Per Share |
Total |
|||||||
Public offering price |
$ |
27.33 |
$ |
177,645,000 |
||||
Underwriting discount |
$ |
0.55 |
3,575,000 |
|||||
Proceeds to us, before expenses |
$ |
26.78 |
$ |
174,070,000 |
Wells Fargo Securities |
Morgan Stanley |
BofA Securities |
RBC Capital Markets |
Goldman Sachs & Co. LLC |
UBS Investment Bank |
J.P. Morgan |
Raymond James |
Barclays |
Citigroup |
Keefe, Bruyette & Woods A Stifel Company |
Compass Point |
Janney Montgomery Scott |
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• | our future operating results; |
• | our business prospects and the prospects of the companies in which we may invest; |
• | the impact of the investments that we expect to make; |
• | our ability to raise sufficient capital and buy back shares to execute our investment strategy; |
• | general economic, logistical and political trends and other external factors, including inflation and recent supply chain and labor market disruptions; |
• | the ability of our portfolio companies to achieve their objectives; |
• | our current and expected financing arrangements and investments; |
• | changes in the general interest rate environment; |
• | the adequacy of our cash resources, financing sources and working capital; |
• | the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies; |
• | our contractual arrangements and relationships with third parties; |
• | actual and potential conflicts of interest with Blackstone Credit BDC Advisors LLC (the “Adviser”) or any of its affiliates; |
• | the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest; |
• | the dependence of our future success on the general economy and its effect on the industries in which we may invest; |
• | our use of financial leverage including the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital on favorable terms or at all; |
• | our business prospects and the prospects of our portfolio companies, including our and their ability to effectively respond to challenges posed by COVID-19; |
• | the ability of the Adviser to source suitable investments for us and to monitor and administer our investments; |
• | the impact of future acquisitions and divestitures; |
• | the ability of the Adviser or its affiliates to attract and retain highly talented professionals; |
• | general price and volume fluctuations in the stock market; |
• | our ability to maintain our qualification as a regulated investment company and as a business development company; |
• | the impact on our business of U.S. and international financial reform legislation, rules and regulations; |
• | the effect of changes to tax legislation and our tax position; and |
• | the tax status of the enterprises in which we may invest. |
• | utilizing the experience and expertise of the management team of the Adviser, along with the broader resources of Blackstone Credit, which include its access to the relationships and human capital of Blackstone Credit’s parent, Blackstone, in sourcing, evaluating and structuring transactions, subject to Blackstone’s policies and procedures regarding the management of conflicts of interest; |
• | employing a defensive investment approach focused on long-term credit performance and principal protection, generally lending on what the Adviser believes are (i) protective multiples of the borrower’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) to its interest coverage obligations, (ii) conservative loan-to-value |
• | focusing primarily on loans and securities of U.S. private companies, including syndicated loans, specifically small and middle market companies. In many market environments, we believe such a focus offers an opportunity for superior risk-adjusted returns; |
• | maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio; and |
• | utilizing the power and scale of Blackstone and the Blackstone Credit platform to offer operational expertise to portfolio companies through the Blackstone Value Creation Program. |
June 30, 2023 |
December 31, 2022 |
|||||||||||||||||||||||
Cost |
Fair Value |
% of Total Investments at Fair Value |
Cost |
Fair Value |
% of Total Investments at Fair Value |
|||||||||||||||||||
First lien debt |
$ | 9,236,115 | $ | 9,138,278 | 98.38 | % | $ | 9,497,570 | $ | 9,419,963 | 97.95 | % | ||||||||||||
Second lien debt |
42,260 | 40,086 | 0.43 | 48,753 | 46,336 | 0.48 | ||||||||||||||||||
Equity investments |
74,911 | 110,167 | 1.19 | 111,549 | 150,949 | 1.57 | ||||||||||||||||||
Total |
$ | 9,353,286 | $ | 9,288,531 | 100.00 | % | $ | 9,657,872 | $ | 9,617,248 | 100.00 | % | ||||||||||||
Issuer |
Blackstone Secured Lending Fund |
Common shares offered by us |
6,500,000 common shares (plus up to an additional 975,000 shares at the option of the underwriters). |
Common shares to be outstanding after this offering |
171,917,269 common shares (or 172,892,269 shares if the underwriters exercise their option to purchase additional shares in full). |
Use of proceeds |
We estimate that the net proceeds we will receive from the sale of common shares in this offering will be approximately $173 . 67 million (or approximately $199.78 million if the underwriters fully exercise their option to purchase additional shares), in each case after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. |
We intend to use the net proceeds from this offering for general corporate purposes, which may include, among other things, investing in accordance with our investment objectives and strategies described in this prospectus supplement and the accompanying prospectus and repaying indebtedness (which will be subject to reborrowing). See “ Use of Proceeds |
Distributions |
We intend to make quarterly distributions to our shareholders out of assets legally available for distribution. Our distributions, if any, will be determined by our Board. All future distributions will be subject to lawfully available funds therefor, and we can offer no assurance that we will be able to declare such distributions in future periods. |
The Company intends to timely distribute substantially all of its annual income for each year to shareholders in such a manner so as to meet the requirements prescribed under Section 852(a) of Subchapter M of the Code, except that we may retain certain net capital gains for reinvestment and, depending upon the level of annual income earned in a year, we may choose to carry forward income for distribution in the following year and as such pay any applicable U.S. federal excise tax associated with carrying forward such income. The distributions we pay to our shareholders in a year may exceed our taxable earnings and profits for that year and, accordingly, a portion of such distribution(s) may constitute a return of capital to our shareholders for U.S. federal income tax purposes. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. See “ Dividend Reinvestment Plan |
Taxation |
The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under |
Subchapter M of the Code. Our tax treatment as a RIC will enable us to deduct from income any qualifying distributions made to our shareholders, so that we will only be potentially subject to corporate-level U.S. federal income taxation in respect of earnings that we retain and do not distribute, if any. |
To maintain our status as a RIC and to avoid being subject to corporate-level U.S. federal income taxation on our earnings, we must, among other things: |
• | maintain our election under the 1940 Act to be treated as a BDC; |
• | derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and |
• | maintain diversified holdings as prescribed by Subchapter M of the Code. |
In addition, to qualify and maintain our tax treatment as a RIC, we must distribute (or be deemed to have distributed) in each taxable year dividends, for tax purposes, in an amount equal to at least 90% of our investment company taxable income (“ICTI”) (which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses) and net tax-exempt income for that taxable year. |
As a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our ICTI and net capital gains, if any, that we distribute to our shareholders. If we fail to distribute for a calendar year at least an amount equal to the sum of (i) 98% of our ordinary income for the calendar year, (ii) 98.2% of our capital gain net income (both long-term and short-term), if any, for the one-year period ending October 31 of the calendar year, and (iii) any ordinary income and capital gains for previous years that were not distributed during those years, on a timely basis, we may be subject to a non-deductible, entity level, 4% U.S. federal excise tax on the amount of undistributed earnings falling short of the aforementioned minimum percentages. See “Distributions Certain U.S. Federal Income Tax Considerations |
Risk factors |
Investing in our common shares involves risks. You should read “Risk Factors” in this prospectus supplement, and under similar headings in our most recent annual report on Form 10-K incorporated by reference herein, in the accompanying prospectus, and in the documents that are filed with the SEC that are incorporated by reference into this prospectus supplement and the accompanying prospectus, for a discussion of factors to consider carefully before making an investment. |
NYSE symbol for our common shares |
Our common shares are listed on the NYSE under the symbol “BXSL.” |
Shareholder transaction expenses ( |
||||
Sales load ( |
(1 ) | |||
Offering expenses ( |
(2) | |||
Dividend reinvestment plan expenses |
(3) | |||
Total shareholder transaction expenses ( |
Annual expenses ( |
||||
Management Fee payable under the Investment Advisory Agreement |
(4) | |||
Incentive Fee payable under the Investment Advisory Agreement |
(5) | |||
Interest payments on borrowed funds |
(6) | |||
Other expenses |
(7)(8) | |||
Total annual expenses: |
(8) | |||
Management Fee Waiver |
( |
(4) | ||
Incentive Fee Waiver |
( |
(5) | ||
Total net annual expenses |
(8) | |||
(1) | The underwriting discount and commission with respect to shares of common shares sold in this offering, which is a one-time fee, is the only sales load paid in connection with this offering. If the underwriters exercise their option to purchase additional amounts of our common shares in full, the sales load (as a percentage of offering price) will be 2.1 % (or 2 % on the additional common shares). .1 |
(2) | The percentage reflects estimated offering expenses payable by us of approximately $ 0.4 million . If the underwriters exercise their option to purchase additional shares in full, the offering expenses borne by us (as a percentage of the offering price) will be approximately 0.2 %. |
(3) | The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. See “ Dividend Reinvestment Plan |
(4) | pre-listing management fee and incentive fee rates paid by the Company to the Adviser will not increase during the Waiver Period. Amounts waived by the Adviser are not subject to recoupment by the Adviser. |
(5) | The Incentive Fee consists of two components, “Income based incentive fees” and “Capital gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above is estimated by annualizing the “Income based incentive fees” expense for the six months ended June 30, 2023, and adding the “Capital gains based |
incentive fees” for the six months ended June 30, 2023 accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. Similar to the voluntary waiver referenced in footnote (4) above, the Adviser voluntarily waived its right to receive each component of the Incentive Fee above 15% during the Waiver Period. |
(6) | Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 4.84%, which was the weighted average interest rate on our total debt outstanding as of June 30, 2023. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the 1940 Act. |
(7) | Management and Other Agreements — Administration Agreement |
(8) | Estimated. |
(9) | Average net assets employed as the denominator for expense ratio computation is $4,254 million. The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common shares. In calculating the following expense amounts, we have assumed that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are included in the following example. |
1 year |
3 years |
5 years |
10 years |
|||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income (1) |
$ | $ | $ | $ | ||||||||||||
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains (2) |
$ | $ | $ | $ |
(1) | The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example and the amounts shown do not include such expenses. |
(2) | Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). |
Name |
Number of Shares |
|||
Wells Fargo Securities, LLC |
975,000 | |||
Morgan Stanley & Co. LLC |
975,000 | |||
BofA Securities, Inc. |
975,000 | |||
RBC Capital Markets, LLC |
585,000 | |||
Goldman Sachs & Co. LLC |
455,000 | |||
UBS Securities LLC |
455,000 | |||
J.P. Morgan Securities LLC |
390,000 | |||
Raymond James & Associates, Inc. |
390,000 | |||
Barclays Capital Inc. |
325,000 | |||
Citigroup Global Markets Inc. |
325,000 | |||
Keefe, Bruyette & Woods, Inc. |
325,000 | |||
Compass Point Research & Trading, LLC |
195,000 | |||
Janney Montgomery Scott LLC |
130,000 | |||
Total |
6,500,000 |
|||
Without option to purchase additional shares |
With option to purchase additional shares |
|||||||
Per Share |
$ |
0.55 |
$ |
0.55 |
||||
Total |
$ |
3,575,000 |
$ |
4,111,250 |
Number of Accounts |
Assets of Accounts |
Number of Accounts Subject to a Performance Fee |
Assets Subject to a Performance Fee |
|||||||||||||
Registered Investment Companies |
— | — | — | — | ||||||||||||
Pooled Investment Vehicles Other Than Registered Investment Companies (1) |
3 | $ | 69.99 billion | 3 | $ | 69.99 billion | ||||||||||
Other Accounts |
12 | $ | 15.89 billion | 11 | $ | 15.64 billion |
(1) | Includes management investment companies that have elected to be regulated as business development companies under the 1940 Act. |
Name of Portfolio Manager |
Dollar Range of Equity Securities in the Company | |
Brad Marshall |
Over $1,000,000 |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||
Investments—non-controlled/non-affiliated |
||||||||||||||||||||||||||||||||
First Lien Debt |
||||||||||||||||||||||||||||||||
Aerospace & Defense |
||||||||||||||||||||||||||||||||
Cobham Holdings, Inc. |
580 Deansleigh Rd, Bournemouth, Dorset, BH7 7DT, UK | (4)(7)(10) | SOFR + 6.75% | 11.99% | 1/9/2030 | 1,995 | 1,929 | 1,948 | 0.04 | % | ||||||||||||||||||||||
Corfin Holdings, Inc. |
1050 Perimeter Road, Manchester, NH 03103 United States | (4)(11) | SOFR + 6.00% | 11.41% | 2/5/2026 | 198,368 | 196,116 | 194,400 | 4.47 | % | ||||||||||||||||||||||
Corfin Holdings, Inc. |
1050 Perimeter Road, Manchester, NH 03103 United States | (4)(11) | L + 6.00% | 11.41% | 2/5/2026 | 68,941 | 68,176 | 67,562 | 1.55 | % | ||||||||||||||||||||||
Corfin Holdings, Inc. |
1050 Perimeter Road, Manchester, NH 03103 United States | (4)(10) | SOFR + 6.00% | 11.38% | 12/27/2027 | 951 | 916 | 932 | 0.02 | % | ||||||||||||||||||||||
Linquest Corp. |
5140 West Goldleaf Circle, Suite 400, Los Angeles, CA 90056, United States | (4)(5)(10) | SOFR + 5.75% | 10.95% | 7/28/2028 | 9,788 | 9,646 | 9,396 | 0.22 | % | ||||||||||||||||||||||
MAG DS Corp. |
3580 Groupe Drive Suite 200 Woodbridge VA 22192 United States | (11) | SOFR + 5.50% | 10.84% | 4/1/2027 | 80,879 | 76,445 | 76,330 | 1.75 | % | ||||||||||||||||||||||
Maverick Acquisition, Inc. |
3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States | (4)(11) | L + 6.25% | 11.44% | 6/1/2027 | 14,779 | 14,586 | 11,823 | 0.27 | % | ||||||||||||||||||||||
Maverick Acquisition, Inc. |
3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States | (4)(12) | L + 6.25% | 11.44% | 6/1/2027 | 3,914 | 3,859 | 3,132 | 0.07 | % | ||||||||||||||||||||||
TCFI AEVEX, LLC |
440 Stevens Ave. Ste 150 Solana Beach, CA 92075 United States | (4)(11) | SOFR + 6.00% | 11.25% | 3/18/2026 | 110,801 | 109,763 | 106,923 | 2.46 | % | ||||||||||||||||||||||
481,436 | 472,446 | 10.85 | % | |||||||||||||||||||||||||||||
Air Freight & Logistics |
||||||||||||||||||||||||||||||||
AGI-CFI Holdings, Inc. |
9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States | (4)(10) | SOFR + 5.75% | 10.86% | 6/11/2027 | 95,906 | 94,590 | 92,789 | 2.13 | % | ||||||||||||||||||||||
ENV Bidco AB |
Staffans väg 2A SE-192 78 Sollentuna, Sweden |
(4)(6)(10) | SOFR + 5.75% | 10.99% | 7/19/2029 | 1,006 | 984 | 991 | 0.02 | % | ||||||||||||||||||||||
ENV Bidco AB |
Staffans väg 2A SE-192 78 Sollentuna, Sweden |
(4)(6)(7)(8) | E + 5.75% | 9.35% | 7/19/2029 | EUR 1,122 | 977 | 1,081 | 0.02 | % | ||||||||||||||||||||||
Livingston International, Inc. |
The West Mall Suite 400 Toronto ON M9C 5K7 Canada | (4)(6)(10) | L + 5.50% | 10.84% | 4/30/2027 | 128,198 | 126,102 | 125,634 | 2.89 | % | ||||||||||||||||||||||
Mode Purchaser, Inc. |
17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States | (4)(11) | SOFR + 6.25% | 11.44% | 12/9/2026 | 143,110 | 141,703 | 143,110 | 3.29 | % | ||||||||||||||||||||||
Mode Purchaser, Inc. |
17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States | (4)(11) | SOFR + 6.25% | 11.44% | 2/5/2029 | 4,085 | 4,020 | 4,085 | 0.09 | % | ||||||||||||||||||||||
Redwood Services Group, LLC |
949 Shady Grove Road, Suite 403, Memphis, TN, 38120, United States | (4)(7)(10) | SOFR + 6.15% | 11.50% | 6/15/2029 | 2,784 | 2,735 | 2,723 | 0.06 | % | ||||||||||||||||||||||
RoadOne Inc |
1 Kellaway Dr, Randolph, MA 02368 | (4)(7)(11) | SOFR + 6.25% | 11.11% | 12/30/2028 | 1,091 | 1,051 | 1,061 | 0.02 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||
RWL Holdings, LLC |
767 5th Ave #4200, New York, 10153, United States | (4)(7)(10) | SOFR + 5.75% | 11.14% | 12/31/2028 | 24,011 | 23,586 | 23,466 | 0.54 | % | ||||||||||||||||||||
SEKO Global Logistics Network, LLC |
1100 N. Arlington Heights Rd., Itasca, IL 60143 United States | (4)(5)(11) | SOFR + 4.75% | 10.14% | 12/30/2026 | 4,583 | 4,542 | 4,548 | 0.10 | % | ||||||||||||||||||||
SEKO Global Logistics Network, LLC |
1100 N. Arlington Heights Rd., Itasca, IL 60143 United States | (4)(5)(11) | L + 4.75% | 9.48% | 12/30/2026 | 529 | 520 | 525 | 0.01 | % | ||||||||||||||||||||
SEKO Global Logistics Network, LLC |
1100 N. Arlington Heights Rd., Itasca, IL 60143 United States | (4)(5)(7)(11) | P + 3.75% | 12.00% | 12/30/2026 | 103 | 98 | 99 | 0.00 | % | ||||||||||||||||||||
SEKO Global Logistics Network, LLC |
1100 N. Arlington Heights Rd., Itasca, IL 60143 United States | (4)(5)(7)(11) | SOFR + 4.75% | 10.02% | 12/30/2026 | 870 | 860 | 859 | 0.02 | % | ||||||||||||||||||||
SEKO Global Logistics Network, LLC |
1100 N. Arlington Heights Rd., Itasca, IL 60143 United States | (4)(5)(11) | E + 4.75% | 6.95% | 12/30/2026 | EUR 1,839 | 2,110 | 1,992 | 0.05 | % | ||||||||||||||||||||
403,878 | 402,963 | 9.24 | % | |||||||||||||||||||||||||||
Building Products |
||||||||||||||||||||||||||||||
Fencing Supply Group Acquisition, LLC |
211 Perimeter Center Pkwy NE #250 Dunwoody, GA 30346 United States | (4)(5)(11) | SOFR + 6.00% | 11.65% | 2/26/2027 | 51,921 | 51,456 | 51,921 | 1.19 | % | ||||||||||||||||||||
Jacuzzi Brands, LLC |
3925 City Center Drive Suite 200 Chino Hills CA 91709 United States | (4)(10) | SOFR + 6.00% | 11.24% | 2/25/2025 | 12,059 | 11,982 | 11,336 | 0.26 | % | ||||||||||||||||||||
Jacuzzi Brands, LLC |
3925 City Center Drive Suite 200 Chino Hills CA 91709 United States | (4)(11) | SOFR + 6.00% | 11.24% | 2/25/2025 | 82,758 | 82,336 | 77,792 | 1.79 | % | ||||||||||||||||||||
L&S Mechanical Acquisition, LLC |
1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States | (4)(5)(10) | SOFR + 7.75% | 12.80% | 9/1/2027 | 12,500 | 12,327 | 11,250 | 0.26 | % | ||||||||||||||||||||
Lindstrom, LLC |
2950 100th Court Northeast Blaine MN 55449 United States | (4)(11) | SOFR + 6.25% | 11.51% | 4/7/2025 | 121,633 | 120,945 | 120,416 | 2.77 | % | ||||||||||||||||||||
Windows Acquisition Holdings, Inc. |
235 Sunshine Road Royal, AR 71968 United States | (4)(5)(11) | SOFR + 6.50% | 11.89% | 12/29/2026 | 49,997 | 49,415 | 49,997 | 1.15 | % | ||||||||||||||||||||
328,461 | 322,712 | 7.42 | % | |||||||||||||||||||||||||||
Commercial Services & Supplies |
||||||||||||||||||||||||||||||
Bazaarvoice, Inc. |
338 Pier Avenue, Hermosa Beach CA 90254 United States | (4)(7)(8) | SOFR + 5.75% | 10.74% | 5/7/2028 | 227,323 | 227,323 | 227,323 | 5.23 | % | ||||||||||||||||||||
Java Buyer, Inc. |
191 4th St W Ketchum, ID, 83340-9400 United States | (4)(10) | SOFR + 5.75% | 11.10% | 12/15/2027 | 4,055 | 3,995 | 3,933 | 0.09 | % | ||||||||||||||||||||
Java Buyer, Inc. |
191 4th St W Ketchum, ID, 83340-9400 United States | (4)(7)(10) | SOFR + 5.75% | 11.13% | 12/15/2027 | 941 | 913 | 855 | 0.02 | % | ||||||||||||||||||||
JSS Holdings, Inc. |
180 North Stetson, 29th Floor, Chicago, IL 60601 United States | (4)(10) | SOFR + 6.00% | 11.31% | 12/18/2028 | 284,511 | 281,805 | 284,511 | 6.54 | % | ||||||||||||||||||||
JSS Holdings, Inc. |
180 North Stetson, 29th Floor, Chicago, IL 60601 United States | (4)(10) | SOFR + 6.00% | 11.31% | 12/17/2028 | 4,913 | 4,855 | 4,913 | 0.11 | % | ||||||||||||||||||||
Knowledge Pro Buyer, Inc. |
Country Squire Lane Princeton Junction NJ 8550, United States | (4)(7)(10) | SOFR + 5.75% | 10.94% | 12/10/2027 | 5,893 | 5,797 | 5,882 | 0.14 | % | ||||||||||||||||||||
Knowledge Pro Buyer, Inc. |
Country Squire Lane Princeton Junction NJ 8550, United States | (4)(7)(10) | P + 4.75% | 13.00% | 12/10/2027 | 248 | 232 | 248 | 0.01 | % | ||||||||||||||||||||
KPSKY Acquisition, Inc. |
500 Unicorn Park 3rd Floor Woburn, MA 01801, United States | (4)(10)(18) | SOFR + 5.60% | 10.65% | 10/19/2028 | 20,220 | 19,914 | 19,613 | 0.45 | % | ||||||||||||||||||||
KPSKY Acquisition, Inc. |
500 Unicorn Park 3rd Floor Woburn, MA 01801, United States | (4)(7)(10) | SOFR + 5.50% | 10.75% | 10/19/2028 | 2,200 | 2,166 | 2,130 | 0.05 | % | ||||||||||||||||||||
Onex Baltimore Buyer, Inc. |
712 Fifth Avenue New York, NY 10019 United States | (4)(10)(18) | SOFR + 6.25% | 10.95% | 12/1/2027 | 20,804 | 20,494 | 20,595 | 0.47 | % | ||||||||||||||||||||
Onex Baltimore Buyer, Inc. |
712 Fifth Avenue New York, NY 10019 United States | (4)(7)(10) | SOFR + 5.75% | 10.95% | 12/1/2027 | 7,183 | 7,059 | 7,089 | 0.16 | % | ||||||||||||||||||||
The Action Environmental Group, Inc. |
451 Frelinghuysen Avenue Newark NJ 07114 United States | (4)(5)(12) | SOFR + 6.15% | 11.37% | 1/16/2026 | 11,075 | 11,045 | 10,937 | 0.25 | % | ||||||||||||||||||||
The Action Environmental Group, Inc. |
451 Frelinghuysen Avenue Newark NJ 07114 United States | (4)(5)(12) | SOFR + 6.00% | 11.37% | 1/16/2026 | 133,007 | 131,648 | 131,345 | 3.02 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
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Veregy Consolidated, Inc. |
23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 United States | (11) | SOFR + 6.00% | 11.31% | 11/2/2027 | 20,735 | 20,378 | 18,506 | 0.43 | % | ||||||||||||||||||||||||
737,624 | 737,880 | 16.97 | % | |||||||||||||||||||||||||||||||
Construction & Engineering |
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ASP Endeavor Acquisition, LLC |
515 Houston St Ste 500, Fort Worth, TX 76102 United States | (4)(5)(9) | L + 6.50% | 11.82% | 5/3/2027 | 13,695 | 13,520 | 12,805 | 0.29 | % | ||||||||||||||||||||||||
COP Home Services TopCo IV, Inc. |
3150 E Birch St., Brea, CA 92821, United States | (4)(5)(7)(11) | SOFR + 6.00% | 11.20% | 12/31/2027 | 38,121 | 36,807 | 37,850 | 0.87 | % | ||||||||||||||||||||||||
50,327 | 50,655 | 1.16 | % | |||||||||||||||||||||||||||||||
Containers & Packaging |
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Ascend Buyer, LLC |
1111 Busch Parkway, Buffalo Grove, IL 60089, United States | (4)(7)(10) | SOFR + 6.40% | 11.79% | 10/2/2028 | 18,791 | 18,481 | 18,396 | 0.42 | % | ||||||||||||||||||||||||
Ascend Buyer, LLC |
1111 Busch Parkway, Buffalo Grove, IL 60089, United States | (4)(10) | SOFR + 6.40% | 11.79% | 9/30/2028 | 1,985 | 1,932 | 1,945 | 0.04 | % | ||||||||||||||||||||||||
20,413 | 20,341 | 0.46 | % | |||||||||||||||||||||||||||||||
Distributors |
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BP Purchaser, LLC |
2650 Galvin Dr, Elgin, IL 60124, United States | (4)(10) | SOFR + 5.50% | 11.00% | 12/10/2028 | 7,295 | 7,182 | 7,186 | 0.17 | % | ||||||||||||||||||||||||
Bution Holdco 2, Inc. |
907 S. Detroit Ave Tulsa, OK 74120 United States | (4)(11) | SOFR + 6.25% | 11.45% | 10/17/2025 | 70,768 | 70,226 | 70,768 | 1.63 | % | ||||||||||||||||||||||||
Dana Kepner Company, LLC |
700 Alcott St. Denver, CO 80204 United States | (4)(11) | SOFR + 6.00% | 11.36% | 12/29/2026 | 62,965 | 62,231 | 62,650 | 1.44 | % | ||||||||||||||||||||||||
Dana Kepner Company, LLC |
700 Alcott St. Denver, CO 80204 United States | (4)(11) | SOFR + 6.00% | 11.36% | 12/29/2027 | 1,990 | 1,958 | 1,980 | 0.05 | % | ||||||||||||||||||||||||
Genuine Cable Group, LLC |
50 Broadway, Hawthorne, NY 10532, United States | (4)(10) | SOFR + 5.50% | 10.70% | 11/2/2026 | 179,079 | 176,693 | 175,497 | 4.03 | % | ||||||||||||||||||||||||
Marcone Yellowstone Buyer, Inc. |
One City Place Ste 400 St Louis MO 63141, United States | (4)(5)(10) | SOFR + 6.25% | 11.64% | 6/23/2028 | 6,511 | 6,419 | 6,201 | 0.14 | % | ||||||||||||||||||||||||
Marcone Yellowstone Buyer, Inc. |
One City Place Ste 400 St Louis MO 63141, United States | (4)(5)(7)(10) | SOFR + 6.50% | 11.89% | 6/23/2028 | 1,574 | 1,523 | 1,498 | 0.03 | % | ||||||||||||||||||||||||
NDC Acquisition Corp. |
402 BNA Drive, Suite 500, Nashville, TN 37217 United States | (4)(11) | SOFR + 5.75% | 11.09% | 3/9/2027 | 13,492 | 13,264 | 13,222 | 0.30 | % | ||||||||||||||||||||||||
NDC Acquisition Corp. |
402 BNA Drive, Suite 500, Nashville, TN 37217 United States | (4)(7)(11) | L + 5.75% | 11.00% | 3/9/2027 | 514 | 456 | 445 | 0.01 | % | ||||||||||||||||||||||||
Tailwind Colony Holding Corporation |
269 South Lambert Road Orange, CT 06512 United States | (4)(11) | SOFR + 6.60% | 11.65% | 11/13/2024 | 10,446 | 10,354 | 10,185 | 0.23 | % | ||||||||||||||||||||||||
Tailwind Colony Holding Corporation |
269 South Lambert Road Orange, CT 06512 United States | (4)(11) | SOFR + 6.60% | 11.63% | 5/13/2026 | 998 | 971 | 958 | 0.02 | % | ||||||||||||||||||||||||
Tailwind Colony Holding Corporation |
269 South Lambert Road Orange, CT 06512 United States | (4)(11) | SOFR + 6.50% | 11.65% | 11/13/2024 | 32,019 | 31,900 | 31,218 | 0.72 | % | ||||||||||||||||||||||||
Unified Door & Hardware Group, LLC |
1650 Suckle Highway Pennsauken, NJ 08110 United States | (4)(11) | SOFR + 5.85% | 11.09% | 6/30/2025 | 993 | 959 | 953 | 0.02 | % | ||||||||||||||||||||||||
Unified Door & Hardware Group, LLC |
1650 Suckle Highway Pennsauken, NJ 08110 United States | (4)(11) | SOFR + 5.85% | 11.19% | 6/30/2025 | 93,873 | 92,913 | 90,118 | 2.07 | % | ||||||||||||||||||||||||
477,049 | 472,879 | 10.86 | % | |||||||||||||||||||||||||||||||
Diversified Consumer Services |
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BPPH2 Limited |
One Wood Street, London, EC2V 7WS | (4)(5)(6)(8) | S + 6.87% | 11.30% | 3/2/2028 | GBP 26,300 | 35,711 | 33,186 | 0.76 | % | ||||||||||||||||||||||||
Cambium Learning Group, Inc. |
17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States | (4)(7)(10) | SOFR + 5.50% | 10.65% | 7/20/2028 | 290,622 | 288,524 | 290,622 | 6.68 | % | ||||||||||||||||||||||||
Dreambox Learning Holding LLC |
301 Commerce Street, Suite 3300, Fort Worth, TX, 76102, United States | (4)(5)(10) | SOFR + 6.25% | 11.63% | 12/1/2027 | 7,087 | 6,982 | 6,555 | 0.15 | % | ||||||||||||||||||||||||
Go Car Wash Management Corp. |
9801 Troup Ave, Kansas City, Kansas 66111, United States | (4)(11) | SOFR + 6.25% | 11.45% | 12/31/2026 | 12,127 | 11,948 | 11,824 | 0.27 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||
Go Car Wash Management Corp. |
9801 Troup Ave, Kansas City, Kansas 66111, United States | (4)(14) | SOFR + 6.25% | 11.45% | 12/31/2026 | 10,516 | 10,357 | 10,253 | 0.24 | % | ||||||||||||||||||||||||
Go Car Wash Management Corp. |
9801 Troup Ave, Kansas City, Kansas 66111, United States | (4)(7)(11) | SOFR + 6.25% | 11.45% | 12/31/2026 | 193 | 193 | 182 | 0.00 | % | ||||||||||||||||||||||||
Groundworks, LLC |
1741 Corporate Landing Pkwy, Virginia Beach , VA 23454, United States | (4)(7)(11) | SOFR + 6.50% | 11.65% | 3/14/2030 | 715 | 691 | 693 | 0.02 | % | ||||||||||||||||||||||||
354,406 | 353,315 | 8.12 | % | |||||||||||||||||||||||||||||||
Diversified Financial Services |
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Barbri Holdings, Inc. |
12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States | (4)(10) | SOFR + 5.75% | 10.95% | 4/28/2028 | 64,241 | 63,330 | 63,302 | 1.46 | % | ||||||||||||||||||||||||
SelectQuote, Inc. |
6800 West 115th Street Suite 2511 Overland Park KS 66211 United States | (4)(10) | SOFR + 8.00% | |
13.20% (incl. 2.00% PIK) |
|
11/5/2024 | 74,849 | 74,223 | 67,364 | 1.55 | % | ||||||||||||||||||||||
137,553 | 130,666 | 3.01 | % | |||||||||||||||||||||||||||||||
Diversified Telecommunication Services |
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Point Broadband Acquisition, LLC |
617 E. Lake St. Stanton, MI 48888 United States | (4)(11) | SOFR + 6.00% | 11.02% | 10/1/2028 | 85,922 | 84,310 | 85,493 | 1.97 | % | ||||||||||||||||||||||||
Point Broadband Acquisition, LLC |
617 E. Lake St. Stanton, MI 48888 United States | (4)(7)(11) | SOFR + 6.00% | 11.18% | 10/1/2028 | 34,437 | 33,746 | 34,206 | 0.79 | % | ||||||||||||||||||||||||
118,056 | 119,699 | 2.76 | % | |||||||||||||||||||||||||||||||
Electric Utilities |
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Qualus Power Services Corp. |
4040 Rev Drive Cincinatti, OH 45232 United States | (4)(11) | SOFR + 5.00% | 10.36% | 3/26/2027 | 33,291 | 32,792 | 32,959 | 0.76 | % | ||||||||||||||||||||||||
Electrical Equipment |
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Emergency Power Holdings, LLC |
44 S Commerce Way, Bethlehem, PA 18017 United States | (4)(5)(7)(11) | SOFR + 5.50% | 10.84% | 8/17/2028 | 46,464 | 45,681 | 46,067 | 1.06 | % | ||||||||||||||||||||||||
Relay Purchaser, LLC |
517 Lyons Avenue, Irvington, NJ 07111, United States | (4)(5)(7)(10) | L + 6.00% | 11.21% | 8/30/2028 | 34,451 | 33,898 | 34,380 | 0.79 | % | ||||||||||||||||||||||||
Shoals Holdings, LLC |
1400 Shoals Way Portland, TN 37148 United States | (4)(11) | SOFR + 5.75% | 10.98% | 11/25/2026 | 83,076 | 81,877 | 83,491 | 1.92 | % | ||||||||||||||||||||||||
161,456 | 163,938 | 3.77 | % | |||||||||||||||||||||||||||||||
Electronic Equipment, Instruments & Components |
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Albireo Energy, LLC |
3 Ethel Road, Suite 300, Edison, NJ 08817 United States | (4)(5)(11) | SOFR + 6.00% | 11.33% | 12/23/2026 | 78,549 | 77,638 | 71,087 | 1.63 | % | ||||||||||||||||||||||||
Albireo Energy, LLC |
3 Ethel Road, Suite 300, Edison, NJ 08817 United States | (4)(5)(11) | L + 6.00% | 11.38% | 12/23/2026 | 6,360 | 6,316 | 5,755 | 0.13 | % | ||||||||||||||||||||||||
Albireo Energy, LLC |
3 Ethel Road, Suite 300, Edison, NJ 08817 United States | (4)(5)(11) | L + 6.00% | 11.25% | 12/23/2026 | 23,576 | 23,361 | 21,336 | 0.49 | % | ||||||||||||||||||||||||
CPI Intermediate Holdings Inc |
580 Skylane Blvd, Santa Rosa, CA, 95403, United States | (4)(7)(10) | SOFR + 5.50% | 10.57% | 10/8/2029 | 4,024 | 3,939 | 3,934 | 0.09 | % | ||||||||||||||||||||||||
111,254 | 102,112 | 2.34 | % | |||||||||||||||||||||||||||||||
Energy Equipment & Services |
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Abaco Energy Technologies, LLC |
1999 Bryan Street, Suite 900, Dallas TX 75201 United States | (4)(13) | L + 7.00% | 12.15% | 10/4/2024 | 25,820 | 25,628 | 25,820 | 0.59 | % | ||||||||||||||||||||||||
ISQ Hawkeye Holdco, Inc. |
10640 Company Highway D20 Alden, IA 50006 United States | (4)(7)(10) | SOFR + 6.25% | 11.38% | 8/17/2029 | 942 | 919 | 931 | 0.02 | % | ||||||||||||||||||||||||
Tetra Technologies, Inc. |
24955 Interstate 45 North The Woodlands TX 77380 United States | (4)(6)(11) | SOFR + 6.25% | 11.45% | 9/10/2025 | 17,790 | 17,746 | 17,790 | 0.41 | % | ||||||||||||||||||||||||
44,293 | 44,541 | 1.02 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
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Ground Transportation |
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Quality Distribution LLC |
1208 East Kennedy Boulevard, Suite 132, Tampa, FL 33602 United States | (4)(7)(11) | SOFR + 6.75% | 11.92% | 6/30/2028 | 622 | 599 | 599 | 0.01 | % | ||||||||||||||||||||||||
Quality Distribution LLC |
1208 East Kennedy Boulevard, Suite 132, Tampa, FL 33602 United States | (4)(5)(7)(11) | L + 5.25% | 11.58% | 7/1/2028 | 18,448 | 18,141 | 17,483 | 0.40 | % | ||||||||||||||||||||||||
18,740 | 18,082 | 0.41 | % | |||||||||||||||||||||||||||||||
Health Care Equipment & Supplies |
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CPI Buyer, LLC |
300 North LaSalle Drive, Suite 5600, Chicago, IL, 60654, United States | (4)(7)(10) | SOFR + 5.50% | 11.03% | 11/1/2028 | 31,183 | 30,680 | 30,027 | 0.69 | % | ||||||||||||||||||||||||
GCX Corporation Buyer, LLC |
3875 Cypress Drive, Petaluma, CA 94954, United States | (4)(5)(10) | SOFR + 5.50% | 10.68% | 9/13/2028 | 21,615 | 21,294 | 21,183 | 0.49 | % | ||||||||||||||||||||||||
GCX Corporation Buyer, LLC |
3875 Cypress Drive, Petaluma, CA 94954, United States | (4)(5)(7)(10) | SOFR + 5.50% | 10.73% | 9/13/2028 | 5,473 | 5,376 | 5,343 | 0.12 | % | ||||||||||||||||||||||||
57,350 | 56,553 | 1.30 | % | |||||||||||||||||||||||||||||||
Health Care Providers & Services |
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123Dentist, Inc. |
4321 Still Creek Dr suite 200, Burnaby, BC V5C 6S7, Canada | (4)(6)(7)(10) | C + 5.50% | 10.65% | 8/10/2029 | CAD 1,729 | 815 | 728 | 0.02 | % | ||||||||||||||||||||||||
ACI Group Holdings, Inc. |
629 Davis Drive, Suite 300, Morrisville, NC 27560, United States | (4)(5)(7)(10) | SOFR + 5.75% | |
10.95% (incl. 1.25% PIK) |
|
8/2/2028 | 109,247 | 107,357 | 107,119 | 2.46 | % | ||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC |
151 Southhall Lane Suite 300 Maitland FL 32751 United States | (4)(7)(11) | L + 6.50% | 11.87% | 5/7/2027 | 6,884 | 6,781 | 6,755 | 0.16 | % | ||||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC |
151 Southhall Lane Suite 300 Maitland FL 32751 United States | (4)(11) | SOFR + 6.50% | 11.94% | 5/7/2027 | 1,650 | 1,632 | 1,625 | 0.04 | % | ||||||||||||||||||||||||
Amerivet Partners Management, Inc. |
520 Madison Avenue, New York, NY 10022 United States | (4)(5)(10) | SOFR + 5.50% | 10.55% | 2/25/2028 | 4,938 | 4,861 | 4,740 | 0.11 | % | ||||||||||||||||||||||||
Amerivet Partners Management, Inc. |
520 Madison Avenue, New York, NY 10022 United States | (4)(5)(7)(10) | SOFR + 5.50% | 10.89% | 2/25/2028 | 1,374 | 1,330 | 1,315 | 0.03 | % | ||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. |
676 North Michigan Avenue Suite 3300 Chicago IL 60611 United States | (4)(5)(6)(11) | C + 4.50% | 9.87% | 4/14/2028 | CAD 29,779 | 23,566 | 25,349 | 0.58 | % | ||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. |
676 North Michigan Avenue Suite 3300 Chicago IL 60611 United States | (4)(5)(6)(7)(10) | C + 4.86% | 10.45% | 4/15/2027 | CAD 2,804 | 962 | 787 | 0.02 | % | ||||||||||||||||||||||||
CCBlue Bidco, Inc. |
1148 Main St Saint Helena, CA, 94574-2013 United States | (4)(7)(10) | L + 6.25% | |
11.41% (incl. 2.75% PIK) |
|
12/21/2028 | 10,536 | 10,371 | 9,758 | 0.22 | % | ||||||||||||||||||||||
DCA Investment Holdings, LLC |
6240 Lake Osprey Drive, Sarasota, FL 34240 United States | (4)(10) | SOFR + 6.41% | 11.65% | 4/3/2028 | 33,039 | 32,765 | 32,296 | 0.74 | % | ||||||||||||||||||||||||
DCA Investment Holdings, LLC |
6240 Lake Osprey Drive, Sarasota, FL 34240 United States | (4)(7)(10) | SOFR + 6.50% | 11.74% | 4/3/2028 | 522 | 515 | 507 | 0.01 | % | ||||||||||||||||||||||||
Epoch Acquisition, Inc. |
4600 Lena Drive Mechanicsburg, PA 17055 United States | (4)(11) | SOFR + 6.00% | 11.15% | 10/4/2026 | 24,180 | 24,110 | 24,060 | 0.55 | % | ||||||||||||||||||||||||
Healthcomp Holding Company, LLC |
621 Santa Fe Ave. Fresno, CA 93721 United States | (4)(5)(7)(11) | SOFR + 5.50% | 10.69% | 10/27/2026 | 108,009 | 106,396 | 107,769 | 2.48 | % | ||||||||||||||||||||||||
Jayhawk Buyer, LLC |
8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States | (4)(7)(11) | SOFR + 5.00% | 10.35% | 10/15/2026 | 154,477 | 152,411 | 151,387 | 3.48 | % | ||||||||||||||||||||||||
Navigator Acquiror, Inc. |
311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States | (4)(9) | SOFR + 5.75% | |
10.93% (incl. 5.59% PIK) |
|
7/16/2027 | 190,016 | 188,829 | 185,265 | 4.26 | % | ||||||||||||||||||||||
Navigator Acquiror, Inc. |
311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States | (4)(7)(9) | SOFR + 5.75% | 10.63% | 7/16/2027 | 25,525 | 25,325 | 24,887 | 0.57 | % | ||||||||||||||||||||||||
Odyssey Holding Company, LLC |
100 Winners Circle Suite 440 Brentwood, TN 37027 United States | (4)(11) | SOFR + 5.75% | 10.98% | 11/16/2025 | 13,403 | 13,326 | 13,403 | 0.31 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
Odyssey Holding Company, LLC |
100 Winners Circle Suite 440 Brentwood, TN 37027 United States | (4)(11) | SOFR + 5.75% | 11.00% | 11/16/2025 | 3,634 | 3,602 | 3,634 | 0.08 | % | ||||||||||||||||||||||||||
Odyssey Holding Company, LLC |
100 Winners Circle Suite 440 Brentwood, TN 37027 United States | (4)(11) | SOFR + 5.75% | 10.95% | 11/16/2025 | 1,635 | 1,619 | 1,635 | 0.04 | % | ||||||||||||||||||||||||||
PPV Intermediate Holdings, LLC |
4927 NW Front Ave, Portland, OR 97210 United States | (4)(7)(10) | SOFR + 5.75% | 11.01% | 8/31/2029 | 1,987 | 1,958 | 1,966 | 0.05 | % | ||||||||||||||||||||||||||
Smile Doctors, LLC |
295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States | (4)(5)(10) | SOFR + 5.90% | 11.14% | 12/23/2028 | 5,961 | 5,927 | 5,842 | 0.13 | % | ||||||||||||||||||||||||||
Smile Doctors, LLC |
295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States | (4)(7)(10) | SOFR + 5.75% | 11.09% | 12/23/2028 | 4,954 | 4,838 | 4,816 | 0.11 | % | ||||||||||||||||||||||||||
Smile Doctors, LLC |
295 SE Inner Loop Ste 102 Georgetown, TX, 78626-2141 United States | (4)(7)(10) | P + 5.75% | 13.00% | 12/23/2027 | 50 | 31 | 25 | 0.00 | % | ||||||||||||||||||||||||||
Snoopy Bidco, Inc. |
8039 Beach Blvd, Buena Park, CA United States | (4)(7)(10) | L + 6.00% | 11.50% | 6/1/2028 | 304,214 | 299,484 | 289,814 | 6.66 | % | ||||||||||||||||||||||||||
SpecialtyCare, Inc. |
111 Radio Circle, Mount Kisco NY 10549 United States | (4)(5)(7)(11) | L + 5.75% | 10.93% | 6/18/2028 | 12,182 | 11,906 | 11,393 | 0.26 | % | ||||||||||||||||||||||||||
Stepping Stones Healthcare Services, LLC |
2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States | (4)(7)(10) | SOFR + 5.75% | 11.09% | 1/2/2029 | 2,606 | 2,564 | 2,523 | 0.06 | % | ||||||||||||||||||||||||||
Stepping Stones Healthcare Services, LLC |
2586 Trailridge Dr E Suite 100, Lafayette, CO, 80026-3111, United States | (4)(7)(10) | SOFR + 5.75% | 11.00% | 12/30/2026 | 74 | 69 | 61 | 0.00 | % | ||||||||||||||||||||||||||
The Fertility Partners, Inc. |
Forum 4, Solent Business Park, Parkway South, Whiteley, Fareham, PO15 7AD | (4)(5)(6)(7)(10) | L + 5.75% | 10.90% | 3/16/2028 | 5,225 | 5,143 | 4,723 | 0.11 | % | ||||||||||||||||||||||||||
The Fertility Partners, Inc. |
Forum 4, Solent Business Park, Parkway South, Whiteley, Fareham, PO15 7AD | (4)(5)(6)(10) | C + 5.75% | 10.76% | 3/16/2028 | CAD 4,950 | 3,823 | 3,385 | 0.08 | % | ||||||||||||||||||||||||||
The Fertility Partners, Inc. |
Forum 4, Solent Business Park, Parkway South, Whiteley, Fareham, PO15 7AD | (4)(5)(6)(7)(10) | C + 5.75% | 10.79% | 9/16/2027 | CAD 312 | 186 | 155 | 0.00 | % | ||||||||||||||||||||||||||
The GI Alliance Management, LLC |
8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States | (4)(11) | SOFR + 6.25% | 11.45% | 9/15/2028 | 4,086 | 3,980 | 4,046 | 0.09 | % | ||||||||||||||||||||||||||
The GI Alliance Management, LLC |
8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States | (4)(11) | SOFR + 6.25% | 11.55% | 9/15/2028 | 880 | 858 | 872 | 0.02 | % | ||||||||||||||||||||||||||
UMP Holdings, LLC |
5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States | (4)(10) | SOFR + 5.50% | 10.41% | 7/15/2028 | 1,101 | 1,082 | 1,062 | 0.02 | % | ||||||||||||||||||||||||||
UMP Holdings, LLC |
5669 Peachtree Dunwoody Rd Suite 350, Atlanta, GA 30342 United States | (4)(7)(10) | SOFR + 5.50% | 10.56% | 7/15/2028 | 1,442 | 1,413 | 1,386 | 0.03 | % | ||||||||||||||||||||||||||
Unified Physician Management, LLC |
16 Court St, 14th Floor, Brooklyn, New York 11241, United States | (4)(7)(9) | SOFR + 5.25% | 10.35% | 6/18/2029 | 2,105 | 2,105 | 2,105 | 0.05 | % | ||||||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC |
201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States | (4)(10) | L + 6.00% | 11.38% | 11/18/2027 | 31,780 | 31,316 | 30,270 | 0.70 | % | ||||||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC |
201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States | (4)(7)(11) | L + 6.00% | 11.48% | 11/18/2027 | 13,541 | 13,351 | 12,744 | 0.29 | % | ||||||||||||||||||||||||||
WHCG Purchaser III, Inc. |
251 Little Falls Drive, Wilmington, DE 19808 United States | (4)(5)(10) | SOFR + 5.75% | 11.25% | 6/22/2028 | 43,531 | 42,945 | 32,322 | 0.74 | % | ||||||||||||||||||||||||||
WHCG Purchaser III, Inc. |
251 Little Falls Drive, Wilmington, DE 19808 United States | (4)(5)(7)(10) | SOFR + 5.75% | 11.25% | 6/22/2026 | 6,682 | 6,601 | 4,950 | 0.11 | % | ||||||||||||||||||||||||||
1,146,153 | 1,117,479 | 25.67 | % | |||||||||||||||||||||||||||||||||
Health Care Technology |
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Caerus US 1, Inc. |
450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States | (4)(6)(10) | SOFR + 5.50% | 10.74% | 5/25/2029 | 9,937 | 9,770 | 9,738 | 0.22 | % | ||||||||||||||||||||||||||
Caerus US 1, Inc. |
450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States | (4)(6)(7)(10) | SOFR + 5.75% | 10.99% | 5/25/2029 | 2,209 | 2,166 | 2,184 | 0.05 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
Caerus US 1, Inc. |
450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States | (4)(6)(7)(10) | SOFR + 5.75% | 10.85% | 5/25/2029 | 1,005 | 970 | 977 | 0.02 | % | ||||||||||||||||||||||||||
Color Intermediate LLC |
3055 Lebanon Pike Suite 1000 Nashville, TN 37214 | (4)(10) | SOFR + 5.50% | 10.84% | 10/4/2029 | 20,262 | 19,805 | 20,059 | 0.46 | % | ||||||||||||||||||||||||||
Edifecs, Inc. |
756 114th Ave SE, Bellevue, WA 98004 United States | (4)(10) | SOFR + 5.50% | 10.84% | 9/21/2026 | 5,734 | 5,660 | 5,734 | 0.13 | % | ||||||||||||||||||||||||||
Edifecs, Inc. |
756 114th Ave SE, Bellevue, WA 98004 United States | (4)(10) | SOFR + 5.50% | 10.74% | 9/21/2026 | 7,782 | 7,677 | 7,782 | 0.18 | % | ||||||||||||||||||||||||||
Edifecs, Inc. |
756 114th Ave SE, Bellevue, WA 98004 United States | (4)(11) | SOFR + 7.00% | 12.34% | 9/21/2026 | 218,042 | 215,111 | 220,223 | 5.06 | % | ||||||||||||||||||||||||||
GI Ranger Intermediate, LLC |
188 The Embarcadero Suite 700 San Francisco, CA 94105 United States | (4)(7)(10) | SOFR + 5.75% | 11.14% | 10/29/2028 | 15,807 | 15,572 | 15,524 | 0.36 | % | ||||||||||||||||||||||||||
GI Ranger Intermediate, LLC |
188 The Embarcadero Suite 700 San Francisco, CA 94105 United States | (4)(7)(10) | SOFR + 5.75% | 11.14% | 10/29/2027 | 480 | 463 | 462 | 0.01 | % | ||||||||||||||||||||||||||
NMC Crimson Holdings, Inc. |
1050 Winter Street, Suite 2700 Waltham, MA 02451 United States | (4)(10) | L + 6.00% | 11.04% | 3/1/2028 | 71,173 | 69,750 | 70,462 | 1.62 | % | ||||||||||||||||||||||||||
NMC Crimson Holdings, Inc. |
1050 Winter Street, Suite 2700 Waltham, MA 02451 United States | (4)(7)(10) | SOFR + 6.00% | 11.41% | 3/1/2028 | 4,815 | 4,614 | 4,578 | 0.11 | % | ||||||||||||||||||||||||||
Project Ruby Ultimate Parent Corp. |
11711 West 79th Street Lenexa, Kansas 62214 United States | (10) | SOFR + 3.25% | 8.47% | 3/10/2028 | 8,418 | 8,389 | 8,243 | 0.19 | % | ||||||||||||||||||||||||||
RPBLS Midco, LLC |
541 Buttermilk Pike, Suite 401, Crescent Springs, KY 41017 United States | (4)(10) | SOFR + 5.75% | 10.74% | 4/1/2028 | 9,395 | 9,262 | 9,395 | 0.22 | % | ||||||||||||||||||||||||||
369,209 | 375,361 | 8.63 | % | |||||||||||||||||||||||||||||||||
Insurance |
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Alera Group, Inc. |
3 Parkway North, Suite 500, Deerfield, IL 60015, United States | (4)(10) | SOFR + 6.00% | 11.20% | 10/2/2028 | 3,685 | 3,657 | 3,593 | 0.08 | % | ||||||||||||||||||||||||||
Amerilife Holdings, LLC |
2650 McCormick Dr, Clearwater, FL 33759 United States | (4)(10) | SOFR + 5.75% | 10.88% | 8/31/2029 | 1,792 | 1,760 | 1,774 | 0.04 | % | ||||||||||||||||||||||||||
Amerilife Holdings, LLC |
2650 McCormick Dr, Clearwater, FL 33759 United States | (4)(7)(10) | SOFR + 5.75% | 10.62% | 8/31/2029 | 339 | 328 | 332 | 0.01 | % | ||||||||||||||||||||||||||
Benefytt Technologies, Inc. |
15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States | (4)(10)(17) | SOFR + 10.75% | 15.85% | 8/12/2027 | 10,879 | 10,736 | 5,168 | 0.12 | % | ||||||||||||||||||||||||||
Benefytt Technologies, Inc. |
15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States | (4)(7)(10)(17) | SOFR + 10.75% | 15.74% | 8/12/2027 | 2,661 | 2,623 | 1,260 | 0.03 | % | ||||||||||||||||||||||||||
Foundation Risk Partners Corp. |
1540 Cornerstone Blvd #230, Daytona Beach, FL 32117, United States | (4)(7)(10) | SOFR + 6.25% | 11.49% | 10/29/2028 | 26,066 | 25,742 | 24,988 | 0.57 | % | ||||||||||||||||||||||||||
Galway Borrower, LLC |
1 California Street, Suite 400, San Francisco, CA 94111 United States | (4)(5)(7)(10) | SOFR + 5.25% | 10.59% | 9/29/2028 | 19,894 | 19,638 | 19,451 | 0.45 | % | ||||||||||||||||||||||||||
High Street Buyer, Inc. |
600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States | (4)(5)(7)(10) | SOFR + 6.00% | 11.39% | 4/14/2028 | 52,678 | 51,913 | 52,238 | 1.20 | % | ||||||||||||||||||||||||||
High Street Buyer, Inc. |
600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States | (4)(5)(7)(10) | SOFR + 5.75% | 11.14% | 4/16/2028 | 10,592 | 10,341 | 10,279 | 0.24 | % | ||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC |
2300 Highland Village Suite 300 Highland Village, TX 75077 United States | (4)(5)(11) | SOFR + 6.05% | 11.41% | 8/27/2025 | 19,579 | 19,440 | 19,188 | 0.44 | % | ||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC |
2300 Highland Village Suite 300 Highland Village, TX 75077 United States | (4)(5)(10) | SOFR + 6.05% | 11.41% | 8/27/2025 | 48,704 | 48,392 | 47,730 | 1.10 | % | ||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC |
2300 Highland Village Suite 300 Highland Village, TX 75077 United States | (4)(5)(10) | SOFR + 6.05% | 11.31% | 8/27/2025 | 71,847 | 71,235 | 70,410 | 1.62 | % | ||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC |
2300 Highland Village Suite 300 Highland Village, TX 75077 United States | (4)(5)(7)(10) | SOFR + 6.02% | 11.28% | 8/27/2025 | 1,862 | 1,837 | 1,825 | 0.04 | % | ||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC |
2300 Highland Village Suite 300 Highland Village, TX 75077 United States | (4)(5)(10) | SOFR + 6.03% | 11.39% | 8/27/2025 | 4,059 | 4,025 | 3,978 | 0.09 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
Jones Deslauriers Insurance Management, Inc. |
2375 Skymark Avenue, Mississauga, Ontario L4W 4Y6 | (5)(6)(8) | C + 4.25% | 9.29% | 3/27/2028 | CAD 21,637 | 17,028 | 15,943 | 0.37 | % | ||||||||||||||||||||||||||
Jones Deslauriers Insurance Management, Inc. |
2375 Skymark Avenue, Mississauga, Ontario L4W 4Y6 | (5)(6)(10) | C + 4.25% | 9.29% | 3/27/2028 | CAD 13,061 | 10,413 | 9,623 | 0.22 | % | ||||||||||||||||||||||||||
PGIS Intermediate Holdings, LLC |
5704 Binbranch Ln McKinney, TX, 75071-8475 United States | (4)(5)(7)(10) | SOFR + 5.75% | 11.14% | 10/16/2028 | 4,604 | 4,537 | 4,448 | 0.10 | % | ||||||||||||||||||||||||||
SG Acquisition, Inc. |
2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States | (4)(9) | SOFR + 5.50% | 10.70% | 1/27/2027 | 104,974 | 104,020 | 101,562 | 2.33 | % | ||||||||||||||||||||||||||
Shelf Bidco Ltd |
Level 42, 22 Bishopsgate London, EC2N 4BQ United Kingdom | (4)(6)(10)(18) | SOFR + 6.34% | 10.93% | 1/3/2030 | 5,091 | 4,948 | 4,964 | 0.11 | % | ||||||||||||||||||||||||||
Tennessee Bidco Limited |
33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom | (4)(5)(6)(8) | E + 7.00% | 9.94% | 8/3/2028 | EUR 1,812 | 1,875 | 1,942 | 0.04 | % | ||||||||||||||||||||||||||
Tennessee Bidco Limited |
33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom | (4)(5)(6)(8) | L + 7.00% | 12.09% | 7/9/2028 | 54,034 | 52,859 | 53,088 | 1.22 | % | ||||||||||||||||||||||||||
Tennessee Bidco Limited |
33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom | (4)(5)(6)(8) | L + 7.00% | 12.66% | 8/3/2028 | 16,118 | 15,934 | 15,836 | 0.36 | % | ||||||||||||||||||||||||||
Tennessee Bidco Limited |
33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom | (4)(5)(6)(8) | S + 7.28% | 10.70% | 7/9/2028 | GBP 16,190 | 21,989 | 20,223 | 0.46 | % | ||||||||||||||||||||||||||
Tennessee Bidco Limited |
33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom | (4)(5)(6)(8) | S + 7.28% | 12.07% | 7/9/2028 | GBP 27,111 | 36,861 | 33,864 | 0.78 | % | ||||||||||||||||||||||||||
542,131 | 523,707 | 12.02 | % | |||||||||||||||||||||||||||||||||
Internet & Direct Marketing Retail |
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Donuts, Inc. |
10500 NE 8th Street Suite 750, Bellevue, WA 98004 United States | (4)(11) | SOFR + 6.00% | 11.27% | 12/29/2026 | 320,824 | 316,702 | 317,616 | 7.30 | % | ||||||||||||||||||||||||||
IT Services |
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AI Altius Bidco, Inc. |
Suite 1, 3rd Floor, 11—12 St James’s Square, London, SW1Y 4LB | (4)(5)(8) | 9.75% | 9.75% PIK | 12/21/2029 | 919 | 901 | 889 | 0.02 | % | ||||||||||||||||||||||||||
AI Altius Bidco, Inc. |
Suite 1, 3rd Floor, 11—12 St James’s Square, London, SW1Y 4LB | (4)(5)(7)(10) | SOFR + 5.18% | 10.47% | 12/21/2028 | 6,711 | 6,603 | 6,560 | 0.15 | % | ||||||||||||||||||||||||||
Infostretch Corporation |
28411 Northwestern Highway, Suite 640, Southfield, MI, 48034, United States | (4)(10) | SOFR + 5.75% | 11.14% | 4/1/2028 | 4,950 | 4,872 | 4,690 | 0.11 | % | ||||||||||||||||||||||||||
Inovalon Holdings, Inc. |
4321 Collington Rd, Bowie, MD 20716, United States | (4)(7)(10) | SOFR + 6.25% | |
11.66% (incl. 2.75% PIK) |
|
11/24/2028 | 107,951 | 105,849 | 106,733 | 2.45 | % | ||||||||||||||||||||||||
Monterey Financing S.à.r.l |
41 Boulevard Du Prince Henri, L-1724, Luxembourg |
(4)(6)(8) | ST + 6.00% | 9.88% | 9/28/2029 | SEK 2,090 | 184 | 189 | 0.00 | % | ||||||||||||||||||||||||||
Monterey Financing S.à.r.l |
41 Boulevard Du Prince Henri, L-1724, Luxembourg |
(4)(6)(7)(8) | E + 6.00% | 9.55% | 9/28/2029 | EUR 658 | 350 | 476 | 0.01 | % | ||||||||||||||||||||||||||
Monterey Financing S.à.r.l |
41 Boulevard Du Prince Henri, L-1724, Luxembourg |
(4)(6)(8) | CI + 6.00% | 9.62% | 9/28/2029 | DKK 4,819 | 619 | 688 | 0.02 | % | ||||||||||||||||||||||||||
Monterey Financing S.à.r.l |
41 Boulevard Du Prince Henri, L-1724, Luxembourg |
(4)(6)(9) | N + 6.00% | 10.33% | 9/28/2029 | NOK 5,149 | 462 | 469 | 0.01 | % | ||||||||||||||||||||||||||
Razor Holdco, LLC |
26 Meadow VW, Victoria, TX, 77904-1676, United States | (4)(10) | L + 5.75% | 10.90% | 10/25/2027 | 37,209 | 36,673 | 36,930 | 0.85 | % | ||||||||||||||||||||||||||
Red River Technology, LLC |
875 3rd Avenue, New York NY 10022 United States | (4)(11) | SOFR + 6.00% | 11.20% | 5/26/2027 | 80,376 | 79,462 | 80,376 | 1.85 | % | ||||||||||||||||||||||||||
S&P Global Engineering Solutions |
321 Inverness Drive South, Englewood, CO 80112 United States | (4)(7)(11) | SOFR + 7.00% | 12.08% | 5/2/2030 | 1,600 | 1,546 | 1,545 | 0.04 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
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Turing Holdco, Inc. |
26990 Arastradero Road Los Altos Hills, CA 94022, United States | (4)(5)(6)(8) | L + 6.00% | 11.76% | 9/28/2028 | 8,437 | 8,248 | 8,289 | 0.19 | % | ||||||||||||||||||||||||||
Turing Holdco, Inc. |
26990 Arastradero Road Los Altos Hills, CA 94022, United States | (4)(5)(6)(8) | E + 6.00% | |
9.43% (incl. 2.50% PIK) |
|
9/28/2028 | EUR 11,018 | 12,470 | 11,810 | 0.27 | % | ||||||||||||||||||||||||
Turing Holdco, Inc. |
26990 Arastradero Road Los Altos Hills, CA 94022, United States | (4)(5)(6)(7)(8) | E + 6.00% | |
9.18% (incl. 2.50% PIK) |
|
8/3/2028 | EUR 7,916 | 8,961 | 9,292 | 0.21 | % | ||||||||||||||||||||||||
267,200 | 268,936 | 6.18 | % | |||||||||||||||||||||||||||||||||
Machinery |
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MHE Intermediate Holdings |
3235 Levis Common Blvd. Perrysburg, OH 43551 United States | (4)(5)(7)(11) | SOFR + 6.00% | 11.20% | 7/21/2027 | 3,462 | 3,414 | 3,360 | 0.08 | % | ||||||||||||||||||||||||||
MHE Intermediate Holdings |
3235 Levis Common Blvd. Perrysburg, OH 43551 United States | (4)(5)(11) | SOFR + 6.25% | 11.45% | 7/21/2027 | 426 | 417 | 417 | 0.01 | % | ||||||||||||||||||||||||||
MHE Intermediate Holdings |
3235 Levis Common Blvd. Perrysburg, OH 43551 United States | (4)(5)(11) | SOFR + 6.00% | 9.16% | 7/21/2027 | 395 | 387 | 384 | 0.01 | % | ||||||||||||||||||||||||||
4,218 | 4,161 | 0.10 | % | |||||||||||||||||||||||||||||||||
Marine |
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Armada Parent, Inc. |
93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States | (4)(7)(10) | SOFR + 5.75% | 11.11% | 10/29/2027 | 25,866 | 25,440 | 25,288 | 0.58 | % | ||||||||||||||||||||||||||
Media |
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Trader Corp. |
405 The West Mall , Suite 110 Etobicoke, ON M9C 5J1 Canada | (4)(6)(7)(10) | C + 6.75% | 11.96% | 12/22/2029 | CAD 9,975 | 5,753 | 6,042 | 0.14 | % | ||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels |
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Eagle Midstream Canada Finance, Inc. |
222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada | (4)(6)(10) | SOFR + 6.25% | 11.34% | 8/15/2028 | 74,649 | 73,693 | 74,089 | 1.70 | % | ||||||||||||||||||||||||||
KKR Alberta Midstream Finance Inc. |
585 8 Ave SW #4000, Calgary, AB T2P 1G1, Canada | (4)(6)(10) | SOFR + 6.25% | 11.34% | 8/15/2028 | 40,611 | 40,091 | 40,307 | 0.93 | % | ||||||||||||||||||||||||||
113,784 | 114,396 | 2.63 | % | |||||||||||||||||||||||||||||||||
Paper & Forest Products |
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Profile Products, LLC |
219 Simpson St SW Conover, NC, 28613-8207 United States | (4)(10) | SOFR + 5.75% | 10.99% | 11/12/2027 | 7,091 | 7,004 | 6,861 | 0.16 | % | ||||||||||||||||||||||||||
Profile Products, LLC |
219 Simpson St SW Conover, NC, 28613-8207 United States | (4)(7)(10) | P + 4.75% | 13.00% | 11/12/2027 | 480 | 467 | 453 | 0.01 | % | ||||||||||||||||||||||||||
7,471 | 7,314 | 0.17 | % | |||||||||||||||||||||||||||||||||
Pharmaceuticals |
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Doc Generici (Diocle S.p.A.) |
Via Filippo Turati, 40, 20121 Milano MI, Italy | (4)(6)(7)(8) | E + 6.50% | 10.55% | 10/27/2028 | EUR 1,758 | 1,119 | 1,386 | 0.03 | % | ||||||||||||||||||||||||||
Professional Services |
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ALKU, LLC |
200 Brickstone Square, Suite 503, Andover, MA 01810 United States | (4)(10) | SOFR + 6.25% | 11.33% | 3/1/2028 | 800 | 780 | 790 | 0.02 | % | ||||||||||||||||||||||||||
Apex Companies, LLC |
2101 Gaither Rd, Suite 500, Rockville, MD 20850 United States | (4)(7)(11) | SOFR + 6.25% | 11.30% | 1/31/2028 | 1,605 | 1,560 | 1,576 | 0.04 | % | ||||||||||||||||||||||||||
CFGI Holdings, LLC |
1 Lincoln Street, Suite 1301 Boston, MA 02111, United States | (4)(7)(10) | SOFR + 5.00% | 10.25% | 11/2/2027 | 7,141 | 7,023 | 7,120 | 0.16 | % | ||||||||||||||||||||||||||
Clearview Buyer, Inc. |
1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States | (4)(5)(7)(10) | SOFR + 5.25% | 10.59% | 8/26/2027 | 9,193 | 9,028 | 8,955 | 0.21 | % | ||||||||||||||||||||||||||
Cumming Group, Inc. |
485 Lexington Avenue, New York NY 10017 United States | (4)(7)(11) | SOFR + 6.00% | 11.10% | 5/26/2027 | 80,470 | 79,550 | 78,141 | 1.80 | % | ||||||||||||||||||||||||||
Cumming Group, Inc. |
485 Lexington Avenue, New York NY 10017 United States | (4)(7)(11) | SOFR + 6.00% | 11.10% | 11/16/2027 | 1,254 | 1,217 | 1,214 | 0.03 | % | ||||||||||||||||||||||||||
Guidehouse, Inc. |
9 West 57th Street, 29th Floor, New York, NY, 10019, United States | (4)(5)(10) | SOFR + 6.25% | 11.45% | 10/16/2028 | 323,895 | 321,444 | 317,417 | 7.30 | % | ||||||||||||||||||||||||||
HIG Orca Acquisition Holdings, Inc. |
100 Cummings Center, Suite 206L, Beverly, MA 01915, United States | (4)(5)(11) | SOFR + 6.00% | 11.40% | 8/17/2027 | 19,065 | 18,802 | 18,874 | 0.43 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
HIG Orca Acquisition Holdings, Inc. |
100 Cummings Center, Suite 206L, Beverly, MA 01915, United States | (4)(5)(7)(11) | SOFR + 6.00% | 11.26% | 8/17/2027 | 925 | 894 | 895 | 0.02 | % | ||||||||||||||||||||||||||
HIG Orca Acquisition Holdings, Inc. |
100 Cummings Center, Suite 206L, Beverly, MA 01915, United States | (4)(5)(7)(11) | SOFR + 6.00% | 11.27% | 8/12/2027 | 2,954 | 2,948 | 2,892 | 0.07 | % | ||||||||||||||||||||||||||
IG Investments Holdings, LLC |
4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States | (4)(5)(10) | SOFR + 6.00% | 11.15% | 9/22/2028 | 1,302 | 1,292 | 1,296 | 0.03 | % | ||||||||||||||||||||||||||
IG Investments Holdings, LLC |
4170 Ashford Dunwood Road, Northeast, Ste 250 Atlanta GA 30319 United States | (4)(5)(7)(10) | SOFR + 6.00% | 11.20% | 9/22/2028 | 45,195 | 44,469 | 44,951 | 1.03 | % | ||||||||||||||||||||||||||
Kaufman Hall & Associates, LLC |
10 S. Wacker, Suite 3375 Chicago, Illinois 60606, United States | (4)(10) | SOFR + 5.25% | 10.45% | 12/14/2028 | 19,256 | 18,956 | 19,256 | 0.44 | % | ||||||||||||||||||||||||||
Kaufman Hall & Associates, LLC |
10 S. Wacker, Suite 3375 Chicago, Illinois 60606, United States | (4)(10) | SOFR + 5.25% | 10.40% | 12/14/2028 | 4,948 | 4,870 | 4,948 | 0.11 | % | ||||||||||||||||||||||||||
Legacy Intermediate, LLC |
3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States | (4)(5)(7)(10) | SOFR + 5.75% | 11.13% | 2/25/2028 | 6,799 | 6,691 | 6,779 | 0.16 | % | ||||||||||||||||||||||||||
Material Holdings, LLC |
27 Provost Street, London, N1 7NH, United Kingdom | (4)(5)(7)(10) | SOFR + 6.00% | 11.34% | 8/19/2027 | 23,658 | 23,309 | 22,132 | 0.51 | % | ||||||||||||||||||||||||||
Minotaur Acquisition, Inc. |
2001 Spring Road, Suite 700 Oak Brook, Illinois 60523 United States | (8) | SOFR + 4.75% | 9.95% | 3/27/2026 | 1,974 | 1,930 | 1,946 | 0.04 | % | ||||||||||||||||||||||||||
Petrus Buyer Inc |
100 Bayview Cir Ste 400, Newport Beach, California, 92660 | (4)(7)(10) | SOFR + 6.50% | 11.52% | 10/17/2029 | 1,895 | 1,829 | 1,843 | 0.04 | % | ||||||||||||||||||||||||||
Sherlock Buyer Corp. |
1180 Welsh Rd # 110 North Wales, PA, 19454-2053 United States | (4)(7)(10) | SOFR + 5.75% | 11.09% | 12/8/2028 | 8,530 | 8,359 | 8,309 | 0.19 | % | ||||||||||||||||||||||||||
Thevelia US, LLC |
Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong | (5)(6)(9) | SOFR + 4.00% | 9.05% | 6/18/2029 | 1,303 | 1,290 | 1,301 | 0.03 | % | ||||||||||||||||||||||||||
Titan Investment Company, Inc. |
6130 Sprint Parkway, Overland Park, KS 66211 United States | (4)(5)(8) | SOFR + 5.75% | 11.05% | 3/20/2027 | 41,812 | 40,598 | 39,512 | 0.91 | % | ||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. |
330 7th Ave, New York, NY 10001 United States | (4)(7)(10) | L + 5.25% | 10.62% | 6/29/2027 | 55,829 | 54,882 | 55,090 | 1.27 | % | ||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. |
330 7th Ave, New York, NY 10001 United States | (4)(7)(10) | L + 5.25% | 10.35% | 6/29/2027 | 13,053 | 12,858 | 12,823 | 0.29 | % | ||||||||||||||||||||||||||
Trinity Partners Holdings, LLC |
230 3rd Ave Prospect Place Waltham, MA 02451 United States | (4)(7)(10) | SOFR + 5.75% | 11.53% | 12/21/2028 | 4,780 | 4,694 | 4,718 | 0.11 | % | ||||||||||||||||||||||||||
West Monroe Partners, LLC |
311 W Monroe St 14th Floor, Chicago, IL 60606, United States | (4)(7)(10) | L + 5.25% | 10.40% | 11/8/2028 | 14,821 | 14,594 | 14,302 | 0.33 | % | ||||||||||||||||||||||||||
West Monroe Partners, LLC |
311 W Monroe St 14th Floor, Chicago, IL 60606, United States | (4)(7)(10) | L + 5.25% | 10.41% | 11/8/2027 | 385 | 385 | 371 | 0.01 | % | ||||||||||||||||||||||||||
684,252 | 677,451 | 15.58 | % | |||||||||||||||||||||||||||||||||
Real Estate Management & Development |
||||||||||||||||||||||||||||||||||||
Progress Residential PM Holdings, LLC |
7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States | (4)(7)(10) | SOFR + 6.25% | 11.66% | 2/16/2028 | 70,324 | 69,139 | 70,324 | 1.62 | % | ||||||||||||||||||||||||||
Progress Residential PM Holdings, LLC |
7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 United States | (4)(7)(10) | SOFR + 6.25% | 11.66% | 7/25/2029 | 833 | 815 | 833 | 0.02 | % | ||||||||||||||||||||||||||
69,954 | 71,157 | 1.64 | % | |||||||||||||||||||||||||||||||||
Software |
||||||||||||||||||||||||||||||||||||
Anaplan, Inc. |
50 Hawthorne St, San Francisco, CA 94105 United States | (4)(7)(10) | SOFR + 6.50% | 11.60% | 6/21/2029 | 1,804 | 1,770 | 1,784 | 0.04 | % | ||||||||||||||||||||||||||
AxiomSL Group, Inc. |
125 London Wall, London, EC2Y 5AJ, United Kingdom | (4)(7)(11) | SOFR + 5.75% | 10.97% | 12/3/2027 | 41,904 | 41,265 | 41,874 | 0.96 | % | ||||||||||||||||||||||||||
Beeline, LLC |
12735 Gran Bay Parkway West Suite 130, Jacksonville, FL 32258 United States | (4)(7)(10) | SOFR + 5.25% | 10.38% | 5/2/2029 | 4,967 | 4,923 | 4,938 | 0.11 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||
Beeline, LLC |
12735 Gran Bay Parkway West Suite 130, Jacksonville, FL 32258 United States | (4)(7)(10) | SOFR + 5.25% | 10.35% | 5/2/2028 | 98 | 94 | 95 | 0.00 | % | ||||||||||||||||||||
BlueCat Networks USA, Inc. |
156 W. 56th Street, 3rd Floor, New York, New York 10019 | (4)(7)(10) | SOFR + 6.00% | 11.24% (incl. 2.00% PIK) |
8/8/2028 | 1,937 | 1,900 | 1,895 | 0.04 | % | ||||||||||||||||||||
BlueCat Networks USA, Inc. |
156 W. 56th Street, 3rd Floor, New York, New York 10019 | (4)(7)(10) | SOFR + 6.00% | 11.08% | 8/8/2028 | 211 | 207 | 208 | 0.00 | % | ||||||||||||||||||||
Circana Group L.P. |
132 W 31st St, New York, 10001 United States | (4)(10) | SOFR + 5.75% | 10.95% | 12/1/2028 | 120,944 | 118,837 | 119,735 | 2.75 | % | ||||||||||||||||||||
Circana Group L.P. |
132 W 31st St, New York, 10001 United States | (4)(10) | SOFR + 6.25% | 11.39% (incl. 2.75% PIK) |
12/1/2028 | 76,425 | 75,148 | 75,279 | 1.73 | % | ||||||||||||||||||||
Circana Group L.P. |
132 W 31st St, New York, 10001 United States | (4)(7)(10) | SOFR + 4.75% | 10.92% | 12/1/2027 | 1,104 | 875 | 966 | 0.02 | % | ||||||||||||||||||||
Community Brands ParentCo, LLC |
9620 Executive Center Dr N, Suite 200, St. Petersburg, FL 33702 United States | (4)(5)(7)(10) | SOFR + 5.75% | 10.70% | 2/24/2028 | 4,938 | 4,851 | 4,826 | 0.11 | % | ||||||||||||||||||||
Confine Visual Bidco |
Kistagången 12, 164 40 Kista, Sweden | (4)(6)(7)(10) | SOFR + 5.75% | 10.80% | 2/23/2029 | 15,921 | 15,537 | 14,315 | 0.33 | % | ||||||||||||||||||||
Connatix Buyer, Inc. |
666 Broadway, 10th Floor, New York, NY 10012, United States | (4)(5)(7)(10) | L + 5.50% | 10.65% | 7/14/2027 | 21,705 | 21,266 | 20,374 | 0.47 | % | ||||||||||||||||||||
Coupa Software Inc. |
1855 S. Grant Street, San Mateo, CA 94402 United States | (4)(6)(7)(10) | SOFR + 7.50% | 12.60% | 2/27/2030 | 1,836 | 1,787 | 1,805 | 0.04 | % | ||||||||||||||||||||
Diligent Corporation |
111 West 33rd St., 16th Floor, New York, NY 10120 United States | (4)(11) | L + 5.75% | 10.95% | 8/4/2025 | 58,650 | 58,254 | 56,891 | 1.31 | % | ||||||||||||||||||||
Discovery Education, Inc. |
233 Wilshire Blvd, Suite 800, Santa Monica, CA, 90401, United States | (4)(7)(10) | SOFR + 5.75% | 10.71% | 4/9/2029 | 26,467 | 25,982 | 25,216 | 0.58 | % | ||||||||||||||||||||
Episerver, Inc. |
542A Amherst Street Route 101A Nashua, NH 03063 United States | (4)(5)(7)(11) | SOFR + 5.50% | 10.89% | 4/9/2026 | 9,594 | 9,494 | 8,953 | 0.21 | % | ||||||||||||||||||||
Experity, Inc. |
101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States | (4)(5)(7)(10) | SOFR + 5.75% | 11.09% | 2/24/2028 | 15,217 | 14,980 | 14,726 | 0.34 | % | ||||||||||||||||||||
Gigamon Inc. |
3300 Olcott Street, Santa Clara CA 95054 United States | (4)(7)(10) | SOFR + 5.75% | 10.89% | 3/9/2029 | 7,365 | 7,242 | 7,346 | 0.17 | % | ||||||||||||||||||||
GovernmentJobs.com, Inc. |
300 Continental Blvd., El Segundo, CA 90245, United States | (4)(7)(10) | SOFR + 5.50% | 10.70% | 12/1/2028 | 4,938 | 4,921 | 4,796 | 0.11 | % | ||||||||||||||||||||
GovernmentJobs.com, Inc. |
300 Continental Blvd., El Segundo, CA 90245, United States | (4)(7)(10) | SOFR + 5.50% | 10.70% | 2/5/2026 | 254 | 245 | 240 | 0.01 | % | ||||||||||||||||||||
GraphPAD Software, LLC |
2365 Northside Dr #560, San Diego, CA 92108 United States | (4)(7)(11) | L + 5.50% | 10.71% | 4/27/2027 | 1,978 | 1,919 | 1,809 | 0.04 | % | ||||||||||||||||||||
GraphPAD Software, LLC |
2365 Northside Dr #560, San Diego, CA 92108 United States | (4)(11) | SOFR + 5.50% | 10.71% | 4/27/2027 | 11,609 | 11,527 | 11,377 | 0.26 | % | ||||||||||||||||||||
GraphPAD Software, LLC |
2365 Northside Dr #560, San Diego, CA 92108 United States | (4)(7)(11) | L + 5.50% | 10.87% | 4/27/2027 | 12,863 | 12,719 | 12,573 | 0.29 | % | ||||||||||||||||||||
LD Lower Holdings, Inc. |
8201 Greensboro Drive, Suite 717 Mclean, VA 22102-3810 United States | (4)(11) | SOFR + 6.50% | 11.84% | 2/8/2026 | 91,988 | 91,028 | 90,608 | 2.08 | % | ||||||||||||||||||||
Lightbox Intermediate, LP |
9 West 57th Street, 43rd Floor, New York, NY, 10019, United States | (4)(8) | L + 5.00% | 10.54% | 5/9/2026 | 1,980 | 1,944 | 1,911 | 0.04 | % | ||||||||||||||||||||
Magnesium BorrowerCo, Inc. |
1 Finsbury Avenue, London, United Kingdom, EC2M 2PF | (4)(7)(10) | SOFR + 5.75% | 10.95% | 5/18/2029 | 5,242 | 5,134 | 5,151 | 0.12 | % | ||||||||||||||||||||
Magnesium BorrowerCo, Inc. |
1 Finsbury Avenue, London, United Kingdom, EC2M 2PF | (4)(10) | S + 5.75% | 10.68% | 5/18/2029 | GBP 3,426 | 4,188 | 4,290 | 0.10 | % | ||||||||||||||||||||
Mandolin Technology Intermediate Holdings, Inc. |
Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States | (4)(5)(7)(9) | SOFR + 3.75% | 9.14% | 7/31/2028 | 8,570 | 8,468 | 7,373 | 0.17 | % | ||||||||||||||||||||
Mandolin Technology Intermediate Holdings, Inc. |
Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States | (4)(5)(9) | SOFR + 6.25% | 11.64% | 6/9/2030 | 7,000 | 6,791 | 6,790 | 0.16 | % | ||||||||||||||||||||
Medallia, Inc. |
200 W 41st St, New York, NY 10036, United States | (4)(10) | L + 6.50% | 11.69% (incl. 5.83% PIK) |
10/29/2028 | 360,786 | 355,868 | 353,571 | 8.13 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
Monk Holding Co. |
5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States | (4)(10)(18) | SOFR + 5.70% | 10.84% | 12/1/2027 | 4,828 | 4,742 | 4,780 | 0.11 | % | ||||||||||||||||||||||||||
Monk Holding Co. |
5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States | (4)(7)(10) | SOFR + 5.50% | 10.84% | 12/1/2027 | 190 | 166 | 160 | 0.00 | % | ||||||||||||||||||||||||||
MRI Software, LLC |
28925 Fountain Parkway Solon OH 44139 United States | (5)(7)(11) | SOFR + 5.50% | 10.84% | 2/10/2026 | 27,673 | 27,526 | 26,632 | 0.61 | % | ||||||||||||||||||||||||||
Nintex Topco Limited |
10800 NE 8th Street, Suite 400 Bellevue, WA 98004 USA | (4)(6)(10) | SOFR + 6.00% | 11.39% | 11/13/2028 | 34,038 | 33,516 | 31,826 | 0.73 | % | ||||||||||||||||||||||||||
Oranje Holdco Inc |
33 N Garden Ave, Clearwater, FL 33755 United States | (4)(7)(11) | SOFR + 7.75% | 12.79% | 2/1/2029 | 2,000 | 1,948 | 1,966 | 0.05 | % | ||||||||||||||||||||||||||
Rally Buyer, Inc. |
5213 Tacome Building C · Houston, TX 77041 United States | (4)(7)(10) | SOFR + 5.50% | 10.72% | 7/19/2028 | 714 | 700 | 698 | 0.02 | % | ||||||||||||||||||||||||||
Rally Buyer, Inc. |
5213 Tacome Building C · Houston, TX 77041 United States | (4)(7)(10) | SOFR + 5.75% | 10.85% | 7/19/2028 | 24 | 23 | 22 | 0.00 | % | ||||||||||||||||||||||||||
Relativity ODA, LLC |
231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States | (4)(7)(11) | SOFR + 6.50% | 11.70% | 5/12/2027 | 21,458 | 21,114 | 21,087 | 0.48 | % | ||||||||||||||||||||||||||
Spitfire Parent, Inc. |
10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States | (4)(11) | SOFR + 5.50% | 11.14% | 3/11/2027 | 57,713 | 57,182 | 56,848 | 1.31 | % | ||||||||||||||||||||||||||
Spitfire Parent, Inc. |
10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States | (4)(11) | SOFR + 5.50% | 10.61% | 3/11/2027 | 21,309 | 20,998 | 20,989 | 0.48 | % | ||||||||||||||||||||||||||
Spitfire Parent, Inc. |
10161 Park Run Drive, Suite 150, Las Vegas, Nevada United States | (4)(5)(11) | E + 5.50% | 8.79% | 3/11/2027 | EUR 10,290 | 12,275 | 11,058 | 0.25 | % | ||||||||||||||||||||||||||
Stamps.com, Inc. |
1990 East Grand Avenue El Segundo, CA 90245 United States | (4)(10) | L + 5.75% | 10.94% | 10/5/2028 | 286,650 | 282,337 | 279,484 | 6.42 | % | ||||||||||||||||||||||||||
Triple Lift, Inc. |
400 Lafayette St 5th floor, New York, NY 10003 United States | (4)(10) | SOFR + 5.50% | 10.87% | 5/5/2028 | 48,020 | 47,354 | 47,059 | 1.08 | % | ||||||||||||||||||||||||||
Triple Lift, Inc. |
400 Lafayette St 5th floor, New York, NY 10003 United States | (4)(10) | SOFR + 5.50% | 10.23% | 5/5/2028 | 13,954 | 13,734 | 13,675 | 0.31 | % | ||||||||||||||||||||||||||
Triple Lift, Inc. |
400 Lafayette St 5th floor, New York, NY 10003 United States | (4)(7)(10) | SOFR + 5.25% | 10.30% | 5/5/2028 | 2,951 | 2,844 | 2,797 | 0.06 | % | ||||||||||||||||||||||||||
Zendesk Inc |
989 Market St, San Francisco, CA 94103 United States | (4)(7)(10) | SOFR + 7.00% | |
12.25% (incl. 3.50% PIK) |
|
11/30/2028 | 1,596 | 1,561 | 1,571 | 0.04 | % | ||||||||||||||||||||||||
1,437,184 | 1,422,367 | 32.67 | % | |||||||||||||||||||||||||||||||||
Specialty Retail |
||||||||||||||||||||||||||||||||||||
CustomInk, LLC |
2910 District Avenue Fairfax VA 22031 United States | (4)(11)(18) | SOFR + 6.18% | 11.26% | 5/3/2026 | 163,586 | 162,336 | 163,586 | 3.76 | % | ||||||||||||||||||||||||||
Technology Hardware, Storage & Peripherals |
||||||||||||||||||||||||||||||||||||
Lytx, Inc. |
9785 Towne Centre Drive San Diego CA 92121 United States | (4)(11) | SOFR + 6.75% | 11.95% | 2/28/2028 | 84,454 | 83,654 | 83,820 | 1.93 | % | ||||||||||||||||||||||||||
Trading Companies & Distributors |
||||||||||||||||||||||||||||||||||||
Porcelain Acquisition Corp. |
20 Sanker Road, Dickson, TN 37055 United States | (4)(7)(11) | SOFR + 6.00% | 11.34% | 4/1/2027 | 54,883 | 53,592 | 53,360 | 1.23 | % | ||||||||||||||||||||||||||
The Cook & Boardman Group, LLC |
3064 Salem Industrial Drive Winston Salem NC 27127 United States | (11) | SOFR + 5.75% | 10.94% | 10/17/2025 | 48,935 | 48,761 | 44,983 | 1.03 | % | ||||||||||||||||||||||||||
102,353 | 98,343 | 2.26 | % | |||||||||||||||||||||||||||||||||
Transportation Infrastructure |
||||||||||||||||||||||||||||||||||||
Capstone Logistics, LLC |
30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 United States | (4)(11) | SOFR + 4.75% | 9.95% | 11/12/2027 | 5,530 | 5,502 | 5,447 | 0.13 | % | ||||||||||||||||||||||||||
Frontline Road Safety, LLC |
2714 Sherman Street, Grand Prairie, TX 75051 United States | (4)(10) | SOFR + 5.75% | 11.05% | 5/3/2027 | 89,595 | 88,482 | 85,787 | 1.97 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
Helix TS, LLC |
114 Capital Way Christiana, TN 37037, United States | (4)(10) | SOFR + 6.25% | 11.45% | 8/4/2027 | 21,188 | 20,899 | 21,082 | 0.48 | % | ||||||||||||||||||||||||||
Helix TS, LLC |
114 Capital Way Christiana, TN 37037, United States | (4)(7)(10) | SOFR + 6.25% | 11.65% | 8/4/2027 | 21,179 | 20,864 | 21,067 | 0.48 | % | ||||||||||||||||||||||||||
Italian Motorway Holdings S.à.r.l |
Meif 6 Hra Italian Motorway Holdings SARL, Luxembourg | (4)(6)(8) | E + 5.25% | 8.90% | 4/28/2029 | EUR 78,810 | 81,161 | 84,262 | 1.94 | % | ||||||||||||||||||||||||||
Roadsafe Holdings, Inc. |
3331 Street Rd #430, Bensalem, PA 19020 United States | (4)(11) | SOFR + 5.75% | 10.94% | 10/19/2027 | 29,594 | 29,203 | 28,485 | 0.65 | % | ||||||||||||||||||||||||||
Roadsafe Holdings, Inc. |
3331 Street Rd #430, Bensalem, PA 19020 United States | (4)(11) | SOFR + 5.75% | 11.14% | 10/19/2027 | 20,697 | 20,433 | 19,921 | 0.46 | % | ||||||||||||||||||||||||||
Roadsafe Holdings, Inc. |
3331 Street Rd #430, Bensalem, PA 19020 United States | (4)(11) | SOFR + 5.75% | 10.66% | 1/31/2029 | 4,219 | 4,150 | 4,061 | 0.09 | % | ||||||||||||||||||||||||||
Safety Borrower Holdings LP |
8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States | (4)(5)(11) | SOFR + 5.25% | 11.01% | 9/1/2027 | 4,125 | 4,096 | 4,104 | 0.09 | % | ||||||||||||||||||||||||||
Safety Borrower Holdings LP |
8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States | (4)(5)(7)(11) | P+ 4.25% | 12.50% | 9/1/2027 | 186 | 184 | 183 | 0.00 | % | ||||||||||||||||||||||||||
Safety Borrower Holdings LP |
8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States | (4)(5)(11) | L + 5.25% | 10.83% | 9/1/2027 | 932 | 929 | 928 | 0.02 | % | ||||||||||||||||||||||||||
Sam Holding Co, Inc. |
7414 Circle17 South, Sebring, FL 33876, United States | (4)(7)(11) | L + 5.00% | 10.46% | 9/24/2027 | 48,213 | 47,570 | 47,538 | 1.09 | % | ||||||||||||||||||||||||||
Sam Holding Co, Inc. |
7414 Circle17 South, Sebring, FL 33876, United States | (4)(7)(11) | P+ 4.00% | 12.00% | 3/24/2027 | 160 | 79 | 85 | 0.00 | % | ||||||||||||||||||||||||||
TRP Infrastructure Services, LLC |
2411 Minnis Dr, Haltom City, TX 76117, United States | (4)(11) | SOFR + 5.50% | 10.55% | 7/9/2027 | 39,086 | 38,562 | 35,177 | 0.81 | % | ||||||||||||||||||||||||||
362,114 | 358,127 | 8.21 | % | |||||||||||||||||||||||||||||||||
Total First Lien Debt |
9,236,115 | 9,138,278 | 209.95 | % | ||||||||||||||||||||||||||||||||
Second Lien Debt |
||||||||||||||||||||||||||||||||||||
Health Care Providers & Services |
||||||||||||||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. |
676 North Michigan Avenue Suite 3300 Chicago IL 60611 United States | (4)(5)(6)(8) | 8.75% | 8.75% | 4/15/2029 | CAD 10,533 | 8,346 | 7,005 | 0.16 | % | ||||||||||||||||||||||||||
Jayhawk Buyer, LLC |
8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States | (4)(11) | L + 8.75% | 14.03% | 10/15/2027 | 5,183 | 5,114 | 5,131 | 0.12 | % | ||||||||||||||||||||||||||
13,460 | 12,136 | 0.28 | % | |||||||||||||||||||||||||||||||||
Industrial Conglomerates |
||||||||||||||||||||||||||||||||||||
Victory Buyer, LLC |
50 East 153rd Street Bronx, NY 10451-2104 United States | (4)(9) | SOFR + 7.00% | 12.51% | 11/1/2029 | 9,619 | 9,541 | 8,753 | 0.20 | % | ||||||||||||||||||||||||||
IT Services |
||||||||||||||||||||||||||||||||||||
Inovalon Holdings, Inc. |
4321 Collington Rd, Bowie, MD 20716, United States | (4)(5)(10) | SOFR + 10.50% | |
15.99% (incl. 15.99% PIK) |
|
11/24/2033 | 11,195 | 10,956 | 11,195 | 0.26 | % | ||||||||||||||||||||||||
Professional Services |
||||||||||||||||||||||||||||||||||||
Thevelia US, LLC |
Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong | (4)(6)(9) | SOFR + 6.75% | 12.14% | 6/17/2030 | 4,920 | 4,791 | 4,896 | 0.11 | % | ||||||||||||||||||||||||||
Software |
||||||||||||||||||||||||||||||||||||
Mandolin Technology Intermediate Holdings, Inc. |
Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States | (4)(5)(9) | SOFR + 6.50% | 11.89% | 7/30/2029 | 3,550 | 3,512 | 3,106 | 0.07 | % | ||||||||||||||||||||||||||
Total Second Lien Debt |
42,260 | 40,086 | 0.92 | % | ||||||||||||||||||||||||||||||||
Equity |
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Aerospace & Defense |
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Micross Topco, Inc. |
1050 Perimeter Road, Manchester, NH 03103 United States | (4) | 1.2 | % | 4,767 | 4,767 | 5,973 | 0.14 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
Air Freight & Logistics |
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AGI Group Holdings LP—A2 Units |
9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States | (4) | 30.1 | % | 902 | 902 | 658 | 0.02 | % | |||||||||||||||||||||||||||
Mode Holdings, L.P.—Class A-2 Common Units |
17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States | (4) | 9.2 | % | 5,486,923 | 5,487 | 11,577 | 0.27 | % | |||||||||||||||||||||||||||
6,389 | 12,235 | 0.29 | % | |||||||||||||||||||||||||||||||||
Distributors |
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Box Co-Invest Blocker, LLC |
2650 Galvin Dr, Elgin, IL 60124, United States | (4) | 11.7 | % | 702,305 | 702 | 632 | 0.01 | % | |||||||||||||||||||||||||||
EIS Acquisition Holdings, LP—Class A Common Units |
2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States | (4) | 44.8 | % | 6,292 | 3,350 | 15,024 | 0.35 | % | |||||||||||||||||||||||||||
4,052 | 15,656 | 0.36 | % | |||||||||||||||||||||||||||||||||
Diversified Consumer Services |
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Cambium Holdings, LLC—Senior Preferred Interests |
17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States | (4) | 11.50% | 2.6 | % | 12,511,857 | 12,315 | 15,235 | 0.35 | % | ||||||||||||||||||||||||||
Deneb Ultimate Topco, LLC—Class A Units |
777 108th Ave NE, Bellevue, WA 98004, United States | (4) | 4.3 | % | 213 | 213 | 134 | 0.00 | % | |||||||||||||||||||||||||||
12,528 | 15,369 | 0.35 | % | |||||||||||||||||||||||||||||||||
Diversified Telecommunication Services |
||||||||||||||||||||||||||||||||||||
Point Broadband Holdings, LLC—Class A Units |
617 E. Lake St. Stanton, MI 48888 United States | (4) | 2.2 | % | 6,930 | 5,877 | 7,049 | 0.16 | % | |||||||||||||||||||||||||||
Point Broadband Holdings, LLC—Class B Units |
617 E. Lake St. Stanton, MI 48888 United States | (4) | 2.2 | % | 369,255 | 1,053 | 2,027 | 0.05 | % | |||||||||||||||||||||||||||
Point Broadband Holdings, LLC—Class Additional A Units |
617 E. Lake St. Stanton, MI 48888 United States | (4) | 2.2 | % | 1,489 | 1,263 | 1,515 | 0.03 | % | |||||||||||||||||||||||||||
Point Broadband Holdings, LLC—Class Additional B Units |
617 E. Lake St. Stanton, MI 48888 United States | (4) | 2.2 | % | 79,358 | 226 | 436 | 0.01 | % | |||||||||||||||||||||||||||
8,419 | 11,027 | 0.25 | % | |||||||||||||||||||||||||||||||||
Health Care Equipment & Supplies |
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GCX Corporation Group Holdings, L.P.—Class A-2 Units |
3875 Cypress Drive, Petaluma, CA 94954, United States | (4) | 10.0 | % | 539 | 539 | 324 | 0.01 | % | |||||||||||||||||||||||||||
Health Care Providers & Services |
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AVE Holdings I Corp. |
520 Madison Avenue, New York, NY 10022 United States | (4) | 0.4 | % | 625,944 | 607 | 664 | 0.02 | % | |||||||||||||||||||||||||||
Jayhawk Holdings, LP—A-1 Common Units |
8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States | (4) | 0.1 | % | 2,201 | 392 | 361 | 0.01 | % | |||||||||||||||||||||||||||
Jayhawk Holdings, LP—A-2 Common Units |
8717 West 110th Street, Suite 300 Overland Park, KS 66210 United States | (4) | 0.1 | % | 1,185 | 211 | 194 | 0.00 | % | |||||||||||||||||||||||||||
1,210 | 1,219 | 0.03 | % | |||||||||||||||||||||||||||||||||
Health Care Technology |
||||||||||||||||||||||||||||||||||||
Caerus Midco 2 S.À. R.L—Additional Vehicle Units |
450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States | (4)(6) | 0.0 | % | 11,710 | 12 | 1 | 0.00 | % | |||||||||||||||||||||||||||
Caerus Midco 2 S.À. R.L—Vehicle Units |
450 Lexington Ave, C/O Warburg Pincus LLC; New York; 10017 United States | (4)(6) | 0.2 | % | 58,458 | 58 | 54 | 0.00 | % | |||||||||||||||||||||||||||
70 | 55 | 0.00 | % |
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||||||||
Insurance |
||||||||||||||||||||||||||||||||||||
Shelf Holdco Ltd Common Equity |
Level 42, 22 Bishopsgate London, EC2N 4BQ United Kingdom | (4)(6) | 0.0 | % | 50,000 | 50 | 58 | 0.00 | % | |||||||||||||||||||||||||||
IT Services |
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NC Ocala Co-Invest Beta, L.P.—LP Interest |
4321 Collington Rd, Bowie, MD 20716, United States | (4) | 3.5 | % | 2,854,133 | 2,854 | 3,054 | 0.07 | % | |||||||||||||||||||||||||||
Professional Services |
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Guidehouse Holding Corp.—Preferred Equity |
2941 Fairview Park Dr Ste 501 Falls Church, VA, 22042-4543 United States | (4) | 11.50% | 20.6 | % | 15,440 | 15,133 | 17,602 | 0.40 | % | ||||||||||||||||||||||||||
OHCP V TC COI, LP.—LP Interest |
330 7th Ave, New York, NY 10001 United States | (4) | 35.0 | % | 3,500,000 | 3,500 | 5,075 | 0.12 | % | |||||||||||||||||||||||||||
Tricor Horizon, LP |
11 Middle Neck Road, Great Neck, New York NY 11021 United States | (4)(6) | 1.9 | % | 382,469 | 382 | 382 | 0.01 | % | |||||||||||||||||||||||||||
19,015 | 23,059 | 0.53 | % | |||||||||||||||||||||||||||||||||
Software |
||||||||||||||||||||||||||||||||||||
Connatix Parent, LLC—Class L Common Units |
666 Broadway, 10th Floor, New York, NY 10012, United States | (4) | 23.1 | % | 42,045 | 462 | 197 | 0.00 | % | |||||||||||||||||||||||||||
Expedition Holdco, LLC—Class A Units |
101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States | (4) | 9.0 | % | 90 | 57 | 36 | 0.00 | % | |||||||||||||||||||||||||||
Expedition Holdco, LLC—Class B Units |
101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States | (4) | 9.0 | % | 90,000 | 33 | 9 | 0.00 | % | |||||||||||||||||||||||||||
Lobos Parent, Inc.—Series A Preferred Shares |
206 S Earl St # 394, Schaller, Iowa, United States | (4) | 10.50% | 2.9 | % | 1,545 | 1,506 | 1,687 | 0.04 | % | ||||||||||||||||||||||||||
Mandolin Technology Holdings, Inc.—Series A Preferred Shares |
Nova Tower 1 1 Allegheny Square, Suite 800 Pittsburgh,PA,15212 United States | (4) | 10.0 | % | 3,550,000 | 3,444 | 3,089 | 0.07 | % | |||||||||||||||||||||||||||
Mimecast Limited |
1 Finsbury Avenue, London, United Kingdom, EC2M 2PF | (4) | 0.7 | % | 651,175 | 651 | 638 | 0.01 | % | |||||||||||||||||||||||||||
Zoro Common Equity |
989 Market St, San Francisco, CA 94103 United States | (4) | 0.1 | % | 2,073 | 21 | 21 | 0.00 | % | |||||||||||||||||||||||||||
Zoro Series A Preferred Shares |
989 Market St, San Francisco, CA 94103 United States | (4) | 12.50% | 0.1 | % | 373 | 362 | 385 | 0.01 | % | ||||||||||||||||||||||||||
6,536 | 6,062 | 0.13 | % | |||||||||||||||||||||||||||||||||
Specialty Retail |
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CustomInk, LLC—Series A Preferred Units |
2910 District Avenue Fairfax VA 22031 United States | (4) | 34.2 | % | 384,520 | 5,200 | 7,067 | 0.16 | % | |||||||||||||||||||||||||||
Transportation Infrastructure |
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Frontline Road Safety Investments, LLC—Class A Common Units |
2714 Sherman Street, Grand Prairie, TX 75051 United States | (4) | 30.1 | % | 27,536 | 2,909 | 2,046 | 0.05 | % | |||||||||||||||||||||||||||
Ncp Helix Holdings, LLC.—Preferred Shares |
888 Boylston Street, Suite 1100, Boston, Massachusetts 02199 United States | (4) | 24.4 | % | 369 | 372 | 472 | 0.01 | % | |||||||||||||||||||||||||||
3,281 | 2,518 | 0.06 | % | |||||||||||||||||||||||||||||||||
Total Equity—non-controlled/non-affiliated |
74,910 | 103,676 | 2.38 | % | ||||||||||||||||||||||||||||||||
Total Investments—non-controlled/non-affiliated |
9,353,285 | 9,282,040 | 213.25 | % | ||||||||||||||||||||||||||||||||
Investments (1) |
Address |
Footnotes |
Reference Rate and Spread |
Interest Rate (2)(15) |
Maturity Date |
% of Class Held at 6/30/2023 |
Par Amount/ Units (1) |
Cost (3) |
Fair Value |
% of Net Assets |
||||||||||||||||||||
Investments—non-controlled/affiliated |
||||||||||||||||||||||||||||||
Equity |
||||||||||||||||||||||||||||||
Insurance |
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Blackstone Donegal Holdings LP—LP Interests (Westland Insurance Group LTD) |
200, 2121 – 160th Street, Surrey, BC Canada | (4)(5)(6)(16) | 18 | % | 1 | 6,491 | 0.15 | % | ||||||||||||||||||||||
Total Equity—non-controlled/affiliated |
1 | 6,491 | 0.15 | % | ||||||||||||||||||||||||||
Total Investments—non-controlled/affiliated |
1 | 6,491 | 0.15 | % | ||||||||||||||||||||||||||
Total Investment Portfolio |
9,353,286 | 9,288,531 | 213.40 | % | ||||||||||||||||||||||||||
Cash and Cash Equivalents |
||||||||||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund |
124,071 | 124,071 | 2.85 | % | ||||||||||||||||||||||||||
Other Cash and Cash Equivalents |
23,312 | 23,312 | 0.54 | % | ||||||||||||||||||||||||||
Total Portfolio Investments, Cash and Cash Equivalents |
9,500,669 | 9,435,914 | 216.79 | % | ||||||||||||||||||||||||||
(1) | Unless otherwise indicated, all debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Condensed Consolidated Schedule of Investments) are denominated in dollars. As of June 30, 2023, the Company had investments denominated in Canadian Dollars (CAD), Euros (EUR), British Pounds (GBP), Danish Krone (DKK), Swedish Krona (SEK), and Norwegian Krone (NOK). All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments, while the number of shares or units (in whole amounts) owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated. |
(2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), Stockholm Interbank Offered Rate (“STIBOR” or “ST”), Copenhagen Interbank Offered Rate (“CIBOR” or “CI”, Norwegian Interbank Offered Rate (“NIBOR” or “N”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023. Variable rate loans typically include an interest reference rate floor feature. As of June 30, 2023, 93.8% of the debt portfolio at fair value had an interest rate floor above zero. Rates on equity instruments represents contractual dividend rates on certain preferred equity positions. |
(3) | The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
(4) | These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees, pursuant to the Company’s valuation policy. |
(5) | These investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. Any other debt investments listed above are pledged to financing facilities and are not available to satisfy the creditors of the Company. |
(6) | The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023, non-qualifying assets represented 8.6% of total assets as calculated in accordance with regulatory requirements. |
(7) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments: |
Investments—non-controlled/non-affiliated |
Commitment Type |
Commitment Expiration Date |
Unfunded Commitment |
Fair Value |
||||||||||||
First Lien Debt |
||||||||||||||||
123Dentist, Inc. |
Delayed Draw Term Loan | 8/10/2029 | $ | 770 | $ | (526 | ) | |||||||||
ACI Group Holdings, Inc. |
Delayed Draw Term Loan | 8/2/2023 | 21,043 | — | ||||||||||||
ACI Group Holdings, Inc. |
Revolver | 8/2/2027 | 11,567 | (174 | ) | |||||||||||
ADCS Clinics Intermediate Holdings, LLC |
Revolver | 5/7/2027 | 1,301 | (26 | ) | |||||||||||
AI Altius Bidco, Inc. |
Delayed Draw Term Loan | 12/21/2023 | 158 | — | ||||||||||||
AI Altius Bidco, Inc. |
Delayed Draw Term Loan | 12/21/2028 | 693 | — | ||||||||||||
Amerilife Holdings, LLC |
Revolver | 8/31/2028 | 202 | — | ||||||||||||
Amerilife Holdings, LLC |
Delayed Draw Term Loan | 8/31/2029 | 150 | — | ||||||||||||
Amerivet Partners Management, Inc. |
Revolver | 2/25/2028 | 589 | (24 | ) | |||||||||||
Amerivet Partners Management, Inc. |
Delayed Draw Term Loan | 2/25/2024 | 2,120 | — | ||||||||||||
Anaplan, Inc. |
Revolver | 6/21/2028 | 161 | (2 | ) | |||||||||||
Apex Companies, LLC |
Delayed Draw Term Loan | 1/31/2028 | 369 | (5 | ) | |||||||||||
Armada Parent, Inc. |
Delayed Draw Term Loan | 10/29/2023 | 1,250 | — | ||||||||||||
Armada Parent, Inc. |
Revolver | 10/29/2027 | 3,000 | (60 | ) | |||||||||||
Ascend Buyer, LLC |
Revolver | 9/30/2027 | 1,940 | (19 | ) | |||||||||||
AxiomSL Group, Inc. |
Delayed Draw Term Loan | 12/3/2027 | 2,949 | (29 | ) | |||||||||||
AxiomSL Group, Inc. |
Revolver | 12/3/2025 | 3,221 | — | ||||||||||||
Bazaarvoice, Inc. |
Revolver | 5/7/2026 | 28,662 | — | ||||||||||||
Beeline, LLC |
Revolver | 5/2/2028 | 492 | — | ||||||||||||
Beeline, LLC |
Delayed Draw Term Loan | 5/2/2029 | 710 | — | ||||||||||||
Benefytt Technologies, Inc. |
Delayed Draw Term Loan | 8/12/2023 | 343 | — | ||||||||||||
BlueCat Networks USA, Inc. |
Delayed Draw Term Loan | 8/8/2028 | 129 | — | ||||||||||||
BlueCat Networks USA, Inc. |
Delayed Draw Term Loan | 8/8/2028 | 341 | (3 | ) | |||||||||||
Caerus US 1, Inc. |
Delayed Draw Term Loan | 5/25/2029 | 1,506 | (15 | ) | |||||||||||
Caerus US 1, Inc. |
Revolver | 5/25/2029 | 282 | — | ||||||||||||
Caerus US 1, Inc. |
Delayed Draw Term Loan | 5/25/2029 | 320 | (3 | ) | |||||||||||
Cambium Learning Group, Inc. |
Revolver | 7/20/2028 | 43,592 | — | ||||||||||||
Canadian Hospital Specialties Ltd. |
Revolver | 4/14/2027 | 1,886 | — | ||||||||||||
CCBlue Bidco, Inc. |
Delayed Draw Term Loan | 12/21/2023 | 1,408 | — | ||||||||||||
CFGI Holdings, LLC |
Revolver | 11/2/2027 | 1,050 | (21 | ) | |||||||||||
Circana Group L.P. |
Revolver | 12/1/2027 | 8,281 | — | ||||||||||||
Circana Group L.P. |
Revolver | 12/1/2027 | 4,416 | (44 | ) | |||||||||||
Clearview Buyer, Inc. |
Delayed Draw Term Loan | 8/26/2024 | 3,668 | — | ||||||||||||
Clearview Buyer, Inc. |
Revolver | 2/26/2027 | 898 | (18 | ) | |||||||||||
Cobham Holdings, Inc. |
Revolver | 1/9/2028 | 376 | (8 | ) | |||||||||||
Community Brands ParentCo, LLC |
Delayed Draw Term Loan | 2/24/2024 | 588 | (6 | ) | |||||||||||
Community Brands ParentCo, LLC |
Revolver | 2/24/2028 | 345 | (7 | ) | |||||||||||
Confine Visual Bidco |
Delayed Draw Term Loan | 3/11/2024 | 3,046 | — | ||||||||||||
Connatix Buyer, Inc. |
Revolver | 7/14/2027 | 5,431 | (244 | ) | |||||||||||
Connatix Buyer, Inc. |
Delayed Draw Term Loan | 7/14/2023 | 10,900 | (109 | ) | |||||||||||
COP Home Services TopCo IV, Inc. |
Revolver | 12/31/2025 | 1,705 | — | ||||||||||||
COP Home Services TopCo IV, Inc. |
Revolver | 12/31/2025 | 1,568 | (17 | ) | |||||||||||
COP Home Services TopCo IV, Inc. |
Delayed Draw Term Loan | 12/30/2027 | 8,730 | (44 | ) | |||||||||||
Coupa Software Inc. |
Delayed Draw Term Loan | 8/27/2024 | 164 | (2 | ) | |||||||||||
Coupa Software Inc. |
Revolver | 2/27/2030 | 126 | (2 | ) | |||||||||||
CPI Buyer, LLC |
Revolver | 11/1/2026 | 3,214 | (64 | ) | |||||||||||
CPI Intermediate Holdings Inc |
Delayed Draw Term Loan | 10/8/2029 | 966 | (10 | ) | |||||||||||
Cumming Group, Inc. |
Revolver | 5/26/2027 | 12,695 | (317 | ) | |||||||||||
Cumming Group, Inc. |
Delayed Draw Term Loan | 5/26/2027 | 343 | — | ||||||||||||
DCA Investment Holdings, LLC |
Delayed Draw Term Loan | 4/3/2028 | 478 | — | ||||||||||||
Discovery Education, Inc. |
Delayed Draw Term Loan | 4/9/2029 | 6,773 | — | ||||||||||||
Discovery Education, Inc. |
Revolver | 4/9/2029 | 2,960 | (126 | ) | |||||||||||
Doc Generici (Diocle S.p.A.) |
Delayed Draw Term Loan | 10/26/2024 | 1,562 | (484 | ) |
Investments—non-controlled/non-affiliated |
Commitment Type |
Commitment Expiration Date |
Unfunded Commitment |
Fair Value |
||||||||||
Emergency Power Holdings, LLC |
Delayed Draw Term Loan | 8/17/2023 | $ | 16,456 | $ | (165 | ) | |||||||
ENV Bidco AB |
Delayed Draw Term Loan | 7/19/2029 | 401 | (124 | ) | |||||||||
Episerver, Inc. |
Revolver | 4/9/2026 | 2,064 | (114 | ) | |||||||||
Experity, Inc. |
Revolver | 2/24/2028 | 1,153 | — | ||||||||||
Foundation Risk Partners Corp. |
Revolver | 10/29/2027 | 2,382 | (36 | ) | |||||||||
Galway Borrower, LLC |
Revolver | 9/30/2027 | 2,113 | (42 | ) | |||||||||
Galway Borrower, LLC |
Delayed Draw Term Loan | 9/30/2023 | 279 | (3 | ) | |||||||||
GCX Corporation Buyer, LLC |
Delayed Draw Term Loan | 9/13/2023 | 2,000 | — | ||||||||||
GI Ranger Intermediate, LLC |
Revolver | 10/29/2027 | 720 | — | ||||||||||
GI Ranger Intermediate, LLC |
Delayed Draw Term Loan | 10/30/2028 | 3,040 | — | ||||||||||
Gigamon Inc. |
Revolver | 3/11/2028 | 437 | (1 | ) | |||||||||
Go Car Wash Management Corp. |
Delayed Draw Term Loan | 5/6/2024 | 730 | — | ||||||||||
GovernmentJobs.com, Inc. |
Revolver | 11/30/2027 | 423 | — | ||||||||||
GovernmentJobs.com, Inc. |
Delayed Draw Term Loan | 11/30/2023 | 2,144 | (43 | ) | |||||||||
GraphPAD Software, LLC |
Delayed Draw Term Loan | 4/27/2027 | 6,429 | (129 | ) | |||||||||
GraphPAD Software, LLC |
Revolver | 4/27/2027 | 2,124 | (32 | ) | |||||||||
Groundworks, LLC |
Delayed Draw Term Loan | 9/13/2025 | 130 | (2 | ) | |||||||||
Groundworks, LLC |
Revolver | 3/14/2029 | 42 | (1 | ) | |||||||||
Healthcomp Holding Company, LLC |
Delayed Draw Term Loan | 12/29/2023 | 23,952 | — | ||||||||||
Helix TS, LLC |
Delayed Draw Term Loan | 6/14/2024 | 614 | — | ||||||||||
HIG Orca Acquisition Holdings, Inc. |
Revolver | 8/17/2027 | 2,159 | — | ||||||||||
HIG Orca Acquisition Holdings, Inc. |
Delayed Draw Term Loan | 8/17/2023 | 3,241 | — | ||||||||||
High Street Buyer, Inc. |
Revolver | 4/16/2027 | 2,254 | (45 | ) | |||||||||
High Street Buyer, Inc. |
Delayed Draw Term Loan | 4/16/2028 | 10,145 | — | ||||||||||
IG Investments Holdings, LLC |
Revolver | 9/22/2027 | 3,583 | (18 | ) | |||||||||
Inovalon Holdings, Inc. |
Delayed Draw Term Loan | 6/24/2024 | 11,060 | (138 | ) | |||||||||
Integrity Marketing Acquisition, LLC |
Delayed Draw Term Loan | 8/27/2025 | 20 | — | ||||||||||
ISQ Hawkeye Holdco, Inc. |
Revolver | 8/17/2028 | 91 | (1 | ) | |||||||||
ISQ Hawkeye Holdco, Inc. |
Delayed Draw Term Loan | 8/17/2029 | 51 | — | ||||||||||
Java Buyer, Inc. |
Delayed Draw Term Loan | 12/15/2023 | 1,897 | — | ||||||||||
Jayhawk Buyer, LLC |
Delayed Draw Term Loan | 10/15/2026 | 30 | — | ||||||||||
Knowledge Pro Buyer, Inc. |
Delayed Draw Term Loan | 12/10/2023 | 784 | — | ||||||||||
Knowledge Pro Buyer, Inc. |
Revolver | 12/10/2027 | 1,145 | — | ||||||||||
KPSKY Acquisition, Inc. |
Delayed Draw Term Loan | 10/19/2023 | 143 | — | ||||||||||
Legacy Intermediate, LLC |
Delayed Draw Term Loan | 8/25/2023 | 329 | — | ||||||||||
Magnesium BorrowerCo, Inc. |
Delayed Draw Term Loan | 5/18/2029 | 485 | (12 | ) | |||||||||
Mandolin Technology Intermediate Holdings, Inc. |
Revolver | 7/30/2026 | 1,200 | (147 | ) | |||||||||
Marcone Yellowstone Buyer, Inc. |
Delayed Draw Term Loan | 6/23/2028 | 342 | (14 | ) | |||||||||
Material Holdings, LLC |
Revolver | 8/17/2027 | 1,766 | (106 | ) | |||||||||
Material Holdings, LLC |
Delayed Draw Term Loan | 8/19/2023 | 1,625 | — | ||||||||||
MHE Intermediate Holdings |
Revolver | 7/21/2027 | 230 | — | ||||||||||
Monk Holding Co. |
Delayed Draw Term Loan | 8/12/2023 | 2,038 | — | ||||||||||
Monterey Financing S.à.r.l |
Delayed Draw Term Loan | 9/19/2029 | 721 | (223 | ) | |||||||||
MRI Software, LLC |
Revolver | 2/10/2026 | 1,516 | (42 | ) | |||||||||
MRI Software, LLC |
Revolver | 2/10/2026 | 4,200 | (239 | ) | |||||||||
Navigator Acquiror, Inc. |
Delayed Draw Term Loan | 7/16/2023 | 40,843 | — | ||||||||||
NDC Acquisition Corp. |
Revolver | 3/9/2027 | 2,911 | — | ||||||||||
NMC Crimson Holdings, Inc. |
Delayed Draw Term Loan | 1/1/2024 | 12,560 | — | ||||||||||
Onex Baltimore Buyer, Inc. |
Delayed Draw Term Loan | 12/1/2023 | 2,247 | — | ||||||||||
Oranje Holdco Inc |
Revolver | 2/1/2029 | 250 | (4 | ) | |||||||||
Petrus Buyer Inc |
Delayed Draw Term Loan | 10/17/2029 | 595 | (9 | ) | |||||||||
Petrus Buyer Inc |
Revolver | 10/17/2029 | 272 | (5 | ) | |||||||||
PGIS Intermediate Holdings, LLC |
Revolver | 10/16/2028 | 330 | (7 | ) | |||||||||
Point Broadband Acquisition, LLC |
Delayed Draw Term Loan | 10/1/2023 | 4,717 | — | ||||||||||
Porcelain Acquisition Corp. |
Delayed Draw Term Loan | 4/1/2027 | 14,481 | — | ||||||||||
PPV Intermediate Holdings, LLC |
Revolver | 8/31/2029 | 159 | (2 | ) | |||||||||
Profile Products, LLC |
Revolver | 11/12/2027 | 413 | — | ||||||||||
Progress Residential PM Holdings, LLC |
Delayed Draw Term Loan | 7/25/2023 | 16,623 | — | ||||||||||
Progress Residential PM Holdings, LLC |
Delayed Draw Term Loan | 7/25/2029 | 333 | — |
Investments—non-controlled/non-affiliated |
Commitment Type |
Commitment Expiration Date |
Unfunded Commitment |
Fair Value |
||||||||||
Quality Distribution LLC |
Revolver | 4/3/2028 | $ | 94 | $ | (3 | ) | |||||||
Quality Distribution LLC |
Delayed Draw Term Loan | 10/3/2024 | 79 | (1 | ) | |||||||||
Quality Distribution LLC |
Revolver | 7/1/2026 | 3,000 | (135 | ) | |||||||||
Rally Buyer, Inc. |
Revolver | 7/19/2028 | 110 | (2 | ) | |||||||||
Rally Buyer, Inc. |
Delayed Draw Term Loan | 7/19/2028 | 180 | — | ||||||||||
Redwood Services Group, LLC |
Delayed Draw Term Loan | 6/15/2029 | 2 | — | ||||||||||
Redwood Services Group, LLC |
Delayed Draw Term Loan | 6/15/2029 | 674 | — | ||||||||||
Relativity ODA, LLC |
Revolver | 5/12/2027 | 3,292 | (49 | ) | |||||||||
Relay Purchaser, LLC |
Revolver | 8/30/2026 | 7,143 | (71 | ) | |||||||||
RoadOne Inc |
Revolver | 12/30/2028 | 275 | — | ||||||||||
RoadOne Inc |
Delayed Draw Term Loan | 12/30/2028 | 177 | — | ||||||||||
RWL Holdings, LLC |
Delayed Draw Term Loan | 12/1/2027 | 6,452 | (65 | ) | |||||||||
S&P Global Engineering Solutions |
Revolver | 5/2/2029 | 249 | (7 | ) | |||||||||
Safety Borrower Holdings LP |
Revolver | 9/1/2027 | 186 | — | ||||||||||
Sam Holding Co, Inc. |
Delayed Draw Term Loan | 9/24/2023 | 23,080 | — | ||||||||||
Sam Holding Co, Inc. |
Revolver | 3/24/2027 | 5,840 | — | ||||||||||
SEKO Global Logistics Network, LLC |
Revolver | 12/30/2026 | 508 | — | ||||||||||
SEKO Global Logistics Network, LLC |
Delayed Draw Term Loan | 12/30/2026 | 318 | — | ||||||||||
Sherlock Buyer Corp. |
Delayed Draw Term Loan | 12/8/2028 | 2,794 | (28 | ) | |||||||||
Sherlock Buyer Corp. |
Revolver | 12/8/2027 | 1,111 | (22 | ) | |||||||||
Smile Doctors, LLC |
Delayed Draw Term Loan | 6/9/2025 | 2,607 | (39 | ) | |||||||||
Smile Doctors, LLC |
Revolver | 12/23/2027 | 1,184 | — | ||||||||||
Snoopy Bidco, Inc. |
Delayed Draw Term Loan | 5/6/2024 | 15,786 | (710 | ) | |||||||||
SpecialtyCare, Inc. |
Delayed Draw Term Loan | 6/19/2028 | 1,155 | — | ||||||||||
SpecialtyCare, Inc. |
Revolver | 6/18/2026 | 1,012 | (22 | ) | |||||||||
Stepping Stones Healthcare Services, LLC |
Delayed Draw Term Loan | 12/30/2023 | 284 | — | ||||||||||
Stepping Stones Healthcare Services, LLC |
Revolver | 12/30/2026 | 297 | — | ||||||||||
The Fertility Partners, Inc. |
Revolver | 9/16/2027 | 82 | — | ||||||||||
The Fertility Partners, Inc. |
Delayed Draw Term Loan | 3/16/2024 | 590 | — | ||||||||||
Trader Corp. |
Revolver | 12/22/2028 | 2,013 | (1,383 | ) | |||||||||
Trinity Air Consultants Holdings Corp. |
Delayed Draw Term Loan | 6/30/2026 | 11,274 | (113 | ) | |||||||||
Trinity Air Consultants Holdings Corp. |
Delayed Draw Term Loan | 6/29/2027 | 9,969 | — | ||||||||||
Trinity Air Consultants Holdings Corp. |
Revolver | 6/29/2027 | 6,881 | (69 | ) | |||||||||
Trinity Partners Holdings, LLC |
Delayed Draw Term Loan | 12/21/2023 | 1,433 | (14 | ) | |||||||||
Triple Lift, Inc. |
Revolver | 5/6/2028 | 4,747 | — | ||||||||||
Turing Holdco, Inc. |
Delayed Draw Term Loan | 8/3/2028 | 130 | — | ||||||||||
UMP Holdings, LLC |
Delayed Draw Term Loan | 7/15/2028 | 510 | — | ||||||||||
Unified Physician Management, LLC |
Delayed Draw Term Loan | 6/18/2029 | 9 | — | ||||||||||
Unified Physician Management, LLC |
Revolver | 6/18/2029 | 241 | — | ||||||||||
US Oral Surgery Management Holdco, LLC |
Revolver | 11/18/2027 | 3,233 | (154 | ) | |||||||||
West Monroe Partners, LLC |
Delayed Draw Term Loan | 11/9/2023 | 3,848 | — | ||||||||||
West Monroe Partners, LLC |
Revolver | 11/9/2027 | 1,058 | — | ||||||||||
WHCG Purchaser III, Inc. |
Revolver | 6/22/2026 | 42 | — | ||||||||||
Zendesk Inc |
Revolver | 11/3/2028 | 169 | (3 | ) | |||||||||
Zendesk Inc |
Delayed Draw Term Loan | 11/22/2028 | 361 | (5 | ) | |||||||||
Total unfunded commitments |
$ | 551,338 | $ | (7,008 | ) | |||||||||
(8) | There are no interest rate floors on these investments. |
(9) | The interest rate floor on these investments as of June 30, 2023 was 0.50% |
(10) | The interest rate floor on these investments as of June 30, 2023 was 0.75% |
(11) | The interest rate floor on these investments as of June 30, 2023 was 1.00% |
(12) | The interest rate floor on these investments as of June 30, 2023 was 1.25% |
(13) | The interest rate floor on these investments as of June 30, 2023 was 1.50% |
(14) | The interest rate floor on these investments as of June 30, 2023 was 2.00% |
(15) | For unsettled positions the interest rate does not include the base rate. |
(16) | Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2023, the Company’s non-controlled/affiliated investments were as follows: |
Fair Value as of December 31, 2022 |
Gross Additions |
Gross Reductions |
Change in Unrealized Gains (Losses) |
Net Realized Gain (Loss) |
Fair Value as of June 30, 2023 |
Dividend and Interest Income |
||||||||||||||||||||||
Non-controlled/Affiliated Investments |
||||||||||||||||||||||||||||
Blackstone Donegal Holdings LP |
$ | 56,584 | $ | — | $ | (43,845 | ) | $ | (13,455 | ) | $ | 7,207 | $ | 6,491 | $ | — | ||||||||||||
Total |
$ |
56,584 |
$ |
— |
$ |
(43,845 |
) |
$ |
(13,455 |
) |
$ |
7,207 |
$ |
6,491 |
$ |
— |
||||||||||||
(17) | Loan was on non-accrual status as of June 30, 2023. |
(18) | These loans are “last-out” portions of loans. The “last-out” portion of the Company’s loan investment generally earns a higher interest rate than the “first-out” portion, and in exchange the “first-out” portion would generally receive priority with respect to payment principal, interest and any other amounts due thereunder over the “last-out” portion. |
• | our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 27, 2023; |
• | our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed with the SEC on May 10, 2023 and August 9, 2023, respectively; |
• | our Current Reports on Form 8-K, filed with the SEC on January 10, 2023, March 3, 2023, April 5, 2023, June 13, 2023, June 30, 2023 and August 3, 2023; and |
• | the description of our common shares referenced in our Registration Statement on Form 8-A (No. 001-40966), as filed with the SEC on October 26, 2021, including any amendment or report filed for the purpose of updating such description prior to the termination of this offering of our common shares. |
1 | ||||
2 | ||||
21 | ||||
27 | ||||
29 | ||||
30 | ||||
33 | ||||
34 | ||||
35 | ||||
38 | ||||
39 | ||||
40 | ||||
42 | ||||
64 | ||||
70 | ||||
71 | ||||
73 | ||||
74 | ||||
75 | ||||
81 | ||||
88 | ||||
89 | ||||
91 | ||||
93 | ||||
109 | ||||
110 | ||||
112 | ||||
112 | ||||
112 | ||||
112 | ||||
112 | ||||
114 |
1 |
Source |
2 |
As of March 31, 2022. Issuers across portfolios include all corporate issues covered by both the Liquid Credit Strategies and Private Credit research teams across Private Credit Funds and Liquid Credit Funds, including, but not limited to, broadly syndicated assets, middle market assets, high yield bonds, investment grade assets, and mezzanine transactions. |
3 |
Includes Chief Investment Office, Capital Formation, Special Situations Group, Investment and Portfolio Management professionals. |
4 |
As of March 31, 2022. Includes Blackstone Credit funds that are primarily invested in privately originated investments, including Blackstone Capital Opportunities Funds, Blackstone Capital Solutions Funds, Blackstone European and U.S. Direct Lending Funds, Blackstone Energy Select Opportunities Fund, and Blackstone Credit Alpha Funds. |
5 |
Value creation represents $189 million of annual savings as of March 31, 2022, representing estimated savings utilizing the Blackstone Credit Advantage program at the time cost is benchmarked with portfolio companies. Savings improved portfolio company EBITDA and created value assuming a 12x average EBITDA multiple. |
6 |
Includes Chief Investment Office, Capital Formation, Special Situations Group, Investment and Portfolio Management professionals. |
• | No income based incentive fee is payable to the Adviser for any calendar quarter for which there is no Excess Income Amount. |
• | The Adviser will be paid 100% of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters, if any, that exceeds the hurdle amount for such Trailing Twelve Quarters, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 1.76% (7.06% annualized) prior to the end of the Waiver Period, or 1.82% (7.27% annualized) following the Waiver Period, multiplied by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters that is included in the calculation of the Incentive Fee based on income. |
• | The Adviser will be paid 15% prior to the end of the Waiver Period, or 17.5% following the Waiver Period, of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount. |
• | We are a relatively new company and have limited operating history and our ability to achieve our investment objectives depends on the ability of the Adviser to manage and support our investment process largely through relationships with private equity sponsors, investment banks and commercial banks. |
• | Our Board of Trustees (“Board”) may change our operating policies and strategies or amend our Declaration of Trust without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition. |
• | Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio and our market price. |
• | We may face increasing competition for investment opportunities, have difficulty sourcing investment opportunities and experience fluctuations in our quarterly results. |
• | As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments. |
• | There is a risk that investors in our shares may not receive distributions or that our distributions may decrease over time. |
• | Changes in laws or regulations governing our operations may adversely affect our business, and the impact of financial reform legislation on us is uncertain. |
• | General economic conditions could adversely affect the performance of our investments and our market price. |
• | The current outbreak of the novel coronavirus, or COVID-19, has caused severe disruptions in the U.S. and global economy and already has had and may in the future have a material adverse impact on our financial condition and results of operations. |
• | We generally will not control our portfolio companies and our investments in prospective portfolio companies may be risky. |
• | Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies and breach covenants or defaults on such debt. |
• | We are exposed to risks associated with changes in interest rates. |
• | Economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results. |
• | Our portfolio may be concentrated in a limited number of industries, which may subject us to specific risks. |
• | The Adviser and its affiliates, including our officers and some of our trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders. |
• | We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio and the compensation paid to the Adviser is determined without independent assessment. |
• | The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us. |
• | The requirement that we invest a sufficient portion of our assets in assets of the type listed in Section 55(a) of the 1940 Act (“Qualifying Assets”) could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC. |
• | Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes. |
• | We borrow money, which magnifies the potential for loss on amounts invested in us and may increase the risk of investing in us. |
• | Provisions in a credit facility may limit our investment discretion. |
• | We are subject to risks associated with the unsecured notes and debt securitizations that we have issued and our credit facilities. |
• | We will be subject to corporate-level income tax if we are unable to qualify as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements. |
• | Our portfolio investments may present special tax issues. |
• | Legislative or regulatory tax changes could adversely affect investors. |
• | An investment in our shares involves a high degree of risk, our NAV may fluctuate significantly and our shares will have limited liquidity. |
• | Shares of closed-end investment companies, including BDCs, often trade at a discount to their net asset value. |
• | There is a risk that investors in our equity securities will not receive distributions or that our distributions do not grow over time and a portion of our distributions could be a return of capital. |
Symbol on the New York Stock Exchange |
“BXSL” |
Use of Proceeds |
Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from the sale of our securities for general corporate purposes, which may include, among other things, investing in accordance with our investment objective and repaying indebtedness (which will be subject to reborrowing). |
Each supplement to this prospectus relating to an offering will more fully identify the use of the proceeds from such offering. |
See “ Use of Proceeds |
Distributions |
We intend to make quarterly distributions to our shareholders out of assets legally available for distribution. Our distributions, if any, will be determined by our Board. All future distributions will be subject to lawfully available funds therefor, and we can offer no assurance that we will be able to declare such distributions in future periods. |
We intend to timely distribute to our shareholders substantially all of our annual taxable income for each year, except that we may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, we may choose to carry forward taxable income for distribution in the following year and pay any applicable U.S. federal excise tax. The distributions we pay to our shareholders in a year may exceed our taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. See “ Distributions |
Taxation |
We have elected to be treated as a RIC for U.S. federal income tax purposes, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. Our tax treatment as |
a RIC will enable us to deduct qualifying distributions to our shareholders, so that we will be subject to corporate-level U.S. federal income taxation only in respect of earnings that we retain and do not distribute. |
To maintain our status as a RIC and to avoid being subject to corporate-level U.S. federal income taxation on our earnings, we must, among other things: |
• | maintain our election under the 1940 Act to be treated as a BDC; |
• | derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or other disposition of stock or securities and other specified categories of investment income; and |
• | maintain diversified holdings. |
In addition, to receive tax treatment as a RIC, we must distribute (or be treated as distributing) in each taxable year dividends for tax purposes equal to at least 90% of the sum of our investment company taxable income (which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses) and net tax-exempt income for that taxable year. |
As a RIC, we generally will not be subject to corporate-level U.S. federal income tax on our investment company taxable income and net capital gains that we distribute to shareholders. If we fail to distribute our investment company taxable income or net capital gains on a timely basis, we will be subject to a nondeductible 4% U.S. federal excise tax. See “ Distributions Certain U.S. Federal Income Tax Considerations |
Leverage |
As a BDC, we are permitted under the 1940 Act to borrow funds or issue “senior securities” to finance a portion of our investments. As a result, we are exposed to the risks of leverage, which may be considered a speculative investment technique. |
Leverage increases the potential for gain and loss on amounts invested and, as a result, increases the risks associated with investing in our securities. With certain limited exceptions, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150% after such incurrence or issuance. This means that generally, we can borrow up to $2 for every $1 of investor equity. The costs associated with our borrowings, including any increase in the management fee payable to the Adviser, are borne by our shareholders. |
As of March 31, 2022, our asset coverage was 178.1%. See “ Regulation |
Dividend reinvestment plan |
We have adopted an “opt out” dividend reinvestment plan (“DRIP”) for our shareholders. As a result, if we declare a cash dividend or other distribution, each shareholder that has not “opted out” of our dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional amounts of our common shares rather than receiving cash distributions. There will be no up-front selling commissions or dealer manager fees to you if you elect to participate in the dividend reinvestment plan. We will pay the plan administrator fees under the plan. |
Shareholders who receive dividends and other distributions in the form of common shares generally are subject to the same U.S. federal tax consequences as shareholders who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes on reinvested dividends. See “ Dividend Reinvestment Plan |
Management Agreements |
We are managed by our investment adviser, Blackstone Credit BDC Advisors LLC, a subsidiary of Blackstone Alternative Credit Advisors LP, who serves as our administrator. For a description of Blackstone Credit BDC Advisers LLC and a description of our Investment Advisory Agreement and Administration Agreement, see “ Management and Other Agreements |
Custodian, Transfer and Dividend Paying Agent and Registrar |
State Street Bank and Trust Company serves as our custodian. DST Systems, Inc. acts as our transfer agent, dividend disbursing agent for our common shares. See “ Custodian, Transfer and Dividend Paying Agent and Registrar |
Available Information |
We have filed with the SEC a registration statement on Form N-2, of which this prospectus is a part, under the Securities Act. This registration statement contains additional information about us and the common shares being offered by this prospectus. We are also required to file periodic reports, current reports, proxy statements and other information with the SEC. This information is available on the SEC’s website at http://www.sec.gov. |
We maintain a website at www.bxsl.com and make all of our periodic and current reports, proxy statements and other information available, free of charge, on or through our website. Information on our website and the SEC’s website is not incorporated into or part of this prospectus. You may also obtain such information free of charge by contacting us in writing at 345 Park Avenue, 31st floor, New York, New York 10153, Attention: Blackstone Secured Lending Fund, or by phone at (212) 503-2100. |
Incorporation of Certain Information by Reference |
This prospectus is part of a registration statement that we have filed with the SEC. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file any such document. Any reports filed by us with the SEC subsequent |
to the date of this prospectus and before the date that any offering of any securities by means of this prospectus and any supplement thereto is terminated will automatically update and, where applicable, supersede any information contained in this prospectus or incorporated by reference in this prospectus. See “ Incorporation of Certain Information by Reference |
Shareholder transaction expenses: |
||||
Sales load (as a percentage of offering price) |
* | % (1) | ||
Offering expenses (as a percentage of offering price) |
* | % (2) | ||
Dividend reinvestment plan expenses |
* | % (3) | ||
Total shareholder transaction expenses (as a percentage of offering price) |
* | % | ||
Annual expenses (as a percentage of net assets attributable to common shares) (9) : |
||||
Management Fee payable under the Investment Advisory Agreement |
2.31 | % (4) | ||
Incentive Fee payable under the Investment Advisory Agreement |
1.93 | % (5) | ||
Interest payments on borrowed funds |
3.63 | % (6) | ||
Other expenses |
0.40 | % (7)(8) | ||
Total annual expenses |
8.27 | % (8) | ||
Management Fee Waiver |
(0.58 | )% (4) | ||
Incentive Fee Waiver |
(0.27 | )% (5) | ||
Total net annual expenses |
7.42 | % (8) |
(1) | In the event that the securities are sold to or through underwriters, a related prospectus supplement will disclose the applicable sales load (underwriting discount or commission). |
(2) | A related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated amount of offering expenses borne by the Company as a percentage of the offering price. |
(3) | The expenses of the dividend reinvestment plan are included in “other expenses” in the table above. For additional information, see “ Dividend Reinvestment Plan |
(4) | The Management Fee is 1.0% of our average gross assets (excluding undrawn commitments but including assets purchased with borrowed amounts); however, in order to maintain the same management fee arrangement that the Company had in place prior to the IPO for a period of time following the completion of the IPO, the Adviser voluntarily waived its right to receive the base management fee in excess of 0.75% of the average value of the Company’s gross assets at the end of the two most recently completed calendar quarters during the Waiver Period. We may from time to time decide it is appropriate to change the terms of the agreement. Under the 1940 Act, any material change to our Investment Advisory Agreement must be submitted to shareholders for approval. See “ Management and Other Agreements |
(5) | The Incentive Fee will consist of two components, “Income based incentive fees” and “Capital Gains incentive fees” that are independent of each other, with the result that one component may be payable even if the other is not. The amount included in the table above are estimated by annualizing “Income based incentive fee” expense for the three months ended March 31, 2022, and adding the “Capital gains based incentive fee” accrued in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The table reflects each incentive fee calculated at a rate of 17.5%. Similar to the voluntary |
waiver referenced in footnote (4) above, the Adviser voluntarily waived its right to receive each component of the Incentive Fee above 15% during the Waiver Period. |
(6) | Interest payments on borrowed funds represents an estimate of our annualized interest expense based on borrowings under the Revolving Credit Facility, the SPV Financing Facilities and the Notes. The assumed weighted average interest rate on our total debt outstanding was 2.79%, which is the weighted average interest rate on our total debt outstanding as of March 31, 2022. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred shares, subject to our compliance with applicable requirements under the Investment Company Act. |
(7) | Includes our overhead expenses, such as payments under the Administration Agreement for certain expenses incurred by the Adviser. See “ Management and Other Agreements — Administration Agreement |
(8) | Estimated. |
(9) | Average net assets employed as the denominator for expense ratio computation is $4,441 million. |
1 year |
3 years |
5 years |
10 years | |||||
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income (1) |
$57 | $182 | $302 | $591 | ||||
You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains (2) |
$73 | $229 | $376 | $701 |
(1) | The income based incentive fee is subject to a 6% hurdle. Accordingly, no incentive fee would be payable in this example. |
(2) | Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). |
Three Months Ended March 31, |
For The Year Ended December 31, |
|||||||||||||||||||
2022 |
2021 |
2020 |
2019 |
2018 |
||||||||||||||||
Per Share Data: |
||||||||||||||||||||
Net asset value, beginning of period |
$ | 26.27 | $ | 25.20 | $ | 26.02 | $ | 24.57 | 25.00 | |||||||||||
Net investment income (1) |
0.61 | 2.43 | 2.51 | 2.18 | 0.17 | |||||||||||||||
Net unrealized and realized gain (loss) (2) |
0.03 | 0.67 | (1.03 | ) | 1.27 | (0.60 | ) | |||||||||||||
Net increase (decrease) in net assets resulting from operations |
0.64 | 3.10 | 1.48 | 3.45 | (0.43 | ) | ||||||||||||||
Distributions declared (3) |
(0.78 | ) | (2.03 | ) | (2.30 | ) | (2.00 | ) | — | |||||||||||
Total increase (decrease) in net assets |
(0.14 | ) | 1.07 | (0.82 | ) | 1.45 | (0.43 | ) | ||||||||||||
Net asset value, end of period |
$ | 26.13 | $ | 26.27 | $ | 25.20 | $ | 26.02 | $ | 24.57 | ||||||||||
Shares outstanding, end of period |
169,691,412 | 169,274,033 | 129,661,586 | 64,289,742 | 9,621,319 | |||||||||||||||
Total return based on NAV (4) |
2.44 | % | 12.63 | % | 6.46 | % | 14.43 | % | (1.72 | )% | ||||||||||
Total Return based on market value (5) |
(15.67 | )% | 32.05 | % | N/A | N/A | N/A | |||||||||||||
Ratios: |
||||||||||||||||||||
Ratio of net expenses to average net assets (6) |
7.39 | % | 7.24 | % | 6.50 | % | 8.50 | % | 8.89 | % | ||||||||||
Ratio of net investment income to average net assets (5) |
9.15 | % | 9.33 | % | 10.37 | % | 8.46 | % | 6.07 | % | ||||||||||
Portfolio turnover rate |
1.34 | % | 35.40 | % | 46.80 | % | 31.49 | % | — | |||||||||||
Supplemental Data: |
||||||||||||||||||||
Net assets, end of period |
4,433,870 | 4,447,479 | 3,267,809 | 1,673,117 | 236,365 | |||||||||||||||
Asset coverage ratio |
178.1 | % | 180.2 | % | 230.0 | % | 215.1 | % | 227.8 | % |
(1) | The per share data was derived by using the weighted average shares outstanding during the period. |
(2) | For the years ended December 31, 2021, 2020, 2019 and 2018, the amount shown does not correspond with the aggregate amount for the period as it includes a $(0.09), $(0.81), $0.31 and ($0.03) impact, respectively, from the effect of the timing of capital transactions. For the three months ended March 31, 2022, the amount |
shown does not correspond with the aggregate amount for the period as it includes a $(0.01) from the effect of the timing of capital transactions. |
(3) | The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions. |
(4) | Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan) divided by the beginning NAV per share. Total return does not include sales load. |
(5) | Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. The beginning market value per share is based on the initial public offering price of $26.15 per share and not annualized. |
(6) | Amounts are annualized except for expense support amounts relating to organizational costs and management fee and income based incentive fee waivers by the Adviser. For the years ended December 31, 2021, 2020, 2019 and 2018, the ratio of total operating expenses to average net assets was 7.42%, 6.43%, 8.47% and 14.09%, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented (0.17%), (0.07)%, (0.03)% and 5.20%, respectively, of average net assets. For the three months ended March 31, 2022, the ratio of total operating expenses to average net assets was 8.23% on an annualized basis, excluding the effect of expense support/(recoupment) and management fee and income based incentive fee waivers by the Adviser which represented (0.84)% of average net assets. |
• | our future operating results; |
• | our business prospects and the prospects of the companies in which we may invest; |
• | the impact of the investments that we expect to make; |
• | our ability to raise sufficient capital to execute our investment strategy; |
• | the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflict between Russia and Ukraine; |
• | general economic, logistical and political trends and other external factors, including impact of the uncertainty of the duration and severity of the current novel coronavirus (“COVID-19”) pandemic, related COVID-19 variants and recent supply chain disruptions; |
• | the ability of our portfolio companies to achieve their objectives; |
• | our current and expected financing arrangements and investments; |
• | changes in the general interest rate environment; |
• | the adequacy of our cash resources, financing sources and working capital; |
• | the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies; |
• | our contractual arrangements and relationships with third parties; |
• | actual and potential conflicts of interest with the Adviser or any of its affiliates; |
• | the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we may invest; |
• | the effect of investments that we expect to make and the competition for those investments; |
• | the dependence of our future success on the general economy and its effect on the industries in which we may invest; |
• | our use of financial leverage, including the use of borrowed money to finance a portion of our investments and the effect of the COVID-19 pandemic on the availability of equity and debt capital on favorable terms or at all; |
• | our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic; |
• | the ability of the Adviser to source suitable investments for us and to monitor and administer our investments; |
• | the impact of any future acquisitions and divestitures; |
• | the ability of the Adviser or its affiliates to attract and retain highly talented professionals; |
• | our ability to maintain our qualification as a regulated investment company and as a BDC; |
• | the impact on our business of U.S. and international financial reform legislation, rules and regulations; |
• | the effect of changes to tax legislation and our tax position; and |
• | the tax status of the enterprises in which we may invest. |
Price Range |
||||||||||||||||||||||||
Period |
Net Asset Value (1) |
High |
Low |
High Sales Price Premium (Discount) to Net Asset Value (2) |
Low Sales Price Premium (Discount) to Net Asset Value (2) |
Cash Dividend Per Share (3) |
||||||||||||||||||
Year Ended December 31, 2022 |
||||||||||||||||||||||||
First Quarter |
$ | 26.13 | $ | 31.75 | $ | 27.88 | 21.51 | % | 6.70 | % | $ | 0.5300 | ||||||||||||
Second Quarter |
$ | * | $ | 28.99 | $ | 23.30 | * | % | * | % | $ | 0.5300 | ||||||||||||
Year Ended December 31, 2021 |
||||||||||||||||||||||||
First Quarter |
$ | 25.56 | N/A | N/A | (4) |
N/A | N/A | $ | 0.5000 | |||||||||||||||
Second Quarter |
$ | 25.92 | N/A | N/A | (4) |
N/A | N/A | $ | 0.5000 | |||||||||||||||
Third Quarter |
$ | 26.15 | N/A | N/A | (4) |
N/A | N/A | $ | 0.5000 | |||||||||||||||
Fourth Quarter |
$ | 26.27 | $ | 37.64 | $ | 27.63 | 43.3 | % | 5.18 | % | $ | 1.1800 | ||||||||||||
Year Ended December 31, 2020 |
||||||||||||||||||||||||
First Quarter |
$ | 21.80 | N/A | N/A | N/A | N/A | $ | 0.5000 | ||||||||||||||||
Second Quarter |
$ | 23.68 | N/A | N/A | N/A | N/A | $ | 0.5000 | ||||||||||||||||
Third Quarter |
$ | 24.91 | N/A | N/A | N/A | N/A | $ | 0.5000 | ||||||||||||||||
Fourth Quarter |
$ | 25.20 | N/A | N/A | N/A | N/A | $ | 0.8000 |
(1) | Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter. |
(2) | Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter). |
(3) | Represents the dividend or distribution declared in the relevant quarter. |
(4) | On October 28, 2021, the Company closed its IPO, issuing 9,180,000 of its common shares at a public offering price of $26.15 per share. On November 4, 2021, the underwriters exercised their option to purchase an additional 1,377,000 shares of common shares at the public offering price of $26.15 per share less underwriting discounts and commissions. |
• | 98% of its ordinary income for the calendar year; |
• | 98.2% of its capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year; and |
• | 100% of any undistributed income from prior years. |
Record Date |
Payment Date |
Special Distribution Amount (per share) |
||||||
January 18, 2022 |
May 13, 2022 | $ | 0.10 | |||||
March 16, 2022 |
May 13, 2022 | $ | 0.15 | |||||
May 16, 2022 |
August 12, 2022 | $ | 0.20 | |||||
July 18, 2022 |
November 14, 2022 | $ | 0.20 |
Date Declared |
Record Date |
Payment Date |
Per Share Amount |
Total Amount |
||||||||||||
January 22, 2019 |
January 23, 2019 | May 15, 2019 | $ | 0.1239 | $ | 1,192 | ||||||||||
February 28, 2019 |
March 27, 2019 | May 15, 2019 | 0.3536 | 5,406 | ||||||||||||
March 26, 2019 |
March 31, 2019 | May 15, 2019 | 0.0225 | 565 | ||||||||||||
June 26, 2019 |
June 26, 2019 | August 14, 2019 | 0.4780 | 12,010 | ||||||||||||
June 26, 2019 |
June 30, 2019 | August 14, 2019 | 0.0220 | 827 | ||||||||||||
August 8, 2019 |
August 8, 2019 | November 14, 2019 | 0.2120 | 7,967 | ||||||||||||
September 24, 2019 |
September 24, 2019 | November 14, 2019 | 0.2554 | 9,973 | ||||||||||||
September 24, 2019 |
September 30, 2019 | November 14, 2019 | 0.0326 | 1,752 | ||||||||||||
December 13, 2019 |
December 15, 2019 | January 30, 2020 | 0.4130 | 22,226 | ||||||||||||
December 16, 2019 |
December 31, 2019 | January 30, 2020 | 0.0870 | 5,593 | ||||||||||||
January 29, 2020 |
January 29, 2020 | May 15, 2020 | 0.1593 | 10,241 | ||||||||||||
February 26, 2020 |
March 31, 2020 | May 15, 2020 | 0.3407 | 27,688 | ||||||||||||
April 7, 2020 |
April 7, 2020 | August 14, 2020 | 0.0385 | 3,129 | ||||||||||||
June 29, 2020 |
June 30, 2020 | August 14, 2020 | 0.4615 | 44,454 | ||||||||||||
July 14, 2020 |
July 14, 2020 | November 13, 2020 | 0.0761 | 7,330 | ||||||||||||
July 27, 2020 |
July 27, 2020 | November 13, 2020 | 0.0707 | 7,185 | ||||||||||||
August 26, 2020 |
September 30, 2020 | November 13, 2020 | 0.3532 | 36,021 | ||||||||||||
November 5, 2020 |
November 5, 2020 | January 29, 2021 | 0.1957 | 19,958 | ||||||||||||
December 14, 2020 |
December 14, 2020 | January 29, 2021 | 0.2120 | 22,654 | ||||||||||||
December 14, 2020 |
December 14, 2020 | January 29, 2021 | 0.3000 | 32,057 | (1) | |||||||||||
December 14, 2020 |
December 31, 2020 | January 29, 2021 | 0.0923 | 11,968 | ||||||||||||
February 24, 2021 |
March 31, 2021 | May 14, 2021 | 0.5000 | 65,052 | ||||||||||||
June 7, 2021 |
June 7, 2021 | August 13, 2021 | 0.3736 | 48,734 | ||||||||||||
June 7, 2021 |
June 30, 2021 | August 13, 2021 | 0.1264 | 18,241 | ||||||||||||
September 7, 2021 |
September 7, 2021 | November 12, 2021 | 0.3750 | 54,250 | ||||||||||||
September 7, 2021 |
September 30, 2021 | November 12, 2021 | 0.1250 | 19,800 | ||||||||||||
October 18, 2021 |
December 31, 2021 | January 31, 2021 | 0.5300 | 89,715 | ||||||||||||
October 18, 2021 |
January 18, 2022 | May 13, 2022 | 0.1000 | 16,927 | (1) | |||||||||||
October 18, 2021 |
March 16, 2022 | May 13, 2022 | 0.1500 | 25,454 | (1) | |||||||||||
October 18, 2021 |
May 16, 2022 | August 12, 2022 | 0.2000 | 33,997 | (1) | |||||||||||
October 18, 2021 |
July 18, 2022 | November 14, 2022 | 0.2000 | 33,339 | (1) | |||||||||||
February 23, 2022 |
March 31, 2022 | May 13, 2022 | 0.5300 | 89,937 | ||||||||||||
May 2, 2022 |
June 30, 2022 | August 12, 2022 | 0.5300 | 89,169 | ||||||||||||
Total distributions |
$ | 8.0400 | $ | 874,809 | ||||||||||||
(1) | Represents a special distribution. |
Payment Date |
DRIP Shares Value |
DRIP Shares Issued |
||||||
January 30, 2020 |
$ | 2,882 | 112,302 | |||||
May 15, 2020 |
4,244 | 194,694 | ||||||
August 14, 2020 |
5,437 | 229,591 | ||||||
November 13, 2020 |
6,182 | 248,194 | ||||||
January 29, 2021 |
11,179 | 443,639 | ||||||
May 14, 2021 |
8,674 | 339,398 |
Payment Date |
DRIP Shares Value |
DRIP Shares Issued |
||||||
August 13, 2021 |
9,142 | 352,656 | ||||||
November 12, 2021 |
9,944 | 327,082 | ||||||
January 30, 2022 |
11,469 | 417,379 | ||||||
Total |
$ | 69,153 | 2,664,935 | |||||
Class and Period |
Total Amount Outstanding Exclusive of Treasury Securities (1) ($ in millions) |
Asset Coverage per Unit (2) ($ in millions) |
Involuntary Liquidating Preference per Unit (3) |
Average Market Value per Unit (4) |
||||||||||||
Subscription Facility (5) |
||||||||||||||||
March 31, 2022 |
— | — | — | N/A | ||||||||||||
December 31, 2021 |
— | — | — | N/A | ||||||||||||
December 31, 2020 |
— | — | — | N/A | ||||||||||||
December 31, 2019 |
119.8 | 2,151.0 | — | N/A | ||||||||||||
December 31, 2018 |
— | — | — | N/A | ||||||||||||
Jackson Hole Funding Facility |
||||||||||||||||
March 31, 2022 |
360.4 | 1,781.0 | — | N/A | ||||||||||||
December 31, 2021 |
361.0 | 1,802.0 | — | N/A | ||||||||||||
December 31, 2020 |
362.3 | 2,300.0 | — | N/A | ||||||||||||
December 31, 2019 |
514.2 | 2,151.0 | — | N/A | ||||||||||||
December 31, 2018 |
120.0 | 2,278.0 | — | N/A | ||||||||||||
Breckenridge Funding Facility |
||||||||||||||||
March 31, 2022 |
590.8 | 1,781.0 | — | N/A | ||||||||||||
December 31, 2021 |
568.7 | 1,802.0 | — | N/A | ||||||||||||
December 31, 2020 |
569.0 | 2,300.0 | — | N/A | ||||||||||||
December 31, 2019 |
820.3 | 2,151.0 | — | N/A | ||||||||||||
December 31, 2018 |
65.0 | 2,278.0 | — | N/A | ||||||||||||
Big Sky Funding Facility |
||||||||||||||||
March 31, 2022 |
499.6 | 1,781.0 | — | N/A | ||||||||||||
December 31, 2021 |
499.6 | 1,802.0 | — | N/A | ||||||||||||
December 31, 2020 |
200.3 | 2,300.0 | — | N/A | ||||||||||||
December 31, 2019 |
— | — | — | N/A | ||||||||||||
December 31, 2018 |
— | — | — | N/A | ||||||||||||
Revolving Credit Facility |
||||||||||||||||
March 31, 2022 |
1,029.8 | 1,781.0 | — | N/A | ||||||||||||
December 31, 2021 |
915.0 | 1,802.0 | N/A | |||||||||||||
December 31, 2020 |
182.9 | 2,300.0 | — | N/A | ||||||||||||
December 31, 2019 |
— | — | — | N/A | ||||||||||||
December 31, 2018 |
— | — | — | N/A | ||||||||||||
3.650% Notes due 2023 |
||||||||||||||||
March 31, 2022 |
400.0 | 1,781.0 | — | N/A | ||||||||||||
December 31, 2021 |
400.0 | 1,802.0 | — | N/A | ||||||||||||
December 31, 2020 |
400.0 | 2,300.0 | — | N/A | ||||||||||||
December 31, 2019 |
— | — | — | N/A | ||||||||||||
December 31, 2018 |
— | — | — | N/A | ||||||||||||
3.625% Notes due 2026 |
||||||||||||||||
March 31, 2022 |
800.0 | 1,781.0 | — | N/A | ||||||||||||
December 31, 2021 |
800.0 | 1,802.0 | — | N/A |
Class and Period |
Total Amount Outstanding Exclusive of Treasury Securities (1) ($ in millions) |
Asset Coverage per Unit (2) ($ in millions) |
Involuntary Liquidating Preference per Unit (3) |
Average Market Value per Unit (4) | ||||
December 31, 2020 |
800.0 | 2,300.0 | — | N/A | ||||
December 31, 2019 |
— | — | — | N/A | ||||
December 31, 2018 |
— | — | — | N/A | ||||
2.750% Notes due 2026 |
||||||||
March 31, 2022 |
700.0 | 1,781.0 | — | N/A | ||||
December 31, 2021 |
700.0 | 1,802.0 | — | N/A | ||||
December 31, 2020 |
— | — | — | N/A | ||||
December 31, 2019 |
— | — | — | N/A | ||||
December 31, 2018 |
— | — | — | N/A | ||||
2.125% Notes due 2027 |
||||||||
March 31, 2022 |
650.0 | 1,781.0 | — | N/A | ||||
December 31, 2021 |
650.0 | 1,802.0 | — | N/A | ||||
December 31, 2020 |
— | — | — | N/A | ||||
December 31, 2019 |
— | — | — | N/A | ||||
December 31, 2018 |
— | — | — | N/A | ||||
2.850% Notes due 2028 |
||||||||
March 31, 2022 |
650.0 | 1,781.0 | — | N/A | ||||
December 31, 2021 |
650.0 | 1,802.0 | — | N/A | ||||
December 31, 2020 |
— | — | — | N/A | ||||
December 31, 2019 |
— | — | — | N/A | ||||
December 31, 2018 |
— | — | — | N/A |
(1) | Total amount of each class of senior securities outstanding at the end of the period presented. |
(2) | Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. |
(3) | The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. |
(4) | Not applicable because the senior securities are not registered for public trading. |
(5) | The Subscription Facility was terminated on November 3, 2020. |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||
Abaco Energy Technologies, LLC (4)(13) |
Energy Equipment & Services | First Lien Debt |
L + 7.00% (incl. 1.00% PIK) | 8.50 | % | 10/4/2024 | 48,367 | 47,645 | 48,367 | 1.09 | % | |||||||||||||||||||||||
1999 Bryan Street, Suite 900, Dallas TX 75201 United States |
||||||||||||||||||||||||||||||||||
ACI Group Holdings, Inc. (4)(5)(7)(10) |
Health Care Providers & Services | First Lien Debt |
L + 5.50% | 6.51 | % | 8/2/2028 | 109,016 | 106,475 | 108,012 | 2.44 | % | |||||||||||||||||||||||
629 Davis Drive, Suite 300, Morrisville, NC 27560, United States |
||||||||||||||||||||||||||||||||||
ADCS Clinics Intermediate Holdings, LLC (4)(7)(11) |
Health Care Providers & Services | First Lien Debt |
L + 6.25% | 7.25 | % | 5/7/2027 | 8,588 | 8,419 | 8,471 | 0.19 | % | |||||||||||||||||||||||
151 Southhall Lane Suite 300 Maitland FL 32751 United States |
||||||||||||||||||||||||||||||||||
AGI-CFI Holdings, Inc. (4)(10) |
Air Freight & Logistics | First Lien Debt |
L + 5.50% | 6.25 | % | 6/11/2027 | 117,087 | 114,972 | 115,917 | 2.61 | % | |||||||||||||||||||||||
9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States |
||||||||||||||||||||||||||||||||||
AI Altius Bidco, Inc. (4)(5)(7)(10) |
IT Services | First Lien Debt |
L + 5.50% | 6.25 | % | 12/13/2028 | 5,423 | 5,306 | 5,302 | 0.12 | % | |||||||||||||||||||||||
Suite 1, 3rd Floor, 11 - 12 St James’s Square, London, SW1Y 4LB |
||||||||||||||||||||||||||||||||||
AI Altius Bidco, Inc. (4)(5)(7)(8) |
IT Services | First Lien Debt |
9.75% PIK | 9.75 | % | 12/21/2029 | 815 | 792 | 790 | 0.02 | % | |||||||||||||||||||||||
Suite 1, 3rd Floor, 11 - 12 St James’s Square, London, SW1Y 4LB |
||||||||||||||||||||||||||||||||||
Albireo Energy, LLC (4)(5)(7)(11) |
Electronic Equipment, Instruments & Components | First Lien Debt |
L + 6.00% | 7.00 | % | 12/23/2026 | 109,875 | 107,954 | 105,691 | 2.38 | % | |||||||||||||||||||||||
3 Ethel Road, Suite 300, Edison, NJ 08817 |
||||||||||||||||||||||||||||||||||
Alera Group, Inc. (4)(7)(10) |
Insurance | First Lien Debt |
L + 5.50% | 6.25 | % | 9/30/2028 | 3,703 | 3,669 | 3,666 | 0.08 | % | |||||||||||||||||||||||
3 Parkway North, Suite 500, Deerfield, IL 60015, United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
ALKU, LLC (4)(10) |
Professional Services | First Lien Debt |
L + 5.25% | 6.00 | % | 3/1/2028 | 117,849 | 116,735 | 117,554 | 2.65 | % | |||||||||||||||||||||
200 Brickstone Square, Suite 503, Andover, MA 01810 |
||||||||||||||||||||||||||||||||
Amerivet Partners Management, Inc. (4)(5)(7)(10) |
Health Care Providers & Services | First Lien Debt |
SOFR + 5.50% | 6.25 | % | 2/25/2028 | 5,000 | 4,856 | 4,853 | 0.11 | % | |||||||||||||||||||||
520 Madison Avenue, New York, NY 10022 |
||||||||||||||||||||||||||||||||
Armada Parent, Inc. (4)(7)(10) |
Marine | First Lien Debt |
L + 5.75% | 6.50 | % | 10/29/2027 | 25,125 | 24,584 | 24,543 | 0.55 | % | |||||||||||||||||||||
93 Eastmont Ave Ste 100 East Wenatchee, WA, 98802-5305 United States |
||||||||||||||||||||||||||||||||
Ascend Buyer, LLC (4)(7)(10) |
Containers & Packaging | First Lien Debt |
L + 5.75% | 6.76 | % | 9/30/2028 | 19,353 | 18,964 | 19,038 | 0.43 | % | |||||||||||||||||||||
1111 Busch Parkway, Buffalo Grove, IL 60089, United States |
||||||||||||||||||||||||||||||||
ASP Endeavor Acquisition, LLC (4)(5)(9) |
Professional Services | First Lien Debt |
L + 6.50% | 7.00 | % | 5/3/2027 | 13,870 | 13,610 | 13,593 | 0.31 | % | |||||||||||||||||||||
515 Houston St Ste 500, Fort Worth, TX 76102 United States |
||||||||||||||||||||||||||||||||
AxiomSL Group, Inc. (4)(7)(11) |
Software | First Lien Debt |
L + 6.00% | 7.01 | % | 12/3/2027 | 42,438 | 41,602 | 41,466 | 0.94 | % | |||||||||||||||||||||
125 London Wall, London, EC2Y 5AJ, United Kingdom |
||||||||||||||||||||||||||||||||
Barbri Holdings, Inc. (4)(10) |
Diversified Financial Services | First Lien Debt |
L + 5.75% | 6.50 | % | 4/30/2028 | 65,059 | 63,896 | 64,408 | 1.45 | % | |||||||||||||||||||||
12222 Merit Drive, Suite 1340, Dallas, TX 75251 United States |
||||||||||||||||||||||||||||||||
Bazaarvoice, Inc. (4)(7)(8) |
Commercial Services & Supplies | First Lien Debt |
L + 5.75% | 5.87 | % | 5/7/2028 | 230,306 | 230,306 | 230,306 | 5.19 | % | |||||||||||||||||||||
338 Pier Avenue, Hermosa Beach CA 90254 United States |
||||||||||||||||||||||||||||||||
Benefytt Technologies, Inc. (4)(7)(10) |
Insurance | First Lien Debt |
L + 6.00% | 6.75 | % | 8/12/2027 | 10,474 | 10,260 | 10,077 | 0.23 | % | |||||||||||||||||||||
15438 North Florida Avenue, Suite 201, Tampa, FL 33613, United States |
||||||||||||||||||||||||||||||||
BP Purchaser, LLC (4)(10) |
Distributors | First Lien Debt |
L + 5.50% | 6.25 | % | 12/10/2028 | 7,388 | 7,246 | 7,240 | 0.16 | % | |||||||||||||||||||||
2650 Galvin Dr, Elgin, IL 60124, United States |
||||||||||||||||||||||||||||||||
BPPH2 Limited (4)(5)(6)(8) |
Professional Services | First Lien Debt |
L + 6.75% | 7.31 | % | 3/2/2028 | £ | 26,300 | 35,527 | 34,974 | 0.79 | % | ||||||||||||||||||||
One Wood Street, London, EC2V 7WS |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
Bungie, Inc. (4)(11) |
Interactive Media & Services | First Lien Debt |
L + 6.25% | 7.25 | % | 8/28/2024 | 47,200 | 46,859 | 47,672 | 1.08 | % | |||||||||||||||||||||
550 106th Ave NE, Ste 207 Bellevue, WA 98004 United States |
||||||||||||||||||||||||||||||||
Bution Holdco 2, Inc. (4)(11) |
Distributors | First Lien Debt |
L + 6.25% | 7.25 | % | 10/17/2025 | 73,746 | 72,875 | 73,193 | 1.65 | % | |||||||||||||||||||||
907 S. Detroit Ave Tulsa, OK 74120 United States |
||||||||||||||||||||||||||||||||
Cambium Learning Group, Inc. (4)(7)(10) |
Diversified Consumer Services | First Lien Debt |
L + 5.50% | 6.25 | % | 7/20/2028 | 314,370 | 311,419 | 314,370 | 7.09 | % | |||||||||||||||||||||
17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States |
||||||||||||||||||||||||||||||||
Canadian Hospital Specialties Ltd. (4)(5)(6)(7)(11) |
Health Care Providers & Services | First Lien Debt |
C + 4.50% | 5.68 | % | 4/14/2028 | CAD | 27,629 | 21,331 | 21,280 | 0.48 | % | ||||||||||||||||||||
676 North Michigan Avenue Suite 3300 Chicago IL 60611 United States |
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Canadian Hospital Specialties Ltd. (4)(5)(6)(8) |
Health Care Providers & Services | Second Lien Debt |
8.50% | 8.50 | % | 4/15/2029 | CAD | 10,533 | 8,286 | 8,412 | 0.19 | % | ||||||||||||||||||||
676 North Michigan Avenue Suite 3300 Chicago IL 60611 United States |
||||||||||||||||||||||||||||||||
Capstone Logistics, LLC (7)(11) |
Transportation Infrastructure | First Lien Debt |
L + 4.75% | 5.75 | % | 11/12/2027 | 5,600 | 5,563 | 5,610 | 0.13 | % | |||||||||||||||||||||
30 Technology Parkway South, Suite 200, Peachtree Corner, GA 30092 |
||||||||||||||||||||||||||||||||
CCBlue Bidco, Inc. (4)(7)(10) |
Health Care Providers & Services | First Lien Debt |
L + 6.25% (incl. 2.75% PIK) | 7.00 | % | 12/21/2028 | 9,758 | 9,553 | 9,544 | 0.22 | % | |||||||||||||||||||||
1148 Main St Saint Helena, CA, 94574-2013 United States |
||||||||||||||||||||||||||||||||
CFGI Holdings, LLC (4)(7)(10) |
Professional Services | First Lien Debt |
L + 5.25% | 6.00 | % | 11/1/2027 | 7,656 | 7,482 | 7,527 | 0.17 | % | |||||||||||||||||||||
1 Lincoln Street, Suite 1301 Boston, MA 02111, United States |
||||||||||||||||||||||||||||||||
Clearview Buyer, Inc. (4)(5)(7)(10) |
Professional Services | First Lien Debt |
L + 5.25% | 6.26 | % | 8/26/2027 | 16,848 | 16,494 | 16,456 | 0.37 | % | |||||||||||||||||||||
1 Newton Pl Ste 405, 275 Washington Street, Newton, MA 02458, United States |
||||||||||||||||||||||||||||||||
Community Brands ParentCo, LLC (4)(5)(7)(10) |
Software | First Lien Debt |
SOFR + 5.75% | 6.50 | % | 2/24/2028 | 5,000 | 4,902 | 4,887 | 0.11 | % | |||||||||||||||||||||
9620 Executive Center Dr N, Suite 200, St. Petersburg, FL 33702 |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
Confine Visual Bidco (4)(6)(7)(10) |
Software | First Lien Debt |
SOFR + 5.75% | 6.50 | % | 2/23/2029 | 15,550 | 15,035 | 15,032 | 0.34 | % | |||||||||||||||||||||
Kistagången 12, 164 40 Kista, Sweden |
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Connatix Buyer, Inc. (4)(5)(7)(10) |
Software | First Lien Debt |
L + 5.50% | 6.25 | % | 7/14/2027 | 37,623 | 36,769 | 37,407 | 0.84 | % | |||||||||||||||||||||
666 Broadway, 10th Floor, New York, NY 10012, United States |
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COP Home Services TopCo IV, Inc. (4)(5)(11) |
Construction & Engineering | Second Lien Debt |
L + 8.75% | 9.76 | % | 12/31/2028 | 7,517 | 7,375 | 7,517 | 0.17 | % | |||||||||||||||||||||
3150 E Birch St., Brea, CA 92821 |
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COP Home Services TopCo IV, Inc. (4)(5)(7)(11) |
Construction & Engineering | First Lien Debt |
L + 5.00% | 6.00 | % | 12/31/2027 | 22,331 | 21,773 | 22,093 | 0.50 | % | |||||||||||||||||||||
3150 E Birch St., Brea, CA 92821 |
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Corfin Holdings, Inc. (4)(11) |
Aerospace & Defense | First Lien Debt |
L + 5.75% | 6.75 | % | 12/27/2027 | 270,687 | 266,965 | 270,010 | 6.09 | % | |||||||||||||||||||||
1050 Perimeter Road, Manchester, NH 03103 United States |
||||||||||||||||||||||||||||||||
CPI Buyer, LLC (4)(7)(10) |
Health Care Equipment & Supplies | First Lien Debt |
L + 5.50% | 6.25 | % | 11/1/2028 | 29,497 | 28,802 | 28,765 | 0.65 | % | |||||||||||||||||||||
300 North LaSalle Drive Suite 5600 Chicago, IL 60654 United States |
||||||||||||||||||||||||||||||||
Cross Country Healthcare, Inc. (4)(10) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.50 | % | 6/8/2027 | 29,545 | 29,035 | 29,545 | 0.67 | % | |||||||||||||||||||||
5201 Congress Avenue Suite 100B Boca Raton FL 33487 United States |
||||||||||||||||||||||||||||||||
Cumming Group, Inc. (4)(7)(11) |
Real Estate Management & Development | First Lien Debt |
L + 5.75% | 6.76 | % | 5/26/2027 | 55,727 | 54,290 | 55,475 | 1.25 | % | |||||||||||||||||||||
485 Lexington Avenue, New York NY 10017 United States |
||||||||||||||||||||||||||||||||
CustomInk, LLC (4)(11) |
Specialty Retail | First Lien Debt |
L + 6.21% | 7.21 | % | 5/3/2026 | 163,594 | 161,795 | 161,549 | 3.64 | % | |||||||||||||||||||||
2910 District Avenue Fairfax VA 22031 United States |
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Dana Kepner Company, LLC (4)(11) |
Distributors | First Lien Debt |
L + 6.25% | 7.25 | % | 12/29/2026 | 63,783 | 62,774 | 64,261 | 1.45 | % | |||||||||||||||||||||
700 Alcott St. Denver, CO 80204 |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
DCA Investment Holdings, LLC (4)(7)(10) |
Health Care Providers & Services | First Lien Debt |
L + 6.25% | 7.00 | % | 3/12/2027 | 30,246 | 29,868 | 29,922 | 0.67 | % | |||||||||||||||||||||
6240 Lake Osprey Drive, Sarasota, FL 34240 |
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Diligent Corporation (4)(11) |
Software | First Lien Debt |
L + 5.75% | 6.76 | % | 8/4/2025 | 59,400 | 58,760 | 58,955 | 1.33 | % | |||||||||||||||||||||
111 West 33rd St., 16th Floor, New York, NY 10120 |
||||||||||||||||||||||||||||||||
Donuts, Inc. (4)(11) |
Internet & Direct Marketing Retail | First Lien Debt |
SOFR + 6.00% | 7.00 | % | 12/29/2026 | 324,937 | 319,795 | 324,937 | 7.33 | % | |||||||||||||||||||||
10500 NE 8th Street Suite 750, Bellevue, WA 98004 |
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Dreambox Learning Holding LLC (4)(5)(10) |
Diversified Consumer Services | First Lien Debt |
L + 6.25% | 7.00 | % | 12/1/2027 | 7,087 | 6,952 | 6,945 | 0.16 | % | |||||||||||||||||||||
777 108th Ave NE, Bellevue, WA 98004, United States |
||||||||||||||||||||||||||||||||
Eagle Midstream Canada Finance, Inc. (4)(6)(13) |
Oil, Gas & Consumable Fuels | First Lien Debt |
L + 6.25% | 7.75 | % | 11/26/2024 | 150,862 | 149,661 | 150,862 | 3.40 | % | |||||||||||||||||||||
222 3rd Avenue S.W. Suite 900 Calgary, Alberta T2P 0B4 Canada |
||||||||||||||||||||||||||||||||
Edifecs, Inc. (4)(10) |
Health Care Technology | First Lien Debt |
L + 5.50% | 6.25 | % | 9/21/2026 | 13,703 | 13,451 | 13,497 | 0.30 | % | |||||||||||||||||||||
756 114TH AVE SE BELLEVUE WA 98004 United States |
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Edifecs, Inc. (4)(11) |
Health Care Technology | First Lien Debt |
L + 7.00% | 8.00 | % | 9/21/2026 | 220,838 | 216,720 | 227,463 | 5.13 | % | |||||||||||||||||||||
756 114TH AVE SE BELLEVUE WA 98004 United States |
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Emergency Power Holdings, LLC (4)(5)(7)(11) |
Electrical Equipment | First Lien Debt |
L + 5.50% | 6.50 | % | 8/17/2028 | 64,838 | 63,485 | 63,354 | 1.43 | % | |||||||||||||||||||||
44 S Commerce Way, Bethlehem, PA 18017 |
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Episerver, Inc. (4)(5)(7)(11) |
Software | First Lien Debt |
L + 5.50% | 6.51 | % | 4/9/2026 | 9,717 | 9,572 | 9,570 | 0.22 | % | |||||||||||||||||||||
542A Amherst Street Route 101A Nashua, NH 03063 United States |
||||||||||||||||||||||||||||||||
Epoch Acquisition, Inc. (4)(11) |
Health Care Providers & Services | First Lien Debt |
L + 6.00% | 7.00 | % | 10/4/2024 | 24,497 | 24,355 | 24,497 | 0.55 | % | |||||||||||||||||||||
4600 Lena Drive Mechanicsburg, PA 17055 United States |
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Experity, Inc. (4)(5)(7)(10) |
Software | First Lien Debt |
L + 5.75% | 6.50 | % | 7/22/2027 | 15,120 | 14,817 | 14,788 | 0.33 | % | |||||||||||||||||||||
101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||
Fencing Supply Group Acquisition, LLC (4)(5)(11) |
Building Products | |
First Lien Debt |
|
L + 6.00% | 7.00 | % | 2/26/2027 | 52,584 | 51,926 | 52,321 | 1.18 | % | |||||||||||||||||||||
211 Perimeter Center Pkwy NE #250 Dunwoody, GA 30346 |
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Foundation Risk Partners Corp. (4)(7)(10) |
Insurance | |
First Lien Debt |
|
L + 5.75% | 6.50 | % | 10/29/2028 | 25,509 | 25,110 | 25,084 | 0.57 | % | |||||||||||||||||||||
1540 Cornerstone Blvd #230, Daytona Beach, FL 32117,United States |
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Frontline Road Safety, LLC (4)(7)(10) |
Transportation Infrastructure | |
First Lien Debt |
|
L + 5.75% | 6.67 | % | 5/3/2027 | 90,841 | 89,301 | 87,435 | 1.97 | % | |||||||||||||||||||||
2714 Sherman Street, Grand Prairie, TX 75051 United States |
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Galway Borrower, LLC (4)(5)(7)(10) |
Insurance | |
First Lien Debt |
|
L + 5.25% | 6.26 | % | 9/24/2028 | 26,522 | 25,835 | 25,934 | 0.58 | % | |||||||||||||||||||||
1 California Street, Suite 400, San Francisco, CA 94111 |
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GCX Corporation Buyer, LLC (4)(5)(7)(10) |
Health Care Equipment & Supplies | |
First Lien Debt |
|
L + 5.50% | 6.30 | % | 9/13/2027 | 21,890 | 21,417 | 21,377 | 0.48 | % | |||||||||||||||||||||
3875 Cypress Drive, Petaluma, CA 94954, United States |
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Genuine Cable Group, LLC (4)(7)(10) |
Distributors | |
First Lien Debt |
|
L + 5.75% | 6.50 | % | 11/2/2026 | 166,358 | 163,169 | 164,553 | 3.71 | % | |||||||||||||||||||||
50 Broadway, Hawthorne, NY 10532, United States |
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GI Ranger Intermediate, LLC (4)(7)(10) |
Health Care Technology | |
First Lien Debt |
|
L + 6.00% | 6.75 | % | 10/29/2028 | 15,162 | 14,799 | 14,960 | 0.34 | % | |||||||||||||||||||||
188 The Embarcadero Suite 700 San Francisco, CA 94105 United States |
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Gigamon Inc. (4)(7)(10) |
Software | |
First Lien Debt |
|
SOFR + 5.75% | 6.78 | % | 3/11/2029 | 7,692 | 7,535 | 7,530 | 0.17 | % | |||||||||||||||||||||
3300 Olcott Street, Santa Clara, CA 95054 |
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Go Car Wash Management Corp. (4)(7)(11) |
Diversified Consumer Services | |
First Lien Debt |
|
L + 5.75% | 6.75 | % | 12/31/2026 | 15,734 | 15,329 | 15,454 | 0.35 | % | |||||||||||||||||||||
9801 Troup Ave, Kansas City, Kansas 66111, USA |
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GovernmentJobs.com, Inc. (4)(7)(10) |
Software | |
First Lien Debt |
|
L + 5.50% | 6.25 | % | 12/1/2028 | 5,000 | 4,871 | 4,865 | 0.11 | % | |||||||||||||||||||||
300 Continental Blvd., El Segundo, CA 90245, United States |
||||||||||||||||||||||||||||||||||
GraphPAD Software, LLC (4)(7)(11) |
Software | |
First Lien Debt |
|
L + 5.50% | 6.50 | % | 4/27/2027 | 26,815 | 26,434 | 26,451 | 0.60 | % | |||||||||||||||||||||
2365 Northside Drive, Suite 560, San Diego, CA 92108, United States |
||||||||||||||||||||||||||||||||||
Gruden Acquisition, Inc. (4)(5)(7)(11) |
Road & Rail | |
First Lien Debt |
|
L + 5.25% | 6.25 | % | 7/1/2028 | 27,472 | 26,804 | 27,065 | 0.61 | % | |||||||||||||||||||||
4041 Park Oaks Blvd, Suite 200, Tampa, FL 33610, United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
Guidehouse, Inc. (4)(5)(10) |
Professional Services | First Lien Debt |
L + 5.50% | 6.25 | % | 10/16/2028 | 345,288 | 342,062 | 341,836 | 7.71 | % | |||||||||||||||||||||
2941 Fairview Park Dr Ste 501 Falls Church, VA, 22042-4543 United States |
||||||||||||||||||||||||||||||||
Healthcomp Holding Company, LLC (4)(5)(7)(11) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.75 | % | 10/27/2026 | 104,813 | 102,600 | 104,813 | 2.36 | % | |||||||||||||||||||||
621 Santa Fe Ave. Fresno, CA 93721 |
||||||||||||||||||||||||||||||||
Helix TS, LLC (4)(7)(10) |
Transportation Infrastructure | First Lien Debt |
L + 5.75% | 6.76 | % | 8/4/2027 | 39,777 | 39,060 | 39,055 | 0.88 | % | |||||||||||||||||||||
114 Capital Way Christiana, TN 37037, United States |
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HIG Orca Acquisition Holdings, Inc. (4)(5)(7)(11) |
Professional Services | First Lien Debt |
L + 6.00% | 7.10 | % | 8/17/2027 | 34,183 | 33,543 | 34,121 | 0.77 | % | |||||||||||||||||||||
100 Cummings Center, Suite 206L, Beverly, MA 01915, United States |
||||||||||||||||||||||||||||||||
High Street Buyer, Inc. (4)(5)(7)(10) |
Insurance | First Lien Debt |
L + 6.00% | 6.75 | % | 4/14/2028 | 54,650 | 53,458 | 53,997 | 1.22 | % | |||||||||||||||||||||
600 Unicorn Park Drive, Suite 208, Woburn, MA 01801 United States |
||||||||||||||||||||||||||||||||
IG Investments Holdings, LLC (4)(5)(7)(10) |
Professional Services | First Lien Debt |
L + 6.00% | 7.01 | % | 9/22/2028 | 47,805 | 46,880 | 47,552 | 1.07 | % | |||||||||||||||||||||
4170 Ashford Dunwood Road, Northeast, Ste 250, Atlanta, GA 30319, United States |
||||||||||||||||||||||||||||||||
Inovalon Holdings, Inc. (4)(5)(10) |
IT Services | Second Lien Debt |
L + 10.50% PIK | 11.25 | % | 11/24/2033 | 9,446 | 9,179 | 9,163 | 0.21 | % | |||||||||||||||||||||
4321 Collington Rd, Bowie, MD 20716, United States |
||||||||||||||||||||||||||||||||
Inovalon Holdings, Inc. (4)(7)(10) |
IT Services | First Lien Debt |
L + 6.25% | 7.00 | % | 11/24/2028 | 104,260 | 101,666 | 101,515 | 2.29 | % | |||||||||||||||||||||
4321 Collington Rd, Bowie, MD 20716, United States |
||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC (4)(5)(11) |
Insurance | First Lien Debt |
L + 5.75% | 6.75 | % | 8/27/2025 | 19,829 | 19,607 | 19,734 | 0.45 | % | |||||||||||||||||||||
2300 Highland Village Suite 300 Highland Village, TX 75077 United States |
||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC (4)(5)(7)(10) |
Insurance | First Lien Debt |
L + 5.50% | 6.27 | % | 8/27/2025 | 113,438 | 111,981 | 112,657 | 2.54 | % | |||||||||||||||||||||
2300 Highland Village Suite 300 Highland Village, TX 75077 United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
Jacuzzi Brands, LLC (4)(11) |
Building Products | First Lien Debt |
L + 6.50% | 7.50 | % | 2/25/2025 | 94,817 | 93,941 | 94,817 | 2.14 | % | |||||||||||||||||||||
3925 City Center Drive Suite 200 Chino Hills CA 91709 United States |
||||||||||||||||||||||||||||||||
Java Buyer, Inc. (4)(7)(10) |
Commercial Services & Supplies | First Lien Debt |
L + 5.75% | 6.63 | % | 12/15/2027 | 4,227 | 4,121 | 4,116 | 0.09 | % | |||||||||||||||||||||
191 4TH St W Ketchum, ID, 83340-9400 United States |
||||||||||||||||||||||||||||||||
Jayhawk Buyer, LLC (4)(11) |
Health Care Providers & Services | First Lien Debt |
L + 5.00% | 6.01 | % | 10/15/2026 | 153,836 | 151,078 | 152,297 | 3.43 | % | |||||||||||||||||||||
8717 West 110th Street, Suite 300 Overland Park, KS 66210 |
||||||||||||||||||||||||||||||||
Jayhawk Buyer, LLC (4)(11) |
Health Care Providers & Services | Second Lien Debt |
L + 8.75% | 9.75 | % | 10/15/2027 | 5,183 | 5,093 | 5,144 | 0.12 | % | |||||||||||||||||||||
8717 West 110th Street, Suite 300 Overland Park, KS 66210 |
||||||||||||||||||||||||||||||||
Jones Deslauriers Insurance Management, Inc. (5)(6)(7)(10) |
Insurance | First Lien Debt |
C + 4.25% | 5.00 | % | 3/28/2028 | CAD | 68,068 | 53,274 | 52,450 | 1.18 | % | ||||||||||||||||||||
2375 Skymark Avenue, Mississauga, Ontario L4W 4Y6 |
||||||||||||||||||||||||||||||||
Jones Deslauriers Insurance Management, Inc. (5)(6)(9) |
Insurance | Second Lien Debt |
C + 7.50% | 8.38 | % | 3/26/2029 | CAD |
28,470 |
|
22,232 | 22,394 | 0.51 | % | |||||||||||||||||||
2375 Skymark Avenue, Mississauga, Ontario L4W 4Y6 |
||||||||||||||||||||||||||||||||
JSS Holdings, Inc. (4)(10) |
Commercial Services & Supplies | First Lien Debt |
L + 6.00% | 6.75 | % | 12/17/2028 | 4,975 | 4,903 | 4,938 | 0.11 | % | |||||||||||||||||||||
180 North Stetson, 29th Floor, Chicago, IL 60601 United States |
||||||||||||||||||||||||||||||||
JSS Holdings, Inc. (4)(11) |
Commercial Services & Supplies | First Lien Debt |
L + 6.25% | 7.25 | % | 12/17/2028 | 288,089 | 284,582 | 285,929 | 6.45 | % | |||||||||||||||||||||
180 North Stetson, 29th Floor, Chicago, IL 60601 United States |
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Kaufman Hall & Associates, LLC (4)(7)(10) |
Professional Services | First Lien Debt |
L + 5.50% | 6.25 | % | 12/14/2028 | 19,500 | 19,079 | 19,060 | 0.43 | % | |||||||||||||||||||||
10 S. Wacker, Suite 3375 Chicago, Illinois 60606, United States |
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Knowledge Pro Buyer, Inc. (4)(7)(10) |
Commercial Services & Supplies | First Lien Debt |
L + 5.75% | 6.50 | % | 12/10/2027 | 5,372 | 5,237 | 5,230 | 0.12 | % | |||||||||||||||||||||
Country Squire Lane Princeton Junction NJ 8550, United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
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KPSKY Acquisition, Inc. (4)(7)(10) |
Commercial Services & Supplies | First Lien Debt |
L + 5.50% | 6.25 | % | 10/19/2028 | 21,762 | 21,343 | 21,327 | 0.48 | % | |||||||||||||||||||||
500 Unicorn Park 3rd Floor Woburn, MA 01801, United States |
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L&S Mechanical Acquisition, LLC (4)(5)(7)(10) |
Building Products | First Lien Debt |
L + 5.75% | 6.50 | % | 9/1/2027 | 12,723 | 12,493 | 12,214 | 0.28 | % | |||||||||||||||||||||
1101 E Arapaho Rd, Suite 190, Richardson, TX 75081, United States |
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LD Lower Holdings, Inc. (4)(7)(11) |
Software | First Lien Debt |
L + 6.50% | 7.51 | % | 2/8/2026 | 93,164 | 91,727 | 93,164 | 2.10 | % | |||||||||||||||||||||
8201 Greensboro Drive, Suite 717 Mclean, VA 22102-3810 United States |
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Legacy Intermediate, LLC (4)(5)(6)(7)(10) |
Professional Services | First Lien Debt |
SOFR + 5.75% | 6.50 | % | 2/25/2028 | 5,200 | 5,069 | 5,066 | 0.11 | % | |||||||||||||||||||||
3701 FAU Blvd, Suite 300, Boca Raton, FL 33431, United States |
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Lindstrom, LLC (4)(11) |
Building Products | First Lien Debt |
L + 6.25% | 7.25 | % | 4/7/2025 | 121,974 | 120,806 | 121,974 | 2.75 | % | |||||||||||||||||||||
2950 100th Court Northeast Blaine MN 55449 United States |
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Linquest Corp. (4)(5)(7)(10) |
Aerospace & Defense | First Lien Debt |
L + 5.75% | 6.50 | % | 7/28/2028 | 17,413 | 17,053 | 17,015 | 0.38 | % | |||||||||||||||||||||
5140 West Goldleaf Circle, Suite 400, Los Angeles, CA 90056, United States |
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Livingston International, Inc. (4)(6)(10) |
Air Freight & Logistics | First Lien Debt |
L + 5.50% | 6.51 | % | 4/30/2027 | 129,833 | 126,875 | 128,535 | 2.90 | % | |||||||||||||||||||||
The West Mall Suite 400 Toronto ON M9C 5K7 Canada |
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Lytx, Inc. (4)(11) |
Technology Hardware, Storage & Peripherals | First Lien Debt |
L + 6.75% | 7.75 | % | 2/28/2026 | 85,103 | 84,198 | 84,252 | 1.90 | % | |||||||||||||||||||||
9785 Towne Centre Drive San Diego CA 92121 United States |
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MAG DS Corp. (11) |
Aerospace & Defense | First Lien Debt |
L + 5.50% | 6.51 | % | 4/1/2027 | 81,977 | 75,987 | 74,599 | 1.68 | % | |||||||||||||||||||||
3580 Groupe Drive Suite 200 Woodbridge VA 22192 United States |
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Mandolin Technology Intermediate Holdings, Inc. (4)(5)(7)(9) |
Software | First Lien Debt |
L + 3.75% | 4.25 | % | 7/6/2028 | 8,678 | 8,560 | 8,548 | 0.19 | % | |||||||||||||||||||||
Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
Mandolin Technology Intermediate Holdings, Inc. (4)(5)(9) |
Software | Second Lien Debt |
L + 6.50% | 7.00 | % | 7/6/2029 | 3,550 | 3,494 | 3,485 | 0.08 | % | |||||||||||||||||||||
Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States |
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Marcone Yellowstone Buyer, Inc. (4)(5)(7)(10) |
Distributors | First Lien Debt |
L + 5.50% | 6.25 | % | 12/23/2028 | 5,252 | 5,140 | 5,148 | 0.12 | % | |||||||||||||||||||||
One City Place Ste 400 St Louis MO 63141, United States |
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Material Holdings, LLC (4)(5)(7)(10) |
Professional Services | First Lien Debt |
L + 5.75% | 6.76 | % | 8/19/2027 | 27,630 | 27,113 | 27,054 | 0.61 | % | |||||||||||||||||||||
27 Provost Street, London, N1 7NH, United Kingdom |
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Maverick Acquisition, Inc. (4)(7)(11) |
Aerospace & Defense | First Lien Debt |
L + 6.00% | 7.01 | % | 6/1/2027 | 18,931 | 18,519 | 18,679 | 0.42 | % | |||||||||||||||||||||
3063 Philmont Ave B, Huntingdon Valley, PA 19006 United States |
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Medallia, Inc. (4)(7)(10) |
Software | First Lien Debt |
L + 6.75% PIK | 7.50 | % | 10/29/2028 | 330,061 | 323,912 | 323,362 | 7.29 | % | |||||||||||||||||||||
200 W 41st St, New York, NY 10036, United States |
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MHE Intermediate Holdings, LLC (4)(5)(7)(11) |
Machinery | First Lien Debt |
L + 5.75% | 7.04 | % | 7/21/2027 | 3,306 | 3,242 | 3,236 | 0.07 | % | |||||||||||||||||||||
3235 Levis Common Blvd. Perrysburg, OH 43551 |
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Mode Purchaser, Inc. (4)(11) |
Air Freight & Logistics | First Lien Debt |
L + 6.25% | 7.25 | % | 12/9/2026 | 179,746 | 177,307 | 179,746 | 4.05 | % | |||||||||||||||||||||
17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |
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Monk Holding Co. (4)(7)(10) |
Software | First Lien Debt |
L + 5.75% | 6.50 | % | 12/1/2027 | 4,889 | 4,749 | 4,744 | 0.11 | % | |||||||||||||||||||||
5473 Morris Hunt Dr Fort Mill, SC, 29708-6523 United States |
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MRI Software, LLC (5)(7)(11) |
Software | First Lien Debt |
L + 5.50% | 6.51 | % | 2/10/2026 | 28,045 | 27,907 | 27,947 | 0.63 | % | |||||||||||||||||||||
28925 Fountain Parkway Solon OH 44139 United States |
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Navigator Acquiror, Inc. (4)(7)(9) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.25 | % | 7/16/2027 | 203,032 | 201,256 | 203,032 | 4.58 | % | |||||||||||||||||||||
311 South Wacker Drive, 64th Floor, Chicago, IL 60606, United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||
NDC Acquisition Corp. (4)(7)(11) |
Distributors | First Lien Debt |
L + 5.75% | 6.76 | % | 3/9/2027 | 13,664 | 13,277 | 13,493 | 0.30 | % | |||||||||||||||||||||
402 BNA Drive, Suite 500, Nashville, TN 37217 |
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Nintex Topco Limited (4)(6)(10) |
Software | First Lien Debt |
L + 5.75% | 6.50 | % | 11/13/2028 | 34,475 | 33,823 | 33,786 | 0.76 | % | |||||||||||||||||||||
10800 NE 8th Street, Suite 400 Bellevue, WA 98004 USA |
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NMC Crimson Holdings, Inc. (4)(7)(10) |
Health Care Technology | First Lien Debt |
L + 6.00% | 6.75 | % | 3/1/2028 | 71,173 | 68,971 | 69,991 | 1.58 | % | |||||||||||||||||||||
1050 Winter Street, Suite 2700 Waltham, MA 02451 |
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Odyssey Holding Company, LLC (4)(11) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.75 | % | 11/16/2025 | 18,672 | 18,482 | 18,486 | 0.42 | % | |||||||||||||||||||||
100 Winners Circle Suite 440 Brentwood, TN 37027 United States |
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Onex Baltimore Buyer, Inc. (4)(7)(10) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.50 | % | 12/1/2027 | 28,977 | 28,393 | 28,405 | 0.64 | % | |||||||||||||||||||||
712 Fifth Avenue New York, NY 10019 U.S.A. |
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PGIS Intermediate Holdings, LLC (4)(5)(7)(10) |
Insurance | First Lien Debt |
L + 5.50% | 6.25 | % | 10/14/2028 | 3,491 | 3,407 | 3,406 | 0.08 | % | |||||||||||||||||||||
5704 Binbranch Ln McKinney, TX, 75071-8475 United States |
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Point Broadband Acquisition, LLC (4)(7)(11) |
Diversified Telecommunication Services | First Lien Debt |
L + 6.00% | 7.00 | % | 10/1/2028 | 87,013 | 84,536 | 84,346 | 1.90 | % | |||||||||||||||||||||
617 E. Lake St. Stanton, MI 48888 989-831-8800 |
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Polymer Additives, Inc. (8) |
Chemicals | First Lien Debt |
L + 6.00% | 6.30 | % | 7/31/2025 | 24,115 | 23,446 | 23,190 | 0.52 | % | |||||||||||||||||||||
5929 Lakeside Blvd Indianapolis IN 46278 United States |
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Porcelain Acquisition Corp. (4)(7)(11) |
Trading Companies & Distributors | First Lien Debt |
L + 5.75% | 6.75 | % | 4/30/2027 | 55,702 | 53,961 | 54,918 | 1.24 | % | |||||||||||||||||||||
20 Sanker Road, Dickson, TN 37055 United States |
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Profile Products, LLC (4)(7)(10) |
Paper & Forest Products | First Lien Debt |
L + 5.50% | 6.25 | % | 11/12/2027 | 6,138 | 5,995 | 5,985 | 0.13 | % | |||||||||||||||||||||
219 Simpson St SW Conover, NC, 28613-8207 United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
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Progress Residential PM Holdings, LLC (4)(7)(10) |
Real Estate Management & Development | First Lien Debt |
L + 6.25% | 7.00 | % | 2/16/2028 | 70,324 | 68,819 | 69,445 | 1.57 | % | |||||||||||||||||||||||
7500 N Dobson Rd., Suite 300 Scottsdale, AZ 85256 |
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Project Ruby Ultimate Parent Corp. (10) |
Health Care Technology | First Lien Debt |
L + 3.25% | 4.00 | % | 3/3/2028 | 8,525 | 8,489 | 8,453 | 0.19 | % | |||||||||||||||||||||||
11711 West 79th Street Lenexa, Kansas 62214 |
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Qualus Power Services Corp. (4)(7)(11) |
Electric Utilities | First Lien Debt |
L + 5.50% | 6.50 | % | 3/26/2027 | 32,050 | 31,317 | 31,645 | 0.71 | % | |||||||||||||||||||||||
4040 Rev Drive Cincinatti, OH 45232 |
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R1 Holdings, LLC (4)(7)(11) |
Air Freight & Logistics | First Lien Debt |
L + 6.00% | 7.00 | % | 1/2/2026 | 60,399 | 59,845 | 60,399 | 1.36 | % | |||||||||||||||||||||||
One Kellaway Drive Randolph, MA 02368 United States |
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Radwell International, LLC (4)(6)(7)(10) |
Electrical Equipment | First Lien Debt |
L + 5.25% | 6.00 | % | 7/13/2027 | 109,850 | 109,488 | 109,850 | 2.48 | % | |||||||||||||||||||||||
Unit D, Dalewood Road, Lymedale Business Park, Newcastle Under Lyme, ST5 9QZ, United Kingdom |
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Razor Holdco, LLC (4)(10) |
IT Services | First Lien Debt |
L + 5.75% | 6.50 | % | 10/25/2027 | 47,681 | 46,796 | 46,727 | 1.05 | % | |||||||||||||||||||||||
26 Meadow VW, Victoria, TX, 77904-1676, United States |
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Red River Technology, LLC (4)(7)(11) |
IT Services | First Lien Debt |
L + 6.00% | 7.00 | % | 5/26/2027 | 81,399 | 80,135 | 76,922 | 1.73 | % | |||||||||||||||||||||||
875 3rd Avenue, New York NY 10022 United States |
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Relativity ODA, LLC (4)(7)(11) |
Software | First Lien Debt |
L + 6.50% PIK | 7.50 | % | 5/12/2027 | 19,616 | 19,157 | 19,273 | 0.43 | % | |||||||||||||||||||||||
231 South LaSalle Street, 8th Floor, Chicago, IL 60604 United States |
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Relay Purchaser, LLC (4)(5)(7)(10) |
Software | First Lien Debt |
L + 6.00% | 6.75 | % | 8/30/2028 | 49,875 | 48,898 | 49,180 | 1.11 | % | |||||||||||||||||||||||
517 Lyons Avenue, Irvington, NJ 07111, United States |
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Roadsafe Holdings, Inc. (4)(7)(11) |
Transportation Infrastructure | First Lien Debt |
L + 5.75% | 6.75 | % | 10/19/2027 | 50,932 | 50,059 | 50,380 | 1.14 | % | |||||||||||||||||||||||
3331 Street Rd #430, Bensalem, PA 19020 United States |
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RWL Holdings, LLC (4)(7)(10) |
Air Freight & Logistics | First Lien Debt |
SOFR + 5.75% | 6.50 | % | 12/31/2028 | 24,315 | 23,788 | 23,764 | 0.54 | % | |||||||||||||||||||||||
767 5th Ave #4200, New York, 10153, United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
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Safety Borrower Holdings LP (4)(5)(7)(11) |
Transportation Infrastructure | First Lien Debt |
L + 5.75% | 6.75 | % | 9/1/2027 | 4,278 | 4,232 | 4,227 | 0.10 | % | |||||||||||||||||||||||
8814 Horizon Blvd, Northeast, Suite 100, Albuquerque, NM 87113, United States |
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Sam Holding Co, Inc. (4)(7)(11) |
Transportation Infrastructure | First Lien Debt |
L + 5.50% | 6.50 | % | 9/24/2027 | 38,229 | 37,338 | 37,272 | 0.84 | % | |||||||||||||||||||||||
7414 Circle17 South, Sebring, FL 33876, United States |
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SEKO Global Logistics Network, LLC (4)(5)(11) |
Air Freight & Logistics | First Lien Debt |
E + 5.00% | 6.00 | % | 12/30/2026 | € | 1,863 | 2,129 | 2,073 | 0.05 | % | ||||||||||||||||||||||
1100 N. Arlington Heights Rd., Itasca, IL 60143 |
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SEKO Global Logistics Network, LLC (4)(5)(7)(11) |
Air Freight & Logistics | First Lien Debt |
L + 5.00% | 6.00 | % | 12/30/2026 | 5,339 | 5,263 | 5,328 | 0.12 | % | |||||||||||||||||||||||
1100 N. Arlington Heights Rd., Itasca, IL 60143 |
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SelectQuote, Inc. (4)(7)(10) |
Diversified Financial Services | First Lien Debt |
L + 5.00% | 5.75 | % | 11/5/2024 | 75,591 | 74,255 | 70,437 | 1.59 | % | |||||||||||||||||||||||
6800 West 115th Street Suite 2511 Overland Park KS 66211 United States |
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SG Acquisition, Inc. (4)(9) |
Insurance | First Lien Debt |
L + 5.00% | 6.01 | % | 1/27/2027 | 110,586 | 109,221 | 110,586 | 2.49 | % | |||||||||||||||||||||||
2635 Century Parkway Northeast Suite 900 Atlanta GA 30345 United States |
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Sherlock Buyer Corp. (4)(7)(10) |
Professional Services | First Lien Debt |
L + 5.75% | 6.50 | % | 12/8/2028 | 8,638 | 8,425 | 8,415 | 0.19 | % | |||||||||||||||||||||||
1180 Welsh Rd # 110 North Wales, PA, 19454-2053 United States |
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Shoals Holdings, LLC (4)(11) |
Electrical Equipment | First Lien Debt |
L + 3.25% | 4.25 | % | 11/25/2026 | 84,145 | 82,408 | 84,490 | 1.91 | % | |||||||||||||||||||||||
1400 Shoals Way Portland, TN 37148 |
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Smile Doctors, LLC (4)(7)(10) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.50 | % | 12/1/2028 | 10,301 | 10,072 | 10,073 | 0.23 | % | |||||||||||||||||||||||
3622 Williams Drive Building Suite 4 Georgetown, TX 78628 United States |
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Snoopy Bidco, Inc. (4)(7)(10) |
Health Care Providers & Services | First Lien Debt |
L + 6.00% | 6.75 | % | 6/1/2028 | 264,000 | 255,589 | 261,390 | 5.90 | % | |||||||||||||||||||||||
8039 Beach Blvd, Buena Park, CA United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||
SpecialtyCare, Inc. (4)(5)(7)(11) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.75 | % | 6/18/2028 | 12,195 | 11,831 | 11,917 | 0.27 | % | |||||||||||||||||||||||
111 Radio Circle, Mount Kisco NY 10549 United States |
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Spitfire Parent, Inc. (4)(13) |
Software | First Lien Debt |
L + 5.50% | 7.00 | % | 3/11/2027 | 9,633 | 9,453 | 9,537 | 0.22 | % | |||||||||||||||||||||||
10161 Park Run Drive, Suite 150, Las Vegas, Nevada |
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Spitfire Parent, Inc. (4)(5)(11) |
Software | First Lien Debt |
E + 5.50% | 6.50 | % | 3/11/2027 | € | 10,421 | 12,385 | 11,479 | 0.26 | % | ||||||||||||||||||||||
10161 Park Run Drive, Suite 150, Las Vegas, Nevada |
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Spitfire Parent, Inc. (4)(7)(11) |
Software | First Lien Debt |
L + 5.50% | 6.60 | % | 3/11/2027 | 61,096 | 59,986 | 60,393 | 1.36 | % | |||||||||||||||||||||||
10161 Park Run Drive, Suite 150, Las Vegas, Nevada |
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Stamps.com, Inc. (4)(10) |
Software | First Lien Debt |
L + 5.75% | 6.50 | % | 10/5/2028 | 290,278 | 284,875 | 287,376 | 6.48 | % | |||||||||||||||||||||||
1990 East Grand Avenue El Segundo, CA 90245 USA |
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Stepping Stones Healthcare Services, LLC (4)(7)(10) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.50 | % | 1/2/2029 | 2,277 | 2,220 | 2,218 | 0.05 | % | |||||||||||||||||||||||
2586 Trailridge Dr E Suite 100, Lafayette, 80026-3111, United States |
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Tailwind Colony Holding Corporation (4)(7)(11) |
Distributors | First Lien Debt |
SOFR + 6.25% | 7.25 | % | 11/13/2024 | 39,314 | 38,968 | 38,724 | 0.87 | % | |||||||||||||||||||||||
269 South Lambert Road Orange, CT 06512 United States |
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TCFI AEVEX, LLC (4)(7)(11) |
Aerospace & Defense | First Lien Debt |
L + 6.00% | 7.00 | % | 3/18/2026 | 112,229 | 110,443 | 99,579 | 2.25 | % | |||||||||||||||||||||||
440 Stevens Ave. Ste 150 Solana Beach, CA 92075 United States |
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Tennessee Bidco Limited (4)(5)(6)(7)(8) |
Insurance | First Lien Debt |
S + 7.28% | 7.97 | % | 8/3/2028 | £ | 28,977 | 38,025 | 37,044 | 0.84 | % | ||||||||||||||||||||||
33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |
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Tennessee Bidco Limited (4)(5)(6)(8) |
Insurance | First Lien Debt |
L + 7.00% | 7.53 | % | 8/3/2028 | 64,234 | 62,625 | 62,789 | 1.42 | % | |||||||||||||||||||||||
33920 US Highway 19, North Suite 151, Palm, Stoke On Trent, ST4 9DN, United Kingdom |
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Tetra Technologies, Inc. (4)(6)(11) |
Energy Equipment & Services | First Lien Debt |
L + 6.25% | 7.25 | % | 9/10/2025 | 17,790 | 17,721 | 17,790 | 0.40 | % | |||||||||||||||||||||||
24955 Interstate 45 North The Woodlands TX 77380 United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||
The Action Environmental Group, Inc. (4)(5)(12) |
Commercial Services & Supplies | First Lien Debt |
L + 6.00% | 7.25 | % | 1/16/2026 | 11,247 | 11,199 | 11,022 | 0.25 | % | |||||||||||||||||||||||
451 Frelinghuysen Avenue Newark NJ 07114 United States |
||||||||||||||||||||||||||||||||||
The Action Environmental Group, Inc. (4)(7)(11) |
Commercial Services & Supplies | First Lien Debt |
L + 6.25% | 7.25 | % | 1/16/2026 | 105,486 | 103,453 | 102,793 | 2.32 | % | |||||||||||||||||||||||
451 Frelinghuysen Avenue Newark NJ 07114 United States |
||||||||||||||||||||||||||||||||||
The Cook & Boardman Group, LLC (11) |
Trading Companies & Distributors | First Lien Debt |
L + 5.75% | 6.75 | % | 10/17/2025 | 49,510 | 49,239 | 48,334 | 1.09 | % | |||||||||||||||||||||||
3064 Salem Industrial Drive Winston Salem NC 27127 United States |
||||||||||||||||||||||||||||||||||
The Fertility Partners, Inc. (4)(5)(6)(10) |
Health Care Providers & Services | First Lien Debt |
L + 5.75% | 6.50 | % | 3/16/2028 | 5,000 | 4,901 | 4,900 | 0.11 | % | |||||||||||||||||||||||
Forum 4, Solent Business Park, Parkway South, Whiteley, Fareham, PO15 7AD |
||||||||||||||||||||||||||||||||||
The Fertility Partners, Inc. (4)(5)(6)(7)(10) |
Health Care Providers & Services | First Lien Debt |
C + 5.75% | 6.50 | % | 3/16/2029 | CAD 5,000 | 3,816 | 3,951 | 0.09 | % | |||||||||||||||||||||||
Forum 4, Solent Business Park, Parkway South, Whiteley, Fareham, PO15 7AD |
||||||||||||||||||||||||||||||||||
The GI Alliance Management, LLC (4)(11) |
Health Care Providers & Services | First Lien Debt |
L + 6.25% | 7.25 | % | 11/4/2024 | 271,566 | 266,979 | 271,566 | 6.12 | % | |||||||||||||||||||||||
8267 Elmbrook Drive, Ste. 200 Dallas, TX 75247 United States |
||||||||||||||||||||||||||||||||||
The NPD Group L.P. (4)(7)(10) |
Software | First Lien Debt |
L + 6.00% | 6.75 | % | 11/9/2028 | 122,600 | 119,777 | 119,963 | 2.71 | % | |||||||||||||||||||||||
132 W 31st St, New York, 10001 United States |
||||||||||||||||||||||||||||||||||
Thevelia US, LLC (5)(6)(9) |
Professional Services | First Lien Debt |
L + 4.00% | 4.50 | % | 2/9/2029 | 1,316 | 1,303 | 1,302 | 0.03 | % | |||||||||||||||||||||||
Level 15, Manulife Place, 348 Kwun Tong Rd, Ngau Tau Kok, Hong Kong |
||||||||||||||||||||||||||||||||||
Titan Investment Company, Inc. (4)(5)(8) |
Professional Services | First Lien Debt |
L + 5.75% | 6.69 | % | 3/20/2027 | 42,352 | 40,764 | 42,352 | 0.96 | % | |||||||||||||||||||||||
6130 Sprint Parkway, Overland Park, KS 66211 |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||||
Trinity Air Consultants Holdings Corp. (4)(7)(10) |
Professional Services | |
First Lien Debt |
|
L + 5.25% | 6.00 | % | 6/29/2027 | 72,377 | 70,882 | 70,481 | 1.59 | % | |||||||||||||||||||||||
330 7th Ave, New York, NY 10001 United States |
||||||||||||||||||||||||||||||||||||
Trinity Partners Holdings, LLC (4)(7)(10) |
Professional Services | |
First Lien Debt |
|
L + 5.75% | 6.50 | % | 12/21/2028 | 4,658 | 4,555 | 4,551 | 0.10 | % | |||||||||||||||||||||||
230 3RD Ave Prospect Place Waltham, MA 02451 United States |
||||||||||||||||||||||||||||||||||||
Triple Lift, Inc. (4)(7)(10) |
Software | |
First Lien Debt |
|
L + 5.75% | 6.50 | % | 5/6/2028 | 62,764 | 61,501 | 61,982 | 1.40 | % | |||||||||||||||||||||||
400 Lafayette St 5th floor, New York, NY 10003 United States |
||||||||||||||||||||||||||||||||||||
TRP Infrastructure Services, LLC (4)(7)(11) |
Transportation Infrastructure | |
First Lien Debt |
|
L + 5.50% | 6.51 | % | 7/9/2027 | 39,585 | 38,827 | 38,722 | 0.87 | % | |||||||||||||||||||||||
2411 Minnis Dr, Haltom City, TX 76117, United States |
||||||||||||||||||||||||||||||||||||
Turing Holdco, Inc. (4)(5)(6)(7)(8) |
IT Services | |
First Lien Debt |
|
E + 6.00% | 6.24 | % | 8/3/2028 | € | 13,039 | 14,511 | 14,211 | 0.32 | % | ||||||||||||||||||||||
26990 Arastradero Road Los Altos Hills, CA 94022, United States |
||||||||||||||||||||||||||||||||||||
Turing Holdco, Inc. (4)(5)(6)(8) |
IT Services | |
First Lien Debt |
|
L + 6.00% | 6.24 | % | 8/3/2028 | 8,437 | 8,201 | 8,310 | 0.19 | % | |||||||||||||||||||||||
26990 Arastradero Road Los Altos Hills, CA 94022, United States |
||||||||||||||||||||||||||||||||||||
Unified Door & Hardware Group, LLC (4)(11) |
Distributors | |
First Lien Debt |
|
L + 5.75% | 6.75 | % | 6/30/2025 | 95,136 | 93,783 | 93,709 | 2.11 | % | |||||||||||||||||||||||
1650 Suckle Highway Pennsauken, NJ 08110 United States |
||||||||||||||||||||||||||||||||||||
US Oral Surgery Management Holdco, LLC (4)(7)(10) |
Health Care Providers & Services | |
First Lien Debt |
|
L + 5.50% | 6.25 | % | 11/18/2027 | 32,982 | 32,187 | 32,322 | 0.73 | % | |||||||||||||||||||||||
201 E. John Carpenter Freeway Suite 660 Irving, TX 75062 United States |
||||||||||||||||||||||||||||||||||||
VDM Buyer, Inc. (4)(11) |
Chemicals | |
First Lien Debt |
|
E + 6.75% | 7.75 | % | 4/22/2025 | € | 23,718 | 26,428 | 25,863 | 0.58 | % | ||||||||||||||||||||||
One North Transit Road Lockport, NY 14094 United States |
||||||||||||||||||||||||||||||||||||
VDM Buyer, Inc. (4)(11) |
Chemicals | |
First Lien Debt |
|
L + 6.75% | 7.75 | % | 4/22/2025 | 62,289 | 61,654 | 61,043 | 1.38 | % | |||||||||||||||||||||||
One North Transit Road Lockport, NY 14094 United States |
||||||||||||||||||||||||||||||||||||
Veregy Consolidated, Inc. (4)(11) |
Commercial Services & Supplies | |
First Lien Debt |
|
L + 6.00% | 7.00 | % | 11/2/2027 | 21,046 | 20,578 | 20,627 | 0.47 | % | |||||||||||||||||||||||
23325 N. 23rd Ave, Suite 120 Phoenix, AZ 85027 |
||||||||||||||||||||||||||||||||||||
Victory Buyer, LLC (4)(9) |
Industrial Conglomerates | |
Second Lien Debt |
|
L + 7.00% | 7.50 | % | 11/1/2029 | 9,619 | 9,525 | 9,523 | 0.21 | % | |||||||||||||||||||||||
50 East 153rd Street Bronx, NY 10451-2104 United States |
||||||||||||||||||||||||||||||||||||
West Monroe Partners, LLC (4)(7)(10) |
Professional Services | |
First Lien Debt |
|
L + 5.50% | 6.25 | % | 11/8/2028 | 15,297 | 15,014 | 14,997 | 0.34 | % | |||||||||||||||||||||||
311 W Monroe St 14th Floor, Chicago, IL 60606, United States |
||||||||||||||||||||||||||||||||||||
Westland Insurance Group LTD (4)(5)(6)(11) |
Insurance | |
First Lien Debt |
|
L + 7.00% | 8.00 | % | 1/5/2027 | 42,483 | 39,416 | 41,527 | 0.94 | % | |||||||||||||||||||||||
200, 2121 – 160th Street, Surrey, BC |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||||
Westland Insurance Group LTD (4)(5)(6)(7)(11) |
Insurance | |
First Lien Debt |
|
C + 7.00% | 8.00 | % | 1/5/2027 | CAD 102,556 | 75,133 | 82,526 | 1.86 | % | |||||||||||||||||||||||
200, 2121 – 160th Street, Surrey, BC |
||||||||||||||||||||||||||||||||||||
WHCG Purchaser III, Inc. (4)(5)(7)(10) |
Health Care Providers & Services | |
First Lien Debt |
|
L + 5.75% | 6.50 | % | 6/22/2028 | 56,401 | 55,191 | 55,665 | 1.26 | % | |||||||||||||||||||||||
251 Little Falls Drive, Wilmington, DE 19808 United States |
||||||||||||||||||||||||||||||||||||
Windows Acquisition Holdings, Inc. (4)(5)(11) |
Building Products | |
First Lien Debt |
|
L + 6.50% | 7.50 | % | 12/29/2026 | 55,278 | 54,402 | 55,278 | 1.25 | % | |||||||||||||||||||||||
235 Sunshine Road Royal, AR 71968 |
||||||||||||||||||||||||||||||||||||
AGI Group Holdings LP - A2 Units (4) |
Air Freight & Logistics | Equity | 30.1 | % | 902 | 902 | 971 | 0.02 | % | |||||||||||||||||||||||||||
9130 S Dadeland Blvd Ste 1801, Miami, FL, 33156-7858 United States |
||||||||||||||||||||||||||||||||||||
AVE Holdings I Corp. (4) |
Health Care Providers & Services | Equity | 4.1 | % | 625,944 | 607 | 607 | 0.01 | % | |||||||||||||||||||||||||||
520 Madison Avenue, New York, NY 10022 |
||||||||||||||||||||||||||||||||||||
Box Co-Invest Blocker, LLC (4) |
Distributors | Equity | 11.7 | % | 702,305 | 702 | 720 | 0.02 | % | |||||||||||||||||||||||||||
2650 Galvin Dr, Elgin, IL 60124, United States |
||||||||||||||||||||||||||||||||||||
Cambium Holdings, LLC - Senior Preferred Interests (4) |
Diversified Consumer Services | Equity | 2.3 | % | 12,511,857 | 12,315 | 15,100 | 0.34 | % | |||||||||||||||||||||||||||
17855 North Dallas Parkway, Suite 400, Dallas, TX 75287, United States |
||||||||||||||||||||||||||||||||||||
Connatix Parent, LLC - Class L Common Units (4) |
Software | Equity | 23.1 | % | 42,045 | 462 | 590 | 0.01 | % | |||||||||||||||||||||||||||
666 Broadway, 10th Floor, New York, NY 10012, United States |
||||||||||||||||||||||||||||||||||||
CustomInk, LLC - Series A Preferred Units (4) |
Specialty Retail | Equity | 2.7 | % | 384,520 | 5,200 | 6,272 | 0.14 | % | |||||||||||||||||||||||||||
2910 District Avenue Fairfax VA 22031 United States |
||||||||||||||||||||||||||||||||||||
Deneb Ultimate Topco, LLC - Class A Units (4) |
Diversified Consumer Services | Equity | 4.3 | % | 213 | 213 | 219 | 0.00 | % | |||||||||||||||||||||||||||
777 108th Ave NE, Bellevue, WA 98004, United States |
||||||||||||||||||||||||||||||||||||
EIS Acquisition Holdings, LP - Class A Common Units (4) |
Distributors | Equity | 37.6 | % | 6,292 | 3,358 | 7,776 | 0.18 | % | |||||||||||||||||||||||||||
2018 Powers Ferry Road, Suite 400 Atlanta, Georgia 30339 United States |
||||||||||||||||||||||||||||||||||||
Expedition Holdco, LLC (4) |
Software | Equity | 9.0 | % | 90,090 | 90 | 90 | 0.00 | % | |||||||||||||||||||||||||||
101 South Phillips Avenue, Suite 300, Sioux Falls, SD 57104, United States |
||||||||||||||||||||||||||||||||||||
Frontline Road Safety Investments, LLC - Class A Common Units (4) |
Transportation Infrastructure | Equity | 3.1 | % | 27,536 | 2,909 | 2,628 | 0.06 | % | |||||||||||||||||||||||||||
2714 Sherman Street, Grand Prairie, TX 75051 United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||||
GCX Corporation Group Holdings, L.P. - Class A-2 Units (4) |
Health Care Equipment & Supplies | Equity | 10.0 | % | 500 | 500 | 461 | 0.01 | % | |||||||||||||||||||||||||||
3875 Cypress Drive, Petaluma, CA 94954, United States |
||||||||||||||||||||||||||||||||||||
Guidehouse Holding Corp. - Preferred Equity (4) |
Professional Services | Equity | 21.6 | % | 15,440 | 15,133 | 16,058 | 0.36 | % | |||||||||||||||||||||||||||
2941 Fairview Park Dr Ste 501 Falls Church, VA, 22042-4543 United States |
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Jayhawk Holdings, LP - A-1 Common Units (4) |
Health Care Providers & Services | Equity | 0.1 | % | 2,201 | 392 | 627 | 0.01 | % | |||||||||||||||||||||||||||
8717 West 110th Street, Suite 300 Overland Park, KS 66210 |
||||||||||||||||||||||||||||||||||||
Jayhawk Holdings, LP - A-2 Common Units (4) |
Health Care Providers & Services | Equity | 0.1 | % | 1,185 | 211 | 338 | 0.01 | % | |||||||||||||||||||||||||||
8717 West 110th Street, Suite 300 Overland Park, KS 66210 |
||||||||||||||||||||||||||||||||||||
Lobos Parent, Inc. - Series A Preferred Shares (4) |
Software | Equity | 1.8 | % | 1,545 | 1,506 | 1,560 | 0.04 | % | |||||||||||||||||||||||||||
206 S Earl St # 394, Schaller, Iowa, United States |
||||||||||||||||||||||||||||||||||||
Mandolin Technology Holdings, Inc. - Series A Preferred Shares (4) |
Software | Equity | 3.0 | % | 3,550,000 | 3,444 | 3,692 | 0.08 | % | |||||||||||||||||||||||||||
Nova Tower 1, 1 Allegheny Square, Suite 800, Pittsburgh, PA 15212, United States |
||||||||||||||||||||||||||||||||||||
Mermaid Equity Co. L.P. - Class A-2 Common Units (4) |
Software | Equity | 17.4 | % | 14,849,355 | 14,849 | 42,765 | 0.96 | % | |||||||||||||||||||||||||||
100 Pall Mall, St. James’s, London, SW1Y 5NQ |
||||||||||||||||||||||||||||||||||||
Mermaid EquityCo L.P. - Class B Units (4) |
Software | Warrants | 19.8 | % | 4,551 | 865 | 8,965 | 0.20 | % | |||||||||||||||||||||||||||
100 Pall Mall, St. James’s, London, SW1Y 5NQ |
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Micross Topco, Inc. (4) |
Aerospace & Defense | Equity | 2.7 | % | 2,137,866 | 4,767 | 4,767 | 0.11 | % | |||||||||||||||||||||||||||
1050 Perimeter Road, Manchester, NH 03103 United States |
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Mode Holdings, L.P. - Class A-2 Common Units (4) |
Air Freight & Logistics | Equity | 9.2 | % | 5,486,923 | 5,487 | 9,876 | 0.22 | % | |||||||||||||||||||||||||||
17330 Preston Rd., Suite 200 C Dallas, TX 75252 United States |
||||||||||||||||||||||||||||||||||||
NC Ocala Co-Invest Beta, L.P. - LP Interest (4) |
IT Services | Equity | 3.5 | % | 2,854,133 | 2,854 | 2,854 | 0.06 | % | |||||||||||||||||||||||||||
4321 Collington Rd, Bowie, MD 20716, United States |
||||||||||||||||||||||||||||||||||||
Ncp Helix Holdings, LLC. - Preferred Shares (4) |
Transportation Infrastructure | Equity | 24.6 | % | 369 | 372 | 372 | 0.01 | % | |||||||||||||||||||||||||||
888 Boylston Street, Suite 1100, Boston, Massachusetts 02199 |
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OHCP V TC COI, LP. - LP Interest (4) |
Professional Services | Equity | 35.0 | % | 3,500,000 | 3,500 | 3,500 | 0.08 | % | |||||||||||||||||||||||||||
330 7th Ave, New York, NY 10001 United States |
Investments (1) |
Industry |
Type of Investment |
Reference Rate and Spread |
Interest Rate (2)(14) |
Maturity Date |
% of Class Held at 3/31/2022 |
Par Amount/ Units |
Cost (3) |
Fair Value |
Percentage of Net Assets |
||||||||||||||||||||||||||
Point Broadband Holdings, LLC - Class A Units (4) |
Diversified Telecommunication Services | Equity | 26.0 | % | 8,419 | 7,140 | 7,140 | 0.16 | % | |||||||||||||||||||||||||||
617 E. Lake St. Stanton, MI 48888 989-831-8800 |
||||||||||||||||||||||||||||||||||||
Point Broadband Holdings, LLC - Class B Units (4) |
Diversified Telecommunication Services | Equity | 26.0 | % | 448,614 | 1,279 | 1,279 | 0.03 | % | |||||||||||||||||||||||||||
617 E. Lake St. Stanton, MI 48888 989-831-8800 |
||||||||||||||||||||||||||||||||||||
Blackstone Donegal Holdings LP - LP Interests (Westland Insurance Group LTD) (4)(5)(6)(15) |
Insurance | Equity | 18.8 | % | 33,069 | 35,919 | 0.81 | % | ||||||||||||||||||||||||||||
200, 2121 – 160th Street, Surrey, BC |
(1) | Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Each of the Company’s investments is pledged as collateral, under one or more of its credit facilities unless otherwise indicated. |
(2) | Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR (“L”), Canadian Dollar Offered Rate (“CDOR” or “C”), Sterling Overnight Interbank Average Rate (“SONIA” or “S”), Euro Interbank Offer Rate (“Euribor” or “E”), Secured Overnight Financing Rate (“SOFR”), or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2022. Variable rate loans typically include an interest reference rate floor feature. As of March 31, 2022, 95.3% of the portfolio at fair value had a base rate floor above zero. For each such loan, the Company has provided the interest rate in effect on the date presented. |
(3) | The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S.GAAP”). |
(4) | These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) pursuant to the Company’s valuation policy. |
(5) | These debt investments are not pledged as collateral under any of the Company’s credit facilities. For other debt investments that are pledged to the Company’s credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. |
(6) | The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2022, non-qualifying assets represented 10.3% of total assets as calculated in accordance with regulatory requirements. |
(7) | Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments: |
Investments—non-controlled/non-affiliated |
Commitment Type |
Commitment Expiration Date |
Unfunded Commitment |
Fair Value |
||||||||||
First and Second Lien Debt |
||||||||||||||
ACI Group Holdings, Inc. |
Delayed Draw Term Loan | 8/2/2023 | 39,937 | 0 | ||||||||||
ACI Group Holdings, Inc. |
Revolver | 8/2/2027 | 11,567 | (116 | ) | |||||||||
ADCS Clinics Intermediate Holdings, LLC |
Delayed Draw Term Loan | 5/7/2023 | 522 | 0 | ||||||||||
ADCS Clinics Intermediate Holdings, LLC |
Revolver | 5/7/2027 | 1,301 | (26 | ) | |||||||||
AI Altius Bidco, Inc. |
Delayed Draw Term Loan | 12/21/2023 | 1,302 | (13 | ) | |||||||||
Albireo Energy, LLC |
Delayed Draw Term Loan | 6/23/2022 | 33,799 | 0 | ||||||||||
Alera Group, Inc. |
Delayed Draw Term Loan | 9/30/2028 | 28 | 0 | ||||||||||
Amerivet Partners Management, Inc. |
Delayed Draw Term Loan | 2/25/2024 | 3,503 | (35 | ) | |||||||||
Amerivet Partners Management, Inc. |
Revolver | 2/25/2028 | 589 | (12 | ) | |||||||||
Armada Parent, Inc. |
Delayed Draw Term Loan | 10/29/2023 | 2,500 | (25 | ) | |||||||||
Armada Parent, Inc. |
Revolver | 10/29/2027 | 2,750 | 0 | ||||||||||
Ascend Buyer, LLC |
Revolver | 9/30/2027 | 1,617 | 0 | ||||||||||
AxiomSL Group, Inc. |
Delayed Draw Term Loan | 12/3/2027 | 2,949 | (59 | ) | |||||||||
AxiomSL Group, Inc. |
Revolver | 12/3/2025 | 3,221 | (64 | ) | |||||||||
Bazaarvoice, Inc. |
Delayed Draw Term Loan | 11/7/2022 | 35,614 | 0 | ||||||||||
Bazaarvoice, Inc. |
Revolver | 5/7/2026 | 28,662 | 0 | ||||||||||
Benefytt Technologies, Inc. |
Delayed Draw Term Loan | 8/12/2023 | 2,985 | (30 | ) | |||||||||
Cambium Learning Group, Inc. |
Revolver | 7/20/2028 | 43,592 | 0 | ||||||||||
Canadian Hospital Specialties Ltd. |
Delayed Draw Term Loan | 4/14/2023 | 5,354 | 0 | ||||||||||
Canadian Hospital Specialties Ltd. |
Revolver | 4/14/2027 | 3,159 | 0 | ||||||||||
Capstone Logistics, LLC |
Delayed Draw Term Loan | 11/12/2027 | 338 | 0 | ||||||||||
CCBlue Bidco, Inc. |
Delayed Draw Term Loan | 12/21/2023 | 1,920 | (19 | ) | |||||||||
CFGI Holdings, LLC |
Delayed Draw Term Loan | 11/2/2027 | 1,200 | (12 | ) | |||||||||
CFGI Holdings, LLC |
Revolver | 11/2/2027 | 1,050 | (21 | ) | |||||||||
Clearview Buyer, Inc. |
Delayed Draw Term Loan | 8/26/2024 | 3,668 | 0 | ||||||||||
Clearview Buyer, Inc. |
Revolver | 2/26/2027 | 898 | 0 | ||||||||||
Community Brands ParentCo, LLC |
Delayed Draw Term Loan | 2/24/2024 | 588 | (6 | ) | |||||||||
Community Brands ParentCo, LLC |
Revolver | 2/24/2028 | 345 | (7 | ) | |||||||||
Confine Visual Bidco |
Delayed Draw Term Loan | 3/11/2024 | 3,418 | (51 | ) | |||||||||
Connatix Buyer, Inc. |
Delayed Draw Term Loan | 7/14/2023 | 10,900 | (109 | ) | |||||||||
Connatix Buyer, Inc. |
Revolver | 7/14/2027 | 5,431 | 0 | ||||||||||
COP Home Services TopCo IV, Inc. |
Revolver | 12/31/2025 | 1,331 | 0 | ||||||||||
CPI Buyer, LLC |
Delayed Draw Term Loan | 5/1/2023 | 8,747 | 0 | ||||||||||
CPI Buyer, LLC |
Revolver | 11/1/2026 | 3,214 | (64 | ) | |||||||||
Cumming Group, Inc. |
Delayed Draw Term Loan | 5/26/2027 | 27,409 | 0 | ||||||||||
Cumming Group, Inc. |
Revolver | 5/26/2027 | 10,805 | 0 | ||||||||||
DCA Investment Holdings, LLC |
Delayed Draw Term Loan | 3/12/2023 | 3,221 | 0 | ||||||||||
Emergency Power Holdings, LLC |
Delayed Draw Term Loan | 8/17/2023 | 18,700 | 0 | ||||||||||
Episerver, Inc. |
Revolver | 4/9/2026 | 2,064 | (26 | ) | |||||||||
Experity, Inc. |
Revolver | 2/24/2028 | 1,495 | (30 | ) | |||||||||
Foundation Risk Partners Corp. |
Delayed Draw Term Loan | 10/29/2023 | 884 | 0 | ||||||||||
Foundation Risk Partners Corp. |
Revolver | 10/29/2027 | 2,382 | (36 | ) | |||||||||
Frontline Road Safety, LLC—A |
Delayed Draw Term Loan | 5/3/2027 | 3,419 | 0 | ||||||||||
Frontline Road Safety, LLC—B |
Delayed Draw Term Loan | 5/3/2022 | 26,351 | 0 | ||||||||||
Galway Borrower, LLC |
Delayed Draw Term Loan | 9/30/2023 | 3,600 | 0 | ||||||||||
Galway Borrower, LLC |
Revolver | 9/30/2027 | 2,113 | (42 | ) | |||||||||
GCX Corporation Buyer, LLC |
Delayed Draw Term Loan | 9/13/2023 | 7,500 | 0 | ||||||||||
Genuine Cable Group, LLC |
Delayed Draw Term Loan | 4/1/2023 | 14,206 | 0 | ||||||||||
GI Consilio Parent, LLC |
Revolver | 5/14/2026 | 4,200 | 0 | ||||||||||
GI Ranger Intermediate, LLC |
Delayed Draw Term Loan | 10/29/2023 | 4,000 | 0 | ||||||||||
GI Ranger Intermediate, LLC |
Revolver | 10/29/2027 | 1,080 | 0 | ||||||||||
Gigamon Inc. |
Revolver | 3/11/2028 | 437 | (9 | ) |
Investments—non-controlled/non-affiliated |
Commitment Type |
Commitment Expiration Date |
Unfunded Commitment |
Fair Value |
||||||||||
Go Car Wash Management Corp. |
Delayed Draw Term Loan | 8/31/2023 | 8,028 | 0 | ||||||||||
GovernmentJobs.com, Inc. |
Delayed Draw Term Loan | 11/30/2023 | 2,144 | 0 | ||||||||||
GovernmentJobs.com, Inc. |
Revolver | 11/30/2027 | 677 | (14 | ) | |||||||||
GraphPAD Software, LLC |
Delayed Draw Term Loan | 4/27/2027 | 6,429 | (64 | ) | |||||||||
GraphPAD Software, LLC |
Revolver | 4/27/2027 | 2,124 | 0 | ||||||||||
Gruden Acquisition, Inc. |
Delayed Draw Term Loan | 7/1/2023 | 2,310 | 0 | ||||||||||
Gruden Acquisition, Inc. |
Revolver | 7/1/2026 | 2,775 | 0 | ||||||||||
Healthcomp Holding Company, LLC |
Delayed Draw Term Loan | 12/29/2023 | 28,515 | 0 | ||||||||||
Helix TS, LLC |
Delayed Draw Term Loan | 8/3/2023 | 12,736 | 0 | ||||||||||
HIG Orca Acquisition Holdings, Inc. |
Delayed Draw Term Loan | 8/17/2023 | 6,210 | (62 | ) | |||||||||
HIG Orca Acquisition Holdings, Inc. |
Revolver | 8/17/2027 | 740 | 0 | ||||||||||
High Street Buyer, Inc. |
Delayed Draw Term Loan | 4/16/2028 | 19,469 | 0 | ||||||||||
High Street Buyer, Inc. |
Revolver | 4/16/2027 | 2,254 | (45 | ) | |||||||||
IG Investments Holdings, LLC |
Revolver | 9/22/2027 | 2,866 | 0 | ||||||||||
Inovalon Holdings, Inc. |
Delayed Draw Term Loan | 6/24/2024 | 11,060 | (138 | ) | |||||||||
Integrity Marketing Acquisition, LLC |
Delayed Draw Term Loan | 8/27/2025 | 12,762 | 0 | ||||||||||
Java Buyer, Inc. |
Delayed Draw Term Loan | 12/15/2023 | 2,731 | 0 | ||||||||||
Jones Deslauriers Insurance Management, Inc. |
Delayed Draw Term Loan | 3/27/2028 | 15,248 | 0 | ||||||||||
Kaufman Hall & Associates, LLC |
Delayed Draw Term Loan | 12/14/2023 | 4,960 | (50 | ) | |||||||||
Knowledge Pro Buyer, Inc. |
Delayed Draw Term Loan | 12/10/2023 | 661 | 0 | ||||||||||
Knowledge Pro Buyer, Inc. |
Revolver | 12/10/2027 | 2,121 | (21 | ) | |||||||||
KPSKY Acquisition, Inc. |
Delayed Draw Term Loan | 10/19/2023 | 1,188 | 0 | ||||||||||
L&S Mechanical Acquisition, LLC |
Delayed Draw Term Loan | 9/1/2022 | 4,088 | 0 | ||||||||||
LD Lower Holdings, Inc. |
Delayed Draw Term Loan | 2/8/2023 | 15,684 | 0 | ||||||||||
Legacy Intermediate, LLC |
Delayed Draw Term Loan | 2/25/2023 | 2,000 | (20 | ) | |||||||||
Legacy Intermediate, LLC |
Revolver | 2/25/2028 | 958 | (10 | ) | |||||||||
Linquest Corp. |
Delayed Draw Term Loan | 1/27/2023 | 4,975 | (50 | ) | |||||||||
Mandolin Technology Intermediate Holdings, Inc. |
Delayed Draw Term Loan | 11/2/2027 | 1,200 | (12 | ) | |||||||||
Marcone Yellowstone Buyer, Inc. |
Delayed Draw Term Loan | 12/23/2028 | 1,336 | 0 | ||||||||||
Material Holdings, LLC |
Delayed Draw Term Loan | 8/19/2023 | 3,533 | 0 | ||||||||||
Material Holdings, LLC |
Revolver | 8/17/2027 | 1,201 | 0 | ||||||||||
Maverick Acquisition, Inc. |
Delayed Draw Term Loan | 6/1/2023 | 6,243 | 0 | ||||||||||
Medallia, Inc. |
Delayed Draw Term Loan | 10/29/2023 | 4,878 | 0 | ||||||||||
MHE Intermediate Holdings, LLC |
Delayed Draw Term Loan | 7/21/2023 | 170 | 0 | ||||||||||
MHE Intermediate Holdings, LLC |
Revolver | 7/21/2027 | 257 | 0 | ||||||||||
Monk Holding Co. |
Delayed Draw Term Loan | 8/12/2023 | 2,230 | 0 | ||||||||||
MRI Software, LLC |
Revolver | 2/10/2026 | 1,516 | 0 | ||||||||||
Navigator Acquiror, Inc. |
Delayed Draw Term Loan | 7/16/2023 | 65,988 | 0 | ||||||||||
NDC Acquisition Corp. |
Revolver | 3/9/2027 | 3,425 | 0 | ||||||||||
NMC Crimson Holdings, Inc. |
Delayed Draw Term Loan | 3/1/2023 | 31,400 | (471 | ) | |||||||||
Onex Baltimore Buyer, Inc. |
Delayed Draw Term Loan | 12/1/2023 | 3,388 | 0 | ||||||||||
PGIS Intermediate Holdings, LLC |
Delayed Draw Term Loan | 10/16/2028 | 1,179 | 0 | ||||||||||
PGIS Intermediate Holdings, LLC |
Revolver | 10/16/2028 | 330 | (3 | ) | |||||||||
Point Broadband Acquisition, LLC |
Delayed Draw Term Loan | 10/1/2023 | 39,309 | (491 | ) | |||||||||
Porcelain Acquisition Corp. |
Delayed Draw Term Loan | 4/30/2022 | 14,481 | 0 | ||||||||||
Profile Products, LLC |
Delayed Draw Term Loan | 11/12/2027 | 1,340 | 0 | ||||||||||
Profile Products, LLC |
Revolver | 11/12/2027 | 830 | 0 | ||||||||||
Progress Residential PM Holdings, LLC |
Delayed Draw Term Loan | 3/17/2023 | 16,623 | 0 | ||||||||||
Qualus Power Services Corp. |
Delayed Draw Term Loan | 3/26/2023 | 5,917 | 0 | ||||||||||
R1 Holdings, LLC |
Delayed Draw Term Loan | 4/19/2022 | 8,886 | 0 | ||||||||||
Radwell International, LLC |
Delayed Draw Term Loan | 7/13/2023 | 9,740 | 0 | ||||||||||
Radwell International, LLC |
Revolver | 7/13/2027 | 11,458 | 0 | ||||||||||
Red River Technology, LLC |
Delayed Draw Term Loan | 5/26/2023 | 25,880 | 0 | ||||||||||
Relativity ODA, LLC |
Revolver | 5/12/2027 | 3,292 | (49 | ) | |||||||||
Relay Purchaser, LLC |
Revolver | 8/30/2026 | 7,143 | (71 | ) | |||||||||
Roadsafe Holdings, Inc. |
Delayed Draw Term Loan | 7/31/2023 | 4,240 | 0 | ||||||||||
RWL Holdings, LLC |
Delayed Draw Term Loan | 12/1/2027 | 6,452 | (65 | ) | |||||||||
Safety Borrower Holdings LP |
Delayed Draw Term Loan | 9/1/2022 | 932 | 0 | ||||||||||
Safety Borrower Holdings LP |
Revolver | 9/1/2027 | 280 | 0 |
Investments—non-controlled/non-affiliated |
Commitment Type |
Commitment Expiration Date |
Unfunded Commitment |
Fair Value |
||||||||||
Sam Holding Co, Inc. |
Delayed Draw Term Loan | 9/24/2023 | 33,600 | 0 | ||||||||||
Sam Holding Co, Inc. |
Revolver | 3/24/2027 | 6,000 | (120 | ) | |||||||||
SEKO Global Logistics Network, LLC |
Delayed Draw Term Loan | 12/30/2022 | 718 | 0 | ||||||||||
SEKO Global Logistics Network, LLC |
Revolver | 12/30/2026 | 396 | 0 | ||||||||||
SelectQuote, Inc. |
Delayed Draw Term Loan | 11/3/2022 | 16,067 | 0 | ||||||||||
Sherlock Buyer Corp. |
Delayed Draw Term Loan | 12/8/2028 | 2,794 | (28 | ) | |||||||||
Sherlock Buyer Corp. |
Revolver | 12/8/2027 | 1,111 | (22 | ) | |||||||||
Smile Doctors, LLC |
Delayed Draw Term Loan | 12/21/2023 | 806 | 0 | ||||||||||
Smile Doctors, LLC |
Revolver | 12/21/2027 | 1,139 | 0 | ||||||||||
Snoopy Bidco, Inc. |
Delayed Draw Term Loan | 6/1/2023 | 86,000 | 0 | ||||||||||
SpecialtyCare, Inc. |
Delayed Draw Term Loan | 6/18/2023 | 1,260 | 0 | ||||||||||
SpecialtyCare, Inc. |
Revolver | 6/18/2026 | 1,047 | 0 | ||||||||||
Spitfire Parent, Inc. |
Delayed Draw Term Loan | 9/4/2022 | 9,222 | 0 | ||||||||||
Stepping Stones Healthcare Services, LLC |
Delayed Draw Term Loan | 12/30/2023 | 748 | (7 | ) | |||||||||
Stepping Stones Healthcare Services, LLC |
Revolver | 12/30/2026 | 282 | 0 | ||||||||||
Tailwind Colony Holding Corporation |
Delayed Draw Term Loan | 12/10/2022 | 3,752 | 0 | ||||||||||
TCFI AEVEX, LLC |
Delayed Draw Term Loan | 11/7/2022 | 30,445 | (304 | ) | |||||||||
Tennessee Bidco Limited—GBP |
Delayed Draw Term Loan | 8/3/2028 | 29,534 | 0 | ||||||||||
The Action Environmental Group, Inc. |
Delayed Draw Term Loan | 1/16/2026 | 29,158 | 0 | ||||||||||
The Fertility Partners, Inc. |
Delayed Draw Term Loan | 3/16/2024 | 694 | (6 | ) | |||||||||
The Fertility Partners, Inc. |
Revolver | 9/16/2027 | 278 | (5 | ) | |||||||||
The NPD Group L.P. |
Revolver | 12/1/2027 | 9,260 | (63 | ) | |||||||||
Trinity Air Consultants Holdings Corp. |
Delayed Draw Term Loan | 6/29/2023 | 15,514 | 0 | ||||||||||
Trinity Air Consultants Holdings Corp. |
Revolver | 6/29/2027 | 6,881 | 0 | ||||||||||
Trinity Partners Holdings, LLC |
Delayed Draw Term Loan | 12/21/2023 | 1,380 | (14 | ) | |||||||||
Triple Lift, Inc. |
Revolver | 5/6/2028 | 7,697 | (154 | ) | |||||||||
TRP Infrastructure Services, LLC |
Delayed Draw Term Loan | 1/9/2023 | 7,101 | (71 | ) | |||||||||
Turing Holdco, Inc. |
Delayed Draw Term Loan | 8/3/2028 | 6,886 | 0 | ||||||||||
US Oral Surgery Management Holdco, LLC |
Delayed Draw Term Loan | 11/18/2023 | 12,338 | 0 | ||||||||||
US Oral Surgery Management Holdco, LLC |
Revolver | 11/18/2027 | 3,233 | (48 | ) | |||||||||
West Monroe Partners, LLC |
Delayed Draw Term Loan | 11/9/2023 | 3,848 | 0 | ||||||||||
West Monroe Partners, LLC |
Revolver | 11/9/2027 | 1,155 | 0 | ||||||||||
Westland Insurance Group LTD |
Delayed Draw Term Loan | 7/5/2022 | 48,146 | 0 | ||||||||||
WHCG Purchaser III, Inc. |
Delayed Draw Term Loan | 6/22/2023 | 10,490 | 0 | ||||||||||
WHCG Purchaser III, Inc. |
Revolver | 6/22/2026 | 6,723 | (67 | ) | |||||||||
Total Unfunded Commitments |
1,258,359 |
(3,357 |
) | |||||||||||
(8) | There are no interest rate floors on these investments. |
(9) | The interest rate floor on these investments as of March 31, 2022 was 0.50%. |
(10) | The interest rate floor on these investments as of March 31, 2022 was 0.75%. |
(11) | The interest rate floor on these investments as of March 31, 2022 was 1.00%. |
(12) | The interest rate floor on these investments as of March 31, 2022 was 1.25%. |
(13) | The interest rate floor on these investments as of March 31, 2022 was 1.50%. |
(14) | For unsettled positions the interest rate does not include the base rate. |
(15) | Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2022, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2022, the Company’s non-controlled/affiliated investments were as follows: |
Fair value as of December 31, 2021 |
Gross Additions |
Gross Reductions |
Change in Unrealized Gains (Losses) |
Fair value as of March 31, 2022 |
Fair value as of March 31, 2022 |
|||||||||||||||||||
Non-Controlled/Affiliated Investments |
||||||||||||||||||||||||
Investments |
$ | 35,683 | $ | 310 | $ | — | $ | (74 | ) | $ | 35,919 | $ | — | |||||||||||
Total |
$ |
35,683 |
$ |
310 |
$ |
— |
$ |
(74 |
) |
$ |
36,919 |
$ |
— |
|||||||||||
Name, Address and Year of Birth (1) |
Position(s) Held with the Company |
Length of Time Served |
Principal Occupation(s) During Past Five Years |
Number of Portfolios in Fund Complex Overseen by Trustee (2) |
Other Directorships Held by the Trustee During the Past Five Years | |||||||||
NON-INTERESTED TRUSTEES: |
||||||||||||||
Michelle Greene (3) Birth Year: 1969 |
Trustee Member, Audit Committee Member, Nominating and Governance Committee Member, Compensation Committee |
|
Trustee Since: 2022 |
Ms. Greene serves as President Emeritus, a member of the Board and advisor to the Long-Term Stock Exchange (2016-present). Ms. Greene was formerly an adjust professor at Columbia University’s School of International and Public Affairs (2013-2020) | 2 | None. |
Name, Address and Year of Birth |
Position(s) Held with the Fund |
Length of Time Served |
Principal Occupation During the Past Five Years | |||
Abby Miller Birth Year: 1983 |
Chief Accounting Officer and Treasurer | Officer Since: 2022 | Before joining Blackstone, Ms. Miller served as Chief Financial Officer and Treasurer of Blackrock Capital Investment Corporation. |
(1) | The address of each Trustee/Nominee and Officer, unless otherwise noted, is Blackstone Alternative Credit Advisors LP, 345 Park Avenue, 31st Floor, New York, NY 10154. |
(2) | The “ Fund Complex Closed-End Funds (Blackstone Senior Floating Rate Term Fund, Blackstone Long Short Credit Income Fund, Blackstone |
Strategic Credit Fund and Blackstone Floating Rate Enhanced Income Fund), as well as the Blackstone Alternative Alpha Funds (Blackstone Alternative Alpha Fund, Blackstone Alternative Alpha Fund II and Blackstone Alternative Alpha Master Fund) and Blackstone Alternative Multi-Strategy Fund. |
(3) | Ms. Greene was appointed as Trustee effective May 2, 2022. |
Number of Accounts |
Assets of Accounts |
Number of Accounts Subject to a Performance Fee |
Assets Subject to a Performance Fee |
|||||||||||||
Registered Investment Companies |
— | — | — | — | ||||||||||||
Pooled Investment Vehicles Other Than Registered Investment Companies (1) |
3 | $ | 46.98 billion | 3 | $ | 46.98 billion | ||||||||||
Other Accounts |
7 | $ | 8.24 billion | 7 | $ | 8.24 billion |
(1) | Includes management investment companies that have elected to be regulated as business development companies under the 1940 Act. |
Name of Portfolio Manager |
Dollar Range of Equity Securities in the Company | |
Brad Marshall |
Over 1,000,000 |
• | each person known to the Company to beneficially own more than 5% of the outstanding shares of the Company’s beneficial interest; |
• | each of the Company’s trustees and each named executive officer; and |
• | all of the Company’s trustees and executive officers as a group. |
Name and Address |
Number of Shares |
Percentage of Class |
||||||
Trustees and Executive Officers: |
||||||||
Independent Trustees |
||||||||
Robert Bass |
10,926 | * | ||||||
Tracy Collins |
— | — | ||||||
Vicki L. Fuller |
— | — | ||||||
James F. Clark |
— | — | ||||||
Michelle Greene |
— | — | ||||||
Interested Trustees |
||||||||
Brad Marshall |
121, 285 | * | ||||||
Vikrant Sawhney |
— | — | ||||||
Executive Officers |
||||||||
Stephan Kuppenheimer |
12,457 | * | ||||||
Abby Miller |
— | — | ||||||
Beth Chartoff |
2,077 | * | ||||||
Marisa J. Beeney |
— | — | ||||||
Katherine Rubenstein |
— | — | ||||||
Carlos Whitaker |
— | — | ||||||
Trustees and Executive Officers as a Group (13 persons) 5% Holders: |
146,745 |
* | ||||||
QIA FIG Glass Holding Limited |
13,723,035 | 8.2 | % |
* | Less than 1%. |
Name and Address |
Dollar Range of Equity Securities in the Company (1)(2) |
Aggregate Dollar Range of Equity Securities in the Fund Complex (1)(2)(3) |
||||||
Interested Trustees |
||||||||
Brad Marshall |
Over $100,000 | Over $100,000 | ||||||
Daniel H. Smith, Jr. (4) |
Over $100,000 | Over $100,000 | ||||||
Vikrant Sawhney |
None | None | ||||||
Independent Trustees (1) |
||||||||
Robert Bass |
Over $100,000 | Over $100,000 | ||||||
James F. Clark |
None | None | ||||||
Tracy Collins |
None | None | ||||||
Vicki L. Fuller |
None | None | ||||||
Michelle Greene (5) |
None | None |
(1) | Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) |
(2) | The dollar range of equity securities beneficially owned are: none, $1 - $10,000, $10,001 - $50,000, $50,001 - $100,000 or over $100,000. |
(3) | The “Fund Complex” consists of the Company, Blackstone Secured Lending Fund, the Blackstone Credit Closed-End |
(4) | Mr. Smith resigned as Trustee effective May 3, 2022. |
(5) | Ms. Greene was appointed Trustee effective May 2, 2022. |
(1) Title of Class |
(2) Amount Authorized |
(3) Amount Held by the Company or for the Company’s Account |
(4) Amount Outstanding Exclusive of Amounts Shown Under (3) |
|||||||||
Common Shares |
Unlimited | — | 169,691,412 | |||||||||
Preferred Shares |
Unlimited | — | — |
• | immediately after issuance and before any distribution is made with respect to common shares, we must meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares, of at least 150%; and |
• | the holders of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if and for so long as dividends on the preferred shares are unpaid in an amount equal to two full years of dividends on the preferred shares. |
• | the designation and number of shares of such class or series; |
• | the rate and time at which, and the preferences and conditions under which, any dividends will be paid on shares of such class or series, as well as whether such dividends are participating or non-participating; |
• | any provisions relating to convertibility or exchangeability of the shares of such class or series, including adjustments to the conversion price of such class or series; |
• | the rights and preferences, if any, of holders of shares of such class or series upon our liquidation, dissolution or winding up of our affairs; |
• | the voting powers, if any, of the holders of shares of such class or series; |
• | any provisions relating to the redemption of the shares of such class or series; |
• | any limitations on our ability to pay dividends or make distributions on, or acquire or redeem, other securities while shares of such class or series are outstanding; |
• | any conditions or restrictions on our ability to issue additional shares of such class or series or other securities; |
• | if applicable, a discussion of certain U.S. federal income tax considerations; and |
• | any other relative powers, preferences and participating, optional or special rights of shares of such class or series, and the qualifications, limitations or restrictions thereof. |
• | the period of time the offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate in the offering and shall not be open longer than 120 days); |
• | the title of such subscription rights; |
• | the exercise price for such subscription rights (or method of calculation thereof); |
• | the ratio of the offering (which, in the case of transferable rights, will require a minimum of three shares to be held of record before a person is entitled to purchase an additional share); |
• | the number of such subscription rights issued to each shareholder; |
• | the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable; |
• | if applicable, a discussion of certain U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights; |
• | the date on which the right to exercise such subscription rights shall commence, and the date on which such right shall expire (subject to any extension); |
• | the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; |
• | any termination right we may have in connection with such subscription rights offering; and |
• | any other terms of such subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such subscription rights. |
• | the title of such warrants; |
• | the aggregate number of such warrants; |
• | the price or prices at which such warrants will be issued; |
• | the currency or currencies, including composite currencies, in which the price of such warrants may be payable; |
• | if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security; |
• | in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise; |
• | in the case of warrants to purchase common shares or preferred shares, the number of common shares or preferred shares, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise; |
• | the date on which the right to exercise such warrants shall commence and the date on which such right will expire; |
• | whether such warrants will be issued in registered form or bearer form; |
• | if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
• | if applicable, the date on and after which such warrants and the related securities will be separately transferable; |
• | information with respect to book-entry procedures, if any; |
• | the terms of the securities issuable upon exercise of the warrants; |
• | if applicable, a discussion of certain U.S. federal income tax considerations; and |
• | any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. |
• | the designation or title of the series of debt securities; |
• | the total principal amount of the series of debt securities; |
• | the percentage of the principal amount at which the series of debt securities will be offered; |
• | the date or dates on which principal will be payable; |
• | the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any; |
• | the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable; |
• | whether any interest may be paid by issuing additional securities of the same series in lieu of cash (and the terms upon which any such interest may be paid by issuing additional securities); |
• | the terms for redemption, extension or early repayment, if any; |
• | the currencies in which the series of debt securities are issued and payable; |
• | whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined; |
• | the place or places of payment, transfer, conversion and/or exchange of the debt securities; |
• | the denominations in which the offered debt securities will be issued (if other than $1,000 and any integral multiple thereof); |
• | the provision for any sinking fund; |
• | any restrictive covenants; |
• | any Events of Default (as defined in “Events of Default” below); |
• | whether the series of debt securities is issuable in certificated form; |
• | any provisions for defeasance or covenant defeasance; |
• | any special U.S. federal income tax implications, including, if applicable, U.S. federal income tax considerations relating to original issue discount; |
• | whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option); |
• | any provisions for convertibility or exchangeability of the debt securities into or for any other securities; |
• | whether the debt securities are subject to subordination and the terms of such subordination; |
• | whether the debt securities are secured and the terms of any security interest; |
• | the listing, if any, on a securities exchange; and |
• | any other terms. |
• | how it handles securities payments and notices; |
• | whether it imposes fees or charges; |
• | how it would handle a request for the holders’ consent, if ever required; |
• | whether and how you can instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular series of debt securities; |
• | how it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests; and |
• | if the debt securities are in book-entry form, how the depositary’s rules and procedures will affect these matters. |
• | an investor cannot cause the debt securities to be registered in his, her or its name and cannot obtain certificates for his, her or its interest in the debt securities, except in the special situations we describe below; |
• | an investor will be an indirect holder and must look to his, her or its own bank or broker for payments on the debt securities and protection of his, her or its legal rights relating to the debt securities, as we describe under “—Issuance of Securities in Registered Form” above; |
• | an investor may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their securities in non-book-entry form; |
• | an investor may not be able to pledge his, her or its interest in a global security in circumstances where certificates representing the debt securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective; |
• | the depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor’s interest in a global security. We and the trustee have no responsibility for any aspect of the depositary’s actions or for its records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way; |
• | if we redeem less than all the debt securities of a particular series being redeemed, DTC’s practice is to determine by lot the amount to be redeemed from each of its participants holding that series; |
• | an investor is required to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC’s records, to the applicable trustee; |
• | DTC requires that those who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds; your broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security; and |
• | financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the debt securities; there may be more than one financial intermediary in the chain of ownership for an investor; we do not monitor, nor are we responsible for the actions of, any of those intermediaries. |
• | we do not pay the principal of (or premium, if any, on) a debt security of the series within five days of its due date; |
• | we do not pay interest on a debt security of the series within 30 days of its due date; |
• | we do not deposit any sinking fund payment in respect of debt securities of the series within five days of its due date; |
• | we remain in breach of a covenant in respect of debt securities of the series for 90 days after we receive a written notice of default stating we are in breach (the notice must be sent by either the trustee or holders of at least 25.0% of the principal amount of debt securities of the series); |
• | we voluntarily file for bankruptcy or consent to the commencement of certain other events of bankruptcy, insolvency or reorganization; |
• | a court of competent jurisdiction enters an order or decree under bankruptcy law that is for relief against us in an involuntary case or proceeding, adjudges us bankrupt or insolvent or orders the winding up or liquidation of us and the continuance of any such decree or order remains undischarged or unstayed for a period of 90 days; |
• | the series of debt securities has an asset coverage, as such term is defined in the 1940 Act, of less than 100.0% on the last business day of each of 24 consecutive calendar months, giving effect to any exemptive relief granted to us by the SEC; or |
• | any other Event of Default in respect of debt securities of the series described in the prospectus supplement occurs. |
• | you must give the trustee written notice that an Event of Default with respect to the relevant series of debt securities has occurred and remains uncured; |
• | the holders of at least 25.0% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer indemnity, security, or both reasonably satisfactory to the trustee against the costs, expenses, and other liabilities of taking that action; |
• | the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and |
• | the holders of a majority in principal amount of the outstanding debt securities of that series must not have given the trustee a direction inconsistent with the above notice during that 60-day period. |
• | in the payment of principal, any premium or interest; or |
• | in respect of a covenant that cannot be modified or amended without the consent of each holder. |
• | where we merge out of existence or sell substantially all of our assets, the resulting entity or transferee must agree to be legally responsible for our obligations under the debt securities; |
• | the merger or sale of assets must not cause a default on the debt securities and we must not already be in default (unless the merger or sale would cure the default). For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured, as described under “Events of Default” above. A default for this purpose would also include any event that would be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded; |
• | we must deliver certain certificates and documents to the trustee; and |
• | we must satisfy any other requirements specified in the prospectus supplement relating to a particular series of debt securities. |
• | change the stated maturity of the principal of or interest on a debt security or the terms of any sinking fund with respect to any security; |
• | reduce any amounts due on a debt security; |
• | reduce the amount of principal payable upon acceleration of the maturity of an original issue discount or indexed security following a default or upon the redemption thereof or the amount thereof provable in a bankruptcy proceeding; |
• | adversely affect any right of repayment at the holder’s option; |
• | change the place or currency of payment on a debt security (except as otherwise described in the prospectus or prospectus supplement); |
• | impair your right to sue for payment; |
• | adversely affect any right to convert or exchange a debt security in accordance with its terms; |
• | modify the subordination provisions in the indenture in a manner that is adverse to outstanding holders of the debt securities; |
• | reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture; |
• | reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults; |
• | modify any other aspect of the provisions of the indenture dealing with supplemental indentures with the consent of holders, waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and |
• | change any obligation we have to pay additional amounts. |
• | if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series; and |
• | if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose. |
• | for original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default; |
• | for debt securities whose principal amount is not known (for example, because it is based on an index), we will use the principal face amount at original issuance or a special rule for that debt security described in the prospectus supplement; and |
• | for debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent. |
• | we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments; |
• | we must deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities any differently than if such covenant defeasance had not occurred; |
• | we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with; |
• | defeasance must not result in a breach or violation of, or result in a default under, of the indenture or any of our other material agreements or instruments, as applicable; |
• | no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and |
• | satisfy the conditions for covenant defeasance contained in any supplemental indentures. |
• | we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or |
government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments; |
• | we must deliver to the trustee a legal opinion of our counsel confirming that there has been a change in current U.S. federal tax law or we obtain or there has been published an IRS ruling that allows us to make the above deposit without causing you to be taxed on the debt securities any differently than if such defeasance had not occurred. Under current U.S. federal tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit; |
• | we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers’ certificate stating that all conditions precedent to defeasance have been complied with; |
• | defeasance must not result in a breach or violation of, or constitute a default under, of the indenture or any of our other material agreements or instruments, as applicable; |
• | no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and |
• | satisfy the conditions for full defeasance contained in any supplemental indentures. |
• | only in fully registered certificated form; |
• | without interest coupons; and |
• | unless we indicate otherwise in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000. |
• | our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed that we have designated as “Senior Indebtedness” for |
purposes of the indenture and in accordance with the terms of the indenture (including any indenture securities designated as Senior Indebtedness), and |
• | renewals, extensions, modifications and refinancings of any of this indebtedness. |
• | our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 28, 2022. |
• | our Quarterly Report on Form 10-Q for the three months ended March 31, 2022, filed with the SEC on May 12, 2022. |
• | our Current Reports on Form 8-K (other than information furnished rather than filed) filed with the SEC on February 4, 2022, May 4, 2022, May 12, 2022, May 24, 2022 and June 30, 2022. |
• | the description of our common shares referenced in our Registration Statement on Form 8-A (No. 001-40966), as filed with the SEC on October 26, 2021, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering of the common shares registered hereby. |
Wells Fargo Securities |
Morgan Stanley |
BofA Securities |
RBC Capital Markets |
Goldman Sachs & Co. LLC |
UBS Investment Bank |
J.P. Morgan |
Raymond James |
Barclays |
Citigroup |
Keefe, Bruyette & Woods A Stifel Company |
Compass Point |
Janney Montgomery Scott |