| Investments |
Note 3. Investments The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of June 30, 2026 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
Amortized Cost |
|
Percentage |
|
Fair Value |
|
Percentage |
|
Senior Secured First Lien Loans |
$ |
678,542 |
|
|
77.8 |
% |
$ |
655,435 |
|
|
78.4 |
% |
Equity |
|
10,881 |
|
|
1.2 |
|
|
9,343 |
|
|
1.1 |
|
Subordinated Certificates of the SDLP |
|
183,377 |
|
|
21.0 |
|
|
171,854 |
|
|
20.5 |
|
Total Investments |
$ |
872,800 |
|
|
100.0 |
% |
$ |
836,632 |
|
|
100.0 |
% |
The following table shows the amortized cost and the fair value of the Company’s portfolio investments as of December 31, 2025 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
Amortized Cost |
|
Percentage |
|
Fair Value |
|
Percentage |
|
Senior Secured First Lien Loans |
$ |
685,275 |
|
|
78.3 |
% |
$ |
673,713 |
|
|
79.3 |
% |
Equity |
|
10,959 |
|
|
1.3 |
|
|
9,939 |
|
|
1.2 |
|
Subordinated Certificates of the SDLP |
|
177,962 |
|
|
20.4 |
|
|
165,702 |
|
|
19.5 |
|
Total Investments |
$ |
874,196 |
|
|
100.0 |
% |
$ |
849,354 |
|
|
100.0 |
% |
The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of June 30, 2026 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
Amortized Cost |
|
Percentage |
|
Fair Value |
|
Percentage |
|
Investment Funds and Vehicles (1) |
$ |
183,377 |
|
|
21.0 |
% |
$ |
171,854 |
|
|
20.5 |
% |
Health Care Providers & Services |
|
117,613 |
|
|
13.5 |
|
|
115,487 |
|
|
13.8 |
|
Professional Services |
|
53,076 |
|
|
6.1 |
|
|
53,203 |
|
|
6.4 |
|
Automobile Components |
|
50,039 |
|
|
5.7 |
|
|
46,010 |
|
|
5.5 |
|
Health Care Equipment & Supplies |
|
44,909 |
|
|
5.1 |
|
|
44,858 |
|
|
5.4 |
|
Commercial Services & Supplies |
|
44,213 |
|
|
5.1 |
|
|
43,501 |
|
|
5.2 |
|
IT Services |
|
33,918 |
|
|
3.9 |
|
|
31,899 |
|
|
3.8 |
|
Chemicals |
|
29,108 |
|
|
3.3 |
|
|
29,629 |
|
|
3.5 |
|
Health Care Technology |
|
24,635 |
|
|
2.8 |
|
|
24,227 |
|
|
2.9 |
|
Food Products |
|
23,935 |
|
|
2.7 |
|
|
18,898 |
|
|
2.3 |
|
Trading Companies & Distributors |
|
22,221 |
|
|
2.5 |
|
|
22,388 |
|
|
2.7 |
|
Pharmaceuticals |
|
21,477 |
|
|
2.5 |
|
|
21,715 |
|
|
2.6 |
|
Personal Care Products |
|
21,032 |
|
|
2.4 |
|
|
16,809 |
|
|
2.0 |
|
Distributors |
|
20,704 |
|
|
2.4 |
|
|
20,649 |
|
|
2.5 |
|
Diversified Consumer Services |
|
20,581 |
|
|
2.4 |
|
|
17,946 |
|
|
2.2 |
|
Software |
|
18,181 |
|
|
2.1 |
|
|
18,241 |
|
|
2.2 |
|
Electronic Equipment, Instruments & Components |
|
15,298 |
|
|
1.8 |
|
|
15,400 |
|
|
1.8 |
|
Energy Equipment & Services |
|
13,350 |
|
|
1.5 |
|
|
13,352 |
|
|
1.6 |
|
Financial Services |
|
11,671 |
|
|
1.3 |
|
|
11,803 |
|
|
1.4 |
|
Aerospace & Defense |
|
11,496 |
|
|
1.3 |
|
|
11,555 |
|
|
1.4 |
|
Hotels, Restaurants & Leisure |
|
10,058 |
|
|
1.2 |
|
|
10,074 |
|
|
1.2 |
|
Construction & Engineering |
|
9,952 |
|
|
1.1 |
|
|
9,941 |
|
|
1.2 |
|
Household Products |
|
9,423 |
|
|
1.1 |
|
|
8,871 |
|
|
1.1 |
|
Containers & Packaging |
|
9,404 |
|
|
1.1 |
|
|
7,758 |
|
|
0.9 |
|
Ground Transportation |
|
9,365 |
|
|
1.1 |
|
|
6,882 |
|
|
0.8 |
|
Beverages |
|
9,104 |
|
|
1.0 |
|
|
9,177 |
|
|
1.1 |
|
Textiles, Apparel & Luxury Goods |
|
8,585 |
|
|
1.0 |
|
|
8,683 |
|
|
1.0 |
|
Marine Transportation |
|
7,070 |
|
|
0.8 |
|
|
6,825 |
|
|
0.8 |
|
Consumer Staples Distribution & Retail |
|
6,729 |
|
|
0.8 |
|
|
6,738 |
|
|
0.8 |
|
Machinery |
|
6,001 |
|
|
0.7 |
|
|
6,026 |
|
|
0.7 |
|
Life Sciences Tools & Services |
|
5,970 |
|
|
0.7 |
|
|
5,926 |
|
|
0.7 |
|
Diversified Telecommunication Services(2) |
|
305 |
|
0.0 |
|
|
307 |
|
0.0 |
|
Total Investments |
$ |
872,800 |
|
|
100.00 |
% |
$ |
836,632 |
|
|
100.00 |
% |
(1) The following industry is solely comprised of the Subordinated Certificates of the SDLP. The portfolio companies in SDLP represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Senior Direct Lending Program” below. (2) Represents a percentage that is less than 0.1%. The following table shows the composition of the Company’s portfolio investments by industry grouping at amortized cost and the fair value as of December 31, 2025 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
Amortized Cost |
|
Percentage |
|
Fair Value |
|
Percentage |
|
Investment Funds and Vehicles (1) |
$ |
177,962 |
|
|
20.4 |
% |
$ |
165,702 |
|
|
19.5 |
% |
Health Care Providers & Services |
|
126,802 |
|
|
14.5 |
|
|
126,064 |
|
|
14.8 |
|
Professional Services |
|
48,174 |
|
|
5.5 |
|
|
48,356 |
|
|
5.7 |
|
Commercial Services & Supplies |
|
47,059 |
|
|
5.4 |
|
|
47,429 |
|
|
5.6 |
|
Health Care Equipment & Supplies |
|
45,936 |
|
|
5.3 |
|
|
45,845 |
|
|
5.4 |
|
Automobile Components |
|
41,694 |
|
|
4.8 |
|
|
38,527 |
|
|
4.5 |
|
IT Services |
|
37,766 |
|
|
4.3 |
|
|
37,656 |
|
|
4.4 |
|
Health Care Technology |
|
30,658 |
|
|
3.5 |
|
|
30,255 |
|
|
3.6 |
|
Distributors |
|
29,410 |
|
|
3.4 |
|
|
28,988 |
|
|
3.4 |
|
Chemicals |
|
29,148 |
|
|
3.3 |
|
|
29,363 |
|
|
3.5 |
|
Food Products |
|
23,914 |
|
|
2.7 |
|
|
20,530 |
|
|
2.4 |
|
Trading Companies & Distributors |
|
21,937 |
|
|
2.5 |
|
|
22,147 |
|
|
2.6 |
|
Personal Care Products |
|
20,736 |
|
|
2.4 |
|
|
19,776 |
|
|
2.3 |
|
Diversified Consumer Services |
|
20,304 |
|
|
2.3 |
|
|
17,636 |
|
|
2.1 |
|
Pharmaceuticals |
|
19,448 |
|
|
2.2 |
|
|
19,718 |
|
|
2.3 |
|
Software |
|
17,428 |
|
|
2.0 |
|
|
17,544 |
|
|
2.1 |
|
Electronic Equipment, Instruments & Components |
|
15,293 |
|
|
1.7 |
|
|
15,400 |
|
|
1.8 |
|
Energy Equipment & Services |
|
13,400 |
|
|
1.5 |
|
|
13,443 |
|
|
1.6 |
|
Aerospace & Defense |
|
10,846 |
|
|
1.2 |
|
|
10,912 |
|
|
1.3 |
|
Financial Services |
|
10,060 |
|
|
1.2 |
|
|
10,185 |
|
|
1.2 |
|
Insurance |
|
9,865 |
|
|
1.1 |
|
|
9,881 |
|
|
1.2 |
|
Containers & Packaging |
|
9,703 |
|
|
1.1 |
|
|
8,265 |
|
|
1.0 |
|
Household Products |
|
9,295 |
|
|
1.1 |
|
|
8,964 |
|
|
1.0 |
|
Beverages |
|
9,267 |
|
|
1.1 |
|
|
9,348 |
|
|
1.1 |
|
Ground Transportation |
|
8,986 |
|
|
1.0 |
|
|
8,304 |
|
|
1.0 |
|
Textiles, Apparel & Luxury Goods |
|
8,618 |
|
|
1.0 |
|
|
8,727 |
|
|
1.0 |
|
Construction & Engineering |
|
8,510 |
|
|
1.0 |
|
|
8,525 |
|
|
1.0 |
|
Air Freight & Logistics |
|
6,919 |
|
|
0.8 |
|
|
6,764 |
|
|
0.8 |
|
Life Sciences Tools & Services |
|
5,985 |
|
|
0.7 |
|
|
5,978 |
|
|
0.7 |
|
Hotels, Restaurants & Leisure |
|
4,795 |
|
|
0.5 |
|
|
4,838 |
|
|
0.6 |
|
Machinery |
|
3,296 |
|
|
0.4 |
|
|
3,292 |
|
|
0.4 |
|
Consumer Staples Distribution & Retail |
|
677 |
|
|
0.1 |
|
|
683 |
|
|
0.1 |
|
Diversified Telecommunication Services (2) |
|
305 |
|
0.0 |
|
|
309 |
|
0.0 |
|
Total Investments |
$ |
874,196 |
|
|
100.0 |
% |
$ |
849,354 |
|
|
100.0 |
% |
(1) The following industry is solely comprised of the Subordinated Certificates of the SDLP. The portfolio companies in SDLP represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Senior Direct Lending Program” below. (2) Represents a percentage that is less than 0.1%. Transactions With Controlled/Affiliated Companies During the six months ended June 30, 2026, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Controlled Investment |
|
Type of Investment |
|
Fair Value at December 31, 2025 |
|
|
Purchases of Investments |
|
|
Payment-in-kind and other adjustments to cost |
|
|
Repayments of investments |
|
|
Unrealized appreciation/
(depreciation) |
|
|
Realized Gain/(Loss) |
|
|
Fair Value at June 30, 2026 |
|
|
Income Earned |
|
Senior Direct Lending Program |
|
Subordinated Certificates of the SDLP |
|
$ |
165,702 |
|
|
$ |
13,515 |
|
|
$ |
168 |
|
|
$ |
(8,268 |
) |
|
$ |
737 |
|
|
$ |
— |
|
|
$ |
171,854 |
|
|
$ |
10,254 |
|
During the six months ended June 30, 2025, the Company had an investment in one portfolio company designated as a controlled investment under the 1940 Act. Transactions with the controlled investment were as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Controlled Investment |
|
Type of Investment |
|
Fair Value at December 31, 2024 |
|
|
Purchases of Investments |
|
|
Payment-in-kind and other adjustments to cost |
|
|
Repayments of investments |
|
|
Unrealized appreciation/
(depreciation) |
|
|
Realized Gain/(Loss) |
|
|
Fair Value at June 30, 2025 |
|
|
Income Earned |
|
Senior Direct Lending Program |
|
Subordinated Certificates of the SDLP |
|
$ |
172,152 |
|
|
$ |
7,559 |
|
|
$ |
(1,041 |
) |
|
$ |
(18,807 |
) |
|
$ |
(5,534 |
) |
|
$ |
— |
|
|
$ |
154,329 |
|
|
$ |
10,884 |
|
Senior Direct Lending Program In 2015, VSDLP, a wholly owned subsidiary of the Company, and Ares Capital Corporation (“ARCC”) formed SDLP, a joint venture established for the purpose of providing senior stretch and unitranche loan financings to middle market borrowers. The Company received, indirectly through its membership interest in VSDLP, limited liability company membership interests and Subordinated Certificates (as defined below), in each case in SDLP, as a result of the Merger. The SDLP finances its investment activity through the issuance of securities (“SDLP Securities”) backed by its loan portfolio, including, in order of seniority, rated senior notes (the “Senior Note”), a rated intermediate funding note (the “IFN”), and capital provided by the Company and ARCC through subordinated certificates (the “Subordinated Certificates”). The Subordinated Certificates are the most junior securities issued by SDLP and collateralize the profits earned or losses incurred across the SDLP loan portfolio. As of June 30, 2026 and December 31, 2025, the Company and ARCC own 12.5% and 87.5%, respectively, of the outstanding Subordinated Certificates. SDLP is capitalized as transactions are completed and all portfolio decisions and generally all other decisions in respect of SDLP must be approved by an investment committee of SDLP consisting of representatives of the Company (and/or VSDLP) and ARCC (the “SDLP Investment Committee”). As of June 30, 2026 and December 31, 2025, the Company and ARCC had agreed to make capital available to the SDLP in the aggregate totaling $1.7 billion and $1.7 billion, respectively, of which $206.3 million and $206.3 million, respectively, is to be made available from the Company. The Company and ARCC will continue to provide capital to the SDLP in the form of Subordinated Certificates. This capital will only be committed to the SDLP upon approval of transactions by the SDLP Investment Committee as discussed above. As of June 30, 2026 and December 31, 2025, the Company has funded $188.9 million and $183.6 million, respectively, of its commitment to the SDLP and had $17.4 million and $22.7 million in unfunded commitments remaining available to the SDLP, respectively. The Subordinated Certificates pay a coupon equal to SOFR plus 8.0% and also entitle the holders thereof to receive a portion of the excess cash flow from the loan portfolio, after expenses, which may result in a return to the holders of the Subordinated Certificates that is greater than the stated coupon. The Subordinated Certificates are junior in right of payment to the Senior Notes and IFNs. The amortized cost and fair value of the Subordinated Certificates held by the Company were $183.4 million and $171.9 million, respectively, as of June 30, 2026, and $178.0 million and $165.7 million, respectively, as of December 31, 2025. The Company’s yield on its investment in the Subordinated Certificates at amortized cost and fair value was 11.3% and 12.0%, respectively, as of June 30, 2026, and 11.8% and 12.6%, respectively, as of December 31, 2025. For the three and six months ended June 30, 2026, the Company earned interest income of $5.1 million and $10.3 million, respectively, from its investment in the Subordinated Certificates. For the three and six months ended June 30, 2025, the Company earned interest income of $5.4 million and $10.9 million, respectively, from its investment in the Subordinated Certificates. As of June 30, 2026 and December 31, 2025, $5.1 million and $5.3 million, respectively, was in Interest receivable on the consolidated statements of assets and liabilities. As of June 30, 2026 and December 31, 2025, the SDLP’s portfolio was comprised of first lien senior secured loans to U.S. middle-market companies and consisted of investments in industries similar to the companies in the Company’s portfolio. As of June 30, 2026, certain loans in one portfolio company in the SDLP portfolio was on non-accrual status. As of December 31, 2025, none of the loans in the SDLP portfolio were on non-accrual status. Below is a summary of the SDLP’s portfolio as of June 30, 2026 and December 31, 2025 (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
As of December 31, 2025 |
|
Total first lien senior secured loans(1) |
|
$ |
4,470 |
|
|
$ |
4,297 |
|
Largest loan to a single borrower(1) |
|
$ |
372 |
|
|
$ |
413 |
|
Total of five largest loans to borrower(1) |
|
$ |
1,634 |
|
|
$ |
1,719 |
|
Number of borrowers in the SDLP |
|
|
72 |
|
|
|
39 |
|
Commitments to fund delayed draw loans (2) |
|
$ |
260 |
|
|
$ |
259 |
|
(1) At principal amount. (2) As discussed above, these commitments have been approved by the SDLP Investment Committee Below is a listing of SDLP’s individual investments as of June 30, 2026 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
Senior Secured First Lien Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acron Aviation, Inc. |
Revolver |
N/A |
|
3/29/2032 |
|
— |
|
|
1 |
|
|
1 |
|
(2) |
Acron Aviation, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
3/29/2032 |
|
1,507 |
|
|
1,507 |
|
|
1,507 |
|
(2) |
Acron Aviation, Inc. |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
3/29/2032 |
|
9,169 |
|
|
9,169 |
|
|
9,169 |
|
(2) |
Blue Raven Solutions, LLC |
Term Loan |
SOFR |
+ |
6.00% |
(Q) |
9.73% |
1/16/2032 |
|
9,416 |
|
|
9,416 |
|
|
9,227 |
|
(2) |
Titan BW Borrower L.P. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.41% |
7/26/2032 |
|
3,158 |
|
|
3,105 |
|
|
3,105 |
|
(2) |
Titan BW Borrower L.P. |
Term Loan |
SOFR |
+ |
2.50% (2.88% PIK) |
(Q) |
9.01% |
7/26/2032 |
|
26,410 |
|
|
26,145 |
|
|
26,145 |
|
(2) |
Zenith AcquisitionCo, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.17% |
1/13/2033 |
|
189 |
|
|
189 |
|
|
148 |
|
(2) |
Zenith AcquisitionCo, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.17% |
1/13/2033 |
|
8,021 |
|
|
8,021 |
|
|
7,941 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
57,553 |
|
|
57,243 |
|
|
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolt Purchaser, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
6/30/2033 |
|
9,658 |
|
|
9,658 |
|
|
9,658 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
9,658 |
|
|
9,658 |
|
|
Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arrowhead Holdco Company |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.88% |
8/31/2028 |
|
42,648 |
|
|
41,093 |
|
|
34,119 |
|
(2) |
Arrowhead Holdco Company |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.88% |
8/31/2028 |
|
37,136 |
|
|
35,782 |
|
|
29,709 |
|
(2) |
Arrowhead Holdco Company |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.88% |
8/31/2028 |
|
2,419 |
|
|
2,331 |
|
|
1,935 |
|
(2) |
Arrowhead Holdco Company |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.88% |
8/31/2028 |
|
180,025 |
|
|
173,461 |
|
|
144,020 |
|
(2) |
Arrowhead Holdco Company |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.88% |
8/31/2028 |
|
26,484 |
|
|
25,518 |
|
|
21,187 |
|
(2) |
Midco Holding, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
2.50% (5.00% PIK) |
(Q) |
11.15% |
11/9/2029 |
|
3,056 |
|
|
3,056 |
|
|
3,056 |
|
(2) |
Midco Holding, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
2.50% (5.00% PIK) |
(Q) |
11.14% |
11/9/2029 |
|
3,056 |
|
|
3,056 |
|
|
3,056 |
|
(2) |
Midco Holding, LLC |
Term Loan |
SOFR |
+ |
2.50% (5.00% PIK) |
(Q) |
11.15% |
11/9/2029 |
|
94,019 |
|
|
94,019 |
|
|
94,019 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
378,316 |
|
|
331,101 |
|
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lido Advisors, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.43% |
5/10/2032 |
|
4,837 |
|
|
4,837 |
|
|
4,837 |
|
(2) |
Lido Advisors, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
5/10/2032 |
|
748 |
|
|
748 |
|
|
748 |
|
(2) |
Oak Funding, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.16% |
12/2/2032 |
|
23,909 |
|
|
23,909 |
|
|
23,909 |
|
(2) |
PCIA SPV-3, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
8/1/2029 |
|
1,933 |
|
|
1,933 |
|
|
1,933 |
|
(2) |
PCIA SPV-3, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.41% |
8/1/2029 |
|
3,402 |
|
|
3,402 |
|
|
3,402 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
34,829 |
|
|
34,829 |
|
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCR Buyer, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.89% |
4/30/2031 |
|
5,277 |
|
|
5,277 |
|
|
5,277 |
|
(2) |
SePRO Holdings, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.89% |
7/26/2030 |
|
14,085 |
|
|
14,085 |
|
|
14,085 |
|
(2) |
SePRO Holdings, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.89% |
7/26/2030 |
|
116,536 |
|
|
116,536 |
|
|
116,536 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
135,898 |
|
|
135,898 |
|
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
365RM Holdco, LLC |
Delayed Draw Term Loan |
N/A |
|
5/6/2033 |
|
— |
|
|
— |
|
|
(7 |
) |
(2) |
365RM Holdco, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
5/6/2033 |
|
16,854 |
|
|
16,854 |
|
|
16,686 |
|
(2) |
Accommodations Plus Technologies LLC |
Term Loan |
SOFR |
+ |
5.25% |
(Q) |
8.95% |
5/28/2032 |
|
7,745 |
|
|
7,745 |
|
|
7,745 |
|
(2) |
Accommodations Plus Technologies LLC |
Term Loan |
SOFR |
+ |
5.25% |
(Q) |
8.95% |
5/28/2032 |
|
2,510 |
|
|
2,510 |
|
|
2,510 |
|
(2) |
Astra Service Partners, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.21% |
11/26/2032 |
|
2,085 |
|
|
2,086 |
|
|
2,086 |
|
(2) |
Astra Service Partners, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
11/26/2032 |
|
12,195 |
|
|
12,195 |
|
|
12,195 |
|
(2) |
CARDS-Live Oak Holdings, Inc. |
Revolver |
N/A |
|
10/21/2032 |
|
— |
|
|
1 |
|
|
1 |
|
(2) |
CARDS-Live Oak Holdings, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
10/21/2032 |
|
2,695 |
|
|
2,695 |
|
|
2,695 |
|
(2) |
CARDS-Live Oak Holdings, Inc. |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
10/21/2032 |
|
10,317 |
|
|
10,317 |
|
|
10,317 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
Drogon Bidco Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(M) |
8.63% |
8/29/2031 |
|
4,345 |
|
|
4,345 |
|
|
4,345 |
|
(2) |
Drogon Bidco Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(M) |
8.64% |
8/29/2031 |
|
3,947 |
|
|
3,947 |
|
|
3,947 |
|
(2) |
ISQ Hawkeye HoldCo, Inc. |
Term Loan |
SOFR |
+ |
4.00% |
(M) |
7.64% |
8/20/2031 |
|
303,686 |
|
|
303,686 |
|
|
303,686 |
|
(2) |
Pritchard Industries, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.75% |
(S) |
9.85% |
10/13/2027 |
|
46,108 |
|
|
46,109 |
|
|
42,882 |
|
(2) |
Pritchard Industries, LLC |
Term Loan |
SOFR |
+ |
5.75% |
(S) |
9.85% |
10/13/2027 |
|
192,836 |
|
|
192,836 |
|
|
179,338 |
|
(2) |
Talon Buyer Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.93% |
7/15/2032 |
|
3,607 |
|
|
3,483 |
|
|
3,483 |
|
(2) |
Zinc Buyer Corporation |
Delayed Draw Term Loan |
N/A |
|
7/24/2031 |
|
— |
|
|
(40 |
) |
|
(40 |
) |
(2) |
Zinc Buyer Corporation |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.42% |
7/24/2031 |
|
623 |
|
|
617 |
|
|
617 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
609,386 |
|
|
592,486 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bells Parent, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.73% |
4/25/2033 |
|
2,187 |
|
|
2,187 |
|
|
2,159 |
|
(2) |
Bells Parent, Inc. |
Term Loan |
SOFR |
+ |
5.00% |
(S) |
8.68% |
4/25/2033 |
|
7,378 |
|
|
7,378 |
|
|
7,285 |
|
(2) |
BGIF IV Fearless Utility Services, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(M) |
8.65% |
6/9/2031 |
|
10,165 |
|
|
10,165 |
|
|
10,165 |
|
(2) |
BGIF IV Fearless Utility Services, Inc. |
Term Loan |
SOFR |
+ |
5.00% |
(M) |
8.65% |
6/9/2031 |
|
14,773 |
|
|
14,773 |
|
|
14,773 |
|
(2) |
Ground Penetrating Radar Systems, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
1/2/2032 |
|
4,428 |
|
|
4,428 |
|
|
4,428 |
|
(2) |
Ground Penetrating Radar Systems, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
1/2/2032 |
|
181,582 |
|
|
181,582 |
|
|
181,582 |
|
(2) |
Ground Penetrating Radar Systems, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
1/2/2032 |
|
3,692 |
|
|
3,692 |
|
|
3,692 |
|
(2) |
HP RSS Buyer, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.41% |
12/11/2029 |
|
15,928 |
|
|
15,928 |
|
|
15,928 |
|
(2) |
HP RSS Buyer, Inc. |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.45% |
12/11/2029 |
|
1,624 |
|
|
1,624 |
|
|
1,624 |
|
(2) |
Pave America Holding, LLC |
Revolver |
N/A |
|
8/27/2032 |
|
— |
|
|
1 |
|
|
1 |
|
(2) |
Pave America Holding, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
2.38% (2.88% PIK) |
(Q) |
8.93% |
8/27/2032 |
|
1,508 |
|
|
1,508 |
|
|
1,508 |
|
(2) |
Pave America Holding, LLC |
Term Loan |
SOFR |
+ |
2.38% (2.88% PIK) |
(Q) |
8.98% |
8/27/2032 |
|
8,774 |
|
|
8,774 |
|
|
8,774 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
252,040 |
|
|
251,919 |
|
|
Consumer Staples Distribution & Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FS Squared Holding Corp. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
12/23/2030 |
|
93,333 |
|
|
93,333 |
|
|
93,333 |
|
(2) |
FS Squared Holding Corp. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
12/23/2030 |
|
46,993 |
|
|
46,993 |
|
|
46,993 |
|
(2) |
FS Squared Holding Corp. |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
12/23/2030 |
|
217,593 |
|
|
217,593 |
|
|
217,593 |
|
(2) |
GMF Parent, Inc. |
Delayed Draw Term Loan |
N/A |
|
12/20/2032 |
|
— |
|
|
— |
|
|
(89 |
) |
(2) |
GMF Parent, Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.18% |
12/20/2032 |
|
10,493 |
|
|
10,493 |
|
|
10,178 |
|
(2) |
Quirch Foods Holdings, LLC |
Term Loan |
SOFR |
+ |
6.50% |
(M) |
10.14% |
11/12/2030 |
|
25,463 |
|
|
25,463 |
|
|
25,463 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
393,875 |
|
|
393,471 |
|
|
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Big Bucks Acquisition Corporation |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.70% |
9/29/2031 |
|
7,735 |
|
|
7,735 |
|
|
7,735 |
|
(2) |
Radwell Parent, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
4/1/2029 |
|
620 |
|
|
620 |
|
|
615 |
|
(2) |
Radwell Parent, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
4/1/2030 |
|
48 |
|
|
48 |
|
|
32 |
|
(2) |
Radwell Parent, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
4/1/2030 |
|
6,639 |
|
|
6,639 |
|
|
6,573 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
15,042 |
|
|
14,955 |
|
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flint OpCo, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.40% |
8/15/2030 |
|
5,320 |
|
|
5,320 |
|
|
5,320 |
|
(2) |
LHS Borrower, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.89% |
9/4/2031 |
|
19,478 |
|
|
19,478 |
|
|
18,894 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
24,798 |
|
|
24,214 |
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EIS Legacy Holdco, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.16% |
11/5/2031 |
|
93,649 |
|
|
93,650 |
|
|
93,650 |
|
(2) |
EIS Legacy Holdco, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.16% |
11/5/2031 |
|
217,193 |
|
|
217,193 |
|
|
217,193 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
310,843 |
|
|
310,843 |
|
|
Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convera International Holdings Limited |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.63% |
3/1/2030 |
|
11,328 |
|
|
11,328 |
|
|
11,328 |
|
(2)(3) |
Convera International Holdings Limited |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.63% |
3/1/2030 |
|
1,200 |
|
|
1,200 |
|
|
1,200 |
|
(2)(3) |
Convera International Holdings Limited |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.63% |
3/1/2030 |
|
307 |
|
|
307 |
|
|
307 |
|
(2)(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
Spirit RR Holdings, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.73% |
9/13/2028 |
|
8,090 |
|
|
8,090 |
|
|
8,090 |
|
(2) |
The Ultimus Group Midco, LLC |
Delayed Draw Term Loan |
N/A |
|
7/1/2032 |
|
— |
|
|
(32 |
) |
|
(32 |
) |
(2) |
The Ultimus Group Midco, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
7/1/2032 |
|
18,691 |
|
|
18,598 |
|
|
18,598 |
|
(2) |
Tiger Holdco LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(M) |
7.90% |
3/11/2031 |
|
23,321 |
|
|
23,321 |
|
|
23,321 |
|
(2) |
Tiger Holdco LLC |
Term Loan |
SOFR |
+ |
4.25% |
(M) |
7.90% |
3/11/2031 |
|
115,706 |
|
|
115,706 |
|
|
115,706 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
178,518 |
|
|
178,518 |
|
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DecoPac, Inc. |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.66% |
5/14/2030 |
|
40,000 |
|
|
40,000 |
|
|
40,000 |
|
(2) |
Gula Buyer Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.13% |
10/27/2031 |
|
14,813 |
|
|
14,813 |
|
|
14,813 |
|
(2) |
Manna Pro Products, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
3.00% (3.50% PIK) |
(Q) |
10.33% |
12/10/2029 |
|
29,967 |
|
|
28,190 |
|
|
22,176 |
|
(2)(5) |
Manna Pro Products, LLC |
Term Loan |
SOFR |
+ |
3.00% (3.50% PIK) |
(Q) |
10.33% |
12/10/2029 |
|
181,194 |
|
|
170,450 |
|
|
134,084 |
|
(2)(5) |
Manna Pro Products, LLC |
Term Loan |
SOFR |
+ |
3.00% (3.50% PIK) |
(Q) |
10.33% |
12/10/2029 |
|
48,218 |
|
|
45,358 |
|
|
35,681 |
|
(2)(5) |
Manna Pro Products, LLC |
Term Loan |
SOFR |
+ |
3.00% (3.50% PIK) |
(Q) |
10.33% |
12/10/2029 |
|
14,292 |
|
|
13,444 |
|
|
10,575 |
|
(2)(5) |
Sugar PPC Buyer LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(S) |
8.60% |
10/2/2031 |
|
1,150 |
|
|
1,150 |
|
|
1,150 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
313,405 |
|
|
258,479 |
|
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Artivion, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.40% |
1/21/2031 |
|
17,456 |
|
|
17,456 |
|
|
17,456 |
|
(2) |
NMN Holdings III Corp |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.14% |
7/31/2031 |
|
225,492 |
|
|
225,492 |
|
|
225,492 |
|
(2) |
Spruce Bidco II Inc. |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.41% |
1/30/2032 |
|
39,900 |
|
|
39,900 |
|
|
39,900 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
282,848 |
|
|
282,848 |
|
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premise Health Holding Corp |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
11/8/2032 |
|
1,580 |
|
|
1,580 |
|
|
1,580 |
|
(2) |
Premise Health Holding Corp |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
11/8/2032 |
|
6,236 |
|
|
6,236 |
|
|
6,236 |
|
(2) |
Premise Health Holding Corp |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
11/8/2032 |
|
2,185 |
|
|
2,185 |
|
|
2,185 |
|
(2) |
U.S. Urology Partners, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
4/8/2032 |
|
4,988 |
|
|
4,988 |
|
|
4,988 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
14,989 |
|
|
14,989 |
|
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GHX Ultimate Parent Corporation |
Term Loan |
SOFR |
+ |
2.50% (2.50% PIK) |
(Q) |
8.73% |
2/4/2033 |
|
6,994 |
|
|
6,994 |
|
|
6,924 |
|
(2) |
GHX Ultimate Parent Corporation |
Term Loan |
SOFR |
+ |
2.50% (2.50% PIK) |
(Q) |
8.73% |
2/4/2033 |
|
5,445 |
|
|
5,445 |
|
|
5,390 |
|
(2) |
Project Alliance Buyer, LLC |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.67% |
8/27/2031 |
|
4,070 |
|
|
4,070 |
|
|
4,070 |
|
(2) |
Surescripts, LLC |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.73% |
11/3/2031 |
|
111,094 |
|
|
111,094 |
|
|
111,094 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
127,603 |
|
|
127,478 |
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Birdie Bidco, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
2.50% (2.25% PIK) |
(Q) |
8.41% |
11/17/2032 |
|
277 |
|
|
278 |
|
|
278 |
|
(2) |
Birdie Bidco, Inc. |
Term Loan |
SOFR |
+ |
2.50% (2.25% PIK) |
(Q) |
8.48% |
11/17/2032 |
|
5,670 |
|
|
5,670 |
|
|
5,670 |
|
(2) |
Invited, Inc. |
Delayed Draw Term Loan |
N/A |
|
6/9/2032 |
|
— |
|
|
— |
|
|
(15 |
) |
(2) |
Invited, Inc. |
Term Loan |
SOFR |
+ |
5.25% |
(Q) |
8.86% |
6/9/2032 |
|
39,747 |
|
|
39,747 |
|
|
39,351 |
|
(2) |
Triwizard Holdings, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.66% |
6/29/2029 |
|
38,089 |
|
|
38,088 |
|
|
38,088 |
|
(2) |
Triwizard Holdings, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.66% |
6/29/2029 |
|
54,191 |
|
|
54,191 |
|
|
54,191 |
|
(2) |
Triwizard Holdings, Inc. |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.73% |
6/29/2029 |
|
151,975 |
|
|
151,975 |
|
|
151,975 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
289,949 |
|
|
289,538 |
|
|
Household Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walnut Parent, Inc. |
Term Loan |
SOFR |
+ |
2.88% |
(M) |
6.62% |
11/9/2029 |
|
305,031 |
|
|
305,031 |
|
|
286,729 |
|
(2) |
Walnut Parent, Inc. |
Term Loan |
SOFR |
+ |
2.88% (3.38% PIK) |
(Q) |
10.06% |
11/9/2029 |
|
40,576 |
|
|
40,576 |
|
|
38,141 |
|
(2) |
Walnut Parent, Inc. |
Term Loan |
SOFR |
+ |
2.88% (3.38% PIK) |
(Q) |
10.06% |
11/9/2029 |
|
26,811 |
|
|
26,752 |
|
|
25,202 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
372,359 |
|
|
350,072 |
|
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ Sunshine, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.74% |
7/25/2033 |
|
324 |
|
|
324 |
|
|
293 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
AQ Sunshine, Inc. |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.66% |
7/25/2033 |
|
5,000 |
|
|
5,000 |
|
|
4,950 |
|
(2) |
High Street Buyer, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.98% |
4/14/2028 |
|
5,292 |
|
|
5,252 |
|
|
5,292 |
|
(2) |
High Street Buyer, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.98% |
4/14/2028 |
|
4,533 |
|
|
4,498 |
|
|
4,533 |
|
(2) |
High Street Buyer, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.98% |
4/14/2028 |
|
3,918 |
|
|
3,888 |
|
|
3,918 |
|
(2) |
High Street Buyer, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.98% |
4/14/2028 |
|
2,826 |
|
|
2,806 |
|
|
2,826 |
|
(2) |
High Street Buyer, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.98% |
4/14/2028 |
|
1,239 |
|
|
1,231 |
|
|
1,239 |
|
(2) |
High Street Buyer, Inc. |
Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.98% |
4/14/2028 |
|
2,140 |
|
|
2,124 |
|
|
2,140 |
|
(2) |
Oakbridge Insurance Agency LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(M) |
8.64% |
11/1/2029 |
|
3,409 |
|
|
3,408 |
|
|
3,408 |
|
(2) |
Oakbridge Insurance Agency LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
11/1/2029 |
|
3,518 |
|
|
3,518 |
|
|
3,518 |
|
(2) |
SageSure Holdings, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.26% |
1/28/2030 |
|
13,437 |
|
|
13,437 |
|
|
13,437 |
|
(2) |
SageSure Holdings, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.26% |
1/28/2030 |
|
5,828 |
|
|
5,828 |
|
|
5,828 |
|
(2) |
SageSure Holdings, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.26% |
1/28/2030 |
|
12,312 |
|
|
12,312 |
|
|
12,312 |
|
(2) |
SageSure Holdings, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.26% |
1/28/2030 |
|
8,332 |
|
|
8,332 |
|
|
8,332 |
|
(2) |
THG Acquisition, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
10/31/2031 |
|
20,191 |
|
|
20,191 |
|
|
20,191 |
|
(2) |
THG Acquisition, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
10/31/2031 |
|
121,123 |
|
|
121,123 |
|
|
121,123 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
213,272 |
|
|
213,340 |
|
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UFS, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.39% |
10/14/2031 |
|
14,852 |
|
|
14,852 |
|
|
14,852 |
|
(2) |
Victors Purchaser, LLC |
Delayed Draw Term Loan |
N/A |
|
12/23/2032 |
|
— |
|
|
— |
|
|
(11 |
) |
(2) |
Victors Purchaser, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
12/23/2032 |
|
11,545 |
|
|
11,545 |
|
|
11,430 |
|
(2) |
Victors Purchaser, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
12/23/2032 |
|
33 |
|
|
33 |
|
|
31 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
26,430 |
|
|
26,302 |
|
|
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harvey Tool Company, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
8/6/2032 |
|
240,212 |
|
|
240,212 |
|
|
240,212 |
|
(2) |
JSG II, Inc. and Checkers USA, Inc./JHC Acquisition Corp |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.14% |
9/30/2032 |
|
27,901 |
|
|
27,901 |
|
|
27,901 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
268,113 |
|
|
268,113 |
|
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grit Buyer, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
7/16/2032 |
|
8,640 |
|
|
8,640 |
|
|
8,640 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
8,640 |
|
|
8,640 |
|
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Apple Bidco Holdings, Inc. |
Delayed Draw Term Loan |
N/A |
|
1/24/2033 |
|
— |
|
|
— |
|
|
(110 |
) |
(2) |
Apple Bidco Holdings, Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.20% |
1/24/2033 |
|
12,246 |
|
|
12,246 |
|
|
11,878 |
|
(2) |
Bottomline Technologies, Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.23% |
5/14/2029 |
|
24,937 |
|
|
24,875 |
|
|
24,937 |
|
(2) |
Cority Software Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.16% |
11/1/2032 |
|
11,884 |
|
|
11,884 |
|
|
11,527 |
|
(2) |
Doxim Inc. |
Term Loan |
SOFR |
+ |
6.50% |
(M) |
10.14% |
11/30/2027 |
|
12,940 |
|
|
12,940 |
|
|
12,940 |
|
(2)(3) |
Goose Borrower, L.P. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
3/2/2033 |
|
7,234 |
|
|
7,234 |
|
|
7,162 |
|
(2) |
Goose Borrower, L.P. |
Term Loan |
SOFR |
+ |
4.75% |
(Q) |
8.48% |
3/2/2033 |
|
5,895 |
|
|
5,895 |
|
|
5,837 |
|
(2) |
Merit Software Finance Holdings, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.25% |
(Q) |
8.98% |
12/30/2032 |
|
2,198 |
|
|
2,199 |
|
|
2,199 |
|
(2) |
Merit Software Finance Holdings, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(Q) |
8.98% |
12/30/2032 |
|
6,365 |
|
|
6,365 |
|
|
6,365 |
|
(2) |
ML Holdco, Inc. |
Delayed Draw Term Loan |
N/A |
|
10/25/2032 |
|
— |
|
|
— |
|
|
(41 |
) |
(2) |
ML Holdco, Inc. |
Term Loan |
SOFR |
+ |
4.25% |
(Q) |
7.91% |
10/25/2032 |
|
7,936 |
|
|
7,936 |
|
|
7,777 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
91,574 |
|
|
90,471 |
|
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penn Detroit Diesel Allison, LLC |
Term Loan |
SOFR |
+ |
7.00% |
(Q) |
10.72% |
12/14/2027 |
|
32,794 |
|
|
32,794 |
|
|
26,235 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
32,794 |
|
|
26,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Senior Secured First Lien Loans |
|
|
|
|
|
|
|
|
|
$ |
4,442,732 |
|
$ |
4,291,640 |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midco Holding, LLC |
Common Stock |
|
|
|
|
|
|
|
45,844 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
Midco Holding, LLC |
Preferred Shares |
|
|
|
|
|
|
|
59,596 |
|
|
23,119 |
|
|
17,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,119 |
|
|
17,408 |
|
|
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bolt Purchaser, LLC |
Common Stock |
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
Consumer Staples Distribution & Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMF Parent, Inc. |
Limited Partnership |
|
|
|
|
|
|
|
— |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHS Borrower, LLC |
Limited Partnership |
|
|
|
|
|
|
|
— |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manna Pro Products, LLC |
Common Stock |
|
|
|
|
|
|
|
21 |
|
|
— |
|
|
— |
|
|
Manna Pro Products, LLC |
Common Stock |
|
|
|
|
|
|
|
17 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invited, Inc. |
Common Stock |
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AQ Sunshine, Inc. |
Limited Partnership |
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
|
|
|
|
|
|
|
|
23,124 |
|
|
17,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
|
|
|
|
|
|
|
$ |
4,465,856 |
|
$ |
4,309,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of June 30, 2026. (2) Loan includes interest rate floor feature. (3) Investment is domiciled outside of the United States. (4) The negative fair value, if applicable, results from the fair valuation of the unfunded commitment. (5) The investment was on non-accrual status as of June 30, 2026. Below is a listing of SDLP’s individual investments as of December 31, 2025 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
Senior Secured First Lien Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acron Aviation, Inc. |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.42% |
3/29/2032 |
|
9,191 |
|
|
9,191 |
|
|
9,191 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
9,191 |
|
|
9,191 |
|
|
Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arrowhead Holdco Company |
Delayed Draw Term Loan |
SOFR |
+ |
2.50% (2.75% PIK) |
(Q) |
8.94% |
08/31/2028 |
|
2,414 |
|
|
2,342 |
|
|
1,906 |
|
(2) |
Arrowhead Holdco Company |
Delayed Draw Term Loan |
SOFR |
+ |
2.50% (2.75% PIK) |
(Q) |
8.92% |
08/31/2028 |
|
37,057 |
|
|
35,956 |
|
|
29,275 |
|
(2) |
Arrowhead Holdco Company |
Delayed Draw Term Loan |
SOFR |
+ |
2.50% (2.75% PIK) |
(Q) |
8.92% |
08/31/2028 |
|
42,557 |
|
|
40,999 |
|
|
33,620 |
|
(2) |
Arrowhead Holdco Company |
Term Loan |
SOFR |
+ |
2.50% (2.75% PIK) |
(Q) |
8.94% |
08/31/2028 |
|
26,427 |
|
|
25,641 |
|
|
20,877 |
|
(2) |
Arrowhead Holdco Company |
Term Loan |
SOFR |
+ |
2.50% (2.75% PIK) |
(Q) |
8.94% |
08/31/2028 |
|
179,643 |
|
|
174,307 |
|
|
141,918 |
|
(2) |
Midco Holding, LLC |
Term Loan |
SOFR |
+ |
7.50% |
(M) |
11.36% |
11/9/2029 |
|
91,687 |
|
|
91,687 |
|
|
91,687 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
370,932 |
|
|
319,283 |
|
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCR Buyer, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.97% |
4/30/2031 |
|
5,569 |
|
|
5,569 |
|
|
5,569 |
|
(2) |
SePRO Holdings, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.97% |
7/26/2030 |
|
117,128 |
|
|
117,128 |
|
|
117,128 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
122,697 |
|
|
122,697 |
|
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accommodations Plus Technologies LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.94% |
5/28/2032 |
|
7,783 |
|
|
7,783 |
|
|
7,783 |
|
(2) |
Accommodations Plus Technologies LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.94% |
5/28/2032 |
|
2,523 |
|
|
2,523 |
|
|
2,523 |
|
(2) |
Astra Service Partners, LLC |
Delayed Draw Term Loan |
N/A |
|
11/26/2032 |
|
— |
|
|
— |
|
|
(15 |
) |
(2) |
Astra Service Partners, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.34% |
11/26/2032 |
|
12,195 |
|
|
12,195 |
|
|
12,103 |
|
(2) |
CARDS-Live Oak Holdings, Inc. |
Delayed Draw Term Loan |
N/A |
|
10/21/2032 |
|
— |
|
|
— |
|
|
(21 |
) |
(2) |
CARDS-Live Oak Holdings, Inc. |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.42% |
10/21/2032 |
|
10,368 |
|
|
10,368 |
|
|
10,264 |
|
(2) |
ISQ Hawkeye HoldCo, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.68% |
(M) |
8.43% |
8/20/2031 |
|
3,713 |
|
|
3,713 |
|
|
3,713 |
|
(2) |
ISQ Hawkeye HoldCo, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
4.68% |
(M) |
8.43% |
8/20/2031 |
|
81,491 |
|
|
81,491 |
|
|
81,491 |
|
(2) |
ISQ Hawkeye HoldCo, Inc. |
Term Loan |
SOFR |
+ |
4.68% |
(M) |
8.43% |
8/20/2031 |
|
223,760 |
|
|
223,760 |
|
|
223,760 |
|
(2) |
Pritchard Industries, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.75% |
(Q) |
9.57% |
10/13/2027 |
|
46,350 |
|
|
46,350 |
|
|
43,105 |
|
(2) |
Pritchard Industries, LLC |
Term Loan |
SOFR |
+ |
5.75% |
(Q) |
9.57% |
10/13/2027 |
|
193,846 |
|
|
193,846 |
|
|
180,277 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
582,029 |
|
|
564,983 |
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ground Penetrating Radar Systems, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.17% |
1/2/2032 |
|
4,450 |
|
|
4,450 |
|
|
4,450 |
|
(2) |
Ground Penetrating Radar Systems, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.17% |
1/2/2032 |
|
182,499 |
|
|
182,499 |
|
|
182,499 |
|
(2) |
Pave America Holding, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.69% |
8/27/2032 |
|
883 |
|
|
883 |
|
|
863 |
|
(2) |
Pave America Holding, LLC |
Term Loan |
SOFR |
+ |
2.38% (2.88% PIK) |
(M) |
8.92% |
8/27/2032 |
|
8,691 |
|
|
8,691 |
|
|
8,604 |
|
(2) |
Valcourt Holdings II, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
9.04% |
11/21/2029 |
|
16,628 |
|
|
16,628 |
|
|
16,628 |
|
(2) |
Valcourt Holdings II, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
9.02% |
11/21/2029 |
|
26,604 |
|
|
26,604 |
|
|
26,604 |
|
(2) |
Valcourt Holdings II, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.87% |
11/21/2029 |
|
20,261 |
|
|
20,261 |
|
|
20,261 |
|
(2) |
Valcourt Holdings II, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.99% |
11/21/2029 |
|
12,214 |
|
|
12,214 |
|
|
12,214 |
|
(2) |
Valcourt Holdings II, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.97% |
11/21/2029 |
|
9,903 |
|
|
9,903 |
|
|
9,903 |
|
(2) |
Valcourt Holdings II, LLC |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
9.02% |
11/21/2029 |
|
257,272 |
|
|
257,272 |
|
|
257,272 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
539,405 |
|
|
539,298 |
|
|
Consumer Staples Distribution & Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
FS Squared Holding Corp. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.47% |
12/23/2030 |
|
116,262 |
|
|
116,262 |
|
|
116,262 |
|
(2) |
FS Squared Holding Corp. |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.47% |
12/23/2030 |
|
48,600 |
|
|
48,601 |
|
|
48,601 |
|
(2) |
FS Squared Holding Corp. |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.47% |
12/23/2030 |
|
248,325 |
|
|
248,325 |
|
|
248,325 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
413,188 |
|
|
413,188 |
|
|
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Big Bucks Acquisition Corporation |
Term Loan |
SOFR |
+ |
5.00% |
(M) |
8.67% |
09/29/2031 |
|
8,327 |
|
|
8,327 |
|
|
8,223 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
8,327 |
|
|
8,223 |
|
|
Electronic Equipment, Instruments & Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EIS Legacy Holdco, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.40% |
11/05/2031 |
|
67,486 |
|
|
67,487 |
|
|
67,487 |
|
(2) |
EIS Legacy Holdco, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(Q) |
8.40% |
11/05/2031 |
|
218,295 |
|
|
218,295 |
|
|
218,295 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
285,782 |
|
|
285,782 |
|
|
Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convera International Holdings Limited |
Term Loan |
SOFR |
+ |
6.00% |
(Q) |
9.84% |
3/1/2030 |
|
11,387 |
|
|
11,387 |
|
|
11,387 |
|
(2)(3) |
Convera International Holdings Limited |
Term Loan |
SOFR |
+ |
6.00% |
(Q) |
9.84% |
3/1/2030 |
|
1,206 |
|
|
1,206 |
|
|
1,206 |
|
(2)(3) |
Convera International Holdings Limited |
Term Loan |
SOFR |
+ |
6.00% |
(S) |
9.84% |
3/1/2030 |
|
309 |
|
|
309 |
|
|
309 |
|
(2)(3) |
Oak Funding, LLC |
Delayed Draw Term Loan |
N/A |
|
12/2/2032 |
|
— |
|
|
— |
|
|
(12 |
) |
(2) |
Oak Funding, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.29% |
12/2/2032 |
|
23,970 |
|
|
23,970 |
|
|
23,730 |
|
(2) |
Tiger Holdco LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.25% |
(M) |
7.98% |
3/11/2031 |
|
23,439 |
|
|
23,439 |
|
|
23,439 |
|
(2) |
Tiger Holdco LLC |
Term Loan |
SOFR |
+ |
4.25% |
(M) |
7.98% |
3/11/2031 |
|
116,291 |
|
|
116,291 |
|
|
116,291 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
176,602 |
|
|
176,350 |
|
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GMF Parent, Inc. |
Delayed Draw Term Loan |
N/A |
|
12/20/2032 |
|
— |
|
|
— |
|
|
(15 |
) |
(2) |
GMF Parent, Inc. |
Delayed Draw Term Loan |
N/A |
|
12/20/2032 |
|
— |
|
|
— |
|
|
(13 |
) |
(2) |
GMF Parent, Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.20% |
12/20/2032 |
|
10,519 |
|
|
10,519 |
|
|
10,467 |
|
(2) |
Manna Pro Products, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
3.0% (3.50% PIK) |
(Q) |
10.30% |
12/10/2029 |
|
29,424 |
|
|
28,701 |
|
|
23,245 |
|
(2) |
Manna Pro Products, LLC |
Term Loan |
SOFR |
+ |
3.0% (3.50% PIK) |
(Q) |
10.30% |
12/10/2029 |
|
14,033 |
|
|
13,687 |
|
|
11,086 |
|
(2) |
Manna Pro Products, LLC |
Term Loan |
SOFR |
+ |
3.0% (3.50% PIK) |
(Q) |
10.30% |
12/10/2029 |
|
47,344 |
|
|
46,181 |
|
|
37,402 |
|
(2) |
Manna Pro Products, LLC |
Term Loan |
SOFR |
+ |
3.0% (3.50% PIK) |
(Q) |
10.30% |
12/10/2029 |
|
177,910 |
|
|
173,542 |
|
|
140,549 |
|
(2) |
Quirch Foods Holdings, LLC |
Delayed Draw Term Loan |
N/A |
|
11/12/2030 |
|
— |
|
|
— |
|
|
(27 |
) |
(2) |
Quirch Foods Holdings, LLC |
Term Loan |
SOFR |
+ |
6.50% |
(M) |
10.34% |
11/12/2030 |
|
25,526 |
|
|
25,526 |
|
|
25,271 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
298,156 |
|
|
247,965 |
|
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NMN Holdings III Corp |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.22% |
07/31/2031 |
|
226,640 |
|
|
226,640 |
|
|
226,640 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
226,640 |
|
|
226,640 |
|
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premise Health Holding Corp |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.17% |
11/8/2032 |
|
6,268 |
|
|
6,268 |
|
|
6,268 |
|
(2) |
U.S. Urology Partners, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.42% |
4/8/2032 |
|
5,000 |
|
|
5,000 |
|
|
5,000 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
11,268 |
|
|
11,268 |
|
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surescripts, LLC |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.67% |
11/03/2031 |
|
111,656 |
|
|
111,656 |
|
|
111,656 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
111,656 |
|
|
111,656 |
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Birdie Bidco, Inc. |
Delayed Draw Term Loan |
N/A |
|
11/17/2032 |
|
— |
|
|
— |
|
|
(5 |
) |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company |
Type of Investment |
Reference Rate and Spread (1) |
Interest Rate |
Maturity |
Par / Shares |
|
Amortized Cost |
|
Fair Value(4) |
|
Footnotes |
Birdie Bidco, Inc. |
Term Loan |
SOFR |
+ |
4.50% (2.25% PIK) |
(M) |
10.42% |
11/17/2032 |
|
5,622 |
|
|
5,622 |
|
|
5,594 |
|
(2) |
Triwizard Holdings, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.90% |
6/29/2029 |
|
41,537 |
|
|
41,537 |
|
|
41,537 |
|
(2) |
Triwizard Holdings, Inc. |
Delayed Draw Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.90% |
6/29/2029 |
|
59,100 |
|
|
59,100 |
|
|
59,100 |
|
(2) |
Triwizard Holdings, Inc. |
Term Loan |
SOFR |
+ |
5.00% |
(Q) |
8.67% |
6/29/2029 |
|
165,750 |
|
|
165,750 |
|
|
165,750 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
272,009 |
|
|
271,976 |
|
|
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHS Borrower, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.97% |
09/04/2031 |
|
19,625 |
|
|
19,625 |
|
|
19,429 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
19,625 |
|
|
19,429 |
|
|
Household Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Walnut Parent, Inc. |
Term Loan |
SOFR |
+ |
5.75% |
(Q) |
9.57% |
11/09/2027 |
|
26,460 |
|
|
26,460 |
|
|
24,608 |
|
(2) |
Walnut Parent, Inc. |
Term Loan |
SOFR |
+ |
5.75% |
(Q) |
9.57% |
11/09/2027 |
|
40,044 |
|
|
40,044 |
|
|
37,241 |
|
(2) |
Walnut Parent, Inc. |
Term Loan |
SOFR |
+ |
5.75% |
(Q) |
9.52% |
11/09/2027 |
|
299,250 |
|
|
299,250 |
|
|
278,303 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
365,754 |
|
|
340,152 |
|
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THG Acquisition, LLC |
Delayed Draw Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.47% |
10/31/2031 |
|
7,931 |
|
|
7,931 |
|
|
7,931 |
|
(2) |
THG Acquisition, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.47% |
10/31/2031 |
|
121,736 |
|
|
121,736 |
|
|
121,736 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
129,667 |
|
|
129,667 |
|
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UFS, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.50% |
10/14/2031 |
|
14,927 |
|
|
14,927 |
|
|
14,778 |
|
(2) |
Victors Purchaser, LLC |
Delayed Draw Term Loan |
N/A |
|
12/23/2032 |
|
— |
|
|
— |
|
|
(3 |
) |
(2) |
Victors Purchaser, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.19% |
12/23/2032 |
|
11,545 |
|
|
11,545 |
|
|
11,516 |
|
(2) |
Victors Purchaser, LLC |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.19% |
12/23/2032 |
|
33 |
|
|
33 |
|
|
32 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
26,505 |
|
|
26,323 |
|
|
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Harvey Tool Company, LLC |
Delayed Draw Term Loan |
N/A |
|
10/26/2027 |
|
— |
|
|
— |
|
|
(13 |
) |
(2) |
Harvey Tool Company, LLC |
Term Loan |
SOFR |
+ |
4.75% |
(M) |
8.47% |
8/6/2032 |
|
240,212 |
|
|
240,212 |
|
|
239,011 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
240,212 |
|
|
238,998 |
|
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cority Software Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.34% |
11/1/2032 |
|
11,884 |
|
|
11,884 |
|
|
11,824 |
|
(2) |
Doxim Inc. |
Term Loan |
SOFR |
+ |
6.50% |
(M) |
10.22% |
11/30/2027 |
|
13,006 |
|
|
13,006 |
|
|
12,875 |
|
(2)(3) |
Merit Software Finance Holdings, LLC |
Delayed Draw Term Loan |
N/A |
|
12/30/2032 |
|
— |
|
|
— |
|
|
(25 |
) |
(2) |
Merit Software Finance Holdings, LLC |
Term Loan |
SOFR |
+ |
5.25% |
(M) |
8.94% |
12/30/2032 |
|
6,365 |
|
|
6,365 |
|
|
6,301 |
|
(2) |
ML Holdco, Inc. |
Delayed Draw Term Loan |
N/A |
|
10/25/2032 |
|
— |
|
|
— |
|
|
(5 |
) |
(2) |
ML Holdco, Inc. |
Term Loan |
SOFR |
+ |
4.50% |
(M) |
8.37% |
10/25/2032 |
|
7,936 |
|
|
7,936 |
|
|
7,896 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
39,191 |
|
|
38,866 |
|
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Penn Detroit Diesel Allison, LLC |
Term Loan |
SOFR |
+ |
7.00% |
(Q) |
10.82% |
12/14/2027 |
|
32,794 |
|
|
32,794 |
|
|
30,170 |
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
32,794 |
|
|
30,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Senior Secured First Lien Loans |
|
|
|
|
|
|
|
|
|
$ |
4,281,630 |
|
$ |
4,132,105 |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automobile Components |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Midco Holding, LLC |
Common Stock |
|
|
|
|
|
|
|
45,844 |
|
|
— |
|
|
— |
|
|
Midco Holding, LLC |
Preferred Shares |
|
|
|
|
|
|
|
59,596 |
|
|
23,119 |
|
|
26,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
23,119 |
|
|
26,754 |
|
|
Food Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Manna Pro Products, LLC |
Common Stock |
|
|
|
|
|
|
|
38 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity |
|
|
|
|
|
|
|
|
|
|
23,119 |
|
|
26,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
|
|
|
|
|
|
|
|
$ |
4,304,749 |
|
$ |
4,158,859 |
|
|
(1) Variable rate loans to the portfolio companies bear interest at a rate that may be determined by reference to SOFR, or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower’s option, which reset semi-annually (S), quarterly (Q), or monthly (M). For each such loan, the interest rate provided was the rate in effect as of December 31, 2025. (2) Loan includes interest rate floor feature. (3) Investment is domiciled outside of the United States. (4) The negative fair value, if applicable, results from the fair valuation of the unfunded commitment. Below are the consolidated statements of assets and liabilities for SDLP (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2026 |
|
|
As of December 31, 2025 |
|
|
|
|
|
|
|
|
Selected Consolidated Statements of Assets and Liabilities Information: |
|
|
|
|
|
|
Investments in loans at fair value (cost of $4,466 and $4,305, respectively) |
|
$ |
4,309 |
|
|
$ |
4,159 |
|
Restricted cash |
|
|
268 |
|
|
|
103 |
|
Other assets |
|
|
18 |
|
|
|
25 |
|
Total assets |
|
$ |
4,595 |
|
|
$ |
4,287 |
|
|
|
|
|
|
|
|
Senior notes |
|
$ |
3,270 |
|
|
$ |
3,024 |
|
Intermediate funding notes |
|
|
108 |
|
|
|
113 |
|
Interest payable |
|
|
46 |
|
|
|
51 |
|
Other liabilities |
|
|
95 |
|
|
|
47 |
|
Total liabilities |
|
|
3,519 |
|
|
|
3,235 |
|
Members' capital |
|
|
1,076 |
|
|
|
1,052 |
|
Total liabilities and members' capital |
|
$ |
4,595 |
|
|
$ |
4,287 |
|
Below are the consolidated statements of operations for SDLP (dollars in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Selected Consolidated Statement of Operation Information: |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
90 |
|
|
$ |
105 |
|
|
$ |
182 |
|
|
$ |
212 |
|
Total expenses |
|
|
50 |
|
|
|
64 |
|
|
|
100 |
|
|
|
128 |
|
Net unrealized appreciation/(depreciation) |
|
|
2 |
|
|
|
(11 |
) |
|
|
(11 |
) |
|
|
(39 |
) |
Net realized gain/(loss) |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
Net income/(loss) |
|
$ |
42 |
|
|
$ |
32 |
|
|
$ |
71 |
|
|
$ |
47 |
|
In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if any of its portfolio companies is considered a “significant subsidiary.” Pursuant to the definition of “significant subsidiary” applicable to investment companies set forth in Rule 1-02(w) of Regulation S-X, a portfolio company will meet the definition of “significant subsidiary” if either the investment test or the income test is triggered. Rule 3-09 of Regulation S-X requires the Company to include separate audited financial statements of any unconsolidated majority-owned subsidiary (portfolio company in which the Company owns greater than 50% of the unconsolidated subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 20% of the Company’s total investments at fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment exceeds 20% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test). If the Company has an unconsolidated majority-owned subsidiary and does not satisfy any Rule 3-09 significant subsidiary conditions during a quarter end, the Company must include a summarized income statement within the notes to the quarterly financial statements. Rule 4-08(g) of Regulation S-X requires the Company to include summarized financial information of any unconsolidated controlled subsidiary (portfolio company in which the Company owns greater than 25% of the voting securities of the unconsolidated subsidiary or otherwise controls the subsidiary) in the Company's annual report on Form 10-K if one of the following conditions are met: (i) if the portfolio investment’s fair value exceeds 10% of the Company’s total investments fair value (the investment test); or (ii) either (A) if the income from the portfolio investment exceeds 80% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries (the income test) or (B) if the income from the portfolio investment income exceeds 10% of the Company’s absolute value of the change in net assets from operations of the Company and its subsidiaries and have a fair value exceeding 5% of the Company’s total investment fair value (the alternate income test). After performing the investment analysis and income analysis for the six months ended June 30, 2026, the Company determined that the SDLP's fair value exceeded 20% of the Company's total investments at fair value. Accordingly, the related summary financial information is presented in the "Senior Direct Lending Program" heading above.
|