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10-Q

Bain Capital Specialty Finance, Inc. (BCSF)

10-Q 2024-11-05 For: 2024-09-30
View Original
Added on April 10, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2024

OR

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

Commission file number: 814-01175

BAIN CAPITAL SPECIALTY FINANCE, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware 81-2878769
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
200 Clarendon Street, 37th Floor
--- ---
Boston, MA 02116
(Address of Principal Executive Office) (Zip Code)

(617) 516‑2000

(Registrant’s Telephone Number, Including Area Code)

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

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

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

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

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

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

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

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

TABLE OF CONTENTS

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

i

FORWARD-LOOKING STATEMENTS

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

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

ii

Item 1. Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

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

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

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

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Changes in Net Assets

(in thousands, except share and per share data)

(Unaudited)

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

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Cash Flows

(in thousands, except share and per share data)

(Unaudited)

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

All values are in US Dollars.

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

All values are in US Dollars.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of September 30, 2024

(In thousands)

(Unaudited)

Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
ATS (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.87 % 7/12/2029 $ 862 862 862
ATS (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 11.05 % 7/12/2029 $ 19,369 19,131 19,127
BTX Precision (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/25/2030 $ — (82 ) (63 )
BTX Precision (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/25/2030 $ — (27 ) (42 )
BTX Precision (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/25/2030 $ — (36 ) (37 )
BTX Precision (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.85 % 7/25/2030 $ 24,474 24,261 24,260
BTX Precision (14)(19)(25) Equity Interest — — — — 2 2,199 2,199
Forming Machining Industries Holdings, LLC (7)(14)(18)(19)(26) Second Lien Senior Secured Loan SOFR 8.40% PIK 13.46 % 10/9/2026 $ 7,173 6,874 628
Forming Machining Industries Holdings, LLC (18)(19) First Lien Senior Secured Loan SOFR 4.40% 9.46 % 10/9/2025 $ 15,985 15,963 12,388
Forward Slope (14)(19)(25) Equity Interest — — — — 930 930 1,440
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 11.45 % 8/22/2029 $ 6,154 6,019 6,154
Forward Slope (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 11.45 % 8/22/2029 $ 23,456 22,943 23,456
Forward Slope (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/22/2029 $ — (181 ) —
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 11.45 % 8/22/2029 $ 8,640 8,526 8,640
GSP (15)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 10.96 % 12/31/2024 $ 1,129 1,116 1,118
GSP Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 10.25 % 11/6/2025 $ 9,599 9,590 9,503
GSP Holdings, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.65% 10.25 % 11/6/2025 $ 4,324 4,316 4,278
Kellstrom Aerospace Group, Inc (14)(19)(25) Equity Interest — — — — 1 1,963 1,375
Kellstrom Commercial Aerospace, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.26% 11.58 % 7/1/2025 $ 10,606 10,562 10,606
Kellstrom Commercial Aerospace, Inc. (3)(15)(19)(22) First Lien Senior Secured Loan - Revolver SOFR 6.26% 10.87 % 7/1/2025 $ 48 57 48
Mach Acquisition R/C (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.65% 12.40 % 10/19/2026 $ 7,532 7,450 7,532
Mach Acquisition T/L (15)(19)(26) First Lien Senior Secured Loan SOFR 6.65% (2.00% PIK) 13.93 % 10/19/2026 $ 34,420 34,130 34,420
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 1,417 1,417 1,849
Robinson Helicopter (14)(19)(25) Equity Interest — — — — 1,592 1,592 3,124
Robinson Helicopter (15)(19)(29) First Lien Senior Secured Loan SOFR 6.60% 11.45 % 6/30/2028 $ 14,145 13,919 14,145
Saturn Purchaser Corp. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.35% 10.20 % 7/23/2029 $ 13,865 13,753 13,865
Saturn Purchaser Corp. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/22/2029 $ — (34 ) —
Whitcraft-Paradigm (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.10 % 2/15/2029 $ 2,485 2,485 2,485
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 11.35 % 2/15/2029 $ 11,822 11,730 11,821
Whitcraft-Paradigm (3)(18)(19)(23) First Lien Senior Secured Loan - Revolver P 5.50% 13.50 % 2/28/2029 $ 1,126 1,110 1,126
Aerospace & Defense Total $ 222,538 $ 216,307 18.9 %
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Automotive
American Trailer Rental Group (19)(26) Subordinated Debt — 9.00% (4.50% PIK) 13.50 % 12/1/2027 $ 5,289 5,244 5,130
American Trailer Rental Group (19)(26) Subordinated Debt — 9.00% (4.50% PIK) 13.50 % 12/1/2027 $ 16,316 16,115 15,827
American Trailer Rental Group (19)(26) Subordinated Debt — 9.00% (4.50% PIK) 13.50 % 12/1/2027 $ 20,375 20,123 19,764
Cardo (6)(18)(19) First Lien Senior Secured Loan SOFR 5.25% 10.58 % 5/12/2028 $ 98 97 98
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.75% 10.77 % 5/17/2029 $ 7,402 7,393 7,402
Gills Point S (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.88 % 5/17/2029 $ 12,536 12,536 12,536
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.70 % 5/17/2029 $ 352 352 352
Gills Point S (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.75% 10.60 % 5/17/2029 $ 1,254 1,237 1,253
Gills Point S (14)(19)(25) Equity Interest — — — — 2 184 224
Intoxalock (15)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.95 % 11/1/2028 $ 12,036 11,945 12,036
Intoxalock (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/1/2028 $ — (23 ) —
JHCC Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 9.85 % 9/9/2027 $ 11,952 11,872 11,952
JHCC Holdings, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver P 4.25% 12.25 % 9/9/2027 $ 921 889 921
Automotive Total $ 87,964 $ 87,495 7.6 %
Banking, Finance, Insurance & Real Estate
Electronic Merchant Systems (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/1/2030 $ — — —
Electronic Merchant Systems (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.85 % 8/1/2030 $ 25,133 24,700 24,693
Electronic Merchant Systems (14)(19)(25) Equity Interest — — — — 148 1,596 1,573
Morrow Sodali (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 10.58 % 4/25/2028 $ 2,606 2,593 2,606
Morrow Sodali (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.95 % 4/25/2027 $ 1,026 1,007 1,026
Sikich (19)(25)(26) Preferred Equity — 13.00% PIK 13.00 % — 31 3,098 3,150
Sikich (14)(19)(25) Warrants — — — — 2 — 170
Sikich (14)(19)(25) Warrants — — — — 5 — 596
Banking, Finance, Insurance & Real Estate Total $ 32,994 $ 33,814 2.9 %
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)(29) First Lien Senior Secured Loan SOFR 6.35% 11.20 % 3/31/2029 $ 23,229 22,840 22,996
AgroFresh Solutions (15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.35% 11.20 % 3/31/2028 $ 5,015 4,936 4,965
Arctic Glacier U.S.A., Inc. (19)(26)(31) First Lien Senior Secured Loan SOFR 6.76% (4.00% PIK) 15.37 % 5/24/2028 $ 12,328 12,135 11,773
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(26)(31) First Lien Senior Secured Loan - Revolver SOFR 6.76% (4.00% PIK) 15.82 % 5/24/2028 $ 12 (22 ) (76 )
BCSF Project Aberdeen, LLC (14)(19)(25) Equity Interest — — — — 2,138 2,138 2,138
Hellers (6)(19) Subordinated Debt — 15.00% 15.00 % 3/27/2031 NZ$ 441 273 273
Hellers (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw BBSY 5.75% 10.23 % 9/27/2030 NZ$ 5,870 3,569 3,629
Hellers (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/27/2030 NZ$ — (15 ) (16 )
NPC International, Inc. (14)(19)(25)(27) Equity Interest — — — — 308 461 7
PPX (14)(19)(25) Preferred Equity — — — — 33 — —
PPX (14)(19)(25) Preferred Equity — — — — 33 5,000 7,057
Beverage, Food & Tobacco Total $ 51,315 $ 52,746 4.6 %
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Capital Equipment
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/31/2029 $ — (62 ) —
AXH Air Coolers (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2029 $ — (47 ) —
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 11.81 % 10/31/2029 $ 11,690 11,587 11,690
AXH Air Coolers (14)(19)(25) Preferred Equity — — — — 3,417 3,417 5,770
DiversiTech (17) First Lien Senior Secured Loan SOFR 4.01% 8.62 % 12/22/2028 $ 1 1 1
East BCC Coinvest II, LLC (14)(19)(25) Equity Interest — — — — 1,419 1,419 463
Ergotron Acquisition LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.85% 10.70 % 7/6/2028 $ 12,005 11,834 12,005
FCG Acquisitions, Inc. (14)(19)(25) Preferred Equity — — — — 4 — —
Jonathan Acquisition Company (18)(19) Second Lien Senior Secured Loan SOFR 9.10% 13.79 % 12/22/2027 $ 8,000 7,883 8,000
TCFIII Owl Finance, LLC (19)(26) Subordinated Debt — 12.00% PIK 12.00 % 1/30/2027 $ 5,985 5,948 5,985
Capital Equipment Total $ 41,980 $ 43,914 3.8 %
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 4.85% 10.05 % 8/10/2028 $ 7,159 7,003 7,159
Duraco (3)(19)(32) First Lien Senior Secured Loan - Revolver SOFR 6.50% 11.16 % 6/6/2029 $ 597 569 577
Duraco (19)(29)(32) First Lien Senior Secured Loan SOFR 6.50% 11.49 % 6/6/2029 $ 15,975 15,742 15,815
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 9.29 % 12/22/2027 € 98 102 103
V Global Holdings LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.97 % 12/22/2027 $ 5,759 5,691 5,485
V Global Holdings LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.81 % 12/22/2027 $ 7,395 7,336 6,934
Chemicals, Plastics & Rubber Total $ 36,443 $ 36,073 3.1 %
Construction & Building
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.50% PIK) 11.75 % 5/12/2025 $ 23,775 23,180 22,587
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.40% (1.25% PIK) 10.25 % 5/12/2025 $ 2,326 2,265 2,210
Chase Industries, Inc. (3)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 5.65% (1.50% PIK) 11.75 % 5/12/2025 $ 979 877 893
Elk Parent Holdings, LP (14)(19)(25) Equity Interest — — — — 1 12 1,669
Elk Parent Holdings, LP (14)(19)(25) Preferred Equity — — — — 120 1,202 1,775
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.71 % 8/16/2027 $ 6,565 6,512 6,565
Service Master (14)(19)(25) Equity Interest — — — — — — 301
Service Master (14)(19)(25) Equity Interest — — — — — 169 222
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 6.01% (1.00% PIK) 12.11 % 8/16/2027 $ 919 910 919
Service Master (18)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.71 % 8/16/2027 $ 3,167 3,167 3,167
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.71 % 8/16/2027 $ 7,589 7,518 7,589
Service Master (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.01% (1.00% PIK) 11.65 % 8/16/2027 $ 9,490 9,392 9,490
Construction & Building Total $ 55,204 $ 57,387 5.0 %
Consumer Goods: Durable
New Milani Group LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.20 % 6/6/2026 $ 11,239 11,180 11,239
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15% 14.47 % 3/31/2028 $ 11,434 11,279 11,435
Tangent Technologies Acquisition, LLC (15)(19) Second Lien Senior Secured Loan SOFR 9.00% 14.30 % 5/30/2028 $ 8,915 8,794 8,915
TLC Holdco LP (14)(19)(25) Equity Interest — — — — 1,281 1,221 1,036
TLC Purchaser, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.76% 10.70 % 10/11/2027 $ 21,942 21,573 21,942
TLC Purchaser, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.76% 10.71 % 10/11/2027 $ 6,855 6,802 6,855
Consumer Goods: Durable Total $ 60,849 $ 61,422 5.4 %
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Non-Durable
Evriholder (19)(29)(32) First Lien Senior Secured Loan SOFR 6.85% 11.70 % 1/24/2028 $ 6,094 6,042 6,064
Fineline Technologies, Inc. (14)(19)(25) Equity Interest — — — — 939 939 1,316
FL Hawk Intermediate Holdings, Inc. (15)(19) Second Lien Senior Secured Loan SOFR 9.01% 13.62 % 8/19/2028 $ 12,613 12,377 12,613
RoC Skincare (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 11.13 % 2/21/2031 $ 18,141 17,891 18,141
RoC Skincare (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/21/2030 $ — (26 ) —
Solaray, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.60% 11.53 % 12/15/2025 $ 13,172 13,169 12,810
Solaray, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.60% 11.53 % 12/15/2025 $ 28,600 28,600 27,814
Solaray, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 10.53 % 12/15/2025 $ 10,635 10,623 10,635
WU Holdco, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.60 % 3/26/2027 $ 1,666 1,649 1,666
WU Holdco, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.15% 9.60 % 3/26/2027 $ 36,995 36,780 36,995
WU Holdco, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 9.64 % 3/26/2027 $ 1,610 1,605 1,610
Consumer Goods: Non-Durable Total $ 129,649 $ 129,664 11.3 %
Consumer Goods: Wholesale
WSP (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (4.00% PIK) 10.40 % 4/27/2028 $ 3,135 3,126 2,524
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 $ 2,003 1,995 626
WSP (14)(19)(25) Equity Interest — — — — — 12 6
WSP (14)(19)(25) Preferred Equity — — — — — 216 —
WSP (14)(19)(25) Equity Interest — — — — 2,898 2,898 —
WSP (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/27/2027 $ — (2 ) (38 )
Consumer Goods: Wholesale Total $ 8,245 $ 3,118 0.3 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 11.52 % 12/29/2027 $ 5,799 5,674 5,755
ASP-r-pac Acquisition Co LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.11% 10.96 % 12/29/2027 $ 2,019 1,972 1,993
Containers, Packaging & Glass Total $ 7,646 $ 7,748 0.7 %
Energy: Electricity
WCI Gigawatt Purchaser (15)(19)(29) First Lien Senior Secured Loan SOFR 6.01% 11.13 % 11/19/2027 $ 1,416 1,397 1,416
WCI Gigawatt Purchaser (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.86% 10.71 % 11/19/2027 $ 1,365 1,327 1,365
Energy: Electricity Total $ 2,724 $ 2,781 0.2 %
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Environmental Industries
Reconomy (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 11.45 % 7/12/2029 £ 68 83 91
Reconomy (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 9.60 % 7/12/2029 € 27 28 30
Reconomy (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/12/2029 £ — (80 ) —
Titan Cloud Software, Inc (14)(19)(25) Equity Interest — — — — 3,532 3,532 4,582
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan SOFR 2.00% (4.60% PIK) 11.91 % 9/7/2029 $ 26,342 26,150 26,342
Titan Cloud Software, Inc (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 10.56 % 9/7/2028 $ 857 820 857
Titan Cloud Software, Inc (18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 2.00% (4.60% PIK) 11.54 % 9/7/2029 $ 11,822 11,742 11,822
Environmental Industries Total $ 42,275 $ 43,724 3.8 %
FIRE: Finance
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00% 9.85 % 12/23/2027 $ 859 850 859
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 9.85 % 12/23/2027 $ 1,478 1,467 1,478
Allworth Financial Group, L.P. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/23/2027 $ — (7 ) —
Choreo (15)(19) First Lien Senior Secured Loan SOFR 5.00% 9.85 % 2/18/2028 $ 2,488 2,488 2,488
Choreo (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/18/2028 $ — — —
Congress Wealth (3)(18)(19)(29) First Lien Senior Secured Loan - Delayed Draw — — — 6/30/2029 $ — — —
Congress Wealth (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.60% 10.20 % 6/30/2029 $ 317 315 317
Congress Wealth (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/30/2029 $ — — —
Congress Wealth (14)(19)(25) Equity Interest — — — — 16 323 433
Insigneo Financial Group LLC (14)(19)(25) Equity Interest — — — — 2,488 2,504 4,020
Insigneo Financial Group LLC (15)(19) First Lien Senior Secured Loan SOFR 6.60% 11.93 % 8/1/2028 $ 267 261 267
Parmenion (6)(18)(19) First Lien Senior Secured Loan SONIA 5.50% 10.70 % 5/11/2029 £ 295 369 396
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.52 % 10/2/2028 $ 9,232 9,232 9,232
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.52 % 10/2/2028 $ 2,331 2,326 2,331
Wealth Enhancement Group (WEG) (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.09 % 10/2/2028 $ 3,397 3,300 3,397
Wealth Enhancement Group (WEG) (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/2/2028 $ — (10 ) —
FIRE: Finance Total $ 23,418 $ 25,218 2.2 %
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
Margaux Acquisition Inc. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 10.98 % 12/19/2025 $ 11,951 11,938 11,951
Margaux Acquisition Inc. (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 10.80 % 12/19/2025 $ 1,915 1,913 1,915
Margaux UK Finance Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 5.50% 10.57 % 12/19/2025 £ 274 367 367
McLarens Acquisition Inc. (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% 10.31 % 12/16/2025 $ 549 545 549
MRHT (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.75% 9.24 % 2/1/2029 € 3,956 4,229 4,410
MRHT (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.50% 10.08 % 2/1/2029 € 956 1,019 1,066
PCF (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.35 % 11/1/2028 $ 6,815 6,783 6,815
Simplicity (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/2/2026 $ — — —
Simplicity (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.00% 10.60 % 12/2/2026 $ 475 471 475
Simplicity (15)(19)(29) First Lien Senior Secured Loan SOFR 6.40% 11.00 % 12/2/2026 $ 12,066 11,828 12,066
Simplicity (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/2/2026 $ — (26 ) —
FIRE: Insurance Total $ 39,067 $ 39,614 3.5 %
Healthcare & Pharmaceuticals
AEG Vision (3)(18)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 10.50 % 3/27/2026 $ 11,498 11,299 11,498
AEG Vision (3)(5)(18)(19)(29) First Lien Senior Secured Loan - Delayed Draw — — — 3/27/2026 $ — (215 ) —
AEG Vision (18)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 10.50 % 3/27/2026 $ 2,064 2,038 2,064
Apollo Intelligence (14)(19)(25) Equity Interest — — — — 33 3,293 3,402
Apollo Intelligence (16)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.56 % 5/31/2028 $ 15,116 15,177 15,116
Apollo Intelligence (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 10.41 % 5/31/2028 $ 4,277 4,233 4,277
Apollo Intelligence (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/31/2028 $ — (60 ) —
Beacon Specialized Living (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/25/2028 $ — (122 ) —
Beacon Specialized Living (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.35 % 3/25/2028 $ 8,632 8,548 8,632
Beacon Specialized Living (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/25/2028 $ — — —
CB Titan Holdings, Inc. (14)(19)(25) Preferred Equity — — — — 1,953 1,953 —
Datix Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/28/2024 £ — — —
EHE Health (3)(18)(19) First Lien Senior Secured Loan - Revolver — — - 8/7/2030 $ — — —
EHE Health (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.63 % 8/7/2030 $ 35,646 35,293 35,290
EHE Health (14)(19)(25) Equity Interest — — — — 2,178 2,178 2,178
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Great Expressions Dental Center PC (15)(19)(26) First Lien Senior Secured Loan SOFR 1.25% (3.00% PIK) 8.90 % 9/30/2026 $ 9,743 9,752 8,574
HealthDrive (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.95 % 8/20/2029 $ 1,913 1,913 1,913
HealthDrive (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.95 % 8/20/2029 $ 271 271 271
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 10.95 % 8/20/2029 $ 609 601 609
HealthDrive (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 8/20/2029 $ — — —
HealthDrive (14)(19)(25) Preferred Equity — — — — 18 1,822 1,913
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 10.77 % 5/28/2026 € 226 252 244
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 10.16 % 5/28/2026 € 133 145 143
Nafinco (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/29/2031 € — (26 ) —
Nafinco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 5.25% 8.72 % 8/29/2031 € 8,052 8,698 8,774
Nafinco (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/30/2031 € — (4 ) —
Pharmacy Partners (19)(32) First Lien Senior Secured Loan SOFR 6.50% 11.56 % 2/28/2029 $ 1,694 1,675 1,694
Pharmacy Partners (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 2/28/2029 $ — (61 ) —
Premier Imaging, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 8.26% 12.87 % 1/2/2025 $ 7,711 7,701 7,017
Premier Imaging, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.26% 11.61 % 1/2/2025 $ 2,098 2,096 1,909
SunMed Group Holdings, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.60% 10.85 % 6/16/2028 $ 8,540 8,444 8,540
Sunmed Group Holdings, LLC (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 10.46 % 6/16/2027 $ 1,229 1,222 1,229
Healthcare & Pharmaceuticals Total $ 128,116 $ 125,287 10.9 %
High Tech Industries
Access (6)(18)(19) First Lien Senior Secured Loan SONIA 5.25% 10.20 % 6/28/2029 £ 80 99 107
AMI US Holdings Inc. (6)(15)(19)(29) First Lien Senior Secured Loan SOFR 5.35% 10.20 % 10/1/2026 $ 3,542 3,534 3,542
Applitools (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 5/25/2028 $ — (21 ) (51 )
Applitools (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.85 % 5/25/2029 $ 18,964 18,854 18,679
Appriss Holdings, Inc. (14)(19)(25) Equity Interest — — — — 2,136 1,606 1,743
Appriss Holdings, Inc. (15)(19) First Lien Senior Secured Loan SOFR 7.25% 12.08 % 5/6/2027 $ 11,081 10,966 11,081
Appriss Holdings, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.25% 12.09 % 5/6/2027 $ 38 31 38
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 1,107 1,084
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 2 1,844 1,806
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 507 496
CB Nike IntermediateCo Ltd (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2025 $ — — —
Cloud Technology Solutions (CTS) (6)(14)(19)(25) Preferred Equity — — — — 4,408 5,360 5,694
Eagle Rock Capital Corporation (14)(19)(25) Preferred Equity — — — — 3,345 3,345 5,470
Element Buyer, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.85% 10.70 % 7/19/2026 $ 19,768 19,789 19,768
Element Buyer, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/19/2026 $ — (14 ) —
Eleven Software (14)(19)(25) Preferred Equity — — — — 109 109 127
Eleven Software (14)(19)(25) Preferred Equity — — — — 896 896 1,046
Eleven Software (18)(19) First Lien Senior Secured Loan SOFR 8.25% 12.85 % 4/25/2027 $ 7,439 7,394 7,439
Eleven Software (18)(19) First Lien Senior Secured Loan - Revolver SOFR 8.10% 13.20 % 9/25/2026 $ 1,488 1,481 1,488
E-Tech Group (3)(15)(19) First Lien Senior Secured Loan - Revolver P 4.50% 12.50 % 4/9/2030 $ 130 118 117
FNZ UK Finco Limited (6)(18)(19) First Lien Senior Secured Loan BBSW 5.80% 10.37 % 9/30/2026 AUD 81 56 56
Gluware (14)(19)(25) Warrants — — — — 4,307 478 —
Gluware (7)(14)(19)(26) First Lien Senior Secured Loan — 4.50% (10.00% PIK) 14.50 % 10/15/2025 $ 21,978 21,078 17,251
Gluware (7)(14)(19)(26) First Lien Senior Secured Loan — 4.50% (10.00% PIK) 14.50 % 10/15/2025 $ 5,972 5,720 4,688
LogRhythm (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/2/2029 $ — (12 ) (25 )
NearMap (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2029 $ — (67 ) —
Revalize, Inc. (14)(19)(25) Preferred Equity — — — — 1 1,431 1,416
Revalize, Inc. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 11.15 % 4/15/2027 $ 5,263 5,234 5,092
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Revalize, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 11.15 % 4/15/2027 $ 2,009 1,998 1,944
Revalize, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.90% 10.50 % 4/15/2027 $ 737 731 693
SAM (19)(26) First Lien Senior Secured Loan — 12.75% PIK 12.75 % 5/9/2028 $ 35,936 35,739 35,936
SensorTower (14)(19)(25) Equity Interest — — — — 156 2,400 2,997
SensorTower (19)(29)(31) First Lien Senior Secured Loan SOFR 7.50% 12.44 % 3/15/2029 $ 24,068 23,729 23,827
SensorTower (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/15/2029 $ — (14 ) (11 )
SoftCo (6)(14)(19)(25) Equity Interest — — — — 500 542 604
SoftCo (6)(15)(19) First Lien Senior Secured Loan EURIBOR 7.00% 10.51 % 2/22/2031 € 2,000 2,145 2,230
Solifi (19)(25)(26) Preferred Equity — 14.50% PIK 14.50 % — 1 11,760 11,760
Superna Inc. (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/6/2028 $ — (15 ) (39 )
Superna Inc. (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/6/2028 $ — (15 ) (39 )
Superna Inc. (6)(14)(19)(25) Equity Interest — — — — 1,463 1,463 1,580
Superna Inc. (6)(15)(19) First Lien Senior Secured Loan SOFR 6.50% 11.44 % 3/6/2028 $ 2,713 2,677 2,673
Utimaco (6)(14)(19)(25) Equity Interest — — — — 2 2,223 1,979
Utimaco (6)(14)(19)(25) Preferred Equity — — — — 2 2,223 1,979
Utimaco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 10.00 % 5/14/2029 € 92 98 101
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 6.68% 11.99 % 5/14/2029 $ 128 127 125
Utimaco (6)(16)(19) First Lien Senior Secured Loan SOFR 6.68% 11.99 % 5/14/2029 $ 262 260 257
Ventiv Holdco, Inc. (14)(19)(25) Equity Interest — — — — 529 2,833 909
VPARK BIDCO AB (6)(18)(19) First Lien Senior Secured Loan CIBOR 4.00% 7.32 % 3/10/2025 DKK 570 93 85
VPARK BIDCO AB (6)(18)(19) First Lien Senior Secured Loan NIBOR 4.00% 8.64 % 3/10/2025 NOK 740 93 70
High Tech Industries Total $ 202,013 $ 197,812 17.3 %
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (18)(19) Second Lien Senior Secured Loan SOFR 7.61% 12.82 % 2/1/2027 $ 14,193 14,020 13,767
Awayday (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/6/2031 $ — — —
Awayday (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/6/2030 $ — (35 ) (35 )
Awayday (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.49 % 9/6/2031 $ 60,745 60,144 60,137
City BBQ (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/4/2030 $ — (41 ) (41 )
City BBQ (15)(19)(29) First Lien Senior Secured Loan SOFR 5.35% 10.55 % 9/4/2030 $ 38,225 37,898 37,891
City BBQ (14)(19)(25) Preferred Equity — — — — 5 1,271 1,271
City BBQ (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/4/2030 $ — — —
Concert Golf Partners Holdco (16)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 9.63 % 4/1/2030 $ 6,709 6,609 6,709
Concert Golf Partners Holdco LLC (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 4.75% 9.63 % 4/1/2030 $ 4,137 4,062 4,137
Concert Golf Partners Holdco LLC (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 4/2/2029 $ — (29 ) —
Pyramid Global Hospitality (19)(24)(29) First Lien Senior Secured Loan SOFR 4.90% 10.15 % 1/19/2028 $ 9,850 9,667 9,850
Pyramid Global Hospitality (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 1/19/2028 $ — (60 ) —
Hotel, Gaming & Leisure Total $ 133,506 $ 133,686 11.7 %
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Media: Advertising, Printing & Publishing
AdThrive (18) First Lien Senior Secured Loan SOFR 4.36% 9.21 % 3/23/2028 $ 4,974 4,893 4,956
Kpler (6)(15)(19) First Lien Senior Secured Loan SONIA 6.50% 11.21 % 3/3/2030 £ 100 120 134
Kpler (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.25% 9.63 % 3/3/2030 € 100 106 111
Kpler (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 9.63 % 3/3/2030 € 100 106 111
OGH Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.50% 11.70 % 6/29/2029 £ 2,217 2,606 2,496
OGH Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 11.70 % 6/29/2029 £ 139 164 176
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.00% 10.98 % 6/24/2029 £ 6,769 8,605 9,072
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan BBSY 7.00% 11.35 % 4/30/2026 AUD 98 76 68
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan SOFR 7.11% 12.37 % 4/30/2026 AUD 4,187 2,866 2,866
Media: Advertising, Printing & Publishing Total $ 19,542 $ 19,990 1.7 %
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan SOFR 5.93% 10.77 % 8/31/2028 $ 1,443 1,436 1,443
Lightning Finco Limited (6)(18)(19) First Lien Senior Secured Loan EURIBOR 5.50% 9.17 % 8/31/2028 € 1,300 1,427 1,450
Media: Broadcasting & Subscription Total $ 2,863 $ 2,893 0.3 %
Media: Diversified & Production
Aptus 1724 Gmbh (6)(19)(21)(26) First Lien Senior Secured Loan SOFR 6.15% (1.50% PIK) 12.60 % 2/23/2028 $ 5,023 5,023 4,521
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.76% (1.50% PIK) 13.87 % 12/31/2025 $ 11,144 9,293 8,915
Efficient Collaborative Retail Marketing Company, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 7.76% (1.50% PIK) 13.87 % 12/31/2025 $ 17,173 14,227 13,738
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.61% 11.46 % 12/31/2025 $ 961 961 961
Music Creation Group Bidco GmbH (6)(18)(19)(26) First Lien Senior Secured Loan SOFR 6.15% (1.50% PIK) 12.60 % 2/23/2028 $ 4,092 4,027 3,683
Media: Diversified & Production Total $ 33,531 $ 31,818 2.8 %
Retail
Galeria (6)(19)(26) First Lien Senior Secured Loan - Delayed Draw — 15.00% PIK 15.00 % 12/28/2029 € 8,638 9,255 9,437
Galeria (6)(14)(19)(25) Equity Interest — — — — 101 22 23
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82% 9.75 % 5/26/2028 CAD 28 27 21
New Look Vision Group (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver CORRA 5.82% 9.83 % 5/26/2026 CAD 313 220 214
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82% 9.75 % 5/26/2028 CAD 54 44 40
New Look Vision Group (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.15% (2.00% PIK) 11.48 % 5/26/2028 $ 386 386 382
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.11% (PIK) 15.54 % 6/18/2029 $ 4,388 4,397 3,861
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 8 777 289
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 5,563 — —
Thrasio, LLC (14)(19)(25) Equity Interest — — — — 70 6,997 2,591
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.11% (PIK) 15.54 % 6/18/2029 $ 1,430 1,430 1,430
Retail Total $ 23,555 $ 18,288 1.6 %
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Services: Business
ACAMS (14)(19)(25) Equity Interest — — — — 3,337 3,337 2,473
Advanced Aircrew (3)(15)(19) First Lien Senior Secured Loan - Revolver P 5.50% 13.50 % 7/26/2030 $ 46 46 46
Advanced Aircrew (15)(19) First Lien Senior Secured Loan SOFR 6.50% 11.35 % 7/26/2030 $ 5,107 5,056 5,056
Advanced Aircrew (14)(19)(25) Preferred Equity — — — — 592 592 592
Allbridge (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/5/2030 $ — (27 ) —
Allbridge (15)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 10.35 % 6/5/2030 $ 14,176 14,072 14,176
Allbridge (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/5/2030 $ — — —
Avalon Acquiror, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 10.85 % 3/10/2028 $ 14,317 14,220 14,174
Avalon Acquiror, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 11.37 % 3/10/2028 $ 5,882 5,773 5,798
Beneficium (2)(3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/28/2031 £ — — (48 )
Beneficium (6)(15)(19) First Lien Senior Secured Loan SONIA 5.50% 10.45 % 6/28/2031 £ 7,497 9,386 9,997
Brook Bidco (6)(14)(19)(25) Preferred Equity — — — — 5,675 7,784 9,188
Brook Bidco (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 4.00% (3.50% PIK) 12.57 % 7/10/2028 £ 841 1,134 1,128
Caribou Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/1/2029 £ — — —
Chamber Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SOFR 6.00% 11.32 % 6/2/2028 $ 213 212 213
Cube (3)(6)(18)(19) First Lien Senior Secured Loan — — — 2/20/2025 $ — — —
Cube (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/20/2031 $ — — —
Cube (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 5/20/2031 $ — — —
Darcy Partners (14)(19)(25) Equity Interest — — — — 359 360 457
Darcy Partners (18)(19) First Lien Senior Secured Loan SOFR 7.75% 13.08 % 6/1/2028 $ 1,499 1,488 1,499
Darcy Partners (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 7.50% 12.56 % 6/1/2028 $ 52 52 52
Datix Bidco Limited (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 4/30/2031 $ — (27 ) (43 )
Datix Bidco Limited (2)(3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/30/2030 $ — (43 ) (34 )
Datix Bidco Limited (17)(19) First Lien Senior Secured Loan SOFR 5.50% 10.81 % 4/30/2031 $ 22,626 22,202 22,287
Discovery Senior Living (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.75% 10.76 % 3/18/2030 $ 2,830 2,800 2,830
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/18/2030 $ — (65 ) —
Discovery Senior Living (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 3/18/2030 $ — (26 ) —
DSN (Dealer Services Network) (15)(19) First Lien Senior Secured Loan SOFR 5.75% 10.77 % 2/9/2027 $ 8,750 8,666 8,663
DTIQ (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 9/30/2029 $ — (40 ) (40 )
DTIQ (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/30/2029 $ — — —
DTIQ (13)(19)(29) First Lien Senior Secured Loan SOFR 7.50% 12.35 % 9/30/2029 $ 33,777 33,186 33,186
DTIQ (14)(19)(25) Equity Interest — — — — 3,995 — —
Elevator Holdco Inc. (14)(19)(25) Equity Interest — — — — 2 2,448 4,141
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.71 % 7/13/2028 € 3,544 3,681 3,951
Portfolio Company Investment Type Index (1) Spread Interest Rate Maturity Date Principal/Shares (9) Cost Market Value % of NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.71 % 7/13/2028 € 96 101 107
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.71 % 7/13/2028 € 3,726 3,822 4,153
iBanFirst Facility (6)(14)(19)(25) Preferred Equity — — — — 7,112 8,137 22,742
ImageTrend (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.75% 13.00 % 1/31/2029 $ 17,000 16,793 17,000
ImageTrend (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.75% 12.85 % 1/31/2029 $ 1,000 957 1,000
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 4.00% (3.50% PIK) 12.85 % 7/10/2028 £ 337 443 445
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 4.00% (3.50% PIK) 12.85 % 7/10/2028 £ 120 159 159
masLabor (14)(19)(25) Equity Interest — — — — 173 173 450
masLabor (18)(19) First Lien Senior Secured Loan SOFR 7.50% 12.82 % 7/1/2027 $ 8,341 8,197 8,341
Opus2 (6)(14)(19)(25) Equity Interest — — — — 2,272 2,900 3,487
Opus2 (6)(18)(19) First Lien Senior Secured Loan SONIA 5.53% 10.79 % 5/5/2028 £ 123 168 164
Parcel2Go (2)(3)(6)(7)(14)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.00% 11.20 % 7/17/2028 £ 40 50 (14 )
Parcel2Go (6)(14)(19)(25) Equity Interest — — — — 3,605 4,237 —
Parcel2Go (6)(7)(14)(18)(19) First Lien Senior Secured Loan SONIA 6.00% 11.20 % 7/17/2028 £ 126 170 42
Rydoo (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.75% 9.95 % 9/12/2031 € 1,556 1,721 1,717
Rydoo (6)(14)(19)(25) Preferred Equity — — — — 200 224 222
Rydoo (6)(14)(19)(25) Equity Interest — — — — 466 520 519
Smartronix (15)(19)(29) First Lien Senior Secured Loan SOFR 6.10% 10.35 % 11/23/2028 $ 12,412 12,253 12,412
Smartronix (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 11/23/2027 $ — (75 ) —
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.35 % 11/23/2028 $ 3,669 3,591 3,669
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10% 10.35 % 11/23/2028 $ 2,426 2,374 2,426
Spring Finco BV (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/15/2029 NOK — — —
TEI Holdings Inc. (17)(29) First Lien Senior Secured Loan SOFR 4.75% 9.35 % 4/9/2031 $ 2,647 2,634 2,658
TES Global (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 1/27/2029 £ — — —
Webcentral (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 6.25% 9.41 % 12/18/2030 € 336 344 355
Services: Business Total $ 206,160 $ 221,796 19.3 %
Services: Consumer
MZR Aggregator (14)(19)(25) Equity Interest — — — — — 12 6
MZR Aggregator (14)(19)(25) Equity Interest — — — — 1 798 428
MZR Buyer, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.85% 11.70 % 12/22/2026 $ 11,811 11,704 11,456
MZR Buyer, LLC (15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 11.31 % 12/22/2026 $ 5,210 5,171 5,053
Spotless Brands (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.56 % 7/25/2028 $ 930 844 842
Surrey Bidco Limited (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 6.28% PIK 11.23 % 5/11/2026 £ 68 78 70
Services: Consumer Total $ 18,607 $ 17,855 1.6 %
Portfolio Company Investment Type Index (1) Spread Interest<br>Rate Maturity<br>Date Principal/<br>Shares (9) Cost Market<br>Value % of<br>NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Telecommunications
Meriplex Communications, Ltd. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 9.95 % 7/17/2028 $ 12,075 11,905 11,894
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.10% 9.95 % 7/17/2028 $ 7,193 7,125 7,085
Meriplex Communications, Ltd. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 9.95 % 7/17/2028 $ 2,824 2,788 2,782
Taoglas (14)(19)(25) Equity Interest — — — — 20 20 18
Taoglas (14)(19)(25) Equity Interest — — — — 2,259 2,259 2,037
Taoglas (15)(19)(29) First Lien Senior Secured Loan SOFR 7.25% 11.85 % 2/28/2029 $ 10,004 9,918 9,804
Taoglas (2)(3)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/28/2029 $ — — (73 )
Taoglas (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.25% 11.91 % 2/28/2029 $ 1,211 1,211 1,184
Taoglas (6)(15)(19) First Lien Senior Secured Loan SOFR 7.25% 11.85 % 2/28/2029 $ 450 439 441
Telecommunications Total $ 35,665 $ 35,172 3.1 %
Transportation: Cargo
A&R Logistics, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.90% 12.22 % 8/3/2026 $ 2,355 2,348 2,261
A&R Logistics, Inc. (19)(31) First Lien Senior Secured Loan SOFR 6.90% 12.22 % 5/24/2028 $ 2,640 2,635 2,534
A&R Logistics, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.90% 12.22 % 8/3/2026 $ 5,806 5,793 5,574
A&R Logistics, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.90% 12.22 % 8/3/2026 $ 12,876 12,838 12,361
A&R Logistics, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.85% 11.97 % 8/3/2026 $ 4,638 4,572 4,395
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — — 445 411
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — 9 9 —
Grammer Investment Holdings LLC (14)(19)(25) Warrants — — — — 122 — —
Grammer Investment Holdings LLC (14)(19)(25) Equity Interest — — — — 1,011 1,019 360
Grammer Investment Holdings LLC (19)(25)(26) Preferred Equity — 10.00% PIK 10.00 % — 11 1,095 1,095
Gulf Winds International (15)(19) First Lien Senior Secured Loan SOFR 7.60% 12.45 % 12/16/2028 $ 6,079 6,022 5,958
Gulf Winds International (15)(19)(29) First Lien Senior Secured Loan SOFR 7.60% 12.45 % 12/16/2028 $ 12,036 11,754 11,795
Gulf Winds International (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.60% 12.45 % 12/16/2028 $ 2,381 2,270 2,276
REP Coinvest III- A Omni, L.P. (14)(19)(25) Equity Interest — — — — 1,377 1,377 1,047
RoadOne (15)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 11.10 % 12/29/2028 $ 12,036 11,749 12,036
RoadOne (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 11.10 % 12/29/2028 $ 267 174 267
RoadOne (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 11.10 % 12/29/2028 $ 941 926 941
Transportation: Cargo Total $ 65,026 $ 63,311 5.5 %
Portfolio Company Investment Type Index (1) Spread Interest<br>Rate Maturity<br>Date Principal/<br>Shares (9) Cost Market<br>Value % of<br>NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Non-Affiliate Investments
Transportation: Consumer
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.25% 9.85 % 5/1/2029 $ 4,065 4,006 4,065
PrimeFlight Acquisition LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.58 % 5/1/2029 $ 12,097 11,896 12,097
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 5.50% 10.10 % 5/1/2029 $ 837 837 837
Transportation: Consumer Total $ 16,739 $ 16,999 1.5 %
Utilities: Water
Vessco Water (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25% 9.50 % 7/24/2031 $ 489 473 473
Vessco Water (2)(3)(5)(16)(19) First Lien Senior Secured Loan - Revolver — — — 7/24/2031 $ — (11 ) (11 )
Vessco Water (16)(19) First Lien Senior Secured Loan SOFR 5.25% 10.10 % 7/24/2031 $ 13,687 13,552 13,551
Utilities: Water Total $ 14,014 $ 14,013 1.2 %
Wholesale
Abracon Group Holding, LLC. (16)(19)(29) First Lien Senior Secured Loan SOFR 6.15% 11.44 % 7/6/2028 $ 14,105 14,101 11,284
Abracon Group Holding, LLC. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.15% 11.43 % 7/6/2028 $ 2,018 1,993 1,615
Hultec (14)(19)(25) Equity Interest — — — — 1 651 730
SureWerx (3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/28/2029 $ — (23 ) —
SureWerx (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 9.85 % 12/28/2029 $ 671 651 671
Wholesale Total $ 17,373 $ 14,300 1.2 %
Non-Controlled/Non-Affiliate Investments Total $ 1,759,021 $ 1,754,245 153.0 %
Portfolio Company Investment Type Index (1) Spread Interest<br>Rate Maturity<br>Date Principal/<br>Shares (9) Cost Market<br>Value % of<br>NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25) Equity Interest — — — — 5,119 3,842 9,667
Ansett Aviation Training (6)(10)(18)(19) First Lien Senior Secured Loan BBSY 4.69% 9.19 % 9/24/2031 AUD 7,072 5,308 4,907
Aerospace & Defense Total $ 9,150 $ 14,574 1.3 %
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25) Equity Interest — — — — 6,720 6,732 9,398
Beverage, Food & Tobacco Total $ 6,732 $ 9,398 0.8 %
Consumer Goods: Durable
Walker Edison (10)(14)(19)(25) Equity Interest — — — — 60 5,592 —
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 6.90% PIK 12.20 % 3/31/2027 $ 6,628 6,433 2,983
Walker Edison (10)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.40% 11.70 % 3/31/2027 $ 3,182 3,182 3,182
Walker Edison (7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.50 % 3/31/2027 $ 900 873 405
Walker Edison (3)(7)(10)(14)(15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.90% PIK 11.71 % 3/31/2027 $ 1,904 1,861 769
Consumer Goods: Durable Total $ 17,941 $ 7,339 0.6 %
Energy: Oil & Gas
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) Equity Interest — — — — 1,198 1 —
Energy: Oil & Gas Total $ 1 $ — 0.0 %
Telecommunications
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 7 — 5,435
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 38 37,842 37,842
DC Blox (10)(19)(25)(26) Preferred Equity — 8.00% PIK 8.00 % — 5 3,851 5,447
DC Blox (10)(14)(19)(25) Equity Interest — — — — 51 — —
Telecommunications Total $ 41,693 $ 48,724 4.3 %
Non-Controlled/Affiliate Investments Total $ 75,517 $ 80,035 7.0 %
Portfolio Company Investment Type Index (1) Spread Interest<br>Rate Maturity<br>Date Principal/<br>Shares (9) Cost Market<br>Value % of<br>NAV (4)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Controlled Affiliate Investments
Aerospace & Defense
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(19)(20)(25) Equity Interest — — — — 11,863 11,862 10,893
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(19)(20)(25) Equity Interest — — — — 1,116 1,116 —
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(19)(20) First Lien Senior Secured Loan — — — — $ 8,013 8,013 6,622
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) Equity Interest — — — — 77,395 77,394 75,001
Aerospace & Defense Total $ 98,385 $ 92,516 8.1 %
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 900 900
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Preferred Equity — — — — 37 36,900 36,900
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 1 — —
FIRE: Finance Total $ 37,800 $ 37,800 3.3 %
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles — — 10.00 % 12/27/2033 $ 146,495 146,495 146,495
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Preferred Equity Interest Investment Vehicles — — — — 10 10 10
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 10 5,594 (1,839 )
International Senior Loan Program, LLC (6)(10)(11)(18)(19) Subordinated Note Investment Vehicles SOFR 8.00% 13.33 % 2/22/2028 $ 190,729 190,729 190,729
International Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 63,587 60,615 56,476
Investment Vehicles Total $ 403,443 $ 391,871 34.1 %
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) Equity Interest — — — — 38,536 38,847 51,483
Transportation: Cargo Total $ 38,847 $ 51,483 4.5 %
Controlled Affiliate Investments Total $ 578,475 $ 573,670 50.0 %
Investments Total $ 2,413,013 $ 2,407,950 210.0 %
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class Cash Equivalents — 4.85 % — $ 4,501 4,501 4,501
Goldman Sachs US Treasury Liquid Reserves Fund (30) Cash Equivalents — 4.87 % — $ 23,587 23,587 23,587
Cash Equivalents Total $ 28,088 $ 28,088 2.5 %
Investments and Cash Equivalents Total $ 2,441,101 $ 2,436,038 212.5 %

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty Settlement <br>Date Unrealized <br>Appreciation(8)
US DOLLARS 308 CANADIAN DOLLAR 390 Bank of New York Mellon 12/13/2024 $ 19
US DOLLARS 1,533 AUSTRALIAN DOLLARS 2,240 Bank of New York Mellon 12/30/2024 (22 )
US DOLLARS 2,976 NEW ZEALAND DOLLAR 4,750 Bank of New York Mellon 12/30/2024 (46 )
US DOLLARS 19,948 POUND STERLING 14,990 Bank of New York Mellon 1/9/2025 147
US DOLLARS 10,482 POUND STERLING 8,110 Wells Fargo 1/9/2025 389
US DOLLARS 27,735 POUND STERLING 23,100 Citibank 1/9/2025 (3,232 )
US DOLLARS 129 EURO 0 Bank of New York Mellon 1/9/2025 129
US DOLLARS 71 NORWEGIAN KRONE 740 Citibank 1/24/2025 -
US DOLLARS 2,743 AUSTRALIAN DOLLARS 4,180 Bank of New York Mellon 2/12/2025 (158 )
US DOLLARS 9,831 POUND STERLING 7,900 Bank of New York Mellon 4/23/2025 (744 )
US DOLLARS 6,096 EURO 5,600 Bank of New York Mellon 5/15/2025 (207 )
US DOLLARS 9,158 AUSTRALIAN DOLLARS 13,980 Bank of New York Mellon 5/27/2025 (534 )
US DOLLARS 192 CANADIAN DOLLAR 260 Bank of New York Mellon 5/27/2025 (1 )
US DOLLARS 32,539 EURO 29,350 Bank of New York Mellon 5/27/2025 (513 )
US DOLLARS 2,949 EURO 2,670 Wells Fargo 5/27/2025 (58 )
US DOLLARS 9 POUND STERLING 0 Bank of New York Mellon 6/10/2025 9
US DOLLARS 358 EURO 310 Bank of New York Mellon 6/10/2025 9
US DOLLARS 4,792 EURO 4,380 Bank of New York Mellon 6/12/2025 (143 )
US DOLLARS 5,908 EURO 5,480 Bank of New York Mellon 6/13/2025 (267 )
US DOLLARS 18,073 POUND STERLING 14,250 Bank of New York Mellon 6/23/2025 (987 )
US DOLLARS 8,321 POUND STERLING 6,450 Wells Fargo 7/23/2025 (302 )
US DOLLARS 2,762 AUSTRALIAN DOLLARS 3,739 Bank of New York Mellon 7/28/2025 172
US DOLLARS 5,159 EURO 4,680 Wells Fargo 7/28/2025 (123 )
US DOLLARS 1,029 POUND STERLING 800 Wells Fargo 7/29/2025 (41 )
US DOLLARS 8,880 EURO 7,870 Wells Fargo 8/22/2025 (11 )
US DOLLARS 2,442 EURO 2,190 Wells Fargo 9/10/2025 (34 )
$ (6,549 )

  • The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), the Canadian Overnight Repo Rate Average ("CORRA"), the Bank Bill Swap Rate (“BBSW”), the Bank Bill Swap Bid Rate (“BBSY”), the Prime Rate (“Prime” or “P”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing rate ("SOFR") which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, NIBOR, CIBOR, CORRA, BBSW, BBSY, SONIA, SOFR, or Prime and the current weighted average interest rate in effect at September 30, 2024. Certain investments are subject to a EURIBOR, NIBOR, CIBOR, CORRA, BBSW, BBSY, SONIA, SOFR or Prime interest rate floor.

  • The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on the Company’s net assets of $1,146,588 as of September 30, 2024.

  • The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

  • The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. 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 September 30, 2024, non-qualifying assets totaled 29.38% of the Company’s total assets.

  • Loan was on non-accrual status as of September 30, 2024.

  • Unrealized appreciation on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar, DKK represents Danish Krone and NZ$ represents New Zealand Dollar.

  • As defined in the 1940 Act, the portfolio company is deemed to be an “affiliated person” of the Company as the Company owns 5% or more of the portfolio company’s outstanding voting securities.

  • As defined in the 1940 Act, the Company is deemed to “control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

  • Tick mark not used

  • Loan includes interest rate floor of 3.50%.

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • The Company holds a controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.

  • Loan includes interest rate floor of 0.25%.

  • $11 of the total par amount for this security is at P+ 5.11%.

  • $479 of the total par amount for this security is at P+ 5.50%.

  • Loan includes interest rate floor of 1.25%.

  • Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2024, the aggregate fair value of these securities is $446,868 or 38.97% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Investment Acquisition Date
ACAMS 3/10/2022
ADT Pizza, LLC 10/29/2018
Ansett Aviation Training 3/24/2022
Apollo Intelligence 6/1/2022
Appriss Holdings, Inc. 5/3/2021
AQ Software Corporation 12/10/2021
AQ Software Corporation 4/14/2022
AQ Software Corporation 12/29/2022
ARL Holdings, LLC 5/3/2019
AgroFresh 7/3/2024
AXH Air Coolers 10/31/2023
Bain Capital Senior Loan Program, LLC 12/27/2021
BCC Jetstream Holdings Aviation (Off I), LLC 6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC 6/1/2017
Blackbrush Oil & Gas, L.P. 9/3/2020
Brook Bidco 7/8/2021
BTX Precision 7/25/2024
CB Titan Holdings, Inc. 5/1/2017
City BBQ 9/4/2024
Cloud Technology Solutions (CTS) 12/15/2022
Congress Wealth 6/30/2023
Darcy Partners 6/1/2022
DTIQ 9/30/2024
DC Blox 9/23/2024
Eagle Rock Capital Corporation 12/9/2021
East BCC Coinvest II, LLC 7/23/2019
EHE Health 8/7/2024
Electronic Merchant Systems 7/12/2024
Elevator Holdco Inc. 12/23/2019
Eleven Software 4/25/2022
Eleven Software 3/20/2024
Elk Parent Holdings, LP 11/1/2019
FCG Acquisitions, Inc. 1/24/2019
Fineline Technologies, Inc. 2/22/2021
Forward Slope 3/15/2024
Galeria 8/1/2024
Gale Aviation (Offshore) Co 1/2/2019
Gale Aviation (Offshore) Co 7/31/2019
Gale Aviation (Offshore) Co 8/14/2019
Gills Point S 5/17/2023
Investment Acquisition Date
--- ---
Gluware 10/15/2021
Grammer Investment Holdings LLC 10/1/2018
HealthDrive 8/18/2023
Hultec 3/31/2023
iBanFirst Facility 7/13/2021
Insigneo Financial Group LLC 8/1/2022
International Senior Loan Program, LLC 2/22/2021
Kellstrom Aerospace Group, Inc 7/1/2019
Legacy Corporate Lending HoldCo, LLC 4/21/2023
Lightning Holdings B, LLC 1/2/2020
Lightning Holdings B, LLC 8/19/2021
Lightning Holdings B, LLC 11/12/2021
Lightning Holdings B, LLC 9/2/2021
Lightning Holdings B, LLC 9/17/2021
Lightning Holdings B, LLC 9/12/2024
masLabor 7/1/2021
MZR Aggregator 12/22/2020
MZR Aggregator 9/17/2024
NPC International, Inc. 4/1/2021
Opus2 6/16/2021
Parcel2Go 7/15/2021
PPX 7/29/2021
Precision Ultimate Holdings, LLC 11/6/2019
REP Coinvest III- A Omni, L.P. 2/5/2021
Revalize, Inc. 12/29/2022
Robinson Helicopter 6/30/2022
Rydoo 9/26/2024
SensorTower 3/15/2024
Service Master 7/15/2021
Service Master 8/16/2021
Sikich 5/6/2024
Solifi 5/24/2024
SoftCo 3/1/2024
Superna Inc. 3/8/2022
Taoglas 2/28/2023
Taoglas 6/27/2024
Titan Cloud Software, Inc 11/4/2022
TLC Holdco LP 10/11/2019
Thrasio, LLC 12/18/2020
Utimaco 6/28/2022
Ventiv Holdco, Inc. 9/3/2019
Walker Edison 3/1/2023
WSP 5/20/2024
WSP 8/31/2021
  • Denotes that all or a portion of the debt investment includes PIK interest during the period.
  • Asset is in an escrow liquidating trust.
  • Tick mark not used
  • Assets or a portion thereof are pledged as collateral for the 2019-1 Issuer. See Note 6 “Debt”.
  • Cash equivalents include $23,585 of restricted cash.
  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.

See Notes to Consolidated Financial Statements

Bain Capital Specialty Finance, Inc.

Consolidated Schedule of Investments

As of December 31, 2023

(In thousands)

Interest Maturity Principal / Market % of
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Aerospace & Defense
Forming Machining Industries Holdings, LLC (18)(19)(26) Second Lien Senior Secured Loan SOFR 7.89% PIK 13.20 % 10/9/2026 $ 6,630 6,600 5,437
Forming Machining Industries Holdings, LLC (18)(19) First Lien Senior Secured Loan SOFR 4.40% 9.79 % 10/9/2025 $ 16,100 16,059 13,685
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 12.20 % 8/22/2029 $ 6,201 6,051 6,046
Forward Slope (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 12.23 % 8/22/2029 $ 23,634 23,060 23,043
Forward Slope (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.85% 12.17 % 8/22/2029 $ 4,738 4,529 4,516
Forward Slope (15)(19) First Lien Senior Secured Loan SOFR 6.85% 12.24 % 8/22/2029 $ 19,950 19,653 19,451
GSP Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.90% 11.25 % 11/6/2025 $ 35,241 35,429 33,567
GSP Holdings, LLC (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.90% 11.25 % 11/6/2025 $ 2,306 2,292 2,088
Kellstrom Aerospace Group, Inc (14)(19)(25) Equity Interest — — — — 1 1,963 1,044
Kellstrom Commercial Aerospace, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 6.00% (0.75% PIK) 12.17 % 7/1/2025 $ 29,630 29,313 28,889
Kellstrom Commercial Aerospace, Inc. (2)(3)(15)(19)(23)(26) First Lien Senior Secured Loan - Revolver P 5.61% (0.50% PIK) 14.61 % 7/1/2025 $ 47 46 (61 )
Mach Acquisition R/C (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.65% 13.02 % 10/19/2026 $ 7,532 7,420 6,879
Mach Acquisition T/L (15)(19)(26) First Lien Senior Secured Loan SOFR 6.65% (2.00% PIK) 14.05 % 10/19/2026 $ 34,143 33,752 31,924
Precision Ultimate Holdings, LLC (14)(19)(25) Equity Interest — — — — 1,417 1,417 1,242
Robinson Helicopter (14)(19)(25) Equity Interest — — — — 1,592 1,592 2,359
Robinson Helicopter (15)(19)(29) First Lien Senior Secured Loan SOFR 6.60% 11.96 % 6/30/2028 $ 14,735 14,464 14,735
Saturn Purchaser Corp. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.60% 11.01 % 7/23/2029 $ 26,329 26,085 26,329
Saturn Purchaser Corp. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 7/22/2029 $ — (39 ) —
Whitcraft-Paradigm (15)(19)(29) First Lien Senior Secured Loan SOFR 7.00% 12.35 % 2/15/2029 $ 11,912 11,805 11,912
Whitcraft-Paradigm (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 12.35 % 2/28/2029 $ 146 128 146
Aerospace & Defense Total $ 241,619 $ 233,231 20.5 %
Automotive
American Trailer Rental Group (19)(26) Subordinated Debt — 9.00% (4.50% PIK) 13.50 % 12/1/2027 $ 5,112 5,060 5,112
American Trailer Rental Group (19)(26) Subordinated Debt — 9.00% (4.50% PIK) 13.50 % 12/1/2027 $ 15,772 15,535 15,772
American Trailer Rental Group (19)(26) Subordinated Debt — 9.00% (4.50% PIK) 13.50 % 12/1/2027 $ 19,695 19,390 19,695
Cardo (6)(18)(19) First Lien Senior Secured Loan SOFR 5.15% 10.54 % 5/12/2028 $ 98 97 97
Gills Point S (15)(19)(29) First Lien Senior Secured Loan SOFR 7.00% 12.38 % 5/17/2029 $ 12,632 12,632 12,632
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Revolver — — — 5/17/2029 $ — — —
Gills Point S (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.10% 12.51 % 5/17/2029 $ 692 682 692
Gills Point S (14)(19)(25) Equity Interest — — — — 2 184 213
Intoxalock (15)(19)(29) First Lien Senior Secured Loan SOFR 6.50% 11.96 % 11/1/2028 $ 12,128 12,023 12,128
Intoxalock (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.50% 11.96 % 11/1/2028 $ 343 315 343
JHCC Holdings, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 10.75 % 9/9/2025 $ 12,073 12,015 12,073
JHCC Holdings, LLC (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 9/9/2025 $ — (22 ) —
Automotive Total $ 77,911 $ 78,757 6.9 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Banking, Finance, Insurance & Real Estate
Morrow Sodali (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.63% 11.09 % 4/25/2028 $ 2,626 2,611 2,600
Morrow Sodali (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.96 % 4/25/2028 $ 2,218 2,164 2,196
Morrow Sodali (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.00% 10.46 % 4/25/2028 $ 532 509 510
Banking, Finance, Insurance & Real Estate Total $ 5,284 $ 5,306 0.5 %
Beverage, Food & Tobacco
Arctic Glacier U.S.A., Inc. (19)(26)(31) First Lien Senior Secured Loan SOFR 6.50% (4.00% PIK) 16.14 % 5/24/2028 $ 12,912 12,672 12,653
Arctic Glacier U.S.A., Inc. (2)(3)(5)(19)(31) First Lien Senior Secured Loan - Revolver — — — 5/24/2028 $ — (34 ) (39 )
NPC International, Inc. (14)(19)(25)(27) Equity Interest — — — — 308 461 7
PPX (14)(19)(25) Preferred Equity — — — — 33 — 102
PPX (14)(19)(25) Preferred Equity — — — — 33 5,000 6,505
Beverage, Food & Tobacco Total $ 18,099 $ 19,228 1.7 %
Capital Equipment
AXH Air Coolers (2)(3)(5)(15)(19) First Lien Senior Secured Loan - Delayed Draw — — — 10/31/2029 $ — (71 ) (73 )
AXH Air Coolers (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.75% 12.19 % 10/31/2029 $ 1,101 1,047 1,046
AXH Air Coolers (15)(19)(29) First Lien Senior Secured Loan SOFR 6.75% 12.19 % 10/31/2029 $ 27,992 27,719 27,712
AXH Air Coolers (14)(19)(25) Preferred Equity — — — — 3,417 3,417 3,417
East BCC Coinvest II, LLC (14)(19)(25) Equity Interest — — — — 1,419 1,419 463
Ergotron Acquisition LLC (18)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 11.21 % 7/6/2028 $ 12,097 11,898 12,097
FCG Acquisitions, Inc. (14)(19)(25) Preferred Equity — — — — 4 — —
Jonathan Acquisition Company (15)(19) Second Lien Senior Secured Loan SOFR 9.10% 14.47 % 12/22/2027 $ 8,000 7,866 8,000
TCFIII Owl Finance, LLC (19)(26) Subordinated Debt — 12.00% PIK 12.00 % 1/30/2027 $ 5,462 5,415 5,298
Capital Equipment Total $ 58,710 $ 57,960 5.1 %
Chemicals, Plastics & Rubber
AP Plastics Group, LLC (18)(19)(29) First Lien Senior Secured Loan SOFR 4.75% 10.19 % 8/10/2028 $ 7,212 7,032 7,032
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan EURIBOR 5.75% 9.85 % 12/22/2027 € 99 102 102
V Global Holdings LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 11.43 % 12/22/2027 $ 5,803 5,720 5,614
V Global Holdings LLC (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 11.21 % 12/22/2025 $ 3,978 3,881 3,663
Chemicals, Plastics & Rubber Total $ 16,735 $ 16,411 1.4 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Construction & Building
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 5.65% (1.50% PIK) 12.50 % 5/12/2025 $ 23,734 22,545 22,073
Chase Industries, Inc. (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% (1.50% PIK) 12.50 % 5/12/2025 $ 2,331 2,208 2,167
Chase Industries, Inc. (2)(3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 5/12/2025 $ — (224 ) (120 )
Elk Parent Holdings, LP (14)(19)(25) Equity Interest — — — — 1 12 1,040
Elk Parent Holdings, LP (14)(19)(25) Preferred Equity — — — — 120 1,202 1,672
Service Master (14)(19)(25) Equity Interest — — — — — 169 220
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 6.00% (1.00% PIK) 12.65 % 8/16/2027 $ 896 885 896
Service Master (14)(19)(25) Equity Interest — — — — — — 724
Service Master (15)(19)(26) First Lien Senior Secured Loan SOFR 6.11% (1.00% PIK) 12.47 % 8/16/2027 $ 11,689 11,689 11,689
Service Master (3)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.00% (1.00% PIK) 12.50 % 8/16/2027 $ 11,537 11,392 11,537
YLG Holdings, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.10% 10.48 % 10/31/2025 $ 4,970 4,968 4,970
YLG Holdings, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.10% 10.48 % 10/31/2025 $ 16,962 16,911 16,962
YLG Holdings, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2025 $ — (26 ) —
Construction & Building Total $ 71,731 $ 73,830 6.5 %
Consumer Goods: Durable
New Milani Group LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.96 % 6/6/2024 $ 11,329 11,197 11,329
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15% 14.56 % 3/31/2028 $ 11,434 11,256 11,434
Tangent Technologies Acquisition, LLC (15)(19) Second Lien Senior Secured Loan SOFR 9.00% 14.44 % 5/30/2028 $ 8,915 8,776 8,759
TLC Holdco LP (14)(19)(25) Equity Interest — — — — 1,281 1,221 376
TLC Purchaser, Inc. (15)(19)(26) First Lien Senior Secured Loan SOFR 2.26% (6.25% PIK) 14.15 % 10/13/2025 $ 37,562 37,149 35,214
TLC Purchaser, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.51% 11.86 % 10/13/2025 $ 3,123 3,031 2,528
Consumer Goods: Durable Total $ 72,630 $ 69,640 6.1 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Consumer Goods: Non-Durable
Fineline Technologies, Inc. (14)(19)(25) Equity Interest — — — — 939 939 1,004
FL Hawk Intermediate Holdings, Inc. (15)(19) Second Lien Senior Secured Loan SOFR 9.26% 14.61 % 8/22/2028 $ 12,613 12,347 12,613
RoC Opco LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 7.60% 12.95 % 2/25/2025 $ 14,887 14,799 14,887
RoC Opco LLC (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 2/25/2025 $ — (42 ) —
Solaray, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.60% 11.97 % 12/15/2025 $ 14,016 14,028 13,350
Solaray, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.60% 11.97 % 12/15/2025 $ 30,435 30,435 28,989
Solaray, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.60% 10.97 % 12/15/2025 $ 11,344 11,343 11,344
WU Holdco, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65% 11.00 % 3/26/2026 $ 1,678 1,657 1,653
WU Holdco, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.65% 11.00 % 3/26/2026 $ 37,287 36,991 36,728
WU Holdco, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.65% 11.00 % 3/26/2025 $ 3,043 3,030 2,958
Consumer Goods: Non-Durable Total $ 125,527 $ 123,526 10.9 %
Consumer Goods: Wholesale
WSP (14)(19)(25) Preferred Equity — — — — — 216 434
WSP (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 6.40% (0.75% PIK) 12.53 % 4/27/2027 $ 5,521 5,449 4,748
WSP (14)(19)(25) Equity Interest — — — — 2,898 2,898 —
WSP (2)(3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 4/27/2027 $ — (5 ) (63 )
Consumer Goods: Wholesale Total $ 8,558 $ 5,119 0.5 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 6.26% 11.64 % 12/29/2027 $ 4,042 3,983 3,900
ASP-r-pac Acquisition Co LLC (2)(3)(5)(16)(19) First Lien Senior Secured Loan - Revolver — — — 12/29/2027 $ — (43 ) (114 )
Iris Holding, Inc. (17)(29) First Lien Senior Secured Loan SOFR 4.75% 10.23 % 6/28/2028 $ 12,887 12,346 11,941
Containers, Packaging & Glass Total $ 16,286 $ 15,727 1.4 %
Energy: Electricity
WCI Gigawatt Purchaser (15)(19)(29) First Lien Senior Secured Loan SOFR 5.76% 11.13 % 11/19/2027 $ 1,425 1,402 1,410
WCI Gigawatt Purchaser (2)(3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 11/19/2027 $ — (47 ) (19 )
WCI Gigawatt Purchaser (2)(3)(5)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.76% 11.14 % 11/19/2027 $ — (47 ) (32 )
WCI Gigawatt Purchaser (15)(19) First Lien Senior Secured Loan SOFR 5.76% 11.14 % 11/19/2027 $ 3,465 3,431 3,431
Energy: Electricity Total $ 4,739 $ 4,790 0.4 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Environmental Industries
Reconomy (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.25% 11.44 % 6/25/2029 £ 987 1,149 1,256
Reconomy (6)(18)(19) First Lien Senior Secured Loan SONIA 6.25% 11.44 % 6/25/2029 £ 68 82 86
Reconomy (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.00% 9.93 % 6/25/2029 € 27 28 30
Titan Cloud Software, Inc (14)(19)(25) Equity Interest — — — — 3,532 3,532 4,161
Titan Cloud Software, Inc (15)(19) First Lien Senior Secured Loan SOFR 6.10% 11.48 % 9/7/2029 $ 25,714 25,495 25,714
Titan Cloud Software, Inc (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.10% 11.48 % 9/7/2029 $ 11,429 11,339 11,429
Titan Cloud Software, Inc (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 9/7/2028 $ — (45 ) —
Environmental Industries Total $ 41,580 $ 42,676 3.8 %
FIRE: Finance
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 10.96 % 12/23/2026 $ 865 854 857
Allworth Financial Group, L.P. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 10.96 % 12/23/2026 $ 1,490 1,478 1,475
Allworth Financial Group, L.P. (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/23/2026 $ — (9 ) (24 )
Congress Wealth (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% 12.20 % 6/30/2029 $ 320 317 320
Congress Wealth (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 6/30/2029 $ — — —
Congress Wealth (14)(19)(25) Equity Interest — — — — 15 294 325
Insigneo Financial Group LLC (14)(19)(25) Equity Interest — — — — 2,341 2,357 2,626
Insigneo Financial Group LLC (15)(19) First Lien Senior Secured Loan SOFR 6.25% 11.70 % 8/1/2028 $ 3,825 3,746 3,825
Insigneo Financial Group LLC (15)(19) First Lien Senior Secured Loan SOFR 6.60% 11.97 % 8/1/2028 $ 7,667 7,478 7,667
Parmenion (6)(15)(19) First Lien Senior Secured Loan SONIA 5.50% 10.69 % 5/11/2029 £ 295 368 376
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.85% 11.23 % 10/4/2027 $ 9,304 9,304 9,304
TA/Weg Holdings (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.85% 11.23 % 10/4/2027 $ 2,349 2,342 2,349
FIRE: Finance Total $ 28,529 $ 29,100 2.6 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
FIRE: Insurance
Margaux Acquisition Inc. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 11.23 % 12/19/2024 $ 16,497 16,426 16,497
Margaux Acquisition Inc. (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.90% 11.29 % 12/19/2025 $ — (9 ) —
Margaux UK Finance Limited (3)(5)(6)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 5.75% 11.06 % 12/19/2024 £ — (2 ) —
Margaux UK Finance Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 5.75% 11.06 % 12/19/2024 £ 7,396 9,603 9,415
McLarens Acquisition Inc. (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/16/2025 $ — — —
MRHT (2)(3)(5)(6)(15)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/1/2029 € — (23 ) (28 )
MRHT (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.75% 10.72 % 2/1/2029 € 956 1,019 1,050
Paisley Bidco Limited (6)(18)(19) First Lien Senior Secured Loan - Revolver EURIBOR 5.50% 9.45 % 11/26/2028 € 32 36 35
Simplicity (18)(19)(29) First Lien Senior Secured Loan SOFR 6.40% 11.75 % 12/2/2026 $ 16,641 16,222 16,392
Simplicity (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/2/2026 $ — (131 ) (82 )
Simplicity (2)(3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/2/2026 $ — (35 ) (22 )
FIRE: Insurance Total $ 43,106 $ 43,257 3.8 %
Healthcare & Pharmaceuticals
Apollo Intelligence (14)(19)(25) Equity Interest — — — — 32 3,162 2,951
Apollo Intelligence (18)(19)(29) First Lien Senior Secured Loan SOFR 5.75% 11.12 % 6/1/2028 $ 15,232 15,145 15,156
Apollo Intelligence (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.75% 11.12 % 6/1/2028 $ 4,565 4,512 4,529
Apollo Intelligence (2)(3)(5)(16)(19) First Lien Senior Secured Loan - Delayed Draw — — — 6/1/2028 $ — (71 ) (48 )
CB Titan Holdings, Inc. (14)(19)(25) Preferred Equity — — — — 1,953 1,953 —
CPS Group Holdings, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 10.79 % 3/3/2025 $ 34,417 34,334 34,416
CPS Group Holdings, Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 5.25% 10.71 % 3/3/2025 $ 592 578 592
Datix Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 4.50% 9.69 % 10/28/2024 £ 6 8 8
Datix Bidco Limited (6)(18)(19) Second Lien Senior Secured Loan SONIA 7.75% 12.94 % 4/27/2026 £ 121 165 155
Datix Bidco Limited (6)(18)(19) First Lien Senior Secured Loan BBSW 4.50% 9.29 % 4/28/2025 AUD 42 32 29
Great Expressions Dental Center PC (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (3.00% PIK) 9.33 % 9/30/2026 $ 9,523 9,520 7,713
HealthDrive (15)(19) First Lien Senior Secured Loan SOFR 6.10% 11.46 % 8/20/2029 $ 1,928 1,928 1,928
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.00% 11.43 % 8/20/2029 $ 271 268 271
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Delayed Draw — — — 8/20/2029 $ — — —
HealthDrive (3)(15)(19) First Lien Senior Secured Loan - Revolver — — — 8/20/2029 $ — — —
HealthDrive (14)(19)(25) Preferred Equity — — — — 18 1,822 2,062
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 11.03 % 5/28/2026 € 226 250 243
Mertus 522. GmbH (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 6.25% (0.75% PIK) 10.90 % 5/28/2026 € 132 143 142
Premier Imaging, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 11.61 % 1/2/2025 $ 7,069 7,028 6,963
Premier Imaging, LLC (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.00% 11.61 % 1/2/2025 $ 1,916 1,906 1,888
SunMed Group Holdings, LLC (16)(19)(29) First Lien Senior Secured Loan SOFR 5.60% 10.96 % 6/16/2028 $ 8,606 8,499 8,606
Sunmed Group Holdings, LLC (3)(5)(16)(19) First Lien Senior Secured Loan - Revolver — — — 6/16/2027 $ — (11 ) —
Healthcare & Pharmaceuticals Total $ 91,171 $ 87,604 7.7 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
High Tech Industries
Access (6)(18)(19) First Lien Senior Secured Loan SONIA 5.25% 10.44 % 6/4/2029 £ 80 98 102
AMI US Holdings Inc. (6)(15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 10.71 % 4/1/2025 $ 3,816 3,796 3,816
Applitools (2)(3)(5)(16)(19) First Lien Senior Secured Loan - Revolver — — — 5/25/2028 $ — (25 ) (60 )
Applitools (6)(19)(32) First Lien Senior Secured Loan SOFR 6.25% 11.61 % 5/25/2029 $ 17,360 17,236 17,056
Appriss Holdings, Inc. (14)(19)(25) Equity Interest — — — — 2,136 1,606 1,576
Appriss Holdings, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.75% 12.32 % 5/6/2027 $ 11,179 11,033 11,179
Appriss Holdings, Inc. (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 5/6/2027 $ — (8 ) —
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 1,107 1,126
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 2 1,844 1,876
AQ Software Corporation (14)(19)(25) Preferred Equity — — — — 1 507 516
CB Nike IntermediateCo Ltd (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2025 $ — — —
Cloud Technology Solutions (CTS) (6)(14)(19)(25) Preferred Equity — — — — 4,408 5,360 5,504
Cloud Technology Solutions (CTS) (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 4.00% (4.00% PIK) 13.19 % 1/3/2030 £ 8,247 10,007 10,499
Eagle Rock Capital Corporation (14)(19)(25) Preferred Equity — — — — 3,345 3,345 4,295
Element Buyer, Inc. (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.00% 11.46 % 7/19/2026 $ 878 878 878
Element Buyer, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 11.46 % 7/19/2026 $ 36,242 36,327 36,242
Element Buyer, Inc. (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 7/19/2026 $ — (6 ) —
Eleven Software (14)(19)(25) Preferred Equity — — — — 896 896 840
Eleven Software (15)(19) First Lien Senior Secured Loan SOFR 8.25% 13.60 % 4/25/2027 $ 7,439 7,384 7,365
Eleven Software (15)(19) First Lien Senior Secured Loan - Revolver SOFR 8.10% 13.46 % 9/25/2026 $ 1,488 1,479 1,473
FNZ UK Finco Limited (6)(18)(19) First Lien Senior Secured Loan L 5.75% 10.37 % 9/30/2026 AUD 81 55 55
Gluware (14)(19)(25) Warrants — — — — 4,307 478 511
Gluware (19)(26) First Lien Senior Secured Loan — 9.00% (5.50% PIK) 14.50 % 10/15/2025 $ 20,604 20,146 19,367
Gluware (18)(19)(26) First Lien Senior Secured Loan — 9.00% (5.50% PIK) 14.50 % 10/15/2025 $ 5,599 5,555 5,487
NearMap (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 12/9/2029 $ — (78 ) —
NearMap (6)(18)(19) First Lien Senior Secured Loan SOFR 7.25% 12.61 % 12/9/2029 $ 11,601 11,393 11,601
Onventis (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw EURIBOR 7.50% 11.47 % 1/12/2030 € 8,919 9,596 9,845
Revalize, Inc. (14)(19)(25) Preferred Equity — — — — 1 1,431 1,472
Revalize, Inc. (15)(19)(29) First Lien Senior Secured Loan - Delayed Draw SOFR 5.85% 11.21 % 4/15/2027 $ 5,304 5,267 5,171
Revalize, Inc. (18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90% 11.25 % 4/15/2027 $ 2,009 1,996 1,959
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
High Tech Industries Continued
Revalize, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 5.85% 11.20 % 4/15/2027 $ 335 327 302
SAM (19)(26) First Lien Senior Secured Loan — 12.75% PIK 12.75 % 5/9/2028 $ 33,699 33,481 33,447
Superna Inc. (2)(3)(5)(6)(15)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/6/2028 $ — (18 ) (92 )
Superna Inc. (2)(3)(5)(6)(15)(19) First Lien Senior Secured Loan - Revolver — — — 3/6/2028 $ — (18 ) (92 )
Superna Inc. (6)(14)(19)(25) Equity Interest — — — — 1,463 1,463 1,196
Superna Inc. (6)(15)(19) First Lien Senior Secured Loan SOFR 6.50% 11.88 % 3/6/2028 $ 2,734 2,692 2,639
Utimaco (6)(14)(19)(25) Equity Interest — — — — 1 2,123 1,414
Utimaco (6)(14)(19)(25) Preferred Equity — — — — 1 2,123 1,414
Utimaco (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.25% 10.28 % 5/14/2029 € 92 98 100
Utimaco (6)(18)(19) First Lien Senior Secured Loan SOFR 6.68% 11.99 % 5/14/2029 $ 128 127 125
Utimaco (6)(18)(19) First Lien Senior Secured Loan SOFR 6.68% 11.99 % 5/14/2029 $ 262 260 256
Ventiv Holdco, Inc. (15)(19)(26)(29) First Lien Senior Secured Loan SOFR 5.60% (1.00% PIK) 11.95 % 9/3/2025 $ 13,902 13,834 13,902
Ventiv Holdco, Inc. (3)(18)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 5.60% (1.00% PIK) 11.95 % 9/3/2025 $ 681 662 681
Ventiv Topco, Inc. (14)(19)(25) Equity Interest — — — — 28 2,833 2,307
VPARK BIDCO AB (6)(16)(19) First Lien Senior Secured Loan CIBOR 4.00% 7.87 % 3/10/2025 DKK 570 93 84
VPARK BIDCO AB (6)(16)(19) First Lien Senior Secured Loan NIBOR 4.00% 8.54 % 3/10/2025 NOK 740 93 73
High Tech Industries Total $ 218,876 $ 217,507 19.2 %
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (18)(19) Second Lien Senior Secured Loan SOFR 7.50% 12.97 % 2/1/2027 $ 14,193 13,971 13,270
Concert Golf Partners Holdco (16)(19)(29) First Lien Senior Secured Loan SOFR 5.50% 11.25 % 3/30/2029 $ 6,761 6,650 6,761
Concert Golf Partners Holdco LLC (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50% 11.25 % 4/2/2029 $ 3,798 3,715 3,798
Concert Golf Partners Holdco LLC (3)(5)(16)(19) First Lien Senior Secured Loan - Revolver — — — 3/31/2028 $ — (35 ) —
Pyramid Global Hospitality (15)(19)(29) First Lien Senior Secured Loan SOFR 8.00% 13.33 % 1/19/2027 $ 9,925 9,686 9,925
Pyramid Global Hospitality (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 1/19/2027 $ — (80 ) —
Saltoun (7)(14)(18)(19)(26)(29) First Lien Senior Secured Loan — 13.75% PIK 13.75 % 4/11/2028 $ 5,183 5,011 2,747
Saltoun (7)(14)(19)(26) First Lien Senior Secured Loan - Delayed Draw — 13.75% PIK 13.75 % 4/11/2028 $ 1,479 1,430 784
Saltoun (18)(19)(26) First Lien Senior Secured Loan - Revolver — 13.75% PIK 13.75 % 4/11/2028 $ 339 339 339
Saltoun (18)(19)(26) First Lien Senior Secured Loan - Revolver — 13.75% PIK 13.75 % 4/11/2028 $ 291 291 291
Saltoun (19)(26) First Lien Senior Secured Loan - Revolver — 13.75% PIK 13.75 % 4/11/2028 $ 1,108 1,108 1,108
Hotel, Gaming & Leisure Total $ 42,086 $ 39,023 3.4 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Media: Advertising, Printing & Publishing
Kpler (6)(15)(19) First Lien Senior Secured Loan SONIA 6.50% 11.69 % 3/3/2030 £ 4,412 5,269 5,617
Kpler (6)(15)(19) First Lien Senior Secured Loan EURIBOR 6.50% 10.46 % 3/3/2030 € 15,081 15,684 16,648
Kpler (6)(18)(19) First Lien Senior Secured Loan EURIBOR 6.50% 10.46 % 3/3/2030 € 3,346 3,547 3,694
TGI Sport Bidco Pty Ltd (6)(17)(19) First Lien Senior Secured Loan BBSW 7.00% 11.36 % 4/30/2026 AUD 98 76 67
TGI Sport Bidco Pty Ltd (6)(18)(19) First Lien Senior Secured Loan SOFR 7.11% 12.47 % 4/30/2026 AUD 4,187 2,866 2,866
Media: Advertising, Printing & Publishing Total $ 27,442 $ 28,892 2.5 %
Media: Broadcasting & Subscription
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan SOFR 5.93% 11.24 % 8/31/2028 $ 1,443 1,432 1,443
Lightning Finco Limited (6)(16)(19) First Lien Senior Secured Loan EURIBOR 5.50% 9.39 % 8/31/2028 € 1,300 1,423 1,435
Media: Broadcasting & Subscription Total $ 2,855 $ 2,878 0.3 %
Media: Diversified & Production
9 Story Media Group Inc. (3)(6)(18)(19) First Lien Senior Secured Loan - Revolver CDOR 5.25% 10.67 % 4/30/2026 CAD 90 66 68
9 Story Media Group Inc. (6)(16)(19) First Lien Senior Secured Loan CDOR 5.25% 10.74 % 4/30/2026 CAD 1,279 991 966
9 Story Media Group Inc. (6)(18)(19) First Lien Senior Secured Loan EURIBOR 5.25% 9.21 % 4/30/2026 € 579 613 639
Aptus 1724 Gmbh (6)(19)(21) First Lien Senior Secured Loan SOFR 6.25% 11.78 % 2/23/2028 $ 4,971 4,971 4,822
Efficient Collaborative Retail Marketing Company, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 7.50% (1.50% PIK) 14.45 % 12/31/2025 $ 11,099 10,103 7,408
Efficient Collaborative Retail Marketing Company, LLC (7)(14)(15)(19)(26) First Lien Senior Secured Loan SOFR 7.50% (1.50% PIK) 14.45 % 12/31/2025 $ 17,101 15,537 11,415
Efficient Collaborative Retail Marketing Company, LLC (3)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 5.00% (1.50% PIK) 11.95 % 12/31/2025 $ 111 111 111
Music Creation Group Bidco GmbH (6)(19)(21) First Lien Senior Secured Loan SOFR 6.25% 11.78 % 2/23/2028 $ 4,065 3,990 3,943
Media: Diversified & Production Total $ 36,382 $ 29,372 2.6 %
Media: Publishing
OGH Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.50% 11.69 % 6/29/2029 £ 2,217 2,592 2,430
OGH Bidco Limited (6)(18)(19) First Lien Senior Secured Loan SONIA 6.50% 11.69 % 6/29/2029 £ 139 164 168
Media: Publishing Total $ 2,756 $ 2,598 0.2 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Retail
New Look Vision Group (6)(15)(19) First Lien Senior Secured Loan - Delayed Draw CDOR 5.50% 10.93 % 5/26/2028 CAD 29 27 21
New Look Vision Group (2)(3)(5)(6)(15)(19) First Lien Senior Secured Loan - Revolver — — — 5/26/2026 CAD — (16 ) (46 )
New Look Vision Group (6)(18)(19) First Lien Senior Secured Loan - Delayed Draw CDOR 5.50% 10.93 % 5/26/2028 CAD 55 44 41
New Look Vision Group (6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.15% (2.00% PIK) 11.50 % 5/26/2028 $ 383 383 374
Thrasio, LLC (7)(14)(15)(19) First Lien Senior Secured Loan SOFR 9.26% 14.61 % 12/18/2026 $ 12,335 11,152 4,934
Retail Total $ 11,590 $ 5,324 0.5 %
Services: Business
ACAMS (14)(19)(25) Equity Interest — — — — 3,337 3,337 2,454
AMCP Clean Acquisition Company, LLC (18) First Lien Senior Secured Loan SOFR 4.40% 9.79 % 6/16/2025 $ 7,810 7,739 7,373
AMCP Clean Acquisition Company, LLC (18) First Lien Senior Secured Loan - Delayed Draw SOFR 4.40% 9.79 % 6/16/2025 $ 2,246 2,229 2,121
Avalon Acquiror, Inc. (18)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 11.60 % 3/10/2028 $ 14,427 14,316 14,030
Avalon Acquiror, Inc. (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 11.62 % 3/10/2028 $ 5,042 4,909 4,811
Brook Bidco (6)(14)(19)(25) Preferred Equity — — — — 5,675 7,783 8,443
Brook Bidco (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 7.37% PIK 12.56 % 7/10/2028 £ 784 1,059 997
Caribou Bidco Limited (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.25% 10.44 % 2/1/2029 £ 16 20 20
Chamber Bidco Limited (6)(17)(19) First Lien Senior Secured Loan SOFR 6.25% 11.57 % 6/7/2028 $ 213 211 213
Darcy Partners (14)(19)(25) Equity Interest — — — — 359 360 343
Darcy Partners (19)(32) First Lien Senior Secured Loan SOFR 7.75% 13.12 % 6/1/2028 $ 1,511 1,498 1,496
Darcy Partners (2)(3)(15)(19) First Lien Senior Secured Loan - Revolver — — — 6/1/2028 $ — — (3 )
Elevator Holdco Inc. (14)(19)(25) Equity Interest — — — — 2 2,448 4,318
iBanFirst (6)(19)(26)(32) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.91 % 7/13/2028 € 3,194 3,295 3,526
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.91 % 7/13/2028 € 92 96 101
iBanFirst (6)(18)(19)(26) First Lien Senior Secured Loan EURIBOR 10.00% PIK 13.91 % 7/13/2028 € 3,357 3,412 3,705
iBanFirst Facility (6)(14)(19)(25) Preferred Equity — — — — 7,112 8,136 20,328
ImageTrend (15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 7.75% 13.13 % 1/31/2029 $ 20,000 19,729 20,000
ImageTrend (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 1/31/2029 $ — (51 ) —
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 7.51% PIK 12.81 % 7/7/2028 £ 313 407 413
Learning Pool (6)(16)(19)(26) First Lien Senior Secured Loan SOFR 7.51% PIK 12.81 % 7/7/2028 £ 112 145 148
masLabor (14)(19)(25) Equity Interest — — — — 173 173 772
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Services: Business Continued
masLabor (15)(19) First Lien Senior Secured Loan SOFR 7.50% 12.83 % 7/1/2027 $ 8,405 8,228 8,405
Opus2 (6)(14)(19)(25) Equity Interest — — — — 2,272 2,900 3,447
Opus2 (6)(18)(19) First Lien Senior Secured Loan SONIA 5.03% 10.22 % 5/5/2028 £ 123 168 156
Parcel2Go (3)(6)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SONIA 3.00% (3.00% PIK) 11.19 % 7/17/2028 £ 39 51 44
Parcel2Go (6)(14)(19)(25) Equity Interest — — — — 3,605 4,237 2,231
Parcel2Go (6)(18)(19)(26) First Lien Senior Secured Loan SONIA 3.25% (3.00% PIK) 11.44 % 7/17/2028 £ 126 171 150
Refine Intermediate, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 4.60% 9.95 % 3/3/2027 $ 1,037 1,024 1,037
Refine Intermediate, Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 9/3/2026 $ — (55 ) —
Smartronix (15)(19)(29) First Lien Senior Secured Loan SOFR 5.85% 11.57 % 11/23/2028 $ 12,508 12,326 12,383
Smartronix (2)(3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 11/23/2027 $ — (88 ) (63 )
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10% 11.59 % 11/23/2028 $ 3,697 3,607 3,660
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.35% 11.76 % 11/23/2028 $ 8,209 8,009 8,127
Spring Finco BV (3)(6)(18)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/15/2029 NOK — — —
SumUp Holdings Luxembourg S.à.r.l. (6)(19)(32) First Lien Senior Secured Loan EURIBOR 8.25% 12.21 % 2/17/2026 € 6,805 8,145 7,512
TEI Holdings Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.25% 10.76 % 12/23/2026 $ 24,925 24,712 24,925
TEI Holdings Inc. (3)(5)(18)(19) First Lien Senior Secured Loan - Revolver — — — 12/23/2025 $ — (40 ) —
Services: Business Total $ 154,646 $ 167,623 14.7 %
Services: Consumer
MZR Aggregator (14)(19)(25) Equity Interest — — — — 1 798 586
MZR Buyer, LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.75% 12.21 % 12/22/2026 $ 11,903 11,766 11,903
MZR Buyer, LLC (3)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.00% 12.18 % 12/22/2026 $ 2,952 2,900 2,952
Surrey Bidco Limited (6)(17)(19)(26) First Lien Senior Secured Loan SONIA 7.28% PIK 11.46 % 5/11/2026 £ 61 68 62
Zeppelin BidCo Pty Limited (6)(18)(19) First Lien Senior Secured Loan BBSY 5.00% 9.15 % 7/12/2024 AUD 206 143 140
Services: Consumer Total $ 15,675 $ 15,643 1.4 %
Telecommunications
DC Blox Inc. (14)(19)(25) Preferred Equity — — — — 3,822 3,851 5,040
DC Blox Inc. (14)(19)(25) Equity Interest — — — — 124 1 —
DC Blox Inc. (14)(19)(25) Warrants — — — — 177 2 —
DC Blox Inc. (15)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.00% (4.00% PIK) 14.49 % 3/22/2026 $ 32,879 32,724 32,879
Meriplex Communications, Ltd. (16)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 10.46 % 7/17/2028 $ 12,163 11,964 12,041
Meriplex Communications, Ltd. (3)(16)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.10% 10.42 % 7/17/2028 $ 7,261 7,128 7,139
Meriplex Communications, Ltd. (2)(3)(5)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 5.10% 10.42 % 7/17/2028 $ — (43 ) (28 )
Taoglas (14)(19)(25) Equity Interest — — — — 2,259 2,259 1,999
Taoglas (15)(19)(29) First Lien Senior Secured Loan SOFR 7.25% 12.60 % 2/28/2029 $ 10,080 9,986 9,727
Taoglas (2)(3)(15)(19) First Lien Senior Secured Loan - Delayed Draw — — — 2/28/2029 $ — — (127 )
Taoglas (3)(6)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 7.25% 12.61 % 2/28/2029 $ 807 807 760
Taoglas (6)(18)(19) First Lien Senior Secured Loan SOFR 7.25% 12.60 % 2/28/2029 $ 453 441 437
Telecommunications Total $ 69,120 $ 69,867 6.1 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Transportation: Cargo
A&R Logistics, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.00% 11.48 % 5/5/2025 $ 2,374 2,359 2,362
A&R Logistics, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.50% 11.98 % 5/5/2025 $ 2,661 2,651 2,661
A&R Logistics, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.00% 11.48 % 5/5/2025 $ 5,852 5,824 5,823
A&R Logistics, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 11.48 % 5/5/2025 $ 12,978 12,899 12,913
A&R Logistics, Inc. (3)(15)(19)(24) First Lien Senior Secured Loan - Revolver SOFR 6.00% 11.45 % 5/5/2025 $ 2,597 2,514 2,567
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — — 445 701
ARL Holdings, LLC (14)(19)(25) Equity Interest — — — — 9 9 166
Grammer Investment Holdings LLC (14)(19)(25) Warrants — — — — 122 — —
Grammer Investment Holdings LLC (14)(19)(25) Equity Interest — — — — 1,011 1,019 546
Grammer Investment Holdings LLC (19)(25) Preferred Equity — 10.00% 10.00 % — 10 792 1,009
Grammer Purchaser, Inc. (15)(19)(29) First Lien Senior Secured Loan SOFR 5.00% 10.39 % 9/30/2024 $ 3,790 3,730 3,790
Grammer Purchaser, Inc. (3)(15)(19)(29) First Lien Senior Secured Loan - Revolver SOFR 4.85% 10.21 % 9/30/2024 $ 591 591 591
Gulf Winds International (18)(19)(29) First Lien Senior Secured Loan SOFR 7.10% 12.46 % 12/16/2028 $ 12,128 11,808 12,127
Gulf Winds International (3)(5)(15)(19) First Lien Senior Secured Loan - Revolver — — — 12/16/2028 $ — (131 ) —
Omni Intermediate (15)(19) First Lien Senior Secured Loan SOFR 5.15% 10.54 % 11/23/2026 $ 1,662 1,657 1,662
Omni Intermediate (3)(15)(19)(22) First Lien Senior Secured Loan - Revolver P 4.00% 12.50 % 11/30/2026 $ 572 572 572
Omni Intermediate (15)(19) Second Lien Senior Secured Loan SOFR 9.15% 14.54 % 12/30/2027 $ 8,770 8,768 8,771
REP Coinvest III- A Omni, L.P. (14)(19)(25) Equity Interest — — — — 1,377 1,377 2,060
RoadOne (18)(19)(29) First Lien Senior Secured Loan SOFR 6.25% 11.72 % 12/29/2028 $ 12,128 11,808 12,128
RoadOne (3)(18)(19) First Lien Senior Secured Loan - Revolver SOFR 6.25% 11.72 % 12/29/2028 $ 267 157 267
RoadOne (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25% 11.72 % 12/29/2028 $ 948 902 948
Transportation: Cargo Total $ 69,751 $ 71,664 6.3 %
Transportation: Consumer
PrimeFlight Acquisition LLC (15)(19)(29) First Lien Senior Secured Loan SOFR 6.85% 12.28 % 5/1/2029 $ 15,406 15,114 15,406
PrimeFlight Acquisition LLC (15)(19) First Lien Senior Secured Loan SOFR 6.85% 12.20 % 5/1/2029 $ 843 843 843
Toro Private Investments II, L.P. (14)(19)(25) Equity Interest — — — — 3,090 3,090 —
Transportation: Consumer Total $ 19,047 $ 16,249 1.4 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Non-Affiliate Investments
Wholesale
Abracon Group Holding, LLC. (18)(19)(29) First Lien Senior Secured Loan SOFR 6.00% 11.54 % 7/6/2028 $ 14,212 14,066 12,436
Abracon Group Holding, LLC. (16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.00% 11.57 % 7/6/2028 $ 2,018 1,988 1,766
Abracon Group Holding, LLC. (2)(3)(5)(16)(19) First Lien Senior Secured Loan - Delayed Draw — — — 7/6/2028 $ — (31 ) (278 )
Blackbird Purchaser, Inc. (16)(19) First Lien Senior Secured Loan SOFR 5.50% 10.86 % 12/19/2030 $ 5,418 5,418 5,418
Hultec (14)(19)(25) Equity Interest — — — — 1 651 639
SureWerx (3)(5)(16)(19) First Lien Senior Secured Loan - Delayed Draw — — — 12/28/2029 $ — (26 ) —
SureWerx (3)(16)(19) First Lien Senior Secured Loan - Revolver SOFR 6.75% 12.11 % 12/29/2028 $ 577 554 577
Wholesale Total $ 22,620 $ 20,558 1.8 %
Non-Controlled/Non-Affiliate Investments Total $ 1,615,061 $ 1,593,360 140.2 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Non-Controlled/Affiliate Investments
Aerospace & Defense
Ansett Aviation Training (6)(10)(14)(19)(25) Equity Interest — — — — 5,119 3,842 7,516
Ansett Aviation Training (6)(10)(18)(19) First Lien Senior Secured Loan BBSY 4.69% 9.19 % 9/24/2031 AUD 7,072 5,308 4,817
Aerospace & Defense Total $ 9,150 $ 12,333 1.1 %
Beverage, Food & Tobacco
ADT Pizza, LLC (10)(14)(19)(25) Equity Interest — — — — 6,720 6,732 12,801
Beverage, Food & Tobacco Total $ 6,732 $ 12,801 1.1 %
Consumer Goods: Durable
Walker Edison (10)(14)(19)(25) Equity Interest — — — — 60 5,592 421
Walker Edison (10)(15)(19)(26) First Lien Senior Secured Loan SOFR 6.85% PIK 12.21 % 3/31/2027 $ 5,972 5,972 5,972
Walker Edison (10)(15)(19)(26) First Lien Senior Secured Loan - Revolver SOFR 6.35% PIK 11.71 % 3/31/2027 $ 3,182 3,182 3,182
Walker Edison (3)(10)(15)(19) First Lien Senior Secured Loan - Delayed Draw — — — 3/31/2027 $ — — —
Walker Edison (10)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 6.85% PIK 12.21 % 3/31/2027 $ 821 821 821
Consumer Goods: Durable Total $ 15,567 $ 10,396 0.9 %
Energy: Oil & Gas
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) Equity Interest — — — — 1,198 1 1
Blackbrush Oil & Gas, L.P. (10)(14)(19)(25) Preferred Equity — — — — 3,618 1,106 3,498
Energy: Oil & Gas Total $ 1,107 $ 3,499 0.3 %
FIRE: Finance
BCC Middle Market CLO 2018-1, LLC (6)(10)(19)(25) Structured Products — — — 10/20/2030 25,635 24,050 22,618
Fire: Finance Total $ 24,050 $ 22,618 2.0 %
Transportation: Consumer
Direct Travel, Inc. (10)(14)(19)(25) Equity Interest — — — — 68 — 10,280
Direct Travel, Inc. (10)(18)(19)(26) First Lien Senior Secured Loan SOFR 4.65% (2.00% PIK) 12.00 % 10/2/2025 $ 59,944 59,944 59,944
Direct Travel, Inc. (10)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SOFR 4.65% (2.00% PIK) 12.00 % 10/2/2025 $ 3,500 3,500 3,500
Direct Travel, Inc. (10)(18)(19) First Lien Senior Secured Loan SOFR 6.65% 12.00 % 10/2/2025 $ 4,841 4,841 4,841
Direct Travel, Inc. (10)(18)(19)(26)(28) First Lien Senior Secured Loan - Delayed Draw SOFR 4.65% (2.00% PIK) 12.00 % 10/2/2025 $ 1,782 1,782 1,782
Direct Travel, Inc. (10)(18)(19)(28) First Lien Senior Secured Loan SOFR 6.15% 11.50 % 10/2/2025 $ 202 202 202
Direct Travel, Inc. (3)(10)(18)(19)(28) First Lien Senior Secured Loan - Delayed Draw SOFR 6.15% 11.50 % 10/2/2025 $ 5,775 5,775 5,775
Transportation: Consumer Total $ 76,044 $ 86,324 7.6 %
Non-Controlled/Affiliate Investments Total $ 132,650 $ 147,971 13.0 %
Interest Maturity Principal / Market % of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value NAV (4)
Controlled Affiliate Investments
Aerospace & Defense
BCC Jetstream Holdings Aviation (Off I), LLC (6)(10)(11)(14)(19)(20)(25) Equity Interest — — — — 11,863 11,863 10,944
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(19)(20)(25) Equity Interest — — — — 1,116 1,116 —
BCC Jetstream Holdings Aviation (On II), LLC (10)(11)(14)(19)(20) First Lien Senior Secured Loan — 10.00% 10.00% 6/2/2024 8,013 8,012 6,619
Gale Aviation (Offshore) Co (6)(10)(11)(19)(25) Equity Interest — — — — 89,295 89,294 88,419
Aerospace & Defense Total $ 110,285 $ 105,982 9.3 %
FIRE: Finance
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — 810 810
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Preferred Equity — — — — 34,875 34,875
Legacy Corporate Lending HoldCo, LLC (10)(11)(14)(19)(25) Equity Interest — — — — — —
FIRE: Finance Total $ 35,685 $ 35,685 3.1 %
Investment Vehicles
Bain Capital Senior Loan Program, LLC (6)(10)(11)(19) Subordinated Note Investment Vehicles — 10.00% 10.00 % 12/27/2033 115,995 115,995 115,995
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Preferred Equity Interest Investment Vehicles — — — — 10 10 (1,793 )
Bain Capital Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 10 5,594 (379 )
International Senior Loan Program, LLC (6)(10)(11)(15)(19) Subordinated Note Investment Vehicles SOFR 8.00% 13.55 % 2/22/2028 190,729 190,729 190,729
International Senior Loan Program, LLC (6)(10)(11)(25) Equity Interest Investment Vehicles — — — — 63,587 60,615 66,140
Investment Vehicles Total $ 372,943 $ 370,692 32.7 %
Transportation: Cargo
Lightning Holdings B, LLC (6)(10)(11)(14)(19)(25) Equity Interest — — — — 34,899 35,210 44,653
Transportation: Cargo Total $ 35,210 $ 44,653 3.9 %
Controlled Affiliate Investments Total $ 554,123 $ 557,012 49.0 %
Investments Total $ 2,301,834 $ 2,298,343 202.2 %
Cash Equivalents
Goldman Sachs Financial Square Government Fund Institutional Share Class Cash Equivalents — 5.25 % — 19,292 19,292 19,292
Goldman Sachs US Treasury Liquid Reserves Fund (30) Cash Equivalents — 5.25 % — 54,378 54,378 54,378
Cash Equivalents Total $ 73,670 $ 73,670 6.5 %
Investments and Cash Equivalents Total $ 2,375,504 $ 2,372,013 208.7 %

All values are in US Dollars.

Forward Foreign Currency Exchange Contracts

Unrealized
Currency Purchased Currency Sold Counterparty Settlement Date Appreciation(8)
US DOLLARS 78 EURO 0 Bank of New York Mellon 1/18/2024 $ 77
US DOLLARS 367 EURO 0 Bank of New York Mellon 1/24/2024 366
US DOLLARS 1,082 NORWEGIAN KRONE 2,060 Citibank 1/26/2024 879
US DOLLARS 10 EURO 0 Bank of New York Mellon 2/7/2024 (10 )
US DOLLARS 1,990 AUSTRALIAN DOLLARS 3,080 Bank of New York Mellon 2/12/2024 (113 )
US DOLLARS 9,711 AUSTRALIAN DOLLARS 13,980 Bank of New York Mellon 3/5/2024 167
US DOLLARS 41 POUND STERLING 0 Bank of New York Mellon 3/5/2024 (41 )
US DOLLARS 1,866 CANADIAN DOLLAR 2,440 Bank of New York Mellon 3/5/2024 15
US DOLLARS 52,372 EURO 48,560 Bank of New York Mellon 3/5/2024 (1,407 )
US DOLLARS 40 POUND STERLING 0 Bank of New York Mellon 3/15/2024 (40 )
US DOLLARS 10,773 EURO 9,890 Bank of New York Mellon 5/17/2024 (213 )
US DOLLARS 94 POUND STERLING 0 Bank of New York Mellon 6/21/2024 94
US DOLLARS 356 POUND STERLING 0 Bank of New York Mellon 6/24/2024 360
US DOLLARS 6,998 POUND STERLING 5,830 Citibank 6/24/2024 (427 )
US DOLLARS 10,567 POUND STERLING 8,290 Bank of New York Mellon 8/5/2024 9
US DOLLARS 1,338 CANADIAN DOLLAR 1,790 Bank of New York Mellon 12/13/2024 (19 )
US DOLLARS 30,865 POUND STERLING 25,560 Citibank 1/9/2025 (1,765 )
US DOLLARS 4,483 EURO 4,000 Bank of New York Mellon 1/9/2025 (9 )
US DOLLARS 9 POUND STERLING 0 Bank of New York Mellon 6/10/2025 9
US DOLLARS 5,309 EURO 4,800 Bank of New York Mellon 6/10/2025 (115 )
US DOLLARS 5,371 EURO 5,000 Bank of New York Mellon 6/13/2025 (280 )
US DOLLARS 2,762 AUSTRALIAN DOLLARS 3,739 Bank of New York Mellon 7/28/2025 203
$ (2,260 )

  • The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR”), the Bank Bill Swap Rate (“BBSW”), the Bank Bill Swap Bid Rate (“BBSY”), or the Prime Rate (“Prime” or “P”), the Sterling Overnight Index Average (“SONIA”) and Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over LIBOR, EURIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, SOFR, or Prime and the current weighted average interest rate in effect at December 31, 2023. Certain investments are subject to a LIBOR, EURIBOR, NIBOR, CIBOR, CDOR, BBSW, SOFR, or Prime interest rate floor.

  • The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on the Company’s net assets of $1,136,466 as of December 31, 2023.

  • The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

  • The investment or a portion of this investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940. 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 December 31, 2023, non-qualifying assets totaled 29.14% of the Company’s total assets.

  • Loan was on non-accrual status as of December 31, 2023.

  • Unrealized appreciation on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and DKK represents Danish Krone.

  • As defined in the 1940 Act, the portfolio company is deemed to be an “affiliated person” of the Company as the Company owns 5% or more of the portfolio company’s outstanding voting securities.

  • As defined in the 1940 Act, the Company is deemed to “control” this portfolio company as the Company either owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company.

  • Tick mark not used

  • Tick mark not used

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • The Company holds controlling, affiliate interest in an aircraft-owning special purpose vehicle through this investment.

  • Loan includes interest rate floor of 0.25%.

  • $188 of the total par amount for this security is at SOFR+ 5.15%.

  • $36 of the total par amount for this security is at SOFR+ 6.26% (0.50% PIK).

  • $147 of the total par amount for this security is at P+ 5.00%.

  • Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities is $412,880 or 36.34% of the Company’s net assets. The acquisition dates of the restricted securities are as follows:

Investment Acquisition Date
ACAMS 3/10/2022
ADT Pizza, LLC 10/29/2018
Ansett Aviation Training 3/24/2022
Apollo Intelligence 6/1/2022
Appriss Holdings, Inc. 5/3/2021
AQ Software Corporation 12/10/2021
AQ Software Corporation 4/14/2022
AQ Software Corporation 12/29/2022
ARL Holdings, LLC 5/3/2019
AXH Air Coolers 10/31/2023
Bain Capital Senior Loan Program, LLC 12/27/2021
BCC Jetstream Holdings Aviation (Off I), LLC 6/1/2017
BCC Jetstream Holdings Aviation (On II), LLC 6/1/2017
BCC Middle Market CLO 2018-1, LLC 2/28/2022
Blackbrush Oil & Gas, L.P. 9/3/2020
Brook Bidco 7/8/2021
CB Titan Holdings, Inc. 5/1/2017
Cloud Technology Solutions (CTS) 12/15/2022
Congress Wealth 6/30/2023
Darcy Partners 6/1/2022
DC Blox Inc. 3/22/2021
DC Blox Inc. 3/23/2021
Direct Travel, Inc. 10/2/2020
Eagle Rock Capital Corporation 12/9/2021
East BCC Coinvest II, LLC 7/23/2019
Elevator Holdco Inc. 12/23/2019
Eleven Software 4/25/2022
Elk Parent Holdings, LP 11/1/2019
FCG Acquisitions, Inc. 1/24/2019
Fineline Technologies, Inc. 2/22/2021
Investment Acquisition Date
--- ---
Gale Aviation (Offshore) Co 1/2/2019
Gills Point S 5/17/2023
Gluware 10/15/2021
Grammer Investment Holdings LLC 10/1/2018
HealthDrive 8/18/2023
Hultec 3/31/2023
iBanFirst Facility 7/13/2021
Insigneo Financial Group LLC 8/1/2022
International Senior Loan Program, LLC 2/22/2021
Kellstrom Aerospace Group, Inc 7/1/2019
Legacy Corporate Lending HoldCo, LLC 4/21/2023
Lightning Holdings B, LLC 1/2/2020
masLabor 7/1/2021
MZR Aggregator 12/22/2020
NPC International, Inc. 4/1/2021
Opus2 6/16/2021
Parcel2Go 7/15/2021
PPX 7/29/2021
Precision Ultimate Holdings, LLC 11/6/2019
REP Coinvest III- A Omni, L.P. 2/5/2021
Revalize, Inc. 12/29/2022
Robinson Helicopter 6/30/2022
Service Master 8/16/2021
Service Master 7/15/2021
Superna Inc. 3/8/2022
Taoglas 2/28/2023
Titan Cloud Software, Inc 11/4/2022
TLC Holdco LP 10/11/2019
Toro Private Investments II, L.P. 4/2/2019
Utimaco 6/28/2022
Ventiv Topco, Inc. 9/3/2019
Walker Edison 3/1/2023
WSP 8/31/2021
  • Denotes that all or a portion of the debt investment includes PIK interest during the period.
  • Asset is in an escrow liquidating trust.
  • Assets or a portion thereof are held within the BCSF Complete Financing Solution Holdco LLC.
  • Assets or a portion thereof are pledged as collateral for the 2019‑1 Issuer. See Note 6 “Debt”.
  • Cash equivalents include $52,802 of restricted cash.
  • Loan includes interest rate floor of 2.00%.
  • Loan includes interest rate floor of 1.50%.

See Notes to Consolidated Financial Statements

BAIN CAPITAL SPECIALTY FINANCE, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, except share and per share data)

(Unaudited)

Note 1. Organization

Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) was formed on October 5, 2015 and commenced investment operations on October 13, 2016. The Company has elected to be treated and is regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes the Company has elected to be treated and intends to operate in a manner so as to continuously qualify as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by BCSF Advisors, LP (the “Advisor”), our investment adviser that is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Advisor also provides the administrative services necessary for the Company to operate (in such capacity, the “Administrator”).

On November 19, 2018, the Company closed its initial public offering (the “IPO”), which was a Qualified IPO, issuing 7,500,000 shares of common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.

The Company’s primary focus is capitalizing on opportunities within the Advisor’s Senior Direct Lending Strategy, which seeks to provide risk-adjusted returns and current income to its stockholders by investing primarily in middle-market companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Company focuses on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. The Company generally seeks to retain voting control in respect of the loans or particular classes of securities in which the Company invests through maintaining affirmative voting positions or negotiating consent rights that allow the Company to retain a blocking position. The Company may also invest in mezzanine debt and other junior securities and in secondary purchases of assets or portfolios, as described below. Investments are likely to include, among other things, (i) senior first lien, stretch senior, senior second lien, unitranche, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. The Company may also invest, from time to time, in equity securities, distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.

Our operations comprise only a single reportable segment.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The Company’s consolidated financial statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10‑Q and Regulation S-X. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company has determined it meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). The functional currency of the Company is U.S. dollars and these consolidated financial statements have been prepared in that currency. Certain prior period information has been reclassified to conform to the current period presentation and this had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

The information included in this Form 10-Q should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Basis of Consolidation

The Company will generally consolidate any wholly, or substantially, owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Company’s investment operations and to facilitate the execution of the Company’s investment

strategy. Accordingly, the Company consolidated the results of its subsidiaries BCSF I, BCSF II C, BCSF CFSH, LLC, BCSF CFS, LLC and BCC Middle Market CLO 2019‑1, LLC in its consolidated financial statements. All intercompany transactions and balances have been eliminated in consolidation. Since the Company is an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements. The portfolio investments held by the Company (including its investments held by consolidated subsidiaries) are included on the consolidated statements of assets and liabilities as investments at fair value.

Use of Estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Valuation of Portfolio Investments

The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Company's Board of Directors (the “Board”). The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in its valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:

  • The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment;
  • Preliminary valuation conclusions are then documented and discussed with the Company’s senior management and the Advisor;
  • Generally, investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm; and
  • The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation

report, a description of the methodology used to determine the fair value and their analysis and calculations to support their concluded ranges.

The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value in accordance with US GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

  • Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date.
  • Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
  • Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement.

A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided.

Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment.

The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

Securities Transactions, Revenue Recognition and Expenses

The Company records its investment transactions on a trade date basis. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specified identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Commitment fees are recorded on an accrual basis and recognized as interest income. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized against or accreted into interest income using the effective interest method or straight-line method, as applicable. For the Company’s investments in revolving bank loans, the cost basis of the investment purchased is adjusted for the cash received for the discount on the total balance committed. The fair value is also adjusted for price appreciation or depreciation on the unfunded portion. As a result, the purchase of commitments not completely funded may result in a negative value until it is offset by the future amounts called and funded. Upon prepayment of a loan or debt security, any prepayment premium, unamortized upfront loan origination fees and unamortized discount are recorded as interest income.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from an equity interest, limited liability company or a limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. For the three and nine months ended September 30, 2024, the Company recorded $6.2 million and $22.7 million, respectively, of dividend income, of which, $0.9 million and $0.9 million, respectively, related to PIK dividends. For the three and nine months ended September 30, 2023, the Company recorded $8.6 million and $25.7 million, respectively, of dividend income, of which none related to PIK dividends. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status.

Certain structuring fees and amendment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered.

Expenses are recorded on an accrual basis.

Non-Accrual Loans

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest are paid and, in management’s judgment, principal and interest payments are likely to remain current. The Company may make exceptions to this treatment if a loan has sufficient collateral value and is in the process of collection. As of September 30, 2024, there were nine loans from five issuers on non-accrual. As of December 31, 2023, there were five loans from three issuers on non-accrual.

Distributions

Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter, and is generally based upon the earnings estimated by the Advisor. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with US GAAP. The Company may pay distributions to its stockholders in a year in excess of its investment company taxable income and net capital gain for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. This excess generally would be a tax-free return of capital in the period and generally would reduce the stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent; they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses.

The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and incur applicable U.S. federal excise tax and pay a 4% tax on such income, as required. To the extent that we determine that our estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, we accrue excise tax, if any, on estimated excess taxable income as such taxable income is earned. For the three months ended September 30, 2024 and 2023, we recorded an expense of $1.0 million and $0.6 million, respectively for U.S. federal excise tax. For the nine months ended September 30, 2024 and 2023, we recorded an expense of $3.1 million and $1.9 million, respectively for U.S. federal excise tax.

The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

The Company distributes net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

Dividend Reinvestment Plan

The Company has adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Stockholders who do not “opt out” of the Company’s dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving cash dividends and distributions.

Offering Costs

Offering costs consist primarily of fees and expenses incurred in connection with the offering of shares, legal, printing and other costs associated with the preparation and filing of applicable registration statements. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of paid-in-capital upon each such offering.

Cash, Restricted Cash, and Cash Equivalents

Cash and cash equivalents consist of deposits held at custodian banks, and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost or amortized cost, which approximates fair value. The Company may deposit its cash and cash equivalents in financial institutions and, at certain times, such balances may exceed the Federal Deposit Insurance Corporation insurance limits. Cash equivalents are presented separately on the consolidated schedules of investments. Restricted cash is collected and held by the trustee who has been appointed as custodian of the assets securing certain of the Company’s financing transactions.

Foreign Currency Translation

The accounting records of the Company are maintained in U.S. dollars. The fair values of foreign securities, foreign cash and other assets and liabilities denominated in foreign currency are translated to U.S. dollars based on the current exchange rates at the end of each business day. Income and expenses denominated in foreign currencies are translated at current exchange rates when accrued or incurred. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized appreciation on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations. The portion of both realized and unrealized gains and losses on investments that result from changes in foreign currency exchange rates is not separately disclosed, but is included in net realized gain (loss) on investments and net change in unrealized appreciation on investments, respectively, on the consolidated statements of operations.

Forward Currency Exchange Contracts

The Company may enter into forward currency exchange contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. A forward currency exchange contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The Company does not utilize hedge accounting and as such the Company recognizes the value of its derivatives at fair value on the consolidated statements of assets and liabilities with changes in the net unrealized appreciation on forward currency exchange contracts recorded on the consolidated statements of operations. Forward currency exchange contracts are valued using the prevailing forward currency exchange rate of the underlying currencies. Unrealized appreciation on forward currency exchange contracts are recorded on the consolidated statements of assets and liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Cash collateral maintained in accounts held by counterparties is included in collateral on forward currency exchange contracts on the consolidated statements of assets and liabilities. Notional amounts and the gross fair value of forward currency exchange contracts assets and liabilities are presented separately on the consolidated schedules of investments.

Changes in net unrealized appreciation are recorded on the consolidated statements of operations in net change in unrealized appreciation on forward currency exchange contracts. Net realized gains and losses are recorded on the consolidated statements of operations in net realized gain (loss) on forward currency exchange contracts. Realized gains and losses on forward currency exchange contracts are determined using the difference between the fair market value of the forward currency exchange contract at the time it was opened and the fair market value at the time it was closed or covered. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms.

Deferred Financing Costs and Debt Issuance Costs

The Company records costs related to issuance of revolving debt obligations as deferred financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligation. The Company records costs related

to the issuance of term debt obligations as debt issuance costs. These costs are deferred and amortized using the effective interest method. These costs are presented as a reduction to the outstanding principal amount of the term debt obligations on the consolidated statements of assets and liabilities. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC Topic 470‑50, Modification and Extinguishments. For modifications to or exchanges of our revolving debt obligations, any unamortized deferred financing costs related to lenders who are not part of the new lending group are expensed. For extinguishments of our term debt obligations, any unamortized debt issuance costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Income Taxes

The Company has elected to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually as dividends to its stockholders. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

The Company intends to comply with the applicable provisions of the Code pertaining to RICs and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the consolidated financial statements. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through September 30, 2024 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until the Company files our tax return for the tax year ending December 31, 2024. The character of income and gains that the Company distributes is determined in accordance with income tax regulations that may differ from US GAAP. BCSF CFSH, LLC, BCSF CFS, LLC, and BCC Middle Market CLO 2019‑1, LLC are disregarded entities for tax purposes and are consolidated with the tax return of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes, if any, are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company’s tax positions, and has concluded that no liability for unrecognized tax benefits related to uncertain tax positions on returns to be filed by the Company for all open tax years should be recorded. The Company identifies its major tax jurisdiction as the United States, and the Company is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. As of September 30, 2024, the tax years that remain subject to examination are from 2020 forward.

Recent Accounting Pronouncements

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 are for fiscal years beginning after December 15, 2024 and interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of ASU 2022-03 on its financial statements, however, the Company does not expect a material impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”),” which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its financial statements.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures

(“ASU 2023-09”),” which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company is currently assessing the impact of the adoption of ASU 2023-09 on its financial statements.

Note 3. Investments

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of September 30, 2024 (with corresponding percentage of total portfolio investments):

As of September 30, 2024
Percentage of<br>Total Portfolio Percentage of<br>Total Portfolio
First Lien Senior Secured Loan 1,540,482 63.9 % 1,521,521 63.2 %
Second Lien Senior Secured Loan 61,227 2.5 55,358 2.3
Subordinated Debt 47,703 2.0 46,979 2.0
Preferred Equity 142,986 5.9 171,277 7.1
Equity Interest 216,694 9.0 220,178 9.1
Warrants 478 0.0 766 0.0
Subordinated Note in Investment Vehicles (1) 337,224 14.0 337,224 14.0
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 10 0.0
Equity Interest in Investment Vehicles (1) 66,209 2.7 54,637 2.3
Total 2,413,013 100.0 % 2,407,950 100.0 %

All values are in US Dollars.

  • Represents debt and equity investment in ISLP and SLP (each as defined later).

The following table shows the composition of the investment portfolio, at amortized cost and fair value as of December 31, 2023 (with corresponding percentage of total portfolio investments):

As of December 31, 2023
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
First Lien Senior Secured Loans $ 1,495,237 65.0 % $ 1,464,423 63.8 %
Second Lien Senior Secured Loans 69,749 3.0 68,439 3.0
Subordinated Debt 45,400 2.0 45,877 2.0
Structured Products 24,050 1.0 22,618 1.0
Preferred Equity 86,766 3.8 104,428 4.5
Equity Interests 207,209 9.0 221,355 9.6
Warrants 480 0.0 511 0.0
Subordinated Notes in Investment Vehicles (1) 306,724 13.3 306,724 13.3
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 (1,793 ) (0.1 )
Equity Interests in Investment Vehicles (1) 66,209 2.9 65,761 2.9
Total $ 2,301,834 100.0 % $ 2,298,343 100.0 %
  • Represents debt and equity investment in ISLP and SLP.

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of September 30, 2024 (with corresponding percentage of total portfolio investments):

As of September 30, 2024
Percentage of<br>Total Portfolio Percentage of<br>Total Portfolio
USA 2,169,855 89.8 % 2,135,462 88.6 %
Cayman Islands 116,241 4.8 126,484 5.2
United Kingdom 37,449 1.6 34,991 1.5
Belgium 18,538 0.8 33,767 1.4
Germany 19,626 0.8 18,508 0.8
Australia 12,025 0.5 17,508 0.7
Ireland 12,207 0.5 13,754 0.6
Luxembourg 9,621 0.4 9,815 0.4
Netherlands 8,668 0.4 8,774 0.4
Canada 4,401 0.2 4,450 0.2
New Zealand 3,827 0.2 3,886 0.2
Guernsey 369 0.0 396 0.0
Sweden 186 0.0 155 0.0
Israel - 0.0 - 0.0
Total 2,413,013 100.0 % 2,407,950 100.0 %

All values are in US Dollars.

The following table shows the composition of the investment portfolio by geographic region, at amortized cost and fair value as of December 31, 2023 (with corresponding percentage of total portfolio investments):

As of December 31, 2023
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
USA $ 2,025,572 88.0 % $ 1,998,863 87.1 %
Cayman Islands 124,504 5.4 133,072 5.8
Belgium 39,439 1.7 53,619 2.3
United Kingdom 40,119 1.7 39,035 1.7
Australia 23,550 1.0 27,007 1.2
Germany 24,677 1.1 23,326 1.0
Ireland 9,394 0.4 10,001 0.4
Luxembourg 8,145 0.4 7,512 0.3
Canada 5,844 0.3 5,340 0.2
Guernsey 404 0.0 411 0.0
Sweden 186 0.0 157 0.0
Total $ 2,301,834 100.0 % $ 2,298,343 100.0 %

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of September 30, 2024 (with corresponding percentage of total portfolio investments):

As of September 30, 2024
Percentage of<br>Total Portfolio Percentage of<br>Total Portfolio
Investment Vehicles (2) 403,443 16.8 % 391,871 16.4 %
Aerospace & Defense 330,073 13.7 323,397 13.4
Services: Business 206,160 8.5 221,796 9.2
High Tech Industries 202,013 8.4 197,812 8.2
Hotel, Gaming & Leisure 133,506 5.5 133,686 5.6
Consumer Goods: Non-Durable 129,649 5.4 129,664 5.4
Healthcare & Pharmaceuticals 128,116 5.3 125,287 5.2
Transportation: Cargo 103,873 4.3 114,794 4.8
Automotive 87,964 3.6 87,495 3.6
Telecommunications 77,358 3.2 83,896 3.5
Consumer Goods: Durable 78,790 3.3 68,761 2.9
FIRE: Finance (1) 61,218 2.5 63,018 2.6
Beverage, Food & Tobacco 58,047 2.4 62,144 2.6
Construction & Building 55,204 2.3 57,387 2.4
Capital Equipment 41,980 1.7 43,914 1.8
Environmental Industries 42,275 1.8 43,724 1.8
FIRE: Insurance (1) 39,067 1.6 39,614 1.6
Chemicals, Plastics & Rubber 36,443 1.5 36,073 1.5
Banking, Finance, Insurance & Real Estate 32,994 1.4 33,814 1.4
Media: Diversified & Production 33,531 1.4 31,818 1.3
Media: Advertising, Printing & Publishing 19,542 0.8 19,990 0.8
Retail 23,555 1.0 18,288 0.8
Services: Consumer 18,607 0.8 17,855 0.7
Transportation: Consumer 16,739 0.7 16,999 0.7
Wholesale 17,373 0.7 14,300 0.6
Utilities: Water 14,014 0.6 14,013 0.6
Containers, Packaging & Glass 7,646 0.3 7,748 0.3
Consumer goods: Wholesale 8,245 0.3 3,118 0.1
Media: Broadcasting & Subscription 2,863 0.1 2,893 0.1
Energy: Electricity 2,724 0.1 2,781 0.1
Energy: Oil & Gas 1 0.0 - 0.0
Total 2,413,013 100.0 % 2,407,950 100.0 %

All values are in US Dollars.

  • Finance, Insurance, and Real Estate (“FIRE”).
  • Represents debt and equity investment in ISLP and SLP (each as defined later).

The following table shows the composition of the investment portfolio by industry, at amortized cost and fair value as of December 31, 2023 (with corresponding percentage of total portfolio investments):

As of December 31, 2023
Amortized Cost Percentage of<br>Total Portfolio Fair Value Percentage of<br>Total Portfolio
Investment Vehicles (2) $ 372,943 16.2 % $ 370,692 16.0 %
Aerospace & Defense 361,054 15.7 351,546 15.3
High Tech Industries 218,876 9.5 217,507 9.5
Services: Business 154,646 6.7 167,623 7.3
Consumer Goods: Non-Durable 125,527 5.5 123,526 5.4
Transportation: Cargo 104,961 4.6 116,317 5.1
Transportation: Consumer 95,091 4.1 102,573 4.5
Healthcare & Pharmaceuticals 91,171 4.0 87,604 3.8
FIRE: Finance (1) 88,264 3.8 87,403 3.8
Consumer Goods: Durable 88,197 3.8 80,036 3.5
Automotive 77,911 3.4 78,757 3.4
Construction & Building 71,731 3.1 73,830 3.2
Telecommunications 69,120 3.0 69,867 3.0
Capital Equipment 58,710 2.6 57,960 2.5
FIRE: Insurance (1) 43,106 1.9 43,257 1.9
Environmental Industries 41,580 1.8 42,676 1.9
Hotel, Gaming & Leisure 42,086 1.8 39,023 1.7
Beverage, Food & Tobacco 24,831 1.1 32,029 1.4
Media: Diversified & Production 36,382 1.6 29,372 1.3
Media: Advertising, Printing & Publishing 27,442 1.2 28,892 1.3
Wholesale 22,620 1.0 20,558 0.9
Chemicals, Plastics & Rubber 16,735 0.7 16,411 0.7
Containers, Packaging & Glass 16,286 0.7 15,727 0.7
Services: Consumer 15,675 0.7 15,643 0.7
Retail 11,590 0.5 5,324 0.2
Banking, Finance, Insurance & Real Estate 5,284 0.2 5,306 0.2
Consumer goods: Wholesale 8,558 0.4 5,119 0.2
Energy: Electricity 4,739 0.2 4,790 0.2
Energy: Oil & Gas 1,107 0.0 3,499 0.2
Media: Broadcasting & Subscription 2,855 0.1 2,878 0.1
Media: Publishing 2,756 0.1 2,598 0.1
Total $ 2,301,834 100.0 % $ 2,298,343 100.0 %
  • Finance, Insurance, and Real Estate (“FIRE”).
  • Represents debt and equity investment in ISLP and SLP (each as defined later).

International Senior Loan Program, LLC

On February 9, 2021, the Company and Pantheon (“Pantheon”), a leading global alternative private markets manager, formed the International Senior Loan Program, LLC (“ISLP”), an unconsolidated joint venture. ISLP invests primarily in non-US first lien senior secured loans. ISLP was formed as a Delaware limited liability company. The Company and Pantheon committed to initially provide $138.3 million of debt and $46.1 million of equity capital, to ISLP. Equity contributions will be called from each member on a pro-rata basis, based on their equity commitments. Pursuant to the terms of the transaction, Pantheon invested $50.0 million to acquire a 29.5% stake in ISLP. The Company contributed debt investments of $317.1 million for a 70.5% stake in ISLP, and received a one-time gross distribution of $190.2 million in cash in consideration of contributing such investments. On December 14, 2023, the Company and Pantheon entered into the second amendment to the amended and restated limited liability company agreement which, among other things, increased capital commitments and changed the proportionate share ownership. The Company and Pantheon agreed to contribute an additional $5.0 million and $45.3 million, respectively, which resulted in new ownership stakes of 64.0% and 36.0%, respectively. As of September 30, 2024, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $56.5 million. As of December 31, 2023, the Company’s investment in ISLP consisted of subordinated notes of $190.7 million and equity interests of $66.1 million.

As of September 30, 2024, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company has contributed $254.3 million in capital and has $0.0 million in unfunded capital contributions. As of September 30, 2024, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and has $0.0 million in unfunded capital contributions.

As of December 31, 2023, the Company had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $254.3 million. The Company had contributed $254.3 million in capital and had $0.0 million in unfunded capital contributions. As of December 31, 2023, Pantheon had commitments with respect to its equity and subordinated note interests of ISLP in the aggregate amount of $149.2 million. Pantheon had contributed $149.2 million in capital and had $0.0 million in unfunded capital contributions.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to ISLP. Since inception, the Company has sold $1,032.3 million of its investments to ISLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

The Company has determined that ISLP is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in ISLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control ISLP due to the allocation of voting rights among ISLP members. The Company measures the fair value of ISLP in accordance with ASC 820, using the net asset value (or its equivalent) as a practical expedient. The Company and Pantheon each appointed two members to ISLP’s four-person Member Designees’ Committee. All material decisions with respect to ISLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.

As of September 30, 2024, ISLP had $691.7 million in debt and equity investments, at fair value. As of December 31, 2023, ISLP had $709.8 million in debt and equity investments, at fair value.

Additionally, ISLP, through a wholly-owned subsidiary, entered into a $300.0 million senior secured revolving credit facility which bears interest at LIBOR (or an alternative risk-free interest rate index) plus 225 basis points with JP Morgan (the “ISLP Credit Facility Tranche A”).

On February 4, 2022, ISLP entered into the second amended and restated credit agreement, which among other things formed an additional tranche (“ISLP Credit Facility Tranche B” and collectively with ISLP Credit Facility Tranche A, the “ISLP Credit Facilities”) with an initial financing limit of $50.0 million on May 31, 2022, and $200.0 million on August 31, 2022, bringing the total facility size to $500.0 million.

On June 30, 2023, ISLP entered into the third amendment and restated credit agreement, which among other things, replaced LIBOR with Term

SOFR

and consolidated Tranche A and Tranche B, with a size of $500.0 million. On September 11, 2023, ISLP entered into the fourth amended and restated credit agreement, which among other things, extended the maturity to February 9, 2027, modified concentration limitations and changed the interest rate to

SOFR

(or an alternative risk-free interest rate index) plus 246 basis points. As of September 30, 2024, the ISLP Credit Facilities had $311.9 million of outstanding debt under the credit facility. As of December 31, 2023 the ISLP Credit Facilities had $320.5 million of outstanding debt under the credit facility. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2024 and year ended December 31, 2023 were 7.5% and 6.6%, respectively.

Below is a summary of ISLP’s portfolio at fair value:

As of As of
September 30, 2024 December 31, 2023
Total investments $ 691,702 $ 709,846
Weighted average yield on investments 11.1 % 11.3 %
Number of borrowers in ISLP 37 37
Largest portfolio company investment $ 52,721 $ 47,432
Total of five largest portfolio company investments $ 208,009 $ 206,779
Unfunded commitments $ 15,081 $ 11,496

Below is a listing of ISLP’s individual investments as of September 30, 2024:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of September 30, 2024

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
Australian Dollar
Aerospace & Defense
Ansett Aviation Training (18)(19) First Lien Senior Secured Loan BBSY 4.69 % 9.19 % 9/24/2031 AUD 14,144 9,831 9,814
Ansett Aviation Training (14)(19) Equity Interest — — AUD 10,238 7,115 19,335
Aerospace & Defense Total $ 16,946 $ 29,149 33.7 %
High Tech Industries
FNZ UK Finco Limited (18)(19) First Lien Senior Secured Loan BBSW 5.80 % 10.37 % 9/30/2026 AUD 7,660 4,993 5,315
High Tech Industries Total $ 4,993 $ 5,315 6.1 %
Media: Advertising, Printing & Publishing
TGI Sport Bidco Pty Ltd (18)(19) First Lien Senior Secured Loan BBSY 7.00 % 11.35 % 4/30/2026 AUD 9,730 7,090 6,752
Media: Advertising, Printing & Publishing Total $ 7,090 $ 6,752 7.8 %
Australian Dollar Total $ 29,029 $ 41,216 47.6 %
British Pound
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan SONIA 6.50 % 11.45 % 7/12/2029 £ 6,050 7,046 8,108
Reconomy (18)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 6.25 % 9.60 % 7/12/2029 £ 6,578 8,094 8,480
Reconomy (3)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 6.25 % 11.45 % 7/12/2029 £ 3,577 4,489 4,539
Environmental Industries Total $ 19,629 $ 21,127 24.5 %
FIRE: Finance
Parmenion (18)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.70 % 5/11/2029 £ 29,070 35,324 38,960
FIRE: Finance Total $ 35,324 $ 38,960 45.0 %
FIRE: Insurance
Margaux UK Finance Limited (16)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.45 % 12/19/2025 £ 7,337 9,269 9,834
FIRE: Insurance Total $ 9,269 $ 9,834 11.4 %
Healthcare & Pharmaceuticals
Datix Bidco Limited (2)(3)(18)(19) First Lien Senior Secured Loan - Revolver — 10/28/2024 £ - — (19 )
Healthcare & Pharmaceuticals Total — (19 ) 0.0 %

All values are in Euros.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
British Pound
High Tech Industries
Access (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 10.20 % 6/28/2029 £ 7,880 9,113 10,561
Access (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 10.20 % 6/28/2029 £ 9,764 11,887 13,086
Cloud Technology Solutions (CTS) (15)(19)(26) First Lien Senior Secured Loan SONIA 7.00% (1.00% PIK) 13.20 % 1/3/2030 £ 9,042 11,430 12,118
High Tech Industries Total $ 32,430 $ 35,765 41.3 %
Media: Advertising, Printing & Publishing
Kpler (15)(19) First Lien Senior Secured Loan SONIA 6.50 % 11.21 % 3/3/2030 £ 4,312 5,495 5,779
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 6.25 % 11.60 % 9/2/2029 £ 5,172 6,073 5,674
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 6.50 % 11.70 % 6/29/2029 £ 13,160 15,218 16,623
Media: Advertising, Printing & Publishing Total $ 26,786 $ 28,076 32.4 %
Services: Business
Beneficium (15)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.45 % 6/28/2031 £ 7,497 9,714 9,997
Brook Bidco (18)(19)(26) First Lien Senior Secured Loan SONIA 4.00% (3.50% PIK) 12.57 % 7/10/2028 £ 25,884 34,803 34,690
Datix Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.80 % 4/30/2031 £ 8,160 10,468 10,772
Learning Pool (16)(19)(26) First Lien Senior Secured Loan SOFR 4.00% (3.50% PIK) 12.85 % 7/10/2028 £ 5,707 7,541 7,540
Learning Pool (16)(19)(26) First Lien Senior Secured Loan SOFR 4.00% (3.50% PIK) 12.85 % 7/10/2028 £ 7,941 10,491 10,491
Opus2 (18)(19) First Lien Senior Secured Loan SONIA 5.53 % 10.79 % 5/5/2028 £ 12,151 16,495 16,285
Parcel2Go (7)(14)(18)(19)(26) First Lien Senior Secured Loan SONIA 6.00 % 11.20 % 7/17/2028 £ 12,674 16,883 4,247
Parcel2Go (2)(3)(7)(14)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.00 % 11.20 % 7/17/2028 £ 3,910 5,135 (1,433 )
TES Global (3)(18)(19) First Lien Senior Secured Loan - Revolver — — 1/27/2029 £ — — (8 )
TES Global (18)(19) First Lien Senior Secured Loan SONIA 5.00 % 10.30 % 7/12/2029 £ 14,364 17,642 19,154
Services: Business Total $ 129,172 $ 111,735 129.1 %
Services: Consumer
Surrey Bidco Limited (18)(19)(26) First Lien Senior Secured Loan SONIA 6.28% PIK 11.23 % 5/11/2026 £ 6,771 8,368 6,896
Services: Consumer Total $ 8,368 $ 6,896 8.0 %
British Pound Total $ 260,978 $ 252,374 291.7 %
Interest Maturity Principal / Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
Canadian Dollar
Retail
New Look (Delaware) Corporation (15)(19)(26) First Lien Senior Secured Loan CORRA 10.25 % 5/26/2028 CAD 17,913 14,684 13,130
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82 % 9.75 % 5/26/2028 CAD 1,177 908 862
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CORRA 5.82 % 9.75 % 5/26/2028 CAD 2,260 1,622 1,656
Retail Total . $ 17,214 $ 15,648 18.1 %
Canadian Dollar Total $ 17,214 $ 15,648 18.1 %
Danish Krone
High Tech Industries
VPARK BIDCO AB (18)(19) First Lien Senior Secured Loan CIBOR 4.00 % 7.32 % 3/10/2025 DKK 56,429 9,231 8,440
High Tech Industries Total $ 9,231 $ 8,440 9.8 %
Danish Krone Total $ 9,231 $ 8,440 9.8 %
European Currency
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan IBOR 5.75 % 9.29 % 12/22/2027 € 9,212 9,325 9,730
Chemicals, Plastics & Rubber Total $ 9,325 $ 9,730 11.2 %
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan IBOR 6.25 % 9.60 % 7/12/2029 € 2,440 2,475 2,720
Environmental Industries Total $ 2,475 $ 2,720 3.1 %
FIRE: Insurance
MRHT (15)(19) First Lien Senior Secured Loan IBOR 6.50 % 10.08 % 2/1/2029 € 12,000 12,989 13,378
MRHT (15)(19) First Lien Senior Secured Loan - Revolver IBOR 6.25 % 9.77 % 2/1/2029 € 5,069 5,489 5,650
FIRE: Insurance Total $ 18,478 $ 19,028 22.0 %

All values are in Euros.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
European Currency
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan IBOR 10.16 % 5/28/2026 € 13,125 15,893 14,120
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan IBOR 10.77 % 5/28/2026 € 22,413 27,145 24,112
Pharmathen (18)(19) First Lien Senior Secured Loan- Revolver IBOR 5.73 % 9.40 % 10/25/2028 € 13,492 15,073 15,041
Pharmathen (3)(18)(19) First Lien Senior Secured Loan- Revolver IBOR 5.73 % 9.40 % 10/25/2028 € 2,239 2,405 2,500
Healthcare & Pharmaceuticals Total $ 60,516 $ 55,773 64.4 %
High Tech Industries
Onventis (15)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 7.25 % 10.94 % 1/14/2030 € 13,919 15,094 15,517
Utimaco (18)(19) First Lien Senior Secured Loan IBOR 6.25 % 10.00 % 5/14/2029 € 8,250 8,355 9,013
High Tech Industries Total $ 23,449 $ 24,530 28.4 %
Media: Advertising, Printing & Publishing
Kpler (15)(19) First Lien Senior Secured Loan IBOR 6.25 % 9.63 % 3/3/2030 € 14,981 16,242 16,701
Kpler (18)(19) First Lien Senior Secured Loan IBOR 6.25 % 9.63 % 3/3/2030 € 3,246 3,519 3,619
Media: Advertising, Printing & Publishing Total $ 19,761 $ 20,320 23.5 %
Media: Broadcasting & Subscription
Lightning Finco Limited (18)(19) First Lien Senior Secured Loan IBOR 5.50 % 9.17 % 8/31/2028 € 2,619 2,951 2,920
Media: Broadcasting & Subscription Total $ 2,951 $ 2,920 3.4 %
Media: Diversified & Production
Aptus 1724. Gmbh (19)(21)(26) First Lien Senior Secured Loan IBOR 10.97 % 2/23/2028 € 35,370 41,712 35,488
Media: Diversified & Production Total $ 41,712 $ 35,488 41.0 %
Services: Business
iBanFirst (18)(19)(26) First Lien Senior Secured Loan IBOR 13.71 % 7/13/2028 € 13,646 15,339 15,212
Webcentral (18)(19) First Lien Senior Secured Loan IBOR 6.25 % 9.41 % 3/3/2030 € 3,423 3,777 3,796
Services: Business Total $ 19,116 $ 19,008 22.0 %
European Currency Total $ 197,783 $ 189,517 219.0 %
Norwegian Krone
High Tech Industries
VPARK BIDCO AB (18)(19) First Lien Senior Secured Loan NIBOR 4.00 % 8.64 % 3/10/2025 NOK 73,280 8,651 6,962
High Tech Industries Total $ 8,651 $ 6,962 8.0 %
Services: Business
Spring Finco BV (18)(19) First Lien Senior Secured Loan NIBOR 5.50 % 10.14 % 7/15/2029 NOK 174,360 16,601 16,566
Services: Business Total $ 16,601 $ 16,566 19.1 %
Norwegian Krone Total $ 25,252 $ 23,528 27.1 %

All values are in Euros.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Automotive
Cardo (18)(19) First Lien Senior Secured Loan SOFR 5.25 % 10.58 % 5/12/2028 $ 9,653 9,600 9,653
Automotive Total $ 9,600 $ 9,653 11.2 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 5.90 % 10.97 % 12/22/2027 $ 23,102 23,102 22,005
Chemicals, Plastics & Rubber Total $ 23,102 $ 22,005 25.4 %
Consumer Goods: Durable
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 14.47 % 3/31/2028 $ 5,000 4,953 5,000
Consumer Goods: Durable Total $ 4,953 $ 5,000 5.8 %
High Tech Industries
CB Nike IntermediateCo Ltd (3)(18)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2025 $ — — —
NearMap (15)(19) First Lien Senior Secured Loan SOFR 5.75 % 11.03 % 12/9/2029 $ 23,401 23,221 23,401
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 6.68 % 11.99 % 5/14/2029 $ 16,450 16,335 16,121
Utimaco (16)(19) First Lien Senior Secured Loan SOFR 6.68 % 11.99 % 5/14/2029 $ 8,550 8,490 8,379
High Tech Industries Total $ 48,046 $ 47,901 55.4 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan SOFR 5.93 % 10.77 % 8/31/2028 $ 23,907 23,785 23,907
Media: Broadcasting and Subscription Total $ 23,785 $ 23,907 27.6 %
Media: Diversified & Production
Aptus 1724 Gmbh (19)(21)(26) First Lien Senior Secured Loan SOFR 6.15% (1.50% PIK) 12.60 % 2/23/2028 $ 10,106 10,067 9,095
Media: Diversified & Production Total $ 10,067 $ 9,095 10.5 %
Interest Maturity Principal / Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Services: Business
Avalon Acquiror, Inc. (15)(19) First Lien Senior Secured Loan SOFR 6.25 % 10.85 % 3/10/2028 $ 11,730 11,660 11,613
Chamber Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 6.00 % 11.32 % 6/2/2028 $ 21,081 20,966 21,081
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 10,724 10,639 10,724
Services: Business Total $ 43,265 $ 43,418 50.2 %
U.S. Dollar Total $ 162,818 $ 160,979 186.1 %
Total $ 702,305 $ 691,702 799.4 %

Forward Foreign Currency Exchange Contracts

Settlement Unrealized
Currency Purchased Currency Sold Counterparty Date Appreciation(8)
AUSTRALIAN DOLLARS 480 EURO 292 Morgan Stanley 06/10/2025 $ 3
EURO 3,061 AUSTRALIAN DOLLARS 4,980 Morgan Stanley 06/10/2025 (3 )
EURO 2,199 AUSTRALIAN DOLLARS 3,690 Standard Chartered 06/10/2025 (80 )
EURO 2,034 AUSTRALIAN DOLLARS 3,280 Standard Chartered 10/15/2024 (4 )
AUSTRALIAN DOLLARS 1,780 US DOLLARS 1,200 Standard Chartered 10/15/2024 35
US DOLLARS 679 AUSTRALIAN DOLLARS 1,035 Standard Chartered 03/20/2025 (39 )
US DOLLARS 13,555 AUSTRALIAN DOLLARS 19,560 Morgan Stanley 06/10/2025 (4 )
US DOLLARS 7,026 AUSTRALIAN DOLLARS 10,830 Standard Chartered 06/10/2025 (482 )
US DOLLARS 8,569 AUSTRALIAN DOLLARS 12,625 Standard Chartered 10/15/2024 (189 )
EURO 230 BRITISH POUNDS 200 Morgan Stanley 01/21/2025 (11 )
EURO 3,118 BRITISH POUNDS 2,840 Morgan Stanley 06/12/2025 (286 )
EURO 4,556 BRITISH POUNDS 3,850 Standard Chartered 10/15/2024 (75 )
EURO 755 BRITISH POUNDS 682 Morgan Stanley 11/10/2025 (54 )
BRITISH POUNDS 200 EURO 231 Morgan Stanley 01/21/2025 9
BRITISH POUNDS 290 EURO 344 Standard Chartered 10/15/2024 5
BRITISH POUNDS 550 EURO 628 Morgan Stanley 11/10/2025 23
BRITISH POUNDS 1,060 US DOLLARS 1,379 Goldman Sachs 10/15/2024 42
US DOLLARS 1,833 BRITISH POUNDS 1,447 Morgan Stanley 01/21/2025 (106 )
US DOLLARS 2,734 BRITISH POUNDS 2,170 Morgan Stanley 02/14/2025 (174 )
US DOLLARS 751 BRITISH POUNDS 590 Goldman Sachs 03/20/2025 (39 )
US DOLLARS 2,797 BRITISH POUNDS 2,220 Morgan Stanley 05/13/2025 (175 )
US DOLLARS 13,374 BRITISH POUNDS 10,983 Morgan Stanley 06/10/2025 (1,319 )
US DOLLARS 1,000 BRITISH POUNDS 840 Standard Chartered 06/10/2025 (124 )
US DOLLARS 502 BRITISH POUNDS 402 Standard Chartered 06/10/2025 (36 )
US DOLLARS 8,384 BRITISH POUNDS 6,490 Goldman Sachs 10/15/2024 (319 )
CANADIAN DOLLARS 195 EURO 130 Standard Chartered 10/15/2024 (1 )
EURO 316 CANADIAN DOLLARS 471 Morgan Stanley 03/21/2025 5
EURO 515 CANADIAN DOLLARS 765 Standard Chartered 10/15/2024 9
CANADIAN DOLLARS 730 US DOLLARS 535 Standard Chartered 10/15/2024 6
US DOLLARS 1,356 CANADIAN DOLLARS 1,830 Morgan Stanley 03/21/2025 (4 )
US DOLLARS 2,010 CANADIAN DOLLARS 2,735 Standard Chartered 10/15/2024 (16 )
DANISH KRONE 380 EURO 51 Standard Chartered 10/15/2024 —
EURO 959 DANISH KRONE 7,153 Standard Chartered 10/15/2024 (1 )
DANISH KRONE 1,410 US DOLLARS 208 Standard Chartered 10/15/2024 4
US DOLLARS 3,856 DANISH KRONE 26,367 Standard Chartered 10/15/2024 (95 )
EURO 930 NORWEGIAN KRONE 10,868 Standard Chartered 10/15/2024 6
EURO 1,614 US DOLLARS 1,790 Morgan Stanley 01/09/2025 19
EURO 16,565 US DOLLARS 18,170 Standard Chartered 01/09/2025 394
EURO 666 US DOLLARS 740 Morgan Stanley 06/18/2025 10
EURO 611 US DOLLARS 680 Standard Chartered 06/23/2025 9
EURO 13,473 US DOLLARS 14,710 Standard Chartered 10/15/2024 336
EURO 4,308 US DOLLARS 4,730 Morgan Stanley 10/23/2024 83
EURO 4,299 US DOLLARS 4,650 Standard Chartered 12/13/2024 163
NORWEGIAN KRONE 1,860 EURO 158 Standard Chartered 10/15/2024 —
US DOLLARS 6,640 EURO 6,081 Standard Chartered 10/15/2024 (152 )
EURO 3,300 US DOLLARS 3,657 Standard Chartered 12/18/2024 38
US DOLLARS 634 EURO 580 Morgan Stanley 02/12/2025 (16 )
US DOLLARS 4,795 EURO 4,371 Morgan Stanley 02/28/2025 (111 )
US DOLLARS 23,690 EURO 21,780 Standard Chartered 06/10/2025 (849 )
US DOLLARS 29,735 EURO 27,270 Standard Chartered 10/15/2024 (717 )
US DOLLARS 1,425 EURO 1,290 Morgan Stanley 11/10/2025 (37 )
US DOLLARS 30,672 EURO 27,695 Standard Chartered 12/18/2024 (336 )
NORWEGIAN KRONE 6,865 US DOLLARS 642 Standard Chartered 10/15/2024 10
US DOLLARS 3,740 NORWEGIAN KRONE 40,062 Standard Chartered 10/15/2024 (66 )
$ (4,711 )

  • The investments bear interest at a rate that may be determined by reference to the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR”), the Canadian Overnight Repo Rate Average ("CORRA"), the Bank Bill Swap Rate (“BBSW”), the Bank Bill Swap Bid Rate (“BBSY”), the Prime Rate (“Prime” or “P”), the Sterling Overnight Index Average (“SONIA”) or Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over EURIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, SONIA, Prime, or SOFR and the current weighted average interest rate in effect at September 30, 2024. Certain investments are subject to a EURIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, Prime, SONIA, or SOFR interest rate floor.

  • The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on ISLP's net assets (in thousands) of $86,523 as of September 30, 2024.

  • Tick mark not used

  • Tick mark not used

  • Loan was on non-accrual status as of September 30, 2024

  • Unrealized appreciation/(depreciation) on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and DKK represents Danish Krone.

  • Tick mark not used

  • Tick mark not used

  • Tick mark not used

  • Tick mark not used

  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Tick mark not used

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • Tick mark not used

  • Loan includes interest rate floor of 0.25%.

  • Tick mark not used

  • Tick mark not used

  • Tick mark not used

  • Tick mark not used

  • Denotes that all or a portion of the debt investment includes PIK interest during the period.

Below is a listing of ISLP’s individual investments as of December 31, 2023:

International Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2023

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
Australian Dollar
Aerospace & Defense
Ansett Aviation Training (18)(19) First Lien Senior Secured Loan BBSY 4.69 % 9.19 % 9/24/2031 AUD 14,144 9,830 9,635
Ansett Aviation Training (14)(19) Equity Interest — — — AUD 10,238 7,115 15,033
Aerospace & Defense Total $ 16,945 $ 24,668 23.9 %
FIRE: Finance
FNZ UK Finco Limited (18)(19) First Lien Senior Secured Loan L 5.75 % 10.37 % 9/30/2026 AUD 7,660 4,952 5,218
FIRE: Finance Total $ 4,952 $ 5,218 5.1 %
Healthcare & Pharmaceuticals
Datix Bidco Limited (18)(19) First Lien Senior Secured Loan BBSW 4.50 % 9.29 % 4/28/2025 AUD 4,169 3,295 2,840
Healthcare & Pharmaceuticals Total $ 3,295 $ 2,840 2.8 %
Media: Advertising, Printing & Publishing
TGI Sport Bidco Pty Ltd (17)(19) First Lien Senior Secured Loan BBSW 7.00 % 11.36 % 4/30/2026 AUD 9,730 7,056 6,628
Media: Advertising, Printing & Publishing Total $ 7,056 $ 6,628 6.4 %
Services: Consumer
Zeppelin BidCo Pty Limited (18)(19) First Lien Senior Secured Loan BBSY 5.00 % 9.15 % 7/12/2024 AUD 20,415 16,126 13,907
Services: Consumer Total $ 16,126 $ 13,907 13.5 %
Australian Dollar Total $ 48,374 $ 53,261 51.7 %
British Pound
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan SONIA 6.25 % 11.44 % 6/25/2029 £ 6,050 7,045 7,702
Reconomy (18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 6.25 % 11.44 % 6/25/2029 £ 6,578 8,094 8,285
Environmental Industries Total $ 15,139 $ 15,987 15.5 %
FIRE: Finance
Parmenion (15)(19) First Lien Senior Secured Loan SONIA 5.50 % 10.69 % 5/11/2029 £ 29,070 35,256 37,009
FIRE: Finance Total $ 35,256 $ 37,009 35.9 %
FIRE: Insurance
Paisley Bidco Limited (18)(19) First Lien Senior Secured Loan - Revolver IBOR 5.50 % 9.45 % 11/26/2028 £ 6,373 8,019 8,197
FIRE: Insurance Total $ 8,019 $ 8,197 8.0 %
Healthcare & Pharmaceuticals
Datix Bidco Limited (3)(18)(19) First Lien Senior Secured Loan - Revolver SONIA 4.50 % 9.69 % 10/28/2024 £ 639 773 813
Datix Bidco Limited (18)(19) Second Lien Senior Secured Loan SONIA 7.75 % 12.94 % 4/27/2026 £ 12,013 16,916 15,293
Healthcare & Pharmaceuticals Total $ 17,689 $ 16,106 15.6 %

All values are in Euros.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
British Pound
High Tech Industries
Access (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 10.44 % 6/4/2029 £ 7,880 9,100 10,032
Access (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 10.44 % 6/4/2029 £ 9,764 11,887 12,431
High Tech Industries Total $ 20,987 $ 22,463 21.8 %
Media: Diversified & Production
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 6.50 % 11.69 % 6/29/2029 £ 13,160 15,196 15,916
OGH Bidco Limited (18)(19) First Lien Senior Secured Loan SOFR 6.50 % 11.80 % 9/2/2029 £ 5,172 6,073 5,744
Media: Diversified & Production Total $ 21,269 $ 21,660 21.0 %
Services: Business
Brook Bidco (18)(19)(26) First Lien Senior Secured Loan SONIA 7.37% PIK 12.56 % 7/10/2028 £ 24,106 32,510 30,689
Caribou Bidco Limited (18)(19) First Lien Senior Secured Loan SONIA 5.25 % 10.49 % 2/1/2029 £ 27,570 34,013 35,099
Caribou Bidco Limited (3)(18)(19) First Lien Senior Secured Loan - Delayed Draw SONIA 5.25 % 10.44 % 2/1/2029 £ 1,576 1,955 2,007
Learning Pool (16)(19)(26) First Lien Senior Secured Loan SOFR 7.51% PIK 12.81 % 7/7/2028 £ 5,299 7,002 7,002
Learning Pool (16)(19)(26) First Lien Senior Secured Loan SOFR 7.51% PIK 12.81 % 7/7/2028 £ 7,373 9,741 9,741
Opus2 (18)(19) First Lien Senior Secured Loan SONIA 5.03 % 10.22 % 5/5/2028 £ 12,151 16,442 15,470
Parcel2Go (18)(19)(26) First Lien Senior Secured Loan SONIA 3.25% (3.00% PIK) 11.44 % 7/17/2028 £ 12,488 16,856 14,864
Parcel2Go (3)(18)(19)(26) First Lien Senior Secured Loan - Delayed Draw SONIA 3.00% (3.00% PIK) 11.19 % 7/17/2028 £ 3,854 5,133 4,361
Services: Business Total $ 123,652 $ 119,233 115.8 %
Services: Consumer
Surrey Bidco Limited (17)(19)(26) First Lien Senior Secured Loan SONIA 7.28% PIK 11.46 % 5/11/2026 £ 5,997 7,317 6,107
Services: Consumer Total $ 7,317 $ 6,107 5.9 %
British Pound Total $ 249,328 $ 246,762 239.5 %
Interest Maturity Principal / Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
Canadian Dollar
Media: Diversified & Production
9 Story Media Group Inc. (16)(19) First Lien Senior Secured Loan CDOR 5.25 % 10.74 % 4/30/2026 CAD 6,729 5,342 5,081
9 Story Media Group Inc. (3)(18)(19) First Lien Senior Secured Loan - Revolver CDOR 5.25 % 10.67 % 4/30/2026 CAD 20 15 15
Media: Diversified & Production Total $ 5,357 $ 5,096 4.9 %
Retail
New Look (Delaware) Corporation (18)(19)(26) First Lien Senior Secured Loan SOFR 11.43 % 5/26/2028 CAD 17,776 14,574 13,087
New Look Vision Group (15)(19) First Lien Senior Secured Loan - Delayed Draw CDOR 5.50 % 10.93 % 5/26/2028 CAD 1,186 915 873
New Look Vision Group (18)(19) First Lien Senior Secured Loan - Delayed Draw CDOR 5.50 % 10.93 % 5/26/2028 CAD 2,277 1,633 1,677
Retail Total $ 17,122 $ 15,637 15.2 %
Canadian Dollar Total $ 22,479 $ 20,733 20.1 %
Danish Krone
High Tech Industries
VPARK BIDCO AB (16)(19) First Lien Senior Secured Loan CIBOR 4.00 % 7.87 % 3/10/2025 DKK 56,429 9,231 8,356
High Tech Industries Total $ 9,231 $ 8,356 8.1 %
Danish Krone Total $ 9,231 $ 8,356 8.1 %
European Currency
Chemicals, Plastics, & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan IBOR 5.75 % 9.85 % 12/22/2027 € 9,259 9,355 9,633
Chemicals, Plastics, & Rubber Total $ 9,355 $ 9,633 9.4 %
Environmental Industries
Reconomy (18)(19) First Lien Senior Secured Loan IBOR 6.00 % 9.93 % 6/25/2029 € 2,440 2,475 2,694
Environmental Industries Total $ 2,475 $ 2,694 2.6 %
FIRE: Insurance
MRHT (15)(19) First Lien Senior Secured Loan IBOR 6.75 % 10.72 % 2/1/2029 € 12,000 12,973 13,181
Paisley Bidco Limited (18)(19) First Lien Senior Secured Loan - Revolver IBOR 5.50 % 9.45 % 11/26/2028 € 3,178 3,367 3,508
FIRE: Insurance Total $ 16,340 $ 16,689 16.2 %

All values are in Euros.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Rate Date Shares (9) Cost Value Equity (4)
European Currency
Healthcare & Pharmaceuticals
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan IBOR 10.90 % 5/28/2026 € 13,029 15,766 14,023
Mertus 522. GmbH (18)(19)(26) First Lien Senior Secured Loan IBOR 11.03 % 5/28/2026 € 22,328 27,014 24,032
Pharmathen (18)(19) First Lien Senior Secured Loan- Revolver IBOR 5.73 % 9.62 % 10/25/2028 € 13,492 15,030 14,894
Pharmathen (3)(18)(19) First Lien Senior Secured Loan- Revolver IBOR 5.73 % 9.62 % 10/25/2028 € 1,754 1,874 1,937
Healthcare & Pharmaceuticals Total $ 59,684 $ 54,886 53.2 %
High Tech Industries
Onventis (15)(19) First Lien Senior Secured Loan - Delayed Draw IBOR 7.50 % 11.47 % 1/12/2030 € 5,000 5,321 5,520
Utimaco (18)(19) First Lien Senior Secured Loan IBOR 6.25 % 10.28 % 5/14/2029 € 8,250 8,344 8,902
High Tech Industries Total $ 13,665 $ 14,422 14.0 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan IBOR 5.50 % 9.39 % 8/31/2028 € 2,619 2,951 2,891
Media: Broadcasting & Subscription Total $ 2,951 $ 2,891 2.8 %
Media: Diversified & Production
9 Story Media Group Inc. (18)(19) First Lien Senior Secured Loan IBOR 5.25 % 9.21 % 4/30/2026 € 3,627 4,412 4,004
Aptus 1724 Gmbh (18)(19) First Lien Senior Secured Loan IBOR 6.00 % 9.96 % 2/23/2028 € 35,000 41,354 37,477
Media: Diversified & Production Total $ 45,766 $ 41,481 40.3 %
Services: Business
iBanFirst (19)(26)(32) First Lien Senior Secured Loan IBOR 13.91 % 7/13/2028 € 12,297 13,843 13,574
SumUp Holdings Luxembourg S.à.r.l. (19)(32) First Lien Senior Secured Loan IBOR 8.25 % 12.21 % 2/17/2026 € 30,900 35,497 34,111
Services: Business Total $ 49,340 $ 47,685 46.3 %
European Currency Total $ 199,576 $ 190,381 184.8 %
Norwegian Krone
High Tech Industries
VPARK BIDCO AB (16)(19) First Lien Senior Secured Loan NIBOR 4.00 % 8.54 % 3/10/2025 NOK 73,280 8,651 7,204
High Tech Industries Total $ 8,651 $ 7,204 7.0 %
Services: Business
Spring Finco BV (18)(19) First Lien Senior Secured Loan NIBOR 5.50 % 10.12 % 7/15/2029 NOK 174,360 16,600 17,140
Services: Business Total $ 16,600 $ 17,140 16.6 %
Norwegian Krone Total $ 25,251 $ 24,344 23.6 %

All values are in Euros.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Automotive
Cardo (18)(19) First Lien Senior Secured Loan SOFR 5.15 % 10.54 % 5/12/2028 9,653 9,589 9,653
Automotive Total $ 9,589 $ 9,653 9.4 %
Chemicals, Plastics & Rubber
V Global Holdings LLC (16)(19) First Lien Senior Secured Loan SOFR 6.00 % 11.43 % 12/22/2027 23,280 23,280 22,523
Chemicals, Plastics & Rubber Total $ 23,280 $ 22,523 21.9 %
Consumer Goods: Durable
Stanton Carpet (15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 14.56 % 3/31/2028 5,000 4,944 5,000
Consumer Goods: Durable Total $ 4,944 $ 5,000 4.9 %
Consumer Goods: Non-durable
RoC Opco LLC (15)(19) First Lien Senior Secured Loan SOFR 7.60 % 12.95 % 2/25/2025 15,714 15,714 15,714
Consumer Goods: Non-durable Total $ 15,714 $ 15,714 15.3 %
High Tech Industries
CB Nike IntermediateCo Ltd (3)(15)(19) First Lien Senior Secured Loan - Revolver — — — 10/31/2025 — —
NearMap (18)(19) First Lien Senior Secured Loan SOFR 7.25 % 12.61 % 12/9/2029 11,800 11,593 11,800
Utimaco (18)(19) First Lien Senior Secured Loan SOFR 6.68 % 11.99 % 5/14/2029 16,450 16,316 16,079
Utimaco (18)(19) First Lien Senior Secured Loan SOFR 6.68 % 11.99 % 5/14/2029 8,550 8,481 8,358
High Tech Industries Total $ 36,390 $ 36,237 35.2 %
Media: Broadcasting & Subscription
Lightning Finco Limited (16)(19) First Lien Senior Secured Loan SOFR 5.93 % 11.24 % 8/31/2028 23,907 23,761 23,907
Media: Broadcasting and Subscription Total $ 23,761 $ 23,907 23.2 %
Media: Diversified & Production
Aptus 1724 Gmbh (19)(21) First Lien Senior Secured Loan SOFR 6.25 % 11.78 % 2/23/2028 10,000 9,953 9,700
Media: Diversified & Production Total $ 9,953 $ 9,700 9.4 %

All values are in US Dollars.

Interest Maturity Principal / Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Shares (9) Cost Value Equity (4)
U.S. Dollar
Services: Business
Avalon Acquiror, Inc. (18)(19) First Lien Senior Secured Loan SOFR 6.25 % 11.60 % 3/10/2028 $ 11,820 11,735 11,495
Chamber Bidco Limited (17)(19) First Lien Senior Secured Loan SOFR 6.25 % 11.57 % 6/7/2028 $ 21,081 20,942 21,081
Smartronix (15)(19) First Lien Senior Secured Loan SOFR 5.85 % 11.57 % 11/23/2028 $ 10,807 10,705 10,699
Services: Business Total $ 43,382 $ 43,275 41.9 %
U.S. Dollar Total $ 167,013 $ 166,009 161.2 %
Total $ 721,252 $ 709,846 689.0 %

Forward Foreign Currency Exchange Contracts

Unrealized
Currency Purchased Currency Sold Counterparty Settlement Date Appreciation(8)
BRITISH POUNDS 2,245 US DOLLARS 2,731 Goldman Sachs 07/18/2024 $ 128
US DOLLARS 17,258 BRITISH POUNDS 13,990 Goldman Sachs 07/18/2024 (560 )
EURO 477 AUSTRALIAN DOLLARS 785 Morgan Stanley 01/17/2024 (9 )
EURO 3,061 AUSTRALIAN DOLLARS 4,980 Morgan Stanley 06/10/2025 48
US DOLLARS 1,837 AUSTRALIAN DOLLARS 2,735 Morgan Stanley 01/17/2024 (30 )
US DOLLARS 13,555 AUSTRALIAN DOLLARS 19,560 Morgan Stanley 06/10/2025 158
EURO 259 BRITISH POUNDS 225 Morgan Stanley 01/24/2024 (1 )
EURO 3,118 BRITISH POUNDS 2,840 Morgan Stanley 06/12/2025 (100 )
EURO 755 BRITISH POUNDS 682 Morgan Stanley 11/10/2025 (11 )
US DOLLARS 1,795 BRITISH POUNDS 1,410 Morgan Stanley 01/24/2024 —
US DOLLARS 311 BRITISH POUNDS 250 Morgan Stanley 02/13/2024 (7 )
US DOLLARS 1,199 BRITISH POUNDS 960 Morgan Stanley 02/14/2024 (24 )
US DOLLARS 2,717 BRITISH POUNDS 2,220 Morgan Stanley 05/10/2024 (110 )
US DOLLARS 13,374 BRITISH POUNDS 10,983 Morgan Stanley 06/10/2025 (636 )
EURO 426 CANADIAN DOLLARS 619 Morgan Stanley 03/25/2024 3
US DOLLARS 1,778 CANADIAN DOLLARS 2,400 Morgan Stanley 03/25/2024 (38 )
EURO 1,614 US DOLLARS 1,790 Morgan Stanley 01/09/2025 22
EURO 666 US DOLLARS 740 Morgan Stanley 06/18/2025 13
US DOLLARS 960 EURO 890 Morgan Stanley 01/17/2024 (24 )
US DOLLARS 4,864 EURO 4,600 Morgan Stanley 01/17/2024 (220 )
US DOLLARS 604 EURO 560 Morgan Stanley 02/13/2024 (16 )
US DOLLARS 818 EURO 755 Morgan Stanley 02/14/2024 (17 )
US DOLLARS 1,425 EURO 1,290 Morgan Stanley 11/10/2025 (44 )
EURO 889 AUSTRALIAN DOLLARS 1,400 Standard Chartered 01/17/2024 26
EURO 1,803 AUSTRALIAN DOLLARS 2,872 Standard Chartered 07/18/2024 39
US DOLLARS 3,774 AUSTRALIAN DOLLARS 5,435 Standard Chartered 01/17/2024 63
US DOLLARS 1,395 AUSTRALIAN DOLLARS 2,040 Standard Chartered 01/17/2024 2
US DOLLARS 7,048 AUSTRALIAN DOLLARS 11,118 Standard Chartered 07/18/2024 (573 )
EURO 1,266 BRITISH POUNDS 1,095 Standard Chartered 06/17/2024 13
EURO 4,582 BRITISH POUNDS 4,130 Standard Chartered 07/18/2024 (157 )
US DOLLARS 1,484 BRITISH POUNDS 1,140 Standard Chartered 01/17/2024 31
US DOLLARS 1,000 BRITISH POUNDS 840 Standard Chartered 06/10/2025 (72 )
US DOLLARS 6,519 BRITISH POUNDS 5,180 Standard Chartered 06/17/2024 (79 )
EURO 321 CANADIAN DOLLARS 480 Standard Chartered 07/18/2024 (8 )
US DOLLARS 1,390 CANADIAN DOLLARS 1,860 Standard Chartered 07/18/2024 (23 )
EURO 919 DANISH KRONE 6,844 Standard Chartered 07/18/2024 —
US DOLLARS 3,988 DANISH KRONE 26,496 Standard Chartered 07/18/2024 23
EURO 824 NORWEGIAN KRONE 9,517 Standard Chartered 07/18/2024 (21 )
EURO 16,565 US DOLLARS 18,170 Standard Chartered 01/09/2025 432
EURO 3,005 US DOLLARS 3,309 Standard Chartered 06/18/2024 33
EURO 18,034 US DOLLARS 20,330 Standard Chartered 07/18/2024 (245 )
US DOLLARS 2,580 EURO 2,340 Standard Chartered 07/18/2024 (26 )
EURO 2,285 US DOLLARS 2,504 Standard Chartered 01/17/2024 22
EURO 3,700 US DOLLARS 3,941 Standard Chartered 01/17/2024 149
EURO 940 US DOLLARS 1,042 Standard Chartered 07/18/2024 5
EURO 3,120 US DOLLARS 3,521 Standard Chartered 07/18/2024 (47 )
US DOLLARS 4,132 EURO 3,730 Standard Chartered 01/17/2024 9
US DOLLARS 24,515 EURO 22,640 Standard Chartered 01/17/2024 (508 )
US DOLLARS 29,878 EURO 29,700 Standard Chartered 07/18/2024 (3,199 )
US DOLLARS 30,672 EURO 27,695 Standard Chartered 12/18/2024 (397 )
US DOLLARS 3,566 NORWEGIAN KRONE 36,843 Standard Chartered 07/18/2024 (69 )
$ (6,052 )

  • The investments bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”), the Euro Interbank Offered Rate (“EURIBOR” or “E”), the Norwegian Interbank Offered Rate (“NIBOR” or “N”), the

  • Copenhagen Interbank Offered Rate (“CIBOR” or “C”), Canadian Dollar LIBOR Rate (“CDOR”), the Bank Bill Swap Rate (“BBSW”), the Bank Bill Swap Bid Rate (“BBSY”), the Sterling Overnight Index Average (“SONIA”), or Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over LIBOR, EURIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, SONIA, or SOFR and the current weighted average interest rate in effect at December 31, 2023. Certain investments are subject to a LIBOR, EURIBOR, NIBOR, CIBOR, CDOR, BBSW, BBSY, SONIA, or SOFR interest rate floor.

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  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on the ISLP's net assets (in thousands) of $103,019 as of December 31, 2023.

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  • Loan was on non-accrual status as of December 31, 2023.

  • Unrealized appreciation on forward currency exchange contracts.

  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and DKK represents Danish Krone.

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  • Non-income producing.

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

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  • Loan includes interest rate floor of 0.25%.

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  • Denotes that all or a portion of the debt investment includes PIK interest during the period.

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  • Loan includes interest rate floor of 1.50%.

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Below is the financial information for ISLP:

Selected Balance Sheet Information

As of
December 31, 2023
Investments at fair value (amortized cost of 702,305 and 721,252, respectively) 691,702 $ 709,846
Cash and cash equivalents 4,650 9,006
Foreign cash (cost of 8,907 and 22,237, respectively) 9,077 22,528
Collateral on foreign currency exchange contracts 14 4,383
Deferred financing costs (net of accumulated amortization of 2,787 and 2,026, respectively) 2,393 3,154
Interest receivable on investments 15,464 11,244
Total assets 723,300 $ 760,161
Debt 311,926 $ 320,491
Subordinated notes payable to members 302,088 301,426
Interest payable on debt 5,473 5,841
Interest payable on subordinated notes 10,266 18,501
Unrealized depreciation on forward currency exchange contracts 4,711 6,052
Distributions payable 1,973 3,931
Accounts payable and accrued expenses 340 900
Total liabilities 636,777 $ 657,142
Members’ equity 86,523 103,019
Total liabilities and members’ equity 723,300 $ 760,161

All values are in US Dollars.

Selected Statements of Operations Information

For the Three Months Ended For the Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Investment income
Interest income $ 19,091 $ 18,965 $ 60,528 $ 54,314
Total investment income 19,091 18,965 60,528 54,314
Expenses
Interest and debt financing expenses 6,092 6,500 19,158 18,189
Interest expense on members subordinated notes 10,274 9,046 30,116 26,203
General and administrative expenses 754 765 2,361 2,327
Total expenses 17,120 16,311 51,635 46,719
Net investment income 1,971 2,654 8,893 7,595
Net realized and unrealized gains (losses)
Net realized gain (loss) on investments 627 (1,967 ) (7,702 ) (5,124 )
Net realized gain (loss) on foreign currency transactions (90 ) 2,579 7,783 1,012
Net realized gain (loss) on forward currency exchange contracts (4,267 ) 77 (3,423 ) 95
Net change in unrealized appreciation on foreign currency translation (15,703 ) 9,454 (15,297 ) 1,869
Net change in unrealized appreciation on forward currency exchange contracts (613 ) 2,596 1,341 1,314
Net change in unrealized appreciation on investments 22,136 (16,065 ) 803 2,956
Net gain (loss) on investments 2,090 (3,326 ) (16,495 ) 2,122
Net increase (decrease) in members’ equity resulting from operations $ 4,061 $ (672 ) $ (7,602 ) $ 9,717

Bain Capital Senior Loan Program, LLC (“SLP”)

On February 9, 2022, the Company, and an entity advised by Amberstone Co., Ltd. (“Amberstone”), a credit focused investment manager that advises institutional investors, committed capital to a newly formed joint venture, SLP. Pursuant to an amended and restated limited liability company agreement (the “LLC Agreement”) between the Company and Amberstone, each such party has a 50% economic ownership interest in SLP. Amberstone’s initial capital commitments to SLP are $179.0 million, with each party expected to maintain their pro rata proportionate share for each capital contribution. SLP will seek to invest primarily in senior secured first lien loans of U.S. borrowers. Through these capital contributions, SLP acquired 70% of the membership equity interests of the Company’s 2018‑1 portfolio (“2018‑1”). The Company retained 30% of the 2018‑1 membership equity interests as a non-controlling equity interest. As of September 30, 2024, the Company’s investment in SLP consisted of subordinated notes of $146.5 million, preferred equity interests of $10 thousand and equity interests of ($1.8) million. As of December 31, 2023, the Company’s investment in SLP consisted of subordinated notes of $116.0 million, preferred equity interests of ($1.8) million and equity interests of ($0.4) million.

In future periods, the Company may sell certain of its investments or a participating interest in certain of its investments to SLP. Since inception, the Company has sold $1,433.8 million of its investments to SLP. The sale of the investments met the criteria set forth in ASC 860, Transfers and Servicing for treatment as a sale.

The Company has determined that SLP is an investment company under ASC 946; however, in accordance with such guidance, the Company will generally not consolidate its investment in a company other than a wholly or substantially owned investment company subsidiary, which is an extension of the operations of the Company, or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate its investments in SLP as it is not a substantially wholly owned investment company subsidiary. In addition, the Company does not control SLP due to the allocation of voting rights among SLP members. The Company measures the fair value of SLP in accordance with ASC 820, using the net asset value (or its equivalent) as a practical expedient. The Company and Amberstone each appointed two members to SLP’s four-person Member Designees’ Committee. All material decisions with respect to SLP, including those involving its investment portfolio, require unanimous approval of a quorum of Member Designees’ Committee.

On March 7, 2022, SLP acquired 70% of the Company’s membership interests in BCC Middle Market CLO 2018‑1 LLC (the “2018‑1 Issuer”). The Company received $56.1 million in proceeds resulting in a realized gain of $1.2 million, which is included in net realized gain in non-controlled/non-affiliate investments. The sale of the investments met the criteria set forth in ASC 860, Transfers

and Servicing for treatment as a sale. Through this acquisition, the 2018‑1 Issuer became a consolidated subsidiary of SLP and was deconsolidated from the Company’s consolidated financial statements. The Company retained the remaining 30% of the 2018‑1 membership interests as a non-controlling equity interest. Please see Note 6 for additional details on the formation of the 2018‑1 Issuer and the related CLO Transaction.

On June 15, 2023, the Company entered into a First Supplemental Indenture (“2018-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2018-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term SOFR plus 0.26%, effective July 1, 2023.

On March 13, 2024, SLP refinanced the 2018-1 Issuer through a private placement of $500 million of senior secured and senior deferrable notes consisting of (i) $290.0 million of Class A-1-R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 2.25% per annum; (ii) $20.0 million of Class A‑J‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.70% per annum; (iii) $30.0 million of Class A-2-R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.90% per annum; (iv) $40.0 million of Class B-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.90% per annum; (v) $30.0 million of Class C-R Mezzanine Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 5.90% per annum; and (vi) $30.0 million of Class D-R Junior Secured Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 8.32% per annum (collectively, the “2018‑1 CLO Reset Notes”). The membership interests are eliminated in consolidation on SLP’s consolidated financial statements. The 2018‑1 CLO Reset Notes are scheduled to mature on April 20, 2036 and the reinvestment period ends April 20, 2028. The transaction resulted in a realized loss on the extinguishment of debt of $1.3 million from the acceleration of unamortized debt issuance costs. The obligations of the 2018-1 Issuer under the 2018-1 CLO Transaction are non-recourse to the Company.

As part of the refinancing transaction, SLP bought the Company's membership interests of the 2018-1 Issuer for $22.4 million, making SLP the sole owner of the membership interests.

Below is a table summary of the 2018‑1 CLO Reset Notes as of September 30, 2024:

Interest rate at
2018-1 Notes Principal Amount Spread above Index September 30, 2024
Class A-1-R $ 290,000 2.25 % + 3 Month SOFR 7.53 %
Class A-J-R 20,000 2.70 % + 3 Month SOFR 7.98 %
Class A-2-R 30,000 2.90 % + 3 Month SOFR 8.18 %
Class B-R 40,000 3.90 % + 3 Month SOFR 9.18 %
Class C-R 30,000 5.90 % + 3 Month SOFR 11.18 %
Class D-R 30,000 8.32 % + 3 Month SOFR 13.60 %
Membership Interests 60,000 Non-interest bearing Not applicable
Total 2018-1 Notes $ 500,000

On August 24, 2022, SLP, through a wholly-owned subsidiary, entered into a $225.0 million senior secured revolving credit facility which bore interest at SOFR plus 210 basis points with Wells Fargo, subject to leverage and borrowing base restrictions (the “MM_22_2 Credit Facility”). The maturity date of the MM_22_2 Credit Facility was August 24, 2025. On August 9, 2023, the MM_22_2 Credit Facility was terminated.

On August 9, 2023, (the “2023-1 Closing Date”), SLP, through BCC Middle Market CLO 2023‑1 LLC (the “2023‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $400.0 million term debt securitization (the “2023-1 CLO Transaction”). The Class A, B-1, B-2, C, D, and E 2023-1 notes issued in connection with the 2023-1 CLO Transaction (the “2023-1 Notes”) are secured by a diversified portfolio of the 2023-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2023-1 Portfolio”). At the 2023-1 Closing Date, the 2023-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2023-1 CLO Transaction.

The 2023‑1 Notes are scheduled to mature on July 20, 2035 and are included in SLP’s consolidated financial statements. The membership interests are eliminated in consolidation on SLP’s consolidated financial statements. Below is a table summary of the 2023-1 Notes as of September 30, 2024

Interest rate at
2023-1 Debt Principal Amount Spread above Index September 30, 2024
Class A Notes $ 234,000 2.55 % + SOFR 7.83 %
Class B-1 Notes 29,000 3.80 % + SOFR 9.08 %
Class B-2 Notes 9,000 7.50 % 7.50 %
Class C Notes 32,000 4.55 % + SOFR 9.83 %
Class D Notes 24,000 6.65 % + SOFR 11.93 %
Class E Notes 24,000 9.84 % + SOFR 15.12 %
Total 2023-1 Notes 352,000
Membership Interests 45,636 Non-interest bearing Not applicable
Total $ 397,636

On September 27, 2023, SLP, through a wholly-owned subsidiary, entered into a $140.0 million senior secured revolving credit facility which bore interest at SOFR plus 285 basis points with NatWest Markets PLC, subject to leverage and borrowing base restrictions (the “MM_23_3 Credit Facility”). The maturity date of the MM_23_3 Credit Facility was September 27, 2027. On July 10, 2024, the MM_23_3 Credit Facility was terminated.

On July 10, 2024 (the “2024-1 Closing Date”), SLP, through BCC Middle Market CLO 2024‑1 LLC (the “2024‑1 Issuer”), a Delaware limited liability company and a wholly-owned and consolidated subsidiary of SLP, completed a $450.4 million term debt securitization (the “2024-1 CLO Transaction”). The Class A-1, A-2, B, C, D, and E 2024-1 notes issued in connection with the 2024-1 CLO Transaction (the “2024-1 Notes”) are secured by a diversified portfolio of the 2024-1 Issuer consisting primarily of middle market loans and participation interests in middle market loans, the majority of which are senior secured loans (the “2024-1 Portfolio”). At the 2024-1 Closing Date, the 2024-1 Portfolio was comprised of assets transferred from SLP and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2024-1 CLO Transaction.

The 2024‑1 Notes are scheduled to mature on July 17, 2036 and are included in SLP’s consolidated financial statements. The membership interests are eliminated in consolidation on SLP’s consolidated financial statements. Below is a table summary of the 2024-1 Notes as of September 30, 2024

Interest rate at
2024-1 Debt Principal Amount Spread above Index September 30, 2024
Class A-1 Notes $ 250,750 1.75 % + SOFR 6.96 %
Class A-2 Notes 12,750 1.95 % + SOFR 7.16 %
Class B Notes 25,500 2.05 % + SOFR 7.26 %
Class C Notes 34,000 2.75 % + SOFR 7.96 %
Class D Notes 25,500 4.50 % + SOFR 9.71 %
Total 2024-1 Notes(1) 348,500
Membership Interests 76,395 Non-interest bearing Not applicable
Total $ 424,895

(1) As of September 30, 2024, there were no Class E Notes outstanding

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding as of September 30, 2024 was 8.4%. The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the year ended December 31, 2023 was 7.7%.

Below is a summary of SLP’s portfolio at fair value:

As of As of
September 30, 2024 December 31, 2023
Total investments $ 1,132,919 $ 879,930
Weighted average yield on investments 11.3 % 12.1 %
Number of borrowers in SLP 85 62
Largest portfolio company investment $ 32,701 $ 32,283
Total of five largest portfolio company investments $ 155,493 $ 151,954
Unfunded commitments $ 1,744 $ 3,734

Below is a listing of SLP’s individual investments as of September 30, 2024:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of September 30, 2024

Interest Maturity Market % of Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Aerospace & Defense
ATS (15)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 11.05 % 7/12/2029 $ 6,000 5,925 5,925
BTX Precision (15)(19)(35) First Lien Senior Secured Loan SOFR 5.00 % 9.85 % 7/25/2030 $ 5,000 4,956 4,956
Forward Slope (12)(15)(19) First Lien Senior Secured Loan SOFR 6.85 % 11.45 % 8/22/2029 $ 11,160 10,982 11,160
Forward Slope (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 11.45 % 8/22/2029 $ 18,562 18,562 18,562
GSP Holdings, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.65 % 10.25 % 11/6/2025 $ 25,222 24,549 24,968
Kellstrom Commercial Aerospace, Inc. (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 6.26 % 11.58 % 7/1/2025 $ 18,418 18,167 18,418
Robinson Helicopter (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.60 % 11.45 % 6/30/2028 $ 30,319 30,036 30,319
Saturn Purchaser Corp. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.35 % 10.20 % 7/23/2029 $ 30,936 30,861 30,936
Whitcraft-Paradigm (15)(19)(34) First Lien Senior Secured Loan SOFR 6.50 % 11.35 % 2/15/2029 $ 9,850 9,775 9,850
Aerospace & Defense Total $ 153,813 $ 155,094 1931.7 %
Automotive
Cardo (12)(18)(19) First Lien Senior Secured Loan SOFR 5.25 % 10.58 % 5/12/2028 $ 10,800 10,800 10,800
Gills Point S (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.75 % 10.88 % 5/17/2029 $ 9,875 9,875 9,875
Intoxalock (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.95 % 11/1/2028 $ 16,970 16,847 16,969
JHCC Holdings, LLC (15)(19)(34)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 9.85 % 9/9/2027 $ 8,186 8,121 8,186
JHCC Holdings, LLC (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 9.85 % 9/9/2027 $ 16,323 16,192 16,323
Automotive Total $ 61,835 $ 62,153 774.1 %
Banking, Finance, Insurance & Real Estate
Morrow Sodali Global LLC (12)(18)(19) First Lien Senior Secured Loan SOFR 5.60 % 10.45 % 4/25/2028 $ 2,201 2,181 2,201
Morrow Sodali Global LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.73 % 10.58 % 4/25/2028 $ 7,780 7,708 7,780
Banking, Finance, Insurance & Real Estate Total $ 9,889 $ 9,981 124.3 %
Beverage, Food & Tobacco
AgroFresh Solutions (15)(19)(35) First Lien Senior Secured Loan SOFR 6.35 % 11.20 % 3/31/2029 $ 7,980 7,902 7,900
Beverage, Food & Tobacco Total $ 7,902 $ 7,900 98.4 %
Capital Equipment
AXH Air Coolers (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.81 % 10/31/2029 $ 22,899 22,779 22,899
DiversiTech (12)(17) First Lien Senior Secured Loan SOFR 4.01 % 8.62 % 12/22/2028 $ 1,984 1,987 1,991
Capital Equipment Total $ 24,766 $ 24,890 310.0 %
Chemicals, Plastics & Rubber
Duraco (19)(32)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.49 % 6/6/2029 $ 9,000 8,868 8,910
INEOS US Petrochem (12)(18) First Lien Senior Secured Loan SOFR 3.85 % 8.70 % 3/14/2030 $ 1,985 1,987 1,989
Prince\Ferro (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 9.46 % 4/23/2029 $ 1,985 1,970 1,940
V Global Holdings LLC (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.90 % 10.97 % 12/22/2027 $ 19,962 19,886 19,014
Chemicals, Plastics & Rubber Total $ 32,711 $ 31,853 396.7 %
Construction & Building
Service Master (18)(19)(26)(34)(35) First Lien Senior Secured Loan SOFR 5.86% (1.00% PIK) 11.71 % 8/16/2027 $ 18,727 18,727 18,727
Construction & Building Total $ 18,727 $ 18,727 233.2 %
Interest Maturity Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Consumer Goods: Durable
New Milani Group LLC (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 10.20 % 6/6/2026 $ 9,843 9,843 9,843
Stanton Carpet (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 14.47 % 3/31/2028 $ 5,000 4,939 5,000
TLC Purchaser, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.76 % 10.70 % 10/11/2027 $ 27,015 25,980 27,015
Consumer Goods: Durable Total $ 40,762 $ 41,858 521.3 %
Consumer Goods: Non-Durable
Evriholder (12)(19)(32)(35) First Lien Senior Secured Loan SOFR 6.85 % 11.70 % 1/24/2028 $ 16,035 15,890 15,955
FL Hawk Intermediate Holdings, Inc. (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.01 % 13.62 % 8/19/2028 $ 5,004 5,004 5,004
RoC Skincare (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 6.00 % 11.13 % 2/21/2031 $ 16,169 15,940 16,169
Solaray, LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.53 % 12/15/2025 $ 9,889 9,889 9,616
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.15 % 9.60 % 3/26/2027 $ 6,428 6,411 6,411
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.15 % 9.60 % 3/26/2027 $ 6,205 6,205 6,205
Consumer Goods: Non-Durable Total $ 59,339 $ 59,360 739.3 %
Consumer Goods: Wholesale
WSP (15)(19)(26) First Lien Senior Secured Loan SOFR 1.15% (4.00% PIK) 10.40 % 4/27/2028 $ 3,212 3,185 2,585
WSP (7)(14)(19)(26) First Lien Senior Secured Loan — 8.00% PIK 8.00 % 4/27/2028 $ 2,039 1,978 637
Consumer Goods: Wholesale Total $ 5,163 $ 3,222 40.1 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.26 % 11.52 % 12/29/2027 $ 22,644 22,501 22,475
Iris Holding, Inc. (12)(17)(34) First Lien Senior Secured Loan SOFR 4.85 % 10.10 % 6/28/2028 $ 10,584 10,206 10,017
Containers, Packaging & Glass Total $ 32,707 $ 32,492 404.7 %
Energy: Electricity
WCI Gigawatt Purchaser (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.01 % 11.13 % 11/19/2027 $ 20,305 20,115 20,305
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 6.01 % 11.13 % 11/19/2027 $ 4,711 4,644 4,711
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan SOFR 6.26 % 11.38 % 11/19/2027 $ 3,398 3,398 3,398
Energy: Electricity Total $ 28,157 $ 28,414 353.9 %
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.00 % 9.85 % 12/23/2027 $ 2,101 2,095 2,095
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 9.85 % 12/23/2027 $ 8,280 8,280 8,280
Citadel (12)(18) First Lien Senior Secured Loan SOFR 2.25 % 7.10 % 7/29/2030 $ 1,990 1,998 1,991
Congress Wealth (15)(19)(34) First Lien Senior Secured Loan SOFR 5.60 % 10.20 % 6/30/2029 $ 4,684 4,684 4,684
Hudson River Trading (12)(18)(35) First Lien Senior Secured Loan SOFR 3.26 % 8.32 % 3/20/2028 $ 4,967 4,955 4,967
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.93 % 8/1/2028 $ 7,400 7,400 7,400
Insigneo Financial Group LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.68 % 8/1/2028 $ 3,825 3,825 3,825
FIRE: Finance Total $ 33,237 $ 33,242 414.0 %
FIRE: Insurance
Acrisure LLC (12)(18) First Lien Senior Secured Loan SOFR 3.25 % 8.21 % 11/6/2030 1,971 1,972 1,956
Asurion LLC (12)(18)(34) First Lien Senior Secured Loan SOFR 4.10 % 8.95 % 8/19/2028 $ 3,975 3,940 3,916
Margaux Acquisition Inc. (16)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 5.65 % 10.98 % 12/19/2025 $ 8,942 8,942 8,942
Margaux Acquisition Inc. (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.65 % 10.98 % 12/19/2025 $ 15,582 15,582 15,582
Simplicity (12)(15)(19) First Lien Senior Secured Loan SOFR 6.40 % 11.00 % 12/2/2026 $ 5,429 5,429 5,429
Simplicity (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.40 % 11.00 % 12/2/2026 $ 24,108 23,735 24,108
FIRE: Insurance Total $ 59,600 $ 59,933 746.5 %
Interest Maturity Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Forest Products & Paper
Multi-Color Corp (12)(17)(35) First Lien Senior Secured Loan SOFR 5.10 % 9.95 % 10/29/2028 $ 3,974 3,884 3,893
Forest Products & Paper Total $ 3,884 $ 3,893 48.5 %
Healthcare & Pharmaceuticals
AEG Vision (12)(18)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.90 % 10.50 % 3/27/2026 $ 1,167 1,167 1,167
Apollo Intelligence (12)(16)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.56 % 5/31/2028 $ 10,584 10,518 10,584
Beacon Specialized Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.35 % 3/25/2028 $ 8,978 8,890 8,978
HealthDrive (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.10 % 10.95 % 8/20/2029 $ 18,563 18,563 18,563
Pharmacy Partners (12)(19)(32)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.56 % 2/28/2029 $ 21,890 21,639 21,890
SunMed Group Holdings, LLC (12)(16)(19) First Lien Senior Secured Loan SOFR 5.60 % 10.85 % 6/16/2028 $ 9,460 9,460 9,460
WellSky (16)(34) First Lien Senior Secured Loan SOFR 3.36 % 8.21 % 3/10/2028 $ 1,990 1,998 1,989
Healthcare & Pharmaceuticals Total $ 72,235 $ 72,631 904.6 %
High Tech Industries
AMI US Holdings Inc. (3)(12)(18)(19) First Lien Senior Secured Loan - Revolver SOFR — — 10/1/2026 $ — — —
AMI US Holdings Inc. (15)(19)(34) First Lien Senior Secured Loan SOFR 5.35 % 10.20 % 10/1/2026 $ 2,584 2,584 2,584
AMI US Holdings Inc. (3)(12)(18)(19) First Lien Senior Secured Loan - Revolver SOFR — — 10/1/2026 $ — — —
AMI US Holdings Inc. (18)(19)(34) First Lien Senior Secured Loan SOFR 5.35 % 10.20 % 10/1/2026 $ 5,594 5,594 5,594
Applitools (16)(19)(26) First Lien Senior Secured Loan SOFR 6.25% PIK 10.85 % 5/25/2029 $ 12,020 11,945 11,840
E-Tech Group (12)(15)(19)(35) First Lien Senior Secured Loan - Revolver SOFR 5.50 % 10.35 % 4/9/2030 $ 7,979 7,902 7,900
Gainwell Acquisition (12)(16) First Lien Senior Secured Loan SOFR 4.10 % 8.70 % 10/1/2027 $ 2,752 2,650 2,627
Element Buyer, Inc. (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.85 % 10.70 % 7/19/2026 $ 16,187 16,187 16,187
Element Buyer, Inc. (12)(15)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 5.85 % 10.70 % 7/19/2026 $ 10,767 10,767 10,767
Logrhythm (15)(19)(35) First Lien Senior Secured Loan SOFR 7.50 % 12.10 % 7/2/2029 $ 7,955 7,722 7,717
NearMap (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.75 % 11.03 % 12/9/2029 $ 16,247 16,093 16,247
Proofpoint (12)(17) First Lien Senior Secured Loan SOFR 3.00 % 7.85 % 8/31/2028 $ 1,985 1,989 1,986
SensorTower (12)(19)(31)(34)(35) First Lien Senior Secured Loan SOFR 7.50 % 12.44 % 3/15/2029 $ 21,536 21,267 21,320
Superna Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.44 % 3/6/2028 $ 33,199 32,911 32,701
High Tech Industries Total $ 137,611 $ 137,470 1712.2 %
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (12)(18)(19) Second Lien Senior Secured Loan SOFR 7.61 % 12.82 % 2/1/2027 $ 6,000 5,774 5,820
Concert Golf Partners Holdco (12)(16)(19)(34)(35) First Lien Senior Secured Loan SOFR 4.75 % 9.63 % 4/1/2030 $ 20,332 20,058 20,332
Pyramid Global Hospitality (12)(19)(24)(34)(35) First Lien Senior Secured Loan SOFR 4.90 % 10.15 % 1/19/2028 $ 15,760 15,473 15,760
Hotel, Gaming & Leisure Total $ 41,305 $ 41,912 522.0 %
Media: Diversified & Production
Internet Brands (12)(17) First Lien Senior Secured Loan SOFR 4.25 % 9.10 % 5/3/2028 $ 2,977 2,967 2,962
Media: Diversified & Production Total $ 2,967 $ 2,962 36.9 %
Retail
New Look (Delaware) Corporation (12)(15)(19) First Lien Senior Secured Loan SOFR 5.65 % 10.25 % 5/26/2028 $ 9,482 9,212 9,387
Petco (12)(16) First Lien Senior Secured Loan SOFR 3.51 % 8.12 % 3/3/2028 $ 2,000 1,867 1,906
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.11% PIK 15.54 % 6/18/2029 $ 3,232 3,232 2,844
Thrasio, LLC (15)(19)(26) First Lien Senior Secured Loan SOFR 10.11% PIK 15.54 % 6/18/2029 $ 1,054 1,054 1,054
Thrasio, LLC (14)(19) Equity Interest — — — — 52 5,369 1,908
Thrasio, LLC (14)(19) Equity Interest — — — — 6 597 213
Thrasio, LLC (14)(19) Equity Interest — — — — 4,098 — —
Retail Total $ 21,331 $ 17,312 215.6 %
Interest Maturity Market % of Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Services: Business
Allbridge (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.35 % 6/5/2030 $ 17,479 17,351 17,479
Avalon Acquiror, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.25 % 10.85 % 3/10/2028 $ 32,136 31,932 31,815
Discovery Senior Living (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 10.76 % 3/18/2030 $ 16,915 16,767 16,915
Smartronix (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 12,837 12,679 12,837
Smartronix (12)(15)(19) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 5,721 5,721 5,721
Smartronix (15)(19)(35) First Lien Senior Secured Loan SOFR 6.10 % 10.35 % 11/23/2028 $ 8,684 8,501 8,684
TEI Holdings Inc. (17)(35) First Lien Senior Secured Loan SOFR 4.75 % 9.35 % 4/9/2031 $ 10,589 10,636 10,633
Services: Business Total $ 103,587 $ 104,084 1296.4 %
Services: Consumer
Eagle Parent Corp (12)(17)(19) First Lien Senior Secured Loan SOFR 4.25 % 8.85 % 4/2/2029 $ 3,293 3,286 3,131
MZR Buyer, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 11.70 % 12/22/2026 $ 27,300 27,256 26,481
Services: Consumer Total $ 30,542 $ 29,612 368.8 %
Telecommunications
Inmarsat (12)(17) First Lien Senior Secured Loan SOFR 4.50 % 9.35 % 9/27/2029 $ 1,990 1,886 1,872
Meriplex Communications, Ltd. (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 9.95 % 7/17/2028 $ 14,830 14,677 14,607
Taoglas (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.25 % 11.85 % 2/28/2029 $ 18,512 18,258 18,142
Telecommunications Total $ 34,821 $ 34,621 431.2 %
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.90 % 12.22 % 8/3/2026 $ 29,000 29,000 27,839
Gulf Winds International (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 7.60 % 12.45 % 12/16/2028 $ 14,123 13,876 13,841
Gulf Winds International (12)(15)(19)(35) First Lien Senior Secured Loan SOFR 7.60 % 12.45 % 12/16/2028 $ 10,954 10,884 10,735
RoadOne (15)(19)(34) First Lien Senior Secured Loan SOFR 6.25 % 11.10 % 12/29/2028 $ 6,916 6,765 6,916
RoadOne (18)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25 % 11.10 % 12/29/2028 $ 1,063 1,062 1,063
Transportation: Cargo Total $ 61,587 $ 60,394 752.2 %
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.50 % 10.10 % 5/1/2029 $ 6,539 6,539 6,539
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.50 % 10.58 % 5/1/2029 $ 22,943 22,475 22,943
Transportation: Consumer Total $ 29,014 $ 29,482 367.2 %
Wholesale
Abracon Group Holding, LLC. (16)(19)(34) First Lien Senior Secured Loan SOFR 6.15 % 11.44 % 7/6/2028 $ 11,760 11,609 9,408
Blackbird Purchaser, Inc. (16)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 10.10 % 12/19/2030 $ 5,378 5,378 5,378
Hultec (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.65 % 10.25 % 3/31/2029 6,401 6,246 6,401
SureWerx (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.25 % 9.85 % 12/28/2029 $ 8,240 8,081 8,240
Wholesale Total $ 31,314 $ 29,427 366.5 %
Total $ 1,138,806 $ 1,132,919 14110.30 %

  • The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at September 30, 2024. Certain investments are subject to a SOFR interest rate floor.

  • Tick mark not used

  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on SLP's net assets (in thousands) of $(8,029) as of September 30, 2024.

  • Tick mark not used

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  • Loan was on non-accrual status as of September 30, 2024.

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  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents

  • Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and DKK represents Danish Krone.

  • Tick mark not used

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  • Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.

  • Tick mark not used

  • Non-income producing

  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

  • Tick mark not used

  • Tick mark not used

  • Tick mark not used

  • Tick mark not used

  • Loan includes interest rate floor of 1.25%.

  • Tick mark not used

  • Denotes that all or a portion of the debt investment includes PIK interest during the period.

  • Tick mark not used

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  • Tick mark not used

  • Tick mark not used

  • Loan includes interest rate floor of 2.00%

  • Loan includes interest rate floor of 1.50%.

  • Tick mark not used

  • Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.

  • Assets or a portion thereof are pledged as collateral for the 2024-1 Issuer.

Below is a listing of SLP's individual investments as of December 31, 2023:

Senior Loan Program, LLC

Consolidated Schedule of Investments

As of December 31, 2023

Interest Maturity Market % of<br>Members
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Aerospace & Defense
Forward Slope (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 12.20 % 8/22/2029 $ 18,703 18,703 18,235
Robinson Helicopter (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.60 % 11.96 % 6/30/2028 $ 31,582 31,229 31,582
Saturn Purchaser Corp. (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.60 % 11.01 % 7/23/2029 $ 21,142 21,050 21,142
Whitcraft-Paradigm (15)(19)(34) First Lien Senior Secured Loan SOFR 7.00 % 12.35 % 2/15/2029 $ 9,925 9,836 9,925
Aerospace & Defense Total $ 80,818 $ 80,884 529.7 %
Automotive
Cardo (12)(18)(19) First Lien Senior Secured Loan SOFR 5.15 % 10.54 % 5/12/2028 $ 10,800 10,800 10,800
Gills Point S (15)(19)(34) First Lien Senior Secured Loan SOFR 7.00 % 12.38 % 5/17/2029 $ 9,950 9,950 9,950
Intoxalock (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.96 % 11/1/2028 $ 17,099 16,953 17,099
JHCC Holdings, LLC (19)(34)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.25 % 10.75 % 9/9/2025 $ 8,248 8,177 8,248
JHCC Holdings, LLC (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 10.75 % 9/9/2025 $ 16,488 16,352 16,488
Automotive Total $ 62,232 $ 62,585 409.9 %
Banking, Finance, Insurance & Real Estate
Morrow Sodali Global LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 5.63 % 11.09 % 4/25/2028 $ 7,840 7,752 7,761
Banking, Finance, Insurance & Real Estate Total $ 7,752 $ 7,761 50.8 %
Chemicals, Plastics & Rubber
Hultec (15)(19)(34) First Lien Senior Secured Loan SOFR 6.40 % 11.79 % 3/31/2029 $ 6,450 6,273 6,257
V Global Holdings LLC (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 6.00 % 11.43 % 12/22/2027 $ 20,115 20,021 19,461
Chemicals, Plastics & Rubber Total $ 26,294 $ 25,718 168.4 %
Construction & Building
AXH Air Coolers (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.75 % 12.19 % 10/31/2029 $ 18,750 18,563 18,563
Service Master (15)(19)(26)(34) First Lien Senior Secured Loan SOFR 6.11% (1.00% PIK) 12.47 % 8/16/2027 $ 9,965 9,965 9,965
YLG Holdings, Inc. (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.10 % 10.48 % 10/31/2025 $ 20,349 20,349 20,348
Construction & Building Total $ 48,877 $ 48,876 320.1 %
Consumer Goods: Durable
New Milani Group LLC (15)(19)(35) First Lien Senior Secured Loan SOFR 5.50 % 10.96 % 6/6/2024 $ 9,921 9,921 9,921
Stanton Carpet (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 14.56 % 3/31/2028 $ 5,000 4,928 5,000
TLC Purchaser, Inc. (12)(15)(19)(26) First Lien Senior Secured Loan SOFR 2.26% (6.25% PIK) 14.15 % 10/13/2025 $ 10,521 9,964 9,863
Consumer Goods: Durable Total $ 24,813 $ 24,784 162.3 %
Consumer Goods: Non-Durable
FL Hawk Intermediate Holdings, Inc. (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.26 % 14.61 % 8/19/2028 $ 5,004 5,004 5,004
RoC Opco LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 7.60 % 12.95 % 2/25/2025 $ 8,663 8,663 8,663
Solaray, LLC (12)(15)(19) First Lien Senior Secured Loan SOFR 6.60 % 11.97 % 12/15/2025 $ 10,524 10,524 10,024
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.65 % 11.00 % 3/26/2026 $ 6,461 6,461 6,363
WU Holdco, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.65 % 11.00 % 3/26/2026 $ 6,254 6,254 6,160
Consumer Goods: Non-Durable Total $ 36,906 $ 36,214 237.2 %
Interest Maturity Market % of<br>Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Consumer Goods: Wholesale
WSP (12)(15)(19)(26) First Lien Senior Secured Loan SOFR 6.40% (0.75% PIK) 12.53 % 4/27/2027 $ 5,627 5,564 4,840
Consumer Goods: Wholesale Total $ 5,564 $ 4,840 31.7 %
Containers, Packaging & Glass
ASP-r-pac Acquisition Co LLC (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 6.26 % 11.64 % 12/29/2027 $ 22,819 22,641 22,020
Iris Holding, Inc. (17)(34) First Lien Senior Secured Loan SOFR 4.75 % 10.23 % 6/28/2028 $ 9,875 9,505 9,150
Containers, Packaging & Glass Total $ 32,146 $ 31,170 204.1 %
FIRE: Finance
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan - Delayed Draw SOFR 5.50 % 10.96 % 12/23/2026 $ 2,112 2,112 2,090
Allworth Financial Group, L.P. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.50 % 10.96 % 12/23/2026 $ 8,345 8,345 8,261
Congress Wealth (18)(19)(34) First Lien Senior Secured Loan SOFR 6.85 % 12.20 % 6/30/2029 $ 4,719 4,719 4,719
FIRE: Finance Total $ 15,176 $ 15,070 98.7 %
FIRE: Insurance
Margaux Acquisition Inc. (16)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 5.90 % 11.29 % 12/19/2024 $ 9,012 9,012 9,012
Margaux Acquisition Inc. (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.75 % 11.23 % 12/19/2024 $ 11,254 11,254 11,254
Simplicity (18)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.40 % 11.75 % 12/2/2026 $ 19,900 19,393 19,601
FIRE: Insurance Total $ 39,659 $ 39,867 261.1 %
Healthcare & Pharmaceuticals
Apollo Intelligence (12)(18)(19)(35) First Lien Senior Secured Loan SOFR 5.75 % 11.12 % 5/31/2028 $ 10,665 10,585 10,612
CPS Group Holdings, Inc. (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 10.75 % 3/3/2025 $ 19,603 19,574 19,603
HealthDrive (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.10 % 11.46 % 8/20/2029 $ 18,703 18,703 18,703
SunMed Group Holdings, LLC (12)(16)(19) First Lien Senior Secured Loan SOFR 5.60 % 10.96 % 6/16/2028 $ 9,533 9,533 9,533
Healthcare & Pharmaceuticals Total $ 58,395 $ 58,451 382.8 %
High Tech Industries
AMI US Holdings Inc. (3)(12)(15)(19) First Lien Senior Secured Loan - Revolver SOFR — — 4/1/2025 $ — — —
AMI US Holdings Inc. (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 10.71 % 4/1/2025 $ 2,784 2,784 2,784
AMI US Holdings Inc. (3)(12)(15)(19) First Lien Senior Secured Loan - Revolver SOFR — — 4/1/2025 $ — — —
AMI US Holdings Inc. (15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 10.71 % 4/1/2025 $ 6,026 6,026 6,026
Applitools (19)(32) First Lien Senior Secured Loan SOFR 6.25 % 11.61 % 5/25/2029 $ 11,003 10,915 10,811
Element Buyer, Inc. (15)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 6.00 % 11.46 % 7/19/2026 $ 9,974 9,974 9,974
NearMap (18)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.25 % 12.61 % 12/9/2029 $ 16,247 16,071 16,247
Superna Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.50 % 11.88 % 3/6/2028 $ 33,454 33,100 32,283
Ventiv Holdco, Inc. (12)(15)(19)(26) First Lien Senior Secured Loan SOFR 5.60% (1.00% PIK) 11.95 % 9/3/2025 $ 9,891 9,891 9,891
High Tech Industries Total $ 88,761 $ 88,016 576.5 %
Interest Maturity Market % of<br>Members
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Portfolio Company Investment Type Index (1) Spread (1) Rate Date Principal (9) Cost Value Equity (4)
U.S. Dollars
Hotel, Gaming & Leisure
Aimbridge Acquisition Co., Inc. (12)(18)(19) Second Lien Senior Secured Loan SOFR 7.50 % 12.97 % 2/1/2027 $ 6,000 5,701 5,610
Concert Golf Partners Holdco (12)(16)(19)(34) First Lien Senior Secured Loan SOFR 5.50 % 11.25 % 4/2/2029 $ 20,488 20,166 20,488
Pyramid Global Hospitality (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 8.00 % 13.41 % 1/19/2027 $ 15,880 15,496 15,880
Saltoun (7)(12)(18)(19)(26) First Lien Senior Secured Loan — 13.75% PIK 13.75 % 4/11/2028 $ 11,454 11,045 6,071
Hotel, Gaming & Leisure Total $ 52,408 $ 48,049 314.7 %
Retail
New Look (Delaware) Corporation (15)(19)(34) First Lien Senior Secured Loan SOFR 5.65 % 11.00 % 5/26/2028 $ 9,555 9,227 9,316
Thrasio, LLC (7)(12)(15)(19) First Lien Senior Secured Loan SOFR 9.26 % 14.61 % 12/18/2026 $ 9,085 9,085 3,634
Retail Total $ 18,312 $ 12,950 84.8 %
Services: Business
AMCP Clean Acquisition Company, LLC (18)(35) First Lien Senior Secured Loan SOFR 4.40 % 9.79 % 7/10/2025 $ 8,275 7,744 7,812
AMCP Clean Acquisition Company, LLC (18)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 4.40 % 9.79 % 7/10/2025 $ 1,647 1,541 1,554
Avalon Acquiror, Inc. (12)(18)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.25 % 11.60 % 3/10/2028 $ 32,382 32,132 31,492
Refine Intermediate, Inc. (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 4.60 % 9.95 % 3/3/2027 $ 19,712 19,712 19,712
Smartronix (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.85 % 11.57 % 11/23/2028 $ 12,936 12,748 12,807
Smartronix (15)(19)(35) First Lien Senior Secured Loan SOFR 6.10 % 11.59 % 11/23/2028 $ 8,750 8,532 8,663
TEI Holdings Inc. (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.25 % 10.76 % 12/23/2026 $ 18,389 18,389 18,389
WCI Gigawatt Purchaser (12)(15)(19)(34) First Lien Senior Secured Loan SOFR 5.76 % 11.13 % 11/19/2027 $ 20,433 20,197 20,229
WCI Gigawatt Purchaser (15)(19)(35) First Lien Senior Secured Loan - Delayed Draw SOFR 5.76 % 11.13 % 11/19/2027 $ 4,748 4,663 4,700
Services: Business Total $ 125,658 $ 125,358 821.0 %
Services: Consumer
Eagle Parent Corp (12)(16) First Lien Senior Secured Loan SOFR 4.25 % 9.60 % 4/2/2029 $ 3,310 3,301 3,286
MZR Buyer, LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.75 % 12.21 % 12/22/2026 $ 27,513 27,453 27,513
Services: Consumer Total $ 30,754 $ 30,799 201.7 %
Telecommunications
Meriplex Communications, Ltd. (16)(19)(34)(35) First Lien Senior Secured Loan SOFR 5.00 % 10.46 % 7/17/2028 $ 14,937 14,753 14,788
Taoglas (15)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.25 % 12.60 % 2/28/2029 $ 18,653 18,354 18,000
Telecommunications Total $ 33,107 $ 32,788 214.8 %
Transportation: Cargo
A&R Logistics, Inc. (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.00 % 11.48 % 5/3/2025 $ 29,230 29,230 29,084
Grammer Purchaser, Inc. (3)(12)(15)(19) First Lien Senior Secured Loan - Revolver SOFR 4.85 % 10.21 % 9/30/2024 $ 237 237 237
Grammer Purchaser, Inc. (12)(15)(19) First Lien Senior Secured Loan SOFR 5.00 % 10.39 % 9/30/2024 $ 3,428 3,428 3,428
Gulf Winds International (18)(19)(34)(35) First Lien Senior Secured Loan SOFR 7.10 % 12.46 % 12/16/2028 $ 14,231 13,938 14,231
Omni Intermediate (15)(19)(34) First Lien Senior Secured Loan SOFR 5.15 % 10.54 % 11/23/2026 $ 7,159 7,159 7,159
Omni Intermediate (12)(15)(19) Second Lien Senior Secured Loan SOFR 9.15 % 14.54 % 12/30/2027 $ 5,000 5,000 5,000
RoadOne (19)(34) First Lien Senior Secured Loan SOFR 6.25 % 11.72 % 12/29/2028 $ 6,969 6,790 6,969
RoadOne (3)(18)(19)(34) First Lien Senior Secured Loan - Delayed Draw SOFR 6.25 % 11.72 % 12/29/2028 $ 1,071 1,068 1,071
Transportation: Cargo Total $ 66,850 $ 67,179 440.0 %
Transportation: Consumer
PrimeFlight Acquisition LLC (12)(15)(19)(34)(35) First Lien Senior Secured Loan SOFR 6.85 % 12.28 % 5/1/2029 $ 19,900 19,351 19,900
Transportation: Consumer Total $ 19,351 $ 19,900 130.3 %
Wholesale
Abracon Group Holding, LLC. (18)(19)(34) First Lien Senior Secured Loan SOFR 6.00 % 11.54 % 7/6/2028 $ 11,850 11,668 10,369
SureWerx (18)(19)(34) First Lien Senior Secured Loan SOFR 6.75 % 12.10 % 12/28/2029 $ 8,302 8,120 8,302
Wholesale Total $ 19,788 $ 18,671 122.3 %
Total $ 893,621 $ 879,930 5762.9 %

  • The investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR”) which reset daily, monthly, quarterly or semiannually. Investments or a portion thereof may bear Payment-in-Kind (“PIK”). For each, the Company has provided the PIK or the spread over SOFR and the current weighted average interest rate in effect at December 31, 2023. Certain investments are subject to a SOFR interest rate floor.

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  • Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.

  • Percentages are based on SLP's net assets (in thousands) of $15,269 as of December 31, 2023.

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  • Loan was on non-accrual status as of December 31, 2023.

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  • The principal amount (par amount) for all debt securities is denominated in U.S. dollars, unless otherwise noted. £ represents Pound Sterling, € represents Euro, NOK represents Norwegian Krone, AUD represents Australian Dollar, CAD represents Canadian Dollar and DKK represents Danish Krone.

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  • Assets or a portion thereof are pledged as collateral for the 2018-1 Issuer.

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  • Loan includes interest rate floor of 1.00%.

  • Loan includes interest rate floor of 0.75%.

  • Loan includes interest rate floor of 0.50%.

  • Loan includes interest rate floor of 0.00%.

  • Security valued using unobservable inputs (Level 3).

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  • Denotes that all or a portion of the debt investment includes PIK interest during the period.

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  • Loan includes interest rate floor of 1.50%.

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  • Assets or a portion thereof are pledged as collateral for the 2023-1 Issuer.

  • Assets or a portion thereof are pledged as collateral for the MM_23_3 Credit Facility.

Below is the financial information for SLP:

Selected Balance Sheet Information

As of
December 31, 2023
Investments at fair value (amortized cost of 1,138,806 and 893,621, respectively) 1,132,919 $ 879,930
Cash 52,114 10,303
Restricted cash and cash equivalents 254,697 89,516
Prepaid expenses 4,364 4,718
Deferred financing costs (net of accumulated amortization of 0 and 46, respectively) — 654
Interest receivable on investments 9,204 6,808
Receivable for capital call — —
Total assets 1,453,298 $ 991,929
Interest payable on debt 19,321 $ 18,669
Interest payable on subordinated notes 7,399 5,929
Debt (net of unamortized debt issuance costs of 7,537 and 4,628, respectively) 1,132,963 713,494
Subordinated notes payable to members 293,000 232,000
Distributions payable 3,213 5,068
Payable for investments purchased 3,928 —
Accounts payable and accrued expenses 1,503 1,500
Total liabilities 1,461,327 $ 976,660
Members’ deficit (8,029 ) (7,211 )
Noncontrolling interests — 22,480
Total members' equity (deficit) (8,029 ) $ 15,269
Total liabilities and members’ equity 1,453,298 $ 991,929

All values are in US Dollars.

Selected Statement of Operations Information

For the Three Months Ended For the Nine Months Ended
September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Investment income
Interest income $ 35,878 $ 25,002 $ 94,317 $ 62,658
Total investment income 35,878 25,002 94,317 62,658
Expenses
Interest and debt financing expenses 23,666 12,329 59,127 29,185
Interest expense on members' subordinated notes 7,387 5,929 19,429 13,396
Professional fees and other expenses 1,731 1,164 4,795 2,896
Total expenses 32,784 19,422 83,351 45,477
Net investment income 3,094 5,580 10,966 17,181
Net realized and unrealized gains (losses)
Net realized gain (loss) on investments 79 (952 ) (7,702 ) (879 )
Net realized loss on extinguishment of debt — — (1,139 ) —
Net change in unrealized appreciation on investments (1,785 ) 1,383 7,807 (1,992 )
Net gain (loss) on investments (1,706 ) 431 (1,034 ) (2,871 )
Net increase from operations 1,388 6,011 9,932 14,310
Less: net increase (decrease) attributable to noncontrolling interests — (1,055 ) 66 (3,517 )
Net increase in members' capital from operations $ 1,388 $ 4,956 $ 9,998 $ 10,793

Note 4. Fair Value Measurements

Fair Value Disclosures

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of September 30, 2024, according to the fair value hierarchy:

Fair Value Measurements
Investments:
First Lien Senior Secured Loan 7,615 1,513,906 1,521,521
Second Lien Senior Secured Loan 55,358 55,358
Subordinated Debt 46,979 46,979
Preferred Equity 171,277 171,277
Equity Interest 220,178 220,178
Warrants 766 766
Subordinated Note Investment Vehicles (1) 337,224 337,224
Preferred Equity Interest Investment Vehicles (1) 10 10
Equity Interest Investment Vehicles (1) 54,637 54,637
Total Investments 7,615 2,345,688 54,647 2,407,950
Cash equivalents 28,088 28,088
Forward currency exchange contracts (liability) (6,549 ) (6,549 )

All values are in US Dollars.

  • Includes debt and equity investment in ISLP and SLP.
  • In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our preferred equity and equity investments in ISLP and SLP are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and have not been classified in the fair value hierarchy.

The following table presents fair value measurements of investments by major class, cash equivalents and derivatives as of December 31, 2023, according to the fair value hierarchy:

Fair Value Measurements
Measured at
Net Asset
Level 1 Level 2 Level 3 Value (2) Total
Investments:
First Lien Senior Secured Loans $ — $ 21,435 1,442,988 $ — $ 1,464,423
Second Lien Senior Secured Loans — — 68,439 — 68,439
Subordinated Debt — — 45,877 — 45,877
Structured Products — — 22,618 — 22,618
Preferred Equity — — 104,428 — 104,428
Equity Interests — — 221,355 — 221,355
Warrants — — 511 511
Subordinated Notes in Investment Vehicles (1) — — 306,724 — 306,724
Preferred Equity Interests in Investment Vehicles (1) — — (1,793 ) (1,793 )
Equity Interests in Investment Vehicles (1) — — 65,761 65,761
Total Investments $ — $ 21,435 2,212,940 $ 63,968 $ 2,298,343
Cash equivalents $ 73,670 $ — — $ — $ 73,670
Forward currency exchange contracts (liability) $ — $ (2,260 ) — $ — $ (2,260 )

All values are in US Dollars.

  • Includes debt and equity investments in ISLP and SLP
  • In accordance with ASC Subtopic 820‑10, Fair Value Measurements and Disclosures, or ASC 820‑10, our equity investment in ISLP and SLP is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and have not been classified in the fair value hierarchy.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 2024:

First Lien Second Lien Subordinated
Senior Senior Notes in
Secured Equity Secured Investment Structured Preferred Subordinated Total
Loans Interests Loans Vehicles (1) Products Equity Debt Warrants Investments
Balance as of January 1, 2024 $ 1,442,988 $ 221,355 $ 68,439 $ 306,724 $ 22,618 $ 104,428 $ 45,877 $ 511 $ 2,212,940
Purchases of investments and other adjustments to cost 923,099 24,344 — 30,500 — 56,922 273 — 1,035,138
Paid-in-kind interest income 16,130 — 268 — — 400 1,924 — 18,722
Net accretion of discounts (amortization of premiums) 3,470 133 (29 ) — — — 106 — 3,680
Principal repayments and sales of investments (878,391 ) (18,900 ) (8,774 ) — (22,414 ) (3,470 ) — — (931,949 )
Net change in unrealized appreciation on investments 10,883 (10,663 ) (4,560 ) — 1,433 10,634 (1,201 ) 257 6,783
Net realized gain (loss) on investments (4,273 ) 3,909 14 — (1,637 ) 2,363 — (2 ) 374
Balance as of September 30, 2024 $ 1,513,906 $ 220,178 $ 55,358 $ 337,224 $ — $ 171,277 $ 46,979 $ 766 $ 2,345,688
Change in unrealized appreciation attributable to investments still held at September 30, 2024 $ 2,159 $ (4,000 ) $ (4,567 ) $ — $ — $ 14,215 $ (1,201 ) $ 256 $ 6,862
  • Represents debt investment in ISLP and SLP.

Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the nine months ended September 30, 2024, transfers from Level 2 to Level 3, if any, were primarily due to decreased price transparency. For the nine months ended September 30, 2024, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the twelve months ended December 31, 2023:

First Lien Second Lien Subordinated
Senior Senior Notes in
Secured Equity Secured Investment Structured Preferred Subordinated Total
Loans Interests Loans Vehicles (1) Products Equity Debt Warrants Investments
Balance as of January 1, 2023 $ 1,554,258 $ 210,689 $ 93,950 $ 237,974 $ 22,763 $ 80,945 $ 43,922 $ 524 $ 2,245,025
Purchases of investments and other adjustments to cost 691,211 19,868 — 68,750 — 40,331 — — 820,160
Paid-in-kind interest 20,521 — 272 — — — 1,516 — 22,309
Net accretion of discounts (amortization of premiums) 4,288 — 327 — — — 131 — 4,746
Principal repayments and sales of investments (815,383 ) (3,347 ) (28,157 ) — — (29,677 ) — — (876,564 )
Net change in unrealized appreciation on investments 36,970 (6,648 ) 2,861 — (145 ) (6,177 ) 308 (13 ) 27,156
Net realized gains (losses) on investments (56,396 ) 793 (814 ) — — 19,006 — — (37,411 )
Transfers to Level 3 7,519 — — — — — — — 7,519
Balance as of December 31, 2023 $ 1,442,988 $ 221,355 $ 68,439 $ 306,724 $ 22,618 $ 104,428 $ 45,877 $ 511 $ 2,212,940
Change in unrealized appreciation attributable to investments still held at December 31, 2023 $ 2,726 $ (5,708 ) $ (456 ) $ — $ (145 ) $ (6,177 ) $ 308 $ 112 $ (9,340 )
  • Represents debt investment in ISLP and SLP.

Transfers between levels, if any, are recognized at the beginning of the year in which transfers occur. For the twelve months ended December 31, 2023, transfers from Level 2 to Level 3 were primarily due to decreased price transparency. For the twelve months ended December 31, 2023, transfers from Level 3 to Level 2, if any, were primarily due to increased price transparency.

Significant Unobservable Inputs

ASC 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. Disclosure of this information is not required in circumstances where a valuation (unadjusted) is obtained from a third-party pricing service and the information regarding the unobservable inputs is not reasonably available to the Company and as such, the disclosures provided below exclude those investments valued in that manner.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of September 30, 2024 were as follows:

As of September 30, 2024
Significant Range of Significant
Fair Value of Unobservable Unobservable Inputs
Level 3 Assets (1) Valuation Technique Inputs (Weighted Average (2))
First Lien Senior Secured Loans $ 1,138,484 Discounted cash flows Comparative Yields 7.9 % — 18.8 % (10.8%)
First Lien Senior Secured Loans 41,563 Comparable company multiple EBITDA Multiple 6.8 x — 10.0 x (7.9x)
First Lien Senior Secured Loans 21,939 Comparable company multiple Revenue Multiple 2.8 x
First Lien Senior Secured Loans 7,339 Discounted cash flows Discount Rate 16.3 %
First Lien Senior Secured Loans 10,635 Collateral coverage Recovery Rate 100.0 %
Second Lien Senior Secured Loans 54,730 Discounted cash flows Comparative Yields 12.8 % — 13.0 % (12.9%)
Second Lien Senior Secured Loans 628 Comparable company multiple EBITDA Multiple 10.0 x
Subordinated Notes in Investment Vehicles 337,224 Collateral coverage Recovery Rate 100.0 %
Subordinated Debt 46,706 Discounted cash flows Comparative Yields 12.1 % — 16.0 % (15.5%)
Equity Interests 126,484 Discounted cash flows Discount Rate 13.4 % — 16.4 % (15.1%)
Equity Interests 64,241 Comparable company multiple EBITDA Multiple 6.5 x — 24.3 x (12.2x)
Equity Interests 9,205 Comparable company multiple Revenue Multiple 0.7 x — 15.3 x (7.0x)
Preferred equity 68,313 Comparable company multiple EBITDA Multiple 5.8 x — 14.5 x (10.9x)
Preferred equity 44,267 Comparable company multiple Revenue Multiple 4.0 x — 8.5 x (7.2x)
Preferred equity 16,562 Discounted cash flows Comparative Yields 13.3 % — 15.9 % (15.2%)
Preferred equity 3,150 Discounted cash flows Discount Rate 13.0 %
Warrants 766 Discounted cash flows Discount Rate 25.0 %
Total investments $ 1,992,236
  • Included within the Level 3 assets of $2,345,688 is an amount of $353,452 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).
  • Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of September 30, 2024. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of December 31, 2023 were as follows:

As of December 31, 2023
Significant Range of Significant
Fair Value of Unobservable Unobservable Inputs
Level 3 Assets (1) Valuation Technique Inputs (Weighted Average (2))
First Lien Senior Secured Loans $ 1,238,070 Discounted cash flows Comparative Yields 5.9 % — 22.0 % (11.8%)
First Lien Senior Secured Loans 66,833 Comparable company multiple EBITDA Multiple 0.4 x — 23.0 x (14.2x)
First Lien Senior Secured Loans 76,044 Comparable company multiple EBITDA Multiple 7.8 x
Probably weighting of alternative outcomes 25.0 % — 75.0 %
First Lien Senior Secured Loans 9,975 Discounted cash flows Discount Rate 15.2 %
First Lien Senior Secured Loans 11,344 Collateral coverage Recovery Rate 100.0 %
Second Lien Senior Secured Loans 68,439 Discounted cash flows Comparative Yields 12.1 % — 23.5 % (14.6%)
Subordinated Notes in Investment Vehicles 306,724 Collateral coverage Recovery Rate 100.0 %
Subordinated Debt 45,877 Discounted cash flows Comparative Yields 13.3 % — 14.4 % (14.3%)
Structured Products 22,618 Discounted cash flows Comparative Yields 14.5 %
Equity Interests 133,493 Discounted cash flows Discount Rate 13.4 % — 16.4 % (15.4%)
Equity Interests 65,820 Comparable company multiple EBITDA Multiple 5.5 x — 24.5 x (11.7x)
Equity Interests 10,280 Comparable company multiple EBITDA Multiple 8.0 x
Probably weighting of alternative outcomes 25.0 % — 75.0 %
Preferred equity 51,143 Comparable company multiple EBITDA Multiple 4.6 x — 23.0 x (10.5x)
Preferred equity 4,990 Discounted cash flows Comparative Yields 11.6 %
Preferred equity 6,505 Discounted cash flows Discount Rate 18.0 %
Warrants 511 Comparable company multiple EBITDA Multiple 8.0 x — 23.0 x (9.8x)
Total investments $ 2,118,666
  • Included within the Level 3 assets of $2,212,940 is an amount of $94,274 for which the Advisor did not develop the unobservable inputs for the determination of fair value (examples include single source quotation and prior or pending transactions such as investments originated in the quarter or imminent payoffs).
  • Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

The Company used the income approach and market approach to determine the fair value of certain Level 3 assets as of December 31, 2023. The significant unobservable inputs used in the income approach are the comparative yield and discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value. The significant unobservable inputs used in the market approach are the comparable company multiple and the recovery rate. The multiple is used to estimate the enterprise value of the underlying investment. An increase/ decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The recovery rate represents the extent to which proceeds can be recovered. An increase/decrease in the recovery rate would result in an increase/decrease, respectively, in the fair value.

Debt Not Carried at Fair Value

Fair value is estimated by using market quotations or discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. If the Company’s debt obligations were carried at fair value, the fair value and level would have been as follows:

As of
Level September 30, 2024 December 31, 2023
2019-1 Debt 2 $ 352,830 $ 343,136
March 2026 Notes 2 289,234 279,596
October 2026 Notes 2 284,736 270,903
Sumitomo Credit Facility 3 353,699 311,000
Total Debt $ 1,280,499 $ 1,204,635

Note 5. Related Party Transactions

Investment Advisory Agreement

The Company entered into the first amended and restated investment advisory agreement as of November 14, 2018 (the “Prior Advisory Agreement”) with the Advisor, pursuant to which the Advisor manages the Company’s investment program and related activities. On November 28, 2018, the Board, including a majority of the Independent Directors, approved a second amended and restated advisory agreement (the “Amended Advisory Agreement”) between the Company and the Advisor. On February 1, 2019, Shareholders approved the Amended Advisory Agreement which replaced the Prior Advisory Agreement.

Base Management Fee

The Company pays the Advisor a base management fee (the “Base Management Fee”), accrued and payable quarterly in arrears. The Base Management Fee is calculated at an annual rate of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuance or repurchases by the Company during a calendar quarter. The Base Management Fee for any partial quarter will be appropriately prorated. Effective February 1, 2019, the base management fee has been revised to a tiered management fee structure so that the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio down to 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%.

For the three months ended September 30, 2024 and 2023, management fees were $8.9 million and $9.1 million, respectively. For the nine months ended September 30, 2024 and 2023, management fees were $26.5 million and $27.2 million, respectively.

As of September 30, 2024 and December 31, 2023, $8.9 million and $8.9 million, respectively, remained payable related to the base management fee accrued in base management fee payable on the consolidated statements of assets and liabilities.

Incentive Fee

The incentive fee consists of two parts that are determined independently of each other such that one component may be payable even if the other is not.

The first part, the Incentive Fee based on income is calculated and payable quarterly in arrears as detailed below.

The second part, the capital gains incentive fee, is determined and payable in arrears as detailed below.

Incentive Fee on Pre-Incentive Fee Net Investment Income

Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the Base Management Fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount (“OID”), debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.

Pre-incentive fee net investment income does not include any realized or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Because of the structure of the incentive fee, it is possible that the Company may pay an incentive fee in a quarter where the Company incurs a loss. For example, if the Company receives pre-incentive fee net investment income in excess of the Hurdle rate for a quarter, the Company will pay the applicable incentive fee even if the Company has incurred a loss in that quarter due to realized and unrealized capital losses.

The incentive fee based on income is calculated and payable quarterly in arrears based on the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (the “Trailing Twelve Quarters”). This calculation is referred to as the “Three-Year Lookback.”

Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Amount” equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Hurdle Amount will be calculated after making appropriate adjustments to our NAV at the beginning of each applicable calendar quarter for our subscriptions (which shall include all issuances by us of shares of our Common Stock, including issuances pursuant to the Company’s dividend reinvestment plan) and distributions during the applicable calendar quarter.

The quarterly incentive fee based on income is calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.” The incentive fee based on income that is paid to the Advisor in respect of a particular calendar quarter will equal the Excess Income Amount less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

The incentive fee based on income for each calendar quarter is determined as follows:

  • No incentive fee based on income is payable to the Advisor for any calendar quarter for which there is no Excess Income Amount;
  • 100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount, but is less than or equal to an amount, which the Company refers to as the “Catch-up Amount,” determined as the sum of 1.8182% multiplied by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters; and
  • 17.5% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.

Incentive Fee Cap

The incentive fee based on income is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in respect of any calendar quarter is an amount equal to 17.5% of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters less the aggregate incentive fees based on income that were paid to the Advisor in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

“Cumulative Net Return” during the relevant Trailing Twelve Quarters means (x) the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no incentive fee based on income to the Advisor in respect of that quarter. If, in any quarter, the Incentive Fee Cap for such quarter is a positive value but is less than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the Incentive Fee Cap in respect of such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the incentive fee based on income that is payable to the Advisor for such quarter calculated as described above, the Company will pay an incentive fee based on income to the Advisor equal to the incentive fee calculated as described above for such quarter without regard to the Incentive Fee Cap.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in respect of such period and (ii) aggregate capital gains, whether realized or unrealized, in respect of such period.

For the three months ended September 30, 2024 and 2023, the Company incurred $7.0 million and $3.0 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the consolidated statements of operations.

For the nine months ended September 30, 2024 and 2023, the Company incurred $24.2 million and $18.1 million, respectively, of income incentive fees (before waivers), which are included in incentive fees on the consolidated statements of operations.

As of September 30, 2024 and December 31, 2023, there was $7.0 million and $7.3 million, respectively, related to the income incentive fee accrued in incentive fee payable on the consolidated statements of assets and liabilities.

The Amended Advisory Agreement approved by Stockholders on February 1, 2019 incorporates (i) a three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable three-year lookback period.

Annual Incentive Fee Based on Capital Gains

The second part of the incentive fee is a capital gains incentive fee that will be determined and payable in arrears in cash as of the end of each fiscal year (or upon termination of the Amended Advisory Agreement, as of the termination date), and equals to 17.5% of our realized capital gains as of the end of the fiscal year. In determining the capital gains incentive fee payable to the Advisor, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since our inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the cost of such investment. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the cost of such investment. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. If this number is positive at the end of such year, then the capital gains incentive fee for such year will equal to 17.5% of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of our portfolio in all prior years.

There was no capital gains incentive fee payable to the Advisor under the Amended Advisory Agreement as of September 30, 2024 and December 31, 2023.

US GAAP requires that the incentive fee accrual consider the cumulative aggregate unrealized capital appreciation of investments or other financial instruments in the calculation, as an incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Amended Advisory Agreement (“GAAP Incentive Fee”). There can be no assurance that such unrealized appreciation will be realized in the future. Accordingly, such fee, as calculated and accrued, would not necessarily be payable under the Amended Advisory Agreement, and may never be paid based upon the computation of incentive fees in subsequent period.

For the three months ended September 30, 2024 and 2023, the Company accrued $0.0 million and $0.0 million of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the consolidated statements of operations. For the nine months ended September 30, 2024 and 2023, the Company accrued $0.0 million and $0.0 million of incentive fees related to the GAAP Incentive Fee, which is included in incentive fees on the consolidated statements of operations. As of September 30, 2024 and December 31, 2023, there was $0.0 million and $0.0 million related to the GAAP Incentive Fee accrued in incentive fee payable on the consolidated statements of assets and liabilities, respectively.

Administration Agreement

The Company has entered into an administration agreement (the “Administration Agreement”) with the advisor, pursuant to which the Administrator will provide the administrative services necessary for us to operate, and the Company will utilize the Administrator’s office facilities, equipment and recordkeeping services. Pursuant to the Administration Agreement, the Administrator has agreed to oversee our public reporting requirements and tax reporting and monitor our expenses and the performance of professional services rendered to us by others. The Administrator has also hired a sub-administrator to assist in the provision of administrative services. The Company will reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to the business and affairs of the Company, and will be subject to oversight by the Board.

The Company incurred expenses related to the Administrator of $0.7 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Company incurred expenses related to the Administrator of $1.8 million and $0.8 million for the nine

months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. As of September 30, 2024 and December 31, 2023, respectively, there were $0.7 million and $0.4 million related to the Administrator that were payable and included in “accounts payable and accrued expenses” in the consolidated statements of assets and liabilities. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. The Company incurred expenses related to the sub-administrator of $0.1 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Company incurred expenses related to the sub-administrator of $0.4 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Administrator will not seek reimbursement in the event that any such reimbursements would cause any distributions to our stockholders to constitute a return of capital. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties and the Company will reimburse the expenses of these parties incurred and paid by the Advisor on our behalf.

Resource Sharing Agreement

The Company’s investment activities are managed by the Advisor, an investment adviser that is registered with the SEC under the Advisers Act. The Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.

The Advisor has entered into a Resource Sharing Agreement (the “Resource Sharing Agreement”) with Bain Capital Credit, LP (“Bain Capital Credit”), pursuant to which Bain Capital Credit provides the Advisor with experienced investment professionals (including the members of the Advisor’s Credit Committee) and access to the resources of Bain Capital Credit so as to enable the Advisor to fulfill its obligations under the Amended Advisory Agreement. Through the Resource Sharing Agreement, the Advisor intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Bain Capital Credit’s investment professionals. There can be no assurance that Bain Capital Credit will perform its obligations under the Resource Sharing Agreement. The Resource Sharing Agreement may be terminated by either party on 60 days’ notice, which if terminated may have a material adverse consequence on the Company’s operations.

Co-investments

The Company will invest alongside our affiliates, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments will be made only in accordance with the terms of the exemptive order the Company received from the SEC initially on August 23, 2016, as amended on March 23, 2018 and December 22, 2021 (the “Order”). Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board’s approved criteria. In certain situations where co-investment with one or more funds managed by the Advisor or its affiliates is not covered by the Order, the personnel of the Advisor or its affiliates will need to decide which funds will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Revolving Advisor Loan

On March 27, 2020, the Company entered into an unsecured revolving loan agreement (the “Revolving Advisor Loan”) with the Advisor. The Revolving Advisor Loan had a maximum credit limit of $50.0 million and matured on March 27, 2023. The Revolving Advisor Loan accrued interest at the Applicable Federal Rate from the date of such loan until the loan was repaid in full. Please see Note 6 for additional details.

Related Party Commitments

As of September 30, 2024 and December 31, 2023, the Advisor held 14,064.30 and 449,699.30 shares of the Company’s common stock, respectively. An affiliate of the Advisor is the investment manager to certain pooled investment vehicles which are investors in the Company. These investors held 13,541,810.66 and 12,875,920.66 shares of the Company at September 30, 2024 and December 31, 2023, respectively.

Non-Controlled/Affiliate and Controlled Affiliate Investments

Transactions during the nine months ended September 30, 2024 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to Control are as follows:

Portfolio Company
Non-Controlled/affiliate investment
ADT Pizza, LLC Equity Interest (1) 12,801 — — (3,403 ) — 9,398 (54 ) —
Ansett Aviation Training First Lien Senior Secured Loan 4,817 — — 90 — 4,907 290 —
Ansett Aviation Training Equity Interest (1) 7,516 — — 2,151 — 9,667 — —
BCC Middle Market CLO 2018-1, LLC Equity Interest 22,618 — (22,415 ) 1,433 (1,636 ) — 821 —
Blackbrush Oil & Gas, L.P. Equity Interest (1) 1 — — (1 ) — — (28 ) —
Blackbrush Oil & Gas, L.P. Preferred Equity (1) 3,498 — (3,470 ) (2,391 ) 2,363 — — —
DC Blox Preferred Equity — — — 5,435 — 5,435 13 —
DC Blox Preferred Equity — 37,842 — — — 37,842 67 —
DC Blox Preferred Equity — 3,851 — 1,596 — 5,447 10 —
DC Blox Equity Interest (1) — — — — — — — —
Direct Travel, Inc First Lien Senior Secured Loan 4,841 — (4,841 ) — — — 138 —
Direct Travel, Inc First Lien Senior Secured Loan - Delayed Draw 3,500 — (3,500 ) — — — 100 —
Direct Travel, Inc First Lien Senior Secured Loan - Delayed Draw 1,782 — (1,782 ) — — — 60 —
Direct Travel, Inc First Lien Senior Secured Loan 59,944 — (59,944 ) — — — 2,027 —
Direct Travel, Inc First Lien Senior Secured Loan - Delayed Draw 5,775 — (5,775 ) — — — 151 —
Direct Travel, Inc First Lien Senior Secured Loan 202 — (202 ) — — — 6 —
Direct Travel, Inc Equity Interest (1) 10,280 — (6,999 ) (10,281 ) 7,000 — — —
Walker Edison Equity Interest (1) 421 — — (421 ) — — — —
Walker Edison First Lien Senior Secured Loan (1) 5,972 461 — (3,450 ) — 2,983 384 —
Walker Edison First Lien Senior Secured Loan - Revolver 3,182 — — — — 3,182 260 —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) — 1,862 — (1,093 ) — 769 47 —
Walker Edison First Lien Senior Secured Loan - Delayed Draw (1) 821 52 — (468 ) — 405 52 —
Total Non-Controlled/affiliate investment 147,971 44,068 (108,928 ) (10,803 ) 7,727 80,035 4,344 —
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles 115,995 30,500 — — — 146,495 9,823 —
Bain Capital Senior Loan Program, LLC Preferred Equity Interest Investment Vehicles (1,793 ) — — 1,803 — 10 1,623 —
Bain Capital Senior Loan Program, LLC Equity Interest Investment Vehicles (379 ) — — (1,460 ) — (1,839 ) 4,598 —
BCC Jetstream Holdings Aviation (On II), LLC First Lien Senior Secured Loan (1) 6,619 — — 3 — 6,622 — —
BCC Jetstream Holdings Aviation (On II), LLC Equity Interest (1) — — — — — — — —
BCC Jetstream Holdings Aviation (Off I), LLC Equity Interest 10,944 — — (51 ) — 10,893 — —
Gale Aviation (Offshore) Co Equity Interest 88,419 — (11,900 ) (1,518 ) — 75,001 8,599 —
International Senior Loan Program, LLC Equity Interest Investment Vehicles 66,140 — — (9,664 ) — 56,476 5,703 —
International Senior Loan Program, LLC Subordinated Note Investment Vehicles 190,729 — — — — 190,729 19,125 —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) 810 90 — — — 900 — —
Legacy Corporate Lending HoldCo, LLC Preferred Equity (1) 34,875 2,025 — — — 36,900 — —
Legacy Corporate Lending HoldCo, LLC Equity Interest (1) — — — — — — — —
Lightning Holdings B, LLC Equity Interest (1) 44,653 3,637 — 3,193 — 51,483 — —
Total Controlled affiliate investment 557,012 36,252 (11,900 ) (7,694 ) — 573,670 49,471 —
Total 704,983 80,320 (120,828 ) (18,497 ) 7,727 653,705 53,815 —

All values are in US Dollars.

(1) Non-income producing.

Transactions during the year ended December 31, 2023 in which the issuer was either an Affiliated Person or an Affiliated Person that the Company is deemed to Control are as follows:

Fair Value Fair Value
as of Change in Realized as of Dividend,
December 31, Gross Gross Unrealized Gains December 31, Interest, and Other
Portfolio Company 2022 Additions Reductions Appreciation (Losses) 2023 PIK Income Income
Non-Controlled/affiliate investment
ADT Pizza, LLC, Equity Interest (1) $ 14,581 $ 11 $ — $ (1,791 ) $ — $ 12,801 $ — $ —
Ansett Aviation Training First Lien Senior Secured Loan 4,818 — — (1 ) — 4,817 376 —
Ansett Aviation Training Equity Interest (1) 5,310 — — 2,206 — 7,516 (159 ) —
BCC Middle Market CLO 2018-1, LLC. Equity Interest 22,763 — — (145 ) — 22,618 4,814 —
Blackbrush Oil & Gas, L.P. First Lien Senior Secured Loan 9,040 139 (9,178 ) (1 ) — — 978 —
Blackbrush Oil & Gas, L.P. Equity Interest (1) — — — 1 — 1 — —
Blackbrush Oil & Gas, L.P. Preferred Equity (1) 30,785 — (29,677 ) (16,616 ) 19,006 3,498 — —
Direct Travel, Inc. First Lien Senior Secured Loan 4,841 — — — — 4,841 574 —
Direct Travel, Inc. First Lien Senior Secured Loan - Delayed Draw 3,440 60 — — — 3,500 444 —
Direct Travel, Inc. First Lien Senior Secured Loan - Delayed Draw 1,741 41 — — — 1,782 221 —
Direct Travel, Inc. First Lien Senior Secured Loan 58,721 1,223 — — — 59,944 8,240 —
Direct Travel, Inc. First Lien Senior Secured Loan - Delayed Draw 4,125 1,650 — — — 5,775 583 —
Direct Travel, Inc. First Lien Senior Secured Loan 202 — — — — 202 25 —
Direct Travel, Inc. Equity Interest (1) 13,033 — — (2,753 ) — 10,280 — —
Walker Edison First Furniture Company LLC Equity Interest (1) — 5,592 — (5,171 ) — 421 — —
Walker Edison First Furniture Company LLC First Lien Senior Secured Loan — 5,972 — — — 5,972 555 —
Walker Edison First Furniture Company LLC First Lien Senior Secured Loan - Revolver — 3,182 — — — 3,182 330 —
Walker Edison First Furniture Company LLC First Lien Senior Secured Loan - Delayed Draw — 821 — — — 821 32 —
Total Non-Controlled/affiliate investment $ 173,400 $ 18,691 $ (38,855 ) $ (24,271 ) $ 19,006 $ 147,971 $ 17,013 $ —
Controlled affiliate investment
Bain Capital Senior Loan Program, LLC Subordinated Note Investment Vehicles $ 50,995 $ 65,000 $ — $ — $ — $ 115,995 $ 9,626 $ —
Bain Capital Senior Loan Program, LLC Class A Preferred Equity Interests Investment Vehicles (644 ) — — (1,149 ) — (1,793 ) 2,623 —
Bain Capital Senior Loan Program, LLC Class B Equity Interests Investment Vehicles 3,347 — — (3,726 ) — (379 ) 7,433 —
BCC Jetstream Holdings Aviation (On II), LLC, First Lien Senior Secured Loan (1) 6,400 — — 219 — 6,619 (1,010 ) —
BCC Jetstream Holdings Aviation (On II), LLC, Equity Interest (1) — — — — — — — —
BCC Jetstream Holdings Aviation (Off I), LLC, Equity Interest (1) 10,388 — — 556 — 10,944 — —
Gale Aviation (Offshore) Co, Equity Interest 91,326 — (1,155 ) (1,752 ) — 88,419 12,352 —
International Senior Loan Program, LLC, Equity Interest Investment Vehicle 62,630 1,250 — 2,260 — 66,140 8,736 —
International Senior Loan Program, LLC, Subordinated Note Investment Vehicle 186,979 3,750 — — — 190,729 25,161 —
Legacy Corporate Lending HoldCo, LLC Class A Common Equity (1) — 810 — — — 810 — —
Legacy Corporate Lending HoldCo, LLC Preferred Equity (1) — 34,875 — — — 34,875 (225 ) —
Legacy Corporate Lending HoldCo, LLC Class B Common Equity (1) — — — — — — — —
Lightning Holdings Equity Interest (1) 27,209 9,635 — 7,809 — 44,653 — —
Total Controlled affiliate investment $ 438,630 $ 115,320 $ (1,155 ) $ 4,217 $ — $ 557,012 $ 64,696 $ —
Total $ 612,030 $ 134,011 $ (40,010 ) $ (20,054 ) $ 19,006 $ 704,983 $ 81,709 $ —

(1) Non-income producing.

Note 6. Debt

In accordance with applicable SEC staff guidance and interpretations, as a BDC, with certain exceptions, effective February 2, 2019, the Company is permitted to borrow amounts such that its asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. As of September 30, 2024 and December 31, 2023, the Company’s asset coverage ratio based on aggregated borrowings outstanding was 187.8% and 189.9%, respectively.

The Company’s outstanding borrowings as of September 30, 2024 and December 31, 2023 were as follows:

As of September 30, 2024 As of December 31, 2023
2019-1 Debt 352,500 352,500 351,326 352,500 352,500 351,229
March 2026 Notes 300,000 300,000 298,371 300,000 300,000 297,522
October 2026 Notes 300,000 300,000 297,211 300,000 300,000 296,182
Sumitomo Credit Facility (2) 855,000 353,699 353,699 665,000 311,000 311,000
Total Debt 1,807,500 1,306,199 1,300,607 1,617,500 1,263,500 1,255,933

All values are in US Dollars.

  • Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
  • On January 26, 2022, Gale Aviation (Offshore) Co investment, a controlled affiliate investment of the Company, entered into a letter of credit agreement with Sumitomo Mitsui Banking Corporation for $14.7 million. On October 2, 2023, $4.0 million of the letter of credit agreement was terminated. On July 4, 2024, the remaining $10.7 million of the letter of credit agreement was terminated.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2024 and year ended December 31, 2023 were 5.1% and 5.2%, respectively.

The combined weighted average borrowings outstanding for the nine months ended September 30, 2024 and year ended December 31, 2023 were $1.3 billion and $1.4 billion, respectively.

The following table shows the contractual maturities of our debt obligations as of September 30, 2024:

Payments Due by Period
Less than More than
5 years
2019-1 Debt 352,500 — — — $ 352,500
March 2026 Notes 300,000 — 300,000 — —
October 2026 Notes 300,000 — 300,000 — —
Sumitomo Credit Facility 353,699 — — 353,699 —
Total Debt Obligations 1,306,199 — 600,000 353,699 $ 352,500

All values are in US Dollars.

2019‑1 Debt

On August 28, 2019, the Company, through BCC Middle Market CLO 2019‑1 LLC (the “2019‑1 Issuer”), a Cayman Islands limited liability company and a wholly-owned and consolidated subsidiary of the Company, and BCC Middle Market CLO 2019‑1 Co-Issuer, LLC (the “Co-Issuer” and, together with the Issuer, the “Co-Issuers”), a Delaware limited liability company, completed its $501.0 million term debt securitization (the “2019‑1 CLO Transaction”). The notes issued in connection with the 2019‑1 CLO Transaction (the “2019‑1 Notes”) are secured by a diversified portfolio of the Co-Issuers consisting primarily of middle market loans, the majority of which are senior secured loans (the “2019‑1 Portfolio”). The Co-Issuers also issued Class A‑1L Loans (the “Loans” and, together with the 2019‑1 Notes, the “2019‑1 Debt”). The Loans are also secured by the 2019‑1 Portfolio. At the 2019‑1 closing date, the 2019‑1 Portfolio was comprised of assets transferred from the Company and its consolidated subsidiaries. All transfers were eliminated in consolidation and there were no realized gains or losses recognized in the 2019‑1 CLO Transaction.

On November 30, 2021, the Co-Issuers refinanced the 2019‑1 CLO Transaction through a private placement of $410 million of senior secured and senior deferrable notes consisting of: (i) $282.5 million of Class A‑1‑R Senior Secured Floating Rate Notes, which currently bear interest at the applicable reference rate plus 1.50% per annum; (ii) $55 million of Class A‑2‑R Senior Secured Floating Rate Notes, which bear interest at the applicable reference rate plus 2.00% per annum; (iii) $47.5 million of Class B-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 2.60% per annum; and (iv) $25.0 million of Class C-R Senior Deferrable Floating Rate Notes, which bear interest at the applicable reference rate plus 3.75% per annum (collectively, the “2019‑1 CLO Reset Notes”). As part of the transactions, the 2019-1 Issuer was redomiciled from Cayman to Jersey. The 2019‑1 CLO Reset Notes are scheduled to mature on October 15, 2033 and the reinvestment period ends October 15, 2025. The Company retained $32.5 million of the Class B-R Notes and $25.0 million of the Class C-R Notes. The retained notes by the Company are eliminated in consolidation. The transaction resulted in a realized loss on the extinguishment of debt of $2.3 million from the acceleration of

unamortized debt issuance costs. The obligations of the 2019-1 Issuer under the 2019-1 CLO Transaction are non-recourse to the Company.

On June 15, 2023, the Company entered into a Second Supplemental Indenture (“2019-1 Supplemental Indenture”), dated as of June 15, 2023, pursuant to Section 8.1(xxxi) of the Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LTD, as issuer, and Wells Fargo Bank, National Association, as trustee. The 2019-1 Supplemental Indenture provides for, among other things, an adoption of an alternate reference rate of Term

SOFR

plus 0.26%, effective July 1, 2023. The 2019‑1 CLO Reset Notes was executed through a private placement of the following 2019‑1 Debt:

Interest rate at
2019-1 Debt Principal Amount Spread above Index September 30, 2024
Class A-1-R $ 282,500 1.50 % + 3 Month SOFR 7.06 %
Class A-2-R 55,000 2.00 % + 3 Month SOFR 7.56 %
Class B-R 15,000 2.60 % + 3 Month SOFR 8.16 %
Total 2019-1 Debt 352,500
Membership Interests 102,250 Non-interest bearing Not applicable
Total $ 454,750

The Company serves as portfolio manager of the 2019‑1 Issuer pursuant to a portfolio management agreement between the Company and the 2019‑1 Issuer. For so long as the Company serves as portfolio manager, the Company will not charge any management fee or subordinated interest to which it may be entitled.

During the reinvestment period, pursuant to the indenture and loan agreement governing the 2019‑1 Notes and Loans, respectively, all principal collections received on the underlying collateral may be used by the 2019‑1 Issuer to purchase new collateral under the direction of the Company in its capacity as portfolio manager of the 2019‑1 Issuer and in accordance with the 2019‑1 Issuer investment strategy and the terms of the indenture and loan agreement, as applicable.

The Company has agreed to hold on an ongoing basis the membership interests with an aggregate dollar purchase price at least equal to 5% of the aggregate amount of all obligations issued by the 2019‑1 Co-Issuers for so long as the 2019‑1 Debt remains outstanding.

The 2019‑1 Issuer pays ongoing administrative expenses to the trustee, independent accountants, legal counsel, rating agencies and independent managers in connection with developing and maintaining reports, and providing required services in connection with the administration of the 2019‑1 Issuer.

As of September 30, 2024, there were 56 first lien senior secured loans with a total fair value of approximately $470.8 million and cash of $23.6 million securing the 2019-1 Debt. As of December 31, 2023, there were 49 first lien and second lien senior secured loans with a total fair value of approximately $453.7 million and cash of $52.8 million securing the 2019-1 Debt. Assets that are pledged as collateral for the 2019-1 Debt are not directly available to the creditors of the Company to satisfy any obligations of the Company other than the Company’s obligations under the indenture and loan agreement governing the 2019-1 Debt. The creditors of the 2019-1 Co-Issuers have received security interests in such assets and such assets are not intended to be available to the creditors of the Company (or an affiliate of the Company). The 2019-1 Portfolio must meet certain requirements, including asset mix and concentration, term, agency rating, collateral coverage, minimum coupon, minimum spread and sector diversity requirements in the indenture and loan agreement governing the 2019-1 Debt. As of September 30, 2024, the Company was in compliance with its covenants related to the 2019-1 Debt.

Costs of the offering of $1.5 million were incurred in connection with the 2019‑1 CLO Reset Notes which have been recorded as debt issuance costs and presented as a reduction to the outstanding principal amount of the 2019‑1 Debt on the consolidated statements of assets and liabilities and are being amortized over the life using the effective interest method. The balance of the unamortized debt issuance costs was $1.2 million and $1.3 million as of September 30, 2024 and December 31, 2023, respectively.

For the three months ended September 30, 2024 and 2023, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:

For the Three Months Ended September 30,
2024 2023
Borrowing interest expense $ 6,478 $ 6,433
Amortization of deferred financing costs and upfront commitment fees 33 33
Total interest and debt financing expenses $ 6,511 $ 6,466

For the nine months ended September 30, 2024 and 2023, the components of interest expense related to the 2019‑1 Co-Issuers were as follows:

For the Nine Months Ended September 30,
2024 2023
Borrowing interest expense $ 19,333 $ 18,038
Amortization of deferred financing costs and upfront commitment fees 97 97
Total interest and debt financing expenses $ 19,430 $ 18,135

Revolving Advisor Loan

On March 27, 2020, the Company entered into the Revolving Advisor Loan with the Advisor. The Revolving Advisor Loan had a maximum credit limit of $50.0 million and matured on March 27, 2023. The Revolving Advisor Loan accrued interest at the Applicable Federal Rate from the date of such loan until the loan was repaid in full.

For the three and nine months ended September 30, 2024 and 2023, the Revolving Advisor Loan did not incur any interest expense.

March 2026 Notes

On March 10, 2021, the Company and U.S. Bank National Association (the “Trustee”), entered into an Indenture (the “Base Indenture”) and First Supplemental Indenture (the “First Supplemental Indenture,” and together with the Base Indenture, the “Indenture”) between the Company and the Trustee. The First Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.95% notes due 2026 (the “March 2026 Notes”).

The March 2026 Notes will mature on March 10, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The March 2026 Notes bear interest at a rate of 2.95% per year payable semi-annually on March 10th and September 10th of each year, commencing on September 10, 2021. The March 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the March 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The net proceeds to the Company were approximately $294.3 million, after deducting the underwriting discounts and commissions of $4.4 million and offering expenses of $1.3 million.

As of September 30, 2024 and December 31, 2023, the components of the carrying value of the March 2026 Notes were as follows:

September 30, 2024 December 31, 2023
Principal amount of debt $ 300,000 $ 300,000
Unamortized debt issuance cost (934 ) (1,421 )
Original issue discount, net of accretion (695 ) (1,057 )
Carrying value of March 2026 Notes $ 298,371 $ 297,522

For the three months ended September 30, 2024 and 2023, the components of interest expense related to the March 2026 Notes were as follows:

For the Three Months Ended September 30,
2024 2023
Borrowing interest expense $ 2,212 $ 2,213
Amortization of debt issuance cost 164 163
Accretion of original issue discount 121 121
Total interest and debt financing expenses $ 2,497 $ 2,497

For the nine months ended September 30, 2024 and 2023, the components of interest expense related to the March 2026 Notes were as follows:
2024 2023
Borrowing interest expense 6,638 $ 6,638
Amortization of debt issuance cost 487 485
Accretion of original issue discount 362 360
Total interest and debt financing expenses 7,487 $ 7,483

All values are in US Dollars.

October 2026 Notes

On October 13, 2021, the Company and the Trustee entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Indenture between the Company and the Trustee. The Second Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 2.55% notes due 2026 (the “October 2026 Notes,” and together with the March 2026 Notes, the “2026 Notes”).

The October 2026 Notes will mature on October 13, 2026 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The October 2026 Notes bear interest at a rate of 2.55% per year payable semi-annually on April 13 and October 13 of each year, commencing on April 13, 2022. The October 2026 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the October 2026 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

The net proceeds to the Company were approximately $293.1 million, after deducting the underwriting discounts and commissions of $6.2 million and offering expenses of $0.7 million.

As of September 30, 2024 and December 31, 2023, the components of the carrying value of the October 2026 Notes were as follows:

September 30, 2024 December 31, 2023
Principal amount of debt $ 300,000 $ 300,000
Unamortized debt issuance cost (1,487 ) (2,035 )
Original issue discount, net of accretion (1,302 ) (1,783 )
Carrying value of October 2026 Notes $ 297,211 $ 296,182

For the three months ended September 30, 2024 and 2023, the components of interest expense related to the October 2026 Notes were as follows:

For the Three Months Ended September 30,
2024 2023
Borrowing interest expense $ 1,913 $ 1,913
Amortization of debt issuance cost 184 184
Accretion of original issue discount 161 162
Total interest and debt financing expenses $ 2,258 $ 2,259

For the nine months ended September 30, 2024 and 2023, the components of interest expense related to the October 2026 Notes were as follows:
2024 2023
Borrowing interest expense 5,738 $ 5,738
Amortization of debt issuance cost 548 546
Accretion of original issue discount 481 479
Total interest and debt financing expenses 6,767 $ 6,763

All values are in US Dollars.

Sumitomo Credit Facility

On December 24, 2021, the Company entered into a senior secured revolving credit agreement (as amended to date, the “Sumitomo Credit Agreement” or the “Sumitomo Credit Facility”) as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. The Credit Agreement is effective as of December 24, 2021.

The facility amount under the Sumitomo Credit Agreement is $300.0 million with an accordion provision to permit increases to the total facility amount up to $1.0 billion. Proceeds of the loans under the Sumitomo Credit Agreement may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Sumitomo Credit Agreement. The maturity date is December 24, 2026.

On July 6, 2022, the Company entered into the First Amendment to the Sumitomo Credit Agreement. The First Amendment provides for an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $300.0 million to $385.0 million. The First Amendment also replaced the LIBOR benchmark provisions under the Sumitomo Credit Agreement with SOFR benchmark provisions, including applicable credit spread adjustments.

On July 22, 2022, the Company entered into the Increasing Lender/Joinder Lender Agreement (the “Joinder Agreement”), dated as of July 22, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $385.0 million to $485.0 million.

On August 24, 2022, the Company entered into the Second Amendment, which provides for, among other things, an upsize in the total commitments from lenders under the Sumitomo Credit Agreement from $485.0 million to $635.0 million.

On December 14, 2022, the Company entered into a second Increasing Lender/Joinder Lender Agreement (the “Second Joinder Agreement”), dated as of December 14, 2022, pursuant to Section 2.08(e) of the Sumitomo Credit Agreement. The Second Joinder Agreement provides for, among other things, an upsize in the total commitments from lenders under the revolving credit facility governed by the Sumitomo Credit Agreement from $635.0 million to $665.0 million.

On May 20, 2024, the Company entered into the Third Amendment to Senior Secured Revolving Credit Agreement and First Amendment to Guarantee and Security Agreement (the “Third Amendment”), which amends the Sumitomo Credit Agreement. The Third Amendment provides for, among other things, (i) an extension of the revolver availability period from December 24, 2025 to May 19, 2028, (ii) an extension of the scheduled maturity date from December 24, 2026 to May 18, 2029, (iii) the conversion of a portion of the existing revolver availability into term loan availability, (iv) an upsize in the total facility amount from $665,000,000 to $855,000,000, (v) an increase in the accordion provision to permit increases to a total facility amount of up to $1,500,000,000, (vi) the reduction of the credit adjustment spread for term benchmark loans denominated in Dollars, from 0.10% for one-month tenor loans, 0.15% for three-month tenor loans and 0.25% for six-month tenor loans to 0.10% for all loan tenors, and (vii) the joinder of new lenders to the Sumitomo Credit Agreement.

Interest under the Sumitomo Credit Agreement for (i) loans for which the Company elects the base rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at an “alternate base rate” (which is the greater of zero and the highest of (a) the prime rate as published in the print edition of The Wall Street Journal, Money Rates Section, (b) the federal funds effective rate plus 0.5% and (c) the one-month Eurocurrency rate plus 1% per annum) plus 0.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, the alternate base rate plus 0.875% per annum; (ii) loans for which the Company elects the Eurocurrency option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.75% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to the Eurocurrency rate plus 1.875% per annum; and (iii) loans for which the Company elects the risk-free-rate option, (A) if the borrowing base is equal to or greater than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.8693% per annum and (B) if the borrowing base is less than the product of 1.60 and the revolving credit exposure, is payable at a rate equal to risk-free-rate plus 1.9943% per annum. The Company pays a used commitment fee of 37.5 basis points (0.375%) on the average daily unused amount of the dollar commitment.

The Sumitomo Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature. As of September 30, 2024, the Company was in compliance with its covenants related to the Sumitomo Credit Facility.

As of September 30, 2024 and December 31, 2023, there were $353.7 million and $311.0 million of borrowings under the Sumitomo Credit Facility.

For the three months ended September 30, 2024 and 2023, the components of interest expense related to the Sumitomo Credit Facility were as follows:

For the Three Months Ended September 30,
2024 2023
Borrowing interest expense $ 6,079 $ 9,152
Unused facility fee 508 165
Accretion of original issue discount 264 236
Total interest and debt financing expenses $ 6,851 $ 9,553

For the nine months ended September 30, 2024 and 2023, the components of interest expense related to the Sumitomo Credit Facility were as follows:
2024 2023
Borrowing interest expense 17,738 $ 27,271
Unused facility fee 1,262 430
Accretion of original issue discount 1,120 702
Total interest and debt financing expenses 20,120 $ 28,403

All values are in US Dollars.

Note 7. Derivatives

The Company is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by the Company may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency.

The Company may enter into forward currency exchange contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies, as described in Note 2. The fair value of derivative contracts open as of September 30, 2024 and December 31, 2023 is included on the consolidated schedules of investments by contract. The Company had collateral receivable of $9.7 million for September 30, 2024 and collateral receivable of $7.6 million for December 31, 2023 with the counterparties on foreign currency exchange contracts. Collateral amounts posted are included in collateral on forward currency exchange contracts on the consolidated statements of assets and liabilities. Collateral payable is included in collateral payable on forward currency exchange contracts on the consolidated statements of assets and liabilities.

For the three and nine months ended September 30, 2024, the Company’s average U.S. dollar notional exposure to forward currency exchange contracts were $126.8 million and $129.0 million, respectively.

For the three and nine months ended September 30, 2023 the Company's average U.S. dollar notional exposure to forward currency exchange contracts were $199.5 million and $192.1 million, respectively.

By using derivative instruments, the Company is exposed to the counterparty’s credit risk—the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company’s exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the consolidated statements of assets and liabilities. The Company minimizes counterparty credit risk through credit monitoring procedures, executing master netting arrangements and managing margin and collateral requirements, as appropriate.

The Company presents forward currency exchange contracts on a net basis by counterparty on the consolidated statements of assets and liabilities. The Company has elected not to offset assets and liabilities in the consolidated statements of assets and liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other arrangement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of September 30, 2024:

Net amount of
Gross amount of assets or
Gross amount of (liabilities) (liabilities)
Account in the assets on the on the presented on the
consolidated consolidated consolidated consolidated
statements of statements of statements of statements of Cash Collateral
assets assets and assets and assets and paid Net
Counterparty and liabilities liabilities liabilities liabilities (received) (1) Amounts (2)
Bank of New York Unrealized depreciation on forward currency contracts 485 $ (3,623 ) $ (3,138 ) $ — $ (3,138 )
Citibank Unrealized depreciation on forward currency contracts $ (3,232 ) $ (3,232 ) $ — $ (3,232 )
Wells Fargo Unrealized depreciation on forward currency contracts 389 $ (568 ) $ (179 ) $ — $ (179 )

All values are in US Dollars.

  • Amount excludes excess cash collateral paid.
  • Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.
  • Less than $500

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2023:

Net amount of
Gross amount of assets or
Gross amount of (liabilities) (liabilities)
Account in the assets on the on the presented on the
consolidated consolidated consolidated consolidated
statements of statements of statements of statements of Cash Collateral
assets assets and assets and assets and paid Net
Counterparty and liabilities liabilities liabilities liabilities (received) (1) Amounts (2)
Bank of New York Unrealized appreciation on forward currency contracts $ 1,300 $ (2,247 ) $ (947 ) $ — $ (947 )
Citibank Unrealized appreciation on forward currency contracts $ 879 $ (2,192 ) $ (1,313 ) $ — $ (1,313 )
  • Amount excludes excess cash collateral paid.
  • Net amount represents the net amount due (to) from counterparty in the event of default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

The effect of transactions in derivative instruments to the consolidated statements of operations during the three months ended September 30, 2024 and 2023 was as follows:

For the Three Months Ended September 30,
2024 2023
Net realized gain (loss) on forward currency exchange contracts $ 20 $ (221 )
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts (5,693 ) 7,107
Total net realized and unrealized gain (loss) on forward currency exchange contracts $ (5,673 ) $ 6,886

Included in total net gains (losses) on the consolidated statements of operations is net gains (losses) of $5.6 million and ($6.3) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended September 30, 2024 and 2023, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($5.7) million and $6.9 million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the consolidated statements of operations is ($0.1) million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively.

The effect of transactions in derivative instruments to the consolidated statements of operations during the nine months ended September 30, 2024 and 2023 was as follows:

For the Nine Months Ended September 30,
2024 2023
Net realized gains (losses) on forward currency exchange contracts $ 1,916 $ (2,606 )
Net change in unrealized appreciation (depreciation) on forward currency exchange contracts (4,289 ) 5,792
Total net realized and unrealized gains (losses) on forward currency exchange contracts $ (2,373 ) $ 3,186

Included in total net gains (losses) on the consolidated statements of operations is net gains (losses) of $3.3 million and ($1.7) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the nine months ended September 30, 2024 and 2023, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($2.4) million and $3.2 million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the consolidated statements of operations is $0.9 million and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively.

Note 8. Distributions

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2024:

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.42 $ 27,116
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.03 $ 1,937 (1)
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.42 $ 27,116
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.03 $ 1,937 (1)
August 6, 2024 September 30, 2024 October 31, 2024 $ 0.42 $ 27,116
August 6, 2024 September 30, 2024 October 31, 2024 $ 0.03 $ 1,937 (1)
Total distributions declared $ 1.35 $ 87,159

(1) Represents a special dividend.

The distributions declared during the nine months ended September 30, 2024 were derived from investment company taxable income and net capital gain, if any.

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2023:

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 28, 2023 March 31, 2023 April 28, 2023 $ 0.38 $ 24,534
May 9, 2023 June 30, 2023 July 31, 2023 $ 0.38 $ 24,534
August 8, 2023 September 29, 2023 October 31, 2023 $ 0.42 $ 27,116
Total distributions declared $ 1.18 $ 76,184

The distributions declared during the nine months ended September 30, 2023 were derived from investment company taxable income and net capital gain, if any.

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon the Company’s investment company taxable income for the full fiscal year and distributions paid during the full year.

Note 9. Common Stock/Capital

The Company has authorized 100,000,000,000 shares of common stock with a par value of $0.001 per share. The Company has authorized 10,000,000,000 shares of its preferred stock with a par value of $0.001 per share. Shares of preferred stock have not been issued.

Prior to the IPO, the Company had issued 43,982,137.46 shares in the private placement of the Company’s common shares (the “Private Offering”). Each investor had entered into a separate subscription agreement relating to the Company’s common stock (the “Subscription Agreements”). Each investor had made a capital commitment to purchase shares of the Company’s common stock pursuant to the Subscription Agreements. Investors were required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivered a drawdown notice, which were delivered at least 10 business days prior to the required funding date in an aggregate amount not to exceed their respective capital commitments. The number of shares to be issued to a stockholder was determined by dividing the total dollar amount of the contribution by a stockholder by the net asset value per share of the common stock as of the last day of the Company’s fiscal quarter or such other date and price per share as determined by the Board in accordance with the requirements of the 1940 Act. As of December 31, 2018, aggregate commitments relating to the Private Offering

were $1.3 billion. All outstanding commitments related to these Subscription Agreements were cancelled due to the completion of the IPO on November 15, 2018. As of September 30, 2024 and December 31, 2023, the Advisors contributed in aggregate $8.9 million and $8.9 million to the Company and received 488,212.35 and 488,212.35 shares of the Company, respectively. At September 30, 2024 and December 31, 2023, the Advisor owned 0.02% and 0.70%, respectively, of the outstanding common stock of the Company.

On November 19, 2018, the Company closed its IPO issuing 7,500,000 shares of common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated proceeds, before expenses, of $147.3 million. All outstanding commitments were cancelled due to the completion of the initial public offering.

There have been no shares issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements, issuance of common stock, or shares issued pursuant to the dividend reinvestment plan during the three months ended September 30, 2024 and 2023. There have been no shares issued or proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements, issuance of common stock, or shares issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2024 and 2023.

On May 7, 2019, the Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of September 30, 2024, there have been no repurchases of common stock.

Note 10. Commitments and Contingencies

Commitments

The Company’s investment portfolio may contain debt investments that are in the form of lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

As of September 30, 2024, the Company had $432.2 million of unfunded commitments under loan and financing agreements as follows:

Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
A&R Logistics, Inc. - Revolver 8/3/2026 1,458
Advanced Aircrew - Revolver 7/26/2030 650
AEG Vision - Delayed Draw 3/27/2026 4,881
AEG Vision - Delayed Draw 3/27/2026 17,813
Allbridge - Delayed Draw 6/5/2030 2,841
Allbridge - Revolver 6/5/2030 3,825
Allworth Financial Group, L.P. - Revolver 12/23/2027 2,440
Apollo Intelligence - Delayed Draw 5/31/2028 9,611
Apollo Intelligence - Revolver 5/31/2028 2,931
Applitools - Revolver 5/25/2028 3,430
Appriss Holdings, Inc. - Revolver 5/6/2027 715
Arctic Glacier U.S.A., Inc. - Revolver 5/24/2028 1,941
ASP-r-pac Acquisition Co LLC - Revolver 12/29/2027 1,462
ATS - Revolver 7/12/2029 2,010
Avalon Acquiror, Inc. - Revolver 3/10/2028 2,521
Awayday - Delayed Draw 9/6/2031 7,914
Awayday - Revolver 9/6/2030 3,518
AXH Air Coolers - Delayed Draw 10/31/2029 7,339
AXH Air Coolers - Revolver 10/31/2029 5,504
Beacon Specialized Living - Delayed Draw 3/25/2028 12,836
Beacon Specialized Living - Revolver 3/25/2028 1,282
Beneficium - Delayed Draw 6/28/2031 9,658
BTX Precision - Delayed Draw 7/25/2030 8,424
BTX Precision - Delayed Draw 7/25/2030 5,616
BTX Precision - Revolver 7/25/2030 4,211
Caribou Bidco Limited - Delayed Draw 2/1/2029 23
CB Nike IntermediateCo Ltd - Revolver 10/31/2025 44
Chase Industries, Inc. - Revolver 5/12/2025 740
Choreo - Delayed Draw 2/18/2028 8,000
City BBQ - Delayed Draw 9/4/2030 13,267
City BBQ - Revolver 9/4/2030 4,738
Concert Golf Partners Holdco LLC - Revolver 4/2/2029 2,492
Congress Wealth - Delayed Draw 6/30/2029 1,334
Congress Wealth - Delayed Draw 6/30/2029 10,751
Congress Wealth - Revolver 6/30/2029 1,102
Cube - Delayed Draw 5/20/2031 78
Cube - Delayed Draw 5/20/2031 8,651
Cube - First Lien Senior Secured Loan 2/20/2025 22
Darcy Partners - Revolver 6/1/2028 297
Datix Bidco Limited - Delayed Draw 4/30/2031 2,861
Datix Bidco Limited - Revolver 10/28/2024 13
Datix Bidco Limited - Revolver 10/30/2030 2,283
Discovery Senior Living - Revolver 3/18/2030 2,360
DTIQ - Delayed Draw 9/30/2029 5,375
Portfolio Company & Investment Expiration Date(1) Unfunded Commitments(2)
--- --- --- ---
DTIQ - Revolver 9/30/2029 4,032
Duraco - Revolver 6/6/2029 1,394
Efficient Collaborative Retail Marketing Company, LLC - Revolver 12/31/2025 1,425
EHE Health - Revolver 8/7/2030 3,447
Electronic Merchant Systems - Revolver 8/1/2030 1,959
Element Buyer, Inc. - Revolver 7/19/2026 4,250
E-Tech Group - Revolver 4/9/2030 1,168
Forward Slope - Revolver 8/22/2029 8,884
Galeria - Delayed Draw 4/8/2029 11,806
Gills Point S - Delayed Draw 5/17/2029 6,580
Gills Point S - Revolver 5/17/2029 166
GSP Holdings, LLC - Revolver 11/6/2025 227
Gulf Winds International - Revolver 12/16/2028 2,911
HealthDrive - Delayed Draw 8/20/2029 5,675
HealthDrive - Revolver 8/20/2029 2,754
Hellers - Delayed Draw 9/27/2030 525
ImageTrend - Revolver 1/31/2029 3,000
Intoxalock - Revolver 11/1/2028 3,430
JHCC Holdings, LLC - Revolver 9/9/2027 1,913
Kellstrom Commercial Aerospace, Inc. - Revolver 7/1/2025 4,265
LogRhythm - Revolver 7/2/2029 835
Mach Acquisition R/C - Revolver 10/19/2026 2,511
Margaux Acquisition Inc. - Revolver 12/19/2025 957
Margaux UK Finance Limited - Revolver 12/19/2025 301
McLarens Acquisition Inc. - Delayed Draw 12/16/2025 6,451
Morrow Sodali - Revolver 4/25/2027 1,101
MRHT - Revolver 2/1/2029 16,102
Nafinco - Delayed Draw 8/29/2031 2,394
Nafinco - Revolver 5/30/2031 897
NearMap - Revolver 12/9/2029 4,652
New Look Vision Group - Revolver 5/26/2026 1,591
OGH Bidco Limited - Delayed Draw 6/29/2029 5,281
Parcel2Go - Delayed Draw 7/17/2028 37
PCF - Delayed Draw 11/1/2028 4,718
Pharmacy Partners - Revolver 2/28/2029 5,491
Pyramid Global Hospitality - Revolver 1/19/2028 3,482
Reconomy - Delayed Draw 7/12/2029 9,381
Revalize, Inc. - Revolver 4/15/2027 603
RoadOne - Revolver 12/29/2028 4,119
Portfolio Company & Investment Expiration Date(1)
--- --- --- ---
RoC Skincare - Revolver 2/21/2030 1,871
Saturn Purchaser Corp. - Revolver 7/22/2029 4,883
SensorTower - Revolver 3/15/2029 1,057
Service Master - Revolver 8/16/2027 10,126
Simplicity - Delayed Draw 12/2/2026 1,783
Simplicity - Revolver 12/2/2026 143
Simplicity - Revolver 12/2/2026 1,454
Smartronix - Revolver 11/23/2027 6,321
Solaray, LLC - Revolver 12/15/2025 2,115
Spotless Brands - Delayed Draw 7/25/2028 16,499
Spring Finco BV - Delayed Draw 7/15/2029 4,142
Superna Inc. - Delayed Draw 3/6/2028 2,631
Superna Inc. - Revolver 3/6/2028 2,631
SureWerx - Delayed Draw 12/28/2029 2,013
SureWerx - Revolver 12/28/2029 486
Taoglas - Delayed Draw 2/28/2029 3,636
Taoglas - Revolver 2/28/2029 147
TES Global - Delayed Draw 1/27/2029 16
Titan Cloud Software, Inc - Revolver 9/7/2028 4,857
TLC Purchaser, Inc. - Revolver 10/11/2027 2,666
V Global Holdings LLC - Revolver 12/22/2027 2,295
Vessco Water - Delayed Draw 7/24/2031 2,847
Vessco Water - Revolver 7/24/2031 1,112
Walker Edison - Delayed Draw 3/31/2027 159
WCI Gigawatt Purchaser - Revolver 11/19/2027 3,754
Wealth Enhancement Group (WEG) - Delayed Draw 10/2/2028 8,427
Wealth Enhancement Group (WEG) - Revolver 10/2/2028 736
Webcentral - Delayed Draw 12/18/2030 3,441
Whitcraft-Paradigm - Delayed Draw 2/15/2029 4,640
Whitcraft-Paradigm - Revolver 2/28/2029 1,068
WSP - Revolver 4/27/2027 248
WU Holdco, Inc. - Revolver 3/26/2027 4,025
Total 432,206

All values are in US Dollars.

  • Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.
  • Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of September 30, 2024.

As of December 31, 2023, the Company had $266.1 million of unfunded commitments under loan and financing agreements as follows:

Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
9 Story Media Group Inc. - Revolver 4/30/2026 $ 441
A&R Logistics, Inc. - Revolver 5/5/2025 3,499
Abracon Group Holding, LLC. - Delayed Draw 7/6/2028 2,221
Allworth Financial Group, L.P. - Revolver 12/23/2026 2,440
Apollo Intelligence - Delayed Draw 6/1/2028 9,611
Apollo Intelligence - Revolver 6/1/2028 2,643
Applitools - Revolver 5/25/2028 3,430
Appriss Holdings, Inc. - Revolver 5/6/2027 753
Arctic Glacier U.S.A., Inc. - Revolver 5/24/2028 1,925
ASP-r-pac Acquisition Co LLC - Revolver 12/29/2027 3,253
Avalon Acquiror, Inc. - Revolver 3/10/2028 3,361
AXH Air Coolers - Delayed Draw 10/31/2029 7,339
AXH Air Coolers - Revolver 10/31/2029 4,404
Caribou Bidco Limited - Delayed Draw 2/1/2029 22
CB Nike IntermediateCo Ltd - Revolver 10/31/2025 44
Chase Industries, Inc. - Revolver 5/12/2025 1,720
Concert Golf Partners Holdco LLC - Delayed Draw 4/2/2029 369
Concert Golf Partners Holdco LLC - Revolver 3/31/2028 2,492
Congress Wealth - Delayed Draw 6/30/2029 1,334
Congress Wealth - Revolver 6/30/2029 1,102
CPS Group Holdings, Inc. - Revolver 3/3/2025 4,341
Darcy Partners - Revolver 6/1/2028 349
Datix Bidco Limited - Revolver 10/28/2024 4
Direct Travel, Inc. - Delayed Draw 10/2/2025 975
Efficient Collaborative Retail Marketing Company, LLC - Revolver 12/31/2025 2,267
Element Buyer, Inc. - Revolver 7/19/2026 4,250
Forward Slope - Revolver 8/22/2029 4,146
Gills Point S - Revolver 5/17/2029 518
Gills Point S - Delayed Draw 5/17/2029 569
Grammer Purchaser, Inc. - Revolver 9/30/2024 159
GSP Holdings, LLC - Revolver 11/6/2025 2,267
Gulf Winds International - Revolver 12/16/2028 5,292
HealthDrive - Delayed Draw 8/20/2029 1,297
HealthDrive - Delayed Draw 8/20/2029 6,284
HealthDrive - Revolver 8/20/2029 2,754
ImageTrend - Revolver 1/31/2029 4,000
Intoxalock - Revolver 11/1/2028 3,087
JHCC Holdings, LLC - Revolver 9/9/2025 2,833
Portfolio Company & Investment Expiration Date (1) Unfunded Commitments (2)
--- --- --- ---
Kellstrom Commercial Aerospace, Inc. - Revolver 7/1/2025 4,261
Mach Acquisition R/C - Revolver 10/19/2026 2,511
Margaux Acquisition Inc. - Revolver 12/19/2025 2,872
Margaux UK Finance Limited - Revolver 12/19/2024 635
McLarens Acquisition Inc. - Delayed Draw 12/16/2025 7,000
Meriplex Communications, Ltd. - Delayed Draw 7/17/2028 4,939
Meriplex Communications, Ltd. - Revolver 7/17/2028 2,824
Morrow Sodali - Revolver 4/25/2028 1,595
MRHT - Delayed Draw 2/1/2029 5,595
MZR Buyer, LLC - Revolver 12/22/2026 2,257
NearMap - Revolver 12/9/2029 4,652
New Look Vision Group - Revolver 5/26/2026 1,859
OGH Bidco Limited - Delayed Draw 6/29/2029 5,017
Omni Intermediate - Revolver 11/30/2026 160
Parcel2Go - Delayed Draw 7/17/2028 35
Pyramid Global Hospitality - Revolver 1/19/2027 3,482
Reconomy - Delayed Draw 6/25/2029 7,118
Refine Intermediate, Inc. - Revolver 9/3/2026 5,340
Revalize, Inc. - Revolver 4/15/2027 1,005
RoadOne - Delayed Draw 12/29/2028 1,707
RoadOne - Revolver 12/29/2028 4,119
RoC Opco LLC - Revolver 2/25/2025 10,241
Saturn Purchaser Corp. - Revolver 7/22/2029 4,883
Service Master - Revolver 8/16/2027 7,991
Simplicity - Delayed Draw 12/2/2026 5,470
Simplicity - Revolver 12/2/2026 1,454
Smartronix - Revolver 11/23/2027 6,321
Solaray, LLC - Revolver 12/15/2025 1,406
Spring Finco BV - Delayed Draw 7/15/2029 4,285
Sunmed Group Holdings, LLC - Revolver 6/16/2027 1,229
Superna Inc. - Delayed Draw 3/6/2028 2,631
Superna Inc. - Revolver 3/6/2028 2,631
SureWerx - Delayed Draw 12/28/2029 2,013
SureWerx - Revolver 12/29/2028 496
Taoglas - Revolver 2/28/2029 550
Taoglas - Delayed Draw 2/28/2029 3,636
TEI Holdings Inc. - Revolver 12/23/2025 4,528
Titan Cloud Software, Inc - Revolver 9/7/2028 5,714
TLC Purchaser, Inc. - Revolver 10/13/2025 6,398
V Global Holdings LLC - Revolver 12/22/2025 5,712
Ventiv Holdco, Inc. - Revolver 9/3/2025 1,005
Walker Edison - Delayed Draw 3/31/2027 1,990
WCI Gigawatt Purchaser - Revolver 11/19/2027 3,218
WCI Gigawatt Purchaser - Revolver 11/19/2027 1,901
Whitcraft-Paradigm - Revolver 2/28/2029 2,048
WSP - Revolver 4/27/2027 449
WU Holdco, Inc. - Revolver 3/26/2025 2,592
YLG Holdings, Inc. - Revolver 10/31/2025 8,545
Total $ 266,115
  • Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.
  • Unfunded commitments denominated in currencies other than U.S. dollars have been converted to U.S. dollars using the applicable foreign currency exchange rate as of December 31, 2023.

Contingencies

In the normal course of business, the Company may enter into certain contracts that provide a variety of indemnities. The Company’s maximum exposure under these indemnities is unknown as it would involve future claims that may be made against the Company. Currently, the Company is not aware of any such claims and no such claims are expected to occur. As such, the Company does not consider it necessary to record a liability in this regard.

Note 11. Financial Highlights

The following is a schedule of financial highlights for the nine months ended September 30, 2024 and 2023:

For the Nine Months Ended September 30,
2024 2023
Per share data:
Net asset value at beginning of period $ 17.60 $ 17.29
Net investment income (1) 1.57 1.65
Net realized gain (loss) (1)(7) 0.02 (1.07 )
Net change in unrealized appreciation (1)(2)(8) (0.08 ) 0.85
Net increase in net assets resulting from operations (1)(9)(10) 1.51 1.43
Shareholder distributions from income (3) (1.35 ) (1.18 )
Net asset value at end of period $ 17.76 $ 17.54
Net assets at end of period $ 1,146,588 $ 1,132,519
Shares outstanding at end of period 64,562,265 64,562,265
Per share market value at end of period $ 16.60 $ 15.31
Total return based on market value (12) 19.60 % 40.24 %
Total return based on net asset value (4) 8.79 % 8.46 %
Ratios:
Ratio of net investment income to average net assets (5)(11)(13) 12.64 % 13.34 %
Ratio of total expenses to average net assets (5)(11)(13) 13.04 % 13.23 %
Supplemental data:
Ratio of interest and debt financing expenses to average net assets (5)(13) 6.30 % 7.25 %
Ratio of expenses (without incentive fees) to average net assets (5)(11)(13) 10.92 % 11.62 %
Ratio of incentive fees and management fees, net of contractual and voluntary waivers, to average net assets (5)(11)(13) 5.22 % 4.86 %
Average principal debt outstanding $ 1,268,012 $ 1,466,088
Portfolio turnover (6) 43.51 % 25.69 %

  • The per share data was derived by using the weighted average shares outstanding during the period.

  • Net change in unrealized appreciation on investments per share may not be consistent with the consolidated statements of operations due to the timing of shareholder transactions.

  • The per share data for distributions reflects the actual amount of distributions declared during the period.

  • Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, including those distributions that have been declared. Total return does not include upfront sales load and has not been annualized.

  • The computation of average net assets during the period is based on averaging net assets for the periods reported.

  • Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

  • Net realized gain (loss) includes net realized gain (loss) on investments, net realized gain (loss) on forward currency exchange contracts, net realized gain (loss) on foreign currency transactions, and net realized gain (loss) on extinguishment of debt.

  • Net change in unrealized appreciation includes net change in unrealized appreciation (depreciation) on investments, net change in unrealized appreciation on forward currency exchange contracts and net change in unrealized appreciation on foreign currency translation.

  • The sum of quarterly per share amounts presented in previously filed financial statements on Form 10‑Q may not equal earnings per share. This is due to changes in the number of weighted average shares outstanding and the effects of rounding.

  • Net increase in net assets resulting from operations per share in these financial highlights may be different from the net increase (decrease) in net assets per share on the consolidated statements of operations due to changes in the number of weighted average shares outstanding and the effects of rounding.

  • The ratio of voluntary incentive fee waiver to average net assets was 0.00% and 0.00% for the nine months ended September 30, 2024 and 2023, respectively (Note 5). The ratio of voluntary management fee waiver to average net assets was 0.00% and 0.00% for the nine months ended September 30, 2024 and 2023, respectively (Note 5). The ratio of net investment income without the voluntary incentive fee waiver and voluntary management fee waiver to average net assets for the nine months ended September 30, 2024 would be 12.64%. The ratio of net investment income without the voluntary incentive fee waiver to average net assets for the nine months ended September 30, 2023 would be 13.34%. The ratio of total expenses without the voluntary incentive fee waiver and voluntary management fee waiver to average net assets for the nine months ended September 30, 2024 would be 13.04%. The ratio of total expenses without the voluntary incentive fee waiver to average net assets for the nine months ended September 30, 2023 would be 13.23%.

  • Total return based on market value is calculated as the change in market value per share during the period, assuming dividends and distributions, including those distributions that have been declared. Total return does not include upfront sales load and has not been annualized.

  • Ratio is annualized. Incentive fees, voluntary incentive fee waivers, and voluntary management fee waivers, if any, included within the ratio are not annualized.

Note 12. Subsequent Events

The Company’s management has evaluated the events and transactions that have occurred through November 5, 2024, the issuance date of the consolidated financial statements, and noted no items requiring disclosure in this Form 10-Q or adjustment of the consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Forward-Looking Statements” appearing elsewhere in this report.

Overview

Bain Capital Specialty Finance, Inc. (the “Company”, “we”, “our” and “us”) is an externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”). We are managed by the Advisor, a subsidiary of Bain Capital Credit, LP (“Bain Capital Credit”). Our Advisor is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisor also provides the administrative services necessary for us to operate (in such capacity, our “Administrator”). Since we commenced operations on October 13, 2016 through September 30, 2024, we have invested approximately $8,132.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. We seek to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last-out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds.

On November 19, 2018, we closed our initial public offering (the “IPO”) issuing 7,500,000 shares of our common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018.

Our primary focus is capitalizing on opportunities within our Senior Direct Lending strategy, which seeks to provide risk-adjusted returns and current income to our stockholders by investing primarily in middle-market companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization (“EBITDA”). However, we may, from time to time, invest in larger or smaller companies. We generally seek to retain effective voting control in respect of the loans or particular classes of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. We may also invest in mezzanine debt and other junior securities, including common and preferred equity, on an opportunistic basis, and in secondary purchases of assets or portfolios but such investments are not the principal focus of our investment strategy. In addition, we may invest, from time to time, in distressed debt, debtor-in-possession loans, structured products, structurally subordinate loans, investments with deferred interest features, zero-coupon securities and defaulted securities.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees, dividends on direct equity investments and capital gains on the sales of investments. The companies in which we invest use our capital for a variety of reasons, including to support organic growth, to fund changes of control, to fund acquisitions, to make capital investments and for refinancing and recapitalizations.

Investments

Our level of investment activity may vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the level of investment and capital expenditures of such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than “qualifying assets” specified in the 1940 Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the SEC, “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

As a BDC, we may also invest up to 30% of our portfolio opportunistically in “non-qualifying” portfolio investments, such as investments in non-U.S. companies.

Revenues

We primarily generate revenue in the form of interest income on debt investments and distributions on equity investments and, to a lesser extent, capital gains, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance and consulting fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into or against income over the life of the loan. We record contractual prepayment premiums on loans and debt securities as interest income.

Our debt investment portfolio consists of primarily floating rate loans. As of September 30, 2024 and December 31, 2023, 90.8% and 93.8%, respectively, of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors. Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index. Trends in base interest rates, such as SOFR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Expenses

Our primary operating expenses include the payment of fees to our Advisor under the Amended Advisory Agreement, our allocable portion of overhead expenses under the administration agreement (the “Administration Agreement”) and other operating costs, including those described below. The Base Management Fee and Incentive Fee compensate our Advisor for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including:

  • our operational and organizational costs;

  • the costs of any public offerings of our common stock and other securities, including registration and listing fees;

  • costs of calculating our net asset value (including the cost and expenses of any third-party valuation services);

  • fees and expenses payable to third parties relating to evaluating, making and disposing of investments, including our Advisor’s or its affiliates’ travel expenses, research costs and out-of-pocket fees and expenses associated with performing due diligence and reviews of prospective investments, monitoring our investments and, if necessary, enforcing our rights;

  • interest payable on debt and other borrowing costs, if any, incurred to finance our investments;

  • costs of effecting sales and repurchases of our common stock and other securities;

  • distributions on our common stock;

  • transfer agent and custody fees and expenses;

  • the allocated costs incurred by the Administrator in providing managerial assistance to those portfolio companies that request it;

  • other expenses incurred by the Administrator or us in connection with administering our business, including payments made to third-party providers of goods or services;

  • brokerage fees and commissions;

  • federal and state registration fees;

  • U.S. federal, state and local taxes;

  • Independent Director fees and expenses;

  • costs associated with our reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws;

  • costs of any reports, proxy statements or other notices to our stockholders, including printing costs;

  • costs of holding stockholder meetings;

  • our fidelity bond;

  • directors’ and officers’ errors and omissions liability insurance, and any other insurance premiums;

  • litigation, indemnification and other non-recurring or extraordinary expenses;

  • direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, staff, audit, compliance, tax and legal costs;

  • fees and expenses associated with marketing efforts;

  • dues, fees and charges of any trade association of which we are a member; and

  • all other expenses reasonably incurred by us or the Administrator in connection with administering our business.

To the extent that expenses to be borne by us are paid by the Administrator, we will generally reimburse the Administrator for such expenses. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator. We will also reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement, including certain rent and compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment and fees paid to third-party providers for goods or services. Our allocable portion of overhead will be determined by the Administrator, which expects to use various methodologies such as allocation based on the percentage of time certain individuals devote, on an estimated basis, to our business and affairs, and will be subject to oversight by our Board. We incurred expenses related to the Administrator of $0.7 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. We incurred expenses related to the Administrator of $1.8 million and $0.8 million for the nine months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.1 million and $0.1 million for the three months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The sub-administrator is paid its compensation for performing its sub-administrative services under the sub-administration agreement. We incurred expenses related to the sub-administrator of $0.4 million and $0.4 million for the nine months ended September 30, 2024 and 2023, respectively, which is included in other general and administrative expenses on the consolidated statements of operations. The Administrator will not be reimbursed to the extent that such reimbursements would cause any distributions to our stockholders to constitute a return of capital. All of the foregoing expenses are ultimately borne by our stockholders.

Leverage

We may borrow money from time to time. However, our ability to incur indebtedness (including by issuing preferred stock), is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150%. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. As of September 30, 2024, the Company’s asset coverage was 187.8%.

Investment Decision Process

The Advisor’s investment process can be broken into five processes: (1) Sourcing and Idea Generation, (2) Investment Diligence & Recommendation, (3) Credit Committee Approval, (4) Portfolio Construction and (5) Portfolio & Risk Management.

Sourcing and Idea Generation

The investment decision-making process begins with sourcing ideas. Bain Capital Credit’s Private Credit Group interacts with a broad and deep set of global sourcing contacts, enabling the group to generate a large set of middle-market investment opportunities. Further enhancing the sourcing capability of the core Private Credit Group are Bain Capital Credit’s industry groups, Trading Desk, and the Bain Capital Special Situations team. The team has extensive contacts with private equity firms. Relationships with banks, a variety of advisors and intermediaries and a handful of unique independent sponsors compose the remainder of the relationships. Through these sourcing efforts the Private Credit Group has built a sustainable deal funnel, which has generated hundreds of opportunities to review annually.

Investment Diligence & Recommendation

Our Advisor utilizes Bain Capital Credit’s bottom-up approach to investing, and it starts with the due diligence. The Private Credit Group works with the close support of Bain Capital Credit’s industry groups on performing due diligence. This process typically begins with a detailed review of the offering memorandum as well as Bain Capital Credit’s own independent diligence efforts, including in-house materials and expertise, third-party independent research and interviews, and hands-on field checks where appropriate. For deals that progress beyond an initial stage, the team will schedule one or more meetings with company management, facilities visits and also meetings with the sponsor in order to ask more detailed questions and to better understand the sponsor’s view of the business and plans for it going forward. The team’s diligence work is summarized in investment memorandums and accompanying credit packs. Work product also includes full models and covenant analysis. The approval process itself is iterative, involving multiple levels of discussion and approval.

Credit Committee Approval

Given Bain Capital Credit’s broad and diverse range of investment strategies, we tailor our investment decision-making process by strategy to provide a robust and comprehensive discussion of both individual investments and the applicable portfolio(s) under consideration. We believe that this flexible approach provides a rigorous investment decision-making process that allows us to be nimble across a variety of market environments while still maintaining high credit underwriting standards.

Our investments require approval from at least the Private Credit Investment Committee, which includes three Partners in the Private Credit Group as standing members: Michael Ewald, Mike Boyle, and Carolyn Hastings. Ad hoc members may also be included in the Private Credit Investment Committee for certain types of investments.

Portfolio Construction

Portfolio construction is largely the responsibility of the portfolio managers. The portfolio managers will construct the portfolio using a set of approved investments. While the decision to buy generally requires approval from at least the Private Credit Investment Committee, the decision to sell securities is at the sole discretion of the portfolio managers. For middle-market holdings, the path to exit an investment is discussed at credit committee meetings, including restructurings, acquisitions and sale to strategic buyers. Since most middle-market investments are illiquid, exits are driven primarily by a sale of the portfolio company or a refinancing of the portfolio company’s debt.

Portfolio & Risk Management

Our Advisor utilizes Bain Capital Credit’s Private Credit Group for the daily monitoring of its respective credits after an investment has been made. Our Advisor believes that the ongoing monitoring of financial performance and market developments of portfolio investments is critical to successful investment management. Accordingly, our Advisor is actively involved in an on-going portfolio review process and attends board meetings. To the extent a portfolio investment is not meeting our Advisor’s expectations, our Advisor takes corrective action when it deems appropriate, which may include raising interest rates, gaining a more influential role on its board, taking warrants and, where appropriate, restructuring the balance sheet to take control of the company. Our Advisor will utilize the Bain Capital Credit Risk and Oversight Committee. The Risk and Oversight Committee is responsible for monitoring and reviewing risk management, including portfolio risk, counterparty risk and firm-wide risk issues. In addition to the methods noted above, there are a number of proprietary methods and tools used through all levels of Bain Capital Credit to manage portfolio risk.

Portfolio and Investment Activity

During the three months ended September 30, 2024, we invested $413.1 million, including PIK, in 83 portfolio companies, and had $248.0 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $165.1 million for the period. Of the $413.1 million invested during the three months ended September 30, 2024, $86.2 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the three months ended September 30, 2023, we invested $114.2 million, including PIK, in 59 portfolio companies, and had $102.8 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $11.4 million for the period. Of the $114.2 million invested during the three months ended September 30, 2023, $47.2 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the nine months ended September 30, 2024, we invested $1,122.9 million, including PIK, in 134 portfolio companies, and had $1,017.6 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $105.2 million for the period. Of the $1,122.9 million invested during the nine months ended September 30, 2024, $186.9 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

During the nine months ended September 30, 2023, we invested $630.8 million, including PIK, in 91 portfolio companies, and had $616.2 million in aggregate amount of principal repayments and sales, resulting in a net increase in investments of $14.6 million for the period. Of the $630.8 million invested during the nine months ended September 30, 2023, $160.1 million was related to drawdowns on delayed draw term loans and revolvers of our portfolio companies.

The following table shows the composition of the investment portfolio and associated yield data as of September 30, 2024 (dollars in thousands):
Weighted Average
Yield (1)
at
Percentage of Percentage of Amortized Market
Amortized Cost Total Portfolio Fair Value Total Portfolio Cost Value
First Lien Senior Secured Loan 1,540,482 63.9 % $ 1,521,521 63.2 % 11.9 % 11.9 %
Second Lien Senior Secured Loan 61,227 2.5 55,358 2.3 14.3 14.3
Subordinated Debt 47,703 2.0 46,979 2.0 13.8 13.8
Preferred Equity 142,986 5.9 171,277 7.1 9.6 9.5
Equity Interest 216,694 9.0 220,178 9.1 11.4 11.4
Warrants 478 0.0 766 0.0 N/A N/A
Subordinated Note in Investment Vehicles (2) 337,224 14.0 337,224 14.0 11.9 11.9
Preferred Equity Interest in Investment Vehicles (2) 10 0.0 10 0.0 N/A N/A
Equity Interests in Investment Vehicles (2) 66,209 2.7 54,637 2.3 18.6 22.5
Total 2,413,013 100 % $ 2,407,950 100.0 % 12.1 % 12.1 %

All values are in US Dollars.

  • Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.
  • Represents debt and equity investment in ISLP and SLP.

The following table shows the composition of the investment portfolio and associated yield data as of December 31, 2023 (dollars in thousands):

As of December 31, 2023
Weighted Average
Yield (1)
at
Percentage of Percentage of Amortized Market
Amortized Cost Total Portfolio Fair Value Total Portfolio Cost Value
First Lien Senior Secured Loans $ 1,495,237 65.0 % $ 1,464,423 63.8 % 12.2 % 12.4 %
Second Lien Senior Secured Loans 69,749 3.0 68,439 3.0 14.6 14.9
Subordinated Debt 45,400 2.0 45,877 2.0 13.8 13.6
Structured Products 24,050 1.0 22,618 1.0 17.2 18.3
Preferred Equity 86,766 3.8 104,428 4.5 10.0 7.8
Equity Interests 207,209 9.0 221,355 9.6 14.2 14.3
Warrants 480 0.0 511 0.0 N/A N/A
Subordinated Notes in Investment Vehicles (2) 306,724 13.3 306,724 13.3 12.2 12.2
Preferred Equity Interests in Investment Vehicles (2) 10 0.0 (1,793 ) (0.1 ) N/A N/A
Equity Interests in Investment Vehicles (2) 66,209 2.9 65,761 2.9 27.2 27.4
Total $ 2,301,834 100.0 % $ 2,298,343 100.0 % 13.0 % 13.1 %
  • Weighted average yields are computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities, divided by (b) the total relevant investments at amortized cost or at fair value, as applicable. The weighted average yield does not represent the total return to our stockholders.
  • Represents debt and equity investment in ISLP and SLP.

The following table presents certain selected information regarding our investment portfolio as of September 30, 2024:

As of
September 30, 2024
Number of portfolio companies 159
Percentage of debt bearing a floating rate (1) 90.8 %
Percentage of debt bearing a fixed rate (1) 9.2 %
  • Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate.

The following table presents certain selected information regarding our investment portfolio as of December 31, 2023:

As of
December 31, 2023
Number of portfolio companies 137
Percentage of debt bearing a floating rate (1) 93.8 %
Percentage of debt bearing a fixed rate (1) 6.2 %
  • Measured on a fair value basis. Subordinated Notes in Investment Vehicles are included in floating rate.

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of September 30, 2024 (dollars in thousands):

As of September 30, 2024
Percentage at<br>Amortized Cost Percentage at<br>Fair Value
Performing 2,367,959 98.1 % 2,380,572 98.9 %
Non-accrual 45,054 1.9 27,378 1.1
Total 2,413,013 100.0 % 2,407,950 100.0 %

All values are in US Dollars.

The following table shows the amortized cost and fair value of our performing and non-accrual investments as of December 31, 2023 (dollars in thousands):

As of December 31, 2023
Percentage at
Amortized Percentage at
Amortized Cost Cost Fair Value Fair Value
Performing $ 2,258,601 98.1 % $ 2,271,055 98.8 %
Non-accrual 43,233 1.9 27,288 1.2
Total $ 2,301,834 100.0 % $ 2,298,343 100.0 %

Loans or debt securities are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2024, there were nine loans from five issuers placed on non-accrual in the Company’s portfolio. As of December 31, 2023, there were five loans from three issuers placed on non-accrual in the Company’s portfolio.

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of September 30, 2024 (dollars in thousands):

As of September 30, 2024
Percentage<br>of Total Percentage<br>of Total
First Lien Senior Secured Loan 1,540,482 62.3 % 1,521,521 61.8 %
Second Lien Senior Secured Loan 61,227 2.5 55,358 2.2
Subordinated Debt 47,703 1.9 46,979 1.9
Preferred Equity 142,986 5.8 171,277 6.9
Equity Interest 216,694 8.8 220,178 8.9
Warrants 478 0.0 766 0.0
Subordinated Notes in Investment Vehicles (1) 337,224 13.6 337,224 13.7
Preferred Equity Interest Investment Vehicles (1) 10 0.0 10 0.0
Equity Interest in Investment Vehicles (1) 66,209 2.7 54,637 2.2
Cash and cash equivalents 25,336 1.0 25,336 1.0
Foreign cash 4,657 0.2 5,125 0.2
Restricted cash and cash equivalents 29,292 1.2 29,292 1.2
Total 2,472,298 100.0 % 2,467,703 100.0 %

All values are in US Dollars.

  • Represents debt and equity investment in ISLP and SLP

The following table shows the amortized cost and fair value of the investment portfolio, cash and cash equivalents and foreign cash as of December 31, 2023 (dollars in thousands):

As of December 31, 2023
Amortized<br>Cost Percentage<br>of Total Fair<br>Value Percentage<br>of Total
First Lien Senior Secured Loans $ 1,495,237 61.9 % $ 1,464,423 60.9 %
Second Lien Senior Secured Loans 69,749 2.9 68,439 2.8
Subordinated Debt 45,400 1.9 45,877 1.9
Structured Products 24,050 1.0 22,618 0.9
Preferred Equity 86,766 3.6 104,428 4.3
Equity Interests 207,209 8.6 221,355 9.2
Warrants 480 0.0 511 0.0
Subordinated Notes in Investment Vehicles (1) 306,724 12.7 306,724 12.7
Preferred Equity Interest in Investment Vehicles (1) 10 0.0 (1,793 ) (0.1 )
Equity Interests in Investment Vehicles (1) 66,209 2.7 65,761 2.7
Cash and cash equivalents 42,995 1.8 42,995 1.8
Foreign cash 6,865 0.3 6,405 0.3
Restricted cash and cash equivalents 63,084 2.6 63,084 2.6
Total $ 2,414,778 100.0 % $ 2,410,827 100.0 %
  • Represents debt and equity investment in ISLP and SLP

Our Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action for each company. The Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

  • assessment of success in adhering to the portfolio company’s business plan and compliance with covenants;
  • periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments;
  • comparisons to our other portfolio companies in the industry, if any;
  • attendance at and participation in board meetings or presentations by portfolio companies; and
  • review of monthly and quarterly financial statements and financial projections of portfolio companies.

Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated 3 or 4, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company. Our internal performance ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments.

  • An investment is rated 1 if, in the opinion of our Advisor, it is performing above underwriting expectations, and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company or the likelihood of a potential exit.

  • An investment is rated 2 if, in the opinion of our Advisor, it is performing as expected at the time of our underwriting and there are generally no concerns about the portfolio company’s performance or ability to meet covenant requirements, interest payments or principal amortization, if applicable. All new investments or acquired investments in new portfolio companies are initially given a rating of 2.

  • An investment is rated 3 if, in the opinion of our Advisor, the investment is performing below underwriting expectations and there may be concerns about the portfolio company’s performance or trends in the industry, including as a result of factors such as declining performance, non-compliance with debt covenants or delinquency in loan payments (but generally not more than 180 days past due).

  • An investment is rated 4 if, in the opinion of our Advisor, the investment is performing materially below underwriting expectations. For debt investments, most of or all of the debt covenants are out of compliance and payments are substantially delinquent. Investments rated 4 are not anticipated to be repaid in full, if applicable, and there is significant risk that we may realize a substantial loss on our investment.

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of September 30, 2024 (dollars in thousands):

As of September 30, 2024
Investment Performance Rating Percentage<br>of Total Number of<br>Companies (1) Percentage<br>of Total
1 2,492 0.1 % 2 1.3 %
2 2,298,486 95.5 146 91.8
3 61,532 2.6 6 3.8
4 45,440 1.8 5 3.1
Total 2,407,950 100.0 % 159 100.0 %

All values are in US Dollars.

  • Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

The following table shows the composition of our portfolio on the 1 to 4 rating scale as of December 31, 2023 (dollars in thousands):

As of December 31, 2023
Percentage of Number of Percentage of
Investment Performance Rating Fair Value Total Companies(1) Total
1 $ 2,465 0.1 % 2 1.5 %
2 2,186,211 95.1 125 91.2
3 80,530 3.5 7 5.1
4 29,137 1.3 3 2.2
Total $ 2,298,343 100.0 % 137 100.0 %
  • Number of investment rated companies may not agree to total portfolio companies due to investments across investment types and structures.

Results of Operations

Our operating results for the three months ended September 30, 2024 and 2023 were as follows (dollars in thousands):

For the Three Months Ended
September 30,
2024 2023
Total investment income $ 72,540 $ 72,390
Total expenses, net of fee waivers 37,531 36,102
Net investment income before taxes 35,009 36,288
Less: Income taxes, including excise tax 1,025 640
Net investment income 33,984 35,648
Net realized (gain) loss 2,808 (51,767 )
Net change in unrealized appreciation (3,696 ) 49,975
Net increase in net assets resulting from operations $ 33,096 $ 33,856

Our operating results for the nine months ended September 30, 2024 and 2023 were as follows (dollars in thousands):

For the Nine Months Ended
2024 2023
Total investment income 219,310 $ 222,842
Total expenses, net of fee waivers 115,059 113,792
Net investment income before taxes 104,251 109,050
Less: Income taxes, including excise tax 3,200 2,332
Net investment income 101,051 106,718
Net realized gain (loss) 1,124 (69,566 )
Net change in unrealized appreciation (4,894 ) 55,160
Net increase in net assets resulting from operations 97,281 $ 92,312

All values are in US Dollars.

Net increase in net assets resulting from operations can vary from period to period as a result of various factors, including additional financing, new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Due to these factors, comparisons may not be meaningful.

Investment Income

The composition of our investment income for the three months ended September 30, 2024 and 2023 was as follows (dollars in thousands):

For the Three Months Ended
September 30,
2024 2023
Interest income $ 55,420 $ 57,233
Dividend income 6,185 8,568
PIK income 5,231 5,581
Other income 5,704 1,008
Total investment income $ 72,540 $ 72,390

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $55.4 million for the three months ended September 30, 2024 from $57.2 million for the three months ended September 30, 2023, primarily due to a decrease in the investment portfolio. Dividend income decreased to $6.2 million for the three months ended September 30, 2024 from $8.6 million for the three months ended September 30, 2023, primarily due to no dividend income from the 2018-1 Issuer interests, which were sold to SLP in the first quarter, and a decrease in dividend income on Gale Aviation in the third quarter. Other income increased to approximately $5.7 million for the three months ended September 30, 2024 from $1.0 million for the three months ended September 30, 2023, primarily due to an increase in commitment, closing and consent fees earned on certain investments.

The composition of our investment income for the nine months ended September 30, 2024 and 2023 was as follows (dollars in thousands):

For the Nine Months Ended
2024 2023
Interest income 166,121 $ 172,283
Dividend income 22,690 25,689
PIK income 16,399 16,692
Other income 14,100 8,178
Total investment income 219,310 $ 222,842

All values are in US Dollars.

Interest income from investments, which includes interest and accretion of discounts and fees, decreased to $166.1 million for the nine months ended September 30, 2024 from $172.3 million for the nine months ended September 30, 2023, primarily due to a decrease in the investment portfolio. Dividend income decreased to $22.7 million for the nine months ended September 30, 2024 from $25.7 million for the nine months ended September 30, 2023, primarily due to a decrease in dividend income from the 2018-1 Issuer interests which were sold to SLP during the first quarter of 2024, and a decrease in dividend income on Gale Aviation in the third quarter. Other income increased to approximately $14.1 million for the nine months ended September 30, 2024 from $8.2 million for the nine months ended September 30, 2023, primarily due to an increase in amendment, closing and consent fees earned on certain

investments. As of September 30, 2024, the weighted average yield of our investment portfolio decreased to 12.1% from 12.9% as of September 30, 2023, at amortized cost.

Operating Expenses

The composition of our operating expenses for the three months ended September 30, 2024 and 2023 were as follows (dollars in thousands):

For the Three Months Ended
September 30,
2024 2023
Interest and debt financing expenses $ 18,117 $ 20,775
Base management fee 8,897 9,140
Incentive fee 7,020 3,011
Professional fees 870 760
Directors fees 173 182
Other general and administrative expenses 2,454 2,234
Total expenses, net of fee waivers $ 37,531 $ 36,102

The composition of our operating expenses for the nine months ended September 30, 2024 and 2023 were as follows (dollars in thousands):

For the Nine Months Ended
2024 2023
Interest and debt financing expenses 53,804 $ 60,784
Base management fee 26,484 27,166
Incentive fee 24,176 18,129
Professional fees 2,700 1,792
Directors fees 521 535
Other general and administrative expenses 7,374 5,386
Total expenses, net of fee waivers 115,059 $ 113,792

All values are in US Dollars.

Interest and Debt Financing Expenses

Interest and debt financing expenses on our borrowings totaled approximately $18.1 million and $20.8 million for the three months ended September 30, 2024 and 2023, respectively. Interest and debt financing expense for the three months ended September 30, 2024 as compared to September 30, 2023 decreased primarily due to decreased usage of our Sumitomo Credit Facility. Interest and debt financing expenses on our borrowings totaled approximately $53.8 million and $60.8 million for the nine months ended September 30, 2024 and 2023, respectively. Interest and debt financing expense for the nine months ended September 30, 2024 as compared to September 30, 2023 decreased primarily due to decreased usage of our Sumitomo Credit Facility. The weighted average principal debt balance outstanding for the three months ended September 30, 2024 was $1.3 billion compared to $1.4 billion for the three months ended September 30, 2023. The weighted average principal debt balance outstanding for the nine months ended September 30, 2024 was $1.3 billion compared to $1.5 billion for the nine months ended September 30, 2023.

The combined weighted average interest rate (excluding deferred upfront financing costs and unused fees) of the aggregate borrowings outstanding for the nine months ended September 30, 2024 and year ended December 31, 2023 were 5.1% and 5.2%, respectively.

Management Fee

Management fee (net of waivers) decreased to $8.9 million for the three months ended September 30, 2024 from $9.1 million for the three months ended September 30, 2023. Management fee (gross of waivers) decreased to $8.9 million for the three months ended September 30, 2024 from $9.1 million for the three months ended September 30, 2023, primarily due to a decrease in total assets throughout the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Management fee waived for the three months ended September 30, 2024 and 2023 were $0.0 million and $0.0 million, respectively.

Management fee (net of waivers) decreased to $26.5 million for the nine months ended September 30, 2024 from $27.2 million for the nine months ended September 30, 2023. Management fee (gross of waivers) decreased to $26.5 million for the nine months

ended September 30, 2024 from $27.2 million for the nine months ended September 30, 2023, primarily due to a decrease in total assets throughout the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Management fee waived for the nine months ended September 30, 2024 and 2023 were $0.0 million and $0.0 million, respectively.

Incentive Fee

Incentive fee (net of waivers) increased to $7.0 million for the three months ended September 30, 2024 from $3.0 million for the three months ended September 30, 2023 primarily due to the mechanics of the Trailing Twelve Quarters aspect of the incentive fee calculation. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the three months ended September 30, 2024 and $0.0 million for the three months ended September 30, 2023. For the three months ended September 30, 2024, there were no incentive fees related to the GAAP Incentive Fee. Incentive fee (net of waivers) increased to $24.2 million for the nine months ended September 30, 2024 from $18.1 million for the nine months ended September 30, 2023 primarily due to the mechanics of the Trailing Twelve Quarters aspect of the incentive fee calculation. Incentive fee waivers related to pre-incentive fee net investment income consisted of voluntary waivers of $0.0 million for the nine months ended September 30, 2024 and $0.0 million for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, there were no incentive fees related to the GAAP Incentive Fee.

Professional Fees and Other General and Administrative Expenses

Professional fees and other general and administrative expenses increased to $3.3 million for the three months ended September 30, 2024 from $3.0 million for the three months ended September 30, 2023, primarily due to an increase in costs associated with servicing our investment portfolio.

Professional fees and other general and administrative expenses increased to $10.1 million for the nine months ended September 30, 2024 from $7.2 million for the nine months ended September 30, 2023, primarily due to an increase in costs associated with servicing our investment portfolio.

Net Realized and Unrealized Gains and Losses

The following table summarizes our net realized and unrealized gains (losses) for the three months ended September 30, 2024 and 2023 (dollars in thousands):

For the Three Months Ended September 30,
Net realized gain on investments 4,637 729
Net realized loss on investments (1,384 ) (51,602 )
Net realized gain on foreign currency transactions 9 —
Net realized loss on foreign currency transactions (474 ) (673 )
Net realized gain on forward currency exchange contracts 20 291
Net realized loss on forward currency exchange contracts — (512 )
Net realized gains (losses) 2,808 (51,767 )
Change in unrealized appreciation on investments 30,838 68,734
Change in unrealized depreciation on investments (29,839 ) (25,587 )
Net change in unrealized appreciation on investments 999 43,147
Unrealized appreciation on foreign currency translation 998 (279 )
Unrealized appreciation on forward currency exchange contracts (5,693 ) 7,107
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts (4,695 ) 6,828
Net change in unrealized appreciation (3,696 ) 49,975

All values are in US Dollars.

For the three months ended September 30, 2024 and 2023, we had net realized gains (losses) on investments of $3.3 million and ($50.9) million, respectively, which was primarily driven by full or partial sales or paydowns of our investments. For the three months ended September 30, 2024 and 2023, we had net realized (losses) on foreign currency transactions of ($0.5) million and ($0.7) million, respectively. For the three months ended September 30, 2024 and 2023, we had realized gains (losses) on forward currency contracts of $0.0 million and ($0.2) million, respectively, primarily as a result of settling GBP forward contracts.

For the three months ended September 30, 2024, we had $30.8 million in unrealized appreciation on 83 portfolio company investments, which was offset by $29.8 million in unrealized depreciation on 78 portfolio company investments. Unrealized appreciation for the three months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the three months ended September 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the three months ended September 30, 2023, we had $68.7 million in unrealized appreciation on 62 portfolio company investments, which was offset by $25.6 million in unrealized depreciation on 81 portfolio company investments. Unrealized depreciation for the three months ended September 30, 2023 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments. Unrealized appreciation for the three months ended September 30, 2023 resulted from an increase in fair value, primarily due to positive valuation adjustments.

For the three months ended September 30, 2024 and 2023, we had unrealized appreciation on forward currency exchange contracts of ($5.7) million and $7.1 million, respectively. For the three months ended September 30, 2024, unrealized depreciation on forward currency exchange contracts was primarily due to GBP, EUR and AUD forward contracts.

The following table summarizes our net realized and unrealized gains (losses) for the nine months ended September 30, 2024 and 2023 (dollars in thousands):

For the Nine Months Ended September 30,
Net realized gain on investments 13,868 2,579
Net realized loss on investments (13,772 ) (64,332 )
Net realized gain on foreign currency transactions — —
Net realized loss on foreign currency transactions (888 ) (5,207 )
Net realized gain on forward currency exchange contracts 1,949 410
Net realized loss on forward currency exchange contracts (33 ) (3,016 )
Net realized gains (losses) 1,124 (69,566 )
Change in unrealized appreciation on investments 63,458 77,649
Change in unrealized depreciation on investments (65,030 ) (31,896 )
Net change in unrealized appreciation on investments (1,572 ) 45,753
Unrealized appreciation on foreign currency translation 967 3,615
Unrealized appreciation on forward currency exchange contracts (4,289 ) 5,792
Net change in unrealized appreciation on foreign currency and forward currency exchange contracts (3,322 ) 9,407
Net change in unrealized appreciation (4,894 ) 55,160

All values are in US Dollars.

For the nine months ended September 30, 2024 and 2023, we had net realized gains (losses) on investments of $0.1 million and ($61.8) million, respectively, which was primarily driven by full or partial sales or paydowns of our investments. For the nine months ended September 30, 2024 and 2023, we had net realized losses on foreign currency transactions of ($0.9) million and ($5.2) million, respectively. For the nine months ended September 30, 2024 and 2023, we had net realized gains (losses) on forward currency contracts of $1.9 million and ($2.6) million, respectively, primarily as a result of settling AUD, CAD, EUR, GBP and NOK forward contracts.

For the nine months ended September 30, 2024, we had $63.5 million in unrealized appreciation on 92 portfolio company investments, which was offset by $65.0 million in unrealized depreciation on 76 portfolio company investments. Unrealized appreciation for the nine months ended September 30, 2024 resulted from an increase in fair value, primarily due to positive valuation adjustments. Unrealized depreciation for the nine months ended September 30, 2024 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments.

For the nine months ended September 30, 2023, we had $77.6 million in unrealized appreciation on 80 portfolio company investments, which was offset by ($31.9) million in unrealized depreciation on 68 portfolio company investments. Unrealized depreciation for the nine months ended September 30, 2023 resulted from a decrease in fair value, primarily due to a widening of credit spreads and negative valuation adjustments. Unrealized appreciation for the nine months ended September 30, 2023 resulted from an increase in fair value, primarily due to positive valuation adjustments.

For the nine months ended September 30, 2024 and 2023, we had unrealized appreciation on forward currency exchange contracts of ($4.3) million and $5.8 million, respectively. For the nine months ended September 30, 2024, unrealized depreciation on forward currency exchange contracts was primarily due to AUD, GBP, and NOK forward contracts.

The following table summarizes the impact of foreign currency for the three months ended September 30, 2024 and 2023 (dollars in thousands):

For the Three Months Ended September 30,
Net change in unrealized appreciation on investments due to foreign currency 4,034 (5,512 )
Net realized gain on investments due to foreign currency 1,014 121
Net change in unrealized appreciation on foreign currency translation 998 (279 )
Net realized loss on foreign currency transactions (465 ) (673 )
Net change in unrealized appreciation on forward currency exchange contracts (5,693 ) 7,107
Net realized gain (loss) on forward currency exchange contracts 20 (221 )
Foreign currency impact to net increase (decrease) in net assets resulting from operations (92 ) 543

All values are in US Dollars.

Included in total net losses on the consolidated statements of operations were gains (losses) of $5.6 million and ($6.3) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the three months ended September 30, 2024 and 2023, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($5.7) million and $6.9 million, respectively, included in the above table, the net impact of foreign currency on total net gains (losses) on the consolidated statements of operations is ($0.1) million and $0.5 million for the three months ended September 30, 2024 and 2023, respectively.

The following table summarizes the impact of foreign currency for the nine months ended September 30, 2024 and 2023 (dollars in thousands):

For the Nine Months Ended September 30,
Net change in unrealized appreciation on investments due to foreign currency 2,351 (1,096 )
Net realized gain on investments due to foreign currency 832 1,016
Net change in unrealized appreciation on foreign currency translation 967 3,615
Net realized loss on foreign currency transactions (888 ) (5,207 )
Net change in unrealized appreciation on forward currency exchange contracts (4,289 ) 5,792
Net realized gain (loss) on forward currency exchange contracts 1,916 (2,606 )
Foreign currency impact to net increase in net assets resulting from operations 889 1,514

All values are in US Dollars.

Included in total net losses on the consolidated statements of operations were gains (losses) of $3.3 million and ($1.7) million related to realized and unrealized gains and losses on investments, foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates for the nine months ended September 30, 2024 and 2023, respectively. Including the total net realized and unrealized gains (losses) on forward currency exchange contracts of ($2.4) million and $3.2 million, respectively, included in the above table, the net impact of foreign currency on total net gains on the consolidated statements of operations is $0.9 million and $1.5 million for the nine months ended September 30, 2024 and 2023, respectively.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended September 30, 2024 and 2023, the net increase in net assets resulting from operations was $33.1 million and $33.9 million, respectively. Based on the weighted average shares of common stock outstanding for the three months ended September 30, 2024 and 2023, our per share net increase in net assets resulting from operations was $0.51 and $0.52, respectively.

For the nine months ended September 30, 2024 and 2023, the increase in net assets resulting from operations was $97.3 million and $92.3 million, respectively. Based on the weighted average shares of common stock outstanding for the nine months ended September 30, 2024 and 2023, our per share net increase in net assets resulting from operations was $1.51 and $1.43, respectively.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are derived primarily from proceeds from equity issuances, advances from our credit facilities, 2019‑1 Debt, March 2026 Notes, October 2026 Notes, the Sumitomo Credit Facility and cash flows from operations. The primary uses of our cash are for (1) investments in portfolio companies and other investments and to comply with certain portfolio diversification requirements; (2) the cost of operations (including payments to the Advisor under the Investment Advisory and Administration Agreements); (3) debt service, repayment, and other financing costs; and (4) cash distributions to the holders of our common shares.

We intend to continue to generate cash primarily from cash flows from operations, future borrowings and future offerings of securities. We may from time to time raise additional equity or debt capital through registered offerings, enter into additional debt facilities, or increase the size of existing facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of September 30, 2024 and December 31, 2023, our asset coverage ratio was 187.8% and 189.9%, respectively.

At September 30, 2024 and December 31, 2023, we had $59.8 million and $112.5 million in cash, foreign cash, restricted cash and cash equivalents, respectively.

At September 30, 2024, we had approximately $501.3 million of availability on our Sumitomo Credit Facility, subject to existing terms and regulatory requirements. At December 31, 2023 we had approximately $343.3 million of availability on our Sumitomo Credit Facility subject to existing terms and regulatory requirements.

For the nine months ended September 30, 2024, cash, foreign cash, restricted cash, and cash equivalents decreased by $52.7 million. During the nine months ended September 30, 2024, we used ($7.1) million in cash for operating activities. The increase in cash used in operating activities was primarily related to purchases of investments of $1,097.8 million, which was offset by proceeds from principal payments and sales of investments of $1,001.5 million and a net increase in assets resulting from operations of $97.3 million.

During the nine months ended September 30, 2024, we used $45.7 million for financing activities, primarily on repayments of our Sumitomo Credit Facility of $522.3 million and distributions paid during the period of $85.2 million, partially offset by borrowings of $565.0 million.

For the nine months ended September 30, 2023, cash, foreign cash, restricted cash, and cash equivalents decreased by $20.3 million. During the nine months ended September 30, 2023, we provided $70.6 million in cash for operating activities. The increase in cash provided by operating activities was primarily related to cash generated from earnings of $92.3 million outpacing net increase in investments of $14.6 million.

During the nine months ended September 30, 2023, we used $89.3 million for financing activities, primarily due to borrowings and repayments on our Sumitomo Credit Facility and paying our quarterly dividend to shareholders.

Equity

On November 19, 2018, we closed our IPO issuing 7,500,000 shares of common stock at a public offering price of $20.25 per share. Shares of common stock of the Company began trading on the New York Stock Exchange under the symbol “BCSF” on November 15, 2018. The offering generated net proceeds, after expenses, of $145.4 million. All outstanding capital commitments from the Company’s Private Offering were cancelled as of the completion of the IPO.

During the nine months ended September 30, 2024, we did not issue shares of our common stock to investors who have opted into our dividend reinvestment plan. During the nine months ended September 30, 2023, we did not issue shares of our common stock to investors who have opted into our dividend reinvestment plan.

On May 7, 2019, the Company’s Board authorized the Company to repurchase up to $50 million of its outstanding common stock in accordance with safe harbor rules under the Exchange Act. Any such repurchases will depend upon market conditions and there is no guarantee that the Company will repurchase any particular number of shares or any shares at all. As of September 30, 2024, there have been no repurchases of common stock.

Debt

The Company’s outstanding borrowings as of September 30, 2024 and December 31, 2023 were as follows:

As of September 30, 2024 As of December 31, 2023
2019-1 Debt 352,500 352,500 351,326 352,500 352,500 351,229
March 2026 Notes 300,000 300,000 298,371 300,000 300,000 297,522
October 2026 Notes 300,000 300,000 297,211 300,000 300,000 296,182
Sumitomo Credit Facility (2) 855,000 353,699 353,699 665,000 311,000 311,000
Total Debt 1,807,500 1,306,199 1,300,607 1,617,500 1,263,500 1,255,933

All values are in US Dollars.

  • Carrying value represents aggregate principal amount outstanding less unamortized debt issuance costs.
  • On January 26, 2022, Gale Aviation (Offshore) Co investment, a controlled affiliate investment of the Company, entered into a letter of credit agreement with Sumitomo Mitsui Banking Corporation for $14.7 million. On October 2, 2023, $4.0 million of the letter of credit agreement was terminated. On July 4, 2024, the remaining $10.7 million of the letter of credit agreement was terminated.

Distribution Policy

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2024 (dollars in thousands, except per share):

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.42 $ 27,116
February 27, 2024 March 28, 2024 April 30, 2024 $ 0.03 $ 1,937 (1)
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.42 $ 27,116
May 6, 2024 June 28, 2024 July 29, 2024 $ 0.03 $ 1,937 (1)
August 6, 2024 September 30, 2024 October 31, 2024 $ 0.42 $ 27,116
August 6, 2024 September 30, 2024 October 31, 2024 $ 0.03 $ 1,937 (1)
Total distributions declared $ 1.35 $ 87,159

(1) Represents a special dividend.

The Company’s distributions are recorded on the record date. The following table summarizes distributions declared during the nine months ended September 30, 2023 (dollars in thousands, except per share):

Amount Total
Date Declared Record Date Payment Date Per Share Distributions
February 28, 2023 March 31, 2023 April 28, 2023 $ 0.38 $ 24,534
May 9, 2023 June 30, 2023 July 31, 2023 $ 0.38 $ 24,534
August 8, 2023 September 29, 2023 October 31, 2023 $ 0.42 $ 27,116
Total distributions declared $ 1.18 $ 76,184

Distributions to common stockholders are recorded on the record date. To the extent that we have income available, we intend to distribute quarterly distributions to our stockholders. Our quarterly distributions, if any, will be determined by the Board. Any distributions to our stockholders will be declared out of assets legally available for distribution.

We have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), beginning with our taxable year ended December 31, 2016. To qualify for and maintain RIC tax treatment, among other things, we must distribute dividends to our stockholders in respect of each taxable year of an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of our net long-term capital losses. In order to avoid the imposition of certain excise taxes imposed on RICs, we must distribute dividends to our stockholders in respect of each calendar year of an amount at least equal to the sum of: (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for such calendar year; (2) 98.2% of our capital gains in excess of capital losses, adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of such calendar year; and (3) the sum of any net ordinary income plus capital gains net income for preceding years that were not distributed during such years and on which we paid no federal income tax.

We intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain all or a portion of our net capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to our stockholders.

We have adopted a dividend reinvestment plan that provides for the reinvestment of cash dividends and distributions. Prior to the IPO, stockholders who “opted in” to our dividend reinvestment plan had their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Subsequent to the IPO, stockholders who do not “opt out” of our dividend reinvestment plan will have their cash dividends and distributions automatically reinvested in additional shares of our common stock, rather than receiving cash dividends and distributions. Stockholders could elect to “opt in” or “opt out” of our dividend reinvestment plan in their subscription agreements, through the private offering. The elections of stockholders prior to the IPO shall remain effective after the IPO.

The U.S. federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based upon our investment company taxable income for the full fiscal year and distributions paid during the full year.

Commitments and Off-Balance Sheet Arrangements

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized on the statements of assets and liabilities.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the Amended Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, we, our Advisor and Bain Capital Credit have been granted exemptive relief from the SEC to permit greater flexibility to negotiate the terms of co-investments if the Board determines that it would be advantageous for us to co-invest with other Bain Capital Credit Clients in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent Bain Capital Credit Clients funds, accounts and investment vehicles managed by Bain Capital Credit may afford us additional investment opportunities and an ability to achieve greater diversification. Accordingly, our exemptive order permits us to invest with Bain Capital Credit Clients in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. Our exemptive relief permitting co-investment transactions generally applies only if our Independent Directors and Directors who have no financial interest in such transaction review and approve in advance each co-investment transaction. The exemptive relief imposes other conditions with which we must comply to engage in co-investment transactions.

Recent Developments

See “Item 1. Financial Statements - Notes to Consolidated Financial Statements - Note 12. Subsequent Events” for a summary of recent developments.

Significant Accounting Estimates and Critical Accounting Policies

Basis of Presentation

The Company’s unaudited consolidated financial statements have been prepared in accordance with US GAAP. The Company’s unaudited consolidated financial statements and related financial information have been prepared pursuant to the requirements for reporting on Form 10‑Q and Articles 1, 6, 10 and 12 of Regulation S-X. These consolidated financial statements reflect adjustments that in the opinion of the Company are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. We have determined we meet the definition of an investment company and follow the accounting and reporting guidance in the FASB Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC 946”). Our financial currency is U.S. dollars and these consolidated financial statements have been prepared in that currency.

Use of Estimates

The preparation of the consolidated financial statements in conformity with US GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Revenue Recognition

We record our investment transactions on a trade date basis. We record realized gains and losses based on the specific identification method. We record interest income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Discount and premium to par value on investments acquired are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount and market discount or premium are capitalized and amortized into or against interest income using the effective interest method or straight-line method, as applicable. We record any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts received upon prepayment of a loan or debt security as interest income.

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for such distributions in the case of private portfolio companies, and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital.

Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. We record PIK as interest or dividend income, as applicable. If at any point we believe PIK may not be realized, we place the investment generating PIK on non-accrual status.

Certain structuring fees and amendment fees are recorded as other income when earned. We record administrative agent fees received as other income when the services are rendered.

Valuation of Portfolio Investments

The Advisor shall value the investments owned by the Company, subject at all times to the oversight of the Board. The Advisor shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. A short summary of the Advisor’s valuation policies is below.

Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Advisor as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value.

With respect to unquoted portfolio investments, the Company will value each investment considering, among other measures, discounted cash flow models, comparable company multiple models, comparisons of financial ratios of peer companies that are public, and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Company will use the pricing indicated by the external event to corroborate and/or assist us in our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process, which includes among other things, the below:

  • The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Advisor responsible for the portfolio investment;
  • Preliminary valuation conclusions are then documented and discussed with the Company’s senior management and the Advisor;
  • Generally investments that constitute a material portion of the Company’s portfolio are periodically reviewed by an independent valuation firm; and
  • The Board and Audit Committee provide oversight with respect to the valuation process, including requesting such materials as they deem appropriate.

In following this approach, the types of factors that are taken into account in the fair value pricing of investments include, as relevant, but are not limited to: comparison to publicly traded securities, including factors such as yield, maturity and measures of credit quality; the enterprise value of a portfolio company; the nature and realizable value of any collateral; the portfolio company’s ability to make payments and its earnings and discounted cash flows; and the markets in which the portfolio company does business. In cases where an independent valuation firm provides fair valuations for investments, the independent valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their concluded ranges.

Contractual Obligations

We have entered into the Amended Advisory Agreement with our Advisor (which supersedes the Prior Investment Advisory Agreement dated November 14, 2018 we had previously entered into). Our Advisor has agreed to serve as our investment adviser in accordance with the terms of the Amended Advisory Agreement. Under the Amended Advisory Agreement, we have agreed to pay an annual base management fee as well as an incentive fee based on our investment performance.

On November 28, 2018, our Board, including a majority of our Independent Directors, approved the Amended Advisory Agreement. On February 1, 2019 the Company’s stockholders approved the Amended Advisory Agreement. Pursuant to this Agreement, effective February 1, 2019, the base management fee of 1.5% (0.375% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will continue to apply to assets held at an asset coverage ratio of 200%, but a lower base management fee of 1.0% (0.25% per quarter) of the average value of the Company’s gross assets (excluding cash and cash equivalents, but including assets purchased with borrowed amounts) will apply to any amount of assets attributable to leverage decreasing the Company’s asset coverage ratio below 200%. The Amended Advisory Agreement incorporates (i) a three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized or unrealized capital loss, if any, during the applicable three-year lookback period.

We have entered into an Administration Agreement with the Administrator pursuant to which the Administrator will furnish us with administrative services necessary to conduct our day-to-day operations. We reimburse the Administrator for its costs and expenses and our allocable portion of overhead incurred by it in performing its obligations under the Administration Agreement,

including certain compensation paid to or compensatory distributions received by our officers (including our Chief Compliance Officer and Chief Financial Officer) and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment.

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Amended Advisory Agreement and Administration Agreement.

The following table shows the contractual maturities of our debt obligations as of September 30, 2024 (dollars in thousands):

Payments Due by Period
Less than More than
5 years
2019-1 Debt 352,500 — — — $ 352,500
March 2026 Notes 300,000 — 300,000 — —
October 2026 Notes 300,000 — 300,000 — —
Sumitomo Credit Facility 353,699 — — 353,699 —
Total Debt Obligations 1,306,199 — 600,000 353,699 $ 352,500

All values are in US Dollars.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. We will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because we expect that there will not be a readily available market for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. There have been no material quantitative changes in reported market risk exposures in comparison to the information reported in the prior period.

Assuming that the statement of financial condition as of September 30, 2024 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollars in thousands):

Net Increase
Increase Increase (Decrease) in Net
(Decrease) in (Decrease) in Investment
Change in Interest Rates Interest Income Interest Expense Income
Down 100 basis points $ (17,189 ) $ (7,062 ) $ (8,355 )
Down 200 basis points (34,071 ) (14,124 ) (16,456 )
Down 300 basis points (50,726 ) (21,186 ) (24,371 )
Up 100 basis points 17,189 7,062 8,355
Up 200 basis points 34,378 14,124 16,710
Up 300 basis points 51,567 21,186 25,064

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2024 (the end of the period covered by this report), our management has carried out an evaluation, under the supervision of and with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a‑15 and 15d‑15(e) under the Exchange Act). Based on that evaluation our Chief Executive Officer and Chief Financial Officer have concluded that our current disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting, as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act, that occurred during our most recently completed fiscal quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors described below and discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

The Company did not engage in any unregistered sales of equity securities, issue any common stock under the Company's dividend reinvestment plan, or purchase any common stock during the three months ended September 30, 2024.

Item 3. Default Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits, Financial Statement Schedules

The following exhibits are included, or incorporated by reference, in this Quarterly Report on Form 10-Q for the nine months ended September 30, 2024 (and are numbered in accordance with Item 601 of Regulation S-K under the Securities Act).

Exhibit<br>Number Description of Document
3.1 Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
3.2 Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
4.1 Dividend Reinvestment Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.1 Second Amended and Restated Investment Advisory Agreement, dated November 28, 2018, by and between the Company and the Advisor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8‑K (File No. 814‑01175), filed on February 1, 2019).
10.2 Administration Agreement, dated October 6, 2016, by and between the Company and the Administrator (incorporated by reference to Exhibit 10.2 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.3 Form of Advisory Fee Waiver Agreement by and between the Company and the Advisor (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.4 Form of Custodian Agreement by and between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016).
10.5 Indenture, dated as of September 28, 2018, between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.6 Portfolio Management Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.7 Loan Sale Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.8 Collateral Administration Agreement, dated as of September 28, 2018, by and between BCC Middle Market CLO 2018‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.12 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
10.9 Master Participation Agreement, dated as of September 28, 2018, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2018‑1, LLC, as issuer (incorporated by reference to Exhibit 10.13 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on October 17, 2018).
Exhibit<br>Number Description of Document
--- ---
10.10 Amended and Restated Indenture, dated as of November 30, 2021, between BCC Middle Market CLO 2019-1, LLC, as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022).
10.11 First Supplemental Indenture, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, and Bain Capital Specialty Finance, in its capacity as Portfolio Manager under the Agreement on behalf of the Issuer, and together with its successors in such capacity, the “Portfolio Manager” (incorporated by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.12 Amended and Restated Portfolio Management Agreement, dated as of November 30, 2021, by and between BCC Middle Market CLO 2019-1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as portfolio manager. (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q (File No. 814-01175), filed on May 5, 2022)
10.13 First Amendment to Amended and Restated Portfolio Management Agreement, dated as of August 2, 2022, between BCC Middle Market CLO 2019-1, LTD. (f/k/a BCC Middle Market CLO 2019-1, LLC), as Issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as Co-Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.14 Loan Sale Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, and Bain Capital Specialty Finance, Inc., as the transferor (incorporated by reference to Exhibit 10.18 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.15 Collateral Administration Agreement, dated as of August 28, 2019, by and between BCC Middle Market CLO 2019‑1, LLC, as issuer, Bain Capital Specialty Finance, Inc., as portfolio manager, and Wells Fargo Bank, National Association, as collateral administrator (incorporated by reference to Exhibit 10.19 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.16 Master Participation Agreement, dated as of August 28, 2019, by and between BCSF I, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.20 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.17 Master Participation Agreement, dated as of August 28, 2019, by and between BCSF II-C, LLC, as financing subsidiary, and BCC Middle Market CLO 2019‑1, LLC, as issuer (incorporated by reference to Exhibit 10.21 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on November 6, 2019).
10.18 Revolving Loan Agreement, dated March 27, 2020, by and between the Company, as Borrower, and BCSF Advisors, LP, as Lender (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10‑Q (File No. 814‑01175), filed on May 4, 2020).
10.19 Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp (incorporated by reference to Exhibit 10.31 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 24, 2021).
10.20 Underwriting Agreement, dated March 3, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP and Goldman Sachs & Co. LLC, as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 5, 2021).
10.21 Indenture, dated as of March 10, 2021, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
Exhibit<br>Number Description of Document
--- ---
10.22 First Supplemental Indenture, dated as of March 10, 2021, relating to the 2.950% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
10.23 Form of 2.950% Notes due 2026 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on March 10, 2021).
10.24 Underwriting Agreement, dated October 5, 2021, by and among Bain Capital Specialty Finance, Inc., BCSF Advisors, LP, and Goldman Sachs & Co. LLC and SMBC Nikko Securities America Inc., as the representative of the underwriters (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 6, 2021).
10.25 Second Supplemental Indenture, dated as of October 13, 2021, relating to the 2.550% Notes due 2026, by and between the Company and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
10.26 Form of 2.550% Notes due 2026 (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K (File No. 814-01175), filed on October 13, 2021).
10.27 Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers (incorporated by reference to Exhibit 10.41 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
10.28 First Amendment dated as of July 6, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.29 Increasing Lender/Joinder Lender Agreement, dated as of December 14, 2022, between the Company, the Lenders and Issuing Banks from time to time party thereto and Sumitomo Mitsui Banking Corporation, as Administrative Agent (in such capacity, the “Administrative Agent”); and (b) the Notice of Commitment Increase Request, dated as of December 14, 2022, provided by the Company to the Administrative Agent (the “Notice”) (incorporated by reference to Exhibit 10.29 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 28, 2023).
10.30 Increasing Lender/Joinder Lender Agreement dated as of July 22, 2022, pursuant to Section 2.08(e) of the Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (Incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10 Q (File No. 814 01175), filed on August 3, 2022).
10.31 Second Amendment dated as of August 24, 2022 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 9, 2022).
10.32 Third Amendment dated as of May 20, 2024 to Revolving Credit Agreement, dated as of December 24, 2021, by and among the Company as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, N.A., as Joint Lead Arrangers. (incorporated by reference to Exhibit 10.32 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 6, 2024).
10.33 Amended and Restated Limited Liability Company Agreement, dated December 27, 2021, of Bain Capital Senior Loan Program, LLC. (incorporated by reference to Exhibit 10.42 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 23, 2022).
Exhibit<br>Number Description of Document
--- ---
10.34 First Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2018-1, LLC, as issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.33 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.35 Second Supplemental Indenture dated as of June 15, 2023 among BCC Middle Market CLO 2019-1, Ltd., as issuer, BCC Middle Market CLO 2019-1 Co-Issuer, LLC, as co-issuer, and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 10.34 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on August 8, 2023).
10.36 Amendment dated September 11, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp and Solutio Premium Private Debt II Master SCSp. (incorporated by reference to Exhibit 10.35 to the Company’s Quarterly Report on Form 10-Q (File No.814-01175) filed on November 6, 2023).
10.37 Second Amendment dated December 14, 2023 to the Amended and Restated Limited Liability Company Agreement, dated February 9, 2021, as amended on September 8, 2021 of International Senior Loan Program, LLC, by and among the Company, Pantheon Private Debt Program SCSp SICAV—RAIF—Pantheon Senior Debt Secondaries II (USD), Pantheon Private Debt Program SCSp SICAV—RAIF—Tubera Credit 2020, Solutio Premium Private Debt I SCSp, Solutio Premium Private Debt II Master SCSp, Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (EUR) and Pantheon Private Debt Program SICAV—RAIF—Pantheon Senior Debt Secondaries II (GBP) (filed herewith). (incorporated by reference to Exhibit 10.36 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
10.38 International Senior Loan Program, LLC Consolidated Financial Statements for year ending December 31, 2023. (incorporated by reference to Exhibit 10.37 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
23.1 Consent of Independent Registered Public Accounting Firm (incorporated by reference to Exhibit 23.1 to the Company’s Annual Report on Form 10-K (File No. 814-01175) filed on February 27, 2024).
24.1 Powers of Attorney (incorporated by reference to Exhibit 24.1 to the Company’s Annual Report on Form 10-Q (File No. 814-01175) filed on May 6, 2024).
31.1* Certification of Chief Executive Officer pursuant to Rule 13a‑14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.
31.2* Certification of Chief Financial Officer pursuant to Rule 13a‑14 under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, as amended.
32* Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
101.INS* XBRL Instance Document
101.SCH* Inline XBRL Taxonomy Extension Schema Document.
101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF* Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document.
Exhibit<br>Number Description of Document
--- ---
104 Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

* Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Bain Capital Specialty Finance, Inc.
Date: November 5, 2024 By: /s/ Michael A. Ewald
Name: Michael A. Ewald
Title: Chief Executive Officer
Date: November 5, 2024 By: /s/ Amit Joshi
--- --- ---
Name: Amit Joshi
Title: Chief Financial Officer

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael A. Ewald, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
--- ---
3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
--- ---
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
--- ---
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
--- ---
(b) Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
--- ---
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
--- ---
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
--- ---
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
--- ---
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
--- ---
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
--- ---

Date: November 5, 2024

/s/ Michael A. Ewald
Michael A. Ewald
Chief Executive Officer
Bain Capital Specialty Finance, Inc.

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14 UNDER THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Amit Joshi, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
--- ---
3. Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
--- ---
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
--- ---
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
--- ---
(b) Designed such internal control over financial reporting, or caused, such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
--- ---
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
--- ---
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
--- ---
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):
--- ---
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
--- ---
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
--- ---

Date: November 5, 2024

/s/ Amit Joshi
Amit Joshi
Chief Financial Officer
Bain Capital Specialty Finance, Inc.

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Bain Capital Specialty Finance, Inc. (the “Company”) for the quarterly period ended September 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael A. Ewald, Chief Executive Officer of the Company, and I, Amit Joshi, Chief Financial Officer of the Company, each certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

  • The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
  • The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2024

/s/ Michael A. Ewald
Michael A. Ewald
Chief Executive Officer
Bain Capital Specialty Finance, Inc.
/s/ Amit Joshi
Amit Joshi
Chief Financial Officer
Bain Capital Specialty Finance, Inc.

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