☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 47-5402460 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
399 Park Avenue, New York, New York | 10022 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.01 par value per share | OBDC | The New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Small reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
Item 1. | ||||||||
Signatures |
September 30, 2023 (Unaudited) | December 31, 2022 | |||||||||||||
Assets | ||||||||||||||
Investments at fair value | ||||||||||||||
Non-controlled, non-affiliated investments (amortized cost of $11,500,055 and $12,133,062, respectively) | $ | 11,471,820 | $ | 12,010,369 | ||||||||||
Non-controlled, affiliated investments (amortized cost of $19,352 and $6,224, respectively) | 19,805 | 6,175 | ||||||||||||
Controlled, affiliated investments (amortized cost of $1,303,464, and $906,846, respectively) | 1,404,533 | 993,801 | ||||||||||||
Total investments at fair value (amortized cost of $12,822,871 and $13,046,132, respectively) | 12,896,158 | 13,010,345 | ||||||||||||
Cash (restricted cash of $89,264 and $96,420, respectively) | 429,676 | 444,278 | ||||||||||||
Foreign cash (cost of $2,357 and $809, respectively) | 2,354 | 809 | ||||||||||||
Interest receivable | 107,112 | 108,085 | ||||||||||||
Receivable from a controlled affiliate | 22,532 | 17,709 | ||||||||||||
Prepaid expenses and other assets | 3,988 | 3,627 | ||||||||||||
Total Assets | $ | 13,461,820 | $ | 13,584,853 | ||||||||||
Liabilities | ||||||||||||||
Debt (net of unamortized debt issuance costs of $80,535 and $95,647, respectively) | $ | 7,062,399 | $ | 7,281,744 | ||||||||||
Distribution payable | 128,612 | 129,517 | ||||||||||||
Management fee payable | 47,796 | 47,583 | ||||||||||||
Incentive fee payable | 40,314 | 34,462 | ||||||||||||
Payables to affiliates | 6,292 | 6,351 | ||||||||||||
Accrued expenses and other liabilities | 176,398 | 202,793 | ||||||||||||
Total Liabilities | 7,461,811 | 7,702,450 | ||||||||||||
Commitments and contingencies (Note 7) | ||||||||||||||
Net Assets | ||||||||||||||
Common shares $0.01 par value, 500,000,000 shares authorized; 389,732,868 and 392,476,687 shares issued and outstanding, respectively | 3,897 | 3,925 | ||||||||||||
Additional paid-in-capital | 5,936,644 | 5,970,674 | ||||||||||||
Accumulated undistributed (overdistributed) earnings | 59,468 | (92,196) | ||||||||||||
Total Net Assets | 6,000,009 | 5,882,403 | ||||||||||||
Total Liabilities and Net Assets | $ | 13,461,820 | $ | 13,584,853 | ||||||||||
Net Asset Value Per Share | $ | 15.40 | $ | 14.99 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Investment Income | ||||||||||||||||||||||||||
Investment income from non-controlled, non-affiliated investments: | ||||||||||||||||||||||||||
Interest income | $ | 307,701 | $ | 240,601 | $ | 894,371 | $ | 655,303 | ||||||||||||||||||
Payment-in-kind (“PIK”) interest income | 40,925 | 30,539 | 128,783 | 79,698 | ||||||||||||||||||||||
Dividend income | 17,324 | 14,867 | 52,764 | 36,280 | ||||||||||||||||||||||
Other income | 2,332 | 5,408 | 12,539 | 14,794 | ||||||||||||||||||||||
Total investment income from non-controlled, non-affiliated investments | 368,282 | 291,415 | 1,088,457 | 786,075 | ||||||||||||||||||||||
Investment income from non-controlled, affiliated investments: | ||||||||||||||||||||||||||
Dividend income | 36 | — | 213 | — | ||||||||||||||||||||||
Total investment income from non-controlled, affiliated investments | 36 | — | 213 | — | ||||||||||||||||||||||
Investment income from controlled, affiliated investments: | ||||||||||||||||||||||||||
Interest income | 5,717 | 2,140 | 13,944 | 5,767 | ||||||||||||||||||||||
Payment-in-kind (“PIK”) interest income | 773 | — | 773 | — | ||||||||||||||||||||||
Dividend income | 24,032 | 20,303 | 66,720 | 59,136 | ||||||||||||||||||||||
Other Income | 182 | 195 | 760 | 520 | ||||||||||||||||||||||
Total investment income from controlled, affiliated investments | 30,704 | 22,638 | 82,197 | 65,423 | ||||||||||||||||||||||
Total Investment Income | 399,022 | 314,053 | 1,170,867 | 851,498 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Interest expense | 110,445 | 81,210 | 324,416 | 209,935 | ||||||||||||||||||||||
Management fees | 47,796 | 46,886 | 143,911 | 141,172 | ||||||||||||||||||||||
Performance based incentive fees | 40,314 | 31,134 | 117,640 | 83,630 | ||||||||||||||||||||||
Professional fees | 3,890 | 3,788 | 11,697 | 11,022 | ||||||||||||||||||||||
Directors’ fees | 445 | 276 | 960 | 832 | ||||||||||||||||||||||
Other general and administrative | 3,349 | 2,381 | 9,158 | 6,656 | ||||||||||||||||||||||
Total Operating Expenses | 206,239 | 165,675 | 607,782 | 453,247 | ||||||||||||||||||||||
Net Investment Income (Loss) Before Taxes | 192,783 | 148,378 | 563,085 | 398,251 | ||||||||||||||||||||||
Income tax expense (benefit), including excise tax expense (benefit) | 2,730 | 1,604 | 8,495 | 3,998 | ||||||||||||||||||||||
Net Investment Income (Loss) After Taxes | $ | 190,053 | $ | 146,774 | $ | 554,590 | $ | 394,253 | ||||||||||||||||||
Net Realized and Change in Unrealized Gain (Loss) | ||||||||||||||||||||||||||
Net change in unrealized gain (loss): | ||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | $ | 22,371 | $ | 75,368 | $ | 91,855 | $ | (147,545) | ||||||||||||||||||
Non-controlled, affiliated investments | 507 | — | 502 | — | ||||||||||||||||||||||
Controlled, affiliated investments | (2,076) | 47,026 | 14,113 | 31,632 | ||||||||||||||||||||||
Translation of assets and liabilities in foreign currencies | (2,292) | (3,807) | 278 | (7,510) | ||||||||||||||||||||||
Income tax (provision) benefit | (1,521) | — | (4,217) | — | ||||||||||||||||||||||
Total Net Change in Unrealized Gain (Loss) | 16,989 | 118,587 | 102,531 | (123,423) | ||||||||||||||||||||||
Net realized gain (loss): | ||||||||||||||||||||||||||
Non-controlled, non-affiliated investments | 235 | 201 | 353 | 4,853 | ||||||||||||||||||||||
Non-controlled, affiliated investments | — | — | (52,482) | — | ||||||||||||||||||||||
Foreign currency transactions | (339) | (135) | (647) | (1,218) | ||||||||||||||||||||||
Total Net Realized Gain (Loss) | (104) | 66 | (52,776) | 3,635 | ||||||||||||||||||||||
Total Net Realized and Change in Unrealized Gain (Loss) | 16,885 | 118,653 | 49,755 | (119,788) | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 206,938 | $ | 265,427 | $ | 604,345 | $ | 274,465 | ||||||||||||||||||
Earnings Per Share - Basic and Diluted | $ | 0.53 | $ | 0.67 | $ | 1.55 | $ | 0.70 | ||||||||||||||||||
Weighted Average Shares Outstanding - Basic and Diluted | 389,703,612 | 393,823,013 | 390,223,606 | 394,103,935 |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Non-controlled/non-affiliated portfolio company investments | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Investments | |||||||||||||||||||||||||||||||||||||||||||||||
Advertising and media | |||||||||||||||||||||||||||||||||||||||||||||||
Circana Group, L.P. (fka The NPD Group, L.P.)(13)(27) | First lien senior secured loan | S + | 6.25% (2.75% PIK) | 12/2028 | 19,052 | 18,720 | 18,861 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
Circana Group, L.P. (fka The NPD Group, L.P.)(10)(13)(27) | First lien senior secured revolving loan | S + | 5.75% | 12/2027 | 272 | 248 | 257 | — | % | ||||||||||||||||||||||||||||||||||||||
Global Music Rights, LLC(14)(27) | First lien senior secured loan | S + | 5.75% | 8/2028 | 7,369 | 7,257 | 7,369 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Global Music Rights, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 5.75% | 8/2027 | — | (9) | — | — | % | ||||||||||||||||||||||||||||||||||||||
26,216 | 26,487 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Aerospace and defense | |||||||||||||||||||||||||||||||||||||||||||||||
Aviation Solutions Midco, LLC (dba STS Aviation)(14)(27) | First lien senior secured loan | S + | 7.25% | 1/2025 | 211,204 | 210,165 | 213,316 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||
Peraton Corp.(6)(14)(27) | Second lien senior secured loan | S + | 7.75% | 2/2029 | 45,899 | 45,378 | 44,829 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
Valence Surface Technologies LLC(14)(27) | First lien senior secured loan | S + | 7.75% (3.88% PIK) | 6/2025 | 134,374 | 133,766 | 113,546 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||
Valence Surface Technologies LLC(10)(14)(27) | First lien senior secured revolving loan | S + | 7.75% (3.88% PIK) | 6/2025 | 10,922 | 10,879 | 9,222 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
400,188 | 380,913 | 6.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset based lending and fund finance | |||||||||||||||||||||||||||||||||||||||||||||||
Hg Genesis 8 Sumoco Limited(20)(27)(29) | Unsecured facility | SA + | 6.00% PIK | 8/2025 | £39,355 | 51,566 | 48,034 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||
Hg Genesis 9 SumoCo Limited(18)(27)(29) | Unsecured facility | E + | 7.00% PIK | 3/2027 | € 47,333 | 51,810 | 50,114 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||
Hg Saturn Luchaco Limited(20)(27)(29) | Unsecured facility | SA + | 7.50% PIK | 3/2026 | £111,764 | 150,506 | 136,415 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
253,882 | 234,563 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||||||||
Spotless Brands, LLC(14)(27) | First lien senior secured loan | S + | 6.50% | 7/2028 | 48,242 | 47,427 | 47,759 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||
Spotless Brands, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 6.50% | 7/2028 | — | (21) | (13) | — | % | ||||||||||||||||||||||||||||||||||||||
47,406 | 47,746 | 0.8 | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Buildings and real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Associations, Inc.(14)(27) | First lien senior secured loan | S + | 6.50% (2.50% PIK) | 7/2027 | 363,571 | 361,304 | 360,844 | 6.0 | % | ||||||||||||||||||||||||||||||||||||||
Associations, Inc.(10)(14)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.50% (2.50% PIK) | 6/2024 | 38,799 | 38,432 | 38,425 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
Associations, Inc.(10)(23)(27) | First lien senior secured revolving loan | S + | 6.50% | 7/2027 | — | (206) | (247) | — | % | ||||||||||||||||||||||||||||||||||||||
REALPAGE, INC.(6)(13)(27) | Second lien senior secured loan | S + | 6.50% | 4/2029 | 34,500 | 34,105 | 34,545 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
433,635 | 433,567 | 7.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Business services | |||||||||||||||||||||||||||||||||||||||||||||||
Access CIG, LLC(14)(27) | Second lien senior secured loan | S + | 7.75% | 2/2026 | 58,760 | 58,498 | 58,172 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||
CIBT Global, Inc.(11)(14)(27) | First lien senior secured loan | S + | 5.25% (4.25% PIK) | 5/2026 | 932 | 588 | 625 | — | % | ||||||||||||||||||||||||||||||||||||||
CIBT Global, Inc.(11)(14)(27) | Second lien senior secured loan | S + | 7.75% PIK | 12/2026 | 63,678 | 26,718 | 8,437 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(14)(27) | First lien senior secured loan | S + | 5.50% | 9/2028 | 52,884 | 52,298 | 52,752 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
Denali BuyerCo, LLC (dba Summit Companies)(10)(23)(27) | First lien senior secured revolving loan | S + | 5.50% | 9/2027 | — | (20) | (7) | — | % | ||||||||||||||||||||||||||||||||||||||
Diamondback Acquisition, Inc. (dba Sphera)(13)(27) | First lien senior secured loan | S + | 5.50% | 9/2028 | 4,077 | 4,015 | 4,016 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Entertainment Benefits Group, LLC(13)(27) | First lien senior secured loan | S + | 4.75% | 9/2025 | 856 | 849 | 856 | — | % | ||||||||||||||||||||||||||||||||||||||
Entertainment Benefits Group, LLC(10)(13)(27) | First lien senior secured revolving loan | S + | 4.75% | 9/2025 | 22 | 21 | 22 | — | % | ||||||||||||||||||||||||||||||||||||||
Fullsteam Operations, LLC(14)(27) | First lien senior secured loan | S + | 7.50% (3.00% PIK) | 10/2027 | 10,662 | 10,467 | 10,769 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Gainsight, Inc.(21)(27) | First lien senior secured loan | L + | 6.75% PIK | 7/2027 | 23,116 | 22,880 | 22,885 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
Gainsight, Inc.(10)(21)(27) | First lien senior secured revolving loan | L + | 6.75% PIK | 7/2027 | 1,657 | 1,619 | 1,623 | — | % | ||||||||||||||||||||||||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(14)(27) | First lien senior secured loan | S + | 6.25% | 12/2026 | 175,542 | 173,970 | 175,541 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||
Hercules Borrower, LLC (dba The Vincit Group)(10)(14)(27) | First lien senior secured revolving loan | S + | 6.25% | 12/2026 | 1,116 | 948 | 1,116 | — | % | ||||||||||||||||||||||||||||||||||||||
Hercules Buyer, LLC (dba The Vincit Group)(27)(31)(32) | Unsecured notes | 0.48% PIK | 12/2029 | 5,160 | 5,160 | 5,772 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||
Kaseya Inc.(14)(27) | First lien senior secured loan | S + | 6.25% (2.50% PIK) | 6/2029 | 18,772 | 18,449 | 18,725 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
Kaseya Inc.(10)(14)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.25% (2.50% PIK) | 6/2024 | 69 | 59 | 69 | — | % | ||||||||||||||||||||||||||||||||||||||
Kaseya Inc.(10)(14)(27) | First lien senior secured revolving loan | S + | 6.25% (2.50% PIK) | 6/2029 | 285 | 267 | 283 | — | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
KPSKY Acquisition, Inc. (dba BluSky)(14)(27) | First lien senior secured loan | S + | 5.25% | 10/2028 | 4,901 | 4,825 | 4,852 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Ping Identity Holding Corp.(13)(27) | First lien senior secured loan | S + | 7.00% | 10/2029 | 909 | 897 | 905 | — | % | ||||||||||||||||||||||||||||||||||||||
Ping Identity Holding Corp.(10)(23)(27) | First lien senior secured revolving loan | S + | 7.00% | 10/2028 | — | (1) | — | — | % | ||||||||||||||||||||||||||||||||||||||
382,507 | 367,413 | 6.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Chemicals | |||||||||||||||||||||||||||||||||||||||||||||||
Aruba Investments Holdings LLC (dba Angus Chemical Company)(13)(27) | Second lien senior secured loan | S + | 7.75% | 11/2028 | 10,000 | 9,892 | 9,300 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Gaylord Chemical Company, L.L.C.(14)(27) | First lien senior secured loan | S + | 6.00% | 3/2027 | 136,752 | 135,871 | 136,067 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
Gaylord Chemical Company, L.L.C.(10)(23)(27) | First lien senior secured revolving loan | S + | 6.00% | 3/2026 | — | (66) | (66) | — | % | ||||||||||||||||||||||||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(14)(27) | First lien senior secured loan | S + | 5.75% | 4/2027 | 21,825 | 21,504 | 21,825 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
Velocity HoldCo III Inc. (dba VelocityEHS)(10)(13)(27) | First lien senior secured revolving loan | S + | 5.75% | 4/2026 | 335 | 319 | 335 | — | % | ||||||||||||||||||||||||||||||||||||||
167,520 | 167,461 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Consumer products | |||||||||||||||||||||||||||||||||||||||||||||||
Conair Holdings LLC(13)(27) | Second lien senior secured loan | S + | 7.50% | 5/2029 | 187,500 | 186,406 | 177,655 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||
Feradyne Outdoors, LLC(15)(27) | First lien senior secured loan | S + | 6.25% | 5/2026 | 73,622 | 73,622 | 68,837 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
Foundation Consumer Brands, LLC(14)(27) | First lien senior secured loan | S + | 6.25% | 2/2027 | 3,297 | 3,297 | 3,297 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Lignetics Investment Corp.(14)(27) | First lien senior secured loan | S + | 6.00% | 11/2027 | 34,726 | 34,409 | 34,378 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
Lignetics Investment Corp.(10)(14)(27) | First lien senior secured revolving loan | S + | 6.00% | 10/2026 | 4,549 | 4,513 | 4,502 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(14)(27) | First lien senior secured loan | S + | 5.25% | 3/2029 | 745 | 733 | 715 | — | % | ||||||||||||||||||||||||||||||||||||||
SWK BUYER, Inc. (dba Stonewall Kitchen)(10)(14)(27) | First lien senior secured revolving loan | S + | 5.25% | 3/2029 | 46 | 45 | 43 | — | % | ||||||||||||||||||||||||||||||||||||||
WU Holdco, Inc. (dba Weiman Products, LLC)(14)(27) | First lien senior secured loan | S + | 5.50% | 3/2026 | 201,300 | 199,422 | 196,770 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||
WU Holdco, Inc. (dba Weiman Products, LLC)(10)(14)(27) | First lien senior secured revolving loan | S + | 5.50% | 3/2025 | 12,291 | 12,185 | 11,859 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
514,632 | 498,056 | 8.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Containers and packaging | |||||||||||||||||||||||||||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(14)(27) | First lien senior secured loan | S + | 6.40% | 10/2028 | 5,456 | 5,414 | 5,456 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Ascend Buyer, LLC (dba PPC Flexible Packaging)(10)(23)(27) | First lien senior secured revolving loan | S + | 6.40% | 9/2027 | — | (4) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Fortis Solutions Group, LLC(14)(27) | First lien senior secured loan | S + | 5.50% | 10/2028 | 4,594 | 4,523 | 4,491 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Fortis Solutions Group, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 5.50% | 10/2027 | — | (6) | (10) | — | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(14)(27) | First lien senior secured loan | S + | 6.25% | 5/2028 | 890 | 883 | 890 | — | % | ||||||||||||||||||||||||||||||||||||||
Indigo Buyer, Inc. (dba Inovar Packaging Group)(10)(14)(27) | First lien senior secured revolving loan | S + | 6.25% | 5/2028 | 17 | 16 | 17 | — | % | ||||||||||||||||||||||||||||||||||||||
Pregis Topco LLC(13)(27) | Second lien senior secured loan | S + | 7.02% | 8/2029 | 160,000 | 157,898 | 159,665 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
168,724 | 170,509 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||||||||||||||||
ABB/Con-cise Optical Group LLC(14)(27) | First lien senior secured loan | S + | 7.50% | 2/2028 | 63,778 | 63,022 | 61,387 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||
Endries Acquisition, Inc.(13)(27) | First lien senior secured loan | S + | 5.25% | 12/2025 | 235,768 | 234,248 | 235,767 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(13)(27) | First lien senior secured loan | S + | 6.25% | 11/2025 | 132,412 | 131,316 | 132,412 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
BradyIFS Holdings, LLC (fka Individual Foodservice Holdings, LLC)(10)(13)(27) | First lien senior secured revolving loan | S + | 6.25% | 11/2024 | 2,277 | 2,170 | 2,277 | — | % | ||||||||||||||||||||||||||||||||||||||
Offen, Inc.(15)(27) | First lien senior secured loan | S + | 5.00% | 6/2026 | 18,655 | 18,575 | 18,655 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||
449,331 | 450,498 | 7.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Education | |||||||||||||||||||||||||||||||||||||||||||||||
Pluralsight, LLC(14)(27) | First lien senior secured loan | S + | 8.00% | 4/2027 | 99,450 | 98,763 | 96,218 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||
Pluralsight, LLC(10)(14)(27) | First lien senior secured revolving loan | S + | 8.00% | 4/2027 | 3,910 | 3,873 | 3,707 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
102,636 | 99,925 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Financial services | |||||||||||||||||||||||||||||||||||||||||||||||
Adenza Group, Inc.(13)(27) | First lien senior secured loan | S + | 5.75% | 12/2027 | 199,209 | 197,607 | 199,208 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||
Adenza Group, Inc.(10)(23)(27) | First lien senior secured revolving loan | S + | 5.75% | 12/2025 | — | (105) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Blackhawk Network Holdings, Inc.(13)(27) | Second lien senior secured loan | S + | 7.00% | 6/2026 | 106,400 | 105,982 | 106,134 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
Blend Labs, Inc.(13)(27) | First lien senior secured loan | S + | 7.50% | 6/2026 | 67,500 | 66,499 | 65,813 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
Blend Labs, Inc.(10)(23)(27) | First lien senior secured revolving loan | S + | 7.50% | 6/2026 | — | (41) | (188) | — | % | ||||||||||||||||||||||||||||||||||||||
Finastra USA, Inc.(14)(27)(29) | First lien senior secured loan | S + | 7.25% | 9/2029 | 89,247 | 88,354 | 88,354 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||
Finastra USA, Inc.(10)(14)(27)(29) | First lien senior secured revolving loan | S + | 7.25% | 9/2029 | 1,960 | 1,868 | 1,868 | — | % | ||||||||||||||||||||||||||||||||||||||
KRIV Acquisition Inc. (dba Riveron)(14)(27) | First lien senior secured loan | S + | 6.50% | 7/2029 | 6,333 | 6,148 | 6,143 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
KRIV Acquisition Inc. (dba Riveron)(10)(23)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.50% | 7/2025 | — | (14) | (14) | — | % | ||||||||||||||||||||||||||||||||||||||
KRIV Acquisition Inc. (dba Riveron)(10)(23)(27) | First lien senior secured revolving loan | S + | 6.50% | 7/2029 | — | (25) | (26) | — | % | ||||||||||||||||||||||||||||||||||||||
Muine Gall, LLC(9)(15)(27)(29) | First lien senior secured loan | S + | 7.00% PIK | 9/2026 | 83,931 | 84,955 | 83,931 | 1.4 | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(13)(27) | First lien senior secured loan | S + | 5.75% | 9/2025 | 36,479 | 36,233 | 36,296 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
NMI Acquisitionco, Inc. (dba Network Merchants)(10)(23) | First lien senior secured revolving loan | S + | 5.75% | 9/2025 | — | (9) | (8) | — | % | ||||||||||||||||||||||||||||||||||||||
Smarsh Inc.(15)(27) | First lien senior secured loan | S + | 6.50% | 2/2029 | 762 | 756 | 760 | — | % | ||||||||||||||||||||||||||||||||||||||
Smarsh Inc.(10)(15)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.50% | 2/2024 | 95 | 94 | 95 | — | % | ||||||||||||||||||||||||||||||||||||||
Smarsh Inc.(10)(27) | First lien senior secured revolving loan | S + | 6.50% | 2/2029 | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||
588,302 | 588,366 | 9.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Food and beverage | |||||||||||||||||||||||||||||||||||||||||||||||
Balrog Acquisition, Inc. (dba Bakemark)(13)(27) | Second lien senior secured loan | S + | 7.00% | 9/2029 | 22,000 | 21,851 | 21,835 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
BP Veraison Buyer, LLC (dba Sun World)(14)(27) | First lien senior secured loan | S + | 5.75% | 5/2027 | 68,161 | 67,604 | 67,990 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
BP Veraison Buyer, LLC (dba Sun World)(10)(23)(27) | First lien senior secured revolving loan | S + | 5.75% | 5/2027 | — | (66) | (22) | — | % | ||||||||||||||||||||||||||||||||||||||
H-Food Holdings, LLC(22)(27) | Second lien senior secured loan | L + | 7.00% | 3/2026 | 121,800 | 120,621 | 90,741 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||
Hissho Sushi Merger Sub, LLC(14)(27) | First lien senior secured loan | S + | 5.50% | 5/2028 | 894 | 887 | 894 | — | % | ||||||||||||||||||||||||||||||||||||||
Hissho Sushi Merger Sub, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 5.50% | 5/2028 | — | (1) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Innovation Ventures HoldCo, LLC (dba 5 Hour Energy)(13)(27) | First lien senior secured loan | S + | 6.25% | 3/2027 | 125,000 | 123,286 | 123,439 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
Nellson Nutraceutical, LLC(14)(27) | First lien senior secured loan | S + | 5.75% | 12/2025 | 25,835 | 25,754 | 25,512 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
The Better Being Co., LLC (fka Nutraceutical International Corporation)(13)(27) | First lien senior secured loan | S + | 7.50% (4.00% PIK) | 9/2026 | 191,549 | 190,002 | 167,604 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
The Better Being Co., LLC (fka Nutraceutical International Corporation)(13)(27) | First lien senior secured revolving loan | S + | 7.50% (4.00% PIK) | 9/2026 | 14,037 | 13,956 | 12,283 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Ole Smoky Distillery, LLC(13)(27) | First lien senior secured loan | S + | 5.50% | 3/2028 | 870 | 857 | 857 | — | % | ||||||||||||||||||||||||||||||||||||||
Ole Smoky Distillery, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 5.50% | 3/2028 | — | (2) | (2) | — | % | ||||||||||||||||||||||||||||||||||||||
Recipe Acquisition Corp. (dba Roland Corporation)(14) | Second lien senior secured loan | S + | 9.00% | 11/2024 | 32,000 | 31,991 | 31,920 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(14)(27) | First lien senior secured loan | S + | 4.50% | 7/2025 | 43,182 | 42,925 | 41,023 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
Sara Lee Frozen Bakery, LLC (fka KSLB Holdings, LLC)(10)(14)(27) | First lien senior secured revolving loan | S + | 4.50% | 7/2025 | 7,200 | 7,200 | 6,750 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Shearer's Foods, LLC(13)(27) | Second lien senior secured loan | S + | 7.75% | 9/2028 | 86,400 | 85,807 | 86,400 | 1.4 | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Tall Tree Foods, Inc.(11)(14) | First lien senior secured loan | S + | 9.25% PIK | 12/2023 | 65,400 | 59,541 | 55,917 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
Tall Tree Foods, Inc.(10)(11)(14) | First lien senior secured delayed draw term loan | S + | 9.25% PIK | 12/2023 | 4,786 | 3,017 | 4,092 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods Midco, LLC(13)(27) | First lien senior secured loan | S + | 6.25% | 8/2027 | 80,618 | 79,244 | 80,618 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||
Ultimate Baked Goods Midco, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 6.25% | 8/2027 | — | (160) | — | — | % | ||||||||||||||||||||||||||||||||||||||
874,314 | 817,851 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Healthcare equipment and services | |||||||||||||||||||||||||||||||||||||||||||||||
Bamboo US BidCo LLC(14)(27) | First lien senior secured loan | S + | 6.00% | 9/2030 | 4,923 | 4,775 | 4,775 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Bamboo US BidCo LLC(17)(27) | First lien senior secured EUR term loan | E + | 6.00% | 9/2030 | € 3,063 | 3,146 | 3,146 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Bamboo US BidCo LLC(10)(23)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.00% | 3/2025 | — | (12) | (12) | — | % | ||||||||||||||||||||||||||||||||||||||
Bamboo US BidCo LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 6.00% | 10/2029 | — | (31) | (31) | — | % | ||||||||||||||||||||||||||||||||||||||
Confluent Medical Technologies, Inc.(14)(27) | Second lien senior secured loan | S + | 6.50% | 2/2030 | 1,000 | 984 | 980 | — | % | ||||||||||||||||||||||||||||||||||||||
CSC MKG Topco LLC (dba Medical Knowledge Group)(13)(27) | First lien senior secured loan | S + | 5.75% | 2/2029 | 1,265 | 1,244 | 1,249 | — | % | ||||||||||||||||||||||||||||||||||||||
Medline Borrower, LP(10)(23)(27) | First lien senior secured revolving loan | S + | 3.25% | 10/2026 | — | (99) | (126) | — | % | ||||||||||||||||||||||||||||||||||||||
Nelipak Holding Company(14)(27) | First lien senior secured loan | S + | 4.25% | 7/2026 | 2,268 | 2,248 | 2,268 | — | % | ||||||||||||||||||||||||||||||||||||||
Nelipak Holding Company(14)(27) | Second lien USD senior secured loan | S + | 8.25% | 7/2027 | 67,006 | 66,434 | 67,006 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
Nelipak Holding Company(10)(23)(27) | First lien senior secured USD revolving loan | S + | 4.25% | 7/2024 | — | (22) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Nelipak Holding Company(10)(17)(27) | First lien senior secured EUR revolving loan | E + | 4.50% | 7/2024 | € 938 | 851 | 993 | — | % | ||||||||||||||||||||||||||||||||||||||
Nelipak Holding Company(18)(27) | Second lien EUR senior secured loan | E + | 8.50% | 7/2027 | € 60,100 | 66,689 | 63,472 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
Packaging Coordinators Midco, Inc.(14)(27) | Second lien senior secured loan | S + | 7.00% | 12/2029 | 196,044 | 193,053 | 191,633 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (14)(27)(29) | First lien senior secured loan | S + | 6.75% | 1/2028 | 134,340 | 132,829 | 132,996 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
Patriot Acquisition TopCo S.A.R.L (dba Corza Health, Inc.) (10)(23)(27)(29) | First lien senior secured revolving loan | S + | 6.75% | 1/2026 | — | (131) | (135) | — | % | ||||||||||||||||||||||||||||||||||||||
PerkinElmer U.S. LLC(14)(27) | First lien senior secured loan | S + | 6.75% | 3/2029 | 911 | 895 | 900 | — | % | ||||||||||||||||||||||||||||||||||||||
Rhea Parent, Inc.(14)(27) | First lien senior secured loan | S + | 5.50% | 2/2029 | 764 | 752 | 760 | — | % | ||||||||||||||||||||||||||||||||||||||
473,605 | 469,874 | 7.8 | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Healthcare providers and services | |||||||||||||||||||||||||||||||||||||||||||||||
Covetrus, Inc.(14)(27) | Second lien senior secured loan | S + | 9.25% | 10/2030 | 5,000 | 4,905 | 4,975 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Diagnostic Services Holdings, Inc. (dba Rayus Radiology)(13)(27) | First lien senior secured loan | S + | 5.50% | 3/2025 | 996 | 996 | 991 | — | % | ||||||||||||||||||||||||||||||||||||||
Engage Debtco Limited(14)(27)(29) | First lien senior secured loan | S + | 5.90% PIK | 7/2029 | 1,000 | 979 | 983 | — | % | ||||||||||||||||||||||||||||||||||||||
National Dentex Labs LLC (fka Barracuda Dental LLC)(14)(27) | First lien senior secured loan | S + | 8.00% (3.00% PIK) | 4/2026 | 107,652 | 106,875 | 105,231 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
National Dentex Labs LLC (fka Barracuda Dental LLC)(10)(14)(27) | First lien senior secured revolving loan | S + | 7.00% | 4/2026 | 5,385 | 5,283 | 5,175 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Natural Partners, LLC(14)(27)(29) | First lien senior secured loan | S + | 6.00% | 11/2027 | 917 | 903 | 910 | — | % | ||||||||||||||||||||||||||||||||||||||
Natural Partners, LLC(10)(23)(27)(29) | First lien senior secured revolving loan | S + | 6.00% | 11/2027 | — | (1) | (1) | — | % | ||||||||||||||||||||||||||||||||||||||
OB Hospitalist Group, Inc.(14)(27) | First lien senior secured loan | S + | 5.50% | 9/2027 | 94,069 | 92,718 | 92,423 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||
OB Hospitalist Group, Inc.(10)(14)(27) | First lien senior secured revolving loan | S + | 5.50% | 9/2027 | 6,867 | 6,666 | 6,602 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Ex Vivo Parent Inc. (dba OB Hospitalist)(14)(27) | First lien senior secured loan | S + | 9.75% PIK | 9/2028 | 64,433 | 63,517 | 62,822 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||
Pacific BidCo Inc.(14)(27)(29) | First lien senior secured loan | S + | 5.75% | 8/2029 | 31,191 | 30,512 | 30,801 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||
Pacific BidCo Inc.(10)(23)(24)(27)(29) | First lien senior secured delayed draw term loan | S + | 5.75% | 8/2025 | — | (36) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Phoenix Newco, Inc. (dba Parexel)(13)(27) | Second lien senior secured loan | S + | 6.50% | 11/2029 | 190,000 | 188,432 | 188,575 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||
Plasma Buyer LLC (dba PathGroup)(14)(27) | First lien senior secured loan | S + | 5.75% | 5/2029 | 674 | 662 | 660 | — | % | ||||||||||||||||||||||||||||||||||||||
Plasma Buyer LLC (dba PathGroup)(10)(23)(24)(27) | First lien senior secured delayed draw term loan | S + | 5.75% | 5/2024 | — | (1) | (2) | — | % | ||||||||||||||||||||||||||||||||||||||
Plasma Buyer LLC (dba PathGroup)(10)(14)(27) | First lien senior secured revolving loan | S + | 5.75% | 5/2028 | 15 | 14 | 14 | — | % | ||||||||||||||||||||||||||||||||||||||
PPV Intermediate Holdings, LLC(14)(27) | First lien senior secured loan | S + | 5.75% | 8/2029 | 933 | 916 | 924 | — | % | ||||||||||||||||||||||||||||||||||||||
PPV Intermediate Holdings, LLC(10)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.00% | 9/2025 | — | — | — | — | % | ||||||||||||||||||||||||||||||||||||||
PPV Intermediate Holdings, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 5.75% | 8/2029 | — | (1) | (1) | — | % | ||||||||||||||||||||||||||||||||||||||
Premier Imaging, LLC (dba LucidHealth)(14)(27) | First lien senior secured loan | S + | 6.00% | 1/2025 | 42,712 | 42,500 | 42,391 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||
Quva Pharma, Inc.(13)(27) | First lien senior secured loan | S + | 5.50% | 4/2028 | 39,200 | 38,366 | 38,808 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
Quva Pharma, Inc.(10)(13)(27) | First lien senior secured revolving loan | S + | 5.50% | 4/2026 | 880 | 819 | 840 | — | % | ||||||||||||||||||||||||||||||||||||||
Tivity Health, Inc.(14)(27) | First lien senior secured loan | S + | 6.00% | 6/2029 | 990 | 969 | 983 | — | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Unified Women's Healthcare, LP(13)(27) | First lien senior secured loan | S + | 5.25% | 6/2029 | 904 | 898 | 904 | — | % | ||||||||||||||||||||||||||||||||||||||
Unified Women's Healthcare, LP(10)(13)(27) | First lien senior secured revolving loan | S + | 5.25% | 6/2029 | 20 | 20 | 20 | — | % | ||||||||||||||||||||||||||||||||||||||
Vermont Aus Pty Ltd(14)(27)(29) | First lien senior secured loan | S + | 5.50% | 3/2028 | 985 | 966 | 973 | — | % | ||||||||||||||||||||||||||||||||||||||
587,877 | 586,001 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Healthcare technology | |||||||||||||||||||||||||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(14)(27) | First lien senior secured loan | S + | 5.75% | 8/2028 | 112,056 | 110,702 | 110,655 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(24)(27) | First lien senior secured delayed draw term loan | S + | 5.75% | 8/2028 | 5,813 | 5,549 | 5,712 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
BCPE Osprey Buyer, Inc. (dba PartsSource)(10)(13)(27) | First lien senior secured revolving loan | S + | 5.75% | 8/2026 | 1,844 | 1,726 | 1,696 | — | % | ||||||||||||||||||||||||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(14)(27) | First lien senior secured loan | S + | 5.75% | 10/2028 | 4,551 | 4,480 | 4,482 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
GI Ranger Intermediate, LLC (dba Rectangle Health)(10)(14)(27) | First lien senior secured revolving loan | S + | 5.75% | 10/2027 | 147 | 142 | 142 | — | % | ||||||||||||||||||||||||||||||||||||||
Imprivata, Inc.(13)(27) | Second lien senior secured loan | S + | 6.25% | 12/2028 | 882 | 874 | 882 | — | % | ||||||||||||||||||||||||||||||||||||||
Ocala Bidco, Inc.(14)(27) | First lien senior secured loan | S + | 6.25% (2.75% PIK) | 11/2028 | 186,574 | 183,102 | 183,776 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||
Ocala Bidco, Inc.(10)(14)(23)(24)(27) | First lien senior secured delayed draw term loan | S + | 5.75% | 5/2024 | — | (175) | (47) | — | % | ||||||||||||||||||||||||||||||||||||||
Ocala Bidco, Inc.(14)(27) | Second lien senior secured loan | S + | 10.50% PIK | 11/2033 | 107,468 | 105,895 | 106,393 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(14)(27)(29) | First lien senior secured loan | S + | 6.50% | 8/2026 | 116,900 | 116,081 | 114,855 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||
Intelerad Medical Systems Incorporated (fka 11849573 Canada Inc.)(10)(14)(27)(29) | First lien senior secured revolving loan | S + | 6.50% | 8/2026 | 5,671 | 5,599 | 5,529 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(14)(27) | First lien senior secured loan | S + | 7.00% | 12/2026 | 65,952 | 65,649 | 65,293 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||
Interoperability Bidco, Inc. (dba Lyniate)(10)(14)(27) | First lien senior secured revolving loan | S + | 7.00% | 12/2024 | 1,580 | 1,548 | 1,527 | — | % | ||||||||||||||||||||||||||||||||||||||
601,172 | 600,895 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Household products | |||||||||||||||||||||||||||||||||||||||||||||||
Aptive Environmental, LLC(27)(32) | First lien senior secured loan | 12.00% (6.00% PIK) | 1/2026 | 12,792 | 11,238 | 13,112 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||
HGH Purchaser, Inc. (dba Horizon Services)(14)(27) | First lien senior secured loan | S + | 6.50% | 11/2025 | 188,176 | 186,993 | 188,176 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||
HGH Purchaser, Inc. (dba Horizon Services)(10)(14)(27) | First lien senior secured revolving loan | S + | 6.50% | 11/2025 | 16,383 | 16,293 | 16,383 | 0.3 | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(13)(27) | First lien senior secured loan | S + | 5.75% | 4/2029 | 12,944 | 12,725 | 12,879 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(10)(13)(24)(27) | First lien senior secured delayed draw term loan | S + | 5.75% | 4/2024 | 3,150 | 3,068 | 3,135 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Mario Purchaser, LLC (dba Len the Plumber)(10)(23)(27) | First lien senior secured revolving loan | S + | 5.75% | 4/2028 | — | (21) | (7) | — | % | ||||||||||||||||||||||||||||||||||||||
Mario Midco Holdings, Inc. (dba Len the Plumber)(13)(27) | Unsecured facility | S + | 10.75% PIK | 4/2032 | 4,596 | 4,492 | 4,561 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
SimpliSafe Holding Corporation(13)(27) | First lien senior secured loan | S + | 6.25% | 5/2028 | 6,096 | 5,996 | 6,050 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
SimpliSafe Holding Corporation(10)(13)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.25% | 5/2024 | 205 | 197 | 204 | — | % | ||||||||||||||||||||||||||||||||||||||
240,981 | 244,493 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Human resource support services | |||||||||||||||||||||||||||||||||||||||||||||||
Cornerstone OnDemand, Inc.(13)(27) | Second lien senior secured loan | S + | 6.50% | 10/2029 | 115,833 | 114,415 | 105,119 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(14)(27) | First lien senior secured loan | S + | 6.00% | 9/2028 | 50,005 | 49,238 | 49,630 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||
IG Investments Holdings, LLC (dba Insight Global)(10)(23)(27) | First lien senior secured revolving loan | S + | 6.00% | 9/2027 | — | (53) | (30) | — | % | ||||||||||||||||||||||||||||||||||||||
163,600 | 154,719 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Infrastructure and environmental services | |||||||||||||||||||||||||||||||||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants)(13)(27) | First lien senior secured loan | S + | 6.75% | 4/2030 | 728 | 714 | 717 | — | % | ||||||||||||||||||||||||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.75% | 4/2025 | 17 | 16 | 17 | — | % | ||||||||||||||||||||||||||||||||||||||
GI Apple Midco LLC (dba Atlas Technical Consultants)(10)(13)(27) | First lien senior secured revolving loan | S + | 6.75% | 4/2029 | 68 | 66 | 67 | — | % | ||||||||||||||||||||||||||||||||||||||
LineStar Integrity Services LLC(15)(27) | First lien senior secured loan | S + | 7.25% | 2/2026 | 51,935 | 52,088 | 49,598 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||
LineStar Integrity Services LLC(14)(27) | First lien senior secured revolving loan | S + | 7.25% | 2/2026 | 9,903 | 9,716 | 9,457 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(14)(27) | First lien senior secured loan | S + | 5.75% | 3/2028 | 849 | 835 | 838 | — | % | ||||||||||||||||||||||||||||||||||||||
Tamarack Intermediate, L.L.C. (dba Verisk 3E)(10)(14)(27) | First lien senior secured revolving loan | S + | 5.75% | 3/2028 | 23 | 21 | 21 | — | % | ||||||||||||||||||||||||||||||||||||||
63,456 | 60,715 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||||||||||||
Abacus Life, Inc.(14)(27) | First lien senior secured loan | S + | 7.25% | 7/2028 | 8,000 | 7,846 | 7,840 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Abacus Life, Inc.(10)(23)(24)(27) | First lien senior secured delayed draw term loan | S + | 7.25% | 1/2024 | — | (152) | (160) | — | % | ||||||||||||||||||||||||||||||||||||||
Alera Group, Inc.(13)(27) | First lien senior secured loan | S + | 6.00% | 10/2028 | 34,549 | 33,960 | 34,549 | 0.6 | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC(13)(27) | First lien senior secured loan | S + | 5.75% | 8/2029 | 722 | 709 | 718 | — | % | ||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC(10)(15)(24)(27) | First lien senior secured delayed draw term loan | S + | 5.75% | 9/2024 | 120 | 118 | 120 | — | % | ||||||||||||||||||||||||||||||||||||||
AmeriLife Holdings LLC(10)(15)(27) | First lien senior secured revolving loan | S + | 5.75% | 8/2028 | 15 | 14 | 15 | — | % | ||||||||||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC(15)(27)(29) | First lien senior secured USD term loan | S + | 5.75% | 7/2026 | 26,784 | 26,456 | 26,784 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC(19)(27)(29) | First lien senior secured EUR term loan | E + | 7.00% | 7/2026 | € 9,135 | 10,090 | 9,671 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC(20)(27)(29) | First lien senior secured GBP term loan | SA + | 7.00% | 7/2026 | £86,659 | 107,564 | 105,771 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||
Ardonagh Midco 3 PLC(19)(27)(29) | First lien senior secured EUR delayed draw term loan | E + | 5.75% | 7/2026 | € 8,149 | 11,031 | 9,947 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Ardonagh Midco 2 PLC(6)(27)(29)(32) | Unsecured notes | 11.50% | 1/2027 | 11,912 | 11,857 | 11,637 | 0.2 | % | |||||||||||||||||||||||||||||||||||||||
Brightway Holdings, LLC(14)(27) | First lien senior secured loan | S + | 6.50% | 12/2027 | 26,439 | 26,190 | 25,911 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||
Brightway Holdings, LLC(10)(14)(27) | First lien senior secured revolving loan | S + | 6.50% | 12/2027 | 1,579 | 1,551 | 1,516 | — | % | ||||||||||||||||||||||||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(14)(27) | First lien senior secured loan | S + | 6.25% | 4/2028 | 140,639 | 139,203 | 139,584 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
Evolution BuyerCo, Inc. (dba SIAA)(10)(23)(27) | First lien senior secured revolving loan | S + | 6.25% | 4/2027 | — | (91) | (80) | — | % | ||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC(14)(27) | First lien senior secured loan | S + | 5.83% | 8/2025 | 157,891 | 157,460 | 157,891 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC(10)(23)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.00% | 2/2025 | — | (284) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Integrity Marketing Acquisition, LLC(10)(23)(27) | First lien senior secured revolving loan | S + | 6.50% | 8/2026 | — | (62) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Norvax, LLC (dba GoHealth)(13)(27) | First lien senior secured loan | S + | 7.50% | 9/2025 | 74,319 | 73,089 | 73,390 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
Norvax, LLC (dba GoHealth)(10)(23)(27) | First lien senior secured revolving loan | S + | 6.50% | 9/2024 | — | (35) | (153) | — | % | ||||||||||||||||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(13)(27) | First lien senior secured loan | S + | 6.00% | 11/2028 | 133,885 | 132,845 | 130,537 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
Peter C. Foy & Associates Insurance Services, LLC (dba PCF Insurance Services)(10)(23)(27) | First lien senior secured revolving loan | S + | 6.00% | 11/2027 | — | (42) | (154) | — | % | ||||||||||||||||||||||||||||||||||||||
PCF Midco II, LLC (dba PCF Insurance Services)(27)(32) | First lien senior secured loan | 9.00% PIK | 10/2031 | 141,020 | 131,117 | 130,796 | 2.2 | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services)(14)(27) | First lien senior secured loan | S + | 6.75% | 5/2030 | 733 | 712 | 715 | — | % | ||||||||||||||||||||||||||||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services)(10)(23)(24)(27) | First lien senior secured delayed draw term loan | S + | 6.75% | 11/2024 | — | (3) | (2) | — | % | ||||||||||||||||||||||||||||||||||||||
Summit Acquisition Inc. (dba K2 Insurance Services)(10)(23)(27) | First lien senior secured revolving loan | S + | 6.75% | 5/2029 | — | (2) | (2) | — | % | ||||||||||||||||||||||||||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(14)(27) | First lien senior secured loan | S + | 5.50% | 8/2028 | 1,070 | 1,053 | 1,056 | — | % | ||||||||||||||||||||||||||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(10)(23)(27) | First lien senior secured delayed draw term loan | S + | 5.50% | 8/2028 | — | (2) | (1) | — | % | ||||||||||||||||||||||||||||||||||||||
Tempo Buyer Corp. (dba Global Claims Services)(10)(16)(27) | First lien senior secured revolving loan | P + | 5.00% | 8/2027 | 58 | 56 | 57 | — | % | ||||||||||||||||||||||||||||||||||||||
THG Acquisition, LLC (dba Hilb)(13)(27) | First lien senior secured loan | S + | 5.75% | 12/2026 | 74,167 | 73,218 | 73,611 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||
THG Acquisition, LLC (dba Hilb)(10)(13)(27) | First lien senior secured revolving loan | S + | 5.75% | 12/2025 | 1,913 | 1,829 | 1,848 | — | % | ||||||||||||||||||||||||||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(14)(27) | First lien senior secured loan | S + | 5.75% | 7/2027 | 38,403 | 37,871 | 38,115 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
USRP Holdings, Inc. (dba U.S. Retirement and Benefits Partners)(10)(23)(27) | First lien senior secured revolving loan | S + | 5.75% | 7/2027 | — | (54) | (32) | — | % | ||||||||||||||||||||||||||||||||||||||
KUSRP Intermediate, Inc. (dba U.S. Retirement and Benefits Partners)(13)(27) | First lien senior secured loan | S + | 10.50% PIK | 7/2030 | 34,510 | 34,119 | 34,423 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||
1,019,231 | 1,015,918 | 16.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Internet software and services | |||||||||||||||||||||||||||||||||||||||||||||||
3ES Innovation Inc. (dba Aucerna)(13)(27)(29) | First lien senior secured loan | S + | 6.50% | 5/2025 | 60,167 | 59,891 | 60,167 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||
3ES Innovation Inc. (dba Aucerna)(10)(13)(27)(29) | First lien senior secured revolving loan | S + | 6.50% | 5/2025 | 1,700 | 1,687 | 1,700 | — | % | ||||||||||||||||||||||||||||||||||||||
Anaplan, Inc.(13)(27) | First lien senior secured loan | S + | 6.50% | 6/2029 | 135,082 | 133,914 | 135,082 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
Anaplan, Inc.(10)(23)(27) | First lien senior secured revolving loan | S + | 6.50% | 6/2028 | — | (77) | — | — | % | ||||||||||||||||||||||||||||||||||||||
Armstrong Bidco Limited (dba The Access Group)(20)(27)(29) | First lien senior secured loan | SA + | 5.00% | 6/2029 | £2,960 | 3,562 | 3,585 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(14)(27) | First lien senior secured loan | S + | 7.50% PIK | 10/2028 | 102,258 | 100,796 | 100,980 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||
Bayshore Intermediate #2, L.P. (dba Boomi)(10)(14)(27) | First lien senior secured revolving loan | S + | 6.50% | 10/2027 | 1,384 | 1,280 | 1,297 | — | % | ||||||||||||||||||||||||||||||||||||||
BCPE Nucleon (DE) SPV, LP(15)(27)(29) | First lien senior secured loan | S + | 7.00% | 9/2026 | 189,778 | 188,119 | 189,778 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(14)(27) | First lien senior secured loan | S + | 7.00% | 12/2026 | 55,101 | 54,746 | 55,101 | 0.9 | % | ||||||||||||||||||||||||||||||||||||||
BCTO BSI Buyer, Inc. (dba Buildertrend)(10)(23)(27) | First lien senior secured revolving loan | S + | 7.00% | 12/2026 | — | (69) | — | — | % |
Company(1)(4)(8)(33) | Investment | Interest | Maturity Date | Par / Units | Amortized Cost(2)(3) | Fair Value | Percentage of Net Assets | ||||||||||||||||||||||||||||||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(14)(27) | First lien senior secured loan | S + | 5.50% | 8/2027 | 12,827 | 12,606 | 12,153 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||
Catalis Intermediate, Inc. (fka GovBrands Intermediate, Inc.)(10)(13)(27) | First lien senior secured revolving loan | S + | 5.50% | 8/2027 | 273 | 260 | 232 | — | % | ||||||||||||||||||||||||||||||||||||||
Centrify Corporation(14)(27) | First lien senior secured loan | S + | 5.75% | 3/2028 |