Goldman Sachs BDC, Inc. - Quarter Report: 2020 June (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 June 30, 2020 (Unaudited) and December 31, 2019

4

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

5

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

6

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

7

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

8

Notes to the Consolidated Financial Statements (Unaudited)

20

ITEM 2.

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

44

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

59

ITEM 4.

Controls and Procedures

59

PART II

OTHER INFORMATION

60

ITEM 1.

Legal Proceedings

60

ITEM 1A.

Risk Factors

60

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

ITEM 3.

Defaults Upon Senior Securities

66

ITEM 4.

Mine Safety Disclosures

66

ITEM 5.

Other Information

66

ITEM 6.

Exhibits

67

SIGNATURES

68

•

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 of the parties to consummate the Merger (as defined below) on the expected timeline, or at all;

•

the ability to realize the anticipated benefits of the proposed Merger;

•

the effects of disruption on our business from the proposed Merger;

•

the effect that the announcement or consummation of the proposed Merger may have on the trading price of our common stock;

•

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

•

any potential termination of the Amended and Restated Merger Agreement (as defined below) or action of our stockholders or the stockholders of Goldman Sachs Middle Market Lending Corp. (“GS MMLC”) with respect to any proposed transaction.

ITEM 1.

  FINANCIAL STATEMENTS

June 30, 2020

(Unaudited)

December 31, 2019

Assets

Investments, at fair value

Non-controlled/non-affiliated investments (cost of $1,364,946 and $1,338,268)

$

1,283,565

$

1,298,133

Non-controlled affiliated investments (cost of $83,410 and $83,460)

94,492

82,580

Controlled affiliated investments (cost of $85,603 and $88,119)

46,410

73,539

Investments in affiliated money market fund (cost of $89,470 and $—)

89,470

—

Cash

16,318

9,409

Receivable for investments sold

153

93

Unrealized appreciation on foreign currency forward contracts

33

32

Interest and dividends receivable

8,406

5,702

Deferred financing costs

8,618

4,427

Deferred offering costs

—

276

Other assets

3,139

1,084

Total assets

$

1,550,604

$

1,475,275

Liabilities

Debt (net of debt issuance costs of $9,229 and $3,680)

$

909,263

$

769,727

Interest and other debt expenses payable

7,659

2,304

Management fees payable

1,467

3,653

Incentive fees payable

—

1,850

Distribution payable

18,181

18,165

Directors’ fees payable

135

—

Accrued offering costs

—

28

Accrued expenses and other liabilities

2,403

3,423

Total liabilities

$

939,108

$

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, 40,401,637 and 40,367,071 shares issued and outstanding as of June 30, 2020 and December 31, 2019)

40

40

Paid-in capital in excess of par

778,827

778,132

Distributable earnings

(165,950

)

(100,626

)

Allocated income tax expense

(1,421

)

(1,421

)

TOTAL NET ASSETS

$

611,496

$

676,125

TOTAL LIABILITIES AND NET ASSETS

$

1,550,604

$

1,475,275

Net asset value per share

$

15.14

$

16.75

For the Three Months Ended

For the Six Months Ended

June 30,

2020

June 30,

2019

June 30,

2020

June 30,

2019

Investment Income:

From non-controlled/non-affiliated investments:

Interest income

$

28,509

$

34,713

$

58,024

$

66,282

Payment-in-kind

535

174

1,149

476

Other income

245

870

492

1,521

Total investment income from non-controlled/non-affiliated investments

29,289

35,757

59,665

68,279

From non-controlled affiliated investments:

Interest income

423

576

1,088

1,194

Payment-in-kind

385

376

575

745

Dividend income

38

53

43

85

Other income

41

11

46

22

Total investment income from non-controlled affiliated investments

887

1,016

1,752

2,046

From controlled affiliated investments:

Payment-in-kind

366

565

996

1,100

Interest income

60

63

161

63

Dividend income

—

1,000

—

3,450

Total investment income from controlled affiliated investments

426

1,628

1,157

4,613

Total investment income

$

30,602

$

38,401

$

62,574

$

74,938

Expenses:

Interest and other debt expenses

$

9,114

$

9,501

$

18,008

$

17,954

Management fees

3,617

3,742

7,283

7,278

Incentive fees

—

4,144

—

4,637

Professional fees

623

689

1,337

1,331

Administration, custodian and transfer agent fees

228

239

469

479

Directors’ fees

139

114

278

227

Other expenses

462

433

834

769

Total expenses

$

14,183

$

18,862

$

28,209

$

32,675

Fee waiver

(2,150

)

—

(2,810

)

—

Net expenses

$

12,033

$

18,862

$

25,399

$

32,675

NET INVESTMENT INCOME BEFORE TAXES

$

18,569

$

19,539

$

37,175

$

42,263

Income tax expense, including excise tax

$

389

$

452

$

816

$

891

NET INVESTMENT INCOME AFTER TAXES

$

18,180

$

19,087

$

36,359

$

41,372

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

Net realized gain (loss) from:

Non-controlled/non-affiliated investments

$

(1,182

)

$

(8,570

)

$

(6,616

)

$

(33,292

)

Non-controlled affiliated investments

(211

)

—

(211

)

—

Controlled affiliated investments

—

(673

)

(4,704

)

(673

)

Foreign currency forward contracts

52

34

80

52

Foreign currency transactions

(23

)

(10

)

(18

)

(16

)

Net change in unrealized appreciation (depreciation) from:

Non-controlled/non-affiliated investments

31,798

(1,435

)

(41,246

)

5,771

Non-controlled affiliated investments

8,169

5,840

11,962

3,084

Controlled affiliated investments

(21,214

)

2,440

(24,613

)

1,546

Foreign currency forward contracts

(81

)

(45

)

1

33

Foreign currency translations

(670

)

(507

)

(55

)

295

Net realized and unrealized gains (losses)

$

16,638

$

(2,926

)

$

(65,420

)

$

(23,200

)

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

—

121

—

121

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

—

(152

)

99

52

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

34,818

$

16,130

$

(28,962

)

$

18,345

Weighted average shares outstanding

40,401,637

40,297,090

40,398,978

40,279,173

Net investment income per share (basic and diluted)

$

0.45

$

0.47

$

0.90

$

1.03

Earnings (loss) per share (basic and diluted)

$

0.86

$

0.40

$

(0.72

)

$

0.46

For the Three Months Ended

For the Six Months Ended

June 30,

2020

June 30,

2019

June 30,

2020

June 30,

2019

Net assets at beginning of period

$

594,859

$

694,746

$

676,125

$

709,892

Increase (decrease) in net assets resulting from operations:

Net investment income

$

18,180

$

19,087

$

36,359

$

41,372

Net realized gain (loss)

(1,364

)

(9,219

)

(11,469

)

(33,929

)

Net change in unrealized appreciation (depreciation)

18,002

6,293

(53,951

)

10,729

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

—

121

—

121

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

—

(152

)

99

52

Net increase (decrease) in net assets resulting from operations

$

34,818

$

16,130

$

(28,962

)

$

18,345

Distributions to stockholders from:

Distributable earnings

$

(18,181

)

$

(18,136

)

$

(36,362

)

$

(36,256

)

Total distributions to stockholders

$

(18,181

)

$

(18,136

)

$

(36,362

)

$

(36,256

)

Capital transactions:

Reinvestment of stockholder distributions

$

—

$

687

$

695

$

1,446

Net increase (decrease) in net assets resulting from capital transactions

$

—

$

687

$

695

$

1,446

TOTAL INCREASE (DECREASE) IN NET ASSETS

$

16,637

$

(1,319

)

$

(64,629

)

$

(16,465

)

Net assets at end of period

$

611,496

$

693,427

$

611,496

$

693,427

Distributions declared per share

$

0.45

$

0.45

$

0.90

$

0.90

For the Six Months Ended

June 30,

2020

June 30,

2019

Cash flows from operating activities:

Net increase (decrease) in net assets resulting from operations:

$

(28,962

)

$

18,345

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

Purchases of investments

(106,679

)

(417,534

)

Payment-in-kind interest capitalized

(2,829

)

(2,226

)

Investments in affiliated money market fund, net

(89,470

)

—

Proceeds from sales of investments and principal repayments

76,629

234,179

Dissolution of Senior Credit Fund, LLC

—

9,779

Net realized (gain) loss on investments

11,534

33,965

Net change in unrealized (appreciation) depreciation on investments

53,897

(10,401

)

Net change in unrealized (appreciation) depreciation on

   foreign currency forward contracts and transactions

(7

)

(35

)

Amortization of premium and accretion of discount, net

(2,767

)

(6,029

)

Amortization of deferred financing and debt issuance costs

2,023

1,300

Amortization of original issue discount on convertible notes

220

209

Change in operating assets and liabilities:

(Increase) decrease in receivable for investments sold

(60

)

(9,011

)

(Increase) decrease in interest and dividends receivable

(2,704

)

1,878

(Increase) decrease in other assets

(2,055

)

(1,490

)

Increase (decrease) in interest and other debt expenses payable

5,316

248

Increase (decrease) in management fees payable

(2,186

)

308

Increase (decrease) in incentive fees payable

(1,850

)

4,144

Increase (decrease) in investments purchased payable

—

9

Increase (decrease) in directors’ fees payable

135

110

Increase (decrease) in accrued expenses and other liabilities

(1,020

)

(1,519

)

Net cash provided by (used for) operating activities

$

(90,835

)

$

(143,771

)

Cash flows from financing activities:

Offering costs paid

$

—

$

140

Distributions paid

(35,651

)

(34,776

)

Deferred financing and debt issuance costs paid

(11,696

)

(494

)

Borrowings on debt

553,761

358,908

Repayments of debt

(408,676

)

(176,000

)

Net cash provided by (used for) financing activities

$

97,738

$

147,778

Net increase (decrease) in cash

6,903

4,007

Effect of foreign exchange rate changes on cash and cash equivalents

6

2

Cash, beginning of period

9,409

6,113

Cash, end of period

$

16,318

$

10,122

Supplemental and non-cash activities

Interest expense paid

$

10,114

$

15,824

Accrued but unpaid excise tax expense

$

1,010

$

1,070

Accrued but unpaid deferred financing and debt issuance costs

$

39

$

—

Accrued but unpaid offering costs

$

—

$

202

Accrued but unpaid distributions

$

18,181

$

18,136

Reinvestment of stockholder distributions

$

695

$

1,446

Non-cash purchases of investments

$

(34,579

)

$

(251,173

)

Non-cash sales of investments

$

34,579

$

260,952

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par Amount/Shares

(++)

Cost

Fair

Value

1st Lien/Senior Secured Debt ^{* #} - 176.73%

3SI Security Systems, Inc.⁽¹⁾

Commercial Services & Supplies

6.75%

L + 5.75%; 1.00% Floor

06/16/2023

$             14,698

$            14,589

$     14,257

A Place For Mom, Inc.

Diversified Consumer Services

4.75%

L + 3.75%; 1.00% Floor

08/10/2024

8,797

8,791

7,917

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

Health Care Providers & Services

8.32%

L + 7.00%; 1.00% Floor

06/13/2023

10,170

9,973

10,272

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

Software

8.00%

L + 7.00%; 1.00% Floor

10/31/2025

12,364

12,138

11,962

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

Software

L + 7.00%; 1.00% Floor

10/31/2025

1,322

(24)

(43)

Animal Supply Holdings, LLC^{^^ (1) (4)}

Distributors

11.50% PIK

L + 10.00% PIK; 1.50% Floor

02/22/2022

3,979

3,962

3,780

Ansira Partners, Inc.

Professional Services

7.50% PIK

L + 6.50% PIK; 1.00% Floor

12/20/2024

4,570

4,546

4,341

Ansira Partners, Inc.

Professional Services

7.51% PIK

L + 6.50% PIK; 1.00% Floor

12/20/2024

281

280

267

Apptio, Inc.⁽²⁾

IT Services

8.25%

L + 7.25%; 1.00% Floor

01/10/2025

32,702

32,173

31,558

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

IT Services

L + 7.25%; 1.00% Floor

01/10/2025

2,225

(34)

(78)

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

Real Estate Management & Development

8.46%

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

07/30/2024

13,754

13,633

13,203

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

Real Estate Management & Development

8.46%

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

07/30/2024

3,011

2,135

2,040

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

Real Estate Management & Development

7.46%

L + 6.00%; 1.00% Floor

07/30/2024

587

582

563

ATX Networks Corp.

Communications Equipment

8.00%

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

06/11/2021

7,252

7,237

6,381

ATX Networks Corp.

Communications Equipment

8.00%

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

06/11/2021

461

458

406

Axiom Software^{(2) (3)}

Health Care Technology

07/31/2027

419

—

—

Axiom Software^{(2) (3)}

Health Care Technology

07/31/2026

66

—

—

Badger Sportswear, Inc.

Textiles, Apparel & Luxury Goods

6.25%

L + 5.00%; 1.00% Floor

09/11/2023

7,150

7,098

4,290

Barbri, Inc.

Diversified Consumer Services

5.33%

L + 4.25%; 1.00% Floor

12/01/2023

6,243

6,224

5,307

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

Hotels, Restaurants & Leisure

6.75%

L + 5.75%; 1.00% Floor

08/19/2025

6,178

6,123

5,684

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

IT Services

5.75%

L + 4.75%; 1.00% Floor

02/06/2025

4,475

4,439

4,318

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

IT Services

5.75%

L + 4.75%; 1.00% Floor

02/06/2025

1,510

755

702

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

Professional Services

6.57%

L + 5.50%; 1.00% Floor

10/01/2025

10,940

10,792

10,611

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

Professional Services

6.50%

L + 5.50%; 1.00% Floor

10/01/2025

545

538

529

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

Professional Services

6.57%

L + 5.50%; 1.00% Floor

10/01/2025

181

178

175

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

Professional Services

6.57%

L + 5.50%; 1.00% Floor

10/01/2025

727

126

114

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

Health Care Technology

8.50%

L + 7.50%; 1.00% Floor

05/15/2023

12,549

12,391

12,078

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

Health Care Technology

8.50%

L + 7.50%; 1.00% Floor

05/15/2023

11,175

10,971

10,756

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

Health Care Technology

8.50%

L + 7.50%; 1.00% Floor

05/15/2023

1,882

1,857

1,812

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

Health Care Technology

L + 7.50%; 1.00% Floor

05/15/2023

1,569

(18)

(59)

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

Health Care Providers & Services

7.34%

L + 5.75%; 1.00% Floor

07/01/2024

4,773

4,733

4,535

CFS Management, LLC (dba Center for Sight Management)^{(1) (2) (3)}

Health Care Providers & Services

L + 5.75%; 1.00% Floor

07/01/2024

1,418

(12)

(71)

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

Professional Services

6.75%

L + 5.75%; 1.00% Floor

11/14/2025

6,965

6,838

6,739

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

Professional Services

6.75%

L + 5.75%; 1.00% Floor

11/14/2025

2,932

1,538

1,484

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

Professional Services

L + 5.75%; 1.00% Floor

11/14/2025

880

(16)

(29)

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

8,801

8,611

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

6,514

6,387

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

IT Services

7.07%

L + 6.00%; 1.00% Floor

02/28/2025

13,498

13,254

12,992

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

IT Services

L + 6.00%; 1.00% Floor

02/28/2025

1,036

(18)

(39)

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

Real Estate Management & Development

9.09%

L + 7.50%; 1.50% Floor

08/30/2024

21,200

20,834

18,020

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

Real Estate Management & Development

9.13%

L + 7.50%; 1.50% Floor

08/30/2024

6,220

6,137

5,287

CorePower Yoga LLC⁽²⁾

Diversified Consumer Services

5.61%

L + 4.75%

05/14/2025

9,914

9,790

8,923

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

Diversified Consumer Services

L + 4.75%

05/14/2025

158

(2)

(16)

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

Diversified Consumer Services

L + 4.75%

05/14/2025

678

(8)

(68)

CST Buyer Company (dba Intoxalock)⁽²⁾

Diversified Consumer Services

6.32%

L + 5.25%; 1.00% Floor

10/03/2025

12,280

12,138

10,806

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par

Amount/Shares

(++)

Cost

Fair

Value

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

Diversified Consumer Services

6.32%

L + 5.25%; 1.00% Floor

10/03/2025

$

876

$                  516

$            421

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

Health Care Equipment & Supplies

6.25%

L + 5.25%; 1.00% Floor

06/30/2022

3,786

3,775

3,672

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

Health Care Equipment & Supplies

6.25%

L + 5.25%; 1.00% Floor

06/30/2022

3,579

3,568

3,471

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

Health Care Equipment & Supplies

6.25%

L + 5.25%; 1.00% Floor

06/30/2022

1,079

1,076

1,047

Diligent Corporation^{(1) (2)}

Professional Services

6.50%

L + 5.50%; 1.00% Floor

04/14/2022

€

15,935

18,320

17,768

Diligent Corporation^{(1) (2)}

Professional Services

6.50%

L + 5.50%; 1.00% Floor

04/14/2022

3,812

3,785

3,783

Diligent Corporation^{(1) (2)}

Professional Services

6.50%

L + 5.50%; 1.00% Floor

04/14/2022

1,468

1,457

1,457

Diligent Corporation^{(1) (2) (3)}

Professional Services

6.50%

L + 5.50%; 1.00% Floor

04/14/2022

1,300

1,127

1,134

Diligent Corporation^{(1) (2)}

Professional Services

6.57%

L + 5.50%; 1.00% Floor

04/14/2022

504

500

500

Diligent Corporation^{(1) (2)}

Professional Services

6.50%

L + 5.50%; 1.00% Floor

04/14/2022

244

242

242

Diligent Corporation^{(1) (2) (3)}

Professional Services

L + 5.50%; 1.00% Floor

04/14/2022

4,268

(29)

(32)

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

Health Care Technology

6.50%

L + 5.50%; 1.00% Floor

05/12/2025

23,973

23,468

23,254

E2open, LLC^{(1) (2)}

Software

6.75%

L + 5.75%; 1.00% Floor

11/26/2024

16,178

16,041

15,692

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

Chemicals

5.81%

L + 5.50%

09/18/2025

2,891

2,827

2,682

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

Chemicals

5.98%

L + 5.50%

09/18/2025

380

270

251

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

Chemicals

L + 5.50%

09/18/2025

560

(6)

(41)

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

Diversified Telecommunication Services

7.25%

L + 6.25%; 1.00% Floor

09/25/2024

21,976

21,686

20,768

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

Diversified Telecommunication Services

L + 6.25%; 1.00% Floor

09/25/2023

1,300

(15)

(71)

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

Health Care Equipment & Supplies

6.50%

L + 5.50%; 1.00% Floor

12/06/2025

4,289

4,230

4,160

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

Health Care Equipment & Supplies

6.50%

L + 5.50%; 1.00% Floor

12/06/2025

915

902

887

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

Health Care Equipment & Supplies

L + 5.50%; 1.00% Floor

12/06/2025

1,830

(12)

(55)

Fenergo Finance 3 Limited^{(1) (2) (5)}

Diversified Financial Services

7.00%

L + 6.00%; 1.00% Floor

09/05/2024

€

17,800

20,417

19,648

Fenergo Finance 3 Limited^{(1) (2) (3) (5)}

Diversified Financial Services

L + 6.00%; 1.00% Floor

09/05/2024

1,182

(15)

(21)

Fenergo Finance 3 Limited^{(1) (2) (3) (5)}

Diversified Financial Services

L + 6.00%; 1.00% Floor

09/05/2024

€

1,500

(22)

(29)

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

Hotels, Restaurants & Leisure

L + 5.50%; 1.00% Floor

08/21/2023

22

—

(1)

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

Hotels, Restaurants & Leisure

6.50%

L + 5.50%; 1.00% Floor

08/21/2023

4,409

4,345

4,178

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

Hotels, Restaurants & Leisure

6.50%

L + 5.50%; 1.00% Floor

08/21/2023

881

869

835

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

Hotels, Restaurants & Leisure

6.50%

L + 5.50%; 1.00% Floor

08/21/2023

557

549

528

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

Hotels, Restaurants & Leisure

7.10%

L + 5.50%; 1.00% Floor

08/21/2023

587

300

278

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

Health Care Providers & Services

7.05%

L + 6.00%; 1.00% Floor

09/04/2024

9,704

9,559

9,218

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

Health Care Providers & Services

7.00%

L + 6.00%; 1.00% Floor

09/04/2024

5,058

4,981

4,805

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

Health Care Providers & Services

7.01%

L + 6.00%; 1.00% Floor

09/04/2024

4,855

4,791

4,612

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

Health Care Providers & Services

L + 6.00%; 1.00% Floor

09/04/2023

2,000

(26)

(100)

GH Holding Company (dba Grace Hill)⁽¹⁾

Real Estate Management & Development

4.68%

L + 4.50%

02/28/2023

7,331

7,310

7,148

GI Revelation Acquisition LLC (dba Consilio)

IT Services

5.18%

L + 5.00%

04/16/2025

4,658

4,641

4,231

GK Holdings, Inc. (dba Global Knowledge)

IT Services

9.00%

L + 8.00%; 1.00% Floor

01/20/2021

8,505

8,498

5,741

GlobalTranz Enterprises, Inc.⁽²⁾

Road & Rail

5.18%

L + 5.00%

05/15/2026

7,643

7,509

5,885

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

Software

7.50%

L + 6.50%; 1.00% Floor

02/05/2026

18,305

17,958

17,939

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

Software

7.50%

L + 6.50%; 1.00% Floor

02/05/2026

2,441

137

134

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

Software

5.75%

L + 4.75%; 1.00% Floor

09/07/2022

9,895

9,829

9,846

Halo Branded Solutions, Inc.

Commercial Services & Supplies

5.50%

L + 4.50%; 1.00% Floor

06/30/2025

6,457

6,407

5,274

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

Hotels, Restaurants & Leisure

7.75%

L + 6.75%; 1.00% Floor

07/09/2025

23,157

22,857

21,189

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

Hotels, Restaurants & Leisure

7.75%

L + 6.75%; 1.00% Floor

07/09/2025

1,883

588

452

Hygiena Borrower LLC

Life Sciences Tools & Services

5.02%

L + 4.00%; 1.00% Floor

08/26/2022

12,302

12,230

11,687

Hygiena Borrower LLC⁽³⁾

Life Sciences Tools & Services

L + 4.00%; 1.00% Floor

08/26/2022

1,313

(9)

(66)

Investment *

Industry

Interest Rate (+)

Reference Rate and

Spread (+)

Maturity

Par

Amount/Shares

(++)

Cost

Fair

Value

iCIMS, Inc.⁽²⁾

Software

7.50%

L + 6.50%; 1.00% Floor

09/12/2024

$               29,895

$           29,447

$       28,774

iCIMS, Inc.⁽²⁾

Software

7.50%

L + 6.50%; 1.00% Floor

09/12/2024

5,506

5,414

5,299

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

Software

L + 6.50%; 1.00% Floor

09/12/2024

1,868

(26)

(70)

Infinity Sales Group⁽¹⁾

Media

11.50%

L + 10.50%; 1.00% Floor

11/23/2022

25,579

25,579

26,154

Instructure Holdings^{(1) (2)}

Diversified Consumer Services

8.00%

L + 7.00%; 1.00% Floor

03/24/2026

25,799

25,488

25,476

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

Diversified Consumer Services

L + 7.00%; 1.00% Floor

03/24/2026

2,000

(24)

(25)

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

Interactive Media & Services

8.25%

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

07/19/2024

25,816

25,445

24,783

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

Interactive Media & Services

L + 6.00%; 1.00% Floor

07/19/2023

1,815

(22)

(73)

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

Transportation Infrastructure

6.50%

L + 5.50%; 1.00% Floor

04/02/2025

22,097

21,641

21,379

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

Transportation Infrastructure

L + 5.50%; 1.00% Floor

04/02/2025

1,800

(36)

(58)

Iracore International Holdings, Inc.^{^ (1)}

Energy Equipment & Services

10.00%

L + 9.00%; 1.00% Floor

04/12/2021

2,917

2,917

2,910

Jill Acquisition LLC (dba J. Jill)

Specialty Retail

6.00%

L + 5.00%; 1.00% Floor

05/08/2022

6,661

6,642

3,930

Kawa Solar Holdings Limited^{^ (1) (5) (6)}

Construction & Engineering

09/30/2020

3,917

3,603

3,212

Kawa Solar Holdings Limited^{^ (1) (5) (6)}

Construction & Engineering

09/30/2020

5,201

2,683

—

Lithium Technologies, Inc.^{(1) (2)}

Interactive Media & Services

9.00%

L + 8.00%; 1.00% Floor

10/03/2022

38,966

38,469

37,115

Lithium Technologies, Inc.^{(1) (2) (3)}

Interactive Media & Services

9.21%

L + 8.00%; 1.00% Floor

10/03/2022

2,684

1,311

1,215

Mailgun Technologies, Inc.^{(1) (2)}

Interactive Media & Services

6.58%

L + 5.50%; 1.00% Floor

03/26/2025

15,816

15,552

15,263

Mailgun Technologies, Inc.^{(1) (2) (3)}

Interactive Media & Services

L + 5.50%; 1.00% Floor

03/26/2025

993

—

(35)

Mervin Manufacturing, Inc.⁽¹⁾

Leisure Products

8.50%

L + 7.50%; 1.00% Floor

09/30/2022

10,859

10,858

10,262

Midwest Transport, Inc.^{(1) (2)}

Road & Rail

8.07%

L + 7.00%; 1.00% Floor

10/02/2023

11,589

11,508

11,560

MMIT Holdings, LLC (dba Managed Markets Insight & Technology)^{(1) (2)}

Health Care Technology

6.50%

L + 5.50%; 1.00% Floor

11/15/2024

20,609

20,279

20,196

MMIT Holdings, LLC (dba Managed Markets Insight & Technology)^{(1) (2) (3)}

Health Care Technology

6.50%

L + 5.50%; 1.00% Floor

11/15/2024

3,188

2,630

2,614

MRI Software LLC

Real Estate Management & Development

6.57%

L + 5.50%; 1.00% Floor

02/10/2026

8,545

8,467

8,117

MRI Software LLC⁽³⁾

Real Estate Management & Development

L + 5.50%; 1.00% Floor

02/10/2026

622

(6)

(31)

MRI Software LLC⁽³⁾

Real Estate Management & Development

L + 5.50%; 1.00% Floor

02/10/2026

641

(6)

(32)

Netvoyage Corporation (dba NetDocuments)^{(1) (2)}

Software

8.83%

L + 7.75%; 1.00% Floor

03/22/2024

8,471

8,369

8,153

Netvoyage Corporation (dba NetDocuments)^{(1) (2)}

Software

8.83%

L + 7.75%; 1.00% Floor

03/22/2024

3,970

3,901

3,821

Netvoyage Corporation (dba NetDocuments)^{(1) (2)}

Software

8.83%

L + 7.75%; 1.00% Floor

03/24/2022

799

785

769

Netvoyage Corporation (dba NetDocuments)^{(1) (2) (3)}

Software

L + 7.75%; 1.00% Floor

03/24/2022

654

(5)

(25)

Output Services Group, Inc.

Diversified Consumer Services

5.50%

L + 4.50%; 1.00% Floor

03/27/2024

3,922

3,910

2,745

Pharmalogic Holdings Corp.⁽¹⁾

Health Care Equipment & Supplies

4.18%

L + 4.00%

06/11/2023

3,222

3,217

3,021

Pharmalogic Holdings Corp.⁽¹⁾

Health Care Equipment & Supplies

4.18%

L + 4.00%

06/11/2023

1,751

1,748