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3/31/282024-01-012024-03-310001633858Steward Partners Senior Secured Revolving Loan Due 10/14/20282024-01-012024-03-310001633858Shaw, Senior Secured Delayed Draw Term Facility, Due 8/28/20292024-01-012024-03-310001633858Radwell, Senior Secured Revolving Loan, Due 4/1/282024-01-012024-03-310001633858Radwell, Senior Secured Delayed Draw Term Loan, Due 4/1/292024-01-012024-03-310001633858Prime Pensions Senior Secured Delayed Draw Term Loan Due 2/26/20302024-01-012024-03-310001633858PracticeTek, Senior Secured Delayed Draw Term Loan, Due 11/23/272024-01-012024-03-310001633858Pegasus, Senior Secured Delayed Draw Term Loan, Due 1/19/20312024-01-012024-03-310001633858OSG Billing Services Equity Securities Class A Units2024-01-012024-03-310001633858OrthoNebraska, Senior Secured Delayed Draw Term Loan, Due 7/31/272024-01-012024-03-310001633858Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), Due 12/30/252024-01-012024-03-310001633858Ohio Transmission Senior Secured Delayed Draw Term Loan Due 12/19/20302024-01-012024-03-310001633858Ned Stevens 2022-2, Unitranche 2023 Incremental Delayed Draw Term Loan, 11/1/292024-01-012024-03-310001633858Ned Stevens 2022-2 Senior Secured Revolving Loan Due 11/1/20282024-01-012024-03-310001633858Micro Merchant Systems, Senior Secured Revolving Loan, Due 12/14/20272024-01-012024-03-310001633858Micro Merchant Systems, Senior Secured Delayed Draw Term Loan, Due 12/14/272024-01-012024-03-310001633858Liberty Group, Senior Secured Revolving Loan, 12/15/282024-01-012024-03-310001633858Liberty Group, Senior Secured Delayed Draw Term Loan, Due 6/15/20282024-01-012024-03-310001633858Keter Environmental Services, Senior Secured Revolving Loan, Due 10/29/272024-01-012024-03-310001633858InterMed, Senior Secured Revolving Loan, Due 12/22/20282024-01-012024-03-310001633858InterMed, Senior Secured Delayed Draw Term Loan, Due 12/24/292024-01-012024-03-310001633858Integro, Senior Secured Tenth Amendment Delayed Draw Loan, Due 5/8/232024-01-012024-03-310001633858Insight Global, Senior Secured Revolving Loan, Due 9/22/272024-01-012024-03-310001633858InnovateMR, Senior Secured Revolving Loan, Due 1/20/282024-01-012024-03-310001633858Industrial Services Group, Senior Secured Revolving Loan, Due 12/7/282024-01-012024-03-310001633858Industrial Physics, Senior Secured Delayed Draw Term Loan, Due 7/19/292024-01-012024-03-310001633858Hissho Sushi, Senior Secured Revolving Credit Loan, Due 5/18/282024-01-012024-03-310001633858Heartland Senior Secured Delayed Draw Term Loan Due 12/12/20292024-01-012024-03-310001633858Health Management Associates Superholdings, Inc., Senior Secured Revolving Loan, 3/30/292024-01-012024-03-310001633858Health Management Associates, Senior Secured Delay Draw Term Loan, Due 3/30/20292024-01-012024-03-310001633858Golden Source, Senior Secured Revolving Loan, Due 5/12/20282024-01-012024-03-310001633858Golden Source, Senior Secured Delayed Draw Term Loan, Due 5/12/282024-01-012024-03-310001633858GME Supply, Senior Secured Delayed Draw Term Loan, Due 7/6/292024-01-012024-03-310001633858EPIC Insurance Senior Secured Third Amendment Delayed Draw Loan Due 9/29/20282024-01-012024-03-310001633858EPIC Insurance, Senior Secured Revolving Loan, Due 9/29/282024-01-012024-03-310001633858Engine & Transmission Exchange Senior Secured Revolving Loan Due 5/29/20292024-01-012024-03-310001633858Eliassen, Senior Secured Initial Delayed Draw Term Loan, Due 4/14/282024-01-012024-03-310001633858EdgeCo, Senior Secured Delayed Draw Term D Loan (First Lien), Due 6/1/262024-01-012024-03-310001633858CPS, Senior Secured Revolving Credit Loan, Due 6/01/20282024-01-012024-03-310001633858CPI International Senior Secured Delayed Draw Term Loan Due 10/8/20292024-01-012024-03-310001633858Community Brands, Senior Secured Revolving Loan, Due 2/24/282024-01-012024-03-310001633858Community Brands, Senior Secured Delayed Draw Term Loan, Due 2/24/282024-01-012024-03-310001633858Cherry Bekaert, Senior Secured Revolving Credit Loan, Due 6/30/282024-01-012024-03-310001633858Cherry Bekaert, Senior Secured Amendment Delayed Draw Term Loan, Due 6/30/282024-01-012024-03-310001633858Cerity Partners Senior Secured Initial Revolving Loan Due 7/28/20282024-01-012024-03-310001633858Carlisle Foodservice, Senior Secured Delayed Draw Term Loan, Due 10/2/20302024-01-012024-03-310001633858Burke Porter Group, Senior Secured Revolving Credit Loan, Due 7/29/282024-01-012024-03-310001633858BlueHalo, Senior Secured Revolving Loan, Due 10/31/252024-01-012024-03-310001633858Blue Cloud, Senior Secured Revolving Loan, Due 1/21/282024-01-012024-03-310001633858Blue Cloud, Senior Secured Delayed Draw Term Loan, Due 1/21/282024-01-012024-03-310001633858Beta+, Senior Secured Revolving Credit Loan, Due 7/1/272024-01-012024-03-310001633858Aptean Senior Secured Delayed Draw Term Loan Due 1/30/20312024-01-012024-03-310001633858Apex Service Partners, Senior Secured DDTL Loan, Due 10/24/20302024-01-012024-03-310001633858AmSpec, Senior Secured Delayed Draw Term Loan, Due 12/15/20302024-01-012024-03-310001633858Amplix, Unitranche Revolving Credit Loan, Due, 10/19/20292024-01-012024-03-310001633858Amplix, Unitranche DDTL, Due 10/18/20292024-01-012024-03-310001633858Allied Benefit Systems, Senior Secured Initial Delayed Draw Term Loan, Due 10/31/20302024-01-012024-03-310001633858Alliance Environmental Group, Senior Secured Delayed Draw Term Loan, Due 12/30/272024-01-012024-03-310001633858Alera, Senior Secured 2022 Delayed Draw Term Loan, Due 10/2/20282024-01-012024-03-310001633858Accolite, Senior Secured Initial DDTL Loan, Due 4/10/292024-01-012024-03-310001633858A1 Garage Door Service Senior Secured Revolving Loan Due 12/22/20282024-01-012024-03-310001633858A1 Garage Door Service, Senior Secured Closing Date Delayed Draw Term Loan, Due 12/22/20282024-01-012024-03-310001633858temp:BankingFinanceInsuranceRealEstateSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembertemp:BankLoansMember2024-03-310001633858us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembertemp:BankLoansMember2024-03-310001633858temp:MediaAdvertisingPrintingPublishingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembertemp:BankLoansMember2024-03-310001633858us-gaap:TransportationSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembertemp:BankLoansMember2024-03-310001633858us-gaap:ConstructionSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembertemp:BankLoansMember2024-03-310001633858us-gaap:AerospaceSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMembertemp:BankLoansMember2024-03-310001633858temp:MediaAdvertisingPrintingPublishingSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2024-03-310001633858Vortex, Equity Securities, LP Common Units2024-03-310001633858Vertellus, Equity Securities, Series A Units2024-03-310001633858VC3, Equity Securities, Class A Units2024-03-310001633858United Air Temp, Class A Units2024-03-310001633858Unifrax, Senior Secured USD Term Loan (First Lien), Due 12/12/20252024-03-310001633858RevHealth, Equity Securities, Class A-1 Units2024-03-310001633858Prime Pensions, LP Interest2024-03-310001633858PracticeTek, Equity Securities, Class A Units2024-03-310001633858OSG Billing Services Equity Securities Class A Units2024-03-310001633858OrthoNebraska, Equity Securities, Class A Units2024-03-310001633858Ned Stevens 2022-2, Equity Securities, Class B Common Units2024-03-310001633858Minds & Assembly, Equity Securities, Class A Units2024-03-310001633858MediaRadar, Equity Securities, Class A-1 Units2024-03-310001633858Liberty Group, Equity Securities, Series A-Preferred Units2024-03-310001633858Ivy Rehab, Equity Securities, Class A Units2024-03-310001633858InterMed, Equity Securities, Class A Units2024-03-310001633858Integro Senior Secured 2022 Refinancing Term Loan (First Lien) Due 10/30/20242024-03-310001633858InnovateMR, Equity Securities, Class A Units2024-03-310001633858Industrial Services Group, Equity Securities, Class A Units2024-03-310001633858Hissho Sushi, Equity Securities, Class A Units2024-03-310001633858Heartland Co-Invest Units2024-03-310001633858Golden Source, Equity Securities, Class A Units2024-03-310001633858GME Supply, Equity Securities, Class A Units2024-03-310001633858Engine & Transmission Exchange, Equity Securities, Class A-1 Units2024-03-310001633858Cherry Bekaert, Equity Securities, Class A Units2024-03-310001633858Beta+, Equity Securities, Class A-2 Common Stock2024-03-310001633858Amplix Equity Securities Class A2 Units2024-03-310001633858American Beacon Advisors Equity Securities Common Units2024-03-310001633858Alliance Environmental Group, Equity Securities, A-1 Preferred Units2024-03-310001633858A1 Garage Door Service, Unitranche Term Loan A, Due 12/23/20282024-03-310001633858Vortex, Equity Securities, LP Common Units2023-12-310001633858Vertellus, Equity Securities, Series A Units2023-12-310001633858VC3, Equity Securities, Class A Units2023-12-310001633858RevHealth, Equity Securities, Class A-1 Units2023-12-310001633858PracticeTek, Equity Securities, Class A Units2023-12-310001633858OSG Billing Services Equity Securities Class A Units2023-12-310001633858OrthoNebraska, Equity Securities, Class A Units2023-12-310001633858Ned Stevens, Equity Securities, Class B Common Units2023-12-310001633858Minds & Assembly, Equity Securities, Class A Units2023-12-310001633858MediaRadar, Equity Securities, Class A-1 Units2023-12-310001633858Liberty Group, Equity Securities, Series A-Preferred Units2023-12-310001633858Ivy Rehab, Equity Securities, Class A Units2023-12-310001633858InterMed, Equity Securities, Class A Units2023-12-310001633858InnovateMR, Equity Securities, Class A Units2023-12-310001633858Industrial Services Group, Equity Securities, Class A Units2023-12-310001633858Hissho Sushi, Equity Securities, Class A Units2023-12-310001633858Heartland Co-Invest Units2023-12-310001633858Golden Source, Equity Securities, Class A Units2023-12-310001633858GME Supply, Equity Securities, Class A Units2023-12-310001633858Engine & Transmission Exchange, Equity Securities, Class A-1 Units2023-12-310001633858Cherry Bekaert, Equity Securities, Class A Units2023-12-310001633858Beta+, Equity Securities, Class A-2 Common Stock2023-12-310001633858Amplix Equity Securities Class A2 Units2023-12-310001633858American Beacon Advisors Equity Securities Common Units2023-12-310001633858Alliance Environmental Group, Equity Securities, A-1 Preferred Units2023-12-310001633858A1 Garage Door Service, Equity Securities, Class A Common Units2023-12-310001633858us-gaap:RetainedEarningsMember2024-01-012024-03-310001633858us-gaap:RetainedEarningsMember2023-01-012023-03-3100016338582024-03-252024-03-2500016338582023-06-132023-06-1300016338582021-12-152021-12-1500016338582021-05-282021-05-2800016338582020-03-202020-03-2000016338582019-09-232019-09-2300016338582019-03-222019-03-2200016338582017-12-072017-12-0700016338582016-12-022016-12-0200016338582015-06-232015-06-230001633858WIRB-Copernicus Group, Senior Secured Term Loan (First Lien), Due 1/08/20272024-03-310001633858Whitcraft, Senior Secured Term Loan, Due 2/15/20292024-03-310001633858Whitcraft, Senior Secured Revolving Credit Loan, Due 2/15/20292024-03-310001633858Western Dental, Senior Secured 2022 Incremental Term Loan, Due 8/18/20282024-03-310001633858Wedgewood, Senior Secured Initial Term Loan, Due 3/31/20282024-03-310001633858Vortex Unitranche Initial Term Loan, Due 9/4/20292024-03-310001633858Vortex Senior Secured Revolving Loan, Due 9/4/20292024-03-310001633858Vistage, Senior Secured Initial Term Loan, Due 7/13/20292024-03-310001633858Vertellus, Senior Secured Revolving Credit Loan, Due 12/22/20252024-03-310001633858Vertellus, Senior Secured Initial Term Loan, Due 12/22/20272024-03-310001633858Veregy, Senior Secured Initial Term Loan, Due 11/03/20272024-03-310001633858Vensure Employer Services Senior Secured 2023 Delayed Draw Term B Loan Due 4/1/20272024-03-310001633858VC3, Senior Secured Delayed Draw Term Loan, Due 3/12/20272024-03-310001633858Varsity Brands, Senior Secured Third Amendment Extended Term Loan (First Lien), Due 12/15/20262024-03-310001633858USALCO, Unitranche Term Loan A, Due 10/19/20272024-03-310001633858USALCO, Senior Secured Revolving Loan, Due 10/19/20262024-03-310001633858Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), Due 11/20/20262024-03-310001633858United Air Temp, Unitranche Initial Term Loan, Due 3/28/20302024-03-310001633858UDG, Senior Secured Initial Dollar Term Loan (First Lien), Due 8/19/20282024-03-310001633858trustaff, Senior Secured Initial Term Loan (First Lien), Due 3/06/20282024-03-310001633858Truck Hero, Senior Secured Initial Term Loan, Due 1/31/20282024-03-310001633858TriMark, Senior Secured Initial Tranche B Loan, Due 6/30/20292024-03-310001633858TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), Due 3/03/20282024-03-310001633858TRC Companies, Senior Secured Term Loan (First Lien), Due 12/08/20282024-03-310001633858TRC Companies, Senior Secured Initial Term Loan (Second Lien), Due 12/07/20292024-03-310001633858Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), Due 5/30/20242024-03-310001633858Therm-O-Disc, Senior Secured Initial Term Loan (First Lien), Due 5/31/20292024-03-310001633858Therapy Brands, Senior Secured Initial Term Loan (First Lien), Due 5/18/20282024-03-310001633858Tekni-Plex, Senior Secured Tranche B-6 Initial Term Loan, Due 9/15/20282024-03-310001633858Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, Due 9/15/20282024-03-310001633858Technimark, Senior Secured Initial Term Loan (First Lien), Due 7/07/20282024-03-310001633858TEAM Services, Senior Secured Term Loan (First Lien), Due, 12/20/20272024-03-310001633858Teaching Strategies, Senior Secured Initial Term Loan (First Lien), Due 8/31/20282024-03-310001633858Tank Holding, Unitranche Initial Term Loan, Due 3/31/20282024-03-310001633858Tank Holding, Senior Secured Revolving Credit Loan, Due 3/31/20282024-03-310001633858Tangent, Senior Secured Closing Date Term Loan (First Lien), Due 11/30/20272024-03-310001633858System One, Senior Secured Initial Term Loan, Due 3/2/20282024-03-310001633858Symplr, Senior Secured Initial Term Loan (First Lien), Due 12/22/20272024-03-310001633858SupplyOne, Senior Secured Seven-Year Term Loan B, Due 4/19/20312024-03-310001633858StubHub, Senior Secured Extended USD Term B Loan, Due 3/12/20302024-03-310001633858St. George Logistics, Senior Secured Initial Term Loan, Due 3/24/20282024-03-310001633858St. George Logistics, Senior Secured Initial Term Loan, Due 3/24/20262024-03-310001633858SPX Flow, Senior Secured Term Loan, Due 4/05/20292024-03-310001633858Spring Education, Senior Secured Initial Term Loan, Due 10/4/20302024-03-310001633858SP Engineering Solutions Senior Secured Initial Term Loan Due 5/2/20302024-03-310001633858Specialty Products & Insulation, Senior Secured Tranche B-1 Term Loan, Due 12/21/20272024-03-310001633858Solis Mammography, Senior Secured Initial Term Loan (Second Lien), Due 4/16/20292024-03-310001633858Solis Mammography, Senior Secured Initial Term Loan (First Lien), Due 4/17/20282024-03-310001633858Solis Mammography, Senior Secured 2024 Incremental Term Loan, Due, 4/17/20282024-03-310001633858Smart Start, Senior Secured Term B Loan (Second Lien), Due 12/16/20292024-03-310001633858Smart Start, Senior Secured Term B Loan (First Lien), Due 12/16/20282024-03-310001633858SmartBear, Senior Secured Initial Term Loan (First Lien), Due 3/03/20282024-03-310001633858Shaw, Senior Secured Initial Senior Term Facility, Due, 10/30/20292024-03-310001633858Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), Due 10/29/20272024-03-310001633858Secretariat International, Senior Secured Term Loan (First Lien), Due 12/29/20282024-03-310001633858Rover, Senior Secured Initial Term Loan, 2/27/20312024-03-310001633858Rough Country, Senior Secured Initial Term Loan (First Lien), Due 7/28/20282024-03-310001633858RMP & MedA/Rx, Senior Secured Term Loan (First Lien), Due 2/06/20252024-03-310001633858RMP & MedA/Rx, Senior Secured Term Loan, Due 2/06/20252024-03-310001633858RevHealth, Unitranche Initial Term Loan, Due 7/22/20282024-03-310001633858Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), Due 7/07/20282024-03-310001633858Radwell, Unitranche Initial Term Loan, Due 4/01/20292024-03-310001633858Radwell, Senior Secured Revolving Loan, Due 4/01/20282024-03-310001633858Radiology Partners, Senior Secured Term B Loan, Due 1/31,20292024-03-310001633858Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), Due 12/22/20272024-03-310001633858Prime Pensions, Unitranche Initial Term Loan, Due, 2/26/20302024-03-310001633858Press Ganey, Senior Secured Initial Term Loan (First Lien), Due 7/24/20262024-03-310001633858Press Ganey, Senior Secured 2022 Incremental Term Loan (First Lien), Due 7/24/20262024-03-310001633858Precisely, Senior Secured Third Amendment Term Loan (First Lien), Due 4/24/20282024-03-310001633858Polytek, Senior Secured Term Loan, Due 9/20/20242024-03-310001633858PlayPower, Senior Secured Initial Term Loan, Due 5/8/20262024-03-310001633858PlayCore, Senior Secured Initial Term Loan (First Lien), Due 9/30/20242024-03-310001633858Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), Due 12/15/20252024-03-310001633858Planview, Senior Secured Closing Date Term Loan (First Lien), Due 12/17/20272024-03-310001633858A Place For Mom, Senior Secured Term Loan, Due 2/10/20262024-03-310001633858PharMedQuest, Unitranche Term Loan, Due 11/6/20252024-03-310001633858PharMedQuest, Unitranche Term A Loan, Due 11/06/20252024-03-310001633858Pegasus, Senior Secured Initial Term Loan, Due 1/19/20312024-03-310001633858Paragon Films, Senior Secured Closing Date Term Loan (First Lien), Due 12/16/20282024-03-310001633858OSG Billing Services Senior Secured Last Out Term Loan Due 113020282024-03-310001633858OSG Billing Services Senior Secured First-Out Term Loan Due 053020282024-03-310001633858Osaic, Senior Secured Term B-2 Loan, Due 8/17/20282024-03-310001633858OrthoNebraska, Unitranche Term Loan, Due 7/31/20282024-03-310001633858Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), Due 9/24/20272024-03-310001633858ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), Due 9/01/20282024-03-310001633858Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), Due 12/30/252024-03-310001633858Omni Logistics, Senior Secured Initial Term Loan (First Lien), Due 12/30/20262024-03-310001633858Ohio Transmission, Unitranche Term Loan, Due 12/19/20302024-03-310001633858OEConnection, Senior Secured Initial Term Loan, Due 9/25/20262024-03-310001633858nThrive, Senior Secured Initial Term Loan (First Lien), Due 12/18/20282024-03-310001633858nThrive, Senior Secured Initial Loan (Second Lien), Due 12/17/20292024-03-310001633858Novolex, Senior Secured Term B Loan (First Lien), Due 4/13/20292024-03-310001633858Novaria Group, Senior Secured Initial Term Loan, Due 1/27/20272024-03-310001633858Ned Stevens 2022-2, Unitranche Initial Term Loan, Due 11/01/20292024-03-310001633858Ned Stevens 2022-2, Unitranche 2023 Incremental Delayed Draw Term Loan, 11/1/20292024-03-310001633858Ned Stevens 2022-2, Senior Secured Revolving Loan, 11/1/20282024-03-310001633858MyEyeDr, Senior Secured Initial Term Loan (First Lien), Due 8/31/20262024-03-310001633858MW Industries, Senior Secured Initial Term Loan, Due 3/31/20302024-03-310001633858Monogram Foods, Senior Secured Initial Term Loan, Due 8/28/20282024-03-310001633858Minds + Assembly, Unitranche Initial Term Loan, Due 5/3/20292024-03-310001633858Micro Merchant Systems, Unitranche Initial Term Loan, Due 12/14/20272024-03-310001633858MedRisk, Senior Secured Initial Term Loan (First Lien), Due 5/10/20282024-03-310001633858MediaRadar, Unitranche Closing Date Term A Loan, Due 9/17/20292024-03-310001633858MediaRadar, Unitranche 2023 Incremental Term Loan, Due 9/17/20292024-03-310001633858Mediaocean, Senior Secured Initial Term Loan, Due 12/15/20282024-03-310001633858MB2 Dental, Unitranche Initial Term Loan, Due, 2/13/20312024-03-310001633858Magnate, Senior Secured Initial Term Loan (First Lien), Due 12/29/20282024-03-310001633858Loparex, Senior Secured Tranche A USD Term Loan, Due 2/1/20272024-03-310001633858Loparex, Senior Secured Tranche B USD Term Loan, Due 2/1/20272024-03-310001633858Loparex, Senior Secured Initial Tranche C USD Term Loan, Due 2/1/20272024-03-310001633858Liberty Group, Unitranche Initial Term Loan, Due 6/15/20282024-03-310001633858Liberty Group Senior Secured Revolving Loan Due 12/15/20282024-03-310001633858LERETA, Senior Secured Initial Term Loan, Due 7/30/20282024-03-310001633858LegalShield, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282024-03-310001633858Legacy Service Partners, Unitranche Closing Date Term Loan, Due 1/9/20292024-03-310001633858Lacerta, Senior Secured Term Loan, Due 12/30/20262024-03-310001633858Keter Environmental Services, Unitranche Closing Date Term Loan, Due 10/29/20272024-03-310001633858Keter Environmental Services, Senior Secured Revolving Loan, Due 10/29/20272024-03-310001633858Kestra Financial, Senior Secured Term Loan, due, 3/22/20312024-03-310001633858Ivy Rehab, Senior Secured Initial Term Loan (First Lien), Due 4/23/20292024-03-310001633858Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), Due 12/01/20272024-03-310001633858Intertape Polymer, Senior Secured Initial Term Loan (First Lien), Due 6/28/20282024-03-310001633858InterMed, Unitranche Initial Term Loan, Due 12/24/20292024-03-310001633858InterMed, Senior Secured Revolving Credit Loan, Due 12/24/20282024-03-310001633858Intermedia, Senior Secured New Term Loan (First Lien), Due 7/21/20252024-03-310001633858Insight Global, Unitranche Closing Date Term Loan, Due 9/22/20282024-03-310001633858Innovative XCessories, Senior Secured Initial Term Loan, Due 3/5/20272024-03-310001633858InnovateMR, Unitranche Initial Term Loan, Due 1/20/20282024-03-310001633858InnovateMR, Unitranche First Amendment Term Loan, Due 1/20/20282024-03-310001633858InMark, Unitranche Incremental Term Loan, Due 12/23/20262024-03-310001633858Infinite Electronics, Senior Secured Initial Term Loan (First Lien), Due 3/02/20282024-03-310001633858Industrial Services Group, Unitranche Initial Term Loan, Due 12/07/20282024-03-310001633858Industrial Services Group, Senior Secured Revolving Loan, Due 12/7/20282024-03-310001633858Industrial Physics, Senior Secured Initial Term Loan, Due 7/19/20292024-03-310001633858ImageFirst, Senior Secured Initial Term Loan, Due 4/27/20282024-03-310001633858Idera, Senior Secured Term B-1 Loan (First Lien), Due 3/02/20282024-03-310001633858Hobbs & Associates, Senior Secured Third Amendment Incremental Term Loan, Due 4/11/20292024-03-310001633858Hissho Sushi, Unitranche Term Loan, Due 5/18/20282024-03-310001633858Hissho Sushi, Senior Secured Revolving Loan, Due 5/18/20282024-03-310001633858HireRight, Senior Secured 2023 Incremental Term Loan (First Lien), Due 9/27/20302024-03-310001633858Highline, Senior Secured Initial Term Loan (First Lien), Due 11/9/20272024-03-310001633858HelpSystems, Senior Secured Term Loan, Due 11/19/20262024-03-310001633858Heartland, Senior Secured Initial Term Loan, Due 12/12/20292024-03-310001633858Health Management Associates, Senior Secured Term Loan A, Due 3/30/20292024-03-310001633858Health Management Associates Senior Secured Revolving Loan Due 3/30/20292024-03-310001633858HDT Global, Senior Secured Initial Term Loan, Due 7/08/20272024-03-310001633858Golden West Packaging, Senior Secured Initial Term Loan, Due 12/01/20272024-03-310001633858Golden Source, Senior Secured Revolving Loans, Due, 5/12/20282024-03-310001633858Golden Source Senior Secured Delayed Draw Term Loans Due 5/12/20282024-03-310001633858GME Supply , Unitranche Initial Term Loan, Due 7/6/20292024-03-310001633858Gastro Health, Senior Secured Initial Term Loan (First Lien), Due 7/03/20282024-03-310001633858FullBloom, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282024-03-310001633858Franklin Energy, Senior Secured Term B Loan (First Lien), Due 8/14/20262024-03-310001633858Forefront, Senior Secured Closing Date Term Loan, Due 3/30/20292024-03-310001633858Forefront, Senior Secured 2023 Incremental Term Loan, Due 3/30/292024-03-310001633858FLS Transportation, Senior Secured Term B Loan, Due 12/15/20282024-03-310001633858Flow Control Group, Senior Secured Initial Term Loan (First Lien), Due 3/31/20282024-03-310001633858Fleetwash, Senior Secured Incremental Term Loan, Due 10/01/20242024-03-310001633858Five Star Packaging, Senior Secured Initial Term Loan (First Lien), Due 5/05/20292024-03-310001633858The Facilities Group, Unitranche Initial Term Loan, Due 11/30/20272024-03-310001633858Excelitas, Unitranche Closing Date Euro Term Loan, Due 8/12/20292024-03-310001633858Evans Network, Senior Secured Initial Term Loan (First Lien), Due 8/19/20282024-03-310001633858eResearch, Senior Secured Term Loan (First Lien), Due 2/04/20272024-03-310001633858Epic Staffing Group, Senior Secured Initial Term Loan, Due 6/28/20292024-03-310001633858EPIC Insurance, Unitranche Closing Date Term Loan, Due 9/29/20282024-03-310001633858EPIC Insurance, Senior Secured Revolving Loan, Due, 9/29/20282024-03-310001633858Engine & Transmission Exchange, Senior Secured Term Loan A, Due 5/29/20292024-03-310001633858Engine & Transmission Exchange, Senior Secured Revolving Loan, 5/29/20292024-03-310001633858EdgeCo, Senior Secured Third Amendment Term Loan (First Lien), Due 6/01/20262024-03-310001633858Dynatect (A&A), Senior Secured Term B Loan, Due 9/30/20262024-03-310001633858Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), Due 5/19/20282024-03-310001633858Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), Due 4/09/20272024-03-310001633858DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, Due 9/30/20272024-03-310001633858DuBois Chemicals, Senior Secured Term Loan B (First Lien), Due 9/30/20262024-03-310001633858Dodge Construction Network, Senior Secured Initial Term Loan (First Lien), Due 2/23/20292024-03-310001633858Divisions Maintenance Group, Senior Secured Term B Loan, Due 5/27/20282024-03-310001633858Diversified, Senior Secured Initial Term Loan, Due 3/20/20262024-03-310001633858Discovery Education, Unitranche Initial Term Loan (First Lien), Due 4/9/20292024-03-310001633858Digital Room, Senior Secured Closing Date Term Loan (First Lien), Due 12/21/20282024-03-310001633858Dessert Holdings, Senior Secured Initial Term Loan (First Lien), Due 6/09/20282024-03-310001633858Denali Water Solutions, Senior Secured Closing Date Term Loan, Due 3/27/20282024-03-310001633858Denali Water Solutions, Senior Secured Amendment No. 3 Term Loan, Due 3/27/20282024-03-310001633858Crystal Clean Senior Secured Initial Term Loan Due 10/17/20302024-03-310001633858Crash Champions, Senior Secured Initial Term Loan, 2/23/20292024-03-310001633858CPS, Senior Secured Revolving Credit Loan, Due 6/01/20282024-03-310001633858CPI International Unitranche Initial Term Loan Due 10/8/20292024-03-310001633858CoolSys, Senior Secured Closing Date Initial Term Loan, Due 8/11/20282024-03-310001633858Confluent Health, Senior Secured Amendment No. 1 Term Loan, Due 11/28/20282024-03-310001633858Community Brands, Unitranche Initial Term Loan, Due 2/24/20282024-03-310001633858Community Brands, Senior Secured Delayed Draw Term Loan, Due 2/24/282024-03-310001633858Colibri Senior secured First Amendment Incremental Term Loan Due 031220292024-03-310001633858CoAdvantage, Senior Secured 2023 1L Refinancing Term Loan (First Lien), Due 7/31/20292024-03-310001633858Cloudera, Senior Secured Initial Term Loan (First Lien), Due 10/08/20282024-03-310001633858Cleaver Brooks Senior Secured Initial Term Loan Due 7/18/20282024-03-310001633858Cirtec Medical, Senior Secured (USD) Initial Term Loan, Due 1/30/20292024-03-310001633858CIRCOR, Senior Secured Initial Term Loan, Due 10/18/20302024-03-310001633858Chromalloy, Senior Secured Term Loan, Due 3/30/20312024-03-310001633858Cherry Bekaert, Unitranche Term B Loan, Due 6/30/20282024-03-310001633858Cherry Bekaert Unitranche Amendment No.1 Term Loan Due 6/30/20282024-03-310001633858Cherry Bekaert, Senior Secured Revolving Credit Loan, Due 6/30/20282024-03-310001633858Cerity Partners, Unitranche Initial Term Loan, Due 7/27/20292024-03-310001633858Carlisle Foodservice, Senior Secured Initial Term Loan, Due 10/2/20302024-03-310001633858Careismatic, Senior Secured Initial Term Loan (First Lien), Due 1/6/20282024-03-310001633858Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), Due 11/12/20272024-03-310001633858Burke Porter Group, Senior Secured Revolving Credit Loan, Due 7/29/20282024-03-310001633858Burke Porter Group, Senior Secured Closing Date Term Loan, Due 7/29/20292024-03-310001633858Brook & Whittle, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282024-03-310001633858Boyd Corp, Senior Secured Initial Term Loan (First Lien), Due 9/06/20252024-03-310001633858Boyd Corp, Senior Secured Initial Loan (Second Lien), Due 9/06/20262024-03-310001633858BlueHalo, Unitranche Initial Term Loan, Due 10/31/20252024-03-310001633858BlueHalo, Senior Secured Revolving Loan, Due 10/31/20252024-03-310001633858Blue Cloud, Senior Secured Revolving Credit Loan, Due 1/21/20282024-03-310001633858Blue Cloud, Senior Secured Closing Date Term Loan, Due 1/21/20282024-03-310001633858Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), Due 12/14/20292024-03-310001633858Bettcher Industries, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282024-03-310001633858Beta+, Senior Secured Revolving Credit Loan, Due 7/01/20272024-03-310001633858Beta+, Senior Secured Initial Term Loan, Due, 7/2/20292024-03-310001633858BBB Industries, Senior Secured Initial Term Loan (First Lien), Due 7/25/20292024-03-310001633858Barracuda Senior Secured Initial Term Loan Second Lien Due 8/15/20302024-03-310001633858Barracuda, Senior Secured Initial Term Loan (First Lien), Due 8/15/20292024-03-310001633858Bad Boy Mowers, Senior Secured Initial Term Loan, Due 11/9/20292024-03-310001633858Auto Europe, Senior Secured Initial Dollar Term Loan, Due 4/21/20252024-03-310001633858Augusta Sportswear, Senior Secured Initial Term Loan, Due 11/21/20292024-03-310001633858Associated Springs, Senior Secured Term Loan Facility, Due 3/31/20302024-03-310001633858Ascensus Specialties, Senior Secured Initial Term Loan, Due 6/30/20282024-03-310001633858Ascensus, Senior Secured Initial Term Loan (First Lien), Due 8/02/20282024-03-310001633858Aptean Senior Secured Initial Term Loan (First Lien) Due 4/23/20262024-03-310001633858Applied Adhesives, Senior Secured Term A Loan, Due 3/12/20272024-03-310001633858Apex Service Partners Unitranche Term Loan 10/24/20302024-03-310001633858Anchor Packaging, Senior Secured Initial Term Loan (First Lien), Due 7/18/20262024-03-310001633858AmSpec Senior Secured Closing Date Term Loan Due 12/5/20302024-03-310001633858Amplix Unitranche Revolving Credit Loan Due 10/18/20292024-03-310001633858Amplix Unitranche First Amendment Term Loan Due 10/18/20292024-03-310001633858American Vision Partners, Unitranche Initial Term Loan, Due 9/30/20272024-03-310001633858Allied Benefit Systems Senior Secured Initial Term Loan Due 103120302024-03-310001633858Alera, Unitranche 2022 Incremental Term Loan, Due 9/30/20282024-03-310001633858Alera, Senior Secured 2022 Delayed Draw Term Loan, Due 10/2/20282024-03-310001633858AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), Due 4/06/20282024-03-310001633858Ahead, Senior Secured 2024 Incremental Term Loan (First Lien), Due 2/1/20312024-03-310001633858Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), Due 5/09/20252024-03-310001633858Aegion, Senior Secured 2024 Replacement Term Loan, Due 5/17/20282024-03-310001633858Advancing Eyecare, Senior Secured Initial Term Loan, Due 6/13/20292024-03-310001633858Advanced Diabetes Supply, Senior Secured First Incremental Term Loan, Due 12/30/20272024-03-310001633858Addison Group, Senior Secured Initial Term Loan, Due 12/29/20282024-03-310001633858Accolite, Senior Secured Initial DDTL Loan, Due 4/10/292024-03-310001633858AccentCare, Senior Secured Tranche A Term Loan, due, 6/20/20282024-03-310001633858AccentCare, Senior Secured Tranche B Term Loan, Due, 9/20/20282024-03-310001633858A1 Garage Door Service, Unitranche Term Loan A, Due 12/22/20282024-03-310001633858A1 Garage Door Service, Senior Secured Revolving Loan, Due 12/23/20282024-03-310001633858Worldwide Express, Senior Secured Initial Term Loan (First Lien), Due 7/26/20282023-12-310001633858WIRB-Copernicus Group, Senior Secured Term Loan (First Lien), Due 1/08/20272023-12-310001633858Whitcraft, Senior Secured Term Loan, Due 2/15/20292023-12-310001633858Whitcraft, Senior Secured Revolving Credit Loan, Due 2/15/20292023-12-310001633858Western Dental, Senior Secured 2022 Incremental Term Loan, Due 8/18/20282023-12-310001633858WellSky, Senior Secured Incremental Term B-1 Loan (First Lien), Due 3/10/20282023-12-310001633858Wedgewood, Senior Secured Initial Term Loan, Due 3/31/20282023-12-310001633858Vortex Unitranche Initial Term Loan, Due 9/4/20292023-12-310001633858Vortex Senior Secured Revolving Loan, Due 9/4/20292023-12-310001633858Vistage, Senior Secured Initial Term Loan, Due 7/13/20292023-12-310001633858Vertellus, Senior Secured Revolving Credit Loan, Due 12/22/20252023-12-310001633858Vertellus, Senior Secured Initial Term Loan, Due 12/22/20272023-12-310001633858Veregy, Senior Secured Initial Term Loan, Due 11/03/20272023-12-310001633858Vensure Employer Services Senior Secured 2023 Delayed Draw Term B Loan Due 4/1/20272023-12-310001633858Varsity Brands, Senior Secured Third Amendment Extended Term Loan (First Lien), Due 12/15/20262023-12-310001633858USALCO, Unitranche Term Loan A, Due 10/19/20272023-12-310001633858USALCO, Senior Secured Revolving Loan, Due 10/19/20262023-12-310001633858Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), Due 11/20/20262023-12-310001633858Unifrax, Senior Secured USD Term Loan (First Lien), Due 12/12/20252023-12-310001633858UDG, Senior Secured Initial Dollar Term Loan (First Lien), Due 8/19/20282023-12-310001633858trustaff, Senior Secured Initial Term Loan (First Lien), Due 3/06/20282023-12-310001633858Truck Hero, Senior Secured Initial Term Loan, Due 1/31/20282023-12-310001633858TriMark, Senior Secured Second Amendment Tranche B Loan (Super Senior Priority), Due 8/28/20242023-12-310001633858TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), Due 3/03/20282023-12-310001633858TRC Companies, Senior Secured Term Loan (First Lien), Due 12/08/20282023-12-310001633858TRC Companies, Senior Secured Initial Term Loan (Second Lien), Due 12/07/20292023-12-310001633858Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), Due 5/30/20242023-12-310001633858Therm-O-Disc, Senior Secured Initial Term Loan (First Lien), Due 5/31/20292023-12-310001633858Therapy Brands, Senior Secured Initial Term Loan (First Lien), Due 5/18/20282023-12-310001633858Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, Due 9/15/20282023-12-310001633858Technimark, Senior Secured Initial Term Loan (First Lien), Due 7/07/20282023-12-310001633858Teaching Strategies, Senior Secured Initial Term Loan (First Lien), Due 8/31/20282023-12-310001633858Tank Holding, Unitranche Initial Term Loan, Due 3/31/20282023-12-310001633858Tank Holding, Senior Secured Revolving Credit Loan, Due 3/31/20282023-12-310001633858Tangent, Senior Secured Closing Date Term Loan (First Lien), Due 11/30/20272023-12-310001633858System One, Senior Secured Initial Term Loan, Due 3/2/20282023-12-310001633858Symplr, Senior Secured Initial Term Loan (First Lien), Due 12/22/20272023-12-310001633858StubHub, Senior Secured USD Term B Loan, Due 2/12/20272023-12-310001633858St. George Logistics, Senior Secured Initial Term Loan, Due 3/24/20262023-12-310001633858SPX Flow, Senior Secured Term Loan, Due 4/05/20292023-12-310001633858Spring Education, Senior Secured Initial Term Loan, Due 10/4/20302023-12-310001633858SP Engineering Solutions Senior Secured Initial Term Loan Due 5/2/20302023-12-310001633858Specialty Products & Insulation, Senior Secured Tranche B-1 Term Loan, Due 12/21/20272023-12-310001633858Solis Mammography, Senior Secured Initial Term Loan (Second Lien), Due 4/16/20292023-12-310001633858Solis Mammography, Senior Secured Initial Term Loan (First Lien), Due 4/17/20282023-12-310001633858Smart Start, Senior Secured Term B Loan (Second Lien), Due 12/16/20292023-12-310001633858Smart Start, Senior Secured Term B Loan (First Lien), Due 12/16/20282023-12-310001633858SmartBear, Senior Secured Initial Term Loan (First Lien), Due 3/03/20282023-12-310001633858SIAA, Unitranche Initial Term Loan, Due 4/28/20282023-12-310001633858Shaw, Senior Secured Initial Senior Term Facility, Due, 8/28/20292023-12-310001633858Secretariat International, Senior Secured Term Loan (First Lien), Due 12/29/20282023-12-310001633858Safe Fleet, Initial Term Loan (Second Lien), Due 2/2/20262023-12-310001633858Rough Country, Senior Secured Initial Term Loan (First Lien), Due 7/28/20282023-12-310001633858RMP & MedA/Rx, Senior Secured Term Loan (First Lien), Due 2/06/20252023-12-310001633858RMP & MedA/Rx, Senior Secured Term Loan, Due 2/06/20252023-12-310001633858RevSpring, Senior Secured Initial Term Loan (First Lien), Due 10/11/20252023-12-310001633858RevHealth, Unitranche Initial Term Loan, Due 7/21/20282023-12-310001633858Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), Due 7/07/20282023-12-310001633858Radwell, Unitranche Initial Term Loan, Due 4/01/20292023-12-310001633858Radwell, Senior Secured Revolving Loan, Due 4/01/20282023-12-310001633858QuickBase, Senior Secured Term Loan (First Lien), Due 4/02/20262023-12-310001633858Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), Due 12/22/20272023-12-310001633858Press Ganey, Senior Secured Initial Term Loan (First Lien), Due 7/24/20262023-12-310001633858Press Ganey, Senior Secured 2022 Incremental Term Loan (First Lien), Due 7/24/20262023-12-310001633858Premise Health, Senior Secured Initial Term Loan (First Lien), Due 7/10/20252023-12-310001633858Pregis, Senior Secured Third Amendment Refinancing Term Loan (First Lien), Due 7/31/20262023-12-310001633858Precisely, Senior Secured Third Amendment Term Loan (First Lien), Due 4/23/20282023-12-310001633858Polytek, Senior Secured Term Loan, Due 9/20/20242023-12-310001633858PlayPower, Senior Secured Initial Term Loan, Due 5/8/20262023-12-310001633858Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), Due 12/15/20252023-12-310001633858Planview, Senior Secured Closing Date Term Loan (First Lien), Due 12/17/20272023-12-310001633858A Place For Mom, Senior Secured Term Loan, Due 2/10/20262023-12-310001633858PharMedQuest, Unitranche Term Loan, Due 11/6/20252023-12-310001633858PharMedQuest, Unitranche Term A Loan, Due 11/06/20252023-12-310001633858Peraton, Senior Secured Term B Loan (First Lien), Due 2/01/20282023-12-310001633858PCI, Senior Secured Term B Loan (First Lien), Due 11/30/20272023-12-310001633858Paragon Films, Senior Secured Closing Date Term Loan (First Lien), Due 12/16/20282023-12-310001633858OSG Billing Services Senior Secured Last Out Term Loan Due 113020282023-12-310001633858OSG Billing Services Senior Secured First-Out Term Loan Due 053020282023-12-310001633858Osaic, Senior Secured Term B-2 Loan, Due 8/17/20282023-12-310001633858OrthoNebraska, Unitranche Term Loan, Due 7/31/20282023-12-310001633858OrthoNebraska, Senior Secured Revolving Loan, Due 7/31/20272023-12-310001633858Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), Due 9/24/20272023-12-310001633858ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), Due 9/01/20282023-12-310001633858Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), Due 12/30/20252023-12-310001633858Omni Logistics, Senior Secured Initial Term Loan (First Lien), Due 12/30/20262023-12-310001633858Ohio Transmission, Unitranche Term Loan, Due 4/28/20262023-12-310001633858OEConnection, Senior Secured Initial Term Loan, Due 9/25/20262023-12-310001633858nThrive, Senior Secured Initial Term Loan (First Lien), Due 12/17/20282023-12-310001633858nThrive, Senior Secured Initial Loan (Second Lien), Due 12/17/20292023-12-310001633858Novolex, Senior Secured Term B Loan (First Lien), Due 4/13/20292023-12-310001633858Novaria Group, Senior Secured Initial Term Loan, Due 1/27/20272023-12-310001633858Ned Stevens 2022-2, Unitranche Initial Term Loan, Due 11/01/20292023-12-310001633858Ned Stevens 2022-2, Senior Secured Revolving Loan, Due 11/01/20292023-12-310001633858MyEyeDr, Senior Secured Initial Term Loan (First Lien), Due 8/31/20262023-12-310001633858MW Industries, Senior Secured Initial Term Loan, Due 3/31/20302023-12-310001633858Monogram Foods, Senior Secured Initial Term Loan, Due 8/28/20282023-12-310001633858Minds + Assembly, Unitranche Initial Term Loan, Due 5/3/2029 One2023-12-310001633858Micro Merchant Systems, Unitranche Initial Term Loan, Due 12/14/20272023-12-310001633858MedRisk, Senior Secured Initial Term Loan (First Lien), Due 5/10/20282023-12-310001633858MediaRadar, Unitranche Closing Date Term A Loan, Due 6/1/20292023-12-310001633858MediaRadar, Unitranche 2023 Incremental Term Loan, Due 9/17/20292023-12-310001633858MediaRadar, Senior Secured Revolving Loan, Due 7/22/20282023-12-310001633858Mediaocean, Senior Secured Initial Term Loan, Due 12/15/20282023-12-310001633858Magnate, Senior Secured Initial Term Loan (First Lien), Due 12/29/20282023-12-310001633858Loparex, Senior Secured Initial Term Loan (First Lien), Due 7/31/20262023-12-310001633858Liberty Group, Unitranche Initial Term Loan, Due 6/15/20282023-12-310001633858Liberty Group Senior Secured Revolving Loan Due 12/15/20282023-12-310001633858LERETA, Senior Secured Initial Term Loan, Due 7/30/20282023-12-310001633858LegalShield, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282023-12-310001633858Legacy Service Partners, Unitranche Closing Date Term Loan, Due 1/9/20292023-12-310001633858Lacerta, Senior Secured Term Loan, Due 12/30/20262023-12-310001633858Keter Environmental Services, Unitranche Closing Date Term Loan, Due 10/29/20272023-12-310001633858Keter Environmental Services, Senior Secured Revolving Loan, Due 10/29/20272023-12-310001633858Kestra Financial, Senior Secured Initial Term Loan, Due 6/03/20262023-12-310001633858Ivy Rehab, Senior Secured Initial Term Loan (First Lien), Due 4/23/20292023-12-310001633858Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), Due 12/01/20272023-12-310001633858Intertape Polymer, Senior Secured Initial Term Loan (First Lien), Due 6/28/20282023-12-310001633858InterMed, Unitranche Initial Term Loan, Due 12/24/20292023-12-310001633858Intermedia, Senior Secured New Term Loan (First Lien), Due 7/21/20252023-12-310001633858Integro Senior Secured 2022 Refinancing Term Loan (First Lien) Due 10/30/20242023-12-310001633858Insight Global, Unitranche Closing Date Term Loan, Due 9/22/20282023-12-310001633858Innovative XCessories, Senior Secured Initial Term Loan, Due 3/5/20272023-12-310001633858InnovateMR, Unitranche Initial Term Loan, Due 1/20/20282023-12-310001633858InnovateMR, Unitranche First Amendment Term Loan, Due 1/20/20282023-12-310001633858Infoblox, Senior Secured Initial Term Loan (First Lien), Due 12/01/20272023-12-310001633858Infinite Electronics, Senior Secured Initial Term Loan (First Lien), Due 3/02/20282023-12-310001633858Industrial Services Group, Unitranche Initial Term Loan, Due 12/07/20282023-12-310001633858Industrial Services Group, Senior Secured Revolving Loan, Due 12/07/20282023-12-310001633858Industrial Physics, Senior Secured Revolving Credit Loan, Due, 7/31/20282023-12-310001633858Industrial Physics, Senior Secured Initial Term Loan, Due 7/19/20292023-12-310001633858ImageFirst, Senior Secured Initial Term Loan, Due 4/27/20282023-12-310001633858Idera, Senior Secured Term B-1 Loan (First Lien), Due 3/02/20282023-12-310001633858Hissho Sushi, Unitranche Term Loan, Due 5/18/20282023-12-310001633858Hissho Sushi, Senior Secured Revolving Loan, Due 5/18/20282023-12-310001633858Highline, Senior Secured Initial Term Loan (First Lien), Due 11/9/20272023-12-310001633858HelpSystems, Senior Secured Term Loan, Due 11/19/20262023-12-310001633858Heartland Senior Secured Senior Secured Term Loan Due 100220292023-12-310001633858Heartland Senior Secured Senior Secured Revolving Credit Facility Due 12/15/20292023-12-310001633858Health Management Associates, Senior Secured Term Loan A, Due 3/30/20292023-12-310001633858Health Management Associates Senior Secured Revolving Loan Due 3/30/20292023-12-310001633858HDT Global, Senior Secured Initial Term Loan, Due 7/08/20272023-12-310001633858Golden West Packaging, Senior Secured Initial Term Loan, Due 12/01/20272023-12-310001633858GME Supply , Unitranche Initial Term Loan, Due 7/6/20292023-12-310001633858GME Supply , Senior Secured Revolving Loan, Due 7/5/20272023-12-310001633858Gastro Health, Senior Secured Initial Term Loan (First Lien), Due 7/03/20282023-12-310001633858FullBloom, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282023-12-310001633858Franklin Energy, Senior Secured Term B Loan (First Lien), Due 8/14/20262023-12-310001633858Forefront, Senior Secured Closing Date Term Loan, Due 3/30/20292023-12-310001633858Forefront, Senior Secured 2023 Incremental Term Loan, Due 3/30/292023-12-310001633858FLS Transportation, Senior Secured Term B Loan, Due 12/15/20282023-12-310001633858Flow Control Group, Senior Secured Initial Term Loan (First Lien), Due 3/31/20282023-12-310001633858Five Star Packaging, Senior Secured Initial Term Loan (First Lien), Due 5/05/20292023-12-310001633858The Facilities Group, Unitranche Initial Term Loan, Due 11/30/20272023-12-310001633858Excelitas, Unitranche Closing Date Euro Term Loan, Due 8/12/20292023-12-310001633858Evans Network, Senior Secured Initial Term Loan (First Lien), Due 8/19/20282023-12-310001633858eResearch, Senior Secured Term Loan (First Lien), Due 2/04/20272023-12-310001633858Epic Staffing Group, Senior Secured Initial Term Loan, Due 6/28/20292023-12-310001633858EPIC Insurance, Unitranche Closing Date Term Loan, Due 9/29/20282023-12-310001633858EPIC Insurance, Senior Secured Revolving Loan, Due 9/30/20272023-12-310001633858Engine & Transmission Exchange, Senior Secured Term Loan A, Due 5/29/20292023-12-310001633858Engine and Transmission Exchange , Senior Secured Revolving Loan , Due on 5/25/20292023-12-310001633858Eliassen, Unitranche Initial Term Loan, Due 4/14/20282023-12-310001633858EdgeCo, Senior Secured Third Amendment Term Loan (First Lien), Due 6/01/20262023-12-310001633858ECi Software, Senior Secured Initial Term Loan (First Lien), Due 11/09/20272023-12-310001633858Dynatect (A&A), Senior Secured Term B Loan, Due 9/30/20242023-12-310001633858Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), Due 5/19/20282023-12-310001633858Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), Due 4/09/20272023-12-310001633858DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, Due 9/30/20272023-12-310001633858DuBois Chemicals, Senior Secured Term Loan B (First Lien), Due 9/30/20262023-12-310001633858Dodge Construction Network, Senior Secured Initial Term Loan (First Lien), Due 2/23/20292023-12-310001633858Divisions Maintenance Group, Senior Secured Term B Loan, Due 5/27/20282023-12-310001633858Diversified Senior SecuredInitial Term Loan Due 9/23/20242023-12-310001633858Discovery Education, Unitranche Initial Term Loan (First Lien), Due 4/06/20292023-12-310001633858Discovery Education, Senior Secured Revolving Credit Loan (First Lien), Due 4/07/20282023-12-310001633858Digital Room, Senior Secured Closing Date Term Loan (First Lien), Due 12/21/20282023-12-310001633858Dessert Holdings, Senior Secured Initial Term Loan (First Lien), Due 6/09/20282023-12-310001633858Denali Water Solutions, Senior Secured Closing Date Term Loan, Due 3/27/20282023-12-310001633858Denali Water Solutions, Senior Secured Amendment No. 3 Term Loan, Due 3/27/20282023-12-310001633858Culligan, Senior Secured 2022 Refinancing Term B Loan, Due 7/31/20282023-12-310001633858Crystal Clean Senior Secured Initial Term Loan Due 10/17/20302023-12-310001633858CPS, Unitranche Closing Date Term Loan, Due 6/01/20282023-12-310001633858CPI International Unitranche Initial Term Loan Due 10/8/20292023-12-310001633858CoolSys, Senior Secured Closing Date Initial Term Loan, Due 8/11/20282023-12-310001633858Confluent Health, Senior Secured Amendment No. 1 Term Loan, Due 11/28/20282023-12-310001633858Confluence, Senior Secured Initial Term Loan (First Lien), Due 7/31/20282023-12-310001633858Community Brands, Unitranche Initial Term Loan, Due 2/24/20282023-12-310001633858Colibri Senior secured First Amendment Incremental Term Loan Due 031220292023-12-310001633858CoAdvantage, Senior Secured 2023 1L Refinancing Term Loan (First Lien), Due 7/31/20292023-12-310001633858Cloudera, Senior Secured Initial Term Loan (First Lien), Due 10/08/20282023-12-310001633858Cleaver Brooks, Senior Secured Revolving Loan, Due 7/31/20282023-12-310001633858Cleaver Brooks Senior Secured Initial Term Loan Due 7/18/20282023-12-310001633858Cirtec Medical, Senior Secured (USD) Initial Term Loan, Due 1/30/20292023-12-310001633858CIRCOR Unitranche Initial Term Loan Due 10/18/20302023-12-310001633858Cherry Bekaert, Unitranche Term B Loan, Due 6/30/20282023-12-310001633858Cherry Bekaert Unitranche Amendment No.1 Term Loan Due 6/30/20282023-12-310001633858Cerity Partners Unitranche Initial Term Loan Due 7/30/20292023-12-310001633858Careismatic, Senior Secured Initial Term Loan (First Lien), Due 1/6/20282023-12-310001633858Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), Due 11/12/20272023-12-310001633858Burke Porter Group, Senior Secured Revolving Credit Loan, Due 7/29/20282023-12-310001633858Burke Porter Group, Senior Secured Closing Date Term Loan, Due 7/29/20292023-12-310001633858Brook & Whittle, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282023-12-310001633858Boyd Corp, Senior Secured Initial Term Loan (First Lien), Due 9/06/20252023-12-310001633858Boyd Corp, Senior Secured Initial Loan (Second Lien), Due 9/06/20262023-12-310001633858BlueHalo, Unitranche Initial Term Loan, Due 10/31/20252023-12-310001633858BlueHalo, Senior Secured Revolving Loan, Due 10/31/20252023-12-310001633858Blue Cloud, Senior Secured Revolving Credit Loan, Due 1/21/20282023-12-310001633858Blue Cloud, Senior Secured Closing Date Term Loan, Due 1/21/20282023-12-310001633858Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), Due 12/14/20292023-12-310001633858Bettcher Industries, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282023-12-310001633858Beta+, Senior Secured Revolving Credit Loan, Due 7/01/20272023-12-310001633858Beta+, Senior Secured Initial Term Loan, Due, 7/2/20292023-12-310001633858BBB Industries, Senior Secured Initial Term Loan (First Lien), Due 7/25/20292023-12-310001633858Barracuda Senior Secured Initial Term Loan Second Lien Due 8/15/20302023-12-310001633858Barracuda, Senior Secured Initial Term Loan (First Lien), Due 8/15/20292023-12-310001633858Bad Boy Mowers Senior Secured Initial Term Loan Due 11/2/20292023-12-310001633858Avalign Technologies, Senior Secured Initial Term Loan (First Lien), Due 12/22/20252023-12-310001633858Auto Europe, Senior Secured Initial Dollar Term Loan, Due 10/21/20232023-12-310001633858Augusta Sportswear, Senior Secured Initial Term Loan, Due 11/21/20292023-12-310001633858Ascensus Specialties, Senior Secured Initial Term Loan, Due 6/30/20282023-12-310001633858Ascensus, Senior Secured Initial Term Loan (First Lien), Due 8/02/20282023-12-310001633858Aptean Senior Secured Initial Term Loan (First Lien) Due 4/23/20262023-12-310001633858Applied Adhesives, Senior Secured Term A Loan, Due 3/12/20272023-12-310001633858Apex Service Partners, Unitranche Term Loan, Due 10/24/20232023-12-310001633858Anchor Packaging, Senior Secured Initial Term Loan (First Lien), Due 7/18/20262023-12-310001633858AmSpec Senior Secured Revolving Loan Due 12/14/20292023-12-310001633858AmSpec Senior Secured Closing Date Term Loan Due 12/5/20302023-12-310001633858Amplix Unitranche Revolving Credit Loan Due 10/18/20292023-12-310001633858Amplix Unitranche First Amendment Term Loan Due 10/18/20292023-12-310001633858American Vision Partners, Unitranche Initial Term Loan, Due 9/30/20272023-12-310001633858Amentum, Senior Secured Tranche 3 Term Loan (First Lien), Due 2/15/20292023-12-310001633858Allied Benefit Systems Senior Secured Initial Term Loan Due 103120302023-12-310001633858Alera Unitranche 2022 Incremental Term Loan Due 10/2/20282023-12-310001633858AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), Due 4/06/20282023-12-310001633858Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), Due 5/09/20252023-12-310001633858Aegion, Senior Secured Initial Term Loan, Due 5/17/20282023-12-310001633858Advancing Eyecare, Senior Secured Initial Term Loan, Due 6/29/20292023-12-310001633858Advanced Diabetes Supply, Senior Secured First Incremental Term Loan, Due 12/30/20272023-12-310001633858Accolite, Senior Secured Initial Term Loan, Due 3/13/20292023-12-310001633858AccentCare, Senior Secured 2021 Term Loan (First Lien), Due 6/22/20262023-12-310001633858A1 Garage Door Service, Unitranche Term Loan A, Due 12/22/20282023-12-310001633858A1 Garage Door Service, Senior Secured Revolving Loan, Due 12/23/20282023-12-310001633858WIRB-Copernicus Group, Senior Secured Term Loan (First Lien), Due 1/08/20272024-01-012024-03-310001633858Whitcraft, Senior Secured Term Loan, Due 2/15/20292024-01-012024-03-310001633858Whitcraft, Senior Secured Revolving Credit Loan, Due 2/15/20292024-01-012024-03-310001633858Western Dental, Senior Secured 2022 Incremental Term Loan, Due 8/18/20282024-01-012024-03-310001633858Wedgewood, Senior Secured Initial Term Loan, Due 3/31/20282024-01-012024-03-310001633858Vortex Unitranche Initial Term Loan, Due 9/4/20292024-01-012024-03-310001633858Vortex Senior Secured Revolving Loan, Due 9/4/20292024-01-012024-03-310001633858Vortex, Equity Securities, LP Common Units2024-01-012024-03-310001633858Vistage, Senior Secured Initial Term Loan, Due 7/13/20292024-01-012024-03-310001633858Vertellus, Senior Secured Revolving Credit Loan, Due 12/22/20252024-01-012024-03-310001633858Vertellus, Senior Secured Initial Term Loan, Due 12/22/20272024-01-012024-03-310001633858Vertellus, Equity Securities, Series A Units2024-01-012024-03-310001633858Veregy, Senior Secured Initial Term Loan, Due 11/03/20272024-01-012024-03-310001633858Vensure Employer Services Senior Secured 2023 Delayed Draw Term B Loan Due 4/1/20272024-01-012024-03-310001633858VC3, Senior Secured Revolving Credit, Due 3/12/20272024-01-012024-03-310001633858VC3, Senior Secured Delayed Draw Term Loan, Due 3/12/20272024-01-012024-03-310001633858VC3, Equity Securities, Class A Units2024-01-012024-03-310001633858Varsity Brands, Senior Secured Third Amendment Extended Term Loan (First Lien), Due 12/15/20262024-01-012024-03-310001633858USALCO, Unitranche Term Loan A, Due 10/19/20272024-01-012024-03-310001633858USALCO, Senior Secured Revolving Loan, Due 10/19/20262024-01-012024-03-310001633858Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), Due 11/20/20262024-01-012024-03-310001633858United Air Temp, Unitranche Initial Term Loan, Due 3/28/20302024-01-012024-03-310001633858United Air Temp, Class A Units2024-01-012024-03-310001633858UDG, Senior Secured Initial Dollar Term Loan (First Lien), Due 8/19/20282024-01-012024-03-310001633858trustaff, Senior Secured Initial Term Loan (First Lien), Due 3/06/20282024-01-012024-03-310001633858Truck Hero, Senior Secured Initial Term Loan, Due 1/31/20282024-01-012024-03-310001633858TriMark, Senior Secured Initial Tranche B Loan, Due 6/30/20292024-01-012024-03-310001633858TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), Due 3/03/20282024-01-012024-03-310001633858TRC Companies, Senior Secured Term Loan (First Lien), Due 12/08/20282024-01-012024-03-310001633858TRC Companies, Senior Secured Initial Term Loan (Second Lien), Due 12/07/20292024-01-012024-03-310001633858Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), Due 5/30/20242024-01-012024-03-310001633858Therm-O-Disc, Senior Secured Initial Term Loan (First Lien), Due 5/31/20292024-01-012024-03-310001633858Therapy Brands, Senior Secured Initial Term Loan (First Lien), Due 5/18/20282024-01-012024-03-310001633858Tekni-Plex, Senior Secured Tranche B-6 Initial Term Loan, Due 9/15/20282024-01-012024-03-310001633858Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, Due 9/15/20282024-01-012024-03-310001633858Technimark, Senior Secured Initial Term Loan (First Lien), Due 7/07/20282024-01-012024-03-310001633858TEAM Services, Senior Secured Term Loan (First Lien), Due, 12/20/20272024-01-012024-03-310001633858Teaching Strategies, Senior Secured Initial Term Loan (First Lien), Due 8/31/20282024-01-012024-03-310001633858Tank Holding, Unitranche Initial Term Loan, Due 3/31/20282024-01-012024-03-310001633858Tank Holding, Senior Secured Revolving Credit Loan, Due 3/31/20282024-01-012024-03-310001633858Tangent, Senior Secured Closing Date Term Loan (First Lien), Due 11/30/20272024-01-012024-03-310001633858System One, Senior Secured Initial Term Loan, Due 3/2/20282024-01-012024-03-310001633858Symplr, Senior Secured Initial Term Loan (First Lien), Due 12/22/20272024-01-012024-03-310001633858SupplyOne, Senior Secured Seven-Year Term Loan B, Due 4/19/20312024-01-012024-03-310001633858StubHub, Senior Secured Extended USD Term B Loan, Due 3/12/20302024-01-012024-03-310001633858St. George Logistics, Senior Secured Initial Term Loan, Due 3/24/20282024-01-012024-03-310001633858St. George Logistics, Senior Secured Initial Term Loan, Due 3/24/20262024-01-012024-03-310001633858SPX Flow, Senior Secured Term Loan, Due 4/05/20292024-01-012024-03-310001633858Spring Education, Senior Secured Initial Term Loan, Due 10/4/20302024-01-012024-03-310001633858S&P Engineering Solutions, Senior Secured Revolving Credit Loan, Due 05/02/20292024-01-012024-03-310001633858SP Engineering Solutions Senior Secured Initial Term Loan Due 5/2/20302024-01-012024-03-310001633858Spectrum Science, Senior Secured Closing Date Term Loan, Due 2/1/20292024-01-012024-03-310001633858Specialty Products & Insulation, Senior Secured Tranche B-1 Term Loan, Due 12/21/20272024-01-012024-03-310001633858Solis Mammography, Senior Secured Initial Term Loan (Second Lien), Due 4/16/20292024-01-012024-03-310001633858Solis Mammography, Senior Secured Initial Term Loan (First Lien), Due 4/17/20282024-01-012024-03-310001633858Solis Mammography, Senior Secured 2024 Incremental Term Loan, Due, 4/17/20282024-01-012024-03-310001633858Smart Start, Senior Secured Term B Loan (Second Lien), Due 12/16/20292024-01-012024-03-310001633858Smart Start, Senior Secured Term B Loan (First Lien), Due 12/16/20282024-01-012024-03-310001633858SmartBear, Senior Secured Initial Term Loan (First Lien), Due 3/03/20282024-01-012024-03-310001633858SIAA, Unitranche Initial Term Loan, Due 4/28/20282024-01-012024-03-310001633858Shaw, Senior Secured Initial Senior Term Facility, Due, 10/30/20292024-01-012024-03-310001633858Service Logic, Senior Secured Closing Date Initial Term Loan (First Lien), Due 10/29/20272024-01-012024-03-310001633858Secretariat International, Senior Secured Term Loan (First Lien), Due 12/29/20282024-01-012024-03-310001633858Rover, Senior Secured Revolving Loan, 2/27/20312024-01-012024-03-310001633858Rover, Senior Secured Initial Term Loan, 2/27/20312024-01-012024-03-310001633858Rough Country, Senior Secured Initial Term Loan (First Lien), Due 7/28/20282024-01-012024-03-310001633858RMP & MedA/Rx, Senior Secured Term Loan (First Lien), Due 2/06/20252024-01-012024-03-310001633858RMP & MedA/Rx, Senior Secured Term Loan, Due 2/06/20252024-01-012024-03-310001633858RevHealth, Unitranche Initial Term Loan, Due 7/22/20282024-01-012024-03-310001633858RevHealth, Senior Secured Revolving Loan, Due 7/21/20282024-01-012024-03-310001633858RevHealth, Equity Securities, Class A-1 Units2024-01-012024-03-310001633858Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), Due 7/07/20282024-01-012024-03-310001633858Radwell, Unitranche Initial Term Loan, Due 4/01/20292024-01-012024-03-310001633858Radwell, Senior Secured Revolving Loan, Due 4/01/20282024-01-012024-03-310001633858Radiology Partners, Senior Secured Term B Loan, Due 1/31,20292024-01-012024-03-310001633858Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), Due 12/22/20272024-01-012024-03-310001633858Prime Pensions, Unitranche Initial Term Loan, Due, 2/26/20302024-01-012024-03-310001633858Prime Pensions, Senior Secured Revolving Credit, Due, 2/26/20302024-01-012024-03-310001633858Prime Pensions, LP Interest2024-01-012024-03-310001633858Press Ganey, Senior Secured Initial Term Loan (First Lien), Due 7/24/20262024-01-012024-03-310001633858Press Ganey, Senior Secured 2022 Incremental Term Loan (First Lien), Due 7/24/20262024-01-012024-03-310001633858Precisely, Senior Secured Third Amendment Term Loan (First Lien), Due 4/24/20282024-01-012024-03-310001633858PracticeTek, Equity Securities, Class A Units2024-01-012024-03-310001633858Polytek, Senior Secured Term Loan, Due 9/20/20242024-01-012024-03-310001633858PlayPower, Senior Secured Initial Term Loan, Due 5/8/20262024-01-012024-03-310001633858PlayCore, Senior Secured Initial Term Loan (First Lien), Due 9/30/20242024-01-012024-03-310001633858Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), Due 12/15/20252024-01-012024-03-310001633858Planview, Senior Secured Closing Date Term Loan (First Lien), Due 12/17/20272024-01-012024-03-310001633858A Place For Mom, Senior Secured Term Loan, Due 2/10/20262024-01-012024-03-310001633858PharMedQuest, Unitranche Term Loan, Due 11/6/20252024-01-012024-03-310001633858PharMedQuest, Unitranche Term A Loan, Due 11/06/20252024-01-012024-03-310001633858Pegasus, Senior Secured Initial Term Loan, Due 1/19/20312024-01-012024-03-310001633858Paragon Films, Senior Secured Closing Date Term Loan (First Lien), Due 12/16/20282024-01-012024-03-310001633858OSG Billing Services Senior Secured Last Out Term Loan Due 113020282024-01-012024-03-310001633858OSG Billing Services Senior Secured First-Out Term Loan Due 053020282024-01-012024-03-310001633858Osaic, Senior Secured Term B-2 Loan, Due 8/17/20282024-01-012024-03-310001633858OrthoNebraska, Unitranche Term Loan, Due 7/31/20282024-01-012024-03-310001633858OrthoNebraska, Senior Secured Revolving Loan, due, 7/31/20282024-01-012024-03-310001633858OrthoNebraska, Equity Securities, Class A Units2024-01-012024-03-310001633858Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), Due 9/24/20272024-01-012024-03-310001633858ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), Due 9/01/20282024-01-012024-03-310001633858Omni Logistics, Senior Secured Initial Term Loan (First Lien), Due 12/30/20262024-01-012024-03-310001633858Ohio Transmission, Unitranche Term Loan, Due 12/19/20302024-01-012024-03-310001633858Ohio Transmission, Senior Secured Revolving Facility, Due 12/19/20292024-01-012024-03-310001633858OEConnection, Senior Secured Initial Term Loan, Due 9/25/20262024-01-012024-03-310001633858nThrive, Senior Secured Initial Term Loan (First Lien), Due 12/18/20282024-01-012024-03-310001633858nThrive, Senior Secured Initial Loan (Second Lien), Due 12/17/20292024-01-012024-03-310001633858Novolex, Senior Secured Term B Loan (First Lien), Due 4/13/20292024-01-012024-03-310001633858Novaria Group, Senior Secured Initial Term Loan, Due 1/27/20272024-01-012024-03-310001633858Ned Stevens 2022-2, Unitranche Initial Term Loan, Due 11/01/20292024-01-012024-03-310001633858Ned Stevens 2022-2, Unitranche 2023 Incremental Delayed Draw Term Loan, 11/1/20292024-01-012024-03-310001633858Ned Stevens 2022-2, Senior Secured Revolving Loan, 11/1/20282024-01-012024-03-310001633858Ned Stevens 2022-2, Equity Securities, Class B Common Units2024-01-012024-03-310001633858MyEyeDr, Senior Secured Initial Term Loan (First Lien), Due 8/31/20262024-01-012024-03-310001633858MW Industries, Senior Secured Initial Term Loan, Due 3/31/20302024-01-012024-03-310001633858Monogram Foods, Senior Secured Initial Term Loan, Due 8/28/20282024-01-012024-03-310001633858Minds + Assembly, Unitranche Initial Term Loan, Due 5/3/20292024-01-012024-03-310001633858Minds + Assembly, Senior Secured Revolving Loan, Due 5/3/20292024-01-012024-03-310001633858Minds & Assembly, Equity Securities, Class A Units2024-01-012024-03-310001633858Micro Merchant Systems, Unitranche Initial Term Loan, Due 12/14/20272024-01-012024-03-310001633858MedRisk, Senior Secured Initial Term Loan (First Lien), Due 5/10/20282024-01-012024-03-310001633858MediaRadar, Unitranche Closing Date Term A Loan, Due 9/17/20292024-01-012024-03-310001633858MediaRadar, Unitranche 2023 Incremental Term Loan, Due 9/17/20292024-01-012024-03-310001633858MediaRadar, Senior Secured Revolving Loan, Due 9/17/20292024-01-012024-03-310001633858MediaRadar, Equity Securities, Class A-1 Units2024-01-012024-03-310001633858Mediaocean, Senior Secured Initial Term Loan, Due 12/15/20282024-01-012024-03-310001633858MB2 Dental, Unitranche Initial Term Loan, Due, 2/13/20312024-01-012024-03-310001633858Magnate, Senior Secured Initial Term Loan (First Lien), Due 12/29/20282024-01-012024-03-310001633858Loparex, Senior Secured Tranche A USD Term Loan, Due 2/1/20272024-01-012024-03-310001633858Loparex, Senior Secured Tranche B USD Term Loan, Due 2/1/20272024-01-012024-03-310001633858Loparex, Senior Secured Initial Tranche C USD Term Loan, Due 2/1/20272024-01-012024-03-310001633858Liberty Group, Unitranche Initial Term Loan, Due 6/15/20282024-01-012024-03-310001633858Liberty Group Senior Secured Revolving Loan Due 12/15/20282024-01-012024-03-310001633858Liberty Group, Equity Securities, Series A-Preferred Units2024-01-012024-03-310001633858LERETA, Senior Secured Initial Term Loan, Due 7/30/20282024-01-012024-03-310001633858LegalShield, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282024-01-012024-03-310001633858Legacy Service Partners, Unitranche Closing Date Term Loan, Due 1/9/20292024-01-012024-03-310001633858Lacerta, Senior Secured Term Loan, Due 12/30/20262024-01-012024-03-310001633858Keter Environmental Services, Unitranche Closing Date Term Loan, Due 10/29/20272024-01-012024-03-310001633858Keter Environmental Services, Senior Secured Revolving Loan, Due 10/29/20272024-01-012024-03-310001633858Kestra Financial, Senior Secured Term Loan, due, 3/22/20312024-01-012024-03-310001633858Ivy Rehab, Senior Secured Revolving Credit Loan (First Lien), Due 4/21/20282024-01-012024-03-310001633858Ivy Rehab, Senior Secured Initial Term Loan (First Lien), Due 4/23/20292024-01-012024-03-310001633858Ivy Rehab, Equity Securities, Class A Units2024-01-012024-03-310001633858Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), Due 12/01/20272024-01-012024-03-310001633858Intertape Polymer, Senior Secured Initial Term Loan (First Lien), Due 6/28/20282024-01-012024-03-310001633858InterMed, Unitranche Initial Term Loan, Due 12/24/20292024-01-012024-03-310001633858InterMed, Senior Secured Revolving Credit Loan, Due 12/24/20282024-01-012024-03-310001633858Intermedia, Senior Secured New Term Loan (First Lien), Due 7/21/20252024-01-012024-03-310001633858InterMed, Equity Securities, Class A Units2024-01-012024-03-310001633858Integro Senior Secured 2022 Refinancing Term Loan (First Lien) Due 10/30/20242024-01-012024-03-310001633858insightsoftware, Senior Secured Seventh Suplemental DDTL, Due, 5/25/20282024-01-012024-03-310001633858insightsoftware, Senior Secured Revolving Loan, Due, 5/25/20282024-01-012024-03-310001633858Insight Global, Unitranche Closing Date Term Loan, Due 9/22/20282024-01-012024-03-310001633858Innovative XCessories, Senior Secured Initial Term Loan, Due 3/5/20272024-01-012024-03-310001633858InnovateMR, Unitranche Initial Term Loan, Due 1/20/20282024-01-012024-03-310001633858InnovateMR, Unitranche First Amendment Term Loan, Due 1/20/20282024-01-012024-03-310001633858InnovateMR, Equity Securities, Class A Units2024-01-012024-03-310001633858InMark, Unitranche Incremental Term Loan, Due 12/23/20262024-01-012024-03-310001633858InHealth Medical Alliance, Unitranche Initial Term Loan, Due 6/28/20282024-01-012024-03-310001633858Infinite Electronics, Senior Secured Initial Term Loan (First Lien), Due 3/02/20282024-01-012024-03-310001633858Industrial Services Group, Unitranche Initial Term Loan, Due 12/07/20282024-01-012024-03-310001633858Industrial Services Group, Senior Secured Revolving Loan, Due 12/7/20282024-01-012024-03-310001633858Industrial Services Group, Equity Securities, Class A Units2024-01-012024-03-310001633858Industrial Physics, Senior Secured Revolving Credit Loan, Due 7/19/20282024-01-012024-03-310001633858Industrial Physics, Senior Secured Initial Term Loan, Due 7/19/20292024-01-012024-03-310001633858ImageFirst, Senior Secured Initial Term Loan, Due 4/27/20282024-01-012024-03-310001633858Idera, Senior Secured Term B-1 Loan (First Lien), Due 3/02/20282024-01-012024-03-310001633858Hobbs & Associates, Senior Secured Third Amendment Incremental Term Loan, Due 4/11/20292024-01-012024-03-310001633858Hissho Sushi, Unitranche Term Loan, Due 5/18/20282024-01-012024-03-310001633858Hissho Sushi, Senior Secured Revolving Loan, Due 5/18/20282024-01-012024-03-310001633858Hissho Sushi, Equity Securities, Class A Units2024-01-012024-03-310001633858HireRight, Senior Secured 2023 Incremental Term Loan (First Lien), Due 9/27/20302024-01-012024-03-310001633858Highline, Senior Secured Initial Term Loan (First Lien), Due 11/9/20272024-01-012024-03-310001633858HelpSystems, Senior Secured Term Loan, Due 11/19/20262024-01-012024-03-310001633858Heartland, Senior Secured Revolving Credit Loan, Due 12/12/20292024-01-012024-03-310001633858Heartland, Senior Secured Initial Term Loan, Due 12/12/20292024-01-012024-03-310001633858Heartland Co-Invest Units2024-01-012024-03-310001633858Health Management Associates, Senior Secured Term Loan A, Due 3/30/20292024-01-012024-03-310001633858Health Management Associates Senior Secured Revolving Loan Due 3/30/20292024-01-012024-03-310001633858HDT Global, Senior Secured Initial Term Loan, Due 7/08/20272024-01-012024-03-310001633858Golden West Packaging, Senior Secured Initial Term Loan, Due 12/01/20272024-01-012024-03-310001633858Golden Source, Senior Secured Revolving Loans, Due, 5/12/20282024-01-012024-03-310001633858Golden Source Senior Secured Delayed Draw Term Loans Due 5/12/20282024-01-012024-03-310001633858Golden Source, Equity Securities, Class A Units2024-01-012024-03-310001633858GME Supply , Unitranche Initial Term Loan, Due 7/6/20292024-01-012024-03-310001633858GME Supply, Senior Secured Revolving Loan, Due 7/6/20292024-01-012024-03-310001633858GME Supply, Equity Securities, Class A Units2024-01-012024-03-310001633858Gastro Health, Senior Secured Initial Term Loan (First Lien), Due 7/03/20282024-01-012024-03-310001633858FullBloom, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282024-01-012024-03-310001633858Franklin Energy, Senior Secured Term B Loan (First Lien), Due 8/14/20262024-01-012024-03-310001633858Forefront, Senior Secured Closing Date Term Loan, Due 3/30/20292024-01-012024-03-310001633858Forefront, Senior Secured 2023 Incremental Term Loan, Due 3/30/292024-01-012024-03-310001633858FLS Transportation, Senior Secured Term B Loan, Due 12/15/20282024-01-012024-03-310001633858FLS Transportation, Senior Secured Revolving Credit Loan, Due 12/17/20272024-01-012024-03-310001633858Flow Control Group, Senior Secured Initial Term Loan (First Lien), Due 3/31/20282024-01-012024-03-310001633858Fleetwash, Senior Secured Incremental Term Loan, Due 10/01/20242024-01-012024-03-310001633858Five Star Packaging, Senior Secured Initial Term Loan (First Lien), Due 5/05/20292024-01-012024-03-310001633858The Facilities Group, Unitranche Initial Term Loan, Due 11/30/20272024-01-012024-03-310001633858Excelitas, Unitranche Closing Date Euro Term Loan, Due 8/12/20292024-01-012024-03-310001633858Evans Network, Senior Secured Initial Term Loan (First Lien), Due 8/19/20282024-01-012024-03-310001633858eResearch, Senior Secured Term Loan (First Lien), Due 2/04/20272024-01-012024-03-310001633858Epic Staffing Group, Senior Secured Initial Term Loan, Due 6/28/20292024-01-012024-03-310001633858EPIC Insurance, Unitranche Closing Date Term Loan, Due 9/29/20282024-01-012024-03-310001633858EPIC Insurance, Senior Secured Revolving Loan, Due, 9/29/20282024-01-012024-03-310001633858Engine & Transmission Exchange, Senior Secured Term Loan A, Due 5/29/20292024-01-012024-03-310001633858Engine & Transmission Exchange, Senior Secured Revolving Loan, 5/29/20292024-01-012024-03-310001633858Engine & Transmission Exchange, Equity Securities, Class A-1 Units2024-01-012024-03-310001633858Eliassen, Unitranche Initial Term Loan, Due 4/14/20282024-01-012024-03-310001633858EdgeCo, Senior Secured Third Amendment Term Loan (First Lien), Due 6/01/20262024-01-012024-03-310001633858Dynatect (A&A), Senior Secured Term B Loan, Due 9/30/20262024-01-012024-03-310001633858Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), Due 5/19/20282024-01-012024-03-310001633858Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), Due 4/09/20272024-01-012024-03-310001633858DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, Due 9/30/20272024-01-012024-03-310001633858DuBois Chemicals, Senior Secured Term Loan B (First Lien), Due 9/30/20262024-01-012024-03-310001633858Dodge Construction Network, Senior Secured Initial Term Loan (First Lien), Due 2/23/20292024-01-012024-03-310001633858Divisions Maintenance Group, Senior Secured Term B Loan, Due 5/27/20282024-01-012024-03-310001633858Diversified, Senior Secured Initial Term Loan, Due 3/20/20262024-01-012024-03-310001633858Discovery Education, Unitranche Initial Term Loan (First Lien), Due 4/9/20292024-01-012024-03-310001633858Discovery Education, Senior Secured Revolving Credit Loan (First Lien), Due 4/9/20292024-01-012024-03-310001633858Digital Room, Senior Secured Closing Date Term Loan (First Lien), Due 12/21/20282024-01-012024-03-310001633858Dessert Holdings, Senior Secured Initial Term Loan (First Lien), Due 6/09/20282024-01-012024-03-310001633858Denali Water Solutions, Senior Secured Closing Date Term Loan, Due 3/27/20282024-01-012024-03-310001633858Denali Water Solutions, Senior Secured Amendment No. 3 Term Loan, Due 3/27/20282024-01-012024-03-310001633858Crystal Clean Senior Secured Initial Term Loan Due 10/17/20302024-01-012024-03-310001633858Crash Champions, Senior Secured Initial Term Loan, 2/23/20292024-01-012024-03-310001633858CPI International Unitranche Initial Term Loan Due 10/8/20292024-01-012024-03-310001633858CoolSys, Senior Secured Closing Date Initial Term Loan, Due 8/11/20282024-01-012024-03-310001633858Confluent Health, Senior Secured Amendment No. 1 Term Loan, Due 11/28/20282024-01-012024-03-310001633858Confluence, Senior Secured Initial Term Loan (First Lien), Due 7/31/20282024-01-012024-03-310001633858Community Brands, Unitranche Initial Term Loan, Due 2/24/20282024-01-012024-03-310001633858Colibri Senior secured First Amendment Incremental Term Loan Due 031220292024-01-012024-03-310001633858CoAdvantage, Senior Secured 2023 1L Refinancing Term Loan (First Lien), Due 7/31/20292024-01-012024-03-310001633858Cloudera, Senior Secured Initial Term Loan (First Lien), Due 10/08/20282024-01-012024-03-310001633858Cleaver Brooks Senior Secured Revolving Loan Due 7/18/20282024-01-012024-03-310001633858Cleaver Brooks Senior Secured Initial Term Loan Due 7/18/20282024-01-012024-03-310001633858Cirtec Medical, Senior Secured (USD) Initial Term Loan, Due 1/30/20292024-01-012024-03-310001633858CIRCOR, Senior Secured Revolving Credit Loan, Due 10/18/20292024-01-012024-03-310001633858CIRCOR, Senior Secured Initial Term Loan, Due 10/18/20302024-01-012024-03-310001633858Chromalloy, Senior Secured Term Loan, Due 3/30/20312024-01-012024-03-310001633858Cherry Bekaert, Unitranche Term B Loan, Due 6/30/20282024-01-012024-03-310001633858Cherry Bekaert Unitranche Amendment No.1 Term Loan Due 6/30/20282024-01-012024-03-310001633858Cherry Bekaert, Senior Secured Revolving Credit Loan, Due 6/30/20282024-01-012024-03-310001633858Cherry Bekaert, Equity Securities, Class A Units2024-01-012024-03-310001633858Cerity Partners, Unitranche Initial Term Loan, Due 7/27/20292024-01-012024-03-310001633858Carlisle Foodservice Senior Secured Revolving Loan Due 10/2/20292024-01-012024-03-310001633858Carlisle Foodservice, Senior Secured Initial Term Loan, Due 10/2/20302024-01-012024-03-310001633858Careismatic, Senior Secured Secured Super-Priority Debtor-In-Possession Term Loan, Due 10/24/20242024-01-012024-03-310001633858Careismatic, Senior Secured Initial Term Loan (First Lien), Due 1/6/20282024-01-012024-03-310001633858Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), Due 11/12/20272024-01-012024-03-310001633858Burke Porter Group, Senior Secured Revolving Credit Loan, Due 7/29/20282024-01-012024-03-310001633858Burke Porter Group, Senior Secured Closing Date Term Loan, Due 7/29/20292024-01-012024-03-310001633858Brook & Whittle, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282024-01-012024-03-310001633858Boyd Corp, Senior Secured Initial Term Loan (First Lien), Due 9/06/20252024-01-012024-03-310001633858Boyd Corp, Senior Secured Initial Loan (Second Lien), Due 9/06/20262024-01-012024-03-310001633858BlueHalo, Unitranche Initial Term Loan, Due 10/31/20252024-01-012024-03-310001633858BlueHalo, Senior Secured Revolving Loan, Due 10/31/20252024-01-012024-03-310001633858Blue Cloud, Senior Secured Revolving Credit Loan, Due 1/21/20282024-01-012024-03-310001633858Blue Cloud, Senior Secured Closing Date Term Loan, Due 1/21/20282024-01-012024-03-310001633858Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), Due 12/14/20292024-01-012024-03-310001633858Bettcher Industries, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282024-01-012024-03-310001633858Beta+, Senior Secured Revolving Credit Loan, Due 7/01/20272024-01-012024-03-310001633858Beta+, Senior Secured Initial Term Loan, Due, 7/2/20292024-01-012024-03-310001633858Beta+, Equity Securities, Class A-2 Common Stock2024-01-012024-03-310001633858BBB Industries, Senior Secured Initial Term Loan (First Lien), Due 7/25/20292024-01-012024-03-310001633858Barracuda Senior Secured Initial Term Loan Second Lien Due 8/15/20302024-01-012024-03-310001633858Barracuda, Senior Secured Initial Term Loan (First Lien), Due 8/15/20292024-01-012024-03-310001633858Bad Boy Mowers, Senior Secured Initial Term Loan, Due 11/9/20292024-01-012024-03-310001633858Auto Europe, Senior Secured Initial Dollar Term Loan, Due 4/21/20252024-01-012024-03-310001633858Augusta Sportswear, Senior Secured Revolving Credit Loan, Due 11/21/20282024-01-012024-03-310001633858Augusta Sportswear, Senior Secured Initial Term Loan, Due 11/21/20292024-01-012024-03-310001633858Associated Springs, Senior Secured Term Loan Facility, Due 3/31/20302024-01-012024-03-310001633858Ascensus Specialties, Senior Secured Initial Term Loan, Due 6/30/20282024-01-012024-03-310001633858Ascensus, Senior Secured Initial Term Loan (First Lien), Due 8/02/20282024-01-012024-03-310001633858Aptean Senior Secured Initial Term Loan (First Lien) Due 4/23/20262024-01-012024-03-310001633858Applied Adhesives, Senior Secured Term A Loan, Due 3/12/20272024-01-012024-03-310001633858Applied Adhesives, Senior Secured Revolving Loan, Due 3/12/20272024-01-012024-03-310001633858API Technologies, Senior Secured Priming Facility, Due 3/25/20272024-01-012024-03-310001633858API Technologies, Senior Secured Initial Term Loan (First Lien), Due 5/09/20262024-01-012024-03-310001633858Apex Service Partners Unitranche Term Loan 10/24/20302024-01-012024-03-310001633858Apex Service Partners, Senior Secured Revolving Credit Loan, Due 10/24/20292024-01-012024-03-310001633858Anchor Packaging, Senior Secured Initial Term Loan (First Lien), Due 7/18/20262024-01-012024-03-310001633858AmSpec, Senior Secured Revolving Loan, Due 12/5/20292024-01-012024-03-310001633858AmSpec Senior Secured Closing Date Term Loan Due 12/5/20302024-01-012024-03-310001633858Amplix Unitranche Revolving Credit Loan Due 10/18/20292024-01-012024-03-310001633858Amplix Unitranche First Amendment Term Loan Due 10/18/20292024-01-012024-03-310001633858Amplix Equity Securities Class A2 Units2024-01-012024-03-310001633858American Vision Partners, Unitranche Initial Term Loan, Due 9/30/20272024-01-012024-03-310001633858American Beacon Advisors Equity Securities Common Units2024-01-012024-03-310001633858Allied Benefit Systems Senior Secured Initial Term Loan Due 103120302024-01-012024-03-310001633858Alliance Environmental Group, Unitranche Initial Term Loan, Due 12/30/20272024-01-012024-03-310001633858Alliance Environmental Group, Senior Secured Revolving Loan, Due 12/30/20272024-01-012024-03-310001633858Alliance Environmental Group, Equity Securities, A-1 Preferred Units2024-01-012024-03-310001633858Alera, Unitranche 2022 Incremental Term Loan, Due 9/30/20282024-01-012024-03-310001633858AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), Due 4/06/20282024-01-012024-03-310001633858Ahead, Senior Secured 2024 Incremental Term Loan (First Lien), Due 2/1/20312024-01-012024-03-310001633858Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), Due 5/09/20252024-01-012024-03-310001633858Aegion, Senior Secured 2024 Replacement Term Loan, Due 5/17/20282024-01-012024-03-310001633858Advancing Eyecare, Senior Secured Initial Term Loan, Due 6/13/20292024-01-012024-03-310001633858Advanced Diabetes Supply, Senior Secured First Incremental Term Loan, Due 12/30/20272024-01-012024-03-310001633858Addison Group, Senior Secured Initial Term Loan, Due 12/29/20282024-01-012024-03-310001633858AccentCare, Senior Secured Tranche A Term Loan, due, 6/20/20282024-01-012024-03-310001633858AccentCare, Senior Secured Tranche B Term Loan, Due, 9/20/20282024-01-012024-03-310001633858A1 Garage Door Service, Unitranche Term Loan A, Due 12/23/20282024-01-012024-03-310001633858A1 Garage Door Service, Unitranche Term Loan A, Due 12/22/20282024-01-012024-03-310001633858A1 Garage Door Service, Senior Secured Revolving Loan, Due 12/23/20282024-01-012024-03-310001633858Worldwide Express, Senior Secured Initial Term Loan (First Lien), Due 7/26/20282023-01-012023-12-310001633858WIRB-Copernicus Group, Senior Secured Term Loan (First Lien), Due 1/08/20272023-01-012023-12-310001633858Whitcraft, Senior Secured Term Loan, Due 2/15/20292023-01-012023-12-310001633858Whitcraft, Senior Secured Revolving Credit Loan, Due 2/15/20292023-01-012023-12-310001633858Western Dental, Senior Secured 2022 Incremental Term Loan, Due 8/18/20282023-01-012023-12-310001633858WellSky, Senior Secured Incremental Term B-1 Loan (First Lien), Due 3/10/20282023-01-012023-12-310001633858Wedgewood, Senior Secured Initial Term Loan, Due 3/31/20282023-01-012023-12-310001633858Vortex Unitranche Initial Term Loan, Due 9/4/20292023-01-012023-12-310001633858Vortex Senior Secured Revolving Loan, Due 9/4/20292023-01-012023-12-310001633858Vortex, Equity Securities, LP Common Units2023-01-012023-12-310001633858Vistage, Senior Secured Initial Term Loan, Due 7/13/20292023-01-012023-12-310001633858Vertellus, Senior Secured Revolving Credit Loan, Due 12/22/20252023-01-012023-12-310001633858Vertellus, Senior Secured Initial Term Loan, Due 12/22/20272023-01-012023-12-310001633858Vertellus, Equity Securities, Series A Units2023-01-012023-12-310001633858Veregy, Senior Secured Initial Term Loan, Due 11/03/20272023-01-012023-12-310001633858Vensure Employer Services Senior Secured 2023 Delayed Draw Term B Loan Due 4/1/20272023-01-012023-12-310001633858VC3, Senior Secured Revolving Credit, Due 3/12/20272023-01-012023-12-310001633858VC3, Senior Secured Delayed Draw Term Loan D, Due 3/12/20272023-01-012023-12-310001633858VC3, Equity Securities, Class A Units2023-01-012023-12-310001633858Varsity Brands, Senior Secured Third Amendment Extended Term Loan (First Lien), Due 12/15/20262023-01-012023-12-310001633858USALCO, Unitranche Term Loan A, Due 10/19/20272023-01-012023-12-310001633858USALCO, Senior Secured Revolving Loan, Due 10/19/20262023-01-012023-12-310001633858Upstream Rehabilitation, Senior Secured August 2021 Incremental Term Loan (First Lien), Due 11/20/20262023-01-012023-12-310001633858Unifrax, Senior Secured USD Term Loan (First Lien), Due 12/12/20252023-01-012023-12-310001633858UDG, Senior Secured Initial Dollar Term Loan (First Lien), Due 8/19/20282023-01-012023-12-310001633858trustaff, Senior Secured Initial Term Loan (First Lien), Due 3/06/20282023-01-012023-12-310001633858Truck Hero, Senior Secured Initial Term Loan, Due 1/31/20282023-01-012023-12-310001633858TriMark, Senior Secured Second Amendment Tranche B Loan (Super Senior Priority), Due 8/28/20242023-01-012023-12-310001633858TricorBraun, Senior Secured Closing Date Initial Term Loan (First Lien), Due 3/03/20282023-01-012023-12-310001633858TRC Companies, Senior Secured Term Loan (First Lien), Due 12/08/20282023-01-012023-12-310001633858TRC Companies, Senior Secured Initial Term Loan (Second Lien), Due 12/07/20292023-01-012023-12-310001633858Transcendia, Senior Secured 2017 Refinancing Term Loan (First Lien), Due 5/30/20242023-01-012023-12-310001633858Therm-O-Disc, Senior Secured Initial Term Loan (First Lien), Due 5/31/20292023-01-012023-12-310001633858Therapy Brands, Senior Secured Initial Term Loan (First Lien), Due 5/18/20282023-01-012023-12-310001633858Tekni-Plex, Senior Secured Tranche B-3 Initial Term Loan, Due 9/15/20282023-01-012023-12-310001633858Technimark, Senior Secured Initial Term Loan (First Lien), Due 7/07/20282023-01-012023-12-310001633858Teaching Strategies, Senior Secured Initial Term Loan (First Lien), Due 8/31/20282023-01-012023-12-310001633858Tank Holding, Unitranche Initial Term Loan, Due 3/31/20282023-01-012023-12-310001633858Tank Holding, Senior Secured Revolving Credit Loan, Due 3/31/20282023-01-012023-12-310001633858Tangent, Senior Secured Closing Date Term Loan (First Lien), Due 11/30/20272023-01-012023-12-310001633858System One, Senior Secured Initial Term Loan, Due 3/2/20282023-01-012023-12-310001633858Symplr, Senior Secured Initial Term Loan (First Lien), Due 12/22/20272023-01-012023-12-310001633858StubHub, Senior Secured USD Term B Loan, Due 2/12/20272023-01-012023-12-310001633858St. George Logistics, Senior Secured Initial Term Loan, Due 3/24/20262023-01-012023-12-310001633858SPX Flow, Senior Secured Term Loan, Due 4/05/20292023-01-012023-12-310001633858Spring Education, Senior Secured Initial Term Loan, Due 10/4/20302023-01-012023-12-310001633858S&P Engineering Solutions, Senior Secured Revolving Credit Loan, Due 05/02/20292023-01-012023-12-310001633858SP Engineering Solutions Senior Secured Initial Term Loan Due 5/2/20302023-01-012023-12-310001633858Specialty Products & Insulation, Senior Secured Tranche B-1 Term Loan, Due 12/21/20272023-01-012023-12-310001633858Solis Mammography, Senior Secured Initial Term Loan (Second Lien), Due 4/16/20292023-01-012023-12-310001633858Solis Mammography, Senior Secured Initial Term Loan (First Lien), Due 4/17/20282023-01-012023-12-310001633858Smart Start, Senior Secured Term B Loan (Second Lien), Due 12/16/20292023-01-012023-12-310001633858Smart Start, Senior Secured Term B Loan (First Lien), Due 12/16/20282023-01-012023-12-310001633858SmartBear, Senior Secured Initial Term Loan (First Lien), Due 3/03/20282023-01-012023-12-310001633858SIAA, Unitranche Initial Term Loan, Due 4/28/20282023-01-012023-12-310001633858Shaw, Senior Secured Initial Senior Term Facility, Due, 8/28/20292023-01-012023-12-310001633858Secretariat International, Senior Secured Term Loan (First Lien), Due 12/29/20282023-01-012023-12-310001633858Safe Fleet, Initial Term Loan (Second Lien), Due 2/2/20262023-01-012023-12-310001633858Rough Country, Senior Secured Initial Term Loan (First Lien), Due 7/28/20282023-01-012023-12-310001633858RMP & MedA/Rx, Senior Secured Term Loan (First Lien), Due 2/06/20252023-01-012023-12-310001633858RMP & MedA/Rx, Senior Secured Term Loan, Due 2/06/20252023-01-012023-12-310001633858RevSpring, Senior Secured Initial Term Loan (First Lien), Due 10/11/20252023-01-012023-12-310001633858RevHealth, Unitranche Initial Term Loan, Due 7/21/20282023-01-012023-12-310001633858RevHealth, Senior Secured Revolving Loan, Due 7/21/20282023-01-012023-12-310001633858RevHealth, Equity Securities, Class A-1 Units2023-01-012023-12-310001633858Resource Label Group, Senior Secured Closing Date Initial Term Loan (First Lien), Due 7/07/20282023-01-012023-12-310001633858Radwell, Unitranche Initial Term Loan, Due 4/01/20292023-01-012023-12-310001633858Radwell, Senior Secured Revolving Loan, Due 4/01/20282023-01-012023-12-310001633858QuickBase, Senior Secured Term Loan (First Lien), Due 4/02/20262023-01-012023-12-310001633858Quantum Health, Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien), Due 12/22/20272023-01-012023-12-310001633858Press Ganey, Senior Secured Initial Term Loan (First Lien), Due 7/24/20262023-01-012023-12-310001633858Press Ganey, Senior Secured 2022 Incremental Term Loan (First Lien), Due 7/24/20262023-01-012023-12-310001633858Premise Health, Senior Secured Initial Term Loan (First Lien), Due 7/10/20252023-01-012023-12-310001633858Pregis, Senior Secured Third Amendment Refinancing Term Loan (First Lien), Due 7/31/20262023-01-012023-12-310001633858Precisely, Senior Secured Third Amendment Term Loan (First Lien), Due 4/23/20282023-01-012023-12-310001633858PracticeTek, Equity Securities, Class A Units2023-01-012023-12-310001633858Polytek, Senior Secured Term Loan, Due 9/20/20242023-01-012023-12-310001633858PlayPower, Senior Secured Initial Term Loan, Due 5/8/20262023-01-012023-12-310001633858Plaskolite, Senior Secured 2021-1 Refinancing Term Loan (First Lien), Due 12/15/20252023-01-012023-12-310001633858Planview, Senior Secured Closing Date Term Loan (First Lien), Due 12/17/20272023-01-012023-12-310001633858A Place For Mom, Senior Secured Term Loan, Due 2/10/20262023-01-012023-12-310001633858PharMedQuest, Unitranche Term Loan, Due 11/6/20252023-01-012023-12-310001633858PharMedQuest, Unitranche Term A Loan, Due 11/06/20252023-01-012023-12-310001633858Peraton, Senior Secured Term B Loan (First Lien), Due 2/01/20282023-01-012023-12-310001633858PCI, Senior Secured Term B Loan (First Lien), Due 11/30/20272023-01-012023-12-310001633858Paragon Films, Senior Secured Closing Date Term Loan (First Lien), Due 12/16/20282023-01-012023-12-310001633858OSG Billing Services Senior Secured Last Out Term Loan Due 113020282023-01-012023-12-310001633858OSG Billing Services Senior Secured First-Out Term Loan Due 053020282023-01-012023-12-310001633858OSG Billing Services Equity Securities Class A Units2023-01-012023-12-310001633858Osaic, Senior Secured Term B-2 Loan, Due 8/17/20282023-01-012023-12-310001633858OrthoNebraska, Unitranche Term Loan, Due 7/31/20282023-01-012023-12-310001633858OrthoNebraska, Senior Secured Revolving Loan, Due 7/31/20272023-01-012023-12-310001633858OrthoNebraska, Equity Securities, Class A Units2023-01-012023-12-310001633858Orion, Senior Secured 2021 Refinancing Term Loan (First Lien), Due 9/24/20272023-01-012023-12-310001633858ORBCOMM, Senior Secured Closing Date Term Loan (First Lien), Due 9/01/20282023-01-012023-12-310001633858Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), Due 12/30/20252023-01-012023-12-310001633858Omni Logistics, Senior Secured Initial Term Loan (First Lien), Due 12/30/20262023-01-012023-12-310001633858Ohio Transmission, Unitranche Term Loan, Due 4/28/20262023-01-012023-12-310001633858Ohio Transmission, Senior Secured Revolving Facility, Due 12/19/20292023-01-012023-12-310001633858OEConnection, Senior Secured Initial Term Loan, Due 9/25/20262023-01-012023-12-310001633858nThrive, Senior Secured Initial Term Loan (First Lien), Due 12/17/20282023-01-012023-12-310001633858nThrive, Senior Secured Initial Loan (Second Lien), Due 12/17/20292023-01-012023-12-310001633858Novolex, Senior Secured Term B Loan (First Lien), Due 4/13/20292023-01-012023-12-310001633858Novaria Group, Senior Secured Initial Term Loan, Due 1/27/20272023-01-012023-12-310001633858Ned Stevens, Equity Securities, Class B Common Units2023-01-012023-12-310001633858Ned Stevens 2022-2, Unitranche Initial Term Loan, Due 11/01/20292023-01-012023-12-310001633858Ned Stevens 2022-2, Senior Secured Revolving Loan, Due 11/01/20292023-01-012023-12-310001633858MyEyeDr, Senior Secured Initial Term Loan (First Lien), Due 8/31/20262023-01-012023-12-310001633858MW Industries, Senior Secured Initial Term Loan, Due 3/31/20302023-01-012023-12-310001633858Monogram Foods, Senior Secured Initial Term Loan, Due 8/28/20282023-01-012023-12-310001633858Minds + Assembly, Unitranche Initial Term Loan, Due 5/3/2029 One2023-01-012023-12-310001633858Minds + Assembly, Senior Secured Revolving Loan, Due 5/3/20292023-01-012023-12-310001633858Minds & Assembly, Equity Securities, Class A Units2023-01-012023-12-310001633858Micro Merchant Systems, Unitranche Initial Term Loan, Due 12/14/20272023-01-012023-12-310001633858MedRisk, Senior Secured Initial Term Loan (First Lien), Due 5/10/20282023-01-012023-12-310001633858MediaRadar, Unitranche Closing Date Term A Loan, Due 6/1/20292023-01-012023-12-310001633858MediaRadar, Unitranche 2023 Incremental Term Loan, Due 9/17/20292023-01-012023-12-310001633858MediaRadar, Senior Secured Revolving Loan, Due 7/22/20282023-01-012023-12-310001633858MediaRadar, Equity Securities, Class A-1 Units2023-01-012023-12-310001633858Mediaocean, Senior Secured Initial Term Loan, Due 12/15/20282023-01-012023-12-310001633858Magnate, Senior Secured Initial Term Loan (First Lien), Due 12/29/20282023-01-012023-12-310001633858Loparex, Senior Secured Initial Term Loan (First Lien), Due 7/31/20262023-01-012023-12-310001633858Liberty Group, Unitranche Initial Term Loan, Due 6/15/20282023-01-012023-12-310001633858Liberty Group Senior Secured Revolving Loan Due 12/15/20282023-01-012023-12-310001633858Liberty Group, Equity Securities, Series A-Preferred Units2023-01-012023-12-310001633858LERETA, Senior Secured Initial Term Loan, Due 7/30/20282023-01-012023-12-310001633858LegalShield, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282023-01-012023-12-310001633858Legacy Service Partners, Unitranche Closing Date Term Loan, Due 1/9/20292023-01-012023-12-310001633858Lacerta, Senior Secured Term Loan, Due 12/30/20262023-01-012023-12-310001633858Keter Environmental Services, Unitranche Closing Date Term Loan, Due 10/29/20272023-01-012023-12-310001633858Keter Environmental Services, Senior Secured Revolving Loan, Due 10/29/20272023-01-012023-12-310001633858Kestra Financial, Senior Secured Initial Term Loan, Due 6/03/20262023-01-012023-12-310001633858Ivy Rehab, Senior Secured Revolving Credit Loan (First Lien), Due 4/21/20282023-01-012023-12-310001633858Ivy Rehab, Senior Secured Initial Term Loan (First Lien), Due 4/23/20292023-01-012023-12-310001633858Ivy Rehab, Equity Securities, Class A Units2023-01-012023-12-310001633858Ivanti Software, Senior Secured 2021 Specified Refinancing Term Loan (First Lien), Due 12/01/20272023-01-012023-12-310001633858Intertape Polymer, Senior Secured Initial Term Loan (First Lien), Due 6/28/20282023-01-012023-12-310001633858InterMed, Unitranche Initial Term Loan, Due 12/24/20292023-01-012023-12-310001633858InterMed, Senior Secured Revolving Loan, Due 12/22/20282023-01-012023-12-310001633858Intermedia, Senior Secured New Term Loan (First Lien), Due 7/21/20252023-01-012023-12-310001633858InterMed, Equity Securities, Class A Units2023-01-012023-12-310001633858Integro Senior Secured 2022 Refinancing Term Loan (First Lien) Due 10/30/20242023-01-012023-12-310001633858Insight Global, Unitranche Closing Date Term Loan, Due 9/22/20282023-01-012023-12-310001633858Innovative XCessories, Senior Secured Initial Term Loan, Due 3/5/20272023-01-012023-12-310001633858InnovateMR, Unitranche Initial Term Loan, Due 1/20/20282023-01-012023-12-310001633858InnovateMR, Unitranche First Amendment Term Loan, Due 1/20/20282023-01-012023-12-310001633858InnovateMR, Equity Securities, Class A Units2023-01-012023-12-310001633858InMark, Unitranche Incremental Term Loan, Due 12/23/20262023-01-012023-12-310001633858InHealth Medical Alliance, Unitranche Initial Term Loan, Due 6/28/20282023-01-012023-12-310001633858Infoblox, Senior Secured Initial Term Loan (First Lien), Due 12/01/20272023-01-012023-12-310001633858Infinite Electronics, Senior Secured Initial Term Loan (First Lien), Due 3/02/20282023-01-012023-12-310001633858Industrial Services Group, Unitranche Initial Term Loan, Due 12/07/20282023-01-012023-12-310001633858Industrial Services Group, Senior Secured Revolving Loan, Due 12/07/20282023-01-012023-12-310001633858Industrial Services Group, Equity Securities, Class A Units2023-01-012023-12-310001633858Industrial Physics, Senior Secured Revolving Credit Loan, Due, 7/31/20282023-01-012023-12-310001633858Industrial Physics, Senior Secured Initial Term Loan, Due 7/19/20292023-01-012023-12-310001633858ImageFirst, Senior Secured Initial Term Loan, Due 4/27/20282023-01-012023-12-310001633858Idera, Senior Secured Term B-1 Loan (First Lien), Due 3/02/20282023-01-012023-12-310001633858Hissho Sushi, Unitranche Term Loan, Due 5/18/20282023-01-012023-12-310001633858Hissho Sushi, Senior Secured Revolving Loan, Due 5/18/20282023-01-012023-12-310001633858Hissho Sushi, Equity Securities, Class A Units2023-01-012023-12-310001633858Highline, Senior Secured Initial Term Loan (First Lien), Due 11/9/20272023-01-012023-12-310001633858HelpSystems, Senior Secured Term Loan, Due 11/19/20262023-01-012023-12-310001633858Heartland Senior Secured Senior Secured Term Loan Due 100220292023-01-012023-12-310001633858Heartland Senior Secured Senior Secured Revolving Credit Facility Due 12/15/20292023-01-012023-12-310001633858Heartland Co-Invest Units2023-01-012023-12-310001633858Health Management Associates, Senior Secured Term Loan A, Due 3/30/20292023-01-012023-12-310001633858Health Management Associates Senior Secured Revolving Loan Due 3/30/20292023-01-012023-12-310001633858HDT Global, Senior Secured Initial Term Loan, Due 7/08/20272023-01-012023-12-310001633858Golden West Packaging, Senior Secured Initial Term Loan, Due 12/01/20272023-01-012023-12-310001633858Golden Source, Senior Secured Revolving Loan, Due 5/12/20282023-01-012023-12-310001633858Golden Source, Senior Secured Delayed Draw Term Loan, Due 5/12/282023-01-012023-12-310001633858Golden Source, Equity Securities, Class A Units2023-01-012023-12-310001633858GME Supply , Unitranche Initial Term Loan, Due 7/6/20292023-01-012023-12-310001633858GME Supply , Senior Secured Revolving Loan, Due 7/5/20272023-01-012023-12-310001633858GME Supply, Equity Securities, Class A Units2023-01-012023-12-310001633858Gastro Health, Senior Secured Initial Term Loan (First Lien), Due 7/03/20282023-01-012023-12-310001633858FullBloom, Senior Secured Initial Term Loan (First Lien), Due 12/15/20282023-01-012023-12-310001633858Franklin Energy, Senior Secured Term B Loan (First Lien), Due 8/14/20262023-01-012023-12-310001633858Forefront, Senior Secured Closing Date Term Loan, Due 3/30/20292023-01-012023-12-310001633858Forefront, Senior Secured 2023 Incremental Term Loan, Due 3/30/292023-01-012023-12-310001633858FLS Transportation, Senior Secured Term B Loan, Due 12/15/20282023-01-012023-12-310001633858FLS Transportation, Senior Secured Revolving Credit Loan, Due 12/17/20272023-01-012023-12-310001633858Flow Control Group, Senior Secured Initial Term Loan (First Lien), Due 3/31/20282023-01-012023-12-310001633858Fleetwash, Senior Secured Incremental Term Loan, Due 10/01/20242023-01-012023-12-310001633858Five Star Packaging, Senior Secured Initial Term Loan (First Lien), Due 5/05/20292023-01-012023-12-310001633858The Facilities Group, Unitranche Initial Term Loan, Due 11/30/20272023-01-012023-12-310001633858Excelitas, Unitranche Closing Date Euro Term Loan, Due 8/12/20292023-01-012023-12-310001633858Evans Network, Senior Secured Initial Term Loan (First Lien), Due 8/19/20282023-01-012023-12-310001633858eResearch, Senior Secured Term Loan (First Lien), Due 2/04/20272023-01-012023-12-310001633858Epic Staffing Group, Senior Secured Initial Term Loan, Due 6/28/20292023-01-012023-12-310001633858EPIC Insurance, Unitranche Closing Date Term Loan, Due 9/29/20282023-01-012023-12-310001633858EPIC Insurance, Senior Secured Revolving Loan, Due 9/30/20272023-01-012023-12-310001633858Engine & Transmission Exchange, Senior Secured Term Loan A, Due 5/29/20292023-01-012023-12-310001633858Engine & Transmission Exchange, Equity Securities, Class A-1 Units2023-01-012023-12-310001633858Engine and Transmission Exchange , Senior Secured Revolving Loan , Due on 5/25/20292023-01-012023-12-310001633858Eliassen, Unitranche Initial Term Loan, Due 4/14/20282023-01-012023-12-310001633858EdgeCo, Senior Secured Third Amendment Term Loan (First Lien), Due 6/01/20262023-01-012023-12-310001633858ECi Software, Senior Secured Initial Term Loan (First Lien), Due 11/09/20272023-01-012023-12-310001633858Dynatect (A&A), Senior Secured Term B Loan, Due 9/30/20242023-01-012023-12-310001633858Duravant, Senior Secured Incremental Amendment No. 5 Term Loan (First Lien), Due 5/19/20282023-01-012023-12-310001633858Duff & Phelps, Senior Secured Initial Dollar Term Loan (First Lien), Due 4/09/20272023-01-012023-12-310001633858DuBois Chemicals, Senior Secured Term Loan (Second Lien) - 2019, Due 9/30/20272023-01-012023-12-310001633858DuBois Chemicals, Senior Secured Term Loan B (First Lien), Due 9/30/20262023-01-012023-12-310001633858Dodge Construction Network, Senior Secured Initial Term Loan (First Lien), Due 2/23/20292023-01-012023-12-310001633858Divisions Maintenance Group, Senior Secured Term B Loan, Due 5/27/20282023-01-012023-12-310001633858Diversified Senior SecuredInitial Term Loan Due 9/23/20242023-01-012023-12-310001633858Discovery Education, Unitranche Initial Term Loan (First Lien), Due 4/06/20292023-01-012023-12-310001633858Discovery Education, Senior Secured Revolving Credit Loan (First Lien), Due 4/07/20282023-01-012023-12-310001633858Digital Room, Senior Secured Closing Date Term Loan (First Lien), Due 12/21/20282023-01-012023-12-310001633858Dessert Holdings, Senior Secured Initial Term Loan (First Lien), Due 6/09/20282023-01-012023-12-310001633858Denali Water Solutions, Senior Secured Closing Date Term Loan, Due 3/27/20282023-01-012023-12-310001633858Denali Water Solutions, Senior Secured Amendment No. 3 Term Loan, Due 3/27/20282023-01-012023-12-310001633858Culligan, Senior Secured 2022 Refinancing Term B Loan, Due 7/31/20282023-01-012023-12-310001633858Crystal Clean Senior Secured Initial Term Loan Due 10/17/20302023-01-012023-12-310001633858CPS, Unitranche Closing Date Term Loan, Due 6/01/20282023-01-012023-12-310001633858CPS, Senior Secured Revolving Credit Loan, Due 6/01/20282023-01-012023-12-310001633858CPI International Unitranche Initial Term Loan Due 10/8/20292023-01-012023-12-310001633858CoolSys, Senior Secured Closing Date Initial Term Loan, Due 8/11/20282023-01-012023-12-310001633858Confluent Health, Senior Secured Amendment No. 1 Term Loan, Due 11/28/20282023-01-012023-12-310001633858Confluence, Senior Secured Initial Term Loan (First Lien), Due 7/31/20282023-01-012023-12-310001633858Community Brands, Unitranche Initial Term Loan, Due 2/24/20282023-01-012023-12-310001633858Colibri Senior secured First Amendment Incremental Term Loan Due 031220292023-01-012023-12-310001633858CoAdvantage, Senior Secured 2023 1L Refinancing Term Loan (First Lien), Due 7/31/20292023-01-012023-12-310001633858Cloudera, Senior Secured Initial Term Loan (First Lien), Due 10/08/20282023-01-012023-12-310001633858Cleaver Brooks, Senior Secured Revolving Loan, Due 7/31/20282023-01-012023-12-310001633858Cleaver Brooks Senior Secured Initial Term Loan Due 7/18/20282023-01-012023-12-310001633858Cirtec Medical, Senior Secured (USD) Initial Term Loan, Due 1/30/20292023-01-012023-12-310001633858CIRCOR Unitranche Initial Term Loan Due 10/18/20302023-01-012023-12-310001633858CIRCOR, Senior Secured Revolving Credit Loan, Due 10/18/20292023-01-012023-12-310001633858Cherry Bekaert, Unitranche Term B Loan, Due 6/30/20282023-01-012023-12-310001633858Cherry Bekaert Unitranche Amendment No.1 Term Loan Due 6/30/20282023-01-012023-12-310001633858Cherry Bekaert, Equity Securities, Class A Units2023-01-012023-12-310001633858Cerity Partners Unitranche Initial Term Loan Due 7/30/20292023-01-012023-12-310001633858Carlisle Foodservice Unitranche Term Loan 9/11/20302023-01-012023-12-310001633858Carlisle Foodservice Senior Secured Revolving Loan Due 10/2/20292023-01-012023-12-310001633858Careismatic, Senior Secured Initial Term Loan (First Lien), Due 1/6/20282023-01-012023-12-310001633858Capstone Logistics, Senior Secured Closing Date Term Loan (First Lien), Due 11/12/20272023-01-012023-12-310001633858Burke Porter Group, Senior Secured Revolving Credit Loan, Due 7/29/20282023-01-012023-12-310001633858Burke Porter Group, Senior Secured Closing Date Term Loan, Due 7/29/20292023-01-012023-12-310001633858Brook & Whittle, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282023-01-012023-12-310001633858Boyd Corp, Senior Secured Initial Term Loan (First Lien), Due 9/06/20252023-01-012023-12-310001633858Boyd Corp, Senior Secured Initial Loan (Second Lien), Due 9/06/20262023-01-012023-12-310001633858BlueHalo, Unitranche Initial Term Loan, Due 10/31/20252023-01-012023-12-310001633858BlueHalo, Senior Secured Revolving Loan, Due 10/31/20252023-01-012023-12-310001633858Blue Cloud, Senior Secured Revolving Credit Loan, Due 1/21/20282023-01-012023-12-310001633858Blue Cloud, Senior Secured Closing Date Term Loan, Due 1/21/20282023-01-012023-12-310001633858Bettcher Industries, Senior Secured Initial Term Loan (Second Lien), Due 12/14/20292023-01-012023-12-310001633858Bettcher Industries, Senior Secured Initial Term Loan (First Lien), Due 12/14/20282023-01-012023-12-310001633858Beta+, Senior Secured Revolving Credit Loan, Due 7/01/20272023-01-012023-12-310001633858Beta+, Senior Secured Initial Term Loan, Due, 7/2/20292023-01-012023-12-310001633858Beta+, Equity Securities, Class A-2 Common Stock2023-01-012023-12-310001633858BBB Industries, Senior Secured Initial Term Loan (First Lien), Due 7/25/20292023-01-012023-12-310001633858Barracuda Senior Secured Initial Term Loan Second Lien Due 8/15/20302023-01-012023-12-310001633858Barracuda, Senior Secured Initial Term Loan (First Lien), Due 8/15/20292023-01-012023-12-310001633858Bad Boy Mowers Senior Secured Initial Term Loan Due 11/2/20292023-01-012023-12-310001633858Avalign Technologies, Senior Secured Initial Term Loan (First Lien), Due 12/22/20252023-01-012023-12-310001633858Auto Europe, Senior Secured Initial Dollar Term Loan, Due 10/21/20232023-01-012023-12-310001633858Augusta Sportswear, Senior Secured Initial Term Loan, Due 11/21/20292023-01-012023-12-310001633858Ascensus Specialties, Senior Secured Initial Term Loan, Due 6/30/20282023-01-012023-12-310001633858Ascensus, Senior Secured Initial Term Loan (First Lien), Due 8/02/20282023-01-012023-12-310001633858Aptean Senior Secured Initial Term Loan (First Lien) Due 4/23/20262023-01-012023-12-310001633858Applied Adhesives, Senior Secured Term A Loan, Due 3/12/20272023-01-012023-12-310001633858Applied Adhesives, Senior Secured Revolving Loan, Due 3/12/20272023-01-012023-12-310001633858API Technologies, Senior Secured Priming Facility, Due 3/25/20272023-01-012023-12-310001633858API Technologies, Senior Secured Initial Term Loan (First Lien), Due 5/09/20262023-01-012023-12-310001633858Apex Service Partners, Unitranche Term Loan, Due 10/24/20232023-01-012023-12-310001633858Apex Service Partners, Senior Secured Revolving Credit Loan, Due 10/24/20292023-01-012023-12-310001633858Anchor Packaging, Senior Secured Initial Term Loan (First Lien), Due 7/18/20262023-01-012023-12-310001633858AmSpec Senior Secured Revolving Loan Due 12/14/20292023-01-012023-12-310001633858AmSpec Senior Secured Closing Date Term Loan Due 12/5/20302023-01-012023-12-310001633858Amplix Unitranche Revolving Credit Loan Due 10/18/20292023-01-012023-12-310001633858Amplix Unitranche First Amendment Term Loan Due 10/18/20292023-01-012023-12-310001633858Amplix Equity Securities Class A2 Units2023-01-012023-12-310001633858American Vision Partners, Unitranche Initial Term Loan, Due 9/30/20272023-01-012023-12-310001633858American Beacon Advisors Equity Securities Common Units2023-01-012023-12-310001633858Amentum, Senior Secured Tranche 3 Term Loan (First Lien), Due 2/15/20292023-01-012023-12-310001633858Allied Benefit Systems Senior Secured Initial Term Loan Due 103120302023-01-012023-12-310001633858Alliance Environmental Group, Unitranche Initial Term Loan, Due 12/30/20272023-01-012023-12-310001633858Alliance Environmental Group, Senior Secured Revolving Loan, Due 12/30/20272023-01-012023-12-310001633858Alliance Environmental Group, Equity Securities, A-1 Preferred Units2023-01-012023-12-310001633858Alera Unitranche 2022 Incremental Term Loan Due 10/2/20282023-01-012023-12-310001633858AIT Worldwide Logistics, Senior Secured Initial Term Loan (First Lien), Due 4/06/20282023-01-012023-12-310001633858Aegis Sciences, Senior Secured Initial Term Loan (2018) (First Lien), Due 5/09/20252023-01-012023-12-310001633858Aegion, Senior Secured Initial Term Loan, Due 5/17/20282023-01-012023-12-310001633858Advancing Eyecare, Senior Secured Initial Term Loan, Due 6/29/20292023-01-012023-12-310001633858Advanced Diabetes Supply, Senior Secured First Incremental Term Loan, Due 12/30/20272023-01-012023-12-310001633858Addison Group, Senior Secured Initial Term Loan, Due 12/29/20282023-01-012023-12-310001633858Accolite, Senior Secured Initial Term Loan, Due 3/13/20292023-01-012023-12-310001633858AccentCare, Senior Secured 2021 Term Loan (First Lien), Due 6/22/20262023-01-012023-12-310001633858A1 Garage Door Service, Unitranche Term Loan A, Due 12/22/20282023-01-012023-12-310001633858A1 Garage Door Service, Senior Secured Revolving Loan, Due 12/23/20282023-01-012023-12-310001633858A1 Garage Door Service, Equity Securities, Class A Common Units2023-01-012023-12-310001633858us-gaap:UnitrancheDebtMember2024-03-310001633858us-gaap:EquitySecuritiesMember2024-03-310001633858temp:SecondLienDebtMember2024-03-310001633858temp:FirstLienDebtMember2024-03-310001633858us-gaap:UnitrancheDebtMember2023-12-310001633858us-gaap:EquitySecuritiesMember2023-12-310001633858temp:SecondLienDebtMember2023-12-310001633858temp:FirstLienDebtMember2023-12-310001633858us-gaap:UnitrancheDebtMember2023-03-310001633858us-gaap:EquitySecuritiesMember2023-03-310001633858temp:SecondLienDebtMember2023-03-310001633858temp:FirstLienDebtMember2023-03-310001633858us-gaap:UnitrancheDebtMember2022-12-310001633858us-gaap:EquitySecuritiesMember2022-12-310001633858temp:SecondLienDebtMember2022-12-310001633858temp:FirstLienDebtMember2022-12-310001633858Whitcraft, Senior Secured Revolving Credit Loan, Due 2/15/292024-03-310001633858Vortex Unitranche Incremental DDTL Loan Due 9/4/20292024-03-310001633858Vortex, Senior Secured Revolving Loan, Due 9/4/292024-03-310001633858Vertellus, Senior Secured Revolving Credit Loan, Due 12/22/252024-03-310001633858Vensure Employer Services Senior Secured 2023 Delayed Draw Term B Loan Due 3/29/20272024-03-310001633858VC3, Senior Secured Revolving Credit, Due 3/12/20272024-03-310001633858VC3, Senior Secured Delayed Draw Term Loan D, Due 3/12/20272024-03-310001633858USALCO, Senior Secured Revolving Loan, Due 10/19/262024-03-310001633858United Air Temp Senior Secured Revolving Credit Facility Due 3/28/20302024-03-310001633858United Air Temp Senior Secured Delayed Draw Term Loan Due 3/28/20302024-03-310001633858Tank Holding, Senior Secured Revolving Credit Loan, Due 3/31/282024-03-310001633858Steward Partners Senior Secured Revolving Loan Due 10/14/20282024-03-310001633858S&P Engineering Solutions, Senior Secured Revolving Credit Loan, Due 05/02/20292024-03-310001633858Shaw, Senior Secured Delayed Draw Term Facility, Due 8/28/20292024-03-310001633858Rover, Senior Secured Revolving Loan, 2/27/20312024-03-310001633858RevHealth, Senior Secured Revolving Loan, Due 7/21/20282024-03-310001633858Radwell, Senior Secured Revolving Loan, Due 4/1/282024-03-310001633858Radwell, Senior Secured Delayed Draw Term Loan, Due 4/1/292024-03-310001633858Prime Pensions, Senior Secured Revolving Credit, Due, 2/26/20302024-03-310001633858Prime Pensions Senior Secured Delayed Draw Term Loan Due 2/26/20302024-03-310001633858PracticeTek, Senior Secured Delayed Draw Term Loan, Due 11/23/272024-03-310001633858Pegasus, Senior Secured Delayed Draw Term Loan, Due 1/19/20312024-03-310001633858OrthoNebraska, Senior Secured Revolving Loan, due, 7/31/20282024-03-310001633858OrthoNebraska, Senior Secured Delayed Draw Term Loan, Due 7/31/272024-03-310001633858Ohio Transmission, Senior Secured Revolving Facility, Due 12/19/20292024-03-310001633858Ohio Transmission Senior Secured Delayed Draw Term Loan Due 12/19/20302024-03-310001633858Ned Stevens 2022-2, Unitranche 2023 Incremental Delayed Draw Term Loan, 11/1/292024-03-310001633858Ned Stevens 2022-2 Senior Secured Revolving Loan Due 11/1/20282024-03-310001633858Minds + Assembly, Senior Secured Revolving Loan, Due 5/3/20292024-03-310001633858Micro Merchant Systems, Senior Secured Revolving Loan, Due 12/14/20272024-03-310001633858Micro Merchant Systems, Senior Secured Delayed Draw Term Loan, Due 12/14/272024-03-310001633858MediaRadar, Senior Secured Revolving Loan, Due 9/17/20292024-03-310001633858Liberty Group, Senior Secured Revolving Loan, 12/15/282024-03-310001633858Liberty Group, Senior Secured Delayed Draw Term Loan, Due 6/15/20282024-03-310001633858Keter Environmental Services, Senior Secured Revolving Loan, Due 10/29/272024-03-310001633858Ivy Rehab, Senior Secured Revolving Credit Loan (First Lien), Due 4/21/20282024-03-310001633858InterMed, Senior Secured Revolving Loan, Due 12/22/20282024-03-310001633858InterMed, Senior Secured Delayed Draw Term Loan, Due 12/24/292024-03-310001633858Integro, Senior Secured Tenth Amendment Delayed Draw Loan, Due 5/8/232024-03-310001633858insightsoftware, Senior Secured Seventh Suplemental DDTL, Due, 5/25/20282024-03-310001633858insightsoftware, Senior Secured Revolving Loan, Due, 5/25/20282024-03-310001633858Insight Global, Senior Secured Revolving Loan, Due 9/22/272024-03-310001633858InnovateMR, Senior Secured Revolving Loan, Due 1/20/282024-03-310001633858Industrial Services Group, Senior Secured Revolving Loan, Due 12/7/282024-03-310001633858Industrial Physics, Senior Secured Revolving Credit Loan, Due 7/19/20282024-03-310001633858Industrial Physics, Senior Secured Delayed Draw Term Loan, Due 7/19/292024-03-310001633858Hissho Sushi, Senior Secured Revolving Credit Loan, Due 5/18/282024-03-310001633858Heartland, Senior Secured Revolving Credit Loan, Due 12/12/20292024-03-310001633858Heartland Senior Secured Delayed Draw Term Loan Due 12/12/20292024-03-310001633858Health Management Associates Superholdings, Inc., Senior Secured Revolving Loan, 3/30/292024-03-310001633858Health Management Associates, Senior Secured Delay Draw Term Loan, Due 3/30/20292024-03-310001633858Golden Source, Senior Secured Revolving Loan, Due 5/12/20282024-03-310001633858Golden Source, Senior Secured Delayed Draw Term Loan, Due 5/12/282024-03-310001633858GME Supply, Senior Secured Revolving Loan, Due 7/6/20292024-03-310001633858GME Supply, Senior Secured Delayed Draw Term Loan, Due 7/6/292024-03-310001633858FLS Transportation, Senior Secured Revolving Credit Loan, Due 12/17/20272024-03-310001633858EPIC Insurance Senior Secured Third Amendment Delayed Draw Loan Due 9/29/20282024-03-310001633858EPIC Insurance, Senior Secured Revolving Loan, Due 9/29/282024-03-310001633858Engine & Transmission Exchange Senior Secured Revolving Loan Due 5/29/20292024-03-310001633858Eliassen, Senior Secured Initial Delayed Draw Term Loan, Due 4/14/282024-03-310001633858EdgeCo, Senior Secured Delayed Draw Term D Loan (First Lien), Due 6/1/262024-03-310001633858Discovery Education, Senior Secured Revolving Credit Loan (First Lien), Due 4/9/20292024-03-310001633858CPI International Senior Secured Delayed Draw Term Loan Due 10/8/20292024-03-310001633858Community Brands, Senior Secured Revolving Loan, Due 2/24/282024-03-310001633858Cleaver Brooks Senior Secured Revolving Loan Due 7/18/20282024-03-310001633858CIRCOR, Senior Secured Revolving Credit Loan, Due 10/18/20292024-03-310001633858Cherry Bekaert, Senior Secured Revolving Credit Loan, Due 6/30/282024-03-310001633858Cherry Bekaert, Senior Secured Amendment Delayed Draw Term Loan, Due 6/30/282024-03-310001633858Cerity Partners Senior Secured Initial Revolving Loan Due 7/28/20282024-03-310001633858Carlisle Foodservice Senior Secured Revolving Loan Due 10/2/20292024-03-310001633858Carlisle Foodservice, Senior Secured Delayed Draw Term Loan, Due 10/2/20302024-03-310001633858Burke Porter Group, Senior Secured Revolving Credit Loan, Due 7/29/282024-03-310001633858BlueHalo, Senior Secured Revolving Loan, Due 10/31/252024-03-310001633858Blue Cloud, Senior Secured Revolving Loan, Due 1/21/282024-03-310001633858Blue Cloud, Senior Secured Delayed Draw Term Loan, Due 1/21/282024-03-310001633858Beta+, Senior Secured Revolving Credit Loan, Due 7/1/272024-03-310001633858Augusta Sportswear, Senior Secured Revolving Credit Loan, Due 11/21/20282024-03-310001633858Applied Adhesives, Senior Secured Revolving Loan, Due 3/12/20272024-03-310001633858Apex Service Partners, Senior Secured Revolving Credit Loan, Due 10/24/20292024-03-310001633858Apex Service Partners, Senior Secured DDTL Loan, Due 10/24/20302024-03-310001633858AmSpec, Senior Secured Revolving Loan, Due 12/5/20292024-03-310001633858AmSpec, Senior Secured Delayed Draw Term Loan, Due 12/15/20302024-03-310001633858Amplix, Unitranche Revolving Credit Loan, Due, 10/19/20292024-03-310001633858Amplix, Unitranche DDTL, Due 10/18/20292024-03-310001633858Allied Benefit Systems, Senior Secured Initial Delayed Draw Term Loan, Due 10/31/20302024-03-310001633858Alliance Environmental Group, Senior Secured Revolving Loan, Due 12/30/20272024-03-310001633858Alliance Environmental Group, Senior Secured Delayed Draw Term Loan, Due 12/30/272024-03-310001633858A1 Garage Door Service Senior Secured Revolving Loan Due 12/22/20282024-03-310001633858A1 Garage Door Service, Senior Secured Closing Date Delayed Draw Term Loan, Due 12/22/20282024-03-310001633858Whitcraft, Senior Secured Revolving Credit Loan, Due 2/15/292023-12-310001633858Vortex, Senior Secured Revolving Loan, Due 9/4/292023-12-310001633858Vertellus, Senior Secured Revolving Credit Loan, Due 12/22/252023-12-310001633858Vensure Employer Services Senior Secured 2023 Delayed Draw Term B Loan Due 3/29/20272023-12-310001633858VC3, Senior Secured Revolving Credit, Due 3/12/20272023-12-310001633858VC3, Senior Secured Delayed Draw Term Loan D, Due 3/12/20272023-12-310001633858USALCO, Senior Secured Revolving Loan, Due 10/19/262023-12-310001633858Tank Holding, Senior Secured Revolving Credit Loan, Due 3/31/282023-12-310001633858Steward Partners Senior Secured Revolving Loan Due 10/14/20282023-12-310001633858S&P Engineering Solutions, Senior Secured Revolving Credit Loan, Due 05/02/20292023-12-310001633858Shaw, Senior Secured Delayed Draw Term Facility, Due 8/28/20292023-12-310001633858RevHealth, Senior Secured Revolving Loan, Due 7/21/20282023-12-310001633858Radwell, Senior Secured Revolving Loan, Due 4/1/282023-12-310001633858Radwell, Senior Secured Delayed Draw Term Loan, Due 4/1/292023-12-310001633858PracticeTek, Senior Secured Delayed Draw Term Loan, Due 11/23/272023-12-310001633858OrthoNebraska, Senior Secured Revolving Loan, due, 7/31/20282023-12-310001633858OrthoNebraska, Senior Secured Delayed Draw Term Loan, Due 7/31/272023-12-310001633858Omni Logistics, Senior Secured Revolving Credit Loan (First Lien), Due 12/30/252023-12-310001633858Ohio Transmission, Senior Secured Revolving Facility, Due 12/19/20292023-12-310001633858Ohio Transmission Senior Secured Delayed Draw Term Loan Due 12/19/20302023-12-310001633858Ned Stevens 2022-2, Unitranche 2023 Incremental Delayed Draw Term Loan, 11/1/20292023-12-310001633858Ned Stevens 2022-2 Senior Secured Revolving Loan Due 11/1/20282023-12-310001633858Minds + Assembly, Senior Secured Revolving Loan, Due 5/3/20292023-12-310001633858Micro Merchant Systems, Senior Secured Revolving Loan, Due 12/14/20272023-12-310001633858Micro Merchant Systems, Senior Secured Delayed Draw Term Loan, Due 12/14/272023-12-310001633858MediaRadar, Senior Secured Revolving Loan, Due 9/17/20292023-12-310001633858Liberty Group, Senior Secured Revolving Loan, 12/15/282023-12-310001633858Liberty Group, Senior Secured Delayed Draw Term Loan, Due 6/15/20282023-12-310001633858Keter Environmental Services, Senior Secured Revolving Loan, Due 10/29/272023-12-310001633858Ivy Rehab, Senior Secured Revolving Credit Loan (First Lien), Due 4/21/20282023-12-310001633858InterMed, Senior Secured Revolving Loan, Due 12/22/20282023-12-310001633858InterMed, Senior Secured Delayed Draw Term Loan, Due 12/24/292023-12-310001633858Integro, Senior Secured Tenth Amendment Delayed Draw Loan, Due 5/8/232023-12-310001633858Insight Global, Senior Secured Revolving Loan, Due 9/22/272023-12-310001633858InnovateMR, Senior Secured Revolving Loan, Due 1/20/282023-12-310001633858Industrial Services Group, Senior Secured Revolving Loan, Due 12/7/282023-12-310001633858Industrial Physics, Senior Secured Revolving Credit Loan, Due 7/19/20282023-12-310001633858Industrial Physics, Senior Secured Delayed Draw Term Loan, Due 7/19/292023-12-310001633858Hissho Sushi, Senior Secured Revolving Credit Loan, Due 5/18/282023-12-310001633858Heartland, Senior Secured Revolving Credit Loan, Due 12/12/20292023-12-310001633858Heartland Senior Secured Delayed Draw Term Loan Due 12/12/20292023-12-310001633858Health Management Associates Superholdings, Inc., Senior Secured Revolving Loan, 3/30/292023-12-310001633858Health Management Associates, Senior Secured Delay Draw Term Loan, Due 3/30/20292023-12-310001633858Golden Source, Senior Secured Revolving Loan, Due 5/12/20282023-12-310001633858Golden Source, Senior Secured Delayed Draw Term Loan, Due 5/12/282023-12-310001633858GME Supply, Senior Secured Revolving Loan, Due 7/6/20292023-12-310001633858GME Supply, Senior Secured Delayed Draw Term Loan, Due 7/6/292023-12-310001633858FLS Transportation, Senior Secured Revolving Credit Loan, Due 12/17/20272023-12-310001633858EPIC Insurance, Senior Secured Revolving Loan, Due 9/29/282023-12-310001633858Engine & Transmission Exchange Senior Secured Revolving Loan Due 5/29/20292023-12-310001633858Eliassen, Senior Secured Initial Delayed Draw Term Loan, Due 4/14/282023-12-310001633858EdgeCo, Senior Secured Delayed Draw Term D Loan (First Lien), Due 6/1/262023-12-310001633858Discovery Education, Senior Secured Revolving Credit Loan (First Lien), Due 4/9/20292023-12-310001633858CPS, Senior Secured Revolving Credit Loan, Due 6/01/20282023-12-310001633858CPI International Senior Secured Delayed Draw Term Loan Due 10/8/20292023-12-310001633858Community Brands, Senior Secured Revolving Loan, Due 2/24/282023-12-310001633858Community Brands, Senior Secured Delayed Draw Term Loan, Due 2/24/282023-12-310001633858Cleaver Brooks Senior Secured Revolving Loan Due 7/18/20282023-12-310001633858CIRCOR, Senior Secured Revolving Credit Loan, Due 10/18/20292023-12-310001633858Cherry Bekaert, Senior Secured Revolving Credit Loan, Due 6/30/282023-12-310001633858Cherry Bekaert, Senior Secured Amendment Delayed Draw Term Loan, Due 6/30/282023-12-310001633858Cerity Partners Senior Secured Initial Revolving Loan Due 7/28/20282023-12-310001633858Carlisle Foodservice Senior Secured Revolving Loan Due 10/2/20292023-12-310001633858Carlisle Foodservice, Senior Secured Delayed Draw Term Loan, Due 10/2/20302023-12-310001633858Burke Porter Group, Senior Secured Revolving Credit Loan, Due 7/29/282023-12-310001633858BlueHalo, Senior Secured Revolving Loan, Due 10/31/252023-12-310001633858Blue Cloud, Senior Secured Revolving Loan, Due 1/21/282023-12-310001633858Blue Cloud, Senior Secured Delayed Draw Term Loan, Due 1/21/282023-12-310001633858Beta+, Senior Secured Revolving Credit Loan, Due 7/1/272023-12-310001633858Applied Adhesives, Senior Secured Revolving Loan, Due 3/12/20272023-12-310001633858Apex Service Partners, Senior Secured Revolving Credit Loan, Due 10/24/20292023-12-310001633858Apex Service Partners, Senior Secured DDTL Loan, Due 10/24/20302023-12-310001633858AmSpec, Senior Secured Revolving Loan, Due 12/5/20292023-12-310001633858AmSpec, Senior Secured Delayed Draw Term Loan, Due 12/15/20302023-12-310001633858Amplix, Unitranche Revolving Credit Loan, Due, 10/19/20292023-12-310001633858Amplix, Unitranche DDTL, Due 10/18/20292023-12-310001633858Allied Benefit Systems, Senior Secured Initial Delayed Draw Term Loan, Due 10/31/20302023-12-310001633858Alliance Environmental Group, Senior Secured Revolving Loan, Due 12/30/20272023-12-310001633858Alera, Senior Secured 2022 Delayed Draw Term Loan, Due 10/2/20282023-12-310001633858Accolite, Senior Secured Initial DDTL Loan, Due 4/10/292023-12-310001633858A1 Garage Door Service Senior Secured Revolving Loan Due 12/22/20282023-12-310001633858A1 Garage Door Service, Senior Secured Closing Date Delayed Draw Term Loan, Due 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 814-01154
AUDAX CREDIT BDC INC.
(Exact name of registrant as specified in its charter)
| | |
DELAWARE | | 47-3039124 |
(State or other jurisdiction of
incorporation or organization) | | (I.R.S. Employer
Identification No.) |
| | |
101 HUNTINGTON AVENUE | | |
BOSTON, MASSACHUSETTS | | 02199 |
(Address of principal executive office) | | (Zip Code) |
(617) 859-1500
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
None.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12 b-2 of the Exchange Act.
| | | |
| | | |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
| | | |
Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | |
Emerging growth company | ☒ | | |
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 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The registrant had 45,266,054 shares of common stock, par value $0.001 per share, outstanding as of May 14, 2024.
AUDAX CREDIT BDC INC.
TABLE OF CONTENTS
Audax Credit BDC Inc.
Statements of Assets and Liabilities
March 31, 2024 and December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | |
| | March 31, 2024 | | December 31, 2023 |
| | (unaudited) | | |
Assets | | | | | | |
Investments, at fair value | | | | | | |
Non-Control/Non-Affiliate investments (Cost of $380,127,182 and $390,471,358, respectively) | | $ | 376,257,907 | | $ | 387,194,568 |
Cash and cash equivalents | | | 45,997,315 | | | 20,940,279 |
Interest receivable | | | 2,444,824 | | | 2,502,835 |
Receivable from investments sold | | | 381,615 | | | 2,801,365 |
Receivable from bank loan repayment | | | 91,168 | | | 25,710 |
Other assets | | | 180,000 | | | — |
Total Assets | | $ | 425,352,829 | | $ | 413,464,757 |
| | | | | | |
Liabilities | | | | | | |
Payable for investments purchased | | $ | 4,951,113 | | $ | 2,455,000 |
Fees due to investment advisor, net of waivers(b) | | | 2,509,747 | | | 1,283,932 |
Fee due to administrator(b) | | | 132,500 | | | 66,250 |
Accrued expenses and other liabilities | | | 509,157 | | | 575,297 |
Total Liabilities | | $ | 8,102,517 | | $ | 4,380,479 |
Commitments and contingencies(c) | | | | | | |
| | | | | | |
Net Assets | | | | | | |
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 44,518,989 and 44,518,989 shares issued and outstanding, respectively | | $ | 44,519 | | $ | 44,519 |
Capital in excess of par value | | | 420,442,206 | | | 420,442,206 |
Total distributable loss | | | (3,236,413) | | | (11,402,447) |
Total Net Assets | | $ | 417,250,312 | | $ | 409,084,278 |
| | | | | | |
Net Asset Value per Share of Common Stock at End of Period | | $ | 9.37 | | $ | 9.19 |
| | | | | | |
Shares Outstanding | | | 44,518,989 | | | 44,518,989 |
(a) | Refer to Note 8-Borrowings for additional information. |
(b) | Refer to Note 4-Related Party Transactions for additional information. |
(c) | Refer to Note 9-Commitments and Contingencies for additional information. |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Statements of Operations
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | |
| | Three Months Ended | | Three Months Ended |
| | March 31, 2024 | | March 31, 2023 |
Investment Income | | | | | | |
Interest income | | | | | | |
Non-Control/Non-Affiliate | | $ | 10,584,397 | | $ | 10,011,292 |
Other | | | 85,860 | | | 64,550 |
Total interest income | | | 10,670,257 | | | 10,075,842 |
Other income | | | | | | |
Non-Control/Non-Affiliate | | | 9,145 | | | 62,635 |
Total income | | | 10,679,402 | | | 10,138,477 |
| | | | | | |
Expenses | | | | | | |
Base management fee(a) | | $ | 1,033,988 | | $ | 1,108,854 |
Incentive fee(a) | | | 1,444,313 | | | 1,333,105 |
Interest expense(b) | | | — | | | 227,652 |
Professional fees | | | 139,284 | | | 98,636 |
Directors' fees | | | 69,000 | | | 63,750 |
Administrative fee(a) | | | 66,250 | | | 66,250 |
Other expenses | | | 104,687 | | | 74,766 |
Expenses before waivers from investment adviser and administrator | | | 2,857,522 | | | 2,973,013 |
Base management fee waivers(a) | | | (361,896) | | | (388,099) |
Incentive fee waivers(a) | | | (890,590) | | | (889,296) |
Total expenses, net of waivers | | | 1,605,036 | | | 1,695,618 |
Net Investment Income | | | 9,074,366 | | | 8,442,859 |
| | | | | | |
Realized and Unrealized (Loss) Gain on Investments | | | | | | |
Net realized loss on investments | | | (315,847) | | | (43,997) |
Net change in unrealized depreciation on investments | | | (592,485) | | | (556,727) |
Net realized and unrealized loss on investments | | | (908,332) | | | (600,724) |
| | | | | | |
Net Increase in Net Assets Resulting from Operations | | $ | 8,166,034 | | $ | 7,842,135 |
| | | | | | |
Basic and Diluted per Share of Common Stock: | | | | | | |
Net investment income | | $ | 0.20 | | $ | 0.19 |
Net increase in net assets resulting from operations | | $ | 0.18 | | $ | 0.17 |
| | | | | | |
Weighted average shares of common stock outstanding basic and diluted | | | 44,518,989 | | | 45,420,472 |
(a) | Refer to Note 4-Related Party Transactions for additional information |
(b) | Refer to Note 8-Borrowings for additional information. |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Statements of Changes in Net Assets
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | |
| | Three Months Ended | | Three Months Ended |
| | March 31, 2024 | | March 31, 2023 |
Operations | | | | | | |
Net investment income | | $ | 9,074,366 | | $ | 8,442,859 |
Net realized loss on investments | | | (315,847) | | | (43,997) |
Net change in unrealized depreciation on investments | | | (592,485) | | | (556,727) |
Net increase in net assets resulting from operations | | | 8,166,034 | | | 7,842,135 |
| | | | | | |
Capital Share Transactions: | | | | | | |
Repurchases of common stock (a) | | | — | | | (15,000,000) |
Net decrease in net assets from capital share transactions | | | — | | | (15,000,000) |
| | | | | | |
Net Increase (Decrease) in Net Assets | | | 8,166,034 | | | (7,157,865) |
Net Assets, Beginning of Period | | | 409,084,278 | | | 428,477,678 |
Net Assets, End of Period | | $ | 417,250,312 | | $ | 421,319,813 |
| (a) | Refer to Note 6-Income Tax for additional information |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Statements of Cash Flows
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | |
| | Three Months Ended | | Three Months Ended |
| | March 31, 2024 | | March 31, 2023 |
Cash flows from operating activities: | | | | | | |
Net increase in net assets resulting from operations | | $ | 8,166,034 | | $ | 7,842,135 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: | | | | | | |
Net realized loss on investments | | | 315,847 | | | 43,997 |
Net change in unrealized depreciation on investments | | | 592,485 | | | 556,727 |
Accretion of original issue discount interest and payment-in-kind interest | | | (232,264) | | | (253,136) |
Decrease in receivable from investments sold | | | 2,419,750 | | | 4,415,431 |
Decrease (increase) in interest receivable | | | 58,011 | | | (19,382) |
Increase in receivable from bank loan repayment | | | (65,458) | | | (65,555) |
Increase in other assets | | | (180,000) | | | (168,750) |
(Decrease) increase in accrued expenses and other liabilities | | | (66,140) | | | 122,456 |
Increase in fee due to administrator(a) | | | 66,250 | | | — |
Increase in fees due to investment advisor(a) | | | 1,225,815 | | | 27,255 |
Increase in payable for investments purchased | | | 2,496,113 | | | 1,677,500 |
| | | | | | |
Investment activity: | | | | | | |
Investments purchased | | | (23,445,335) | | | (8,376,737) |
Proceeds from investments sold | | | 12,284,058 | | | 9,262,833 |
Repayment of bank loans | | | 21,421,870 | | | 20,751,034 |
Total investment activity | | | 10,260,593 | | | 21,637,130 |
| | | | | | |
Net cash provided by operating activities | | | 25,057,036 | | | 35,815,808 |
| | | | | | |
Cash flows from financing activities: | | | | | | |
Repurchases of shares of common stock | | | — | | | (15,000,000) |
Short-term borrowings(b) | | | — | | | (4,454,549) |
| | | | | | |
Net cash used in financing activities | | | — | | | (19,454,549) |
| | | | | | |
Net increase in cash and cash equivalents | | | 25,057,036 | | | 16,361,259 |
| | | | | | |
Cash and cash equivalents: | | | | | | |
Cash and cash equivalents, beginning of period | | | 20,940,279 | | | 15,923,163 |
| | | | | | |
Cash and cash equivalents, end of period | | $ | 45,997,315 | | $ | 32,284,422 |
| | | | | | |
Supplemental cash flow information | | | | | | |
Interest paid on short-term financing | | $ | — | | $ | 119,524 |
| | | | | | |
Supplemental non-cash information | | | | | | |
Issuance of common shares in connection with dividend reinvestment plan | | $ | — | | $ | — |
Payment-in-kind (“PIK”) interest income | | $ | 23,066 | | $ | 87,506 |
(a) | Refer to Note 4-Related Party Transactions for additional information |
(b) | Refer to Note 8-Borrowings for additional information. |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (88.7%) (g) (h) (i): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | | | | | | | | | | |
LegalShield | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 12/7/2021 | | 12/15/2028 | | $ | 4,410,345 | | $ | 4,378,729 | | $ | 4,394,970 |
Industrial Services Group | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 12/7/2022 | | 12/7/2028 | | | 4,147,371 | | | 4,052,086 | | | 4,147,371 |
InnovateMR | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 12/16/2021 | | 1/20/2028 | | | 4,151,737 | | | 4,101,880 | | | 4,050,364 |
Vortex | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/1/2023 | | 9/4/2029 | | | 4,032,551 | | | 3,959,291 | | | 4,032,551 |
CoAdvantage | | (k) | | Senior Secured 2023 1L Refinancing Term Loan (First Lien) | | S+ | | | | 5.50 | % | 10.80 | % | 8/2/2023 | | 7/31/2029 | | | 3,830,750 | | | 3,830,750 | | | 3,850,383 |
Discovery Education | | | | Unitranche Initial Term Loan (First Lien) | | S+ | | | | 5.75 | % | 11.05 | % | 3/25/2022 | | 4/9/2029 | | | 3,758,613 | | | 3,706,532 | | | 3,702,234 |
Eliassen | | | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 3/31/2022 | | 4/14/2028 | | | 3,441,426 | | | 3,397,088 | | | 3,402,710 |
CoolSys | | (k) | | Senior Secured Closing Date Initial Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 8/4/2021 | | 8/11/2028 | | | 2,993,732 | | | 2,972,375 | | | 2,942,284 |
The Facilities Group | | | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 12/10/2021 | | 11/30/2027 | | | 2,956,645 | | | 2,933,742 | | | 2,927,079 |
Fleetwash | | | | Senior Secured Incremental Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 9/25/2018 | | 10/1/2024 | | | 2,836,069 | | | 2,833,188 | | | 2,814,798 |
Duff & Phelps | | (k) | | Senior Secured Initial Dollar Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 3/6/2020 | | 4/9/2027 | | | 2,406,250 | | | 2,395,919 | | | 2,397,395 |
TRC Companies | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 6.75 | % | 12.05 | % | 11/19/2021 | | 12/7/2029 | | | 2,000,000 | | | 1,981,977 | | | 1,985,000 |
Mediaocean | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 3.50 | % | 8.80 | % | 12/9/2021 | | 12/15/2028 | | | 1,960,000 | | | 1,946,007 | | | 1,942,850 |
Liberty Group | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 6/6/2022 | | 6/15/2028 | | | 1,920,682 | | | 1,889,783 | | | 1,920,682 |
Veregy | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 11/2/2020 | | 11/3/2027 | | | 1,932,614 | | | 1,899,189 | | | 1,903,625 |
InnovateMR | | (j) | | Unitranche First Amendment Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 12/23/2022 | | 1/20/2028 | | | 1,832,782 | | | 1,785,246 | | | 1,815,413 |
VC3 | | (j) | | Senior Secured Delayed Draw Term Loan D | | S+ | | | | 5.25 | % | 10.58 | % | 9/16/2022 | | 3/12/2027 | | | 1,698,350 | | | 1,654,984 | | | 1,698,350 |
Vistage | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 7/18/2022 | | 7/13/2029 | | | 1,483,734 | | | 1,459,433 | | | 1,476,316 |
Addison Group | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 1/19/2022 | | 12/29/2028 | | | 1,470,000 | | | 1,467,314 | | | 1,458,975 |
Insight Global | | | | Unitranche Closing Date Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/22/2021 | | 9/22/2028 | | | 1,462,500 | | | 1,440,932 | | | 1,451,531 |
Health Management Associates | | | | Senior Secured Term Loan A | | S+ | | | | 6.25 | % | 11.55 | % | 3/31/2023 | | 3/30/2029 | | | 1,031,292 | | | 1,000,759 | | | 1,028,714 |
Heartland | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 12/1/2023 | | 12/12/2029 | | | 1,030,149 | | | 1,007,662 | | | 1,022,423 |
Colibri | | (k) | | Senior Secured First Amendment Incremental Term Loan | | S+ | | | | 5.00 | % | 10.30 | % | 11/9/2023 | | 3/12/2029 | | | 1,000,000 | | | 976,064 | | | 1,004,585 |
TRC Companies | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 11/19/2021 | | 12/8/2028 | | | 980,002 | | | 976,527 | | | 979,655 |
eResearch | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 12/1/2020 | | 2/4/2027 | | | 967,343 | | | 967,343 | | | 971,357 |
WIRB-Copernicus Group | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 12/13/2019 | | 1/8/2027 | | | 962,500 | | | 958,295 | | | 963,953 |
Secretariat International | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 12/16/2021 | | 12/29/2028 | | | 963,408 | | | 959,779 | | | 956,182 |
trustaff | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 12/9/2021 | | 3/6/2028 | | | 974,874 | | | 973,206 | | | 883,070 |
Divisions Maintenance Group | | | | Senior Secured Term B Loan | | S+ | | | | 4.75 | % | 10.05 | % | 5/21/2021 | | 5/27/2028 | | | 900,788 | | | 894,869 | | | 882,772 |
Allied Benefit Systems | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 10/20/2023 | | 10/31/2030 | | | 845,000 | | | 831,596 | | | 840,775 |
Diversified | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 4/19/2019 | | 3/20/2026 | | | 854,937 | | | 845,587 | | | 839,976 |
Ahead | | (k) | | Senior Secured 2024 Incremental Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 2/1/2024 | | 2/1/2031 | | | 500,000 | | | 498,750 | | | 502,305 |
S&P Engineering Solutions | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.75 | % | 12.05 | % | 3/31/2023 | | 5/2/2030 | | | 497,500 | | | 484,300 | | | 497,500 |
HireRight | | (k) | | Senior Secured 2023 Incremental Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 3/25/2024 | | 9/27/2030 | | | 500,000 | | | 495,000 | | | 497,250 |
Service Logic | | | | Senior Secured Closing Date Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 2/8/2024 | | 10/29/2027 | | | 498,715 | | | 498,768 | | | 493,727 |
System One | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 1/28/2021 | | 3/2/2028 | | | 486,250 | | | 484,801 | | | 480,780 |
OSG Billing Services | | | | Senior Secured Last-Out Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 11/30/2023 | | 11/30/2028 | | | 312,562 | | | 312,562 | | | 310,217 |
Discovery Education | | | | Senior Secured Revolving Credit Loan (First Lien) | | S+ | | | | 5.75 | % | 11.05 | % | 3/25/2022 | | 4/9/2029 | | | 230,769 | | | 226,731 | | | 227,308 |
OSG Billing Services | | | | Senior Secured First-Out Term Loan | | S+ | | | | 8.00 | % | 13.30 | % | 11/30/2023 | | 5/30/2028 | | | 219,341 | | | 209,666 | | | 217,696 |
Industrial Services Group | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.55 | % | 12/7/2022 | | 12/7/2028 | | | 211,429 | | | 194,286 | | | 211,429 |
Vensure Employer Services | | | | Senior Secured 2023 Delayed Draw Term B Loan | | S+ | | | | 5.25 | % | 10.58 | % | 12/7/2023 | | 4/1/2027 | | | 143,709 | | | 143,709 | | | 142,990 |
Vortex | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/1/2023 | | 9/4/2029 | | | 72,783 | | | 38,267 | | | 72,783 |
Liberty Group | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 5.75 | % | 11.05 | % | 6/6/2022 | | 12/15/2028 | | | 45,455 | | | 40,909 | | | 45,455 |
Heartland | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.75 | % | 11.05 | % | 12/1/2023 | | 12/12/2029 | | | 6,897 | | | 2,759 | | | 6,845 |
S&P Engineering Solutions | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.75 | % | 12.05 | % | 3/31/2023 | | 5/2/2029 | | | — | | | (1,471) | | | — |
Health Management Associates | | | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.55 | % | 3/31/2023 | | 3/30/2029 | | | — | | | (2,131) | | | — |
VC3 | | (j) | | Senior Secured Revolving Credit | | S+ | | | | 5.00 | % | 10.30 | % | 7/21/2022 | | 3/12/2027 | | | — | | | (2,692) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 68,102,346 | | | 68,394,628 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (88.7%) (g) (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals (Continued) | | | | | | | | | | | | | | | | | | | | | | | | | |
American Vision Partners | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/22/2021 | | 9/30/2027 | | $ | 4,885,901 | | $ | 4,829,175 | | $ | 4,832,197 |
Minds + Assembly | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 5/3/2023 | | 5/3/2029 | | | 4,068,634 | | | 3,970,714 | | | 4,068,634 |
RevHealth | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 7/22/2022 | | 7/21/2028 | | | 4,216,610 | | | 4,150,352 | | | 3,924,018 |
Radiology Partners | | (k) | | Senior Secured Term B Loan | | S+ | | | | 3.50 | % | 8.80 | % | 6/28/2018 | | 1/31/2029 | | | 3,751,597 | | | 3,844,682 | | | 3,633,178 |
OrthoNebraska | | (j) | | Unitranche Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 7/31/2023 | | 7/31/2028 | | | 3,368,710 | | | 3,260,387 | | | 3,368,710 |
PharMedQuest | | (j) | | Unitranche Term A Loan | | S+ | | | | 5.50 | % | 10.80 | % | 11/6/2019 | | 11/6/2025 | | | 3,268,398 | | | 3,271,161 | | | 3,268,398 |
InterMed | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 12/22/2022 | | 12/24/2029 | | | 3,001,080 | | | 2,926,115 | | | 2,997,331 |
Advancing Eyecare | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 5/27/2022 | | 6/13/2029 | | | 2,499,930 | | | 2,444,735 | | | 2,443,682 |
InHealth Medical Alliance | | | | Unitranche Initial Term Loan | | S+ | | | | 7.00 | % PIK | 5.30 | % | 6/25/2021 | | 6/28/2028 | | | 3,594,124 | | | 3,570,571 | | | 2,300,240 |
Press Ganey | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.80 | % | 7/23/2019 | | 7/24/2026 | | | 1,910,000 | | | 1,912,298 | | | 1,902,436 |
Gastro Health | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 7/2/2021 | | 7/3/2028 | | | 1,954,807 | | | 1,946,919 | | | 1,901,050 |
Advanced Diabetes Supply | | | | Senior Secured First Incremental Term Loan | | S+ | | | | 5.00 | % | 10.30 | % | 7/13/2021 | | 12/30/2027 | | | 1,830,291 | | | 1,817,908 | | | 1,825,716 |
Upstream Rehabilitation | | (k) | | Senior Secured August 2021 Incremental Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 10/24/2019 | | 11/20/2026 | | | 1,926,766 | | | 1,924,952 | | | 1,818,086 |
Therapy Brands | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 5/12/2021 | | 5/18/2028 | | | 1,839,676 | | | 1,833,380 | | | 1,802,882 |
Blue Cloud | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 12/13/2021 | | 1/21/2028 | | | 1,679,425 | | | 1,661,752 | | | 1,654,234 |
Mission Vet Partners | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 12/15/2021 | | 4/27/2028 | | | 1,462,500 | | | 1,452,409 | | | 1,463,875 |
Quantum Health | | | | Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 12/18/2020 | | 12/22/2027 | | | 1,458,750 | | | 1,445,730 | | | 1,455,103 |
Symplr | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 11/23/2020 | | 12/22/2027 | | | 1,455,000 | | | 1,441,964 | | | 1,373,156 |
Ivy Rehab | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.30 | % | 3/11/2022 | | 4/23/2029 | | | 1,308,329 | | | 1,288,160 | | | 1,291,975 |
nThrive | | (k) | | Senior Secured Initial Loan (Second Lien) | | S+ | | | | 6.75 | % | 12.05 | % | 11/19/2021 | | 12/17/2029 | | | 2,000,000 | | | 1,979,710 | | | 1,273,440 |
Micro Merchant Systems | | | | Unitranche Initial Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 3/2/2022 | | 12/14/2027 | | | 1,210,903 | | | 1,200,637 | | | 1,201,821 |
Solis Mammography | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 4/1/2021 | | 4/17/2028 | | | 1,056,397 | | | 1,050,002 | | | 1,053,756 |
PharMedQuest | | | | Unitranche Fifth Amendment Incremental Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 10/27/2023 | | 11/6/2025 | | | 997,500 | | | 984,364 | | | 997,500 |
Solis Mammography | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 8.00 | % | 13.30 | % | 4/1/2021 | | 4/16/2029 | | | 1,000,000 | | | 989,729 | | | 995,000 |
Cirtec Medical | | | | Senior Secured (USD) Initial Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 1/30/2023 | | 1/30/2029 | | | 990,000 | | | 962,680 | | | 985,050 |
Epic Staffing Group | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 6/27/2022 | | 6/28/2029 | | | 984,945 | | | 935,665 | | | 982,482 |
Wedgewood | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.25 | % | 9.55 | % | 2/24/2021 | | 3/31/2028 | | | 975,000 | | | 968,366 | | | 965,250 |
Forefront | | (k) | | Senior Secured Closing Date Term Loan | | S+ | | | | 4.25 | % | 9.55 | % | 3/23/2022 | | 3/30/2029 | | | 982,799 | | | 969,553 | | | 961,914 |
MB2 Dental | | | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 2/5/2024 | | 2/13/2031 | | | 965,241 | | | 954,920 | | | 958,001 |
nThrive | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 11/19/2021 | | 12/18/2028 | | | 980,000 | | | 976,947 | | | 828,713 |
ImageFirst | | | | Senior Secured 2024 Refinancing Term Loan | | S+ | | | | 4.25 | % | 9.55 | % | 4/26/2021 | | 4/27/2028 | | | 597,140 | | | 595,200 | | | 592,661 |
MyEyeDr | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 8/2/2019 | | 8/31/2026 | | | 514,577 | | | 512,954 | | | 514,541 |
TEAM Services | | | | Senior Secured Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.30 | % | 1/25/2024 | | 12/20/2027 | | | 498,715 | | | 496,215 | | | 494,974 |
Forefront | | (k) | | Senior Secured 2023 Incremental Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 12/14/2023 | | 3/30/2029 | | | 500,000 | | | 488,024 | | | 489,375 |
MedRisk | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 4/1/2021 | | 5/10/2028 | | | 487,500 | | | 484,206 | | | 487,364 |
Press Ganey | | (k) | | Senior Secured 2022 Incremental Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 10/1/2020 | | 7/24/2026 | | | 485,034 | | | 482,585 | | | 483,114 |
Confluent Health | | | | Senior Secured Amendment No. 1 Term Loan | | S+ | | | | 7.50 | % | 12.80 | % | 4/11/2023 | | 11/30/2028 | | | 495,000 | | | 465,508 | | | 478,913 |
InterMed | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.80 | % | 12/22/2022 | | 12/22/2028 | | | 464,363 | | | 442,765 | | | 463,783 |
AccentCare | | | | Senior Secured Tranche B Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 6/15/2021 | | 9/20/2028 | | | 486,281 | | | 486,281 | | | 454,673 |
RMP & MedA/Rx | | | | Senior Secured Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 3/22/2021 | | 2/6/2025 | | | 434,375 | | | 432,768 | | | 427,859 |
Western Dental | | | | Senior Secured 2022 Incremental Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 6/21/2022 | | 8/18/2028 | | | 491,250 | | | 483,799 | | | 388,496 |
RMP & MedA/Rx | | | | Senior Secured Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 2/27/2017 | | 2/6/2025 | | | 369,879 | | | 369,883 | | | 364,331 |
RevHealth | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 5.75 | % | 11.05 | % | 1/24/2023 | | 7/21/2028 | | | 359,589 | | | 359,589 | | | 334,637 |
UDG | | (l) | | Senior Secured Initial Dollar Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 8/6/2021 | | 8/19/2028 | | | 315,938 | | | 314,011 | | | 311,988 |
Solis Mammography | | (k) | | Senior Secured 2024 Incremental Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 3/23/2024 | | 4/17/2028 | | | 200,000 | | | 197,000 | | | 199,000 |
AccentCare | | | | Senior Secured Tranche A Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 2/5/2024 | | 6/20/2028 | | | 119,820 | | | 116,006 | | | 113,829 |
Ivy Rehab | | | | Senior Secured Revolving Credit Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 3/11/2022 | | 4/21/2028 | | | 64,310 | | | 60,943 | | | 63,506 |
Blue Cloud | | | | Senior Secured Revolving Loan | | S+ | | | | 5.25 | % | 10.55 | % | 12/14/2022 | | 1/21/2028 | | | 44,773 | | | 44,773 | | | 44,101 |
OrthoNebraska | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.80 | % | 7/31/2023 | | 7/31/2028 | | | — | | | (13,724) | | | — |
Minds + Assembly | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.80 | % | 5/3/2023 | | 5/3/2029 | | | — | | | (18,789) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 67,765,934 | | | 65,234,973 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance & Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | |
Cerity Partners | | | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 7/28/2022 | | 7/30/2029 | | $ | 4,589,606 | | $ | 4,528,454 | | $ | 4,589,606 |
Cherry Bekaert | | (j) | | Unitranche Term B Loan | | S+ | | | | 5.25 | % | 10.55 | % | 6/13/2022 | | 6/30/2028 | | | 4,190,543 | | | 4,104,540 | | | 4,190,543 |
Alera | | | | Unitranche 2022 Incremental Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 8/31/2022 | | 10/2/2028 | | | 3,947,833 | | | 3,880,292 | | | 3,937,964 |
Confluence | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 7/22/2021 | | 7/31/2028 | | | 3,910,000 | | | 3,894,495 | | | 3,870,900 |
Ascensus | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.80 | % | 11/17/2021 | | 8/2/2028 | | | 2,858,804 | | | 2,849,759 | | | 2,852,014 |
Prime Pensions | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 2/20/2024 | | 2/26/2030 | | | 2,476,190 | | | 2,407,619 | | | 2,426,667 |
EPIC Insurance | | | | Unitranche Closing Date Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 8/27/2021 | | 9/29/2028 | | | 2,363,606 | | | 2,334,183 | | | 2,345,879 |
Kestra Financial | | (k) | | Senior Secured Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 3/19/2024 | | 3/22/2031 | | | 2,000,000 | | | 1,995,000 | | | 1,995,000 |
Beta+ | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 6/24/2022 | | 7/2/2029 | | | 1,970,000 | | | 1,866,877 | | | 1,950,300 |
Orion | | (k) | | Senior Secured 2021 Refinancing Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 8/4/2020 | | 9/24/2027 | | | 1,451,362 | | | 1,442,563 | | | 1,444,243 |
SIAA | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 4/21/2021 | | 4/28/2028 | | | 1,146,069 | | | 1,131,694 | | | 1,146,069 |
Osaic | | (j)(k) | | Senior Secured Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 8/16/2023 | | 8/17/2028 | | | 1,011,142 | | | 1,001,963 | | | 1,016,259 |
Community Brands | | | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 2/23/2022 | | 2/24/2028 | | | 980,000 | | | 963,841 | | | 972,650 |
EdgeCo | | | | Senior Secured Third Amendment Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 3/29/2022 | | 6/1/2026 | | | 975,609 | | | 959,166 | | | 968,292 |
LERETA | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 7/27/2021 | | 7/30/2028 | | | 975,000 | | | 968,067 | | | 943,313 |
Steward Partners | | | | Senior Secured Closing Date Term B Loan | | S+ | | | | 5.25 | % | 10.55 | % | 12/8/2023 | | 10/14/2028 | | | 847,333 | | | 824,451 | | | 840,978 |
Cherry Bekaert | | | | Unitranche Amendment No. 1 Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 10/11/2023 | | 6/30/2028 | | | 724,567 | | | 710,702 | | | 724,567 |
Integro | | (m) | | Senior Secured 2022 Refinancing Term Loan (First Lien) | | S+ | | | | 12.25 | % PIK | 5.30 | % | 10/9/2015 | | 10/30/2024 | | | 232,125 | | | 233,767 | | | 232,125 |
Cherry Bekaert | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.25 | % | 10.55 | % | 6/13/2022 | | 6/30/2028 | | | 184,942 | | | 184,942 | | | 184,942 |
Beta+ | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 4.25 | % | 9.55 | % | 6/24/2022 | | 7/1/2027 | | | 110,515 | | | 104,299 | | | 109,410 |
EPIC Insurance | | | | Senior Secured Revolving Loan | | S+ | | | | 5.25 | % | 10.55 | % | 8/27/2021 | | 9/29/2028 | | | 35,194 | | | 34,925 | | | 34,930 |
Prime Pensions | | (j) | | Senior Secured Revolving Credit | | S+ | | | | 5.50 | % | 10.80 | % | 2/20/2024 | | 2/26/2030 | | | — | | | (7,619) | | | — |
Steward Partners | | | | Senior Secured Revolving Loan | | S+ | | | | 5.25 | % | 10.55 | % | 12/20/2023 | | 10/14/2028 | | | — | | | (5,389) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 36,408,591 | | | 36,776,651 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
Amplix | | | | Unitranche First Amendment Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 10/19/2023 | | 10/19/2029 | | | 3,492,802 | | | 3,396,338 | | | 3,424,313 |
Golden Source | | (j) | | Senior Secured Delayed Draw Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 3/25/2022 | | 5/12/2028 | | | 3,404,962 | | | 3,335,916 | | | 3,404,962 |
Ivanti Software | | (k) | | Senior Secured 2021 Specified Refinancing Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 11/20/2020 | | 12/1/2027 | | | 2,925,300 | | | 2,896,826 | | | 2,744,663 |
Planview | | (k) | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 12/11/2020 | | 12/17/2027 | | | 2,572,465 | | | 2,555,159 | | | 2,569,687 |
Idera | | (k) | | Senior Secured Term B-1 Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 6/27/2017 | | 3/2/2028 | | | 2,540,390 | | | 2,540,567 | | | 2,534,713 |
Precisely | | (k) | | Senior Secured Third Amendment Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 3/19/2021 | | 4/24/2028 | | | 2,437,500 | | | 2,428,856 | | | 2,442,936 |
Barracuda | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 7.00 | % | 12.30 | % | 5/17/2022 | | 8/15/2030 | | | 2,000,000 | | | 1,945,157 | | | 1,935,000 |
Intermedia | | (k) | | Senior Secured New Term Loan (First Lien) Retired 04/04/2024 | | S+ | | | | 6.00 | % | 11.30 | % | 7/13/2018 | | 7/21/2025 | | | 1,895,000 | | | 1,892,035 | | | 1,895,000 |
HelpSystems | | (k) | | Senior Secured Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 12/19/2019 | | 11/19/2026 | | | 1,944,409 | | | 1,940,393 | | | 1,885,872 |
OEConnection | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 9/24/2019 | | 9/25/2026 | | | 1,571,862 | | | 1,569,251 | | | 1,572,845 |
Digital Room | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 5.25 | % | 10.55 | % | 12/16/2021 | | 12/21/2028 | | | 1,470,000 | | | 1,459,331 | | | 1,455,300 |
SmartBear | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 11/20/2020 | | 3/3/2028 | | | 972,500 | | | 966,290 | | | 974,323 |
ORBCOMM | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 6/17/2021 | | 9/1/2028 | | | 975,000 | | | 971,525 | | | 936,000 |
Aptean | | | | Unitranche Initial Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 1/1/2024 | | 1/30/2031 | | | 504,398 | | | 498,946 | | | 500,615 |
Barracuda | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 5/17/2022 | | 8/15/2029 | | | 493,750 | | | 481,723 | | | 491,837 |
Cloudera | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 8/10/2021 | | 10/8/2028 | | | 490,000 | | | 486,593 | | | 487,550 |
insightsoftware | | (k) | | Senior Secured Revolving Loan | | S+ | | | | 5.00 | % | 10.30 | % | 3/26/2024 | | 5/25/2028 | | | — | | | (655) | | | — |
insightsoftware | | (k) | | Senior Secured Seventh Suplemental DDTL | | S+ | | | | 5.00 | % | 10.30 | % | 3/26/2024 | | 5/25/2028 | | | — | | | (1,250) | | | — |
Amplix | | | | Unitranche Revolving Credit Loan | | S+ | | | | 6.25 | % | 11.55 | % | 10/19/2023 | | 10/19/2029 | | | — | | | (8,242) | | | — |
Golden Source | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 5.50 | % | 10.83 | % | 8/22/2022 | | 5/12/2028 | | | — | | | (9,390) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 29,345,369 | | | 29,255,616 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | | | | | | | | | | |
InMark | | (j) | | Unitranche Incremental Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 12/10/2021 | | 12/23/2026 | | $ | 6,336,519 | | $ | 6,246,484 | | $ | 6,336,519 |
Brook & Whittle | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 12/9/2021 | | 12/14/2028 | | | 3,091,765 | | | 3,072,574 | | | 2,902,395 |
Transcendia | | | | Senior Secured 2017 Refinancing Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.80 | % | 5/11/2017 | | 5/30/2024 | | | 3,274,374 | | | 3,273,885 | | | 2,652,243 |
Anchor Packaging | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.80 | % | 7/17/2019 | | 7/18/2026 | | | 2,458,481 | | | 2,453,235 | | | 2,461,935 |
Paragon Films | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.30 | % | 12/15/2021 | | 12/16/2028 | | | 2,025,672 | | | 2,009,933 | | | 2,015,543 |
Resource Label Group | | (k) | | Senior Secured Closing Date Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 7/2/2021 | | 7/7/2028 | | | 1,837,453 | | | 1,831,146 | | | 1,821,761 |
TricorBraun | | (k) | | Senior Secured Closing Date Initial Term Loan (First Lien) | | S+ | | | | 3.25 | % | 8.55 | % | 1/29/2021 | | 3/3/2028 | | | 1,787,408 | | | 1,781,494 | | | 1,769,614 |
Intertape Polymer | | (k) (n) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 6/15/2022 | | 6/28/2028 | | | 1,571,013 | | | 1,517,192 | | | 1,506,208 |
Technimark | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 6/30/2021 | | 7/7/2028 | | | 1,458,750 | | | 1,453,918 | | | 1,447,809 |
Tekni-Plex | | (k) | | Senior Secured Tranche B-3 Initial Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 7/29/2021 | | 9/15/2028 | | | 1,114,081 | | | 1,112,254 | | | 1,115,858 |
Novolex | | (k) | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 3.68 | % | 8.97 | % | 3/30/2022 | | 4/13/2029 | | | 982,500 | | | 961,981 | | | 984,956 |
Lacerta | | | | Senior Secured Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 2/8/2021 | | 12/30/2026 | | | 967,500 | | | 961,499 | | | 945,731 |
Applied Adhesives | | | | Senior Secured Term A Loan | | S+ | | | | 4.75 | % | 10.05 | % | 3/12/2021 | | 3/12/2027 | | | 613,681 | | | 610,094 | | | 609,078 |
Tekni-Plex | | (k) | | Senior Secured Tranche B-6 Initial Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 3/27/2024 | | 9/15/2028 | | | 500,000 | | | 500,000 | | | 500,000 |
SupplyOne | | (k) | | Senior Secured Seven-Year Term Loan B | | S+ | | | | 4.25 | % | 9.55 | % | 3/27/2024 | | 4/19/2031 | | | 500,000 | | | 495,000 | | | 495,000 |
Industrial Physics | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 7/18/2023 | | 7/19/2029 | | | 498,750 | | | 482,840 | | | 491,269 |
Five Star Packaging | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 4/27/2022 | | 5/5/2029 | | | 492,500 | | | 486,852 | | | 489,114 |
Golden West Packaging | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 11/29/2021 | | 12/1/2027 | | | 462,500 | | | 459,168 | | | 450,938 |
Applied Adhesives | | | | Senior Secured Revolving Loan | | S+ | | | | 4.75 | % | 10.05 | % | 3/12/2021 | | 3/12/2027 | | | — | | | (616) | | | — |
Industrial Physics | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.25 | % | 11.55 | % | 7/18/2023 | | 7/19/2028 | | | — | | | (3,233) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 29,705,700 | | | 28,995,971 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | | | | | | | | | | |
Tank Holding | | | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 3/25/2022 | | 3/31/2028 | | | 3,930,000 | | | 3,872,229 | | | 3,900,525 |
Plaskolite | | (k) | | Senior Secured 2021-1 Refinancing Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 12/12/2018 | | 12/15/2025 | | | 3,792,700 | | | 3,772,178 | | | 3,731,069 |
Excelitas | | | | Unitranche Closing Date Euro Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 6/15/2022 | | 8/12/2029 | | | 2,932,446 | | | 2,973,182 | | | 2,903,121 |
Burke Porter Group | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/30/2022 | | 7/29/2029 | | | 2,304,167 | | | 2,251,842 | | | 2,263,844 |
Shaw | | | | Senior Secured Initial Senior Term Facility | | S+ | | | | 6.00 | % | 11.30 | % | 9/30/2023 | | 10/30/2029 | | | 1,787,234 | | | 1,751,640 | | | 1,773,830 |
Flow Control Group | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 3/17/2021 | | 3/31/2028 | | | 1,645,060 | | | 1,643,229 | | | 1,646,598 |
Radwell | | | | Unitranche Initial Term Loan | | S+ | | | | 6.53 | % | 11.82 | % | 3/11/2022 | | 4/1/2029 | | | 1,485,690 | | | 1,466,545 | | | 1,478,262 |
Therm-O-Disc | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 6.00 | % | 11.30 | % | 5/26/2022 | | 5/31/2029 | | | 985,000 | | | 923,564 | | | 945,600 |
MW Industries | | | | Senior Secured Initial Term Loan | | S+ | | | | 7.00 | % | 12.30 | % | 3/31/2023 | | 3/31/2030 | | | 945,910 | | | 920,846 | | | 938,816 |
Cleaver Brooks | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 7/18/2022 | | 7/18/2028 | | | 919,712 | | | 905,229 | | | 919,712 |
Hobbs & Associates | | (k) | | Senior Secured Third Amendment Incremental Term Loan | | S+ | | | | 5.00 | % | 10.30 | % | 3/15/2024 | | 4/11/2029 | | | 800,000 | | | 781,000 | | | 781,000 |
TriMark | | | | Senior Secured Initial Tranche B Loan | | S+ | | | | 4.25 | % | 9.55 | % | 1/16/2024 | | 6/30/2029 | | | 618,177 | | | 618,177 | | | 613,541 |
Ohio Transmission | | | | Unitranche Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 12/12/2023 | | 12/19/2030 | | | 518,438 | | | 506,160 | | | 514,549 |
CIRCOR | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/30/2023 | | 10/18/2030 | | | 500,000 | | | 490,501 | | | 496,250 |
Bad Boy Mowers | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 11/29/2023 | | 11/9/2029 | | | 498,750 | | | 486,704 | | | 495,009 |
Chromalloy | | (k) | | Senior Secured Term Loan | | S+ | | | | 3.75 | % | 9.05 | % | 3/22/2024 | | 3/30/2031 | | | 500,000 | | | 495,000 | | | 495,000 |
Infinite Electronics | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 2/24/2021 | | 3/2/2028 | | | 486,344 | | | 485,626 | | | 480,469 |
Duravant | | (k) | | Senior Secured Incremental Amendment No. 5 Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 3/5/2020 | | 5/19/2028 | | | 481,345 | | | 481,345 | | | 480,291 |
Associated Springs | | (k) | | Senior Secured Term Loan Facility | | S+ | | | | 6.00 | % | 11.30 | % | 3/7/2024 | | 3/31/2030 | | | 480,727 | | | 471,113 | | | 471,113 |
SPX Flow | | (k) | | Senior Secured Term Loan | | S+ | | | | 4.50 | % | 9.80 | % | 3/18/2022 | | 4/5/2029 | | | 435,707 | | | 421,029 | | | 438,044 |
Pegasus | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.55 | % | 1/24/2024 | | 1/19/2031 | | | 387,218 | | | 380,564 | | | 384,314 |
Burke Porter Group | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.00 | % | 11.30 | % | 8/11/2022 | | 7/29/2028 | | | 47,991 | | | 37,586 | | | 47,151 |
Tank Holding | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.75 | % | 11.05 | % | 3/25/2022 | | 3/31/2028 | | | 36,923 | | | 33,969 | | | 36,646 |
Radwell | | | | Senior Secured Revolving Loan | | S+ | | | | 6.75 | % | 12.05 | % | 3/11/2022 | | 4/1/2028 | | | 16,000 | | | 14,800 | | | 15,920 |
Ohio Transmission | | | | Senior Secured Revolving Facility | | S+ | | | | 5.50 | % | 10.80 | % | 12/19/2023 | | 12/19/2029 | | | 8,320 | | | 7,627 | | | 8,258 |
CIRCOR | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.00 | % | 11.30 | % | 10/20/2023 | | 10/18/2029 | | | — | | | (1,151) | | | — |
Cleaver Brooks | | | | Senior Secured Revolving Loan | | S+ | | | | 5.50 | % | 10.80 | % | 7/21/2022 | | 7/18/2028 | | | — | | | (2,462) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 26,188,072 | | | 26,258,932 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Consumer | | | | | | | | | | | | | | | | | | | | | | | | | |
Ned Stevens 2022-2 | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 11/1/2022 | | 11/1/2029 | | $ | 4,455,711 | | $ | 4,345,444 | | $ | 4,455,711 |
A Place For Mom | | | | Senior Secured Term Loan | | S+ | | | | 4.50 | % | 9.80 | % | 7/28/2017 | | 2/10/2026 | | | 2,174,254 | | | 2,174,325 | | | 2,152,512 |
Apex Service Partners | | | | Unitranche Term Loan | | S+ | | | | 7.00 | % | 12.30 | % | 10/16/2023 | | 10/24/2030 | | | 1,991,146 | | | 1,971,342 | | | 1,981,190 |
Smart Start | | | | Senior Secured Term B Loan (Second Lien) | | S+ | | | | 7.75 | % | 13.05 | % | 12/10/2021 | | 12/16/2029 | | | 2,000,000 | | | 1,973,262 | | | 1,970,000 |
Smart Start | | | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 12/10/2021 | | 12/16/2028 | | | 1,955,000 | | | 1,947,427 | | | 1,925,675 |
FullBloom | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 12/10/2021 | | 12/15/2028 | | | 1,473,750 | | | 1,463,095 | | | 1,466,381 |
Crash Champions | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 2/7/2024 | | 2/23/2029 | | | 1,000,000 | | | 997,500 | | | 993,945 |
Teaching Strategies | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.05 | % | 8/19/2021 | | 8/31/2028 | | | 977,500 | | | 969,753 | | | 966,503 |
Spring Education | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.50 | % | 9.80 | % | 10/5/2023 | | 10/4/2030 | | | 947,625 | | | 947,625 | | | 952,718 |
Aegis Sciences | | | | Senior Secured Initial Term Loan (2018) (First Lien) | | S+ | | | | 5.50 | % | 10.80 | % | 5/4/2018 | | 5/9/2025 | | | 574,516 | | | 573,341 | | | 561,589 |
Legacy Service Partners | | | | Unitranche Closing Date Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 10/25/2023 | | 1/9/2029 | | | 511,200 | | | 500,009 | | | 507,366 |
Rover | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 2/16/2024 | | 2/27/2031 | | | 500,000 | | | 492,500 | | | 496,250 |
Apex Service Partners | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 7.00 | % | 12.30 | % | 10/16/2023 | | 10/24/2029 | | | 55,529 | | | 54,068 | | | 55,251 |
Ned Stevens 2022-2 | | | | Unitranche 2023 Incremental Delayed Draw Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 1/18/2024 | | 11/1/2029 | | | 35,539 | | | 35,539 | | | 35,539 |
Rover | | | | Senior Secured Revolving Loan | | S+ | | | | 4.75 | % | 10.05 | % | 2/16/2024 | | 2/27/2031 | | | — | | | (2,250) | | | — |
Ned Stevens 2022-2 | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.80 | % | 11/1/2022 | | 11/1/2028 | | | — | | | (10,154) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 18,432,826 | | | 18,520,630 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics & Rubber | | | | | | | | | | | | | | | | | | | | | | | | | |
DuBois Chemicals | | | | Senior Secured Term Loan (Second Lien) - 2019 | | S+ | | | | 8.50 | % | 13.80 | % | 10/8/2019 | | 9/30/2027 | | | 3,000,000 | | | 2,987,506 | | | 2,977,500 |
Vertellus | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 12/18/2020 | | 12/22/2027 | | | 2,925,394 | | | 2,878,348 | | | 2,808,378 |
USALCO | | | | Unitranche Term Loan A | | S+ | | | | 6.00 | % | 11.30 | % | 10/26/2021 | | 10/19/2027 | | | 1,955,000 | | | 1,941,770 | | | 1,945,225 |
Boyd Corp | | (k) | | Senior Secured Initial Loan (Second Lien) | | S+ | | | | 6.75 | % | 12.05 | % | 8/16/2018 | | 9/6/2026 | | | 2,000,000 | | | 2,000,946 | | | 1,880,010 |
DuBois Chemicals | | (k) | | Senior Secured Term Loan B (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 10/8/2019 | | 9/30/2026 | | | 1,736,959 | | | 1,719,877 | | | 1,740,763 |
Boyd Corp | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.80 | % | 11/7/2018 | | 9/6/2025 | | | 480,916 | | | 472,387 | | | 477,348 |
Ascensus Specialties | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.25 | % | 9.55 | % | 12/3/2021 | | 6/30/2028 | | | 487,444 | | | 481,418 | | | 474,039 |
Polytek | | | | Senior Secured Term Loan | | S+ | | | | 6.75 | % | 12.05 | % | 12/23/2020 | | 9/20/2024 | | | 483,915 | | | 482,283 | | | 464,559 |
Vertellus | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.75 | % | 11.05 | % | 12/18/2020 | | 12/22/2025 | | | 299,421 | | | 289,291 | | | 287,444 |
USALCO | | | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.30 | % | 10/26/2021 | | 10/19/2026 | | | 189,516 | | | 186,290 | | | 188,569 |
| | | | | | | | | | | | | | | | | | | | | | 13,440,116 | | | 13,243,835 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | | | | | | | | |
Engine & Transmission Exchange | | (j) | | Senior Secured Term Loan A | | S+ | | | | 6.50 | % | 11.80 | % | 5/26/2023 | | 5/29/2029 | | | 4,243,587 | | | 4,129,273 | | | 4,243,587 |
Highline | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 10/29/2020 | | 11/9/2027 | | | 2,777,727 | | | 2,736,749 | | | 2,736,061 |
BBB Industries | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.25 | % | 10.55 | % | 6/30/2022 | | 7/25/2029 | | | 2,094,657 | | | 1,928,430 | | | 2,008,032 |
Rough Country | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.80 | % | 7/26/2021 | | 7/28/2028 | | | 1,940,529 | | | 1,937,136 | | | 1,935,076 |
Truck Hero | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 3.50 | % | 8.80 | % | 1/20/2021 | | 1/31/2028 | | | 1,455,000 | | | 1,455,000 | | | 1,445,906 |
Innovative XCessories | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.25 | % | 9.55 | % | 2/27/2020 | | 3/5/2027 | | | 775,757 | | | 775,270 | | | 740,608 |
Engine & Transmission Exchange | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.80 | % | 5/26/2023 | | 5/29/2029 | | | — | | | (15,392) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 12,946,466 | | | 13,109,270 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Cargo | | | | | | | | | | | | | | | | | | | | | | | | | |
Evans Network | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.55 | % | 8/6/2021 | | 8/19/2028 | | $ | 3,581,633 | | $ | 3,553,669 | | $ | 3,492,092 |
Capstone Logistics | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 11/12/2020 | | 11/12/2027 | | | 2,068,924 | | | 2,056,429 | | | 2,063,752 |
AIT Worldwide Logistics | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 12/9/2021 | | 4/6/2028 | | | 1,950,000 | | | 1,946,577 | | | 1,956,094 |
Worldwide Express | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 7/23/2021 | | 7/26/2028 | | | 1,466,250 | | | 1,458,469 | | | 1,461,081 |
St. George Logistics | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 4/28/2022 | | 3/24/2028 | | | 1,473,750 | | | 1,459,406 | | | 1,425,853 |
FLS Transportation | | | | Senior Secured Term B Loan | | S+ | | | | 5.25 | % | 10.55 | % | 4/14/2022 | | 12/15/2028 | | | 1,202,174 | | | 1,193,235 | | | 1,163,103 |
Magnate | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.50 | % | 10.80 | % | 3/11/2022 | | 12/29/2028 | | | 951,342 | | | 936,603 | | | 925,180 |
Omni Logistics | | (k) | | Senior Secured Revolving Credit Loan (First Lien) Retired 01/25/2024 | | L+ | | | | 5.00 | % | 10.30 | % | 11/24/2021 | | 12/30/2025 | | | — | | | (1,119) | | | — |
FLS Transportation | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.25 | % | 10.55 | % | 4/14/2022 | | 12/17/2027 | | | — | | | (889) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 12,602,380 | | | 12,487,155 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Aerospace & Defense | | | | | | | | | | | | | | | | | | | | | | | | | |
CPI International | | | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 5/18/2022 | | 10/8/2029 | | | 2,970,000 | | | 2,913,994 | | | 2,873,475 |
HDT Global | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 6/30/2021 | | 7/8/2027 | | | 3,084,375 | | | 3,014,488 | | | 2,220,750 |
Whitcraft | | | | Senior Secured Initial Term Loan | | S+ | | | | 7.00 | % | 12.30 | % | 3/31/2023 | | 2/15/2029 | | | 1,980,000 | | | 1,911,180 | | | 1,970,100 |
Novaria Group | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 1/24/2020 | | 1/27/2027 | | | 1,477,403 | | | 1,470,399 | | | 1,458,935 |
API Technologies | | | | Senior Secured Initial Term Loan (First Lien) Retired 11/03/2023 | | S+ | | 1.00 | % | 6.00 | % PIK | 6.30 | % | 1/15/2020 | | 5/9/2027 | | | 964,824 | | | 952,569 | | | 723,618 |
BlueHalo | | | | Unitranche Initial Term Loan | | S+ | | | | 4.75 | % | 10.05 | % | 11/17/2021 | | 10/31/2025 | | | 487,867 | | | 483,699 | | | 481,769 |
Whitcraft | | | | Senior Secured Revolving Loan | | S+ | | | | 7.00 | % | 12.30 | % | 3/31/2023 | | 2/15/2029 | | | 128,571 | | | 117,857 | | | 127,929 |
API Technologies | | | | Senior Secured Priming Facillity | | S+ | | 1.00 | % | 6.00 | % PIK | 6.30 | % | 11/3/2023 | | 3/25/2027 | | | 51,154 | | | 49,734 | | | 38,366 |
BlueHalo | | | | Senior Secured Revolving Loan | | S+ | | | | 4.75 | % | 10.05 | % | 11/17/2021 | | 10/31/2025 | | | — | | | (1,489) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 10,912,431 | | | 9,894,942 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | | | | | | | | |
A1 Garage Door Service | | (j) | | Unitranche Term Loan A | | S+ | | | | 6.25 | % | 11.55 | % | 12/22/2022 | | 12/22/2028 | | | 2,229,999 | | | 2,169,720 | | | 2,229,999 |
Tangent | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 10/2/2019 | | 11/30/2027 | | | 1,758,696 | | | 1,753,862 | | | 1,701,538 |
PlayPower | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 5/10/2019 | | 5/8/2026 | | | 1,713,167 | | | 1,713,167 | | | 1,666,055 |
United Air Temp | | (j) (k) | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 2/14/2024 | | 3/28/2030 | | | 1,124,260 | | | 1,087,019 | | | 1,101,775 |
Specialty Products & Insulation | | | | Senior Secured Tranche B-1 Term Loan | | S+ | | | | 5.00 | % | 10.30 | % | 3/16/2022 | | 12/21/2027 | | | 981,523 | | | 974,231 | | | 974,161 |
Dodge Construction Network | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.05 | % | 2/10/2022 | | 2/23/2029 | | | 982,500 | | | 971,653 | | | 962,850 |
Playcore | | | | Senior Secured Amendment No. 3 Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.80 | % | 2/14/2024 | | 2/20/2030 | | | 500,000 | | | 492,500 | | | 496,250 |
A1 Garage Door Service | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.55 | % | 12/22/2022 | | 12/22/2028 | | | — | | | (8,264) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 9,153,888 | | | 9,132,628 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | | | | | | | | | |
Bettcher Industries | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 7.25 | % | 12.55 | % | 12/13/2021 | | 12/14/2029 | | $ | 2,500,000 | | $ | 2,481,086 | | $ | 2,475,000 |
Bettcher Industries | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 12/13/2021 | | 12/14/2028 | | | 1,960,000 | | | 1,944,105 | | | 1,937,950 |
Hissho Sushi | | (j) | | Unitranche Term Loan | | S+ | | | | 5.50 | % | 10.80 | % | 4/7/2022 | | 5/18/2028 | | | 1,824,643 | | | 1,795,311 | | | 1,824,643 |
Dessert Holdings | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 6/7/2021 | | 6/9/2028 | | | 1,739,504 | | | 1,730,146 | | | 1,629,707 |
Monogram Foods | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.30 | % | 8/13/2021 | | 8/28/2028 | | | 977,500 | | | 970,585 | | | 965,281 |
Hissho Sushi | | (j) | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.50 | % | 10.80 | % | 4/7/2022 | | 5/18/2028 | | | — | | | (667) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 8,920,566 | | | 8,832,581 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
Alliance Environmental Group | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % PIK | 5.30 | % | 12/30/2021 | | 12/30/2027 | | | 4,330,287 | | | 4,271,462 | | | 3,937,308 |
Denali Water Solutions | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 4.25 | % | 9.55 | % | 3/18/2021 | | 3/27/2028 | | | 1,945,000 | | | 1,931,216 | | | 1,901,238 |
Crystal Clean | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 5.00 | % | 10.30 | % | 10/5/2023 | | 10/17/2030 | | | 1,497,500 | | | 1,473,284 | | | 1,503,348 |
Keter Environmental Services | | | | Unitranche Closing Date Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 11/5/2021 | | 10/29/2027 | | | 488,750 | | | 485,445 | | | 485,084 |
Denali Water Solutions | | | | Senior Secured Amendment No. 3 Term Loan | | S+ | | | | 4.63 | % | 9.92 | % | 5/5/2022 | | 3/27/2028 | | | 464,223 | | | 452,149 | | | 453,778 |
Alliance Environmental Group | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 0.00 | % | 5.30 | % | 12/30/2021 | | 12/30/2027 | | | 306,291 | | | 299,669 | | | 278,495 |
Keter Environmental Services | | | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.80 | % | 11/5/2021 | | 10/29/2027 | | | 7,752 | | | 6,977 | | | 7,694 |
| | | | | | | | | | | | | | | | | | | | | | 8,920,202 | | | 8,566,945 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Wholesale | | | | | | | | | | | | | | | | | | | | | | | | | |
GME Supply | | | | Unitranche Initial Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 7/5/2023 | | 7/6/2029 | | | 3,785,777 | | | 3,693,245 | | | 3,733,394 |
Carlisle Foodservice | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/29/2023 | | 10/2/2030 | | | 997,500 | | | 976,480 | | | 990,019 |
Carlisle Foodservice | | | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.30 | % | 9/29/2023 | | 10/2/2029 | | | — | | | (3,223) | | | — |
GME Supply | | | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.55 | % | 7/5/2023 | | 7/6/2029 | | | — | | | (13,831) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 4,652,671 | | | 4,723,413 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | | | | | | | | | | |
Augusta Sportswear | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.50 | % | 11.80 | % | 11/21/2023 | | 11/21/2029 | | | 4,500,000 | | | 4,413,234 | | | 4,466,250 |
Augusta Sportswear | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.50 | % | 11.80 | % | 11/21/2023 | | 11/21/2028 | | | — | | | (5,565) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 4,407,669 | | | 4,466,250 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | | | | | | | | |
MediaRadar | | (j) | | Unitranche Closing Date Term A Loan | | S+ | | | | 6.25 | % | 11.55 | % | 5/23/2022 | | 9/17/2029 | | | 1,809,482 | | | 1,773,834 | | | 1,809,482 |
MediaRadar | | | | Unitranche 2023 Incremental Term Loan | | S+ | | | | 6.25 | % | 11.55 | % | 10/31/2023 | | 9/17/2029 | | | 954,757 | | | 931,706 | | | 954,757 |
MediaRadar | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.55 | % | 9/16/2022 | | 9/17/2029 | | | — | | | (10,168) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 2,695,372 | | | 2,764,239 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Forest Products & Paper | | | | | | | | | | | | | | | | | | | | | | | | | |
Loparex | | | | Senior Secured Tranche B USD Term Loan | | S+ | | | | 4.50 | % | 9.80 | % | 3/1/2024 | | 2/1/2027 | | $ | 984,026 | | $ | 945,880 | | $ | 984,026 |
Loparex | | | | Senior Secured Tranche A USD Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 3/1/2024 | | 2/1/2027 | | | 625,398 | | | 549,158 | | | 625,398 |
Loparex | | | | Senior Secured Initial Tranche C USD Term Loan | | S+ | | | | 4.50 | % | 9.80 | % | 3/1/2024 | | 2/1/2027 | | | 420,305 | | | 420,305 | | | 113,482 |
| | | | | | | | | | | | | | | | | | | | | | 1,915,343 | | | 1,722,906 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Metals & Mining | | | | | | | | | | | | | | | | | | | | | | | | | |
Dynatect (A&A) | | | | Senior Secured Term B Loan | | S+ | | | | 4.50 | % | 9.80 | % | 8/16/2019 | | 9/30/2026 | | | 1,669,175 | | | 1,665,417 | | | 1,665,002 |
| | | | | | | | | | | | | | | | | | | | | | 1,665,417 | | | 1,665,002 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Retail | | | | | | | | | | | | | | | | | | | | | | | | | |
Varsity Brands | | (k) | | Senior Secured Third Amendment Extended Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.30 | % | 10/17/2018 | | 12/15/2026 | | | 945,256 | | | 947,171 | | | 950,573 |
StubHub | | (k) | | Senior Secured Extended USD Term B Loan | | S+ | | | | 4.75 | % | 10.05 | % | 1/31/2020 | | 3/12/2030 | | | 480,000 | | | 474,179 | | | 481,298 |
| | | | | | | | | | | | | | | | | | | | | | 1,421,350 | | | 1,431,871 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Energy: Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | | | |
AmSpec | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 5.75 | % | 11.05 | % | 10/11/2023 | | 12/5/2030 | | | 1,000,000 | | | 986,514 | | | 992,500 |
AmSpec | | | | Senior Secured Revolving Loan | | S+ | | | | 5.75 | % | 11.05 | % | 12/4/2023 | | 12/5/2029 | | | — | | | (3,634) | | | — |
| | | | | | | | | | | | | | | | | | | | | | 982,880 | | | 992,500 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Utilities: Water | | | | | | | | | | | | | | | | | | | | | | | | | |
Aegion | | (k) | | Senior Secured 2024 Replacement Term Loan | | S+ | | | | 4.25 | % | 9.55 | % | 4/1/2021 | | 5/17/2028 | | | 975,636 | | | 972,469 | | | 980,515 |
| | | | | | | | | | | | | | | | | | | | | | 972,469 | | | 980,515 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Energy: Electricity | | | | | | | | | | | | | | | | | | | | | | | | | |
Franklin Energy | | (k) | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 4.00 | % | 9.30 | % | 8/14/2019 | | 8/14/2026 | | | 955,000 | | | 953,968 | | | 947,838 |
| | | | | | | | | | | | | | | | | | | | | | 953,968 | | | 947,838 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Hotels, Gaming & Leisure | | | | | | | | | | | | | | | | | | | | | | | | | |
Auto Europe | | | | Senior Secured Initial Dollar Term Loan | | S+ | | | | 7.50 | % | 12.80 | % | 10/19/2016 | | 4/21/2025 | | | 925,396 | | | 925,396 | | | 902,261 |
| | | | | | | | | | | | | | | | | | | | | | 925,396 | | | 902,261 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Diversified & Production | | | | | | | | | | | | | | | | | | | | | | | | | |
Spectrum Science | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 7.00 | % | 12.30 | % | 1/17/2024 | | 2/1/2029 | | | 500,000 | | | 485,000 | | | 492,500 |
| | | | | | | | | | | | | | | | | | | | | | 485,000 | | | 492,500 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable | | | | | | | | | | | | | | | | | | | | | | | | | |
Careismatic | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.25 | % | 8.55 | % | 1/22/2021 | | 1/6/2028 | | | 487,500 | | | 486,714 | | | 219,375 |
Careismatic | | | | Senior Secured Secured Super-Priority Debtor-In-Possession Term Loan | | S+ | | | | 6.00 | % | 11.30 | % | 1/23/2024 | | 10/24/2024 | | | 182,132 | | | 182,132 | | | 182,132 |
| | | | | | | | | | | | | | | | | | | | | | 668,846 | | | 401,507 |
Total Bank Loans | | | | | | | | | | | | | | | | | $ | 374,591,268 | | $ | 370,195,559 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.5%) (g) (h): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | | | | | | | | | | |
InnovateMR | | (j) (o) (p) | | Class A Units | | | | | | | | | | 12/16/2021 | | | | $ | 387 | | $ | 387,311 | | $ | 380,293 |
Industrial Services Group | | (j) (o) (q) | | Class A Units | | | | | | | | | | 12/7/2022 | | | | | 238 | | | 238,095 | | | 330,193 |
Vortex | | (j) (o) (r) | | LP Common Units | | | | | | | | | | 9/1/2023 | | | | | 190 | | | 189,759 | | | 295,096 |
Liberty Group | | (j) (o) (s) | | Series A-Preferred Units | | | | | | | | | | 6/6/2022 | | | | | 113,636 | | | 113,636 | | | 130,931 |
Heartland | | (o) (t) | | Co-Invest Units | | | | | | | | | | 12/12/2023 | | | | | 889 | | | 88,889 | | | 88,889 |
VC3 | | (j) (o) (u) | | Class A Units | | | | | | | | | | 9/16/2022 | | | | | 16,554 | | | 68,720 | | | 83,598 |
OSG Billing Services | | (o) (v) | | Class A Units | | | | | | | | | | 11/30/2023 | | | | | 27,208 | | | — | | | — |
| | | | | | | | | | | | | | | | | | | | | | 1,086,410 | | | 1,309,000 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
PracticeTek | | (j) (o) (w) | | Class A Units | | | | | | | | | | 11/22/2021 | | | | | 615,631 | | | 648,053 | | | 701,922 |
Amplix | | (j) (o) (x) | | Class A-2 Units | | | | | | | | | | 10/19/2023 | | | | | 23,810 | | | 238,095 | | | 252,062 |
Golden Source | | (j) (o) (y) | | Class A Units | | | | | | | | | | 3/25/2022 | | | | | 117,371 | | | 117,371 | | | 178,796 |
| | | | | | | | | | | | | | | | | | | | | | 1,003,519 | | | 1,132,780 |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | | | |
Minds + Assembly | | (j) (o) (z) | | Class A Units | | | | | | | | | | 5/3/2023 | | | | | 217 | | | 217,391 | | | 297,134 |
OrthoNebraska | | (j) (o) (aa) | | Class A Units | | | | | | | | | | 7/31/2023 | | | | | 24,245 | | | 242,452 | | | 291,861 |
InterMed | | (j) (o) (ab) | | Class A Units | | | | | | | | | | 12/22/2022 | | | | | 2,484 | | | 248,380 | | | 153,961 |
Ivy Rehab | | (o) (ac) | | Class A Units | | | | | | | | | | 3/11/2022 | | | | | 100 | | | 100,000 | | | 102,137 |
RevHealth | | (j) (o) (ad) | | Class A-1 Units | | | | | | | | | | 7/22/2022 | | | | | 20,548 | | | 205,479 | | | — |
| | | | | | | | | | | | | | | | | | | | | | 1,013,702 | | | 845,093 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance & Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | |
Cherry Bekaert | | (j) (o) (ae) | | Class A Units | | | | | | | | | | 6/30/2022 | | | | | 129,870 | | | 129,870 | | | 262,723 |
Prime Pensions | | (j) (o) (af) | | LP Interest | | | | | | | | | | 2/20/2024 | | | | | 238,095 | | | 238,095 | | | 238,095 |
American Beacon Advisors | | (o) (ag) | | Common Units | | | | | | | | | | 12/29/2023 | | | | | 16,071 | | | — | | | 224,994 |
Beta+ | | (o) (ah) | | Class A-2 Common Stock | | | | | | | | | | 9/15/2023 | | | | | 2,470 | | | 24,700 | | | 24,700 |
| | | | | | | | | | | | | | | | | | | | | | 392,665 | | | 750,512 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | | | | | | | | |
A1 Garage Door Service | | (j) (o) (ai) | | Class A Common Units | | | | | | | | | | 12/22/2022 | | | | | 273 | | | 272,727 | | | 413,761 |
United Air Temp | | (j) (o) (aj) | | Class A Units | | | | | | | | | | 2/14/2024 | | | | | 110,947 | | | 110,947 | | | 110,947 |
| | | | | | | | | | | | | | | | | | | | | | 383,674 | | | 524,708 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of March 31, 2024
(Expressed in U.S. Dollars)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.5%) (g) (h) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | | | | | | | | | |
Hissho Sushi | | (j) (o) (ak) | | Class A Units | | | | | | | | | | 4/7/2022 | | | | $ | 25,000 | | $ | 250,000 | | $ | 458,972 |
| | | | | | | | | | | | | | | | | | | | | | 250,000 | | | 458,972 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | | | | | | | | |
Engine & Transmission Exchange | | (j) (o) (al) | | Class A-1 Units | | | | | | | | | | 5/26/2023 | | | | | 211,268 | | | 211,268 | | | 253,834 |
| | | | | | | | | | | | | | | | | | | | | | 211,268 | | | 253,834 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Consumer | | | | | | | | | | | | | | | | | | | | | | | | | |
Ned Stevens 2022-2 | | (j) (o) (am) | | Class B Common Units | | | | | | | | | | 11/1/2022 | | | | | 279 | | | 278,990 | | | 245,789 |
| | | | | | | | | | | | | | | | | | | | | | 278,990 | | | 245,789 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | | | | | | | | |
MediaRadar | | (j) (o) (aon) | | Class A-1 Units | | | | | | | | | | 9/16/2022 | | | | | 147,000 | | | 147,000 | | | 182,909 |
| | | | | | | | | | | | | | | | | | | | | | 147,000 | | | 182,909 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Wholesale | | | | | | | | | | | | | | | | | | | | | | | | | |
GME Supply | | (j) (o) (ao) | | Class A Units | | | | | | | | | | 6/30/2023 | | | | | 272 | | | 272,422 | | | 180,181 |
| | | | | | | | | | | | | | | | | | | | | | 272,422 | | | 180,181 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics & Rubber | | | | | | | | | | | | | | | | | | | | | | | | | |
Vertellus | | (o) (ap) | | Series A Units | | | | | | | | | | 12/22/2020 | | | | | 1,651 | | | 165,138 | | | 178,570 |
| | | | | | | | | | | | | | | | | | | | | | 165,138 | | | 178,570 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
Alliance Environmental Group | | (j) (o) (aq) | | A-1 Preferred Units | | | | | | | | | | 9/30/2019 | | | | | 331 | | | 331,126 | | | — |
| | | | | | | | | | | | | | | | | | | | | | 331,126 | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Equity and Preferred Shares | | | | | | | | | | | | | | | | | $ | 5,535,914 | | $ | 6,062,348 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Investments (ar) | | | | | | | | | | | | | | | | | | | | | $ | 380,127,182 | | $ | 376,257,907 |
(˄) | The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”). |
(a) | All companies are located in the United States of America, unless otherwise noted. |
(b) | Interest rate percentages represent actual interest rates as of March 31, 2024, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower. |
(c) | All loans are income-producing, unless otherwise noted. |
(d) | All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted. |
(e) | All investments are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. |
(f) | Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information. |
(g) | Percentages are calculated using fair value of investments over net assets. |
(h) | As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). |
(i) | The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the unfunded loan commitment. |
(j) | Three of our affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P., co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. |
(k) | Investment was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information. |
(l) | The Company headquarters for UDG is located in Ireland. |
(m) | The Company headquarters for Integro is located in United Kingdom. |
(n) | The Company headquarters for Intertape Polymer is located in Canada. |
(o) | Investment is non-income producing. |
(p) | Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(q) | Represents an investment in APD ISG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(r) | Represents an investment in APD VTX Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(s) | Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(t) | Represents an investment in Heartland PPC Investor LLC, a holding company for the investment in Heartland. |
(u) | Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(v) | Represents an investment in OSG Topco Holdings LLC, a holding company for the investment in OSG Billing Services. |
(w) | Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(x) | Represents an investment in APD AMP Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(y) | Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(z) | Represents an investment in APD MA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(aa) | Represents an investment in APD OrthoNebraska Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ab) | Represents an investment in APD IMD Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ac) | Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ad) | Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ae) | Represents an investment in Resolute Topco, Inc., a holding company for the investment in American Beacon Advisors. |
(af) | Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ag) | Represents an investment in Prime Co-Invest, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ah) | Represents an investment in Buckhorn Parent, Inc., a holding company for the investment in Beta+. |
(ai) | Represents an investment in APD GAR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(aj) | Represents an investment in LJ Flex, LP, a holding company, made through an affiliated equity aggregator vehicle. |
(ak) | Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(al) | Represents an investment in APD ETE Equity Aggregator, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(am) | Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(an) | Represents an investment in APD MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ao) | Represents an investment in ADP GMES Parent Holding Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ap) | Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(aq) | Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ar) | At March 31, 2024, the cost of investments for income tax purposes was $380,122,931, the gross unrealized depreciation for federal tax purposes was $8,096,801, the gross unrealized appreciation for federal income tax purposes was $4,223,275, and the net unrealized depreciation was $3,873,526. |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (92.1%) (g) (h) (i): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | | | |
American Vision Partners | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/22/2021 | | 9/30/2027 | | $ | 4,898,401 | | $ | 4,837,985 | | $ | 4,862,289 |
Minds + Assembly | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 5/3/2023 | | 5/3/2029 | | | 4,078,882 | | | 3,976,855 | | | 4,078,882 |
RevHealth | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 7/22/2022 | | 7/21/2028 | | | 4,227,312 | | | 4,157,627 | | | 3,960,662 |
Radiology Partners | | | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 6/28/2018 | | 7/9/2025 | | | 4,195,599 | | | 4,306,509 | | | 3,768,833 |
OrthoNebraska | | (j) | | Unitranche Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 7/31/2023 | | 7/31/2028 | | | 3,376,944 | | | 3,261,660 | | | 3,292,067 |
PharMedQuest | | (j) | | Unitranche Term A Loan | | S+ | | | | 5.50 | % | 10.83 | % | 11/6/2019 | | 11/6/2025 | | | 3,270,898 | | | 3,274,815 | | | 3,270,898 |
InHealth Medical Alliance | | | | Unitranche Initial Term Loan | | S+ | | 1.00 | % | 3.50 | % PIK | 8.83 | % | 6/25/2021 | | 6/28/2028 | | | 3,594,124 | | | 3,569,335 | | | 3,234,712 |
InterMed | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 12/22/2022 | | 12/24/2029 | | | 3,008,639 | | | 2,930,928 | | | 2,967,725 |
Advancing Eyecare | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 5/27/2022 | | 6/13/2029 | | | 2,506,275 | | | 2,448,791 | | | 2,449,884 |
Premise Health | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 8/15/2018 | | 7/10/2025 | | | 2,235,415 | | | 2,237,770 | | | 2,229,827 |
nThrive | | | | Senior Secured Initial Loan (Second Lien) | | S+ | | | | 6.75 | % | 12.08 | % | 11/19/2021 | | 12/17/2029 | | | 2,000,000 | | | 1,978,962 | | | 1,970,000 |
CPS | | (j) | | Unitranche Closing Date Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 5/18/2022 | | 6/1/2028 | | | 1,933,962 | | | 1,930,065 | | | 1,933,962 |
Gastro Health | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 7/2/2021 | | 7/3/2028 | | | 1,958,557 | | | 1,950,240 | | | 1,904,697 |
Press Ganey | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.83 | % | 7/23/2019 | | 7/24/2026 | | | 1,915,000 | | | 1,917,537 | | | 1,901,116 |
Avalign Technologies | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 12/19/2018 | | 12/22/2025 | | | 1,900,000 | | | 1,900,713 | | | 1,895,250 |
Advanced Diabetes Supply | | | | Senior Secured First Incremental Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 7/13/2021 | | 12/30/2027 | | | 1,834,960 | | | 1,821,805 | | | 1,830,373 |
Upstream Rehabilitation | | (k) | | Senior Secured August 2021 Incremental Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 10/24/2019 | | 11/20/2026 | | | 1,931,719 | | | 1,929,742 | | | 1,829,705 |
Therapy Brands | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 5/12/2021 | | 5/18/2028 | | | 1,844,393 | | | 1,837,740 | | | 1,802,894 |
Blue Cloud | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 12/13/2021 | | 1/21/2028 | | | 1,599,490 | | | 1,580,532 | | | 1,575,498 |
Quantum Health | | | | Senior Secured Amendment No. 1 Refinancing Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 12/18/2020 | | 12/22/2027 | | | 1,462,500 | | | 1,448,667 | | | 1,458,844 |
Mission Vet Partners | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 12/15/2021 | | 4/27/2028 | | | 1,466,434 | | | 1,455,764 | | | 1,457,503 |
Symplr | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 11/23/2020 | | 12/22/2027 | | | 1,458,750 | | | 1,444,901 | | | 1,311,657 |
Ivy Rehab | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.33 | % | 3/11/2022 | | 4/23/2029 | | | 1,311,646 | | | 1,290,579 | | | 1,295,251 |
Solis Mammography | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 4/1/2021 | | 4/17/2028 | | | 1,059,106 | | | 1,052,346 | | | 1,056,458 |
PharMedQuest | | | | Unitranche Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 10/27/2023 | | 11/6/2025 | | | 1,000,000 | | | 985,000 | | | 1,000,000 |
Solis Mammography | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 8.00 | % | 13.33 | % | 4/1/2021 | | 4/16/2029 | | | 1,000,000 | | | 989,307 | | | 995,000 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (92.1%) (g) (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals (continued) | | | | | | | | | | | | | | | | | | | | | | | | | |
Cirtec Medical | | | | Senior Secured (USD) Initial Term Loan | | S+ | | | | 6.25 | % | 11.58 | % | 1/30/2023 | | 1/30/2029 | | $ | 992,500 | | $ | 963,954 | | $ | 987,538 |
Epic Staffing Group | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 6/27/2022 | | 6/28/2029 | | | 987,445 | | | 936,339 | | | 984,976 |
Micro Merchant Systems | | | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 3/2/2022 | | 12/14/2027 | | | 982,500 | | | 974,061 | | | 975,131 |
Wedgewood | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.25 | % | 9.58 | % | 2/24/2021 | | 3/31/2028 | | | 977,500 | | | 970,482 | | | 966,503 |
Forefront | | (k) | | Senior Secured Closing Date Term Loan | | S+ | | | | 4.25 | % | 9.58 | % | 3/23/2022 | | 3/30/2029 | | | 985,694 | | | 971,844 | | | 956,123 |
nThrive | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 11/19/2021 | | 12/17/2028 | | | 982,500 | | | 979,296 | | | 785,509 |
UDG | | (k) (l) | | Senior Secured Initial Dollar Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 8/6/2021 | | 8/19/2028 | | | 631,875 | | | 628,021 | | | 631,347 |
ImageFirst | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.75 | % | 10.08 | % | 4/26/2021 | | 4/27/2028 | | | 598,636 | | | 596,587 | | | 595,643 |
MyEyeDr | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 8/2/2019 | | 8/31/2026 | | | 515,924 | | | 514,141 | | | 512,281 |
MedRisk | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 4/1/2021 | | 5/10/2028 | | | 488,750 | | | 485,268 | | | 486,482 |
Forefront | | (k) | | Senior Secured 2023 Incremental Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 12/14/2023 | | 3/30/2029 | | | 500,000 | | | 487,500 | | | 485,000 |
Press Ganey | | (k) | | Senior Secured 2022 Incremental Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 10/1/2020 | | 7/24/2026 | | | 486,281 | | | 483,578 | | | 482,756 |
Confluent Health | | | | Senior Secured Amendment No. 1 Term Loan | | S+ | | | | 7.50 | % | 12.83 | % | 4/11/2023 | | 11/30/2028 | | | 496,250 | | | 465,452 | | | 480,122 |
AccentCare | | | | Senior Secured 2021 Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 6/15/2021 | | 6/22/2026 | | | 487,500 | | | 487,500 | | | 455,813 |
RMP & MedA/Rx | | | | Senior Secured Term Loan | | S+ | | | | 4.50 | % | 9.83 | % | 3/22/2021 | | 2/6/2025 | | | 440,625 | | | 438,555 | | | 432,914 |
Western Dental | | | | Senior Secured 2022 Incremental Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 6/21/2022 | | 8/18/2028 | | | 492,500 | | | 484,666 | | | 392,064 |
RMP & MedA/Rx | | | | Senior Secured Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 2/27/2017 | | 2/6/2025 | | | 375,400 | | | 375,405 | | | 368,830 |
RevHealth | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 5.75 | % | 11.08 | % | 1/24/2023 | | 7/21/2028 | | | 359,589 | | | 359,589 | | | 336,907 |
InterMed | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.83 | % | 12/22/2022 | | 12/22/2028 | | | 215,983 | | | 194,384 | | | 213,046 |
Blue Cloud | | | | Senior Secured Revolving Loan | | S+ | | | | 5.25 | % | 10.58 | % | 12/14/2022 | | 1/21/2028 | | | 83,409 | | | 83,409 | | | 82,158 |
CPS | | (j) | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.25 | % | 10.58 | % | 5/18/2022 | | 6/1/2028 | | | 8,570 | | | 7,856 | | | 8,570 |
Ivy Rehab | | | | Senior Secured Revolving Credit Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 3/11/2022 | | 4/21/2028 | | | — | | | (3,367) | | | — |
OrthoNebraska | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.83 | % | 7/31/2023 | | 7/31/2027 | | | — | | | (13,724) | | | — |
Minds + Assembly | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.83 | % | 5/3/2023 | | 5/3/2029 | | | — | | | (18,789) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | | | | | | | | | | |
LegalShield | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 12/7/2021 | | 12/15/2028 | | | 4,421,250 | | | 4,388,068 | | | |
Industrial Services Group | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.25 | % | 11.58 | % | 12/7/2022 | | 12/7/2028 | | | 4,157,848 | | | 4,058,184 | | | 4,157,848 |
InnovateMR | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 12/16/2021 | | 1/20/2028 | | | 4,172,974 | | | 4,120,139 | | | 4,085,662 |
CoAdvantage | | (k) | | Senior Secured 2023 1L Refinancing Term Loan (First Lien) | | S+ | | | | 5.50 | % | 10.83 | % | 8/2/2023 | | 8/2/2029 | | | 3,840,375 | | | 3,840,375 | | | 3,866,778 |
RevSpring | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 10/5/2018 | | 10/11/2025 | | | 3,800,000 | | | 3,798,515 | | | 3,790,500 |
Discovery Education | | | | Unitranche Initial Term Loan (First Lien) | | S+ | | | | 5.75 | % | 11.08 | % | 3/25/2022 | | 4/9/2029 | | | 3,768,153 | | | 3,713,836 | | | 3,711,630 |
Eliassen | | | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 3/31/2022 | | 4/14/2028 | | | 3,450,157 | | | 3,403,335 | | | 3,411,343 |
CoolSys | | | | Senior Secured Closing Date Initial Term Loan | | S+ | | | | 4.75 | % | 10.08 | % | 8/4/2021 | | 8/11/2028 | | | 3,001,388 | | | 2,978,911 | | | 2,948,864 |
The Facilities Group | | | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 12/10/2021 | | 11/30/2027 | | | 2,964,189 | | | 2,939,874 | | | 2,941,957 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS - (92.1%) (g) (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business (continued) | | | | | | | | | | | | | | | | | | | | | | | | | |
Fleetwash | | | | Senior Secured Incremental Term Loan | | S+ | | | | 4.75 | % | 10.08 | % | 9/25/2018 | | 10/1/2024 | | $ | 2,843,513 | | $ | 2,839,221 | | $ | 2,822,186 |
Duff & Phelps | | (k) | | Senior Secured Initial Dollar Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 3/6/2020 | | 4/9/2027 | | | 2,412,500 | | | 2,401,353 | | | 2,394,406 |
TRC Companies | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 6.75 | % | 12.08 | % | 11/19/2021 | | 12/7/2029 | | | 2,000,000 | | | 1,981,308 | | | 1,985,000 |
ECi Software | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 9/17/2020 | | 11/9/2027 | | | 1,940,000 | | | 1,934,757 | | | 1,943,182 |
Mediaocean | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 3.50 | % | 8.83 | % | 12/9/2021 | | 12/15/2028 | | | 1,965,000 | | | 1,950,313 | | | 1,925,700 |
Liberty Group | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 6/6/2022 | | 6/15/2028 | | | 1,925,568 | | | | | | 1,925,568 |
Veregy | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 11/2/2020 | | 11/3/2027 | | | 1,937,017 | | | 1,901,495 | | | 1,907,962 |
InnovateMR | | (j) | | Unitranche First Amendment Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 12/23/2022 | | 1/20/2028 | | | 1,822,163 | | | 1,771,827 | | | 1,812,922 |
VC3 | | (j) | | Senior Secured Delayed Draw Term Loan D | | S+ | | | | 5.25 | % | 10.58 | % | 9/16/2022 | | 3/12/2027 | | | 1,543,293 | | | 1,496,631 | | | 1,543,293 |
Addison Group | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.33 | % | 1/19/2022 | | 12/29/2028 | | | 1,473,750 | | | 1,470,933 | | | 1,465,468 |
Insight Global | | | | Unitranche Closing Date Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/22/2021 | | 9/22/2028 | | | 1,466,250 | | | 1,443,616 | | | 1,455,253 |
Health Management Associates | | | | Senior Secured Term Loan A | | S+ | | | | 6.25 | % | 11.58 | % | 3/31/2023 | | 3/30/2029 | | | 1,033,934 | | | 1,002,089 | | | 1,028,765 |
Colibri | | | | Senior Secured First Amendment Incremental Term Loan | | S+ | | | | 5.00 | % | 10.33 | % | 11/9/2023 | | 3/12/2029 | | | 1,000,000 | | | 975,000 | | | 992,500 |
Vistage | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 7/18/2022 | | 7/13/2029 | | | 987,500 | | | 964,790 | | | 982,563 |
TRC Companies | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 11/19/2021 | | 12/8/2028 | | | 982,502 | | | 978,854 | | | 982,502 |
Heartland | | (k) | | Senior Secured Senior Secured Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 12/1/2023 | | 10/2/2029 | | | 999,941 | | | 976,608 | | | 979,942 |
eResearch | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 12/1/2020 | | 2/4/2027 | | | 969,855 | | | 969,855 | | | 970,083 |
WIRB-Copernicus Group | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 12/13/2019 | | 1/8/2027 | | | 965,000 | | | 960,432 | | | 968,320 |
Divisions Maintenance Group | | | | Senior Secured Term B Loan | | S+ | | | | 4.75 | % | 10.08 | % | 5/21/2021 | | 5/27/2028 | | | 977,500 | | | 970,721 | | | 965,281 |
trustaff | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 12/9/2021 | | 3/6/2028 | | | 977,387 | | | 975,620 | | | 962,726 |
Secretariat International | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.01 | % | 10.34 | % | 12/16/2021 | | 12/29/2028 | | | 966,204 | | | 962,401 | | | 958,957 |
Allied Benefit Systems | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 10/20/2023 | | 10/31/2030 | | | 845,000 | | | 831,166 | | | 840,775 |
Diversified | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 4/19/2019 | | 9/23/2024 | | | 854,937 | | | 850,492 | | | 839,976 |
Accolite | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 3/31/2023 | | 3/13/2029 | | | 746,250 | | | 722,950 | | | 746,250 |
S&P Engineering Solutions | | | | Senior Secured Initial Term Loan | | S+ | | | | 7.00 | % | 12.33 | % | 3/31/2023 | | 5/2/2030 | | | 498,750 | | | 485,107 | | | 495,009 |
System One | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.33 | % | 1/28/2021 | | 3/2/2028 | | | 487,500 | | | 485,964 | | | 482,016 |
OSG Billing Services | | (k) | | Senior Secured Last-Out Term Loan | | S+ | | | | 6.25 | % | 11.58 | % | 11/30/2023 | | 11/30/2028 | | | 312,562 | | | 312,562 | | | 312,562 |
OSG Billing Services | | (k) | | Senior Secured First-Out Term Loan | | S+ | | | | 8.00 | % | 13.33 | % | 11/30/2023 | | 5/30/2028 | | | 219,341 | | | 209,666 | | | 219,341 |
Industrial Services Group | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.58 | % | 12/7/2022 | | 12/7/2028 | | | 192,381 | | | 175,238 | | | 192,381 |
Vensure Employer Services | | (k) | | Senior Secured 2023 Delayed Draw Term B Loan | | S+ | | | | 5.25 | % | 10.58 | % | 12/7/2023 | | 4/1/2027 | | | 60,958 | | | 60,958 | | | 60,501 |
Liberty Group | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 5.75 | % | 11.08 | % | 6/6/2022 | | 12/15/2028 | | | 45,455 | | | 40,909 | | | 45,455 |
S&P Engineering Solutions | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 7.00 | % | 12.33 | % | 3/31/2023 | | 5/2/2029 | | | — | | | (1,471) | | | — |
Health Management Associates | | | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.58 | % | 3/31/2023 | | 3/30/2029 | | | — | | | (2,131) | | | — |
VC3 | | (j) | | Senior Secured Revolving Credit | | S+ | | | | 5.25 | % | 10.58 | % | 7/21/2022 | | 3/12/2027 | | | — | | | (2,692) | | | — |
Discovery Education | | | | Senior Secured Revolving Credit Loan (First Lien) | | S+ | | | | 5.75 | % | 11.08 | % | 3/25/2022 | | 4/7/2028 | | | — | | | (4,038) | | | — |
Heartland | | (k) | | Senior Secured Senior Secured Revolving Credit Facility | | S+ | | | | 5.75 | % | 11.08 | % | 12/1/2023 | | 12/15/2029 | | | — | | | (4,138) | | | — |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance & Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | |
Cerity Partners | | | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 7/28/2022 | | 7/30/2029 | | $ | 4,601,254 | | $ | 4,537,601 | | $ | 4,601,254 |
Cherry Bekaert | | (j) | | Unitranche Term B Loan | | S+ | | | | 5.25 | % | 10.58 | % | 6/13/2022 | | 6/30/2028 | | | 4,201,177 | | | 4,110,703 | | | 4,201,177 |
Confluence | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 7/22/2021 | | 7/31/2028 | | | 3,920,000 | | | 3,903,654 | | | 3,880,800 |
Alera | | | | Unitranche 2022 Incremental Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 8/31/2022 | | 10/2/2028 | | | 3,617,833 | | | 3,547,025 | | | 3,599,744 |
Ascensus | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.83 | % | 11/17/2021 | | 8/2/2028 | | | 2,866,304 | | | 2,856,766 | | | 2,864,154 |
EPIC Insurance | | | | Unitranche Closing Date Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 8/27/2021 | | 9/29/2028 | | | 2,369,660 | | | 2,341,682 | | | 2,345,963 |
Beta+ | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 6/24/2022 | | 7/2/2029 | | | 1,975,000 | | | 1,867,637 | | | 1,955,250 |
Kestra Financial | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.25 | % | 9.58 | % | 4/29/2019 | | 6/3/2026 | | | 1,915,000 | | | 1,907,517 | | | 1,919,788 |
Orion | | (k) | | Senior Secured 2021 Refinancing Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 8/4/2020 | | 9/24/2027 | | | 1,455,103 | | | 1,445,707 | | | 1,439,657 |
SIAA | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.25 | % | 11.58 | % | 4/21/2021 | | 4/28/2028 | | | 1,149,008 | | | 1,133,848 | | | 1,149,008 |
Osaic | | (j)(k) | | Senior Secured Term B-2 Loan | | S+ | | | | 4.50 | % | 9.83 | % | 8/16/2023 | | 8/17/2028 | | | 1,013,677 | | | 1,004,016 | | | 1,018,193 |
Community Brands | | | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 2/23/2022 | | 2/24/2028 | | | 982,500 | | | 965,408 | | | 975,131 |
LERETA | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 7/27/2021 | | 7/30/2028 | | | 977,500 | | | 970,204 | | | 945,731 |
Steward Partners | | (k) | | Senior Secured Term Loan B | | S+ | | | | 5.50 | % | 10.83 | % | 12/8/2023 | | 10/14/2028 | | | 800,000 | | | 776,000 | | | 784,000 |
Cherry Bekaert | | (k) | | Unitranche Amendment No.1 Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 10/11/2023 | | 6/30/2028 | | | 726,387 | | | 711,823 | | | 711,859 |
EdgeCo | | | | Senior Secured Third Amendment Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 3/29/2022 | | 6/1/2026 | | | 554,010 | | | 535,786 | | | 547,777 |
Integro | | (m) | | Senior Secured 2022 Refinancing Term Loan (First Lien) | | FIXED | | | | 12.25 | %PIK | 12.25 | % | 10/9/2015 | | 10/30/2024 | | | 232,125 | | | 234,301 | | | 232,125 |
Beta+ | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 4.25 | % | 9.58 | % | 6/24/2022 | | 7/1/2027 | | | 27,629 | | | 21,413 | | | 27,353 |
EPIC Insurance | | | | Senior Secured Revolving Loan | | S+ | | | | 5.25 | % | 10.58 | % | 8/27/2021 | | 9/30/2027 | | | — | | | (269) | | | — |
Steward Partners | | | | Senior Secured Revolving Credit | | S+ | | | | 5.50 | % | 10.83 | % | 12/20/2023 | | 10/14/2028 | | | — | | | (5,389) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
Amplix | | (k) | | Unitranche First Amendment Term Loan | | S+ | | | | 6.40 | % | 11.58 | % | 10/19/2023 | | 10/18/2029 | | | 3,501,593 | | | 3,402,234 | | | 3,414,054 |
Golden Source | | (j) | | Senior Secured Delayed Draw Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 3/25/2022 | | 5/12/2028 | | | 3,414,850 | | | 3,345,804 | | | 3,412,858 |
Ivanti Software | | (k) | | Senior Secured 2021 Specified Refinancing Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 11/20/2020 | | 12/1/2027 | | | 2,932,763 | | | 2,902,499 | | | 2,791,873 |
Planview | | (k) | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 12/11/2020 | | 12/17/2027 | | | 2,579,112 | | | 2,560,716 | | | 2,562,825 |
Idera | | (k) | | Senior Secured Term B-1 Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 6/27/2017 | | 3/2/2028 | | | 2,546,938 | | | 2,547,125 | | | 2,538,979 |
Precisely | | (k) | | Senior Secured Third Amendment Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 3/19/2021 | | 4/23/2028 | | | 2,443,750 | | | 2,434,611 | | | 2,429,088 |
Barracuda | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 7.00 | % | 12.33 | % | 5/17/2022 | | 8/15/2030 | | | 2,000,000 | | | 1,943,410 | | | 1,955,000 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
High Tech Industries (Continued) | | | | | | | | | | | | | | | | | | | | | | | | | |
QuickBase | | | | Senior Secured Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.33 | % | 3/29/2019 | | 4/2/2026 | | $ | 1,910,000 | | $ | 1,906,929 | | $ | 1,900,450 |
Intermedia | | | | Senior Secured New Term Loan (First Lien) | | S+ | | | | 6.00 | % | 11.33 | % | 7/13/2018 | | 7/21/2025 | | | 1,900,000 | | | 1,896,491 | | | 1,885,750 |
HelpSystems | | (k) | | Senior Secured Term Loan | | S+ | | | | 4.00 | % | 9.33 | % | 12/19/2019 | | 11/19/2026 | | | 1,949,472 | | | 1,945,096 | | | 1,852,701 |
OEConnection | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.33 | % | 9/24/2019 | | 9/25/2026 | | | 1,575,942 | | | 1,573,078 | | | 1,575,374 |
Digital Room | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 5.25 | % | 10.58 | % | 12/16/2021 | | 12/21/2028 | | | 1,473,750 | | | 1,462,575 | | | 1,459,013 |
WellSky | | (k) | | Senior Secured Incremental Term B-1 Loan (First Lien) | | S+ | | | | 5.75 | % | 11.08 | % | 8/16/2022 | | 3/10/2028 | | | 987,500 | | | 963,276 | | | 988,557 |
Infoblox | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 10/7/2020 | | 12/1/2027 | | | 975,000 | | | 972,231 | | | 975,731 |
SmartBear | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 11/20/2020 | | 3/3/2028 | | | 975,000 | | | 968,420 | | | 975,487 |
ORBCOMM | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 6/17/2021 | | 9/1/2028 | | | 977,500 | | | 973,842 | | | 934,734 |
Aptean | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 12/31/2023 | | 4/23/2026 | | | 500,000 | | | 495,000 | | | 500,103 |
Cloudera | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 8/10/2021 | | 10/8/2028 | | | 491,250 | | | 487,666 | | | 487,873 |
Barracuda | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 5/17/2022 | | 8/15/2029 | | | 495,000 | | | 482,471 | | | 484,637 |
Amplix | | | | Unitranche Revolving Credit Loan | | S+ | | | | 6.40 | % | 11.58 | % | 10/19/2023 | | 10/18/2029 | | | — | | | (8,242) | | | — |
Golden Source | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 5.50 | % | 10.83 | % | 8/22/2022 | | 5/12/2028 | | | — | | | (9,390) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Containers, Packaging & Glass | | | | | | | | | | | | | | | | | | | | | | | | | |
InMark | | (j) | | Unitranche Incremental Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 12/10/2021 | | 12/23/2026 | | | 6,354,184 | | | 6,256,539 | | | 6,354,184 |
Brook & Whittle | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 12/9/2021 | | 12/14/2028 | | | 3,099,665 | | | 3,079,527 | | | 3,068,669 |
Transcendia | | | | Senior Secured 2017 Refinancing Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.83 | % | 5/11/2017 | | 5/30/2024 | | | 3,283,118 | | | 3,281,901 | | | 2,659,326 |
Anchor Packaging | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.83 | % | 7/17/2019 | | 7/18/2026 | | | 2,464,933 | | | 2,459,138 | | | 2,455,690 |
PCI | | (k) | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 3.50 | % | 8.83 | % | 9/25/2020 | | 11/30/2027 | | | 2,419,063 | | | 2,413,275 | | | 2,423,599 |
Paragon Films | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.33 | % | 12/15/2021 | | 12/16/2028 | | | 2,031,007 | | | 2,014,514 | | | 2,020,852 |
Intertape Polymer | | (k) (n) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 6/15/2022 | | 6/28/2028 | | | 1,975,000 | | | 1,912,753 | | | 1,829,966 |
TricorBraun | | (k) | | Senior Secured Closing Date Initial Term Loan (First Lien) | | S+ | | | | 3.25 | % | 8.58 | % | 1/29/2021 | | 3/3/2028 | | | 1,792,002 | | | 1,785,730 | | | 1,784,252 |
Resource Label Group | | (k) | | Senior Secured Closing Date Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 7/2/2021 | | 7/7/2028 | | | 1,842,152 | | | 1,835,502 | | | 1,737,149 |
Technimark | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 6/30/2021 | | 7/7/2028 | | | 1,462,500 | | | 1,457,402 | | | 1,451,531 |
Tekni-Plex | | (k) | | Senior Secured Tranche B-3 Initial Term Loan | | S+ | | | | 4.00 | % | 9.33 | % | 7/29/2021 | | 9/15/2028 | | | 1,116,901 | | | 1,114,979 | | | 1,115,276 |
Novolex | | (k) | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 4.18 | % | 9.51 | % | 3/30/2022 | | 4/13/2029 | | | 985,000 | | | 966,127 | | | 990,541 |
Lacerta | | | | Senior Secured Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 2/8/2021 | | 12/30/2026 | | | 970,000 | | | 963,490 | | | 948,175 |
Applied Adhesives | | | | Senior Secured Term A Loan | | S+ | | | | 4.75 | % | 10.08 | % | 3/12/2021 | | 3/12/2027 | | | 615,240 | | | 611,369 | | | 610,625 |
Industrial Physics | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.25 | % | 11.58 | % | 7/18/2023 | | 7/19/2029 | | | 500,000 | | | 483,469 | | | 495,000 |
Pregis | | (k) | | Senior Secured Third Amendment Refinancing Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 12/9/2020 | | 7/31/2026 | | | 488,750 | | | 487,441 | | | 490,470 |
Five Star Packaging | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 4/27/2022 | | 5/5/2029 | | | 493,750 | | | 487,849 | | | 488,195 |
Golden West Packaging | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.25 | % | 10.58 | % | 11/29/2021 | | 12/1/2027 | | | 468,750 | | | 465,210 | | | 457,031 |
Applied Adhesives | | | | Senior Secured Revolving Loan | | S+ | | | | 4.75 | % | 10.08 | % | 3/12/2021 | | 3/12/2027 | | | — | | | (616) | | | — |
Industrial Physics | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.25 | % | 11.58 | % | 7/18/2023 | | 7/31/2028 | | | — | | | (3,233) | | | — |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Capital Equipment | | | | | | | | | | | | | | | | | | | | | | | | | |
Tank Holding | | | | Unitranche Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 3/25/2022 | | 3/31/2028 | | $ | 3,940,000 | | $ | 3,879,002 | | $ | 3,900,600 |
Plaskolite | | (k) | | Senior Secured 2021-1 Refinancing Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 12/12/2018 | | 12/15/2025 | | | 3,802,475 | | | 3,779,055 | | | 3,645,623 |
Excelitas | | | | Unitranche Closing Date Euro Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 6/15/2022 | | 8/12/2029 | | | 2,939,870 | | | 2,982,279 | | | 2,910,471 |
Burke Porter Group | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/30/2022 | | 7/29/2029 | | | 2,310,000 | | | 2,255,557 | | | 2,269,575 |
Shaw | | | | Senior Secured Initial Senior Term Facility | | S+ | | | | 6.00 | % | 11.33 | % | 9/30/2023 | | 10/30/2029 | | | 1,787,234 | | | 1,750,224 | | | 1,773,830 |
Flow Control Group | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 3/17/2021 | | 3/31/2028 | | | 1,649,289 | | | 1,647,350 | | | 1,652,587 |
Radwell | | | | Unitranche Initial Term Loan | | S+ | | | | 6.53 | % | 11.86 | % | 3/11/2022 | | 4/1/2029 | | | 1,489,500 | | | 1,469,513 | | | 1,482,053 |
Therm-O-Disc | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 6.00 | % | 11.33 | % | 5/26/2022 | | 5/31/2029 | | | 987,500 | | | 923,554 | | | 948,000 |
MW Industries | | | | Senior Secured Initial Term Loan | | S+ | | | | 7.00 | % | 12.33 | % | 3/31/2023 | | 3/31/2030 | | | 945,910 | | | 919,986 | | | 938,816 |
Cleaver Brooks | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 7/18/2022 | | 7/18/2028 | | | 919,712 | | | 904,482 | | | 919,712 |
TriMark | | | | Senior Secured Second Amendment Tranche B Loan (Super Senior priority) | | S+ | | | | 3.50 | % | 8.83 | % | 1/31/2022 | | 8/28/2024 | | | 953,731 | | | 953,731 | | | 572,239 |
Culligan | | (k) | | Senior Secured 2022 Refinancing Term B Loan | | S+ | | | | 3.75 | % | 9.08 | % | 6/17/2021 | | 7/31/2028 | | | 554,063 | | | 551,569 | | | 555,176 |
Bad Boy Mowers | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 11/29/2023 | | 11/2/2029 | | | 500,000 | | | 487,500 | | | 496,250 |
CIRCOR | | | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/30/2023 | | 10/18/2030 | | | 500,000 | | | 490,196 | | | 496,250 |
Ohio Transmission | | (k) | | Unitranche Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 12/12/2023 | | 4/28/2026 | | | 500,000 | | | 487,333 | | | 495,000 |
Duravant | | (k) | | Senior Secured Incremental Amendment No. 5 Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.83 | % | 3/5/2020 | | 5/19/2028 | | | 482,576 | | | 482,576 | | | 480,539 |
Infinite Electronics | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 2/24/2021 | | 3/2/2028 | | | 487,575 | | | 486,814 | | | 479,042 |
SPX Flow | | (k) | | Senior Secured Term Loan | | S+ | | | | 4.50 | % | 9.83 | % | 3/18/2022 | | 4/5/2029 | | | 435,707 | | | 420,372 | | | 437,704 |
Burke Porter Group | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.00 | % | 11.33 | % | 8/11/2022 | | 7/29/2028 | | | 57,991 | | | 47,586 | | | 56,976 |
Tank Holding | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.75 | % | 11.08 | % | 3/25/2022 | | 3/31/2028 | | | 39,385 | | | 36,431 | | | 38,991 |
Radwell | | | | Senior Secured Revolving Loan | | S+ | | | | 6.75 | % | 12.08 | % | 3/11/2022 | | 4/1/2028 | | | 16,000 | | | 14,800 | | | 15,920 |
Ohio Transmission | | | | Senior Secured Revolving Facility | | S+ | | | | 5.50 | % | 10.83 | % | 12/19/2023 | | 12/19/2029 | | | — | | | (693) | | | — |
CIRCOR | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.00 | % | 11.33 | % | 10/20/2023 | | 10/18/2029 | | | — | | | (1,151) | | | — |
Cleaver Brooks | | | | Senior Secured Revolving Loan | | S+ | | | | 5.75 | % | 11.08 | % | 7/21/2022 | | 7/31/2028 | | | — | | | (2,462) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Consumer | | | | | | | | | | | | | | | | | | | | | | | | | |
Ned Stevens 2022-2 | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 11/1/2022 | | 11/1/2029 | | | 4,361,461 | | | 4,246,352 | | | 4,361,461 |
A Place For Mom | | | | Senior Secured Term Loan | | S+ | | | | 4.50 | % | 9.83 | % | 7/28/2017 | | 2/10/2026 | | | 2,181,019 | | | 2,181,099 | | | 2,159,209 |
Smart Start | | | | Senior Secured Term B Loan (Second Lien) | | S+ | | | | 7.75 | % | 13.08 | % | 12/10/2021 | | 12/16/2029 | | | 2,000,000 | | | 1,972,307 | | | 1,955,000 |
Smart Start | | | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 12/10/2021 | | 12/16/2028 | | | 1,960,000 | | | 1,952,058 | | | 1,915,900 |
Apex Service Partners | | | | Unitranche Term Loan | | S+ | | | | 5.00 | % | 10.33 | % | 10/16/2023 | | 10/24/2030 | | | 1,843,015 | | | 1,824,352 | | | 1,829,192 |
FullBloom | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 12/10/2021 | | 12/15/2028 | | | 1,477,500 | | | 1,466,323 | | | 1,470,113 |
Teaching Strategies | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 8/19/2021 | | 8/31/2028 | | | 980,000 | | | 971,846 | | | 968,975 |
Spring Education | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.50 | % | 9.83 | % | 10/5/2023 | | 10/4/2030 | | | 950,000 | | | 950,000 | | | 953,919 |
Aegis Sciences | | | | Senior Secured Initial Term Loan (2018) (First Lien) | | S+ | | | | 5.50 | % | 10.83 | % | 5/4/2018 | | 5/9/2025 | | | 577,093 | | | 575,661 | | | 564,108 |
Apex Service Partners | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.50 | % | 11.83 | % | 10/16/2023 | | 10/24/2029 | | | 11,690 | | | 10,229 | | | 11,603 |
Legacy Service Partners | | | | Unitranche Closing Date Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 10/25/2023 | | 1/9/2029 | | | — | | | (5,000) | | | — |
Ned Stevens 2022-2 | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.75 | % | 12.08 | % | 11/1/2022 | | 11/1/2029 | | | — | | | (10,154) | | | — |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics & Rubber | | | | | | | | | | | | | | | | | | | | | | | | | |
DuBois Chemicals | | | | Senior Secured Term Loan (Second Lien) - 2019 | | S+ | | | | 8.50 | % | 13.83 | % | 10/8/2019 | | 9/30/2027 | | $ | 3,000,000 | | $ | 2,986,732 | | $ | 2,977,500 |
Vertellus | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 12/18/2020 | | 12/22/2027 | | | 2,932,838 | | | 2,882,954 | | | 2,815,524 |
Unifrax | | (k) | | Senior Secured USD Term Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 11/5/2018 | | 12/12/2025 | | | 2,376,190 | | | 2,361,477 | | | 2,222,795 |
USALCO | | (k) | | Unitranche Term Loan A | | S+ | | | | 6.00 | % | 11.33 | % | 10/26/2021 | | 10/19/2027 | | | 1,960,000 | | | 1,945,924 | | | 1,920,800 |
Boyd Corp | | (k) | | Senior Secured Initial Loan (Second Lien) | | S+ | | | | 6.75 | % | 12.08 | % | 8/16/2018 | | 9/6/2026 | | | 2,000,000 | | | 2,001,035 | | | 1,800,840 |
DuBois Chemicals | | (k) | | Senior Secured Term Loan B (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 10/8/2019 | | 9/30/2026 | | | 1,741,436 | | | 1,722,733 | | | 1,733,817 |
Ascensus Specialties | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.25 | % | 9.71 | % | 12/3/2021 | | 6/30/2028 | | | 488,700 | | | 482,346 | | | 472,817 |
Boyd Corp | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.50 | % | 8.83 | % | 11/7/2018 | | 9/6/2025 | | | 482,188 | | | 472,206 | | | 466,618 |
Polytek | | | | Senior Secured Term Loan | | S+ | | | | 6.75 | % | 12.08 | % | 12/23/2020 | | 9/20/2024 | | | 485,156 | | | 482,673 | | | 465,750 |
Vertellus | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.75 | % | 11.08 | % | 12/18/2020 | | 12/22/2025 | | | 199,614 | | | 189,484 | | | 191,629 |
USALCO | | (k) | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.33 | % | 10/26/2021 | | 10/19/2026 | | | 133,065 | | | 129,839 | | | 130,403 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Transportation: Cargo | | | | | | | | | | | | | | | | | | | | | | | | | |
Evans Network | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.25 | % | 9.58 | % | 8/6/2021 | | 8/19/2028 | | | 3,590,816 | | | 3,561,375 | | | 3,545,931 |
Capstone Logistics | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 11/12/2020 | | 11/12/2027 | | | 2,074,268 | | | 2,060,969 | | | 2,069,082 |
AIT Worldwide Logistics | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 12/9/2021 | | 4/6/2028 | | | 1,955,000 | | | 1,951,381 | | | 1,944,003 |
Worldwide Express | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 7/23/2021 | | 7/26/2028 | | | 1,470,000 | | | 1,461,801 | | | 1,444,775 |
St. George Logistics | | | | Senior Secured Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 4/28/2022 | | 3/24/2028 | | | 1,477,500 | | | 1,461,453 | | | 1,444,256 |
FLS Transportation | | | | Senior Secured Term B Loan | | S+ | | | | 5.25 | % | 10.58 | % | 4/14/2022 | | 12/15/2028 | | | 1,205,217 | | | 1,195,851 | | | 1,178,100 |
Omni Logistics | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.33 | % | 11/24/2021 | | 12/30/2026 | | | 1,204,643 | | | 1,196,096 | | | 1,165,492 |
Magnate | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.50 | % | 10.83 | % | 3/11/2022 | | 12/29/2028 | | | 951,342 | | | 935,912 | | | 929,936 |
Omni Logistics | | | | Senior Secured Revolving Credit Loan (First Lien) | | L+ | | | | 5.00 | % | 10.33 | % | 11/24/2021 | | 12/30/2025 | | | 88,933 | | | 87,814 | | | 86,043 |
FLS Transportation | | | | Senior Secured Revolving Credit Loan | | S+ | | | | 5.25 | % | 10.58 | % | 4/14/2022 | | 12/17/2027 | | | — | | | (889) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | | | | | | | | |
Engine & Transmission Exchange | | (j) | | Senior Secured Term Loan A | | S+ | | | | 6.50 | % | 11.83 | % | 5/26/2023 | | 5/29/2029 | | | 4,254,276 | | | 4,135,237 | | | 4,254,276 |
Highline | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 10/29/2020 | | 11/9/2027 | | | 2,784,886 | | | 2,741,266 | | | 2,743,113 |
BBB Industries | | (k) | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 5.25 | % | 10.58 | % | 6/30/2022 | | 7/25/2029 | | | 2,099,960 | | | 1,927,014 | | | 1,996,054 |
Rough Country | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.25 | % | 8.58 | % | 7/26/2021 | | 7/28/2028 | | | 1,955,000 | | | 1,951,421 | | | 1,945,225 |
Truck Hero | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 3.50 | % | 8.83 | % | 1/20/2021 | | 1/31/2028 | | | 1,458,750 | | | 1,458,750 | | | 1,442,944 |
Innovative XCessories | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.25 | % | 9.58 | % | 2/27/2020 | | 3/5/2027 | | | 777,830 | | | 777,305 | | | 668,934 |
Safe Fleet | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 6.75 | % | 12.08 | % | 2/23/2022 | | 2/2/2026 | | | 500,000 | | | 500,000 | | | 496,250 |
Engine & Transmission Exchange | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.83 | % | 5/26/2023 | | 5/25/2029 | | | — | | | (15,392) | | | — |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
Alliance Environmental Group | | (j) | | Unitranche Initial Term Loan | | S+ | | 3.00 | % | 3.00 | %PIK | 11.33 | % | 12/30/2021 | | 12/30/2027 | | $ | 4,341,338 | | $ | 4,278,997 | | $ | 4,207,260 |
Vortex | | (j) | | Unitranche Initial Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/1/2023 | | 9/4/2029 | | | 4,042,671 | | | 3,966,124 | | | 3,964,267 |
Denali Water Solutions | | | | Senior Secured Closing Date Term Loan | | S+ | | | | 4.25 | % | 9.58 | % | 3/18/2021 | | 3/27/2028 | | | 1,950,000 | | | 1,935,411 | | | 1,906,125 |
Crystal Clean | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 5.00 | % | 10.33 | % | 10/5/2023 | | 10/17/2030 | | | 1,000,000 | | | 975,000 | | | 1,003,750 |
Keter Environmental Services | | | | Unitranche Closing Date Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 11/5/2021 | | 10/29/2027 | | | 490,000 | | | 486,488 | | | 486,325 |
Denali Water Solutions | | | | Senior Secured Amendment No. 3 Term Loan | | S+ | | | | 4.63 | % | 9.96 | % | 5/5/2022 | | 3/27/2028 | | | 465,473 | | | 452,705 | | | 455,000 |
Alliance Environmental Group | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.33 | % | 12/30/2021 | | 12/30/2027 | | | 306,291 | | | 299,669 | | | 296,832 |
Vortex | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/1/2023 | | 9/4/2029 | | | 51,699 | | | 17,183 | | | 50,696 |
Keter Environmental Services | | | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.83 | % | 11/5/2021 | | 10/29/2027 | | | — | | | (775) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Aerospace & Defense | | | | | | | | | | | | | | | | | | | | | | | | | |
CPI International | | | | Unitranche Initial Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 5/18/2022 | | 10/8/2029 | | | 2,977,500 | | | 2,919,277 | | | 2,910,506 |
HDT Global | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 6/30/2021 | | 7/8/2027 | | | 3,106,250 | | | 3,031,502 | | | 2,485,000 |
Whitcraft | | | | Senior Secured Initial Term Loan | | S+ | | | | 7.00 | % | 12.33 | % | 3/31/2023 | | 2/15/2029 | | | 1,985,000 | | | 1,913,205 | | | 1,975,075 |
Amentum | | (k) | | Senior Secured Tranche 3 Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 2/10/2022 | | 2/15/2029 | | | 1,970,000 | | | 1,961,871 | | | 1,974,433 |
Peraton | | (k) | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 3.75 | % | 9.08 | % | 2/23/2021 | | 2/1/2028 | | | 951,845 | | | 948,813 | | | 955,414 |
API Technologies | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | 1.00 | % | 6.00 | % PIK | 6.33 | % | 1/15/2020 | | 5/9/2026 | | | 964,824 | | | 951,177 | | | 752,563 |
BlueHalo | | | | Unitranche Initial Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 11/17/2021 | | 10/31/2025 | | | 489,015 | | | 484,221 | | | 481,680 |
Novaria Group | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 1/24/2020 | | 1/27/2027 | | | 481,250 | | | 478,973 | | | 475,234 |
BlueHalo | | | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.83 | % | 11/17/2021 | | 10/31/2025 | | | 58,084 | | | 56,595 | | | 57,212 |
API Technologies | | | | Senior Secured Priming Facillity | | S+ | | 1.00 | % | 6.00 | % PIK | 6.33 | % | 11/3/2023 | | 3/25/2027 | | | 51,154 | | | 49,620 | | | 39,900 |
Whitcraft | | | | Senior Secured Revolving Loan | | S+ | | | | 7.00 | % | 12.33 | % | 3/31/2023 | | 2/15/2029 | | | 17,857 | | | 7,143 | | | 17,768 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | | | | | | | | | |
Bettcher Industries | | | | Senior Secured Initial Term Loan (Second Lien) | | S+ | | | | 7.25 | % | 12.58 | % | 12/13/2021 | | 12/14/2029 | | | 2,500,000 | | | 2,480,426 | | | 2,475,000 |
Bettcher Industries | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 12/13/2021 | | 12/14/2028 | | | 1,965,000 | | | 1,948,322 | | | 1,942,894 |
Hissho Sushi | | (j) | | Unitranche Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 4/7/2022 | | 5/18/2028 | | | 1,829,286 | | | 1,798,374 | | | 1,829,286 |
Dessert Holdings | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 6/7/2021 | | 6/9/2028 | | | 1,743,962 | | | 1,734,080 | | | 1,700,363 |
Monogram Foods | | | | Senior Secured Initial Term Loan | | S+ | | | | 4.00 | % | 9.33 | % | 8/13/2021 | | 8/28/2028 | | | 980,000 | | | 972,720 | | | 967,750 |
Hissho Sushi | | (j) | | Senior Secured Revolving Credit Loan | | S+ | | | | 6.00 | % | 11.33 | % | 4/7/2022 | | 5/18/2028 | | | — | | | (667) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | | | | | | | | |
A1 Garage Door Service | | (j) | | Unitranche Term Loan A | | S+ | | | | 6.50 | % | 11.83 | % | 12/22/2022 | | 12/22/2028 | | | 2,236,020 | | | 2,172,995 | | | 2,236,020 |
Tangent | | | | Senior Secured Closing Date Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 10/2/2019 | | 11/30/2027 | | | 1,763,235 | | | 1,758,095 | | | 1,714,746 |
PlayPower | | | | Senior Secured Initial Term Loan | | S+ | | | | 5.50 | % | 10.83 | % | 5/10/2019 | | 5/8/2026 | | | 1,718,028 | | | 1,718,028 | | | 1,670,782 |
Specialty Products & Insulation | | (k) | | Senior Secured Tranche B-1 Term Loan | | S+ | | | | 5.00 | % | 10.33 | % | 3/16/2022 | | 12/21/2027 | | | 984,023 | | | 976,282 | | | 984,023 |
Dodge Construction Network | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.75 | % | 10.08 | % | 2/10/2022 | | 2/23/2029 | | | 985,000 | | | 973,652 | | | 871,109 |
A1 Garage Door Service | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.50 | % | 11.83 | % | 12/22/2022 | | 12/23/2028 | | | — | | | (8,264) | | | — |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
| | | | | | | | | | | | | | | | | | | | | | | | | |
BANK LOANS: NON-CONTROL/NON-AFFILIATE INVESTMENTS (h) (i) (Continued): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Wholesale | | | | | | | | | | | | | | | | | | | | | | | | | |
GME Supply | | | | Unitranche Initial Term Loan | | S+ | | | | 6.25 | % | 11.58 | % | 7/5/2023 | | 7/6/2029 | | $ | 3,794,452 | | $ | 3,695,591 | | $ | 3,708,404 |
Carlisle Foodservice | | | | Unitranche Term Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/29/2023 | | 9/11/2030 | | | 1,000,000 | | | 978,980 | | | 992,500 |
Carlisle Foodservice | | | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/29/2023 | | 10/2/2029 | | | — | | | (3,223) | | | — |
GME Supply | | | | Senior Secured Revolving Loan | | S+ | | | | 6.25 | % | 11.58 | % | 7/5/2023 | | 7/5/2027 | | | — | | | (13,831) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Non-durable | | | | | | | | | | | | | | | | | | | | | | | | | |
Augusta Sportswear | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 6.50 | % | 11.83 | % | 11/21/2023 | | 11/21/2029 | | | 4,500,000 | | | 4,410,000 | | | 4,410,000 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | | | | | | | | |
MediaRadar | | (j) | | Unitranche Closing Date Term A Loan | | S+ | | | | 5.75 | % | 11.08 | % | 5/23/2022 | | 6/1/2029 | | | 1,814,074 | | | 1,776,598 | | | 1,791,988 |
MediaRadar | | | | Unitranche 2023 Incremental Term Loan | | S+ | | | | 6.25 | % | 11.58 | % | 10/31/2023 | | 9/17/2029 | | | 957,150 | | | 933,221 | | | 945,497 |
MediaRadar | | (j) | | Senior Secured Revolving Loan | | S+ | | | | 6.00 | % | 11.33 | % | 9/16/2022 | | 7/22/2028 | | | — | | | (10,168) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Metals & Mining | | | | | | | | | | | | | | | | | | | | | | | | | |
Dynatect (A&A) | | | | Senior Secured Term B Loan | | S+ | | | | 4.50 | % | 9.83 | % | 8/16/2019 | | 9/30/2024 | | | 1,674,858 | | | 1,669,246 | | | 1,662,296 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Retail | | | | | | | | | | | | | | | | | | | | | | | | | |
Varsity Brands | | (k) | | Senior Secured Third Amendment Extended Term Loan (First Lien) | | S+ | | | | 5.00 | % | 10.33 | % | 10/17/2018 | | 12/15/2026 | | | 947,649 | | | 949,734 | | | 943,901 |
StubHub | | (k) | | Senior Secured USD Term B Loan | | S+ | | | | 3.50 | % | 8.83 | % | 1/31/2020 | | 2/12/2027 | | | 480,000 | | | 478,894 | | | 473,498 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Forest Products & Paper | | | | | | | | | | | | | | | | | | | | | | | | | |
Loparex | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 4.50 | % | 9.83 | % | 7/29/2019 | | 7/31/2026 | | | 1,436,250 | | | 1,430,208 | | | 1,364,438 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Utilities: Water | | | | | | | | | | | | | | | | | | | | | | | | | |
Aegion | | (k) | | Senior Secured Initial Term Loan | | S+ | | | | 4.75 | % | 10.08 | % | 4/1/2021 | | 5/17/2028 | | | 978,082 | | | 974,737 | | | 978,082 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Energy: Oil & gas | | | | | | | | | | | | | | | | | | | | | | | | | |
AmSpec | | (k) | | Senior Secured Closing Date Term Loan | | S+ | | | | 5.75 | % | 11.08 | % | 10/11/2023 | | 12/5/2030 | | | 1,000,000 | | | 986,093 | | | 975,000 |
AmSpec | | | | Senior Secured Revolving Loan | | S+ | | | | 5.75 | % | 11.08 | % | 12/4/2023 | | 12/14/2029 | | | — | | | (3,634) | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Energy: Electricity | | | | | | | | | | | | | | | | | | | | | | | | | |
Franklin Energy | | | | Senior Secured Term B Loan (First Lien) | | S+ | | | | 4.00 | % | 9.33 | % | 8/14/2019 | | 8/14/2026 | | | 957,500 | | | 956,363 | | | 938,350 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Hotels, Gaming & Leisure | | | | | | | | | | | | | | | | | | | | | | | | | |
Auto Europe | | | | Senior Secured Initial Dollar Term Loan | | S+ | | | | 7.50 | % | 12.83 | % | 10/19/2016 | | 4/21/2025 | | | 938,318 | | | 938,318 | | | 919,552 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer Goods: Durable | | | | | | | | | | | | | | | | | | | | | | | | | |
Careismatic | | | | Senior Secured Initial Term Loan (First Lien) | | S+ | | | | 3.25 | % | 8.58 | % | 1/22/2021 | | 1/6/2028 | | | 487,500 | | | 486,664 | | | 287,625 |
Total Bank Loans | | | | | | | | | | | | | | | | | $ | 385,290,924 | | $ | 381,763,367 |
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Schedule of Investments (Continued)
As of December 31, 2023
(Expressed in U.S. Dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Investments (a) (b) (c) (d) (e) (f) | | Footnote Reference | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Acquisition Date | | Maturity Date | | Par/Shares | | Amortized Cost | | Market Value |
EQUITY AND PREFERRED SHARES: NON-CONTROL/NON-AFFILIATE INVESTMENTS- (1.2%) (g) (h): | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
High Tech Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
PracticeTek | | (j) (o) (p) | | Class A Units | | | | | | | | | | 11/22/2021 | | | | $ | 615,631 | | $ | 648,053 | | $ | 673,164 |
Amplix | | (j) (o) (q) | | Class A-2 Units | | | | | | | | | | 10/19/2023 | | | | | 23,810 | | | 238,095 | | | 238,095 |
Golden Source | | (j) (o) (r) | | Class A Units | | | | | | | | | | 3/25/2022 | | | | | 117,371 | | | 117,371 | | | 187,455 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Business | | | | | | | | | | | | | | | | | | | | | | | | | |
InnovateMR | | (j) (o) (s) | | Class A Units | | | | | | | | | | 12/16/2021 | | | | | 387 | | | 387,311 | | | 447,268 |
Industrial Services Group | | (j) (o) (t) | | Class A Units | | | | | | | | | | 12/7/2022 | | | | | 238 | | | 238,095 | | | 270,179 |
Liberty Group | | (j) (o) (u) | | Series A-Preferred Units | | | | | | | | | | 6/6/2022 | | | | | 113,636 | | | 113,636 | | | 140,225 |
Heartland | | (o) (v) | | Co-Invest Units | | | | | | | | | | 12/12/2023 | | | | | 889 | | | 88,889 | | | 88,889 |
VC3 | | (j) (o) (w) | | Class A Units | | | | | | | | | | 9/16/2022 | | | | | 15,279 | | | 62,282 | | | 65,700 |
OSG Billing Services | | (o) (x) | | Class A Units | | | | | | | | | | 11/30/2023 | | | | | 27,208 | | | — | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Healthcare & Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | | | |
OrthoNebraska | | (j) (o) (y) | | Class A Units | | | | | | | | | | 7/31/2023 | | | | | 24,245 | | | 242,452 | | | 258,253 |
Minds + Assembly | | (j) (o) (z) | | Class A Units | | | | | | | | | | 5/3/2023 | | | | | 217 | | | 217,391 | | | 257,347 |
InterMed | | (j) (o) (aa) | | Class A Units | | | | | | | | | | 12/22/2022 | | | | | 2,484 | | | 248,380 | | | 144,227 |
Ivy Rehab | | (o) (ab) | | Class A Units | | | | | | | | | | 3/11/2022 | | | | | 100 | | | 100,000 | | | 102,137 |
RevHealth | | (j) (o) (ac) | | Class A-1 Units | | | | | | | | | | 7/22/2022 | | | | | 20,548 | | | 205,479 | | | 87,436 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Beverage, Food & Tobacco | | | | | | | | | | | | | | | | | | | | | | | | | |
Hissho Sushi | | (j) (o) (ad) | | Class A Units | | | | | | | | | | 4/7/2022 | | | | | 25,000 | | | 250,000 | | | 442,054 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Construction & Building | | | | | | | | | | | | | | | | | | | | | | | | | |
A1 Garage Door Service | | (j) (o) (ae) | | Class A Common Units | | | | | | | | | | 12/22/2022 | | | | | 273 | | | 272,727 | | | 376,917 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Environmental Industries | | | | | | | | | | | | | | | | | | | | | | | | | |
Vortex | | (j) (o) (af) | | LP Common Units | | | | | | | | | | 9/1/2023 | | | | | 190 | | | 189,759 | | | 224,025 |
Alliance Environmental Group | | (j) (o) (ag) | | A-1 Preferred Units | | | | | | | | | | 9/30/2019 | | | | | 331 | | | 331,126 | | | 107,177 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Services: Consumer | | | | | | | | | | | | | | | | | | | | | | | | | |
Ned Stevens 2022-2 | | (j) (o) (ah) | | Class B Common Units | | | | | | | | | | 11/1/2022 | | | | | 279 | | | 278,990 | | | 278,990 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Banking, Finance, Insurance & Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | |
Cherry Bekaert | | (j) (o) (ai) | | Class A Units | | | | | | | | | | 6/30/2022 | | | | | 129,870 | | | 129,870 | | | 216,572 |
Beta+ | | (o) (aj) | | Class A-2 Common Stock | | | | | | | | | | 9/15/2023 | | | | | 2,470 | | | 24,700 | | | 24,700 |
American Beacon Advisors | | (o) (ak) | | Common Units | | | | | | | | | | 12/29/2023 | | | | | 16,071 | | | — | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Automotive | | | | | | | | | | | | | | | | | | | | | | | | | |
Engine & Transmission Exchange | | (j) (o) (al) | | Class A-1 Units | | | | | | | | | | 5/26/2023 | | | | | 211,268 | | | 211,268 | | | 239,133 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Wholesale | | | | | | | | | | | | | | | | | | | | | | | | | |
GME Supply | | (j) (o) (am) | | Class A Units | | | | | | | | | | 6/30/2023 | | | | | 272,422 | | | 272,422 | | | 235,688 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Chemicals, Plastics & Rubber | | | | | | | | | | | | | | | | | | | | | | | | | |
Vertellus | | (o) (an) | | Series A Units | | | | | | | | | | 12/22/2020 | | | | | 1,651 | | | 165,138 | | | 178,570 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Media: Advertising, Printing & Publishing | | | | | | | | | | | | | | | | | | | | | | | | | |
MediaRadar | | (j) (o) (ao) | | Class A-1 Units | | | | | | | | | | 9/16/2022 | | | | | 147,000 | | | 147,000 | | | 147,000 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Equity and Preferred Shares | | | | | | | | | | | | | | | | | $ | 5,180,434 | | $ | 5,431,201 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total Portfolio Investments (ap) | | | | | | | | | | | | | | | | | | | | | $ | 390,471,358 | | $ | 387,194,568 |
(˄) | The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”). |
| (a) | All companies are located in the United States of America, unless otherwise noted. |
| (b) | Interest rate percentages represent actual interest rates as of December, 2023, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower. |
| (c) | All loans are income-producing, unless otherwise noted. |
| (d) | All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted. |
| (e) | All investments are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. |
| (f) | Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information. |
| (g) | Percentages are calculated using fair value of investments over net assets. |
| (h) | As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). |
| (i) | The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the unfunded loan commitment. |
| (j) | Three of our affiliated funds, Audax Direct Lending Solutions Fund - A, L.P., Audax Direct Lending Solutions Fund - C, L.P., and Audax Direct Lending Solutions Fund - D, L.P., co-invested with us in this portfolio company pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission. |
| (k) | Investment was valued using Level 2 inputs within the ASC 820 fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information. |
| (l) | The Company headquarters for UDG is located in Ireland. |
| (m) | The Company headquarters for Integro is located in United Kingdom. |
| (n) | The Company headquarters for Intertape Polymer is located in Canada. |
| (o) | Investment is non-income producing. |
| (p) | Represents an investment in APD Ptek Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (q) | Represents an investment in APD AMP Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (r) | Represents an investment in APD Gol Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (s) | Represents an investment in APD INN Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (t) | Represents an investment in APD ISG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (u) | Represents an investment in APD TLG Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (v) | Represents an investment in Heartland PPC Investor LLC, a holding company for the investment in Heartland. |
| (w) | Represents an investment in APD VC3 Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (x) | Represents an investment in OSG Topco Holdings LLC, a holding company for the investment in OSG Billing Services. |
| (y) | Represents an investment in APD OrthoNebraska Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (z) | Represents an investment in APD MA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
| (aa) | Represents an investment in APD IMD Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ab)Represents an investment in APD IVY Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ac)Represents an investment in APD RH Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ad)Represents an investment in APD Sush Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ae)Represents an investment in APD GAR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(af)Represents an investment in APD VTX Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ag) | Represents an investment in APD AEG Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ah) | Represents an investment in APD NS Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle. |
(ai)Represents an investment in APD CBA Equity Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(aj)Represents an investment in Buckhorn Parent, Inc., a holding company for the investment in Beta+.
(ak)Represents an investment in Resolute Topco, Inc., a holding company for the investment in American Beacon Advisors.
(al)Represents an investment in APD ETE Equity Aggregator, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(am)Represents an investment in ADP GMES Parent Holding Blocker, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(an)Represents an investment in ADP VERT Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ao)Represents an investment in APD MDR Equity, L.P., a holding company, made through an affiliated equity aggregator vehicle.
(ap)At December 31, 2023, the cost of investments for income tax purposes was $390,467,107, the gross unrealized depreciation for federal tax purposes was $6,492,193, the gross unrealized appreciation for federal income tax purposes was $3,219,654, and the net unrealized depreciation was $3,272,539.
The accompanying notes are an integral part of these financial statements.
Audax Credit BDC Inc.
Notes to Financial Statements
March 31, 2024
(unaudited)
Note 1. Organization
Audax Credit BDC Inc. (the “Company”) is a Delaware corporation that was formed on January 29, 2015. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, effective with the Company’s taxable year ended December 31, 2015, the Company has elected to be treated for federal income tax purposes and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).
The Company commenced business operations on July 8, 2015, the date on which the Company made its first investment. The Company was formed for the purpose of investing primarily in the debt of leveraged, non-investment grade middle market companies, with the principal objective of generating income and capital appreciation. The Company’s investment strategy is to invest primarily in first lien senior secured loans and selectively in second lien loans to middle market companies.
Audax Management Company (NY), LLC (the “Adviser”) is the investment adviser of the Company. The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended.
Note 2. Significant Accounting Policies
Basis of Presentation
As an investment company, the accompanying financial statements of the Company are prepared in accordance with the investment company accounting and reporting guidance of ASC Topic 946, “Financial Services – Investment Companies,” as amended (“ASC Topic 946”), which incorporates the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X, as well as generally accepted accounting principles in the United States of America (“GAAP”).
Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management of the Company, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair presentation of financial statements for the interim period included herein. The current period’s results of operations are not necessarily indicative of the operating results to be expected for future periods. The accounting records of the Company are maintained in U.S. dollars.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that may affect the reported amounts and disclosures in the financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ, and these differences could be material.
Cash and Cash Equivalents
Cash and cash equivalents are stated at fair value. The Company considers all highly liquid investments purchased with maturities of three months or less and money market mutual funds to be cash equivalents. No cash equivalent balances were held as of March 31, 2024 and December 31, 2023. At such dates, cash was not subject to any restrictions on withdrawal.
Expenses
The Company is responsible for investment expenses, legal expenses, auditing fees and other expenses related to the Company’s operations. Such fees and expenses, including expenses initially incurred by the Adviser, may be reimbursed by the Company.
Investment Valuation Policy
The Company conducts the valuation of the Company’s investments, pursuant to which the Company’s net asset value is determined, at all times consistent with GAAP and the 1940 Act. The Company’s Board of Directors (the “Board of Directors”), with the assistance of the Company’s Audit Committee (the “Audit Committee”), determines the fair value of the Company’s investments, for investments with a public market and for investments with no readily available public market, on at least a quarterly basis, in accordance with the terms of ASC Topic 820, “Fair Value Measurement,” (“ASC 820”). The Company’s valuation procedures are set forth in more detail below.
ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).
ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.
The three-level hierarchy for fair value measurement is defined as follows:
Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company does not adjust the quoted price for these instruments, even in situations where the Company holds a large position, and a sale could reasonably be expected to impact the quoted price.
Level 2 — Inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.
Level 3 — Inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.
Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of its investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets.
Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient in accordance with GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.
Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Board of Directors, does not represent fair value, are each valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data are available. These valuation techniques vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Inputs for these valuation techniques include relative credit information, observed market movement, industry sector information, and other market data, which may include benchmarking of comparable securities, issuer spreads, reported trades, and reference data, such as market research publications, when available. The process used to determine the applicable value is as follows:
(i) Each portfolio company or investment is initially valued by the investment professionals of the Adviser responsible for the portfolio investment using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs. Additionally, as a part of the Company’s valuation process, the Adviser may employ the services of one or more independent valuation firms engaged by the Company;
(ii) Preliminary valuation conclusions are documented and discussed with the Company’s senior management and members of the Adviser’s valuation team;
(iii) The Audit Committee reviews the assessments of the Adviser or independent valuation firm (to the extent applicable) and provides the Board of Directors with recommendations with respect to the fair value of the investments in the Company’s portfolio; and
(iv) The Board of Directors discusses the valuation recommendations of the Audit Committee and determines the fair value of the investments in the Company’s portfolio in good faith based on the input of the Adviser, the independent valuation firm (to the extent applicable) and in accordance with the Company’s valuation policy.
The Audit Committee’s recommendation of fair value is generally based on its assessment of the following factors, as relevant:
| ● | the nature and realizable value of any collateral; |
| ● | call features, put features and other relevant terms of debt; |
| ● | the portfolio company’s ability to make payments; |
| ● | the portfolio company’s actual and expected earnings and discounted cash flow; |
| ● | prevailing interest rates for like securities and expected volatility in future interest rates; |
| ● | the markets in which the portfolio company does business and recent economic and/or market events; and |
| ● | comparisons to publicly traded securities. |
Investment performance data utilized are the most recently available as of the measurement date, which in many cases may reflect up to a one quarter lag in information.
Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include the following:
| ● | private placements and restricted securities that do not have an active trading market; |
| ● | securities whose trading has been suspended or for which market quotes are no longer available; |
| ● | debt securities that have recently gone into default and for which there is no current market; |
| ● | securities whose prices are stale; and |
| ● | securities affected by significant events. |
The Board of Directors is responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.
Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company’s financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s financial statements.
Security transactions are recorded on the trade date (the date the order to buy or sell is executed or, in the case of privately issued securities, the closing date, which is when all terms of the transactions have been defined).
Realized gains and losses on investments are determined based on the identified cost method.
Refer to Note 3 — Investments for additional information regarding fair value measurements and the Company’s application of ASC 820.
Interest Income Recognition
Interest income, adjusted for amortization of premium, acquisition costs, and amendment fees and the accretion of original issue discount (“OID”), are recorded on an accrual basis to the extent that such amounts are expected to be collected. Generally, when a loan becomes 120 days or more past due, or if the Company’s qualitative assessment indicates that the debtor is unable to service its debt or other obligations, the Company will place the loan on non-accrual status and cease recognizing interest income on that loan for financial reporting purposes until the borrower has demonstrated the ability and intent to pay contractual amounts due. However, the Company will remain contractually entitled to this interest. Interest payments received on non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current or, due to a restructuring, the interest income is deemed to be collectible. As of March 31, 2024, the Company held one investment on non-accrual, which represented 0.13% and 0.06% of the Company’s total portfolio at cost and fair market value, respectively. As of December 31, 2023, the Company had no investments on non-accrual.
The Company currently holds loans in the portfolio that contain OID and that contain payment-in-kind (“PIK”) provisions. The Company recognizes OID for loans originally issued at a discount and recognizes the income over the life of the obligation based on an effective yield calculation. PIK interest, computed at the contractual rate specified in a loan agreement, is added to the principal balance of a loan and recorded as income over the life of the obligation. Therefore, the actual collection of PIK income may be deferred until the time of debt principal repayment. To maintain the ability to be taxed as a RIC, the Company may need to pay out of both OID and PIK non-cash income amounts in the form of distributions, even though the Company has not yet collected the cash on either.
As of March 31, 2024 and December 31, 2023, the Company held 211 and 245 investments in loans with OID , respectively. The unamortized balance of OID investments as of March 31, 2024 and December 31, 2023 totaled $4,974,821 and $4,930,002, respectively. For the three months ended March 31, 2024 and 2023, the Company accrued OID income in the amount of $209,198 and $165,630, respectively.
As of March 31, 2024, the Company held 7 investments that had a PIK interest component. As of December 31, 2023, the Company held 7 investments that had a PIK interest component. During the three months ended March 31, 2024 and 2023, the Company accrued PIK income in the amount of $23,066, and $87,506 respectively.
As of March 31, 2024 and December 31, 2023, the Company held $45,997,315 and $20,940,279 cash and cash equivalents, respectively. For the three months ended March 31, 2024 and 2023, the Company earned $85,860 and $64,550, respectively, of interest income related to cash, which is included in other interest income within the accompanying statement of operations.
Other Income Recognition
The Company generally records prepayment fees and amendment fees upon receipt of cash or as soon as the Company becomes aware of the prepayment or amendment.
Dividend income on equity investments is accrued to the extent that such amounts are expected to be collected and if the Company has the option to collect such amounts in cash.
Prepayment fees, amendment fees and dividend income are accrued in other income in the accompanying statements of operations.
For the three months ended March 31, 2024 and 2023, the Company accrued $9,145 and $62,635 of other income, respectively, related to amendment fees.
New Accounting Pronouncements
In November 2023, the FASB issued ASU 2023 - 07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023 - 07"). ASU 2023 - 07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023 - 07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023 - 07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our financial statements.
In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our financial statements.
Note 3. Investments
Fair Value
In accordance with ASC 820, the fair value of the Company’s investments is determined to be the price that would be received for an investment in a current sale, assuming an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date as described in Note–2 – Significant Accounting Policies.
As of March 31, 2024, $267,864,230 of the Company’s investments were valued using unobservable inputs, and $108,393,677 were valued using observable inputs. During the three months ended March 31, 2024, $16,516,705 transferred into Level 3 due to a decrease in observable prices in the market and $23,803,944 transferred out of Level 3 due to the liquidity in the market and transparency of inputs.
As of December 31, 2023, $275,958,708 of the Company’s investments were valued using unobservable inputs, and $111,235,860 were valued using observable inputs. During the three months ended March 31, 2023, $9,724,149 transferred into Level 3 due to a decrease in observable prices in the market and $37,787,878 transferred out of Level 3 due to the liquidity in the market and transparency of inputs.
The following table presents the Company’s investments carried at fair value as of March 31, 2024 and December 31, 2023, by caption on the Company’s accompanying statements of assets and liabilities and by security type.
| | | | | | | | | | | | |
| | Assets at Fair Value as of March 31, 2024 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
First Lien Debt | | $ | — | | $ | 104,138,452 | | $ | 126,320,467 | | $ | 230,458,919 |
Unitranche Debt | | | — | | | 1,101,775 | | | 123,143,915 | | | 124,245,690 |
Second Lien Debt | | | — | | | 3,153,450 | | | 12,337,500 | | | 15,490,950 |
Equity and Preferred Shares | | | — | | | — | | | 6,062,348 | | | 6,062,348 |
Total | | $ | — | | $ | 108,393,677 | | $ | 267,864,230 | | $ | 376,257,907 |
| | | | | | | | | | | | |
| | Assets at Fair Value as of December 31, 2023 |
| | Level 1 | | Level 2 | | Level 3 | | Total |
First Lien Debt | | $ | — | | $ | 102,893,307 | | $ | 132,718,165 | | $ | 235,611,472 |
Unitranche Debt | | | — | | | 6,541,713 | | | 123,000,592 | | | 129,542,305 |
Second Lien Debt | | | — | | | 1,800,840 | | | 14,808,750 | | | 16,609,590 |
Equity and Preferred Shares | | | — | | | — | | | 5,431,201 | | | 5,431,201 |
Total | | $ | — | | $ | 111,235,860 | | $ | 275,958,708 | | $ | 387,194,568 |
In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of March 31, 2024. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.
| | | | | | | | | | | | | | | |
| | | | | | | | | As of March 31, 2024 | |
| | Fair | | Valuation | | Unobservable | | | | | | | Weighted | |
| | Value | | Technique | | Inputs (1) | | Range (2) | | Average (3) | |
First Lien Debt | | $ | 105,507,765 | | Matrix Pricing | | Senior Leverage | | 1.19 | x | - | 9.00 | x | 5.07 | x |
| | | | | | | Total Leverage | | 2.68 | x | - | 9.47 | x | 5.69 | x |
| | | | | | | Interest Coverage | | 0.69 | x | - | 5.12 | x | 1.53 | x |
| | | | | | | Debt Service Coverage | | 0.59 | x | - | 4.46 | x | 1.29 | x |
| | | | | | | TEV Coverage | | 1.10 | x | - | 4.95 | x | 2.37 | x |
| | | | | | | Liquidity | | 12.38 | % | - | 364.74 | % | 121.85 | % |
| | | | | | | Spread Comparison | | 375 | bps | - | 800 | bps | 511 | bps |
| | | | | | | | | | | | | | | |
First Lien Debt | | | 8,380,011 | | Market Analysis | | Senior Leverage | | 0.83 | x | - | 28.25 | x | 8.89 | x |
| | | | | | | Total Leverage | | 3.79 | x | - | 28.25 | x | 11.31 | x |
| | | | | | | Interest Coverage | | 0.00 | x | - | 1.37 | x | 0.84 | x |
| | | | | | | Debt Service Coverage | | 0.00 | x | - | 1.21 | x | 0.66 | x |
| | | | | | | TEV Coverage | | 0.31 | x | - | 15.49 | x | 1.34 | x |
| | | | | | | Liquidity | | 0.00 | % | - | 434.25 | % | 55.34 | % |
| | | | | | | Spread Comparison | | 0 | bps | - | 600 | bps | 418 | bps |
| | | | | | | | | | | | | | | |
First Lien Debt | | | 12,432,691 | | Analysis of Trend in Leverage | | Maturity Modified Market Yield (4) | | 10.41 | % | - | 11.94 | % | 11.09 | % |
| | | | | | | | | | | | | | | |
Unitranche Debt | | | 80,270,822 | | Analysis of Trend in Leverage | | Maturity Modified Market Yield (4) | | 9.30 | % | - | 13.22 | % | 10.60 | % |
| | | | | | | | | | | | | | | |
Unitranche Debt | | | 40,572,853 | | Matrix Pricing | | Senior Leverage | | 4.03 | x | - | 9.00 | x | 6.33 | x |
| | | | | | | Total Leverage | | 1.03 | x | - | 9.00 | x | 6.44 | x |
| | | | | | | Interest Coverage | | 0.71 | x | - | 2.22 | x | 1.36 | x |
| | | | | | | Debt Service Coverage | | 0.59 | x | - | 2.00 | x | 1.17 | x |
| | | | | | | TEV Coverage | | 1.18 | x | - | 2.71 | x | 1.88 | x |
| | | | | | | Liquidity | | 27.69 | % | - | 294.20 | % | 112.80 | % |
| | | | | | | Spread Comparison | | 475 | bps | - | 700 | bps | 589 | bps |
| | | | | | | | | | | | | | | |
Unitranche Debt | | | 2,300,240 | | Market Analysis | | Senior Leverage | | | | | 11.34 | x | 11.34 | x |
| | | | | | | Total Leverage | | | | | 11.34 | x | 11.34 | x |
| | | | | | | Interest Coverage | | | | | 0.91 | x | 0.91 | x |
| | | | | | | Debt Service Coverage | | | | | 0.82 | x | 0.82 | x |
| | | | | | | TEV Coverage | | | | | 1.05 | x | 1.05 | x |
| | | | | | | Liquidity | | | | | 83.16 | % | 83.16 | % |
| | | | | | | Spread Comparison | | | | | 0 | bps | 0 | bps |
| | | | | | | | | | | | | | | |
Second Lien Debt | | | 12,337,500 | | Matrix Pricing | | Senior Leverage | | 6.06 | x | - | 10.35 | x | 6.82 | x |
| | | | | | | Total Leverage | | 6.09 | x | - | 10.35 | x | 6.83 | x |
| | | | | | | Interest Coverage | | 0.90 | x | - | 2.00 | x | 1.52 | x |
| | | | | | | Debt Service Coverage | | 0.72 | x | - | 1.59 | x | 1.25 | x |
| | | | | | | TEV Coverage | | 1.26 | x | - | 2.14 | x | 1.70 | x |
| | | | | | | Liquidity | | 78.66 | % | - | 275.58 | % | 136.23 | % |
| | | | | | | Spread Comparison | | 675 | bps | - | 850 | bps | 757 | bps |
| | | | | | | | | | | | | | | |
Total | | $ | 261,801,882 | | | | | | | | | | | | |
| (1) | For any portfolio company, the unobservable input “Liquidity” is a fraction, expressed as a percentage, the numerator of which is the sum of the company’s undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company’s revolving credit facility. The unobservable input “Spread Comparison” is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions. |
| (2) | Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority. |
| (3) | Inputs are weighted based on the fair value of the investments included in the range. |
| (4) | Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer. |
The table above does not include $6,062,348 of debt, equity and preferred shares which management values using other unobservable inputs, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA multiples, as well as other qualitative information, including company specific information.
In accordance with ASC 820, the following table provides quantitative information about the Level 3 fair value measurements of the Company’s investments as of December 31, 2023. The weighted average calculations in the table below are based on the fair value balances for all debt related calculations for the particular input.
| | | | | | | | | | | | | | | |
| | | | | | | | | As of December 31, 2023 | |
| | Fair | | Valuation | | Unobservable | | | | | | | Weighted | |
| | Value | | Technique | | Inputs (1) | | Range (2) | | Average (3) | |
First Lien Debt | | $ | 113,434,999 | | Matrix Pricing | | Senior Leverage | | 3.22 | x | - | 10.06 | x | 5.03 | x |
| | | | | | | Total Leverage | | 3.22 | x | - | 10.06 | x | 5.82 | x |
| | | | | | | Interest Coverage | | 0.69 | x | - | 2.56 | x | 1.52 | x |
| | | | | | | Debt Service Coverage | | 0.59 | x | - | 2.23 | x | 1.27 | x |
| | | | | | | TEV Coverage | | 0.80 | x | - | 4.82 | x | 2.34 | x |
| | | | | | | Liquidity | | 20.28 | % | - | 847.31 | % | 130.76 | % |
| | | | | | | Spread Comparison | | 350 | bps | - | 750 | bps | 486 | bps |
| | | | | | | | | | | | | | | |
First Lien Debt | | | 15,028,890 | | Market Analysis | | Senior Leverage | | 0.83 | x | - | 10.99 | x | 6.84 | x |
| | | | | | | Total Leverage | | 3.79 | x | - | 13.24 | x | 7.93 | x |
| | | | | | | Interest Coverage | | 0.00 | x | - | 1.70 | x | 1.21 | x |
| | | | | | | Debt Service Coverage | | 0.00 | x | - | 1.48 | x | 1.01 | x |
| | | | | | | TEV Coverage | | 0.79 | x | - | 15.49 | x | 1.58 | x |
| | | | | | | Liquidity | | (29.10) | % | - | 434.25 | % | 47.79 | % |
| | | | | | | Spread Comparison | | 0 | bps | - | 575 | bps | 414 | bps |
| | | | | | | | | | | | | | | |
First Lien Debt | | | 4,254,276 | | Analysis of Trend in Leverage | | Maturity Modified Market Yield (4) | | | | | 10.75 | % | 10.75 | % |
| | | | | | | | | | | | | | | |
Unitranche Debt | | | 82,798,327 | | Analysis of Trend in Leverage | | Maturity Modified Market Yield (4) | | 8.78 | % | - | 12.97 | % | 11.00 | % |
| | | | | | | | | | | | | | | |
Unitranche Debt | | | 36,967,553 | | Matrix Pricing | | Senior Leverage | | 4.71 | x | - | 9.00 | x | 6.43 | x |
| | | | | | | Total Leverage | | 4.71 | x | - | 9.00 | x | 6.55 | x |
| | | | | | | Interest Coverage | | 0.75 | x | - | 2.18 | x | 1.33 | x |
| | | | | | | Debt Service Coverage | | 0.59 | x | - | 1.96 | x | 1.14 | x |
| | | | | | | TEV Coverage | | 1.32 | x | - | 2.71 | x | 1.83 | x |
| | | | | | | Liquidity | | 27.69 | % | - | 294.20 | % | 115.83 | % |
| | | | | | | Spread Comparison | | 525 | bps | - | 700 | bps | 593 | bps |
| | | | | | | | | | | | | | | |
Unitranche Debt | | | 3,234,712 | | Market Analysis | | Senior Leverage | | | | | 9.40 | x | 9.40 | x |
| | | | | | | Total Leverage | | | | | 9.40 | x | 9.40 | x |
| | | | | | | Interest Coverage | | | | | 1.10 | x | 1.10 | x |
| | | | | | | Debt Service Coverage | | | | | 0.99 | x | 0.99 | x |
| | | | | | | TEV Coverage | | | | | 1.16 | x | 1.16 | x |
| | | | | | | Liquidity | | | | | 92.90 | % | 92.90 | % |
| | | | | | | Spread Comparison | | | | | 350 | bps | 350 | bps |
| | | | | | | | | | | | | | | |
Second Lien Debt | | | 14,808,750 | | Matrix Pricing | | Senior Leverage | | 5.32 | x | - | 9.68 | x | 6.87 | x |
| | | | | | | Total Leverage | | 5.32 | x | - | 9.68 | x | 6.88 | x |
| | | | | | | Interest Coverage | | 0.89 | x | - | 2.07 | x | 1.44 | x |
| | | | | | | Debt Service Coverage | | 0.79 | x | - | 1.73 | x | 1.19 | x |
| | | | | | | TEV Coverage | | 1.25 | x | - | 2.14 | x | 1.66 | x |
| | | | | | | Liquidity | | 77.67 | % | - | 275.58 | % | 139.32 | % |
| | | | | | | Spread Comparison | | 675 | bps | - | 850 | bps | 743 | bps |
Total | | $ | 270,527,507 | | | | | | | | | | | | |
| (1) | For any portfolio company, the unobservable input “Liquidity” is a fraction, expressed as a percentage, the numerator of which is the sum of the company’s undrawn revolving credit facility capacity plus cash, and the denominator of which is the total amount that may be borrowed under the company’s revolving credit facility. The unobservable input “Spread Comparison” is a comparison of the spread over the referenced rate for each investment to the spread over the referenced rate for general leveraged loan transactions. |
| (2) | Each range represents the variance of outputs from calculating each statistic for each portfolio company within a specific credit seniority. The range may be a single data point when there is only one company represented in a specific credit seniority. |
| (3) | Inputs are weighted based on the fair value of the investments included in the range. |
| (4) | Maturity Modified Market Yield is calculated based on the Market yield of the security relative to its actual coupon and maturity date. The Market Yield is modified 75 basis points for every 1x delta in actual leverage versus market leverage of that issuer. |
The table above does not include $5,431,201 of debt, equity and preferred shares which management values using other unobservable inputs, such as EBITDA and EBITDA multiples, as well as other qualitative information, including company specific information.
Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in market yields, discounts rate, leverage, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase or decrease in market yields, discount rates or leverage or an increase/decrease in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a corresponding decrease or increase, respectively, in the fair value of certain of the Company’s investments.
The following tables provide the changes in fair value, broken out by security type, during the three months ended March 31, 2024 and 2023 for all investments for which the Company determines fair value using unobservable (Level 3) factors.
| | | | | | | | | | | | | | | |
| | | | | | | | | | | Equity and | | | |
| | First Lien | | Unitranche | | Second Lien | | Preferred | | | |
Three Months Ended March 31, 2024 | | Debt | | Debt | | Debt | | Shares | | Total |
Fair Value as of December 31, 2023 | | $ | 132,718,165 | | $ | 123,000,592 | | $ | 14,808,750 | | $ | 5,431,201 | | $ | 275,958,708 |
Transfers into Level 3 | | | 9,974,992 | | | 6,541,713 | | | — | | | — | | | 16,516,705 |
Transfers out of Level 3 | | | (13,764,079) | | | (8,069,865) | | | (1,970,000) | | | — | | | (23,803,944) |
Total gains: | | | | | | | | | | | | | | | |
Net realized (loss) gain(a) | | | (333,883) | | | 4,611 | | | — | | | — | | | (329,272) |
Net unrealized appreciation (depreciation) (b) | | | 41,297 | | | (1,049,818) | | | (6,477) | | | 275,666 | | | (739,332) |
New investments, repayments and settlements:(c) | | | | | | | | | | | | | | | |
Purchases | | | 10,105,557 | | | 4,951,951 | | | — | | | 355,481 | | | 15,412,989 |
Settlements/repayments | | | (12,204,052) | | | (2,342,513) | | | (500,000) | | | — | | | (15,046,565) |
Net amortization of premiums, PIK, discounts and fees | | | 98,408 | | | 107,244 | | | 5,227 | | | — | | | 210,879 |
Sales | | | (315,938) | | | — | | | — | | | — | | | (315,938) |
Fair Value as of March 31, 2024 | | $ | 126,320,467 | | $ | 123,143,915 | | $ | 12,337,500 | | $ | 6,062,348 | | $ | 267,864,230 |
| (a) | Included in net realized (loss) gain on the accompanying Statement of Operations for the year ended March 31, 2024. |
| (b) | Included in net change in unrealized appreciation (depreciation) on the accompanying Statement of Operations for the year ended March 31, 2024. |
| (c) | Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments. |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | Equity and | | | |
| | First Lien | | Unitranche | | Second Lien | | Preferred | | | |
Three Months Ended March 31, 2023 | | Debt | | Debt | | Debt | | Shares | | Total |
Fair Value as of December 31, 2022 | | $ | 220,893,916 | | $ | 91,865,688 | | $ | 23,562,691 | | $ | 3,653,999 | | $ | 339,976,294 |
Transfers into Level 3 | | | 4,004,332 | | | 4,719,817 | | | 1,000,000 | | | — | | | 9,724,149 |
Transfers out of Level 3 | | | (35,792,878) | | | — | | | (1,995,000) | | | — | | | (37,787,878) |
Total gains: | | | | | | | | | | | | | | | |
Net realized gain(a) | | | 1,488 | | | 5,819 | | | — | | | — | | | 7,307 |
Net unrealized (depreciation) appreciation(b) | | | (1,057,298) | | | 65,039 | | | 4,196 | | | 175,274 | | | (812,789) |
New investments, repayments and settlements:(c) | | | | | | | | | | | | | | | |
Purchases | | | 2,076,838 | | | 2,686,144 | | | — | | | — | | | 4,762,982 |
Settlements/repayments | | | (4,996,566) | | | (2,146,723) | | | (1,250,000) | | | — | | | (8,393,289) |
Net amortization of premiums, PIK, discounts and fees | | | 105,093 | | | 105,331 | | | 6,282 | | | — | | | 216,706 |
Sales | | | — | | | — | | | — | | | — | | | — |
Fair Value as of March 31, 2023 | | $ | 185,234,925 | | $ | 97,301,115 | | $ | 21,328,169 | | $ | 3,829,273 | | $ | 307,693,482 |
(a)Included in net realized (loss) gain on the accompanying Statement of Operations for the three months ended March 31, 2023.
(b)Included in net change in unrealized depreciation on the accompanying Statement of Operations for the three months ended March 31, 2023.
(c)Includes increases in the cost basis of investments resulting from portfolio investments, the amortization of discounts, and PIK, as well as decreases in the costs basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs and other cost-basis adjustments.
The change in unrealized value attributable to investments still held at March 31, 2024 and 2023 was ($1,059,453) and ($505,752), respectively.
Investment Activities
The Company held a total of 250 investments with an aggregate fair value of $376,257,907 as of March 31, 2024. During the three months ended March 31, 2024, the Company invested in 29 new investments for a combined $16,981,064 and in existing investments for a combined $6,464,271. The Company also received $21,421,870 in repayments from investments and $12,284,058 from investments sold during the three months ended March 31, 2024.
The Company held a total of 244 investments with an aggregate fair value of $398,843,940 as of March 31, 2023. During the three months ended March 31, 2023, the Company invested in 7 new investments for a combined $6,486,826 and in existing investments for a combined $1,889,911. The Company also received $20,751,034 in repayments from investments and $9,262,833 from investments sold during the three months ended March 31, 2023.
Investment Concentrations
As of March 31, 2024, the Company’s investment portfolio consisted of investments in 209 companies located in 35 states across 26 different industries, with an aggregate fair value of $376,257,907. The five largest investments at fair value as of March 31, 2024 totaled $24,680,282,or 6.56% of the Company’s total investment portfolio as of such date. As of March 31, 2024, the Company’s average investment was $1,520,509 at cost.
As of March 31, 2023, the Company’s investment portfolio consisted of investments in 216 companies located in 35 states across 25 different industries, with an aggregate fair value of $398,843,940. The five largest investments at fair value as of March 31, 2023 totaled $25,056,022, or 6.28% of the Company’s total investment portfolio as of such date. As of March 31, 2023, the Company’s average investment was $1,665,053 at cost.
The following table outlines the Company’s investments by security type as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | |
| | March 31, 2024 | |
| | | | | Percentage | | | | | Percentage | |
| | | | | of | | | | | of | |
| | | | | Total | | | | | Total | |
| | Cost | | Investments | | Fair Value | | Investments | |
First Lien Debt | | $ | 233,441,640 | | 61.41 | % | $ | 230,458,919 | | 61.25 | % |
Unitranche Debt | | | 124,810,255 | | 32.83 | % | | 124,245,690 | | 33.02 | % |
Second Lien Debt | | | 16,339,373 | | 4.30 | % | | 15,490,950 | | 4.12 | % |
Total Debt Investments | | | 374,591,268 | | 98.54 | % | | 370,195,559 | | 98.39 | % |
Equity and Preferred Shares | | | 5,535,914 | | 1.46 | % | | 6,062,348 | | 1.61 | % |
Total Equity Investments | | | 5,535,914 | | 1.46 | % | | 6,062,348 | | 1.61 | % |
Total Investments | | $ | 380,127,182 | | 100.00 | % | $ | 376,257,907 | | 100.00 | % |
| | | | | | | | | | | |
| | December 31, 2023 | |
| | | | | Percentage | | | | | Percentage | |
| | | | | of | | | | | of | |
| | | | | Total | | | | | Total | |
| | Cost | | Investments | | Fair Value | | Investments | |
First Lien Debt | | $ | 239,486,292 | | 61.33 | % | $ | 235,611,472 | | 60.85 | % |
Unitranche Debt | | | 128,971,146 | | 33.03 | % | | 129,542,305 | | 33.46 | % |
Second Lien Debt | | | 16,833,486 | | 4.31 | % | | 16,609,590 | | 4.29 | % |
Total Debt Investments | | | 385,290,924 | | 98.67 | % | | 381,763,367 | | 98.60 | % |
Equity and Preferred Shares | | | 5,180,434 | | 1.33 | % | | 5,431,201 | | 1.40 | % |
Total Equity Investments | | | 5,180,434 | | 1.33 | % | | 5,431,201 | | 1.40 | % |
Total Investments | | $ | 390,471,358 | | 100.00 | % | $ | 387,194,568 | | 100.00 | % |
Investments at fair value consisted of the following industry classifications as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | |
| | March 31, 2024 | | December 31, 2023 | |
| | | | | Percentage of | | | | | Percentage of | |
| | | | | Total | | | | | Total | |
Industry | | Fair Value | | Investments | | Fair Value | | Investments | |
Services: Business | | $ | 69,703,628 | | 18.52 | % | $ | 69,531,461 | | 17.96 | % |
Healthcare & Pharmaceuticals | | | 66,080,066 | | 17.56 | | | 71,803,100 | | 18.56 | |
Banking, Finance, Insurance & Real Estate | | | 37,527,163 | | 9.97 | | | 33,440,236 | | 8.64 | |
High Tech Industries | | | 30,388,396 | | 8.08 | | | 34,223,801 | | 8.84 | |
Containers, Packaging & Glass | | | 28,995,971 | | 7.71 | | | 31,380,531 | | 8.10 | |
Capital Equipment | | | 26,258,932 | | 6.98 | | | 24,565,354 | | 6.34 | |
Services: Consumer | | | 18,766,419 | | 4.99 | | | 16,468,470 | | 4.25 | |
Chemicals, Plastics & Rubber | | | 13,422,405 | | 3.57 | | | 15,377,063 | | 3.97 | |
Automotive | | | 13,363,104 | | 3.55 | | | 13,785,929 | | 3.56 | |
Transportation: Cargo | | | 12,487,155 | | 3.32 | | | 13,807,618 | | 3.57 | |
Aerospace & Defense | | | 9,894,942 | | 2.63 | | | 12,124,785 | | 3.13 | |
Construction & Building | | | 9,657,336 | | 2.57 | | | 7,853,597 | | 2.03 | |
Beverage, Food & Tobacco | | | 9,291,553 | | 2.47 | | | 9,357,347 | | 2.42 | |
Environmental Industries | | | 8,566,945 | | 2.28 | | | 12,701,457 | | 3.28 | |
Wholesale | | | 4,903,594 | | 1.30 | | | 4,936,592 | | 1.27 | |
Consumer Goods: Non-Durable | | | 4,466,250 | | 1.19 | | | 4,410,000 | | 1.14 | |
Media: Advertising, Printing & Publishing | | | 2,947,148 | | 0.78 | | | 2,884,485 | | 0.74 | |
Forest Products & Paper | | | 1,722,906 | | 0.46 | | | 1,364,438 | | 0.35 | |
Metals & Mining | | | 1,665,002 | | 0.44 | | | 1,662,296 | | 0.43 | |
Retail | | | 1,431,871 | | 0.38 | | | 1,417,399 | | 0.37 | |
Energy: Oil & Gas | | | 992,500 | | 0.26 | | | 975,000 | | 0.25 | |
Utilities: Water | | | 980,515 | | 0.26 | | | 978,082 | | 0.25 | |
Energy: Electricity | | | 947,838 | | 0.25 | | | 938,350 | | 0.24 | |
Hotels, Gaming & Leisure | | | 902,261 | | 0.24 | | | 919,552 | | 0.24 | |
Media: Diversified & Production | | | 492,500 | | 0.13 | | | — | | — | |
Consumer Goods: Durable | | | 401,507 | | 0.11 | | | 287,625 | | 0.07 | |
Utilities: Electric | | | — | | — | | | — | | — | |
| | $ | 376,257,907 | | 100.00 | % | $ | 387,194,568 | | 100.00 | % |
Investments at fair value were included in the following geographic regions of the United States as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | |
| | March 31, 2024 | | December 31, 2023 | |
| | | | | Percentage of | | | | | Percentage of | |
| | | | | Total | | | | | Total | |
Geographic Region | | Fair Value | | Investments | | Fair Value | | Investments | |
Northeast | | $ | 97,948,272 | | 26.03 | % | $ | 99,995,015 | | 25.82 | % |
Midwest | | | 89,241,359 | | 23.72 | | | 90,743,226 | | 23.44 | |
Southeast | | | 52,992,807 | | 14.08 | | | 55,632,000 | | 14.37 | |
West | | | 47,204,225 | | 12.55 | | | 47,785,572 | | 12.34 | |
Southwest | | | 46,568,495 | | 12.38 | | | 47,644,956 | | 12.31 | |
East | | | 28,858,060 | | 7.67 | | | 31,805,670 | | 8.21 | |
South | | | 7,346,387 | | 1.95 | | | 7,332,729 | | 1.89 | |
Northwest | | | 4,047,981 | | 1.08 | | | 3,561,962 | | 0.92 | |
Other(a) | | | 2,050,321 | | 0.54 | | | 2,693,438 | | 0.70 | |
Total Investments | | $ | 376,257,907 | | 100.00 | % | $ | 387,194,568 | | 100.00 | % |
(a)The Company headquarters for Sophos is located in the United Kingdom. The Company headquarters for UDG is located in Ireland. The Company headquarters for Intertape Polymer is located in Canada. The Company headquarters for
Integro is located in the United Kingdom. The geographic region indicates the location of the headquarters of the Company’s portfolio companies. A portfolio company may have a number of other business locations in other geographic regions.
Investment Principal Repayments
The following table summarizes the contractual principal repayments and maturity of the Company’s investment portfolio by fiscal year, assuming no voluntary prepayments, as of March 31, 2024:
| | | |
For the Fiscal Years Ending December 31: | | Amount |
2024 | | $ | 9,802,796 |
2025 | | | 17,014,838 |
2026 | | | 34,057,788 |
2027 | | | 61,051,178 |
2028 | | | 141,809,566 |
Thereafter | | | 115,829,923 |
Total contractual repayments | | | 379,566,089 |
Adjustments to cost basis on debt investments(a) | | | (4,974,821) |
Total Cost Basis of Debt Investments Held at March 31, 2024: | | $ | 374,591,268 |
| (a) | Adjustment to cost basis related to unamortized balance of OID investments. |
Note 4. Related Party Transactions
Investment Advisory Agreement
The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Adviser. In accordance with the Investment Advisory Agreement, the Company pays the Adviser certain fees as compensation for its services, such fees consisting of a base management fee and an incentive fee (the “Incentive Fee”). The services the Adviser provides to the Company, subject to the overall supervision of the Board of Directors, include managing the day-to-day operations of, and providing investment services to, the Company. The Company also entered into a management fee waiver agreement with the Adviser (the “Waiver Agreement”), which the Company or the Adviser may terminate upon 60 days’ prior written notice.
Management Fee
The base management fee is calculated at an annual rate of 1.0% of the Company’s average gross assets including cash and any temporary investments in cash-equivalents, including U.S. government securities and other high-quality investment grade debt investments that mature in 12 months or less from the date of investment, payable quarterly in arrears on a calendar quarter basis.
Pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive the base management fee to the extent necessary so that the base management fee payable under the Investment Advisory Agreement equals, and is calculated in the same manner as if, the base management fee otherwise payable by the Company were calculated at an annual rate equal to 0.65% (instead of an annual rate of 1.00%).
For the three months ended March 31, 2024, the Company recorded base management fees of $1,033,988 and waivers to the base management fees of $361,896, as set forth within the accompanying statements of operations. For the three months ended March 31, 2023, the Company recorded base management fees of $1,108,854 and waivers to the base management fees of $388,099, as set forth within the accompanying statements of operations.
Incentive Fee
The Incentive Fee has two parts, as follows: the first part of the Incentive Fee is calculated and payable quarterly in arrears based on the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including
any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee).
The Company determines pre-incentive fee net investment income in accordance with GAAP, including, in the case of investments with a deferred interest feature, such as debt instruments with PIK interest, OID securities and accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 1.0% per quarter (4.0% annualized). The Company determines its average gross assets during each fiscal quarter and calculates the base management fee payable with respect to such amount at the end of each fiscal quarter. As a result, a portion of the Company’s net investment income is included in its gross assets for the period between the date on which such income is earned and the date on which such income is distributed. Therefore, the Company’s net investment income used to calculate part of the Incentive Fee is also included in the amount of the Company’s gross assets used to calculate the 1.0% annual base management fee. The Company pays its Adviser an Incentive Fee with respect to its pre-incentive fee net investment income in each calendar quarter as follows:
| ● | no amount is paid on the income-portion of the Incentive Fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the hurdle of 1.0% (4.0% annualized); |
| ● | 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.1765 % in any calendar quarter (4.706% annualized). The Company refers to this portion of its pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.1765%) as the “catch-up” provision. The catch-up is meant to provide the Adviser with 15.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if net investment income exceeds 1.1765% in any calendar quarter (4.706% annualized); and |
| ● | 15.0% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.1765% in any calendar quarter (4.706% annualized) is payable to the Adviser. |
Pursuant to the Waiver Agreement, the Adviser has agreed to waive its right to receive the Incentive Fee on pre-incentive fee net investment income to the extent necessary so that such Incentive Fee equals, and is calculated in the same manner as, the corresponding Incentive Fee on pre-incentive fee net investment income, if such Incentive Fee (i) were calculated based upon the Adviser receiving 10.0% (instead of 15.0%) of the applicable pre-incentive fee net investment income and (ii) did not include any “catch-up” feature in favor of the Adviser.
The second part of the Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 15.0% of the Company’s realized capital gains, if any, on a cumulative basis from June 16, 2015, the effective date of the Company’s registration statement on Form 10 (file no. 000-55426), through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain Incentive Fees with respect to each of the investments in the Company’s portfolio.
Pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive the Incentive Fee on capital gains to the extent necessary so that such portion of the Incentive Fee equals, and is calculated in the same manner as, the corresponding Incentive Fee on capital gains, if such portion of the Incentive Fee were calculated based upon the Adviser receiving 10.0% (instead of 15.0%).
In addition, pursuant to the Waiver Agreement, the Adviser has agreed to waive the right to receive both components of the Incentive Fee to the extent necessary so that it does not receive Incentive Fees which are attributable to income and gains of the Company that exceed an annualized rate of 12.0% in any calendar quarter.
The waivers from the Adviser will remain effective until terminated earlier by either party upon 60 days’ prior written notice.
Under the Investment Advisory Agreement, we do not pay any Capital Gains Incentive Fee in respect of unrealized capital appreciation in our portfolio. However, under U.S. generally accepted accounting principles, or GAAP, we are required to accrue for the Capital Gain Incentive Fee on a quarterly basis as if such unrealized capital appreciation were realized in full at the end of each period. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized appreciation, is positive at the end of a period, then GAAP and the terms of the Investment Advisory Agreement require us to accrue a capital gain incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gain incentive fees paid or capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP for a capital gain incentive fee payable in any period will result in additional expense if such cumulative amount is greater than in the prior period, or in a reversal of previously recorded expense if such cumulative amount is less than in the prior period. We can offer no assurance that any unrealized capital appreciation will be realized in the future.
For the three months ended March 31, 2024, the Company recorded incentive fees related to net investment income of $1,444,313. Offsetting the incentive fees were waivers of the incentive fees of $890,590 for the three months ended March 31, 2024, as set forth within the accompanying statements of operations. For the three months ended March 31, 2023, the Company recorded incentive fees related to net investment income of $1,333,105. Offsetting the incentive fees were waivers of the incentive fees of $889,296 for the three months ended March 31, 2023, as set forth within the accompanying statements of operations.
Administration Agreement and Administrative Fee
The Company has also entered into an administration agreement (the “Administration Agreement”) with Audax Management Company, LLC (the “Administrator”) pursuant to which the Administrator provides administrative services to the Company. Under the Administration Agreement, the Administrator performs, or oversees the performance of administrative services necessary for the operation of the Company, which include being responsible for the financial records which the Company is required to maintain and prepare reports filed with the SEC. In addition, the Administrator assists in determining and publishing the Company’s net asset value, oversees the preparation and filing of the Company’s tax returns and the printing and dissemination of reports to the Company’s stockholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company reimburses the Administrator for its allocable portion of the costs and expenses incurred by the Administrator for overhead in performance by the Administrator of its duties under the Administration Agreement, including the cost of facilities, office equipment and the Company’s allocable portion of cost of compensation and related expenses of its Chief Financial Officer and Chief Compliance Officer and their respective staffs, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. Such costs are reflected as an administrative fee in the accompanying statements of operations.
The Company has also entered into a fee waiver agreement with the Administrator, pursuant to which the Administrator may waive, in whole or in part, its entitlement to receive reimbursements from the Company.
The Company accrued administrative fees of $66,250, for both the three months ended March 31, 2024 and 2023, as set forth within the accompanying statements of operations.
Related Party Fees
Fees due to related parties as of March 31, 2024 and December 31, 2023 on the Company’s accompanying statements of assets and liabilities were as follows:
| | | | | | |
| | March 31, 2024 | | December 31, 2023 |
Net base management fee due to Adviser | | $ | 1,359,267 | | $ | 687,175 |
Net incentive fee due to Adviser | | | 1,150,480 | | | 596,757 |
Total fees due to Adviser, net of waivers | | | 2,509,747 | | | 1,283,932 |
Fee due to Administrator, net of waivers | | | 132,500 | | | 66,250 |
Total Related Party Fees Due | | $ | 2,642,247 | | $ | 1,350,182 |
Note 5. Net Increase in Net Assets Resulting from Operations Per Share of Common Stock:
The following table sets forth the computation of basic and diluted net increase in net assets resulting from operations per weighted average share of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for the three months ended March 31, 2024 and 2023:
| | | | | | |
| | Three Months Ended | | Three Months Ended |
| | March 31, 2024 | | March 31, 2023 |
Numerator for basic and diluted net increase in net assets resulting from operations per common share | | $ | 8,166,034 | | $ | 7,842,135 |
Denominator for basic and diluted weighted average common shares | | | 44,518,989 | | | 45,420,472 |
Basic and diluted net increase in net assets resulting from operations per common share | | $ | 0.18 | | $ | 0.17 |
Note 6. Income Tax
The Company has elected to be regulated as a BDC under the 1940 Act, as well as elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Company generally is not subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes as dividends for U.S. federal income tax purposes to its stockholders. To qualify to be treated as a RIC, the Company is required to meet certain source of income and asset diversification requirements, and to timely distribute dividends out of assets legally available for distributions to its stockholders of an amount generally equal to at least 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any (i.e., “investment company taxable income,” determined without regard to any deduction for dividends paid), for each taxable year. The amount to be paid out as distributions to the Company’s stockholders is determined by the Board of Directors and is based on management’s estimate of the fiscal year earnings. Based on that estimate, the Company intends to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level U.S. federal income taxes. Although the Company currently intends to distribute its net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, recognized in respect of each taxable year as dividends out of the Company’s assets legally available for distribution, the Company in the future may decide to retain for investment and be subject to entity-level income tax on such net capital gains. Additionally, depending on the level of taxable income earned in a taxable year, the Company may choose to carry forward taxable income in excess of current year distributions into the next taxable year and incur a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year distributions, the Company will accrue an excise tax, if any, on estimated excess taxable income as such excess taxable income is earned.
During the year ended December 31, 2023, the Company executed a total of $47,515,735 in Tender Offers that resulted in differing GAAP vs. tax treatment of proceeds distributed. For GAAP purposes the transaction is treated as a redemption of shares whereas tax regulations dictate dividend distribution treatment to the extent of fund level earnings and profits.
During the year ended December 31, 2022, the Company executed a total of $50,000,000 in Tender Offers that resulted in differing GAAP vs. tax treatment of proceeds distributed. For GAAP purposes the transaction is treated as a redemption of shares whereas tax regulations dictate dividend distribution treatment to the extent of fund level earnings and profits. Given that the fund did not have sufficient earnings and profits to support the distribution, the entire value of the Tender Offer is treated as a return of capital for tax purposes.
The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2023 of $36,170,582, or $0.82 per share. The Company had aggregate distributions declared and paid to its stockholders for the year ended December 31, 2022 of $24,507,347, or $0.54 per share. The tax character of the distributions declared and paid represented $23,797,493, or $0.53 per share, from ordinary income and $709,854, or $0.01 per share, from tax return of capital.
During the year ended December 31, 2023, given that the Company did not have sufficient earnings and profits, $47,480,752 of the distributions and Tender Offers is treated as a return of capital for tax purposes. This information will be reported in the Form 1042-S or Form 1099-DIV.
GAAP require adjustments to certain components of net assets to reflect permanent differences between financial and tax reporting. These adjustments have no effect on net asset value per share. For the year ended December 31, 2023 and 2022, the Company recorded the following adjustments for permanent book to tax differences to reflect their tax characteristics. The adjustments only change the classification in net assets in the statements of assets and liabilities. During the year ended December 31, 2023 and 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to distribution redesignations and return of capital distributions.
| | | | | | |
| | Year Ended | | Year Ended |
| | December 31, 2023 | | December 31, 2022 |
Capital in excess of par value | | $ | (30,906) | | $ | — |
Accumulated net investment income | | | 34,983 | | | (430) |
Accumulated net realized gain (loss) | | | (4,077) | | | 430 |
At December 31, 2023 and 2022, the components of distributable taxable earnings as detailed below differ from the amounts reflected in the Company’s statements of assets and liabilities by temporary book/tax differences primarily arising from amortization of organizational expenditures.
| | | | | | |
| | As of December 31, | | As of December 31, |
| | 2023 | | 2022 |
Other temporary book/tax differences | | $ | (101,140) | | $ | (152,362) |
Net tax basis unrealized depreciation | | | (3,272,539) | | | (6,872,198) |
Accumulated net realized loss | | | (8,028,768) | | | (2,500,103) |
Components of tax distributable (loss) earnings at period end | | $ | (11,402,447) | | $ | (9,524,663) |
Certain losses incurred by the Company after October 31 of a taxable year are deemed to arise on the first business day of the Company’s next taxable year. The Company did not incur such losses after October 31 of the Company’s taxable year ended December 31, 2023.
Capital losses are generally eligible to be carried forward indefinitely, and retain their status as short-term or long-term in the manner originally incurred by the Company. As of December 31, 2023, the Company has long-term capital loss carryforward of $8,028,768. The Company has evaluated tax positions it has taken, expects to take, or that are otherwise relevant to the Company for purposes of determining whether any relevant tax positions would “more-likely-than-not” be sustained by the applicable tax authority in accordance with ASC Topic 740, “Income Taxes,” as modified by ASC Topic 946. The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for taxable years that may be open. The Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Company’s U.S. federal tax returns for fiscal years 2023, 2022, and 2021 remain subject to examination by the Internal Revenue Service. The Company records tax positions that are not deemed to meet a more-likely-than-not threshold as tax expenses as well as any applicable penalties or interest associated with such positions. During each of the years ended December 31, 2023, 2022, and 2021, no tax expense or any related interest or penalties were incurred.
Note 7. Equity
An investor made capital commitments to the Company in the amounts set forth below as of the date opposite each capital commitment:
| | | |
Amount | | Date |
$ | 140,000,000 | | June 23, 2015 |
$ | 50,000,000 | | December 2, 2016 |
$ | 100,000,000 | | On December 7, 2017 |
$ | 40,000,000 | | March 22, 2019 |
$ | 30,000,000 | | September 23, 2019 |
$ | 11,200,000 | | March 20, 2020 |
$ | 8,900,000 | | May 28, 2021 |
$ | 110,000,000 | | December 15, 2021 |
$ | 30,000,000 | | June 13, 2023 |
$ | 37,000,000 | | March 25, 2024 |
As of March 31, 2024, there were $ remaining unfunded capital commitments by the Company’s investors.
The number of shares of Common Stock issued and outstanding as of March 31, 2024 and December 31, 2023, were 44,518,989 and 44,518,989, respectively.
The following table details the activity of Stockholders’ Equity for the three months ended March 31, 2024 and 2023:
| | | | | | | | | | | | |
| | | | | | | Total | | Total |
| | | | | Capital in Excess | | Distributable | | Stockholders' |
Three Months Ended March 31, 2024 | | Common Stock | | of Par Value | | (Loss) Earnings | | Equity |
Balance as of December 31, 2023 | | $ | 44,519 | | $ | 420,442,206 | | $ | (11,402,447) | | $ | 409,084,278 |
Net investment income | | | — | | | — | | | 9,074,366 | | | 9,074,366 |
Net realized loss from investment transactions | | | — | | | — | | | (315,847) | | | (315,847) |
Net change in unrealized depreciation on investments | | | — | | | — | | | (592,485) | | | (592,485) |
Balance as of March 31, 2024 | | $ | 44,519 | | $ | 420,442,206 | | $ | (3,236,413) | | $ | 417,250,312 |
| | | | | | | | | | | | |
| | | | | | | Total | | Total |
| | | | | Capital in Excess | | Distributable | | Stockholders' |
Three Months Ended March 31, 2023 | | Common Stock | | of Par Value | | (Loss) Earnings | | Equity |
Balance as of December 31, 2022 | | $ | 46,376 | | $ | 437,955,965 | | $ | (9,524,663) | | $ | 428,477,678 |
Net investment income | | | — | | | — | | | 8,442,859 | | | 8,442,859 |
Net realized loss from investment transactions | | | — | | | — | | | (43,997) | | | (43,997) |
Net change in unrealized depreciation on investments | | | — | | | — | | | (556,727) | | | (556,727) |
Repurchase of shares | | | (1,623) | | | (14,998,377) | | | — | | | (15,000,000) |
Balance as of March 31, 2023 | | $ | 44,753 | | $ | 422,957,588 | | $ | (1,682,528) | | $ | 421,319,813 |
Note 8. Borrowings
Short-Term Borrowings
From time to time, the Company finances the purchase of certain investments through repurchase agreements. In the repurchase agreements, the Company enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. Investments sold under repurchase agreements are accounted for as collateralized borrowings as the sale of the investment does not qualify for sale accounting under ASC Topic 860—Transfers and Servicing and remains as an investment on the Statement of Assets and Liabilities. The Company uses repurchase agreements as a short-term financing alternative. As of March 31, 2024, the Company had no short-term borrowings. For the three months ended March 31, 2024, the Company recorded no interest expense in connection with short-term borrowings. As of December 31, 2023, the Company had no short-term borrowings. For the three months ended March 31, 2023, the Company recorded interest expense in connection with short-term borrowings of $227,652.
Note 9. Commitments and Contingencies
The Company may enter into certain credit agreements that include loan commitments where all or a portion of such commitment may be unfunded. The Company is generally obligated to fund the unfunded loan commitments at the borrowers’ discretion. Funded portions of credit agreements are presented on the accompanying schedule of investments. Unfunded loan commitments and funded portions of credit agreements are fair valued and unrealized appreciation or depreciation, if any, have been included in the accompanying statements of assets and liabilities and statements of operations.
The following table summarizes the Company’s significant contractual payment obligations as of March 31, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | |
Investment | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Maturity | | Industry | | March 31, 2024 | | December 31, 2023 |
Prime Pensions | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.50 | % | 10.80 | % | 2/26/2030 | | Banking, Finance, Insurance & Real Estate | | $ | 1,904,762 | | $ | — |
Legacy Service Partners | | Senior Secured Delayed Draw Term Loan B | | S+ | | 5.75 | % | 11.05 | % | 1/9/2029 | | Services: Consumer | | | 1,488,800 | | | 2,000,000 |
Steward Partners | | Senior Secured Delayed Draw Term B Loan (First Lien) | | S+ | | 5.25 | % | 10.55 | % | 10/14/2028 | | Banking, Finance, Insurance & Real Estate | | | 1,150,667 | | | 1,200,000 |
Vortex | | Unitranche Incremental DDTL Loan | | S+ | | 6.00 | % | 11.30 | % | 9/4/2029 | | Services: Business | | | 1,054,217 | | | — |
United Air Temp | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.50 | % | 10.80 | % | 3/28/2030 | | Construction & Building | | | 1,053,994 | | | — |
Golden Source | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.50 | % | 10.80 | % | 5/12/2028 | | Services: Business | | | 938,967 | | | 938,967 |
Cherry Bekaert | | Senior Secured Amendment No. 1 Delayed Draw Term Loan | | S+ | | 5.75 | % | 11.05 | % | 6/30/2028 | | Banking, Finance, Insurance & Real Estate | | | 936,267 | | | 936,267 |
Amplix | | Unitranche DDTL 3 | | S+ | | 6.25 | % | 11.55 | % | 10/19/2029 | | High Tech Industries | | | 915,751 | | | 915,751 |
OrthoNebraska | | Senior Secured Delayed Draw Term Loan | | S+ | | 6.50 | % | 11.80 | % | 7/31/2028 | | Healthcare & Pharmaceuticals | | | 914,913 | | | 914,913 |
InterMed | | Senior Secured Delayed Draw Term Loan | | S+ | | 6.50 | % | 11.80 | % | 12/24/2029 | | Healthcare & Pharmaceuticals | | | 863,931 | | | 863,931 |
CPI International | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.50 | % | 10.80 | % | 10/8/2029 | | Aerospace & Defense | | | 718,563 | | | 718,563 |
Ned Stevens 2022-2 | | Unitranche 2023 Incremental Delayed Draw Term Loan | | S+ | | 5.75 | % | 11.05 | % | 11/1/2029 | | Services: Consumer | | | 705,030 | | | — |
Minds + Assembly | | Senior Secured Revolving Loan | | S+ | | 6.50 | % | 11.80 | % | 5/3/2029 | | Healthcare & Pharmaceuticals | | | 683,230 | | | 683,230 |
EdgeCo | | Senior Secured Delayed Draw Term D Loan (First Lien) | | S+ | | 4.75 | % | 10.05 | % | 6/1/2026 | | Banking, Finance, Insurance & Real Estate | | | 516,600 | | | 939,600 |
Engine & Transmission Exchange | | Senior Secured Revolving Loan | | S+ | | 6.50 | % | 11.80 | % | 5/29/2029 | | Automotive | | | 513,078 | | | 513,078 |
Ned Stevens 2022-2 | | Senior Secured Revolving Loan | | S+ | | 6.50 | % | 11.80 | % | 11/1/2028 | | Services: Consumer | | | 507,703 | | | 507,703 |
Eliassen | | Senior Secured Initial Delayed Draw Term Loan | | S+ | | 5.50 | % | 10.80 | % | 4/14/2028 | | Services: Business | | | 507,407 | | | 507,407 |
GME Supply | | Senior Secured Revolving Loan | | S+ | | 6.25 | % | 11.55 | % | 7/6/2029 | | Wholesale | | | 502,934 | | | 502,934 |
insightsoftware | | Senior Secured Seventh Suplemental DDTL | | S+ | | 5.00 | % | 10.30 | % | 5/25/2028 | | High Tech Industries | | | 500,000 | | | — |
Golden Source | | Senior Secured Revolving Loan | | S+ | | 5.50 | % | 10.80 | % | 5/12/2028 | | Services: Business | | | 469,484 | | | 469,484 |
OrthoNebraska | | Senior Secured Revolving Loan | | S+ | | 6.50 | % | 11.80 | % | 7/31/2028 | | Healthcare & Pharmaceuticals | | | 457,457 | | | 457,457 |
EPIC Insurance | | Senior Secured Third Amendment Delayed Draw Loan | | S+ | | 5.00 | % | 10.30 | % | 9/29/2028 | | Banking, Finance, Insurance & Real Estate | | | 444,050 | | | — |
Cherry Bekaert | | Senior Secured Revolving Credit Loan | | S+ | | 5.25 | % | 10.55 | % | 6/30/2028 | | Banking, Finance, Insurance & Real Estate | | | 431,530 | | | 616,472 |
GME Supply | | Senior Secured Delayed Draw Term Loan | | S+ | | 6.25 | % | 11.55 | % | 7/6/2029 | | Wholesale | | | 420,682 | | | 420,682 |
Industrial Services Group | | Senior Secured Revolving Loan | | S+ | | 6.25 | % | 11.55 | % | 12/7/2028 | | Services: Business | | | 417,143 | | | 379,048 |
MediaRadar | | Senior Secured Revolving Loan | | S+ | | 6.25 | % | 11.55 | % | 9/17/2029 | | Media: Advertising, Printing & Publishing | | | 406,737 | | | 406,737 |
InterMed | | Senior Secured Revolving Loan | | S+ | | 6.50 | % | 11.80 | % | 12/22/2028 | | Healthcare & Pharmaceuticals | | | 399,568 | | | 647,948 |
Prime Pensions | | Senior Secured Revolving Credit | | S+ | | 5.50 | % | 10.80 | % | 2/26/2030 | | Banking, Finance, Insurance & Real Estate | | | 380,952 | | | — |
PracticeTek | | Senior Secured Delayed Draw Term Loan Retired 08/30/2023 | | S+ | | 5.50 | % | 10.80 | % | 11/23/2027 | | High Tech Industries | | | 372,137 | | | 372,137 |
InnovateMR | | Senior Secured Revolving Loan | | S+ | | 6.00 | % | 11.30 | % | 1/20/2028 | | Services: Business | | | 365,388 | | | 365,388 |
Vensure Employer Services | | Senior Secured 2023 Delayed Draw Term B Loan | | S+ | | 5.25 | % | 10.55 | % | 3/29/2027 | | Services: Business | | | 355,778 | | | 438,889 |
Vortex | | Senior Secured Revolving Loan | | S+ | | 6.00 | % | 11.30 | % | 9/4/2029 | | Services: Business | | | 348,904 | | | 369,988 |
Heartland | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.75 | % | 11.05 | % | 12/12/2029 | | Services: Business | | | 333,333 | | | 333,333 |
Amplix | | Unitranche Revolving Credit Loan | | S+ | | 6.25 | % | 11.55 | % | 10/19/2029 | | High Tech Industries | | | 329,670 | | | 329,670 |
Cerity Partners | | Senior Secured Initial Revolving Loan | | S+ | | 6.50 | % | 11.80 | % | 7/28/2028 | | Banking, Finance, Insurance & Real Estate | | | 286,738 | | | 286,738 |
Augusta Sportswear | | Senior Secured Revolving Credit Loan | | S+ | | 6.50 | % | 11.80 | % | 11/21/2028 | | Consumer Goods: Non-Durable | | | 278,270 | | | — |
A1 Garage Door Service | | Senior Secured Revolving Loan | | S+ | | 6.25 | % | 11.55 | % | 12/22/2028 | | Construction & Building | | | 275,482 | | | 275,482 |
Shaw | | Senior Secured Delayed Draw Term Facility | | S+ | | 6.00 | % | 11.30 | % | 8/28/2029 | | Capital Equipment | | | 212,766 | | | 212,766 |
United Air Temp | | Senior Secured Revolving Credit Facility | | S+ | | 5.50 | % | 10.80 | % | 3/28/2030 | | Construction & Building | | | 210,799 | | | — |
VC3 | | Senior Secured Delayed Draw Term Loan D | | S+ | | 5.00 | % | 10.30 | % | 3/12/2027 | | Services: Business | | | 205,067 | | | 366,029 |
Liberty Group | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.75 | % | 11.05 | % | 6/15/2028 | | Services: Business | | | 204,545 | | | 204,545 |
Heartland | | Senior Secured Revolving Credit Loan | | S+ | | 5.75 | % | 11.05 | % | 12/12/2029 | | Services: Business | | | 200,000 | | | 206,897 |
Burke Porter Group | | Senior Secured Revolving Credit Loan | | S+ | | 6.00 | % | 11.30 | % | 7/29/2028 | | Capital Equipment | | | 198,769 | | | 198,769 |
A1 Garage Door Service | | Senior Secured Closing Date Delayed Draw Term Loan | | S+ | | 6.25 | % | 11.55 | % | 12/22/2028 | | Construction & Building | | | 194,518 | | | 194,518 |
| | | | | | | | | | | | | | | | | | |
Investment | | Investment Type | | Index (˄) | | Spread | | Interest Rate | | Maturity | | Industry | | March 31, 2024 | | December 31, 2023 |
Apex Service Partners | | Senior Secured DDTL Loan | | S+ | | 7.00 | % | 12.30 | % | 10/24/2030 | | Services: Consumer | | $ | 189,163 | | $ | 325,552 |
Vertellus | | Senior Secured Revolving Credit Loan | | S+ | | 5.75 | % | 11.05 | % | 12/22/2025 | | Chemicals, Plastics & Rubber | | | 186,818 | | | 286,625 |
Blue Cloud | | Senior Secured Revolving Loan | | S+ | | 5.25 | % | 10.55 | % | 1/21/2028 | | Healthcare & Pharmaceuticals | | | 182,500 | | | 162,045 |
Liberty Group | | Senior Secured Revolving Loan | | S+ | | 5.75 | % | 11.05 | % | 12/15/2028 | | Services: Business | | | 181,818 | | | 181,818 |
Alliance Environmental Group | | Senior Secured Delayed Draw Term Loan | | S+ | | 0.00 | % | 5.30 | % | 12/30/2027 | | Environmental Industries | | | 178,529 | | | — |
EPIC Insurance | | Senior Secured Revolving Loan | | S+ | | 5.25 | % | 10.55 | % | 9/29/2028 | | Banking, Finance, Insurance & Real Estate | | | 170,935 | | | 161,841 |
Beta+ | | Senior Secured Revolving Credit Loan | | S+ | | 4.25 | % | 9.55 | % | 7/1/2027 | | Banking, Finance, Insurance & Real Estate | | | 165,773 | | | 248,660 |
Carlisle Foodservice | | Senior Secured Revolving Loan | | S+ | | 6.00 | % | 11.30 | % | 10/2/2029 | | Wholesale | | | 161,152 | | | 161,152 |
Integro | | Senior Secured Tenth Amendment Delayed Draw Loan | | S+ | | 12.00 | % | 17.30 | % | 5/8/2023 | | Banking, Finance, Insurance & Real Estate | | | 161,041 | | | 161,041 |
Allied Benefit Systems | | Senior Secured Initial Delayed Draw Term Loan | | S+ | | 5.25 | % | 10.55 | % | 10/31/2030 | | Services: Business | | | 154,573 | | | 154,573 |
RevHealth | | Senior Secured Revolving Loan | | S+ | | 5.75 | % | 11.05 | % | 7/21/2028 | | Healthcare & Pharmaceuticals | | | 154,110 | | | 154,110 |
Rover | | Senior Secured Revolving Loan | | S+ | | 4.75 | % | 10.05 | % | 2/27/2031 | | Services: Consumer | | | 150,000 | | | — |
AmSpec | | Senior Secured Revolving Loan | | S+ | | 5.75 | % | 11.05 | % | 12/5/2029 | | Energy: Oil & Gas | | | 145,363 | | | 145,363 |
AmSpec | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.75 | % | 11.05 | % | 12/5/2030 | | Energy: Oil & Gas | | | 144,144 | | | 144,144 |
Hissho Sushi | | Senior Secured Revolving Credit Loan | | S+ | | 5.50 | % | 10.80 | % | 5/18/2028 | | Beverage, Food & Tobacco | | | 142,857 | | | 142,857 |
Industrial Physics | | Senior Secured Delayed Draw Term Loan | | S+ | | 6.25 | % | 11.55 | % | 7/19/2029 | | Containers, Packaging & Glass | | | 142,857 | | | 142,857 |
Whitcraft | | Senior Secured Revolving Loan | | S+ | | 7.00 | % | 12.30 | % | 2/15/2029 | | Aerospace & Defense | | | 139,286 | | | 250,000 |
Micro Merchant Systems | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.25 | % | 10.55 | % | 12/14/2027 | | Healthcare & Pharmaceuticals | | | 138,889 | | | 370,370 |
Insight Global | | Senior Secured Revolving Loan | | S+ | | 6.00 | % | 11.30 | % | 9/22/2027 | | Services: Business | | | 134,178 | | | 134,178 |
USALCO | | Senior Secured Revolving Loan | | S+ | | 6.00 | % | 11.30 | % | 10/19/2026 | | Chemicals, Plastics & Rubber | | | 133,065 | | | 189,516 |
insightsoftware | | Senior Secured Revolving Loan | | S+ | | 5.00 | % | 10.30 | % | 5/25/2028 | | High Tech Industries | | | 130,952 | | | — |
Cleaver Brooks | | Senior Secured Revolving Loan | | S+ | | 5.50 | % | 10.80 | % | 7/18/2028 | | Capital Equipment | | | 123,077 | | | 123,077 |
Radwell | | Senior Secured Delayed Draw Term Loan | | S+ | | 6.53 | % | 11.82 | % | 4/1/2029 | | Capital Equipment | | | 121,334 | | | 188,001 |
Health Management Associates | | Senior Secured Delay Draw Term Loan | | S+ | | 6.25 | % | 11.55 | % | 3/30/2029 | | Services: Business | | | 120,782 | | | 120,782 |
Pegasus | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.25 | % | 10.55 | % | 1/19/2031 | | Capital Equipment | | | 112,782 | | | — |
Micro Merchant Systems | | Senior Secured Revolving Loan | | S+ | | 5.25 | % | 10.55 | % | 12/14/2027 | | Healthcare & Pharmaceuticals | | | 111,111 | | | 111,111 |
Tank Holding | | Senior Secured Revolving Credit Loan | | S+ | | 5.75 | % | 11.05 | % | 3/31/2028 | | Capital Equipment | | | 110,769 | | | 108,308 |
Industrial Physics | | Senior Secured Revolving Credit Loan | | S+ | | 6.25 | % | 11.55 | % | 7/19/2028 | | Containers, Packaging & Glass | | | 107,759 | | | 107,759 |
Ivy Rehab | | Senior Secured Revolving Credit Loan (First Lien) | | S+ | | 4.75 | % | 10.05 | % | 4/21/2028 | | Healthcare & Pharmaceuticals | | | 104,040 | | | 168,350 |
Carlisle Foodservice | | Senior Secured Delayed Draw Tem Loan | | S+ | | 6.00 | % | 11.30 | % | 10/2/2030 | | Wholesale | | | 102,041 | | | 102,041 |
BlueHalo | | Senior Secured Revolving Loan | | S+ | | 4.75 | % | 10.05 | % | 10/31/2025 | | Aerospace & Defense | | | 99,272 | | | 36,322 |
Apex Service Partners | | Senior Secured Revolving Credit Loan | | S+ | | 7.00 | % | 12.30 | % | 10/24/2029 | | Services: Consumer | | | 90,600 | | | 134,439 |
FLS Transportation | | Senior Secured Revolving Credit Loan | | S+ | | 5.25 | % | 10.55 | % | 12/17/2027 | | Transportation: Cargo | | | 88,889 | | | 88,889 |
Aptean | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.25 | % | 10.55 | % | 1/30/2031 | | High Tech Industries | | | 85,963 | | | — |
Ohio Transmission | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.50 | % | 10.80 | % | 12/19/2030 | | Capital Equipment | | | 78,947 | | | 98,684 |
Keter Environmental Services | | Senior Secured Revolving Loan | | S+ | | 6.50 | % | 11.80 | % | 10/29/2027 | | Environmental Industries | | | 77,520 | | | 77,520 |
VC3 | | Senior Secured Revolving Credit | | S+ | | 5.00 | % | 10.30 | % | 3/12/2027 | | Services: Business | | | 76,923 | | | 76,923 |
Applied Adhesives | | Senior Secured Revolving Loan | | S+ | | 4.75 | % | 10.05 | % | 3/12/2027 | | Containers, Packaging & Glass | | | 71,111 | | | 71,111 |
Steward Partners | | Senior Secured Revolving Loan | | S+ | | 5.25 | % | 10.55 | % | 10/14/2028 | | Banking, Finance, Insurance & Real Estate | | | 69,444 | | | 69,444 |
Radwell | | Senior Secured Revolving Loan | | S+ | | 6.75 | % | 12.05 | % | 4/1/2028 | | Capital Equipment | | | 63,999 | | | 63,999 |
Ohio Transmission | | Senior Secured Revolving Facility | | S+ | | 5.50 | % | 10.80 | % | 12/19/2029 | | Capital Equipment | | | 61,013 | | | 69,333 |
Discovery Education | | Senior Secured Revolving Credit Loan (First Lien) | | S+ | | 5.75 | % | 11.05 | % | 4/9/2029 | | Services: Business | | | 59,829 | | | 230,769 |
Community Brands | | Senior Secured Revolving Loan | | S+ | | 5.50 | % | 10.80 | % | 2/24/2028 | | Banking, Finance, Insurance & Real Estate | | | 58,824 | | | 58,824 |
CIRCOR | | Senior Secured Revolving Credit Loan | | S+ | | 6.00 | % | 11.30 | % | 10/18/2029 | | Capital Equipment | | | 57,545 | | | 57,545 |
Health Management Associates | | Senior Secured Revolving Loan | | S+ | | 6.25 | % | 11.55 | % | 3/30/2029 | | Services: Business | | | 56,838 | | | 56,838 |
S&P Engineering Solutions | | Senior Secured Revolving Credit Loan | | S+ | | 6.75 | % | 12.05 | % | 5/2/2029 | | Services: Business | | | 49,020 | | | 49,020 |
Blue Cloud | | Senior Secured Delayed Draw Term Loan | | S+ | | 5.25 | % | 10.55 | % | 1/21/2028 | | Healthcare & Pharmaceuticals | | | 30,000 | | | 114,000 |
Alliance Environmental Group | | Senior Secured Revolving Loan | | S+ | | 0.00 | % | 5.30 | % | 12/30/2027 | | Environmental Industries | | | 24,834 | | | 24,834 |
Ned Stevens 2022-2 | | Unitranche 2023 Incremental Delayed Draw Term Loan | | S+ | | 6.50 | % | 11.80 | % | 11/1/2029 | | Services: Consumer | | | — | | | 846,172 |
Alera | | Senior Secured 2022 Delayed Draw Term Loan | | S+ | | 6.50 | % | 11.80 | % | 10/2/2028 | | Banking, Finance, Insurance & Real Estate | | | — | | | 340,000 |
Accolite | | Senior Secured Initial DDTL Loan | | S+ | | 5.75 | % | 11.05 | % | 4/10/2029 | | Services: Business | | | — | | | 250,000 |
Community Brands | | Senior Secured Delayed Draw Term Loan Retired 02/23/2024 | | S+ | | 5.50 | % | 10.80 | % | 2/24/2028 | | Banking, Finance, Insurance & Real Estate | | | — | | | 117,647 |
CPS | | Senior Secured Revolving Credit Loan | | S+ | | 5.25 | % | 10.55 | % | 6/1/2028 | | Healthcare & Pharmaceuticals | | | — | | | 59,988 |
Omni Logistics | | Senior Secured Revolving Credit Loan (First Lien) Retired 01/25/2024 | | S+ | | 5.00 | % | 10.30 | % | 12/30/2025 | | Transportation: Cargo | | | — | | | 24,901 |
| | | | | | | | | | | | | | $ | 30,078,850 | | $ | 27,258,654 |
Unfunded commitments represent all amounts unfunded as of March 31, 2024 and December 31, 2023. These amounts may or may not be funded to the borrowing party now or in the future.
Note 10. Financial Highlights
| | | | | | | |
| | Three Months Ended | | Three Months Ended | |
| | March 31, 2024 | | March 31, 2023 | |
Per Share Data: | | | | | | | |
Net asset value, beginning of period | | $ | 9.19 | | $ | 9.24 | |
Net investment income(a) | | | 0.20 | | | 0.19 | |
Net realized gain (loss) on investments and change in unrealized appreciation (depreciation) on investments(a)(b) | | | (0.02) | | | (0.02) | |
Net increase in net assets resulting from operations | | $ | 0.18 | | $ | 0.17 | |
Net asset value at end of period | | $ | 9.37 | | $ | 9.41 | |
Total return(c) | | | 1.96 | % | | 1.84 | % |
Shares of common stock outstanding at end of period | | | 44,518,989 | | | 44,753,084 | |
| | | | | | | |
Statement of Assets and Liabilities Data: | | | | | | | |
Net assets at end of period | | $ | 417,250,312 | | $ | 421,319,813 | |
Average net assets(d) | | | 412,355,887 | | | 424,072,674 | |
| | | | | | | |
Ratio/Supplemental Data: | | | | | | | |
Ratio of gross expenses to average net assets - annualized(e) | | | 2.79 | % | | 2.84 | % |
Ratio of net expenses to average net assets - annualized(f) | | | 1.57 | % | | 1.62 | % |
Ratio of net investment income to average net assets - annualized | | | 8.85 | % | | 8.07 | % |
Portfolio turnover(g) | | | 3.11 | % | | 2.09 | % |
| (a) | Based on weighted average basic per share of Common Stock data. |
| (b) | The per share amount varies from the net realized and unrealized gain (loss) for the period because of the timing of sales of fund shares and the per share amount of realized and unrealized gains and losses at such time. |
| (c) | Total return is based on the change in net asset value during the respective periods. Total return also takes into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. |
| (d) | Average net assets are computed using the average balance of net assets at the end of each month of the reporting period. |
| (e) | Ratio of gross expenses to average net assets is computed using expenses before waivers from the Adviser and Administrator. |
| (f) | Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Adviser and Administrator. |
Note 11. Indemnification
In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company’s maximum exposure under these indemnities is unknown. The Company does not consider it necessary to record a liability in this regard.
Note 12. Subsequent Events
Subsequent to March 31, 2024 through May 14, 2024, the Company invested $6,849,104 at cost in 27 different portfolio companies. On April 15, 2024, the Company issued a Tender Offer to repurchase $30.0 million worth of Common Stock from the Stockholder. The Offer was accepted on May 10, 2024.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In this quarterly report on Form 10-Q, except where the context suggests otherwise, the terms “we,” us,” our” and the “Company” refer to Audax Credit BDC Inc. The information contained in this section should be read in the conjunction with the financial statements and notes to the financial statements appearing elsewhere in this quarterly report.
This quarterly report and other statements contain forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:
| ● | our future operating results; |
| ● | our business prospects and the prospects of our portfolio companies; |
| ● | changes in political, economic or industry conditions, rising interest rates and conditions affecting the financial and capital markets, which could result in changes to the value of our assets; |
| ● | the state of and changes in the general economy, including a possible slowdown in the economy; |
| ● | the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies; |
| ● | rising levels of inflation, and its impact on us, on our portfolio companies and on the industries in which we invest; |
| ● | general price and volume fluctuations in the stock markets; |
| ● | uncertainty surrounding global financial stability, including the liquidity of certain banks; |
| ● | uncertainty surrounding financial and political stability of the United States, the United Kingdom, the European Union, the Middle East and China, and the war between Russia and Ukraine; |
| ● | the ability of our portfolio companies to achieve their objectives; |
| ● | the timing of cash flows, if any, from the operations of our portfolio companies; |
| ● | the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments; |
| ● | risk associated with possible disruptions in our operations or the economy generally; |
| ● | the effect of investments that we expect to make; |
| ● | our contractual arrangements and relationships with third parties; |
| ● | actual and potential conflicts of interest with Adviser and its affiliates; |
| ● | the dependence of our future success on the general economy and its effect on the industries in which we invest; |
| ● | the adequacy of our financing sources and working capital; |
| ● | the ability of our Adviser and its affiliates to attract and retain highly talented professionals; |
| ● | our ability to qualify and maintain our qualification as a BDC and as a RIC; and |
| ● | the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K filed on March 27, 2024 (file no. 814-01154) (the “Annual Report”). |
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this quarterly report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” of this quarterly report and our Annual Report as well as risk factors described or identified in other filings we may make with the SEC from time to time. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this quarterly report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. The forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
OVERVIEW
Audax Credit BDC Inc. is a Delaware corporation that was formed on January 29, 2015. We are an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, we have elected to be treated for U.S. federal income tax purposes, and intends to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code.
Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We intend to meet our investment objective by investing primarily in senior secured debt of privately owned U.S. middle market companies. We intend to invest at least 80% of our net assets plus the amount of any borrowings in “credit instruments,” which we define as any fixed income instruments.
Although we have no present intention of doing so, we may decide to incur leverage. If we do incur leverage, however, we anticipate that it will be used in limited circumstances and on a short-term basis for purposes such as funding distributions. As a BDC, we are limited in our use of leverage under the 1940 Act. Under the 1940 Act, a BDC generally is required to maintain asset coverage of 200% for senior securities representing indebtedness (such as borrowings from banks or other financial institutions) or stock (such as preferred stock). The Small Business Credit Availability Act (the “SBCAA”), which was signed into law on March 23, 2018, provides that a BDC’s required asset coverage under the 1940 Act may be reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). This reduction in asset coverage permits a BDC to double the amount of leverage it may utilize, subject to certain approval, timing and reporting requirements, including either stockholder approval or approval of a majority of the directors who are not “interested persons” (as defined in the 1940 Act) of the BDC and who have no financial interest in the arrangement. In addition, as a non-traded BDC, if we receive the relevant approval to increase our authorized leverage, we will be required to offer our stockholders the opportunity to sell their shares of Common Stock over the next year following the calendar quarter in which the approval was obtained. In determining whether to use leverage, we will analyze the maturity, covenants and interest rate structure of the proposed borrowings, as well as the risks of such borrowings within the context of our investment outlook and the impact of leverage on our investment portfolio. The amount of any leverage that we will employ as a BDC will be subject to oversight by our Board of Directors.
We generate revenue in the form of interest on the debt securities that we hold in our portfolio companies. The senior debt we invest in generally has stated terms of three to ten years. Our senior debt investments generally bear interest at a floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions, although we do not expect to do so. OID as well as market discount and premium are accreted and amortized in determining our interest income. We record any prepayment premiums on loans and debt securities as income.
PORTFOLIO COMPOSITION AND INVESTMENT ACTIVITY
Portfolio Composition
The fair value of our investments, comprised of syndicated loans and equity, as of March 31, 2024, was approximately $376,257,907 and held in 209 portfolio companies as of March 31, 2024. The fair value of our investments, comprised of syndicated loans and equity, as of December 31, 2023, was approximately $387,194,568, and we held investments in 211 portfolio companies as of December 31, 2023.
During the three months ended March 31, 2024, we invested in 29 new syndicated investments for a combined $16,981,064 and in existing investments for a combined $6,464,271. We also received $21,421,870 in repayments from investments and $12,284,058 from investments sold during the three months ended March 31, 2024. During the three months ended March 31, 2023, we invested in 7 new syndicated investments for a combined $6,486,826 and in existing investments for a combined $1,889,911. We also received $20,751,034 in repayments from investments and $9,262,833 from investments sold during the three months ended March 31, 2023.
In addition, for the three months ended March 31, 2024, we had a change in unrealized depreciation of approximately $592,485 and realized losses of $315,847. For the three months ended March 31, 2023, we had a change in unrealized depreciation of approximately $556,727 and realized losses of $43,997.
Our investment activity for the three months ended March 31, 2024 and 2023, is presented below:
| | | | | | | |
| | Three Months Ended | | Three Months Ended | |
| | March 31, 2024 | | March 31, 2023 | |
Beginning investment portfolio, at fair value | | $ | 387,194,568 | | $ | 420,828,658 | |
Investments in new portfolio investments | | | 16,981,064 | | | 6,486,826 | |
Investments in existing portfolio investments | | | 6,464,271 | | | 1,889,911 | |
Principal repayments | | | (21,421,870) | | | (20,751,034) | |
Proceeds from investments sold | | | (12,284,058) | | | (9,262,833) | |
Change in premiums, discounts and amortization | | | 232,264 | | | 253,136 | |
Net change in unrealized depreciation on investments | | | (592,485) | | | (556,727) | |
Realized loss on investments | | | (315,847) | | | (43,997) | |
Ending portfolio investment activity, at fair value | | $ | 376,257,907 | | $ | 398,843,940 | |
Number of portfolio investments | | | 250 | | | 244 | |
Average investment amount, at cost | | $ | 1,520,509 | | $ | 1,665,053 | |
Percentage of investments at floating rates | | | 100.00 | % | | 99.18 | % |
As of March 31, 2024 and December 31, 2023, our entire portfolio consisted of non-controlled/non-affiliated investments.
RECENT DEVELOPMENTS
Subsequent to March 31, 2024 through May 14, 2024, the Company invested $6,849,104 at cost in 27 different portfolio companies. On April 15, 2024, the Company issued a Tender Offer to repurchase $30.0 million worth of Common Stock from the Stockholder. The Offer was accepted on May 10, 2024.
RESULTS OF OPERATIONS
The net increase or decrease in net assets from operations may vary substantially from period to period as a result of various factors, including the recognition of realized gains and/or losses and net change in unrealized appreciation and depreciation.
Revenue
Total investment income for the three months ended March 31, 2024 and 2023 is presented in the table below.
| | | | | | |
| | Three Months Ended | | Three Months Ended |
| | March 31, 2024 | | March 31, 2023 |
Total interest income from non-controlled/non-affiliated investments | | $ | 10,584,397 | | $ | 10,011,292 |
Total other interest income | | | 85,860 | | | 64,550 |
Total other income | | | 9,145 | | | 62,635 |
Total investment income | | $ | 10,679,402 | | $ | 10,138,477 |
Total investment income for the three months ended March 31, 2024 increased to $10,679,402 from $10,138,477 for the three months ended March 31, 2023, and was primarily driven by an increase in interest rate spreads over the period. As of March 31, 2024 and 2023, the size of our debt portfolio was $374,591,268 and $402,971,119 at amortized cost, respectively, with total debt principal amount outstanding of $379,566,089 and $407,505,625, respectively.
Expenses
Total expenses net of waivers for the three months ended March 31, 2024 and 2023, were as follows:
| | | | | | |
| | Three Months Ended | | Three Months Ended |
| | March 31, 2024 | | March 31, 2023 |
Base management fee(a) | | $ | 1,033,988 | | $ | 1,108,854 |
Incentive fee(a) | | | 1,444,313 | | | 1,333,105 |
Interest expense(b) | | | — | | | 227,652 |
Professional fees | | | 139,284 | | | 98,636 |
Directors' fees | | | 69,000 | | | 63,750 |
Administrative fee(a) | | | 66,250 | | | 66,250 |
Other expenses | | | 104,687 | | | 74,766 |
Total expenses | | | 2,857,522 | | | 2,973,013 |
Base management fee waivers(a) | | | (361,896) | | | (388,099) |
Incentive fee waivers(a) | | | (890,590) | | | (889,296) |
Total expenses, net of waivers | | $ | 1,605,036 | | $ | 1,695,618 |
(a)Refer to Note 4-Related Party Transactions within the financial statements for a description of the relevant fees.
(b)Refer to Note 8-Borrowing within the financial statements for a description of the relevant expenses.
The increase in base management fees before waivers for the three months ended March 31, 2024 in comparison to the three months ended March 31, 2023 was driven by our decreasing average gross assets balance. For the three months ended March 31, 2024 and 2023, we accrued gross base management fees before waivers of $1,033,988 and $1,108,854, respectively. Offsetting those fees, we recognized base management fee waivers of $361,896 and $388,099 for three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024 and 2023, we accrued incentive fees related to net investment income before waivers of $1,444,313 and $1,333,105, respectively. Offsetting those fees, we recognized incentive fee waivers of $890,590 and $889,296, respectively. Additionally, we accrued $66,250 of administrative fees for each of the three months ended March 31, 2024 and 2023. Refer to Note 4 — Related Party Transactions in the notes accompanying our financial statements for more information related to base management fees, incentive fees and waivers.
During the three months ended March 31, 2024 and 2023, we incurred professional fees of $139,284 and $98,636, respectively, related to audit fees, tax fees, and legal fees. During the three months ended March 31, 2024 and 2023, we incurred expenses related to fees paid to our independent directors of $69,000 and $63,750 for the three months ended March 31, 2024 and 2023, respectively.
During the three months ended March 31, 2024 and 2023, we incurred interest expense of $0 and $227,652, respectively, in connection with our short-term borrowings. Refer to Note 8 — Borrowings in the notes accompanying our financial statements for more information related to interest expense.
Realized and Unrealized Gains and Losses
For the three months ended March 31, 2024, we recognized $315,847 in net realized losses. For the three months ended March 31, 2023, we recognized $43,997 in net realized losses.
Net change in unrealized depreciation on investments for the three months ended March 31, 2024 and 2023 was as follows:
| | | | | | |
| | Three Months Ended | | Three Months Ended |
Type | | March 31, 2024 | | March 31, 2023 |
First Lien Debt | | $ | 770,105 | | $ | (589,260) |
Unitranche Debt | | | (1,013,730) | | | 72,983 |
Second Lien Debt | | | (624,526) | | | (215,724) |
Equity and Preferred Shares | | | 275,666 | | | 175,274 |
Net change in unrealized depreciation on investments | | $ | (592,485) | | $ | (556,727) |
Net change in unrealized depreciation on investments during the three months ended March 31, 2024 was primarily due to the change in the results and financial position of the portfolio companies. Net change in unrealized depreciation on investments during the three months ended March 31, 2023 was primarily due to the change in the results and financial position of the portfolio companies.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We generate cash primarily from the net proceeds of any offering of shares of our Common Stock, from cash flows from interest and fees earned from our investments, and from principal repayments and proceeds from sales of our investments. Our primary use of cash is investments in portfolio companies, payments of our expenses and cash distributions to our stockholders. As of March 31, 2024 and December 31, 2023, we had cash of $45,997,315 and $20,940,279, respectively.
Operating Activities
Net cash provided by operating activities for the three months ended March 31, 2024 was $25,057,036. The primary operating activities during this period were investments in portfolio companies. The Company invested $16,981,064 in new portfolio investments and $6,486,826 in existing portfolio investments during the three months ended March 31, 2024. This was offset by repayments of bank loans and sales of investments of $21,421,870 and $12,284,058, respectively. Net cash provided by operating activities for the three months ended March 31, 2023 was $35,815,808. The primary operating activities during this period were investments in portfolio companies. The Company invested $6,486,826 in new portfolio investments and $1,889,911 in existing portfolio investments during the three months ended March 31, 2023. This was offset by repayments of bank loans and sales of investments of $20,751,034 and $9,262,833, respectively.
As of March 31, 2024, we had 92 investments with unfunded commitments of $30,078,850. As of December 31, 2023, we had 84 investments with unfunded commitments of $27,258,654. We believe that, as of both March 31, 2024 and December 31, 2023, we had sufficient assets to adequately cover any obligations under our unfunded commitments.
The following table summarizes our total portfolio activity during the three months ended March 31, 2024 and 2023:
| | | | | | |
| | Three Months Ended | | Three Months Ended |
| | March 31, 2024 | | March 31, 2023 |
Beginning investment portfolio | | $ | 387,194,568 | | $ | 420,828,658 |
Investments in new portfolio investments | | | 16,981,064 | | | 6,486,826 |
Investments in existing portfolio investments | | | 6,464,271 | | | 1,889,911 |
Principal repayments | | | (21,421,870) | | | (20,751,034) |
Proceeds from sales of investments | | | (12,284,058) | | | (9,262,833) |
Net change in unrealized depreciation on investments | | | (592,485) | | | (556,727) |
Net realized loss on investments | | | (315,847) | | | (43,997) |
Net change in premiums, discounts and amortization | | | 232,264 | | | 253,136 |
Investment Portfolio, at Fair Value | | $ | 376,257,907 | | $ | 398,843,940 |
Financing Activities
Net cash used in our financing activities for the three months ended March 31, 2024 was $0. Net cash used in our financing activities for the three months ended March 31, 2023 was $19,454,549, which consisted of $15,000,000 in repurchases of 1,623,377 shares to our stockholders in connection with the Tender Offer during the period and $4,454,549 in connection with repayments of our short-term borrowings during the period.
Equity Activity
An investor made capital commitments to us in the amounts set forth below as of the date opposite each capital commitment:
| | | |
Amount | | Date |
$ | 140,000,000 | | June 23, 2015 |
$ | 50,000,000 | | December 2, 2016 |
$ | 100,000,000 | | On December 7, 2017 |
$ | 40,000,000 | | March 22, 2019 |
$ | 30,000,000 | | September 23, 2019 |
$ | 11,200,000 | | March 20, 2020 |
$ | 8,900,000 | | May 28, 2021 |
$ | 110,000,000 | | December 15, 2021 |
$ | 30,000,000 | | June 13, 2023 |
$ | 37,000,000 | | May 25, 2024 |
As of March 31, 2024, there were $37,000,000 remaining unfunded capital commitments by the Company’s investors.
The number of shares of our Common Stock issued and outstanding as of March 31, 2024 and December 31, 2023, were 44,518,989 and 44,518,989, respectively.
Distributions to Stockholders – Common Stock Distributions
We have elected to be treated, and intends to comply with the requirements to qualify annually, as a RIC for U.S. federal income tax purposes. As a RIC, we generally are not subject to corporate-level U.S. federal income taxes on ordinary income or capital gains that we timely distribute as dividends for U.S. federal income tax purposes to our stockholders. To qualify to be taxed as a RIC and thus avoid corporate-level income tax on the income that we distribute as dividends to our stockholders, we are required to distribute dividends to our stockholders each taxable year generally of an amount at least equal to 90% of our investment company taxable income, determined without regard to the deduction for any dividends paid. To avoid a 4% excise tax on undistributed earnings, we are required to distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% of our ordinary income (taking into account certain deferrals and elections) for such calendar year, (ii) 98.2% of our capital gain net income, adjusted for certain ordinary losses, for the one-year period ending October 31 of that calendar year and (iii) any income or capital gains recognized, but not distributed, in preceding calendar years and on which we incurred no federal income tax. We intend to make distributions to stockholders on an annual basis of substantially all of our net investment income. Although we intend to make distributions of net realized capital gains, if any, at least annually, out of assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. In addition, the extent and timing of special dividends, if any, will be determined by our Board of Directors and will largely be driven by portfolio specific events and tax considerations.
We may fund our cash distributions from any sources of funds available, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and fee waivers from our Adviser. Our distributions may exceed our earnings, especially during the period before we have substantially invested the proceeds from an offering. As a result, a portion of the distributions may represent a return of capital for U.S. federal income tax purposes. Thus, the source of a distribution to our stockholders may be the original capital invested by the stockholder rather than our income or gains. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act. We did not declare or pay distributions for the three months ended March 31, 2024 and 2023.
The determination of the tax attributes of our distributions is made annually at the end of our taxable year, based upon our taxable income for the full taxable year and distributions paid for the full taxable year. Therefore, estimates made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. The actual tax characteristics of distributions to stockholders will be reported to stockholders subject to information reporting after the close of each calendar year on Form 1099-DIV.
Related Party Fees
For the three months ended March 31, 2024 and 2023, we recorded base management fees of $1,033,988 and $1,108,854, respectively. Offsetting these fees were waivers to the base management fees of $361,896 and $388,099, respectively, as set forth within the accompanying statements of operations.
For the three months ended March 31, 2024 and 2023, we recorded incentive fees of $1,444,313 and $1,333,105, respectively. Offsetting these waivers to the incentive fees of $890,590 and $889,296, respectively, as set forth within the accompanying statements of operations.
For both of the three months ended March 31, 2024 and 2023, we recorded administrative fees of $66,250, respectively, as set forth within the accompanying statements of operations.
Fees due to related parties as of March 31, 2024 and December 31, 2023 on our accompanying statements of assets and liabilities were as follows:
| | | | | | |
| | March 31, 2024 | | December 31, 2023 |
Net base management fee due to Adviser | | $ | 1,359,267 | | $ | 687,175 |
Net incentive fee due to Adviser | | | 1,150,480 | | | 596,757 |
Total fees due to Adviser, net of waivers | | | 2,509,747 | | | 1,283,932 |
Fee due to Administrator, net of waivers | | | 132,500 | | | 66,250 |
Total Related Party Fees Due | | $ | 2,642,247 | | $ | 1,350,182 |
Tender Offers
To provide our stockholders with limited liquidity, we may, in the absolute discretion of our Board of Directors, conduct a tender offer. Our tenders for the shares of Common Stock, if any, would be conducted on such terms as may be determined by our Board of Directors and in accordance with the requirements of applicable law, including Section 23(c) of the 1940 Act and Regulation M under the Exchange Act.
CRITICAL ACCOUNTING POLICIES
This discussion of our operations is based upon our financial statements, which are prepared in accordance with GAAP. The preparation of these financial statements requires our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.
Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. In addition to the discussion below, we describe our critical accounting policies in the notes to our financial statements.
Valuation of Investments
On December 3, 2020, the SEC announced that it adopted the Valuation Rule, which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022, our Board of Directors designated the Adviser as our Valuation Designee to perform fair value determinations relating to the value of our assets for which market quotations are not readily available in good faith. Such valuation by the Valuation Designee must be made in good faith and may be based on, among other things, the input of independent third-party valuation firms, where applicable. The Valuation Designee’s valuation process is subject to our Board of Directors’ oversight.
In accordance with the 1940 Act, our Board of Directors has the ultimate responsibility for reviewing the good faith fair value determination of our investments for which market quotations are not readily available based on our Policy and for overseeing the Valuation Designee. Such review and oversight include receiving written fair value determinations and supporting materials provided by the Valuation Designee and any independent third-party valuation firms as may be used by the Valuation Designee or our Board of Directors from time to time.
As part of the valuation process, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of our investments: applicable market yields and multiples; security covenants; call protection provisions; information rights; comparisons of financial ratios of the portfolio companies that issued such private equity securities to peer companies that are public; comparable merger and acquisition transactions; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flow; available current market data, including relevant and applicable markets in which the portfolio company does business; and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Valuation Designee will consider the pricing indicated by the external event in its valuation of the portfolio investment.
The Valuation Designee utilizes the following multi-step process in determining fair value for our investments for which market quotations are not “readily available”:
| ● | The Adviser’s investment professionals responsible for the portfolio investment and other senior members of the Adviser’s investment and management team, with oversight from the Adviser’s finance team, will make initial valuations of each investment; |
| ● | The Adviser’s investment professionals and management team, with oversight by the Adviser’s finance and compliance team, will document the preliminary valuation conclusions and oversee sample testing of valuations with third-party valuation agents; |
| ● | The preliminary valuation conclusions will be presented to the valuation committees for consideration; |
| ● | The valuation committees will discuss the recommended valuations and determine, in good faith, the fair value of each investment; |
| ● | The valuation determinations of the valuation committees will be presented to the risk committee and then shared with our CEO and CFO; and |
| ● | The Adviser will provide certain quarterly and annual reports to our Board of Directors. |
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the valuations currently assigned.
The Valuation Designee determines fair value in good faith for all our investments without readily available market quotations by using methodologies consistent with the principles of the valuation approaches set forth in ASC 820, Section 2(a)(41) of the 1940 Act and Rule 2a-5 thereunder.
ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same – to estimate the price when an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).
ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured
from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.
The three-level hierarchy for fair value measurement is defined as follows:
Level 1 — Inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. We do not adjust the quoted price for these instruments, even in situations where we hold a large position, and a sale could reasonably be expected to impact the quoted price.
Level 2 — Inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.
Level 3 — Inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations, collateralized loan obligations, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.
Pursuant to the framework set forth above, the Valuation Designee values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Valuation Designee may also obtain quotes with respect to certain of our investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets.
Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Valuation Designee determines whether the quote obtained is sufficient in accordance with GAAP to determine the fair value of the security. If determined adequate, the Valuation Designee uses the quote obtained.
Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee, does not represent fair value, are each valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data are available. These valuation techniques vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Inputs for these valuation techniques include relative credit information, observed market movement, industry sector information, and other market data, which may include benchmarking of comparable securities, issuer spreads, reported trades, and reference data, such as market research publications, when available.
Investment performance data utilized are the most recently available as of the measurement date, which in many cases may reflect up to a one quarter lag in information.
Securities for which market quotations are not readily available or for which a pricing source is not sufficient may include the following:
| ● | private placements and restricted securities that do not have an active trading market; |
| ● | securities whose trading has been suspended or for which market quotes are no longer available; |
| ● | debt securities that have recently gone into default and for which there is no current market; |
| ● | securities whose prices are stale; and |
| ● | securities affected by significant events. |
Subject to the oversight of our Board of Directors, the Valuation Designee has the overall responsibility for the implementation and monitoring of our pricing policies to ensure fair, accurate and current valuations.
Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our financial statements.
Security transactions are recorded on the trade date (the date the order to buy or sell is executed or, in the case of privately issued securities, the closing date, which is when all terms of the transactions have been defined). Realized gains and losses on investments are determined based on the identified cost method.
Realized gains and losses on investments are determined based on the identified cost method.
Refer to Note 3 — Investments in the notes to our accompanying financial statements included elsewhere in this annual report for additional information regarding fair value measurements and our application of ASC 820.
Revenue Recognition
We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the principal balance, we generally will not accrue PIK interest for accounting purposes if the portfolio company valuation indicates that such PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities for accounting purposes if we have reason to doubt our ability to collect such interest. OID, market discounts or premiums are accreted or amortized using the effective interest method as interest income. We record prepayment premiums on loans and debt securities as interest income.
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation
We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.
PIK Interest
We may have investments in our portfolio that contain a PIK interest provision. Any PIK interest will be added to the principal balance of such investments and is recorded as income if the portfolio company valuation indicates that such PIK interest is collectible. In order to maintain our status as a RIC, substantially all of this income must be included in the amounts paid out by us to stockholders in the form of dividends, even if we have not collected any cash.
U.S. Income Taxes
We have elected to be subject to tax as a RIC under Subchapter M of the Code. As a RIC, we generally will not have to incur any corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute as dividends to our stockholders. To qualify and maintain our qualification as a RIC, we must meet certain source-of-income and asset diversification requirements as well as distribute dividends to our stockholders each taxable year of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any distributions paid.
Depending on the level of taxable income earned in a taxable year, we may choose to retain taxable income in excess of current year distributions into the next taxable year. We would then incur a 4% excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we will accrue an excise tax, if any, on estimated excess taxable income as taxable income is earned. We did not accrue any excise tax for the fiscal years ended December 31, 2023, 2022, and 2021.
Because U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. Permanent differences may also result from differences in classification in certain items, such as the treatment of short-term gains as ordinary income for tax purposes. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.
We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether any relevant tax positions would “more-likely-than-not” be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expensed in the current fiscal year. All penalties and interest associated with any income taxes accrued are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax law, regulations and interpretations thereof. Our accounting policy on income taxes is critical because if we are unable to qualify, or once qualified, maintain our tax status as a RIC, we would be required to record a provision for corporate-level U.S. federal income taxes, as well as any related state or local taxes which may be significant to our financial results.
COMMITMENTS AND CONTINGENCIES
From time to time, we, or the Adviser, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of our rights under contracts with our portfolio companies. Neither we nor the Adviser is currently subject to any material legal proceedings.
Unfunded commitments to provide funds to portfolio companies are not reflected in our accompanying statements of assets and liabilities. Our unfunded commitments may be significant from time to time. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. We use cash flow from normal and early principal repayments and proceeds from borrowings and offerings to fund these commitments. As of March 31, 2024, we had 92 investments with unfunded commitments of $30,078,850. As of December 31, 2023, we had 84 investments with unfunded commitments of $27,258,654. We believe that, as of March 31, 2024 and December 31, 2023, we had sufficient assets to adequately cover any obligations under our unfunded commitments.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are subject to financial market risks, including changes in interest rates. During the period covered by our financial statements, many of the loans in our portfolio had floating interest rates, and we expect that many of our loans to portfolio companies in the future will also have floating interest rates based on SOFR or an equivalent risk-free index rate. Interest rate fluctuations may have a substantial negative impact on our investments, the value of our Common Stock and our rate of return on invested capital. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
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| | Increase (decrease) in |
Change in interest rates | | investment income |
Up 300 basis points | | 11,386,982 |
Up 200 basis points | | 7,591,322 |
Up 100 basis points | | 3,795,661 |
Down 100 basis points | | (3,795,661) |
Down 200 basis points | | (7,591,322) |
Down 300 basis points | | (11,386,982) |
Although we believe that this measure is indicative of our sensitivity to interest rate changes, it does not reflect potential changes in the credit market, credit quality, size and composition of the assets on the Statements of Assets and Liabilities and other business developments that could affect our net increase in net assets resulting from operations or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.
In addition, any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.
We may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
As of the period covered by this report, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness and design and operation of our disclosure controls and procedures. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective at a reasonable assurance level in timely alerting management, including the Chief Executive Officer and Chief Financial Officer, of material information about us required to be included in periodic SEC filings. However, in evaluation of the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II–OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
We are not currently subject to any material legal proceeding, nor, to our knowledge, is any material legal proceeding threatened against us.
From time to time, we, our Adviser or Administrator may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.
From time to time, we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.
ITEM 1A. RISK FACTORS
In addition to the risks discussed below, important risk factors that could cause results or events to differ from current expectations are described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 27, 2024.
Legislation passed in 2018 allows us to incur additional leverage and would require us to offer liquidity to our stockholders.
Under the 1940 Act, a BDC generally is required to maintain asset coverage of 200% for senior securities representing indebtedness (such as borrowings from banks or other financial institutions) or stock (such as preferred stock). The SBCAA, which was signed into law on March 23, 2018, provides that a BDC’s required asset coverage under the 1940 Act may be reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity). This reduction in asset coverage permits a BDC to double the amount of leverage it may utilize, subject to certain approval, timing and reporting requirements, including either stockholder approval or approval of a majority of the directors who are not “interested persons” (as defined in the 1940 Act) of the BDC and who have no financial interest in the arrangement. As a result, if we receive the relevant approval and we comply with the applicable disclosure requirements, we would be able to incur additional leverage, which may increase the risk of investing in us. In addition, since our base management fee is payable based upon our average adjusted gross assets, which includes any borrowings for investment purposes, our base management fee expenses may increase if we incur additional leverage.
As a non-traded BDC, if we receive the relevant approval to increase our authorized leverage, we will be required to offer our stockholders the opportunity to sell their Shares over the next year following the calendar quarter in which the approval was obtained.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Not applicable.
ITEM 6. EXHIBITS
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3.1 | | Amended and Restated Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015). |
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3.2 | | Form of Bylaws (Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form 10 (File no. 000-55426), filed on April 17, 2015). |
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31.1* | | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. |
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31.2* | | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. |
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32.1* | | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350). |
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32.2* | | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended (18 U.S.C. 1350). |
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99.1 | | Code of Ethics (Incorporated by reference to Exhibit 99.1 to Pre-Effective Amendment No. 1 to the Registration Statement on Form 10, File No. 000-55426, filed on June 5, 2015). |
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101 | | XBRL Document |
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104 | | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused thisreport to be signed on its behalf by the undersigned thereunto duly authorized.
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| Audax Credit BDC Inc. |
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Date: May 14, 2024 | By: | /s/ Michael P. McGonigle |
| | Michael P. McGonigle |
| | Chief Executive Officer |
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Date: May 14, 2024 | By: | /s/ Richard T. Joseph |
| | Richard T. Joseph |
| | Chief Financial Officer |