10-Q 1 d180933d10q.htm AB PRIVATE CREDIT INVESTORS CORPORATION AB Private Credit Investors Corporation
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-01196

 

 

AB Private Credit Investors Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   47-5049745
(State of incorporation)  

(I.R.S. Employer

Identification No.)

1345 Avenue of the Americas

New York, NY 10105

(Address of principal executive offices)

(212) 969-1000

(Registrant’s telephone number, including area code)

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

   

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

Common Stock, par value $0.01 per share

(Title of Class)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 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 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  ☒

The issuer had 27,535,738.485 shares of common stock, $0.01 par value per share, outstanding as of August 12, 2021.

 

 

 


Table of Contents

AB PRIVATE CREDIT INVESTORS CORPORATION

FORM 10-Q FOR THE QUARTER ENDED June 30, 2021

Table of Contents

 

    

INDEX

   PAGE
NO.
 

PART I.

   FINANCIAL INFORMATION      3  

Item 1.

  

Consolidated Financial Statements

     3  

Item 2.

  

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

     54  

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

     76  

Item 4.

  

Controls and Procedures

     77  

PART II.

   OTHER INFORMATION      77  

Item 1.

  

Legal Proceedings

     77  

Item 1A.

  

Risk Factors

     78  

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

     78  

Item 3.

  

Defaults Upon Senior Securities

     79  

Item 4.

  

Mine Safety Disclosures

     79  

Item 5.

  

Other Information

     79  

Item 6.

  

Exhibits

     79  

SIGNATURES

     

 

2


Table of Contents
Item 1.

Financial Statements

AB Private Credit Investors Corporation

Consolidated Statements of Assets and Liabilities

 

     As of
June 30, 2021
(Unaudited)
     As of
December 31,
2020
 

Assets

 

Investments, at fair value (amortized cost of $658,290,233 and $539,228,460, respectively)

   $ 660,412,884      $ 533,035,030  

Cash and cash equivalents

     57,266,507        22,410,622  

Receivable for investments sold

     3,225,273        80,413  

Interest receivable

     2,781,547        2,264,308  

Deferred financing costs

     2,351,629        1,648,701  

Prepaid expenses

     482,262        292,668  

Receivable for fund shares

     166,951        33,298,880  

Other assets

     —          879  
  

 

 

    

 

 

 

Total assets

   $ 726,687,053      $ 593,031,501  
  

 

 

    

 

 

 

Liabilities

 

Credit facility payable

   $ 224,650,000      $ 130,700,000  

Notes payable (net of unamortized discount of $24,139 and $26,440, respectively, and debt issuance costs of $1,234,394 and $1,786,062, respectively)

     211,891,467        211,337,498  

Payable for Fund shares repurchased

     11,220,395        —    

Incentive fee payable

     3,749,557        2,353,074  

Interest and borrowing expenses payable

     2,223,638        1,554,186  

Distribution payable

     2,222,832        1,541,994  

Management fees payable

     2,167,186        1,533,338  

Professional fees payable

     1,070,785        484,248  

Payable to Adviser

     673,584        1,568,252  

Insurance payable

     525,450        —    

Administrator and custodian fees payable

     334,748        136,170  

Accrued expenses and other liabilities

     28,221        —    

Transfer agent fees payable

     19,349        13,809  

Miscellaneous payable

     1,840        1,840  

Accrued organization costs

     —          106,510  

Secured borrowings

     —          18,870,856  

Due to affiliate

     —          469,453  
  

 

 

    

 

 

 

Total liabilities

   $ 460,779,052      $ 370,671,228  
  

 

 

    

 

 

 

Commitments and Contingencies (Note 6)

 

Net Assets

 

Common stock, par value $0.01 per share (200,000,000 shares authorized, 27,550,916 and 23,775,222 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively)

     275,509        237,752  

Paid-in capital in excess of par value

     263,059,733        227,482,784  

Distributable earnings (accumulated loss)

     2,569,179        (5,360,904
  

 

 

    

 

 

 

Total net assets of AB Private Credit Investors Corporation

   $ 265,904,421      $ 222,359,632  
  

 

 

    

 

 

 

Non-Controlling Interest in ABPCIC Equity Holdings, LLC

   $ 3,580      $ 641  
  

 

 

    

 

 

 

Total net assets

   $ 265,908,001      $ 222,360,273  
  

 

 

    

 

 

 

Total liabilities and net assets

   $ 726,687,053      $ 593,031,501  
  

 

 

    

 

 

 

Net asset value per share of AB Private Credit Investors Corporation

   $ 9.65      $ 9.35  
  

 

 

    

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

3


Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Operations

 

     For the three months ended
June 30,
    For the six months ended
June 30,
 
     2021     2020     2021     2020  

Investment Income:

 

Interest income, net of amortization/accretion

   $ 11,844,710     $ 7,282,328     $ 22,221,894     $ 14,334,628  

Payment-in-kind interest

     330,125       155,549       705,608       361,900  

Other fee income

     224,593       118,711       331,686       301,311  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     12,399,428       7,556,588       23,259,188       14,997,839  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

 

Interest and borrowing expenses

     3,262,203       2,018,098       5,867,256       4,586,765  

Management fees

     2,365,977       1,443,608       4,435,158       2,795,959  

Income-based incentive fee

     755,421       287,407       1,396,483       1,056,430  

Professional fees

     514,671       333,328       1,063,723       880,597  

Collateral management fees

     459,915       458,890       914,258       917,949  

Administration and custodian fees

     177,836       99,726       340,887       191,509  

Insurance expenses

     189,522       44,568       335,856       112,164  

Directors’ fees

     50,000       50,000       100,000       100,000  

Transfer agent fees

     19,349       12,549       35,735       23,307  

Other expenses

     246,005       159,288       409,627       394,410  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     8,040,899       4,907,462       14,898,983       11,059,090  

Reimbursement payments to Adviser (See Note 3: Expense Support and Conditional Reimbursement Agreement)

     461,334       752,141       742,113       752,141  

Waived collateral management fees

     (459,915     (458,890     (914,258     (917,949

Expense reimbursement from Adviser

     —         —         —         (89,757

Waived management fees

     (198,234     (219,045     (381,235     (1,446,091

Waived incentive fees

     —         —         —         (486,784
  

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     7,844,084       4,981,668       14,345,603       8,870,650  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income before taxes

     4,555,344       2,574,920       8,913,585       6,127,189  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     4,555,344       2,574,920       8,913,585       6,127,189  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and change in unrealized gains (losses) on investment transactions:

 

Net realized gain (loss) from investments

     (445,535     15,185       (386,065     1,816  

Net change in unrealized appreciation (depreciation) on investments

     6,562,472       2,135,998       8,316,081       (16,900,230
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and change in unrealized gains (losses) on investment transactions

     6,116,937       2,151,183       7,930,016       (16,898,414
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

   $ 10,672,281     $ 4,726,103     $ 16,843,601     $ (10,771,225
  

 

 

   

 

 

   

 

 

   

 

 

 

Less: Net increase (decrease) in net assets resulting from operations related to Non-Controlling Interest in ABPCIC Equity Holdings, LLC

   $ 205     $ —       $ 12     $ —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations related to AB Private Credit Investors Corporation

   $ 10,672,076     $ 4,726,103     $ 16,843,589     $ (10,771,225
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income per share (basic and diluted):

 

Net investment income per share (basic and diluted):

   $ 0.17     $ 0.13     $ 0.33     $ 0.36  

Earnings per share (basic and diluted):

   $ 0.39     $ 0.24     $ 0.63     $ (0.63

Weighted average shares outstanding:

     27,381,626       19,730,814       26,909,514       17,207,139  

See Notes to Unaudited Consolidated Financial Statements

 

4


Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

 

     Common Stock                          
     Shares     Par
Amount
    Paid in
Capital in
Excess of Par
    Distributable
Earnings
    Non-Controlling
Interest -
ABPCIC
Equity
Holdings,
LLC
    Total
Net Assets
 

Net assets at March 31, 2021

     26,833,819     $ 268,338     $ 256,266,884     $ (3,547,413   $ 3,073     $ 252,990,882  

Increase (decrease) in net assets resulting from operations:

 

Net investment income

     —         —         —         4,555,508       (164     4,555,344  

Net realized gain (loss) on investments

     —         —         —         (445,535     —         (445,535

Net change in unrealized appreciation (depreciation) on investments

     —         —         —         6,562,103       369       6,562,472  

Capital transactions:

 

Issuance of common stock

     1,637,964       16,379       15,671,385       —         —         15,687,764  

Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC

     —         —         —         —         302       302  

Issuance of common shares pursuant to distribution reinvestment plan

     241,688       2,417       2,330,234       —         —         2,332,651  

Repurchase of common stock

     (1,162,555     (11,625     (11,208,770     —         —         (11,220,395

Distributions to stockholders

     —         —         —         (4,555,484     —         (4,555,484
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total increase (decrease) for the three months ended June 30, 2021

     717,097       7,171       6,792,849       6,116,592       507       12,917,119  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets at June 30, 2021

     27,550,916     $ 275,509     $ 263,059,733     $ 2,569,179     $ 3,580     $ 265,908,001  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions declared per share

     —       $ —       $ —       $ 0.16     $ —       $ 0.16  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets at December 31, 2020

     23,775,222     $ 237,752     $ 227,482,784     $ (5,360,904   $ 641     $ 222,360,273  

Increase (decrease) in net assets resulting from operations:

 

Net investment income

     —         —         —         8,914,006       (421     8,913,585  

Net realized gain (loss) on investments

     —         —         —         (386,065     —         (386,065

Net change in unrealized appreciation (depreciation) on investments

     —         —         —         8,315,648       433       8,316,081  

Capital transactions:

 

Issuance of common stock

     5,639,945       56,399       53,340,364       —         —         53,396,763  

Contribution of non-controlling interest into ABPCIC Equity Holdings, LLC

     —         —         —         —         2,927       2,927  

Issuance of common shares pursuant to distribution reinvestment plan

     471,592       4,716       4,495,503       —         —         4,500,219  

Repurchase of common stock

     (2,335,843     (23,358     (22,258,918     —         —         (22,282,276

Distributions to stockholders

     —         —         —         (8,913,506     —         (8,913,506
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total increase (decrease) for the six months ended June 30, 2021

     3,775,694       37,757       35,576,949       7,930,083       2,939       43,547,728  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets at June 30, 2021

     27,550,916     $ 275,509     $ 263,059,733     $ 2,569,179     $ 3,580     $ 265,908,001  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions declared per share

     —       $ —       $ —       $ 0.32     $ —       $ 0.32  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

See Notes to Unaudited Consolidated Financial Statements

 

5


Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Changes in Net Assets

 

     Common Stock                             
     Shares      Par
Amount
     Paid in
Capital in
Excess of Par
     Distributable
Earnings
    Non-Controlling
Interest -
ABPCIC
Equity
Holdings,
LLC
     Total
Net Assets
 

Net assets at March 31, 2020

     19,729,143      $ 197,291      $ 189,821,799      $ (20,729,038   $ —        $ 169,290,052  

Increase (decrease) in net assets resulting from operations:

 

Net investment income

     —          —          —          2,574,920       —          2,574,920  

Net realized gain (loss) on investments

     —          —          —          15,185       —          15,185  

Net change in unrealized appreciation (depreciation) on investments

     —          —          —          2,135,998       —          2,135,998  

Capital transactions:

 

Issuance of common stock

     —          —          —          —         —          —    

Issuance of common shares pursuant to distribution reinvestment plan

     152,049        1,521        1,319,768        —         —          1,321,289  

Distributions to stockholders

     —          —          —          (2,572,039     —          (2,572,039
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total increase (decrease) for the three months ended June 30, 2020

     152,049        1,521        1,319,768        2,154,064       —          3,475,353  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net assets at June 30, 2020

     19,881,192      $ 198,812      $ 191,141,567      $ (18,574,974   $ —        $ 172,765,405  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Distributions declared per share

     —        $ —        $ —        $ 0.13     $ —        $ 0.13  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net assets at December 31, 2019

     14,627,401      $ 146,274      $ 146,096,298      $ (1,680,177   $ —        $ 144,562,395  

Increase (decrease) in net assets resulting from operations:

 

Net investment income

     —          —          —          6,127,189       —          6,127,189  

Net realized gain (loss) on investments

     —          —          —          1,816       —          1,816  

Net change in unrealized appreciation (depreciation) on investments

     —          —          —          (16,900,230     —          (16,900,230

Capital transactions:

 

Issuance of common stock

     4,876,625        48,766        41,796,086        —         —          41,844,852  

Issuance of common shares pursuant to distribution reinvestment plan

     377,166        3,772        3,249,183        —         —          3,252,955  

Distributions to stockholders

     —          —          —          (6,123,572     —          (6,123,572
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total increase (decrease) for the six months ended June 30, 2020

     5,253,791        52,538        45,045,269        (16,894,797     —          28,203,010  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Net assets at June 30, 2020

     19,881,192      $ 198,812      $ 191,141,567      $ (18,574,974   $  —        $ 172,765,405  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Distributions declared per share

     —        $ —        $ —        $ 0.37     $ —        $ 0.37  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

See Notes to Consolidated Unaudited Financial Statements

 

6


Table of Contents

AB Private Credit Investors Corporation

Unaudited Consolidated Statements of Cash Flows

 

     Six Months
Ended
June 30, 2021
    Six Months
Ended
June 30, 2020
 

Cash flows from operating activities

 

Net increase (decrease) in net assets resulting from operations

   $ 16,843,601     $ (10,771,225

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

 

Purchases of investments

     (185,417,545     (96,712,637

Payment-in-kind investments

     (705,608     (361,900

Proceeds from sales of investments and principal repayments

     68,355,802       19,947,997  

Net realized (gain) loss on investments

     386,065       (1,816

Net change in unrealized (appreciation) depreciation on investments

     (8,316,081     16,900,230  

Amortization of premium and accretion of discount, net

     (1,680,487     (959,961

Amortization of discount, debt issuance and deferred financing costs

     1,132,224       472,205  

Increase (decrease) in operating assets and liabilities:

 

(Increase) decrease in receivable for investments sold

     (3,144,860     264,259  

(Increase) decrease in interest receivable

     (517,239     (158,145

(Increase) decrease in other assets

     879       —    

(Increase) decrease in prepaid expenses

     (189,594     112,166  

Increase (decrease) in due to affiliate

     (469,453     —    

Increase (decrease) in management fees payable

     633,848       170,868  

Increase (decrease) in payable to Adviser

     (894,668     653,356  

Increase (decrease) in administrator and custodian fees payable

     198,578       (54,397

Increase (decrease) in professional fees payable

     586,537       541,145  

Increase (decrease) in miscellaneous payable

     —         (25,295

Increase (decrease) in incentive fees payable

     1,396,483       569,638  

Increase (decrease) in directors’ fees payable

     —         50,000  

Increase (decrease) in transfer agent fees payable

     5,540       3,152  

Increase (decrease) in insurance payable

     525,450       —    

Increase (decrease) in interest and borrowing expenses payable

     669,452       (1,947,569

Increase (decrease) in accrued organization costs

     (106,510     —    

Increase (decrease) in accrued expenses and other liabilities

     28,221       101,996  
  

 

 

   

 

 

 

Net cash provided by (used for) operating activities

     (110,679,365     (71,205,933
  

 

 

   

 

 

 

Cash flows from financing activities

 

Issuance of common stock

     86,528,692       61,724,129  

Contribution of Non-Controlling Interest into ABPCIC Equity Holdings, LLC

     2,927       —    

Repurchase of common stock

     (11,061,881     —    

Distributions paid

     (3,732,449     (2,584,061

Financing costs paid

     (1,281,183     —    

Borrowings on credit facility

     227,950,000       62,000,000  

Repayments of credit facility

     (134,000,000     (50,500,000

Repayments on secured borrowings

     (18,870,856     —    
  

 

 

   

 

 

 

Net cash provided by (used for) financing activities

     145,535,250       70,640,068  
  

 

 

   

 

 

 

Net increase (decrease) in cash

     34,855,885       (565,865

Cash and cash equivalents, beginning of period

     22,410,622       14,931,791  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 57,266,507     $ 14,365,926  
  

 

 

   

 

 

 

Supplemental and non-cash financing activities

 

Cash paid during the period for interest

   $ 3,936,353     $ 6,021,999  

Issuance of common shares pursuant to distribution reinvestment plan

   $ 4,500,219     $ 3,252,955  

See Notes to Unaudited Consolidated Financial Statements

 

7


Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of June 30, 2021

(Unaudited)

 

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  
Investments at Fair Value —248.36% + * # ^  
U.S. Corporate Debt —238.63%  
1st Lien/Senior Secured Debt —234.31%  

AmerCareRoyal, LLC(1) (2)

  Business Services   Delayed Draw Term Loan   6.00% (L + 5.00%; 1.00% Floor)     11/25/2025     $ —       $ (5,622   $ —    

AmerCareRoyal, LLC(3)

  Business Services   Incremental Term Loan   6.00% (L + 5.00%; 1.00% Floor)     11/25/2025       540,832       540,832       540,832  

AmerCareRoyal, LLC(4)

  Business Services   Term Loan   6.00% (L + 5.00%; 1.00% Floor)     11/25/2025       4,508,964       4,474,177       4,508,964  

BEP Borrower Holdco, LLC(3) (5)

  Business Services   Delayed Draw Term Loan
A
  5.25% (L + 4.25%; 1.00% Floor)     06/12/2024       1,288,304       1,274,344       1,278,642  

BEP Borrower Holdco, LLC(1) (2)

  Business Services   Revolver   5.25% (L + 4.25%; 1.00% Floor)     06/12/2024       —         (3,838     (3,221

BEP Borrower Holdco, LLC(4)

  Business Services   Term Loan A   5.25% (L + 4.25%; 1.00% Floor)     06/12/2024       3,435,477       3,402,973       3,409,711  

Engage2Excel, Inc.(4)

  Business Services   Incremental Term Loan   8.25% (L + 6.00%; 1.25% PIK; 1.00% Floor)     03/07/2023       1,034,899       1,025,226       1,019,375  

Engage2Excel, Inc.(1) (4)

  Business Services   Revolver   8.25% (L + 6.00%; 1.25% PIK; 1.00% Floor)     03/07/2023       261,768       259,007       256,051  

Engage2Excel, Inc.(4)

  Business Services   Term Loan   8.25% (L + 6.00%; 1.25% PIK; 1.00% Floor)     03/07/2023       2,982,500       2,958,849       2,937,763  

Foundation Risk Partners, Corp.(1)

  Business Services   First Lien Delayed Draw
Term Loan
  5.75% (L + 4.75%; 1.00% Floor)     11/10/2023       713,393       682,462       708,043  

Foundation Risk Partners, Corp.(5)

  Business Services   First Lien Term Loan   5.75% (L + 4.75%; 1.00% Floor)     11/10/2023       1,945,396       1,909,169       1,930,806  

Global Radar Holdings, LLC(3) (5)

  Business Services   Initial Term Loan   8.00% (L + 7.00%; 1.00% Floor)     12/31/2025       6,368,857       6,252,927       6,305,168  

Global Radar Holdings, LLC(1) (2)

  Business Services   Revolver   8.00% (L + 7.00%; 1.00% Floor)     12/31/2025       —         (10,504     (7,273

Higginbotham Insurance Agency, Inc.(1) (2)

  Business Services   Delayed Draw Term Loan   6.50% (L + 5.75%; 0.75% Floor)     11/25/2026       —         (11,318     —    

Higginbotham Insurance Agency, Inc.(3) (5)

  Business Services   Term Loan   6.50% (L + 5.75%; 0.75% Floor)     11/25/2026       5,922,501       5,841,322       5,922,501  

Metametrics, Inc.(1) (2)

  Business Services   Revolver   6.00% (L + 5.00%; 1.00% Floor)     09/10/2025       —         (9,169     —    

Metametrics, Inc.(3) (4)

  Business Services   Term Loan   6.00% (L + 5.00%; 1.00% Floor)     09/10/2025       4,904,707       4,831,535       4,904,707  

MSM Acquisitions, Inc.(3)

  Business Services   Delayed Draw Term Loan   7.00% (L + 6.00%, 1.00% Floor)     12/09/2026       3,051,082       2,992,737       3,012,944  

MSM Acquisitions, Inc.(1)

  Business Services   Revolver   8.25% (P + 5.00%, 2.00% Floor)     12/09/2026       918,784       896,519       903,471  

MSM Acquisitions, Inc.(4) (5)

  Business Services   Term Loan   7.00% (L + 6.00%, 1.00% Floor)     12/09/2026       7,313,520       7,173,377       7,222,101  

Rep Tec Intermediate Holdings,
Inc.(3)

  Business Services   Delayed Draw Term Loan   7.50% (L + 6.50%; 1.00% Floor)     06/19/2025       294,004       289,306       294,004  

Rep Tec Intermediate Holdings,
Inc.(1) (2)

  Business Services   Revolver   7.50% (L + 6.50%; 1.00% Floor)     06/19/2025       —         (7,067     —    

Rep Tec Intermediate Holdings,
Inc.(4) (5)

  Business Services   Term Loan   7.50% (L + 6.50%; 1.00% Floor)     06/19/2025       5,058,873       4,979,494       5,058,873  

Valcourt Holdings II, LLC(1)

  Business Services   Delayed Draw Term Loan   6.50% (L + 5.50%; 1.00% Floor)     01/07/2027       226,718       194,896       220,335  

Valcourt Holdings II, LLC(3)

  Business Services   First Amendment
Incremental Term Loan
  6.50% (L + 5.50%; 1.00% Floor)     01/07/2027       2,681,624       2,629,477       2,671,702  

Valcourt Holdings II, LLC(3) (4)

  Business Services   Term Loan   6.50% (L + 5.50%; 1.00% Floor)     01/07/2027       6,375,203       6,254,034       6,351,615  

AEG Holding Company, Inc.(4)

  Consumer Discretionary   Delayed Draw Term Loan   6.50% (L + 5.50%; 1.00% Floor)     11/20/2023       1,061,957       1,052,853       1,061,957  

AEG Holding Company, Inc.(5)

  Consumer Discretionary   First Amendment Term
Loan
  6.50% (L + 5.50%; 1.00% Floor)     11/20/2023       1,847,970       1,826,988       1,847,970  

AEG Holding Company, Inc.(1)

  Consumer Discretionary   Revolver   6.50% (L + 5.50%; 1.00% Floor)     11/20/2023       390,902       380,325       390,902  

AEG Holding Company, Inc.(4)

  Consumer Discretionary   Term Loan   6.50% (L + 5.50%; 1.00% Floor)     11/20/2023       6,012,787       5,959,322       6,012,787  

Blink Holdings, Inc.(4)

  Consumer Non-Cyclical   Delayed Draw Term Loan   4.50% (L + 3.50%; 1.00% Floor)     11/08/2024       1,178,697       1,170,532       1,043,147  

 

8

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  

Blink Holdings, Inc.

  Consumer Non-Cyclical   Fifth Amendment
Delayed Draw Term Loan
  4.50% (L + 3.50%; 1.00% Floor)     11/08/2024     $ 945,093     $ 941,762     $ 836,407  

Blink Holdings, Inc.(4)

  Consumer
Non-Cyclical
  Term Loan   4.50% (L + 3.50%; 1.00% Floor)     11/08/2024       1,647,736       1,636,311       1,458,246  

Captain D’s, Inc.(1) (2)

  Consumer
Non-Cyclical
  Revolver   5.50% (L + 4.50%; 1.00% Floor)     12/15/2023       —         (885     (721

Captain D’s, Inc.(4)

  Consumer
Non-Cyclical
  Term Loan   5.50% (L + 4.50%; 1.00% Floor)     12/15/2023       1,929,660       1,920,814       1,922,521  

Freddy’s Frozen Custard,
L.L.C(1) (2)

  Consumer
Non-Cyclical
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     03/03/2027       —         (4,882     (1,031

Freddy’s Frozen Custard,
L.L.C(3) (5)

  Consumer
Non-Cyclical
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     03/03/2027       5,140,423       5,079,254       5,127,572  

GPS Hospitality Holding Company LLC(4)

  Consumer
Non-Cyclical
  Term Loan B   4.45% (L + 4.25%)     12/08/2025       2,317,736       2,292,832       2,317,736  

PF Growth Partners, LLC(1)

  Consumer
Non-Cyclical
  Delayed Draw Term Loan   8.00% (L + 7.00%, 1.00% Floor)     07/11/2025       118,941       116,480       103,674  

PF Growth Partners, LLC(4)

  Consumer
Non-Cyclical
  Term Loan   8.00% (L + 7.00%, 1.00% Floor)     07/11/2025       2,001,574       1,987,209       1,916,508  

5 Bars, LLC(1) (2)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan   6.00% (L + 4.00%; 2.00% Floor)     09/27/2024       —         (33,745     —    

5 Bars, LLC(1) (2)

  Digital Infrastructure &
Services
  Revolver   6.00% (L + 4.00%; 2.00% Floor)     09/27/2024       —         (6,327     —    

5 Bars, LLC(5)

  Digital Infrastructure &
Services
  Term Loan   6.00% (L + 4.00%; 2.00% Floor)     09/27/2024       4,742,121       4,693,912       4,742,121  

EvolveIP, LLC(1)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan   6.75% (L + 5.75%; 1.00% Floor)     06/07/2023       112,807       106,529       112,807  

EvolveIP, LLC(1) (2)

  Digital Infrastructure &
Services
  Revolver   6.75% (L + 5.75%; 1.00% Floor)     06/07/2023       —         (4,693     —    

EvolveIP, LLC(4)

  Digital Infrastructure &
Services
  Term Loan A   6.75% (L + 5.75%; 1.00% Floor)     06/07/2023       6,534,065       6,477,035       6,534,065  

Fatbeam, LLC(1) (2)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan
1
  6.75% (L + 5.75%; 1.00% Floor)     02/22/2026       —         (33,720     (28,169

Fatbeam, LLC(1) (2)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan
2
  6.75% (L + 5.75%; 1.00% Floor)     02/22/2026       —         (33,720     (28,169

Fatbeam, LLC(1) (2)

  Digital Infrastructure &
Services
  Revolver   6.75% (L + 5.75%; 1.00% Floor)     02/22/2026       —         (13,488     (11,267

Fatbeam, LLC(3) (5)

  Digital Infrastructure &
Services
  Term Loan   6.75% (L + 5.75%; 1.00% Floor)     02/22/2026       6,438,490       6,302,579       6,325,817  

Fuze, Inc.(5)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan   9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)     09/20/2024       2,593,610       2,131,920       2,535,253  

Fuze, Inc.(1) (2)

  Digital Infrastructure &
Services
  Revolver   9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)     09/20/2024       —         (4,195     (29,158

Fuze, Inc.(4) (5)

  Digital Infrastructure &
Services
  Term Loan   9.675% (L + 5.625%; 2.30% PIK; 1.75% Floor)     09/20/2024       11,055,142       11,019,330       10,806,402  

MBS Holdings, Inc.(1) (2)

  Digital Infrastructure &
Services
  Revolver   6.75% (L + 5.75%; 1.00% Floor)     04/16/2027       —         (18,833     (19,483

MBS Holdings, Inc.(3) (4) (5)

  Digital Infrastructure &
Services
  Term Loan   6.75% (L + 5.75%; 1.00% Floor)     04/16/2027       10,521,028       10,317,623       10,310,607  

Single Digits, Inc.(3)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan   7.00% (L + 6.00%; 1.00% Floor)     12/21/2023       604,538       601,273       593,958  

Single Digits, Inc.(1) (2)

  Digital Infrastructure &
Services
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     12/21/2023       —         (2,076     (7,283

Single Digits, Inc.(4)

  Digital Infrastructure &
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     12/21/2023       3,245,951       3,227,328       3,189,147  

Thrive Buyer, Inc(1) (3) (4)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan   7.00% (L + 6.00%; 1.00% Floor)     01/22/2027       2,171,976       2,062,013       2,130,361  

Thrive Buyer, Inc(1) (2)

  Digital Infrastructure &
Services
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     01/22/2027       —         (13,951     (5,631

Thrive Buyer, Inc(3) (4) (5)

  Digital Infrastructure &
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     01/22/2027       11,945,006       11,716,981       11,855,419  

Towerco IV Holdings,
LLC(1) (3) (4)

  Digital Infrastructure &
Services
  Delayed Draw Term Loan   6.63% (L + 5.63%; 1.00% Floor)     04/23/2026       12,205,860       12,006,157       11,947,643  

Accelerate Resources Operating, LLC(1) (2)

  Energy   Delayed Draw Term Loan   8.50% (L + 7.50%; 1.00% Floor)     02/24/2026       —         (25,941     —    

Accelerate Resources Operating, LLC(1) (2)

  Energy   Revolver   8.50% (L + 7.50%; 1.00% Floor)     02/24/2026       —         (6,485     —    

Accelerate Resources Operating, LLC(4)

  Energy   Term Loan   8.50% (L + 7.50%; 1.00% Floor)     02/24/2026       4,482,634       4,412,729       4,482,634  

 

9

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  

BCP Raptor II, LLC(4) (6)

  Energy   1st Lien Term Loan   4.84% (L + 4.75%)     11/03/2025     $ 2,484,121     $ 2,483,758     $ 2,434,439  

Brazos Delaware II, LLC(4) (6)

  Energy   Term Loan B   4.09% (L + 4.00%)     05/21/2025       2,135,748       2,094,927       2,082,355  

Nine Point Energy, LLC(1) (4)

  Energy   DIP Delayed
Draw Term Loan
  8.50% (L + 7.50%; 1.00% Floor)     07/08/2021       1,583,750       1,583,750       1,583,750  

Nine Point Energy,
LLC(4)

  Energy   Term Loan   9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)     06/07/2024       4,474,465       4,412,961       3,530,353  

Galway Partners Holdings
LLC(4) (7)

  Financials   Term Loan   5.25% (L + 4.25%; 1.00% Floor)     09/06/2024       5,536,914       5,500,012       5,536,914  

Purchasing Power,
LLC(4)

  Financials   Term Loan   8.25% (L + 7.25%; 1.00% Floor)     02/06/2024       2,375,869       2,351,160       2,375,869  

American Physician Partners,
LLC(3) (4)

  Healthcare & HCIT   Delayed Draw Term Loan   9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)     12/21/2021       983,418       980,905       973,583  

American Physician Partners,
LLC(1)

  Healthcare & HCIT   Revolver   9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)     12/21/2021       346,322       345,234       341,882  

American Physician Partners,
LLC(4)

  Healthcare & HCIT   Term Loan A   9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)     12/21/2021       5,211,013       5,196,903       5,158,903  

American Physician Partners,
LLC(3)

  Healthcare & HCIT   Term Loan C   9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)     12/21/2021       1,127,492       1,124,897       1,116,217  

American Physician Partners,
LLC(3) (4)

  Healthcare & HCIT   Term Loan D   9.25% (L + 6.75%; 1.50% PIK; 1.00% Floor)     12/21/2021       2,092,838       2,030,877       2,071,909  

Analogic Corporation(1) (2)

  Healthcare & HCIT   Revolver   6.25% (L + 5.25%; 1.00% Floor)     06/22/2023       —         (1,624     (7,486

Analogic Corporation(4) (5)

  Healthcare & HCIT   Term Loan   6.25% (L + 5.25%; 1.00% Floor)     06/24/2024       2,106,806       2,084,983       2,033,067  

BK Medical Holding Company,
Inc.(1) (2)

  Healthcare & HCIT   Revolver   6.25% (L + 5.25%; 1.00% Floor)     06/22/2023       —         (1,877     (4,826

BK Medical Holding Company,
Inc.(5)

  Healthcare & HCIT   Term Loan A   6.25% (L + 5.25%; 1.00% Floor)     06/22/2024       2,965,302       2,945,161       2,920,823  

Caregiver 2, Inc.(5)

  Healthcare & HCIT   Incremental Term Loan   8.00% (L + 6.50%; 1.50% Floor)     07/24/2025       681,201       669,725       681,201  

Caregiver 2, Inc.(5)

  Healthcare & HCIT   Term Loan   8.00% (L + 6.50%; 1.50% Floor)     07/24/2025       4,745,974       4,666,023       4,745,974  

Caregiver 2, Inc.(3)

  Healthcare & HCIT   Third Amendment
Effective Date Term Loan
  8.00% (L + 6.50%; 1.50% Floor)     07/24/2025       649,900       637,404       649,900  

Coding Solutions Acquisition,
Inc.(1) (2)

  Healthcare & HCIT   Delayed Draw Term Loan   7.25% (L + 6.25%; 1.00% Floor)     12/31/2026       —         (22,457     (9,043

Coding Solutions Acquisition,
Inc.(1)

  Healthcare & HCIT   Revolver   7.25% (L + 6.25%; 1.00% Floor)     12/31/2025       69,827       67,726       69,397  

Coding Solutions Acquisition,
Inc.(3) (5)

  Healthcare & HCIT   Term Loan   7.25% (L + 6.25%; 1.00% Floor)     12/31/2026       7,874,223       7,727,595       7,845,088  

Delaware Valley Management Holdings, Inc.(1) (2)

  Healthcare & HCIT   Delayed Draw Term Loan   7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)     03/21/2024       —         (25,865     (134,354

Delaware Valley Management Holdings, Inc.

  Healthcare & HCIT   Revolver   7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)     03/21/2024       535,382       529,362       467,121  

Delaware Valley Management Holdings, Inc.

  Healthcare & HCIT   Term Loan   7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)     03/21/2024       3,494,468       3,454,024       3,048,923  

Ethos Veterinary Health LLC(4)

  Healthcare & HCIT   Delayed Draw Term Loan   4.84% (L + 4.75%)     05/15/2026       1,067,934       1,059,824       1,067,934  

Ethos Veterinary Health LLC(4)

  Healthcare & HCIT   Term Loan   4.84% (L + 4.75%)     05/15/2026       2,280,038       2,262,484       2,280,038  

FH MD Buyer, Inc.(4) (5)

  Healthcare & HCIT   Term Loan   6.75% (L + 5.75%; 1.00% Floor)     10/31/2026       5,403,055       5,289,009       5,362,532  

GHA Buyer, Inc.(4)

  Healthcare & HCIT   3rd Amendment Term
Loan
  9.00% (L + 7.00%; 2.00% Floor)     06/24/2025       562,352       553,525       559,540  

GHA Buyer, Inc.(4) (5)

  Healthcare & HCIT   4th Amendment Term
Loan
  9.00% (L + 7.00%; 2.00% Floor)     06/24/2025       5,380,969       5,292,592       5,354,064  

GHA Buyer, Inc.(1) (3)

  Healthcare & HCIT   Fifth Amendment
Delayed Draw Term loan
  9.00% (L + 7.00%; 2.00% Floor)     06/24/2025       815,290       800,309       810,502  

GHA Buyer, Inc.(5)

  Healthcare & HCIT   Fifth Amendment Term
Loan
  9.00% (L + 7.00%; 2.00% Floor)     06/24/2025       4,658,802       4,570,753       4,635,508  

GHA Buyer, Inc.(1) (2)

  Healthcare & HCIT   Revolver   9.00% (L + 7.00%; 2.00% Floor)     06/24/2025       —         (13,667     (4,756

GHA Buyer, Inc.(4)

  Healthcare & HCIT   Term Loan   9.00% (L + 7.00%; 2.00% Floor)     06/24/2025       1,967,755       1,945,899       1,957,916  

Kindeva Drug Delivery L.P.(1)

  Healthcare & HCIT   Revolver   7.00% (L + 6.00%; 1.00% Floor)     05/01/2025       404,690       376,821       350,490  

Kindeva Drug Delivery L.P.(3) (4) (5)

  Healthcare & HCIT   Term Loan   7.00% (L + 6.00%, 1.00% Floor)     05/01/2026       15,739,556       15,388,623       15,149,322  

Medbridge Holdings, LLC(3) (4)

  Healthcare & HCIT   Initial Term Loan   8.00% (L + 7.00%, 1.00% Floor)     12/23/2026       15,367,872       15,084,313       15,367,872  

Medbridge Holdings, LLC(1) (2)

  Healthcare & HCIT   Revolver   8.00% (L + 7.00%, 1.00% Floor)     12/23/2026       —         (25,185     —    

 

10

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  

MedMark Services, Inc.(1) (2)

  Healthcare & HCIT   Delayed Draw Term Loan   6.00% (L + 5.00%; 1.00% Floor)     06/11/2027     $ —       $ (11,117   $ (11,147

MedMark Services, Inc.(3) (4)

  Healthcare & HCIT   Term Loan   6.00% (L + 5.00%; 1.00% Floor)     06/11/2027       4,458,547       4,414,080       4,413,961  

OMH-HealthEdge Holdings,
LLC(3)

  Healthcare & HCIT   First Amendment
Incremental Term Loan
  6.25% (L + 5.25%; 1.00% Floor)     10/24/2025       2,154,330       2,133,555       2,154,330  

OMH-HealthEdge Holdings,
LLC(1) (2)

  Healthcare & HCIT   Revolver   6.25% (L + 5.25%; 1.00% Floor)     10/24/2024       —         (6,896     —    

OMH-HealthEdge Holdings,
LLC(4)

  Healthcare & HCIT   Term Loan   6.25% (L + 5.25%; 1.00% Floor)     10/24/2025       3,718,217       3,654,434       3,718,217  

Pace Health Companies,
LLC(1) (2)

  Healthcare & HCIT   Revolver   5.50% (L + 4.50%; 1.00% Floor)     08/02/2024       —         (3,943     —    

Pace Health Companies, LLC(4)

  Healthcare & HCIT   Term Loan   5.50% (L + 4.50%; 1.00% Floor)     08/02/2024       5,312,561       5,277,124       5,312,561  

Pinnacle Dermatology Management, LLC(1) (2)

  Healthcare & HCIT   Delayed Draw Term Loan   5.25% (L + 4.25%; 1.00% Floor)     05/18/2023       —         (71,162     (57,560

Pinnacle Dermatology Management, LLC(1) (2)

  Healthcare & HCIT   Revolver   5.25% (L + 4.25%; 1.00% Floor)     05/18/2023       —         (2,214     (4,354

Pinnacle Dermatology Management, LLC(3) (4)

  Healthcare & HCIT   Term Loan   5.25% (L + 4.25%; 1.00% Floor)     05/18/2023       9,861,826       9,775,176       9,713,898  

Pinnacle Treatment Centers, Inc.(3)

  Healthcare & HCIT   Delayed Draw Term Loan
2
  6.75% (L + 5.75%; 1.00% Floor)     12/31/2022       348,909       346,570       347,164  

Pinnacle Treatment Centers,
Inc.(1) (2)

  Healthcare & HCIT   Seventh Amendment
Delayed Draw Term Loan
  6.75% (L + 5.75%; 1.00% Floor)     12/31/2022       —         (1,831     —    

Pinnacle Treatment Centers,
Inc.(1) (2)

  Healthcare & HCIT   Seventh Amendment
Revolver
  6.75% (L + 5.75%; 1.00% Floor)     12/31/2022       —         (2,099     —    

Pinnacle Treatment Centers,
Inc.(3) (5)

  Healthcare & HCIT   Seventh Amendment
Term Loan
  6.75% (L + 5.75%; 1.00% Floor)     12/31/2022       4,128,092       4,106,340       4,128,092  

Platinum Dermatology Partners, LLC(8)

  Healthcare & HCIT   General Delayed Draw
Term Loan
  10.25% (L + 3.00%; 6.25% PIK; 1.00% Floor)     01/03/2023       1,523,159       1,500,948       1,325,149  

Platinum Dermatology Partners, LLC(9)

  Healthcare & HCIT   Revolver   11.50% (P + 2.00%; 6.25% PIK; 1.00% Floor)     01/03/2023       533,171       524,259       463,859  

Platinum Dermatology Partners, LLC

  Healthcare & HCIT   Specified Delayed Draw
Term Loan
  11.50% (P + 2.00%; 6.25% PIK; 1.00% Floor)     01/03/2023       2,096,379       2,065,129       1,823,850  

Platinum Dermatology Partners, LLC

  Healthcare & HCIT   Term Loan   10.25% (L + 3.00%; 6.25% PIK; 1.00% Floor)     01/03/2023       3,329,078       3,269,665       2,896,298  

RCP Encore Acquisition, Inc.(4)

  Healthcare & HCIT   Term Loan   6.00% (L + 5.00%; 1.00% Floor)     06/09/2025       3,468,095       3,443,344       2,999,902  

Redwood Family Care Network, Inc.(1) (4)

  Healthcare & HCIT   Delayed Draw Term Loan   6.50% (L + 5.50%; 1.00% Floor)     06/18/2026       3,402,714       3,295,728       3,309,699  

Redwood Family Care Network, Inc.(1) (2)

  Healthcare & HCIT   Revolver   6.50% (L + 5.50%; 1.00% Floor)     06/18/2026       —         (11,693     (11,774

Redwood Family Care Network, Inc.(5)

  Healthcare & HCIT   Term Loan   6.50% (L + 5.50%; 1.00% Floor)     06/18/2026       6,770,107       6,635,636       6,634,705  

Salisbury House, LLC(1) (2)

  Healthcare & HCIT   Revolver   6.50% (L + 5.50%; 1.00% Floor)     08/30/2025       —         (9,483     (11,209

Salisbury House,
LLC(3) (4) (5)

  Healthcare & HCIT   Term Loan A1   6.50% (L + 5.50%; 1.00% Floor)     08/30/2025       3,934,410       3,841,824       3,836,049  

SCA Buyer, LLC(1)

  Healthcare & HCIT   Revolver   7.00% (L + 6.00%; 1.00% Floor)     01/20/2026       128,770       119,942       128,770  

SCA Buyer, LLC(3)

  Healthcare & HCIT   Term Loan   7.00% (L + 6.00%; 1.00% Floor)     01/20/2026       3,853,436       3,798,818       3,853,436  

SIS Purchaser, Inc.(1) (2)

  Healthcare & HCIT   Revolver   6.50% (L + 5.50%; 1.00% Floor)     10/15/2026       —         (18,039     —    

SIS Purchaser, Inc.(3) (4) (5)

  Healthcare & HCIT   Term Loan   6.50% (L + 5.50%; 1.00% Floor)     10/15/2026       12,761,328       12,559,922       12,761,328  

Smile Brands, Inc.(5)

  Healthcare & HCIT   Delayed Draw Term Loan   5.38% (L + 5.17%; 0.21% Floor)     10/12/2024       490,307       487,555       490,307  

Smile Brands, Inc.(1) (2)

  Healthcare & HCIT   Revolver   6.17% (L + 5.17%; 1.00% Floor)     09/30/2024       —         (1,187     —    

Smile Brands, Inc.(4)

  Healthcare & HCIT   Term Loan   5.39% (L + 5.17%; 0.21% Floor)     10/12/2024       1,614,844       1,604,775       1,612,906  

Taconic Biosciences, Inc.(3)

  Healthcare & HCIT   Term Loan   6.50% (L + 5.50%; 1.00% Floor)     02/01/2026       4,792,913       4,698,271       4,697,054  

The Center for Orthopedic and Research Excellence,
Inc.(1) (3)

  Healthcare & HCIT   Delayed Draw Term Loan   6.75% (L + 5.75%, 1.00% Floor)     08/15/2025       1,158,648       1,139,036       1,149,486  

The Center for Orthopedic and Research Excellence,
Inc.(1) (2)

  Healthcare & HCIT   Revolver   6.75% (L + 5.75%, 1.00% Floor)     08/15/2025       —         (8,491     (6,905

The Center for Orthopedic and Research Excellence,
Inc.(4) (5)

  Healthcare & HCIT   Term Loan   6.75% (L + 5.75%; 1.00% Floor)     08/15/2025       4,918,746       4,855,874       4,869,558  

Women’s Health USA,
Inc.(4) (5)

  Healthcare & HCIT   Desert Term Loan   8.75% (L + 7.75%, 1.00% Floor)     10/09/2023       4,096,035       4,046,569       4,085,795  

Women’s Health USA,
Inc.(3)

  Healthcare & HCIT   Incremental Term Loan   8.75% (L + 7.75%; 1.00% Floor)     10/09/2023       265,920       260,718       265,255  

 

11

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  

Women’s Health USA, Inc.(1)

  Healthcare & HCIT   Revolver   8.75% (L + 7.75%; 1.00% Floor)     10/09/2023     $ 140,466     $ 138,697     $ 140,027  

ZBS Alliance Animal Health,
LLC(4) (5)

  Healthcare & HCIT   Initial Tranche A
Delayed Draw Term Loan
  6.75% (L + 5.75%, 1.00% Floor)     11/08/2025       3,056,995       3,012,238       2,999,829  

ZBS Alliance Animal Health,
LLC(1) (2)

  Healthcare & HCIT   Revolver   6.75% (L + 5.75%, 1.00% Floor)     11/08/2025       —         (10,252     (12,722

ZBS Alliance Animal Health,
LLC(4)

  Healthcare & HCIT   Term Loan   6.75% (L + 5.75%, 1.00% Floor)     11/08/2025       2,680,540       2,639,717       2,630,414  

ZBS Alliance Animal Health,
LLC(1) (4)

  Healthcare & HCIT   Tranche A Delayed Draw
Term Loan
  6.75% (L + 5.75%, 1.00% Floor)     11/08/2025       1,245,346       1,221,092       1,203,200  

ZBS Alliance Animal Health,
LLC(1) (4)

  Healthcare & HCIT   Tranche B Delayed Draw
Term Loan
  6.75% (L + 5.75%, 1.00% Floor)     11/07/2025       675,179       598,463       602,410  

Activ Software Holdings,
LLC,(1) (2)

  Software & Tech Services   Revolver   7.25% (L + 6.25%; 1.00% Floor)     05/04/2027       —         (12,656     (12,977

Activ Software Holdings,
LLC,(3) (4) (5)

  Software & Tech
Services
  Term Loan   7.25% (L + 6.25%; 1.00% Floor)     05/04/2027       8,110,464       7,952,261       7,948,255  

Alphasense, Inc.(1) (10)

  Software & Tech
Services
  Delayed Draw Term Loan   8.00% (L + 7.00%; 1.00% Floor)     05/29/2024       645,972       629,548       626,593  

Alphasense, Inc.(1) (2) (10)

  Software & Tech
Services
  Revolver   8.00% (L + 7.00%; 1.00% Floor)     05/29/2024       —         (9,180     (8,723

Alphasense, Inc.(5) (10)

  Software & Tech
Services
  Term Loan   8.00% (L + 7.00%; 1.00% Floor)     05/29/2024       7,269,628       7,193,137       7,196,931  

AMI US Holdings, Inc.(1)

  Software & Tech
Services
  Revolver   5.59% (L + 5.50%)     04/01/2024       437,842       425,230       437,842  

AMI US Holdings, Inc.(4)

  Software & Tech
Services
  Term Loan   6.50% (L + 5.50%; 1.00% Floor)     04/01/2025       8,131,820       8,015,482       8,131,820  

Arrowstream Acquisition
Co., Inc.(5)

  Software & Tech
Services
  Initial Term Loan   7.50% (L + 6.50%; 1.00% Floor)     12/15/2025       3,863,094       3,794,159       3,805,148  

Arrowstream Acquisition
Co., Inc.(1) (2)

  Software & Tech
Services
  Revolver   7.50% (L + 6.50%; 1.00% Floor)     12/15/2025       —         (6,902     (5,794

Avetta, LLC(4)

  Software & Tech
Services
  Incremental Term Loan B   6.25% (L + 5.25%; 1.00% Floor)     04/10/2024       4,261,421       4,209,167       4,256,308  

Avetta, LLC(1) (2)

  Software & Tech
Services
  Revolver   6.25% (L + 5.25%; 1.00% Floor)     04/10/2024       —         (4,636     (593

Avetta, LLC(4) (5)

  Software & Tech
Services
  Term Loan   6.25% (L + 5.25%; 1.00% Floor)     04/10/2024       3,237,060       3,182,803       3,233,176  

BusinessSolver.com, Inc.(4)

  Software & Tech
Services
  Delayed Draw Term Loan   8.50% (L + 7.50%; 1.00% Floor)     05/15/2023       388,235       386,354       388,235  

BusinessSolver.com,
Inc.(5)

  Software & Tech
Services
  First Amendment Term
Loan
  8.50% (L + 7.50%; 1.00% Floor)     05/15/2023       1,390,037       1,373,498       1,390,037  

BusinessSolver.com,
Inc.(1) (2)

  Software & Tech
Services
  Revolver   8.50% (L + 7.50%; 1.00% Floor)     05/15/2023       —         (2,541     —    

BusinessSolver.com,
Inc.(3) (4) (5)

  Software & Tech
Services
  Term Loan   8.50% (L + 7.50%; 1.00% Floor)     05/15/2023       9,703,535       9,627,574       9,703,535  

Datacor, Inc.(1) (4)

  Software & Tech
Services
  First Lien Delayed Draw
Term Loan
  6.25% (L + 5.25%; 1.00% Floor)     12/26/2025       1,802,777       1,750,105       1,776,057  

Datacor, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.25% (L + 5.25%; 1.00% Floor)     12/26/2025       —         (11,575     (6,438

Datacor, Inc.(4) (5)

  Software & Tech
Services
  Term Loan   6.25% (L + 5.25%; 1.00% Floor)     12/26/2025       6,180,951       6,049,902       6,119,141  

Degreed, Inc.(1) (2)

  Software & Tech
Services
  Delayed Draw Term Loan   6.50% (L + 5.50%; 1.00% Floor)     05/31/2025       —         (6,515     (10,435

Degreed, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.50% (L + 5.50%; 1.00% Floor)     05/31/2025       —         (4,040     —    

Degreed, Inc.(4) (5)

  Software & Tech
Services
  Term Loan   6.50% (L + 5.50%; 1.00% Floor)     05/31/2025       5,153,024       5,138,749       5,153,024  

Degreed, Inc.(3)

  Software & Tech
Services
  Third Amendment Term
Loan
  6.50% (L + 5.50%; 1.00% Floor)     05/31/2025       2,782,788       2,756,127       2,782,788  

Dispatch Track, LLC(1) (2)

  Software & Tech
Services
  Revolver   5.50% (L + 4.50%; 1.00% Floor)     12/17/2024       —         (3,167     (363

Dispatch Track, LLC(4)

  Software & Tech
Services
  Term Loan   5.50% (L + 4.50%; 1.00% Floor)     12/17/2024       6,038,593       5,975,255       6,031,347  

Drilling Info Holdings, Inc.(4)

  Software & Tech
Services
  Term Loan   4.34% (L + 4.25%)     07/30/2025       3,343,686       3,334,029       3,318,608  

Dude Solutions Holdings, Inc.(5)

  Software & Tech
Services
  2nd Amendment
Incremental Term Loan
  8.50% (L + 7.50%; 1.00% Floor)     06/13/2025       3,873,164       3,792,569       3,873,164  

EnterpriseDB Corporation(1) (2)

  Software & Tech
Services
  Revolver   8.25% (L + 6.00%; 0.50% PIK; 1.75% Floor)     06/21/2024       —         (8,355     —    

 

12

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  

EnterpriseDB Corporation(3) (4) (5)

  Software & Tech
Services
  Term Loan   8.25% (L + 6.00%; 0.50% PIK; 1.75% Floor)     06/21/2024     $ 7,904,423     $ 7,805,294     $ 7,904,423  

EnterpriseDB Corporation(4) (5)

  Software & Tech
Services
  Third Amendment Term
Loan
  8.25% (L + 6.00%; 0.50% PIK; 1.75% Floor)     06/21/2024       4,529,313       4,448,038       4,529,313  

Exterro, Inc.(3) (4)

  Software & Tech
Services
  1st Amendment Term
Loan
  6.50% (L + 5.50%; 1.00% Floor)     05/31/2024       5,809,123       5,722,667       5,809,123  

Exterro, Inc.(3) (5)

  Software & Tech
Services
  2nd Amendment Term
Loan
  6.50% (L + 5.50%; 1.00% Floor)     05/31/2024       6,551,441       6,440,180       6,551,441  

Exterro, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.50% (L + 5.50%; 1.00% Floor)     05/31/2024       —         (2,451     —    

Exterro, Inc.(4)

  Software & Tech
Services
  Term Loan   6.50% (L + 5.50%; 1.00% Floor)     05/31/2024       2,793,450       2,765,394       2,793,450  

Faithlife, LLC(1) (3) (4)

  Software & Tech
Services
  Delayed Draw Term
Loan
  7.00% (L + 6.00%; 1.00% Floor)     09/18/2025       1,705,713       1,654,358       1,705,713  

Faithlife, LLC(1) (2)

  Software & Tech
Services
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     09/18/2025       —         (4,721     —    

Faithlife, LLC(3) (4)

  Software & Tech
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     09/18/2025       732,515       720,099       732,515  

Finalsite Holdings, Inc.(1)

  Software & Tech
Services
  Revolver   8.25% (P + 5.50%; 1.00% Floor)     09/25/2024       75,943       73,530       73,411  

Finalsite Holdings, Inc.(4)

  Software & Tech
Services
  Term Loan   7.50% (L + 6.50%; 1.00% Floor)     09/25/2024       3,991,581       3,943,500       3,951,665  

Genesis Acquisition Co.(3)

  Software & Tech
Services
  Delayed Draw Term
Loan
  4.15% (L + 4.00%)     07/31/2024       39,990       39,781       37,091  

Genesis Acquisition Co.(5)

  Software & Tech
Services
  Revolver   4.15% (L + 4.00%)     07/31/2024       202,400       200,266       187,726  

Genesis Acquisition Co.(4)

  Software & Tech
Services
  Term Loan   4.15% (L + 4.00%)     07/31/2024       1,342,054       1,327,090       1,244,755  

Greenhouse Software, Inc.(1) (2)

  Software & Tech
Services
  Revolver   7.50% (L + 6.50%; 1.00% Floor)     03/01/2027       —         (26,251     (12,322

Greenhouse Software, Inc.(3) (5)

  Software & Tech
Services
  Term Loan   7.50% (L + 6.50%; 1.00% Floor)     03/01/2027       12,376,845       12,111,061       12,253,076  

GS AcquisitionCo, Inc.(5)

  Software & Tech
Services
  Delayed Draw Term
Loan 4
  6.75% (L + 5.75%; 1.00% Floor)     05/24/2024       1,422,849       1,422,849       1,422,849  

GS AcquisitionCo, Inc.(4)

  Software & Tech
Services
  Fifth Supplemental
Term Loan
  6.75% (L + 5.75%; 1.00% Floor)     05/24/2024       818,908       808,315       818,908  

GS AcquisitionCo, Inc.

  Software & Tech
Services
  Fourth Supplemental
Delayed Draw Term
Loan
  6.75% (L + 5.75%; 1.00% Floor)     05/24/2024       498,802       495,629       498,802  

GS AcquisitionCo, Inc.(1)

  Software & Tech
Services
  Revolver   6.75% (L + 5.75%; 1.00% Floor)     05/24/2024       178,694       175,627       178,694  

GS AcquisitionCo, Inc.(5)

  Software & Tech
Services
  Second Supplemental
Delayed Draw Term
Loan
  6.75% (L + 5.75%; 1.00% Floor)     05/24/2024       693,579       687,355       693,579  

GS AcquisitionCo, Inc.(4) (5)

  Software & Tech
Services
  Term Loan   6.75% (L + 5.75%; 1.00% Floor)     05/24/2024       3,508,777       3,480,128       3,508,777  

Iodine Software, LLC(3) (5)

  Software & Tech
Services
  Delayed Draw Term
Loan
  7.50% (L + 6.50%; 1.00% Floor)     05/19/2027       12,702,923       12,452,869       12,448,865  

Iodine Software, LLC(1) (2)

  Software & Tech
Services
  Revolver   7.50% (L + 6.50%; 1.00% Floor)     05/19/2027       —         (34,412     (35,070

Iodine Software, LLC(3) (4)

  Software & Tech
Services
  Term Loan B   7.50% (L + 6.50%; 1.00% Floor)     05/19/2027       8,923,634       8,748,510       8,745,161  

Kaseya Inc.(1)

  Software & Tech
Services
  Delayed Draw Term
Loan
  8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)     05/02/2025       193,170       189,796       193,170  

Kaseya Inc.(3)

  Software & Tech
Services
  Delayed Draw Term
Loan
  8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)     05/02/2025       545,503       541,268       545,503  

Kaseya Inc.(3) (4) (5)

  Software & Tech
Services
  PIK Term Loan   8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)     05/02/2025       5,164,569       5,127,422       5,164,569  

Kaseya Inc.(1)

  Software & Tech
Services
  Revolver   7.50% (L + 6.50%; 1.00% Floor)     05/02/2025       184,235       181,764       184,235  

Lexipol, LLC(1) (4)

  Software & Tech
Services
  Delayed Draw Term
Loan
  6.75% (L + 5.75%; 1.00% Floor)     10/08/2025       1,376,010       1,353,241       1,376,010  

Lexipol, LLC(4)

  Software & Tech
Services
  Term Loan A   6.75% (L + 5.75%; 1.00% Floor)     10/08/2025       6,228,256       6,132,671       6,228,256  

Ministry Brands, LLC(3) (4)

  Software & Tech
Services
  Delayed Draw Term
Loan
  5.00% (L + 4.00%; 1.00% Floor)     12/02/2022       647,669       646,443       647,669  

Ministry Brands, LLC(3)

  Software & Tech
Services
  Term Loan   5.00% (L + 4.00%; 1.00% Floor)     12/02/2022       3,096,741       3,091,678       3,096,741  

 

13

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  

Moon Buyer, Inc.(1) (2)

  Software & Tech
Services
  Delayed Draw Term
Loan
  6.00% (L + 5.00%; 1.00% Floor)     04/21/2027     $ —       $ (32,974   $ (68,082

Moon Buyer, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.00% (L + 5.00%; 1.00% Floor)     04/21/2027       —         (16,912     (17,457

Moon Buyer, Inc.(3) (4) (5)

  Software & Tech
Services
  Term Loan   6.00% (L + 5.00%; 1.00% Floor)     04/21/2027       6,400,861       6,307,846       6,352,855  

Netwrix Corporation And Concept Searching Inc.(3)

  Software & Tech
Services
  First Amendment
Last Out Term Loan
  7.75% (L + 6.75%; 1.00% Floor)     09/30/2026       6,685,917       6,542,948       6,685,917  

Netwrix Corporation And Concept Searching Inc.(4)

  Software & Tech
Services
  Last Out Term Loan   7.75% (L + 6.75%; 1.00% Floor)     09/30/2026       1,657,182       1,618,097       1,657,182  

Netwrix Corporation And Concept Searching Inc.(3)

  Software & Tech
Services
  Primary Delayed
Draw Term Loan
  7.75% (L + 6.75%; 1.00% Floor)     09/30/2026       499,653       490,869       499,653  

Netwrix Corporation And Concept Searching Inc.(1) (2)

  Software & Tech
Services
  Revolver   7.75% (L + 6.75%; 1.00% Floor)     09/30/2026       —         (3,921     —    

Netwrix Corporation And Concept Searching Inc.(4)

  Software & Tech
Services
  Supplemental
Delayed Draw Term
Loan
  7.75% (L + 6.75%; 1.00% Floor)     09/30/2026       999,306       979,867       999,306  

Netwrix Corporation And Concept Searching Inc.(1)

  Software & Tech
Services
  Tranche 2 Delayed
Draw Term Loan
  7.75% (L + 6.75%; 1.00% Floor)     09/30/2026       830,339       802,989       830,339  

PerimeterX, Inc.(1) (2)

  Software & Tech
Services
  Delayed Draw Term
Loan
  6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)     11/22/2024       —         (6,385     (5,242

PerimeterX, Inc.(5)

  Software & Tech
Services
  Initial Term Loan   6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)     11/22/2024       2,820,586       2,794,693       2,799,432  

PerimeterX, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.50% (L + 4.00%; 1.50% PIK; 1.00% Floor)     11/22/2024       —         (2,459     (2,096

Real Capital Analytics, Inc.(4) (5)

  Software & Tech
Services
  First Supplemental
Term Loan
  5.00% (L + 4.00%; 1.00% Floor)     10/02/2024       3,019,297       3,008,830       3,019,297  

Real Capital Analytics, Inc.(1) (2)

  Software & Tech
Services
  Revolver   5.00% (L + 4.00%, 1.00% Floor)     10/02/2024       —         (2,360     —    

Real Capital Analytics, Inc.(4)

  Software & Tech
Services
  Term Loan   5.00% (L + 4.00%, 1.00% Floor)     10/02/2024       4,863,178       4,846,422       4,863,178  

SecureLink, Inc.(3) (4)

  Software & Tech
Services
  1st Amendment
Term Loan
  7.25% (L + 6.25%; 1.00% Floor)     10/01/2025       2,953,170       2,910,525       2,931,021  

SecureLink, Inc.(4)

  Software & Tech
Services
  Initial Term Loan   7.25% (L + 6.25%; 1.00% Floor)     10/01/2025       4,898,041       4,834,085       4,861,306  

SecureLink, Inc.(1) (2)

  Software & Tech
Services
  Revolver   7.25% (L + 6.25%; 1.00% Floor)     10/01/2025       —         (5,612     (3,297

Sirsi Corporation(1) (2)

  Software & Tech
Services
  Revolver   5.75% (L + 4.75%; 1.00% Floor)     03/15/2024       —         (4,693     (2,768

Sirsi Corporation(3) (4)

  Software & Tech
Services
  Term Loan   5.75% (L + 4.75%; 1.00% Floor)     03/15/2024       7,935,956       7,864,958       7,896,276  

Smartlinx Solutions, LLC(1) (2)

  Software & Tech
Services
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     03/04/2026       —         (4,079     (2,598

Smartlinx Solutions, LLC(3) (4) (5)

  Software & Tech
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     03/04/2026       5,707,015       5,610,168       5,678,480  

Streamsets, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)     11/25/2024       —         (7,972     (11,392

Streamsets, Inc.(5)

  Software & Tech
Services
  Term Loan   6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)     11/25/2024       2,112,582       2,063,909       2,043,923  

SugarCRM, Inc.(1) (2)

  Software & Tech
Services
  Revolver   7.50% (L + 6.50%; 1.00% Floor)     07/31/2024       —         (2,869     —    

SugarCRM, Inc.(4) (5)

  Software & Tech
Services
  Term Loan   7.50% (L + 6.50%; 1.00% Floor)     07/31/2024       4,268,824       4,221,911       4,268,824  

Swiftpage, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.00% (L + 5.00%; 1.00% Floor)     06/13/2023       —         (1,783     (1,397

Swiftpage, Inc.(3)

  Software & Tech
Services
  Series A
Incremental Term
Loan
  6.00% (L + 5.00%; 1.00% Floor)     06/13/2023       226,315       224,024       224,911  

Swiftpage, Inc.(3)

  Software & Tech
Services
  Term Loan   6.00% (L + 5.00%; 1.00% Floor)     06/13/2023       2,458,767       2,441,201       2,443,522  

Sysnet North America, Inc.(1) (2)

  Software & Tech
Services
  Delayed Draw Term
Loan B1
  6.50% (L + 5.50%; 1.00% Floor)     12/01/2026       —         (26,587     (9,657

Sysnet North America, Inc.(3) (4) (5)

  Software & Tech
Services
  Term Loan B 1   6.50% (L + 5.50%; 1.00% Floor)     12/01/2026       5,125,038       5,053,670       5,086,601  

Telesoft Holdings, LLC(1) (2)

  Software & Tech
Services
  Revolver   6.75% (L + 5.75%, 1.00% Floor)     12/16/2025       —         (10,053     (2,984

Telesoft Holdings, LLC(3) (5)

  Software & Tech
Services
  Term Loan   6.75% (L + 5.75%, 1.00% Floor)     12/16/2025       5,894,056       5,792,729       5,864,586  

TRGRP, Inc.(3)

  Software & Tech
Services
  Incremental Term
Loan
  8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)     11/01/2023       2,315,561       2,274,374       2,315,561  

 

14

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Facility Type  

Interest

  Maturity     Funded
Par Amount
    Cost     Fair Value  

TRGRP, Inc.(4)

  Software & Tech
Services
  Incremental Term Loan   8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)     11/01/2023     $ 1,102,054     $ 1,088,877     $ 1,102,054  

TRGRP, Inc.(1) (2)

  Software & Tech
Services
  Revolver   8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)     11/01/2023       —         (3,130     —    

TRGRP, Inc.(3) (4) (5)

  Software & Tech
Services
  Term Loan   8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)     11/01/2023       4,932,625       4,883,095       4,932,625  

Ungerboeck Systems International, LLC(4)

  Software & Tech
Services
  Delayed Draw Term
Loan
  7.00% (L + 6.00%; 1.00% Floor)     04/30/2027       322,391       317,620       317,555  

Ungerboeck Systems International, LLC(1) (2)

  Software & Tech
Services
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     04/30/2027       —         (2,353     (2,418

Ungerboeck Systems International, LLC(3) (5)

  Software & Tech
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     04/30/2027       2,417,933       2,382,539       2,381,664  

Vectra AI, Inc.(1) (2)

  Software & Tech
Services
  Delayed Draw Term
Loan
  6.75% (L + 5.75%, 1.00% Floor)     03/18/2026       —         (54,907     (69,828

Vectra AI, Inc.(3) (5)

  Software & Tech
Services
  Initial Term Loan   6.75% (L + 5.75%, 1.00% Floor)     03/18/2026       3,258,620       3,180,853       3,160,862  

Vectra AI, Inc.(1) (2)

  Software & Tech
Services
  Revolver   6.75% (L + 5.75%, 1.00% Floor)     03/18/2026       —         (5,491     (6,983

Velocity Purchaser
Corporation(1) (2)

  Software & Tech
Services
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     12/01/2022       —         (1,126     —    

Velocity Purchaser Corporation(4)

  Software & Tech
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     12/01/2022       655,845       650,824       655,845  

Velocity Purchaser Corporation(4)

  Software & Tech
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     12/01/2022       2,637,635       2,621,291       2,637,635  

Velocity Purchaser
Corporation(3) (4)

  Software & Tech
Services
  Third Amendment
Term Loan
  7.00% (L + 6.00%; 1.00% Floor)     12/01/2022       5,141,934       5,066,045       5,141,934  

Dillon Logistics, Inc.(1) (11)

  Transport &
Logistics
  Revolver   8.00% (L + 7.00%; 1.00% Floor)     12/11/2023       452,315       444,778       148,103  

Dillon Logistics, Inc.(11)

  Transport &
Logistics
  Term Loan A   8.00% (L + 7.00%; 1.00% Floor)     12/11/2023       2,904,607       2,736,722       1,074,704  

Dillon Logistics, Inc.(11)

  Transport &
Logistics
  Term Loan B   8.00% (L + 7.00%; 1.00% Floor)     12/11/2023       854,277       783,898       316,083  

OSG Bulk Ships, Inc.(4)

  Transport &
Logistics
  Term Loan   6.50% (L + 5.50%; 1.00% Floor)     12/21/2023       4,918,215       4,885,263       4,696,895  
           

 

 

   

 

 

 

Total U.S. 1st Lien/Senior Secured Debt

      624,545,875       623,063,336  

2nd Lien/Junior Secured Debt—4.32%

 

Foundation Risk Partners,
Corp.(1) (2)

  Business Services   2nd Lien Delayed Draw
Term Loan
  9.50% (L + 8.50%; 1.00% Floor)     11/10/2024       —         (13,706     (3,142

Foundation Risk Partners, Corp.(4)

  Business Services   2nd Lien Term Loan   9.50% (L + 8.50%; 1.00% Floor)     11/10/2024       837,931       818,236       835,836  

Conterra Ultra Broadband Holdings, Inc.(3) (4)

  Digital
Infrastructure &
Services
  2nd Lien Term Loan   9.00% (L + 8.00%; 1.00% Floor)     04/30/2027       6,537,710       6,459,464       6,537,710  

Brave Parent Holdings, Inc.(4)

  Software & Tech
Services
  2nd Lien Term Loan   7.59% (L + 7.50%)     04/17/2026       1,230,107       1,210,537       1,217,806  

Symplr Software, Inc.(4)

  Software & Tech
Services
  2nd Lien Term Loan   8.625% (L + 7.875%; 0.75% Floor)     12/22/2028       2,909,482       2,854,170       2,909,482  
           

 

 

   

 

 

 

Total U.S. 2nd Lien/Junior Secured Debt

      11,328,701       11,497,692  
           

 

 

   

 

 

 

Total U.S. Corporate Debt

      635,874,576       634,561,028  

Canadian Corporate Debt —2.25%

 

1st Lien/Senior Secured Debt —2.25%

 

McNairn Holdings Ltd.(4) (10)

  Business Services   Term Loan   6.00% (L + 5.00%; 1.00% Floor)     11/25/2025       835,620       829,173       835,620  

Banneker V Acquisition,
Inc.(1) (2) (10)

  Software & Tech
Services
  Revolver   7.00% (L + 6.00%; 1.00% Floor)     12/04/2025       —         (4,611     —    

Banneker V Acquisition,
Inc.(5) (10)

  Software & Tech
Services
  Initial Term Loan   7.00% (L + 6.00%; 1.00% Floor)     12/04/2025       5,147,095       5,053,992       5,147,095  

Banneker V Acquisition,
Inc.(1) (2) (10)

  Software & Tech
Services
  Delayed Draw Term
Loan
  7.00% (L + 6.00%; 1.00% Floor)     12/04/2025       —         (18,440     —    
           

 

 

   

 

 

 

Total Canadian 1st Lien/Senior Secured Debt

      5,860,114       5,982,715  
           

 

 

   

 

 

 

Total Canadian Corporate Debt

      5,860,114       5,982,715  

United Kingdom Corporate Debt —1.94%

 

1st Lien/Senior Secured Debt —1.94%

 

GlobalWebIndex Inc.(1) (2)

  Software & Tech
Services
  Delayed Draw Term
Loan
  7.00% (L + 6.00%; 1.00% Floor)     12/30/2024       —         (32,308     (147,349

GlobalWebIndex Inc.(3) (5)

  Software & Tech
Services
  Term Loan   7.00% (L + 6.00%; 1.00% Floor)     12/30/2024       5,525,580       5,334,554       5,304,557  
           

 

 

   

 

 

 

Total United Kingdom 1st Lien/Senior Secured Debt

      5,302,246       5,157,208  
           

 

 

   

 

 

 

Total United Kingdom Corporate Debt

      5,302,246       5,157,208  

 

15

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Shares     Cost     Fair
Value
 

U.S. Preferred Stock —3.45%

 

Global Radar Holdings, LLC(12) (13)

  Business Services     125     $ 367,615     $ 353,016  

SBS Ultimate Holdings, LP(12)

  Healthcare & HCIT     217,710       861,879       650,952  

Alphasense, Inc.(10) (12)

  Software & Tech Services     23,961       369,843       369,758  

Concerto, LLC(12) (14)

  Software & Tech Services     65,614       349,977       470,824  

Datarobot, Inc.(12)

  Software & Tech Services     6,715       88,248       91,223  

Datarobot, Inc.(12)

  Software & Tech Services     38,190       289,278       399,698  

Degreed, Inc.(12)

  Software & Tech Services     43,819       278,541       719,778  

Degreed, Inc.(12)

  Software & Tech Services     16,943       278,308       278,313  

Heap(12)

  Software & Tech Services     189,617       696,351       1,090,960  

Netskope, Inc.(12)

  Software & Tech Services     36,144       302,536       357,075  

PerimeterX, Inc.(12)

  Software & Tech Services     282,034       838,601       836,871  

Phenom People, Inc.(12)

  Software & Tech Services     35,055       220,610       496,093  

Protoscale Rubrik(12)

  Software & Tech Services     25,397       598,212       641,954  

Samsara Networks, Inc.(12)

  Software & Tech Services     33,451       369,998       369,320  

Streamsets, Inc.(12)

  Software & Tech Services     109,518       295,512       294,806  

Symplr Software Intermediate Holdings, Inc.(12)

  Software & Tech Services     1,196       1,160,532       1,615,172  

Vectra AI, Inc(12)

  Software & Tech Services     17,064       131,095       131,212  
     

 

 

   

 

 

 

Total U.S. Preferred Stock

 

    7,497,136       9,167,025  

U.S. Common Stock —1.69%

 

Leeds FEG Investors, LLC(12)

  Consumer Discretionary     320       321,309       397,595  

Freddy’s Frozen Custard, L.L.C(12)

  Consumer Non-Cyclical     72,483       72,483       74,846  

Nestle Waters(12) (15)

  Consumer Non-Cyclical     341,592       341,592       341,592  

Neutral Connect, LLC(12) (16)

  Digital Infrastructure &
Services
    396,513       439,931       385,887  

Thrive Buyer, Inc(12)

  Digital Infrastructure &
Services
    88,980       222,449       222,196  

Nine Point Energy, LLC(12)

  Energy     3,567,059       —         —    

Nine Point Energy, LLC(12)

  Energy     286,261       128,818       286,261  

Health Platforms Group(12)

  Healthcare & HCIT     16,502       —         —    

Healthcare Services Acquisition(10) (12)

  Healthcare & HCIT     15,183       46       46  

Healthcare Services Acquisition(10) (12) (17)

  Healthcare & HCIT     28,158       281,580       282,988  

INH Group Holdings(12)

  Healthcare & HCIT     484,552       484,552       575,140  

Redwood Family Care Network, Inc.(12)

  Healthcare & HCIT     66       66,000       66,000  

Aggregator, LLC(12)

  Software & Tech Services     417,813       417,813       1,135,720  

American Safety Holdings Corp.(12) (18)

  Software & Tech Services     130,824       130,824       180,537  

Moon Topco L.P.(12)

  Software & Tech Services     36       35,998       35,999  

Par Technology Corp.(10) (12) (17)

  Software & Tech Services     1,432       111,997       100,154  

Stripe, Inc.(12)

  Software & Tech Services     4,158       166,854       166,854  

Omni Logistics, LLC(12) (19)

  Transport & Logistics     193,770       193,770       232,524  
     

 

 

   

 

 

 

Total U.S. Common Stock

 

    3,416,016       4,484,339  

 

16

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  Industry   Shares     Cost     Fair
Value
 

U.S. Warrants —0.33%

 

Fuze, Inc., expire 04/26/2031(12)

  Digital Infrastructure &
Services
    613,241     $ —       $ 224,004  

Healthcare Services Acquisition, expire 12/31/2027(10) (12)

  Healthcare & HCIT     14,079       —         —    

Healthcare Services Acquisition, expire 12/31/2027(10) (12)

  Healthcare & HCIT     23,721       23,721       21,116  

SBS Ultimate Holdings, LP, expire 09/18/2030(12)

  Healthcare & HCIT     17,419       —         —    

Alphasense, Inc., expire 05/29/2027(10) (12)

  Software & Tech Services     38,346       35,185       179,120  

Alphasense, Inc., expire 12/22/2027(10) (12)

  Software & Tech Services     2,049       —         11,064  

Degreed, Inc., expire 04/11/2028(12)

  Software & Tech Services     7,624       —         41,289  

Degreed, Inc., expire 05/31/2026(12)

  Software & Tech Services     26,294       46,823       279,376  

Streamsets, Inc., expire 11/25/2027(12)

  Software & Tech Services     23,382       16,367       16,539  

Vectra AI, Inc., expire 03/18/2031(12)

  Software & Tech Services     35,156       58,190       113,382  
     

 

 

   

 

 

 

Total U.S. Warrants

 

    180,286       885,890  

United Kingdom Warrants —0.07%

 

GlobalWebIndex, Inc., expire 12/30/2027(12)

  Software & Tech Services     8,832       159,859       174,679  
     

 

 

   

 

 

 

Total United Kingdom Warrants

 

    159,859       174,679  

TOTAL INVESTMENTS - 248.36%(20)

 

  $ 658,290,233     $ 660,412,884  
     

 

 

   

 

 

 

Cash Equivalents —3.10%

 

U.S. Investment Companies —3.10%

 

Blackrock T Fund I(17) (21)

  Money Market Portfolio
0.01% (22)
    8,251,407       8,251,407       8,251,407  
     

 

 

   

 

 

 

Total U.S. Investment Companies

 

    8,251,407       8,251,407  
     

 

 

   

 

 

 

Total Cash Equivalents

 

    8,251,407       8,251,407  

LIABILITIES IN EXCESS OF OTHER ASSETS —(151.46%)

 

  $ (402,756,290
       

 

 

 

NET ASSETS—100.00%

 

  $ 265,908,001  
       

 

 

 

 

+

As of June 30, 2021, qualifying assets represented 96.75% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.

*

Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.

#

Percentages are based on net assets.

^

Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”) or the U.S. Prime rate. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively) at the borrower’s option. LIBOR loans may be subject to interest floors. As of June 30, 2021, rates for weekly 1M L, 2M L, 3M L and 6M L are 0.10%, 0.13%, 0.15% and 0.16%, respectively. As of June 30, 2021, the U.S. Prime rate was 3.25%.

(1)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date, that may expire prior to the maturity date stated. See Note 6 “Commitments and Contingencies”.

(2)

The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(3)

Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding III, LLC.

(4)

Position, or a portion thereof, has been segregated to collateralize ABPCI Direct Lending Fund CLO VI Ltd.

(5)

Position, or a portion thereof, has been segregated to collateralize ABPCIC Funding II, LLC.

(6)

Categorized as Level 2 assets under the definition of ASC 820 fair value hierarchy.

(7)

Edgewood Partners Holdings LLC has been renamed to Galway Partners Holdings LLC in 2021

(8)

$313,949 of the funded par amount accrues interest at 11.50% (P + 2.00%; 6.25% PIK; 1.00% Floor).

(9)

$132,084 of the funded par amount accrues interest at 10.25% (L + 3.00%; 6.25% PIK; 1.00% Floor).

(10)

Positions considered non-qualified assets therefore excluded from the qualifying assets calculation as noted in footnote + above.

(11)

The investment is on non-accrual status. See Note 2 “Significant Accounting Policies.”

(12)

Non-income producing investment.

(13)

Position or portion thereof is held by Global Radar Acquisition Holdings, LLC which is held by ABPCIC Global Radar LLC

(14)

Concerto, LLC is held through ABPCIC Concerto Holdings LLC.

(15)

Position or portion thereof is held by ORCP III Triton Co-Investors, L.P. which is held by ABPCIC Equity Holdings, LLC.

(16)

Neutral Connect, LLC is held through ABPCIC NC Holdings LLC.

(17)

Categorized as Level 1 assets under the definition of ASC 820 fair value hierarchy.

(18)

Position or portion thereof is held by REP Coinvest II Tec, L.P. which is held by ABPCIC Equity Holdings, LLC.

(19)

Position or portion thereof is held by REP Coinvest III-A Omni, L.P. which is held by ABPCIC Equity Holdings, LLC.

 

17

See Notes to Unaudited Consolidated Financial Statements


Table of Contents
(20)

Aggregate gross unrealized appreciation for federal income tax purposes is $9,625,839; aggregate gross unrealized depreciation for federal income tax purposes is $7,503,188. Net unrealized appreciation is $2,122,651 based upon a tax cost basis of $658,290,233.

(21)

Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.

(22)

The rate shown is the annualized seven-day yield as of June 30, 2021.

 

L   -   LIBOR
P   -   Prime
PIK   -   Payment-In-Kind

 

18

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

AB Private Credit Investors Corporation

Consolidated Schedule of Investments as of December 31, 2020

 

Portfolio Company

   Industry    Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  
Investments at Fair Value —239.72% + * # ^  
U.S. Corporate Debt —234.65%  
1st Lien/Senior Secured Debt —229.52%  

Amercareroyal, LLC(1)

   Business Services    Term Loan    6.00% (L + 5.00%; 1.00% Floor)      11/25/2025      $ 4,532,375      $ 4,494,065     $ 4,487,051  

BEP Borrower Holdco, LLC(2) (3)

   Business Services    Delayed Draw Term
Loan A
   5.25% (L + 4.25%; 1.00% Floor)      06/12/2024        —          (8,923     (19,325

BEP Borrower Holdco, LLC(2) (3)

   Business Services    Revolver    5.25% (L + 4.25%; 1.00% Floor)      06/12/2024        —          (4,477     (4,295

BEP Borrower Holdco, LLC(1)

   Business Services    Term Loan A    5.25% (L + 4.25%; 1.00% Floor)      06/12/2024        3,435,477        3,398,119       3,383,945  

Edgewood Partners Holdings LLC(1)

   Business Services    Term Loan    5.25% (L + 4.25%; 1.00% Floor)      09/06/2024        5,565,603        5,524,826       5,509,947  

Global Radar Holdings, LLC(2) (3)

   Business Services    Revolver    8.00% (L + 7.00%; 1.00% Floor)      12/31/2025        —          (11,637     (11,637

Global Radar Holdings, LLC(4)

   Business Services    Term Loan    8.00% (L + 7.00%; 1.00% Floor)      12/31/2025        6,400,861        6,272,844       6,272,844  

Metametrics, Inc.(2) (3)

   Business Services    Revolver    6.25% (L + 5.25%; 1.00% Floor)      09/10/2025        —          (10,230     (13,024

Metametrics, Inc.(1)

   Business Services    Term Loan    6.25% (L + 5.25%; 1.00% Floor)      09/10/2025        5,425,654        5,336,647       5,317,140  

MSM Acquisitions, Inc.(2) (3)

   Business Services    Delayed Draw Term
Loan
   7.00% (L + 6.00%, 1.00% Floor)      12/09/2026        —          (15,154     (15,313

MSM Acquisitions, Inc.(2) (3)

   Business Services    Revolver    7.00% (L + 6.00%, 1.00% Floor)      12/09/2026        —          (24,249     (24,501

MSM Acquisitions, Inc.(1) (4)

   Business Services    Term Loan    7.00% (L + 6.00%, 1.00% Floor)      12/09/2026        7,350,271        7,204,523       7,203,266  

Single Digits, Inc.

   Business Services    Delayed Draw Term
Loan
   7.00% (L + 6.00%; 1.00% Floor)      12/21/2023        607,575        603,967       558,969  

Single Digits, Inc.(2) (3)

   Business Services    Revolver    7.00% (L + 6.00%; 1.00% Floor)      12/21/2023        —          (2,489     (33,292

Single Digits, Inc.(1)

   Business Services    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      12/21/2023        3,262,597        3,240,552       3,001,589  

Smile Brands, Inc.(4)

   Business Services    Delayed Draw Term
Loan
   5.42% (L + 5.17%; 0.21% Floor)      10/12/2024        493,072        489,895       484,443  

Smile Brands, Inc.(2) (3)

   Business Services    Revolver    6.17% (L + 5.17%; 1.00% Floor)      10/12/2023        —          (1,439     (4,459

Smile Brands, Inc.(1)

   Business Services    Term Loan    5.42% (L + 5.17%; 0.21% Floor)      10/12/2024        1,623,125        1,612,386       1,594,721  

Blink Holdings, Inc.(1)

   Consumer Non-Cyclical    Delayed Draw Term
Loan
   4.50% (L + 3.50%; 1.00% Floor)      11/08/2024        1,178,697        1,169,455       1,090,295  

Blink Holdings, Inc.

   Consumer Non-Cyclical    Delayed Draw Term
Loan
   4.50% (L + 3.50%; 1.00% Floor)      11/08/2024        945,093        939,402       874,211  

Blink Holdings, Inc.(1)

   Consumer Non-Cyclical    Term Loan    4.50% (L + 3.50%; 1.00% Floor)      11/08/2024        1,647,736        1,634,821       1,524,155  

Captain D’s, Inc.(2)

   Consumer Non-Cyclical    Revolver    5.50% (L + 4.50%; 1.00% Floor)      12/15/2023        144,787        143,730       142,826  

Captain D’s, Inc.(1)

   Consumer Non-Cyclical    Term Loan    5.50% (L + 4.50%; 1.00% Floor)      12/15/2023        1,929,660        1,919,188       1,910,364  

GPS Hospitality Holding Company LLC(1)

   Consumer Non-Cyclical    Term Loan B    4.47% (L + 4.25%)      12/08/2025        2,322,145        2,296,073       2,240,870  

PF Growth Partners, LLC(2)

   Consumer Non-Cyclical    Delayed Draw Term
Loan
   8.00% (L + 7.00%, 1.00% Floor)      07/11/2025        119,542        116,781       112,345  

PF Growth Partners, LLC(1)

   Consumer Non-Cyclical    Term Loan    8.00% (L + 7.00%, 1.00% Floor)      07/11/2025        2,011,787        1,995,817       1,971,551  

5 Bars, LLC(2) (3)

   Digital Infrastructure &
Services
   Delayed Draw Term
Loan
   6.00% (L + 4.00%; 2.00% Floor)      09/27/2024        —          (38,832     —    

5 Bars, LLC(2) (3)

   Digital Infrastructure &
Services
   Revolver    6.00% (L + 4.00%; 2.00% Floor)      09/27/2024        —          (7,281     —    

5 Bars, LLC(4)

   Digital Infrastructure &
Services
   Term Loan    6.00% (L + 4.00%; 2.00% Floor)      09/27/2024        4,742,121        4,687,586       4,742,121  

 

19

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

   Industry    Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  

EvolveIP, LLC(2)

   Digital Infrastructure &
Services
   Delayed Draw
Term Loan
   6.75% (L + 5.75%; 1.00% Floor)      06/07/2023      $ 113,373      $ 105,505     $ 102,036  

EvolveIP, LLC(2) (3)

   Digital Infrastructure &
Services
   Revolver    6.75% (L + 5.75%; 1.00% Floor)      06/07/2023        —          (5,886     (8,503

EvolveIP, LLC(1)

   Digital Infrastructure &
Services
   Term Loan A    6.75% (L + 5.75%; 1.00% Floor)      06/07/2023        6,567,317        6,496,610       6,468,808  

Fuze, Inc.(2) (4)

   Digital Infrastructure &
Services
   Delayed Draw
Term Loan
   8.50% (L + 6.50%; 2.00% Floor)      09/20/2024        777,532        280,941       766,905  

Fuze, Inc.(2) (3)

   Digital Infrastructure &
Services
   Revolver    8.50% (L + 6.50%; 2.00% Floor)      09/20/2024        —          (4,833     (18,531

Fuze, Inc.(1) (4)

   Digital Infrastructure &
Services
   Term Loan    8.50% (L + 6.50%; 2.00% Floor)      09/20/2024        11,015,029        10,973,819       10,857,514  

Star2star Communications, LLC(2) (3)

   Digital Infrastructure &
Services
   Delayed Draw
Term Loan
   6.50% (L + 5.50%; 1.00% Floor)      03/13/2025        —          (10,811     —    

Star2star Communications, LLC(2) (3)

   Digital Infrastructure &
Services
   Revolver    6.50% (L + 5.50%; 1.00% Floor)      03/13/2025        —          (16,217     —    

Star2star Communications, LLC(1) (4)

   Digital Infrastructure &
Services
   Term Loan    6.50% (L + 5.50%; 1.00% Floor)      03/13/2025        5,404,057        5,312,392       5,404,057  

AEG Holding Company, Inc.(1)

   Education    Delayed Draw
Term Loan
   6.50% (L + 5.50%; 1.00% Floor)      11/20/2023        1,067,375        1,056,524       1,046,027  

AEG Holding Company, Inc.(2) (3)

   Education    Revolver    6.50% (L + 5.50%; 1.00% Floor)      11/20/2023        —          (12,646     (22,337

AEG Holding Company, Inc.(4)

   Education    Term Loan    6.50% (L + 5.50%; 1.00% Floor)      11/20/2023        1,857,399        1,832,000       1,820,251  

AEG Holding Company, Inc.(1)

   Education    Term Loan    6.50% (L + 5.50%; 1.00% Floor)      11/20/2023        6,043,942        5,980,204       5,923,063  

Accelerate Resources Operating, LLC(2) (3)

   Energy    Delayed Draw
Term Loan
   8.50% (L + 7.50%; 1.00% Floor)      02/24/2026        —          (28,622     (49,772

Accelerate Resources Operating, LLC(2) (3)

   Energy    Revolver    8.50% (L + 7.50%; 1.00% Floor)      02/24/2026        —          (7,155     (12,443

Accelerate Resources Operating, LLC(1)

   Energy    Term Loan    8.50% (L + 7.50%; 1.00% Floor)      02/24/2026        4,989,614        4,903,754       4,839,925  

BCP Raptor II, LLC(1)

   Energy    Term Loan    4.90% (L + 4.75%)      11/03/2025        5,654,641        5,653,854       4,891,264  

Brazos Delaware II, LLC(1)

   Energy    Term Loan B    4.16% (L + 4.00%)      05/21/2025        4,003,380        3,924,100       3,462,923  

Nine Point Energy, LLC(2) (3)

   Energy    Delayed Draw
Term Loan
   9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)      06/07/2024        —          (4,707     (42,656

Nine Point Energy, LLC

   Energy    Term Loan    9.00% (L + 5.50%; 2.50% PIK; 1.00% Floor)      06/07/2024        5,737,924        5,651,856       4,991,994  

Foundation Risk Partners, Corp.(2) (3)

   Financials    First Lien Delayed
Draw Term Loan
   5.75% (L + 4.75%; 1.00% Floor)      11/10/2023        —          (29,327     (29,327

Foundation Risk Partners, Corp.(4)

   Financials    First Lien Term
Loan
   5.75% (L + 4.75%; 1.00% Floor)      11/10/2023        1,955,172        1,916,069       1,916,069  

Higginbotham Insurance Agency, Inc.(2) (3)

   Financials    Delayed Draw
Term Loan
   6.50% (L + 5.75%; 0.75% Floor)      11/25/2026        —          (12,328     (12,535

Higginbotham Insurance Agency, Inc.(5)

   Financials    Term Loan    6.50% (L + 5.75%; 0.75% Floor)      11/25/2026        5,937,344        5,849,538       5,848,284  

American Physician Partners, LLC(1)

   Healthcare & HCIT    Delayed Draw
Term Loan
   7.75% (L + 6.75%; 1.00% Floor)      12/21/2021        1,004,457        999,314       964,278  

American Physician Partners, LLC(2)

   Healthcare & HCIT    Revolver    7.75% (L + 6.75%; 1.00% Floor)      12/21/2021        346,322        344,112       328,562  

American Physician Partners, LLC(1)

   Healthcare & HCIT    Term Loan A    7.75% (L + 6.75%; 1.00% Floor)      12/21/2021        5,322,083        5,293,112       5,109,200  

American Physician Partners, LLC

   Healthcare & HCIT    Term Loan C    7.75% (L + 6.75%; 1.00% Floor)      12/21/2021        1,151,613        1,146,211       1,105,549  

American Physician Partners, LLC(1)

   Healthcare & HCIT    Term Loan D    7.75% (L + 6.75%; 1.00% Floor)      12/21/2021        2,137,611        2,009,807       2,052,107  

 

20

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

   Industry    Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  

Analogic Corporation(2) (3)

   Healthcare & HCIT    Revolver    6.25% (L + 5.25%; 1.00% Floor)      06/22/2023      $ —        $ (2,024   $ (7,486

Analogic Corporation(1) (4)

   Healthcare & HCIT    Term Loan    6.25% (L + 5.25%; 1.00% Floor)      06/24/2024        2,117,500        2,092,383       2,043,387  

Azurity Pharmaceuticals, Inc.(2) (3) (4) (6)

   Healthcare & HCIT    Delayed Draw Term
Loan
   6.75% (L + 5.75%; 1.00% Floor)      03/21/2023        —          (4,912     (9,659

Azurity Pharmaceuticals, Inc.(2) (3) (4) (6)

   Healthcare & HCIT    Revolver    6.75% (L + 5.75%; 1.00% Floor)      03/21/2023        —          (4,912     (9,659

Azurity Pharmaceuticals, Inc.(1) (4) (6)

   Healthcare & HCIT    Term Loan    6.75% (L + 5.75%; 1.00% Floor)      03/21/2023        7,182,884        7,105,941       7,039,226  

BK Medical Holding Company, Inc.(2) (3)

   Healthcare & HCIT    Revolver    6.25% (L + 5.25%; 1.00% Floor)      06/22/2023        —          (2,342     (12,870

BK Medical Holding Company, Inc.(4)

   Healthcare & HCIT    Term Loan A    6.25% (L + 5.25%; 1.00% Floor)      06/22/2024        2,980,316        2,956,762       2,861,104  

Caregiver 2, Inc.(4)

   Healthcare & HCIT    Term Loan    8.50% (L + 6.50%; 2.00% Floor)      07/24/2025        4,869,246        4,777,466       4,771,861  

Caregiver 2, Inc.(4)

   Healthcare & HCIT    Term Loan    8.50% (L + 6.50%; 2.00% Floor)      07/24/2025        698,894        685,721       684,916  

Coding Solutions Acquisition, Inc(2) (3)

   Healthcare & HCIT    Delayed Draw Term
Loan
   7.00% (L + 6.00%; 1.00% Floor)      12/31/2026        —          (24,440     (24,440

Coding Solutions Acquisition, Inc(2)

   Healthcare & HCIT    Revolver    7.00% (L + 6.00%; 1.00% Floor)      12/31/2025        19,396        17,069       17,069  

Coding Solutions Acquisition, Inc(4)

   Healthcare & HCIT    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      12/31/2026        7,913,792        7,755,516       7,755,516  

Delaware Valley Management Holdings, Inc.(2) (3)

   Healthcare & HCIT    Delayed Draw Term
Loan
   7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)      03/21/2024        —          (30,445     (160,698

Delaware Valley Management Holdings, Inc.

   Healthcare & HCIT    Revolver    7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)      03/21/2024        529,343        522,326       448,618  

Delaware Valley Management Holdings, Inc.

   Healthcare & HCIT    Term Loan    7.25% (L + 4.00%; 2.25% PIK; 1.00% Floor)      03/21/2024        3,455,055        3,409,119       2,928,159  

Ethos Veterinary Health LLC(1) (2)

   Healthcare & HCIT    Delayed Draw Term
Loan
   4.90% (L + 4.75%)      05/15/2026        1,067,933        1,051,553       1,058,398  

Ethos Veterinary Health LLC(1)

   Healthcare & HCIT    Term Loan    4.90% (L + 4.75%)      05/15/2026        2,291,671        2,272,956       2,280,213  

FH MD Buyer, Inc(1) (4)

   Healthcare & HCIT    Term Loan    6.75% (L + 5.75%; 1.00% Floor)      10/31/2026        4,758,403        4,642,290       4,639,443  

GHA Buyer, Inc.(2)

   Healthcare & HCIT    Fifth Amendment Delayed
Draw Term loan
   8.00% (L + 6.00%; 2.00% Floor)      06/24/2025        819,387        802,507       819,387  

GHA Buyer, Inc.(2) (3)

   Healthcare & HCIT    Revolver    8.00% (L + 6.00%; 2.00% Floor)      06/24/2025        —          (16,560     —    

GHA Buyer, Inc.(4)

   Healthcare & HCIT    Term Loan    8.00% (L + 6.00%; 2.00% Floor)      06/24/2025        4,682,214        4,589,427       4,682,214  

GHA Buyer, Inc.(1)

   Healthcare & HCIT    Term Loan    8.00% (L + 6.00%; 2.00% Floor)      06/24/2025        1,977,880        1,954,014       1,977,880  

GHA Buyer, Inc.(1) (4)

   Healthcare & HCIT    Term Loan    8.00% (L + 6.00%; 2.00% Floor)      06/24/2025        5,408,146        5,310,809       5,408,146  

GHA Buyer, Inc.(1)

   Healthcare & HCIT    Term Loan    8.00% (L + 6.00%; 2.00% Floor)      06/24/2025        565,207        555,552       565,207  

INH Buyer, Inc.(2) (3)

   Healthcare & HCIT    Revolver    7.00% (L + 6.00%, 1.00% Floor)      01/31/2024        —          (1,962     (3,088

INH Buyer, Inc.(1)

   Healthcare & HCIT    Term Loan    7.00% (L + 6.00%, 1.00% Floor)      01/31/2025        8,593,414        8,497,744       8,464,513  

Kindeva Drug Delivery L.P.(2) (3)

   Healthcare & HCIT    Revolver    7.00% (L + 6.00%; 1.00% Floor)      05/01/2025        —          (31,405     (36,133

Kindeva Drug Delivery L.P.(1) (4)

   Healthcare & HCIT    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      05/01/2026        15,819,048        15,463,256       15,423,572  

OMH-HealthEdge Holdings, LLC(2) (3)

   Healthcare & HCIT    Revolver    6.25% (L + 5.25%; 1.00% Floor)      10/24/2024        —          (7,910     (10,322

OMH-HealthEdge Holdings, LLC(1)

   Healthcare & HCIT    Term Loan    6.25% (L + 5.25%; 1.00% Floor)      10/24/2025        3,737,140        3,666,904       3,653,054  

Pace Health Companies, LLC(2) (3)

   Healthcare & HCIT    Revolver    5.50% (L + 4.50%; 1.00% Floor)      08/02/2024        —          (4,542     (6,167

Pace Health Companies, LLC(1)

   Healthcare & HCIT    Term Loan    5.50% (L + 4.50%; 1.00% Floor)      08/02/2024        5,358,969        5,318,091       5,305,379  

 

21

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

   Industry    Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  

Pinnacle Dermatology Management, LLC(2)

   Healthcare & HCIT    Delayed Draw Term
Loan
   5.25% (L + 4.25%; 1.00% Floor)      05/18/2023      $ 2,280,367      $ 2,238,882     $ 2,199,409  

Pinnacle Dermatology Management, LLC(2) (3)

   Healthcare & HCIT    Revolver    5.25% (L + 4.25%; 1.00% Floor)      05/18/2023        —          (3,106     (6,455

Pinnacle Dermatology Management, LLC(1)

   Healthcare & HCIT    Term Loan    5.25% (L + 4.25%; 1.00% Floor)      05/18/2023        5,380,911        5,310,665       5,273,293  

Pinnacle Treatment Centers, Inc.(2) (3)

   Healthcare & HCIT    Delayed Draw Term
Loan
   7.25% (L + 6.25%; 1.00% Floor)      12/31/2022        —          (2,434     (2,343

Pinnacle Treatment Centers, Inc.

   Healthcare & HCIT    Delayed Draw Term
Loan 2
   7.25% (L + 6.25%; 1.00% Floor)      12/31/2022        350,666        348,199       347,160  

Pinnacle Treatment Centers, Inc.(2) (3)

   Healthcare & HCIT    Revolver    7.25% (L + 6.25%; 1.00% Floor)      12/31/2022        —          (2,387     (2,929

Pinnacle Treatment Centers, Inc.(4)

   Healthcare & HCIT    Term Loan    7.25% (L + 6.25%; 1.00% Floor)      12/31/2022        4,128,092        4,099,904       4,086,812  

Platinum Dermatology Partners, LLC(7)

   Healthcare & HCIT    General Delayed
Draw Term Loan
   9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor)      01/03/2023        1,478,951        1,453,814       1,196,915  

Platinum Dermatology Partners, LLC(8)

   Healthcare & HCIT    Revolver    10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor)      01/03/2023        518,062        508,152       419,267  

Platinum Dermatology Partners, LLC

   Healthcare & HCIT    Specified Delayed
Draw Term Loan
   10.50% (P + 2.00%; 5.25% PIK; 1.00% Floor)      01/03/2023        2,036,183        2,000,944       1,647,883  

Platinum Dermatology Partners, LLC

   Healthcare & HCIT    Term Loan    9.25% (L + 3.00%; 5.25% PIK; 1.00% Floor)      01/03/2023        3,238,540        3,172,757       2,620,951  

RCP Encore Acquisition, Inc.(1)

   Healthcare & HCIT    Term Loan    5.75% (L + 4.75%; 1.00% Floor)      06/09/2025        3,934,668        3,904,130       3,767,444  

Salisbury House, LLC(2) (3)

   Healthcare & HCIT    Revolver    6.00% (L + 5.00%; 1.00% Floor)      08/30/2025        —          (10,572     (11,209

Salisbury House, LLC(1) (4)

   Healthcare & HCIT    Term Loan A1    6.50% (L + 5.50%; 1.00% Floor)      08/30/2025        5,366,661        5,239,533       5,232,494  

SIS Purchaser, Inc.(2) (3)

   Healthcare & HCIT    Revolver    7.00% (L + 6.00%; 1.00% Floor)      10/15/2026        —          (19,692     (20,405

SIS Purchaser, Inc.(1) (4)

   Healthcare & HCIT    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      10/15/2026        12,825,456        12,606,394       12,601,010  

The Center for Orthopedic and Research Excellence, Inc.(2) (9)

   Healthcare & HCIT    Delayed Draw Term
Loan
   6.25% (L + 5.25%; 1.00% Floor)      08/15/2025        577,458        561,028       557,270  

The Center for Orthopedic and Research Excellence, Inc.(2) (3)

   Healthcare & HCIT    Revolver    6.25% (L + 5.25%; 1.00% Floor)      08/15/2025        —          (9,474     (12,084

The Center for Orthopedic and Research Excellence, Inc.(1) (4)

   Healthcare & HCIT    Term Loan    6.25% (L + 5.25%; 1.00% Floor)      08/15/2025        4,943,778        4,873,997       4,857,261  

Theranest, LLC(1) (4)

   Healthcare & HCIT    Delayed Draw Term
Loan
   6.00% (L + 5.00%; 1.00% Floor)      07/24/2023        2,743,641        2,711,689       2,675,050  

Theranest, LLC(2) (3)

   Healthcare & HCIT    Revolver    6.00% (L + 5.00%; 1.00% Floor)      07/24/2023        —          (4,438     (10,714

Theranest, LLC(1)

   Healthcare & HCIT    Term Loan    6.00% (L + 5.00%; 1.00% Floor)      07/24/2023        2,970,000        2,937,217       2,895,750  

Women’s Health USA, Inc.(2) (3)

   Healthcare & HCIT    Revolver    8.75% (L + 7.75%; 1.00% Floor)      10/09/2023        —          (2,150     (2,195

Women’s Health USA, Inc.(1) (4)

   Healthcare & HCIT    Term Loan    8.75% (L + 7.75%; 1.00% Floor)      10/09/2023        4,116,949        4,057,490       4,056,430  

ZBS Alliance Animal Health, LLC(1) (4)

   Healthcare & HCIT    Delayed Draw Term
Loan
   6.25% (L + 5.25%; 1.00% Floor)      11/08/2025        3,056,995        3,007,287       2,995,855  

ZBS Alliance Animal Health, LLC(2) (3)

   Healthcare & HCIT    First Amendment
Delayed Draw Term
Loan
   6.25% (L + 5.25%; 1.00% Floor)      11/08/2025        —          (14,900     (45,076

ZBS Alliance Animal Health, LLC(2)

   Healthcare & HCIT    Revolver    6.25% (L + 5.25%; 1.00% Floor)      11/08/2025        453,560        442,268       439,953  

ZBS Alliance Animal Health, LLC(1)

   Healthcare & HCIT    Term Loan    6.25% (L + 5.25%; 1.00% Floor)      11/08/2025        2,694,147        2,649,100       2,640,264  

Alphasense, Inc.(2) (3)

   Software & Tech
Services
   Delayed Draw Term
Loan
   8.00% (L + 7.00%; 1.00% Floor)      05/29/2024        —          (19,224     —    

Alphasense, Inc.(2) (3)

   Software & Tech
Services
   Revolver    8.00% (L + 7.00%; 1.00% Floor)      05/29/2024        —          (10,717     —    

Alphasense, Inc.(4)

   Software & Tech
Services
   Term Loan    8.00% (L + 7.00%; 1.00% Floor)      05/29/2024        7,269,628        7,180,336       7,269,628  

 

22

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  

Industry

   Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  

AMI US Holdings, Inc.(2)

   Software & Tech Services    Revolver    5.65% (L + 5.50%)      04/01/2024      $ 788,116      $ 773,369     $ 771,697  

AMI US Holdings, Inc.(1)

   Software & Tech Services    Term Loan    6.50% (L + 5.50%; 1.00% Floor)      04/01/2025        8,173,415        8,050,411       8,050,814  

Arrowstream Acquisition Co., Inc.(2) (3)

   Software & Tech Services    Revolver    7.50% (L + 6.50%; 1.00% Floor)      12/15/2025        —          (7,655     (7,726

Arrowstream Acquisition Co., Inc.(4)

   Software & Tech Services    Term Loan    7.50% (L + 6.50%; 1.00% Floor)      12/15/2025        3,863,094        3,786,548       3,785,832  

Avetta, LLC(2) (3)

   Software & Tech Services    Revolver    6.25% (L + 5.25%; 1.00% Floor)      04/10/2024        —          (5,453     (9,888

Avetta, LLC(1) (4)

   Software & Tech Services    Term Loan    6.25% (L + 5.25%; 1.00% Floor)      04/10/2024        3,253,746        3,190,633       3,188,671  

Avetta, LLC(1)

   Software & Tech Services    Term Loan B    6.25% (L + 5.25%; 1.00% Floor)      04/10/2024        4,283,219        4,222,444       4,197,555  

Banneker V Acquisition, Inc.(2) (3)

   Software & Tech Services    Delayed Draw Term
Loan
   7.00% (L + 6.00%; 1.00% Floor)      12/04/2025        —          (20,464     (20,744

Banneker V Acquisition, Inc.(2) (3)

   Software & Tech Services    Revolver    7.00% (L + 6.00%; 1.00% Floor)      12/04/2025        —          (5,117     (5,186

Banneker V Acquisition, Inc.(4)

   Software & Tech Services    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      12/04/2025        5,173,025        5,070,718       5,069,565  

Businesssolver.com, Inc.(1)

   Software & Tech Services    Delayed Draw Term
Loan
   8.50% (L + 7.50%; 1.00% Floor)      05/15/2023        388,235        385,900       388,235  

Businesssolver.com, Inc.(2) (3)

   Software & Tech Services    Revolver    8.50% (L + 7.50%; 1.00% Floor)      05/15/2023        —          (3,180     —    

Businesssolver.com, Inc.(1) (4) (5)

   Software & Tech Services    Term Loan    8.50% (L + 7.50%; 1.00% Floor)      05/15/2023        9,703,535        9,608,867       9,703,535  

Businesssolver.com, Inc.(4)

   Software & Tech Services    Term Loan    8.50% (L + 7.50%; 1.00% Floor)      05/15/2023        1,390,037        1,369,183       1,390,037  

Datacor Holdings, Inc.(2) (3)

   Software & Tech Services    First Lien Delayed
Draw Term Loan
   6.25% (L + 5.25%; 1.00% Floor)      12/26/2025        —          (25,714     (25,754

Datacor Holdings, Inc.(2) (3)

   Software & Tech Services    Revolver    6.25% (L + 5.25%; 1.00% Floor)      12/26/2025        —          (12,849     (12,877

Datacor Holdings, Inc.(1) (4)

   Software & Tech Services    Term Loan    6.25% (L + 5.25%; 1.00% Floor)      12/26/2025        6,180,951        6,042,052       6,041,879  

Degreed, Inc.(4)

   Software & Tech Services    Delayed Draw Term
Loan
   7.35% (L + 6.35%; 1.00% Floor)      05/31/2024        2,924,689        2,865,519       2,924,689  

Degreed, Inc.(4)

   Software & Tech Services    Revolver    7.35% (L + 6.35%; 1.00% Floor)      05/31/2024        417,813        414,941       417,813  

Degreed, Inc.(1) (4)

   Software & Tech Services    Term Loan    7.35% (L + 6.35%; 1.00% Floor)      05/31/2024        2,228,335        2,211,944       2,228,335  

Dispatch Track, LLC(2) (3)

   Software & Tech Services    Revolver    5.50% (L + 4.50%; 1.00% Floor)      12/17/2024        —          (3,610     (3,020

Dispatch Track, LLC(1)

   Software & Tech Services    Term Loan    5.50% (L + 4.50%; 1.00% Floor)      12/17/2024        6,038,593        5,966,394       5,978,207  

Drilling Info Holdings, Inc.(1)

   Software & Tech Services    Term Loan    4.40% (L + 4.25%)      07/30/2025        3,360,865        3,350,124       3,310,452  

Dude Solutions Holdings, Inc.(4)

   Software & Tech Services    Term Loan    8.50% (L + 7.50%; 1.00% Floor)      06/13/2025      $ 3,882,883      $ 3,796,420     $ 3,795,518  

E2open LLC(2)

   Software & Tech Services    Revolver    6.75% (L + 5.75%; 1.00% Floor)      11/26/2024        238,713        235,653       238,713  

E2open LLC(1)

   Software & Tech Services    Term Loan    6.75% (L + 5.75%; 1.00% Floor)      11/26/2024        4,895,325        4,843,685       4,895,325  

Engage2Excel, Inc.(1) (2)

   Software & Tech Services    Revolver    9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)      03/07/2023        259,141        255,648       244,002  

Engage2Excel, Inc.(1)

   Software & Tech Services    Term Loan    9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)      03/07/2023        1,030,639        1,018,322       989,413  

Engage2Excel, Inc.(1)

   Software & Tech Services    Term Loan    9.00% (L + 6.00%; 2.00% PIK; 1.00% Floor)      03/07/2023        2,970,378        2,940,272       2,851,562  

EnterpriseDB Corporation(2) (3)

   Software & Tech Services    Revolver    7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)      06/21/2024        —          (9,730     (6,964

EnterpriseDB Corporation(1) (4)

   Software & Tech Services    Term Loan    7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)      06/21/2024        7,884,480        7,770,371       7,805,636  

EnterpriseDB Corporation(1) (4)

   Software & Tech Services    Term Loan    7.75% (L + 5.50%; 0.50% PIK; 1.75% Floor)      06/21/2024        4,517,886        4,430,433       4,472,707  

Exterro, Inc.(2) (3)

   Software & Tech Services    Revolver    6.50% (L + 5.50%; 1.00% Floor)      05/31/2024        —          (2,863     (1,238

Exterro, Inc.(4)

   Software & Tech Services    Term Loan    6.50% (L + 5.50%; 1.00% Floor)      05/31/2024        6,584,363        6,455,464       6,551,441  

 

23

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  

Industry

   Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  

Exterro, Inc.(1)

   Software & Tech Services    Term Loan    6.50% (L + 5.50%; 1.00% Floor)      05/31/2024      $ 5,809,123      $ 5,714,227     $ 5,780,077  

Exterro, Inc.(1)

   Software & Tech Services    Term Loan    6.50% (L + 5.50%; 1.00% Floor)      05/31/2024        2,793,450        2,761,205       2,779,483  

Faithlife, LLC(1) (2)

   Software & Tech Services    Delayed Draw Term
Loan
   7.00% (L + 6.00%; 1.00% Floor)      09/18/2025        1,705,713        1,649,597       1,645,019  

Faithlife, LLC(2) (3)

   Software & Tech Services    Revolver    7.00% (L + 6.00%; 1.00% Floor)      09/18/2025        —          (5,267     (5,581

Faithlife, LLC(1)

   Software & Tech Services    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      09/18/2025        732,515        718,688       717,865  

Finalsite Holdings, Inc.(2) (3)

   Software & Tech Services    Revolver    6.00% (L + 5.00%; 1.00% Floor)      09/25/2024        —          (2,778     (4,430

Finalsite Holdings, Inc.(1)

   Software & Tech Services    Term Loan    6.00% (L + 5.00%; 1.00% Floor)      09/25/2024        3,299,280        3,260,625       3,241,542  

Genesis Acquisition Co.

   Software & Tech Services    Delayed Draw Term
Loan
   4.22% (L + 4.00%)      07/31/2024        40,193        39,949       36,877  

Genesis Acquisition Co.(4)

   Software & Tech Services    Revolver    4.22% (L + 4.00%)      07/31/2024        202,400        199,929       185,702  

Genesis Acquisition Co.(1)

   Software & Tech Services    Term Loan    4.22% (L + 4.00%)      07/31/2024        1,348,936        1,331,729       1,237,649  

GlobalWebIndex Inc.(2) (3)

   Software & Tech Services    Delayed Draw Term
Loan
   7.00% (L + 6.00%; 1.00% Floor)      12/30/2024        —          (36,837     (36,837

GlobalWebIndex Inc.(4)

   Software & Tech Services    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      12/30/2024        5,525,580        5,470,324       5,470,324  

GS AcquisitionCo, Inc.(4)

   Software & Tech Services    Delayed Draw Term
Loan
   6.75% (L + 5.75%; 1.00% Floor)      05/24/2024        697,073        689,765       686,617  

GS AcquisitionCo, Inc.(4)

   Software & Tech Services    Delayed Draw Term
Loan
   6.75% (L + 5.75%; 1.00% Floor)      05/24/2024        1,430,055        1,430,055       1,408,604  

GS AcquisitionCo, Inc.(1)

   Software & Tech Services    Fifth Supplemental
Term Loan
   6.75% (L + 5.75%; 1.00% Floor)      05/24/2024        823,023        810,749       810,677  

GS AcquisitionCo, Inc.(2) (3)

   Software & Tech Services    Fourth Supplemental
Delayed Draw Term
Loan
   6.75% (L + 5.75%; 1.00% Floor)      05/24/2024        —          (3,717     (3,741

GS AcquisitionCo, Inc.(2) (3)

   Software & Tech Services    Revolver    6.75% (L + 5.75%; 1.00% Floor)      05/24/2024        —          (3,559     (5,743

GS AcquisitionCo, Inc.(1) (4)

   Software & Tech Services    Term Loan    6.75% (L + 5.75%; 1.00% Floor)      05/24/2024        3,526,700        3,493,436       3,473,799  

Kaseya Inc.(2) (3) (10)

   Software & Tech Services    Delayed Draw Term
Loan
   8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)      05/02/2025        —          (4,197     (6,015

Kaseya Inc.(10)

   Software & Tech Services    Delayed Draw Term
Loan
   8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)      05/02/2025        539,265        534,498       528,480  

Kaseya Inc.(2) (10)

   Software & Tech Services    Revolver    7.50% (L + 6.50%; 1.00% Floor)      05/02/2025        184,235        181,464       176,716  

Kaseya Inc.(1) (4) (10)

   Software & Tech Services    Term Loan    8.00% (L + 4.00%; 3.00% PIK; 1.00% Floor)      05/02/2025        5,087,721        5,046,461       4,985,967  

Lexipol, LLC(1)

   Software & Tech Services    Delayed Draw Term
Loan
   6.75% (L + 5.75%; 1.00% Floor)      10/08/2025        1,382,942        1,357,778       1,357,464  

Lexipol, LLC(1)

   Software & Tech Services    Term Loan A    6.75% (L + 5.75%; 1.00% Floor)      10/08/2025        6,259,633        6,154,275       6,150,089  

Medbridge Holdings, LLC(1) (5)

   Software & Tech Services    Initial Term Loan    8.00% (L + 7.00%, 1.00% Floor)      12/23/2026        15,367,872        15,061,604       15,060,514  

Medbridge Holdings, LLC(2) (3)

   Software & Tech Services    Revolver    8.00% (L + 7.00%, 1.00% Floor)      12/23/2026        —          (27,413     (27,524

Ministry Brands, LLC(1)

   Software & Tech Services    Delayed Draw Term
Loan
   5.00% (L + 4.00%; 1.00% Floor)      12/02/2022        650,993        649,558       636,346  

Ministry Brands, LLC(1)

   Software & Tech Services    Term Loan    5.00% (L + 4.00%; 1.00% Floor)      12/02/2022        3,112,742        3,105,923       3,042,705  

Netwrix Corporation And Concept Searching Inc.(2) (3)

   Software & Tech Services    Delayed Draw Term
Loan
   7.25% (L + 6.25%; 1.00% Floor)      09/30/2026        —          (19,215     (23,794

Netwrix Corporation And Concept Searching Inc.

   Software & Tech Services    First Amendment
First Out Term
Loan
   4.50% (L + 3.50%; 1.00% Floor)      09/30/2026        2,807,645        2,769,039       2,769,039  

Netwrix Corporation And Concept Searching Inc.

   Software & Tech Services    First Amendment
Last Out Term Loan
   9.08% (L + 8.08%; 1.00% Floor)      09/30/2026        7,175,092        7,014,042       7,014,042  

Netwrix Corporation And Concept Searching
Inc.(1)

   Software & Tech Services    Last Out Term Loan    10.00% (L + 9.00%; 1.00% Floor)      09/30/2026        1,665,510        1,622,670       1,625,954  

 

24

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  

Industry

   Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  

Netwrix Corporation And Concept Searching Inc.

   Software & Tech Services    Primary Delayed Draw
Term Loan
   7.25% (L + 6.25%; 1.00% Floor)      09/30/2026      $ 500,905      $ 491,298     $ 489,009  

Netwrix Corporation And Concept Searching Inc.(2) (3)

   Software & Tech Services    Revolver    7.25% (L + 6.25%; 1.00% Floor)      09/30/2026        —          (4,284     (3,956

PerimeterX, Inc.(2) (3)

   Software & Tech Services    Delayed Draw Term
Loan
   5.00% (L + 4.00%; 1.00% Floor)      11/22/2024        —          (6,883     (6,989

PerimeterX, Inc.(2) (3)

   Software & Tech Services    Revolver    5.00% (L + 4.00%; 1.00% Floor)      11/22/2024        —          (2,737     (2,795

PerimeterX, Inc.(4)

   Software & Tech Services    Term Loan    5.00% (L + 4.00%; 1.00% Floor)      11/22/2024        2,798,825        2,771,229       2,770,837  

Purchasing Power, LLC(1)

   Software & Tech Services    Term Loan    8.25% (L + 7.25%; 1.00% Floor)      02/06/2024        2,624,201        2,592,378       2,571,717  

Real Capital Analytics, Inc.(2) (3)

   Software & Tech Services    Revolver    6.00% (L + 5.00%, 1.00% Floor)      10/02/2024        —          (2,683     —    

Real Capital Analytics, Inc.(1) (4)

   Software & Tech Services    Term Loan    6.00% (L + 5.00%; 1.00% Floor)      10/02/2024        3,019,297        3,007,315       3,019,297  

Real Capital Analytics, Inc.(1)

   Software & Tech Services    Term Loan    6.00% (L + 5.00%, 1.00% Floor)      10/02/2024        4,863,178        4,844,190       4,863,178  

Rep Tec Intermediate Holdings, Inc.(2) (3)

   Software & Tech Services    Delayed Draw Term
Loan
   7.50% (L + 6.50%; 1.00% Floor)      06/19/2025        —          (23,772     —    

Rep Tec Intermediate Holdings, Inc.(2) (3)

   Software & Tech Services    Revolver    7.50% (L + 6.50%; 1.00% Floor)      06/19/2025        —          (7,924     —    

Rep Tec Intermediate Holdings, Inc.(4)

   Software & Tech Services    Term Loan    7.50% (L + 6.50%; 1.00% Floor)      06/19/2025        4,164,398        4,089,771       4,164,398  

SecureLink, Inc(1)

   Software & Tech Services    Initial Term Loan    6.50% (L + 5.50%; 1.00% Floor)      10/01/2025        4,922,655        4,852,007       4,848,815  

SecureLink, Inc(2) (3)

   Software & Tech Services    Revolver    6.50% (L + 5.50%; 1.00% Floor)      10/01/2025        —          (6,262     (6,593

Sirsi Corporation(2) (3)

   Software & Tech Services    Revolver    5.75% (L + 4.75%; 1.00% Floor)      03/15/2024        —          (5,503     (6,921

Sirsi Corporation(1)

   Software & Tech Services    Term Loan    5.75% (L + 4.75%; 1.00% Floor)      03/15/2024        8,449,581        8,361,442       8,343,961  

Smartlinx Solutions, LLC(2) (3)

   Software & Tech Services    Revolver    7.00% (L + 6.00%; 1.00% Floor)      03/04/2026        —          (4,498     (9,974

Smartlinx Solutions, LLC(1) (4)

   Software & Tech Services    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      03/04/2026        5,735,912        5,635,853       5,625,782  

Streamsets, Inc.(2) (3)

   Software & Tech Services    Revolver    6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)      11/25/2024        —          (9,115     (9,737

Streamsets, Inc.(4)

   Software & Tech Services    Term Loan    6.75% (L + 5.00%; 0.75% PIK; 1.00% Floor)      11/25/2024        2,103,146        2,048,309       2,044,721  

SugarCRM, Inc.(2) (3) (4)

   Software & Tech Services    Revolver    7.50% (L + 6.50%; 1.00% Floor)      07/31/2024        —          (3,326     —    

SugarCRM, Inc.(1) (4)

   Software & Tech Services    Term Loan    7.50% (L + 6.50%; 1.00% Floor)      07/31/2024        4,268,824        4,215,403       4,268,824  

Swiftpage, Inc.(2) (3) (4)

   Software & Tech Services    Revolver    7.50% (L + 6.50%; 1.00% Floor)      06/13/2023        —          (2,232     (7,887

Swiftpage, Inc.(4)

   Software & Tech Services    Term Loan    7.50% (L + 6.50%; 1.00% Floor)      06/13/2023        2,471,441        2,445,531       2,384,940  

Swiftpage, Inc.(4)

   Software & Tech Services    Term Loan A    7.50% (L + 6.50%; 1.00% Floor)      06/13/2023        227,475        224,713       219,514  

Sysnet North America, Inc(2) (3)

   Software & Tech Services    Delayed Draw Term
Loan B1
   6.50% (L + 5.50%; 1.00% Floor)      12/01/2026        —          (28,973     (57,946

Sysnet North America, Inc(1) (4)

   Software & Tech Services    Term Loan    6.50% (L + 5.50%; 1.00% Floor)      12/01/2026        5,150,792        5,073,530       5,073,530  

Telesoft Holdings, LLC(2) (3)

   Software & Tech Services    Revolver    6.75% (L + 5.75%, 1.00% Floor)      12/16/2025        —          (11,150     (13,429

Telesoft Holdings, LLC(4)

   Software & Tech Services    Term Loan    6.75% (L + 5.75%, 1.00% Floor)      12/16/2025        5,923,900        5,811,092       5,790,612  

TRGRP, Inc.(2) (3)

   Software & Tech Services    Revolver    8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)      11/01/2023        —          (3,789     (6,666

TRGRP, Inc.(1)

   Software & Tech Services    Term Loan    8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)      11/01/2023        1,093,574        1,079,177       1,071,703  

TRGRP, Inc.(1) (4)

   Software & Tech Services    Term Loan    8.00% (L + 4.50%; 2.50% PIK; 1.00% Floor)      11/01/2023        4,894,320        4,836,011       4,796,433  

Velocity Purchaser Corporation(2) (3)

   Software & Tech Services    Revolver    7.00% (L + 6.00%; 1.00% Floor)      12/01/2022        —          (1,518     —    

Velocity Purchaser Corporation(1)

   Software & Tech Services    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      12/01/2022        660,247        653,553       660,247  

 

25

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

  

Industry

   Facility Type   

Interest

   Maturity      Funded
Par Amount
     Cost     Fair Value  

Velocity Purchaser Corporation(1)

   Software & Tech Services    Term Loan    7.00% (L + 6.00%; 1.00% Floor)      12/01/2022      $ 2,655,701      $ 2,633,903     $ 2,655,701  

Velocity Purchaser Corporation(1)

   Software & Tech Services    Third Amendment
Term Loan
   7.00% (L + 6.00%; 1.00% Floor)      12/01/2022        5,167,773        5,066,540       5,167,773  

Watermark Insights, LLC(1)

   Software & Tech Services    Delayed Draw
Term Loan
   5.00% (L + 4.00%; 1.00% Floor)      06/07/2024        324,557        323,118       317,255  

Watermark Insights, LLC(1)

   Software & Tech Services    Term Loan    5.00% (L + 4.00%; 1.00% Floor)      06/07/2024        2,586,180        2,570,238       2,527,991  

Dillon Logistics, Inc.(2)

   Transport & Logistics    Revolver    8.00% (L + 7.00%; 1.00% Floor)      12/11/2023        191,523        187,627       (28,059

Dillon Logistics, Inc.

   Transport & Logistics    Term Loan A    8.00% (L + 7.00%; 1.00% Floor)      12/11/2023        2,797,528        2,681,107       1,286,863  

Dillon Logistics, Inc.

   Transport & Logistics    Term Loan B    8.00% (L + 7.00%; 1.00% Floor)      12/11/2023        822,784        776,708       378,481  

OSG Bulk Ships, Inc.(1)

   Transport & Logistics    Term Loan    5.16% (L + 5.00%)      12/21/2023        5,169,932        5,129,012       5,066,533  
                 

 

 

   

 

 

 

Total U.S. 1st Lien/Senior Secured Debt

           517,273,493       510,366,233  

2nd Lien/Junior Secured Debt—5.13%

 

Brave Parent Holdings, Inc.(1)

   Energy    Term Loan    7.65% (L + 7.50%)      04/17/2026        1,230,107        1,208,583       1,202,429  

Foundation Risk Partners, Corp.(2) (3)

   Financials    2nd Lien Delayed
Draw Term Loan
   9.50% (L + 8.50%; 1.00% Floor)      11/10/2024        —          (15,711     (14,140

Foundation Risk Partners, Corp.(1)

   Financials    2nd Lien Term
Loan
   9.50% (L + 8.50%; 1.00% Floor)      11/10/2024        837,931        816,996       819,077  

Conterra Ultra Broadband Holdings, Inc.(1)

   Software & Tech Services    Term Loan    9.00% (L + 8.00%; 1.00% Floor)      04/30/2027        6,537,710        6,454,358       6,537,710  

Symplr Software, Inc.(1)

   Software & Tech Services    2nd Lien Term
Loan
   8.625% (L + 7.875%; 0.75% Floor)      12/22/2028        2,909,482        2,851,443       2,851,293  
                 

 

 

   

 

 

 

Total U.S. 2nd Lien/Junior Secured Debt

           11,315,669       11,396,369  
                 

 

 

   

 

 

 

Total U.S. Corporate Debt

           528,589,162       521,762,602  

Canadian Corporate Debt—0.37%

 

1st Lien/Senior Secured Debt—0.37%

 

McNairn Holdings Ltd.(1) (4) (11) (12)

   Business Services    Term Loan    6.00% (L + 5.00%; 1.00% Floor)      11/25/2025        839,851        832,752       831,453  
                 

 

 

   

 

 

 

Total Canadian 1st Lien/Senior Secured Debt

           832,752       831,453  
                 

 

 

   

 

 

 

Total Canadian Corporate Debt

           832,752       831,453  

 

26

See Notes to Unaudited Consolidated Financial Statements


Table of Contents

Portfolio Company

 

Industry

                      Shares     Cost     Fair Value  

U.S. Preferred Stock—3.37%

 

Global Radar Holdings, LLC(13) (14)

  Business Services             125     $ 367,615     $ 367,618  

Concerto, LLC(13) (15)

  Healthcare & HCIT             65,614       349,977       349,977  

SBS Ultimate Holdings, LP(13)

  Healthcare & HCIT             217,710       861,879       620,472  

Datarobot, Inc.(13)

  Software & Tech Services             38,190       289,278       501,892  

Datarobot, Inc.(13)

  Software & Tech Services             6,715       88,248       88,248  

Degreed, Inc.(13)

  Software & Tech Services             43,819       278,541       438,190  

Heap(13)

  Software & Tech Services             189,617       696,351       696,351  

Netskope, Inc.(13)

  Software & Tech Services             36,144       302,536       302,536  

PerimeterX, Inc.(13)

  Software & Tech Services             282,034       838,601       838,601  

Phenom People, Inc.(13)

  Software & Tech Services             35,055       220,610       220,612  

Protoscale Rubrik(13)

  Software & Tech Services             25,397       598,212       598,201  

Punchh(13)

  Software & Tech Services             24,262       275,337       275,337  

Samsara Networks, Inc.(13)

  Software & Tech Services             33,451       369,998       369,998  

Streamsets, Inc.(13)

  Software & Tech Services             109,518       295,512       295,512  

Symplr Software Intermediate Holdings, Inc.(13)

  Software & Tech Services             1,196       1,160,532       1,532,404  
             

 

 

   

 

 

 

Total U.S. Preferred Stock

              6,993,227       7,495,949  

U.S. Common Stock—1.20%

 

Neutral Connect, LLC(13) (16)

  Digital Infrastructure &
Services
            396,513       439,931       406,704  

Leeds FEG Investors, LLC(13)

  Education             320       321,309       341,595  

Nine Point Energy, LLC(13)

  Energy             3,567,059       —         —    

Health Platforms Group(13)

  Healthcare & HCIT             16,502       —         —    

Healthcare Services Acquisition(13)

  Healthcare & HCIT             15,183       46       46  

Healthcare Services Acquisition(13) (17)

  Healthcare & HCIT             28,158       281,580       287,775  

INH Group Holdings(13)

  Healthcare & HCIT             484,552       484,552       760,746  

Aggregator, LLC(13)

  Software & Tech Services             417,813       417,813       735,350  

American Safety Holdings Corp.(13) (18)

  Software & Tech Services             130,824       130,824       130,824  
             

 

 

   

 

 

 

Total U.S. Common Stock

              2,076,055       2,663,040  

U.S. Warrants—0.13%

 

Fuze, Inc., expire 09/20/2029(13)

  Digital Infrastructure &
Services
            196,328       615,168       11,505  

Healthcare Services Acquisition, expire 12/31/2027(13)

  Healthcare & HCIT             14,079       —         —    

Healthcare Services Acquisition, expire 12/31/2027(13)

  Healthcare & HCIT             23,721       23,721       23,721  

SBS Ultimate Holdings, LP, expire 09/18/2030(13)

  Healthcare & HCIT             17,419       —         —    

Alphasense, LLC, expire 05/29/2027(13)

  Software & Tech Services             38,346       35,185       134,593  

Degreed, Inc., expire 05/31/2026(13)

  Software & Tech Services             26,294       46,823       95,800  

GlobalWebIndex, Inc., expire 12/30/2027(13)

  Software & T