v3.25.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Schedule of Investments [Abstract]  
Schedule of Composition of the Company's Investment Portfolio

The composition of the Company’s investment portfolio was as follows:

 

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Cost

 

 

Fair Value

 

% of Total
Investments at
Fair Value

 

 

Cost

 

 

Fair Value

 

% of Total
Investments at
Fair Value

First Lien Debt

 

$

6,506,675

 

$

6,424,695

 

97.1%

 

$

6,022,749

 

$

5,997,696

 

98.6%

Second Lien Debt

 

 

31,045

 

 

32,023

 

0.5

 

 

16,613

 

 

16,771

 

0.3

Other Debt Investments

 

 

12,010

 

 

11,564

 

0.2

 

 

6,453

 

 

6,520

 

0.1

Equity (1)

 

 

64,305

 

 

57,052

 

0.9

 

 

57,745

 

 

58,032

 

1.0

NH Keystone (2)

 

 

85,438

 

 

85,276

 

1.3

 

 

—

 

 

—

 

—

Total

 

$

6,699,473

 

$

6,610,610

 

100%

 

$

6,103,560

 

$

6,079,019

 

100%

 

(1)
Excludes equity investments in NH Keystone.
(2)
Includes equity investments in NH Keystone.
Schedule of Industry Composition of Investments at Fair Value

The industry composition of investments at fair value was as follows:

 

 

December 31,
2025

 

 

December 31,
2024 (1)

 

Aerospace & Defense

 

 

1.5

%

 

 

1.5

%

Air Freight & Logistics

 

 

0.8

 

 

 

0.9

 

Automobile Components

 

 

1.6

 

 

 

1.6

 

Automobiles

 

 

2.5

 

 

 

2.1

 

Banks

 

 

0.1

 

 

 

—

 

Beverages

 

 

0.2

 

 

 

—

 

Biotechnology

 

 

—

 

 

 

0.6

 

Building Products

 

 

0.2

 

 

 

0.3

 

Capital Markets

 

 

0.1

 

 

 

 

Chemicals

 

 

1.1

 

 

 

1.3

 

Commercial Services & Supplies

 

 

7.5

 

 

 

8.5

 

Construction & Engineering

 

 

2.1

 

 

 

2.0

 

Consumer Staples Distribution & Retail

 

 

0.6

 

 

 

0.7

 

Containers & Packaging

 

 

1.1

 

 

 

1.1

 

Distributors

 

 

1.4

 

 

 

2.8

 

Diversified Consumer Services

 

 

5.2

 

 

 

5.7

 

Electric Utilities

 

 

—

 

 

 

0.1

 

Electrical Equipment

 

 

0.5

 

 

 

0.1

 

Electronic Equipment, Instruments & Components

 

 

3.8

 

 

 

3.4

 

Entertainment

 

 

0.1

 

 

 

0.1

 

Financial Services

 

 

3.5

 

 

 

3.1

 

Food Products (2)

 

 

—

 

 

 

0.1

 

Ground Transportation

 

 

0.8

 

 

 

0.6

 

Health Care Equipment & Supplies

 

 

1.1

 

 

 

1.2

 

Health Care Providers & Services

 

 

6.3

 

 

 

6.5

 

Health Care Technology

 

 

1.8

 

 

 

2.0

 

Household Durables

 

 

0.1

 

 

 

0.1

 

Independent Power and Renewable Electricity Producers

 

 

0.1

 

 

 

 

Industrial Conglomerates

 

 

2.4

 

 

 

2.5

 

Insurance Services

 

 

9.5

 

 

 

11.0

 

Interactive Media & Services

 

 

0.8

 

 

 

0.7

 

Investments in Joint Ventures (3)

 

 

1.3

 

 

 

 

IT Services

 

 

5.6

 

 

 

5.0

 

Leisure Products

 

 

0.1

 

 

 

0.1

 

Life Sciences Tools & Services

 

 

0.4

 

 

 

0.7

 

Machinery

 

 

1.7

 

 

 

1.7

 

Media

 

 

—

 

 

 

0.1

 

Multi-Utilities

 

 

1.5

 

 

 

1.5

 

Pharmaceuticals

 

 

1.2

 

 

 

0.7

 

Professional Services

 

 

5.9

 

 

 

5.6

 

Real Estate Management & Development

 

 

2.4

 

 

 

2.2

 

Software

 

 

21.3

 

 

 

21.0

 

Specialty Retail

 

 

0.1

 

 

 

0.1

 

Textiles, Apparel & Luxury Goods

 

 

0.1

 

 

 

0.1

 

Trading Companies & Distributors

 

 

0.1

 

 

 

0.1

 

Transportation Infrastructure

 

 

0.7

 

 

 

0.2

 

Wireless Telecommunication Services

 

 

0.8

 

 

 

0.3

 

Total

 

 

100.0

%

 

 

100.0

%

 

(1)
The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2025 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the prior period’s Consolidated Statement of Financial Condition.
(2)
Rounds to 0.
(3)
Includes equity investments in NH Keystone.
Schedule of Geographic Composition of Investments at Cost and Fair Value

The geographic composition of investments at cost and fair value was as follows:

 

 

 

December 31, 2025

 

December 31, 2024

 

 

Cost

 

Fair Value

 

% of Total
 Investments at
Fair Value

 

% of Total Net Assets at Fair Value

 

Cost

 

Fair Value

 

% of Total
Investments at
Fair Value

 

% of Total Net Assets at Fair Value

Australia

 

$64,182

 

$64,920

 

1.0%

 

1.9%

 

$35,737

 

$36,465

 

0.6%

 

1.1%

Canada

 

124,530

 

125,168

 

1.9

 

3.7

 

118,951

 

119,346

 

2.0

 

3.6

United Kingdom

 

49,100

 

49,673

 

0.8

 

1.5

 

46,293

 

45,550

 

0.7

 

1.4

United States

 

6,461,661

 

6,370,849

 

96.3

 

188.5

 

5,902,579

 

5,877,658

 

96.7

 

179.7

Total

 

$6,699,473

 

$6,610,610

 

100.0%

 

195.6%

 

$6,103,560

 

$6,079,019

 

100.0%

 

185.8%
Schedule of Consolidated Statements of Assets and Liabilities

The following table presents the selected consolidated statements of assets and liabilities information of NH Keystone as of December 31, 2025:

 

 

 

December 31, 2025

Assets

 

 

 

Investments, at fair value (cost of $249,905)

 

$

249,685

Cash

 

 

10,976

Other Assets

 

 

6,538

Total assets

 

 

267,199

 

 

 

Liabilities

 

 

 

Debt

 

 

153,000

Other liabilities

 

 

16,136

Total liabilities

 

$

169,136

 

 

 

Total Members' Equity

 

$

98,063

 

 

 

 
Schedule of Consolidated Statements of Operations

The following table presents the selected consolidated statements of operations information of NH Keystone for the period from September 25, 2025 (commencement of operations of NH Keystone) to December 31, 2025:

 

 

 

For the period Ended December 31,2025

Income

 

 

 

Investment income

 

$

3,234

Expenses

 

 

 

Net operating expenses

 

 

1,866

Net investment income (loss)

 

$

1,368

Total net realized and unrealized gain (loss)

 

 

(204)

Net increase (decrease) in members' equity resulting from operations

 

$

1,164
Schedule of NH Keystone's Portfolio

Below is a summary of NH Keystone’s portfolio as of December 31, 2025:

 

 

 

December 31, 2025

Number of portfolio companies

 

 

44

Number of Industries

 

 

19

Weighted average yield on total portfolio, at cost(1)

 

 

8.8%

Weighted average yield on total portfolio, at fair value(1)

 

 

8.8%

Average position size of our investments

 

$

5.67

 

1.
Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of NH Keystone divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.
Schedule of Investment

Investments(1) (2)

 

Footnotes

 

Investment

 

Reference Rate
and Spread

 

Maturity Date

 

Par
Amount/
Shares

 

 

Cost

 

 

Fair Value

 

 

Percentage
of
Members' equity

 

Debt Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GB Eagle Buyer, Inc.

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

11/29/2030

 

 

8,569

 

 

$

8,484

 

 

$

8,484

 

 

 

8.65

%

GB Eagle Buyer, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

11/29/2030

 

 

-

 

 

 

(10

)

 

 

(10

)

 

 

(0.01

)

GB Eagle Buyer, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

11/29/2030

 

 

-

 

 

 

(13

)

 

 

(13

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,461

 

 

 

8,461

 

 

 

8.63

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGI-CFI Holdings, Inc.

 

(3)

 

First Lien Debt

 

S +

 

4.75%

 

6/11/2027

 

 

6,982

 

 

 

6,982

 

 

 

6,947

 

 

 

7.08

 

Automobile Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OEConnection, LLC

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2032

 

 

1,866

 

 

 

1,857

 

 

 

1,857

 

 

 

1.89

 

OEConnection, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2032

 

 

-

 

 

 

(3

)

 

 

(3

)

 

 

(0.00

)

OEConnection, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2032

 

 

-

 

 

 

(1

)

 

 

(1

)

 

 

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,853

 

 

 

1,853

 

 

 

1.89

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COP Collisionright Parent, LLC

 

(2)

 

First Lien Debt

 

S +

 

4.75%

 

1/29/2030

 

 

5,659

 

 

 

5,632

 

 

 

5,645

 

 

 

5.76

 

COP Collisionright Parent, LLC

 

(2) (5)

 

First Lien Debt

 

S +

 

4.75%

 

1/29/2030

 

 

68

 

 

 

64

 

 

 

66

 

 

 

0.07

 

COP Collisionright Parent, LLC

 

(2) (5)

 

First Lien Debt

 

S +

 

4.75%

 

1/29/2030

 

 

84

 

 

 

81

 

 

 

82

 

 

 

0.08

 

Vehlo Purchaser, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.50%

 

5/24/2028

 

 

9,418

 

 

 

9,396

 

 

 

9,396

 

 

 

9.58

 

Vehlo Purchaser, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.50%

 

5/24/2028

 

 

300

 

 

 

300

 

 

 

300

 

 

 

0.31

 

Vehlo Purchaser, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.50%

 

5/24/2028

 

 

-

 

 

 

(7

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,466

 

 

 

15,489

 

 

 

15.79

 

Banks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Computer Services, Inc.

 

(2)

 

First Lien Debt

 

S +

 

4.50%

 

11/17/2031

 

 

2,709

 

 

 

2,696

 

 

 

2,696

 

 

 

2.75

 

Computer Services, Inc.

 

(2) (5)

 

First Lien Debt

 

S +

 

4.50%

 

11/17/2031

 

 

-

 

 

 

(3

)

 

 

(3

)

 

 

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,693

 

 

 

2,693

 

 

 

2.75

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Astra Service Partners, LLC

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

11/26/2032

 

 

6,757

 

 

 

6,707

 

 

 

6,707

 

 

 

6.84

 

Astra Service Partners, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

11/26/2032

 

 

-

 

 

 

(8

)

 

 

(8

)

 

 

(0.01

)

Hercules Borrower, LLC

 

(3)

 

First Lien Debt

 

S +

 

4.75%

 

12/15/2028

 

 

6,983

 

 

 

6,983

 

 

 

6,913

 

 

 

7.05

 

VRC Companies, LLC

 

(2)

 

First Lien Debt

 

S +

 

5.50%

 

6/29/2027

 

 

4,445

 

 

 

4,445

 

 

 

4,445

 

 

 

4.53

 

VRC Companies, LLC

 

(2) (5)

 

First Lien Debt

 

S +

 

5.50%

 

6/29/2027

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,127

 

 

 

18,057

 

 

 

18.41

 

Consumer Staples Distribution & Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PDI TA Holdings, Inc.

 

(3)

 

First Lien Debt

 

S +

 

5.50%

 

2/3/2031

 

 

6,446

 

 

 

6,446

 

 

 

6,348

 

 

 

6.47

 

PDI TA Holdings, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

5.50%

 

2/3/2031

 

 

394

 

 

 

394

 

 

 

386

 

 

 

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,840

 

 

 

6,734

 

 

 

6.87

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PT Intermediate Holdings III, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.00% (incl. 1.75% PIK)

 

4/9/2030

 

 

6,642

 

 

 

6,642

 

 

 

6,642

 

 

 

6.77

 

PT Intermediate Holdings III, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00% (incl. 1.75% PIK)

 

4/9/2030

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,642

 

 

 

6,642

 

 

 

6.77

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apex Service Partners, LLC

 

(2)

 

First Lien Debt

 

S +

 

5.00%

 

10/24/2030

 

 

6,561

 

 

 

6,561

 

 

 

6,557

 

 

 

6.69

 

Apex Service Partners, LLC

 

(2) (5)

 

First Lien Debt

 

S +

 

5.00%

 

10/24/2029

 

 

111

 

 

 

111

 

 

 

110

 

 

 

0.11

 

EVDR Purchaser, Inc.

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

2/14/2031

 

 

4,781

 

 

 

4,758

 

 

 

4,773

 

 

 

4.87

 

EVDR Purchaser, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

2/14/2031

 

 

-

 

 

 

-

 

 

 

(2

)

 

 

(0.00

)

EVDR Purchaser, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

2/14/2031

 

 

166

 

 

 

166

 

 

 

165

 

 

 

0.17

 

Project Accelerate Parent, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.25%

 

2/24/2031

 

 

6,100

 

 

 

6,100

 

 

 

6,100

 

 

 

6.22

 

Project Accelerate Parent, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.25%

 

2/24/2031

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Vertex Service Partners, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

6.00%

 

11/8/2030

 

 

6,255

 

 

 

6,130

 

 

 

6,126

 

 

 

6.25

 

Vertex Service Partners, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

6.00%

 

11/8/2030

 

 

154

 

 

 

144

 

 

 

144

 

 

 

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,970

 

 

 

23,973

 

 

 

24.45

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dwyer Instruments, Inc.

 

(3)

 

First Lien Debt

 

S +

 

4.75%

 

7/20/2029

 

 

4,200

 

 

 

4,179

 

 

 

4,179

 

 

 

4.26

 

Investments(1) (2)

 

Footnotes

 

Investment

 

Reference Rate
and Spread

 

Maturity Date

 

Par
Amount/
Shares

 

 

Cost

 

 

Fair Value

 

 

Percentage
of
Members' equity

 

Dwyer Instruments, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

7/20/2029

 

 

104

 

 

 

102

 

 

 

102

 

 

 

0.10

 

Pamlico Avant Holdings, LP

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

12/31/2032

 

 

6,166

 

 

 

6,104

 

 

 

6,104

 

 

 

6.22

 

Pamlico Avant Holdings, LP

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/31/2032

 

 

83

 

 

 

75

 

 

 

75

 

 

 

0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,460

 

 

 

10,460

 

 

 

10.67

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cerity Partners, LLC

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

7/28/2031

 

 

1,206

 

 

 

1,206

 

 

 

1,203

 

 

 

1.23

 

Cerity Partners, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

7/28/2031

 

 

-

 

 

 

(3

)

 

 

(3

)

 

 

(0.00

)

Cerity Partners, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

7/28/2031

 

 

17

 

 

 

16

 

 

 

17

 

 

 

0.02

 

Trintech, Inc.

 

(2)

 

First Lien Debt

 

S +

 

5.50%

 

7/25/2029

 

 

6,421

 

 

 

6,390

 

 

 

6,388

 

 

 

6.51

 

Trintech, Inc.

 

(2) (5)

 

First Lien Debt

 

S +

 

5.50%

 

7/25/2029

 

 

161

 

 

 

158

 

 

 

158

 

 

 

0.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,767

 

 

 

7,763

 

 

 

7.92

 

Ground Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

eShipping, LLC

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2032

 

 

4,272

 

 

 

4,251

 

 

 

4,251

 

 

 

4.33

 

eShipping, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2032

 

 

-

 

 

 

(4

)

 

 

(4

)

 

 

(0.00

)

eShipping, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2032

 

 

101

 

 

 

97

 

 

 

97

 

 

 

0.10

 

SV Newco 2, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

6/2/2031

 

 

5,643

 

 

 

5,627

 

 

 

5,635

 

 

 

5.75

 

SV Newco 2, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

6/2/2031

 

 

-

 

 

 

(4

)

 

 

(2

)

 

 

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,967

 

 

 

9,977

 

 

 

10.17

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Invictus Buyer, LLC

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

6/3/2031

 

 

4,428

 

 

 

4,428

 

 

 

4,428

 

 

 

4.52

 

Invictus Buyer, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

6/3/2031

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Invictus Buyer, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

6/3/2031

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Pareto Health Intermediate Holdings, Inc.

 

(2)

 

First Lien Debt

 

S +

 

4.75%

 

6/3/2030

 

 

6,116

 

 

 

6,116

 

 

 

6,116

 

 

 

6.24

 

Pareto Health Intermediate Holdings, Inc.

 

(2) (5)

 

First Lien Debt

 

S +

 

4.75%

 

6/1/2029

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

PPV Intermediate Holdings, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.75%

 

8/31/2029

 

 

6,982

 

 

 

6,982

 

 

 

6,965

 

 

 

7.10

 

TA Polaris Buyer, Inc.

 

(4)

 

First Lien Debt

 

S +

 

4.50%

 

12/13/2032

 

 

9,730

 

 

 

9,681

 

 

 

9,681

 

 

 

9.87

 

TA Polaris Buyer, Inc.

 

(4) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/13/2032

 

 

-

 

 

 

(10

)

 

 

(10

)

 

 

(0.01

)

TA Polaris Buyer, Inc.

 

(4) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/13/2032

 

 

-

 

 

 

(6

)

 

 

(6

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,191

 

 

 

27,174

 

 

 

27.71

 

Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Galway Borrower, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

9/29/2028

 

 

4,095

 

 

 

4,095

 

 

 

4,095

 

 

 

4.18

 

Galway Borrower, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

9/29/2028

 

 

35

 

 

 

35

 

 

 

35

 

 

 

0.04

 

High Street Buyer, Inc.

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

4/14/2028

 

 

6,892

 

 

 

6,892

 

 

 

6,875

 

 

 

7.01

 

High Street Buyer, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

4/16/2027

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Iris Specialty Acquisiton, LLC

 

(4)

 

First Lien Debt

 

S +

 

4.50%

 

11/22/2032

 

 

8,824

 

 

 

8,780

 

 

 

8,780

 

 

 

8.95

 

Iris Specialty Acquisiton, LLC

 

(4) (5)

 

First Lien Debt

 

S +

 

4.50%

 

11/22/2032

 

 

-

 

 

 

(4

)

 

 

(4

)

 

 

(0.00

)

Iris Specialty Acquisiton, LLC

 

(4) (5)

 

First Lien Debt

 

S +

 

4.50%

 

11/22/2032

 

 

-

 

 

 

(6

)

 

 

(6

)

 

 

(0.01

)

One, Inc. Software Corporation

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

12/6/2032

 

 

7,745

 

 

 

7,668

 

 

 

7,668

 

 

 

7.82

 

One, Inc. Software Corporation

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/6/2032

 

 

-

 

 

 

(15

)

 

 

(15

)

 

 

(0.02

)

One, Inc. Software Corporation

 

(3) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/6/2032

 

 

-

 

 

 

(6

)

 

 

(6

)

 

 

(0.01

)

Patriot Growth Insurance Services, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.00%

 

10/14/2028

 

 

6,909

 

 

 

6,909

 

 

 

6,909

 

 

 

7.05

 

Patriot Growth Insurance Services, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

10/16/2028

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,348

 

 

 

34,331

 

 

 

35.01

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cyber US Bidco, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.00%

 

12/30/2032

 

 

5,076

 

 

 

5,026

 

 

 

5,026

 

 

 

5.13

 

Cyber US Bidco, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

12/30/2032

 

 

-

 

 

 

(5

)

 

 

(5

)

 

 

(0.01

)

Cyber US Bidco, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

12/30/2032

 

 

-

 

 

 

(4

)

 

 

(4

)

 

 

(0.00

)

Redwood Services Group, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.25%

 

6/15/2029

 

 

6,809

 

 

 

6,773

 

 

 

6,774

 

 

 

6.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,790

 

 

 

11,791

 

 

 

12.02

 

Multi-Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AWP Group Holdings, Inc.

 

(2)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2030

 

 

5,117

 

 

 

5,117

 

 

 

5,117

 

 

 

5.22

 

AWP Group Holdings, Inc.

 

(2) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2030

 

 

1,022

 

 

 

1,022

 

 

 

1,022

 

 

 

1.04

 

AWP Group Holdings, Inc.

 

(2) (5)

 

First Lien Debt

 

S +

 

4.50%

 

12/23/2030

 

 

284

 

 

 

284

 

 

 

284

 

 

 

0.29

 

Investments(1) (2)

 

Footnotes

 

Investment

 

Reference Rate
and Spread

 

Maturity Date

 

Par
Amount/
Shares

 

 

Cost

 

 

Fair Value

 

 

Percentage
of
Members' equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,423

 

 

 

6,423

 

 

 

6.55

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Pharma III, Inc.

 

 

 

First Lien Debt

 

P +

 

4.75%

 

12/23/2032

 

 

5,559

 

 

 

5,531

 

 

 

5,531

 

 

 

5.64

 

Specialty Pharma III, Inc.

 

(5)

 

First Lien Debt

 

P +

 

4.75%

 

12/23/2032

 

 

-

 

 

 

(4

)

 

 

(4

)

 

 

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,527

 

 

 

5,527

 

 

 

5.64

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accordion Partners, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.00%

 

11/17/2031

 

 

6,034

 

 

 

6,019

 

 

 

6,019

 

 

 

6.14

 

Accordion Partners, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

11/17/2031

 

 

-

 

 

 

(11

)

 

 

(11

)

 

 

(0.01

)

Accordion Partners, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

11/17/2031

 

 

-

 

 

 

(4

)

 

 

-

 

 

 

-

 

Aprio Advisory Group, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

8/1/2031

 

 

-

 

 

 

(24

)

 

 

(24

)

 

 

(0.02

)

Aprio Advisory Group, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

8/1/2031

 

 

-

 

 

 

(4

)

 

 

(4

)

 

 

(0.00

)

Bridgepointe Technologies, LLC

 

(2) (5)

 

First Lien Debt

 

S +

 

5.00%

 

12/31/2027

 

 

6,978

 

 

 

6,958

 

 

 

6,978

 

 

 

7.12

 

Verdantas, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

5/6/2031

 

 

-

 

 

 

(16

)

 

 

(16

)

 

 

(0.02

)

Verdantas, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

5/6/2030

 

 

-

 

 

 

(6

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,912

 

 

 

12,942

 

 

 

13.20

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Archduke Buyer, Inc.

 

(4)

 

First Lien Debt

 

S +

 

5.50%

 

12/3/2032

 

 

5,688

 

 

 

5,631

 

 

 

5,631

 

 

 

5.74

 

Archduke Buyer, Inc.

 

(4) (5)

 

First Lien Debt

 

S +

 

5.50%

 

12/3/2032

 

 

-

 

 

 

(4

)

 

 

(4

)

 

 

(0.00

)

AuditBoard, Inc.

 

(3)

 

First Lien Debt

 

S +

 

4.50%

 

7/14/2031

 

 

3,429

 

 

 

3,403

 

 

 

3,403

 

 

 

3.47

 

Everbridge Holdings, LLC

 

(3)

 

First Lien Debt

 

S +

 

5.00%

 

7/2/2031

 

 

4,908

 

 

 

4,908

 

 

 

4,908

 

 

 

5.00

 

Everbridge Holdings, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

7/2/2031

 

 

578

 

 

 

578

 

 

 

578

 

 

 

0.59

 

Everbridge Holdings, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

7/2/2031

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Optimizely North America, Inc.

 

(3)

 

First Lien Debt

 

S +

 

5.00%

 

10/30/2031

 

 

6,352

 

 

 

6,259

 

 

 

6,225

 

 

 

6.35

 

Optimizely North America, Inc.

 

(3) (5)

 

First Lien Debt

 

S +

 

5.00%

 

10/30/2031

 

 

-

 

 

 

(9

)

 

 

(13

)

 

 

(0.01

)

Riskonnect Parent, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

12/7/2028

 

 

6,118

 

 

 

6,118

 

 

 

6,118

 

 

 

6.24

 

Riskonnect Parent, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

12/7/2028

 

 

73

 

 

 

73

 

 

 

73

 

 

 

0.07

 

Vanco Payment Solutions, LLC

 

(3)

 

First Lien Debt

 

S +

 

4.75%

 

12/1/2031

 

 

5,587

 

 

 

5,532

 

 

 

5,532

 

 

 

5.64

 

Vanco Payment Solutions, LLC

 

(3) (5)

 

First Lien Debt

 

S +

 

4.75%

 

12/1/2031

 

 

-

 

 

 

(3

)

 

 

(3

)

 

 

(0.00

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,486

 

 

 

32,448

 

 

 

33.09

 

Total Portfolio Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

249,905

 

 

$

249,685

 

 

 

254.62

%

 

(1)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA")or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically.

(2)

Loan includes interest rate floor of 1.00%.

(3)

Loan includes interest rate floor of 0.75%.

(4)

Loan includes interest rate floor of 0.50%.

(5)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated.