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 September 30, 2024

OR

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

Commission file number: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	81-2878769
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

200 Clarendon Street, 37th Floor
Boston, MA	02116
(Address of Principal Executive Office)	(Zip Code)

(617) 516‑2000

(Registrant’s Telephone Number, Including Area Code)

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	BCSF	New York Stock Exchange

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 the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

As of November 5, 2024, the registrant had 64,562,265 shares of common stock outstanding.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 and 2023 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited)	6
	Consolidated Schedules of Investments as of September 30, 2024 (unaudited) and December 31, 2023	7
	Notes to Consolidated Financial Statements (unaudited)	44
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	114
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	133
Item 4.	Controls and Procedures	134
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	134
Item 1A.	Risk Factors	134
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	134
Item 3.	Default Upon Senior Securities	134
Item 4.	Mine Safety Disclosures	134
Item 5.	Other Information	135
Item 6.	Exhibits, Financial Statement Schedules	136
Signatures		141

i

FORWARD-LOOKING STATEMENTS

Statements contained in this Quarterly Report on Form 10-Q (the “Quarterly Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company, BCSF Advisors, LP (the “Advisor”) and/or Bain Capital Credit, LP and its affiliated advisers (collectively, “Bain Capital Credit”). Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Quarterly Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, that could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K (the “Annual Report”) for the fiscal year ended December 31, 2023 and in our filings with the Securities and Exchange Commission (the “SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this Quarterly Report because we are an investment company.

ii

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

	As of			As of
	September 30, 2024			December 31, 2023
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,759,021 and $1,615,061, respectively)	$	1,754,245		$	1,593,360
Non-controlled/affiliate investment (amortized cost of $75,517 and $132,650, respectively)		80,035			147,971
Controlled affiliate investment (amortized cost of $578,475 and $554,123, respectively)		573,670			557,012
Cash and cash equivalents		25,336			42,995
Foreign cash (cost of $4,657 and $6,865, respectively)		5,125			6,405
Restricted cash and cash equivalents		29,292			63,084
Collateral on forward currency exchange contracts		9,675			7,613
Deferred financing costs		4,855			2,802
Interest receivable on investments		34,520			37,169
Receivable for sales and paydowns of investments		17,873			4,310
Prepaid insurance		383			210
Dividend receivable		8,673			9,417
Total Assets	$	2,543,682		$	2,472,348
Liabilities
Debt (net of unamortized debt issuance costs of $5,592 and $7,567, respectively)	$	1,300,607		$	1,255,933
Interest payable		13,170			13,283
Payable for investments purchased		17,280			11,453
Unrealized depreciation on forward currency exchange contracts		6,549			2,260
Base management fee payable		8,897			8,929
Incentive fee payable		7,020			7,327
Accounts payable and accrued expenses		14,518			9,581
Distributions payable		29,053			27,116
Total Liabilities		1,397,094			1,335,882
Commitments and Contingencies (See Note 10)
Net Assets
Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,562,265 and 64,562,265 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		65			65
Paid in capital in excess of par value		1,165,191			1,168,384
Total distributable loss		(18,668	)		(31,983	)
Total Net Assets		1,146,588			1,136,466
Total Liabilities and Total Net Assets	$	2,543,682		$	2,472,348
Net asset value per share	$	17.76		$	17.60

See Notes to Consolidated Financial Statements

3

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments	$		45,135		$		45,418		$		134,193		$		140,588
Dividend income			826				—				1,261				62
PIK income			5,231				4,926				15,941				15,015
Other income			5,704				1,008				14,100				8,178
Total investment income from non-controlled/non-affiliate investments			56,896				51,352				165,495				163,843
Investment income from non-controlled/affiliate investments:
Interest from investments			120				2,412				2,980				7,375
Dividend income			85				950				906				3,955
PIK income			—				655				458				1,677
Total investment income from non-controlled/affiliate investments			205				4,017				4,344				13,007
Investment income from controlled affiliate investments:
Interest from investments			10,165				9,403				28,948				24,320
Dividend income			5,274				7,618				20,523				21,672
Total investment income from controlled affiliate investments			15,439				17,021				49,471				45,992
Total investment income			72,540				72,390				219,310				222,842
Expenses
Interest and debt financing expenses			18,117				20,775				53,804				60,784
Base management fee			8,897				9,140				26,484				27,166
Incentive fee			7,020				3,011				24,176				18,129
Professional fees			870				760				2,700				1,792
Directors fees			173				182				521				535
Other general and administrative expenses			2,454				2,234				7,374				5,386
Total expenses, net of fee waivers			37,531				36,102				115,059				113,792
Net investment income before taxes			35,009				36,288				104,251				109,050
Income tax expense, including excise tax			1,025				640				3,200				2,332
Net investment income			33,984				35,648				101,051				106,718
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments			245				(50,873	)			(7,631	)			(61,753	)
Net realized gain on non-controlled/affiliate investments			3,008				—				7,727				—
Net realized loss on foreign currency transactions			(465	)			(673	)			(888	)			(5,207	)
Net realized gain (loss) on forward currency exchange contracts			20				(221	)			1,916				(2,606	)
Net change in unrealized appreciation on foreign currency translation			998				(279	)			967				3,615
Net change in unrealized appreciation on forward currency exchange contracts			(5,693	)			7,107				(4,289	)			5,792
Net change in unrealized appreciation on non-controlled/non-affiliate investments			(2,135	)			41,509				16,925				35,972
Net change in unrealized appreciation on non-controlled/affiliate investments			2,534				(1,067	)			(10,803	)			1,960
Net change in unrealized appreciation on controlled affiliate investments			600				2,705				(7,694	)			7,821
Total net losses			(888	)			(1,792	)			(3,770	)			(14,406	)
Net increase in net assets resulting from operations	$		33,096		$		33,856		$		97,281		$		92,312
Basic and diluted net investment income per common share	$		0.53		$		0.55		$		1.57		$		1.65
Basic and diluted increase in net assets resulting from operations per common share	$		0.51		$		0.52		$		1.51		$		1.43
Basic and diluted weighted average common shares outstanding			64,562,265				64,562,265				64,562,265				64,562,265

See Notes to Consolidated Financial Statements

4

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
Operations:
Net investment income	$		33,984		$		35,648		$		101,051		$		106,718
Net realized gain (loss)			2,808				(51,767	)			1,124				(69,566	)
Net change in unrealized appreciation			(3,696	)			49,975				(4,894	)			55,160
Net increase in net assets resulting from operations			33,096				33,856				97,281				92,312
Stockholder distributions:
Distributions from distributable earnings			(29,053	)			(27,116	)			(87,159	)			(76,184	)
Net decrease in net assets resulting from stockholder distributions			(29,053	)			(27,116	)			(87,159	)			(76,184	)
Capital share transactions:
Total increase in net assets			4,043				6,740				10,122				16,128
Net assets at beginning of period			1,142,545				1,125,779				1,136,466				1,116,391
Net assets at end of period	$		1,146,588		$		1,132,519		$		1,146,588		$		1,132,519
Net asset value per common share	$		17.76		$		17.54		$		17.76		$		17.54
Common stock outstanding at end of period			64,562,265				64,562,265				64,562,265				64,562,265

See Notes to Consolidated Financial Statements

5

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

	For the Nine Months Ended September 30,
		2024				2023
Cash flows from operating activities
Net increase in net assets resulting from operations	$		97,281		$		92,312
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash used in operating activities:
Purchases of investments			(1,097,835	)			(646,136	)
Proceeds from principal payments and sales of investments			1,001,530				631,386
Net realized (gain) loss from investments			(96	)			61,753
Net realized loss on foreign currency transactions			888				5,207
Net change in unrealized appreciation on forward currency exchange contracts			4,289				(5,792	)
Net change in unrealized appreciation on investments			1,572				(45,753	)
Net change in unrealized appreciation on foreign currency translation			(967	)			(3,615	)
Increase in investments due to PIK			(18,723	)			(15,825	)
Accretion of discounts and amortization of premiums			(3,791	)			(4,423	)
Amortization of deferred financing costs and debt issuance costs			3,095				2,669
Changes in operating assets and liabilities:
Collateral on forward currency exchange contracts			(2,062	)			(2,444	)
Interest receivable on investments			2,649				872
Prepaid insurance			(173	)			(214	)
Dividend receivable			744				390
Interest payable			(113	)			2,886
Base management fee payable			(32	)			234
Incentive fee payable			(307	)			(6,205	)
Accounts payable and accrued expenses			4,937				3,276
Net cash provided by (used in) operating activities			(7,114	)			70,578
Cash flows from financing activities
Borrowings on debt			565,000				328,000
Repayments on debt			(522,301	)			(345,000	)
Payments of financing costs			(3,173	)			—
Stockholder distributions paid			(85,222	)			(72,310	)
Net cash used in financing activities			(45,696	)			(89,310	)
Net decrease in cash, foreign cash, restricted cash and cash equivalents			(52,810	)			(18,732	)
Effect of foreign currency exchange rates			79				(1,592	)
Cash, foreign cash, restricted cash and cash equivalents, beginning of period			112,484				125,730
Cash, foreign cash, restricted cash and cash equivalents, end of period	$		59,753		$		105,406
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$		50,822		$		55,229
Cash paid for income taxes, including excise taxes during the period	$		2,411		$		1,215

	As of September 30,
		2024			2023
Cash	$		25,336	$		65,212
Restricted cash			29,292			25,908
Foreign cash			5,125			14,286
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows	$		59,753	$		105,406

See Notes to Consolidated Financial Statements

6

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

(In thousands)

(Unaudited)

Portfolio Company	Investment Type	Index (1)	Spread	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		10.87	%	7/12/2029	$	862		862			862
ATS (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		11.05	%	7/12/2029	$	19,369		19,131			19,127
BTX Precision (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/25/2030	$	—		(82	)		(63	)
BTX Precision (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/25/2030	$	—		(27	)		(42	)
BTX Precision (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/25/2030	$	—		(36	)		(37	)
BTX Precision (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		9.85	%	7/25/2030	$	24,474		24,261			24,260
BTX Precision (14)(19)(25)	Equity Interest	—	—	—			—		2		2,199			2,199
Forming Machining Industries Holdings, LLC (7)(14)(18)(19)(26)	Second Lien Senior Secured Loan	SOFR	8.40% PIK		13.46	%	10/9/2026	$	7,173		6,874			628
Forming Machining Industries Holdings, LLC (18)(19)	First Lien Senior Secured Loan	SOFR	4.40%		9.46	%	10/9/2025	$	15,985		15,963			12,388
Forward Slope (14)(19)(25)	Equity Interest	—	—	—			—		930		930			1,440
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	6.85%		11.45	%	8/22/2029	$	6,154		6,019			6,154
Forward Slope (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.85%		11.45	%	8/22/2029	$	23,456		22,943			23,456
Forward Slope (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/22/2029	$	—		(181	)		—
Forward Slope (15)(19)	First Lien Senior Secured Loan	SOFR	6.85%		11.45	%	8/22/2029	$	8,640		8,526			8,640
GSP (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.65%		10.96	%	12/31/2024	$	1,129		1,116			1,118
GSP Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.65%		10.25	%	11/6/2025	$	9,599		9,590			9,503
GSP Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.65%		10.25	%	11/6/2025	$	4,324		4,316			4,278
Kellstrom Aerospace Group, Inc (14)(19)(25)	Equity Interest	—	—	—			—		1		1,963			1,375
Kellstrom Commercial Aerospace, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	6.26%		11.58	%	7/1/2025	$	10,606		10,562			10,606
Kellstrom Commercial Aerospace, Inc. (3)(15)(19)(22)	First Lien Senior Secured Loan - Revolver	SOFR	6.26%		10.87	%	7/1/2025	$	48		57			48
Mach Acquisition R/C (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.65%		12.40	%	10/19/2026	$	7,532		7,450			7,532
Mach Acquisition T/L (15)(19)(26)	First Lien Senior Secured Loan	SOFR	6.65% (2.00% PIK)		13.93	%	10/19/2026	$	34,420		34,130			34,420
Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—	—			—		1,417		1,417			1,849
Robinson Helicopter (14)(19)(25)	Equity Interest	—	—	—			—		1,592		1,592			3,124
Robinson Helicopter (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.60%		11.45	%	6/30/2028	$	14,145		13,919			14,145
Saturn Purchaser Corp. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.35%		10.20	%	7/23/2029	$	13,865		13,753			13,865
Saturn Purchaser Corp. (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			7/22/2029	$	—		(34	)		—
Whitcraft-Paradigm (3)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		10.10	%	2/15/2029	$	2,485		2,485			2,485
Whitcraft-Paradigm (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.50%		11.35	%	2/15/2029	$	11,822		11,730			11,821
Whitcraft-Paradigm (3)(18)(19)(23)	First Lien Senior Secured Loan - Revolver	P	5.50%		13.50	%	2/28/2029	$	1,126		1,110			1,126
Aerospace & Defense Total										$	222,538		$	216,307			18.9	%

7

Portfolio Company	Investment Type	Index (1)	Spread	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Automotive
American Trailer Rental Group (19)(26)	Subordinated Debt	—	9.00% (4.50% PIK)		13.50	%	12/1/2027	$	5,289		5,244			5,130
American Trailer Rental Group (19)(26)	Subordinated Debt	—	9.00% (4.50% PIK)		13.50	%	12/1/2027	$	16,316		16,115			15,827
American Trailer Rental Group (19)(26)	Subordinated Debt	—	9.00% (4.50% PIK)		13.50	%	12/1/2027	$	20,375		20,123			19,764
Cardo (6)(18)(19)	First Lien Senior Secured Loan	SOFR	5.25%		10.58	%	5/12/2028	$	98		97			98
Gills Point S (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.75%		10.77	%	5/17/2029	$	7,402		7,393			7,402
Gills Point S (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		10.88	%	5/17/2029	$	12,536		12,536			12,536
Gills Point S (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		10.70	%	5/17/2029	$	352		352			352
Gills Point S (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.75%		10.60	%	5/17/2029	$	1,254		1,237			1,253
Gills Point S (14)(19)(25)	Equity Interest	—	—	—			—		2		184			224
Intoxalock (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.10%		9.95	%	11/1/2028	$	12,036		11,945			12,036
Intoxalock (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			11/1/2028	$	—		(23	)		—
JHCC Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.25%		9.85	%	9/9/2027	$	11,952		11,872			11,952
JHCC Holdings, LLC (3)(18)(19)	First Lien Senior Secured Loan - Revolver	P	4.25%		12.25	%	9/9/2027	$	921		889			921
Automotive Total										$	87,964		$	87,495			7.6	%
Banking, Finance, Insurance & Real Estate
Electronic Merchant Systems (3)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/1/2030	$	—		—			—
Electronic Merchant Systems (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		9.85	%	8/1/2030	$	25,133		24,700			24,693
Electronic Merchant Systems (14)(19)(25)	Equity Interest	—	—	—			—		148		1,596			1,573
Morrow Sodali (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.60%		10.58	%	4/25/2028	$	2,606		2,593			2,606
Morrow Sodali (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.10%		9.95	%	4/25/2027	$	1,026		1,007			1,026
Sikich (19)(25)(26)	Preferred Equity	—	13.00% PIK		13.00	%	—		31		3,098			3,150
Sikich (14)(19)(25)	Warrants	—	—	—			—		2		—			170
Sikich (14)(19)(25)	Warrants	—	—	—			—		5		—			596
Banking, Finance, Insurance & Real Estate Total										$	32,994		$	33,814			2.9	%
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.35%		11.20	%	3/31/2029	$	23,229		22,840			22,996
AgroFresh Solutions (15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.35%		11.20	%	3/31/2028	$	5,015		4,936			4,965
Arctic Glacier U.S.A., Inc. (19)(26)(31)	First Lien Senior Secured Loan	SOFR	6.76% (4.00% PIK)		15.37	%	5/24/2028	$	12,328		12,135			11,773
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(26)(31)	First Lien Senior Secured Loan - Revolver	SOFR	6.76% (4.00% PIK)		15.82	%	5/24/2028	$	12		(22	)		(76	)
BCSF Project Aberdeen, LLC (14)(19)(25)	Equity Interest	—	—	—			—		2,138		2,138			2,138
Hellers (6)(19)	Subordinated Debt	—	15.00%		15.00	%	3/27/2031	NZ$	441		273			273
Hellers (6)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	BBSY	5.75%		10.23	%	9/27/2030	NZ$	5,870		3,569			3,629
Hellers (2)(3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			9/27/2030	NZ$	—		(15	)		(16	)
NPC International, Inc. (14)(19)(25)(27)	Equity Interest	—	—	—			—		308		461			7
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		—			—
PPX (14)(19)(25)	Preferred Equity	—	—	—			—		33		5,000			7,057
Beverage, Food & Tobacco Total										$	51,315		$	52,746			4.6	%

8

Portfolio Company	Investment Type	Index (1)	Spread	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value		% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Capital Equipment
AXH Air Coolers (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			10/31/2029	$	—		(62	)		—
AXH Air Coolers (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/31/2029	$	—		(47	)		—
AXH Air Coolers (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.50%		11.81	%	10/31/2029	$	11,690		11,587			11,690
AXH Air Coolers (14)(19)(25)	Preferred Equity	—	—	—			—		3,417		3,417			5,770
DiversiTech (17)	First Lien Senior Secured Loan	SOFR	4.01%		8.62	%	12/22/2028	$	1		1			1
East BCC Coinvest II, LLC (14)(19)(25)	Equity Interest	—	—	—			—		1,419		1,419			463
Ergotron Acquisition LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.85%		10.70	%	7/6/2028	$	12,005		11,834			12,005
FCG Acquisitions, Inc. (14)(19)(25)	Preferred Equity	—	—	—			—		4		—			—
Jonathan Acquisition Company (18)(19)	Second Lien Senior Secured Loan	SOFR	9.10%		13.79	%	12/22/2027	$	8,000		7,883			8,000
TCFIII Owl Finance, LLC (19)(26)	Subordinated Debt	—	12.00% PIK		12.00	%	1/30/2027	$	5,985		5,948			5,985
Capital Equipment Total										$	41,980		$	43,914		3.8	%
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	4.85%		10.05	%	8/10/2028	$	7,159		7,003			7,159
Duraco (3)(19)(32)	First Lien Senior Secured Loan - Revolver	SOFR	6.50%		11.16	%	6/6/2029	$	597		569			577
Duraco (19)(29)(32)	First Lien Senior Secured Loan	SOFR	6.50%		11.49	%	6/6/2029	$	15,975		15,742			15,815
V Global Holdings LLC (16)(19)	First Lien Senior Secured Loan	EURIBOR	5.75%		9.29	%	12/22/2027	€	98		102			103
V Global Holdings LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%		10.97	%	12/22/2027	$	5,759		5,691			5,485
V Global Holdings LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.85%		10.81	%	12/22/2027	$	7,395		7,336			6,934
Chemicals, Plastics & Rubber Total										$	36,443		$	36,073		3.1	%
Construction & Building
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.65% (1.50% PIK)		11.75	%	5/12/2025	$	23,775		23,180			22,587
Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	4.40% (1.25% PIK)		10.25	%	5/12/2025	$	2,326		2,265			2,210
Chase Industries, Inc. (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	5.65% (1.50% PIK)		11.75	%	5/12/2025	$	979		877			893
Elk Parent Holdings, LP (14)(19)(25)	Equity Interest	—	—	—			—		1		12			1,669
Elk Parent Holdings, LP (14)(19)(25)	Preferred Equity	—	—	—			—		120		1,202			1,775
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		11.71	%	8/16/2027	$	6,565		6,512			6,565
Service Master (14)(19)(25)	Equity Interest	—	—	—			—		—		—			301
Service Master (14)(19)(25)	Equity Interest	—	—	—			—		—		169			222
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	6.01% (1.00% PIK)		12.11	%	8/16/2027	$	919		910			919
Service Master (18)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		11.71	%	8/16/2027	$	3,167		3,167			3,167
Service Master (15)(19)(26)	First Lien Senior Secured Loan	SOFR	5.86% (1.00% PIK)		11.71	%	8/16/2027	$	7,589		7,518			7,589
Service Master (3)(18)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR	6.01% (1.00% PIK)		11.65	%	8/16/2027	$	9,490		9,392			9,490
Construction & Building Total										$	55,204		$	57,387		5.0	%
Consumer Goods: Durable
New Milani Group LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		10.20	%	6/6/2026	$	11,239		11,180			11,239
Stanton Carpet (15)(19)	Second Lien Senior Secured Loan	SOFR	9.15%		14.47	%	3/31/2028	$	11,434		11,279			11,435
Tangent Technologies Acquisition, LLC (15)(19)	Second Lien Senior Secured Loan	SOFR	9.00%		14.30	%	5/30/2028	$	8,915		8,794			8,915
TLC Holdco LP (14)(19)(25)	Equity Interest	—	—	—			—		1,281		1,221			1,036
TLC Purchaser, Inc. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.76%		10.70	%	10/11/2027	$	21,942		21,573			21,942
TLC Purchaser, Inc. (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.76%		10.71	%	10/11/2027	$	6,855		6,802			6,855
Consumer Goods: Durable Total										$	60,849		$	61,422		5.4	%

9

Portfolio Company	Investment Type	Index (1)	Spread	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Non-Durable
Evriholder (19)(29)(32)	First Lien Senior Secured Loan	SOFR	6.85%		11.70	%	1/24/2028	$	6,094		6,042			6,064
Fineline Technologies, Inc. (14)(19)(25)	Equity Interest	—	—	—			—		939		939			1,316
FL Hawk Intermediate Holdings, Inc. (15)(19)	Second Lien Senior Secured Loan	SOFR	9.01%		13.62	%	8/19/2028	$	12,613		12,377			12,613
RoC Skincare (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.00%		11.13	%	2/21/2031	$	18,141		17,891			18,141
RoC Skincare (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/21/2030	$	—		(26	)		—
Solaray, LLC (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.60%		11.53	%	12/15/2025	$	13,172		13,169			12,810
Solaray, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.60%		11.53	%	12/15/2025	$	28,600		28,600			27,814
Solaray, LLC (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		10.53	%	12/15/2025	$	10,635		10,623			10,635
WU Holdco, Inc. (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		9.60	%	3/26/2027	$	1,666		1,649			1,666
WU Holdco, Inc. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.15%		9.60	%	3/26/2027	$	36,995		36,780			36,995
WU Holdco, Inc. (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.00%		9.64	%	3/26/2027	$	1,610		1,605			1,610
Consumer Goods: Non-Durable Total										$	129,649		$	129,664			11.3	%
Consumer Goods: Wholesale
WSP (15)(19)(26)	First Lien Senior Secured Loan	SOFR	1.15% (4.00% PIK)		10.40	%	4/27/2028	$	3,135		3,126			2,524
WSP (7)(14)(19)(26)	First Lien Senior Secured Loan	—	8.00% PIK		8.00	%	4/27/2028	$	2,003		1,995			626
WSP (14)(19)(25)	Equity Interest	—	—	—			—		—		12			6
WSP (14)(19)(25)	Preferred Equity	—	—	—			—		—		216			—
WSP (14)(19)(25)	Equity Interest	—	—	—			—		2,898		2,898			—
WSP (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			4/27/2027	$	—		(2	)		(38	)
Consumer Goods: Wholesale Total										$	8,245		$	3,118			0.3	%
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	6.26%		11.52	%	12/29/2027	$	5,799		5,674			5,755
ASP-r-pac Acquisition Co LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	6.11%		10.96	%	12/29/2027	$	2,019		1,972			1,993
Containers, Packaging & Glass Total										$	7,646		$	7,748			0.7	%
Energy: Electricity
WCI Gigawatt Purchaser (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.01%		11.13	%	11/19/2027	$	1,416		1,397			1,416
WCI Gigawatt Purchaser (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.86%		10.71	%	11/19/2027	$	1,365		1,327			1,365
Energy: Electricity Total										$	2,724		$	2,781			0.2	%

10

Portfolio Company	Investment Type	Index (1)	Spread	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value		% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Environmental Industries
Reconomy (6)(18)(19)	First Lien Senior Secured Loan	SONIA	6.50%		11.45	%	7/12/2029	£	68		83			91
Reconomy (6)(18)(19)	First Lien Senior Secured Loan	EURIBOR	6.25%		9.60	%	7/12/2029	€	27		28			30
Reconomy (3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			7/12/2029	£	—		(80	)		—
Titan Cloud Software, Inc (14)(19)(25)	Equity Interest	—	—	—			—		3,532		3,532			4,582
Titan Cloud Software, Inc (18)(19)(26)	First Lien Senior Secured Loan	SOFR	2.00% (4.60% PIK)		11.91	%	9/7/2029	$	26,342		26,150			26,342
Titan Cloud Software, Inc (3)(18)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.85%		10.56	%	9/7/2028	$	857		820			857
Titan Cloud Software, Inc (18)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	SOFR	2.00% (4.60% PIK)		11.54	%	9/7/2029	$	11,822		11,742			11,822
Environmental Industries Total										$	42,275		$	43,724		3.8	%
FIRE: Finance
Allworth Financial Group, L.P. (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.00%		9.85	%	12/23/2027	$	859		850			859
Allworth Financial Group, L.P. (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.00%		9.85	%	12/23/2027	$	1,478		1,467			1,478
Allworth Financial Group, L.P. (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/23/2027	$	—		(7	)		—
Choreo (15)(19)	First Lien Senior Secured Loan	SOFR	5.00%		9.85	%	2/18/2028	$	2,488		2,488			2,488
Choreo (3)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			2/18/2028	$	—		—			—
Congress Wealth (3)(18)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			6/30/2029	$	—		—			—
Congress Wealth (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.60%		10.20	%	6/30/2029	$	317		315			317
Congress Wealth (3)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			6/30/2029	$	—		—			—
Congress Wealth (14)(19)(25)	Equity Interest	—	—	—			—		16		323			433
Insigneo Financial Group LLC (14)(19)(25)	Equity Interest	—	—	—			—		2,488		2,504			4,020
Insigneo Financial Group LLC (15)(19)	First Lien Senior Secured Loan	SOFR	6.60%		11.93	%	8/1/2028	$	267		261			267
Parmenion (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.50%		10.70	%	5/11/2029	£	295		369			396
TA/Weg Holdings (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		10.52	%	10/2/2028	$	9,232		9,232			9,232
TA/Weg Holdings (15)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		10.52	%	10/2/2028	$	2,331		2,326			2,331
Wealth Enhancement Group (WEG) (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		10.09	%	10/2/2028	$	3,397		3,300			3,397
Wealth Enhancement Group (WEG) (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/2/2028	$	—		(10	)		—
FIRE: Finance Total										$	23,418		$	25,218		2.2	%

11

Portfolio Company	Investment Type	Index (1)	Spread	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value		% of NAV (4)
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
Margaux Acquisition Inc. (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.65%		10.98	%	12/19/2025	$	11,951		11,938			11,951
Margaux Acquisition Inc. (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		10.80	%	12/19/2025	$	1,915		1,913			1,915
Margaux UK Finance Limited (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	SONIA	5.50%		10.57	%	12/19/2025	£	274		367			367
McLarens Acquisition Inc. (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.65%		10.31	%	12/16/2025	$	549		545			549
MRHT (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	EURIBOR	5.75%		9.24	%	2/1/2029	€	3,956		4,229			4,410
MRHT (6)(15)(19)	First Lien Senior Secured Loan	EURIBOR	6.50%		10.08	%	2/1/2029	€	956		1,019			1,066
PCF (3)(16)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.50%		10.35	%	11/1/2028	$	6,815		6,783			6,815
Simplicity (3)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/2/2026	$	—		—			—
Simplicity (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.00%		10.60	%	12/2/2026	$	475		471			475
Simplicity (15)(19)(29)	First Lien Senior Secured Loan	SOFR	6.40%		11.00	%	12/2/2026	$	12,066		11,828			12,066
Simplicity (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			12/2/2026	$	—		(26	)		—
FIRE: Insurance Total										$	39,067		$	39,614		3.5	%
Healthcare & Pharmaceuticals
AEG Vision (3)(18)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	SOFR	5.90%		10.50	%	3/27/2026	$	11,498		11,299			11,498
AEG Vision (3)(5)(18)(19)(29)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/27/2026	$	—		(215	)		—
AEG Vision (18)(19)(29)	First Lien Senior Secured Loan	SOFR	5.90%		10.50	%	3/27/2026	$	2,064		2,038			2,064
Apollo Intelligence (14)(19)(25)	Equity Interest	—	—	—			—		33		3,293			3,402
Apollo Intelligence (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		10.56	%	5/31/2028	$	15,116		15,177			15,116
Apollo Intelligence (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.75%		10.41	%	5/31/2028	$	4,277		4,233			4,277
Apollo Intelligence (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			5/31/2028	$	—		(60	)		—
Beacon Specialized Living (3)(5)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			3/25/2028	$	—		(122	)		—
Beacon Specialized Living (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.75%		10.35	%	3/25/2028	$	8,632		8,548			8,632
Beacon Specialized Living (3)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			3/25/2028	$	—		—			—
CB Titan Holdings, Inc. (14)(19)(25)	Preferred Equity	—	—	—			—		1,953		1,953			—
Datix Bidco Limited (3)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			10/28/2024	£	—		—			—
EHE Health (3)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	-			8/7/2030	$	—		—			—
EHE Health (15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.50%		10.63	%	8/7/2030	$	35,646		35,293			35,290
EHE Health (14)(19)(25)	Equity Interest	—	—	—			—		2,178		2,178			2,178

12

Portfolio Company	Investment Type	Index (1)	Spread	Interest Rate			Maturity Date	Principal/Shares (9)		Cost			Market Value			% of NAV (4)
Non-Controlled/Non-Affiliate Investments
Great Expressions Dental Center PC (15)(19)(26)	First Lien Senior Secured Loan	SOFR	1.25% (3.00% PIK)		8.90	%	9/30/2026	$	9,743		9,752			8,574
HealthDrive (15)(19)	First Lien Senior Secured Loan	SOFR	6.10%		10.95	%	8/20/2029	$	1,913		1,913			1,913
HealthDrive (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.10%		10.95	%	8/20/2029	$	271		271			271
HealthDrive (3)(15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.10%		10.95	%	8/20/2029	$	609		601			609
HealthDrive (3)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			8/20/2029	$	—		—			—
HealthDrive (14)(19)(25)	Preferred Equity	—	—	—			—		18		1,822			1,913
Mertus 522. GmbH (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	6.25% (0.75% PIK)		10.77	%	5/28/2026	€	226		252			244
Mertus 522. GmbH (6)(18)(19)(26)	First Lien Senior Secured Loan	EURIBOR	6.25% (0.75% PIK)		10.16	%	5/28/2026	€	133		145			143
Nafinco (3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—	—			8/29/2031	€	—		(26	)		—
Nafinco (6)(18)(19)	First Lien Senior Secured Loan	EURIBOR	5.25%		8.72	%	8/29/2031	€	8,052		8,698			8,774
Nafinco (3)(5)(6)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/30/2031	€	—		(4	)		—
Pharmacy Partners (19)(32)	First Lien Senior Secured Loan	SOFR	6.50%		11.56	%	2/28/2029	$	1,694		1,675			1,694
Pharmacy Partners (3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			2/28/2029	$	—		(61	)		—
Premier Imaging, LLC (15)(19)(29)	First Lien Senior Secured Loan	SOFR	8.26%		12.87	%	1/2/2025	$	7,711		7,701			7,017
Premier Imaging, LLC (15)(19)	First Lien Senior Secured Loan - Delayed Draw	SOFR	6.26%		11.61	%	1/2/2025	$	2,098		2,096			1,909
SunMed Group Holdings, LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR	5.60%		10.85	%	6/16/2028	$	8,540		8,444			8,540
Sunmed Group Holdings, LLC (16)(19)	First Lien Senior Secured Loan - Revolver	SOFR	5.60%		10.46	%	6/16/2027	$	1,229		1,222			1,229
Healthcare & Pharmaceuticals Total										$	128,116		$	125,287			10.9	%
High Tech Industries
Access (6)(18)(19)	First Lien Senior Secured Loan	SONIA	5.25%		10.20	%	6/28/2029	£	80		99			107
AMI US Holdings Inc. (6)(15)(19)(29)	First Lien Senior Secured Loan	SOFR	5.35%		10.20	%	10/1/2026	$	3,542		3,534			3,542
Applitools (2)(3)(5)(18)(19)	First Lien Senior Secured Loan - Revolver	—	—	—			5/25/2028	$	—		(21	)		(51	)
Applitools (6)(16)(19)(26)	First Lien Senior Secured Loan	SOFR	6.25% PIK		10.85	%	5/25/2029	$	18,964		18,854			18,679
Appriss Holdings, Inc. (14)(19)(25)	Equity Interest	—	—	—			—		2,136		1,606			1,743
Appriss Holdings, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR	7.25%		12.08	%	5/6/2027	$	11,081		10,966			11,081
Appriss Holdings, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR	7.25%		12.09	%	5/6/2027	$	38		31			38
AQ Software Corporation (14)(19)(25)	Preferred Equity	—	—	—			—		1		1,107			1,084
AQ Software Corporation (14)(19)(25)