Goldman Sachs BDC, Inc. - Quarter Report: 2020 September (Form 10-Q)

☒

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

Delaware

46-2176593

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

200 West Street, New York, New York

10282

(Address of Principal Executive Offices)

(Zip Code)

Title of each class 

Trading Symbol(s) 

Name of each exchange

on which registered

Common Stock, par value

$0.001 per share

GSBD

The New York Stock Exchange

Large accelerated filer:

X

Accelerated filer:

☐

Non-accelerated filer:

☐

Smaller reporting company:

☐

Emerging growth company:

☐

INDEX

PAGE

Cautionary Statement Regarding Forward-Looking Statements

3

PART I

FINANCIAL INFORMATION

4

ITEM 1.

Financial Statements

4

Consolidated Statements of Assets and Liabilities as of September 30, 2020 (Unaudited) and December 31, 2019

4

Consolidated Statements of Operations for the three and nine months ended September 30, 2020 (Unaudited) and 2019 (Unaudited)

5

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2020 (Unaudited) and 2019 (Unaudited)

6

Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 (Unaudited) and 2019 (Unaudited)

7

Consolidated Schedules of Investments as of September 30, 2020 (Unaudited) and December 31, 2019

8

Notes to the Consolidated Financial Statements (Unaudited)

22

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

63

ITEM 4.

Controls and Procedures

63

PART II

OTHER INFORMATION

64

ITEM 1.

Legal Proceedings

64

ITEM 1A.

Risk Factors

64

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

ITEM 3.

Defaults Upon Senior Securities

68

ITEM 4.

Mine Safety Disclosures

68

ITEM 5.

Other Information

68

ITEM 6.

Exhibits

69

SIGNATURES

70

•

our future operating results;

•

the impact of the novel coronavirus (“COVID-19”) pandemic on our business and our portfolio companies, including our and their ability to access capital and liquidity;

•

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of the current COVID-19 pandemic;

•

uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, including the effect of the current COVID-19 pandemic;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

the impact of increased competition;

•

our contractual arrangements and relationships with third parties;

•

the dependence of our future success on the general economy and its impact on the industries in which we invest;

•

the ability of our current and prospective portfolio companies to achieve their objectives;

•

the relative and absolute performance of Goldman Sachs Asset Management, L.P., the investment adviser (the “Investment Adviser”) of the Company;

•

the use of borrowed money to finance a portion of our investments;

•

our ability to make distributions;

•

the adequacy of our cash resources and working capital;

•

changes in interest rates, including the decommissioning of London InterBank Offered Rate (“LIBOR”);

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the impact of future acquisitions and divestitures;

•

the effect of changes in tax laws and regulations and interpretations thereof;

•

our ability to maintain our status as a BDC and a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”);

•

actual and potential conflicts of interest with the Investment Adviser and its affiliates;

•

general price and volume fluctuations in the stock market;

•

the ability of the Investment Adviser to attract and retain highly talented professionals;

•

the impact on our business from new or amended legislation or regulations;

•

the availability of credit and/or our ability to access the equity and capital markets;

•

currency fluctuations, particularly to the extent that we receive payments denominated in currency other than U.S. dollars;

•

the ability to realize the anticipated benefits of the Merger (as defined below);

•

the effects of disruption on our business from the Merger;

•

the effect that the consummation of the Merger may have on the trading price of our common stock; and

•

the combined company’s plans, expectations, objectives and intentions, as a result of the Merger.

ITEM 1.

  FINANCIAL STATEMENTS

September 30, 2020

(Unaudited)

December 31, 2019

Assets

Investments, at fair value

Non-controlled/non-affiliated investments (cost of $1,355,181 and $1,338,268)

$

1,293,684

$

1,298,133

Non-controlled affiliated investments (cost of $105,861 and $83,460)

118,092

82,580

Controlled affiliated investments (cost of $27,705 and $88,119)

19,419

73,539

Investments in affiliated money market fund (cost of $97,232 and $—)

97,232

—

Cash

17,578

9,409

Receivable for investments sold

414

93

Unrealized appreciation on foreign currency forward contracts

—

32

Interest and dividends receivable

9,603

5,702

Deferred financing costs

8,144

4,427

Deferred offering costs

351

276

Other assets

4,935

1,084

Total assets

$

1,569,452

$

1,475,275

Liabilities

Debt (net of debt issuance costs of $8,459 and $3,680)

$

911,685

$

769,727

Interest and other debt expenses payable

5,964

2,304

Management fees payable

2,621

3,653

Incentive fees payable

—

1,850

Distribution payable

18,202

18,165

Unrealized depreciation on foreign currency forward contracts

99

—

Directors’ fees payable

136

—

Accrued offering costs

223

28

Accrued expenses and other liabilities

4,099

3,423

Total liabilities

$

943,029

$

799,150

Commitments and Contingencies (Note 8)

Net Assets

Preferred stock, par value $0.001 per share (1,000,000 shares authorized, no shares issued and outstanding)

$

—

$

—

Common stock, par value $0.001 per share (200,000,000 shares authorized, 40,448,044 and 40,367,071 shares issued and outstanding as of September 30, 2020 and December 31, 2019)

40

40

Paid-in capital in excess of par

779,516

778,132

Distributable earnings

(151,712

)

(100,626

)

Allocated income tax expense

(1,421

)

(1,421

)

TOTAL NET ASSETS

$

626,423

$

676,125

TOTAL LIABILITIES AND NET ASSETS

$

1,569,452

$

1,475,275

Net asset value per share

$

15.49

$

16.75

For the Three Months Ended

For the Nine Months Ended

September 30,

2020

September 30,

2019

September 30,

2020

September 30,

2019

Investment Income:

From non-controlled/non-affiliated investments:

Interest income

$

27,907

$

34,246

$

85,528

$

100,528

Payment-in-kind

1,057

284

2,609

760

Other income

1,152

499

1,644

2,020

From non-controlled affiliated investments:

Interest income

656

871

1,744

2,065

Payment-in-kind

265

181

840

926

Dividend income

32

58

75

143

Other income

5

18

51

40

From controlled affiliated investments:

Payment-in-kind

331

594

1,327

1,694

Interest income

48

105

209

168

Dividend income

—

—

—

3,450

Total investment income

$

31,453

$

36,856

$

94,027

$

111,794

Expenses:

Interest and other debt expenses

$

8,889

$

9,896

$

26,897

$

27,850

Management fees

3,618

3,766

10,901

11,044

Incentive fees

737

2,339

737

6,976

Professional fees

554

735

1,891

2,066

Directors’ fees

139

117

417

344

Other general and administrative expenses

677

572

1,980

1,820

Total expenses

$

14,614

$

17,425

$

42,823

$

50,100

Fee waivers

(1,734

)

—

(4,544

)

—

Net expenses

$

12,880

$

17,425

$

38,279

$

50,100

NET INVESTMENT INCOME BEFORE TAXES

$

18,573

$

19,431

$

55,748

$

61,694

Income tax expense, including excise tax

$

375

$

459

$

1,191

$

1,350

NET INVESTMENT INCOME AFTER TAXES

$

18,198

$

18,972

$

54,557

$

60,344

Net realized and unrealized gains (losses) on investment transactions:

Net realized gain (loss) from:

Non-controlled/non-affiliated investments

$

1

$

22

$

(6,615

)

$

(33,270

)

Non-controlled affiliated investments

—

(7,217

)

(211

)

(7,217

)

Controlled affiliated investments

(35,984

)

12

(40,688

)

(661

)

Foreign currency forward contracts

29

39

109

91

Foreign currency transactions

34

(12

)

16

(28

)

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliated investments

19,884

(9,554

)

(21,362

)

(3,783

)

Non-controlled affiliated investments

1,149

8,833

13,111

11,917

Controlled affiliated investments

30,907

(3,813

)

6,294

(2,267

)

Foreign currency forward contracts

(132

)

57

(131

)

90

Foreign currency translations

(1,639

)

1,561

(1,694

)

1,856

Net realized and unrealized gains (losses)

$

14,249

$

(10,072

)

$

(51,171

)

$

(33,272

)

(Provision) benefit for taxes on realized gain/loss on investments

—

—

—

121

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

(7

)

—

92

52

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$

32,440

$

8,900

$

3,478

$

27,245

Weighted average shares outstanding

40,440,982

40,332,542

40,413,082

40,297,158

Net investment income per share (basic and diluted)

$

0.45

$

0.47

$

1.35

$

1.50

Earnings per share (basic and diluted)

$

0.80

$

0.22

$

0.09

$

0.68

For the Three Months Ended

For the Nine Months Ended

September 30,

2020

September 30,

2019

September 30,

2020

September 30,

2019

Net assets at beginning of period

$

611,496

$

693,427

$

676,125

$

709,892

Increase (decrease) in net assets from operations:

Net investment income

$

18,198

$

18,972

$

54,557

$

60,344

Net realized gain (loss)

(35,920

)

(7,156

)

(47,389

)

(41,085

)

Net change in unrealized appreciation (depreciation)

50,169

(2,916

)

(3,782

)

7,813

(Provision) benefit for taxes on realized gain/loss on investments

—

—

—

121

(Provision) benefit for taxes on unrealized appreciation/depreciation on investments

(7

)

—

92

52

Net increase (decrease) in net assets from operations

$

32,440

$

8,900

$

3,478

$

27,245

Distributions to stockholders from:

Distributable earnings

$

(18,202

)

$

(18,152

)

$

(54,564

)

$

(54,408

)

Total distributions to stockholders

$

(18,202

)

$

(18,152

)

$

(54,564

)

$

(54,408

)

Capital transactions:

Reinvestment of stockholder distributions

$

689

$

664

$

1,384

$

2,110

Net increase (decrease) in net assets from capital transactions

$

689

$

664

$

1,384

$

2,110

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

14,927

$

(8,588

)

$

(49,702

)

$

(25,053

)

Net assets at end of period

$

626,423

$

684,839

$

626,423

$

684,839

Distributions declared per share

$

0.45

$

0.45

$

1.35

$

1.35

For the Nine Months Ended

September 30,

2020

September 30,

2019

Cash flows from operating activities:

Net increase (decrease) in net assets from operations:

$

3,478

$

27,245

Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:

Purchases of investments

(125,418

)

(563,475

)

Payment-in-kind interest capitalized

(4,326

)

(3,059

)

Investments in affiliated money market fund, net

(97,232

)

—

Proceeds from sales of investments and principal repayments

107,459

476,100

Dissolution of Senior Credit Fund, LLC

—

9,790

Net realized (gain) loss on investments

47,517

41,148

Net change in unrealized (appreciation) depreciation on investments

1,957

(5,867

)

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts and transactions

112

(61

)

Amortization of premium and accretion of discount, net

(4,133

)

(9,348

)

Amortization of deferred financing and debt issuance costs

3,157

1,969

Amortization of original issue discount on convertible notes

332

316

Change in operating assets and liabilities:

(Increase) decrease in receivable for investments sold

(321

)

(47

)

(Increase) decrease in interest and dividends receivable

(3,901

)

1,944

(Increase) decrease in other assets

(3,851

)

(403

)

Increase (decrease) in interest and other debt expenses payable

3,660

1,638

Increase (decrease) in management fees payable

(1,032

)

332

Increase (decrease) in incentive fees payable

(1,850

)

2,339

Increase (decrease) in investments purchased payable

—

10,830

Increase (decrease) in directors’ fees payable

136

109

Increase (decrease) in accrued expenses and other liabilities

676

(1,111

)

Net cash provided by (used for) operating activities

$

(73,580

)

$

(9,611

)

Cash flows from financing activities:

Offering costs paid

$

(127

)

$

(46

)

Distributions paid

(53,143

)

(52,248

)

Deferred financing and debt issuance costs paid

(11,737

)

(494

)

Borrowings on debt

555,413

457,917

Repayments of debt

(408,676

)

(390,500

)

Net cash provided by (used for) financing activities

$

81,730

$

14,629

Net increase (decrease) in cash

8,150

5,018

Effect of foreign exchange rate changes on cash and cash equivalents

19

(29

)

Cash, beginning of period

9,409

6,113

Cash, end of period

$

17,578

$

11,102

Supplemental and non-cash activities

Interest expense paid

$

18,990

$

23,231

Accrued but unpaid excise tax expense

$

1,399

$

1,510

Accrued but unpaid distributions

$

18,202

$

18,152

Reinvestment of stockholder distributions

$

1,384

$

2,110

Non-cash purchases of investments

$

(63,499

)

$

(262,085

)

Non-cash sales of investments

$

63,499

$

271,864

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par

Amount/

Shares

(++)

Cost

Fair

Value

1st Lien/Senior Secured Debt # - 172.49%

3SI Security Systems, Inc.⁽¹⁾

Commercial Services & Supplies

6.75%

L + 5.75%; 1.00% Floor

06/16/2023

$

14,556

$

14,419

$

14,228

A Place For Mom, Inc.

Diversified Consumer Services

4.75%

L + 3.75%; 1.00% Floor

08/10/2024

8,774

8,769

7,897

Accuity Delivery Systems, LLC^{^ (1) (2)}

Health Care Providers & Services

8.00%

L + 7.00%; 1.00% Floor

06/13/2023

10,170

9,989

10,424

Acquia, Inc.^{(1) (2)}

Software

8.00%

L + 7.00%; 1.00% Floor

10/31/2025

12,364

12,147

11,993

Acquia, Inc.^{(1) (2) (3)}

Software

L + 7.00%; 1.00% Floor

10/31/2025

1,322

(22

)

(40

)

Ansira Partners, Inc.

Professional Services

7.50%

L + 6.50% PIK; 1.00% Floor

12/20/2024

4,657

4,634

3,865

Ansira Partners, Inc.

Professional Services

7.50%

L + 6.50% PIK; 1.00% Floor

12/20/2024

287

285

238

Apptio, Inc.^{(1) (2)}

IT Services

8.25%

L + 7.25%; 1.00% Floor

01/10/2025

32,702

32,198

32,212

Apptio, Inc.^{(1) (2) (3)}

IT Services

L + 7.25%; 1.00% Floor

01/10/2025

2,225

(32

)

(33

)

Associations, Inc.^{(1) (2)}

Real Estate Management & Development

8.00%

L + 7.00% (incl. 3.00% PIK); 1.00% Floor

07/30/2024

13,858

13,744

13,303

Associations, Inc.^{(1) (2) (3)}

Real Estate Management & Development

8.23%

L + 7.00% (incl. 3.00% PIK); 1.00% Floor

07/30/2024

3,033

2,965

2,868

Associations, Inc.^{(1) (2)}

Real Estate Management & Development

7.00%

L + 6.00%; 1.00% Floor

07/30/2024

587

582

563

ATX Networks Corp.

Communications Equipment

8.75%

L + 7.75% (incl. 1.50% PIK); 1.00% Floor

12/31/2023

7,218

7,208

6,352

ATX Networks Corp.

Communications Equipment

8.75%

L + 7.75% (incl. 1.50% PIK); 1.00% Floor

12/31/2023

459

457

404

Badger Sportswear, Inc.

Textiles, Apparel & Luxury Goods

6.25%

L + 5.00%; 1.00% Floor

09/11/2023

7,150

7,102

5,363

Barbri, Inc.

Diversified Consumer Services

5.33%

L + 4.25%; 1.00% Floor

12/01/2023

6,243

6,225

5,681

BJH Holdings III Corp. (dba Jack’s Family Restaurants)⁽²⁾

Hotels, Restaurants & Leisure

6.50%

L + 5.50%; 1.00% Floor

08/19/2025

6,162

6,110

5,916

Brillio, LLC^{(1) (2)}

IT Services

5.75%

L + 4.75%; 1.00% Floor

02/06/2025

4,464

4,429

4,363

Brillio, LLC^{(1) (2) (3)}

IT Services

5.75%

L + 4.75%; 1.00% Floor

02/06/2025

1,510

755

721

Bullhorn, Inc.⁽²⁾

Professional Services

6.75%

L + 5.75%; 1.00% Floor

09/30/2026

10,912

10,717

10,748

Bullhorn, Inc.⁽²⁾

Professional Services

6.75%

L + 5.75%; 1.00% Floor

09/30/2026

226

222

223

Bullhorn, Inc.⁽²⁾

Professional Services

6.75%

L + 5.75%; 1.00% Floor

09/30/2026

180

177

178

Bullhorn, Inc.^{(2) (3)}

Professional Services

L + 5.75%; 1.00% Floor

09/30/2026

500

(9

)

(7

)

Bullhorn, Inc.^{(2) (3)}

Professional Services

L + 5.75%; 1.00% Floor

09/30/2026

545

(10

)

(8

)

Businessolver.com, Inc.^{(1) (2)}

Health Care Technology

8.50%

L + 7.50%; 1.00% Floor

05/15/2023

12,549

12,403

12,235

Businessolver.com, Inc.^{(1) (2)}

Health Care Technology

8.50%

L + 7.50%; 1.00% Floor

05/15/2023

11,175

10,986

10,896

Businessolver.com, Inc.^{(1) (2)}

Health Care Technology

8.50%

L + 7.50%; 1.00% Floor

05/15/2023

1,882

1,859

1,835

Businessolver.com, Inc.^{(1) (2) (3)}

Health Care Technology

L + 7.50%; 1.00% Floor

05/15/2023

1,569

(17

)

(39

)

CFS Management, LLC (dba Center for Sight Management)^{(1) (2)}

Health Care Providers & Services

6.75%

L + 5.75%; 1.00% Floor

07/01/2024

4,761

4,723

4,595

CFS Management, LLC (dba Center for Sight Management)^{(1) (2)}

Health Care Providers & Services

6.75%

L + 5.75%; 1.00% Floor

07/01/2024

1,418

1,407

1,368

Chronicle Bidco Inc. (dba Lexitas)^{(1) (2)}

Professional Services

6.75%

L + 5.75%; 1.00% Floor

11/14/2025

6,948

6,825

6,739

Chronicle Bidco Inc. (dba Lexitas)^{(1) (2)}

Professional Services

6.75%

L + 5.75%; 1.00% Floor

11/14/2025

2,925

2,872

2,837

Chronicle Bidco Inc. (dba Lexitas)^{(1) (2) (3)}

Professional Services

L + 5.75%; 1.00% Floor

11/14/2025

880

(15

)

(26

)

Collaborative Imaging, LLC (dba Texas Radiology Associates)^{^^^ (1) (2)}

Health Care Providers & Services

7.50%

L + 6.50%; 1.00% Floor

03/28/2025

8,900

8,806

8,633

Collaborative Imaging, LLC (dba Texas Radiology Associates)^{^^^ (1) (2)}

Health Care Providers & Services

7.50%

L + 6.50%; 1.00% Floor

03/28/2025

6,602

6,518

6,404

ConnectWise, LLC^{(1) (2)}

IT Services

7.00%

L + 6.00%; 1.00% Floor

02/28/2025

13,464

13,231

13,329

ConnectWise, LLC^{(1) (2) (3)}

IT Services

L + 6.00%; 1.00% Floor

02/28/2025

1,036

(17

)

(10

)

Convene 237 Park Avenue, LLC (dba Convene)^{(1) (2)}

Real Estate Management & Development

9.00%

L + 7.50%; 1.50% Floor

08/30/2024

21,200

20,852

18,020

Convene 237 Park Avenue, LLC (dba Convene)^{(1) (2)}

Real Estate Management & Development

9.00%

L + 7.50%; 1.50% Floor

08/30/2024

6,220

6,113

5,287

CorePower Yoga LLC⁽²⁾

Diversified Consumer Services

7.00%

L + 6.00% (incl. 1.25% PIK); 1.00% Floor

05/14/2025

9,665

9,541

8,215

CorePower Yoga LLC^{(2) (3)}

Diversified Consumer Services

7.00%

L + 6.00% (incl. 1.25% PIK); 1.00% Floor

05/14/2025

678

127

34

CST Buyer Company (dba Intoxalock)^{(1) (2)}

Diversified Consumer Services

6.25%

L + 5.25%; 1.00% Floor

10/03/2025

11,430

11,304

11,430

CST Buyer Company (dba Intoxalock)^{(1) (2) (3)}

Diversified Consumer Services

L + 5.25%; 1.00% Floor

10/03/2025

876

(9

)

—

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par

Amount/

Shares

(++)

Cost

Fair

Value

DDS USA Holding, Inc.^{(1) (2)}

Health Care Equipment & Supplies

6.75%

L + 5.75%; 1.00% Floor

06/30/2022

$

3,776

$

3,766

$

3,738

DDS USA Holding, Inc.^{(1) (2)}

Health Care Equipment & Supplies

6.75%

L + 5.75%; 1.00% Floor

06/30/2022

3,569

3,560

3,533

DDS USA Holding, Inc.^{(1) (2) (3)}

Health Care Equipment & Supplies

6.75%

L + 5.75%; 1.00% Floor

06/30/2022

1,079

537

529

Diligent Corporation⁽²⁾

Professional Services

7.25%

L + 6.25%; 1.00% Floor

08/04/2025

€

15,895

18,147

18,170

Diligent Corporation⁽²⁾

Professional Services

7.25%

L + 6.25%; 1.00% Floor

08/04/2025

10,269

10,124

10,012

Diligent Corporation^{(2) (3)}

Professional Services

L + 6.25%; 1.00% Floor

08/04/2025

1,300

(25

)

(33

)

DocuTAP, Inc.^{(1) (2)}

Health Care Technology

6.50%

L + 5.50%; 1.00% Floor

05/12/2025

23,912

23,431

23,255

E2open, LLC⁽²⁾

Software

6.75%

L + 5.75%; 1.00% Floor

11/26/2024

16,137

16,007

15,492

Elemica Parent, Inc.^{(1) (2)}

Chemicals

5.73%

L + 5.50%

09/18/2025

2,884

2,822

2,682

Elemica Parent, Inc.^{(1) (2) (3)}

Chemicals

5.72%

L + 5.50%

09/18/2025

380

281

262

Elemica Parent, Inc.^{(1) (2) (3)}

Chemicals

L + 5.50%

09/18/2025

560

(6

)

(39

)

Empirix, Inc.^{(1) (2)}

Diversified Telecommunication Services

7.25%

L + 6.25%; 1.00% Floor

09/25/2024

21,922

21,647

21,265

Empirix, Inc.^{(1) (2) (3)}

Diversified Telecommunication Services

L + 6.25%; 1.00% Floor

09/25/2023

1,300

(14

)

(39

)

Eptam Plastics, Ltd.^{(1) (2)}

Health Care Equipment & Supplies

6.50%

L + 5.50%; 1.00% Floor

12/06/2025

4,278

4,221

4,160

Eptam Plastics, Ltd.^{(1) (2)}

Health Care Equipment & Supplies

6.50%

L + 5.50%; 1.00% Floor

12/06/2025

915

903

890

Eptam Plastics, Ltd.^{(1) (2) (3)}

Health Care Equipment & Supplies

L + 5.50%; 1.00% Floor

12/06/2025

1,830

(12

)

(50

)

Fenergo Finance 3 Limited^{(1) (2) (4)}

Diversified Financial Services

7.00%

L + 6.00%; 1.00% Floor

09/05/2024

€

17,800

20,431

20,609

Fenergo Finance 3 Limited^{(1) (2) (3) (4)}

Diversified Financial Services

L + 6.00%; 1.00% Floor

09/05/2024

1,182

(14

)

(15

)

Fenergo Finance 3 Limited^{(1) (2) (3) (4)}

Diversified Financial Services

L + 6.00%; 1.00% Floor

09/05/2024

€

1,500

(20

)

(22

)

Foundation Software⁽²⁾

Construction & Engineering

10.25%

P + 7.00%; 2.00% Floor

08/31/2027

428

418

418

Foundation Software^{(2) (3)}

Construction & Engineering

P + 7.00%; 2.00% Floor

08/31/2026

61

(2

)

(2

)

FWR Holding Corporation (dba First Watch Restaurants)^{(1) (3)}

Hotels, Restaurants & Leisure

L + 7.00% (incl. 1.50% PIK); 1.00% Floor

08/21/2023

22

—

(1

)

FWR Holding Corporation (dba First Watch Restaurants)⁽¹⁾

Hotels, Restaurants & Leisure

8.00%

L + 7.00% (incl. 1.50% PIK); 1.00% Floor

08/21/2023

4,406

4,347

4,252

FWR Holding Corporation (dba First Watch Restaurants)⁽¹⁾

Hotels, Restaurants & Leisure

8.00%

L + 7.00% (incl. 1.50% PIK); 1.00% Floor

08/21/2023

880

869

850

FWR Holding Corporation (dba First Watch Restaurants)⁽¹⁾

Hotels, Restaurants & Leisure

8.00%

L + 7.00% (incl. 1.50% PIK); 1.00% Floor

08/21/2023

557

549

537

FWR Holding Corporation (dba First Watch Restaurants)^{(1) (3)}

Hotels, Restaurants & Leisure

L + 7.00% (incl. 1.50% PIK); 1.00% Floor

08/21/2023

587

(7

)

(21

)

Gastro Health Holdco, LLC^{(1) (2)}

Health Care Providers & Services

7.02%

L + 6.00%; 1.00% Floor

09/04/2024

9,679

9,542

9,268

Gastro Health Holdco, LLC^{(1) (2)}

Health Care Providers & Services

7.00%

L + 6.00%; 1.00% Floor

09/04/2024

5,046

4,973

4,831

Gastro Health Holdco, LLC^{(1) (2)}

Health Care Providers & Services

7.01%

L + 6.00%; 1.00% Floor

09/04/2024

4,843

4,783

4,637

Gastro Health Holdco, LLC^{(1) (2) (3)}

Health Care Providers & Services

L + 6.00%; 1.00% Floor

09/04/2023

2,000

(24

)

(85

)

GH Holding Company (dba Grace Hill)⁽¹⁾

Real Estate Management & Development

4.65%

L + 4.50%

02/28/2023

7,313

7,294

7,166

GI Revelation Acquisition LLC (dba Consilio)

IT Services

5.15%

L + 5.00%

04/16/2025

4,646

4,630

4,460

GK Holdings, Inc. (dba Global Knowledge)

IT Services

9.00%

L + 8.00%; 1.00% Floor

01/20/2021

8,482

8,479

4,510

GlobalTranz Enterprises, Inc.⁽²⁾

Road & Rail

5.16%

L + 5.00%

05/15/2026

7,624

7,495

6,423

Governmentjobs.com, Inc. (dba NeoGov)^{(1) (2)}

Software

7.50%

L + 6.50%; 1.00% Floor

02/05/2026

18,305

17,971

17,984

Governmentjobs.com, Inc. (dba NeoGov)^{(1) (2) (3)}

Software

7.50%

L + 6.50%; 1.00% Floor

02/05/2026

2,441

139

140

Granicus, Inc.⁽²⁾

Software

8.00%

L + 7.00%; 1.00% Floor

08/21/2026

9,260

9,032

9,029

Granicus, Inc.^{(2) (3)}

Software

L + 7.00%; 1.00% Floor

08/21/2026

634

(16

)

(16

)

Halo Branded Solutions, Inc.

Commercial Services & Supplies

5.50%

L + 4.50%; 1.00% Floor

06/30/2025

6,441

6,393

5,797

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par

Amount/

Shares

(++)

Cost

Fair

Value

HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)^{(1) (2)}

Hotels, Restaurants & Leisure

7.75%

L + 6.75%; 1.00% Floor

07/09/2025

$

23,157

$

22,869

$

21,478

HS4 AcquisitionCo, Inc. (dba HotSchedules & Fourth)^{(1) (2) (3)}

Hotels, Restaurants & Leisure

L + 6.75%; 1.00% Floor

07/09/2025

1,883

(23

)

(136

)

Hygiena Borrower LLC

Life Sciences Tools & Services

5.00%

L + 4.00%; 1.00% Floor

08/26/2022

12,069

12,006

11,828

Hygiena Borrower LLC⁽³⁾

Life Sciences Tools & Services

L + 4.00%; 1.00% Floor

08/26/2022

1,313

(8

)

(26

)

iCIMS, Inc.^{(1) (2)}

Software

7.50%

L + 6.50%; 1.00% Floor

09/12/2024

29,895

29,470

29,372

iCIMS, Inc.^{(1) (2)}

Software

7.50%

L + 6.50%; 1.00% Floor

09/12/2024

5,506

5,419

5,409

iCIMS, Inc.^{(1) (2) (3)}

Software

L + 6.50%; 1.00% Floor

09/12/2024

1,868

(25

)

(33

)

Infinity Sales Group⁽¹⁾

Media

11.50%

L + 10.50%; 1.00% Floor

11/23/2022

25,579

25,579

25,898

Instructure Holdings^{(1) (2)}

Diversified Consumer Services

8.00%

L + 7.00%; 1.00% Floor

03/24/2026

25,734

25,435

25,477

Instructure Holdings^{(1) (2) (3)}

Diversified Consumer Services

L + 7.00%; 1.00% Floor

03/24/2026

2,000

(23

)

(20

)

Integral Ad Science, Inc.^{(1) (2)}

Interactive Media & Services

8.25%

L + 7.25% (incl. 1.25% PIK); 1.00% Floor

07/19/2024

25,898

25,548

24,927

Integral Ad Science, Inc.^{(1) (2) (3)}

Interactive Media & Services

L + 6.00%; 1.00% Floor

07/19/2023

1,815

(21

)

(68

)

Internet Truckstop Group, LLC (dba Truckstop)^{(1) (2)}

Transportation Infrastructure

6.50%

L + 5.50%; 1.00% Floor

04/02/2025

22,041

21,607

21,600

Internet Truckstop Group, LLC (dba Truckstop)^{(1) (2) (3)}

Transportation Infrastructure

L + 5.50%; 1.00% Floor

04/02/2025

1,800