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, 2022

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 offices)	(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 ☒ 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 August 3, 2022 the registrant had 64,562,265.27 shares of common stock, $0.001 par value, outstanding.

TABLE OF CONTENTS

		Page
PART I	FINANCIAL INFORMATION	2
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and December 31, 2021	2
	Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2022 and 2021 (unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)	5
	Consolidated Schedules of Investments as of June 30, 2022 (unaudited) and December 31, 2021	6
	Notes to Consolidated Financial Statements (unaudited)	31
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	82
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	103
Item 4.	Controls and Procedures	104
PART II	OTHER INFORMATION	104
Item 1.	Legal Proceedings	104
Item 1A.	Risk Factors	104
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	105
Item 3.	Defaults Upon Senior Securities	105
Item 4.	Mine Safety Disclosures	105
Item 5.	Other Information	105
Item 6.	Exhibits	106
Signatures		109

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, 2021 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, 2021. 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.

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
	June 30, 2022		December 31, 2021
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliate investments (amortized cost of $1,837,653 and $1,921,970, respectively)	$	1,784,423	$	1,901,054
Non-controlled/affiliate investment (amortized cost of $124,564 and $100,888, respectively)		151,735		113,290
Controlled affiliate investment (amortized cost of $357,458 and $288,526, respectively)		350,880		274,761
Cash and cash equivalents		38,013		87,443
Foreign cash (cost of $8,902 and $30,877, respectively)		5,003		29,979
Restricted cash and cash equivalents		25,910		86,159
Collateral on forward currency exchange contracts		—		2,815
Deferred financing costs		1,961		2,178
Interest receivable on investments		27,776		19,269
Receivable for sales and paydowns of investments		13,863		30,334
Prepaid Insurance		559		193
Unrealized appreciation on forward currency exchange contracts		15,095		5,321
Dividend receivable		10,826		18,397
Total Assets	$	2,426,044	$	2,571,193
Liabilities
Debt (net of unamortized debt issuance costs of $12,440 and $15,718, respectively)	$	1,244,283	$	1,414,982
Interest payable		7,164		7,058
Payable for investments purchased		27,052		7,594
Base management fee payable		8,451		8,792
Incentive fee payable		4,069		4,727
Collateral on forward currency exchange contracts		2,743		—
Accounts payable and accrued expenses		3,317		6,083
Distributions payable		21,951		21,951
Total Liabilities		1,319,030		1,471,187
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 June 30, 2022 and December 31, 2021, respectively		65		65
Paid in capital in excess of par value		1,168,384		1,168,384
Total distributable earnings (loss)		(61,435)		(68,443)
Total Net Assets		1,107,014		1,100,006
Total Liabilities and Total Net assets	$	2,426,044	$	2,571,193
Net asset value per share	$	17.15	$	17.04

See Notes to Consolidated Financial Statements

2

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

	For the Three Months		For the Three Months		For the Six Months		For the Six Months
	Ended June 30		Ended June 30		Ended June 30		Ended June 30
	2022		2021		2022		2021
Income
Investment income from non-controlled/non-affiliate investments:
Interest from investments	$	29,769	$	36,706	$	64,056	$	76,619
Dividend income		—		—		108		—
PIK income		2,375		1,082		4,883		2,062
Other income		7,690		875		8,155		4,331
Total investment income from non-controlled/non-affiliate investments		39,834		38,663		77,202		83,012
Investment income from non-controlled/affiliate investments:
Interest from investments		1,901		477		2,225		900
Dividend income		1,851		—		1,851		—
PIK income		45		1,366		1,449		2,752
Total investment income from non-controlled/affiliate investments		3,797		1,843		5,525		3,652
Investment income from controlled affiliate investments:
Interest from investments		4,214		2,572		7,636		4,209
Dividend income		4,519		2,929		8,012		4,964
PIK income		—		483		—		483
Total investment income from controlled affiliate investments		8,733		5,984		15,648		9,656
Total investment income		52,364		46,490		98,375		96,320
Expenses
Interest and debt financing expenses		11,027		13,017		21,670		24,850
Base management fee		8,451		8,623		16,820		17,320
Incentive fee		4,069		8,042		7,380		14,771
Professional fees		446		714		836		1,673
Directors fees		179		171		354		343
Other general and administrative expenses		1,477		1,241		2,897		2,629
Total expenses before fee waivers		25,649		31,808		49,957		61,586
Base management fee waiver		—		(2,723)		—		(4,837)
Incentive fee waiver		—		(4,519)		—		(4,519)
Total expenses, net of fee waivers		25,649		24,566		49,957		52,230
Net investment income		26,715		21,924		48,418		44,090
Net realized and unrealized gains (losses)
Net realized gain (loss) on non-controlled/non-affiliate investments		(2,576)		4,845		(1,159)		23,258
Net realized gain (loss) on controlled affiliate investments		—		—		—		(3,237)
Net realized gain (loss) on foreign currency transactions		3,166		1,005		2,678		(2,021)
Net realized gain (loss) on forward currency exchange contracts		2,018		(18,396)		3,261		(21,688)
Net change in unrealized appreciation (depreciation) on foreign currency translation		(2,051)		(65)		(1,705)		322
Net change in unrealized appreciation on forward currency exchange contracts		8,124		16,028		9,775		20,604
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate investments		(27,206)		4,426		(32,314)		1,202
Net change in unrealized appreciation (depreciation) on non-controlled/affiliate investments		9,102		5,780		14,769		5,407
Net change in unrealized appreciation (depreciation) on controlled affiliate investments		(63)		6,886		7,187		6,249
Total net gains (losses)		(9,486)		20,509		2,492		30,096
Net increase in net assets resulting from operations	$	17,229	$	42,433	$	50,910	$	74,186
Basic and diluted net investment income per common share	$	0.41	$	0.34	$	0.75	$	0.68
Basic and diluted increase in net assets resulting from operations per common share	$	0.27	$	0.66	$	0.79	$	1.15
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

3

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

	For the Three		For the Three		For the Six		For the Six
	Months Ended		Months Ended		Months Ended		Months Ended
	June 30		June 30		June 30		June 30
	2022		2021		2022		2021
Operations:
Net investment income	$	26,715	$	21,924	$	48,418	$	44,090
Net realized gain (loss)		2,608		(12,546)		4,780		(3,688)
Net change in unrealized appreciation (depreciation)		(12,094)		33,055		(2,288)		33,784
Net increase in net assets resulting from operations		17,229		42,433		50,910		74,186
Stockholder distributions:
Distributions from distributable earnings		(21,951)		(21,951)		(43,902)		(43,902)
Net decrease in net assets resulting from stockholder distributions		(21,951)		(21,951)		(43,902)		(43,902)
Total increase (decrease) in net assets		(4,722)		20,482		7,008		30,284
Net assets at beginning of period		1,111,736		1,077,806		1,100,006		1,068,004
Net assets at end of period	$	1,107,014	$	1,098,288	$	1,107,014	$	1,098,288
Net asset value per common share	$	17.15	$	17.01	$	17.15	$	17.01
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

4

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

	For the Six Months		For the Six Months
	Ended June 30		Ended June 30
	2022		2021
Cash flows from operating activities
Net increase in net assets resulting from operations	$	50,910	$	74,186
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Purchases of investments		(761,843)		(607,995)
Proceeds from principal payments and sales of investments		434,198		805,272
Net realized (gain) loss from investments		1,159		(20,021)
Net realized (gain) loss on foreign currency transactions		(2,678)		2,021
Net change in unrealized (appreciation) depreciation on forward currency exchange contracts		(9,775)		(20,604)
Net change in unrealized (appreciation) depreciation on investments		10,358		(12,858)
Net change in unrealized (appreciation) depreciation on foreign currency translation		1,705		(322)
Increase in investments due to PIK		(6,314)		(5,297)
Accretion of discounts and amortization of premiums		(2,694)		(2,951)
Amortization of deferred financing costs and debt issuance costs		2,001		3,351
Changes in operating assets and liabilities:
Collateral on forward currency exchange contracts		5,558		1,180
Interest receivable on investments		(8,507)		(4,398)
Prepaid Insurance		(366)		(558)
Dividend receivable		7,571		(4,229)
Interest payable		106		632
Base management fee payable		(341)		(390)
Incentive fee payable		(658)		(276)
Accounts payable and accrued expenses		(579)		(525)
Net cash provided by (used in) operating activities		(280,189)		206,218
Cash flows from financing activities
Borrowings on debt		349,747		457,550
Repayments on debt		(157,000)		(605,374)
Payments of financing costs		(2,186)		—
Payments of debt issuance costs		—		(5,657)
Stockholder distributions paid		(43,902)		(43,902)
Net cash (used in) provided by financing activities		146,659		(197,383)
Net increase (decrease) in cash, foreign cash, restricted cash and cash equivalents		(133,530)		8,835
Effect of foreign currency exchange rates		(1,125)		(1,817)
Cash, foreign cash, restricted cash and cash equivalents, beginning of period		203,581		81,702
Cash, foreign cash, restricted cash and cash equivalents, end of period	$	68,926	$	88,720
Supplemental disclosure of cash flow information:
Cash interest paid during the period	$	19,562	$	22,403
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
Company investment into SLP	$	5,584	$	—
Deconsolidation of 2018-1 Issuer
Disposition of assets	$	470,616	$	—
Reduction of liabilities	$	(390,448)	$	—

	2022		2021
Cash	$	38,013	$	29,869
Restricted cash		25,910		57,144
Foreign cash		5,003		1,707
Total cash, foreign cash, restricted cash, and cash equivalents shown in the consolidated statements of cash flows	$	68,926	$	88,720

See Notes to Consolidated Financial Statements

5

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of June 30, 2022

(In thousands)

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	Ansett Aviation Training (6)(18)(19)	First Lien Senior Secured Loan	BBSY+ 4.69%	5.69	%	9/24/2031	AUD	21,215		15,924		14,664
		Ansett Aviation Training (6)(14)(19)(25)	Equity Interest	—	—		—	AUD	15,357		11,527		10,614
		Forming Machining Industries Holdings, LLC (18)(19)	Second Lien Senior Secured Loan	L+ 8.25%	9.92	%	10/9/2026	$	6,540		6,500		5,297
		Forming Machining Industries Holdings, LLC (18)(19)	First Lien Senior Secured Loan	L+ 4.25%	5.92	%	10/9/2025	$	16,354		16,280		14,065
		GSP Holdings, LLC (15)(19)(26)(29)	First Lien Senior Secured Loan	L+ 5.75% (0.25% PIK)	6.76	%	11/6/2025	$	35,491		35,448		33,361
		GSP Holdings, LLC (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	L+ 5.75% (0.25% PIK)	6.75	%	11/6/2025	$	2,736		2,711		2,463
		Kellstrom Aerospace Group, Inc (14)(19)(25)	Equity Interest	—	—		—	$	1		1,963		720
		Kellstrom Commercial Aerospace, Inc. (3)(15)(19)(26)	First Lien Senior Secured Loan - Revolver	SOFR+ 6.00% (0.75% PIK)	7.15	%	7/1/2025	$	3,305		3,256		3,005
		Kellstrom Commercial Aerospace, Inc. (15)(19)	First Lien Senior Secured Loan	SOFR+ 6.00%	7.00	%	7/1/2025	$	30,248		29,915		28,357
		Mach Acquisition R/C (3)(18)(19)	First Lien Senior Secured Loan - Revolver	L+ 7.50%	9.78	%	10/18/2026	$	2,009		1,836		1,707
		Mach Acquisition T/L (15)(19)	First Lien Senior Secured Loan	L+ 7.50%	8.54	%	10/18/2026	$	32,806		32,241		31,822
		Precision Ultimate Holdings, LLC (14)(19)(25)	Equity Interest	—	—		—	$	1,417		1,417		1,447
		Robinson Helicopter (14)(19)(25)	Equity Interest	—	—		—	$	1,592		1,592		1,592
		Robinson Helicopter (15)(19)(29)	First Lien Senior Secured Loan	SOFR+ 6.50%	8.13	%	6/29/2029	$	49,405		48,294		48,293
		WCI-HSG HOLDCO, LLC (14)(19)(25)	Preferred Equity	—	—		—	$	675		675		2,053
		WCI-HSG Purchaser, Inc. (3)(15)(19)(29)	First Lien Senior Secured Loan - Revolver	L+ 4.50%	6.75	%	2/22/2025	$	137		133		137
		WCI-HSG Purchaser, Inc. (15)(19)(29)	First Lien Senior Secured Loan	L+ 4.75%	6.75	%	2/24/2025	$	8,666		8,608		8,666
		Whitcraft LLC (2)(3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—		4/3/2023	$	—		(4)		(72)
		Whitcraft LLC (15)(19)(29)	First Lien Senior Secured Loan	L+ 6.00%	8.25	%	4/3/2023	$	28,834		28,759		27,680
		WP CPP Holdings, LLC. (15)(19)	Second Lien Senior Secured Loan	L+ 7.75%	8.99	%	4/30/2026	$	11,724		11,657		10,668
								Aerospace & Defense Total		$	258,732	$	246,539	22.3	%
	Automotive	American Trailer Rental Group (19)(26)	Subordinated Debt	L+ 9.00% (2.00% PIK)	11.00	%	12/1/2027	$	4,948		4,882		4,948
		American Trailer Rental Group (19)(26)	Subordinated Debt	L+ 9.00% (2.00% PIK)	11.00	%	12/1/2027	$	15,267		14,968		15,268
		American Trailer Rental Group (19)(26)	Subordinated Debt	L+ 9.00% (2.00% PIK)	11.00	%	12/1/2027	$	19,064		18,663		19,064
		Cardo (6)(17)(19)	First Lien Senior Secured Loan	L+ 6.00%	8.09	%	5/12/2028	$	98		97		98
		CST Buyer Company (3)(5)(19)	First Lien Senior Secured Loan - Revolver	—	—		10/3/2025	$	—		(7)		—
		CST Buyer Company (15)(19)(29)	First Lien Senior Secured Loan	L+ 5.50%	7.17	%	10/3/2025	$	8,322		8,280		8,322
		JHCC Holdings, LLC (15)(19)(28)	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	8.00	%	9/9/2025	$	2,635		2,620		2,503
		JHCC Holdings, LLC (3)(15)(19)	First Lien Senior Secured Loan - Revolver	L+ 5.75%	8.00	%	9/9/2025	$	965		936		823
		JHCC Holdings, LLC (15)(19)	First Lien Senior Secured Loan - Delayed Draw	L+ 5.75%	8.00	%	9/9/2025	$	5,740		5,735		5,453
		JHCC Holdings, LLC (15)(19)(29)	First Lien Senior Secured Loan	L+ 5.75%	8.00	%	9/9/2025	$	21,373		21,192		20,304
								Automotive Total		$	77,366	$	76,783	6.9	%
	Banking	Green Street Parent, LLC (3)(5)(19)(29)	First Lien Senior Secured Loan - Revolver	—	—		8/27/2025	$	—		(25)		—
		Green Street Parent, LLC (16)(19)(29)	First Lien Senior Secured Loan	L+ 5.75%	6.50	%	8/27/2026	$	3,419		3,376		3,419
		Green Street Parent, LLC (16)(19)(29)	First Lien Senior Secured Loan	L+ 5.75%	7.32	%	8/27/2026	$	4,478		4,398		4,478
								Banking Total		$	7,749	$	7,897	0.7	%
	Banking, Finance, Insurance & Real Estate	Morrow Sodali (3)(15)(19)	First Lien Senior Secured Loan - Revolver	SOFR+ 5.00%	6.10	%	4/25/2028	$	266		235		234
		Morrow Sodali (2)(3)(5)(19)	First Lien Senior Secured Loan - Delayed Draw	—	—		4/25/2028	$	—		(20)		(20)
								Banking, Finance, Insurance & Real Estate Total		$	215	$	214	0.0	%

6

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
	Beverage, Food & Tobacco	NPC International, Inc. (14)(19)(25)(27)	Equity Interest	—	—		—	$	428		639		121
								Beverage, Food & Tobacco Total		$	639	$	121	0.0	%
	Capital Equipment	ClockSpring (15)(19)	Second Lien Senior Secured Loan	SOFR+ 6.50%	12.11	%	8/1/2025	$	5,100		5,005		4,997
		East BCC Coinvest II, LLC (14)(19)(25)	Equity Interest	—	—		—	$	1,419		1,419		989
		FCG Acquisitions, Inc. (14)(19)(25)	Preferred Equity	—	—		—	$	4		—		—
		Jonathan Acquisition Company (15)(19)	Second Lien Senior Secured Loan	L+ 9.00%	11.10	%	12/22/2027	$	8,000		7,832		8,000
		TCFIII Owl Finance, LLC (19)	First Lien Senior Secured Loan	12.00%	12.00	%	1/30/2027	$	4,556		4,493		4,453
								Capital Equipment Total		$	18,749	$	18,439	1.7	%
	Chemicals, Plastics & Rubber	V Global Holdings LLC (16)(19)(29)	First Lien Senior Secured Loan	SOFR+ 5.75%	7.63	%	12/22/2027	$	15,891		15,548		15,681
		V Global Holdings LLC (3)(16)(19)	First Lien Senior Secured Loan - Revolver	SOFR+ 5.75%	7.67	%	12/22/2025	$	1,453		1,281		1,332
		Vertellus (16)(19)	First Lien Senior Secured Loan	EURIBOR+ 5.75%	6.50	%	12/22/2027	€	9,500		9,810		9,834
								Chemicals, Plastics & Rubber Total		$	26,639	$	26,847	2.4	%
	Construction & Building	Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan - Delayed Draw	L+ 7.00% PIK	9.88	%	5/12/2025	$	1,279		1,278		997
		Chase Industries, Inc. (15)(19)(26)	First Lien Senior Secured Loan	L+ 7.00% PIK	9.88	%	5/12/2025	$	13,531		13,504		10,554
		Elk Parent Holdings, LP (14)(19)(25)	Equity Interest	—	—		—	$	1		12		528
		Elk Parent Holdings, LP (14)(19)(25)	Preferred Equity	—	—		—	$	120		1,202		1,484
		Regan Development Holdings Limited (6)(17)(19)	First Lien Senior Secured Loan	EURIBOR+ 6.50%	7.00	%	4/18/2023	€	2,087		2,274		2,117
		Regan Development Holdings Limited (6)(17)(19)	First Lien Senior Secured Loan	EURIBOR+ 6.50%	7.00	%	4/18/2023	€	677		768		686
		Regan Development Holdings Limited (6)(17)(19)	First Lien Senior Secured Loan	EURIBOR+ 6.50%	7.00	%	4/18/2023	€	6,335		6,896		6,392
		SAM (19)	First Lien Senior Secured Loan	11.25%	11.25	%	5/9/2028	$	32,500		32,191		32,175
		Service Master (3)(15)(19)	First Lien Senior Secured Loan - Revolver	L+ 7.50%	8.91	%	8/16/2027	$	1,350		1,273		1,350
		Service Master (15)(19)	First Lien Senior Secured Loan	L+ 7.50%	8.50	%	8/16/2027	$	934		918		934
		Service Master (14)(19)(25)	Equity Interest	—	—		—	$	327		327		351
		YLG Holdings, Inc. (3)(15)(19)	First Lien Senior Secured Loan - Revolver	L+ 5.00%	6.79	%	10/31/2025	$	256		209		256
		YLG Holdings, Inc. (19)(21)	First Lien Senior Secured Loan - Delayed Draw	L+ 5.00%	7.08	%	10/31/2025	$	5,034		5,030		5,034
		YLG Holdings, Inc. (15)(19)(29)	First Lien Senior Secured Loan	L+ 5.25%	6.72	%	10/31/2025	$	27,291		27,178		27,291
								Construction & Building Total		$	93,060	$	90,149	8.1	%
	Consumer Goods: Durable	New Milani Group LLC (15)(19)	First Lien Senior Secured Loan	L+ 6.00%	8.25	%	6/6/2024	$	21,598		21,094		21,382
		Stanton Carpet (15)(19)	Second Lien Senior Secured Loan	L+ 9.00%	10.47	%	4/1/2028	$	11,434		11,226		11,435
		Tangent Technologies Acquisition, LLC (15)(19)	Second Lien Senior Secured Loan	SOFR+ 8.75%	9.99	%	5/30/2028	$	8,915		8,750