | 16,982 | ||||||||||||||||||
May 3, 2022 |
September 30, 2022 | October 26, 2022 | 0.06643 | 10,779 | 2,902 | 19,803 | ||||||||||||||||||
October 23, 2022 |
October 31, 2022 | November 28, 2022 | 0.06643 | 11,169 | 3,007 | 20,728 | ||||||||||||||||||
November 22, 2022 |
November 30, 2022 | December 23, 2022 | 0.06643 | 11,567 | 3,113 | 21,596 | ||||||||||||||||||
December 5, 2022 |
December 31, 2022 | January 26, 2023 | 0.06643 | 11,774 | 3,153 | 22,109 | ||||||||||||||||||
Total |
$ | 0.72128 | $ | 97,794 | $ | 27,139 | $ | 176,401 | ||||||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||||||
February 23, 2021 |
March 31, 2021 | April 28, 2021 | 0.05146 | — | 16 | 194 | ||||||||||||||||||
February 23, 2021 |
April 30, 2021 | May 27, 2021 | 0.05146 | 33 | 54 | 418 | ||||||||||||||||||
February 23, 2021 |
May 31, 2021 | June 24, 2021 | 0.05146 | 91 | 101 | 558 | ||||||||||||||||||
February 23, 2021 |
June 30, 2021 | July 27, 2021 | 0.05146 | 129 | 168 | 839 | ||||||||||||||||||
May 5, 2021 |
July 31, 2021 | August 23, 2021 | 0.05146 | 294 | 222 | 1,116 | ||||||||||||||||||
May 5, 2021 |
August 31, 2021 | September 27, 2021 | 0.05146 | 432 | 270 | 1,648 | ||||||||||||||||||
May 5, 2021 |
September 30, 2021 | October 25, 2021 | 0.05146 | 789 | 354 | 2,209 | ||||||||||||||||||
August 3, 2021 |
October 31, 2021 | November 22, 2021 | 0.05291 | 1,379 | 707 | 3,125 | ||||||||||||||||||
August 3, 2021 |
November 30, 2021 | December 22, 2021 | 0.05435 | 2,060 | 867 | 3,997 | ||||||||||||||||||
August 3, 2021 |
December 31, 2021 | January 27, 2022 | 0.05580 | 2,979 | 999 | 5,027 | ||||||||||||||||||
Total |
$ | 0.52328 | $ | 8,186 | $ | 3,758 | $ | 19,131 | ||||||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
Title of Class |
Amount Authorized |
Amount Held by Company for its Account |
Amount Outstanding as of November 30, 2023 |
|||||||||
• | approve or disapprove an amendment to our charter; |
• | remove our Adviser and elect a new investment adviser; |
• | approve or disapprove the dissolution of the Company; or |
• | approve or disapprove the sale of all or substantially all of our assets when such sale is to be made other than in the ordinary course of business. |
• | Without the approval of a majority of our shareholders voting together as a single class, our Adviser may not: |
• | amend the Investment Advisory Agreement except for amendments that would not adversely affect the rights of our shareholders; |
• | except as otherwise permitted under the Advisory Agreement, voluntarily withdraw as our investment adviser unless such withdrawal would not affect our tax status and would not materially adversely affect our shareholders; |
• | appoint a new investment adviser (other than a sub-adviser pursuant to the terms of the Advisory Agreement and applicable law); |
• | sell all or substantially all of our assets other than in the ordinary course of business; or |
• | cause the merger or similar reorganization of the Company. |
• | any action required or permitted to be taken by the shareholders at an annual meeting or special meeting of shareholders may only be taken if it is properly brought before such meeting or by unanimous consent in lieu of a meeting; |
• | special meetings of the shareholders may only be called by the Board, the chairman of the Board, the chief executive officer or the president, and must be called by the secretary upon the written request of shareholders who are entitled to cast not less than ten percent of all the votes entitled to be cast on such matter at such meeting; and |
• | any shareholder nomination or business proposal to be properly brought before a meeting of shareholders must have been made in compliance with certain advance notice and informational requirements. |
• | one-tenth or more but less than one-third; |
• | one-third or more but less than a majority; or |
• | a majority or more of all voting power. |
• | any person who beneficially owns 10% or more of the voting power of the corporation’s stock; or |
• | an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation. |
• | 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and |
• | two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder. |
• | accepting the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction offered in the proposed roll-up transaction; or |
• | one of the following: |
• | remaining as shareholders and preserving their interests in us on the same terms and conditions as existed previously; or |
• | receiving cash in an amount equal to their pro rata share of the appraised value of the net assets of the class of shares that they hold. |
• | which would result in shareholders having voting rights in the entity that would be created or would survive after the successful completion of the roll-up transaction that are less than those provided in the charter, including rights with respect to the election and removal of directors, annual and special meetings, amendments to the charter and our dissolution; |
• | which includes provisions that would operate as a material impediment to, or frustration of, the accumulation of shares of our common stock by any purchaser of the securities of the entity that would be created or would survive after the successful completion of the roll-up transaction, except to the minimum extent necessary to preserve the tax status of such entity, or which would limit the ability of an investor to exercise the voting rights of its securities of the entity that would be created or would survive after the successful completion of the roll-up transaction on the basis of the number of shares held by that investor; |
• | in which shareholders’ rights to access to records of the entity that would be created or would survive after the successful completion of the roll-up transaction will be less than those provided in the charter; or |
• | in which we would bear any of the costs of the roll-up transaction if the shareholders reject the roll-up transaction. |
• | With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations; |
• | With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee; |
• | Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee. |
• | Our Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment; |
• | Each quarter, our Adviser, as the valuation designee, provides the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, our Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and |
• | The Audit Committee oversee the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention. We conduct this valuation process on a quarterly basis. |
• | Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. |
• | Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
• | Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
• | the net asset value per share of each class of our common stock as disclosed in our most recent periodic report filed with the SEC; |
• | our management’s assessment of whether any material change in net asset value per share has occurred (including through any realization of net gains from the sale of a portfolio investment), or any material change in the fair value of portfolio investments has occurred, in each case, from the period beginning on the date of the most recently disclosed net asset value per share to the period ending as of the last day of the prior month; and |
• | the magnitude of the difference between (i) the values that our Board or an authorized committee thereof has determined reflects the current (as of the last day of the prior month) net asset value per share of each class of our common stock, which is based upon the net asset value per share of each class of our common stock disclosed in the most recent periodic report that we filed with the SEC, as adjusted to reflect our management’s assessment of any material change in the net asset value per share of each class of our common stock since the date of the most recently disclosed net asset value per share of each class of our common stock and (ii) the offering price per share of each class of our common stock at the date of the monthly subscription closing. |
Class S shares |
up to 3.50 | % | ||
Class D shares |
up to 1.50 | % | ||
Class I shares |
None |
Class S shares |
0.85 | % | ||
Class D shares |
0.25 | % | ||
Class I shares |
None |
• | reinvesting distributions; |
• | participating in an investment advisory or agency commission program under which you pay a fee to an investment advisor or other firm for portfolio management or brokerage services; |
• | a current executive officer or director of the Company; |
• | an employee (including the employee’s immediate family) of the Adviser or its affiliates or of a broker-dealer authorized to sell the Company’s shares; or |
• | purchasing shares through a financial services firm (such as a broker-dealer, investment advisor or financial institution) that has a special arrangement with the Company. |
• | investor sales promotion brochures; |
• | cover letters transmitting this prospectus; |
• | brochures containing a summary description of this offering; |
• | fact sheets describing our investment objective and strategies; |
• | asset flyers describing our recent investments; |
• | broker updates; |
• | online investor presentations; |
• | third-party article reprints; |
• | website material; |
• | electronic media presentations; and |
• | client seminar presentations and seminar advertisements and invitations. |
• | Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An eligible portfolio company is defined in the 1940 Act as any issuer which: |
• | is organized under the laws of, and has its principal place of business in, the United States; |
• | is not an investment company (other than a small business investment company wholly owned by the business development company) or a company that would be an investment company but for certain exclusions under the 1940 Act; and satisfies any of the following: |
• | does not have any class of securities that is traded on a national securities exchange; |
• | has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million; |
• | is controlled by a business development company or a group of companies including a business development company and the business development company has an affiliated person who is a director of the eligible portfolio company; or |
• | is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million. |
• | Securities of any eligible portfolio company controlled by the Company. |
• | Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements. |
• | Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and the Company already owns 60% of the outstanding equity of the eligible portfolio company. |
• | Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities. |
• | Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. |
• | a citizen or individual resident of the United States; |
• | a corporation (or other entity treated as a corporation) organized in or under the laws of the United States or of any political subdivision thereof; |
• | a trust, that is subject to the supervision of a court within the United States and the control of one or more U.S. persons or that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person; or |
• | an estate, the income of which is subject to U.S. federal income taxation regardless of its source. |
• | maintain our qualification as a RIC for U.S. federal income tax purposes; and |
• | satisfy the Annual Distribution Requirement, |
• | continue to qualify as a BDC under the 1940 Act at all times during each taxable year; |
• | derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain “qualified publicly traded partnerships” or other income derived with respect to our business of investing in such stock or securities (the “90% Income Test”); and |
• | diversify our holdings so that at the end of each quarter of the taxable year: |
• | at least 50% of the value of our assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and |
• | no more than 25% of the value of our assets is invested in the (i) securities, other than U.S. Government securities or securities of other RICs, of one issuer, (ii) securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses, or (iii) securities of one or more “qualified publicly traded partnerships” (the “Diversification Tests”). |
• | account applications or other required forms, correspondence (written or electronic), or from telephone contacts with customers inquiring about us; |
• | transaction history of a shareholder’s account; and |
• | service providers. |
• | Our service providers, including our Adviser, as necessary for the servicing of your account. Our service providers in turn have an obligation to protect the confidentiality of your personal information. |
• | Companies that may perform marketing services on our behalf or pursuant to joint marketing agreements. These marketing companies also have an obligation to protect confidential information. |
• | Government officials or other persons unaffiliated with us, to the extent required by federal or Maryland law or our charter, including in accordance with subpoenas, court orders, and requests from government regulators. |
F-2 |
||||
F-3 |
||||
F-5 |
||||
F-58 |
||||
F-59 |
||||
F-60 |
F-140 |
||||
F-142 |
||||
F-143 |
||||
F-145 |
||||
F-182 |
||||
F-183 |
||||
F-184 |
September 30, 2023 (Unaudited) |
December 31, 2022 |
|||||||
Assets |
||||||||
Investments at fair value |
||||||||
Non-controlled, non-affiliated investments (amortized cost of $13,808,253 and $10,585,542, respectively) |
$ | 13,810,549 | $ | 10,469,767 | ||||
Non-controlled, affiliated investments (amortized cost of $74,421 and $6,224, respectively) |
77,407 | 6,175 | ||||||
Controlled, affiliated investments (amortized cost of $472,453 and $233,026, respectively) |
479,324 | 231,642 | ||||||
Total investments at fair value (amortized cost of $14,355,127 and $10,824,792, respectively) |
14,367,280 | 10,707,584 | ||||||
Cash (restricted cash of $33,803 and $23,000, respectively) |
419,376 | 225,247 | ||||||
Interest receivable |
111,750 | 80,402 | ||||||
Receivable from controlled affiliates |
8,724 | 20,202 | ||||||
Receivable for investments sold |
22,904 | — | ||||||
Prepaid expenses and other assets |
183,850 | 2,927 | ||||||
Total Assets |
$ | 15,113,884 | $ | 11,036,362 | ||||
Liabilities |
||||||||
Debt (net of unamortized debt issuance costs of $80,765 and $63,306, respectively) |
$ | 6,975,321 | $ | 5,477,411 | ||||
Distribution payable |
55,079 | 37,036 | ||||||
Payable for investments purchased |
174,083 | 41,706 | ||||||
Payables to affiliates |
41,740 | 32,590 | ||||||
Tender offer payable |
103,908 | 110,836 | ||||||
Accrued expenses and other liabilities |
101,785 | 87,030 | ||||||
Total Liabilities |
7,451,916 | 5,786,609 | ||||||
Commitments and contingencies (Note 7) |
||||||||
Net Assets |
||||||||
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 277,661,749 and 196,951,435 shares issued and outstanding, respectively |
2,777 | 1,970 | ||||||
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 63,961,682 and 48,895,298 shares issued and outstanding, respectively |
640 | 489 | ||||||
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 471,968,302 and 332,811,718 shares issued and outstanding, respectively |
4,720 | 3,328 | ||||||
Additional paid-in-capital |
7,493,625 | 5,322,239 | ||||||
Accumulated undistributed (overdistributed) earnings |
160,206 | (78,273 | ) | |||||
Total Net Assets |
7,661,968 | 5,249,753 | ||||||
Total Liabilities and Net Assets |
$ | 15,113,884 | $ | 11,036,362 | ||||
Net Asset Value Per Class S Share |
$ | 9.40 | $ | 9.06 | ||||
Net Asset Value Per Class D Share |
$ | 9.41 | $ | 9.07 | ||||
Net Asset Value Per Class I Share |
$ | 9.43 | $ | 9.08 | ||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
Investment Income |
||||||||||||||||
Investment income from non-controlled, non-affiliated investments: |
||||||||||||||||
Interest income |
$ | 357,354 | $ | 174,782 | $ | 931,597 | $ | 345,230 | ||||||||
Payment-in-kind |
18,178 | 12,198 | 51,140 | 24,369 | ||||||||||||
Dividend income |
2,338 | — | 6,470 | — | ||||||||||||
Payment-in-kind |
16,729 | 13,166 | 51,131 | 21,829 | ||||||||||||
Other income |
2,995 | 5,073 | 10,412 | 12,857 | ||||||||||||
Total investment income from non-controlled, non-affiliated investments |
397,594 | 205,219 | 1,050,750 | 404,285 | ||||||||||||
Investment income from non-controlled, affiliated investments: |
||||||||||||||||
Dividend income |
214 | — | 547 | — | ||||||||||||
Total investment income from non-controlled, affiliated investments |
214 | — | 547 | — | ||||||||||||
Investment income from controlled, affiliated investments: |
||||||||||||||||
Payment-in-kind |
773 | — | 773 | — | ||||||||||||
Dividend income |
10,200 | — | 26,318 | — | ||||||||||||
Total investment income from controlled, affiliated investments |
10,973 | — | 27,091 | — | ||||||||||||
Total Investment Income |
408,781 | 205,219 | 1,078,388 | 404,285 | ||||||||||||
Operating Expenses |
||||||||||||||||
Offering costs |
1,156 | 1,090 | 2,093 | 3,440 | ||||||||||||
Interest expense |
127,342 | 61,773 | 331,488 | 113,254 | ||||||||||||
Management fees |
21,466 | 12,672 | 57,262 | 27,570 | ||||||||||||
Performance based incentive fees |
30,803 | 15,142 | 82,050 | 29,489 | ||||||||||||
Professional fees |
4,416 | 2,916 | 10,330 | 6,250 | ||||||||||||
Directors’ fees |
448 | 296 | 972 | 845 | ||||||||||||
Shareholder servicing fees |
5,696 | 3,558 | 14,916 | 8,444 | ||||||||||||
Other general and administrative |
1,828 | 1,755 | 4,981 | 4,087 | ||||||||||||
Total Operating Expenses |
193,155 | 99,202 | 504,092 | 193,379 | ||||||||||||
Expense support (Note 3) |
— | — | — | (6,775 | ) | |||||||||||
Net Operating Expenses |
193,155 | 99,202 | 504,092 | 186,604 | ||||||||||||
Net Investment Income (Loss) Before Taxes |
215,626 | 106,017 | 574,296 | 217,681 | ||||||||||||
Income tax expense (benefit), including excise tax expense (benefit) |
1,027 | 4 | 2,529 | 4 | ||||||||||||
Net Investment Income (Loss) After Taxes |
$ | 214,599 | $ | 106,013 | $ | 571,767 | $ | 217,677 | ||||||||
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
Net Realized and Change in Unrealized Gain (Loss) |
||||||||||||||||
Net change in unrealized gain (loss): |
||||||||||||||||
Non-controlled, non-affiliated investments |
$ | 46,417 | $ | 48,819 | $ | 119,573 | $ | (142,695 | ) | |||||||
Non-controlled, affiliated investments |
2,986 | — | 3,035 | — | ||||||||||||
Controlled, affiliated investments |
3,541 | — | 8,254 | — | ||||||||||||
Translation of assets and liabilities in foreign currencies |
4 | (1,779 | ) | 351 | (2,652 | ) | ||||||||||
Income tax (provision) benefit |
6 | — | (1 | ) | — | |||||||||||
Total Net Change in Unrealized Gain (Loss) |
52,954 | 47,040 | 131,212 | (145,347 | ) | |||||||||||
Net realized gain (loss): |
||||||||||||||||
Non-controlled, non-affiliated investments |
(2,411 | ) | (234 | ) | (9,589 | ) | 125 | |||||||||
Non-controlled, affiliated investments |
— | — | — | — | ||||||||||||
Controlled, affiliated investments |
— | — | — | — | ||||||||||||
Foreign currency transactions |
267 | 52 | 207 | 261 | ||||||||||||
Total Net Realized Gain (Loss) |
(2,144 | ) | (182 | ) | (9,382 | ) | 386 | |||||||||
Total Net Realized and Change in Unrealized Gain (Loss) |
50,810 | 46,858 | 121,830 | (144,961 | ) | |||||||||||
Total Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 265,409 | $ | 152,871 | $ | 693,597 | $ | 72,716 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations—Class S Common Stock |
$ | 89,934 | $ | 51,124 | $ | 233,584 | $ | 20,523 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations—Class D Common Stock |
$ | 21,281 | $ | 13,457 | $ | 57,320 | $ | 6,459 | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations—Class I Common Stock |
$ | 154,194 | $ | 88,290 | $ | 402,694 | $ | 45,734 | ||||||||
Earnings Per Share—Basic and Diluted of Class S Common Stock |
$ | 0.34 | $ | 0.30 | $ | 0.99 | $ | 0.15 | ||||||||
Weighted Average Shares of Class S Common Stock Outstanding—Basic and Diluted |
266,167,781 | 171,779,747 | 236,530,998 | 134,859,276 | ||||||||||||
Earnings Per Share—Basic and Diluted of Class D Common Stock |
$ | 0.34 | $ | 0.31 | $ | 0.99 | $ | 0.18 | ||||||||
Weighted Average Shares of Class D Common Stock Outstanding—Basic and Diluted |
62,982,453 | 43,183,930 | 58,042,790 | 35,082,254 | ||||||||||||
Earnings Per Share—Basic and Diluted of Class I Common Stock |
$ | 0.34 | $ | 0.31 | $ | 0.99 | $ | 0.22 | ||||||||
Weighted Average Shares of Class I Common Stock Outstanding—Basic and Diluted |
456,349,592 | 280,852,155 | 407,774,285 | 211,931,540 |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Non-controlled/non-affiliated |
||||||||||||||||||||||||
Debt Investments(5) |
||||||||||||||||||||||||
Advertising and media |
||||||||||||||||||||||||
Global Music Rights, LLC(7) |
First lien senior secured loan | SR + 5.75% | 08/2028 | $ | 82,898 | $ | 81,641 | $ | 82,898 | 1.1 | % | |||||||||||||
Global Music Rights, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 08/2027 | — | (98 | ) | — | 0.0 | % | |||||||||||||||
Circana Group, L.P. (fka The NPD Group, L.P.)(6) |
First lien senior secured loan | SR + 6.25% (2.75% PIK) | 12/2028 | 227,246 | 223,286 | 224,972 | 2.9 | % | ||||||||||||||||
Circana Group, L.P. (fka The NPD Group, L.P.)(6)(17) |
First lien senior secured revolving loan | SR + 5.75% | 12/2027 | 2,568 | 2,346 | 2,425 | 0.0 | % | ||||||||||||||||
312,712 | 307,175 | 310,295 | 4.0 | % | ||||||||||||||||||||
Aerospace and defense |
||||||||||||||||||||||||
Bleriot US Bidco, Inc.(7)(22) |
First lien senior secured loan | SR + 4.00% | 10/2028 | $ | 11,891 | $ | 11,832 | $ | 11,891 | 0.2 | % | |||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(22) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 9,077 | 8,986 | 9,051 | 0.1 | % | ||||||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6)(22) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 3,890 | 3,851 | 3,879 | 0.1 | % | ||||||||||||||||
ManTech International Corporation(7) |
First lien senior secured loan | SR + 5.75% | 09/2029 | 14,075 | 13,824 | 13,968 | 0.2 | % | ||||||||||||||||
ManTech International Corporation(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 09/2024 | 1,193 | 1,153 | 1,184 | 0.0 | % | ||||||||||||||||
ManTech International Corporation(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 09/2028 | — | (30 | ) | (14 | ) | 0.0 | % | ||||||||||||||
Peraton Corp.(6)(22) |
First lien senior secured loan | SR + 3.75% | 02/2028 | 14,589 | 14,568 | 14,544 | 0.2 | % | ||||||||||||||||
Peraton Corp.(7)(22) |
Second lien senior secured loan | SR + 7.75% | 02/2029 | 4,831 | 4,777 | 4,719 | 0.1 | % | ||||||||||||||||
59,546 | 58,961 | 59,222 | 0.9 | % | ||||||||||||||||||||
Automotive |
||||||||||||||||||||||||
Holley Inc.(7)(22) |
First lien senior secured loan | SR + 3.75% | 11/2028 | $ | 2,289 | $ | 2,277 | $ | 2,206 | 0.0 | % | |||||||||||||
Mavis Tire Express Services Topco Corp.(6)(22) |
First lien senior secured loan | SR + 4.00% | 05/2028 | 9,775 | 9,741 | 9,741 | 0.1 | % | ||||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings)(8) |
First lien senior secured loan | SR + 5.00% | 03/2029 | 9,073 | 8,922 | 8,846 | 0.1 | % | ||||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings)(8)(17)(18) |
First lien senior secured revolving loan | SR + 5.00% | 03/2028 | — | (39 | ) | (64 | ) | 0.0 | % | ||||||||||||||
Power Stop, LLC(6)(21) |
First lien senior secured loan | SR + 4.75% | 01/2029 | 29,550 | 29,311 | 25,118 | 0.3 | % | ||||||||||||||||
Spotless Brands, LLC(7) |
First lien senior secured loan | SR + 6.50% | 07/2028 | 54,030 | 53,120 | 53,491 | 0.7 | % | ||||||||||||||||
Spotless Brands, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 07/2028 | — | (23 | ) | (15 | ) | 0.0 | % | ||||||||||||||
104,717 | 103,309 | 99,323 | 1.2 | % | ||||||||||||||||||||
Asset based lending and fund finance |
||||||||||||||||||||||||
Hg Genesis 9 Sumoco Limited(13)(23) |
Unsecured facility | E + 7.00% PIK | 03/2027 | $ | 132,556 | $ | 137,057 | $ | 132,556 | 1.7 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Hg Saturn Luchaco Limited(14)(23) |
Unsecured facility | SA + 7.50% PIK |
03/2026 | 2,154 | 2,376 | 2,154 | 0.0 | % | ||||||||||||||||
134,710 | 139,433 | 134,710 | 1.7 | % | ||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
Associations, Inc.(7) |
First lien senior secured loan | SR + 6.50% (2.50% PIK) | 07/2027 | $ | 106,674 | $ | 105,808 | $ | 105,874 | 1.4 | % | |||||||||||||
Associations, Inc.(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 07/2027 | — | (30 | ) | (36 | ) | 0.0 | % | ||||||||||||||
Associations, Inc.(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% (2.50% PIK) | 06/2024 | 47,688 | 47,237 | 47,228 | 0.6 | % | ||||||||||||||||
CoreLogic Inc.(6)(22) |
First lien senior secured loan | SR + 3.50% | 06/2028 | 36,762 | 36,177 | 33,899 | 0.4 | % | ||||||||||||||||
Cushman & Wakefield U.S. Borrower, LLC(6)(22) |
First lien senior secured loan | SR + 2.75% | 08/2025 | 1,233 | 1,216 | 1,230 | 0.0 | % | ||||||||||||||||
Dodge Construction Network, LLC(7) |
First lien senior secured loan | SR + 4.75% | 02/2029 | 16,985 | 16,777 | 13,843 | 0.2 | % | ||||||||||||||||
RealPage, Inc.(6)(22) |
First lien senior secured loan | SR + 3.00% | 04/2028 | 14,095 | 14,081 | 13,919 | 0.2 | % | ||||||||||||||||
RealPage, Inc.(6)(22) |
Second lien senior secured loan | SR + 6.50% | 04/2029 | 27,500 | 27,177 | 27,536 | 0.4 | % | ||||||||||||||||
Wrench Group LLC(7) |
First lien senior secured loan | SR + 4.50% | 04/2026 | 16,958 | 16,673 | 16,915 | 0.2 | % | ||||||||||||||||
Wrench Group LLC(7) |
First lien senior secured loan | SR + 4.00% | 04/2026 | 10,463 | 10,356 | 10,411 | 0.1 | % | ||||||||||||||||
278,358 | 275,472 | 270,819 | 3.5 | % | ||||||||||||||||||||
Business services |
||||||||||||||||||||||||
Access CIG, LLC(6)(22) |
First lien senior secured loan | SR + 5.00% | 02/2025 | $ | 80,000 | $ | 78,035 | $ | 78,823 | 1.0 | % | |||||||||||||
Access CIG, LLC(7) |
Second lien senior secured loan | SR + 7.75% | 02/2026 | 2,385 | 2,381 | 2,361 | 0.0 | % | ||||||||||||||||
BrightView Landscapes, LLC(7)(22) |
First lien senior secured loan | SR + 3.25% | 04/2029 | 5,781 | 5,599 | 5,779 | 0.1 | % | ||||||||||||||||
Capstone Acquisition Holdings, Inc.(6) |
First lien senior secured loan | SR + 4.75% | 11/2027 | 9,924 | 9,857 | 9,899 | 0.1 | % | ||||||||||||||||
ConnectWise, LLC(6)(22) |
First lien senior secured loan | SR + 3.50% | 09/2028 | 29,776 | 29,831 | 29,255 | 0.4 | % | ||||||||||||||||
CoolSys, Inc.(7) |
First lien senior secured loan | SR + 4.75% | 08/2028 | 13,914 | 12,934 | 12,835 | 0.2 | % | ||||||||||||||||
CoreTrust Purchasing Group LLC(6) |
First lien senior secured loan | SR + 6.75% | 10/2029 | 96,663 | 94,925 | 95,695 | 1.2 | % | ||||||||||||||||
CoreTrust Purchasing Group LLC(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 09/2024 | — | (61 | ) | — | 0.0 | % | |||||||||||||||
CoreTrust Purchasing Group LLC(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.75% | 10/2029 | — | (226 | ) | (142 | ) | 0.0 | % | ||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7) |
First lien senior secured loan | SR + 5.50% | 09/2028 | 198,248 | 195,679 | 197,751 | 2.6 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 09/2027 | — | (85 | ) | (25 | ) | 0.0 | % | ||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(6) |
First lien senior secured loan | SR + 5.50% | 09/2028 | 46,988 | 46,271 | 46,284 | 0.6 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Entertainment Benefits Group, LLC(6) |
First lien senior secured loan | SR + 4.75% | 09/2025 | 74,458 | 73,863 | 74,457 | 1.0 | % | ||||||||||||||
Entertainment Benefits Group, LLC(6)(17) |
First lien senior secured revolving loan | SR + 4.75% | 09/2025 | 1,933 | 1,850 | 1,933 | 0.0 | % | ||||||||||||||
Fullsteam Operations, LLC(7) |
First lien senior secured loan | SR + 7.50% (3.00% PIK) | 10/2027 | 85,300 | 83,734 | 86,153 | 1.1 | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7) |
First lien senior secured loan | SR + 6.25% | 12/2026 | 802 | 794 | 802 | 0.0 | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7) |
First lien senior secured loan | SR + 5.50% | 12/2026 | 2,176 | 2,162 | 2,171 | 0.0 | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.50% | 12/2026 | 13,000 | 12,905 | 12,967 | 0.2 | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7)(17) |
First lien senior secured revolving loan | SR + 6.25% | 12/2026 | 5 | 4 | 5 | 0.0 | % | ||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(16)(28) |
Unsecured notes | 0.48% PIK | 12/2029 | 24 | 24 | 27 | 0.0 | % | ||||||||||||||
Kaseya Inc.(7) |
First lien senior secured loan | SR + 6.25% (2.50% PIK) | 06/2029 | 71,871 | 70,634 | 71,692 | 0.9 | % | ||||||||||||||
Kaseya Inc.(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.25% (2.50% PIK) | 06/2024 | 265 | 227 | 265 | 0.0 | % | ||||||||||||||
Kaseya Inc.(7)(17) |
First lien senior secured revolving loan | SR + 6.25% (2.50% PIK) | 06/2029 | 1,093 | 1,022 | 1,082 | 0.0 | % | ||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(7) |
First lien senior secured loan | SR + 5.25% | 10/2028 | 83,568 | 82,341 | 82,733 | 1.1 | % | ||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.25% | 06/2024 | 13,431 | 13,157 | 13,296 | 0.2 | % | ||||||||||||||
Packers Holdings, LLC(6)(22) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 16,617 | 16,517 | 9,804 | 0.1 | % | ||||||||||||||
Ping Identity Holding Corp.(6) |
First lien senior secured loan | SR + 7.00% | 10/2029 | 21,818 | 21,522 | 21,709 | 0.3 | % | ||||||||||||||
Ping Identity Holding Corp.(6)(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 10/2028 | — | (28 | ) | (11 | ) | 0.0 | % | ||||||||||||
870,040 | 855,868 | 857,600 | 11.1 | % | ||||||||||||||||||
Chemicals |
||||||||||||||||||||||
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6)(22) |
First lien senior secured loan | SR + 4.00% | 11/2027 | $ | 13,796 | $ | 13,591 | $ | 13,504 | 0.2 | % | |||||||||||
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6) |
Second lien senior secured loan | SR + 7.75% | 11/2028 | 40,137 | 40,126 | 37,328 | 0.5 | % | ||||||||||||||
Cyanco Intermediate 2 Corp.(6)(22) |
First lien senior secured loan | SR + 4.75% | 07/2028 | 22,000 | 21,350 | 22,007 | 0.3 | % | ||||||||||||||
Gaylord Chemical Company, L.L.C.(7) |
First lien senior secured loan | SR + 6.00% | 03/2027 | 101,734 | 101,021 | 101,226 | 1.3 | % | ||||||||||||||
Gaylord Chemical Company, L.L.C.(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 03/2026 | — | (22 | ) | (20 | ) | 0.0 | % | ||||||||||||
Nouryon Finance B.V.(7)(22)(23) |
First lien senior secured loan | SR + 4.00% | 04/2028 | 2,993 | 2,986 | 2,953 | 0.0 | % | ||||||||||||||
Nouryon Finance B.V.(6)(22)(23) |
First lien senior secured loan | SR + 4.00% | 10/2025 | 10,971 | 10,800 | 10,815 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(7) |
First lien senior secured loan | SR + 5.75% | 04/2027 | 2,305 | 2,272 | 2,305 | 0.0 | % | ||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(17) |
First lien senior secured revolving loan | SR + 5.75% | 04/2026 | 35 | 34 | 35 | 0.0 | % | ||||||||||||||||
193,971 | 192,158 | 190,153 | 2.4 | % | ||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||
ConAir Holdings LLC(6) |
Second lien senior secured loan | SR + 7.50% | 05/2029 | $ | 32,500 | $ | 32,090 | $ | 30,794 | 0.4 | % | |||||||||||||
Foundation Consumer Brands, LLC(7) |
First lien senior secured loan | SR + 6.25% | 02/2027 | 47,416 | 47,430 | 47,416 | 0.6 | % | ||||||||||||||||
Foundation Consumer Brands, LLC(7) |
First lien senior secured loan | SR + 6.25% | 02/2027 | 59,219 | 57,549 | 59,219 | 0.8 | % | ||||||||||||||||
Lignetics Investment Corp.(7) |
First lien senior secured loan | SR + 6.00% | 11/2027 | 84,643 | 83,872 | 83,797 | 1.1 | % | ||||||||||||||||
Lignetics Investment Corp.(8)(17) |
First lien senior secured revolving loan | SR + 6.00% | 10/2026 | 11,088 | 11,000 | 10,974 | 0.1 | % | ||||||||||||||||
Olaplex, Inc.(6)(22)(23) |
First lien senior secured loan | SR + 3.50% | 02/2029 | 49,309 | 48,607 | 41,114 | 0.5 | % | ||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(7) |
First lien senior secured loan | SR + 5.25% | 03/2029 | 59,224 | 58,265 | 56,855 | 0.7 | % | ||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(7)(17) |
First lien senior secured revolving loan | SR + 5.25% | 03/2029 | 3,626 | 3,540 | 3,403 | 0.0 | % | ||||||||||||||||
347,025 | 342,353 | 333,572 | 4.2 | % | ||||||||||||||||||||
Containers and packaging |
||||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7) |
First lien senior secured loan | SR + 6.40% | 10/2028 | $ | 49,327 | $ | 48,946 | $ | 49,327 | 0.6 | % | |||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.40% | 09/2027 | — | (34 | ) | — | 0.0 | % | |||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7) |
First lien senior secured loan | SR + 6.40% | 10/2028 | 30,463 | 29,928 | 30,463 | 0.4 | % | ||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(7) |
First lien senior secured loan | SR + 6.75% | 09/2028 | 8,933 | 8,770 | 8,933 | 0.1 | % | ||||||||||||||||
Berlin Packaging L.L.C.(6)(22) |
First lien senior secured loan | SR + 3.75% | 03/2028 | 14,895 | 14,562 | 14,717 | 0.2 | % | ||||||||||||||||
BW Holding, Inc.(7)(22) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 21,783 | 20,963 | 19,504 | 0.3 | % | ||||||||||||||||
Charter NEX US, Inc.(6)(22) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 34,690 | 34,272 | 34,343 | 0.4 | % | ||||||||||||||||
Five Star Lower Holding LLC(7) |
First lien senior secured loan | SR + 4.25% | 05/2029 | 21,656 | 21,403 | 20,790 | 0.3 | % | ||||||||||||||||
Fortis Solutions Group, LLC(7) |
First lien senior secured loan | SR + 5.50% | 10/2028 | 67,131 | 66,077 | 65,620 | 0.9 | % | ||||||||||||||||
Fortis Solutions Group, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 10/2027 | — | (91 | ) | (152 | ) | 0.0 | % | ||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7) |
First lien senior secured loan | SR + 6.25% | 05/2028 | 113,030 | 112,088 | 113,030 | 1.5 | % | ||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(7)(17) |
First lien senior secured revolving loan | SR + 6.25% | 05/2028 | 2,117 | 2,018 | 2,117 | 0.0 | % | ||||||||||||||||
Pregis Topco LLC(6)(21)(22) |
First lien senior secured loan | SR + 3.75% | 07/2026 | 6,933 | 6,781 | 6,913 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Pregis Topco LLC(6) |
Second lien senior secured loan | SR + 6.75% | 08/2029 | 30,000 | 30,000 | 29,925 | 0.4 | % | ||||||||||||||||
Pregis Topco LLC(6) |
Second lien senior secured loan | SR + 7.75% | 08/2029 | 2,500 | 2,500 | 2,500 | 0.0 | % | ||||||||||||||||
ProAmpac PG Borrower LLC(15)(22) |
First lien senior secured loan | P + 3.50% | 09/2028 | 20,000 | 19,888 | 19,870 | 0.3 | % | ||||||||||||||||
Ring Container Technologies Group, LLC(6)(22) |
First lien senior secured loan | SR + 3.50% | 08/2028 | 16,127 | 16,085 | 16,111 | 0.2 | % | ||||||||||||||||
Tricorbraun Holdings, Inc.(6)(22) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 17,419 | 17,051 | 17,069 | 0.2 | % | ||||||||||||||||
457,004 | 451,207 | 451,080 | 5.9 | % | ||||||||||||||||||||
Distribution |
||||||||||||||||||||||||
ABB/Con-cise Optical Group LLC(7) |
First lien senior secured loan | SR + 7.50% | 02/2028 | $ | 33,306 | $ | 32,912 | $ | 32,057 | 0.4 | % | |||||||||||||
Aramsco, Inc.(6) |
First lien senior secured loan | SR + 5.75% | 08/2025 | 30,743 | 30,611 | 30,743 | 0.3 | % | ||||||||||||||||
Aramsco, Inc.(6)(17) |
First lien senior secured revolving loan | SR + 5.75% | 08/2025 | 1,434 | 1,422 | 1,434 | 0.0 | % | ||||||||||||||||
Aramsco, Inc.(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 04/2024 | 3,275 | 3,219 | 3,275 | 0.0 | % | ||||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6)(22) |
First lien senior secured loan | SR + 4.75% | 12/2028 | 54,855 | 54,335 | 54,800 | 0.7 | % | ||||||||||||||||
Dealer Tire, LLC(6)(22) |
First lien senior secured loan | SR + 4.50% | 12/2027 | 5,010 | 5,016 | 5,013 | 0.1 | % | ||||||||||||||||
Dealer Tire, LLC(16)(21)(22) |
Unsecured notes | 8.00% | 02/2028 | 56,120 | 55,071 | 52,618 | 0.7 | % | ||||||||||||||||
Formerra, LLC(7) |
First lien senior secured loan | SR + 7.25% | 11/2028 | 5,224 | 5,073 | 5,132 | 0.1 | % | ||||||||||||||||
Formerra, LLC(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 7.25% | 11/2023 | 156 | 151 | 154 | 0.0 | % | ||||||||||||||||
Formerra, LLC(7)(17) |
First lien senior secured revolving loan | SR + 7.25% | 11/2028 | 47 | 33 | 38 | 0.0 | % | ||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6) |
First lien senior secured loan | SR + 6.25% | 11/2025 | 1,282 | 1,272 | 1,282 | 0.0 | % | ||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7) |
First lien senior secured loan | SR + 6.25% | 11/2025 | 62,329 | 61,984 | 62,329 | 0.8 | % | ||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6) |
First lien senior secured loan | SR + 6.75% | 11/2025 | 1,938 | 1,923 | 1,938 | 0.0 | % | ||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6) |
First lien senior secured delayed draw term loan | SR + 6.25% | 11/2025 | 36,326 | 36,102 | 36,326 | 0.5 | % | ||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 12/2023 | 3,698 | 3,639 | 3,698 | 0.0 | % | ||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(6)(17) |
First lien senior secured revolving loan | SR + 6.25% | 11/2024 | 9 | 8 | 9 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
SRS Distribution, Inc.(6)(22) |
First lien senior secured loan | SR + 3.50% | 06/2028 | 23,955 | 23,744 | 23,690 | 0.3 | % | ||||||||||||||
White Cap Supply Holdings, LLC(6)(22) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 16,501 | 16,083 | 16,456 | 0.2 | % | ||||||||||||||
336,208 | 332,598 | 330,992 | 4.1 | % | ||||||||||||||||||
Education |
||||||||||||||||||||||
Community Brands ParentCo, LLC(7) |
First lien senior secured loan | SR + 5.50% | 02/2028 | $ | 31,397 | $ | 30,912 | $ | 31,083 | 0.4 | % | |||||||||||
Community Brands ParentCo, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.50% | 02/2024 | — | (28 | ) | — | 0.0 | % | |||||||||||||
Community Brands ParentCo, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 02/2028 | — | (28 | ) | (19 | ) | 0.0 | % | ||||||||||||
Learning Care Group (US) No. 2 Inc.(7)(22) |
First lien senior secured loan | SR + 4.75% | 08/2028 | 22,500 | 22,163 | 22,462 | 0.3 | % | ||||||||||||||
Severin Acquisition, LLC (dba Powerschool)(7)(22) |
First lien senior secured loan | SR + 3.00% | 08/2025 | 14,742 | 14,732 | 14,716 | 0.2 | % | ||||||||||||||
Sophia, L.P.(6) |
First lien senior secured loan | SR + 4.25% | 10/2027 | 14,999 | 14,883 | 14,961 | 0.2 | % | ||||||||||||||
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(6) |
First lien senior secured loan | SR + 4.50% | 09/2030 | 13,337 | 13,171 | 13,171 | 0.2 | % | ||||||||||||||
Pluralsight, LLC(7) |
First lien senior secured loan | SR + 8.00% | 04/2027 | 6,255 | 6,211 | 6,051 | 0.1 | % | ||||||||||||||
Pluralsight, LLC(7)(17) |
First lien senior secured revolving loan | SR + 8.00% | 04/2027 | 246 | 244 | 233 | 0.0 | % | ||||||||||||||
Renaissance Learning, Inc.(6)(22) |
First lien senior secured loan | SR + 4.75% | 04/2030 | 20,000 | 19,469 | 19,818 | 0.3 | % | ||||||||||||||
123,476 | 121,729 | 122,476 | 1.7 | % | ||||||||||||||||||
Energy equipment and services |
||||||||||||||||||||||
Pike Corp.(6)(22) |
First lien senior secured loan | SR + 3.00% | 01/2028 | $ | 5,991 | $ | 5,978 | $ | 5,977 | 0.1 | % | |||||||||||
5,991 | 5,978 | 5,977 | 0.1 | % | ||||||||||||||||||
Financial services |
||||||||||||||||||||||
Acuris Finance US, Inc. (ION Analytics) (7)(22) |
First lien senior secured loan | SR + 4.00% | 02/2028 | $ | 10,500 | $ | 10,438 | $ | 10,337 | 0.1 | % | |||||||||||
Adenza Group, Inc.(6) |
First lien senior secured loan | SR + 5.75% | 12/2027 | 34,566 | 34,315 | 34,566 | 0.5 | % | ||||||||||||||
Adenza Group, Inc.(6)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 12/2025 | — | (13 | ) | — | 0.0 | % | |||||||||||||
Boost Newco Borrower, LLC (dba WorldPay)(22)(23) |
First lien senior secured loan | SR + 3.00% | 09/2030 | 50,000 | 49,750 | 49,965 | 0.7 | % | ||||||||||||||
BTRS Holdings Inc. (dba Billtrust)(7) |
First lien senior secured loan | SR + 8.00% | 12/2028 | 10,850 | 10,555 | 10,688 | 0.1 | % | ||||||||||||||
BTRS Holdings Inc. (dba Billtrust)(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 8.00% | 12/2024 | 336 | 336 | 322 | 0.0 | % | ||||||||||||||
BTRS Holdings Inc. (dba Billtrust)(6)(17)(18) |
First lien senior secured revolving loan | SR + 8.00% | 12/2028 | — | (30 | ) | (17 | ) | 0.0 | % | ||||||||||||
Computer Services, Inc. (dba CSI)(7) |
First lien senior secured loan | SR + 6.75% | 11/2029 | 30,348 | 29,793 | 30,196 | 0.4 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Deerfield Dakota Holdings(7)(22) |
First lien senior secured loan | SR + 3.75% | 04/2027 | 7,938 | 7,720 | 7,732 | 0.1 | % | ||||||||||||||
Finastra USA, Inc.(7)(23) |
First lien senior secured loan | SR + 7.25% | 09/2029 | 164,763 | 163,116 | 163,116 | 2.1 | % | ||||||||||||||
Finastra USA, Inc.(7)(17)(23) |
First lien senior secured revolving loan | SR + 7.25% | 09/2029 | 3,619 | 3,448 | 3,448 | 0.0 | % | ||||||||||||||
Helios Software Holdings, Inc.(7)(22)(23) |
First lien senior secured loan | SR + 4.25% | 07/2030 | 5,611 | 5,424 | 5,579 | 0.1 | % | ||||||||||||||
Muine Gall, LLC(8)(23)(27) |
First lien senior secured loan | SR + 7.00% PIK |
09/2026 | 30,358 | 30,557 | 30,358 | 0.4 | % | ||||||||||||||
KRIV Acquisition Inc. (dba Riveron)(7) |
First lien senior secured loan | SR + 6.50% | 07/2029 | 81,295 | 78,924 | 78,857 | 1.0 | % | ||||||||||||||
KRIV Acquisition Inc. (dba Riveron)(7)(17)(18) |
First lien senior secured delayed draw term loan | SR + 6.50% | 07/2029 | — | (175 | ) | (182 | ) | 0.0 | % | ||||||||||||
KRIV Acquisition Inc. (dba Riveron)(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 07/2029 | — | (315 | ) | (328 | ) | 0.0 | % | ||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | SR + 5.75% | 09/2025 | 5,628 | 5,598 | 5,600 | 0.1 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | SR + 5.75% | 09/2025 | 2,127 | 2,124 | 2,116 | 0.0 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | SR + 5.75% | 09/2025 | 149 | 148 | 149 | 0.0 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | SR + 5.75% | 09/2025 | 504 | 501 | 502 | 0.0 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | SR + 5.75% | 09/2025 | 904 | 877 | 899 | 0.0 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured delayed draw term loan | SR + 5.75% | 09/2025 | 3,023 | 2,996 | 3,008 | 0.0 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 09/2025 | — | (4 | ) | (3 | ) | 0.0 | % | ||||||||||||
Saphilux S.a.r.L (dba IQ EQ)(7)(23) |
First lien senior secured loan | SR + 4.75% | 07/2028 | 22,500 | 22,163 | 22,163 | 0.3 | % | ||||||||||||||
Smarsh Inc.(8) |
First lien senior secured loan | SR + 6.50% | 02/2029 | 83,048 | 82,364 | 82,839 | 1.1 | % | ||||||||||||||
Smarsh Inc.(8)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 02/2024 | 10,381 | 10,211 | 10,355 | 0.1 | % | ||||||||||||||
Smarsh Inc.(8)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 02/2029 | — | (6 | ) | (2 | ) | 0.0 | % | ||||||||||||
USI, Inc.(7)(22) |
First lien senior secured loan | SR + 3.25% | 09/2030 | 12,000 | 11,970 | 11,965 | 0.2 | % | ||||||||||||||
USI, Inc.(7)(22) |
First lien senior secured loan | SR + 3.25% | 09/2030 | 3,000 | 2,993 | 2,990 | 0.0 | % | ||||||||||||||
573,448 | 565,778 | 567,218 | 7.3 | % | ||||||||||||||||||
Food and beverage |
||||||||||||||||||||||
Balrog Acquisition, Inc. (dba Bakemark)(6)(22) |
First lien senior secured loan | SR + 4.00% | 09/2028 | $ | 13,755 | $ | 13,647 | $ | 13,583 | 0.2 | % | |||||||||||
Balrog Acquisition, Inc. (dba BakeMark)(6) |
Second lien senior secured loan | SR + 7.00% | 09/2029 | 6,000 | 5,959 | 5,955 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
CFS Brands, LLC(15) |
First lien senior secured loan | P + 2.00% | 03/2025 | 43,960 | 43,152 | 43,960 | 0.6 | % | ||||||||||||||
Dessert Holdings(6) |
First lien senior secured loan | SR + 4.00% | 06/2028 | 19,649 | 19,573 | 17,488 | 0.2 | % | ||||||||||||||
Hissho Sushi Merger Sub, LLC(7) |
First lien senior secured loan | SR + 5.50% | 05/2028 | 112,265 | 111,348 | 112,265 | 1.5 | % | ||||||||||||||
Hissho Sushi Merger Sub, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 05/2028 | — | (67 | ) | — | 0.0 | % | |||||||||||||
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(6) |
First lien senior secured loan | SR + 6.25% | 03/2027 | 275,000 | 271,231 | 271,564 | 3.5 | % | ||||||||||||||
KBP Brands, LLC(7) |
First lien senior secured loan | SR + 6.50% (1.00% PIK) | 05/2027 | 14,687 | 14,549 | 14,430 | 0.2 | % | ||||||||||||||
KBP Brands, LLC(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% (1.00% PIK) | 12/2023 | 33,657 | 33,356 | 33,055 | 0.4 | % | ||||||||||||||
Naked Juice LLC (dba Tropicana)(7)(22) |
First lien senior secured loan | SR + 3.25% | 01/2029 | 14,194 | 14,172 | 13,450 | 0.2 | % | ||||||||||||||
Ole Smoky Distillery, LLC(6) |
First lien senior secured loan | SR + 5.50% | 03/2028 | 24,721 | 24,328 | 24,350 | 0.3 | % | ||||||||||||||
Ole Smoky Distillery, LLC(6) |
First lien senior secured loan | SR + 5.50% | 03/2028 | 5,833 | 5,720 | 5,746 | 0.1 | % | ||||||||||||||
Ole Smoky Distillery, LLC(6)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 03/2028 | — | (50 | ) | (50 | ) | 0.0 | % | ||||||||||||
Pegasus BidCo B.V.(7)(22) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 10,421 | 10,330 | 10,395 | 0.1 | % | ||||||||||||||
Shearer’s Foods, LLC(6)(22) |
First lien senior secured loan | SR + 3.50% | 09/2027 | 39,264 | 39,263 | 39,166 | 0.5 | % | ||||||||||||||
Sovos Brands Intermediate, Inc.(7)(22) |
First lien senior secured loan | SR + 3.50% | 06/2028 | 10,145 | 10,137 | 10,134 | 0.1 | % | ||||||||||||||
Ultimate Baked Goods Midco, LLC(6) |
First lien senior secured loan | SR + 6.25% | 08/2027 | 16,211 | 15,926 | 16,211 | 0.2 | % | ||||||||||||||
Ultimate Baked Goods Midco, LLC(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 08/2027 | — | (32 | ) | — | 0.0 | % | |||||||||||||
639,762 | 632,542 | 631,702 | 8.2 | % | ||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||
Bamboo US BidCo LLC(7) |
First lien senior secured loan | SR + 6.00% | 09/2030 | $ | 96,615 | $ | 93,719 | $ | 93,717 | 1.2 | % | |||||||||||
Bamboo US BidCo LLC(13) |
First lien senior secured EUR term loan |
E + 6.00% | 09/2030 | 63,644 | 61,736 | 61,735 | 0.8 | % | ||||||||||||||
Bamboo US BidCo LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 10/2029 | — | (604 | ) | (604 | ) | 0.0 | % | ||||||||||||
Bamboo US BidCo LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 03/2025 | — | (226 | ) | (226 | ) | 0.0 | % | ||||||||||||
Canadian Hospital Specialties Ltd.(12)(23) |
First lien senior secured loan | C + 4.50% | 04/2028 | 3,621 | 3,867 | 3,558 | 0.0 | % | ||||||||||||||
Canadian Hospital Specialties Ltd.(11)(17)(23) |
First lien senior secured revolving loan | C + 4.50% | 04/2027 | 190 | 203 | 172 | 0.0 | % | ||||||||||||||
Confluent Medical Technologies, Inc.(7) |
First lien senior secured loan | SR + 3.75% | 02/2029 | 24,787 | 24,686 | 24,353 | 0.3 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Confluent Medical Technologies, Inc.(7) |
Second lien senior secured loan | SR + 6.50% | 02/2030 | 46,000 | 45,215 | 45,080 | 0.6 | % | ||||||||||||||
Dermatology Intermediate Holdings III, Inc.(7)(22) |
First lien senior secured loan | SR + 4.25% | 03/2029 | 13,005 | 12,789 | 12,911 | 0.2 | % | ||||||||||||||
Dermatology Intermediate Holdings III, Inc.(7)(22) |
First lien senior secured delayed draw term loan | SR + 4.25% | 03/2029 | 2,471 | 2,410 | 2,453 | 0.0 | % | ||||||||||||||
CSC MKG Topco LLC (dba Medical Knowledge Group)(6) |
First lien senior secured loan | SR + 5.75% | 02/2029 | 96,975 | 95,396 | 95,762 | 1.2 | % | ||||||||||||||
CSC MKG Topco LLC. (dba Medical Knowledge Group)(7) |
First lien senior secured loan | SR + 5.75% | 02/2029 | 3,061 | 2,975 | 3,023 | 0.0 | % | ||||||||||||||
Medline Borrower, LP(6)(22) |
First lien senior secured loan | SR + 3.25% | 10/2028 | 24,625 | 24,533 | 24,544 | 0.3 | % | ||||||||||||||
Medline Borrower, LP(6)(17)(18) |
First lien senior secured revolving loan | SR + 3.25% | 10/2026 | — | (27 | ) | (35 | ) | 0.0 | % | ||||||||||||
Natus Medical, Inc.(7) |
First lien senior secured loan | SR + 5.50% | 07/2029 | 496 | 466 | 469 | 0.0 | % | ||||||||||||||
Packaging Coordinators Midco, Inc.(7)(22) |
First lien senior secured loan | SR + 3.50% | 11/2027 | 4,726 | 4,652 | 4,701 | 0.1 | % | ||||||||||||||
Packaging Coordinators Midco, Inc.(7) |
Second lien senior secured loan | SR + 7.00% | 12/2029 | 53,918 | 52,507 | 52,705 | 0.7 | % | ||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(23) |
First lien senior secured loan | SR + 6.75% | 01/2028 | 50,517 | 49,934 | 50,012 | 0.6 | % | ||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(17)(18)(23) |
First lien senior secured revolving loan | SR + 6.75% | 01/2026 | — | (1 | ) | (1 | ) | 0.0 | % | ||||||||||||
PERKINELMER U.S. LLC(7) |
First lien senior secured loan | SR + 6.75% | 03/2029 | 77,899 | 76,445 | 76,925 | 1.0 | % | ||||||||||||||
Rhea Parent, Inc.(7) |
First lien senior secured loan | SR + 5.50% | 02/2029 | 76,796 | 75,536 | 76,412 | 1.0 | % | ||||||||||||||
Zest Acquisition Corp.(6)(21) |
First lien senior secured loan | SR + 5.50% | 02/2028 | 11,784 | 11,282 | 11,519 | 0.2 | % | ||||||||||||||
651,130 | 637,493 | 639,185 | 8.2 | % | ||||||||||||||||||
Healthcare providers and services |
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BELMONT BUYER, INC. (dba Valenz)(8) |
First lien senior secured loan | SR + 6.50% | 06/2029 | $ | 56,160 | $ | 55,074 | $ | 55,318 | 0.7 | % | |||||||||||
BELMONT BUYER, INC. (dba Valenz)(8)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 12/2024 | 5,306 | 5,132 | 5,227 | 0.1 | % | ||||||||||||||
BELMONT BUYER, INC. (dba Valenz)(8)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 06/2029 | — | (127 | ) | (100 | ) | 0.0 | % | ||||||||||||
Covetrus, Inc.(7)(22) |
First lien senior secured loan | SR + 5.00% | 10/2029 | 10,438 | 9,922 | 10,316 | 0.1 | % | ||||||||||||||
Covetrus, Inc.(7) |
Second lien senior secured loan | SR + 9.25% | 10/2030 | 160,000 | 156,969 | 159,200 | 2.1 | % | ||||||||||||||
Ex Vivo Parent Inc. (dba OB Hospitalist)(7) |
First lien senior secured loan | SR + 9.75% PIK |
09/2028 | 33,997 | 33,513 | 33,147 | 0.4 | % | ||||||||||||||
Engage Debtco Limited(7)(23) |
First lien senior secured loan | SR + 5.90% | 07/2029 | 60,833 | 59,511 | 59,768 | 0.8 | % | ||||||||||||||
Engage Debtco Ltd.(7)(23) |
First lien senior secured loan | SR + 7.25% | 07/2029 | 30,367 | 29,530 | 30,139 | 0.4 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Engage Debtco Ltd.(7)(23) |
First lien senior secured delayed draw term loan | SR + 5.75% | 07/2029 | 19,750 | 19,338 | 19,405 | 0.3 | % | ||||||||||||||
HAH Group Holding Company LLC (dba Help at Home)(6) |
First lien senior secured delayed draw term loan | SR + 5.00% | 10/2027 | 8,963 | 8,722 | 8,784 | 0.1 | % | ||||||||||||||
MJH Healthcare Holdings, LLC(6) |
First lien senior secured loan | SR + 3.50% | 01/2029 | 19,700 | 19,637 | 19,651 | 0.3 | % | ||||||||||||||
Natural Partners, LLC(7)(23) |
First lien senior secured loan | SR + 6.00% | 11/2027 | 68,160 | 67,111 | 67,649 | 0.9 | % | ||||||||||||||
Natural Partners, LLC(7)(17)(18)(23) |
First lien senior secured revolving loan | SR + 6.00% | 11/2027 | — | (74 | ) | (38 | ) | 0.0 | % | ||||||||||||
Neptune Holdings, Inc. (dba NexTech)(8) |
First lien senior secured loan | SR + 6.00% | 08/2030 | 30,882 | 30,117 | 30,110 | 0.4 | % | ||||||||||||||
Neptune Holdings, Inc. (dba NexTech)(8)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 08/2029 | — | (102 | ) | (103 | ) | 0.0 | % | ||||||||||||
OB Hospitalist Group, Inc.(7) |
First lien senior secured loan | SR + 5.50% | 09/2027 | 60,575 | 59,706 | 59,515 | 0.8 | % | ||||||||||||||
OB Hospitalist Group, Inc.(7)(17) |
First lien senior secured revolving loan | SR + 5.50% | 09/2027 | 3,623 | 3,517 | 3,484 | 0.0 | % | ||||||||||||||
OneOncology LLC(7) |
First lien senior secured loan | SR + 6.25% | 06/2030 | 71,345 | 70,307 | 70,632 | 0.9 | % | ||||||||||||||
OneOncology LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 06/2029 | — | (203 | ) | (143 | ) | 0.0 | % | ||||||||||||
OneOncology LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.25% | 12/2024 | — | (160 | ) | — | 0.0 | % | |||||||||||||
Pacific BidCo Inc.(7)(23) |
First lien senior secured loan | SR + 6.00% (0.25% PIK) | 08/2029 | 162,541 | 158,999 | 160,509 | 2.1 | % | ||||||||||||||
Pacific BidCo Inc.(7)(17)(18)(19)(23) |
First lien senior secured delayed draw term loan | SR + 5.75% | 08/2025 | — | (187 | ) | — | 0.0 | % | |||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6)(22) |
First lien senior secured loan | SR + 3.25% | 11/2028 | 19,700 | 19,624 | 19,544 | 0.3 | % | ||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6) |
Second lien senior secured loan | SR + 6.50% | 11/2029 | 140,000 | 138,799 | 138,950 | 1.8 | % | ||||||||||||||
Physician Partners, LLC(6)(22) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 12,780 | 12,678 | 12,126 | 0.2 | % | ||||||||||||||
Plasma Buyer LLC (dba Pathgroup)(7) |
First lien senior secured loan | SR + 5.75% | 05/2029 | 109,031 | 107,179 | 106,850 | 1.4 | % | ||||||||||||||
Plasma Buyer LLC (dba Pathgroup)(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 05/2024 | — | (229 | ) | (286 | ) | 0.0 | % | ||||||||||||
Plasma Buyer LLC (dba Pathgroup)(7)(17) |
First lien senior secured revolving loan | SR + 5.75% | 05/2028 | 2,447 | 2,259 | 2,203 | 0.0 | % | ||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | SR + 4.50% | 12/2028 | 24,938 | 23,988 | 24,688 | 0.3 | % | ||||||||||||||
Pediatric Associates Holding Company, LLC(6)(22) |
First lien senior secured loan | SR + 3.25% | 12/2028 | 19,700 | 19,632 | 19,164 | 0.3 | % | ||||||||||||||
Pediatric Associates Holding Company, LLC(6)(22) |
First lien senior secured delayed draw term loan | SR + 3.25% | 12/2028 | 3,515 | 3,503 | 3,420 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
PPV Intermediate Holdings, LLC(7) |
First lien senior secured loan | SR + 5.75% | 08/2029 | 163,397 | 160,540 | 161,762 | 2.1 | % | ||||||||||||||||
PPV Intermediate Holdings, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 09/2025 | — | (50 | ) | (25 | ) | 0.0 | % | ||||||||||||||
PPV Intermediate Holdings, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 08/2029 | — | (200 | ) | (119 | ) | 0.0 | % | ||||||||||||||
TC Holdings, LLC (dba TrialCard)(8) |
First lien senior secured loan | SR + 5.00% | 04/2027 | 63,923 | 63,444 | 63,923 | 0.8 | % | ||||||||||||||||
TC Holdings, LLC (dba TrialCard)(8)(17)(18) |
First lien senior secured revolving loan | SR + 5.00% | 04/2027 | — | (55 | ) | — | 0.0 | % | |||||||||||||||
Tivity Health, Inc.(7) |
First lien senior secured loan | SR + 6.00% | 06/2029 | 150,480 | 147,234 | 149,350 | 1.9 | % | ||||||||||||||||
Unified Women’s Healthcare, LP(6) |
First lien senior secured loan | SR + 5.25% | 06/2029 | 83,084 | 82,550 | 83,084 | 1.1 | % | ||||||||||||||||
Unified Women’s Healthcare, LP(6)(17) |
First lien senior secured revolving loan | SR + 5.25% | 06/2029 | 1,861 | 1,811 | 1,861 | 0.0 | % | ||||||||||||||||
Quva Pharma, Inc. (6) |
First lien senior secured loan | SR + 5.50% | 04/2028 | 4,455 | 4,360 | 4,410 | 0.1 | % | ||||||||||||||||
Quva Pharma, Inc. (6)(17) |
First lien senior secured revolving loan | SR + 5.50% | 04/2026 | 100 | 93 | 95 | 0.0 | % | ||||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6) |
First lien senior secured loan | SR + 5.50% | 03/2025 | 119,988 | 119,988 | 119,389 | 1.5 | % | ||||||||||||||||
Vermont Aus Pty Ltd(7)(23) |
First lien senior secured loan | SR + 5.50% | 03/2028 | 53,683 | 52,621 | 53,011 | 0.7 | % | ||||||||||||||||
1,775,722 | 1,746,021 | 1,755,870 | 22.9 | % | ||||||||||||||||||||
Healthcare technology |
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Athenahealth Group Inc.(6)(22) |
First lien senior secured loan | SR + 3.25% | 02/2029 | $ | 29,411 | $ | 29,043 | $ | 28,814 | 0.4 | % | |||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(7) |
First lien senior secured loan | SR + 5.75% | 08/2028 | 53,360 | 52,717 | 52,693 | 0.7 | % | ||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 08/2028 | 6,440 | 6,203 | 6,328 | 0.1 | % | ||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(6)(17) |
First lien senior secured revolving loan | SR + 5.75% | 08/2026 | 724 | 681 | 666 | 0.0 | % | ||||||||||||||||
Bracket Intermediate Holding Corp.(7)(22) |
First lien senior secured loan | SR + 5.00% | 05/2028 | 49,875 | 48,475 | 49,759 | 0.6 | % | ||||||||||||||||
Color Intermediate, LLC (dba ClaimsXten)(7) |
First lien senior secured loan | SR + 5.50% | 10/2029 | 9,188 | 9,023 | 9,096 | 0.1 | % | ||||||||||||||||
IMO Investor Holdings, Inc.(7) |
First lien senior secured loan | SR + 6.00% | 05/2029 | 20,638 | 20,287 | 20,534 | 0.3 | % | ||||||||||||||||
IMO Investor Holdings, Inc.(8)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 05/2024 | 1,333 | 1,281 | 1,327 | 0.0 | % | ||||||||||||||||
IMO Investor Holdings, Inc.(8)(17) |
First lien senior secured revolving loan | SR + 6.00% | 05/2028 | 397 | 359 | 385 | 0.0 | % | ||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(7) |
First lien senior secured loan | SR + 7.00% | 12/2026 | 75,374 | 75,027 | 74,620 | 1.0 | % | ||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(7)(17) |
First lien senior secured revolving loan | SR + 7.00% | 12/2024 | 1,805 | 1,769 | 1,745 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
GHX Ultimate Parent Corporation(7)(22) |
First lien senior secured loan | SR + 4.75% | 06/2027 | 12,469 | 12,183 | 12,454 | 0.2 | % | ||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(7) |
First lien senior secured loan | SR + 5.75% | 10/2028 | 20,659 | 20,339 | 20,349 | 0.2 | % | ||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 03/2024 | 2,376 | 2,280 | 2,302 | 0.0 | % | ||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(7)(17) |
First lien senior secured revolving loan | SR + 5.75% | 10/2027 | 669 | 647 | 644 | 0.0 | % | ||||||||||||||||
Imprivata, Inc.(6)(22) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 10,476 | 10,187 | 10,464 | 0.1 | % | ||||||||||||||||
Imprivata, Inc.(6) |
Second lien senior secured loan | SR + 6.25% | 12/2028 | 50,294 | 49,791 | 50,294 | 0.7 | % | ||||||||||||||||
Ocala Bidco, Inc.(7) |
First lien senior secured loan | SR + 6.25% (2.75% PIK) | 11/2028 | 83,217 | 81,668 | 81,968 | 1.1 | % | ||||||||||||||||
Ocala Bidco, Inc.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 05/2024 | — | (78 | ) | (21 | ) | 0.0 | % | ||||||||||||||
Ocala Bidco, Inc.(7) |
Second lien senior secured loan | SR + 10.50% PIK | 11/2033 | 47,933 | 47,232 | 47,454 | 0.6 | % | ||||||||||||||||
Intelerad Medical Systems Incorporated(7)(23) |
First lien senior secured loan | SR + 6.50% | 08/2026 | 29,853 | 29,606 | 29,331 | 0.4 | % | ||||||||||||||||
Intelerad Medical Systems Incorporated(7)(17)(23) |
First lien senior secured revolving loan | SR + 6.50% | 08/2026 | 1,429 | 1,417 | 1,393 | 0.0 | % | ||||||||||||||||
PointClickCare Technologies Inc.(7)(23) |
First lien senior secured loan | SR + 4.00% | 12/2027 | 19,700 | 19,471 | 19,700 | 0.3 | % | ||||||||||||||||
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 14,286 | 13,873 | 14,086 | 0.2 | % | ||||||||||||||||
Zelis Cost Management Buyer, Inc.(6)(22) |
First lien senior secured loan | SR + 3.50% | 09/2026 | 4,862 | 4,834 | 4,860 | 0.1 | % | ||||||||||||||||
546,768 | 538,315 | 541,245 | 7.1 | % | ||||||||||||||||||||
Household products |
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Aptive Environmental, LLC(16) |
First lien senior secured loan | 12.00% (6.00% PIK) | 01/2026 | $ | 8,955 | $ | 7,865 | $ | 9,179 | 0.1 | % | |||||||||||||
Home Service TopCo IV, Inc.(7) |
First lien senior secured loan | SR + 6.00% | 12/2027 | 36,380 | 36,035 | 36,107 | 0.5 | % | ||||||||||||||||
Home Service TopCo IV, Inc.(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 12/2027 | — | (31 | ) | (25 | ) | 0.0 | % | ||||||||||||||
Home Service TopCo IV, Inc.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 12/2024 | — | (39 | ) | (21 | ) | 0.0 | % | ||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(6) |
First lien senior secured loan | SR + 5.75% | 04/2029 | 75,332 | 74,061 | 74,955 | 1.0 | % | ||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 04/2024 | 18,336 | 17,857 | 18,244 | 0.2 | % | ||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(6)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 04/2028 | — | (122 | ) | (40 | ) | 0.0 | % | ||||||||||||||
Mario Midco Holdings, Inc. (dba Len the Plumber)(6) |
Unsecured facility | SR + 10.75% PIK | 04/2032 | 26,747 | 26,142 | 26,546 | 0.3 | % | ||||||||||||||||
Simplisafe Holding Corporation(6) |
First lien senior secured loan | SR + 6.25% | 05/2028 | 126,790 | 124,734 | 125,838 | 1.6 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Simplisafe Holding Corporation(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.25% | 05/2024 | 4,269 | 4,105 | 4,237 | 0.1 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(7) |
First lien senior secured loan | SR + 4.75% | 10/2027 | 1,071 | 1,060 | 1,060 | 0.0 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(7) |
First lien senior secured delayed draw term loan | SR + 4.75% | 10/2027 | 1,117 | 1,106 | 1,106 | 0.0 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.25% | 10/2027 | 2,749 | 1,546 | 2,591 | 0.0 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(7)(17) |
First lien senior secured revolving loan | SR + 4.75% | 10/2027 | 23 | 20 | 20 | 0.0 | % | ||||||||||||||||
Walker Edison Furniture Company LLC(6)(26)(32) |
First lien senior secured revolving loan | SR + 6.25% PIK |
03/2027 | 1,333 | 1,333 | 1,307 | 0.0 | % | ||||||||||||||||
Walker Edison Furniture Company LLC(6)(26)(32) |
First lien senior secured loan | SR + 6.75% PIK |
03/2027 | 2,747 | 2,452 | 2,651 | 0.0 | % | ||||||||||||||||
Walker Edison Furniture Company LLC(6)(17)(19)(26)(32) |
First lien senior secured delayed draw term loan | SR + 6.75% PIK |
03/2027 | 70 | 67 | 63 | 0.0 | % | ||||||||||||||||
305,919 | 298,191 | 303,818 | 3.8 | % | ||||||||||||||||||||
Human resource support services |
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AQ Carver Buyer, Inc. (dba CoAdvantage)(8) |
First lien senior secured loan | SR + 5.50% | 08/2029 | $ | 22,500 | $ | 22,050 | $ | 22,106 | 0.3 | % | |||||||||||||
Cornerstone OnDemand, Inc.(6)(21)(22) |
First lien senior secured loan | SR + 3.75% | 10/2028 | 19,700 | 19,625 | 18,691 | 0.2 | % | ||||||||||||||||
Cornerstone OnDemand, Inc.(6) |
Second lien senior secured loan | SR + 6.50% | 10/2029 | 44,583 | 44,038 | 40,459 | 0.5 | % | ||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(7) |
First lien senior secured loan | SR + 6.00% | 09/2028 | 47,667 | 46,951 | 47,310 | 0.6 | % | ||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 09/2027 | — | (48 | ) | (27 | ) | 0.0 | % | ||||||||||||||
134,450 | 132,616 | 128,539 | 1.6 | % | ||||||||||||||||||||
Infrastructure and environmental services |
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Aegion Corp.(6)(21)(22) |
First lien senior secured loan | SR + 4.75% | 05/2028 | $ | 54,789 | $ | 53,254 | $ | 54,356 | 0.7 | % | |||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(17) |
First lien senior secured revolving loan | SR + 6.75% | 04/2029 | 6,807 | 6,603 | 6,641 | 0.1 | % | ||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants)(6) |
First lien senior secured loan | SR + 6.75% | 04/2030 | 72,642 | 71,253 | 71,552 | 0.9 | % | ||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants)(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 04/2025 | 1,741 | 1,604 | 1,715 | 0.0 | % | ||||||||||||||||
AWP Group Holdings, Inc.(7) |
First lien senior secured loan | SR + 5.50% | 12/2029 | 35,007 | 34,427 | 34,423 | 0.4 | % | ||||||||||||||||
AWP Group Holdings, Inc.(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.50% | 08/2025 | 351 | 276 | 298 | 0.0 | % | ||||||||||||||||
AWP Group Holdings, Inc.(7)(17) |
First lien senior secured revolving loan | SR + 5.50% | 12/2029 | 2,351 | 2,252 | 2,254 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
The Goldfield Corp.(6) |
First lien senior secured loan | SR + 6.25% | 12/2026 | 988 | 973 | 983 | 0.0 | % | ||||||||||||||
Osmose Utilities Services, Inc.(6)(22) |
First lien senior secured loan | SR + 3.25% | 06/2028 | 16,671 | 16,584 | 16,526 | 0.2 | % | ||||||||||||||
USIC Holdings, Inc.(6)(22) |
First lien senior secured loan | SR + 3.50% | 05/2028 | 11,847 | 11,565 | 11,640 | 0.2 | % | ||||||||||||||
USIC Holdings, Inc.(6)(21) |
Second lien senior secured loan | SR + 6.50% | 05/2029 | 39,691 | 39,499 | 37,706 | 0.5 | % | ||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7) |
First lien senior secured loan | SR + 5.75% | 03/2028 | 32,202 | 31,694 | 31,800 | 0.4 | % | ||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(7)(17) |
First lien senior secured revolving loan | SR + 5.75% | 03/2028 | 881 | 802 | 814 | 0.0 | % | ||||||||||||||
275,968 | 270,786 | 270,708 | 3.4 | % | ||||||||||||||||||
Insurance |
||||||||||||||||||||||
Abacus Life, Inc.(7) |
First lien senior secured loan | SR + 7.25% | 07/2028 | $ | 9,375 | $ | 9,194 | $ | 9,188 | 0.1 | % | |||||||||||
Abacus Life, Inc.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 7.25% | 01/2024 | — | (178 | ) | (188 | ) | 0.0 | % | ||||||||||||
Acrisure, LLC(7)(22) |
First lien senior secured loan | SR + 5.75% | 02/2027 | 53,126 | 52,392 | 53,259 | 0.7 | % | ||||||||||||||
Acrisure, LLC(9)(22) |
First lien senior secured loan | L + 3.50% | 02/2027 | 8,660 | 8,240 | 8,527 | 0.1 | % | ||||||||||||||
Acrisure, LLC(9)(22) |
First lien senior secured loan | L + 4.25% | 02/2027 | 1,980 | 1,930 | 1,971 | 0.0 | % | ||||||||||||||
Acrisure, LLC(9)(22) |
First lien senior secured loan | L + 3.75% | 02/2027 | 1,980 | 1,905 | 1,949 | 0.0 | % | ||||||||||||||
Alera Group, Inc.(6) |
First lien senior secured loan | SR + 6.00% | 10/2028 | 148,853 | 146,375 | 148,853 | 1.9 | % | ||||||||||||||
AmeriLife Holdings LLC(6) |
First lien senior secured loan | SR + 5.75% | 08/2029 | 129,205 | 126,916 | 128,559 | 1.7 | % | ||||||||||||||
AmeriLife Holdings LLC(8)(17) |
First lien senior secured revolving loan | SR + 5.75% | 08/2028 | 2,712 | 2,445 | 2,631 | 0.0 | % | ||||||||||||||
AmeriLife Holdings LLC(8)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 09/2024 | 21,534 | 21,075 | 21,427 | 0.3 | % | ||||||||||||||
AssuredPartners, Inc.(6)(22) |
First lien senior secured loan | SR + 3.50% | 02/2027 | 7,820 | 7,820 | 7,811 | 0.1 | % | ||||||||||||||
AssuredPartners, Inc.(6)(22) |
First lien senior secured loan | SR + 3.50% | 02/2027 | 24,625 | 24,582 | 24,541 | 0.3 | % | ||||||||||||||
AssuredPartners, Inc.(6)(22) |
First lien senior secured loan | SR + 4.25% | 02/2027 | 4,950 | 4,808 | 4,947 | 0.1 | % | ||||||||||||||
Asurion, LLC(6)(22) |
Second lien senior secured loan | SR + 5.25% | 01/2029 | 174,017 | 168,351 | 153,918 | 2.0 | % | ||||||||||||||
Asurion, LLC(6)(22) |
Second lien senior secured loan | SR + 5.25% | 01/2028 | 15,000 | 13,433 | 13,470 | 0.2 | % | ||||||||||||||
Brightway Holdings, LLC(7) |
First lien senior secured loan | SR + 6.50% | 12/2027 | 17,626 | 17,460 | 17,274 | 0.2 | % | ||||||||||||||
Brightway Holdings, LLC(7)(17) |
First lien senior secured revolving loan | SR + 6.50% | 12/2027 | 1,053 | 1,034 | 1,011 | 0.0 | % | ||||||||||||||
Broadstreet Partners, Inc.(6)(22) |
First lien senior secured loan | SR + 4.00% | 01/2029 | 8,728 | 8,625 | 8,718 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7) |
First lien senior secured loan | SR + 7.50% | 03/2029 | 909 | 888 | 895 | 0.0 | % | ||||||||||||||
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.)(7)(17)(18) |
First lien senior secured revolving loan | SR + 7.50% | 03/2029 | — | (2 | ) | (1 | ) | 0.0 | % | ||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(7) |
First lien senior secured loan | SR + 6.25% | 04/2028 | 26,137 | 25,897 | 25,942 | 0.3 | % | ||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 12/2023 | 1,390 | 1,390 | 1,386 | 0.0 | % | ||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 04/2027 | — | (6 | ) | (5 | ) | 0.0 | % | ||||||||||||
Hub International(7)(22) |
First lien senior secured loan | SR + 4.25% | 04/2025 | 10,000 | 9,903 | 10,017 | 0.1 | % | ||||||||||||||
Hyperion Refinance S.a.r.l (dba Howden Group)(6)(23) |
First lien senior secured loan | SR + 5.25% | 11/2027 | 131,000 | 128,722 | 131,000 | 1.7 | % | ||||||||||||||
IMA Financial Group, Inc.(6) |
First lien senior secured loan | SR + 4.25% | 11/2028 | 9,975 | 9,738 | 9,925 | 0.1 | % | ||||||||||||||
Integrated Specialty Coverages, LLC(7) |
First lien senior secured loan | SR + 6.00% | 07/2030 | 55,101 | 54,288 | 54,247 | 0.7 | % | ||||||||||||||
Integrated Specialty Coverages, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 01/2024 | — | (77 | ) | (38 | ) | 0.0 | % | ||||||||||||
Integrated Specialty Coverages, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 07/2029 | — | (86 | ) | (92 | ) | 0.0 | % | ||||||||||||
Integrity Marketing Acquisition, LLC(7) |
First lien senior secured loan | SR + 5.80% | 08/2026 | 55,312 | 55,178 | 55,312 | 0.7 | % | ||||||||||||||
Integrity Marketing Acquisition, LLC(7) |
First lien senior secured loan | SR + 6.00% | 08/2026 | 2,794 | 2,767 | 2,794 | 0.0 | % | ||||||||||||||
Integrity Marketing Acquisition, LLC(7) |
First lien senior secured loan | SR + 6.05% | 08/2026 | 5,478 | 5,464 | 5,478 | 0.0 | % | ||||||||||||||
Integrity Marketing Acquisition, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 02/2025 | — | (114 | ) | — | 0.0 | % | |||||||||||||
Integrity Marketing Acquisition, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 08/2026 | — | (16 | ) | — | 0.0 | % | |||||||||||||
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(6) |
First lien senior secured loan | SR + 10.50% PIK | 07/2030 | 13,556 | 13,398 | 13,523 | 0.2 | % | ||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.25% | 06/2024 | 2,388 | 2,295 | 2,376 | 0.0 | % | ||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6) |
First lien senior secured loan | SR + 6.00% | 11/2028 | 132,639 | 131,464 | 129,323 | 1.7 | % | ||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6) |
First lien senior secured delayed draw term loan | SR + 6.00% | 11/2028 | 68,837 | 68,244 | 67,116 | 0.9 | % | ||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 11/2027 | — | (18 | ) | (64 | ) | 0.0 | % | ||||||||||||
PCF Midco II, LLC (dba PCF Insurance Services)(16) |
First lien senior secured loan | 9.00% PIK | 10/2031 | 52,680 | 48,980 | 48,861 | 0.6 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(7) |
First lien senior secured loan | SR + 5.50% | 08/2028 | 35,885 | 35,269 | 35,410 | 0.5 | % | ||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(15)(17) |
First lien senior secured revolving loan | P + 4.00% | 08/2027 | 1,960 | 1,893 | 1,896 | 0.0 | % | ||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7) |
First lien senior secured loan | SR + 5.75% | 07/2027 | 14,792 | 14,587 | 14,681 | 0.2 | % | ||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 07/2027 | — | (14 | ) | (8 | ) | 0.0 | % | ||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services)(7) |
First lien senior secured loan | SR + 6.75% | 05/2030 | 50,600 | 49,141 | 49,335 | 0.6 | % | ||||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 11/2024 | — | (173 | ) | (123 | ) | 0.0 | % | ||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services)(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.75% | 05/2029 | — | (171 | ) | (153 | ) | 0.0 | % | ||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(15) |
First lien senior secured loan | P + 4.25% | 12/2028 | 32,538 | 32,109 | 32,376 | 0.4 | % | ||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(15)(17) |
First lien senior secured revolving loan | P + 4.25% | 12/2027 | 1,876 | 1,839 | 1,858 | 0.0 | % | ||||||||||||||
1,337,091 | 1,309,184 | 1,301,133 | 16.5 | % | ||||||||||||||||||
Internet software and services |
||||||||||||||||||||||
Activate Holdings (US) Corp. (dba Absolute Software)(7)(23) |
First lien senior secured loan | SR + 6.75% | 07/2030 | $ | 4,648 | $ | 4,522 | $ | 4,520 | 0.1 | % | |||||||||||
Activate Holdings (US) Corp. (dba Absolute Software)(7)(17)(18)(23) |
First lien senior secured revolving loan | SR + 6.75% | 07/2030 | — | (9 | ) | (10 | ) | 0.0 | % | ||||||||||||
Anaplan, Inc.(6) |
First lien senior secured loan | SR + 6.50% | 06/2029 | 229,639 | 227,681 | 229,639 | 3.0 | % | ||||||||||||||
Anaplan, Inc.(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 06/2028 | — | (130 | ) | — | 0.0 | % | |||||||||||||
Appfire Technologies, LLC(7) |
First lien senior secured loan | SR + 5.50% | 03/2027 | 7,040 | 7,001 | 7,004 | 0.1 | % | ||||||||||||||
Appfire Technologies, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.50% | 06/2024 | — | (108 | ) | — | 0.0 | % | |||||||||||||
Appfire Technologies, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 03/2027 | — | (18 | ) | (8 | ) | 0.0 | % | ||||||||||||
Avalara, Inc.(7) |
First lien senior secured loan | SR + 7.25% | 10/2028 | 70,455 | 69,521 | 70,102 | 0.9 | % | ||||||||||||||
Avalara, Inc.(7)(17)(18) |
First lien senior secured revolving loan | SR + 7.25% | 10/2028 | — | (89 | ) | (35 | ) | 0.0 | % | ||||||||||||
Armstrong Bidco Limited (dba The Access Group)(14)(23) |
First lien senior secured loan | SA + 5.00% | 06/2029 | 32,431 | 31,984 | 32,187 | 0.4 | % | ||||||||||||||
Armstrong Bidco Ltd. (dba The Access Group)(14)(23) |
First lien senior secured delayed draw term loan | SA + 5.00% | 06/2029 | 16,920 | 16,680 | 16,794 | 0.2 | % | ||||||||||||||
Barracuda Parent, LLC(7)(22) |
First lien senior secured loan | SR + 4.50% | 08/2029 | 27,443 | 26,717 | 27,138 | 0.4 | % | ||||||||||||||
Barracuda Parent, LLC(7) |
Second lien senior secured loan | SR + 7.00% | 08/2030 | 93,250 | 90,708 | 87,189 | 1.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(7) |
First lien senior secured loan | SR + 7.50% PIK |
10/2028 | 23,568 | 23,231 | 23,273 | 0.3 | % | ||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(7)(17) |
First lien senior secured revolving loan | SR + 6.50% | 10/2027 | 319 | 295 | 299 | 0.0 | % | ||||||||||||||
BCPE Nucleon (DE) SPV, LP(8)(23) |
First lien senior secured loan | SR + 7.00% | 09/2026 | 24,012 | 23,835 | 24,012 | 0.3 | % | ||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(7) |
First lien senior secured loan | SR + 7.00% | 12/2026 | 1,102 | 1,095 | 1,102 | 0.0 | % | ||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(7)(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 12/2026 | — | (1 | ) | — | 0.0 | % | |||||||||||||
Central Parent, Inc.(7)(22) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 9,330 | 9,088 | 9,325 | 0.1 | % | ||||||||||||||
CivicPlus, LLC(7) |
First lien senior secured loan | SR + 6.50% (2.50% PIK) | 08/2027 | 28,066 | 27,860 | 28,066 | 0.4 | % | ||||||||||||||
CivicPlus, LLC(6)(17) |
First lien senior secured revolving loan | SR + 6.00% | 08/2027 | 179 | 164 | 179 | 0.0 | % | ||||||||||||||
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(8) |
Unsecured notes | SR + 11.75% PIK | 06/2034 | 15,719 | 15,358 | 15,680 | 0.2 | % | ||||||||||||||
Coupa Holdings, LLC(6) |
First lien senior secured loan | SR + 7.50% | 02/2030 | 24,344 | 23,769 | 23,857 | 0.3 | % | ||||||||||||||
Coupa Holdings, LLC(6)(17)(18) |
First lien senior secured revolving loan | SR + 7.50% | 02/2029 | — | (38 | ) | (33 | ) | 0.0 | % | ||||||||||||
Coupa Holdings, LLC(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 7.50% | 08/2024 | — | (25 | ) | (16 | ) | 0.0 | % | ||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(8)(22) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 27,113 | 25,658 | 26,812 | 0.3 | % | ||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(8) |
Second lien senior secured loan | SR + 7.25% | 12/2028 | 49,222 | 48,988 | 48,606 | 0.6 | % | ||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(7) |
First lien senior secured loan | SR + 6.50% | 11/2027 | 19,252 | 19,111 | 19,252 | 0.3 | % | ||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(7) |
First lien senior secured loan | SR + 6.50% | 11/2027 | 17,189 | 16,950 | 17,189 | 0.2 | % | ||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(7)(17) |
First lien senior secured revolving loan | SR + 6.50% | 11/2027 | 677 | 645 | 677 | 0.0 | % | ||||||||||||||
Entrata, Inc.(6) |
First lien senior secured loan | SR + 6.00% | 07/2030 | 4,487 | 4,421 | 4,420 | 0.1 | % | ||||||||||||||
Entrata, Inc.(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 07/2028 | — | (7 | ) | (8 | ) | 0.0 | % | ||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7) |
First lien senior secured loan | SR + 5.50% | 08/2027 | 8,200 | 8,057 | 7,769 | 0.1 | % | ||||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(7) |
First lien senior secured delayed draw term loan | SR + 5.50% | 08/2027 | 1,845 | 1,822 | 1,755 | 0.0 | % | ||||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(6)(17) |
First lien senior secured revolving loan | SR + 5.50% | 08/2027 | 303 | 289 | 257 | 0.0 | % | ||||||||||||||
Granicus, Inc.(7) |
First lien senior secured loan | SR + 5.50% | 01/2027 | 1,821 | 1,794 | 1,793 | 0.0 | % | ||||||||||||||
Granicus, Inc.(7)(17) |
First lien senior secured revolving loan | SR + 6.50% | 01/2027 | 74 | 72 | 72 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Granicus, Inc.(7) |
First lien senior secured delayed draw term loan | SR + 6.00% | 01/2027 | 341 | 337 | 336 | 0.0 | % | ||||||||||||||
Grayshift, LLC(6)(23) |
First lien senior secured loan | SR + 8.00% | 07/2028 | 13,859 | 13,655 | 13,616 | 0.2 | % | ||||||||||||||
Grayshift, LLC(6)(23) |
First lien senior secured loan | SR + 8.00% | 07/2028 | 114,833 | 112,935 | 112,824 | 1.5 | % | ||||||||||||||
Grayshift, LLC(6)(17)(18)(23) |
First lien senior secured revolving loan | SR + 8.00% | 07/2028 | — | (19 | ) | (42 | ) | 0.0 | % | ||||||||||||
GS Acquisitionco, Inc. (dba insightsoftware)(7) |
First lien senior secured loan | SR + 5.75% | 05/2026 | 8,925 | 8,897 | 8,902 | 0.1 | % | ||||||||||||||
Help/Systems Holdings, Inc.(7)(22) |
First lien senior secured loan | SR + 4.00% | 11/2026 | 64,036 | 63,748 | 61,219 | 0.8 | % | ||||||||||||||
Help/Systems Holdings, Inc.(8) |
Second lien senior secured loan | SR + 6.75% | 11/2027 | 25,000 | 24,753 | 22,438 | 0.3 | % | ||||||||||||||
Hyland Software, Inc.(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 09/2029 | — | (104 | ) | (105 | ) | 0.0 | % | ||||||||||||
Hyland Software, Inc.(6) |
First lien senior secured loan | SR + 6.00% | 09/2030 | 147,235 | 145,034 | 145,027 | 1.9 | % | ||||||||||||||
Ivanti Software, Inc.(10) |
Second lien senior secured loan | L + 7.25% | 12/2028 | 19,000 | 18,924 | 13,522 | 0.2 | % | ||||||||||||||
MessageBird BidCo B.V.(6)(23) |
First lien senior secured loan | SR + 6.75% | 05/2027 | 2,917 | 2,874 | 2,895 | 0.0 | % | ||||||||||||||
Ministry Brands Holdings, LLC(6) |
First lien senior secured loan | SR + 5.50% | 12/2028 | 48,694 | 47,913 | 47,841 | 0.6 | % | ||||||||||||||
Ministry Brands Holdings, LLC(6)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.50% | 12/2023 | 2,526 | 2,385 | 2,382 | 0.0 | % | ||||||||||||||
Ministry Brands Holdings, LLC(6)(17) |
First lien senior secured revolving loan | SR + 5.50% | 12/2027 | 2,136 | 2,068 | 2,053 | 0.0 | % | ||||||||||||||
Mitnick Corporate Purchaser, Inc.(7)(17)(21) |
First lien senior secured revolving loan | SR + 3.00% | 05/2027 | — | 5 | — | 0.0 | % | ||||||||||||||
Oranje Holdco, Inc. (dba KnowBe4)(7) |
First lien senior secured loan | SR + 7.75% | 02/2029 | 81,182 | 80,060 | 80,370 | 1.0 | % | ||||||||||||||
Oranje Holdco, Inc. (dba KnowBe4)(7)(17)(18) |
First lien senior secured revolving loan | SR + 7.75% | 02/2029 | — | (135 | ) | (101 | ) | 0.0 | % | ||||||||||||
QAD, Inc.(6) |
First lien senior secured loan | SR + 5.38% | 11/2027 | 45,803 | 45,129 | 45,001 | 0.6 | % | ||||||||||||||
QAD, Inc.(6)(17)(18) |
First lien senior secured revolving loan | SR + 5.38% | 11/2027 | — | (82 | ) | (105 | ) | 0.0 | % | ||||||||||||
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6) |
First lien senior secured loan | SR + 3.50% | 06/2030 | 10,000 | 9,906 | 9,925 | 0.1 | % | ||||||||||||||
Perforce Software, Inc.(6) |
First lien senior secured loan | SR + 4.50% | 07/2026 | 14,813 | 14,557 | 14,553 | 0.2 | % | ||||||||||||||
Proofpoint, Inc.(6)(22) |
First lien senior secured loan | SR + 3.25% | 08/2028 | 12,139 | 11,774 | 12,026 | 0.2 | % | ||||||||||||||
Proofpoint, Inc.(6)(22) |
Second lien senior secured loan | SR + 6.25% | 08/2029 | 7,500 | 7,470 | 7,507 | 0.1 | % | ||||||||||||||
Sailpoint Technologies Holdings, Inc.(6) |
First lien senior secured loan | SR + 6.25% | 08/2029 | 59,880 | 58,762 | 59,431 | 0.8 | % | ||||||||||||||
Sailpoint Technologies Holdings, Inc.(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 08/2028 | — | (93 | ) | (43 | ) | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Securonix, Inc.(7) |
First lien senior secured loan | SR + 6.50% | 04/2028 | 29,661 | 29,423 | 28,104 | 0.4 | % | ||||||||||||||
Securonix, Inc.(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 04/2028 | — | (40 | ) | (280 | ) | 0.0 | % | ||||||||||||
Sedgwick Claims Management Services, Inc.(6)(21)(22) |
First lien senior secured loan | SR + 3.75% | 02/2028 | 9,950 | 9,766 | 9,924 | 0.1 | % | ||||||||||||||
Sophos Holdings, LLC(6)(22)(23) |
First lien senior secured loan | SR + 3.50% | 03/2027 | 19,980 | 19,932 | 19,922 | 0.3 | % | ||||||||||||||
Tahoe Finco, LLC(6)(23) |
First lien senior secured loan | SR + 6.00% | 09/2028 | 83,721 | 83,075 | 83,093 | 1.1 | % | ||||||||||||||
Tahoe Finco, LLC(6)(17)(18)(23) |
First lien senior secured revolving loan | SR + 6.00% | 10/2027 | — | (42 | ) | (47 | ) | 0.0 | % | ||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7) |
First lien senior secured loan | SR + 5.75% | 06/2028 | 11,851 | 11,764 | 11,791 | 0.1 | % | ||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17) |
First lien senior secured revolving loan | SR + 5.75% | 06/2027 | 602 | 598 | 599 | 0.0 | % | ||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7) |
First lien senior secured delayed draw term loan | SR + 5.75% | 06/2028 | 960 | 952 | 955 | 0.0 | % | ||||||||||||||
When I Work, Inc.(7) |
First lien senior secured loan | SR + 7.00% PIK | 11/2027 | 24,674 | 24,511 | 24,243 | 0.3 | % | ||||||||||||||
When I Work, Inc.(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.00% | 11/2027 | — | (28 | ) | (73 | ) | 0.0 | % | ||||||||||||
Zendesk, Inc.(7) |
First lien senior secured loan | SR + 6.75% (3.25% PIK) | 11/2028 | 122,436 | 120,301 | 120,600 | 1.6 | % | ||||||||||||||
Zendesk, Inc.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 11/2024 | — | (959 | ) | (150 | ) | 0.0 | % | ||||||||||||
Zendesk, Inc.(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 11/2028 | — | (212 | ) | (186 | ) | 0.0 | % | ||||||||||||
1,723,302 | 1,696,685 | 1,688,825 | 21.9 | % | ||||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||
Troon Golf, L.L.C.(7) |
First lien senior secured loan | SR + 5.75% | 08/2027 | $ | 92,703 | $ | 92,380 | $ | 92,239 | 1.2 | % | |||||||||||
Troon Golf, L.L.C.(7)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 08/2026 | — | (21 | ) | (36 | ) | 0.0 | % | ||||||||||||
Troon Golf, L.L.C.(6) |
First lien senior secured delayed draw term loan | SR + 5.75% | 08/2027 | 49,525 | 48,952 | 49,277 | 0.6 | % | ||||||||||||||
142,228 | 141,311 | 141,480 | 1.8 | % | ||||||||||||||||||
Manufacturing |
||||||||||||||||||||||
ACR Group Borrower, LLC(7) |
First lien senior secured loan | SR + 4.50% | 03/2028 | $ | 4,032 | $ | 3,991 | $ | 3,972 | 0.1 | % | |||||||||||
ACR Group Borrower, LLC(7) |
First lien senior secured loan | SR + 6.00% | 03/2028 | 866 | 855 | 866 | 0.0 | % | ||||||||||||||
ACR Group Borrower, LLC(7)(17) |
First lien senior secured revolving loan | SR + 4.50% | 03/2026 | 537 | 531 | 524 | 0.0 | % | ||||||||||||||
BCPE Watson (DE) ORML, LP(8)(23)(27) |
First lien senior secured loan | SR + 6.50% | 07/2028 | 101,500 | 100,648 | 100,993 | 1.3 | % | ||||||||||||||
CPM Holdings, Inc.(6)(22) |
First lien senior secured loan | SR + 4.50% | 09/2028 | 50,000 | 48,643 | 49,845 | 0.7 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
CPM Holdings, Inc.(6)(17)(18)(22) |
First lien senior secured revolving loan | SR + 4.50% | 09/2030 | — | (50 | ) | (16 | ) | 0.0 | % | ||||||||||||
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6)(22) |
First lien senior secured loan | SR + 3.00% | 05/2030 | 10,743 | 10,642 | 10,723 | 0.1 | % | ||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22) |
First lien senior secured loan | SR + 3.50% | 05/2028 | 9,875 | 9,823 | 9,813 | 0.1 | % | ||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7) |
Second lien senior secured loan | SR + 6.50% | 05/2029 | 37,181 | 37,039 | 37,181 | 0.5 | % | ||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7) |
Second lien senior secured loan | SR + 6.00% | 05/2029 | 19,160 | 19,119 | 19,160 | 0.3 | % | ||||||||||||||
Filtration Group Corporation(6)(22) |
First lien senior secured loan | SR + 4.25% | 10/2028 | 21,890 | 21,682 | 21,899 | 0.3 | % | ||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) |
First lien senior secured loan | SR + 4.00% | 12/2027 | 18,634 | 18,337 | 18,494 | 0.2 | % | ||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) |
Second lien senior secured loan | SR + 8.25% | 12/2028 | 11,728 | 11,480 | 11,582 | 0.1 | % | ||||||||||||||
Helix Acquisition Holdings, Inc. (dba MW Industries)(7) |
First lien senior secured loan | SR + 7.00% | 03/2030 | 65,000 | 63,143 | 63,213 | 0.8 | % | ||||||||||||||
Ideal Tridon Holdings, Inc.(6)(17) |
First lien senior secured revolving loan | SR + 6.75% | 04/2028 | 2,466 | 2,232 | 2,250 | 0.0 | % | ||||||||||||||
Ideal Tridon Holdings, Inc.(8) |
First lien senior secured loan | SR + 6.75% | 04/2028 | 92,005 | 89,449 | 89,704 | 1.2 | % | ||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7) |
First lien senior secured loan | SR + 6.00% | 07/2027 | 86,390 | 85,764 | 86,390 | 1.1 | % | ||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7) |
First lien senior secured loan | SR + 6.25% | 07/2027 | 12,870 | 12,660 | 12,870 | 0.2 | % | ||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(7)(17) |
First lien senior secured revolving loan | SR + 6.00% | 07/2027 | 1,929 | 1,906 | 1,929 | 0.0 | % | ||||||||||||||
Pro Mach Group, Inc.(6)(22) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 30,396 | 30,248 | 30,399 | 0.4 | % | ||||||||||||||
Sonny’s Enterprises, LLC(7) |
First lien senior secured loan | SR + 6.75% | 08/2028 | 130,571 | 128,727 | 129,592 | 1.7 | % | ||||||||||||||
Sonny’s Enterprises, LLC(7)(17)(18) |
First lien senior secured revolving loan | SR + 6.75% | 08/2027 | — | (341 | ) | (189 | ) | 0.0 | % | ||||||||||||
Sonny’s Enterprises, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 11/2024 | — | (367 | ) | (199 | ) | 0.0 | % | ||||||||||||
707,773 | 696,161 | 700,995 | 9.1 | % | ||||||||||||||||||
Professional services |
||||||||||||||||||||||
Apex Group Treasury, LLC(7)(23) |
First lien senior secured loan | SR + 5.00% | 07/2028 | $ | 24,813 | $ | 23,484 | $ | 24,813 | 0.3 | % | |||||||||||
Apex Group Treasury, LLC(7)(23) |
Second lien senior secured loan | SR + 6.75% | 07/2029 | 11,618 | 11,458 | 11,501 | 0.2 | % | ||||||||||||||
Apex Service Partners, LLC(7) |
First lien senior secured loan | SR + 5.50% | 07/2025 | 91,011 | 90,222 | 91,011 | 1.2 | % | ||||||||||||||
Apex Service Partners, LLC(8)(17) |
First lien senior secured revolving loan | SR + 5.25% | 07/2025 | 2,875 | 2,837 | 2,875 | 0.0 | % | ||||||||||||||
Apex Service Partners Intermediate 2, LLC(16) |
First lien senior secured loan | 12.50% PIK | 07/2027 | 5,789 | 5,687 | 5,789 | 0.1 | % | ||||||||||||||
Certinia, Inc.(8) |
First lien senior secured loan | SR + 0.0725 | 08/2029 | 33,088 | 32,438 | 32,426 | 0.4 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Certinia, Inc.(8)(17)(18) |
First lien senior secured revolving loan | SR + 0.0725 | 08/2029 | — | (86 | ) | (88 | ) | 0.0 | % | ||||||||||||
Corporation Service Company(6)(22) |
First lien senior secured loan | SR + 3.25% | 11/2029 | 2,858 | 2,782 | 2,854 | 0.0 | % | ||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(7)(22)(23) |
First lien senior secured loan | SR + 4.25% | 06/2029 | 27,738 | 27,709 | 27,322 | 0.3 | % | ||||||||||||||
EP Purchaser, LLC(7) |
First lien senior secured loan | SR + 4.50% | 11/2028 | 24,875 | 23,927 | 23,942 | 0.3 | % | ||||||||||||||
Guidehouse Inc.(6) |
First lien senior secured loan | SR + 6.25% | 10/2028 | 105,924 | 104,960 | 105,394 | 1.4 | % | ||||||||||||||
Omnia Partners, LLC(7)(22) |
First lien senior secured loan | SR + 4.25% | 07/2030 | 1,828 | 1,810 | 1,829 | 0.0 | % | ||||||||||||||
Omnia Partners, LLC(7)(17)(18)(19)(22) |
First lien senior secured delayed draw term loan | SR + 4.25% | 01/2024 | — | (2 | ) | — | 0.0 | % | |||||||||||||
Relativity ODA LLC(6) |
First lien senior secured loan | SR + 6.50% | 05/2027 | 5,094 | 5,051 | 5,094 | 0.1 | % | ||||||||||||||
Relativity ODA LLC(6)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 05/2027 | — | (4 | ) | — | 0.0 | % | |||||||||||||
Sensor Technology Topco, Inc. (dba Humanetics)(7) |
First lien senior secured loan | SR + 7.00% (2.00% PIK) | 05/2026 | 231,926 | 230,384 | 231,346 | 3.0 | % | ||||||||||||||
Sensor Technology Topco, Inc. (dba Humanetics)(6)(17) |
First lien senior secured revolving loan | SR + 6.50% | 05/2026 | 8,286 | 8,152 | 8,235 | 0.1 | % | ||||||||||||||
Sensor Technology Topco, Inc. (dba Humanetics)(13) |
First lien senior secured EUR term loan | E + 7.25% (2.25% PIK) | 05/2026 | 44,232 | 45,082 | 44,121 | 0.6 | % | ||||||||||||||
Sovos Compliance, LLC(6)(22) |
First lien senior secured loan | SR + 4.50% | 08/2028 | 29,118 | 28,644 | 28,614 | 0.4 | % | ||||||||||||||
Vistage Worldwide, Inc.(6) |
First lien senior secured loan | SR + 5.25% | 07/2029 | 4,950 | 4,832 | 4,932 | 0.1 | % | ||||||||||||||
656,023 | 649,367 | 652,010 | 8.5 | % | ||||||||||||||||||
Specialty retail |
||||||||||||||||||||||
Ideal Image Development, LLC(7) |
First lien senior secured loan | SR + 6.50% | 09/2027 | $ | 5,795 | $ | 5,700 | $ | 5,259 | 0.1 | % | |||||||||||
Ideal Image Development, LLC(7) |
First lien senior secured revolving loan | SR + 6.50% | 09/2027 | 915 | 900 | 830 | 0.0 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(7) |
First lien senior secured loan | SR + 6.75% | 11/2027 | 59,849 | 59,177 | 57,007 | 0.7 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(7) |
First lien senior secured loan | SR + 6.75% | 11/2027 | 163,018 | 161,065 | 155,274 | 2.0 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(7)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 11/2023 | 5,216 | 5,125 | 4,845 | 0.1 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(7)(17) |
First lien senior secured revolving loan | SR + 6.75% | 05/2027 | 352 | 300 | 101 | 0.0 | % | ||||||||||||||
Milan Laser Holdings LLC(6) |
First lien senior secured loan | SR + 5.00% | 04/2027 | 20,269 | 20,138 | 20,269 | 0.3 | % | ||||||||||||||
Milan Laser Holdings LLC(6)(17)(18) |
First lien senior secured revolving loan | SR + 5.00% | 04/2026 | — | (9 | ) | — | 0.0 | % | |||||||||||||
The Shade Store, LLC(7) |
First lien senior secured loan | SR + 6.00% | 10/2027 | 66,989 | 66,381 | 64,309 | 0.8 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
The Shade Store, LLC(7) |
First lien senior secured loan | SR + 7.00% | 10/2027 | 10,607 | 10,343 | 10,315 | 0.1 | % | ||||||||||||||
The Shade Store, LLC(7)(17) |
First lien senior secured revolving loan | SR + 6.00% | 10/2026 | 3,000 | 2,948 | 2,727 | 0.0 | % | ||||||||||||||
336,010 | 332,068 | 320,936 | 4.1 | % | ||||||||||||||||||
Telecommunications |
||||||||||||||||||||||
EOS U.S. Finco LLC(7)(23) |
First lien senior secured loan | SR + 6.00% | 10/2029 | $ | 68,773 | $ | 65,367 | $ | 67,397 | 0.9 | % | |||||||||||
EOS U.S. Finco LLC(17)(18)(19)(23) |
First lien senior secured delayed draw term loan | SR + 6.00% | 05/2026 | — | (239 | ) | — | 0.0 | % | |||||||||||||
Park Place Technologies, LLC(6)(22) |
First lien senior secured loan | SR + 5.00% | 11/2027 | 1,136 | 1,107 | 1,116 | 0.0 | % | ||||||||||||||
69,909 | 66,235 | 68,513 | 0.9 | % | ||||||||||||||||||
Transportation |
||||||||||||||||||||||
Lightbeam Bidco, Inc. (dba Lazer Spot)(8) |
First lien senior secured loan | SR + 6.25% | 05/2030 | $ | 96,397 | $ | 95,472 | $ | 95,674 | 1.2 | % | |||||||||||
Lightbeam Bidco, Inc. (dba Lazer Spot)(8)(17) |
First lien senior secured revolving loan | SR + 6.25% | 05/2029 | 1,558 | 1,449 | 1,470 | 0.0 | % | ||||||||||||||
Lightbeam Bidco, Inc. (dba Lazer Spot)(8)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.25% | 11/2024 | — | (69 | ) | — | 0.0 | % | |||||||||||||
Motus Group, LLC(6) |
Second lien senior secured loan | SR + 6.50% | 12/2029 | 10,000 | 9,917 | 9,875 | 0.1 | % | ||||||||||||||
Safe Fleet Holdings, LLC(6)(22) |
First lien senior secured loan | SR + 3.75% | 02/2029 | 25,855 | 25,312 | 25,834 | 0.3 | % | ||||||||||||||
133,810 | 132,081 | 132,853 | 1.6 | % | ||||||||||||||||||
Total non-controlled/non-affiliated |
$ |
13,233,071 |
$ |
13,031,075 |
$ |
13,011,249 |
167.7 |
% | ||||||||||||||
Equity Investments |
||||||||||||||||||||||
Asset based lending and fund finance |
||||||||||||||||||||||
Amergin Asset Management, LLC(23)(24)(26) |
Class A Units | N/A | N/A | 50,000,000 | $ | — | $ | — | 0.0 | % | ||||||||||||
— | — | 0.0 | % | |||||||||||||||||||
Automotive |
||||||||||||||||||||||
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26) |
LP Interest | N/A | N/A | 33,061 | $ | 32,912 | $ | 39,078 | 0.5 | % | ||||||||||||
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24) |
Series A Convertible Preferred Stock | 7.00% PIK | N/A | 10,769 | 12,454 | 12,729 | 0.2 | % | ||||||||||||||
45,366 | 51,807 | 0.7 | % | |||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||
Associations Finance, Inc.(16)(24) |
Preferred Stock | 13.50% PIK | N/A | 215,000,000 | $ | 239,021 | $ | 241,765 | 3.2 | % | ||||||||||||
Associations Finance, Inc.(16)(24) |
Preferred Stock | 13.50% PIK | N/A | 35,000,000 | 35,151 | 35,702 | 0.5 | % | ||||||||||||||
Dodge Construction Network Holdings, L.P.(7)(24) |
Series A Preferred Units | SR + 8.25% | N/A | — | 3 | 2 | 0.0 | % | ||||||||||||||
Dodge Construction Network Holdings, L.P.(24)(26) |
Class A-2 Common Units |
N/A | N/A | 143,963 | 123 | 101 | 0.0 | % | ||||||||||||||
274,298 | 277,570 | 3.7 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Business services |
||||||||||||||||||||||||
Denali Holding, LP (dba Summit Companies)(24)(26) |
Class A Units | N/A | N/A | 686,513 | $ | 7,076 | $ | 10,212 | 0.1 | % | ||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28) |
Common Units | N/A | N/A | 10 | 10 | 11 | 0.0 | % | ||||||||||||||||
Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.)(16)(24) |
Perpetual Preferred Stock | 11.75% PIK | N/A | 53,600 | 59,042 | 60,062 | 0.8 | % | ||||||||||||||||
66,128 | 70,285 | 0.9 | % | |||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||
ASP Conair Holdings LP(24)(26) |
Class A Units | N/A | N/A | 9,286 | $ | 929 | $ | 877 | 0.0 | % | ||||||||||||||
929 | 877 | 0.0 | % | |||||||||||||||||||||
Food and beverage |
||||||||||||||||||||||||
Hissho Sushi Holdings, LLC(24)(26) |
Class A Units | N/A | N/A | 941,780 | $ | 9,418 | $ | 12,187 | 0.2 | % | ||||||||||||||
9,418 | 12,187 | 0.2 | % | |||||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||
Maia Aggregator, LP(24)(26) |
Class A-2 Units |
N/A | N/A | 12,921,348 | $ | 12,921 | $ | 13,711 | 0.2 | % | ||||||||||||||
KPCI Holdings, L.P.(24)(26) |
Class A Units | N/A | N/A | 1,781 | 2,313 | 2,056 | 0.0 | % | ||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24) |
Class A Units | 8.00% PIK | N/A | 13,517 | 1,228 | 1,228 | 0.0 | % | ||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26) |
Class B Units | N/A | N/A | 982 | 164 | 225 | 0.0 | % | ||||||||||||||||
Rhea Acquisition Holdings, LP(24)(26) |
Series A-2 Units |
N/A | N/A | 11,964,286 | 11,964 | 16,154 | 0.2 | % | ||||||||||||||||
28,590 | 33,374 | 0.4 | % | |||||||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||||
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26) |
Class A Interests | N/A | N/A | 3,520 | $ | 3,520 | $ | 3,105 | 0.0 | % | ||||||||||||||
3,520 | 3,105 | 0.0 | % | |||||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||
Minerva Holdco, Inc.(16)(24) |
Series A Preferred Stock | 10.75% PIK | N/A | 100,000 | $ | 114,204 | $ | 109,540 | 1.4 | % | ||||||||||||||
BEHP Co-Investor II, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 1,269,969 | 1,266 | 1,325 | 0.0 | % | ||||||||||||||||
Orange Blossom Parent, Inc.(24)(26) |
Common Equity | N/A | N/A | 16,667 | 1,667 | 1,710 | 0.0 | % | ||||||||||||||||
WP Irving Co-Invest, L.P.(23)(24)(26) |
Partnership Units | N/A | N/A | 1,250,000 | 1,251 | 1,304 | 0.0 | % | ||||||||||||||||
118,388 | 113,879 | 1.4 | % | |||||||||||||||||||||
Household products |
||||||||||||||||||||||||
Evology, LLC(24)(26) |
Class B Units | N/A | N/A | 316 | $ | 1,512 | $ | 1,446 | 0.0 | % | ||||||||||||||
Walker Edison Holdco LLC(24)(26) |
Common Equity | N/A | N/A | 29,167 | 2,818 | 1,685 | 0.0 | % | ||||||||||||||||
4,330 | 3,131 | 0.0 | % | |||||||||||||||||||||
Human resource support services |
||||||||||||||||||||||||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24) |
Series A Preferred Stock | 10.50% PIK | N/A | 12,750 | $ | 14,925 | $ | 13,024 | 0.2 | % | ||||||||||||||
14,925 | 13,024 | 0.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Insurance |
||||||||||||||||||||||||
Accelerate Topco Holdings, LLC(24)(26) |
Common Units | N/A | N/A | 91,805 | $ | 2,535 | $ | 2,895 | 0.0 | % | ||||||||||||||
Evolution Parent, LP (dba SIAA)(24)(26) |
LP Interest | N/A | N/A | 2,703 | 270 | 302 | 0.0 | % | ||||||||||||||||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26) |
LP Interest | N/A | N/A | 421 | 426 | 408 | 0.0 | % | ||||||||||||||||
Hockey Parent Holdings, L.P.(24)(26) |
Class A Units | N/A | N/A | 12,438 | 25,000 | 25,000 | 0.3 | % | ||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services)(16)(17)(19)(24) |
Series A Preferred Units | 15.00% PIK | N/A | 19,423 | 7,897 | 8,378 | 0.1 | % | ||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26) |
Class A Unit Warrants | N/A | N/A | 1,503,286 | 5,129 | 5,134 | 0.0 | % | ||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26) |
Class A Units | N/A | N/A | 6,047,390 | 15,336 | 27,614 | 0.4 | % | ||||||||||||||||
56,593 | 69,731 | 0.8 | % | |||||||||||||||||||||
Internet software and services |
||||||||||||||||||||||||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26) |
Common Units | N/A | N/A | 1,729,439 | $ | 1,729 | $ | 1,776 | 0.0 | % | ||||||||||||||
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26) |
LP Interest | N/A | N/A | 987,461 | 987 | 1,032 | 0.0 | % | ||||||||||||||||
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 6,529,851 | 6,569 | 6,187 | 0.1 | % | ||||||||||||||||
Picard Holdco, Inc.(7)(24) |
Series A Preferred Stock | SR + 12.00% PIK | N/A | 51,493 | 46,631 | 42,186 | 0.6 | % | ||||||||||||||||
MessageBird Holding B.V.(23)(24)(26) |
Extended Series C Warrants | N/A | N/A | 7,980 | 49 | 9 | 0.0 | % | ||||||||||||||||
Project Alpine Co-Invest Fund, LP(23)(24)(26) |
LP Interest | N/A | N/A | 17,000,000 | 17,010 | 18,656 | 0.2 | % | ||||||||||||||||
Thunder Topco L.P. (dba Vector Solutions)(24)(26) |
Common Units | N/A | N/A | 712,884 | 713 | 791 | 0.0 | % | ||||||||||||||||
WMC Bidco, Inc. (dba West Monroe)(16)(24) |
Senior Preferred Stock | 11.25% PIK | N/A | 33,385 | 40,587 | 39,124 | 0.5 | % | ||||||||||||||||
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 3,522 | 3,525 | 3,679 | 0.0 | % | ||||||||||||||||
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26) |
Class A Common Stock | N/A | N/A | 57,000 | 5,700 | 4,808 | 0.1 | % | ||||||||||||||||
Zoro TopCo, Inc. (dba Zendesk, Inc.)(16)(24) |
Series A Preferred Stock | 12.50% PIK | N/A | 16,562 | 17,292 | 17,489 | 0.2 | % | ||||||||||||||||
Zoro TopCo, L.P. (dba Zendesk, Inc.)(24)(26) |
Class A Common Units | N/A | N/A | 1,380,129 | 13,801 | 14,481 | 0.2 | % | ||||||||||||||||
154,593 | 150,218 | 1.9 | % | |||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26) |
LP Interest | N/A | N/A | 1,000 | $ | 100 | $ | 112 | 0.0 | % | ||||||||||||||
100 | 112 | 0.0 | % | |||||||||||||||||||||
Total non-controlled/non-affiliated |
$ |
777,178 |
$ |
799,300 |
10.2 |
% | ||||||||||||||||||
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par/Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Total non-controlled/non-affiliated |
$ |
13,808,253 |
$ |
13,810,549 |
177.9 |
% | ||||||||||||||||||
Non-controlled/affiliated portfolio company investments |
||||||||||||||||||||||||
Equity Investments |
||||||||||||||||||||||||
Pharmaceuticals |
||||||||||||||||||||||||
LSI Financing 1 DAC(23)(24)(26)(30) |
Preferred equity | N/A | N/A | 79,272 | $ | 74,421 | $ | 77,407 | 1.0 | % | ||||||||||||||
74,421 | 77,407 | 1.0 | % | |||||||||||||||||||||
Total non-controlled/affiliated portfolio company equity investments |
$ |
74,421 |
$ |
77,407 |
1.0 |
% | ||||||||||||||||||
Controlled/affiliated portfolio company investments |
||||||||||||||||||||||||
Debt Investments |
||||||||||||||||||||||||
Asset based lending and fund finance |
||||||||||||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(16)(23)(31) |
First lien senior secured loan | 12.00% PIK | 07/2030 | $ | 36,380 | $ | 36,380 | $ | 36,380 | 0.5 | % | |||||||||||||
36,380 | 36,380 | 36,380 | 0.5 | % | ||||||||||||||||||||
Total controlled/affiliated portfolio company debt investments |
$ |
36,380 |
$ |
36,380 |
$ |
36,380 |
0.5 |
% | ||||||||||||||||
Equity Investments |
||||||||||||||||||||||||
Asset based lending and fund finance |
||||||||||||||||||||||||
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31) |
LLC Interest | N/A | N/A | 30,706 | $ | 30,708 | $ | 30,706 | 0.4 | % | ||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31) |
LLC Interest | N/A | N/A | 23,966 | 23,932 | 23,966 | 0.3 | % | ||||||||||||||||
54,640 | 54,672 | 0.7 | % | |||||||||||||||||||||
Insurance |
||||||||||||||||||||||||
Fifth Season Investments LLC(24)(26)(27)(31) |
Class A Units | N/A | N/A | 28 | $ | 123,500 | $ | 123,500 | 1.6 | % | ||||||||||||||
123,500 | 123,500 | 1.6 | % | |||||||||||||||||||||
Joint Ventures |
||||||||||||||||||||||||
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC)(23)(24)(27)(31)(33) |
LLC Interest | N/A | N/A | 257,933 | $ | 257,933 | $ | 264,772 | 3.5 | % | ||||||||||||||
257,933 | 264,772 | 3.5 | % | |||||||||||||||||||||
Total controlled/affiliated portfolio company equity investments |
$ |
436,073 |
$ |
442,944 |
5.8 |
% | ||||||||||||||||||
Total controlled/affiliated portfolio company investments |
$ |
472,453 |
$ |
479,324 |
6.3 |
% | ||||||||||||||||||
Total Investments |
$ |
14,355,127 |
$ |
14,367,280 |
185.2 |
% | ||||||||||||||||||
Interest Rate Swaps as of September 30, 2023 |
||||||||||||||||||||||||||||||||||||
Company Receives |
Company Pays |
Maturity Date |
Notional Amount |
Fair Value |
Upfront Payments/ Receipts |
Change in Unrealized Appreciation / (Depreciation) |
Hedged Instrument |
Footnote Reference |
||||||||||||||||||||||||||||
Interest rate swap(a)(b) |
7.75 | % | SR + 3.84% | 9/16/2027 | $ | 600,000 | $ | (10,984 | ) | $ | — | $ | (580 | ) | |
September 2027 Notes |
|
Note 6 | ||||||||||||||||||
Total |
$ | 600,000 | ||||||||||||||||||||||||||||||||||
(a) | Contains a variable rate structure. Bears interest at a rate determined by SOFR. |
(b) | Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense. |
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. |
(3) | Unless otherwise indicated, all investments are considered Level 3 investments. |
(4) | The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”) (which can include one- or three-month CDOR), Sterling (SP) Overnight Interbank Average Rate (“SONIA” or “SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%. |
(7) | The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%. |
(8) | The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%. |
(9) | The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%. |
(10) | The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%. |
(11) | The interest rate on these loans is subject to 1 month CDOR, which as of September 30, 2023 was 5.39%. |
(12) | The interest rate on these loans is subject to 3 month CDOR, which as of September 30, 2023 was 5.51%. |
(13) | The interest rate on these loans is subject to 3 month EURIBOR, which as of September 30, 2023 was 3.95%. |
(14) | The interest rate on these loans is subject to SONIA, which as of September 30, 2023 was 5.19%. |
(15) | The interest rate on these loans is subject to Prime, which as of September 30, 2023 was 8.50%. |
(16) | Investment does not contain a variable rate structure. |
(17) | Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”. |
(18) | The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. |
(19) | The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. |
(20) | Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”. |
(21) | This portfolio company was not a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. |
(22) | Level 2 Investment. |
(23) | This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of September 30, 2023, non-qualifying assets represented 14.1% of total assets as calculated in accordance with the regulatory requirements. |
(24) | Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of September 30, 2023, the aggregate fair value of these securities is $1.32 billion, or 17.2% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: |
Portfolio Company |
Investment |
Acquisition Date | ||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC** |
LLC Interest | July 1, 2022 | ||
AAM Series 2.1 Aviation Feeder, LLC** |
LLC Interest | July 1, 2022 | ||
Accelerate Topco Holdings, LLC |
Common Units | September 1, 2022 | ||
Amergin Asset Management, LLC** |
Class A Units | July 1, 2022 | ||
ASP Conair Holdings LP |
Class A Units | May 17, 2021 | ||
Associations Finance, Inc. |
Preferred Stock | June 10, 2022 | ||
Associations Finance, Inc. |
Preferred Stock | April 10, 2023 | ||
BCTO WIW Holdings, Inc. (dba When I Work) |
Class A Common Stock | November 2, 2021 | ||
BEHP Co-Investor II, L.P. |
LP Interest | May 6, 2022 | ||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) |
Common Units | October 1, 2021 | ||
CD&R Value Building Partners I, L.P. (dba Belron) |
LP Interest | December 2, 2021 | ||
Denali Holding LP (dba Summit Companies) |
Class A Units | September 14, 2021 | ||
Dodge Construction Network Holdings, L.P. |
Class A-2 Common Units |
February 23, 2022 | ||
Dodge Construction Network Holdings, L.P. |
Series A Preferred Units | February 23, 2022 | ||
Elliott Alto Co-Investor Aggregator L.P. |
LP Interest | September 28, 2022 | ||
Evology LLC |
Class B Units | January 21, 2022 | ||
Evolution Parent, LP (dba SIAA) |
LP Interest | April 30, 2021 | ||
Fifth Season Investments LLC** |
Class A Units | October 17, 2022 | ||
Gloves Holdings, LP (dba Protective Industrial Products) |
LP Interest | December 28, 2020 | ||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) |
LP Interest | December 16, 2021 | ||
Hercules Buyer, LLC (dba The Vincit Group) |
Common Units | December 15, 2020 | ||
Hissho Sushi Holdings, LLC |
Class A Units | May 17, 2022 | ||
Hockey Parent Holdings, L.P. |
Class A Units | September 14, 2023 | ||
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) |
LP Interest | June 8, 2022 | ||
Knockout Intermediate Holdings I Inc. (dba Kaseya) |
Perpetual Preferred Stock | June 22, 2022 | ||
KOBHG Holdings, L.P. (dba OB Hospitalist) |
Class A Interests | September 27, 2021 | ||
KPCI Holdings, L.P. |
Class A Units | November 25, 2020 | ||
LSI Financing 1 DAC** |
Preferred equity | December 14, 2022 | ||
Maia Aggregator, LP |
Class A-2 Units |
February 1, 2022 | ||
MessageBird Holding B.V. |
Extended Series C Warrants | May 5, 2021 | ||
Metis HoldCo, Inc. (dba Mavis Tire Express Services) |
Series A Convertible Preferred Stock | May 3, 2021 | ||
Minerva Holdco, Inc. |
Series A Preferred Stock | February 14, 2022 | ||
Orange Blossom Parent, Inc. |
Common Equity | July 29, 2022 | ||
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC)* |
LLC Interest | November 2, 2022 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) |
Class A Units | January 29, 2021 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) |
Class B Units | January 29, 2021 | ||
PCF Holdco, LLC (dba PCF Insurance Services) |
Preferred equity | February 13, 2023 | ||
PCF Holdco, LLC (dba PCF Insurance Services) |
Class A Units | November 1, 2021 | ||
PCF Holdco, LLC (dba PCF Insurance Services) |
Class A Unit Warrants | February 13, 2023 | ||
Picard Holdco, Inc. |
Series A Preferred Stock | September 29, 2022 | ||
Project Alpine Co-Invest Fund, L.P. |
LP Interest | June 13, 2022 | ||
Project Hotel California Co-Invest Fund, L.P. |
LP Interest | August 9, 2022 | ||
Rhea Acquisition Holdings, LP |
Series A-2 Units |
February 18, 2022 | ||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand) |
Series A Preferred Stock | October 14, 2021 | ||
Thunder Topco L.P. (dba Vector Solutions) |
Common Units | June 30, 2021 | ||
Walker Edison Holdco LLC |
Common Equity | March 1, 2023 | ||
WMC Bidco, Inc. (dba West Monroe) |
Senior Preferred Stock | November 8, 2021 | ||
WP Irving Co-Invest, L.P. |
Partnership Units | May 18, 2022 | ||
Zoro TopCo, Inc. |
Class A Common Units | November 22, 2022 | ||
Zoro TopCo, Inc. |
Series A Preferred Stock | November 22, 2022 |
* | Refer to Note 4 “Investments—Blue Owl Credit Income Senior Loan Fund LLC”, for further information. |
** | Refer to Note 3 “Agreements and Related Party Transactions—Controlled/Affiliated Portfolio Companies”. |
(25) | As of September 30, 2023, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $65.6 million based on a tax cost basis of $14.3 billion. As of September 30, 2023, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $66.6 million. As of September 30, 2023, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $132.2 million. |
(26) | Investment is non-income producing. |
(27) | Investment is not pledged as collateral under the Revolving Credit Facility and the SPV Asset Facilities. |
(28) | We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC. |
(29) | Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. |
(30) | As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the period ended September 30, 2023 were as follows: |
Company |
Fair value as of December 31, 2022 |
Gross Additions(a) |
Gross Reductions(b) |
Net Change in Unrealized Gain/ (Loss) |
Realized Gain/ (Loss) |
Fair value as of September 30, 2023 |
Dividend Income |
Other Income |
||||||||||||||||||||||||
LSI Financing 1 DAC |
$ | 6,175 | $ | 73,099 | $ | (4,902 | ) | $ | 3,035 | $ | — | $ | 77,407 | $ | 547 | $ | — | |||||||||||||||
Total |
$ | 6,175 | $ | 73,099 | $ | (4,902 | ) | $ | 3,035 | $ | — | $ | 77,407 | $ | 547 | $ | — | |||||||||||||||
(a) | Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind |
(b) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities. |
(31) | As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended September 30, 2023 were as follows: |
Company |
Fair value as of December 31, 2022 |
Gross Additions(a) |
Gross Reductions(b) |
Net Change in Unrealized Gain/ (Loss) |
Realized Gain/ (Loss) |
Fair value as of September 30, 2023 |
Dividend Income |
Other Income |
||||||||||||||||||||||||
AAM Series 2.1 Aviation Feeder, LLC(c) |
$ | 1,568 | $ | 29,138 | $ | — | $ | — | $ | — | $ | 30,706 | $ | — | $ | — | ||||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c) |
— | 60,312 | — | 34 | — | 60,346 | — | — | ||||||||||||||||||||||||
Fifth Season Investments LLC |
89,680 | 33,820 | — | — | — | 123,500 | 2,860 | — | ||||||||||||||||||||||||
Blue Owl Credit Income Senior Loan Fund, LLC (f/k/a ORCIC Senior Loan Fund, LLC) |
140,394 | 116,158 | — | 8,220 | — | 264,772 | 23,458 | — | ||||||||||||||||||||||||
Total |
$ | 231,642 | $ | 239,428 | $ | — | $ | 8,254 | $ | — | $ | 479,324 | $ | 26,318 | $ | — | ||||||||||||||||
(a) | Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind |
the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category. |
(b) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities. |
(c) | In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”) the Company made a minority investment in Amergin Asset Management, LLC which has entered into a Servicing Agreement with Amergin Assetco. |
(32) | Investment was on non-accrual status as of September 30, 2023. |
(33) | Investment measured at net asset value (“NAV”). |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Non-controlled/non-affiliated |
||||||||||||||||||||||
Debt Investments(5) |
||||||||||||||||||||||
Advertising and media |
||||||||||||||||||||||
Global Music Rights, LLC(7) |
First lien senior secured loan | L + 5.50% | 08/2028 | $ | 83,531 | $ | 82,119 | $ | 83,530 | 1.6 | % | |||||||||||
Global Music Rights, LLC(7)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 08/2027 | — | (116 | ) | — | — | % | |||||||||||||
The NPD Group, L.P.(9) |
First lien senior secured loan | SR + 6.25% (2.75% PIK) |
12/2028 | 224,081 | 219,669 | 219,600 | 4.2 | % | ||||||||||||||
The NPD Group, L.P.(9)(17) |
First lien senior secured revolving loan | SR + 5.75% | 12/2027 | 1,712 | 1,449 | 1,427 | — | % | ||||||||||||||
309,324 | 303,121 | 304,557 | 5.8 | % | ||||||||||||||||||
Aerospace and Defense |
||||||||||||||||||||||
Bleriot US Bidco Inc.(7)(22) |
First lien senior secured loan | L + 4.00% | 10/2026 | $ | 5,096 | $ | 5,095 | $ | 5,031 | 0.1 | % | |||||||||||
ManTech International Corporation(10) |
First lien senior secured loan | SR + 5.75% | 09/2029 | 14,181 | 13,907 | 13,898 | 0.3 | % | ||||||||||||||
ManTech International Corporation(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 09/2024 | — | (32 | ) | (34 | ) | — | % | ||||||||||||
ManTech International Corporation(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 09/2028 | — | (34 | ) | (36 | ) | — | % | ||||||||||||
Peraton Corp.(6)(22) |
First lien senior secured loan | L + 3.75% | 02/2028 | 14,746 | 14,722 | 14,377 | 0.3 | % | ||||||||||||||
Peraton Corp.(6)(22) |
Second lien senior secured loan | L + 7.75% | 02/2029 | 4,854 | 4,795 | 4,599 | 0.1 | % | ||||||||||||||
38,877 | 38,453 | 37,835 | 0.8 | % | ||||||||||||||||||
Automotive |
||||||||||||||||||||||
Holley Inc.(7)(22) |
First lien senior secured loan | L + 3.75% | 11/2028 | $ | 2,348 | $ | 2,339 | $ | 2,027 | — | % | |||||||||||
Mavis Tire Express Services Topco Corp.(9)(22) |
First lien senior secured loan | SR + 4.00% | 05/2028 | 9,850 | 9,811 | 9,378 | 0.2 | % | ||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings)(10) |
First lien senior secured loan | SR + 5.00% | 03/2029 | 9,142 | 8,974 | 8,867 | 0.2 | % | ||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings)(10)(17) |
First lien senior secured revolving loan | SR + 5.00% | 03/2028 | 1,433 | 1,388 | 1,356 | — | % | ||||||||||||||
Power Stop, LLC(7)(21) |
First lien senior secured loan | L + 4.75% | 01/2029 | 29,775 | 29,509 | 26,798 | 0.5 | % | ||||||||||||||
Spotless Brands, LLC(10) |
First lien senior secured loan | SR + 6.50% | 07/2028 | 54,425 | 53,397 | 53,335 | 1.1 | % | ||||||||||||||
Spotless Brands, LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 07/2028 | — | (27 | ) | (29 | ) | — | % | ||||||||||||
106,973 | 105,391 | 101,732 | 2.0 | % | ||||||||||||||||||
Asset Based Lending and Fund Finance |
||||||||||||||||||||||
Hg Genesis 9 Sumoco Limited(13)(23) |
Unsecured facility | E + 7.00% PIK | 03/2027 | $ | 124,092 | $ | 127,414 | $ | 124,092 | 2.4 | % | |||||||||||
Hg Saturn LuchaCo Limited(14)(23) |
Unsecured facility | S + 7.50% PIK | 03/2026 | 1,898 | 2,144 | 1,874 | — | % | ||||||||||||||
125,990 | 129,558 | 125,966 | 2.4 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
Associations, Inc.(10) |
First lien senior secured loan | SR + 6.50% (2.50% PIK) | 07/2027 | $ | 104,673 | $ | 103,666 | $ | 104,412 | 2.0 | % | |||||||||||||
Associations, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 07/2027 | — | (36 | ) | (12 | ) | — | % | ||||||||||||||
Associations, Inc.(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% (2.50% PIK) | 06/2024 | 4,565 | 4,024 | 4,413 | 0.1 | % | ||||||||||||||||
CoreLogic Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 06/2028 | 42,056 | 41,236 | 34,962 | 0.7 | % | ||||||||||||||||
Dodge Construction Network, LLC(11) |
First lien senior secured loan | SR + 4.75% | 02/2029 | 17,114 | 16,878 | 14,547 | 0.3 | % | ||||||||||||||||
RealPage, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.00% | 04/2028 | 14,203 | 14,187 | 13,478 | 0.3 | % | ||||||||||||||||
RealPage, Inc.(6) |
Second lien senior secured loan | L + 6.50% | 04/2029 | 27,500 | 27,146 | 26,330 | 0.5 | % | ||||||||||||||||
Wrench Group LLC(7) |
First lien senior secured loan | L + 4.00% | 04/2026 | 10,545 | 10,410 | 10,176 | 0.2 | % | ||||||||||||||||
220,656 | 217,511 | 208,306 | 4.1 | % | ||||||||||||||||||||
Business services |
||||||||||||||||||||||||
Access CIG, LLC(6) |
Second lien senior secured loan | L + 7.75% | 02/2026 | $ | 2,385 | $ | 2,379 | $ | 2,373 | — | % | |||||||||||||
BrightView Landscapes, LLC(9)(21)(22) |
First lien senior secured loan | SR + 3.25% | 04/2029 | 9,353 | 9,029 | 8,979 | 0.2 | % | ||||||||||||||||
ConnectWise, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 09/2028 | 30,003 | 30,065 | 28,436 | 0.5 | % | ||||||||||||||||
CoreTrust Purchasing Group LLC(10) |
First lien senior secured loan | SR + 6.75% | 10/2029 | 97,393 | 95,495 | 95,445 | 1.8 | % | ||||||||||||||||
CoreTrust Purchasing Group LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 09/2024 | — | (68 | ) | (71 | ) | — | % | ||||||||||||||
CoreTrust Purchasing Group LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.75% | 10/2029 | — | (269 | ) | (284 | ) | — | % | ||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7) |
First lien senior secured loan | L + 5.75% | 09/2028 | 131,499 | 129,752 | 130,184 | 2.5 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7) |
First lien senior secured loan | L + 5.75% | 09/2028 | 35,205 | 34,470 | 34,853 | 0.7 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 09/2023 | 27,343 | 26,953 | 27,070 | 0.5 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 09/2027 | — | (101 | ) | (100 | ) | — | % | ||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(6) |
First lien senior secured loan | L + 5.50% | 09/2028 | 47,348 | 46,544 | 46,874 | 0.9 | % | ||||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 09/2023 | — | (78 | ) | — | — | % | |||||||||||||||
Entertainment Benefits Group, LLC(9) |
First lien senior secured loan | SR + 4.75% | 05/2028 | 75,023 | 74,343 | 75,023 | 1.4 | % | ||||||||||||||||
Entertainment Benefits Group, LLC(9)(17) |
First lien senior secured revolving loan | SR + 4.75% | 04/2027 | 7,733 | 7,633 | 7,733 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Fullsteam Operations, LLC(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 7.50% (3.00% PIK) | 05/2024 | 48,970 | 47,520 | 47,953 | 0.9 | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7) |
First lien senior secured loan | L + 6.50% | 12/2026 | 808 | 799 | 806 | — | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7) |
First lien senior secured loan | L + 5.50% | 12/2026 | 2,193 | 2,176 | 2,155 | — | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 09/2023 | 10,346 | 10,258 | 10,091 | 0.2 | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(8)(17) |
First lien senior secured revolving loan | L + 6.50% | 12/2026 | 10 | 9 | 10 | — | % | ||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(16)(28) |
Unsecured notes | 0.48% PIK | 12/2029 | 24 | 24 | 24 | — | % | ||||||||||||||
Kaseya Inc.(10) |
First lien senior secured loan | SR + 5.75% | 06/2029 | 71,717 | 70,363 | 71,000 | 1.4 | % | ||||||||||||||
Kaseya Inc.(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 06/2024 | — | (40 | ) | — | — | % | |||||||||||||
Kaseya Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 06/2029 | — | (80 | ) | (43 | ) | — | % | ||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(6) |
First lien senior secured loan | L + 5.50% | 10/2028 | 84,239 | 82,789 | 82,133 | 1.6 | % | ||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(15)(17)(19) |
First lien senior secured delayed draw term loan | P + 4.50% | 06/2024 | 2,363 | 2,167 | 2,055 | — | % | ||||||||||||||
Packers Holdings, LLC(6)(22) |
First lien senior secured loan | L + 3.25% | 03/2028 | 34,003 | 33,860 | 29,583 | 0.6 | % | ||||||||||||||
Ping Identity Holding Corp.(9) |
First lien senior secured loan | SR + 7.00% | 10/2029 | 21,818 | 21,498 | 21,491 | 0.4 | % | ||||||||||||||
Ping Identity Holding Corp.(9)(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 10/2028 | — | (32 | ) | (33 | ) | — | % | ||||||||||||
739,776 | 727,458 | 723,740 | 13.7 | % | ||||||||||||||||||
Chemicals |
||||||||||||||||||||||
Aruba Investments Holdings LLC (dba Angus Chemical Company)(6) |
First lien senior secured loan | L + 3.75% | 11/2027 | $ | 12,902 | $ | 12,696 | $ | 12,515 | 0.2 | % | |||||||||||
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6) |
Second lien senior secured loan | L + 7.75% | 11/2028 | 40,137 | 40,125 | 39,535 | 0.8 | % | ||||||||||||||
Douglas Products and Packaging Company LLC(9) |
First lien senior secured loan | SR + 7.00% | 06/2025 | 24,432 | 24,193 | 24,188 | 0.5 | % | ||||||||||||||
Douglas Products and Packaging Company LLC(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 06/2025 | — | (31 | ) | (32 | ) | — | % | ||||||||||||
Gaylord Chemical Company, L.L.C.(7) |
First lien senior secured loan | L + 6.50% | 03/2027 | 103,309 | 102,462 | 103,309 | 2.0 | % | ||||||||||||||
Gaylord Chemical Company, L.L.C.(7)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 03/2026 | — | (29 | ) | — | — | % | |||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(8) |
First lien senior secured loan | L + 5.75% | 04/2027 | 2,323 | 2,283 | 2,323 | — | % | ||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(17) |
First lien senior secured revolving loan | L + 5.75% | 04/2026 | 28 | 26 | 28 | — | % | ||||||||||||||
183,131 | 181,725 | 181,866 | 3.5 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Consumer products |
||||||||||||||||||||||
ConAir Holdings LLC(7) |
Second lien senior secured loan | L + 7.50% | 05/2029 | $ | 32,500 | $ | 32,051 | $ | 29,575 | 0.6 | % | |||||||||||
Foundation Consumer Brands, LLC(7) |
First lien senior secured loan | L + 5.50% | 02/2027 | 49,710 | 49,722 | 49,585 | 0.9 | % | ||||||||||||||
Lignetics Investment Corp.(7) |
First lien senior secured loan | L + 6.00% | 11/2027 | 75,706 | 74,909 | 74,192 | 1.4 | % | ||||||||||||||
Lignetics Investment Corp.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 6.00% | 11/2023 | — | (96 | ) | (191 | ) | — | % | ||||||||||||
Lignetics Investment Corp.(6)(17) |
First lien senior secured revolving loan | L + 6.00% | 10/2026 | 6,882 | 6,772 | 6,653 | 0.1 | % | ||||||||||||||
Olaplex, Inc.(9)(23) |
First lien senior secured loan | SR + 3.50% | 02/2029 | 40,473 | 40,335 | 38,045 | 0.7 | % | ||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(11) |
First lien senior secured loan | SR + 5.25% | 03/2029 | 59,674 | 58,613 | 57,884 | 1.1 | % | ||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(9)(17) |
First lien senior secured revolving loan | SR + 5.25% | 03/2029 | 1,953 | 1,854 | 1,785 | — | % | ||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.25% | 03/2024 | — | (123 | ) | (279 | ) | — | % | ||||||||||||
266,898 | 264,037 | 257,249 | 4.8 | % | ||||||||||||||||||
Containers and packaging |
||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9) |
First lien senior secured loan | SR + 6.25% | 10/2028 | $ | 49,704 | $ | 49,278 | $ | 49,331 | 0.9 | % | |||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 09/2027 | — | (40 | ) | (38 | ) | — | % | ||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9) |
First lien senior secured loan | SR + 6.25% | 09/2028 | 30,694 | 30,096 | 30,464 | 0.6 | % | ||||||||||||||
Berlin Packaging L.L.C.(6)(21)(22) |
First lien senior secured loan | L + 3.75% | 03/2028 | 15,009 | 14,628 | 14,412 | 0.3 | % | ||||||||||||||
BW Holding, Inc.(10) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 14,076 | 13,907 | 12,950 | 0.2 | % | ||||||||||||||
Charter NEX US, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.75% | 12/2027 | 34,957 | 34,477 | 33,898 | 0.6 | % | ||||||||||||||
Five Star Lower Holding LLC(11) |
First lien senior secured loan | SR + 4.25% | 05/2029 | 21,820 | 21,539 | 21,275 | 0.4 | % | ||||||||||||||
Fortis Solutions Group, LLC(7) |
First lien senior secured loan | L + 5.50% | 10/2028 | 67,451 | 66,277 | 65,596 | 1.2 | % | ||||||||||||||
Fortis Solutions Group, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 10/2023 | — | (4 | ) | (3 | ) | — | % | ||||||||||||
Fortis Solutions Group, LLC(8)(17) |
First lien senior secured revolving loan | L + 5.50% | 10/2027 | 900 | 792 | 714 | — | % | ||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10) |
First lien senior secured loan | SR + 5.75% | 05/2028 | 82,137 | 81,386 | 82,137 | 1.6 | % | ||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 05/2024 | — | — | — | — | % | ||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17) |
First lien senior secured revolving loan | SR + 5.75% | 05/2028 | 2,117 | 2,003 | 2,117 | — | % | ||||||||||||||
Pregis Topco LLC(10)(21)(22) |
First lien senior secured loan | SR + 3.75% | 07/2026 | 4,987 | 4,928 | 4,838 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Pregis Topco LLC(6) |
Second lien senior secured loan | L + 6.75% | 08/2029 | 30,000 | 29,999 | 29,625 | 0.6 | % | ||||||||||||||
Pregis Topco LLC(6) |
Second lien senior secured loan | L + 7.75% | 08/2029 | 2,500 | 2,500 | 2,488 | — | % | ||||||||||||||
Ring Container Technologies Group, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 08/2028 | 16,250 | 16,202 | 16,007 | 0.3 | % | ||||||||||||||
Tricorbraun Holdings, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.25% | 03/2028 | 15,886 | 15,511 | 15,123 | 0.3 | % | ||||||||||||||
388,488 | 383,479 | 380,934 | 7.1 | % | ||||||||||||||||||
Distribution |
||||||||||||||||||||||
ABB/Con-cise Optical Group LLC(8) |
First lien senior secured loan | L + 7.50% | 02/2028 | $ | 35,206 | $ | 34,736 | $ | 35,117 | 0.7 | % | |||||||||||
ABB/Con-cise Optical Group LLC(8)(17) |
First lien senior secured revolving loan | L + 7.50% | 02/2028 | 3,510 | 3,463 | 3,501 | 0.1 | % | ||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)(22) |
First lien senior secured loan | SR + 4.63% | 06/2026 | 31,823 | 30,838 | 30,869 | 0.6 | % | ||||||||||||||
Dealer Tire, LLC(9) |
First lien senior secured loan | SR + 4.50% | 12/2025 | 5,048 | 5,055 | 4,973 | 0.1 | % | ||||||||||||||
Dealer Tire, LLC(16)(21) |
Unsecured notes | 8.00% | 02/2028 | 56,120 | 54,928 | 47,842 | 0.9 | % | ||||||||||||||
Formerra, LLC(10) |
First lien senior secured loan | SR + 7.25% | 11/2028 | 5,250 | 5,083 | 5,079 | 0.1 | % | ||||||||||||||
Formerra, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 7.25% | 11/2023 | — | (3 | ) | (3 | ) | — | % | ||||||||||||
Formerra, LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 7.25% | 11/2028 | — | (17 | ) | (17 | ) | — | % | ||||||||||||
Individual Foodservice Holdings, LLC(10) |
First lien senior secured loan | SR + 6.25% | 11/2025 | 1,292 | 1,279 | 1,288 | — | % | ||||||||||||||
Individual Foodservice Holdings, LLC(7) |
First lien senior secured loan | L + 6.25% | 11/2025 | 62,804 | 62,341 | 62,648 | 1.2 | % | ||||||||||||||
Individual Foodservice Holdings, LLC(10) |
First lien senior secured loan | SR + 6.75% | 11/2025 | 1,952 | 1,933 | 1,952 | — | % | ||||||||||||||
Individual Foodservice Holdings, LLC(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 6.25% | 11/2023 | 18,151 | 17,847 | 18,059 | 0.3 | % | ||||||||||||||
Individual Foodservice Holdings, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 12/2023 | — | (80 | ) | — | — | % | |||||||||||||
Individual Foodservice Holdings, LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 11/2024 | — | (1 | ) | — | — | % | |||||||||||||
SRS Distribution, Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 06/2028 | 24,139 | 23,899 | 23,052 | 0.4 | % | ||||||||||||||
White Cap Supply Holdings, LLC(9)(21)(22) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 11,614 | 11,169 | 11,212 | 0.2 | % | ||||||||||||||
256,909 | 252,470 | 245,572 | 4.6 | % | ||||||||||||||||||
Education |
||||||||||||||||||||||
CIG Emerald Holding LLC(10)(23) |
First lien senior secured loan | SR + 6.50% | 06/2027 | $ | 78,000 | $ | 77,124 | $ | 77,609 | 1.5 | % | |||||||||||
Community Brands ParentCo, LLC(9) |
First lien senior secured loan | SR + 5.75% | 02/2028 | 31,636 | 31,083 | 31,161 | 0.6 | % | ||||||||||||||
Community Brands ParentCo, LLC(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 02/2024 | — | (32 | ) | (19 | ) | — | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Community Brands ParentCo, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 02/2028 | — | (32 | ) | (28 | ) | — | % | ||||||||||||
Severin Acquisition, LLC (dba Powerschool)(10)(22) |
First lien senior secured loan | SR + 3.00% | 08/2025 | 14,858 | 14,844 | 14,747 | 0.3 | % | ||||||||||||||
Sophia, L.P.(9) |
First lien senior secured loan | SR + 4.25% | 10/2027 | 15,113 | 14,978 | 15,075 | 0.3 | % | ||||||||||||||
Pluralsight, LLC(7) |
First lien senior secured loan | L + 8.00% | 04/2027 | 6,255 | 6,192 | 6,161 | 0.1 | % | ||||||||||||||
Pluralsight, LLC(6)(17) |
First lien senior secured revolving loan | L + 8.00% | 04/2027 | 196 | 192 | 190 | — | % | ||||||||||||||
146,058 | 144,349 | 144,896 | 2.8 | % | ||||||||||||||||||
Energy equipment and services |
||||||||||||||||||||||
Pike Corp.(6)(21)(22) |
First lien senior secured loan | L + 3.00% | 01/2028 | $ | 5,991 | $ | 5,976 | $ | 5,900 | 0.1 | % | |||||||||||
5,991 | 5,976 | 5,900 | 0.1 | % | ||||||||||||||||||
Financial services |
||||||||||||||||||||||
Acuris Finance US, Inc. (ION Analytics) (10)(21)(22) |
First lien senior secured loan | SR + 4.00% | 02/2028 | $ | 10,500 | $ | 10,429 | $ | 10,304 | 0.2 | % | |||||||||||
AxiomSL Group, Inc.(6) |
First lien senior secured loan | L + 5.75% | 12/2027 | 34,831 | 34,540 | 34,309 | 0.7 | % | ||||||||||||||
AxiomSL Group, Inc.(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 6.00% | 07/2023 | — | (8 | ) | (11 | ) | — | % | ||||||||||||
AxiomSL Group, Inc.(6)(17)(18) |
First lien senior secured revolving loan | L + 6.50% | 12/2025 | — | (18 | ) | (39 | ) | — | % | ||||||||||||
Computer Services, Inc. (dba CSI)(10) |
First lien senior secured loan | SR + 6.75% | 11/2029 | 30,500 | 29,898 | 29,890 | 0.6 | % | ||||||||||||||
Muine Gall, LLC(8)(23)(27) |
First lien senior secured loan | L + 7.00% PIK | 09/2024 | 94,583 | 95,126 | 92,218 | 1.8 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 09/2025 | 5,671 | 5,631 | 5,600 | 0.1 | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 09/2025 | 2,143 | 2,128 | 2,117 | — | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 09/2025 | 150 | 149 | 149 | — | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 09/2025 | 508 | 504 | 502 | — | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 10/2023 | 1,999 | 1,975 | 1,969 | — | % | ||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 09/2025 | — | (6 | ) | (7 | ) | — | % | ||||||||||||
Smarsh Inc.(11) |
First lien senior secured loan | SR + 6.50% | 02/2029 | 83,048 | 82,296 | 82,217 | 1.6 | % | ||||||||||||||
Smarsh Inc.(11)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 02/2024 | 10,381 | 10,188 | 10,277 | 0.2 | % | ||||||||||||||
Smarsh Inc.(11)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 02/2029 | — | (45 | ) | (52 | ) | — | % | ||||||||||||
274,314 | 272,787 | 269,443 | 5.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Food and beverage |
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Balrog Acquisition, Inc. (dba Bakemark)(7) |
First lien senior secured loan | L + 4.00% | 09/2028 | $ | 13,860 | $ | 13,739 | $ | 13,548 | 0.3 | % | |||||||||||||
Balrog Acquisition, Inc. (dba BakeMark)(7) |
Second lien senior secured loan | L + 7.00% | 09/2029 | 6,000 | 5,956 | 5,940 | 0.1 | % | ||||||||||||||||
CFS Brands, LLC(8) |
First lien senior secured loan | L + 3.00% | 03/2025 | 44,294 | 43,100 | 41,858 | 0.8 | % | ||||||||||||||||
Dessert Holdings(7) |
First lien senior secured loan | L + 4.00% | 06/2028 | 19,800 | 19,712 | 18,315 | 0.3 | % | ||||||||||||||||
Hissho Sushi Merger Sub LLC(10) |
First lien senior secured loan | SR + 5.75% | 05/2028 | 113,118 | 112,079 | 112,835 | 2.1 | % | ||||||||||||||||
Hissho Sushi Merger Sub LLC(10)(17) |
First lien senior secured revolving loan | SR + 5.75% | 05/2028 | 1,749 | 1,671 | 1,727 | — | % | ||||||||||||||||
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(9) |
First lien senior secured loan | SR + 6.25% | 03/2027 | 275,000 | 270,490 | 269,500 | 5.1 | % | ||||||||||||||||
KBP Brands, LLC(10) |
First lien senior secured loan | SR + 6.50% (0.50% PIK) | 05/2027 | 14,690 | 14,530 | 14,360 | 0.3 | % | ||||||||||||||||
KBP Brands, LLC(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% (0.50% PIK) | 12/2023 | 33,381 | 33,019 | 32,614 | 0.6 | % | ||||||||||||||||
Naked Juice LLC (dba Tropicana)(10)(22) |
First lien senior secured loan | SR + 3.25% | 01/2029 | 14,302 | 14,277 | 12,756 | 0.2 | % | ||||||||||||||||
Ole Smoky Distillery, LLC(9) |
First lien senior secured loan | SR + 5.25% | 03/2028 | 24,909 | 24,463 | 24,411 | 0.5 | % | ||||||||||||||||
Ole Smoky Distillery, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.25% | 03/2028 | — | (58 | ) | (66 | ) | — | % | ||||||||||||||
Pegasus BidCo B.V.(10)(21)(23) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 5,500 | 5,448 | 5,321 | 0.1 | % | ||||||||||||||||
Shearer’s Foods, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 09/2027 | 39,567 | 39,566 | 37,632 | 0.7 | % | ||||||||||||||||
Sovos Brands Intermediate, Inc.(7)(22) |
First lien senior secured loan | L + 3.50% | 06/2028 | 10,145 | 10,137 | 9,858 | 0.2 | % | ||||||||||||||||
Ultimate Baked Goods Midco, LLC(6) |
First lien senior secured loan | L + 6.50% | 08/2027 | 16,335 | 16,004 | 15,845 | 0.3 | % | ||||||||||||||||
Ultimate Baked Goods Midco, LLC(6)(17) |
First lien senior secured revolving loan | L + 6.50% | 08/2027 | 525 | 487 | 465 | — | % | ||||||||||||||||
633,175 | 624,620 | 616,919 | 11.6 | % | ||||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||
Canadian Hospital Specialties Ltd.(12)(23) |
First lien senior secured loan | C + 4.50% | 04/2028 | $ | 3,258 | $ | 3,480 | $ | 3,184 | 0.1 | % | |||||||||||||
Canadian Hospital Specialties Ltd.(17)(18)(19)(23) |
First lien senior secured delayed draw term loan | C + 4.50% | 04/2023 | — | (6 | ) | (10 | ) | — | % | ||||||||||||||
Canadian Hospital Specialties Ltd.(12)(23) |
First lien senior secured delayed draw term loan | C + 4.50% | 04/2028 | 112 | 121 | 110 | — | % | ||||||||||||||||
Canadian Hospital Specialties Ltd.(12)(23) |
First lien senior secured delayed draw term loan | C + 4.50% | 04/2028 | 125 | 134 | 122 | — | % | ||||||||||||||||
Canadian Hospital Specialties Ltd.(12)(17)(23) |
First lien senior secured revolving loan | C + 4.50% | 04/2027 | 190 | 167 | 180 | — | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Confluent Medical Technologies, Inc.(10) |
First lien senior secured loan | SR + 3.75% | 02/2029 | 24,975 | 24,863 | 23,664 | 0.5 | % | ||||||||||||||
Confluent Medical Technologies, Inc.(10) |
Second lien senior secured loan | SR + 6.50% | 02/2030 | 46,000 | 45,154 | 43,585 | 0.8 | % | ||||||||||||||
Dermatology Intermediate Holdings III, Inc(9)(21) |
First lien senior secured loan | SR + 4.25% | 04/2029 | 13,103 | 12,864 | 12,841 | 0.2 | % | ||||||||||||||
Dermatology Intermediate Holdings III, Inc(9)(17)(19) |
First lien senior secured delayed draw term loan | SR + 4.25% | 04/2024 | 2,219 | 2,155 | 2,175 | — | % | ||||||||||||||
CSC MKG Topco LLC. (dba Medical Knowledge Group)(6) |
First lien senior secured loan | L + 5.75% | 02/2029 | 97,711 | 95,958 | 95,513 | 1.8 | % | ||||||||||||||
CSC MKG Topco LLC. (dba Medical Knowledge Group)(10) |
First lien senior secured loan | SR + 5.75% | 02/2029 | 3,085 | 2,989 | 3,015 | 0.1 | % | ||||||||||||||
Medline Borrower, LP(6)(22) |
First lien senior secured loan | L + 3.25% | 10/2028 | 24,813 | 24,709 | 23,547 | 0.4 | % | ||||||||||||||
Medline Borrower, LP(6)(17)(18) |
First lien senior secured revolving loan | L + 3.25% | 10/2026 | — | (34 | ) | (136 | ) | — | % | ||||||||||||
Natus Medical Inc.(10)(21) |
First lien senior secured loan | SR + 5.50% | 07/2029 | 500 | 467 | 468 | — | % | ||||||||||||||
Packaging Coordinators Midco, Inc.(7) |
Second lien senior secured loan | L + 7.00% | 12/2029 | 53,918 | 52,397 | 50,953 | 1.0 | % | ||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(23) |
First lien senior secured loan | SR + 6.75% | 01/2028 | 50,902 | 50,237 | 50,266 | 0.9 | % | ||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(17)(23) |
First lien senior secured revolving loan | SR + 6.75% | 01/2026 | 19 | 18 | 18 | — | % | ||||||||||||||
Rhea Parent, Inc.(10) |
First lien senior secured loan | SR + 5.75% | 02/2029 | 77,379 | 75,982 | 75,638 | 1.4 | % | ||||||||||||||
398,309 | 391,655 | 385,133 | 7.2 | % | ||||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||
Covetrus, Inc.(10)(22) |
First lien senior secured loan | SR + 5.00% | 10/2029 | $ | 7,490 | $ | 7,052 | $ | 6,999 | 0.1 | % | |||||||||||
Covetrus Inc.(10) |
Second lien senior secured loan | SR + 9.25% | 10/2030 | 160,000 | 156,786 | 156,736 | 3.0 | % | ||||||||||||||
Ex Vivo Parent Inc. (dba OB Hospitalist)(7) |
First lien senior secured loan | L + 9.50% | 09/2028 | 30,503 | 29,972 | 29,816 | 0.6 | % | ||||||||||||||
Engage Debtco Limited(10)(23) |
First lien senior secured loan | SR + 5.75% | 07/2029 | 60,833 | 59,389 | 59,464 | 1.1 | % | ||||||||||||||
Engage Debtco Limited(9)(23) |
First lien senior secured loan | SR + 7.25% | 07/2029 | 30,367 | 29,456 | 30,139 | 0.6 | % | ||||||||||||||
Engage Debtco Limited(10)(23) |
First lien senior secured delayed draw term loan | SR + 5.75% | 07/2029 | 19,750 | 19,285 | 19,306 | 0.4 | % | ||||||||||||||
MJH Healthcare Holdings, LLC(9)(21) |
First lien senior secured loan | SR + 3.50% | 01/2029 | 19,850 | 19,779 | 19,056 | 0.4 | % | ||||||||||||||
Natural Partners, LLC(8)(23) |
First lien senior secured loan | L + 6.00% | 11/2027 | 68,679 | 67,476 | 67,306 | 1.3 | % | ||||||||||||||
Natural Partners, LLC(8)(17)(18)(23) |
First lien senior secured revolving loan | L + 6.00% | 11/2027 | — | (87 | ) | (101 | ) | — | % | ||||||||||||
OB Hospitalist Group, Inc.(7) |
First lien senior secured loan | L + 5.50% | 09/2027 | 61,193 | 60,186 | 60,429 | 1.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
OB Hospitalist Group, Inc.(7)(17) |
First lien senior secured revolving loan | L + 5.50% | 09/2027 | 2,771 | 2,645 | 2,671 | 0.1 | % | ||||||||||||||
Pacific BidCo Inc.(10)(23) |
First lien senior secured loan | SR + 5.75% | 08/2029 | 161,148 | 157,289 | 157,522 | 3.0 | % | ||||||||||||||
Pacific BidCo Inc.(10)(17)(18)(19)(23) |
First lien senior secured delayed draw term loan | SR + 5.25% | 08/2025 | — | (211 | ) | (179 | ) | — | % | ||||||||||||
Parexel International, Inc. (dba Parexel)(6)(22) |
First lien senior secured loan | L + 3.25% | 11/2028 | 19,850 | 19,764 | 19,084 | 0.4 | % | ||||||||||||||
Parexel International, Inc. (dba Parexel)(6) |
Second lien senior secured loan | L + 6.50% | 11/2029 | 140,000 | 138,699 | 137,200 | 2.6 | % | ||||||||||||||
Physician Partners, LLC(9)(22) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 12,878 | 12,763 | 12,240 | 0.2 | % | ||||||||||||||
Plasma Buyer LLC (dba Pathgroup)(9) |
First lien senior secured loan | SR + 5.75% | 05/2029 | 109,857 | 107,814 | 107,934 | 2.1 | % | ||||||||||||||
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 05/2024 | — | (259 | ) | (214 | ) | — | % | ||||||||||||
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 05/2028 | — | (219 | ) | (214 | ) | — | % | ||||||||||||
Pediatric Associates Holding Company, LLC(6)(21) |
First lien senior secured loan | L + 3.25% | 12/2028 | 19,850 | 19,774 | 18,808 | 0.4 | % | ||||||||||||||
Pediatric Associates Holding Company, LLC(6)(17)(19) |
First lien senior secured delayed draw term loan | L + 3.25% | 02/2024 | 1,763 | 1,758 | 1,586 | — | % | ||||||||||||||
PPV Intermediate Holdings, LLC(10) |
First lien senior secured loan | SR + 5.75% | 08/2029 | 144,149 | 141,541 | 141,266 | 2.7 | % | ||||||||||||||
PPV Intermediate Holdings, LLC(10)(17) |
First lien senior secured revolving loan | SR + 5.75% | 08/2029 | 3,201 | 2,975 | 2,964 | 0.1 | % | ||||||||||||||
PPV Intermediate Holdings, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 09/2024 | — | (235 | ) | (192 | ) | — | % | ||||||||||||
TC Holdings, LLC (dba TrialCard)(10) |
First lien senior secured loan | SR + 5.00% | 04/2027 | 64,408 | 63,844 | 64,247 | 1.2 | % | ||||||||||||||
TC Holdings, LLC (dba TrialCard)(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.00% | 04/2027 | — | (67 | ) | (19 | ) | — | % | ||||||||||||
Tivity Health, Inc(10) |
First lien senior secured loan | SR + 6.00% | 06/2029 | 151,620 | 148,052 | 149,346 | 2.8 | % | ||||||||||||||
Unified Women’s Healthcare, LP(9) |
First lien senior secured loan | SR + 5.25% | 06/2029 | 80,664 | 80,094 | 80,664 | 1.5 | % | ||||||||||||||
Unified Women’s Healthcare, LP(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.25% | 06/2024 | — | (21 | ) | — | — | % | |||||||||||||
Unified Women’s Healthcare, LP(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 06/2029 | — | (56 | ) | — | — | % | |||||||||||||
Quva Pharma, Inc. (7) |
First lien senior secured loan | L + 5.50% | 04/2028 | 4,489 | 4,381 | 4,399 | 0.1 | % | ||||||||||||||
Quva Pharma, Inc. (7)(17) |
First lien senior secured revolving loan | L + 5.50% | 04/2026 | 218 | 209 | 209 | — | % | ||||||||||||||
WP CityMD Bidco LLC(6)(21)(22) |
First lien senior secured loan | L + 3.25% | 12/2028 | 19,294 | 19,245 | 19,247 | 0.4 | % | ||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6) |
First lien senior secured loan | L + 5.50% | 03/2025 | 120,215 | 120,215 | 119,012 | 2.3 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Vermont Aus Pty Ltd.(10)(23) |
First lien senior secured loan | SR + 5.50% | 03/2028 | 54,091 | 52,885 | 52,739 | 1.0 | % | ||||||||||||||
1,569,131 | 1,542,173 | 1,539,470 | 29.6 | % | ||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||
Athenahealth Group Inc.(9)(22) |
First lien senior secured loan | SR + 3.50% | 02/2029 | $ | 29,634 | $ | 29,215 | $ | 26,683 | 0.5 | % | |||||||||||
Athenahealth Group Inc.(9)(17)(18)(19)(22) |
First lien senior secured delayed draw term loan | SR + 3.50% | 08/2023 | — | (34 | ) | (344 | ) | — | % | ||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(7) |
First lien senior secured loan | L + 5.75% | 08/2028 | 53,767 | 53,044 | 52,557 | 1.0 | % | ||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 08/2023 | — | (189 | ) | (349 | ) | — | % | ||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 08/2026 | — | (54 | ) | (105 | ) | — | % | ||||||||||||
Color Intermediate, LLC(10) |
First lien senior secured loan | SR + 5.50% | 10/2029 | 9,234 | 9,054 | 9,050 | 0.2 | % | ||||||||||||||
IMO Investor Holdings, Inc.(11) |
First lien senior secured loan | SR + 6.00% | 05/2029 | 20,794 | 20,407 | 20,534 | 0.4 | % | ||||||||||||||
IMO Investor Holdings, Inc.(11)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 05/2024 | — | (45 | ) | (12 | ) | — | % | ||||||||||||
IMO Investor Holdings, Inc.(11)(17) |
First lien senior secured revolving loan | SR + 6.00% | 05/2028 | 472 | 427 | 440 | — | % | ||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(10) |
First lien senior secured loan | SR + 7.00% | 12/2026 | 75,948 | 75,530 | 75,378 | 1.4 | % | ||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(7)(17) |
First lien senior secured revolving loan | L + 7.00% | 12/2024 | 1,739 | 1,724 | 1,713 | — | % | ||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(10) |
First lien senior secured loan | SR + 6.00% | 10/2028 | 20,817 | 20,457 | 20,296 | 0.4 | % | ||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 03/2024 | 2,394 | 2,283 | 2,220 | — | % | ||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17) |
First lien senior secured revolving loan | SR + 6.00% | 10/2027 | 167 | 140 | 125 | — | % | ||||||||||||||
Imprivata, Inc.(9)(22) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 10,556 | 10,264 | 10,160 | 0.2 | % | ||||||||||||||
Imprivata, Inc.(9) |
Second lien senior secured loan | SR + 6.25% | 12/2028 | 50,294 | 49,791 | 49,036 | 0.9 | % | ||||||||||||||
Ocala Bidco, Inc.(7) |
First lien senior secured loan | L + 6.25% (2.75% PIK) | 11/2028 | 81,511 | 79,789 | 79,473 | 1.5 | % | ||||||||||||||
Ocala Bidco, Inc.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 3.50% | 05/2024 | — | (89 | ) | (106 | ) | — | % | ||||||||||||
Ocala Bidco, Inc.(7) |
Second lien senior secured loan | L + 10.50% PIK | 11/2033 | 42,611 | 41,889 | 41,972 | 0.8 | % | ||||||||||||||
Intelerad Medical Systems Inc.(10)(23) |
First lien senior secured loan | SR + 6.50% | 08/2026 | 30,081 | 29,779 | 29,930 | 0.6 | % | ||||||||||||||
Intelerad Medical Systems Inc.(9)(23) |
First lien senior secured revolving loan | SR + 6.50% | 08/2026 | 1,145 | 1,145 | 1,139 | — | % | ||||||||||||||
PointClickCare Technologies Inc.(10)(23) |
First lien senior secured loan | SR + 4.00% | 12/2027 | 19,850 | 19,587 | 19,503 | 0.4 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22) |
First lien senior secured loan | L + 3.25% | 03/2028 | 14,396 | 13,922 | 13,581 | 0.3 | % | ||||||||||||||
465,410 | 458,036 | 452,874 | 8.6 | % | ||||||||||||||||||
Household products |
||||||||||||||||||||||
Aptive Environmental, LLC(16) |
First lien senior secured loan | 12.00% (6.00% PIK) | 01/2026 | $ | 8,559 | $ | 7,179 | $ | 7,703 | 0.1 | % | |||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(9) |
First lien senior secured loan | SR + 5.75% | 04/2029 | 75,902 | 74,499 | 75,143 | 1.4 | % | ||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 04/2024 | 11,760 | 11,285 | 11,642 | 0.2 | % | ||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 04/2028 | — | (142 | ) | (80 | ) | — | % | ||||||||||||
Mario Midco Holdings, Inc. (dba Len the Plumber)(9) |
Unsecured facility | SR + 10.75% PIK | 04/2032 | 23,752 | 23,124 | 23,396 | 0.4 | % | ||||||||||||||
Simplisafe Holding Corporation(9) |
First lien senior secured loan | SR + 6.25% | 05/2028 | 127,753 | 125,429 | 126,156 | 2.4 | % | ||||||||||||||
Simplisafe Holding Corporation(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.25% | 05/2024 | — | (143 | ) | (40 | ) | — | % | ||||||||||||
Southern Air & Heat Holdings, LLC(7) |
First lien senior secured loan | L + 4.50% | 10/2027 | 1,079 | 1,066 | 1,060 | — | % | ||||||||||||||
Southern Air & Heat Holdings, LLC(8)(17)(19) |
First lien senior secured delayed draw term loan | L + 4.50% | 10/2023 | 810 | 797 | 791 | — | % | ||||||||||||||
Southern Air & Heat Holdings, LLC(7)(17) |
First lien senior secured revolving loan | L + 4.50% | 10/2027 | 79 | 76 | 74 | — | % | ||||||||||||||
Walker Edison Furniture Company LLC(7)(32) |
First lien senior secured loan | L + 8.75% (3.00% PIK) | 03/2027 | 10,199 | 9,867 | 5,214 | 0.1 | % | ||||||||||||||
259,893 | 253,037 | 251,059 | 4.6 | % | ||||||||||||||||||
Human resource support services |
||||||||||||||||||||||
Cornerstone OnDemand, Inc.(6)(21) |
First lien senior secured loan | L + 3.75% | 10/2028 | $ | 19,850 | $ | 19,765 | $ | 18,858 | 0.4 | % | |||||||||||
Cornerstone OnDemand, Inc.(6) |
Second lien senior secured loan | L + 6.50% | 10/2029 | 44,583 | 43,991 | 42,800 | 0.8 | % | ||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(6) |
First lien senior secured loan | L + 6.00% | 09/2028 | 48,031 | 47,231 | 47,431 | 0.9 | % | ||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(6)(17) |
First lien senior secured revolving loan | L + 6.00% | 09/2027 | 1,445 | 1,388 | 1,400 | — | % | ||||||||||||||
113,909 | 112,375 | 110,489 | 2.1 | % | ||||||||||||||||||
Infrastructure and environmental services |
||||||||||||||||||||||
Aegion Corp.(6)(21) |
First lien senior secured loan | L + 4.75% | 05/2028 | $ | 4,937 | $ | 4,918 | $ | 4,617 | 0.1 | % | |||||||||||
The Goldfield Corp.(9) |
First lien senior secured loan | SR + 6.25% | 12/2026 | 995 | 977 | 983 | — | % | ||||||||||||||
Osmose Utilities Services, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.25% | 06/2028 | 14,799 | 14,766 | 14,022 | 0.3 | % | ||||||||||||||
USIC Holdings, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.50% | 05/2028 | 4,938 | 4,918 | 4,704 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
USIC Holdings, Inc.(6)(21) |
Second lien senior secured loan | L + 6.50% | 05/2029 | 39,691 | 39,481 | 36,913 | 0.7 | % | ||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(11) |
First lien senior secured loan | SR + 5.75% | 03/2028 | 32,447 | 31,869 | 31,798 | 0.6 | % | ||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)(17) |
First lien senior secured revolving loan | SR + 5.75% | 03/2028 | 949 | 856 | 842 | — | % | ||||||||||||||
98,756 | 97,785 | 93,879 | 1.8 | % | ||||||||||||||||||
Insurance |
||||||||||||||||||||||
Acrisure, LLC(10)(22) |
First lien senior secured loan | SR + 5.75% | 02/2027 | $ | 12,500 | $ | 11,892 | $ | 12,375 | 0.2 | % | |||||||||||
Acrisure, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 02/2027 | 8,728 | 8,226 | 8,182 | 0.2 | % | ||||||||||||||
Acrisure, LLC(6)(22) |
First lien senior secured loan | L + 4.25% | 02/2027 | 1,995 | 1,936 | 1,930 | — | % | ||||||||||||||
Acrisure, LLC(10)(22) |
First lien senior secured loan | SR + 3.75% | 02/2027 | 1,995 | 1,906 | 1,890 | — | % | ||||||||||||||
Alera Group, Inc.(9) |
First lien senior secured loan | SR + 6.00% | 10/2028 | 149,990 | 147,175 | 148,864 | 2.8 | % | ||||||||||||||
AmeriLife Holdings LLC(10) |
First lien senior secured loan | SR + 5.75% | 08/2029 | 130,182 | 127,670 | 127,904 | 2.4 | % | ||||||||||||||
AmeriLife Holdings LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 08/2028 | — | (307 | ) | (285 | ) | — | % | ||||||||||||
AmeriLife Holdings LLC(11)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 09/2024 | 21,697 | 21,177 | 21,236 | 0.4 | % | ||||||||||||||
AssuredPartners, Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 02/2027 | 7,880 | 7,880 | 7,624 | 0.1 | % | ||||||||||||||
AssuredPartners, Inc.(9)(22) |
First lien senior secured loan | SR + 3.50% | 02/2027 | 24,813 | 24,760 | 24,068 | 0.5 | % | ||||||||||||||
AssuredPartners, Inc.(9)(22) |
First lien senior secured loan | SR + 4.25% | 02/2027 | 4,988 | 4,818 | 4,875 | 0.1 | % | ||||||||||||||
Asurion, LLC(6)(22) |
First lien senior secured loan | L + 3.00% | 11/2024 | 21,295 | 20,601 | 20,657 | 0.4 | % | ||||||||||||||
Asurion, LLC(6)(22) |
Second lien senior secured loan | L + 5.25% | 01/2029 | 154,017 | 150,387 | 119,040 | 2.3 | % | ||||||||||||||
Brightway Holdings, LLC(6) |
First lien senior secured loan | L + 6.50% | 12/2027 | 17,761 | 17,570 | 17,405 | 0.3 | % | ||||||||||||||
Brightway Holdings, LLC(6)(17)(18) |
First lien senior secured revolving loan | L + 6.50% | 12/2027 | — | (22 | ) | (42 | ) | — | % | ||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(10) |
First lien senior secured loan | SR + 6.25% | 04/2028 | 26,336 | 26,094 | 25,941 | 0.4 | % | ||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 12/2023 | 1,400 | 1,400 | 1,386 | — | % | ||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 04/2027 | — | (7 | ) | (10 | ) | — | % | ||||||||||||
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(23) |
First lien senior secured loan | SR + 5.25% | 11/2027 | 38,177 | 37,436 | 37,414 | 0.7 | % | ||||||||||||||
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(17)(19)(23) |
First lien senior secured delayed draw term loan | SR + 5.25% | 04/2023 | — | — | — | — | % | ||||||||||||||
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8) |
First lien senior secured loan | L + 9.50% PIK | 07/2028 | 13,670 | 13,460 | 13,499 | 0.3 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.25% | 06/2024 | — | (80 | ) | — | — | % | |||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8) |
First lien senior secured loan | L + 6.00% | 11/2028 | 133,649 | 132,347 | 133,316 | 2.5 | % | ||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(11)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 12/2023 | 60,469 | 59,959 | 60,317 | 1.1 | % | ||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 11/2027 | — | (21 | ) | (6 | ) | — | % | ||||||||||||
PCF Midco II, LLC (dba PCF Insurance Services)(16) |
First lien senior secured loan | 9.00% PIK | 10/2031 | 49,242 | 45,330 | 44,318 | 0.8 | % | ||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(7) |
First lien senior secured loan | L + 5.50% | 08/2028 | 36,159 | 35,548 | 35,255 | 0.7 | % | ||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 08/2023 | — | (83 | ) | (155 | ) | — | % | ||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(15)(17) |
First lien senior secured revolving loan | P + 4.50% | 08/2027 | 413 | 333 | 284 | — | % | ||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7) |
First lien senior secured loan | L + 5.50% | 07/2027 | 14,904 | 14,666 | 14,606 | 0.3 | % | ||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(15)(17)(18) |
First lien senior secured revolving loan | P + 5.50% | 07/2027 | — | (17 | ) | (22 | ) | — | % | ||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6) |
First lien senior secured loan | L + 5.25% | 12/2028 | 32,703 | 32,285 | 32,436 | 0.6 | % | ||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18) |
First lien senior secured revolving loan | L + 5.25% | 12/2027 | — | (42 | ) | (34 | ) | — | % | ||||||||||||
964,963 | 944,277 | 914,268 | 17.1 | % | ||||||||||||||||||
Internet software and services |
||||||||||||||||||||||
Anaplan, Inc.(9) |
First lien senior secured loan | SR + 6.50% | 06/2029 | $ | 229,639 | $ | 227,472 | $ | 229,065 | 4.4 | % | |||||||||||
Anaplan, Inc.(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 06/2028 | — | (151 | ) | (41 | ) | — | % | ||||||||||||
Appfire Technologies, LLC(10) |
First lien senior secured loan | SR + 5.50% | 03/2027 | 1,996 | 1,983 | 1,981 | — | % | ||||||||||||||
Appfire Technologies, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.50% | 06/2024 | — | (122 | ) | — | — | % | |||||||||||||
Appfire Technologies, LLC(10)(17) |
First lien senior secured revolving loan | SR + 5.50% | 03/2027 | 93 | 72 | 81 | — | % | ||||||||||||||
Avalara, Inc.(10) |
First lien senior secured loan | SR + 7.25% | 10/2028 | 70,455 | 69,424 | 69,398 | 1.3 | % | ||||||||||||||
Avalara, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 7.25% | 10/2028 | — | (102 | ) | (106 | ) | — | % | ||||||||||||
Armstrong Bidco Limited (dba The Access Group)(14)(23) |
First lien senior secured loan | SA + 5.25% | 06/2029 | 31,962 | 31,917 | 31,562 | 0.6 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Armstrong Bidco Limited (dba The Access Group)(14)(17)(19)(23) |
First lien senior secured delayed draw term loan | SA + 5.25% | 06/2025 | 12,942 | 12,914 | 12,780 | 0.2 | % | ||||||||||||||
Barracuda Parent, LLC(10)(22) |
First lien senior secured loan | SR + 4.50% | 08/2029 | 24,400 | 23,699 | 23,485 | 0.4 | % | ||||||||||||||
Barracuda Parent, LLC(10) |
Second lien senior secured loan | SR + 7.00% | 08/2030 | 93,250 | 90,535 | 89,054 | 1.7 | % | ||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(6) |
First lien senior secured loan | L + 7.75% PIK | 10/2028 | 21,395 | 21,023 | 20,967 | 0.4 | % | ||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(17) |
First lien senior secured revolving loan | L + 6.75% | 10/2027 | 532 | 503 | 500 | — | % | ||||||||||||||
BCPE Nucleon (DE) SPV, LP(8)(23) |
First lien senior secured loan | L + 7.00% | 09/2026 | 24,012 | 23,799 | 23,952 | 0.5 | % | ||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(10) |
First lien senior secured loan | SR + 8.00% PIK | 12/2026 | 1,059 | 1,050 | 1,059 | — | % | ||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(17)(18) |
First lien senior secured revolving loan | SR + 8.00% | 12/2026 | — | (2 | ) | — | — | % | |||||||||||||
BTRS Holdings Inc. (dba Billtrust)(10) |
First lien senior secured loan | SR + 8.00% | 12/2028 | 10,850 | 10,527 | 10,548 | 0.2 | % | ||||||||||||||
BTRS Holdings Inc. (dba Billtrust)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 7.00% | 12/2024 | — | — | (26 | ) | — | % | |||||||||||||
BTRS Holdings Inc. (dba Billtrust)(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 12/2028 | — | (34 | ) | (32 | ) | — | % | ||||||||||||
CivicPlus, LLC(7) |
First lien senior secured loan | L + 6.75% (2.50% PIK) | 08/2027 | 27,539 | 27,299 | 27,471 | 0.6 | % | ||||||||||||||
CivicPlus, LLC(7)(17)(18) |
First lien senior secured revolving loan | L + 6.25% | 08/2027 | — | (19 | ) | (6 | ) | — | % | ||||||||||||
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(11) |
Unsecured notes | SR + 11.75% PIK | 06/2034 | 14,315 | 13,930 | 14,100 | 0.3 | % | ||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)(22) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 4,314 | 4,289 | 3,974 | 0.1 | % | ||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(10) |
Second lien senior secured loan | SR + 7.25% | 12/2028 | 49,222 | 48,964 | 45,776 | 0.9 | % | ||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(8) |
First lien senior secured loan | L + 5.25% | 11/2027 | 19,399 | 19,236 | 19,399 | 0.4 | % | ||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(8)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 11/2027 | — | (16 | ) | — | — | % | |||||||||||||
GovBrands Intermediate, Inc.(7) |
First lien senior secured loan | L + 5.50% | 08/2027 | 8,262 | 8,097 | 7,891 | 0.2 | % | ||||||||||||||
GovBrands Intermediate, Inc.(15)(17)(19) |
First lien senior secured delayed draw term loan | P + 4.50% | 08/2023 | 1,864 | 1,819 | 1,752 | — | % | ||||||||||||||
GovBrands Intermediate, Inc.(7)(17) |
First lien senior secured revolving loan | L + 5.50% | 08/2027 | 793 | 776 | 753 | — | % | ||||||||||||||
Granicus, Inc.(6) |
First lien senior secured loan | L + 5.50% | 01/2027 | 1,816 | 1,784 | 1,771 | — | % | ||||||||||||||
Granicus, Inc.(6)(17) |
First lien senior secured revolving loan | L + 6.50% | 01/2027 | 54 | 51 | 50 | — | % | ||||||||||||||
Granicus, Inc.(6) |
First lien senior secured delayed draw term loan | L + 6.00% | 01/2027 | 343 | 338 | 334 | — | % | ||||||||||||||
Grayshift, LLC(9) |
First lien senior secured loan | SR + 7.50% | 07/2028 | 22,468 | 22,257 | 22,299 | 0.4 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Grayshift, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 7.50% | 07/2028 | — | (22 | ) | (18 | ) | — | % | ||||||||||||
GS Acquisitionco, Inc. (dba insightsoftware)(7) |
First lien senior secured loan | L + 5.75% | 05/2026 | 8,994 | 8,959 | 8,949 | 0.2 | % | ||||||||||||||
Help/Systems Holdings, Inc.(10)(22) |
First lien senior secured loan | SR + 4.00% | 11/2026 | 64,534 | 64,244 | 57,919 | 1.1 | % | ||||||||||||||
Help/Systems Holdings, Inc.(10) |
Second lien senior secured loan | SR + 6.75% | 11/2027 | 25,000 | 24,753 | 22,500 | 0.4 | % | ||||||||||||||
Hyland Software, Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 07/2024 | 23,656 | 23,442 | 23,308 | 0.4 | % | ||||||||||||||
Hyland Software, Inc.(6) |
Second lien senior secured loan | L + 6.25% | 07/2025 | 60,517 | 60,275 | 57,188 | 1.1 | % | ||||||||||||||
Ivanti Software, Inc.(7) |
Second lien senior secured loan | L + 7.25% | 12/2028 | 19,000 | 18,916 | 14,250 | 0.3 | % | ||||||||||||||
MessageBird BidCo B.V.(6)(23) |
First lien senior secured loan | L + 6.75% | 05/2027 | 5,000 | 4,915 | 4,888 | 0.1 | % | ||||||||||||||
Ministry Brands Holdings, LLC.(6) |
First lien senior secured loan | L + 5.50% | 12/2028 | 49,064 | 48,195 | 47,838 | 0.9 | % | ||||||||||||||
Ministry Brands Holdings, LLC.(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 12/2023 | — | (135 | ) | (237 | ) | — | % | ||||||||||||
Ministry Brands Holdings, LLC.(6)(17) |
First lien senior secured revolving loan | L + 5.50% | 12/2027 | 2,373 | 2,294 | 2,254 | — | % | ||||||||||||||
Mitnick Corporate Purchaser, Inc.(9)(17)(21) |
First lien senior secured revolving loan | SR + 3.50% | 05/2027 | 663 | 669 | 663 | — | % | ||||||||||||||
QAD Inc.(6) |
First lien senior secured loan | L + 6.00% | 11/2027 | 46,151 | 45,375 | 44,997 | 0.9 | % | ||||||||||||||
QAD Inc.(6)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 11/2027 | — | (97 | ) | (150 | ) | — | % | ||||||||||||
Perforce Software, Inc.(9) |
First lien senior secured loan | SR + 4.50% | 07/2026 | 14,925 | 14,602 | 14,701 | 0.3 | % | ||||||||||||||
Proofpoint, Inc.(7)(22) |
First lien senior secured loan | L + 3.25% | 08/2028 | 3,232 | 3,122 | 3,101 | 0.1 | % | ||||||||||||||
Proofpoint, Inc.(7) |
Second lien senior secured loan | L + 6.25% | 08/2029 | 7,500 | 7,467 | 7,181 | 0.1 | % | ||||||||||||||
Sailpoint Technologies Holdings, Inc.(9) |
First lien senior secured loan | SR + 6.25% | 08/2029 | 59,880 | 58,663 | 58,682 | 1.1 | % | ||||||||||||||
Sailpoint Technologies Holdings, Inc.(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 08/2028 | — | (107 | ) | (114 | ) | — | % | ||||||||||||
Securonix, Inc.(10) |
First lien senior secured loan | SR + 6.50% | 04/2028 | 29,661 | 29,394 | 29,364 | 0.6 | % | ||||||||||||||
Securonix, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 04/2028 | — | (47 | ) | (53 | ) | — | % | ||||||||||||
Sophos Holdings, LLC(7)(22)(23) |
First lien senior secured loan | L + 3.50% | 03/2027 | 20,134 | 20,078 | 19,480 | 0.4 | % | ||||||||||||||
Tahoe Finco, LLC(6)(23) |
First lien senior secured loan | L + 6.00% | 09/2028 | 83,721 | 83,003 | 82,256 | 1.6 | % | ||||||||||||||
Tahoe Finco, LLC(6)(17)(18)(23) |
First lien senior secured revolving loan | L + 6.00% | 10/2027 | — | (50 | ) | (110 | ) | — | % | ||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7) |
First lien senior secured loan | L + 5.75% | 06/2028 | 11,942 | 11,844 | 11,703 | 0.1 | % | ||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17) |
First lien senior secured revolving loan | L + 5.75% | 06/2027 | 245 | 240 | 231 | — | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 08/2023 | 731 | 724 | 704 | — | % | ||||||||||||||
When I Work, Inc.(7) |
First lien senior secured loan | L + 7.00% PIK | 11/2027 | 23,410 | 23,223 | 22,942 | 0.4 | % | ||||||||||||||
Zendesk, Inc.(10) |
First lien senior secured loan | SR + 6.50% | 11/2028 | 120,319 | 117,945 | 117,311 | 2.2 | % | ||||||||||||||
Zendesk, Inc.(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 11/2024 | — | (1,098 | ) | (451 | ) | — | % | ||||||||||||
Zendesk, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 11/2028 | — | (243 | ) | (310 | ) | — | % | ||||||||||||
When I Work, Inc.(7)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 11/2027 | — | (34 | ) | (83 | ) | — | % | ||||||||||||
1,353,626 | 1,333,821 | 1,310,675 | 24.9 | % | ||||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||
Troon Golf, L.L.C.(8) |
First lien senior secured loan | L + 5.75% | 08/2027 | $ | 93,412 | $ | 93,037 | $ | 93,412 | 1.8 | % | |||||||||||
Troon Golf, L.L.C.(8)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 08/2026 | — | (26 | ) | — | — | % | |||||||||||||
Troon Golf, L.L.C.(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 05/2024 | 39,850 | 39,275 | 39,850 | 0.8 | % | ||||||||||||||
133,262 | 132,286 | 133,262 | 2.6 | % | ||||||||||||||||||
Manufacturing |
||||||||||||||||||||||
ACR Group Borrower, LLC(7) |
First lien senior secured loan | L + 4.50% | 03/2028 | $ | 4,063 | $ | 4,016 | $ | 3,972 | 0.1 | % | |||||||||||
ACR Group Borrower, LLC(10) |
First lien senior secured loan | SR + 6.00% | 03/2028 | 873 | 861 | 866 | — | % | ||||||||||||||
ACR Group Borrower, LLC(7)(17) |
First lien senior secured revolving loan | L + 4.50% | 03/2026 | 337 | 329 | 318 | — | % | ||||||||||||||
BCPE Watson (DE) ORML, LP(11)(23)(27) |
First lien senior secured loan | SR + 6.50% | 07/2028 | 101,500 | 100,550 | 100,485 | 1.9 | % | ||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22) |
First lien senior secured loan | L + 3.75% | 05/2028 | 4,950 | 4,930 | 4,783 | 0.1 | % | ||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21) |
Second lien senior secured loan | L + 6.50% | 05/2029 | 37,181 | 37,026 | 36,902 | 0.7 | % | ||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7) |
Second lien senior secured loan | L + 6.00% | 05/2029 | 19,160 | 19,115 | 18,921 | 0.4 | % | ||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) |
First lien senior secured loan | L + 4.00% | 12/2027 | 18,775 | 18,433 | 18,634 | 0.4 | % | ||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) |
Second lien senior secured loan | L + 8.25% | 12/2028 | 11,728 | 11,457 | 11,553 | 0.2 | % | ||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11) |
First lien senior secured loan | SR + 6.00% | 07/2027 | 87,049 | 86,306 | 86,177 | 1.7 | % | ||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11) |
First lien senior secured loan | SR + 6.25% | 07/2027 | 12,968 | 12,722 | 12,870 | 0.2 | % | ||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)(17) |
First lien senior secured revolving loan | SR + 6.00% | 07/2027 | 500 | 473 | 464 | — | % | ||||||||||||||
Pro Mach Group, Inc.(6)(22) |
First lien senior secured loan | L + 4.00% | 08/2028 | 30,628 | 30,462 | 29,740 | 0.6 | % | ||||||||||||||
329,712 | 326,680 | 325,685 | 6.3 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Professional Services |
||||||||||||||||||||||
Apex Group Treasury, LLC(9)(23) |
First lien senior secured loan | SR + 5.00% | 07/2028 | $ | 25,000 | $ | 23,509 | $ | 24,000 | 0.5 | % | |||||||||||
Apex Group Treasury, LLC(7)(23) |
Second lien senior secured loan | L + 6.75% | 07/2029 | 11,618 | 11,444 | 11,037 | 0.2 | % | ||||||||||||||
Apex Service Partners, LLC(11) |
First lien senior secured delayed draw term loan | SR + 5.50% | 07/2025 | 91,701 | 90,581 | 91,013 | 1.7 | % | ||||||||||||||
Apex Service Partners, LLC(11)(17) |
First lien senior secured revolving loan | SR + 5.25% | 07/2025 | 2,875 | 2,821 | 2,841 | 0.1 | % | ||||||||||||||
Apex Service Partners Intermediate 2, LLC(16) |
First lien senior secured loan | 12.50% PIK | 07/2027 | 5,120 | 5,003 | 5,017 | 0.1 | % | ||||||||||||||
Corporation Service Company(9)(21)(22) |
First lien senior secured loan | SR + 3.25% | 11/2029 | 3,000 | 2,914 | 2,963 | 0.1 | % | ||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(10)(21)(23) |
First lien senior secured loan | SR + 4.25% | 06/2029 | 27,948 | 27,916 | 27,388 | 0.5 | % | ||||||||||||||
Guidehouse Inc.(6) |
First lien senior secured loan | L + 6.25% | 10/2028 | 106,731 | 105,657 | 105,664 | 2.0 | % | ||||||||||||||
Relativity ODA LLC(6) |
First lien senior secured loan | L + 7.75% PIK | 05/2027 | 4,984 | 4,933 | 4,972 | 0.1 | % | ||||||||||||||
Relativity ODA LLC(6)(17)(18) |
First lien senior secured revolving loan | L + 6.50% | 05/2027 | — | (5 | ) | (1 | ) | — | % | ||||||||||||
Sovos Compliance, LLC(6)(22) |
First lien senior secured loan | L + 4.50% | 08/2028 | 24,330 | 23,965 | 22,383 | 0.4 | % | ||||||||||||||
Vistage Worldwide, Inc.(9)(21) |
First lien senior secured loan | SR + 5.25% | 07/2029 | 4,988 | 4,857 | 4,863 | 0.1 | % | ||||||||||||||
308,295 | 303,595 | 302,140 | 5.8 | % | ||||||||||||||||||
Specialty retail |
||||||||||||||||||||||
Central Parent, Inc.(10)(22) |
First lien senior secured loan | SR + 4.50% | 07/2029 | $ | 9,400 | $ | 9,133 | $ | 9,304 | 0.2 | % | |||||||||||
Ideal Image Development, LLC(9) |
First lien senior secured loan | SR + 6.50% | 09/2027 | 5,839 | 5,729 | 5,737 | 0.1 | % | ||||||||||||||
Ideal Image Development, LLC(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 03/2024 | — | (3 | ) | (2 | ) | — | % | ||||||||||||
Ideal Image Development, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 09/2027 | — | (17 | ) | (16 | ) | — | % | ||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10) |
First lien senior secured loan | SR + 6.75% | 11/2027 | 60,306 | 59,536 | 60,005 | 1.1 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10) |
First lien senior secured loan | SR + 6.75% | 11/2027 | 164,259 | 162,023 | 163,437 | 3.1 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 11/2023 | 5,255 | 5,148 | 5,229 | 0.1 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17) |
First lien senior secured revolving loan | SR + 6.75% | 05/2027 | 880 | 817 | 854 | — | % | ||||||||||||||
Milan Laser Holdings LLC(9) |
First lien senior secured loan | SR + 5.00% | 04/2027 | 20,424 | 20,270 | 20,424 | 0.4 | % | ||||||||||||||
Milan Laser Holdings LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.00% | 04/2026 | — | (12 | ) | — | — | % | |||||||||||||
The Shade Store, LLC(10) |
First lien senior secured loan | SR + 6.00% | 10/2027 | 67,500 | 66,799 | 65,644 | 1.3 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
The Shade Store, LLC(10) |
First lien senior secured loan | SR + 7.00% | 10/2026 | 10,714 | 10,411 | 10,527 | 0.2 | % | ||||||||||||||
The Shade Store, LLC(10)(17) |
First lien senior secured revolving loan | SR + 6.00% | 10/2026 | 1,909 | 1,845 | 1,722 | — | % | ||||||||||||||
346,486 | 341,679 | 342,865 | 6.5 | % | ||||||||||||||||||
Telecommunications |
||||||||||||||||||||||
Park Place Technologies, LLC(9)(22) |
First lien senior secured loan | SR + 5.00% | 11/2027 | $ | 1,145 | $ | 1,111 | $ | 1,076 | — | % | |||||||||||
1,145 | 1,111 | 1,076 | — | % | ||||||||||||||||||
Transportation |
||||||||||||||||||||||
Motus Group, LLC(6) |
Second lien senior secured loan | L + 6.50% | 12/2029 | $ | 10,000 | $ | 9,910 | $ | 9,800 | 0.2 | % | |||||||||||
Safe Fleet Holdings, LLC(9)(22) |
First lien senior secured loan | SR + 3.75% | 02/2029 | 26,052 | 25,451 | 25,140 | 0.5 | % | ||||||||||||||
36,052 | 35,361 | 34,940 | 0.7 | % | ||||||||||||||||||
Total non-controlled/non-affiliated |
$ |
10,075,509 |
$ |
9,924,806 |
$ |
9,802,730 |
186.3 |
% | ||||||||||||||
Equity Investments |
||||||||||||||||||||||
Automotive |
||||||||||||||||||||||
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26) |
LP Interest | N/A | N/A | 33,061 | $ | 33,108 | $ | 33,957 | 0.6 | % | ||||||||||||
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24) |
Series A Convertible Preferred Stock | 7.00% PIK | N/A | 12,085 | 11,781 | 11,632 | 0.2 | % | ||||||||||||||
44,889 | 45,589 | 0.8 | % | |||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||
Associations Finance, Inc.(16)(24) |
Preferred Stock | 12.00% PIK | N/A | 215,000,000 | $ | 217,148 | $ | 218,299 | 4.2 | % | ||||||||||||
Dodge Construction Network Holdings, L.P.(10)(24) |
Series A Preferred Units | SR + 8.25% PIK | N/A | — | 3 | 3 | — | % | ||||||||||||||
Dodge Construction Network Holdings, L.P.(24)(26) |
Class A-2 Common Units |
N/A | N/A | 143,963 | 123 | 122 | — | % | ||||||||||||||
217,274 | 218,424 | 4.2 | % | |||||||||||||||||||
Business services |
||||||||||||||||||||||
Denali Holding LP (dba Summit Companies)(24)(26) |
Class A Units | N/A | N/A | 686,513 | $ | 7,076 | $ | 8,837 | 0.2 | % | ||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28) |
Common Units | N/A | N/A | 10,000 | 10 | 11 | — | % | ||||||||||||||
Knockout Intermediate Holdings I Inc. (dba Kaseya)(16)(24) |
Perpetual Preferred Stock | 11.75% PIK | N/A | 53,600 | 52,327 | 52,930 | 1.0 | % | ||||||||||||||
59,413 | 61,778 | 1.2 | % | |||||||||||||||||||
Consumer products |
||||||||||||||||||||||
ASP Conair Holdings LP(24)(26) |
Class A Units | N/A | N/A | 9,286 | $ | 929 | $ | 833 | — | % | ||||||||||||
929 | 833 | — | % | |||||||||||||||||||
Food and beverage |
||||||||||||||||||||||
Hissho Sushi Holdings, LLC(24)(26) |
Class A Units | N/A | N/A | 941,780 | $ | 9,418 | $ | 10,404 | 0.2 | % | ||||||||||||
9,418 | 10,404 | 0.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||
Maia Aggregator, LP(24)(26) |
Class A-2 Units |
N/A | N/A | 12,921,348 | $ | 12,921 | $ | 13,711 | 0.3 | % | ||||||||||||
KPCI Holdings, L.P.(24)(26) |
Class A Units | N/A | N/A | 1,781 | 2,313 | 2,472 | — | % | ||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24) |
Class A Units | 8.00% PIK | N/A | 982 | 1,073 | 1,086 | — | % | ||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26) |
Class B Units | N/A | N/A | 13,517 | 146 | 158 | — | % | ||||||||||||||
Rhea Acquisition Holdings, LP(24)(26) |
Series A-2 Units |
N/A | N/A | 11,964,286 | 11,964 | 11,964 | 0.2 | % | ||||||||||||||
28,417 | 29,391 | 0.5 | % | |||||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26) |
Class A Interests | N/A | N/A | 3,520 | $ | 3,520 | $ | 3,269 | 0.1 | % | ||||||||||||
3,520 | 3,269 | 0.1 | % | |||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||
Minerva Holdco, Inc.(16)(24) |
Series A Preferred Stock | 10.75% PIK | N/A | 106,896 | $ | 105,050 | $ | 96,206 | 1.8 | % | ||||||||||||
BEHP Co-Investor II, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 1,269,969 | 1,266 | 1,265 | — | % | ||||||||||||||
Orange Blossom Parent, Inc.(24)(26) |
Common Equity | N/A | N/A | 16,667 | 1,667 | 1,667 | — | % | ||||||||||||||
WP Irving Co-Invest, L.P.(23)(24)(26) |
Partnership Units | N/A | N/A | 1,250,000 | 1,251 | 1,250 | — | % | ||||||||||||||
109,234 | 100,388 | 1.8 | % | |||||||||||||||||||
Household products |
||||||||||||||||||||||
Evology LLC(24)(26) |
Class B Units | N/A | N/A | 316 | $ | 1,512 | $ | 1,940 | — | % | ||||||||||||
1,512 | 1,940 | — | % | |||||||||||||||||||
Human resource support services |
||||||||||||||||||||||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24) |
Series A Preferred Stock | 10.50% PIK | N/A | 13,711 | $ | 13,425 | $ | 12,408 | 0.2 | % | ||||||||||||
13,425 | 12,408 | 0.2 | % | |||||||||||||||||||
Insurance |
||||||||||||||||||||||
Accelerate Topco Holdings, LLC(24)(26) |
Common Units | N/A | N/A | 88,211 | $ | 2,435 | $ | 2,435 | — | % | ||||||||||||
Evolution Parent, LP (dba SIAA)(24)(26) |
LP Interest | N/A | N/A | 2,703 | 270 | 270 | — | % | ||||||||||||||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26) |
LP Interest | N/A | N/A | 421 | 426 | 421 | — | % | ||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26) |
Class A Units | N/A | N/A | 6,047,390 | 15,336 | 27,614 | 0.5 | % | ||||||||||||||
18,467 | 30,740 | 0.5 | % | |||||||||||||||||||
Internet software and services |
||||||||||||||||||||||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26) |
Common Units | N/A | N/A | 1,729,439 | $ | 1,729 | $ | 1,701 | — | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26) |
LP Interest | N/A | N/A | — | 987 | 987 | — | % | ||||||||||||||
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 6,530 | 6,549 | 6,530 | 0.1 | % | ||||||||||||||
Picard Holdco, Inc.(10)(24) |
Series A Preferred Stock | SR + 12.00% PIK | N/A | 53,535 | 52,016 | 51,929 | 1.0 | % | ||||||||||||||
MessageBird Holding B.V.(23)(24)(26) |
Extended Series C Warrants | N/A | N/A | 7,980 | 49 | 6 | — | % | ||||||||||||||
Project Alpine Co-Invest Fund, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 17,000 | 17,010 | 17,000 | 0.3 | % | ||||||||||||||
Thunder Topco L.P. (dba Vector Solutions)(24)(26) |
Common Units | N/A | N/A | 712,884 | 713 | 704 | — | % | ||||||||||||||
WMC Bidco, Inc. (dba West Monroe)(16)(24) |
Senior Preferred Stock | 11.25% PIK | N/A | 36,855 | 36,077 | 34,459 | 0.7 | % | ||||||||||||||
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 3,522 | 3,525 | 3,522 | 0.1 | % | ||||||||||||||
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26) |
Class A Common Stock | N/A | N/A | 57,000 | 5,700 | 5,134 | 0.1 | % | ||||||||||||||
Zoro TopCo, Inc. (dba Zendesk, Inc.)(16)(24) |
Series A Preferred Stock | 12.50% PIK | N/A | 16,562 | 15,982 | 15,982 | 0.3 | % | ||||||||||||||
Zoro TopCo, L.P. (dba Zendesk, Inc.)(24)(26) |
Class A Common Units | N/A | N/A | 1,380,129 | 13,801 | 13,801 | 0.3 | % | ||||||||||||||
154,138 | 151,755 | 2.9 | % | |||||||||||||||||||
Manufacturing |
||||||||||||||||||||||
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26) |
LP Interest | N/A | N/A | 1,000 | $ | 100 | $ | 118 | — | % | ||||||||||||
100 | 118 | — | % | |||||||||||||||||||
Total non-controlled/non-affiliated |
$ |
660,736 |
$ |
667,037 |
12.4 |
% | ||||||||||||||||
Total non-controlled/non-affiliated |
$ |
10,585,542 |
$ |
10,469,767 |
198.7 |
% | ||||||||||||||||
Non-controlled/affiliated portfolio company investments |
||||||||||||||||||||||
Equity Investments |
||||||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||
LSI Financing 1 DAC(23)(24)(26)(27)(30) |
Preferred equity | N/A | N/A | 6,175 | $ | 6,224 | $ | 6,175 | 0.1 | % | ||||||||||||
6,224 | 6,175 | 0.1 | % | |||||||||||||||||||
Total non-controlled/affiliated portfolio company equity investments |
$ |
6,224 |
$ |
6,175 |
0.1 |
% | ||||||||||||||||
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||
Controlled/affiliated portfolio company investments |
||||||||||||||||||||||
Asset Based Lending and Fund Finance |
||||||||||||||||||||||
Amergin Asset Management, LLC(23)(24)(26)(31) |
Class A Units | N/A | N/A | 50,000,000 | $ | — | $ | — | — | % | ||||||||||||
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31) |
LLC Interest | N/A | N/A | 1,568 | 1,569 | 1,568 | — | % | ||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31) |
LLC Interest | N/A | N/A | — | — | — | — | % | ||||||||||||||
1,569 | 1,568 | — | % | |||||||||||||||||||
Insurance |
||||||||||||||||||||||
Fifth Season Investments LLC(24)(26)(27)(31) |
Class A Units | N/A | N/A | 28 | $ | 89,680 | $ | 89,680 | 1.7 | % | ||||||||||||
89,680 | 89,680 | 1.7 | % | |||||||||||||||||||
Investment Funds & Vehicles |
||||||||||||||||||||||
ORCIC Senior Loan Fund LLC(21)(23)(24)(27)(31)(33) |
LLC Interest | N/A | N/A | 141,777 | $ | 141,777 | $ | 140,394 | 2.7 | % | ||||||||||||
141,777 | 140,394 | 2.7 | % | |||||||||||||||||||
Total controlled/affiliated portfolio company equity investments |
$ |
233,026 |
$ |
231,642 |
4.4 |
% | ||||||||||||||||
Total Investments |
$ |
10,824,792 |
$ |
10,707,584 |
203.2 |
% | ||||||||||||||||
Interest Rate Swaps as of December 31, 2022 |
||||||||||||||||||||||||
Company Receives |
Company Pays |
Maturity Date |
Notional Amount |
Hedged Instrument |
Footnote Reference |
|||||||||||||||||||
Interest rate swap |
7.75 | % | S + 3.84 | % | 9/16/2027 | $ | 600,000 | September 2027 Notes | Note 6 | |||||||||||||||
Total |
$ | 600,000 | ||||||||||||||||||||||
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. |
(3) | Unless otherwise indicated, all investments are considered Level 3 investments. |
(4) | The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”) (which can include one-, the-, six- or twelve-month CDOR), Sterling (SP) Overnight Interbank Average Rate (“SONIA” or “SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%. |
(7) | The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%. |
(8) | The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%. |
(9) | The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36% |
(10) | The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%. |
(11) | The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%. |
(12) | The interest rate on these loans is subject to 3 month CDOR, which as of December 31, 2022 was 4.94%. |
(13) | The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2022 was 2.13% |
(14) | The interest rate on these loans is subject to SONIA, which as of December 31, 2022 was 3.43%. |
(15) | The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50% |
(16) | Investment does not contain a variable rate structure. |
(17) | Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”. |
(18) | The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. |
(19) | The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. |
(20) | Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”. |
(21) | This portfolio company was not a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. |
(22) | Level 2 Investment. |
(23) | This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2022, non-qualifying assets represented 12.8% of total assets as calculated in accordance with the regulatory requirements. |
(24) | Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $904.9 million, or 17.2% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: |
Portfolio Company |
Investment |
Acquisition Date | ||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC** |
LLC Interest | July 1, 2022 | ||
AAM Series 2.1 Aviation Feeder, LLC** |
LLC Interest | July 1, 2022 | ||
Accelerate Topco Holdings, LLC |
Common Units | September 1, 2022 | ||
Amergin Asset Management, LLC |
Class A Units | July 1, 2022 | ||
ASP Conair Holdings LP |
Class A Units | May 17, 2021 | ||
Associations Finance, Inc. |
Preferred Stock | June 10, 2022 | ||
BCTO WIW Holdings, Inc. (dba When I Work) |
Class A Common Stock | November 2, 2021 | ||
BEHP Co-Investor II, L.P. |
LP Interest | May 6, 2022 | ||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) |
Common Units | October 1, 2021 | ||
CD&R Value Building Partners I, L.P. (dba Belron) |
LP Interest | December 2, 2021 | ||
Denali Holding LP (dba Summit Companies) |
Class A Units | September 14, 2021 | ||
Dodge Construction Network Holdings, L.P. |
Class A-2 Common Units |
February 23, 2022 | ||
Dodge Construction Network Holdings, L.P. |
Series A Preferred Units | February 23, 2022 | ||
Elliott Alto Co-Investor Aggregator L.P. |
LP Interest | September 28, 2022 | ||
Evology LLC |
Class B Units | January 21, 2022 | ||
Evolution Parent, LP (dba SIAA) |
LP Interest | April 30, 2021 | ||
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)** |
Class A Units | October 17, 2022 | ||
Gloves Holding, LP (dba Protective Industrial Products) |
LP Interest | December 28, 2020 | ||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) |
LP Interest | December 16, 2021 | ||
Hercules Buyer, LLC (dba The Vincit Group) |
Common Units | December 15, 2020 | ||
Hissho Sushi Holdings, LLC |
Class A Units | May 17, 2022 | ||
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) |
LP Interest | June 8, 2022 | ||
Knockout Intermediate Holdings I Inc. (dba Kaseya) |
Perpetual Preferred Stock | June 22, 2022 | ||
KOBHG Holdings, L.P. (dba OB Hospitalist) |
Class A Interests | September 27, 2021 | ||
KPCI Holdings, L.P. |
Class A Units | November 25, 2020 | ||
LSI Financing 1 DAC** |
Preferred equity | December 14, 2022 | ||
Maia Aggregator, LP |
Class A-2 Units |
February 1, 2022 | ||
MessageBird Holding B.V. |
Extended Series C Warrants | May 5, 2021 | ||
Metis HoldCo, Inc. (dba Mavis Tire Express Services) |
Series A Convertible Preferred Stock | May 3, 2021 |
Portfolio Company |
Investment |
Acquisition Date | ||
Minerva Holdco, Inc. |
Series A Preferred Stock | February 14, 2022 | ||
Orange Blossom Parent, Inc. |
Common Equity | July 29, 2022 | ||
ORCIC Senior Loan Fund, LLC* |
LLC Interest | November 2, 2022 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) |
Class A Units | January 29, 2021 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) |
Class B Units | January 29, 2021 | ||
PCF Holdco, LLC (dba PCF Insurance Services) |
Class A Units | November 1, 2021 | ||
Picard Holdco, Inc. |
Series A Preferred Stock | September 29, 2022 | ||
Project Alpine Co-Invest Fund, L.P. |
LP Interest | June 13, 2022 | ||
Project Hotel California Co-Invest Fund, L.P. |
LP Interest | August 9, 2022 | ||
Rhea Acquistion Holdings, LP |
Series A-2 Units |
February 18, 2022 | ||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand) |
Series A Preferred Stock | October 14, 2021 | ||
Thunder Topco L.P. (dba Vector Solutions) |
Common Units | June 30, 2021 | ||
WMC Bidco, Inc. (dba West Monroe) |
Senior Preferred Stock | November 8, 2021 | ||
WP Irving Co-Invest, L.P. |
Partnership Units | May 18, 2022 | ||
Zoro TopCo, Inc. (dba Zendesk) |
Class A Common Units | November 22, 2022 | ||
Zoro TopCo, L.P. (dba Zendesk) |
Series A Preferred Stock | November 22, 2022 |
* | Refer to Note 4 “Investments—Blue Owl Credit Income Senior Loan Fund LLC”, for further information. |
** | Refer to Note 3 “Agreements and Related Party Transactions—Controlled/Affiliated Portfolio Companies”. |
(25) | As of December 31, 2022, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $109.1 million based on a tax cost basis of $10.8 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $158.9 million. As of December 31, 2022, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $49.8 million. |
(26) | Investment is non-income producing. |
(27) | Investment is not pledged as collateral under the Revolving Credit Facility and the SPV Asset Facilities. |
(28) | We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC. |
(29) | Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. |
(30) | As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2022 were as follows: |
Company |
Fair value as of December 31, 2021 |
Gross Additions(a) |
Gross Reductions(b) |
Net Change in Unrealized Gain/ (Loss) |
Realized Gain/ (Loss) |
Fair value as of December 31, 2022 |
Dividend Income |
Other Income |
||||||||||||||||||||||||
LSI Financing 1 DAC |
$ | — | $ | 6,224 | $ | — | $ | (49 | ) | $ | — | $ | 6,175 | $ | — | $ | — | |||||||||||||||
Total |
$ | — | $ | 6,224 | $ | — | $ | (49 | ) | $ | — | $ | 6,175 | $ | — | $ | — | |||||||||||||||
(a) | Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind |
(b) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities. |
(31) | As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over |
management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended December 31, 2022 were as follows: |
Company |
Fair value as of December 31, 2021 |
Gross Additions(a) |
Gross Reductions(b) |
Net Change in Unrealized Gain/ (Loss) |
Realized Gain/ (Loss) |
Fair value as of December 31, 2022 |
Dividend Income |
Other Income |
||||||||||||||||||||||||
AAM Series 2.1 Aviation Feeder, LLC(c) |
$ | — | $ | 1,569 | $ | — | $ | (1 | ) | $ | — | $ | 1,568 | $ | — | $ | — | |||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(c) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Fifth Season Investments LLC |
— | 99,162 | (9,800 | ) | — | — | 89,680 | 201 | — | |||||||||||||||||||||||
ORCIC Senior Loan Fund LLC |
— | 141,777 | — | (1,383 | ) | — | 140,394 | 3,171 | — | |||||||||||||||||||||||
Total |
$ | — | $ | 242,508 | $ | (9,800 | ) | $ | (1,384 | ) | $ | — | $ | 231,642 | $ | 3,372 | $ | — | ||||||||||||||
(a) | Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind |
(b) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities. |
(c) | In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”) the Company made a minority investment in Amergin Asset Management, LLC which has entered into a Servicing Agreement with Amergin Assetco. |
(32) | Investment was on non-accrual status as of December 31, 2022. |
(33) | Investment measured at net asset value (“NAV”) |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
2023 |
2022 |
2023 |
2022 |
|||||||||||||
Increase (Decrease) in Net Assets Resulting from Operations |
||||||||||||||||
Net investment income (loss) |
$ | 214,599 | $ | 106,013 | $ | 571,767 | $ | 217,677 | ||||||||
Net change in unrealized gain (loss) |
52,954 | 47,040 | 131,212 | (145,347 | ) | |||||||||||
Net realized gain (loss) on investments |
(2,144 | ) | (182 | ) | (9,382 | ) | 386 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
265,409 | 152,871 | 693,597 | 72,716 | ||||||||||||
Distributions |
||||||||||||||||
Class S |
(55,089 | ) | (28,903 | ) | (144,741 | ) | (63,284 | ) | ||||||||
Class D |
(13,872 | ) | (7,852 | ) | (37,824 | ) | (17,866 | ) | ||||||||
Class I |
(103,204 | ) | (52,708 | ) | (272,657 | ) | (111,969 | ) | ||||||||
Net Decrease in Net Assets Resulting from Shareholders’ Distributions |
(172,165 | ) | (89,463 | ) | (455,222 | ) | (193,119 | ) | ||||||||
Capital Share Transactions |
||||||||||||||||
Class S: |
||||||||||||||||
Issuance of shares of common stock |
326,523 | 229,005 | 746,022 | 1,095,257 | ||||||||||||
Share transfers between classes (1) |
— | — | (2,127 | ) | — | |||||||||||
Repurchase of common shares |
(14,790 | ) | (8,769 | ) | (52,800 | ) | (23,135 | ) | ||||||||
Reinvestment of shareholders’ distributions |
21,384 | 9,333 | 55,159 | 19,227 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions—Class S |
333,117 | 229,569 | 746,254 | 1,091,349 | ||||||||||||
Class D: |
||||||||||||||||
Issuance of shares of common stock |
50,663 | 50,343 | 152,677 | 238,491 | ||||||||||||
Share transfers between classes (1) |
— | — | — | — | ||||||||||||
Repurchase of common shares |
(12,978 | ) | (1,132 | ) | (30,240 | ) | (2,546 | ) | ||||||||
Reinvestment of shareholders’ distributions |
6,202 | 3,060 | 16,698 | 6,921 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions—Class D |
43,887 | 52,271 | 139,135 | 242,866 | ||||||||||||
Class I: |
||||||||||||||||
Issuance of shares of common stock |
534,370 | 515,241 | 1,374,471 | 1,946,144 | ||||||||||||
Share transfers between classes (1) |
— | — | 2,127 | — | ||||||||||||
Repurchase of common shares |
(76,140 | ) | (32,978 | ) | (190,235 | ) | (68,370 | ) | ||||||||
Reinvestment of shareholders’ distributions |
39,933 | 17,350 | 102,088 | 33,943 | ||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions—Class I |
498,163 | 499,613 | 1,288,451 | 1,911,717 | ||||||||||||
Total Increase (Decrease) in Net Assets |
968,411 | 844,861 | 2,412,215 | 3,125,529 | ||||||||||||
Net Assets, at beginning of period |
6,693,557 | 3,861,396 | 5,249,753 | 1,580,728 | ||||||||||||
Net Assets, at end of period |
$ | 7,661,968 | $ | 4,706,257 | $ | 7,661,968 | $ | 4,706,257 | ||||||||
(1) | In certain cases, and subject to the Dealer Manager’s approval, where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares. |
For the Nine Months Ended September 30, |
||||||||
2023 |
2022 |
|||||||
Cash Flows from Operating Activities |
||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 693,597 | $ | 72,716 | ||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |
||||||||
Purchases of investments, net |
(4,068,207 | ) | (7,495,239 | ) | ||||
Proceeds from investments and investment repayments, net |
660,506 | 499,443 | ||||||
Net change in unrealized (gain) loss on investments |
(130,862 | ) | 142,695 | |||||
Net change in unrealized (gain) loss on interest rate swap attributed to unsecured notes |
1,029 | — | ||||||
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies |
(351 | ) | 2,652 | |||||
Net change in unrealized (gain) loss on Income tax (provision) benefit |
1 | — | ||||||
Net realized (gain) loss on investments |
9,589 | (125 | ) | |||||
Net realized (gain) loss on foreign currency transactions relating to investments |
(207 | ) | (261 | ) | ||||
Paid-in-kind |
(105,731 | ) | (37,613 | ) | ||||
Net amortization/accretion of premium/discount on investments |
(26,492 | ) | (11,616 | ) | ||||
Amortization of debt issuance costs |
12,727 | 7,036 | ||||||
Amortization of offering costs |
2,093 | 3,440 | ||||||
Changes in operating assets and liabilities: |
||||||||
(Increase) decrease in interest receivable |
(31,348 | ) | (43,009 | ) | ||||
(Increase) decrease in receivable from controlled affiliates |
11,478 | — | ||||||
(Increase) decrease in receivable for investments sold |
(22,904 | ) | (1,965 | ) | ||||
(Increase) decrease in due from affiliates |
— | (4,777 | ) | |||||
(Increase) decrease in prepaid expenses and other assets |
(181,952 | ) | 32,425 | |||||
Increase (decrease) in payable for investments purchased |
132,377 | 13,391 | ||||||
Increase (decrease) in payables to affiliates |
9,150 | 41,465 | ||||||
Increase (decrease) in accrued expenses and other liabilities |
12,873 | 38,173 | ||||||
Net cash used in operating activities |
(3,022,634 | ) | (6,741,169 | ) | ||||
Cash Flows from Financing Activities |
||||||||
Borrowings on debt |
5,004,216 | 8,348,247 | ||||||
Repayments of debt |
(3,487,000 | ) | (4,479,600 | ) | ||||
Debt issuance costs |
(30,186 | ) | (49,880 | ) | ||||
Repurchase of common stock |
(280,203 | ) | (94,051 | ) | ||||
Proceeds from issuance of common shares |
2,273,170 | 3,279,892 | ||||||
Distributions paid to shareholders |
(263,234 | ) | (108,548 | ) | ||||
Net cash provided by financing activities |
3,216,763 | 6,896,060 | ||||||
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of $10,803 and $0, respectively) |
194,129 | 154,891 | ||||||
Cash and restricted cash, including foreign cash, beginning of period (restricted cash of $23,000 and $0, respectively) |
225,247 | 21,459 | ||||||
Cash and restricted cash, including foreign cash, end of period (restricted cash of $33,803 and $0, respectively) |
$ | 419,376 | $ | 176,350 | ||||
Supplemental and Non-Cash Information |
||||||||
Interest paid during the period |
$ | 309,139 | $ | 75,272 | ||||
Distributions declared during the period |
$ | 455,222 | $ | 193,119 | ||||
Reinvestment of distributions during the period |
$ | 173,945 | $ | 60,091 | ||||
Taxes, including excise tax, paid during the period |
$ | 239 | $ | 4 | ||||
Distributions payable |
$ | 55,079 | $ | 33,485 |
• | With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations; |
• | With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee; |
• | Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; |
• | The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment; |
• | Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and |
• | The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention. |
• | Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. |
• | Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
• | Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
• | cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and |
• | purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. |
• | No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of the Company’s net asset value for that immediately preceding calendar quarter. The Company refers to this as the quarterly preferred return. |
• | All of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company’s net asset value for that immediately preceding calendar quarter, will be payable to the Company’s Adviser. The Company refers to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of the Company’s pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company’s net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter. |
• | For any quarter in which the Company’s pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the Company’s net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of the Company’s pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved. |
• | Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense |
support payments or any reimbursement by the Company of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. |
• | with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company’s outstanding Class S shares; and |
• | with respect to the Company’s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company’s outstanding Class D shares. |
For the Quarter Ended |
Amount of Expense Support |
Recoupment of Expense Support |
Unreimbursed Expense Support |
Effective Rate of Distribution per Share (1) |
Reimbursement Eligibility Expiration |
Operating Expense Ratio (2) |
||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
March 31, 2021 |
$ | 822 | $ | 822 | $ | — | 6.7 | % | March 31, 2024 | 9.47 | % | |||||||||||||
June 30, 2021 |
1,756 | 1,756 | — | 6.6 | % | June 30, 2024 | 2.43 | % | ||||||||||||||||
March 31, 2022 |
4,062 | — | 4,062 | 7.2 | % | March 31, 2025 | 0.67 | % | ||||||||||||||||
June 30, 2022 |
2,713 | — | 2,713 | 7.4 | % | June 30, 2025 | 0.67 | % | ||||||||||||||||
September 30, 2022 |
— | — | — | 8.3 | % | September 30, 2025 | 0.72 | % | ||||||||||||||||
December 31, 2022 |
— | 6,775 | (6,775 | ) | 8.8 | % | December 31, 2025 | 0.62 | % | |||||||||||||||
Total |
$ | 9,353 | $ | 9,353 | $ | — | ||||||||||||||||||
(1) | The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s net asset value per share as of such date. |
(2) | The operating expense ratio is calculated by dividing annualized operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets. |
September 30, 2023 |
December 31, 2022 |
|||||||||||||||
($ in thousands) |
Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
||||||||||||
First-lien senior secured debt investments (1) |
$ | 11,650,727 | $ | 11,669,133 | $ | 8,499,854 | $ | 8,448,540 | ||||||||
Second-lien senior secured debt investments |
1,180,700 | 1,148,915 | 1,203,388 | 1,142,862 | ||||||||||||
Unsecured debt investments |
236,028 | 229,581 | 221,564 | 211,328 | ||||||||||||
Preferred equity investments (2) |
661,628 | 657,408 | 510,033 | 500,023 | ||||||||||||
Common equity investments (3) |
368,111 | 397,471 | 248,176 | 264,437 | ||||||||||||
Joint ventures (4)(5) |
257,933 | 264,772 | 141,777 | 140,394 | ||||||||||||
Total Investments |
$ | 14,355,127 | $ | 14,367,280 | $ | 10,824,792 | $ | 10,707,584 | ||||||||
(1) | Includes debt investment in Amergin AssetCo. |
(2) | Includes equity investment in LSI Financing. |
(3) | Includes equity investment in Amergin AssetCo and Fifth Season. |
(4) | Includes equity investment in OCIC SLF. See below, within Note 4, for more information regarding OCIC SLF. |
(5) | This was disclosed as “Investment funds and vehicles” as of December 31, 2022. |
September 30, 2023 |
December 31, 2022 |
|||||||
Advertising and media |
2.2 | % | 2.8 | % | ||||
Aerospace and defense |
0.4 | 0.4 | ||||||
Asset based lending and fund finance (1) |
1.6 | 1.2 | ||||||
Automotive |
1.1 | 1.4 | ||||||
Buildings and real estate |
3.8 | 4.0 | ||||||
Business services |
6.6 | 7.3 | ||||||
Chemicals |
1.3 | 1.7 | ||||||
Consumer products |
2.3 | 2.4 | ||||||
Containers and packaging |
3.1 | 3.6 | ||||||
Distribution |
2.3 | 2.3 | ||||||
Education |
0.9 | 1.4 | ||||||
Energy equipment and services |
— | 0.1 | ||||||
Financial services |
3.9 | 2.6 | ||||||
Food and beverage |
4.5 | 5.8 | ||||||
Healthcare equipment and services |
4.7 | 3.9 | ||||||
Healthcare providers and services |
12.2 | 14.4 | ||||||
Healthcare technology |
4.6 | 5.2 | ||||||
Household products |
2.1 | 2.4 | ||||||
Human resource support services |
1.0 | 1.1 |
September 30, 2023 |
December 31, 2022 |
|||||||
Infrastructure and environmental services |
1.9 | 0.9 | ||||||
Insurance (2) |
10.4 | 9.7 | ||||||
Internet software and services |
12.8 | 13.6 | ||||||
Joint ventures (3)(5) |
1.8 | 1.3 | ||||||
Leisure and entertainment |
1.0 | 1.2 | ||||||
Manufacturing |
4.9 | 3.0 | ||||||
Pharmaceuticals (4) |
0.5 | — | ||||||
Professional services |
4.5 | 2.8 | ||||||
Specialty retail |
2.2 | 3.2 | ||||||
Telecommunications |
0.5 | — | ||||||
Transportation |
0.9 | 0.3 | ||||||
Total |
100.0 | % | 100.0 | % |
(1) | Includes investment in Amergin AssetCo. |
(2) | Includes equity investment in Fifth Season Investments LLC. |
(3) | Includes equity investment in OCIC SLF. See below, within Note 4, for more information regarding OCIC SLF. |
(4) | Includes equity investment in LSI Financing. |
(5) | This was disclosed as “Investment funds and vehicles” as of December 31, 2022. |
September 30, 2023 |
December 31, 2022 |
|||||||
United States: |
||||||||
Midwest |
20.3 | % | 20.4 | % | ||||
Northeast |
18.6 | 20.0 | ||||||
South |
34.1 | 29.7 | ||||||
West |
17.4 | 20.7 | ||||||
International |
9.6 | 9.2 | ||||||
Total |
100.0 | % | 100.0 | % | ||||
($ in thousands) | September 30, 2023 |
December 31, 2022 |
||||||
Total senior secured debt investments (1) |
$ | 953,942 | $ | 529,463 | ||||
Weighted average spread over base rate (1) |
3.8 | % | 4.4 | % | ||||
Number of portfolio companies |
176 | 74 | ||||||
Largest funded investment to a single borrower (1) |
$ | 14,457 | $ | 14,547 |
(1) | At par. |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Debt Investments(5) |
||||||||||||||||||||||||
Aerospace and defense |
||||||||||||||||||||||||
American Airlines, Inc.(7) |
First lien senior secured loan | SR + 2.75% | 02/2028 | $ | 1,980 | $ | 1,945 | $ | 1,964 | 0.6 | % | |||||||||||||
Avolon TLB Borrower 1 (US) LLC(6) |
First lien senior secured loan | SR + 2.50% | 06/2028 | 7,980 | 7,903 | 7,973 | 2.7 | % | ||||||||||||||||
Barnes Group, Inc.(6) |
First lien senior secured loan | SR + 3.00% | 08/2030 | 6,500 | 6,452 | 6,503 | 2.1 | % | ||||||||||||||||
Bleriot US Bidco, Inc.(7) |
First lien senior secured loan | SR + 4.00% | 10/2028 | 5,942 | 5,859 | 5,942 | 2.0 | % | ||||||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 1,047 | 1,037 | 1,044 | 0.3 | % | ||||||||||||||||
Dynasty Acquisition Co., Inc. (dba StandardAero Limited)(6) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 2,444 | 2,420 | 2,437 | 0.8 | % | ||||||||||||||||
Peraton Corp.(6) |
First lien senior secured loan | SR + 3.75% | 02/2028 | 7,491 | 7,246 | 7,468 | 2.5 | % | ||||||||||||||||
Transdigm, Inc.(7) |
First lien senior secured loan | SR + 3.25% | 08/2028 | 3,980 | 3,972 | 3,979 | 1.3 | % | ||||||||||||||||
Transdigm, Inc.(7) |
First lien senior secured loan | SR + 3.25% | 02/2027 | 2,978 | 2,928 | 2,979 | 1.0 | % | ||||||||||||||||
Vertex Aerospace Services Corp. (dba V2X)(7) |
First lien senior secured loan | SR + 3.50% | 12/2028 | 2,992 | 2,989 | 2,991 | 1.0 | % | ||||||||||||||||
43,334 | 42,751 | 43,280 | 14.3 | % | ||||||||||||||||||||
Automotive |
||||||||||||||||||||||||
Belron Finance US LLC(7) |
First lien senior secured loan | SR + 2.75% | 04/2029 | $ | 2,494 | $ | 2,482 | $ | 2,493 | 0.8 | % | |||||||||||||
PAI Holdco, Inc.(7) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 6,579 | 6,135 | 6,215 | 2.1 | % | ||||||||||||||||
9,073 | 8,617 | 8,708 | 2.9 | % | ||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
84 Lumber Company(6) |
First lien senior secured loan | SR + 3.00% | 11/2026 | $ | 1,712 | $ | 1,718 | $ | 1,711 | 0.6 | % | |||||||||||||
Beacon Roofing Supply, Inc.(6) |
First lien senior secured loan | SR + 2.25% | 05/2028 | 3,477 | 3,473 | 3,473 | 1.1 | % | ||||||||||||||||
CPG International LLC(6) |
First lien senior secured loan | SR + 2.50% | 04/2029 | 6,907 | 6,873 | 6,898 | 2.3 | % | ||||||||||||||||
Cushman & Wakefield U.S. Borrower, LLC(6) |
First lien senior secured loan | SR + 4.00% | 01/2030 | 7,247 | 7,070 | 7,176 | 2.4 | % | ||||||||||||||||
Dodge Construction Network, LLC(7)(13) |
First lien senior secured loan | SR + 4.75% | 02/2029 | 5,234 | 4,913 | 4,266 | 1.3 | % | ||||||||||||||||
Greystar Real Estate Partners, LLC (dba Greystar)(6)(13) |
First lien senior secured loan | SR + 3.75% | 08/2030 | 7,000 | 6,896 | 6,895 | 2.3 | % | ||||||||||||||||
GYP Holdings III Corp.(6) |
First lien senior secured loan | SR + 3.00% | 05/2030 | 2,000 | 1,990 | 2,004 | 0.7 | % | ||||||||||||||||
Quikrete Holdings, Inc.(6) |
First lien senior secured loan | SR + 2.75% | 03/2029 | 1,995 | 1,995 | 1,994 | 0.7 | % | ||||||||||||||||
RealPage, Inc.(6) |
First lien senior secured loan | SR + 3.00% | 04/2028 | 10,466 | 9,922 | 10,336 | 3.4 | % | ||||||||||||||||
Wrench Group LLC(7)(13) |
First lien senior secured loan | SR + 4.00% | 04/2026 | 9,685 | 9,668 | 9,637 | 3.2 | % | ||||||||||||||||
55,723 | 54,518 | 54,390 | 18.0 | % | ||||||||||||||||||||
Business services |
||||||||||||||||||||||||
ASGN, Inc.(6) |
First lien senior secured loan | SR + 2.25% | 08/2030 | $ | 2,500 | $ | 2,494 | $ | 2,506 | 0.8 | % | |||||||||||||
BrightView Landscapes, LLC(7) |
First lien senior secured loan | SR + 3.25% | 04/2029 | 6,519 | 6,342 | 6,517 | 2.2 | % | ||||||||||||||||
Brown Group Holdings, LLC(7) |
First lien senior secured loan | SR + 3.75% | 07/2029 | 3,504 | 3,470 | 3,498 | 1.2 | % | ||||||||||||||||
ConnectWise, LLC(6) |
First lien senior secured loan | SR + 3.50% | 09/2028 | 10,459 | 9,943 | 10,283 | 3.3 | % | ||||||||||||||||
IDEMIA Group SAS(7) |
First lien senior secured loan | SR + 4.75% | 09/2028 | 1,995 | 1,971 | 1,992 | 0.7 | % | ||||||||||||||||
Packers Holdings, LLC(6) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 3,938 | 3,652 | 2,323 | 0.8 | % | ||||||||||||||||
Prime Security Services Borrower, LLC(6) |
First lien senior secured loan | SR + 2.75% | 09/2026 | 1,985 | 1,958 | 1,981 | 0.7 | % | ||||||||||||||||
Sitel Worldwide Corp.(6) |
First lien senior secured loan | SR + 3.75% | 08/2028 | 6,957 | 6,855 | 6,772 | 2.2 | % | ||||||||||||||||
VM Consolidated, Inc.(6) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 2,113 | 2,093 | 2,112 | 0.7 | % | ||||||||||||||||
39,970 | 38,778 | 37,984 | 12.6 | % |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Chemicals |
||||||||||||||||||||||||
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6) |
First lien senior secured loan | SR + 4.75% | 11/2027 | $ | 2,978 | $ | 2,797 | $ | 2,955 | 1.0 | % | |||||||||||||
Axalta Coating Systems US Holdings Inc.(7) |
First lien senior secured loan | SR + 2.50% | 09/2023 | 7,095 | 7,049 | 7,100 | 2.3 | % | ||||||||||||||||
Blue Tree Holdings, Inc.(7) |
First lien senior secured loan | SR + 2.50% | 03/2028 | 3,975 | 3,939 | 3,895 | 1.3 | % | ||||||||||||||||
Cyanco Intermediate 2 Corp.(6) |
First lien senior secured loan | SR + 4.75% | 07/2028 | 3,000 | 2,912 | 3,001 | 1.0 | % | ||||||||||||||||
DCG Acquisition Corp.(6) |
First lien senior secured loan | SR + 4.50% | 09/2026 | 2,283 | 2,271 | 2,258 | 0.7 | % | ||||||||||||||||
H.B. Fuller Company(6) |
First lien senior secured loan | SR + 2.25% | 02/2030 | 1,995 | 1,995 | 1,997 | 0.6 | % | ||||||||||||||||
Ineos US Finance LLC(6) |
First lien senior secured loan | SR + 3.50% | 02/2030 | 1,995 | 1,976 | 1,978 | 0.7 | % | ||||||||||||||||
Ineos US Finance LLC(6) |
First lien senior secured loan | SR + 3.75% | 11/2027 | 2,985 | 2,891 | 2,969 | 1.0 | % | ||||||||||||||||
Ineos US Petrochem LLC(6) |
First lien senior secured loan | SR + 3.75% | 03/2030 | 1,995 | 1,976 | 1,984 | 0.7 | % | ||||||||||||||||
Nouryon Finance B.V.(7) |
First lien senior secured loan | SR + 4.00% | 04/2028 | 5,985 | 5,928 | 5,902 | 2.0 | % | ||||||||||||||||
Windsor Holdings III LLC(7) |
First lien senior secured loan | SR + 4.50% | 08/2030 | 5,000 | 4,901 | 4,975 | 1.6 | % | ||||||||||||||||
39,286 | 38,635 | 39,014 | 12.9 | % | ||||||||||||||||||||
Consumer products |
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Olaplex, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 02/2029 | $ | 5,234 | $ | 4,890 | $ | 4,364 | 1.4 | % | |||||||||||||
5,234 | 4,890 | 4,364 | 1.4 | % | ||||||||||||||||||||
Containers and packaging |
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Berlin Packaging L.L.C.(6) |
First lien senior secured loan | SR + 3.75% | 03/2028 | $ | 11,518 | $ | 11,117 | $ | 11,380 | 3.8 | % | |||||||||||||
BW Holding, Inc.(7) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 7,708 | 7,592 | 6,902 | 2.3 | % | ||||||||||||||||
Charter NEX US, Inc.(6) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 4,974 | 4,930 | 4,925 | 1.6 | % | ||||||||||||||||
Plaze, Inc.(7) |
First lien senior secured loan | SR + 3.50% | 08/2026 | 997 | 971 | 960 | 0.3 | % | ||||||||||||||||
ProAmpac PG Borrower LLC(12)(13) |
First lien senior secured loan | P + 3.50% | 09/2028 | 6,250 | 6,188 | 6,209 | 2.1 | % | ||||||||||||||||
Ring Container Technologies Group, LLC(6) |
First lien senior secured loan | SR + 3.50% | 08/2028 | 9,688 | 9,532 | 9,678 | 3.2 | % | ||||||||||||||||
Tricorbraun Holdings, Inc.(6) |
First lien senior secured loan | SR + 3.25% | 03/2028 | 10,466 | 9,983 | 10,256 | 3.4 | % | ||||||||||||||||
Trident TPI Holdings, Inc.(7) |
First lien senior secured loan | SR + 4.50% | 09/2028 | 3,990 | 3,877 | 3,977 | 1.3 | % | ||||||||||||||||
Valcour Packaging, LLC(11) |
First lien senior secured loan | L + 3.75% | 10/2028 | 9,850 | 9,830 | 7,901 | 2.6 | % | ||||||||||||||||
65,441 | 64,020 | 62,188 | 20.6 | % | ||||||||||||||||||||
Distribution |
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BCPE Empire Holdings, Inc. (dba Imperial-Dade)(6) |
First lien senior secured loan | SR + 4.75% | 12/2028 | $ | 5,279 | $ | 5,228 | $ | 5,273 | 1.7 | % | |||||||||||||
Dealer Tire, LLC(6) |
First lien senior secured loan | SR + 4.50% | 12/2027 | 3,930 | 3,867 | 3,932 | 1.3 | % | ||||||||||||||||
SRS Distribution, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 06/2028 | 10,493 | 9,843 | 10,375 | 3.4 | % | ||||||||||||||||
White Cap Supply Holdings, LLC(6) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 10,493 | 10,014 | 10,465 | 3.5 | % | ||||||||||||||||
30,195 | 28,952 | 30,045 | 9.9 | % | ||||||||||||||||||||
Education |
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Renaissance Learning, Inc.(7) |
First lien senior secured loan | SR + 4.75% | 04/2030 | $ | 4,500 | $ | 4,411 | $ | 4,459 | 1.5 | % | |||||||||||||
Severin Acquisition, LLC (dba Powerschool)(7) |
First lien senior secured loan | SR + 3.00% | 08/2025 | 7,851 | 7,773 | 7,837 | 2.6 | % | ||||||||||||||||
Sophia, L.P.(6)(13) |
First lien senior secured loan | SR + 4.25% | 10/2027 | 9,689 | 9,671 | 9,664 | 3.2 | % | ||||||||||||||||
Spring Education Group, Inc. (fka SSH Group Holdings, Inc.)(7)(13) |
First lien senior secured loan | SR + 4.50% | 09/2030 | 3,663 | 3,617 | 3,617 | 1.2 | % | ||||||||||||||||
25,703 | 25,472 | 25,577 | 8.5 | % |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
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Energy equipment and services |
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AMG Advanced Metallurgical Group N.V(6) |
First lien senior secured loan | SR + 3.50% | 11/2028 | $ | 3,439 | $ | 3,418 | $ | 3,424 | 1.1 | % | |||||||||||||
AZZ Inc.(6) |
First lien senior secured loan | SR + 3.75% | 05/2029 | 7,925 | 7,864 | 7,931 | 2.7 | % | ||||||||||||||||
Brookfield WEC Holdings Inc.(6) |
First lien senior secured loan | SR + 3.75% | 08/2025 | 3,465 | 3,446 | 3,470 | 1.1 | % | ||||||||||||||||
Calpine Construction Finance Company(6) |
First lien senior secured loan | SR + 2.25% | 07/2030 | 2,000 | 1,985 | 1,988 | 0.7 | % | ||||||||||||||||
Pike Corp.(6) |
First lien senior secured loan | SR + 3.00% | 01/2028 | 9,800 | 9,630 | 9,777 | 3.2 | % | ||||||||||||||||
Rockwood Service Corp.(6) |
First lien senior secured loan | SR + 4.00% | 01/2027 | 6,483 | 6,467 | 6,499 | 2.1 | % | ||||||||||||||||
33,112 | 32,810 | 33,089 | 10.9 | % | ||||||||||||||||||||
Financial services |
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Acuris Finance US, Inc. (ION Analytics) (7) |
First lien senior secured loan | SR + 4.00% | 02/2028 | $ | 4,500 | $ | 4,409 | $ | 4,430 | 1.5 | % | |||||||||||||
AlixPartners, LLP(6) |
First lien senior secured loan | SR + 2.75% | 02/2028 | 2,992 | 2,970 | 2,988 | 1.0 | % | ||||||||||||||||
AllSpring Buyer(7) |
First lien senior secured loan | SR + 3.75% | 11/2028 | 4,950 | 4,892 | 4,927 | 1.6 | % | ||||||||||||||||
Boost Newco Borrower, LLC(7) |
First lien senior secured loan | SR + 3.00% | 09/2030 | 12,000 | 11,941 | 11,992 | 4.0 | % | ||||||||||||||||
Citadel Securities, LP(6) |
First lien senior secured loan | SR + 2.50% | 07/2030 | 3,990 | 3,960 | 3,978 | 1.4 | % | ||||||||||||||||
Deerfield Dakota Holdings(7) |
First lien senior secured loan | SR + 3.75% | 04/2027 | 7,849 | 7,524 | 7,645 | 2.5 | % | ||||||||||||||||
Focus Financial Partners, LLC(6) |
First lien senior secured loan | SR + 3.25% | 06/2028 | 4,950 | 4,873 | 4,933 | 1.6 | % | ||||||||||||||||
Focus Financial Partners, LLC(6) |
First lien senior secured loan | SR + 3.50% | 06/2028 | 3,000 | 2,943 | 2,994 | 1.0 | % | ||||||||||||||||
Guggenheim Partners Investment Management Holdings, LLC(7) |
First lien senior secured loan | SR + 3.25% | 12/2029 | 4,963 | 4,882 | 4,963 | 1.6 | % | ||||||||||||||||
Harbourvest Partners, L.P.(7) |
First lien senior secured loan | SR + 3.00% | 04/2030 | 2,500 | 2,464 | 2,496 | 0.8 | % | ||||||||||||||||
Helios Software Holdings, Inc. (ION Corporate Solutions Finance S.a r.l.)(7) |
First lien senior secured loan | SR + 4.25% | 07/2030 | 5,000 | 4,803 | 4,972 | 1.6 | % | ||||||||||||||||
Janus International Group, LLC(6) |
First lien senior secured loan | SR + 3.25% | 08/2030 | 5,000 | 4,970 | 4,977 | 1.6 | % | ||||||||||||||||
Saphilux S.a.r.L (dba IQ EQ)(7)(13) |
First lien senior secured loan | SR + 4.75% | 07/2028 | 7,500 | 7,389 | 7,388 | 2.5 | % | ||||||||||||||||
The Edelman Financial Engines Center, LLC(6) |
First lien senior secured loan | SR + 3.50% | 04/2028 | 3,970 | 3,886 | 3,923 | 1.3 | % | ||||||||||||||||
TMF Sapphire Bidco B.V.(7) |
First lien senior secured loan | SR + 5.00% | 05/2028 | 2,500 | 2,456 | 2,491 | 0.8 | % | ||||||||||||||||
USI Inc.(7) |
First lien senior secured loan | SR + 3.75% | 09/2030 | 4,000 | 3,990 | 3,988 | 1.3 | % | ||||||||||||||||
79,664 | 78,352 | 79,085 | 26.1 | % | ||||||||||||||||||||
Food and beverage |
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1011778 BC / NEW RED FIN (dba Restaurant Brands)(6) |
First lien senior secured loan | SR + 2.25% | 09/2030 | $ | 5,250 | $ | 5,225 | $ | 5,227 | 1.7 | % | |||||||||||||
AI Aqua Merger Sub, Inc. (dba Culligan International)(6) |
First lien senior secured loan | SR + 3.75% | 07/2028 | 2,283 | 2,280 | 2,257 | 0.7 | % | ||||||||||||||||
Aramark Services, Inc.(6) |
First lien senior secured loan | SR + 2.50% | 06/2030 | 1,995 | 1,975 | 1,990 | 0.7 | % | ||||||||||||||||
Balrog Acquisition, Inc. (dba Bakemark)(6) |
First lien senior secured loan | SR + 4.00% | 09/2028 | 2,283 | 2,254 | 2,254 | 0.7 | % | ||||||||||||||||
Naked Juice LLC (dba Tropicana)(7) |
First lien senior secured loan | SR + 3.25% | 01/2029 | 10,494 | 9,682 | 9,944 | 3.3 | % | ||||||||||||||||
Pegasus BidCo B.V.(7) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 5,459 | 5,328 | 5,445 | 1.8 | % | ||||||||||||||||
Shearer’s Foods, LLC(6) |
First lien senior secured loan | SR + 3.50% | 09/2027 | 8,740 | 8,210 | 8,718 | 2.9 | % | ||||||||||||||||
Simply Good Foods USA, Inc.(6) |
First lien senior secured loan | SR + 2.50% | 03/2027 | 3,892 | 3,865 | 3,897 | 1.3 | % | ||||||||||||||||
40,396 | 38,819 | 39,732 | 13.1 | % |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
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Healthcare equipment and services |
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Confluent Medical Technologies, Inc.(7)(13) |
First lien senior secured loan | SR + 3.75% | 02/2029 | $ | 9,688 | $ | 9,562 | $ | 9,519 | 3.1 | % | |||||||||||||
Curium BidCo S.A.R.L (dba Curium Pharma)(7) |
First lien senior secured loan | SR + 4.50% | 07/2029 | 1,995 | 1,975 | 1,990 | 0.7 | % | ||||||||||||||||
Dermatology Intermediate Holdings III, Inc.(7) |
First lien senior secured loan | SR + 4.25% | 03/2029 | 9,875 | 9,766 | 9,804 | 3.2 | % | ||||||||||||||||
Dermatology Intermediate Holdings III, Inc.(7) |
First lien senior secured delayed draw term loan | SR + 4.25% | 03/2029 | 1,814 | 1,803 | 1,801 | 0.7 | % | ||||||||||||||||
Medline Borrower, LP(6) |
First lien senior secured loan | SR + 3.25% | 10/2028 | 8,264 | 7,770 | 8,237 | 2.7 | % | ||||||||||||||||
Natus Medical Inc.(7)(13) |
First lien senior secured loan | SR + 5.50% | 07/2029 | 4,466 | 4,177 | 4,221 | 1.4 | % | ||||||||||||||||
Zest Acquisition Corp.(6)(13) |
First lien senior secured loan | SR + 5.50% | 02/2028 | 5,960 | 5,730 | 5,826 | 1.9 | % | ||||||||||||||||
42,062 | 40,783 | 41,398 | 13.7 | % | ||||||||||||||||||||
Healthcare providers and services |
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Covetrus, Inc.(7) |
First lien senior secured loan | SR + 5.00% | 10/2029 | $ | 9,453 | $ | 8,940 | $ | 9,343 | 3.1 | % | |||||||||||||
HAH Group Holding Company LLC (dba Help at Home)(6)(13) |
First lien senior secured loan | SR + 5.00% | 10/2027 | 2,026 | 2,006 | 1,986 | 0.7 | % | ||||||||||||||||
HAH Group Holding Company LLC (dba Help at Home)(6)(13) |
First lien senior secured loan | SR + 5.00% | 10/2027 | 1,252 | 1,250 | 1,227 | 0.4 | % | ||||||||||||||||
LSCS Holdings, Inc.(6) |
First lien senior secured loan | SR + 4.50% | 12/2028 | 8,380 | 8,211 | 8,234 | 2.7 | % | ||||||||||||||||
MJH Healthcare Holdings, LLC(6)(13) |
First lien senior secured loan | SR + 3.50% | 01/2029 | 3,802 | 3,744 | 3,793 | 1.3 | % | ||||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | SR + 4.50% | 12/2028 | 1,995 | 1,918 | 1,975 | 0.6 | % | ||||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured delayed draw term loan | SR + 3.25% | 12/2028 | 261 | 257 | 254 | 0.1 | % | ||||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | SR + 3.25% | 12/2028 | 5,104 | 5,023 | 4,966 | 1.6 | % | ||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6) |
First lien senior secured loan | SR + 3.25% | 11/2028 | 7,388 | 7,145 | 7,329 | 2.4 | % | ||||||||||||||||
Physician Partners, LLC(6) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 9,875 | 9,388 | 9,369 | 3.1 | % | ||||||||||||||||
Premise Health Holding(7)(13) |
First lien senior secured loan | SR + 4.75% | 07/2025 | 3,209 | 3,183 | 3,193 | 1.1 | % | ||||||||||||||||
Select Medical Corp.(6) |
First lien senior secured loan | SR + 3.00% | 03/2027 | 2,993 | 2,978 | 2,981 | 1.0 | % | ||||||||||||||||
55,738 | 54,043 | 54,650 | 18.1 | % | ||||||||||||||||||||
Healthcare technology |
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Athenahealth Group Inc.(6) |
First lien senior secured loan | SR + 3.25% | 02/2029 | $ | 9,332 | $ | 8,642 | $ | 9,142 | 3.0 | % | |||||||||||||
Bracket Intermediate Holding Corp.(7) |
First lien senior secured loan | SR + 5.00% | 05/2028 | 5,653 | 5,492 | 5,639 | 1.9 | % | ||||||||||||||||
Gainwell Acquisition Corp.(7) |
First lien senior secured loan | SR + 4.00% | 10/2027 | 6,108 | 6,002 | 5,950 | 2.0 | % | ||||||||||||||||
GHX Ultimate Parent Corp.(7) |
First lien senior secured loan | SR + 4.75% | 06/2027 | 2,993 | 2,923 | 2,989 | 1.0 | % | ||||||||||||||||
Imprivata, Inc.(6) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 9,689 | 9,533 | 9,677 | 3.0 | % | ||||||||||||||||
PointClickCare Technologies Inc.PointClickCare Technologies Inc(7) |
First lien senior secured loan | SR + 3.00% | 12/2027 | 1,990 | 1,961 | 1,982 | 0.7 | % | ||||||||||||||||
R1 RCM Inc.(6) |
First lien senior secured loan | SR + 3.00% | 06/2029 | 3,980 | 3,980 | 3,977 | 1.3 | % | ||||||||||||||||
Verscend Holding Corp.(6) |
First lien senior secured loan | SR + 4.00% | 08/2025 | 9,869 | 9,777 | 9,858 | 3.3 | % | ||||||||||||||||
Zelis Cost Management Buyer, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 09/2026 | 4,466 | 4,462 | 4,463 | 1.5 | % | ||||||||||||||||
54,080 | 52,772 | 53,677 | 17.7 | % |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
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Household products |
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Samsonite International S.A.(6) |
First lien senior secured loan | SR + 2.75% | 06/2030 | $ | 1,995 | $ | 1,985 | $ | 1,996 | 0.7 | % | |||||||||||||
1,995 | 1,985 | 1,996 | 0.7 | % | ||||||||||||||||||||
Human resource support services |
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AQ Carver Buyer, Inc.(8)(13) |
First lien senior secured loan | SR + 5.50% | 08/2029 | $ | 3,000 | $ | 2,941 | $ | 2,948 | 1.0 | % | |||||||||||||
3,000 | 2,941 | 2,948 | 1.0 | % | ||||||||||||||||||||
Infrastructure and environmental services |
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Asplundh Tree Expert, LLC(6) |
First lien senior secured loan | SR + 1.75% | 09/2027 | $ | 2,433 | $ | 2,427 | $ | 2,429 | 0.8 | % | |||||||||||||
Madison IAQ, LLC(7) |
First lien senior secured loan | SR + 3.25% | 06/2028 | 997 | 989 | 980 | 0.3 | % | ||||||||||||||||
Osmose Utilities Services, Inc.(6) |
First lien senior secured loan | SR + 3.25% | 06/2028 | 9,688 | 9,058 | 9,604 | 3.2 | % | ||||||||||||||||
USIC Holdings, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 05/2028 | 2,955 | 2,825 | 2,903 | 1.0 | % | ||||||||||||||||
16,073 | 15,299 | 15,916 | 5.3 | % | ||||||||||||||||||||
Insurance |
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Acrisure, LLC(7) |
First lien senior secured loan | SR + 5.75% | 02/2027 | $ | 7,444 | $ | 7,178 | $ | 7,462 | 2.5 | % | |||||||||||||
AssuredPartners, Inc.(7) |
First lien senior secured loan | SR + 3.75% | 02/2027 | 10,484 | 10,338 | 10,477 | 3.5 | % | ||||||||||||||||
Broadstreet Partners, Inc.(6) |
First lien senior secured loan | SR + 3.00% | 01/2027 | 4,144 | 4,099 | 4,121 | 1.4 | % | ||||||||||||||||
Broadstreet Partners, Inc.(6) |
First lien senior secured loan | SR + 4.00% | 01/2029 | 2,993 | 2,956 | 2,989 | 1.0 | % | ||||||||||||||||
Howden Group Holdings Ltd. (dba HIG Finance 2 Ltd. / Preatorian)(6) |
First lien senior secured loan | SR + 4.00% | 04/2030 | 3,980 | 3,827 | 3,975 | 1.3 | % | ||||||||||||||||
Hub International(7) |
First lien senior secured loan | SR + 4.25% | 04/2025 | 8,000 | 7,921 | 8,014 | 2.6 | % | ||||||||||||||||
IMA Financial Group, Inc.(6)(13) |
First lien senior secured loan | SR + 4.25% | 11/2028 | 3,491 | 3,407 | 3,474 | 1.1 | % | ||||||||||||||||
40,536 | 39,726 | 40,512 | 13.4 | % | ||||||||||||||||||||
Internet software and services |
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Aptean, Inc.(6) |
First lien senior secured loan | SR + 4.25% | 04/2026 | $ | 1,141 | $ | 1,136 | $ | 1,133 | 0.4 | % | |||||||||||||
Barracuda Parent, LLC(7) |
First lien senior secured loan | SR + 4.50% | 08/2029 | 10,521 | 10,108 | 10,404 | 3.4 | % | ||||||||||||||||
Boxer Parent Company Inc.(6) |
First lien senior secured loan | SR + 3.75% | 10/2025 | 3,123 | 3,104 | 3,119 | 1.0 | % | ||||||||||||||||
Central Parent, Inc.(7) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 7,963 | 7,803 | 7,959 | 2.6 | % | ||||||||||||||||
DCert Buyer, Inc.(7) |
First lien senior secured loan | SR + 4.00% | 10/2026 | 5,967 | 5,938 | 5,921 | 2.0 | % | ||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(8) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 10,493 | 9,705 | 10,376 | 3.4 | % | ||||||||||||||||
Dun & Bradstreet Corporation, The(6) |
First lien senior secured loan | SR + 2.75% | 02/2026 | 1,995 | 1,995 | 1,990 | 0.7 | % | ||||||||||||||||
E2open, LLC(6) |
First lien senior secured loan | SR + 3.50% | 02/2028 | 6,824 | 6,720 | 6,809 | 2.3 | % | ||||||||||||||||
Idera, Inc.(7) |
First lien senior secured loan | SR + 3.75% | 03/2028 | 6,535 | 6,369 | 6,476 | 2.0 | % | ||||||||||||||||
Infinite Bidco LLC(6) |
First lien senior secured loan | SR + 3.75% | 03/2028 | 2,978 | 2,883 | 2,918 | 1.0 | % | ||||||||||||||||
McAfee Corp.(6) |
First lien senior secured loan | SR + 3.75% | 03/2029 | 2,977 | 2,855 | 2,904 | 1.0 | % | ||||||||||||||||
MeridianLink, Inc.(7) |
First lien senior secured loan | SR + 3.00% | 11/2028 | 2,283 | 2,277 | 2,274 | 0.8 | % | ||||||||||||||||
Mitnick Corporate Purchaser, Inc.(7) |
First lien senior secured loan | SR + 4.50% | 05/2029 | 2,853 | 2,726 | 2,745 | 0.9 | % | ||||||||||||||||
Perforce Software, Inc.(6) |
First lien senior secured loan | SR + 3.75% | 07/2026 | 2,977 | 2,842 | 2,888 | 1.0 | % | ||||||||||||||||
Quartz Acquireco, LLC (dba Qualtrics AcquireCo, LLC)(6)(13) |
First lien senior secured loan | SR + 3.50% | 06/2030 | 4,000 | 3,961 | 3,970 | 1.3 | % | ||||||||||||||||
Rocket Software, Inc.(6) |
First lien senior secured loan | SR + 4.25% | 11/2025 | 5,585 | 5,505 | 5,578 | 1.8 | % | ||||||||||||||||
SONICWALL US Holdings, Inc.(6) |
First lien senior secured loan | SR + 5.00% | 05/2028 | 6,184 | 5,953 | 6,056 | 2.0 | % | ||||||||||||||||
Sophos Holdings, LLC(6) |
First lien senior secured loan | SR + 3.50% | 03/2027 | 10,465 | 10,278 | 10,435 | 3.4 | % | ||||||||||||||||
UST Holdings, Ltd.(6) |
First lien senior secured loan | SR + 3.50% | 11/2028 | 7,060 | 7,036 | 6,919 | 2.3 | % | ||||||||||||||||
VS Buyer LLC(6) |
First lien senior secured loan | SR + 3.25% | 02/2027 | 2,977 | 2,977 | 2,962 | 1.0 | % | ||||||||||||||||
104,901 | 102,171 | 103,836 | 34.3 | % |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
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Investment funds and vehicle |
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Finco I, LLC(7) |
First lien senior secured loan | SR + 3.00% | 06/2029 | $ | 2,993 | $ | 2,978 | $ | 2,990 | 1.0 | % | |||||||||||||
2,993 | 2,978 | 2,990 | 1.0 | % | ||||||||||||||||||||
Leisure and entertainment |
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Delta 2 (Lux) SARL (dba Formula One)(7) |
First lien senior secured loan | SR + 2.25% | 01/2030 | $ | 4,000 | $ | 3,973 | $ | 3,996 | 1.3 | % | |||||||||||||
4,000 | 3,973 | 3,996 | 1.3 | % | ||||||||||||||||||||
Manufacturing |
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Altar Bidco, Inc.(8) |
First lien senior secured loan | SR + 3.10% | 02/2029 | $ | 4,727 | $ | 4,535 | $ | 4,703 | 1.6 | % | |||||||||||||
Columbus McKinnon Corp.(7) |
First lien senior secured loan | SR + 2.75% | 05/2028 | 477 | 473 | 476 | 0.2 | % | ||||||||||||||||
DXP Enterprises, Inc.(8) |
First lien senior secured loan | SR + 5.25% | 12/2027 | 6,934 | 6,651 | 6,908 | 2.3 | % | ||||||||||||||||
EMRLD Borrower LP (dba Emerson Climate Technologies, Inc.)(6) |
First lien senior secured loan | SR + 3.00% | 05/2030 | 10,018 | 9,922 | 9,999 | 3.2 | % | ||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7) |
First lien senior secured loan | SR + 3.50% | 05/2028 | 6,957 | 6,905 | 6,914 | 2.3 | % | ||||||||||||||||
Entegris, Inc.(7) |
First lien senior secured loan | SR + 2.50% | 07/2029 | 2,307 | 2,307 | 2,306 | 0.8 | % | ||||||||||||||||
Filtration Group Corp.(6) |
First lien senior secured loan | SR + 4.25% | 10/2028 | 3,980 | 3,941 | 3,982 | 1.3 | % | ||||||||||||||||
Gates Global LLC(6) |
First lien senior secured loan | SR + 3.50% | 11/2029 | 2,977 | 2,923 | 2,975 | 1.0 | % | ||||||||||||||||
Pro Mach Group, Inc.(6) |
First lien senior secured loan | SR + 4.00% | 08/2028 | 10,467 | 10,231 | 10,468 | 3.5 | % | ||||||||||||||||
Pro Mach Group, Inc.(6) |
First lien senior secured loan | SR + 5.00% | 08/2028 | 3,990 | 3,810 | 3,990 | 1.2 | % | ||||||||||||||||
Refficiency Holdings, LLC (dba Legence)(6) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 1,496 | 1,485 | 1,489 | 0.5 | % | ||||||||||||||||
Watlow Electric Manufacturing Company(7) |
First lien senior secured loan | SR + 3.75% | 03/2028 | 10,045 | 9,915 | 9,963 | 3.3 | % | ||||||||||||||||
64,375 | 63,098 | 64,173 | 21.2 | % | ||||||||||||||||||||
Pharmaceuticals |
||||||||||||||||||||||||
Fortrea Holdings Inc.(6) |
First lien senior secured loan | SR + 3.75% | 07/2030 | $ | 3,408 | $ | 3,379 | $ | 3,394 | 1.1 | % | |||||||||||||
3,408 | 3,379 | 3,394 | 1.1 | % | ||||||||||||||||||||
Professional services |
||||||||||||||||||||||||
Apex Group Treasury, LLC(7)(13) |
First lien senior secured loan | SR + 3.75% | 07/2028 | $ | 4,900 | $ | 4,733 | $ | 4,849 | 1.6 | % | |||||||||||||
Apex Group Treasury, LLC(7)(13) |
First lien senior secured loan | SR + 5.00% | 07/2028 | 2,481 | 2,348 | 2,481 | 0.8 | % | ||||||||||||||||
Arsenal AIC Parent, LLC (dba Arconic)(7) |
First lien senior secured loan | SR + 4.50% | 08/2030 | 3,000 | 2,970 | 2,991 | 1.0 | % | ||||||||||||||||
Camelot U.S. Acquisition 1 Co.(6) |
First lien senior secured loan | SR + 3.00% | 10/2026 | 3,144 | 3,129 | 3,136 | 1.0 | % | ||||||||||||||||
Corporation Service Company(6) |
First lien senior secured loan | SR + 3.25% | 11/2029 | 1,984 | 1,980 | 1,982 | 0.7 | % | ||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(7) |
First lien senior secured loan | SR + 4.25% | 06/2029 | 9,037 | 8,931 | 8,901 | 2.9 | % | ||||||||||||||||
Genuine Financial Holdings, LLC(7) |
First lien senior secured loan | SR + 4.00% | 09/2030 | 7,238 | 7,129 | 7,166 | 2.4 | % | ||||||||||||||||
Omnia Partners, LLC(7) |
First lien senior secured loan | SR + 4.25% | 07/2030 | 1,828 | 1,810 | 1,829 | 0.6 | % | ||||||||||||||||
Omnia Partners, LLC(7)(14) |
First lien senior secured delayed draw term loan | SR + 4.25% | 01/2024 | — | (2 | ) | — | — | % | |||||||||||||||
Red Ventures, LLC(6) |
First lien senior secured loan | SR + 3.00% | 03/2030 | 3,980 | 3,942 | 3,947 | 1.3 | % | ||||||||||||||||
Skopima Merger Sub Inc.(6) |
First lien senior secured loan | SR + 4.00% | 05/2028 | 4,962 | 4,735 | 4,825 | 1.6 | % | ||||||||||||||||
Sovos Compliance, LLC(6) |
First lien senior secured loan | SR + 4.50% | 08/2028 | 10,467 | 10,158 | 10,286 | 3.4 | % | ||||||||||||||||
Vistage Worldwide, Inc.(6)(13) |
First lien senior secured loan | SR + 5.25% | 07/2029 | 3,960 | 3,815 | 3,945 | 1.3 | % | ||||||||||||||||
56,981 | 55,678 | 56,338 | 18.6 | % |
Company(1)(2)(4) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Specialty retail |
||||||||||||||||||||||||
Pilot Travel Centers LLC(6) |
First lien senior secured loan | SR + 2.00% | 08/2028 | $ | 796 | $ | 791 | $ | 794 | 0.3 | % | |||||||||||||
796 | 791 | 794 | 0.3 | % | ||||||||||||||||||||
Telecommunications |
||||||||||||||||||||||||
Cable One, Inc.(6) |
First lien senior secured loan | SR + 2.00% | 05/2028 | $ | 2,283 | $ | 2,280 | $ | 2,264 | 0.7 | % | |||||||||||||
Ciena Corp.(6) |
First lien senior secured loan | SR + 2.50% | 01/2030 | 1,990 | 1,982 | 1,990 | 0.7 | % | ||||||||||||||||
Cogeco Communications (USA) II L.P.(7) |
First lien senior secured loan | SR + 2.50% | 09/2028 | 2,977 | 2,964 | 2,898 | 1.0 | % | ||||||||||||||||
Park Place Technologies, LLC(6) |
First lien senior secured loan | SR + 5.00% | 11/2027 | 9,687 | 9,258 | 9,518 | 3.1 | % | ||||||||||||||||
Zayo Group Holdings, Inc.(6) |
First lien senior secured loan | SR + 4.33% | 03/2027 | 9,850 | 8,455 | 7,981 | 2.6 | % | ||||||||||||||||
26,787 | 24,939 | 24,651 | 8.1 | % | ||||||||||||||||||||
Transportation |
||||||||||||||||||||||||
Echo Global Logistics, Inc.(6) |
First lien senior secured loan | SR + 3.50% | 11/2028 | $ | 1,141 | $ | 1,120 | $ | 1,100 | 0.4 | % | |||||||||||||
Safe Fleet Holdings, LLC(6) |
First lien senior secured loan | SR + 3.75% | 02/2029 | 3,975 | 3,932 | 3,972 | 1.3 | % | ||||||||||||||||
Uber Technologies, Inc.(7) |
First lien senior secured loan | SR + 2.75% | 03/2030 | 3,970 | 3,960 | 3,966 | 1.3 | % | ||||||||||||||||
9,086 | 9,012 | 9,038 | 3.0 | % | ||||||||||||||||||||
Total Debt Investments |
$ |
953,942 |
$ |
930,182 |
$ |
937,763 |
310.0 |
% | ||||||||||||||||
Total Investments |
$ |
953,942 |
$ |
930,182 |
$ |
937,763 |
310.0 |
% | ||||||||||||||||
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s SPV Asset Facilities. |
(3) | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
(4) | Unless otherwise indicated, all investments are considered Level 2 investments. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%. |
(7) | The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%. |
(8) | The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%. |
(9) | The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%. |
(10) | The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%. |
(11) | The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2023 was 5.90%. |
(12) | The interest rate on these loans is subject to Prime, which as of September 30, 2023 was 8.50%. |
(13) | Level 3 investment. |
(14) | Position or portion thereof is an unfunded loan commitment. |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Debt Investments |
||||||||||||||||||||||||
Aerospace and defense |
||||||||||||||||||||||||
Bleriot US Bidco Inc.(7) |
First lien senior secured loan | L + 4.00% | 10/2026 | $ | 5,273 | $ | 5,178 | $ | 5,207 | 3.2 | % | |||||||||||||
Peraton Corp.(6) |
First lien senior secured loan | L + 3.75% | 02/2028 | 7,571 | 7,290 | 7,382 | 4.6 | % | ||||||||||||||||
Transdigm, Inc.(8)(11) |
First lien senior secured loan | SR + 3.25% | 02/2027 | 3,000 | 2,940 | 2,985 | 1.9 | % | ||||||||||||||||
15,844 | 15,408 | 15,574 | 9.7 | % | ||||||||||||||||||||
Automotive |
||||||||||||||||||||||||
PAI Holdco, Inc.(7) |
First lien senior secured loan | L + 3.75% | 10/2027 | $ | 4,950 | $ | 4,538 | $ | 4,356 | 2.7 | % | |||||||||||||
4,950 | 4,538 | 4,356 | 2.7 | % | ||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
Dodge Construction Network, LLC(10) |
First lien senior secured loan | SR + 4.75% | 02/2029 | $ | 5,274 | $ | 4,917 | $ | 4,482 | 2.8 | % | |||||||||||||
RealPage, Inc.(6)(11) |
First lien senior secured loan | L + 3.00% | 04/2028 | 10,547 | 9,925 | 10,009 | 6.2 | % | ||||||||||||||||
Wrench Group LLC(7) |
First lien senior secured loan | L + 4.00% | 04/2026 | 9,761 | 9,737 | 9,419 | 5.9 | % | ||||||||||||||||
25,582 | 24,579 | 23,910 | 14.9 | % | ||||||||||||||||||||
Business services |
||||||||||||||||||||||||
BrightView Landscapes, LLC(8) |
First lien senior secured loan | SR + 3.25% | 04/2029 | $ | 10,547 | $ | 10,230 | $ | 10,125 | 6.3 | % | |||||||||||||
Brown Group Holdings, LLC(9)(11) |
First lien senior secured loan | SR + 3.75% | 07/2029 | 2,026 | 2,005 | 2,017 | 1.3 | % | ||||||||||||||||
ConnectWise, LLC(7)(11) |
First lien senior secured loan | L + 3.50% | 09/2028 | 10,547 | 9,961 | 9,996 | 6.2 | % | ||||||||||||||||
Packers Holdings, LLC(6) |
First lien senior secured loan | L + 3.25% | 03/2028 | 6,190 | 5,682 | 5,384 | 3.4 | % | ||||||||||||||||
Vistage Worldwide, Inc.(8) |
First lien senior secured loan | SR + 5.25% | 07/2029 | 3,990 | 3,831 | 3,890 | 2.4 | % | ||||||||||||||||
33,300 | 31,709 | 31,412 | 19.6 | % | ||||||||||||||||||||
Capital markets |
||||||||||||||||||||||||
Guggenheim Partners Investment Management Holdings, LLC(9) |
First lien senior secured loan | SR + 3.25% | 12/2029 | $ | 5,000 | $ | 4,913 | $ | 4,913 | 3.1 | % | |||||||||||||
5,000 | 4,913 | 4,913 | 3.1 | % | ||||||||||||||||||||
Chemicals |
||||||||||||||||||||||||
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(8) |
First lien senior secured loan | SR + 4.75% | 11/2027 | $ | 3,000 | $ | 2,794 | $ | 2,933 | 1.9 | % | |||||||||||||
Axalta Coating Systems US Holdings Inc.(9)(11) |
First lien senior secured loan | SR + 3.00% | 12/2029 | 5,000 | 4,950 | 5,000 | 3.1 | % | ||||||||||||||||
Ineos US Finance LLC(9) |
First lien senior secured loan | SR + 3.75% | 11/2027 | 3,000 | 2,895 | 2,948 | 1.8 | % | ||||||||||||||||
11,000 | 10,639 | 10,881 | 6.8 | % | ||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||
Olaplex, Inc.(8) |
First lien senior secured loan | SR + 3.50% | 02/2029 | $ | 5,287 | $ | 4,905 | $ | 4,970 | 3.1 | % | |||||||||||||
5,287 | 4,905 | 4,970 | 3.1 | % | ||||||||||||||||||||
Containers and packaging |
||||||||||||||||||||||||
Berlin Packaging L.L.C.(7)(11) |
First lien senior secured loan | L + 3.75% | 03/2028 | $ | 10,547 | $ | 10,102 | $ | 10,127 | 6.3 | % | |||||||||||||
BW Holding, Inc.(9) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 7,767 | 7,637 | 7,146 | 4.5 | % | ||||||||||||||||
Ring Container Technologies Group, LLC(6) |
First lien senior secured loan | L + 3.50% | 08/2028 | 9,762 | 9,585 | 9,616 | 6.0 | % | ||||||||||||||||
Tricorbraun Holdings, Inc.(6)(11) |
First lien senior secured loan | L + 3.25% | 03/2028 | 10,546 | 9,995 | 10,040 | 6.3 | % | ||||||||||||||||
Valcour Packaging, LLC(9) |
First lien senior secured loan | SR + 3.75% | 10/2028 | 9,925 | 9,901 | 8,883 | 5.5 | % | ||||||||||||||||
48,547 | 47,220 | 45,812 | 28.6 | % |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Distribution |
||||||||||||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(8)(11) |
First lien senior secured loan | SR + 4.63% | 06/2026 | $ | 9,762 | $ | 9,434 | $ | 9,469 | 5.9 | % | |||||||||||||
Dealer Tire, LLC(8) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 3,959 | 3,888 | 3,900 | 2.4 | % | ||||||||||||||||
SRS Distribution, Inc.(6) |
First lien senior secured loan | L + 3.50% | 06/2028 | 10,573 | 9,839 | 10,097 | 6.3 | % | ||||||||||||||||
White Cap Supply Holdings, LLC(8)(11) |
First lien senior secured loan | SR + 3.75% | 10/2027 | 10,573 | 10,020 | 10,208 | 6.4 | % | ||||||||||||||||
34,867 | 33,181 | 33,674 | 21.0 | % | ||||||||||||||||||||
Diversified financial services |
||||||||||||||||||||||||
Focus Financial Partners, LLC(8)(11) |
First lien senior secured loan | SR + 3.25% | 06/2028 | $ | 4,988 | $ | 4,901 | $ | 4,921 | 3.1 | % | |||||||||||||
4,988 | 4,901 | 4,921 | 3.1 | % | ||||||||||||||||||||
Education |
||||||||||||||||||||||||
Severin Acquisition, LLC (dba Powerschool)(8) |
First lien senior secured loan | SR + 3.00% | 08/2025 | $ | 4,897 | $ | 4,807 | $ | 4,860 | 3.0 | % | |||||||||||||
Sophia, L.P.(8) |
First lien senior secured loan | SR + 4.25% | 10/2027 | 9,762 | 9,739 | 9,738 | 6.1 | % | ||||||||||||||||
14,659 | 14,546 | 14,598 | 9.1 | % | ||||||||||||||||||||
Energy equipment and services |
||||||||||||||||||||||||
AZZ Inc.(9) |
First lien senior secured loan | SR + 4.25% | 05/2029 | $ | 7,950 | $ | 7,882 | $ | 7,950 | 5.0 | % | |||||||||||||
Brookfield WEC Holdings Inc.(8)(11) |
First lien senior secured loan | SR + 3.75% | 08/2025 | 3,491 | 3,465 | 3,473 | 2.1 | % | ||||||||||||||||
Pike Corp.(6)(11) |
First lien senior secured loan | L + 3.00% | 01/2028 | 9,800 | 9,607 | 9,651 | 6.0 | % | ||||||||||||||||
21,241 | 20,954 | 21,074 | 13.1 | % | ||||||||||||||||||||
Financial services |
||||||||||||||||||||||||
Acuris Finance US, Inc. (ION Analytics) (9)(11) |
First lien senior secured loan | SR + 4.00% | 02/2028 | $ | 4,500 | $ | 4,396 | $ | 4,416 | 2.8 | % | |||||||||||||
AllSpring Buyer(9) |
First lien senior secured loan | SR + 4.00% | 11/2028 | 4,988 | 4,921 | 4,925 | 3.1 | % | ||||||||||||||||
Deerfield Dakota Holding, LLC(8)(11) |
First lien senior secured loan | SR + 3.75% | 04/2027 | 5,910 | 5,597 | 5,509 | 3.4 | % | ||||||||||||||||
15,398 | 14,914 | 14,850 | 9.3 | % | ||||||||||||||||||||
Food and beverage |
||||||||||||||||||||||||
Eagle Parent Corp.(9)(11) |
First lien senior secured loan | SR + 4.25% | 04/2029 | $ | 2,722 | $ | 2,674 | $ | 2,668 | 1.7 | % | |||||||||||||
Naked Juice LLC (dba Tropicana)(9)(11) |
First lien senior secured loan | SR + 3.25% | 01/2029 | 10,573 | 9,668 | 9,430 | 5.9 | % | ||||||||||||||||
Nomad Foods Europe Midco Ltd.(8)(11) |
First lien senior secured loan | SR + 3.75% | 11/2029 | 5,000 | 4,801 | 4,979 | 3.1 | % | ||||||||||||||||
Pegasus BidCo B.V.(9) |
First lien senior secured loan | SR + 4.25% | 07/2029 | 4,500 | 4,306 | 4,354 | 2.7 | % | ||||||||||||||||
Shearer’s Foods, LLC(6)(11) |
First lien senior secured loan | L + 3.50% | 09/2027 | 8,807 | 8,196 | 8,376 | 5.2 | % | ||||||||||||||||
31,602 | 29,645 | 29,807 | 18.6 | % | ||||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||
Confluent Medical Technologies, Inc.(9) |
First lien senior secured loan | SR + 3.75% | 02/2029 | $ | 9,762 | $ | 9,620 | $ | 9,250 | 5.8 | % | |||||||||||||
Dermatology Intermediate Holdings III, Inc(8) |
First lien senior secured loan | SR + 4.25% | 03/2029 | 9,950 | 9,829 | 9,751 | 6.1 | % | ||||||||||||||||
Dermatology Intermediate Holdings III, Inc(8)(12) |
First lien senior secured delayed draw term loan | SR + 4.25% | 03/2029 | 1,629 | 1,618 | 1,596 | 1.0 | % | ||||||||||||||||
Medline Borrower, LP(6)(11) |
First lien senior secured loan | L + 3.25% | 10/2028 | 6,327 | 5,831 | 6,005 | 3.7 | % | ||||||||||||||||
MJH Healthcare Holdings, LLC(8) |
First lien senior secured loan | SR + 3.50% | 01/2029 | 3,831 | 3,767 | 3,678 | 2.3 | % | ||||||||||||||||
Natus Medical Inc.(10) |
First lien senior secured loan | SR + 5.50% | 07/2029 | 4,500 | 4,191 | 4,207 | 2.6 | % | ||||||||||||||||
35,999 | 34,856 | 34,487 | 21.5 | % |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||||
Covetrus, Inc.(9)(11) |
First lien senior secured loan | SR + 5.00% | 10/2029 | $ | 9,500 | $ | 8,940 | $ | 8,878 | 5.5 | % | |||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | L + 3.25% | 12/2028 | 3,422 | 3,356 | 3,242 | 2.0 | % | ||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6)(11) |
First lien senior secured loan | L + 3.25% | 11/2028 | 7,444 | 7,170 | 7,156 | 4.5 | % | ||||||||||||||||
Physician Partners, LLC(8)(11) |
First lien senior secured loan | SR + 4.00% | 12/2028 | 9,950 | 9,407 | 9,457 | 5.9 | % | ||||||||||||||||
Premise Health Holding(9) |
First lien senior secured loan | SR + 4.75% | 07/2025 | 3,234 | 3,197 | 3,193 | 2.0 | % | ||||||||||||||||
33,550 | 32,070 | 31,926 | 19.9 | % | ||||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||
Athenahealth Group Inc.(8)(11) |
First lien senior secured loan | SR + 3.50% | 02/2029 | $ | 9,403 | $ | 8,636 | $ | 8,466 | 5.3 | % | |||||||||||||
Athenahealth Group Inc.(8)(11)(12) |
First lien senior secured delayed draw term loan | SR + 3.50% | 02/2029 | — | (112 | ) | (109 | ) | (0.1 | )% | ||||||||||||||
Imprivata, Inc.(8) |
First lien senior secured loan | SR + 4.25% | 12/2027 | 9,762 | 9,583 | 9,396 | 5.9 | % | ||||||||||||||||
Verscend Holding Corp.(6) |
First lien senior secured loan | L + 4.00% | 08/2025 | 9,944 | 9,821 | 9,870 | 6.1 | % | ||||||||||||||||
29,109 | 27,928 | 27,623 | 17.2 | % | ||||||||||||||||||||
Infrastructure and environmental services |
||||||||||||||||||||||||
Osmose Utilities Services, Inc.(6) |
First lien senior secured loan | L + 3.25% | 06/2028 | $ | 9,762 | $ | 9,052 | $ | 9,249 | 5.8 | % | |||||||||||||
USIC Holdings, Inc.(6)(11) |
First lien senior secured loan | L + 3.50% | 05/2028 | 2,977 | 2,831 | 2,837 | 1.7 | % | ||||||||||||||||
12,739 | 11,883 | 12,086 | 7.5 | % | ||||||||||||||||||||
Insurance |
||||||||||||||||||||||||
Acrisure, LLC(9) |
First lien senior secured loan | SR + 5.75% | 02/2027 | $ | 6,500 | $ | 6,182 | $ | 6,435 | 4.1 | % | |||||||||||||
AssuredPartners, Inc.(8) |
First lien senior secured loan | SR + 4.25% | 02/2027 | 4,988 | 4,814 | 4,875 | 3.0 | % | ||||||||||||||||
Hub International Limited(7)(11) |
First lien senior secured loan | L + 3.25% | 04/2025 | 9,924 | 9,756 | 9,823 | 6.1 | % | ||||||||||||||||
21,412 | 20,752 | 21,133 | 13.2 | % | ||||||||||||||||||||
Internet software and services |
||||||||||||||||||||||||
Barracuda Parent, LLC(8) |
First lien senior secured loan | SR + 4.50% | 08/2029 | $ | 10,600 | $ | 10,141 | $ | 10,203 | 6.3 | % | |||||||||||||
CDK Global, Inc.(9)(11) |
First lien senior secured loan | SR + 4.50% | 07/2029 | 10,600 | 10,366 | 10,492 | 6.5 | % | ||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(11) |
First lien senior secured loan | SR + 3.75% | 12/2027 | 10,573 | 9,666 | 9,741 | 6.1 | % | ||||||||||||||||
E2open, LLC(6)(11) |
First lien senior secured loan | L + 3.50% | 02/2028 | 3,868 | 3,756 | 3,793 | 2.4 | % | ||||||||||||||||
Hyland Software, Inc.(6)(11) |
First lien senior secured loan | L + 3.50% | 07/2024 | 9,948 | 9,732 | 9,802 | 6.1 | % | ||||||||||||||||
Sophos Holdings, LLC(7) |
First lien senior secured loan | L + 3.50% | 03/2027 | 10,546 | 10,319 | 10,203 | 6.4 | % | ||||||||||||||||
56,135 | 53,980 | 54,234 | 33.8 | % | ||||||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||||
Delta 2 (Lux) SARL (dba Formula One)(8) |
First lien senior secured loan | SR + 3.25% | 01/2030 | $ | 3,000 | $ | 2,970 | $ | 2,993 | 1.8 | % | |||||||||||||
WMG Acquisition Corp.(8)(11) |
First lien senior secured loan | SR + 3.00% | 01/2028 | 4,000 | 3,922 | 3,953 | 2.5 | % | ||||||||||||||||
7,000 | 6,892 | 6,946 | 4.3 | % | ||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||
DXP Enterprises, Inc.(10) |
First lien senior secured loan | SR + 5.25% | 12/2027 | $ | 4,987 | $ | 4,717 | $ | 4,738 | 3.0 | % | |||||||||||||
Gates Global LLC(8)(11) |
First lien senior secured loan | SR + 3.50% | 11/2029 | 1,995 | 1,936 | 1,978 | 1.2 | % | ||||||||||||||||
Pro Mach Group, Inc.(6)(11) |
First lien senior secured loan | L + 4.00% | 08/2028 | 10,547 | 10,282 | 10,241 | 6.4 | % | ||||||||||||||||
Pro Mach Group, Inc.(9) |
First lien senior secured loan | SR + 5.00% | 08/2028 | 4,000 | 3,800 | 3,884 | 2.4 | % | ||||||||||||||||
21,529 | 20,735 | 20,841 | 13.0 | % |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Professional services |
||||||||||||||||||||||||
Apex Group Treasury, LLC(9) |
First lien senior secured loan | SR + 5.00% | 07/2028 | $ | 2,500 | $ | 2,350 | $ | 2,400 | 1.5 | % | |||||||||||||
Apex Group Treasury, LLC(7)(11) |
First lien senior secured loan | L + 3.75% | 07/2028 | 4,938 | 4,748 | 4,691 | 2.9 | % | ||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(9) |
First lien senior secured loan | SR + 4.25% | 06/2029 | 2,053 | 1,988 | 2,012 | 1.3 | % | ||||||||||||||||
Sovos Compliance, LLC(9) |
First lien senior secured loan | SR + 4.50% | 08/2028 | 10,547 | 10,200 | 9,703 | 6.0 | % | ||||||||||||||||
20,038 | 19,286 | 18,806 | 11.7 | % | ||||||||||||||||||||
Telecommunications |
||||||||||||||||||||||||
Park Place Technologies, LLC(8)(11) |
First lien senior secured loan | SR + 5.00% | 11/2027 | $ | 9,762 | $ | 9,268 | $ | 9,172 | 5.7 | % | |||||||||||||
Zayo Group Holdings, Inc.(8)(11) |
First lien senior secured loan | SR + 4.25% | 03/2027 | 9,925 | 8,294 | 8,196 | 5.1 | % | ||||||||||||||||
19,687 | 17,562 | 17,368 | 10.8 | % | ||||||||||||||||||||
Total Debt Investments |
$ |
529,463 |
$ |
507,996 |
$ |
506,202 |
315.6 |
% | ||||||||||||||||
Total Investments |
$ |
529,463 |
$ |
507,996 |
$ |
506,202 |
315.6 |
% | ||||||||||||||||
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, OCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under OCIC SLF’s SPV Asset Facilities. |
(3) | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
(4) | Unless otherwise indicated, all investments are considered Level 3 investments. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%. |
(7) | The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%. |
(8) | The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%. |
(9) | The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%. |
(10) | The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%. |
(11) | Level 2 investment. |
(12) | Position or portion thereof is an unfunded loan commitment. |
($ in thousands) | September 30, 2023 (Unaudited) |
December 31, 2022 |
||||||
Assets |
||||||||
Investments at fair value (amortized cost of $930,182 and $507,996, respectively) |
$ | 937,763 | $ | 506,202 | ||||
Cash |
103,929 | 15,237 | ||||||
Interest receivable |
5,148 | 2,202 | ||||||
Receivable due on investments sold |
9,903 | 4,622 | ||||||
Prepaid expenses and other assets |
662 | 151 | ||||||
Total Assets |
$ | 1,057,405 | $ | 528,414 | ||||
Liabilities |
||||||||
Debt (net of unamortized debt issuance costs of $6,125 and $3,509, respectively) |
$ | 678,714 | $ | 343,035 | ||||
Payable for investments purchased |
64,180 | 13,958 | ||||||
Interest payable |
1,280 | 1,522 | ||||||
Return of capital payable |
— | 4,489 | ||||||
Distribution payable |
9,943 | 3,624 | ||||||
Accrued expenses and other liabilities |
688 | 1,337 | ||||||
Total Liabilities |
$ | 754,805 | $ | 367,965 | ||||
Members’ Equity |
||||||||
Members’ Equity |
302,600 | 160,449 | ||||||
Total Members’ Equity |
302,600 | 160,449 | ||||||
Total Liabilities and Members’ Equity |
$ | 1,057,405 | $ | 528,414 | ||||
($ in thousands) | For the Three Months Ended September 30, 2023 (Unaudited) |
For the Nine Months Ended September 30, 2023 (Unaudited) |
||||||
Investment Income |
||||||||
Interest income |
$ | 21,115 | $ | 51,905 | ||||
Total Investment Income |
21,115 | 51,905 | ||||||
Operating Expenses |
||||||||
Interest expense |
$ | 10,027 | $ | 23,745 | ||||
Professional fees |
699 | 1,059 | ||||||
Other general and administrative |
178 | 453 | ||||||
Total Operating Expenses |
10,904 | 25,257 | ||||||
Net Investment Income |
$ | 10,211 | $ | 26,648 | ||||
Net Realized and Change in Unrealized Gain (Loss) on Investments |
||||||||
Net change in unrealized gain (loss) on investments |
4,056 | 9,375 | ||||||
Net realized gain (loss) on investments |
(272 | ) | (256 | ) | ||||
Total Net Realized and Change in Unrealized Gain (Loss) on Investments |
3,784 | 9,119 | ||||||
Net Increase in Members’ Equity Resulting from Operations |
$ | 13,995 | $ | 35,767 | ||||
Fair Value Hierarchy as of September 30, 2023 |
||||||||||||||||
($ in thousands) | Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
First-lien senior secured debt investments (1) |
$ | — | $ | 1,610,334 | $ | 10,058,799 | $ | 11,669,133 | ||||||||
Second-lien senior secured debt investments |
— | 207,150 | 941,765 | 1,148,915 | ||||||||||||
Unsecured debt investments |
— | 52,618 | 176,963 | 229,581 | ||||||||||||
Preferred equity investments (2) |
— | — | 657,408 | 657,408 | ||||||||||||
Common equity investments (3) |
— | — | 397,471 | 397,471 | ||||||||||||
Subtotal |
$ | — | $ | 1,870,102 | $ | 12,232,406 | $ | 14,102,508 | ||||||||
Investments measured at NAV (4) |
— | — | — | 264,772 | ||||||||||||
Total Investments at fair value |
$ | — | $ | 1,870,102 | $ | 12,232,406 | $ | 14,367,280 | ||||||||
(1) | Includes debt investment in Amergin AssetCo. |
(2) | Includes equity investment in LSI Financing. |
(3) | Includes equity investments in Amergin AssetCo and Fifth Season. |
(4) | Includes equity investment in OCIC SLF. |
Fair Value Hierarchy as of December 31, 2022 |
||||||||||||||||
($ in thousands) | Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
First-lien senior secured debt investments |
$ | — | $ | 845,039 | $ | 7,603,501 | $ | 8,448,540 | ||||||||
Second-lien senior secured debt investments |
— | 123,639 | 1,019,223 | 1,142,862 | ||||||||||||
Unsecured debt investments |
— | — | 211,328 | 211,328 | ||||||||||||
Preferred equity investments (1) |
— | — | 500,023 | 500,023 | ||||||||||||
Common equity investments (2) |
— | — | 264,437 | 264,437 | ||||||||||||
Subtotal |
$ | — | $ | 968,678 | $ | 9,598,512 | $ | 10,567,190 | ||||||||
Investments measured at NAV (3) |
— | — | — | 140,394 | ||||||||||||
Total Investments at fair value |
$ | — | $ | 968,678 | $ | 9,598,512 | $ | 10,707,584 | ||||||||
(1) | Includes equity investment in LSI Financing. |
(2) | Includes equity investments in Amergin AssetCo and Fifth Season. |
(3) | Includes equity investment in OCIC SLF. |
As of and for the Three Months Ended September 30, 2023 |
||||||||||||||||||||||||
($ in thousands) | First-lien senior secured debt investments |
Second-lien senior secured debt investments |
Unsecured debt investments |
Preferred equity investments |
Common equity investments |
Total |
||||||||||||||||||
Fair value, beginning of period |
$ | 9,215,983 | $ | 938,417 | $ | 176,287 | $ | 652,907 | $ | 325,496 | $ | 11,309,090 | ||||||||||||
Purchases of investments, net |
1,032,428 | 1 | — | — | 66,880 | 1,099,309 | ||||||||||||||||||
Payment-in-kind |
15,000 | 1,881 | 4,689 | 11,503 | 24 | 33,097 | ||||||||||||||||||
Proceeds from investments, net |
(171,797 | ) | — | — | (12,068 | ) | — | (183,865 | ) | |||||||||||||||
Net change in unrealized gain (loss) |
2,333 | 8,432 | (4,030 | ) | 3,984 | 5,071 | 15,790 | |||||||||||||||||
Net realized gains (losses) |
(4 | ) | — | — | 484 | — | 480 | |||||||||||||||||
Net amortization/accretion of premium/discount on investments |
7,845 | 290 | 17 | 598 | — | 8,750 | ||||||||||||||||||
Transfers between investment types |
— | — | — | — | — | — | ||||||||||||||||||
Transfers into (out of) Level 3 (1) |
(42,989 | ) | (7,256 | ) | — | — | — | (50,245 | ) | |||||||||||||||
Fair value, end of period |
$ | 10,058,799 | $ | 941,765 | $ | 176,963 | $ | 657,408 | $ | 397,471 | $ | 12,232,406 | ||||||||||||
(1) | Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2023, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies. |
As of and for the Nine Months Ended September 30, 2023 |
||||||||||||||||||||||||
($ in thousands) | First-lien senior secured debt investments |
Second-lien senior secured debt investments |
Unsecured debt investments |
Preferred equity investments |
Common equity investments |
Total |
||||||||||||||||||
Fair value, beginning of period |
$ | 7,603,501 | $ | 1,019,223 | $ | 211,328 | $ | 500,023 | $ | 264,437 | $ | 9,598,512 | ||||||||||||
Purchases of investments, net |
2,902,705 | 1 | 613 | 116,612 | 119,287 | 3,139,218 | ||||||||||||||||||
Payment-in-kind |
38,307 | 5,323 | 13,623 | 48,336 | 143 | 105,732 | ||||||||||||||||||
Proceeds from investments, net |
(360,665 | ) | — | (3 | ) | (15,043 | ) | (2,313 | ) | (378,024 | ) | |||||||||||||
Net change in unrealized gain (loss) |
36,665 | 7,070 | (845 | ) | 5,790 | 13,099 | 61,779 | |||||||||||||||||
Net realized gains (losses) |
(4,583 | ) | — | — | 484 | — | (4,099 | ) | ||||||||||||||||
Net amortization/accretion of premium/discount on investments |
19,311 | 849 | 89 | 1,206 | — | 21,455 | ||||||||||||||||||
Transfers between investment types |
(2,818 | ) | — | — | — | 2,818 | — | |||||||||||||||||
Transfers into (out of) Level 3 (1) |
(173,624 | ) | (90,701 | ) | (47,842 | ) | — | — | (312,167 | ) | ||||||||||||||
Fair value, end of period |
$ | 10,058,799 | $ | 941,765 | $ | 176,963 | $ | 657,408 | $ | 397,471 | $ | 12,232,406 | ||||||||||||
(1) | Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2023, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies. |
As of and for the Three Months Ended September 30, 2022 |
||||||||||||||||||||||||
($ in thousands) | First-lien senior secured debt investments |
Second-lien senior secured debt investments |
Unsecured debt investments |
Preferred equity investments |
Common equity investments |
Total |
||||||||||||||||||
Fair value, beginning of period |
$ | 5,845,642 | $ | 758,921 | $ | 152,698 | $ | 411,936 | $ | 127,965 | $ | 7,297,162 | ||||||||||||
Purchases of investments, net |
1,411,759 | 96,934 | — | 49,947 | 22,908 | 1,581,548 | ||||||||||||||||||
Payment-in-kind |
4,337 | 869 | 2,896 | 5,976 | 21 | 14,099 | ||||||||||||||||||
Proceeds from investments, net |
(108,434 | ) | — | — | — | — | (108,434 | ) | ||||||||||||||||
Net change in unrealized gain (loss) |
44,344 | (1,909 | ) | (6,396 | ) | 11 | 12,267 | 48,317 | ||||||||||||||||
Net realized gains (losses) |
86 | — | — | — | — | 86 | ||||||||||||||||||
Net amortization/accretion of premium/discount on investments |
4,412 | 328 | 53 | 253 | — | 5,046 | ||||||||||||||||||
Transfers between investment types |
— | — | — | — | — | — | ||||||||||||||||||
Transfers into (out of) Level 3 (1) |
(33,104 | ) | (63,167 | ) | — | — | — | (96,271 | ) | |||||||||||||||
Fair value, end of period |
$ | 7,169,042 | $ | 791,976 | $ | 149,251 | $ | 468,123 | $ | 163,161 | $ | 8,741,553 | ||||||||||||
(1) | Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended September 30, 2022, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies. |
As of and for the Nine Months Ended September 30, 2022 |
||||||||||||||||||||||||
($ in thousands) | First-lien senior secured debt investments |
Second-lien senior secured debt investments |
Unsecured debt investments |
Preferred equity investments |
Common equity investments |
Total |
||||||||||||||||||
Fair value, beginning of period |
$ | 2,328,346 | $ | 450,477 | $ | 2,116 | $ | 56,970 | $ | 71,705 | $ | 2,909,614 | ||||||||||||
Purchases of investments, net |
5,109,129 | 434,636 | 154,853 | 409,305 | 80,059 | 6,187,982 | ||||||||||||||||||
Payment-in-kind |
15,697 | 3,429 | 5,510 | 12,915 | 61 | 37,612 | ||||||||||||||||||
Proceeds from investments, net |
(299,517 | ) | (39,832 | ) | — | (642 | ) | — | (339,991 | ) | ||||||||||||||
Net change in unrealized gain (loss) on investments |
(15,039 | ) | (24,416 | ) | (13,336 | ) | (10,947 | ) | 11,213 | (52,525 | ) | |||||||||||||
Net realized gain (loss) on investments |
242 | — | — | 202 | — | 444 | ||||||||||||||||||
Net amortization/accretion of premium/discount on investments |
9,274 | 514 | 108 | 443 | — | 10,339 | ||||||||||||||||||
Transfers between investment types |
— | — | — | (123 | ) | 123 | — | |||||||||||||||||
Transfers into (out of) Level 3 (1) |
20,910 | (32,832 | ) | — | — | — | (11,922 | ) | ||||||||||||||||
Fair value, end of period |
$ | 7,169,042 | $ | 791,976 | $ | 149,251 | $ | 468,123 | $ | 163,161 | $ | 8,741,553 | ||||||||||||
(1) | Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the nine months ended September 30, 2022, transfers out of Level 3 into Level 2 and transfers into Level 3 from Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies. |
($ in thousands) | Net change in unrealized gain (loss) for the Three Months Ended September 30, 2023 on Investments Held at September 30, 2023 |
Net change in unrealized gain (loss) for the Three Months Ended September 30, 2022 on Investments Held at September 30, 2022 |
||||||
First-lien senior secured debt investments |
$ | 2,333 | $ | 44,807 | ||||
Second-lien senior secured debt investments |
8,432 | 1,749 | ||||||
Unsecured debt investments |
(4,030 | ) | (6,396 | ) | ||||
Preferred equity investments |
3,984 | 11 | ||||||
Common equity investments |
5,071 | 12,267 | ||||||
Total Investments |
$ | 15,790 | $ | 52,438 | ||||
($ in thousands) | Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2023 on Investments Held at September 30, 2023 |
Net change in unrealized gain (loss) for the Nine Months Ended September 30, 2022 on Investments Held at September 30, 2022 |
||||||
First-lien senior secured debt investments |
$ | 36,665 | $ | (15,044 | ) | |||
Second-lien senior secured debt investments |
7,070 | (24,416 | ) | |||||
Unsecured debt investments |
(845 | ) | (13,336 | ) | ||||
Preferred equity investments |
5,790 | (10,947 | ) | |||||
Common equity investments |
13,099 | 11,527 | ||||||
Total Investments |
$ | 61,779 | $ | (52,216 | ) | |||
As of September 30, 2023 | ||||||||||||
($ in thousands) | Fair Value |
Valuation Technique |
Unobservable Input |
Range (Weighted Average) |
Impact to Valuation from an Increase in Input | |||||||
First-lien senior secured debt investments (1) |
$ | 9,248,853 | Yield Analysis | Market Yield | 8.4% - 21.1% (12.6%) |
Decrease | ||||||
787,526 | Recent Transaction | Transaction Price | 84.9% - 100.0% (98.1%) |
Increase | ||||||||
Second-lien senior secured debt investments (1) |
$ | 928,243 | Yield Analysis | Market Yield | 12.1% - 18.3% (14.9%) |
Decrease | ||||||
Unsecured debt investments |
$ | 176,936 | Yield Analysis | Market Yield | 12.9% - 17.5% (14.1%) |
Decrease | ||||||
27 | Market Approach | EBITDA Multiple | 12.4x - 12.4x (12.4x) |
Increase | ||||||||
Preferred equity investments |
$ | 657,408 | Yield Analysis | Market Yield | 11.4% - 23.6% (14.8%) |
Decrease | ||||||
Common equity investments |
$ | 203,172 | Recent Transaction | Transaction Price | 100.0% - 100.0% (100.0%) |
Increase | ||||||
148,411 | Market Approach | EBITDA Multiple | 6.3x - 36.3x (16.3x) |
Increase | ||||||||
45,879 | Market Approach | Revenue Multiple | 2.0x - 14.3x (10.3x) |
Increase | ||||||||
9 | Market Approach | Gross Profit Multiple | 9.9x - 9.9x (9.9x) |
Increase |
(1) | Excludes $22.4 and $13.5 million of first- and second-lien level 3 investments, respectively, valued based on indicative quotes. |
As of December 31, 2022 | ||||||||||||
($ in thousands) | Fair Value |
Valuation Technique |
Unobservable Input |
Range (Weighted Average) |
Impact to Valuation from an Increase in Input | |||||||
First-lien senior secured debt investments |
$ | 7,274,929 | Yield Analysis | Market Yield | 8.2% - 19.3% (11.9%) |
Decrease | ||||||
323,358 | Recent Transaction | Transaction Price | 96.8% - 99.0% (98.0%) |
Increase | ||||||||
5,214 | Collateral Analysis | Recovery Rate | 51.0% - 51.0% (51.0%) |
Increase | ||||||||
Second-lien senior secured debt investments |
$ | 862,487 | Yield Analysis | Market Yield | 11.9% - 25.2% (15.7%) |
Decrease | ||||||
156,736 | Recent Transaction | Transaction Price | 98.0% - 98.0% (98.0%) |
Increase | ||||||||
Unsecured debt investments |
$ | 211,304 | Yield Analysis | Market Yield | 10.8% - 20.2% (13.1%) |
Decrease | ||||||
24 | Market Approach | EBITDA Multiple | 14.3x - 14.3x (14.3x) |
Increase | ||||||||
Preferred equity investments |
$ | 477,863 | Yield Analysis | Market Yield | 11.9% - 17.9% (14.6%) |
Decrease | ||||||
22,157 | Recent Transaction | Transaction Price | 96.5% - 100.0% (97.5%) |
Increase | ||||||||
3 | Market Approach | EBITDA Multiple | 11.5x - 11.5x (11.5x) |
Increase | ||||||||
Common equity investments |
$ | 105,049 | Recent Transaction | Transaction Price | 100.0% - 100.0% (100.0%) |
Increase | ||||||
129,098 | Market Approach | EBITDA Multiple | 11.0x - 31.6x (15.8x) |
Increase | ||||||||
30,284 | Market Approach | Revenue Multiple | 1.8x - 16.6x (12.9x) |
Increase | ||||||||
6 | Market Approach | Gross Profit Multiple | 8.6x - 8.6x (8.6x) |
Increase |
September 30, 2023 |
December 31, 2022 |
|||||||||||||||
($ in thousands) | Net Carrying Value (1) |
Fair Value |
Net Carrying Value (2) |
Fair Value |
||||||||||||
Revolving Credit Facility (3) |
$ | 591,651 | $ | 591,651 | $ | 288,636 | $ | 288,636 | ||||||||
SPV Asset Facility I |
488,762 | 488,762 | 437,241 | 437,241 | ||||||||||||
SPV Asset Facility II |
1,710,071 | 1,710,071 | 1,528,048 | 1,528,048 | ||||||||||||
SPV Asset Facility III |
550,812 | 550,812 | 549,851 | 549,851 | ||||||||||||
SPV Asset Facility IV |
51,192 | 51,192 | 460,869 | 460,869 | ||||||||||||
SPV Asset Facility V |
196,571 | 196,571 | — | — | ||||||||||||
SPV Asset Facility VI |
12,922 | 12,922 | — | — | ||||||||||||
CLO VIII |
287,859 | 287,859 | 287,946 | 287,946 | ||||||||||||
CLO XI |
258,198 | 258,198 | — | — | ||||||||||||
CLO XII |
258,155 | 258,155 | — | — | ||||||||||||
March 2025 Notes |
496,836 | 483,750 | 495,309 | 485,000 | ||||||||||||
September 2026 Notes |
344,980 | 308,000 | 344,226 | 299,250 | ||||||||||||
February 2027 Notes |
494,788 | 453,750 | 493,735 | 447,500 | ||||||||||||
September 2027 Notes (4) |
592,720 | 594,920 | 591,550 | 597,449 | ||||||||||||
June 2028 Notes |
639,804 | 643,500 | — | — | ||||||||||||
Total Debt |
$ | 6,975,321 | $ | 6,890,113 | $ | 5,477,411 | $ | 5,381,790 | ||||||||
(1) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, and June 2028 Notes are presented net of unamortized debt issuance costs of $11.5 million, $6.2 million, $7.9 million, $4.2 million, $3.8 million, $3.4 million, $7.1 million, $2.1 million, $1.8 million, $1.8 million, $3.2 million, $5.0 million, $5.2 million, $7.3 million, and $10.3 million, respectively. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million, respectively. |
(3) | Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies. |
(4) | Inclusive of change in fair market value of effective hedge. |
($ in thousands) | September 30, 2023 |
December 31, 2022 |
||||||
Level 1 |
$ | — | $ | — | ||||
Level 2 |
2,483,920 | 1,829,199 | ||||||
Level 3 |
4,406,193 | 3,552,591 | ||||||
Total Debt |
$ |
6,890,113 |
$ |
5,381,790 |
||||
September 30, 2023 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available (1) |
Net Carrying Value (2) |
||||||||||||
Revolving Credit Facility (3) |
$ | 1,845,000 | $ | 603,086 | $ | 1,241,914 | $ | 591,651 | ||||||||
SPV Asset Facility I |
525,000 | 495,000 | 24,692 | 488,762 | ||||||||||||
SPV Asset Facility II |
1,800,000 | 1,718,000 | 82,000 | 1,710,071 | ||||||||||||
SPV Asset Facility III |
750,000 | 555,000 | 62,916 | 550,812 | ||||||||||||
SPV Asset Facility IV |
500,000 | 55,000 | 270,654 | 51,192 | ||||||||||||
SPV Asset Facility V |
300,000 | 200,000 | 33,231 | 196,571 | ||||||||||||
SPV Asset Facility VI |
750,000 | 20,000 | 123,020 | 12,922 | ||||||||||||
CLO VIII |
290,000 | 290,000 | — | 287,859 | ||||||||||||
CLO XI |
260,000 | 260,000 | — | 258,198 | ||||||||||||
CLO XII |
260,000 | 260,000 | — | 258,155 | ||||||||||||
March 2025 Notes |
500,000 | 500,000 | — | 496,836 | ||||||||||||
September 2026 Notes |
350,000 | 350,000 | — | 344,980 | ||||||||||||
February 2027 Notes |
500,000 | 500,000 | — | 494,788 | ||||||||||||
September 2027 Notes |
600,000 | 600,000 | — | 592,720 | ||||||||||||
June 2028 Notes |
650,000 | 650,000 | — | 639,804 | ||||||||||||
Total Debt |
$ | 9,880,000 | $ | 7,056,086 | $ | 1,838,427 | $ | 6,975,321 | ||||||||
(1) | The amount available reflects any limitations related to each credit facility’s borrowing base. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, SPV Asset Facility V, SPV Asset Facility VI, CLO VIII, |
CLO XI, CLO XII, March 2025 Notes, September 2026 Notes, February 2027 Notes, September 2027 Notes, and June 2028 Notes are presented net of unamortized debt issuance costs of $11.5 million, $6.2 million, $7.9 million, $4.2 million, $3.8 million, $3.4 million, $7.1 million, $2.1 million, $1.8 million, $1.8 million, $3.2 million, $5.0 million, $5.2 million, $7.3 million, and $10.3 million, respectively. |
(3) | Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies. |
December 31, 2022 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available (1) |
Net Carrying Value (2) |
||||||||||||
Revolving Credit Facility (3) |
$ | 1,845,000 | $ | 302,287 | $ | 1,542,713 | $ | 288,636 | ||||||||
SPV Asset Facility I |
550,000 | 440,430 | 72,337 | 437,241 | ||||||||||||
SPV Asset Facility II |
1,800,000 | 1,538,000 | 164,506 | 1,528,048 | ||||||||||||
SPV Asset Facility III |
750,000 | 555,000 | 50,764 | 549,851 | ||||||||||||
SPV Asset Facility IV |
500,000 | 465,000 | 26,911 | 460,869 | ||||||||||||
CLO VIII |
290,000 | 290,000 | — | 287,946 | ||||||||||||
March 2025 Notes |
500,000 | 500,000 | — | 495,309 | ||||||||||||
September 2026 Notes |
350,000 | 350,000 | — | 344,226 | ||||||||||||
February 2027 Notes |
500,000 | 500,000 | — | 493,735 | ||||||||||||
September 2027 Notes |
600,000 | 600,000 | — | 591,550 | ||||||||||||
Total Debt |
$ | 7,685,000 | $ | 5,540,717 | $ | 1,857,231 | $ | 5,477,411 | ||||||||
(1) | The amount available reflects any limitations related to each credit facility’s borrowing base. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million, respectively. |
(3) | Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies. |
For the Three Months Ended September 30, |
For the Nine Months Ended September 30, |
|||||||||||||||
($ in thousands) | 2023 |
2022 |
2023 |
2022 |
||||||||||||
Interest expense |
$ | 122,244 | $ | 58,806 | $ | 317,732 | $ | 106,218 | ||||||||
Amortization of debt issuance costs |
4,596 | 2,967 | 12,727 | 7,036 | ||||||||||||
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items (1) |
502 | — | 1,029 | — | ||||||||||||
Total Interest Expense |
$ | 127,342 | $ | 61,773 | $ | 331,488 | $ | 113,254 | ||||||||
Average interest rate |
7.2 | % | 4.6 | % | 6.8 | % | 4.2 | % | ||||||||
Average daily borrowings |
$ | 6,636,362 | $ | 4,989,751 | $ | 6,150,468 | $ | 3,328,010 |
(1) | Refer to the September 2027 Notes for details on the facility’s interest rate swap. |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
($ in thousands) |
||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
LLC Interest | $ | 9,788 | $ | 45,000 | |||||
AAM Series 2.1 Aviation Feeder, LLC |
LLC Interest | 9,909 | 43,432 | |||||||
Abacus Life, Inc. |
First lien senior secured delayed draw term loan | 9,375 | — | |||||||
ABB/Con-cise Optical Group LLC |
First lien senior secured revolving loan | — | 186 | |||||||
ACR Group Borrower, LLC |
First lien senior secured revolving loan | 337 | 537 | |||||||
Activate Holdings (US) Corp. (dba Absolute Software) |
First lien senior secured revolving loan | 352 | — | |||||||
AmeriLife Holdings LLC |
First lien senior secured revolving loan | 13,561 | 16,273 | |||||||
AmeriLife Holdings LLC |
First lien senior secured delayed draw term loan | 10,848 | 10,849 | |||||||
Anaplan, Inc. |
First lien senior secured revolving loan | 16,528 | 16,528 | |||||||
Apex Service Partners, LLC |
First lien senior secured revolving loan | 1,725 | 1,725 | |||||||
Appfire Technologies, LLC |
First lien senior secured revolving loan | 1,633 | 1,539 | |||||||
Appfire Technologies, LLC |
First lien senior secured delayed draw term loan | 11,285 | 16,366 | |||||||
Aramsco, Inc. |
First lien senior secured revolving loan | 2,151 | — | |||||||
Aramsco, Inc. |
First lien senior secured delayed draw term loan | 223 | — | |||||||
Armstrong Bidco Ltd. (dba The Access Group) |
First lien senior secured delayed draw term loan | — | 3,734 | |||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) |
First lien senior secured revolving loan | 5,106 | 5,106 | |||||||
Associations, Inc. |
First lien senior secured revolving loan | 4,829 | 4,829 | |||||||
Associations, Inc. |
First lien senior secured delayed draw term loan | 13,544 | 56,283 | |||||||
Athenahealth Group Inc. |
First lien senior secured delayed draw term loan | — | 3,631 | |||||||
Avalara, Inc. |
First lien senior secured revolving loan | 7,045 | 7,045 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
Adenza Group, Inc. |
First lien senior secured delayed draw term loan | — | 2,145 | |||||||
Adenza Group, Inc. |
First lien senior secured revolving loan | 2,591 | 2,591 | |||||||
AWP Group Holdings, Inc. |
First lien senior secured delayed draw term loan | 7,024 | — | |||||||
AWP Group Holdings, Inc. |
First lien senior secured revolving loan | 3,454 | — | |||||||
Bamboo US BidCo LLC |
First lien senior secured revolving loan | 20,128 | — | |||||||
Bamboo US BidCo LLC |
First lien senior secured delayed draw term loan | 15,096 | — | |||||||
Bayshore Intermediate #2, L.P. (dba Boomi) |
First lien senior secured revolving loan | 1,274 | 1,062 | |||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured delayed draw term loan | 24,595 | 31,034 | |||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured revolving loan | 3,931 | 4,655 | |||||||
BCTO BSI Buyer, Inc. (dba Buildertrend) |
First lien senior secured revolving loan | 161 | 161 | |||||||
BELMONT BUYER, INC. (dba Valenz) |
First lien senior secured delayed draw term loan | 7,980 | — | |||||||
BELMONT BUYER, INC. (dba Valenz) |
First lien senior secured revolving loan | 6,650 | — | |||||||
Brightway Holdings, LLC |
First lien senior secured revolving loan | 1,053 | 2,105 | |||||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured delayed draw term loan | 581 | 917 | |||||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured revolving loan | 1,157 | 1,157 | |||||||
Canadian Hospital Specialties Ltd. |
First lien senior secured delayed draw term loan | — | 637 | |||||||
Canadian Hospital Specialties Ltd. |
First lien senior secured revolving loan | 146 | 248 | |||||||
Certinia, Inc. |
First lien senior secured revolving loan | 4,412 | — | |||||||
CivicPlus, LLC |
First lien senior secured revolving loan | 2,064 | 2,245 | |||||||
Community Brands ParentCo, LLC |
First lien senior secured delayed draw term loan | 3,750 | 3,750 | |||||||
Community Brands ParentCo, LLC |
First lien senior secured revolving loan | 1,875 | 1,875 | |||||||
CoreTrust Purchasing Group LLC |
First lien senior secured delayed draw term loan | 14,183 | 14,183 | |||||||
CoreTrust Purchasing Group LLC |
First lien senior secured revolving loan | 14,183 | 14,183 | |||||||
Coupa Holdings, LLC |
First lien senior secured revolving loan | 1,664 | — | |||||||
Coupa Holdings, LLC |
First lien senior secured delayed draw term loan | 2,174 | — | |||||||
CPM Holdings, Inc. |
First lien senior secured revolving loan | 5,000 | — | |||||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured delayed draw term loan | — | 5,712 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured revolving loan | 9,963 | 9,963 | |||||||
Dermatology Intermediate Holdings III, Inc. |
First lien senior secured delayed draw term loan | — | 278 | |||||||
Diamondback Acquisition, Inc. (dba Sphera) |
First lien senior secured delayed draw term loan | — | 9,553 | |||||||
Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) |
First lien senior secured revolving loan | 91 | — | |||||||
Douglas Products and Packaging Company LLC |
First lien senior secured revolving loan | — | 3,199 | |||||||
EET Buyer, Inc. (dba e-Emphasys) |
First lien senior secured revolving loan | 2,710 | 1,955 | |||||||
Entertainment Benefits Group, LLC |
First lien senior secured revolving loan | 9,667 | 3,867 | |||||||
Entrata, Inc. |
First lien senior secured revolving loan | 513 | — | |||||||
EOS U.S. Finco LLC |
First lien senior secured delayed draw term loan | 10,112 | — | |||||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured delayed draw term loan | 200 | 200 | |||||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured revolving loan | 676 | 676 | |||||||
Finastra USA, Inc. |
First lien senior secured revolving loan | 13,473 | — | |||||||
Formerra, LLC |
First lien senior secured delayed draw term loan | 54 | 211 | |||||||
Formerra, LLC |
First lien senior secured revolving loan | 479 | 526 | |||||||
Fortis Solutions Group, LLC |
First lien senior secured delayed draw term loan | — | 191 | |||||||
Fortis Solutions Group, LLC |
First lien senior secured revolving loan | 6,747 | 5,848 | |||||||
Fullsteam Operations, LLC |
First lien senior secured delayed draw term loan | — | 31,894 | |||||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 3,182 | 3,182 | |||||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 791 | 791 | |||||||
GI Apple Midco LLC (dba Atlas Technical Consultants) |
First lien senior secured revolving loan | 4,274 | — | |||||||
GI Apple Midco LLC (dba Atlas Technical Consultants) |
First lien senior secured delayed draw term loan | 14,090 | — | |||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured delayed draw term loan | 7,600 | 7,600 | |||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured revolving loan | 1,004 | 1,506 | |||||||
Global Music Rights, LLC |
First lien senior secured revolving loan | 7,500 | 7,500 | |||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
First lien senior secured delayed draw term loan | — | 870 | |||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.) |
First lien senior secured revolving loan | 577 | 88 | |||||||
Granicus, Inc. |
First lien senior secured revolving loan | 87 | 107 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
Grayshift, LLC |
First lien senior secured revolving loan | 2,419 | 2,419 | |||||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured revolving loan | 90 | 86 | |||||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured delayed draw term loan | 7,059 | 9,811 | |||||||
Hissho Sushi Merger Sub, LLC |
First lien senior secured revolving loan | 8,745 | 6,996 | |||||||
Home Service TopCo IV, Inc. |
First lien senior secured revolving loan | 3,359 | — | |||||||
Home Service TopCo IV, Inc. |
First lien senior secured delayed draw term loan | 8,397 | — | |||||||
Hyland Software, Inc. |
First lien senior secured revolving loan | 6,978 | — | |||||||
Hyperion Refinance S.a.r.l (dba Howden Group) |
First lien senior secured delayed draw term loan | — | 92,823 | |||||||
Ideal Image Development, LLC |
First lien senior secured delayed draw term loan | — | 732 | |||||||
Ideal Image Development, LLC |
First lien senior secured revolving loan | — | 915 | |||||||
Ideal Tridon Holdings, Inc. |
First lien senior secured revolving loan | 6,164 | — | |||||||
IG Investments Holdings, LLC (dba Insight Global) |
First lien senior secured revolving loan | 3,613 | 2,168 | |||||||
IMO Investor Holdings, Inc. |
First lien senior secured delayed draw term loan | 3,623 | 4,963 | |||||||
IMO Investor Holdings, Inc. |
First lien senior secured revolving loan | 2,085 | 2,010 | |||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured delayed draw term loan | — | 31,750 | |||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured revolving loan | 10,583 | 10,583 | |||||||
Integrity Marketing Acquisition, LLC |
First lien senior secured revolving loan | 5,450 | — | |||||||
Integrity Marketing Acquisition, LLC |
First lien senior secured delayed draw term loan | 23,574 | — | |||||||
Integrated Specialty Coverages, LLC |
First lien senior secured delayed draw term loan | 12,716 | — | |||||||
Integrated Specialty Coverages, LLC |
First lien senior secured revolving loan | 5,934 | — | |||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured revolving loan | 74 | 83 | |||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | — | 18,414 | |||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC) |
First lien senior secured delayed draw term loan | 4,343 | 8,048 | |||||||
Intelerad Medical Systems Incorporated |
First lien senior secured revolving loan | 621 | 1 | |||||||
Interoperability Bidco, Inc. (dba Lyniate) |
First lien senior secured revolving loan | 4,213 | 1,739 | |||||||
Kaseya Inc. |
First lien senior secured delayed draw term loan | 4,077 | 4,342 | |||||||
Kaseya Inc. |
First lien senior secured revolving loan | 3,256 | 4,342 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
KBP Brands, LLC |
First lien senior secured delayed draw term loan | 743 | 743 | |||||||
KPSKY Acquisition, Inc. (dba BluSky) |
First lien senior secured delayed draw term loan | 5,486 | 16,625 | |||||||
KRIV Acquisition Inc. (dba Riveron) |
First lien senior secured delayed draw term loan | 12,134 | — | |||||||
KRIV Acquisition Inc. (dba Riveron) |
First lien senior secured revolving loan | 10,944 | — | |||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured revolving loan | 1,539 | 3,415 | |||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured delayed draw term loan | 6,360 | 8,748 | |||||||
Lightbeam Bidco, Inc. (dba Lazer Spot) |
First lien senior secured revolving loan | 10,127 | — | |||||||
Lightbeam Bidco, Inc. (dba Lazer Spot) |
First lien senior secured delayed draw term loan | 14,606 | — | |||||||
Lignetics Investment Corp. |
First lien senior secured delayed draw term loan | — | 9,559 | |||||||
Lignetics Investment Corp. |
First lien senior secured revolving loan | 382 | 4,588 | |||||||
ManTech International Corporation |
First lien senior secured delayed draw term loan | 2,164 | 3,360 | |||||||
ManTech International Corporation |
First lien senior secured revolving loan | 1,806 | 1,806 | |||||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured delayed draw term loan | 21,702 | 28,401 | |||||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured revolving loan | 8,038 | 8,038 | |||||||
Medline Borrower, LP |
First lien senior secured revolving loan | 2,020 | 2,020 | |||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) |
First lien senior secured revolving loan | 1,643 | 3,071 | |||||||
Milan Laser Holdings LLC |
First lien senior secured revolving loan | 1,765 | 1,765 | |||||||
Ministry Brands Holdings, LLC |
First lien senior secured delayed draw term loan | 13,282 | 15,819 | |||||||
Ministry Brands Holdings, LLC |
First lien senior secured revolving loan | 2,610 | 2,373 | |||||||
Mitnick Corporate Purchaser, Inc. |
First lien senior secured revolving loan | 9,375 | 8,713 | |||||||
Natural Partners, LLC |
First lien senior secured revolving loan | 5,063 | 5,063 | |||||||
Neptune Holdings, Inc. (dba NexTech) |
First lien senior secured revolving loan | 4,118 | — | |||||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured delayed draw term loan | — | 1,039 | |||||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured revolving loan | 558 | 558 | |||||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured delayed draw term loan | 3,521 | 3,521 | |||||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured revolving loan | 4,930 | 4,401 | |||||||
OAC Holdings I Corp. (dba Omega Holdings) |
First lien senior secured revolving loan | 2,572 | 1,139 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
OB Hospitalist Group, Inc. |
First lien senior secured revolving loan | 4,369 | 5,222 | |||||||
Ocala Bidco, Inc. |
First lien senior secured delayed draw term loan | 8,469 | 8,469 | |||||||
Ole Smoky Distillery, LLC |
First lien senior secured revolving loan | 3,302 | 3,302 | |||||||
Omnia Partners, LLC |
First lien senior secured delayed draw term loan | 172 | — | |||||||
OneOncology LLC |
First lien senior secured revolving loan | 14,269 | — | |||||||
OneOncology LLC |
First lien senior secured delayed draw term loan | 26,754 | — | |||||||
Oranje Holdco, Inc. (dba KnowBe4) |
First lien senior secured revolving loan | 10,148 | — | |||||||
Pacific BidCo Inc. |
First lien senior secured delayed draw term loan | 17,905 | 17,906 | |||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) |
First lien senior secured revolving loan | 88 | 70 | |||||||
PCF Holdco, LLC (dba PCF Insurance Services) |
Series A Preferred Units | 6,798 | — | |||||||
Pediatric Associates Holding Company, LLC |
First lien senior secured delayed draw term loan | — | 1,776 | |||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured delayed draw term loan | — | 8,891 | |||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured revolving loan | 2,570 | 2,570 | |||||||
Ping Identity Holding Corp. |
First lien senior secured revolving loan | 2,182 | 2,182 | |||||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured delayed draw term loan | 28,553 | 28,553 | |||||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured revolving loan | 9,790 | 12,237 | |||||||
Pluralsight, LLC |
First lien senior secured revolving loan | 146 | 196 | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured revolving loan | 11,854 | 8,653 | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured delayed draw term loan | — | 19,248 | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured delayed draw term loan | 10,076 | — | |||||||
QAD, Inc. |
First lien senior secured revolving loan | 6,000 | 6,000 | |||||||
Quva Pharma, Inc. |
First lien senior secured revolving loan | 355 | 236 | |||||||
Relativity ODA LLC |
First lien senior secured revolving loan | 435 | 435 | |||||||
Sailpoint Technologies Holdings, Inc. |
First lien senior secured revolving loan | 5,718 | 5,718 | |||||||
Securonix, Inc. |
First lien senior secured revolving loan | 5,339 | 5,339 | |||||||
Sensor Technology Topco, Inc. (dba Humanetics) |
First lien senior secured revolving loan | 12,275 | — | |||||||
Simplisafe Holding Corporation |
First lien senior secured delayed draw term loan | 11,770 | 16,049 | |||||||
Smarsh Inc. |
First lien senior secured delayed draw term loan | 10,381 | 10,381 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
Smarsh Inc. |
First lien senior secured revolving loan | 830 | 5,190 | |||||||
Sonny’s Enterprises, LLC |
First lien senior secured revolving loan | 25,158 | — | |||||||
Sonny’s Enterprises, LLC |
First lien senior secured delayed draw term loan | 26,532 | — | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured delayed draw term loan | — | 315 | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured revolving loan | 259 | 203 | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured delayed draw term loan | 28,750 | — | |||||||
Spotless Brands, LLC |
First lien senior secured revolving loan | 1,461 | 1,461 | |||||||
Summit Acquisition Inc. (dba K2 Insurance Services) |
First lien senior secured delayed draw term loan | 12,267 | — | |||||||
Summit Acquisition Inc. (dba K2 Insurance Services) |
First lien senior secured revolving loan | 6,133 | — | |||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured revolving loan | 1,953 | 3,626 | |||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured delayed draw term loan | — | 13,947 | |||||||
Tahoe Finco, LLC |
First lien senior secured revolving loan | 6,279 | 6,279 | |||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
First lien senior secured revolving loan | 4,455 | 4,388 | |||||||
TC Holdings, LLC (dba TrialCard) |
First lien senior secured revolving loan | 7,768 | 7,768 | |||||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured delayed draw term loan | — | 10,317 | |||||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured revolving loan | 3,198 | 4,746 | |||||||
Circana Group, L.P. (fka The NPD Group, L.P.) |
First lien senior secured revolving loan | 11,699 | 12,555 | |||||||
The Shade Store, LLC |
First lien senior secured revolving loan | 3,818 | 4,909 | |||||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured revolving loan | 112 | 470 | |||||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured delayed draw term loan | — | 1,306 | |||||||
Troon Golf, L.L.C. |
First lien senior secured delayed draw term loan | — | 10,000 | |||||||
Troon Golf, L.L.C. |
First lien senior secured revolving loan | 7,207 | 7,207 | |||||||
Ultimate Baked Goods Midco, LLC |
First lien senior secured revolving loan | 2,000 | 1,475 | |||||||
Unified Women’s Healthcare, LP |
First lien senior secured delayed draw term loan | — | 3,045 | |||||||
Unified Women’s Healthcare, LP |
First lien senior secured revolving loan | 6,259 | 8,120 | |||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) |
First lien senior secured revolving loan | 1,096 | 1,096 | |||||||
Velocity HoldCo III Inc. (dba VelocityEHS) |
First lien senior secured revolving loan | 106 | 113 |
Portfolio Company |
Investment |
September 30, 2023 |
December 31, 2022 |
|||||||
Walker Edison Furniture Company LLC |
First lien senior secured delayed draw term loan | 267 | — | |||||||
When I Work, Inc. |
First lien senior secured revolving loan | 4,164 | 4,164 | |||||||
Zendesk, Inc. |
First lien senior secured delayed draw term loan | 30,080 | 30,080 | |||||||
Zendesk, Inc. |
First lien senior secured revolving loan | 12,386 | 12,386 | |||||||
Total Unfunded Portfolio Company Commitments |
$ | 1,045,971 | $ | 1,067,317 | ||||||
Classification |
Number of Shares (in thousands) |
Par Value |
||||||
Class S Shares |
1,000,000 | $ | 0.01 | |||||
Class D Shares |
1,000,000 | $ | 0.01 | |||||
Class I Shares |
1,000,000 | $ | 0.01 | |||||
Total |
3,000,000 |
|||||||
For the Three Months Ended September 30, 2023 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
35,007,017 | $ | 329,144 | 5,425,168 | $ | 50,663 | 53,848,440 | $ | 503,958 | 94,280,625 | $ | 883,765 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 3,253,834 | 30,412 | 3,253,834 | 30,412 | ||||||||||||||||||||||||
Share Transfers between classes |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reinvestment of distributions |
2,292,217 | 21,384 | 664,198 | 6,202 | 4,268,507 | 39,933 | 7,224,922 | 67,519 | ||||||||||||||||||||||||
Repurchased shares |
(1,573,405 | ) | (14,790 | ) | (1,379,185 | ) | (12,978 | ) | (8,074,185 | ) | (76,140 | ) | (11,026,775 | ) | (103,908 | ) | ||||||||||||||||
Total shares/gross proceeds |
35,725,829 | 335,738 | 4,710,181 | 43,887 | 53,296,596 | 498,163 | 93,732,606 | 877,788 | ||||||||||||||||||||||||
Sales load |
— | (2,621 | ) | — | — | — | — | — | (2,621 | ) | ||||||||||||||||||||||
Total shares/net proceeds |
35,725,829 | $ | 333,117 | 4,710,181 | $ | 43,887 | 53,296,596 | $ | 498,163 | 93,732,606 | $ | 875,167 | ||||||||||||||||||||
For the Three Months Ended September 30, 2022 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
25,525,944 | $ | 231,220 | 5,608,407 | $ | 50,343 | 53,594,346 | $ | 483,022 | 84,728,697 | $ | 764,585 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 3,573,813 | 32,219 | 3,573,813 | 32,219 | ||||||||||||||||||||||||
Reinvestment of distributions |
1,037,935 | 9,333 | 339,854 | 3,060 | 1,922,051 | 17,350 | 3,299,840 | 29,743 | ||||||||||||||||||||||||
Repurchased shares |
(975,399 | ) | (8,769 | ) | (125,759 | ) | (1,132 | ) | (3,660,100 | ) | (32,978 | ) | (4,761,258 | ) | (42,878 | ) | ||||||||||||||||
Total shares/gross proceeds |
25,588,480 | 231,784 | 5,822,502 | 52,271 | 55,430,110 | 499,613 | 86,841,092 | 783,669 | ||||||||||||||||||||||||
Sales load |
— | (2,215 | ) | — | — | — | — | — | (2,215 | ) | ||||||||||||||||||||||
Total shares/net proceeds |
25,588,480 | $ | 229,569 | 5,822,502 | $ | 52,271 | 55,430,110 | $ | 499,613 | 86,841,092 | $ | 781,454 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2023 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
80,662,197 | $ | 752,341 | 16,501,836 | $ | 152,821 | 140,706,099 | $ | 1,304,023 | 237,870,132 | $ | 2,209,185 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 7,594,982 | 70,448 | 7,594,982 | 70,448 | ||||||||||||||||||||||||
Share Transfers between classes |
(230,952 | ) | (2,127 | ) | — | — | 230,202 | 2,127 | (750 | ) | — | |||||||||||||||||||||
Reinvestment of distributions |
5,966,108 | 55,159 | 1,804,722 | 16,698 | 11,009,979 | 102,088 | 18,780,809 | 173,945 | ||||||||||||||||||||||||
Repurchased shares |
(5,687,039 | ) | (52,800 | ) | (3,240,174 | ) | (30,240 | ) | (20,384,678 | ) | (190,235 | ) | (29,311,891 | ) | (273,275 | ) | ||||||||||||||||
Total shares/gross proceeds |
80,710,314 | 752,573 | 15,066,384 | 139,279 | 139,156,584 | 1,288,451 | 234,933,282 | 2,180,303 | ||||||||||||||||||||||||
Sales load |
— | (6,319 | ) | — | (144 | ) | — | — | — | (6,463 | ) | |||||||||||||||||||||
Total shares/net proceeds |
80,710,314 | $ | 746,254 | 15,066,384 | $ | 139,135 | 139,156,584 | $ | 1,288,451 | 234,933,282 | $ | 2,173,840 | ||||||||||||||||||||
For the Nine Months Ended September 30, 2022 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
119,271,531 | $ | 1,104,545 | 25,925,981 | $ | 238,937 | 199,692,008 | $ | 1,834,660 | 344,889,520 | $ | 3,178,142 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 12,152,271 | 111,484 | 12,152,271 | 111,484 | ||||||||||||||||||||||||
Reinvestment of distributions |
2,112,563 | 19,227 | 758,555 | 6,921 | 3,721,296 | 33,943 | 6,592,414 | 60,091 | ||||||||||||||||||||||||
Repurchased shares |
(2,571,103 | ) | (23,135 | ) | (283,888 | ) | (2,546 | ) | (7,567,237 | ) | (68,370 | ) | (10,422,228 | ) | (94,051 | ) | ||||||||||||||||
Total shares/gross proceeds |
118,812,991 | 1,100,637 | 26,400,648 | 243,312 | 207,998,338 | 1,911,717 | 353,211,977 | 3,255,666 | ||||||||||||||||||||||||
Sales load |
— | (9,288 | ) | — | (446 | ) | — | — | — | (9,734 | ) | |||||||||||||||||||||
Total shares/net proceeds |
118,812,991 | $ | 1,091,349 | 26,400,648 | $ | 242,866 | 207,998,338 | $ | 1,911,717 | 353,211,977 | $ | 3,245,932 | ||||||||||||||||||||
Class S | ||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) | |||
January 1, 2022 |
$9.33 | $0.33 | $9.66 | |||
February 1, 2022 |
$9.33 | $0.33 | $9.66 | |||
March 1, 2022 |
$9.27 | $0.32 | $9.59 | |||
April 1, 2022 |
$9.24 | $0.32 | $9.56 | |||
May 1, 2022 |
$9.23 | $0.32 | $9.55 | |||
June 1, 2022 |
$9.02 | $0.32 | $9.34 | |||
July 1, 2022 |
$8.84 | $0.31 | $9.15 | |||
August 1, 2022 |
$9.02 | $0.32 | $9.34 | |||
September 1, 2022 |
$9.09 | $0.32 | $9.41 | |||
January 1, 2023 |
$9.06 | $0.32 | $9.38 | |||
February 1, 2023 |
$9.24 | $0.32 | $9.56 | |||
March 1, 2023 |
$9.23 | $0.32 | $9.55 | |||
April 1, 2023 |
$9.21 | $0.32 | $9.53 | |||
May 1, 2023 |
$9.21 | $0.32 | $9.53 | |||
June 1, 2023 |
$9.18 | $0.32 | $9.50 | |||
July 1, 2023 |
$9.28 | $0.32 | $9.60 | |||
August 1, 2023 |
$9.33 | $0.33 | $9.66 | |||
September 1, 2023 |
$9.37 | $0.33 | $9.70 |
Class D | ||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) | |||
January 1, 2022 |
$9.34 | $0.14 | $9.48 | |||
February 1, 2022 |
$9.33 | $0.14 | $9.47 | |||
March 1, 2022 |
$9.27 | $0.14 | $9.41 | |||
April 1, 2022 |
$9.25 | $0.14 | $9.39 | |||
May 1, 2022 |
$9.24 | $0.14 | $9.38 | |||
June 1, 2022 |
$9.04 | $0.14 | $9.18 | |||
July 1, 2022 |
$8.86 | $0.13 | $8.99 | |||
August 1, 2022 |
$9.04 | $0.14 | $9.18 | |||
September 1, 2022 |
$9.09 | $0.14 | $9.23 | |||
January 1, 2023 |
$9.07 | $0.14 | $9.21 | |||
February 1, 2023 |
$9.25 | $0.14 | $9.39 | |||
March 1, 2023 |
$9.24 | $0.14 | $9.38 | |||
April 1, 2023 |
$9.22 | $0.14 | $9.36 | |||
May 1, 2023 |
$9.22 | $0.14 | $9.36 | |||
June 1, 2023 |
$9.19 | $0.14 | $9.33 | |||
July 1, 2023 |
$9.29 | $0.14 | $9.43 | |||
August 1, 2023 |
$9.34 | $0.14 | $9.48 | |||
September 1, 2023 |
$9.38 | $0.14 | $9.52 |
Class I | ||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) | |||
January 1, 2022 |
$9.34 | $— | $9.34 | |||
February 1, 2022 |
$9.34 | $— | $9.34 | |||
March 1, 2022 |
$9.28 | $— | $9.28 | |||
April 1, 2022 |
$9.26 | $— | $9.26 | |||
May 1, 2022 |
$9.25 | $— | $9.25 | |||
June 1, 2022 |
$9.05 | $— | $9.05 | |||
July 1, 2022 |
$8.88 | $— | $8.88 | |||
August 1, 2022 |
$9.06 | $— | $9.06 | |||
September 1, 2022 |
$9.11 | $— | $9.11 | |||
January 1, 2023 |
$9.08 | $— | $9.08 | |||
February 1, 2023 |
$9.26 | $— | $9.26 | |||
March 1, 2023 |
$9.26 | $— | $9.26 | |||
April 1, 2023 |
$9.24 | $— | $9.24 | |||
May 1, 2023 |
$9.24 | $— | $9.24 | |||
June 1, 2023 |
$9.21 | $— | $9.21 | |||
July 1, 2023 |
$9.31 | $— | $9.31 | |||
August 1, 2023 |
$9.36 | $— | $9.36 | |||
September 1, 2023 |
$9.39 | $— | $9.39 |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share (1) |
Distribution Amount |
||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||
December 5, 2022 |
January 31, 2023 | February 24, 2023 | $ | 0.08765 | $ | 16,523 | $ | 4,296 | $ | 30,667 | ||||||||||
February 10, 2023 |
February 28, 2023 | March 23, 2023 | 0.06765 | 12,882 | 3,372 | 24,319 | ||||||||||||||
February 10, 2023 |
March 31, 2023 | April 26, 2023 | 0.06765 | 13,027 | 3,550 | 24,938 | ||||||||||||||
February 10, 2023 |
April 30, 2023 | May 22, 2023 | 0.08765 | 18,233 | 4,956 | 33,691 | ||||||||||||||
May 9, 2023 |
May 31, 2023 | June 26, 2023 | 0.06765 | 14,183 | 3,884 | 27,515 | ||||||||||||||
May 9, 2023 |
June 30, 2023 | July 26, 2023 | 0.06765 | 14,804 | 3,894 | 28,323 | ||||||||||||||
May 9, 2023 |
July 31, 2023 | August 22, 2023 | 0.08765 | 20,574 | 5,252 | 38,233 | ||||||||||||||
August 21, 2023 |
August 31, 2023 | September 26, 2023 | 0.07010 | 16,878 | 4,262 | 31,886 | ||||||||||||||
August 21, 2023 |
September 30, 2023 | October 26, 2023 | 0.07010 | 17,637 | 4,358 | 33,085 | ||||||||||||||
Total |
$ | 0.67375 | $ | 144,741 | $ | 37,824 | $ | 272,657 | ||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share (1) |
Distribution Amount |
||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||
November 2, 2021 |
January 31, 2022 | February 23, 2022 | $ | 0.05580 | $ | 3,798 | $ | 1,094 | $ | 6,348 | ||||||||||
November 2, 2021 |
February 28, 2022 | March 24, 2022 | 0.05580 | 4,593 | 1,367 | 7,312 | ||||||||||||||
November 2, 2021 |
March 31, 2022 | April 25, 2022 | 0.05580 | 5,334 | 1,673 | 8,860 | ||||||||||||||
February 23, 2022 |
April 30, 2022 | May 24, 2022 | 0.05580 | 6,147 | 1,767 | 10,893 | ||||||||||||||
February 23, 2022 |
May 31, 2022 | June 23, 2022 | 0.05580 | 6,896 | 2,003 | 12,307 | ||||||||||||||
February 23, 2022 |
June 30, 2022 | July 26, 2022 | 0.05580 | 7,613 | 2,110 | 13,541 | ||||||||||||||
May 3, 2022 |
July 31, 2022 | August 24, 2022 | 0.06038 | 8,877 | 2,445 | 15,923 | ||||||||||||||
May 3, 2022 |
August 31, 2022 | September 26, 2022 | 0.06038 | 9,247 | 2,505 | 16,982 | ||||||||||||||
May 3, 2022 |
September 30, 2022 | October 26, 2022 | 0.06643 | 10,779 | 2,902 | 19,803 | ||||||||||||||
Total |
$ | 0.52199 | $ | 63,284 | $ | 17,866 | $ | 111,969 | ||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
For the Nine Months Ended September 30, 2023 |
||||||||||||
Source of Distribution (2) |
Per Share (1) |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) | ||||||||||||
Net investment income |
$ | 0.67375 | $ | 455,222 | 100.0 | % | ||||||
Total |
$ | 0.67375 | $ | 455,222 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class. |
For the Nine Months Ended September 30, 2022 |
||||||||||||
Source of Distribution (2) |
Per Share (1) |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | 0.52199 | $ | 193,119 | 100.0 | % | ||||||
Total |
$ | 0.52199 | $ | 193,119 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class. |
Offer Date |
Class |
Tender Offer Expiration |
Tender Offer |
Purchase Price per Share |
Shares Repurchased |
|||||||||||
February 25, 2022 |
S | March 31, 2022 | $ | 6,001 | $ | 9.24 | 649,420 | |||||||||
February 25, 2022 |
D | March 31, 2022 | $ | 304 | $ | 9.25 | 32,853 | |||||||||
February 25, 2022 |
I | March 31, 2022 | $ | 16,978 | $ | 9.26 | 1,833,520 | |||||||||
May 25, 2022 |
S | June 30, 2022 | $ | 8,365 | $ | 8.84 | 946,284 | |||||||||
May 25, 2022 |
D | June 30, 2022 | $ | 1,110 | $ | 8.86 | 125,276 | |||||||||
May 25, 2022 |
I | June 30, 2022 | $ | 18,414 | $ | 8.88 | 2,073,617 | |||||||||
August 25, 2022 |
S | September 30, 2022 | $ | 8,769 | $ | 8.99 | 975,399 | |||||||||
August 25, 2022 |
D | September 30, 2022 | $ | 1,132 | $ | 9.00 | 125,759 | |||||||||
August 25, 2022 |
I | September 30, 2022 | $ | 33,853 | $ | 9.01 | 3,757,292 | |||||||||
February 28, 2023 |
S | March 31, 2023 | $ | 21,643 | $ | 9.21 | 2,349,994 | |||||||||
February 28, 2023 |
D | March 31, 2023 | $ | 3,453 | $ | 9.22 | 374,566 | |||||||||
February 28, 2023 |
I | March 31, 2023 | $ | 68,023 | $ | 9.24 | 7,361,842 | |||||||||
May 31, 2023 |
S | June 30, 2023 | $ | 16,367 | $ | 9.28 | 1,763,641 | |||||||||
May 31, 2023 |
D | June 30, 2023 | $ | 13,809 | $ | 9.29 | 1,486,423 | |||||||||
May 31, 2023 |
I | June 30, 2023 | $ | 46,072 | $ | 9.31 | 4,948,651 | |||||||||
August 24, 2023 |
S | September 30, 2023 | $ | 14,790 | $ | 9.40 | 1,573,405 | |||||||||
August 24, 2023 |
D | September 30, 2023 | $ | 12,978 | $ | 9.41 | 1,379,185 | |||||||||
August 24, 2023 |
I | September 30, 2023 | $ | 76,140 | $ | 9.43 | 8,074,185 |
For the Three Months Ended September 30, |
||||||||||||||||||||||||
2023 |
2022 |
|||||||||||||||||||||||
($ in thousands, except per share amounts) | Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock |
Class D common stock |
Class I common stock |
||||||||||||||||||
Increase (decrease) in net assets resulting from operations |
$ | 89,934 | $ | 21,281 | $ | 154,194 | $ | 51,124 | $ | 13,457 | $ | 88,290 | ||||||||||||
Weighted average shares of common stock outstanding—basic and diluted |
266,167,781 | 62,982,453 | 456,349,592 | 171,779,747 | 43,183,930 | 280,852,155 | ||||||||||||||||||
Earnings (loss) per common share—basic and diluted |
$ | 0.34 | $ | 0.34 | $ | 0.34 | $ | 0.30 | $ | 0.31 | $ | 0.31 |
For the Nine Months Ended September 30, 2023 |
||||||||||||||||||||||||
2023 |
2022 |
|||||||||||||||||||||||
($ in thousands, except per share amounts) | Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock |
Class D common stock |
Class I common stock |
||||||||||||||||||
Increase (decrease) in net assets resulting from operations |
$ | 233,584 | $ | 57,320 | $ | 402,694 | $ | 20,523 | $ | 6,459 | $ | 45,734 | ||||||||||||
Weighted average shares of common stock outstanding—basic and diluted |
236,530,998 | 58,042,790 | 407,774,285 | 134,859,276 | 35,082,254 | 211,931,540 | ||||||||||||||||||
Earnings (loss) per common share—basic and diluted |
$ | 0.99 | $ | 0.99 | $ | 0.99 | $ | 0.15 | $ | 0.18 | $ | 0.22 |
For the Nine Months Ended September 30, |
||||||||||||||||||||||||
2023 |
2022 |
|||||||||||||||||||||||
($ in thousands, except share and per share amounts) | Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock |
Class D common stock |
Class I common stock |
||||||||||||||||||
Per share data: |
||||||||||||||||||||||||
Net asset value, at beginning of period |
$ | 9.06 | $ | 9.07 | $ | 9.08 | $ | 9.33 | $ | 9.33 | $ | 9.34 | ||||||||||||
Results of operations: |
||||||||||||||||||||||||
Net investment income (loss) (1) |
0.78 | 0.82 | 0.84 | 0.53 | 0.57 | 0.59 | ||||||||||||||||||
Net realized and unrealized gain (loss) (2) |
0.17 | 0.17 | 0.18 | (0.35 | ) | (0.38 | ) | (0.40 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 0.95 | $ | 0.99 | $ | 1.02 | $ | 0.18 | $ | 0.19 | $ | 0.19 | ||||||||||||
Shareholder distributions: |
||||||||||||||||||||||||
Distributions from net investment income (3) |
(0.61 | ) | (0.65 | ) | (0.67 | ) | (0.52 | ) | (0.52 | ) | (0.52 | ) | ||||||||||||
Distributions from realized gains (3) |
— | — | — | — | — | — | ||||||||||||||||||
Distributions in excess of net investment income (3) |
— | — | — | — | — | — | ||||||||||||||||||
Net decrease in net assets from shareholders’ distributions |
$ | (0.61 | ) | $ | (0.65 | ) | $ | (0.67 | ) | $ | (0.52 | ) | $ | (0.52 | ) | $ | (0.52 | ) | ||||||
Total increase (decrease) in net assets |
0.34 | 0.34 | 0.35 | (0.34 | ) | (0.33 | ) | (0.33 | ) | |||||||||||||||
Net asset value, at end of period |
$ | 9.40 | $ | 9.41 | $ | 9.43 | $ | 8.99 | $ | 9.00 | $ | 9.01 | ||||||||||||
Total return (4) |
8.6 | % | 9.1 | % | 9.4 | % | 1.4 | % | 1.9 | % | 2.1 | % | ||||||||||||
Ratios |
||||||||||||||||||||||||
Ratio of net expenses to average net assets (5)(6) |
11.1 | % | 10.6 | % | 10.3 | % | 8.2 | % | 7.3 | % | 7.4 | % | ||||||||||||
Ratio of net investment income to average net assets (6) |
11.4 | % | 12.1 | % | 12.4 | % | 8.5 | % | 8.8 | % | 9.4 | % | ||||||||||||
Portfolio turnover rate |
3.7 | % | 3.7 | % | 3.7 | % | 5.6 | % | 5.6 | % | 5.6 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Weighted-average shares outstanding |
236,530,998 | 58,042,790 | 407,774,285 | 134,859,276 | 35,082,254 | 211,931,540 | ||||||||||||||||||
Shares outstanding, end of period |
277,661,749 | 63,961,682 | 471,968,302 | 179,513,911 | 44,952,979 | 298,101,538 | ||||||||||||||||||
Net assets, end of period |
$ | 2,610,435 | $ | 602,053 | $ | 4,449,480 | $ | 1,614,723 | $ | 404,527 | $ | 2,687,007 |
(1) | The per share data was derived using the weighted average shares outstanding during the period. |
(2) | The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. |
(3) | The per share data was derived using actual shares outstanding at the date of the relevant transaction. |
(4) | Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time). |
(5) | Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. For the nine months ended September 30, 2023, the total operating expenses to average net assets were 1.2%, 0.6% and 0.3%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. For the nine months ended September 30, 2022, the total operating expenses to average net assets were 8.5%, 7.6% and 7.7%, for Class S, Class D, and Class I common stock, respectively, prior |
to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. Past performance is not a guarantee of future results. |
(6) | The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g., initial organization expenses) and offering expenses. |
December 31, 2022 |
December 31, 2021 |
|||||||
Assets |
||||||||
Investments at fair value |
||||||||
Non-controlled, non-affiliated investments (amortized cost of $10,585,542 and $3,116,897, respectively) |
$ | 10,469,767 | $ | 3,120,372 | ||||
Non-controlled, affiliated investments (amortized cost of $6,224 and $0, respectively) |
6,175 | — | ||||||
Controlled, affiliated investments (amortized cost of $233,026 and $0, respectively) |
231,642 | — | ||||||
Total investments at fair value (amortized cost of $10,824,792 and $3,116,897, respectively) |
10,707,584 | 3,120,372 | ||||||
Cash (restricted cash of $23,000 and $0, respectively) |
225,247 | 21,459 | ||||||
Interest receivable |
80,402 | 19,034 | ||||||
Due from Affiliates |
20,202 | — | ||||||
Prepaid expenses and other assets |
2,927 | 2,883 | ||||||
Total Assets |
$ | 11,036,362 | $ | 3,163,748 | ||||
Liabilities |
||||||||
Debt (net of unamortized debt issuance costs of $63,306 and $22,641, respectively) |
5,477,411 | 1,525,811 | ||||||
Distribution payable |
37,036 | 9,005 | ||||||
Payable for investments purchased |
41,706 | 27,363 | ||||||
Payables to affiliates |
32,590 | 9,121 | ||||||
Tender offer payable |
110,836 | 1,413 | ||||||
Accrued expenses and other liabilities |
87,030 | 10,307 | ||||||
Total Liabilities |
$ | 5,786,609 | $ | 1,583,020 | ||||
Commitments and contingencies (Note 7) |
||||||||
Net Assets |
||||||||
Class S Common shares $0.01 par value, 1,000,000,000 shares authorized; 196,951,435 and 60,700,920 shares issued and outstanding, respectively |
1,970 | 607 | ||||||
Class D Common shares $0.01 par value, 1,000,000,000 shares authorized; 48,895,298 and 18,522,331 shares issued and outstanding, respectively |
489 | 186 | ||||||
Class I Common shares $0.01 par value, 1,000,000,000 shares authorized; 332,811,718 and 90,103,200 shares issued and outstanding, respectively |
3,328 | 901 | ||||||
Additional paid-in-capital |
5,322,239 | 1,574,366 | ||||||
Accumulated undistributed (overdistributed) earnings |
(78,273 | ) | 4,668 | |||||
Total Net Assets |
$ | 5,249,753 | $ | 1,580,728 | ||||
Total Liabilities and Net Assets |
$ | 11,036,362 | $ | 3,163,748 | ||||
Net Asset Value Per Class S Share |
$ | 9.06 | $ | 9.33 | ||||
Net Asset Value Per Class D Share |
$ | 9.07 | $ | 9.33 | ||||
Net Asset Value Per Class I Share |
$ | 9.08 | $ | 9.34 | ||||
For the Years Ended December 31, |
||||||||||||
2022 |
2021 (2) |
2020 (2) |
||||||||||
Investment Income |
||||||||||||
Investment income from non-controlled, non-affiliated investments: |
||||||||||||
Interest income |
$ | 579,296 | $ | 55,530 | $ | 60 | ||||||
PIK interest income |
34,789 | 5,212 | — | |||||||||
Dividend income |
37,190 | 1,382 | 2 | |||||||||
Other income |
15,538 | 2,719 | 7 | |||||||||
Total investment income from non-controlled, non-affiliated investments |
666,813 | 64,843 | 69 | |||||||||
Investment income from controlled, affiliated investments: |
||||||||||||
Dividend income |
3,372 | — | — | |||||||||
Total investment income from controlled, affiliated investments |
3,372 | — | — | |||||||||
Total Investment Income |
670,185 | 64,843 | 69 | |||||||||
Operating Expenses |
||||||||||||
Initial organization |
— | 273 | 195 | |||||||||
Offering costs |
3,661 | 2,972 | — | |||||||||
Interest expense |
200,318 | 14,257 | 4 | |||||||||
Management fees |
42,610 | 3,632 | 14 | |||||||||
Performance based incentive fees |
48,926 | 5,257 | — | |||||||||
Professional fees |
9,297 | 1,955 | 144 | |||||||||
Directors’ fees |
1,099 | 1,059 | 215 | |||||||||
Shareholder servicing fees |
12,445 | 1,292 | — | |||||||||
Other general and administrative |
4,874 | 2,780 | 237 | |||||||||
Total Operating Expenses |
323,230 | 33,477 | 809 | |||||||||
Management fees waived (Note 3) |
— | (52 | ) | (14 | ) | |||||||
Expense support (Note 3) |
(6,775 | ) | (2,578 | ) | — | |||||||
Recoupment of expense support (Note 3) |
6,775 | 2,578 | — | |||||||||
Net Operating Expenses |
323,230 | 33,425 | 795 | |||||||||
Net Investment Income (Loss) Before Taxes |
346,955 | 31,418 | (726 | ) | ||||||||
Excise tax |
104 | 11 | — | |||||||||
Net Investment Income (Loss) After Taxes |
346,851 | 31,407 | (726 | ) | ||||||||
Net Realized and Change in Unrealized Gain (Loss) |
||||||||||||
Net change in unrealized gain (loss): |
||||||||||||
Non-controlled, non-affiliated investments |
$ | (113,557 | ) | $ | 3,566 | $ | (2 | ) | ||||
Non-controlled, affiliated investments |
(49 | ) | — | — | ||||||||
Controlled, affiliated investments |
(1,384 | ) | — | — | ||||||||
Translation of assets and liabilities in foreign currencies |
(1,195 | ) | (2 | ) | — | |||||||
Total Net Change in Unrealized Gain (Loss) |
(116,185 | ) | 3,564 | (2 | ) | |||||||
Net realized gain (loss): |
||||||||||||
Non-controlled, non-affiliated investments |
(12,748 | ) | 923 | — | ||||||||
Foreign currency transactions |
371 | (4 | ) | — | ||||||||
Total Net Realized Gain (Loss) |
(12,377 | ) | 919 | — | ||||||||
Total Net Realized and Change in Unrealized Gain (Loss) |
(128,562 | ) | 4,483 | (2 | ) | |||||||
For the Years Ended December 31, |
||||||||||||
2022 |
2021 (2) |
2020 (2) |
||||||||||
Total Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 218,289 | $ | 35,890 | $ | (728 | ) | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations - Class S Common Stock |
$ | 67,729 | $ | 9,605 | $ | — | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations - Class D Common Stock |
$ | 18,672 | $ | 4,412 | $ | — | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations - Class I Common Stock |
$ | 131,888 | $ | 21,873 | $ | (728 | ) | |||||
Earnings Per Share - Basic and Diluted of Class S Common Stock |
$ | 0.45 | $ | 0.66 | $ | — | ||||||
Weighted Average Shares of Class S Common Stock Outstanding - Basic and Diluted |
149,191,401 | 14,469,872 | 0 | |||||||||
Earnings Per Share - Basic and Diluted of Class D Common Stock |
$ | 0.49 | $ | 0.72 | $ | — | ||||||
Weighted Average Shares of Class D Common Stock Outstanding - Basic and Diluted |
38,303,974 | 6,090,894 | 0 | |||||||||
Earnings Per Share - Basic and Diluted of Class I Common Stock |
$ | 0.55 | $ | 0.73 | $ | (0.71 | ) | |||||
Weighted Average Shares of Class I Common Stock Outstanding - Basic and Diluted |
239,914,771 | 30,150,794 | 1,030,869 |
(1) | The Company commenced operations on November 10, 2020. There were no Class S or Class D shares of common stock outstanding as of December 31, 2020. |
(2) | For the periods ended December 31, 2021 and 2020 dividend and other income were reported in aggregate as other income. |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Non-controlled/non-affiliated portfolio company investments |
||||||||||||||||||||||||
Debt Investments(5) |
||||||||||||||||||||||||
Advertising and media |
||||||||||||||||||||||||
Global Music Rights, LLC(7) |
First lien senior secured loan | L + 5.50% | 8/28/2028 | $ | 83,531 | $ | 82,119 | $ | 83,530 | 1.6 | % | |||||||||||||
Global Music Rights, LLC(7)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 8/27/2027 | — | (116 | ) | — | — | % | |||||||||||||||
The NPD Group, L.P.(9) |
First lien senior secured loan | SR + 6.25% (incl. 2.75% PIK) |
12/1/2028 | 224,081 | 219,669 | 219,600 | 4.2 | % | ||||||||||||||||
The NPD Group, L.P.(9)(17) |
First lien senior secured revolving loan | SR + 5.75% | 12/1/2027 | 1,712 | 1,449 | 1,427 | 0.0 | % | ||||||||||||||||
309,324 | 303,121 | 304,557 | 5.8 | % | ||||||||||||||||||||
Aerospace and Defense |
||||||||||||||||||||||||
Bleriot US Bidco Inc.(7)(22) |
First lien senior secured loan | L + 4.00% | 10/30/2026 | $ | 5,096 | $ | 5,095 | $ | 5,031 | 0.1 | % | |||||||||||||
ManTech International Corporation(10) |
First lien senior secured loan | SR + 5.75% | 9/14/2029 | 14,181 | 13,907 | 13,898 | 0.3 | % | ||||||||||||||||
ManTech International Corporation(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 9/16/2024 | — | (32 | ) | (34 | ) | 0.0 | % | ||||||||||||||
ManTech International Corporation(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 9/14/2028 | — | (34 | ) | (36 | ) | 0.0 | % | ||||||||||||||
Peraton Corp.(6)(22) |
First lien senior secured loan | L + 3.75% | 2/1/2028 | 14,746 | 14,722 | 14,377 | 0.3 | % | ||||||||||||||||
Peraton Corp.(6)(22) |
Second lien senior secured loan | L + 7.75% | 2/1/2029 | 4,854 | 4,795 | 4,599 | 0.1 | % | ||||||||||||||||
38,877 | 38,453 | 37,835 | 0.8 | % | ||||||||||||||||||||
Automotive |
||||||||||||||||||||||||
Holley Inc.(7)(22) |
First lien senior secured loan | L + 3.75% | 11/17/2028 | $ | 2,348 | $ | 2,339 | $ | 2,027 | 0.0 | % | |||||||||||||
Mavis Tire Express Services Topco Corp.(9)(22) |
First lien senior secured loan | SR + 4.00% | 5/4/2028 | 9,850 | 9,811 | 9,378 | 0.2 | % | ||||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings)(10) |
First lien senior secured loan | SR + 5.00% | 3/30/2029 | 9,142 | 8,974 | 8,867 | 0.2 | % | ||||||||||||||||
OAC Holdings I Corp. (dba Omega Holdings)(10)(17) |
First lien senior secured revolving loan | SR + 5.00% | 3/31/2028 | 1,433 | 1,388 | 1,356 | 0.0 | % | ||||||||||||||||
Power Stop, LLC(7)(21) |
First lien senior secured loan | L + 4.75% | 1/26/2029 | 29,775 | 29,509 | 26,798 | 0.5 | % | ||||||||||||||||
Spotless Brands, LLC(10) |
First lien senior secured loan | SR + 6.50% | 7/25/2028 | 54,425 | 53,397 | 53,335 | 1.1 | % | ||||||||||||||||
Spotless Brands, LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 7/25/2028 | — | (27 | ) | (29 | ) | 0.0 | % | ||||||||||||||
106,973 | 105,391 | 101,732 | 2.0 | % | ||||||||||||||||||||
Asset Based Lending and Fund Finance |
||||||||||||||||||||||||
Hg Genesis 9 Sumoco Limited(13)(23) |
Unsecured facility | E + 7.00% PIK | 3/10/2027 | $ | 124,092 | $ | 127,414 | $ | 124,092 | 2.4 | % | |||||||||||||
Hg Saturn LuchaCo Limited(14)(23) |
Unsecured facility | S + 7.50% PIK | 3/30/2026 | 1,898 | 2,144 | 1,874 | 0.0 | % | ||||||||||||||||
125,990 | 129,558 | 125,966 | 2.4 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
Associations, Inc.(10) |
First lien senior secured loan | SR + 6.50% (incl. 2.50% PIK) | 7/2/2027 | $ | 104,673 | $ | 103,666 | $ | 104,412 | 2.0 | % | |||||||||||||
Associations, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 7/2/2027 | — | (36 | ) | (12 | ) | 0.0 | % | ||||||||||||||
Associations, Inc.(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% (incl. 2.50% PIK) | 6/10/2024 | 4,565 | 4,024 | 4,413 | 0.1 | % | ||||||||||||||||
CoreLogic Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 6/2/2028 | 42,056 | 41,236 | 34,962 | 0.7 | % | ||||||||||||||||
Dodge Construction Network, LLC(11) |
First lien senior secured loan | SR + 4.75% | 2/23/2029 | 17,114 | 16,878 | 14,547 | 0.3 | % | ||||||||||||||||
RealPage, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.00% | 4/24/2028 | 14,203 | 14,187 | 13,478 | 0.3 | % | ||||||||||||||||
RealPage, Inc.(6) |
Second lien senior secured loan | L + 6.50% | 4/23/2029 | 27,500 | 27,146 | 26,330 | 0.5 | % | ||||||||||||||||
Wrench Group LLC(7) |
First lien senior secured loan | L + 4.00% | 4/30/2026 | 10,545 | 10,410 | 10,176 | 0.2 | % | ||||||||||||||||
220,656 | 217,511 | 208,306 | 4.1 | % | ||||||||||||||||||||
Business services |
||||||||||||||||||||||||
Access CIG, LLC(6) |
Second lien senior secured loan | L + 7.75% | 2/27/2026 | $ | 2,385 | $ | 2,379 | $ | 2,373 | 0.0 | % | |||||||||||||
BrightView Landscapes, LLC(9)(21)(22) |
First lien senior secured loan | SR + 3.25% | 4/20/2029 | 9,353 | 9,029 | 8,979 | 0.2 | % | ||||||||||||||||
ConnectWise, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 9/29/2028 | 30,003 | 30,065 | 28,436 | 0.5 | % | ||||||||||||||||
CoreTrust Purchasing Group LLC(10) |
First lien senior secured loan | SR + 6.75% | 10/1/2029 | 97,393 | 95,495 | 95,445 | 1.8 | % | ||||||||||||||||
CoreTrust Purchasing Group LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 9/30/2024 | — | (68 | ) | (71 | ) | 0.0 | % | ||||||||||||||
CoreTrust Purchasing Group LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.75% | 10/1/2029 | — | (269 | ) | (284 | ) | 0.0 | % | ||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7) |
First lien senior secured loan | L + 5.75% | 9/15/2028 | 131,499 | 129,752 | 130,184 | 2.5 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7) |
First lien senior secured loan | L + 5.75% | 9/15/2028 | 35,205 | 34,470 | 34,853 | 0.7 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 9/15/2023 | 27,343 | 26,953 | 27,070 | 0.5 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(7)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 9/15/2027 | — | (101 | ) | (100 | ) | 0.0 | % | ||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(6) |
First lien senior secured loan | L + 5.50% | 9/13/2028 | 47,348 | 46,544 | 46,874 | 0.9 | % | ||||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 9/13/2023 | — | (78 | ) | — | 0.0 | % | |||||||||||||||
Entertainment Benefits Group, LLC(9) |
First lien senior secured loan | SR + 4.75% | 5/1/2028 | 75,023 | 74,343 | 75,023 | 1.4 | % | ||||||||||||||||
Entertainment Benefits Group, LLC(9)(17) |
First lien senior secured revolving loan | SR + 4.75% | 4/29/2027 | 7,733 | 7,633 | 7,733 | 0.1 | % | ||||||||||||||||
Fullsteam Operations, LLC(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 7.50% (incl. 3.00% PIK) |
5/13/2024 | 48,970 | 47,520 | 47,953 | 0.9 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7) |
First lien senior secured loan | L + 6.50% | 12/15/2026 | 808 | 799 | 806 | 0.0 | % | ||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7) |
First lien senior secured loan | L + 5.50% | 12/15/2026 | 2,193 | 2,176 | 2,155 | 0.0 | % | ||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 9/10/2023 | 10,346 | 10,258 | 10,091 | 0.2 | % | ||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(8)(17) |
First lien senior secured revolving loan | L + 6.50% | 12/15/2026 | 10 | 9 | 10 | 0.0 | % | ||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(16)(28) |
Unsecured notes | 0.48% PIK | 12/14/2029 | 24 | 24 | 24 | 0.0 | % | ||||||||||||||||
Kaseya Inc.(10) |
First lien senior secured loan | SR + 5.75% | 6/25/2029 | 71,717 | 70,363 | 71,000 | 1.4 | % | ||||||||||||||||
Kaseya Inc.(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 6/24/2024 | — | (40 | ) | — | 0.0 | % | |||||||||||||||
Kaseya Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 6/25/2029 | — | (80 | ) | (43 | ) | 0.0 | % | ||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(6) |
First lien senior secured loan | L + 5.50% | 10/19/2028 | 84,239 | 82,789 | 82,133 | 1.6 | % | ||||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(15)(17)(19) |
First lien senior secured delayed draw term loan | P + 4.50% | 6/17/2024 | 2,363 | 2,167 | 2,055 | 0.0 | % | ||||||||||||||||
Packers Holdings, LLC(6)(22) |
First lien senior secured loan | L + 3.25% | 3/9/2028 | 34,003 | 33,860 | 29,583 | 0.6 | % | ||||||||||||||||
Ping Identity Holding Corp.(9) |
First lien senior secured loan | SR + 7.00% | 10/17/2029 | 21,818 | 21,498 | 21,491 | 0.4 | % | ||||||||||||||||
Ping Identity Holding Corp.(9)(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 10/17/2028 | — | (32 | ) | (33 | ) | 0.0 | % | ||||||||||||||
739,776 | 727,458 | 723,740 | 13.7 | % | ||||||||||||||||||||
Chemicals |
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Aruba Investments Holdings LLC (dba Angus Chemical Company)(6) |
First lien senior secured loan | L + 3.75% | 11/24/2027 | $ | 12,902 | $ | 12,696 | $ | 12,515 | 0.2 | % | |||||||||||||
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(6) |
Second lien senior secured loan | L + 7.75% | 11/24/2028 | 40,137 | 40,125 | 39,535 | 0.8 | % | ||||||||||||||||
Douglas Products and Packaging Company LLC(9) |
First lien senior secured loan | SR + 7.00% | 6/30/2025 | 24,432 | 24,193 | 24,188 | 0.5 | % | ||||||||||||||||
Douglas Products and Packaging Company LLC(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 6/30/2025 | — | (31 | ) | (32 | ) | 0.0 | % | ||||||||||||||
Gaylord Chemical Company, L.L.C.(7) |
First lien senior secured loan | L + 6.50% | 3/30/2027 | 103,309 | 102,462 | 103,309 | 2.0 | % | ||||||||||||||||
Gaylord Chemical Company, L.L.C.(7)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 3/30/2026 | — | (29 | ) | — | 0.0 | % | |||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(8) |
First lien senior secured loan | L + 5.75% | 4/22/2027 | 2,323 | 2,283 | 2,323 | 0.0 | % | ||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(6)(17) |
First lien senior secured revolving loan | L + 5.75% | 4/22/2026 | 28 | 26 | 28 | 0.0 | % | ||||||||||||||||
183,131 | 181,725 | 181,866 | 3.5 | % | ||||||||||||||||||||
Consumer products |
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ConAir Holdings LLC(7) |
Second lien senior secured loan | L + 7.50% | 5/17/2029 | $ | 32,500 | $ | 32,051 | $ | 29,575 | 0.6 | % | |||||||||||||
Foundation Consumer Brands, LLC(7) |
First lien senior secured loan | L + 5.50% | 2/12/2027 | 49,710 | 49,722 | 49,585 | 0.9 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
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Lignetics Investment Corp.(7) |
First lien senior secured loan | L + 6.00% | 11/1/2027 | 75,706 | 74,909 | 74,192 | 1.4 | % | ||||||||||||||||
Lignetics Investment Corp.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 6.00% | 11/1/2023 | — | (96 | ) | (191 | ) | 0.0 | % | ||||||||||||||
Lignetics Investment Corp.(6)(17) |
First lien senior secured revolving loan | L + 6.00% | 10/30/2026 | 6,882 | 6,772 | 6,653 | 0.1 | % | ||||||||||||||||
Olaplex, Inc.(9)(23) |
First lien senior secured loan | SR + 3.50% | 2/23/2029 | 40,473 | 40,335 | 38,045 | 0.7 | % | ||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(11) |
First lien senior secured loan | SR + 5.25% | 3/12/2029 | 59,674 | 58,613 | 57,884 | 1.1 | % | ||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(9)(17) |
First lien senior secured revolving loan | SR + 5.25% | 3/12/2029 | 1,953 | 1,854 | 1,785 | 0.0 | % | ||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(11)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.25% | 3/11/2024 | — | (123 | ) | (279 | ) | 0.0 | % | ||||||||||||||
266,898 | 264,037 | 257,249 | 4.8 | % | ||||||||||||||||||||
Containers and packaging |
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Ascend Buyer, LLC (dba PPC Flexible Packaging)(9) |
First lien senior secured loan | SR + 6.25% | 10/2/2028 | $ | 49,704 | $ | 49,278 | $ | 49,331 | 0.9 | % | |||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 9/30/2027 | — | (40 | ) | (38 | ) | 0.0 | % | ||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(9) |
First lien senior secured loan | SR + 6.25% | 9/30/2028 | 30,694 | 30,096 | 30,464 | 0.6 | % | ||||||||||||||||
Berlin Packaging L.L.C.(6)(21)(22) |
First lien senior secured loan | L + 3.75% | 3/11/2028 | 15,009 | 14,628 | 14,412 | 0.3 | % | ||||||||||||||||
BW Holding, Inc.(10) |
First lien senior secured loan | SR + 4.00% | 12/14/2028 | 14,076 | 13,907 | 12,950 | 0.2 | % | ||||||||||||||||
Charter NEX US, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.75% | 12/1/2027 | 34,957 | 34,477 | 33,898 | 0.6 | % | ||||||||||||||||
Five Star Lower Holding LLC(11) |
First lien senior secured loan | SR + 4.25% | 5/5/2029 | 21,820 | 21,539 | 21,275 | 0.4 | % | ||||||||||||||||
Fortis Solutions Group, LLC(7) |
First lien senior secured loan | L + 5.50% | 10/13/2028 | 67,451 | 66,277 | 65,596 | 1.2 | % | ||||||||||||||||
Fortis Solutions Group, LLC(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 10/13/2023 | — | (4 | ) | (3 | ) | 0.0 | % | ||||||||||||||
Fortis Solutions Group, LLC(8)(17) |
First lien senior secured revolving loan | L + 5.50% | 10/15/2027 | 900 | 792 | 714 | 0.0 | % | ||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10) |
First lien senior secured loan | SR + 5.75% | 5/23/2028 | 82,137 | 81,386 | 82,137 | 1.6 | % | ||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 5/23/2024 | — | — | — | 0.0 | % | ||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(17) |
First lien senior secured revolving loan | SR + 5.75% | 5/23/2028 | 2,117 | 2,003 | 2,117 | 0.0 | % | ||||||||||||||||
Pregis Topco LLC(10)(21)(22) |
First lien senior secured loan | SR + 3.75% | 7/31/2026 | 4,987 | 4,928 | 4,838 | 0.1 | % | ||||||||||||||||
Pregis Topco LLC(6) |
Second lien senior secured loan | L + 6.75% | 8/1/2029 | 30,000 | 29,999 | 29,625 | 0.6 | % | ||||||||||||||||
Pregis Topco LLC(6) |
Second lien senior secured loan | L + 7.75% | 8/1/2029 | 2,500 | 2,500 | 2,488 | 0.0 | % | ||||||||||||||||
Ring Container Technologies Group, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 8/12/2028 | 16,250 | 16,202 | 16,007 | 0.3 | % | ||||||||||||||||
Tricorbraun Holdings, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.25% | 3/3/2028 | 15,886 | 15,511 | 15,123 | 0.3 | % | ||||||||||||||||
388,488 | 383,479 | 380,934 | 7.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
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Distribution |
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ABB/Con-cise Optical Group LLC(8) |
First lien senior secured loan | L + 7.50% | 2/23/2028 | $ | 35,206 | $ | 34,736 | $ | 35,117 | 0.7 | % | |||||||||||||
ABB/Con-cise Optical Group LLC(8)(17) |
First lien senior secured revolving loan | L + 7.50% | 2/23/2028 | 3,510 | 3,463 | 3,501 | 0.1 | % | ||||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(9)(22) |
First lien senior secured loan | SR + 4.63% | 6/11/2026 | 31,823 | 30,838 | 30,869 | 0.6 | % | ||||||||||||||||
Dealer Tire, LLC(9) |
First lien senior secured loan | SR + 4.50% | 12/12/2025 | 5,048 | 5,055 | 4,973 | 0.1 | % | ||||||||||||||||
Dealer Tire, LLC(16)(21) |
Unsecured notes | 8.00% | 2/1/2028 | 56,120 | 54,928 | 47,842 | 0.9 | % | ||||||||||||||||
Formerra, LLC(10) |
First lien senior secured loan | SR + 7.25% | 11/1/2028 | 5,250 | 5,083 | 5,079 | 0.1 | % | ||||||||||||||||
Formerra, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 7.25% | 11/1/2023 | — | (3 | ) | (3 | ) | 0.0 | % | ||||||||||||||
Formerra, LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 7.25% | 11/1/2028 | — | (17 | ) | (17 | ) | 0.0 | % | ||||||||||||||
Individual Foodservice Holdings, LLC(10) |
First lien senior secured loan | SR + 6.25% | 11/21/2025 | 1,292 | 1,279 | 1,288 | 0.0 | % | ||||||||||||||||
Individual Foodservice Holdings, LLC(7) |
First lien senior secured loan | L + 6.25% | 11/21/2025 | 62,804 | 62,341 | 62,648 | 1.2 | % | ||||||||||||||||
Individual Foodservice Holdings, LLC(10) |
First lien senior secured loan | SR + 6.75% | 11/21/2025 | 1,952 | 1,933 | 1,952 | 0.0 | % | ||||||||||||||||
Individual Foodservice Holdings, LLC(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 6.25% | 11/30/2023 | 18,151 | 17,847 | 18,059 | 0.3 | % | ||||||||||||||||
Individual Foodservice Holdings, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 12/21/2023 | — | (80 | ) | — | 0.0 | % | |||||||||||||||
Individual Foodservice Holdings, LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 11/22/2024 | — | (1 | ) | — | 0.0 | % | |||||||||||||||
SRS Distribution, Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 6/2/2028 | 24,139 | 23,899 | 23,052 | 0.4 | % | ||||||||||||||||
White Cap Supply Holdings, LLC(9)(21)(22) |
First lien senior secured loan | SR + 3.75% | 10/19/2027 | 11,614 | 11,169 | 11,212 | 0.2 | % | ||||||||||||||||
256,909 | 252,470 | 245,572 | 4.6 | % | ||||||||||||||||||||
Education |
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CIG Emerald Holding LLC(10)(23) |
First lien senior secured loan | SR + 6.50% | 6/8/2027 | $ | 78,000 | $ | 77,124 | $ | 77,609 | 1.5 | % | |||||||||||||
Community Brands ParentCo, LLC(9) |
First lien senior secured loan | SR + 5.75% | 2/24/2028 | 31,636 | 31,083 | 31,161 | 0.6 | % | ||||||||||||||||
Community Brands ParentCo, LLC(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 2/26/2024 | — | (32 | ) | (19 | ) | 0.0 | % | ||||||||||||||
Community Brands ParentCo, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 2/24/2028 | — | (32 | ) | (28 | ) | 0.0 | % | ||||||||||||||
Severin Acquisition, LLC (dba Powerschool)(10)(22) |
First lien senior secured loan | SR + 3.00% | 8/1/2025 | 14,858 | 14,844 | 14,747 | 0.3 | % | ||||||||||||||||
Sophia, L.P.(9) |
First lien senior secured loan | SR + 4.25% | 10/7/2027 | 15,113 | 14,978 | 15,075 | 0.3 | % | ||||||||||||||||
Pluralsight, LLC(7) |
First lien senior secured loan | L + 8.00% | 4/6/2027 | 6,255 | 6,192 | 6,161 | 0.1 | % | ||||||||||||||||
Pluralsight, LLC(6)(17) |
First lien senior secured revolving loan | L + 8.00% | 4/6/2027 | 196 | 192 | 190 | 0.0 | % | ||||||||||||||||
146,058 | 144,349 | 144,896 | 2.8 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
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Energy equipment and services |
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Pike Corp.(6)(21)(22) |
First lien senior secured loan | L + 3.00% | 1/21/2028 | $ | 5,991 | $ | 5,976 | $ | 5,900 | 0.1 | % | |||||||||||||
5,991 | 5,976 | 5,900 | 0.1 | % | ||||||||||||||||||||
Financial services |
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Acuris Finance US, Inc. (ION Analytics) (10)(21)(22) |
First lien senior secured loan | SR + 4.00% | 2/16/2028 | $ | 10,500 | $ | 10,429 | $ | 10,304 | 0.2 | % | |||||||||||||
AxiomSL Group, Inc.(6) |
First lien senior secured loan | L + 5.75% | 12/3/2027 | 34,831 | 34,540 | 34,309 | 0.7 | % | ||||||||||||||||
AxiomSL Group, Inc.(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 6.00% | 7/21/2023 | — | (8 | ) | (11 | ) | 0.0 | % | ||||||||||||||
AxiomSL Group, Inc.(6)(17)(18) |
First lien senior secured revolving loan | L + 6.50% | 12/3/2025 | — | (18 | ) | (39 | ) | 0.0 | % | ||||||||||||||
Computer Services, Inc. (dba CSI)(10) |
First lien senior secured loan | SR + 6.75% | 11/15/2029 | 30,500 | 29,898 | 29,890 | 0.6 | % | ||||||||||||||||
Muine Gall, LLC(8)(23)(27) |
First lien senior secured loan | L + 7.00% PIK | 9/23/2024 | 94,583 | 95,126 | 92,218 | 1.8 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 9/8/2025 | 5,671 | 5,631 | 5,600 | 0.1 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 9/8/2025 | 2,143 | 2,128 | 2,117 | 0.0 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 9/8/2025 | 150 | 149 | 149 | 0.0 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6) |
First lien senior secured loan | L + 5.75% | 9/8/2025 | 508 | 504 | 502 | 0.0 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 10/2/2023 | 1,999 | 1,975 | 1,969 | 0.0 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 9/8/2025 | — | (6 | ) | (7 | ) | 0.0 | % | ||||||||||||||
Smarsh Inc.(11) |
First lien senior secured loan | SR + 6.50% | 2/16/2029 | 83,048 | 82,296 | 82,217 | 1.6 | % | ||||||||||||||||
Smarsh Inc.(11)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 2/19/2024 | 10,381 | 10,188 | 10,277 | 0.2 | % | ||||||||||||||||
Smarsh Inc.(11)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 2/16/2029 | — | (45 | ) | (52 | ) | 0.0 | % | ||||||||||||||
274,314 | 272,787 | 269,443 | 5.2 | % | ||||||||||||||||||||
Food and beverage |
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Balrog Acquisition, Inc. (dba Bakemark)(7) |
First lien senior secured loan | L + 4.00% | 9/5/2028 | $ | 13,860 | $ | 13,739 | $ | 13,548 | 0.3 | % | |||||||||||||
Balrog Acquisition, Inc. (dba BakeMark)(7) |
Second lien senior secured loan | L + 7.00% | 9/3/2029 | 6,000 | 5,956 | 5,940 | 0.1 | % | ||||||||||||||||
CFS Brands, LLC(8) |
First lien senior secured loan | L + 3.00% | 3/20/2025 | 44,294 | 43,100 | 41,858 | 0.8 | % | ||||||||||||||||
Dessert Holdings(7) |
First lien senior secured loan | L + 4.00% | 6/9/2028 | 19,800 | 19,712 | 18,315 | 0.3 | % | ||||||||||||||||
Hissho Sushi Merger Sub LLC(10) |
First lien senior secured loan | SR + 5.75% | 5/18/2028 | 113,118 | 112,079 | 112,835 | 2.1 | % | ||||||||||||||||
Hissho Sushi Merger Sub LLC(10)(17) |
First lien senior secured revolving loan | SR + 5.75% | 5/18/2028 | 1,749 | 1,671 | 1,727 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
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Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(9) |
First lien senior secured loan | SR + 6.25% | 3/11/2027 | 275,000 | 270,490 | 269,500 | 5.1 | % | ||||||||||||||||
KBP Brands, LLC(10) |
First lien senior secured loan | SR + 6.50% (incl. 0.50% PIK) | 5/26/2027 | 14,690 | 14,530 | 14,360 | 0.3 | % | ||||||||||||||||
KBP Brands, LLC(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% (incl. 0.50% PIK) | 12/22/2023 | 33,381 | 33,019 | 32,614 | 0.6 | % | ||||||||||||||||
Naked Juice LLC (dba Tropicana)(10)(22) |
First lien senior secured loan | SR + 3.25% | 1/24/2029 | 14,302 | 14,277 | 12,756 | 0.2 | % | ||||||||||||||||
Ole Smoky Distillery, LLC(9) |
First lien senior secured loan | SR + 5.25% | 3/31/2028 | 24,909 | 24,463 | 24,411 | 0.5 | % | ||||||||||||||||
Ole Smoky Distillery, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.25% | 3/31/2028 | — | (58 | ) | (66 | ) | 0.0 | % | ||||||||||||||
Pegasus BidCo B.V.(10)(21)(23) |
First lien senior secured loan | SR + 4.25% | 7/12/2029 | 5,500 | 5,448 | 5,321 | 0.1 | % | ||||||||||||||||
Shearer’s Foods, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 9/23/2027 | 39,567 | 39,566 | 37,632 | 0.7 | % | ||||||||||||||||
Sovos Brands Intermediate, Inc.(7)(22) |
First lien senior secured loan | L + 3.50% | 6/8/2028 | 10,145 | 10,137 | 9,858 | 0.2 | % | ||||||||||||||||
Ultimate Baked Goods Midco, LLC(6) |
First lien senior secured loan | L + 6.50% | 8/13/2027 | 16,335 | 16,004 | 15,845 | 0.3 | % | ||||||||||||||||
Ultimate Baked Goods Midco, LLC(6)(17) |
First lien senior secured revolving loan | L + 6.50% | 8/13/2027 | 525 | 487 | 465 | 0.0 | % | ||||||||||||||||
633,175 | 624,620 | 616,919 | 11.6 | % | ||||||||||||||||||||
Healthcare equipment and services |
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Canadian Hospital Specialties Ltd.(12)(23) |
First lien senior secured loan | C + 4.50% | 4/14/2028 | $ | 3,258 | $ | 3,480 | $ | 3,184 | 0.1 | % | |||||||||||||
Canadian Hospital Specialties Ltd.(17)(18)(19)(23) |
First lien senior secured delayed draw term loan | C + 4.50% | 4/15/2023 | — | (6 | ) | (10 | ) | 0.0 | % | ||||||||||||||
Canadian Hospital Specialties Ltd.(12)(23) |
First lien senior secured delayed draw term loan | C + 4.50% | 4/14/2028 | 112 | 121 | 110 | 0.0 | % | ||||||||||||||||
Canadian Hospital Specialties Ltd.(12)(23) |
First lien senior secured delayed draw term loan | C + 4.50% | 4/14/2028 | 125 | 134 | 122 | 0.0 | % | ||||||||||||||||
Canadian Hospital Specialties Ltd.(12)(17)(23) |
First lien senior secured revolving loan | C + 4.50% | 4/15/2027 | 190 | 167 | 180 | 0.0 | % | ||||||||||||||||
Confluent Medical Technologies, Inc.(10) |
First lien senior secured loan | SR + 3.75% | 2/16/2029 | 24,975 | 24,863 | 23,664 | 0.5 | % | ||||||||||||||||
Confluent Medical Technologies, Inc.(10) |
Second lien senior secured loan | SR + 6.50% | 2/18/2030 | 46,000 | 45,154 | 43,585 | 0.8 | % | ||||||||||||||||
Dermatology Intermediate Holdings III, Inc(9)(21) |
First lien senior secured loan | SR + 4.25% | 4/2/2029 | 13,103 | 12,864 | 12,841 | 0.2 | % | ||||||||||||||||
Dermatology Intermediate Holdings III, Inc(9)(17)(19) |
First lien senior secured delayed draw term loan | SR + 4.25% | 4/1/2024 | 2,219 | 2,155 | 2,175 | 0.0 | % | ||||||||||||||||
CSC MKG Topco LLC. (dba Medical Knowledge Group)(6) |
First lien senior secured loan | L + 5.75% | 2/1/2029 | 97,711 | 95,958 | 95,513 | 1.8 | % | ||||||||||||||||
CSC MKG Topco LLC. (dba Medical Knowledge Group)(10) |
First lien senior secured loan | SR + 5.75% | 2/1/2029 | 3,085 | 2,989 | 3,015 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
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Medline Borrower, LP(6)(22) |
First lien senior secured loan | L + 3.25% | 10/23/2028 | 24,813 | 24,709 | 23,547 | 0.4 | % | ||||||||||||||||
Medline Borrower, LP(6)(17)(18) |
First lien senior secured revolving loan | L + 3.25% | 10/21/2026 | — | (34 | ) | (136 | ) | 0.0 | % | ||||||||||||||
Natus Medical Inc.(10)(21) |
First lien senior secured loan | SR + 5.50% | 7/20/2029 | 500 | 467 | 468 | 0.0 | % | ||||||||||||||||
Packaging Coordinators Midco, Inc.(7) |
Second lien senior secured loan | L + 7.00% | 12/13/2029 | 53,918 | 52,397 | 50,953 | 1.0 | % | ||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(23) |
First lien senior secured loan | SR + 6.75% | 1/31/2028 | 50,902 | 50,237 | 50,266 | 0.9 | % | ||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(10)(17)(23) |
First lien senior secured revolving loan | SR + 6.75% | 1/29/2026 | 19 | 18 | 18 | 0.0 | % | ||||||||||||||||
Rhea Parent, Inc.(10) |
First lien senior secured loan | SR + 5.75% | 2/19/2029 | 77,379 | 75,982 | 75,638 | 1.4 | % | ||||||||||||||||
398,309 | 391,655 | 385,133 | 7.2 | % | ||||||||||||||||||||
Healthcare providers and services |
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Covetrus, Inc.(10)(22) |
First lien senior secured loan | SR + 5.00% | 10/13/2029 | $ | 7,490 | $ | 7,052 | $ | 6,999 | 0.1 | % | |||||||||||||
Covetrus Inc.(10) |
Second lien senior secured loan | SR + 9.25% | 10/13/2030 | 160,000 | 156,786 | 156,736 | 3.0 | % | ||||||||||||||||
Ex Vivo Parent Inc. (dba OB Hospitalist)(7) |
First lien senior secured loan | L + 9.50% | 9/27/2028 | 30,503 | 29,972 | 29,816 | 0.6 | % | ||||||||||||||||
Engage Debtco Limited(10)(23) |
First lien senior secured loan | SR + 5.75% | 7/13/2029 | 60,833 | 59,389 | 59,464 | 1.1 | % | ||||||||||||||||
Engage Debtco Limited(9)(23) |
First lien senior secured loan | SR + 7.25% | 7/12/2029 | 30,367 | 29,456 | 30,139 | 0.6 | % | ||||||||||||||||
Engage Debtco Limited(10)(23) |
First lien senior secured delayed draw term loan | SR + 5.75% | 7/13/2029 | 19,750 | 19,285 | 19,306 | 0.4 | % | ||||||||||||||||
MJH Healthcare Holdings, LLC(9)(21) |
First lien senior secured loan | SR + 3.50% | 1/28/2029 | 19,850 | 19,779 | 19,056 | 0.4 | % | ||||||||||||||||
Natural Partners, LLC(8)(23) |
First lien senior secured loan | L + 6.00% | 11/29/2027 | 68,679 | 67,476 | 67,306 | 1.3 | % | ||||||||||||||||
Natural Partners, LLC(8)(17)(18)(23) |
First lien senior secured revolving loan | L + 6.00% | 11/29/2027 | — | (87 | ) | (101 | ) | 0.0 | % | ||||||||||||||
OB Hospitalist Group, Inc.(7) |
First lien senior secured loan | L + 5.50% | 9/27/2027 | 61,193 | 60,186 | 60,429 | 1.2 | % | ||||||||||||||||
OB Hospitalist Group, Inc.(7)(17) |
First lien senior secured revolving loan | L + 5.50% | 9/27/2027 | 2,771 | 2,645 | 2,671 | 0.1 | % | ||||||||||||||||
Pacific BidCo Inc.(10)(23) |
First lien senior secured loan | SR + 5.75% | 8/13/2029 | 161,148 | 157,289 | 157,522 | 3.0 | % | ||||||||||||||||
Pacific BidCo Inc.(10)(17)(18)(19)(23) |
First lien senior secured delayed draw term loan | SR + 5.25% | 8/11/2025 | — | (211 | ) | (179 | ) | 0.0 | % | ||||||||||||||
Parexel International, Inc. (dba Parexel)(6)(22) |
First lien senior secured loan | L + 3.25% | 11/15/2028 | 19,850 | 19,764 | 19,084 | 0.4 | % | ||||||||||||||||
Parexel International, Inc. (dba Parexel)(6) |
Second lien senior secured loan | L + 6.50% | 11/15/2029 | 140,000 | 138,699 | 137,200 | 2.6 | % | ||||||||||||||||
Physician Partners, LLC(9)(22) |
First lien senior secured loan | SR + 4.00% | 12/23/2028 | 12,878 | 12,763 | 12,240 | 0.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Plasma Buyer LLC (dba Pathgroup)(9) |
First lien senior secured loan | SR + 5.75% | 5/14/2029 | 109,857 | 107,814 | 107,934 | 2.1 | % | ||||||||||||||||
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 5/13/2024 | — | (259 | ) | (214 | ) | 0.0 | % | ||||||||||||||
Plasma Buyer LLC (dba Pathgroup)(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 5/12/2028 | — | (219 | ) | (214 | ) | 0.0 | % | ||||||||||||||
Pediatric Associates Holding Company, LLC(6)(21) |
First lien senior secured loan | L + 3.25% | 12/29/2028 | 19,850 | 19,774 | 18,808 | 0.4 | % | ||||||||||||||||
Pediatric Associates Holding Company, LLC(6)(17)(19) |
First lien senior secured delayed draw term loan | L + 3.25% | 2/11/2024 | 1,763 | 1,758 | 1,586 | 0.0 | % | ||||||||||||||||
PPV Intermediate Holdings, LLC(10) |
First lien senior secured loan | SR + 5.75% | 8/31/2029 | 144,149 | 141,541 | 141,266 | 2.7 | % | ||||||||||||||||
PPV Intermediate Holdings, LLC(10)(17) |
First lien senior secured revolving loan | SR + 5.75% | 8/31/2029 | 3,201 | 2,975 | 2,964 | 0.1 | % | ||||||||||||||||
PPV Intermediate Holdings, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 9/2/2024 | — | (235 | ) | (192 | ) | 0.0 | % | ||||||||||||||
TC Holdings, LLC (dba TrialCard)(10) |
First lien senior secured loan | SR + 5.00% | 4/14/2027 | 64,408 | 63,844 | 64,247 | 1.2 | % | ||||||||||||||||
TC Holdings, LLC (dba TrialCard)(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.00% | 4/14/2027 | — | (67 | ) | (19 | ) | 0.0 | % | ||||||||||||||
Tivity Health, Inc(10) |
First lien senior secured loan | SR + 6.00% | 6/28/2029 | 151,620 | 148,052 | 149,346 | 2.8 | % | ||||||||||||||||
Unified Women’s Healthcare, LP(9) |
First lien senior secured loan | SR + 5.25% | 6/18/2029 | 80,664 | 80,094 | 80,664 | 1.5 | % | ||||||||||||||||
Unified Women’s Healthcare, LP(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.25% | 6/17/2024 | — | (21 | ) | — | 0.0 | % | |||||||||||||||
Unified Women’s Healthcare, LP(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.50% | 6/18/2029 | — | (56 | ) | — | 0.0 | % | |||||||||||||||
Quva Pharma, Inc. (7) |
First lien senior secured loan | L + 5.50% | 4/12/2028 | 4,489 | 4,381 | 4,399 | 0.1 | % | ||||||||||||||||
Quva Pharma, Inc. (7)(17) |
First lien senior secured revolving loan | L + 5.50% | 4/10/2026 | 218 | 209 | 209 | 0.0 | % | ||||||||||||||||
WP CityMD Bidco LLC(6)(21)(22) |
First lien senior secured loan | L + 3.25% | 12/22/2028 | 19,294 | 19,245 | 19,247 | 0.4 | % | ||||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(6) |
First lien senior secured loan | L + 5.50% | 3/17/2025 | 120,215 | 120,215 | 119,012 | 2.3 | % | ||||||||||||||||
Vermont Aus Pty Ltd.(10)(23) |
First lien senior secured loan | SR + 5.50% | 3/22/2028 | 54,091 | 52,885 | 52,739 | 1.0 | % | ||||||||||||||||
1,569,131 | 1,542,173 | 1,539,470 | 29.6 | % | ||||||||||||||||||||
Healthcare technology |
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Athenahealth Group Inc.(9)(22) |
First lien senior secured loan | SR + 3.50% | 2/15/2029 | $ | 29,634 | $ | 29,215 | $ | 26,683 | 0.5 | % | |||||||||||||
Athenahealth Group Inc.(9)(17)(18)(19)(22) |
First lien senior secured delayed draw term loan | SR + 3.50% | 8/15/2023 | — | (34 | ) | (344 | ) | 0.0 | % | ||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(7) |
First lien senior secured loan | L + 5.75% | 8/23/2028 | 53,767 | 53,044 | 52,557 | 1.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 8/23/2023 | — | (189 | ) | (349 | ) | 0.0 | % | ||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(7)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 8/21/2026 | — | (54 | ) | (105 | ) | 0.0 | % | ||||||||||||||
Color Intermediate, LLC(10) |
First lien senior secured loan | SR + 5.50% | 10/4/2029 | 9,234 | 9,054 | 9,050 | 0.2 | % | ||||||||||||||||
IMO Investor Holdings, Inc.(11) |
First lien senior secured loan | SR + 6.00% | 5/11/2029 | 20,794 | 20,407 | 20,534 | 0.4 | % | ||||||||||||||||
IMO Investor Holdings, Inc.(11)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 5/13/2024 | — | (45 | ) | (12 | ) | 0.0 | % | ||||||||||||||
IMO Investor Holdings, Inc.(11)(17) |
First lien senior secured revolving loan | SR + 6.00% | 5/11/2028 | 472 | 427 | 440 | 0.0 | % | ||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(10) |
First lien senior secured loan | SR + 7.00% | 12/24/2026 | 75,948 | 75,530 | 75,378 | 1.4 | % | ||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(7)(17) |
First lien senior secured revolving loan | L + 7.00% | 12/26/2024 | 1,739 | 1,724 | 1,713 | 0.0 | % | ||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(10) |
First lien senior secured loan | SR + 6.00% | 10/30/2028 | 20,817 | 20,457 | 20,296 | 0.4 | % | ||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 3/1/2024 | 2,394 | 2,283 | 2,220 | 0.0 | % | ||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(17) |
First lien senior secured revolving loan | SR + 6.00% | 10/29/2027 | 167 | 140 | 125 | 0.0 | % | ||||||||||||||||
Imprivata, Inc.(9)(22) |
First lien senior secured loan | SR + 4.25% | 12/1/2027 | 10,556 | 10,264 | 10,160 | 0.2 | % | ||||||||||||||||
Imprivata, Inc.(9) |
Second lien senior secured loan | SR + 6.25% | 12/1/2028 | 50,294 | 49,791 | 49,036 | 0.9 | % | ||||||||||||||||
Ocala Bidco, Inc.(7) |
First lien senior secured loan | L + 6.25% (incl. 2.75% PIK) |
11/24/2028 | 81,511 | 79,789 | 79,473 | 1.5 | % | ||||||||||||||||
Ocala Bidco, Inc.(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 3.50% | 5/24/2024 | — | (89 | ) | (106 | ) | 0.0 | % | ||||||||||||||
Ocala Bidco, Inc.(7) |
Second lien senior secured loan | L + 10.50% PIK | 11/25/2033 | 42,611 | 41,889 | 41,972 | 0.8 | % | ||||||||||||||||
Intelerad Medical Systems Inc.(10)(23) |
First lien senior secured loan | SR + 6.50% | 8/21/2026 | 30,081 | 29,779 | 29,930 | 0.6 | % | ||||||||||||||||
Intelerad Medical Systems Inc.(9)(23) |
First lien senior secured revolving loan | SR + 6.50% | 8/21/2026 | 1,145 | 1,145 | 1,139 | 0.0 | % | ||||||||||||||||
PointClickCare Technologies Inc.(10)(23) |
First lien senior secured loan | SR + 4.00% | 12/29/2027 | 19,850 | 19,587 | 19,503 | 0.4 | % | ||||||||||||||||
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(22) |
First lien senior secured loan | L + 3.25% | 3/10/2028 | 14,396 | 13,922 | 13,581 | 0.3 | % | ||||||||||||||||
465,410 | 458,036 | 452,874 | 8.6 | % | ||||||||||||||||||||
Household products |
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Aptive Environmental, LLC(16) |
First lien senior secured loan | 12.00% (incl. 6.00% PIK) |
1/23/2026 | $ | 8,559 | $ | 7,179 | $ | 7,703 | 0.1 | % | |||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(9) |
First lien senior secured loan | SR + 5.75% | 4/26/2029 | 75,902 | 74,499 | 75,143 | 1.4 | % | ||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 4/26/2024 | 11,760 | 11,285 | 11,642 | 0.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
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Mario Purchaser, LLC (dba Len the Plumber)(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 4/26/2028 | — | (142 | ) | (80 | ) | 0.0 | % | ||||||||||||||
Mario Midco Holdings, Inc. (dba Len the Plumber)(9) |
Unsecured facility | SR + 10.75% PIK | 4/26/2032 | 23,752 | 23,124 | 23,396 | 0.4 | % | ||||||||||||||||
Simplisafe Holding Corporation(9) |
First lien senior secured loan | SR + 6.25% | 5/2/2028 | 127,753 | 125,429 | 126,156 | 2.4 | % | ||||||||||||||||
Simplisafe Holding Corporation(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.25% | 5/2/2024 | — | (143 | ) | (40 | ) | 0.0 | % | ||||||||||||||
Southern Air & Heat Holdings, LLC(7) |
First lien senior secured loan | L + 4.50% | 10/1/2027 | 1,079 | 1,066 | 1,060 | 0.0 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(8)(17)(19) |
First lien senior secured delayed draw term loan | L + 4.50% | 10/1/2023 | 810 | 797 | 791 | 0.0 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(7)(17) |
First lien senior secured revolving loan | L + 4.50% | 10/1/2027 | 79 | 76 | 74 | 0.0 | % | ||||||||||||||||
Walker Edison Furniture Company LLC(7)(32) |
First lien senior secured loan | L + 8.75% (incl. 3.00% PIK) |
3/31/2027 | 10,199 | 9,867 | 5,214 | 0.1 | % | ||||||||||||||||
259,893 | 253,037 | 251,059 | 4.6 | % | ||||||||||||||||||||
Human resource support services |
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Cornerstone OnDemand, Inc.(6)(21) |
First lien senior secured loan | L + 3.75% | 10/16/2028 | $ | 19,850 | $ | 19,765 | $ | 18,858 | 0.4 | % | |||||||||||||
Cornerstone OnDemand, Inc.(6) |
Second lien senior secured loan | L + 6.50% | 10/15/2029 | 44,583 | 43,991 | 42,800 | 0.8 | % | ||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(6) |
First lien senior secured loan | L + 6.00% | 9/22/2028 | 48,031 | 47,231 | 47,431 | 0.9 | % | ||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(6)(17) |
First lien senior secured revolving loan | L + 6.00% | 9/22/2027 | 1,445 | 1,388 | 1,400 | 0.0 | % | ||||||||||||||||
113,909 | 112,375 | 110,489 | 2.1 | % | ||||||||||||||||||||
Infrastructure and environmental services |
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Aegion Corp.(6)(21) |
First lien senior secured loan | L + 4.75% | 5/17/2028 | $ | 4,937 | $ | 4,918 | $ | 4,617 | 0.1 | % | |||||||||||||
The Goldfield Corp.(9) |
First lien senior secured loan | SR + 6.25% | 12/30/2026 | 995 | 977 | 983 | 0.0 | % | ||||||||||||||||
Osmose Utilities Services, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.25% | 6/23/2028 | 14,799 | 14,766 | 14,022 | 0.3 | % | ||||||||||||||||
USIC Holdings, Inc.(6)(21)(22) |
First lien senior secured loan | L + 3.50% | 5/12/2028 | 4,938 | 4,918 | 4,704 | 0.1 | % | ||||||||||||||||
USIC Holdings, Inc.(6)(21) |
Second lien senior secured loan | L + 6.50% | 5/14/2029 | 39,691 | 39,481 | 36,913 | 0.7 | % | ||||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(11) |
First lien senior secured loan | SR + 5.75% | 3/13/2028 | 32,447 | 31,869 | 31,798 | 0.6 | % | ||||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(9)(17) |
First lien senior secured revolving loan | SR + 5.75% | 3/13/2028 | 949 | 856 | 842 | 0.0 | % | ||||||||||||||||
98,756 | 97,785 | 93,879 | 1.8 | % | ||||||||||||||||||||
Insurance |
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Acrisure, LLC(10)(22) |
First lien senior secured loan | SR + 5.75% | 2/15/2027 | $ | 12,500 | $ | 11,892 | $ | 12,375 | 0.2 | % | |||||||||||||
Acrisure, LLC(6)(22) |
First lien senior secured loan | L + 3.50% | 2/15/2027 | 8,728 | 8,226 | 8,182 | 0.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Acrisure, LLC(6)(22) |
First lien senior secured loan | L + 4.25% | 2/15/2027 | 1,995 | 1,936 | 1,930 | 0.0 | % | ||||||||||||||||
Acrisure, LLC(10)(22) |
First lien senior secured loan | SR + 3.75% | 2/12/2027 | 1,995 | 1,906 | 1,890 | 0.0 | % | ||||||||||||||||
Alera Group, Inc.(9) |
First lien senior secured loan | SR + 6.00% | 10/2/2028 | 149,990 | 147,175 | 148,864 | 2.8 | % | ||||||||||||||||
AmeriLife Holdings LLC(10) |
First lien senior secured loan | SR + 5.75% | 8/31/2029 | 130,182 | 127,670 | 127,904 | 2.4 | % | ||||||||||||||||
AmeriLife Holdings LLC(10)(17)(18) |
First lien senior secured revolving loan | SR + 5.75% | 8/31/2028 | — | (307 | ) | (285 | ) | 0.0 | % | ||||||||||||||
AmeriLife Holdings LLC(11)(17)(19) |
First lien senior secured delayed draw term loan | SR + 5.75% | 9/2/2024 | 21,697 | 21,177 | 21,236 | 0.4 | % | ||||||||||||||||
AssuredPartners, Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 2/12/2027 | 7,880 | 7,880 | 7,624 | 0.1 | % | ||||||||||||||||
AssuredPartners, Inc.(9)(22) |
First lien senior secured loan | SR + 3.50% | 2/12/2027 | 24,813 | 24,760 | 24,068 | 0.5 | % | ||||||||||||||||
AssuredPartners, Inc.(9)(22) |
First lien senior secured loan | SR + 4.25% | 2/12/2027 | 4,988 | 4,818 | 4,875 | 0.1 | % | ||||||||||||||||
Asurion, LLC(6)(22) |
First lien senior secured loan | L + 3.00% | 11/3/2024 | 21,295 | 20,601 | 20,657 | 0.4 | % | ||||||||||||||||
Asurion, LLC(6)(22) |
Second lien senior secured loan | L + 5.25% | 1/22/2029 | 154,017 | 150,387 | 119,040 | 2.3 | % | ||||||||||||||||
Brightway Holdings, LLC(6) |
First lien senior secured loan | L + 6.50% | 12/16/2027 | 17,761 | 17,570 | 17,405 | 0.3 | % | ||||||||||||||||
Brightway Holdings, LLC(6)(17)(18) |
First lien senior secured revolving loan | L + 6.50% | 12/16/2027 | — | (22 | ) | (42 | ) | 0.0 | % | ||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(10) |
First lien senior secured loan | SR + 6.25% | 4/28/2028 | 26,336 | 26,094 | 25,941 | 0.4 | % | ||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 12/23/2023 | 1,400 | 1,400 | 1,386 | 0.0 | % | ||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 4/30/2027 | — | (7 | ) | (10 | ) | 0.0 | % | ||||||||||||||
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(23) |
First lien senior secured loan | SR + 5.25% | 11/12/2027 | 38,177 | 37,436 | 37,414 | 0.7 | % | ||||||||||||||||
Hyperion Refinance S.a.r.l (dba Howden Group)(9)(17)(19)(23) |
First lien senior secured delayed draw term loan | SR + 5.25% | 4/14/2023 | — | — | — | 0.0 | % | ||||||||||||||||
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8) |
First lien senior secured loan | L + 9.50% PIK | 7/24/2028 | 13,670 | 13,460 | 13,499 | 0.3 | % | ||||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.25% | 6/22/2024 | — | (80 | ) | — | 0.0 | % | |||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8) |
First lien senior secured loan | L + 6.00% | 11/1/2028 | 133,649 | 132,347 | 133,316 | 2.5 | % | ||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(11)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.00% | 12/15/2023 | 60,469 | 59,959 | 60,317 | 1.1 | % | ||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(8)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 11/1/2027 | — | (21 | ) | (6 | ) | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
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PCF Midco II, LLC (dba PCF Insurance Services)(16) |
First lien senior secured loan | 9.00% PIK | 10/31/2031 | 49,242 | 45,330 | 44,318 | 0.8 | % | ||||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(7) |
First lien senior secured loan | L + 5.50% | 8/28/2028 | 36,159 | 35,548 | 35,255 | 0.7 | % | ||||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(7)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 8/28/2023 | — | (83 | ) | (155 | ) | 0.0 | % | ||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(15)(17) |
First lien senior secured revolving loan | P + 4.50% | 8/26/2027 | 413 | 333 | 284 | 0.0 | % | ||||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(7) |
First lien senior secured loan | L + 5.50% | 7/23/2027 | 14,904 | 14,666 | 14,606 | 0.3 | % | ||||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(15)(17)(18) |
First lien senior secured revolving loan | P + 5.50% | 7/23/2027 | — | (17 | ) | (22 | ) | 0.0 | % | ||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6) |
First lien senior secured loan | L + 5.25% | 12/22/2028 | 32,703 | 32,285 | 32,436 | 0.6 | % | ||||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(17)(18) |
First lien senior secured revolving loan | L + 5.25% | 12/22/2027 | — | (42 | ) | (34 | ) | 0.0 | % | ||||||||||||||
964,963 | 944,277 | 914,268 | 17.1 | % | ||||||||||||||||||||
Internet software and services |
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Anaplan, Inc.(9) |
First lien senior secured loan | SR + 6.50% | 6/21/2029 | $ | 229,639 | $ | 227,472 | $ | 229,065 | 4.4 | % | |||||||||||||
Anaplan, Inc.(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 6/21/2028 | — | (151 | ) | (41 | ) | 0.0 | % | ||||||||||||||
Appfire Technologies, LLC(10) |
First lien senior secured loan | SR + 5.50% | 3/9/2027 | 1,996 | 1,983 | 1,981 | 0.0 | % | ||||||||||||||||
Appfire Technologies, LLC(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 5.50% | 6/14/2024 | — | (122 | ) | — | 0.0 | % | |||||||||||||||
Appfire Technologies, LLC(10)(17) |
First lien senior secured revolving loan | SR + 5.50% | 3/9/2027 | 93 | 72 | 81 | 0.0 | % | ||||||||||||||||
Avalara, Inc.(10) |
First lien senior secured loan | SR + 7.25% | 10/19/2028 | 70,455 | 69,424 | 69,398 | 1.3 | % | ||||||||||||||||
Avalara, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 7.25% | 10/19/2028 | — | (102 | ) | (106 | ) | 0.0 | % | ||||||||||||||
Armstrong Bidco Limited (dba The Access Group)(14)(23) |
First lien senior secured loan | SA + 5.25% | 6/28/2029 | 31,962 | 31,917 | 31,562 | 0.6 | % | ||||||||||||||||
Armstrong Bidco Limited (dba The Access Group)(14)(17)(19)(23) |
First lien senior secured delayed draw term loan | SA + 5.25% | 6/30/2025 | 12,942 | 12,914 | 12,780 | 0.2 | % | ||||||||||||||||
Barracuda Parent, LLC(10)(22) |
First lien senior secured loan | SR + 4.50% | 8/15/2029 | 24,400 | 23,699 | 23,485 | 0.4 | % | ||||||||||||||||
Barracuda Parent, LLC(10) |
Second lien senior secured loan | SR + 7.00% | 8/15/2030 | 93,250 | 90,535 | 89,054 | 1.7 | % | ||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(6) |
First lien senior secured loan | L + 7.75% PIK | 10/2/2028 | 21,395 | 21,023 | 20,967 | 0.4 | % | ||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(6)(17) |
First lien senior secured revolving loan | L + 6.75% | 10/1/2027 | 532 | 503 | 500 | 0.0 | % | ||||||||||||||||
BCPE Nucleon (DE) SPV, LP(8)(23) |
First lien senior secured loan | L + 7.00% | 9/24/2026 | 24,012 | 23,799 | 23,952 | 0.5 | % | ||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(10) |
First lien senior secured loan | SR + 8.00% PIK | 12/23/2026 | 1,059 | 1,050 | 1,059 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(17)(18) |
First lien senior secured revolving loan | SR + 8.00% | 12/23/2026 | — | (2 | ) | — | 0.0 | % | |||||||||||||||
BTRS Holdings Inc. (dba Billtrust)(10) |
First lien senior secured loan | SR + 8.00% | 12/15/2028 | 10,850 | 10,527 | 10,548 | 0.2 | % | ||||||||||||||||
BTRS Holdings Inc. (dba Billtrust)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 7.00% | 12/16/2024 | — | — | (26 | ) | 0.0 | % | |||||||||||||||
BTRS Holdings Inc. (dba Billtrust)(17)(18) |
First lien senior secured revolving loan | SR + 7.00% | 12/15/2028 | — | (34 | ) | (32 | ) | 0.0 | % | ||||||||||||||
CivicPlus, LLC(7) |
First lien senior secured loan | L + 6.75% (incl. 2.50% PIK) |
8/24/2027 | 27,539 | 27,299 | 27,471 | 0.6 | % | ||||||||||||||||
CivicPlus, LLC(7)(17)(18) |
First lien senior secured revolving loan | L + 6.25% | 8/24/2027 | — | (19 | ) | (6 | ) | 0.0 | % | ||||||||||||||
CP PIK Debt Issuer, LLC (dba CivicPlus, LLC)(11) |
Unsecured notes | SR + 11.75% PIK | 6/9/2034 | 14,315 | 13,930 | 14,100 | 0.3 | % | ||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(10)(22) |
First lien senior secured loan | SR + 3.75% | 12/1/2027 | 4,314 | 4,289 | 3,974 | 0.1 | % | ||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(10) |
Second lien senior secured loan | SR + 7.25% | 12/1/2028 | 49,222 | 48,964 | 45,776 | 0.9 | % | ||||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(8) |
First lien senior secured loan | L + 5.25% | 11/8/2027 | 19,399 | 19,236 | 19,399 | 0.4 | % | ||||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(8)(17)(18) |
First lien senior secured revolving loan | L + 5.75% | 11/8/2027 | — | (16 | ) | — | 0.0 | % | |||||||||||||||
GovBrands Intermediate, Inc.(7) |
First lien senior secured loan | L + 5.50% | 8/4/2027 | 8,262 | 8,097 | 7,891 | 0.2 | % | ||||||||||||||||
GovBrands Intermediate, Inc.(15)(17)(19) |
First lien senior secured delayed draw term loan | P + 4.50% | 8/4/2023 | 1,864 | 1,819 | 1,752 | 0.0 | % | ||||||||||||||||
GovBrands Intermediate, Inc.(7)(17) |
First lien senior secured revolving loan | L + 5.50% | 8/4/2027 | 793 | 776 | 753 | 0.0 | % | ||||||||||||||||
Granicus, Inc.(6) |
First lien senior secured loan | L + 5.50% | 1/29/2027 | 1,816 | 1,784 | 1,771 | 0.0 | % | ||||||||||||||||
Granicus, Inc.(6)(17) |
First lien senior secured revolving loan | L + 6.50% | 1/29/2027 | 54 | 51 | 50 | 0.0 | % | ||||||||||||||||
Granicus, Inc.(6) |
First lien senior secured delayed draw term loan | L + 6.00% | 1/29/2027 | 343 | 338 | 334 | 0.0 | % | ||||||||||||||||
Grayshift, LLC(9) |
First lien senior secured loan | SR + 7.50% | 7/6/2028 | 22,468 | 22,257 | 22,299 | 0.4 | % | ||||||||||||||||
Grayshift, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 7.50% | 7/6/2028 | — | (22 | ) | (18 | ) | 0.0 | % | ||||||||||||||
GS Acquisitionco, Inc. (dba insightsoftware)(7) |
First lien senior secured loan | L + 5.75% | 5/22/2026 | 8,994 | 8,959 | 8,949 | 0.2 | % | ||||||||||||||||
Help/Systems Holdings, Inc.(10)(22) |
First lien senior secured loan | SR + 4.00% | 11/19/2026 | 64,534 | 64,244 | 57,919 | 1.1 | % | ||||||||||||||||
Help/Systems Holdings, Inc.(10) |
Second lien senior secured loan | SR + 6.75% | 11/19/2027 | 25,000 | 24,753 | 22,500 | 0.4 | % | ||||||||||||||||
Hyland Software, Inc.(6)(22) |
First lien senior secured loan | L + 3.50% | 7/1/2024 | 23,656 | 23,442 | 23,308 | 0.4 | % | ||||||||||||||||
Hyland Software, Inc.(6) |
Second lien senior secured loan | L + 6.25% | 7/7/2025 | 60,517 | 60,275 | 57,188 | 1.1 | % | ||||||||||||||||
Ivanti Software, Inc.(7) |
Second lien senior secured loan | L + 7.25% | 12/1/2028 | 19,000 | 18,916 | 14,250 | 0.3 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
MessageBird BidCo B.V.(6)(23) |
First lien senior secured loan | L + 6.75% | 5/5/2027 | 5,000 | 4,915 | 4,888 | 0.1 | % | ||||||||||||||||
Ministry Brands Holdings, LLC.(6) |
First lien senior secured loan | L + 5.50% | 12/29/2028 | 49,064 | 48,195 | 47,838 | 0.9 | % | ||||||||||||||||
Ministry Brands Holdings, LLC.(6)(17)(18)(19) |
First lien senior secured delayed draw term loan | L + 5.50% | 12/27/2023 | — | (135 | ) | (237 | ) | 0.0 | % | ||||||||||||||
Ministry Brands Holdings, LLC.(6)(17) |
First lien senior secured revolving loan | L + 5.50% | 12/30/2027 | 2,373 | 2,294 | 2,254 | 0.0 | % | ||||||||||||||||
Mitnick Corporate Purchaser, Inc.(9)(17)(21) |
First lien senior secured revolving loan | SR + 3.50% | 5/3/2027 | 663 | 669 | 663 | 0.0 | % | ||||||||||||||||
QAD Inc.(6) |
First lien senior secured loan | L + 6.00% | 11/5/2027 | 46,151 | 45,375 | 44,997 | 0.9 | % | ||||||||||||||||
QAD Inc.(6)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 11/5/2027 | — | (97 | ) | (150 | ) | 0.0 | % | ||||||||||||||
Perforce Software, Inc.(9) |
First lien senior secured loan | SR + 4.50% | 7/1/2026 | 14,925 | 14,602 | 14,701 | 0.3 | % | ||||||||||||||||
Proofpoint, Inc.(7)(22) |
First lien senior secured loan | L + 3.25% | 8/31/2028 | 3,232 | 3,122 | 3,101 | 0.1 | % | ||||||||||||||||
Proofpoint, Inc.(7) |
Second lien senior secured loan | L + 6.25% | 8/31/2029 | 7,500 | 7,467 | 7,181 | 0.1 | % | ||||||||||||||||
Sailpoint Technologies Holdings, Inc.(9) |
First lien senior secured loan | SR + 6.25% | 8/16/2029 | 59,880 | 58,663 | 58,682 | 1.1 | % | ||||||||||||||||
Sailpoint Technologies Holdings, Inc.(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.25% | 8/16/2028 | — | (107 | ) | (114 | ) | 0.0 | % | ||||||||||||||
Securonix, Inc.(10) |
First lien senior secured loan | SR + 6.50% | 4/5/2028 | 29,661 | 29,394 | 29,364 | 0.6 | % | ||||||||||||||||
Securonix, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 4/5/2028 | — | (47 | ) | (53 | ) | 0.0 | % | ||||||||||||||
Sophos Holdings, LLC(7)(22)(23) |
First lien senior secured loan | L + 3.50% | 3/5/2027 | 20,134 | 20,078 | 19,480 | 0.4 | % | ||||||||||||||||
Tahoe Finco, LLC(6)(23) |
First lien senior secured loan | L + 6.00% | 9/29/2028 | 83,721 | 83,003 | 82,256 | 1.6 | % | ||||||||||||||||
Tahoe Finco, LLC(6)(17)(18)(23) |
First lien senior secured revolving loan | L + 6.00% | 10/1/2027 | — | (50 | ) | (110 | ) | 0.0 | % | ||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7) |
First lien senior secured loan | L + 5.75% | 6/30/2028 | 11,942 | 11,844 | 11,703 | 0.1 | % | ||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17) |
First lien senior secured revolving loan | L + 5.75% | 6/30/2027 | 245 | 240 | 231 | 0.0 | % | ||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 8/17/2023 | 731 | 724 | 704 | 0.0 | % | ||||||||||||||||
When I Work, Inc.(7) |
First lien senior secured loan | L + 7.00% PIK | 11/2/2027 | 23,410 | 23,223 | 22,942 | 0.4 | % | ||||||||||||||||
Zendesk, Inc.(10) |
First lien senior secured loan | SR + 6.50% | 11/22/2028 | 120,319 | 117,945 | 117,311 | 2.2 | % | ||||||||||||||||
Zendesk, Inc.(10)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 11/22/2024 | — | (1,098 | ) | (451 | ) | 0.0 | % | ||||||||||||||
Zendesk, Inc.(10)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 11/22/2028 | — | (243 | ) | (310 | ) | 0.0 | % | ||||||||||||||
When I Work, Inc.(7)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 11/2/2027 | — | (34 | ) | (83 | ) | 0.0 | % | ||||||||||||||
1,353,626 | 1,333,821 | 1,310,675 | 24.9 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||||
Troon Golf, L.L.C.(8) |
First lien senior secured loan | L + 5.75% | 8/5/2027 | $ | 93,412 | $ | 93,037 | $ | 93,412 | 1.8 | % | |||||||||||||
Troon Golf, L.L.C.(8)(17)(18) |
First lien senior secured revolving loan | L + 6.00% | 8/5/2026 | — | (26 | ) | — | 0.0 | % | |||||||||||||||
Troon Golf, L.L.C.(7)(17)(19) |
First lien senior secured delayed draw term loan | L + 5.75% | 5/2/2024 | 39,850 | 39,275 | 39,850 | 0.8 | % | ||||||||||||||||
133,262 | 132,286 | 133,262 | 2.6 | % | ||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||
ACR Group Borrower, LLC(7) |
First lien senior secured loan | L + 4.50% | 3/31/2028 | $ | 4,063 | $ | 4,016 | $ | 3,972 | 0.1 | % | |||||||||||||
ACR Group Borrower, LLC(10) |
First lien senior secured loan | SR + 6.00% | 3/31/2028 | 873 | 861 | 866 | 0.0 | % | ||||||||||||||||
ACR Group Borrower, LLC(7)(17) |
First lien senior secured revolving loan | L + 4.50% | 3/31/2026 | 337 | 329 | 318 | 0.0 | % | ||||||||||||||||
BCPE Watson (DE) ORML, LP(11)(23)(27) |
First lien senior secured loan | SR + 6.50% | 7/3/2028 | 101,500 | 100,550 | 100,485 | 1.9 | % | ||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(22) |
First lien senior secured loan | L + 3.75% | 5/19/2028 | 4,950 | 4,930 | 4,783 | 0.1 | % | ||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7)(21) |
Second lien senior secured loan | L + 6.50% | 5/21/2029 | 37,181 | 37,026 | 36,902 | 0.7 | % | ||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(7) |
Second lien senior secured loan | L + 6.00% | 5/21/2029 | 19,160 | 19,115 | 18,921 | 0.4 | % | ||||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) |
First lien senior secured loan | L + 4.00% | 12/29/2027 | 18,775 | 18,433 | 18,634 | 0.4 | % | ||||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products)(6) |
Second lien senior secured loan | L + 8.25% | 12/29/2028 | 11,728 | 11,457 | 11,553 | 0.2 | % | ||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11) |
First lien senior secured loan | SR + 6.00% | 7/21/2027 | 87,049 | 86,306 | 86,177 | 1.7 | % | ||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11) |
First lien senior secured loan | SR + 6.25% | 7/21/2027 | 12,968 | 12,722 | 12,870 | 0.2 | % | ||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(11)(17) |
First lien senior secured revolving loan | SR + 6.00% | 7/21/2027 | 500 | 473 | 464 | 0.0 | % | ||||||||||||||||
Pro Mach Group, Inc.(6)(22) |
First lien senior secured loan | L + 4.00% | 8/31/2028 | 30,628 | 30,462 | 29,740 | 0.6 | % | ||||||||||||||||
329,712 | 326,680 | 325,685 | 6.3 | % | ||||||||||||||||||||
Professional Services |
||||||||||||||||||||||||
Apex Group Treasury, LLC(9)(23) |
First lien senior secured loan | SR + 5.00% | 7/27/2028 | $ | 25,000 | $ | 23,509 | $ | 24,000 | 0.5 | % | |||||||||||||
Apex Group Treasury, LLC(7)(23) |
Second lien senior secured loan | L + 6.75% | 7/27/2029 | 11,618 | 11,444 | 11,037 | 0.2 | % | ||||||||||||||||
Apex Service Partners, LLC(11) |
First lien senior secured delayed draw term loan | SR + 5.50% | 7/31/2025 | 91,701 | 90,581 | 91,013 | 1.7 | % | ||||||||||||||||
Apex Service Partners, LLC(11)(17) |
First lien senior secured revolving loan | SR + 5.25% | 7/31/2025 | 2,875 | 2,821 | 2,841 | 0.1 | % | ||||||||||||||||
Apex Service Partners Intermediate 2, LLC(16) |
First lien senior secured loan | 12.50% PIK | 7/22/2027 | 5,120 | 5,003 | 5,017 | 0.1 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Corporation Service Company(9)(21)(22) |
First lien senior secured loan | SR + 3.25% | 11/2/2029 | 3,000 | 2,914 | 2,963 | 0.1 | % | ||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(10)(21)(23) |
First lien senior secured loan | SR + 4.25% | 6/22/2029 | 27,948 | 27,916 | 27,388 | 0.5 | % | ||||||||||||||||
Guidehouse Inc.(6) |
First lien senior secured loan | L + 6.25% | 10/16/2028 | 106,731 | 105,657 | 105,664 | 2.0 | % | ||||||||||||||||
Relativity ODA LLC(6) |
First lien senior secured loan | L + 7.75% PIK | 5/12/2027 | 4,984 | 4,933 | 4,972 | 0.1 | % | ||||||||||||||||
Relativity ODA LLC(6)(17)(18) |
First lien senior secured revolving loan | L + 6.50% | 5/12/2027 | — | (5 | ) | (1 | ) | 0.0 | % | ||||||||||||||
Sovos Compliance, LLC(6)(22) |
First lien senior secured loan | L + 4.50% | 8/11/2028 | 24,330 | 23,965 | 22,383 | 0.4 | % | ||||||||||||||||
Vistage Worldwide, Inc.(9)(21) |
First lien senior secured loan | SR + 5.25% | 7/13/2029 | 4,988 | 4,857 | 4,863 | 0.1 | % | ||||||||||||||||
308,295 | 303,595 | 302,140 | 5.8 | % | ||||||||||||||||||||
Specialty retail |
||||||||||||||||||||||||
Central Parent, Inc.(10)(22) |
First lien senior secured loan | SR + 4.50% | 7/6/2029 | $ | 9,400 | $ | 9,133 | $ | 9,304 | 0.2 | % | |||||||||||||
Ideal Image Development, LLC(9) |
First lien senior secured loan | SR + 6.50% | 9/1/2027 | 5,839 | 5,729 | 5,737 | 0.1 | % | ||||||||||||||||
Ideal Image Development, LLC(9)(17)(18)(19) |
First lien senior secured delayed draw term loan | SR + 6.50% | 3/1/2024 | — | (3 | ) | (2 | ) | 0.0 | % | ||||||||||||||
Ideal Image Development, LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 6.50% | 9/1/2027 | — | (17 | ) | (16 | ) | 0.0 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10) |
First lien senior secured loan | SR + 6.75% | 11/23/2027 | 60,306 | 59,536 | 60,005 | 1.1 | % | ||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10) |
First lien senior secured loan | SR + 6.75% | 11/23/2027 | 164,259 | 162,023 | 163,437 | 3.1 | % | ||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17)(19) |
First lien senior secured delayed draw term loan | SR + 6.75% | 11/23/2023 | 5,255 | 5,148 | 5,229 | 0.1 | % | ||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(10)(17) |
First lien senior secured revolving loan | SR + 6.75% | 5/24/2027 | 880 | 817 | 854 | 0.0 | % | ||||||||||||||||
Milan Laser Holdings LLC(9) |
First lien senior secured loan | SR + 5.00% | 4/27/2027 | 20,424 | 20,270 | 20,424 | 0.4 | % | ||||||||||||||||
Milan Laser Holdings LLC(9)(17)(18) |
First lien senior secured revolving loan | SR + 5.00% | 4/27/2026 | — | (12 | ) | — | 0.0 | % | |||||||||||||||
The Shade Store, LLC(10) |
First lien senior secured loan | SR + 6.00% | 10/13/2027 | 67,500 | 66,799 | 65,644 | 1.3 | % | ||||||||||||||||
The Shade Store, LLC(10) |
First lien senior secured loan | SR + 7.00% | 10/13/2026 | 10,714 | 10,411 | 10,527 | 0.2 | % | ||||||||||||||||
The Shade Store, LLC(10)(17) |
First lien senior secured revolving loan | SR + 6.00% | 10/13/2026 | 1,909 | 1,845 | 1,722 | 0.0 | % | ||||||||||||||||
346,486 | 341,679 | 342,865 | 6.5 | % | ||||||||||||||||||||
Telecommunications |
||||||||||||||||||||||||
Park Place Technologies, LLC(9)(22) |
First lien senior secured loan | SR + 5.00% | 11/10/2027 | $ | 1,145 | $ | 1,111 | $ | 1,076 | 0.0 | % | |||||||||||||
1,145 | 1,111 | 1,076 | 0.0 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Transportation |
||||||||||||||||||||||||
Motus Group, LLC(6) |
Second lien senior secured loan | L + 6.50% | 12/10/2029 | $ | 10,000 | $ | 9,910 | $ | 9,800 | 0.2 | % | |||||||||||||
Safe Fleet Holdings, LLC(9)(22) |
First lien senior secured loan | SR + 3.75% | 2/23/2029 | 26,052 | 25,451 | 25,140 | 0.5 | % | ||||||||||||||||
36,052 | 35,361 | 34,940 | 0.7 | % | ||||||||||||||||||||
Total non-controlled/non-affiliated portfolio company debt investments |
$ |
10,075,509 |
$ |
9,924,806 |
$ |
9,802,730 |
186.3 |
% | ||||||||||||||||
Equity Investments |
||||||||||||||||||||||||
Automotive |
||||||||||||||||||||||||
CD&R Value Building Partners I, L.P. (dba Belron)(23)(24)(26) |
LP Interest | N/A | N/A | 33,061 | $ | 33,108 | $ | 33,957 | 0.6 | % | ||||||||||||||
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(24) |
Series A Convertible Preferred Stock | 7.00% PIK | N/A | 12,085 | 11,781 | 11,632 | 0.2 | % | ||||||||||||||||
44,889 | 45,589 | 0.8 | % | |||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
Associations Finance, Inc.(16)(24) |
Preferred Stock | 12.00% PIK | N/A | 215,000,000 | $ | 217,148 | $ | 218,299 | 4.2 | % | ||||||||||||||
Dodge Construction Network Holdings, L.P.(10)(24) |
Series A Preferred Units | SR + 8.25% PIK | N/A | — | 3 | 3 | 0.0 | % | ||||||||||||||||
Dodge Construction Network Holdings, L.P.(24)(26) |
Class A-2 Common Units | N/A | N/A | 143,963 | 123 | 122 | 0.0 | % | ||||||||||||||||
217,274 | 218,424 | 4.2 | % | |||||||||||||||||||||
Business services |
||||||||||||||||||||||||
Denali Holding LP (dba Summit Companies)(24)(26) |
Class A Units | N/A | N/A | 686,513 | $ | 7,076 | $ | 8,837 | 0.2 | % | ||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(24)(26)(28) |
Common Units | N/A | N/A | 10,000 | 10 | 11 | 0.0 | % | ||||||||||||||||
Knockout Intermediate Holdings I Inc. (dba Kaseya)(16)(24) |
Perpetual Preferred Stock | 11.75% PIK | N/A | 53,600 | 52,327 | 52,930 | 1.0 | % | ||||||||||||||||
59,413 | 61,778 | 1.2 | % | |||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||
ASP Conair Holdings LP(24)(26) |
Class A Units | N/A | N/A | 9,286 | $ | 929 | $ | 833 | 0.0 | % | ||||||||||||||
929 | 833 | 0.0 | % | |||||||||||||||||||||
Food and beverage |
||||||||||||||||||||||||
Hissho Sushi Holdings, LLC(24)(26) |
Class A Units | N/A | N/A | 941,780 | $ | 9,418 | $ | 10,404 | 0.2 | % | ||||||||||||||
9,418 | 10,404 | 0.2 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||
Maia Aggregator, LP(24)(26) |
Class A-2 Units | N/A | N/A | 12,921,348 | $ | 12,921 | $ | 13,711 | 0.3 | % | ||||||||||||||
KPCI Holdings, L.P.(24)(26) |
Class A Units | N/A | N/A | 1,781 | 2,313 | 2,472 | 0.0 | % | ||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(23)(24) |
Class A Units | 8.00% PIK | N/A | 982 | 1,073 | 1,086 | 0.0 | % | ||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(23)(24)(26) |
Class B Units | N/A | N/A | 13,517 | 146 | 158 | 0.0 | % | ||||||||||||||||
Rhea Acquisition Holdings, LP(24)(26) |
Series A-2 Units | N/A | N/A | 11,964,286 | 11,964 | 11,964 | 0.2 | % | ||||||||||||||||
28,417 | 29,391 | 0.5 | % | |||||||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||||
KOBHG Holdings, L.P. (dba OB Hospitalist)(24)(26) |
Class A Interests | N/A | N/A | 3,520 | $ | 3,520 | $ | 3,269 | 0.1 | % | ||||||||||||||
3,520 | 3,269 | 0.1 | % | |||||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||
Minerva Holdco, Inc.(16)(24) |
Series A Preferred Stock | 10.75% PIK | N/A | 106,896 | $ | 105,050 | $ | 96,206 | 1.8 | % | ||||||||||||||
BEHP Co-Investor II, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 1,269,969 | 1,266 | 1,265 | 0.0 | % | ||||||||||||||||
Orange Blossom Parent, Inc.(24)(26) |
Common Equity | N/A | N/A | 16,667 | 1,667 | 1,667 | 0.0 | % | ||||||||||||||||
WP Irving Co-Invest, L.P.(23)(24)(26) |
Partnership Units | N/A | N/A | 1,250,000 | 1,251 | 1,250 | 0.0 | % | ||||||||||||||||
109,234 | 100,388 | 1.8 | % | |||||||||||||||||||||
Household products |
||||||||||||||||||||||||
Evology LLC(24)(26) |
Class B Units | N/A | N/A | 316 | $ | 1,512 | $ | 1,940 | 0.0 | % | ||||||||||||||
1,512 | 1,940 | 0.0 | % | |||||||||||||||||||||
Human resource support services |
||||||||||||||||||||||||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(24) |
Series A Preferred Stock | 10.50% PIK | N/A | 13,711 | $ | 13,425 | $ | 12,408 | 0.2 | % | ||||||||||||||
13,425 | 12,408 | 0.2 | % | |||||||||||||||||||||
Insurance |
||||||||||||||||||||||||
Accelerate Topco Holdings, LLC(24)(26) |
Common Units | N/A | N/A | 88,211 | $ | 2,435 | $ | 2,435 | 0.0 | % | ||||||||||||||
Evolution Parent, LP (dba SIAA)(24)(26) |
LP Interest | N/A | N/A | 2,703 | 270 | 270 | 0.0 | % | ||||||||||||||||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(24)(26) |
LP Interest | N/A | N/A | 421 | 426 | 421 | 0.0 | % | ||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services)(24)(26) |
Class A Units | N/A | N/A | 6,047,390 | 15,336 | 27,614 | 0.5 | % | ||||||||||||||||
18,467 | 30,740 | 0.5 | % |
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Internet software and services |
||||||||||||||||||||||||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(24)(26) |
Common Units | N/A | N/A | 1,729,439 | $ | 1,729 | $ | 1,701 | 0.0 | % | ||||||||||||||
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC)(23)(24)(26) |
LP Interest | N/A | N/A | — | 987 | 987 | 0.0 | % | ||||||||||||||||
Elliott Alto Co-Investor Aggregator L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 6,530 | 6,549 | 6,530 | 0.1 | % | ||||||||||||||||
Picard Holdco, Inc.(10)(24) |
Series A Preferred Stock | SR + 12.00% PIK | N/A | 53,535 | 52,016 | 51,929 | 1.0 | % | ||||||||||||||||
MessageBird Holding B.V.(23)(24)(26) |
Extended Series C Warrants | N/A | N/A | 7,980 | 49 | 6 | 0.0 | % | ||||||||||||||||
Project Alpine Co-Invest Fund, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 17,000 | 17,010 | 17,000 | 0.3 | % | ||||||||||||||||
Thunder Topco L.P. (dba Vector Solutions)(24)(26) |
Common Units | N/A | N/A | 712,884 | 713 | 704 | 0.0 | % | ||||||||||||||||
WMC Bidco, Inc. (dba West Monroe)(16)(24) |
Senior Preferred Stock | 11.25% PIK | N/A | 36,855 | 36,077 | 34,459 | 0.7 | % | ||||||||||||||||
Project Hotel California Co-Invest Fund, L.P.(23)(24)(26) |
LP Interest | N/A | N/A | 3,522 | 3,525 | 3,522 | 0.1 | % | ||||||||||||||||
BCTO WIW Holdings, Inc. (dba When I Work)(24)(26) |
Class A Common Stock | N/A | N/A | 57,000 | 5,700 | 5,134 | 0.1 | % | ||||||||||||||||
Zoro TopCo, Inc. (dba Zendesk, Inc.)(16)(24) |
Series A Preferred Stock | 12.50% PIK | N/A | 16,562 | 15,982 | 15,982 | 0.3 | % | ||||||||||||||||
Zoro TopCo, L.P. (dba Zendesk, Inc.)(24)(26) |
Class A Common Units | N/A | N/A | 1,380,129 | 13,801 | 13,801 | 0.3 | % | ||||||||||||||||
154,138 | 151,755 | 2.9 | % | |||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||
Gloves Holdings, LP (dba Protective Industrial Products)(24)(26) |
LP Interest | N/A | N/A | 1,000 | $ | 100 | $ | 118 | 0.0 | % | ||||||||||||||
100 | 118 | 0.0 | % | |||||||||||||||||||||
Total non-controlled/non-affiliated portfolio company equity investments |
$ |
660,736 |
$ |
667,037 |
12.4 |
% | ||||||||||||||||||
Total non-controlled/non-affiliated portfolio company investments |
$ |
10,585,542 |
$ |
10,469,767 |
198.7 |
% | ||||||||||||||||||
Company(1)(2)(3)(20)(29) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(25) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Non-controlled/affiliated portfolio company investments |
||||||||||||||||||||||||
Equity Investments |
||||||||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||
LSI Financing 1 DAC(23)(24)(26)(27)(30) |
Preferred equity | N/A | N/A | 6,175 | $ | 6,224 | $ | 6,175 | 0.1 | % | ||||||||||||||
6,224 | 6,175 | 0.1 | % | |||||||||||||||||||||
Total non-controlled/affiliated portfolio company equity investments |
$ |
6,224 |
$ |
6,175 |
0.1 |
% | ||||||||||||||||||
Controlled/affiliated portfolio company investments |
||||||||||||||||||||||||
Asset Based Lending and Fund Finance |
||||||||||||||||||||||||
Amergin Asset Management, LLC(23)(24)(26)(31) |
Class A Units | N/A | N/A | 50,000,000 | $ | — | $ | — | 0.0 | % | ||||||||||||||
AAM Series 2.1 Aviation Feeder, LLC(17)(19)(23)(24)(26)(31) |
LLC Interest | N/A | N/A | 1,568 | 1,569 | 1,568 | 0.0 | % | ||||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC(17)(19)(23)(24)(26)(31) |
LLC Interest | N/A | N/A | — | — | — | 0.0 | % | ||||||||||||||||
1,569 | 1,568 | 0.0 | % | |||||||||||||||||||||
Insurance |
||||||||||||||||||||||||
Fifth Season Investments LLC(24)(26)(27)(31) |
Class A Units | N/A | N/A | 28 | $ | 89,680 | $ | 89,680 | 1.7 | % | ||||||||||||||
89,680 | 89,680 | 1.7 | % | |||||||||||||||||||||
Investment Funds & Vehicles |
||||||||||||||||||||||||
ORCIC Senior Loan Fund LLC(21)(23)(24)(27)(31)(33) |
LLC Interest | N/A | N/A | 141,777 | $ | 141,777 | $ | 140,394 | 2.7 | % | ||||||||||||||
141,777 | 140,394 | 2.7 | % | |||||||||||||||||||||
Total controlled/affiliated portfolio company equity investments |
$ |
233,026 |
$ |
231,642 |
4.4 |
% | ||||||||||||||||||
Total Investments |
$ |
10,824,792 |
$ |
10,707,584 |
203.2 |
% | ||||||||||||||||||
Interest Rate Swaps as of December 31, 2022 |
||||||||||||||||||||||||
Company Receives |
Company Pays |
Maturity Date |
Notional Amount |
Hedged Instrument |
Footnote Reference |
|||||||||||||||||||
Interest rate swap |
7.75 | % | S + 3.84 | % | 9/16/2027 | $ | 600,000 | September 2027 Notes | Note 6 | |||||||||||||||
Total |
$ | 600,000 | ||||||||||||||||||||||
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. |
(3) | Unless otherwise indicated, all investments are considered Level 3 investments. |
(4) | The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three-, six-, or twelve-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR), Euro Interbank Offered Rate (“EURIBOR” or “E”), Canadian Dollar Offered Rate (“CDOR” or “C”) (which can include one-, the-, six- or twelve-month CDOR), Sterling (SP) Overnight Interbank Average Rate (“SONIA” or “SA”) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%. |
(7) | The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%. |
(8) | The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%. |
(9) | The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36% |
(10) | The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%. |
(11) | The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%. |
(12) | The interest rate on these loans is subject to 3 month CDOR, which as of December 31, 2022 was 4.94%. |
(13) | The interest rate on these loans is subject to 3 month EURIBOR, which as of December 31, 2022 was 2.13% |
(14) | The interest rate on these loans is subject to SONIA, which as of December 31, 2022 was 3.43%. |
(15) | The interest rate on these loans is subject to Prime, which as of December 31, 2022 was 7.50% |
(16) | Investment does not contain a variable rate structure. |
(17) | Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”. |
(18) | The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. |
(19) | The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. |
(20) | Unless otherwise indicated, represents a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”. |
(21) | This portfolio company was not a co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. |
(22) | Level 2 Investment. |
(23) | This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2022, non-qualifying assets represented 12.8% of total assets as calculated in accordance with the regulatory requirements. |
(24) | Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $904.9 million, or 17.2% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: |
Portfolio Company |
Investment |
Acquisition Date | ||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC** |
LLC Interest | July 1, 2022 | ||
AAM Series 2.1 Aviation Feeder, LLC** |
LLC Interest | July 1, 2022 | ||
Accelerate Topco Holdings, LLC |
Common Units | September 1, 2022 | ||
Amergin Asset Management, LLC |
Class A Units | July 1, 2022 | ||
ASP Conair Holdings LP |
Class A Units | May 17, 2021 | ||
Associations Finance, Inc. |
Preferred Stock | June 10, 2022 | ||
BCTO WIW Holdings, Inc. (dba When I Work) |
Class A Common Stock | November 2, 2021 | ||
BEHP Co-Investor II, L.P. |
LP Interest | May 6, 2022 | ||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) |
Common Units | October 1, 2021 | ||
CD&R Value Building Partners I, L.P. (dba Belron) |
LP Interest | December 2, 2021 | ||
Denali Holding LP (dba Summit Companies) |
Class A Units | September 14, 2021 |
Portfolio Company |
Investment |
Acquisition Date | ||
Dodge Construction Network Holdings, L.P. |
Class A-2 Common Units | February 23, 2022 | ||
Dodge Construction Network Holdings, L.P. |
Series A Preferred Units | February 23, 2022 | ||
Elliott Alto Co-Investor Aggregator L.P. |
LP Interest | September 28, 2022 | ||
Evology LLC |
Class B Units | January 21, 2022 | ||
Evolution Parent, LP (dba SIAA) |
LP Interest | April 30, 2021 | ||
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.)** |
Class A Units | October 17, 2022 | ||
Gloves Holding, LP (dba Protective Industrial Products) |
LP Interest | December 28, 2020 | ||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) |
LP Interest | December 16, 2021 | ||
Hercules Buyer, LLC (dba The Vincit Group) |
Common Units | December 15, 2020 | ||
Hissho Sushi Holdings, LLC |
Class A Units | May 17, 2022 | ||
Insight CP (Blocker) Holdings, L.P. (dba CivicPlus, LLC) |
LP Interest | June 8, 2022 | ||
Knockout Intermediate Holdings I Inc. (dba Kaseya) |
Perpetual Preferred Stock | June 22, 2022 | ||
KOBHG Holdings, L.P. (dba OB Hospitalist) |
Class A Interests | September 27, 2021 | ||
KPCI Holdings, L.P. |
Class A Units | November 25, 2020 | ||
LSI Financing 1 DAC** |
Preferred equity | December 14, 2022 | ||
Maia Aggregator, LP |
Class A-2 Units | February 1, 2022 | ||
MessageBird Holding B.V. |
Extended Series C Warrants | May 5, 2021 | ||
Metis HoldCo, Inc. (dba Mavis Tire Express Services) |
Series A Convertible Preferred Stock | May 3, 2021 | ||
Minerva Holdco, Inc. |
Series A Preferred Stock | February 14, 2022 | ||
Orange Blossom Parent, Inc. |
Common Equity | July 29, 2022 | ||
ORCIC Senior Loan Fund LLC* |
LLC Interest | November 2, 2022 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) |
Class A Units | January 29, 2021 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) |
Class B Units | January 29, 2021 | ||
PCF Holdco, LLC (dba PCF Insurance Services) |
Class A Units | November 1, 2021 | ||
Picard Holdco, Inc. |
Series A Preferred Stock | September 29, 2022 | ||
Project Alpine Co-Invest Fund, L.P. |
LP Interest | June 13, 2022 | ||
Project Hotel California Co-Invest Fund, L.P. |
LP Interest | August 9, 2022 | ||
Rhea Acquistion Holdings, LP |
Series A-2 Units | February 18, 2022 | ||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand) |
Series A Preferred Stock | October 14, 2021 | ||
Thunder Topco L.P. (dba Vector Solutions) |
Common Units | June 30, 2021 | ||
WMC Bidco, Inc. (dba West Monroe) |
Senior Preferred Stock | November 8, 2021 | ||
WP Irving Co-Invest, L.P. |
Partnership Units | May 18, 2022 | ||
Zoro TopCo, Inc. (dba Zendesk) |
Class A Common Units | November 22, 2022 | ||
Zoro TopCo, L.P. (dba Zendesk) |
Series A Preferred Stock | November 22, 2022 |
* | Refer to Note 4 “Investments - ORCIC Senior Loan Fund LLC”, for further information. |
** | Refer to Note 3 “Agreements and Related Party Transactions - Controlled/Affiliated Portfolio Companies”. |
(25) | As of December 31, 2022, the net estimated unrealized loss on investments for U.S. federal income tax purposes was $109.1 million based on a tax cost basis of $10.8 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $158.9 million. As of December 31, 2022, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $49.8 million. |
(26) | Investment is non-income producing. |
(27) | Investment is not pledged as collateral under the Revolving Credit Facility and the SPV Asset Facilities. |
(28) | We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC. |
(29) | Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. |
(30) | As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of this portfolio company as the Company owns more than 5% but less than 25% of the portfolio company’s voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2022 were as follows: |
Company |
Fair value as of December 31, 2021 |
Gross Additions (a) |
Gross Reductions (b) |
Net Change in Unrealized Gain/(Loss) |
Realized Gain/(Loss) |
Fair value as of December 31, 2022 |
Dividend Income |
Other Income |
||||||||||||||||||||||||
LSI Financing 1 DAC |
$ | — | $ | 6,224 | $ | — | $ | (49 | ) | $ | — | $ | 6,175 | $ | — | $ | — | |||||||||||||||
Total |
$ | — | $ | 6,224 | $ | — | $ | (49 | ) | $ | — | $ | 6,175 | $ | — | $ | — | |||||||||||||||
(a) | Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category. |
(b) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities. |
(31) | As defined in the 1940 Act, the Company is deemed to be both an “Affiliated Person” and has “Control” of this portfolio company as the Company owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement (“controlled affiliate”). The Company’s investment in controlled affiliates for the period ended December 31, 2022 were as follows: |
Company |
Fair value as of December 31, 2021 |
Gross Additions (a) |
Gross Reductions (b) |
Net Change in Unrealized Gain/(Loss) |
Realized Gain/(Loss) |
Fair value as of December 31, 2022 |
Dividend Income |
Other Income |
||||||||||||||||||||||||
AAM Series 2.1 Aviation Feeder, LLC (c) |
$ | — | $ | 1,569 | $ | — | $ | (1 | ) | $ | — | $ | 1,568 | $ | — | $ | — | |||||||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Fifth Season Investments LLC (fka Chapford SMA Partnership, L.P.) |
— | 99,162 | (9,800 | ) | — | — | 89,680 | 201 | — | |||||||||||||||||||||||
ORCIC Senior Loan Fund, LLC |
— | 141,777 | — | (1,383 | ) | — | 140,394 | 3,171 | — | |||||||||||||||||||||||
Total |
$ | — | $ | 242,508 | $ | (9,800 | ) | $ | (1,384 | ) | $ | — | $ | 231,642 | $ | 3,372 | $ | — | ||||||||||||||
(a) | Gross additions may include increases in the cost basis of investments resulting from new investments, amounts related to payment-in-kind (“PIK”) interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this controlled affiliated category from a different category. |
(b) | Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities. |
(c) | In connection with its investment in AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC and AAM Series 2.1 Aviation Feeder, LLC (collectively, “Amergin Assetco”) the Company made a minority investment in Amergin Asset Management, LLC which has entered into a Servicing Agreement with Amergin Assetco. |
(32) | Investment was on non-accrual status as of December 31, 2022. |
(33) | Investment measured at net asset value (“NAV”) |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Non-controlled/non-affiliated portfolio company investments |
||||||||||||||||||||||||
Debt Investments(5) |
||||||||||||||||||||||||
Advertising and media |
||||||||||||||||||||||||
Global Music Rights, LLC(8)(16) |
First lien senior secured loan | L + 5.75% | 8/28/2028 | $ | 84,375 | $ | 82,754 | $ | 82,688 | 5.2 | % | |||||||||||||
Global Music Rights, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 5.75% | 8/27/2027 | — | (141 | ) | (150 | ) | — | % | ||||||||||||||
IRI Holdings, Inc.(6)(16)(17) |
First lien senior secured loan | L + 4.25% | 12/1/2025 | 4,974 | 4,980 | 4,968 | 0.3 | % | ||||||||||||||||
89,349 | 87,593 | 87,506 | 5.5 | % | ||||||||||||||||||||
Aerospace and Defense |
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Bleriot US Bidco Inc.(8)(16)(17) |
First lien senior secured loan | L + 4.00% | 10/30/2026 | 4,975 | 4,975 | 4,966 | 0.3 | % | ||||||||||||||||
Peraton Corp.(6)(17) |
First lien senior secured loan | L + 3.75% | 2/1/2028 | 4,963 | 4,974 | 4,961 | 0.3 | % | ||||||||||||||||
Peraton Corp.(6)(16) |
Second lien senior secured loan | L + 7.75% | 2/1/2029 | 5,000 | 4,932 | 4,975 | 0.3 | % | ||||||||||||||||
14,938 | 14,881 | 14,902 | 0.9 | % | ||||||||||||||||||||
Automotive |
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Mavis Tire Express Services Topco Corp.(6)(17) |
First lien senior secured loan | L + 4.00% | 5/4/2028 | 9,950 | 9,904 | 9,950 | 0.6 | % | ||||||||||||||||
9,950 | 9,904 | 9,950 | 0.6 | % | ||||||||||||||||||||
Buildings and real estate |
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Associations, Inc.(8)(16) |
First lien senior secured loan | L + 6.50% (incl. 2.50% PIK) |
7/2/2027 | 121,391 | 120,001 | 120,175 | 7.5 | % | ||||||||||||||||
Associations, Inc.(13)(14)(16) |
First lien senior secured revolving loan | L + 6.50% | 7/2/2027 | — | (44 | ) | (48 | ) | — | % | ||||||||||||||
Dodge Data & Analytics LLC(9)(16) |
First lien senior secured loan | L + 7.50% | 4/14/2026 | 2,149 | 2,111 | 2,213 | 0.1 | % | ||||||||||||||||
Dodge Data & Analytics LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 7.50% | 4/14/2026 | — | (2 | ) | — | — | % | |||||||||||||||
REALPAGE, INC.(6)(16) |
Second lien senior secured loan | L + 6.50% | 4/23/2029 | 2,500 | 2,465 | 2,529 | 0.2 | % | ||||||||||||||||
126,040 | 124,531 | 124,869 | 7.8 | % | ||||||||||||||||||||
Business services |
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Denali BuyerCo, LLC (dba Summit Companies)(8)(16) |
First lien senior secured loan | L + 6.00% | 9/15/2028 | 97,901 | 96,587 | 96,922 | 6.1 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(8)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.00% | 9/15/2023 | 4,173 | 4,014 | 4,131 | 0.3 | % | ||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 9/15/2027 | — | (70 | ) | (74 | ) | — | % | ||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(6)(16) |
First lien senior secured loan | L + 5.50% | 9/13/2028 | 47,827 | 46,904 | 46,871 | 3.0 | % | ||||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.50% | 9/13/2023 | — | (91 | ) | (96 | ) | — | % | ||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(8)(16) |
First lien senior secured loan | L + 6.50% | 12/15/2026 | 816 | 805 | 816 | 0.1 | % | ||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(8)(16) |
First lien senior secured loan | L + 5.50% | 12/15/2026 | 2,215 | 2,194 | 2,193 | 0.1 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.50% | 9/10/2023 | — | — | — | — | % | ||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(13)(14)(16) |
First lien senior secured revolving loan | L + 6.50% | 12/15/2026 | — | (1 | ) | — | — | % | |||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(16)(23)(24) |
Unsecured notes | 0.48% PIK | 12/14/2029 | 24 | 24 | 24 | — | % | ||||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(6)(16) |
First lien senior secured loan | L + 5.50% | 10/19/2028 | 76,315 | 74,824 | 74,789 | 4.7 | % | ||||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(12)(13)(15)(16) |
First lien senior secured delayed draw term loan | P + 4.50% | 10/19/2023 | 4,361 | 4,233 | 4,230 | 0.3 | % | ||||||||||||||||
Packers Holdings, LLC(9)(17) |
First lien senior secured loan | L + 3.25% | 3/9/2028 | 4,269 | 4,250 | 4,239 | 0.3 | % | ||||||||||||||||
237,901 | 233,673 | 234,045 | 14.9 | % | ||||||||||||||||||||
Chemicals |
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Aruba Investments Holdings LLC (dba Angus Chemical Company)(9)(16) |
Second lien senior secured loan | L + 7.75% | 11/24/2028 | 1,000 | 987 | 1,000 | 0.1 | % | ||||||||||||||||
Gaylord Chemical Company, L.L.C.(8)(16) |
First lien senior secured loan | L + 6.50% | 3/30/2027 | 104,356 | 103,339 | 103,835 | 6.6 | % | ||||||||||||||||
Gaylord Chemical Company, L.L.C.(13)(14)(16) |
First lien senior secured revolving loan | L + 6.50% | 3/30/2026 | — | (7 | ) | (4 | ) | — | % | ||||||||||||||
Gaylord Chemical Company, L.L.C.(13)(14)(16) |
First lien senior secured revolving loan | L + 6.50% | 3/30/2026 | — | (31 | ) | (16 | ) | — | % | ||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(8)(16) |
First lien senior secured loan | L + 5.75% | 4/22/2027 | 2,347 | 2,299 | 2,300 | 0.1 | % | ||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.75% | 4/22/2026 | — | (3 | ) | (3 | ) | — | % | ||||||||||||||
107,703 | 106,584 | 107,112 | 6.8 | % | ||||||||||||||||||||
Consumer products |
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ConAir Holdings LLC(8)(16) |
Second lien senior secured loan | L + 7.50% | 5/17/2029 | 32,500 | 32,003 | 32,500 | 2.1 | % | ||||||||||||||||
Lignetics Investment Corp.(8)(16) |
First lien senior secured loan | L + 6.00% | 11/1/2027 | 76,471 | 75,537 | 75,515 | 4.8 | % | ||||||||||||||||
Lignetics Investment Corp.(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.00% | 11/1/2023 | — | (116 | ) | (119 | ) | — | % | ||||||||||||||
Lignetics Investment Corp.(8)(13)(16) |
First lien senior secured revolving loan | L + 6.00% | 11/1/2026 | 1,912 | 1,773 | 1,768 | 0.1 | % | ||||||||||||||||
Olaplex, Inc.(6)(16) |
First lien senior secured loan | L + 6.25% | 1/8/2026 | 968 | 960 | 968 | 0.1 | % | ||||||||||||||||
111,851 | 110,157 | 110,632 | 7.1 | % | ||||||||||||||||||||
Containers and packaging |
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Ascend Buyer, LLC (dba PPC Flexible Packaging)(8)(16) |
First lien senior secured loan | L + 5.75% | 10/2/2028 | 50,206 | 49,718 | 49,704 | 3.1 | % | ||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(8)(13)(16) |
First lien senior secured revolving loan | L + 5.75% | 9/30/2027 | 851 | 802 | 800 | 0.1 | % | ||||||||||||||||
BW Holding, Inc. (dba Brook & Whittle)(8)(16) |
First lien senior secured loan | L + 4.00% | 12/14/2028 | 15,816 | 15,658 | 15,658 | 1.0 | % | ||||||||||||||||
BW Holding, Inc. (dba Brook & Whittle)(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 4.00% | 12/17/2023 | — | (21 | ) | (21 | ) | — | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Fortis Solutions Group, LLC(8)(16) |
First lien senior secured loan | L + 5.50% | 10/13/2028 | 48,576 | 47,631 | 47,604 | 3.0 | % | ||||||||||||||||
Fortis Solutions Group, LLC(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.50% | 10/13/2023 | — | (191 | ) | (197 | ) | 0.0 | % | ||||||||||||||
Fortis Solutions Group, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 5.50% | 10/15/2027 | — | (130 | ) | (135 | ) | 0.0 | % | ||||||||||||||
Pregis Topco LLC(6)(16) |
Second lien senior secured loan | L + 6.75% | 8/1/2029 | 30,000 | 30,000 | 30,000 | 1.9 | % | ||||||||||||||||
Pregis Topco LLC(6)(16) |
Second lien senior secured loan | L + 8.00% | 8/1/2029 | 2,500 | 2,500 | 2,500 | 0.2 | % | ||||||||||||||||
Ring Container Technologies Group, LLC(6)(16)(17) |
First lien senior secured loan | L + 3.75% | 8/12/2028 | 5,000 | 4,988 | 5,005 | 0.3 | % | ||||||||||||||||
152,949 | 150,955 | 150,918 | 9.6 | % | ||||||||||||||||||||
Distribution |
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Dealer Tire, LLC(6)(16)(17) |
First lien senior secured loan | L + 4.25% | 12/12/2025 | 5,077 | 5,086 | 5,069 | 0.3 | % | ||||||||||||||||
Individual Foodservice Holdings, LLC(9)(16) |
First lien senior secured loan | L + 6.25% | 11/21/2025 | 44,758 | 44,324 | 44,534 | 2.8 | % | ||||||||||||||||
Individual Foodservice Holdings, LLC(9)(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.25% | 6/30/2022 | 70 | (73 | ) | (5 | ) | 0.0 | % | ||||||||||||||
Individual Foodservice Holdings, LLC(6)(13)(16) |
First lien senior secured revolving loan | L + 6.25% | 11/22/2024 | 4 | 3 | 3 | 0.0 | % | ||||||||||||||||
SRS Distribution, Inc.(9)(16)(17) |
First lien senior secured loan | L + 3.75% | 6/2/2028 | 4,988 | 4,953 | 4,972 | 0.3 | % | ||||||||||||||||
54,897 | 54,293 | 54,573 | 3.4 | % | ||||||||||||||||||||
Education |
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Pluralsight, LLC(9)(16) |
First lien senior secured loan | L + 8.00% | 4/6/2027 | 6,255 | 6,196 | 6,191 | 0.4 | % | ||||||||||||||||
Pluralsight, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 8.00% | 4/6/2027 | — | (3 | ) | (4 | ) | 0.0 | % | ||||||||||||||
6,255 | 6,193 | 6,187 | 0.4 | % | ||||||||||||||||||||
Financial services |
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AxiomSL Group, Inc.(8)(16) |
First lien senior secured loan | L + 6.00% | 12/3/2027 | 35,185 | 34,846 | 34,921 | 2.2 | % | ||||||||||||||||
AxiomSL Group, Inc.(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.00% | 7/21/2023 | — | (10 | ) | — | 0.0 | % | |||||||||||||||
AxiomSL Group, Inc.(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 12/3/2025 | — | (24 | ) | (19 | ) | 0.0 | % | ||||||||||||||
Hg Saturn Luchaco Limited(11)(16)(18) |
Unsecured facility | S + 7.50% PIK |
3/30/2026 | 2,114 | 2,140 | 2,092 | 0.1 | % | ||||||||||||||||
Muine Gall, LLC(9)(16)(18)(22) |
First lien senior secured loan | L + 7.00% PIK |
9/21/2024 | 86,771 | 86,891 | 86,771 | 5.5 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(16) |
First lien senior secured loan | L + 5.75% | 9/6/2025 | 8,559 | 8,478 | 8,504 | 0.5 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(6)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.75% | 10/2/2023 | 1,680 | 1,646 | 1,669 | 0.1 | % | ||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.75% | 9/6/2025 | — | (8 | ) | (4 | ) | 0.0 | % | ||||||||||||||
134,309 | 133,959 | 133,934 | 8.4 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
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Food and beverage |
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Balrog Acquisition, Inc. (dba Bakemark)(9)(16) |
First lien senior secured loan | L + 4.00% | 9/5/2028 | 14,000 | 13,860 | 13,965 | 0.9 | % | ||||||||||||||||
Balrog Acquisition, Inc. (dba Bakemark)(9)(16) |
Second lien senior secured loan | L + 7.00% | 9/3/2029 | 6,000 | 5,951 | 5,950 | 0.4 | % | ||||||||||||||||
Shearer’s Foods, LLC(6)(16)(17) |
First lien senior secured loan | L + 3.50% | 9/23/2027 | 4,920 | 4,920 | 4,900 | 0.3 | % | ||||||||||||||||
Sovos Brands Intermediate, Inc.(8)(16)(17) |
First lien senior secured loan | L + 3.75% | 6/8/2028 | 4,145 | 4,135 | 4,139 | 0.3 | % | ||||||||||||||||
Ultimate Baked Goods Midco, LLC(6)(16) |
First lien senior secured loan | L + 6.25% | 8/13/2027 | 16,500 | 16,109 | 16,087 | 1.0 | % | ||||||||||||||||
Ultimate Baked Goods Midco, LLC(12)(13)(16) |
First lien senior secured revolving loan | P + 6.25% | 8/13/2027 | 1,050 | 1,003 | 1,000 | 0.1 | % | ||||||||||||||||
46,615 | 45,978 | 46,041 | 3.0 | % | ||||||||||||||||||||
Healthcare equipment and services |
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Canadian Hospital Specialties Ltd.(10)(16) |
First lien senior secured loan | C + 4.25% | 4/14/2028 | 3,530 | 3,509 | 3,486 | 0.2 | % | ||||||||||||||||
Canadian Hospital Specialties Ltd.(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | C + 4.50% | 4/15/2023 | — | (6 | ) | (12 | ) | 0.0 | % | ||||||||||||||
Canadian Hospital Specialties Ltd.(10)(13)(16) |
First lien senior secured revolving loan | C + 4.25% | 4/15/2027 | 82 | 75 | 69 | 0.0 | % | ||||||||||||||||
Medline Borrower, LP(6)(16)(17) |
First lien senior secured loan | L + 3.25% | 10/23/2028 | 25,000 | 24,880 | 24,990 | 1.6 | % | ||||||||||||||||
Medline Borrower, LP(13)(14)(16) |
First lien senior secured revolving loan | L + 3.25% | 10/21/2026 | — | (44 | ) | (45 | ) | 0.0 | % | ||||||||||||||
Packaging Coordinators Midco, Inc.(8)(16) |
Second lien senior secured loan | L + 7.00% | 12/13/2029 | 53,918 | 52,247 | 52,840 | 3.3 | % | ||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(7)(16) |
First lien senior secured loan | L + 6.75% | 1/31/2028 | 42,462 | 41,832 | 41,932 | 2.6 | % | ||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.)(13)(14)(16) |
First lien senior secured revolving loan | L + 6.75% | 1/29/2026 | — | (1 | ) | (1 | ) | 0.0 | % | ||||||||||||||
124,992 | 122,492 | 123,259 | 7.7 | % | ||||||||||||||||||||
Healthcare providers and services |
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Ex Vivo Parent Inc. (dba OB Hospitalist)(8)(16) |
First lien senior secured loan | L + 9.50% PIK | 9/27/2028 | 30,503 | 29,909 | 29,893 | 1.9 | % | ||||||||||||||||
OB Hospitalist Group, Inc.(8)(16) |
First lien senior secured loan | L + 5.50% | 9/27/2027 | 61,657 | 60,469 | 60,424 | 3.8 | % | ||||||||||||||||
OB Hospitalist Group, Inc.(6)(13)(16) |
First lien senior secured revolving loan | L + 5.50% | 9/27/2027 | 853 | 700 | 693 | 0.0 | % | ||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6)(16)(17) |
First lien senior secured loan | L + 3.50% | 11/15/2028 | 27,500 | 27,363 | 27,489 | 1.7 | % | ||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6)(16) |
Second lien senior secured loan | L + 6.50% | 11/15/2029 | 135,000 | 133,666 | 133,650 | 8.5 | % | ||||||||||||||||
Quva Pharma, Inc.(9)(16) |
First lien senior secured loan | L + 5.50% | 4/12/2028 | 4,534 | 4,409 | 4,409 | 0.3 | % | ||||||||||||||||
Quva Pharma, Inc.(13)(14)(16) |
First lien senior secured revolving loan | L + 5.50% | 4/10/2026 | — | (12 | ) | (13 | ) | 0.0 | % | ||||||||||||||
Refresh Parent Holdings, Inc.(8)(16) |
First lien senior secured loan | L + 6.50% | 12/9/2026 | 7,836 | 7,756 | 7,778 | 0.5 | % | ||||||||||||||||
Refresh Parent Holdings, Inc.(8)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.50% | 6/9/2022 | 380 | 375 | 377 | 0.0 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Refresh Parent Holdings, Inc.(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.50% | 5/17/2023 | — | (104 | ) | (80 | ) | 0.0 | % | ||||||||||||||
Refresh Parent Holdings, Inc.(8)(13)(16) |
First lien senior secured revolving loan | P + 6.50% | 12/9/2026 | 52 | 50 | 51 | 0.0 | % | ||||||||||||||||
268,315 | 264,581 | 264,671 | 16.7 | % | ||||||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(9)(16) |
First lien senior secured loan | L + 5.75% | 8/23/2028 | 54,310 | 53,480 | 53,441 | 3.4 | % | ||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.75% | 8/23/2023 | — | (223 | ) | (147 | ) | 0.0 | % | ||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.75% | 8/21/2026 | — | (69 | ) | (74 | ) | 0.0 | % | ||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(8)(16) |
First lien senior secured loan | L + 6.00% | 10/30/2028 | 18,238 | 17,881 | 17,873 | 1.1 | % | ||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.00% | 10/29/2023 | — | (27 | ) | (28 | ) | 0.0 | % | ||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 10/29/2027 | — | (32 | ) | (33 | ) | 0.0 | % | ||||||||||||||
Inovalon Holdings, Inc.(8)(16) |
First lien senior secured loan | L + 5.75% | 11/24/2028 | 79,270 | 77,313 | 77,289 | 4.9 | % | ||||||||||||||||
Inovalon Holdings, Inc.(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.75% | 5/24/2024 | — | (104 | ) | (106 | ) | 0.0 | % | ||||||||||||||
Inovalon Holdings, Inc.(8)(16) |
Second lien senior secured loan | L + 10.50% PIK | 11/24/2033 | 37,761 | 37,009 | 37,005 | 2.3 | % | ||||||||||||||||
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(8)(16)(18) |
First lien senior secured loan | L + 6.25% | 8/21/2026 | 28,855 | 28,506 | 28,783 | 1.8 | % | ||||||||||||||||
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(8)(13)(16)(18) |
First lien senior secured revolving loan | L + 6.25% | 8/21/2026 | 744 | 744 | 741 | 0.0 | % | ||||||||||||||||
Project Ruby Ultimate Parent Corp. (dba Wellsky)(6)(16)(17) |
First lien senior secured loan | L + 3.25% | 3/10/2028 | 4,466 | 4,446 | 4,459 | 0.3 | % | ||||||||||||||||
223,644 | 218,924 | 219,203 | 13.8 | % | ||||||||||||||||||||
Household products |
||||||||||||||||||||||||
Southern Air & Heat Holdings, LLC(8)(16) |
First lien senior secured loan | L + 4.50% | 10/1/2027 | 1,090 | 1,074 | 1,074 | 0.1 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(8)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 4.50% | 10/1/2023 | 76 | 60 | 59 | 0.0 | % | ||||||||||||||||
Southern Air & Heat Holdings, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 4.50% | 10/1/2027 | — | (4 | ) | (4 | ) | 0.0 | % | ||||||||||||||
Walker Edison Furniture Company LLC(8)(16) |
First lien senior secured loan | L + 8.75% (incl. 3.00% PIK) |
3/31/2027 | 9,994 | 9,994 | 9,494 | 0.6 | % | ||||||||||||||||
11,160 | 11,124 | 10,623 | 0.7 | % | ||||||||||||||||||||
Human resource support services |
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Cornerstone OnDemand, Inc.(8)(17) |
First lien senior secured loan | L + 3.75% | 10/16/2028 | 20,000 | 19,902 | 19,922 | 1.3 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Cornerstone OnDemand, Inc.(9)(16) |
Second lien senior secured loan | L + 6.50% | 10/15/2029 | 44,583 | 43,927 | 43,915 | 2.8 | % | ||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(8)(16) |
First lien senior secured loan | L + 6.00% | 9/22/2028 | 46,271 | 45,377 | 45,462 | 2.9 | % | ||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(6)(13)(16) |
First lien senior secured revolving loan | L + 6.00% | 9/22/2027 | 1,806 | 1,737 | 1,743 | 0.1 | % | ||||||||||||||||
112,660 | 110,943 | 111,042 | 7.1 | % | ||||||||||||||||||||
Infrastructure and environmental services |
||||||||||||||||||||||||
Aegion Corporation(8) |
First lien senior secured loan | L + 4.75% | 5/17/2028 | 4,988 | 4,965 | 5,003 | 0.3 | % | ||||||||||||||||
USIC Holdings, Inc.(6)(17) |
First lien senior secured loan | L + 3.50% | 5/12/2028 | 4,988 | 4,965 | 4,976 | 0.3 | % | ||||||||||||||||
USIC Holdings, Inc.(6)(16) |
Second lien senior secured loan | L + 6.50% | 5/14/2029 | 18,000 | 17,831 | 17,865 | 1.1 | % | ||||||||||||||||
27,976 | 27,761 | 27,844 | 1.7 | % | ||||||||||||||||||||
Insurance |
||||||||||||||||||||||||
Alera Group, Inc.(6)(16) |
First lien senior secured loan | L + 5.50% | 10/2/2028 | 81,567 | 79,786 | 79,731 | 5.0 | % | ||||||||||||||||
Alera Group, Inc.(6)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.50% | 10/2/2023 | 22,412 | 21,449 | 21,316 | 1.3 | % | ||||||||||||||||
AssuredPartners, Inc.(6)(17) |
First lien senior secured loan | L + 3.50% | 2/12/2027 | 7,960 | 7,960 | 7,940 | 0.5 | % | ||||||||||||||||
Asurion, LLC(6)(16)(17) |
Second lien senior secured loan | L + 5.25% | 1/22/2029 | 48,000 | 47,543 | 47,770 | 3.0 | % | ||||||||||||||||
Brightway Holdings, LLC(8)(16) |
First lien senior secured loan | L + 6.50% | 12/15/2027 | 17,895 | 17,672 | 17,671 | 1.1 | % | ||||||||||||||||
Brightway Holdings, LLC(13)(14) |
First lien senior secured revolving loan | L + 6.50% | 12/15/2027 | — | (26 | ) | (26 | ) | 0.0 | % | ||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(8)(16) |
First lien senior secured loan | L + 6.25% | 4/28/2028 | 9,031 | 8,911 | 8,918 | 0.6 | % | ||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(8)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.25% | 4/28/2023 | 6,895 | 6,652 | 6,784 | 0.4 | % | ||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(13)(14)(16) |
First lien senior secured revolving loan | L + 6.25% | 4/30/2027 | — | (9 | ) | (8 | ) | 0.0 | % | ||||||||||||||
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(8)(16) |
First lien senior secured loan | L + 9.50% PIK | 7/24/2028 | 12,348 | 12,113 | 12,101 | 0.8 | % | ||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(16) |
First lien senior secured loan | L + 6.00% | 11/1/2028 | 45,235 | 44,791 | 44,782 | 2.8 | % | ||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(9)(13)(15)(16) |
First lien senior secured delayed draw term loan D | L + 6.00% | 5/1/2023 | 7,986 | 7,907 | 7,906 | 0.5 | % | ||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 11/1/2027 | — | (25 | ) | (26 | ) | 0.0 | % | ||||||||||||||
PCF Midco II, LLC (dba PCF Insurance Services)(16)(24) |
First lien senior secured loan | 9.00% PIK | 10/31/2031 | 44,340 | 40,169 | 40,128 | 2.5 | % | ||||||||||||||||
TEMPO BUYER CORP. (dba Global Claims Services)(8)(16) |
First lien senior secured loan | L + 5.50% | 8/26/2028 | 36,524 | 35,823 | 35,793 | 2.3 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
TEMPO BUYER CORP. (dba Global Claims Services)(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.50% | 8/26/2023 | — | (98 | ) | (103 | ) | 0.0 | % | ||||||||||||||
TEMPO BUYER CORP. (dba Global Claims Services)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.50% | 8/26/2027 | — | (97 | ) | (103 | ) | 0.0 | % | ||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(16) |
First lien senior secured loan | L + 5.50% | 7/23/2027 | 15,055 | 14,771 | 14,754 | 0.9 | % | ||||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(8)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.50% | 7/23/2027 | 18 | (2 | ) | (4 | ) | 0.0 | % | ||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(6)(16) |
First lien senior secured loan | L + 5.25% | 12/22/2028 | 24,585 | 24,218 | 24,218 | 1.5 | % | ||||||||||||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions)(12)(13)(16) |
First lien senior secured revolving loan | P + 4.25% | 12/22/2027 | 341 | 290 | 290 | 0.0 | % | ||||||||||||||||
380,192 | 369,798 | 369,832 | 23.2 | % | ||||||||||||||||||||
Internet software and services |
||||||||||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(8)(16) |
First lien senior secured loan | L + 7.75% PIK | 10/2/2028 | 19,121 | 18,702 | 18,690 | 1.2 | % | ||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(13)(14)(16) |
First lien senior secured revolving loan | L + 6.75% | 10/1/2027 | — | (34 | ) | (36 | ) | 0.0 | % | ||||||||||||||
BCPE Nucleon (DE) SPV, LP(9)(16) |
First lien senior secured loan | L + 7.00% | 9/24/2026 | 1,333 | 1,316 | 1,327 | 0.1 | % | ||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(8)(16) |
First lien senior secured loan | L + 7.00% | 12/23/2026 | 893 | 885 | 888 | 0.1 | % | ||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(8)(13)(16) |
First lien senior secured revolving loan | L + 7.00% | 12/23/2026 | 60 | 59 | 60 | 0.0 | % | ||||||||||||||||
CivicPlus, LLC(8)(16) |
First lien senior secured loan | L + 6.00% | 8/24/2027 | 9,387 | 9,297 | 9,293 | 0.6 | % | ||||||||||||||||
CivicPlus, LLC(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.00% | 8/24/2023 | — | — | — | 0.0 | % | ||||||||||||||||
CivicPlus, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 8/24/2027 | — | (8 | ) | (9 | ) | 0.0 | % | ||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(8)(16) |
First lien senior secured loan | L + 5.75% | 11/8/2027 | 19,545 | 19,355 | 19,350 | 1.2 | % | ||||||||||||||||
EET Buyer, Inc. (dba e-Emphasys)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.75% | 11/8/2027 | — | (19 | ) | (20 | ) | 0.0 | % | ||||||||||||||
GovBrands Intermediate, Inc.(8)(16) |
First lien senior secured loan | L + 5.50% | 8/4/2027 | 8,346 | 8,149 | 8,137 | 0.5 | % | ||||||||||||||||
GovBrands Intermediate, Inc.(6)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.50% | 8/4/2023 | 1,883 | 1,827 | 1,825 | 0.1 | % | ||||||||||||||||
GovBrands Intermediate, Inc.(13)(14)(16) |
First lien senior secured revolving loan | L + 5.50% | 8/4/2027 | — | (21 | ) | (22 | ) | 0.0 | % | ||||||||||||||
Granicus, Inc.(8)(16) |
First lien senior secured loan | L + 6.50% | 1/29/2027 | 1,830 | 1,792 | 1,798 | 0.1 | % | ||||||||||||||||
Granicus, Inc.(13)(14)(16) |
First lien senior secured revolving loan | L + 6.50% | 1/29/2027 | — | (3 | ) | (3 | ) | 0.0 | % | ||||||||||||||
Granicus, Inc.(8)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.00% | 1/30/2023 | 208 | 203 | 203 | 0.0 | % | ||||||||||||||||
GS Acquisitionco, Inc. (dba insightsoftware)(8) |
First lien senior secured loan | L + 5.75% | 5/22/2026 | 5,805 | 5,777 | 5,776 | 0.4 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
GS Acquisitionco, Inc. (dba insightsoftware)(8)(13)(14)(15) |
First lien senior secured delayed draw term loan | L + 5.75% | 11/2/2022 | — | (12 | ) | (13 | ) | 0.0 | % | ||||||||||||||
Help/Systems Holdings, Inc.(7)(16)(17) |
First lien senior secured loan | L + 4.75% | 11/19/2026 | 7,698 | 7,695 | 7,665 | 0.5 | % | ||||||||||||||||
Hyland Software, Inc.(6) |
Second lien senior secured loan | L + 6.25% | 7/7/2025 | 22,500 | 22,491 | 22,642 | 1.4 | % | ||||||||||||||||
Ivanti Software, Inc.(8) |
Second lien senior secured loan | L + 7.25% | 12/1/2028 | 19,000 | 18,906 | 18,905 | 1.2 | % | ||||||||||||||||
MessageBird BidCo B.V.(8)(16)(18) |
First lien senior secured loan | L + 6.75% | 4/29/2027 | 5,000 | 4,899 | 4,900 | 0.3 | % | ||||||||||||||||
Ministry Brands Holdings, LLC(8)(16) |
First lien senior secured loan | L + 5.50% | 12/29/2028 | 49,435 | 48,447 | 48,446 | 3.1 | % | ||||||||||||||||
Ministry Brands Holdings, LLC(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.50% | 12/29/2023 | — | (158 | ) | (158 | ) | 0.0 | % | ||||||||||||||
Ministry Brands Holdings, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 5.50% | 12/27/2027 | — | (95 | ) | (95 | ) | 0.0 | % | ||||||||||||||
QAD, Inc.(8)(16) |
First lien senior secured loan | L + 6.00% | 11/5/2027 | 46,500 | 45,589 | 45,570 | 2.9 | % | ||||||||||||||||
QAD, Inc.(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 11/5/2027 | — | (117 | ) | (120 | ) | 0.0 | % | ||||||||||||||
Proofpoint, Inc.(8)(16) |
Second lien senior secured loan | L + 6.25% | 9/1/2029 | 7,500 | 7,464 | 7,463 | 0.5 | % | ||||||||||||||||
Tahoe Finco, LLC(8)(16)(18) |
First lien senior secured loan | L + 6.00% | 9/29/2028 | 83,721 | 82,906 | 82,716 | 5.2 | % | ||||||||||||||||
Tahoe Finco, LLC(13)(14)(16)(18) |
First lien senior secured revolving loan | L + 6.00% | 10/1/2027 | — | (60 | ) | (75 | ) | 0.0 | % | ||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(9)(16) |
First lien senior secured loan | L + 5.75% | 6/30/2028 | 12,063 | 11,949 | 11,972 | 0.7 | % | ||||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.75% | 6/30/2027 | — | (7 | ) | (5 | ) | 0.0 | % | ||||||||||||||
Thunder Purchaser, Inc. (dba Vector Solutions)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.75% | 8/17/2023 | — | — | — | 0.0 | % | ||||||||||||||||
Trader Interactive, LLC (fka Dominion Web Solutions, LLC)(9)(16) |
First lien senior secured loan | L + 4.00% | 7/28/2028 | 5,000 | 4,979 | 4,975 | 0.3 | % | ||||||||||||||||
When I Work, Inc.(8) |
First lien senior secured loan | L + 6.00% | 11/2/2027 | 22,206 | 21,988 | 21,983 | 1.4 | % | ||||||||||||||||
When I Work, Inc.(13)(14) |
First lien senior secured revolving loan | L + 6.00% | 11/2/2027 | — | (40 | ) | (42 | ) | 0.0 | % | ||||||||||||||
349,034 | 344,101 | 343,986 | 21.8 | % | ||||||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||||
Troon Golf, L.L.C.(8)(16) |
First lien senior secured loan | L + 6.00% | 8/5/2027 | 94,358 | 93,913 | 93,886 | 5.9 | % | ||||||||||||||||
Troon Golf, L.L.C.(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 8/5/2026 | — | (33 | ) | (36 | ) | 0.0 | % | ||||||||||||||
94,358 | 93,880 | 93,850 | 5.9 | % | ||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||
ACR Group Borrower, LLC(8)(16) |
First lien senior secured loan | L + 4.25% | 3/31/2028 | 4,104 | 4,050 | 4,063 | 0.3 | % | ||||||||||||||||
ACR Group Borrower, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 4.50% | 3/31/2026 | — | (11 | ) | (9 | ) | 0.0 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(8)(16)(17) |
First lien senior secured loan | L + 3.75% | 5/19/2028 | 5,000 | 4,976 | 4,981 | 0.3 | % | ||||||||||||||||
Engineered Machinery Holdings, Inc. (dba Duravant)(8) |
Second lien senior secured loan | L + 6.50% | 5/21/2029 | 21,000 | 20,905 | 21,000 | 1.3 | % | ||||||||||||||||
Gloves Buyer, Inc. (dba Protective Industrial Products)(6)(16) |
Second lien senior secured loan | L + 8.25% | 12/29/2028 | 900 | 879 | 888 | 0.1 | % | ||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(8)(16) |
First lien senior secured loan | L + 5.75% | 7/21/2027 | 40,969 | 40,584 | 40,559 | 2.6 | % | ||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(8)(13)(15)(16) |
First lien senior secured delayed draw term loan | L + 5.75% | 7/21/2023 | 3,085 | 3,055 | 3,054 | 0.2 | % | ||||||||||||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group)(13)(14)(16) |
First lien senior secured revolving loan | L + 5.75% | 7/21/2027 | — | (33 | ) | (36 | ) | 0.0 | % | ||||||||||||||
75,058 | 74,405 | 74,500 | 4.8 | % | ||||||||||||||||||||
Professional Services |
||||||||||||||||||||||||
Apex Group Treasury, LLC(8)(16)(18) |
Second lien senior secured loan | L + 6.75% | 7/27/2029 | 5,000 | 4,952 | 4,950 | 0.3 | % | ||||||||||||||||
Apex Group Treasury, LLC(13)(15)(16)(18) |
Second lien senior secured delayed draw term loan | L + 6.75% | 6/30/2022 | — | — | — | 0.0 | % | ||||||||||||||||
Apex Group Treasury, LLC(8)(16)(18) |
First lien senior secured loan | L + 3.75% | 7/27/2028 | 4,988 | 4,976 | 4,975 | 0.3 | % | ||||||||||||||||
Guidehouse Inc.(6)(16) |
First lien senior secured loan | L + 5.50% | 10/16/2028 | 92,982 | 92,077 | 92,053 | 5.8 | % | ||||||||||||||||
Guidehouse Inc.(13)(16) |
First lien senior secured revolving loan | L + 5.50% | 10/15/2027 | — | — | (70 | ) | 0.0 | % | |||||||||||||||
Relativity ODA LLC(6)(16) |
First lien senior secured loan | L + 7.50% PIK | 5/12/2027 | 4,585 | 4,526 | 4,528 | 0.3 | % | ||||||||||||||||
Relativity ODA LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 6.50% | 5/12/2027 | — | (6 | ) | (5 | ) | 0.0 | % | ||||||||||||||
Sovos Compliance, LLC(6)(16)(17) |
First lien senior secured loan | L + 4.50% | 8/11/2028 | 6,396 | 6,380 | 6,408 | 0.4 | % | ||||||||||||||||
Sovos Compliance, LLC(13)(16)(17) |
First lien senior secured delayed draw term loan | L + 4.50% | 8/12/2023 | — | — | — | 0.0 | % | ||||||||||||||||
113,951 | 112,905 | 112,839 | 7.1 | % | ||||||||||||||||||||
Specialty retail |
||||||||||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(8)(16) |
First lien senior secured loan | L + 6.50% | 11/23/2027 | 60,915 | 60,015 | 60,002 | 3.8 | % | ||||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(13)(14)(15)(16) |
First lien senior secured delayed draw term loan | L + 6.50% | 11/23/2023 | — | (54 | ) | (22 | ) | 0.0 | % | ||||||||||||||
Notorious Topco, LLC (dba Beauty Industry Group)(13)(16) |
First lien senior secured revolving loan | L + 6.50% | 5/24/2027 | 880 | 803 | 801 | 0.1 | % | ||||||||||||||||
Milan Laser Holdings LLC(8)(16) |
First lien senior secured loan | L + 5.00% | 4/27/2027 | 20,632 | 20,445 | 20,477 | 1.3 | % | ||||||||||||||||
Milan Laser Holdings LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 5.00% | 4/27/2026 | — | (15 | ) | (13 | ) | 0.0 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
The Shade Store, LLC(8)(16) |
First lien senior secured loan | L + 6.00% | 10/13/2027 | 68,182 | 67,355 | 67,330 | 4.3 | % | ||||||||||||||||
The Shade Store, LLC(13)(14)(16) |
First lien senior secured revolving loan | L + 6.00% | 10/13/2027 | — | (81 | ) | (85 | ) | 0.0 | % | ||||||||||||||
150,609 | 148,468 | 148,490 | 9.5 | % | ||||||||||||||||||||
Telecommunications |
||||||||||||||||||||||||
Park Place Technologies, LLC(6)(16)(17) |
First lien senior secured loan | L + 5.00% | 11/10/2027 | 993 | 958 | 989 | 0.1 | % | ||||||||||||||||
993 | 958 | 989 | 0.1 | % | ||||||||||||||||||||
Transportation |
||||||||||||||||||||||||
Motus Group, LLC(8)(16) |
Second lien senior secured loan | L + 6.50% | 12/10/2029 | 10,000 | 9,901 | 9,900 | 0.6 | % | ||||||||||||||||
10,000 | 9,901 | 9,900 | 0.6 | |||||||||||||||||||||
Total non-controlled/non-affiliated portfolio company debt investments |
$ |
3,035,699 |
$ |
2,988,942 |
$ |
2,991,697 |
189.1 |
% | ||||||||||||||||
Equity Investments |
||||||||||||||||||||||||
Automotive |
||||||||||||||||||||||||
CD&R Value Building Partners I, L.P. (dba Belron)(16)(18)(19)(21) |
LP Interest | N/A | N/A | 33,000 | 33,064 | 33,000 | 2.1 | % | ||||||||||||||||
Metis HoldCo, Inc. (dba Mavis Tire Express Services)(16)(19) |
Series A Convertible Preferred Stock | 7.00% PIK | N/A | 10,769 | 10,928 | 11,215 | 0.7 | % | ||||||||||||||||
43,992 | 44,215 | 2.8 | % | |||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
Skyline Holdco B, Inc. (dba Dodge Data & Analytics)(16)(19)(21) |
Series A Preferred Stock | N/A | N/A | 143,963 | 216 | 238 | 0.0 | % | ||||||||||||||||
216 | 238 | 0.0 | % | |||||||||||||||||||||
Business services |
||||||||||||||||||||||||
Denali Holding LP (dba Summit Companies)(16)(19)(21) |
Class A Units | N/A | N/A | 596,708 | 5,967 | 5,967 | 0.4 | % | ||||||||||||||||
Hercules Buyer LLC (dba The Vincit Group)(16)(19)(21)(23) |
Common Units | N/A | N/A | 10,000 | 11 | 12 | 0.0 | % | ||||||||||||||||
5,978 | 5,979 | 0.4 | % | |||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||
ASP Conair Holdings LP(16)(19)(21) |
Class A Units | N/A | N/A | 9,286 | 929 | 929 | 0.1 | % | ||||||||||||||||
929 | 929 | 0.1 | % | |||||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||
KPCI Holdings, L.P.(16)(19)(21) |
Class A Units | N/A | N/A | 30,425 | 2,313 | 2,675 | 0.1 | % | ||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(19) |
Class A Units | 8.00% PIK | N/A | 982 | 991 | 991 | 0.1 | % | ||||||||||||||||
Patriot Holdings SCSp (dba Corza Health, Inc.)(16)(19)(21) |
Class B Units | N/A | N/A | 13,517 | 146 | 153 | 0.0 | % | ||||||||||||||||
3,450 | 3,819 | 0.2 | % |
Company(1)(2)(3)(25) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(4)(20) |
Fair Value |
Percentage of Net Assets |
|||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||||
KOBHG Holdings, L.P. (dba OB Hospitalist)(16)(19)(21) |
Class A Interests | N/A | N/A | 3,520 | 3,520 | 3,520 | 0.2 | % | ||||||||||||||||
Restore OMH Intermediate Holdings, Inc.(16)(19) |
Senior Preferred Stock | 13.00% PIK | N/A | 349 | 341 | 340 | 0.0 | % | ||||||||||||||||
3,861 | 3,860 | 0.2 | % | |||||||||||||||||||||
Human resource support services |
||||||||||||||||||||||||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand)(16)(19) |
Series A Preferred Stock | 10.50% PIK | N/A | 12,750 | 12,717 | 12,710 | 0.8 | % | ||||||||||||||||
12,717 | 12,710 | 0.8 | % | |||||||||||||||||||||
Insurance |
||||||||||||||||||||||||
Evolution Parent, LP (dba SIAA)(16)(19)(21) |
LP Interest | N/A | N/A | 270 | 270 | 270 | 0.0 | % | ||||||||||||||||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway)(16)(19)(21) |
LP Interest | N/A | N/A | 421 | 422 | 421 | 0.0 | % | ||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services)(16)(19)(21) |
Class A Units | N/A | N/A | 4,639,506 | 11,788 | 11,789 | 0.7 | % | ||||||||||||||||
PCF Holdco, LLC (dba PCF Insurance Services)(16)(19)(21) |
Class A Warrants | N/A | N/A | 1,398,737 | 3,547 | 3,547 | 0.2 | % | ||||||||||||||||
16,027 | 16,027 | 0.9 | % | |||||||||||||||||||||
Internet software and services |
||||||||||||||||||||||||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi)(16)(19)(21) |
Common Units | N/A | N/A | 1,729,438 | 1,729 | 1,729 | 0.1 | % | ||||||||||||||||
MessageBird Holding B.V.(16)(18)(19)(21) |
Extended Series C Warrants | N/A | N/A | 7,980 | 49 | 49 | 0.0 | % | ||||||||||||||||
Thunder Topco L.P. (dba Vector Solutions)(16)(19)(21) |
Common Units | N/A | N/A | 712,884 | 713 | 841 | 0.1 | % | ||||||||||||||||
WMC Bidco, Inc. (dba West Monroe)(16)(19) |
Senior Preferred Stock | 11.25% PIK | N/A | 33,385 | 32,494 | 32,467 | 2.1 | % | ||||||||||||||||
BCTO WIW Holdings, Inc. (dba When I Work)(16)(19)(21) |
Class A Common Stock | N/A | N/A | 57,000 | 5,700 | 5,700 | 0.4 | % | ||||||||||||||||
40,685 | 40,786 | 2.7 | % | |||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||
Gloves Holding, LP (dba Protective Industrial Products)(16)(19)(21) |
LP Interest | N/A | N/A | 100 | 100 | 112 | 0.0 | % | ||||||||||||||||
100 | 112 | 0.0 | % | |||||||||||||||||||||
Total non-controlled/non-affiliated portfolio company equity investments |
$ |
127,955 |
$ |
128,675 |
8.1 |
% | ||||||||||||||||||
Total Investments |
$ |
3,116,897 |
$ |
3,120,372 |
197.2 |
% | ||||||||||||||||||
(1) | Certain portfolio company investments are subject to contractual restrictions on sales. |
(2) | Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. |
(3) | Unless otherwise indicated, all investments are considered Level 3 investments. |
(4) | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
(5) | Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
(6) | The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%. |
(7) | The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2021 was 0.15%. |
(8) | The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21%. |
(9) | The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2021 was 0.34%. |
(10) | The interest rate on these loans is subject to 3 month CDOR, which as of December 31, 2021 was 0.52%. |
(11) | The interest rate on these loans is subject to SONIA, which as of December 31, 2021 was 0.19%. |
(12) | The interest rate on these loans is subject to Prime, which as of December 31, 2021 was 3.25%. |
(13) | Position or portion thereof is an unfunded loan commitment. See Note 7 “Commitments and Contingencies”. |
(14) | The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. |
(15) | The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. |
(16) | Represents co-investment made with the Company’s affiliates in accordance with the terms of exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions”. |
(17) | Level 2 Investment. |
(18) | This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2021, non-qualifying assets represented 7.9% of total assets as calculated in accordance with the regulatory requirements. |
(19) | Security acquired in transaction exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted security” under the Securities Act. As of December 31, 2021, the aggregate fair value of these securities is $128.7 million, or 8.1% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: |
Portfolio Company |
Investment |
Acquisition Date | ||
ASP Conair Holdings LP | Class A Units | May 17, 2021 | ||
BCTO WIW Holdings, Inc. (dba When I Work) | Class A Common Stock | November 2, 2021 | ||
Brooklyn Lender Co-Invest 2, L.P. (dba Boomi) | Common Units | October 1, 2021 | ||
CD&R Value Building Partners I, L.P. (dba Belron) | LP Interest | December 12, 2021 | ||
Denali Holding LP (dba Summit Companies) | Class A Units | September 15, 2021 | ||
Evolution Parent, LP (dba SIAA) | Class A Interests | April 30, 2021 | ||
Gloves Holding, LP (dba Protective Industrial Products) | LP Interest | December 29, 2020 | ||
GrowthCurve Capital Sunrise Co-Invest LP (dba Brightway) | LP Interest | December 16, 2021 | ||
Hercules Buyer, LLC (dba The Vincit Group) | Common Units | December 15, 2020 | ||
KOBHG Holdings, L.P. (dba OB Hospitalist) | Class A Interests | September 27, 2021 | ||
KPCI Holdings, L.P. | LP Interest | November 30, 2020 | ||
MessageBird Holding B.V. | Extended Series C Warrants | April 29, 2021 | ||
Metis HoldCo, Inc. (dba Mavis Tire Express Services) | Series A Convertible Preferred Stock | May 4, 2021 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) | Class A Units | January 29, 2021 | ||
Patriot Holdings SCSp (dba Corza Health, Inc.) | Class B Units | January 29, 2021 | ||
PCF Holdco, LLC (dba PCF Insurance Services) | Class A Units | November 1, 2021 | ||
PCF Holdco, LLC (dba PCF Insurance Services) | Class A Warrants | November 1, 2021 | ||
Restore OMH Intermediate Holdings, Inc. | Senior Preferred Stock | December 9, 2020 | ||
Skyline Holdco B, Inc. (dba Dodge Data & Analytics) | Series A Preferred Stock | April 14, 2021 | ||
Sunshine Software Holdings, Inc. (dba Cornerstone OnDemand) | Series A Preferred Stock | October 15, 2021 | ||
Thunder Topco L.P. (dba Vector Solutions) | Common Units | June 30, 2021 | ||
WMC Bidco, Inc. (dba West Monroe) | Senior Preferred Stock | November 9, 2021 |
(20) | As of December 31, 2021, the net estimated unrealized gain on investments for U.S. federal income tax purposes was $4.2 million based on a tax cost basis of $3.1 billion. As of December 31, 2021, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $1.5 million. As of December 31, 2021, the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $5.7 million. |
(21) | Investment is non-income producing. |
(22) | Investment is not pledged as collateral for the credit facilities. |
(23) | We invest in this portfolio company through underlying blocker entities Hercules Blocker 1 LLC, Hercules Blocker 2 LLC, Hercules Blocker 3 LLC, Hercules Blocker 4 LLC, and Hercules Blocker 5 LLC. |
(24) | Investment does not contain a variable rate structure. |
(25) | Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. |
For the Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020(1) |
||||||||||
Increase (Decrease) in Net Assets Resulting from Operations |
||||||||||||
Net investment income (loss) |
$ | 346,851 | $ | 31,407 | $ | (726 | ) | |||||
Net change in unrealized gain (loss) |
(116,185 | ) | 3,564 | (2 | ) | |||||||
Net realized gain (loss) on investments |
(12,377 | ) | 919 | — | ||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
218,289 | 35,890 | (728 | ) | ||||||||
Distributions |
||||||||||||
Class S |
(97,794 | ) | (8,186 | ) | — | |||||||
Class D |
(27,139 | ) | (3,758 | ) | — | |||||||
Class I |
(176,401 | ) | (19,131 | ) | — | |||||||
Net Decrease in Net Assets Resulting from Shareholders’ Distributions |
(301,334 | ) | (31,075 | ) | — | |||||||
Capital Share Transactions |
||||||||||||
Class S: |
||||||||||||
Issuance of shares of common stock |
1,270,687 | 563,256 | — | |||||||||
Repurchase of common shares |
(54,182 | ) | (150 | ) | — | |||||||
Reinvestment of shareholders’ distributions |
32,022 | 1,877 | — | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class S |
1,248,527 | 564,983 | — | |||||||||
Class D: |
||||||||||||
Issuance of shares of common stock |
275,153 | 171,338 | — | |||||||||
Repurchase of common shares |
(7,645 | ) | (106 | ) | — | |||||||
Reinvestment of shareholders’ distributions |
10,905 | 1,274 | — | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class D |
278,413 | 172,506 | — | |||||||||
Class I: |
||||||||||||
Issuance of shares of common stock |
2,311,831 | 823,758 | 13,001 | |||||||||
Repurchase of common shares |
(143,936 | ) | (1,504 | ) | — | |||||||
Reinvestment of shareholders’ distributions |
57,235 | 3,897 | — | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions - Class I |
2,225,130 | 826,151 | 13,001 | |||||||||
Total Increase (Decrease) in Net Assets |
3,669,026 | 1,568,455 | 12,273 | |||||||||
Net Assets, at beginning of period |
1,580,728 | 12,273 | — | |||||||||
Net Assets, at end of period |
$ | 5,249,753 | $ | 1,580,728 | $ | 12,273 | ||||||
(1) | The Company commenced operations on November 10, 2020. |
For the Years Ended December 31, |
||||||||||||
2022 |
2021 |
2020(1) |
||||||||||
Cash Flows from Operating Activities |
||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 218,289 | $ | 35,890 | $ | (728 | ) | |||||
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |
||||||||||||
Purchases of investments, net |
(8,651,238 | ) | (3,598,788 | ) | (14,646 | ) | ||||||
Proceeds from investments and investment repayments, net |
1,012,027 | 503,814 | 270 | |||||||||
Net change in unrealized (gain) loss on investments |
114,990 | (3,566 | ) | 2 | ||||||||
Net change in unrealized gain (loss) on interest rate swap attributed to unsecured notes |
449 | — | — | |||||||||
Net change in unrealized (gain) loss on translation of assets and liabilities in foreign currencies |
1,195 | 2 | — | |||||||||
Net realized (gain) loss on investments |
12,748 | (923 | ) | — | ||||||||
Net realized (gain) loss on foreign currency transactions relating to investments |
(371 | ) | — | — | ||||||||
Paid-in-kind interest and dividends |
(63,484 | ) | (3,543 | ) | — | |||||||
Net amortization/accretion of premium/discount on investments |
(17,946 | ) | (3,079 | ) | (2 | ) | ||||||
Amortization of debt issuance costs |
10,657 | 1,638 | — | |||||||||
Amortization of offering costs |
3,661 | 2,972 | — | |||||||||
Changes in operating assets and liabilities: |
— | |||||||||||
(Increase) decrease in interest receivable |
(61,819 | ) | (18,974 | ) | (60 | ) | ||||||
(Increase) decrease in due from affiliates |
(20,202 | ) | — | — | ||||||||
(Increase) decrease in prepaid expenses and other assets |
(44 | ) | (5,834 | ) | (21 | ) | ||||||
Increase (decrease) in payable for investments purchased |
14,343 | 27,363 | — | |||||||||
Increase (decrease) in payables to affiliates |
23,469 | 8,930 | 191 | |||||||||
Increase (decrease) in tender payable |
109,423 | 1,413 | — | |||||||||
Increase (decrease) in accrued expenses and other liabilities |
76,723 | 10,161 | 146 | |||||||||
Net cash used in operating activities |
(7,217,130 | ) | (3,042,524 | ) | (14,848 | ) | ||||||
Cash Flows from Financing Activities |
||||||||||||
Borrowings on debt |
9,773,168 | 3,794,740 | 10,000 | |||||||||
Repayments of debt |
(5,776,501 | ) | (2,256,200 | ) | — | |||||||
Debt issuance costs |
(54,515 | ) | (24,279 | ) | — | |||||||
Repurchase of common stock |
(205,763 | ) | (347 | ) | — | |||||||
Proceeds from issuance of common shares |
3,857,671 | 1,556,938 | 13,001 | |||||||||
Distributions paid to shareholders |
(173,142 | ) | (15,022 | ) | — | |||||||
Net cash provided by financing activities |
7,420,918 | 3,055,830 | 23,001 | |||||||||
Net increase (decrease) in cash and restricted cash, including foreign cash (restricted cash of |
203,788 | 13,306 | 8,153 | |||||||||
Cash and restricted cash, beginning of period |
21,459 | 8,153 | — | |||||||||
Cash and restricted cash, end of period |
$ | 225,247 | $ | 21,459 | $ | 8,153 | ||||||
Supplemental and Non-Cash Information |
||||||||||||
Interest paid during the period |
$ | 118,073 | $ | 5,390 | $ | — | ||||||
Distributions declared during the period |
$ | 301,334 | $ | 31,075 | $ | — | ||||||
Reinvestment of distributions during the period |
$ | 100,161 | $ | 7,048 | $ | — | ||||||
Distributions payable |
$ | 37,036 | $ | 9,005 | $ | — |
(1) | The Company commenced operations on November 10, 2020. |
• | With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations; |
• | With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee; |
• | Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; |
• | The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment; |
• | Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and |
• | The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention. |
• | Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. |
• | Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
• | Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
• | cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and |
• | purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. |
• | No incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to investors of 1.25% of the Company’s net asset value for that immediately preceding calendar quarter. The Company refers to this as the quarterly preferred return. |
• | All of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.43%, which the Company refers to as the upper level breakpoint, of the Company’s net asset value for that immediately preceding calendar quarter, will be payable to the Company’s |
Adviser. The Company refers to this portion of the incentive fee on income as the “catch-up.” It is intended to provide an incentive fee of 12.50% on all of the Company’s pre-incentive fee net investment income when the pre-incentive fee net investment income reaches 1.43% of the Company’s net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. The quarterly preferred return of 1.25% and upper level breakpoint of 1.43% are also adjusted for the actual number of days each calendar quarter. |
• | For any quarter in which the Company’s pre-incentive fee net investment income exceeds the upper level break point of 1.43% of the Company’s net asset value for that immediately preceding calendar quarter, the incentive fee on income will equal 12.50% of the amount of the Company’s pre-incentive fee net investment income, because the quarterly preferred return and catch up will have been achieved. |
• | Pre-incentive fee net investment income is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Investment Advisory Agreement and the Administration Agreement, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any expense support payments or any reimbursement by the Company of expense support payments, or any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. |
• | with respect to the Company’s outstanding Class S shares equal to 0.85% per annum of the aggregate net asset value of the Company’s outstanding Class S shares; and |
• | with respect to the Company’s outstanding Class D shares equal to 0.25% per annum of the aggregate net asset value of the Company’s outstanding Class D shares. |
For the Quarter Ended |
Amount of Expense Support |
Recoupment of Expense Support |
Unreimbursed Expense Support |
Effective Rate of Distribution per Share(1) |
Reimbursement Eligibility Expiration |
Operating Expense Ratio(2) |
||||||||||||||||
($ in thousands) | ||||||||||||||||||||||
March 31, 2021 |
$ | 822 | $ | 822 | $ | — | 6.7 | % | March 31, 2024 | 9.47 | % | |||||||||||
June 30, 2021 |
1,756 | 1,756 | — | 6.6 | % | June 30, 2024 | 2.43 | % | ||||||||||||||
March 31, 2022 |
4,062 | — | 4,062 | 7.2 | % | March 31, 2025 | 0.67 | % | ||||||||||||||
June 30, 2022 |
2,713 | — | 2,713 | 7.4 | % | June 30, 2025 | 0.67 | % | ||||||||||||||
September 30, 2022 |
— | — | — | 8.3 | % | September 30, 2025 | 0.72 | % | ||||||||||||||
December 31, 2022 |
— | 6,775 | (6,775 | ) | 8.8 | % | December 31, 2025 | 0.62 | % | |||||||||||||
Total |
$ | 9,353 | $ | 9,353 | $ | — | ||||||||||||||||
(1) | The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s net asset value per share as of such date. |
(2) | The operating expense ratio is calculated by dividing annualized operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets. |
December 31, 2022 |
December 31, 2021 |
|||||||||||||||
($ in thousands) | Amortized Cost |
Fair Value |
Amortized Cost |
Fair Value |
||||||||||||
First-lien senior secured debt investments |
$ | 8,499,854 | $ | 8,448,540 | (3) |
$ | 2,490,219 | $ | 2,491,334 | (4) | ||||||
Second-lien senior secured debt investments |
1,203,388 | 1,142,862 | 496,559 | 498,247 | ||||||||||||
Unsecured debt investments |
221,564 | 211,328 | 2,164 | 2,116 | ||||||||||||
Preferred equity investments (3) |
510,033 | 500,023 | 56,696 | 56,970 | ||||||||||||
Common equity investments (1) |
248,176 | 264,437 | 71,259 | 71,705 | ||||||||||||
Investment funds and vehicles (2) |
141,777 | 140,394 | — | — | ||||||||||||
Total Investments |
$ | 10,824,792 | $ | 10,707,584 | $ | 3,116,897 | $ | 3,120,372 | ||||||||
(1) | Includes equity investments in Amergin AssetCo and Fifth Season. |
(2) | Includes equity investment in ORCIC SLF. See below, within Note 4, for more information regarding ORCIC SLF. |
(3) | Includes equity investment in LSI Financing. |
December 31, 2022 |
December 31, 2021 |
|||||||
Advertising and media |
2.8 | % | 2.8 | % | ||||
Aerospace and defense |
0.4 | 0.5 | ||||||
Automotive |
1.4 | 1.7 | ||||||
Asset based lending and fund finance (1) |
1.2 | — | ||||||
Buildings and real estate |
4.0 | 4.0 | ||||||
Business services |
7.3 | 7.7 | ||||||
Chemicals |
1.7 | 3.4 | ||||||
Consumer products |
2.4 | 3.6 | ||||||
Containers and packaging |
3.6 | 4.8 | ||||||
Distribution |
2.3 | 1.7 | ||||||
Education |
1.4 | 0.2 | ||||||
Energy equipment and services |
0.1 | — | ||||||
Financial services |
2.6 | 4.3 | ||||||
Food and beverage |
5.8 | 1.5 | ||||||
Healthcare equipment and services |
3.9 | 4.1 |
December 31, 2022 |
December 31, 2021 |
|||||||
Healthcare providers and services |
14.4 | 8.6 | ||||||
Healthcare technology (4) |
5.2 | 7.0 | ||||||
Household products |
2.4 | 0.3 | ||||||
Human resource support services |
1.1 | 4.0 | ||||||
Infrastructure and environmental services |
0.9 | 0.9 | ||||||
Insurance (3) |
9.7 | 12.4 | ||||||
Internet software and services |
13.6 | 12.3 | ||||||
Investment funds and vehicles (2) |
1.3 | — | ||||||
Leisure and entertainment |
1.2 | 3.0 | ||||||
Manufacturing |
3.0 | 2.4 | ||||||
Professional services |
2.8 | 3.6 | ||||||
Specialty retail |
3.2 | 4.8 | ||||||
Telecommunications |
— | 0.1 | ||||||
Transportation |
0.3 | 0.3 | ||||||
Total |
100.0 | % | 100.0 | % |
(1) | Includes equity investment in Amergin AssetCo. |
(2) | Includes equity investment in ORCIC SLF. See below, within Note 4, for more information regarding ORCIC SLF. |
(3) | Includes equity investment in Fifth Season Investments LLC. |
(4) | Includes equity investment in LSI Financing. |
December 31, 2022 |
December 31, 2021 |
|||||||
United States: |
||||||||
Midwest |
20.4 | % | 22.8 | % | ||||
Northeast |
20.0 | 17.1 | ||||||
South |
29.7 | 28.0 | ||||||
West |
20.7 | 26.8 | ||||||
International |
9.2 | 5.3 | ||||||
Total |
100.0 | % | 100.0 | % | ||||
($ in thousands) | December 31, 2022 |
|||
Total senior secured debt investments (1) |
$ | 529,463 | ||
Weighted average spread over base rate (1) |
4.4 | % | ||
Number of portfolio companies |
74 | |||
Largest funded investment to a single borrower (1) |
$ | 14,547 |
(1) | At par. |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Debt Investments |
||||||||||||||||||||||||
Aerospace and defense |
||||||||||||||||||||||||
Bleriot US Bidco Inc.(7) |
First lien senior secured loan | L + 4.00% | 10/30/2026 | 5,273 | 5,178 | 5,207 | 3.2 | % | ||||||||||||||||
Peraton Corp.(6) |
First lien senior secured loan | L + 3.75% | 2/1/2028 | 7,571 | 7,290 | 7,382 | 4.6 | % | ||||||||||||||||
Transdigm, Inc.(8)(11) |
First lien senior secured loan | SR + 3.25% | 2/22/2027 | 3,000 | 2,940 | 2,985 | 1.9 | % | ||||||||||||||||
15,844 | 15,408 | 15,574 | 9.7 | % | ||||||||||||||||||||
Automotive |
||||||||||||||||||||||||
PAI Holdco, Inc.(7) |
First lien senior secured loan | L + 3.75% | 10/28/2027 | 4,950 | 4,538 | 4,356 | 2.7 | % | ||||||||||||||||
4,950 | 4,538 | 4,356 | 2.7 | % | ||||||||||||||||||||
Buildings and real estate |
||||||||||||||||||||||||
Dodge Construction Network, LLC(10) |
First lien senior secured loan | SR + 4.75% | 2/23/2029 | 5,274 | 4,917 | 4,482 | 2.8 | % | ||||||||||||||||
RealPage, Inc.(6)(11) |
First lien senior secured loan | L + 3.00% | 4/24/2028 | 10,547 | 9,925 | 10,009 | 6.2 | % | ||||||||||||||||
Wrench Group LLC(7) |
First lien senior secured loan | L + 4.00% | 4/30/2026 | 9,761 | 9,737 | 9,419 | 5.9 | % | ||||||||||||||||
25,582 | 24,579 | 23,910 | 14.9 | % | ||||||||||||||||||||
Business services |
||||||||||||||||||||||||
BrightView Landscapes, LLC(8) |
First lien senior secured loan | SR + 3.25% | 4/20/2029 | 10,547 | 10,230 | 10,125 | 6.3 | % | ||||||||||||||||
Brown Group Holdings, LLC(9)(11) |
First lien senior secured loan | SR + 3.75% | 7/2/2029 | 2,026 | 2,005 | 2,017 | 1.3 | % | ||||||||||||||||
ConnectWise, LLC(7)(11) |
First lien senior secured loan | L + 3.50% | 9/29/2028 | 10,547 | 9,961 | 9,996 | 6.2 | % | ||||||||||||||||
Packers Holdings, LLC(6) |
First lien senior secured loan | L + 3.25% | 3/6/2028 | 6,190 | 5,682 | 5,384 | 3.4 | % | ||||||||||||||||
Vistage Worldwide, Inc.(8) |
First lien senior secured loan | SR + 5.25% | 7/13/2029 | 3,990 | 3,831 | 3,890 | 2.4 | % | ||||||||||||||||
33,300 | 31,709 | 31,412 | 19.6 | % |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Capital markets |
||||||||||||||||||||||||
Guggenheim Partners Investment Management Holdings, LLC(9) |
First lien senior secured loan | SR + 3.25% | 12/12/2029 | 5,000 | 4,913 | 4,913 | 3.1 | % | ||||||||||||||||
5,000 | 4,913 | 4,913 | 3.1 | % | ||||||||||||||||||||
Chemicals |
||||||||||||||||||||||||
Aruba Investments Holdings, LLC (dba Angus Chemical Company)(8) |
First lien senior secured loan | SR + 4.75% | 11/24/2027 | 3,000 | 2,794 | 2,933 | 1.9 | % | ||||||||||||||||
Axalta Coating Systems US Holdings Inc.(9)(11) |
First lien senior secured loan | SR + 3.00% | 12/7/2029 | 5,000 | 4,950 | 5,000 | 3.1 | % | ||||||||||||||||
Ineos US Finance LLC(9) |
First lien senior secured loan | SR + 3.75% | 11/8/2027 | 3,000 | 2,895 | 2,948 | 1.8 | % | ||||||||||||||||
11,000 | 10,639 | 10,881 | 6.8 | % | ||||||||||||||||||||
Consumer products |
||||||||||||||||||||||||
Olaplex, Inc.(8) |
First lien senior secured loan | SR + 3.50% | 2/23/2029 | 5,287 | 4,905 | 4,970 | 3.1 | % | ||||||||||||||||
5,287 | 4,905 | 4,970 | 3.1 | % | ||||||||||||||||||||
Containers and packaging |
||||||||||||||||||||||||
Berlin Packaging L.L.C.(7)(11) |
First lien senior secured loan | L + 3.75% | 3/11/2028 | 10,547 | 10,102 | 10,127 | 6.3 | % | ||||||||||||||||
BW Holding, Inc.(9) |
First lien senior secured loan | SR + 4.00% | 12/14/2028 | 7,767 | 7,637 | 7,146 | 4.5 | % | ||||||||||||||||
Ring Container Technologies Group, LLC(6) |
First lien senior secured loan | L + 3.50% | 8/14/2028 | 9,762 | 9,585 | 9,616 | 6.0 | % | ||||||||||||||||
Tricorbraun Holdings, Inc.(6)(11) |
First lien senior secured loan | L + 3.25% | 3/3/2028 | 10,546 | 9,995 | 10,040 | 6.3 | % | ||||||||||||||||
Valcour Packaging, LLC(9) |
First lien senior secured loan | SR + 3.75% | 10/4/2028 | 9,925 | 9,901 | 8,883 | 5.5 | % | ||||||||||||||||
48,547 | 47,220 | 45,812 | 28.6 | % | ||||||||||||||||||||
Distribution |
||||||||||||||||||||||||
BCPE Empire Holdings, Inc. (dba Imperial-Dade)(8)(11) |
First lien senior secured loan | SR + 4.63% | 6/11/2026 | 9,762 | 9,434 | 9,469 | 5.9 | % | ||||||||||||||||
Dealer Tire, LLC(8) |
First lien senior secured loan | SR + 4.25% | 12/14/2027 | 3,959 | 3,888 | 3,900 | 2.4 | % | ||||||||||||||||
SRS Distribution, Inc.(6) |
First lien senior secured loan | L + 3.50% | 6/2/2028 | 10,573 | 9,839 | 10,097 | 6.3 | % | ||||||||||||||||
White Cap Supply Holdings, LLC(8)(11) |
First lien senior secured loan | SR + 3.75% | 10/19/2027 | 10,573 | 10,020 | 10,208 | 6.4 | % | ||||||||||||||||
34,867 | 33,181 | 33,674 | 21.0 | % | ||||||||||||||||||||
Diversified financial services |
||||||||||||||||||||||||
Focus Financial Partners, LLC(8)(11) |
First lien senior secured loan | SR + 3.25% | 6/30/2028 | 4,988 | 4,901 | 4,921 | 3.1 | % | ||||||||||||||||
4,988 | 4,901 | 4,921 | 3.1 | % | ||||||||||||||||||||
Education |
||||||||||||||||||||||||
Severin Acquisition, LLC (dba Powerschool)(8) |
First lien senior secured loan | SR + 3.00% | 8/1/2025 | 4,897 | 4,807 | 4,860 | 3.0 | % | ||||||||||||||||
Sophia, L.P.(8) |
First lien senior secured loan | SR + 4.25% | 10/7/2027 | 9,762 | 9,739 | 9,738 | 6.1 | % | ||||||||||||||||
14,659 | 14,546 | 14,598 | 9.1 | % |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Energy equipment and services |
||||||||||||||||||||||||
AZZ Inc.(9) |
First lien senior secured loan | SR + 4.25% | 5/11/2029 | 7,950 | 7,882 | 7,950 | 5.0 | % | ||||||||||||||||
Brookfield WEC Holdings Inc.(8)(11) |
First lien senior secured loan | SR + 3.75% | 8/1/2025 | 3,491 | 3,465 | 3,473 | 2.1 | % | ||||||||||||||||
Pike Corp.(6)(11) |
First lien senior secured loan | L + 3.00% | 1/21/2028 | 9,800 | 9,607 | 9,651 | 6.0 | % | ||||||||||||||||
21,241 | 20,954 | 21,074 | 13.1 | % | ||||||||||||||||||||
Financial services |
||||||||||||||||||||||||
Acuris Finance US, Inc. (ION Analytics) (9)(11) |
First lien senior secured loan | SR + 4.00% | 2/16/2028 | 4,500 | 4,396 | 4,416 | 2.8 | % | ||||||||||||||||
AllSpring Buyer(9) |
First lien senior secured loan | SR + 4.00% | 11/1/2028 | 4,988 | 4,921 | 4,925 | 3.1 | % | ||||||||||||||||
Deerfield Dakota Holding, LLC(8)(11) |
First lien senior secured loan | SR + 3.75% | 4/9/2027 | 5,910 | 5,597 | 5,509 | 3.4 | % | ||||||||||||||||
15,398 | 14,914 | 14,850 | 9.3 | % | ||||||||||||||||||||
Food and beverage |
||||||||||||||||||||||||
Eagle Parent Corp.(9)(11) |
First lien senior secured loan | SR + 4.25% | 4/2/2029 | 2,722 | 2,674 | 2,668 | 1.7 | % | ||||||||||||||||
Naked Juice LLC (dba Tropicana)(9)(11) |
First lien senior secured loan | SR + 3.25% | 1/24/2029 | 10,573 | 9,668 | 9,430 | 5.9 | % | ||||||||||||||||
Nomad Foods Europe Midco Ltd.(8)(11) |
First lien senior secured loan | SR + 3.75% | 11/10/2029 | 5,000 | 4,801 | 4,979 | 3.1 | % | ||||||||||||||||
Pegasus BidCo B.V.(9) |
First lien senior secured loan | SR + 4.25% | 7/12/2029 | 4,500 | 4,306 | 4,354 | 2.7 | % | ||||||||||||||||
Shearer’s Foods, LLC(6)(11) |
First lien senior secured loan | L + 3.50% | 9/23/2027 | 8,807 | 8,196 | 8,376 | 5.2 | % | ||||||||||||||||
31,602 | 29,645 | 29,807 | 18.6 | % | ||||||||||||||||||||
Healthcare equipment and services |
||||||||||||||||||||||||
Confluent Medical Technologies, Inc.(9) |
First lien senior secured loan | SR + 3.75% | 2/16/2029 | 9,762 | 9,620 | 9,250 | 5.8 | % | ||||||||||||||||
Dermatology Intermediate Holdings III, Inc(8) |
First lien senior secured loan | SR + 4.25% | 3/30/2029 | 9,950 | 9,829 | 9,751 | 6.1 | % | ||||||||||||||||
Dermatology Intermediate Holdings III, Inc(8)(12) |
First lien senior secured delayed draw term loan | SR + 4.25% | 3/30/2029 | 1,629 | 1,618 | 1,596 | 1.0 | % | ||||||||||||||||
Medline Borrower, LP(6)(11) |
First lien senior secured loan | L + 3.25% | 10/23/2028 | 6,327 | 5,831 | 6,005 | 3.7 | % | ||||||||||||||||
MJH Healthcare Holdings, LLC(8) |
First lien senior secured loan | SR + 3.50% | 1/29/2029 | 3,831 | 3,767 | 3,678 | 2.3 | % | ||||||||||||||||
Natus Medical Inc.(10) |
First lien senior secured loan | SR + 5.50% | 7/20/2029 | 4,500 | 4,191 | 4,207 | 2.6 | % | ||||||||||||||||
35,999 | 34,856 | 34,487 | 21.5 | % | ||||||||||||||||||||
Healthcare providers and services |
||||||||||||||||||||||||
Covetrus, Inc.(9)(11) |
First lien senior secured loan | SR + 5.00% | 10/15/2029 | 9,500 | 8,940 | 8,878 | 5.5 | % | ||||||||||||||||
Pediatric Associates Holding Company, LLC(6) |
First lien senior secured loan | L + 3.25% | 12/29/2028 | 3,422 | 3,356 | 3,242 | 2.0 | % | ||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(6)(11) |
First lien senior secured loan | L + 3.25% | 11/15/2028 | 7,444 | 7,170 | 7,156 | 4.5 | % | ||||||||||||||||
Physician Partners, LLC(8)(11) |
First lien senior secured loan | SR + 4.00% | 12/26/2028 | 9,950 | 9,407 | 9,457 | 5.9 | % | ||||||||||||||||
Premise Health Holding(9) |
First lien senior secured loan | SR + 4.75% | 7/10/2025 | 3,234 | 3,197 | 3,193 | 2.0 | % | ||||||||||||||||
33,550 | 32,070 | 31,926 | 19.9 | % |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Healthcare technology |
||||||||||||||||||||||||
Athenahealth Group Inc.(8)(11) |
First lien senior secured loan | SR + 3.50% | 2/15/2029 | 9,403 | 8,636 | 8,466 | 5.3 | % | ||||||||||||||||
Athenahealth Group Inc.(8)(11)(12) |
First lien senior secured delayed draw term loan | SR + 3.50% | 2/15/2029 | — | (112 | ) | (109 | ) | (0.1 | )% | ||||||||||||||
Imprivata, Inc.(8) |
First lien senior secured loan | SR + 4.25% | 12/1/2027 | 9,762 | 9,583 | 9,396 | 5.9 | % | ||||||||||||||||
Verscend Holding Corp.(6) |
First lien senior secured loan | L + 4.00% | 8/27/2025 | 9,944 | 9,821 | 9,870 | 6.1 | % | ||||||||||||||||
29,109 | 27,928 | 27,623 | 17.2 | % | ||||||||||||||||||||
Infrastructure and environmental services |
||||||||||||||||||||||||
Osmose Utilities Services, Inc.(6) |
First lien senior secured loan | L + 3.25% | 6/23/2028 | 9,762 | 9,052 | 9,249 | 5.8 | % | ||||||||||||||||
USIC Holdings, Inc.(6)(11) |
First lien senior secured loan | L + 3.50% | 5/12/2028 | 2,977 | 2,831 | 2,837 | 1.7 | % | ||||||||||||||||
12,739 | 11,883 | 12,086 | 7.5 | % | ||||||||||||||||||||
Insurance |
||||||||||||||||||||||||
Acrisure, LLC(9) |
First lien senior secured loan | SR + 5.75% | 2/15/2027 | 6,500 | 6,182 | 6,435 | 4.1 | % | ||||||||||||||||
AssuredPartners, Inc.(8) |
First lien senior secured loan | SR + 4.25% | 2/12/2027 | 4,988 | 4,814 | 4,875 | 3.0 | % | ||||||||||||||||
Hub International Limited(7)(11) |
First lien senior secured loan | L + 3.25% | 4/25/2025 | 9,924 | 9,756 | 9,823 | 6.1 | % | ||||||||||||||||
21,412 | 20,752 | 21,133 | 13.2 | % | ||||||||||||||||||||
Internet software and services |
||||||||||||||||||||||||
Barracuda Parent, LLC(8) |
First lien senior secured loan | SR + 4.50% | 8/15/2029 | 10,600 | 10,141 | 10,203 | 6.3 | % | ||||||||||||||||
CDK Global, Inc.(9)(11) |
First lien senior secured loan | SR + 4.50% | 7/6/2029 | 10,600 | 10,366 | 10,492 | 6.5 | % | ||||||||||||||||
Delta TopCo, Inc. (dba Infoblox, Inc.)(9)(11) |
First lien senior secured loan | SR + 3.75% | 12/1/2027 | 10,573 | 9,666 | 9,741 | 6.1 | % | ||||||||||||||||
E2open, LLC(6)(11) |
First lien senior secured loan | L + 3.50% | 2/4/2028 | 3,868 | 3,756 | 3,793 | 2.4 | % | ||||||||||||||||
Hyland Software, Inc.(6)(11) |
First lien senior secured loan | L + 3.50% | 7/1/2024 | 9,948 | 9,732 | 9,802 | 6.1 | % | ||||||||||||||||
Sophos Holdings, LLC(7) |
First lien senior secured loan | L + 3.50% | 3/5/2027 | 10,546 | 10,319 | 10,203 | 6.4 | % | ||||||||||||||||
56,135 | 53,980 | 54,234 | 33.8 | % | ||||||||||||||||||||
Leisure and entertainment |
||||||||||||||||||||||||
Delta 2 (Lux) SARL (dba Formula One)(8) |
First lien senior secured loan | SR + 3.25% | 1/14/2030 | 3,000 | 2,970 | 2,993 | 1.8 | % | ||||||||||||||||
WMG Acquisition Corp.(8)(11) |
First lien senior secured loan | SR + 3.00% | 1/20/2028 | 4,000 | 3,922 | 3,953 | 2.5 | % | ||||||||||||||||
7,000 | 6,892 | 6,946 | 4.3 | % | ||||||||||||||||||||
Manufacturing |
||||||||||||||||||||||||
DXP Enterprises, Inc.(10) |
First lien senior secured loan | SR + 5.25% | 12/23/2027 | 4,987 | 4,717 | 4,738 | 3.0 | % | ||||||||||||||||
Gates Global LLC(8)(11) |
First lien senior secured loan | SR + 3.50% | 11/16/2029 | 1,995 | 1,936 | 1,978 | 1.2 | % |
Company(1)(2)(4)(5) |
Investment |
Interest |
Maturity Date |
Par / Units |
Amortized Cost(3) |
Fair Value |
Percentage of Members’ Equity |
|||||||||||||||||
Pro Mach Group, Inc.(6)(11) |
First lien senior secured loan | L + 4.00% | 8/31/2028 | 10,547 | 10,282 | 10,241 | 6.4 | % | ||||||||||||||||
Pro Mach Group, Inc.(9) |
First lien senior secured loan | SR + 5.00% | 8/31/2028 | 4,000 | 3,800 | 3,884 | 2.4 | % | ||||||||||||||||
21,529 | 20,735 | 20,841 | 13.0 | % | ||||||||||||||||||||
Professional services |
||||||||||||||||||||||||
Apex Group Treasury, LLC(9) |
First lien senior secured loan | SR + 5.00% | 7/27/2028 | 2,500 | 2,350 | 2,400 | 1.5 | % | ||||||||||||||||
Apex Group Treasury, LLC(7)(11) |
First lien senior secured loan | L + 3.75% | 7/27/2028 | 4,938 | 4,748 | 4,691 | 2.9 | % | ||||||||||||||||
EM Midco2 Ltd. (dba Element Materials Technology)(9) |
First lien senior secured loan | SR + 4.25% | 6/22/2029 | 2,053 | 1,988 | 2,012 | 1.3 | % | ||||||||||||||||
Sovos Compliance, LLC(9) |
First lien senior secured loan | SR + 4.50% | 8/11/2028 | 10,547 | 10,200 | 9,703 | 6.0 | % | ||||||||||||||||
20,038 | 19,286 | 18,806 | 11.7 | % | ||||||||||||||||||||
Telecommunications |
||||||||||||||||||||||||
Park Place Technologies, LLC(8)(11) |
First lien senior secured loan | SR + 5.00% | 11/10/2027 | 9,762 | 9,268 | 9,172 | 5.7 | % | ||||||||||||||||
Zayo Group Holdings, Inc.(8)(11) |
First lien senior secured loan | SR + 4.25% | 3/9/2027 | 9,925 | 8,294 | 8,196 | 5.1 | % | ||||||||||||||||
19,687 | 17,562 | 17,368 | 10.8 | % | ||||||||||||||||||||
Total Debt Investments |
$ |
529,463 |
$ |
507,996 |
$ |
506,202 |
315.6 |
% | ||||||||||||||||
Total Investments |
$ |
529,463 |
$ |
507,996 |
$ |
506,202 |
315.6 |
% | ||||||||||||||||
1. | Certain portfolio company investments are subject to contractual restrictions on sales. |
2. | Unless otherwise indicated, ORCIC SLF’s investments are pledged as collateral supporting the amounts outstanding under ORCIC SLF’s SPV Asset Facilities. |
3. | The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. |
4. | Unless otherwise indicated, all investments are considered Level 3 investments. |
5. | Unless otherwise indicated, loan contains a variable rate structure, which may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR” or “L”) (which can include one-, two-, three- or six-month LIBOR), Secured Overnight Financing Rate (“SOFR” or “SR”) (which can include one-, three-, six- or twelve-month SOFR) or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate (“Prime” or “P”), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. |
6. | The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%. |
7. | The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%. |
8. | The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%. |
9. | The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%. |
10. | The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%. |
11. | Level 2 investment. |
12. | Position or portion thereof is an unfunded loan commitment. |
December 31, 2022 |
||||
Assets |
||||
Investments at fair value (amortized cost of $507,996) |
$ | 506,202 | ||
Cash |
15,237 | |||
Interest receivable |
2,202 | |||
Receivable due on investments sold |
4,622 | |||
Prepaid expenses and other assets |
151 | |||
Total Assets |
$ | 528,414 | ||
Liabilities |
||||
Debt (net of unamortized debt issuance costs of $3,509) |
$ | 343,035 | ||
Payable for investments purchased |
13,958 | |||
Interest payable |
1,522 | |||
Return of capital payable |
4,489 | |||
Distribution payable |
3,624 | |||
Accrued expenses and other liabilities |
1,337 | |||
Total Liabilities |
$ | 367,965 | ||
Commitments and contingencies |
||||
Members’ Equity |
||||
Members’ Equity |
160,449 | |||
Total Members’ Equity |
160,449 | |||
Total Liabilities and Members’ Equity |
$ | 528,414 | ||
For the Period Ended December 31, 2022 (1) |
||||
Investment Income |
||||
Interest income |
$ | 7,202 | ||
Other income |
116 | |||
Total Investment Income |
7,318 | |||
Operating Expenses |
||||
Interest expense |
$ | 3,300 | ||
Professional fees |
158 | |||
Other general and administrative |
77 | |||
Total Operating Expenses |
3,535 | |||
Net Investment Income |
$ | 3,783 | ||
For the Period Ended December 31, 2022 (1) |
||||
Net Realized and Change in Unrealized Gain (Loss) on Investments |
||||
Net change in unrealized gain (loss) on investments |
(1,657 | ) | ||
Net realized gain (loss) on investments |
(84 | ) | ||
Total Net Realized and Change in Unrealized Gain (Loss) on Investments |
(1,741 | ) | ||
Net Increase in Members’ Equity Resulting from Operations |
$ | 2,042 | ||
(1) | The Company commenced principal operations as a joint-venture on November 2, 2022. |
Fair Value Hierarchy as of December 31, 2022 |
||||||||||||||||
($ in thousands) | Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
First-lien senior secured debt investments |
$ | — | $ | 845,039 | $ | 7,603,501 | $ | 8,448,540 | ||||||||
Second-lien senior secured debt investments |
— | 123,639 | 1,019,223 | 1,142,862 | ||||||||||||
Unsecured debt investments |
— | — | 211,328 | 211,328 | ||||||||||||
Preferred equity investments (3) |
— | — | 500,023 | 500,023 | ||||||||||||
Common equity investments(1) |
— | — | 264,437 | 264,437 | ||||||||||||
Subtotal |
$ | — | $ | 968,678 | $ | 9,598,512 | $ | 10,567,190 | ||||||||
Investments measured at NAV(2) |
— | — | — | 140,394 | ||||||||||||
Total Investments at fair value |
$ | — | $ | 968,678 | $ | 9,598,512 | $ | 10,707,584 | ||||||||
(1) | Includes equity investments in Amergin AssetCo and Fifth Season. |
(2) | Includes equity investment in ORCIC SLF. |
(3) | Includes equity investment in LSI Financing. |
December 31, 2021 |
||||||||||||||||
($ in thousands) | Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
First-lien senior secured debt investments |
$ | — | $ | 162,988 | $ | 2,328,346 | $ | 2,491,334 | ||||||||
Second-lien senior secured debt investments |
— | 47,770 | 450,477 | 498,247 | ||||||||||||
Unsecured debt investments |
— | — | 2,116 | 2,116 | ||||||||||||
Preferred equity investments |
— | — | 56,970 | 56,970 | ||||||||||||
Common equity investments |
— | — | 71,705 | 71,705 | ||||||||||||
Total Investments |
$ | — | $ | 210,758 | $ | 2,909,614 | $ | 3,120,372 | ||||||||
As of and for the Years Ended December 31, 2022 |
||||||||||||||||||||||||
($ in thousands) | First-lien senior secured debt investments |
Second-lien senior secured debt investments |
Unsecured debt investments |
Preferred equity investments |
Common equity investments |
Total |
||||||||||||||||||
Fair value, beginning of period |
$ | 2,328,346 | $ | 450,477 | $ | 2,116 | $ | 56,970 | $ | 71,705 | $ | 2,909,614 | ||||||||||||
Purchases of investments, net |
5,630,112 | 638,252 | 209,667 | 431,520 | 176,834 | 7,086,385 | ||||||||||||||||||
Payment-in-kind |
27,279 | 4,850 | 9,622 | 21,651 | 82 | 63,484 | ||||||||||||||||||
Proceeds from investments, net |
(406,080 | ) | (39,832 | ) | (142 | ) | (773 | ) | — | (446,827 | ) | |||||||||||||
Net change in unrealized gain (loss) |
(14,492 | ) | (30,402 | ) | (10,188 | ) | (10,284 | ) | 15,816 | (49,550 | ) | |||||||||||||
Net realized gains (losses) |
(797 | ) | — | (23 | ) | 202 | — | (618 | ) | |||||||||||||||
Net amortization/accretion of premium/discount on investments |
14,148 | 853 | 276 | 737 | — | 16,014 | ||||||||||||||||||
Transfers between investment types |
— | — | — | — | — | — | ||||||||||||||||||
Transfers into (out of) Level 3(1) |
24,985 | (4,975 | ) | — | — | — | 20,010 | |||||||||||||||||
Fair value, end of period |
$ | 7,603,501 | $ | 1,019,223 | $ | 211,328 | $ | 500,023 | $ | 264,437 | $ | 9,598,512 | ||||||||||||
(1) | Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2022, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies. |
As of and for the Years Ended December 31, 2021 |
||||||||||||||||||||||||
($ in thousands) | First-lien senior secured debt investments |
Second-lien senior secured debt investments |
Unsecured debt investments |
Preferred equity investments |
Common equity investments |
Total |
||||||||||||||||||
Fair value, beginning of period |
$ | 9,404 | $ | 4,232 | $ | 22 | $ | 295 | $ | 423 | $ | 14,376 | ||||||||||||
Purchases of investments, net |
2,598,943 | 444,674 | 2,054 | 55,514 | 70,826 | 3,172,011 | ||||||||||||||||||
Payment-in-kind |
2,619 | — | 82 | 832 | 10 | 3,543 | ||||||||||||||||||
Proceeds from investments, net |
(285,811 | ) | — | — | — | — | (285,811 | ) | ||||||||||||||||
Net change in unrealized gain (loss) on investments |
817 | 1,461 | (48 | ) | 274 | 446 | 2,950 | |||||||||||||||||
Net realized gain (loss) on investments |
566 | — | — | — | — | 566 | ||||||||||||||||||
Net amortization/accretion of premium/discount on investments |
2,768 | 110 | 6 | 55 | — | 2,939 | ||||||||||||||||||
Transfers into (out of) Level 3(1) |
(960 | ) | — | — | — | — | (960 | ) | ||||||||||||||||
Fair value, end of period |
$ | 2,328,346 | $ | 450,477 | $ | 2,116 | $ | 56,970 | $ | 71,705 | $ | 2,909,614 | ||||||||||||
(1) | Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the year ended December 31, 2021, transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies. |
As of and for the Twelve Months Ended December 31, 2020 (1) |
||||||||||||||||||||||||
($ in thousands) | First-lien senior secured debt investments |
Second-lien senior secured debt investments |
Unsecured debt investments |
Preferred equity investments |
Common equity investments |
Total |
||||||||||||||||||
Fair value, beginning of period |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Purchases of investments, net |
9,408 | 4,496 | 22 | 295 | 424 | 14,645 | ||||||||||||||||||
Payment-in-kind |
— | — | — | — | — | — | ||||||||||||||||||
Proceeds from investments, net |
(6 | ) | (263 | ) | — | — | — | (269 | ) | |||||||||||||||
Net change in unrealized gain (loss) on investments |
— | (1 | ) | — | — | (1 | ) | (2 | ) | |||||||||||||||
Net realized gain (loss) on investments |
— | — | — | — | — | — | ||||||||||||||||||
Net amortization/accretion of premium/discount on investments |
2 | — | — | — | — | 2 | ||||||||||||||||||
Transfers into (out of) Level 3(2) |
— | — | — | — | — | — | ||||||||||||||||||
Fair value, end of period |
$ | 9,404 | $ | 4,232 | $ | 22 | $ | 295 | $ | 423 | $ | 14,376 | ||||||||||||
(1) | The Company commenced operations on November 10, 2020. |
(2) | Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. Transfers out of Level 3 into Level 2 were as a result of changes in the observability of significant inputs for certain portfolio companies. |
($ in thousands) | Net change in unrealized gain (loss) for the Year Ended December 31, 2022 on Investments Held at December 31, 2022 |
Net change in unrealized gain (loss) for the Year Ended December 31, 2021 on Investments Held at December 31, 2021 |
Net change in unrealized gain (loss) for the Year Ended December 31, 2020 on Investments Held at December 31, 2020(1) |
|||||||||
First-lien senior secured debt investments |
$ | (14,443 | ) | $ | 817 | $ | — | |||||
Second-lien senior secured debt investments |
(29,804 | ) | 1,461 | (1 | ) | |||||||
Unsecured debt investments |
(10,188 | ) | (48 | ) | (1 | ) | ||||||
Preferred equity investments(2) |
(10,270 | ) | 274 | — | ||||||||
Common equity investments(2) |
16,131 | 446 | — | |||||||||
Total Investments |
$ | (48,574 | ) | $ | 2,950 | $ | (2 | ) | ||||
(1) | The Company commenced operations on November 10, 2020. |
(2) | As of December 31, 2020, Preferred and Common equity investments were reported in aggregate as Equity investments. |
As of December 31, 2022 | ||||||||||||
($ in thousands) | Fair Value |
Valuation Technique |
Unobservable Input |
Range (Weighted Average) |
Impact to Valuation from an Increase in Input | |||||||
First-lien senior secured debt investments |
$ | 7,274,929 | Yield Analysis | Market Yield | 8.2% - 19.3% (11.9%) |
Decrease | ||||||
323,358 | Recent Transaction | Transaction Price | 96.8% - 99.0% (98.0%) |
Increase | ||||||||
5,214 | Collateral Analysis | Recovery Rate | 51.0% - 51.0% (51.0%) | Increase | ||||||||
Second-lien senior secured debt investments |
$ | 862,487 | Yield Analysis | Market Yield | 11.9% - 25.2% (15.7%) | Decrease | ||||||
156,736 | Recent Transaction | Transaction Price | 98.0% - 98.0% (98.0%) | Increase | ||||||||
Unsecured debt investments |
$ | 211,304 | Yield Analysis | Market Yield | 10.8% - 20.2% (13.1%) | Decrease | ||||||
24 | Market Approach | EBITDA Multiple | 14.3x - 14.3x (14.3x) | Increase | ||||||||
Preferred equity investments |
$ | 477,863 | Yield Analysis | Market Yield | 11.9% - 17.9% (14.6%) | Decrease | ||||||
22,157 | Recent Transaction | Transaction Price | 96.5% - 100.0% (97.5%) |
Increase | ||||||||
3 | Market Approach | EBITDA Multiple | 11.5x - 11.5x (11.5x) | Increase | ||||||||
Common equity investments |
$ | 105,049 | Recent Transaction | Transaction Price | 100.0% - 100.0% (100.0%) |
Increase | ||||||
129,098 | Market Approach | EBITDA Multiple | 11.0x - 31.6x (15.8x) | Increase | ||||||||
30,284 | Market Approach | Revenue Multiple | 1.8x - 16.6x (12.9x) | Increase | ||||||||
6 | Market Approach | Gross Profit Multiple | 8.6x - 8.6x (8.6x) | Increase |
As of December 31, 2021 |
||||||||||||||
($ in thousands) | Fair Value |
Valuation Technique |
Unobservable Input |
Range (Weighted Average) |
Impact to Valuation from an Increase in Input |
|||||||||
First-lien senior secured debt investments |
$ | 1,401,867 | Yield Analysis | Market Yield | 5.1% - 12.4% (8.2%) |
Decrease | ||||||||
921,476 | Recent Transaction | Transaction Price | 90.5% - 100.0% (98.1%) |
Increase | ||||||||||
5,003 | Indicative Bid | Broker Quotes | N/A | Increase | ||||||||||
Second-lien senior secured debt investments |
$ | 164,066 | Yield Analysis | Market Yield | 6.1% - 10.7% (8.7%) | Decrease | ||||||||
261,240 | Recent Transaction | Transaction Price | 98.0% - 99.5% (98.8%) |
Increase | ||||||||||
25,171 | Indicative Bid | Broker Quotes | N/A | Increase | ||||||||||
Unsecured debt investments |
$ | 2,092 | Yield Analysis | Market Yield | 9.4% | Decrease | ||||||||
24 | Market Approach | EBITDA Multiple | 14.8x | Increase | ||||||||||
Preferred equity investments |
$ | 11,555 | Yield Analysis | Market Yield | 11.4% - 14.6% (11.5%) | Decrease | ||||||||
238 | Market Approach | EBITDA Multiple | 9.3x | Increase | ||||||||||
45,177 | Recent Transaction | Transaction Price | 97.3% - 97.5% (97.3%) | Increase | ||||||||||
Common equity investments |
$ | 56,186 | Recent Transaction | Transaction Price | 100.0% | Increase | ||||||||
15,470 | Market Approach | EBITDA Multiple | 7.6x - 24.0x (16.9x) | Increase | ||||||||||
49 | Market Approach | Gross Profit Multiple | 27.0x | Increase |
December 31, 2022 |
December 31, 2021 |
|||||||||||||||
($ in thousands) | Net Carrying Value (1) |
Fair Value |
Net Carrying Value (2) |
Fair Value |
||||||||||||
Revolving Credit Facility (3) |
$ | 288,636 | $ | 288,636 | $ | 445,188 | $ | 445,188 | ||||||||
SPV Asset Facility I |
437,241 | 437,241 | 298,015 | 298,015 | ||||||||||||
SPV Asset Facility II |
1,528,048 | 1,528,048 | 438,637 | 438,637 | ||||||||||||
SPV Asset Facility III |
549,851 | 549,851 | — | — | ||||||||||||
SPV Asset Facility IV |
460,869 | 460,869 | — | — | ||||||||||||
CLO VIII |
287,946 | 287,946 | — | — | ||||||||||||
March 2025 Notes |
495,309 | 485,000 | — | — | ||||||||||||
September 2026 Notes |
344,226 | 299,250 | 343,971 | 337,750 | ||||||||||||
February 2027 Notes |
493,735 | 447,500 | — | — | ||||||||||||
September 2027 Notes (4) |
591,550 | 597,449 | — | — | ||||||||||||
Total Debt |
$ | 5,477,411 | $ | 5,381,790 | $ | 1,525,811 | $ | 1,519,590 | ||||||||
(1) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million respectively. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, and September 2026 Notes are presented net of unamortized debt issuance costs of $6.0 million, $3.3 million, $7.4 million, and $6.0 million, respectively. |
(3) | Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies. |
(4) | Inclusive of change in fair market value of effective hedge. |
($ in thousands) | December 31, 2022 |
December 31, 2021 |
||||||
Level 1 |
$ | — | $ | — | ||||
Level 2 |
1,829,199 | 337,750 | ||||||
Level 3 |
3,552,591 | 1,181,840 | ||||||
Total Debt |
$ |
5,381,790 |
$ |
1,519,590 |
||||
December 31, 2022 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available (1) |
Net Carrying Value (2) |
||||||||||||
Revolving Credit Facility (3) |
$ | 1,845,000 | $ | 302,287 | $ | 1,542,713 | $ | 288,636 | ||||||||
SPV Asset Facility I |
550,000 | 440,430 | 72,337 | 437,241 | ||||||||||||
SPV Asset Facility II |
1,800,000 | 1,538,000 | 164,506 | 1,528,048 | ||||||||||||
SPV Asset Facility III |
750,000 | 555,000 | 50,764 | 549,851 | ||||||||||||
SPV Asset Facility IV |
500,000 | 465,000 | 26,911 | 460,869 | ||||||||||||
CLO VIII |
290,000 | 290,000 | — | 287,946 | ||||||||||||
March 2025 Notes |
500,000 | 500,000 | — | 495,309 | ||||||||||||
September 2026 Notes |
350,000 | 350,000 | — | 344,226 | ||||||||||||
February 2027 Notes |
500,000 | 500,000 | — | 493,735 | ||||||||||||
September 2027 Notes (4) |
600,000 | 600,000 | — | 591,550 | ||||||||||||
Total Debt |
$ | 7,685,000 | $ | 5,540,717 | $ | 1,857,231 | $ | 5,477,411 | ||||||||
(1) | The amount available reflects any limitations related to each credit facility’s borrowing base. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, SPV Asset Facility III, SPV Asset Facility IV, CLO VIII, March 2025 Notes, September 2026 Notes, February 2027 Notes, and September 2027 Notes are presented net of unamortized debt issuance costs of $13.6 million, $3.2 million, $10.0 million, $5.1 million, $4.1 million, $2.1 million, $4.7 million, $5.8 million, $6.3 million, and $8.4 million respectively. |
(3) | Includes unrealized gain (loss) on translation of borrowings denominated in foreign currencies. |
(4) | Inclusive of change in fair market value of effective hedge. |
December 31, 2021 |
||||||||||||||||
($ in thousands) | Aggregate Principal Committed |
Outstanding Principal |
Amount Available (1) |
Net Carrying Value (2) |
||||||||||||
Promissory Note |
$ | 250,000 | $ | — | $ | 250,000 | $ | — | ||||||||
Revolving Credit Facility |
750,000 | 451,170 | 298,830 | 445,188 | ||||||||||||
SPV Asset Facility I |
550,000 | 301,282 | 33,740 | 298,015 | ||||||||||||
SPV Asset Facility II |
1,000,000 | 446,000 | 83,678 | 438,637 | ||||||||||||
September 2026 Notes |
350,000 | 350,000 | — | 343,971 | ||||||||||||
Total Debt |
$ | 2,900,000 | $ | 1,548,452 | $ | 666,248 | $ | 1,525,811 | ||||||||
(1) | The amount available reflects any limitations related to each credit facility’s borrowing base. |
(2) | The carrying values of the Company’s Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, and September 2026 Notes are presented net of unamortized debt issuance costs of $6.0 million, $3.3 million, $7.4 million, and $6.0 million, respectively. |
For the Years Ended December 31, |
||||||||||||
($ in thousands) | 2022 |
2021 |
2020 (1) |
|||||||||
Interest expense |
$ | 190,110 | $ | 12,619 | $ | 4 | ||||||
Amortization of debt issuance costs |
10,657 | 1,638 | — | |||||||||
Net change in unrealized (gain) loss on effective interest rate swaps and hedged items (2) |
(449 | ) | — | — | ||||||||
Total Interest Expense |
$ | 200,318 | $ | 14,257 | $ | 4 | ||||||
Average interest rate |
4.8 | % | 2.8 | % | 4.3 | % | ||||||
Average daily borrowings |
$ | 3,879,321 | $ | 447,117 | $ | 577 |
(1) | The Company commenced operations on November 10, 2020. |
(2) | Refer to the September 2027 Notes for details on the facility’s interest rate swap. |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
($ in thousands) | ||||||||||
AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC |
LLC Interest | $ | 45,000 | $ | — | |||||
AAM Series 2.1 Aviation Feeder, LLC |
LLC Interest | 43,432 | — | |||||||
ABB/Con-cise Optical Group LLC |
First lien senior secured revolving loan | 186 | — | |||||||
ACR Group Borrower, LLC |
First lien senior secured revolving loan | 537 | 875 | |||||||
Alera Group, Inc. |
First lien senior secured delayed draw term loan | — | 47,273 | |||||||
AmeriLife Holdings LLC |
First lien senior secured revolving loan | 16,273 | — | |||||||
AmeriLife Holdings LLC |
First lien senior secured delayed draw term loan | 10,849 | — | |||||||
Anaplan, Inc. |
First lien senior secured revolving loan | 16,528 | — |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
Apex Group Treasury, LLC |
Second lien senior secured delayed draw term loan | — | 6,618 | |||||||
Apex Service Partners, LLC |
First lien senior secured revolving loan | 1,725 | — | |||||||
Appfire Technologies, LLC |
First lien senior secured revolving loan | 1,539 | — | |||||||
Appfire Technologies, LLC |
First lien senior secured delayed draw term loan | 16,366 | — | |||||||
Armstrong Bidco Limited (dba The Access Group) |
First lien senior secured delayed draw term loan | 3,734 | — | |||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging) |
First lien senior secured revolving loan | 5,106 | 4,255 | |||||||
Associations, Inc. |
First lien senior secured revolving loan | 4,829 | 4,829 | |||||||
Associations, Inc. |
First lien senior secured delayed draw term loan | 56,283 | — | |||||||
Athenahealth Group Inc. |
First lien senior secured delayed draw term loan | 3,631 | — | |||||||
Avalara, Inc. |
First lien senior secured revolving loan | 7,045 | — | |||||||
AxiomSL Group, Inc. |
First lien senior secured delayed draw term loan | 2,145 | 2,145 | |||||||
AxiomSL Group, Inc. |
First lien senior secured revolving loan | 2,591 | 2,591 | |||||||
Bayshore Intermediate #2, L.P. (dba Boomi) |
First lien senior secured revolving loan | 1,062 | 1,593 | |||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured delayed draw term loan | 31,034 | 31,034 | |||||||
BCPE Osprey Buyer, Inc. (dba PartsSource) |
First lien senior secured revolving loan | 4,655 | 4,655 | |||||||
BCTO BSI Buyer, Inc. (dba Buildertrend) |
First lien senior secured revolving loan | 161 | 47 | |||||||
Brightway Holdings, LLC |
First lien senior secured revolving loan | 2,105 | 2,105 | |||||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured delayed draw term loan | 917 | — | |||||||
BTRS Holdings Inc. (dba Billtrust) |
First lien senior secured revolving loan | 1,157 | — | |||||||
BW Holding, Inc. |
First lien senior secured delayed draw term loan | — | 4,184 | |||||||
Canadian Hospital Specialties Ltd. |
First lien senior secured delayed draw term loan | 637 | 939 | |||||||
Canadian Hospital Specialties Ltd. |
First lien senior secured revolving loan | 248 | 388 | |||||||
CivicPlus, LLC |
First lien senior secured delayed draw term loan | — | 4,400 |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
CivicPlus, LLC |
First lien senior secured revolving loan | 2,245 | 880 | |||||||
Community Brands ParentCo, LLC |
First lien senior secured delayed draw term loan | 3,750 | — | |||||||
Community Brands ParentCo, LLC |
First lien senior secured revolving loan | 1,875 | — | |||||||
CoreTrust Purchasing Group LLC |
First lien senior secured delayed draw term loan | 14,183 | — | |||||||
CoreTrust Purchasing Group LLC |
First lien senior secured revolving loan | 14,183 | — | |||||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured delayed draw term loan | 5,712 | 20,519 | |||||||
Denali BuyerCo, LLC (dba Summit Companies) |
First lien senior secured revolving loan | 9,963 | 7,407 | |||||||
Dermatology Intermediate Holdings III, Inc |
First lien senior secured delayed draw term loan | 278 | — | |||||||
Diamondback Acquisition, Inc. (dba Sphera) |
First lien senior secured delayed draw term loan | 9,553 | 9,553 | |||||||
Dodge Data & Analytics LLC |
First lien senior secured revolving loan | — | 125 | |||||||
Douglas Products and Packaging Company LLC |
First lien senior secured revolving loan | 3,199 | — | |||||||
EET Buyer, Inc. (dba e-Emphasys) |
First lien senior secured revolving loan | 1,955 | 1,955 | |||||||
Entertainment Benefits Group, LLC |
First lien senior secured revolving loan | 3,867 | — | |||||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured delayed draw term loan | — | 10,605 | |||||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured delayed draw term loan | 200 | — | |||||||
Evolution BuyerCo, Inc. (dba SIAA) |
First lien senior secured revolving loan | 676 | 676 | |||||||
Formerra, LLC |
First lien senior secured delayed draw term loan | 211 | — | |||||||
Formerra, LLC |
First lien senior secured revolving loan | 526 | — | |||||||
Fortis Solutions Group, LLC |
First lien senior secured delayed draw term loan | 191 | 19,678 | |||||||
Fortis Solutions Group, LLC |
First lien senior secured revolving loan | 5,848 | 6,747 | |||||||
Fullsteam Operations, LLC |
First lien senior secured delayed draw term loan | 31,894 | — | |||||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 3,182 | 3,182 | |||||||
Gaylord Chemical Company, L.L.C. |
First lien senior secured revolving loan | 791 | 791 |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured delayed draw term loan | — | 2,789 | |||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured delayed draw term loan | 7,600 | — | |||||||
GI Ranger Intermediate, LLC (dba Rectangle Health) |
First lien senior secured revolving loan | 1,506 | 1,673 | |||||||
Global Music Rights, LLC |
First lien senior secured revolving loan | 7,500 | 7,500 | |||||||
GovBrands Intermediate, Inc. |
First lien senior secured delayed draw term loan | 870 | 870 | |||||||
GovBrands Intermediate, Inc. |
First lien senior secured revolving loan | 88 | 881 | |||||||
Granicus, Inc. |
First lien senior secured delayed draw term loan | — | 136 | |||||||
Granicus, Inc. |
First lien senior secured revolving loan | 107 | 161 | |||||||
Grayshift, LLC |
First lien senior secured revolving loan | 2,419 | — | |||||||
GS Acquisitionco, Inc. (dba insightsoftware) |
First lien senior secured delayed draw term loan | — | 5,081 | |||||||
Guidehouse Inc. |
First lien senior secured revolving loan | — | 7,018 | |||||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured revolving loan | 86 | 96 | |||||||
Hercules Borrower, LLC (dba The Vincit Group) |
First lien senior secured delayed draw term loan | 9,811 | 20,239 | |||||||
Hissho Sushi Merger Sub LLC |
First lien senior secured revolving loan | 6,996 | — | |||||||
Hyperion Refinance S.a.r.l (dba Howden Group) |
First lien senior secured delayed draw term loan | 92,823 | — | |||||||
Ideal Image Development, LLC |
First lien senior secured delayed draw term loan | 732 | — | |||||||
Ideal Image Development, LLC |
First lien senior secured revolving loan | 915 | — | |||||||
IG Investments Holdings, LLC (dba Insight Global) |
First lien senior secured revolving loan | 2,168 | 1,806 | |||||||
IMO Investor Holdings, Inc. |
First lien senior secured delayed draw term loan | 4,963 | — | |||||||
IMO Investor Holdings, Inc. |
First lien senior secured revolving loan | 2,010 | — | |||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured delayed draw term loan | 31,750 | — | |||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group) |
First lien senior secured revolving loan | 10,583 | — | |||||||
Individual Foodservice Holdings, LLC |
First lien senior secured delayed draw term loan | — | 14,861 |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
Individual Foodservice Holdings, LLC |
First lien senior secured delayed draw term loan | — | 29 | |||||||
Individual Foodservice Holdings, LLC |
First lien senior secured revolving loan | 83 | 80 | |||||||
Individual Foodservice Holdings, LLC |
First lien senior secured delayed draw term loan | 18,414 | — | |||||||
Individual Foodservice Holdings, LLC |
First lien senior secured delayed draw term loan | 8,048 | — | |||||||
Intelerad Medical Systems Inc. |
First lien senior secured revolving loan | 1 | 401 | |||||||
Interoperability Bidco, Inc. (dba Lyniate) |
First lien senior secured revolving loan | 1,739 | — | |||||||
Kaseya Inc. |
First lien senior secured delayed draw term loan | 4,342 | — | |||||||
Kaseya Inc. |
First lien senior secured revolving loan | 4,342 | — | |||||||
KBP Brands, LLC |
First lien senior secured delayed draw term loan | 743 | — | |||||||
KPSKY Acquisition, Inc. (dba BluSky) |
First lien senior secured delayed draw term loan | — | 4,372 | |||||||
KPSKY Acquisition, Inc. (dba BluSky) |
First lien senior secured delayed draw term loan | 16,625 | — | |||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured revolving loan | 3,415 | 3,073 | |||||||
KWOR Acquisition, Inc. (dba Alacrity Solutions) |
First lien senior secured delayed draw term loan | 8,748 | — | |||||||
Lignetics Investment Corp. |
First lien senior secured delayed draw term loan | 9,559 | 9,559 | |||||||
Lignetics Investment Corp. |
First lien senior secured revolving loan | 4,588 | 9,559 | |||||||
ManTech International Corporation |
First lien senior secured delayed draw term loan | 3,360 | — | |||||||
ManTech International Corporation |
First lien senior secured revolving loan | 1,806 | — | |||||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured delayed draw term loan | 28,401 | — | |||||||
Mario Purchaser, LLC (dba Len the Plumber) |
First lien senior secured revolving loan | 8,038 | — | |||||||
Medline Borrower, LP |
First lien senior secured revolving loan | 2,020 | 2,020 | |||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) |
First lien senior secured delayed draw term loan | — | 2,264 | |||||||
MHE Intermediate Holdings, LLC (dba OnPoint Group) |
First lien senior secured revolving loan | 3,071 | 3,571 | |||||||
Milan Laser Holdings LLC |
First lien senior secured revolving loan | 1,765 | 1,765 |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
Ministry Brands Holdings, LLC. |
First lien senior secured delayed draw term loan | 15,819 | 15,819 | |||||||
Ministry Brands Holdings, LLC. |
First lien senior secured revolving loan | 2,373 | 4,746 | |||||||
Mitnick Corporate Purchaser, Inc. |
First lien senior secured revolving loan | 8,713 | — | |||||||
Natural Partners, LLC |
First lien senior secured revolving loan | 5,063 | — | |||||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured delayed draw term loan | 1,039 | 1,375 | |||||||
NMI Acquisitionco, Inc. (dba Network Merchants) |
First lien senior secured revolving loan | 558 | 558 | |||||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured delayed draw term loan | 3,521 | 8,803 | |||||||
Notorious Topco, LLC (dba Beauty Industry Group) |
First lien senior secured revolving loan | 4,401 | 4,401 | |||||||
OAC Holdings I Corp. (dba Omega Holdings) |
First lien senior secured revolving loan | 1,139 | — | |||||||
OB Hospitalist Group, Inc. |
First lien senior secured revolving loan | 5,222 | 7,140 | |||||||
Ocala Bidco, Inc. |
First lien senior secured delayed draw term loan | 8,469 | 8,469 | |||||||
Ole Smoky Distillery, LLC |
First lien senior secured revolving loan | 3,302 | — | |||||||
Pacific BidCo Inc. |
First lien senior secured delayed draw term loan | 17,906 | — | |||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) |
First lien senior secured revolving loan | 70 | 88 | |||||||
Pediatric Associates Holding Company, LLC |
First lien senior secured delayed draw term loan | 1,776 | — | |||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured delayed draw term loan | — | 3,627 | |||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured delayed draw term loan | 8,891 | — | |||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services) |
First lien senior secured revolving loan | 2,570 | 2,570 | |||||||
Ping Identity Holding Corp. |
First lien senior secured revolving loan | 2,182 | — | |||||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured delayed draw term loan | 28,553 | — | |||||||
Plasma Buyer LLC (dba Pathgroup) |
First lien senior secured revolving loan | 12,237 | — |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
Pluralsight, LLC |
First lien senior secured revolving loan | 196 | 392 | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured revolving loan | 8,653 | — | |||||||
PPV Intermediate Holdings, LLC |
First lien senior secured delayed draw term loan | 19,248 | — | |||||||
QAD Inc. |
First lien senior secured revolving loan | 6,000 | 6,000 | |||||||
Quva Pharma, Inc. |
First lien senior secured revolving loan | 236 | 455 | |||||||
Refresh Parent Holdings, Inc. |
First lien senior secured delayed draw term loan | — | 11 | |||||||
Refresh Parent Holdings, Inc. |
First lien senior secured delayed draw term loan | — | 10,667 | |||||||
Refresh Parent Holdings, Inc. |
First lien senior secured revolving loan | — | 92 | |||||||
Relativity ODA LLC |
First lien senior secured revolving loan | 435 | 435 | |||||||
Sailpoint Technologies Holdings, Inc. |
First lien senior secured revolving loan | 5,718 | — | |||||||
Securonix, Inc. |
First lien senior secured revolving loan | 5,339 | — | |||||||
Simplisafe Holding Corporation |
First lien senior secured delayed draw term loan | 16,049 | — | |||||||
Smarsh Inc. |
First lien senior secured delayed draw term loan | 10,381 | — | |||||||
Smarsh Inc. |
First lien senior secured revolving loan | 5,190 | — | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured delayed draw term loan | 315 | 1,052 | |||||||
Southern Air & Heat Holdings, LLC |
First lien senior secured revolving loan | 203 | 282 | |||||||
Sovos Compliance, LLC |
First lien senior secured delayed draw term loan | — | 1,104 | |||||||
Spotless Brands, LLC |
First lien senior secured revolving loan | 1,461 | — | |||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured revolving loan | 3,626 | — | |||||||
SWK BUYER, Inc. (dba Stonewall Kitchen) |
First lien senior secured delayed draw term loan | 13,947 | — | |||||||
Tahoe Finco, LLC |
First lien senior secured revolving loan | 6,279 | 6,279 | |||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E) |
First lien senior secured revolving loan | 4,388 | — | |||||||
TC Holdings, LLC (dba TrialCard) |
First lien senior secured revolving loan | 7,768 | — |
Portfolio Company |
Investment |
December 31, 2022 |
December 31, 2021 |
|||||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured delayed draw term loan | 10,317 | 10,317 | |||||||
Tempo Buyer Corp. (dba Global Claims Services) |
First lien senior secured revolving loan | 4,746 | 5,159 | |||||||
The NPD Group, L.P. |
First lien senior secured revolving loan | 12,555 | — | |||||||
The Shade Store, LLC |
First lien senior secured revolving loan | 4,909 | 6,818 | |||||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured revolving loan | 470 | 714 | |||||||
Thunder Purchaser, Inc. (dba Vector Solutions) |
First lien senior secured delayed draw term loan | 1,306 | 2,041 | |||||||
Troon Golf, L.L.C. |
First lien senior secured delayed draw term loan | 10,000 | — | |||||||
Troon Golf, L.L.C. |
First lien senior secured revolving loan | 7,207 | 7,207 | |||||||
Ultimate Baked Goods Midco, LLC |
First lien senior secured revolving loan | 1,475 | 950 | |||||||
Unified Women’s Healthcare, LP |
First lien senior secured delayed draw term loan | 3,045 | — | |||||||
Unified Women’s Healthcare, LP |
First lien senior secured revolving loan | 8,120 | — | |||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners) |
First lien senior secured revolving loan | 1,096 | 1,078 | |||||||
Velocity HoldCo III Inc. (dba VelocityEHS) |
First lien senior secured revolving loan | 113 | 142 | |||||||
When I Work, Inc. |
First lien senior secured revolving loan | 4,164 | 4,164 | |||||||
Zendesk, Inc. |
First lien senior secured delayed draw term loan | 30,080 | — | |||||||
Zendesk, Inc. |
First lien senior secured revolving loan | 12,386 | — | |||||||
Total Unfunded Portfolio Company Commitments |
$ | 1,067,317 | $ | 422,808 | ||||||
Classification |
Number of Shares (in thousands) |
Par Value |
||||||
Class S Shares |
1,000,000 | $ | 0.01 | |||||
Class D Shares |
1,000,000 | $ | 0.01 | |||||
Class I Shares |
1,000,000 | $ | 0.01 | |||||
Total |
3,000,000 |
|||||||
For the Year Ended December 31, 2022 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
138,716,357 | $ | 1,281,798 | 29,988,942 | $ | 275,634 | 238,170,125 | $ | 2,182,504 | 406,875,424 | $ | 3,739,936 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | 14,129,039 | 129,327 | 14,129,039 | 129,327 | ||||||||||||||||||||||||
Reinvestment of distributions |
3,532,070 | 32,022 | 1,200,084 | 10,905 | 6,299,574 | 57,235 | 11,031,728 | 100,162 | ||||||||||||||||||||||||
Repurchased shares |
(5,997,912 | ) | (54,182 | ) | (846,059 | ) | (7,645 | ) | (15,890,220 | ) | (143,936 | ) | (22,734,191 | ) | (205,762 | ) | ||||||||||||||||
Total shares/gross proceeds |
136,250,515 | 1,259,638 | 30,342,967 | 278,895 | 242,708,518 | 2,225,130 | 409,302,000 | 3,763,664 | ||||||||||||||||||||||||
Sales load |
— | (11,111 | ) | — | (481 | ) | — | — | — | (11,592 | ) | |||||||||||||||||||||
Total shares/net proceeds |
136,250,515 | $ | 1,248,527 | 30,342,967 | $ | 278,413 | 242,708,518 | $ | 2,225,130 | 409,302,000 | $ | 3,752,071 | ||||||||||||||||||||
For the Year Ended December 31, 2021 |
||||||||||||||||||||||||||||||||
Class S |
Class D |
Class I |
Total |
|||||||||||||||||||||||||||||
($ in thousands, except share amounts) |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
Shares |
Amount |
||||||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
60,515,400 | $ | 568,479 | 18,426,554 | $ | 171,456 | 88,545,531 | $ | 823,758 | 167,487,485 | $ | 1,563,693 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reinvestment of distributions |
201,649 | 1,877 | 137,104 | 1,274 | 418,652 | 3,897 | 757,405 | 7,048 | ||||||||||||||||||||||||
Repurchased shares |
(16,129 | ) | (150 | ) | (11,327 | ) | (106 | ) | (161,083 | ) | (1,504 | ) | (188,539 | ) | (1,760 | ) | ||||||||||||||||
Total shares/gross proceeds |
60,700,920 | 570,206 | 18,552,331 | 172,624 | 88,803,100 | 826,151 | 168,056,351 | 1,568,981 | ||||||||||||||||||||||||
Sales load |
— | (5,223 | ) | — | (118 | ) | — | — | — | (5,341 | ) | |||||||||||||||||||||
Total shares/net proceeds |
60,700,920 | $ | 564,983 | 18,552,331 | $ | 172,506 | 88,803,100 | $ | 826,151 | 168,056,351 | $ | 1,563,640 | ||||||||||||||||||||
Shares/gross proceeds from the continuous public offering |
— | $ | — | — | $ | — | 1,300,100 | $ | 13,001 | 1,300,100 | $ | 13,001 | ||||||||||||||||||||
Shares/gross proceeds from the private placements |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Reinvestment of distributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchased shares |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total shares/gross proceeds |
— | — | — | — | 1,300,100 | 13,001 | 1,300,100 | 13,001 | ||||||||||||||||||||||||
Sales load |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total shares/net proceeds |
— | $ | — | — | $ | — | 1,300,100 | $ | 13,001 | 1,300,100 | $ | 13,001 | ||||||||||||||||||||
(1) | The Company commenced operations on November 10, 2020. |
Class S |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
March 1, 2021 |
$ | 9.26 | $ | 0.32 | $ | 9.58 | ||||||
April 1, 2021 |
$ | 9.26 | $ | 0.32 | $ | 9.58 | ||||||
May 1, 2021 |
$ | 9.26 | $ | 0.32 | $ | 9.58 | ||||||
June 1, 2021 |
$ | 9.28 | $ | 0.32 | $ | 9.60 | ||||||
July 1, 2021 |
$ | 9.30 | $ | 0.33 | $ | 9.63 | ||||||
August 1, 2021 |
$ | 9.30 | $ | 0.33 | $ | 9.63 | ||||||
September 1, 2021 |
$ | 9.30 | $ | 0.33 | $ | 9.63 | ||||||
October 1, 2021 |
$ | 9.31 | $ | 0.33 | $ | 9.64 | ||||||
November 1, 2021 |
$ | 9.32 | $ | 0.33 | $ | 9.65 | ||||||
December 1, 2021 |
$ | 9.31 | $ | 0.33 | $ | 9.64 | ||||||
January 1, 2022 |
$ | 9.33 | $ | 0.33 | $ | 9.66 | ||||||
February 1, 2022 |
$ | 9.33 | $ | 0.33 | $ | 9.66 | ||||||
March 1, 2022 |
$ | 9.27 | $ | 0.32 | $ | 9.59 | ||||||
April 1, 2022 |
$ | 9.24 | $ | 0.32 | $ | 9.56 | ||||||
May 1, 2022 |
$ | 9.23 | $ | 0.32 | $ | 9.55 | ||||||
June 1, 2022 |
$ | 9.02 | $ | 0.32 | $ | 9.34 | ||||||
July 1, 2022 |
$ | 8.84 | $ | 0.31 | $ | 9.15 | ||||||
August 1, 2022 |
$ | 9.02 | $ | 0.32 | $ | 9.34 | ||||||
September 1, 2022 |
$ | 9.09 | $ | 0.32 | $ | 9.41 | ||||||
October 1, 2022 |
$ | 8.99 | $ | 0.31 | $ | 9.30 | ||||||
November 1, 2022 |
$ | 9.00 | $ | 0.32 | $ | 9.32 | ||||||
December 1, 2022 |
$ | 9.05 | $ | 0.32 | $ | 9.37 |
Class D |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
March 1, 2021 |
$ | 9.26 | $ | 0.14 | $ | 9.40 | ||||||
April 1, 2021 |
$ | 9.26 | $ | 0.14 | $ | 9.40 | ||||||
May 1, 2021 |
$ | 9.25 | $ | 0.14 | $ | 9.39 | ||||||
June 1, 2021 |
$ | 9.27 | $ | 0.14 | $ | 9.41 | ||||||
July 1, 2021 |
$ | 9.29 | $ | 0.14 | $ | 9.43 | ||||||
August 1, 2021 |
$ | 9.29 | $ | 0.14 | $ | 9.43 | ||||||
September 1, 2021 |
$ | 9.29 | $ | 0.14 | $ | 9.43 | ||||||
October 1, 2021 |
$ | 9.31 | $ | 0.14 | $ | 9.45 | ||||||
November 1, 2021 |
$ | 9.32 | $ | 0.14 | $ | 9.46 | ||||||
December 1, 2021 |
$ | 9.31 | $ | 0.14 | $ | 9.45 | ||||||
January 1, 2022 |
$ | 9.34 | $ | 0.14 | $ | 9.48 | ||||||
February 1, 2022 |
$ | 9.33 | $ | 0.14 | $ | 9.47 | ||||||
March 1, 2022 |
$ | 9.27 | $ | 0.14 | $ | 9.41 | ||||||
April 1, 2022 |
$ | 9.25 | $ | 0.14 | $ | 9.39 | ||||||
May 1, 2022 |
$ | 9.24 | $ | 0.14 | $ | 9.38 | ||||||
June 1, 2022 |
$ | 9.04 | $ | 0.14 | $ | 9.18 | ||||||
July 1, 2022 |
$ | 8.86 | $ | 0.13 | $ | 8.99 |
Class D |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
August 1, 2022 |
$ | 9.04 | $ | 0.14 | $ | 9.18 | ||||||
September 1, 2022 |
$ | 9.09 | $ | 0.14 | $ | 9.23 | ||||||
October 1, 2022 |
$ | 9.00 | $ | 0.14 | $ | 9.14 | ||||||
November 1, 2022 |
$ | 9.01 | $ | 0.14 | $ | 9.15 | ||||||
December 1, 2022 |
$ | 9.05 | $ | 0.14 | $ | 9.19 |
Class I |
||||||||||||
Effective Date |
Net Offering Price (per share) |
Maximum Upfront Sales Load (per share) |
Maximum Offering Price (per share) |
|||||||||
Initial Offering Price | $ | 10.00 | $ | — | $ | 10.00 | ||||||
March 1, 2021 | $ | 9.26 | $ | — | $ | 9.26 | ||||||
April 1, 2021 |
$ | 9.26 | $ | — | $ | 9.26 | ||||||
May 1, 2021 | $ | 9.26 | $ | — | $ | 9.26 | ||||||
June 1, 2021 | $ | 9.28 | $ | — | $ | 9.28 | ||||||
July 1, 2021 | $ | 9.30 | $ | — | $ | 9.30 | ||||||
August 1, 2021 | $ | 9.30 | $ | — | $ | 9.30 | ||||||
September 1, 2021 | $ | 9.30 | $ | — | $ | 9.30 | ||||||
October 1, 2021 | $ | 9.32 | $ | — | $ | 9.32 | ||||||
November 1, 2021 | $ | 9.32 | $ | — | $ | 9.32 | ||||||
December 1, 2021 | $ | 9.31 | $ | — | $ | 9.31 | ||||||
January 1, 2022 | $ | 9.34 | $ | — | $ | 9.34 | ||||||
February 1, 2022 | $ | 9.34 | $ | — | $ | 9.34 | ||||||
March 1, 2022 | $ | 9.28 | $ | — | $ | 9.28 | ||||||
April 1, 2022 | $ | 9.26 | $ | — | $ | 9.26 | ||||||
May 1, 2022 | $ | 9.25 | $ | — | $ | 9.25 | ||||||
June 1, 2022 | $ | 9.05 | $ | — | $ | 9.05 | ||||||
July 1, 2022 | $ | 8.88 | $ | — | $ | 8.88 | ||||||
August 1, 2022 | $ | 9.06 | $ | — | $ | 9.06 | ||||||
September 1, 2022 | $ | 9.11 | $ | — | $ | 9.11 | ||||||
October 1, 2022 | $ | 9.01 | $ | — | $ | 9.01 | ||||||
November 1, 2022 | $ | 9.02 | $ | — | $ | 9.02 | ||||||
December 1, 2022 |
$ | 9.07 | $ | — | $ | 9.07 |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||
November 2, 2021 |
January 31, 2022 | February 23, 2022 | $ | 0.05580 | $ | 3,798 | $ | 1,094 | $ | 6,347 | ||||||||||
November 2, 2021 |
February 28, 2022 | March 24, 2022 | 0.05580 | 4,593 | 1,367 | 7,312 | ||||||||||||||
November 2, 2021 |
March 31, 2022 | April 25, 2022 | 0.05580 | 5,334 | 1,673 | 8,860 |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||
February 23, 2022 |
April 30, 2022 | May 24, 2022 | 0.05580 | 6,147 | 1,767 | 10,893 | ||||||||||||||
February 23, 2022 |
May 31, 2022 | June 23, 2022 | 0.05580 | 6,896 | 2,003 | 12,307 | ||||||||||||||
February 23, 2022 |
June 30, 2022 | July 26, 2022 | 0.05580 | 7,613 | 2,110 | 13,541 | ||||||||||||||
May 3, 2022 |
July 31, 2022 | August 24, 2022 | 0.06038 | 8,877 | 2,445 | 15,923 | ||||||||||||||
May 3, 2022 |
August 31, 2022 | September 26, 2022 | 0.06038 | 9,247 | 2,505 | 16,982 | ||||||||||||||
May 3, 2022 |
September 30, 2022 | October 26, 2022 | 0.06643 | 10,779 | 2,902 | 19,803 | ||||||||||||||
October 23, 2022 |
October 31, 2022 | November 28, 2022 | 0.06643 | 11,169 | 3,007 | 20,728 | ||||||||||||||
November 22, 2022 |
November 30, 2022 | December 23, 2022 | 0.06643 | 11,567 | 3,113 | 21,596 | ||||||||||||||
December 5, 2022 |
December 31, 2022 | January 26, 2023 | 0.06643 | 11,774 | 3,153 | 22,109 | ||||||||||||||
Total |
$ | 0.72128 | $ | 97,794 | $ | 27,139 | $ | 176,401 | ||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
Declaration Date |
Record Date |
Payment Date |
Distribution Per Share(1) |
Distribution Amount |
||||||||||||||||
($ in thousands, except per share amounts) | Class S |
Class D |
Class I |
|||||||||||||||||
February 23, 2021 |
March 31, 2021 | April 28, 2021 | 0.05146 | — | 16 | 194 | ||||||||||||||
February 23, 2021 |
April 30, 2021 | May 27, 2021 | 0.05146 | 33 | 54 | 418 | ||||||||||||||
February 23, 2021 |
May 31, 2021 | June 24, 2021 | 0.05146 | 91 | 101 | 558 | ||||||||||||||
February 23, 2021 |
June 30, 2021 | July 27, 2021 | 0.05146 | 129 | 168 | 839 | ||||||||||||||
May 5, 2021 |
July 31, 2021 | August 23, 2021 | 0.05146 | 294 | 222 | 1,116 | ||||||||||||||
May 5, 2021 |
August 31, 2021 | September 27, 2021 | 0.05146 | 432 | 270 | 1,648 | ||||||||||||||
May 5, 2021 |
September 30, 2021 | October 25, 2021 | 0.05146 | 789 | 354 | 2,209 | ||||||||||||||
August 3, 2021 |
October 31, 2021 | November 22, 2021 | 0.05291 | 1,379 | 707 | 3,125 | ||||||||||||||
August 3, 2021 |
November 30, 2021 | December 22, 2021 | 0.05435 | 2,060 | 867 | 3,997 | ||||||||||||||
August 3, 2021 |
December 31, 2021 | January 27, 2022 | 0.05580 | 2,979 | 999 | 5,027 | ||||||||||||||
Total |
$ | 0.52328 | $ | 8,186 | $ | 3,758 | $ | 19,131 | ||||||||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
For The Years Ended December 31, 2022 |
||||||||||||
Source of Distribution(2) |
Per Share(1) |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | 0.72128 | $ | 301,334 | 100.0 | % | ||||||
Total |
$ | 0.72128 | $ | 301,334 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class. |
For the Years Ended December 31, 2021 |
||||||||||||
Source of Distribution(2) |
Per Share(1) |
Amount |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | 0.49683 | $ | 31,075 | 100.0 | % | ||||||
Total |
$ | 0.49683 | $ | 31,075 | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class. |
For the Years Ended December 31, 2020 (3) |
||||||||||||
Source of Distribution(2) |
Per Share(1) |
Amount (4) |
Percentage |
|||||||||
($ in thousands, except per share amounts) |
||||||||||||
Net investment income |
$ | — | $ | — | 100.0 | % | ||||||
Total |
$ | — | $ | — | 100.0 | % | ||||||
(1) | Distributions per share are gross of shareholder servicing fees. |
(2) | Data in this table is presented on a consolidated basis. Refer to Note 11 “Financial Highlights” for amounts by share class. |
(3) | The Company commenced operations on November 10, 2020. |
(4) | There were no distributions for the year ended 2020. |
Offer Date |
Class |
Tender Offer Expiration |
Tender Offer |
Purchase Price per Share |
Shares Repurchased |
|||||||||||
August 25, 2021 |
D | September 30, 2021 | $ | 55 | $ | 9.31 | 5,933 | |||||||||
August 25, 2021 |
I | September 30, 2021 | $ | 291 | $ | 9.32 | 31,255 | |||||||||
November 26, 2021 |
S | December 30, 2021 | $ | 150 | $ | 9.33 | 16,129 | |||||||||
November 26, 2021 |
D | December 30, 2021 | $ | 51 | $ | 9.34 | 5,394 | |||||||||
November 26, 2021 |
I | December 30, 2021 | $ | 1,213 | $ | 9.34 | 129,828 | |||||||||
February 25, 2022 |
S | March 31, 2022 | $ | 6,001 | $ | 9.24 | 649,420 | |||||||||
February 25, 2022 |
D | March 31, 2022 | $ | 304 | $ | 9.25 | 32,853 | |||||||||
February 25, 2022 |
I | March 31, 2022 | $ | 16,978 | $ | 9.26 | 1,833,520 | |||||||||
May 25, 2022 |
S | June 30, 2022 | $ | 8,365 | $ | 8.84 | 946,284 | |||||||||
May 25, 2022 |
D | June 30, 2022 | $ | 1,110 | $ | 8.86 | 125,276 | |||||||||
May 25, 2022 |
I | June 30, 2022 | $ | 18,414 | $ | 8.88 | 2,073,617 | |||||||||
August 25, 2022 |
S | September 30, 2022 | $ | 8,769 | $ | 8.99 | 975,399 | |||||||||
August 25, 2022 |
D | September 30, 2022 | $ | 1,132 | $ | 9.00 | 125,759 | |||||||||
August 25, 2022 |
I | September 30, 2022 | $ | 33,853 | $ | 9.01 | 3,757,292 | |||||||||
November 28, 2022 |
S | December 31, 2022 | $ | 31,047 | $ | 9.06 | 3,426,809 | |||||||||
November 28, 2022 |
D | December 31, 2022 | $ | 5,098 | $ | 9.07 | 562,171 | |||||||||
November 28, 2022 |
I | December 31, 2022 | $ | 74,691 | $ | 9.08 | 8,225,791 |
Years Ended December 31, |
||||||||||||||||||||||||||||||||||||
2022 |
2021 |
2020 (1) |
||||||||||||||||||||||||||||||||||
($ in thousands, except per share amounts) |
Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock |
Class D common stock |
Class I common stock |
|||||||||||||||||||||||||||
Increase (decrease) in net assets resulting from operations |
$ | 67,729 | $ | 18,672 | $ | 131,888 | $ | 9,605 | $ | 4,412 | $ | 21,873 | $ | — | $ | — | $ | (728 | ) | |||||||||||||||||
Weighted average shares of common stock outstanding — basic and diluted |
149,191,401 | 38,303,974 | 239,914,771 | 14,469,872 | 6,090,894 | 30,150,794 | — | — | 1,030,869 | |||||||||||||||||||||||||||
Earnings (loss) per common share — basic and diluted |
$ | 0.45 | $ | 0.49 | $ | 0.55 | $ | 0.66 | $ | 0.72 | $ | 0.73 | $ | — | $ | — | $ | (0.71 | ) |
(1) | The Company commenced operations on November 10, 2020. There was no Class S or Class D shares of common stock outstanding as of December 31, 2020. |
(2) | Distributions per share are gross of shareholder servicing fees. |
Year Ended December 31, |
||||||||||||
($ in thousands) | 2022 (1) |
2021 |
2020 (2) |
|||||||||
Increase (decrease) in net assets resulting from operations |
$ | 218,289 | $ | 35,890 | $ | (728 | ) | |||||
Adjustments: |
||||||||||||
Net unrealized (gain) loss on investments |
116,185 | (3,564 | ) | 2 | ||||||||
Deferred organization costs |
(29 | ) | 244 | 192 | ||||||||
Net operating losses |
— | — | 534 | |||||||||
Other book-tax differences |
(22,612 | ) | (709 | ) | — | |||||||
Taxable Income |
$ | 311,833 | $ | 31,861 | $ | — | ||||||
(1) | Tax information for the fiscal year ended December 31, 2022 is estimated and is not considered final until the Company files its tax return. |
(2) | The Company commenced operations on November 10, 2020. |
For the Years Ended December 31, |
||||||||||||||||||||||||||||||||||||
2022 |
2021 |
2020(8) |
||||||||||||||||||||||||||||||||||
($ in thousands, except share and per share amounts) | Class S common stock |
Class D common stock |
Class I common stock |
Class S common stock (7) |
Class D common stock (7) |
Class I common stock |
Class S common stock (7) |
Class D common stock (7) |
Class I common stock |
|||||||||||||||||||||||||||
Per share data: |
||||||||||||||||||||||||||||||||||||
Net asset value, at beginning of period |
$ | 9.33 | $ | 9.33 | $ | 9.34 | $ | 9.26 | $ | 9.26 | $ | 9.44 | $ | — | $ | — | $ | 10.00 | ||||||||||||||||||
Results of operations: |
||||||||||||||||||||||||||||||||||||
Net investment income (loss) (1) |
0.76 | 0.81 | 0.84 | 0.59 | 0.64 | 0.63 | — | — | (0.71 | ) | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) (2) |
(0.31 | ) | (0.35 | ) | (0.38 | ) | (0.06 | ) | (0.06 | ) | (0.22 | ) | — | — | 0.15 | |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 0.45 | $ | 0.46 | $ | 0.46 | $ | 0.53 | $ | 0.58 | $ | 0.41 | $ | — | $ | — | $ | (0.56 | ) | |||||||||||||||||
Shareholder distributions: |
||||||||||||||||||||||||||||||||||||
Distributions from net investment income (3) |
(0.72 | ) | (0.72 | ) | (0.72 | ) | (0.46 | ) | (0.51 | ) | (0.51 | ) | — | — | — | |||||||||||||||||||||
Distributions from realized gains (3) |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Distributions in excess of net investment income (3) |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net decrease in net assets from shareholders’ distributions |
$ | (0.72 | ) | $ | (0.72 | ) | $ | (0.72 | ) | $ | (0.46 | ) | $ | (0.51 | ) | $ | (0.51 | ) | $ | — | $ | — | $ | — | ||||||||||||
Total increase (decrease) in net assets |
(0.27 | ) | (0.26 | ) | (0.26 | ) | 0.07 | 0.07 | (0.10 | ) | — | — | (0.56 | ) | ||||||||||||||||||||||
Net asset value, at end of period |
$ | 9.06 | $ | 9.07 | $ | 9.08 | $ | 9.33 | $ | 9.33 | $ | 9.34 | $ | — | $ | — | $ | 9.44 | ||||||||||||||||||
Total return (4) |
4.2 | % | 4.9 | % | 5.2 | % | 5.1 | % | 6.1 | % | 4.3 | % | — | % | — | % | (5.6 | )% | ||||||||||||||||||
Ratios |
||||||||||||||||||||||||||||||||||||
Ratio of net expenses to average net assets (5)(6) |
9.8 | % | 8.7 | % | 8.4 | % | 7.0 | % | 7.2 | % | 6.6 | % | — | % | — | % | 6.5 | % | ||||||||||||||||||
Ratio of net investments income to average net assets (6) |
9.0 | % | 9.4 | % | 9.9 | % | 6.1 | % | 6.8 | % | 6.6 | % | — | % | — | % | (5.9 | )% | ||||||||||||||||||
Portfolio turnover rate |
11.3 | % | 11.3 | % | 11.3 | % | 35.8 | % | 35.8 | % | 35.8 | % | — | % | — | % | 3.7 | % | ||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding |
149,191,401 | 38,303,974 | 239,914,771 | 14,469,872 | 6,090,894 | 30,150,794 | — | — | 1,030,869 | |||||||||||||||||||||||||||
Shares outstanding, end of period |
196,951,435 | 48,895,298 | 332,811,718 | 60,700,920 | 18,552,331 | 90,103,200 | — | — | 1,300,100 | |||||||||||||||||||||||||||
Net assets, end of period |
$ | 1,784,126 | $ | 443,244 | $ | 3,022,383 | $ | 566,395 | $ | 173,161 | $ | 841,172 | $ | — | $ | — | $ | 12,273 |
(1) | The per share data was derived using the weighted average shares outstanding during the period. |
(2) | The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. |
(3) | The per share data was derived using actual shares outstanding at the date of the relevant transaction. |
(4) | Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D common stock, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I common stock is not subject to upfront sales load. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, general and administrative expenses, organization and amortized offering expenses, and interest expenses. Total return is calculated as the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at that time). |
(5) | Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. For the year ended December 31, 2022, the total operating expenses to average net assets were 1.4%, 0.7% and 0.4%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. For the year ended December 31, 2021, the total operating expenses to average net assets were 9.8%, 8.7% and 8.4%, for Class S, Class D, and Class I common stock, respectively, prior to management fee waivers, expense support provided by the Adviser, and expense recoupment paid to the Adviser, if any. Past performance is not a guarantee of future results. |
(6) | The ratio reflects an annualized amount, except in the case of non-recurring expenses (e.g., initial organization expenses) and offering expenses. |
(7) | Class S common stock shares were first issued on April 1, 2021. Class D common stock shares were first issued on March 1, 2021. |
(8) | The Company commenced operations on November 10, 2020. There were no Class S or Class D shares of common stock outstanding as of December 31, 2020. |
Inception |
1-Year |
3-Year |
Since Inception |
|||||||||||
OBDC(1) |
March 2016 | 8.28 | % | 10.91 | % | 9.64 | % | |||||||
OBDC II |
April 2017 | 11.27 | % | 8.37 | % | 7.43 | % | |||||||
OBDC III |
June 2020 | 18.59 | % | 12.26 | % | 12.18 | % |
(1) | OBDC net annualized returns based on an annualized total return calculation for the 1-year period. Total return is based on the change in net asset value (“NAV”) per share (assuming dividends and distributions, if any, are reinvested in accordance with OBDC’s dividend reinvestment plan), if any, divided by the beginning NAV per share. 3-Year and Since Inception periods are based on an IRR calculation due to OBDC’s capital call drawdown activity prior to its initial public offering in July 2019. |
PART C
Item 25. | Financial Statements and Exhibits |
(1) Financial Statements
The following financial statements of Blue Owl Credit Income Corp. are included in Part A of this registration statement.
FINANCIAL STATEMENTS:
INTERIM FINANCIAL STATEMENTS
F-2 | ||||
F-3 | ||||
Consolidated Schedules of Investments as of September 30, 2023 (Unaudited) and December 31, 2022 |
F-5 | |||
F-58 | ||||
F-59 | ||||
F-60 |
AUDITED FINANCIAL STATEMENTS
F-140 | ||||
Consolidated Statement of Assets and Liabilities as of December 31, 2022 |
F-142 | |||
F-143 | ||||
Consolidated Schedule of Investments as of December 31, 2022 |
F-145 | |||
F-182 | ||||
F-183 | ||||
F-184 |
* | Filed herewith. |
Item 26. | Marketing Arrangements |
The information contained under the heading “Plan of Distribution” in this registration statement is incorporated herein by reference.
Item 27. | Other Expenses of Issuance and Distribution |
SEC registration fee |
$ | 987,750 | ||
FINRA filing fee |
$ | 225,500 | ||
Legal |
$ | 808,004 | * | |
Printing |
$ | 189,074 | * | |
Accounting |
$ | 50,961 | * | |
Blue Sky Expenses |
$ | 1,273,555 | * | |
Advertising and Sales |
$ | 0 | * | |
Literature |
$ | 0 | * | |
Due Diligence |
$ | 7,228 | * | |
Miscellaneous fees and expenses |
$ | 257,928 | * | |
|
|
|||
Total |
$ | 3,800,000 |
* | Amounts are estimates |
Item 28. | Persons Controlled By or Under Common Control |
The following list sets forth each of our subsidiaries, the state or country under whose laws the subsidiary is organized, and the percentage of voting securities or membership interests owned by us in such subsidiary:
ORCIC AH LLC (Delaware) |
100 | % | ||
ORCIC BC 2 LLC (Delaware) |
100 | % | ||
ORCIC BC 3 LLC (Delaware) |
100 | % | ||
ORCIC BC 4 LLC (Delaware) |
100 | % | ||
ORCIC BC 5 LLC (Delaware) |
100 | % | ||
ORCIC BC 6 LLC (Delaware) |
100 | % | ||
ORCIC BC 7 LLC (Delaware) |
100 | % | ||
ORCIC BC 8 LLC (Delaware) |
100 | % | ||
ORCIC AAM RH LLC (Delaware) |
100 | % | ||
ORCIC AAM LLC (Delaware) |
100 | % | ||
ORCIC FSI LLC (Delaware) |
100 | % | ||
ORCIC BC 13 LLC (Delaware) |
100 | % | ||
ORCIC BC 14 LLC (Delaware) |
100 | % | ||
ORCIC BC 15 LLC (Delaware) |
100 | % | ||
ORCIC BC 16 LLC (Delaware) |
100 | % | ||
ORCIC BC 17 LLC (Delaware) |
100 | % | ||
ORCIC BC 18 LLC (Delaware) |
100 | % | ||
OR Lending IC LLC (Delaware) |
100 | % | ||
ORCIC PCF LLC (Delaware) |
100 | % | ||
Core Income Funding I LLC (Delaware) |
100 | % | ||
Core Income Funding II LLC (Delaware) |
100 | % | ||
Core Income Funding III LLC (Delaware) |
100 | % | ||
Core Income Funding IV LLC (Delaware) |
100 | % | ||
Core Income Funding V LLC (Delaware) |
100 | % | ||
Core Income Funding VI LLC (Delaware) |
100 | % | ||
Core Income Funding VII LLC (Delaware) |
100 | % | ||
Owl Rock CLO VIII, LLC (Delaware) |
100 | % | ||
Owl Rock CLO XI, LLC (Delaware) |
100 | % | ||
Owl Rock CLO XII, LLC (Delaware) |
100 | % |
See “Management of the Company,” “Certain Relationships and Related Party Transactions” and “Control Persons and Principal Shareholders” in the Prospectus contained herein.
Item 29. | Number of Holders of Securities |
The following table sets forth the number of record holders of the Registrant’s common stock at December 13, 2023.
Title of Class |
Number of Record Holders |
|||
Class S Shares |
20,425 | |||
Class D Shares |
3,813 | |||
Class I Shares |
14,100 |
Item 30. | Indemnification |
The information contained under the heading “Description of our Capital Stock” is incorporated herein by reference.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person in the successful defense of an action suit or proceeding) is asserted by a director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is again public policy as expressed in the Act and will be governed by the final adjudication of such issue.
The Registrant carries liability insurance for the benefit of its directors and officers (other than with respect to claims resulting from the willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office) on a claims-made basis.
The Registrant has agreed to indemnify the underwriters against specified liabilities for actions taken in their capacities as such, including liabilities under the Securities Act.
Item 31. | Business and Other Connections of Adviser |
A description of any other business, profession, vocation or employment of a substantial nature in which Blue Owl Capital Advisors LLC, and each managing director, director or executive officer of Blue Owl Capital Advisors LLC, is or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the section entitled “The Adviser.” Additional information regarding Blue Owl Capital Advisors LLC and its officers and directors is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-107232), and is incorporated herein by reference.
Item 32. | Location of Accounts and Records |
All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of:
(1) the Registrant;
(2) the Transfer Agent;
(3) the Custodian;
(4) the Investment Adviser; and
(5) the Administrator.
Item 33. | Management Services |
Not Applicable.
Item 34. | Undertakings |
We hereby undertake:
(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement to include any prospectus required by Section 10(a)(3) of the Securities Act;
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and
(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment will be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time will be deemed to be the initial bona fide offering thereof;
(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;
(4) that, for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C 17 CFR 230.430C: Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act 17 CFR 230.497(b), (c), (d) or (e) as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act 17 CFR 230.430A, will be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use; and
(5) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities: The undersigned Registrant undertakes that in an offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:
(i) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act 17 CFR 230.497;
(ii) the portion of any advertisement pursuant to Rule 482 under the Securities Act 17 CFR 230.482 relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and
(iii) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.
(6) Not applicable.
(7) to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any Statement of Additional Information.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that this post-effective amendment to its Registration Statement on Form N-2 meets all of the requirements for effectiveness under Rule 486(b) and has duly caused this post-effective amendment to its Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New York, on the 13th day of December, 2023.
BLUE OWL CREDIT INCOME CORP. | ||
By: | /s/ Bryan Cole | |
Name: Bryan Cole | ||
Title: Chief Operating Officer and Chief Financial Officer |
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 3 to the Registration Statement has been signed by the following persons in the capacities indicated on December 13, 2023.
Name |
Title | |
* | ||
Craig W. Packer | Chief Executive Officer, President and Director | |
* | ||
Edward D’Alelio | Chairman of the Board, Director | |
* | ||
Melissa Weiler | Director | |
* | ||
Christopher M. Temple | Director | |
* | ||
Eric Kaye | Director | |
* | ||
Victor Woolridge | Director | |
/s/ Bryan Cole | ||
Bryan Cole | Chief Operating Officer and Chief Financial Officer | |
* | ||
Matthew Swatt | Co-Treasurer, Co-Controller, and Co-Chief Accounting Officer | |
* | ||
Shari Withem | Co-Treasurer, Co-Controller, and Co-Chief Accounting Officer | |
* | ||
Jennifer McMillon | Co-Treasurer, Co-Controller, and Co-Chief Accounting Officer |
*By: | /s/ Bryan Cole | |
Bryan Cole As Agent or Attorney-in-Fact |
* | Signed by Bryan Cole pursuant to a power of attorney signed by Messrs. Packer, D’Alelio, Temple, Kaye, Swatt, and Mses. Weiler and Withem and filed with this Registration Statement on October 21, 2021, signed by Mr. Woolridge and filed with this Registration Statement on December 10, 2021, and signed by Ms. McMillon and filed with this Registration Statement on October 7, 2022. |