NPORT-EX 3 NPORT_MMPI_IGL_35581873_0322.htm

 

Barings

Participation Investors


Report for the   

Three Months Ended March 31, 2022   
















   



       

 

 


 

 
 

Adviser

Barings LLC

300 S Tryon St., Suite 2500

Charlotte, NC 28202

Independent Registered Public Accounting Firm

KPMG LLP

Boston, Massachusetts 02110

Counsel to the Trust

Ropes & Gray LLP

Boston, Massachusetts 02111

Custodian

State Street Bank and Trust Company

Boston, Massachusetts 02110

 

Transfer Agent & Registrar

DST Systems, Inc.

P.O. Box 219086

Kansas City, Missouri 64121-9086

1-800-647-7374

Internet Website

https://www.barings.com/en-us/guest/funds/closed-end-
funds/barings-participation-investors

  

Barings Participation Investors

c/o Barings LLC

300 S Tryon St., Suite 2500

Charlotte, NC 28202

1-866-399-1516

 



 

 

 

 

 

 

Investment Objective and Policy

Barings Participation Investors (the “Trust”) is a closed-end management investment company, first offered to the public in 1988, whose shares are traded on the New York Stock Exchange under the trading symbol “MPV”. The Trust’s share price can be found in the financial section of most newspapers under either the New York Stock Exchange listings or Closed-End Fund Listings.

The Trust’s investment objective is to maintain a portfolio of securities providing a current yield and, when available, an opportunity for capital gains. The Trust’s principal investments are privately placed, below investment grade, long-term debt obligations including bank loans and mezzanine debt instruments. Such private placement securities may, in some cases, be accompanied by equity features such as common stock, preferred stock, warrants, conversion rights, or other equity features. The Trust typically purchases these investments, which are not publicly tradable, directly from their issuers in private placement transactions. These investments are typically made to small or middle market companies. In addition, the Trust may invest, subject to certain limitations, in marketable debt securities (including high yield and/or investment grade securities) and marketable common stock. Below investment grade or high yield securities have predominantly speculative characteristics with respect to the capacity of the issuer to pay interest and repay capital.

The Trust distributes substantially all of its net income to shareholders each year. Accordingly, the Trust pays dividends to shareholders four times per year. All registered shareholders are automatically enrolled in the Dividend Reinvestment and Cash Purchase Plan unless cash distributions are requested.

Form N-PORT

The Trust files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on part F of Form N-PORT. This information is available (i) on the SEC’s website at http://www.sec.gov; and (ii) at the SEC’s Public Reference Room in Washington, DC (which information on their operation may be obtained by calling 1-800-SEC-0330). A complete schedule of portfolio holdings as of each quarter-end is available upon request by calling, toll-free, 866-399-1516.

Proxy Voting Policies & Procedures; Proxy Voting Record

The Trustees of the Trust have delegated proxy voting responsibilities relating to the voting of securities held by the Trust to Barings LLC (“Barings”). A description of Barings’ proxy voting policies and procedures is available (1) without charge, upon request, by calling, toll-free 866-399-1516; (2) on the Trust’s website at https://www.barings.com/en-us/guest/funds/closed-end-funds/barings-participation-investors; and (3) on the SEC’s website at http://www.sec.gov. Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on the Trust’s website at https://www.barings.com/en-us/guest/funds/closed-end-funds/barings-participation-investors; and (2) on the SEC’s website at http://www.sec.gov.

Legal Matters

The Trust has entered into contractual arrangements with an investment adviser, transfer agent and custodian (collectively “service providers”) who each provide services to the Trust. Shareholders are not parties to, or intended beneficiaries of, these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Trust.

Under the Trust’s Bylaws, any claims asserted against or on behalf of the Trust, including claims against Trustees and officers must be brought in courts located within the Commonwealth of Massachusetts.

The Trust’s registration statement and this shareholder report are not contracts between the Trust and its shareholders and do not give rise to any contractual rights or obligations or any shareholder rights other than any rights conferred explicitly by federal or state securities laws that may not be waived.

 

 

 

 

Barings Participation Investors

 

 

TO OUR SHAREHOLDERS

April 30, 2022

We are pleased to present the March 31, 2022 Quarterly Report of Barings Participation Investors (the “Trust”).

PORTFOLIO PERFORMANCE

The Board of Trustees declared a quarterly dividend of $0.20 per share, payable on June 10, 2022 to shareholders of record on May 31, 2022. The Trust paid a $0.20 per share dividend for the preceding quarter. The Trust earned $0.20 per share of net investment income for the first quarter of 2022, compared to $0.28 per share in the previous quarter.

During the first quarter, the net assets of the Trust increased to $162,516,736.44 or $15.33 per share compared to $161,080,475 or $15.19 per share on December 31, 2021. This translates to a 0.92% total return for the quarter, based on the change in the Trust’s net assets assuming the reinvestment of all dividends. Longer term, the Trust returned 14.1%, 11.0%, 9.9%, 10.6% and 11.5% for the 1, 3, 5, 10, and 25-year periods, respectively, based on the change in the Trust’s net assets assuming the reinvestment of all dividends.

The Trust’s market price decreased 9.5% during the quarter, from $14.80 per share as of December 31, 2021 to $13.39 per share as of March 31, 2022. The Trust’s market price of $13.39 per share equates to a 12.7% discount to the March 31, 2022 net asset value per share of $15.33. The Trust’s average quarter-end discount/premium for the 3, 5 and 10-year periods was -2.0%, 1.3% and 3.0%, respectively. U.S. fixed income markets, as approximated by the Bloomberg Barclays U.S. Corporate High Yield Index and the Credit Suisse Leverage Loan Index, decreased 4.8% and 0.1% for the quarter, respectively.

PORTFOLIO ACTIVITY

The Trust closed eight new private placement investments and ten add-on investments to existing portfolio companies during the first quarter. The total amount invested by the Trust in these transactions was $7,539,084. Of note, the new platform investments included one fixed rate Sr. Subordinated Note and seven floating rate term loans, five of which included equity co-investments, and the add-on investments included eight floating rate term loans and one fixed rate Sr. Subordinated Note that included an equity co-investment.

The investment activity in the first quarter of 2022 was lower than the first quarter of 2021, however, it was in line with historical first quarter investment activity. As the investment landscape remains stable, some key trends have continued. First, investment activity is now back to (and even beyond) pre-pandemic levels. Secondly, in the current market, financial sponsors and other ownership groups are motivated to divest portfolio companies due to the high valuations for strong businesses. With the significant dry powder they have available, financial sponsors are also motivated to acquire high-quality businesses which have outperformed through both good times and the more recent uncertainty. Lastly, private equity clients continue to work with a smaller group of trusted lenders with whom they have long-standing relationships and who can offer certainty of execution and creative solutions.

With demand for products and services continuing to increase, one key question is whether supply chains can keep up with the renewed demand and whether we will see material increases in prices as a result of supply-chain bottlenecks, rising raw material and energy costs and labor shortages. Across the world, and particularly in regions with large manufacturing sectors which depend on international trade, these risks may be key. However, it is important to note that such issues do not affect every geography and sector the same. When constructing portfolios, we focus on investing in high-quality businesses which are leaders in their space and offer defensive characteristics which will allow them to perform through the cycle. Therefore, while segments of the broader economy may be affected by potential supply chain issues, increasing raw material and energy costs and labor shortages, we remain confident in the current diverse portfolio to perform through the potential cycle.

We continue to be selective in our investment choices and maintain our underwriting discipline throughout multiple cycles. First, the Trust continues to invest in first lien senior secured loans in high-quality companies in defensive sectors and remains well diversified by industry. This was a strategy put in place more than five years ago and has provided strong risk adjusted returns for the Trust given their senior position in the capital stack. As of March 31, 2022, 66.0% of the Trust’s investment portfolio is in first lien senior secured loans compared to 2.7% as of December 31, 2017. These

 

(Continued)

 

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investments have proven resilient to date and their management teams now have the benefit of having a wealth of knowledge to draw upon from working in such unique and challenging circumstances. Second, we hold meaningful investment liquidity based on the Trust’s combined available cash balance and short-term investments of $5,182,564 or 2.8% of total assets, and low leverage profile at 0.14x as of March 31, 2022. We have strengthened our liquidity position with a $15.0 million committed revolving credit facility with MassMutual (See Note 4). This facility coupled with the current cash balance provides ample liquidity to support our current portfolio as well as invest in new portfolio companies. Third, we continue to be selective in pruning our equity investments and reinvesting the proceeds into first lien senior secured investments further driving investment income. As always, the Trust continues to benefit from strong relationships with our financial sponsor partners which provides clear benefits including potential access to additional capital if needed, strategic thinking alongside their management teams and high-quality and timely information which is only available in a private market setting. This allows us to work constructively together and maximize the portfolio companies’ long-term health and value.

In closing, we believe it is always appropriate to provide views on the Trust’s long-term dividend policy which is to say, ‘we believe that long-term dividends should be a reflection of long-term core earnings power, even when core earnings power is lower as a result of a higher quality asset mix’. The Trust’s recently announced dividend of $0.20 per share is in line with our most recently reported net investment income of $0.20 per share. That said, as we continue to both (1) deploy the Trust’s excess liquidity and (2) seek opportunities to shift the Trust’s non-yielding equity investments to senior secured loans, we expect long-term earnings power to meet the dividend distribution.

Thank you for your continued interest in and support of Barings Participation Investors.

Sincerely,

 

Christina Emery

President

Portfolio Composition as of 03/31/22*

 

* Based on market value of total investments (including cash)

Cautionary Notice: Certain statements contained in this report may be “forward looking” statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the Trust’s trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the Trust’s current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.

 

 

 

 

 

2 

 

Barings Participation Investors

 

 

 

 

 

       
Average Annual Returns March 31, 2022 1 Year 5 Year 10 Year
       
Barings Participation Investors 9.85% 6.08% 6.73%
Bloomberg Barclays U.S. Corporate High Yield Index -0.66% 4.69% 5.75%

Data for Barings Participation Investors (the “Trust”) represents returns based on the change in the Trust’s market price assuming the reinvestment of all dividends and distributions. Past performance is no guarantee of future results.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on distributions from the Trust or the sale of shares.

 

 

 

 

 

3 

 

 

 

 

In July 2017, the head of the U.K. Financial Conduct Authority (the “FCA”), announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the FCA confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of sterling, euro, Swiss franc, and Japanese yen, and the one week and two month U.S. dollar settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar settings. In addition, as a result of supervisory guidance from U.S. regulators, some U.S. regulated entities will cease to enter into new LIBOR contracts after January 1, 2022. At this time, no consensus exists as to what rate or rates will become accepted alternatives to LIBOR, although the Alternative Reference Rates Committee, a steering committee convened by the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York and comprised of large U.S. financial institutions, has recommended the use of the Secured Overnight Financing Rate, SOFR. There are many uncertainties regarding a transition from LIBOR to SOFR or any other alternative benchmark rate that may be established, including, but not limited to, the timing of any such transition, the need to amend all contracts with LIBOR as the referenced rate and, given the inherent differences between LIBOR and SOFR or any other alternative benchmark rate, how any transition may impact the cost and performance of impacted securities, variable rate debt and derivative financial instruments. In addition, SOFR or another alternative benchmark rate may fail to gain market acceptance, which could adversely affect the return on, value of and market for securities, variable rate debt and derivative financial instruments linked to such rates. The effects of a transition from LIBOR to SOFR or any other alternative benchmark rate on our cost of capital and net investment income cannot yet be determined definitively. All of our loan agreements with our portfolio companies include fallback language in the event that LIBOR becomes unavailable. This language generally either includes a clearly defined alternative reference rate after LIBOR’s discontinuation or provides that the administrative agent may identify a replacement reference rate, typically with the consent of (or prior consultation with) the borrower. In certain cases, the administrative agent will be required to obtain the consent of either a majority of the lenders under the facility, or the consent of each lender, prior to identifying a replacement reference rate. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value for or value of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4 

 

Barings Participation Investors

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

March 31, 2022

(Unaudited)

 

     
Assets:    
Investments
(See Consolidated Schedule of Investments)
     
Corporate restricted securities - private placement investments at fair value
(Cost - $160,751,267)
  $166,824,571 
Corporate restricted securities - rule 144A securities at fair value
(Cost - $7,596,992)
   8,006,113 
Corporate public securities at fair value
(Cost - $4,571,044)
   4,612,581 
      
      
Total investments (Cost - $172,919,303)   179,443,265 
      
Cash   5,175,650 
Foreign currencies (Cost - $6,831)   6,914 
Dividend and interest receivable   1,896,405 
Receivable for investments sold   91,288 
Deferred financing fees   63,708 
Other assets   142,392 
      
      
Total assets   186,819,622 
      
      
Liabilities:     
Note payable   15,000,000 
Credit facility   8,200,000 
Deferred tax liability   365,141 
Investment advisory fee payable   355,543 
Payable for investments purchased   290,250 
Interest payable   33,935 
Accrued expenses   58,017 
      
      
Total liabilities   24,302,886 
      
      
Commitments and Contingencies (See Note 7)     
Total net assets  $162,516,736 
      
      
Net Assets:     
Common shares, par value $.01 per share  $106,017 
Additional paid-in capital   145,010,902 
Total distributable earnings   17,399,817 
      
      
Total net assets  $162,516,736 
      
      
Common shares issued and outstanding (14,787,750 authorized)   10,601,700 
      
      
Net asset value per share  $15.33 
      

 

 

 

 

 

 

See Notes to Consolidated Financial Statements

 

5 

 

CONSOLIDATED STATEMENT OF OPERATIONS

For the three months ended March 31, 2022

(Unaudited)

 

     
Investment Income:     
Interest  $2,935,120 
Other   34,933 
      
      
Total investment income   2,970,053 
      
      
Expenses:     
Investment advisory fees   355,543 
Interest   200,689 
Professional fees   73,565 
Trustees’ fees and expenses   69,000 
Reports to shareholders   22,500 
Custodian fees   6,000 
Other   28,342 
      
      
Total expenses   755,639 
      
      
Investment income - net   2,214,414 
      
      
Income tax, including excise tax expense   52,650 
      
      
Net investment income after taxes   2,161,764 
      
      
Net realized and unrealized loss on investments and foreign currency:     
Net realized gain on investments before taxes   118,901 
Income tax expenses   (21,004)
      
      
Net realized gain on investments after taxes   97,897 
      
      
Net increase in unrealized depreciation of investments before taxes   (682,652)
Net increase in unrealized appreciation of foreign currency translation before taxes   77 
Net increase in deferred income tax expense   (140,825)
      
      
Net increase in unrealized depreciation of investments and foreign currency transactions after taxes   (823,400)
      
      
Net loss on investments and foreign currency   (725,503)
      
      
Net increase in net assets resulting from operations  $1,436,261 
      

 

 

 

 

 

See Notes to Consolidated Financial Statements

 

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Barings Participation Investors

CONSOLIDATED STATEMENT OF CASH FLOWS

For the three months ended March 31, 2022

(Unaudited)

 

     
Net decrease in cash & foreign currencies:     
Cash flows from operating activities:     
Purchases of portfolio securities  $(9,467,410)
Proceeds from disposition of portfolio securities   2,579,827 
Interest, dividends and other income received   2,410,643 
Interest expense paid   (198,536)
Operating expenses paid   (589,937)
Income taxes paid   (1,236,229)
      
      
Net cash used for operating activities   (6,501,642)
      
      
Cash flows from financing activities:     
Borrowings under credit facility   2,200,000 
Cash dividends paid from net investment income   (2,120,340)
Financing fees paid   (14,279)
      
      
Net cash provided by financing activities   65,381 
      
      
Net decrease in cash & foreign currencies   (6,436,261)
Cash & foreign currencies - beginning of period   11,618,748 
Effects of foreign currency exchange rate changes on cash and cash equivalents   77 
      
      
Cash & foreign currencies - end of period  $5,182,564 
      
      
      
Reconciliation of net increase in net assets to net
cash used for operating activities:
     
      
      
Net increase in net assets resulting from operations  $1,436,261 
      
      
Increase in investments   (6,344,157)
Increase in interest receivable   (378,596)
Decrease in receivable for investments sold   349,380 
Decrease in other assets   108,330 
Increase in deferred tax liability   140,825 
Decrease in investment advisory fee payable   (17,430)
Decrease in payable for investments purchased   (618,199)
Decrease in accrued expenses   (17,557)
Increase in interest payable   2,153 
Decrease in tax payable   (1,162,575)
      
      
Total adjustments to net assets from operations   (7,937,826)
      
      
Effects of foreign currency exchange rate changes on cash and cash equivalents   (77)
      
      
Net cash used for operating activities   (6,501,642)
      

 

 

 

 

 

See Notes to Consolidated Financial Statements

 

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CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the three months ended March 31, 2022

 

 

  

For the three
months ended
3/31/2021
(Unaudited)

  

For the
year ended
12/31/2021

 
Increase in net assets:          
           
Operations:          
Investment income - net  $2,161,764   $9,188,642 
Net realized gain on investments and foreign currency after taxes   97,897    4,867,781 
Net change in unrealized appreciation (depreciation) of investments and foreign currency after taxes   (823,400)   11,328,033 
           
           
Net increase in net assets resulting from operations   1,436,261    25,384,456 
           
           
Dividends to shareholders from:          
Distributable earnings to Common Stock Shareholders (2022 - $0.00 per share; 2021 - $0.80 per share)       (8,481,360)
           
           
Total increase in net assets   1,436,261    16,903,096 
           
           
Net assets, beginning of period/year   161,080,475    144,177,379 
           
           
           
Net assets, end of period/year  $162,516,736   $161,080,475 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See Notes to Consolidated Financial Statements

 

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Barings Participation Investors

CONSOLIDATED SELECTED FINANCIAL HIGHLIGHTS

Selected data for each share of beneficial interest outstanding:

 

 

  

For the three

months ended
3/31/2022

   For the years ended December 31, 
   (Unaudited)   2021   2020   2019   2018   2017 
Net asset value:                        
Beginning of period / year  $15.19   $13.60   $13.80   $13.18   $13.91   $13.15 
                               
                               
Net investment income (a)   0.20    0.86    1.00    1.00    1.03    1.09 
Net realized and unrealized gain (loss) on investments   (0.06)    1.53    (0.40)    0.69    (0.68)    0.75 
                               
                               
Total from investment operations   0.14    2.39    0.60    1.69    0.35    1.84 
                               
                               
Dividends from net investment income to common shareholders       (0.80)    (0.80)    (1.08)    (1.08)    (1.08) 
Increase / (Decrease) from dividends reinvested       0.00    0.00 (b)    0.01 (b)    (0.00) (b)    (0.00) (b) 
                               
Total dividends       (0.80)    (0.80)    (1.07)    (1.08)    (1.08) 
                               
Net asset value:
End of period / year
  $15.33   $15.19   $13.60   $13.80   $13.18   $13.91 
                               
                               
Per share market value:                              
End of period / year  $13.39   $14.80   $11.88   $16.13   $15.05   $14.10 
                               
Total investment return                              
Net asset value (c)   0.92%    17.84%    4.66%    13.21%    2.53%    14.29% 
Market value (c)   (9.52%)    32.09%    (21.11%)    14.72%    15.02%    7.21% 
                               
Net assets (in millions):                              
End of period / year  $162.52   $161.08   $144.18   $146.08   $138.75   $145.48 
Ratio of total expenses to average net assets (d)   2.07%(e)    2.66%    1.47%    2.26%    2.76%    3.23% 
Ratio of operating expenses to average net assets   1.39%(e)    1.46%    1.38%    1.45%    1.56%    1.49% 
Ratio of interest expense to average net assets   0.50%(e)    0.41%    0.43%    0.42%    0.42%    0.43% 
Ratio of income tax expense to average net assets   0.18%(e)    0.79%    (0.34%)    0.39%    0.78%    1.31% 
Ratio of net investment income to average net assets   5.40%(e)    5.99%    7.52%    7.30%    7.47%    7.92% 
Portfolio turnover   1%    43%    34%    22%    48%    24% 
(a)Calculated using average shares.
(b)Rounds to less than $0.01 per share. distributions which differs from the total investment return based on the Trust’s market value due to the difference between the Trust’s net asset
(c)Net asset value return represents portfolio returns based on change in the Trust’s net asset value assuming the reinvestment of all dividends and distributions which differs from the total investment return based on the Trust’s market value due to the difference between the Trust’s net asset value and the market value of its shares outstanding; past performance is no guarantee of future results.
(d)Total expenses include income tax expense.
(e)Annualized

                         
Senior borrowings:                              
Total principal amount (in millions)  $23.2   $21   $15   $15   $15   $15 
Asset coverage per $1,000 of indebtedness  $8,005   $8,670   $10,612   $10,739   $10,250   $10,699 

 

 

 

 

See Notes to Consolidated Financial Statements

 

9 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities - 107.58%: (A) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Private Placement Investments - 102.65%: (C)               
 
1WorldSync, Inc.
A product information sharing platform that connects manufacturers/suppliers and key retailers via the Global Data Synchronization Network.
6.75% Term Loan due 06/24/2025
(LIBOR + 5.750%)
  $2,434,019   *   $2,404,969   $2,429,647 
* 07/01/19 and 12/09/20.                  
                   
Accelerate Learning                  
A provider of standards-based, digital science education content of K-12 schools.
6.01% Term Loan due 12/31/2024
(LIBOR + 5.000%)
  $974,753   12/19/18    965,913    958,507 
6.00% Term Loan due 12/20/2024
(LIBOR + 5.000%)
  $746,495   09/30/21    733,876    734,053 
            1,699,789    1,692,560 
Advanced Manufacturing Enterprises LLC                  
A designer and manufacturer of large, custom gearing products for a number of critical customer applications.
Limited Liability Company Unit (B)    1,945 uts.    *    207,911     
* 12/07/12, 07/11/13 and 06/30/15.                  
                   
Advantage Software                  
A provider of enterprise resource planning (ERP) software built for advertising and marketing agencies.
Limited Liability Company Unit Class A (F)    766 uts.    10/01/21    24,353    79,188 
Limited Liability Company Unit Class A (F)    197 uts.    10/01/21    6,320    20,424 
Limited Liability Company Unit Class B (F)    766 uts.    10/01/21    784    513 
Limited Liability Company Unit Class B (F)    197 uts.    10/01/21    202    132 
            31,659    100,257 
Aftermath, Inc.                  
A provider of crime scene cleanup and biohazard remediation services.
6.00% Term Loan due 04/10/2025
(LIBOR + 5.000%)
  $963,473   04/09/19    952,545    943,240 
6.00% Term Loan due 04/10/2025
(LIBOR + 5.000%)
  $757,719   04/23/21    747,239    741,807 
            1,699,784    1,685,047 
AIT Worldwide Logistics, Inc.                  
A provider of domestic and international third-party logistics services.
8.75% Second Lien Term Loan due 03/31/2029
(LIBOR + 7.750%)
  $1,669,355   04/06/21    1,636,431    1,633,180 
Limited Liability Company Unit (B)    56 uts.    04/06/21    55,645    109,548 
            1,692,076    1,742,728 
AMS Holding LLC                  
A leading multi-channel direct marketer of high-value collectible coins and proprietary-branded jewelry and watches.
Limited Liability Company Unit Class A
Preferred (B)(F)
    114 uts.    10/04/12    113,636    244,986 
                   

 

 

 

 

10 

 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Amtech Software               
A provider of enterprise resource planning software and technology solutions for packaging manufacturers.
6.25% First Lien Term Loan due 11/02/2027 (LIBOR + 5.500%) (G)  $1,000,000   11/02/21   $526,824   $528,214 
                   
ASC Holdings, Inc.                  
A manufacturer of capital equipment used by corrugated box manufacturers.
13% Senior Subordinated Note due 12/31/2024  $805,872   11/19/15    805,858    718,838 
Limited Liability Company Unit (B)    111,100 uts.    11/18/15    111,100    18,576 
            916,958    737,414 
ASPEQ Holdings                  
A manufacturer of highly-engineered electric heating parts and equipment for a range of industrial, commercial, transportation and marine applications.
6.26% Term Loan due 10/31/2025
(LIBOR + 5.250%)
  $1,131,056   11/08/19    1,120,862    1,131,056 
                   
Audio Precision                  
A provider of high-end audio test and measurement sensing instrumentation software and accessories.
7.00% Term Loan due 07/27/2024
(LIBOR + 6.000%)
  $1,746,000   10/30/18    1,730,961    1,746,000 
                   
Aurora Parts & Accessories LLC                  
A distributor of aftermarket over-the-road semi-trailer parts and accessories sold to customers across North America.
Preferred Stock (B)    210 shs.    08/17/15    209,390    209,390 
Common Stock (B)    210 shs.    08/17/15    210    145,107 
            209,600    354,497 
BDP International, Inc.                  
A provider of transportation and related services to the chemical and life sciences industries.
6.25% Term Loan due 12/14/2024 (LIBOR + 5.250%)  $2,384,888   12/18/18    2,363,340    2,384,888 
6.25% Incremental Term Loan due 12/19/2024
(LIBOR + 5.250%)
  $42,598   12/07/20    42,024    42,598 
6.25% Incremental Term Loan due 12/21/2024
(LIBOR + 5.250%)
  $40,854   03/30/21    40,256    40,854 
            2,445,620    2,468,340 
Best Lawyers (Azalea Investment Holdings, LLC)                  
A global digital media company that provides ranking and marketing services to the legal community.
12.00% HoldCo PIK Note due 05/19/2028  $289,712   11/30/21    284,217    284,561 
6.25% First Lien Term Loan due 11/19/2027 (LIBOR + 5.250%) (G)  $1,391,058   11/30/21    1,033,063    1,034,597 
Limited Liability Company Unit    44,231 uts.    11/30/21    44,231    44,231 
            1,361,511    1,363,389 

 

 

 

11 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued)   

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                   
Blue Wave Products, Inc.                  
A distributor of pool supplies.                  
Common Stock (B)    51,064 shs.    10/12/12   $51,064   $138,521 
Warrant, exercisable until 2022, to purchase common
stock at $.01 per share (B)
    20,216 shs.    10/12/12    20,216    54,638 
            71,280    193,159 
BrightSign                  
A provider of digital signage hardware and software solutions, serving a variety of end markets, including retail, restaurants, government, sports, and entertainment.
6.75% Term Loan due 10/14/2027
(LIBOR + 5.750%) (G)
  $1,424,643   10/14/21    1,277,263    1,266,221 
Limited Liability Company Unit (F)    111,835 uts.    10/14/21    111,835    111,835 
            1,389,098    1,378,056 
Brown Machine LLC                  
A designer and manufacturer of thermoforming equipment used in the production of plastic packaging containers within the food and beverage industry.
6.25% Term Loan due 10/04/2024
(LIBOR + 5.250%)
  $808,993   10/03/18    804,158    808,993 
                   
Cadence, Inc.                  
A full-service contract manufacturer (“CMO”) and supplier of advanced products, technologies, and services to medical device, life science, and industrial companies.
6.00% First Lien Term Loan due 04/30/2025 (LIBOR + 5.000%)  $879,427   05/14/18    871,513    844,250 
                   
Cadent, LLC                  
A provider of advertising solutions driven by data and technology.
6.00% Term Loan due 09/07/2023
(LIBOR + 5.000%)
  $890,428   09/04/18    887,844    890,428 
                   
CAi Software                  
A vendor of mission-critical, production-oriented software to niche manufacturing and distribution sectors.
7.25% Term Loan due 12/10/2028
(LIBOR + 6.250%) (G)
  $2,500,000   12/13/21    2,216,388    2,219,254 
                   
Cash Flow Management                  
A software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions.
6.25% Term Loan due 12/27/2027
(LIBOR + 5.250%) (G)
  $986,967   12/28/21    893,448    894,300 
                   
Claritas Holdings, Inc.                  
A market research company that provides market segmentation insights to customers engaged in direct-to-consumer and business-to-business marketing activities.
6.76% Term Loan due 12/31/2023
(LIBOR + 5.750%)
  $1,533,322   12/20/18    1,520,117    1,533,322 
                   

 

 

 

 

12 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
CloudWave               
A provider of managed cloud hosting and IT services for hospitals.
7.00% Term Loan due 01/04/2027
(LIBOR + 6.000%)
  $1,652,661   01/29/21   $1,622,807   $1,563,418 
Limited Liability Company Unit (B) (F)    55,645 uts.    01/29/21    55,645    34,305 
            1,678,452    1,597,723 
Cogency Global                  
A provider of statutory representation and compliance services for corporate and professional services clients.
6.25% Term Loan due 12/28/2027
(LIBOR + 5.500%)
  $972,449   02/14/22    892,807    892,389 
Preferred Stock    28 shs.    02/14/22    27,551    27,550 
            920,358    919,939 
Command Alkon                  
A vertical-market software and technology provider to the heavy building materials industry delivering purpose-built, mission critical products that serve as the core operating & production systems for ready-mix concrete producers, asphalt producers, and aggregate suppliers.
8.00% Term Loan due 04/17/2027
(LIBOR + 7.000%) (G)
  $2,489,559   *    2,000,152    2,045,868 
Limited Liability Company Unit (B)(F)    18 uts.    04/23/20    18,006    20,113 
Limited Liability Company Unit Class B    6,629 uts.    04/23/20        39,486 
* 04/23/20, 10/30/20 and 11/18/20.           2,018,158    2,105,467 
                   
Concept Machine Tool Sales, LLC                  
A full-service distributor of high-end machine tools and metrology equipment, exclusively representing a variety of global manufacturers in the Upper Midwest.
6.00% Term Loan due 01/31/2025
(LIBOR + 5.000%)
  $584,016   01/30/20    577,393    548,683 
Limited Liability Company Unit (F)    1,237 shs.    *    49,559    10,210 
* 01/30/20 and 03/05/21           626,952    558,893 
                   
CTS Engines                  
A provider of maintenance, repair and overhaul services within the aerospace & defense market.
6.26% Term Loan due 12/22/2026
(LIBOR + 5.250%)
  $1,388,868   12/22/20    1,366,976    1,329,147 
                   
Dart Buyer, Inc.                  
A manufacturer of helicopter aftermarket equipment and OEM Replacement parts for rotorcraft operators, providers and OEMs.
6.25% Term Loan due 04/01/2025
(LIBOR + 5.250%) (G)
  $1,689,077   04/01/19    1,537,636    1,554,527 
                   
Decks Direct                  
An eCommerce direct-to-consumer seller of specialty residential decking products in the United States.
7.00% Term Loan due 12/28/2026
(LIBOR + 6.000%) (G)
  $1,630,909   12/29/21    1,499,589    1,500,736 
Limited Liability Company Unit    2,209 uts.    12/29/21    94,091    94,097 
            1,593,680    1,594,833 
                   

 

 

 

 

 

13 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Del Real LLC               
A manufacturer and distributor of fully-prepared fresh refrigerated Hispanic entrees as well as side dishes that are typically sold on a heat-and-serve basis at retail grocers.
11% Senior Subordinated Note due 04/06/2023 (D)  $1,420,588   10/07/16   $1,403,759   $1,275,688 
Limited Liability Company Unit (B)(F)    368,799 uts.    *    368,928    29,467 
* 10/07/16, 07/25/18, 03/13/19 and 06/17/19.           1,772,687    1,305,155 
                   
DistroKid (IVP XII DK Co-Invest, LP)                  
A subscription-based music distribution platform that allows artists to easily distribute, promote, and monetize their music across digital service providers, such as Spotify and Apple Music.
6.75% Term Loan due 09/30/2027
(LIBOR + 5.750%)
  $1,647,467   10/01/21    1,617,256    1,620,008 
Limited Liability Company Unit (F)    73,333 uts.    10/01/21    73,404    73,333 
            1,690,660    1,693,341 
Dunn Paper                  
A provider of specialty paper for niche product applications.
10.26% Second Lien Term Loan due 08/31/2023
(LIBOR + 9.250%)
  $1,725,000   09/28/16    1,714,183    1,223,025 
                   
Dwyer Instruments, Inc.                  
A designer and manufacturer of precision measurement and control products for use with solids, liquids and gases.
6.51% Term Loan due 07/01/2027
(LIBOR + 5.500%)
  $1,000,000   07/20/21    850,739    853,051 
                   
Echo Logistics                  
A provider of tech-enabled freight brokerage across various modes including Truckload, Less-than-Truckload, Parcel, and Intermodal, as well as managed (contracted) transportation services.
7.75% Second Lien Term Loan due 11/05/2029
(LIBOR + 7.250%)
  $1,679,204   11/22/21    1,651,133    1,653,300 
Limited Liability Company Unit    46 uts.    11/22/21    45,796    45,800 
            1,696,929    1,699,100 
EFI Productivity Software                  
A provider of ERP software solutions purpose-built for the print and packaging industry. 
6.76% Term Loan due 12/30/2027
(LIBOR + 5.75%) (G)
  $1,000,000   12/30/21    907,828    908,655 
                   
Electric Power Systems International, Inc.                  
A provider of electrical testing services for apparatus equipment and protection & controls infrastructure.
6.75% Term Loan due 04/19/2028
(LIBOR + 5.750%) (G)
  $1,247,434   04/19/21    1,111,950    1,116,464 

 

 

 

 

14 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Elite Sportswear Holding, LLC               
A designer and manufacturer of gymnastics, competitive cheerleading and swimwear apparel in the U.S. and internationally.
Limited Liability Company Unit (B)(F)    1,218,266 uts.    10/14/16   $159,722   $ 
                   
Ellkay                  
A provider of data interoperability solutions for labs, hospitals and healthcare providers. 
6.85% Term Loan due 09/14/2027
(LIBOR + 5.750%)
  $703,900   09/14/21    691,048    692,389 
                   
English Color & Supply LLC                  
A distributor of aftermarket automotive paint and related products to collision repair shops, auto dealerships and fleet customers through a network of stores in the Southern U.S.
11.5% (0.5% PIK) Senior Subordinated Note
due 12/31/2023
  $1,359,186   06/30/17    1,350,803    1,359,186 
Limited Liability Company Unit (B)(F)    397,695 uts.    06/30/17    397,695    783,936 
            1,748,498    2,143,122 
ENTACT Environmental Services, Inc.                  
A provider of environmental remediation and geotechnical services for blue-chip companies with regulatory-driven liability enforcement needs.
7.76% Term Loan due 12/15/2025
(LIBOR + 6.750%)
  $1,012,672   02/09/21    1,004,925    988,368 
                   
eShipping                  
An asset-life third party logistics Company that serves a broad variety of end markets and offers service across all major transportation modes.
6.75% Term Loan due 11/05/2027
(LIBOR + 5.750%) (G)
  $1,721,847   11/05/21    1,301,938    1,304,283 
                   
E.S.P. Associates, P.A.                  
A professional services firm providing engineering, surveying and planning services to infrastructure projects.
Limited Liability Company Unit (B)    273 uts.    *    295,518    247,797 
* 06/29/18 and 12/29/20.                  
                   
F G I Equity LLC                  
A manufacturer of a broad range of filters and related products that are used in commercial, light industrial, healthcare, gas turbine, nuclear, laboratory, clean room, hotel, educational system, and food processing settings.
Limited Liability Company Unit Class B-1 (B)    49,342 uts.    12/15/10    42,343    736,278 

 

 

 

 

15 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued)   

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                   
Follett School Solutions                  
A provider of software for K-12 school libraries.    
6.50% First Lien Term Loan due 07/09/2028 (LIBOR + 5.750%)  $1,705,621   08/31/21   $1,672,446   $1,678,142 
LP Units (B)(F)    881 uts.    08/30/21    8,805    8,805 
LP Interest (B)(F)    200 shs.    08/30/21    2,003    2,003 
            1,683,254    1,688,950 
FragilePAK                  
A provider of third-party logistics services focused on the full delivery life-cycle for big and bulky products.
5.96% Term Loan due 05/24/2027
(LIBOR + 5.750%) (G)
  $1,611,797   05/21/21    1,034,652    984,085 
Limited Liability Company Unit (B)(F)    108 shs.    05/21/21    107,813    92,948 
            1,142,465    1,077,033 
GD Dental Services LLC                  
A provider of convenient “onestop” general, specialty, and cosmetic dental services with 21 offices located throughout South and Central Florida.
Limited Liability Company Unit Preferred (B)    76 uts.    10/05/12    75,920    28,399 
Limited Liability Company Unit Common (B)    767 uts.    10/05/12    767     
            76,687    28,399 
gloProfessional Holdings, Inc.                  
A marketer and distributor of premium mineral-based cosmetics, cosmeceuticals and professional hair care products to the professional spa and physician’s office channels.
Preferred Stock (B)    650 shs.    03/29/19    649,606    814,392 
Common Stock (B)    1,181 shs.    03/27/13    118,110    22,023 
            767,716    836,415 
GraphPad Software, Inc.                  
A provider of data analysis, statistics and graphing software solution for scientific research applications, with a focus on the life sciences and academic end-markets.
7.01% Term Loan due 12/15/2023
(LIBOR + 6.000%)
  $2,390,711   *    2,376,990    2,402,665 
6.50% Term Loan due 04/27/2027
(LIBOR + 5.500%)
  $84,102   04/27/21    82,681    84,523 
Preferred Stock (B)(F)    3,737 shs.    04/27/21    103,147    121,966 
* 12/19/17 and 04/16/19.           2,562,818    2,609,154 
                   
Handi Quilter Holding Company (Premier Needle Arts)                  
A designer and manufacturer of long-arm quilting machines and related components for the consumer quilting market.
Limited Liability Company Unit Preferred (B)    372 uts.    *    371,644    530,231 
Limited Liability Company Unit Common Class A (B)    3,594 uts.    12/19/14         
*12/19/14 and 04/29/16.           371,644    530,231 
                   

 

 

 

 

 

16 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Heartland Veterinary Partners               
A veterinary support organization that provides a comprehensive set of general veterinary services as well as ancillary services such as boarding and grooming.
11.00% Opco PIK Note due 11/09/2028 (G)  $1,725,000   11/17/21   $1,570,925   $1,573,869 
                   
HHI Group, LLC                  
A developer, marketer, and distributor of hobby-grade radio control products.
Limited Liability Company Unit (B)(F)    102 uts.    01/17/14    101,563    553,889 
                   
Home Care Assistance, LLC                  
A provider of private pay non-medical home care assistance services.
5.75% Term Loan due 03/30/2027
(LIBOR + 4.750%)
  $850,872   03/26/21    836,705    836,518 
                   
HOP Entertainment LLC                  
A provider of post production equipment and services to producers of television shows and motion pictures.
Limited Liability Company Unit Class F (B)(F)    47 uts.    10/14/11         
Limited Liability Company Unit Class G (B)(F)    114 uts.    10/14/11         
Limited Liability Company Unit Class H (B)(F)    47 uts.    10/14/11         
Limited Liability Company Unit Class I (B)(F)    47 uts.    10/14/11         
                 
IGL Holdings III Corp.                  
A specialty label and flexible packaging converter. 
6.75% Term Loan due 10/23/2026
(LIBOR + 5.750%) (G)
  $1,708,189   11/02/20    1,499,333    1,498,852 
                   
IM Analytics Holdings, LLC                  
A provider of test and measurement equipment used for vibration, noise, and shock testing.
8.01% Term Loan due 11/22/2023 (LIBOR + 7.000%)  $1,044,550   11/21/19    1,040,238    826,761 
Warrant, exercisable until 2026, to purchase common
stock at $.01 per share (B)
    8,885 shs.    11/25/19         
            1,040,238    826,761 
Industrial Service Solutions                  
A provider of maintenance, repair and overhaul services for process equipment within the industrial, energy and power end-markets.
6.51% Term Loan due 01/31/2026
(LIBOR + 5.500%)
  $885,785   02/05/20    874,422    847,697 
                   

 

 

 

 

17 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
JF Petroleum Group               
A provider of repair, maintenance, instalation and projection management servicese to the US fueling infrastructure industry.
6.50% Term Loan due 04/20/2026
(LIBOR + 5.500%)
  $681,428   05/04/21   $664,702   $651,445 
                   
Jones Fish                  
A provider of lake management services, fish stocking and pond aeration sales and services.
6.50% First Lien Term Loan due 12/20/2027
(LIBOR + 5.500%) (G)
  $1,261,603   02/28/22    1,072,196    1,071,814 
Common Stock (F)    384 shs.    02/28/22    38,397    38,397 
            1,110,593    1,110,211 
Kano Laboratories LLC                  
A producer of industrial strength penetrating oils and lubricants.
6.00% Term Loan due 09/30/2026
(LIBOR + 5.000%) (G)
  $1,245,108   11/18/20    830,858    828,365 
6.00% Term Loan due 10/31/2027
(LIBOR + 5.000%) (G)
  $452,766   11/08/21    269,845    270,446 
Limited Liability Company Unit    20 uts.    11/19/20    19,757    19,760 
            1,120,460    1,118,571 
LeadsOnline                  
A nationwide provider of data, technology and intelligence tools used by law enforcement agencies, investigators, and businesses.
6.00% Term Loan due 12/23/2027
(LIBOR + 5.000%) (G)
  $1,721,258   02/07/22    1,467,368    1,466,624 
Limited Liability Company Unit (F)    4,528 uts.    02/07/22    4,528    4,528 
            1,471,896    1,471,152 
LYNX Franchising                  
A global franchisor of B2B services including commercial janitorial services, shared office space solutions, and textile and electronics restoration services.
7.25% Term Loan due 12/18/2026
(LIBOR + 6.250%)
  $2,483,144   *    2,442,360    2,438,356 
* 12/22/20 and 09/09/21                  
                   
Manhattan Beachwear Holding Company                  
A designer and distributor of women’s swimwear.  
12.5% Senior Subordinated Note due 05/30/2022 (D)  $419,971   01/15/10    404,121     
15% (2.5% PIK) Senior Subordinated Note
due 05/30/2022 (D)
  $115,253   10/05/10    114,604     
Common Stock (B)    35 shs.    10/05/10    35,400     
Common Stock Class B (B)    118 shs.    01/15/10    117,647     
Warrant, exercisable until 2023, to purchase common
stock at $.01 per share (B)
    104 shs.    10/05/10    94,579     
            766,351     
                   

 

 

 

 

18 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Marshall Excelsior Co.               
A designer, manufacturer and supplier of mission critical, highly engineered flow control products used in the transportation, storage and consumption of liquified petroleum gas, liquified anhydrous ammonia, refined industrial and cryogenic gasses.
6.50% Term Loan due 02/18/2028
(SOFR + 5.500%) (G)
  $580,882   02/24/22   $520,718   $520,550 
            520,718    520,550 
Master Cutlery LLC                  
A designer and marketer of a wide assortment of knives and swords.
13.00% Senior Subordinated Note due 07/20/2022 (D)  $868,102   04/17/15    867,529    58,163 
Limited Liability Company Unit    5 uts.    04/17/15    678,329     
            1,545,858    58,163 
Media Recovery, Inc.                  
A global manufacturer and developer of shock, temperature, vibration and other condition indicators and monitors for in-transit and storage applications.
7.00% First Out Term Loan due 11/22/2025
(SOFR + 6.000%)
  $488,583   11/25/19    482,536    488,583 
                   
MES Partners, Inc.                  
An industrial service business offering an array of cleaning and environmental services to the Gulf Coast region of the U.S.
Preferred Stock Series A (B)    30,926 shs.    07/25/19    12,412     
Preferred Stock Series C (B)    1,275 shs.    09/22/20    457,365     
Common Stock Class B (B)    259,252 shs.    *    244,163     
Warrant, exercisable until 2030, to purchase common
stock at $.01 per share (B)
    351,890 shs.    09/22/20         
* 09/30/14 and 02/28/18.           713,940     
                   
MeTEOR Education LLC                  
A leading provider of classroom and common area design services, furnishings, equipment and instructional support to K-12 schools.
12.00% Senior Subordinated Note due 03/20/2024  $915,819   03/09/18    911,064    897,503 
12.00% Senior Subordinated Debt due 03/31/2025  $351,088   03/31/22    344,066    344,066 
Limited Liability Company Unit (B)(F)    190 uts.    03/09/18    200,718    412,709 
            1,455,848    1,654,278 
MNS Engineers, Inc.                  
A consulting firm that provides civil engineering, construction management and land surveying services.
5.96% Term Loan due 07/30/2027 (LIBOR + 5.500%)  $1,197,000   08/09/21    1,175,600    1,177,848 
Limited Liability Company Unit (B)    100,000 uts.    08/09/21    100,000    100,000 
            1,275,600    1,277,848 
                   

 

 

 

 

19 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Music Reports, Inc.               
An administrator of comprehensive offering of rights and royalties solutions for music and cue sheet copyrights to music and entertainment customers.
7.00% Incremental Term Loan due 08/21/2026
(LIBOR + 6.000%)
  $820,507   11/05/21   $805,475   $802,767 
7.00% Term Loan due 08/21/2026
(LIBOR + 6.000%)
  $597,605   08/25/20    586,642    584,685 
            1,392,117    1,387,452 
Narda-MITEQ (JFL-Narda Partners, LLC)                  
A manufacturer of radio frequency and microwave components and assemblies.
6.25% First Lien Term Loan due 11/30/2027
(LIBOR + 5.250%) (G)
  $763,436   12/06/21    543,090    543,545 
6.25% Incremental Term Loan due 12/06/2027
(LIBOR + 5.250%)
  $873,738   12/28/21    859,110    859,764 
Limited Liability Company Unit Class A Preferred    790 uts.    12/06/21    79,043    80,608 
Limited Liability Company Unit Class B Common    88 uts.    12/06/21    8,783    8,783 
            1,490,026    1,492,700 
National Auto Care                  
A provider of professional finance and insurance products and consulting services to auto, RV, and powersports dealerships.
6.26% First Lien Term Loan due 09/28/2024
(LIBOR + 5.250%) (G)
  $998,707   12/20/21    533,232    533,143 
                   
Navia Benefit Solutions, Inc.                  
A third-party administrator of employee-directed healthcare benefits.
6.25% Term Loan due 02/01/2026
(LIBOR + 5.250%) (G)
  $1,717,238   02/10/21    1,149,145    1,154,875 
                   
Northstar Recycling                  
A managed service provider for waste and recycling services, primarily targeting food and beverage end markets.
5.75% Term Loan due 09/30/2027
(LIBOR + 4.750%)
  $749,313   10/01/21    735,571    736,822 
                   
Office Ally (OA TOPCO, LP)                  
A provider of medical claims clearinghouse software to office-based physician providers and healthcare insurance payers.
7.00% Term Loan due 12/10/2028
(LIBOR + 6.000%) (G)
  $983,176   12/20/21    830,494    832,226 
Limited Liability Company Unit    21,092 uts.    09/29/17    21,092    21,092 
            851,586    853,318 
Omega Holdings                  
A distributor of aftermarket automotive air conditioning products.
6.00% Term Loan due 03/31/2029 (SOFR + 5.000%)  $645,704   03/31/22    544,324    544,324 
            544,324    544,324 
                   

 

 

 

 

20 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Omni Logistics, LLC               
A specialty freight forwarding business specifically targeting the semiconductor, media, technology and healthcare end markets.
6.00% Term Loan due 12/30/2026
(LIBOR + 5.000%)
  $1,736,897   12/30/20   $1,695,658   $1,705,989 
                   
Options Technology Ltd                  
A provider of vertically focused financial technology managed services and IT infrastructure products for the financial services industry.
5.76% Term Loan due 12/18/2025
(LIBOR + 4.750%)
  $1,582,958   12/23/19    1,563,235    1,555,756 
                   
PANOS Brands LLC                  
A marketer and distributor of branded consumer foods in the specialty, natural, better-for-you,“free from” healthy and gluten-free categories.
12% (1% PIK) Senior Subordinated Note
due 08/17/2022
  $1,775,705   02/17/17    1,772,646    1,775,705 
Common Stock Class A (B)    380,545 shs.    *    380,545    336,135 
* 01/29/16 and 02/17/17.           2,153,191    2,111,840 
                   
PB Holdings LLC                  
A designer, manufacturer and installer of maintenance and repair parts and equipment for industrial customers.
6.26% Term Loan due 02/28/2024 (LIBOR + 5.250%)  $783,253   03/06/19    775,607    751,923 
                   
Pearl Holding Group                  
A managing general agent that originates, underwrites, and administers non-standard auto insurance policies for carries in Florida.
7.00% First Lien Term Loan due 12/16/2026 (LIBOR + 6.000%) (G)  $1,739,980   12/20/21    1,554,971    1,551,596 
Warrant - Class A, to purchase common stock at
$.01 per share
    924 uts.    12/22/21         
Warrant - Class B, to purchase common stock at
$.01 per share
    312 uts.    12/22/21         
Warrant - Class CC, to purchase common stock at
$.01 per share
    32 uts.    12/22/21         
Warrant - Class D, to purchase common stock at
$.01 per share
    82 uts.    12/22/21         
            1,554,971    1,551,596 
                   

 

 

 

 

 

21 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Pegasus Transtech Corporation               
A provider of end-to-end document, driver and logistics management solutions, which enable its customers (carriers, brokers, and drivers) to operate more efficiently, reduce manual overhead, enhance compliance, and shorten cash conversion cycles.
6.96% Term Loan due 08/31/2026
(LIBOR + 6.500%)
  $382,796   09/29/20   $372,791   $373,227 
6.96% Term Loan due 11/17/2024
(LIBOR + 6.500%)
  $1,894,364   11/14/17    1,876,553    1,847,005 
            2,249,344    2,220,232 
Petroplex Inv Holdings LLC                  
A leading provider of acidizing services to E&P customers in the Permian Basin.
Limited Liability Company Unit    0.40% int.    *    174,669    13,647 
* 11/29/12 and 12/20/16.                  
                   
Polara (VSC Polara LLC)                  
A manufacturer of pedestrian traffic management and safety systems, including accessible pedestrian signals, “push to walk” buttons, and related “traffic” control units.
5.75% First Lien Term Loan due 12/03/2027 (LIBOR + 4.750%) (G)  $950,713   12/03/21    824,466    808,221 
Limited Liability Company Unit (F)    759 uts.    12/03/21    75,861    75,861 
            900,327    884,082 
Polytex Holdings LLC                  
A manufacturer of water based inks and related products serving primarily the wall covering market.
13.9% (7.9% PIK) Senior Subordinated Note
due 12/31/2024 (D)
  $1,069,985   07/31/14    1,064,183    967,801 
Limited Liability Company Unit    148,096 uts.    07/31/14    148,096     
Limited Liability Company Unit Class F    36,976 uts.    *    24,802     
* 09/28/17 and 02/15/18.           1,237,081    967,801 
                   
Portfolio Group                  
A provider of professional finance and insurance products to automobile dealerships, delivering a suite of offerings that supplement earnings derived from vehicle transactions.
7.00% First Lien Term Loan due 12/02/2025 (LIBOR + 6.000%) (G)  $1,205,775   11/15/21    943,413    938,435 
            943,413    938,435 
                   

 

 

 

 

22 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued)   

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                   
PPC Event Services                  
A special event equipment rental business.  
16.00% Term Loan due 05/28/2023 (D)  $791,691   07/21/20   $616,461   $687,980 
8.00% Term Loan due 05/28/2023 (D)  $781,249   07/21/20    616,911    651,562 
Preferred Stock Series P-1 (B)    71 shs.    07/21/20    71,018    211,129 
Common Stock (B)    170,927 shs.    07/21/20        10,962 
Limited Liability Company Unit (B)    3,450 uts.    11/20/14    172,500     
Limited Liability Company Unit Series A-1 (B)    339 uts.    03/16/16    42,419     
            1,519,309    1,561,633 
ProfitOptics                  
A software development and consulting company that delivers solutions via its proprietary software development platform, Catalyst.
6.50% Term Loan due 02/15/2028
(LIBOR + 5.750%) (G)
  $901,452   03/15/22    690,015    689,874 
8% Senior Subordinated Note due 02/15/2029  $32,258   03/15/22    32,258    32,258 
Limited Liability Company Unit    96,774 uts.    03/15/22    64,516    64,548 
            786,789    786,680 
Recovery Point Systems, Inc.                  
A provider of IT infrastructure, colocation and cloud based resiliency services.
7.50% Term Loan due 07/31/2026
(LIBOR + 6.500%)
  $1,336,166   08/12/20    1,316,724    1,325,477 
Limited Liability Company Unit (F)    21,532 uts.    03/05/21    21,532    14,450 
            1,338,256    1,339,927 
RedSail Technologies                  
A provider of pharmacy management software solutions for independent pharmacies and long-term care facilities.
5.50% Term Loan due 10/27/2026
(LIBOR + 4.750%)
  $1,639,207   12/09/20    1,607,316    1,622,815 
                   
ReelCraft Industries, Inc.                  
A designer and manufacturer of heavy-duty reels for diversified industrial, mobile equipment OEM, auto aftermarket, government/military and other end markets.
Limited Liability Company Unit Class B    293,617 uts.    11/13/17    184,689    747,696 
                   
Renovation Brands (Renovation Parent Holdings, LLC)                  
A portfolio of seven proprietary brands that sell various home improvement products primarily through the e-Commerce channel.
6.50% Term Loan due 08/16/2027
(LIBOR + 5.500%)
  $970,874   11/15/21    948,185    949,658 
Limited Liability Company Unit    39,474 uts.    09/29/17    39,474    39,474 
            987,659    989,132 
                   

 

 

 

 

 

23 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Resonetics, LLC               
A provider of laser micro-machining manufacturing services for medical device and diagnostic companies.
7.75% Second Lien Term Loan due 04/28/2029
(LIBOR + 7.000%)
  $1,725,000   04/28/21   $1,694,491   $1,694,845 
7.75% Secomd Lien Term Loan due 04/28/2029
(LIBOR + 7.000%)
  $552,000   11/15/21    541,516    542,350 
            2,236,007    2,237,195 
REVSpring, Inc.                  
A provider of accounts receivable management and revenue cycle management services to customers in the healthcare, financial and utility industries.
9.26% Second Lien Term Loan due 10/11/2026
(LIBOR + 8.250%)
  $1,725,000   10/11/18    1,695,707    1,725,000 
                   
Rock-it Cargo                  
A provider of specialized international logistics solutions to the music touring, performing arts, live events, fine art and specialty industries.
6.00% Term Loan due 06/22/2024
(LIBOR + 5.000% Cash)
  $2,448,431   *    2,425,131    2,071,373 
* 07/30/18 and 09/30/20.                  
                   
ROI Solutions                  
Call center outsourcing and end user engagement services provider.
6.00% Term Loan due 07/31/2024
(LIBOR + 5.000%) (G)
  $1,592,918   07/31/18    1,045,893    1,058,290 
                   
RPX Corp                  
A provider of subscription services that help member companies mitigate the risk of patent disputes and reduce the cost of patent litigation.
7.00% Term Loan due 10/23/2025
(LIBOR + 6.000%)
  $2,477,283   *    2,434,320    2,430,983 
* 10/22/20 and 09/28/21.                  
                   
Ruffalo Noel Levitz                  
A provider of enrollment management, student retention and career services, and fundraising management for colleges and universities.
7.00% Term Loan due 05/29/2022
(LIBOR + 6.000%)
  $1,226,029   01/08/19    1,225,166    1,226,029 
                   
Safety Products Holdings, Inc.                  
A manufacturer of highly engineered safety cutting tools.
7.00% Term Loan due 12/15/2026
(LIBOR + 6.000%)
  $1,672,310   12/15/20    1,642,775    1,668,965 
Common Stock    29 shs.    12/16/20    29,262    40,236 
            1,672,037    1,709,201 
                   

 

 

 

 

24 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Sandvine Corporation               
A provider of active network intelligence solutions.
8.46% Second Lien Term Loan due 11/02/2026
(LIBOR + 8.000%)
  $1,725,000   11/01/18   $1,700,264   $1,725,000 
                   
Sara Lee Frozen Foods                  
A provider of frozen bakery products, desserts and sweet baked goods.
5.50% Lien Term Loan due 07/30/2025
(LIBOR + 4.500%)
  $1,483,456   07/27/18    1,467,583    1,364,780 
                   
Scaled Agile, Inc.                  
A provider of training and certifications for IT professionals focused on software development.
6.50% Term Loan due 12/15/2027
(LIBOR + 5.500%) (G)
  $1,725,000   12/16/21    1,173,077    1,190,537 
                   
SEKO Worldwide, LLC                  
A third-party logistics provider of ground, ocean, air and home delivery forwarding services.
6.00% Term Loan due 12/30/2026
(LIBOR + 5.000%) (G)
  $1,710,259   12/30/20    1,450,597    1,463,760 
                   
Smart Bear                  
A provider of web-based tools for software development, testing and monitoring.
8.51% Second Lien Term Loan due 11/10/2028
(LIBOR + 7.500%)
  $1,725,000   03/02/21    1,683,547    1,694,533 
                   
Smartling, Inc.                  
A provider in SaaS-based translation management systems and related translation services.
6.75% Term Loan due 10/26/2027
(LIBOR + 5.750%) (G)
  $1,725,000   11/03/21    1,388,369    1,390,816 
                   
Specified Air Solutions (dba Madison Indoor Air Solutions)  
A manufacturer and distributor of heating, dehumidification and other air quality solutions.
Limited Liability Company Unit (B)    726,845 uts.    02/20/19    2,298,574    11,039,545 
                   
Springbrook Software                  
A provider of vertical-market enterprise resource planning software and payments platforms focused on the local government end-market.
6.76% Term Loan due 12/20/2026
(LIBOR + 5.750%) (G)
  $1,633,473   12/23/19    1,309,447    1,300,168 
                   

 

 

 

 

25 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Stackline               
An e-commerce data company that tracks products sold through online retailers.
8.75% Term Loan due 07/30/2028
(LIBOR + 7.750%)
  $1,758,600   07/29/21   $1,728,166   $1,731,236 
Common Stock (B)    1,340 shs.    07/30/21    42,078    63,588 
            1,770,244    1,794,824 
Standard Elevator Systems                  
A scaled manufacturer of elevator components combining four elevator companies, Standard Elevator Systems, EMI Porta, Texacone, and ZZIPCO.
6.50% First Lien Term Loan due 12/02/2027
(LIBOR + 5.750%) (G)
  $1,725,000   12/02/21    1,023,440    1,025,353 
                   
Strahman Holdings Inc.                  
A manufacturer of industrial valves and wash down equipment for a variety of industries, including chemical, petrochemical, polymer, pharmaceutical, food processing, beverage and mining.
Preferred Stock Series A (B)    158,967 shs.    12/13/13    158,967    179,633 
Preferred Stock Series A-2 (B)    26,543 shs.    09/10/15    29,994    29,994 
            188,961    209,627 
Stratus Unlimited                  
A nationwide provide of brand implementation services, including exterior and interior signage, refresh and remodel, and facility maintenance and repair.
6.51% Term Loan due 06/08/2027
(LIBOR + 5.500%) (G)
  $946,707   07/02/21    756,975    759,549 
Limited Liability Company Unit (B)    75 uts.    06/30/21    74,666    73,394 
            831,641    832,943 
Sunvair Aerospace Group Inc.                  
An aerospace maintenance, repair, and overhaul provider servicing landing gears on narrow body aircraft.
12% (1% PIK) Senior Subordinated Note
due 08/01/2024
  $2,012,135   *    1,993,015    1,980,878 
Preferred Stock Series A    28 shs.    12/21/20    71,176    78,309 
Common Stock (B)    68 shs.    **    104,986    231,297 
* 07/31/15 and 12/21/20.           2,169,177    2,290,484 
** 07/31/15 and 11/08/17.                  
                   
Syntax Systems Ltd                  
A cloud management service provider.  
6.25% Term Loan due 10/14/2028
(LIBOR + 5.500%) (G)
  $998,236   10/28/21    750,813    750,184 
                   
                   

 

 

 

 

 

26 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Tank Holding               
A manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers.
6.75% Term Loan due 03/31/2028
(SOFR + 6.000%) (G)
  $500,000   03/31/22   $466,937   $466,932 
            466,937    466,932 
Tencarva Machinery Company                  
A distributor of mission critical, engineered equipment, replacement parts and services in the industrial and municipal end-markets.
6.51% Term Loan due 12/20/2027
(LIBOR + 5.500%) (G)
  $1,977,260   12/20/21    1,413,180    1,414,806 
                   
The Caprock Group (aka TA/TCG Holdings, LLC)       
A wealth manager focused on ultra-high-net-worth individuals, who have $25-30 million of investable assets on average.
8.05% HoldCo PIK Note due 10/21/2028  $1,150,000   10/28/21    1,128,390    1,130,258 
5.26% Term Loan due 12/15/2027
(LIBOR + 4.250%) (G)
  $575,000   12/21/21    98,134    100,761 
            1,226,524    1,231,019 
The Hilb Group, LLC                  
An insurance brokerage platform that offers insurance and benefits programs to middle-market companies throughout the Eastern seaboard.
6.76% Term Loan due 09/30/2026
(LIBOR + 5.750%)
  $1,705,581   *    1,676,529    1,667,324 
* 12/02/19 and 12/15/20.                  
                   
Therma-Stor Holdings LLC                  
A designer and manufacturer of dehumidifiers and water damage restoration equipment for residential and commercial applications.
Limited Liability Company Unit (B)    19,696 uts.    11/30/17        10,698 
                   
Transit Technologies LLC                  
A software platform for the transportation market that offers end-to-end software solutions focused on operations, fleet management and telematics services.
5.75% Term Loan due 02/10/2025
(LIBOR + 4.750%)
  $780,310   02/13/20    772,479    752,219 
                   
Trident Maritime Systems                  
A leading provider of turnkey marine vessel systems and solutions for government and commercial new ship construction as well as repair, refurbishment, and retrofit markets worldwide.
6.51% Term Loan due 02/19/2026
(LIBOR + 5.500%)
  $1,712,063   02/25/21    1,688,673    1,712,063 
                   

 

 

 

 

27 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
Tristar Global Energy Solutions, Inc.       
A hydrocarbon and decontamination services provider serving refineries worldwide.
12.5% (1.5% PIK) Senior Subordinated Note
due 06/30/2024 (D)
  $1,204,904   01/23/15   $1,203,934   $1,085,618 
                   
Truck-Lite                  
A leading provider of harsh environment LED safety lighting, electronics, filtration systems, and telematics for a wide range of commercial vehicles, specialty vehicles, final mile delivery vehicles, off-road/off-highway, marine, and other adjacent harsh environment markets.
7.26% Term Loan due 12/02/2026 (LIBOR + 6.250%)  $1,692,159   12/13/19    1,669,429    1,665,083 
7.26% First Lien Term Loan due 04/28/2029
(LIBOR + 6.250%) (G)
  $802,272   11/15/21    486,431    488,649 
            2,155,860    2,153,732 
Trystar, Inc.                  
A niche manufacturer of temporary power distribution products for the power rental, industrial, commercial utility and back-up emergency markets.
6.25% Term Loan due 10/01/2023 (LIBOR + 5.250%)  $2,271,264   09/28/18    2,257,770    2,234,923 
6.25% Third Amendment Term Loan due 09/28/2023
(LIBOR + 5.250%)
  $215,038   10/27/21    212,044    211,598 
Limited Liability Company Unit (B)(F)    56 uts.    09/28/18    60,413    50,794 
            2,530,227    2,497,315 
Turnberry Solutions, Inc.                  
A provider of technology consulting services.     
7.00% Term Loan due 07/30/2026
(SOFR + 6.000%)
  $1,624,908   07/29/21    1,596,770    1,592,410 
                   
U.S. Legal Support, Inc.                  
A provider of court reporting, record retrieval and other legal supplemental services.
6.26% Term Loan due 11/12/2024
(LIBOR + 5.250%)
  $2,083,995   *    2,065,454    2,042,316 
* 11/29/18 and 03/25/19.                  
                   
UroGPO, LLC                  
A group purchasing organization that connects pharmaceutical companies with urology practices to facilitate the purchase of pharmaceutical drugs for discounted prices.
6.75% Term Loan due 12/15/2026
(LIBOR + 5.750%)
  $2,316,667   12/14/20    2,280,315    2,316,667 
                   
VitalSource                  
A provider of digital fulfillment software for the higher education sector.
6.25% Term Loan due 06/01/2028
(LIBOR + 5.500%)
  $1,694,196   06/01/21    1,664,341    1,694,195 
Limited Liability Company Unit (B)(F)    1,891 uts.    06/01/21    18,909    32,570 
            1,683,250    1,726,765 
                   

 

 

 

 

 

28 

 

Barings Participation Investors

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

                
Corporate Restricted Securities: (A) (Continued) 

Principal Amount,
Shares, Units or
Ownership Percentage

  

Acquisition
Date

 

Cost

  

Fair Value

 
                
VP Holding Company               
A provider of school transportation services for special-needs and homeless children in Massachusetts and Connecticut.
5.96% Term Loan due 05/22/2024
(LIBOR + 5.500%)
  $2,396,318   05/17/18   $2,379,226   $2,348,392 
                   
Westminster Acquisition LLC                  
A manufacturer of premium, all-natural oyster cracker products sold under the Westminster and Olde Cape Cod brands.
Limited Liability Company Unit (B)(F)    370,241 uts.    08/03/15    370,241    74,381 
                   
Wolf-Gordon, Inc.                  
A designer and specialty distributor of wallcoverings and related building products, including textiles, paint, and writeable surfaces.
Common Stock (B)    157 shs.    01/22/16    62,177    262,270 
                   
Woodland Foods, Inc.                  
A provider of specialty dry ingredients such as herbs & spices, rice & grains, mushrooms & truffles, chilies, and other ingredients to customers within the industrial, foodservice, and retail end-markets.
6.50% Term Loan due 11/30/2027
(LIBOR + 5.500%) (G)
  $1,205,684   12/01/21    1,030,941    1,032,287 
Limited Liability Company Unit (F)    146 uts.    09/29/17    145,803    145,803 
            1,176,744    1,178,090 
World 50, Inc.                  
A provider of exclusive peer-to-peer networks for C-suite executives at leading corporations.
6.25% Term Loan due 01/10/2026
(LIBOR + 5.250%)
  $303,267   09/21/20    296,782    302,661 
5.50% Term Loan due 12/31/2025
(LIBOR + 4.500%)
  $1,206,358   01/09/20    1,187,361    1,187,257 
            1,484,143    1,489,918 
Ziyad                  
An end-to-end importer, brand manager, value-added processor, and distributor of Middle Eastern and Mediterranean foods.
6.00% First Lien Term Loan due 02/09/2028
(LIBOR + 5.000%) (G)
  $1,003,440   02/09/22    534,020    533,554 
Limited Liability Company Unit (F)    31 uts.    02/09/22    31,256    31,260 
            565,276    564,814 
                   
Total Private Placement Investments (E)          $160,751,267   $166,824,571 

 

 

 

 

 

 

 

 

 

 

 

 

 

29 

 

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)

March 31, 2022

(Unaudited)

 

 

Corporate Restricted Securities: (A) (Continued) 

Interest
Rate

    

Maturity
Date

  

Principal
Amount

  

Cost

  

Market
Value

 
                            
Rule 144A Securities - 4.93%: (H)                           
                            
Bonds - 4.93%                           
American Airlines Inc.   11.750     07/15/25    $500,000   $496,452   $583,745 
Cleveland-Cliffs Inc.   9.875     10/17/25     331,000    353,867