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Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.58% Cash + 4.30% PIK Total Coupon 11.84% Maturity 7/9/20292024-09-300001902649Debt Investments Software Cornerstone OnDemand, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.86% Total Coupon 8.71% Maturity 10/16/20282024-09-300001902649Debt Investments Construction & Engineering Geo Parent Corporation Instrument First Lien Term Loan Ref SOFR(S) Spread 5.35% Total Coupon 10.80% Maturity 12/19/20252023-12-310001902649Debt Investments IT Services CrewLine Buyer, Inc. 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(Risk Strategies) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.02% Total Coupon 11.39% Maturity 10/30/2026 One2023-12-310001902649ck0001902649:OranjeHoldcoIncMember2023-12-310001902649us-gaap:FairValueInputsLevel3Member2022-12-310001902649ck0001902649:ClassDSharesMemberus-gaap:SubsequentEventMember2024-10-212024-10-210001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 9/4/20292024-09-300001902649Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) First Lien Term Loan SOFR(Q) Floor 1.25% Spread 6.65% Total Coupon 11.95% Maturity 12/23/2026 2024-09-300001902649Debt Investments Machinery Alliance Laundry Systems LLC First Lien Term Loan B SOFR(M) Spread 3.50% Total Coupon 8.35% Maturity 8/8/2031 2024-09-300001902649Debt Investments Internet Software and Services Gympass US, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash + 3.25% PIK Total Coupon 11.47% Maturity 8/29/20292024-09-300001902649ck0001902649:O2023Q11DividendsMemberck0001902649:InstitutionalClassMember2023-01-300001902649us-gaap:FairValueInputsLevel3Member2023-09-300001902649ck0001902649:FocusFinancialPartnersLlcMember2024-09-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Revolver Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/20282023-12-310001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.38% Maturity 8/29/20292023-12-310001902649 Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.52% Maturity 8/29/20292024-09-300001902649Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Revolver PRIME Floor 0.75% Spread 5.25% Total Coupon 13.75% Maturity 8/23/20272023-12-310001902649Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Term Loan SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 1/16/20302024-09-300001902649Debt Investments Media2024-09-300001902649Debt Investments Automobiles Wand Newco 3, Inc. (aka Caliber Collision) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.25% Total Coupon 7.85% Maturity 1/30/20312024-09-300001902649Debt Investments IT Services Avalara, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.60% Maturity 10/19/20282023-12-310001902649Debt Investments Insurance2023-12-310001902649us-gaap:FairValueInputsLevel3Member2024-06-300001902649ck0001902649:ClassICommonSharesMember2023-01-012023-12-310001902649ck0001902649:O2023Q12DividendsMemberck0001902649:InstitutionalClassMember2023-02-150001902649ck0001902649:ClassDSharesMemberus-gaap:SubsequentEventMember2024-10-240001902649Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.21% Maturity 12/21/20282024-09-300001902649Debt Investments Software Boxer Parent Company, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 9.10% Maturity 7/30/20312024-09-300001902649Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.10% Maturity 8/23/2028 One2024-09-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC First Lien Delayed Draw Term Loan SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.10% Maturity 6/30/20282024-09-300001902649us-gaap:CommonStockMember2024-06-300001902649Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.89% Maturity 8/29/20292023-12-310001902649Debt Investments Insurance Alera Group, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.10% Maturity 9/30/20282024-09-300001902649Debt Investments Health Care Technology PointClickCare Technologies Inc. (Canada) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00% Total Coupon 7.60% Maturity 12/29/20272024-09-300001902649Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.58% Cash + 4.30% PIK Total Coupon 12.22% Maturity 7/9/20292023-12-310001902649ck0001902649:InstitutionalClassMember2022-10-310001902649Debt Investments Life Sciences Tools & Services Curia Global, Inc First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.75% Total Coupon 9.10% Maturity 08/30/20262024-09-300001902649ck0001902649:HigginbothamInsuranceAgencyIncOneMember2023-12-310001902649ck0001902649:FusionRiskManagementIncMember2023-12-310001902649us-gaap:SubsequentEventMemberck0001902649:InstitutionalSharesMember2024-10-242024-10-240001902649ck0001902649:GtyTechnologyHoldingsIncOneMember2024-09-300001902649Cash and Cash Equivalents - 4.4% of Net Assets2024-09-300001902649ck0001902649:MeasurementInputBookValueMultiplesMember2024-01-012024-09-300001902649us-gaap:RetainedEarningsMemberck0001902649:InstitutionalClassMember2024-07-012024-09-300001902649Debt Investments Professional Services Deerfield Dakota Holding, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.75% Total Coupon 9.10% Maturity 4/9/20272023-12-310001902649ck0001902649:O2023Q22DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649Total Investments - 147.3% of Net Assets2024-09-300001902649Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 9.35% Maturity 11/1/20292024-09-300001902649Debt Investments Hotels, Restaurants & Leisure2023-12-3100019026492023-01-012023-03-310001902649Debt Investments Capital Markets2024-09-300001902649ck0001902649:CommonClassDMemberus-gaap:RetainedEarningsMember2024-07-012024-09-300001902649ck0001902649:ClassSAndClassDSharesMemberus-gaap:SubsequentEventMember2024-10-210001902649ck0001902649:InstitutionalClassMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001902649ck0001902649:SecondAmendmentMemberck0001902649:AggregateBalanceOfLoansIsAbove50AndLessThanOrEqualTo75Memberck0001902649:CreditFacilityMember2023-12-152023-12-150001902649ck0001902649:BluefinHoldingLlcAllvueMember2023-12-310001902649ck0001902649:AggregateBalanceOfLoansIsAbove25AndLessThanOrEqualTo50Memberck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:PncBankNationalAssociationMember2022-06-032022-06-030001902649ck0001902649:CommonClassDMemberus-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001902649Debt Investments Chemicals Momentive Performance Materials, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 4.50% Total Coupon 9.35% Maturity 3/22/20282024-09-300001902649ck0001902649:HsiHaloAcquisitionsIncTwoMember2024-01-012024-09-300001902649Debt Investments Food Products Chobani, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.75% Total Coupon 8.60% Maturity 10/25/20272024-09-300001902649ck0001902649:BullhornIncTwoMember2024-09-300001902649Debt Investments IT Services CrewLine Buyer, Inc. (New Relic) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 11.35% Maturity 11/8/20302024-09-300001902649Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 6.25% Total Coupon 11.71% Maturity 8/21/20282023-12-310001902649Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.62% Maturity 5/22/20292023-12-310001902649ck0001902649:AvalaraIncMember2024-01-012024-09-300001902649Debt Investments Life Sciences Tools & Services2024-09-300001902649Debt Investments Software Planview Parent, Inc. Instrument First Lien Incremental Term Loan Ref SOFR(M) Floor 0.75% Spread 3.75% Total Coupon 8.35% Maturity 12/17/20272024-09-300001902649Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.30% Maturity 11/30/2026 One2024-09-300001902649Debt Investments IT Services Research Now Group, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.76% Total Coupon 10.88% Maturity 10/15/20282024-09-300001902649Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Revolver Ref Prime Floor 1.00% Spread 5.25% Total Coupon 13.75% Maturity 7/9/20292024-09-300001902649ck0001902649:O2024Q21DividendsMemberck0001902649:InstitutionalClassMember2024-04-240001902649Debt Investments Aerospace & Defense Arcline FM Holdings, LLC (Fairbanks Morse Defense) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.51% Total Coupon 10.88% Maturity 6/23/20282023-12-310001902649us-gaap:SubsequentEventMemberck0001902649:InstitutionalSharesMember2024-10-010001902649ck0001902649:InstitutionalClassSharesMember2024-11-060001902649Debt Investments IT Services2023-12-310001902649Debt Investments Diversified Financial Services Payroc, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.75% Total Coupon 9.60% Maturity 11/1/20272024-09-300001902649Debt Investments Professional Services VT TopCo, Inc. (Veritext) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.25% Total Coupon 9.61% Maturity 8/3/20302023-12-310001902649us-gaap:NonUsMembersrt:MinimumMember2024-01-012024-09-300001902649ck0001902649:O2024Q23DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649ck0001902649:CleverDevicesLtdMember2024-09-300001902649Debt Investments Professional Services2023-12-310001902649ck0001902649:TitanHomeImprovementLlcTwoRenuityMember2024-01-012024-09-300001902649us-gaap:FairValueInputsLevel3Member2024-09-300001902649ck0001902649:MadisonLogicHoldingsIncMember2024-09-300001902649ck0001902649:EpicorSoftwareCorporationFkaEagleParentIncMember2024-09-300001902649ck0001902649:ZendeskIncTwoMember2023-12-310001902649Debt Investments Insurance HUB International Limited Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00% Total Coupon 8.23% Maturity 6/20/20302024-09-300001902649Debt Investments Chemicals Discovery Purchaser Corporation Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.38% Total Coupon 9.69% Maturity 10/4/20292024-09-3000019026492024-07-012024-09-300001902649Total Equity Securities - 0.1% of Net Assets2024-09-300001902649us-gaap:CommonStockMember2023-12-310001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2023-07-012023-09-300001902649us-gaap:RetainedEarningsMember2024-06-300001902649Debt Investments Health Care Providers & Services AHP Health Partners, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.97% Maturity 8/24/20282023-12-310001902649ck0001902649:AvalaraIncMember2023-12-310001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/20282023-12-310001902649Debt Investments Insurance Higginbotham Insurance Agency, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 4.75% Total Coupon 9.60% Maturity 11/25/20262024-09-300001902649Debt Investments Aerospace & Defense Peraton Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.85% Total Coupon 9.21% Maturity 2/1/2028 2023-12-310001902649Debt Investments Media Kid Distro Holdings, LLC First Lien Term Loan SOFR(Q) Floor 1.00% Spread 4.90% Total Coupon 10.15% Maturity 10/1/2029 2024-09-300001902649Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.62% Maturity 5/22/20292023-12-310001902649Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.75% Total Coupon 13.13% Maturity 2/1/20292023-12-310001902649Debt Investments Internet & Catalog Retail CommerceHub, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.40% Total Coupon 11.79% Maturity 12/29/20272023-12-310001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2023-06-300001902649Debt Investments Software2023-12-310001902649ck0001902649:CommonClassSMember2023-01-012023-09-300001902649Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) Instrument First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/20292023-12-310001902649Debt Investments Professional Services CoreLogic, Inc. (fka First American Corporation) First Lien Term Loan SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.46% Maturity 6/2/20282024-09-300001902649Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.06% Maturity 10/2/20292023-12-310001902649Debt Investments Aerospace & Defense2024-09-300001902649ck0001902649:O2024Q23DividendsMemberck0001902649:CommonClassSMember2024-06-260001902649us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-07-012024-09-300001902649ck0001902649:ZendeskIncOneMember2024-01-012024-09-300001902649Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.03% Maturity 2/1/20302023-12-310001902649Debt Investments Insurance Higginbotham Insurance Agency, Inc. First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 1.00% Spread 5.60% Total Coupon 10.96% Maturity 11/25/20262023-12-310001902649Debt Investments Textiles, Apparel and Luxury Goods WH Borrower, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.79% Maturity 2/15/20272024-09-300001902649ck0001902649:AlcamiCorporationTwoMember2024-01-012024-09-300001902649ck0001902649:CommonClassDMemberck0001902649:O2024Q32DividendsMember2024-01-012024-09-300001902649Debt Investments Diversified Consumer Services2023-12-310001902649ck0001902649:InstitutionalClassMember2023-10-310001902649us-gaap:FairValueInputsLevel3Membersrt:MinimumMember2024-09-300001902649us-gaap:RetainedEarningsMember2023-07-012023-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2024-09-300001902649Debt Investments IT Services Avalara, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.60% Maturity 10/19/20282023-12-310001902649ck0001902649:CommunityMergerSubDebtLlcCincSystemMember2024-01-012024-09-300001902649us-gaap:RetainedEarningsMember2024-09-300001902649ck0001902649:LjAvalonHoldingsLlcThreeMember2024-09-300001902649srt:MinimumMember2023-12-310001902649Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.58% Cash + 4.30% PIK Total Coupon 12.22% Maturity 7/9/20292023-12-310001902649ck0001902649:EpicorSoftwareCorporationFkaEagleParentIncMember2024-01-012024-09-300001902649Debt Investments Internet Software and Services Anaconda, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.50% Total Coupon 12.87% Maturity 8/22/20272023-12-310001902649ck0001902649:InstitutionalClassMember2023-07-310001902649us-gaap:RetainedEarningsMember2023-09-300001902649ck0001902649:BluefinHoldingLlcAllvueMember2024-01-012024-09-300001902649ck0001902649:EDiscoveryAcquirecoLlcRevealMember2024-01-012024-09-300001902649Debt Investments Construction & Engineering Geo Parent Corporation Instrument First Lien Term Loan Ref SOFR(Q) Spread 5.35% Total Coupon 10.60% Maturity 12/19/20252024-09-300001902649Debt Investments Software TIBCO Software Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.60% Total Coupon 9.95% Maturity 3/30/20292023-12-310001902649Debt Investments Diversified Financial Services White Cap Supply Holdings, LLC Instrument First Lien Tranche B Term Loan Ref SOFR(M) Spread 3.25% Total Coupon 8.10% Maturity 10/19/20292024-09-300001902649Debt Investments Internet & Direct Marketing Retail Pug LLC First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.97% Maturity 2/12/20272023-12-310001902649ck0001902649:CommonClassDMember2024-07-012024-09-300001902649Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) Instrument First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 0.90% Cash + 6.25% PIK Total Coupon 12.43% Maturity 1/24/20282024-09-300001902649Total Investments - 167.9% of Net Assets2023-12-310001902649ck0001902649:ModigentLlcTwoMember2024-01-012024-09-300001902649srt:MaximumMember2024-09-300001902649us-gaap:SubsequentEventMember2024-10-010001902649Debt Investments Aerospace & Defense Peraton Corp.Peraton Corp. 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Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.26% Total Coupon 9.64% Maturity 10/29/20272023-12-310001902649ck0001902649:LjAvalonHoldingsLlcTwoMember2024-01-012024-09-300001902649Debt Investments Software Mitchell International Inc Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.10% Maturity 6/6/20312024-09-300001902649Debt Investments Aerospace & Defense Dynasty Acquisition Co., Inc. Instrument First Lien Term Loan B Ref SOFR(M) Spread 3.50% Total Coupon 8.35% Maturity 8/24/20282024-09-300001902649Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien 2023 Incremental Term Loan Ref SOFR(S) Floor 0.75% Spread 5.25% Total Coupon 10.72% Maturity 4/27/20282023-12-310001902649ck0001902649:BaseManagementFeeMember2024-07-012024-09-300001902649ck0001902649:AlcamiCorporationOneMember2024-01-012024-09-300001902649Debt Investments Aerospace & Defense2023-12-310001902649Debt Investments Health Care Providers & Services Ingenovis Health, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.75% Total Coupon 9.22% Maturity 3/5/20282023-12-310001902649ck0001902649:TitanHomeImprovementLlcOneRenuityMember2024-09-300001902649ck0001902649:NewInsightsHoldingsIncMember2024-01-012024-09-300001902649Debt Investments IT Services2024-09-300001902649ck0001902649:AmerilifeHoldingsLlcOneMember2023-12-310001902649ck0001902649:GtyTechnologyHoldingsIncOneMember2023-12-310001902649ck0001902649:SerranoParentLlcSumoLogicMember2024-01-012024-09-300001902649ck0001902649:O2024Q21DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649ck0001902649:NonControlledNonAffiliatedInvestmentsMember2023-07-012023-09-300001902649Debt Investments Machinery Madison IAQ LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.36% Total Coupon 8.72% Maturity 6/21/20282023-12-310001902649Debt Investments Health Care Providers & Services CHG Healthcare Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.36% Total Coupon 8.72% Maturity 9/29/20282023-12-310001902649ck0001902649:InterceptBidcoIncOneMember2024-09-300001902649Debt Investments IT Services Zelis Cost Management Buyer, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.97% Maturity 9/30/20262023-12-310001902649ck0001902649:LjAvalonHoldingsLlcThreeMember2023-12-310001902649ck0001902649:NonControlledNonAffiliatedInvestmentsMember2023-12-310001902649ck0001902649:InterceptBidcoIncTwoMember2024-01-012024-09-300001902649Debt Investments Health Care Technology Polaris Newco, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.26% Total Coupon 9.51% Maturity 6/2/20282024-09-300001902649Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 10.12% Maturity 2/28/20272023-12-310001902649Debt Investments Software Proofpoint, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.36% Total Coupon 8.72% Maturity 8/31/20282023-12-310001902649ck0001902649:InstitutionalClassMember2024-09-300001902649Debt Investments Machinery Husky Injection Molding Systems Ltd. (Canada) First Lien Term Loan SOFR(S) Spread 5.00% Total Coupon 10.33% Maturity 2/15/20292024-09-300001902649us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001902649:BankDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2023-12-310001902649ck0001902649:ImagefirstHoldingsLlcMember2024-01-012024-09-300001902649Debt Investments Internet and Direct Marketing Retail Pug LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 4.75% Total Coupon 9.60% Maturity 3/15/20302024-09-300001902649ck0001902649:CherryBekaertAdvisoryLlcTwoMember2023-12-310001902649ck0001902649:VortexFinanceSubLlcTwoMember2023-12-310001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 9/4/2029 One2024-09-300001902649Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Revolver B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 8/27/20262023-12-310001902649us-gaap:SubsequentEventMemberck0001902649:TrancheANotesMember2024-11-012024-11-010001902649Debt Investments Health Care Technology2023-12-310001902649Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 9.35% Maturity 11/1/20292024-09-300001902649Debt Investments Diversified Financial Services SitusAMC Holdings Corporation Instrument First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.60% Total Coupon 10.20% Maturity 6/28/20252024-09-300001902649Debt Investments Commercial Services & Supplies Ensemble RCM, LLC Instrument First Lien Term Loan B Ref SOFR(Q) Spread 3.00% Total Coupon 8.25% Maturity 8/3/20292024-09-300001902649ck0001902649:AccordionPartnersLlcTwoMember2024-01-012024-09-300001902649ck0001902649:ClassSSharesMember2024-05-310001902649ck0001902649:InstitutionalClassMemberus-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001902649Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.62% Maturity 5/13/20302024-09-300001902649ck0001902649:SerranoParentLlcSumoLogicMember2023-12-310001902649Debt Investments Capital Markets Learning Care Group (US) No. 2 Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.75% Total Coupon 10.11% Maturity 8/11/20282023-12-310001902649Debt Investments Specialty Retail Woof Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.49% Total Coupon 8.09% Maturity 12/21/20272024-09-300001902649Debt Investments Software Boxer Parent Company, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 4.25% Total Coupon 9.61% Maturity 12/29/20292023-12-3100019026492023-09-300001902649ck0001902649:DouglasHoldingsIncDocupaceThreeMember2024-01-012024-09-300001902649Debt Investments Software Bluefin Holding, LLC (Allvue) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.72% Maturity 9/12/20292023-12-310001902649Debt Investments Professional Services DTI Holdco, Inc. (Epiq) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 10.13% Maturity 4/21/20292023-12-310001902649ck0001902649:LuckyUsBuyercoLlcGlobalPaymentsMember2023-12-310001902649ck0001902649:VortexCompaniesLLCMember2024-01-012024-09-300001902649ck0001902649:InstitutionalClassMember2023-06-300001902649Debt Investments IT Services Madison Logic Holdings, Inc. Instrument First Lien Revolver Ref SOFR(S) Floor 1.00% Spread 7.00% Total Coupon 11.85% Maturity 12/30/20272024-09-300001902649Debt Investments Health Care Providers & Services2023-12-310001902649ck0001902649:O2023Q21DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649ck0001902649:VortexCompaniesLLCMember2024-09-300001902649ck0001902649:O2024Q31DividendsMemberck0001902649:InstitutionalClassMember2024-07-260001902649ck0001902649:TrancheBNotesMemberus-gaap:SubsequentEventMember2024-11-012024-11-010001902649Debt Investments Commercial Services & Supplies Madison Safety & Flow LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.25% Total Coupon 8.10% Maturity 9/19/20312024-09-300001902649Investments - 167.9% of Net Assets2023-12-310001902649ck0001902649:CommonClassDMember2023-07-012023-09-300001902649srt:MinimumMember2024-09-300001902649ck0001902649:BankDebtMember2023-12-310001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-09-300001902649ck0001902649:ClassICommonSharesMember2023-12-310001902649ck0001902649:HsiHaloAcquisitionsIncOneMember2024-01-012024-09-300001902649us-gaap:FairValueInputsLevel1Member2023-12-310001902649ck0001902649:ClassSSharesMember2024-02-270001902649Debt Investments Software UKG Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 9.23% Maturity 5/3/20262023-12-310001902649ck0001902649:AccuserveSolutionIncMember2024-09-300001902649Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) Instrument First Lien Initial Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 9.35% Maturity 11/1/20292024-09-300001902649Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.75% Total Coupon 10.60% Maturity 9/26/20302024-09-300001902649ck0001902649:AccuserveSolutionIncMember2024-01-012024-09-300001902649Debt Investments Life Sciences Tools & Services Parexel International, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.36% Total Coupon 8.72% Maturity 11/15/20282023-12-310001902649ck0001902649:SecondAmendmentMembersrt:MaximumMember2023-12-150001902649Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.48% Maturity 2/1/2030 One2024-09-300001902649Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) Instrument First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.53% Maturity 1/26/20292024-09-300001902649us-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001902649ck0001902649:BluefinHoldingLlcAllvueMember2024-09-300001902649Debt Investments Software Clever Devices Ltd. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.30% Maturity 6/12/20302024-09-300001902649ck0001902649:ClassSSharesMember2023-09-300001902649ck0001902649:ClassDSharesMember2024-09-300001902649Debt Investments Insurance AssuredPartners, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.50% Total Coupon 8.35% Maturity 2/16/20312024-09-300001902649Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.56% Maturity 8/29/20292024-09-300001902649Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.44% Maturity 11/30/20262023-12-310001902649ck0001902649:HoneyIntermediateIncIlobbyCanadaMember2024-01-012024-09-300001902649Debt Investments Capital Markets Focus Financial Partners, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Spread 3.25% Total Coupon 8.10% Maturity 9/10/20312024-09-300001902649ck0001902649:AleraGroupIncTwoMember2024-09-300001902649ck0001902649:RscAcquisitionIncRiskStrategiesTwoMember2024-01-012024-09-300001902649us-gaap:RetainedEarningsMember2024-03-310001902649Debt Investments Healthcare Providers and Services CHG Healthcare Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.46% Maturity 9/29/20282024-09-300001902649Debt Investments Real Estate Management & Development Forest City Enterprises, L.P. Instrument First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.97% Maturity 12/8/20252023-12-310001902649Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.78% Maturity 8/23/20272024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMemberck0001902649:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001902649ck0001902649:USTreasurySecuritiesAndMoneyMarketFundsMember2024-09-300001902649ck0001902649:PlaypowerIncMember2024-09-300001902649Debt Investments Chemicals W. R. Grace Holdings LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 3.75% Total Coupon 7.85% Maturity 9/22/20282024-09-300001902649Debt Investments Professional Services Vensure Employer Services, Inc. First Lien Term Loan SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon9.64 % Maturity 9/19/20312024-09-300001902649Debt Investments Hotels, Restaurants and Leisure Scientific Games Lottery Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 3.00% Total Coupon 8.32% Maturity 4/4/20292024-09-300001902649ck0001902649:RscAcquisitionIncRiskStrategiesOneMember2024-01-012024-09-300001902649ck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:PncBankNationalAssociationMember2022-06-032022-06-030001902649ck0001902649:VensureEmployerServicesIncOneMember2024-01-012024-09-3000019026492024-03-310001902649ck0001902649:CrewlineBuyerIncNewRelicMember2024-09-300001902649ck0001902649:PayrocLlcMember2024-09-300001902649us-gaap:RetainedEarningsMemberck0001902649:InstitutionalClassMember2023-04-012023-06-300001902649ck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:PncBankNationalAssociationMember2024-09-300001902649Debt Investments IT Services Avalara, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.85% Maturity 10/19/20282024-09-300001902649ck0001902649:O2024Q33DividendsMemberck0001902649:InstitutionalClassMember2024-09-250001902649ck0001902649:O2024Q31DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649Debt Investments Health Care Providers & Services Premise Health Holding Corp. Instrument First Lien Term Loan Ref SOFR(S) Floor 0.50% Spread 4.90% Total Coupon 10.25% Maturity 7/10/20252023-12-310001902649Debt Investments Hotels, Restaurants & Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.60% Total Coupon 12.97% Maturity 8/7/20282023-12-310001902649Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 3/30/20292023-12-310001902649Debt Investments Food Products Chobani, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.61% Total Coupon 8.97% Maturity 10/23/20272023-12-310001902649Debt Investments Specialty Retail Fender Musical Instruments Corp. Instrument First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 4.10% Total Coupon 8.95% Maturity 12/1/20282024-09-300001902649Debt Investments Insurance Alera Group, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.75% Total Coupon 10.60% Maturity 11/17/20252024-09-300001902649ck0001902649:IntegrityMarketingAcquisitionLlcTwoMember2023-12-310001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2024-06-300001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.88% Maturity 8/29/20292023-12-310001902649Debt Investments Software Trintech, Inc. Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 11.86% Maturity 7/25/20292023-12-310001902649ck0001902649:NonControlledNonAffiliatedInvestmentsMember2024-07-012024-09-300001902649ck0001902649:ModigentLlcOneMember2024-01-012024-09-300001902649ck0001902649:CommunityMergerSubDebtLlcCincSystemMember2024-09-300001902649Debt Investments Software Douglas Holdings, Inc (Docupace) Instrument First Lien PIK Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 8/27/20302024-09-300001902649Debt Investments Insurance Alliant Holdings Intermediate, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.00% Total Coupon 7.96% Maturity 9/12/20312024-09-300001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.10% Total Coupon 5.10% Maturity 7/27/20282024-09-300001902649ck0001902649:O2024Q32DividendsMemberck0001902649:InstitutionalClassMember2024-08-230001902649ck0001902649:GtyTechnologyHoldingsIncOneMember2024-01-012024-09-300001902649us-gaap:AdditionalPaidInCapitalMember2023-06-300001902649us-gaap:LineOfCreditMember2023-12-310001902649ck0001902649:InstitutionalClassMember2023-03-310001902649Debt Investments IT Services Research Now Group, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.76% Total Coupon 11.14% Maturity 12/20/20242023-12-310001902649Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.25% Spread 6.15% Total Coupon 11.56% Maturity 12/23/20262023-12-310001902649ck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMembersrt:MinimumMemberck0001902649:PncBankNationalAssociationMember2022-06-032022-06-030001902649ck0001902649:ClassICommonSharesMember2024-09-300001902649Debt Investments Diversified Consumer Services2024-09-300001902649ck0001902649:BynderBidcoIncNetherlandsMember2024-01-012024-09-300001902649Debt Investments Life Sciences Tools & Services2023-12-310001902649us-gaap:RetainedEarningsMember2024-07-012024-09-300001902649Debt Investments Pharmaceuticals Nephron Pharmaceuticals Corp. et al Instrument First Lien Term Loan B Ref SOFR(Q) Floor 1.50% Spread 9.00% Total Coupon 14.57% Maturity 9/11/20262023-12-310001902649ck0001902649:ClassDSharesMember2023-12-310001902649ck0001902649:GcChampionAcquisitionLlcMember2024-01-012024-09-300001902649ck0001902649:HsiHaloAcquisitionsIncOneMember2024-09-300001902649Debt Investments Diversified Financial Services GC Waves Holdings, Inc. (Mercer) Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 10.95% Maturity 8/10/20292024-09-300001902649us-gaap:RetainedEarningsMember2023-03-310001902649Debt Investments Capital Markets Learning Care Group (US) No. 2 Inc. Instrument First Lien Initial Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.00% Total Coupon 8.60% Maturity 8/11/20282024-09-300001902649Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.25% Total Coupon 11.71% Maturity 8/21/20282023-12-310001902649Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 10.63% Maturity 2/26/20272023-12-310001902649Debt Investments Software Project Boost Purchaser, LLC (JD Power, AutoData Inc) Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.50% Total Coupon 8.79% Maturity 7/2/20312024-09-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 11.11% Maturity 6/30/20282023-12-310001902649Debt Investments Software Clever Devices Ltd. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.30% Maturity 6/12/20302024-09-300001902649ck0001902649:ClassDSharesMember2024-01-012024-09-300001902649Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 0.90% Cash + 6.25% PIK Total Coupon 12.53% Maturity 1/24/20282023-12-310001902649ck0001902649:ShowtimeAcquisitionLLCWorldChoiceOneMember2023-12-310001902649Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.62% Maturity 5/13/20302024-09-300001902649ck0001902649:ClassDSharesMember2022-12-310001902649us-gaap:FairValueInputsLevel3Member2023-07-012023-09-300001902649ck0001902649:O2024Q12DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649ck0001902649:FirstAmendmentMemberus-gaap:SubsequentEventMembersrt:MaximumMember2024-11-040001902649us-gaap:NonUsMembersrt:MinimumMember2023-01-012023-12-310001902649Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.58% Cash + 4.30% PIK Total Coupon 11.48% Maturity 7/9/20292024-09-300001902649Debt Investments Professional Services Bullhorn, Inc. First Lien Delayed Draw Term Loan SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 10.02% Maturity 9/30/20292024-09-300001902649Debt Investments Consumer Finance Freedom Financial Network Funding, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 9.25% Total Coupon 14.54% Maturity 9/21/20272024-09-300001902649us-gaap:FairValueInputsLevel3Member2023-01-012023-09-300001902649Debt Investments Transportation Infrastructure Bleriot US Bidco Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.25% Total Coupon 7.85% Maturity 10/30/20262024-09-300001902649Debt Investments Building Products Trulite Holding Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.25% Maturity 2/22/20302024-09-300001902649Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Instrument First Lien Term Loan A Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.53% Maturity 1/26/20292024-09-300001902649Debt Investments Hotels, Restaurants and Leisure Showtime Acquisition LLC (World Choice Investments LLC) Instrument First Lien Term Loan Ref SOFR(M) Spread 4.75% Total Coupon 9.60% Maturity 8/13/20312024-09-300001902649Debt Investments Professional Services HSI Halo Acquisitions, Inc. First Lien Revolver SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.85% Maturity 6/28/20312024-09-300001902649Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.53% Maturity 8/21/20282024-09-300001902649us-gaap:RetainedEarningsMember2023-01-012023-03-310001902649ck0001902649:OranjeHoldcoIncMember2024-01-012024-09-300001902649Debt Investments Diversified Consumer Services Sotheby's Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.76% Total Coupon 10.06% Maturity 1/15/20272024-09-300001902649ck0001902649:BynderBidcoIncNetherlandsMember2024-09-300001902649Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Instrument First Lien Revolver A Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/20292023-12-310001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.60% Maturity 8/29/20292023-12-310001902649ck0001902649:SecondAmendmentMemberck0001902649:AggregateBalanceOfLoansIsAbove75Memberck0001902649:CreditFacilityMember2023-12-152023-12-150001902649Debt Investments Health Care Equipment & Supplies2023-12-310001902649Debt Investments Specialty Retail MED ParentCo, LP Instrument First Lien Term Loan Ref SOFR(M) Spread 4.25% Total Coupon 9.72% Maturity 8/31/20262023-12-310001902649ck0001902649:ClassSSharesMember2024-07-012024-09-3000019026492022-12-310001902649ck0001902649:ClassDSharesMember2023-01-012023-09-300001902649ck0001902649:ShowtimeAcquisitionLLCWorldChoiceTwoMember2023-12-310001902649Debt Investments Internet and Catalog Retail CommerceHub, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 6.25% Total Coupon 11.35% Maturity 12/29/20272024-09-300001902649ck0001902649:CommonClassSMemberus-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001902649Debt Investments Software Douglas Holdings, Inc (Docupace) Instrument First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 8/27/20302024-09-300001902649Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC First Lien Term Loan SOFR(M) Floor 1.00% Spread 6.75% Total Coupon 11.92% Maturity 10/2/2029 2024-09-300001902649ck0001902649:ClassDSharesMember2024-07-012024-09-300001902649Debt Investments Trading Companies & Distributors2023-12-310001902649ck0001902649:CommonClassDMemberck0001902649:O2024Q32DividendsMember2024-08-230001902649Debt Investments Software Applied Systems, Inc Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 3.00% Total Coupon 7.60% Maturity 9/19/20262024-09-300001902649Debt Investments Professional Services Allied Benefit Systems Intermediate, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.63% Maturity 10/31/20302023-12-310001902649ck0001902649:ClassSCommonSharesMember2023-01-012023-12-310001902649Debt Investments Paper and Forest Products2023-12-310001902649Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Revolver Ref SOFR(M) Floor 0.75% Spread 6.25% Total Coupon 11.10% Maturity 9/15/20272024-09-300001902649us-gaap:RetainedEarningsMember2023-12-310001902649Debt Investments Insurance Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 6.50% Total Coupon 11.35% Maturity 7/19/20302024-09-300001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% Maturity 9/4/20292023-12-310001902649ck0001902649:WealthEnhancementGroupLlcTwoMember2024-01-012024-09-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC First Lien Delayed Draw Term Loan SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.10% Maturity 6/30/2028 One2024-09-300001902649ck0001902649:AlcamiCorporationTwoMember2024-09-300001902649ck0001902649:FusionRiskManagementIncMember2024-01-012024-09-300001902649ck0001902649:SeniorSecuredLoansMember2024-09-3000019026492023-03-310001902649Debt Investments Machinery Madison IAQ LLC First Lien Term Loan SOFR(S) Floor 0.50% Spread 2.75% Total Coupon 7.89% Maturity 6/21/2028 2024-09-300001902649us-gaap:BaseRateMembersrt:MinimumMemberck0001902649:SeniorSecuredLoansMember2024-09-300001902649Debt Investments Capital Markets BCPE Pequod Buyer Inc. (Envestnet Inc.) Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.50% Total Coupon 8.35% Maturity 9/19/20312024-09-300001902649ck0001902649:DouglasHoldingsIncDocupaceFourMember2024-09-300001902649ck0001902649:SumupHoldingsLuxembourgSARLLuxembourgMember2024-09-300001902649Debt Investments Construction & Engineering PlayPower, Inc Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.85% Maturity 8/28/20302024-09-300001902649Debt Investments Software Sovos Compliance, LLC (fka Taxware, LLC) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.50% Total Coupon 9.97% Maturity 8/11/20282023-12-310001902649us-gaap:BaseRateMemberck0001902649:SeniorSecuredLoansMembersrt:MaximumMember2023-12-310001902649Debt Investments Capital Markets Grant Thornton Advisors LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.25% Total Coupon 8.10% Maturity 6/2/20312024-09-300001902649ck0001902649:BankDebtMember2024-09-300001902649Debt Investments Healthcare Providers and Services IvyRehab Intermediate II, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.69% Maturity 4/23/20292024-09-300001902649ck0001902649:O2023Q13DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.56% Maturity 3/30/20292024-09-300001902649ck0001902649:ClassDCommonSharesMember2023-01-012023-12-310001902649ck0001902649:AleraGroupIncOneMember2023-12-310001902649Debt Investments Chemicals Olympus Water US Holding Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 3.50% Total Coupon 8.10% Maturity 6/9/20312024-09-300001902649Debt Investments Chemicals CP Iris Holdco I, Inc Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.50% Total Coupon 8.35% Maturity 9/21/20282024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2023-12-310001902649Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) Instrument First Lien Initial Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.81% Maturity 9/1/20282024-09-300001902649ck0001902649:O2023Q23DividendsMemberck0001902649:InstitutionalClassMember2023-06-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:MarketQuotationsMemberck0001902649:BankDebtMemberck0001902649:MeasurementInputIndicativeBidOrAskQuotesMember2024-09-300001902649ck0001902649:IntegrityMarketingAcquisitionLlcOneMember2023-12-310001902649Debt Investments Construction & Engineering Brand safway (Brand Industrial Services) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 9.75% Maturity 8/1/20302024-09-300001902649ck0001902649:GtyTechnologyHoldingsIncTwoMember2024-09-300001902649ck0001902649:AmerilifeHoldingsLlcThreeMember2023-12-310001902649Debt Investments Diversified Financial Services SitusAMC Holdings Corporation Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.60% Total Coupon 10.20% Maturity 11/30/20272024-09-300001902649ck0001902649:TrintechIncMember2023-12-310001902649ck0001902649:DouglasHoldingsIncDocupaceOneMember2024-09-300001902649ck0001902649:CherryBekaertAdvisoryLlcTwoMember2024-09-300001902649us-gaap:AdditionalPaidInCapitalMember2024-06-300001902649ck0001902649:O2023Q33DividendsMemberck0001902649:InstitutionalClassMember2023-09-290001902649Debt Investments Health Care Equipment and Supplies Chariot Buyer, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.20% Maturity 11/3/20282024-09-300001902649ck0001902649:CleverDevicesLtdMember2024-01-012024-09-300001902649ck0001902649:InstitutionalClassMember2024-01-310001902649Debt Investments IT Services Research Now Group, LLC Instrument First Lien Term Loan Ref SOFR(Q) Spread 5.26% Total Coupon 10.38% Maturity 5/22/20282024-09-300001902649Debt Investments Machinery Distributed Power Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.25% Total Coupon 6.00% Maturity 10/31/20282023-12-310001902649ck0001902649:BlackbirdPurchaserIncTwoMember2024-09-300001902649Debt Investments Real Estate Management & Development Community Merger Sub Debt LLC (CINC Systems) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.35% Maturity 1/8/20302024-09-300001902649Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.72% Maturity 9/15/20272023-12-310001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC First Lien Revolver SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.10% Maturity 6/30/20282024-09-300001902649ck0001902649:CrewlineBuyerIncNewRelicMember2024-01-012024-09-300001902649ck0001902649:HuckabeeAcquisitionLlcOneMoregroupMember2024-01-012024-09-3000019026492023-04-012023-06-300001902649ck0001902649:CompsychHoldingsCorpMember2024-09-300001902649ck0001902649:CherryBekaertAdvisoryLlcTwoMember2024-01-012024-09-300001902649ck0001902649:AlliedBenefitSystemsIntermediateLlcMember2024-01-012024-09-300001902649ck0001902649:DouglasHoldingsIncDocupaceFourMember2024-01-012024-09-300001902649ck0001902649:HigginbothamInsuranceAgencyIncTwoMember2024-09-300001902649Debt Investments Chemicals Momentive Performance Materials, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 4.50% Total Coupon 9.86% Maturity 3/22/20282023-12-310001902649ck0001902649:VensureEmployerServicesIncThreeMember2024-01-012024-09-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC First Lien Term Loan SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.10% Maturity 6/30/2028 One2024-09-300001902649Debt Investments Software Cart.Com, Inc. Instrument First Lien Term Loan (2.5% Exit Fee) Ref SOFR(M) Floor 1.50% Spread 7.75% Total Coupon 12.60% Maturity 5/22/20292024-09-300001902649ck0001902649:IvyrehabIntermediateIiLlcMember2024-01-012024-09-300001902649Debt Investments Insurance Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 10.35% Maturity 11/1/20282024-09-300001902649Debt Investments Commercial Services & Supplies Dealer Tire Financial, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.50% Total Coupon 8.35% Maturity 7/2/20312024-09-300001902649ck0001902649:PmaParentHoldingLlcMember2024-09-300001902649Debt Investments Insurance Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) First Lien Term Loan B Ref SOFR(M) Spread 3.75% Total Coupon 9.11% Maturity 9/3/20262023-12-310001902649Debt Investments Construction & Engineering Titan Home Improvement, LLC (Renuity) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.06% Maturity 5/31/20302024-09-300001902649Debt Investments Professional Services Monotype Imaging Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 10.45% Maturity 10/9/20262023-12-310001902649ck0001902649:PmaParentHoldingLlcMember2024-01-012024-09-300001902649ck0001902649:InterceptBidcoIncOneMember2024-01-012024-09-300001902649ck0001902649:BaseManagementFeeMember2023-07-012023-09-300001902649Debt Investments Trading Companies & Distributors2024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2022-12-310001902649us-gaap:AdditionalPaidInCapitalMember2023-09-300001902649ck0001902649:O2023Q33DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649ck0001902649:O2024Q11DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649us-gaap:FairValueInputsLevel3Member2024-07-012024-09-300001902649ck0001902649:TrintechIncMember2024-01-012024-09-300001902649ck0001902649:AleraGroupIncOneMember2024-01-012024-09-300001902649ck0001902649:PeterCFoyAssociatesInsuranceServicesLlcPcfInsuranceTwoMember2024-01-012024-09-300001902649ck0001902649:SumupHoldingsLuxembourgSARLLuxembourgMember2024-01-012024-09-300001902649ck0001902649:O2024Q13DividendsMemberck0001902649:InstitutionalClassMember2024-03-260001902649Debt Investments Healthcare Providers and Services ImageFirst Holdings, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 4.25% Total Coupon 8.85% Maturity 4/27/20282024-09-300001902649ck0001902649:HigginbothamInsuranceAgencyIncOneMember2024-01-012024-09-300001902649Debt Investments Media Zayo Group Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.33% Total Coupon 9.68% Maturity 3/9/20272023-12-310001902649us-gaap:CommonStockMemberck0001902649:InstitutionalClassMember2023-01-012023-03-310001902649Debt Investments, Diversified Consumer Services, Sotheby's Instrument First Lien Term Loan, Ref SOFR(Q), Floor 0.50%, Spread 4.76%, Total Coupon 10.16%, Maturity 01/15/20272023-12-310001902649Debt Investments Healthcare Providers and Services CHG Healthcare Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.46% Maturity 9/30/20282024-09-300001902649ck0001902649:CommonClassDMember2023-09-300001902649Debt Investments Media Streamland Media Midco LLC First Lien Term Loan SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 11.65% Maturity 12/31/2024 2024-09-300001902649ck0001902649:FusionRiskManagementIncMember2024-09-300001902649ck0001902649:NonControlledNonAffiliatedInvestmentsMember2023-01-012023-09-300001902649Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.48% Maturity 2/1/20292024-09-300001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% Maturity 9/4/20292023-12-310001902649Debt Investments Hotels, Restaurants & Leisure Fertitta Entertainment, LLC First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 4.00% Total Coupon 9.36% Maturity 1/17/20292023-12-310001902649ck0001902649:InstitutionalClassMember2023-02-280001902649ck0001902649:VensureEmployerServicesIncTwoMember2024-01-012024-09-300001902649ck0001902649:RepurchaseRequestDeadlineOnMayThirtyFirstTwoThousandTwentyFourMember2024-01-012024-09-300001902649Debt Investments Commercial Services & Supplies Creative Artists Agency, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.50% Total Coupon 8.86% Maturity 11/27/20262023-12-310001902649ck0001902649:ShowtimeAcquisitionLLCWorldChoiceOneMember2024-01-012024-09-300001902649Debt Investments Hotels, Restaurants and Leisure Motion Acquisition (Merlin Finco) Instrument First Lien Term Loan B Ref SOFR(Q) Spread 3.50% Total Coupon 8.10% Maturity 11/30/20292024-09-300001902649Debt Investments Insurance Galway Borrower LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Coupon 9.10% Maturity 9/29/20282024-09-300001902649srt:MaximumMember2024-01-012024-09-3000019026492024-07-312024-07-310001902649Debt Investments Construction & Engineering Titan Home Improvement, LLC (Renuity) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.06% Maturity 5/31/20302024-09-300001902649Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.67% Cash + 4.45% PIK Total Coupon 12.37% Maturity 7/9/20292024-09-300001902649ck0001902649:FloatingRateMemberck0001902649:SeniorSecuredLoansMember2024-09-300001902649Debt Investments Commercial Services & Supplies Creative Artists Agency, LLC Instrument First Lien Term Loan Ref SOFR(Q) Spread 2.75% Total Coupon 7.59% Maturity 10/1/20312024-09-300001902649ck0001902649:InstitutionalClassMember2022-09-300001902649Debt Investments Hotels, Restaurants & Leisure Whatabrands, LLC First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 3.11% Total Coupon 8.47% Maturity 8/3/20282023-12-310001902649Debt Investments Machinery2024-09-300001902649Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.89% Maturity 3/30/20292023-12-310001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.26% Total Coupon 10.64% Maturity 7/27/20282023-12-310001902649Debt Investments Chemicals W. R. Grace Holdings LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.01% Total Coupon 9.36% Maturity 9/22/20282023-12-310001902649Debt Investments Software Trintech, Inc. Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 5.50% Total Coupon 10.35% Maturity 7/25/20292024-09-300001902649Debt Investments Machinery Blackbird Purchaser, Inc. First Lien Revolver SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.10% Maturity 12/19/20302024-09-300001902649Debt Investments Consumer Finance2023-12-310001902649Debt Investments Professional Services Allied Benefit Systems Intermediate, LLC First Lien Term Loan SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.10% Maturity 10/31/20302024-09-300001902649Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.88% Maturity 2/1/20292023-12-310001902649Debt Investments Machinery2023-12-310001902649ck0001902649:O2023Q11DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649ck0001902649:ClassDCommonSharesMember2024-09-300001902649Debt Investments Software Cloudera, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.85% Total Coupon 9.21% Maturity 10/8/20282023-12-310001902649Debt Investments Professional Services Syntellis Performance Solutions, LLC (Axiom Global, Inc.) Instrument First Lien Incremental Term Loan Ref SOFR(M) Floor 0.75% Spread 4.85% Total Coupon 10.21% Maturity 7/31/20272023-12-3100019026492024-06-300001902649Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 10.10% Maturity 2/1/20302024-09-300001902649ck0001902649:CommonClassSMember2024-07-310001902649Debt Investments Machinery AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 9.09% Maturity 7/30/20282023-12-310001902649Debt Investments Insurance USI, Inc. First Lien Term Loan B Ref SOFR(Q) Spread 3.00% Total Coupon 8.36% Maturity 11/22/20292023-12-310001902649Debt Investments Insurance AmeriLife Holdings, LLC First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/20292023-12-310001902649Debt Investments Machinery Blackbird Purchaser, Inc. First Lien Term Loan SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.10% Maturity 12/`9/20302024-09-300001902649ck0001902649:CherryBekaertAdvisoryLlcOneMember2023-12-310001902649us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberck0001902649:BankDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2024-09-300001902649ck0001902649:O2024Q32DividendsMemberck0001902649:CommonClassSMember2024-01-012024-09-300001902649Debt Investments Media2023-12-310001902649ck0001902649:ClassSSharesMember2024-01-012024-09-3000019026492024-09-300001902649Debt Investments Household Durables Bad Boy Mowers JV Acquisition, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.11% Maturity 11/9/20292024-09-300001902649Debt Investments Construction & Engineering2024-09-300001902649ck0001902649:InstitutionalClassMember2023-04-012023-06-300001902649ck0001902649:TitanHomeImprovementLlcTwoRenuityMember2024-09-300001902649srt:MinimumMemberck0001902649:FirstAmendmentMemberus-gaap:SubsequentEventMember2024-11-040001902649Debt Investments Internet Software and Services Gympass US, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash + 3.25% PIK Total Coupon 11.47% Maturity 8/29/20292024-09-300001902649Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Instrument First Lien Term Loan A Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/20292023-12-310001902649ck0001902649:InstitutionalClassMember2022-11-300001902649ck0001902649:BlackbirdPurchaserIncTwoMember2023-12-310001902649Debt Investments Commercial Services & Supplies Ensemble RCM, LLC Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.85% Total Coupon 9.23% Maturity 8/3/20262023-12-310001902649ck0001902649:ClassICommonSharesMember2024-01-012024-09-300001902649Debt Investments Food Products 2024-09-300001902649Debt Investments Machinery Blackbird Purchaser, Inc. First Lien Delayed Draw Term Loan SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.10% Maturity 12/29/20302024-09-300001902649Debt Investments Professional Services Bullhorn, Inc. First Lien Revolver SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 10/1/2029 2024-09-300001902649ck0001902649:VensureEmployerServicesIncTwoMember2023-12-310001902649Debt Investments Machinery Indicor, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.00% Total Coupon 9.35% Maturity 11/22/20292023-12-310001902649us-gaap:SubsequentEventMember2024-10-210001902649ck0001902649:BullhornIncOneMember2024-01-012024-09-300001902649Debt Investments Software Sophia, L.P. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.60% Total Coupon 8.96% Maturity 10/7/20272023-12-310001902649Debt Investments Professional Services ICIMS, Inc. First Lien Incremental Term Loan SOFR(M) Floor 0.75% Spread 6.25% Total Coupon 11.17% Maturity 8/18/20282024-09-300001902649ck0001902649:BynderBidcoIncNetherlandsMember2023-12-310001902649ck0001902649:O2024Q3DividendsMemberus-gaap:SubsequentEventMember2024-10-242024-10-240001902649Debt Investments Building Products2024-09-300001902649Debt Investments Software JOBVITE, Inc. (Employ, Inc.) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.50% Total Coupon 12.63% Maturity 8/5/20282024-09-300001902649ck0001902649:IntegrityMarketingAcquisitionLlcOneMember2024-01-012024-09-300001902649ck0001902649:AleraGroupIncTwoMember2023-12-310001902649ck0001902649:WealthEnhancementGroupLlcTwoMember2024-09-300001902649ck0001902649:BlackbirdPurchaserIncTwoMember2024-01-012024-09-300001902649us-gaap:BaseRateMembersrt:MinimumMemberck0001902649:SeniorSecuredLoansMember2023-12-310001902649us-gaap:SubsequentEventMember2024-10-212024-10-210001902649ck0001902649:GalwayBorrowerLlcMember2024-09-300001902649us-gaap:CommonStockMemberck0001902649:CommonClassSMember2024-04-012024-06-300001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.10% Maturity 8/29/20292024-09-300001902649us-gaap:CommonStockMember2024-09-300001902649ck0001902649:MadisonLogicHoldingsIncMember2024-01-012024-09-300001902649us-gaap:RetainedEarningsMember2022-12-310001902649ck0001902649:InstitutionalClassMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100019026492024-01-012024-09-300001902649Debt Investments Professional Services Element Materials Technology Group US Holdings Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.35% Total Coupon 9.70% Maturity 6/22/20292023-12-310001902649Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.48% Maturity 2/1/20302024-09-300001902649ck0001902649:CommonClassSMember2024-04-012024-06-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2024-07-012024-09-300001902649Debt Investments Software Sophia, L.P. (Ellucian) Instrument First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 3.60% Total Coupon 8.45% Maturity 10/7/20292024-09-300001902649Debt Investments Professional Services Deerfield Dakota Holding, LLC First Lien Term Loan SOFR(Q) Floor 1.00% Spread 3.75% Total Coupon 8.35% Maturity 4/9/2027 2024-09-300001902649Debt Investments Insurance Higginbotham Insurance Agency, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.50% Total Coupon 9.35% Maturity 11/25/20282024-09-300001902649Debt Investments Insurance Amynta Agency (Mayfield) Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 9.00% Maturity 2/28/20282024-09-300001902649ck0001902649:DouglasHoldingsIncDocupaceThreeMember2024-09-300001902649Debt Investments Professional Services ICIMS, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.62% Maturity 8/18/20282023-12-310001902649Debt Investments Diversified Financial Services Payroc, LLC Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 4.75% Total Coupon 9.60% Maturity 11/1/20272024-09-300001902649ck0001902649:TitanHomeImprovementLlcOneRenuityMember2024-01-012024-09-300001902649ck0001902649:InstitutionalClassMember2023-01-012023-03-310001902649Total Debt Investments - 167.9% of Net Assets2023-12-310001902649Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.58% Cash + 4.30% PIK Total Coupon 12.22% Maturity 7/9/20292023-12-310001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.85% Maturity 8/29/20292024-09-300001902649ck0001902649:O2024Q22DividendsMemberck0001902649:InstitutionalClassMember2024-05-240001902649ck0001902649:HoneyIntermediateIncIlobbyCanadaMember2024-09-300001902649us-gaap:RetainedEarningsMember2023-06-300001902649Debt Investments Construction & Engineering Legence Holdings LLC (Refficiency) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.50% Total Coupon 8.45% Maturity 12/16/20272024-09-300001902649Debt Investments Health Care Technology Cotiviti Holdings, Inc Instrument First Lien Term Loan Ref SOFR(M) Spread 3.25% Total Coupon 8.45% Maturity 2/24/20312024-09-300001902649Debt Investments Health Care Technology Athenahealth Group Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.10% Maturity 2/15/20292024-09-300001902649ck0001902649:SeniorSecuredLoansMember2023-12-310001902649ck0001902649:ClassDSharesMember2024-02-270001902649ck0001902649:O2023Q12DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649Debt Investments Specialty Retail Mavis Tire Express Services Topco Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.00% Total Coupon 9.47% Maturity 5/4/20282023-12-310001902649Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) First Lien Term Loan SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.81% Maturity 12/19/20252024-09-300001902649ck0001902649:ZendeskIncTwoMember2024-01-012024-09-300001902649Debt Investments Insurance NFP Corp. 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Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.85% Maturity 10/19/20282024-09-300001902649ck0001902649:IntegrityMarketingAcquisitionLlcFourMember2024-01-012024-09-300001902649us-gaap:AdditionalPaidInCapitalMember2022-12-310001902649Debt Investments Diversified Consumer Services Amentum Government Services Holdings LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 4.11% Total Coupon 9.47% Maturity 1/31/20272023-12-310001902649ck0001902649:InstitutionalClassMember2023-05-310001902649Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Incremental Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 11.96% Maturity 8/19/20282023-12-310001902649Debt Investments Food Products Chobani, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.61% Total Coupon 8.97% Maturity 10/25/20272023-12-310001902649Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.30% Maturity 11/30/2026 Two2024-09-300001902649Debt Investments Real Estate Management & Development Community Merger Sub Debt LLC (CINC Systems) Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.35% Maturity 1/8/20302024-09-300001902649Debt Investments Software GTY Technology Holdings Inc. 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Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.35% Total Coupon 9.70% Maturity 6/22/20292023-12-310001902649ck0001902649:KidDistroHoldingsLlcMember2024-09-300001902649ck0001902649:O2023Q32DividendsMemberck0001902649:InstitutionalClassMember2023-08-310001902649Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.10% Maturity 3/30/20292024-09-300001902649ck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649Debt Investments Specialty Retail2024-09-300001902649ck0001902649:LuckyUsBuyercoLlcGlobalPaymentsMember2024-01-012024-09-300001902649us-gaap:RetainedEarningsMemberck0001902649:InstitutionalClassMember2023-01-012023-03-310001902649ck0001902649:O2024Q33DividendsMemberck0001902649:CommonClassDMember2024-01-012024-09-300001902649ck0001902649:CompsychHoldingsCorpMember2024-01-012024-09-300001902649Debt Investments Software Qlik Technologies Inc. (Project Alpha) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 3.75% Total Coupon 9.00% Maturity 10/28/20302024-09-300001902649Debt Investments Software Central Parent Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.25% Total Coupon 7.85% Maturity 7/6/20292024-09-300001902649Debt Investments Software MH Sub I, LLC (Micro Holding Corp.) Instrument First Lien 2023 Incremental Term Loan Ref SOFR(M) Floor 1.00% Spread 4.25% Total Coupon 9.61% Maturity 4/25/20282023-12-310001902649ck0001902649:O2024Q31DividendsMemberck0001902649:CommonClassSMember2024-07-260001902649Debt Investments Software Bluefin Holding, LLC (Allvue) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.20% Maturity 9/12/20292024-09-300001902649Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.04% Maturity 2/1/20302023-12-310001902649ck0001902649:EDiscoveryAcquirecoLlcRevealMember2024-09-300001902649ck0001902649:MadisonLogicHoldingsIncMember2023-12-310001902649Debt Investments Diversified Financial Services 2024-09-300001902649Debt Investments Healthcare Providers and Services U.S. Anesthesia Partners, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.25% Total Coupon 9.57% Maturity 9/23/20282024-09-3000019026492024-01-012024-03-310001902649ck0001902649:O2023Q31DividendsMemberck0001902649:InstitutionalClassMember2023-07-270001902649Debt Investments Software Zendesk Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.69% Maturity 11/22/20282024-09-300001902649Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 8/27/20262023-12-310001902649Debt Investments Specialty Les Schwab Tire Centers (LS Group) Instrument First Lien Term Loan Ref SOFR(M) Spread 3.00% Total Coupon 7.85% Maturity 4/17/20312024-09-300001902649Debt Investments Life Sciences Tools & Services Parexel International, Inc. First Lien Term Loan SOFR(M) Floor 0.50% Spread 3.00% Total Coupon 7.85% Maturity 11/15/20282024-09-300001902649Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) Instrument First Lien Initial Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 9.35% Maturity 11/1/20292024-09-300001902649Cash and Cash Equivalents - 8.5% of Net Assets2023-12-310001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2024-01-012024-09-300001902649us-gaap:RevolvingCreditFacilityMember2024-04-192024-04-190001902649Debt Investments Specialty Retail Fender Musical Instruments Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.10% Total Coupon 9.46% Maturity 12/1/20282023-12-310001902649ck0001902649:ModigentLlcTwoMember2024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:MarketQuotationsMemberus-gaap:EquitySecuritiesMemberck0001902649:MeasurementInputIndicativeBidOrAskQuotesMember2024-09-300001902649ck0001902649:CherryBekaertAdvisoryLlcOneMember2024-09-300001902649Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.63% Maturity 8/23/20282023-12-310001902649Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 10.12% Maturity 2/28/20272023-12-310001902649Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) Instrument First Lien Revolver B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.53% Maturity 1/26/20292024-09-300001902649us-gaap:RetainedEarningsMemberck0001902649:InstitutionalClassMember2024-04-012024-06-300001902649Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.53% Maturity 8/21/20282024-09-300001902649ck0001902649:ClassSSharesMember2022-12-310001902649ck0001902649:DouglasHoldingsIncDocupaceTwoMember2024-01-012024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:MarketQuotationsMemberck0001902649:BankDebtMemberck0001902649:MeasurementInputIndicativeBidOrAskQuotesMember2023-12-310001902649ck0001902649:HuckabeeAcquisitionLlcTwoMoregroupMember2024-01-012024-09-300001902649ck0001902649:O2024Q13DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649us-gaap:CommonStockMember2023-09-300001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.10% Maturity 8/31/20282024-09-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC First Lien Term Loan SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.10% Maturity 6/30/20282024-09-300001902649ck0001902649:GcChampionAcquisitionLlcMember2024-09-300001902649Debt Investments Insurance Galway Borrower LLC First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 11.10% Maturity 9/29/20282023-12-310001902649ck0001902649:O2024Q23DividendsMemberck0001902649:CommonClassSMember2024-01-012024-09-300001902649Debt Investments Software Zendesk Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.69% Maturity 11/22/20282024-09-300001902649Debt Investments Hotels, Restaurants and Leisure Fertitta Entertainment, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 8.85% Maturity 1/27/20292024-09-300001902649ck0001902649:InterceptBidcoIncTwoMember2024-09-300001902649Debt Investments Insurance Alera Group, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.35% Total Coupon 10.20% Maturity 9/30/20282024-09-300001902649Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 6.25% Total Coupon 11.10% Maturity 9/14/20292024-09-300001902649Debt Investments Health Care Technology Gainwell Acquisition Corp. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.10% Total Coupon 9.45% Maturity 10/1/20272023-12-310001902649Debt Investments Food Products Sovos Brands Intermediate, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.50% Total Coupon 9.14% Maturity 6/8/20282023-12-310001902649ck0001902649:WealthEnhancementGroupLlcOneMember2024-09-300001902649Debt Investments Transportation Infrastructure2024-09-300001902649Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.19% Maturity 3/30/20292024-09-300001902649Debt Investments IT Services Intercept Bidco, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.02% Maturity 6/3/20302024-09-300001902649ck0001902649:HsiHaloAcquisitionsIncTwoMember2024-09-300001902649ck0001902649:O2024Q23DividendsMemberck0001902649:InstitutionalClassMember2024-06-260001902649Debt Investments Construction & Engineering Northstar Group Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.61% Total Coupon 10.97% Maturity 11/12/20262023-12-310001902649Debt Investments Construction & Engineering Groupe Solmax Inc. (Canada), Solmax U.S. LP Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.01% Total Coupon 9.62% Maturity 6/27/20282024-09-300001902649Debt Investments Insurance Galway Borrower LLC Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.50% Total Coupon 9.10% Maturity 9/29/20282024-09-300001902649Debt Investments Insurance Higginbotham Insurance Agency, Inc. First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 1.00% Spread 5.60% Total Coupon 10.96% Maturity 11/25/20282023-12-310001902649ck0001902649:PeterCFoyAssociatesInsuranceServicesLlcPcfInsuranceOneMember2023-12-310001902649Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 10.10% Maturity 8/19/20282024-09-300001902649Debt Investments Transportation Infrastructure Apple Bidco, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.50% Total Coupon 8.35% Maturity 9/22/20282024-09-300001902649Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) Instrument First Lien Revolver B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/20292023-12-310001902649Debt Investments Media Zayo Group Holdings, Inc. First Lien Term Loan SOFR(M) Floor 0.50% Spread 4.25% Total Coupon 9.10% Maturity 3/9/2027 2024-09-300001902649ck0001902649:ZendeskIncOneMember2024-09-300001902649us-gaap:CommonStockMember2024-03-310001902649ck0001902649:InstitutionalClassMember2024-03-310001902649Debt Investments Internet Software and Services Gympass US, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.00% Cash + 400% PIK Total Coupon 13.47% Maturity 7/8/20272023-12-310001902649Debt Investments Commercial Services & Supplies Dealer Tire, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 4.50% Total Coupon 9.86% Maturity 12/12/20252023-12-310001902649us-gaap:AdditionalPaidInCapitalMember2023-03-310001902649ck0001902649:CommonClassSMember2023-07-012023-09-300001902649ck0001902649:SecondAmendmentMembersrt:MaximumMemberck0001902649:CreditFacilityMember2023-12-150001902649Debt Investments Consumer Finance2024-09-300001902649ck0001902649:GcWavesHoldingsIncMember2023-12-310001902649Debt Investments Insurance Integrity Marketing Acquisition, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 10.08% Maturity 8/25/20282024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2023-01-012023-09-300001902649Debt Investments Software Cloudera, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.85% Total Coupon 8.70% Maturity 10/8/20282024-09-300001902649ck0001902649:InstitutionalClassMember2024-02-290001902649Debt Investments Hotels, Restaurants and Leisure2024-09-300001902649Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.08% Maturity 5/22/20292024-09-300001902649ck0001902649:SecondAmendmentMemberck0001902649:AggregateBalanceOfLoansIsLessThanOrEqualTo25Memberck0001902649:CreditFacilityMember2023-12-152023-12-150001902649Debt Investments Insurance Higginbotham Insurance Agency, Inc. First Lien Term Loan B Ref SOFR(M) Floor 1.00% Spread 5.60% Total Coupon 10.96% Maturity 11/25/20262023-12-310001902649ck0001902649:BlackbirdPurchaserIncOneMember2023-12-310001902649ck0001902649:BynderBidcoBVNetherlandsMember2024-09-300001902649ck0001902649:ClassDSharesMemberus-gaap:SubsequentEventMember2024-10-242024-10-240001902649ck0001902649:PlaypowerIncMember2024-01-012024-09-300001902649Debt Investments Commercial Services & Supplies TA TT Buyer, LLC (TouchTunes, Octave Music) Instrument First Lien Term Loan SOFR(Q) Floor 0.50% Spread 5.25% Total Coupon 10.35% Maturity 3/25/20292023-12-310001902649Equity Securities IT Services New Insight Holdings, Inc. Instrument Common Stock2024-09-300001902649ck0001902649:AmerilifeHoldingsLlcTwoMember2023-12-310001902649ck0001902649:BlackbirdPurchaserIncOneMember2024-09-300001902649Debt Investments Construction & Engineering Vortex Companies, LLC1 Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% Maturity 9/4/20292023-12-310001902649ck0001902649:FusionHoldingCorpMember2023-12-310001902649Debt Investments Insurance HUB International Limited First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 4.25% Total Coupon 9.66% Maturity 6/20/20302023-12-310001902649Debt Investments Software Kong Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Cash + 3.25% PIK Total Coupon 14.21% Maturity 11/1/20272023-12-310001902649Debt Investments Environmental, Maintenance & Security Service TruGreen Limited Partnership Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.10% Total Coupon 9.46% Maturity 11/2/20272023-12-310001902649Debt Investments Containers and Packaging Charter Next Generation, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.25% Total Coupon 8.10% Maturity 12/1/20272024-09-300001902649Debt Investments Media Kid Distro Holdings, LLC First Lien Revolver SOFR(Q) Floor 1.00% Spread 4.90% Total Coupon 10.15% Maturity 10/1/2029 2024-09-300001902649ck0001902649:ClassSSharesMember2023-01-012023-09-300001902649Debt Investments Media Streamland Media Midco LLC First Lien Term Loan SOFR(Q) Floor 1.00% Spread 7.01% Cash + 2.25% PIK Total Coupon 14.51% Maturity 12/11/2024 2024-09-300001902649Debt Investments Specialty Retail2023-12-310001902649Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.53% Maturity 8/21/20282024-09-300001902649Debt Investments Healthcare Providers and Services Ingenovis Health, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.25% Total Coupon 9.21% Maturity 3/5/20282024-09-300001902649us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberck0001902649:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2023-12-310001902649ck0001902649:NonControlledNonAffiliatedInvestmentsMember2024-01-012024-09-300001902649Debt Investments Aerospace & Defense Arcline FM Holdings, LLC (Fairbanks Morse, LLC) Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.50% Total Coupon 9.74% Maturity 6/28/20282024-09-300001902649ck0001902649:ImagefirstHoldingsLlcMember2023-12-310001902649Debt Investments Health Care Technology Polaris Newco, LLC B Ref SOFR(M) Floor 0.50% Spread 4.11% Total Coupon 9.47% Maturity 6/4/20282023-12-310001902649Debt Investments Diversified Financial Services TransNetwork, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.10% Maturity 12/29/20302024-09-300001902649Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.08% Maturity 5/22/20292024-09-300001902649us-gaap:EquitySecuritiesMember2024-09-300001902649Debt Investments Software Capstone Borrower, Inc. (Cvent, Inc.). Instrument First Lien Term Loan B Ref SOFR(Q) Spread 3.75% Total Coupon 9.10% Maturiy 5/17/20302023-12-310001902649ck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649Debt Investments Paper and Forest Products2024-09-300001902649Debt Investments Insurance AssuredPartners, Inc. First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.97% Maturity 2/12/20272023-12-310001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 9/4/20292024-09-300001902649ck0001902649:CrewlineBuyerIncNewRelicMember2023-12-310001902649ck0001902649:VortexFinanceSubLlcOneMember2024-01-012024-09-300001902649Debt Investments Software Maverick Bidco, Inc. (Mitratech) Instrument First Lien No. 2 Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.51% Total Coupon 9.89% Maturity 5/18/20282023-12-310001902649Debt Investments Construction & Engineering Groupe Solmax Inc. (Canada), Solmax U.S. LP Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.01% Total Coupon 10.36% Maturity 5/29/20282023-12-310001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.63% Maturity 8/29/20292023-12-310001902649ck0001902649:InstitutionalClassMember2023-09-300001902649ck0001902649:ModigentLlcTwoMember2023-12-310001902649ck0001902649:O2023Q13DividendsMemberck0001902649:InstitutionalClassMember2023-03-240001902649Debt Investments IT Services Madison Logic Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.00% Total Coupon 11.85% Maturity 12/29/20282024-09-300001902649us-gaap:CommonStockMemberck0001902649:CommonClassSMember2024-07-012024-09-300001902649Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.56% Maturity 3/30/20292024-09-300001902649Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 8/27/2026 One2023-12-310001902649Debt Investments Machinery Indicor, LLC (Roper Industrial Pro) First Lien Term Loan SOFR(Q) Floor 1.00% Spread 3.25% Total Coupon 7.85% Maturity 11/22/20292024-09-300001902649us-gaap:SubsequentEventMemberck0001902649:TrancheANotesMember2024-11-010001902649us-gaap:AdditionalPaidInCapitalMember2024-09-300001902649ck0001902649:ClassDSharesMember2024-07-310001902649ck0001902649:InstitutionalClassMember2022-08-310001902649Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Revolver SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 1/16/20302024-09-300001902649Debt Investments Health Care Technology PointClickCare Technologies Inc. (Canada) B Ref SOFR(Q) Floor 0.75% Spread 4.00% Total Coupon 9.35% Maturity 12/29/20272023-12-310001902649ck0001902649:O2023Q32DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649ck0001902649:OranjeHoldcoIncMember2024-09-300001902649Debt Investments Software Zendesk Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.61% Maturity 11/22/20282023-12-310001902649ck0001902649:AccordionPartnersLlcOneMember2023-12-310001902649ck0001902649:AvalaraIncMember2024-09-300001902649ck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:PncBankNationalAssociationMember2024-01-012024-09-300001902649us-gaap:RetainedEarningsMember2024-04-012024-06-300001902649Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.88% Maturity 5/13/20302023-12-310001902649ck0001902649:BullhornIncOneMember2024-09-300001902649ck0001902649:ClassSSharesMemberus-gaap:SubsequentEventMember2024-10-010001902649ck0001902649:GympasUsLlcMember2024-01-012024-09-300001902649Debt Investments Construction & Engineering Compsych Holdings Corp Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 10.03% Maturity 7/22/20312024-09-300001902649ck0001902649:PeterCFoyAssociatesInsuranceServicesLlcPcfInsuranceOneMember2024-01-012024-09-3000019026492024-04-012024-06-300001902649Debt Investments - 167.9% of Net Assets2023-12-3100019026492023-01-012023-09-300001902649ck0001902649:ClassSSharesMember2023-12-310001902649ck0001902649:GympasUsLlcMember2024-09-300001902649ck0001902649:CommonClassSMember2024-09-300001902649Debt Investments Machinery INNIO North American Holding Inc. First Lien Term Loan SOFR(Q) Spread 3.25% Total Coupon 8.54% Maturity 11/2/2028 2024-09-300001902649srt:MinimumMember2024-01-012024-09-300001902649Debt Investments Software UKG Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.25% Total Coupon 8.55% Maturity 1/30/20312024-09-300001902649ck0001902649:GalwayBorrowerLlcMember2023-12-310001902649ck0001902649:O2024Q12DividendsMemberck0001902649:InstitutionalClassMember2024-02-230001902649Debt Investments Internet and Catalog Retail2024-09-300001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.35% Maturity 8/31/20282023-12-310001902649ck0001902649:O2024Q33DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649ck0001902649:AccordionPartnersLlcOneMember2024-09-300001902649Debt Investments Internet Software and Services Gympass US, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Spread 3.25% Total Coupon 8.17% Maturity 8/29/20292024-09-300001902649Debt Investments Software Bluefin Holding, LLC (Allvue) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.20% Maturity 9/12/20292024-09-300001902649Debt Investments Software Epicor Software Corp. LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.36% Total Coupon 8.72% Maturity 7/31/20272023-12-310001902649Debt Investments Internet Software and Services2023-12-310001902649Debt Investments Pharmaceuticals Nephron Pharmaceuticals Corp. et al First Lien Term Loan B-1 Fixed Spread 20.0% PIK Total Coupon 20.00% Maturity 9/11/20262024-09-300001902649Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.75% Maturity 2/1/20292024-09-300001902649us-gaap:MeasurementInputDiscountRateMember2024-01-012024-09-300001902649ck0001902649:AmerilifeHoldingsLlcOneMember2024-01-012024-09-300001902649Debt Investments Healthcare Providers and Services RecordXTechnologies, LLC (Ontellus) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.85% Maturity 5/20/20302024-09-300001902649Debt Investments Software Cornerstone OnDemand, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.86% Total Coupon 9.22% Maturity 10/15/20282023-12-310001902649Debt Investments Aerospace & Defense Dynasty Acquisition Co., Inc. Instrument First Lien Term Loan B Ref SOFR(M) Spread 3.50% Total Coupon 8.35% Maturity 8/24/2028 One2024-09-300001902649ck0001902649:InstitutionalClassMember2022-07-310001902649Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.15% Total Coupon 12.21% Maturity 12/21/20282024-09-300001902649ck0001902649:CommonClassDMember2024-09-300001902649ck0001902649:AccordionPartnersLlcTwoMember2023-12-310001902649Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) Instrument First Lien Initial Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 9.35% Maturity 11/1/2029 One 2024-09-300001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.35% Maturity 8/29/20292023-12-310001902649srt:MinimumMember2023-01-012023-12-310001902649Debt Investments Software Central Parent Inc.. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.00% Total Coupon 9.35% Maturity 7/6/20292023-12-310001902649us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001902649us-gaap:SubsequentEventMemberck0001902649:InstitutionalSharesMember2024-10-240001902649Debt Investments Professional Services OMNIA Partners, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.25% Total Coupon 9.63% Maturity 7/18/20302023-12-310001902649Debt Investments Specialty Retail Woof Holdings, Inc.. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.01% Total Coupon 9.36% Maturity 12/21/20272023-12-310001902649ck0001902649:InstitutionalClassMember2023-07-012023-09-300001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Incremental Term Loan Ref Fixed Spread 12.00% Total Coupon 12.00% Maturity 7/27/20282023-12-310001902649ck0001902649:FloatingRateMemberck0001902649:SeniorSecuredLoansMember2023-12-310001902649Debt Investments Machinery Blackbird Purchaser, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.86% Maturity 12/19/20292023-12-310001902649ck0001902649:MeasurementInputYieldMember2024-01-012024-09-300001902649Debt Investments Diversified Financial Services Accuserve Solutions, Inc. Instrument First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 5.25% Total Coupon 10.03% Maturity 3/15/20302024-09-300001902649Debt Investments Construction & Engineering Legence Holdings LLC (Refficiency) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.50% Total Coupon 8.96% Maturity 12/16/20272023-12-310001902649Debt Investments Machinery AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom) First Lien Term Loan SOFR(M) Floor 0.50% Spread 3.50% Total Coupon 8.70% Maturity 7/31/20282024-09-300001902649Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.60% Maturity 9/19/20282023-12-310001902649Debt Investments Software2024-09-300001902649us-gaap:FairValueInputsLevel2Member2024-09-300001902649Debt Investments Health Care Technology Athenahealth Group Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.61% Maturity 2/15/20292023-12-3100019026492024-02-272024-02-270001902649ck0001902649:ClassSCommonSharesMember2023-12-310001902649 Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.10% Maturity 8/29/20292024-09-300001902649ck0001902649:ModigentLlcOneMember2024-09-300001902649Debt Investments Internet and Catalog Retail Syndigo, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.61% Total Coupon 9.46% Maturity 12/14/20272024-09-300001902649ck0001902649:GtyTechnologyHoldingsIncTwoMember2023-12-310001902649Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 9.35% Maturity 11/1/2029 One2024-09-300001902649ck0001902649:AccordionPartnersLlcOneMember2024-01-012024-09-300001902649Debt Investments Software Greeneden U.S. Holdings II, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.50% Total Coupon 8.35% Maturity 12/1/20272024-09-300001902649ck0001902649:InstitutionalClassMember2024-04-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/20282023-12-310001902649ck0001902649:MesquiteBidcoLlcMember2024-01-012024-09-300001902649ck0001902649:VortexFinanceSubLlcTwoMember2024-09-300001902649Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.02% Total Coupon 11.39% Maturity 10/30/20262023-12-310001902649us-gaap:LineOfCreditMember2024-09-300001902649ck0001902649:AmerilifeHoldingsLlcThreeMember2024-01-012024-09-300001902649Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.46% Maturity 12/21/20282023-12-310001902649Debt Investments Specialty Retail Mavis Discount Tire Inc Instrument First Lien Term Loan Ref SOFR(M) Floor Spread 3.50% Total Coupon 8.35% Maturity 5/4/20282024-09-300001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.85% Total Coupon 9.19% Maturity 3/1/20292023-12-310001902649Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 5.75% Total Coupon 10.60% Maturity 9/26/20302024-09-300001902649Debt Investments Insurance Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.00% Total Coupon 8.25% Maturity 9/3/20262024-09-300001902649Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.50% Maturity 8/29/20292024-09-300001902649ck0001902649:ModigentLlcOneMember2023-12-310001902649Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.89% Maturity 3/30/2029 2023-12-310001902649Debt Investments Professional Services GI Consilio Parent, LLC First Lien Term Loan SOFR(M) Floor 0.50% Spread 4.61% Total Coupon 9.46% Maturity 5/14/20292024-09-300001902649Debt Investments Software MH Sub I, LLC (Micro Holding Corp.) Instrument First Lien 2023 Incremental Term Loan Ref SOFR(M) Floor 1.00% Spread 4.25% Total Coupon 9.10% Maturity 5/3/20282024-09-300001902649us-gaap:RetainedEarningsMemberck0001902649:CommonClassSMember2024-04-012024-06-300001902649Debt Investments Diversified Financial Services White Cap Supply Holdings, LLC (Numerix) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 9.11% Maturity 10/19/20272023-12-310001902649Debt Investments Software Barracuda Parent LLC. Instrument First Lien Term Loan Ref SOFR(S) Spread 4.50% Total Coupon 9.81% Maturity 8/15/20292024-09-300001902649us-gaap:FairValueInputsLevel3Membersrt:MaximumMember2024-09-300001902649Debt Investments Pharmaceuticals Nephron Pharmaceuticals Corp. et al First Lien Term Loan B SOFR(Q) Floor 1.50% Spread 11.05% Total Coupon 16.40% Maturity 9/11/20262024-09-300001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 9/4/20292024-09-300001902649ck0001902649:ClassSCommonSharesMember2024-09-300001902649Debt Investments Professional Services Vensure Employer Services, Inc. First Lien Delayed Draw Term Loan SOFR(Q) Spread 5.25% Total Coupon 10.06% Maturity 9/19/20312024-09-300001902649ck0001902649:InstitutionalClassMember2022-06-300001902649ck0001902649:IntegrityMarketingAcquisitionLlcThreeMember2024-01-012024-09-300001902649ck0001902649:O2024Q11DividendsMemberck0001902649:InstitutionalClassMember2024-01-260001902649Debt Investments IT Services Madison Logic Holdings, Inc. Instument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.35% Maturity 12/29/20282023-12-310001902649us-gaap:AdditionalPaidInCapitalMember2024-03-310001902649Debt Investments Software Zendesk Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.61% Maturity 11/22/20282023-12-310001902649us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-06-300001902649Debt Investments Hotels, Restaurants & Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.60% Total Coupon 12.98% Maturity 8/7/20282023-12-310001902649Debt Investments Insurance AmeriLife Holdings, LLC First Lien Revolver B Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/20282023-12-310001902649ck0001902649:TrintechIncMember2024-09-300001902649Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.60% Maturity 8/23/20282023-12-310001902649Debt Investments Capital Markets PMA Parent Holdings, LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 10.60% Maturity 1/31/20312024-09-300001902649ck0001902649:BullhornIncTwoMember2024-01-012024-09-300001902649ck0001902649:ZendeskIncTwoMember2024-09-300001902649Debt Investments Trading Companies & Distributors BCPE Empire Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.00% Total Coupon 8.85% Maturity 1/24/20282024-09-300001902649Debt Investments Professional Services GI Consilio Parent, LLC. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.50% Total Coupon 9.97% Maturity 5/12/20282023-12-310001902649 Debt Investments Diversified Financial Services Wealth Enhancement Group, LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 5.50% Total Coupon 10.52% Maturity 10/4/20272024-09-300001902649Debt Investments Energy Equipment and Services Liquid Tech Solutions Holdings, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 9.71% Maturity 3/20/20282024-09-300001902649Debt Investments Consumer Finance Freedom Financial Network Funding, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 9.00% Total Coupon 14.64% Maturity 9/21/20272023-12-310001902649Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.11% Total Coupon 8.47% Maturity 10/21/20282023-12-310001902649ck0001902649:SerranoParentLlcSumoLogicMember2024-09-300001902649ck0001902649:SecondAmendmentMembersrt:MinimumMemberck0001902649:CreditFacilityMember2023-12-150001902649Debt Investments Healthcare Providers and Services2024-09-300001902649Cash and Investments - 176.4% of Net Assets2023-12-310001902649Debt Investments Software Trintech, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Total Coupon 10.35% Maturity 7/25/20292024-09-300001902649Debt Investments Software Flexera Software, LLC Instrument First LienTerm Loan Ref SOFR(M) Floor 0.75% Spread 3.75% Total Coupon 9.22% Maturity 3/3/20282023-12-310001902649ck0001902649:LjAvalonHoldingsLlcOneMember2023-12-310001902649us-gaap:RetainedEarningsMemberck0001902649:CommonClassSMember2024-07-012024-09-300001902649ck0001902649:O2024Q22DividendsMemberck0001902649:InstitutionalClassMember2024-01-012024-09-300001902649Debt Investments Software Kong Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Cash + 3.25% PIK Total Coupon 14.07% Maturity 11/1/20272024-09-300001902649Debt Investments Professional Services Bullhorn, Inc. First Lien Delayed Draw Term Loan SOFR(M) Spread 5.00% Total Coupon 9.85% Maturity 9/30/20292024-09-300001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 9/4/2029 One2024-09-300001902649Debt Investments Internet & Catalog Retail Syndigo, LLC First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.50% Total Coupon 9.97% Maturity 12/14/20272023-12-310001902649Debt Investments IT Services CrewLine Buyer, Inc. (New Relic) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 11.35% Maturity 11/8/20302024-09-300001902649ck0001902649:O2024Q33DividendsMemberck0001902649:CommonClassSMember2024-09-250001902649ck0001902649:FirstAmendmentMemberus-gaap:SubsequentEventMember2024-11-042024-11-040001902649Debt Investments Software TIBCO Software Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.00% Total Coupon 8.60% Maturity 3/30/20292024-09-300001902649ck0001902649:ClassSSharesMember2024-11-060001902649Debt Investments Health Care Equipment & Supplies Chariot Buyer, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.71% Maturity 11/3/20282023-12-310001902649us-gaap:CommonStockMember2023-06-300001902649Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 3/30/20292023-12-310001902649Debt Investments Consumer Finance Freedom Financial Network Funding, LLC Instrument First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 9.00% Total Coupon 14.50% Maturity 9/21/20272023-12-310001902649Debt Investments Software Douglas Holdings, Inc (Docupace) Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 8/27/20302024-09-300001902649Debt Investments Insurance Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.86% Maturity 7/19/20302023-12-310001902649us-gaap:SubsequentEventMemberus-gaap:SeniorNotesMember2024-11-010001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument Second Lien Third Out Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.37% Maturity 7/27/20282024-09-300001902649Debt Investments Software Epicor Software Corporation (fka Eagle Parent Inc.) Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 3.25% Total Coupon 8.10% Maturity 5/30/20312024-09-300001902649Debt Investments Transportation Infrastructure2023-12-310001902649ck0001902649:O2024Q33DividendsMemberck0001902649:CommonClassDMember2024-09-250001902649Debt Investments Software VS Buyer, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.52% Total Coupon 8.35% Maturity 4/12/20312024-09-300001902649ck0001902649:InstitutionalClassMember2023-04-300001902649Debt Investments IT Services CrewLine Buyer, Inc. (New Relic) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.10% Maturity 11/8/20302023-12-310001902649ck0001902649:InstitutionalClassMember2024-05-310001902649Debt Investments Transportation Infrastructure Apple Bidco, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.50% Total Coupon 8.86% Maturity 9/23/20282023-12-310001902649ck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:PncBankNationalAssociationMember2022-06-300001902649ck0001902649:ZendeskIncOneMember2023-12-310001902649ck0001902649:RepurchaseRequestDeadlineOnFebruaryTwentyNineTwoThousandTwentyFourMember2024-01-012024-09-300001902649ck0001902649:AlcamiCorporationTwoMember2023-12-3100019026492023-12-310001902649Debt Investments Software Zendesk Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.69% Maturity 11/22/20282024-09-300001902649Debt Investments Diversified Consumer Services Ascend Learning, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.60% Total Coupon 8.45% Maturity 12/11/20282024-09-300001902649Debt Investments Software Sovos Compliance, LLC (fka Taxware, LLC) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.61% Total Coupon 9.46% Maturity 8/11/20282024-09-300001902649ck0001902649:OmniaPartnersLlcMember2024-01-012024-09-300001902649ck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:PncBankNationalAssociationMembersrt:MaximumMember2022-06-032022-06-030001902649ck0001902649:O2023Q23DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Instrument First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.50% Maturity 2/1/20292024-09-300001902649Debt Investments Environmental, Maintenance and Security Services TruGreen Limited Partnership Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.00% Total Coupon 9.32% Maturity 11/2/20272024-09-300001902649Debt Investments Capital Markets PMA Parent Holdings, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 10.60% Maturity 1/31/20312024-09-300001902649Debt Investments Internet & Catalog Retail2023-12-3100019026492024-01-012024-06-300001902649Debt Investments Media NEP Group, Inc. et al First Lien Term Loan (2.0% Exit Fee) SOFR(Q) Floor 1.00% Spread 3.51% Cash + 1.50% PIK Total Coupon 9.62% Maturity 8/19/20262024-09-300001902649ck0001902649:DouglasHoldingsIncDocupaceTwoMember2024-09-300001902649Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Instrument First Lien Revolver A Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.53% Maturity 1/26/20292024-09-300001902649Debt Investments Professional Services Element Materials Technology Group US Holdings Inc. First Lien Term Loan SOFR(Q) Floor 0.50% Spread 3.75% Total Coupon 8.35% Maturity 6/24/2029 2024-09-300001902649ck0001902649:O2023Q31DividendsMemberck0001902649:InstitutionalClassMember2023-01-012023-09-300001902649Debt Investments Software Zendesk Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.61% Maturity 11/22/20282023-12-310001902649Debt Investments Hotels, Restaurants & Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Revolver B Ref SOFR(S) Floor 1.00% Spread 7.50% Total Coupon 13.40% Maturity 8/7/20282023-12-310001902649ck0001902649:VensureEmployerServicesIncThreeMember2024-09-300001902649ck0001902649:LjAvalonHoldingsLlcOneMember2024-01-012024-09-300001902649ck0001902649:HuckabeeAcquisitionLlcOneMoregroupMember2024-09-300001902649Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.46% Maturity 12/21/20282023-12-310001902649Debt Investments Machinery Blackbird Purchaser, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.86% Maturity 12/19/20302023-12-310001902649Debt Investments Diversified Financial Services Acuris Finance US, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.15% Total Coupon 9.50% Maturity 2/16/20282023-12-310001902649Debt Investments Hotels, Restaurants & Leisure Mesquite Bidco, LLC First Lien Revolver B Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.48% Maturity 11/30/20292023-12-310001902649Debt Investments Software Trintech, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 11.86% Maturity 7/25/20292023-12-310001902649ck0001902649:InstitutionalSharesMember2024-02-270001902649us-gaap:RevolvingCreditFacilityMember2024-09-300001902649us-gaap:MeasurementInputExpectedTermMember2024-01-012024-09-300001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien First Amendment Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.45% Maturity 3/1/20292024-09-300001902649ck0001902649:CommonClassDMember2024-08-310001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% 9/4/20292023-12-310001902649Debt Investments Diversified Consumer Services Ascend Learning, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.60% Total Coupon 8.96% Maturity 12/10/20282023-12-310001902649Debt Investments Construction & Engineering Northstar Group Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.61% Total Coupon 10.97% Maturity 11/9/20262023-12-310001902649ck0001902649:AmerilifeHoldingsLlcTwoMember2024-01-012024-09-300001902649Debt Investments Software Planview Parent, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.26% Total Coupon 9.61% Maturity 12/17/20272023-12-310001902649Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.75% Maturity 2/1/20292024-09-300001902649ck0001902649:O2023Q21DividendsMemberck0001902649:InstitutionalClassMember2023-04-250001902649ck0001902649:O2024Q32DividendsMemberck0001902649:CommonClassSMember2024-08-230001902649ck0001902649:CommonClassSMember2024-06-300001902649us-gaap:CommonStockMember2024-09-300001902649ck0001902649:TrancheBNotesMemberus-gaap:SubsequentEventMember2024-11-010001902649Debt Investments Software Epicor Software Corporation (fka Eagle Parent Inc.) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.25% Total Coupon 8.10% Maturity 5/30/20312024-09-300001902649us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-09-300001902649ck0001902649:GtyTechnologyHoldingsIncTwoMember2024-01-012024-09-300001902649ck0001902649:InstitutionalClassMember2024-07-012024-09-300001902649Debt Investments Trading Companies & Distributors BCPE Empire Holdings, Inc. Instrument First Lien 2023 Extended Term Loan Ref SOFR(M) Floor 1.00% Spread 4.75% Total Coupon 10.11% Maturity 12/11/20282023-12-310001902649ck0001902649:LjAvalonHoldingsLlcThreeMember2024-01-012024-09-300001902649us-gaap:RevolvingCreditFacilityMember2024-04-190001902649ck0001902649:CommonClassDMember2023-01-012023-09-300001902649ck0001902649:RepurchaseRequestDeadlineOnAugustThirtyTwoThousandTwentyFourMember2024-01-012024-09-300001902649Debt Investments Commercial Services & Supplies2023-12-310001902649Debt Investments IT Services Fortress Intermediate 3, Inc Instrument First Lien Term Loan Ref SOFR(M) Spread 3.75% Total Coupon 8.60% Maturity 6/9/20312024-09-300001902649Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.89% Maturity 8/27/20262023-12-310001902649ck0001902649:ClassSSharesMemberus-gaap:SubsequentEventMember2024-10-240001902649Total Cash and Investments - 151.7% of Net Assets2024-09-300001902649Debt Investments Machinery CPM Holdings Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.50% Total Coupon 9.84% Maturity 9/22/20282023-12-310001902649Debt Investments Diversified Financial Services TransNetwork, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.87% Maturity 11/20/20302023-12-310001902649ck0001902649:ClassSSharesMemberus-gaap:SubsequentEventMember2024-10-212024-10-210001902649ck0001902649:ClassDCommonSharesMember2023-12-310001902649ck0001902649:BynderBidcoBVNetherlandsMember2023-12-310001902649ck0001902649:BlackbirdPurchaserIncOneMember2024-01-012024-09-300001902649Debt Investments Health Care Providers & Services U.S. Anesthesia Partners, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.36% Total Coupon 9.71% Maturity 10/1/20282023-12-310001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.75% Total Coupon 11.87% Maturity 7/27/20282024-09-300001902649Debt Investments Transportation Infrastructure Brown Group Holding, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 9.11% Maturity 7/1/20292023-12-310001902649ck0001902649:InstitutionalClassMemberus-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-3000019026492023-07-012023-09-300001902649ck0001902649:BynderBidcoBVNetherlandsMember2024-01-012024-09-300001902649ck0001902649:InstitutionalClassMember2024-01-012024-03-310001902649ck0001902649:GcWavesHoldingsIncMember2024-01-012024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2023-09-300001902649Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument Second Lien Second Out Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.00% Total Coupon 12.12% Maturity 7/27/20282024-09-300001902649ck0001902649:CommonClassSMember2024-01-012024-09-300001902649Debt Investments Insurance Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance First Lien Delayed B Ref SOFR(M) Floor 0.75% Spread 6.11% Total Coupon 11.47% Maturity 7/19/20302023-12-310001902649ck0001902649:NonControlledNonAffiliatedInvestmentsMember2024-09-300001902649Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.82% Maturity 8/23/20282024-09-300001902649ck0001902649:IvyrehabIntermediateIiLlcMember2024-09-300001902649Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 5.00% Total Coupon 10.47% Maturity 4/27/20282023-12-310001902649Debt Investments Insurance Alera Group, Inc.First Lien Term Loan B Ref SOFR(M) Floor 0.75% Spread 6.60% Total Coupon 11.96% Maturity 10/2/20282023-12-310001902649Debt Investments Commercial Services & Supplies TA TT Buyer, LLC (TouchTunes, Octave Music) Instrument First Lien Tranche B-1 Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.75% Total Coupon 9.35% Maturity 6/20/20312024-09-300001902649Debt Investments Building Products Wilsonart LLC Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.25% Total Coupon 8.85% Maturity 7/25/20312024-09-300001902649Debt Investments Professional Services Allied Benefit Systems Intermediate, LLC First Lien Delayed Draw Term Loan SOFR(M) Floor 0.50% Spread 5.25% Total Coupon 10.42% Maturity 10/31/20302024-09-300001902649ck0001902649:InstitutionalClassMember2023-01-310001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMember2024-09-300001902649ck0001902649:DiscoParentIncDuckCreekTechnologiesMember2023-12-310001902649ck0001902649:InstitutionalClassMember2024-04-012024-06-3000019026492023-06-300001902649ck0001902649:AlliedBenefitSystemsIntermediateLlcMember2023-12-310001902649ck0001902649:CherryBekaertAdvisoryLlcOneMember2024-01-012024-09-300001902649us-gaap:AdditionalPaidInCapitalMember2023-12-310001902649Debt Investments Health Care Technology Gainwell Acquisition Corp. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.00% Total Coupon 8.70% Maturity 10/1/20272024-09-300001902649Debt Investments Insurance Integrity Marketing Acquisition, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Spread 5.00% Total Coupon 10.07% Maturity 8/25/20282024-09-300001902649ck0001902649:ClassSCommonSharesMember2024-01-012024-09-300001902649Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.46% Maturity 12/21/20282023-12-310001902649Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36%, Maturity 9/4/20292023-12-310001902649us-gaap:CommonStockMemberck0001902649:InstitutionalClassMember2023-04-012023-06-300001902649Debt Investments Professional Services HSI Halo Acquisitions, Inc. First Lien Delayed Draw Term Loan SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.64% Maturity 6/28/20312024-09-300001902649Total Debt Investments - 147.2% of Net Assets2024-09-300001902649ck0001902649:HigginbothamInsuranceAgencyIncTwoMember2024-01-012024-09-300001902649Debt Investments IT Services Madison Logic Holdings, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.00%Total Coupon 12.35% Maturity 12/30/20272023-12-310001902649ck0001902649:InstitutionalClassMember2023-12-310001902649ck0001902649:SecondAmendmentMemberck0001902649:AggregateBalanceOfLoansIsAbove25AndLessThanOrEqualTo50Memberck0001902649:CreditFacilityMember2023-12-152023-12-150001902649Debt Investments Internet Software and Services2024-09-300001902649us-gaap:RetainedEarningsMemberck0001902649:InstitutionalClassMember2023-07-012023-09-300001902649Debt Investments Diversified Financial Services Wealth Enhancement Group, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.50% Total Coupon 10.24% Maturity 10/4/20282024-09-300001902649Debt Investments Chemicals Discovery Purchaser Corporation Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.38% Total Coupon 9.77% Maturity 10/4/20292023-12-310001902649us-gaap:RetainedEarningsMemberck0001902649:InstitutionalClassMember2024-01-012024-03-310001902649Debt Investments Commercial Services & Supplies Verscend Holding Corp. Instrument First Lien Term Loan Ref SOFR(M) Spread 4.11% Total Coupon 9.47% Maturity 8/27/20252023-12-310001902649ck0001902649:AlcamiCorporationOneMember2023-12-310001902649Debt Investments Machinery Blackbird Purchaser, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.86% Maturity 12/19/20302023-12-310001902649us-gaap:BaseRateMemberck0001902649:SeniorSecuredLoansMembersrt:MaximumMember2024-09-300001902649us-gaap:CommonStockMemberck0001902649:InstitutionalClassMember2024-04-012024-06-300001902649Debt Investments Software JOBVITE, Inc. (Employ, Inc.) Instrument First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 8.00% Total Coupon 13.43% Maturity 8/7/20282023-12-310001902649Debt Investments Insurance AmeriLife Holdings, LLC Instrument First Lien Revolver Ref SOFR(S) Floor 0.75% Spread 5.00% Total Coupon 9.70% Maturity 8/31/20282024-09-300001902649Debt Investments Insurance Alliant Holdings Intermediate, LLC.First Lien Term Loan B Ref SOFR(M) Floor 1.00% Spread 3.50% Total Coupon 8.86% Maturity 10/31/20302023-12-310001902649Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 7.15% Total Coupon 12.11% Maturity 12/21/20282024-09-300001902649Debt Investments Commercial Services & Supplies Allied Universal Holdco LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 3.75% Total Coupon 8.70% Maturity 5/12/20282024-09-300001902649ck0001902649:InstitutionalClassMemberus-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001902649ck0001902649:EDiscoveryAcquirecoLlcRevealMember2023-12-310001902649ck0001902649:InstitutionalClassMember2023-08-310001902649Debt Investments Internet Software and Services Anaconda, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 8/22/20272023-12-310001902649Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.04% Maturity 2/1/20292023-12-310001902649Debt Investments Trading Companies & Distributors SRS Distribution, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.97% Maturity 6/2/20282023-12-310001902649ck0001902649:ClassDSharesMember2024-11-060001902649Debt Investments Software Proofpoint, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.00% Total Coupon 7.85% Maturity 5/28/20312024-09-300001902649Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/2028-One2023-12-310001902649us-gaap:FairValueInputsLevel2Memberck0001902649:BankDebtMember2023-12-310001902649ck0001902649:PeterCFoyAssociatesInsuranceServicesLlcPcfInsuranceTwoMember2024-09-300001902649ck0001902649:KidDistroHoldingsLlcMember2024-01-012024-09-300001902649us-gaap:CommonStockMemberck0001902649:CommonClassDMember2024-07-012024-09-300001902649Debt Investments Media Radiate Holdco, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.25% Total Coupon 8.72% Maturity 9/25/20262023-12-310001902649ck0001902649:PayrocLlcMember2024-01-012024-09-300001902649Debt Investments Energy Equipment & Services Liquid Tech Solutions Holdings, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 10.22% Maturity 3/20/20282023-12-310001902649Debt Investments Health Care Technology2024-09-300001902649Debt Investments Transportation Infrastructure Bleriot US Bidco Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.26% Total Coupon 9.61% Maturity 10/30/20262023-12-310001902649ck0001902649:FocusFinancialPartnersLlcMember2024-01-012024-09-300001902649Debt Investments Software Kong Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Cash + 3.25% PIK Total Coupon 14.07% Maturity 11/1/20272024-09-300001902649ck0001902649:VortexFinanceSubLlcTwoMember2024-01-012024-09-300001902649us-gaap:FairValueInputsLevel3Memberck0001902649:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2023-12-310001902649Debt Investments Insurance AmeriLife Holdings, LLC First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/20292023-12-310001902649Debt Investments Media Streamland Media Midco LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Cash + 0.5% PIK Total Coupon 12.89% Maturity 12/31/20242023-12-310001902649ck0001902649:InstitutionalClassMember2024-08-310001902649ck0001902649:MeasurementInputImpliedVolatilityMember2024-01-012024-09-300001902649Debt Investments Household Durables First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.37% Maturity 11/9/20292023-12-310001902649ck0001902649:BaseManagementFeeMember2024-01-012024-09-300001902649ck0001902649:IntegrityMarketingAcquisitionLlcFourMember2024-09-300001902649ck0001902649:CommonClassSMember2024-07-012024-09-300001902649Debt Investments Containers & Packaging Charter Next Generation, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.75% Total Coupon 9.22% Maturity 12/1/20272023-12-310001902649ck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:AggregateBalanceOfLoansIsAbove50AndLessThanOrEqualTo75Memberck0001902649:PncBankNationalAssociationMember2022-06-032022-06-030001902649ck0001902649:LjAvalonHoldingsLlcTwoMember2024-09-300001902649ck0001902649:InstitutionalClassMember2024-06-300001902649Debt Investments Chemicals Advancion (f/k/a Aruba Investments Holdings, LLC) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.10% Total Coupon 8.95% Maturity 11/24/20272024-09-300001902649Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien 2023 Delayed Draw Term Loan Ref SOFR(S) Floor 0.75% Spread 5.25% Total Coupon 10.72% Maturity 4/27/20282023-12-310001902649Debt Investments Capital Markets Focus Financial Partners, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.25% Total Coupon 8.10% Maturity 9/10/20312024-09-300001902649ck0001902649:AleraGroupIncTwoMember2024-01-012024-09-300001902649ck0001902649:AggregateBalanceOfLoansIsAbove75Memberck0001902649:RevolvingCreditFacilityAndTermLoanFacilityMemberck0001902649:PncBankNationalAssociationMember2022-06-032022-06-030001902649Debt Investments IT Services Intercept Bidco, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.02% Maturity 6/3/20302024-09-300001902649ck0001902649:GalwayBorrowerLlcMember2024-01-012024-09-300001902649Debt Investments Aerospace & Defense Engineering Research Holding LLC (Astrion, Inc.) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 10.06% Maturity 8/29/20312024-09-300001902649ck0001902649:DiscoParentIncDuckCreekTechnologiesMember2024-09-300001902649ck0001902649:InstitutionalClassMember2023-11-300001902649us-gaap:FairValueInputsLevel1Memberck0001902649:BankDebtMember2024-09-300001902649Debt Investments IT Services Intercept Bidco, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.02% Maturity 6/3/20302024-09-300001902649Debt Investments Professional Services DTI Holdco, Inc. (Epiq) First Lien Term Loan SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 9.60% Maturity 4/21/20292024-09-300001902649ck0001902649:RscAcquisitionIncRiskStrategiesTwoMember2024-09-300001902649Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 6.25% Total Coupon 11.72% Maturity 9/14/20292023-12-310001902649Debt Investments Professional Services Bullhorn, Inc. First Lien Term Loan SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 10/1/20292024-09-300001902649ck0001902649:O2023Q22DividendsMemberck0001902649:InstitutionalClassMember2023-05-260001902649Debt Investments Construction & Engineering Titan Home Improvement, LLC (Renuity) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.06% Maturity 5/31/20302024-09-300001902649us-gaap:CommonStockMember2022-12-310001902649Debt Investments Insurance2024-09-300001902649Debt Investments Construction & Engineering PlayPower, Inc Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.85% Maturity 8/28/20302024-09-300001902649Debt Investments Food Products2023-12-310001902649ck0001902649:InstitutionalClassMember2022-12-310001902649ck0001902649:ClassDSharesMember2023-09-300001902649ck0001902649:O2024Q33DividendsMemberck0001902649:CommonClassSMember2024-01-012024-09-300001902649Debt Investments Healthcare Providers and Services CNT Holdings I Corp. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.50% Total Coupon 8.75% Maturity 11/8/20272024-09-300001902649us-gaap:FairValueInputsLevel2Memberck0001902649:BankDebtMember2024-09-300001902649Debt Investments Software Maverick Bidco, Inc. (Mitratech) Instrument First Lien No. 2 Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.51% Total Coupon 9.76% Maturity 5/18/20282024-09-300001902649Debt Investments Insurance AmeriLife Holdings, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.70% Maturity 8/31/20292024-09-300001902649Debt Investments Real Estate Management and Development2024-09-300001902649Debt Investments Diversified Financial Services Acuris Finance US, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 8.42% Maturity 2/16/20282024-09-300001902649ck0001902649:ClassSSharesMember2024-09-300001902649ck0001902649:ClassSSharesMemberus-gaap:SubsequentEventMember2024-10-242024-10-240001902649us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300001902649ck0001902649:ClassDSharesMemberus-gaap:SubsequentEventMember2024-10-010001902649ck0001902649:WealthEnhancementGroupLlcOneMember2024-01-012024-09-300001902649ck0001902649:IntegrityMarketingAcquisitionLlcThreeMember2024-09-300001902649ck0001902649:LuckyUsBuyercoLlcGlobalPaymentsMember2024-09-300001902649ck0001902649:SecondAmendmentMembersrt:MinimumMember2023-12-150001902649Debt Investments Construction & Engineering Compsych Holdings Corp Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.75% Total Coupon 10.03% Maturity 7/22/20312024-09-300001902649ck0001902649:BankDebtMemberus-gaap:FairValueInputsLevel1Member2023-12-310001902649us-gaap:CommonStockMemberck0001902649:InstitutionalClassMember2024-07-012024-09-300001902649Debt Investments Real Estate Management & Development Forest City Enterprises, L.P. Instrument First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.46% Maturity 12/8/20252024-09-300001902649Debt Investments Professional Services OMNIA Partners, LLC First Lien Term Loan SOFR(Q) Floor 1.00% Spread 3.25% Total Coupon 8.53% Maturity 7/25/20302024-09-300001902649Debt Investments Software Connectwise Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.76% Total Coupon 8.37% Maturity 9/30/20282024-09-300001902649Debt Investments Transportation Infrastructure Brown Group Holding, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 2.75% Total Coupon 7.60% Maturity 7/2/20292024-09-300001902649us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310001902649Debt Investments Commercial Services & Supplies2024-09-300001902649Debt Investments Insurance HUB International Limited First Lien Incremental Term Loan B Ref SOFR(Q) Floor 0.75% Spread 4.00% Total Coupon 9.37% Maturity 11/10/20292023-12-310001902649Debt Investments Professional Services Allied Benefit Systems Intermediate, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.63% Maturity 10/31/20302023-12-310001902649Debt Investments Insurance Integrity Marketing Acquisition, LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 10.08% Maturity 8/25/20282024-09-300001902649us-gaap:FairValueInputsLevel3Member2023-06-30xbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USD

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2024

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: 814-01485

 

 

BLACKROCK PRIVATE CREDIT FUND

(Exact Name of Registrant as Specified in Charter)

 

Delaware

87-4655020

(State or Other Jurisdiction of Incorporation)

(IRS Employer Identification No.)

 

 

50 Hudson Yards

 

New York, New York

10001

(Address of Principal Executive Offices)

(Zip Code)

(212) 810-5300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

None

 

Not applicable

 

Not applicable

(Title of each class)

 

(Trading Symbol(s) )

 

(Name of each exchange on which registered)

 

 

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 other 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 (§232.405 of this chapter) 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 12b-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

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the Registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

As of September 30, 2024, there was no established public market for the Registrant's shares of common stock.

The number of shares of Registrant’s common shares of beneficial interest, par value $0.001 per share (“Common Shares”), outstanding as of November 6, 2024 was 21,526,282, 1,391,572, and 121,329 of Institutional Class, Class S and Class D Common Shares, respectively. Common shares outstanding exclude November 1, 2024 subscriptions since the issuance price is not yet finalized at this time.

 

 


 

BLACKROCK PRIVATE CREDIT FUND

FORM 10-Q

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

TABLE OF CONTENTS

 

Part I.

Financial Information

 

 

 

 

Item 1.

Consolidated Financial Statements

 

 

 

 

 

Consolidated Statements of Assets and Liabilities as of September 30, 2024 (Unaudited) and December 31, 2023

3

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited)

5

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited)

6

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 (Unaudited) and September 30, 2023 (Unaudited)

8

 

 

 

 

Consolidated Schedule of Investments as of September 30, 2024 (Unaudited) and December 31, 2023

20

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

27

 

 

 

 

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2024 (Unaudited)

51

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

52

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

67

 

 

 

Item 4.

Controls and Procedures

67

 

 

 

Part II.

Other Information

 

 

 

 

Item 1.

Legal Proceedings

68

 

 

 

Item 1A.

Risk Factors

68

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

 

 

 

Item 3.

Defaults upon Senior Securities

68

 

 

 

Item 4.

Mine Safety Disclosures

68

 

 

 

Item 5.

Other Information

68

 

 

 

Item 6.

Exhibits

69

 

 

 

2


 

BlackRock Private Credit Fund

Consolidated Statements of Assets and Liabilities

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $776,535,212 and $398,929,289, respectively)

 

$

779,412,908

 

 

$

400,926,373

 

Total investments (cost of $776,535,212 and $398,929,289, respectively)

 

 

779,412,908

 

 

 

400,926,373

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

23,288,370

 

 

 

20,393,858

 

Interest, dividends and fees receivable

 

 

5,993,083

 

 

 

3,399,769

 

Deferred debt issuance costs

 

 

2,849,726

 

 

 

1,906,373

 

Receivable for investments sold

 

 

218,399

 

 

 

618,839

 

Prepaid expenses and other assets

 

 

2,018,003

 

 

 

773,376

 

Total assets

 

 

813,780,489

 

 

 

428,018,588

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt

 

 

217,000,000

 

 

 

156,000,000

 

Payable for investments purchased

 

 

53,566,196

 

 

 

13,860,550

 

Distribution payable

 

 

4,894,649

 

 

 

3,651,224

 

Incentive fees payable

 

 

3,059,169

 

 

 

 

Interest and debt related payables

 

 

3,028,971

 

 

 

2,166,027

 

Reimbursements due to the Investment Adviser

 

 

984,508

 

 

 

247,942

 

Management fees payable

 

 

513,244

 

 

 

 

Accrued capital gains incentive fees

 

 

204,428

 

 

 

 

Contribution received in advance

 

 

 

 

 

11,924,839

 

Accrued expenses and other liabilities

 

 

1,255,040

 

 

 

1,363,980

 

Total liabilities

 

$

284,506,205

 

 

$

189,214,562

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

529,274,284

 

 

$

238,804,026

 

 

 

 

 

 

 

Composition of net assets applicable to common shareholders

 

 

 

 

 

 

Common shares of beneficial interest, $0.001 par value; 21,366,044 and 9,608,484 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

 

$

21,365

 

 

$

9,608

 

Paid-in capital in excess of par

 

 

526,526,100

 

 

 

234,370,285

 

Distributable earnings (loss)

 

 

2,726,819

 

 

 

4,424,133

 

Total net assets

 

 

529,274,284

 

 

 

238,804,026

 

Total liabilities and net assets

 

$

813,780,489

 

 

$

428,018,588

 

 

 

 

 

 

 

Net assets per share

 

$

24.77

 

 

$

24.85

 

See accompanying notes to the consolidated financial statements.

 

3


 

BlackRock Private Credit Fund

Consolidated Statements of Assets and Liabilities

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(Unaudited)

 

 

 

 

NET ASSET VALUE PER SHARE

 

 

 

 

 

 

Class I Shares:

 

 

 

 

 

 

Net assets

 

$

501,767,121

 

 

$

238,804,026

 

Common shares outstanding ($0.001 par value, unlimited shares authorized)

 

 

20,255,619

 

 

 

9,608,484

 

Net asset value per share

 

$

24.77

 

 

$

24.85

 

Class S Shares:

 

 

 

 

 

 

Net assets

 

$

27,501,662

 

 

$

 

Common shares outstanding ($0.001 par value, unlimited shares authorized)

 

 

1,110,203

 

 

 

 

Net asset value per share

 

$

24.77

 

 

N/A

 

Class D Shares:

 

 

 

 

 

 

Net assets

 

$

5,501

 

 

$

 

Common shares outstanding ($0.001 par value, unlimited shares authorized)

 

 

222

 

 

 

 

Net asset value per share

 

 

24.77

 

 

N/A

 

See accompanying notes to the consolidated financial statements.

 

4


 

BlackRock Private Credit Fund

Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

20,260,005

 

 

$

8,680,540

 

 

$

48,587,961

 

 

$

21,731,413

 

PIK income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

250,848

 

 

 

176,297

 

 

 

633,155

 

 

 

446,628

 

Total investment income

 

 

20,510,853

 

 

 

8,856,837

 

 

 

49,221,116

 

 

 

22,178,041

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

3,857,437

 

 

 

2,145,663

 

 

 

10,657,525

 

 

 

5,530,265

 

Incentive fees earned

 

 

1,813,026

 

 

 

740,028

 

 

 

4,111,708

 

 

 

2,315,617

 

Management fees

 

 

1,322,596

 

 

 

529,792

 

 

 

3,061,792

 

 

 

1,393,668

 

Administrative expenses

 

 

214,425

 

 

 

294,091

 

 

 

745,263

 

 

 

870,346

 

Incentive fees on capital gains (1)

 

 

204,428

 

 

 

 

 

 

204,428

 

 

 

 

Professional fees

 

 

201,384

 

 

 

258,351

 

 

 

747,186

 

 

 

400,931

 

Custody fees

 

 

124,053

 

 

 

59,446

 

 

 

281,708

 

 

 

156,263

 

Director fees

 

 

80,326

 

 

 

60,125

 

 

 

205,076

 

 

 

203,875

 

Insurance expense

 

 

7,232

 

 

 

7,234

 

 

 

21,697

 

 

 

21,700

 

Distribution and servicing fees

 

 

 

 

 

 

 

 

 

 

 

 

    Class S

 

 

45,805

 

 

 

 

 

 

51,101

 

 

 

 

    Class D

 

 

2

 

 

 

 

 

 

2

 

 

 

 

Other operating expenses

 

 

153,389

 

 

 

111,705

 

 

 

556,105

 

 

 

292,334

 

Total operating expenses, before management fee and incentive fee waivers

 

 

8,024,103

 

 

 

4,206,435

 

 

 

20,643,591

 

 

 

11,184,999

 

 Management fee and incentive fee waivers

 

 

 

 

 

(1,269,820

)

 

 

 

 

 

(3,709,285

)

Total operating expenses, net of management fee and incentive fee waivers

 

 

8,024,103

 

 

 

2,936,615

 

 

 

20,643,591

 

 

 

7,475,714

 

Net investment income

 

 

12,486,750

 

 

 

5,920,222

 

 

 

28,577,525

 

 

 

14,702,327

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on investments and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(1,142,290

)

 

 

76,663

 

 

 

(1,319,746

)

 

 

74,852

 

Net realized gain (loss)

 

 

(1,142,290

)

 

 

76,663

 

 

 

(1,319,746

)

 

 

74,852

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

873,200

 

 

 

2,378,856

 

 

 

880,612

 

 

 

5,216,047

 

Net change in unrealized appreciation (depreciation)

 

 

873,200

 

 

 

2,378,856

 

 

 

880,612

 

 

 

5,216,047

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(269,090

)

 

 

2,455,519

 

 

 

(439,134

)

 

 

5,290,899

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

12,217,660

 

 

$

8,375,741

 

 

$

28,138,391

 

 

$

19,993,226

 

_______________________________________

(1) Net investment income amounts displayed above are net of the accrual for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with Generally Accepted Accounting Principles (“GAAP”) for the three and nine months ended September 30, 2024 (see Note 3).

See accompanying notes to the consolidated financial statements.

 

5


 

BlackRock Private Credit Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

 

 

 

Common Shares

 

 

Paid in Capital

 

 

Distributable

 

 

Total Net

 

 

 

Shares

 

 

Par Amount

 

 

in Excess of Par

 

 

Earnings (loss)

 

 

Assets

 

Balance at December 31, 2023

 

 

9,608,484

 

 

$

9,608

 

 

$

234,370,285

 

 

$

4,424,133

 

 

$

238,804,026

 

Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

1,322,168

 

 

 

1,322

 

 

 

32,917,349

 

 

 

 

 

 

32,918,671

 

Issuance of common shares from dividend reinvestment plan

 

 

276,320

 

 

 

276

 

 

 

6,877,693

 

 

 

 

 

 

6,877,969

 

Repurchase of common shares

 

 

(23,540

)

 

 

(24

)

 

 

(588,005

)

 

 

 

 

 

(588,029

)

Net investment income

 

 

 

 

 

 

 

 

 

 

 

7,367,777

 

 

 

7,367,777

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

1,421,523

 

 

 

1,421,523

 

Dividends paid to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

(7,392,673

)

 

 

(7,392,673

)

Balance at March 31, 2024

 

11,183,432

 

 

$

11,182

 

 

$

273,577,322

 

 

$

5,820,760

 

 

$

279,409,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

2,407,822

 

 

 

2,408

 

 

 

60,089,533

 

 

 

 

 

 

60,091,941

 

Issuance of common shares from dividend reinvestment plan

 

 

249,290

 

 

 

249

 

 

 

6,220,266

 

 

 

 

 

 

6,220,515

 

Class S:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

299,659

 

 

 

300

 

 

 

7,476,200

 

 

 

 

 

 

7,476,500

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

8,722,998

 

 

 

8,722,998

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(1,591,567

)

 

 

(1,591,567

)

Dividends paid to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

(8,983,848

)

 

 

(8,983,848

)

Class S

 

 

 

 

 

 

 

 

 

 

 

(63,626

)

 

 

(63,626

)

Balance at June 30, 2024

 

14,140,203

 

 

$

14,139

 

 

$

347,363,321

 

 

$

3,904,717

 

 

$

351,282,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

6,098,257

 

 

 

6,098

 

 

 

151,206,753

 

 

 

 

 

 

151,212,851

 

Issuance of common shares from dividend reinvestment plan

 

 

327,841

 

 

 

328

 

 

 

8,126,644

 

 

 

 

 

 

8,126,972

 

Repurchase of common shares

 

 

(11,023

)

 

 

(11

)

 

 

(273,807

)

 

 

 

 

 

(273,818

)

Class S:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

810,544

 

 

 

811

 

 

 

20,097,689

 

 

 

 

 

 

20,098,500

 

Class D:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

222

 

 

 

 

 

 

5,500

 

 

 

 

 

 

5,500

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

12,486,750

 

 

 

12,486,750

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(269,090

)

 

 

(269,090

)

Dividends paid to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

(12,842,257

)

 

 

(12,842,257

)

Class S

 

 

 

 

 

 

 

 

 

 

 

(553,222

)

 

 

(553,222

)

Class D

 

 

 

 

 

 

 

 

 

 

 

(79

)

 

 

(79

)

Balance at September 30, 2024

 

21,366,044

 

 

 

21,365

 

 

 

526,526,100

 

 

 

2,726,819

 

 

 

529,274,284

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

 

 

6


 

BlackRock Private Credit Fund

Consolidated Statements of Changes in Net Assets (Unaudited) (Continued)

 

 

 

Common Shares

 

 

Paid in Capital

 

 

Distributable

 

 

Total Net

 

 

Shares

 

 

Par Amount

 

 

in Excess of Par

 

 

Earnings (loss)

 

 

Assets

 

Balance at December 31, 2022

 

 

4,968,576

 

 

$

4,969

 

 

$

120,449,278

 

 

$

(2,768,970

)

 

$

117,685,277

 

Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

803,632

 

 

 

803

 

 

 

19,380,847

 

 

 

 

 

 

19,381,650

 

Issuance of common shares from dividend reinvestment plan

 

 

133,196

 

 

 

133

 

 

 

3,197,590

 

 

 

 

 

 

3,197,723

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

3,888,807

 

 

 

3,888,807

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

2,039,315

 

 

 

2,039,315

 

Dividends paid to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

(3,083,924

)

 

 

(3,083,924

)

Balance at March 31, 2023

 

5,905,404

 

 

$

5,905

 

 

$

143,027,715

 

 

$

75,228

 

 

$

143,108,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

518,381

 

 

 

517

 

 

 

12,553,825

 

 

 

 

 

 

12,554,342

 

Issuance of common shares from dividend reinvestment plan

 

 

145,022

 

 

 

145

 

 

 

3,511,903

 

 

 

 

 

 

3,512,048

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

4,893,298

 

 

 

4,893,298

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

796,065

 

 

 

796,065

 

Dividends paid to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

(4,024,063

)

 

 

(4,024,063

)

Balance at June 30, 2023

 

6,568,807

 

 

$

6,567

 

 

$

159,093,443

 

 

$

1,740,528

 

 

$

160,840,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

1,067,541

 

 

 

1,068

 

 

 

26,416,758

 

 

 

 

 

 

26,417,826

 

Issuance of common shares from dividend reinvestment plan

 

 

162,425

 

 

 

162

 

 

 

4,011,195

 

 

 

 

 

 

4,011,357

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

5,920,222

 

 

 

5,920,222

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

2,455,519

 

 

 

2,455,519

 

Dividends paid to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

(4,733,823

)

 

 

(4,733,823

)

Balance at September 30, 2023

 

7,798,773

 

 

$

7,797

 

 

$

189,521,396

 

 

$

5,382,446

 

 

$

194,911,639

 

See accompanying notes to the consolidated financial statements.

 

7


 

BlackRock Private Credit Fund

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

2024

 

 

2023

 

Operating activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

28,138,391

 

 

$

19,993,226

 

Adjustments to reconcile net increase (decrease) in net assets resulting
   from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Net realized (gain) loss

 

 

1,319,746

 

 

 

(74,852

)

Change in net unrealized (appreciation) depreciation of investments

 

 

(880,612

)

 

 

(5,216,047

)

Net amortization of investment discounts and premiums

 

 

(3,440,284

)

 

 

(1,990,118

)

Interest and dividend income paid in kind

 

 

(609,403

)

 

 

(451,155

)

Amortization of deferred debt issuance costs

 

 

279,597

 

 

 

142,369

 

Changes in assets and liabilities:

 

 

 

 

 

 

Purchases of investments

 

 

(466,203,669

)

 

 

(159,904,776

)

Proceeds from disposition of investments

 

 

91,327,687

 

 

 

45,320,640

 

Decrease (increase) in interest, dividends and fees receivable

 

 

(2,593,314

)

 

 

(998,923

)

Decrease (increase) in receivable for investments sold

 

 

400,440

 

 

 

(45,566

)

Decrease (increase) in prepaid expenses and other assets

 

 

(1,244,627

)

 

 

(154,467

)

Increase (decrease) in interest and debt related payables

 

 

862,944

 

 

 

611,978

 

Increase (decrease) in incentive fees payable

 

 

3,059,169

 

 

 

 

Increase (decrease) in management fees payable

 

 

513,244

 

 

 

 

Increase (decrease) in accrued capital gains incentive fees

 

 

204,428

 

 

 

 

Increase (decrease) in reimbursements due to the Investment Adviser

 

 

736,566

 

 

 

114,647

 

Increase (decrease) in payable for investments purchased

 

 

39,705,646

 

 

 

(6,792,283

)

Increase (decrease) in accrued expenses and other liabilities

 

 

(108,940

)

 

 

1,086,329

 

Net cash provided by (used in) operating activities

 

 

(308,532,991

)

 

 

(108,358,998

)

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Proceeds from common shares sold

 

 

259,879,124

 

 

 

53,403,818

 

Contribution received in advance

 

 

 

 

 

10,609,204

 

Draws on credit facilities

 

 

188,000,000

 

 

 

93,000,000

 

Repayments of credit facility draws

 

 

(127,000,000

)

 

 

(46,000,000

)

Payments of debt issuance costs

 

 

(1,222,950

)

 

 

(19,253

)

Dividends paid in cash to shareholders

 

 

(7,366,817

)

 

 

(845,839

)

Payments of repurchased shares

 

 

(861,854

)

 

 

 

Net cash provided by (used in) financing activities

 

 

311,427,503

 

 

 

110,147,930

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents (including restricted cash)

 

 

2,894,512

 

 

 

1,788,932

 

Cash and cash equivalents (including restricted cash) at beginning of period

 

 

20,393,858

 

 

 

17,633,729

 

Cash and cash equivalents (including restricted cash) at end of period

 

$

23,288,370

 

 

$

19,422,661

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Interest payments

 

$

9,514,985

 

 

$

4,775,918

 

Excise tax payments

 

$

73,753

 

 

$

18,395

 

Distribution payable

 

$

4,894,649

 

 

$

1,715,730

 

Reinvestment of dividends during the period

 

$

21,225,456

 

 

$

10,721,128

 

See accompanying notes to the consolidated financial statements.

 

8


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments(A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arcline FM Holdings, LLC (Fairbanks Morse, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

4.50

%

 

 

9.74

%

 

6/28/2028

 

$

19,879,956

 

 

$

19,722,791

 

 

$

19,943,869

 

 

 

2.49

%

 

 

Engineering Research Holding LLC (Astrion, Inc.)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.00

%

 

 

10.06

%

 

8/29/2031

 

$

18,037,731

 

 

 

17,680,112

 

 

 

17,924,994

 

 

 

2.23

%

 

E

Dynasty Acquisition Co., Inc.

 

First Lien Term Loan B

 

SOFR(M)

 

 

 

 

 

3.50

%

 

 

8.35

%

 

8/24/2028

 

$

1,799,784

 

 

 

1,808,783

 

 

 

1,803,213

 

 

 

0.22

%

 

 

Dynasty Acquisition Co., Inc.

 

First Lien Term Loan B

 

SOFR(M)

 

 

 

 

 

3.50

%

 

 

8.35

%

 

8/24/2028

 

$

693,950

 

 

 

697,420

 

 

 

695,272

 

 

 

0.09

%

 

 

Peraton Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.75

%

 

 

8.70

%

 

2/1/2028

 

$

1,355,964

 

 

 

1,334,149

 

 

 

1,307,800

 

 

 

0.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,243,255

 

 

 

41,675,148

 

 

 

5.19

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wand Newco 3, Inc. (aka Caliber Collision)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

3.25

%

 

 

7.85

%

 

1/30/2031

 

$

1,409,468

 

 

 

1,407,176

 

 

 

1,409,468

 

 

 

0.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Distribution Technologies Inc

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.25

%

 

8/1/2030

 

$

9,746,252

 

 

 

9,556,753

 

 

 

9,551,327

 

 

 

1.19

%

 

E

Trulite Holding Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.25

%

 

2/22/2030

 

$

10,301,186

 

 

 

10,114,432

 

 

 

9,992,150

 

 

 

1.25

%

 

E

Wilsonart LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

4.25

%

 

 

8.85

%

 

7/25/2031

 

$

2,781,000

 

 

 

2,744,516

 

 

 

2,754,052

 

 

 

0.34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,415,701

 

 

 

22,297,529

 

 

 

2.78

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCPE Pequod Buyer Inc. (Envestnet Inc.)

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.50

%

 

 

8.35

%

 

9/19/2031

 

$

453,000

 

 

 

450,735

 

 

 

451,537

 

 

 

0.06

%

 

 

Focus Financial Partners, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.10

%

 

9/10/2031

 

$

1,653,666

 

 

 

1,649,976

 

 

 

1,650,623

 

 

 

0.21

%

 

 

Focus Financial Partners, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.10

%

 

9/10/2031

 

$

 

 

 

(52

)

 

 

(327

)

 

 

 

 

D

Grant Thornton Advisors LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.10

%

 

6/2/2031

 

$

830,000

 

 

 

833,369

 

 

 

832,137

 

 

 

0.10

%

 

 

Learning Care Group (US) No. 2 Inc.

 

First Lien Initial Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.00

%

 

 

8.60

%

 

8/11/2028

 

$

29,701

 

 

 

29,354

 

 

 

29,896

 

 

 

 

 

 

PMA Parent Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.60

%

 

1/31/2031

 

$

8,869,062

 

 

 

8,708,607

 

 

 

8,860,193

 

 

 

1.10

%

 

E

PMA Parent Holdings, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.60

%

 

1/31/2031

 

$

 

 

 

(22,980

)

 

 

(1,270

)

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,649,009

 

 

 

11,822,789

 

 

 

1.47

%

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advancion (f/k/a Aruba Investments Holdings, LLC)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.10

%

 

 

8.95

%

 

11/24/2027

 

$

1,246,787

 

 

 

1,240,553

 

 

 

1,242,461

 

 

 

0.15

%

 

 

CP Iris Holdco I, Inc

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.50

%

 

 

8.35

%

 

9/21/2028

 

$

1,246,803

 

 

 

1,248,285

 

 

 

1,239,790

 

 

 

0.15

%

 

 

Discovery Purchaser Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.38

%

 

 

9.69

%

 

10/4/2029

 

$

1,496,459

 

 

 

1,446,433

 

 

 

1,492,089

 

 

 

0.19

%

 

 

Momentive Performance Materials, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.50

%

 

 

9.35

%

 

3/22/2028

 

$

1,082,925

 

 

 

1,063,170

 

 

 

1,087,885

 

 

 

0.14

%

 

 

Olympus Water US Holding

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

3.50

%

 

 

8.10

%

 

6/9/2031

 

$

1,700,241

 

 

 

1,706,219

 

 

 

1,702,366

 

 

 

0.21

%

 

 

W. R. Grace Holdings LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

3.75

%

 

 

7.85

%

 

9/22/2028

 

$

1,654,805

 

 

 

1,642,418

 

 

 

1,661,011

 

 

 

0.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,347,078

 

 

 

8,425,602

 

 

 

1.05

%

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

3.75

%

 

 

8.70

%

 

5/12/2028

 

$

1,007,404

 

 

 

998,337

 

 

 

998,715

 

 

 

0.12

%

 

 

Creative Artists Agency, LLC.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.50

%

 

11/27/2028

 

$

1,280,577

 

 

 

1,273,621

 

 

 

1,281,377

 

 

 

0.16

%

 

 

Creative Artists Agency, LLC.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

2.75

%

 

 

7.59

%

 

10/1/2031

 

$

209,472

 

 

 

209,734

 

 

 

209,570

 

 

 

0.03

%

 

 

Dealer Tire Financial, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.50

%

 

 

8.35

%

 

7/2/2031

 

$

2,496,249

 

 

 

2,474,273

 

 

 

2,506,646

 

 

 

0.31

%

 

 

Ensemble RCM, LLC

 

First Lien Term Loan B

 

SOFR(Q)

 

 

 

 

 

3.00

%

 

 

8.25

%

 

8/3/2029

 

$

2,243,645

 

 

 

2,247,000

 

 

 

2,249,557

 

 

 

0.28

%

 

 

Madison Safety & Flow LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.10

%

 

9/19/2031

 

$

462,000

 

 

 

460,845

 

 

 

462,434

 

 

 

0.06

%

 

 

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.82

%

 

8/23/2028

 

$

2,471,600

 

 

 

2,369,799

 

 

 

2,333,251

 

 

 

0.29

%

 

E

 

 

9


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services and Supplies (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.10

%

 

8/23/2028

 

$

1,434,007

 

 

$

1,410,751

 

 

$

1,408,652

 

 

 

0.18

%

 

E

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.10

%

 

8/23/2028

 

$

994,646

 

 

 

977,913

 

 

 

977,060

 

 

 

0.12

%

 

E

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.78

%

 

8/23/2027

 

$

859,755

 

 

 

841,856

 

 

 

843,678

 

 

 

0.11

%

 

E

TA TT Buyer, LLC (TouchTunes, Octave Music)

 

First Lien Tranche B-1 Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.75

%

 

 

9.35

%

 

6/20/2031

 

$

16,929,717

 

 

 

16,932,716

 

 

 

16,936,827

 

 

 

2.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,196,845

 

 

 

30,207,767

 

 

 

3.76

%

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brand safway (Brand Industrial Services)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.50

%

 

 

9.75

%

 

8/1/2030

 

$

2,094,737

 

 

 

2,107,378

 

 

 

2,041,395

 

 

 

0.25

%

 

 

Compsych Holdings Corp

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

4.75

%

 

 

10.03

%

 

7/22/2031

 

$

13,056,670

 

 

 

12,993,200

 

 

 

12,978,330

 

 

 

1.61

%

 

E

Compsych Holdings Corp

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.75

%

 

 

10.03

%

 

7/22/2031

 

$

 

 

 

(9,084

)

 

 

(22,426

)

 

 

 

 

D/E

Geo Parent Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

5.35

%

 

 

10.60

%

 

12/19/2025

 

$

9,007,598

 

 

 

8,951,567

 

 

 

9,052,636

 

 

 

1.13

%

 

E

Groupe Solmax Inc. (Canada), Solmax U.S. LP

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.01

%

 

 

9.62

%

 

6/27/2028

 

$

2,401,313

 

 

 

2,307,617

 

 

 

2,230,436

 

 

 

0.28

%

 

C

Legence Holdings LLC (Refficiency)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.50

%

 

 

8.45

%

 

12/16/2027

 

$

248,794

 

 

 

247,421

 

 

 

250,115

 

 

 

0.03

%

 

 

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.48

%

 

2/1/2030

 

$

747,531

 

 

 

730,438

 

 

 

742,298

 

 

 

0.09

%

 

E

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.25

%

 

 

10.10

%

 

2/1/2030

 

$

305,997

 

 

 

298,320

 

 

 

303,855

 

 

 

0.04

%

 

E

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.48

%

 

2/1/2029

 

$

 

 

 

(2,668

)

 

 

(861

)

 

 

 

 

D/E

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.48

%

 

2/1/2030

 

$

 

 

 

(11,093

)

 

 

(16,096

)

 

 

 

 

D/E

PlayPower, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.25

%

 

 

9.85

%

 

8/28/2030

 

$

13,696,359

 

 

 

13,494,102

 

 

 

13,490,914

 

 

 

1.67

%

 

E

PlayPower, Inc

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.25

%

 

 

9.85

%

 

8/28/2030

 

$

 

 

 

(30,574

)

 

 

(31,056

)

 

 

 

 

D/E

Titan Home Improvement, LLC (Renuity)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.06

%

 

5/31/2030

 

$

9,653,861

 

 

 

9,471,623

 

 

 

9,518,707

 

 

 

1.19

%

 

E

Titan Home Improvement, LLC (Renuity)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.06

%

 

5/31/2030

 

$

 

 

 

(28,462

)

 

 

(21,118

)

 

 

 

 

D/E

Titan Home Improvement, LLC (Renuity)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.06

%

 

5/31/2030

 

$

 

 

 

(17,085

)

 

 

(25,341

)

 

 

 

 

D/E

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.00

%

 

 

9.85

%

 

9/4/2029

 

$

2,706,050

 

 

 

2,706,050

 

 

 

2,706,050

 

 

 

0.34

%

 

E

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.00

%

 

 

9.85

%

 

9/4/2029

 

$

955,753

 

 

 

937,189

 

 

 

955,753

 

 

 

0.12

%

 

E

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.00

%

 

 

9.85

%

 

9/4/2029

 

$

619,429

 

 

 

607,392

 

 

 

619,429

 

 

 

0.08

%

 

E

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.00

%

 

 

9.85

%

 

9/4/2029

 

$

580,548

 

 

 

531,808

 

 

 

580,548

 

 

 

0.07

%

 

E

Vortex Companies, LLC

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

5.00

%

 

 

9.85

%

 

9/4/2029

 

$

39,206

 

 

 

33,447

 

 

 

39,206

 

 

 

 

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,318,586

 

 

 

55,392,774

 

 

 

6.90

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.25

%

 

 

14.53

%

 

9/21/2027

 

$

2,641,927

 

 

 

2,602,574

 

 

 

2,575,879

 

 

 

0.32

%

 

E

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.25

%

 

 

14.54

%

 

9/21/2027

 

$

880,642

 

 

 

867,525

 

 

 

858,626

 

 

 

0.11

%

 

E

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.10

%

 

3/30/2029

 

$

3,158,666

 

 

 

3,087,575

 

 

 

3,094,324

 

 

 

0.38

%

 

E

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.19

%

 

3/30/2029

 

$

245,729

 

 

 

236,482

 

 

 

237,386

 

 

 

0.03

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,794,156

 

 

 

6,766,215

 

 

 

0.84

%

 

 

Containers and Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Next Generation, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.25

%

 

 

8.10

%

 

12/1/2027

 

$

3,986,288

 

 

 

3,959,095

 

 

 

3,991,689

 

 

 

0.50

%

 

 

 

 

10


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ascend Learning, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.60

%

 

 

8.45

%

 

12/11/2028

 

$

1,416,044

 

 

$

1,381,535

 

 

$

1,411,222

 

 

 

0.18

%

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.10

%

 

9/14/2029

 

$

4,466,826

 

 

 

4,395,695

 

 

 

4,387,370

 

 

 

0.54

%

 

E

Fusion Holding Corp. (Finalsite)

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.10

%

 

9/15/2027

 

$

 

 

 

(4,934

)

 

 

(5,519

)

 

 

 

 

D/E

Sotheby's

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.76

%

 

 

10.06

%

 

1/15/2027

 

$

901,005

 

 

 

891,765

 

 

 

892,558

 

 

 

0.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,664,061

 

 

 

6,685,631

 

 

 

0.83

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.10

%

 

8/29/2029

 

$

4,346,995

 

 

 

4,252,034

 

 

 

4,346,995

 

 

 

0.54

%

 

E

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.52

%

 

8/29/2029

 

$

3,174,359

 

 

 

3,119,328

 

 

 

3,174,359

 

 

 

0.40

%

 

E

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.85

%

 

8/29/2029

 

$

2,548,035

 

 

 

2,488,754

 

 

 

2,548,035

 

 

 

0.32

%

 

E

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.50

%

 

8/29/2029

 

$

343,446

 

 

 

335,942

 

 

 

343,446

 

 

 

0.04

%

 

E

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.10

%

 

8/29/2029

 

$

183,802

 

 

 

179,793

 

 

 

183,802

 

 

 

0.02

%

 

E

Accordion Partners LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.10

%

 

8/31/2028

 

$

125,446

 

 

 

122,025

 

 

 

125,446

 

 

 

0.02

%

 

E

Accuserve Solutions, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

5.25

%

 

 

10.03

%

 

3/15/2030

 

$

306,497

 

 

 

306,497

 

 

 

308,949

 

 

 

0.04

%

 

E

Accuserve Solutions, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

5.25

%

 

 

10.03

%

 

3/15/2030

 

$

 

 

 

(2,802

)

 

 

4,934

 

 

 

 

 

D/E

Acuris Finance US, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.75

%

 

 

8.42

%

 

2/16/2028

 

$

604,183

 

 

 

585,544

 

 

 

602,673

 

 

 

0.08

%

 

 

GC Champion Acquisition LLC (Numerix)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.53

%

 

8/21/2028

 

$

8,899,095

 

 

 

8,693,910

 

 

 

8,767,976

 

 

 

1.09

%

 

E

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.25

%

 

 

10.10

%

 

8/19/2028

 

$

7,826,176

 

 

 

7,658,614

 

 

 

7,656,601

 

 

 

0.95

%

 

E

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.53

%

 

8/21/2028

 

$

2,332,882

 

 

 

2,302,684

 

 

 

2,298,509

 

 

 

0.29

%

 

E

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.53

%

 

8/21/2028

 

$

648,023

 

 

 

639,634

 

 

 

638,475

 

 

 

0.08

%

 

E

GC Waves Holdings, Inc. (Mercer)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

10.95

%

 

8/10/2029

 

$

4,170,900

 

 

 

3,910,983

 

 

 

4,300,771

 

 

 

0.54

%

 

E

Payroc, LLC

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

4.75

%

 

 

9.60

%

 

11/1/2027

 

$

 

 

 

2

 

 

 

(2,081

)

 

 

 

 

D/E

Payroc, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.75

%

 

 

9.60

%

 

11/1/2027

 

$

7,610,734

 

 

 

7,516,521

 

 

 

7,515,600

 

 

 

0.94

%

 

E

SitusAMC Holdings Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.60

%

 

 

10.20

%

 

11/30/2027

 

$

16,871,817

 

 

 

16,791,862

 

 

 

16,939,304

 

 

 

2.10

%

 

E

SitusAMC Holdings Corporation

 

First Lien Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

5.60

%

 

 

10.20

%

 

6/28/2025

 

$

7,963,710

 

 

 

7,923,891

 

 

 

7,995,565

 

 

 

1.00

%

 

E

TransNetwork, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

5.50

%

 

 

10.10

%

 

12/29/2030

 

$

2,336,587

 

 

 

2,280,675

 

 

 

2,365,794

 

 

 

0.29

%

 

E

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.50

%

 

 

10.24

%

 

10/4/2028

 

$

347,908

 

 

 

333,023

 

 

 

337,887

 

 

 

0.04

%

 

E

Wealth Enhancement Group, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.50

%

 

 

10.52

%

 

10/4/2027

 

$

 

 

 

(851

)

 

 

(581

)

 

 

 

 

D/E

White Cap Supply Holdings, LLC

 

First Lien Tranche B Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.10

%

 

10/19/2029

 

$

3,020,241

 

 

 

2,993,381

 

 

 

3,001,938

 

 

 

0.37

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,431,444

 

 

 

73,454,397

 

 

 

9.15

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid Tech Solutions Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.75

%

 

 

9.71

%

 

3/20/2028

 

$

6,418,750

 

 

 

6,320,981

 

 

 

6,426,773

 

 

 

0.80

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental, Maintenance and Security Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TruGreen Limited Partnership

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.00

%

 

 

9.32

%

 

11/2/2027

 

$

476,692

 

 

 

468,450

 

 

 

462,153

 

 

 

0.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chobani, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

3.36

%

 

 

8.21

%

 

10/25/2027

 

$

574,013

 

 

 

553,147

 

 

 

576,309

 

 

 

0.07

%

 

 

Chobani, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

3.75

%

 

 

8.60

%

 

10/25/2027

 

$

291,795

 

 

 

290,628

 

 

 

293,035

 

 

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

843,775

 

 

 

869,344

 

 

 

0.11

%

 

 

 

 

11


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Equipment and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chariot Buyer, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.25

%

 

 

8.20

%

 

11/3/2028

 

$

1,411,604

 

 

$

1,376,422

 

 

$

1,405,781

 

 

 

0.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHG Healthcare Services, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.61

%

 

 

8.46

%

 

9/29/2028

 

$

1,995,109

 

 

 

1,970,170

 

 

 

1,997,713

 

 

 

0.25

%

 

 

CHG Healthcare Services, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.61

%

 

 

8.46

%

 

9/30/2028

 

$

389,020

 

 

 

389,020

 

 

 

390,072

 

 

 

0.05

%

 

 

CNT Holdings I Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

3.50

%

 

 

8.75

%

 

11/8/2027

 

$

808,888

 

 

 

805,511

 

 

 

811,691

 

 

 

0.10

%

 

 

ImageFirst Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.25

%

 

 

8.85

%

 

4/27/2028

 

$

8,267,557

 

 

 

8,142,913

 

 

 

8,246,888

 

 

 

1.02

%

 

E

Ingenovis Health, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.25

%

 

 

9.21

%

 

3/5/2028

 

$

241,216

 

 

 

238,035

 

 

 

202,621

 

 

 

0.03

%

 

 

IvyRehab Intermediate II, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

9.69

%

 

4/23/2029

 

$

 

 

 

(210,533

)

 

 

(210,737

)

 

 

(0.03

)%

 

D/E

RecordXTechnologies, LLC (Ontellus)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

9.85

%

 

5/20/2030

 

$

4,339,843

 

 

 

4,300,335

 

 

 

4,335,503

 

 

 

0.54

%

 

E

U.S. Anesthesia Partners, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.25

%

 

 

9.57

%

 

9/23/2028

 

$

2,437,186

 

 

 

2,382,164

 

 

 

2,391,647

 

 

 

0.30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,017,615

 

 

 

18,165,398

 

 

 

2.26

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athenahealth Group Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.25

%

 

 

8.10

%

 

2/15/2029

 

$

3,343,841

 

 

 

3,320,143

 

 

 

3,328,526

 

 

 

0.41

%

 

 

Cotiviti Holdings, Inc

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.45

%

 

2/24/2031

 

$

1,665,815

 

 

 

1,667,839

 

 

 

1,666,856

 

 

 

0.21

%

 

 

Gainwell Acquisition Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.00

%

 

 

8.70

%

 

10/1/2027

 

$

3,865,495

 

 

 

3,826,046

 

 

 

3,689,132

 

 

 

0.47

%

 

 

PointClickCare Technologies Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

3.00

%

 

 

7.60

%

 

12/29/2027

 

$

1,239,873

 

 

 

1,239,389

 

 

 

1,241,423

 

 

 

0.15

%

 

C/E

Polaris Newco, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.26

%

 

 

9.51

%

 

6/2/2028

 

$

2,108,835

 

 

 

2,067,301

 

 

 

2,076,443

 

 

 

0.26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,120,718

 

 

 

12,002,380

 

 

 

1.50

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fertitta Entertainment, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.75

%

 

 

8.85

%

 

1/27/2029

 

$

2,743,391

 

 

 

2,713,461

 

 

 

2,738,919

 

 

 

0.34

%

 

 

Motion Acquisition (Merlin Finco)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

 

 

 

3.50

%

 

 

8.10

%

 

11/30/2029

 

$

847,875

 

 

 

852,114

 

 

 

817,034

 

 

 

0.10

%

 

 

Scientific Games Lottery

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

3.00

%

 

 

8.32

%

 

4/4/2029

 

$

1,670,000

 

 

 

1,666,784

 

 

 

1,662,034

 

 

 

0.21

%

 

 

Showtime Acquisition LLC (World Choice Investments LLC)

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.75

%

 

 

9.60

%

 

8/13/2031

 

$

21,667,080

 

 

 

21,344,519

 

 

 

21,451,752

 

 

 

2.67

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,576,878

 

 

 

26,669,739

 

 

 

3.32

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.11

%

 

11/9/2029

 

$

7,453,734

 

 

 

7,294,389

 

 

 

7,491,003

 

 

 

0.93

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.75

%

 

 

10.60

%

 

11/17/2025

 

$

2,737,642

 

 

 

2,663,763

 

 

 

2,827,641

 

 

 

0.35

%

 

E

Alera Group, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.35

%

 

 

10.20

%

 

9/30/2028

 

$

546,186

 

 

 

539,005

 

 

 

548,371

 

 

 

0.07

%

 

E

Alera Group, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.10

%

 

9/30/2028

 

$

272,277

 

 

 

268,697

 

 

 

273,366

 

 

 

0.03

%

 

E

Alliant Holdings Intermediate, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.00

%

 

 

7.96

%

 

9/12/2031

 

$

1,836,415

 

 

 

1,807,392

 

 

 

1,828,206

 

 

 

0.23

%

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.00

%

 

 

9.70

%

 

8/31/2029

 

$

14,652,754

 

 

 

14,417,064

 

 

 

14,652,754

 

 

 

1.81

%

 

E

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.00

%

 

 

9.70

%

 

8/31/2029

 

$

933,371

 

 

 

917,727

 

 

 

933,371

 

 

 

0.12

%

 

E

AmeriLife Holdings, LLC

 

First Lien Revolver

 

SOFR(S)

 

 

0.75

%

 

 

5.00

%

 

 

9.70

%

 

8/31/2028

 

$

 

 

 

(4,932

)

 

 

 

 

 

 

 

D/E

Amynta Agency (Mayfield)

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.75

%

 

 

9.00

%

 

2/28/2028

 

$

1,670,813

 

 

 

1,677,078

 

 

 

1,673,035

 

 

 

0.21

%

 

 

AssuredPartners, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.50

%

 

 

8.35

%

 

2/16/2031

 

$

4,400,197

 

 

 

4,410,392

 

 

 

4,400,967

 

 

 

0.55

%

 

 

Galway Borrower LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.50

%

 

 

9.10

%

 

9/29/2028

 

$

4,896,335

 

 

 

4,857,245

 

 

 

4,869,864

 

 

 

0.61

%

 

E

Galway Borrower LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

4.50

%

 

 

9.10

%

 

9/29/2028

 

$

3,198,584

 

 

 

3,151,350

 

 

 

3,182,591

 

 

 

0.40

%

 

E

 

 

12


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higginbotham Insurance Agency, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.50

%

 

 

9.35

%

 

11/25/2028

 

$

14,596,904

 

 

$

14,510,734

 

 

$

14,450,935

 

 

 

1.78

%

 

E

Higginbotham Insurance Agency, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.75

%

 

 

9.60

%

 

11/25/2026

 

$

224,929

 

 

 

213,439

 

 

 

223,637

 

 

 

0.03

%

 

E

HUB International Limited

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

3.00

%

 

 

8.23

%

 

6/20/2030

 

$

4,489,884

 

 

 

4,496,776

 

 

 

4,488,402

 

 

 

0.56

%

 

 

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

10.08

%

 

8/25/2028

 

$

7,293,404

 

 

 

7,244,678

 

 

 

7,271,524

 

 

 

0.91

%

 

E

Integrity Marketing Acquisition, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

10.08

%

 

8/25/2028

 

$

 

 

 

(129,566

)

 

 

(12,958

)

 

 

 

 

D/E

Integrity Marketing Acquisition, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

 

 

 

5.00

%

 

 

10.07

%

 

8/25/2028

 

$

 

 

 

(31,738

)

 

 

(25,162

)

 

 

 

 

D/E

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.50

%

 

 

10.35

%

 

11/1/2028

 

$

4,622,908

 

 

 

4,552,292

 

 

 

4,575,967

 

 

 

0.57

%

 

E

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

11.35

%

 

7/19/2030

 

$

3,397,194

 

 

 

3,344,724

 

 

 

3,431,166

 

 

 

0.43

%

 

E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Initial Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.75

%

 

 

9.35

%

 

11/1/2029

 

$

1,630,390

 

 

 

1,630,390

 

 

 

1,628,352

 

 

 

0.20

%

 

E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Initial Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.75

%

 

 

9.35

%

 

11/1/2029

 

$

1,103,063

 

 

 

1,103,063

 

 

 

1,101,684

 

 

 

0.14

%

 

E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Initial Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.75

%

 

 

9.35

%

 

11/1/2029

 

$

766,680

 

 

 

766,680

 

 

 

765,722

 

 

 

0.10

%

 

E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.75

%

 

 

9.35

%

 

11/1/2029

 

$

606,812

 

 

 

606,812

 

 

 

606,053

 

 

 

0.08

%

 

E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.75

%

 

 

9.35

%

 

11/1/2029

 

$

183,117

 

 

 

183,117

 

 

 

182,888

 

 

 

0.02

%

 

E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.75

%

 

 

9.35

%

 

11/1/2029

 

$

 

 

 

 

 

 

(64

)

 

 

 

 

D/E

Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.00

%

 

 

8.25

%

 

9/3/2026

 

$

3,662,326

 

 

 

3,631,436

 

 

 

3,659,689

 

 

 

0.46

%

 

 

Truist Insurance Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.25

%

 

 

7.85

%

 

3/24/2031

 

$

2,090,000

 

 

 

2,095,464

 

 

 

2,090,219

 

 

 

0.26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78,923,082

 

 

 

79,628,220

 

 

 

9.92

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.35

%

 

12/29/2027

 

$

2,282,208

 

 

 

2,181,113

 

 

 

2,146,227

 

 

 

0.26

%

 

E

Syndigo, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.61

%

 

 

9.46

%

 

12/14/2027

 

$

1,249,626

 

 

 

1,222,764

 

 

 

1,248,064

 

 

 

0.16

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,403,877

 

 

 

3,394,291

 

 

 

0.42

%

 

 

Internet and Direct Marketing Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pug LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.75

%

 

 

9.60

%

 

3/15/2030

 

$

2,289,737

 

 

 

2,275,971

 

 

 

2,291,637

 

 

 

0.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.53

%

 

1/26/2029

 

$

2,110,569

 

 

 

2,065,029

 

 

 

2,078,229

 

 

 

0.26

%

 

C/E

Bynder Bidco B.V. (Netherlands)

 

First Lien Revolver B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.53

%

 

1/26/2029

 

$

 

 

 

(1,018

)

 

 

(2,623

)

 

 

 

 

C/D/E

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.53

%

 

1/26/2029

 

$

582,226

 

 

 

569,663

 

 

 

573,305

 

 

 

0.07

%

 

C/E

Bynder Bidco, Inc. (Netherlands)

 

First Lien Revolver A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.53

%

 

1/26/2029

 

$

 

 

 

(3,693

)

 

 

(723

)

 

 

 

 

C/D/E

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.56

%

 

8/29/2029

 

$

8,579,230

 

 

 

8,403,790

 

 

 

8,743,085

 

 

 

1.08

%

 

E

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Initial Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.81

%

 

9/1/2028

 

$

6,640,840

 

 

 

6,581,395

 

 

 

6,572,911

 

 

 

0.82

%

 

E

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.56

%

 

8/29/2029

 

$

 

 

 

(15,949

)

 

 

 

 

 

 

 

D/E

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.25% Cash + 3.25% PIK

 

 

 

11.47

%

 

8/29/2029

 

$

2,733,632

 

 

 

2,719,825

 

 

 

2,733,632

 

 

 

0.34

%

 

E

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.25% Cash + 3.25% PIK

 

 

 

11.47

%

 

8/29/2029

 

$

2,382,428

 

 

 

2,267,326

 

 

 

2,382,427

 

 

 

0.30

%

 

E

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

 

 

 

3.25

%

 

 

8.17

%

 

8/29/2029

 

$

 

 

 

 

 

 

 

 

 

 

 

E

Magenta Buyer, LLC (McAfee)

 

First Lien First Amendment Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.25

%

 

 

8.45

%

 

3/1/2029

 

$

3,842,769

 

 

 

3,820,416

 

 

 

3,834,065

 

 

 

0.48

%

 

 

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

11.87

%

 

7/27/2028

 

$

1,393,410

 

 

 

1,346,029

 

 

 

1,324,464

 

 

 

0.17

%

 

 

Magenta Buyer, LLC (McAfee)

 

Second Lien Second Out Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.00

%

 

 

12.12

%

 

7/27/2028

 

$

1,058,992

 

 

 

1,022,982

 

 

 

742,353

 

 

 

0.09

%

 

 

 

 

13


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.10

%

 

 

5.10

%

 

7/27/2028

 

$

405,750

 

 

$

400,831

 

 

$

413,865

 

 

 

0.05

%

 

 

Magenta Buyer, LLC (McAfee)

 

Second Lien Third Out Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.37

%

 

7/27/2028

 

$

334,418

 

 

 

322,802

 

 

 

101,161

 

 

 

0.01

%

 

G

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.75

%

 

2/1/2029

 

$

1,445,490

 

 

 

1,419,376

 

 

 

1,442,599

 

 

 

0.18

%

 

E

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.50

%

 

2/1/2029

 

$

1,116,745

 

 

 

1,095,686

 

 

 

1,094,410

 

 

 

0.14

%

 

E

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.75

%

 

2/1/2029

 

$

 

 

 

(3,264

)

 

 

(361

)

 

 

 

 

D/E

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.90% Cash + 6.25% PIK

 

 

 

12.43

%

 

1/24/2028

 

$

3,318,954

 

 

 

3,283,865

 

 

 

3,277,387

 

 

 

0.41

%

 

C/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,295,091

 

 

 

35,310,186

 

 

 

4.40

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.85

%

 

10/19/2028

 

$

3,776,510

 

 

 

3,712,836

 

 

 

3,804,834

 

 

 

0.47

%

 

E

Avalara, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.85

%

 

10/19/2028

 

$

 

 

 

(6,367

)

 

 

 

 

 

 

 

D/E

CrewLine Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.35

%

 

11/8/2030

 

$

9,559,143

 

 

 

9,350,820

 

 

 

9,559,143

 

 

 

1.19

%

 

E

CrewLine Buyer, Inc. (New Relic)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.35

%

 

11/8/2030

 

$

 

 

 

(21,700

)

 

 

 

 

 

 

 

D/E

Fortress Intermediate 3, Inc

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.75

%

 

 

8.60

%

 

6/9/2031

 

$

1,250,000

 

 

 

1,253,040

 

 

 

1,249,219

 

 

 

0.16

%

 

 

Intercept Bidco, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.02

%

 

6/3/2030

 

$

11,229,177

 

 

 

11,016,894

 

 

 

10,970,906

 

 

 

1.37

%

 

E

Intercept Bidco, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.02

%

 

6/3/2030

 

$

 

 

 

(32,659

)

 

 

(39,734

)

 

 

 

 

D/E

Intercept Bidco, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.02

%

 

6/3/2030

 

$

 

 

 

(24,494

)

 

 

(59,601

)

 

 

(0.01

)%

 

D/E

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.85

%

 

12/29/2028

 

$

2,237,572

 

 

 

2,190,074

 

 

 

2,177,158

 

 

 

0.27

%

 

E

Madison Logic Holdings, Inc.

 

First Lien Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.00

%

 

 

11.85

%

 

12/30/2027

 

$

42,902

 

 

 

39,728

 

 

 

38,500

 

 

 

 

 

E

Research Now Group, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.76

%

 

 

10.88

%

 

10/15/2028

 

$

1,670,497

 

 

 

1,453,319

 

 

 

1,550,438

 

 

 

0.19

%

 

 

Research Now Group, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

5.26

%

 

 

10.38

%

 

5/22/2028

 

$

235,853

 

 

 

214,613

 

 

 

236,835

 

 

 

0.03

%

 

 

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.62

%

 

5/13/2030

 

$

4,099,217

 

 

 

4,017,088

 

 

 

4,103,316

 

 

 

0.51

%

 

E

Serrano Parent, LLC (Sumo Logic)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.62

%

 

5/13/2030

 

$

 

 

 

(8,213

)

 

 

 

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,154,979

 

 

 

33,591,014

 

 

 

4.18

%

 

 

Life Sciences Tools and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

12.21

%

 

12/21/2028

 

$

981,342

 

 

 

957,169

 

 

 

991,155

 

 

 

0.12

%

 

E

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.21

%

 

12/21/2028

 

$

72,218

 

 

 

70,440

 

 

 

72,940

 

 

 

0.01

%

 

E

Alcami Corporation

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.15

%

 

 

12.11

%

 

12/21/2028

 

$

 

 

 

(3,279

)

 

 

 

 

 

 

 

D/E

Curia Global, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

3.75

%

 

 

9.10

%

 

8/30/2026

 

$

1,449,694

 

 

 

1,427,084

 

 

 

1,384,117

 

 

 

0.17

%

 

 

Parexel International, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.00

%

 

 

7.85

%

 

11/15/2028

 

$

1,244,232

 

 

 

1,239,848

 

 

 

1,245,881

 

 

 

0.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,691,262

 

 

 

3,694,093

 

 

 

0.46

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.50

%

 

 

8.70

%

 

7/31/2028

 

$

1,666,495

 

 

 

1,626,788

 

 

 

1,666,412

 

 

 

0.21

%

 

C

Alliance Laundry Systems LLC

 

First Lien Term Loan B

 

SOFR(M)

 

 

 

 

 

3.50

%

 

 

8.35

%

 

8/8/2031

 

$

129,000

 

 

 

128,355

 

 

 

129,340

 

 

 

0.02

%

 

 

Blackbird Purchaser, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.50

%

 

 

10.10

%

 

12/19/2030

 

$

2,376,861

 

 

 

2,334,660

 

 

 

2,331,549

 

 

 

0.28

%

 

E

Blackbird Purchaser, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.50

%

 

 

10.10

%

 

12/19/2030

 

$

140,971

 

 

 

132,594

 

 

 

131,976

 

 

 

0.02

%

 

E

Blackbird Purchaser, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.50

%

 

 

10.10

%

 

12/19/2030

 

$

47,266

 

 

 

41,785

 

 

 

41,259

 

 

 

0.01

%

 

E

Husky Injection Molding Systems Ltd. (Canada)

 

First Lien Term Loan

 

SOFR(S)

 

 

 

 

 

5.00

%

 

 

10.33

%

 

2/15/2029

 

$

3,348,688

 

 

 

3,356,534

 

 

 

3,336,599

 

 

 

0.41

%

 

C

Indicor, LLC (Roper Industrial Pro)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

3.25

%

 

 

7.85

%

 

11/22/2029

 

$

492,537

 

 

 

490,115

 

 

 

493,988

 

 

 

0.06

%

 

 

 

 

14


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Machinery (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INNIO North American Holding Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.25

%

 

 

8.54

%

 

11/2/2028

 

$

1,224,967

 

 

$

1,229,399

 

 

$

1,231,606

 

 

 

0.15

%

 

 

Madison IAQ LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

2.75

%

 

 

7.89

%

 

6/21/2028

 

$

1,018,937

 

 

 

976,491

 

 

 

1,019,329

 

 

 

0.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,316,721

 

 

 

10,382,058

 

 

 

1.29

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kid Distro Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.90

%

 

 

10.15

%

 

10/1/2029

 

$

6,391,455

 

 

 

6,391,455

 

 

 

6,362,042

 

 

 

0.80

%

 

E

Kid Distro Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.65% Cash + 2.50% PIK

 

 

 

12.40

%

 

10/1/2029

 

$

1,135,289

 

 

 

1,135,289

 

 

 

1,130,064

 

 

 

0.14

%

 

E

Kid Distro Holdings, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

4.90

%

 

 

10.15

%

 

10/1/2029

 

$

 

 

 

 

 

 

(2,695

)

 

 

 

 

D/E

NEP Group, Inc. et al

 

First Lien Term Loan (2.0% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.51% Cash + 1.50% PIK

 

 

 

9.62

%

 

8/19/2026

 

$

4,425,814

 

 

 

4,165,961

 

 

 

4,257,080

 

 

 

0.53

%

 

 

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01% Cash + 2.25% PIK

 

 

 

14.51

%

 

12/31/2024

 

$

3,537,691

 

 

 

3,530,428

 

 

 

2,724,022

 

 

 

0.34

%

 

E

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.01

%

 

 

11.65

%

 

12/31/2024

 

$

197,249

 

 

 

197,249

 

 

 

197,249

 

 

 

0.02

%

 

E

Zayo Group Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.25

%

 

 

9.10

%

 

3/9/2027

 

$

711,750

 

 

 

702,088

 

 

 

658,059

 

 

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,122,470

 

 

 

15,325,821

 

 

 

1.91

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.75

%

 

 

11.92

%

 

10/2/2029

 

$

1,267,370

 

 

 

1,235,106

 

 

 

1,235,686

 

 

 

0.15

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.30

%

 

11/30/2026

 

$

204,306

 

 

 

199,425

 

 

 

182,465

 

 

 

0.02

%

 

E

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.30

%

 

11/30/2026

 

$

2,387,896

 

 

 

2,339,245

 

 

 

2,132,618

 

 

 

0.27

%

 

E

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.30

%

 

11/30/2026

 

$

2,471,633

 

 

 

2,421,276

 

 

 

2,207,403

 

 

 

0.27

%

 

E

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

6.65

%

 

 

11.95

%

 

12/23/2026

 

$

1,574,716

 

 

 

1,548,118

 

 

 

1,576,169

 

 

 

0.20

%

 

E

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.15

%

 

 

10.81

%

 

12/19/2025

 

$

1,258,883

 

 

 

1,258,883

 

 

 

1,258,841

 

 

 

0.16

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,766,947

 

 

 

7,357,496

 

 

 

0.92

%

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B-1

 

Fixed

 

 

 

 

20.0% PIK

 

 

 

20.00

%

 

9/11/2026

 

$

527,013

 

 

 

527,013

 

 

 

620,294

 

 

 

0.08

%

 

E

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.50

%

 

 

11.05

%

 

 

16.40

%

 

9/11/2026

 

$

8,963,526

 

 

 

8,731,259

 

 

 

8,246,444

 

 

 

1.02

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,258,272

 

 

 

8,866,738

 

 

 

1.10

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Benefit Systems Intermediate, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.10

%

 

10/31/2030

 

$

7,945,867

 

 

 

7,842,341

 

 

 

8,025,326

 

 

 

1.00

%

 

E

Allied Benefit Systems Intermediate, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

5.25

%

 

 

10.42

%

 

10/31/2030

 

$

1,457,164

 

 

 

1,438,179

 

 

 

1,471,736

 

 

 

0.18

%

 

E

Bullhorn, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.00

%

 

 

9.85

%

 

10/1/2029

 

$

10,262,184

 

 

 

10,238,319

 

 

 

10,262,184

 

 

 

1.28

%

 

E

Bullhorn, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

 

 

 

5.00

%

 

 

9.85

%

 

9/30/2029

 

$

3,158,214

 

 

 

3,143,407

 

 

 

3,158,214

 

 

 

0.39

%

 

E

Bullhorn, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.00

%

 

 

10.02

%

 

9/30/2029

 

$

155,687

 

 

 

151,770

 

 

 

155,687

 

 

 

0.02

%

 

E

Bullhorn, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

5.00

%

 

 

9.85

%

 

10/1/2029

 

$

 

 

 

(2,572

)

 

 

(26,594

)

 

 

 

 

D/E

Cherry Bekaert Advisory, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.10

%

 

6/30/2028

 

$

2,142,236

 

 

 

2,115,497

 

 

 

2,105,452

 

 

 

0.26

%

 

E

Cherry Bekaert Advisory, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.10

%

 

6/30/2028

 

$

882,598

 

 

 

871,575

 

 

 

867,443

 

 

 

0.11

%

 

E

Cherry Bekaert Advisory, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.10

%

 

6/30/2028

 

$

747,260

 

 

 

735,401

 

 

 

734,429

 

 

 

0.09

%

 

E

Cherry Bekaert Advisory, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.10

%

 

6/30/2028

 

$

245,852

 

 

 

230,450

 

 

 

229,188

 

 

 

0.03

%

 

E

Cherry Bekaert Advisory, LLC

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.10

%

 

6/30/2028

 

$

 

 

 

(5,583

)

 

 

(7,680

)

 

 

 

 

D/E

 

 

15


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CoreLogic, Inc. (fka First American Corporation)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.61

%

 

 

8.46

%

 

6/2/2028

 

$

1,258,251

 

 

$

1,245,676

 

 

$

1,248,927

 

 

 

0.16

%

 

 

Deerfield Dakota Holding, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

3.75

%

 

 

8.35

%

 

4/9/2027

 

$

1,353,732

 

 

 

1,325,991

 

 

 

1,328,092

 

 

 

0.17

%

 

 

DTI Holdco, Inc. (Epiq)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.75

%

 

 

9.60

%

 

4/21/2029

 

$

16,620,336

 

 

 

16,527,231

 

 

 

16,706,429

 

 

 

2.07

%

 

 

Element Materials Technology Group US Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

3.75

%

 

 

8.35

%

 

6/24/2029

 

$

688,433

 

 

 

684,328

 

 

 

691,018

 

 

 

0.09

%

 

 

GI Consilio Parent, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.61

%

 

 

9.46

%

 

5/14/2029

 

$

10,917,500

 

 

 

10,748,385

 

 

 

10,917,500

 

 

 

1.36

%

 

E

HSI Halo Acquisitions, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.00

%

 

 

9.85

%

 

6/28/2031

 

$

6,180,927

 

 

 

6,126,513

 

 

 

6,187,108

 

 

 

0.77

%

 

E

HSI Halo Acquisitions, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

9.64

%

 

6/28/2031

 

$

191,314

 

 

 

191,314

 

 

 

192,418

 

 

 

0.02

%

 

E

HSI Halo Acquisitions, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

5.00

%

 

 

9.85

%

 

6/28/2031

 

$

 

 

 

 

 

 

 

 

 

 

 

D/E

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

1/16/2030

 

$

4,670,448

 

 

 

4,588,076

 

 

 

4,577,039

 

 

 

0.57

%

 

E

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

1/16/2030

 

$

 

 

 

(10,798

)

 

 

(12,245

)

 

 

 

 

D/E

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

1/16/2030

 

$

 

 

 

(17,997

)

 

 

(20,408

)

 

 

 

 

D/E

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.17

%

 

8/18/2028

 

$

1,152,092

 

 

 

1,138,648

 

 

 

1,136,918

 

 

 

0.14

%

 

E

OMNIA Partners, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

3.25

%

 

 

8.53

%

 

7/25/2030

 

$

485,774

 

 

 

483,533

 

 

 

487,768

 

 

 

0.06

%

 

 

Vensure Employer Services, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

9.64

%

 

9/19/2031

 

$

12,478,379

 

 

 

12,353,790

 

 

 

12,353,595

 

 

 

1.54

%

 

E

Vensure Employer Services, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

 

 

 

5.25

%

 

 

10.06

%

 

9/19/2031

 

$

 

 

 

 

 

 

(35,428

)

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82,143,474

 

 

 

82,734,116

 

 

 

10.31

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.35

%

 

1/18/2030

 

$

7,324,992

 

 

 

7,195,735

 

 

 

7,173,475

 

 

 

0.90

%

 

E

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.35

%

 

1/18/2030

 

$

 

 

 

(35,286

)

 

 

(41,323

)

 

 

(0.01

)%

 

D/E

Forest City Enterprises, L.P.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.61

%

 

 

8.46

%

 

12/8/2025

 

$

902,764

 

 

 

895,893

 

 

 

875,306

 

 

 

0.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,056,342

 

 

 

8,007,458

 

 

 

1.00

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applied Systems, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

3.00

%

 

 

7.60

%

 

9/19/2026

 

$

1,247,020

 

 

 

1,247,749

 

 

 

1,249,439

 

 

 

0.16

%

 

 

Barracuda Parent LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

 

 

 

4.50

%

 

 

9.81

%

 

8/15/2029

 

$

679,850

 

 

 

666,153

 

 

 

662,619

 

 

 

0.08

%

 

 

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.20

%

 

9/12/2029

 

$

12,076,774

 

 

 

11,827,883

 

 

 

11,968,083

 

 

 

1.49

%

 

E

Bluefin Holding, LLC (Allvue)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.20

%

 

9/12/2029

 

$

 

 

 

(24,539

)

 

 

(10,716

)

 

 

 

 

D/E

Boxer Parent Company, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.75

%

 

 

9.10

%

 

7/30/2031

 

$

1,836,147

 

 

 

1,835,485

 

 

 

1,834,687

 

 

 

0.23

%

 

 

Cart.Com, Inc.

 

First Lien Term Loan (2.5% Exit Fee)

 

SOFR(M)

 

 

1.50

%

 

 

7.75

%

 

 

12.60

%

 

5/22/2029

 

$

12,000,000

 

 

 

11,888,088

 

 

 

11,904,000

 

 

 

1.48

%

 

E

Central Parent, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.25

%

 

 

7.85

%

 

7/6/2029

 

$

992,500

 

 

 

977,164

 

 

 

983,404

 

 

 

0.12

%

 

 

Clever Devices Ltd.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.30

%

 

6/12/2030

 

$

2,220,731

 

 

 

2,168,026

 

 

 

2,207,407

 

 

 

0.27

%

 

E

Clever Devices Ltd.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.30

%

 

6/12/2030

 

$

247,367

 

 

 

225,351

 

 

 

241,801

 

 

 

0.03

%

 

E

Cloudera, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.85

%

 

 

8.70

%

 

10/8/2028

 

$

2,916,200

 

 

 

2,865,345

 

 

 

2,846,940

 

 

 

0.35

%

 

 

Connectwise

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.76

%

 

 

8.37

%

 

9/30/2028

 

$

542,605

 

 

 

541,249

 

 

 

542,876

 

 

 

0.07

%

 

 

Cornerstone OnDemand, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.86

%

 

 

8.71

%

 

10/16/2028

 

$

619,788

 

 

 

595,291

 

 

 

582,213

 

 

 

0.07

%

 

 

Delta Topco, Inc

 

First Lien Term Loan

 

SOFR(S)

 

 

 

 

 

3.50

%

 

 

8.20

%

 

12/24/2029

 

$

2,334,750

 

 

 

2,339,987

 

 

 

2,333,945

 

 

 

0.29

%

 

 

 

 

16


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.56

%

 

3/30/2029

 

$

2,327,225

 

 

$

2,283,670

 

 

$

2,327,225

 

 

 

0.29

%

 

E

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.56

%

 

3/30/2029

 

$

 

 

 

(4,356

)

 

 

 

 

 

 

 

D/E

Douglas Holdings, Inc (Docupace)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

8/27/2030

 

$

8,550,747

 

 

 

8,424,534

 

 

 

8,405,384

 

 

 

1.05

%

 

E

Douglas Holdings, Inc (Docupace)

 

First Lien PIK Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

8/27/2030

 

$

46,659

 

 

 

46,659

 

 

 

28,710

 

 

 

 

 

E

Douglas Holdings, Inc (Docupace)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

8/27/2030

 

$

 

 

 

(11,153

)

 

 

(12,640

)

 

 

 

 

D/E

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

8/27/2030

 

$

 

 

 

(13,941

)

 

 

(31,601

)

 

 

 

 

D/E

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.35

%

 

8/27/2030

 

$

 

 

 

(15,336

)

 

 

(34,761

)

 

 

 

 

D/E

Epicor Software Corporation (fka Eagle Parent Inc.)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.25

%

 

 

8.10

%

 

5/30/2031

 

$

2,784,063

 

 

 

2,749,216

 

 

 

2,789,422

 

 

 

0.35

%

 

 

Epicor Software Corporation (fka Eagle Parent Inc.)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.25

%

 

 

8.10

%

 

5/30/2031

 

$

 

 

 

146

 

 

 

629

 

 

 

 

 

 

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.08

%

 

5/22/2029

 

$

3,998,771

 

 

 

3,942,214

 

 

 

3,922,794

 

 

 

0.49

%

 

E

Fusion Risk Management, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.08

%

 

5/22/2029

 

$

 

 

 

(10,570

)

 

 

(8,694

)

 

 

 

 

D/E

Greeneden U.S. Holdings II, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.50

%

 

 

8.35

%

 

12/1/2027

 

$

2,688,736

 

 

 

2,655,278

 

 

 

2,697,246

 

 

 

0.34

%

 

 

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

2.58% Cash + 4.30% PIK

 

 

 

11.48

%

 

7/9/2029

 

$

1,601,961

 

 

 

1,582,110

 

 

 

1,557,223

 

 

 

0.19

%

 

E

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

2.58% Cash + 4.30% PIK

 

 

 

11.84

%

 

7/9/2029

 

$

1,237,762

 

 

 

1,222,164

 

 

 

1,203,195

 

 

 

0.15

%

 

E

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.67% Cash + 4.45% PIK

 

 

 

12.37

%

 

7/9/2029

 

$

321,901

 

 

 

303,373

 

 

 

302,038

 

 

 

0.04

%

 

E

GTY Technology Holdings Inc.

 

First Lien Revolver

 

Prime

 

 

1.00

%

 

 

5.25

%

 

 

13.75

%

 

7/9/2029

 

$

 

 

 

(3,609

)

 

 

(7,383

)

 

 

 

 

D/E

Honey Intermediate, Inc. (iLobby) (Canada)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.75

%

 

 

10.60

%

 

9/26/2030

 

$

14,043,010

 

 

 

13,832,694

 

 

 

13,832,365

 

 

 

1.71

%

 

C/E

Honey Intermediate, Inc. (iLobby) (Canada)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

5.75

%

 

 

10.60

%

 

9/26/2030

 

$

 

 

 

(28,025

)

 

 

(28,086

)

 

 

 

 

C/D/E

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

12.63

%

 

8/5/2028

 

$

2,321,515

 

 

 

2,283,580

 

 

 

2,284,977

 

 

 

0.28

%

 

E

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.07

%

 

11/1/2027

 

$

963,127

 

 

 

949,879

 

 

 

962,903

 

 

 

0.12

%

 

E

Kong Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.07

%

 

11/1/2027

 

$

511,030

 

 

 

502,269

 

 

 

510,911

 

 

 

0.06

%

 

E

Maverick Bidco, Inc. (Mitratech)

 

First Lien No. 2 Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.51

%

 

 

9.76

%

 

5/18/2028

 

$

12,343,750

 

 

 

12,128,130

 

 

 

12,343,812

 

 

 

1.54

%

 

 

MH Sub I, LLC (Micro Holding Corp.)

 

First Lien 2023 Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.25

%

 

 

9.10

%

 

5/3/2028

 

$

3,762,773

 

 

 

3,732,722

 

 

 

3,743,414

 

 

 

0.47

%

 

 

Mitchell International Inc

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.25

%

 

 

8.10

%

 

6/6/2031

 

$

1,350,000

 

 

 

1,344,063

 

 

 

1,331,836

 

 

 

0.17

%

 

 

Planview Parent, Inc.

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.75

%

 

 

8.35

%

 

12/17/2027

 

$

1,494,797

 

 

 

1,478,956

 

 

 

1,497,615

 

 

 

0.19

%

 

 

Project Boost Purchaser, LLC (JD Power, AutoData Inc)

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.50

%

 

 

8.79

%

 

7/2/2031

 

$

834,000

 

 

 

833,701

 

 

 

834,592

 

 

 

0.10

%

 

 

Proofpoint, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.00

%

 

 

7.85

%

 

5/28/2031

 

$

3,985,292

 

 

 

3,957,187

 

 

 

3,987,902

 

 

 

0.50

%

 

 

Qlik Technologies Inc. (Project Alpha)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

3.75

%

 

 

9.00

%

 

10/28/2030

 

$

1,246,867

 

 

 

1,253,773

 

 

 

1,251,044

 

 

 

0.16

%

 

 

Sophia, L.P. (Ellucian)

 

First Lien Term Loan B

 

SOFR(M)

 

 

0.50

%

 

 

3.60

%

 

 

8.45

%

 

10/7/2029

 

$

1,938,029

 

 

 

1,938,029

 

 

 

1,945,142

 

 

 

0.24

%

 

 

Sovos Compliance, LLC (fka Taxware, LLC)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.61

%

 

 

9.46

%

 

8/11/2028

 

$

307,172

 

 

 

302,190

 

 

 

307,435

 

 

 

0.04

%

 

 

TIBCO Software Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.00

%

 

 

8.60

%

 

3/30/2029

 

$

4,428,506

 

 

 

4,341,910

 

 

 

4,415,575

 

 

 

0.55

%

 

 

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.50

%

 

 

10.35

%

 

7/25/2029

 

$

9,335,974

 

 

 

9,111,349

 

 

 

9,086,535

 

 

 

1.13

%

 

E

Trintech, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

5.50

%

 

 

10.35

%

 

7/25/2029

 

$

206,737

 

 

 

189,327

 

 

 

187,404

 

 

 

0.02

%

 

E

UKG Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.25

%

 

 

8.55

%

 

1/30/2031

 

$

4,557,782

 

 

 

4,533,503

 

 

 

4,563,479

 

 

 

0.57

%

 

 

VS Buyer, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.35

%

 

4/12/2031

 

$

1,496,250

 

 

 

1,503,500

 

 

 

1,500,612

 

 

 

0.19

%

 

 

 

 

17


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

9.69

%

 

11/22/2028

 

$

2,507,409

 

 

 

2,473,673

 

 

 

2,512,424

 

 

 

0.31

%

 

E

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

9.69

%

 

11/22/2028

 

$

 

 

 

(4,217

)

 

 

1,222

 

 

 

 

 

D/E

Zendesk Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

9.69

%

 

11/22/2028

 

$

 

 

 

(3,473

)

 

 

 

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

126,958,351

 

 

 

127,558,598

 

 

 

15.89

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fender Musical Instruments Corp.

 

First Lien Term Loan B

 

SOFR(M)

 

 

0.50

%

 

 

4.10

%

 

 

8.95

%

 

12/1/2028

 

$

1,657,878

 

 

 

1,606,238

 

 

 

1,608,142

 

 

 

0.20

%

 

E

Les Schwab Tire Centers (LS Group)

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.00

%

 

 

7.85

%

 

4/17/2031

 

$

1,246,875

 

 

 

1,251,416

 

 

 

1,248,826

 

 

 

0.16

%

 

 

Mavis Discount Tire Inc

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.50

%

 

 

8.35

%

 

5/4/2028

 

$

1,234,885

 

 

 

1,234,885

 

 

 

1,235,725

 

 

 

0.15

%

 

 

Woof Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

3.49

%

 

 

8.09

%

 

12/21/2027

 

$

937,337

 

 

 

917,836

 

 

 

633,480

 

 

 

0.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,010,375

 

 

 

4,726,173

 

 

 

0.59

%

 

 

Trading Companies and Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCPE Empire Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.00

%

 

 

8.85

%

 

1/24/2028

 

$

1,240,780

 

 

 

1,237,101

 

 

 

1,242,722

 

 

 

0.15

%

 

 

Foundation Building Materials, Inc

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.00

%

 

 

9.25

%

 

1/29/2031

 

$

1,116,195

 

 

 

1,110,615

 

 

 

1,089,367

 

 

 

0.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,347,716

 

 

 

2,332,089

 

 

 

0.29

%

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WH Borrower, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

5.50

%

 

 

10.79

%

 

2/15/2027

 

$

100,000

 

 

 

100,000

 

 

 

100,000

 

 

 

0.01

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology Hardware, Storage and Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.62

%

 

4/25/2031

 

$

12,800,000

 

 

 

12,681,247

 

 

 

12,880,000

 

 

 

1.60

%

 

C/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation Infrastructure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apple Bidco, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.50

%

 

 

8.35

%

 

9/22/2028

 

$

441,540

 

 

 

440,617

 

 

 

441,403

 

 

 

0.05

%

 

 

Bleriot US Bidco Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.25

%

 

 

7.85

%

 

10/30/2026

 

$

1,662,004

 

 

 

1,654,981

 

 

 

1,666,159

 

 

 

0.21

%

 

 

Brown Group Holding, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

2.75

%

 

 

7.60

%

 

7/2/2029

 

$

1,862,155

 

 

 

1,850,665

 

 

 

1,860,339

 

 

 

0.23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,946,263

 

 

 

3,967,901

 

 

 

0.49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 147.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

776,133,180

 

 

 

779,005,155

 

 

 

97.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Insight Holdings, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

22,972

 

 

 

402,032

 

 

 

407,753

 

 

 

0.05

%

 

E, I, J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 0.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

402,032

 

 

 

407,753

 

 

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 147.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

776,535,212

 

 

 

779,412,908

 

 

 

97.08

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 4.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,288,370

 

 

 

2.92

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 151.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

802,701,278

 

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2024

 

Notes to Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
99.9% of the fair value of total senior secured loans in the Fund’s portfolio bear interest at a floating rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”), “S”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”. In addition, 82.0% of the fair value of such senior secured loans have floors of 0.50% to 2.00%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at September 30, 2024 of all contracts within the specified loan facility. SOFR resets monthly (M), quarterly (Q) or semiannually (S).
(C)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets.
(D)
Negative balances represent unfunded commitments that were acquired and/or valued at a discount.
(E)
Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).
(F)
As of September 30, 2024, the Fund generally uses GICS codes to identify the industry groupings.
(G)
Non-accruing debt investment.
(H)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(I)
Restricted security (See Note 12).
(J)
Non-income producing investment.

Aggregate acquisitions and aggregate dispositions of investments totaled $466,813,072 and $91,327,687, respectively for the nine months ended September 30, 2024. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on investments. The total value of restricted securities and bank debt as of September 30, 2024 was $779,412,908 or 97.1% of total cash and investments of the Fund. As of September 30, 2024, approximately 5.1% of the total assets of the Fund were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

 

19


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments

December 31, 2023

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments(A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arcline FM Holdings, LLC (Fairbanks Morse Defense)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.51

%

 

 

10.88

%

 

6/23/2028

 

$

9,576,077

 

 

$

9,388,457

 

 

$

9,600,017

 

 

 

2.27

%

 

E

Peraton Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.85

%

 

 

9.21

%

 

2/1/2028

 

$

1,366,733

 

 

 

1,339,870

 

 

 

1,371,858

 

 

 

0.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,728,327

 

 

 

10,971,875

 

 

 

2.60

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Learning Care Group (US) No. 2 Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.75

%

 

 

10.11

%

 

8/11/2028

 

$

29,925

 

 

 

29,509

 

 

 

30,149

 

 

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discovery Purchaser Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.38

%

 

 

9.77

%

 

10/4/2029

 

$

782,115

 

 

 

729,370

 

 

 

773,598

 

 

 

0.18

%

 

 

Momentive Performance Materials, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.50

%

 

 

9.86

%

 

3/22/2028

 

$

798,963

 

 

 

771,669

 

 

 

775,497

 

 

 

0.18

%

 

 

W. R. Grace Holdings LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.01

%

 

 

9.36

%

 

9/22/2028

 

$

1,104,695

 

 

 

1,086,586

 

 

 

1,109,926

 

 

 

0.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,587,625

 

 

 

2,659,021

 

 

 

0.63

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Creative Artists Agency, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.50

%

 

 

8.86

%

 

11/27/2026

 

$

1,290,254

 

 

 

1,281,980

 

 

 

1,297,196

 

 

 

0.31

%

 

 

Dealer Tire, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.50

%

 

 

9.86

%

 

12/12/2025

 

$

1,252,512

 

 

 

1,223,249

 

 

 

1,258,386

 

 

 

0.30

%

 

 

Ensemble RCM, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.85

%

 

 

9.23

%

 

8/3/2026

 

$

1,121,620

 

 

 

1,112,772

 

 

 

1,125,024

 

 

 

0.27

%

 

 

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.63

%

 

8/23/2028

 

$

1,444,982

 

 

 

1,417,028

 

 

 

1,422,296

 

 

 

0.34

%

 

E

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.60

%

 

8/23/2028

 

$

1,002,215

 

 

 

982,105

 

 

 

986,480

 

 

 

0.23

%

 

E

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.60

%

 

9/19/2028

 

$

2,490,277

 

 

 

2,368,570

 

 

 

2,367,136

 

 

 

0.56

%

 

E

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Revolver

 

PRIME

 

 

0.75

%

 

 

5.25

%

 

 

13.75

%

 

8/23/2027

 

$

340,497

 

 

 

317,954

 

 

 

324,868

 

 

 

0.08

%

 

E

TA TT Buyer, LLC (TouchTunes, Octave Music)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

5.25

%

 

 

10.35

%

 

3/25/2029

 

$

12,093,753

 

 

 

11,972,815

 

 

 

12,033,285

 

 

 

2.85

%

 

 

Verscend Holding Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.11

%

 

 

9.47

%

 

8/27/2025

 

$

2,391,706

 

 

 

2,371,825

 

 

 

2,402,660

 

 

 

0.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,048,298

 

 

 

23,217,331

 

 

 

5.51

%

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geo Parent Corporation

 

First Lien Term Loan

 

SOFR(S)

 

 

 

 

 

5.35

%

 

 

10.80

%

 

12/19/2025

 

$

6,921,741

 

 

 

6,855,307

 

 

 

6,904,437

 

 

 

1.63

%

 

 

Groupe Solmax Inc. (Canada), Solmax U.S. LP

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.01

%

 

 

10.36

%

 

5/29/2028

 

$

2,455,919

 

 

 

2,340,440

 

 

 

2,365,357

 

 

 

0.56

%

 

C

Legence Holdings LLC (Refficiency)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.50

%

 

 

8.96

%

 

12/16/2027

 

$

250,718

 

 

 

249,011

 

 

 

251,371

 

 

 

0.06

%

 

 

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

2/1/2030

 

$

753,223

 

 

 

733,576

 

 

 

741,925

 

 

 

0.18

%

 

E

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.03

%

 

2/1/2030

 

$

119,916

 

 

 

114,341

 

 

 

115,305

 

 

 

0.03

%

 

E

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

2/1/2029

 

$

 

 

 

(3,129

)

 

 

(1,846

)

 

 

 

 

D/E

NorthStar Group Services, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.61

%

 

 

10.97

%

 

11/9/2026

 

$

5,410,295

 

 

 

5,327,025

 

 

 

5,406,914

 

 

 

1.28

%

 

 

NorthStar Group Services, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.61

%

 

 

10.97

%

 

11/12/2026

 

$

2,385,620

 

 

 

2,357,894

 

 

 

2,384,129

 

 

 

0.57

%

 

 

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

2,726,499

 

 

 

2,666,282

 

 

 

2,671,969

 

 

 

0.63

%

 

E

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

962,993

 

 

 

941,724

 

 

 

943,733

 

 

 

0.22

%

 

E

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

624,114

 

 

 

553,957

 

 

 

611,633

 

 

 

0.15

%

 

E

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

 

 

 

 

 

 

(52,433

)

 

 

(0.01

)%

 

E

Vortex Companies, LLC

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

27,849

 

 

 

21,212

 

 

 

23,306

 

 

 

0.01

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,157,640

 

 

 

22,365,800

 

 

 

5.31

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.50

%

 

9/21/2027

 

$

2,675,369

 

 

 

2,625,454

 

 

 

2,581,731

 

 

 

0.61

%

 

E

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.64

%

 

9/21/2027

 

$

891,790

 

 

 

875,151

 

 

 

860,577

 

 

 

0.20

%

 

E

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

3/30/2029

 

$

3,182,717

 

 

 

3,099,128

 

 

 

3,126,065

 

 

 

0.75

%

 

E

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

3/30/2029

 

$

 

 

 

(10,789

)

 

 

(7,290

)

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,588,944

 

 

 

6,561,083

 

 

 

1.56

%

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Next Generation, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.75

%

 

 

9.22

%

 

12/1/2027

 

$

1,760,674

 

 

 

1,719,640

 

 

 

1,770,859

 

 

 

0.42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amentum Government Services Holdings LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.11

%

 

 

9.47

%

 

1/31/2027

 

$

982,862

 

 

 

966,087

 

 

 

985,624

 

 

 

0.23

%

 

 

Ascend Learning, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.60

%

 

 

8.96

%

 

12/10/2028

 

$

1,105,323

 

 

 

1,065,905

 

 

 

1,088,130

 

 

 

0.26

%

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/14/2029

 

$

4,500,924

 

 

 

4,418,385

 

 

 

4,459,966

 

 

 

1.06

%

 

E

 

 

 

20


 

BlackRock Private Credit Fund

Consolidated Schedule of Investment (Continued)

December 31, 2023

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/15/2027

 

$

 

 

$

(6,187

)

 

$

(3,786

)

 

 

 

 

D/E

Sotheby's

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.76

%

 

 

10.16

%

 

1/15/2027

 

$

907,971

 

 

 

895,639

 

 

 

899,649

 

 

 

0.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,339,829

 

 

 

7,429,583

 

 

 

1.76

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.35

%

 

8/29/2029

 

$

2,567,486

 

 

 

2,508,415

 

 

 

2,593,161

 

 

 

0.62

%

 

E

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.88

%

 

8/29/2029

 

$

3,198,468

 

 

 

3,124,880

 

 

 

3,230,453

 

 

 

0.77

%

 

E

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.60

%

 

8/29/2029

 

$

185,198

 

 

 

173,358

 

 

 

187,050

 

 

 

0.04

%

 

E

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.38

%

 

8/29/2029

 

$

346,048

 

 

 

323,925

 

 

 

349,508

 

 

 

0.08

%

 

E

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.63

%

 

8/29/2029

 

$

1,394,863

 

 

 

1,305,688

 

 

 

1,438,452

 

 

 

0.34

%

 

E

Accordion Partners LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.35

%

 

8/31/2028

 

$

1

 

 

 

(4,077

)

 

 

1

 

 

 

 

 

D/E

Acuris Finance US, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.15

%

 

 

9.50

%

 

2/16/2028

 

$

973,010

 

 

 

952,115

 

 

 

974,075

 

 

 

0.23

%

 

 

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

2,350,555

 

 

 

2,314,258

 

 

 

2,304,719

 

 

 

0.55

%

 

E

GC Champion Acquisition LLC (Numerix)

 

First Lien Incremental Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

11.96

%

 

8/19/2028

 

$

8,966,513

 

 

 

8,719,824

 

 

 

8,872,365

 

 

 

2.11

%

 

E

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

652,932

 

 

 

642,849

 

 

 

640,200

 

 

 

0.15

%

 

E

GC Waves Holdings, Inc. (Mercer)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

11.46

%

 

8/11/2028

 

$

1,185,824

 

 

 

890,011

 

 

 

1,185,824

 

 

 

0.28

%

 

E

TransNetwork, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

5.50

%

 

 

10.87

%

 

11/20/2030

 

$

1,573,581

 

 

 

1,510,638

 

 

 

1,569,647

 

 

 

0.37

%

 

E

White Cap Supply Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.75

%

 

 

9.11

%

 

10/19/2027

 

$

827,452

 

 

 

797,602

 

 

 

830,212

 

 

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,259,486

 

 

 

24,175,667

 

 

 

5.74

%

 

 

Energy Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid Tech Solutions Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.75

%

 

 

10.22

%

 

3/20/2028

 

$

6,467,500

 

 

 

6,347,651

 

 

 

6,370,488

 

 

 

1.51

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental, Maintenance & Security Service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TruGreen Limited Partnership

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.10

%

 

 

9.46

%

 

11/2/2027

 

$

480,406

 

 

 

470,106

 

 

 

464,913

 

 

 

0.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chobani, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

3.61

%

 

 

8.97

%

 

10/23/2027

 

$

578,497

 

 

 

552,323

 

 

 

580,232

 

 

 

0.14

%

 

 

Chobani, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

3.61

%

 

 

8.97

%

 

10/25/2027

 

$

294,000

 

 

 

292,536

 

 

 

294,857

 

 

 

0.07

%

 

 

Sovos Brands Intermediate, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

3.50

%

 

 

9.14

%

 

6/8/2028

 

$

500,971

 

 

 

492,799

 

 

 

503,486

 

 

 

0.12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,337,658

 

 

 

1,378,575

 

 

 

0.33

%

 

 

Health Care Equipment & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chariot Buyer, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.25

%

 

 

8.71

%

 

11/3/2028

 

$

904,850

 

 

 

864,485

 

 

 

903,882

 

 

 

0.21

%

 

 

Medline Borrower, LP

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.11

%

 

 

8.47

%

 

10/21/2028

 

$

914,272

 

 

 

890,642

 

 

 

919,913

 

 

 

0.22

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,755,127

 

 

 

1,823,795

 

 

 

0.43

%

 

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AHP Health Partners, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.61

%

 

 

8.97

%

 

8/24/2028

 

$

914,189

 

 

 

896,947

 

 

 

918,618

 

 

 

0.22

%

 

 

CHG Healthcare Services, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.36

%

 

 

8.72

%

 

9/29/2028

 

$

1,417,501

 

 

 

1,385,924

 

 

 

1,421,364

 

 

 

0.34

%

 

 

ImageFirst Holdings, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.00

%

 

 

10.47

%

 

4/27/2028

 

$

4,679,401

 

 

 

4,560,193

 

 

 

4,679,401

 

 

 

1.11

%

 

 

ImageFirst Holdings, LLC

 

First Lien 2023 Incremental Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.25

%

 

 

10.72

%

 

4/27/2028

 

$

1,135,838

 

 

 

1,111,214

 

 

 

1,135,838

 

 

 

0.27

%

 

 

ImageFirst Holdings, LLC

 

First Lien 2023 Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.25

%

 

 

10.72

%

 

4/27/2028

 

$

 

 

 

(4,949

)

 

 

 

 

 

 

 

D

Ingenovis Health, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.75

%

 

 

9.22

%

 

3/5/2028

 

$

659,171

 

 

 

649,105

 

 

 

641,868

 

 

 

0.15

%

 

 

Premise Health Holding Corp.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

4.90

%

 

 

10.25

%

 

7/10/2025

 

$

4,925,000

 

 

 

4,875,794

 

 

 

4,891,510

 

 

 

1.15

%

 

E

U.S. Anesthesia Partners, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.36

%

 

 

9.71

%

 

10/1/2028

 

$

2,456,030

 

 

 

2,390,175

 

 

 

2,254,095

 

 

 

0.54

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,864,403

 

 

 

15,942,694

 

 

 

3.78

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athenahealth Group Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.25

%

 

 

8.61

%

 

2/15/2029

 

$

886,895

 

 

 

871,914

 

 

 

884,234

 

 

 

0.21

%

 

 

Gainwell Acquisition Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.10

%

 

 

9.45

%

 

10/1/2027

 

$

3,895,616

 

 

 

3,844,162

 

 

 

3,798,226

 

 

 

0.90

%

 

 

 

 

21


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Technology (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PointClickCare Technologies Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.00

%

 

 

9.35

%

 

12/29/2027

 

$

957,814

 

 

$

955,868

 

 

$

960,209

 

 

 

0.23

%

 

C/E

Polaris Newco, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.11

%

 

 

9.47

%

 

6/4/2028

 

$

1,371,285

 

 

 

1,332,300

 

 

 

1,354,658

 

 

 

0.32

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,004,244

 

 

 

6,997,327

 

 

 

1.66

%

 

 

Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fertitta Entertainment, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.00

%

 

 

9.36

%

 

1/27/2029

 

$

1,171,387

 

 

 

1,133,099

 

 

 

1,173,402

 

 

 

0.28

%

 

 

Mesquite Bidco, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.10

%

 

 

12.48

%

 

11/30/2029

 

$

11,032,131

 

 

 

10,705,844

 

 

 

10,701,168

 

 

 

2.53

%

 

E

Mesquite Bidco, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.48

%

 

11/30/2029

 

$

 

 

 

(19,775

)

 

 

(20,058

)

 

 

 

 

D/E

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.98

%

 

8/7/2028

 

$

2,756,946

 

 

 

2,687,773

 

 

 

2,707,321

 

 

 

0.64

%

 

E

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.97

%

 

8/7/2028

 

$

 

 

 

(1,986

)

 

 

(2,850

)

 

 

 

 

D/E

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

13.40

%

 

8/7/2028

 

$

 

 

 

(4,965

)

 

 

(3,562

)

 

 

 

 

D/E

Whatabrands, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.11

%

 

 

8.47

%

 

8/3/2028

 

$

1,032,685

 

 

 

999,339

 

 

 

1,035,731

 

 

 

0.25

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,499,329

 

 

 

15,591,152

 

 

 

3.70

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.37

%

 

11/9/2029

 

$

7,510,059

 

 

 

7,325,923

 

 

 

7,209,657

 

 

 

1.71

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.60

%

 

 

11.96

%

 

10/2/2028

 

$

479,506

 

 

 

470,914

 

 

 

485,010

 

 

 

0.12

%

 

E

Alera Group, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.60

%

 

 

11.96

%

 

10/2/2028

 

$

274,361

 

 

 

270,077

 

 

 

277,105

 

 

 

0.07

%

 

E

Alera Group, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.60

%

 

 

11.96

%

 

11/17/2025

 

$

 

 

 

(87,828

)

 

 

 

 

 

 

 

D/E

Alliant Holdings Intermediate, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

3.50

%

 

 

8.86

%

 

10/31/2030

 

$

1,735,112

 

 

 

1,702,640

 

 

 

1,744,985

 

 

 

0.41

%

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2029

 

$

2,989,756

 

 

 

2,941,368

 

 

 

2,959,858

 

 

 

0.70

%

 

E

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2029

 

$

623,057

 

 

 

611,937

 

 

 

615,561

 

 

 

0.15

%

 

E

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2029

 

$

(1

)

 

 

(230,566

)

 

 

(119,352

)

 

 

(0.03

)%

 

D/E

AmeriLife Holdings, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2028

 

$

 

 

 

(5,869

)

 

 

(3,775

)

 

 

 

 

D/E

AssuredPartners, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.61

%

 

 

8.97

%

 

2/12/2027

 

$

983,232

 

 

 

958,013

 

 

 

986,919

 

 

 

0.23

%

 

 

Galway Borrower LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.10

%

 

9/29/2028

 

$

3,582,000

 

 

 

3,519,170

 

 

 

3,492,450

 

 

 

0.83

%

 

E

Galway Borrower LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.10

%

 

9/29/2028

 

$

 

 

 

(47,359

)

 

 

(135,000

)

 

 

(0.03

)%

 

D/E

Higginbotham Insurance Agency, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.60

%

 

 

10.96

%

 

11/25/2026

 

$

2,881,760

 

 

 

2,881,760

 

 

 

2,864,469

 

 

 

0.68

%

 

E

Higginbotham Insurance Agency, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.60

%

 

 

10.96

%

 

11/25/2026

 

$

840,186

 

 

 

840,186

 

 

 

835,145

 

 

 

0.20

%

 

E

Higginbotham Insurance Agency, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.60

%

 

 

10.96

%

 

11/25/2028

 

$

7,310,232

 

 

 

7,224,877

 

 

 

7,244,319

 

 

 

1.72

%

 

E

HUB International Limited

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.25

%

 

 

9.66

%

 

6/20/2030

 

$

1,459,787

 

 

 

1,459,787

 

 

 

1,467,896

 

 

 

0.35

%

 

 

HUB International Limited

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.00

%

 

 

9.37

%

 

11/10/2029

 

$

208,486

 

 

 

201,639

 

 

 

209,528

 

 

 

0.05

%

 

 

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.89

%

 

8/27/2026

 

$

2,959,939

 

 

 

2,925,841

 

 

 

2,959,939

 

 

 

0.70

%

 

E

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

8/27/2026

 

$

1,999,270

 

 

 

1,966,765

 

 

 

1,983,276

 

 

 

0.47

%

 

E

Integrity Marketing Acquisition, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

8/27/2026

 

$

1,334,926

 

 

 

1,313,204

 

 

 

1,324,247

 

 

 

0.31

%

 

E

Integrity Marketing Acquisition, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

8/27/2026

 

$

203,761

 

 

 

189,910

 

 

 

180,420

 

 

 

0.04

%

 

E

Integrity Marketing Acquisition, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

8/27/2026

 

$

 

 

 

(164,703

)

 

 

 

 

 

 

 

D/E

NFP Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.36

%

 

 

8.72

%

 

2/13/2027

 

$

983,024

 

 

 

951,550

 

 

 

989,247

 

 

 

0.23

%

 

 

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

11.86

%

 

7/19/2030

 

$

3,422,931

 

 

 

3,360,354

 

 

 

3,457,160

 

 

 

0.82

%

 

E

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan D

 

SOFR(M)

 

 

0.75

%

 

 

6.11

%

 

 

11.47

%

 

7/19/2030

 

$

 

 

 

(31,367

)

 

 

34,315

 

 

 

0.01

%

 

D/E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.02

%

 

 

11.39

%

 

10/30/2026

 

$

546,041

 

 

 

546,041

 

 

 

540,581

 

 

 

0.13

%

 

E

RSC Acquisition, Inc. (Risk Strategies)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.02

%

 

 

11.39

%

 

10/30/2026

 

$

243,378

 

 

 

189,578

 

 

 

228,089

 

 

 

0.05

%

 

E

Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.75

%

 

 

9.11

%

 

9/3/2026

 

$

1,922,008

 

 

 

1,888,391

 

 

 

1,930,282

 

 

 

0.46

%

 

 

USI, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.00

%

 

 

8.36

%

 

11/22/2029

 

$

2,502,602

 

 

 

2,492,241

 

 

 

2,510,623

 

 

 

0.60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,338,551

 

 

 

39,063,297

 

 

 

9.27

%

 

 

 

 

22


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet & Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.40

%

 

 

11.79

%

 

12/29/2027

 

$

2,299,629

 

 

$

2,174,189

 

 

$

2,139,805

 

 

 

0.51

%

 

E

Syndigo, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.50

%

 

 

9.97

%

 

12/14/2027

 

$

1,259,338

 

 

 

1,225,927

 

 

 

1,234,938

 

 

 

0.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,400,116

 

 

 

3,374,743

 

 

 

0.80

%

 

 

Internet & Direct Marketing Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pug LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.61

%

 

 

8.97

%

 

2/12/2027

 

$

736,195

 

 

 

713,646

 

 

 

726,223

 

 

 

0.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.87

%

 

8/22/2027

 

$

841,208

 

 

 

834,920

 

 

 

825,225

 

 

 

0.20

%

 

E

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

8/22/2027

 

$

700,040

 

 

 

693,996

 

 

 

686,739

 

 

 

0.16

%

 

E

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

2,110,569

 

 

 

2,057,121

 

 

 

2,074,267

 

 

 

0.49

%

 

C/E

Bynder Bidco B.V. (Netherlands)

 

First Lien Revolver B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

 

 

 

(1,194

)

 

 

(2,944

)

 

 

 

 

C/D/E

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

582,226

 

 

 

567,482

 

 

 

572,212

 

 

 

0.14

%

 

C/E

Bynder Bidco, Inc. (Netherlands)

 

First Lien Revolver A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

 

 

 

(4,335

)

 

 

(811

)

 

 

 

 

C/D/E

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

8,579,230

 

 

 

8,376,980

 

 

 

8,367,323

 

 

 

1.98

%

 

E

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

 

 

 

(18,386

)

 

 

(19,264

)

 

 

 

 

D/E

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

13.47

%

 

7/8/2027

 

$

2,651,286

 

 

 

2,633,764

 

 

 

2,651,286

 

 

 

0.63

%

 

E

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.85

%

 

 

9.19

%

 

3/1/2029

 

$

709,200

 

 

 

691,301

 

 

 

708,168

 

 

 

0.17

%

 

 

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.26

%

 

 

10.64

%

 

7/27/2028

 

$

2,462,312

 

 

 

2,392,230

 

 

 

1,762,092

 

 

 

0.42

%

 

 

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

841,504

 

 

 

776,449

 

 

 

652,166

 

 

 

0.15

%

 

E

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.88

%

 

2/1/2029

 

$

1,445,490

 

 

 

1,414,859

 

 

 

1,461,390

 

 

 

0.35

%

 

E

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.13

%

 

2/1/2029

 

$

 

 

 

(3,829

)

 

 

 

 

 

 

 

D/E

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.90% Cash + 6.25% PIK

 

 

 

12.53

%

 

1/24/2028

 

$

3,165,951

 

 

 

3,122,916

 

 

 

3,134,608

 

 

 

0.74

%

 

C/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,534,274

 

 

 

22,872,457

 

 

 

5.43

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

10/19/2028

 

$

3,776,510

 

 

 

3,701,040

 

 

 

3,833,158

 

 

 

0.91

%

 

E

Avalara, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

10/19/2028

 

$

 

 

 

(7,547

)

 

 

 

 

 

 

 

D/E

CrewLine Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.10

%

 

11/8/2030

 

$

9,559,143

 

 

 

9,325,212

 

 

 

9,463,553

 

 

 

2.24

%

 

E

CrewLine Buyer, Inc. (New Relic)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.10

%

 

11/8/2030

 

$

 

 

 

(24,368

)

 

 

(9,957

)

 

 

 

 

D/E

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

12/29/2028

 

$

2,254,609

 

 

 

2,198,288

 

 

 

2,191,480

 

 

 

0.52

%

 

E

Madison Logic Holdings, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

12/30/2027

 

$

 

 

 

(3,908

)

 

 

(4,565

)

 

 

 

 

D/E

Research Now Group, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.76

%

 

 

11.14

%

 

12/20/2024

 

$

2,454,308

 

 

 

2,399,345

 

 

 

1,832,889

 

 

 

0.44

%

 

 

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.88

%

 

5/13/2030

 

$

4,099,217

 

 

 

4,006,111

 

 

 

4,074,622

 

 

 

0.97

%

 

E

Serrano Parent, LLC (Sumo Logic)

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

4.26

%

 

 

9.64

%

 

5/13/2030

 

$

 

 

 

(9,311

)

 

 

(2,460

)

 

 

 

 

D/E

Zelis Cost Management Buyer, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.61

%

 

 

8.97

%

 

9/30/2026

 

$

1,229,342

 

 

 

1,212,957

 

 

 

1,233,294

 

 

 

0.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,797,819

 

 

 

22,612,014

 

 

 

5.37

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

988,833

 

 

 

960,144

 

 

 

1,008,610

 

 

 

0.24

%

 

E

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

 

 

 

(2,414

)

 

 

1,665

 

 

 

 

 

D/E

Alcami Corporation

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

 

 

 

(3,862

)

 

 

 

 

 

 

 

D/E

Curia Global, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.85

%

 

 

9.23

%

 

8/30/2026

 

$

1,460,932

 

 

 

1,429,243

 

 

 

1,318,951

 

 

 

0.31

%

 

 

Parexel International, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.36

%

 

 

8.72

%

 

11/15/2028

 

$

164,920

 

 

 

157,502

 

 

 

166,095

 

 

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,540,613

 

 

 

2,495,321

 

 

 

0.59

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.75

%

 

 

9.09

%

 

7/30/2028

 

$

1,413,671

 

 

 

1,365,855

 

 

 

1,416,512

 

 

 

0.34

%

 

C

Blackbird Purchaser, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.50

%

 

 

10.86

%

 

12/19/2030

 

$

2,394,823

 

 

 

2,347,170

 

 

 

2,346,927

 

 

 

0.56

%

 

E

Blackbird Purchaser, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.50

%

 

 

10.86

%

 

12/19/2030

 

$

 

 

 

(9,405

)

 

 

(9,453

)

 

 

 

 

D/E

 

 

23


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Purchaser, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.50

%

 

 

10.86

%

 

12/19/2029

 

$

 

 

$

(6,265

)

 

$

(6,302

)

 

 

 

 

D/E

CPM Holdings Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.50

%

 

 

9.84

%

 

9/22/2028

 

$

388,000

 

 

 

382,443

 

 

 

389,779

 

 

 

0.09

%

 

 

Distributed Power

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.25

%

 

 

6.00

%

 

10/31/2028

 

$

378,993

 

 

 

377,098

 

 

 

379,783

 

 

 

0.09

%

 

 

Indicor, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.00

%

 

 

9.35

%

 

11/22/2029

 

$

496,256

 

 

 

493,460

 

 

 

497,963

 

 

 

0.12

%

 

 

Madison IAQ LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.36

%

 

 

8.72

%

 

6/21/2028

 

$

1,026,835

 

 

 

975,430

 

 

 

1,025,084

 

 

 

0.24

%

 

 

Service Logic Acquisition Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.26

%

 

 

9.64

%

 

10/29/2027

 

$

2,456,207

 

 

 

2,384,248

 

 

 

2,458,246

 

 

 

0.58

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,310,034

 

 

 

8,498,539

 

 

 

2.02

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP Group, Inc. et al

 

First Lien Revolver

 

SOFR(M)

 

 

 

 

 

3.36

%

 

 

8.72

%

 

8/19/2026

 

$

4,409,263

 

 

 

4,044,679

 

 

 

4,221,869

 

 

 

1.00

%

 

 

Radiate Holdco, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.25

%

 

 

8.72

%

 

9/25/2026

 

$

1,371,346

 

 

 

1,337,884

 

 

 

1,104,578

 

 

 

0.26

%

 

 

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01% Cash + 0.5% PIK

 

 

 

12.89

%

 

12/31/2024

 

$

3,525,813

 

 

 

3,496,551

 

 

 

3,331,893

 

 

 

0.79

%

 

E

Zayo Group Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.33

%

 

 

9.68

%

 

3/9/2027

 

$

717,225

 

 

 

704,485

 

 

 

618,384

 

 

 

0.15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,583,599

 

 

 

9,276,724

 

 

 

2.20

%

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.06

%

 

10/2/2029

 

$

1,276,947

 

 

 

1,239,564

 

 

 

1,245,023

 

 

 

0.30

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper & Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.44

%

 

11/30/2026

 

$

4,896,719

 

 

 

4,762,351

 

 

 

4,728,762

 

 

 

1.13

%

 

E

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

6.15

%

 

 

11.56

%

 

12/23/2026

 

$

1,586,722

 

 

 

1,550,889

 

 

 

1,529,600

 

 

 

0.36

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,313,240

 

 

 

6,258,362

 

 

 

1.49

%

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.50

%

 

 

9.00

%

 

 

14.57

%

 

9/11/2026

 

$

9,079,279

 

 

 

8,753,220

 

 

 

7,853,576

 

 

 

1.86

%

 

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Benefit Systems Intermediate, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.63

%

 

10/31/2030

 

$

7,985,796

 

 

 

7,868,914

 

 

 

7,929,895

 

 

 

1.88

%

 

E

Allied Benefit Systems Intermediate, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.25

%

 

 

10.63

%

 

10/31/2030

 

$

 

 

 

(21,381

)

 

 

(10,226

)

 

 

 

 

D/E

Cherry Bekaert Advisory, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.61

%

 

6/30/2028

 

$

2,158,673

 

 

 

2,126,328

 

 

 

2,078,154

 

 

 

0.49

%

 

E

Cherry Bekaert Advisory, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

11.11

%

 

6/30/2028

 

$

752,921

 

 

 

738,579

 

 

 

738,164

 

 

 

0.18

%

 

E

Cherry Bekaert Advisory, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.61

%

 

6/30/2028

 

$

 

 

 

(18,486

)

 

 

(19,021

)

 

 

 

 

D/E

Cherry Bekaert Advisory, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.61

%

 

6/30/2028

 

$

889,307

 

 

 

875,975

 

 

 

856,136

 

 

 

0.20

%

 

E

Cherry Bekaert Advisory, LLC

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

5.25

%

 

 

10.61

%

 

6/30/2028

 

$

 

 

 

(6,701

)

 

 

(16,683

)

 

 

 

 

D/E

Deerfield Dakota Holding, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

3.75

%

 

 

9.10

%

 

4/9/2027

 

$

942,148

 

 

 

914,860

 

 

 

935,082

 

 

 

0.22

%

 

 

DTI Holdco, Inc. (Epiq)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.75

%

 

 

10.13

%

 

4/21/2029

 

$

2,468,750

 

 

 

2,371,727

 

 

 

2,446,272

 

 

 

0.58

%

 

 

Element Materials Technology Group US Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.35

%

 

 

9.70

%

 

6/22/2029

 

$

470,174

 

 

 

465,373

 

 

 

467,235

 

 

 

0.11

%

 

 

Element Materials Technology Group US Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.35

%

 

 

9.70

%

 

6/24/2029

 

$

223,514

 

 

 

221,242

 

 

 

222,117

 

 

 

0.05

%

 

 

GI Consilio Parent, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.50

%

 

 

9.97

%

 

5/12/2028

 

$

11,000,000

 

 

 

10,794,210

 

 

 

11,000,000

 

 

 

2.62

%

 

E

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.62

%

 

8/18/2028

 

$

1,152,092

 

 

 

1,136,049

 

 

 

1,145,179

 

 

 

0.27

%

 

E

Monotype Imaging Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.00

%

 

 

10.45

%

 

10/9/2026

 

$

2,456,030

 

 

 

2,405,418

 

 

 

2,470,349

 

 

 

0.59

%

 

 

OMNIA Partners, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.25

%

 

 

9.63

%

 

7/18/2030

 

$

265,996

 

 

 

263,465

 

 

 

267,992

 

 

 

0.06

%

 

 

OMNIA Partners, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.25

%

 

 

9.63

%

 

7/18/2030

 

$

 

 

 

(119

)

 

 

188

 

 

 

 

 

D

Syntellis Performance Solutions, LLC (Axiom Global, Inc.)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.85

%

 

 

10.21

%

 

7/31/2027

 

$

2,984,456

 

 

 

2,931,410

 

 

 

2,909,845

 

 

 

0.69

%

 

E

Vensure Employer Services, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.75

%

 

 

10.12

%

 

2/28/2027

 

$

4,944,375

 

 

 

4,944,375

 

 

 

4,803,460

 

 

 

1.14

%

 

E

Vensure Employer Services, Inc.

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

5.25

%

 

 

10.63

%

 

2/26/2027

 

$

816,139

 

 

 

715,756

 

 

 

717,095

 

 

 

0.17

%

 

E

 

 

24


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vensure Employer Services, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.75

%

 

 

10.12

%

 

2/28/2027

 

$

 

 

$

(22

)

 

$

(47

)

 

 

 

 

D/E

VT TopCo, Inc. (Veritext)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.25

%

 

 

9.61

%

 

8/3/2030

 

$

5,000,000

 

 

 

4,952,669

 

 

 

5,031,250

 

 

 

1.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,679,641

 

 

 

43,972,436

 

 

 

10.44

%

 

 

Real Estate Management & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forest City Enterprises, L.P.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.61

%

 

 

8.97

%

 

12/8/2025

 

$

902,764

 

 

 

891,545

 

 

 

859,318

 

 

 

0.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applied Systems, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.50

%

 

 

9.85

%

 

9/19/2026

 

$

510,145

 

 

 

508,851

 

 

 

513,101

 

 

 

0.12

%

 

 

Barracuda Parent LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

4.50

%

 

 

9.88

%

 

8/15/2029

 

$

574,200

 

 

 

561,664

 

 

 

562,179

 

 

 

0.13

%

 

 

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2029

 

$

12,076,774

 

 

 

11,790,144

 

 

 

11,871,470

 

 

 

2.83

%

 

E

Bluefin Holding, LLC (Allvue)

 

First Lien Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2029

 

$

 

 

 

(28,259

)

 

 

(20,241

)

 

 

 

 

D/E

Boxer Parent Company, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.25

%

 

 

9.61

%

 

12/29/2029

 

$

1,302,660

 

 

 

1,263,621

 

 

 

1,313,895

 

 

 

0.31

%

 

 

Capstone Borrower, Inc. (Cvent, Inc.)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

 

 

 

3.75

%

 

 

9.10

%

 

5/17/2030

 

$

4,990,385

 

 

 

4,921,163

 

 

 

5,002,861

 

 

 

1.19

%

 

 

Central Parent Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.00

%

 

 

9.35

%

 

7/6/2029

 

$

992,500

 

 

 

974,748

 

 

 

999,269

 

 

 

0.24

%

 

 

Cloudera, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.85

%

 

 

9.21

%

 

10/8/2028

 

$

162,737

 

 

 

152,443

 

 

 

161,618

 

 

 

0.04

%

 

 

Cornerstone OnDemand, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.86

%

 

 

9.22

%

 

10/15/2028

 

$

736,914

 

 

 

704,284

 

 

 

714,807

 

 

 

0.17

%

 

 

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.89

%

 

3/30/2029

 

$

2,327,225

 

 

 

2,276,397

 

 

 

2,331,879

 

 

 

0.55

%

 

E

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.89

%

 

3/30/2029

 

$

 

 

 

(5,083

)

 

 

 

 

 

 

 

D/E

Epicor Software Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.36

%

 

 

8.72

%

 

7/31/2027

 

$

2,125,335

 

 

 

2,082,403

 

 

 

2,135,398

 

 

 

0.51

%

 

 

Flexera Software, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

3.75

%

 

 

9.22

%

 

3/3/2028

 

$

733,651

 

 

 

716,948

 

 

 

734,168

 

 

 

0.17

%

 

 

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.62

%

 

5/22/2029

 

$

3,886,777

 

 

 

3,819,376

 

 

 

3,805,155

 

 

 

0.90

%

 

E

Fusion Risk Management, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.62

%

 

5/22/2029

 

$

 

 

 

(12,596

)

 

 

(9,610

)

 

 

 

 

D/E

Greeneden U.S. Holdings II, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.11

%

 

 

9.47

%

 

12/1/2027

 

$

2,709,633

 

 

 

2,667,976

 

 

 

2,723,411

 

 

 

0.65

%

 

 

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.22

%

 

7/9/2029

 

$

1,550,326

 

 

 

1,527,349

 

 

 

1,549,240

 

 

 

0.37

%

 

E

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.22

%

 

7/9/2029

 

$

1,197,985

 

 

 

1,179,932

 

 

 

1,197,146

 

 

 

0.28

%

 

E

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.22

%

 

7/9/2029

 

$

 

 

 

(21,443

)

 

 

(760

)

 

 

 

 

D/E

GTY Technology Holdings Inc.

 

First Lien Revolver

 

PRIME

 

 

0.75

%

 

 

5.25

%

 

 

13.75

%

 

7/9/2029

 

$

26,438

 

 

 

22,260

 

 

 

26,253

 

 

 

0.01

%

 

E

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.43

%

 

8/7/2028

 

$

2,321,514

 

 

 

2,275,240

 

 

 

2,286,924

 

 

 

0.54

%

 

E

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.21

%

 

11/1/2027

 

$

939,965

 

 

 

924,763

 

 

 

939,119

 

 

 

0.22

%

 

E

Maverick Bidco, Inc. (Mitratech)

 

First Lien No. 2 Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.51

%

 

 

9.89

%

 

5/18/2028

 

$

6,965,000

 

 

 

6,687,228

 

 

 

6,904,056

 

 

 

1.64

%

 

 

MH Sub I, LLC (Micro Holding Corp.)

 

First Lien 2023 Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.25

%

 

 

9.61

%

 

4/25/2028

 

$

1,452,700

 

 

 

1,420,930

 

 

 

1,430,910

 

 

 

0.34

%

 

 

Planview Parent, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.26

%

 

 

9.61

%

 

12/17/2027

 

$

825,671

 

 

 

804,073

 

 

 

820,457

 

 

 

0.19

%

 

 

Proofpoint, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.36

%

 

 

8.72

%

 

8/31/2028

 

$

1,618,470

 

 

 

1,575,776

 

 

 

1,621,221

 

 

 

0.38

%

 

 

Sophia, L.P.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.60

%

 

 

8.96

%

 

10/7/2027

 

$

1,943,914

 

 

 

1,897,729

 

 

 

1,950,446

 

 

 

0.46

%

 

 

Sovos Compliance, LLC (fka Taxware, LLC)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.50

%

 

 

9.97

%

 

8/11/2028

 

$

309,539

 

 

 

303,683

 

 

 

306,444

 

 

 

0.07

%

 

 

TIBCO Software Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

4.60

%

 

 

9.95

%

 

3/30/2029

 

$

1,290,250

 

 

 

1,191,481

 

 

 

1,263,561

 

 

 

0.30

%

 

 

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.86

%

 

7/25/2029

 

$

9,406,523

 

 

 

9,144,926

 

 

 

9,135,616

 

 

 

2.17

%

 

E

Trintech, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.86

%

 

7/25/2029

 

$

206,737

 

 

 

186,614

 

 

 

185,898

 

 

 

0.04

%

 

E

UKG Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

3.75

%

 

 

9.23

%

 

5/3/2026

 

$

1,999,205

 

 

 

1,962,409

 

 

 

2,006,442

 

 

 

0.48

%

 

 

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

2,507,409

 

 

 

2,467,643

 

 

 

2,519,946

 

 

 

0.60

%

 

E

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

 

 

 

(4,981

)

 

 

3,055

 

 

 

 

 

D/E

Zendesk Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

 

 

 

(4,094

)

 

 

 

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,935,598

 

 

 

66,985,334

 

 

 

15.90

%

 

 

 

 

25


 

BlackRock Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2023

 

Issuer(F)

 

Instrument

 

Ref(B)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total Cash and Investment

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fender Musical Instruments Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

4.10

%

 

 

9.46

%

 

12/1/2028

 

$

2,464,678

 

 

$

2,374,087

 

 

$

2,421,546

 

 

 

0.58

%

 

E

Mavis Tire Express Services Topco Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

4.00

%

 

 

9.47

%

 

5/4/2028

 

$

1,002,995

 

 

 

970,300

 

 

 

1,006,129

 

 

 

0.24

%

 

 

MED ParentCo, LP

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

4.25

%

 

 

9.72

%

 

8/31/2026

 

$

356,571

 

 

 

341,358

 

 

 

354,054

 

 

 

0.08

%

 

 

Woof Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

4.01

%

 

 

9.36

%

 

12/21/2027

 

$

944,622

 

 

 

920,445

 

 

 

769,697

 

 

 

0.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,606,190

 

 

 

4,551,426

 

 

 

1.08

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BCPE Empire Holdings, Inc.

 

First Lien 2023 Extended Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

4.75

%

 

 

10.11

%

 

12/11/2028

 

$

675,587

 

 

 

669,543

 

 

 

678,249

 

 

 

0.16

%

 

 

SRS Distribution, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.61

%

 

 

8.97

%

 

6/2/2028

 

$

1,243,165

 

 

 

1,199,524

 

 

 

1,246,795

 

 

 

0.30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,869,067

 

 

 

1,925,044

 

 

 

0.46

%

 

 

Transportation Infrastructure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apple Bidco, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.50

%

 

 

8.86

%

 

9/23/2028

 

$

444,885

 

 

 

443,780

 

 

 

445,025

 

 

 

0.11

%

 

 

Bleriot US Bidco Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

4.26

%

 

 

9.61

%

 

10/30/2026

 

$

1,071,555

 

 

 

1,060,421

 

 

 

1,077,197

 

 

 

0.26

%

 

 

Brown Group Holding, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

3.75

%

 

 

9.11

%

 

7/1/2029

 

$

1,866,822

 

 

 

1,854,632

 

 

 

1,874,345

 

 

 

0.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,358,833

 

 

 

3,396,567

 

 

 

0.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 167.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

398,929,289

 

 

 

400,926,373

 

 

 

95.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 167.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

398,929,289

 

 

 

400,926,373

 

 

 

95.16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 8.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,393,858

 

 

 

4.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 176.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

421,320,231

 

 

 

100.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes to Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
99.8% of the fair value of total senior secured loans in the Fund’s portfolio bear interest at a floating rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), “L”, or the Secured Overnight Financing Rate (“SOFR”), “S”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”. In addition, 90.6% of the fair value of such senior secured loans have floors of 0.50% to 2.00%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2023 of all contracts within the specified loan facility. LIBOR or SOFR reset monthly (M), quarterly (Q) or semiannually (S).
(C)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Fund's total assets.
(D)
Negative balances represent unfunded commitments that were acquired and/or valued at a discount.
(E)
Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).
(F)
As of December 31, 2023, the Fund generally uses GICS codes to identify the industry groupings.

 

Aggregate acquisitions and aggregate dispositions of investments totaled $249,628,469 and $64,848,048, respectively for the year ended December 31, 2023. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on investments. As of December 31, 2023, approximately 2.5% of the total assets of the Fund were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

 

26


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2024

 

1. Organization and Basis of Presentation

BlackRock Private Credit Fund (“BDEBT” or the “Fund”), is a Delaware statutory trust formed on December 23, 2021. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). The Fund is externally managed by BlackRock Capital Investment Advisors, LLC (the “Investment Adviser”). BlackRock Advisors, LLC (the “Sub-Adviser” and, together with the Investment Adviser, the “Advisers”) serves as the Fund’s sub-adviser. The Advisers are subsidiaries of BlackRock, Inc. (together with its subsidiaries, including but not limited to the Advisers, “BlackRock”). BlackRock Financial Management, Inc. serves as the administrator of the Fund (the “Administrator”), and is affiliated with the Advisers.

The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

The Fund’s investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. The Fund intends to meet its investment strategy by focusing primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies, although, the Fund may make investments in portfolio companies that are domiciled outside of the United States, including emerging markets. The Fund invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. BDEBT defines “middle market companies” to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA”, between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment. The Fund may on occasion invest in smaller or larger companies if an attractive opportunity presents itself.

The Fund offers on a continuous basis up to $5.0 billion of common shares of beneficial interest (“Common Shares”) pursuant to an offering registered with the Securities and Exchange Commission. The Fund offers to sell any combination of three classes of Common Shares, Institutional Class shares, Class S shares and Class D shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The initial purchase price for the Institutional Class shares was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares equals the net asset value per share, as of the effective date of the monthly share purchase date. The Fund also engages in private offerings of its Common Shares.

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of the Fund have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The Fund has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Fund.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

Investment Valuation

Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's Board of Trustees designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations. As required by the Rule 2a-5, the Valuation Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties.

 

 

27


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

The Valuation Designee values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least monthly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the capitalization of the Fund. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.

Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Fund, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee").

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events, rising interest rates and risks related to inflation that may significantly impact the profitability or viability of businesses in which the Fund is invested, and therefore may significantly impact the return on and realizability of the Fund’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Fund’s assets.

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

In following these approaches, the types of factors that may be taken into account also include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

 

28


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

At September 30, 2024, the Fund’s investments were categorized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Level

 

Basis for Determining Fair Value

 

Bank Debt(1)

 

 

Equity Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical assets

 

$

 

 

$

 

 

$

 

2

 

Other direct and indirect observable market inputs(2)

 

 

233,188,665

 

 

 

 

 

 

233,188,665

 

3

 

Valuation sources that employ significant unobservable inputs

 

 

545,816,490

 

 

 

407,753

 

 

 

546,224,243

 

Total

 

 

 

$

779,005,155

 

 

$

407,753

 

 

$

779,412,908

 

______________________

(1)
Includes senior secured loans
(2)
For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2024 included the following:

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Weighted Average Range(1)

Bank Debt

 

$

442,118,094

 

 

Income approach

 

Discount rate

 

8.1% - 30.6% (10.1%)

 

 

 

96,254,639

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

 

4,522,486

 

 

Market Comparable Companies

 

EBITDA Multiple

 

7.75x (7.75x)

 

 

 

2,921,271

 

 

Market Comparable Companies

 

Revenue Multiple

 

0.9x (0.9x)

Equity

 

 

407,753

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

$

546,224,243

 

 

 

 

 

 

 

______________________

(1)
Representing the weighted average of each significant unobservable input range at the investment level by fair value.

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:

Input

 

Impact to Value if Input Increases

 

Impact to Value if Input Decreases

Discount rate

 

Decrease

 

Increase

Revenue multiples

 

Increase

 

Decrease

EBITDA multiples

 

Increase

 

Decrease

Book value multiples

 

Increase

 

Decrease

Implied volatility

 

Increase

 

Decrease

Term

 

Increase

 

Decrease

Yield

 

Increase

 

Decrease

 

 

29


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

Changes in investments categorized as Level 3 for the three months ended September 30, 2024 were as follows:

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

401,161,249

 

 

$

 

 

$

401,161,249

 

Net realized and unrealized gains (losses)

 

 

180,154

 

 

 

5,721

 

 

 

185,875

 

Acquisitions(1)

 

 

172,418,620

 

 

 

402,032

 

 

 

172,820,652

 

Dispositions

 

 

(29,585,582

)

 

 

 

 

 

(29,585,582

)

Transfers into Level 3(2)

 

 

2,599,199

 

 

 

 

 

 

2,599,199

 

Transfers out Level 3(3)

 

 

(957,150

)

 

 

 

 

 

(957,150

)

Ending balance

 

$

545,816,490

 

 

$

407,753

 

 

$

546,224,243

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

456,879

 

 

$

5,721

 

 

$

462,600

 

______________________

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of two investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.
(3)
Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 for the nine months ended September 30, 2024 were as follows:

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

249,673,453

 

 

$

 

 

$

249,673,453

 

Net realized and unrealized gains (losses)

 

 

1,249,923

 

 

 

5,721

 

 

 

1,255,644

 

Acquisitions(1)

 

 

323,036,347

 

 

 

402,032

 

 

 

323,438,379

 

Dispositions

 

 

(37,418,446

)

 

 

 

 

 

(37,418,446

)

Transfers into Level 3(2)

 

 

9,275,213

 

 

 

 

 

 

9,275,213

 

Ending balance

 

$

545,816,490

 

 

$

407,753

 

 

$

546,224,243

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

1,749,419

 

 

$

5,721

 

 

$

1,755,140

 

______________________

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of three investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.

At December 31, 2023, the Fund’s investments were categorized as follows:

Level

 

Basis for Determining Fair Value

 

Bank Debt(1)

 

 

Total

 

1

 

Quoted prices in active markets for identical assets

 

$

 

 

$

 

2

 

Other direct and indirect observable market inputs(2)

 

 

151,252,920

 

 

 

151,252,920

 

3

 

Valuation sources that employ significant unobservable inputs

 

 

249,673,453

 

 

 

249,673,453

 

Total

 

 

 

$

400,926,373

 

 

$

400,926,373

 

______________________

(1)
Includes senior secured loans
(2)
For example, quoted prices in inactive markets or quotes for comparable investments

 

30


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2023 included the following:

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Weighted Average Range(1)

Bank Debt

 

$

209,935,097

 

 

Income approach

 

Discount rate

 

9.0% - 20.7% (11.5%)

 

 

39,738,356

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

$

249,673,453

 

 

 

 

 

 

 

______________________

(1)
Representing the weighted average of each significant unobservable input range at the investment level by fair value.
(2)
Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value.

Changes in investments categorized as Level 3 during the three months ended September 30, 2023 were as follows:

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Total

 

Beginning balance

 

$

127,312,157

 

 

$

127,312,157

 

Net realized and unrealized gains (losses)

 

 

1,732,329

 

 

 

1,732,329

 

Acquisitions(1)

 

 

86,090,914

 

 

 

86,090,914

 

Dispositions

 

 

(1,755,612

)

 

 

(1,755,612

)

Transfers into Level 3(2)

 

 

160,039

 

 

 

160,039

 

Transfers out Level 3(3)

 

 

(6,820,808

)

 

 

(6,820,808

)

Ending balance

 

$

206,719,019

 

 

$

206,719,019

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

1,547,399

 

 

$

1,547,399

 

______________________

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.
(3)
Comprised of three investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 during the nine months ended September 30, 2023 were as follows:

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Total

 

Beginning balance

 

$

76,785,839

 

 

$

76,785,839

 

Net realized and unrealized gains (losses)

 

 

2,741,544

 

 

 

2,741,544

 

Acquisitions(1)

 

 

133,357,451

 

 

 

133,357,451

 

Dispositions

 

 

(6,071,569

)

 

 

(6,071,569

)

Transfers into Level 3(2)

 

 

3,992,942

 

 

 

3,992,942

 

Transfers out Level 3(3)

 

 

(4,087,188

)

 

 

(4,087,188

)

Ending balance

 

$

206,719,019

 

 

$

206,719,019

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

2,757,481

 

 

$

2,757,481

 

 

 

31


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

______________________

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of three investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.
(3)
Comprised of two investment that was transferred from Level 3 to Level 2 due to increased observable market activity.

Investment Transactions

Investment transactions are accounted for on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At September 30, 2024, included in cash and cash equivalents was $14.8 million (2.8% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.77%. At December 31, 2023, included in cash and cash equivalents was $5.0 million (2.1% of net assets) held in JP Morgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 5.20%.

Restricted Investments

The Fund may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Schedules of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

Foreign Currency Investments

The Fund may invest in instruments traded in foreign countries and denominated in foreign currencies. Such positions are converted at the respective closing foreign exchange rates in effect at September 30, 2024 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. The Fund did not hold any investments denominated in foreign currency at September 30, 2024 or December 31, 2023.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government.

Organization and Offering Costs

The Fund has entered into a Fee Waiver and Expense Support and Reimbursement Agreement (the “Expense Support Agreement”) with the Investment Adviser. Pursuant to the Expense Support Agreement, the Investment Adviser has paid all of the Fund’s organizational and offering expenses on the Fund’s behalf (each, an “Expense Payment”).

 

32


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

During each of the 36 months following the commencement of the Fund’s operations, the Fund will reimburse the Investment Adviser for any and all Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund’s annual Operating Expenses (as defined below) do not exceed 1.25% of the value of the Fund’s net assets, calculated monthly based on month-end net assets. “Operating Expenses” for purposes of the Expense Support Agreement means all annual operating expenses of the Fund incurred in the ordinary course of business, excluding offering costs incurred by the Fund, interest expense and other financing costs, portfolio transaction and other investment-related costs, base management fee and incentive fee payable pursuant to the Advisory Agreement, shareholder servicing and/or distribution fees, taxes and any other extraordinary expenses not incurred in the ordinary course of business (including, without limitation, litigation expenses). From inception of the Fund through September 30, 2024, the Adviser had incurred $0.8 million related to organizational and offering expenses. The Fund did not reimburse the Investment Adviser for any Expense Payments during the nine months ended September 30, 2024 since the annual operating expenses exceeded 1.25% of the value of the Fund’s net assets.

Deferred Debt Issuance Costs

Certain costs incurred in connection with the issuance of debt of the Fund were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Fund.

Revenue Recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Fund does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Fund's judgement, the repayment of the remaining contractual principal and interest is expected. The Fund may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

Income Taxes

The Fund elected to be regulated as a BDC under the 1940 Act. The Fund also has elected to be treated as a RIC under the Code. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund’s investors and would not be reflected in the consolidated financial statements of the Fund.

 

33


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes 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, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

In addition, based on the excise tax distribution requirements, the Fund is subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax is considered to have been distributed.

As of December 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

 

December 31, 2023

 

Tax basis of investments

 

$

398,929,289

 

 

 

 

Unrealized appreciation

 

 

5,927,022

 

Unrealized depreciation

 

 

(3,929,938

)

Net unrealized appreciation (depreciation)

 

$

1,997,084

 

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Distributions

Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Fund’s earnings, financial condition, maintenance of the Fund’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

 

34


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

2. Summary of Significant Accounting Policies (Continued)

Recent Accounting Pronouncements

In March 2020 and January 2021, the FASB issued ASU No. 2020-04 and ASU No. 2021-01, respectively, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective and can be adopted by all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Fund is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”),” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Fund has concluded that this guidance will not have a material impact on its consolidated financial statements.

3. Management Fees, Incentive Fees and Other Expenses

Investment Advisory Agreement

On March 16, 2022, the Fund entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Investment Adviser. Under the terms of the Advisory Agreement, the Investment Adviser determines the composition of the Fund’s portfolio, the nature and timing of the changes to the Fund’s portfolio and the manner of implementing such changes; identifies, evaluates and negotiates the structure of the investments the Fund makes (including performing due diligence on prospective portfolio companies); and closes, monitors and administers the investments the Fund makes, including the exercise of any voting or consent rights.

Pursuant to the Advisory Agreement, the Fund pays the Investment Adviser compensation for investment advisory and management services consisting of base management fee and incentive fee (together, the “Advisory Fee”), which are further described below.

Base Management Fee

The management fee is calculated at an annual rate of 1.25% of the value of the Fund’s net assets at the end of the most recently completed calendar month and payable monthly in arrears. For purposes of calculating the base management fee, “net assets” means the Fund’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Investment Adviser waived its management fee for the first twelve months following the date of the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement, which extended the waiver through December 31, 2023.

For the three and nine months ended September 30, 2024, the Investment Adviser earned $1.3 million and $3.1 million in management fees, respectively. For the three and nine months ended September 30, 2023, the Investment Adviser earned and waived $0.5 million and $1.4 million in management fees, respectively.

Incentive Fees

Incentive compensation is payable to the Investment Adviser pursuant to the Advisory Agreement. The incentive fee consists of two components, an income component and a capital gains component. Each component of the incentive fee will be calculated and, if due, will be payable quarterly in arrears. The Investment Adviser waived all incentive fee for the first twelve months following the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Expense Support Agreement, which extended the waiver through December 31, 2023.

 

35


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

3. Management Fees, Incentive Fees and Other Expenses (Continued)

The income component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters.

The income component of the incentive fee is subject to a 5.0% total return hurdle on daily weighted average unreturned capital contributions (the “Hurdle Rate”). As such, the Fund will not be obligated to pay any income incentive fee to the extent the annualized trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since the commencement of the Fund) total return of the Fund (as defined below), including net realized gains and losses and net unrealized appreciation and depreciation, does not exceed the Hurdle Rate. To the extent that the Fund’s annualized total return for the relevant period exceeds the Hurdle Rate, but is less than approximately 5.71% of daily weighted average unreturned capital contributions, the income incentive fee will be subject to a “catch up”, calculated as 100% of the aggregate net investment income before incentive compensation earned in excess of Hurdle Rate for the relevant period. To the extent that the Fund’s annualized total return for the relevant period exceeds approximately 5.71%, the income component of the incentive fee will be equal to 12.5% of net investment income before incentive compensation earned in excess of this total return threshold.

For purposes of calculating the income incentive fee, (i) “total return” means the amount equal to the combination of net investment income before incentive compensation, realized capital gains and losses and unrealized capital appreciation and depreciation of the Fund for the period in question; (ii) “unreturned capital contributions” means the proceeds to the Fund of all issuances of common shares, less all distributions by the Fund to shareholders representing a return of capital.

The capital gains component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The capital gains component will be paid in full prior to payment of the income component.

In any case, incentive fee (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period.

In addition, GAAP requires that the capital gains incentive fees accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fees would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. This GAAP accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation and depreciation. If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods. The resulting accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and nine months ended September 30, 2024, the Investment Adviser earned $1.8 million and $4.1 million in incentive fees, respectively. For the three and nine months ended September 30, 2023, the Investment Adviser earned and waived $0.7 million and $2.3 million in incentive fees, respectively. For the three and nine months ended September 30, 2024, incentive fees on capital gains accrued on a liquidation basis (but not payable) under GAAP were $0.2 million and $0.2 million on a cumulative basis, respectively. For the three and nine months ended September 30, 2023, the fund did not accrue any incentive fees on capital gains on a liquidation basis (but not payable) under GAAP.

Sub-Advisory Fees

Pursuant to the sub-advisory agreement, dated as of May 31, 2022 (the “Sub-Advisory Agreement”), the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee to the Sub-Adviser in an amount equal to a percentage of the average daily value of the Fund’s assets allocated to the Sub-Adviser.

 

36


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

3. Management Fees, Incentive Fees and Other Expenses (Continued)

Distribution Agreement

The Fund has entered into a Distribution Agreement (the “Distribution Agreement”) with BlackRock Investments, LLC (the “Distributor”), a registered broker-dealer affiliated with the Investment Adviser. No upfront sales load will be paid with respect to Class S shares, Class D shares or Institutional shares; however, if shareholders buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S shares, and a 1.5% cap on NAV for Class D shares. Selling agents will not charge such fees on Institutional shares.

Either party may terminate the Distribution Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Distribution Agreement.

Distribution and Servicing Plan

On February 27, 2024, the Fund’s Board of Trustees approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Fund pays the Distributor with respect to Institutional, Class S and Class D shares on an annualized basis as a percentage of the Fund’s NAV for such class.

 

 

 

 

 

Shareholder Servicing and/or Distribution Fee as a % of NAV

 

Class S Shares

 

 

 

 

0.85

%

Class D Shares

 

 

 

 

0.25

%

Institutional Shares

 

 

 

 

 

The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Distributor will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Fund’s distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Fund, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Distributor will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

The Fund will cease paying the shareholder servicing and/or distribution fee on the Class S and Class D shares on the earlier to occur of the following: (i) a listing of Institutional shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Distributor in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Distributor or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on all Class S and Class D shares in such shareholder’s account. We may modify this requirement if permitted by applicable exemptive relief. At the end of the month in which such 10% (or lower) limit it met, the applicable Class S shares and Class D shares in such shareholder’s account will convert into a number of Institutional shares (including any fractional shares), with an equivalent aggregate NAV as such Class S and Class D shares.

 

37


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

3. Management Fees, Incentive Fees and Other Expenses (Continued)

For the three and nine months ended September 30, 2024, the Fund accrued distribution and shareholder servicing fees of $45,805 and $51,101, which were attributable to Class S, respectively. For the three and nine months ended September 30, 2024, the Fund accrued distribution and shareholder servicing fees of $2 and $2, which were attributable to Class D, respectively. For the three and nine months ended September 30, 2023, the Fund did not accrue any distribution and shareholder servicing fees.

Other Expenses

The Fund bears all expenses incurred in connection with its business, including fees and expenses outside of contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

4. Debt

On June 3, 2022, BlackRock Private Credit Fund Leverage I, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $200.0 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent (the “Credit Facility”). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of “Middle Market Loans” (as defined in Exhibit 10.1) is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%. The Credit Facility also accrues commitment fees on any undrawn amounts at an annual rate of 0.50%, or 0.35% for the period from the closing date of the Credit Facility to the three-month anniversary of the closing date.

On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility (the “Amendment”). The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered borrowings of the Fund for purposes of complying with the asset coverage requirements under the 1940 Act. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility (the "Second Amendment"). The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million. The Second Amendment increased the facility margin level with (a) 1.62% if the aggregate balance of “Middle Market Loans” (as defined in Exhibit 10.1) is less than or equal to 25%, (b) 1.77% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.96% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 2.12% if the aggregate balance of Middle Market Loans is above 75%.

On April 19, 2024, the Fund entered into a Senior Secured Credit Agreement for a $75.0 million revolving credit facility (the “Revolving Credit Facility”) with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The Revolving Credit Facility matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the “Guarantors”). The Revolving Credit Facility is secured by substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions. Under the Revolving Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Revolving Credit Facility includes usual and customary events of default for credit facilities of this nature.

At September 30, 2024, there was $217.0 million of debt outstanding under the Credit Facility, with a weighted-average interest rate, excluding fees of 7.13%. Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2024, the estimated fair value of the outstanding debt approximated their carrying value.

 

38


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

4. Debt (Continued)

Total expenses related to debt included the following:

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Interest expense

 

$

9,779,453

 

 

$

5,002,646

 

Amortization of deferred debt issuance costs

 

 

279,597

 

 

 

142,369

 

Commitment fees

 

 

598,475

 

 

 

385,250

 

Total

 

$

10,657,525

 

 

$

5,530,265

 

 

5. Commitments and Contingencies

The Fund conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

The Consolidated Schedule of Investments include certain revolving loan facilities and other commitments with unfunded balances at September 30, 2024 and December 31, 2023 as follows:

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity Date

 

September 30, 2024

 

 

December 31, 2023

 

 Accordion Partners LLC

 

8/31/2028

 

$

125,445

 

 

$

250,890

 

 Accordion Partners LLC

 

8/29/2029

 

N/A

 

 

 

2,964,083

 

 Accuserve Solutions, Inc.

 

3/15/2030

 

 

616,709

 

 

N/A

 

 Alcami Corporation

 

12/21/2028

 

N/A

 

 

 

83,235

 

 Alcami Corporation

 

12/21/2028

 

 

133,176

 

 

 

133,176

 

 Alera Group, Inc.

 

10/2/2028

 

N/A

 

 

 

70,848

 

 Alera Group, Inc.

 

11/17/2025

 

 

6,262,273

 

 

 

9,010,465

 

 Allied Benefit Systems Intermediate, LLC

 

10/31/2030

 

N/A

 

 

 

1,460,816

 

 AmeriLife Holdings, LLC

 

8/31/2029

 

N/A

 

 

 

126,586

 

 AmeriLife Holdings, LLC

 

8/31/2028

 

 

377,494

 

 

 

377,494

 

 AmeriLife Holdings, LLC

 

8/31/2029

 

N/A

 

 

 

11,935,075

 

 Avalara, Inc.

 

10/19/2028

 

 

377,651

 

 

 

377,651

 

 Blackbird Purchaser, Inc.

 

12/19/2030

 

 

330,864

 

 

 

472,662

 

 Blackbird Purchaser, Inc.

 

12/19/2030

 

 

267,842

 

 

 

315,108

 

 Bluefin Holding, LLC (Allvue)

 

9/12/2029

 

 

1,190,668

 

 

 

1,190,668

 

 Bullhorn, Inc.

 

10/1/2029

 

 

886,451

 

 

N/A

 

 Bullhorn, Inc.

 

9/30/2029

 

 

689,469

 

 

N/A

 

 Bynder Bidco B.V. (Netherlands)

 

1/26/2029

 

 

171,174

 

 

 

171,174

 

 Bynder Bidco, Inc. (Netherlands)

 

1/26/2029

 

 

47,160

 

 

 

47,160

 

 Cherry Bekaert Advisory, LLC

 

6/30/2028

 

 

447,254

 

 

 

447,254

 

 Cherry Bekaert Advisory, LLC

 

6/30/2028

 

 

724,616

 

 

 

970,468

 

 Clever Devices Ltd.

 

6/12/2030

 

 

680,257

 

 

N/A

 

 Community Merger Sub Debt LLC (CINC Systems)

 

1/18/2030

 

 

1,997,725

 

 

N/A

 

 Compsych Holdings Corp

 

7/22/2031

 

 

3,737,596

 

 

N/A

 

 CrewLine Buyer, Inc. (New Relic)

 

11/8/2030

 

 

995,744

 

 

 

995,744

 

 

 

39


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

5. Commitments and Contingencies (Continued)

 

 

 

 

Unfunded Balances (Continued)

 

Issuer

 

Maturity Date

 

September 30, 2024

 

 

December 31, 2023

 

 Disco Parent, Inc. (Duck Creek Technologies)

 

3/30/2029

 

$

232,723

 

 

$

232,723

 

 Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

1,858,858

 

 

N/A

 

 Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

1,009,172

 

 

N/A

 

 Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

743,543

 

 

N/A

 

 Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

2,044,744

 

 

N/A

 

 e-Discovery Acquireco, LLC (Reveal)

 

8/29/2029

 

 

779,930

 

 

 

779,930

 

 Epicor Software Corporation (fka Eagle Parent Inc.)

 

5/30/2031

 

 

326,650

 

 

N/A

 

 Focus Financial Partners, LLC

 

9/10/2031

 

 

177,608

 

 

N/A

 

 Fusion Holding Corp. (Finalsite)

 

9/15/2027

 

 

371,133

 

 

 

371,133

 

 Fusion Risk Management, Inc.

 

5/22/2029

 

 

457,601

 

 

 

457,601

 

 Galway Borrower LLC

 

9/29/2028

 

 

397,800

 

 

 

5,400,000

 

 GC Champion Acquisition LLC (Numerix)

 

8/19/2028

 

 

3,682,906

 

 

N/A

 

 GC Waves Holdings, Inc. (Mercer)

 

8/10/2029

 

 

8,816,191

 

 

 

11,827,234

 

 Gympass US, LLC

 

8/29/2029

 

 

9,945,514

 

 

N/A

 

 GTY Technology Holdings Inc.

 

7/9/2029

 

 

264,374

 

 

 

237,936

 

 GTY Technology Holdings Inc.

 

7/9/2029

 

 

770,655

 

 

 

1,085,429

 

 Higginbotham Insurance Agency, Inc.

 

11/25/2028

 

N/A

 

 

 

3,675,280

 

 Higginbotham Insurance Agency, Inc.

 

11/25/2026

 

 

1,066,687

 

 

N/A

 

 Honey Intermediate, Inc. (iLobby) (Canada)

 

9/26/2030

 

 

1,872,401

 

 

N/A

 

 HSI Halo Acquisitions, Inc.

 

6/28/2031

 

 

912,423

 

 

N/A

 

 HSI Halo Acquisitions, Inc.

 

6/28/2031

 

 

735,825

 

 

N/A

 

 Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

1,020,417

 

 

N/A

 

 Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

612,250

 

 

N/A

 

 ImageFirst Holdings, LLC

 

4/27/2028

 

N/A

 

 

 

228,309

 

 Integrity Marketing Acquisition, LLC

 

8/27/2026

 

N/A

 

 

 

2,713,905

 

 Integrity Marketing Acquisition, LLC

 

8/27/2026

 

N/A

 

 

 

3,452,216

 

 Integrity Marketing Acquisition, LLC

 

8/25/2028

 

 

8,387,239

 

 

N/A

 

 Integrity Marketing Acquisition, LLC

 

8/25/2028

 

 

4,319,357

 

 

N/A

 

 Intercept Bidco, Inc.

 

6/3/2030

 

 

2,591,349

 

 

N/A

 

 Intercept Bidco, Inc.

 

6/3/2030

 

 

1,727,566

 

 

N/A

 

 IvyRehab Intermediate II, LLC

 

4/23/2029

 

 

14,128,285

 

 

N/A

 

 LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2030

 

N/A

 

 

 

187,452

 

 LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2030

 

 

2,299,429

 

 

N/A

 

 LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2029

 

 

123,067

 

 

 

123,067

 

 Lucky US BuyerCo, LLC (Global Payments)

 

3/30/2029

 

 

163,820

 

 

 

409,549

 

 Madison Logic Holdings, Inc.

 

12/30/2027

 

 

120,127

 

 

 

163,029

 

 Mesquite Bidco, LLC

 

11/30/2029

 

N/A

 

 

 

668,614

 

 OMNIA Partners, LLC

 

7/18/2030

 

N/A

 

 

 

24,996

 

 Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

8/23/2027

 

 

161,736

 

 

 

680,994

 

 Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

8/23/2028

 

 

5,353,117

 

 

 

5,353,117

 

 Kid Distro Holdings, LLC

 

10/1/2029

 

 

585,700

 

 

N/A

 

 Oranje Holdco, Inc. (KnowBe4)

 

2/1/2029

 

 

180,686

 

 

 

180,686

 

 Payroc, LLC

 

11/1/2027

 

 

166,509

 

 

N/A

 

 PlayPower, Inc

 

8/28/2030

 

 

2,070,380

 

 

N/A

 

 Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

7/19/2030

 

N/A

 

 

 

3,431,510

 

 Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

11/1/2028

 

 

3,200,660

 

 

N/A

 

 PMA Parent Holdings, LLC

 

1/31/2031

 

 

1,270,184

 

 

N/A

 

 

 

40


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

5. Commitments and Contingencies (Continued)

 

 

 

 

Unfunded Balances (Continued)

 

Issuer

 

Maturity Date

 

September 30, 2024

 

 

December 31, 2023

 

 RSC Acquisition, Inc. (Risk Strategies)

 

10/30/2026

 

N/A

 

 

$

3,578,907

 

 RSC Acquisition, Inc. (Risk Strategies)

 

11/1/2029

 

 

51,056

 

 

N/A

 

 Serrano Parent, LLC (Sumo Logic)

 

5/13/2030

 

 

409,922

 

 

 

409,922

 

 Showtime Acquisition, L.L.C. (World Choice)

 

8/7/2028

 

N/A

 

 

 

158,331

 

 Showtime Acquisition, L.L.C. (World Choice)

 

8/7/2028

 

N/A

 

 

 

197,914

 

 SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)

 

4/25/2031

 

 

3,200,000

 

 

N/A

 

 Titan Home Improvement, LLC (Renuity)

 

5/31/2030

 

 

1,810,099

 

 

N/A

 

 Titan Home Improvement, LLC (Renuity)

 

5/31/2030

 

 

1,508,416

 

 

N/A

 

 Trintech, Inc.

 

7/25/2029

 

 

516,842

 

 

 

516,842

 

 Vensure Employer Services, Inc.

 

2/28/2027

 

N/A

 

 

 

1,660

 

 Vensure Employer Services, Inc.

 

2/26/2027

 

N/A

 

 

 

5,876,054

 

 Vensure Employer Services, Inc.

 

9/19/2031

 

 

3,542,757

 

 

N/A

 

 Vortex Companies, LLC

 

9/4/2029

 

 

2,039,631

 

 

N/A

 

 Vortex Companies, LLC

 

9/4/2029

 

N/A

 

 

 

2,621,633

 

 Vortex Companies, LLC

 

9/4/2029

 

 

187,948

 

 

 

199,305

 

 Wealth Enhancement Group, LLC

 

10/4/2028

 

 

863,109

 

 

N/A

 

 Wealth Enhancement Group, LLC

 

10/4/2027

 

 

69,201

 

 

N/A

 

 Zendesk Inc.

 

11/22/2028

 

 

251,563

 

 

 

251,563

 

 Zendesk Inc.

 

11/22/2028

 

 

610,938

 

 

 

610,938

 

Total Unfunded Balances

 

 

 

$

120,069,666

 

 

$

87,508,336

 

 

6. Other Related Party Transactions

The Investment Adviser has paid all of the Fund’s organizational and offering expenses on the Fund’s behalf. During each of the 36 months following the commencement of the Fund’s operations, the Fund will reimburse the Investment Adviser for any and all Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund’s annual Operating Expenses do not exceed 1.25% of the value of the Fund’s net assets, calculated monthly based on month-end net assets.

From time to time, the Investment Adviser advances payments to third parties on behalf of the Fund and receives reimbursement from the Fund. At September 30, 2024 and December 31, 2023, amounts reimbursable to the Investment Adviser totaled $1.0 million and $0.2 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

The Fund has entered into an administration agreement (the “Administration Agreement”) with the Administrator. Pursuant to the Administration Agreement, the Administrator will perform (or oversee, or arrange for, the performance by third parties of) the administrative services necessary for the operation of the Fund, including but not limited to, determining and publishing the Fund's net asset value (“NAV”), overseeing the preparation and filing of the Fund's tax returns, and the printing and dissemination of reports to shareholders of the Fund, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. The Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities thereunder, including payments to the Administrator in an amount equal to the Fund’s allocable portion of overhead and other expenses incurred by the Administrator or its affiliate in performing its obligations and services under the Administration Agreement, such as rent, license fees and other costs associated with computer software utilized in providing such obligations and services and the Fund’s allocable portion of the cost of personnel attributable to performing such obligations and services, including, but not limited to, marketing, legal and other services performed by the Administrator for the Fund. The Administrator will also, on behalf of the Fund, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other shareholders servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, shareholders and such other persons in any such other capacity deemed to be necessary or desirable. For the nine months ended September 30, 2024 and 2023, the Fund incurred $0.7 million and $0.9 million, respectively, for such administrative service expenses.

 

41


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

7. Stockholders’ Equity and Dividends

The Fund is offering on a continuous basis up to $5,000,000,000 of the Fund’s common shares of beneficial interest (“Common Shares”). The Fund is offering to sell any combination of three classes of Common Shares, Class D shares, Class S shares and Institutional shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Fund’s offering is a “best efforts” offering, which means that BlackRock Investments, LLC, the distributor for the offering, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in this offering.

The Fund has the authority to issue an unlimited number of Common Shares of any class and an unlimited number of shares of preferred shares, at a par value $0.001 per share. As of September 30, 2024, the Fund had 20,255,619 Institutional shares, 1,110,203 Class S shares, and 222 Class D shares issued and outstanding.

The following table summarizes transactions in Common Shares for the nine months ended September 30, 2024 and 2023:

 

 

 

Nine Months Ended September 30, (1)

 

 

 

2024

 

 

2023

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

 

Subscriptions

 

 

9,828,247

 

 

$

244,223,463

 

 

 

2,389,554

 

 

$

58,353,818

 

Share transfers between classes

 

 

 

 

 

 

 

 

 

 

 

 

Distributions reinvested

 

 

853,451

 

 

 

21,225,456

 

 

 

440,643

 

 

 

10,721,128

 

Share Repurchases

 

 

(34,563

)

 

 

(861,847

)

 

 

 

 

 

 

Early Repurchase Deduction

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease)

 

 

10,647,135

 

 

$

264,587,072

 

 

 

2,830,197

 

 

$

69,074,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class S

 

 

 

 

 

 

 

 

 

 

 

 

Subscriptions

 

 

1,110,203

 

 

 

27,575,000

 

 

 

 

 

 

 

Share transfers between classes

 

 

 

 

 

 

 

 

 

 

 

 

Distributions reinvested

 

 

 

 

 

 

 

 

 

 

 

 

Share Repurchases

 

 

 

 

 

 

 

 

 

 

 

 

Early Repurchase Deduction

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease)

 

 

1,110,203

 

 

 

27,575,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class D

 

 

 

 

 

 

 

 

 

 

 

 

Subscriptions

 

 

222

 

 

 

5,500

 

 

 

 

 

 

 

Share transfers between classes

 

 

 

 

 

 

 

 

 

 

 

 

Distributions reinvested

 

 

 

 

 

 

 

 

 

 

 

 

Share Repurchases

 

 

 

 

 

 

 

 

 

 

 

 

Early Repurchase Deduction

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease)

 

 

222

 

 

 

5,500

 

 

 

 

 

 

 

______________________

(1)
Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.

We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table presents our monthly NAV per share for each of the three classes of shares since our inception through September 30, 2024.

 

 

 

42


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

7. Stockholders’ Equity and Dividends (Continued)

 

 

NAV per Share

For the Month Ended

 

Institutional Class

 

 

Class S

 

Class D

June 30, 2022

 

$

23.49

 

 

N/A

 

N/A

July 31, 2022

 

 

24.40

 

 

N/A

 

N/A

August 31, 2022

 

 

24.86

 

 

N/A

 

N/A

September 30, 2022

 

 

23.74

 

 

N/A

 

N/A

October 31, 2022

 

 

23.89

 

 

N/A

 

N/A

November 30, 2022

 

 

23.93

 

 

N/A

 

N/A

December 31, 2022

 

 

23.69

 

 

N/A

 

N/A

January 31, 2023

 

 

24.28

 

 

N/A

 

N/A

February 28, 2023

 

 

24.25

 

 

N/A

 

N/A

March 31, 2023

 

 

24.23

 

 

N/A

 

N/A

April 30, 2023

 

 

24.38

 

 

N/A

 

N/A

May 31, 2023

 

 

24.05

 

 

N/A

 

N/A

June 30, 2023

 

 

24.49

 

 

N/A

 

N/A

July 31, 2023

 

 

24.73

 

 

N/A

 

N/A

August 31, 2023

 

 

24.85

 

 

N/A

 

N/A

September 30, 2023

 

 

24.99

 

 

N/A

 

N/A

October 31, 2023

 

 

24.70

 

 

N/A

 

N/A

November 30, 2023

 

 

24.87

 

 

N/A

 

N/A

December 31, 2023

 

 

24.85

 

 

N/A

 

N/A

January 31, 2024

 

 

24.92

 

 

N/A

 

N/A

February 29, 2024

 

 

24.93

 

 

N/A

 

N/A

March 31, 2024

 

 

24.98

 

 

N/A

 

N/A

April 30, 2024

 

 

24.93

 

 

N/A

 

N/A

May 31, 2024

 

 

24.95

 

 

N/A

 

N/A

June 30, 2024

 

 

24.84

 

 

24.84

 

N/A

July 31, 2024

 

 

24.75

 

 

24.75

 

N/A

August 31, 2024

 

 

24.79

 

 

24.79

 

24.79

September 30, 2024

 

 

24.77

 

 

24.77

 

24.77

Dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering net investment income available for distribution to shareholders, at the discretion of our Board of Trustees.

Institutional Class

The following tables summarize the Fund's dividends declared for the Institutional Class shares nine months ended September 30, 2024 and 2023:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount Per Share

 

 

Total Amount

 

January 26, 2024

 

January 30, 2024

 

February 27, 2024

 

Regular

 

$

0.23

 

 

$

2,348,876

 

February 23, 2024

 

February 28, 2024

 

March 27, 2024

 

Regular

 

 

0.23

 

 

 

2,471,608

 

March 26, 2024

 

March 28, 2024

 

April 26, 2024

 

Regular

 

 

0.23

 

 

 

2,572,189

 

April 24, 2024

 

April 29, 2024

 

May 29, 2024

 

Regular

 

 

0.23

 

 

 

2,817,179

 

May 24, 2024

 

May 30, 2024

 

June 26, 2024

 

Regular

 

 

0.23

 

 

 

2,983,344

 

June 26, 2024

 

June 27, 2024

 

July 29, 2024

 

Regular

 

 

0.23

 

 

 

3,183,325

 

July 26, 2024

 

July 30, 2024

 

August 28, 2024

 

Regular

 

 

0.23

 

 

 

3,812,774

 

August 23, 2024

 

August 29, 2024

 

September 26, 2024

 

Regular

 

 

0.23

 

 

 

4,370,691

 

September 25, 2024

 

September 27, 2024

 

October 29, 2024

 

Regular

 

 

0.23

 

 

 

4,658,792

 

 

 

 

 

 

 

 

 

$

2.07

 

 

$

29,218,778

 

 

 

 

 

43


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

7. Stockholders’ Equity and Dividends (Continued)

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount Per Share

 

 

Total Amount

 

January 30, 2023

 

January 30, 2023

 

February 27, 2023

 

Regular

 

$

0.17

 

 

$

890,298

 

February 15, 2023

 

February 22, 2023

 

March 27, 2023

 

Regular

 

 

0.18

 

 

 

1,012,545

 

March 24, 2023

 

March 29, 2023

 

April 26, 2023

 

Regular

 

 

0.20

 

 

 

1,181,081

 

April 25, 2023

 

April 27, 2023

 

May 26, 2023

 

Regular

 

 

0.21

 

 

 

1,304,322

 

May 26, 2023

 

May 30, 2023

 

June 27, 2023

 

Regular

 

 

0.21

 

 

 

1,340,292

 

June 30, 2023

 

June 30, 2023

 

July 26, 2023

 

Regular

 

 

0.21

 

 

 

1,379,449

 

July 27, 2023

 

July 28, 2023

 

August 28, 2023

 

Regular

 

 

0.21

 

 

 

1,429,513

 

August 31, 2023

 

August 30, 2023

 

September 26, 2023

 

Regular

 

 

0.22

 

 

 

1,588,580

 

September 29, 2023

 

September 29, 2023

 

October 26, 2023

 

Regular

 

 

0.22

 

 

 

1,715,730

 

 

 

 

 

 

 

 

$

1.83

 

 

$

11,841,810

 

Class S Shares

The following table summarizes the Fund's dividends declared for the Class S shares nine months ended September 30, 2024. No Class S shares were outstanding for the nine months ended September 30, 2023.

Date Declared (1)

 

Record Date

 

Payment Date

 

Type

 

Gross Amount
Per Share

 

 

Amount Per Share Net of Shareholder Servicing
 and/or Distribution Fees

 

 

Gross
Amount

 

 

Net
 Amount

 

June 26, 2024

 

June 27, 2024

 

July 29, 2024

 

Regular

 

$

0.23

 

 

$

0.21

 

 

$

68,922

 

 

$

63,626

 

July 26, 2024

 

July 30, 2024

 

August 28, 2024

 

Regular

 

 

0.23

 

 

 

0.21

 

 

 

142,491

 

 

 

131,591

 

August 23, 2024

 

August 29, 2024

 

September 26, 2024

 

Regular

 

 

0.23

 

 

 

0.21

 

 

 

201,157

 

 

 

185,825

 

September 25, 2024

 

September 27, 2024

 

October 29, 2024

 

Regular

 

 

0.23

 

 

 

0.21

 

 

 

255,347

 

 

 

235,807

 

 

 

 

 

 

 

 

$

0.92

 

 

$

0.84

 

 

$

667,917

 

 

$

616,848

 

_____________________________________________

(1)
Class S commenced operations on June 1, 2024.

Class D Shares

The following table summarizes the Fund's dividends declared for the Class D shares nine months ended September 30, 2024. No Class D shares were outstanding for the nine months ended September 30, 2023.

Date Declared (1)

 

Record Date

 

Payment Date

 

Type

 

Gross Amount
Per Share

 

 

Amount Per Share Net of Shareholder Servicing
 and/or Distribution Fees

 

 

Gross
Amount

 

 

Net
 Amount

 

August 23, 2024

 

August 29, 2024

 

September 26, 2024

 

Regular

 

$

0.23

 

 

$

0.22

 

 

$

28

 

 

$

27

 

September 25, 2024

 

September 27, 2024

 

October 29, 2024

 

Regular

 

 

0.23

 

 

 

0.22

 

 

 

51

 

 

 

50

 

 

 

 

 

 

 

 

$

0.46

 

 

$

0.44

 

 

$

79

 

 

$

77

 

_____________________________________________

(1)
Class D commenced operations on August 1, 2024.

Character of Distributions

The Fund may fund its cash distributions to shareholders from any source of funds available to the Fund, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Investment Adviser, which is subject to recoupment.

 

44


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

7. Stockholders’ Equity and Dividends (Continued)

Through September 30, 2024, all of the Fund’s distributions resulted from net investment income. In the future, a portion of the Fund's distributions may result from expense support from the Investment Adviser, which is subject to repayment by the Fund within three years from the date of payment. Shareholders should understand that any such distribution may not be based solely on the Fund’s investment performance, and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Investment Adviser continues to provide expense support. Shareholders should also understand that the Fund’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, may include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a GAAP basis that the Fund has declared on its common shares:

 

 

For the nine months ended September 30, 2024 (1)

 

 

 

Class I

 

 

Class S

 

 

Class D

 

Source of Distribution

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

Net investment income

 

$

2.07

 

 

$

29,218,778

 

 

$

0.84

 

 

$

616,848

 

 

$

0.44

 

 

$

77

 

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2.07

 

 

$

29,218,778

 

 

$

0.84

 

 

$

616,848

 

 

$

0.44

 

 

$

77

 

 

 

 

For the nine months ended September 30, 2023

 

 

 

Class I

 

 

Class S

 

 

Class D

 

Source of Distribution

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

 

Amount

 

Net investment income

 

$

1.83

 

 

$

11,841,810

 

 

$

 

 

$

 

 

$

 

 

$

 

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

1.83

 

 

$

11,841,810

 

 

$

 

 

$

 

 

$

 

 

$

 

______________________________________

(1)
Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.

 

45


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

8. Share Repurchase Program

At the discretion of the Fund’s Board of Trustees, the Fund is conducting a share repurchase program in which the Fund is repurchasing, in each quarter, up to 5% of the Fund’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Fund does not intend to conduct a share repurchase offer during any calendar quarter for which our liquid assets plus available and undrawn leverage are less than 25% of our net assets as of the date of the most recent publicly available NAV prior to the commencement of such calendar quarter. In addition, our Board of Trustees may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the Fund’s share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund expects to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last business day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”).The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived at the Fund’s or Distributor’s discretion in the case of repurchase requests arising from the death, divorce or qualified disability of the holder, or due to trade or operational error. The Early Repurchase Deduction will be waived in the event that a shareholder’s shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. The Fund commenced its initial quarterly repurchase offer on April 28, 2023. On July 31, 2024, the Fund initiated a quarterly offer to repurchase up to 5% of its shares outstanding as of June 30, 2024, commencing on July 31, 2024 and ending on August 30, 2024, with a valuation date of June 30, 2024.

The following table presents information with respect to the Fund's repurchases for the nine months ended September 30, 2024:

Repurchase request deadline

 

Number of Shares Repurchased
(All Classes)

 

 

Percentage of Outstanding Shares Repurchased(1)

 

 

Price Paid Per Share

 

 

Repurchase Pricing Date

 

Amount Repurchased
(All Classes)
(2)

 

 

Maximum number of shares that may yet be repurchased(3)

 

February 29, 2024

 

 

23,540

 

 

 

0.2

%

 

$

24.98

 

 

March 31, 2024

 

$

588,029

 

 

 

 

May 31, 2024

 

 

11,023

 

 

 

0.1

%

 

$

24.84

 

 

June 30, 2024

 

$

273,818

 

 

 

 

August 30, 2024

 

 

112,300

 

 

 

0.5

%

 

$

24.77

 

 

September 30, 2024

 

$

2,781,862

 

 

 

 

______________________

(1)
Percentage is based on total shares as of the close of the previous calendar quarter.
(2)
Net of Early Repurchase Deduction (if any).
(3)
All repurchase requests were satisfied in full.

 

 

 

46


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

9. Financial Highlights

The following are the financial highlights for the nine months ended September 30, 2024. No Class S shares were outstanding between January 1, 2024 and May 31, 2024. No Class D shares were outstanding between January 1, 2024 to July 31, 2024:

 

 

 

Nine Months Ended September 30, 2024 (1)

 

 

 

Institutional Class

 

 

Class S

 

 

Class D

 

Per Common Share

 

 

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

24.85

 

 

$

24.95

 

 

$

24.75

 

Investment operations: (2)

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.99

 

 

 

0.81

 

 

 

0.42

 

Net realized and unrealized gain (loss)

 

 

(0.00

)

 

 

(0.14

)

 

 

0.04

 

Total from investment operations

 

 

1.99

 

 

 

0.67

 

 

 

0.46

 

 

 

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(2.07

)

 

 

(0.85

)

 

 

(0.44

)

Per share NAV at end of period

 

$

24.77

 

 

$

24.77

 

 

$

24.77

 

 

 

 

 

 

 

 

 

 

Total return based on net asset value: (3)

 

 

8.01

%

 

 

2.69

%

 

 

1.86

%

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

20,255,619

 

 

 

1,110,203

 

 

 

222

 

Ratios to average net asset value: (4)

 

 

 

 

 

 

 

 

 

Net investment income(5)

 

 

11.43

%

 

 

10.84

%

 

 

11.77

%

Expenses before incentive fee (6)

 

 

6.28

%

 

 

5.81

%

 

 

5.19

%

Expenses and incentive fee (7)

 

 

7.52

%

 

 

6.38

%

 

 

5.50

%

 

 

 

 

 

 

 

 

 

Ending net asset value

 

$

501,767,121

 

 

$

27,501,662

 

 

$

5,501

 

Weighted-average number of common shares

 

 

14,125,351

 

 

 

726,342

 

 

 

171

 

 

 

 

 

 

 

 

 

 

Fund-level Supplemental Data

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

17.17

%

 

 

 

 

 

 

Weighted-average debt outstanding

 

$

176,609,489

 

 

 

 

 

 

 

Weighted-average interest rate on debt

 

 

7.40

%

 

 

 

 

 

 

Weighted-average debt per share

 

$

8.27

 

 

 

 

 

 

 

 

(1)
Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.
(2)
Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.
(3)
Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.
(4)
Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses.
(5)
Net of incentive fees and excise taxes.
(6)
Includes interest and other debt costs but excludes excise taxes.
(7)
Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes.

 

 

47


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

9. Financial Highlights (Continued)

The following are the financial highlights for the nine months ended September 30, 2023:

 

 

 

Nine Months Ended September 30, 2023

 

 

 

Institutional Class

 

 

Class S

 

 

Class D

 

Per Common Share

 

 

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

23.69

 

 

$

 

 

$

 

Investment operations: (1)

 

 

 

 

 

 

 

 

 

Net investment income

 

 

2.27

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

0.86

 

 

 

 

 

 

 

Total from investment operations

 

 

3.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(1.83

)

 

 

 

 

 

 

Per share NAV at end of period

 

$

24.99

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

Total return based on net asset value: (2)

 

 

13.21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

7,798,773

 

 

 

 

 

 

 

Ratios to average net asset value: (3)

 

 

 

 

 

 

 

 

 

Net investment income(4)

 

 

12.82

%

 

 

 

 

 

 

Expenses before incentive fee (5)

 

 

6.50

%

 

 

 

 

 

 

Expenses and incentive fee (6)

 

 

6.50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending net asset value

 

$

194,911,639

 

 

$

 

 

$

 

Weighted-average number of common shares

 

 

6,421,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund-level Supplemental Data

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

17.87

%

 

 

 

 

 

 

Weighted-average debt outstanding

 

$

98,406,593

 

 

 

 

 

 

 

Weighted-average interest rate on debt

 

 

6.80

%

 

 

 

 

 

 

Weighted-average debt per share

 

$

12.62

 

 

 

 

 

 

 

 

(1)
Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.
(2)
Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.
(3)
Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses, excluding the effect of management fee and incentive fee waivers by the Adviser which represented 2.73% of average net assets.
(4)
Net of incentive fees and excise taxes.
(5)
Includes interest and other debt costs but excludes excise taxes.
(6)
Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes.

 

 

48


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

10. Senior Securities

Information about the Fund's senior securities is shown in the following table for each of the last two years and the period ended September 30, 2024.

 

Class and Year

 

Total Amount
Outstanding
(1)

 

 

Asset
Coverage
Per Unit
(2)

 

 

Involuntary
Liquidating
Preference
Per Unit
(3)

 

 

Average
Market
Value Per
Unit
(4)

Credit Facility

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

217,000,000

 

 

$

3,405

 

 

 

 

 

N/A

Fiscal year 2023

 

 

156,000,000

 

 

 

2,510

 

 

 

 

 

N/A

Fiscal year 2022

 

 

95,000,000

 

 

 

2,225

 

 

 

 

 

N/A

Revolving Credit Facility

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

 

 

$

3,405

 

 

 

 

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.
(3)
The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.
(4)
The Fund's senior securities are not registered for public trading.

 

49


BlackRock Private Credit Fund

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2024

 

11. Subsequent Events

On October 1, 2024, the Fund accepted $38,173,458 of additional subscriptions, to purchase $28,205,458 of additional Institutional shares, $6,968,000 of additional Class S shares and $3,000,000 of additional Class D shares, par value $0.001 per share. On October 21, 2024, the number of shares being purchased was fixed when the purchase price of $24.77 per Institutional, Class S shares and Class D shares were determined by the Fund. As a result, the Fund issued 1,138,616 Institutional shares, 281,289 Class S shares and 121,106 Class D shares and received $38,173,458 in proceeds.

On October 24, 2024, the Fund declared a regular distribution as follows:

 

 

Gross Distribution

 

 

Shareholder Servicing and/or Distribution Fee

 

 

Net Distribution

 

Institutional Shares

 

$

0.2300

 

 

$

 

 

$

0.2300

 

Class S Shares

 

 

0.2300

 

 

 

0.0175

 

 

 

0.2125

 

Class D Shares

 

 

0.2300

 

 

 

0.0052

 

 

 

0.2248

 

The distribution will be payable to shareholders of record at the close of business on October 30, 2024 and will be paid on November 27, 2024. The distribution will be paid in cash or reinvested in Fund shares for shareholders participating in the Fund’s distribution reinvestment plan.

On October 30, 2024, the Board of Trustees of the Fund appointed Philip Tseng to the Board of Trustees of the Fund and appointed him as Chair of the Board of Trustees, each effective as of the close of business on January 31, 2025. Mr. Tseng is a Managing Director of BlackRock, Inc. Mr. Tseng serves on the Board of Directors of BlackRock Direct Lending Corp. (“BDLC”) and BlackRock TCP Capital Corp. (“TCPC”). Mr. Tseng currently serves as President of the Fund, TCPC and BDLC. Effective as of the close of business on November 6, 2024, Mr. Tseng will cease to serve as the President of the Fund, TCPC and BDLC and will start to serve as the Chief Executive Officer of the Fund, TCPC and BDLC. Mr. Tseng also was named Chair of the Board of BDLC and TCPC, each effective as of the close of business on November 6, 2024.

On November 1, 2024, the Fund priced its private offering of $125 million aggregate principal amount of notes comprised of $70 million of 7.14% senior unsecured notes due November 18, 2027 (the “Tranche A Notes”) and $55 million of 7.33% senior unsecured notes due January 22, 2030 (the “Tranche B Notes”, and together with the Tranche A Notes, “Notes”). The Tranche A Notes are expected to be issued on or around November 18, 2024 and the Tranche B Notes are expected to be issued on or around January 22, 2025, in each case subject to customary closing conditions.

On November 4, 2024, the Fund entered into Amendment No. 1 to the Revolving Credit Facility (the “First Amendment”) with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The First Amendment increased the total revolving commitments from $75.0 million to $150.0 million, while maintaining all other terms of the Senior Secured Credit Agreement entered on April 19, 2024.

 

50


 

BlackRock Private Credit Fund

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

September 30, 2024

 

Investment

 

Acquisition Date

 New Insights Holdings, Inc., Common Shares

 

7/15/2024

 

 

51


 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and notes thereto appearing elsewhere in this quarterly report. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or the future performance or financial condition of BlackRock Private Credit Fund (the “Fund,” “we,” “us” or “our”). The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

the Fund’s, or the Fund’s portfolio companies’, future business, operations, operating results or prospects;
the return or impact of current and future investments;
the impact of a protracted decline in the liquidity of credit markets on the Fund’s business;
the impact of fluctuations in interest rates on the Fund’s business;
the impact of changes in laws or regulations governing the Fund’s operations or the operations of the Fund’s portfolio companies;
the Fund’s contractual arrangements and relationships with third parties;
the general economy and its impact on the industries in which the Fund invests;
the financial condition of and ability of the Fund’s portfolio companies to achieve their objectives;
the Fund’s expected financings and investments;
the adequacy of the Fund’s financing resources and working capital;
the ability of the Advisers to locate suitable investments for the Fund and to monitor and administer the Fund’s investments;
the timing of cash flows, if any, from the operations of the Fund’s portfolio companies;
the timing, form and amount of any dividend distributions;
the phase-out of LIBOR and the use of replacement rates for LIBOR; and
the Fund’s ability to maintain the Fund’s qualification as a regulated investment company and as a business development company.

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward-looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

The Fund is a Delaware statutory trust formed on December 23, 2021 and is an externally managed, closed-end, non-diversified management investment company. We have elected to be regulated as a BDC under the 1940 Act. Our investment objective is to achieve high risk-adjusted returns produced primarily from current income generated by investing primarily in senior secured corporate debt instruments. We seek to achieve our investment objective through investments in privately-originated, performing senior secured debt primarily in North America-based companies with target enterprise values between $100 million and $1.5 billion. Performing debt is debt that at the time of investment is not defaulted or, in the view of the Advisers, distressed. The Fund targets positions in first lien, second lien and unitranche debt, with a preference for floating-rate debt, which the Advisers believe provides flexibility to adapt to changing market conditions. The Fund may invest in securities of any maturity and credit quality. Our investment activities will benefit from what we believe are the competitive advantages of our Advisers, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies.

The Fund has elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements.

 

52


 

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders generally at least 90% of our investment company taxable income, as defined by the Code, for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our shareholders provided that we satisfy those requirements.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as amended, public domestic operating companies having a market capitalization of less than $250 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of September 30, 2024, approximately 94.9% of our total assets were invested in qualifying assets.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

The Fund will be responsible for paying the compensation of the Investment Advisers. In addition, the Fund will generally be responsible for all operating expenses of the Fund, and shall pay, and shall reimburse the Investment Adviser or the Administrator and their respective affiliates for, all fees, costs, expenses, liabilities and obligations of the Fund relating or attributable to:

our organization;
calculating our net asset value (including the cost and expenses of any independent valuation firms);
interest payable on debt, if any, incurred to finance our investments;
the base management fee and any incentive fee;
dividends and distributions on our Common Shares;
administration fees payable under the Administration Agreement;
fees payable to third parties relating to, or associated with, making investments;
transfer agent and custodial fees;
registration fees;
taxes;
director fees and expenses;
costs of preparing and filing reports or other documents with the SEC;
costs of any reports, proxy statements or other notices to our shareholders, including printing costs;
our fidelity bond;
directors and officers/errors and omissions liability insurance, and any other insurance premiums;

 

53


 

indemnification payments;
direct costs and expenses of administration, including audit and legal costs; and
all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the Administration Agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

The Advisory Agreement provides that the management fee is calculated at an annual rate of 1.25% of the value of the Fund’s net assets at the end of the most recently completed calendar month and payable monthly in arrears. For purposes of calculating the base management fee, “net assets” means the Fund’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Fund had operations, net assets were measured as the beginning net assets as of the date on which the Fund first issued Common Shares to one or more investors (other than the Investment Adviser and its affiliates). The Investment Adviser agreed to waive its management fee for the first twelve months following the date of the commencement of the Fund’s operations.

Additionally, the Advisory Agreement provides that the Investment Adviser may be entitled to incentive fee under certain circumstances. According to the terms of such agreement, the incentive fee equals the sum of (i) 12.5% of all net investment income and (ii) 12.5% of all net realized capital gains (net of any net unrealized capital depreciation) less net investment income incentive fee and capital gains incentive fee previously paid. However, incentive fee will only be paid to the extent the cumulative total return of the Fund after the incentive fee and including such payment would equal or exceed a 5% annual return on daily weighted-average unreturned contributed capital contributions. The determination of the incentive fee is subject to limitations under the 1940 Act and the Advisers Act.

Pursuant to the Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement between the Fund and the Investment Adviser, dated as of August 29, 2022, as amended on April 25, 2023, the Investment Adviser agreed to waive its base management fee and incentive fee for the period from the date of the commencement of the Fund’s operations through December 31, 2023.

Pursuant to the Sub-Advisory Agreement, the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee to the Sub-Adviser in an amount equal to a percentage of the average daily value of the Fund’s assets allocated to the Sub-Adviser.

Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements requires 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. Management considers the following critical accounting policies important to understanding the consolidated financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

Valuation of portfolio investments

Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's Board of Trustees has designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations. As required by Rule 2a-5, the Valuation Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties.

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

When market quotations are not readily available or are believed by the Valuation Designee to be inaccurate or unreliable, the Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by the Valuation Designee in accordance with documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the

 

54


 

"Valuation Committee"). The Valuation Designee may conclude that a market quotation is not readily available, inaccurate or unreliable if a security or other asset or liability does not have a price source due to its complete lack of trading, if the Valuation Designee believes a market quotation from a broker-dealer or other source is unreliable (e.g., where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset or liability subsequent to the most recent market quotation), where the security or other asset or liability is only thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation.

For this purpose, a “significant event subsequent to the most recent market quotation” is deemed to occur if the Valuation Designee determines, in its business judgment prior to or at the time of pricing the Fund’s assets or liabilities, that it is likely that the event will cause a material change to the last exchange closing price or closing market price of one or more assets or liabilities held by the Fund. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where markets quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread. On any date the NYSE is open and the primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior day’s price, provided that the Valuation Designee is not aware of any significant event or other information that would cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated as a Fair Value Asset. For certain foreign securities, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign securities following the close of the local markets to the price that might have prevailed as of the Fund’s pricing time.

A substantial portion of the Fund’s assets are expected to consist of securities of private companies for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Fund monthly at fair value as determined pursuant to the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. In determining fair value each month, the Valuation Designee is required to consider all appropriate factors relevant to value and all indicators of value available to the Fund. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. The most relevant information may often be that information which is provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated. Because the Fund will value all of its assets monthly, the Fund is subject to greater risk that the information available to determine fair value on any given day is uncertain, incomplete and potentially unreliable and, as a result, that the prices assigned to fair valued securities may not in fact represent approximately the price that the Fund could receive upon their current sale.

Certain investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued on a monthly basis utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data (e.g., information available through regulatory filings, press releases, news feeds and financial press), including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, information provided by the company (e.g., letters to investors, financials, information provided pursuant to financial document reporting obligations), security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables and enterprise values.

With respect to the Fund’s investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, the Valuation Designee has approved a valuation process that takes into account a variety of inputs.

When determining the price for a Fair Value Asset, the Valuation Committee shall seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant at the time of the determination, and may be based on analytical values determined by the Valuation Designee using proprietary or third party valuation models.

Fair value represents a good faith approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Fund’s NAV, and the differences between the fair value of the assets and the prices

 

55


 

at which those assets are ultimately sold may be significant. As a result, the Fund’s sale or repurchase of its shares at NAV, at a time when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders. Information that becomes known to the Fund or its agents after the NAV has been calculated in a particular month will not be used to retroactively adjust the price of a security or the NAV determined earlier that month.

The Fund’s annual audited financial statements, which are prepared in accordance with GAAP, follow the requirements for valuation set forth in ASC 820, which defines and establishes a hierarchical disclosure framework for measuring fair value under GAAP and expands financial statement disclosure requirements relating to fair value measurements.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1: Quoted prices in active markets for identical assets

Level 2: Other direct and indirect observable market inputs (for example, quoted prices in inactive markets or quotes for comparable investments)

Level 3: Independent third-party valuation sources that employ significant unobservable inputs

As of September 30, 2024, none of our investments were categorized as Level 1, 29.9% were categorized as Level 2 and 70.1% were Level 3 investments valued based on valuations by independent third party sources.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Valuation Designee's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the consolidated financial statements.

Revenue recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Fund does not reverse previously capitalized PIK income. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Fund's judgement, the repayment of the remaining contractual principal and interest is expected. The Fund may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

Net realized gains or losses and net change in unrealized appreciation or depreciation

We measure 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. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

 

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Portfolio and investment activity

During the three months ended September 30, 2024, we invested approximately $298.9 million, comprised of new investments in 39 new portfolio companies, as well as draws made on existing commitments and payment in kind ("PIK") received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $36.2 million in proceeds from sales or repayments during the three months ended September 30, 2024.

During the three months ended September 30, 2023, we invested approximately $92.0 million, comprised of new investments in 18 new portfolio companies, as well as draws made on existing commitments and PIK received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $14.2 million in proceeds from sales or repayments during the three months ended September 30, 2023.

During the nine months ended September 30, 2024, we invested approximately $466.8 million, comprised of new investments in 55 new portfolio companies, as well as draws made on existing commitments and PIK received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $91.3 million in proceeds from sales or repayments during the nine months ended September 30, 2024.

During the nine months ended September 30, 2023, we invested approximately $160.4 million, comprised of new investments in 33 new portfolio companies, as well as draws made on existing commitments and PIK received on prior investments, all of which were in senior secured loans. Additionally, we received approximately $45.3 million in proceeds from sales or repayments during the nine months ended September 30, 2023.

At September 30, 2024, our investment portfolio of $779.4 million (at fair value) consisted of 179 portfolio companies and was invested 99.9% in senior secured loans and 0.1% in equity investments. Our average portfolio company investment at fair value was approximately $4.4 million. Our largest portfolio company investment by fair value was approximately 3.2% of our portfolio and our five largest portfolio company investments by fair value comprised approximately 13.3% of our portfolio at September 30, 2024.

At December 31, 2023, our investment portfolio of $400.9 million (at fair value) consisted of 147 portfolio companies and was invested 100.0% in senior secured loans. Our average portfolio company investment at fair value was approximately $2.7 million. Our largest portfolio company investment by fair value was approximately 3.0% of our portfolio and our five largest portfolio company investments by fair value comprised approximately 14.4% of our portfolio at December 31, 2023.

 

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The industry composition of our portfolio at fair value at September 30, 2024 was as follows:

 

Industry

 

September 30, 2024

 

 Software

 

 

16.4

%

 Professional Services

 

 

10.6

 

 Insurance

 

 

10.2

 

 Diversified Financial Services

 

 

9.4

 

 Construction and Engineering

 

 

7.1

 

 Aerospace and Defense

 

 

5.3

 

 Internet Software and Services

 

 

4.5

 

 IT Services

 

 

4.4

 

 Commercial Services and Supplies

 

 

3.9

 

 Hotels, Restaurants and Leisure

 

 

3.4

 

 Building Products

 

 

2.9

 

 Healthcare Providers and Services

 

 

2.3

 

 Media

 

 

2.0

 

 Technology Hardware, Storage and Peripherals

 

 

1.7

 

 Health Care Technology

 

 

1.5

 

 Capital Markets

 

 

1.5

 

 Machinery

 

 

1.3

 

 Pharmaceuticals

 

 

1.1

 

 Chemicals

 

 

1.1

 

 Real Estate Management and Development

 

 

1.0

 

 Household Durables

 

 

1.0

 

 Other

 

 

7.4

 

Totals

 

 

100.0

%

The weighted average effective yield of our debt and total portfolio was 10.6% at September 30, 2024 and 11.7% at December 31, 2023. At September 30, 2024, 99.9% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, the Federal Funds Rate or PRIME Rate, and 0.1% of the debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 82.0% at September 30, 2024. At December 31, 2023, 99.8% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, the Federal Funds Rate or PRIME Rate, and 0.2% of the debt investments bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 90.6% at December 31, 2023. Debt investments in one portfolio company were on non-accrual status as of September 30, 2024, representing 0.0% of the portfolio at fair value and 0.0% at cost. No debt investments in the portfolio company were on non-accrual status as of December 31, 2023.

Results of operations

Investment income

Investment income totaled $20.5 million and $8.9 million, respectively, for the three months ended September 30, 2024 and 2023, all of which was attributable to interest and fees on our debt investments. The increase in investment income in the three months ended September 30, 2024 compared to the three months ended September 30, 2023 reflects the significant increase in portfolio size as the Fund continues to ramp up.

Investment income totaled $49.2 million and $22.2 million, respectively, for the nine months ended September 30, 2024 and 2023, all of which was attributable to interest and fees on our debt investments. The increase in investment income in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 reflects the significant increase in portfolio size as the Fund continues to ramp up.

Expenses

Total net operating expenses for the three months ended September 30, 2024 and 2023 were $8.0 million and $4.2 million, respectively, comprised of $3.9 million and $2.1 million in interest and other debt expenses, $1.8 million and $0.7 million in incentive fees, $1.3 million and $0.5 million in management fees, $0.2 million and $0.3 million in administrative expenses, $0.2 million and $0.3 million in professional fees, $0.2 million and $0 in incentive fees on capital gains and $0.4 million and $0.3 million in other operating expenses, respectively. The increase in expenses in the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily reflects the significant increase in portfolio size, amount of debt outstanding, and other Fund activities as the Fund continues to ramp up.

 

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Total net operating expenses for the nine months ended September 30, 2024 and 2023 were $20.6 million and $11.2 million, respectively, comprised of $10.7 million and $5.5 million in interest and other debt expenses, $4.1 million and $2.3 million in incentive fees, $3.1 million and $1.4 million in management fees, $0.7 million and $0.9 million in administrative expenses, $0.7 million and $0.4 million in professional fees, $0.2 million and $0 in incentive fees on capital gains and $1.1 million and $0.7 million in other operating expenses, respectively. The increase in expenses in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, primarily reflects the significant increase in portfolio size, amount of debt outstanding, and other Fund activities as the Fund continues to ramp up.

Net investment income (loss)

Net investment income was $12.5 million and $5.9 million, respectively, for the three months ended September 30, 2024 and 2023. The increase in net investment income reflects the higher investment income, partially offset by the higher operating expenses in the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

Net investment income was $28.6 million and $14.7 million, respectively, for the nine months ended September 30, 2024 and 2023. The increase in net investment income reflects the higher investment income, partially offset by the higher operating expenses in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Net realized and unrealized gain or loss

Net realized gain (loss) for the three months ended September 30, 2024 and 2023 was $(1.1) million and $0.1 million, respectively.

Net realized gain (loss) for the nine months ended September 30, 2024 and 2023 was $(1.3) million and $0.1 million, respectively.

For the three months ended September 30, 2024 and 2023, the change in net unrealized appreciation (depreciation) was $0.9 million and $2.4 million, respectively. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2024 was primarily driven by unrealized losses across the portfolio from wider market spreads during the period. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2023 was primarily driven by unrealized gains across the portfolio from tighter market spreads.

For the nine months ended September 30, 2024 and 2023, the change in net unrealized appreciation (depreciation) was $0.9 million and $5.2 million, respectively. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2024 was primarily driven by unrealized gains across the portfolio from tighter market spreads during the year. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2023 was primarily driven by unrealized gains across the portfolio from tighter market spreads.

Incentive compensation

The income component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The income component of the incentive fee is subject to a 5.0% total return hurdle on daily weighted average unreturned capital contributions (the “Hurdle Rate”). The capital gains component of the incentive fee will be the amount, if positive, equal to 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The capital gains component will be paid in full prior to payment of the income component. In any case, incentive compensation (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5% annual total return on daily weighted average unreturned contributed capital contributions for such period. For the nine months ended September 30, 2024, $4.1 million in incentive fees were earned, comparing to $2.3 million earned and waived for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, $0.2 million incentive fees on capital gains were accrued on a liquidation basis (but not payable) under GAAP, comparing to $0 accrued for the nine months ended September 30, 2023.

 

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Income tax expense, including excise tax

The Fund has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Fund must, among other things, timely distribute to its shareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders which will generally relieve the Fund from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. No excise tax expense was incurred in the nine months ended September 30, 2024.

Net increase (decrease) in net assets resulting from operations

The net increase in net assets applicable to common shareholders resulting from operations was $12.2 million and $8.4 million, respectively for the three months ended September 30, 2024 and 2023.

The net increase in net assets applicable to common shareholders resulting from operations was $28.1 million and $20.0 million, respectively for the nine months ended September 30, 2024 and 2023.

Liquidity and capital resources

Our liquidity and capital resources are expected to be generated primarily through the offerings of the Fund's common shares, borrowings under the Credit Facility and the Revolving Credit Facility, and cash flows from operations, including investments sales and repayments and income earned from investments and cash equivalents. The primary uses of cash have been investments in portfolio companies and other general corporate purposes.

Our primary uses of cash are expected to be for investments in portfolio companies and other investments, for operational costs such as paying the Investment Adviser and Administrator, for costs related to our credit facility and for distributions to our shareholders.

The Investment Adviser has agreed to pay all of our organization and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund’s systems and those of our participating brokers, reasonable bona fide due diligence expenses of participating brokers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of our transfer agent, fees to attend retail seminars sponsored by participating brokers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, brokers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through the commencement of the Fund’s operations.

Pursuant to the Fee Waiver and Expense Support and Reimbursement Agreement we have entered into with the Investment Adviser, we will be obligated to reimburse the Investment Adviser for expenses during the 36 months following the commencement of the Fund’s operations, to the extent that the Fund’s annual Operating Expenses do not exceed 1.25% of the value of the Fund’s net assets, calculated monthly based on month-end net assets of the Fund.

On June 3, 2022, BlackRock Private Credit Fund Leverage I, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $200 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent (the “Credit Facility”). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of Middle Market Loans is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%. The Credit Facility also accrues commitment fees on any undrawn amounts at an annual rate of 0.50%, or 0.35% for the period from the closing date of the Credit Facility to the three-month anniversary of the closing date. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility (the “Amendment”). The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility (the "Second Amendment"). The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million, and increased the facility margin level applicable to the borrower. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are

 

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considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act. As of September 30, 2024, there was $217.0 million drawn on the Credit Facility.

On April 19, 2024, the Fund entered into a Senior Secured Credit Agreement for a $75 million revolving credit facility (the “Revolving Credit Facility”) with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The Revolving Credit Facility matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility will be guaranteed by certain domestic subsidiaries of the Fund that are formed or acquired by the Fund in the future (collectively, the “Guarantors”). The Revolving Credit Facility is secured by substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions. Under the Revolving Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Revolving Credit Facility includes usual and customary events of default for credit facilities of this nature. As of September 30, 2024, there were no outstanding loans on the Revolving Credit Facility.

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act (“SBCAA”) was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. After obtaining shareholder approval by written consent on March 16, 2022, the Fund’s asset coverage requirement was reduced from 200% to 150%, as set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As of September 30, 2024, the Fund's asset coverage ratio was 341%.

Net cash used in operating activities for the nine months ended September 30, 2024 was $308.5 million, consisting primarily of the settlement of acquisitions of investments (net of dispositions) of $334.8 million, and net investment income (net of non-cash income and expenses) of approximately $26.3 million.

Net cash provided by financing activities was $311.4 million for the nine months ended September 30, 2024, consisting primarily of $259.9 million in proceeds from share issuances, $61.0 million in credit facility draws (net of repayments), offset by $7.4 million dividends paid in cash to shareholders, $1.2 million payments of debt issuance costs and $0.9 million payments of repurchased shares.

At September 30, 2024, we had $23.3 million in cash and cash equivalents.

 

61


 

Share Transactions

The following table summarizes transactions in Common Shares for the nine months ended September 30, 2024 and 2023:

 

 

 

Nine Months Ended September 30, (1)

 

 

 

2024

 

 

2023

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Institutional Class

 

 

 

 

 

 

 

 

 

 

 

 

Subscriptions

 

 

9,828,247

 

 

$

244,223,463

 

 

 

2,389,554

 

 

$

58,353,818

 

Share transfers between classes

 

 

 

 

 

 

 

 

 

 

 

 

Distributions reinvested

 

 

853,451

 

 

 

21,225,456

 

 

 

440,643

 

 

 

10,721,128

 

Share Repurchases

 

 

(34,563

)

 

 

(861,847

)

 

 

 

 

 

 

Early Repurchase Deduction

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease)

 

 

10,647,135

 

 

$

264,587,072

 

 

 

2,830,197

 

 

$

69,074,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class S

 

 

 

 

 

 

 

 

 

 

 

 

Subscriptions

 

 

1,110,203

 

 

 

27,575,000

 

 

 

 

 

 

 

Share transfers between classes

 

 

 

 

 

 

 

 

 

 

 

 

Distributions reinvested

 

 

 

 

 

 

 

 

 

 

 

 

Share Repurchases

 

 

 

 

 

 

 

 

 

 

 

 

Early Repurchase Deduction

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease)

 

 

1,110,203

 

 

 

27,575,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class D

 

 

 

 

 

 

 

 

 

 

 

 

Subscriptions

 

 

222

 

 

 

5,500

 

 

 

 

 

 

 

Share transfers between classes

 

 

 

 

 

 

 

 

 

 

 

 

Distributions reinvested

 

 

 

 

 

 

 

 

 

 

 

 

Share Repurchases

 

 

 

 

 

 

 

 

 

 

 

 

Early Repurchase Deduction

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease)

 

 

222

 

 

 

5,500

 

 

 

 

 

 

 

______________________

(1)
Class S commenced operations on June 1, 2024 and Class D commenced operations on August 1, 2024.

The following table presents information with respect to the Fund's repurchases for the nine months ended September 30, 2024:

Repurchase request deadline

 

Number of Shares Repurchased
(All Classes)

 

 

Percentage of Outstanding Shares Repurchased(1)

 

 

Price Paid Per Share

 

 

Repurchase Pricing Date

 

Amount Repurchased
(All Classes)
(2)

 

 

Maximum number of shares that may yet be repurchased(3)

 

February 29, 2024

 

 

23,540

 

 

 

0.2

%

 

$

24.98

 

 

March 31, 2024

 

$

588,029

 

 

 

 

May 31, 2024

 

 

11,023

 

 

 

0.1

%

 

$

24.84

 

 

June 30, 2024

 

$

273,818

 

 

 

 

August 30, 2024

 

 

112,300

 

 

 

0.5

%

 

$

24.77

 

 

September 30, 2024

 

$

2,781,862

 

 

 

 

______________________

(1)
Percentage is based on total shares as of the close of the previous calendar quarter.
(2)
Net of Early Repurchase Deduction (if any).
(3)
All repurchase requests were satisfied in full.

Contractual obligations

We have entered into several contracts under which we have future commitments. Pursuant to the Advisory Agreement, the Investment Adviser manages our day-to-day operations and provides investment advisory services to us. Payments under the Advisory Agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive fee, plus reimbursement of certain expenses incurred by the Investment Adviser. Under our Administration Agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the Administration Agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us, and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Investment Adviser for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering,

 

62


 

capitalization, operation or administration and any portfolio investments, as applicable. The Investment Adviser is not responsible for any of the foregoing expenses. The Fund may terminate each of the Advisory Agreement and Administration Agreement without penalty upon not less than 60 days’ written notice to the other party and the Investment Adviser and the Administrator may terminate the Advisory Agreement or Administration Agreement, as applicable, without penalty upon not less than 120 days’ written notice to the other party. The Sub-Advisory Agreement may be terminated as a whole at any time by the Fund without the payment of any penalty, upon the vote of a majority of the Board of Trustees or a majority of the outstanding voting securities of the Fund or by the Investment Adviser or the Sub-Adviser, on 60 days’ written notice by either party to the other.

On June 3, 2022, the Fund entered into the Credit Facility, a $200 million revolving credit facility that matures on June 3, 2032 and generally bears interest at a floating rate. On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility. The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility. The Second Amendment increased the total revolving commitments from $50.0 million to $75.0 million, increased total term commitments from $150.0 million to $225.0 million, and increased the facility margin level applicable to the borrower. The Credit Facility includes usual and customary events of default for credit facilities of this nature. As of September 30, 2024, there was $217.0 million drawn on the Credit Facility.

On April 19, 2024, the Fund entered into the Revolving Credit Facility that matures on April 19, 2029 and generally bears interest at either (i) term SOFR plus a credit spread adjustment plus margin of 2.00% or 1.875% per annum or (ii) the prime rate plus a margin of 2.00% or 1.875% per annum, in each case subject to certain conditions. The Fund may elect either the term SOFR or prime rate at the time of drawdown. The Revolving Credit Facility includes usual and customary events of default for credit facilities of this nature. As of September 30, 2024, there were no outstanding loans on the Revolving Credit Facility.

We cannot assure shareholders that we will be able to enter into any other credit facilities on favorable terms or at all. In connection with any other credit facilities or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations. Borrowings under the Credit Facility and the Revolving Credit Facility are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act.

Distributions

Our dividends and distributions to shareholders, if any, are determined and declared by our Board of Trustees and are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to shareholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure shareholders that they will receive any distributions or distributions at a particular level.

Institutional Class Shares

The following tables summarize the Fund’s dividends declared and paid for the Institutional Class shares nine months ended September 30, 2024 and 2023:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount Per Share

 

 

Total Amount

 

January 26, 2024

 

January 30, 2024

 

February 27, 2024

 

Regular

 

$

0.23

 

 

$

2,348,876

 

February 23, 2024

 

February 28, 2024

 

March 27, 2024

 

Regular

 

 

0.23

 

 

 

2,471,608

 

March 26, 2024

 

March 28, 2024

 

April 26, 2024

 

Regular

 

 

0.23

 

 

 

2,572,189

 

April 24, 2024

 

April 29, 2024

 

May 29, 2024

 

Regular

 

 

0.23

 

 

 

2,817,179

 

May 24, 2024

 

May 30, 2024

 

June 26, 2024

 

Regular

 

 

0.23

 

 

 

2,983,344

 

June 26, 2024

 

June 27, 2024

 

July 29, 2024

 

Regular

 

 

0.23

 

 

 

3,183,325

 

July 26, 2024

 

July 30, 2024

 

August 28, 2024

 

Regular

 

 

0.23

 

 

 

3,812,774

 

August 23, 2024

 

August 29, 2024

 

September 26, 2024

 

Regular

 

 

0.23

 

 

 

4,370,691

 

September 25, 2024

 

September 27, 2024

 

October 29, 2024

 

Regular

 

 

0.23

 

 

 

4,658,792

 

 

 

 

 

 

 

 

 

$

2.07

 

 

$

29,218,778

 

 

 

63


 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount Per Share

 

 

Total Amount

 

January 30, 2023

 

January 30, 2023

 

February 27, 2023

 

Regular

 

$

0.17

 

 

$

890,298

 

February 15, 2023

 

February 22, 2023

 

March 27, 2023

 

Regular

 

 

0.18

 

 

 

1,012,545

 

March 24, 2023

 

March 29, 2023

 

April 26, 2023

 

Regular

 

 

0.20

 

 

 

1,181,081

 

April 25, 2023

 

April 27, 2023

 

May 26, 2023

 

Regular

 

 

0.21

 

 

 

1,304,322

 

May 26, 2023

 

May 30, 2023

 

June 27, 2023

 

Regular

 

 

0.21

 

 

 

1,340,292

 

June 30, 2023

 

June 30, 2023

 

July 26, 2023

 

Regular

 

 

0.21

 

 

 

1,379,449

 

July 27, 2023

 

July 28, 2023

 

August 28, 2023

 

Regular

 

 

0.21

 

 

 

1,429,513

 

August 31, 2023

 

August 30, 2023

 

September 26, 2023

 

Regular

 

 

0.22

 

 

 

1,588,580

 

September 29, 2023

 

September 29, 2023

 

October 26, 2023

 

Regular

 

 

0.22

 

 

 

1,715,730

 

 

 

 

 

 

 

 

$

1.83

 

 

$

11,841,810

 

 

Class S Shares

The following table summarizes the Fund's dividends declared for the Class S shares nine months ended September 30, 2024. No Class S shares were outstanding for the nine months ended September 30, 2023.

Date Declared (1)

 

Record Date

 

Payment Date

 

Type

 

Gross Amount
Per Share

 

 

Amount Per Share Net of Shareholder Servicing
 and/or Distribution Fees

 

 

Gross
Amount

 

 

Net
 Amount

 

June 26, 2024

 

June 27, 2024

 

July 29, 2024

 

Regular

 

$

0.23

 

 

$

0.21

 

 

$

68,922

 

 

$

63,626

 

July 26, 2024

 

July 30, 2024

 

August 28, 2024

 

Regular

 

 

0.23

 

 

 

0.21

 

 

 

142,491

 

 

 

131,591

 

August 23, 2024

 

August 29, 2024

 

September 26, 2024

 

Regular

 

 

0.23

 

 

 

0.21

 

 

 

201,157

 

 

 

185,825

 

September 25, 2024

 

September 27, 2024

 

October 29, 2024

 

Regular

 

 

0.23

 

 

 

0.21

 

 

 

255,347

 

 

 

235,807

 

 

 

 

 

 

 

 

$

0.92

 

 

$

0.84

 

 

$

667,917

 

 

$

616,848

 

Class D Shares

The following table summarizes the Fund's dividends declared for the Class D shares nine months ended September 30, 2024. No Class D shares were outstanding for the nine months ended September 30, 2023.

Date Declared (1)

 

Record Date

 

Payment Date

 

Type

 

Gross Amount
Per Share

 

 

Amount Per Share Net of Shareholder Servicing
 and/or Distribution Fees

 

 

Gross
Amount

 

 

Net
 Amount

 

August 23, 2024

 

August 29, 2024

 

September 26, 2024

 

Regular

 

$

0.23

 

 

$

0.22

 

 

$

28

 

 

$

27

 

September 25, 2024

 

September 27, 2024

 

October 29, 2024

 

Regular

 

 

0.23

 

 

 

0.22

 

 

 

51

 

 

 

50

 

 

 

 

 

 

 

 

$

0.46

 

 

$

0.44

 

 

$

79

 

 

$

77

 

_____________________________________________

(1)
Class D commenced operations on August 1, 2024.

Tax characteristics of any distributions are reported to shareholders on Form 1099-DIV or Form 1042-S after the end of the calendar year.

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our shareholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and
certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our shareholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

 

64


 

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to pay a large portion of a dividend in our common Shares instead of in cash. As long as a sufficient portion of such dividend is paid in cash (which portion can generally be as low as 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

The Fund has entered into an Advisory Agreement with the Investment Adviser.
The Fund and the Investment Adviser have entered into the Sub-Advisory Agreement with the Sub-Adviser.
The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Investment Adviser.
We have entered into a royalty-free license agreement with BlackRock and the Investment Adviser, pursuant to which each of BlackRock and the Investment Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock".
The Fund and the Distributor have entered into the Distribution Agreement.

The Advisers and their affiliates, employees and associates currently do and, in the future, may manage other funds and accounts. The Advisers and their affiliates may determine that an investment is appropriate for us and for one or more of those other funds or accounts. Accordingly, conflicts may arise regarding the allocation of investments or opportunities among us and those accounts. In general, the Advisers will allocate investment opportunities pro rata among us and the other funds and accounts (assuming the investment satisfies the objectives of each) based on the amount of committed capital each then has available. The allocation of certain investment opportunities in private placements is subject to independent director approval pursuant to the terms of the co-investment exemptive order applicable to us. In certain cases, investment opportunities may be made other than on a pro rata basis. For example, we may desire to retain an asset at the same time that one or more other funds or accounts desire to sell it or we may not have additional capital to invest at a time the other funds or accounts do. If the Advisers are unable to manage our investments effectively, we may be unable to achieve our investment objective. In addition, the Advisers may face conflicts in allocating investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflict of interests and investments made pursuant to the exemptive order conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.

Recent Developments

On October 1, 2024, the Fund accepted $38,173,458 of additional subscriptions, to purchase $28,205,458 of additional Institutional shares, $6,968,000 of additional Class S shares and $3,000,000 of additional Class D shares, par value $0.001 per share. On October 21, 2024, the number of shares being purchased was fixed when the purchase price of $24.7717 per Institutional, Class S shares and Class D shares were determined by the Fund. As a result, the Fund issued 1,138,616 Institutional shares, 281,289 Class S shares and 121,106 Class D shares and received $38,173,458 in proceeds.

On October 24, 2024, the Fund declared a regular distribution as follows:

 

65


 

 

 

Gross Distribution

 

 

Shareholder Servicing and/or Distribution Fee

 

 

Net Distribution

 

Institutional Shares

 

$

0.2300

 

 

$

 

 

$

0.2300

 

Class S Shares

 

 

0.2300

 

 

 

0.0175

 

 

 

0.2125

 

Class D Shares

 

 

0.2300

 

 

 

0.0052

 

 

 

0.2248

 

The distribution will be payable to shareholders of record at the close of business on October 30, 2024 and will be paid on November 27, 2024. The distribution will be paid in cash or reinvested in Fund shares for shareholders participating in the Fund’s distribution reinvestment plan.

On October 30, 2024, the Board of Trustees of the Fund appointed Philip Tseng to the Board of Trustees of the Fund and appointed him as Chair of the Board of Trustees, each effective as of the close of business on January 31, 2025. Mr. Tseng is a Managing Director of BlackRock, Inc. Mr. Tseng serves on the Board of Directors of BlackRock Direct Lending Corp. (“BDLC”) and BlackRock TCP Capital Corp. (“TCPC”). Mr. Tseng currently serves as President of the Fund, TCPC and BDLC. Effective as of the close of business on November 6, 2024, Mr. Tseng will cease to serve as the President of the Fund, TCPC and BDLC and will start to serve as the Chief Executive Officer of the Fund, TCPC and BDLC. Mr. Tseng also was named Chair of the Board of BDLC and TCPC, each effective as of the close of business on November 6, 2024.

On November 1, 2024, the Fund priced its private offering of $125 million aggregate principal amount of notes comprised of $70 million of 7.14% senior unsecured notes due November 18, 2027 (the “Tranche A Notes”) and $55 million of 7.33% senior unsecured notes due January 22, 2030 (the “Tranche B Notes”, and together with the Tranche A Notes, “Notes”). The Tranche A Notes are expected to be issued on or around November 18, 2024 and the Tranche B Notes are expected to be issued on or around January 22, 2025, in each case subject to customary closing conditions.

On November 4, 2024, the Fund entered into Amendment No. 1 to the Revolving Credit Facility (the “First Amendment”) with Sumitomo Mitsui Banking Corporation, as administrative agent, and the lenders and issuing banks from time to time parties thereto. The First Amendment increased the total revolving commitments from $75.0 million to $150.0 million, while maintaining all other terms of the Senior Secured Credit Agreement entered on April 19, 2024.

 

66


 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At September 30, 2024, 99.9% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At September 30, 2024, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 82.0%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. 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. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2024, the following table shows the annual impact on net investment income (excluding the related incentive fee impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:

 

Basis Point Change

 

Net Investment Income

 

 

Net Investment Income Per Share

 

Up 300 basis points

 

$

17,106,460

 

 

$

0.80

 

Up 200 basis points

 

 

11,404,306

 

 

 

0.53

 

Up 100 basis points

 

 

5,702,153

 

 

 

0.27

 

Down 100 basis points

 

 

(5,702,153

)

 

 

(0.27

)

Down 200 basis points

 

 

(11,404,306

)

 

 

(0.53

)

Down 300 basis points

 

 

(17,106,460

)

 

 

(0.80

)

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and 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.

Internal Control Over Financial Reporting

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

 

67


 

Part II – Other Information

Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, as of September 30, 2024, we are currently not a party to any pending material legal proceedings.

Item 1A. Risk Factors

In addition to other information set forth in this report, you should carefully consider the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report”), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report and discussed below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

We are dependent upon senior management personnel of the Advisor for our future success; if the Advisor is unable to retain qualified personnel or if the Advisor loses any member of its senior management team, our ability to achieve our investment objective could be significantly harmed.

The success of the Fund is highly dependent on the financial and managerial expertise of the Advisor. The loss of one or more of the voting members of the Investment Committee could have a material adverse effect on the performance of the Fund. Although the Advisor and the voting members of the Investment Committee devote a significant amount of their respective efforts to the Fund, they actively manage investments for other clients and are not required to (and will not) devote all of their time to the Fund’s affairs. In addition, in connection with the acquisition of TCP (a wholly-owned subsidiary of the Advisor) by BlackRock in August 2018, certain senior members of the Advisor's investment team and other key advisory personnel were granted retention bonuses. As the last of such retention bonuses have recently been paid, there may be less economic incentive for certain senior investment team members and certain other key personnel to remain with the Advisor than in prior periods. Certain members of the Advisor's investment team that received such bonuses have left the firm. The loss of key members of the Advisor’s investment team, or a material portion of other key advisory personnel, could have a material adverse effect on the performance of the Fund if the Advisor were unable to replace such persons in a timely manner.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Refer to our Current Reports on Form 8-K filed with the SEC on January 26, 2024, February 23, 2024, March 27, 2024, April 24, 2024, May 24, 2024, June 26, 2024, July 26, 2024, August 26, 2024 and September 25, 2024 for information about unregistered sales of our equity securities during the quarter.

The following table presents information with respect to the Fund's repurchases for the nine months ended September 30, 2024:

 

Repurchase request deadline

 

Number of Shares Repurchased
(All Classes)

 

 

Percentage of Outstanding Shares Repurchased(1)

 

 

Price Paid Per Share

 

 

Repurchase Pricing Date

 

Amount Repurchased
(All Classes)
(2)

 

 

Maximum number of shares that may yet be repurchased(3)

 

February 29, 2024

 

 

23,540

 

 

 

0.2

%

 

$

24.98

 

 

March 31, 2024

 

$

588,029

 

 

 

 

May 31, 2024

 

 

11,023

 

 

 

0.1

%

 

$

24.84

 

 

June 30, 2024

 

$

273,818

 

 

 

 

August 30, 2024

 

 

112,300

 

 

 

0.5

%

 

$

24.77

 

 

September 30, 2024

 

$

2,781,862

 

 

 

 

______________________

(1)
Percentage is based on total shares as of the close of the previous calendar quarter.
(2)
Net of Early Repurchase Deduction (if any).
(3)
All repurchase requests were satisfied in full.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

 

68


 

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

 

Number

 

Description

3.1

 

Certificate of Trust of the Registrant(1)

3.2

 

Amended and Restated Agreement and Declaration of Trust of the Registrant(1)

3.3

 

Second Amended and Restated Agreement and Declaration of Trust of the Registrant(2)

3.4

 

Third Amended and Restated Agreement and Declaration of Trust of the Registrant(3)

3.5

 

Fourth Amended and Restated Agreement and Declaration of Trust of the Registrant(4)

3.6

 

Bylaws of the Registrant(2)

3.7

 

Amended and Restated Bylaws of the Registrant(2)

3.8

 

Second Amended Restated Bylaws of the Registrant (6)

10.1

 

Second Amended and Restated Advisory Agreement*

10.2

 

Amended and Restated Distribution and Shareholder Servicing Plan of Registrant(5)

31.1

 

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

31.2

 

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

32.1

 

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)*

101.INS

 

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

(1)
Previously filed as an exhibit to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-262035) filed on April 14, 2022 and incorporated herein by reference.
(2)
Previously filed as an exhibit to Pre-Effective Amendment No. 2 to the Registrant’s Registration Statement on Form N-2 (File No. 333-262035) filed on May 20, 2022 and incorporated herein by reference.
(3)
Previously filed as an exhibit to Post-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-262035) filed on August 30, 2022 and incorporated herein by reference.
(4)
Previously filed with the Registrant’s Form 8-K dated as of November 2, 2022 and incorporated herein by reference.
(5)
Previously filed with the Registrant’s Form 8-K dated as of February 27, 2024 and incorporated herein by reference.
(6)
Previously filed with the Registrant’s Form 8-K dated as of August 2, 2024 and incorporated herein by reference.

 

69


 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

BlackRock Private Credit Fund

 

Date: November 6, 2024

By:

/s/ Rajneesh Vig

 

Name:

Rajneesh Vig

 

Title:

Trustee and Chief Executive Officer

 

 

 

Date: November 6, 2024

By:

/s/ Erik L. Cuellar

 

Name:

Erik L. Cuellar

 

Title:

Chief Financial Officer

 

 

70