10-Q 1 tm2126210d1_10q.htm FORM 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

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

 

For the quarterly period ended September 30, 2021

 

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

(Address of principal executive offices)
  02116
(Zip Code)

 

(617) 516-2000

(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
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 x 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 x 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 x

 

As of November 3, 2021 the registrant had 64,562,265.27 shares of common stock, $0.001 par value, outstanding.

 

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
PART I FINANCIAL INFORMATION 4
     
Item 1. Consolidated Financial Statements 4
     
  Consolidated Statements of Assets and Liabilities as of September 30, 2021 (unaudited) and December 31, 2020 4
     
  Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited) 5
     
  Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2021 and 2020 (unaudited) 6
     
  Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited) 7
     
  Consolidated Schedules of Investments as of September 30, 2021 (unaudited) and December 31, 2020 8
     
  Notes to Consolidated Financial Statements (unaudited) 27
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 70
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 108
     
Item 4. Controls and Procedures 109
     
PART II OTHER INFORMATION 109
     
Item 1. Legal Proceedings 109
     
Item 1A. Risk Factors 109
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 109
     
Item 3. Defaults Upon Senior Securities 109
     
Item 4. Mine Safety Disclosures 110
     
Item 5. Other Information 110
     
Item 6. Exhibits 110
     
Signatures 114

 

2

 

 

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, 2020 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, 2020. 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.

 

3

 

 

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, 2021   December 31, 2020 
   (Unaudited)     
Assets        
Investments at fair value:          
Non-controlled/non-affiliate investments (amortized cost of $2,023,858 and $2,281,809, respectively)  $2,005,635   $2,261,461 
Non-controlled/affiliate investment (amortized cost of $99,438 and $93,089, respectively)   107,576    92,915 
Controlled affiliate investment (amortized cost of $256,766 and $147,841, respectively)   243,460    130,112 
Cash and cash equivalents   34,277    53,704 
Foreign cash (cost of $1,033 and $976, respectively)   829    972 
Restricted cash and cash equivalents   57,802    27,026 
Collateral on forward currency exchange contracts   4,564    4,934 
Deferred financing costs   864    3,131 
Interest receivable on investments   20,943    15,720 
Receivable for sales and paydowns of investments   3,850    5,928 
Prepaid Insurance   376    - 
Unrealized appreciation on forward currency exchange contracts   4,071    - 
Dividend receivable   14,417    7,589 
Total Assets  $2,498,664   $2,603,492 
           
Liabilities          
Debt (net of unamortized debt issuance costs of $10,500 and $7,147, respectively)  $1,346,183   $1,458,360 
Interest payable   8,471    8,223 
Payable for investments purchased   5,400    10,991 
Unrealized depreciation on forward currency exchange contracts   -    22,614 
Base management fee payable   8,776    6,289 
Incentive fee payable   4,531    3,799 
Accounts payable and accrued expenses   3,673    3,261 
Distributions payable   21,951    21,951 
Total Liabilities   1,398,985    1,535,488 
           
Commitments and Contingencies (See Note 10)          
           
Net Assets          
Preferred stock, $0.001 par value per share, 10,000,000,000 shares authorized, none issued and outstanding
as of September 30, 2021 and December 31, 2020, respectively
  $-   $- 
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, 2021 and December 31, 2020, respectively
   65    65 
Paid in capital in excess of par value   1,166,453    1,166,453 
Total distributable earnings (loss)   (66,839)   (98,514)
Total Net Assets   1,099,679    1,068,004 
Total Liabilities and Total Net assets  $2,498,664   $2,603,492 
           
Net asset value per share  $17.03   $16.54 

 

See Notes to Consolidated Financial Statements    

 

4

 

 

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 Three Months Ended
September 30
   For the Nine Months Ended
September 30
   For the Nine Months Ended
September 30
 
   2021   2020   2021   2020 
Income                
Investment income from non-controlled/non-affiliate investments:                    
Interest from investments  $37,821   $43,558   $114,439   $135,576 
Dividend income   38    34    38    748 
PIK income   1,046    -    3,108    - 
Other income   1,181    607    5,512    1,106 
Total investment income from non-controlled/non-affiliate investments   40,086    44,199    123,097    137,430 
                     
Investment income from non-controlled/affiliate investments:                    
Interest from investments   455    56    1,355    56 
PIK income   1,421    -    4,173    - 
Total investment income from non-controlled/affiliate investments   1,876    56    5,528    56 
                     
Investment income from controlled affiliate investments:                    
Interest from investments   4,983    715    9,192    2,225 
Dividend income   2,600    1,847    7,564    6,473 
PIK income   -    -    483    - 
Total investment income from controlled affiliate investments   7,583    2,562    17,239    8,698 
Total investment income   49,545    46,817    145,864    146,184 
                     
Expenses                    
Interest and debt financing expenses   12,265    14,426    37,115    49,614 
Base management fee   8,776    8,885    26,096    26,250 
Incentive fee   4,531    -    19,301    - 
Professional fees   581    296    2,254    1,909 
Directors fees   186    209    529    555 
Other general and administrative expenses   1,445    1,545    4,075    3,878 
Total expenses before fee waivers   27,784    25,361    89,370    82,206 
Base management fee waiver   -    -    (4,837)   - 
Incentive fee waiver   -    -    (4,519)   - 
Total expenses, net of fee waivers   27,784    25,361    80,014    82,206 
Net investment income   21,761    21,456    65,850    63,978 
                     
                     
Net realized and unrealized gains (losses)                    
Net realized gain (loss) on non-controlled/non-affiliate investments   (668)   (24,263)   22,589    (34,667)
Net realized loss on controlled affiliate investments   (621)   -    (3,858)   - 
Net realized loss on foreign currency transactions   (72)   (19)   (2,093)   (368)
Net realized gain (loss) on forward currency exchange contracts   (2,085)   (130)   (23,773)   6,472 
Net realized loss on extinguishment of debt   (2,546)   -    (2,546)   - 
Net change in unrealized appreciation (depreciation) on foreign currency translation   (508)   194    (186)   89 
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts   6,080    (11,177)   26,685    (7,921)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments   922    73,892    2,125    (45,077)
Net change in unrealized appreciation on non-controlled/affiliate investments   2,905    1,689    8,312    4,697 
Net change in unrealized appreciation (depreciation) on controlled affiliate investments   (1,826)   (10,185)   4,423    (18,421)
Total net gains (losses)   1,581    30,001    31,678    (95,196)
                     
Net increase (decrease) in net assets resulting from operations  $23,342   $51,457   $97,528   $(31,218)
                     
                     
Basic and diluted net investment income per common share  $0.34   $0.33   $1.02   $1.13 
Basic and diluted increase (decrease) in net assets resulting from operations per common share  $0.36   $0.80   $1.51   $(0.55)
Basic and diluted weighted average common shares outstanding   64,562,265    64,562,265    64,562,265    56,692,267 

 

See Notes to Consolidated Financial Statements

 

5

 

 

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 Three Months Ended September 30   For the Nine Months Ended September 30   For the Nine Months Ended September 30 
   2021   2020   2021   2020 
Operations:                
Net investment income  $21,761   $21,456   $65,850   $63,978 
Net realized loss   (5,992)   (24,412)   (9,681)   (28,563)
Net change in unrealized appreciation (depreciation)   7,573    54,413    41,359    (66,633)
Net increase (decrease) in net assets resulting from operations   23,342    51,457    97,528    (31,218)
Stockholder distributions:                    
Distributions from distributable earnings   (21,951)   (21,951)   (65,853)   (65,078)
Net decrease in net assets resulting from stockholder distributions   (21,951)   (21,951)   (65,853)   (65,078)
Capital share transactions:                    
Issuance of common stock, net   -    -    -    128,355 
Net increase in net assets resulting from capital share transactions   -    -    -    128,355 
                     
Total increase in net assets   1,391    29,506    31,675    32,059 
Net assets at beginning of period   1,098,288    1,020,953    1,068,004    1,018,400 
Net assets at end of period  $1,099,679   $1,050,459   $1,099,679   $1,050,459 
                     
Net asset value per common share  $17.03   $16.27   $17.03   $16.27 
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

 

6

 

 

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   For the Nine Months Ended September 30 
   2021   2020 
Cash flows from operating activities          
Net increase (decrease) in net assets resulting from operations  $97,528    (31,218)
Adjustments to reconcile net increase in net assets from          
operations to net cash used in operating activities:          
Purchases of investments   (888,410)   (351,717)
Proceeds from principal payments and sales of investments   1,058,981    353,372 
Net realized (gain) loss from investments   (18,731)   34,667 
Net realized loss on foreign currency transactions   2,093    368 
Net realized loss on extinguishment of debt   2,546    - 
Net change in unrealized (appreciation) depreciation on forward currency exchange contracts   (26,685)   7,921 
Net change in unrealized (appreciation) depreciation on investments   (14,860)   58,801 
Net change in unrealized (appreciation) depreciation on foreign currency translation   186    (89)
Increase in investments due to PIK   (7,820)   (3,261)
Accretion of discounts and amortization of premiums   (4,190)   (4,332)
Amortization of deferred financing costs and debt issuance costs   3,992    1,905 
Changes in operating assets and liabilities:          
Collateral on forward currency exchange contracts   370    (3,604)
Interest receivable on investments   (5,223)   2,250 
Prepaid Insurance   (376)   - 
Dividend receivable   (6,828)   (4,612)
Interest payable   248    (3,751)
Collateral payable on forward currency exchange contracts   -    (331)
Base management fee payable   2,487    1,620 
Incentive fee payable   732    (4,513)
Accounts payable and accrued expenses   412    130 
Net cash provided by (used in) operating activities   196,452    53,606 
           
Cash flows from financing activities          
Borrowings on debt   672,550    527,762 
Repayments on debt   (783,342)   (585,402)
Payments of financing costs   -    (4,898)
Payments of offering costs   -    (3,045)
Payments of debt issuance costs   (5,657)   - 
Proceeds from issuance of common stock   -    131,917 
Stockholder distributions paid   (65,853)   (64,303)
Net cash (used in) provided by financing activities   (182,302)   2,031 
           
Net increase (decrease) in cash, foreign cash, restricted cash and cash equivalents   14,150    55,637 
Effect of foreign currency exchange rates   (2,944)   (559)
Cash, foreign cash, restricted cash and cash equivalents, beginning of period   81,702    68,846 
Cash, foreign cash, restricted cash and cash equivalents, end of period  $92,908   $123,924 
           
Supplemental disclosure of cash flow information:          
Cash interest paid during the period  $32,875   $51,460 
Cash paid for excise taxes during the period  $237   $- 
Supplemental disclosure of non-cash information:          
Debt investment sold by the Company to ISLP  $317,077   $- 
Company investment into ISLP in exchange for investments sold  $128,970   $- 

 

    2021    2020 
Cash  $34,277   $43,020 
Restricted cash   57,802    78,895 
Foreign cash   829    2,009 
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows  $92,908   $123,924 

 

See Notes to Consolidated Financial Statements  

 

7

 

 

Bain Capital Specialty Finance, Inc.

 

Consolidated Schedule of Investments

As of September 30, 2021

(In thousands)

(unaudited)

 

Control Type  Industry  Portfolio Company  Investment
Type
  Spread Above
Index (1)
  Interest
Rate
   Maturity
Date
  Principal/Shares (9)   Cost   Market
Value
   % of
NAV (4)
 
Non-Controlled/Non-Affiliate Investments                                       
   Aerospace & Defense  Forming & Machining Industries Inc. (18) (19)  Second Lien Senior Secured Loan   L+ 8.25%  8.38%  10/9/2026  $6,540    6,493    5,821      
      Forming & Machining Industries Inc. (12) (18) (29)  First Lien Senior Secured Loan   L+ 4.25%  4.40%  10/9/2025  $16,481    16,390    15,344      
      GSP Holdings, LLC (7) (12) (15) (19) (26) (29)  First Lien Senior Secured Loan   L+ 5.75% (0.25% PIK)  6.75%  11/6/2025  $35,713    35,575    32,856      
      GSP Holdings, LLC (3) (7) (15) (19) (26)  First Lien Senior Secured Loan - Revolver   L+ 5.75% (0.25% PIK)  6.75%  11/6/2025  $1,589    1,558    1,226      
      Kellstrom Aerospace Group, Inc (14) (19) (25)  Equity Interest         -  -   -   1    1,963    936      
      Kellstrom Commercial Aerospace, Inc. (3) (15) (19) (24)  First Lien Senior Secured Loan - Revolver   L+ 5.50%  6.50%  7/1/2025  $3,092    3,025    2,772      
      Kellstrom Commercial Aerospace, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  7/1/2025  $33,078    32,627    31,093      
      Precision Ultimate Holdings, LLC (14) (19) (25)  Equity Interest                -  -   -   1,417    1,417    1,163      
      WCI-HSG HOLDCO, LLC (14) (19) (25)  Preferred Equity         -  -   -   675    675    1,755      
      WCI-HSG Purchaser, Inc. (3) (12) (15) (19) (29)  First Lien Senior Secured Loan - Revolver   L+ 4.75%  5.75%  2/24/2025  $1,747    1,723    1,747      
      WCI-HSG Purchaser, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 4.75%  5.75%  2/24/2025  $17,466    17,318    17,466      
      Whitcraft LLC (2) (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver         -  -   4/3/2023  $-    (9)   (86)     
      Whitcraft LLC (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  4/3/2023  $39,877    39,668    37,983      
      WP CPP Holdings, LLC. (12) (15) (29)   Second Lien Senior Secured Loan   L+ 7.75%  8.75%  4/30/2026  $11,724    11,645    11,588      
                      Aerospace & Defense Total   $170,068   $161,664    14.7%
                                        
   Automotive  American Trailer Rental Group (3) (19) (26)  Subordinated Debt  9.00% (2.00% PIK)  11.00%  12/1/2027  $1,963    1,889    1,914      
      American Trailer Rental Group (19) (26)  Subordinated Debt  9.00% (2.00% PIK)  11.00%  12/1/2027  $15,037    14,710    14,886      
      Cardo (6) (12) (17) (19)  First Lien Senior Secured Loan   L+ 6.00%  6.50%  5/12/2028  $10,898    10,792    10,898      
      CST Buyer Company (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   10/3/2025  $-    (14)   -      
      CST Buyer Company (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  10/3/2025  $19,238    19,096    19,238      
      JHCC Holdings, LLC (15) (19) (28)  First Lien Senior Secured Loan - Delayed Draw   P+ 4.50%  7.75%  9/9/2025  $2,635    2,617    2,635      
      JHCC Holdings, LLC (3) (7) (19) (31)   First Lien Senior Secured Loan - Revolver   P+ 4.50%  7.75%  9/9/2025  $186    153    186      
      JHCC Holdings, LLC (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   L+ 5.50%  6.50%  9/9/2025  $5,803    5,797    5,803      
      JHCC Holdings, LLC (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  9/9/2025  $29,156    28,854    29,156      
                      Automotive Total   $83,894   $84,716    7.7%
                                        
   Banking  Green Street Parent, LLC (3) (5) (17) (19) (29)  First Lien Senior Secured Loan - Revolver  -  -   8/27/2025  $-    (31)   -      
      Green Street Parent, LLC (12) (17) (19) (29)  First Lien Senior Secured Loan   L+ 5.00%  5.50%  8/27/2026  $14,226    14,015    14,226      
                      Banking Total   $13,984   $14,226    1.3%
                                        
   Beverage, Food & Tobacco  NPC International, Inc. (19) (25) (27)  Equity Interest         -  -   -   700    1,046    355      
                      Beverage, Food & Tobacco Total   $1,046   $355    0.0%
                                        
   Capital Equipment  East BCC Coinvest II, LLC (14) (19) (25)  Equity Interest         -  -   -   1,419    1,419    910      
      Electronics For Imaging, Inc. (12) (18) (19) (29)  Second Lien Senior Secured Loan   L+ 9.00%  9.08%  7/23/2027  $12,070    11,441    10,863      
      Engineered Controls International, LLC (7) (12) (19) (29) (32)  First Lien Senior Secured Loan   L+ 7.00%  8.50%  11/5/2024  $52,813    51,980    53,341      
      FCG Acquisitions, Inc. (14) (19) (25)  Preferred Equity         -  -   -   4    -    -      
      Jonathan Acquisition Company (19) (15)  Second Lien Senior Secured Loan   L+ 9.00%  10.00%  12/22/2027  $8,000    7,817    7,920      
      Tidel Engineering, L.P. (3) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   3/1/2023  $-    -    -      
      Tidel Engineering, L.P. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  3/1/2024  $38,138    38,138    38,138      
      Tidel Engineering, L.P. (7) (15) (19)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  3/1/2024  $6,354    6,283    6,354      
                      Capital Equipment Total   $117,078   $117,526    10.7%

 

8

 

 

Control Type  Industry  Portfolio Company  Investment
Type
  Spread Above
Index (1)
  Interest
Rate
   Maturity
Date
  Principal/Shares (9)   Cost   Market
Value
   % of
NAV (4)
 
   Chemicals, Plastics & Rubber  V Global Holdings LLC (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  12/22/2027  $48,569    47,438    48,569      
      V Global Holdings LLC (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   12/22/2025  $-    (167)   -      
                      Chemicals, Plastics & Rubber Total   $47,271   $48,569    4.4%
                                        
   Construction & Building  Chase Industries, Inc.(15) (19) (26)  First Lien Senior Secured Loan - Delayed Draw   L+ 5.50% (1.5% PIK)  6.50%  5/12/2025  $1,193    1,190    978      
      Chase Industries, Inc. (15) (19) (26)   First Lien Senior Secured Loan   L+ 5.50% (1.5% PIK)  6.50%  5/12/2025  $12,622    12,586    10,350      
      Elk Parent Holdings, LP (14) (19) (25)  Equity Interest         -  -   -   1    12    519      
      Elk Parent Holdings, LP (14) (19) (25)  Preferred Equity         -  -   -   120    1,202    1,399      
      ServiceMaster LP Interest Class B Preferred Units (14) (19) (25)  Equity Interest         -  -   -   -    327    327      
      PP Ultimate Holdings B, LLC (14) (19) (25)  Equity Interest         -  -   -   1    1,352    3,019      
      Profile Products LLC (3) (7) (19) (31)  First Lien Senior Secured Loan - Revolver   P+ 4.50%  7.75%  12/20/2024  $639    597    639      
      Profile Products LLC (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  12/20/2024  $35,892    35,453    35,892      
      Regan Development Holdings Limited (6) (17) (19)   First Lien Senior Secured Loan   EURIBOR+ 6.50%  7.00%  4/18/2022  2,087    2,274    2,331      
      Regan Development Holdings Limited (6) (17) (19)  First Lien Senior Secured Loan   EURIBOR+ 6.50%  7.00%  4/18/2022  677    768    756      
      Regan Development Holdings Limited (6) (17) (19)   First Lien Senior Secured Loan   EURIBOR+ 6.50%  7.00%  4/18/2022  6,335    6,887    7,037      
      Service Master Revolving Loan (3) (15) (19)  First Lien Senior Secured Loan - Revolver   L+ 7.50%  8.50%  7/15/2027  $990    902    900      
      Service Master Term Note (17) (19)  First Lien Senior Secured Loan   L+ 7.50%  8.50%  7/15/2027  $939    920    920      
      YLG Holdings, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   L+ 6.00%  7.00%  10/31/2025  $5,073    5,067    5,073      
      YLG Holdings, Inc. (3) (5) (7) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   10/31/2025  $-    (58)   -      
      YLG Holdings, Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  10/31/2025  $38,183    37,973    38,183      
                      Construction & Building Total   $107,452   $108,323    9.9%
                                        
   Consumer Goods: Durable  New Milani Group LLC (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.50%  7.50%  6/6/2024  $16,796    16,713    15,956      
      TLC Holdco LP (14) (19) (25)  Equity Interest         -  -   -   1,188    1,186    506      
      TLC Purchaser, Inc. (2) (3) (5) (19)  First Lien Senior Secured Loan - Delayed Draw         -  -   10/13/2025  $-    (48)   (854)     
      TLC Purchaser, Inc. (3) (15) (19)  First Lien Senior Secured Loan - Revolver   L+ 5.75%  6.75%  10/13/2025  $6,408    6,289    5,340      
      TLC Purchaser, Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.75%  6.75%  10/13/2025  $41,173    40,586    36,232      
                      Consumer Goods: Durable Total   $64,726   $57,180    5.2%
                                        
   Consumer Goods: Non-Durable  Fineline Parent Holdings (14) (19) (25)  Equity Interest         -  -   -   939    939    1,123      
      FL Hawk Intermediate Holdings, Inc. (15) (19)  Second Lien Senior Secured Loan   L+ 9.00%  10.00%  8/22/2028  $21,125    20,534    21,125      
      MND Holdings III Corp (12) (15) (29)  First Lien Senior Secured Loan   L+ 3.50%  4.50%  6/19/2024  $3,962    3,962    3,839      
      New Era Cap Co., Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.50%  7.50%  9/10/2023  $9,996    9,996    10,296      
      RoC Opco LLC  (3) (15) (19)  First Lien Senior Secured Loan - Revolver   L+ 8.50%  9.50%  2/25/2025  $3,414    3,294    3,414      
      RoC Opco LLC (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 8.50%  9.50%  2/25/2025  $40,181    39,553    40,181      
      Solaray, LLC (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   L+ 5.50%  6.50%  9/11/2023  $14,313    14,313    14,313      
      Solaray, LLC (3) (7) (15) (19)   First Lien Senior Secured Loan - Revolver   L+ 4.50%  5.50%  9/9/2022  $2,323    2,308    2,323      
      Solaray, LLC (7) (15) (19)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  9/11/2023  $41,839    41,839    41,839      
      WU Holdco, Inc. (3) (18) (19)  First Lien Senior Secured Loan - Revolver   L+ 5.50%  5.63%  3/26/2025  $2,592    2,555    2,592      
      WU Holdco, Inc. (7) (12) (15) (19) (29)   First Lien Senior Secured Loan   L+ 5.50%  6.50%  3/26/2026  $44,566    43,929    44,566      
      WU Holdco, Inc. (12) (15) (19)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  3/26/2026  $6,610    6,547    6,610      
      WU Holdco, Inc. (3) (5) (15) (19) (28)  First Lien Senior Secured Loan         -  -   3/26/2026  $-    (32)   -      
                      Consumer Goods: Non-Durable Total   $189,737   $192,221    17.5%
                                        
   Consumer Goods: Wholesale  WSP LP Interest (14) (19) (25)  Equity Interest         -  -   -   2,898    2,898    2,898      
      WSP Initial Term Loan (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.25%  7.25%  4/27/2027  $12,313    12,070    12,066      
      WSP Initial Term Loan (2) (3) (5) (15) (19)  First Lien Senior Secured Loan   -  -   4/27/2023  $-    (36)   (36)     
      WSP Revolving Loan (2) (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver   -  -   4/27/2027  $-    (9)   (9)     
                      Consumer Goods: Wholesale Total   $14,923   $14,919    1.4%
                                        
   Containers, Packaging, & Glass  Automate Intermediate Holdings II S.à r.l. (6) (18) (19)  Second Lien Senior Secured Loan   L+ 7.75%  7.83%  7/22/2027  $119    117    119      
                      Containers, Packaging, & Glass Total   $117   $119    0.0%
                                        
   Energy: Oil & Gas  Amspec Services, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver   L+ 5.75%  6.75%  7/2/2024  $850    817    850      
      Amspec Services, Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.75%  6.75%  7/2/2024  $43,319    43,007    43,319      
      Amspec Services, Inc. (7) (15) (19)   First Lien Senior Secured Loan   L+ 5.75%  6.75%  7/2/2024  $2,805    2,773    2,805      
                      Energy: Oil & Gas Total   $46,597   $46,974    4.3%

 

9

 

 

Control Type  Industry  Portfolio Company  Investment
Type
  Spread Above
Index (1)
  Interest
Rate
   Maturity
Date
  Principal/Shares (9)   Cost   Market
Value
   % of
NAV (4)
 
   FIRE: Finance  Allworth Financial Group, L.P. (3) (5) (15) (19)  First Lien Senior Secured Loan - Delayed Draw         -  -   12/23/2026  $-    (54)   -      
      Allworth Financial Group, L.P. (12) (15) (19) (29)   First Lien Senior Secured Loan   L+ 5.00%  6.00%  12/23/2026  $10,062    9,928    10,062      
      Allworth Financial Group, L.P. (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   12/23/2026  $-    (16)   -      
      TA/Weg Holdings (15) (19) (29)  First Lien Senior Secured Loan - Delayed Draw   L+ 5.75%  6.75%  10/2/2025  $9,517    9,517    9,517      
      TA/Weg Holdings (3) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   L+ 5.75%  6.75%  10/2/2025  $523    512    523      
                      FIRE: Finance Total   $19,887   $20,102    1.8%
                                        
   FIRE: Insurance  Margaux Acquisition Inc. (7) (15) (19)   First Lien Senior Secured Loan - Delayed Draw   L+ 5.50%  6.50%  12/19/2024  $9,222    9,195    9,222      
      Margaux Acquisition, Inc. (3) (15) (19)  First Lien Senior Secured Loan - Revolver   P+ 4.50%  7.75%  12/19/2024  $410    380    410      
      Margaux Acquisition Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  12/19/2024  $28,407    28,052    28,407      
      Margaux UK Finance Limited (3) (5) (6) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   12/19/2024  £-    (6)   -      
      Margaux UK Finance Limited (6) (15) (19)  First Lien Senior Secured Loan   GBP LIBOR+ 5.50%  6.50%  12/19/2024  £7,570    9,757    10,190      
      MRHT Facility A (6) (19)  First Lien Senior Secured Loan   EURIBOR+ 5.50%  5.50%  7/26/2028  21,550    24,828    24,686      
      MRHT Acquisition Facility (2) (3) (5) (6) (19)  First Lien Senior Secured Loan   -  -   7/26/2028  -    (6)   (6)     
      World Insurance (3) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   L+ 5.75%  6.75%  4/1/2026  $6,070    5,994    5,986      
      World Insurance (2) (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   4/1/2026  $-    (17)   (9)     
      World Insurance (15) (19)  First Lien Senior Secured Loan   L+ 5.75%  6.75%  4/1/2026  $3,152    3,093    3,121      
                      FIRE: Insurance Total   $81,270   $82,007    7.5%
                                        
   Healthcare & Pharmaceuticals  CB Titan Holdings, Inc. (14) (19) (25)  Preferred Equity         -  -   -   1,953    1,953    1,755      
      CPS Group Holdings, Inc. (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   3/3/2025  $-    (55)   -      
      CPS Group Holdings, Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.25%  6.25%  3/3/2025  $54,983    54,632    54,983      
      Datix Bidco Limited (6) (18) (19)  First Lien Senior Secured Loan - Revolver   L+ 4.50%  4.55%  10/28/2024  £10    13    13      
      Datix Bidco Limited (6) (18) (19)  Second Lien Senior Secured Loan   GBP LIBOR+ 7.75%  7.86%  4/27/2026  £121    164    163      
      Datix Bidco Limited (6) (18) (19)  First Lien Senior Secured Loan   BBSW+ 4.50%  4.65%  4/28/2025  AUD        42    32    30      
      Great Expressions Dental Centers PC (3) (13) (15) (19) (26)  First Lien Senior Secured Loan - Revolver   L+ 4.75% (0.5% PIK)  5.75%  9/28/2022  $595    592    489      
      Great Expressions Dental Centers PC (15) (19) (26)  First Lien Senior Secured Loan   L+ 4.75% (0.5% PIK)  5.75%  9/28/2023  $7,822    7,827    7,118      
      Island Medical Management Holdings, LLC  (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.50%  7.50%  9/1/2023  $8,547    8,605    8,120      
      Mendel Bidco, Inc. (18) (19)  First Lien Senior Secured Loan   EURIBOR+ 4.25%  4.25%  6/17/2027  100    112    116      
      Mendel Bidco, Inc. (18) (19)  First Lien Senior Secured Loan   L+ 4.50%  4.65%  6/17/2027  $19,966    19,583    19,966      
      Mertus 522. GmbH (6) (18) (19)  First Lien Senior Secured Loan - Delayed Draw   EURIBOR+ 6.25%  6.25%  5/28/2026  131    142    152      
      Mertus 522. GmbH (6) (18) (19)  First Lien Senior Secured Loan   EURIBOR+ 6.25%  6.25%  5/28/2026  225    247    260      
      SunMed Group Holdings, LLC (2) (3) (16) (19)  First Lien Senior Secured Loan - Revolver   L+ 5.75%  6.50%  6/16/2027  $393    373    381      
      SunMed Group Holdings, LLC (12) (16) (19) (29)  First Lien Senior Secured Loan   L+ 5.75%  6.50%  6/16/2028  $18,556    18,240    18,371      
      TecoStar Holdings, Inc. (12) (15) (19) (29)  Second Lien Senior Secured Loan   L+ 8.50%  9.50%  11/1/2024  $9,472    9,343    9,283      
      U.S. Anesthesia Partners, Inc. (12) (15) (19) (29)  Second Lien Senior Secured Loan   L+ 7.25%  8.25%  6/23/2025  $15,639    15,539    15,639      
                      Healthcare & Pharmaceuticals Total   $137,342   $136,839    12.4%
                                        
   High Tech Industries  AMI US Holdings Inc. (3) (12) (18) (19)  First Lien Senior Secured Loan - Revolver   L+ 5.50%  5.60%  4/1/2024  $698    680    698      
      AMI US Holdings Inc. (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  4/1/2025  $12,925    12,759    12,925      
      Appriss Holdings, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver   P+ 5.00%  8.25%  5/30/2025  $1,164    1,130    1,164      
      Appriss Holdings, Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  5/29/2026  $48,141    47,710    48,141      
      Appriss Holdings, Inc. (7) (15) (19)  First Lien Senior Secured Loan   L+ 6.00%  7.00%  5/29/2026  $4,963    4,836    4,963      
      Appriss Holdings, Inc. (15) (19)  First Lien Senior Secured Loan   L+ 7.25%  8.25%  5/6/2027  $11,292    11,075    11,179      
      Appriss Holdings, Inc. (2) (3) (5) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   5/6/2027  $-    (14)   (8)     
      Appriss Holdings, Inc. (19) (25)  Equity Interest         -  -   -   2,136    1,606    1,608      
      Armstrong Bidco Limited (3) (6) (19) (21)  First Lien Senior Secured Loan   GBP LIBOR+ 4.75%  5.00%  4/30/2025  £56    78    76      
      CB Nike IntermediateCo Ltd (3) (6) (15) (19)  First Lien Senior Secured Loan - Revolver   L+ 4.75%  5.75%  10/31/2025  $44    44    44      
      CB Nike IntermediateCo Ltd (6) (15) (19)  First Lien Senior Secured Loan   L+ 4.75%  5.75%  10/31/2025  $348    343    348      
      Drilling Info Holdings, Inc (12) (18) (29)  First Lien Senior Secured Loan   L+ 4.25%  4.33%  7/30/2025  $22,209    22,155    21,931      
      Element Buyer, Inc. (7) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   L+ 5.50%  6.50%  7/18/2025  $11,107    11,126    11,107      
      Element Buyer, Inc. (3) (7) (15) (19)  First Lien Senior Secured Loan - Revolver   L+ 5.50%  6.50%  7/19/2024  $283    252    283      
      Element Buyer, Inc. (7) (15) (19)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  7/18/2025  $37,103    37,324    37,103      
      MRI Software LLC (7) (15) (19) (28)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  2/10/2026  $25,546    25,468    25,546      
      MRI Software LLC (3) (5) (15) (19) (28)  First Lien Senior Secured Loan - Delayed Draw         -  -   2/10/2026  $-    (4)   -      
      MRI Software LLC (3) (15) (19)  First Lien Senior Secured Loan - Revolver         -  -   2/10/2026  $-    47    -      
      Utimaco, Inc. (6) (18) (19)  First Lien Senior Secured Loan   L+ 4.00%  4.09%  8/9/2027  $148    146    148      
      Ventiv Topco, Inc. (3) (5) (7) (18) (19)  First Lien Senior Secured Loan - Revolver         -  -   9/3/2025  $-    (39)   -      
      Ventiv Topco, Inc. (14) (19) (25)  Equity Interest         -  -   -   28    2,833    2,637      
      Ventiv Holdco, Inc. (7) (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.50%  6.50%  9/3/2025  $23,873    23,622    23,873      
      VPARK BIDCO AB (6) (16) (19)  First Lien Senior Secured Loan   CIBOR+ 4.00%  4.75%  3/10/2025  DKK570     92    89      
      VPARK BIDCO AB (6) (16) (19)  First Lien Senior Secured Loan   NIBOR+ 4.00%  4.75%  3/10/2025  NOK740     93    85      
                      High Tech Industries Total   $203,362   $203,940    18.4%

 

10

 

 

Control Type  Industry  Portfolio Company  Investment
Type
  Spread Above
Index (1)
  Interest
Rate
   Maturity
Date
  Principal/Shares (9)   Cost   Market
Value
   % of
NAV (4)
 
   Hotel, Gaming & Leisure  Aimbridge Acquisition Co., Inc. (12) (18) (19) (29)  Second Lien Senior Secured Loan   L+ 7.50%  7.59%  2/1/2027  $20,193    19,758    18,678      
      Captain D's LLC (3) (5) (15) (19)   First Lien Senior Secured Loan - Revolver         -  -   12/15/2023  $-    (7)   -      
      Captain D's LLC (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 4.50%  5.50%  12/15/2023  $12,559    12,522    12,559      
      Captain D's LLC (15) (19) (29)  First Lien Senior Secured Loan   L+ 4.50%  5.50%  12/15/2023  $2,326    2,298    2,326      
      Quidditch Acquisition, Inc. (12) (15) (29)  First Lien Senior Secured Loan   L+ 7.00%  8.00%  3/21/2025  $18,684    18,675    18,404      
                      Hotel, Gaming & Leisure Total   $53,246   $51,967    4.7%
                                        
   Hospitality Holdings  PPX Class A Units (14) (19) (25)  Preferred Equity         -  -   -   2,468    2,468    2,468      
      PPX Class B Units (14) (19) (25)  Preferred Equity         -  -   -   2,532    2,532    2,532      
                      Hospitality Holdings Total   $5,000   $5,000    0.5%
                                        
   Media: Advertising, Printing & Publishing  Ansira Holdings, Inc. (15) (19) (26) (33)   First Lien Senior Secured Loan - Delayed Draw   L+ 6.50%  7.50%  12/20/2024  $4,833    4,833    3,770      
      Ansira Holdings, Inc. (3) (19) (23) (31)  First Lien Senior Secured Loan - Revolver   P+ 4.75%  7.41%  12/20/2024  $5,383    5,383    5,383      
      Ansira Holdings, Inc. (15) (19) (26)   First Lien Senior Secured Loan   L+ 6.50% PIK  7.50%  12/20/2024  $39,332    39,296    30,679      
      TGI Sport Bidco Pty Ltd (6) (17) (19)  First Lien Senior Secured Loan   BBSY+ 7.00%  7.50%  4/30/2026  AUD  97    75    70      
      TGI Sport Bidco Pty Ltd (2) (3) (6) (17) (19)  First Lien Senior Secured Loan         -  -   4/30/2027  AUD    -    -    -      
                      Media: Advertising, Printing & Publishing Total   $49,587   $39,902    3.6%
                                        
   Media: Broadcasting & Subscription  Lightning Finco Limited (6) (15) (19)  First Lien Senior Secured Loan   L+ 5.75%  6.50%  7/14/2028  $25,350    24,658    25,096      
      Lightning Finco Limited (6) (15) (19)  First Lien Senior Secured Loan   L+ 5.75%  6.50%  7/14/2028  $4,629    4,503    4,583      
                      Media: Broadcasting & Subscription Total   $29,161   $29,679    2.7%
                                        
   Media: Diversified & Production  9 Story Media Group Inc. (3) (6) (16) (19)  First Lien Senior Secured Loan - Revolver         -  -   4/30/2026  CAD        -    -    -      
      9 Story Media Group Inc. (6) (16) (19)  First Lien Senior Secured Loan   CDOR+ 5.50%  6.25%  4/30/2026  CAD  73    54    57      
      9 Story Media Group Inc. (6) (18) (19)  First Lien Senior Secured Loan   EURIBOR+ 5.25%  5.25%  4/30/2026  39    45    45      
      Aptus 1724 Gmbh (6) (19) (21)  First Lien Senior Secured Loan   EURIBOR+ 6.00%  6.25%  2/23/2028  9,162    11,128    10,601      
      Aptus 1724 Gmbh (6) (19) (21)  First Lien Senior Secured Loan   L+ 6.25%  6.50%  2/23/2028  $14,971    14,971    14,971      
      Efficient Collaborative Retail Marketing Company, LLC (3) (15) (19)  First Lien Senior Secured Loan - Revolver   L+ 5.25%  6.25%  6/15/2022  $1,275    1,275    1,275      
      Efficient Collaborative Retail Marketing Company, LLC (7) (15) (19)  First Lien Senior Secured Loan   L+ 6.75%  7.75%  6/15/2022  $15,095    15,124    14,642      
      Efficient Collaborative Retail Marketing Company, LLC (7) (15) (19)   First Lien Senior Secured Loan   L+ 6.75%  7.75%  6/15/2022  $9,788    9,807    9,494      
      International Entertainment Investments Limited (6) (18) (19)  First Lien Senior Secured Loan   GBP LIBOR+ 4.75%  4.85%  5/31/2023  £87    106    117      
                      Media: Diversified & Production Total   $52,510   $51,202    4.7%
                                        
   Retail  Batteries Plus Holding Corporation (3) (19) (31)  First Lien Senior Secured Loan - Revolver   P+ 5.75%  9.00%  7/6/2022  $1,275    1,275    1,275      
      Batteries Plus Holding Corporation (7) (12) (15) (19) (29)   First Lien Senior Secured Loan   L+ 6.75%  7.75%  7/6/2022  $28,672    28,672    28,672      
      New Look Vision Group (3) (6) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   CDOR+ 5.50%  6.50%  5/26/2028  CAD     2,184    1,712    1,722      
      New Look Vision Group (3) (6) (15) (19)  First Lien Senior Secured Loan - Revolver   CDOR+ 5.50%  6.50%  5/26/2026  CAD        246    174    194      
      Thrasio, LLC (3) (12) (15) (19)  First Lien Senior Secured Loan - Delayed Draw   L+ 7.00%  8.00%  12/18/2026  $12,490    12,221    12,490      
      Thrasio, LLC (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 7.00%  8.00%  12/18/2026  $10,883    10,639    10,883      
      Walker Edison Initial Term Loan (12) (15) (19) (29)  First Lien Senior Secured Loan   L+ 5.75%  6.75%  8/5/2027  $20,498    20,295    20,294      
                      Retail Total   $74,988   $75,530    6.9%

 

11

 

 

Control Type  Industry  Portfolio Company  Investment
Type
  Spread Above
Index (1)
  Interest
Rate
   Maturity
Date
  Principal/Shares (9)   Cost   Market
Value
   % of
NAV (4)
 
   Services: Business  AMCP Clean Acquisition Company, LLC (12) (18) (29)  First Lien Senior Secured Loan - Delayed Draw   L+ 4.25%  4.35%  7/10/2025  $3,825    3,820    3,232      
      AMCP Clean Acquisition Company, LLC (12) (18) (29)  First Lien Senior Secured Loan   L+ 4.25%  4.35%  7/10/2025  $15,808    15,786    13,358      
      Chamber Bidco Limited (6) (17) (19)  First Lien Senior Secured Loan   L+ 6.00%  6.50%  6/7/2028  $237    234    237      
      Elevator Holdco Inc. (14) (19) (25)  Equity Interest         -  -   -   2    2,448    2,012      
      iBanFirst Facility Series A Preferred Units (6) (14) (19) (25)  Equity Interest         -  -   -   5,080    5,996    5,878      
      iBanFirst Facility Series A Preferred Units (6) (14) (19) (25)  Equity Interest         -  -   -   4,765    6,563    6,414      
      iBanFirst Facility B (6) (18) (19)  First Lien Senior Secured Loan   EURIBOR+ 8.50%  8.50%  7/13/2028  10,160    11,698    11,462      
      iBanFirst Revolving Facility (2) (3) (5) (6) (19)  First Lien Senior Secured Loan - Revolver   -  -   7/13/2028  -    (60)   (59)     
      Learning Pool Capex and Acquisition Facility 1 (2) (3) (5) (6) (19)  First Lien Senior Secured Loan        -  -   7/7/2028  £-    (99)   (97)     
      Learning Pool Capex and Acquisition Facility 1 (2) (3) (5) (6) (19)  First Lien Senior Secured Loan        -  -   7/7/2028  £-    (74)   (72)     
      Learning Pool Facility B (6) (19)  First Lien Senior Secured Loan   L+ 6.00%  6.08%  7/7/2028  £21,535    29,428    28,698      
      Learning Pool Revolving Facility (2) (3) (5) (6) (19)  First Lien Senior Secured Loan - Revolver         -  -   7/7/2027  £-    (25)   (24)     
      masLabor Equity (19) (25)  Equity Interest         -  -   -   345    345    345      
      masLabor Revolver (2) (3) (5) (19)  First Lien Senior Secured Loan - Revolver         -  -   7/1/2027  $-    (22)   (23)     
      masLabor Term Loan Note (15) (19)  First Lien Senior Secured Loan   L+ 7.50%  8.50%  7/1/2027  $8,621    8,358    8,427